MML Series Investment Fund N-CSRS Certified semi-annual shareholder report (management investment company)

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			811-02224
MML Series Investment Fund
(Exact name of registrant as specified in charter)
1295 State Street, Springfield, MA 01111
(Address of principal executive offices)					(Zip code)
Paul LaPiana
1295 State Street, Springfield, MA 01111
(Name and address of agent for service)
Registrant's telephone number, including area code:				(413) 744-1000
Date of fiscal year end:	12/31/2022
Date of reporting period:		6/30/2022

Item 1. Reports to Stockholders.

(a) The Reports to Stockholders are attached herewith.

Table of Contents
President’s Letter to Shareholders (Unaudited)	1
Portfolio Summaries (Unaudited)	4
Portfolio of Investments (Unaudited)
MML Conservative Allocation Fund	28
MML Balanced Allocation Fund	29
MML Moderate Allocation Fund	30
MML Growth Allocation Fund	31
MML Aggressive Allocation Fund	32
MML American Funds Growth Fund	33
MML American Funds International Fund	34
MML American Funds Core Allocation Fund	35
MML Blue Chip Growth Fund	36
MML Equity Income Fund	39
MML Equity Index Fund	42
MML Focused Equity Fund	50
MML Foreign Fund	52
MML Fundamental Equity Fund	55
MML Fundamental Value Fund	57
MML Global Fund	60
MML Income & Growth Fund	62
MML International Equity Fund	65
MML Large Cap Growth Fund	68
MML Managed Volatility Fund	70
MML Mid Cap Growth Fund	79
MML Mid Cap Value Fund	83
MML Small Cap Growth Equity Fund	86
MML Small Company Value Fund	90
MML Small/Mid Cap Value Fund	94
MML Sustainable Equity Fund (formerly known as MML Growth & Income Fund)	97
MML Total Return Bond Fund	100
Statements of Assets and Liabilities (Unaudited)	116
Statements of Operations (Unaudited)	128
Statements of Changes in Net Assets	134
Financial Highlights	148
Notes to Financial Statements (Unaudited)	175
Other Information (Unaudited)
Proxy Voting	213
Quarterly Reporting	213
Liquidity Risk Management Program	213
Trustees’ Approval of Investment Advisory Contracts	213
Submission of Matters to a Vote of Security Holders	217

This material must be preceded or accompanied by a current prospectus (or summary prospectus, if available) for the MML Series Investment Fund. Investors should consider a Fund’s investment objective, risks, and charges and expenses carefully before investing. This and other information about the investment company is available in the prospectus (or summary prospectus, if available). Read it carefully before investing.

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MML Series Investment Fund – President’s Letter to Shareholders (Unaudited)

To Our Shareholders

Paul LaPiana

“As always, we recommend that you work with a personal financial professional, who can help you define an investment strategy that aligns with your comfort level with respect to market volatility, how long you have to save and invest, and your specific financial goals.”

June 30, 2022

Welcome to the MML Series Investment Fund Semiannual Report, covering the six months ended June 30, 2022.

Market Highlights

● For the reporting period from January 1, 2022 through June 30, 2022, U.S. stock prices declined significantly, with investors worrying less about COVID-19 and more about other issues, including high inflation, tighter monetary policy, rising interest rates, the war between Russia and Ukraine, and the increasing odds of a global recession.

● In the first quarter of 2022 investors in both stocks and bonds were challenged by the unexpected invasion of Ukraine by Russia, a stalled economic stimulus plan in the U.S., and the U.S. Federal Reserve Board (the “Fed”) raising interest rates for the first time since 2018.

● The second quarter of 2022 was another difficult quarter as investor concerns over high inflation and the risk of a global recession dominated the narrative.

● Foreign stocks in both developed markets and emerging markets experienced significant losses in the reporting period, hindered by the unexpected economic impact of the Russian-Ukraine war, slowing economic activity in China due to massive COVID-19 lockdowns, and the strengthening of the U.S. dollar.

● U.S. bond investors experienced negative returns as the reversal of accommodative monetary policy drove yields higher while concerns over increased default risk due to a global recession further drove corporate bond prices lower.

Market Commentary

For the six months beginning on January 1, 2022, global stock investors experienced significant losses. In response, U.S. stocks fell sharply in the period, with the S&P 500 Index^®1 having its worst first half of the year since 1970, down nearly 20%. Investors sought safety from high inflation, rising interest rates, and the increasing possibility of a recession. Consumer sentiment fell sharply, down 17.3% in the period², as high inflation driven by rising energy, food, and housing costs overwhelmed low unemployment and strong wage growth. As of May 2022, 58% of Americans were living paycheck to paycheck³, up from 54% a year ago.

¹The S&P 500 Index measures the performance of 500 widely held stocks in the U.S. equity market. Standard and Poor’s chooses member companies for the index based on market size, liquidity, and industry group representation. Included are the stocks of industrial, financial, utility, and transportation companies. Since mid-1989, this composition has been more flexible and the number of issues in each sector has varied. It is market capitalization-weighted. The Index does not reflect any deduction for fees, expenses, or taxes and cannot be purchased directly by investors.

² June 24, 2022, University of Michigan: Consumer Sentiment (UMCSENT), retrieved from FRED, Federal Reserve Bank of St. Louis; https://fred.stlouisfed.org/series/UMCSENT

³June/July 2022 edition, New Reality Check: The paycheck-to Paycheck Report, https://www.pymnts.com/wp-content/uploads/2022/06/PYMNTS-New-Reality-Check-Report-June-July-2022.pdf

1

MML Series Investment Fund – President’s Letter to Shareholders (Unaudited) (Continued)

As a result, the broad market S&P 500^® Index fell 19.96% for the period. The technology-heavy NASDAQ Composite^® Index⁴ performed even worse, dropping 29.23% for the period. The more economically sensitive Dow Jones Industrial Average⁵ was down 14.44% for the period. During this period, small-cap stocks underperformed their larger cap peers, while value stocks outperformed their growth peers.

This environment of high inflation, rising interest rates, and increasing recession fears affected sectors differently. The consumer discretionary, communication services, and information technology sectors significantly underperformed other sectors. The energy and utility sectors fared the best for this six-month period, as energy prices pushed significantly higher. West Texas Intermediate (WTI) crude oil prices ended the period at $105.76 per barrel, up 40% for the six-month period.

Developed international stock markets, as measured by the MSCI EAFE^® Index⁶, also performed poorly, falling 19.57% for the six-month period, hindered by recession fears and a strengthening U.S. dollar. Emerging-market stock markets, as measured by the MSCI Emerging Markets^® Index⁷, were also down significantly, falling 17.63% for the period. An increase in Chinese government stimulus helped the Chinese stock market deliver positive performance in the second quarter. The Fed continued to assert its influence on markets by raising the benchmark federal-funds rate by 0.25% in March, 0.50% in May, and 0.75% in June, with investors expecting another 1.75% in rate hikes by year-end.

Investors entered the period in the midst of a global recovery that was being fueled by monetary stimulus, expectations for more fiscal stimulus, and a vaccination-fueled economic and corporate earnings recovery. However, this recovery was soon disrupted by the invasion of Ukraine by Russia, China’s broad lockdowns to stem the spread of COVID-19, increasing inflation, and more aggressive monetary tightening by the Fed. In this environment, bond yields rose, with the 10-year U.S. Treasury bond reaching a high of 3.49% in June before ending the period at 2.98%. Since rising yields generally drive bond prices down, the Bloomberg U.S. Aggregate Bond Index⁸ ended the period down 10.35%. Investment-grade bond prices fared worse as concerns of defaults increased. The Bloomberg U.S. Corporate Bond Index⁹, which tracks investment-grade corporate bonds, ended the period down 14.39%. Below investment grade bonds, as represented by the Bloomberg U.S. Corporate High-Yield Bond Index¹⁰, also performed poorly, ending the period down 14.19%, aided by investor concern that debt defaults could increase should the global recession scenario play out.

⁴ The NASDAQ Composite Index measures the performance of all domestic and international based common type stocks listed on the NASDAQ Stock Market. It includes common stocks, ordinary shares, ADRs, shares of beneficial interest or limited partnership interests and tracking stocks. The index is market capitalization-weighted. The Index does not reflect any deduction for fees, expenses, or taxes and cannot be purchased directly by investors.

⁵ The DJ Industrial Average Index measures the performance of stocks of 30 U.S. blue-chip companies covering all industries with the exception of transportation and utilities. It is price-weighted. The Index does not reflect any deduction for fees or expenses and cannot be purchased directly by investors.

⁶ The MSCI EAFE Index measures the performance of the large- and mid-cap segments of developed markets, excluding the U.S. and Canada equity securities. It is free float-adjusted market-capitalization weighted. The Index does not reflect any deduction for fees or expenses and cannot be purchased directly by investors

⁷ The MSCI Emerging Markets Index measures the performance of the large- and mid-cap segments of emerging market equity securities. It is free float-adjusted market-capitalization weighted. The Index does not reflect any deduction for fees or expenses and cannot be purchased directly by investors.

⁸ The Bloomberg U.S. Aggregate Bond Index measures the performance of investment grade, U.S. dollar-denominated, fixed-rate taxable bond market securities, including Treasuries, government-related and corporate securities, mortgage-backed securities (MBS) (agency fixed-rate and hybrid ARM pass-throughs), asset-backed securities (ABS), and commercial mortgage-backed securities (CMBS). It rolls up into other Bloomberg flagship indexes, such as the multi-currency Global Aggregate Index and the U.S. Universal Index, which includes high yield and emerging markets debt. The Index does not reflect any deduction for fees, expenses, or taxes and cannot be purchased directly by investors.

⁹ The Bloomberg U.S. Corporate Bond Index measures the performance of the investment grade, U.S. dollar-denominated, fixed-rate, taxable corporate bond market. It includes U.S. dollar-denominated securities publicly issued by U.S. and non-U.S. industrial, utility, and financial issuers that meet specified maturity, liquidity, and quality requirements. The Index does not reflect any deduction for fees, expenses, or taxes and cannot be purchased directly by investors.

¹⁰ The Bloomberg U.S. Corporate High-Yield Bond Index measures the performance of U.S. dollar-denominated, non-investment grade, fixed-rate, taxable corporate bonds, including corporate bonds, fixed-rate bullet, putable, and callable bonds, SEC Rule 144A securities, original issue zeros, pay-in-kind bonds, fixed-rate and fixed-to-floating capital securities. The Index does not reflect any deduction for fees, expenses, or taxes and cannot be purchased directly by investors.

2

MML Series Investment Fund – President’s Letter to Shareholders (Unaudited) (Continued)

Review and maintain your strategy

MassMutual is committed to helping people secure their long-term future and protect the ones they love. While the return of volatility and the reality of market sell-offs can test an investor’s mettle, we’d like to remind you as a retirement investor that it’s important to maintain perspective and have realistic expectations about the future performance of your investment accounts. As described in this report, financial markets can reverse suddenly with little or no notice. Our multi-managed and sub-advised mutual funds tap into the deep expertise of seasoned asset managers who are committed to helping long-term investors prepare for retirement – in all market conditions. As always, we recommend that you work with a personal financial professional, who can help you define an investment strategy that aligns with your comfort level with respect to market volatility, how long you have to save and invest, and your specific financial goals. Thank you for your confidence in MassMutual.

Sincerely,

Paul LaPiana
President
MML Series Investment Fund
MML Investment Advisers, LLC

^© 2022 Massachusetts Mutual Life Insurance Company (MassMutual^®), Springfield, MA 01111-0001. All rights reserved. www.MassMutual.com Underwriter: MML Distributors, LLC. (MMLD) Member FINRA and SIPC (www.FINRA.org and www.SIPC.org), 1295 State Street, Springfield, MA 01111-0001. MMLD is a wholly-owned subsidiary of MassMutual. Investment advisory services provided to the Funds by MML Investment Advisers, LLC (MML Advisers), a wholly-owned subsidiary of MassMutual.

The information provided is the opinion of MML Advisers as of 7/1/2022 and is subject to change without notice. It is not to be construed as tax, legal, or investment advice. Of course, past performance does not guarantee future results.

MM202307-302267

3

MML Allocation Series – Portfolio Summaries (Unaudited)

What are the investment approaches of the Funds that constitute the MML Allocation Series (the “Series”), and who is the Series’ investment adviser?

The MML Allocation Series comprises five Funds – each of which has a “fund of funds” structure. The five Funds in the Series are MML Conservative Allocation Fund, MML Balanced Allocation Fund, MML Moderate Allocation Fund, MML Growth Allocation Fund, and MML Aggressive Allocation Fund. Each Fund seeks to achieve as high a total return over time as is considered consistent with prudent investment risk, preservation of capital, and recognition of the Fund’s stated asset allocation. Each Fund invests in a combination of U.S. domestic and international mutual funds (“MML Underlying Funds”) using an asset allocation strategy. MML Underlying Funds will include a combination of series of the MML Series Investment Fund and MML Series Investment Fund II (advised by MML Investment Advisers, LLC (“MML Advisers”), a wholly-owned subsidiary of Massachusetts Mutual Life Insurance Company (MassMutual), and may also include other, non-affiliated mutual funds. The MML Underlying Funds may invest in various asset classes, including equity securities, fixed income securities, and money market instruments. The Series’ investment adviser is MML Advisers. Each Fund will normally invest most of its assets in MML Underlying Funds advised by MML Advisers; each Fund will normally invest no more than 10% of its assets in mutual funds not advised by MML Advisers (referred to here as “non-affiliated” funds). Each Fund’s assets are allocated to its MML Underlying Funds according to an asset allocation strategy stated below

● MML Conservative Allocation Fund: Approximately 35% to 45% in equity funds and 55% to 65% in fixed income funds, including money market funds.

● MML Balanced Allocation Fund: Approximately 45% to 55% in equity funds and 45% to 55% in fixed income funds, including money market funds.

● MML Moderate Allocation Fund: Approximately 55% to 65% in equity funds and 35% to 45% in fixed income funds, including money market funds.

● MML Growth Allocation Fund: Approximately 70% to 80% in equity funds and 20% to 30% in fixed income funds, including money market funds.

● MML Aggressive Allocation Fund: Approximately 85% to 95% in equity funds and 5% to 15% in fixed income funds, including money market funds.

4

MML Allocation Series – Portfolio Summaries (Unaudited) (Continued)

MML Conservative Allocation Fund Asset Allocation (% of Net Assets) on 6/30/22
Fixed Income Funds	59.9%
Equity Funds	40.2%
Total Long-Term Investments	100.1%
Other Assets & Liabilities	(0.1)%
Net Assets	100.0%

MML Moderate Allocation Fund Asset Allocation (% of Net Assets) on 6/30/22
Equity Funds	60.2%
Fixed Income Funds	39.9%
Total Long-Term Investments	100.1%
Other Assets & Liabilities	(0.1)%
Net Assets	100.0%

MML Balanced Allocation Fund Asset Allocation (% of Net Assets) on 6/30/22
Fixed Income Funds	53.3%
Equity Funds	46.8%
Total Long-Term Investments	100.1%
Other Assets & Liabilities	(0.1)%
Net Assets	100.0%

MML Growth Allocation Fund Asset Allocation (% of Net Assets) on 6/30/22
Equity Funds	73.7%
Fixed Income Funds	26.4%
Total Long-Term Investments	100.1%
Other Assets & Liabilities	(0.1)%
Net Assets	100.0%

MML Aggressive Allocation Fund Asset Allocation (% of Net Assets) on 6/30/22
Equity Funds	89.3%
Fixed Income Funds	10.8%
Total Long-Term Investments	100.1%
Other Assets & Liabilities	(0.1)%
Net Assets	100.0%

5

MML American Funds Growth Fund – Portfolio Summaries (Unaudited)

What is the investment approach of MML American Funds Growth Fund, and who is the Fund’s investment adviser?

The Fund seeks to provide investors with growth of capital through a “master feeder” relationship. (See page 176 of this report for information about the “master feeder” relationship.) The Fund invests all of its assets in Class 1 shares of the American Funds Insurance Series – Growth Fund (the “Master Growth Fund”), a series of the American Funds Insurance Series, a registered open-end investment company, managed by Capital Research and Management Company (Capital Research) with substantially the same investment objective. The Master Growth Fund invests primarily in common stocks and seeks to invest in companies that appear to offer superior opportunities for growth of capital. The Master Growth Fund may invest up to 25% of its assets in common stocks and other securities of issuers domiciled outside the United States. The Master Growth Fund may hold a portion of its assets in cash or cash equivalents. The Fund’s investment adviser is MML Investment Advisers, LLC (MML Advisers).

MML American Funds Growth Fund Asset Allocation (% of Net Assets) on 6/30/22
Equity Funds	100.1%
Total Long-Term Investments	100.1%
Other Assets & Liabilities	(0.1)%
Net Assets	100.0%

6

MML American Funds International Fund – Portfolio Summaries (Unaudited)

What is the investment approach of MML American Funds International Fund, and who is the Fund’s investment adviser?

The Fund seeks long-term capital growth of assets through a “master-feeder” relationship. (See page 176 of this report for information about the “master feeder” relationship.) The Fund invests all of its assets in Class 1 shares of the American Funds Insurance Series – International Fund (the “Master International Fund”), a series of the American Funds Insurance Series, a registered open-end investment company managed by Capital Research and Management Company (Capital Research) with substantially the same investment objective. The Master International Fund invests primarily in common stocks of companies domiciled outside the United States, including companies domiciled in emerging markets, that Capital Research believes have the potential for growth. The Master International Fund may hold a portion of its assets in cash or cash equivalents. The Fund’s investment adviser is MML Investment Advisers, LLC (MML Advisers).

MML American Funds International Fund Asset Allocation (% of Net Assets) on 6/30/22
Mutual Funds	100.2%
Total Long-Term Investments	100.2%
Other Assets and Liabilities	(0.2)%
Net Assets	100.0%

7

MML American Funds Core Allocation Fund – Portfolio Summaries (Unaudited)

What is the investment approach of MML American Funds Core Allocation Fund, and who is the Fund’s investment adviser?

The Fund seeks to achieve as high a total return over time as is considered consistent with prudent investment risk, preservation of capital and recognition of the Fund’s stated asset allocation. The Fund is a “fund of funds” that seeks to achieve its investment objective by principally investing in a combination of series of the American Funds Insurance Series (the “American Underlying Funds”), managed by Capital Research and Management Company (Capital Research), using a flexible asset allocation approach. The Fund’s investment adviser invests the Fund’s assets in a combination of U.S. domestic and international American Underlying Funds. As of the date of this report, it is expected that the American Underlying Funds will include Class 1 shares of the American Funds Insurance Series - The Bond Fund of America, the American Funds Insurance Series - Washington Mutual Investors Fund, the American Funds Insurance Series - Growth-Income Fund, and the American Funds Insurance Series - International Fund. The Fund’s investment adviser allocates the Fund’s assets among a variety of different asset classes through investing in American Underlying Funds in response to changing market, economic, and investment conditions. The Fund’s investment adviser is MML Investment Advisers, LLC (MML Advisers).

MML American Funds Core Allocation Fund Asset Allocation (% of Net Assets) on 6/30/22
Equity Funds	64.4%
Fixed Income Funds	35.7%
Total Long-Term Investments	100.1%
Other Assets & Liabilities	(0.1)%
Net Assets	100.0%

8

MML Blue Chip Growth Fund – Portfolio Summaries (Unaudited)

What is the investment approach of MML Blue Chip Growth Fund, and who is the Fund’s subadviser?

The Fund seeks long-term capital growth. Income is a secondary objective. Under normal circumstances, the Fund invests at least 80% of net assets (plus the amount of any borrowings for investment purposes) in the common stocks of large- and medium-sized blue chip growth companies. The Fund’s subadviser currently defines blue chip growth companies to mean firms that, in its view, are well-established in their industries and have the potential for above-average earnings growth. The Fund’s subadviser is T. Rowe Price Associates, Inc. (T. Rowe Price). Effective July 1, 2022, the Fund is non-diversified, which means that it may hold larger positions in a smaller number of issuers than a diversified fund.

MML Blue Chip Growth Fund Largest Holdings (% of Net Assets) on 6/30/22
Amazon.com, Inc.	9.4%
Alphabet, Inc. Class C	8.4%
Microsoft Corp.	7.7%
Apple, Inc.	7.3%
UnitedHealth Group, Inc.	5.0%
Tesla, Inc.	4.6%
Visa, Inc. Class A	3.7%
Meta Platforms, Inc. Class A	3.2%
ServiceNow, Inc.	3.0%
NVIDIA Corp.	3.0%
	55.3%

MML Blue Chip Growth Fund Sector Table (% of Net Assets) on 6/30/22
Technology	33.3%
Communications	28.4%
Consumer, Non-cyclical	17.1%
Consumer, Cyclical	9.7%
Financial	9.5%
Basic Materials	0.9%
Industrial	0.5%
Mutual Funds	0.3%
Total Long-Term Investments	99.7%
Short-Term Investments and Other Assets and Liabilities	0.3%
Net Assets	100.0%

9

MML Equity Income Fund – Portfolio Summaries (Unaudited)

What is the investment approach of MML Equity Income Fund, and who is the Fund’s subadviser?

The Fund seeks dividend income and long-term capital growth by investing primarily in common stocks, with an emphasis on large-capitalization companies that have a strong track record of paying dividends or that the Fund’s subadviser believes to be undervalued. Under normal circumstances, the Fund invests at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in common stocks. The Fund’s subadviser is T. Rowe Price Associates, Inc. (T. Rowe Price).

MML Equity Income Fund Largest Holdings (% of Net Assets) on 6/30/22
Wells Fargo & Co.	3.1%
The Southern Co.	2.9%
United Parcel Service, Inc. Class B	2.5%
QUALCOMM, Inc.	2.4%
Elevance Health, Inc.	2.3%
General Electric Co.	2.2%
AbbVie, Inc.	2.2%
American International Group, Inc.	2.2%
TotalEnergies SE	2.2%
Sempra Energy	2.1%
	24.1%

MML Equity Income Fund Sector Table (% of Net Assets) on 6/30/22
Consumer, Non-cyclical	24.9%
Financial	24.5%
Utilities	10.3%
Industrial	9.3%
Energy	7.6%
Technology	7.0%
Communications	5.5%
Basic Materials	5.3%
Consumer, Cyclical	5.1%
Mutual Funds	0.4%
Total Long-Term Investments	99.9%
Short-Term Investments and Other Assets and Liabilities	0.1%
Net Assets	100.0%

10

MML Equity Index Fund – Portfolio Summaries (Unaudited)

What is the investment approach of MML Equity Index Fund, and who is the Fund’s subadviser?

The Fund’s investment objective is to provide investment results that correspond to the price and yield performance of publicly traded common stocks in the aggregate as represented by the S&P 500^® Index* (the “Index”). Under normal circumstances, the Fund invests at least 80% (and, typically, substantially all) of its net assets (plus the amount of any borrowings for investment purposes) in the equity securities of companies included within the Index. The Fund’s subadviser is Northern Trust Investments, Inc. (NTI).

MML Equity Index Fund Largest Holdings (% of Net Assets) on 6/30/22
Apple, Inc.	6.5%
Microsoft Corp.	6.0%
Amazon.com, Inc.	2.9%
Alphabet, Inc. Class A	2.0%
Alphabet, Inc. Class C	1.9%
Tesla, Inc.	1.8%
Berkshire Hathaway, Inc. Class B	1.5%
UnitedHealth Group, Inc.	1.5%
Johnson & Johnson	1.5%
NVIDIA Corp.	1.2%
	26.8%

MML Equity Index Fund Sector Table (% of Net Assets) on 6/30/22
Technology	23.0%
Consumer, Non-cyclical	22.3%
Financial	14.8%
Communications	12.7%
Consumer, Cyclical	9.0%
Industrial	7.7%
Energy	4.5%
Utilities	3.1%
Basic Materials	2.1%
Total Long-Term Investments	99.2%
Short-Term Investments and Other Assets and Liabilities	0.8%
Net Assets	100.0%

* The “S&P 500 Index” is a product of S&P Dow Jones Indices LLC or its affiliates (“SPDJI”), and has been licensed for use by MassMutual. Standard & Poor’s^® and S&P^® are registered trademarks of Standard & Poor’s Financial Services LLC (“S&P”); Dow Jones^® is a registered trademark of Dow Jones Trademark Holdings LLC (“Dow Jones”); and these trademarks have been licensed for use by SPDJI and sublicensed for certain purposes by MassMutual. The Fund is not sponsored, endorsed, sold or promoted by SPDJI, Dow Jones, S&P, or their respective affiliates, and none of such parties make any representation regarding the advisability of investing in such product(s) nor do they have any liability for any errors, omissions, or interruptions of the S&P 500 Index.

11

MML Focused Equity Fund – Portfolio Summaries (Unaudited)

What is the investment approach of MML Focused Equity Fund, and who is the Fund’s subadviser?

The Fund seeks growth of capital over the long-term by investing primarily in equity securities of U.S. companies that the Fund’s subadviser believes are financially sound, valued conservatively by the market, and have improving prospects. Under normal circumstances, the Fund invests at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in equity securities. The Fund’s subadviser is Wellington Management Company LLP (Wellington Management).

MML Focused Equity Fund Largest Holdings (% of Net Assets) on 6/30/22
UnitedHealth Group, Inc.	5.5%
The TJX Cos., Inc.	5.1%
PepsiCo, Inc.	5.0%
Northrop Grumman Corp.	5.0%
Colgate-Palmolive Co.	4.8%
Visa, Inc. Class A	4.8%
Marsh & McLennan Cos., Inc.	4.8%
Honeywell International, Inc.	4.7%
Johnson & Johnson	4.6%
Chubb Ltd.	4.6%
	48.9%

MML Focused Equity Fund Sector Table (% of Net Assets) on 6/30/22
Consumer, Non-cyclical	39.6%
Financial	19.1%
Industrial	13.7%
Consumer, Cyclical	13.4%
Basic Materials	7.2%
Technology	6.1%
Total Long-Term Investments	99.1%
Short-Term Investments and Other Assets and Liabilities	0.9%
Net Assets	100.0%

12

MML Foreign Fund – Portfolio Summaries (Unaudited)

What is the investment approach of MML Foreign Fund, and who is the Fund’s subadviser?

The Fund seeks long-term total return by investing primarily in common stocks of companies listed on foreign securities exchanges. Under normal circumstances, the Fund invests at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in investments of issuers located outside of the U.S., including those in emerging markets. Under normal market conditions, the Fund invests in equity securities of foreign companies representing at least three countries other than the United States. Although the Fund may invest in companies of any size as measured by assets, sales, or market capitalization, the Fund will tend to focus on larger, more seasoned or established companies. The Fund’s subadviser is Thompson, Siegel & Walmsley LLC (TSW).

MML Foreign Fund Largest Holdings (% of Net Assets) on 6/30/22
Sony Group Corp.	2.5%
UBS Group AG Registered	1.9%
Sanofi	1.9%
Engie SA	1.9%
Novartis AG Registered	1.8%
CK Hutchison Holdings Ltd.	1.8%
Roche Holding AG	1.8%
Seven & i Holdings Co. Ltd.	1.7%
Samsung Electronics Co. Ltd.	1.7%
Unilever PLC	1.7%
	18.7%

MML Foreign Fund Sector Table (% of Net Assets) on 6/30/22
Consumer, Non-cyclical	26.4%
Financial	19.7%
Industrial	13.2%
Consumer, Cyclical	11.0%
Technology	10.6%
Basic Materials	6.2%
Energy	5.0%
Utilities	3.4%
Communications	2.5%
Diversified	1.8%
Mutual Funds	0.0%
Total Long-Term Investments	99.8%
Short-Term Investments and Other Assets and Liabilities	0.2%
Net Assets	100.0%

13

MML Fundamental Equity Fund – Portfolio Summaries (Unaudited)

What is the investment approach of MML Fundamental Equity Fund, formerly known as MML Fundamental Growth Fund, and who is the Fund’s subadviser?

The Fund seeks a high total return by investing primarily in common stocks of U.S. companies of different capitalization ranges. The Fund’s subadviser currently focuses on “large capitalization” issuers, which are considered to be companies with market capitalizations at the time of purchase within the market capitalization range of companies included within the Russell 1000^® Index, although it may purchase stocks of companies with any market capitalization. Under normal circumstances, the Fund invests at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in equity securities. The Fund’s subadviser is Invesco Advisers, Inc. (Invesco).

MML Fundamental Equity Fund Largest Holdings (% of Net Assets) on 6/30/22
Microsoft Corp.	7.1%
Apple, Inc.	5.1%
UnitedHealth Group, Inc.	3.3%
Eli Lilly & Co.	3.2%
Verizon Communications, Inc.	3.1%
Amazon.com, Inc.	3.0%
Alphabet, Inc. Class A	3.0%
The Procter & Gamble Co.	2.8%
United Parcel Service, Inc. Class B	2.7%
Prologis, Inc.	2.7%
	36.0%

MML Fundamental Equity Fund Sector Table (% of Net Assets) on 6/30/22
Technology	26.0%
Consumer, Non-cyclical	24.6%
Financial	12.8%
Communications	12.2%
Industrial	12.1%
Energy	4.5%
Consumer, Cyclical	4.3%
Utilities	2.4%
Basic Materials	0.8%
Total Long-Term Investments	99.7%
Short-Term Investments and Other Assets and Liabilities	0.3%
Net Assets	100.0%

14

MML Fundamental Value Fund – Portfolio Summaries (Unaudited)

What is the investment approach of MML Fundamental Value Fund, and who is the Fund’s subadviser?

The Fund seeks long-term total return by investing primarily in equity securities of issuers that the Fund’s subadviser believes are undervalued. Under normal circumstances, the Fund invests at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in equity securities. Although the Fund may invest in companies of any size, the Fund will tend to focus on companies with large market capitalizations (which the subadviser believes are generally above $1 billion). The Fund’s subadviser is Boston Partners Global Investors, Inc. (Boston Partners).

MML Fundamental Value Fund Largest Holdings (% of Net Assets) on 6/30/22
Johnson & Johnson	4.2%
ConocoPhillips	3.0%
Berkshire Hathaway, Inc. Class B	3.0%
AutoZone, Inc.	2.9%
UnitedHealth Group, Inc.	2.7%
Alphabet, Inc. Class A	2.6%
JP Morgan Chase & Co.	2.5%
Cigna Corp.	2.4%
The Procter & Gamble Co.	2.3%
Sanofi ADR	2.1%
	27.7%

MML Fundamental Value Fund Sector Table (% of Net Assets) on 6/30/22
Consumer, Non-cyclical	31.8%
Financial	14.8%
Energy	11.7%
Technology	11.2%
Industrial	11.0%
Communications	7.3%
Consumer, Cyclical	5.1%
Basic Materials	2.6%
Utilities	2.2%
Total Long-Term Investments	97.7%
Short-Term Investments and Other Assets and Liabilities	2.3%
Net Assets	100.0%

15

MML Global Fund – Portfolio Summaries (Unaudited)

What is the investment approach of MML Global Fund, and who is the Fund’s subadviser?

The Fund seeks long-term capital appreciation by investing primarily in the equity securities of U.S. and foreign companies, including companies in developed and emerging markets. The Fund’s subadviser normally invests the Fund’s assets across different industries, sectors, countries, and regions, but the Fund’s subadviser may invest a significant percentage of the Fund’s assets in issuers in a single industry, sector, country, or region. The Fund’s subadviser is Massachusetts Financial Services Company (MFS).

MML Global Fund Largest Holdings (% of Net Assets) on 6/30/22
Thermo Fisher Scientific, Inc.	3.3%
Visa, Inc. Class A	3.1%
Roche Holding AG	2.8%
Comcast Corp. Class A	2.7%
Medtronic PLC	2.6%
Schneider Electric SE	2.6%
Accenture PLC Class A	2.6%
Nestle SA Registered	2.5%
LVMH Moet Hennessy Louis Vuitton SE	2.3%
Diageo PLC	2.2%
	26.7%

MML Global Fund Sector Table (% of Net Assets) on 6/30/22
Consumer, Non-cyclical	35.6%
Industrial	17.2%
Financial	13.7%
Technology	10.4%
Communications	8.3%
Basic Materials	6.9%
Consumer, Cyclical	6.7%
Total Long-Term Investments	98.8%
Short-Term Investments and Other Assets and Liabilities	1.2%
Net Assets	100.0%

16

MML Income & Growth Fund – Portfolio Summaries (Unaudited)

What is the investment approach of MML Income & Growth Fund, and who is the Fund’s subadviser?

The Fund seeks long-term total return and current income by investing primarily in equity securities of issuers that the Fund’s subadviser believes are undervalued. Although the Fund may invest in companies of any size, the Fund will tend to focus on companies with large market capitalizations (which the Fund’s subadviser believes are generally above $2 billion). The Fund’s subadviser is Barrow, Hanley, Mewhinney & Strauss, LLC (Barrow Hanley).

MML Income & Growth Fund Largest Holdings (% of Net Assets) on 6/30/22
Merck & Co., Inc.	3.6%
UnitedHealth Group, Inc.	3.1%
Raytheon Technologies Corp.	2.8%
Philip Morris International, Inc.	2.8%
Phillips 66	2.6%
Air Products & Chemicals, Inc.	2.6%
Coca-Cola Europacific Partners PLC	2.5%
Chubb Ltd.	2.5%
International Flavors & Fragrances, Inc.	2.5%
Hess Corp.	2.4%
	27.4%

MML Income & Growth Fund Sector Table (% of Net Assets) on 6/30/22
Consumer, Non-cyclical	29.1%
Financial	19.1%
Industrial	12.2%
Energy	8.6%
Basic Materials	8.0%
Consumer, Cyclical	6.6%
Technology	6.5%
Utilities	5.2%
Communications	3.1%
Total Long-Term Investments	98.4%
Short-Term Investments and Other Assets and Liabilities	1.6%
Net Assets	100.0%

17

MML International Equity Fund – Portfolio Summaries (Unaudited)

What is the investment approach of MML International Equity Fund, and who is the Fund’s subadviser?

The Fund seeks long-term capital growth by investing, under normal circumstances, at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in equity securities of foreign companies, including companies located in Europe, Latin America, and Asia. The Fund may invest up to 25% of its total assets in equity securities of issuers in emerging markets. Equity securities may include common stocks, preferred stocks, securities convertible into common or preferred stocks, depositary receipts, rights, and warrants of issuers of any size. As of June 30, 2022, the Fund’s two subadvisers are Harris Associates L.P. (Harris), which managed approximately 34% of the Fund’s portfolio; and Massachusetts Financial Services Company (MFS), which managed approximately 66% of the Fund’s portfolio.

MML International Equity Fund Largest Holdings (% of Net Assets) on 6/30/22
Nestle SA Registered	2.8%
Roche Holding AG	2.5%
Bayer AG Registered	2.1%
Air Liquide SA	1.9%
AIA Group Ltd.	1.8%
Schneider Electric SE	1.8%
SAP SE	1.8%
Novo Nordisk A/S Class B	1.8%
Intesa Sanpaolo SpA	1.8%
Capgemini SE	1.7%
	20.0%

MML International Equity Fund Sector Table (% of Net Assets) on 6/30/22
Consumer, Non-cyclical	31.1%
Financial	18.0%
Consumer, Cyclical	15.0%
Industrial	14.0%
Technology	7.1%
Communications	6.0%
Basic Materials	5.0%
Energy	1.6%
Utilities	0.7%
Mutual Funds	0.0%
Total Long-Term Investments	98.5%
Short-Term Investments and Other Assets and Liabilities	1.5%
Net Assets	100.0%

18

MML Large Cap Growth Fund – Portfolio Summaries (Unaudited)

What is the investment approach of MML Large Cap Growth Fund, and who is the Fund’s subadviser?

The Fund seeks long-term capital appreciation by investing primarily in large-capitalization companies that the Fund’s subadviser believes offer the potential for long-term growth. Under normal circumstances, the Fund invests at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in the common stocks of companies whose market capitalizations at the time of purchase are within the market capitalization range of companies included in the Russell 1000^® Growth Index (as of February 28, 2022, between $257.54 million to $2.96 trillion). The Fund’s subadviser is Loomis, Sayles & Company, L.P. (Loomis Sayles).

MML Large Cap Growth Fund Largest Holdings (% of Net Assets) on 6/30/22
Visa, Inc. Class A	6.4%
Microsoft Corp.	5.4%
Amazon.com, Inc.	5.0%
NVIDIA Corp.	4.9%
The Boeing Co.	4.9%
Meta Platforms, Inc. Class A	4.3%
Oracle Corp.	4.2%
Monster Beverage Corp.	4.1%
Alphabet, Inc. Class A	3.6%
Alphabet, Inc. Class C	3.5%
	46.3%

MML Large Cap Growth Fund Sector Table (% of Net Assets) on 6/30/22
Communications	27.1%
Technology	24.6%
Consumer, Non-cyclical	23.3%
Industrial	8.2%
Financial	8.0%
Consumer, Cyclical	7.4%
Total Long-Term Investments	98.6%
Short-Term Investments and Other Assets and Liabilities	1.4%
Net Assets	100.0%

19

MML Managed Volatility Fund – Portfolio Summaries (Unaudited)

What is the investment approach of MML Managed Volatility Fund and who is the Fund’s subadviser?

The Fund seeks to capture the majority of the returns associated with equity market investments, while exposing investors to less risk than other equity investments. Under normal circumstances, the Fund invests in a broadly diversified portfolio of common stocks, while also selling index call options and purchasing index put options. The Fund’s stock portfolio will have approximately 500 stocks, and seeks to duplicate the investment composition and return of the S&P 500^® Index* (the “Index”) by holding each stock included in the Index in approximately the same proportion as each stock’s relative weighting in the Index. The Fund’s subadviser is Gateway Investment Advisers, LLC (Gateway).

MML Managed Volatility Fund Largest Holdings (% of Net Assets) on 6/30/22
Apple, Inc.	6.6%
Microsoft Corp.	6.0%
Amazon.com, Inc.	2.9%
Alphabet, Inc. Class A	2.1%
Alphabet, Inc. Class C	1.9%
Tesla, Inc.	1.8%
Berkshire Hathaway, Inc. Class B	1.5%
UnitedHealth Group, Inc.	1.5%
Johnson & Johnson	1.5%
NVIDIA Corp.	1.2%
	27.0%

MML Managed Volatility Fund Sector Table (% of Net Assets) on 6/30/22
Technology	23.2%
Consumer, Non-cyclical	22.6%
Financial	15.0%
Communications	12.8%
Consumer, Cyclical	9.1%
Industrial	7.8%
Energy	4.5%
Utilities	3.1%
Basic Materials	2.1%
Purchased Options	1.7%
Total Long-Term Investments	101.9%
Short-Term Investments and Other Assets and Liabilities	(1.9)%
Net Assets	100.0%

* The “S&P 500 Index” is a product of S&P Dow Jones Indices LLC or its affiliates (“SPDJI”), and has been licensed for use by MassMutual. Standard & Poor’s^® and S&P^® are registered trademarks of Standard & Poor’s Financial Services LLC (“S&P”); Dow Jones^® is a registered trademark of Dow Jones Trademark Holdings LLC (“Dow Jones”); and these trademarks have been licensed for use by SPDJI and sublicensed for certain purposes by MassMutual. The Fund is not sponsored, endorsed, sold or promoted by SPDJI, Dow Jones, S&P, or their respective affiliates, and none of such parties make any representation regarding the advisability of investing in such product(s) nor do they have any liability for any errors, omissions, or interruptions of the S&P 500 Index.

20

MML Mid Cap Growth Fund – Portfolio Summaries (Unaudited)

What is the investment approach of MML Mid Cap Growth Fund, and who are the Fund’s subadvisers?

The Fund seeks long-term capital appreciation by investing primarily in equity securities of mid-capitalization companies that the Fund’s subadvisers believe offer the potential for above-average earnings growth. Under normal circumstances, the Fund invests at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in a broadly diversified portfolio of common stocks of mid-cap companies whose earnings the Fund’s subadvisers expect to grow at a faster rate than the average company. The Fund’s two subadvisers are T. Rowe Price Associates, Inc. (“T. Rowe Price”), which managed approximately 77% of the Fund’s portfolio; and Wellington Management Company LLP (Wellington Management), which managed approximately 23% of the Fund’s portfolio, as of June 30, 2022. Effective March 7, 2022, T. Rowe Price Investment Management was added as sub-subadviser for the portion of the portfolio subadvised by T. Rowe Price.

MML Mid Cap Growth Fund Largest Holdings (% of Net Assets) on 6/30/22
Hologic, Inc.	2.3%
Catalent, Inc.	2.1%
TransUnion	2.0%
Textron, Inc.	2.0%
Microchip Technology, Inc.	1.8%
Hilton Worldwide Holdings, Inc.	1.8%
Ball Corp.	1.7%
Ingersoll Rand, Inc.	1.6%
Agilent Technologies, Inc.	1.6%
Teleflex, Inc.	1.6%
	18.5%

MML Mid Cap Growth Fund Sector Table (% of Net Assets) on 6/30/22
Consumer, Non-cyclical	33.1%
Technology	18.6%
Industrial	17.4%
Consumer, Cyclical	13.1%
Financial	6.1%
Communications	5.3%
Energy	1.6%
Basic Materials	0.5%
Mutual Funds	0.4%
Total Long-Term Investments	96.1%
Short-Term Investments and Other Assets and Liabilities	3.9%
Net Assets	100.0%

21

MML Mid Cap Value Fund – Portfolio Summaries (Unaudited)

What is the investment approach of MML Mid Cap Value Fund, and who is the Fund’s subadviser?

The Fund seeks long-term capital growth. Income is a secondary objective. The Fund invests primarily in equity securities of mid-capitalization companies that the Fund’s subadviser believes offer prospects for long-term capital growth. Under normal circumstances, the Fund invests at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in equity securities of medium-size companies. The Fund’s subadviser is American Century Investment Management, Inc. (American Century).

MML Mid Cap Value Fund Largest Holdings (% of Net Assets) on 6/30/22
Zimmer Biomet Holdings, Inc.	3.2%
Northern Trust Corp.	2.6%
The Bank of New York Mellon Corp.	2.5%
Conagra Brands, Inc.	2.2%
The Allstate Corp.	2.2%
Edison International	2.1%
Emerson Electric Co.	2.1%
Quest Diagnostics, Inc.	2.0%
Reinsurance Group of America, Inc.	1.9%
Koninklijke Ahold Delhaize NV	1.9%
	22.7%

MML Mid Cap Value Fund Sector Table (% of Net Assets) on 6/30/22
Financial	29.1%
Consumer, Non-cyclical	21.5%
Industrial	14.2%
Consumer, Cyclical	13.4%
Utilities	7.5%
Energy	5.0%
Technology	3.2%
Communications	2.8%
Basic Materials	2.3%
Total Long-Term Investments	99.0%
Short-Term Investments and Other Assets and Liabilities	1.0%
Net Assets	100.0%

22

MML Small Cap Growth Equity Fund – Portfolio Summaries (Unaudited)

What is the investment approach of MML Small Cap Growth Equity Fund, and who is the Fund’s subadviser?

The Fund seeks long-term capital appreciation by investing primarily in equity securities of smaller companies that the Fund’s subadviser believes offer potential for long-term growth. Under normal circumstances, the Fund invests at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in the equity securities of companies whose market capitalizations at the time of purchase are within the market capitalization range of companies included in the Russell 2000^® Index or the S&P SmallCap 600 Index (as of February 28, 2022, between $18.59 million and $11.74 billion). The Fund’s subadviser is Wellington Management Company LLP (Wellington Management).

MML Small Cap Growth Equity Fund Largest Holdings (% of Net Assets) on 6/30/22
iShares Russell 2000 Growth ETF	2.3%
Fluor Corp.	1.5%
Cabot Corp.	1.4%
Calix, Inc.	1.4%
Perficient, Inc.	1.4%
Jamf Holding Corp.	1.3%
Phillips Edison & Co., Inc.	1.3%
Hannon Armstrong Sustainable Infrastructure Capital, Inc.	1.2%
Owens & Minor, Inc.	1.2%
Rapid7, Inc.	1.2%
	14.2%

MML Small Cap Growth Equity Fund Sector Table (% of Net Assets) on 6/30/22
Consumer, Non-cyclical	23.9%
Industrial	17.6%
Financial	16.7%
Technology	10.9%
Consumer, Cyclical	10.3%
Energy	5.9%
Communications	5.6%
Mutual Funds	4.7%
Basic Materials	2.2%
Utilities	1.2%
Total Long-Term Investments	99.0%
Short-Term Investments and Other Assets and Liabilities	1.0%
Net Assets	100.0%

23

MML Small Company Value Fund – Portfolio Summaries (Unaudited)

What is the investment approach of MML Small Company Value Fund, and who is the Fund’s subadviser?

The Fund seeks long-term capital appreciation by investing primarily in equity securities that the Fund’s subadviser believes are undervalued. Under normal circumstances, the Fund invests at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in the securities of companies whose market capitalizations at the time of purchase are within the market capitalization range of companies included in the Russell 2000^® Index or the S&P SmallCap 600 Index (as of February 28, 2022, between $18.59 million and $11.74 billion). The Fund’s subadviser is American Century Investment Management, Inc. (American Century).

MML Small Company Value Fund Largest Holdings (% of Net Assets) on 6/30/22
Spectrum Brands Holdings, Inc.	2.8%
II-VI, Inc.	2.4%
The Timken Co.	2.3%
EVERTEC, Inc.	2.2%
SouthState Corp.	2.1%
UMB Financial Corp.	2.0%
Teradata Corp.	2.0%
The Brink’s Co.	2.0%
Axis Capital Holdings Ltd.	1.9%
Tapestry, Inc.	1.9%
	21.6%

MML Small Company Value Fund Sector Table (% of Net Assets) on 6/30/22
Financial	34.2%
Industrial	19.4%
Consumer, Cyclical	17.8%
Consumer, Non-cyclical	16.7%
Technology	5.9%
Energy	2.0%
Utilities	1.3%
Basic Materials	1.1%
Communications	1.0%
Mutual Funds	0.9%
Total Long-Term Investments	100.3%
Short-Term Investments and Other Assets and Liabilities	(0.3)%
Net Assets	100.0%

24

MML Small/Mid Cap Value Fund – Portfolio Summaries (Unaudited)

What is the investment approach of MML Small/Mid Cap Value Fund, and who is the Fund’s subadviser?

The Fund seeks long-term total return by investing primarily in securities that the Fund’s subadviser believes to be undervalued. Under normal circumstances, the Fund invests at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in securities of small- and mid-cap companies. The Fund’s subadviser is AllianceBernstein L.P. (AllianceBernstein).

MML Small/Mid Cap Value Fund Largest Holdings (% of Net Assets) on 6/30/22
IDACORP, Inc.	1.7%
Physicians Realty Trust	1.7%
Berry Global Group, Inc.	1.7%
First Citizens BancShares, Inc. Class A	1.7%
Acadia Healthcare Co., Inc.	1.6%
Change Healthcare, Inc.	1.6%
Comerica, Inc.	1.5%
Camden Property Trust	1.5%
Syneos Health, Inc.	1.5%
Dycom Industries, Inc.	1.5%
	16.0%

MML Small/Mid Cap Value Fund Sector Table (% of Net Assets) on 6/30/22
Financial	27.4%
Industrial	21.4%
Consumer, Cyclical	15.4%
Consumer, Non-cyclical	14.6%
Technology	7.7%
Basic Materials	5.2%
Energy	3.7%
Utilities	2.9%
Communications	1.1%
Total Long-Term Investments	99.4%
Short-Term Investments and Other Assets and Liabilities	0.6%
Net Assets	100.0%

25

MML Sustainable Equity Fund – Portfolio Summaries (Unaudited)

What is the investment approach of MML Sustainable Equity Fund, formerly known as MML Growth & Income Fund, and who is the Fund’s subadviser?

The Fund seeks capital appreciation and income by investing, under normal circumstances, at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in sustainable equity securities. Equity securities may include common stock, preferred stock, securities convertible into common or preferred stock, rights, and warrants. The Fund’s subadviser currently considers sustainable securities to be those to which the subadviser’s proprietary model assigns an ESG score that is in the top three quartiles of the environmental, social, and governance (“ESG”) scores the model assigns to all of the securities in the Fund’s benchmark, the S&P 500^® Index. The Fund’s subadviser is American Century Investment Management, Inc. (“American Century”). Effective April 29, 2022, American Century replaced Massachusetts Financial Services Company (MFS) as subadviser of the Fund.

MML Sustainable Equity Fund Largest Holdings (% of Net Assets) on 6/30/22
Microsoft Corp.	8.2%
Alphabet, Inc. Class A	5.2%
Apple, Inc.	4.6%
Amazon.com, Inc.	2.9%
Prologis, Inc.	2.2%
NextEra Energy, Inc.	2.1%
ConocoPhillips	2.1%
Schlumberger NV	2.0%
UnitedHealth Group, Inc.	2.0%
Visa, Inc. Class A	1.9%
	33.2%

MML Sustainable Equity Fund Sector Table (% of Net Assets) on 6/30/22
Consumer, Non-cyclical	21.4%
Technology	20.9%
Financial	14.8%
Communications	14.5%
Industrial	11.5%
Consumer, Cyclical	8.0%
Energy	4.1%
Basic Materials	2.5%
Utilities	2.1%
Mutual Funds	0.1%
Total Long-Term Investments	99.9%
Short-Term Investments and Other Assets and Liabilities	0.1%
Net Assets	100.0%

26

MML Total Return Bond Fund – Portfolio Summaries (Unaudited)

What is the investment approach of MML Total Return Bond Fund, and who is the Fund’s subadviser?

The Fund seeks maximum total return, consistent with preservation of capital and prudent investment management, by investing, under normal circumstances, at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in a diversified portfolio of investment grade fixed income securities (rated Baa3 or higher by Moody’s, BBB- or higher by Standard & Poor’s, BBB- or higher by Fitch, or A-2 by S&P, P-2 by Moody’s, or F-2 by Fitch for short-term debt obligations, or, if unrated, determined by the Fund’s subadviser to be of comparable quality). The Fund’s subadviser is Metropolitan West Asset Management, LLC (MetWest).

MML Total Return Bond Fund Portfolio Characteristics (% of Net Assets) on 6/30/22
U.S. Government Agency Obligations and Instrumentalities*	34.4%
U.S. Treasury Obligations	29.9%
Corporate Debt	29.1%
Non-U.S. Government Agency Obligations	15.4%
Mutual Funds	4.9%
Bank Loans	1.9%
Sovereign Debt Obligations	1.2%
Municipal Obligations	1.0%
Common Stock	0.1%
Purchased Options	0.0%
Rights	0.0%
Total Long-Term Investments	117.9%
Short-Term Investments and Other Assets and Liabilities	(17.9)%
Net Assets	100.0%

* May contain securities that are issued by a U.S. Government Agency, but are unsecured and are not guaranteed by a U.S. Government Agency.

27

MML Conservative Allocation Fund – Portfolio of Investments

June 30, 2022 (Unaudited)

	Number of Shares		Value
MUTUAL FUNDS — 100.1%
Equity Funds — 40.2%
MML Blue Chip Growth Fund, Initial Class (a)		936,583	$	13,112,158
MML Equity Income Fund, Initial Class (a)		1,064,863		12,064,894
MML Focused Equity Fund, Class II (a)		2,856,364		21,137,097
MML Foreign Fund, Initial Class (a)		647,889		5,811,568
MML Fundamental Equity Fund, Class II (a)		1,091,153		10,704,209
MML Fundamental Value Fund, Class II (a)		759,344		10,053,717
MML Global Fund, Class I (a)		407,423		4,774,993
MML Income & Growth Fund, Initial Class (a)		875,066		9,993,252
MML International Equity Fund, Class II (a)		1,380,593		12,328,692
MML Large Cap Growth Fund, Initial Class (a)		672,683		7,211,157
MML Mid Cap Growth Fund, Initial Class (a)		594,779		7,083,823
MML Mid Cap Value Fund, Initial Class (a)		554,176		6,411,821
MML Small Cap Growth Equity Fund, Initial Class (a)		58,044		653,802
MML Small Company Value Fund, Class II (a)		225,124		3,363,355
MML Small/Mid Cap Value Fund, Initial Class (a)		141,669		1,673,112
MML Strategic Emerging Markets Fund, Class II (a)		444,039		3,419,100
				129,796,750
Fixed Income Funds — 59.9%
Invesco V.I. Global Strategic Income Fund, Series I		2,248,402		8,566,413
MML Dynamic Bond Fund, Class II (a)		4,311,247		38,671,888
MML High Yield Fund, Class II (a)		298,774		2,572,443
MML Inflation-Protected and Income Fund, Initial Class (a)		1,124,909		11,282,840
MML Managed Bond Fund, Initial Class (a)		6,122,289		70,147,460
MML Short-Duration Bond Fund, Class II (a)		1,954,904		17,476,846

	Number of Shares		Value
MML Total Return Bond Fund, Class II (a)		4,783,821	$	44,346,023
				193,063,913
TOTAL MUTUAL FUNDS (Cost $354,722,635)				322,860,663
TOTAL LONG-TERM INVESTMENTS (Cost $354,722,635)				322,860,663
TOTAL INVESTMENTS — 100.1% (Cost $354,722,635) (b)				322,860,663
Other Assets/(Liabilities) — (0.1)%				(278,761	)
NET ASSETS — 100.0%			$	322,581,902

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

(a) Affiliated issuer. See Note 7 for a summary of transactions in the investments of affiliated issuers.

(b) See Note 6 for aggregate cost for federal tax purposes.

The accompanying notes are an integral part of the financial statements.

28

MML Balanced Allocation Fund – Portfolio of Investments

June 30, 2022 (Unaudited)

	Number of Shares		Value
MUTUAL FUNDS — 100.1%
Equity Funds — 46.8%
MML Blue Chip Growth Fund, Initial Class (a)		1,173,288	$	16,426,029
MML Equity Income Fund, Initial Class (a)		1,430,721		16,210,066
MML Focused Equity Fund, Class II (a)		3,655,565		27,051,179
MML Foreign Fund, Initial Class (a)		888,821		7,972,724
MML Fundamental Equity Fund, Class II (a)		1,479,923		14,518,049
MML Fundamental Value Fund, Class II (a)		968,815		12,827,105
MML Global Fund, Class I (a)		827,356		9,696,610
MML Income & Growth Fund, Initial Class (a)		1,156,688		13,209,373
MML International Equity Fund, Class II (a)		2,037,566		18,195,468
MML Large Cap Growth Fund, Initial Class (a)		956,374		10,252,334
MML Mid Cap Growth Fund, Initial Class (a)		761,214		9,066,060
MML Mid Cap Value Fund, Initial Class (a)		820,304		9,490,916
MML Small Cap Growth Equity Fund, Initial Class (a)		93,332		1,051,294
MML Small Company Value Fund, Class II (a)		275,403		4,114,525
MML Small/Mid Cap Value Fund, Initial Class (a)		196,046		2,315,302
MML Strategic Emerging Markets Fund, Class II (a)		391,537		3,014,834
				175,411,868
Fixed Income Funds — 53.3%
Invesco V.I. Global Strategic Income Fund, Series I		2,101,186		8,005,518
MML Dynamic Bond Fund, Class II (a)		4,433,996		39,772,942
MML High Yield Fund, Class II (a)		321,891		2,771,479
MML Inflation-Protected and Income Fund, Initial Class (a)		1,338,374		13,423,887
MML Managed Bond Fund, Initial Class (a)		6,180,446		70,813,808
MML Short-Duration Bond Fund, Class II (a)		2,040,113		18,238,612

	Number of Shares		Value
MML Total Return Bond Fund, Class II (a)		5,069,412	$	46,993,445
				200,019,691
TOTAL MUTUAL FUNDS (Cost $403,213,896)				375,431,559
TOTAL LONG-TERM INVESTMENTS (Cost $403,213,896)				375,431,559
TOTAL INVESTMENTS — 100.1% (Cost $403,213,896) (b)				375,431,559
Other Assets/(Liabilities) — (0.1)%				(318,994	)
NET ASSETS — 100.0%			$	375,112,565

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

(a) Affiliated issuer. See Note 7 for a summary of transactions in the investments of affiliated issuers.

(b) See Note 6 for aggregate cost for federal tax purposes.

The accompanying notes are an integral part of the financial statements.

29

MML Moderate Allocation Fund – Portfolio of Investments

June 30, 2022 (Unaudited)

	Number of Shares		Value
MUTUAL FUNDS — 100.1%
Equity Funds — 60.2%
MML Blue Chip Growth Fund, Initial Class (a)		5,528,631	$	77,400,840
MML Equity Income Fund, Initial Class (a)		6,381,053		72,297,329
MML Focused Equity Fund, Class II (a)		17,254,492		127,683,241
MML Foreign Fund, Initial Class (a)		3,841,134		34,454,973
MML Fundamental Equity Fund, Class II (a)		6,737,605		66,095,907
MML Fundamental Value Fund, Class II (a)		4,615,547		61,109,840
MML Global Fund, Class I (a)		3,788,027		44,395,671
MML Income & Growth Fund, Initial Class (a)		5,251,228		59,969,029
MML International Equity Fund, Class II (a)		9,609,162		85,809,817
MML Large Cap Growth Fund, Initial Class (a)		4,103,337		43,987,774
MML Mid Cap Growth Fund, Initial Class (a)		3,326,587		39,619,652
MML Mid Cap Value Fund, Initial Class (a)		3,568,027		41,282,075
MML Small Cap Growth Equity Fund, Initial Class (a)		628,033		7,074,145
MML Small Company Value Fund, Class II (a)		1,377,577		20,581,004
MML Small/Mid Cap Value Fund, Initial Class (a)		964,272		11,388,055
MML Strategic Emerging Markets Fund, Class II (a)		2,226,535		17,144,320
				810,293,672
Fixed Income Funds — 39.9%
Invesco V.I. Global Strategic Income Fund, Series I		3,906,816		14,884,970
MML Dynamic Bond Fund, Class II (a)		12,401,750		111,243,694
MML High Yield Fund, Class II (a)		1,129,637		9,726,171
MML Inflation-Protected and Income Fund, Initial Class (a)		3,184,019		31,935,706
MML Managed Bond Fund, Initial Class (a)		17,278,650		197,973,899
MML Short-Duration Bond Fund, Class II (a)		5,742,184		51,335,125

	Number of Shares		Value
MML Total Return Bond Fund, Class II (a)		13,043,775	$	120,915,798
				538,015,363
TOTAL MUTUAL FUNDS (Cost $1,452,345,494)				1,348,309,035
TOTAL LONG-TERM INVESTMENTS (Cost $1,452,345,494)				1,348,309,035
TOTAL INVESTMENTS — 100.1% (Cost $1,452,345,494) (b)				1,348,309,035
Other Assets/(Liabilities) — (0.1)%				(1,129,693	)
NET ASSETS — 100.0%			$	1,347,179,342

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

(a) Affiliated issuer. See Note 7 for a summary of transactions in the investments of affiliated issuers.

(b) See Note 6 for aggregate cost for federal tax purposes.

The accompanying notes are an integral part of the financial statements.

30

MML Growth Allocation Fund – Portfolio of Investments

June 30, 2022 (Unaudited)

	Number of Shares		Value
MUTUAL FUNDS — 100.1%
Equity Funds — 73.7%
MML Blue Chip Growth Fund, Initial Class (a)		4,844,679	$	67,825,509
MML Equity Income Fund, Initial Class (a)		5,510,305		62,431,751
MML Focused Equity Fund, Class II (a)		13,557,995		100,329,165
MML Foreign Fund, Initial Class (a)		3,296,943		29,573,579
MML Fundamental Equity Fund, Class II (a)		6,070,613		59,552,715
MML Fundamental Value Fund, Class II (a)		3,962,051		52,457,553
MML Global Fund, Class I (a)		3,141,957		36,823,736
MML Income & Growth Fund, Initial Class (a)		4,621,916		52,782,284
MML International Equity Fund, Class II (a)		7,890,311		70,460,480
MML Large Cap Growth Fund, Initial Class (a)		4,081,615		43,754,908
MML Mid Cap Growth Fund, Initial Class (a)		2,917,319		34,745,269
MML Mid Cap Value Fund, Initial Class (a)		3,036,468		35,131,936
MML Small Cap Growth Equity Fund, Initial Class (a)		728,847		8,209,716
MML Small Company Value Fund, Class II (a)		1,427,435		21,325,883
MML Small/Mid Cap Value Fund, Initial Class (a)		774,068		9,141,745
MML Strategic Emerging Markets Fund, Class II (a)		1,605,949		12,365,805
				696,912,034
Fixed Income Funds — 26.4%
Invesco V.I. Global Strategic Income Fund, Series I		2,840,248		10,821,346
MML Dynamic Bond Fund, Class II (a)		5,795,833		51,988,620
MML High Yield Fund, Class II (a)		439,251		3,781,948
MML Inflation-Protected and Income Fund, Initial Class (a)		1,446,998		14,513,392
MML Managed Bond Fund, Initial Class (a)		7,486,036		85,772,894
MML Short-Duration Bond Fund, Class II (a)		2,760,625		24,679,985

	Number of Shares		Value
MML Total Return Bond Fund, Class II (a)		6,294,498	$	58,349,995
				249,908,180
TOTAL MUTUAL FUNDS (Cost $1,010,902,293)				946,820,214
TOTAL LONG-TERM INVESTMENTS (Cost $1,010,902,293)				946,820,214
TOTAL INVESTMENTS — 100.1% (Cost $1,010,902,293) (b)				946,820,214
Other Assets/(Liabilities) — (0.1)%				(685,251	)
NET ASSETS — 100.0%			$	946,134,963

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

(a) Affiliated issuer. See Note 7 for a summary of transactions in the investments of affiliated issuers.

(b) See Note 6 for aggregate cost for federal tax purposes.

The accompanying notes are an integral part of the financial statements.

31

MML Aggressive Allocation Fund – Portfolio of Investments

June 30, 2022 (Unaudited)

	Number of Shares		Value
MUTUAL FUNDS — 100.1%
Equity Funds — 89.3%
MML Blue Chip Growth Fund, Initial Class (a)		839,355	$	11,750,964
MML Equity Income Fund, Initial Class (a)		883,604		10,011,235
MML Focused Equity Fund, Class II (a)		2,459,315		18,198,928
MML Foreign Fund, Initial Class (a)		529,441		4,749,089
MML Fundamental Equity Fund, Class II (a)		963,940		9,456,254
MML Fundamental Value Fund, Class II (a)		664,640		8,799,832
MML Global Fund, Class I (a)		221,565		2,596,742
MML Income & Growth Fund, Initial Class (a)		767,475		8,764,562
MML International Equity Fund, Class II (a)		1,316,371		11,755,193
MML Large Cap Growth Fund, Initial Class (a)		735,306		7,882,476
MML Mid Cap Growth Fund, Initial Class (a)		607,048		7,229,943
MML Mid Cap Value Fund, Initial Class (a)		512,717		5,932,140
MML Small Cap Growth Equity Fund, Initial Class (a)		143,373		1,614,953
MML Small Company Value Fund, Class II (a)		225,940		3,375,545
MML Small/Mid Cap Value Fund, Initial Class (a)		122,382		1,445,326
MML Strategic Emerging Markets Fund, Class II (a)		276,281		2,127,360
				115,690,542
Fixed Income Funds — 10.8%
Invesco V.I. Global Strategic Income Fund, Series I		265,756		1,012,530
MML Dynamic Bond Fund, Class II (a)		297,331		2,667,058
MML High Yield Fund, Class II (a)		62,744		540,226
MML Inflation-Protected and Income Fund, Initial Class (a)		31,114		312,072
MML Managed Bond Fund, Initial Class (a)		419,959		4,811,767
MML Short-Duration Bond Fund, Class II (a)		249,326		2,228,978

	Number of Shares		Value
MML Total Return Bond Fund, Class II (a)		255,120	$	2,364,967
				13,937,598
TOTAL MUTUAL FUNDS (Cost $142,135,411)				129,628,140
TOTAL LONG-TERM INVESTMENTS (Cost $142,135,411)				129,628,140
TOTAL INVESTMENTS — 100.1% (Cost $142,135,411) (b)				129,628,140
Other Assets/(Liabilities) — (0.1)%				(111,326	)
NET ASSETS — 100.0%			$	129,516,814

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

(a) Affiliated issuer. See Note 7 for a summary of transactions in the investments of affiliated issuers.

(b) See Note 6 for aggregate cost for federal tax purposes.

The accompanying notes are an integral part of the financial statements.

32

MML American Funds Growth Fund – Portfolio of Investments

June 30, 2022 (Unaudited)

	Number of Shares		Value
MUTUAL FUNDS — 100.1%
Equity Funds — 100.1%
American Funds Insurance Series Growth Fund, Class 1		2,656,691	$	203,529,115
TOTAL MUTUAL FUNDS (Cost $221,399,001)				203,529,115
TOTAL INVESTMENTS — 100.1% (Cost $221,399,001) (a)				203,529,115
Other Assets/(Liabilities) — (0.1)%				(255,577	)
NET ASSETS — 100.0%			$	203,273,538

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

(a) See Note 6 for aggregate cost for federal tax purposes.

The accompanying notes are an integral part of the financial statements.

33

MML American Funds International Fund – Portfolio of Investments

June 30, 2022 (Unaudited)

	Number of Shares		Value
MUTUAL FUNDS — 100.2%
Equity Funds — 100.2%
American Funds Insurance Series® International Fund, Class 1		2,980,969	$	45,221,293
TOTAL MUTUAL FUNDS (Cost $56,687,013)				45,221,293
TOTAL INVESTMENTS — 100.2% (Cost $56,687,013) (a)				45,221,293
Other Assets/(Liabilities) — (0.2)%				(80,234	)
NET ASSETS — 100.0%			$	45,141,059

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

(a) See Note 6 for aggregate cost for federal tax purposes.

The accompanying notes are an integral part of the financial statements.

34

MML American Funds Core Allocation Fund – Portfolio of Investments

June 30, 2022 (Unaudited)

	Number of Shares		Value
MUTUAL FUNDS — 100.1%
Equity Funds — 64.4%
American Funds Insurance Series® Growth-Income Fund, Class 1		3,842,065	$	187,454,364
American Funds Insurance Series® International Fund, Class 1		5,419,907		82,219,989
American Funds Insurance Series® Washington Mutual Investors Fund, Class 1		16,865,189		206,767,213
				476,441,566
Fixed Income Funds — 35.7%
American Funds Insurance Series® The Bond Fund Of America, Class 1		26,598,196		263,854,099
TOTAL MUTUAL FUNDS (Cost $806,483,397)				740,295,665
TOTAL LONG-TERM INVESTMENTS (Cost $806,483,397)				740,295,665
TOTAL INVESTMENTS — 100.1% (Cost $806,483,397) (a)				740,295,665
Other Assets/(Liabilities) — (0.1)%				(835,649	)
NET ASSETS — 100.0%			$	739,460,016

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

(a) See Note 6 for aggregate cost for federal tax purposes.

The accompanying notes are an integral part of the financial statements.

35

MML Blue Chip Growth Fund – Portfolio of Investments

June 30, 2022 (Unaudited)

	Number of Shares		Value
EQUITIES — 99.2%
COMMON STOCK — 99.0%
Basic Materials — 0.9%
Chemicals — 0.9%
Linde PLC		7,492	$	2,154,175
The Sherwin-Williams Co.		6,837		1,530,872
				3,685,047
				3,685,047
Communications — 28.4%
Internet — 27.6%
Alphabet, Inc. Class A (a)		3,545		7,725,477
Alphabet, Inc. Class C (a)		15,552		34,019,222
Amazon.com, Inc. (a)		359,540		38,186,743
Booking Holdings, Inc. (a)		1,439		2,516,797
DoorDash, Inc., Class A (a)		35,473		2,276,303
Meta Platforms, Inc. Class A (a)		79,580		12,832,275
Netflix, Inc. (a)		10,229		1,788,745
Opendoor Technologies, Inc. (a) (b)		95,590		450,229
Pinterest, Inc. Class A (a)		47,319		859,313
Sea Ltd. ADR (a)		53,976		3,608,835
Shopify, Inc. Class A (a)		54,960		1,716,950
Snap, Inc. Class A (a)		190,666		2,503,445
Spotify Technology SA (a)		9,282		870,930
Tencent Holdings Ltd.		50,800		2,307,006
				111,662,270
Media — 0.4%
The Walt Disney Co. (a)		16,050		1,515,120
Telecommunications — 0.4%
T-Mobile US, Inc. (a)		11,153		1,500,524
				114,677,914
Consumer, Cyclical — 9.5%
Apparel — 0.9%
NIKE, Inc. Class B		34,620		3,538,164
Auto Manufacturers — 4.5%
Tesla, Inc. (a)		27,405		18,455,075
Retail — 4.1%
Carvana Co. (a) (b)		39,634		894,936
Chipotle Mexican Grill, Inc. (a)		3,022		3,950,540
Dollar General Corp.		19,890		4,881,801
Lululemon Athletica, Inc. (a)		10,115		2,757,450
Ross Stores, Inc.		44,814		3,147,287
The TJX Cos., Inc.		16,156		902,313
				16,534,327
				38,527,566
Consumer, Non-cyclical — 17.1%
Commercial Services — 2.1%
Adyen NV (a)		39,903		582,983

	Number of Shares		Value
Affirm Holdings, Inc. (a) (b)		21,876	$	395,081
Ant International Co. Ltd., Class C (Acquired 6/07/18, Cost $775,038) (c) (d) (e)		203,348		400,596
Block, Inc. (a)		24,779		1,522,917
Cintas Corp.		1,936		723,154
PayPal Holdings, Inc. (a)		15,617		1,090,691
S&P Global, Inc.		8,953		3,017,698
TransUnion		10,740		859,093
				8,592,213
Health Care – Products — 5.5%
Align Technology, Inc. (a)		2,774		656,522
Danaher Corp.		25,204		6,389,718
Intuitive Surgical, Inc. (a)		32,592		6,541,540
Stryker Corp.		18,704		3,720,787
Teleflex, Inc.		4,916		1,208,599
Thermo Fisher Scientific, Inc.		6,842		3,717,122
				22,234,288
Health Care – Services — 6.0%
Humana, Inc.		8,404		3,933,660
UnitedHealth Group, Inc.		39,204		20,136,351
				24,070,011
Pharmaceuticals — 3.5%
AstraZeneca PLC Sponsored ADR		25,228		1,666,814
Eli Lilly & Co.		28,481		9,234,395
Zoetis, Inc.		19,068		3,277,598
				14,178,807
				69,075,319
Financial — 9.5%
Banks — 1.3%
The Goldman Sachs Group, Inc.		17,391		5,165,475
Diversified Financial Services — 7.2%
The Charles Schwab Corp.		43,858		2,770,949
Mastercard, Inc. Class A		35,848		11,309,327
Visa, Inc. Class A		76,106		14,984,510
				29,064,786
Insurance — 1.0%
Chubb Ltd.		10,293		2,023,398
Marsh & McLennan Cos., Inc.		12,668		1,966,707
				3,990,105
				38,220,366
INDUSTRIAL — 0.5%
Electronics — 0.2%
TE Connectivity Ltd.		7,686		869,671
Miscellaneous - Manufacturing — 0.3%
General Electric Co.		20,380		1,297,595
				2,167,266

The accompanying notes are an integral part of the financial statements.

36

MML Blue Chip Growth Fund – Portfolio of Investments (Continued)

	Number of Shares		Value
Technology — 33.1%
Computers — 8.3%
Apple, Inc.		214,987	$	29,393,022
Crowdstrike Holdings, Inc. Class A (a)		3,172		534,673
Fortinet, Inc. (a)		62,640		3,544,171
				33,471,866
Semiconductors — 6.9%
Advanced Micro Devices, Inc. (a)		62,344		4,767,446
ASML Holding NV		7,755		3,690,449
Marvell Technology, Inc.		39,810		1,732,929
Monolithic Power Systems, Inc.		5,031		1,932,105
NVIDIA Corp.		78,783		11,942,715
Taiwan Semiconductor Manufacturing Co. Ltd. Sponsored ADR		19,145		1,565,104
Texas Instruments, Inc.		16,141		2,480,065
				28,110,813
Software — 17.9%
Atlassian Corp. PLC Class A (a)		13,294		2,491,296
Bill.com Holdings, Inc. (a)		17,872		1,964,848
Canva, Inc. (Acquired 8/16/21, Cost $582,930) (c) (d) (e)		342		326,593
Confluent, Inc. Class A (a)		21,787		506,330
Datadog, Inc. Class A (a)		10,623		1,011,735
Gusto, Inc. (Acquired 10/04/21, Cost $193,055) (c) (d) (e)		6,706		192,813
HashiCorp, Inc. Class A (a) (b)		4,850		142,784
Intuit, Inc.		20,695		7,976,681
Microsoft Corp.		120,955		31,064,873
MongoDB, Inc. (a)		9,314		2,416,983
MSCI, Inc.		1,430		589,374
Paycom Software, Inc. (a)		1,360		380,963
Roper Technologies, Inc.		6,896		2,721,506
Salesforce, Inc. (a)		—		—
ServiceNow, Inc. (a)		25,149		11,958,852
Snowflake, Inc. Class A (a)		6,690		930,311
Synopsys, Inc. (a)		20,007		6,076,126
Veeva Systems, Inc. Class A (a)		7,482		1,481,735
				72,233,803
				133,816,482
TOTAL COMMON STOCK (Cost $348,451,759)				400,169,960

	Number of Shares		Value
PREFERRED STOCK — 0.2%
Technology — 0.2%
Software — 0.2%
Canva, Inc., Series A (Acquired 11/04/21 - 12/17/21, Cost $37,502) (c) (d) (e)		22	$	21,009
Canva, Inc., Series A-3 (Acquired 12/17/21, Cost $3,408) (c) (d) (e)		2		1,910
Databricks, Inc., Series G (Acquired 2/01/21, Cost $172,224) (c) (d) (e)		971		161,069
Databricks, Inc., Series H (Acquired 8/31/21, Cost $542,974) (c) (d) (e)		2,463		408,562
Gusto, Inc., Series E (Acquired 7/13/21, Cost $254,865) (c) (d) (e)		8,385		254,865
				847,415
TOTAL PREFERRED STOCK (Cost $1,010,973)				847,415
TOTAL EQUITIES (Cost $349,462,732)				401,017,375
	Principal Amount
BONDS & NOTES — 0.2%
CORPORATE DEBT — 0.2%
Retail — 0.2%
Carvana Co. 10.250% 5/01/30 (f)	$	1,040,000		838,115
TOTAL CORPORATE DEBT (Cost $1,040,000)				838,115
TOTAL BONDS & NOTES (Cost $1,040,000)				838,115
MUTUAL FUNDS — 0.3%
Diversified Financial Services — 0.3%
State Street Navigator Securities Lending Government Money Market Portfolio (g)		1,057,491		1,057,491
TOTAL MUTUAL FUNDS (Cost $1,057,491)				1,057,491
TOTAL LONG-TERM INVESTMENTS (Cost $351,560,223)				402,912,981

The accompanying notes are an integral part of the financial statements.

37

MML Blue Chip Growth Fund – Portfolio of Investments (Continued)

	Number of Shares		Value
SHORT-TERM INVESTMENTS — 0.7%
Mutual Fund — 0.0%
T. Rowe Price Government Reserve Investment Fund		100	$	100
	Principal Amount
Repurchase Agreement — 0.7%
Fixed Income Clearing Corp., Repurchase Agreement, dated 6/30/22, 0.240%, due 7/01/22 (h)	$	2,730,797		2,730,797
TOTAL SHORT-TERM INVESTMENTS (Cost $2,730,897)				2,730,897
TOTAL INVESTMENTS — 100.4% (Cost $354,291,120) (i)				405,643,878
Other Assets/(Liabilities) — (0.4)%				(1,500,855	)
NET ASSETS — 100.0%			$	404,143,023

Abbreviation Legend

ADR American Depositary Receipt

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

(a) Non-income producing security.

(b) Denotes all or a portion of security on loan. The total value of securities on loan as of June 30, 2022, was $1,891,580 or 0.47% of net assets. Total securities on loan may be less than the amounts identified in the Portfolio of Investments. The Fund received $885,335 of non-cash collateral (U.S. Treasury and/or Agency obligations) related to securities lending activity. This amount is not reflected on either the Portfolio of Investments or the Statement of Assets and Liabilities. (Note 2).

(c) Investment was valued using significant unobservable inputs.

(d) Restricted security. Certain securities are restricted as to resale. At June 30, 2022, these securities amounted to a value of $1,767,417 or 0.44% of net assets. The Fund generally bears the costs, if any, associated with the disposition of restricted securities.

(e) This security is fair valued in good faith in accordance with procedures approved by the Board of Trustees. At June 30, 2022, these securities amounted to a value of $1,767,417 or 0.44% of net assets.

(f) Security is exempt from registration under Regulation S or Rule 144A of the Securities Act of 1933. These securities are considered restricted and may be resold in transactions exempt from registration. At June 30, 2022, the aggregate market value of these securities amounted to $838,115 or 0.21% of net assets.

(g) Represents investment of security lending cash collateral. (Note 2).

(h) Maturity value of $2,730,815. Collateralized by U.S. Government Agency obligations with a rate of 2.250%, maturity date of 11/15/24, and an aggregate market value, including accrued interest, of $2,785,476.

(i) See Note 6 for aggregate cost for federal tax purposes.

The accompanying notes are an integral part of the financial statements.

38

MML Equity Income Fund – Portfolio of Investments

June 30, 2022 (Unaudited)

	Number of Shares		Value
EQUITIES — 99.5%
COMMON STOCK — 97.9%
Basic Materials — 5.3%
Chemicals — 3.6%
Akzo Nobel NV		15,896	$	1,050,227
CF Industries Holdings, Inc.		87,699		7,518,435
DuPont de Nemours, Inc.		3,976		220,986
International Flavors & Fragrances, Inc.		34,563		4,117,145
RPM International, Inc.		10,566		831,756
				13,738,549
Forest Products & Paper — 1.7%
International Paper Co.		161,658		6,762,154
				20,500,703
Communications — 5.5%
Internet — 0.6%
Meta Platforms, Inc. Class A (a)		14,900		2,402,625
Media — 4.0%
Comcast Corp. Class A		125,609		4,928,897
Fox Corp. Class B		40,926		1,215,502
News Corp. Class A		311,169		4,848,013
The Walt Disney Co. (a)		45,569		4,301,714
Warner Bros Discovery, Inc. (a)		18,076		242,580
				15,536,706
Telecommunications — 0.9%
AT&T, Inc.		54,055		1,132,993
Cisco Systems, Inc.		37,868		1,614,692
Verizon Communications, Inc.		11,774		597,530
				3,345,215
				21,284,546
Consumer, Cyclical — 5.1%
Airlines — 0.2%
Southwest Airlines Co. (a)		27,804		1,004,280
Auto Manufacturers — 1.4%
Cummins, Inc.		3,600		696,708
PACCAR, Inc.		17,590		1,448,361
Volkswagen AG ADR		241,473		3,199,517
				5,344,586
Lodging — 0.7%
Las Vegas Sands Corp. (a)		80,040		2,688,544
Retail — 2.0%
Best Buy Co., Inc.		6,800		443,292
Kohl’s Corp.		56,311		2,009,739
The TJX Cos., Inc.		47,594		2,658,125
Walmart, Inc.		21,108		2,566,311
				7,677,467

	Number of Shares		Value
Toys, Games & Hobbies — 0.8%
Mattel, Inc. (a)		133,944	$	2,990,970
				19,705,847
Consumer, Non-cyclical — 24.5%
Agriculture — 1.5%
Philip Morris International, Inc.		58,279		5,754,468
Beverages — 0.3%
The Coca-Cola Co.		19,421		1,221,775
Biotechnology — 0.3%
Biogen, Inc. (a)		4,200		856,548
Gilead Sciences, Inc.		4,536		280,370
				1,136,918
Commercial Services — 0.1%
Nielsen Holdings PLC		16,448		381,923
Food — 2.9%
Conagra Brands, Inc.		178,084		6,097,596
Mondelez International, Inc. Class A		6,800		422,212
Tyson Foods, Inc. Class A		54,856		4,720,908
				11,240,716
Health Care – Products — 2.0%
Medtronic PLC		52,734		4,732,876
Zimmer Biomet Holdings, Inc.		26,764		2,811,826
				7,544,702
Health Care – Services — 3.0%
Centene Corp. (a)		34,373		2,908,300
Elevance Health, Inc.		18,249		8,806,602
				11,714,902
Household Products & Wares — 1.7%
Kimberly-Clark Corp.		48,512		6,556,397
Pharmaceuticals — 12.7%
AbbVie, Inc.		56,275		8,619,079
AstraZeneca PLC Sponsored ADR		34,313		2,267,060
Becton Dickinson and Co.		28,294		6,975,320
Cardinal Health, Inc.		37,937		1,982,967
Cigna Corp.		14,963		3,943,050
CVS Health Corp.		56,325		5,219,074
GSK PLC		20,469		440,133
Johnson & Johnson		34,714		6,162,082
Merck & Co., Inc.		40,928		3,731,406
Pfizer, Inc.		98,465		5,162,520
Sanofi		26,969		2,727,258
Sanofi ADR		32,068		1,604,362
				48,834,311
				94,386,112

The accompanying notes are an integral part of the financial statements.

39

MML Equity Income Fund – Portfolio of Investments (Continued)

	Number of Shares		Value
Energy — 7.6%
Oil & Gas — 6.1%
Chevron Corp.		5,386	$	779,785
EOG Resources, Inc.		37,261		4,115,105
Exxon Mobil Corp.		55,526		4,755,247
Hess Corp.		20,300		2,150,582
Occidental Petroleum Corp.		16,727		984,886
TotalEnergies SE		158,337		8,346,256
TotalEnergies SE Sponsored ADR		47,515		2,501,189
				23,633,050
Pipelines — 1.5%
Enbridge, Inc.		24,800		1,048,048
Targa Resources Corp.		3,026		180,562
TC Energy Corp.		87,620		4,539,592
				5,768,202
				29,401,252
Financial — 24.5%
Banks — 10.2%
Bank of America Corp.		56,861		1,770,083
The Bank of New York Mellon Corp.		9,097		379,436
Citigroup, Inc.		44,440		2,043,796
Fifth Third Bancorp		112,137		3,767,803
The Goldman Sachs Group, Inc.		17,048		5,063,597
Huntington Bancshares, Inc.		367,992		4,426,944
JP Morgan Chase & Co.		18,915		2,130,018
Morgan Stanley		37,411		2,845,481
The PNC Financial Services Group, Inc.		7,730		1,219,562
State Street Corp.		60,133		3,707,199
Wells Fargo & Co.		305,262		11,957,112
				39,311,031
Diversified Financial Services — 0.8%
Apollo Global Management, Inc.		11,400		552,672
The Charles Schwab Corp.		31,005		1,958,896
Franklin Resources, Inc.		13,702		319,394
Raymond James Financial, Inc.		2,937		262,597
				3,093,559
Insurance — 9.0%
American International Group, Inc.		165,605		8,467,384
Chubb Ltd.		37,907		7,451,758
Equitable Holdings, Inc.		215,830		5,626,688
The Hartford Financial Services Group, Inc.		29,669		1,941,243
Loews Corp.		93,033		5,513,135
Marsh & McLennan Cos., Inc.		2,807		435,787
MetLife, Inc.		86,180		5,411,242
				34,847,237

	Number of Shares		Value
Real Estate Investment Trusts (REITS) — 4.5%
Equity Residential		83,808	$	6,052,614
Rayonier, Inc.		86,664		3,239,500
Vornado Realty Trust		13,024		372,356
Welltower, Inc.		14,801		1,218,862
Weyerhaeuser Co.		190,712		6,316,382
				17,199,714
				94,451,541
Industrial — 9.3%
Aerospace & Defense — 2.5%
The Boeing Co. (a)		19,747		2,699,810
L3 Harris Technologies, Inc.		29,630		7,161,571
				9,861,381
Electronics — 0.3%
TE Connectivity Ltd.		9,177		1,038,377
Environmental Controls — 0.7%
Stericycle, Inc. (a)		63,366		2,778,599
Hand & Machine Tools — 0.1%
Stanley Black & Decker, Inc.		3,900		408,954
Machinery – Diversified — 0.1%
Flowserve Corp.		12,573		359,965
Miscellaneous - Manufacturing — 3.1%
3M Co.		5,087		658,309
General Electric Co.		135,632		8,635,689
Siemens AG Sponsored ADR		50,004		2,554,204
				11,848,202
Transportation — 2.5%
United Parcel Service, Inc. Class B		53,190		9,709,303
				36,004,781
Technology — 7.0%
Semiconductors — 4.3%
Applied Materials, Inc.		29,517		2,685,457
NXP Semiconductor NV		5,381		796,549
QUALCOMM, Inc.		72,215		9,224,744
Texas Instruments, Inc.		25,471		3,913,619
				16,620,369
Software — 2.7%
Citrix Systems, Inc.		22,571		2,193,224
Fiserv, Inc. (a)		29,794		2,650,772
Microsoft Corp.		20,784		5,337,955
				10,181,951
				26,802,320
Utilities — 9.1%
Electric — 8.0%
Ameren Corp.		31,426		2,839,653
Dominion Energy, Inc.		58,498		4,668,726

The accompanying notes are an integral part of the financial statements.

40

MML Equity Income Fund – Portfolio of Investments (Continued)

	Number of Shares		Value
NextEra Energy, Inc.		27,261	$	2,111,637
PG&E Corp. (a)		21,700		216,566
Sempra Energy		54,922		8,253,129
The Southern Co.		155,320		11,075,869
Xcel Energy, Inc.		26,900		1,903,444
				31,069,024
Gas — 1.1%
NiSource, Inc.		139,099		4,102,029
				35,171,053
TOTAL COMMON STOCK (Cost $312,173,925)				377,708,155
PREFERRED STOCK — 1.6%
Consumer, Non-cyclical — 0.4%
Pharmaceuticals — 0.4%
Becton Dickinson and Co. Convertible 6.000% (b)		31,874		1,576,488
Utilities — 1.2%
Electric — 0.8%
NextEra Energy, Inc. Convertible 5.279%		26,869		1,334,046
The Southern Co. Convertible 6.750%		35,696		1,891,174
				3,225,220
Gas — 0.4%
NiSource, Inc. 7.750% (b)		13,065		1,485,752
				4,710,972
TOTAL PREFERRED STOCK (Cost $5,995,682)				6,287,460
TOTAL EQUITIES (Cost $318,169,607)				383,995,615
MUTUAL FUNDS — 0.4%
Diversified Financial Services — 0.4%
State Street Navigator Securities Lending Government Money Market Portfolio (c)		1,618,767		1,618,767
TOTAL MUTUAL FUNDS (Cost $1,618,767)				1,618,767
TOTAL LONG-TERM INVESTMENTS (Cost $319,788,374)				385,614,382

	Number of Shares		Value
SHORT-TERM INVESTMENTS — 0.9%
Mutual Fund — 0.0%
T. Rowe Price Government Reserve Investment Fund		1,077	$	1,077
	Principal Amount
Repurchase Agreement — 0.9%
Fixed Income Clearing Corp., Repurchase Agreement, dated 6/30/22, 0.240%, due 7/01/22 (d)	$	3,370,058		3,370,058
TOTAL SHORT-TERM INVESTMENTS (Cost $3,371,135)				3,371,135
TOTAL INVESTMENTS — 100.8% (Cost $323,159,509) (e)				388,985,517
Other Assets/(Liabilities) — (0.8)%				(3,261,205	)
NET ASSETS — 100.0%			$	385,724,312

Abbreviation Legend

ADR American Depositary Receipt

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

(a) Non-income producing security.

(b) Denotes all or a portion of security on loan. The total value of securities on loan as of June 30, 2022, was $1,586,838 or 0.41% of net assets. Total securities on loan may be less than the amounts identified in the Portfolio of Investments. This amount is not reflected on either the Portfolio of Investments or the Statement of Assets and Liabilities. (Note 2).

(c) Represents investment of security lending cash collateral. (Note 2).

(d) Maturity value of $3,370,081. Collateralized by U.S. Government Agency obligations with a rate of 3.000%, maturity date of 6/30/24, and an aggregate market value, including accrued interest, of $3,437,535.

(e) See Note 6 for aggregate cost for federal tax purposes.

The accompanying notes are an integral part of the financial statements.

41

MML Equity Index Fund – Portfolio of Investments

June 30, 2022 (Unaudited)

	Number of Shares		Value
EQUITIES — 99.2%
COMMON STOCK — 99.2%
Basic Materials — 2.1%
Chemicals — 1.7%
Air Products & Chemicals, Inc.		4,158	$	999,916
Albemarle Corp.		2,182		455,994
Celanese Corp.		2,013		236,749
CF Industries Holdings, Inc.		3,891		333,575
Dow, Inc.		13,594		701,586
DuPont de Nemours, Inc.		9,562		531,456
Eastman Chemical Co.		2,401		215,538
Ecolab, Inc.		4,650		714,984
FMC Corp.		2,361		252,651
International Flavors & Fragrances, Inc.		4,747		565,463
Linde PLC		9,425		2,709,970
LyondellBasell Industries NV Class A		4,825		421,994
The Mosaic Co.		6,740		318,330
PPG Industries, Inc.		4,427		506,183
The Sherwin-Williams Co.		4,471		1,001,102
				9,965,491
Forest Products & Paper — 0.0%
International Paper Co.		6,978		291,890
Iron & Steel — 0.1%
Nucor Corp.		4,981		520,066
Mining — 0.3%
Freeport-McMoRan, Inc.		27,108		793,180
Newmont Corp.		14,874		887,532
				1,680,712
				12,458,159
Communications — 12.7%
Advertising — 0.1%
The Interpublic Group of Cos., Inc.		7,314		201,354
Omnicom Group, Inc.		3,893		247,634
				448,988
Internet — 8.9%
Alphabet, Inc. Class A (a)		5,629		12,267,054
Alphabet, Inc. Class C (a)		5,161		11,289,429
Amazon.com, Inc. (a)		163,743		17,391,144
Booking Holdings, Inc. (a)		760		1,329,232
CDW Corp.		2,532		398,942
eBay, Inc.		10,499		437,493
Etsy, Inc. (a)		2,386		174,679
Expedia Group, Inc. (a)		2,854		270,645
F5, Inc. (a)		1,143		174,925
Match Group, Inc. (a)		5,369		374,166
Meta Platforms, Inc. Class A (a)		42,927		6,921,979

	Number of Shares		Value
Netflix, Inc. (a)		8,325	$	1,455,793
NortonLifeLock, Inc.		10,830		237,827
Twitter, Inc. (a)		14,275		533,742
VeriSign, Inc. (a)		1,802		301,529
				53,558,579
Media — 1.5%
Charter Communications, Inc. Class A (a)		2,169		1,016,241
Comcast Corp. Class A		83,665		3,283,014
DISH Network Corp. Class A (a)		4,700		84,271
FactSet Research Systems, Inc.		703		270,353
Fox Corp. Class A		5,854		188,265
Fox Corp. Class B		2,744		81,497
News Corp. Class A		7,186		111,958
News Corp. Class B		2,302		36,579
Paramount Global Class B		11,312		279,180
The Walt Disney Co. (a)		34,102		3,219,229
Warner Bros Discovery, Inc. (a)		41,232		553,333
				9,123,920
Telecommunications — 2.2%
Arista Networks, Inc. (a)		4,181		391,927
AT&T, Inc.		133,960		2,807,802
Cisco Systems, Inc.		77,774		3,316,283
Corning, Inc.		14,268		449,585
Juniper Networks, Inc.		6,121		174,449
Lumen Technologies, Inc.		17,346		189,245
Motorola Solutions, Inc.		3,122		654,371
T-Mobile US, Inc. (a)		11,030		1,483,976
Verizon Communications, Inc.		78,559		3,986,869
				13,454,507
				76,585,994
Consumer, Cyclical — 9.0%
Airlines — 0.2%
Alaska Air Group, Inc. (a)		2,370		94,918
American Airlines Group, Inc. (a)		12,064		152,972
Delta Air Lines, Inc. (a)		11,920		345,322
Southwest Airlines Co. (a)		11,043		398,873
United Airlines Holdings, Inc. (a)		6,164		218,329
				1,210,414
Apparel — 0.5%
NIKE, Inc. Class B		23,729		2,425,104
PVH Corp.		1,234		70,215
Ralph Lauren Corp.		881		78,982
Tapestry, Inc.		4,656		142,101
VF Corp.		5,996		264,843
				2,981,245

The accompanying notes are an integral part of the financial statements.

42

MML Equity Index Fund – Portfolio of Investments (Continued)

	Number of Shares		Value
Auto Manufacturers — 2.2%
Cummins, Inc.		2,655	$	513,822
Ford Motor Co.		74,055		824,232
General Motors Co. (a)		27,341		868,350
PACCAR, Inc.		6,476		533,234
Tesla, Inc. (a)		15,702		10,574,041
				13,313,679
Auto Parts & Equipment — 0.1%
Aptiv PLC (a)		5,043		449,180
BorgWarner, Inc.		4,513		150,599
				599,779
Distribution & Wholesale — 0.3%
Copart, Inc. (a)		3,980		432,467
Fastenal Co.		10,735		535,891
LKQ Corp.		4,832		237,203
Pool Corp.		747		262,369
W.W. Grainger, Inc.		807		366,725
				1,834,655
Entertainment — 0.1%
Caesars Entertainment, Inc. (a)		3,977		152,319
Live Nation Entertainment, Inc. (a)		2,584		213,387
Penn National Gaming, Inc. (a)		3,127		95,123
				460,829
Home Builders — 0.2%
D.R. Horton, Inc.		6,001		397,206
Lennar Corp. Class A		4,856		342,688
NVR, Inc. (a)		58		232,240
PulteGroup, Inc.		4,427		175,442
				1,147,576
Home Furnishing — 0.0%
Whirlpool Corp.		1,047		162,149
Housewares — 0.0%
Newell Brands, Inc.		6,788		129,244
Leisure Time — 0.1%
Carnival Corp. (a) (b)		15,225		131,696
Norwegian Cruise Line Holdings Ltd. (a)		7,740		86,069
Royal Caribbean Cruises Ltd. (a)		4,167		145,470
				363,235
Lodging — 0.3%
Hilton Worldwide Holdings, Inc.		5,198		579,265
Las Vegas Sands Corp. (a)		6,386		214,506
Marriott International, Inc. Class A		5,157		701,403
MGM Resorts International		6,668		193,039
Wynn Resorts Ltd. (a)		1,981		112,877
				1,801,090

	Number of Shares		Value
Retail — 5.0%
Advance Auto Parts, Inc.		1,158	$	200,438
AutoZone, Inc. (a)		371		797,324
Bath & Body Works, Inc.		4,491		120,898
Best Buy Co., Inc.		3,806		248,113
CarMax, Inc. (a)		3,013		272,616
Chipotle Mexican Grill, Inc. (a)		525		686,312
Costco Wholesale Corp.		8,294		3,975,148
Darden Restaurants, Inc.		2,319		262,325
Dollar General Corp.		4,279		1,050,238
Dollar Tree, Inc. (a)		4,196		653,947
Domino’s Pizza, Inc.		678		264,223
Genuine Parts Co.		2,654		352,982
The Home Depot, Inc.		19,339		5,304,108
Lowe’s Cos., Inc.		12,375		2,161,541
McDonald’s Corp.		13,848		3,418,794
O’Reilly Automotive, Inc. (a)		1,231		777,697
Ross Stores, Inc.		6,585		462,465
Starbucks Corp.		21,450		1,638,565
Target Corp.		8,659		1,222,911
The TJX Cos., Inc.		21,977		1,227,415
Tractor Supply Co.		2,084		403,983
Ulta Beauty, Inc. (a)		979		377,385
Walgreens Boots Alliance, Inc.		13,356		506,192
Walmart, Inc.		26,283		3,195,487
Yum! Brands, Inc.		5,320		603,873
				30,184,980
Toys, Games & Hobbies — 0.0%
Hasbro, Inc.		2,476		202,735
				54,391,610
Consumer, Non-cyclical — 22.3%
Agriculture — 0.8%
Altria Group, Inc.		33,844		1,413,664
Archer-Daniels-Midland Co.		10,554		818,991
Philip Morris International, Inc.		29,014		2,864,842
				5,097,497
Beverages — 1.9%
Brown-Forman Corp. Class B		3,394		238,123
The Coca-Cola Co.		73,038		4,594,821
Constellation Brands, Inc. Class A		3,038		708,036
Keurig Dr Pepper, Inc.		13,820		489,090
Molson Coors Beverage Co. Class B		3,546		193,292
Monster Beverage Corp. (a)		7,005		649,364
PepsiCo, Inc.		25,888		4,314,494
				11,187,220
Biotechnology — 1.6%
Amgen, Inc.		10,001		2,433,243
Bio-Rad Laboratories, Inc. Class A (a)		402		198,990

The accompanying notes are an integral part of the financial statements.

43

MML Equity Index Fund – Portfolio of Investments (Continued)

	Number of Shares		Value
Biogen, Inc. (a)		2,739	$	558,592
Corteva, Inc.		13,560		734,139
Gilead Sciences, Inc.		23,506		1,452,906
Illumina, Inc. (a)		2,950		543,862
Incyte Corp. (a)		3,501		265,971
Moderna, Inc. (a)		6,479		925,525
Regeneron Pharmaceuticals, Inc. (a)		2,024		1,196,447
Vertex Pharmaceuticals, Inc. (a)		4,789		1,349,492
				9,659,167
Commercial Services — 1.7%
Automatic Data Processing, Inc.		7,809		1,640,202
Cintas Corp.		1,623		606,239
Equifax, Inc.		2,275		415,825
FleetCor Technologies, Inc. (a)		1,455		305,710
Gartner, Inc. (a)		1,499		362,503
Global Payments, Inc.		5,253		581,192
MarketAxess Holdings, Inc.		716		183,303
Moody’s Corp.		2,997		815,094
Nielsen Holdings PLC		6,754		156,828
PayPal Holdings, Inc. (a)		21,648		1,511,896
Quanta Services, Inc.		2,704		338,919
Robert Half International, Inc.		2,061		154,348
Rollins, Inc.		4,204		146,804
S&P Global, Inc.		6,495		2,189,205
United Rentals, Inc. (a)		1,350		327,929
Verisk Analytics, Inc.		2,944		509,577
				10,245,574
Cosmetics & Personal Care — 1.5%
Colgate-Palmolive Co.		15,724		1,260,121
The Estee Lauder Cos., Inc. Class A		4,335		1,103,995
The Procter & Gamble Co.		44,905		6,456,890
				8,821,006
Food — 1.2%
Campbell Soup Co.		3,806		182,878
Conagra Brands, Inc.		8,934		305,900
General Mills, Inc.		11,249		848,737
The Hershey Co.		2,741		589,754
Hormel Foods Corp.		5,249		248,593
The J.M. Smucker Co.		2,016		258,068
Kellogg Co.		4,771		340,363
The Kraft Heinz Co.		13,235		504,783
The Kroger Co.		12,270		580,739
Lamb Weston Holdings, Inc.		2,733		195,300
McCormick & Co., Inc.		4,657		387,695
Mondelez International, Inc. Class A		25,896		1,607,883
Sysco Corp.		9,558		809,658
Tyson Foods, Inc. Class A		5,448		468,855
				7,329,206

	Number of Shares		Value
Health Care – Products — 3.8%
Abbott Laboratories		32,772	$	3,560,678
ABIOMED, Inc. (a)		845		209,146
Align Technology, Inc. (a)		1,367		323,528
Baxter International, Inc.		9,451		607,038
Bio-Techne Corp.		732		253,741
Boston Scientific Corp. (a)		26,806		999,060
The Cooper Cos., Inc.		918		287,444
Danaher Corp.		12,109		3,069,874
Dentsply Sirona, Inc.		4,115		147,029
Edwards Lifesciences Corp. (a)		11,644		1,107,228
Henry Schein, Inc. (a)		2,610		200,291
Hologic, Inc. (a)		4,661		323,007
IDEXX Laboratories, Inc. (a)		1,581		554,504
Intuitive Surgical, Inc. (a)		6,727		1,350,176
Medtronic PLC		25,076		2,250,571
PerkinElmer, Inc.		2,353		334,644
ResMed, Inc.		2,727		571,661
Steris PLC		1,868		385,088
Stryker Corp.		6,308		1,254,850
Teleflex, Inc.		871		214,135
Thermo Fisher Scientific, Inc.		7,326		3,980,069
Waters Corp. (a)		1,122		371,360
West Pharmaceutical Services, Inc.		1,381		417,573
Zimmer Biomet Holdings, Inc.		3,940		413,936
				23,186,631
Health Care – Services — 2.7%
Catalent, Inc. (a)		3,340		358,348
Centene Corp. (a)		10,970		928,172
Charles River Laboratories International, Inc. (a)		960		205,411
DaVita, Inc. (a)		1,142		91,314
Elevance Health, Inc.		4,508		2,175,471
HCA Healthcare, Inc.		4,262		716,272
Humana, Inc.		2,368		1,108,390
IQVIA Holdings, Inc. (a)		3,533		766,626
Laboratory Corp. of America Holdings		1,735		406,614
Molina Healthcare, Inc. (a)		1,088		304,216
Quest Diagnostics, Inc.		2,218		294,950
UnitedHealth Group, Inc.		17,554		9,016,261
Universal Health Services, Inc. Class B		1,274		128,304
				16,500,349
Household Products & Wares — 0.3%
Avery Dennison Corp.		1,545		250,089
Church & Dwight Co., Inc.		4,513		418,175
The Clorox Co.		2,294		323,408

The accompanying notes are an integral part of the financial statements.

44

MML Equity Index Fund – Portfolio of Investments (Continued)

	Number of Shares		Value
Kimberly-Clark Corp.		6,321	$	854,283
				1,845,955
Pharmaceuticals — 6.8%
AbbVie, Inc.		33,070		5,065,001
AmerisourceBergen Corp.		2,808		397,276
Becton Dickinson and Co.		5,343		1,317,210
Bristol-Myers Squibb Co.		39,845		3,068,065
Cardinal Health, Inc.		5,161		269,765
Cigna Corp.		5,942		1,565,836
CVS Health Corp.		24,562		2,275,915
DexCom, Inc. (a)		7,368		549,137
Eli Lilly & Co.		14,759		4,785,311
Johnson & Johnson		49,255		8,743,255
McKesson Corp.		2,719		886,965
Merck & Co., Inc.		47,333		4,315,350
Organon & Co.		4,773		161,089
Pfizer, Inc.		105,010		5,505,674
Viatris, Inc.		22,516		235,742
Zoetis, Inc.		8,824		1,516,757
				40,658,348
				134,530,953
Energy — 4.5%
Energy – Alternate Sources — 0.2%
Enphase Energy, Inc. (a)		2,537		495,324
SolarEdge Technologies, Inc. (a)		1,036		283,532
				778,856
Oil & Gas — 3.7%
APA Corp.		6,324		220,708
Chevron Corp.		36,768		5,323,271
ConocoPhillips		24,190		2,172,504
Coterra Energy, Inc.		15,176		391,389
Devon Energy Corp.		11,480		632,663
Diamondback Energy, Inc.		3,110		376,777
EOG Resources, Inc.		10,976		1,212,189
Exxon Mobil Corp.		78,819		6,750,059
Hess Corp.		5,200		550,888
Marathon Oil Corp.		13,234		297,500
Marathon Petroleum Corp.		10,120		831,965
Occidental Petroleum Corp.		16,693		982,884
Phillips 66		9,002		738,074
Pioneer Natural Resources Co.		4,204		937,828
Valero Energy Corp.		7,625		810,385
				22,229,084
Oil & Gas Services — 0.3%
Baker Hughes Co.		17,512		505,572
Halliburton Co.		16,933		531,019

	Number of Shares		Value
Schlumberger NV		26,449	$	945,816
				1,982,407
Pipelines — 0.3%
Kinder Morgan, Inc.		36,353		609,276
ONEOK, Inc.		8,310		461,205
The Williams Cos., Inc.		22,854		713,274
				1,783,755
				26,774,102
Financial — 14.8%
Banks — 4.5%
Bank of America Corp.		132,749		4,132,476
The Bank of New York Mellon Corp.		13,953		581,980
Citigroup, Inc.		36,339		1,671,231
Citizens Financial Group, Inc.		9,200		328,348
Comerica, Inc.		2,460		180,515
Fifth Third Bancorp		12,894		433,238
First Republic Bank		3,344		482,205
The Goldman Sachs Group, Inc.		6,428		1,909,244
Huntington Bancshares, Inc.		26,791		322,296
JP Morgan Chase & Co.		54,951		6,188,032
KeyCorp.		17,295		297,993
M&T Bank Corp.		3,343		532,841
Morgan Stanley		26,181		1,991,327
Northern Trust Corp.		3,874		373,763
The PNC Financial Services Group, Inc.		7,728		1,219,247
Regions Financial Corp.		17,555		329,156
Signature Bank		1,167		209,138
State Street Corp.		6,900		425,385
SVB Financial Group (a)		1,096		432,909
Truist Financial Corp.		24,884		1,180,248
US Bancorp		25,343		1,166,285
Wells Fargo & Co.		70,938		2,778,641
Zions Bancorp NA		2,824		143,742
				27,310,240
Diversified Financial Services — 3.7%
American Express Co.		11,405		1,580,961
Ameriprise Financial, Inc.		2,069		491,760
BlackRock, Inc.		2,668		1,624,919
Capital One Financial Corp.		7,366		767,464
Cboe Global Markets, Inc.		1,980		224,116
The Charles Schwab Corp.		28,220		1,782,940
CME Group, Inc.		6,736		1,378,859
Discover Financial Services		5,261		497,585
Franklin Resources, Inc.		5,293		123,380
Intercontinental Exchange, Inc.		10,480		985,539
Invesco Ltd.		6,424		103,619
Mastercard, Inc. Class A		16,067		5,068,817

The accompanying notes are an integral part of the financial statements.

45

MML Equity Index Fund – Portfolio of Investments (Continued)

	Number of Shares		Value
Nasdaq, Inc.		2,145	$	327,198
Raymond James Financial, Inc.		3,659		327,151
Synchrony Financial		9,385		259,214
T. Rowe Price Group, Inc.		4,272		485,342
Visa, Inc. Class A		30,808		6,065,787
				22,094,651
Insurance — 3.7%
Aflac, Inc.		11,057		611,784
The Allstate Corp.		5,150		652,659
American International Group, Inc.		14,861		759,843
Aon PLC Class A		3,967		1,069,821
Arthur J Gallagher & Co.		3,944		643,030
Assurant, Inc.		1,015		175,443
Berkshire Hathaway, Inc. Class B (a)		33,855		9,243,092
Brown & Brown, Inc.		4,362		254,479
Chubb Ltd.		7,931		1,559,076
Cincinnati Financial Corp.		2,794		332,430
Everest Re Group Ltd.		741		207,687
Globe Life, Inc.		1,678		163,555
The Hartford Financial Services Group, Inc.		6,127		400,890
Lincoln National Corp.		2,987		139,702
Loews Corp.		3,636		215,469
Marsh & McLennan Cos., Inc.		9,381		1,456,400
MetLife, Inc.		12,908		810,493
Principal Financial Group, Inc.		4,369		291,805
The Progressive Corp.		10,962		1,274,552
Prudential Financial, Inc.		7,038		673,396
The Travelers Cos., Inc.		4,497		760,578
W.R. Berkley Corp.		3,901		266,282
Willis Towers Watson PLC		2,094		413,335
				22,375,801
Real Estate — 0.1%
CBRE Group, Inc. Class A (a)		6,101		449,095
Real Estate Investment Trusts (REITS) — 2.8%
Alexandria Real Estate Equities, Inc.		2,788		404,344
American Tower Corp.		8,705		2,224,911
AvalonBay Communities, Inc.		2,606		506,215
Boston Properties, Inc.		2,648		235,619
Camden Property Trust		1,981		266,405
Crown Castle International Corp.		8,116		1,366,572
Digital Realty Trust, Inc.		5,342		693,552
Duke Realty Corp.		7,230		397,288
Equinix, Inc.		1,701		1,117,591
Equity Residential		6,374		460,330
Essex Property Trust, Inc.		1,216		317,996
Extra Space Storage, Inc.		2,498		424,960
Federal Realty OP LP		1,315		125,898

	Number of Shares		Value
Healthpeak Properties, Inc.		10,044	$	260,240
Host Hotels & Resorts, Inc.		13,294		208,450
Iron Mountain, Inc.		5,394		262,634
Kimco Realty Corp.		11,477		226,900
Mid-America Apartment Communities, Inc.		2,152		375,890
Prologis, Inc.		13,870		1,631,805
Public Storage		2,864		895,487
Realty Income Corp.		11,230		766,560
Regency Centers Corp.		2,901		172,058
SBA Communications Corp.		2,012		643,941
Simon Property Group, Inc.		6,127		581,575
UDR, Inc.		5,566		256,259
Ventas, Inc.		7,442		382,742
VICI Properties, Inc.		17,959		534,999
Vornado Realty Trust		2,993		85,570
Welltower, Inc.		8,480		698,328
Weyerhaeuser Co.		13,937		461,593
				16,986,712
				89,216,499
Industrial — 7.7%
Aerospace & Defense — 1.7%
The Boeing Co. (a)		10,405		1,422,572
General Dynamics Corp.		4,322		956,242
Howmet Aerospace, Inc.		7,060		222,037
L3 Harris Technologies, Inc.		3,605		871,328
Lockheed Martin Corp.		4,430		1,904,723
Northrop Grumman Corp.		2,737		1,309,846
Raytheon Technologies Corp.		27,833		2,675,030
Teledyne Technologies, Inc. (a)		869		325,971
TransDigm Group, Inc. (a)		967		518,960
				10,206,709
Building Materials — 0.4%
Carrier Global Corp.		15,954		568,920
Fortune Brands Home & Security, Inc.		2,418		144,790
Johnson Controls International PLC		12,982		621,578
Martin Marietta Materials, Inc.		1,164		348,315
Masco Corp.		4,462		225,777
Mohawk Industries, Inc. (a)		953		118,258
Vulcan Materials Co.		2,476		351,839
				2,379,477
Electrical Components & Equipment — 0.3%
AMETEK, Inc.		4,314		474,065
Emerson Electric Co.		11,138		885,917
Generac Holdings, Inc. (a)		1,202		253,117
				1,613,099
Electronics — 1.0%
Agilent Technologies, Inc.		5,603		665,468

The accompanying notes are an integral part of the financial statements.

46

MML Equity Index Fund – Portfolio of Investments (Continued)

	Number of Shares		Value
Allegion PLC		1,625	$	159,087
Amphenol Corp. Class A		11,169		719,060
Fortive Corp.		6,686		363,585
Garmin Ltd.		2,875		282,469
Honeywell International, Inc.		12,738		2,213,992
Keysight Technologies, Inc. (a)		3,413		470,482
Mettler-Toledo International, Inc. (a)		423		485,930
TE Connectivity Ltd.		6,014		680,484
Trimble, Inc. (a)		4,677		272,342
				6,312,899
Engineering & Construction — 0.1%
Jacobs Engineering Group, Inc.		2,410		306,383
Environmental Controls — 0.3%
Pentair PLC		3,115		142,574
Republic Services, Inc.		3,898		510,131
Waste Management, Inc.		7,136		1,091,665
				1,744,370
Hand & Machine Tools — 0.1%
Snap-on, Inc.		996		196,242
Stanley Black & Decker, Inc.		2,843		298,117
				494,359
Machinery – Construction & Mining — 0.3%
Caterpillar, Inc.		9,988		1,785,455
Machinery – Diversified — 0.7%
Deere & Co.		5,231		1,566,528
Dover Corp.		2,683		325,501
IDEX Corp.		1,415		257,006
Ingersoll Rand, Inc.		7,600		319,808
Nordson Corp.		1,009		204,262
Otis Worldwide Corp.		7,928		560,272
Rockwell Automation, Inc.		2,166		431,705
Westinghouse Air Brake Technologies Corp.		3,397		278,826
Xylem, Inc.		3,360		262,685
				4,206,593
Miscellaneous - Manufacturing — 1.0%
3M Co.		10,649		1,378,087
A.O. Smith Corp.		2,474		135,278
Eaton Corp. PLC		7,481		942,531
General Electric Co.		20,626		1,313,257
Illinois Tool Works, Inc.		5,294		964,832
Parker-Hannifin Corp.		2,395		589,290
Textron, Inc.		3,995		243,975
Trane Technologies PLC		4,355		565,584
				6,132,834

	Number of Shares		Value
Packaging & Containers — 0.2%
Amcor PLC		28,262	$	351,297
Ball Corp.		5,957		409,663
Packaging Corp. of America		1,769		243,237
Sealed Air Corp.		2,749		158,672
WestRock Co.		4,727		188,324
				1,351,193
Shipbuilding — 0.0%
Huntington Ingalls Industries, Inc.		754		164,236
Transportation — 1.6%
C.H. Robinson Worldwide, Inc.		2,364		239,639
CSX Corp.		40,754		1,184,311
Expeditors International of Washington, Inc.		3,159		307,876
FedEx Corp.		4,467		1,012,714
J.B. Hunt Transport Services, Inc.		1,567		246,756
Norfolk Southern Corp.		4,472		1,016,441
Old Dominion Freight Line, Inc.		1,711		438,495
Union Pacific Corp.		11,762		2,508,599
United Parcel Service, Inc. Class B		13,756		2,511,020
				9,465,851
				46,163,458
Technology — 23.0%
Computers — 8.1%
Accenture PLC Class A		11,861		3,293,207
Apple, Inc.		287,769		39,343,778
Cognizant Technology Solutions Corp. Class A		9,796		661,132
DXC Technology Co. (a)		4,555		138,062
EPAM Systems, Inc. (a)		1,076		317,183
Fortinet, Inc. (a)		12,475		705,836
Hewlett Packard Enterprise Co.		24,464		324,393
HP, Inc.		19,740		647,077
International Business Machines Corp.		16,834		2,376,792
Leidos Holdings, Inc.		2,539		255,703
NetApp, Inc.		4,143		270,289
Seagate Technology Holdings PLC		3,675		262,542
Western Digital Corp. (a)		5,834		261,538
				48,857,532
Office & Business Equipment — 0.1%
Zebra Technologies Corp. Class A (a)		989		290,716
Semiconductors — 5.0%
Advanced Micro Devices, Inc. (a)		30,335		2,319,717
Analog Devices, Inc.		9,800		1,431,682
Applied Materials, Inc.		16,563		1,506,902
Broadcom, Inc.		7,643		3,713,046
Intel Corp.		76,573		2,864,596
KLA Corp.		2,787		889,276

The accompanying notes are an integral part of the financial statements.

47

MML Equity Index Fund – Portfolio of Investments (Continued)

	Number of Shares		Value
Lam Research Corp.		2,602	$	1,108,842
Microchip Technology, Inc.		10,370		602,290
Micron Technology, Inc.		20,884		1,154,468
Monolithic Power Systems, Inc.		825		316,833
NVIDIA Corp.		46,868		7,104,720
NXP Semiconductor NV		4,903		725,791
ON Semiconductor Corp. (a)		8,138		409,423
Qorvo, Inc. (a)		2,014		189,960
QUALCOMM, Inc.		20,947		2,675,770
Skyworks Solutions, Inc.		2,992		277,179
Teradyne, Inc.		2,978		266,680
Texas Instruments, Inc.		17,270		2,653,535
				30,210,710
Software — 9.8%
Activision Blizzard, Inc.		14,658		1,141,272
Adobe, Inc. (a)		8,845		3,237,801
Akamai Technologies, Inc. (a)		3,028		276,547
ANSYS, Inc. (a)		1,627		389,325
Autodesk, Inc. (a)		4,061		698,330
Broadridge Financial Solutions, Inc.		2,177		310,331
Cadence Design Systems, Inc. (a)		5,170		775,655
Ceridian HCM Holding, Inc. (a)		2,569		120,949
Citrix Systems, Inc.		2,318		225,240
Electronic Arts, Inc.		5,246		638,176
Fidelity National Information Services, Inc.		11,450		1,049,622
Fiserv, Inc. (a)		10,904		970,129
Intuit, Inc.		5,298		2,042,061
Jack Henry & Associates, Inc.		1,355		243,927
Microsoft Corp.		139,969		35,948,238
MSCI, Inc.		1,516		624,819
Oracle Corp.		29,488		2,060,327
Paychex, Inc.		5,990		682,081
Paycom Software, Inc. (a)		895		250,707
PTC, Inc. (a)		1,955		207,895
Roper Technologies, Inc.		1,987		784,170
Salesforce, Inc. (a)		18,593		3,068,589
ServiceNow, Inc. (a)		3,752		1,784,151
Synopsys, Inc. (a)		2,862		869,189
Take-Two Interactive Software, Inc. (a)		2,948		361,218
Tyler Technologies, Inc. (a)		782		259,999
				59,020,748
				138,379,706

	Number of Shares		Value
Utilities — 3.1%
Electric — 2.9%
AES Corp.		12,413	$	260,797
Alliant Energy Corp.		4,666		273,474
Ameren Corp.		4,806		434,270
American Electric Power Co., Inc.		9,591		920,161
CenterPoint Energy, Inc.		11,723		346,766
CMS Energy Corp.		5,406		364,905
Consolidated Edison, Inc.		6,652		632,605
Constellation Energy Corp.		6,087		348,542
Dominion Energy, Inc.		15,208		1,213,751
DTE Energy Co.		3,611		457,694
Duke Energy Corp.		14,427		1,546,719
Edison International		7,165		453,115
Entergy Corp.		3,823		430,623
Evergy, Inc.		4,269		278,552
Eversource Energy		6,477		547,112
Exelon Corp.		18,389		833,389
FirstEnergy Corp.		10,630		408,086
NextEra Energy, Inc.		36,743		2,846,113
NRG Energy, Inc.		4,393		167,681
Pinnacle West Capital Corp.		2,120		155,014
PPL Corp.		13,702		371,735
Public Service Enterprise Group, Inc.		9,313		589,327
Sempra Energy		5,878		883,287
The Southern Co.		19,913		1,419,996
WEC Energy Group, Inc.		5,886		592,367
Xcel Energy, Inc.		10,203		721,964
				17,498,045
Gas — 0.1%
Atmos Energy Corp.		2,617		293,366
NiSource, Inc.		7,657		225,805
				519,171
Water — 0.1%
American Water Works Co., Inc.		3,386		503,735
				18,520,951
TOTAL COMMON STOCK (Cost $350,799,173)				597,021,432
TOTAL EQUITIES (Cost $350,799,173)				597,021,432
TOTAL LONG-TERM INVESTMENTS (Cost $350,799,173)				597,021,432

The accompanying notes are an integral part of the financial statements.

48

MML Equity Index Fund – Portfolio of Investments (Continued)

	Principal Amount		Value
SHORT-TERM INVESTMENTS — 0.7%
Repurchase Agreement — 0.6%
Fixed Income Clearing Corp., Repurchase Agreement, dated 6/30/22, 0.240%, due 7/01/22 (c)	$	3,572,534	$	3,572,534
U.S. Treasury Bill — 0.1%
U.S. Treasury Bill
1.859% 11/25/22 (d)		860,000		852,880
TOTAL SHORT-TERM INVESTMENTS (Cost $4,426,142)				4,425,414
TOTAL INVESTMENTS — 99.9% (Cost $355,225,315) (e)				601,446,846
Other Assets/(Liabilities) — 0.1%				589,518
NET ASSETS — 100.0%			$	602,036,364

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

(a) Non-income producing security.

(b) Denotes all or a portion of security on loan. The total value of securities on loan as of June 30, 2022, was $133,689 or 0.02% of net assets. Total securities on loan may be less than the amounts identified in the Portfolio of Investments. The Fund received $136,836 of non-cash collateral (U.S. Treasury and/or Agency obligations) related to securities lending activity. This amount is not reflected on either the Portfolio of Investments or the Statement of Assets and Liabilities. (Note 2).

(c) Maturity value of $3,572,557. Collateralized by U.S. Government Agency obligations with a rate of 3.000%, maturity date of 6/30/24, and an aggregate market value, including accrued interest, of $3,644,009.

(d) The rate shown represents yield-to-maturity.

(e) See Note 6 for aggregate cost for federal tax purposes.

Futures contracts

	Expiration Date		Number of Contracts		Notional Amount		Value/ Net Unrealized Appreciation/ (Depreciation)
Long
S&P 500 E Mini Index		9/16/22		24	$	4,670,462	$	(123,062	)

The accompanying notes are an integral part of the financial statements.

49

MML Focused Equity Fund – Portfolio of Investments

June 30, 2022 (Unaudited)

	Number of Shares		Value
Real Estate Investment Trusts (REITS) — 2.0%
American Tower Corp.		24,411	$	6,239,207
				60,125,232
Industrial — 13.7%
Aerospace & Defense — 6.0%
Lockheed Martin Corp.		7,387		3,176,114
Northrop Grumman Corp.		32,808		15,700,925
				18,877,039
Electronics — 4.7%
Honeywell International, Inc.		84,378		14,665,740
Transportation — 3.0%
Union Pacific Corp.		44,796		9,554,091
				43,096,870
Technology — 6.1%
Computers — 3.2%
Accenture PLC Class A		35,812		9,943,202
Software — 2.9%
Microsoft Corp.		36,028		9,253,071
				19,196,273
TOTAL COMMON STOCK (Cost $287,898,912)				311,790,041
TOTAL EQUITIES (Cost $287,898,912)				311,790,041
TOTAL LONG-TERM INVESTMENTS (Cost $287,898,912)				311,790,041
	Principal Amount
SHORT-TERM INVESTMENTS — 1.0%
Repurchase Agreement — 1.0%
Fixed Income Clearing Corp., Repurchase Agreement, dated 6/30/22, 0.240%, due 7/01/22 (a)	$	3,122,339		3,122,339
TOTAL SHORT-TERM INVESTMENTS (Cost $3,122,339)				3,122,339
TOTAL INVESTMENTS — 100.1% (Cost $291,021,251) (b)				314,912,380
Other Assets/(Liabilities) — (0.1)%				(182,348	)
NET ASSETS — 100.0%			$	314,730,032

	Number of Shares		Value
EQUITIES — 99.1%
COMMON STOCK — 99.1%
Basic Materials — 7.2%
Chemicals — 7.2%
Ecolab, Inc.		81,012	$	12,456,406
Linde PLC		34,925		10,041,985
				22,498,391
Consumer, Cyclical — 13.4%
Apparel — 4.2%
NIKE, Inc. Class B		130,349		13,321,668
Retail — 9.2%
McDonald’s Corp.		52,651		12,998,479
The TJX Cos., Inc.		286,221		15,985,442
				28,983,921
				42,305,589
Consumer, Non-cyclical — 39.6%
Beverages — 7.3%
The Coca-Cola Co.		114,440		7,199,420
PepsiCo, Inc.		95,256		15,875,365
				23,074,785
Cosmetics & Personal Care — 9.0%
Colgate-Palmolive Co.		189,921		15,220,269
The Procter & Gamble Co.		90,282		12,981,649
				28,201,918
Health Care – Products — 13.1%
Baxter International, Inc.		132,132		8,486,838
Danaher Corp.		52,790		13,383,321
Medtronic PLC		116,873		10,489,352
Stryker Corp.		44,954		8,942,699
				41,302,210
Health Care – Services — 5.6%
UnitedHealth Group, Inc.		34,006		17,466,502
Pharmaceuticals — 4.6%
Johnson & Johnson		81,811		14,522,271
				124,567,686
Financial — 19.1%
Diversified Financial Services — 7.8%
American Express Co.		68,310		9,469,132
Visa, Inc. Class A		76,406		15,043,578
				24,512,710
Insurance — 9.3%
Chubb Ltd.		73,129		14,375,699
Marsh & McLennan Cos., Inc.		96,603		14,997,616
				29,373,315

The accompanying notes are an integral part of the financial statements.

50

MML Focused Equity Fund – Portfolio of Investments (Continued)

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

(a) Maturity value of $3,122,360. Collateralized by U.S. Government Agency obligations with a rate of 3.000%, maturity date of 6/30/24, and an aggregate market value, including accrued interest, of $3,184,812.

(b) See Note 6 for aggregate cost for federal tax purposes.

Country weightings, as a percentage of net assets, is as follows:

United States	84.8	%
Ireland	9.7	%
Switzerland	4.6	%
Total Long-Term Investments	99.1	%
Short-Term Investments and Other Assets and Liabilities	0.9	%
Net Assets	100.0	%

The accompanying notes are an integral part of the financial statements.

51

MML Foreign Fund – Portfolio of Investments

June 30, 2022 (Unaudited)

	Number of Shares		Value
EQUITIES — 99.8%
COMMON STOCK — 99.8%
Australia — 3.7%
BHP Group Ltd. Sponsored ADR (a)		10,700	$	601,126
BHP Group Ltd.		22,900		659,581
Lendlease Corp Ltd.		165,200		1,039,422
Macquarie Group Ltd.		16,700		1,898,014
Santos Ltd.		417,300		2,127,372
Woodside Energy Group Ltd.		20,204		442,448
				6,767,963
Austria — 0.2%
ams-OSRAM AG (b)		44,600		402,312
Belgium — 2.9%
Anheuser-Busch InBev SA		49,700		2,680,943
Groupe Bruxelles Lambert SA		14,900		1,244,762
KBC Group NV		23,000		1,292,009
				5,217,714
Canada — 0.5%
TFI International, Inc.		12,200		979,355
Cayman Islands — 3.1%
CK Asset Holdings Ltd.		346,000		2,450,822
CK Hutchison Holdings Ltd.		481,600		3,275,263
				5,726,085
Finland — 0.6%
Nokia OYJ		245,100		1,141,720
France — 10.4%
Amundi SA (a) (c)		21,400		1,184,618
Capgemini SE		11,000		1,902,220
Cie de Saint-Gobain		20,000		868,769
Dassault Aviation SA		6,200		967,875
Engie SA		295,200		3,426,214
Rexel SA		38,100		586,651
Sanofi		34,100		3,448,386
TotalEnergies SE		52,200		2,751,565
Ubisoft Entertainment SA (b)		23,900		1,055,700
Veolia Environnement SA		113,512		2,808,276
				19,000,274
Germany — 11.3%
Allianz SE Registered		6,900		1,317,169
BASF SE		47,300		2,058,313
Bayer AG Registered		10,700		635,725
Deutsche Boerse AG		13,300		2,224,483
Deutsche Post AG Registered		48,900		1,832,055
Fresenius SE & Co. KGaA		71,000		2,151,316
HeidelbergCement AG		43,100		2,070,439
Infineon Technologies AG		65,900		1,594,467
SAP SE		26,000		2,368,669

	Number of Shares		Value
Siemens AG Registered		22,700	$	2,310,352
Siemens Energy AG (b)		87,700		1,286,147
Talanx AG (b)		20,700		787,656
				20,636,791
Ireland — 4.1%
AIB Group PLC		572,500		1,305,720
DCC PLC		31,000		1,937,031
Linde PLC		6,700		1,926,451
Smurfit Kappa Group PLC		65,900		2,223,769
				7,392,971
Israel — 1.1%
Check Point Software Technologies Ltd. (b)		15,800		1,924,124
Italy — 0.2%
Prysmian SpA		16,100		444,312
Japan — 21.4%
Astellas Pharma, Inc.		161,600		2,517,833
Denka Co. Ltd.		38,500		932,806
FANUC Corp.		12,200		1,912,263
Fujitsu Ltd.		12,300		1,539,617
Hitachi Ltd.		50,400		2,388,014
Kirin Holdings Co. Ltd.		93,300		1,470,430
Kyocera Corp.		40,000		2,141,057
Nintendo Co. Ltd.		6,600		2,852,470
Olympus Corp.		78,300		1,574,673
ORIX Corp.		134,200		2,252,839
Rakuten Group, Inc.		269,600		1,217,332
SBI Holdings, Inc.		79,200		1,551,029
Sega Sammy Holdings, Inc.		52,800		848,110
Seven & i Holdings Co. Ltd.		81,900		3,174,813
Sony Group Corp.		56,100		4,584,706
Square Enix Holdings Co. Ltd.		27,000		1,196,741
Sumitomo Mitsui Financial Group, Inc.		78,100		2,319,492
Toshiba Corp.		40,500		1,647,201
Toyota Industries Corp.		45,500		2,820,322
				38,941,748
Luxembourg — 0.8%
ArcelorMittal SA		60,200		1,366,933
Netherlands — 5.7%
AerCap Holdings NV (b)		35,400		1,449,276
ASML Holding NV		4,000		1,930,512
CNH Industrial NV		134,000		1,555,255
EXOR NV		10,400		652,728
Heineken Holding NV		35,400		2,589,283
Koninklijke Philips NV		35,779		776,313
NXP Semiconductor NV		10,300		1,524,709
				10,478,076

The accompanying notes are an integral part of the financial statements.

52

MML Foreign Fund – Portfolio of Investments (Continued)

	Number of Shares		Value
Norway — 0.8%
Mowi ASA		63,900	$	1,457,859
Republic of Korea — 1.7%
Samsung Electronics Co. Ltd.		70,700		3,096,989
Singapore — 1.4%
DBS Group Holdings, Ltd.		116,200		2,487,191
Sweden — 3.0%
Essity AB Class B		49,700		1,297,607
Husqvarna AB Class B		44,900		330,420
Investor AB Class B		77,000		1,267,256
Lundin Energy MergerCo AB (a) (d) (e)		29,100		1,186,973
Volvo AB Class B		84,298		1,306,673
				5,388,929
Switzerland — 9.8%
ABB Ltd. Registered		84,000		2,244,988
Alcon, Inc.		8,300		579,791
Cie Financiere Richemont SA Registered		17,800		1,895,630
Nestle SA Registered		26,200		3,073,815
Novartis AG Registered		39,700		3,358,298
Roche Holding AG		9,800		3,271,511
UBS Group AG Registered		216,400		3,493,160
				17,917,193
United Kingdom — 17.1%
Ashtead Group PLC		31,800		1,334,026
Aviva PLC		210,976		1,030,718
Barratt Developments PLC		135,100		753,067
BP PLC		394,800		1,859,464
The British Land Co. PLC		95,883		522,324
Bunzl PLC		39,900		1,321,321
Burberry Group PLC		24,300		486,124
Entain PLC (b)		40,700		617,589
Glencore PLC		295,400		1,600,734
GSK PLC		97,000		2,085,734
Imperial Brands PLC		32,700		730,877
Inchcape PLC		101,900		863,717
Informa PLC (b)		215,300		1,387,500
Kingfisher PLC		179,400		533,560
Liberty Global PLC Class C (b)		35,500		784,195
Lloyds Banking Group PLC		4,554,600		2,349,321
Melrose Industries PLC		858,290		1,567,194
Persimmon PLC		61,100		1,386,963
Reckitt Benckiser Group PLC		34,900		2,621,375
Smith & Nephew PLC		144,800		2,024,466
Tesco PLC		710,805		2,210,851
Unilever PLC		68,000		3,094,963
				31,166,083

	Number of Shares		Value
TOTAL COMMON STOCK (Cost $201,344,733)			$	181,934,622
TOTAL EQUITIES (Cost $201,344,733)				181,934,622
MUTUAL FUNDS — 0.0%
United States — 0.0%
State Street Navigator Securities Lending Government Money Market Portfolio (f)		21,389		21,389
TOTAL MUTUAL FUNDS (Cost $21,389)				21,389
TOTAL LONG-TERM INVESTMENTS (Cost $201,366,122)				181,956,011
	Principal Amount
SHORT-TERM INVESTMENTS — 0.2%
Repurchase Agreement — 0.2%
Fixed Income Clearing Corp., Repurchase Agreement, dated 6/30/22, 0.240%, due 7/01/22 (g)	$	442,616		442,616
TOTAL SHORT-TERM INVESTMENTS (Cost $442,616)				442,616
TOTAL INVESTMENTS — 100.0% (Cost $201,808,738) (h)				182,398,627
Other Assets/(Liabilities) — (0.0)%				(31,334	)
NET ASSETS — 100.0%			$	182,367,293

Abbreviation Legend

ADR American Depositary Receipt

The accompanying notes are an integral part of the financial statements.

53

MML Foreign Fund – Portfolio of Investments (Continued)

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

(a) Denotes all or a portion of security on loan. The total value of securities on loan as of June 30, 2022, was $799,911 or 0.44% of net assets. Total securities on loan may be less than the amounts identified in the Portfolio of Investments. The Fund received $812,392 of non-cash collateral (U.S. Treasury and/or Agency obligations) related to securities lending activity. This amount is not reflected on either the Portfolio of Investments or the Statement of Assets and Liabilities. (Note 2).

(b) Non-income producing security.

(c) Security is exempt from registration under Regulation S or Rule 144A of the Securities Act of 1933. These securities are considered restricted and may be resold in transactions exempt from registration. At June 30, 2022, the aggregate market value of these securities amounted to $1,184,618 or 0.65% of net assets.

(d) This security is fair valued in good faith in accordance with procedures approved by the Board of Trustees. At June 30, 2022, these securities amounted to a value of $1,186,973 or 0.65% of net assets.

(e) Investment was valued using significant unobservable inputs.

(f) Represents investment of security lending cash collateral. (Note 2).

(g) Maturity value of $442,619. Collateralized by U.S. Government Agency obligations with a rate of 3.000%, maturity date of 6/30/24, and an aggregate market value, including accrued interest, of $451,506.

(h) See Note 6 for aggregate cost for federal tax purposes.

Sector weightings, as a percentage of net assets, is as follows:

Consumer, Non-cyclical	26.4	%
Financial	19.7	%
Industrial	13.2	%
Consumer, Cyclical	11.0	%
Technology	10.6	%
Basic Materials	6.2	%
Energy	5.0	%
Utilities	3.4	%
Communications	2.5	%
Diversified	1.8	%
Mutual Funds	0.0	%
Total Long-Term Investments	99.8	%
Short-Term Investments and Other Assets and Liabilities	0.2	%
Net Assets	100.0	%

The accompanying notes are an integral part of the financial statements.

54

MML Fundamental Equity Fund – Portfolio of Investments

June 30, 2022 (Unaudited)

	Number of Shares		Value
EQUITIES — 99.7%
COMMON STOCK — 99.7%
Basic Materials — 0.8%
Chemicals — 0.8%
Valvoline, Inc.		50,877	$	1,466,784
Communications — 12.2%
Internet — 7.0%
Airbnb, Inc. Class A (a)		20,551		1,830,683
Alphabet, Inc. Class A (a)		2,503		5,454,688
Amazon.com, Inc. (a)		51,474		5,467,054
				12,752,425
Media — 1.1%
Comcast Corp. Class A		49,658		1,948,580
Telecommunications — 4.1%
Motorola Solutions, Inc.		8,726		1,828,969
Verizon Communications, Inc.		110,385		5,602,039
				7,431,008
				22,132,013
Consumer, Cyclical — 4.3%
Auto Manufacturers — 1.6%
General Motors Co. (a)		52,154		1,656,411
Tesla, Inc. (a)		1,934		1,302,394
				2,958,805
Home Builders — 0.8%
D.R. Horton, Inc.		21,365		1,414,150
Retail — 1.9%
O’Reilly Automotive, Inc. (a)		4,277		2,702,037
Target Corp.		5,029		710,246
				3,412,283
				7,785,238
Consumer, Non-cyclical — 24.6%
Beverages — 2.5%
The Coca-Cola Co.		51,981		3,270,125
Constellation Brands, Inc. Class A		5,669		1,321,217
				4,591,342
Biotechnology — 1.0%
Seagen, Inc. (a)		10,053		1,778,778
Commercial Services — 0.1%
TransUnion		2,533		202,615
Cosmetics & Personal Care — 3.0%
Coty, Inc. Class A (a)		46,450		372,064
The Procter & Gamble Co.		35,433		5,094,911
				5,466,975

	Number of Shares		Value
Food — 2.1%
Mondelez International, Inc. Class A		28,954	$	1,797,754
Sysco Corp.		22,625		1,916,564
				3,714,318
Health Care – Products — 1.2%
Avantor, Inc. (a)		18,720		582,192
The Cooper Cos., Inc.		5,061		1,584,700
				2,166,892
Health Care – Services — 5.1%
HCA Healthcare, Inc.		13,644		2,293,011
Tenet Healthcare Corp. (a)		19,011		999,218
UnitedHealth Group, Inc.		11,532		5,923,181
				9,215,410
Pharmaceuticals — 9.6%
AstraZeneca PLC Sponsored ADR		53,014		3,502,635
Bayer AG Registered		24,556		1,458,958
CVS Health Corp.		38,785		3,593,818
Eli Lilly & Co.		17,674		5,730,441
Johnson & Johnson		17,632		3,129,856
				17,415,708
				44,552,038
Energy — 4.5%
Oil & Gas — 3.1%
APA Corp.		41,155		1,436,310
Exxon Mobil Corp.		48,150		4,123,566
				5,559,876
Pipelines — 1.4%
Cheniere Energy, Inc.		11,731		1,560,575
Magellan Midstream Partners LP (b)		21,266		1,015,664
				2,576,239
				8,136,115
Financial — 12.8%
Banks — 3.2%
First Citizens BancShares, Inc. Class A		2,834		1,852,812
JP Morgan Chase & Co.		32,257		3,632,461
SVB Financial Group (a)		693		273,728
				5,759,001
Diversified Financial Services — 3.5%
American Express Co.		19,960		2,766,855
The Charles Schwab Corp.		14,752		932,031
Intercontinental Exchange, Inc.		19,890		1,870,456
Rocket Cos., Inc. Class A		102,916		757,462
				6,326,804
Insurance — 3.3%
The Allstate Corp.		21,668		2,745,986

The accompanying notes are an integral part of the financial statements.

55

MML Fundamental Equity Fund – Portfolio of Investments (Continued)

	Number of Shares		Value
Equitable Holdings, Inc.		125,976	$	3,284,194
				6,030,180
Real Estate Investment Trusts (REITS) — 2.8%
Duke Realty Corp.		4,303		236,450
Prologis, Inc.		41,484		4,880,593
				5,117,043
				23,233,028
Industrial — 12.1%
Aerospace & Defense — 2.3%
Raytheon Technologies Corp.		43,520		4,182,707
Building Materials — 1.2%
Vulcan Materials Co.		15,207		2,160,915
Electronics — 0.7%
Honeywell International, Inc.		7,519		1,306,877
Environmental Controls — 0.7%
Waste Connections, Inc.		10,381		1,286,829
Machinery – Diversified — 2.9%
Deere & Co.		7,843		2,348,743
Otis Worldwide Corp.		40,519		2,863,478
				5,212,221
Transportation — 4.3%
FedEx Corp.		3,892		882,355
Union Pacific Corp.		9,271		1,977,319
United Parcel Service, Inc. Class B		26,785		4,889,334
				7,749,008
				21,898,557
Technology — 26.0%
Computers — 7.2%
Accenture PLC Class A		7,652		2,124,578
Amdocs Ltd.		11,046		920,242
Apple, Inc.		67,781		9,267,018
Crowdstrike Holdings, Inc. Class A (a)		3,433		578,667
				12,890,505
Semiconductors — 3.7%
Advanced Micro Devices, Inc. (a)		25,068		1,916,950
Applied Materials, Inc.		22,071		2,008,019
QUALCOMM, Inc.		21,962		2,805,426
				6,730,395
Software — 15.1%
Electronic Arts, Inc.		16,101		1,958,687
Fiserv, Inc. (a)		25,005		2,224,695
Manhattan Associates, Inc. (a)		4,728		541,829
Microsoft Corp.		50,293		12,916,751
Salesforce, Inc. (a)		12,634		2,085,115
ServiceNow, Inc. (a)		3,448		1,639,593

	Number of Shares		Value
Synopsys, Inc. (a)		4,315	$	1,310,465
VMware, Inc. Class A		41,122		4,687,086
				27,364,221
				46,985,121
Utilities — 2.4%
Electric — 2.4%
FirstEnergy Corp.		98,181		3,769,168
The Southern Co.		7,722		550,656
				4,319,824
TOTAL COMMON STOCK (Cost $183,182,645)				180,508,718
TOTAL EQUITIES (Cost $183,182,645)				180,508,718
TOTAL LONG-TERM INVESTMENTS (Cost $183,182,645)				180,508,718
	Principal Amount
SHORT-TERM INVESTMENTS — 0.5%
Repurchase Agreement — 0.5%
Fixed Income Clearing Corp., Repurchase Agreement, dated 6/30/22, 0.240%, due 7/01/22 (c)	$	816,582		816,582
TOTAL SHORT-TERM INVESTMENTS (Cost $816,582)				816,582
TOTAL INVESTMENTS — 100.2% (Cost $183,999,227) (d)				181,325,300
Other Assets/(Liabilities) — (0.2)%				(307,303	)
NET ASSETS — 100.0%			$	181,017,997

Abbreviation Legend

ADR American Depositary Receipt

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

(a) Non-income producing security.

(b) Security is a Master Limited Partnership.

(c) Maturity value of $816,587. Collateralized by U.S. Government Agency obligations with a rate of 3.000%, maturity date of 6/30/24, and an aggregate market value, including accrued interest, of $832,988.

(d) See Note 6 for aggregate cost for federal tax purposes.

The accompanying notes are an integral part of the financial statements.

56

MML Fundamental Value Fund – Portfolio of Investments

June 30, 2022 (Unaudited)

	Number of Shares		Value
EQUITIES — 97.7%
COMMON STOCK — 97.7%
Basic Materials — 2.6%
Chemicals — 2.6%
Axalta Coating Systems Ltd. (a)		52,439	$	1,159,426
DuPont de Nemours, Inc.		42,632		2,369,487
Olin Corp.		17,455		807,817
				4,336,730
				4,336,730
Communications — 7.3%
Internet — 3.8%
Alphabet, Inc. Class A (a)		1,962		4,275,708
Meta Platforms, Inc. Class A (a)		12,798		2,063,678
				6,339,386
Telecommunications — 3.5%
Cisco Systems, Inc.		73,460		3,132,334
T-Mobile US, Inc. (a)		20,289		2,729,682
				5,862,016
				12,201,402
Consumer, Cyclical — 5.1%
Distribution & Wholesale — 0.7%
LKQ Corp.		25,095		1,231,914
Home Furnishing — 0.6%
Sony Group Corp. Sponsored ADR		11,203		916,069
Retail — 3.8%
AutoZone, Inc. (a)		2,225		4,781,792
Restaurant Brands International, Inc.		11,856		594,579
The TJX Cos., Inc.		16,585		926,272
				6,302,643
				8,450,626
Consumer, Non-cyclical — 31.8%
Beverages — 2.9%
Coca-Cola Europacific Partners PLC		32,975		1,701,840
Keurig Dr Pepper, Inc.		87,374		3,092,166
				4,794,006
Commercial Services — 2.7%
FleetCor Technologies, Inc. (a)		7,002		1,471,190
Global Payments, Inc.		13,441		1,487,112
United Rentals, Inc. (a)		5,982		1,453,088
				4,411,390
Cosmetics & Personal Care — 2.3%
The Procter & Gamble Co.		26,963		3,877,010
Food — 0.7%
US Foods Holding Corp. (a)		40,264		1,235,299
Health Care – Products — 1.1%
Avantor, Inc. (a)		61,238		1,904,502

	Number of Shares		Value
Health Care – Services — 5.7%
Centene Corp. (a)		37,983	$	3,213,742
ICON PLC (a)		8,188		1,774,339
UnitedHealth Group, Inc.		8,656		4,445,981
				9,434,062
Pharmaceuticals — 16.4%
AbbVie, Inc.		19,859		3,041,604
AmerisourceBergen Corp.		10,965		1,551,328
Bristol-Myers Squibb Co.		32,035		2,466,695
Cigna Corp.		15,047		3,965,185
CVS Health Corp.		32,567		3,017,658
Johnson & Johnson		39,476		7,007,385
McKesson Corp.		3,307		1,078,777
Novartis AG Sponsored ADR		19,683		1,663,804
Sanofi ADR		69,255		3,464,828
				27,257,264
				52,913,533
Energy — 11.7%
Oil & Gas — 10.5%
Canadian Natural Resources Ltd.		43,322		2,325,525
Cenovus Energy, Inc.		84,096		1,598,665
ConocoPhillips		55,662		4,999,004
Devon Energy Corp.		28,403		1,565,289
EOG Resources, Inc.		12,195		1,346,816
Marathon Petroleum Corp.		33,111		2,722,055
Pioneer Natural Resources Co.		13,035		2,907,848
				17,465,202
Oil & Gas Services — 1.2%
Schlumberger NV		55,239		1,975,347
				19,440,549
Financial — 14.8%
Banks — 7.9%
Bank of America Corp.		69,036		2,149,091
The Goldman Sachs Group, Inc.		6,365		1,890,533
JP Morgan Chase & Co.		37,220		4,191,344
Truist Financial Corp.		34,496		1,636,145
Wells Fargo & Co.		83,624		3,275,552
				13,142,665
Diversified Financial Services — 1.9%
Capital One Financial Corp.		9,212		959,798
The Charles Schwab Corp.		34,712		2,193,104
				3,152,902
Insurance — 5.0%
Berkshire Hathaway, Inc. Class B (a)		18,053		4,928,830
Chubb Ltd.		10,047		1,975,039

The accompanying notes are an integral part of the financial statements.

57

MML Fundamental Value Fund – Portfolio of Investments (Continued)

	Number of Shares		Value
Everest Re Group Ltd.		5,041	$	1,412,892
				8,316,761
				24,612,328
Industrial — 11.0%
Aerospace & Defense — 2.4%
General Dynamics Corp.		9,410		2,081,962
Howmet Aerospace, Inc.		58,593		1,842,750
				3,924,712
Building Materials — 1.5%
CRH PLC Sponsored ADR (b)		34,686		1,207,767
Mohawk Industries, Inc. (a)		10,901		1,352,705
				2,560,472
Electronics — 0.8%
Allegion PLC		7,614		745,410
Fortive Corp.		10,999		598,126
				1,343,536
Machinery – Construction & Mining — 0.7%
Caterpillar, Inc.		6,929		1,238,628
Machinery – Diversified — 3.6%
Deere & Co.		6,980		2,090,301
Dover Corp.		6,456		783,242
The Middleby Corp. (a)		4,312		540,552
Otis Worldwide Corp.		22,720		1,605,622
Westinghouse Air Brake Technologies Corp.		11,444		939,324
				5,959,041
Miscellaneous - Manufacturing — 1.1%
Eaton Corp. PLC		14,833		1,868,810
Transportation — 0.9%
Union Pacific Corp.		7,045		1,502,557
				18,397,756
Technology — 11.2%
Computers — 1.7%
Cognizant Technology Solutions Corp. Class A		20,362		1,374,232
Leidos Holdings, Inc.		14,637		1,474,092
				2,848,324
Semiconductors — 6.4%
Applied Materials, Inc.		15,329		1,394,632
KLA Corp.		2,983		951,816
Lam Research Corp.		1,749		745,336
Microchip Technology, Inc.		17,071		991,484
Micron Technology, Inc.		31,545		1,743,808
NXP Semiconductor NV		5,444		805,875

	Number of Shares		Value
Qorvo, Inc. (a)		11,897	$	1,122,125
QUALCOMM, Inc.		23,202		2,963,824
				10,718,900
Software — 3.1%
Activision Blizzard, Inc.		18,596		1,447,884
Fidelity National Information Services, Inc.		25,588		2,345,652
SS&C Technologies Holdings, Inc		22,371		1,299,084
				5,092,620
				18,659,844
Utilities — 2.2%
Electric — 2.2%
CenterPoint Energy, Inc.		59,700		1,765,926
Dominion Energy, Inc.		23,765		1,896,685
				3,662,611
				3,662,611
TOTAL COMMON STOCK (Cost $140,664,404)				162,675,379
TOTAL EQUITIES (Cost $140,664,404)				162,675,379
TOTAL LONG-TERM INVESTMENTS (Cost $140,664,404)				162,675,379
	Principal Amount
SHORT-TERM INVESTMENTS — 2.3%
Repurchase Agreement — 2.3%
Fixed Income Clearing Corp., Repurchase Agreement, dated 6/30/22, 0.240%, due 7/01/22 (c)	$	3,752,529		3,752,529
TOTAL SHORT-TERM INVESTMENTS (Cost $3,752,529)				3,752,529
TOTAL INVESTMENTS — 100.0% (Cost $144,416,933) (d)				166,427,908
Other Assets/(Liabilities) — 0.0%				42,520
NET ASSETS — 100.0%			$	166,470,428

Abbreviation Legend

ADR American Depositary Receipt

The accompanying notes are an integral part of the financial statements.

58

MML Fundamental Value Fund – Portfolio of Investments (Continued)

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

(a) Non-income producing security.

(b) Denotes all or a portion of security on loan. The total value of securities on loan as of June 30, 2022, was $1,185,726 or 0.71% of net assets. Total securities on loan may be less than the amounts identified in the Portfolio of Investments. The Fund received $1,213,636 of non-cash collateral (U.S. Treasury and/or Agency obligations) related to securities lending activity. This amount is not reflected on either the Portfolio of Investments or the Statement of Assets and Liabilities. (Note 2).

(c) Maturity value of $3,752,554. Collateralized by U.S. Government Agency obligations with a rate of 3.000%, maturity date of 6/30/24, and an aggregate market value, including accrued interest, of $3,827,608.

(d) See Note 6 for aggregate cost for federal tax purposes.

The accompanying notes are an integral part of the financial statements.

59

MML Global Fund – Portfolio of Investments

June 30, 2022 (Unaudited)

	Number of Shares		Value
EQUITIES — 98.7%
COMMON STOCK — 98.7%
Austria — 0.3%
Erste Group Bank AG		14,424	$	366,390
Canada — 3.9%
Canadian National Railway Co.		20,999		2,361,757
Canadian Pacific Railway Ltd.		39,771		2,777,607
				5,139,364
Denmark — 0.5%
Carlsberg A/S Class B		5,520		704,135
France — 10.7%
Air Liquide SA		8,688		1,174,286
Danone SA		39,978		2,246,719
EssilorLuxottica SA		3,364		508,832
Hermes International		385		434,945
Legrand SA		19,146		1,424,931
LVMH Moet Hennessy Louis Vuitton SE		4,855		2,996,181
Pernod Ricard SA		10,516		1,947,939
Schneider Electric SE		28,800		3,411,884
				14,145,717
Germany — 4.1%
Bayer AG Registered		28,381		1,686,215
Brenntag SE		8,969		583,741
Deutsche Boerse AG		4,384		733,243
Merck KGaA		10,757		1,815,554
MTU Aero Engines AG		3,038		553,014
				5,371,767
Ireland — 10.6%
Accenture PLC Class A		12,260		3,403,989
Aon PLC Class A		6,666		1,797,687
Linde PLC (a)		9,568		2,746,841
Linde PLC		2,102		604,388
Medtronic PLC		38,917		3,492,801
Willis Towers Watson PLC		9,868		1,947,844
				13,993,550
Israel — 1.0%
Check Point Software Technologies Ltd. (a)		10,817		1,317,294
Japan — 1.8%
Hoya Corp.		5,700		487,264
Kubota Corp.		89,800		1,343,081
Olympus Corp.		25,200		506,791
				2,337,136
Mexico — 0.2%
Grupo Financiero Banorte SAB de CV Class O		54,200		302,945

	Number of Shares		Value
Netherlands — 2.5%
Akzo Nobel NV		17,211	$	1,137,108
Heineken NV		21,824		1,998,678
Wolters Kluwer NV		2,490		242,231
				3,378,017
Republic of Korea — 0.8%
Samsung Electronics Co. Ltd.		24,104		1,055,867
Spain — 0.8%
Aena SME SA (a) (b)		8,170		1,039,070
Sweden — 1.6%
Essity AB Class B		81,401		2,125,282
Switzerland — 8.8%
Adecco Group AG Registered		9,705		330,127
Cie Financiere Richemont SA Registered		18,114		1,929,070
Julius Baer Group Ltd.		10,318		476,693
Nestle SA Registered		28,386		3,330,279
Roche Holding AG		11,130		3,715,502
Sonova Holding AG Registered		1,417		451,275
UBS Group AG Registered		90,890		1,467,159
				11,700,105
United Kingdom — 7.5%
Aptiv PLC (a)		5,440		484,541
Burberry Group PLC		42,030		840,815
Compass Group PLC		42,187		863,688
Diageo PLC		66,847		2,883,901
London Stock Exchange Group PLC		9,419		875,582
Reckitt Benckiser Group PLC		26,709		2,006,141
Rolls-Royce Holdings PLC (a) (c)		571,329		577,794
Whitbread PLC		16,867		509,567
WPP PLC		88,607		890,433
				9,932,462
United States — 43.6%
3M Co.		11,564		1,496,497
Abbott Laboratories		19,423		2,110,309
Alphabet, Inc. Class A (a)		492		1,072,196
American Express Co.		11,584		1,605,774
Amphenol Corp. Class A		12,849		827,219
Boston Scientific Corp. (a)		54,250		2,021,898
Carrier Global Corp.		8,788		313,380
The Charles Schwab Corp.		32,731		2,067,945
Cognizant Technology Solutions Corp. Class A		22,090		1,490,854
Colgate-Palmolive Co.		14,973		1,199,936
Comcast Corp. Class A		90,365		3,545,923
The Cooper Cos., Inc.		3,810		1,192,987
eBay, Inc.		23,192		966,411
Equifax, Inc.		8,551		1,562,952

The accompanying notes are an integral part of the financial statements.

60

MML Global Fund – Portfolio of Investments (Continued)

	Number of Shares		Value
Fidelity National Information Services, Inc.		19,814	$	1,816,349
Fiserv, Inc. (a)		21,648		1,926,023
The Goldman Sachs Group, Inc.		8,176		2,428,436
Honeywell International, Inc.		15,522		2,697,879
International Flavors & Fragrances, Inc.		12,395		1,476,492
Liberty Broadband Corp. Class C (a)		19,549		2,260,646
Marriott International, Inc. Class A		5,747		781,649
Microchip Technology, Inc.		10,502		609,956
Omnicom Group, Inc.		4,956		315,251
Oracle Corp.		30,506		2,131,454
Otis Worldwide Corp.		10,174		718,997
PayPal Holdings, Inc. (a)		7,185		501,800
PPG Industries, Inc.		12,563		1,436,453
Stryker Corp.		10,467		2,082,200
Thermo Fisher Scientific, Inc.		8,066		4,382,097
Union Pacific Corp.		6,104		1,301,861
United Parcel Service, Inc. Class B		8,167		1,490,804
Visa, Inc. Class A		20,612		4,058,297
The Walt Disney Co. (a)		18,428		1,739,603
Waters Corp. (a)		3,766		1,246,471
Zimmer Biomet Holdings, Inc.		8,198		861,282
				57,738,281
TOTAL COMMON STOCK (Cost $119,740,085)				130,647,382
TOTAL EQUITIES (Cost $119,740,085)				130,647,382
WARRANTS — 0.1%
Switzerland — 0.1%
Cie Financiere Richemont SA, Expires 11/22/23, Strike 67.00 (a)		105,484		57,458
TOTAL WARRANTS (Cost $0)				57,458
TOTAL LONG-TERM INVESTMENTS (Cost $119,740,085)				130,704,840

	Principal Amount		Value
SHORT-TERM INVESTMENTS — 0.7%
Repurchase Agreement — 0.7%
Fixed Income Clearing Corp., Repurchase Agreement, dated 6/30/22, 0.240%, due 7/01/22 (d)	$	949,537	$	949,537
TOTAL SHORT-TERM INVESTMENTS (Cost $949,537)				949,537
TOTAL INVESTMENTS — 99.5% (Cost $120,689,622) (e)				131,654,377
Other Assets/(Liabilities) — 0.5%				656,356
NET ASSETS — 100.0%			$	132,310,733

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

(a) Non-income producing security.

(b) Security is exempt from registration under Regulation S or Rule 144A of the Securities Act of 1933. These securities are considered restricted and may be resold in transactions exempt from registration. At June 30, 2022, the aggregate market value of these securities amounted to $1,039,070 or 0.79% of net assets.

(c) Denotes all or a portion of security on loan. The total value of securities on loan as of June 30, 2022, was $571,311 or 0.43% of net assets. Total securities on loan may be less than the amounts identified in the Portfolio of Investments. The Fund received $644,484 of non-cash collateral (U.S. Treasury and/or Agency obligations) related to securities lending activity. This amount is not reflected on either the Portfolio of Investments or the Statement of Assets and Liabilities. (Note 2).

(d) Maturity value of $949,544. Collateralized by U.S. Government Agency obligations with a rate of 3.000%, maturity date of 6/30/24, and an aggregate market value, including accrued interest, of $968,539.

(e) See Note 6 for aggregate cost for federal tax purposes.

Sector weightings, as a percentage of net assets, is as follows:

Consumer, Non-cyclical	35.6	%
Industrial	17.2	%
Financial	13.7	%
Technology	10.4	%
Communications	8.3	%
Basic Materials	6.9	%
Consumer, Cyclical	6.7	%
Total Long-Term Investments	98.8	%
Short-Term Investments and Other Assets and Liabilities	1.2	%
Net Assets	100.0	%

The accompanying notes are an integral part of the financial statements.

61

MML Income & Growth Fund – Portfolio of Investments

June 30, 2022 (Unaudited)

	Number of Shares		Value
EQUITIES — 98.4%
COMMON STOCK — 98.4%
Basic Materials — 8.0%
Chemicals — 8.0%
Air Products & Chemicals, Inc.		23,981	$	5,766,951
Axalta Coating Systems Ltd. (a)		70,959		1,568,904
DuPont de Nemours, Inc.		59,624		3,313,902
Element Solutions, Inc.		81,548		1,451,554
International Flavors & Fragrances, Inc.		45,427		5,411,264
				17,512,575
				17,512,575
Communications — 3.1%
Media — 2.2%
Altice USA, Inc. Class A (a)		63,416		586,598
Comcast Corp. Class A		110,108		4,320,638
				4,907,236
Telecommunications — 0.9%
T-Mobile US, Inc. (a)		14,853		1,998,323
				6,905,559
Consumer, Cyclical — 6.6%
Entertainment — 1.0%
Marriott Vacations Worldwide Corp.		8,665		1,006,873
SeaWorld Entertainment, Inc. (a)		27,262		1,204,435
				2,211,308
Food Services — 0.7%
Aramark		49,197		1,506,904
Lodging — 1.1%
Las Vegas Sands Corp. (a)		47,965		1,611,144
MGM Resorts International		30,689		888,447
				2,499,591
Retail — 3.8%
Advance Auto Parts, Inc.		18,373		3,180,183
Dollar General Corp.		8,412		2,064,641
Lithia Motors, Inc.		3,979		1,093,469
Lowe’s Cos., Inc.		11,485		2,006,085
				8,344,378
				14,562,181
Consumer, Non-cyclical — 29.1%
Agriculture — 2.8%
Philip Morris International, Inc.		61,719		6,094,134
Beverages — 3.5%
Coca-Cola Europacific Partners PLC		107,474		5,546,733
Molson Coors Beverage Co. Class B		38,157		2,079,938
				7,626,671

	Number of Shares		Value
Biotechnology — 0.4%
Corteva, Inc.		14,887	$	805,982
Commercial Services — 0.1%
PROG Holdings, Inc. (a)		18,875		311,438
Cosmetics & Personal Care — 1.0%
The Procter & Gamble Co.		14,977		2,153,543
Health Care – Products — 3.8%
Envista Holdings Corp. (a)		32,845		1,265,846
Hologic, Inc. (a)		19,143		1,326,610
LivaNova PLC (a)		18,323		1,144,638
Medtronic PLC		52,137		4,679,296
				8,416,390
Health Care – Services — 5.6%
Elevance Health, Inc.		5,022		2,423,517
Humana, Inc.		6,904		3,231,555
UnitedHealth Group, Inc.		13,199		6,779,402
				12,434,474
Pharmaceuticals — 11.9%
Becton Dickinson and Co.		10,014		2,468,751
Cigna Corp.		19,598		5,164,465
CVS Health Corp.		54,237		5,025,601
Johnson & Johnson		10,921		1,938,587
Merck & Co., Inc.		88,042		8,026,789
Perrigo Co. PLC		87,223		3,538,637
				26,162,830
				64,005,462
Energy — 8.6%
Oil & Gas — 6.7%
Hess Corp.		50,533		5,353,466
Phillips 66		71,155		5,833,998
Pioneer Natural Resources Co.		9,860		2,199,569
Valero Energy Corp.		12,007		1,276,104
				14,663,137
Oil & Gas Services — 0.4%
Halliburton Co.		27,456		861,020
Pipelines — 1.5%
Enbridge, Inc. (b)		80,685		3,409,748
				18,933,905
Financial — 19.1%
Banks — 8.1%
JP Morgan Chase & Co.		29,315		3,301,162
M&T Bank Corp.		12,282		1,957,628
Northern Trust Corp.		38,593		3,723,453
US Bancorp		84,095		3,870,052
Wells Fargo & Co.		124,885		4,891,745
				17,744,040

The accompanying notes are an integral part of the financial statements.

62

MML Income & Growth Fund – Portfolio of Investments (Continued)

	Number of Shares		Value
Diversified Financial Services — 0.8%
AerCap Holdings NV (a)		22,633	$	926,595
American Express Co.		6,828		946,497
				1,873,092
Insurance — 6.7%
The Allstate Corp.		36,821		4,666,325
American International Group, Inc.		31,718		1,621,741
Axis Capital Holdings Ltd.		21,910		1,250,842
Chubb Ltd.		27,939		5,492,249
Willis Towers Watson PLC		8,336		1,645,443
				14,676,600
Real Estate — 0.4%
The Howard Hughes Corp. (a)		12,518		851,850
Real Estate Investment Trusts (REITS) — 3.1%
American Campus Communities, Inc.		24,621		1,587,316
Corporate Office Properties Trust		111,577		2,922,202
VICI Properties, Inc.		81,423		2,425,591
				6,935,109
				42,080,691
Industrial — 12.2%
Aerospace & Defense — 4.0%
General Dynamics Corp.		12,271		2,714,959
Raytheon Technologies Corp.		64,005		6,151,520
				8,866,479
Building Materials — 0.8%
MDU Resources Group, Inc.		68,868		1,858,747
Engineering & Construction — 1.3%
AECOM		24,367		1,589,216
Jacobs Engineering Group, Inc.		9,419		1,197,437
				2,786,653
Hand & Machine Tools — 1.8%
Stanley Black & Decker, Inc.		37,444		3,926,378
Machinery – Construction & Mining — 1.4%
BWX Technologies, Inc.		31,517		1,736,272
Vertiv Holdings Co.		154,763		1,272,152
				3,008,424
Machinery – Diversified — 2.1%
Deere & Co.		15,258		4,569,313
Transportation — 0.8%
J.B. Hunt Transport Services, Inc.		11,274		1,775,317
				26,791,311
Technology — 6.5%
Computers — 1.3%
Cognizant Technology Solutions Corp. Class A		42,764		2,886,142

	Number of Shares		Value
Semiconductors — 1.8%
Broadcom, Inc.		3,132	$	1,521,557
Microchip Technology, Inc.		18,424		1,070,066
QUALCOMM, Inc.		11,839		1,512,314
				4,103,937
Software — 3.4%
Electronic Arts, Inc.		14,865		1,808,327
Fidelity National Information Services, Inc.		18,651		1,709,737
Oracle Corp.		55,721		3,893,227
				7,411,291
				14,401,370
Utilities — 5.2%
Electric — 5.2%
CenterPoint Energy, Inc.		56,764		1,679,079
Entergy Corp.		39,014		4,394,537
Exelon Corp.		36,653		1,661,114
Pinnacle West Capital Corp.		51,058		3,733,361
				11,468,091
TOTAL COMMON STOCK (Cost $188,804,492)				216,661,145
TOTAL EQUITIES (Cost $188,804,492)				216,661,145
TOTAL LONG-TERM INVESTMENTS (Cost $188,804,492)				216,661,145
	Principal Amount
SHORT-TERM INVESTMENTS — 1.4%
Repurchase Agreement — 1.4%
Fixed Income Clearing Corp., Repurchase Agreement, dated 6/30/22, 0.240%, due 7/01/22 (c)	$	3,148,640		3,148,640
TOTAL SHORT-TERM INVESTMENTS (Cost $3,148,640)				3,148,640
TOTAL INVESTMENTS — 99.8% (Cost $191,953,132) (d)				219,809,785
Other Assets/(Liabilities) — 0.2%				343,167
NET ASSETS — 100.0%			$	220,152,952

The accompanying notes are an integral part of the financial statements.

63

MML Income & Growth Fund – Portfolio of Investments (Continued)

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

(a) Non-income producing security.

(b) Denotes all or a portion of security on loan. The total value of securities on loan as of June 30, 2022, was $147,734 or 0.07% of net assets. Total securities on loan may be less than the amounts identified in the Portfolio of Investments. The Fund received $151,902 of non-cash collateral (U.S. Treasury and/or Agency obligations) related to securities lending activity. This amount is not reflected on either the Portfolio of Investments or the Statement of Assets and Liabilities. (Note 2).

(c) Maturity value of $3,148,661. Collateralized by U.S. Government Agency obligations with rates ranging from 2.250% - 3.000%, maturity dates ranging from 6/30/24 - 11/15/24, and an aggregate market value, including accrued interest, of $3,211,747.

(d) See Note 6 for aggregate cost for federal tax purposes.

The accompanying notes are an integral part of the financial statements.

64

MML International Equity Fund – Portfolio of Investments

June 30, 2022 (Unaudited)

	Number of Shares		Value
EQUITIES — 98.5%
COMMON STOCK — 98.1%
Australia — 0.6%
Brambles Ltd.		78,500	$	579,868
Orica Ltd.		58,386		634,371
				1,214,239
Belgium — 1.1%
Anheuser-Busch InBev SA		23,500		1,267,649
KBC Group NV		15,959		896,486
				2,164,135
Canada — 3.9%
Canadian National Railway Co.		21,732		2,444,198
Intact Financial Corp.		7,959		1,122,619
Open Text Corp.		25,400		960,788
Restaurant Brands International, Inc.		12,500		626,875
Suncor Energy, Inc.		39,701		1,392,866
The Toronto-Dominion Bank		23,261		1,525,374
				8,072,720
Cayman Islands — 2.6%
Alibaba Group Holding Ltd. (a)		121,940		1,739,439
JD.com, Inc. Class A		1,350		43,651
NetEase, Inc.		43,800		819,716
Tencent Holdings Ltd.		34,600		1,571,307
Trip.com Group Ltd. (a)		14,700		410,119
Vipshop Holdings Ltd. ADR (a)		83,664		827,437
				5,411,669
Denmark — 2.4%
Carlsberg A/S Class B		9,851		1,256,601
Novo Nordisk A/S Class B		32,652		3,624,090
				4,880,691
Finland — 0.2%
UPM-Kymmene OYJ		14,700		449,656
France — 16.9%
Accor SA (a)		44,100		1,211,157
Air Liquide SA		28,148		3,804,536
BNP Paribas SA		43,076		2,050,975
Capgemini SE		20,766		3,591,045
Cie de Saint-Gobain		23,189		1,007,294
Cie Generale des Etablissements Michelin SCA		35,620		979,449
Danone SA		16,000		899,182
Dassault Systemes SE		22,606		837,627
Edenred		12,400		587,580
Engie SA		131,084		1,521,415
EssilorLuxottica SA		13,725		2,076,016
Kering SA		1,275		662,437
L’Oreal SA		3,799		1,312,583

	Number of Shares		Value
Legrand SA		16,272	$	1,211,035
LVMH Moet Hennessy Louis Vuitton SE		5,332		3,290,554
Pernod Ricard SA		13,495		2,499,756
Publicis Groupe SA		23,051		1,137,996
Schneider Electric SE		31,966		3,786,954
Valeo		46,110		902,505
Worldline SA (a) (b)		36,400		1,346,540
				34,716,636
Germany — 15.2%
adidas AG		6,410		1,133,681
Allianz SE Registered		9,595		1,831,629
Bayer AG Registered		71,642		4,256,503
Bayerische Motoren Werke AG		24,175		1,861,163
Beiersdorf AG		25,250		2,579,274
Continental AG		25,220		1,757,505
Daimler Truck Holding AG (a)		42,549		1,110,481
Deutsche Boerse AG		16,322		2,729,925
Fresenius Medical Care AG & Co. KGaA		20,000		998,882
Fresenius SE & Co. KGaA		40,000		1,212,009
Henkel AG & Co. KGaA		16,500		1,009,771
Mercedes-Benz Group AG		30,398		1,759,129
Merck KGaA		15,507		2,617,253
MTU Aero Engines AG		4,307		784,013
SAP SE		40,519		3,691,389
Siemens AG Registered		9,685		985,716
thyssenkrupp AG (a)		141,374		802,084
				31,120,407
Hong Kong — 1.8%
AIA Group Ltd.		344,800		3,787,335
India — 0.6%
Axis Bank Ltd. (a)		77,942		628,154
HDFC Bank Ltd. ADR		11,494		631,710
				1,259,864
Ireland — 1.9%
Linde PLC (a)		6,349		1,822,710
Ryanair Holdings PLC Sponsored ADR (a)		31,902		2,145,410
				3,968,120
Israel — 0.9%
Check Point Software Technologies Ltd. (a)		14,957		1,821,463
Italy — 2.2%
Eni SpA		74,144		880,815
Intesa Sanpaolo SpA		1,927,447		3,623,968
Intesa Sanpaolo SpA		12,000		22,344
				4,527,127

The accompanying notes are an integral part of the financial statements.

65

MML International Equity Fund – Portfolio of Investments (Continued)

	Number of Shares		Value
Japan — 10.4%
Daikin Industries Ltd.		14,800	$	2,375,336
Denso Corp.		19,200		1,021,284
Hitachi Ltd.		62,700		2,970,803
Hoya Corp.		17,800		1,521,631
Koito Manufacturing Co. Ltd.		23,400		743,363
Komatsu Ltd.		22,700		505,324
Kose Corp. (c)		10,600		965,170
Kubota Corp. (c)		112,500		1,682,590
Kyocera Corp.		28,600		1,530,856
Olympus Corp.		103,700		2,085,487
Shin-Etsu Chemical Co. Ltd.		6,300		711,204
SMC Corp.		2,800		1,249,462
Sony Group Corp.		20,600		1,683,511
Terumo Corp.		58,400		1,761,059
Toyota Motor Corp.		33,500		515,923
				21,323,003
Mexico — 0.3%
Grupo Televisa SAB Sponsored ADR		80,200		656,036
Netherlands — 5.3%
CNH Industrial NV		106,224		1,232,876
EXOR NV		20,920		1,312,988
ING Groep NV		132,106		1,311,090
Koninklijke Philips NV		83,521		1,812,192
Prosus NV (a)		39,473		2,608,704
QIAGEN NV (a)		29,825		1,400,666
Randstad NV		23,501		1,146,072
				10,824,588
Portugal — 0.5%
Galp Energia SGPS SA		90,702		1,063,213
Republic of Korea — 0.4%
NAVER Corp.		4,705		872,911
Singapore — 0.8%
DBS Group Holdings, Ltd.		81,200		1,738,037
Spain — 1.0%
Amadeus IT Group SA (a)		37,201		2,090,113
Sweden — 1.5%
Hennes & Mauritz AB Class B (c)		98,964		1,183,178
SKF AB Class B		69,800		1,028,373
Volvo AB Class B		52,170		808,668
				3,020,219

	Number of Shares		Value
Switzerland — 13.4%
Cie Financiere Richemont SA Registered		25,798	$	2,747,386
Credit Suisse Group AG Registered (a)		273,919		1,559,699
Holcim AG (a)		31,759		1,360,326
Julius Baer Group Ltd. (a)		20,350		940,174
Nestle SA Registered		48,355		5,673,065
Novartis AG Registered		39,552		3,345,778
Roche Holding AG		15,221		5,081,191
Sika AG Registered		4,773		1,101,108
The Swatch Group AG		2,415		573,053
UBS Group AG Registered		177,446		2,864,359
Zurich Insurance Group AG		5,068		2,205,867
				27,452,006
Taiwan — 1.0%
Taiwan Semiconductor Manufacturing Co. Ltd. Sponsored ADR		24,190		1,977,533
United Kingdom — 12.6%
Compass Group PLC		146,648		3,002,303
Diageo PLC		54,021		2,330,564
Experian PLC		70,745		2,073,895
Glencore PLC		262,344		1,421,608
Informa PLC (a)		96,300		620,605
Liberty Global PLC Class A (a)		49,500		1,041,975
Lloyds Banking Group PLC		4,154,984		2,143,194
London Stock Exchange Group PLC		14,101		1,310,817
Natwest Group PLC		197,700		525,914
Prudential PLC		81,900		1,018,753
Reckitt Benckiser Group PLC		29,019		2,179,647
RELX PLC		85,911		2,319,938
Rio Tinto PLC		22,399		1,339,350
Rolls-Royce Holdings PLC (a)		857,319		867,020
Schroders PLC		33,600		1,094,071
Smiths Group PLC		22,300		380,285
Tesco PLC		452,748		1,408,204
WPP PLC		70,592		709,396
				25,787,539
United States — 0.6%
Yum China Holdings, Inc.		23,869		1,157,647
TOTAL COMMON STOCK (Cost $241,516,458)				201,356,907

The accompanying notes are an integral part of the financial statements.

66

MML International Equity Fund – Portfolio of Investments (Continued)

	Number of Shares		Value
PREFERRED STOCK — 0.4%
Republic of Korea — 0.4%
Samsung Electronics Co. Ltd. 1.760%		21,900	$	878,668
TOTAL PREFERRED STOCK (Cost $1,246,434)				878,668
TOTAL EQUITIES (Cost $242,762,892)				202,235,575
MUTUAL FUNDS — 0.0%
United States — 0.0%
State Street Navigator Securities Lending Government Money Market Portfolio (d)		8,019		8,019
TOTAL MUTUAL FUNDS (Cost $8,019)				8,019
TOTAL LONG-TERM INVESTMENTS (Cost $242,770,911)				202,243,594
	Principal Amount
SHORT-TERM INVESTMENTS — 1.0%
Repurchase Agreement — 1.0%
Fixed Income Clearing Corp., Repurchase Agreement, dated 6/30/22, 0.240%, due 7/01/22 (e)	$	2,138,053		2,138,053
TOTAL SHORT-TERM INVESTMENTS (Cost $2,138,053)				2,138,053
TOTAL INVESTMENTS — 99.5% (Cost $244,908,964) (f)				204,381,647
Other Assets/(Liabilities) — 0.5%				923,908
NET ASSETS — 100.0%			$	205,305,555

Abbreviation Legend

ADR American Depositary Receipt

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

(a) Non-income producing security.

(b) Security is exempt from registration under Regulation S or Rule 144A of the Securities Act of 1933. These securities are considered restricted and may be resold in transactions exempt from registration. At June 30, 2022, the aggregate market value of these securities amounted to $1,346,540 or 0.66% of net assets.

(c) Denotes all or a portion of security on loan. The total value of securities on loan as of June 30, 2022, was $2,559,682 or 1.25% of net assets. Total securities on loan may be less than the amounts identified in the Portfolio of Investments. The Fund received $2,848,625 of non-cash collateral (U.S. Treasury and/or Agency obligations) related to securities lending activity. This amount is not reflected on either the Portfolio of Investments or the Statement of Assets and Liabilities. (Note 2).

(d) Represents investment of security lending cash collateral. (Note 2).

(e) Maturity value of $2,138,067. Collateralized by U.S. Government Agency obligations with a rate of 3.000%, maturity date of 6/30/24, and an aggregate market value, including accrued interest, of $2,180,911.

(f) See Note 6 for aggregate cost for federal tax purposes.

Sector weightings, as a percentage of net assets, is as follows:

Consumer, Non-cyclical	31.1	%
Financial	18.0	%
Consumer, Cyclical	15.0	%
Industrial	14.0	%
Technology	7.1	%
Communications	6.0	%
Basic Materials	5.0	%
Energy	1.6	%
Utilities	0.7	%
Mutual Funds	0.0	%
Total Long-Term Investments	98.5	%
Short-Term Investments and Other Assets and Liabilities	1.5	%
Net Assets	100.0	%

The accompanying notes are an integral part of the financial statements.

67

MML Large Cap Growth Fund – Portfolio of Investments

June 30, 2022 (Unaudited)

	Number of Shares		Value
EQUITIES — 98.6%
COMMON STOCK — 98.6%
Communications — 27.1%
Internet — 22.2%
Alibaba Group Holding Ltd. Sponsored ADR (a)		26,509	$	3,013,543
Alphabet, Inc. Class A (a)		2,620		5,709,661
Alphabet, Inc. Class C (a)		2,529		5,532,061
Amazon.com, Inc. (a)		74,460		7,908,397
Meta Platforms, Inc. Class A (a)		41,381		6,672,686
Netflix, Inc. (a)		22,577		3,948,040
Shopify, Inc. Class A (a)		62,860		1,963,747
				34,748,135
Media — 4.9%
FactSet Research Systems, Inc.		8,135		3,128,477
The Walt Disney Co. (a)		48,443		4,573,019
				7,701,496
				42,449,631
Consumer, Cyclical — 7.4%
Auto Manufacturers — 2.8%
Tesla, Inc. (a)		6,635		4,468,142
Retail — 4.6%
Starbucks Corp.		43,542		3,326,173
Yum China Holdings, Inc.		28,695		1,391,708
Yum! Brands, Inc.		21,343		2,422,644
				7,140,525
				11,608,667
Consumer, Non-cyclical — 23.3%
Beverages — 4.1%
Monster Beverage Corp. (a)		69,400		6,433,380
Biotechnology — 8.1%
Illumina, Inc. (a)		15,804		2,913,626
Regeneron Pharmaceuticals, Inc. (a)		7,377		4,360,766
Vertex Pharmaceuticals, Inc. (a)		19,365		5,456,863
				12,731,255
Commercial Services — 2.5%
Block, Inc. (a)		29,240		1,797,090
PayPal Holdings, Inc. (a)		29,657		2,071,245
				3,868,335
Health Care – Products — 1.1%
Intuitive Surgical, Inc. (a)		8,570		1,720,085
Pharmaceuticals — 7.5%
Novartis AG Sponsored ADR		63,515		5,368,923
Novo Nordisk A/S Sponsored ADR		23,182		2,583,170

	Number of Shares		Value
Roche Holding AG Sponsored ADR		92,555	$	3,860,469
				11,812,562
				36,565,617
Financial — 8.0%
Diversified Financial Services — 8.0%
SEI Investments Co.		46,285		2,500,315
Visa, Inc. Class A		51,257		10,091,991
				12,592,306
Industrial — 8.2%
Aerospace & Defense — 4.9%
The Boeing Co. (a)		55,640		7,607,101
Machinery – Diversified — 1.6%
Deere & Co.		8,201		2,455,954
Transportation — 1.7%
Expeditors International of Washington, Inc.		27,818		2,711,142
				12,774,197
Technology — 24.6%
Semiconductors — 7.3%
NVIDIA Corp.		50,313		7,626,948
QUALCOMM, Inc.		29,857		3,813,933
				11,440,881
Software — 17.3%
Autodesk, Inc. (a)		31,104		5,348,644
Microsoft Corp.		32,701		8,398,598
Oracle Corp.		93,546		6,536,059
Salesforce, Inc. (a)		32,685		5,394,332
Workday, Inc. Class A (a)		10,839		1,512,907
				27,190,540
				38,631,421
TOTAL COMMON STOCK (Cost $159,961,497)				154,621,839
TOTAL EQUITIES (Cost $159,961,497)				154,621,839
TOTAL LONG-TERM INVESTMENTS (Cost $159,961,497)				154,621,839

The accompanying notes are an integral part of the financial statements.

68

MML Large Cap Growth Fund – Portfolio of Investments (Continued)

	Principal Amount		Value
SHORT-TERM INVESTMENTS — 1.4%
Repurchase Agreement — 1.4%
Fixed Income Clearing Corp., Repurchase Agreement, dated 6/30/22, 0.240%, due 7/01/22 (b)	$	2,180,094	$	2,180,094
TOTAL SHORT-TERM INVESTMENTS (Cost $2,180,094)				2,180,094
TOTAL INVESTMENTS — 100.0% (Cost $162,141,591) (c)				156,801,933
Other Assets/(Liabilities) — (0.0)%				(24,852	)
NET ASSETS — 100.0%			$	156,777,081

Abbreviation Legend

ADR American Depositary Receipt

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

(a) Non-income producing security.

(b) Maturity value of $2,180,109. Collateralized by U.S. Government Agency obligations with a rate of 3.000%, maturity date of 6/30/24, and an aggregate market value, including accrued interest, of $2,223,765.

(c) See Note 6 for aggregate cost for federal tax purposes.

Country weightings, as a percentage of net assets, is as follows:

United States	87.9	%
Switzerland	5.9	%
Cayman Islands	1.9	%
Denmark	1.6	%
Canada	1.3	%
Total Long-Term Investments	98.6	%
Short-Term Investments and Other Assets and Liabilities	1.4	%
Net Assets	100.0	%

The accompanying notes are an integral part of the financial statements.

69

MML Managed Volatility Fund – Portfolio of Investments

June 30, 2022 (Unaudited)

	Number of Shares		Value
EQUITIES — 100.2%
COMMON STOCK — 100.2%
Basic Materials — 2.1%
Chemicals — 1.6%
Air Products & Chemicals, Inc. (a)		760	$	182,765
Albemarle Corp. (a)		411		85,891
Celanese Corp. (a)		388		45,633
CF Industries Holdings, Inc. (a)		717		61,469
Dow, Inc. (a)		2,490		128,509
DuPont de Nemours, Inc. (a)		1,754		97,487
Eastman Chemical Co. (a)		421		37,793
Ecolab, Inc. (a)		845		129,927
FMC Corp. (a)		432		46,228
International Flavors & Fragrances, Inc. (a)		858		102,205
Linde PLC (a)		1,742		500,877
LyondellBasell Industries NV Class A (a)		870		76,090
The Mosaic Co. (a)		1,258		59,415
PPG Industries, Inc. (a)		852		97,418
The Sherwin-Williams Co. (a)		817		182,935
				1,834,642
Forest Products & Paper — 0.1%
International Paper Co. (a)		1,364		57,056
Iron & Steel — 0.1%
Nucor Corp. (a)		927		96,788
Mining — 0.3%
Freeport-McMoRan, Inc. (a)		5,003		146,388
Newmont Corp. (a)		2,713		161,884
				308,272
				2,296,758
Communications — 12.8%
Advertising — 0.1%
The Interpublic Group of Cos., Inc. (a)		1,250		34,413
Omnicom Group, Inc. (a)		699		44,463
				78,876
Internet — 9.0%
Alphabet, Inc. Class A (a) (b)		1,052		2,292,581
Alphabet, Inc. Class C (a) (b)		943		2,062,765
Amazon.com, Inc. (a) (b)		30,291		3,217,207
Booking Holdings, Inc. (a) (b)		140		244,859
CDW Corp. (a)		445		70,114
eBay, Inc. (a)		1,955		81,465
Etsy, Inc. (a) (b)		430		31,480
Expedia Group, Inc. (a) (b)		508		48,174
F5, Inc. (a) (b)		212		32,444
Match Group, Inc. (a) (b)		1,004		69,969

	Number of Shares		Value
Meta Platforms, Inc. Class A (a) (b)		7,943	$	1,280,809
Netflix, Inc. (a) (b)		1,546		270,349
NortonLifeLock, Inc. (a)		1,956		42,954
Twitter, Inc. (a) (b)		2,707		101,215
VeriSign, Inc. (a) (b)		313		52,374
				9,898,759
Media — 1.5%
Charter Communications, Inc. Class A (a) (b)		403		188,818
Comcast Corp. Class A (a)		15,353		602,452
DISH Network Corp. Class A (a) (b)		884		15,850
FactSet Research Systems, Inc. (a)		130		49,994
Fox Corp. Class A (a)		778		25,020
Fox Corp. Class B (a)		818		24,295
News Corp. Class A (a)		837		13,040
News Corp. Class B (a)		1,083		17,209
Paramount Global Class B (a)		2,050		50,594
The Walt Disney Co. (a) (b)		6,338		598,307
Warner Bros Discovery, Inc. (a) (b)		7,756		104,086
				1,689,665
Telecommunications — 2.2%
Arista Networks, Inc. (a) (b)		760		71,242
AT&T, Inc. (a)		24,884		521,569
Cisco Systems, Inc. (a)		14,345		611,671
Corning, Inc. (a)		2,701		85,109
Juniper Networks, Inc. (a)		1,049		29,897
Lumen Technologies, Inc. (a)		3,054		33,319
Motorola Solutions, Inc. (a)		599		125,550
T-Mobile US, Inc. (a) (b)		2,008		270,156
Verizon Communications, Inc. (a)		14,594		740,645
				2,489,158
				14,156,458
Consumer, Cyclical — 9.1%
Airlines — 0.2%
Alaska Air Group, Inc. (a) (b)		399		15,980
American Airlines Group, Inc. (a) (b)		2,059		26,108
Delta Air Lines, Inc. (a) (b)		2,283		66,139
Southwest Airlines Co. (a) (b)		2,149		77,622
United Airlines Holdings, Inc. (a) (b)		1,174		41,583
				227,432
Apparel — 0.5%
NIKE, Inc. Class B (a)		4,394		449,067
PVH Corp. (a)		214		12,177
Ralph Lauren Corp. (a)		181		16,227
Tapestry, Inc. (a)		845		25,789
VF Corp. (a)		1,144		50,530
				553,790

The accompanying notes are an integral part of the financial statements.

70

MML Managed Volatility Fund – Portfolio of Investments (Continued)

	Number of Shares		Value
Auto Manufacturers — 2.2%
Cummins, Inc. (a)		492	$	95,217
Ford Motor Co. (a)		13,447		149,665
General Motors Co. (a) (b)		5,093		161,754
PACCAR, Inc. (a)		1,241		102,184
Tesla, Inc. (a) (b)		2,906		1,956,958
				2,465,778
Auto Parts & Equipment — 0.1%
Aptiv PLC (a) (b)		966		86,042
BorgWarner, Inc. (a)		879		29,332
				115,374
Distribution & Wholesale — 0.3%
Copart, Inc. (a) (b)		724		78,670
Fastenal Co. (a)		2,007		100,189
LKQ Corp. (a)		976		47,912
Pool Corp. (a)		138		48,470
W.W. Grainger, Inc. (a)		145		65,892
				341,133
Entertainment — 0.1%
Caesars Entertainment, Inc. (a) (b)		688		26,350
Live Nation Entertainment, Inc. (a) (b)		465		38,400
Penn National Gaming, Inc. (a) (b)		582		17,705
				82,455
Home Builders — 0.2%
D.R. Horton, Inc. (a)		1,071		70,889
Lennar Corp. Class A (a)		945		66,689
NVR, Inc. (a) (b)		11		44,045
PulteGroup, Inc. (a)		882		34,954
				216,577
Home Furnishing — 0.0%
Whirlpool Corp. (a)		190		29,425
Housewares — 0.0%
Newell Brands, Inc. (a)		1,346		25,628
Leisure Time — 0.1%
Carnival Corp. (a) (b)		2,613		22,602
Norwegian Cruise Line Holdings Ltd. (a) (b)		1,582		17,592
Royal Caribbean Cruises Ltd. (a) (b)		724		25,275
				65,469
Lodging — 0.3%
Hilton Worldwide Holdings, Inc. (a)		949		105,757
Las Vegas Sands Corp. (a) (b)		1,118		37,554
Marriott International, Inc. Class A (a)		932		126,761
MGM Resorts International (a)		1,335		38,648
Wynn Resorts Ltd. (a) (b)		383		21,823
				330,543

	Number of Shares		Value
Retail — 5.1%
Advance Auto Parts, Inc. (a)		220	$	38,080
AutoZone, Inc. (a) (b)		70		150,438
Bath & Body Works, Inc. (a)		820		22,074
Best Buy Co., Inc. (a)		729		47,524
CarMax, Inc. (a) (b)		543		49,131
Chipotle Mexican Grill, Inc. (a) (b)		97		126,804
Costco Wholesale Corp. (a)		1,538		737,133
Darden Restaurants, Inc. (a)		447		50,565
Dollar General Corp. (a)		785		192,670
Dollar Tree, Inc. (a) (b)		763		118,914
Domino’s Pizza, Inc. (a)		127		49,493
Genuine Parts Co. (a)		460		61,180
The Home Depot, Inc. (a)		3,571		979,418
Lowe’s Cos., Inc. (a)		2,288		399,645
McDonald’s Corp. (a)		2,563		632,753
O’Reilly Automotive, Inc. (a) (b)		228		144,041
Ross Stores, Inc. (a)		1,228		86,242
Starbucks Corp. (a)		3,987		304,567
Target Corp. (a)		1,629		230,064
The TJX Cos., Inc. (a)		4,075		227,589
Tractor Supply Co. (a)		381		73,857
Ulta Beauty, Inc. (a) (b)		182		70,157
Walgreens Boots Alliance, Inc. (a)		2,526		95,735
Walmart, Inc. (a)		4,874		592,581
Yum! Brands, Inc. (a)		986		111,921
				5,592,576
Toys, Games & Hobbies — 0.0%
Hasbro, Inc. (a)		432		35,372
				10,081,552
Consumer, Non-cyclical — 22.6%
Agriculture — 0.9%
Altria Group, Inc. (a)		6,164		257,470
Archer-Daniels-Midland Co. (a)		1,971		152,950
Philip Morris International, Inc. (a)		5,400		533,196
				943,616
Beverages — 1.9%
Brown-Forman Corp. Class B (a)		604		42,377
The Coca-Cola Co. (a)		13,527		850,984
Constellation Brands, Inc. Class A (a)		575		134,009
Keurig Dr Pepper, Inc. (a)		2,626		92,934
Molson Coors Beverage Co. Class B (a)		613		33,415
Monster Beverage Corp. (a) (b)		1,265		117,265
PepsiCo, Inc. (a)		4,798		799,635
				2,070,619

The accompanying notes are an integral part of the financial statements.

71

MML Managed Volatility Fund – Portfolio of Investments (Continued)

	Number of Shares		Value
Biotechnology — 1.6%
Amgen, Inc. (a)		1,853	$	450,835
Bio-Rad Laboratories, Inc. Class A (a) (b)		72		35,640
Biogen, Inc. (a) (b)		517		105,437
Corteva, Inc. (a)		2,466		133,509
Gilead Sciences, Inc. (a)		4,364		269,739
Illumina, Inc. (a) (b)		530		97,711
Incyte Corp. (a) (b)		626		47,557
Moderna, Inc. (a) (b)		1,173		167,563
Regeneron Pharmaceuticals, Inc. (a) (b)		375		221,674
Vertex Pharmaceuticals, Inc. (a) (b)		889		250,511
				1,780,176
Commercial Services — 1.7%
Automatic Data Processing, Inc. (a)		1,434		301,197
Cintas Corp. (a)		309		115,421
Equifax, Inc. (a)		407		74,391
FleetCor Technologies, Inc. (a) (b)		267		56,099
Gartner, Inc. (a) (b)		277		66,987
Global Payments, Inc. (a)		962		106,436
MarketAxess Holdings, Inc. (a)		123		31,489
Moody’s Corp. (a)		566		153,935
Nielsen Holdings PLC (a)		1,135		26,355
PayPal Holdings, Inc. (a) (b)		3,976		277,684
Quanta Services, Inc. (a)		518		64,926
Robert Half International, Inc. (a)		357		26,736
Rollins, Inc. (a)		750		26,190
S&P Global, Inc. (a)		1,205		406,157
United Rentals, Inc. (a) (b)		243		59,027
Verisk Analytics, Inc. (a)		563		97,450
				1,890,480
Cosmetics & Personal Care — 1.5%
Colgate-Palmolive Co. (a)		2,914		233,528
The Estee Lauder Cos., Inc. Class A (a)		797		202,972
The Procter & Gamble Co. (a)		8,313		1,195,326
				1,631,826
Food — 1.2%
Campbell Soup Co. (a)		671		32,242
Conagra Brands, Inc. (a)		1,779		60,913
General Mills, Inc. (a)		2,066		155,880
The Hershey Co. (a)		487		104,783
Hormel Foods Corp. (a)		937		44,376
The J.M. Smucker Co. (a)		391		50,052
Kellogg Co. (a)		909		64,848
The Kraft Heinz Co. (a)		2,390		91,155
The Kroger Co. (a)		2,262		107,060

	Number of Shares		Value
Lamb Weston Holdings, Inc. (a)		473	$	33,801
McCormick & Co., Inc. (a)		913		76,007
Mondelez International, Inc. Class A (a)		4,703		292,009
Sysco Corp. (a)		1,743		147,649
Tyson Foods, Inc. Class A (a)		984		84,683
				1,345,458
Health Care – Products — 3.9%
Abbott Laboratories (a)		6,080		660,592
ABIOMED, Inc. (a) (b)		157		38,859
Align Technology, Inc. (a) (b)		249		58,931
Baxter International, Inc. (a)		1,721		110,540
Bio-Techne Corp. (a)		130		45,063
Boston Scientific Corp. (a) (b)		4,885		182,064
The Cooper Cos., Inc. (a)		180		56,362
Danaher Corp. (a)		2,248		569,913
Dentsply Sirona, Inc. (a)		744		26,583
Edwards Lifesciences Corp. (a) (b)		2,185		207,772
Henry Schein, Inc. (a) (b)		480		36,835
Hologic, Inc. (a) (b)		865		59,944
IDEXX Laboratories, Inc. (a) (b)		286		100,309
Intuitive Surgical, Inc. (a) (b)		1,254		251,690
Medtronic PLC (a)		4,662		418,414
PerkinElmer, Inc. (a)		421		59,875
ResMed, Inc. (a)		518		108,588
Steris PLC (a)		346		71,328
Stryker Corp. (a)		1,146		227,974
Teleflex, Inc. (a)		159		39,090
Thermo Fisher Scientific, Inc. (a)		1,358		737,774
Waters Corp. (a) (b)		213		70,499
West Pharmaceutical Services, Inc. (a)		254		76,802
Zimmer Biomet Holdings, Inc. (a)		698		73,332
				4,289,133
Health Care – Services — 2.8%
Catalent, Inc. (a) (b)		611		65,554
Centene Corp. (a) (b)		2,003		169,474
Charles River Laboratories International, Inc. (a) (b)		173		37,017
DaVita, Inc. (a) (b)		189		15,112
Elevance Health, Inc. (a)		827		399,094
HCA Healthcare, Inc. (a)		812		136,465
Humana, Inc. (a)		436		204,078
IQVIA Holdings, Inc. (a) (b)		657		142,562
Laboratory Corp. of America Holdings (a)		313		73,355
Molina Healthcare, Inc. (a) (b)		203		56,761
Quest Diagnostics, Inc. (a)		422		56,118
UnitedHealth Group, Inc. (a)		3,254		1,671,352

The accompanying notes are an integral part of the financial statements.

72

MML Managed Volatility Fund – Portfolio of Investments (Continued)

	Number of Shares		Value
Universal Health Services, Inc. Class B (a)		225	$	22,660
				3,049,602
Household Products & Wares — 0.3%
Avery Dennison Corp. (a)		274		44,352
Church & Dwight Co., Inc. (a)		863		79,966
The Clorox Co. (a)		440		62,031
Kimberly-Clark Corp. (a)		1,174		158,666
				345,015
Pharmaceuticals — 6.8%
AbbVie, Inc. (a)		6,120		937,339
AmerisourceBergen Corp. (a)		501		70,882
Becton Dickinson and Co. (a)		995		245,297
Bristol-Myers Squibb Co. (a)		7,389		568,953
Cardinal Health, Inc. (a)		912		47,670
Cigna Corp. (a)		1,103		290,663
CVS Health Corp. (a)		4,566		423,086
DexCom, Inc. (a) (b)		1,377		102,628
Eli Lilly & Co. (a)		2,734		886,445
Johnson & Johnson (a)		9,120		1,618,891
McKesson Corp. (a)		509		166,041
Merck & Co., Inc. (a)		8,766		799,196
Organon & Co. (a)		877		29,599
Pfizer, Inc. (a)		19,449		1,019,711
Viatris, Inc. (a)		4,019		42,079
Zoetis, Inc. (a)		1,614		277,430
				7,525,910
				24,871,835
Energy — 4.5%
Energy – Alternate Sources — 0.1%
Enphase Energy, Inc. (a) (b)		458		89,420
SolarEdge Technologies, Inc. (a) (b)		194		53,094
				142,514
Oil & Gas — 3.7%
APA Corp. (a)		1,210		42,229
Chevron Corp. (a)		6,805		985,228
ConocoPhillips (a)		4,493		403,516
Coterra Energy, Inc. (a)		2,739		70,639
Devon Energy Corp. (a)		2,147		118,321
Diamondback Energy, Inc. (a)		572		69,298
EOG Resources, Inc. (a)		1,996		220,438
Exxon Mobil Corp. (a)		14,590		1,249,487
Hess Corp. (a)		973		103,080
Marathon Oil Corp. (a)		2,698		60,651
Marathon Petroleum Corp. (a)		1,885		154,966
Occidental Petroleum Corp. (a)		3,090		181,939
Phillips 66 (a)		1,684		138,071
Pioneer Natural Resources Co. (a)		774		172,664

	Number of Shares		Value
Valero Energy Corp. (a)		1,388	$	147,517
				4,118,044
Oil & Gas Services — 0.4%
Baker Hughes Co. (a)		3,271		94,434
Halliburton Co. (a)		3,145		98,627
Schlumberger NV (a)		4,936		176,511
				369,572
Pipelines — 0.3%
Kinder Morgan, Inc. (a)		6,673		111,839
ONEOK, Inc. (a)		1,477		81,974
The Williams Cos., Inc. (a)		4,151		129,553
				323,366
				4,953,496
Financial — 15.0%
Banks — 4.6%
Bank of America Corp. (a)		24,645		767,199
The Bank of New York Mellon Corp. (a)		2,485		103,649
Citigroup, Inc. (a)		6,725		309,283
Citizens Financial Group, Inc. (a)		1,803		64,349
Comerica, Inc. (a)		420		30,820
Fifth Third Bancorp (a)		2,460		82,656
First Republic Bank (a)		651		93,874
The Goldman Sachs Group, Inc. (a)		1,192		354,048
Huntington Bancshares, Inc. (a)		4,977		59,873
JP Morgan Chase & Co. (a)		10,191		1,147,608
KeyCorp. (a)		3,164		54,516
M&T Bank Corp. (a)		630		100,416
Morgan Stanley (a)		4,826		367,065
Northern Trust Corp. (a)		747		72,071
The PNC Financial Services Group, Inc. (a)		1,422		224,349
Regions Financial Corp. (a)		3,148		59,025
Signature Bank (a)		210		37,634
State Street Corp. (a)		1,228		75,706
SVB Financial Group (a) (b)		198		78,208
Truist Financial Corp. (a)		4,502		213,530
US Bancorp (a)		4,604		211,876
Wells Fargo & Co. (a)		13,192		516,731
Zions Bancorp NA (a)		473		24,076
				5,048,562
Diversified Financial Services — 3.7%
American Express Co. (a)		2,091		289,854
Ameriprise Financial, Inc. (a)		369		87,704
BlackRock, Inc. (a)		499		303,911
Capital One Financial Corp. (a)		1,397		145,553
Cboe Global Markets, Inc. (a)		369		41,767
The Charles Schwab Corp. (a)		5,239		331,000

The accompanying notes are an integral part of the financial statements.

73

MML Managed Volatility Fund – Portfolio of Investments (Continued)

	Number of Shares		Value
CME Group, Inc. (a)		1,228	$	251,372
Discover Financial Services (a)		965		91,270
Franklin Resources, Inc. (a)		962		22,424
Intercontinental Exchange, Inc. (a)		1,947		183,096
Invesco Ltd. (a)		1,134		18,291
Mastercard, Inc. Class A (a)		2,975		938,553
Nasdaq, Inc. (a)		416		63,457
Raymond James Financial, Inc. (a)		703		62,855
Synchrony Financial (a)		1,845		50,959
T. Rowe Price Group, Inc. (a)		754		85,662
Visa, Inc. Class A (a)		5,702		1,122,667
				4,090,395
Insurance — 3.8%
Aflac, Inc. (a)		2,002		110,771
The Allstate Corp. (a)		960		121,661
American International Group, Inc. (a)		2,814		143,880
Aon PLC Class A (a)		728		196,327
Arthur J Gallagher & Co. (a)		714		116,411
Assurant, Inc. (a)		169		29,212
Berkshire Hathaway, Inc. Class B (a) (b)		6,259		1,708,832
Brown & Brown, Inc. (a)		866		50,522
Chubb Ltd. (a)		1,468		288,579
Cincinnati Financial Corp. (a)		499		59,371
Everest Re Group Ltd. (a)		134		37,558
Globe Life, Inc. (a)		335		32,652
The Hartford Financial Services Group, Inc. (a)		1,171		76,619
Lincoln National Corp. (a)		583		27,267
Loews Corp. (a)		650		38,519
Marsh & McLennan Cos., Inc. (a)		1,722		267,340
MetLife, Inc. (a)		2,353		147,745
Principal Financial Group, Inc. (a)		892		59,577
The Progressive Corp. (a)		1,985		230,796
Prudential Financial, Inc. (a)		1,318		126,106
The Travelers Cos., Inc. (a)		811		137,164
W.R. Berkley Corp. (a)		767		52,355
Willis Towers Watson PLC (a)		409		80,733
				4,139,997
Real Estate — 0.1%
CBRE Group, Inc. Class A (a) (b)		1,145		84,283
Real Estate Investment Trusts (REITS) — 2.8%
Alexandria Real Estate Equities, Inc. (a)		504		73,095
American Tower Corp. (a)		1,615		412,778
AvalonBay Communities, Inc. (a)		468		90,909
Boston Properties, Inc. (a)		462		41,109
Camden Property Trust (a)		340		45,723

	Number of Shares		Value
Crown Castle International Corp. (a)		1,484	$	249,876
Digital Realty Trust, Inc. (a)		1,006		130,609
Duke Realty Corp. (a)		1,292		70,995
Equinix, Inc. (a)		319		209,589
Equity Residential (a)		1,236		89,264
Essex Property Trust, Inc. (a)		247		64,593
Extra Space Storage, Inc. (a)		445		75,703
Federal Realty OP LP (a)		250		23,935
Healthpeak Properties, Inc. (a)		2,011		52,105
Host Hotels & Resorts, Inc. (a)		2,321		36,393
Iron Mountain, Inc. (a)		951		46,304
Kimco Realty Corp. (a)		2,138		42,268
Mid-America Apartment Communities, Inc. (a)		432		75,458
Prologis, Inc. (a)		2,523		296,831
Public Storage (a)		516		161,338
Realty Income Corp. (a)		2,125		145,053
Regency Centers Corp. (a)		572		33,925
SBA Communications Corp. (a)		372		119,059
Simon Property Group, Inc. (a)		1,105		104,887
UDR, Inc. (a)		1,150		52,946
Ventas, Inc. (a)		1,322		67,991
VICI Properties, Inc. (a)		3,389		100,958
Vornado Realty Trust (a)		587		16,782
Welltower, Inc. (a)		1,606		132,254
Weyerhaeuser Co. (a)		2,519		83,429
				3,146,159
				16,509,396
Industrial — 7.8%
Aerospace & Defense — 1.7%
The Boeing Co. (a) (b)		1,935		264,553
General Dynamics Corp. (a)		780		172,575
Howmet Aerospace, Inc. (a)		1,237		38,904
L3 Harris Technologies, Inc. (a)		665		160,731
Lockheed Martin Corp. (a)		825		354,717
Northrop Grumman Corp. (a)		502		240,242
Raytheon Technologies Corp. (a)		5,191		498,907
Teledyne Technologies, Inc. (a) (b)		161		60,393
TransDigm Group, Inc. (a) (b)		184		98,747
				1,889,769
Building Materials — 0.4%
Carrier Global Corp. (a)		2,885		102,879
Fortune Brands Home & Security, Inc. (a)		421		25,210
Johnson Controls International PLC (a)		2,376		113,763
Martin Marietta Materials, Inc. (a)		213		63,738
Masco Corp. (a)		845		42,757

The accompanying notes are an integral part of the financial statements.

74

MML Managed Volatility Fund – Portfolio of Investments (Continued)

	Number of Shares		Value
Mohawk Industries, Inc. (a) (b)		180	$	22,336
Vulcan Materials Co. (a)		494		70,197
				440,880
Electrical Components & Equipment — 0.3%
AMETEK, Inc. (a)		768		84,396
Emerson Electric Co. (a)		2,047		162,818
Generac Holdings, Inc. (a) (b)		227		47,802
				295,016
Electronics — 1.1%
Agilent Technologies, Inc. (a)		1,067		126,728
Allegion PLC (a)		341		33,384
Amphenol Corp. Class A (a)		2,111		135,906
Fortive Corp. (a)		1,197		65,093
Garmin Ltd. (a)		508		49,911
Honeywell International, Inc. (a)		2,345		407,584
Keysight Technologies, Inc. (a) (b)		659		90,843
Mettler-Toledo International, Inc. (a) (b)		79		90,753
TE Connectivity Ltd. (a)		1,088		123,107
Trimble, Inc. (a) (b)		824		47,982
				1,171,291
Engineering & Construction — 0.1%
Jacobs Engineering Group, Inc. (a)		464		58,988
Environmental Controls — 0.3%
Pentair PLC (a)		591		27,050
Republic Services, Inc. (a)		721		94,357
Waste Management, Inc. (a)		1,345		205,758
				327,165
Hand & Machine Tools — 0.1%
Snap-on, Inc. (a)		193		38,027
Stanley Black & Decker, Inc. (a)		552		57,883
				95,910
Machinery – Construction & Mining — 0.3%
Caterpillar, Inc. (a)		1,838		328,561
Machinery – Diversified — 0.7%
Deere & Co. (a)		969		290,186
Dover Corp. (a)		534		64,785
IDEX Corp. (a)		245		44,499
Ingersoll Rand, Inc. (a)		1,477		62,152
Nordson Corp. (a)		188		38,059
Otis Worldwide Corp. (a)		1,431		101,129
Rockwell Automation, Inc. (a)		397		79,126
Westinghouse Air Brake Technologies Corp. (a)		619		50,808
Xylem, Inc. (a)		596		46,595
				777,339

	Number of Shares		Value
Miscellaneous - Manufacturing — 1.0%
3M Co. (a)		2,022	$	261,667
A.O. Smith Corp. (a)		389		21,271
Eaton Corp. PLC (a)		1,415		178,276
General Electric Co. (a)		3,760		239,399
Illinois Tool Works, Inc. (a)		963		175,507
Parker-Hannifin Corp. (a)		450		110,722
Textron, Inc. (a)		723		44,154
Trane Technologies PLC (a)		783		101,688
				1,132,684
Packaging & Containers — 0.2%
Amcor PLC (a)		5,218		64,860
Ball Corp. (a)		1,092		75,097
Packaging Corp. of America (a)		329		45,237
Sealed Air Corp. (a)		527		30,418
WestRock Co. (a)		853		33,984
				249,596
Shipbuilding — 0.0%
Huntington Ingalls Industries, Inc. (a)		127		27,663
Transportation — 1.6%
C.H. Robinson Worldwide, Inc. (a)		422		42,778
CSX Corp. (a)		7,552		219,461
Expeditors International of Washington, Inc. (a)		585		57,014
FedEx Corp. (a)		825		187,036
J.B. Hunt Transport Services, Inc. (a)		307		48,343
Norfolk Southern Corp. (a)		815		185,241
Old Dominion Freight Line, Inc. (a)		319		81,753
Union Pacific Corp. (a)		2,159		460,472
United Parcel Service, Inc. Class B (a)		2,559		467,120
				1,749,218
				8,544,080
Technology — 23.2%
Computers — 8.2%
Accenture PLC Class A (a)		2,199		610,552
Apple, Inc. (a)		53,236		7,278,426
Cognizant Technology Solutions Corp. Class A (a)		1,831		123,574
DXC Technology Co. (a) (b)		867		26,279
EPAM Systems, Inc. (a) (b)		200		58,956
Fortinet, Inc. (a) (b)		2,300		130,134
Hewlett Packard Enterprise Co. (a)		4,575		60,665
HP, Inc. (a)		3,637		119,221
International Business Machines Corp. (a)		3,118		440,230
Leidos Holdings, Inc. (a)		465		46,830

The accompanying notes are an integral part of the financial statements.

75

MML Managed Volatility Fund – Portfolio of Investments (Continued)

	Number of Shares		Value
NetApp, Inc. (a)		764	$	49,843
Seagate Technology Holdings PLC (a)		674		48,151
Western Digital Corp. (a) (b)		1,035		46,399
				9,039,260
Office & Business Equipment — 0.0%
Zebra Technologies Corp. Class A (a) (b)		183		53,793
Semiconductors — 5.1%
Advanced Micro Devices, Inc. (a) (b)		5,618		429,609
Analog Devices, Inc. (a)		1,831		267,491
Applied Materials, Inc. (a)		3,033		275,942
Broadcom, Inc. (a)		1,416		687,907
Intel Corp. (a)		14,184		530,624
KLA Corp. (a)		509		162,412
Lam Research Corp. (a)		478		203,700
Microchip Technology, Inc. (a)		1,867		108,435
Micron Technology, Inc. (a)		3,811		210,672
Monolithic Power Systems, Inc. (a)		156		59,910
NVIDIA Corp. (a)		8,675		1,315,043
NXP Semiconductor NV (a)		922		136,484
ON Semiconductor Corp. (a) (b)		1,527		76,823
Qorvo, Inc. (a) (b)		382		36,030
QUALCOMM, Inc. (a)		3,887		496,525
Skyworks Solutions, Inc. (a)		529		49,007
Teradyne, Inc. (a)		566		50,685
Texas Instruments, Inc. (a)		3,205		492,448
				5,589,747
Software — 9.9%
Activision Blizzard, Inc. (a)		2,713		211,234
Adobe, Inc. (a) (b)		1,639		599,972
Akamai Technologies, Inc. (a) (b)		541		49,410
ANSYS, Inc. (a) (b)		299		71,548
Autodesk, Inc. (a) (b)		756		130,002
Broadridge Financial Solutions, Inc. (a)		428		61,011
Cadence Design Systems, Inc. (a) (b)		939		140,878
Ceridian HCM Holding, Inc. (a) (b)		474		22,316
Citrix Systems, Inc. (a)		439		42,658
Electronic Arts, Inc. (a)		952		115,811
Fidelity National Information Services, Inc. (a)		2,127		194,982
Fiserv, Inc. (a) (b)		2,030		180,609
Intuit, Inc. (a)		984		379,273
Jack Henry & Associates, Inc. (a)		242		43,565
Microsoft Corp. (a)		25,892		6,649,842
MSCI, Inc. (a)		278		114,578
Oracle Corp. (a)		5,462		381,630
Paychex, Inc. (a)		1,101		125,371

	Number of Shares		Value
Paycom Software, Inc. (a) (b)		174	$	48,741
PTC, Inc. (a) (b)		360		38,282
Roper Technologies, Inc. (a)		360		142,074
Salesforce, Inc. (a) (b)		3,446		568,728
ServiceNow, Inc. (a) (b)		698		331,913
Synopsys, Inc. (a) (b)		536		162,783
Take-Two Interactive Software, Inc. (a) (b)		554		67,882
Tyler Technologies, Inc. (a) (b)		142		47,212
				10,922,305
				25,605,105
Utilities — 3.1%
Electric — 2.9%
AES Corp. (a)		2,230		46,852
Alliant Energy Corp. (a)		987		57,848
Ameren Corp. (a)		892		80,601
American Electric Power Co., Inc. (a)		1,729		165,880
CenterPoint Energy, Inc. (a)		2,278		67,383
CMS Energy Corp. (a)		919		62,032
Consolidated Edison, Inc. (a)		1,278		121,538
Constellation Energy Corp. (a)		1,146		65,620
Dominion Energy, Inc. (a)		2,764		220,595
DTE Energy Co. (a)		631		79,979
Duke Energy Corp. (a)		2,690		288,395
Edison International (a)		1,290		81,580
Entergy Corp. (a)		718		80,875
Evergy, Inc. (a)		855		55,789
Eversource Energy (a)		1,123		94,860
Exelon Corp. (a)		3,437		155,765
FirstEnergy Corp. (a)		2,007		77,049
NextEra Energy, Inc. (a)		6,821		528,355
NRG Energy, Inc. (a)		802		30,612
Pinnacle West Capital Corp. (a)		364		26,616
PPL Corp. (a)		2,650		71,894
Public Service Enterprise Group, Inc. (a)		1,781		112,702
Sempra Energy (a)		1,085		163,043
The Southern Co. (a)		3,729		265,915
WEC Energy Group, Inc. (a)		1,083		108,993
Xcel Energy, Inc. (a)		1,797		127,156
				3,237,927
Gas — 0.1%
Atmos Energy Corp. (a)		483		54,144
NiSource, Inc. (a)		1,431		42,200
				96,344

The accompanying notes are an integral part of the financial statements.

76

MML Managed Volatility Fund – Portfolio of Investments (Continued)

	Number of Shares		Value
Water — 0.1%
American Water Works Co., Inc. (a)		628	$	93,428
				3,427,699
TOTAL COMMON STOCK (Cost $73,361,929)				110,446,379
TOTAL EQUITIES (Cost $73,361,929)				110,446,379
	Principal Amount
BONDS & NOTES — 0.0%
CORPORATE DEBT — 0.0%
Forest Products & Paper — 0.0%
Sino Forest Corp. 5.000% 8/01/49 (a) (c) (d)	$	359,000		—
TOTAL CORPORATE DEBT (Cost $0)				—
TOTAL BONDS & NOTES (Cost $0)				—
TOTAL PURCHASED OPTIONS (#) — 1.7% (Cost $1,691,613)				1,915,377
TOTAL LONG-TERM INVESTMENTS (Cost $75,053,542)				112,361,756

	Principal Amount		Value
SHORT-TERM INVESTMENTS — 2.5%
Repurchase Agreement — 2.5%
Fixed Income Clearing Corp., Repurchase Agreement, dated 6/30/22, 0.240%, due 7/01/22 (e)	$	2,791,292	$	2,791,292
TOTAL SHORT-TERM INVESTMENTS (Cost $2,791,292)				2,791,292
TOTAL INVESTMENTS — 104.4% (Cost $77,844,834) (f)				115,153,048
Other Assets/(Liabilities) — (4.4)%				(4,888,877	)
NET ASSETS — 100.0%			$	110,264,171

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

(a) All or a portion of this security is pledged/held as collateral for open derivatives. (Note 2).

(b) Non-income producing security.

(c) Investment was valued using significant unobservable inputs.

(d) This security is fair valued in good faith in accordance with procedures approved by the Board of Trustees. At June 30, 2022, these securities amounted to a value of $0 or 0.00% of net assets.

(e) Maturity value of $2,791,311. Collateralized by U.S. Government Agency obligations with a rate of 3.000%, maturity date of 6/30/24, and an aggregate market value, including accrued interest, of $2,847,182.

(f) See Note 6 for aggregate cost for federal tax purposes.

(#) Exchange-Traded Options Purchased

Description	Expiration Date		Exercise Price		No. of Contracts		Notional Amount			Value		Premiums Paid (Received)		Unrealized Appreciation/ (Depreciation)
Put
S&P 500 Index		9/16/22		3,300.00		41		USD	13,530,000	$	204,877	$	306,701	$	(101,824	)
S&P 500 Index		9/16/22		3,400.00		41		USD	13,940,000		264,450		364,141		(99,691	)
S&P 500 Index		9/16/22		3,600.00		41		USD	14,760,000		457,560		318,755		138,805
S&P 500 Index		10/21/22		3,325.00		43		USD	14,297,500		316,910		292,077		24,833
S&P 500 Index		11/18/22		3,600.00		41		USD	14,760,000		671,580		409,939		261,641
										$	1,915,377	$	1,691,613	$	223,764

The accompanying notes are an integral part of the financial statements.

77

MML Managed Volatility Fund – Portfolio of Investments (Continued)

Exchange-Traded Options Written

Description	Expiration Date		Exercise Price		No. of Contracts		Notional Amount			Value			Premiums Paid (Received)			Unrealized Appreciation/ (Depreciation)
Call
S&P 500 Index		7/15/22		3,825.00		32		USD	12,240,000	$	(175,040	)	$	(317,360	)	$	142,320
S&P 500 Index		7/15/22		3,850.00		33		USD	12,705,000		(140,250	)		(350,965	)		210,715
S&P 500 Index		7/15/22		3,975.00		32		USD	12,720,000		(40,000	)		(285,765	)		245,765
S&P 500 Index		7/15/22		4,100.00		32		USD	13,120,000		(8,000	)		(297,209	)		289,209
S&P 500 Index		7/15/22		4,200.00		32		USD	13,440,000		(2,720	)		(317,981	)		315,261
S&P 500 Index		7/29/22		3,725.00		32		USD	11,920,000		(452,800	)		(360,273	)		(92,527	)
S&P 500 Index		7/29/22		3,800.00		33		USD	12,540,000		(323,961	)		(302,576	)		(21,385	)
S&P 500 Index		8/19/22		3,975.00		32		USD	12,720,000		(171,456	)		(219,120	)		47,664
S&P 500 Index		8/19/22		4,000.00		32		USD	12,800,000		(146,048	)		(413,295	)		267,247
										$	(1,460,275	)	$	(2,864,544	)	$	1,404,269

Currency Legend

USD U.S. Dollar

The accompanying notes are an integral part of the financial statements.

78

MML Mid Cap Growth Fund – Portfolio of Investments

June 30, 2022 (Unaudited)

	Number of Shares		Value
EQUITIES — 95.7%
COMMON STOCK — 95.2%
Basic Materials — 0.5%
Chemicals — 0.5%
RPM International, Inc.		22,500	$	1,771,200
Communications — 5.3%
Advertising — 0.6%
The Trade Desk, Inc. Class A (a)		46,600		1,952,074
Internet — 3.5%
CDW Corp.		22,304		3,514,218
DoorDash, Inc., Class A (a)		9,900		635,283
Farfetch Ltd. Class A (a)		27,124		194,208
Match Group, Inc. (a)		40,904		2,850,600
Palo Alto Networks, Inc. (a)		5,093		2,515,636
Spotify Technology SA (a)		12,300		1,154,109
Vimeo, Inc. (a)		29,429		177,163
				11,041,217
Media — 0.8%
Liberty Media Corp-Liberty Formula One Class C (a)		39,100		2,481,677
Telecommunications — 0.4%
Corning, Inc.		40,500		1,276,155
				16,751,123
Consumer, Cyclical — 13.0%
Airlines — 0.8%
Southwest Airlines Co. (a)		73,000		2,636,760
Apparel — 0.3%
Deckers Outdoor Corp. (a)		3,300		842,655
Auto Manufacturers — 0.3%
Rivian Automotive, Inc. Class A (a) (b)		35,998		926,588
Entertainment — 0.6%
DraftKings, Inc. Class A (a) (b)		36,600		427,122
Vail Resorts, Inc.		6,700		1,460,935
				1,888,057
Lodging — 2.4%
Hilton Worldwide Holdings, Inc.		50,331		5,608,887
MGM Resorts International		74,300		2,150,985
				7,759,872
Retail — 8.6%
Bath & Body Works, Inc.		27,000		726,840
Burlington Stores, Inc. (a)		22,500		3,065,175
Casey’s General Stores, Inc.		14,000		2,589,720
Chipotle Mexican Grill, Inc. (a)		2,050		2,679,883
Dollar General Corp.		17,100		4,197,024
Dollar Tree, Inc. (a)		11,200		1,745,520
Domino’s Pizza, Inc.		5,000		1,948,550

	Number of Shares		Value
Five Below, Inc. (a)		7,200	$	816,696
Freshpet, Inc. (a)		27,665		1,435,537
Lululemon Athletica, Inc. (a)		8,692		2,369,526
O’Reilly Automotive, Inc. (a)		3,200		2,021,632
Olaplex Holdings, Inc. (a) (b)		22,548		317,701
Ross Stores, Inc.		11,700		821,691
Warby Parker, Inc. Class A (a)		8,143		91,690
Wingstop, Inc.		33,532		2,507,188
				27,334,373
				41,388,305
Consumer, Non-cyclical — 33.0%
Beverages — 0.3%
The Boston Beer Co., Inc. Class A (a) (b)		3,294		997,983
Biotechnology — 3.6%
Alnylam Pharmaceuticals, Inc. (a)		14,600		2,129,410
Apellis Pharmaceuticals, Inc. (a)		6,782		306,682
Argenx SE ADR (a) (b)		5,809		2,200,914
CRISPR Therapeutics AG (a) (b)		3,628		220,474
Exelixis, Inc. (a)		18,000		374,760
Ionis Pharmaceuticals, Inc. (a)		38,500		1,425,270
Seagen, Inc. (a)		24,414		4,319,813
Ultragenyx Pharmaceutical, Inc. (a)		6,700		399,722
				11,377,045
Commercial Services — 10.0%
Bright Horizons Family Solutions, Inc. (a)		15,300		1,293,156
Chegg, Inc. (a)		72,945		1,369,907
Clarivate PLC (a)		102,082		1,414,857
CoStar Group, Inc. (a)		36,554		2,208,227
Equifax, Inc.		13,500		2,467,530
FleetCor Technologies, Inc. (a)		15,300		3,214,683
Gartner, Inc. (a)		20,469		4,950,018
MarketAxess Holdings, Inc.		4,200		1,075,242
Multiplan Corp. (a) (b)		129,800		712,602
Paylocity Holding Corp. (a)		6,100		1,063,962
Shift4 Payments, Inc. Class A (a)		68,207		2,254,923
Terminix Global Holdings, Inc. (a)		28,600		1,162,590
TransUnion		79,486		6,358,085
Verisk Analytics, Inc.		12,600		2,180,934
				31,726,716
Food — 0.3%
TreeHouse Foods, Inc. (a)		24,907		1,041,611
Health Care – Products — 11.7%
Alcon, Inc.		27,900		1,949,931
Align Technology, Inc. (a)		8,987		2,126,953
Avantor, Inc. (a)		128,800		4,005,680
Bruker Corp.		63,100		3,960,156

The accompanying notes are an integral part of the financial statements.

79

MML Mid Cap Growth Fund – Portfolio of Investments (Continued)

	Number of Shares		Value
The Cooper Cos., Inc.		10,900	$	3,413,008
Dentsply Sirona, Inc.		14,100		503,793
Exact Sciences Corp. (a) (b)		12,800		504,192
Hologic, Inc. (a)		105,900		7,338,870
ICU Medical, Inc. (a)		8,000		1,315,120
Omnicell, Inc. (a)		27,442		3,121,528
Quidelortho Corp. (a)		21,033		2,043,987
Teleflex, Inc.		20,240		4,976,004
West Pharmaceutical Services, Inc.		7,235		2,187,647
				37,446,869
Health Care – Services — 4.9%
Acadia Healthcare Co., Inc. (a)		45,700		3,090,691
agilon health, Inc. (a) (b)		8,756		191,143
Catalent, Inc. (a)		62,200		6,673,438
ICON PLC (a)		20,860		4,520,362
Molina Healthcare, Inc. (a)		4,500		1,258,245
				15,733,879
Household Products & Wares — 1.2%
Avery Dennison Corp.		17,200		2,784,164
Reynolds Consumer Products, Inc.		35,600		970,812
				3,754,976
Pharmaceuticals — 1.0%
Alkermes PLC (a)		20,300		604,737
Elanco Animal Health, Inc. (a)		27,000		530,010
Neurocrine Biosciences, Inc. (a)		11,200		1,091,776
Perrigo Co. PLC		20,300		823,571
				3,050,094
				105,129,173
Energy — 1.6%
Energy – Alternate Sources — 0.1%
Shoals Technologies Group, Inc. Class A (a)		23,000		379,040
Oil & Gas — 1.1%
Coterra Energy, Inc.		31,500		812,385
Pioneer Natural Resources Co.		6,800		1,516,944
Venture Global LNG, Inc., Series B (Acquired 3/08/18, Cost $63,420) (a) (c) (d) (e)		21		124,954
Venture Global LNG, Inc., Series C (Acquired 10/16/17-3/08/18, Cost $530,257) (a) (c) (d) (e)		144		856,824
				3,311,107
Pipelines — 0.4%
Cheniere Energy, Inc.		9,900		1,316,997
				5,007,144
Financial — 6.0%
Diversified Financial Services — 2.7%
Cboe Global Markets, Inc.		15,800		1,788,402

	Number of Shares		Value
Hamilton Lane, Inc. Class A		48,409	$	3,252,117
Raymond James Financial, Inc.		8,900		795,749
Tradeweb Markets, Inc. Class A		40,500		2,764,125
				8,600,393
Insurance — 1.7%
Assurant, Inc.		17,800		3,076,730
Axis Capital Holdings Ltd.		32,500		1,855,425
Kemper Corp.		10,200		488,580
				5,420,735
Private Equity — 1.6%
Ares Management Corp. Class A		41,172		2,341,040
KKR & Co., Inc.		58,900		2,726,481
				5,067,521
				19,088,649
Industrial — 17.3%
Aerospace & Defense — 0.8%
Hexcel Corp.		49,725		2,601,115
Building Materials — 1.2%
Fortune Brands Home & Security, Inc.		22,789		1,364,605
Martin Marietta Materials, Inc.		7,860		2,352,027
				3,716,632
Electrical Components & Equipment — 0.1%
Littelfuse, Inc.		1,900		482,676
Electronics — 4.3%
Agilent Technologies, Inc.		42,300		5,023,971
Amphenol Corp. Class A		24,100		1,551,558
Fortive Corp.		45,000		2,447,100
Keysight Technologies, Inc. (a)		23,400		3,225,690
National Instruments Corp.		45,100		1,408,473
				13,656,792
Environmental Controls — 0.3%
Waste Connections, Inc.		9,000		1,115,640
Machinery – Construction & Mining — 1.5%
BWX Technologies, Inc.		84,712		4,666,784
Machinery – Diversified — 3.4%
Cognex Corp.		20,300		863,156
Enovis Corp. (a)		26,878		1,478,290
Esab Corp.		26,878		1,175,912
IDEX Corp.		11,300		2,052,419
Ingersoll Rand, Inc.		123,800		5,209,504
				10,779,281
Miscellaneous - Manufacturing — 2.0%
Textron, Inc.		104,000		6,351,280

The accompanying notes are an integral part of the financial statements.

80

MML Mid Cap Growth Fund – Portfolio of Investments (Continued)

	Number of Shares		Value
Packaging & Containers — 2.6%
Ball Corp.		77,947	$	5,360,415
Sealed Air Corp.		48,100		2,776,332
				8,136,747
Transportation — 1.1%
J.B. Hunt Transport Services, Inc.		23,100		3,637,557
				55,144,504
Technology — 18.5%
Computers — 3.0%
Crowdstrike Holdings, Inc. Class A (a)		10,400		1,753,024
Fortinet, Inc. (a)		75,500		4,271,790
Leidos Holdings, Inc.		9,600		966,816
Thoughtworks Holding, Inc. (a)		9,956		140,479
Varonis Systems, Inc. (a)		76,253		2,235,738
				9,367,847
Semiconductors — 5.2%
KLA Corp.		12,200		3,892,776
Lattice Semiconductor Corp. (a)		21,600		1,047,600
Marvell Technology, Inc.		96,900		4,218,057
Microchip Technology, Inc.		100,700		5,848,656
Synaptics, Inc. (a)		11,309		1,335,028
Wolfspeed, Inc. (a)		5,400		342,630
				16,684,747
Software — 10.3%
Atlassian Corp. PLC Class A (a)		9,900		1,855,260
Avalara, Inc. (a)		38,899		2,746,269
Bill.com Holdings, Inc. (a)		6,600		725,604
Black Knight, Inc. (a)		32,900		2,151,331
Broadridge Financial Solutions, Inc.		5,000		712,750
CCC Intelligent Solutions Holdings, Inc. (a)		126,172		1,160,782
Ceridian HCM Holding, Inc. (a)		78,919		3,715,507
Clear Secure Inc. Class A (a) (b)		5,493		109,860
DocuSign, Inc. (a)		13,300		763,154
Doximity, Inc. Class A (a) (b)		15,800		550,156
Electronic Arts, Inc.		24,818		3,019,110
Fair Isaac Corp. (a)		2,000		801,800
MongoDB, Inc. (a)		8,680		2,252,460
nCino, Inc. (a) (b)		6,900		213,348
Playtika Holding Corp. (a)		23,537		311,630
PTC, Inc. (a)		15,400		1,637,636
Roper Technologies, Inc.		5,800		2,288,970
SentinelOne Inc. Class A (a)		15,776		368,054
Synopsys, Inc. (a)		8,100		2,459,970
Veeva Systems, Inc. Class A (a)		16,900		3,346,876

	Number of Shares		Value
ZoomInfo Technologies, Inc. (a)		51,938	$	1,726,419
				32,916,946
				58,969,540
TOTAL COMMON STOCK (Cost $290,082,248)				303,249,638
PREFERRED STOCK — 0.5%
Consumer, Cyclical — 0.1%
Auto Manufacturers — 0.1%
Nuro, Inc., Series D (Acquired 10/29/21, Cost $159,220) (a) (c) (d) (e)		7,638		159,220
Consumer, Non-cyclical — 0.1%
Commercial Services — 0.0%
Redwood Materials, Inc., Series C (Acquired 5/28/21, Cost $200,090) (a) (c) (d) (e)		4,221		220,125
Health Care – Services — 0.1%
Caris Life Sciences, Inc., Series D (Acquired 5/11/21, Cost $271,366) (a) (c) (d) (e)		33,502		220,443
				440,568
Financial — 0.1%
Investment Companies — 0.1%
Maplebear, Inc., Series E (Acquired 11/19/21 - 12/01/21, Cost $528,790) (a) (c) (d) (e)		4,398		314,853
Maplebear, Inc., Series I (Acquired 2/26/21, Cost $95,750) (a) (c) (d) (e)		766		54,838
				369,691
				369,691
Industrial — 0.1%
Electrical Components & Equipment — 0.1%
Sila Nanotechnologies, Inc., Series F (Acquired 1/07/21, Cost $407,982) (a) (c) (d) (e)		9,885		308,115
Technology — 0.1%
Software — 0.1%
Databricks, Inc., Series G (Acquired 2/01/21, Cost $133,381) (a) (c) (d) (e)		752		124,742

The accompanying notes are an integral part of the financial statements.

81

MML Mid Cap Growth Fund – Portfolio of Investments (Continued)

	Number of Shares		Value
Databricks, Inc., Series H (Acquired 8/31/21, Cost $186,503) (a) (c) (d) (e)		846	$	140,334
				265,076
TOTAL PREFERRED STOCK (Cost $1,983,082)				1,542,670
TOTAL EQUITIES (Cost $292,065,330)				304,792,308
MUTUAL FUNDS — 0.4%
Diversified Financial Services — 0.4%
State Street Navigator Securities Lending Government Money Market Portfolio (f)		1,148,290		1,148,290
TOTAL MUTUAL FUNDS (Cost $1,148,290)				1,148,290
TOTAL LONG-TERM INVESTMENTS (Cost $293,213,620)				305,940,598
SHORT-TERM INVESTMENTS — 3.8%
Mutual Fund — 0.0%
T. Rowe Price Treasury Reserve Fund		102		102
	Principal Amount
Repurchase Agreement — 3.8%
Fixed Income Clearing Corp., Repurchase Agreement, dated 6/30/22, 0.240%, due 7/01/22 (g)	$	12,245,321		12,245,321
TOTAL SHORT-TERM INVESTMENTS (Cost $12,245,423)				12,245,423
TOTAL INVESTMENTS — 99.9% (Cost $305,459,043) (h)				318,186,021
Other Assets/(Liabilities) — 0.1%				311,248
NET ASSETS — 100.0%			$	318,497,269

Abbreviation Legend

ADR American Depositary Receipt

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

(a) Non-income producing security.

(b) Denotes all or a portion of security on loan. The total value of securities on loan as of June 30, 2022, was $5,809,239 or 1.82% of net assets. Total securities on loan may be less than the amounts identified in the Portfolio of Investments. The Fund received $4,799,856 of non-cash collateral (U.S. Treasury and/or Agency obligations) related to securities lending activity. This amount is not reflected on either the Portfolio of Investments or the Statement of Assets and Liabilities. (Note 2).

(c) Investment was valued using significant unobservable inputs.

(d) This security is fair valued in good faith in accordance with procedures approved by the Board of Trustees. At June 30, 2022, these securities amounted to a value of $2,524,448 or 0.79% of net assets.

(e) Restricted security. Certain securities are restricted as to resale. At June 30, 2022, these securities amounted to a value of $2,524,448 or 0.79% of net assets. The Fund generally bears the costs, if any, associated with the disposition of restricted securities.

(f) Represents investment of security lending cash collateral. (Note 2).

(g) Maturity value of $12,245,403. Collateralized by U.S. Government Agency obligations with a rate of 3.000%, maturity date of 6/30/24, and an aggregate market value, including accrued interest, of $12,490,321.

(h) See Note 6 for aggregate cost for federal tax purposes.

The accompanying notes are an integral part of the financial statements.

82

MML Mid Cap Value Fund – Portfolio of Investments

June 30, 2022 (Unaudited)

	Number of Shares		Value
EQUITIES — 99.0%
COMMON STOCK — 98.4%
Basic Materials — 2.3%
Chemicals — 1.6%
Akzo Nobel NV		34,519	$	2,280,626
Axalta Coating Systems Ltd. (a)		105,710		2,337,248
				4,617,874
Forest Products & Paper — 0.7%
Mondi PLC		123,081		2,183,381
				6,801,255
Communications — 2.8%
Internet — 1.0%
F5, Inc. (a)		19,975		3,056,974
Media — 1.4%
Fox Corp. Class B		142,070		4,219,479
Telecommunications — 0.4%
Juniper Networks, Inc.		35,071		999,524
				8,275,977
Consumer, Cyclical — 13.4%
Airlines — 1.8%
Southwest Airlines Co. (a)		147,122		5,314,047
Auto Manufacturers — 1.5%
Cummins, Inc.		15,628		3,024,487
PACCAR, Inc.		16,459		1,355,234
				4,379,721
Auto Parts & Equipment — 2.1%
Aptiv PLC (a)		11,693		1,041,495
BorgWarner, Inc.		124,872		4,166,979
Bridgestone Corp. (b)		25,100		916,325
				6,124,799
Food Services — 1.0%
Sodexo SA		42,607		3,023,345
Leisure Time — 0.6%
Polaris, Inc.		18,783		1,864,776
Retail — 6.4%
Advance Auto Parts, Inc.		31,646		5,477,606
Beacon Roofing Supply, Inc. (a)		37,067		1,903,761
Cracker Barrel Old Country Store, Inc. (b)		13,164		1,099,062
Dollar Tree, Inc. (a)		34,860		5,432,931
MSC Industrial Direct Co., Inc. Class A		65,931		4,952,078
				18,865,438
				39,572,126

	Number of Shares		Value
Consumer, Non-cyclical — 20.9%
Food — 6.4%
Conagra Brands, Inc.		188,019	$	6,437,771
General Mills, Inc.		13,871		1,046,567
The J.M. Smucker Co.		22,951		2,937,957
Kellogg Co.		14,366		1,024,870
Koninklijke Ahold Delhaize NV		211,101		5,501,657
Orkla ASA		243,206		1,946,700
				18,895,522
Health Care – Products — 6.3%
Baxter International, Inc.		22,834		1,466,628
Dentsply Sirona, Inc.		54,218		1,937,209
Henry Schein, Inc. (a)		60,993		4,680,603
Koninklijke Philips NV		60,846		1,310,014
Zimmer Biomet Holdings, Inc.		88,604		9,308,736
				18,703,190
Health Care – Services — 3.5%
Quest Diagnostics, Inc.		44,040		5,856,439
Universal Health Services, Inc. Class B		45,081		4,540,108
				10,396,547
Household Products & Wares — 1.7%
Kimberly-Clark Corp.		36,537		4,937,976
Pharmaceuticals — 3.0%
AmerisourceBergen Corp.		24,942		3,528,794
Becton Dickinson and Co.		6,251		1,541,059
Cardinal Health, Inc.		40,332		2,108,154
Embecta Corp. (a)		70,461		1,784,072
				8,962,079
				61,895,314
Energy — 5.0%
Oil & Gas — 2.9%
Devon Energy Corp.		50,174		2,765,089
Diamondback Energy, Inc.		12,506		1,515,102
Phillips 66		29,472		2,416,409
Pioneer Natural Resources Co.		8,648		1,929,196
				8,625,796
Oil & Gas Services — 0.9%
Baker Hughes Co.		90,257		2,605,719
Pipelines — 1.2%
Enterprise Products Partners LP		144,837		3,529,678
				14,761,193
Financial — 29.1%
Banks — 10.9%
The Bank of New York Mellon Corp.		174,237		7,267,425
Commerce Bancshares, Inc.		6,734		442,087
First Hawaiian, Inc.		189,317		4,299,389

The accompanying notes are an integral part of the financial statements.

83

MML Mid Cap Value Fund – Portfolio of Investments (Continued)

	Number of Shares		Value
Northern Trust Corp.		78,976	$	7,619,605
Prosperity Bancshares, Inc.		67,414		4,602,354
State Street Corp.		18,730		1,154,705
Truist Financial Corp.		103,414		4,904,926
Westamerica Bancorp.		34,626		1,927,283
				32,217,774
Diversified Financial Services — 2.9%
Ameriprise Financial, Inc.		14,141		3,361,033
T. Rowe Price Group, Inc.		44,644		5,072,005
				8,433,038
Insurance — 6.6%
Aflac, Inc.		68,921		3,813,399
The Allstate Corp.		50,317		6,376,673
Chubb Ltd.		7,619		1,497,743
The Hanover Insurance Group, Inc.		16,343		2,390,164
Reinsurance Group of America, Inc.		47,080		5,522,013
				19,599,992
Real Estate Investment Trusts (REITS) — 8.3%
Equinix, Inc.		6,064		3,984,169
Essex Property Trust, Inc.		10,120		2,646,481
Healthcare Trust of America, Inc. Class A		116,163		3,242,109
Healthpeak Properties, Inc.		175,104		4,536,945
Realty Income Corp.		37,118		2,533,675
Regency Centers Corp.		62,547		3,709,662
VICI Properties, Inc.		90,916		2,708,388
Weyerhaeuser Co.		31,766		1,052,090
				24,413,519
Savings & Loans — 0.4%
Capitol Federal Financial, Inc.		136,550		1,253,529
				85,917,852
Industrial — 14.2%
Building Materials — 0.9%
Cie de Saint-Gobain		59,133		2,568,646
Electrical Components & Equipment — 2.1%
Emerson Electric Co.		77,684		6,178,985
Electronics — 3.5%
Atkore, Inc. (a)		16,992		1,410,506
Hubbell, Inc.		6,319		1,128,447
nVent Electric PLC		152,279		4,770,901
TE Connectivity Ltd.		27,291		3,087,977
				10,397,831
Engineering & Construction — 0.6%
Vinci SA		18,483		1,660,522
Environmental Controls — 0.5%
Republic Services, Inc.		11,058		1,447,160

	Number of Shares		Value
Hand & Machine Tools — 0.4%
Stanley Black & Decker, Inc.		11,754	$	1,232,524
Machinery – Construction & Mining — 1.5%
Oshkosh Corp.		55,676		4,573,227
Machinery – Diversified — 0.5%
IMI PLC		98,047		1,400,118
Packaging & Containers — 2.5%
Amcor PLC		74,567		926,868
Packaging Corp. of America		23,708		3,259,850
Sonoco Products Co.		54,205		3,091,853
				7,278,571
Shipbuilding — 1.1%
Huntington Ingalls Industries, Inc.		14,879		3,240,944
Transportation — 0.6%
Heartland Express, Inc.		138,412		1,925,311
				41,903,839
Technology — 3.2%
Computers — 1.8%
Amdocs Ltd.		31,151		2,595,190
HP, Inc.		86,334		2,830,028
				5,425,218
Semiconductors — 0.4%
Applied Materials, Inc.		11,872		1,080,115
Software — 1.0%
Open Text Corp.		78,610		2,974,602
				9,479,935
Utilities — 7.5%
Electric — 5.5%
Edison International		99,282		6,278,594
Evergy, Inc.		14,734		961,393
Eversource Energy		14,521		1,226,589
NorthWestern Corp. (b)		72,447		4,269,302
Pinnacle West Capital Corp.		47,938		3,505,226
				16,241,104
Gas — 2.0%
Atmos Energy Corp.		10,183		1,141,514
Spire, Inc.		64,164		4,771,877
				5,913,391
				22,154,495
TOTAL COMMON STOCK (Cost $299,474,358)				290,761,986

The accompanying notes are an integral part of the financial statements.

84

MML Mid Cap Value Fund – Portfolio of Investments (Continued)

	Number of Shares		Value
PREFERRED STOCK — 0.6%
Consumer, Non-cyclical — 0.6%
Household Products & Wares — 0.6%
Henkel AG & Co. KGaA		26,454	$	1,629,564
TOTAL PREFERRED STOCK (Cost $1,709,792)				1,629,564
TOTAL EQUITIES (Cost $301,184,150)				292,391,550
TOTAL LONG-TERM INVESTMENTS (Cost $301,184,150)				292,391,550

	Principal Amount		Value
SHORT-TERM INVESTMENTS — 2.3%
Repurchase Agreement — 2.3%
Fixed Income Clearing Corp., Repurchase Agreement, dated 6/30/22, 0.240%, due 7/01/22 (c)	$	6,915,027	$	6,915,027
TOTAL SHORT-TERM INVESTMENTS (Cost $6,915,027)				6,915,027
TOTAL INVESTMENTS — 101.3% (Cost $308,099,177) (d)				299,306,577
Other Assets/(Liabilities) — (1.3)%				(3,958,475	)
NET ASSETS — 100.0%			$	295,348,102

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

(a) Non-income producing security.

(b) Denotes all or a portion of security on loan. The total value of securities on loan as of June 30, 2022, was $6,149,965 or 2.08% of net assets. Total securities on loan may be less than the amounts identified in the Portfolio of Investments. The Fund received $6,377,401 of non-cash collateral (U.S. Treasury and/or Agency obligations) related to securities lending activity. This amount is not reflected on either the Portfolio of Investments or the Statement of Assets and Liabilities. (Note 2).

(c) Maturity value of $6,915,073. Collateralized by U.S. Government Agency obligations with a rate of 3.000%, maturity date of 6/30/24, and an aggregate market value, including accrued interest, of $7,053,375.

(d) See Note 6 for aggregate cost for federal tax purposes.

Forward contracts

Counterparty	Settlement Date		Currency Purchased			Currency Sold				Unrealized Appreciation (Depreciation)
Bank of America N.A.*		9/30/22		GBP	86,095		USD	$	105,799	$	(819	)
Bank of America N.A.*		9/30/22		JPY	3,733,625		USD		27,640		49
Bank of America N.A.*		9/30/22		USD	820,589		JPY		110,088,600		4,148
Bank of America N.A.*		9/30/22		USD	3,329,652		GBP		2,711,579		23,285
JP Morgan Chase Bank N.A.*		9/30/22		USD	15,490,184		EUR		14,648,497		43,469
UBS AG*		9/30/22		USD	1,601,681		NOK		15,934,371		(19,211	)
										$	50,921

* Contracts are subject to a master netting agreement or similar agreement.

Currency Legend

EUR Euro

GBP British Pound

JPY Japanese Yen

NOK Norwegian Krone

USD U.S. Dollar

The accompanying notes are an integral part of the financial statements.

85

MML Small Cap Growth Equity Fund – Portfolio of Investments

June 30, 2022 (Unaudited)

	Number of Shares		Value
EQUITIES — 94.3%
COMMON STOCK — 94.3%
Basic Materials — 2.2%
Chemicals — 1.9%
Cabot Corp.		32,155	$	2,051,168
Methanex Corp. (a)		19,328		738,909
				2,790,077
Mining — 0.3%
Livent Corp. (b)		16,126		365,899
				3,155,976
Communications — 5.6%
Internet — 3.2%
Bumble, Inc. Class A (b)		5,996		168,787
Cargurus, Inc. (b)		66,668		1,432,695
Criteo SA Sponsored ADR (b)		20,811		507,789
Perficient, Inc. (b)		21,487		1,970,143
Revolve Group, Inc. (a) (b)		20,565		532,839
				4,612,253
Media — 0.4%
The New York Times Co. Class A		21,588		602,305
Telecommunications — 2.0%
Calix, Inc. (b)		59,524		2,032,150
Viavi Solutions, Inc. (b)		56,744		750,723
				2,782,873
				7,997,431
Consumer, Cyclical — 10.3%
Apparel — 1.8%
Carter’s, Inc. (a)		4,630		326,322
Crocs, Inc. (b)		7,691		374,321
Deckers Outdoor Corp. (b)		1,756		448,395
Steven Madden Ltd.		46,390		1,494,222
				2,643,260
Distribution & Wholesale — 0.6%
WESCO International, Inc. (b)		7,838		839,450
Entertainment — 0.4%
Cinemark Holdings, Inc. (b)		43,750		657,125
Food Services — 0.7%
Sovos Brands, Inc. (b)		60,606		961,817
Home Builders — 0.9%
Skyline Champion Corp. (b)		26,239		1,244,253
Leisure Time — 0.4%
Acushnet Holdings Corp.		13,225		551,218
Lodging — 0.5%
Boyd Gaming Corp.		14,582		725,455
Retail — 5.0%
Denny’s Corp. (b)		44,115		382,918

	Number of Shares		Value
Five Below, Inc. (b)		4,845	$	549,568
Freshpet, Inc. (b)		7,043		365,461
National Vision Holdings, Inc. (b)		22,292		613,030
Nu Skin Enterprises, Inc. Class A		18,588		804,860
Patrick Industries, Inc.		11,870		615,341
Rush Enterprises, Inc. Class A		17,771		856,562
Texas Roadhouse, Inc.		13,248		969,754
Victoria’s Secret & Co. (b)		18,783		525,361
Wingstop, Inc.		19,357		1,447,323
				7,130,178
				14,752,756
Consumer, Non-cyclical — 23.9%
Beverages — 0.2%
Celsius Holdings, Inc. (b)		4,148		270,699
Biotechnology — 5.9%
Akero Therapeutics, Inc. (b)		11,782		111,340
Amicus Therapeutics, Inc. (b)		63,164		678,381
Apellis Pharmaceuticals, Inc. (b)		19,196		868,043
Blueprint Medicines Corp. (b)		5,031		254,116
Celldex Therapeutics, Inc. (b)		7,753		209,021
Crinetics Pharmaceuticals, Inc. (b)		15,069		281,037
Fate Therapeutics, Inc. (a) (b)		7,430		184,116
Halozyme Therapeutics, Inc. (b)		8,232		362,208
Intellia Therapeutics, Inc. (b)		7,512		388,821
Intra-Cellular Therapies, Inc. (b)		9,503		542,431
Karuna Therapeutics, Inc. (b)		1,423		180,024
Kymera Therapeutics, Inc. (b)		38,181		751,784
Myriad Genetics, Inc. (b)		29,377		533,780
PTC Therapeutics, Inc. (b)		11,805		472,908
Relay Therapeutics, Inc. (b)		16,715		279,976
Revolution Medicines, Inc. (b)		29,881		582,381
Rocket Pharmaceuticals, Inc. (b)		39,992		550,290
Sage Therapeutics, Inc. (b)		5,387		174,000
Turning Point Therapeutics, Inc. (b)		8,152		613,438
Veracyte, Inc. (b)		23,041		458,516
				8,476,611
Commercial Services — 4.1%
H&R Block, Inc.		16,834		594,577
HealthEquity, Inc. (b)		7,771		477,062
Herc Holdings, Inc.		600		54,090
LiveRamp Holdings, Inc. (b)		14,943		385,679
Mister Car Wash, Inc. (b)		51,220		557,273
R1 RCM, Inc. (b)		62,305		1,305,913
Repay Holdings Corp. (a) (b)		31,035		398,800
TriNet Group, Inc. (b)		22,341		1,734,108

The accompanying notes are an integral part of the financial statements.

86

MML Small Cap Growth Equity Fund – Portfolio of Investments (Continued)

	Number of Shares		Value
WillScot Mobile Mini Holdings Corp. (b)		12,200	$	395,524
				5,903,026
Cosmetics & Personal Care — 1.0%
elf Beauty, Inc. (b)		44,080		1,352,374
Food — 0.7%
Performance Food Group Co. (b)		20,636		948,843
Health Care – Products — 5.3%
Glaukos Corp. (b)		14,458		656,682
Globus Medical, Inc. Class A (b)		24,275		1,362,799
Haemonetics Corp. (b)		24,785		1,615,486
ICU Medical, Inc. (b)		4,052		666,108
Inari Medical, Inc. (b)		8,347		567,513
Inspire Medical Systems, Inc. (b)		4,399		803,565
Integra LifeSciences Holdings Corp. (b)		17,652		953,738
Omnicell, Inc. (b)		5,607		637,796
Tandem Diabetes Care, Inc. (b)		6,375		377,336
				7,641,023
Health Care – Services — 1.7%
Acadia Healthcare Co., Inc. (b)		12,065		815,956
Amedisys, Inc. (b)		6,976		733,317
LHC Group, Inc. (b)		5,756		896,440
				2,445,713
Household Products & Wares — 0.5%
Spectrum Brands Holdings, Inc.		9,315		764,016
Pharmaceuticals — 4.5%
Aclaris Therapeutics, Inc. (b)		24,120		336,715
Alkermes PLC (b)		9,199		274,038
Ascendis Pharma A/S ADR (b)		2,726		253,409
BellRing Brands, Inc. (b)		32,249		802,678
Covetrus, Inc. (b)		56,109		1,164,262
Cytokinetics, Inc. (a) (b)		23,015		904,259
Myovant Sciences Ltd. (a) (b)		23,699		294,578
Owens & Minor, Inc.		56,308		1,770,887
Pacira BioSciences, Inc. (b)		6,764		394,341
Y-mAbs Therapeutics, Inc. (b)		13,391		202,606
				6,397,773
				34,200,078
Energy — 5.9%
Energy – Alternate Sources — 1.3%
Atlantica Sustainable Infrastructure PLC		26,971		870,084
First Solar, Inc. (b)		9,205		627,137
Maxeon Solar Technologies Ltd. (a) (b)		29,480		391,789
				1,889,010

	Number of Shares		Value
Oil & Gas — 4.4%
Brigham Minerals, Inc. Class A		46,403	$	1,142,906
Chesapeake Energy Corp. (a)		12,469		1,011,236
Magnolia Oil & Gas Corp. Class A		65,447		1,373,732
PDC Energy, Inc.		6,560		404,162
SM Energy Co.		7,700		263,263
Viper Energy Partners LP (c)		46,378		1,237,365
Whiting Petroleum Corp.		13,164		895,547
				6,328,211
Oil & Gas Services — 0.2%
Aris Water Solution, Inc. Class A		17,038		284,194
				8,501,415
Financial — 16.7%
Banks — 4.6%
Ameris Bancorp		39,877		1,602,258
Atlantic Union Bankshares Corp.		25,931		879,579
Cadence Bank		31,225		733,163
First Interstate BancSystem, Inc. Class A		24,597		937,392
National Bank Holdings Corp. Class A		22,345		855,143
Seacoast Banking Corp. of Florida		30,479		1,007,026
Synovus Financial Corp.		15,019		541,435
				6,555,996
Diversified Financial Services — 3.1%
Air Lease Corp.		26,265		878,039
Hannon Armstrong Sustainable Infrastructure Capital, Inc. (a)		46,966		1,778,133
PRA Group, Inc. (b)		25,431		924,671
StepStone Group, Inc. Class A		29,650		771,790
				4,352,633
Insurance — 2.4%
Assured Guaranty Ltd.		21,647		1,207,686
Kemper Corp.		16,029		767,789
MGIC Investment Corp.		31,826		401,008
Selective Insurance Group, Inc.		12,367		1,075,187
				3,451,670
Real Estate — 0.6%
McGrath RentCorp		11,132		846,032
Real Estate Investment Trusts (REITS) — 6.0%
Centerspace		9,496		774,399
Douglas Emmett, Inc.		27,811		622,410
Essential Properties Realty Trust, Inc.		72,947		1,567,631
Independence Realty Trust, Inc.		42,640		883,927
National Storage Affiliates Trust		14,038		702,883
Phillips Edison & Co., Inc.		54,641		1,825,556
PotlatchDeltic Corp.		17,722		783,135
Ryman Hospitality Properties, Inc. (b)		11,189		850,700

The accompanying notes are an integral part of the financial statements.

87

MML Small Cap Growth Equity Fund – Portfolio of Investments (Continued)

	Number of Shares		Value
Xenia Hotels & Resorts, Inc. (b)		43,835	$	636,922
				8,647,563
Industrial — 17.6%
Aerospace & Defense — 2.1%
Curtiss-Wright Corp.		9,038		1,193,558
Mercury Systems, Inc. (b)		16,783		1,079,651
Spirit AeroSystems Holdings, Inc. Class A		24,617		721,278
				2,994,487
Building Materials — 0.4%
Louisiana-Pacific Corp.		10,816		566,867
Electrical Components & Equipment — 1.1%
Acuity Brands, Inc.		6,236		960,593
Novanta, Inc. (b)		5,065		614,233
				1,574,826
Electronics — 0.8%
II-VI, Inc. (a) (b)		23,276		1,185,912
Engineering & Construction — 1.5%
Fluor Corp. (b)		90,424		2,200,920
Environmental Controls — 0.6%
Clean Harbors, Inc. (b)		9,312		816,383
Hand & Machine Tools — 1.3%
Enerpac Tool Group Corp.		35,158		668,705
Kennametal, Inc.		28,740		667,630
Regal Rexnord Corp.		4,850		550,572
				1,886,907
Machinery – Diversified — 6.6%
Albany International Corp. Class A		11,089		873,702
Applied Industrial Technologies, Inc.		17,708		1,702,978
Cactus, Inc. Class A		17,447		702,591
Chart Industries, Inc. (a) (b)		8,879		1,486,167
Enovis Corp. (b)		12,628		694,540
Esab Corp.		16,716		731,325
Flowserve Corp.		25,973		743,607
The Middleby Corp. (b)		7,568		948,725
Zurn Water Solutions Corp.		56,659		1,543,391
				9,427,026
Metal Fabricate & Hardware — 1.0%
Helios Technologies, Inc.		22,363		1,481,549
Miscellaneous - Manufacturing — 0.4%
John Bean Technologies Corp.		4,619		510,030

	Number of Shares		Value
Packaging & Containers — 0.7%
Graphic Packaging Holding Co.		49,851	$	1,021,945
Transportation — 0.6%
Kirby Corp. (b)		13,581		826,268
Trucking & Leasing — 0.5%
GATX Corp.		7,787		733,224
				25,226,344
Technology — 10.9%
Computers — 1.6%
Rapid7, Inc. (b)		26,482		1,768,998
Varonis Systems, Inc. (b)		19,451		570,303
				2,339,301
Semiconductors — 3.3%
Cirrus Logic, Inc. (b)		8,401		609,408
FormFactor, Inc. (b)		19,092		739,433
MKS Instruments, Inc.		4,825		495,190
Power Integrations, Inc.		10,345		775,978
Synaptics, Inc. (b)		9,772		1,153,585
Tower Semiconductor Ltd. (b)		20,694		955,649
				4,729,243
Software — 6.0%
Avalara, Inc. (b)		7,521		530,983
Concentrix Corp.		2,078		281,860
DoubleVerify Holdings, Inc. (b)		28,170		638,614
Five9, Inc. (b)		10,444		951,866
Jamf Holding Corp. (a) (b)		73,853		1,829,339
Manhattan Associates, Inc. (b)		5,409		619,871
New Relic, Inc. (b)		10,017		501,351
Olo, Inc. Class A (a) (b)		16,122		159,124
RingCentral, Inc. Class A (b)		13,875		725,108
Verra Mobility Corp. (b)		95,313		1,497,367
Ziff Davis, Inc. (b)		10,550		786,291
				8,521,774
				15,590,318
Utilities — 1.2%
Electric — 0.7%
Portland General Electric Co.		20,746		1,002,654
Gas — 0.5%
ONE Gas, Inc.		9,661		784,377
				1,787,031
TOTAL COMMON STOCK (Cost $145,118,949)				135,065,243
TOTAL EQUITIES (Cost $145,118,949)				135,065,243

The accompanying notes are an integral part of the financial statements.

88

MML Small Cap Growth Equity Fund – Portfolio of Investments (Continued)

	Number of Shares		Value
MUTUAL FUNDS — 4.7%
Diversified Financial Services — 4.7%
iShares Russell 2000 ETF (a)		1,906	$	322,801
iShares Russell 2000 Growth ETF		16,082		3,317,877
State Street Navigator Securities Lending Government Money Market Portfolio (d)		3,141,719		3,141,719
				6,782,397
TOTAL MUTUAL FUNDS (Cost $7,057,908)				6,782,397
TOTAL LONG-TERM INVESTMENTS (Cost $152,176,857)				141,847,640
	Principal Amount
SHORT-TERM INVESTMENTS — 1.1%
Repurchase Agreement — 1.1%
Fixed Income Clearing Corp., Repurchase Agreement, dated 6/30/22, 0.240%, due 7/01/22 (e)	$	1,557,535		1,557,535
TOTAL SHORT-TERM INVESTMENTS (Cost $1,557,535)				1,557,535
TOTAL INVESTMENTS — 100.1% (Cost $153,734,392) (f)				143,405,175
Other Assets/(Liabilities) — (0.1)%				(128,507	)
NET ASSETS — 100.0%			$	143,276,668

Abbreviation Legend

ADR American Depositary Receipt

ETF Exchange-Traded Fund

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

(a) Denotes all or a portion of security on loan. The total value of securities on loan as of June 30, 2022, was $10,225,545 or 7.14% of net assets. Total securities on loan may be less than the amounts identified in the Portfolio of Investments. The Fund received $7,331,280 of non-cash collateral (U.S. Treasury and/or Agency obligations) related to securities lending activity. This amount is not reflected on either the Portfolio of Investments or the Statement of Assets and Liabilities. (Note 2).

(b) Non-income producing security.

(c) Security is a Master Limited Partnership.

(d) Represents investment of security lending cash collateral. (Note 2).

(e) Maturity value of $1,557,545. Collateralized by U.S. Government Agency obligations with a rate of 3.000%, maturity date of 6/30/24, and an aggregate market value, including accrued interest, of $1,588,760.

(f) See Note 6 for aggregate cost for federal tax purposes.

The accompanying notes are an integral part of the financial statements.

89

MML Small Company Value Fund – Portfolio of Investments

June 30, 2022 (Unaudited)

	Number of Shares		Value
EQUITIES — 99.4%
COMMON STOCK — 99.4%
Basic Materials — 1.1%
Chemicals — 1.1%
Minerals Technologies, Inc.		13,857	$	849,988
Communications — 1.0%
Advertising — 0.7%
Entravision Communications Corp. Class A		114,020		519,931
Internet — 0.2%
Solo Brands, Inc. Class A (a) (b)		36,851		149,615
Media — 0.1%
Townsquare Media, Inc. Class A (a)		12,543		102,727
				772,273
Consumer, Cyclical — 17.8%
Apparel — 1.9%
Tapestry, Inc.		49,462		1,509,580
Distribution & Wholesale — 1.7%
A-Mark Precious Metals, Inc.		16,082		518,645
KAR Auction Services, Inc. (a)		54,107		799,160
				1,317,805
Entertainment — 1.2%
Accel Entertainment, Inc. (a)		57,888		614,771
Penn National Gaming, Inc. (a)		10,174		309,493
				924,264
Food Services — 0.4%
Healthcare Services Group, Inc.		19,969		347,660
Home Builders — 1.6%
Skyline Champion Corp. (a)		25,629		1,215,327
Leisure Time — 3.6%
Brunswick Corp.		20,228		1,322,507
Malibu Boats, Inc. Class A (a)		14,958		788,436
OneWater Marine, Inc. Class A (a) (b)		20,731		685,159
				2,796,102
Lodging — 0.4%
Boyd Gaming Corp.		6,293		313,077
Retail — 6.6%
Beacon Roofing Supply, Inc. (a)		20,261		1,040,605
Dave & Buster’s Entertainment, Inc. (a)		21,519		705,393
GMS, Inc. (a)		20,145		896,452
MarineMax, Inc. (a)		22,582		815,662
Penske Automotive Group, Inc.		14,185		1,485,028
Red Robin Gourmet Burgers, Inc. (a)		25,507		204,821
				5,147,961

	Number of Shares		Value
Textiles — 0.4%
UniFirst Corp.		1,832	$	315,434
				13,887,210
Consumer, Non-cyclical — 16.7%
Commercial Services — 9.1%
AMN Healthcare Services, Inc. (a)		4,230		464,073
Barrett Business Services, Inc.		5,875		428,111
The Brink’s Co.		26,041		1,580,949
Deluxe Corp.		33,368		723,085
Euronet Worldwide, Inc. (a)		2,844		286,078
EVERTEC, Inc.		46,021		1,697,255
Korn Ferry		23,920		1,387,838
Loomis AB		24,112		589,472
				7,156,861
Cosmetics & Personal Care — 1.7%
Edgewell Personal Care Co.		39,325		1,357,499
Health Care – Products — 2.2%
Patterson Cos., Inc.		34,379		1,041,684
Varex Imaging Corp. (a)		21,217		453,832
Zimvie, Inc. (a)		12,317		197,195
				1,692,711
Health Care – Services — 0.2%
National HealthCare Corp.		2,551		178,315
Household Products & Wares — 2.8%
Spectrum Brands Holdings, Inc.		26,260		2,153,845
Pharmaceuticals — 0.7%
Embecta Corp. (a)		20,626		522,250
				13,061,481
Energy — 2.0%
Energy – Alternate Sources — 0.6%
Enviva, Inc. (b)		8,252		472,180
Oil & Gas — 0.2%
Earthstone Energy, Inc. Class A (a) (b)		12,526		170,980
Oil & Gas Services — 1.2%
ChampionX Corp.		46,880		930,568
NCS Multistage Holdings, Inc. (a)		479		14,657
				945,225
				1,588,385
Financial — 34.2%
Banks — 21.4%
Ameris Bancorp		24,844		998,232
BankUnited, Inc.		27,985		995,426
ConnectOne Bancorp, Inc.		15,977		390,638
F.N.B. Corp.		125,900		1,367,274
First BanCorp		116,229		1,500,516
First Hawaiian, Inc.		8,560		194,398

The accompanying notes are an integral part of the financial statements.

90

MML Small Company Value Fund – Portfolio of Investments (Continued)

	Number of Shares		Value
First Interstate BancSystem, Inc. Class A		11,682	$	445,201
First Merchants Corp.		6,399		227,932
First Mid Bancshares, Inc.		4,999		178,314
Home BancShares, Inc.		49,354		1,025,083
Independent Bank Corp.		5,980		474,991
Independent Bank Group, Inc.		14,261		968,465
Old National Bancorp		95,914		1,418,568
Origin Bancorp, Inc.		10,135		393,238
Premier Financial Corp.		11,149		282,627
QCR Holdings, Inc.		5,926		319,945
SouthState Corp.		21,032		1,622,619
Towne Bank		14,699		399,078
UMB Financial Corp.		18,622		1,603,354
Valley National Bancorp		109,418		1,139,041
Veritex Holdings, Inc.		27,318		799,325
				16,744,265
Diversified Financial Services — 0.2%
Enact Holdings, Inc.		7,102		152,551
Insurance — 2.7%
Axis Capital Holdings Ltd.		26,500		1,512,885
James River Group Holdings Ltd.		5,076		125,783
ProAssurance Corp.		20,072		474,302
				2,112,970
Investment Companies — 1.9%
Compass Diversified Holdings (b)		68,583		1,469,048
Private Equity — 0.3%
Patria Investments Ltd.		16,342		216,041
Real Estate Investment Trusts (REITS) — 6.0%
Brandywine Realty Trust		60,378		582,044
CareTrust REIT, Inc.		27,361		504,537
Cousins Properties, Inc.		9,967		291,335
Easterly Government Properties, Inc.		16,277		309,914
Four Corners Property Trust, Inc.		25,402		675,439
Getty Realty Corp.		11,773		311,985
Healthcare Realty Trust, Inc.		9,112		247,846
Highwoods Properties, Inc.		8,129		277,931
Kite Realty Group Trust		15,579		269,361
National Health Investors, Inc.		8,684		526,337
Physicians Realty Trust		15,073		263,024
Sabra Health Care REIT, Inc.		16,138		225,448
Summit Hotel Properties, Inc. (a)		36,159		262,876
				4,748,077
Savings & Loans — 1.7%
Pacific Premier Bancorp, Inc.		32,382		946,849

	Number of Shares		Value
Provident Financial Services, Inc.		17,857	$	397,497
				1,344,346
				26,787,298
Industrial — 19.4%
Building Materials — 2.1%
Hayward Holdings, Inc. (a) (b)		30,423		437,787
Mohawk Industries, Inc. (a)		4,459		553,317
Tecnoglass, Inc.		36,083		633,257
				1,624,361
Electrical Components & Equipment — 1.2%
Belden, Inc.		16,453		876,451
Graham Corp.		10,695		74,010
				950,461
Electronics — 5.7%
Advanced Energy Industries, Inc.		4,517		329,651
Avnet, Inc.		31,236		1,339,400
Coherent, Inc. (a)		1,342		357,267
II-VI, Inc. (a) (b)		36,370		1,853,051
Vontier Corp.		26,349		605,764
				4,485,133
Engineering & Construction — 1.3%
Dycom Industries, Inc. (a)		10,485		975,524
Environmental Controls — 0.4%
CECO Environmental Corp. (a)		26,748		159,953
Charah Solutions, Inc. (a) (b)		32,498		121,542
				281,495
Hand & Machine Tools — 0.2%
Luxfer Holdings PLC		11,432		172,852
Machinery – Diversified — 3.2%
DXP Enterprises, Inc. (a)		14,347		439,449
Enovis Corp. (a)		12,608		693,440
Esab Corp.		12,202		533,837
Gates Industrial Corp. PLC (a)		79,005		854,044
				2,520,770
Metal Fabricate & Hardware — 2.3%
The Timken Co.		34,296		1,819,403
Miscellaneous - Manufacturing — 0.1%
DIRTT Environmental Solutions (a) (b)		64,423		68,933
Packaging & Containers — 2.9%
Graphic Packaging Holding Co.		71,409		1,463,884
Karat Packaging, Inc. (a)		5,817		99,238
Pactiv Evergreen, Inc.		72,526		722,359
				2,285,481
				15,184,413

The accompanying notes are an integral part of the financial statements.

91

MML Small Company Value Fund – Portfolio of Investments (Continued)

	Number of Shares		Value
Technology — 5.9%
Semiconductors — 2.4%
Cohu, Inc. (a)		20,980	$	582,195
Kulicke & Soffa Industries, Inc.		29,916		1,280,704
				1,862,899
Software — 3.5%
Avaya Holdings Corp. (a) (b)		73,790		165,290
Donnelley Financial Solutions, Inc. (a)		26,239		768,540
IBEX Holdings Ltd. (a) (b)		12,740		214,924
Teradata Corp. (a)		42,820		1,584,768
				2,733,522
				4,596,421
Utilities — 1.3%
Electric — 0.7%
ALLETE, Inc.		4,281		251,637
PNM Resources, Inc.		6,291		300,584
				552,221
Gas — 0.6%
Northwest Natural Holding Co.		2,957		157,017
Southwest Gas Holdings, Inc.		3,647		317,581
				474,598
				1,026,819
TOTAL COMMON STOCK (Cost $92,984,156)				77,754,288
TOTAL EQUITIES (Cost $92,984,156)				77,754,288
MUTUAL FUNDS — 0.9%
Diversified Financial Services — 0.9%
State Street Navigator Securities Lending Government Money Market Portfolio (c)		718,563		718,563
TOTAL MUTUAL FUNDS (Cost $718,563)				718,563
TOTAL LONG-TERM INVESTMENTS (Cost $93,702,719)				78,472,851

	Principal Amount		Value
SHORT-TERM INVESTMENTS — 0.9%
Repurchase Agreement — 0.9%
Fixed Income Clearing Corp., Repurchase Agreement, dated 6/30/22, 0.240%, due 7/01/22 (d)	$	713,729	$	713,729
TOTAL SHORT-TERM INVESTMENTS (Cost $713,729)				713,729
TOTAL INVESTMENTS — 101.2% (Cost $94,416,448) (e)				79,186,580
Other Assets/(Liabilities) — (1.2)%				(941,736	)
NET ASSETS — 100.0%			$	78,244,844

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

(a) Non-income producing security.

(b) Denotes all or a portion of security on loan. The total value of securities on loan as of June 30, 2022, was $5,039,624 or 6.44% of net assets. Total securities on loan may be less than the amounts identified in the Portfolio of Investments. The Fund received $4,472,990 of non-cash collateral (U.S. Treasury and/or Agency obligations) related to securities lending activity. This amount is not reflected on either the Portfolio of Investments or the Statement of Assets and Liabilities. (Note 2).

(c) Represents investment of security lending cash collateral. (Note 2).

(d) Maturity value of $713,734. Collateralized by U.S. Government Agency obligations with a rate of 3.000%, maturity date of 6/30/24, and an aggregate market value, including accrued interest, of $728,103.

(e) See Note 6 for aggregate cost for federal tax purposes.

The accompanying notes are an integral part of the financial statements.

92

MML Small Company Value Fund – Portfolio of Investments (Continued)

Forward contracts

Counterparty	Settlement Date		Currency Purchased			Currency Sold			Unrealized Appreciation (Depreciation)
UBS AG*		9/30/22		USD	499,080		SEK	5,066,413	$	1,984

* Contracts are subject to a master netting agreement or similar agreement.

Currency Legend

SEK Swedish Krona

USD U.S. Dollar

The accompanying notes are an integral part of the financial statements.

93

MML Small/Mid Cap Value Fund – Portfolio of Investments

June 30, 2022 (Unaudited)

	Number of Shares		Value
EQUITIES — 99.4%
COMMON STOCK — 99.4%
Basic Materials — 5.2%
Chemicals — 1.8%
Huntsman Corp.		49,190	$	1,394,536
Innospec, Inc.		11,253		1,077,925
				2,472,461
Iron & Steel — 2.5%
Allegheny Technologies, Inc. (a)		63,240		1,436,180
Carpenter Technology Corp.		24,584		686,140
Reliance Steel & Aluminum Co.		7,585		1,288,388
				3,410,708
Mining — 0.9%
Cameco Corp.		58,000		1,219,160
				7,102,329
Communications — 1.1%
Internet — 1.1%
Criteo SA Sponsored ADR (a)		58,681		1,431,817
Consumer, Cyclical — 15.4%
Airlines — 0.7%
SkyWest, Inc. (a)		42,347		899,874
Apparel — 3.2%
Carter’s, Inc.		21,280		1,499,814
Ralph Lauren Corp.		15,400		1,380,610
Tapestry, Inc.		47,400		1,446,648
				4,327,072
Auto Parts & Equipment — 1.9%
Dana, Inc.		76,736		1,079,676
The Goodyear Tire & Rubber Co. (a)		139,850		1,497,793
				2,577,469
Entertainment — 0.7%
Scientific Games Corp. Class A (a)		19,820		931,342
Home Builders — 2.9%
KB Home		41,940		1,193,613
PulteGroup, Inc.		47,040		1,864,195
Taylor Morrison Home Corp. (a)		38,534		900,154
				3,957,962
Home Furnishing — 1.0%
MillerKnoll, Inc.		49,590		1,302,729
Lodging — 0.8%
Hilton Grand Vacations, Inc. (a)		30,270		1,081,547
Retail — 4.2%
Dine Brands Global, Inc.		22,031		1,433,778
Papa John’s International, Inc.		17,141		1,431,616
Sally Beauty Holdings, Inc. (a)		99,230		1,182,822

	Number of Shares		Value
Williams-Sonoma, Inc.		15,011	$	1,665,470
				5,713,686
				20,791,681
Consumer, Non-cyclical — 14.6%
Commercial Services — 4.8%
ADT, Inc.		188,580		1,159,767
Herc Holdings, Inc.		15,510		1,398,226
Korn Ferry		23,490		1,362,890
Robert Half International, Inc.		14,478		1,084,257
WillScot Mobile Mini Holdings Corp. (a)		44,480		1,442,042
				6,447,182
Food — 2.5%
The Hain Celestial Group, Inc. (a)		62,325		1,479,596
Nomad Foods Ltd. (a)		96,587		1,930,774
				3,410,370
Health Care – Products — 2.7%
Envista Holdings Corp. (a)		47,570		1,833,348
Integra LifeSciences Holdings Corp. (a)		33,550		1,812,706
				3,646,054
Health Care – Services — 4.6%
Acadia Healthcare Co., Inc. (a)		32,130		2,172,952
MEDNAX, Inc. (a)		93,620		1,966,956
Syneos Health, Inc. (a)		28,320		2,029,978
				6,169,886
				19,673,492
Energy — 3.7%
Oil & Gas — 3.7%
Coterra Energy, Inc.		30,731		792,553
Helmerich & Payne, Inc.		34,500		1,485,570
HF Sinclair Corp.		36,195		1,634,566
Magnolia Oil & Gas Corp. Class A		51,760		1,086,442
				4,999,131
				4,999,131
Financial — 27.4%
Banks — 13.2%
BankUnited, Inc.		45,600		1,621,992
Comerica, Inc.		28,370		2,081,791
First BanCorp		145,610		1,879,825
First Citizens BancShares, Inc. Class A		3,419		2,235,274
First Hawaiian, Inc.		72,120		1,637,845
Synovus Financial Corp.		42,624		1,536,595
Texas Capital Bancshares, Inc. (a)		31,658		1,666,477
Webster Financial Corp.		35,919		1,513,986
Wintrust Financial Corp.		23,800		1,907,570

The accompanying notes are an integral part of the financial statements.

94

MML Small/Mid Cap Value Fund – Portfolio of Investments (Continued)

	Number of Shares		Value
Zions Bancorp NA		34,798	$	1,771,218
				17,852,573
Diversified Financial Services — 2.1%
Moelis & Co. Class A		36,806		1,448,316
Stifel Financial Corp.		23,670		1,325,994
				2,774,310
Insurance — 4.6%
American Financial Group, Inc.		12,178		1,690,428
The Hanover Insurance Group, Inc.		12,138		1,775,182
Kemper Corp.		25,500		1,221,450
Selective Insurance Group, Inc.		17,507		1,522,059
				6,209,119
Real Estate Investment Trusts (REITS) — 7.5%
American Campus Communities, Inc.		10,102		651,276
Broadstone Net Lease, Inc.		67,730		1,389,142
Camden Property Trust		15,228		2,047,862
Cousins Properties, Inc.		46,070		1,346,626
CubeSmart		30,974		1,323,209
Physicians Realty Trust		134,123		2,340,447
STAG Industrial, Inc.		34,182		1,055,540
				10,154,102
				36,990,104
Industrial — 21.4%
Aerospace & Defense — 1.1%
Spirit AeroSystems Holdings, Inc. Class A		53,210		1,559,053
Building Materials — 1.0%
Masonite International Corp. (a)		17,281		1,327,699
Electrical Components & Equipment — 0.9%
Belden, Inc.		23,414		1,247,264
Electronics — 2.3%
Avnet, Inc.		38,250		1,640,160
Sensata Technologies Holding PLC		34,290		1,416,520
				3,056,680
Engineering & Construction — 4.0%
AECOM		29,290		1,910,294
Arcosa, Inc.		31,860		1,479,260
Dycom Industries, Inc. (a)		21,568		2,006,686
				5,396,240
Hand & Machine Tools — 1.0%
Regal Rexnord Corp.		11,982		1,360,197
Machinery – Construction & Mining — 1.9%
Oshkosh Corp.		15,981		1,312,679
Vertiv Holdings Co.		150,090		1,233,740
				2,546,419

	Number of Shares		Value
Machinery – Diversified — 0.5%
Cactus, Inc. Class A		18,540	$	746,606
Metal Fabricate & Hardware — 0.9%
The Timken Co.		22,390		1,187,789
Packaging & Containers — 2.5%
Berry Global Group, Inc. (a)		42,330		2,312,911
Sealed Air Corp.		18,060		1,042,423
				3,355,334
Transportation — 5.0%
Kirby Corp. (a)		29,880		1,817,899
Knight-Swift Transportation Holdings, Inc.		42,303		1,958,206
Star Bulk Carriers Corp.		49,270		1,231,257
XPO Logistics, Inc. (a)		36,110		1,739,058
				6,746,420
Trucking & Leasing — 0.3%
GATX Corp.		3,997		376,358
				28,906,059
Technology — 7.7%
Computers — 2.1%
Genpact Ltd.		23,000		974,280
Lumentum Holdings, Inc. (a)		23,140		1,837,779
				2,812,059
Semiconductors — 1.6%
Kulicke & Soffa Industries, Inc.		18,722		801,489
ON Semiconductor Corp. (a)		26,300		1,323,153
				2,124,642
Software — 4.0%
ACI Worldwide, Inc. (a)		62,090		1,607,510
Change Healthcare, Inc. (a)		92,380		2,130,283
CommVault Systems, Inc. (a)		27,895		1,754,595
				5,492,388
				10,429,089
Utilities — 2.9%
Electric — 1.7%
IDACORP, Inc.		22,311		2,363,181
Gas — 1.2%
Southwest Gas Holdings, Inc.		18,000		1,567,440
				3,930,621
TOTAL COMMON STOCK (Cost $139,570,109)				134,254,323
TOTAL EQUITIES (Cost $139,570,109)				134,254,323

The accompanying notes are an integral part of the financial statements.

95

MML Small/Mid Cap Value Fund – Portfolio of Investments (Continued)

	Number of Shares		Value
TOTAL LONG-TERM INVESTMENTS (Cost $139,570,109)			$	134,254,323
	Principal Amount
SHORT-TERM INVESTMENTS — 1.4%
Repurchase Agreement — 1.4%
Fixed Income Clearing Corp., Repurchase Agreement, dated 6/30/22, 0.240%, due 7/01/22 (b)	$	1,811,476		1,811,476
TOTAL SHORT-TERM INVESTMENTS (Cost $1,811,476)				1,811,476
TOTAL INVESTMENTS — 100.8% (Cost $141,381,585) (c)				136,065,799
Other Assets/(Liabilities) — (0.8)%				(1,018,442	)
NET ASSETS — 100.0%			$	135,047,357

Abbreviation Legend

ADR American Depositary Receipt

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

(a) Non-income producing security.

(b) Maturity value of $1,811,488. Collateralized by U.S. Government Agency obligations with a rate of 3.000%, maturity date of 6/30/24, and an aggregate market value, including accrued interest, of $1,847,776.

(c) See Note 6 for aggregate cost for federal tax purposes.

The accompanying notes are an integral part of the financial statements.

96

MML Sustainable Equity Fund – Portfolio of Investments

June 30, 2022 (Unaudited)

	Number of Shares		Value
EQUITIES — 99.8%
COMMON STOCK — 99.8%
Basic Materials — 2.5%
Chemicals — 2.5%
Air Products & Chemicals, Inc.		2,476	$	595,428
Ecolab, Inc.		3,973		610,889
Linde PLC		6,134		1,763,709
The Sherwin-Williams Co.		1,498		335,417
				3,305,443
				3,305,443
Communications — 14.5%
Internet — 9.9%
Alphabet, Inc. Class A (a)		3,150		6,864,669
Amazon.com, Inc. (a)		35,680		3,789,573
Booking Holdings, Inc. (a)		461		806,284
CDW Corp.		7,703		1,213,685
Expedia Group, Inc. (a)		3,714		352,199
Uber Technologies, Inc. (a)		9,188		187,986
				13,214,396
Media — 1.3%
Comcast Corp. Class A		14,855		582,910
The Walt Disney Co. (a)		11,575		1,092,680
				1,675,590
Telecommunications — 3.3%
Cisco Systems, Inc.		57,528		2,452,994
Verizon Communications, Inc.		37,050		1,880,288
				4,333,282
				19,223,268
Consumer, Cyclical — 8.0%
Apparel — 1.0%
Deckers Outdoor Corp. (a)		1,455		371,534
NIKE, Inc. Class B		8,910		910,602
				1,282,136
Auto Manufacturers — 2.2%
Cummins, Inc.		5,213		1,008,872
Tesla, Inc. (a)		2,944		1,982,549
				2,991,421
Auto Parts & Equipment — 0.7%
Aptiv PLC (a)		10,548		939,510
Retail — 4.1%
Chipotle Mexican Grill, Inc. (a)		218		284,983
Costco Wholesale Corp.		1,900		910,632
The Home Depot, Inc.		8,103		2,222,410
Target Corp.		3,581		505,745
The TJX Cos., Inc.		19,063		1,064,668

	Number of Shares		Value
Tractor Supply Co.		2,376	$	460,587
				5,449,025
				10,662,092
Consumer, Non-cyclical — 21.4%
Agriculture — 0.0%
Vital Farms, Inc. (a)		5,603		49,026
Beverages — 1.8%
PepsiCo, Inc.		14,239		2,373,072
Biotechnology — 0.8%
Amgen, Inc.		2,322		564,943
Vertex Pharmaceuticals, Inc. (a)		1,865		525,538
				1,090,481
Commercial Services — 1.1%
S&P Global, Inc.		4,224		1,423,741
Cosmetics & Personal Care — 2.2%
Colgate-Palmolive Co.		8,512		682,152
The Estee Lauder Cos., Inc. Class A		2,265		576,827
The Procter & Gamble Co.		11,640		1,673,716
				2,932,695
Food — 2.2%
Mondelez International, Inc. Class A		17,849		1,108,245
Sysco Corp.		20,958		1,775,352
				2,883,597
Health Care – Products — 2.6%
Edwards Lifesciences Corp. (a)		13,861		1,318,042
Medtronic PLC		3,225		289,444
ResMed, Inc.		1,386		290,547
Thermo Fisher Scientific, Inc.		2,818		1,530,963
				3,428,996
Health Care – Services — 2.5%
Humana, Inc.		1,537		719,424
UnitedHealth Group, Inc.		5,076		2,607,186
				3,326,610
Pharmaceuticals — 8.2%
AbbVie, Inc.		9,930		1,520,879
Bristol-Myers Squibb Co.		25,287		1,947,099
Cigna Corp.		7,898		2,081,281
CVS Health Corp.		16,931		1,568,826
Merck & Co., Inc.		16,811		1,532,659
Novo Nordisk A/S Class B		8,206		910,795
Zoetis, Inc.		7,317		1,257,719
				10,819,258
				28,327,476
Energy — 4.1%
Oil & Gas — 2.1%
ConocoPhillips		31,096		2,792,732

The accompanying notes are an integral part of the financial statements.

97

MML Sustainable Equity Fund – Portfolio of Investments (Continued)

	Number of Shares		Value
Oil & Gas Services — 2.0%
Schlumberger NV		74,078	$	2,649,029
				5,441,761
Financial — 14.8%
Banks — 4.7%
Bank of America Corp.		20,271		631,036
JP Morgan Chase & Co.		16,640		1,873,830
Morgan Stanley		27,080		2,059,705
Regions Financial Corp.		90,541		1,697,644
				6,262,215
Diversified Financial Services — 5.7%
American Express Co.		6,783		940,259
Ameriprise Financial, Inc.		3,498		831,405
BlackRock, Inc.		2,013		1,225,997
Intercontinental Exchange, Inc.		5,640		530,386
Mastercard, Inc. Class A		5,118		1,614,627
Visa, Inc. Class A		12,541		2,469,197
				7,611,871
Insurance — 2.2%
Marsh & McLennan Cos., Inc.		5,991		930,103
Prudential Financial, Inc.		10,556		1,009,998
The Travelers Cos., Inc.		5,922		1,001,588
				2,941,689
Real Estate Investment Trusts (REITS) — 2.2%
Prologis, Inc.		24,278		2,856,307
				19,672,082
Industrial — 11.5%
Aerospace & Defense — 1.3%
Lockheed Martin Corp.		3,892		1,673,404
Building Materials — 1.5%
Johnson Controls International PLC		27,353		1,309,662
Masco Corp.		13,704		693,422
				2,003,084
Electrical Components & Equipment — 0.3%
Generac Holdings, Inc. (a)		1,732		364,725
Electronics — 2.7%
Agilent Technologies, Inc.		10,815		1,284,498
Honeywell International, Inc.		6,715		1,167,134
Keysight Technologies, Inc. (a)		8,146		1,122,926
				3,574,558
Machinery – Diversified — 1.4%
Cognex Corp.		8,774		373,070
Deere & Co.		1,582		473,762
Rockwell Automation, Inc.		2,148		428,118
Xylem, Inc.		6,852		535,689
				1,810,639

	Number of Shares		Value
Miscellaneous - Manufacturing — 1.2%
Eaton Corp. PLC		7,137	$	899,191
Parker-Hannifin Corp.		3,138		772,105
				1,671,296
Packaging & Containers — 0.7%
Ball Corp.		14,037		965,324
Transportation — 2.4%
Norfolk Southern Corp.		3,611		820,744
Union Pacific Corp.		3,380		720,886
United Parcel Service, Inc. Class B		9,160		1,672,067
				3,213,697
				15,276,727
Technology — 20.9%
Computers — 5.7%
Accenture PLC Class A		5,628		1,562,614
Apple, Inc.		44,439		6,075,700
				7,638,314
Semiconductors — 4.5%
Advanced Micro Devices, Inc. (a)		9,442		722,030
Analog Devices, Inc.		9,890		1,444,830
Applied Materials, Inc.		9,984		908,344
ASML Holding NV		1,627		785,236
NVIDIA Corp.		14,059		2,131,204
				5,991,644
Software — 10.7%
Adobe, Inc. (a)		1,934		707,960
Cadence Design Systems, Inc. (a)		2,733		410,032
Electronic Arts, Inc.		4,735		576,013
Microsoft Corp.		42,643		10,952,002
Salesforce, Inc. (a)		5,447		898,973
ServiceNow, Inc. (a)		793		377,087
Workday, Inc. Class A (a)		1,671		233,238
				14,155,305
				27,785,263
Utilities — 2.1%
Electric — 2.1%
NextEra Energy, Inc.		36,395		2,819,157
TOTAL COMMON STOCK (Cost $120,583,807)				132,513,269
TOTAL EQUITIES (Cost $120,583,807)				132,513,269

The accompanying notes are an integral part of the financial statements.

98

MML Sustainable Equity Fund – Portfolio of Investments (Continued)

	Number of Shares		Value
MUTUAL FUNDS — 0.1%
Diversified Financial Services — 0.1%
SPDR S&P 500 ETF Trust		197	$	74,318
TOTAL MUTUAL FUNDS (Cost $83,275)				74,318
TOTAL LONG-TERM INVESTMENTS (Cost $120,667,082)				132,587,587

	Principal Amount		Value
SHORT-TERM INVESTMENTS — 0.1%
Repurchase Agreement — 0.1%
Fixed Income Clearing Corp., Repurchase Agreement, dated 6/30/22, 0.240%, due 7/01/22 (b)	$	175,656	$	175,656
TOTAL SHORT-TERM INVESTMENTS (Cost $175,656)				175,656
TOTAL INVESTMENTS — 100.0% (Cost $120,842,738) (c)				132,763,243
Other Assets/(Liabilities) — 0.0%				21,153
NET ASSETS — 100.0%			$	132,784,396

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

(a) Non-income producing security.

(b) Maturity value of $175,657. Collateralized by U.S. Government Agency obligations with a rate of 3.000%, maturity date of 6/30/24, and an aggregate market value, including accrued interest, of $179,204.

(c) See Note 6 for aggregate cost for federal tax purposes.

Forward contracts

Counterparty	Settlement Date		Currency Purchased			Currency Sold			Unrealized Appreciation (Depreciation)
JP Morgan Chase Bank N.A.*		9/30/22		EUR	187,214		USD	196,909	$	507
JP Morgan Chase Bank N.A.*		9/30/22		USD	889,617		EUR	841,142		2,640
									$	3,147

* Contracts are subject to a master netting agreement or similar agreement.

Currency Legend

EUR Euro

USD US Dollar

The accompanying notes are an integral part of the financial statements.

99

MML Total Return Bond Fund – Portfolio of Investments

June 30, 2022 (Unaudited)

	Number of Shares		Value
EQUITIES — 0.1%
COMMON STOCK — 0.1%
Communications — 0.1%
Telecommunications — 0.1%
Intelsat Emergence SA		7,210	$	196,473
TOTAL COMMON STOCK (Cost $676,994)				196,473
TOTAL EQUITIES (Cost $676,994)				196,473
	Principal Amount
BONDS & NOTES — 112.9%
BANK LOANS — 1.9%
Aerospace & Defense — 0.0%
TransDigm, Inc., 2020 Term Loan E, 1 mo. USD LIBOR + 2.250%
3.916% VRN 5/30/25	$	48,875		46,342
Airlines — 0.0%
American Airlines, Inc., 2017 1st Lien Term Loan, 1 mo. USD LIBOR + 1.750%
3.402% VRN 1/29/27		34,152		29,987
United Airlines, Inc., 2021 Term Loan B, 1 mo. USD LIBOR + 3.750%
5.392% VRN 4/21/28		22,540		20,891
				50,878
Auto Parts & Equipment — 0.1%
Clarios Global LP, 2021 USD Term Loan B, 1 mo. USD LIBOR + 3.250%
4.916% VRN 4/30/26		194,908		181,508
Beverages — 0.0%
Naked Juice LLC, Term Loan, SOFRTE + 3.250%, SOFRTE + 3.250%
4.875% - 5.404% 1/24/29		142,088		131,964
Chemicals — 0.0%
Zep, Inc., 2017 1st Lien Term Loan, 3 mo. USD LIBOR + 4.000%
6.250% VRN 8/12/24		91,842		79,903
Commercial Services — 0.1%
AI Aqua Merger Sub, Inc. .
2022 Delayed Draw Term loan,
0.000% 7/31/28 (a)		7,713		6,993

	Principal Amount		Value
2022 Term Loan B,
0.000% FRN 7/31/28 (a)	$	33,938	$	30,771
Amentum Government Services Holdings LLC, Term Loan B
0.000% FRN 1/29/27		15,828		15,027
Prime Security Services Borrower, LLC, 2021 Term Loan
0.000% FRN 9/23/26 (a)		14,996		13,968
Spin Holdco, Inc., 2021 Term Loan, 3 mo. USD LIBOR + 4.000%
5.611% VRN 3/04/28 (a)		99,000		90,932
Trans Union, LLC, 2021 Term Loan B6
0.000% VRN 12/01/28 (a)		52,556		50,005
				207,696
Cosmetics & Personal Care — 0.0%
Sunshine Luxembourg VII SARL, 2021 Term Loan B3, 3 mo. USD LIBOR + 3.750%
6.000% VRN 10/01/26		48,891		45,137
Diversified Financial Services — 0.1%
Deerfield Dakota Holding, LLC, 2020 USD Term Loan B, SOFR CME + 3.750%
5.275%4/09/27		21,638		20,204
Setanta Aircraft Leasing Designated Activity Company, Term Loan B, 3 mo. USD LIBOR + 2.000%
4.250% VRN 11/05/28		175,000		166,105
				186,309
Food — 0.0%
Hostess Brands LLC, 2019 Term Loan, 1 mo. USD LIBOR + 2.250%, 3 mo. USD LIBOR + 2.250%
3.489% - 3.916% VRN 8/03/25		126,742		121,174
Health Care – Products — 0.1%
Avantor Funding, Inc., 2021 Term Loan B5, 1 mo. USD LIBOR + 2.250%
3.916% VRN 11/08/27		136,389		130,827
Medline Borrower LP, USD Term Loan B, 1 mo. USD LIBOR + 3.250%
4.916% VRN 10/23/28		249,375		230,866
				361,693
Insurance — 0.2%
Acrisure, LLC, 2020 Term Loan B, 1 mo. USD LIBOR + 3.500%
5.166% VRN 2/15/27		99,491		91,035

The accompanying notes are an integral part of the financial statements.

100

MML Total Return Bond Fund – Portfolio of Investments (Continued)

	Principal Amount		Value
AmWINS Group, Inc., 2021 Term Loan B, 1 mo. USD LIBOR + 2.250%
3.916% VRN 2/19/28	$	492,949	$	464,811
				555,846
Internet — 0.1%
NortonLifeLock, Inc., 2022 Term Loan B,
0.000%1/28/29(a)		250,000		236,500
Lodging — 0.1%
Caesars Resort Collection, LLC, 2017 1st Lien Term Loan B, 1 mo. USD LIBOR + 2.750%
4.416% VRN 12/23/24		98,437		94,601
Fertitta Entertainment, LLC, 2022 Term Loan B,
0.000% FRN 1/27/29 (a)		125,000		114,954
				209,555
Media — 0.2%
Diamond Sports Group LLC, Term Loan, SOFRTE + 3.250%
4.431%8/24/26		64,183		14,976
DirecTV Financing, LLC, Term Loan, 1 mo. USD LIBOR + 5.000%
6.666% VRN 8/02/27		158,525		145,513
Sinclair Television Group, Inc., 2021 Term Loan B3, 1 mo. USD LIBOR + 3.000%
4.670% VRN 4/01/28		148,500		137,300
Virgin Media Bristol LLC, USD Term Loan N, 1 mo. USD LIBOR + 2.500%
3.824% VRN 1/31/28		275,000		256,971
				554,760
Packaging & Containers — 0.1%
Berry Global, Inc., 2021 Term Loan Z, 1 mo. USD LIBOR + 1.750%
3.005% VRN 7/01/26		151,015		145,582
Pharmaceuticals — 0.4%
Change Healthcare Holdings LLC, 2017 Term Loan B, 1 mo. USD LIBOR + 2.500%
4.166% VRN 3/01/24		37,231		36,156
Elanco Animal Health, Inc., Term Loan B, 1 mo. USD LIBOR + 1.750%
2.812% VRN 8/01/27		400,361		377,340

	Principal Amount		Value
Gainwell Acquisition Corp., Term Loan B, 3 mo. USD LIBOR + 4.000%
6.250% VRN 10/01/27	$	99,747	$	94,137
Grifols Worldwide Operations USA, Inc., USD 2019 Term Loan B, 1 mo. USD LIBOR + 2.000%
3.666% VRN 11/15/27		280,004		264,010
Horizon Therapeutics USA, Inc., 2021 Term Loan B2, 1 mo. USD LIBOR + 1.750%
3.375% VRN 3/15/28		221,250		213,161
ICON Luxembourg S.A.R.L., LUX Term Loan,
0.000% VRN 7/03/28 (a)		9,814		9,468
Jazz Financing Lux S.A.R.L., USD Term Loan, 1 mo. USD LIBOR + 3.500%
5.166% VRN 5/05/28		148,500		141,376
Organon & Co, USD Term Loan, 3 mo. USD LIBOR + 3.000%
4.625% VRN 6/02/28		159,436		153,126
				1,288,774
Pipelines — 0.0%
Lucid Energy Group II Borrower, LLC, 2021 Term Loan,
0.000% FRN 11/24/28 (a)		10,890		10,731
Retail — 0.1%
Michaels Cos., Inc., 2021 Term Loan B, 3 mo. USD LIBOR + 4.250%
6.500% VRN 4/15/28		237,600		195,096
Whatabrands LLC, 2021 Term Loan B,
0.000% VRN 8/03/28 (a)		224,438		209,849
				404,945
Software — 0.1%
Athenahealth, Inc.
2022 Delayed Draw Term Loan,
0.000% FRN 2/15/29 (a) (b)		36,232		33,266
2022 Term Loan B, SOFRTE + 3.500%
5.009%2/15/29		213,768		196,267
CDK Global, Inc. ., 2022 USD Term Loan B,
0.000%7/06/29(a)		123,833		116,728
Sophia, L.P., 2021 Term Loan B,
0.000% FRN 10/07/27 (a)		65,975		61,399
				407,660

The accompanying notes are an integral part of the financial statements.

101

MML Total Return Bond Fund – Portfolio of Investments (Continued)

	Principal Amount		Value
Telecommunications — 0.2%
Level 3 Financing, Inc., 2019 Term Loan B, 1 mo. USD LIBOR + 1.750%
3.416% VRN 3/01/27	$	600,000	$	554,502
Zayo Group Holdings, Inc., 2022 USD Incremental Term Loan B,
5.775%3/09/27		113,687		105,824
				660,326
Transportation — 0.0%
Genesee & Wyoming, Inc., Term Loan, 3 mo. USD LIBOR + 2.000%
4.250% VRN 12/30/26		28,301		27,123
TOTAL BANK LOANS (Cost $6,288,807)				5,914,406
CORPORATE DEBT — 29.1%
Aerospace & Defense — 0.2%
The Boeing Co.
1.167%2/04/23		660,000		652,547
Agriculture — 0.8%
BAT Capital Corp.
4.390%8/15/37		400,000		318,468
4.540%8/15/47		1,050,001		774,045
5.650%3/16/52		215,000		186,545
Imperial Brands Finance PLC
3.125%7/26/24(c)		320,000		310,134
3.500%7/26/26(c)		225,000		211,084
Imperial Tobacco Finance PLC
4.250%7/21/25(c)		415,000		411,136
Reynolds American, Inc.
5.850%8/15/45		315,000		265,467
				2,476,879
Banks — 10.4%
Bank of America Corp.
SOFR + .910% 1.658% VRN 3/11/27		755,000		677,437
SOFR + 1.370% 1.922% VRN 10/24/31		110,000		87,788
SOFR + 1.060% 2.087% VRN 6/14/29		1,000,000		857,484
SOFR + 1.220% 2.299% VRN 7/21/32		240,000		194,483
SOFR + 1.210% 2.572% VRN 10/20/32		345,000		285,362
SOFR + 2.150% 2.592% VRN 4/29/31		140,000		119,067
SOFR + 1.320% 2.687% VRN 4/22/32		120,000		101,012

	Principal Amount		Value
3 mo. USD LIBOR + .790% 3.004% VRN 12/20/23	$	1,180,000	$	1,176,373
3 mo. USD LIBOR + 1.040% 3.419% VRN 12/20/28		470,000		438,400
3 mo. USD LIBOR + .970% 3.458% VRN 3/15/25		415,000		409,310
3 mo. USD LIBOR + 1.070% 3.970% VRN 3/05/29		485,000		463,234
Citigroup, Inc.
SOFR + .528% 1.281% VRN 11/03/25		135,000		125,476
SOFR + .770% 1.462% VRN 6/09/27		725,000		641,759
SOFR + .694% 2.014% VRN 1/25/26		210,000		196,891
SOFR + 1.167% 2.561% VRN 5/01/32		495,000		408,361
SOFR + 2.107% 2.572% VRN 6/03/31		255,000		214,875
SOFR + 1.351% 3.057% VRN 1/25/33		505,000		429,879
SOFR + 1.280% 3.070% VRN 2/24/28		190,000		176,371
SOFR + 2.842% 3.106% VRN 4/08/26		335,000		321,865
3 mo. USD LIBOR + .897% 3.352% VRN 4/24/25		85,000		83,389
Credit Suisse Group AG
SOFR + .980% 1.305% VRN 2/02/27 (c)		495,000		425,470
SOFR + 2.044% 2.193% VRN 6/05/26 (c)		590,000		535,238
SOFR + 1.560% 2.593% VRN 9/11/25 (c)		420,000		395,513
SOFR + 1.730% 3.091% VRN 5/14/32 (c)		405,000		323,139
4.282%1/09/28(c)		65,000		60,778
DNB Bank ASA 1 year CMT + .680%
1.605% VRN 3/30/28 (c)		635,000		551,836
The Goldman Sachs Group, Inc.
SOFR + .486% 0.925% VRN 10/21/24		530,000		507,131
1.217%12/06/23		1,030,000		992,921
SOFR + .798% 1.431% VRN 3/09/27		500,000		443,720
SOFR + .818% 1.542% VRN 9/10/27		1,450,000		1,274,403
SOFR + .913% 1.948% VRN 10/21/27		125,000		111,304
SOFR + 1.090% 1.992% VRN 1/27/32		140,000		110,888
SOFR + 1.248% 2.383% VRN 7/21/32		415,000		336,643

The accompanying notes are an integral part of the financial statements.

102

MML Total Return Bond Fund – Portfolio of Investments (Continued)

	Principal Amount		Value
SOFR + 1.264% 2.650% VRN 10/21/32	$	200,000	$	165,200
3.200%2/23/23		145,000		145,060
3 mo. USD LIBOR + 1.201% 3.272% VRN 9/29/25		325,000		316,059
HSBC Holdings PLC
SOFR + .708% 0.976% VRN 5/24/25		505,000		471,260
SOFR + 1.732% 2.013% VRN 9/22/28		1,080,000		925,239
SOFR + 1.285% 2.206% VRN 8/17/29		610,000		513,793
SOFR + 1.187% 2.804% VRN 5/24/32		365,000		300,530
3 mo. USD LIBOR + 1.211% 3.803% VRN 3/11/25		110,000		108,503
JP Morgan Chase & Co.
SOFR + .580% 0.697% VRN 3/16/24		165,000		161,443
3 mo. TSFR + .580% 0.969% VRN 6/23/25		1,060,000		991,200
SOFR + .885% 1.578% VRN 4/22/27		500,000		445,490
SOFR + 1.015% 2.069% VRN 6/01/29		250,000		215,240
SOFR + 1.160% 2.301% VRN 10/15/25		255,000		243,049
SOFR + 1.180% 2.545% VRN 11/08/32		375,000		311,305
SOFR + 1.250% 2.580% VRN 4/22/32		605,000		509,183
SOFR + 1.170% 2.947% VRN 2/24/28		1,145,000		1,062,326
Lloyds Banking Group PLC
1 year CMT + .850% 1.627% VRN 5/11/27		515,000		458,338
3 mo. USD LIBOR + 1.205% 3.574% VRN 11/07/28		520,000		487,317
1 year CMT + 1.800% 3.750% VRN 3/18/28		200,000		190,603
1 year CMT + 3.500% 3.870% VRN 7/09/25		220,000		217,422
Macquarie Group Ltd.
SOFR + 1.532% 2.871% VRN 1/14/33 (c)		1,045,000		854,818
SOFR + 2.405% 4.442% VRN 6/21/33 (c)		240,000		223,218
Morgan Stanley
SOFR + .509% 0.791% VRN 1/22/25		285,000		269,585
SOFR + .560% 1.164% VRN 10/21/25		1,300,000		1,205,531

	Principal Amount		Value
SOFR + .879% 1.593% VRN 5/04/27	$	505,000	$	448,808
SOFR + 1.020% 1.928% VRN 4/28/32		235,000		186,863
SOFR + 1.178% 2.239% VRN 7/21/32		160,000		130,079
SOFR + 1.200% 2.511% VRN 10/20/32		520,000		430,794
SOFR + 2.620% 5.297% VRN 4/20/37		215,000		208,756
Natwest Group PLC 3 mo. USD LIBOR + 1.762%
4.269% VRN 3/22/25		775,000		767,389
Santander UK Group Holdings PLC
SOFR + .787% 1.089% VRN 3/15/25		540,000		504,548
1 year CMT + 1.250% 1.532% VRN 8/21/26		710,000		636,534
SOFR + .989% 1.673% VRN 6/14/27		120,000		104,873
SOFR + 1.220% 2.469% VRN 1/11/28		200,000		176,960
3 mo. USD LIBOR + 1.080% 3.373% VRN 1/05/24		445,000		443,026
Santander UK PLC
5.000%11/07/23(c)		435,000		438,036
UBS Group AG Registered 1 year CMT + 1.550%
4.488% VRN 5/12/26 (c)		200,000		199,566
Wells Fargo & Co.
3 mo. USD LIBOR + .750% 2.164% VRN 2/11/26		335,000		315,164
SOFR + 2.100% 2.393% VRN 6/02/28		1,400,000		1,255,623
SOFR + 1.432% 2.879% VRN 10/30/30		490,000		431,871
SOFR + 1.500% 3.350% VRN 3/02/33		1,285,000		1,143,619
SOFR + 1.510% 3.526% VRN 3/24/28		320,000		303,524
SOFR + 4.502% 5.013% VRN 4/04/51		150,000		148,024
				32,543,569
Beverages — 0.6%
Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc.
4.900%2/01/46		880,000		831,768
Bacardi Ltd.
4.450%5/15/25(c)		700,000		693,640

The accompanying notes are an integral part of the financial statements.

103

MML Total Return Bond Fund – Portfolio of Investments (Continued)

	Principal Amount		Value
Constellation Brands, Inc.
4.750%5/09/32	$	330,000	$	326,465
				1,851,873
Biotechnology — 0.1%
Amgen, Inc.
4.400%2/22/62		190,000		166,552
Grifols Escrow Issuer SA
4.750%10/15/28(c)(d)		125,000		108,438
				274,990
Chemicals — 0.2%
International Flavors & Fragrances, Inc.
5.000%9/26/48		380,000		356,074
Valvoline, Inc.
4.250%2/15/30(c)		175,000		146,125
				502,199
Commercial Services — 0.1%
S&P Global, Inc.
4.750%8/01/28(c)		385,000		391,820
Diversified Financial Services — 1.3%
AerCap Ireland Capital DAC / AerCap Global Aviation Trust
3.500%1/15/25		1,000,000		955,795
AerCap Ireland Capital DAC/AerCap Global Aviation Trust
3.300%1/30/32		615,000		491,480
American Express Co.
2.550%3/04/27		385,000		359,246
Avolon Holdings Funding Ltd.
2.528%11/18/27(c)		389,000		318,270
2.875%2/15/25(c)		335,000		308,392
3.950%7/01/24(c)		130,000		124,569
Capital One Financial Corp. SOFR + 1.790%
3.273% VRN 3/01/30		535,000		474,364
Charles Schwab Corp.
2.900%3/03/32		380,000		335,493
Intercontinental Exchange, Inc.
4.600%3/15/33		420,000		418,738
Park Aerospace Holdings Ltd.
4.500%3/15/23(c)		320,000		318,853
5.500%2/15/24(c)		82,000		81,389
				4,186,589
Electric — 1.3%
Duke Energy Carolinas LLC
4.000%9/30/42		1,000,000		892,390
Florida Power & Light Co.
3.990%3/01/49		495,000		453,986

	Principal Amount		Value
Jersey Central Power & Light Co.
4.700%4/01/24(c)	$	800,000	$	805,479
6.400%5/15/36		425,000		455,208
MidAmerican Energy Co.
4.800%9/15/43		1,400,000		1,394,658
				4,001,721
Engineering & Construction — 0.0%
Artera Services LLC
9.033%12/04/25(c)		95,000		76,551
Entertainment — 0.5%
Caesars Entertainment, Inc.
8.125%7/01/27(c)(d)		100,000		96,625
Magallanes, Inc.
4.279%3/15/32(c)		190,000		170,425
5.050%3/15/42(c)		905,000		772,882
5.141%3/15/52(c)		640,000		540,701
				1,580,633
Environmental Controls — 0.1%
Waste Pro USA, Inc.
5.500%2/15/26(c)		175,000		155,453
Food — 0.8%
JBS USA LUX SA / JBS USA Food Co. / JBS USA Finance, Inc.
5.750%4/01/33(c)		400,000		380,916
6.500%12/01/52(c)		415,000		392,237
JBS USA LUX SA/JBS USA Food Co./JBS USA Finance, Inc.
4.375%2/02/52(c)		135,000		95,475
Kraft Heinz Foods Co.
4.875%10/01/49		480,000		426,462
5.000%6/04/42		360,000		329,823
Pilgrim’s Pride Corp.
3.500%3/01/32(c)		360,000		281,250
5.875%9/30/27(c)		30,000		28,725
Post Holdings, Inc.
5.750%3/01/27(c)		150,000		145,312
Smithfield Foods, Inc.
2.625%9/13/31(c)		635,000		502,799
				2,582,999
Health Care – Products — 0.2%
PerkinElmer, Inc.
2.250%9/15/31		800,000		633,936
Health Care – Services — 1.8%
Aetna, Inc.
2.800%6/15/23		485,000		480,234
Centene Corp.
2.450%7/15/28		488,000		407,290
3.000%10/15/30		453,000		375,424

The accompanying notes are an integral part of the financial statements.

104

MML Total Return Bond Fund – Portfolio of Investments (Continued)

	Principal Amount		Value
4.250%12/15/27	$	165,000	$	153,557
CommonSpirit Health
2.782%10/01/30		495,000		428,871
3.910%10/01/50		75,000		60,589
Fresenius Medical Care US Finance III, Inc.
1.875%12/01/26(c)		340,000		293,389
HCA, Inc.
2.375%7/15/31		90,000		70,416
3.625%3/15/32(c)		70,000		59,216
4.125%6/15/29		345,000		315,147
4.625%3/15/52(c)(d)		332,000		267,216
5.000%3/15/24		287,000		288,650
5.250%6/15/49		775,000		678,594
5.500%6/15/47		360,000		328,076
Humana, Inc.
2.150%2/03/32		435,000		353,275
ModivCare Escrow Issuer, Inc.
5.000%10/01/29(c)		175,000		140,652
Molina Healthcare, Inc.
3.875%11/15/30(c)		90,000		76,930
3.875%5/15/32(c)		190,000		159,152
4.375%6/15/28(c)		300,000		268,292
Universal Health Services, Inc.
1.650%9/01/26(c)		385,000		334,328
				5,539,298
Household Products & Wares — 0.0%
Central Garden & Pet Co.
5.125%2/01/28		123,000		110,258
Insurance — 1.0%
Aon Corp. / Aon Global Holdings PLC
3.900%2/28/52		190,000		156,443
Athene Global Funding
1.985%8/19/28(c)		555,000		461,643
SOFR + .700% 1.992% FRN 5/24/24 (c)		505,000		490,334
3.205%3/08/27(c)		135,000		122,874
Berkshire Hathaway Finance Corp.
3.850%3/15/52		405,000		349,290
Farmers Exchange Capital 3 mo. USD LIBOR + 3.454%
5.454% VRN 10/15/54 (c)		970,000		958,892
Teachers Insurance & Annuity Association of America
3.300%5/15/50(c)		225,000		172,822
4.270%5/15/47(c)		130,000		116,414
Willis North America, Inc.
2.950%9/15/29		290,000		249,172
				3,077,884

	Principal Amount		Value
Internet — 0.1%
Netflix, Inc.
4.625% 5/15/29 EUR (e)	$	150,000	$	147,954
Tencent Holdings Ltd.
3.680%4/22/41(c)		335,000		270,736
				418,690
Media — 0.8%
Charter Communications Operating LLC/Charter Communications Operating Capital
3.750%2/15/28		92,000		84,721
4.800%3/01/50		330,000		263,593
4.908%7/23/25		205,000		205,303
5.250%4/01/53		265,000		226,327
5.375%5/01/47		95,000		81,314
5.750%4/01/48		280,000		251,776
Cox Communications, Inc.
2.600%6/15/31(c)		385,000		322,839
CSC Holdings LLC
4.125%12/01/30(c)(d)		200,000		156,000
5.375%2/01/28(c)		280,000		242,200
Diamond Sports Group LLC / Diamond Sports Finance Co.
5.375%8/15/26(c)		665,000		166,250
Time Warner Cable, Inc.
5.500%9/01/41		170,000		149,017
5.875%11/15/40		170,000		156,402
The Walt Disney Co.
3.600%1/13/51		320,000		268,448
				2,574,190
Mining — 0.1%
Indonesia Asahan Aluminium Persero PT
6.530%11/15/28(c)		200,000		202,822
Miscellaneous - Manufacturing — 0.2%
GE Capital International Funding Co. Unlimited Co.
4.418%11/15/35		380,000		356,434
General Electric Co.
6.750%3/15/32		162,000		181,586
				538,020
Oil & Gas — 0.5%
KazMunay Gas National Co.
4.750%4/19/27(c)		200,000		177,152
Occidental Petroleum Corp.
0.010%10/10/36		230,000		113,931
Pertamina Persero PT
3.100%8/27/30(c)		200,000		174,151

The accompanying notes are an integral part of the financial statements.

105

MML Total Return Bond Fund – Portfolio of Investments (Continued)

	Principal Amount		Value
Petroleos Mexicanos
5.950%1/28/31	$	50,000	$	36,569
6.625%6/15/35		900,000		614,367
7.690%1/23/50		115,000		77,912
Saudi Arabian Oil Co.
1.625%11/24/25(c)		200,000		184,600
Shell International Finance BV
3.750%9/12/46		25,000		21,480
Transocean Guardian Ltd.
5.875%1/15/24(c)		92,172		85,186
Transocean Poseidon Ltd.
6.875%2/01/27(c)		91,875		81,769
				1,567,117
Oil & Gas Services — 0.0%
Transocean Proteus Ltd.
6.250%12/01/24(c)		127,350		119,709
USA Compression Partners LP/USA Compression Finance Corp.
6.875%4/01/26		30,000		27,286
				146,995
Packaging & Containers — 0.6%
Amcor Finance USA, Inc.
3.625%4/28/26		650,000		626,181
Ardagh Packaging Finance PLC / Ardagh Holdings USA, Inc.
5.250%8/15/27(c)		190,000		133,072
5.250%8/15/27(c)(d)		200,000		140,076
Berry Global, Inc.
1.570%1/15/26		410,000		366,054
4.875%7/15/26(c)		330,000		314,939
Mauser Packaging Solutions Holding Co.
5.500%4/15/24(c)		30,000		28,650
Trivium Packaging Finance BV
5.500%8/15/26(c)		320,000		301,015
				1,909,987
Pharmaceuticals — 1.3%
AbbVie, Inc.
4.450%5/14/46		400,000		365,177
4.500%5/14/35		390,000		379,801
Bayer US Finance II LLC
4.250%12/15/25(c)		75,000		74,099
4.375%12/15/28(c)		850,000		829,183
4.625%6/25/38(c)		795,000		721,674
4.875%6/25/48(c)		210,000		189,851
Cigna Corp.
3.400%3/15/51		250,000		193,624
4.125%11/15/25		60,000		60,125

	Principal Amount		Value
CVS Health Corp.
5.050%3/25/48	$	1,090,000	$	1,049,990
Embecta Corp.
5.000%2/15/30(c)		200,000		167,887
Endo DAC / Endo Finance LLC / Endo Finco, Inc.
6.000%6/30/28(c)		463,000		35,883
				4,067,294
Pipelines — 1.1%
Energy Transfer LP
4.950%6/15/28		300,000		296,113
5.000%5/15/50		380,000		325,222
5.150%3/15/45		400,000		343,620
5.350%5/15/45		50,000		43,738
5.400%10/01/47		394,000		347,738
5.500%6/01/27		254,000		257,733
Galaxy Pipeline Assets Bidco Ltd.
2.160%3/31/34(c)		384,344		326,549
Plains All American Pipeline LP/PAA Finance Corp.
3.800%9/15/30		300,000		265,816
Rockies Express Pipeline LLC
4.800%5/15/30(c)		250,000		208,125
4.950%7/15/29(c)		200,000		171,000
Ruby Pipeline LLC
8.000% STEP 4/01/22 (c)		431,818		367,045
TransMontaigne Partners LP/TLP Finance Corp.
6.125%2/15/26		81,000		71,584
Venture Global Calcasieu Pass LLC
3.875%8/15/29(c)		365,000		319,275
				3,343,558
Real Estate Investment Trusts (REITS) — 1.6%
American Campus Communities Operating Partnership LP
2.850%2/01/30		10,000		9,514
3.750%4/15/23		650,000		650,759
GLP Capital LP/GLP Financing II, Inc.
4.000%1/15/30		45,000		39,405
5.250%6/01/25		205,000		201,041
5.300%1/15/29		310,000		296,084
5.375%4/15/26		735,000		719,286
Healthcare Trust of America Holdings LP
2.000%3/15/31		240,000		186,532
3.100%2/15/30		145,000		125,193
SL Green Operating Partnership LP
3.250%10/15/22		500,000		498,755

The accompanying notes are an integral part of the financial statements.

106

MML Total Return Bond Fund – Portfolio of Investments (Continued)

	Principal Amount		Value
Ventas Realty LP
3.500%2/01/25	$	1,500,000	$	1,464,430
VICI Properties LP
3.750%2/15/27(c)		20,000		17,591
3.875%2/15/29(c)		185,000		159,663
4.500%9/01/26(c)		100,000		92,000
4.500%1/15/28(c)		50,000		45,599
4.625%6/15/25(c)		25,000		23,781
4.950%2/15/30		20,000		18,954
5.125%5/15/32		330,000		310,972
5.625%5/15/52		164,000		149,268
5.750%2/01/27(c)		120,000		113,868
				5,122,695
Retail — 0.1%
Michaels Cos., Inc.
5.250%5/01/28(c)(d)		170,000		133,615
Starbucks Corp.
3.000%2/14/32(d)		385,000		335,175
				468,790
Savings & Loans — 0.3%
Nationwide Building Society
SOFR + 1.290% 2.972% VRN 2/16/28 (c) (d)		340,000		310,665
3 mo. USD LIBOR + 1.064% 3.766% VRN 3/08/24 (c)		525,000		523,782
3 mo. USD LIBOR + 1.392% 4.363% VRN 8/01/24 (c)		190,000		190,299
				1,024,746
Semiconductors — 0.1%
Broadcom, Inc.
4.300%11/15/32		360,000		327,903
Software — 0.3%
Change Healthcare Holdings LLC/Change Healthcare Finance, Inc.
5.750%3/01/25(c)		133,000		130,007
Oracle Corp.
2.800%4/01/27		140,000		128,128
2.875%3/25/31		195,000		161,085
3.950%3/25/51		753,000		556,528
				975,748
Telecommunications — 2.6%
AT&T, Inc.
3.800%12/01/57		1,692,000		1,319,596
4.750%5/15/46		710,000		660,916
5.250%3/01/37		270,000		279,148
CommScope, Inc.
4.750%9/01/29(c)		274,000		221,034

	Principal Amount		Value
Jackson Holdings S.A.
6.500%3/15/30(c)	$	1,052,000	$	867,900
Intelsat Jackson Holdings S.A., Escrow
8.500%10/15/24(c)(f)(g)(h)		171,000		—
9.750%7/15/25(c)(f)(g)(h)		585,000		—
Level 3 Financing, Inc.
3.400%3/01/27(c)		60,000		51,659
3.875%11/15/29(c)		460,000		379,879
Lumen Technologies, Inc.
5.375%6/15/29(c)		385,000		304,833
Sprint Corp.
7.875%9/15/23		33,000		34,031
Sprint Spectrum Co. LLC/Sprint Spectrum Co. II LLC/Sprint Spectrum Co. III LLC
4.738%3/20/25(c)		969,377		969,989
T-Mobile USA, Inc.
2.550%2/15/31		900,000		759,303
3.750%4/15/27		375,000		361,180
3.875%4/15/30		345,000		322,852
4.375%4/15/40		290,000		260,240
Verizon Communications, Inc.
2.550%3/21/31		330,000		282,908
Vodafone Group PLC
4.875%6/19/49		452,000		416,385
5.250%5/30/48		600,000		574,089
				8,065,942
TOTAL CORPORATE DEBT (Cost $103,273,561)				91,393,696
MUNICIPAL OBLIGATIONS — 1.0%
California State University
Revenue, 2.274% 11/01/34		180,000		144,910
Revenue, 2.374% 11/01/35		20,000		15,958
City of New York NY, General Obligation
5.206%10/01/31		750,000		801,119
Jersey City Municipal Utilities Authority, Revenue Bond
5.470%5/15/27		635,000		668,630
New York City Transitional Finance Authority Future Tax Secured Revenue, Revenue
2.450%11/01/34		560,000		458,278
New York State Dormitory Authority, Revenue Bond
5.289%3/15/33		750,000		799,737

The accompanying notes are an integral part of the financial statements.

107

MML Total Return Bond Fund – Portfolio of Investments (Continued)

	Principal Amount		Value
University of California, Revenue
2.247%5/15/34	$	290,000	$	238,056
University of Michigan, Revenue
3.504%4/01/52		140,000		123,826
				3,250,514
TOTAL MUNICIPAL OBLIGATIONS (Cost $3,712,919)				3,250,514
NON-U.S. GOVERNMENT AGENCY OBLIGATIONS — 15.4%
Commercial Mortgage-Backed Securities — 3.0%
BAMLL Commercial Mortgage Securities Trust, Series 2018-PARK, Class A,
4.227% VRN 8/10/38 (c) (i)		620,000		592,148
BX Commercial Mortgage Trust
Series 2019-XL, Class A, 1 mo. USD LIBOR + .920% 2.244% FRN 10/15/36 (c)		1,189,796		1,169,064
1 mo. TSFR + 2.115% 2.865% FRN 6/15/27 (c)		692,000		682,458
BX Trust, Series 2019-OC11, Class A
3.202%12/09/41(c)		180,000		161,173
BXSC Commercial Mortgage Trust 2022-WSS, Series 2022-WSS, Class D, 1mo. TSFR + 3.188%
4.467% FRN 3/15/35 (c)		894,000		858,169
CALI Mortgage Trust, Series 2019-101C, Class A
3.957%3/10/39(c)		415,000		394,080
CPT Mortgage Trust, Series 2019-CPT, Class A
2.865%11/13/39(c)		355,000		311,566
DC Office Trust, Series 2019-MTC, Class A
2.965%9/15/45(c)		375,000		330,513
GS Mortgage Securities Corp. II, Series 2021-ARDN, Class A, 1 mo. USD LIBOR + 1.250%
2.574% FRN 11/15/36 (c)		1,570,000		1,539,246
Hudson Yards Mortgage Trust
Series 2019-55HY, Class A, 3.041% VRN 12/10/41 (c) (i)		375,000		334,405
Series 2019-30HY, Class A, 3.228% 7/10/39 (c)		385,000		351,027
JP Morgan Chase Commercial Mortgage Securities Trust, Series 2019-OSB, Class A
3.397%6/05/39(c)		385,000		353,479

	Principal Amount		Value
MKT Mortgage Trust, Series 2020-525M, Class A
2.694%2/12/40(c)	$	255,000	$	219,551
One Bryant Park Trust, Series 2019-OBP, Class A
2.516%9/15/54(c)		490,000		423,909
RBS Commercial Funding, Inc. Trust, Series 2013-GSP, Class A,
3.961% VRN 1/15/32 (c) (i)		670,000		656,043
SFAVE Commercial Mortgage Securities Trust, Series 2015-5AVE, Class A1,
3.872% VRN 1/05/43 (c) (i)		655,000		552,255
Wells Fargo Commercial Mortgage Trust, Series 2019-JWDR, Class E,
3.989% VRN 9/15/31 (c) (i)		702,000		615,534
				9,544,620
Home Equity Asset-Backed Securities — 0.8%
Aegis Asset Backed Securities Trust Mortgage Pass-Through Ctfs, Series 2005-4, Class M2, 1 mo. USD LIBOR + .705%
2.329% FRN 10/25/35		780,000		746,781
Citigroup Mortgage Loan Trust, Series 2006-HE2, Class M1, 1 mo. USD LIBOR + .435%
2.059% FRN 8/25/36		745,814		741,540
Morgan Stanley Capital, Inc. Trust, Series 2006-HE1, Class A4, 1 mo. USD LIBOR + .580%
2.204% FRN 1/25/36		1,000,145		983,444
				2,471,765
Other Asset-Backed Securities — 3.4%
Aimco CLO Ltd., Series 2020-11A, Class AR, 3 mo. USD LIBOR + 1.130%
2.174% FRN 10/17/34 (c)		750,000		720,923
AIMCO CLO Series 2015-A, Series 2015-AA, Class BR2, 3 mo. USD LIBOR + 1.600%
2.644% FRN 10/17/34 (c)		1,100,000		1,029,742
Allegro CLO XII Ltd., Series 2020-1A, Class A1, 3 mo. USD LIBOR + 1.250%
2.348% FRN 1/21/32 (c)		850,000		831,974
Cedar Funding XIV CLO Ltd., Series 2021-14A, Class A, 3 mo. USD LIBOR + 1.100%
2.144% FRN 7/15/33 (c)		800,000		776,917

The accompanying notes are an integral part of the financial statements.

108

MML Total Return Bond Fund – Portfolio of Investments (Continued)

	Principal Amount		Value
Dryden Senior Loan Fund, Series 2013-26A, Class AR, 3 mo. USD LIBOR + .900%
1.944% FRN 4/15/29 (c)	$	895,896	$	882,759
Eaton Vance CLO 2020-1 Ltd., Series 2020-1A, Class AR, 3 mo. USD LIBOR + 1.170%
2.214% FRN 10/15/34 (c)		990,000		959,439
Flatiron CLO Ltd., Series 2021-1A, Class B, 3 mo. USD LIBOR + 1.600%
2.644% FRN 7/19/34 (c)		850,000		797,976
GSAMP Trust 2005-HE5, Series 2005-HE5, Class M3, 1 mo. USD LIBOR + .690%
2.314% FRN 11/25/35		575,618		569,824
Highbridge Loan Management ., Series 2021-16A, Class A1, 3 mo. USD LIBOR + 1.140%
2.324% FRN 1/23/35 (c)		1,000,000		962,913
LCM LP, Series 21A, Class AR, 3 mo. USD LIBOR + .880%
1.943% FRN 4/20/28 (c)		258,096		255,974
Magnetite Ltd., Series 2012-7A, Class A1R2, 3 mo. USD LIBOR + .800%
1.844% FRN 1/15/28 (c)		944,958		929,890
Rockford Tower CLO Ltd., Series 2021-1A, Class A1, 3 mo. USD LIBOR + 1.170%
2.233% FRN 7/20/34 (c)		850,000		826,711
Saxon Asset Securities Trust, Series 2007-2, Class A2C, 1 mo. USD LIBOR + .240%
1.864% FRN 5/25/47		1,618,469		1,193,909
				10,738,951
Student Loans Asset-Backed Securities — 2.8%
Access Group, Inc., Series 2015-1, Class A, 1 mo. USD LIBOR + .700%
2.324% FRN 7/25/56 (c)		375,862		364,578
Collegiate Funding Services Education Loan Trust, Series 2005-A, Class A4, 3 mo. USD LIBOR + .200%
2.434% FRN 3/28/35		1,231,397		1,215,462
Nelnet Student Loan Trust, Series 2015-1A, Class A, 1 mo. USD LIBOR + .590%
2.214% FRN 4/25/46 (c)		731,033		718,072

	Principal Amount		Value
SLM Student Loan Trust
Series 2007-7, Class A4, 3 mo. USD LIBOR + .330% 1.514% FRN 1/25/28	$	626,208	$	614,193
Series 2012-2, Class A, 1 mo. USD LIBOR + .700% 1.706% FRN 1/25/29		788,016		769,231
Series 2012-7, Class A3, 1 mo. USD LIBOR + .650% 2.274% FRN 5/26/26		673,530		665,039
Series 2008-6, Class A4, 3 mo. USD LIBOR + 1.100% 2.284% FRN 7/25/23		941,814		932,723
Series 2012-1, Class A3, 1 mo. USD LIBOR + .950% 2.574% FRN 9/25/28		664,578		643,854
Series 2008-9, Class A, 3 mo. USD LIBOR + 1.500% 2.684% FRN 4/25/23		686,018		685,747
Series 2008-5, Class B, 3 mo. USD LIBOR + 1.850% 3.034% FRN 7/25/73		700,000		690,064
Series 2008-9, Class B, 3 mo. USD LIBOR + 2.250% 3.434% FRN 10/25/83		1,430,000		1,424,837
				8,723,800
Whole Loan Collateral Collateralized Mortgage Obligations — 5.4%
American Home Mortgage Investment Trust, Series 2005-1, Class 6A, 6 mo. USD LIBOR + 2.000%
4.062% FRN 6/25/45		376,897		366,532
Chase Mortgage Finance Trust, Series 2007-A1, Class 11A4,
3.342% VRN 3/25/37 (i)		239,388		219,284
Citigroup Mortgage Loan Trust, Series 2005-11, Class A2A, 1 year CMT + 2.400%
2.470% FRN 10/25/35		189,812		185,378
COLT Mortgage Loan Trust, Series 2021-6, Class A1,
1.907% VRN 12/25/66 (c) (i)		834,213		727,314
Countrywide Alternative Loan Trust
Series 2006-OA6, Class 1A2, 1 mo. USD LIBOR + .420% 2.044% FRN 7/25/46		878,672		798,521
Series 2005-31, Class 2A1, 1 mo. USD LIBOR + .600% 2.224% FRN 8/25/35		866,012		784,524
Credit Suisse Mortgage Trust, Series 2018-RPL9, Class A,
3.850% VRN 9/25/57 (c) (i)		871,298		854,625

The accompanying notes are an integral part of the financial statements.

109

MML Total Return Bond Fund – Portfolio of Investments (Continued)

	Principal Amount		Value
Deutsche Alt-A Securities, Inc. Mortgage Loan Trust Series 2005-1, Series 2005-1, Class 1A3, 1 mo. USD LIBOR + .500%
2.124% FRN 2/25/35	$	1,520,633	$	1,427,578
First Horizon Mortgage Pass-Through Trust, Series 2005-AR5, Class 2A1,
2.711% VRN 11/25/35 (i)		245,233		204,017
GS Mortgage-Backed Securities Trust, Series 2018-RPL1, Class A1A
3.750%10/25/57(c)		749,697		735,942
HarborView Mortgage Loan Trust, Series 2006-10, Class 1A1A, 1 mo. USD LIBOR + .200%
1.812% FRN 11/19/36		1,662,016		1,397,226
Impac CMB Trust, Series 2005-1, Class 1A1, 1 mo. USD LIBOR + .520%
2.144% FRN 4/25/35		497,296		466,549
IndyMac Index Mortgage Loan Trust
Series 2006-AR27, Class 1A3, 1 mo. USD LIBOR + .540% 2.164% FRN 10/25/36		1,280,978		619,581
Series 2005-AR19, Class A1, 2.766% VRN 10/25/35 (i)		696,030		591,856
JP Morgan Mortgage Trust, Series 2021-13, Class A3,
2.500% VRN 4/25/52 (c) (i)		1,782,383		1,520,108
MASTR Adjustable Rate Mortgages Trust, Series 2007-1, Class I2A3, 12 mo. MTA + .740%
1.216% FRN 1/25/47		1,423,712		1,388,600
Nomura Asset Acceptance Corp. Alternative Loan Trust, Series 2005-AR1, Class M1, 1 mo. USD LIBOR + 1.070%
2.694% FRN 2/25/35		642,546		625,947
Opteum Mortgage Acceptance Corp., 1 mo. USD LIBOR + .750%
2.374% FRN 11/25/35		1,450,000		1,366,420
Washington Mutual Mortgage Pass-Through Certificates
Series 2005-AR15, Class A1A1, 1 mo. USD LIBOR + .520% 2.144% FRN 11/25/45		1,720,067		1,592,538
Series 2005-AR13, Class A1A1, 1 mo. USD LIBOR + .580% 2.204% FRN 10/25/45		368,605		346,134
Series 2005-AR2, Class 2A21, 1 mo. USD LIBOR + .660% 2.284% FRN 1/25/45		288,358		280,372

	Principal Amount		Value
Washington Mutual Mortgage Pass-Through Certificates Trust, Series 2006-1 Class 3A2
5.750%2/25/36	$	537,762	$	484,283
				16,983,329
TOTAL NON-U.S. GOVERNMENT AGENCY OBLIGATIONS (Cost $50,589,198)				48,462,465
SOVEREIGN DEBT OBLIGATIONS — 1.2%
Abu Dhabi Government International Bond
2.500%9/30/29(c)		200,000		183,658
Airport Authority
3.250%1/12/52(c)		405,000		323,704
Brazilian Government International Bond
2.875%6/06/25		200,000		188,550
3.875%6/12/30		200,000		167,506
CBB International Sukuk Co.
6.875%10/05/25(c)		200,000		208,072
Chile Government International Bond
3.240%2/06/28		200,000		188,065
Colombia Government International Bond
4.500%1/28/26		200,000		187,553
Dominican Republic International Bond
4.500%1/30/30(c)		200,000		159,967
Hungary Government International Bond
2.125%9/22/31(c)		200,000		154,306
Mexico Government International Bond
2.659%5/24/31(d)		288,000		234,903
3.750%1/11/28		300,000		286,166
Oman Government International Bond
5.625%1/17/28(c)		200,000		192,278
Panama Government International Bond
2.252%9/29/32		200,000		155,807
3.160%1/23/30		200,000		177,592
Peruvian Government International Bond
2.844%6/20/30		80,000		69,590
4.125%8/25/27		200,000		195,617
Qatar Government International Bond
4.500%4/23/28(c)		200,000		207,250

The accompanying notes are an integral part of the financial statements.

110

MML Total Return Bond Fund – Portfolio of Investments (Continued)

	Principal Amount		Value
Republic of South Africa Government International Bond
5.875%4/20/32	$	250,000	$	213,200
Republic of Turkey International Bond
3.250%3/23/23(d)		200,000		193,588
Romanian Government International Bond
3.000%2/14/31(c)		110,000		84,551
				3,771,923
TOTAL SOVEREIGN DEBT OBLIGATIONS (Cost $4,440,845)				3,771,923
U.S. GOVERNMENT AGENCY OBLIGATIONS AND INSTRUMENTALITIES (j) — 34.4%
Collateralized Mortgage Obligations — 1.0%
Federal Home Loan Mortgage Corp.
Series 4818, Class CA, 3.000% 4/15/48		161,303		154,353
Series 4639, Class HZ, 3.250% STEP 4/15/53		1,587,598		1,405,646
Series 4846, Class PA, 4.000% 6/15/47		85,773		86,215
Federal National Mortgage Association
Series 2018-43, Class CT, 3.000% 6/25/48		286,801		277,349
Pool #BV8477 3.000% 5/01/52		623,103		582,166
Series 2018-57, Class QA, 3.500% 5/25/46		120,074		120,231
Series 2018-55, Class PA, 3.500% 1/25/47		98,905		99,294
Government National Mortgage Association
Series 2018-124, Class NW, 3.500% 9/20/48		286,513		280,110
Series 2019-15, Class GT, 3.500% 2/20/49		174,140		170,431
				3,175,795
Pass-Through Securities — 32.1%
Federal Home Loan Mortgage Corp.
Pool #QE0312 2.000% 4/01/52		1,235,425		1,076,040
Pool #SD8205 2.500% 4/01/52		1,800,868		1,624,184
Pool #G18592 3.000% 3/01/31		187,766		186,376
Pool #G18627 3.000% 1/01/32		590,026		585,841
Pool #G08710 3.000% 6/01/46		106,160		101,051
Pool #ZM1779 3.000% 9/01/46		534,126		507,464
Pool #G08726 3.000% 10/01/46		791,750		752,159
Pool #G08732 3.000% 11/01/46		288,191		273,780
Pool #G08741 3.000% 1/01/47		794,305		753,841
Pool #G07848 3.500% 4/01/44		1,301,431		1,282,854

	Principal Amount		Value
Pool #G60023 3.500% 4/01/45	$	1,194,894	$	1,179,332
Pool #G08711 3.500% 6/01/46		348,266		341,553
Pool #G08716 3.500% 8/01/46		501,304		491,642
Pool #G67700 3.500% 8/01/46		591,554		581,077
Pool #G08722 3.500% 9/01/46		87,548		85,860
Pool #G08742 3.500% 1/01/47		399,748		391,793
Pool #G08757 3.500% 4/01/47		103,130		101,046
Pool #G67703 3.500% 4/01/47		861,253		845,729
Pool #G67706 3.500% 12/01/47		777,161		762,425
Pool #ZA5103 3.500% 12/01/47		4,094		4,002
Pool #G67707 3.500% 1/01/48		2,170,628		2,132,861
Pool #G08800 3.500% 2/01/48		36,073		35,287
Pool #G67708 3.500% 3/01/48		190,283		186,912
Pool #G67710 3.500% 3/01/48		997,720		976,619
Pool #G08816 3.500% 6/01/48		288,296		281,839
Pool #G61556 3.500% 8/01/48		511,488		500,511
Pool #G60344 4.000% 12/01/45		641,279		646,879
Pool #G67711 4.000% 3/01/48		702,861		706,803
Pool #G67713 4.000% 6/01/48		2,909		2,923
Pool #G08843 4.500% 10/01/48		140,463		143,150
Pool #G08833 5.000% 7/01/48		99,994		103,554
Pool #G08844 5.000% 10/01/48		89,086		92,146
Federal National Mortgage Association
Pool #MA4152 2.000% 10/01/40		847,787		764,905
Pool #MA4176 2.000% 11/01/40		1,656,127		1,491,115
Pool #MA4333 2.000% 5/01/41		200,368		180,029
Pool #MA4492 2.000% 12/01/51 (k)		1,818,362		1,584,907
Pool #BQ6913 2.000% 12/01/51		2,367,792		2,063,798
Pool #BQ7006 2.000% 1/01/52		3,674,959		3,203,141
Pool #BL6060 2.455% 4/01/40		570,000		445,283
Pool #MA4563 2.500% 3/01/52		1,739,971		1,569,941
Pool #MA1607 3.000% 10/01/33		316,368		307,891
Pool #MA3811 3.000% 10/01/49		217,678		201,642
Pool #AB4262 3.500% 1/01/32		278,163		277,776
Pool #MA1512 3.500% 7/01/33		136,314		136,465
Pool #MA1148 3.500% 8/01/42		770,913		757,795
Pool #CA0996 3.500% 1/01/48		137,418		134,349
Pool #MA3305 3.500% 3/01/48		27,344		26,717
Pool #BL1132 3.730% 1/01/29		920,000		934,413
Pool #MA1146 4.000% 8/01/42		313,653		315,916
Pool #AS9830 4.000% 6/01/47		144,079		144,488
Pool #MA3027 4.000% 6/01/47		208,568		209,161
Pool #AS9972 4.000% 7/01/47		130,817		131,107
Pool #931504 4.500% 7/01/39		44,318		45,885
Pool #CA1710 4.500% 5/01/48		488,051		497,392
Pool #CA1711 4.500% 5/01/48		156,207		159,197
Pool #CA2208 4.500% 8/01/48		279,515		284,603

The accompanying notes are an integral part of the financial statements.

111

MML Total Return Bond Fund – Portfolio of Investments (Continued)

	Principal Amount		Value
Pool #AD6374 5.000% 5/01/40	$	9,297	$	9,765
Pool #AI2733 5.000% 5/01/41		85,880		90,464
Pool #977014 5.500% 5/01/38		9,662		10,405
Pool #985524 5.500% 6/01/38		13,327		14,370
Pool #988578 5.500% 8/01/38		107,203		115,324
Pool #995482 5.500% 1/01/39		65,134		70,158
Government National Mortgage Association II
Pool #MA4126 3.000% 12/20/46		644,000		615,886
Pool #MA4718 3.000% 9/20/47		70,368		67,274
Pool #MA4836 3.000% 11/20/47		247,002		236,142
Pool #MA6209 3.000% 10/20/49		201,788		188,312
Pool #MA3521 3.500% 3/20/46		253,155		249,403
Pool #MA3597 3.500% 4/20/46		78,124		76,893
Pool #MA3663 3.500% 5/20/46		114,754		112,946
Pool #MA3937 3.500% 9/20/46		94,474		92,986
Pool #MA4127 3.500% 12/20/46		342,871		337,361
Pool #MA4262 3.500% 2/20/47		347,978		342,278
Pool #MA4382 3.500% 4/20/47		89,528		88,061
Pool #MA4719 3.500% 9/20/47		111,207		109,351
Pool #MA4837 3.500% 11/20/47		229,415		225,585
Pool #MA4900 3.500% 12/20/47		828,063		814,240
Pool #MA4653 4.000% 8/20/47		43,704		43,969
Pool #MA4838 4.000% 11/20/47		183,896		185,012
Pool #MA4901 4.000% 12/20/47		79,609		80,092
Pool #MA5078 4.000% 3/20/48		273,915		275,405
Pool #MA5466 4.000% 9/20/48		303,329		304,245
Pool #MA5399 4.500% 8/20/48		564,792		578,163
Pool #MA3666 5.000% 5/20/46		89,163		94,127
Pool #MA4199 5.000% 1/20/47		91,478		95,720
Pool #MA4454 5.000% 5/20/47		148,576		156,477
Pool #MA4722 5.000% 9/20/47		170,268		178,897
Government National Mortgage Association II TBA 2.500% 7/21/52 (k)		5,225,000		4,789,039
Uniform Mortgage Backed Securities TBA
2.000%7/14/52(k)		4,700,000		4,088,266
2.000%8/11/52(k)		14,100,000		12,250,476
2.500%7/14/52(k)		6,075,000		5,473,195
2.500%8/11/52(k)		14,500,000		13,046,601
3.000%7/14/52(k)		10,850,000		10,121,016
3.000%8/11/52(k)		1,100,000		1,024,805
3.500%7/14/52(k)		2,500,000		2,407,422
3.500%8/11/52(k)		1,350,000		1,298,162
4.000%7/14/52(k)		3,650,000		3,603,805
4.500%7/14/52(k)		3,125,000		3,140,625
				100,708,172

	Principal Amount		Value
U.S. Agencies Notes — 1.3%
Federal Home Loan Banks 1.040% 6/14/24	$	4,110,000	$	3,954,058
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS AND INSTRUMENTALITIES (Cost $109,813,435)				107,838,025
U.S. TREASURY OBLIGATIONS — 29.9%
U.S. Treasury Bonds & Notes — 29.9%
U.S. Treasury Bond
2.000%11/15/41		17,332,000		13,846,644
2.375%2/15/42		6,330,000		5,399,292
2.875%5/15/52		5,010,000		4,771,243
U.S. Treasury Inflation Index
0.125%2/15/52		778,778		618,560
U.S. Treasury Note
2.500%4/30/24		2,725,000		2,703,358
2.500%5/31/24(d)		5,375,000		5,330,831
2.625%5/31/27(d)		8,585,000		8,435,575
2.750%4/30/27		10,995,000		10,863,580
2.875%6/15/25		17,780,000		17,728,598
2.875%5/15/32		1,689,000		1,674,750
3.000%6/30/24		5,325,000		5,332,695
3.250%6/30/27		16,885,000		17,074,956
				93,780,082
TOTAL U.S. TREASURY OBLIGATIONS (Cost $96,090,885)				93,780,082
TOTAL BONDS & NOTES (Cost $374,209,650)				354,411,111
TOTAL PURCHASED OPTIONS (#) — 0.0% (Cost $87,254)				5,300
RIGHTS — 0.0%
Communications — 0.0%
Telecommunications — 0.0%
Intelsat Jackson Holdings S.A. 12/05/25 (f) (g) (h)		755		—
Intelsat Jackson Holdings S.A. 12/05/25 (f) (g) (h)		755		—
				—
TOTAL RIGHTS (Cost $0)				—

The accompanying notes are an integral part of the financial statements.

112

MML Total Return Bond Fund – Portfolio of Investments (Continued)

	Number of Shares		Value
MUTUAL FUNDS — 4.9%
Diversified Financial Services — 4.9%
State Street Navigator Securities Lending Government Money Market Portfolio (l)		15,507,583	$	15,507,583
TOTAL MUTUAL FUNDS (Cost $15,507,583)				15,507,583
TOTAL LONG-TERM INVESTMENTS (Cost $390,481,481)				370,120,467
		Principal Amount
SHORT-TERM INVESTMENTS — 6.5%
Repurchase Agreement — 1.6%
Fixed Income Clearing Corp., Repurchase Agreement, dated 6/30/22, 0.240%, due 7/01/22 (m)	$	4,863,045		4,863,045
U.S. Treasury Bill — 4.9%
U.S. Treasury Bill
1.277%10/20/22(n)		2,770,000		2,753,698
1.445%11/03/22(n)		2,910,000		2,890,044
1.494%11/17/22(n)		3,550,000		3,521,935
1.537%9/15/22(n)		5,365,000		5,347,020
2.279%12/15/22(n)		830,000		821,293
				15,333,990
TOTAL SHORT-TERM INVESTMENTS (Cost $20,217,324)				20,197,035
TOTAL INVESTMENTS — 124.4% (Cost $410,698,805) (o)				390,317,502
Less Unfunded Loan Commitments — 0.0%				(35,326	)
NET INVESTMENTS — 124.4% (Cost $410,663,479)				390,282,176
Other Assets/(Liabilities) — (24.4)%				(76,591,656	)
NET ASSETS — 100.0%			$	313,690,520

Abbreviation Legend

CLO Collateralized Loan Obligation

FRN Floating Rate Note

STEP Step Up Bond

TBA To Be Announced

VRN Variable Rate Note

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

(a) All or a portion of the security represents unsettled loan commitments at June 30, 2022 where the rate will be determined at time of settlement.

(b) Unfunded or partially unfunded loan commitments.

(c) Security is exempt from registration under Regulation S or Rule 144A of the Securities Act of 1933. These securities are considered restricted and may be resold in transactions exempt from registration. At June 30, 2022, the aggregate market value of these securities amounted to $51,800,610 or 16.51% of net assets.

(d) Denotes all or a portion of security on loan. The total value of securities on loan as of June 30, 2022, was $15,759,754 or 5.02% of net assets. Total securities on loan may be less than the amounts identified in the Portfolio of Investments. The Fund received $585,139 of non-cash collateral (U.S. Treasury and/or Agency obligations) related to securities lending activity. This amount is not reflected on either the Portfolio of Investments or the Statement of Assets and Liabilities. (Note 2).

(e) The principal amount of the security is in foreign currency. The market value is in U.S. dollars.

(f) Investment was valued using significant unobservable inputs.

(g) This security is fair valued in good faith in accordance with procedures approved by the Board of Trustees. At June 30, 2022, these securities amounted to a value of $0 or 0.00% of net assets.

(h) Non-income producing security.

(i) Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description above. The rates shown are the current interest rates at June 30, 2022.

(j) May contain securities that are issued by a U.S. Government Agency, but are unsecured and are not guaranteed by a U.S. Government Agency.

(k) A portion of this security is purchased on a when-issued, delayed-delivery or forward commitment basis. (Note 2).

(l) Represents investment of security lending cash collateral. (Note 2).

(m) Maturity value of $4,863,077. Collateralized by U.S. Government Agency obligations with a rate of 3.000%, maturity date of 6/30/24, and an aggregate market value, including accrued interest, of $4,960,367.

(n) The rate shown represents yield-to-maturity.

(o) See Note 6 for aggregate cost for federal tax purposes.

The accompanying notes are an integral part of the financial statements.

113

MML Total Return Bond Fund – Portfolio of Investments (Continued)

(#) Exchange-Traded Options Purchased

Description	Expiration Date		Exercise Price		No. of Contracts		Notional Amount			Value		Premiums Paid (Received)		Unrealized Appreciation/ (Depreciation)
Call
Eurodollar 1 Year Mid Curve Future		9/16/22		98.38		51		USD	12,329,250	$	2,550	$	21,819	$	(19,269	)
Eurodollar 1 Year Mid Curve Future		9/16/22		98.75		110		USD	26,592,500		2,750		65,435		(62,685	)
										$	5,300	$	87,254	$	(81,954	)

Exchange-Traded Options Written

Description	Expiration Date		Exercise Price		No. of Contracts		Notional Amount			Value			Premiums Paid (Received)			Unrealized Appreciation/ (Depreciation)
Call
Eurodollar 1 Year Mid Curve Future		9/16/22		99.00		250		USD	60,437,500	$	(3,125	)	$	(82,545	)	$	79,420

Forward contracts

Counterparty	Settlement Date		Currency Purchased			Currency Sold			Unrealized Appreciation (Depreciation)
Citibank N.A.*		7/08/22		EUR	152,000		USD	159,925	$	(608	)
Citibank N.A.*		7/08/22		USD	162,370		EUR	152,000		3,052
Citibank N.A.*		10/07/22		USD	151,529		EUR	143,000		654
									$	3,098

Futures contracts

	Expiration Date		Number of Contracts		Notional Amount		Value/ Net Unrealized Appreciation/ (Depreciation)
Long
U.S. Treasury Note 2 Year		9/30/22		34	$	7,180,432	$	(39,901	)

The accompanying notes are an integral part of the financial statements.

114

MML Total Return Bond Fund – Portfolio of Investments (Continued)

Centrally Cleared Interest Rate Swaps

Paid by the Fund			Received by the Fund
Rate/ Reference	Frequency		Rate/ Reference	Frequency		Termination Date		Notional Amount			Value			Upfront Premium Paid/ (Received)		Unrealized Appreciation (Depreciation)
12 mo. SOFR		Annually	Fixed 1.950%		Annually		6/10/24		USD	19,270,000	$	(383,608	)	$	—	$	(383,608	)
3-Month USD LIBOR BBA		Quarterly	Fixed 1.073%		Semi-Annually		7/24/25		USD	3,875,000		(142,958	)		—		(142,958	)
3-Month USD LIBOR BBA		Quarterly	Fixed 1.034%		Semi-Annually		7/24/25		USD	5,725,000		(215,381	)		—		(215,381	)
3-Month USD LIBOR BBA		Quarterly	Fixed 1.026%		Semi-Annually		7/24/25		USD	7,750,000		(292,723	)		—		(292,723	)
3-Month USD LIBOR BBA		Quarterly	Fixed 1.390%		Semi-Annually		9/28/25		USD	15,085,000		(448,394	)		—		(448,394	)
3-Month USD LIBOR BBA		Quarterly	Fixed 1.688%		Semi-Annually		12/07/25		USD	10,555,000		(245,351	)		—		(245,351	)
Fixed 1.808%		Semi-Annually	3-Month USD LIBOR BBA		Quarterly		7/24/53		USD	325,000		68,921			—		68,921
Fixed 1.785%		Semi-Annually	3-Month USD LIBOR BBA		Quarterly		7/24/53		USD	475,000		102,830			—		102,830
Fixed 1.773%		Semi-Annually	3-Month USD LIBOR BBA		Quarterly		7/24/53		USD	650,000		142,311			—		142,311
Fixed 1.870%		Semi-Annually	3-Month USD LIBOR BBA		Quarterly		9/28/53		USD	1,285,000		253,007			—		253,007
Fixed 1.743%		Semi-Annually	3-Month USD LIBOR BBA		Quarterly		12/07/53		USD	880,000		192,768			—		192,768
											$	(968,578	)	$	—	$	(968,578	)

* Contracts are subject to a master netting agreement or similar agreement.

Currency Legend

EUR Euro

USD U.S. Dollar

The accompanying notes are an integral part of the financial statements.

115

MML Series Investment Fund – Financial Statements

Statements of Assets and Liabilities
June 30, 2022 (Unaudited)

	MML Conservative Allocation Fund			MML Balanced Allocation Fund
Assets:
Investments, at value - unaffiliated issuers (Note 2) (a)	$	8,566,413		$	8,005,518
Investments, at value - affiliated issuers (Notes 2 & 7) (b)		314,294,250			367,426,041
Repurchase agreements, at value (Note 2) (c)		—			—
Other short-term investments, at value (Note 2) (d)		—			—
Total investments (e)		322,860,663			375,431,559
Receivables from:
Investments sold
Regular delivery		127,958			342,684
Fund shares sold		5,113			122,482
Investment adviser (Note 3)		—			—
Dividends		—			—
Total assets		322,993,734			375,896,725
Liabilities:
Payables for:
Investments purchased
Regular delivery		—			—
Fund shares repurchased		129,848			461,398
Collateral held for securities on loan (Note 2) (f)		—			—
Trustees’ fees and expenses (Note 3)		41,455			50,089
Affiliates (Note 3):
Administration fees		—			—
Investment advisory fees		27,100			31,678
Service fees		167,653			193,250
Accrued expense and other liabilities		45,776			47,745
Total liabilities		411,832			784,160
Net assets	$	322,581,902		$	375,112,565
Net assets consist of:
Paid-in capital	$	324,128,991		$	372,073,107
Accumulated Gain (Loss)		(1,547,089	)		3,039,458
Net assets	$	322,581,902		$	375,112,565

(a)	Cost of investments - unaffiliated issuers:	$	10,902,182	$	10,227,441
(b)	Cost of investments - affiliated issuers:	$	343,820,453	$	392,986,455
(c)	Cost of repurchase agreements:	$	—	$	—
(d)	Cost of other short-term investments:	$	—	$	—
(e)	Securities on loan with market value of:	$	—	$	—
(f)	Non-cash collateral is not included.

The accompanying notes are an integral part of the financial statements.

116

MML Moderate Allocation Fund		MML Growth Allocation Fund		MML Aggressive Allocation Fund		MML American Funds Growth Fund		MML American Funds International Fund			MML American Funds Core Allocation Fund		MML Blue Chip Growth Fund
$	14,884,970	$	10,821,346	$	1,012,530	$	203,529,115	$	45,221,293		$	740,295,665	$	402,912,981
	1,333,424,065		935,998,868		128,615,610		—		—			—		—
	—		—		—		—		—			—		2,730,797
	—		—		—		—		—			—		100
	1,348,309,035		946,820,214		129,628,140		203,529,115		45,221,293			740,295,665		405,643,878
	223,045		103,281		—		—		—			350,093		—
	43,232		244,892		37,147		3,679,455		259,852			72,939		914,322
	—		—		—		—		—			61,751		—
	—		—		—		—		—			—		83,633
	1,348,575,312		947,168,387		129,665,287		207,208,570		45,481,145			740,780,448		406,641,833
	—		—		25,989		3,673,687		257,311			—		896,178
	252,616		338,618		9,833		3,617		2,077			415,621		48,097
	—		—		—		—		—			—		1,057,491
	187,008		144,917		12,749		15,669		5,545			79,407		43,990
	—		—		—		42,839		9,668			155,949		—
	113,811		79,882		10,989		25,703		5,801			124,445		258,031
	756,254		400,763		50,185		141,445		30,712			494,106		90,500
	86,281		69,244		38,728		32,072		28,972			50,904		104,523
	1,395,970		1,033,424		148,473		3,935,032		340,086			1,320,432		2,498,810
$	1,347,179,342	$	946,134,963	$	129,516,814	$	203,273,538	$	45,141,059		$	739,460,016	$	404,143,023
$	1,321,977,913	$	892,263,835	$	124,835,284	$	135,007,939	$	48,055,125		$	657,203,622	$	273,886,775
	25,201,429		53,871,128		4,681,530		68,265,599		(2,914,066	)		82,256,394		130,256,248
$	1,347,179,342	$	946,134,963	$	129,516,814	$	203,273,538	$	45,141,059		$	739,460,016	$	404,143,023

$	18,902,668	$	13,821,063	$	1,284,308	$	221,399,001	$	56,687,013	$	806,483,397	$	351,560,223
$	1,433,442,826	$	997,081,230	$	140,851,103	$	—	$	—	$	—	$	—
$	—	$	—	$	—	$	—	$	—	$	—	$	2,730,797
$	—	$	—	$	—	$	—	$	—	$	—	$	100
$	—	$	—	$	—	$	—	$	—	$	—	$	1,891,580

The accompanying notes are an integral part of the financial statements.

117

MML Series Investment Fund – Financial Statements (Continued)

Statements of Assets and Liabilities
June 30, 2022 (Unaudited)

	MML Conservative Allocation Fund		MML Balanced Allocation Fund
Initial Class shares:
Net assets	$	71,773,144	$	86,031,856
Shares outstanding (a)		7,794,326		9,308,667
Net asset value, offering price and redemption price per share	$	9.21	$	9.24
Service Class shares:
Net assets	$	250,808,758	$	289,080,709
Shares outstanding (a)		27,599,413		31,650,088
Net asset value, offering price and redemption price per share	$	9.09	$	9.13
Service Class I shares:
Net assets	$	—	$	—
Shares outstanding (a)		—		—
Net asset value, offering price and redemption price per share	$	—	$	—

(a) Authorized unlimited number of shares with no par value.

The accompanying notes are an integral part of the financial statements.

118

MML Moderate Allocation Fund		MML Growth Allocation Fund		MML Aggressive Allocation Fund		MML American Funds Growth Fund		MML American Funds International Fund		MML American Funds Core Allocation Fund		MML Blue Chip Growth Fund
$	224,321,652	$	348,005,318	$	55,686,007	$	—	$	—	$	—	$	275,393,903
	23,147,242		41,545,283		5,837,705		—		—		—		19,668,920
$	9.69	$	8.38	$	9.54	$	—	$	—	$	—	$	14.00
$	1,122,857,690	$	598,129,645	$	73,830,807	$	—	$	—	$	—	$	128,749,120
	117,546,940		72,233,555		7,898,756		—		—		—		9,816,409
$	9.55	$	8.28	$	9.35	$	—	$	—	$	—	$	13.12
$	—	$	—	$	—	$	203,273,538	$	45,141,059	$	739,460,016	$	—
	—		—		—		12,909,905		5,605,921		65,859,462		—
$	—	$	—	$	—	$	15.75	$	8.05	$	11.23	$	—

The accompanying notes are an integral part of the financial statements.

119

MML Series Investment Fund – Financial Statements (Continued)

Statements of Assets and Liabilities
June 30, 2022 (Unaudited)

	MML Equity Income Fund		MML Equity Index Fund
Assets:
Investments, at value (Note 2) (a)	$	385,614,382	$	597,021,432
Repurchase agreements, at value (Note 2) (b)		3,370,058		3,572,534
Other short-term investments, at value (Note 2) (c)		1,077		852,880
Total investments (d)		388,985,517		601,446,846
Cash		16,208		—
Foreign currency, at value (e)		479		—
Receivables from:
Investments sold
Regular delivery		1,614,038		—
Fund shares sold		3,265		518,661
Collateral pledged for open futures contracts (Note 2)		—		860,000
Interest and dividends		705,075		473,333
Foreign taxes withheld		76,103		—
Total assets		391,400,685		603,298,840
Liabilities:
Payables for:
Investments purchased
Regular delivery		336,329		—
Fund shares repurchased		3,285,599		54,658
Collateral held for securities on loan (Note 2) (f)		1,618,767		—
Trustees’ fees and expenses (Note 3)		56,156		76,363
Variation margin on open derivative instruments (Note 2)		—		38,071
Affiliates (Note 3):
Administration fees		—		52,323
Investment advisory fees		246,681		49,061
Service fees		52,293		26,519
Due to custodian		—		851,297
Accrued expense and other liabilities		80,548		114,184
Total liabilities		5,676,373		1,262,476
Net assets	$	385,724,312	$	602,036,364
Net assets consist of:
Paid-in capital	$	236,075,610	$	290,991,433
Accumulated Gain (Loss)		149,648,702		311,044,931
Net assets	$	385,724,312	$	602,036,364

(a)	Cost of investments:	$	319,788,374	$	350,799,173
(b)	Cost of repurchase agreements:	$	3,370,058	$	3,572,534
(c)	Cost of other short-term investments:	$	1,077	$	853,608
(d)	Securities on loan with market value of:	$	1,586,838	$	133,689
(e)	Cost of foreign currency:	$	482	$	—
(f)	Non-cash collateral is not included.

The accompanying notes are an integral part of the financial statements.

120

MML Focused Equity Fund		MML Foreign Fund		MML Fundamental Equity Fund		MML Fundamental Value Fund		MML Global Fund		MML Income & Growth Fund		MML International Equity Fund
$	311,790,041	$	181,956,011	$	180,508,718	$	162,675,379	$	130,704,840	$	216,661,145	$	202,243,594
	3,122,339		442,616		816,582		3,752,529		949,537		3,148,640		2,138,053
	—		—		—		—		—		—		—
	314,912,380		182,398,627		181,325,300		166,427,908		131,654,377		219,809,785		204,381,647
	—		—		—		16,760		10,388		—		15,273
	—		193,599		282		56,820		4		—		31,591
	—		128,407		—		—		74,120		113,881		125,887
	2,741		1,617		2,337		1,563		110,964		60,965		1,819
	—		789		—		—		—		—		—
	425,674		329,657		93,128		154,132		140,156		526,819		191,524
	—		1,022,868		5,373		39,417		737,053		—		917,964
	315,340,795		184,075,564		181,426,420		166,696,600		132,727,062		220,511,450		205,665,705
	—		392,968		111,381		—		130,965		—		60,717
	294,785		1,005,236		85,850		30,220		60,146		124,856		27,848
	—		21,389		—		—		—		—		8,019
	15,031		39,054		16,245		20,384		24,304		26,888		13,624
	—		—		—		—		—		—		—
	39,523		—		23,043		21,420		17,030		—		26,386
	178,637		136,572		92,168		85,679		68,118		121,385		137,237
	13,209		4,311		13,352		14,033		10,173		18,508		4,631
	—		724		—		—		—		—		—
	69,578		108,017		66,384		54,436		105,593		66,861		81,688
	610,763		1,708,271		408,423		226,172		416,329		358,498		360,150
$	314,730,032	$	182,367,293	$	181,017,997	$	166,470,428	$	132,310,733	$	220,152,952	$	205,305,555
$	245,509,110	$	177,996,590	$	150,363,963	$	105,227,264	$	18,303,045	$	146,196,512	$	234,256,284
	69,220,922		4,370,703		30,654,034		61,243,164		114,007,688		73,956,440		(28,950,729	)
$	314,730,032	$	182,367,293	$	181,017,997	$	166,470,428	$	132,310,733	$	220,152,952	$	205,305,555

$	287,898,912	$	201,366,122	$	183,182,645	$	140,664,404	$	119,740,085	$	188,804,492	$	242,770,911
$	3,122,339	$	442,616	$	816,582	$	3,752,529	$	949,537	$	3,148,640	$	2,138,053
$	—	$	—	$	—	$	—	$	—	$	—	$	—
$	—	$	799,911	$	—	$	1,185,726	$	571,311	$	147,734	$	2,559,682
$	—	$	192,291	$	299	$	58,113	$	4	$	—	$	31,326

The accompanying notes are an integral part of the financial statements.

121

MML Series Investment Fund – Financial Statements (Continued)

Statements of Assets and Liabilities
June 30, 2022 (Unaudited)

	MML Equity Income Fund		MML Equity Index Fund
Initial Class shares:
Net assets	$	307,718,142	$	—
Shares outstanding (a)		27,160,486		—
Net asset value, offering price and redemption price per share	$	11.33	$	—
Class I shares:
Net assets	$	—	$	49,392,220
Shares outstanding (a)		—		1,753,889
Net asset value, offering price and redemption price per share	$	—	$	28.16
Class II shares:
Net assets	$	—	$	234,959,749
Shares outstanding (a)		—		8,345,396
Net asset value, offering price and redemption price per share	$	—	$	28.15
Class III shares:
Net assets	$	—	$	279,019,124
Shares outstanding (a)		—		9,922,831
Net asset value, offering price and redemption price per share	$	—	$	28.12
Service Class shares:
Net assets	$	78,006,170	$	—
Shares outstanding (a)		7,000,714		—
Net asset value, offering price and redemption price per share	$	11.14	$	—
Service Class I shares:
Net assets	$	—	$	38,665,271
Shares outstanding (a)		—		1,444,616
Net asset value, offering price and redemption price per share	$	—	$	26.77

(a) Authorized unlimited number of shares with no par value.

The accompanying notes are an integral part of the financial statements.

122

MML Focused Equity Fund		MML Foreign Fund		MML Fundamental Equity Fund		MML Fundamental Value Fund		MML Global Fund			MML Income & Growth Fund		MML International Equity Fund
$	—	$	176,078,677	$	—	$	—	$	—		$	192,305,174	$	—
	—		19,619,208		—		—		—			16,832,925		—
$	—	$	8.97	$	—	$	—	$	—		$	11.42	$	—
$	—	$	—	$	—	$	—	$	102,155,107		$	—	$	—
	—		—		—		—		8,718,788			—		—
$	—	$	—	$	—	$	—	$	11.72		$	—	$	—
$	294,603,809	$	—	$	161,272,303	$	145,329,766	$	15,199,648	��	$	—	$	198,592,821
	39,828,825		—		16,437,327		10,980,175		1,262,182			—		22,243,619
$	7.40	$	—	$	9.81	$	13.24	$	12.04		$	—	$	8.93
$	—	$	—	$	—	$	—	$	—		$	—	$	—
	—		—		—		—		—			—		—
$	—	$	—	$	—	$	—	$	—		$	—	$	—
$	—	$	6,288,616	$	—	$	—	$	—		$	27,847,778	$	—
	—		705,941		—		—		—			2,482,855		—
$	—	$	8.91	$	—	$	—	$	—		$	11.22	$	—
$	20,126,223	$	—	$	19,745,694	$	21,140,662	$	14,955,978		$	—	$	6,712,734
	2,840,243		—		2,104,915		1,639,389		1,298,832			—		760,758
$	7.09	$	—	$	9.38	$	12.90	$	11.51		$	—	$	8.82

The accompanying notes are an integral part of the financial statements.

123

MML Series Investment Fund – Financial Statements (Continued)

Statements of Assets and Liabilities
June 30, 2022 (Unaudited)

	MML Large Cap Growth Fund		MML Managed Volatility Fund
Assets:
Investments, at value (Note 2) (a)	$	154,621,839	$	112,361,756
Repurchase agreements, at value (Note 2) (b)		2,180,094		2,791,292
Other short-term investments, at value (Note 2) (c)		—		—
Total investments (d)		156,801,933		115,153,048
Cash		—		1,626
Foreign currency, at value (e)		—		29,550
Receivables from:
Investments sold
Regular delivery		—		—
Delayed delivery		—		—
Open forward contracts (Note 2)		—		—
Fund shares sold		46,700		25,400
Collateral pledged for open futures and options contracts (Note 2)		—		—
Collateral pledged for open swap agreements (Note 2)		—		—
Variation margin on open derivative instruments (Note 2)		—		—
Interest and dividends		11,294		86,375
Interest tax reclaim		—		—
Foreign taxes withheld		182,642		—
Total assets		157,042,569		115,295,999
Liabilities:
Payables for:
Investments purchased
Regular delivery		67,150		—
Delayed delivery		—		—
Written options outstanding, at value (Note 2) (f)		—		1,460,275
Open forward contracts (Note 2)		—		—
Interest and dividends		—		—
Fund shares repurchased		27,909		3,275,517
Collateral held for securities on loan (Note 2) (g)		—		—
Trustees’ fees and expenses (Note 3)		17,070		28,255
Affiliates (Note 3):
Administration fees		—		—
Investment advisory fees		86,813		71,316
Service fees		12,574		14,133
Due to custodian		—		—
Accrued expense and other liabilities		53,972		182,332
Total liabilities		265,488		5,031,828
Net assets	$	156,777,081	$	110,264,171
Net assets consist of:
Paid-in capital	$	135,704,433	$	61,633,499
Accumulated Gain (Loss)		21,072,648		48,630,672
Net assets	$	156,777,081	$	110,264,171

(a)	Cost of investments:	$	159,961,497	$	75,053,542
(b)	Cost of repurchase agreements:	$	2,180,094	$	2,791,292
(c)	Cost of other short-term investments:	$	—	$	—
(d)	Securities on loan with market value of:	$	—	$	—
(e)	Cost of foreign currency:	$	—	$	28,942
(f)	Premiums on written options:	$	—	$	2,864,544
(g)	Non-cash collateral is not included.

The accompanying notes are an integral part of the financial statements.

124

MML Mid Cap Growth Fund		MML Mid Cap Value Fund		MML Small Cap Growth Equity Fund		MML Small Company Value Fund		MML Small/Mid Cap Value Fund		MML Sustainable Equity Fund		MML Total Return Bond Fund
$	305,940,598	$	292,391,550	$	141,847,640	$	78,472,851	$	134,254,323	$	132,587,587	$	370,085,141
	12,245,321		6,915,027		1,557,535		713,729		1,811,476		175,656		4,863,045
	102		—		—		—		—		—		15,333,990
	318,186,021		299,306,577		143,405,175		79,186,580		136,065,799		132,763,243		390,282,176
	—		—		2,534		—		23		—		93,155
	—		54		10		39		—		73		—
	2,423,359		414,276		298,594		130,904		192,863		200,575		832,011
	—		—		—		—		—		—		28,869,667
	—		70,951		—		1,984		—		3,147		3,706
	867,421		13,178		3,305,035		1,235		625,155		40,713		838
	—		—		—		—		—		—		1,825,000
	—		—		—		—		—		—		807,645
	—		—		—		—		—		—		143,550
	63,274		517,392		103,740		97,341		138,733		121,961		1,445,423
	—		—		—		—		—		—		967
	1,781		25,901		—		—		—		3,002		—
	321,541,856		300,348,329		147,115,088		79,418,083		137,022,573		133,132,714		424,304,138
	1,438,151		1,335,392		451,015		289,793		1,733,992		138,057		2,497,580
	—		—		—		—		—		—		92,096,535
	—		—		—		—		—		—		3,125
	—		20,030		—		—		—		—		608
	—		—		—		—		—		—		2,050
	39,059		2,925,449		10,342		30,507		54,323		48,958		162,323
	1,148,290		—		3,141,719		718,563		—		—		15,507,583
	47,822		50,698		29,973		10,478		24,660		19,220		35,603
	—		—		—		10,082		—		—		38,881
	208,752		214,521		124,445		53,772		87,317		56,454		103,682
	56,304		33,283		16,059		16,916		15,966		32,216		26,229
	—		330,699		—		—		—		—		—
	106,209		90,155		64,867		43,128		58,958		53,413		139,419
	3,044,587		5,000,227		3,838,420		1,173,239		1,975,216		348,318		110,613,618
$	318,497,269	$	295,348,102	$	143,276,668	$	78,244,844	$	135,047,357	$	132,784,396	$	313,690,520
$	202,468,709	$	187,779,543	$	117,255,410	$	47,651,794	$	84,623,817	$	59,222,184	$	351,040,585
	116,028,560		107,568,559		26,021,258		30,593,050		50,423,540		73,562,212		(37,350,065	)
$	318,497,269	$	295,348,102	$	143,276,668	$	78,244,844	$	135,047,357	$	132,784,396	$	313,690,520

$	293,213,620	$	301,184,150	$	152,176,857	$	93,702,719	$	139,570,109	$	120,667,082	$	390,446,155
$	12,245,321	$	6,915,027	$	1,557,535	$	713,729	$	1,811,476	$	175,656	$	4,863,045
$	102	$	—	$	—	$	—	$	—	$	—	$	15,354,279
$	5,809,239	$	6,149,965	$	10,225,545	$	5,039,624	$	—	$	—	$	15,759,754
$	—	$	55	$	11	$	39	$	—	$	73	$	—
$	—	$	—	$	—	$	—	$	—	$	—	$	82,545

The accompanying notes are an integral part of the financial statements.

125

MML Series Investment Fund – Financial Statements (Continued)

Statements of Assets and Liabilities
June 30, 2022 (Unaudited)

	MML Large Cap Growth Fund		MML Managed Volatility Fund
Initial Class shares:
Net assets	$	138,669,463	$	89,003,558
Shares outstanding (a)		12,939,201		6,667,060
Net asset value, offering price and redemption price per share	$	10.72	$	13.35
Class II shares:
Net assets	$	—	$	—
Shares outstanding (a)		—		—
Net asset value, offering price and redemption price per share	$	—	$	—
Service Class shares:
Net assets	$	18,107,618	$	21,260,613
Shares outstanding (a)		1,775,392		1,607,817
Net asset value, offering price and redemption price per share	$	10.20	$	13.22
Service Class I shares:
Net assets	$	—	$	—
Shares outstanding (a)		—		—
Net asset value, offering price and redemption price per share	$	—	$	—

(a) Authorized unlimited number of shares with no par value.

The accompanying notes are an integral part of the financial statements.

126

MML Mid Cap Growth Fund		MML Mid Cap Value Fund		MML Small Cap Growth Equity Fund		MML Small Company Value Fund		MML Small/Mid Cap Value Fund		MML Sustainable Equity Fund		MML Total Return Bond Fund
$	235,835,848	$	245,860,702	$	120,156,259	$	—	$	111,835,283	$	85,355,097	$	—
	19,799,970		21,251,763		10,669,860		—		9,473,389		4,368,915		—
$	11.91	$	11.57	$	11.26	$	—	$	11.81	$	19.54	$	—
$	—	$	—	$	—	$	53,114,786	$	—	$	—	$	273,037,204
	—		—		—		3,555,349		—		—		29,469,190
$	—	$	—	$	—	$	14.94	$	—	$	—	$	9.27
$	82,661,421	$	49,487,400	$	23,120,409	$	—	$	23,212,074	$	47,429,299	$	—
	7,485,912		4,376,499		2,283,794		—		1,996,293		2,458,052		—
$	11.04	$	11.31	$	10.12	$	—	$	11.63	$	19.30	$	—
$	—	$	—	$	—	$	25,130,058	$	—	$	—	$	40,653,316
	—		—		—		1,758,419		—		—		4,457,121
$	—	$	—	$	—	$	14.29	$	—	$	—	$	9.12

The accompanying notes are an integral part of the financial statements.

127

MML Series Investment Fund – Financial Statements (Continued)

Statements of Operations
For the Six Months Ended June 30, 2022 (Unaudited)

	MML Conservative Allocation Fund			MML Balanced Allocation Fund
Investment income (Note 2):
Dividends (a)	$	—		$	—
Interest		—			—
Securities lending net income		—			—
Non cash income		—			—
Total investment income		—			—
Expenses (Note 3):
Investment advisory fees		179,558			210,263
Custody fees		9,299			9,296
Audit fees		18,049			18,113
Legal fees		4,078			4,746
Proxy fees		406			406
Shareholder reporting fees		7,421			8,187
Trustees’ fees		9,619			11,274
		228,430			262,285
Administration fees:
Service Class I		—			—
Distribution and Service fees:
Service Class		350,702			405,548
Service Class I		—			—
Total expenses		579,132			667,833
Expenses waived (Note 3):
Service Class I fees reimbursed by adviser		—			—
Net expenses:		579,132			667,833
Net investment income (loss)		(579,132	)		(667,833	)
Realized and unrealized gain (loss):
Net realized gain (loss) on:
Investment transactions - unaffiliated issuers		10,296			51,515
Investment transactions - affiliated issuers (Note 7)		1,138,589			737,496
Foreign currency transactions		—			—
Realized gain distributions - unaffiliated issuers		—			—
Net realized gain (loss)		1,148,885			789,011
Net change in unrealized appreciation (depreciation) on:
Investment transactions - unaffiliated issuers		(1,764,670	)		(1,726,418	)
Investment transactions - affiliated issuers (Note 7)		(55,798,484	)		(67,935,638	)
Net change in unrealized appreciation (depreciation)		(57,563,154	)		(69,662,056	)
Net realized gain (loss) and change in unrealized appreciation (depreciation)		(56,414,269	)		(68,873,045	)
Net increase (decrease) in net assets resulting from operations	$	(56,993,401	)	$	(69,540,878	)

^(a) Net of foreign withholding tax of: $ — $ —

The accompanying notes are an integral part of the financial statements.

128

MML Moderate Allocation Fund			MML Growth Allocation Fund			MML Aggressive Allocation Fund			MML American Funds Growth Fund			MML American Funds International Fund			MML American Funds Core Allocation Fund			MML Blue Chip Growth Fund
$	—		$	—		$	—		$	329,901		$	236,350		$	3,665,323		$	992,286
	—			—			—			—			—			—			16,643
	—			—			—			—			—			—			8,042
	—			—			—			—			—			—			101,577
	—			—			—			329,901			236,350			3,665,323			1,118,548
	766,403			534,365			74,160			181,357			38,850			815,683			1,833,836
	9,295			9,333			9,263			1,667			1,667			2,623			30,157
	19,315			18,796			17,830			17,901			17,701			18,511			21,381
	18,073			12,125			1,662			2,740			606			9,347			5,607
	406			406			406			406			406			406			406
	22,378			16,392			4,812			9,266			7,067			13,181			18,086
	42,419			28,821			3,977			6,548			1,423			22,112			13,478
	878,289			620,238			112,110			219,885			67,720			881,863			1,922,951
	—			—			—			302,262			64,749			1,032,621			—
	1,601,167			843,385			105,725			—			—			—			198,320
	—			—			—			302,262			64,749			1,032,621			—
	2,479,456			1,463,623			217,835			824,409			197,218			2,947,105			2,121,271
	—			—			—			—			—			(408,509	)		—
	2,479,456			1,463,623			217,835			824,409			197,218			2,538,596			2,121,271
	(2,479,456	)		(1,463,623	)		(217,835	)		(494,508	)		39,132			1,126,727			(1,002,723	)
	(152,869	)		(14,522	)		322,066			3,667,119			(284,933	)		5,548,414			(2,908,647	)
	4,745,706			2,949,154			82,248			—			—			—			—
	—			—			—			—			—			—			(65	)
	—			—			—			32,021,495			6,676,194			85,294,546			—
	4,592,837			2,934,632			404,314			35,688,614			6,391,261			90,842,960			(2,908,712	)
	(2,679,439	)		(2,204,081	)		(1,102,952	)		(122,189,463	)		(19,996,713	)		(228,047,011	)		(218,230,305	)
	(268,840,787	)		(200,919,856	)		(29,489,959	)		—			—			—			—
	(271,520,226	)		(203,123,937	)		(30,592,911	)		(122,189,463	)		(19,996,713	)		(228,047,011	)		(218,230,305	)
	(266,927,389	)		(200,189,305	)		(30,188,597	)		(86,500,849	)		(13,605,452	)		(137,204,051	)		(221,139,017	)
$	(269,406,845	)	$	(201,652,928	)	$	(30,406,432	)	$	(86,995,357	)	$	(13,566,320	)	$	(136,077,324	)	$	(222,141,740	)

$ — $ — $ — $ — $ — $ — $ 8,515

The accompanying notes are an integral part of the financial statements.

129

MML Series Investment Fund – Financial Statements (Continued)

Statements of Operations
For the Six Months Ended June 30, 2022 (Unaudited)

	MML Equity Income Fund			MML Equity Index Fund
Investment income (Note 2):
Dividends (a)	$	5,892,942		$	5,304,301
Interest		590			1,680
Securities lending net income		5,517			322
Non cash income		—			—
Total investment income		5,899,049			5,306,303
Expenses (Note 3):
Investment advisory fees		1,633,621			323,920
Custody fees		18,718			23,059
Audit fees		20,922			21,528
Legal fees		5,412			8,299
Proxy fees		406			406
Shareholder reporting fees		14,928			25,527
Trustees’ fees		11,011			17,234
		1,705,018			419,973
Administration fees:
Class I		—			85,371
Class II		—			199,772
Service Class I		—			67,711
Distribution and Service fees:
Service Class		107,104			—
Service Class I		—			56,426
Total expenses		1,812,122			829,253
Expenses waived (Note 3):
Initial Class advisory fees waived		(52,492	)		—
Class II advisory fees waived		—			—
Service Class advisory fees waived		(12,853	)		—
Service Class I advisory fees waived		—			—
Net expenses:		1,746,777			829,253
Net investment income (loss)		4,152,272			4,477,050
Realized and unrealized gain (loss):
Net realized gain (loss) on:
Investment transactions		18,066,303			18,532,488
Futures contracts		—			(1,047,686	)
Foreign currency transactions		(11,350	)		—
Forward Contracts		—			—
Net realized gain (loss)		18,054,953			17,484,802
Net change in unrealized appreciation (depreciation) on:
Investment transactions		(58,079,508	)		(174,585,225	)
Futures contracts		—			(181,425	)
Translation of assets and liabilities in foreign currencies		(2,096	)		—
Forward contracts		—			—
Net change in unrealized appreciation (depreciation)		(58,081,604	)		(174,766,650	)
Net realized gain (loss) and change in unrealized appreciation (depreciation)		(40,026,651	)		(157,281,848	)
Net increase (decrease) in net assets resulting from operations	$	(35,874,379	)	$	(152,804,798	)

(a)	Net of foreign withholding tax of:	$	143,989	$	1,270
*	Net of net increase (decrease) in accrued foreign capital gains tax of:	$	—	$	—

The accompanying notes are an integral part of the financial statements.

130

MML Focused Equity Fund			MML Foreign Fund			MML Fundamental Equity Fund			MML Fundamental Value Fund			MML Global Fund			MML Income & Growth Fund			MML International Equity Fund
$	2,906,127		$	4,735,070		$	1,641,382		$	1,863,120		$	1,575,075		$	2,727,728		$	3,984,644
	576			27			204			170			62			709			472
	—			21,291			1,053			2,065			4,723			1,521			16,949
	—			173,644			—			—			—			—			47,415
	2,906,703			4,930,032			1,642,639			1,865,355			1,579,860			2,729,958			4,049,480
	1,130,667			929,197			634,751			557,883			479,576			784,435			923,567
	11,040			47,620			15,345			14,263			31,718			13,581			68,725
	20,807			23,646			20,704			20,678			23,912			21,081			28,005
	2,999			2,664			1,996			2,016			3,806			3,209			1,672
	406			406			406			406			406			406			406
	11,429			9,591			9,101			23,790			11,056			9,375			6,745
	7,692			6,212			5,090			4,852			7,135			6,323			4,967
	1,185,040			1,019,336			687,393			623,888			557,609			838,410			1,034,087
	—			—			—			—			93,976			—			—
	235,657			—			141,899			122,698			13,088			—			167,449
	16,017			—			16,789			16,773			12,831			—			5,778
	—			9,048			—			—			—			37,791			—
	26,694			—			27,981			27,955			21,385			—			9,631
	1,463,408			1,028,384			874,062			791,314			698,889			876,201			1,216,945
	—			(17,692	)		—			—			—			—			—
	—			—			—			(16,358	)		—			—			(111,633	)
	—			(611	)		—			—			—			—			—
	—			—			—			(2,239	)		—			—			(3,852	)
	1,463,408			1,010,081			874,062			772,717			698,889			876,201			1,101,460
	1,443,295			3,919,951			768,577			1,092,638			880,971			1,853,757			2,948,020
								��
	16,896,943			1,965,147			456,114			6,399,344			5,610,943			16,869,810			929,111
	—			—			—			—			—			—			—
	4,541			(76,327	)		1,229			486			(5,661	)		1,511			(52,035	)
	—			—			—			—			—			—			84,995
	16,901,484			1,888,820			457,343			6,399,830			5,605,282			16,871,321			962,071
	(57,548,094	)		(49,596,133	)		(53,378,801	)		(28,117,911	)		(44,578,021	)		(37,901,223	)		(53,631,206	)*
	—			—			—			—			—			—			—
	—			(67,466	)		(34	)		(2,700	)		(43,924	)		—			(68,566	)
	—			—			—			—			—			—			15,249
	(57,548,094	)		(49,663,599	)		(53,378,835	)		(28,120,611	)		(44,621,945	)		(37,901,223	)		(53,684,523	)
	(40,646,610	)		(47,774,779	)		(52,921,492	)		(21,720,781	)		(39,016,663	)		(21,029,902	)		(52,722,452	)
$	(39,203,315	)	$	(43,854,828	)	$	(52,152,915	)	$	(20,628,143	)	$	(38,135,692	)	$	(19,176,145	)	$	(49,774,432	)

$	—	$	483,048	$	7,326	$	45,089	$	140,453	$	16,326	$	543,189
$	—	$	—	$	—	$	—	$	—	$	—	$	7,192

The accompanying notes are an integral part of the financial statements.

131

MML Series Investment Fund – Financial Statements (Continued)

Statements of Operations
For the Six Months Ended June 30, 2022 (Unaudited)

	MML Large Cap Growth Fund			MML Managed Volatility Fund
Investment income (Note 2):
Dividends (a)	$	719,030		$	958,174
Interest		289			604
Securities lending net income		—			21
Total investment income		719,319			958,799
Expenses (Note 3):
Investment advisory fees		610,871			472,526
Custody fees		10,300			118,547
Audit fees		20,675			20,622
Legal fees		1,613			1,681
Proxy fees		406			406
Shareholder reporting fees		7,980			15,233
Trustees’ fees		4,312			3,337
		656,157			632,352
Administration fees:
Class II		—			—
Service Class I		—			—
Distribution and Service fees:
Service Class		27,200			29,370
Service Class I		—			—
Total expenses		683,357			661,722
Expenses waived (Note 3):
Initial Class advisory fees waived		—			—
Class II advisory fees waived		—			—
Service Class advisory fees waived		—			—
Service Class I advisory fees waived		—			—
Net expenses:		683,357			661,722
Net investment income (loss)		35,962			297,077
Realized and unrealized gain (loss):
Net realized gain (loss) on:
Investment transactions		10,635,013			5,336,689
Futures contracts		—			—
Written options		—			6,655,744
Swap agreements		—			—
Foreign currency transactions		—			—
Forward contracts		—			—
Net realized gain (loss)		10,635,013			11,992,433
Net change in unrealized appreciation (depreciation) on:
Investment transactions		(74,741,313	)		(30,487,209	)
Futures contracts		—			—
Written options		—			1,631,494
Swap agreements		—			—
Translation of assets and liabilities in foreign currencies		—			(519	)
Forward contracts		—			—
Net change in unrealized appreciation (depreciation)		(74,741,313	)		(28,856,234	)
Net realized gain (loss) and change in unrealized appreciation (depreciation)		(64,106,300	)		(16,863,801	)
Net increase (decrease) in net assets resulting from operations	$	(64,070,338	)	$	(16,566,724	)

^(a) Net of foreign withholding tax of: $ 54,897 $ 227

The accompanying notes are an integral part of the financial statements.

132

MML Mid Cap Growth Fund			MML Mid Cap Value Fund			MML Small Cap Growth Equity Fund			MML Small Company Value Fund			MML Small/Mid Cap Value Fund			MML Sustainable Equity Fund			MML Total Return Bond Fund
$	954,441		$	4,356,217		$	796,704		$	779,710		$	1,371,541		$	1,034,834		$	—
	2,217			551			2,126			—			122			43			4,251,108
	8,935			9,744			10,329			9,383			344			198			37,561
	965,593			4,366,512			809,159			789,093			1,372,007			1,035,075			4,288,669
	1,434,828			1,400,110			862,333			354,964			593,049			379,037			701,847
	32,484			26,938			18,364			15,168			14,280			11,014			74,021
	21,272			21,970			22,105			20,928			20,663			20,649			22,975
	5,115			4,719			2,047			957			1,913			1,647			5,759
	406			406			406			406			406			406			406
	15,379			11,847			7,524			5,909			7,444			7,161			16,273
	11,442			9,072			4,698			2,305			4,453			3,979			8,898
	1,520,926			1,475,062			917,477			400,637			642,208			423,893			830,179
	—			—			—			45,434			—			—			229,881
	—			—			—			21,122			—			—			33,311
	119,730			67,383			34,324			—			33,626			67,113			—
	—			—			—			35,203			—			—			55,519
	1,640,656			1,542,445			951,801			502,396			675,834			491,006			1,148,890
	—			—			(20,756	)		—			—			—			—
	—			—			—			(45,431	)		—			—			—
	—			—			(4,119	)		—			—			—			—
	—			—			—			(21,125	)		—			—			—
	1,640,656			1,542,445			926,926			435,840			675,834			491,006			1,148,890
	(675,063	)		2,824,067			(117,767	)		353,253			696,173			544,069			3,139,779
	4,350,392			35,884,080			(8,340,129	)		1,699,260			13,992,113			39,203,844			(21,081,821	)
	—			—			—			—			—			—			217,529
	—			—			—			—			—			—			(997,923	)
	—			—			—			—			—			—			30,511
	987			(12,322	)		(6	)		(428	)		—			(8,881	)		266
	—			1,682,422			—			69,494			—			6,678			40,490
	4,351,379			37,554,180			(8,340,135	)		1,768,326			13,992,113			39,201,641			(21,790,948	)
	(130,772,476	)		(66,758,886	)		(42,600,291	)		(18,074,601	)		(48,777,434	)		(74,439,509	)		(24,699,516	)
	—			—			—			—			—			—			(42,883	)
	—			—			—			—			—			—			46,438
	—			—			—			—			—			—			(702,949	)
	30			(1,654	)		(1	)		—			—			(96	)		(73	)
	—			305,170			—			7,789			—			3,147			(32,565	)
	(130,772,446	)		(66,455,370	)		(42,600,292	)		(18,066,812	)		(48,777,434	)		(74,436,458	)		(25,431,548	)
	(126,421,067	)		(28,901,190	)		(50,940,427	)		(16,298,486	)		(34,785,321	)		(35,234,817	)		(47,222,496	)
$	(127,096,130	)	$	(26,077,123	)	$	(51,058,194	)	$	(15,945,233	)	$	(34,089,148	)	$	(34,690,748	)	$	(44,082,717	)

$ 1,097 $ 66,445 $ 856 $ 5,430 $ 1,808 $ 4,451 $ —

The accompanying notes are an integral part of the financial statements.

133

MML Series Investment Fund – Financial Statements (Continued)

Statements of Changes in Net Assets

	MML Conservative Allocation Fund
	Six Months Ended June 30, 2022 (Unaudited)			Year Ended December 31, 2021
Increase (Decrease) in Net Assets:
Operations:
Net investment income (loss)	$	(579,132	)	$	7,496,513
Net realized gain (loss)		1,148,885			35,667,069
Net change in unrealized appreciation (depreciation)		(57,563,154	)		(9,587,387	)
Net increase (decrease) in net assets resulting from operations		(56,993,401	)		33,576,195
Distributions to shareholders (Note 2):
Initial Class		—			(3,732,707	)
Service Class		—			(12,357,121	)
Total distributions		—			(16,089,828	)
Net fund share transactions (Note 5):
Initial Class		(1,981,159	)		(14,286,613	)
Service Class		(19,187,139	)		(37,286,727	)
Increase (decrease) in net assets from fund share transactions		(21,168,298	)		(51,573,340	)
Total increase (decrease) in net assets		(78,161,699	)		(34,086,973	)
Net assets
Beginning of period		400,743,601			434,830,574
End of period	$	322,581,902		$	400,743,601

The accompanying notes are an integral part of the financial statements.

134

MML Balanced Allocation Fund						MML Moderate Allocation Fund						MML Growth Allocation Fund
Six Months Ended June 30, 2022 (Unaudited)			Year Ended December 31, 2021			Six Months Ended June 30, 2022 (Unaudited)			Year Ended December 31, 2021			Six Months Ended June 30, 2022 (Unaudited)			Year Ended December 31, 2021
$	(667,833	)	$	8,075,213		$	(2,479,456	)	$	25,466,940		$	(1,463,623	)	$	14,700,478
	789,011			35,066,448			4,592,837			150,529,735			2,934,632			125,516,658
	(69,662,056	)		1,576,575			(271,520,226	)		28,058,278			(203,123,937	)		21,135,066
	(69,540,878	)		44,718,236			(269,406,845	)		204,054,953			(201,652,928	)		161,352,202
	—			(4,524,699	)		—			(14,369,142	)		—			(26,000,345	)
	—			(14,700,679	)		—			(72,819,090	)		—			(43,218,278	)
	—			(19,225,378	)		—			(87,188,232	)		—			(69,218,623	)
	(4,902,630	)		(8,921,595	)		(16,356,279	)		(37,230,262	)		(21,581,819	)		(46,904,892	)
	(20,222,298	)		(29,861,152	)		(113,264,804	)		(212,270,785	)		(37,960,584	)		(83,342,821	)
	(25,124,928	)		(38,782,747	)		(129,621,083	)		(249,501,047	)		(59,542,403	)		(130,247,713	)
	(94,665,806	)		(13,289,889	)		(399,027,928	)		(132,634,326	)		(261,195,331	)		(38,114,134	)
	469,778,371			483,068,260			1,746,207,270			1,878,841,596			1,207,330,294			1,245,444,428
$	375,112,565		$	469,778,371		$	1,347,179,342		$	1,746,207,270		$	946,134,963		$	1,207,330,294

The accompanying notes are an integral part of the financial statements.

135

MML Series Investment Fund – Financial Statements (Continued)

Statements of Changes in Net Assets

	MML Aggressive Allocation Fund
	Six Months Ended June 30, 2022 (Unaudited)			Year Ended December 31, 2021
Increase (Decrease) in Net Assets:
Operations:
Net investment income (loss)	$	(217,835	)	$	1,508,753
Net realized gain (loss)		404,314			21,347,657
Net change in unrealized appreciation (depreciation)		(30,592,911	)		2,729,646
Net increase (decrease) in net assets resulting from operations		(30,406,432	)		25,586,056
Distributions to shareholders (Note 2):
Initial Class		—			(3,793,658	)
Service Class		—			(4,972,518	)
Service Class I		—			—
Total distributions		—			(8,766,176	)
Net fund share transactions (Note 5):
Initial Class		(4,454,999	)		(560,281	)
Service Class		(3,842,484	)		(8,314,247	)
Service Class I		—			—
Increase (decrease) in net assets from fund share transactions		(8,297,483	)		(8,874,528	)
Total increase (decrease) in net assets		(38,703,915	)		7,945,352
Net assets
Beginning of period		168,220,729			160,275,377
End of period	$	129,516,814		$	168,220,729

The accompanying notes are an integral part of the financial statements.

136

MML American Funds Growth Fund						MML American Funds International Fund						MML American Funds Core Allocation Fund
Six Months Ended June 30, 2022 (Unaudited)			Year Ended December 31, 2021			Six Months Ended June 30, 2022 (Unaudited)			Year Ended December 31, 2021			Six Months Ended June 30, 2022 (Unaudited)			Year Ended December 31, 2021
$	(494,508	)	$	(597,776	)	$	39,132		$	1,147,808		$	1,126,727		$	9,493,175
	35,688,614			51,652,024			6,391,261			1,076,747			90,842,960			58,363,875
	(122,189,463	)		3,023,836			(19,996,713	)		(3,274,434	)		(228,047,011	)		46,359,412
	(86,995,357	)		54,078,084			(13,566,320	)		(1,049,879	)		(136,077,324	)		114,216,462
	—			—			—			—			—			—
	—			—			—			—			—			—
	—			(15,195,901	)		—			(977,803	)		—			(35,113,927	)
	—			(15,195,901	)		—			(977,803	)		—			(35,113,927	)
	—			—			—			—			—			—
	—			—			—			—			—			—
	(2,235,307	)		(3,842,156	)		(962,314	)		666,810			(58,250,527	)		(89,042,196	)
	(2,235,307	)		(3,842,156	)		(962,314	)		666,810			(58,250,527	)		(89,042,196	)
	(89,230,664	)		35,040,027			(14,528,634	)		(1,360,872	)		(194,327,851	)		(9,939,661	)
	292,504,202			257,464,175			59,669,693			61,030,565			933,787,867			943,727,528
$	203,273,538		$	292,504,202		$	45,141,059		$	59,669,693		$	739,460,016		$	933,787,867

The accompanying notes are an integral part of the financial statements.

137

MML Series Investment Fund – Financial Statements (Continued)

Statements of Changes in Net Assets

	MML Blue Chip Growth Fund
	Six Months Ended June 30, 2022 (Unaudited)			Year Ended December 31, 2021
Increase (Decrease) in Net Assets:
Operations:
Net investment income (loss)	$	(1,002,723	)	$	(3,040,652	)
Net realized gain (loss)		(2,908,712	)		86,430,345
Net change in unrealized appreciation (depreciation)		(218,230,305	)		(1,392,292	)
Net increase (decrease) in net assets resulting from operations		(222,141,740	)		81,997,401
Distributions to shareholders (Note 2):
Initial Class		—			(38,541,114	)
Class I		—			—
Class II		—			—
Class III		—			—
Service Class		—			(20,907,454	)
Service Class I		—			—
Total distributions		—			(59,448,568	)
Net fund share transactions (Note 5):
Initial Class		1,036,599			59,227,612
Class I		—			—
Class II		—			—
Class III		—			—
Service Class		(3,439,630	)		13,680,075
Service Class I		—			—
Increase (decrease) in net assets from fund share transactions		(2,403,031	)		72,907,687
Total increase (decrease) in net assets		(224,544,771	)		95,456,520
Net assets
Beginning of period		628,687,794			533,231,274
End of period	$	404,143,023		$	628,687,794

The accompanying notes are an integral part of the financial statements.

138

MML Equity Income Fund						MML Equity Index Fund						MML Focused Equity Fund
Six Months Ended June 30, 2022 (Unaudited)			Year Ended December 31, 2021			Six Months Ended June 30, 2022 (Unaudited)			Year Ended December 31, 2021			Six Months Ended June 30, 2022 (Unaudited)			Year Ended December 31, 2021
$	4,152,272		$	6,922,226		$	4,477,050		$	8,119,505		$	1,443,295		$	2,701,349
	18,054,953			55,884,175			17,484,802			40,603,509			16,901,484			25,021,393
	(58,081,604	)		40,615,994			(174,766,650	)		129,047,822			(57,548,094	)		34,345,792
	(35,874,379	)		103,422,395			(152,804,798	)		177,770,836			(39,203,315	)		62,068,534
	—			(14,539,543	)		—			—			—			—
	—			—			—			(3,410,079	)		—			—
	—			—			—			(15,589,702	)		—			(19,232,937	)
	—			—			—			(19,307,250	)		—			—
	—			(3,561,313	)		—			—			—			—
	—			—			—			(2,915,856	)		—			(1,434,203	)
	—			(18,100,856	)		—			(41,222,887	)		—			(20,667,140	)
	(32,724,122	)		(65,572,871	)		—			—			—			—
	—			—			(3,151,075	)		(8,078,776	)		—			—
	—			—			(5,339,118	)		8,726,265			(6,977,691	)		22,304,981
	—			—			(10,269,884	)		(11,761,933	)		—			—
	(3,264,764	)		(10,213,562	)		—			—			—			—
	—			—			(3,687,356	)		(986,690	)		(353,964	)		502,795
	(35,988,886	)		(75,786,433	)		(22,447,433	)		(12,101,134	)		(7,331,655	)		22,807,776
	(71,863,265	)		9,535,106			(175,252,231	)		124,446,815			(46,534,970	)		64,209,170
	457,587,577			448,052,471			777,288,595			652,841,780			361,265,002			297,055,832
$	385,724,312		$	457,587,577		$	602,036,364		$	777,288,595		$	314,730,032		$	361,265,002

The accompanying notes are an integral part of the financial statements.

139

MML Series Investment Fund – Financial Statements (Continued)

Statements of Changes in Net Assets

	MML Foreign Fund
	Six Months Ended June 30, 2022 (Unaudited)			Year Ended December 31, 2021
Increase (Decrease) in Net Assets:
Operations:
Net investment income (loss)	$	3,919,951		$	5,309,115
Net realized gain (loss)		1,888,820			21,502,193
Net change in unrealized appreciation (depreciation)		(49,663,599	)		7,132,915
Net increase (decrease) in net assets resulting from operations		(43,854,828	)		33,944,223
Distributions to shareholders (Note 2):
Initial Class		—			(6,407,754	)
Class I		—			—
Class II		—			���
Service Class		—			(192,117	)
Service Class I		—			—
Total distributions		—			(6,599,871	)
Net fund share transactions (Note 5):
Initial Class		(19,095,713	)		(55,471,468	)
Class I		—			—
Class II		—			—
Service Class		(292,521	)		(1,091,260	)
Service Class I		—			—
Increase (decrease) in net assets from fund share transactions		(19,388,234	)		(56,562,728	)
Total increase (decrease) in net assets		(63,243,062	)		(29,218,376	)
Net assets
Beginning of period		245,610,355			274,828,731
End of period	$	182,367,293		$	245,610,355

The accompanying notes are an integral part of the financial statements.

140

MML Fundamental Equity Fund						MML Fundamental Value Fund						MML Global Fund
Six Months Ended June 30, 2022 (Unaudited)			Year Ended December 31, 2021			Six Months Ended June 30, 2022 (Unaudited)			Year Ended December 31, 2021			Six Months Ended June 30, 2022 (Unaudited)			Year Ended December 31, 2021
$	768,577		$	1,533,777		$	1,092,638		$	1,716,263		$	880,971		$	2,184,911
	457,343			31,117,236			6,399,830			34,080,303			5,605,282			95,994,538
	(53,378,835	)		16,358,111			(28,120,611	)		17,472,558			(44,621,945	)		(36,075,447	)
	(52,152,915	)		49,009,124			(20,628,143	)		53,269,124			(38,135,692	)		62,104,002
	—			—			—			—			—			—
	—			—			—			—			—			(33,942,130	)
	—			(17,289,403	)		—			(2,957,707	)		—			(1,862,521	)
	—			—			—			—			—			—
	—			(2,011,177	)		—			(312,511	)		—			(1,901,117	)
	—			(19,300,580	)		—			(3,270,218	)		—			(37,705,768	)
	—			—			—			—			—			—
	—			—			—			—			(19,749,306	)		(231,901,017	)
	(12,704,839	)		32,759,203			(10,122,151	)		(50,990,501	)		(663,706	)		293,903
	—			—			—			—			—			—
	135,783			1,845,344			1,672,879			1,630,567			(531,648	)		392,623
	(12,569,056	)		34,604,547			(8,449,272	)		(49,359,934	)		(20,944,660	)		(231,214,491	)
	(64,721,971	)		64,313,091			(29,077,415	)		638,972			(59,080,352	)		(206,816,257	)
	245,739,968			181,426,877			195,547,843			194,908,871			191,391,085			398,207,342
$	181,017,997		$	245,739,968		$	166,470,428		$	195,547,843		$	132,310,733		$	191,391,085

The accompanying notes are an integral part of the financial statements.

141

MML Series Investment Fund – Financial Statements (Continued)

Statements of Changes in Net Assets

	MML Income & Growth Fund
	Six Months Ended June 30, 2022 (Unaudited)			Year Ended December 31, 2021
Increase (Decrease) in Net Assets:
Operations:
Net investment income (loss)	$	1,853,757		$	3,388,012
Net realized gain (loss)		16,871,321			35,764,471
Net change in unrealized appreciation (depreciation)		(37,901,223	)		23,692,628
Net increase (decrease) in net assets resulting from operations		(19,176,145	)		62,845,111
Distributions to shareholders (Note 2):
Initial Class		—			(3,966,776	)
Class II		—			—
Service Class		—			(483,810	)
Service Class I		—			—
Total distributions		—			(4,450,586	)
Net fund share transactions (Note 5):
Initial Class		(12,701,410	)		(71,827,735	)
Class II		—			—
Service Class		(1,260,800	)		(1,714,716	)
Service Class I		—			—
Increase (decrease) in net assets from fund share transactions		(13,962,210	)		(73,542,451	)
Total increase (decrease) in net assets		(33,138,355	)		(15,147,926	)
Net assets
Beginning of period		253,291,307			268,439,233
End of period	$	220,152,952		$	253,291,307

The accompanying notes are an integral part of the financial statements.

142

MML International Equity Fund						MML Large Cap Growth Fund						MML Managed Volatility Fund
Six Months Ended June 30, 2022 (Unaudited)			Year Ended December 31, 2021			Six Months Ended June 30, 2022 (Unaudited)			Year Ended December 31, 2021			Six Months Ended June 30, 2022 (Unaudited)			Year Ended December 31, 2021
$	2,948,020		$	2,387,824		$	35,962		$	(225,060	)	$	297,077		$	490,544
	962,071			23,518,210			10,635,013			16,564,832			11,992,433			705,802
	(53,684,523	)		(8,031,257	)		(74,741,313	)		8,293,487			(28,856,234	)		14,245,211
	(49,774,432	)		17,874,777			(64,070,338	)		24,633,259			(16,566,724	)		15,441,557
	—			—			—			(15,351,370	)		—			(1,116,050	)
	—			(1,043,525	)		—			—			—			—
	—			—			—			(2,540,115	)		—			(189,127	)
	—			(39,246	)		—			—			—			—
	—			(1,082,771	)		—			(17,891,485	)		—			(1,305,177	)
	—			—			(1,619,529	)		71,237,108			(12,204,952	)		(13,533,508	)
	(2,334,086	)		73,322,159			—			—			—			—
	—			—			(363,552	)		2,162,036			(1,591,997	)		(3,570,364	)
	(75,593	)		659,784			—			—			—			—
	(2,409,679	)		73,981,943			(1,983,081	)		73,399,144			(13,796,949	)		(17,103,872	)
	(52,184,111	)		90,773,949			(66,053,419	)		80,140,918			(30,363,673	)		(2,967,492	)
	257,489,666			166,715,717			222,830,500			142,689,582			140,627,844			143,595,336
$	205,305,555		$	257,489,666		$	156,777,081		$	222,830,500		$	110,264,171		$	140,627,844

The accompanying notes are an integral part of the financial statements.

143

MML Series Investment Fund – Financial Statements (Continued)

Statements of Changes in Net Assets

	MML Mid Cap Growth Fund
	Six Months Ended June 30, 2022 (Unaudited)			Year Ended December 31, 2021
Increase (Decrease) in Net Assets:
Operations:
Net investment income (loss)	$	(675,063	)	$	(2,249,274	)
Net realized gain (loss)		4,351,379			105,809,675
Net change in unrealized appreciation (depreciation)		(130,772,446	)		(37,213,167	)
Net increase (decrease) in net assets resulting from operations		(127,096,130	)		66,347,234
Distributions to shareholders (Note 2):
Initial Class		—			(73,246,023	)
Class II		—			—
Service Class		—			(25,312,531	)
Service Class I		—			—
Total distributions		—			(98,558,554	)
Net fund share transactions (Note 5):
Initial Class		(13,550,029	)		(69,578,065	)
Class II		—			—
Service Class		(2,776,560	)		11,071,866
Service Class I		—			—
Increase (decrease) in net assets from fund share transactions		(16,326,589	)		(58,506,199	)
Total increase (decrease) in net assets		(143,422,719	)		(90,717,519	)
Net assets
Beginning of period		461,919,988			552,637,507
End of period	$	318,497,269		$	461,919,988

The accompanying notes are an integral part of the financial statements.

144

MML Mid Cap Value Fund						MML Small Cap Growth Equity Fund						MML Small Company Value Fund
Six Months Ended June 30, 2022 (Unaudited)			Year Ended December 31, 2021			Six Months Ended June 30, 2022 (Unaudited)			Year Ended December 31, 2021			Six Months Ended June 30, 2022 (Unaudited)			Year Ended December 31, 2021
$	2,824,067		$	5,276,758		$	(117,767	)	$	(1,119,827	)	$	353,253		$	85,713
	37,554,180			77,904,945			(8,340,135	)		47,033,355			1,768,326			44,257,606
	(66,455,370	)		(391,209	)		(42,600,292	)		(30,870,726	)		(18,066,812	)		(22,532,215	)
	(26,077,123	)		82,790,494			(51,058,194	)		15,042,802			(15,945,233	)		21,811,104
	—			(11,485,165	)		—			(26,449,940	)		—			—
	—			—			—			—			—			(4,232,677	)
	—			(1,976,411	)		—			(5,524,203	)		—			—
	—			—			—			—			—			(1,927,989	)
	—			(13,461,576	)		—			(31,974,143	)		—			(6,160,666	)
	(27,862,790	)		(113,301,697	)		(3,027,272	)		(677,490	)		—			—
	—			—			—			—			(3,664,335	)		(9,461,658	)
	(1,800,262	)		(4,821,534	)		(1,083,861	)		4,842,905			—			—
	—			—			—			—			(715,400	)		(41,589	)
	(29,663,052	)		(118,123,231	)		(4,111,133	)		4,165,415			(4,379,735	)		(9,503,247	)
	(55,740,175	)		(48,794,313	)		(55,169,327	)		(12,765,926	)		(20,324,968	)		6,147,191
	351,088,277			399,882,590			198,445,995			211,211,921			98,569,812			92,422,621
$	295,348,102		$	351,088,277		$	143,276,668		$	198,445,995		$	78,244,844		$	98,569,812

The accompanying notes are an integral part of the financial statements.

145

MML Series Investment Fund – Financial Statements (Continued)

Statements of Changes in Net Assets

	MML Small/Mid Cap Value Fund
	Six Months Ended June 30, 2022 (Unaudited)			Year Ended December 31, 2021
Increase (Decrease) in Net Assets:
Operations:
Net investment income (loss)	$	696,173		$	1,843,580
Net realized gain (loss)		13,992,113			45,551,764
Net change in unrealized appreciation (depreciation)		(48,777,434	)		12,198,307
Net increase (decrease) in net assets resulting from operations		(34,089,148	)		59,593,651
Distributions to shareholders (Note 2):
Initial Class		—			(1,587,906	)
Class II		—			—
Service Class		—			(239,776	)
Service Class I		—			—
Total distributions		—			(1,827,682	)
Net fund share transactions (Note 5):
Initial Class		(9,212,226	)		(65,105,278	)
Class II		—			—
Service Class		(882,226	)		123,121
Service Class I		—			—
Increase (decrease) in net assets from fund share transactions		(10,094,452	)		(64,982,157	)
Total increase (decrease) in net assets		(44,183,600	)		(7,216,188	)
Net assets
Beginning of period		179,230,957			186,447,145
End of period	$	135,047,357		$	179,230,957

The accompanying notes are an integral part of the financial statements.

146

MML Sustainable Equity Fund						MML Total Return Bond Fund
Six Months Ended June 30, 2022 (Unaudited)			Year Ended December 31, 2021			Six Months Ended June 30, 2022 (Unaudited)			Year Ended December 31, 2021
$	544,069		$	1,071,998		$	3,139,779		$	3,996,645
	39,201,641			20,522,856			(21,790,948	)		(754,915	)
	(74,436,458	)		18,106,179			(25,431,548	)		(8,443,618	)
	(34,690,748	)		39,701,033			(44,082,717	)		(5,201,888	)
	—			(6,904,294	)		—			—
	—			—			—			(21,382,221	)
	—			(3,555,773	)		—			—
	—			—			—			(3,001,071	)
	—			(10,460,067	)		—			(24,383,292	)
	(5,196,086	)		(12,363,850	)		—			—
	—			—			(43,138,815	)		92,426,887
	(1,189,289	)		1,624,422			—			—
	—			—			(4,131,861	)		2,945,102
	(6,385,375	)		(10,739,428	)		(47,270,676	)		95,371,989
	(41,076,123	)		18,501,538			(91,353,393	)		65,786,809
	173,860,519			155,358,981			405,043,913			339,257,104
$	132,784,396		$	173,860,519		$	313,690,520		$	405,043,913

The accompanying notes are an integral part of the financial statements.

147

MML Series Investment Fund – Financial Statements (Continued)

Financial Highlights(For a share outstanding throughout each period)

MML Conservative Allocation Fund

		Income (loss) from investment operations			Less distributions to shareholders					Ratios / Supplemental Data
	Net asset value, beginning of period	Net investment income (loss)c	Net realized and unrealized gain (loss) on investments	Total income (loss) from investment operations	From net investment income	From net realized gains	Total distributions	Net asset value, end of the period	Total returnm	Net assets, end of the period (000’s)	Ratio of expenses to average daily net assetsw	Net investment income (loss) to average daily net assets
Initial Class
6/30/22r	$ 10.77	$ (0.01)	$ (1.55)	$ (1.56)	$ —	$ —	$ —	$ 9.21	(14.48%)b	$ 71,773	0.13%a	(0.13%)a
12/31/21	10.34	0.22	0.66	0.88	(0.13)	(0.32)	(0.45)	10.77	8.60%	86,161	0.12%	2.05%
12/31/20	9.95	0.09	0.86	0.95	(0.27)	(0.29)	(0.56)	10.34	9.93%	96,649	0.12%	0.95%
12/31/19	9.23	0.25	1.13	1.38	(0.28)	(0.38)	(0.66)	9.95	15.20%	95,290	0.13%	2.55%
12/31/18	10.01	0.22	(0.55)	(0.33)	(0.25)	(0.20)	(0.45)	9.23	(3.50%)	90,797	0.12%	2.22%
12/31/17	9.63	0.22	0.70	0.92	(0.23)	(0.31)	(0.54)	10.01	9.62%	107,294	0.12%	2.23%
Service Class
6/30/22r	$ 10.64	$ (0.02)	$ (1.53)	$ (1.55)	$ —	$ —	$ —	$ 9.09	(14.57%)b	$ 250,809	0.38%a	(0.38%)a
12/31/21	10.22	0.19	0.65	0.84	(0.10)	(0.32)	(0.42)	10.64	8.33%	314,582	0.37%	1.75%
12/31/20	9.84	0.07	0.85	0.92	(0.25)	(0.29)	(0.54)	10.22	9.67%	338,181	0.37%	0.72%
12/31/19	9.13	0.22	1.12	1.34	(0.25)	(0.38)	(0.63)	9.84	14.93%	312,658	0.38%	2.31%
12/31/18	9.90	0.19	(0.53)	(0.34)	(0.23)	(0.20)	(0.43)	9.13	(3.70%)	306,230	0.37%	1.94%
12/31/17	9.53	0.20	0.68	0.88	(0.20)	(0.31)	(0.51)	9.90	9.33%	368,843	0.37%	2.00%

		Year ended December 31
	Six months ended June 30, 2022b,r	2021	2020	2019	2018	2017
Portfolio turnover ratex	5%	28%	43%	29%	18%	14%

a Annualized.

b Percentage represents the results for the period and is not annualized.

c Per share amount calculated on the average shares method.

m Total return does not reflect expenses that apply at the separate account level or to related insurance products. Inclusion of these charges would reduce the total return figures for all periods shown.

r Unaudited.

w Expenses of the underlying funds are not included in the Fund’s expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying fund.

x Amount does not include the portfolio activity of any underlying fund.

The accompanying notes are an integral part of the financial statements.

148

MML Series Investment Fund – Financial Statements (Continued)

Financial Highlights(For a share outstanding throughout each period)

MML Balanced Allocation Fund

		Income (loss) from investment operations			Less distributions to shareholders					Ratios / Supplemental Data
	Net asset value, beginning of period	Net investment income (loss)c	Net realized and unrealized gain (loss) on investments	Total income (loss) from investment operations	From net investment income	From net realized gains	Total distributions	Net asset value, end of the period	Total returnm	Net assets, end of the period (000’s)	Ratio of expenses to average daily net assetsw	Net investment income (loss) to average daily net assets
Initial Class
6/30/22r	$ 10.88	$ (0.01)	$ (1.63)	$ (1.64)	$ —	$ —	$ —	$ 9.24	(15.07%)b	$ 86,032	0.12%a	(0.12%)a
12/31/21	10.32	0.20	0.82	1.02	(0.14)	(0.32)	(0.46)	10.88	9.98%	106,757	0.12%	1.88%
12/31/20	9.89	0.09	0.94	1.03	(0.26)	(0.34)	(0.60)	10.32	10.93%	109,924	0.12%	0.97%
12/31/19	9.12	0.23	1.27	1.50	(0.26)	(0.47)	(0.73)	9.89	16.75%	125,465	0.12%	2.32%
12/31/18	10.16	0.20	(0.61)	(0.41)	(0.24)	(0.39)	(0.63)	9.12	(4.47%)	116,177	0.12%	2.00%
12/31/17	9.70	0.21	0.88	1.09	(0.20)	(0.43)	(0.63)	10.16	11.48%	139,773	0.12%	2.06%
Service Class
6/30/22r	$ 10.77	$ (0.02)	$ (1.62)	$ (1.64)	$ —	$ —	$ —	$ 9.13	(15.23%)b	$ 289,081	0.37%a	(0.37%)a
12/31/21	10.22	0.17	0.81	0.98	(0.11)	(0.32)	(0.43)	10.77	9.70%	363,021	0.37%	1.62%
12/31/20	9.80	0.07	0.92	0.99	(0.23)	(0.34)	(0.57)	10.22	10.65%	373,144	0.37%	0.72%
12/31/19	9.03	0.20	1.27	1.47	(0.23)	(0.47)	(0.70)	9.80	16.61%	408,868	0.37%	2.07%
12/31/18	10.07	0.17	(0.61)	(0.44)	(0.21)	(0.39)	(0.60)	9.03	(4.76%)	391,230	0.37%	1.76%
12/31/17	9.62	0.18	0.88	1.06	(0.18)	(0.43)	(0.61)	10.07	11.21%	459,581	0.37%	1.82%

		Year ended December 31
	Six months ended June 30, 2022b,r	2021	2020	2019	2018	2017
Portfolio turnover ratex	2%	25%	22%	28%	17%	15%

a Annualized.

b Percentage represents the results for the period and is not annualized.

c Per share amount calculated on the average shares method.

m Total return does not reflect expenses that apply at the separate account level or to related insurance products. Inclusion of these charges would reduce the total return figures for all periods shown.

r Unaudited.

w Expenses of the underlying funds are not included in the Fund’s expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying fund.

x Amount does not include the portfolio activity of any underlying fund.

The accompanying notes are an integral part of the financial statements.

149

MML Series Investment Fund – Financial Statements (Continued)

Financial Highlights(For a share outstanding throughout each period)

MML Moderate Allocation Fund

		Income (loss) from investment operations			Less distributions to shareholders					Ratios / Supplemental Data
	Net asset value, beginning of period	Net investment income (loss)c	Net realized and unrealized gain (loss) on investments	Total income (loss) from investment operations	From net investment income	From net realized gains	Total distributions	Net asset value, end of the period	Total returnm	Net assets, end of the period (000’s)	Ratio of expenses to average daily net assetsw	Net investment income (loss) to average daily net assets
Initial Class
6/30/22r	$ 11.54	$ (0.01)	$ (1.84)	$ (1.85)	$ —	$ —	$ —	$ 9.69	(16.03%)b	$ 224,322	0.11%a	(0.11%)a
12/31/21	10.84	0.18	1.11	1.29	(0.16)	(0.43)	(0.59)	11.54	11.99%	284,654	0.11%	1.60%
12/31/20	10.53	0.10	0.95	1.05	(0.26)	(0.48)	(0.74)	10.84	10.54%	303,037	0.11%	1.04%
12/31/19	9.71	0.21	1.54	1.75	(0.28)	(0.65)	(0.93)	10.53	18.58%	378,044	0.12%	2.05%
12/31/18	11.00	0.19	(0.73)	(0.54)	(0.24)	(0.51)	(0.75)	9.71	(5.48%)	349,719	0.11%	1.79%
12/31/17	10.38	0.20	1.15	1.35	(0.20)	(0.53)	(0.73)	11.00	13.33%	417,670	0.11%	1.84%
Service Class
6/30/22r	$ 11.38	$ (0.02)	$ (1.81)	$ (1.83)	$ —	$ —	$ —	$ 9.55	(16.08%)b	$ 1,122,858	0.36%a	(0.36%)a
12/31/21	10.70	0.15	1.09	1.24	(0.13)	(0.43)	(0.56)	11.38	11.67%	1,461,553	0.36%	1.36%
12/31/20	10.41	0.08	0.92	1.00	(0.23)	(0.48)	(0.71)	10.70	10.16%	1,575,805	0.36%	0.76%
12/31/19	9.60	0.18	1.53	1.71	(0.25)	(0.65)	(0.90)	10.41	18.36%	1,751,648	0.37%	1.78%
12/31/18	10.88	0.16	(0.72)	(0.56)	(0.21)	(0.51)	(0.72)	9.60	(5.70%)	1,690,215	0.36%	1.54%
12/31/17	10.28	0.17	1.14	1.31	(0.18)	(0.53)	(0.71)	10.88	12.99%	2,047,202	0.36%	1.60%

		Year ended December 31
	Six months ended June 30, 2022b,r	2021	2020	2019	2018	2017
Portfolio turnover ratex	1%	21%	19%	28%	15%	13%

a Annualized.

b Percentage represents the results for the period and is not annualized.

c Per share amount calculated on the average shares method.

m Total return does not reflect expenses that apply at the separate account level or to related insurance products. Inclusion of these charges would reduce the total return figures for all periods shown.

r Unaudited.

w Expenses of the underlying funds are not included in the Fund’s expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying fund.

x Amount does not include the portfolio activity of any underlying fund.

The accompanying notes are an integral part of the financial statements.

150

MML Series Investment Fund – Financial Statements (Continued)

Financial Highlights(For a share outstanding throughout each period)

MML Growth Allocation Fund

		Income (loss) from investment operations			Less distributions to shareholders					Ratios / Supplemental Data
	Net asset value, beginning of period	Net investment income (loss)c	Net realized and unrealized gain (loss) on investments	Total income (loss) from investment operations	From net investment income	From net realized gains	Total distributions	Net asset value, end of the period	Total returnm	Net assets, end of the period (000’s)	Ratio of expenses to average daily net assetsw	Net investment income (loss) to average daily net assets
Initial Class
6/30/22r	$ 10.11	$ (0.01)	$ (1.72)	$ (1.73)	$ —	$ —	$ —	$ 8.38	(17.11%)b	$ 348,005	0.12%a	(0.12%)a
12/31/21	9.38	0.14	1.19	1.33	(0.16)	(0.44)	(0.60)	10.11	14.33%	443,650	0.12%	1.36%
12/31/20	9.04	0.09	0.98	1.07	(0.18)	(0.55)	(0.73)	9.38	12.76%	456,817	0.11%	1.07%
12/31/19	8.35	0.15	1.55	1.70	(0.22)	(0.79)	(1.01)	9.04	21.21%	573,104	0.12%	1.64%
12/31/18	9.75	0.14	(0.73)	(0.59)	(0.18)	(0.63)	(0.81)	8.35	(6.90%)	536,767	0.11%	1.47%
12/31/17	9.16	0.15	1.28	1.43	(0.15)	(0.69)	(0.84)	9.75	16.07%	647,613	0.11%	1.53%
Service Class
6/30/22r	$ 10.00	$ (0.02)	$ (1.70)	$ (1.72)	$ —	$ —	$ —	$ 8.28	(17.20%)b	$ 598,130	0.37%a	(0.37%)a
12/31/21	9.29	0.11	1.17	1.28	(0.13)	(0.44)	(0.57)	10.00	13.93%	763,680	0.37%	1.10%
12/31/20	8.96	0.07	0.97	1.04	(0.16)	(0.55)	(0.71)	9.29	12.47%	788,627	0.36%	0.82%
12/31/19	8.28	0.12	1.54	1.66	(0.19)	(0.79)	(0.98)	8.96	20.93%	978,390	0.37%	1.40%
12/31/18	9.67	0.12	(0.73)	(0.61)	(0.15)	(0.63)	(0.78)	8.28	(7.10%)	915,318	0.36%	1.22%
12/31/17	9.09	0.12	1.28	1.40	(0.13)	(0.69)	(0.82)	9.67	15.81%	1,080,728	0.36%	1.27%

		Year ended December 31
	Six months ended June 30, 2022b,r	2021	2020	2019	2018	2017
Portfolio turnover ratex	3%	27%	18%	29%	17%	16%

a Annualized.

b Percentage represents the results for the period and is not annualized.

c Per share amount calculated on the average shares method.

m Total return does not reflect expenses that apply at the separate account level or to related insurance products. Inclusion of these charges would reduce the total return figures for all periods shown.

r Unaudited.

w Expenses of the underlying funds are not included in the Fund’s expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying fund.

x Amount does not include the portfolio activity of any underlying fund.

The accompanying notes are an integral part of the financial statements.

151

MML Series Investment Fund – Financial Statements (Continued)

Financial Highlights(For a share outstanding throughout each period)

MML Aggressive Allocation Fund

		Income (loss) from investment operations			Less distributions to shareholders					Ratios / Supplemental Data
	Net asset value, beginning of period	Net investment income (loss)c	Net realized and unrealized gain (loss) on investments	Total income (loss) from investment operations	From net investment income	From net realized gains	Total distributions	Net asset value, end of the period	Total returnm	Net assets, end of the period (000’s)	Ratio of expenses to average daily net assetsw	Net investment income (loss) to average daily net assets
Initial Class
6/30/22r	$ 11.70	$ (0.01)	$ (2.15)	$ (2.16)	$ —	$ —	$ —	$ 9.54	(18.46%)b	$ 55,686	0.15%a	(0.15%)a
12/31/21	10.58	0.12	1.63	1.75	(0.15)	(0.48)	(0.63)	11.70	16.65%	73,193	0.14%	1.05%
12/31/20	10.16	0.10	1.15	1.25	(0.16)	(0.67)	(0.83)	10.58	13.35%	66,655	0.15%	1.08%
12/31/19	9.20	0.12	1.99	2.11	(0.21)	(0.94)	(1.15)	10.16	23.93%	67,730	0.15%	1.24%
12/31/18	10.68	0.12	(0.90)	(0.78)	(0.15)	(0.55)	(0.70)	9.20	(8.12%)	56,195	0.15%	1.10%
12/31/17	9.67	0.12	1.65	1.77	(0.12)	(0.64)	(0.76)	10.68	18.77%	66,517	0.15%	1.17%
Service Class
6/30/22r	$ 11.48	$ (0.02)	$ (2.11)	$ (2.13)	$ —	$ —	$ —	$ 9.35	(18.55%)b	$ 73,831	0.40%a	(0.40%)a
12/31/21	10.39	0.09	1.60	1.69	(0.12)	(0.48)	(0.60)	11.48	16.40%	95,028	0.39%	0.78%
12/31/20	9.99	0.07	1.13	1.20	(0.13)	(0.67)	(0.80)	10.39	13.08%	93,621	0.40%	0.80%
12/31/19	9.06	0.09	1.96	2.05	(0.18)	(0.94)	(1.12)	9.99	23.65%	95,667	0.40%	0.95%
12/31/18	10.54	0.09	(0.90)	(0.81)	(0.12)	(0.55)	(0.67)	9.06	(8.44%)	83,212	0.40%	0.87%
12/31/17	9.56	0.10	1.62	1.72	(0.10)	(0.64)	(0.74)	10.54	18.44%	90,246	0.40%	0.95%

		Year ended December 31
	Six months ended June 30, 2022b,r	2021	2020	2019	2018	2017
Portfolio turnover ratex	7%	37%	17%	32%	19%	20%

a Annualized.

b Percentage represents the results for the period and is not annualized.

c Per share amount calculated on the average shares method.

m Total return does not reflect expenses that apply at the separate account level or to related insurance products. Inclusion of these charges would reduce the total return figures for all periods shown.

r Unaudited.

w Expenses of the underlying funds are not included in the Fund’s expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying fund.

x Amount does not include the portfolio activity of any underlying fund.

The accompanying notes are an integral part of the financial statements.

152

MML Series Investment Fund – Financial Statements (Continued)

Financial Highlights(For a share outstanding throughout each period)

MML American Funds Growth Fund

		Income (loss) from investment operations			Less distributions to shareholders					Ratios / Supplemental Data
	Net asset value, beginning of period	Net investment income (loss)c,j	Net realized and unrealized gain (loss) on investments	Total income (loss) from investment operations	From net investment income	From net realized gains	Total distributions	Net asset value, end of the period	Total returnm	Net assets, end of the period (000’s)	Ratio of expenses to average daily net assets before expense waiversu	Ratio of expenses to average daily net assets after expense waiversu,j	Net investment income (loss) to average daily net assets
Service Class I
6/30/22r	$ 22.52	$ (0.04)	$ (6.73)	$ (6.77)	$ —	$ —	$ —	$ 15.75	(30.06%)b	$ 203,274	0.68%a	N/A	(0.41%)a
12/31/21	19.56	(0.05)	4.20	4.15	—	(1.19)	(1.19)	22.52	21.48%	292,504	0.68%	N/A	(0.21%)
12/31/20	14.33	(0.02)	7.11	7.09	(0.12)	(1.74)	(1.86)	19.56	51.49%	257,464	0.68%	N/A	(0.12%)
12/31/19	12.70	0.04	3.53	3.57	(0.05)	(1.89)	(1.94)	14.33	30.33%	197,036	0.69%	0.69%l	0.31%
12/31/18	14.37	0.00d	0.15	0.15	(0.04)	(1.78)	(1.82)	12.70	(0.73%)	162,360	0.69%	0.69%l	0.01%
12/31/17	12.37	0.01	3.31	3.32	(0.04)	(1.28)	(1.32)	14.37	27.78%	171,896	0.68%	0.68%l	0.07%

		Year ended December 31
	Six months ended June 30, 2022b,r	2021	2020	2019	2018	2017
Portfolio turnover ratex	4%	13%	8%	12%	12%	11%

a Annualized.

b Percentage represents the results for the period and is not annualized.

c Per share amount calculated on the average shares method.

d Amount is less than $0.005 per share.

j Computed after giving effect to an agreement by MML Advisers to waive certain fees and expenses of the Fund.

l Expenses incurred during the period fell under the expense cap.

m Total return does not reflect expenses that apply at the separate account level or to related insurance products. Inclusion of these charges would reduce the total return figures for all periods shown.

r Unaudited.

u Expenses of the Master Fund are not included in the Fund’s expense ratio. The Fund indirectly bears its proportionate share of the expenses of the Master Fund.

x Amount does not include the portfolio activity of the Master Fund.

The accompanying notes are an integral part of the financial statements.

153

MML Series Investment Fund – Financial Statements (Continued)

Financial Highlights(For a share outstanding throughout each period)

MML American Funds International Fund

		Income (loss) from investment operations			Less distributions to shareholders					Ratios / Supplemental Data
	Net asset value, beginning of period	Net investment income (loss)c,j	Net realized and unrealized gain (loss) on investments	Total income (loss) from investment operations	From net investment income	From net realized gains	Total distributions	Net asset value, end of the period	Total returnm	Net assets, end of the period (000’s)	Ratio of expenses to average daily net assets before expense waiversu	Ratio of expenses to average daily net assets after expense waiversu,j	Net investment income (loss) to average daily net assets
Service Class I
6/30/22r	$ 10.44	$ 0.01	$ (2.40)	$ (2.39)	$ —	$ —	$ —	$ 8.05	(22.89%)b	$ 45,141	0.76%a	N/A	0.15%a
12/31/21	10.82	0.21	(0.42)	(0.21)	(0.01)	(0.16)	(0.17)	10.44	(1.96%)	59,670	0.75%	N/A	1.89%
12/31/20	10.19	0.01	1.25	1.26	(0.10)	(0.53)	(0.63)	10.82	13.44%	61,031	0.73%	N/A	0.14%
12/31/19	9.07	0.09	1.83	1.92	(0.28)	(0.52)	(0.80)	10.19	22.31%	63,943	0.74%	0.73%	0.96%
12/31/18	10.93	0.13	(1.55)	(1.42)	(0.09)	(0.35)	(0.44)	9.07	(13.52%)	56,712	0.73%	0.70%	1.24%
12/31/17	9.12	0.08	2.73	2.81	(0.09)	(0.91)	(1.00)	10.93	31.65%	66,931	0.72%	0.70%	0.80%

		Year ended December 31
	Six months ended June 30, 2022b,r	2021	2020	2019	2018	2017
Portfolio turnover ratex	5%	13%	5%	8%	11%	9%

a Annualized.

b Percentage represents the results for the period and is not annualized.

c Per share amount calculated on the average shares method.

j Computed after giving effect to an agreement by MML Advisers to waive certain fees and expenses of the Fund.

m Total return does not reflect expenses that apply at the separate account level or to related insurance products. Inclusion of these charges would reduce the total return figures for all periods shown.

r Unaudited.

u Expenses of the Master Fund are not included in the Fund’s expense ratio. The Fund indirectly bears its proportionate share of the expenses of the Master Fund.

x Amount does not include the portfolio activity of the Master Fund.

The accompanying notes are an integral part of the financial statements.

154

MML Series Investment Fund – Financial Statements (Continued)

Financial Highlights(For a share outstanding throughout each period)

MML American Funds Core Allocation Fund

		Income (loss) from investment operations			Less distributions to shareholders					Ratios / Supplemental Data
	Net asset value, beginning of period	Net investment income (loss)c,j	Net realized and unrealized gain (loss) on investments	Total income (loss) from investment operations	From net investment income	From net realized gains	Total distributions	Net asset value, end of the period	Total returnm	Net assets, end of the period (000’s)	Ratio of expenses to average daily net assetsw	Ratio of expenses to average daily net assets after expense waiversw,j	Net investment income (loss) to average daily net assets
Service Class I
6/30/22r	$ 13.22	$ 0.02	$ (2.01)	$ (1.99)	$ —	$ —	$ —	$ 11.23	(15.05%)b	$ 739,460	0.71%a	0.61%a	0.27%a
12/31/21	12.16	0.13	1.42	1.55	(0.17)	(0.32)	(0.49)	13.22	12.85%	933,788	0.71%	0.65%	1.00%
12/31/20	11.72	0.12	1.15	1.27	(0.20)	(0.63)	(0.83)	12.16	11.39%	943,728	0.71%	N/A	1.08%
12/31/19	10.98	0.18	1.72	1.90	(0.29)	(0.87)	(1.16)	11.72	18.12%	1,001,411	0.71%	N/A	1.52%
12/31/18	12.60	0.17	(0.69)	(0.52)	(0.22)	(0.88)	(1.10)	10.98	(4.84%)	956,051	0.71%	N/A	1.41%
12/31/17	11.94	0.16	1.56	1.72	(0.18)	(0.88)	(1.06)	12.60	14.94%	1,094,274	0.71%	N/A	1.25%

		Year ended December 31
	Six months ended June 30, 2022b,r	2021	2020	2019	2018	2017
Portfolio turnover ratex	9%	11%	14%	16%	15%	16%

a Annualized.

b Percentage represents the results for the period and is not annualized.

c Per share amount calculated on the average shares method.

j Computed after giving effect to an agreement by MML Advisers to waive certain fees and expenses of the Fund.

m Total return does not reflect expenses that apply at the separate account level or to related insurance products. Inclusion of these charges would reduce the total return figures for all periods shown.

r Unaudited.

w Expenses of the underlying funds are not included in the Fund’s expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying fund.

x Amount does not include the portfolio activity of any underlying fund.

The accompanying notes are an integral part of the financial statements.

155

MML Series Investment Fund – Financial Statements (Continued)

Financial Highlights(For a share outstanding throughout each period)

MML Blue Chip Growth Fund

		Income (loss) from investment operations			Less distributions to shareholders					Ratios / Supplemental Data
	Net asset value, beginning of the period	Net investment income (loss)c	Net realized and unrealized gain (loss) on investments	Total income (loss) from investment operations	From net investment income	From net realized gains	Total distributions	Net asset value, end of the period	Total returnm	Net assets, end of the period (000’s)	Ratio of expenses to average daily net assets	Net investment income (loss) to average daily net assets
Initial Class
6/30/22r	$ 21.62	$ (0.03)	$ (7.59)	$ (7.62)	$ —	$ —	$ —	$ 14.00	(35.25%)b	$ 275,394	0.78%a	(0.32%)a
12/31/21	20.51	(0.10)	3.48	3.38	—	(2.27)	(2.27)	21.62	16.34%	425,249	0.77%	(0.44%)
12/31/20	16.49	(0.06)	5.68	5.62	—	(1.60)	(1.60)	20.51	34.40%	351,504	0.78%	(0.35%)
12/31/19	14.60	(0.02)	4.16	4.14	—	(2.25)	(2.25)	16.49	29.84%	304,381	0.79%	(0.09%)
12/31/18	17.41	(0.00)d	0.86	0.86	—	(3.67)	(3.67)	14.60	1.88%	254,050	0.79%	(0.02%)
12/31/17	13.98	0.00d	4.93	4.93	(0.00)d	(1.50)	(1.50)	17.41	36.22%	301,054	0.80%	0.00%e
Service Class
6/30/22r	$ 20.28	$ (0.05)	$ (7.11)	$ (7.16)	$ —	$ —	$ —	$ 13.12	(35.31%)b	$ 128,749	1.03%a	(0.57%)a
12/31/21	19.40	(0.14)	3.29	3.15	—	(2.27)	(2.27)	20.28	16.08%	203,439	1.02%	(0.69%)
12/31/20	15.71	(0.10)	5.39	5.29	—	(1.60)	(1.60)	19.40	34.00%	181,728	1.03%	(0.60%)
12/31/19	14.03	(0.05)	3.98	3.93	—	(2.25)	(2.25)	15.71	29.56%	137,293	1.04%	(0.35%)
12/31/18	16.88	(0.05)	0.87	0.82	—	(3.67)	(3.67)	14.03	1.68%	99,468	1.04%	(0.26%)
12/31/17	13.62	(0.04)	4.80	4.76	—	(1.50)	(1.50)	16.88	35.89%	77,091	1.05%	(0.25%)

		Year ended December 31
	Six months ended June 30, 2022b,r	2021	2020	2019	2018	2017
Portfolio turnover rate	9%	41%	26%	33%	28%	25%

a Annualized.

b Percentage represents the results for the period and is not annualized.

c Per share amount calculated on the average shares method.

d Amount is less than $0.005 per share.

e Amount is less than 0.005%.

m Total return does not reflect expenses that apply at the separate account level or to related insurance products. Inclusion of these charges would reduce the total return figures for all periods shown.

r Unaudited.

The accompanying notes are an integral part of the financial statements.

156

MML Series Investment Fund – Financial Statements (Continued)

Financial Highlights(For a share outstanding throughout each period)

MML Equity Income Fund

		Income (loss) from investment operations			Less distributions to shareholders					Ratios / Supplemental Data
	Net asset value, beginning of the period	Net investment income (loss)c,j	Net realized and unrealized gain (loss) on investments	Total income (loss) from investment operations	From net investment income	From net realized gains	Total distributions	Net asset value, end of the period	Total returnm	Net assets, end of the period (000’s)	Ratio of expenses to average daily net assets before expense waiver	Ratio of expenses to average daily net assets after expense waiversj	Net investment income (loss) to average daily net assets
Initial Class
6/30/22r	$ 12.38	$ 0.12	$ (1.17)	$ (1.05)	$ —	$ —	$ —	$ 11.33	(8.48%)b	$ 307,718	0.78%a	0.75%a	1.95%a
12/31/21	10.28	0.18	2.43	2.61	(0.27)	(0.24)	(0.51)	12.38	25.58%	368,999	0.78%	0.75%	1.57%
12/31/20	11.18	0.22	(0.22)	0.00d	(0.23)	(0.67)	(0.90)	10.28	1.34%	365,382	0.79%	0.76%	2.32%
12/31/19	10.04	0.24	2.25	2.49	(0.27)	(1.08)	(1.35)	11.18	26.45%	396,909	0.78%	0.75%	2.22%
12/31/18	12.50	0.26	(1.23)	(0.97)	(0.24)	(1.25)	(1.49)	10.04	(9.36%)	358,947	0.79%	0.76%	2.17%
12/31/17	11.78	0.23	1.58	1.81	(0.27)	(0.82)	(1.09)	12.50	16.33%	440,607	0.79%	0.76%	1.93%
Service Class
6/30/22r	$ 12.19	$ 0.10	$ (1.15)	$ (1.05)	$ —	$ —	$ —	$ 11.14	(8.61%)b	$ 78,006	1.03%a	1.00%a	1.71%a
12/31/21	10.14	0.15	2.39	2.54	(0.25)	(0.24)	(0.49)	12.19	25.18%	88,588	1.03%	1.00%	1.32%
12/31/20	11.03	0.19	(0.20)	(0.01)	(0.21)	(0.67)	(0.88)	10.14	1.17%	82,671	1.04%	1.01%	2.06%
12/31/19	9.92	0.21	2.22	2.43	(0.24)	(1.08)	(1.32)	11.03	26.12%	86,749	1.03%	1.00%	1.98%
12/31/18	12.37	0.23	(1.22)	(0.99)	(0.21)	(1.25)	(1.46)	9.92	(9.60%)	75,335	1.04%	1.01%	1.92%
12/31/17	11.68	0.20	1.56	1.76	(0.25)	(0.82)	(1.07)	12.37	15.97%	86,193	1.04%	1.01%	1.68%

		Year ended December 31
	Six months ended June 30, 2022b,r	2021	2020	2019	2018	2017
Portfolio turnover rate	7%	21%	32%	18%	19%	25%

a Annualized.

b Percentage represents the results for the period and is not annualized.

c Per share amount calculated on the average shares method.

d Amount is less than $0.005 per share.

j Computed after giving effect to an agreement by MML Advisers to waive certain fees and expenses of the Fund.

m Total return does not reflect expenses that apply at the separate account level or to related insurance products. Inclusion of these charges would reduce the total return figures for all periods shown.

r Unaudited.

The accompanying notes are an integral part of the financial statements.

157

MML Series Investment Fund – Financial Statements (Continued)

Financial Highlights(For a share outstanding throughout each period)

MML Equity Index Fund

		Income (loss) from investment operations			Less distributions to shareholders					Ratios / Supplemental Data
	Net asset value, beginning of the period	Net investment income (loss)c	Net realized and unrealized gain (loss) on investments	Total income (loss) from investment operations	From net investment income	From net realized gains	Total distributions	Net asset value, end of the period	Total returnm	Net assets, end of the period (000’s)	Ratio of expenses to average daily net assets	Net investment income (loss) to average daily net assets
Class I
6/30/22r	$ 35.26	$ 0.18	$ (7.28)	$ (7.10)	$ —	$ —	$ —	$ 28.16	(20.14%)b	$ 49,392	0.42%a	1.12%a
12/31/21	29.07	0.31	7.77	8.08	(0.43)	(1.46)	(1.89)	35.26	28.19%	65,271	0.42%	0.96%
12/31/20	32.46	0.42	4.71	5.13	(0.55)	(7.97)	(8.52)	29.07	18.06%	61,002	0.43%	1.43%
12/31/19	28.09	0.48	7.71	8.19	(0.90)	(2.92)	(3.82)	32.46	30.86%	57,944	0.44%	1.51%
12/31/18	31.01	0.49	(1.76)	(1.27)	(0.50)	(1.15)	(1.65)	28.09	(4.80%)	51,998	0.43%	1.57%
12/31/17	26.53	0.45	5.11	5.56	(0.29)	(0.79)	(1.08)	31.01	21.34%	66,374	0.43%	1.57%
Class II
6/30/22r	$ 35.22	$ 0.20	$ (7.27)	$ (7.07)	$ —	$ —	$ —	$ 28.15	(20.07%)b	$ 234,960	0.27%a	1.28%a
12/31/21	29.04	0.36	7.76	8.12	(0.48)	(1.46)	(1.94)	35.22	28.37%	299,922	0.27%	1.11%
12/31/20	32.45	0.46	4.71	5.17	(0.61)	(7.97)	(8.58)	29.04	18.21%	239,890	0.28%	1.58%
12/31/19	28.10	0.52	7.72	8.24	(0.97)	(2.92)	(3.89)	32.45	31.06%	209,951	0.29%	1.66%
12/31/18	31.01	0.54	(1.75)	(1.21)	(0.55)	(1.15)	(1.70)	28.10	(4.63%)	159,638	0.28%	1.72%
12/31/17	26.55	0.50	5.10	5.60	(0.35)	(0.79)	(1.14)	31.01	21.50%	186,674	0.28%	1.72%
Class III
6/30/22r	$ 35.15	$ 0.22	$ (7.25)	$ (7.03)	$ —	$ —	$ —	$ 28.12	(20.00%)b	$ 279,019	0.12%a	1.43%a
12/31/21	28.98	0.41	7.74	8.15	(0.52)	(1.46)	(1.98)	35.15	28.54%	359,612	0.12%	1.26%
12/31/20	32.39	0.50	4.71	5.21	(0.65)	(7.97)	(8.62)	28.98	18.41%	307,589	0.13%	1.72%
12/31/19	28.05	0.57	7.70	8.27	(1.01)	(2.92)	(3.93)	32.39	31.27%	268,217	0.14%	1.82%
12/31/18	30.97	0.59	(1.75)	(1.16)	(0.60)	(1.16)	(1.76)	28.05	(4.52%)	391,891	0.13%	1.87%
12/31/17	26.51	0.54	5.10	5.64	(0.39)	(0.79)	(1.18)	30.97	21.69%	440,242	0.13%	1.87%
Service Class I
6/30/22r	$ 33.55	$ 0.13	$ (6.91)	$ (6.78)	$ —	$ —	$ —	$ 26.77	(20.21%)b	$ 38,665	0.67%a	0.87%a
12/31/21	27.76	0.22	7.40	7.62	(0.37)	(1.46)	(1.83)	33.55	27.86%	52,483	0.67%	0.71%
12/31/20	31.35	0.33	4.52	4.85	(0.47)	(7.97)	(8.44)	27.76	17.74%	44,361	0.68%	1.18%
12/31/19	27.24	0.38	7.48	7.86	(0.83)	(2.92)	(3.75)	31.35	30.56%	45,967	0.69%	1.26%
12/31/18	30.13	0.40	(1.70)	(1.30)	(0.43)	(1.16)	(1.59)	27.24	(5.04%)	40,822	0.68%	1.32%
12/31/17	25.84	0.37	4.96	5.33	(0.25)	(0.79)	(1.04)	30.13	21.01%	48,712	0.68%	1.32%

		Year ended December 31
	Six months ended June 30, 2022b,r	2021	2020	2019	2018	2017
Portfolio turnover rate	1%	3%	5%	5%	3%	7%

a Annualized.

b Percentage represents the results for the period and is not annualized.

c Per share amount calculated on the average shares method.

m Total return does not reflect expenses that apply at the separate account level or to related insurance products. Inclusion of these charges would reduce the total return figures for all periods shown.

r Unaudited.

The accompanying notes are an integral part of the financial statements.

158

MML Series Investment Fund – Financial Statements (Continued)

Financial Highlights(For a share outstanding throughout each period)

MML Focused Equity Fund

		Income (loss) from investment operations			Less distributions to shareholders					Ratios / Supplemental Data
	Net asset value, beginning of the period	Net investment income (loss)c,j	Net realized and unrealized gain (loss) on investments	Total income (loss) from investment operations	From net investment income	From net realized gain	Total distributions	Net asset value, end of the period	Total returnm	Net assets, end of the period (000’s)	Ratio of expenses to average daily net assets before expense waivers	Ratio of expenses to average daily net assets after expense waiversj	Net investment income (loss) to average daily net assets
Class II
6/30/22r	$ 8.30	$ 0.03	$ (0.93)	$ (0.90)	$ —	$ —	$ —	$ 7.40	(10.84%)b	$ 294,604	0.86%a	N/A	0.88%a
12/31/21	7.25	0.07	1.51	1.58	(0.08)	(0.45)	(0.53)	8.30	22.25%	338,277	0.87%	N/A	0.89%
12/31/20	6.77	0.07	0.76	0.83	(0.05)	(0.30)	(0.35)	7.25	12.76%	277,370	0.87%	N/A	1.10%
12/31/19	5.33	0.07	1.53	1.60	(0.02)	(0.14)	(0.16)	6.77	30.15%	297,347	0.89%	0.88%	1.11%
12/31/18	12.69	0.11	0.66	0.77	(0.37)	(7.76)	(8.13)	5.33	1.18%	48,276	0.95%	0.87%	1.25%
12/31/17	13.20	0.27	2.35	2.62	(0.36)	(2.77)	(3.13)	12.69	21.99%	57,382	0.94%	N/A	2.00%
Service Class I
6/30/22r	$ 7.96	$ 0.02	$ (0.89)	$ (0.87)	$ —	$ —	$ —	$ 7.09	(10.93%)b	$ 20,126	1.11%a	N/A	0.63%a
12/31/21	6.98	0.05	1.45	1.50	(0.07)	(0.45)	(0.52)	7.96	21.88%	22,988	1.12%	N/A	0.64%
12/31/20	6.53	0.05	0.74	0.79	(0.04)	(0.30)	(0.34)	6.98	12.54%	19,686	1.12%	N/A	0.85%
12/31/19	5.15	0.05	1.47	1.52	(0.00)d	(0.14)	(0.14)	6.53	29.73%	18,439	1.15%	1.13%	0.90%
12/31/18	12.52	0.09	0.66	0.75	(0.36)	(7.76)	(8.12)	5.15	0.99%	10,980	1.20%	1.12%	1.01%
12/31/17	13.11	0.18	2.37	2.55	(0.37)	(2.77)	(3.14)	12.52	21.61%	9,981	1.19%	N/A	1.39%

		Year ended December 31
	Six months ended June 30, 2022b,r	2021	2020	2019	2018	2017
Portfolio turnover rate	18%	34%	36%	36%	64%	108%

a Annualized.

b Percentage represents the results for the period and is not annualized.

c Per share amount calculated on the average shares method.

d Amount is less than $0.005 per share.

j Computed after giving effect to an agreement by MML Advisers to waive certain fees and expenses of the Fund.

m Total return does not reflect expenses that apply at the separate account level or to related insurance products. Inclusion of these charges would reduce the total return figures for all periods shown.

r Unaudited.

The accompanying notes are an integral part of the financial statements.

159

MML Series Investment Fund – Financial Statements (Continued)

Financial Highlights(For a share outstanding throughout each period)

MML Foreign Fund

		Income (loss) from investment operations			Less distributions to shareholders					Ratios / Supplemental Data
	Net asset value, beginning of the period	Net investment income (loss)c,j	Net realized and unrealized gain (loss) on investments	Total income (loss) from investment operations	From net investment income	From net realized gains	Total distributions	Net asset value, end of the period	Total returnm	Net assets, end of the period (000’s)	Ratio of expenses to average daily net assets before expense waivers	Ratio of expenses to average daily net assets after expense waiversj	Net investment income (loss) to average daily net assets
Initial Class
6/30/22r	$ 11.04	$ 0.18	$ (2.25)	$ (2.07)	$ —	$ —	$ —	$ 8.97	(18.75%)b	$ 176,079	0.94%a	0.93%a	3.63%a
12/31/21	10.02	0.22	1.09	1.31	(0.29)	—	(0.29)	11.04	13.04%	237,547	0.94%	0.92%	1.99%
12/31/20	10.10	0.14	0.37	0.51	(0.27)	(0.32)	(0.59)	10.02	5.93%	266,506	0.92%	0.88%	1.61%
12/31/19	9.25	0.26	0.92	1.18	(0.18)	(0.15)	(0.33)	10.10	13.17%	307,367	0.94%	0.89%	2.69%
12/31/18	11.25	0.20	(1.95)	(1.75)	(0.25)	—	(0.25)	9.25	(15.90%)	294,037	0.98%	0.97%	1.81%
12/31/17	9.44	0.19	1.85	2.04	(0.23)	—	(0.23)	11.25	21.73%	382,813	0.97%	N/A	1.79%
Service Class
6/30/22r	$ 10.98	$ 0.17	$ (2.24)	$ (2.07)	$ —	$ —	$ —	$ 8.91	(18.85%)b	$ 6,289	1.19%a	1.18%a	3.43%a
12/31/21	9.95	0.19	1.10	1.29	(0.26)	—	(0.26)	10.98	12.95%	8,063	1.19%	1.17%	1.72%
12/31/20	10.04	0.12	0.36	0.48	(0.25)	(0.32)	(0.57)	9.95	5.57%	8,323	1.17%	1.13%	1.36%
12/31/19	9.20	0.24	0.90	1.14	(0.15)	(0.15)	(0.30)	10.04	12.78%	9,820	1.19%	1.14%	2.44%
12/31/18	11.18	0.17	(1.93)	(1.76)	(0.22)	—	(0.22)	9.20	(16.03%)	9,324	1.23%	1.22%	1.57%
12/31/17	9.38	0.16	1.84	2.00	(0.20)	—	(0.20)	11.18	21.45%	11,488	1.22%	N/A	1.53%

		Year ended December 31
	Six months ended June 30, 2022b,r	2021	2020	2019	2018	2017
Portfolio turnover rate	5%	16%	106%	43%	18%	15%

a Annualized.

b Percentage represents the results for the period and is not annualized.

c Per share amount calculated on the average shares method.

j Computed after giving effect to an agreement by MML Advisers to waive certain fees and expenses of the Fund.

m Total return does not reflect expenses that apply at the separate account level or to related insurance products. Inclusion of these charges would reduce the total return figures for all periods shown.

r Unaudited.

The accompanying notes are an integral part of the financial statements.

160

MML Series Investment Fund – Financial Statements (Continued)

Financial Highlights(For a share outstanding throughout each period)

MML Fundamental Equity Fund

		Income (loss) from investment operations			Less distributions to shareholders					Ratios / Supplemental Data
	Net asset value, beginning of the period	Net investment income (loss)c,j	Net realized and unrealized gain (loss) on investments	Total income (loss) from investment operations	From net investment income	From net realized gains	Total distributions	Net asset value, end of the period	Total returnm	Net assets, end of the period (000’s)	Ratio of expenses to average daily net assets before expense waivers	Ratio of expenses to average daily net assets after expense waiversj	Net investment income (loss) to average daily net assets
Class II
6/30/22r	$ 12.55	$ 0.04	$ (2.78)	$ (2.74)	$ —	$ —	$ —	$ 9.81	(21.83%)b	$ 161,272	0.80%a	N/A	0.75%a
12/31/21	10.73	0.09	2.81	2.90	(0.06)	(1.02)	(1.08)	12.55	27.67%	220,586	0.81%	N/A	0.77%
12/31/20	10.02	0.07	1.85	1.92	(0.00)d	(1.21)	(1.21)	10.73	20.02%	161,496	0.82%	0.82%k	0.73%
12/31/19	9.37	0.01	2.92	2.93	(0.06)	(2.22)	(2.28)	10.02	33.74%	101,937	0.87%	0.87%l	0.09%
12/31/18	12.94	0.06	0.66	0.72	(0.15)	(4.14)	(4.29)	9.37	0.80%	90,145	0.83%	0.83%l	0.50%
12/31/17	11.42	0.11	2.92	3.03	(0.13)	(1.38)	(1.51)	12.94	27.67%	120,666	0.84%	0.84%l	0.84%
Service Class I
6/30/22r	$ 12.01	$ 0.03	$ (2.66)	$ (2.63)	$ —	$ —	$ —	$ 9.38	(21.90%)b	$ 19,746	1.05%a	N/A	0.50%a
12/31/21	10.31	0.06	2.70	2.76	(0.04)	(1.02)	(1.06)	12.01	27.38%	25,154	1.06%	N/A	0.52%
12/31/20	9.70	0.05	1.77	1.82	—	(1.21)	(1.21)	10.31	19.59%	19,931	1.08%	1.07%	0.48%
12/31/19	9.15	(0.02)	2.84	2.82	(0.05)	(2.22)	(2.27)	9.70	33.33%	15,457	1.12%	1.12%l	(0.16%)
12/31/18	12.74	0.03	0.67	0.70	(0.15)	(4.14)	(4.29)	9.15	0.66%	10,401	1.08%	1.08%l	0.27%
12/31/17	11.29	0.07	2.89	2.96	(0.13)	(1.38)	(1.51)	12.74	27.32%	6,875	1.09%	1.09%l	0.57%

		Year ended December 31
	Six months ended June 30, 2022b,r	2021	2020	2019	2018	2017
Portfolio turnover rate	21%	56%	113%	129%	61%	40%

a Annualized.

b Percentage represents the results for the period and is not annualized.

c Per share amount calculated on the average shares method.

d Amount is less than $0.005 per share.

j Computed after giving effect to an agreement by MML Advisers to waive certain fees and expenses of the Fund.

k Amount waived had no impact on the ratio of expenses to average daily net assets.

l Expenses incurred during the period fell under the expense cap.

m Total return does not reflect expenses that apply at the separate account level or to related insurance products. Inclusion of these charges would reduce the total return figures for all periods shown.

r Unaudited.

The accompanying notes are an integral part of the financial statements.

161

MML Series Investment Fund – Financial Statements (Continued)

Financial Highlights(For a share outstanding throughout each period)

MML Fundamental Value Fund

		Income (loss) from investment operations			Less distributions to shareholders					Ratios / Supplemental Data
	Net asset value, beginning of the period	Net investment income (loss)c,j	Net realized and unrealized gain (loss) on investments	Total income (loss) from investment operations	From net investment income	From net realized gains	Total distributions	Net asset value, end of the period	Total returnm	Net assets, end of the period (000’s)	Ratio of expenses to average daily net assets before expense waivers	Ratio of expenses to average daily net assets after expense waiversj	Net investment income (loss) to average daily net assets
Class II
6/30/22r	$ 14.86	$ 0.09	$ (1.71)	$ (1.62)	$ —	$ —	$ —	$ 13.24	(10.90%)b	$ 145,330	0.82%a	0.80%a	1.20%a
12/31/21	11.62	0.12	3.36	3.48	(0.24)	—	(0.24)	14.86	30.02%	173,486	0.83%	0.81%	0.87%
12/31/20	13.09	0.19	(0.08)aa	0.11	(0.15)	(1.43)	(1.58)	11.62	2.67%	178,953	0.80%	0.78%	1.71%
12/31/19	12.38	0.18	2.40	2.58	(0.27)	(1.60)	(1.87)	13.09	22.79%	193,994	0.81%	0.79%	1.35%
12/31/18	15.42	0.26	(1.63)	(1.37)	(0.25)	(1.42)	(1.67)	12.38	(10.34%)	168,520	0.80%	0.78%	1.76%
12/31/17	14.74	0.25	1.83	2.08	(0.29)	(1.11)	(1.40)	15.42	15.10%	225,883	0.80%	0.79%	1.65%
Service Class I
6/30/22r	$ 14.49	$ 0.07	$ (1.66)	$ (1.59)	$ —	$ —	$ —	$ 12.90	(10.97%)b	$ 21,141	1.07%a	1.05%a	0.97%a
12/31/21	11.35	0.08	3.28	3.36	(0.22)	—	(0.22)	14.49	29.68%	22,062	1.08%	1.06%	0.61%
12/31/20	12.83	0.16	(0.09)aa	0.07	(0.12)	(1.43)	(1.55)	11.35	2.37%	15,956	1.05%	1.03%	1.47%
12/31/19	12.17	0.14	2.36	2.50	(0.24)	(1.60)	(1.84)	12.83	22.49%	16,173	1.06%	1.04%	1.10%
12/31/18	15.20	0.22	(1.60)	(1.38)	(0.23)	(1.42)	(1.65)	12.17	(10.56%)	13,283	1.05%	1.03%	1.53%
12/31/17	14.57	0.21	1.80	2.01	(0.27)	(1.11)	(1.38)	15.20	14.78%	13,212	1.05%	1.04%	1.39%

		Year ended December 31
	Six months ended June 30, 2022b,r	2021	2020	2019	2018	2017
Portfolio turnover rate	13%	42%	86%	131%	28%	18%

a Annualized.

b Percentage represents the results for the period and is not annualized.

c Per share amount calculated on the average shares method.

j Computed after giving effect to an agreement by MML Advisers to waive certain fees and expenses of the Fund.

m Total return does not reflect expenses that apply at the separate account level or to related insurance products. Inclusion of these charges would reduce the total return figures for all periods shown.

r Unaudited.

aa The amount shown for a share outstanding does not correspond with the aggregate net realized and unrealized gain (loss) for the period due to the timing of purchases and redemptions of Fund shares in relation to the fluctuating market values of the Fund.

The accompanying notes are an integral part of the financial statements.

162

MML Series Investment Fund – Financial Statements (Continued)

Financial Highlights(For a share outstanding throughout each period)

MML Global Fund

		Income (loss) from investment operations			Less distributions to shareholders					Ratios / Supplemental Data
	Net asset value, beginning of the period	Net investment income (loss)c	Net realized and unrealized gain (loss) on investments	Total income (loss) from investment operations	From net investment income	From net realized gains	Total distributions	Net asset value, end of the period	Total returnm	Net assets, end of the period (000’s)	Ratio of expenses to average daily net assets	Net investment income (loss) to average daily net assets
Class I
6/30/22r	$ 14.85	$ 0.07	$ (3.20)	$ (3.13)	$ —	$ —	$ —	$ 11.72	(21.08%)b	$ 102,155	0.85%a	1.12%a
12/31/21	13.96	0.09	2.30	2.39	(0.14)	(1.36)	(1.50)	14.85	17.32%	151,785	0.80%	0.61%
12/31/20	12.86	0.11	1.61	1.72	(0.14)	(0.48)	(0.62)	13.96	14.02%	361,660	0.80%	0.88%
12/31/19	10.25	0.15	2.94	3.09	(0.08)	(0.40)	(0.48)	12.86	30.59%	411,174	0.79%	1.23%
12/31/18	13.04	0.15	(1.16)	(1.01)	(0.15)	(1.63)	(1.78)	10.25	(9.53%)	179,973	0.83%	1.21%
12/31/17	11.54	0.14	2.56	2.70	(0.16)	(1.04)	(1.20)	13.04	24.16%	206,795	0.83%	1.10%
Class II
6/30/22r	$ 15.27	$ 0.08	$ (3.31)	$ (3.23)	$ —	$ —	$ —	$ 12.04	(21.15%)b	$ 15,200	0.85%a	1.15%a
12/31/21	14.31	0.09	2.37	2.46	(0.14)	(1.36)	(1.50)	15.27	17.42%	20,021	0.80%	0.57%
12/31/20	13.17	0.11	1.64	1.75	(0.13)	(0.48)	(0.61)	14.31	13.96%	18,461	0.80%	0.86%
12/31/19	10.48	0.16	3.00	3.16	(0.07)	(0.40)	(0.47)	13.17	30.58%	17,896	0.79%	1.31%
12/31/18	13.30	0.15	(1.19)	(1.04)	(0.15)	(1.63)	(1.78)	10.48	(9.57%)	14,950	0.83%	1.21%
12/31/17	11.74	0.14	2.62	2.76	(0.16)	(1.04)	(1.20)	13.30	24.30%	18,082	0.83%	1.09%
Service Class I
6/30/22r	$ 14.62	$ 0.06	$ (3.17)	$ (3.11)	$ —	$ —	$ —	$ 11.51	(21.27%)b	$ 14,956	1.10%a	0.90%a
12/31/21	13.76	0.05	2.28	2.33	(0.11)	(1.36)	(1.47)	14.62	17.16%	19,585	1.05%	0.32%
12/31/20	12.69	0.07	1.59	1.66	(0.11)	(0.48)	(0.59)	13.76	13.70%	18,086	1.05%	0.60%
12/31/19	10.11	0.13	2.89	3.02	(0.04)	(0.40)	(0.44)	12.69	30.28%	17,108	1.04%	1.06%
12/31/18	12.90	0.12	(1.16)	(1.04)	(0.12)	(1.63)	(1.75)	10.11	(9.84%)	13,989	1.08%	0.97%
12/31/17	11.43	0.11	2.54	2.65	(0.14)	(1.04)	(1.18)	12.90	23.95%	15,989	1.08%	0.84%

		Year ended December 31
	Six months ended June 30, 2022b,r	2021	2020	2019	2018	2017
Portfolio turnover rate	4%	9%	13%	16%	15%	10%

a Annualized.

b Percentage represents the results for the period and is not annualized.

c Per share amount calculated on the average shares method.

m Total return does not reflect expenses that apply at the separate account level or to related insurance products. Inclusion of these charges would reduce the total return figures for all periods shown.

r Unaudited.

The accompanying notes are an integral part of the financial statements.

163

MML Series Investment Fund – Financial Statements (Continued)

Financial Highlights(For a share outstanding throughout each period)

MML Income & Growth Fund

		Income (loss) from investment operations			Less distributions to shareholders					Ratios / Supplemental Data
	Net asset value, beginning of the period	Net investment income (loss)c	Net realized and unrealized gain (loss) on investments	Total income (loss) from investment operations	From net investment income	From net realized gains	Total distributions	Net asset value, end of the period	Total returnm	Net assets, end of the period (000’s)	Ratio of expenses to average daily net assets	Net investment income (loss) to average daily net assets
Initial Class
6/30/22r	$ 12.41	$ 0.10	$ (1.09)	$ (0.99)	$ —	$ —	$ —	$ 11.42	(7.98%)b	$ 192,305	0.69%a	1.57%a
12/31/21	10.00	0.15	2.47	2.62	(0.21)	—	(0.21)	12.41	26.27%	221,734	0.69%	1.29%
12/31/20	9.94	0.15	0.12aa	0.27	(0.18)	(0.03)	(0.21)	10.00	3.03%	241,441	0.70%	1.75%
12/31/19	8.49	0.19	1.82	2.01	(0.19)	(0.37)	(0.56)	9.94	24.43%	274,290	0.69%	2.00%
12/31/18	12.72	0.21	(1.25)	(1.04)	(0.22)	(2.97)	(3.19)	8.49	(11.68%)	240,456	0.70%	1.86%
12/31/17	11.86	0.22	1.74	1.96	(0.21)	(0.89)	(1.10)	12.72	17.43%	289,310	0.70%	1.80%
Service Class
6/30/22r	$ 12.20	$ 0.08	$ (1.06)	$ (0.98)	$ —	$ —	$ —	$ 11.22	(8.03%)b	$ 27,848	0.94%a	1.32%a
12/31/21	9.84	0.12	2.43	2.55	(0.19)	—	(0.19)	12.20	25.94%	31,557	0.94%	1.07%
12/31/20	9.78	0.13	0.11aa	0.24	(0.15)	(0.03)	(0.18)	9.84	2.79%	26,998	0.95%	1.50%
12/31/19	8.36	0.16	1.80	1.96	(0.17)	(0.37)	(0.54)	9.78	24.14%	29,436	0.94%	1.75%
12/31/18	12.58	0.18	(1.23)	(1.05)	(0.20)	(2.97)	(3.17)	8.36	(11.94%)	24,440	0.95%	1.62%
12/31/17	11.74	0.19	1.73	1.92	(0.19)	(0.89)	(1.08)	12.58	17.21%	27,683	0.95%	1.55%

		Year ended December 31
	Six months ended June 30, 2022b,r	2021	2020	2019	2018	2017
Portfolio turnover rate	16%	28%	49%	43%	30%	110%

a Annualized.

b Percentage represents the results for the period and is not annualized.

c Per share amount calculated on the average shares method.

m Total return does not reflect expenses that apply at the separate account level or to related insurance products. Inclusion of these charges would reduce the total return figures for all periods shown.

r Unaudited.

aa The amount shown for a share outstanding does not correspond with the aggregate net realized and unrealized gain (loss) for the period due to the timing of purchases and redemptions of Fund shares in relation to the fluctuating market values of the Fund.

The accompanying notes are an integral part of the financial statements.

164

MML Series Investment Fund – Financial Statements (Continued)

Financial Highlights(For a share outstanding throughout each period)

MML International Equity Fund

		Income (loss) from investment operations			Less distributions to shareholders					Ratios / Supplemental Data
	Net asset value, beginning of the period	Net investment income (loss)c,j	Net realized and unrealized gain (loss) on investments	Total income (loss) from investment operations	From net investment income	From net realized gains	Total distributions	Net asset value, end of the period	Total returnm	Net assets, end of the period (000’s)	Ratio of expenses to average daily net assets before expense waivers	Ratio of expenses to average daily net assets after expense waiversj	Net investment income (loss) to average daily net assets
Class II
6/30/22r	$ 11.08	$ 0.13	$ (2.28)	$ (2.15)	$ —	$ —	$ —	$ 8.93	(19.40%)b	$ 198,593	1.05%a	0.95%a	2.56%a
12/31/21	9.98	0.14	1.03	1.17	(0.07)	—	(0.07)	11.08	11.77%	249,038	1.05%	0.97%	1.32%
12/31/20	10.10	0.03	0.38	0.41	(0.28)	(0.25)	(0.53)	9.98	5.37%	159,694	1.07%	1.00%	0.39%
12/31/19	8.91	0.29	1.74	2.03	(0.19)	(0.65)	(0.84)	10.10	24.63%	178,397	1.05%	1.00%	3.02%
12/31/18	11.97	0.21	(3.02)	(2.81)	(0.17)	(0.08)	(0.25)	8.91	(23.79%)	154,540	1.12%	1.00%	1.91%
12/31/17	9.33	0.18	2.64	2.82	(0.18)	—	(0.18)	11.97	30.35%	187,213	1.09%	1.00%	1.62%
Service Class I
6/30/22r	$ 10.96	$ 0.12	$ (2.26)	$ (2.14)	$ —	$ —	$ —	$ 8.82	(19.53%)b	$ 6,713	1.30%a	1.20%a	2.34%a
12/31/21	9.88	0.12	1.02	1.14	(0.06)	—	(0.06)	10.96	11.49%	8,452	1.29%	1.22%	1.09%
12/31/20	10.01	0.01	0.37	0.38	(0.26)	(0.25)	(0.51)	9.88	5.07%	7,021	1.32%	1.25%	0.10%
12/31/19	8.84	0.26	1.73	1.99	(0.17)	(0.65)	(0.82)	10.01	24.35%	6,821	1.30%	1.25%	2.70%
12/31/18	11.90	0.18	(2.99)	(2.81)	(0.17)	(0.08)	(0.25)	8.84	(23.98%)	4,767	1.37%	1.25%	1.64%
12/31/17	9.29	0.11	2.67	2.78	(0.17)	—	(0.17)	11.90	30.05%	4,000	1.34%	1.25%	0.95%

		Year ended December 31
	Six months ended June 30, 2022b,r	2021	2020	2019	2018	2017
Portfolio turnover rate	10%	75%	49%	37%	43%	45%

a Annualized.

b Percentage represents the results for the period and is not annualized.

c Per share amount calculated on the average shares method.

j Computed after giving effect to an agreement by MML Advisers to waive certain fees and expenses of the Fund.

m Total return does not reflect expenses that apply at the separate account level or to related insurance products. Inclusion of these charges would reduce the total return figures for all periods shown.

r Unaudited.

The accompanying notes are an integral part of the financial statements.

165

MML Series Investment Fund – Financial Statements (Continued)

Financial Highlights(For a share outstanding throughout each period)

MML Large Cap Growth Fund

		Income (loss) from investment operations			Less distributions to shareholders					Ratios / Supplemental Data
	Net asset value, beginning of the period	Net investment income (loss)c	Net realized and unrealized gain (loss) on investments	Total income (loss) from investment operations	From net investment income	From net realized gains	Total distributions	Net asset value, end of the period	Total returnm	Net assets, end of the period (000’s)	Ratio of expenses to average daily net assets	Net investment income (loss) to average daily net assets
Initial Class
6/30/22r	$ 15.04	$ 0.00d	$ (4.32)	$ (4.32)	$ —	$ —	$ —	$ 10.72	(28.72%)b	$ 138,669	0.70%a	0.07%a
12/31/21	13.98	(0.01)	2.59	2.58	(0.01)	(1.51)	(1.52)	15.04	18.41%	196,928	0.70%	(0.10%)
12/31/20	11.09	0.01	3.49	3.50	(0.04)	(0.57)	(0.61)	13.98	31.78%	120,464	0.72%	0.10%
12/31/19	9.68	0.05	2.89	2.94	(0.07)	(1.46)	(1.53)	11.09	31.99%	95,272	0.74%	0.45%
12/31/18	10.69	0.06	(0.19)	(0.13)	(0.07)	(0.81)	(0.88)	9.68	(2.26%)	83,211	0.72%	0.56%
12/31/17	10.63	0.07	3.23	3.30	(0.05)	(3.19)	(3.24)	10.69	33.51%	106,989	0.73%	0.58%
Service Class
6/30/22r	$ 14.33	$ (0.01)bb	$ (4.12)	$ (4.13)	$ —	$ —	$ —	$ 10.20	(28.82%)b	$ 18,108	0.95%a	(0.18%)a
12/31/21	13.41	(0.05)	2.48	2.43	—	(1.51)	(1.51)	14.33	18.08%	25,902	0.95%	(0.33%)
12/31/20	10.66	(0.02)bb	3.36	3.34	(0.02)	(0.57)	(0.59)	13.41	31.53%	22,226	0.97%	(0.15%)
12/31/19	9.36	0.02	2.79	2.81	(0.05)	(1.46)	(1.51)	10.66	31.66%	16,394	0.99%	0.19%
12/31/18	10.37	0.03	(0.17)	(0.14)	(0.06)	(0.81)	(0.87)	9.36	(2.46%)	10,591	0.97%	0.30%
12/31/17	10.41	0.03	3.15	3.18	(0.03)	(3.19)	(3.22)	10.37	33.00%	7,510	0.98%	0.29%

		Year ended December 31
	Six months ended June 30, 2022b,r	2021	2020	2019	2018	2017
Portfolio turnover rate	18%	21%	32%	11%	16%	3%

a Annualized.

b Percentage represents the results for the period and is not annualized.

c Per share amount calculated on the average shares method.

d Amount is less than $0.005 per share.

m Total return does not reflect expenses that apply at the separate account level or to related insurance products. Inclusion of these charges would reduce the total return figures for all periods shown.

r Unaudited.

bb The amount shown for a share outstanding does not correspond with the aggregate net investment income (loss) as shown on the Statement of Operations for the period due to the timing of class-specific expenses. See Note 3 for each fund’s expense structure.

The accompanying notes are an integral part of the financial statements.

166

MML Series Investment Fund – Financial Statements (Continued)

Financial Highlights(For a share outstanding throughout each period)

MML Managed Volatility Fund

		Income (loss) from investment operations			Less distributions to shareholders					Ratios / Supplemental Data
	Net asset value, beginning of the period	Net investment income (loss)c	Net realized and unrealized gain (loss) on investments	Total income (loss) from investment operations	From net investment income	From net realized gains	Total distributions	Net asset value, end of the period	Total returnm	Net assets, end of the period (000’s)	Ratio of expenses to average daily net assets	Net investment income (loss) to average daily net assets
Initial Class
6/30/22r	$ 15.23	$ 0.04	$ (1.92)	$ (1.88)	$ —	$ —	$ —	$ 13.35	(12.33%)b	$ 89,004	1.00%a	0.52%a
12/31/21	13.78	0.06	1.53	1.59	(0.14)	—	(0.14)	15.23	11.54%	114,646	0.99%	0.39%
12/31/20	13.10	0.10	0.76	0.86	(0.18)	—	(0.18)	13.78	6.68%	116,694	1.06%	0.78%
12/31/19	11.90	0.13	1.28	1.41	(0.21)	—	(0.21)	13.10	11.90%	124,549	0.97%	1.05%
12/31/18	12.63	0.12	(0.69)	(0.57)	(0.16)	—	(0.16)	11.90	(4.69%)	121,635	0.96%	0.99%
12/31/17	11.74	0.14	0.91	1.05	(0.16)	—	(0.16)	12.63	9.03%	150,737	0.90%	1.13%
Service Class
6/30/22r	$ 15.10	$ 0.02	$ (1.90)	$ (1.88)	$ —	$ —	$ —	$ 13.22	(12.44%)b	$ 21,261	1.25%a	0.27%a
12/31/21	13.67	0.02	1.52	1.54	(0.11)	—	(0.11)	15.10	11.26%	25,982	1.24%	0.14%
12/31/20	12.99	0.07	0.76	0.83	(0.15)	—	(0.15)	13.67	6.42%	26,901	1.31%	0.53%
12/31/19	11.80	0.10	1.26	1.36	(0.17)	—	(0.17)	12.99	11.62%	30,588	1.22%	0.81%
12/31/18	12.53	0.09	(0.70)	(0.61)	(0.12)	—	(0.12)	11.80	(4.93%)	28,963	1.21%	0.74%
12/31/17	11.64	0.11	0.91	1.02	(0.13)	—	(0.13)	12.53	8.76%	33,698	1.15%	0.88%

		Year ended December 31
	Six months ended June 30, 2022b,r	2021	2020	2019	2018	2017
Portfolio turnover rate	5%	5%	20%	2%	5%	2%

a Annualized.

b Percentage represents the results for the period and is not annualized.

c Per share amount calculated on the average shares method.

m Total return does not reflect expenses that apply at the separate account level or to related insurance products. Inclusion of these charges would reduce the total return figures for all periods shown.

r Unaudited.

The accompanying notes are an integral part of the financial statements.

167

MML Series Investment Fund – Financial Statements (Continued)

Financial Highlights(For a share outstanding throughout each period)

MML Mid Cap Growth Fund

		Income (loss) from investment operations			Less distributions to shareholders					Ratios / Supplemental Data
	Net asset value, beginning of the period	Net investment income (loss)c	Net realized and unrealized gain (loss) on investments	Total income (loss) from investment operations	From net investment income	From net realized gains	Total distributions	Net asset value, end of the period	Total returnm	Net assets, end of the period (000’s)	Ratio of expenses to average daily net assets	Net investment income (loss) to average daily net assets
Initial Class
6/30/22r	$ 16.52	$ (0.02)	$ (4.59)	$ (4.61)	$ —	$ —	$ —	$ 11.91	(27.91%)b	$ 235,836	0.82%a	(0.30%)a
12/31/21	18.10	(0.07)	2.48	2.41	—	(3.99)	(3.99)	16.52	13.21%	343,781	0.80%	(0.38%)
12/31/20	15.88	(0.03)	3.83	3.80	(0.01)	(1.57)	(1.58)	18.10	25.57%	434,830	0.81%	(0.19%)
12/31/19	13.94	0.02	4.17	4.19	(0.00)d	(2.25)	(2.25)	15.88	31.30%	407,351	0.81%	0.12%
12/31/18	16.19	0.01	(0.07)	(0.06)	—	(2.19)	(2.19)	13.94	(2.17%)	328,715	0.81%	0.07%
12/31/17	14.35	(0.01)	3.45	3.44	(0.01)	(1.59)	(1.60)	16.19	24.81%	382,666	0.81%	(0.08%)
Service Class
6/30/22r	$ 15.34	$ (0.03)	$ (4.27)	$ (4.30)	$ —	$ —	$ —	$ 11.04	(28.03%)b	$ 82,661	1.07%a	(0.55%)a
12/31/21	17.09	(0.11)	2.35	2.24	—	(3.99)	(3.99)	15.34	12.99%	118,139	1.05%	(0.63%)
12/31/20	15.10	(0.06)	3.62	3.56	—	(1.57)	(1.57)	17.09	25.25%	117,808	1.06%	(0.44%)
12/31/19	13.37	(0.02)	4.00	3.98	—	(2.25)	(2.25)	15.10	31.01%	108,793	1.06%	(0.13%)
12/31/18	15.65	(0.03)	(0.06)	(0.09)	—	(2.19)	(2.19)	13.37	(2.45%)	88,952	1.06%	(0.18%)
12/31/17	13.95	(0.05)	3.34	3.29	—	(1.59)	(1.59)	15.65	24.47%	91,145	1.06%	(0.33%)

		Year ended December 31
	Six months ended June 30, 2022b,r	2021	2020	2019	2018	2017
Portfolio turnover rate	16%	33%	66%	28%	26%	28%

a Annualized.

b Percentage represents the results for the period and is not annualized.

c Per share amount calculated on the average shares method.

d Amount is less than $0.005 per share.

m Total return does not reflect expenses that apply at the separate account level or to related insurance products. Inclusion of these charges would reduce the total return figures for all periods shown.

r Unaudited.

The accompanying notes are an integral part of the financial statements.

168

MML Series Investment Fund – Financial Statements (Continued)

Financial Highlights(For a share outstanding throughout each period)

MML Mid Cap Value Fund

		Income (loss) from investment operations			Less distributions to shareholders					Ratios / Supplemental Data
	Net asset value, beginning of the period	Net investment income (loss)c	Net realized and unrealized gain (loss) on investments	Total income (loss) from investment operations	From net investment income	From net realized gains	Total distributions	Net asset value, end of the period	Total returnm	Net assets, end of the period (000’s)	Ratio of expenses to average daily net assets	Net investment income (loss) to average daily net assets
Initial Class
6/30/22r	$ 12.58	$ 0.11	$ (1.12)	$ (1.01)	$ —	$ —	$ —	$ 11.57	(8.03%)b	$ 245,861	0.88%a	1.73%a
12/31/21	10.59	0.17	2.28	2.45	(0.18)	(0.28)	(0.46)	12.58	23.31%	295,384	0.88%	1.39%
12/31/20	10.60	0.15	0.01	0.16	(0.17)	—	(0.17)	10.59	1.71%	348,614	0.89%	1.62%
12/31/19	9.35	0.17	2.37	2.54	(0.18)	(1.11)	(1.29)	10.60	29.13%	389,141	0.88%	1.65%
12/31/18	12.14	0.15	(1.48)	(1.33)	(0.19)	(1.27)	(1.46)	9.35	(12.99%)	343,432	0.88%	1.30%
12/31/17	11.79	0.20	1.09	1.29	(0.19)	(0.75)	(0.94)	12.14	11.70%	438,601	0.88%	1.69%
Service Class
6/30/22r	$ 12.31	$ 0.09	$ (1.09)	$ (1.00)	$ —	$ —	$ —	$ 11.31	(8.12%)b	$ 49,487	1.14%a	1.49%a
12/31/21	10.38	0.14	2.22	2.36	(0.15)	(0.28)	(0.43)	12.31	22.95%	55,704	1.13%	1.16%
12/31/20	10.39	0.13	0.00d	0.13	(0.14)	—	(0.14)	10.38	1.48%	51,269	1.14%	1.37%
12/31/19	9.18	0.14	2.33	2.47	(0.15)	(1.11)	(1.26)	10.39	28.90%	53,223	1.13%	1.40%
12/31/18	11.96	0.12	(1.47)	(1.35)	(0.16)	(1.27)	(1.43)	9.18	(13.31%)	43,275	1.13%	1.06%
12/31/17	11.63	0.17	1.08	1.25	(0.17)	(0.75)	(0.92)	11.96	11.46%	49,723	1.13%	1.46%

		Year ended December 31
	Six months ended June 30, 2022b,r	2021	2020	2019	2018	2017
Portfolio turnover rate	40%	46%	74%	39%	59%	42%

a Annualized.

b Percentage represents the results for the period and is not annualized.

c Per share amount calculated on the average shares method.

d Amount is less than $0.005 per share.

m Total return does not reflect expenses that apply at the separate account level or to related insurance products. Inclusion of these charges would reduce the total return figures for all periods shown.

r Unaudited.

The accompanying notes are an integral part of the financial statements.

169

MML Series Investment Fund – Financial Statements (Continued)

Financial Highlights(For a share outstanding throughout each period)

MML Small Cap Growth Equity Fund

		Income (loss) from investment operations			Less distributions to shareholders				Ratios / Supplemental Data
	Net asset value, beginning of the period	Net investment income (loss)c,j	Net realized and unrealized gain (loss) on investments	Total income (loss) from investment operations	From net realized gains	Total distributions	Net asset value, end of the period	Total returnm	Net assets, end of the period (000’s)	Ratio of expenses to average daily net assets before expense waivers	Ratio of expenses to average daily net assets after expense waiversj	Net investment income (loss) to average daily net assets
Initial Class
6/30/22r	$ 15.26	$ (0.01)	$ (3.99)	$ (4.00)	$ —	$ —	$ 11.26	(26.18%)b	$ 120,156	1.11%a	1.08%a	(0.10%)a
12/31/21	16.86	(0.09)	1.31	1.22	(2.82)	(2.82)	15.26	7.31%	165,781	1.10%	1.07%	(0.50%)
12/31/20	14.13	(0.04)	4.55	4.51	(1.78)	(1.78)	16.86	35.62%	180,047	1.11%	1.08%	(0.27%)
12/31/19	12.82	(0.01)	4.11	4.10	(2.79)	(2.79)	14.13	34.32%	170,426	1.11%	1.09%	(0.06%)
12/31/18	14.98	(0.03)	(0.32)	(0.35)	(1.81)	(1.81)	12.82	(4.87%)	151,854	1.09%	1.07%	(0.17%)
12/31/17	12.69	(0.03)	2.87	2.84	(0.55)	(0.55)	14.98	22.81%	198,404	1.09%	1.09%k	(0.21%)
Service Class
6/30/22r	$ 13.73	$ (0.02)	$ (3.59)	$ (3.61)	$ —	$ —	$ 10.12	(26.27%)b	$ 23,120	1.36%a	1.33%a	(0.35%)a
12/31/21	15.48	(0.11)	1.18	1.07	(2.82)	(2.82)	13.73	7.04%	32,665	1.35%	1.32%	(0.75%)
12/31/20	13.14	(0.06)	4.18	4.12	(1.78)	(1.78)	15.48	35.29%	31,165	1.36%	1.33%	(0.52%)
12/31/19	12.11	(0.04)	3.86	3.82	(2.79)	(2.79)	13.14	33.99%	26,026	1.36%	1.34%	(0.30%)
12/31/18	14.27	(0.06)	(0.29)	(0.35)	(1.81)	(1.81)	12.11	(5.11%)	19,281	1.34%	1.32%	(0.39%)
12/31/17	12.14	(0.06)	2.74	2.68	(0.55)	(0.55)	14.27	22.51%	16,124	1.35%	1.34%	(0.45%)

		Year ended December 31
	Six months ended June 30, 2022b,r	2021	2020	2019	2018	2017
Portfolio turnover rate	38%	73%	79%	63%	76%	74%

a Annualized.

b Percentage represents the results for the period and is not annualized.

c Per share amount calculated on the average shares method.

j Computed after giving effect to an agreement by MML Advisers to waive certain fees and expenses of the Fund.

k Amount waived had no impact on the ratio of expenses to average daily net assets.

m Total return does not reflect expenses that apply at the separate account level or to related insurance products. Inclusion of these charges would reduce the total return figures for all periods shown.

r Unaudited.

The accompanying notes are an integral part of the financial statements.

170

MML Series Investment Fund – Financial Statements (Continued)

Financial Highlights(For a share outstanding throughout each period)

MML Small Company Value Fund

		Income (loss) from investment operations			Less distributions to shareholders					Ratios / Supplemental Data
	Net asset value, beginning of the period	Net investment income (loss)c,j	Net realized and unrealized gain (loss) on investments	Total income (loss) from investment operations	From net investment income	From net realized gains	Total distributions	Net asset value, end of the period	Total returnm	Net assets, end of the period (000’s)	Ratio of expenses to average daily net assets before expense waivers	Ratio of expenses to average daily net assets after expense waiversj	Net investment income (loss) to average daily net assets
Class II
6/30/22r	$ 17.91	$ 0.07	$ (3.04)	$ (2.97)	$ —	$ —	$ —	$ 14.94	(16.58%)b	$ 53,115	1.05%a	0.90%a	0.87%a
12/31/21	15.25	0.03	3.77	3.80	(0.06)	(1.08)	(1.14)	17.91	25.47%	67,627	1.05%	0.98%	0.16%
12/31/20	14.75	0.04	1.15	1.19	(0.03)	(0.66)	(0.69)	15.25	9.16%	65,955	1.06%	1.01%	0.33%
12/31/19	13.86	0.04	3.20	3.24	(0.04)	(2.31)	(2.35)	14.75	25.54%	74,855	1.06%	1.01%	0.25%
12/31/18	16.90	0.05	(2.01)	(1.96)	(0.06)	(1.02)	(1.08)	13.86	(12.94%)	66,976	1.02%	0.97%	0.30%
12/31/17	17.23	0.05	1.73	1.78	(0.10)	(2.01)	(2.11)	16.90	11.69%	89,256	1.02%	0.97%	0.30%
Service Class I
6/30/22r	$ 17.15	$ 0.05	$ (2.91)	$ (2.86)	$ —	$ —	$ —	$ 14.29	(16.68%)b	$ 25,130	1.30%a	1.15%a	0.63%a
12/31/21	14.66	(0.01)bb	3.61	3.60	(0.03)	(1.08)	(1.11)	17.15	25.12%	30,943	1.30%	1.23%	(0.08%)
12/31/20	14.21	0.01	1.11	1.12	(0.01)	(0.66)	(0.67)	14.66	8.92%	26,467	1.31%	1.26%	0.07%
12/31/19	13.43	0.00d	3.10	3.10	(0.01)	(2.31)	(2.32)	14.21	25.26%	25,636	1.31%	1.26%	0.01%
12/31/18	16.43	0.01	(1.96)	(1.95)	(0.03)	(1.02)	(1.05)	13.43	(13.19%)	19,861	1.27%	1.22%	0.06%
12/31/17	16.83	0.01	1.68	1.69	(0.08)	(2.01)	(2.09)	16.43	11.42%	20,671	1.27%	1.22%	0.06%

		Year ended December 31
	Six months ended June 30, 2022b,r	2021	2020	2019	2018	2017
Portfolio turnover rate	23%	127%	29%	24%	22%	14%

a Annualized.

b Percentage represents the results for the period and is not annualized.

c Per share amount calculated on the average shares method.

d Amount is less than $0.005 per share.

j Computed after giving effect to an agreement by MML Advisers to waive certain fees and expenses of the Fund.

m Total return does not reflect expenses that apply at the separate account level or to related insurance products. Inclusion of these charges would reduce the total return figures for all periods shown.

r Unaudited.

bb The amount shown for a share outstanding does not correspond with the aggregate net investment income (loss) as shown on the Statement of Operations for the period due to the timing of class-specific expenses. See Note 3 for each fund’s expense structure.

The accompanying notes are an integral part of the financial statements.

171

MML Series Investment Fund – Financial Statements (Continued)

Financial Highlights(For a share outstanding throughout each period)

MML Small/Mid Cap Value Fund

		Income (loss) from investment operations			Less distributions to shareholders					Ratios / Supplemental Data
	Net asset value, beginning of the period	Net investment income (loss)c	Net realized and unrealized gain (loss) on investments	Total income (loss) from investment operations	From net investment income	From net realized gains	Total distributions	Net asset value, end of the period	Total returnm	Net assets, end of the period (000’s)	Ratio of expenses to average daily net assets	Net investment income (loss) to average daily net assets
Initial Class
6/30/22r	$ 14.72	$ 0.06	$ (2.97)	$ (2.91)	$ —	$ —	$ —	$ 11.81	(19.77%)b	$ 111,835	0.81%a	0.92%a
12/31/21	10.94	0.13	3.79	3.92	(0.14)	—	(0.14)	14.72	35.94%	149,280	0.81%	0.99%
12/31/20	11.06	0.09	0.30	0.39	(0.10)	(0.41)	(0.51)	10.94	4.65%	164,145	0.81%	0.98%
12/31/19	10.61	0.12	1.83	1.95	(0.07)	(1.43)	(1.50)	11.06	20.39%	179,503	0.81%	1.04%
12/31/18	13.99	0.09	(1.87)	(1.78)	(0.07)	(1.53)	(1.60)	10.61	(15.00%)	163,607	0.80%	0.63%
12/31/17	13.23	0.06	1.60	1.66	(0.07)	(0.83)	(0.90)	13.99	13.44%	210,030	0.80%	0.47%
Service Class
6/30/22r	$ 14.51	$ 0.04	$ (2.92)	$ (2.88)	$ —	$ —	$ —	$ 11.63	(19.85%)b	$ 23,212	1.06%a	0.68%a
12/31/21	10.79	0.10	3.74	3.84	(0.12)	—	(0.12)	14.51	35.64%	29,951	1.06%	0.77%
12/31/20	10.92	0.07	0.28	0.35	(0.07)	(0.41)	(0.48)	10.79	4.32%	22,302	1.06%	0.73%
12/31/19	10.50	0.09	1.80	1.89	(0.04)	(1.43)	(1.47)	10.92	19.98%	23,295	1.06%	0.80%
12/31/18	13.85	0.05	(1.83)	(1.78)	(0.04)	(1.53)	(1.57)	10.50	(15.12%)	19,189	1.05%	0.39%
12/31/17	13.12	0.03	1.57	1.60	(0.04)	(0.83)	(0.87)	13.85	13.08%	22,386	1.05%	0.23%

		Year ended December 31
	Six months ended June 30, 2022b,r	2021	2020	2019	2018	2017
Portfolio turnover rate	23%	50%	60%	35%	38%	34%

a Annualized.

b Percentage represents the results for the period and is not annualized.

c Per share amount calculated on the average shares method.

m Total return does not reflect expenses that apply at the separate account level or to related insurance products. Inclusion of these charges would reduce the total return figures for all periods shown.

r Unaudited.

The accompanying notes are an integral part of the financial statements.

172

MML Series Investment Fund – Financial Statements (Continued)

Financial Highlights(For a share outstanding throughout each period)

MML Sustainable Equity Fund

		Income (loss) from investment operations			Less distributions to shareholders					Ratios / Supplemental Data
	Net asset value, beginning of the period	Net investment income (loss)c	Net realized and unrealized gain (loss) on investments	Total income (loss) from investment operations	From net investment income	From net realized gains	Total distributions	Net asset value, end of the period	Total returnm	Net assets, end of the period (000’s)	Ratio of expenses to average daily net assets	Net investment income (loss) to average daily net assets
Initial Class
6/30/22r	$ 24.54	$ 0.09	$ (5.09)	$ (5.00)	$ —	$ —	$ —	$ 19.54	(20.37%)b	$ 85,355	0.56%a	0.81%a
12/31/21	20.53	0.17	5.35	5.52	(0.20)	(1.31)	(1.51)	24.54	27.14%	112,894	0.56%	0.74%
12/31/20	19.43	0.19	2.50	2.69	(0.18)	(1.41)	(1.59)	20.53	14.51%	105,573	0.57%	1.03%
12/31/19	16.35	0.19	4.86	5.05	(0.19)	(1.78)	(1.97)	19.43	32.10%	106,949	0.57%	1.02%
12/31/18	17.39	0.19	(1.07)	(0.88)	(0.16)	—	(0.16)	16.35	(5.20%)	92,893	0.56%	1.07%
12/31/17	14.19	0.16	3.19	3.35	(0.15)	—	(0.15)	17.39	23.70%	111,830	0.56%	1.02%
Service Class
6/30/22r	$ 24.26	$ 0.06	$ (5.02)	$ (4.96)	$ —	$ —	$ —	$ 19.30	(20.45%)b	$ 47,429	0.81%a	0.56%a
12/31/21	20.33	0.10	5.29	5.39	(0.15)	(1.31)	(1.46)	24.26	26.78%	60,966	0.81%	0.44%
12/31/20	19.26	0.14	2.47	2.61	(0.13)	(1.41)	(1.54)	20.33	14.24%	49,786	0.82%	0.78%
12/31/19	16.22	0.14	4.83	4.97	(0.15)	(1.78)	(1.93)	19.26	31.82%	46,002	0.82%	0.77%
12/31/18	17.27	0.15	(1.08)	(0.93)	(0.12)	—	(0.12)	16.22	(5.46%)	33,821	0.81%	0.83%
12/31/17	14.10	0.12	3.17	3.29	(0.12)	—	(0.12)	17.27	23.41%	30,610	0.81%	0.77%

		Year ended December 31
	Six months ended June 30, 2022b,r	2021	2020	2019	2018	2017
Portfolio turnover rate	68%	12%	17%	16%	15%	12%

a Annualized.

b Percentage represents the results for the period and is not annualized.

c Per share amount calculated on the average shares method.

m Total return does not reflect expenses that apply at the separate account level or to related insurance products. Inclusion of these charges would reduce the total return figures for all periods shown.

r Unaudited.

The accompanying notes are an integral part of the financial statements.

173

MML Series Investment Fund – Financial Statements (Continued)

Financial Highlights(For a share outstanding throughout each period)

MML Total Return Bond Fund

		Income (loss) from investment operations			Less distributions to shareholders					Ratios / Supplemental Data
	Net asset value, beginning of the period	Net investment income (loss)c,j	Net realized and unrealized gain (loss) on investments	Total income (loss) from investment operations	From net investment income	From net realized gains	Total distributions	Net asset value, end of the period	Total returnm	Net assets, end of the period (000’s)	Ratio of expenses to average daily net assets before expense waivers	Ratio of expenses to average daily net assets after expense waiversj	Net investment income (loss) to average daily net assets (including interest expense)
Class II
6/30/22r	$ 10.47	$ 0.09	$ (1.29)	$ (1.20)	$ —	$ —	$ —	$ 9.27	(11.46%)b	$ 273,037	0.62%a	N/A	1.82%a
12/31/21	11.28	0.12	(0.25)	(0.13)	(0.20)	(0.48)	(0.68)	10.47	(1.19%)	354,653	0.61%	N/A	1.12%
12/31/20	10.74	0.20	0.74	0.94	(0.35)	(0.05)	(0.40)	11.28	8.79%	288,005	0.62%	0.61%	1.77%
12/31/19	10.16	0.26	0.65	0.91	(0.33)	—	(0.33)	10.74	8.91%	342,002	0.61%	0.60%	2.48%
12/31/18	10.36	0.25	(0.26)	(0.01)	(0.19)	—	(0.19)	10.16	(0.07%)	353,571	0.60%	0.60%l	2.51%
12/31/17	10.27	0.19	0.11	0.30	(0.21)	—	(0.21)	10.36	2.96%	408,199	0.62%	0.60%	1.85%
Service Class I
6/30/22r	$ 10.32	$ 0.08	$ (1.28)	$ (1.20)	$ —	$ —	$ —	$ 9.12	(11.63%)b	$ 40,653	0.87%a	N/A	1.58%a
12/31/21	11.14	0.09	(0.25)	(0.16)	(0.18)	(0.48)	(0.66)	10.32	(1.51%)	50,391	0.86%	N/A	0.87%
12/31/20	10.62	0.16	0.75	0.91	(0.34)	(0.05)	(0.39)	11.14	8.60%	51,252	0.87%	0.86%	1.47%
12/31/19	10.06	0.23	0.64	0.87	(0.31)	—	(0.31)	10.62	8.65%	34,011	0.86%	0.85%	2.21%
12/31/18	10.27	0.23	(0.27)	(0.04)	(0.17)	—	(0.17)	10.06	(0.35%)	25,533	0.85%	0.85%l	2.28%
12/31/17	10.18	0.16	0.12	0.28	(0.19)	—	(0.19)	10.27	2.73%	21,858	0.87%	0.85%	1.60%

		Year ended December 31
	Six months ended June 30, 2022b,r	2021	2020	2019	2018	2017
Portfolio turnover rate	221%	441%	328%	219%	250%	313%

a Annualized.

b Percentage represents the results for the period and is not annualized.

c Per share amount calculated on the average shares method.

j Computed after giving effect to an agreement by MML Advisers to waive certain fees and expenses of the Fund.

l Expenses incurred during the period fell under the expense cap.

m Total return does not reflect expenses that apply at the separate account level or to related insurance products. Inclusion of these charges would reduce the total return figures for all periods shown.

r Unaudited.

The accompanying notes are an integral part of the financial statements.

174

Notes to Financial Statements (Unaudited)

1. The Funds

MML Series Investment Fund (the “Trust”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Trust is organized under the laws of the Commonwealth of Massachusetts as a Massachusetts business trust pursuant to an Agreement and Declaration of Trust dated December 19, 1984, as restated May 14, 1993, and further amended and restated as of December 15, 2011, as it may be further amended from time to time. The Trust consists of the following series (each individually referred to as a “Fund” or collectively as the “Funds”):

MML Conservative Allocation Fund (“Conservative Allocation Fund”)

MML Balanced Allocation Fund (“Balanced Allocation Fund”)

MML Moderate Allocation Fund (“Moderate Allocation Fund”)

MML Growth Allocation Fund (“Growth Allocation Fund”)

MML Aggressive Allocation Fund (“Aggressive Allocation Fund”)

MML American Funds Growth Fund (“MML American Funds Growth Fund”)

MML American Funds International Fund (“MML American Funds International Fund”)

MML American Funds Core Allocation Fund (“MML American Funds Core Allocation Fund”)

MML Blue Chip Growth Fund (“Blue Chip Growth Fund”)

MML Equity Income Fund (“Equity Income Fund”)

MML Equity Index Fund (“Equity Index Fund”)

MML Focused Equity Fund (“Focused Equity Fund”)

MML Foreign Fund (“Foreign Fund”)

MML Fundamental Equity Fund (“Fundamental Equity Fund”)

MML Fundamental Value Fund (“Fundamental Value Fund”)

MML Global Fund (“Global Fund”)

MML Income & Growth Fund (“Income & Growth Fund”)

MML International Equity Fund (“International Equity Fund”)

MML Large Cap Growth Fund (“Large Cap Growth Fund”)

MML Managed Volatility Fund (“Managed Volatility Fund”)

MML Mid Cap Growth Fund (“Mid Cap Growth Fund”)

MML Mid Cap Value Fund (“Mid Cap Value Fund”)

MML Small Cap Growth Equity Fund (“Small Cap Growth Equity Fund”)

MML Small Company Value Fund (“Small Company Value Fund”)

MML Small/Mid Cap Value Fund (“Small/Mid Cap Value Fund”)

MML Sustainable Equity Fund (formerly known as MML Growth & Income Fund) (“Sustainable Equity Fund”)

MML Total Return Bond Fund (“Total Return Bond Fund”)

The Trust makes shares of the Funds available for the investment of assets of various separate investment accounts established by Massachusetts Mutual Life Insurance Company (“MassMutual”) and by life insurance companies which are subsidiaries of MassMutual. Shares of the Trust are not offered to the general public. MassMutual, MML Bay State Life Insurance Company, C.M. Life Insurance Company, and the Allocation Funds (as defined below), which are “funds of funds” series of the Trust, are the record owners of all of the outstanding shares of the Funds.

Each share class of a Fund represents an interest in the same portfolio of assets. The principal difference among the classes is the level of service and administration fees, and shareholder and distribution service expenses borne by the classes. Because each class will have different fees and expenses, performance and share prices will vary between the classes. The classes of shares are offered to different types of investors, as outlined in the Funds’ Prospectus.

The Conservative Allocation Fund, Balanced Allocation Fund, Moderate Allocation Fund, Growth Allocation Fund, and Aggressive Allocation Fund (the “Allocation Funds”) invest their investable assets in shares of series of the Trust and MML Series Investment Fund II advised by MML Investment Advisers, LLC (“MML Advisers”) and non-affiliated mutual funds (together, the “MML Underlying Funds”). The financial statements included herein are those of the Funds. The financial

175

Notes to Financial Statements (Unaudited) (Continued)

statements of the applicable MML Underlying Funds that are not Funds of the Trust are presented separately and can be obtained from the Securities and Exchange Commission’s (“SEC”) EDGAR database on its website at http://www.sec.gov or by calling MML Advisers at 1-888-309-3539.

MML American Funds Growth Fund and MML American Funds International Fund (each a “Feeder Fund,” collectively the “Feeder Funds”) invest all of their assets in Class 1 shares of the Growth and International Funds, respectively, each a series of the American Funds Insurance Series (each a “Master Fund,” collectively the “Master Funds”). Each Master Fund is an open-end investment company and organized as a Massachusetts business trust. Each Feeder Fund has an investment objective that is consistent with its corresponding Master Fund. Each Master Fund intends to comply with the requirements under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”), applicable to mutual funds and intends to distribute substantially all of its taxable income and capital gains to shareholders, which includes the applicable Feeder Fund, to qualify as a regulated investment company. The performance of the Feeder Funds is directly affected by the performance of the Master Funds. The financial statements of the Master Funds, including the Summary Investment Portfolios, are provided separately and should be read in conjunction with the Feeder Funds’ financial statements. As of June 30, 2022, the MML American Funds Growth Fund and MML American Funds International Fund owned 0.65% and 0.66% of the Growth and International Master Funds, respectively. The MML American Funds Core Allocation Fund invests all of its investable assets in shares of various series of American Funds Insurance Series, which are managed by Capital Research and Management Company (together, the “American Underlying Funds” and collectively with the MML Underlying Funds, the “Underlying Funds”). The SEC file number for the American Funds Insurance Series is 811-03857. Additional information related to the Master Funds’ and American Underlying Funds’ financial reports can be located on the SEC’s EDGAR database on its website at http://www.sec.gov.

2. Significant Accounting Policies

The following is a summary of significant accounting policies followed consistently by each Fund in the preparation of the financial statements in conformity with accounting principles generally accepted in the United States of America (“generally accepted accounting principles”). The preparation of the financial statements in accordance with generally accepted accounting principles 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.

Each Fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946, Financial Services – Investment Companies.

Investment Valuation

The net asset value of each Fund’s shares is determined once daily as of the close of regular trading on the New York Stock Exchange (“NYSE”), on each day the NYSE is open for trading (a “business day”). The NYSE normally closes at 4:00 p.m. Eastern Time, but may close earlier on some days. If the NYSE is scheduled to close early, the business day will be considered to end as of the time of the NYSE’s scheduled close. A Fund will not treat an intraday disruption in NYSE trading or other event that causes an unscheduled closing of the NYSE as a close of business of the NYSE for these purposes and will instead fair value securities in accordance with procedures approved annually by the Board of Trustees (“Trustees”), and under the general oversight of the Trustees. On holidays and other days when the NYSE is closed, each Fund’s net asset value generally is not calculated and the Funds do not anticipate accepting buy or sell orders. However, the value of each Fund’s assets may still be affected on such days to the extent that a Fund or an Underlying Fund or Master Fund holds foreign securities that trade on days that foreign securities markets are open.

The net asset value of each of each of the Allocation Funds, Feeder Funds, and MML American Funds Core Allocation Fund is based upon the net asset value(s) of its corresponding Master Fund or Underlying Funds. Shares of the Master Fund and Underlying Funds are valued at their closing net asset values as reported on each business day.

176

Notes to Financial Statements (Unaudited) (Continued)

The Prospectuses and Statements of Additional Information (“SAIs”) for the Underlying Funds and Master Funds, as applicable, explain the valuation methods for the Underlying Funds and Master Funds, including the circumstances under which the Underlying Funds or Master Funds, may use fair value pricing and the effects of doing so. Such Prospectuses and SAIs are available on the SEC’s EDGAR database on its website at http://www.sec.gov.

Equity securities and derivative contracts that are actively traded on a national securities exchange or contract market are valued on the basis of information furnished by a pricing service, which provides the last reported sale price, or, in the case of futures contracts, the settlement price, for securities or derivatives listed on the exchange or contract market or the official closing price on the NASDAQ National Market System (“NASDAQ System”), or in the case of over-the-counter (“OTC”) securities for which an official closing price is unavailable or not reported on the NASDAQ System, the last reported bid price. Portfolio securities traded on more than one national securities exchange are valued at the last price at the close of the exchange representing the principal market for such securities. Debt securities are valued on the basis of valuations furnished by a pricing service, which generally determines valuations taking into account factors such as institutional-size trading in similar securities, yield, quality, coupon rate, maturity, type of issue, trading characteristics, and other market data. Shares of other open-end mutual funds are valued at their closing net asset values as reported on each business day.

Investments for which market quotations are readily available are marked to market daily based on those quotations. Market quotations may be provided by third-party vendors or market makers, and may be determined on the basis of a variety of factors, such as broker quotations, financial modeling, and other market data, such as market indexes and yield curves, counterparty information, and foreign exchange rates. U.S. Government and agency securities may be valued on the basis of market quotations or using a model that may incorporate market observable data such as reported sales of similar securities, broker quotes, yields, bids, offers, quoted market prices, and reference data. The fair values of OTC derivative contracts, including forward, swap, and option contracts related to interest rates, foreign currencies, credit standing of reference entities, equity prices, or commodity prices, may be based on market quotations or may be modeled using a series of techniques, including simulation models, depending on the contract and the terms of the transaction. The fair values of asset-backed securities and mortgage-backed securities are estimated based on models that consider the estimated cash flows of each debt tranche of the issuer, established benchmark yield, and estimated tranche-specific spread to the benchmark yield based on the unique attributes of the tranche, including, but not limited to, prepayment speed assumptions and attributes of the collateral.

Investments for which market quotations are not available or for which a pricing service or vendor does not provide a value, or for which such market quotations or values are considered by the investment adviser or subadviser to be unreliable (including, for example, certain foreign securities, thinly-traded securities, certain restricted securities, certain initial public offerings, or securities whose values may have been affected by a significant event) are stated at fair valuations determined in good faith by the Funds’ Valuation Committee¹ in accordance with procedures approved annually by the Trustees, and under the general oversight of the Trustees. The Funds’ Valuation Committee employs various methods to determine fair valuations including a regular review of significant inputs and assumptions and review of any related market activity. The Funds’ Valuation Committee reports to the Trustees at its regularly scheduled meetings. It is possible that fair value prices will be used by the Funds to a significant extent. The value determined for an investment using the Funds’ fair value procedures may differ from recent market prices for the investment and may be significantly different from the value realized upon the sale of such investment.

The Funds and certain Underlying Funds or Master Funds may invest in securities that are traded principally in foreign markets and that trade on weekends and other days when the Funds do not price their shares. As a result, the values of the Funds’ portfolio securities may change on days when the prices of the Funds’ shares are not calculated. The prices of the Funds’ shares will reflect any such changes when the prices of the Funds’ shares are next calculated, which is the next business day. The Funds may use fair value pricing more frequently for securities primarily traded in foreign markets because, among other things, most foreign markets close well before the Funds value their securities. The earlier close of these foreign markets gives rise to the possibility that significant events, including broad market moves, may have occurred in the interim. The Funds’ investments may be priced

¹ The voting members of the Valuation Committee consist of the President, Treasurer, Assistant Treasurers, Vice Presidents (except for the CCO, Secretary, and Assistant Secretaries) of the Trust, as well as such other members as the Trustees may from time to time designate. The non-voting members of the Valuation Committee consist of the CCO, Secretary, and Assistant Secretaries. The Valuation Committee reviews and determines the fair valuation of portfolio securities and the Funds’ pricing procedures in general.

177

Notes to Financial Statements (Unaudited) (Continued)

based on fair values provided by a third-party vendor, based on certain factors and methodologies applied by such vendor, in the event that there is movement in the U.S. market, between the close of the foreign market and the time the Funds calculate their net asset values. All assets and liabilities expressed in foreign currencies are converted into U.S. dollars at the mean between the buying and selling rates of such currencies against the U.S. dollar at the end of each business day.

For investments in equity or debt issued by privately held companies or funds (“Private Company” or collectively, the “Private Companies”) and any other investments fair valued using significant unobservable inputs, as described below, the fair valuation approaches used by third party service providers and/or the Funds’ subadvisers utilize one or a combination of, but not limited to, the following inputs:

Market approach: (i) recent market transactions, including subsequent rounds of financing, in the underlying investment or comparable issuers; (ii) recapitalizations and other transactions across the capital structure; and (iii) market multiples of comparable issuers.

Income approach: (i) future cash flows discounted to present value and adjusted as appropriate for liquidity, credit, and/or market risks; (ii) quoted prices for similar investments or assets in active markets; and (iii) other risk factors, such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, recovery rates, liquidation amounts, and/or default rates.

Cost approach: (i) audited or unaudited financial statements, investor communications, and financial or operational metrics issued by the Private Company; (ii) changes in the valuation of relevant indexes or publicly traded companies comparable to the Private Company; (iii) relevant news and other public sources; and (iv) known secondary market transactions in the Private Company’s interests and merger or acquisition activity in companies comparable to the Private Company.

Investments in series of preferred stock issued by Private Companies are typically valued utilizing Market approach in determining the enterprise value of the company. Such investments often contain rights and preferences that differ from other series of preferred and common stock of the same issuer. Valuation techniques such as the current value method (“CVM”), an option pricing model (“OPM”), a probability weighted expected return model (“PWERM”), or a hybrid of those techniques are used in allocating enterprise value of the company, as deemed appropriate under the circumstances. The CVM allocates value among the various parts of a company’s capital structure assuming that the value of convertible preferred stock is represented by the most favorable claim the preferred stockholders have on the enterprise value as of the valuation date. The use of OPM and PWERM techniques involve a determination of the exit scenarios of the investment in order to appropriately allocate the enterprise value of the company among the various parts of its capital structure.

The Private Companies are not subject to the public company disclosure, timing, and reporting standards as other investments held by a Fund. Typically, the most recently available information for a Private Company is as of a date that is earlier than the date a Fund is calculating its net asset value. This factor may result in a difference between the value of the investment and the price a Fund could receive upon the sale of the investment.

Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. A three-tier hierarchy is utilized to maximize the use of observable market data inputs and minimize the use of unobservable inputs 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, for example, the risk inherent in a particular valuation technique used to measure fair value (such as a pricing model) and/or the risk inherent in the inputs to the valuation technique. Inputs may be observable or unobservable. Observable inputs are inputs that reflect the assumptions market participants would use in pricing the asset or liability and are 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 and are developed based on the best information available in the circumstances. The three-tier hierarchy of inputs is summarized

178

Notes to Financial Statements (Unaudited) (Continued)

in the three broad Levels listed below. The inputs or methodology used for valuing investments are 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.

Level 1 – quoted prices (unadjusted) in active markets for identical investments that the Funds can access at the measurement date

Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)

Level 3 – significant unobservable inputs, to the extent observable inputs are not available (including the Funds’ own assumptions in determining the fair value of investments)

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 new 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.

Changes in valuation techniques may result in transfers in or out of an investment’s assigned Level within the hierarchy. In addition, in periods of market dislocation, the observability of prices and inputs may be reduced for many instruments. This condition, as well as changes related to liquidity of investments, could cause a security to be reclassified between Levels.

In certain cases, the inputs used to measure fair value may fall into different Levels of the fair value hierarchy. In such cases, for disclosure purposes, the Level in the fair value hierarchy within which the fair value measurement falls is determined based on the lowest Level input that is significant to the overall fair value measurement.

The Allocation Funds, Feeder Funds, and MML American Funds Core Allocation Fund characterized all investments at Level 1, as of June 30, 2022. The Focused Equity Fund, Fundamental Value Fund, Income & Growth Fund, Large Cap Growth Fund, Small Cap Growth Equity Fund, and Small/Mid Cap Value Fund characterized all long-term investments at Level 1, and all short-term investments at Level 2, as of June 30, 2022. For each Fund noted in the preceding sentences, the level classification by major category of investments is the same as the category presentation in the Portfolio of Investments.

The following is the aggregate value by input level, as of June 30, 2022, for the remaining Funds’ investments:

	Level 1		Level 2			Level 3			Total
Blue Chip Growth Fund
Asset Investments
Common Stock	$	396,359,969	$	2,889,989	*	$	920,002	**	$	400,169,960
Preferred Stock		—		—			847,415	**		847,415
Corporate Debt		—		838,115			—			838,115
Mutual Funds		1,057,491		—			—			1,057,491
Short-Term Investments		100		2,730,797			—			2,730,897
Total Investments	$	397,417,560	$	6,458,901		$	1,767,417		$	405,643,878
Equity Income Fund
Asset Investments
Common Stock	$	365,144,281	$	12,563,874	*	$	—		$	377,708,155
Preferred Stock		6,287,460		—			—			6,287,460
Mutual Funds		1,618,767		—			—			1,618,767
Short-Term Investments		1,077		3,370,058			—			3,371,135
Total Investments	$	373,051,585	$	15,933,932		$	—		$	388,985,517

179

Notes to Financial Statements (Unaudited) (Continued)

	Level 1			Level 2			Level 3			Total
Equity Index Fund
Asset Investments
Common Stock	$	597,021,432		$	—		$	—		$	597,021,432
Short-Term Investments		—			4,425,414			—			4,425,414
Total Investments	$	597,021,432		$	4,425,414		$	—		$	601,446,846
Liability Derivatives
Futures Contracts	$	(123,062	)	$	—		$	—		$	(123,062	)
Foreign Fund
Asset Investments
Common Stock*
Australia	$	601,126		$	6,166,837		$	—		$	6,767,963
Austria		—			402,312			—			402,312
Belgium		—			5,217,714			—			5,217,714
Canada		979,355			—			—			979,355
Cayman Islands		—			5,726,085			—			5,726,085
Finland		—			1,141,720			—			1,141,720
France		—			19,000,274			—			19,000,274
Germany		—			20,636,791			—			20,636,791
Ireland		1,926,451			5,466,520			—			7,392,971
Israel		1,924,124			—			—			1,924,124
Italy		—			444,312			—			444,312
Japan		—			38,941,748			—			38,941,748
Luxembourg		—			1,366,933			—			1,366,933
Netherlands		2,973,985			7,504,091			—			10,478,076
Norway		—			1,457,859			—			1,457,859
Republic of Korea		—			3,096,989			—			3,096,989
Singapore		—			2,487,191			—			2,487,191
Sweden		—			4,201,956			1,186,973	**		5,388,929
Switzerland		—			17,917,193			—			17,917,193
United Kingdom		784,195			30,381,888			—			31,166,083
Mutual Funds		21,389			—			—			21,389
Short-Term Investments		—			442,616			—			442,616
Total Investments	$	9,210,625		$	172,001,029		$	1,186,973		$	182,398,627
Fundamental Equity Fund
Asset Investments
Common Stock	$	179,049,760		$	1,458,958	*	$	—		$	180,508,718
Short-Term Investments		—			816,582			—			816,582
Total Investments	$	179,049,760		$	2,275,540		$	—		$	181,325,300
Global Fund
Asset Investments
Common Stock*
Austria	$	—		$	366,390		$	—		$	366,390
Canada		5,139,364			—			—			5,139,364
Denmark		—			704,135			—			704,135
France		—			14,145,717			—			14,145,717
Germany		—			5,371,767			—			5,371,767
Ireland		11,246,709			2,746,841			—			13,993,550
Israel		1,317,294			—			—			1,317,294
Japan		—			2,337,136			—			2,337,136
Mexico		302,945			—			—			302,945

180

Notes to Financial Statements (Unaudited) (Continued)

	Level 1		Level 2		Level 3		Total
Global Fund (Continued)
Asset Investments (Continued)
Common Stock* (Continued)
Netherlands	$	—	$	3,378,017	$	—	$	3,378,017
Republic of Korea		—		1,055,867		—		1,055,867
Spain		—		1,039,070		—		1,039,070
Sweden		—		2,125,282		—		2,125,282
Switzerland		—		11,700,105		—		11,700,105
United Kingdom		484,541		9,447,921		—		9,932,462
United States		57,738,281		—		—		57,738,281
Warrants		57,458		—		—		57,458
Short-Term Investments		—		949,537		—		949,537
Total Investments	$	76,286,592	$	55,367,785	$	—	$	131,654,377
International Equity Fund
Asset Investments
Common Stock*
Australia	$	—	$	1,214,239	$	—	$	1,214,239
Belgium		—		2,164,135		—		2,164,135
Canada		8,072,720		—		—		8,072,720
Cayman Islands		827,437		4,584,232		—		5,411,669
Denmark		—		4,880,691		—		4,880,691
Finland		—		449,656		—		449,656
France		—		34,716,636		—		34,716,636
Germany		—		31,120,407		—		31,120,407
Hong Kong		—		3,787,335		—		3,787,335
India		631,710		628,154		—		1,259,864
Ireland		2,145,410		1,822,710		—		3,968,120
Israel		1,821,463		—		—		1,821,463
Italy		—		4,527,127		—		4,527,127
Japan		—		21,323,003		—		21,323,003
Mexico		656,036		—		—		656,036
Netherlands		—		10,824,588		—		10,824,588
Portugal		—		1,063,213		—		1,063,213
Republic of Korea		—		872,911		—		872,911
Singapore		—		1,738,037		—		1,738,037
Spain		—		2,090,113		—		2,090,113
Sweden		—		3,020,219		—		3,020,219
Switzerland		—		27,452,006		—		27,452,006
Taiwan		1,977,533		—		—		1,977,533
United Kingdom		1,041,975		24,745,564		—		25,787,539
United States		1,157,647		—		—		1,157,647
Preferred Stock*
Republic of Korea		—		878,668		—		878,668
Mutual Funds		8,019		—		—		8,019
Short-Term Investments		—		2,138,053		—		2,138,053
Total Investments	$	18,339,950	$	186,041,697	$	—	$	204,381,647

181

Notes to Financial Statements (Unaudited) (Continued)

	Level 1			Level 2			Level 3			Total
Managed Volatility Fund
Asset Investments
Common Stock	$	110,446,379		$	—		$	—		$	110,446,379
Corporate Debt		—			—			—	+,**		—
Purchased Options		1,915,377			—			—			1,915,377
Short-Term Investments		—			2,791,292			—			2,791,292
Total Investments	$	112,361,756		$	2,791,292		$	—		$	115,153,048
Liability Derivatives
Written Options	$	(1,460,275	)	$	—		$	—		$	(1,460,275	)
Mid Cap Growth Fund
Asset Investments
Common Stock	$	302,267,860		$	—		$	981,778	**	$	303,249,638
Preferred Stock		—			—			1,542,670	**		1,542,670
Mutual Funds		1,148,290			—			—			1,148,290
Short-Term Investments		102			12,245,321			—			12,245,423
Total Investments	$	303,416,252		$	12,245,321		$	2,524,448		$	318,186,021
Mid Cap Value Fund
Asset Investments
Common Stock	$	269,280,666		$	21,481,320	*	$	—		$	290,761,986
Preferred Stock		—			1,629,564	*		—			1,629,564
Short-Term Investments		—			6,915,027			—			6,915,027
Total Investments	$	269,280,666		$	30,025,911		$	—		$	299,306,577
Asset Derivatives
Forward Contracts	$	—		$	70,951		$	—		$	70,951
Liability Derivatives
Forward Contracts	$	—		$	(20,030	)	$	—		$	(20,030	)
Small Company Value Fund
Asset Investments
Common Stock	$	77,164,816		$	589,472	*	$	—		$	77,754,288
Mutual Funds		718,563			—			—			718,563
Short-Term Investments		—			713,729			—			713,729
Total Investments	$	77,883,379		$	1,303,201		$	—		$	79,186,580
Asset Derivatives
Forward Contracts	$	—		$	1,984		$	—		$	1,984
Sustainable Equity Fund
Asset Investments
Common Stock	$	130,817,238		$	1,696,031	*	$	—		$	132,513,269
Mutual Funds		74,318			—			—			74,318
Short-Term Investments		—			175,656			—			175,656
Total Investments	$	130,891,556		$	1,871,687		$	—		$	132,763,243
Asset Derivatives
Forward Contracts	$	—		$	3,147		$	—		$	3,147

182

Notes to Financial Statements (Unaudited) (Continued)

	Level 1			Level 2			Level 3			Total
Total Return Bond Fund
Asset Investments
Common Stock	$	196,473		$	—		$	—		$	196,473
Bank Loans		—			5,881,140			—			5,881,140
Corporate Debt		—			91,393,696			—	+,**		91,393,696
Municipal Obligations		—			3,250,514			—			3,250,514
Non-U.S. Government Agency Obligations		—			48,462,465			—			48,462,465
Sovereign Debt Obligations		—			3,771,923			—			3,771,923
U.S. Government Agency Obligations and Instrumentalities		—			107,838,025			—			107,838,025
U.S. Treasury Obligations		—			93,780,082			—			93,780,082
Purchased Options		5,300			—			—			5,300
Rights		—			—			—	+,**		—
Mutual Funds		15,507,583			—			—			15,507,583
Short-Term Investments		—			20,197,035			—			20,197,035
Unfunded Loan Commitments***					(2,060	)					(2,060	)
Total Investments	$	15,709,356		$	374,572,820		$	—		$	390,282,176
Asset Derivatives
Swap Agreements	$	—		$	759,837		$	—		$	759,837
Forward Contracts		—			3,706			—			3,706
Total	$	—		$	763,543		$	—		$	763,543
Liability Derivatives
Futures Contracts	$	(39,901	)	$	—		$	—		$	(39,901	)
Swap Agreements		—			(1,728,415	)		—			(1,728,415	)
Written Options		(3,125	)		—			—			(3,125	)
Forward Contracts		—			(608	)		—			(608	)
Total	$	(43,026	)	$	(1,729,023	)	$	—		$	(1,772,049	)

* Includes foreign equity securities whose values were adjusted to reflect market trading of comparable securities or other correlated instruments after the close of trading in their respective foreign markets, as applicable.

** None of the unobservable inputs for Level 3 assets, individually or collectively, had a material impact on the Fund(s). Level 3 investments at June 30, 2022 in relation to net assets were not significant.

*** Unfunded loan commitments are valued at the unrealized appreciation (depreciation) on the commitment.

+ Represents a security at $0 value as of June 30, 2022.

For certain Fund(s) the Statement of Assets and Liabilities shows receivables from investments sold on a delayed delivery basis, collateral pledged for open futures and options contracts, collateral pledged for open swap agreements, as well as, any applicable liabilities for investments purchased on a delayed delivery basis, amounts due to custodian, and collateral held for securities on loan. These amounts approximate fair value and would be categorized at Level 2 for each applicable Fund as of June 30, 2022.

The Funds had no Level 3 transfers during the period ended June 30, 2022.

Derivative Instruments

Derivatives are financial instruments whose values are based on the values of one or more underlying indicators, such as a security, asset, currency, interest rate, or index. Derivative transactions can create investment leverage and may be highly volatile. Losses from derivatives can be substantially greater than the derivatives’ original cost and can sometimes be unlimited. A Fund may not be able to close out a derivative transaction at a favorable time or price.

183

Notes to Financial Statements (Unaudited) (Continued)

At June 30, 2022, and during the period then ended, the Fund(s) had the following derivatives and transactions in derivatives, grouped into the indicated risk categories:

	Equity Risk			Foreign Exchange Risk			Interest/ Inflation Rate Risk		Total
Equity Index Fund
Liability Derivatives
Futures Contracts^^	$	(123,062	)	$	—		$	—	$	(123,062	)
Realized Gain (Loss)#
Futures Contracts	$	(1,047,686	)	$	—		$	—	$	(1,047,686	)
Change in Appreciation (Depreciation)##
Futures Contracts	$	(181,425	)	$	—		$	—	$	(181,425	)
International Equity Fund
Realized Gain (Loss)#
Forward Contracts	$	—		$	84,995		$	—	$	84,995
Change in Appreciation (Depreciation)##
Forward Contracts	$	—		$	15,249		$	—	$	15,249
Managed Volatility Fund
Asset Derivatives
Purchased Options*,^^^	$	1,915,377		$	—		$	—	$	1,915,377
Liability Derivatives
Written Options^,^^^	$	(1,460,275	)	$	—		$	—	$	(1,460,275	)
Realized Gain (Loss)#
Purchased Options	$	1,942,771		$	—		$	—	$	1,942,771
Written Options		6,655,744			—			—		6,655,744
Total Realized Gain (Loss)	$	8,598,515		$	—		$	—	$	8,598,515
Change in Appreciation (Depreciation)##
Purchased Options	$	792,630		$	—		$	—	$	792,630
Written Options		1,631,494			—			—		1,631,494
Total Change in Appreciation (Depreciation)	$	2,424,124		$	—		$	—	$	2,424,124
Mid Cap Value Fund
Asset Derivatives
Forward Contracts*	$	—		$	70,951		$	—	$	70,951
Liability Derivatives
Forward Contracts^	$	—		$	(20,030	)	$	—	$	(20,030	)
Realized Gain (Loss)#
Forward Contracts	$	—		$	1,682,422		$	—	$	1,682,422
Change in Appreciation (Depreciation)##
Forward Contracts	$	—		$	305,170		$	—	$	305,170

184

Notes to Financial Statements (Unaudited) (Continued)

	Equity Risk		Foreign Exchange Risk			Interest/ Inflation Rate Risk			Total
Small Company Value Fund
Asset Derivatives
Forward Contracts*	$	—	$	1,984		$	—		$	1,984
Realized Gain (Loss)#
Forward Contracts	$	—	$	69,494		$	—		$	69,494
Change in Appreciation (Depreciation)##
Forward Contracts	$	—	$	7,789		$	—		$	7,789
Sustainable Equity Fund
Asset Derivatives
Forward Contracts*	$	—	$	3,147		$	—		$	3,147
Realized Gain (Loss)#
Forward Contracts	$	—	$	6,678		$	—		$	6,678
Change in Appreciation (Depreciation)##
Forward Contracts	$	—	$	3,147		$	—		$	3,147
Total Return Bond Fund
Asset Derivatives
Purchased Options*,^^^	$	—	$	—		$	5,300		$	5,300
Forward Contracts*		—		3,706			—			3,706
Swap Agreements^^,^^^		—		—			759,837			759,837
Total Value	$	—	$	3,706		$	765,137		$	768,843
Liability Derivatives
Forward Contracts^	$	—	$	(608	)	$	—		$	(608	)
Futures Contracts^^		—		—			(39,901	)		(39,901	)
Swap Agreements^^,^^^		—		—			(1,728,415	)		(1,728,415	)
Written Options^,^^^		—		—			(3,125	)		(3,125	)
Total Value	$	—	$	(608	)	$	(1,771,441	)	$	(1,772,049	)
Realized Gain (Loss)#
Purchased Options	$	—	$	—		$	(12,553	)	$	(12,553	)
Forward Contracts		—		40,490			—			40,490
Futures Contracts		—		—			217,529			217,529
Swap Agreements		—		—			30,511			30,511
Written Options		—		—			(997,923	)		(997,923	)
Total Realized Gain (Loss)	$	—	$	40,490		$	(762,436	)	$	(721,946	)
Change in Appreciation (Depreciation)##
Purchased Options	$	—	$	—		$	(37,624	)	$	(37,624	)
Forward Contracts		—		(32,565	)		—			(32,565	)
Futures Contracts		—		—			(42,883	)		(42,883	)
Swap Agreements		—		—			(702,949	)		(702,949	)
Written Options		—		—			46,438			46,438
Total Change in Appreciation (Depreciation)	$	—	$	(32,565	)	$	(737,018	)	$	(769,583	)

* Statements of Assets and Liabilities location: Investments, at value, or Receivables from: open forward contracts, as applicable.

^ Statements of Assets and Liabilities location: Payables for: open forward contracts or written options outstanding, at value, as applicable.

^^ Cumulative appreciation (depreciation) on futures contracts and centrally cleared swaps is reported in “Futures Contracts” and “Swap Agreements” in each applicable Fund’s Portfolio of Investments. Only current day’s variation margin, if any, is reported within the Statements of Assets and Liabilities.

185

Notes to Financial Statements (Unaudited) (Continued)

^^^ Represents centrally cleared swaps or exchange-traded purchased and written options, which are not subject to a master netting agreement or similar agreement.

# Statements of Operations location: Amounts are included in net realized gain (loss) on: investment transactions, forward contracts, futures contracts, swap agreements, or written options, as applicable.

## Statements of Operations location: Amounts are included in net change in unrealized appreciation (depreciation) on: investment transactions, forward contracts, futures contracts, swap agreements, or written options, as applicable.

For the period ended June 30, 2022, the number of contracts, notional amounts, or shares/units for each derivative type was as follows:

	Number of Contracts, Notional Amounts, or Shares/Units†
Fund Name	Futures Contracts		Forward Contracts		Swap Agreements		Purchased Options		Purchased Swaptions		Written Options		Written Swaptions
Equity Index Fund		18	$	—	$	—		—	$	—		—	$	—
International Equity Fund		—		1,314,395		—		—		—		—		—
Managed Volatility Fund		—		—		—		219		—		288		—
Mid Cap Value Fund		—		26,226,833		—		—		—		—		—
Small Company Value Fund		—		763,829		—		—		—		—		—
Sustainable Equity Fund		—		1,275,088		—		—		—		—		—
Total Return Bond Fund		70		1,586,460		49,816,667		231		1,350,000		827		19,270,000

† Amount(s) disclosed represent average number of contracts for futures contracts, notional amounts for forward contracts, swap agreements, purchased swaptions, and written swaptions, or shares/units outstanding for purchased options and written options based on absolute values, which is indicative of volume of this derivative type, for the months that the Fund held such derivatives during the period ended June 30, 2022.

The Portfolio of Investments included in a Fund’s financial statements shows the assets or liabilities of the Fund associated with individual derivatives transactions. The terms of many of those transactions contemplate that derivatives receivables and payables between the same two parties may be netted and that the parties will collateralize certain obligations. The following tables provide an illustration of the possible effect of netting provisions and of collateral (delivered or received) on a Fund’s derivatives exposure as of June 30, 2022. Netting arrangements vary among different counterparties, and the actual disposition of derivatives receivables and payables, and of collateral, in a bankruptcy or insolvency can be complicated and difficult to predict.

The following table presents derivative assets by counterparty net of amounts available for offset under a master netting agreement (“MNA”) or similar agreement and net of the related collateral received by the Fund(s) as of June 30, 2022.

Counterparty	Derivative Assets Subject to an MNA by Counterparty†		Financial Instruments Available for Offset			Collateral Received***		Net Amount*
Mid Cap Value Fund
Bank of America N.A.	$	27,482	$	(819	)	$	—	$	26,663
JP Morgan Chase Bank N.A.		43,469		—			—		43,469
	$	70,951	$	(819	)	$	—	$	70,132
Small Company Value
UBS AG	$	1,984	$	—		$	—	$	1,984
						��
Sustainable Equity Fund
JP Morgan Chase Bank N.A.	$	3,147	$	—		$	—	$	3,147
Total Return Bond Fund
Citibank N.A.	$	3,706	$	(608	)	$	—	$	3,098

186

Notes to Financial Statements (Unaudited) (Continued)

The following table presents derivative liabilities by counterparty net of amounts available for offset under an MNA or similar agreement and net of the related collateral pledged by the Fund(s) as of June 30, 2022.

Counterparty	Derivative Liabilities Subject to an MNA by Counterparty†			Financial Instruments Available for Offset		Collateral Pledged***		Net Amount**
Mid Cap Value Fund
Bank of America N.A.	$	(819	)	$	819	$	—	$	—
UBS AG		(19,211	)		—		—		(19,211	)
	$	(20,030	)	$	819	$	—	$	(19,211	)
Total Return Bond Fund
Citibank N.A.	$	(608	)	$	608	$	—	$	—

* Represents the net amount receivable from the counterparty in the event of default.

** Represents the net amount payable to the counterparty in the event of default.

*** The amount presented here may be less than the total amount of collateral received/pledged as the net amount of derivative assets and liabilities for a counterparty cannot be less than $0.

† The amount presented here may be less than the total amount shown in the Statements of Assets and Liabilities as some derivatives held by the counterparty are not covered within an MNA or similar agreement.

Such agreements typically permit a single net payment in the event of default, including the bankruptcy or insolvency of the counterparty. The Fund(s) and counterparties may not be permitted to sell, re-pledge, or use the collateral they receive. In the event that cash collateral is restricted for use, the balance will be reflected as restricted cash within the Statement of Assets and Liabilities.

Further details regarding the derivatives and other investments held by the Fund(s) during the period ended June 30, 2022, are discussed below.

Foreign Currency Exchange Transactions

A Fund may enter into foreign currency exchange transactions for hedging purposes in order to protect against uncertainty in the level of future foreign currency exchange rates, or for other, non-hedging purposes.

A Fund may enter into foreign currency exchange transactions, including foreign currency forward contracts. These contracts call for the Fund to deliver in the future an amount of one currency in return for an amount of another currency, at an exchange rate determined at the time the contract is entered into. Forward contracts are private contractual arrangements and a Fund is subject to the risk that its counterparty will not, or will not be able to, perform its obligations. This type of arrangement may require the Fund to post margin. A Fund may enter into foreign currency exchange transactions in order to hedge against changes in the values of the assets or liabilities denominated in one or more foreign currencies, or otherwise to increase or reduce a Fund’s exposure to various foreign currencies. The use of foreign currency exchange transactions may create investment leverage.

Whenever a Fund enters into a foreign currency exchange transaction, it is subject to the risk that the value of the transaction will move in a direction unfavorable to it. When the Fund uses the transactions for hedging purposes, it is likely that the Fund will have an asset or liability that will offset any loss (or gain) on the transactions, at least in part. If a Fund enters into foreign currency exchange transactions other than for hedging purposes (for example, seeking to profit from an anticipated change in the values of currencies by creating directional exposures in the portfolio with respect to one or more currencies), it will generally be subject to the same risks, but is less likely to have assets or liabilities that will offset any losses on the transactions. There can be no assurance that a Fund will be able to terminate any foreign currency exchange transaction prior to its maturity in order to limit its loss on the transaction.

Forward foreign currency contracts are marked to market daily and the change in their value is recorded by the Funds as an unrealized gain or loss. Forward foreign currency contracts are valued at the settlement price established through dealers or other market sources on the day which they are traded. When a forward foreign currency contract is extinguished, through delivery or

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offset by entering into another forward foreign currency contract, the Funds record a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value of the contract at the time it was extinguished or offset. The notional or contractual amounts of these instruments do not necessarily represent the amounts potentially subject to risk. The measurement of the risk associated with these instruments is meaningful only when all related and offsetting transactions and counterparty risks are considered.

A Fund’s current exposure to a counterparty is the unrealized appreciation on the contract.

Futures Contracts

A Fund may seek to manage a variety of different risks, such as interest rate risk, equity price risk, and currency risk, through the use of futures contracts and related options.

Futures Contracts. A Fund may use interest rate futures contracts to adjust the interest rate sensitivity (duration) of its portfolio or the credit exposure of the portfolio. Interest rate futures contracts obligate the long or short holder to take or make delivery of a specified quantity of a financial instrument, such as a specific fixed income security, during a specified future period at a specified price. A Fund may use index futures contracts to hedge against broad market risks to its portfolio or to gain broad market exposure when it holds uninvested cash or as an inexpensive substitute for cash investments directly in securities or other assets, including commodities and precious metals. Securities index futures contracts are contracts to buy or sell units of a securities index at a specified future date at a price agreed upon when the contract is made and are settled in cash. Positions in futures contracts may be closed out only on an exchange or board of trade which provides a market for such futures. Because futures contracts are exchange-traded, they typically have minimal exposure to counterparty risk.

Parties to a futures contract are not required to post the entire notional amount of the contract, but rather a small percentage of that amount (by way of margin), both at the time they enter into futures transactions, and then on a daily basis if their positions decline in value; as a result, futures contracts are highly leveraged. Such payments are known as variation margin and are recorded by the Funds as unrealized gains or losses. Because futures markets are highly leveraged, they can be extremely volatile, and there can be no assurance that the pricing of a futures contract will correlate precisely with the pricing of the asset or index underlying it or the asset or liability of the Fund that is the subject of the hedge. It may not always be possible for a Fund to enter into a closing transaction with respect to a futures contract it has entered into, at a favorable time or price. When a Fund enters into a futures transaction, it is subject to the risk that the value of the futures contract will move in a direction unfavorable to it. When a Fund uses futures contracts for hedging purposes, it is likely that the Fund will have an asset or liability that will offset any loss (or gain) on the transactions, at least in part.

Options on Futures Contracts. If a Fund buys an option on a futures contract, it will have the right to assume a futures contract at a particular price during the course of the option. Its potential loss should generally be limited to the amount of the premium paid and any transaction costs. If a Fund sells an option on a futures contract, it is subject generally to the same risks as if it had entered into a futures contract underlying the option itself.

When a futures contract is closed, the Fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded. For information regarding the accounting treatment of options, see “Options, Rights, and Warrants” below.

Swap Agreements

Swap agreements are typically two-party contracts entered into primarily by institutional investors. In a standard “swap” transaction, two parties agree to exchange the returns (or differentials in rates of return) earned or realized on particular predetermined investments or instruments or rates, which may be adjusted for an interest factor. The gross returns to be exchanged or “swapped” between the parties are generally calculated with respect to a “notional amount,” (i.e., the return on or increase in value of a particular dollar amount invested at a particular interest rate or in a “basket” of securities representing a particular index).

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Interest Rate Swaps. When a Fund enters into an interest rate swap, it typically agrees to make payments to its counterparty based on a specified long- or short-term interest rate, and will receive payments from its counterparty based on another interest rate. Other forms of interest rate swap agreements include, among others, interest rate caps, under which, in return for a specified payment stream, one party agrees to make payments to the other to the extent that interest rates exceed a specified rate, or “cap”; interest rate floors, under which, in return for a specified payment stream, one party agrees to make payments to the other to the extent that interest rates fall below a specified rate, or “floor”; and interest rate collars, under which a party sells a cap and purchases a floor or vice versa in an attempt to protect itself against interest rate movements exceeding given minimum or maximum levels. A Fund may enter into an interest rate swap in order, for example, to hedge against the effect of interest rate changes on the value of specific securities in its portfolio, or to adjust the interest rate sensitivity (duration) or the credit exposure of its portfolio overall, or otherwise as a substitute for a direct investment in debt securities.

Whenever a Fund enters into a swap agreement, it takes on counterparty risk — the risk that its counterparty will be unable or unwilling to meet its obligations under the swap agreement. The Fund also takes the risk that the market will move against its position in the swap agreement. In the case of an interest rate swap, the value of the swap may increase or decrease depending on changes in interest rates. When the Fund enters into any type of swap for hedging purposes, it is likely that the Fund will have an asset or liability that will offset any loss (or gain) on the swap, at least in part. Swap agreements may be non-transferable or otherwise highly illiquid, and a Fund may not be able to terminate or transfer a swap agreement at any particular time or at an acceptable price.

Swaptions. A Fund may also enter into options on swap agreements (“swaptions”). A swaption is a contract that gives a counterparty the right (but not the obligation) to enter into a new swap agreement or to shorten, extend, cancel, or otherwise modify an existing swap agreement, at some designated future time on specified terms. A Fund may write (sell) and purchase put and call swaptions. Depending on the terms of the particular option agreement, a Fund will generally incur a greater degree of risk when it writes a swaption than it will incur when it purchases a swaption. When a Fund purchases a swaption, it risks losing only the amount of the premium it has paid should it decide to let the option expire unexercised. However, when a Fund writes a swaption, upon exercise of the option the Fund will become obligated according to the terms of the underlying agreement. A Fund may enter into swaptions for the same purposes as swaps. For information regarding the accounting treatment of options, see “Options, Rights, and Warrants” below.

Centrally Cleared Swaps. Certain clearinghouses currently offer clearing for limited types of derivatives transactions, principally certain interest rate swaps, certain index swaps, and credit derivatives. In a cleared derivative transaction, a Fund typically enters into the transaction with a financial institution counterparty, and performance of the transaction is effectively guaranteed by a central clearinghouse, thereby reducing or eliminating the Fund’s exposure to the credit risk of its original counterparty. The Fund will be required to post amounts (“initial margin”) with the clearinghouse or at the instruction of the clearinghouse. The initial margin required by a clearinghouse may be greater than the initial margin the Fund would be required to post in an uncleared transaction. If cash is deposited as the initial margin, it is shown as collateral on a Fund’s Statement of Assets and Liabilities. Swap agreements are marked-to-market daily and subsequent payments (“variation margin”) are made or received by a Fund depending on whether unrealized gains or losses are incurred. These amounts are reflected as receivables or payables on a Fund’s Statement of Assets and Liabilities (“Variation margin on open derivative instruments”) and as a component of net change in unrealized appreciation (depreciation) on a Fund’s Statement of Operations. Only a limited number of transaction types are currently eligible for clearing.

During the term of a swap transaction, changes in the value of the swap are recognized as unrealized gains or losses by marking to market to reflect the market value of the swap. When the swap is terminated, a Fund will record a realized gain or loss equal to the difference, if any, between the proceeds from (or cost of) the closing transaction and a Fund’s basis in the agreement. Upfront swap premium payments paid or received by a Fund, if any, are recorded within the value of the open swap agreement on the Fund’s Statement of Assets and Liabilities and represent payments paid or received upon entering into the swap agreement to compensate for differences between stated terms of the swap agreement and prevailing market conditions (credit spreads, currency exchange rates, and other relevant factors). These upfront payments are recorded as realized gain or loss on the Fund’s Statement of Operations upon termination or maturity of the swap agreement.

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During the term of a swap transaction, the periodic net payments can be made for a set period of time or may be triggered by a predetermined credit event. The net periodic payments may be based on a fixed or variable interest rate, the change in market value of a specified security, basket of securities or index, or the return generated by a security. These periodic payments received or made by the Funds are recorded in the accompanying Statements of Operations as realized gains and losses, respectively.

A Fund’s current exposure to a counterparty is the fair value of the transaction.

Options, Rights, and Warrants

A Fund may purchase and sell put and call options on portfolio securities or an index of securities to enhance investment performance or to protect against changes in market prices. A Fund that invests in debt securities may also purchase and sell put and call options to adjust the interest rate sensitivity of its portfolio or the credit exposure of the portfolio.

Call Options. A call option gives the holder the right to purchase, and obligates the writer to sell, a security at the strike price at any time before the expiration date in the case of an American-style option or only on the expiration date in the case of a European-style option.

Put Options. A put option gives the holder the right to sell, and obligates the writer to buy, a security at the exercise price.

Writing put and call options. A Fund may write call options on a security it owns, in a “directional” strategy hoping to realize a greater current return through the receipt of premiums. In return for the option premium, the Fund takes the risk that it will have to forego any increase in the value of the security over the strike price. When a Fund has written a call option on a security it does not own, its exposure on such an option is theoretically unlimited. A Fund may enter into closing purchase transactions in order to realize a profit or limit a loss on a previously written call option or, in the case of a call option on a security it owns, to free itself to sell the underlying security or to write another call on the security, or protect a security from being called in an unexpected market rise. Any profits from a closing purchase transaction in the case of a call option on a security a Fund owns may be offset by a decline in the value of the underlying security. Conversely, because increases in the market price of a call option will generally reflect increases in the market price of the underlying security, any loss resulting from a closing purchase transaction relating to a call option on a security a Fund owns is likely to be offset in whole or in part by unrealized appreciation of the underlying security owned by the Fund. A Fund may not be able to close out a call option that it has previously written. A Fund may write put options in order to enhance its current return by taking a long directional position as to a security or index of securities. By writing a put option, the Fund assumes the risk that it may be required to purchase the underlying security for an exercise price higher than its then current market value, resulting in a potential capital loss unless the security later appreciates in value. A Fund may terminate a put option that it has written before it expires by entering into a closing purchase transaction. Any loss from this transaction may be partially or entirely offset by the premium received on the terminated option. A Fund may not be able to close out a put option that it has previously written.

When a Fund writes a call or put option, an amount equal to the premium received is recorded as a liability. Premiums received from writing options which expire are treated as realized gains. Premiums received from writing options which are exercised or closed are added to the proceeds or offset against the amount paid on the underlying investment to determine the realized gain or loss.

Purchasing put and call options. A Fund may purchase put options to protect portfolio holdings against a decline in market value of a security or securities held by it. A Fund may also purchase a put option hoping to profit from an anticipated decline in the value of the underlying security. If the Fund holds the security underlying the option, the option premium and any transaction costs will reduce any profit the Fund might have realized had it sold the underlying security instead of buying the put option. A Fund may purchase call options to hedge against an increase in the price of securities that the Fund wants ultimately to buy. A Fund may also purchase a call option as a long directional investment hoping to profit from an anticipated increase in the value of the underlying security. In order for a call option to be profitable, the market price of the underlying security must rise sufficiently above the exercise price to cover the premium and transaction costs. These costs will reduce any profit the Fund might have realized had it bought the underlying security at the time it purchased the call option.

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When a Fund purchases an option, it runs the risk that it will lose its entire investment in the option in a relatively short period of time, unless the Fund exercises the option or enters into a closing sale transaction before the option’s expiration. If the price of the underlying security does not rise (in the case of a call) or fall (in the case of a put) to an extent sufficient to cover the option premium and transaction costs, the Fund will lose part or all of its investment in the option. This contrasts with an investment by a Fund in the underlying security, since the Fund will not realize a loss if the security’s price does not change. Premiums paid for purchasing options that expire are treated as realized losses.

Exchange Traded Options. Exchange traded options purchased or sold by a Fund may be traded on a securities or options exchange or market. Such options typically have minimal exposure to counterparty risk. However, an exchange or market may at times find it necessary to impose restrictions on particular types of options transactions, such as opening transactions. If an underlying security ceases to meet qualifications imposed by the market or the Options Clearing Corporation, new series of options on that security will no longer be opened to replace expiring series, and opening transactions in existing series may be prohibited. Exchange traded options are valued at the last sale price, or if no sales are reported, the last bid price.

OTC Options. OTC options purchased or sold by a Fund are not traded on securities or options exchanges or backed by clearinghouses. Rather, they are entered into directly between a Fund and the counterparty to the option. In the case of an OTC option purchased by the Fund, the value of the option to the Fund will depend on the willingness and ability of the option writer to perform its obligations to the Fund. In addition, OTC options may not be transferable and there may be little or no secondary market for them, so they may be considered illiquid. It may not be possible to enter into closing transactions with respect to OTC options or otherwise to terminate such options, and as a result a Fund may be required to remain obligated on an unfavorable OTC option until its expiration. OTC options are valued using prices supplied by a primary pricing source, selected pursuant to procedures approved by the Trustees.

Rights and Warrants. A Fund may purchase or hold warrants or rights in order to gain exposure to the underlying security without owning the security, including, for example, cases where the Fund hopes to lock in the price today of a security it may wish to purchase in the future. Warrants generally give the holder the right, but not the obligation, to buy a security at a stated price. In order for a warrant to be profitable, the market price of the underlying security must rise sufficiently above the exercise price to cover any premium and transaction costs. Rights may similarly confer on the holder the right to purchase or acquire securities, including through participation in a so-called rights offering. Bonds may be issued with warrants or other rights attached to purchase or acquire equity or other debt securities, typically of the bond issuer. The market prices of bonds with warrants or rights attached to purchase equity securities or bonds may, to some degree, reflect changes in the values of the underlying securities.

When a Fund purchases or otherwise acquires warrants or other rights, it runs the risk that it will lose its entire investment in the warrants or rights, unless the Fund exercises the warrant or right, acquires the underlying securities, or enters into a closing transaction before expiration. If the price of the underlying security does not rise to an extent sufficient to cover any premium and transaction costs, the Fund will lose part or all of its investment. Any premiums or purchase price paid for warrants or other rights that expire are treated as realized losses. Warrants and similar rights differ from options in that they are typically written by the issuer of the security underlying the warrant or right. Although some warrants and rights may be non-transferable, others may be traded over-the-counter or on an exchange.

Inflation-Linked Securities

Inflation-linked securities are typically fixed income securities whose principal values are periodically adjusted according to a measure of inflation. If the index measuring inflation falls, the principal value of an inflation-linked security will be adjusted downward, and consequently the interest payable on the security (calculated with respect to a smaller principal amount) will be reduced. Repayment of the original principal of the security upon maturity (as adjusted for inflation) is guaranteed in the case of U.S. Treasury inflation-linked securities. For securities that do not provide a similar guarantee, the adjusted principal value of the security repaid at maturity may be less than the original principal.

Alternatively, the interest rates payable on certain inflation-linked securities may be adjusted according to a measure of inflation. As a result, the principal values of such securities do not adjust according to the rate of inflation, although the interest payable on such securities may decline during times of falling inflation.

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The values of inflation-linked securities are expected to change in response to changes in real interest rates. Real interest rates are tied to the relationship between nominal interest rates and the rate of inflation. If nominal interest rates increase at a faster rate than inflation, real interest rates may rise, leading to a decrease in value of inflation-linked securities. Inflation-linked securities may cause a potential cash flow mismatch to investors, because an increase in the principal amount of an inflation-linked security will be treated as interest income currently subject to tax at ordinary income rates even though investors will not receive repayment of principal until maturity. If a Fund invests in such securities, it will be required to distribute such interest income in order to qualify for treatment as a regulated investment company and eliminate the Fund-level tax, without a corresponding receipt of cash, and therefore may be required to dispose of portfolio securities at a time when it may not be advantageous to do so in order to make such distributions.

Bank Loans

A Fund may invest in bank loans including, for example, corporate loans, loan participations, direct debt, bank debt, and bridge debt. A Fund may invest in a loan by lending money to a borrower directly as part of a syndicate of lenders. In a syndicated loan, the agent that originated and structured the loan typically administers and enforces the loan on behalf of the syndicate. Failure by the agent to fulfill its obligations may delay or adversely affect receipt of payment by a Fund. A Fund may also invest in loans through novations, assignments, and participation interests. In a novation, a Fund typically assumes all of the rights of a lending institution in a loan, including the right to receive payments of principal and interest and other amounts directly from the borrower and to enforce its rights as a lender directly against the borrower. When a Fund takes an assignment of a loan, the Fund acquires some or all of the interest of another lender (or assignee) in the loan. In such cases, the Fund may be required generally to rely upon the assignor to demand payment and enforce rights under the loan. If a Fund acquires a participation in the loan, the Fund purchases an indirect interest in a loan held by a third party and the Fund typically will have a contractual relationship only with the third party loan investor, not with the borrower. As a result, a Fund may have the right to receive payments of principal, interest, and any fees to which it is entitled only from the loan investor selling the participation and only upon receipt by such loan investor of such payments from the borrower. In such cases, a Fund assumes the credit risk of both the borrower and the loan investor selling the participation, and the Fund may be unable to realize some or all of the value of its interest in the loan in the event of the insolvency of the third party.

Changes in the financial condition of the borrower or economic conditions or other circumstances may reduce the capacity of the borrower to make principal and interest payments on such instruments and may lead to defaults. The value of any collateral securing a bank loan may decline after the Fund invests, and there is a risk that the value of the collateral may not be sufficient to cover the amount owed to the Fund.

The Total Return Bond Fund entered into certain loan agreements which are unfunded. The Total Return Bond Fund is obligated to fund these commitments at the borrower’s discretion. These commitments are disclosed in the Total Return Bond Fund’s Portfolio of Investments. At June 30, 2022, the Total Return Bond Fund had sufficient cash and/or securities to cover these commitments.

Repurchase Agreements

Each Fund may enter into repurchase agreements with certain banks and broker-dealers whereby a Fund acquires a security for cash and obtains a simultaneous commitment from the seller to repurchase the security at an agreed upon price and date. A Fund, through its custodian, takes possession of the securities collateralizing the repurchase agreement in a segregated account. Repurchase agreements must be fully collateralized at all times, but involve some risk to a Fund if the other party should default on its obligation and the Fund is delayed or prevented from recovering the collateral, or if the Fund is required to return collateral to a borrower at a time when it may realize a loss on the investment of that collateral.

When-Issued, Delayed-Delivery, Forward Commitment, and To-Be-Announced Transactions

A Fund may enter into when-issued, delayed-delivery, forward commitment, or to-be-announced (“TBA”) transactions (collectively, the “Forward Transactions”) in order to lock in the purchase price of the underlying security, or in order to adjust the interest rate exposure of the Fund’s existing portfolio. In Forward Transactions, a Fund commits to purchase or sell particular securities, with payment and delivery to take place at a future date. In the case of TBA purchase commitments, the unit price and

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the estimated principal amount are established when the Fund enters into a commitment, with the actual principal amount being within a specified range of the estimate. Although a Fund does not typically pay for the securities in these types of transactions until they are delivered, it immediately assumes the risks of ownership, including the risk of price fluctuation. As a result, each of these types of transactions may create investment leverage in a Fund’s portfolio and increase the volatility of the Fund. If a Fund’s counterparty fails to deliver a security purchased in a Forward Transaction, there may be a loss, and the Fund may have missed an opportunity to make an alternative investment.

These securities are valued on the basis of valuations furnished by a pricing service, selected pursuant to procedures approved by the Trustees, which determines valuations taking into account appropriate factors such as institutional-size trading in similar groups of securities, yield, quality, coupon rate, maturity, type of issue, trading characteristics, and other market data. Securities for which no market quotation is available are valued at fair value in accordance with procedures approved by the Trustees. The Funds record on a daily basis the unrealized appreciation (depreciation) based upon changes in the values of these securities. When a Forward Transaction is closed, the Funds record a realized gain or loss equal to the difference between the value of the transaction at the time it was opened and the value of the transaction at the time it was closed.

Dollar Roll Transactions

A Fund may enter into dollar roll transactions, in which the Fund sells mortgage-backed securities for delivery in the current month and simultaneously contracts to purchase substantially similar securities on a specified future date from the same party. A Fund may invest in dollar rolls in order to benefit from anticipated changes in pricing for the mortgage-backed securities during the term of the transaction, or for the purpose of creating investment leverage. In a dollar roll, the securities that are to be purchased will be of the same type as the securities sold, but will be supported by different pools of mortgages.

Dollar rolls involve the risk that the Fund’s counterparty will be unable to deliver the mortgage-backed securities underlying the dollar roll at the fixed time. If the counterparty files for bankruptcy or becomes insolvent, a Fund’s use of the transaction proceeds may be restricted pending a determination by the counterparty or its representative, whether to enforce the Fund’s obligation to repurchase the securities. A Fund can incur a loss on a dollar roll transaction (either because its counterparty fails to perform or because the value of the mortgages subject to the transaction declines) and on the investments made by the Fund with the proceeds of the dollar roll transaction.

A Fund accounts for a dollar roll transaction as a purchase and sale whereby the difference in the sales price and purchase price of the security sold is recorded as a realized gain (loss). If certain criteria are met, these dollar roll transactions may be considered financing transactions, whereby the difference in the sales price and the future purchase price is recorded as an adjustment to interest income. Dollar roll transactions generally have the effect of creating leverage in a Fund’s portfolio.

Securities Lending

Each Fund, other than the Allocation Funds, Feeder Funds, and MML American Funds Core Allocation Fund, may lend its securities; however, lending cannot exceed 33% of the total assets of the Fund taken at current value. The Funds’ securities lending activities are governed by a Securities Lending Agency Agreement (“Lending Agreement”) between each Fund and the lending agent (“Agent”). The Lending Agreement authorizes the Agent to lend portfolio securities held by a Fund to approved borrowers (each, a “Borrower”).

Each Fund expects that in connection with any securities on loan, the loan will be secured continuously by collateral consisting of cash (U.S. currency) and/or securities (U.S. Treasury and Agency obligations) adjusted daily to have value at least equal to the current market value of the securities loaned. The market value of the loaned securities is determined at the close of business of a Fund and any additional collateral is delivered to the Fund the next business day. The Funds bear the risk of loss with respect to the investment of cash collateral. As with other extensions of credit, the Funds may bear the risk of delay in recovery of the loaned securities or even loss of rights in the collateral should the Borrower of the securities fail financially. Pursuant to the Lending Agreement, the Agent has provided indemnification to the Funds in the event of default by a Borrower with respect to a loan. The Funds receive compensation for lending their securities in the form of a securities loan fee paid by the Borrower, as

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well as a share of the income earned on investment of the cash collateral received for the loaned securities. At June 30, 2022, the Funds’ collateral was equal to or greater than 100% of the market value of securities on loan and all of the Funds’ cash collateral was invested in the State Street Navigator Securities Lending Government Money Market Portfolio.

Subject to the terms of the Lending Agreement and the agreement between the Agent and the applicable Borrower (“Borrowing Agreement”), security loans can be terminated by the Agent, the Fund, or the Borrower and the related securities must be returned within the earlier of the customary settlement period for such securities or the period of time specified in the Borrowing Agreement.

The Funds employ the Agent to implement their securities lending program and the Agent receives a fee from the Funds for its services. In addition, the Funds may be required to pay a rebate to the Borrower. Accordingly, a Fund’s compensation for lending its securities is reduced by any such fees or rebate paid to the Agent or Borrower, respectively. Income received by the Funds in securities lending transactions during the period ended June 30, 2022, is reflected as securities lending income on the Statement of Operations.

Accounting for Investment Transactions

Investment transactions are accounted for on the trade date. Realized gains and losses on sales of investments and unrealized appreciation and depreciation of investments are computed by the specific identification cost method. Proceeds received from litigation, if any, are included in realized gains on investment transactions for any investments that are no longer held in the portfolio and as a reduction in cost for investments that continue to be held in the portfolio. Interest income, adjusted for amortization of discounts and premiums on debt securities, is earned from the settlement date and is recorded on the accrual basis. Dividend income is recorded on the ex-dividend date. Withholding taxes on foreign interest, dividends, and capital gains have been provided for in accordance with the applicable country’s tax rules and rates. Foreign dividend income is recorded on the ex-dividend date or as soon as practicable after the Fund determines the existence of a dividend declaration after exercising reasonable due diligence. Distributions received on securities that represent a return of capital or capital gains are recorded as a reduction of cost of investments and/or as a realized gain.

Foreign Currency Translation

The books and records of the Funds are maintained in U.S. dollars. The market values of foreign currencies, foreign securities, and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars at the mean of the buying and selling rates of such currencies against the U.S. dollar at the end of each business day. Purchases and sales of foreign securities and income and expense items are translated at the rates of exchange prevailing on the respective dates of such transactions. The Funds do not isolate that portion of the results of operations arising from changes in the exchange rates from that portion arising from changes in the market prices of securities. Net realized foreign currency gains and losses resulting from changes in exchange rates include foreign currency gains and losses between trade date and settlement date on investment securities transactions, foreign currency transactions, and the difference between the amounts of dividends or interest recorded on the books of the Funds and the amount actually received.

Allocation of Operating Activity

In maintaining the records for the Funds, the income and expense accounts are allocated daily to each class of shares. Investment income and loss, and unrealized and realized gains or losses are prorated among the classes of shares based on the relative net assets of each. Expenses are allocated to each class of shares depending on the nature of the expenditures. Administration and service fees, if any, which are directly attributable to a class of shares, are charged to that class’s operations. Expenses of a Fund not directly attributable to the operations of any specific class of shares of the Fund are prorated among the classes to which the expense relates based on relative net assets or another alternative method.

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In addition, each of the Allocation Funds, Feeder Funds, and MML American Funds Core Allocation Fund will also incur certain fees and expenses indirectly as a shareholder in the Underlying Funds or Master Funds. Because the Underlying Funds have varied expense and fee levels, and the Allocation Funds and MML American Funds Core Allocation Fund may own different proportions of Underlying Funds at different times, the amount of fees and expenses indirectly incurred by each of the Allocation Funds and MML American Funds Core Allocation Fund will vary.

Foreign Securities

The Global Fund invests a significant amount of its assets in foreign securities and each of the Foreign Fund and the International Equity Fund invests substantially all of its assets in foreign securities. The other Funds ,except for the Allocation Funds, Feeder Funds, and MML American Funds Core Allocation Fund, may also invest in foreign securities. In addition, certain Underlying Funds or Master Funds may invest in foreign securities. Foreign securities, including American Depositary Receipts, are subject to additional risks compared to securities of U.S. issuers, including international trade, currency, political, regulatory, and diplomatic risks. In addition, fluctuations in currency exchange rates may adversely affect the values of foreign securities and the price of a Fund’s shares. Emerging markets securities are subject to greater risks than securities issued in developed foreign markets, including less liquidity, greater price volatility, higher relative rates of inflation, greater political, economic, and social instability, greater custody and operational risks, and greater volatility in currency exchange rates.

Federal Income Tax

It is each Fund’s intent to continue to comply with the provisions of Subchapter M of the Code, applicable to a regulated investment company. Under such provisions, the Funds would not be subject to federal income taxes on their ordinary income and net realized capital gains to the extent they are distributed or deemed to have been distributed to their shareholders. Therefore, the Funds have not made any provision for federal income tax.

Dividends and Distributions to Shareholders

Dividends from net investment income and distributions of any net realized capital gains of each Fund are declared and paid annually and at other times as may be required to satisfy tax or regulatory requirements.

Distributions to shareholders are recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from generally accepted accounting principles. As a result, net investment income and net realized capital gains on investment transactions for a reporting period may differ significantly from distributions during such period.

3. Advisory Fees and Other Transactions

Investment Advisory Fees and Investment Subadvisers

MML Advisers, a wholly-owned subsidiary of MassMutual, serves as investment adviser to each Fund. Under the investment advisory agreements between MML Advisers and the Trust on behalf of each Fund, MML Advisers is responsible for providing investment management services for each Fund. In return for these services, MML Advisers receives advisory fees, based upon each Fund’s average daily net assets, computed and accrued daily and payable monthly, at the annual rates shown in the following table.

MML Advisers has also entered into investment subadvisory agreements for certain Funds with the unaffiliated investment subadviser(s) shown in the following table. MML Advisers pays a subadvisory fee to each of these subadvisers based upon the aggregate net assets under management which include (1) the average daily net assets of the specified Fund which it manages, and, if applicable, (2) the average daily net assets of other Funds or accounts of MML Advisers or its affiliates for which the subadviser provides subadvisory services.

195

Notes to Financial Statements (Unaudited) (Continued)

The applicable Funds’ subadvisory fees are paid monthly by MML Advisers out of the advisory fees.

Fund	Investment Advisory Fee	Investment Subadviser(s)
Conservative Allocation Fund	0.10%	N/A
Balanced Allocation Fund	0.10%	N/A
Moderate Allocation Fund	0.10%	N/A
Growth Allocation Fund	0.10%	N/A
Aggressive Allocation Fund	0.10%	N/A
MML American Funds Growth Fund	0.15% on the first $500 million; and 0.125% on any excess over $500 million	N/A
MML American Funds International Fund	0.15% on the first $500 million; and 0.125% on any excess over $500 million	N/A
MML American Funds Core Allocation Fund	0.20% on the first $750 million; and 0.175% on any excess over $750 million	N/A
Blue Chip Growth Fund	0.75% on the first $400 million; and 0.70% on any excess over $400 million	T. Rowe Price Associates, Inc.
Equity Income Fund	0.75% on the first $500 million; and 0.70% on any excess over $500 million	T. Rowe Price Associates, Inc.
Equity Index Fund	0.10% on the first $500 million; and 0.08% on any excess over $500 million	Northern Trust Investments, Inc.
Focused Equity Fund	0.70% on the first $250 million; and 0.60% on any excess over $250 million	Wellington Management Company LLP
Foreign Fund	0.86% on the first $500 million; and 0.82% on any excess over $500 million	Thompson, Siegel & Walmsley LLC
Fundamental Equity Fund	0.60% on the first $250 million; and 0.58% on any excess over $250 million	Invesco Advisers, Inc.
Fundamental Value Fund	0.60% on the first $500 million; and 0.575% on any excess over $500 million	Boston Partners Global Investors, Inc.
Global Fund	0.60% on the first $500 million; and 0.55% on any excess over $500 million	Massachusetts Financial Services Company
Income & Growth Fund	0.65% on the first $500 million; and 0.60% on any excess over $500 million	Barrow, Hanley, Mewhinney & Strauss, LLC
International Equity Fund	0.80% on the first $250 million; and 0.75% on any excess over $250 million	Harris Associates L.P.; and Massachusetts Financial Services Company
Large Cap Growth Fund	0.65% on the first $500 million; and 0.60% on any excess over $500 million	Loomis, Sayles & Company, L.P.
Managed Volatility Fund	0.75% on the first $500 million; and 0.70% on any excess over $500 million	Gateway Investment Advisers, LLC
Mid Cap Growth Fund*	0.77% on the first $500 million; and 0.75% on any excess over $500 million	T. Rowe Price Associates, Inc.; and Wellington Management Company LLP
Mid Cap Value Fund	0.84% on the first $500 million; and 0.80% on any excess over $500 million	American Century Investment Management, Inc.
Small Cap Growth Equity Fund	1.04% on the first $200 million; and 1.00% on any excess over $200 million	Wellington Management Company LLP
Small Company Value Fund	0.80% on the first $150 million; and 0.70% on any excess over $150 million	American Century Investment Management, Inc.
Small/Mid Cap Value Fund	0.75% on the first $500 million; and 0.70% on any excess over $500 million	AllianceBernstein L.P.
Sustainable Equity Fund**	0.50% on the first $500 million; and 0.475% on any excess over $500 million	American Century Investment Management, Inc.
Total Return Bond Fund	0.40% on the first $500 million; and 0.38% on any excess over $500 million	Metropolitan West Asset Management, LLC

* Effective March 7, 2022, T. Rowe Price Investment Management, Inc. was added as a sub-subadviser to the portion of the Fund subadvised by T. Rowe Price Associates, Inc.

196

Notes to Financial Statements (Unaudited) (Continued)

** Effective April 29, 2022, American Century Investment Management, Inc. replaced Massachusetts Financial Services Company as subadviser of the Fund.

Administration Fees

For the Funds noted below, under a separate Administrative and Shareholder Services Agreement between the Trust and MML Advisers, on behalf of each Fund, MML Advisers is obligated to provide administrative and shareholder services and bear some of the Fund specific administrative expenses. In return for these services, MML Advisers receives an administrative services fee, based upon the average daily net assets of the applicable class of shares of the Funds, at the following annual rates:

	Class I	Class II	Class III	Service Class I
MML American Funds Growth Fund	N/A	N/A	N/A	0.25%
MML American Funds International Fund	N/A	N/A	N/A	0.25%
MML American Funds Core Allocation Fund	N/A	N/A	N/A	0.25%
Equity Index Fund	0.30%	0.15%	None	0.30%
Focused Equity Fund	N/A	0.15%	N/A	0.15%
Fundamental Equity Fund	N/A	0.15%	N/A	0.15%
Fundamental Value Fund	N/A	0.15%	N/A	0.15%
Global Fund	0.15%	0.15%	N/A	0.15%
International Equity Fund	N/A	0.15%	N/A	0.15%
Small Company Value Fund	N/A	0.15%	N/A	0.15%
Total Return Bond Fund	N/A	0.15%	N/A	0.15%

Distribution and Service Fees

MML Distributors, LLC (the “Distributor”) acts as distributor to the Funds. Pursuant to a Distribution and Services Plan adopted by the Funds pursuant to Rule 12b-1 under the 1940 Act, Service Class shares and Service Class I shares of the Funds pay an annual fee of 0.25% of the average daily net asset value of Service Class shares and Service Class I shares. This fee, or a portion thereof, is paid to: (i) the Distributor for services provided and expenses incurred by it in connection with the distribution of Service Class shares or Service Class I shares, as applicable, of each Fund; and/or (ii) MassMutual for services provided and expenses incurred by it for purposes of maintaining or providing personal services to Service Class and Service Class I shareholders. The Distributor is a wholly-owned subsidiary of MassMutual.

Expense Caps and Waivers

MML Advisers has agreed to cap the fees and expenses of the Fund noted below (other than extraordinary legal and other expenses, interest expense, expenses related to borrowings, securities lending, leverage, taxes, and brokerage, short sale dividend and loan expense, or other non-recurring or unusual expenses such as organizational expenses and shareholder meeting expenses, as applicable) based upon the average daily net assets of the applicable class of shares of the Fund, as follows:

	Service Class I
MML American Funds Core Allocation Fund*	1.01%

* Expense cap in effect through April 30, 2023.

MML Advisers has agreed to waive 0.10% of the advisory fee of the International Equity Fund through April 30, 2023.

MML Advisers has agreed to waive 0.15% of the advisory fee of the Small Company Value Fund through April 30, 2023.

197

Notes to Financial Statements (Unaudited) (Continued)

MML Advisers has agreed to voluntarily waive 0.03% of the advisory fee of the Equity Income Fund. MML Advisers may amend or discontinue this waiver at any time without advance notice.

Effective May 1, 2022, MML Advisers has agreed to waive 0.01% of the advisory fee of the Foreign Fund through April 30, 2023. Prior to May 1, 2022, MML Advisers voluntarily waived 0.02% of the advisory fee of the Foreign Fund.

MML Advisers has agreed to waive 0.02% of the advisory fee of the Fundamental Value Fund through April 30, 2023.

MML Advisers has agreed to waive 0.03% of the advisory fee of the Small Cap Growth Equity Fund through April 30, 2023.

Expense caps and waiver amounts are reflected as a reduction of expenses on the Statements of Operations.

Rebated Brokerage Commissions

The Funds listed below have entered into agreements with certain brokers whereby the brokers will rebate to the Funds, in cash, a portion of brokerage commissions. Rebated brokerage commissions are amounts earned by the Funds and are included with realized gain or loss on investment transactions presented in the Statements of Operations. For the period ended June 30, 2022, brokerage commissions rebated under these agreements were as follows:

	Rebated Commissions
Focused Equity Fund	$ 220
Foreign Fund	2,207
Fundamental Equity Fund	821
Income & Growth Fund	119
Large Cap Growth Fund	2,016
Managed Volatility Fund	103
Mid Cap Growth Fund	446
Small Cap Growth Equity Fund	901
Small/Mid Cap Value Fund	78

Deferred Compensation

Trustees of the Funds who are not officers or employees of MassMutual may elect to defer receipt of their annual fees in accordance with terms of a Non-Qualified Deferred Compensation Plan. Amounts deferred shall accrue interest or earnings and shall be recorded on the Funds’ books as other liabilities. Deferred compensation is included within Trustees’ fees and expenses in the Statements of Assets and Liabilities.

Other

Certain officers and trustees of the Funds may also be employees of MassMutual. The compensation of a trustee who is not an employee of MassMutual is borne by the Funds.

198

Notes to Financial Statements (Unaudited) (Continued)

4. Purchases and Sales of Investments

Cost of purchases and proceeds from sales of investment securities (excluding short-term investments) and in Underlying Funds or Master Funds, for the period ended June 30, 2022, were as follows:

	Purchases				Sales
	Long-Term U.S. Government Securities		Other Long-Term Securities		Long-Term U.S. Government Securities		Other Long-Term Securities
Conservative Allocation Fund	$	—	$	17,242,918	$	—	$	39,024,649
Balanced Allocation Fund		—		6,473,442		—		32,309,437
Moderate Allocation Fund		—		19,890,457		—		152,196,507
Growth Allocation Fund		—		27,269,275		—		88,376,632
Aggressive Allocation Fund		—		10,042,604		—		18,568,517
MML American Funds Growth Fund		—		39,453,666		—		10,229,881
MML American Funds International Fund		—		8,496,628		—		2,748,672
MML American Funds Core Allocation Fund		—		101,707,081		—		73,677,519
Blue Chip Growth Fund		—		45,564,608		—		49,166,349
Equity Income Fund		—		31,535,794		—		63,235,484
Equity Index Fund		—		5,518,381		—		27,680,074
Focused Equity Fund		—		61,561,389		—		67,364,926
Foreign Fund		—		10,480,943		—		24,465,415
Fundamental Equity Fund		—		45,143,886		—		57,629,879
Fundamental Value Fund		—		23,433,004		—		31,778,393
Global Fund		—		6,106,624		—		26,700,369
Income & Growth Fund		—		38,824,517		—		52,926,580
International Equity Fund		—		23,521,703		—		22,386,551
Large Cap Growth Fund		—		34,272,312		—		33,754,086
Managed Volatility Fund		—		6,237,697		—		6,165,863
Mid Cap Growth Fund		—		58,353,107		—		78,087,278
Mid Cap Value Fund		—		130,266,426		—		153,079,736
Small Cap Growth Equity Fund		—		63,497,003		—		67,891,097
Small Company Value Fund		—		20,193,864		—		24,157,830
Small/Mid Cap Value Fund		—		37,202,009		—		49,178,322
Sustainable Equity Fund		—		104,715,962		—		110,536,076
Total Return Bond Fund		842,904,372		44,561,483		901,388,049		36,176,074

The Funds may purchase from, or sell securities to, other affiliated Funds under procedures adopted by the Trustees. These procedures have been designed to ensure that cross trades conducted by the Funds comply with Rule 17a-7 under the 1940 Act. The cross trades disclosed in the table below are included within the respective purchases and sales amounts shown in the table above, as applicable.

	Purchases	Sales	Realized Gains/Losses
Focused Equity Fund	$ —	$ 3,241,427	$ 974,628
Global Fund	—	194,335	90,942
International Equity Fund	—	47,496	(2,833)
Mid Cap Growth Fund	118,534	189,364	78,822
Mid Cap Value Fund	378,054	—	—
Small Cap Growth Equity Fund	—	25,107	7,099

199

Notes to Financial Statements (Unaudited) (Continued)

5. Capital Share Transactions

Changes in shares outstanding for each Fund were as follows:

	Six Months Ended June 30, 2022						Year Ended December 31, 2021
	Shares			Amount			Shares			Amount
Conservative Allocation Fund Initial Class
Sold		579,843		$	5,643,034			1,317,401		$	14,142,765
Issued as reinvestment of dividends		—			—			350,160			3,732,707
Redeemed		(783,039	)		(7,624,193	)		(3,017,345	)		(32,162,085	)
Net increase (decrease)		(203,196	)	$	(1,981,159	)		(1,349,784	)	$	(14,286,613	)
Conservative Allocation Fund Service Class											��
Sold		1,263,879		$	12,448,198			3,213,504		$	33,738,624
Issued as reinvestment of dividends		—			—			1,172,402			12,357,121
Redeemed		(3,216,923	)		(31,635,337	)		(7,919,464	)		(83,382,472	)
Net increase (decrease)		(1,953,044	)	$	(19,187,139	)		(3,533,558	)	$	(37,286,727	)
Balanced Allocation Fund Initial Class
Sold		302,734		$	3,043,315			877,652		$	9,456,200
Issued as reinvestment of dividends		—			—			421,294			4,524,699
Redeemed		(804,637	)		(7,945,945	)		(2,135,654	)		(22,902,494	)
Net increase (decrease)		(501,903	)	$	(4,902,630	)		(836,708	)	$	(8,921,595	)
Balanced Allocation Fund Service Class
Sold		693,152		$	6,797,479			1,625,967		$	17,295,303
Issued as reinvestment of dividends		—			—			1,381,643			14,700,679
Redeemed		(2,757,469	)		(27,019,777	)		(5,807,202	)		(61,857,134	)
Net increase (decrease)		(2,064,317	)	$	(20,222,298	)		(2,799,592	)	$	(29,861,152	)
Moderate Allocation Fund Initial Class
Sold		363,249		$	3,788,957			862,377		$	9,880,653
Issued as reinvestment of dividends		—			—			1,267,120			14,369,142
Redeemed		(1,892,820	)		(20,145,236	)		(5,411,452	)		(61,480,057	)
Net increase (decrease)		(1,529,571	)	$	(16,356,279	)		(3,281,955	)	$	(37,230,262	)
Moderate Allocation Fund Service Class
Sold		719,787		$	7,551,351			1,516,893		$	17,134,928
Issued as reinvestment of dividends		—			—			6,501,705			72,819,090
Redeemed		(11,556,016	)		(120,816,155	)		(26,871,869	)		(302,224,803	)
Net increase (decrease)		(10,836,229	)	$	(113,264,804	)		(18,853,271	)	$	(212,270,785	)
Growth Allocation Fund Initial Class
Sold		391,181		$	3,592,157			1,318,991		$	13,173,938
Issued as reinvestment of dividends		—			—			2,628,953			26,000,345
Redeemed		(2,747,153	)		(25,173,976	)		(8,729,559	)		(86,079,175	)
Net increase (decrease)		(2,355,972	)	$	(21,581,819	)		(4,781,615	)	$	(46,904,892	)
Growth Allocation Fund Service Class
Sold		1,385,938		$	12,585,810			1,363,263		$	13,444,521
Issued as reinvestment of dividends		—			—			4,410,028			43,218,278
Redeemed		(5,503,619	)		(50,546,394	)		(14,314,207	)		(140,005,620	)
Net increase (decrease)		(4,117,681	)	$	(37,960,584	)		(8,540,916	)	$	(83,342,821	)

200

Notes to Financial Statements (Unaudited) (Continued)

	Six Months Ended June 30, 2022						Year Ended December 31, 2021
	Shares			Amount			Shares			Amount
Aggressive Allocation Fund Initial Class
Sold		320,230		$	3,475,962			522,864		$	6,030,795
Issued as reinvestment of dividends		—			—			332,777			3,793,658
Redeemed		(739,703	)		(7,930,961	)		(899,303	)		(10,384,734	)
Net increase (decrease)		(419,473	)	$	(4,454,999	)		(43,662	)	$	(560,281	)
Aggressive Allocation Fund Service Class
Sold		171,059		$	1,834,631			561,991		$	6,286,103
Issued as reinvestment of dividends		—			—			444,372			4,972,518
Redeemed		(552,633	)		(5,677,115	)		(1,734,728	)		(19,572,868	)
Net increase (decrease)		(381,574	)	$	(3,842,484	)		(728,365	)	$	(8,314,247	)
MML American Funds Growth Fund Service Class I
Sold		746,233		$	13,432,331			1,421,642		$	30,291,273
Issued as reinvestment of dividends		—			—			705,801			15,195,901
Redeemed		(827,445	)		(15,667,638	)		(2,302,374	)		(49,329,330	)
Net increase (decrease)		(81,212	)	$	(2,235,307	)		(174,931	)	$	(3,842,156	)
MML American Funds International Fund Service Class I
Sold		289,825		$	2,692,308			830,093		$	8,945,240
Issued as reinvestment of dividends		—			—			88,810			977,803
Redeemed		(400,647	)		(3,654,622	)		(842,683	)		(9,256,233	)
Net increase (decrease)		(110,822	)	$	(962,314	)		76,220		$	666,810
MML American Funds Core Allocation Fund Service Class I
Sold		951,899		$	11,615,543			1,930,223		$	24,669,541
Issued as reinvestment of dividends		—			—			2,724,122			35,113,927
Redeemed		(5,725,373	)		(69,866,070	)		(11,603,125	)		(148,825,664	)
Net increase (decrease)		(4,773,474	)	$	(58,250,527	)		(6,948,780	)	$	(89,042,196	)
Blue Chip Growth Fund Initial Class
Sold		1,401,989		$	24,873,843			3,597,688		$	81,865,367
Issued as reinvestment of dividends		—			—			1,759,868			38,541,114
Redeemed		(1,401,846	)		(23,837,244	)		(2,825,029	)		(61,178,869	)
Net increase (decrease)		143		$	1,036,599			2,532,527		$	59,227,612
Blue Chip Growth Fund Service Class
Sold		364,704		$	5,566,856			631,588		$	12,914,196
Issued as reinvestment of dividends		—			—			1,016,899			20,907,454
Redeemed		(580,954	)		(9,006,486	)		(981,051	)		(20,141,575	)
Net increase (decrease)		(216,250	)	$	(3,439,630	)		667,436		$	13,680,075
Equity Income Fund Initial Class
Sold		212,682		$	2,607,403			2,692,533		$	32,621,441
Issued as reinvestment of dividends		—			—			1,222,838			14,539,543
Redeemed		(2,868,553	)		(35,331,525	)		(9,632,127	)		(112,733,855	)
Net increase (decrease)		(2,655,871	)	$	(32,724,122	)		(5,716,756	)	$	(65,572,871	)
Equity Income Fund Service Class
Sold		342,744		$	4,133,365			389,998		$	4,508,653
Issued as reinvestment of dividends		—			—			304,126			3,561,313
Redeemed		(611,352	)		(7,398,129	)		(1,580,650	)		(18,283,528	)
Net increase (decrease)		(268,608	)	$	(3,264,764	)		(886,526	)	$	(10,213,562	)

201

Notes to Financial Statements (Unaudited) (Continued)

	Six Months Ended June 30, 2022						Year Ended December 31, 2021
	Shares			Amount			Shares			Amount
Equity Index Fund Class I
Sold		40,272		$	1,250,167			152,663		$	4,732,504
Issued as reinvestment of dividends		—			—			102,868			3,410,078
Redeemed		(137,599	)		(4,401,242	)		(502,825	)		(16,221,358	)
Net increase (decrease)		(97,327	)	$	(3,151,075	)		(247,294	)	$	(8,078,776	)
Equity Index Fund Class II
Sold		136,275		$	4,359,184			374,280		$	12,166,442
Issued as reinvestment of dividends		—			—			470,988			15,589,702
Redeemed		(305,784	)		(9,698,302	)		(590,486	)		(19,029,879	)
Net increase (decrease)		(169,509	)	$	(5,339,118	)		254,782		$	8,726,265
Equity Index Fund Class III
Sold		40,260		$	1,213,185			37,959		$	1,237,022
Issued as reinvestment of dividends		—			—			584,714			19,307,250
Redeemed		(347,476	)		(11,483,069	)		(1,007,733	)		(32,306,205	)
Net increase (decrease)		(307,216	)	$	(10,269,884	)		(385,060	)	$	(11,761,933	)
Equity Index Fund Service Class I
Sold		167,444		$	5,072,089			266,450		$	8,421,480
Issued as reinvestment of dividends		—			—			92,362			2,915,856
Redeemed		(287,068	)		(8,759,445	)		(392,561	)		(12,324,026	)
Net increase (decrease)		(119,624	)	$	(3,687,356	)		(33,749	)	$	(986,690	)
Focused Equity Fund Class II
Sold		1,575,704		$	12,690,906			6,913,546		$	55,330,646
Issued as reinvestment of dividends		—			—			2,459,455			19,232,937
Redeemed		(2,509,172	)		(19,668,597	)		(6,847,984	)		(52,258,602	)
Net increase (decrease)		(933,468	)	$	(6,977,691	)		2,525,017		$	22,304,981
Focused Equity Fund Service Class I
Sold		229,195		$	1,703,661			294,885		$	2,200,618
Issued as reinvestment of dividends		—			—			190,972			1,434,203
Redeemed		(276,821	)		(2,057,625	)		(417,907	)		(3,132,026	)
Net increase (decrease)		(47,626	)	$	(353,964	)		67,950		$	502,795
Foreign Fund Initial Class
Sold		147,861		$	1,500,925			698,911		$	7,592,093
Issued as reinvestment of dividends		—			—			584,116			6,407,754
Redeemed		(2,036,502	)		(20,596,638	)		(6,384,869	)		(69,471,315	)
Net increase (decrease)		(1,888,641	)	$	(19,095,713	)		(5,101,842	)	$	(55,471,468	)
Foreign Fund Service Class
Sold		21,009		$	209,240			34,152		$	369,219
Issued as reinvestment of dividends		—			—			17,609			192,117
Redeemed		(49,648	)		(501,761	)		(153,281	)		(1,652,596	)
Net increase (decrease)		(28,639	)	$	(292,521	)		(101,520	)	$	(1,091,260	)
Fundamental Equity Fund Class II
Sold		109,806		$	1,223,043			4,573,320		$	57,115,425
Issued as reinvestment of dividends		—			—			1,459,021			17,289,403
Redeemed		(1,250,544	)		(13,927,882	)		(3,512,142	)		(41,645,625	)
Net increase (decrease)		(1,140,738	)	$	(12,704,839	)		2,520,199		$	32,759,203
Fundamental Equity Fund Service Class I
Sold		163,975		$	1,755,059			264,135		$	3,035,868
Issued as reinvestment of dividends		—			—			177,196			2,011,177
Redeemed		(152,918	)		(1,619,276	)		(280,442	)		(3,201,701	)
Net increase (decrease)		11,057		$	135,783			160,889		$	1,845,344

202

Notes to Financial Statements (Unaudited) (Continued)

	Six Months Ended June 30, 2022						Year Ended December 31, 2021
	Shares			Amount			Shares			Amount
Fundamental Value Fund Class II
Sold		70,004		$	1,010,602			130,603		$	1,785,480
Issued as reinvestment of dividends		—			—			208,878			2,957,707
Redeemed		(766,888	)		(11,132,753	)		(4,068,912	)		(55,733,688	)
Net increase (decrease)		(696,884	)	$	(10,122,151	)		(3,729,431	)	$	(50,990,501	)
Fundamental Value Fund Service Class I
Sold		277,847		$	3,927,849			343,977		$	4,659,686
Issued as reinvestment of dividends		—			—			22,597			312,511
Redeemed		(160,673	)		(2,254,970	)		(250,312	)		(3,341,630	)
Net increase (decrease)		117,174		$	1,672,879			116,262		$	1,630,567
Global Fund Class I
Sold		293,432		$	3,929,699			814,729		$	12,513,054
Issued as reinvestment of dividends		—			—			2,324,803			33,942,130
Redeemed		(1,793,292	)		(23,679,005	)		(18,836,865	)		(278,356,201	)
Net increase (decrease)		(1,499,860	)	$	(19,749,306	)		(15,697,333	)	$	(231,901,017	)
Global Fund Class II
Sold		21,907		$	295,225			36,326		$	558,440
Issued as reinvestment of dividends		—			—			124,085			1,862,521
Redeemed		(71,142	)		(958,931	)		(139,227	)		(2,127,058	)
Net increase (decrease)		(49,235	)	$	(663,706	)		21,184		$	293,903
Global Fund Service Class I
Sold		50,843		$	655,817			115,794		$	1,716,730
Issued as reinvestment of dividends		—			—			132,206			1,901,117
Redeemed		(91,995	)		(1,187,465	)		(222,281	)		(3,225,224	)
Net increase (decrease)		(41,152	)	$	(531,648	)		25,719		$	392,623
Income & Growth Fund Initial Class
Sold		202,906		$	2,457,375			285,316		$	3,304,306
Issued as reinvestment of dividends		—			—			331,393			3,966,776
Redeemed		(1,238,658	)		(15,158,785	)		(6,897,198	)		(79,098,817	)
Net increase (decrease)		(1,035,752	)	$	(12,701,410	)		(6,280,489	)	$	(71,827,735	)
Income & Growth Fund Service Class
Sold		94,078		$	1,109,525			175,639		$	2,029,727
Issued as reinvestment of dividends		—			—			41,070			483,810
Redeemed		(198,250	)		(2,370,325	)		(374,578	)		(4,228,253	)
Net increase (decrease)		(104,172	)	$	(1,260,800	)		(157,869	)	$	(1,714,716	)
International Equity Fund Class II
Sold		846,252		$	8,534,911			9,069,663		$	101,495,259
Issued as reinvestment of dividends		—			—			95,386			1,043,524
Redeemed		(1,088,537	)		(10,868,997	)		(2,682,521	)		(29,216,624	)
Net increase (decrease)		(242,285	)	$	(2,334,086	)		6,482,528		$	73,322,159
International Equity Fund Service Class I
Sold		50,090		$	505,132			171,454		$	1,857,514
Issued as reinvestment of dividends		—			—			3,620			39,246
Redeemed		(60,544	)		(580,725	)		(114,321	)		(1,236,976	)
Net increase (decrease)		(10,454	)	$	(75,593	)		60,753		$	659,784
Large Cap Growth Fund Initial Class
Sold		737,482		$	9,715,348			5,215,773		$	82,059,146
Issued as reinvestment of dividends		—			—			1,018,671			15,351,370
Redeemed		(890,522	)		(11,334,877	)		(1,757,405	)		(26,173,408	)
Net increase (decrease)		(153,040	)	$	(1,619,529	)		4,477,039		$	71,237,108

203

Notes to Financial Statements (Unaudited) (Continued)

	Six Months Ended June 30, 2022						Year Ended December 31, 2021
	Shares			Amount			Shares			Amount
Large Cap Growth Fund Service Class
Sold		81,297		$	992,152			219,583		$	3,134,867
Issued as reinvestment of dividends		—			—			176,765			2,540,115
Redeemed		(113,169	)		(1,355,704	)		(246,696	)		(3,512,946	)
Net increase (decrease)		(31,872	)	$	(363,552	)		149,652		$	2,162,036
Managed Volatility Fund Initial Class
Sold		64,565		$	920,648			456,777		$	6,665,778
Issued as reinvestment of dividends		—			—			74,816			1,116,050
Redeemed		(926,374	)		(13,125,600	)		(1,469,731	)		(21,315,336	)
Net increase (decrease)		(861,809	)	$	(12,204,952	)		(938,138	)	$	(13,533,508	)
Managed Volatility Fund Service Class
Sold		69,218		$	979,755			76,169		$	1,111,406
Issued as reinvestment of dividends		—			—			12,773			189,127
Redeemed		(181,826	)		(2,571,752	)		(336,632	)		(4,870,897	)
Net increase (decrease)		(112,608	)	$	(1,591,997	)		(247,690	)	$	(3,570,364	)
Mid Cap Growth Fund Initial Class
Sold		503,002		$	7,052,360			376,598		$	6,871,013
Issued as reinvestment of dividends		—			—			4,417,734			73,246,023
Redeemed		(1,508,085	)		(20,602,389	)		(8,013,135	)		(149,695,101	)
Net increase (decrease)		(1,005,083	)	$	(13,550,029	)		(3,218,803	)	$	(69,578,065	)
Mid Cap Growth Fund Service Class
Sold		267,235		$	3,308,039			261,708		$	4,464,715
Issued as reinvestment of dividends		—			—			1,643,671			25,312,531
Redeemed		(483,578	)		(6,084,599	)		(1,095,218	)		(18,705,380	)
Net increase (decrease)		(216,343	)	$	(2,776,560	)		810,161		$	11,071,866
Mid Cap Value Fund Initial Class
Sold		145,231		$	1,815,734			516,336		$	6,216,110
Issued as reinvestment of dividends		—			—			951,546			11,485,165
Redeemed		(2,369,910	)		(29,678,524	)		(10,898,765	)		(131,002,972	)
Net increase (decrease)		(2,224,679	)	$	(27,862,790	)		(9,430,883	)	$	(113,301,697	)
Mid Cap Value Fund Service Class
Sold		291,286		$	3,561,743			207,527		$	2,459,200
Issued as reinvestment of dividends		—			—			167,209			1,976,411
Redeemed		(438,616	)		(5,362,005	)		(790,210	)		(9,257,145	)
Net increase (decrease)		(147,330	)	$	(1,800,262	)		(415,474	)	$	(4,821,534	)
Small Cap Growth Equity Fund Initial Class
Sold		555,156		$	6,802,702			752,478		$	12,451,857
Issued as reinvestment of dividends		—			—			1,745,045			26,449,940
Redeemed		(749,714	)		(9,829,974	)		(2,310,590	)		(39,579,287	)
Net increase (decrease)		(194,558	)	$	(3,027,272	)		186,933		$	(677,490	)
Small Cap Growth Equity Fund Service Class
Sold		101,405		$	1,179,118			274,287		$	4,200,610
Issued as reinvestment of dividends		—			—			404,553			5,524,203
Redeemed		(195,840	)		(2,262,979	)		(314,080	)		(4,881,908	)
Net increase (decrease)		(94,435	)	$	(1,083,861	)		364,760		$	4,842,905

204

Notes to Financial Statements (Unaudited) (Continued)

	Six Months Ended June 30, 2022						Year Ended December 31, 2021
	Shares			Amount			Shares			Amount
Small Company Value Fund Class II
Sold		26,072		$	433,032			49,542		$	857,690
Issued as reinvestment of dividends		—			—			252,697			4,232,677
Redeemed		(247,386	)		(4,097,367	)		(851,408	)		(14,552,025	)
Net increase (decrease)		(221,314	)	$	(3,664,335	)		(549,169	)	$	(9,461,658	)
Small Company Value Fund Service Class I
Sold		64,290		$	1,016,555			220,846		$	3,680,415
Issued as reinvestment of dividends		—			—			120,049			1,927,989
Redeemed		(110,020	)		(1,731,955	)		(342,502	)		(5,649,993	)
Net increase (decrease)		(45,730	)	$	(715,400	)		(1,607	)	$	(41,589	)
Small/Mid Cap Value Fund Initial Class
Sold		143,192		$	1,856,400			251,132		$	3,419,445
Issued as reinvestment of dividends		—			—			113,828			1,587,906
Redeemed		(813,705	)		(11,068,626	)		(5,230,139	)		(70,112,629	)
Net increase (decrease)		(670,513	)	$	(9,212,226	)		(4,865,179	)	$	(65,105,278	)
Small/Mid Cap Value Fund Service Class
Sold		68,925		$	921,442			487,440		$	6,596,608
Issued as reinvestment of dividends		—			—			17,413			239,776
Redeemed		(136,347	)		(1,803,668	)		(507,167	)		(6,713,263	)
Net increase (decrease)		(67,422	)	$	(882,226	)		(2,314	)	$	123,121
Sustainable Equity Fund Initial Class
Sold		46,528		$	1,037,553			66,627		$	1,538,558
Issued as reinvestment of dividends		—			—			291,690			6,904,294
Redeemed		(278,903	)		(6,233,639	)		(899,707	)		(20,806,702	)
Net increase (decrease)		(232,375	)	$	(5,196,086	)		(541,390	)	$	(12,363,850	)
Sustainable Equity Fund Service Class
Sold		59,064		$	1,305,686			245,830		$	5,684,791
Issued as reinvestment of dividends		—			—			151,762			3,555,773
Redeemed		(113,791	)		(2,494,975	)		(334,157	)		(7,616,142	)
Net increase (decrease)		(54,727	)	$	(1,189,289	)		63,435		$	1,624,422
Total Return Bond Fund Class II
Sold		353,587		$	3,445,893			12,039,126		$	133,221,787
Issued as reinvestment of dividends		—			—			2,030,600			21,382,221
Redeemed		(4,773,246	)		(46,584,708	)		(5,702,540	)		(62,177,121	)
Net increase (decrease)		(4,419,659	)	$	(43,138,815	)		8,367,186		$	92,426,887
Total Return Bond Fund Service Class I
Sold		183,727		$	1,762,517			900,135		$	9,677,022
Issued as reinvestment of dividends		—			—			288,842			3,001,071
Redeemed		(611,717	)		(5,894,378	)		(905,850	)		(9,732,991	)
Net increase (decrease)		(427,990	)	$	(4,131,861	)		283,127		$	2,945,102

205

Notes to Financial Statements (Unaudited) (Continued)

6. Federal Income Tax Information

At June 30, 2022, the aggregate cost of investments and the unrealized appreciation (depreciation) in the value of all investments owned by the Fund(s), as computed on a federal income tax basis, were as follows:

	Federal Income Tax Cost		Tax Basis Unrealized Appreciation		Tax Basis Unrealized (Depreciation)			Net Unrealized Appreciation (Depreciation)
Conservative Allocation Fund	$	354,722,635	$	9,226,481	$	(41,088,453	)	$	(31,861,972	)
Balanced Allocation Fund		403,213,896		11,078,544		(38,860,881	)		(27,782,337	)
Moderate Allocation Fund		1,452,345,494		44,705,012		(148,741,471	)		(104,036,459	)
Growth Allocation Fund		1,010,902,293		36,444,605		(100,526,684	)		(64,082,079	)
Aggressive Allocation Fund		142,135,411		3,869,366		(16,376,637	)		(12,507,271	)
MML American Funds Growth Fund		221,399,001		—		(17,869,886	)		(17,869,886	)
MML American Funds International Fund		56,687,013		—		(11,465,720	)		(11,465,720	)
MML American Funds Core Allocation Fund		806,483,397		812,500		(67,000,232	)		(66,187,732	)
Blue Chip Growth Fund		354,291,120		128,575,362		(77,222,604	)		51,352,758
Equity Income Fund		323,159,509		81,212,966		(15,386,958	)		65,826,008
Equity Index Fund		355,225,315		266,636,672		(20,415,141	)		246,221,531
Focused Equity Fund		291,021,251		40,231,669		(16,340,540	)		23,891,129
Foreign Fund		201,808,738		12,400,070		(31,810,181	)		(19,410,111	)
Fundamental Equity Fund		183,999,227		15,253,225		(17,927,152	)		(2,673,927	)
Fundamental Value Fund		144,416,933		30,342,552		(8,331,577	)		22,010,975
Global Fund		120,689,622		18,361,731		(7,396,976	)		10,964,755
Income & Growth Fund		191,953,132		37,009,680		(9,153,027	)		27,856,653
International Equity Fund		244,908,964		4,634,405		(45,161,722	)		(40,527,317	)
Large Cap Growth Fund		162,141,591		20,692,245		(26,031,903	)		(5,339,658	)
Managed Volatility Fund		77,844,834		40,441,734		(3,133,520	)		37,308,214
Mid Cap Growth Fund		305,459,043		58,991,757		(46,264,779	)		12,726,978
Mid Cap Value Fund		308,099,177		14,480,781		(23,273,381	)		(8,792,600	)
Small Cap Growth Equity Fund		153,734,392		12,088,031		(22,417,248	)		(10,329,217	)
Small Company Value Fund		94,416,448		1,294,131		(16,523,999	)		(15,229,868	)
Small/Mid Cap Value Fund		141,381,585		11,956,661		(17,272,447	)		(5,315,786	)
Sustainable Equity Fund		120,842,738		23,421,980		(11,501,475	)		11,920,505
Total Return Bond Fund		410,663,479		1,277,546		(21,658,849	)		(20,381,303	)

Net capital loss carryforwards may be applied against any net realized taxable gains in succeeding years, subject to the carryforward period limitations, where applicable. On December 22, 2010, the Regulated Investment Company Modernization Act of 2010 (the “Modernization Act”) was signed by the President. The Modernization Act changed the capital loss carryforward rules as they relate to regulated investment companies. Capital losses generated in tax years beginning after the date of enactment may now be carried forward indefinitely, and retain the character of the original loss.

At December 31, 2021, the following Fund(s) had post-enactment accumulated capital loss carryforwards:

	Short Term Capital Loss Carryforward		Long Term Capital Loss Carryforward
Managed Volatility Fund	$	1,016,129	$	—
Total Return Bond Fund		—		1,659,466

Net capital loss carryforwards for the Fund(s) shown in the above table are from post-enactment years and are, therefore, not subject to the eight-year carryforward period and possible expiration.

206

Notes to Financial Statements (Unaudited) (Continued)

Generally accepted accounting principles in the United States of America require that only distributions in excess of tax basis earnings and profits be reported in the financial statements as a return of capital.

The tax character of distributions (including capital gain dividends, if any, designated pursuant to Section 852 of the Code) paid during the year ended December 31, 2021, was as follows:

	Ordinary Income		Long Term Capital Gain
Conservative Allocation Fund	$	4,127,931	$	11,961,897
Balanced Allocation Fund		5,188,953		14,036,425
Moderate Allocation Fund		21,088,797		66,099,435
Growth Allocation Fund		17,313,032		51,905,591
Aggressive Allocation Fund		1,924,724		6,841,452
MML American Funds Growth Fund		—		15,195,901
MML American Funds International Fund		78,005		899,798
MML American Funds Core Allocation Fund		12,434,688		22,679,239
Blue Chip Growth Fund		—		59,448,568
Equity Income Fund		10,129,058		7,971,798
Equity Index Fund		10,561,732		30,661,155
Focused Equity Fund		5,363,033		15,304,107
Foreign Fund		6,599,871		—
Fundamental Equity Fund		4,811,850		14,488,730
Fundamental Value Fund		3,270,218		—
Global Fund		3,475,898		34,229,870
Income & Growth Fund		4,450,586		—
International Equity Fund		1,082,771		—
Large Cap Growth Fund		1,300,212		16,591,273
Managed Volatility Fund		1,305,177		—
Mid Cap Growth Fund		12,553,859		86,004,695
Mid Cap Value Fund		5,099,259		8,362,317
Small Cap Growth Equity Fund		14,675,515		17,298,628
Small Company Value Fund		465,390		5,695,276
Small/Mid Cap Value Fund		1,827,682		—
Sustainable Equity Fund		1,289,287		9,170,780
Total Return Bond Fund		20,704,098		3,679,194

The following Fund(s) have elected to pass through the foreign tax credit for the year ended December 31, 2021:

	Amount
Conservative Allocation Fund	$	81,872
Balanced Allocation Fund		130,019
Moderate Allocation Fund		646,884
Growth Allocation Fund		547,035
Aggressive Allocation Fund		85,735
MML American Funds International Fund		57,729
MML American Funds Core Allocation Fund		101,179
Foreign Fund		517,260
Global Fund		306,299
International Equity Fund		609,603

207

Notes to Financial Statements (Unaudited) (Continued)

Capital accounts within the financial statements are periodically adjusted for permanent differences between book and tax accounting. These adjustments have no impact on net assets or the results of operations. Temporary book and tax accounting differences will reverse in subsequent periods. At December 31, 2021, temporary book and tax accounting differences were primarily attributable to the deferral of wash sale losses, deferred Trustee compensation, and other temporary basis adjustments.

At December 31, 2021, the components of distributable earnings on a tax basis were as follows:

	Undistributed Ordinary Income		Undistributed Long Term Capital Gain (Capital Loss Carryover)			Other Temporary Differences			Unrealized Appreciation (Depreciation)		Total
Conservative Allocation Fund	$	12,472,960	$	27,523,402		$	(41,968	)	$	15,491,918	$	55,446,312
Balanced Allocation Fund		13,376,765		27,755,636			(50,903	)		31,498,838		72,580,336
Moderate Allocation Fund		43,264,614		127,629,933			(189,584	)		123,903,311		294,608,274
Growth Allocation Fund		25,329,836		110,665,912			(149,553	)		119,677,861		255,524,056
Aggressive Allocation Fund		2,644,335		19,536,104			(12,283	)		12,919,806		35,087,962
MML American Funds Growth Fund		975,307		50,084,011			(14,037	)		104,215,675		155,260,956
MML American Funds International Fund		1,148,515		1,076,742			(5,505	)		8,432,502		10,652,254
MML American Funds Core Allocation Fund		16,557,018		51,312,277			(77,887	)		150,542,310		218,333,718
Blue Chip Growth Fund		493,752		82,886,139			(42,540	)		269,060,637		352,397,988
Equity Income Fund		12,308,253		50,222,454			(58,214	)		123,050,588		185,523,081
Equity Index Fund		8,993,570		38,687,466			(77,847	)		416,246,540		463,849,729
Focused Equity Fund		2,944,180		24,842,339			(12,891	)		80,650,609		108,424,237
Foreign Fund		7,316,991		13,669,206			(41,167	)		27,280,501		48,225,531
Fundamental Equity Fund		7,017,900		25,350,020			(15,770	)		50,454,799		82,806,949
Fundamental Value Fund		5,802,722		27,391,891			(20,572	)		48,697,266		81,871,307
Global Fund		2,471,592		94,902,571			(22,743	)		54,791,960		152,143,380
Income & Growth Fund		4,808,918		24,019,703			(27,160	)		64,331,124		93,132,585
International Equity Fund		3,912,267		10,003,274			(13,076	)		6,921,238		20,823,703
Large Cap Growth Fund		422,374		16,660,382			(17,250	)		68,077,480		85,142,986
Managed Volatility Fund		519,957		(1,016,129	)		(30,564	)		65,724,132		65,197,396
Mid Cap Growth Fund		13,545,528		89,060,912			(47,904	)		140,566,154		243,124,690
Mid Cap Value Fund		30,273,829		50,726,510			(52,884	)		52,698,227		133,645,682
Small Cap Growth Equity Fund		12,735,218		32,979,193			(31,657	)		31,396,698		77,079,452
Small Company Value Fund		3,979,912		39,995,634			(10,698	)		2,573,435		46,538,283
Small/Mid Cap Value Fund		22,683,798		19,449,510			(25,689	)		42,405,069		84,512,688
Sustainable Equity Fund		1,492,550		20,494,918			(19,758	)		86,285,250		108,252,960
Total Return Bond Fund		5,120,633		(1,659,466	)		(35,793	)		3,307,278		6,732,652

The Funds did not have any unrecognized tax benefits at June 30, 2022, nor were there any increases or decreases in unrecognized tax benefits for the period then ended. The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as an income tax expense in the Statements of Operations. During the period ended June 30, 2022, the Funds did not incur any such interest or penalties. The Funds are subject to examination by U.S. federal and state tax authorities for returns filed for the prior three fiscal years. Foreign taxes are provided for based on the Funds’ understanding of the tax rules and rates that exist in the foreign markets in which they invest.

208

Notes to Financial Statements (Unaudited) (Continued)

7. Investment in Affiliated Issuers

A summary of the Funds’ transactions in the securities of affiliated issuers during the period ended June 30, 2022, was as follows:

	Beginning Value as of 12/31/21		Purchases		Sales			Change in Unrealized Appreciation/ Depreciation			Net Realized Gain (Loss)			Value as of 6/30/22		Number of Shares Held as of 6/30/22
Conservative Allocation Fund
MML Blue Chip Growth Fund, Initial Class	$	18,878,130	$	2,388,846	$	(1,162,181	)	$	(7,072,365	)	$	79,728		$	13,112,158		936,583
MML Dynamic Bond Fund, Class II		46,152,132		1,306,387		(3,904,512	)		(4,607,946	)		(274,173	)		38,671,888		4,311,247
MML Equity Income Fund, Initial Class		13,865,662		340,666		(1,018,178	)		(1,318,057	)		194,801			12,064,894		1,064,863
MML Equity Index Fund, Class III		323,786		—		(306,837	)		(73,671	)		56,722			—		—
MML Focused Equity Fund, Class II		23,344,555		1,920,015		(1,529,575	)		(2,926,716	)		328,818			21,137,097		2,856,364
MML Foreign Fund, Initial Class		7,767,047		284,709		(850,933	)		(1,415,374	)		26,119			5,811,568		647,889
MML Fundamental Equity Fund, Class II		14,509,139		364,756		(1,090,179	)		(3,278,130	)		198,623			10,704,209		1,091,153
MML Fundamental Value Fund, Class II		11,875,092		291,249		(870,482	)		(1,324,404	)		82,262			10,053,717		759,344
MML Global Fund, Class I		7,284,169		727,584		(1,833,581	)		(1,531,630	)		128,451			4,774,993		407,423
MML High Yield Fund, Class II		3,198,901		98,570		(294,606	)		(429,530	)		(892	)		2,572,443		298,774
MML Income & Growth Fund, Initial Class		11,443,113		291,249		(870,482	)		(1,093,130	)		222,502			9,993,252		875,066
MML Inflation-Protected and Income Fund, Initial Class		15,378,186		394,282		(3,178,423	)		(1,465,242	)		154,037			11,282,840		1,124,909
MML International Equity Fund, Class II		14,566,592		1,519,199		(850,933	)		(2,989,691	)		83,525			12,328,692		1,380,593
MML Large Cap Growth Fund, Initial Class		10,689,895		243,068		(726,479	)		(3,086,871	)		91,544			7,211,157		672,683
MML Managed Bond Fund, Initial Class		84,781,807		2,350,575		(7,025,370	)		(9,994,664	)		35,112			70,147,460		6,122,289
MML Mid Cap Growth Fund, Initial Class		9,792,436		780,286		(736,633	)		(2,851,076	)		98,810			7,083,823		594,779
MML Mid Cap Value Fund, Initial Class		7,344,208		187,165		(559,397	)		(756,988	)		196,833			6,411,821		554,176
MML Short-Duration Bond Fund, Class II		20,222,310		591,422		(1,767,636	)		(1,480,243	)		(89,007	)		17,476,846		1,954,904
MML Small Cap Growth Equity Fund, Initial Class		1,016,603		56,829		(169,849	)		(259,721	)		9,940			653,802		58,044
MML Small Company Value Fund, Class II		4,263,155		107,481		(321,237	)		(690,343	)		4,299			3,363,355		225,124
MML Small/Mid Cap Value Fund, Initial Class		2,213,947		58,991		(176,313	)		(476,433	)		52,920			1,673,112		141,669
MML Strategic Emerging Markets Fund, Class II		3,715,182		1,109,464		(327,162	)		(943,831	)		(134,553	)		3,419,100		444,039
MML Total Return Bond Fund, Class II		55,603,249		1,567,269		(6,684,235	)		(5,732,428	)		(407,832	)		44,346,023		4,783,821
	$	388,229,296	$	16,980,062	$	(36,255,213	)	$	(55,798,484	)	$	1,138,589		$	314,294,250
Balanced Allocation Fund
MML Blue Chip Growth Fund, Initial Class	$	26,815,070	$	180,819	$	(1,281,550	)	$	(9,368,787	)	$	80,477		$	16,426,029		1,173,288
MML Dynamic Bond Fund, Class II		47,473,621		438,738		(3,109,561	)		(4,858,231	)		(171,625	)		39,772,942		4,433,996
MML Equity Income Fund, Initial Class		18,695,294		158,269		(1,121,738	)		(1,645,209	)		123,450			16,210,066		1,430,721
MML Equity Index Fund, Class III		588,392		—		(557,592	)		(125,638	)		94,838			—		—
MML Focused Equity Fund, Class II		30,754,605		1,352,050		(1,680,570	)		(3,720,295	)		345,389			27,051,179		3,655,565
MML Foreign Fund, Initial Class		10,706,884		132,393		(938,332	)		(1,942,854	)		14,633			7,972,724		888,821
MML Fundamental Equity Fund, Class II		19,761,204		169,759		(1,203,169	)		(4,411,544	)		201,799			14,518,049		1,479,923
MML Fundamental Value Fund, Class II		15,252,771		135,864		(962,943	)		(1,546,378	)		(52,209	)		12,827,105		968,815
MML Global Fund, Class I		14,083,881		465,663		(2,021,909	)		(3,089,552	)		258,527			9,696,610		827,356
MML High Yield Fund, Class II		3,437,409		33,104		(234,627	)		(459,112	)		(5,296	)		2,771,478		321,891
MML Income & Growth Fund, Initial Class		15,201,327		135,865		(962,943	)		(1,343,813	)		178,937			13,209,373		1,156,688
MML Inflation-Protected and Income Fund, Initial Class		15,731,738		132,416		(938,499	)		(1,537,664	)		35,896			13,423,887		1,338,374
MML International Equity Fund, Class II		22,956,392		613,984		(938,333	)		(4,521,443	)		84,868			18,195,468		2,037,566
MML Large Cap Growth Fund, Initial Class		15,224,548		112,886		(800,077	)		(4,404,919	)		119,896			10,252,334		956,374
MML Managed Bond Fund, Initial Class		85,697,030		789,420		(5,595,017	)		(9,898,287	)		(179,338	)		70,813,808		6,180,446
MML Mid Cap Growth Fund, Initial Class		12,915,451		567,042		(812,293	)		(3,508,619	)		(95,521	)		9,066,060		761,214
MML Mid Cap Value Fund, Initial Class		10,856,755		87,036		(616,854	)		(916,064	)		80,043			9,490,916		820,304
MML Short-Duration Bond Fund, Class II		21,086,825		198,624		(1,407,749	)		(1,552,362	)		(86,726	)		18,238,612		2,040,113
MML Small Cap Growth Equity Fund, Initial Class		1,618,629		26,713		(189,331	)		(405,119	)		402			1,051,294		93,332
MML Small Company Value Fund, Class II		5,263,639		49,692		(352,197	)		(870,983	)		24,374			4,114,525		275,403
MML Small/Mid Cap Value Fund, Initial Class		3,072,382		27,575		(195,438	)		(641,133	)		51,916			2,315,302		196,046
MML Strategic Emerging Markets Fund, Class II		4,495,858		50,901		(360,766	)		(1,046,535	)		(124,624	)		3,014,834		391,537
MML Total Return Bond Fund, Class II		56,561,333		526,353		(3,730,533	)		(6,121,097	)		(242,610	)		46,993,446		5,069,412
	$	458,251,038	$	6,385,166	$	(30,012,021	)	$	(67,935,638	)	$	737,496		$	367,426,041

209

Notes to Financial Statements (Unaudited) (Continued)

	Beginning Value as of 12/31/21		Purchases		Sales			Change in Unrealized Appreciation/ Depreciation			Net Realized Gain (Loss)			Value as of 6/30/22		Number of Shares Held as of 6/30/22
Moderate Allocation Fund
MML Blue Chip Growth Fund, Initial Class	$	119,078,373	$	8,020,700	$	(7,072,347	)	$	(42,863,344	)	$	237,458		$	77,400,840		5,528,631
MML Dynamic Bond Fund, Class II		136,034,260		31,194		(10,658,016	)		(13,695,983	)		(467,761	)		111,243,694		12,401,750
MML Equity Income Fund, Initial Class		85,186,498		18,087		(6,179,884	)		(7,091,156	)		363,784			72,297,329		6,381,053
MML Equity Index Fund, Class III		2,570,749		—		(2,436,178	)		(549,851	)		415,280			—		—
MML Focused Equity Fund, Class II		150,519,148		2,463,301		(9,267,020	)		(18,038,703	)		2,006,515			127,683,241		17,254,492
MML Foreign Fund, Initial Class		48,011,592		15,144		(5,174,166	)		(8,737,406	)		339,809			34,454,973		3,841,134
MML Fundamental Equity Fund, Class II		91,989,309		19,418		(6,634,535	)		(19,719,853	)		441,568			66,095,907		6,737,605
MML Fundamental Value Fund, Class II		73,990,776		15,525		(5,304,260	)		(7,654,287	)		62,086			61,109,840		4,615,547
MML Global Fund, Class I		68,406,406		330,771		(11,149,238	)		(14,326,094	)		1,133,826			44,395,671		3,788,027
MML High Yield Fund, Class II		12,424,398		3,106		(1,061,555	)		(1,624,839	)		(14,939	)		9,726,171		1,129,637
MML Income & Growth Fund, Initial Class		70,525,048		15,525		(5,304,261	)		(6,289,653	)		1,022,370			59,969,029		5,251,228
MML Inflation-Protected and Income Fund, Initial Class		42,813,623		9,320		(7,184,666	)		(4,114,227	)		411,656			31,935,706		3,184,019
MML International Equity Fund, Class II		106,431,468		5,264,494		(5,174,167	)		(21,195,865	)		483,887			85,809,817		9,609,162
MML Large Cap Growth Fund, Initial Class		66,912,533		12,929		(4,417,411	)		(19,418,852	)		898,575			43,987,774		4,103,337
MML Managed Bond Fund, Initial Class		245,507,034		56,112		(19,171,690	)		(27,901,742	)		(515,815	)		197,973,899		17,278,650
MML Mid Cap Growth Fund, Initial Class		59,752,007		531,542		(4,484,766	)		(15,294,895	)		(884,236	)		39,619,652		3,326,587
MML Mid Cap Value Fund, Initial Class		48,295,182		9,971		(3,407,075	)		(3,967,922	)		351,919			41,282,075		3,568,027
MML Short-Duration Bond Fund, Class II		60,746,848		13,981		(4,776,999	)		(4,390,208	)		(258,497	)		51,335,125		5,742,184
MML Small Cap Growth Equity Fund, Initial Class		10,801,917		3,072		(1,049,626	)		(2,576,051	)		(105,167	)		7,074,145		628,033
MML Small Company Value Fund, Class II		26,754,460		5,667		(1,936,476	)		(4,402,337	)		159,690			20,581,004		1,377,577
MML Small/Mid Cap Value Fund, Initial Class		15,358,966		3,137		(1,072,078	)		(3,092,330	)		190,360			11,388,055		964,272
MML Strategic Emerging Markets Fund, Class II		22,136,448		3,005,822		(1,989,341	)		(5,694,036	)		(314,573	)		17,144,320		2,226,535
MML Total Return Bond Fund, Class II		163,083,343		37,439		(24,791,742	)		(16,201,153	)		(1,212,089	)		120,915,798		13,043,775
	$	1,727,330,386	$	19,886,257	$	(149,697,497	)	$	(268,840,787	)	$	4,745,706		$	1,333,424,065
Growth Allocation Fund
MML Blue Chip Growth Fund, Initial Class	$	101,175,724	$	7,442,591	$	(4,400,854	)	$	(36,399,736	)	$	7,784		$	67,825,509		4,844,679
MML Dynamic Bond Fund, Class II		61,776,329		366,936		(3,648,584	)		(6,326,637	)		(179,424	)		51,988,620		5,795,833
MML Equity Income Fund, Initial Class		71,688,995		387,400		(3,852,058	)		(5,760,679	)		(31,907	)		62,431,751		5,510,305
MML Equity Index Fund, Class III		2,421,041		—		(2,294,307	)		(519,159	)		392,425			—		—
MML Focused Equity Fund, Class II		113,058,200		5,375,404		(5,778,087	)		(13,550,195	)		1,223,843			100,329,165		13,557,995
MML Foreign Fund, Initial Class		39,542,796		324,527		(3,226,894	)		(7,315,037	)		248,187			29,573,579		3,296,943
MML Fundamental Equity Fund, Class II		80,360,265		415,171		(4,128,204	)		(17,852,042	)		757,525			59,552,715		6,070,613
MML Fundamental Value Fund, Class II		61,906,707		331,856		(3,299,766	)		(6,610,089	)		128,845			52,457,553		3,962,051
MML Global Fund, Class I		53,002,880		1,302,372		(6,944,265	)		(11,182,870	)		645,619			36,823,736		3,141,957
MML High Yield Fund, Class II		4,657,791		27,672		(275,157	)		(627,446	)		(912	)		3,781,948		439,251
MML Income & Growth Fund, Initial Class		60,362,634		331,856		(3,299,766	)		(4,563,523	)		(48,917	)		52,782,284		4,621,916
MML Inflation-Protected and Income Fund, Initial Class		20,725,646		110,690		(4,600,629	)		(1,942,146	)		219,831			14,513,392		1,446,998
MML International Equity Fund, Class II		90,146,881		762,961		(3,226,894	)		(17,083,810	)		(138,658	)		70,460,480		7,890,311
MML Large Cap Growth Fund, Initial Class		56,371,209		7,276,663		(2,750,971	)		(17,607,681	)		465,688			43,754,908		4,081,615
MML Managed Bond Fund, Initial Class		112,318,571		659,710		(14,559,748	)		(12,784,780	)		139,141			85,772,894		7,486,036
MML Mid Cap Growth Fund, Initial Class		50,540,072		880,731		(2,792,917	)		(13,394,601	)		(488,016	)		34,745,269		2,917,319
MML Mid Cap Value Fund, Initial Class		40,109,326		213,035		(2,118,283	)		(3,289,618	)		217,476			35,131,936		3,036,468
MML Short-Duration Bond Fund, Class II		28,358,715		166,034		(1,650,944	)		(2,105,258	)		(88,562	)		24,679,985		2,760,625
MML Small Cap Growth Equity Fund, Initial Class		11,808,558		65,739		(653,661	)		(2,919,893	)		(91,027	)		8,209,716		728,847
MML Small Company Value Fund, Class II		26,739,054		121,633		(1,209,449	)		(4,461,758	)		136,403			21,325,883		1,427,435
MML Small/Mid Cap Value Fund, Initial Class		12,052,462		67,497		(671,139	)		(2,334,979	)		27,904			9,141,745		774,068
MML Strategic Emerging Markets Fund, Class II		18,206,002		125,011		(1,243,029	)		(4,529,495	)		(192,684	)		12,365,805		1,605,949
MML Total Return Bond Fund, Class II		75,444,836		439,992		(9,374,999	)		(7,758,424	)		(401,410	)		58,349,995		6,294,498
	$	1,192,774,694	$	27,195,481	$	(86,000,605	)	$	(200,919,856	)	$	2,949,154		$	935,998,868

210

Notes to Financial Statements (Unaudited) (Continued)

	Beginning Value as of 12/31/21		Purchases		Sales			Change in Unrealized Appreciation/ Depreciation			Net Realized Gain (Loss)			Value as of 6/30/22		Number of Shares Held as of 6/30/22
Aggressive Allocation Fund
MML Blue Chip Growth Fund, Initial Class	$	17,179,439	$	1,758,589	$	(924,534	)	$	(6,287,435	)	$	24,905		$	11,750,964		839,355
MML Dynamic Bond Fund, Class II		3,208,185		79,137		(282,940	)		(321,211	)		(16,113	)		2,667,058		297,331
MML Equity Income Fund, Initial Class		11,529,611		226,547		(809,976	)		(977,182	)		42,235			10,011,235		883,604
MML Equity Index Fund, Class III		348,718		—		(330,464	)		(72,123	)		53,869			—		—
MML Focused Equity Fund, Class II		20,203,154		1,445,804		(1,213,129	)		(2,509,929	)		273,028			18,198,928		2,459,315
MML Foreign Fund, Initial Class		6,387,202		189,334		(676,931	)		(1,188,888	)		38,372			4,749,089		529,441
MML Fundamental Equity Fund, Class II		12,811,706		242,568		(867,255	)		(2,819,627	)		88,862			9,456,254		963,940
MML Fundamental Value Fund, Class II		10,392,476		194,096		(693,951	)		(1,110,665	)		17,876			8,799,832		664,640
MML Global Fund, Class I		3,841,463		1,007,891		(1,458,643	)		(789,231	)		(4,738	)		2,596,742		221,565
MML High Yield Fund, Class II		644,392		5,959		(21,306	)		(88,668	)		(151	)		540,226		62,744
MML Income & Growth Fund, Initial Class		10,036,146		194,096		(693,951	)		(792,172	)		20,443			8,764,562		767,475
MML Inflation-Protected and Income Fund, Initial Class		924,296		23,836		(585,223	)		(12,302	)		(38,535	)		312,072		31,114
MML International Equity Fund, Class II		14,964,880		347,913		(676,931	)		(2,735,578	)		(145,091	)		11,755,193		1,316,371
MML Large Cap Growth Fund, Initial Class		9,864,502		1,661,643		(577,925	)		(3,139,827	)		74,083			7,882,476		735,306
MML Managed Bond Fund, Initial Class		7,994,965		142,027		(2,507,788	)		(761,258	)		(56,179	)		4,811,767		419,959
MML Mid Cap Growth Fund, Initial Class		8,384,819		2,030,880		(586,003	)		(2,496,389	)		(103,364	)		7,229,943		607,048
MML Mid Cap Value Fund, Initial Class		6,773,808		124,468		(445,010	)		(571,633	)		50,507			5,932,140		512,717
MML Short-Duration Bond Fund, Class II		2,517,949		35,755		(127,835	)		(187,690	)		(9,201	)		2,228,978		249,326
MML Small Cap Growth Equity Fund, Initial Class		2,303,388		37,998		(135,853	)		(584,807	)		(5,773	)		1,614,953		143,373
MML Small Company Value Fund, Class II		4,246,531		71,271		(254,816	)		(703,545	)		16,104			3,375,545		225,940
MML Small/Mid Cap Value Fund, Initial Class		1,913,833		39,436		(140,993	)		(363,137	)		(3,813	)		1,445,326		122,382
MML Strategic Emerging Markets Fund, Class II		3,136,291		72,796		(260,265	)		(772,781	)		(48,681	)		2,127,360		276,281
MML Total Return Bond Fund, Class II		3,999,052		94,671		(1,338,478	)		(203,881	)		(186,397	)		2,364,967		255,120
	$	163,606,806	$	10,026,715	$	(15,610,200	)	$	(29,489,959	)	$	82,248		$	128,615,610

8. Indemnifications

Under the Funds’ organizational documents, current and former Trustees and Officers are provided with specified rights to indemnification against liabilities arising in connection with the performance of their duties to the Funds, and shareholders are indemnified against personal liability for obligations of the Funds. In the normal course of business, the Funds may also enter into contracts that provide general indemnifications. The Funds’ maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Funds. The risk of material loss from such claims is considered remote.

9. New Accounting Pronouncements

In January 2021, FASB issued Accounting Standards Update 2021-01 — Reference Rate Reform (Topic 848) — Scope (“ASU 2021-01”) as an update to Accounting Standards Update 2020-04 — Reference Rate Reform (Topic 848) — Facilitation of the Effects of Reference Rate Reform on Financial Reporting (“ASU 2020-04”) in order to make certain clarifications. ASU 2020-04 and ASU 2021-01 provide optional temporary financial reporting relief from the effect of certain types of contract modifications due to the planned discontinuation of the London Interbank Offered Rate (“LIBOR”) and other interbank-offered based reference rates. The temporary relief provided by ASU 2020-04 and ASU 2021-01 is effective for certain reference rate-related contract modifications that occur during the period March 12, 2020 through December 31, 2022. Management does not believe the impact of adopting ASU 2020-04 and ASU 2021-01 will have a material impact on the financial statements.

10. Coronavirus (COVID-19) Pandemic

The global pandemic outbreak of the novel coronavirus known as COVID-19 and efforts to contain its spread have produced, and will likely continue to produce, substantial market volatility, severe market dislocations and liquidity constraints in many markets, exchange trading suspensions and closures, higher default rates, and global business disruption, and they may result in

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Notes to Financial Statements (Unaudited) (Continued)

future significant adverse effects, such as declines in global financial markets and a substantial economic downturn or recession throughout the world. Such factors may have a significant adverse effect on a Fund’s performance and have the potential to impair the ability of a Fund’s investment adviser, subadviser, or other service providers to serve the Fund and could lead to disruptions that negatively impact the Fund.

11. Russian-Ukraine War

In February 2022, Russia commenced a large-scale military attack on Ukraine. The outbreak of hostilities between the two countries could result in more widespread conflict and could have a severe adverse effect on the regional and the global financial markets and economies. One or more of the Funds hold positions in securities or other instruments that are economically tied to Russia. Investments in Russia are subject to political, economic, legal, market, and currency risks, as well as the risks related to the economic sanctions on Russia, Russian individuals, and Russian corporate and banking entities imposed by the United States and/or other countries. Such sanctions — which affect companies in many sectors, including energy, financial services, and defense, among others — could adversely affect the global energy and financial markets and, thus, could affect the value of a Fund’s investments, even beyond any direct exposure the Fund may have to Russian issuers or the adjoining geographic regions. Such sanctions may also result in a decline in the value and liquidity of Russian securities and a weakening of the ruble, and will impair a Fund’s ability to buy, sell, receive, or deliver Russian securities. In addition, certain transactions have been or may be prohibited and/or existing investments have or may become illiquid (e.g., because transacting in certain existing investments is prohibited), which could cause a Fund to sell other portfolio holdings at a disadvantageous time or price in order to meet shareholder redemptions.

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Other Information (Unaudited)

Proxy Voting

A description of the policies and procedures that each Fund’s investment adviser and subadvisers use to vote proxies relating to the Fund’s portfolio securities is available, without charge, upon request, by calling 1-888-309-3539, and on the SEC’s EDGAR database on its website at http://www.sec.gov.

Information regarding how the Funds voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available, without charge, upon request, on the MassMutual website at http://www.massmutual.com/funds and on the SEC’s EDGAR database on its website at http://www.sec.gov.

Quarterly Reporting

The Funds file their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to their reports on Form N-PORT. The Funds’ Forms N-PORT are available on the SEC’s EDGAR database on its website at http://www.sec.gov. In addition, the Funds make the complete schedule of portfolio holdings from their filings on Form N-PORT available to shareholders at http://www.massmutual.com/funds.

Liquidity Risk Management Program

In 2016, the SEC adopted Rule 22e-4 under the 1940 Act (the “Liquidity Rule”) to promote effective liquidity risk management throughout the open-end investment company industry, thereby reducing the risk that a fund will be unable to meet its redemption obligations and mitigating dilution of fund shareholders. Pursuant to the Liquidity Rule, the Funds have established and maintain a Liquidity Risk Management Program (the “Program”) that incorporates the requirements of the Liquidity Rule. The Program is administered by MML Advisers, which has established a Liquidity Risk Management Program Committee (the “Committee”) to oversee the required management, assessments, reviews, and reports for the Program.

The Program’s principal objectives include supporting each Fund’s compliance with limits on investments in illiquid assets and mitigating the risk that the Fund will be unable to meet its redemption obligations in a timely manner. The Program also includes a number of elements that support the management and assessment of liquidity risk, including an annual assessment of factors that influence a Fund’s liquidity and the periodic classification of the Fund’s investments into groupings that reflect MML Advisers’ assessment of their relative liquidity under current market conditions.

At a meeting of the Board held on March 22, 2022, the Trustees received a report prepared by the Committee regarding the operation and effectiveness of the Program for the period January 1, 2021 through December 31, 2021. In the report, the Committee concluded that the Program proved to be adequately designed to address the Funds’ liquidity risks and operated effectively.

There can be no assurance that the Program will achieve its objectives in the future. Please refer to each Fund’s prospectus for more information regarding the Fund’s exposure to liquidity risk and other principal risks to which an investment in the Fund may be subject.

Trustees’ Approval of Investment Advisory Contracts

At their meeting in March 2022, the Trustees, including the Trustees who are not “interested persons” (as such term is defined in the 1940 Act) of the Trust, MML Advisers, or the subadvisers (the “Independent Trustees”), approved a new subadvisory agreement (“New Subadvisory Agreement”) with American Century Investment Management, Inc. (“American Century”) for the Sustainable Equity Fund. In preparation for the meeting, the Trustees requested, and MML Advisers provided in advance, certain materials relevant to the consideration of the New Subadvisory Agreement. In all of their deliberations, the Trustees were advised by independent counsel.

In reviewing the New Subadvisory Agreement, the Independent Trustees discussed with MML Advisers and considered a wide range of information about, among other things: (i) American Century and its personnel with responsibility for providing services to the Sustainable Equity Fund; (ii) the terms of the New Subadvisory Agreement; (iii) the scope and quality of the services that American Century is expected to provide under the New Subadvisory Agreement; (iv) the historical investment performance

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Other Information (Unaudited) (Continued)

track record of American Century; and (v) the fees payable to American Century by MML Advisers for the Sustainable Equity Fund, the effect of such fees on the profitability to MML Advisers, and any information provided by American Century regarding the fees paid to it by other funds with similar investment objectives as the Sustainable Equity Fund.

Prior to the votes being taken to approve the New Subadvisory Agreement, the Independent Trustees met separately in executive session to discuss the appropriateness of such contract. The Independent Trustees weighed the foregoing matters in light of the advice given to them by their independent legal counsel as to the law applicable to the review of investment advisory contracts. In arriving at a decision, the Trustees, including the Independent Trustees, did not identify any single matter as all-important or controlling. The foregoing summary does not detail all of the matters considered.

Based on the foregoing, the Trustees concluded, with respect to the New Subadvisory Agreement, that: (i) overall, they were satisfied with the nature, extent, and quality of services expected to be provided under the New Subadvisory Agreement; (ii) MML Advisers’ projected level of profitability due to the New Subadvisory Agreement is not excessive and the subadvisory fee amount under the New Subadvisory Agreement is fair and reasonable; (iii) the investment process and strategy of American Century appear well suited to the Sustainable Equity Fund given its investment objective and policies; and (iv) the terms of the New Subadvisory Agreement are fair and reasonable with respect to the Sustainable Equity Fund, and are in the best interests of the Sustainable Equity Fund’s shareholders. After carefully considering the information summarized above, the Trustees, including the Independent Trustees voting separately, unanimously voted to approve the New Subadvisory Agreement.

The New Subadvisory Agreement became effective on April 29, 2022.

At their meetings in May and June 2022, the Contract Committee (the “Committee”) and the Trustees, including the Independent Trustees, re-approved the existing advisory and subadvisory agreements (collectively, the “Contracts”) for each of the Conservative Allocation Fund, Balanced Allocation Fund, Moderate Allocation Fund, Growth Allocation Fund, Aggressive Allocation Fund, MML American Funds Growth Fund, MML American Funds International Fund, MML American Funds Core Allocation Fund, Blue Chip Growth Fund, Equity Income Fund, Equity Index Fund, Focused Equity Fund, Foreign Fund, Fundamental Equity Fund, Fundamental Value Fund, Global Fund, Income & Growth Fund, International Equity Fund, Large Cap Growth Fund, Managed Volatility Fund, Mid Cap Growth Fund, Mid Cap Value Fund, Small Cap Growth Equity Fund, Small Company Value Fund, Small/Mid Cap Value Fund, Sustainable Equity Fund, and Total Return Bond Fund, as applicable. In preparation for the meetings, the Trustees requested, and MML Advisers and the subadvisers provided in advance, certain materials relevant to the consideration of the Contracts (the “Meeting Materials”). In all of their deliberations, the Trustees were advised by independent counsel.

The Committee received in advance of the meetings (i) a memorandum from MML Advisers discussing the nature and quality of the services it provides as investment adviser to the Funds; (ii) a profitability analysis prepared by MML Advisers; and (iii) a fee and performance study report (the “Third-Party Report”) with respect to each Fund prepared by an independent third-party vendor (the “Third-Party”). The Third-Party Report provided detailed comparative advisory fee, total expense, and performance information for each Fund to assist the Committee in its evaluation of the Contracts. The Committee also considered information presented to it throughout the year regarding MML Advisers and each of the subadvisers.

The Committee considered the nature, scope, and quality of services MML Advisers provides to the Funds, including: (i) the financial condition, stability, and business strategy of MML Advisers; (ii) the capabilities of MML Advisers with respect to regulatory compliance and its ability to monitor compliance with the investment policies of the Funds; (iii) MML Advisers’ ability to provide investment oversight and provide for administrative and shareholder services to the Funds; and (iv) the experience and qualifications of the personnel of MML Advisers that perform, or oversee the performance of, the services provided to the Funds, and the needs of the Funds for administrative and shareholder services. The Committee noted that it had received in the Meeting Materials or during the course of the past year: (i) detailed information regarding MML Advisers’ ability to provide investment oversight and provide for administrative and shareholder services to the Funds; and (ii) a wide range of information about the subadvisers and their personnel with responsibility for providing services to the Funds, as applicable, and the fees payable to each subadviser by MML Advisers. MML Advisers reviewed with the Committee in detail the work MML Advisers does in its oversight roles, the expertise it brings to these roles, the size of its teams, and the financial commitment it has made to provide those services.

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Other Information (Unaudited) (Continued)

The Committee then reviewed and considered, for each Fund separately, the detailed information presented in the Third-Party Report regarding: (i) Fund expenses, including, among other things, both the Fund’s net advisory fee and total net expense ratio against peer funds; and (ii) the Fund’s relative performance (over various time periods against funds in its “category” and a benchmark index). In connection with the Committee’s review, MML Advisers provided commentary and analysis regarding each Fund’s expenses and performance and a recommendation as to the action to be taken by the Committee. Throughout the discussion, MML Advisers responded to Committee members’ questions and provided additional information concerning each Fund.

The Committee reviewed the expense and performance information for each Fund. (References to any one- or three-year period below are to periods ended December 31, 2021. In all cases, the comparative expense information is that of a Fund’s “peer group” and the comparative performance information is that of a Fund’s “performance category.”)

The Committee considered that the total net expense ratios for the majority of the Funds were within the top three comparative quintiles of their peer groups. Those Funds include the Equity Index Fund, Small/Mid Cap Value Fund, Focused Equity Fund, Mid Cap Value Fund, Growth Allocation Fund, MML American Funds Growth Fund, Total Return Bond Fund, Managed Volatility Fund, Income & Growth Fund, Sustainable Equity Fund, Large Cap Growth Fund, Mid Cap Growth Fund, Small Company Value Fund, and Global Fund. Of those Funds, all had net advisory fees at or below the medians of their peer groups, or in the top three comparative quintiles of their peer groups, except the Mid Cap Value Fund, Income & Growth Fund, and Large Cap Growth Fund. The Committee considered MML Advisers’ statement that the advisory arrangements for those Funds require the Adviser to bear shareholder servicing expenses having the effect of increasing the Fund’s net advisory fees above the rates that would otherwise prevail, and that the shareholder services in question are the same as the services required under any separate shareholder servicing agreement relating to other Funds in the Trust and the MML Series Investment Fund II. The Committee considered MML Advisers’ statement that, if the net advisory fees for those Funds were reduced by the portion of the fees attributable to administrative services (which include shareholder services), the net advisory fee would, in the case of each of the Funds, be less than the applicable peer group median.

In the case of a number of Funds, the Committee noted that the Fund’s net advisory fees were at or below the medians of their peer group or within the top three quintiles of their peer group, although their total net expense ratios were higher than the sixtieth percentiles of their peer groups. For the Fundamental Value Fund, Conservative Allocation Fund, Balanced Allocation Fund, Moderate Allocation Fund, Aggressive Allocation Fund, MML American Funds Core Allocation Fund, MML American Funds International Fund, Fundamental Equity Fund, and International Equity Fund, the Committee considered that the levels of the Funds’ net advisory fees and other factors cited by MML Advisers, as applicable, including recent and/or long-term investment performance, MML Advisers’ high level conviction in the Fund’s subadviser, and the fee waivers and expense caps currently in place for certain Funds, favored continuation of the Funds’ advisory agreements.

The Committee noted that a number of Funds had both total net expense ratios and net advisory fees above the sixtieth percentiles of their peer group. Those Funds included the Equity Income Fund, Blue Chip Growth Fund, Small Cap Growth Equity Fund, and Foreign Fund. The Committee considered MML Advisers’ statement that, if the net advisory fees for those Funds were reduced by the portion of the fees attributable to administrative services (which include shareholder services), the net advisory fee paid by each Fund other than Small Cap Growth Equity Fund would be less than the applicable peer group median or, in the case of the Foreign Fund, within two basis points of the peer group median. In the case of the Small Cap Growth Equity Fund, the Committee considered MML Advisers’ statement that, although the Fund’s net advisory fee is still significantly above the peer group median, it considered the fee acceptable both in light of the fact that it considers the Fund’s subadviser to be among the premier managers in the small-cap space and worth compensating at a premium to the market in light of the Fund’s long-term performance record. In each case, the Committee determined that the Fund’s net advisory fee did not appear unreasonable in light of the information presented.

The Committee determined on the basis of these factors that the Funds’ net advisory fees, and the total net expenses of the Funds generally, were consistent with the continuation of their advisory agreements.

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The Committee considered that the majority of Funds achieved three-year investment performance above the medians of their performance categories, or in the top three comparative quintiles of their performance categories. Those included Equity Index Fund, Small/Mid Cap Value Fund, Fundamental Value Fund, Small Cap Growth Equity Fund, Conservative Allocation Fund, Balanced Allocation Fund, MML American Funds Core Allocation Fund, MML American Funds Growth Fund, Income & Growth Fund, Sustainable Equity Fund, Small Company Value Fund, Fundamental Equity Fund, Global Fund, Foreign Fund, and International Equity Fund. In addition, the Committee considered that the Moderate Allocation Fund and Mid Cap Growth Fund experienced three-year investment performance outside the top three comparative quintiles of their performance categories, but experienced improved performance for the one-year period, in the third comparative quintile of their performance categories.

As to the Equity Income Fund, the Committee considered that the Fund had experienced one- and three-year performance in the 62nd and 64th comparative percentiles of its performance category, respectively. The Committee considered MML Advisers’ statement that the Fund’s subadviser employs a dividend-focused investment strategy that has been out of favor in recent high growth-oriented markets, but that the Fund offers investors a high quality diversifying equity investment strategy. The Committee considered MML Advisers’ high degree of confidence in the Fund’s investment strategy and the subadviser.

As to the Focused Equity Fund, Mid Cap Value Fund, and Large Cap Growth Fund, the Committee noted that each Fund had experienced three-year investment performance outside the top three quintiles of its performance category. The Committee considered MML Advisers’ statement that each Fund’s underperformance was due in part to the Fund’s lower risk profile during a period in which investors preferred higher momentum, more speculative positions. The Committee also noted MML Advisers’ statement that each of the Focused Equity Fund and Mid Cap Value Fund had outperformed its performance category for the ten-year period, in the 23rd and 25th comparative percentiles, respectively. As to the Large Cap Growth Fund, the Committee considered MML Advisers’ statement that, despite to unfavorable stock selection in recent periods, MML Advisers has confidence in the subadviser’s approach.

As to the Blue Chip Growth Fund, the Committee noted that the Fund had experienced performance for the one- and three-year periods in the 84th and 90th comparative percentiles of its performance category, respectively. The Committee considered MML Advisers’ statement that a relatively small number of stock selection decisions were outsized contributors to the Fund’s recent underperformance, and that the Fund had experienced generally favorable longer-term performance. The Committee also noted MML Advisers’ statement that the subadviser had appointed a new lead portfolio manager in 2021, and that MML Advisers has placed the Fund under review in light of recent underperformance and the change in portfolio management team leadership.

As to the Growth Allocation Fund and Aggressive Allocation Fund, the Committee noted that each Fund had experienced three-year investment performance outside the top sixty percent of its performance category. As to the Growth Allocation Fund, MML Advisers noted that the Fund was only slightly outside the third comparative quintile, at the 62nd percentile, of its performance category. The Committee considered MML Advisers’ statement that the underperformance of both Funds was primarily due to the relatively high equity allocation of each Fund, and to the underperformance of the MML Underlying Funds in which the Funds were invested. The Committee considered MML Advisers’ statement that it is confident in its asset allocation process and strategy, and that, at least in the case of certain of the underlying equity Funds, the highly momentum-driven markets in recent periods have created a headwind to more favorable performance.

As to the MML American Funds International Fund, the Committee noted that the Fund had experienced performance for the one- and three-year periods in the 97th and 100th comparative percentiles of its performance category, respectively. The Committee considered MML Advisers’ statement that underperformance was due in part to the Fund’s relatively high emerging market equities and cash allocations and to the Fund’s more conservative investment approach relative to peers. The Committee also noted MML Advisers’ statement that, subject to shareholder approval, the Fund is expected to be liquidated in late 2022.

As to the Total Return Bond Fund, the Committee noted that, although the Fund had experienced performance for the one- and three-year periods in the 70th and 61st comparative percentiles of its performance category, respectively, the Fund had outperformed its benchmark by 0.60% with respect to the trailing three-year period and had exceeded its benchmark return in each of the last three calendar years. The Committee also considered MML Advisers’ statement that the Fund has exhibited lower risk and volatility compared to its peers in risk-off periods, including during the market volatility in March 2020. The Committee considered MML Advisers’ strong confidence in the subadviser and in its strategy for managing the Fund.

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Other Information (Unaudited) (Continued)

As to the Managed Volatility Fund, the Committee noted that the Fund had experienced performance in the 100th comparative percentile of its performance category for each of the one- and three-year periods. The Committee considered MML Advisers’ statements that the Fund’s performance category is composed of only one other fund, making comparison challenging, and that the Fund’s longer-term performance is more favorable, in the 1st comparative percentile for each of the five- and ten-year periods. The Committee considered MML Advisers’ statement that the subadviser’s strategy has delivered on its mandate of delivering absolute returns with lower volatility than equity markets with positive returns in seven of the eight full calendar years that the subadviser has managed the Fund along with volatility significantly below the S&P 500 Index.

The Committee also reviewed and considered information included in the Meeting Materials, or discussed at the meeting and during the course of the year, concerning economies of scale and the profitability of MML Advisers’ advisory relationship with the various Funds, including: (i) a description of MML Advisers’ revenues from the Funds (including advisory fees and administrative and shareholder services fees, as applicable) and the expense allocation methodology employed by MML Advisers; and (ii) profitability information for each individual Fund. The discussions included consideration of the intangible benefits derived by MML Advisers and its affiliates resulting from their relationships with the Funds and any so-called “fallout benefits” to MML Advisers (which were not considered to be substantial in any event), such as any reputational value derived from serving as investment adviser to the Funds, and benefits accruing to subadvisers due to so-called “soft-dollar arrangements.” Prior to the votes being taken to approve the Contracts, the Committee met separately in executive session to discuss the appropriateness of such contracts. The Committee weighed the foregoing matters in light of the advice given to them by their independent legal counsel as to the law applicable to the review of investment advisory contracts. In arriving at a decision, the Committee did not identify any single matter as all-important or controlling. The foregoing summary does not detail all of the matters considered.

As to each of the Funds, the Committee concluded that: (i) overall, it was satisfied with the nature, extent, and quality of services provided, and expected to be provided in the future, under the Contracts, including the level of MML Advisers’ oversight of each Fund and the subadvisory process; (ii) MML Advisers’ levels of profitability from its relationship with the various Funds are not excessive and the advisory fees payable under the advisory agreements and each Fund’s total net expenses are fair and reasonable; (iii) the investment processes, research capabilities, and philosophies of the subadvisers generally appear well suited to the Funds, as applicable, given their investment objectives and policies; (iv) either the relative or absolute performance of a Fund (in each case, taking into account the applicable investment strategy and risk profile of the Fund), or the steps MML Advisers has proposed in respect of the underperformance of a Fund, are sufficient to warrant continuation of the Contracts for each of the Funds; and (v) the terms of the Contracts are fair and reasonable with respect to each Fund and are in the best interests of each Fund’s shareholders.

Submission of Matters to a Vote of Security Holders

A Special Meeting of Shareholders of the Trust was held on May 25, 2022 and on the adjournment date of June 9, 2022. The Notice of Meeting of Shareholders, and a Proxy Statement and voting instruction card, were first mailed, or otherwise made available, on or about April 8, 2022 to shareholders of record as of February 25, 2022. The results of the vote on the matters submitted to shareholders at the Special Meeting are as follows:

Proposal 1: To elect Allan W. Blair, Nabil N. El-Hage, Michael R. Fanning, Maria D. Furman, R. Bradford Malt, C. Ann Merrifield, Clifford M. Noreen, Cynthia R. Plouché, Jason J. Price, and Susan B. Sweeney as Trustees of each Trust of which the Funds are series for an indefinite term of office.*

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This matter was approved by the Trust’s shareholders on June 9, 2022. The results of the votes were as follows:

	Shares Voted	Shares For	% of Shares Outstanding	Withhold	% of Shares Outstanding
Allan W. Blair	836,355,491.101	819,239,879.174	97.063%	17,115,611.927	2.027%
Nabil N. El-Hage	836,355,491.101	820,023,997.857	97.156%	16,331,493.244	1.934%
Michael R. Fanning	836,355,491.101	820,349,272.325	97.194%	16,006,218.776	1.896%
Maria D. Furman	836,355,491.101	818,355,990.457	96.958%	17,999,500.644	2.132%
R. Bradford Malt	836,355,491.101	819,735,779.473	97.122%	16,619,711.628	1.969%
C. Ann Merrifield	836,355,491.101	818,406,703.737	96.964%	17,948,787.364	2.126%
Clifford M. Noreen	836,355,491.101	820,407,214.709	97.201%	15,948,276.392	1.889%
Cynthia R. Plouché	836,355,491.101	818,750,862.042	97.005%	17,604,629.059	2.085%
Jason J. Price	836,355,491.101	820,393,954.933	97.200%	15,961,536.168	1.891%
Susan B. Sweeney	836,355,491.101	818,772,013.146	97.008%	17,583,477.955	2.083%

* Denotes Trust-wide proposal and voting results.

Proposal 3: To change the status of certain Funds from diversified funds to non-diversified funds.

This matter was approved by the following Fund’s shareholders on June 9, 2022. The results of the votes were as follows:

	Shares Voted	Shares For	% of Shares Outstanding	Against	% of Shares Outstanding	Abstain	% of Shares Outstanding
Blue Chip Growth Fund	29,066,255.075	27,557,765.389	94.087%	1,099,245.855	3.753%	409,243.831	1.397%

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Fund Expenses June 30, 2022

Expense Examples:

The following information is in regards to expenses for the six months ended June 30, 2022:

As a shareholder of the Funds, you incur ongoing costs, including advisory fees, distribution and/or service (12b-1) fees, and other Fund expenses. These examples are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other mutual funds. These examples are based on an investment of $1,000 invested for the six months ended June 30, 2022.

Actual Expenses:

The first four columns of the table below provide information about actual account values and actual expenses. You may use this information, 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 under the heading entitled “Operating Expenses Incurred” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes:

The last two columns of the table below provide information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’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 Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs. Therefore, the last two columns of the table are 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.

	Beginning Value	Annualized Expense Ratio	Ending Value (Based on Actual Returns and Expenses)	Operating Expenses Incurred*	Ending Value (Based on Hypothetical Returns and Expenses)	Operating Expenses Incurred*
Conservative Allocation Fund
Initial Class	$1,000	0.13%	$855.20	$0.60	$1,024.10	$0.65
Service Class	1,000	0.38%	854.30	1.75	1,022.90	1.91
Balanced Allocation Fund
Initial Class	1,000	0.12%	849.30	0.55	1,024.20	0.60
Service Class	1,000	0.37%	847.70	1.70	1,023.00	1.86
Moderate Allocation Fund
Initial Class	1,000	0.11%	839.70	0.50	1,024.20	0.55
Service Class	1,000	0.36%	839.20	1.64	1,023.00	1.81
Growth Allocation Fund
Initial Class	1,000	0.12%	828.90	0.54	1,024.20	0.60
Service Class	1,000	0.37%	828.00	1.68	1,023.00	1.86
Aggressive Allocation Fund
Initial Class	1,000	0.15%	815.40	0.68	1,024.10	0.75
Service Class	1,000	0.40%	814.50	1.80	1,022.80	2.01

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	Beginning Value	Annualized Expense Ratio	Ending Value (Based on Actual Returns and Expenses)	Operating Expenses Incurred*	Ending Value (Based on Hypothetical Returns and Expenses)	Operating Expenses Incurred*
MML American Funds Growth Fund
Service Class I**	$1,000	1.02%	$699.40	$4.30	$1,019.70	$5.11
MML American Funds International Fund
Service Class I**	1,000	1.30%	771.10	5.71	1,018.30	6.51
MML American Funds Core Allocation Fund
Service Class I	1,000	0.61%	849.50	2.80	1,021.80	3.06
Blue Chip Growth Fund
Initial Class	1,000	0.78%	647.50	3.19	1,020.90	3.91
Service Class	1,000	1.03%	646.90	4.21	1,019.70	5.16
Equity Income Fund
Initial Class	1,000	0.75%	915.20	3.56	1,021.10	3.76
Service Class	1,000	1.00%	913.90	4.75	1,019.80	5.01
Equity Index Fund
Class I	1,000	0.42%	798.60	1.87	1,022.70	2.11
Class II	1,000	0.27%	799.30	1.20	1,023.50	1.35
Class III	1,000	0.12%	800.00	0.54	1,024.20	0.60
Service Class I	1,000	0.67%	797.90	2.99	1,021.50	3.36
Focused Equity Fund
Class II	1,000	0.86%	891.60	4.03	1,020.50	4.31
Service Class I	1,000	1.11%	890.70	5.20	1,019.30	5.56
Foreign Fund
Initial Class	1,000	0.93%	812.50	4.18	1,020.20	4.66
Service Class	1,000	1.18%	811.50	5.30	1,018.90	5.91
Fundamental Equity Fund
Class II	1,000	0.80%	781.70	3.53	1,020.80	4.01
Service Class I	1,000	1.05%	781.00	4.64	1,019.60	5.26
Fundamental Value Fund
Class II	1,000	0.80%	891.00	3.75	1,020.80	4.01
Service Class I	1,000	1.05%	890.30	4.92	1,019.60	5.26
Global Fund
Class I	1,000	0.85%	789.20	3.77	1,020.60	4.26
Class II	1,000	0.85%	788.50	3.77	1,020.60	4.26
Service Class I	1,000	1.10%	787.30	4.87	1,019.30	5.51
Income & Growth Fund
Initial Class	1,000	0.69%	920.20	3.29	1,021.40	3.46
Service Class	1,000	0.94%	919.70	4.47	1,020.10	4.71
International Equity Fund
Class II	1,000	0.95%	806.00	4.25	1,020.10	4.76
Service Class I	1,000	1.20%	804.70	5.37	1,018.80	6.01
Large Cap Growth Fund
Initial Class	1,000	0.70%	712.80	2.97	1,021.30	3.51
Service Class	1,000	0.95%	711.80	4.03	1,020.10	4.76
Managed Volatility Fund
Initial Class	1,000	1.00%	876.70	4.65	1,019.80	5.01
Service Class	1,000	1.25%	875.60	5.81	1,018.60	6.26
Mid Cap Growth Fund
Initial Class	1,000	0.82%	720.90	3.50	1,020.70	4.11
Service Class	1,000	1.07%	719.70	4.56	1,019.50	5.36

220

Other Information (Unaudited) (Continued)

	Beginning Value	Annualized Expense Ratio	Ending Value (Based on Actual Returns and Expenses)	Operating Expenses Incurred*	Ending Value (Based on Hypothetical Returns and Expenses)	Operating Expenses Incurred*
Mid Cap Value Fund
Initial Class	$1,000	0.88%	$919.70	$4.19	$1,020.40	$4.41
Service Class	1,000	1.14%	918.80	5.42	1,019.10	5.71
Small Cap Growth Equity Fund
Initial Class	1,000	1.08%	738.20	4.65	1,019.40	5.41
Service Class	1,000	1.33%	737.30	5.73	1,018.20	6.66
Small Company Value Fund
Class II	1,000	0.90%	834.20	4.09	1,020.30	4.51
Service Class I	1,000	1.15%	833.20	5.23	1,019.10	5.76
Small/Mid Cap Value Fund
Initial Class	1,000	0.81%	802.30	3.62	1,020.80	4.06
Service Class	1,000	1.06%	801.50	4.73	1,019.50	5.31
Sustainable Equity Fund
Initial Class	1,000	0.56%	796.30	2.49	1,022.00	2.81
Service Class	1,000	0.81%	795.50	3.61	1,020.80	4.06
Total Return Bond Fund
Class II	1,000	0.62%	885.40	2.90	1,021.70	3.11
Service Class I	1,000	0.87%	883.70	4.06	1,020.50	4.36

* Expenses are calculated using the annualized expense ratio for the six months ended June 30, 2022, multiplied by the average account value over the period, multiplied by 181 days in the period, divided by 365 days in the year, unless stated otherwise. The annualized expense ratio does not reflect expenses deducted under the variable life insurance or variable annuity contract through which the Funds are invested in. Inclusion of these expenses would increase the annualized expense ratios shown.

** The annualized expense ratio reflects the expenses of both the Feeder Fund and the Master Fund in which it invests.

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Underwriter:
MML Distributors, LLC
1295 State Street
Springfield, Massachusetts 01111-0001

^© 2022 Massachusetts Mutual Life Insurance Company (MassMutual^®), Springfield, MA 01111-0001. All rights reserved. www.MassMutual.com. Investment Adviser: MML Investment Advisers, LLC MM202307-302418

American Funds
Insurance Series^®   Semi-annual report
for the six months ended
June 30, 2022

Investing in global
companies for
the long term

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

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

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

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

Fellow investors:

Results for the American Funds Insurance Series for the periods ended June 30, 2022, are shown on the following pages, as well as results of the funds’ benchmarks.

For additional information about the series, its investment results, holdings and portfolio managers, visit capitalgroup.com/afis. You can also access information about Capital Group’s American Funds and read our insights about the markets, retirement, saving for college, investing fundamentals and more at capitalgroup.com.

Contents

1	Letter to investors
2	Results at a glance
	Investment portfolios
28	Global Growth Fund
33	Global Small Capitalization Fund
41	Growth Fund
48	International Fund
53	New World Fund®
67	Washington Mutual Investors FundSM
72	Capital World Growth and Income Fund®
81	Growth-Income Fund
87	International Growth and Income Fund
94	Capital Income Builder®
111	Asset Allocation Fund
141	American Funds Global Balanced FundSM
156	The Bond Fund of America®
183	Capital World Bond Fund®
202	American High-Income Trust®
221	American Funds Mortgage Fund®
227	Ultra-Short Bond Fund
229	U.S. Government Securities Fund®
237	Managed Risk Growth Fund
239	Managed Risk International Fund
241	Managed Risk Washington Mutual Investors Fund
243	Managed Risk Growth-Income Fund
245	Managed Risk Asset Allocation Fund
247	Financial statements

American Funds Insurance Series 1

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.

Results at a glance

For periods ended June 30, 2022, with all distributions reinvested

	Inception	Cumulative total returns						Average annual total returns
Class 1 shares	date	6 months			1 year			5 years			10 years			Lifetime
Global Growth Fund	4/30/97		–27.84	%		–24.63	%		8.62	%		11.25	%		9.58	%
MSCI All Country World Index (ACWI)1			–20.18			–15.75			7.00			8.76			6.21
Global Small Capitalization Fund	4/30/98		–31.99			–34.36			4.59			7.86			8.41
MSCI All Country World Small Cap Index1			–22.27			–21.82			4.68			8.33			7.20
Growth Fund	2/8/84		–29.80			–24.04			13.89			14.92			12.82
S&P 500 Index2			–19.96			–10.62			11.31			12.96			11.24
International Fund	5/1/90		–22.53			–26.93			0.91			5.20			7.10
MSCI All Country World Index (ACWI) ex USA1			–18.42			–19.42			2.50			4.83			5.28
New World Fund	6/17/99		–23.72			–27.22			4.65			5.53			7.50
MSCI All Country World Index (ACWI)1			–20.18			–15.75			7.00			8.76			5.01
Washington Mutual Investors Fund	7/5/01		–12.88			–3.07			8.48			11.55			6.88
S&P 500 Index2			–19.96			–10.62			11.31			12.96			7.63
Capital World Growth and Income Fund	5/1/06		–21.20			–17.65			5.31			8.66			6.28
MSCI All Country World Index (ACWI)1			–20.18			–15.75			7.00			8.76			5.63
Growth-Income Fund	2/8/84		–19.68			–12.58			9.59			12.27			11.05
S&P 500 Index2			–19.96			–10.62			11.31			12.96			11.24
International Growth and Income Fund	11/18/08		–19.00			–20.17			1.55			4.33			6.80
MSCI All Country World Index (ACWI) ex USA1			–18.42			–19.42			2.50			4.83			6.78
Capital Income Builder	5/1/14		–9.64			–5.14			4.68			—			4.22
70%/30% MSCI ACWI/Bloomberg U.S. Aggregate Index3			–17.26			–13.99			5.41			—			5.25
MSCI All Country World Index (ACWI)1			–20.18			–15.75			7.00			—			6.55
Bloomberg U.S. Aggregate Index4			–10.35			–10.29			0.88			—			1.56
Asset Allocation Fund	8/1/89		–15.78			–11.82			6.50			8.86			8.25
60%/40% S&P 500 Index/Bloomberg U.S. Aggregate Index5			–16.11			–10.24			7.37			8.50			8.28
S&P 500 Index2			–19.96			–10.62			11.31			12.96			9.84
Bloomberg U.S. Aggregate Index4			–10.35			–10.29			0.88			1.54			5.28
American Funds Global Balanced Fund	5/2/11		–16.31			–12.41			4.74			6.04			5.25
60%/40% MSCI ACWI/Bloomberg Global Aggregate Index6			–17.66			–15.41			4.18			5.41			4.37
MSCI All Country World Index (ACWI)1			–20.18			–15.75			7.00			8.76			6.78
Bloomberg Global Aggregate Index4			–13.91			–15.25			–0.55			0.11			0.32
The Bond Fund of America	1/2/96		–9.96			–9.48			1.79			2.12			4.22
Bloomberg U.S. Aggregate Index4			–10.35			–10.29			0.88			1.54			4.37
Capital World Bond Fund	10/4/06		–16.05			–17.37			–0.82			0.25			2.58
Bloomberg Global Aggregate Index4			–13.91			–15.25			–0.55			0.11			2.29
American High-Income Trust	2/8/84		–12.42			–10.67			3.13			4.46			8.17
Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index4			–14.19			–12.82			2.09			4.47			N/A
American Funds Mortgage Fund	5/2/11		–6.77			–6.54			1.03			1.60			2.02
Bloomberg U.S. Mortgage Backed Securities Index4			–8.78			–9.03			0.36			1.18			1.60
Ultra-Short Bond Fund	2/8/84		0.09			–0.09			0.79			0.35			3.17
Bloomberg Short–Term Government/Corporate Index4			–0.37			–0.37			1.25			0.84			N/A
U.S. Government Securities Fund	12/2/85		–7.08			–6.27			1.66			1.64			5.36
Bloomberg U.S. Government/ Mortgage-Backed Securities Index4			–8.93			–8.91			0.62			1.10			5.63

2 American Funds Insurance Series

Inception

Cumulative total returns

Average annual total returns

Class P1 shares

date

6 months

1 year

5 years

Lifetime

Managed Risk Growth Fund

5/1/13

–22.20

%

–18.21

%

9.47

%

8.95

%

S&P 500 Managed Risk Index —  Moderate Aggressive7

–13.90

–6.01

7.36

8.28

Managed Risk International Fund

5/1/13

–15.68

–21.14

–0.41

0.86

S&P EPAC Ex. Korea LargeMidCap Managed Risk Index — Moderate Aggressive7

–14.46

–12.88

1.43

1.89

Managed Risk Washington Mutual Investors Fund

5/1/13

–9.45

–2.50

4.16

5.71

S&P 500 Managed Risk Index — Moderate7

–13.22

–6.26

6.66

7.51

Managed Risk Growth-Income Fund

5/1/13

–15.87

–10.85

6.66

7.19

S&P 500 Managed Risk Index — Moderate7

–13.22

–6.26

6.66

7.51

Managed Risk Asset Allocation Fund

9/28/12

–14.40

–11.09

4.34

6.16

S&P 500 Managed Risk Index — Moderate Conservative7

–12.74

–6.70

5.97

7.15

The market indexes shown are unmanaged and, therefore, have no expenses. Investors cannot invest directly in an index.

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. The investment adviser is currently waiving a portion of its management fee for Global Growth Fund, Global Small Capitalization Fund, New World Fund, Washington Mutual Investors Fund, Capital World Growth and Income Fund, International Growth and Income Fund, Capital Income Builder, American Funds Global Balanced Fund, The Bond Fund of America, Capital World Bond Fund, American High-Income Trust, American Funds Mortgage Fund, U.S. Government Securities Fund, Managed Risk Growth Fund, Managed Risk International Fund, Managed Risk Washington Mutual Investors Fund, Managed Risk Growth-Income Fund and Managed Risk Asset Allocation Fund. The waivers will be in effect through at least May 1, 2023. The waivers may only be modified or terminated with the approval of the series’ board. Visit capitalgroup.com/afis for more information.

1	Source: MSCI. Results for MSCI indexes reflect dividends net of withholding taxes and reinvestment of distributions. MSCI All Country World Index 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. MSCI All Country World Small Cap Index is a free float-adjusted market capitalization-weighted index that is designed to measure equity market results of smaller capitalization companies in both developed and emerging markets. MSCI All Country World ex USA Index is a free float-adjusted market capitalization weighted index that is designed to measure equity market results in the global developed and emerging markets, excluding the United States. The index consists of more than 40 developed and emerging market country indexes.
2	Source: S&P Dow Jones Indices LLC. S&P 500 Index is a market capitalization-weighted index based on the results of approximately 500 widely held common stocks.
3	Sources: MSCI and Bloomberg Index Services Ltd. The 70%/30% MSCI ACWI/Bloomberg U.S. Aggregate Index blends the MSCIACWI (All Country World Index) with the Bloomberg U.S. Aggregate Index by weighting their total returns at 70% and 30%, respectively. Its result assumes the blend is rebalanced monthly.
4	Source: Bloomberg Index Services Ltd. Bloomberg U.S. Aggregate Index represents the U.S. investment-grade (rated BBB/Baa and above) fixed-rate bond market. Bloomberg Global Aggregate Index represents the global investment-grade fixed income markets. Bloomberg U.S. Mortgage Backed Securities Index is a market-value-weighted index that covers the mortgage-backed pass-through securities of Ginnie Mae (GNMA), Fannie Mae (FNMA), and Freddie Mac (FHLMC). Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index covers the universe of fixed-rate, non-investment-grade debt. The index limits the maximum exposure of any one issuer to 2%.Bloomberg U.S. Government/Mortgage-Backed Securities Index covers obligations issued by the U.S. Treasury and U.S. government agencies. Bloomberg Short-Term Government/Corporate Index consists of investment-grade, 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.
5	Sources: Bloomberg Index Services Ltd. and S&P Dow Jones Indices LLC. Blends the S&P 500 with the Bloomberg U.S. Aggregate Index by weighting their total returns at 60% and 40%, respectively. Results assume the blend is rebalanced monthly.
6	Sources: MSCI and Bloomberg Index Services Ltd. The 60%/40% MSCI ACWI/Bloomberg Global Aggregate Index blends the MSCIACWI (All Country World Index) with the Bloomberg Global Aggregate Index by weighting their cumulative total returns at 60% and 40%, respectively. Its result assumes the blend is rebalanced monthly.
7	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.

American Funds Insurance Series 3

About the series

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

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

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

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

The Managed Risk Growth Fund pursues its objective by investing in shares of American Funds Insurance Series – Growth Fund^SM and American Funds Insurance Series – The Bond Fund of America^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 – The Bond Fund of America^SM. The Managed Risk Washington Mutual Investors Fund pursues its objective by investing in shares of American Funds Insurance Series – Washington Mutual Investors Fund^SM and American Funds Insurance Series – U.S. Government 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 – The Bond Fund of America^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.

4 American Funds Insurance Series

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.

Total returns based on a $1,000 investment

For periods ended June 30, 2022*

	6 months			1 year			5 years			10 years			Lifetime (since April 30, 1997)			Gross expense ratio			Net expense ratio
Class 1		-27.84	%		-24.63	%		8.62	%		11.25	%		9.58	%		0.53	%		0.42	%
Class 1A		-27.91			-24.79			8.36			10.99			9.31			0.78			0.67
Class 2		-27.91			-24.80			8.36			10.98			9.30			0.78			0.67
Class 4		-27.99			-24.98			8.08			10.75			9.05			1.03			0.92

Investment results assume all distributions are reinvested and reflect applicable fees and expenses. The investment adviser is currently waiving a portion of its management fee. This waiver will be in effect through at least May 1, 2023. The waiver may only be modified or terminated with the approval of the fund’s board. Net expense ratios reflect the waiver, without which they would have been higher. When applicable, investment results reflect fee waivers and/or expense reimbursements, without which results would have been lower. Visit capitalgroup.com/afis for more information. Expense ratios are restated to reflect current fees and are as of the fund’s prospectus dated May 1, 2022. Refer to the Financial Highlights table in this report for details.

* Periods greater than one year are annualized.

Where the fund’s assets were invested as of June 30, 2022 Percent of net assets

American Funds Insurance Series 5

Global Small Capitalization Fund

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

Total returns based on a $1,000 investment

For periods ended June 30, 2022*

	6 months			1 year			5 years			10 years			Lifetime (since April 30, 1998)			Gross expense ratio			Net expense ratio
Class 1		–31.99	%		–34.36	%		4.59	%		7.86	%		8.41	%		0.70	%		0.65	%
Class 1A		–32.05			–34.50			4.34			7.60			8.14			0.95			0.90
Class 2		–32.09			–34.53			4.33			7.59			8.14			0.95			0.90
Class 4		–32.13			–34.66			4.07			7.33			7.87			1.20			1.15

Investment results assume all distributions are reinvested and reflect applicable fees and expenses. The investment adviser is currently waiving a portion of its management fee. This waiver will be in effect through at least May 1, 2023. The waiver may only be modified or terminated with the approval of the fund’s board. Net expense ratios reflect the waiver, without which they would have been higher. When applicable, investment results reflect fee waivers and/or expense reimbursements, without which results would have been lower. Visit capitalgroup.com/afis for more information. Expense ratios are restated to reflect current fees and are as of the fund’s prospectus dated May 1, 2022. Refer to the Financial Highlights table in this report for details.

* Periods greater than one year are annualized.

Where the fund’s assets were invested as of June 30, 2022 Percent of net assets

6 American Funds Insurance Series

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.

Total returns based on a $1,000 investment

For periods ended June 30, 2022*

	6 months			1 year			5 years			10 years			Lifetime (since February 8, 1984)			Expense ratio
Class 1		–29.80	%		–24.04	%		13.89	%		14.92	%		12.82	%		0.35	%
Class 1A		–29.89			–24.24			13.61			14.64			12.54			0.60
Class 2		–29.90			–24.24			13.61			14.63			12.54			0.60
Class 3		–29.88			–24.19			13.69			14.71			12.62			0.53
Class 4		–29.98			–24.43			13.32			14.36			12.26			0.85

Investment results assume all distributions are reinvested and reflect applicable fees and expenses. When applicable, investment results reflect fee waivers and/or expense reimbursements, without which results would have been lower. Visit capitalgroup.com/afis for more information. Expense ratios are as of the fund’s prospectus dated May 1, 2022. Refer to the Financial Highlights table in this report for details.

* Periods greater than one year are annualized.

Where the fund’s assets were invested as of June 30, 2022 Percent of net assets

American Funds Insurance Series 7

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.

Total returns based on a $1,000 investment

For periods ended June 30, 2022*

	6 months			1 year			5 years			10 years			Lifetime (since May 1, 1990)			Expense ratio
Class 1		–22.53	%		–26.93	%		0.91	%		5.20	%		7.10	%		0.54	%
Class 1A		–22.66			–27.15			0.66			4.94			6.83			0.79
Class 2		–22.63			–27.14			0.66			4.94			6.83			0.79
Class 3		–22.64			–27.12			0.72			5.01			6.91			0.72
Class 4		–22.78			–27.36			0.40			4.69			6.57			1.04

Investment results assume all distributions are reinvested and reflect applicable fees and expenses. When applicable, investment results reflect fee waivers and/or expense reimbursements, without which results would have been lower. Visit capitalgroup.com/afis for more information. Expense ratios are restated to reflect current fees and are as of the fund’s prospectus dated May 1, 2022. Refer to the Financial Highlights table in this report for details.

* Periods greater than one year are annualized.

Where the fund’s assets were invested as of June 30, 2022 Percent of net assets

8 American Funds Insurance Series

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.

Total returns based on a $1,000 investment

For periods ended June 30, 2022*

	6 months			1 year			5 years			10 years			Lifetime (since June 17, 1999)			Gross expense ratio			Net expense ratio
Class 1		–23.72	%		–27.22	%		4.65	%		5.53	%		7.50	%		0.64	%		0.57	%
Class 1A		–23.82			–27.39			4.39			5.27			7.24			0.89			0.82
Class 2		–23.84			–27.41			4.39			5.26			7.24			0.89			0.82
Class 4		–23.89			–27.56			4.13			5.02			6.97			1.14			1.07

Investment results assume all distributions are reinvested and reflect applicable fees and expenses. The investment adviser is currently waiving a portion of its management fee. This waiver will be in effect through at least May 1, 2023. The waiver may only be modified or terminated with the approval of the fund’s board. Net expense ratios reflect the waiver, without which they would have been higher. When applicable, investment results reflect fee waivers and/or expense reimbursements, without which results would have been lower. Visit capitalgroup.com/afis for more information. Expense ratios are restated to reflect current fees and are as of the fund’s prospectus dated May 1, 2022. Refer to the Financial Highlights table in this report for details.

* Periods greater than one year are annualized.

Where the fund’s assets were invested as of June 30, 2022 Percent of net assets

American Funds Insurance Series 9

Washington Mutual Investors Fund^SM

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.

Total returns based on a $1,000 investment

For periods ended June 30, 2022^†

	6 months			1 year			5 years			10 years			Lifetime (since May 1, 2006)			Gross expense ratio			Net expense ratio
Class 1		–12.88	%		–3.07	%		8.48	%		11.55	%		6.88	%		0.41	%		0.27	%
Class 1A		–12.98			–3.37			8.21			11.28			6.62			0.66			0.52
Class 2		–13.01			–3.37			8.19			11.26			6.61			0.66			0.52
Class 4		–13.13			–3.58			7.93			11.05			6.37			0.91			0.77

Investment results assume all distributions are reinvested and reflect applicable fees and expenses. The investment adviser is currently waiving a portion of its management fee. This waiver will be in effect through at least May 1, 2023. The waiver may only be modified or terminated with the approval of the fund’s board. Net expense ratios reflect the waiver, without which they would have been higher. When applicable, investment results reflect fee waivers and/or expense reimbursements, without which results would have been lower. Visit capitalgroup.com/afis for more information. Expense ratios are restated to reflect current fees and are as of the fund’s prospectus dated May 1, 2022. Refer to the Financial Highlights table in this report for details.

^†  Periods greater than one year are annualized.

Where the fund’s assets were invested as of June 30, 2022 Percent of net assets

10 American Funds Insurance Series

Capital World Growth and Income Fund^®

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

Total returns based on a $1,000 investment

For periods ended June 30, 2022*

	6 months			1 year			5 years			10 years			Lifetime (since May 1, 2006)			Gross expense ratio			Net expense ratio
Class 1		–21.20	%		–17.65	%		5.31	%		8.66	%		6.28	%		0.53	%		0.42	%
Class 1A		–21.28			–17.87			5.05			8.41			6.02			0.78			0.67
Class 2		–21.30			–17.87			5.05			8.40			6.01			0.78			0.67
Class 4		–21.40			–18.07			4.79			8.14			5.76			1.03			0.92

Investment results assume all distributions are reinvested and reflect applicable fees and expenses. The investment adviser is currently waiving a portion of its management fee. This waiver will be in effect through at least May 1, 2023. The waiver may only be modified or terminated with the approval of the fund’s board. Net expense ratios reflect the waiver, without which they would have been higher. When applicable, investment results reflect fee waivers and/or expense reimbursements, without which results would have been lower. Visit capitalgroup.com/afis for more information. Expense ratios are restated to reflect current fees and are as of the fund’s prospectus dated May 1, 2022. Refer to the Financial Highlights table in this report for details.

* Periods greater than one year are annualized.

Where the fund’s assets were invested as of June 30, 2022 Percent of net assets

American Funds Insurance Series 11

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.

Total returns based on a $1,000 investment

For periods ended June 30, 2022*

	6 months			1 year			5 years			10 years			Lifetime (since February 8, 1984)			Expense ratio
Class 1		–19.68	%		–12.58	%		9.59	%		12.27	%		11.05	%		0.29	%
Class 1A		–19.78			–12.78			9.32			12.00			10.77			0.54
Class 2		–19.79			–12.79			9.32			11.98			10.77			0.54
Class 3		–19.75			–12.72			9.39			12.06			10.85			0.47
Class 4		–19.88			–13.00			9.04			11.72			10.50			0.79

Investment results assume all distributions are reinvested and reflect applicable fees and expenses. When applicable, investment results reflect fee waivers and/or expense reimbursements, without which results would have been lower. Visit capitalgroup.com/afis for more information. Expense ratios are as of the fund’s prospectus dated May 1, 2022. Refer to the Financial Highlights table in this report for details.

* Periods greater than one year are annualized.

Where the fund’s assets were invested as of June 30, 2022 Percent of net assets

12 American Funds Insurance Series

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.

Total returns based on a $1,000 investment

For periods ended June 30, 2022*

	6 months			1 year			5 years			10 years			Lifetime (since November 18, 2008)			Gross expense ratio			Net expense ratio
Class 1		–19.00	%		–20.17	%		1.55	%		4.33	%		6.80	%		0.54	%		0.53	%
Class 1A		–19.14			–20.42			1.29			4.08			6.54			0.79			0.78
Class 2		–19.16			–20.41			1.27			4.06			6.53			0.79			0.78
Class 4		–19.24			–20.59			1.03			3.84			6.29			1.04			1.03

Investment results assume all distributions are reinvested and reflect applicable fees and expenses. The investment adviser is currently waiving a portion of its management fee. This waiver will be in effect through at least May 1, 2023. The waiver may only be modified or terminated with the approval of the fund’s board. Net expense ratios reflect the waiver, without which they would have been higher. When applicable, investment results reflect fee waivers and/or expense reimbursements, without which results would have been lower. Visit capitalgroup.com/afis for more information. Expense ratios are restated to reflect current fees and are as of the fund’s prospectus dated May 1, 2022. Refer to the Financial Highlights table in this report for details.

* Periods greater than one year are annualized.

Where the fund’s assets were invested as of June 30, 2022 Percent of net assets

American Funds Insurance Series 13

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.

Total returns based on a $1,000 investment

For periods ended June 30, 2022*

	6 months			1 year			5 years			Lifetime (since May 1, 2014)			Gross expense ratio			Net expense ratio
Class 1		–9.64	%		–5.14	%		4.68	%		4.22	%		0.41	%		0.27	%
Class 1A		–9.68			–5.38			4.43			3.97			0.66			0.52
Class 2		–9.67			–5.37			4.43			4.05			0.66			0.52
Class 4		–9.81			–5.62			4.17			3.71			0.91			0.77

Investment results assume all distributions are reinvested and reflect applicable fees and expenses. The investment adviser is currently waiving a portion of its management fee. This waiver will be in effect through at least May 1, 2023. The waiver may only be modified or terminated with the approval of the fund’s board. Net expense ratios reflect the waiver, without which they would have been higher. When applicable, investment results reflect fee waivers and/or expense reimbursements, without which results would have been lower. Visit capitalgroup.com/afis for more information. Expense ratios are restated to reflect current fees and are as of the fund’s prospectus dated May 1, 2022. Refer to the Financial Highlights table in this report for details.

* Periods greater than one year are annualized.

Where the fund’s assets were invested as of June 30, 2022 Percent of net assets

14 American Funds Insurance Series

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.

Total returns based on a $1,000 investment

For periods ended June 30, 2022*

	6 months			1 year			5 years			10 years			Lifetime (since August 1, 1989)			Expense ratio
Class 1		–15.78	%		–11.82	%		6.50	%		8.86	%		8.25	%		0.30	%
Class 1A		–15.88			–12.03			6.24			8.60			7.99			0.55
Class 2		–15.91			–12.06			6.23			8.58			7.98			0.55
Class 3		–15.89			–12.01			6.30			8.66			8.06			0.48
Class 4		–16.01			–12.29			5.96			8.36			7.73			0.80

Investment results assume all distributions are reinvested and reflect applicable fees and expenses. When applicable, investment results reflect fee waivers and/or expense reimbursements, without which results would have been lower. Visit capitalgroup.com/afis for more information. Expense ratios are as of the fund’s prospectus dated May 1, 2022. Refer to the Financial Highlights table in this report for details.

* Periods greater than one year are annualized.

Where the fund’s assets were invested as of June 30, 2022 Percent of net assets

American Funds Insurance Series 15

American Funds Global Balanced Fund^SM

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.

Total returns based on a $1,000 investment

For periods ended June 30, 2022*

	6 months			1 year			5 years			10 years			Lifetime (since May 2, 2011)			Gross expense ratio			Net expense ratio
Class 1		–16.31	%		–12.41	%		4.74	%		6.04	%		5.25	%		0.52	%		0.51	%
Class 1A		–16.48			–12.65			4.48			5.79			5.01			0.77			0.76
Class 2		–16.41			–12.61			4.47			5.78			4.99			0.77			0.76
Class 4		–16.53			–12.87			4.20			5.63			4.83			1.02			1.01

Investment results assume all distributions are reinvested and reflect applicable fees and expenses. The investment adviser is currently waiving a portion of its management fee. This waiver will be in effect through at least May 1, 2023. The waiver may only be modified or terminated with the approval of the fund’s board. Net expense ratios reflect the waiver, without which they would have been higher. When applicable, investment results reflect fee waivers and/or expense reimbursements, without which results would have been lower. Visit capitalgroup.com/afis for more information. Expense ratios are restated to reflect current fees and are as of the fund’s prospectus dated May 1, 2022. Refer to the Financial Highlights table in this report for details.

* Periods greater than one year are annualized.

Where the fund’s assets were invested as of June 30, 2022 Percent of net assets

16 American Funds Insurance Series

The Bond Fund of America^®

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

Total returns based on a $1,000 investment

For periods ended June 30, 2022*

	6 months			1 year			5 years			10 years			Lifetime (since January 2, 1996)			Gross expense ratio			Net expense ratio
Class 1		–9.96	%		–9.48	%		1.79	%		2.12	%		4.22	%		0.39	%		0.20	%
Class 1A		–10.09			–9.70			1.55			1.87			3.97			0.64			0.45
Class 2		–10.14			–9.68			1.54			1.86			3.96			0.64			0.45
Class 4		–10.22			–9.92			1.28			1.62			3.71			0.89			0.70

Investment results assume all distributions are reinvested and reflect applicable fees and expenses. The investment adviser is currently waiving a portion of its management fee. This waiver will be in effect through at least May 1, 2023. The waiver may only be modified or terminated with the approval of the fund’s board. Net expense ratios reflect the waiver, without which they would have been higher. When applicable, investment results reflect fee waivers and/or expense reimbursements, without which results would have been lower. Visit capitalgroup.com/afis for more information. Expense ratios are restated to reflect current fees and are as of the fund’s prospectus dated May 1, 2022. Refer to the Financial Highlights table in this report for details.

* Periods greater than one year are annualized.

Where the fund’s assets were invested as of June 30, 2022 Percent of net assets

American Funds Insurance Series 17

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.

Total returns based on a $1,000 investment

For periods ended June 30, 2022*

	6 months			1 year			5 years			10 years			Lifetime (since October 4, 2006)			Gross expense ratio
Class 1		–16.05	%		–17.37	%		–0.82	%		0.25	%		2.58	%		0.50	%
Class 1A		–16.22			–17.63			–1.05			0.01			2.34			0.75
Class 2		–16.21			–17.65			–1.06			–0.01			2.32			0.75
Class 4		–16.26			–17.79			–1.31			–0.21			2.10			1.00

Investment results assume all distributions are reinvested and reflect applicable fees and expenses. The investment adviser is currently waiving a portion of its management fee. This waiver will be in effect through at least May 1, 2023. The waiver may only be modified or terminated with the approval of the fund’s board. Net expense ratios reflect the waiver, without which they would have been higher. When applicable, investment results reflect fee waivers and/or expense reimbursements, without which results would have been lower. Visit capitalgroup.com/afis for more information. Expense ratios are restated to reflect current fees and are as of the fund’s prospectus dated May 1, 2022. Refer to the Financial Highlights table in this report for details.

* Periods greater than one year are annualized.

Where the fund’s assets were invested as of June 30, 2022 Percent of net assets

18 American Funds Insurance Series

American High-Income Trust^®

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

Total returns based on a $1,000 investment

For periods ended June 30, 2022*

	6 months			1 year			5 years			10 years			Lifetime (since February 8, 1984)			Gross expense ratio			Net expense ratio
Class 1		–12.42	%		–10.67	%		3.13	%		4.46	%		8.17	%		0.44	%		0.30	%
Class 1A		–12.60			–11.01			2.85			4.20			7.90			0.69			0.55
Class 2		–12.52			–10.94			2.87			4.19			7.90			0.69			0.55
Class 3		–12.58			–10.91			2.93			4.25			7.97			0.62			0.48
Class 4		–12.68			–11.12			2.61			3.98			7.64			0.94			0.80

Investment results assume all distributions are reinvested and reflect applicable fees and expenses. The investment adviser is currently waiving a portion of its management fee. This waiver will be in effect through at least May 1, 2023. The waiver may only be modified or terminated with the approval of the fund’s board. Net expense ratios reflect the waiver, without which they would have been higher. When applicable, investment results reflect fee waivers and/or expense reimbursements, without which results would have been lower. Visit capitalgroup.com/afis for more information. Expense ratios are restated to reflect current fees and are as of the fund’s prospectus dated May 1, 2022. Refer to the Financial Highlights table in this report for details.

* Periods greater than one year are annualized.

Where the fund’s assets were invested as of June 30, 2022 Percent of net assets

American Funds Insurance Series 19

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.

Total returns based on a $1,000 investment

For periods ended June 30, 2022*

	6 months			1 year			5 years			10 years			Lifetime (since May 2, 2011)			Gross expense ratio			Net expense ratio
Class 1		–6.77	%		–6.54	%		1.03	%		1.60	%		2.02	%		0.37	%		0.25	%
Class 1A		–6.94			–6.82			0.78			1.35			1.77			0.62			0.50
Class 2		–6.93			–6.81			0.77			1.34			1.76			0.62			0.50
Class 4		–7.05			–7.09			0.52			1.14			1.56			0.87			0.75

Investment results assume all distributions are reinvested and reflect applicable fees and expenses. The investment adviser is currently waiving a portion of its management fee. This waiver will be in effect through at least May 1, 2023. The waiver may only be modified or terminated with the approval of the fund’s board. Net expense ratios reflect the waiver, without which they would have been higher. When applicable, investment results reflect fee waivers and/or expense reimbursements, without which results would have been lower. Visit capitalgroup.com/afis for more information. Expense ratios are restated to reflect current fees and are as of the fund’s prospectus dated May 1, 2022. Refer to the Financial Highlights table in this report for details.

* Periods greater than one year are annualized.

Where the fund’s assets were invested as of June 30, 2022 Percent of net assets

20 American Funds Insurance Series

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.

Total returns based on a $1,000 investment

For periods ended June 30, 2022*

	6 months			1 year			5 years			10 years			Lifetime (since February 8, 1984)			Expense ratio
Class 1		0.09	%		–0.09	%		0.79	%		0.35	%		3.17	%		0.31	%
Class 1A		0.00			–0.09			0.79			0.24			2.95			0.56
Class 2		–0.09			–0.36			0.54			0.09			2.92			0.56
Class 3		–0.09			–0.27			0.61			0.16			2.99			0.49
Class 4		–0.18			–0.54			0.30			–0.08			2.68			0.81

Investment results assume all distributions are reinvested and reflect applicable fees and expenses. When applicable, investment results reflect fee waivers and/or expense reimbursements, without which results would have been lower. Visit capitalgroup.com/afis for more information. Expense ratios are restated to reflect current fees and are as of the fund’s prospectus dated May 1, 2022. Refer to the Financial Highlights table in this report for details.

* Periods greater than one year are annualized.

Where the fund’s assets were invested as of June 30, 2022	Percent of net assets
Commercial paper		69.4	%
Federal agency bills & notes		17.6
U.S. Treasury bills		11.2
Other assets less liabilities		1.8
Total		100.0	%

American Funds Insurance Series 21

U.S. Government Securities Fund^®

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

Total returns based on a $1,000 investment

For periods ended June 30, 2022*

	6 months			1 year			5 years			10 years			Lifetime (since December 2, 1985)			Gross expense ratio			Net expense ratio
Class 1		–7.08	%		–6.27	%		1.66	%		1.64	%		5.36	%		0.34	%		0.22	%
Class 1A		–7.15			–6.43			1.42			1.41			5.11			0.59			0.47
Class 2		–7.21			–6.51			1.41			1.38			5.10			0.59			0.47
Class 3		–7.18			–6.43			1.48			1.46			5.17			0.52			0.40
Class 4		–7.35			–6.68			1.15			1.18			4.85			0.84			0.72

Investment results assume all distributions are reinvested and reflect applicable fees and expenses. The investment adviser is currently waiving a portion of its management fee. This waiver will be in effect through at least May 1, 2023. The waiver may only be modified or terminated with the approval of the fund’s board. Net expense ratios reflect the waiver, without which they would have been higher. When applicable, investment results reflect fee waivers and/or expense reimbursements, without which results would have been lower. Visit capitalgroup.com/afis for more information. Expense ratios are restated to reflect current fees and are as of the fund’s prospectus dated May 1, 2022. Refer to the Financial Highlights table in this report for details.

* Periods greater than one year are annualized.

Where the fund’s assets were invested as of June 30, 2022 Percent of net assets

22 American Funds Insurance Series

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.

Total returns based on a $1,000 investment

For periods ended June 30, 2022*

	6 months			1 year			5 years			Lifetime (since May 1, 2013)			Gross expense ratio			Net expense ratio
Class P1		–22.20	%		–18.21	%		9.47	%		8.95	%		0.74	%		0.69	%
Class P2		–22.32			–18.44			9.21			8.64			0.99			0.94

The investment adviser is currently waiving a portion of its management fee. This waiver will be in effect through at least May 1, 2023. The waiver may only be modified or terminated with the approval of the fund’s board. Net expense ratios shown reflect the waiver, without which they would have been higher. When applicable, investment results reflect fee waivers and/or expense reimbursements, without which results would have been lower. Visit capitalgroup.com/afis for more information. Expense ratios are as of the fund’s prospectus dated May 1, 2022.

* Periods greater than one year are annualized.

American Funds Insurance Series 23

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.

Total returns based on a $1,000 investment

For periods ended June 30, 2022*

	6 months			1 year			5 years			Lifetime (since May 1, 2013)			Gross expense ratio			Net expense ratio
Class P1		–15.68	%		–21.14	%		–0.41	%		0.86	%		0.93	%		0.85	%
Class P2		–15.83			–21.38			–0.73			0.50			1.18			1.10

The investment adviser is currently waiving a portion of its management fee. In addition, the investment adviser is currently reimbursing a portion of other expenses. This waiver and reimbursement will be in effect through at least May 1, 2023. The adviser may elect at its discretion to extend, modify or terminate the reimbursement at that time. The waiver may only be modified or terminated with the approval of the fund’s board. Net expense ratios shown reflect the waiver and reimbursement, without which they would have been higher. When applicable, investment results reflect fee waivers and/or expense reimbursements, without which results would have been lower. Visit capitalgroup.com/afis for more information. Expense ratios are restated to reflect current fees and are as of the fund’s prospectus dated May 1, 2022.

* Periods greater than one year are annualized.

24 American Funds Insurance Series

Managed Risk Washington Mutual Investors Fund

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

Total returns based on a $1,000 investment

For periods ended June 30, 2022*

	6 months			1 year			5 years			Lifetime (since May 1, 2013)			Gross expense ratio			Net expense ratio
Class P1		–9.45	%		–2.50	%		4.16	%		5.71	%		0.69	%		0.64	%
Class P2		–9.56			–2.81			3.84			5.36			0.94			0.89

The investment adviser is currently waiving a portion of its management fee. This waiver will be in effect through at least May 1, 2023. The waiver may only be modified or terminated with the approval of the fund’s board. Net expense ratios shown reflect the waiver, without which they would have been higher. When applicable, investment results reflect fee waivers and/or expense reimbursements, without which results would have been lower. Visit capitalgroup.com/afis for more information. Expense ratios are restated to reflect current fees and are as of the fund’s prospectus dated May 1, 2022.

* Periods greater than one year are annualized.

American Funds Insurance Series 25

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.

Total returns based on a $1,000 investment

For periods ended June 30, 2022*

	6 months			1 year			5 years			Lifetime (since May 1, 2013)			Gross expense ratio			Net expense ratio
Class P1		–15.87	%		–10.85	%		6.66	%		7.19	%		0.68	%		0.63	%
Class P2		–16.01			–11.15			6.36			6.88			0.93			0.88

The investment adviser is currently waiving a portion of its management fee. This waiver will be in effect through at least May 1, 2023. The waiver may only be modified or terminated with the approval of the fund’s board. Net expense ratios shown reflect the waiver, without which they would have been higher. When applicable, investment results reflect fee waivers and/or expense reimbursements, without which results would have been lower. Visit capitalgroup.com/afis for more information. Expense ratios are as of the fund’s prospectus dated May 1, 2022.

* Periods greater than one year are annualized.

26 American Funds Insurance Series

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.

Total returns based on a $1,000 investment

For periods ended June 30, 2022*

	6 months			1 year			5 years			Lifetime (since September 28, 2012)			Gross expense ratio			Net expense ratio
Class P1		–14.40	%		–11.09	%		4.34	%		6.16	%		0.70	%		0.65	%
Class P2		–14.50			–11.31			4.08			5.90			0.95			0.90

The investment adviser is currently waiving a portion of its management fee. This waiver will be in effect through at least May 1, 2023. The waiver may only be modified or terminated with the approval of the fund’s board. Net expense ratios shown reflect the waiver, without which they would have been higher. When applicable, investment results reflect fee waivers and/or expense reimbursements, without which results would have been lower. Visit capitalgroup.com/afis for more information. Expense ratios are as of the fund’s prospectus dated May 1, 2022.

* Periods greater than one year are annualized.

American Funds Insurance Series 27

Global Growth Fund

Investment portfolio June 30, 2022 unaudited

Common stocks 89.00%	Shares		Value (000)
Information technology 24.63%
Microsoft Corp.		1,862,700	$	478,396
Taiwan Semiconductor Manufacturing Company, Ltd.		20,131,000		322,275
Taiwan Semiconductor Manufacturing Company, Ltd. (ADR)		140,000		11,445
ASML Holding NV		458,318		218,942
ASML Holding NV (New York registered) (ADR)		234,500		111,594
Adyen NV1		64,475		93,782
Applied Materials, Inc.		875,000		79,608
Broadcom, Inc.		125,300		60,872
Fiserv, Inc.1		497,600		44,272
MongoDB, Inc., Class A1		139,000		36,071
Samsung Electronics Co., Ltd.		785,100		34,466
Apple, Inc.		229,880		31,429
Hexagon AB, Class B		2,920,500		30,333
NVIDIA Corp.		167,500		25,391
Keyence Corp.		69,400		23,723
EPAM Systems, Inc.1		72,800		21,460
Mastercard, Inc., Class A		53,300		16,815
Capgemini SE		85,000		14,560
Visa, Inc., Class A		70,197		13,821
DocuSign, Inc.1		180,000		10,328
Network International Holdings PLC1		3,731,800		8,577
Shopify, Inc., Class A, subordinate voting shares1		140,000		4,374
				1,692,534
Health care 16.62%
UnitedHealth Group, Inc.		320,450		164,593
Pfizer, Inc.		1,884,219		98,790
AstraZeneca PLC		748,300		98,378
ResMed, Inc.		378,000		79,240
DexCom, Inc.1		1,012,000		75,424
Cigna Corp.		259,119		68,283
Merck & Co., Inc.		620,000		56,525
Regeneron Pharmaceuticals, Inc.1		95,036		56,179
Eli Lilly and Company		136,600		44,290
Mettler-Toledo International, Inc.1		34,600		39,747
CVS Health Corp.		371,000		34,377
Novo Nordisk A/S, Class B		280,400		31,100
Elevance Health, Inc.		53,100		25,625
NovoCure, Ltd.1		340,000		23,630
Tandem Diabetes Care, Inc.1		379,084		22,438
Bayer AG		363,860		21,628
Danaher Corp.		82,100		20,814
Catalent, Inc.1		166,200		17,832
Zoetis, Inc., Class A		98,300		16,897
Eurofins Scientific SE, non-registered shares		182,400		14,351
Novartis AG		165,600		14,025
Virbac SA		36,000		14,015
Sanofi		135,000		13,630
Olympus Corp.		665,800		13,379
Vertex Pharmaceuticals, Inc.1		43,700		12,314
Dechra Pharmaceuticals PLC		267,600		11,264
Alnylam Pharmaceuticals, Inc.1		68,000		9,918
Thermo Fisher Scientific, Inc.		17,472		9,492
Siemens Healthineers AG		178,000		9,045
Genus PLC		270,000		8,243
Bachem Holding AG, Class B		101,500		7,054
Rede D’Or Sao Luiz SA		1,073,663		5,945
Organon & Co.		62,000		2,092
Viatris, Inc.		110,678		1,159
EUROAPI1		5,869		93
				1,141,809

28 American Funds Insurance Series

Global Growth Fund (continued)

Common stocks (continued)	Shares		Value (000)
Consumer discretionary 14.76%
Chipotle Mexican Grill, Inc.1		141,600	$	185,108
Amazon.com, Inc.1		1,436,000		152,517
LVMH Moët Hennessy-Louis Vuitton SE		210,400		128,258
Floor & Decor Holdings, Inc., Class A1		914,698		57,589
Domino’s Pizza, Inc.		138,400		53,936
Prosus NV, Class N		760,993		49,827
Renault SA1		1,688,781		42,102
NIKE, Inc., Class B		370,600		37,875
Cie. Financière Richemont SA, Class A		291,500		31,039
MGM China Holdings, Ltd.1		54,589,200		30,958
Home Depot, Inc.		92,275		25,308
Domino’s Pizza Enterprises, Ltd.		430,000		20,183
YUM! Brands, Inc.		166,000		18,843
Coupang, Inc., Class A1		1,392,204		17,751
Booking Holdings, Inc.1		9,900		17,315
XPeng, Inc., Class A1,2		979,200		15,773
Wynn Macau, Ltd.1		21,430,000		14,556
EssilorLuxottica		95,943		14,368
IDP Education, Ltd.		871,300		14,326
MercadoLibre, Inc.1		21,200		13,502
Stellantis NV		1,038,800		12,826
Evolution AB		140,000		12,729
Dollar Tree Stores, Inc.1		75,200		11,720
Entain PLC1		665,250		10,082
Moncler SpA		217,370		9,324
Melco Resorts & Entertainment, Ltd. (ADR)1		1,559,600		8,968
Tesla, Inc.1		10,768		7,251
				1,014,034
Consumer staples 8.76%
British American Tobacco PLC		3,329,455		142,643
Kweichow Moutai Co., Ltd., Class A		388,821		118,779
Philip Morris International, Inc.		919,500		90,791
Keurig Dr Pepper, Inc.		1,624,000		57,473
Nestlé SA		481,100		56,161
Altria Group, Inc.		1,248,500		52,150
Monster Beverage Corp.1		350,920		32,530
Costco Wholesale Corp.		39,170		18,773
Carrefour SA, non-registered shares		842,900		14,915
Simply Good Foods Co., Class A1		263,800		9,964
Bunge, Ltd.		85,000		7,709
				601,888
Financials 8.62%
Tradeweb Markets, Inc., Class A		1,634,960		111,586
AIA Group, Ltd.		10,109,600		109,576
Kotak Mahindra Bank, Ltd.		2,915,200		61,318
AXA SA		1,692,893		38,426
Aon PLC, Class A		101,000		27,238
JPMorgan Chase & Co.		209,800		23,625
Citigroup, Inc.		497,600		22,885
Société Générale		1,011,450		22,142
Ping An Insurance (Group) Company of China, Ltd., Class H		3,254,000		22,124
Prudential PLC		1,773,082		21,929
Zurich Insurance Group AG		42,200		18,354
CME Group, Inc., Class A		80,000		16,376
HDFC Life Insurance Company, Ltd.		2,289,515		15,945
Banco Santander, SA		5,334,500		15,027
Wells Fargo & Company		377,200		14,775
FinecoBank SpA		893,000		10,687
Macquarie Group, Ltd.		91,100		10,345
DBS Group Holdings, Ltd.		483,600		10,331

American Funds Insurance Series 29

Global Growth Fund (continued)

Common stocks (continued)	Shares		Value (000)
Financials (continued)
Bank of America Corp.		320,200	$	9,968
AU Small Finance Bank, Ltd.		1,071,462		8,028
Jackson Financial, Inc., Class A		44,327		1,186
Moscow Exchange MICEX-RTS PJSC1,3,4		12,640,000		—	5
				591,871
Communication services 4.71%
Alphabet, Inc., Class A1		76,350		166,386
Alphabet, Inc., Class C1		39,000		85,311
Meta Platforms, Inc., Class A1		240,900		38,845
Tencent Holdings, Ltd.		297,100		13,418
Publicis Groupe SA		273,000		13,349
Sea, Ltd., Class A (ADR)1		95,851		6,409
				323,718
Industrials 4.69%
Caterpillar, Inc.		231,600		41,401
MTU Aero Engines AG		167,000		30,399
Alliance Global Group, Inc.		156,400,700		25,031
DSV A/S		171,230		23,913
Airbus SE, non-registered shares		245,400		23,775
GT Capital Holdings, Inc.		2,454,611		21,830
NIBE Industrier AB, Class B		2,328,700		17,483
Safran SA		156,300		15,431
L3Harris Technologies, Inc.		62,600		15,130
Suzhou Maxwell Technologies Co., Ltd., Class A		194,970		14,297
Carrier Global Corp.		370,900		13,226
Canadian Pacific Railway, Ltd. (CAD denominated)		183,000		12,782
Daikin Industries, Ltd.		74,600		11,959
Techtronic Industries Co., Ltd.		1,070,000		11,161
SMC Corp.		22,500		10,028
General Electric Co.		157,500		10,028
Nidec Corp.		143,000		8,832
BayCurrent Consulting, Inc.		32,100		8,541
Boeing Company1		51,300		7,014
				322,261
Energy 3.06%
Canadian Natural Resources, Ltd. (CAD denominated)		1,168,000		62,765
Reliance Industries, Ltd.1		1,601,273		52,630
Tourmaline Oil Corp.		707,000		36,762
Aker BP ASA2		599,979		20,838
Equinor ASA		592,000		20,588
Gaztransport & Technigaz SA		75,000		9,392
Halliburton Company		235,128		7,374
Gazprom PJSC (ADR)3,4		4,173,000		—	5
LUKOIL Oil Co. PJSC (ADR)3,4		246,300		—	5
				210,349
Materials 2.63%
Sherwin-Williams Company		445,000		99,640
Vale SA, ordinary nominative shares		1,397,000		20,437
Linde PLC		48,000		13,801
Koninklijke DSM NV		93,100		13,376
Shin-Etsu Chemical Co., Ltd.		113,500		12,799
Corteva, Inc.		201,300		10,898
First Quantum Minerals, Ltd.		507,000		9,619
				180,570

30 American Funds Insurance Series

Global Growth Fund (continued)

Common stocks (continued)	Shares		Value (000)
Real estate 0.38%
Country Garden Services Holdings Co., Ltd.		3,058,700	$	13,623
Goodman Logistics (HK), Ltd. REIT		1,027,500		12,653
				26,276
Utilities 0.14%
Brookfield Infrastructure Partners LP		247,500		9,456
Total common stocks (cost: $4,373,649,000)				6,114,766
Preferred securities 1.51%
Health care 1.21%
Sartorius AG, nonvoting non-registered preferred shares2		239,000		83,504
Information technology 0.30%
Samsung Electronics Co., Ltd., nonvoting preferred shares		512,300		20,517
Total preferred securities (cost: $27,546,000)				104,021
Short-term securities 9.46%
Money market investments 9.19%
Capital Group Central Cash Fund 1.38%6,7		6,318,224		631,696
Money market investments purchased with collateral from securities on loan 0.27%
Capital Group Central Cash Fund 1.38%6,7,8		52,186		5,217
Goldman Sachs Financial Square Government Fund, Institutional Shares 1.39%6,8		2,754,831		2,755
BlackRock Liquidity Funds – FedFund, Institutional Shares  1.32%6,8		2,608,796		2,609
Invesco Short-Term Investments Trust – Government & Agency Portfolio, Institutional Class 1.38%6,8		2,608,796		2,609
Morgan Stanley Institutional Liquidity Funds – Government Portfolio, Institutional Class 1.38%6,8		2,608,796		2,609
State Street Institutional U.S. Government Money Market Fund, Institutional Class 1.40%6,8		2,608,796		2,609
				18,408
Total short-term securities (cost: $650,218,000)				650,104
Total investment securities 99.97% (cost: $5,051,413,000)				6,868,891
Other assets less liabilities 0.03%				1,855
Net assets 100.00%			$	6,870,746

American Funds Insurance Series 31

Global Growth Fund (continued)

Investments in affiliates⁷

	Value of affiliates at 1/1/2022 (000)		Additions (000)			Reductions (000)		Net realized loss (000)			Net unrealized depreciation (000)			Value of affiliates at 6/30/2022 (000)		Dividend income (000)
Short-term securities 9.27%
Money market investments 9.19%
Capital Group Central Cash Fund 1.38%6	$	376,714	$	1,043,895		$	788,734	$	(20	)	$	(159	)	$	631,696	$	1,427
Money market investments purchased with collateral from securities on loan 0.08%
Capital Group Central Cash Fund 1.38%6,8		1,808		3,409	9										5,217		—	10
Total short-term securities															636,913
Total 9.27%								$	(20	)	$	(159	)	$	636,913	$	1,427

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 $27,348,000, which represented .40% of the net assets of the fund. Refer to Note 5 for more information on securities lending.
3	Valued under fair value procedures adopted by authority of the board of trustees. The total value of all such securities was less than $1,000, which represented less than .01% of the net assets of the fund.
4	Value determined using significant unobservable inputs.
5	Amount less than one thousand.
6	Rate represents the seven-day yield at 6/30/2022.
7	Part of the same “group of investment companies” as the fund as defined under the Investment Company Act of 1940, as amended.
8	Security purchased with cash collateral from securities on loan. Refer to Note 5 for more information on securities lending.
9	Represents net activity. Refer to Note 5 for more information on securities lending.
10	Dividend income is included with securities lending income in the fund’s statement of operations and is not shown in this table.

Key to abbreviations

ADR = American Depositary Receipts

CAD = Canadian dollars

REIT = Real Estate Investment Trust

Refer to the notes to financial statements.

32 American Funds Insurance Series

Global Small Capitalization Fund

Investment portfolio June 30, 2022 unaudited

Common stocks 88.73%	Shares		Value (000)
Information technology 20.36%
Wolfspeed, Inc.1		800,681	$	50,803
PAR Technology Corp.1,2		837,615		31,402
Ceridian HCM Holding, Inc.1		629,935		29,657
Confluent, Inc., Class A1		1,124,085		26,124
eMemory Technology, Inc.3		734,430		25,309
Net One Systems Co., Ltd.		908,156		20,080
Nordic Semiconductor ASA1		1,217,741		18,891
Tanla Platforms, Ltd.		1,477,291		18,793
Kingdee International Software Group Co., Ltd.1		7,337,224		17,205
AvidXchange Holdings, Inc.1,2		2,786,637		17,110
Marqeta, Inc., Class A1		2,071,598		16,801
Qorvo, Inc.1		169,518		15,989
SUMCO Corp.2		1,146,200		14,860
Euronet Worldwide, Inc.1		144,187		14,504
ALTEN SA, non-registered shares		124,108		13,500
Silicon Laboratories, Inc.1		95,000		13,321
Pegasystems, Inc.		263,141		12,589
Gitlab, Inc., Class A1,2		213,816		11,362
OVH Groupe SAS1,2		590,318		10,702
Avalara, Inc.1		149,119		10,528
Truecaller AB, Class B1,2		2,177,076		10,441
Silergy Corp.		128,330		10,337
SimCorp AS		139,192		10,104
SINBON Electronics Co., Ltd.		1,142,550		9,760
Keywords Studios PLC		344,606		9,204
MACOM Technology Solutions Holdings, Inc.1		190,000		8,759
SHIFT, Inc.1		59,200		7,705
Extreme Networks, Inc.1		828,378		7,389
Aspen Technology, Inc.1		36,561		6,716
Linklogis, Inc., Class B1		6,753,115		6,678
Credo Technology Group Holding, Ltd.1,2		555,400		6,487
MongoDB, Inc., Class A1		23,300		6,046
CCC Intelligent Solutions Holdings, Inc.1,2		644,074		5,926
Expensify, Inc., Class A1,2		331,464		5,897
INFICON Holding AG		7,397		5,827
Kingboard Laminates Holdings, Ltd.		4,498,000		5,549
Rapid7, Inc.1		82,650		5,521
Unimicron Technology Corp.		1,016,007		5,416
Cognex Corp.		116,600		4,958
Smartsheet, Inc., Class A1		157,100		4,938
Bentley Systems, Inc., Class B		142,373		4,741
GlobalWafers Co., Ltd.		311,000		4,738
AppFolio, Inc., Class A1		51,790		4,694
SentinelOne, Inc., Class A1,2		186,212		4,344
BE Semiconductor Industries NV		87,146		4,189
Olo, Inc., Class A1,2		408,110		4,028
HashiCorp, Inc., Class A1,2		134,900		3,971
Network International Holdings PLC1		1,713,100		3,937
Digital Turbine, Inc.1		215,000		3,756
Softcat PLC		222,430		3,566
Globant SA1		17,730		3,085
StoneCo, Ltd., Class A1		386,700		2,978
Semtech Corp.1		50,000		2,749
Kingboard Holdings, Ltd.		710,000		2,687
SiteMinder, Ltd.1		704,640		1,707
Cvent Holding Corp.1		344,800		1,593
Bechtle AG, non-registered shares		36,937		1,510
Yotpo, Ltd.1,3,4,5,6		678,736		1,093

American Funds Insurance Series 33

Global Small Capitalization Fund (continued)

Common stocks (continued)	Shares		Value (000)
Information technology (continued)
PagSeguro Digital, Ltd., Class A1		84,354	$	864
Topicus.com, Inc., subordinate voting shares1		11,100		626
Copperleaf Technologies, Inc.1		79,200		394
				594,438
Industrials 16.31%
International Container Terminal Services, Inc.		11,690,490		39,121
Stericycle, Inc.1		571,050		25,041
IMCD NV		177,337		24,336
Visional, Inc.1		542,050		24,330
Japan Airport Terminal Co., Ltd.1		517,000		20,614
Fasadgruppen Group AB		2,370,503		19,535
Alfen NV1		204,601		18,902
Boyd Group Services, Inc.2		162,409		17,495
Interpump Group SpA		447,000		17,042
Instalco AB		4,098,065		16,945
Vicor Corp., Class A1		306,576		16,779
Trelleborg AB, Class B		783,350		15,782
Melrose Industries PLC		6,512,400		11,867
CG Power and Industrial Solutions, Ltd.1		4,880,108		11,843
Montrose Environmental Group, Inc.1		348,186		11,755
Japan Elevator Service Holdings Co., Ltd.		1,121,800		11,674
AirTAC International Group1		319,062		10,634
Cleanaway Waste Management, Ltd.		6,029,320		10,488
Woodward, Inc.		105,000		9,711
Centre Testing International Group Co., Ltd.		2,684,839		9,309
DL E&C Co., Ltd.		254,136		8,113
Guangzhou Baiyun International Airport Co., Ltd., Class A		3,524,879		7,851
GVS SpA1,2		867,862		7,076
Comfort Systems USA, Inc.		84,100		6,993
Cargotec OYJ, Class B, non-registered shares		258,700		6,799
Wizz Air Holdings PLC1		298,983		6,384
SIS, Ltd.1		1,097,471		6,308
Chart Industries, Inc.1		37,647		6,301
Engcon AB, Class B1		1,043,935		6,286
Rumo SA		1,900,000		5,798
Kajaria Ceramics, Ltd.		450,000		5,400
Atlas Corp.2		500,000		5,355
KEI Industries, Ltd.		357,929		5,224
Carel Industries SpA		252,900		5,025
ITM Power PLC1,2		2,322,000		4,884
Controladora Vuela Compañía de Aviación, SAB de CV, Class A, ordinary participation certificates (ADR)1		460,200		4,726
Addtech AB, Class B		353,050		4,604
Diploma PLC		161,300		4,375
Saia, Inc.1		20,727		3,897
easyJet PLC1		860,105		3,838
LIXIL Corp.		196,500		3,679
Sulzer AG		54,789		3,403
Granite Construction, Inc.		96,892		2,823
Antares Vision SpA1,2		281,100		2,551
VAT Group AG		7,251		1,729
Froy ASA		209,829		964
Howden Joinery Group PLC		131,029		961
The AZEK Co., Inc., Class A1		54,400		911
Matson, Inc.		8,674		632
				476,093

34 American Funds Insurance Series

Global Small Capitalization Fund (continued)

Common stocks (continued)	Shares		Value (000)
Consumer discretionary 15.60%
Mattel, Inc.1		1,400,000	$	31,262
Thor Industries, Inc.		370,472		27,685
Skechers USA, Inc., Class A1		650,000		23,127
Helen of Troy, Ltd.1		141,542		22,988
Lands’ End, Inc.1,7		2,100,000		22,302
YETI Holdings, Inc.1		512,805		22,189
Entain PLC1		1,424,930		21,595
Five Below, Inc.1		165,181		18,736
Asbury Automotive Group, Inc.1		97,426		16,498
Evolution AB		172,264		15,662
Wyndham Hotels & Resorts, Inc.		227,498		14,951
Light & Wonder, Inc.1		299,658		14,081
Inchcape PLC		1,569,000		13,284
Tube Investments of India, Ltd.		515,708		12,024
Coursera, Inc.1		817,039		11,586
Everi Holdings, Inc.1		709,832		11,577
WH Smith PLC1		649,917		11,123
Leslie’s, Inc.1		676,964		10,276
Golden Entertainment, Inc.1		256,800		10,156
Tongcheng Travel Holdings, Ltd.1		4,691,200		10,092
Basic-Fit NV1		259,466		9,810
Kindred Group PLC (SDR)		1,164,011		9,679
Musti Group OYJ		495,800		8,854
DraftKings, Inc., Class A1,2		756,364		8,827
Haichang Ocean Park Holdings, Ltd.1,2		8,156,000		8,274
Chervon Holdings, Ltd.2		1,316,900		7,401
Compagnie Plastic Omnium SA		409,500		7,094
DESCENTE, Ltd.		295,025		6,828
Zhongsheng Group Holdings, Ltd.		938,500		6,620
Shoei Co., Ltd.		144,700		5,663
On Holding AG, Class A1,2		291,402		5,155
Melco Resorts & Entertainment, Ltd. (ADR)1		803,773		4,622
TopBuild Corp.1		27,200		4,547
Melco International Development, Ltd.1		6,130,000		4,531
Domino’s Pizza Enterprises, Ltd.		95,471		4,481
Thule Group AB		102,200		2,511
IDP Education, Ltd.		150,966		2,482
Arco Platform, Ltd., Class A1,2		158,600		2,368
Elior Group SA1		882,500		1,959
Warby Parker, Inc., Class A1,2		167,332		1,884
NEXTAGE Co., Ltd.		39,100		673
				455,457
Health care 14.75%
Insulet Corp.1		337,461		73,546
Haemonetics Corp.1		1,018,080		66,358
Integra LifeSciences Holdings Corp.1		569,500		30,770
CanSino Biologics, Inc., Class H2		2,442,000		25,006
Max Healthcare Institute, Ltd.1		5,343,659		24,830
Oak Street Health, Inc.1		1,310,260		21,541
Globus Medical, Inc., Class A1		381,773		21,433
CONMED Corp.		189,609		18,157
Ocumension Therapeutics1,2		9,650,966		17,268
Hapvida Participacoes e Investimentos SA1		12,352,106		12,910
New Horizon Health, Ltd.1		3,707,844		11,152
ICON PLC1		46,061		9,981
CompuGroup Medical SE & Co. KGaA		228,815		9,745
Shandong Pharmaceutical Glass Co., Ltd., Class A		2,180,508		9,104
Medmix AG		399,754		8,852
Health Catalyst, Inc.1		568,785		8,242
iRhythm Technologies, Inc.1		73,000		7,886
Amplifon SpA		241,936		7,416

American Funds Insurance Series 35

Global Small Capitalization Fund (continued)

Common stocks (continued)	Shares		Value (000)
Health care (continued)
Netcare, Ltd.		7,889,376	$	6,920
Ambu AS, Class B, non-registered shares2		595,252		5,780
Angelalign Technology, Inc.2		284,600		5,702
Encompass Health Corp.		82,226		4,609
Amedisys, Inc.1		38,867		4,086
Bachem Holding AG, Class B		46,560		3,236
Penumbra, Inc.1		25,400		3,163
Nordhealth AS, Class A1,2		1,279,999		2,950
Arjo AB, Class B		422,850		2,674
Gland Pharma, Ltd.1		75,273		2,575
Amvis Holdings, Inc.		87,800		2,446
Medincell SA1,2		397,121		2,160
				430,498
Financials 7.94%
Star Health & Allied Insurance Co., Ltd.1,3,5,6		6,037,336		33,624
Cholamandalam Investment and Finance Co., Ltd.		3,684,053		28,900
Eurobank Ergasias Services and Holdings SA1		25,119,028		22,196
Independent Bank Group, Inc.		280,449		19,045
Trupanion, Inc.1		300,000		18,078
Stifel Financial Corp.		271,050		15,184
IIFL Wealth Management, Ltd.		513,500		9,630
SouthState Corp.		108,850		8,398
Aavas Financiers, Ltd.1		272,734		6,960
Patria Investments, Ltd., Class A		508,200		6,718
Remgro, Ltd.		820,300		6,550
IIFL Finance, Ltd.		1,459,000		5,981
SiriusPoint, Ltd.1		1,100,000		5,962
Eastern Bankshares, Inc.		278,164		5,135
Glacier Bancorp, Inc.		91,858		4,356
United Community Banks, Inc.		140,000		4,227
Aptus Value Housing Finance India, Ltd.1		1,065,624		3,803
Janus Henderson Group PLC		160,000		3,762
WealthNavi, Inc.1,2		278,900		3,634
PT Bank Raya Indonesia Tbk1		71,098,896		3,365
Indian Energy Exchange, Ltd.		1,653,632		3,324
East West Bancorp, Inc.		49,700		3,221
Haci Ömer Sabanci Holding AS		2,323,200		2,632
Bridgepoint Group PLC		740,731		2,179
National Bank of Greece SA1		660,979		1,955
Capitec Bank Holdings, Ltd.		15,161		1,847
Allfunds Group PLC		138,012		1,064
				231,730
Materials 3.76%
Perimeter Solutions SA1,2		3,039,911		32,953
LANXESS AG		388,200		13,905
Lundin Mining Corp.		1,361,244		8,629
JSR Corp.		325,300		8,439
Navin Fluorine International, Ltd.		175,000		8,092
MMG, Ltd.1		18,704,000		6,960
Nanofilm Technologies International, Ltd.		4,058,851		6,807
PI Industries, Ltd.		188,382		6,105
Vidrala, SA, non-registered shares		61,827		4,484
OZ Minerals, Ltd.		340,000		4,168
Toyo Gosei Co., Ltd.		55,800		3,381
Recticel SA/NV		175,000		2,612
Mayr-Melnhof Karton AG, non-registered shares		10,516		1,785
Arkema SA		15,200		1,353
				109,673

36 American Funds Insurance Series

Global Small Capitalization Fund (continued)

Common stocks (continued)	Shares		Value (000)
Consumer staples 3.07%
Grocery Outlet Holding Corp.1		521,782	$	22,244
Shop Apotheke Europe NV, non-registered shares1		169,444		15,061
Freshpet, Inc.1		256,895		13,330
Monde Nissin Corp.1		49,971,450		11,815
Dole PLC		970,631		8,211
Scandinavian Tobacco Group A/S		305,111		5,967
Hilton Food Group PLC		375,115		4,667
Royal Unibrew A/S		44,000		3,896
AAK AB		223,527		3,647
Zur Rose Group AG1,2		9,250		694
Vector Group, Ltd.		15,654		164
				89,696
Real estate 2.10%
Embassy Office Parks REIT		4,939,400		23,405
Altus Group, Ltd.2		475,189		16,461
Macrotech Developers, Ltd.1		582,697		7,888
JHSF Participações SA		5,073,950		5,652
Mindspace Business Parks REIT		1,250,000		5,546
ESR-Logos REIT1		8,344,400		2,433
				61,385
Communication services 2.09%
Lions Gate Entertainment Corp., Class B1		2,531,585		22,354
JCDecaux SA1		788,279		13,242
Pearson PLC		636,200		5,807
Bandwidth, Inc., Class A1		284,506		5,354
Ubisoft Entertainment SA1		98,993		4,347
Trustpilot Group PLC1,2		2,966,832		3,662
Rightmove PLC		512,400		3,545
VTEX, Class A1,2		885,406		2,727
				61,038
Utilities 1.68%
ENN Energy Holdings, Ltd.		1,878,900		30,865
AC Energy Corp.		99,272,800		14,516
Neoenergia SA		1,288,255		3,672
				49,053
Energy 1.07%
Venture Global LNG, Inc., Series C1,3,4,5,6		2,760		18,936
DT Midstream, Inc.		129,414		6,344
Subsea 7 SA		703,801		5,626
Helmerich & Payne, Inc.		7,700		331
				31,237
Total common stocks (cost: $2,397,123,000)				2,590,298
Preferred securities 0.92%
Information technology 0.64%
SmartHR, Inc., Series D, preferred shares1,3,4,5		3,006		10,073
Yotpo, Ltd., Series F, preferred shares1,3,4,5,6		2,158,609		3,475
Yotpo, Ltd., Series B, preferred shares1,3,4,5,6		287,894		464
Yotpo, Ltd., Series C, preferred shares1,3,4,5,6		274,070		441
Yotpo, Ltd., Series A-1, preferred shares1,3,4,5,6		183,819		296
Yotpo, Ltd., Series A, preferred shares1,3,4,5,6		89,605		144
Yotpo, Ltd., Series C-1, preferred shares1,3,4,5,6		75,980		122

American Funds Insurance Series 37

Global Small Capitalization Fund (continued)

Preferred securities (continued)	Shares		Value (000)
Information technology (continued)
Yotpo, Ltd., Series D, preferred shares1,3,4,5,6		42,368	$	68
Yotpo, Ltd., Series B-1, preferred shares1,3,4,5,6		33,838		55
Outreach Corp., Series G, preferred shares1,3,4,5		154,354		3,515
				18,653
Industrials 0.21%
Azul SA, preferred nominative shares (ADR)1,2		800,316		5,683
Azul SA, preferred nominative shares1		109,500		259
				5,942
Health care 0.07%
PACT Pharma, Inc., Series C, 8.00% noncumulative preferred shares1,3,4,5		2,931,405		2,052
Total preferred securities (cost: $42,519,000)				26,647
Rights & warrants 0.47%
Information technology 0.47%
OPT Machine Vision Tech Co., Ltd., Class A, warrants, expire 20231,3,6		355,879		13,750
Total rights & warrants (cost: $18,773,000)				13,750
Short-term securities 12.53%
Money market investments 9.90%
Capital Group Central Cash Fund 1.38%7,8		2,891,439		289,086
Money market investments purchased with collateral from securities on loan 2.63%
Capital Group Central Cash Fund 1.38%7,8,9		217,762		21,772
Goldman Sachs Financial Square Government Fund, Institutional Shares 1.39%8,9		11,495,263		11,495
BlackRock Liquidity Funds – FedFund, Institutional Shares 1.32%8,9		10,885,893		10,886
Invesco Short-Term Investments Trust – Government & Agency Portfolio, Institutional Class 1.38%8,9		10,885,893		10,886
Morgan Stanley Institutional Liquidity Funds – Government Portfolio, Institutional Class 1.38%8,9		10,885,893		10,886
State Street Institutional U.S. Government Money Market Fund, Institutional Class 1.40%8,9		10,885,893		10,886
				76,811
Total short-term securities (cost: $365,949,000)				365,897
Total investment securities 102.65% (cost: $2,824,364,000)				2,996,592
Other assets less liabilities (2.65)%				(77,341	)
Net assets 100.00%			$	2,919,251

38 American Funds Insurance Series

Global Small Capitalization Fund (continued)

Investments in affiliates7
	Value of affiliates at 1/1/2022 (000)		Additions (000)		Reductions (000)			Net realized gain (000)		Net unrealized depreciation (000)			Value of affiliates at 6/30/2022 (000)		Dividend income (000)
Common stocks 0.76%
Consumer discretionary 0.76%
Lands’ End, Inc.1	$	41,223	$	—	$	—		$	—	$	(18,921	)	$	22,302	$	—
Short-term securities 10.65%
Money market investments 9.90%
Capital Group Central Cash Fund 1.38%8		203,087		646,355		560,290			6		(72	)		289,086		606
Money market investments purchased with collateral from securities on loan 0.75%
Capital Group Central Cash Fund 1.38%8,9		32,260				10,488	10							21,772		—	11
Total short-term securities														310,858
Total 11.41%								$	6	$	(18,993	)	$	333,160	$	606

Private placement securities⁵

	Acquisition date	Cost (000)		Value (000)		Percent of net assets
Star Health & Allied Insurance Co., Ltd.	3/30/2021	$	40,710	$	33,624		1.15	%
Venture Global LNG, Inc., Series C	5/1/2015		8,280		18,936		.65
SmartHR, Inc., Series D, preferred shares	5/28/2021		14,344		10,073		.35
Yotpo, Ltd., Series F, preferred shares	2/25/2021		4,748		3,475		.12
Yotpo, Ltd.	3/16/2021		1,418		1,093		.04
Yotpo, Ltd., Series B, preferred shares	3/16/2021		602		464		.02
Yotpo, Ltd., Series C, preferred shares	3/16/2021		573		441		.02
Yotpo, Ltd., Series A-1, preferred shares	3/16/2021		384		296		.01
Yotpo, Ltd., Series A, preferred shares	3/16/2021		187		144		.00
Yotpo, Ltd., Series C-1, preferred shares	3/16/2021		159		122		.00
Yotpo, Ltd., Series D, preferred shares	3/16/2021		89		68		.00
Yotpo, Ltd., Series B-1, preferred shares	3/16/2021		71		55		.00
Outreach Corp., Series G, preferred shares	5/27/2021		4,517		3,515		.12
PACT Pharma, Inc., Series C, 8.00% noncumulative preferred shares	2/7/2020		6,000		2,052		.07
Total		$	82,082	$	74,358		2.55	%

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 $96,178,000, which represented 3.29% of the net assets of the fund. Refer to Note 5 for more information on securities lending.
3	Valued under fair value procedures adopted by authority of the board of trustees. The total value of all such securities was $113,417,000, which represented 3.89% of the net assets of the fund.
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.
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 $72,468,000, which represented 2.48% of the net assets of the fund.
7	Affiliate of the fund or part of the same “group of investment companies” as the fund, as defined under the Investment Company Act of 1940, as amended.
8	Rate represents the seven-day yield at 6/30/2022.
9	Security purchased with cash collateral from securities on loan. Refer to Note 5 for more information on securities lending.
10	Represents net activity. Refer to Note 5 for more information on securities lending.
11	Dividend income is included with securities lending income in the fund’s statement of operations and is not shown in this table.

American Funds Insurance Series 39

Global Small Capitalization Fund (continued)

Key to abbreviations

ADR = American Depositary Receipts

REIT = Real Estate Investment Trust

SDR = Swedish Depositary Receipts

Refer to the notes to financial statements.

40 American Funds Insurance Series

Growth Fund
Investment portfolio June 30, 2022	unaudited

Common stocks 94.46%	Shares		Value (000)
Information technology 20.53%
Microsoft Corp.		7,106,878	$	1,825,259
Broadcom, Inc.		1,486,641		722,225
ASML Holding NV		635,000		303,345
ASML Holding NV (New York registered) (ADR)		189,937		90,387
Taiwan Semiconductor Manufacturing Company, Ltd.		13,774,000		220,507
Taiwan Semiconductor Manufacturing Company, Ltd. (ADR)		926,437		75,736
Apple, Inc.		1,610,716		220,217
Visa, Inc., Class A		911,636		179,492
Mastercard, Inc., Class A		510,964		161,199
Salesforce, Inc.1		888,000		146,556
ServiceNow, Inc.1		294,921		140,241
FleetCor Technologies, Inc.1		631,000		132,579
Micron Technology, Inc.		2,394,690		132,378
Wolfspeed, Inc.1		1,978,082		125,509
NVIDIA Corp.		805,499		122,106
RingCentral, Inc., Class A1		2,099,303		109,710
Applied Materials, Inc.		1,150,222		104,647
Bill.com Holdings, Inc.1		871,600		95,824
Shopify, Inc., Class A, subordinate voting shares1		2,843,580		88,833
Tyler Technologies, Inc.1		263,200		87,509
MongoDB, Inc., Class A1		324,518		84,212
Fidelity National Information Services, Inc.		884,718		81,102
Cloudflare, Inc., Class A1		1,514,130		66,243
Unity Software, Inc.1,2		1,660,000		61,121
Genpact, Ltd.		1,393,000		59,008
MicroStrategy, Inc., Class A1,2		358,514		58,904
Keyence Corp.		165,500		56,574
DocuSign, Inc.1		967,514		55,516
Trimble, Inc.1		840,920		48,967
Block, Inc., Class A1		749,493		46,064
SK hynix, Inc.		653,000		45,766
GoDaddy, Inc., Class A1		645,081		44,872
Intel Corp.		1,136,000		42,498
Concentrix Corp.		305,551		41,445
Amadeus IT Group SA, Class A, non-registered shares1		635,696		35,414
NetApp, Inc.		527,540		34,417
Ceridian HCM Holding, Inc.1		712,011		33,521
Silicon Laboratories, Inc.1		231,815		32,505
Flex, Ltd.1		2,234,300		32,330
Motorola Solutions, Inc.		152,000		31,859
MKS Instruments, Inc.		302,111		31,006
Nuvei Corp., subordinate voting shares1		806,616		29,151
Adobe, Inc.1		69,034		25,271
Smartsheet, Inc., Class A1		729,700		22,934
Zendesk, Inc.1		307,500		22,777
Toast, Inc., Class A1		1,712,718		22,163
Alteryx, Inc., Class A1		402,200		19,475
VeriSign, Inc.1		110,053		18,415
TE Connectivity, Ltd.		156,600		17,719
Lam Research Corp.		40,617		17,309
Qualtrics International, Inc., Class A1		1,276,855		15,973
Fiserv, Inc.1		164,000		14,591
Ciena Corp.1		308,700		14,108
TELUS International (Cda), Inc., subordinate voting shares1		533,800		13,382
Enphase Energy, Inc.1		62,172		12,138
Globant SA1		57,138		9,942
Kulicke and Soffa Industries, Inc.		151,860		6,501
Stripe, Inc., Class B1,3,4,5		168,598		6,000
SentinelOne, Inc., Class A1		220,600		5,147
				6,400,599

American Funds Insurance Series 41

Growth Fund (continued)

Common stocks (continued)	Shares		Value (000)
Consumer discretionary 18.92%
Tesla, Inc.1		3,682,000	$	2,479,533
Amazon.com, Inc.1		5,222,200		554,650
Dollar General Corp.		2,185,220		536,340
Home Depot, Inc.		931,000		255,345
D.R. Horton, Inc.		3,324,144		220,025
LVMH Moët Hennessy-Louis Vuitton SE		313,000		190,803
Las Vegas Sands Corp.1		5,500,000		184,745
Chipotle Mexican Grill, Inc.1		114,237		149,338
Dollar Tree Stores, Inc.1		803,915		125,290
Hermès International		94,901		106,115
Booking Holdings, Inc.1		60,300		105,464
Airbnb, Inc., Class A1		1,044,500		93,044
Royal Caribbean Cruises, Ltd.1		2,282,305		79,675
O’Reilly Automotive, Inc.1		116,600		73,663
NVR, Inc.1		18,380		73,596
Target Corp.		479,700		67,748
Aramark		1,793,164		54,925
NIKE, Inc., Class B		489,400		50,017
Darden Restaurants, Inc.		433,876		49,080
Caesars Entertainment, Inc.1		968,000		37,074
Domino’s Pizza, Inc.		94,000		36,633
Norwegian Cruise Line Holdings, Ltd.1,2		3,076,903		34,215
Salvatore Ferragamo SpA2		2,174,477		33,498
Polaris, Inc.		280,000		27,798
Floor & Decor Holdings, Inc., Class A1		420,000		26,443
Cie. Financière Richemont SA, Class A		219,805		23,405
Burlington Stores, Inc.1		158,707		21,621
LGI Homes, Inc.1		248,150		21,564
adidas AG		121,710		21,525
Adient PLC1		722,000		21,393
Helen of Troy, Ltd.1		112,111		18,208
VF Corp.		408,000		18,021
YETI Holdings, Inc.1		405,000		17,524
General Motors Company1		490,000		15,562
Etsy, Inc.1		202,000		14,788
YUM! Brands, Inc.		129,700		14,722
Hilton Worldwide Holdings, Inc.		128,708		14,343
Aptiv PLC1		140,000		12,470
Flutter Entertainment PLC1		82,221		8,313
Carvana Co., Class A1,2		210,400		4,751
Arrival Group1,2		1,690,300		2,671
Arrival Group1		304,769		481
Westwing Group SE, non-registered shares1,2		381,550		2,839
				5,899,258
Health care 15.48%
UnitedHealth Group, Inc.		1,709,751		878,179
Regeneron Pharmaceuticals, Inc.1		1,220,938		721,733
Intuitive Surgical, Inc.1		2,058,000		413,061
Centene Corp.1		4,420,730		374,038
Thermo Fisher Scientific, Inc.		532,200		289,134
Alnylam Pharmaceuticals, Inc.1		1,879,309		274,097
Vertex Pharmaceuticals, Inc.1		879,601		247,863
Seagen, Inc.1		1,379,013		244,003
NovoCure, Ltd.1		2,388,098		165,973
Eli Lilly and Company		337,300		109,363
Moderna, Inc.1		750,000		107,138
CVS Health Corp.		1,034,700		95,875
Pfizer, Inc.		1,675,000		87,820
Edwards Lifesciences Corp.1		768,111		73,040
AstraZeneca PLC		550,784		72,411
Gilead Sciences, Inc.		899,185		55,579

42 American Funds Insurance Series

Growth Fund (continued)

Common stocks (continued)	Shares		Value (000)
Health care (continued)
Horizon Therapeutics PLC1		613,731	$	48,951
Verily Life Sciences, LLC1,3,4,5		300,178		44,928
Catalent, Inc.1		409,100		43,892
Danaher Corp.		165,735		42,017
Molina Healthcare, Inc.1		145,723		40,746
Biohaven Pharmaceutical Holding Co., Ltd.1		268,400		39,109
Zimmer Biomet Holdings, Inc.		353,900		37,181
Abbott Laboratories		331,012		35,964
Inari Medical, Inc.1		502,200		34,145
Humana, Inc.		65,982		30,884
Zoetis, Inc., Class A		160,483		27,585
Align Technology, Inc.1		112,000		26,507
Guardant Health, Inc.1		482,401		19,460
Mettler-Toledo International, Inc.1		16,900		19,414
CRISPR Therapeutics AG1,2		235,087		14,286
Exact Sciences Corp.1		341,000		13,432
Oak Street Health, Inc.1		806,352		13,256
Ascendis Pharma A/S (ADR)1		140,377		13,049
Karuna Therapeutics, Inc.1		100,032		12,655
Galapagos NV1		223,566		12,427
DexCom, Inc.1		148,800		11,090
Fate Therapeutics, Inc.1		417,000		10,333
Ultragenyx Pharmaceutical, Inc.1		161,278		9,622
Pacific Biosciences of California, Inc.1,2		1,711,590		7,565
Vir Biotechnology, Inc.1		282,975		7,207
Sana Biotechnology, Inc.1,2		179,600		1,155
				4,826,167
Communication services 14.88%
Meta Platforms, Inc., Class A1		10,118,530		1,631,613
Alphabet, Inc., Class C1		377,972		826,795
Alphabet, Inc., Class A1		111,616		243,240
Netflix, Inc.1		3,656,304		639,378
Activision Blizzard, Inc.		3,750,000		291,975
Charter Communications, Inc., Class A1		410,286		192,231
Verizon Communications, Inc.		3,720,000		188,790
Snap, Inc., Class A, nonvoting shares1		8,880,711		116,604
ZoomInfo Technologies, Inc.1		3,077,300		102,289
Comcast Corp., Class A		2,311,991		90,722
Frontier Communications Parent, Inc.1		3,168,010		74,575
T-Mobile US, Inc.1		447,940		60,266
Pinterest, Inc., Class A1		1,752,664		31,828
Bumble, Inc., Class A1		1,013,387		28,527
Tencent Holdings, Ltd.		605,000		27,325
Take-Two Interactive Software, Inc.1		201,000		24,629
Iridium Communications, Inc.1		604,439		22,703
Vimeo, Inc.1		3,348,913		20,160
Electronic Arts, Inc.		141,481		17,211
Match Group, Inc.1		120,000		8,363
				4,639,224
Industrials 8.17%
TransDigm Group, Inc.1		562,400		301,823
Jacobs Engineering Group, Inc.		2,169,000		275,745
Carrier Global Corp.		7,599,761		271,007
Uber Technologies, Inc.1		11,166,767		228,472
Delta Air Lines, Inc.1		7,215,000		209,019
United Rentals, Inc.1		638,400		155,074
Caterpillar, Inc.		676,300		120,895
MTU Aero Engines AG		616,989		112,310
Ryanair Holdings PLC (ADR)1		1,500,325		100,897
Ryanair Holdings PLC1		96,554		1,141

American Funds Insurance Series 43

Growth Fund (continued)

Common stocks (continued)	Shares		Value (000)
Industrials (continued)
Airbus SE, non-registered shares		955,893	$	92,610
Robert Half International, Inc.		1,155,800		86,558
United Airlines Holdings, Inc.1		1,695,914		60,069
Dun & Bradstreet Holdings, Inc.1		3,869,573		58,160
Middleby Corp.1		449,500		56,349
Boeing Company1		395,000		54,004
Northrop Grumman Corp.		98,700		47,235
Canadian Pacific Railway, Ltd.		496,000		34,641
BWX Technologies, Inc.		607,600		33,473
Axon Enterprise, Inc.1		353,000		32,889
AMETEK, Inc.		253,600		27,868
Waste Connections, Inc.		222,159		27,539
Rockwell Automation		129,246		25,760
HEICO Corp.		195,000		25,568
Armstrong World Industries, Inc.		326,344		24,463
ITT, Inc.		343,000		23,063
L3Harris Technologies, Inc.		90,000		21,753
Advanced Drainage Systems, Inc.		195,343		17,594
Safran SA		142,541		14,073
TuSimple Holdings, Inc., Class A1,2		1,158,932		8,379
				2,548,431
Financials 6.20%
Bank of America Corp.		14,780,700		460,123
S&P Global, Inc.		524,936		176,935
First Republic Bank		1,029,156		148,404
Capital One Financial Corp.		1,399,000		145,762
KKR & Co., Inc.		2,218,594		102,699
SVB Financial Group1		246,315		97,292
Western Alliance Bancorporation		1,071,775		75,667
Apollo Asset Management, Inc.		1,557,942		75,529
T. Rowe Price Group, Inc.		642,000		72,938
Wells Fargo & Company		1,735,200		67,968
Tradeweb Markets, Inc., Class A		922,410		62,954
Marsh & McLennan Companies, Inc.		403,461		62,637
MSCI, Inc.		146,390		60,335
Signature Bank		301,426		54,019
Blackstone, Inc., nonvoting shares		360,000		32,843
Aon PLC, Class A		110,000		29,665
Blue Owl Capital, Inc., Class A		2,891,712		29,004
Brookfield Asset Management, Inc., Class A		585,103		26,020
CME Group, Inc., Class A		121,648		24,901
Ryan Specialty Holdings, Inc., Class A1		611,300		23,957
Arch Capital Group, Ltd.1		458,700		20,866
American International Group, Inc.		386,130		19,743
Intercontinental Exchange, Inc.		209,648		19,715
Ares Management Corp., Class A		310,500		17,655
Trupanion, Inc.1		287,655		17,334
Goosehead Insurance, Inc., Class A		211,148		9,643
				1,934,608
Energy 4.97%
Halliburton Company		12,143,661		380,825
Canadian Natural Resources, Ltd. (CAD denominated)		6,840,000		367,560
Cenovus Energy, Inc. (CAD denominated)		14,694,800		279,580
EQT Corp.		2,268,000		78,019
Tourmaline Oil Corp.2		1,408,700		73,248
Pioneer Natural Resources Company		328,000		73,170
EOG Resources, Inc.		574,314		63,427
Suncor Energy, Inc.		1,747,125		61,296
ConocoPhillips		651,015		58,468
Coterra Energy, Inc.		1,275,197		32,888

44 American Funds Insurance Series

Growth Fund (continued)

Common stocks (continued)	Shares		Value (000)
Energy (continued)
MEG Energy Corp.1		2,365,000	$	32,741
Chesapeake Energy Corp.		255,400		20,713
Range Resources Corp.1		823,000		20,369
Equitrans Midstream Corp.		936,942		5,959
				1,548,263
Materials 2.58%
Wheaton Precious Metals Corp.		3,674,000		132,374
Grupo México, SAB de CV, Series B		25,356,800		104,998
Vale SA, ordinary nominative shares (ADR)		7,130,772		104,323
Linde PLC		319,392		91,835
Barrick Gold Corp.		4,447,467		78,676
CF Industries Holdings, Inc.		703,000		60,268
Royal Gold, Inc.		517,000		55,205
Franco-Nevada Corp.		390,000		51,301
Allegheny Technologies, Inc.1		2,070,860		47,029
LyondellBasell Industries NV		343,500		30,043
Sherwin-Williams Company		69,458		15,552
Summit Materials, Inc., Class A1		561,313		13,073
Ball Corp.		145,200		9,986
Nutrien, Ltd. (CAD denominated)		58,971		4,696
Mosaic Co.		78,919		3,728
				803,087
Consumer staples 2.20%
Costco Wholesale Corp.		253,000		121,258
British American Tobacco PLC		2,768,763		118,622
Constellation Brands, Inc., Class A		427,912		99,729
Monster Beverage Corp.1		985,000		91,309
Altria Group, Inc.		2,062,600		86,155
Archer Daniels Midland Company		784,800		60,900
Estée Lauder Companies, Inc., Class A		211,111		53,764
Molson Coors Beverage Company, Class B, restricted voting shares		608,423		33,165
Philip Morris International, Inc.		201,113		19,858
				684,760
Utilities 0.42%
PG&E Corp.1		7,077,065		70,629
CenterPoint Energy, Inc.		855,797		25,315
AES Corp.		1,085,884		22,814
Edison International		199,191		12,597
				131,355
Real estate 0.11%
Equinix, Inc. REIT		51,784		34,023
Total common stocks (cost: $19,846,265,000)				29,449,775
Preferred securities 0.19%
Information technology 0.16%
PsiQuantum Corp., Series D, preferred shares1,3,4,5		906,761		23,781
Samsung Electronics Co., Ltd., nonvoting preferred shares		531,000		21,266
Tipalti Solutions, Ltd., Series F, preferred shares1,3,4,5		406,310		3,295
Stripe, Inc., Series H, 6.00% noncumulative preferred shares1,3,4,5		52,656		1,874
				50,216
Industrials 0.03%
ABL Space Systems Co., Series B2, preferred shares1,3,4,5		153,713		8,885
Total preferred securities (cost: $65,451,000)				59,101

American Funds Insurance Series 45

Growth Fund (continued)

Convertible bonds & notes 0.02%	Principal amount (000)		Value (000)
Consumer staples 0.01%
JUUL Labs, Inc., convertible notes, 7.00% PIK 20253,4,5,6	USD	44,875	$	4,115
				4,115
Industrials 0.01%
Einride AB, convertible notes, 7.00% 20233,4,5		2,500		2,969
				2,969
Total convertible bonds & notes (cost: $45,836,000)				7,084
Short-term securities 5.23%		Shares
Money market investments 4.99%
Capital Group Central Cash Fund 1.38%7,8		15,555,891		1,555,278
Money market investments purchased with collateral from securities on loan 0.24%
Capital Group Central Cash Fund 1.38%7,8,9		206,977		20,693
Goldman Sachs Financial Square Government Fund, Institutional Shares 1.39%7,9		10,925,949		10,926
Invesco Short-Term Investments Trust – Government & Agency Portfolio, Institutional Class 1.38%7,9		10,346,758		10,347
Morgan Stanley Institutional Liquidity Funds – Government Portfolio, Institutional Class 1.38%7,9		10,346,758		10,347
State Street Institutional U.S. Government Money Market Fund, Institutional Class 1.40%7,9		10,346,758		10,347
BlackRock Liquidity Funds – FedFund, Institutional Shares 1.32%7,9		10,346,758		10,346
				73,006
Total short-term securities (cost: $1,628,508,000)				1,628,284
Total investment securities 99.90% (cost: $21,586,060,000)				31,144,244
Other assets less liabilities 0.10%				31,927
Net assets 100.00%			$	31,176,171

Investments in affiliates⁸

	Value of affiliates at 1/1/2022 (000)		Additions (000)			Reductions (000)		Net realized gain (000)		Net unrealized depreciation (000)			Value of affiliates at 6/30/2022 (000)		Dividend income (000)
Short-term securities 5.06%
Money market investments 4.99%
Capital Group Central Cash Fund 1.38%7	$	1,610,187	$	2,905,660		$	2,960,150	$	1	$	(420	)	$	1,555,278	$	3,145
Money market investments purchased with collateral from securities on loan 0.07%
Capital Group Central Cash Fund 1.38%7,9		20,304		389	10									20,693		—	11
Total short-term securities														1,575,971
Total 5.06%								$	1	$	(420	)	$	1,575,971	$	3,145

46 American Funds Insurance Series

Growth Fund (continued)

Private placement securities⁵

	Acquisition date(s)	Cost (000)		Value (000)		Percent of net assets
Verily Life Sciences, LLC	12/21/2018	$	37,000	$	44,928		.14	%
PsiQuantum Corp., Series D, preferred shares	5/28/2021		23,781		23,781		.08
ABL Space Systems Co., Series B2, preferred shares	10/22/2021		10,452		8,885		.03
Stripe, Inc., Class B	5/6/2021		6,766		6,000		.02
Stripe, Inc., Series H, 6.00% noncumulative preferred shares	3/15/2021		2,113		1,874		.01
JUUL Labs, Inc., convertible notes, 7.00% PIK 2025	2/3/2020-5/3/2022		43,336		4,115		.01
Tipalti Solutions, Ltd., Series F, preferred shares	12/1/2021		6,956		3,295		.01
Einride AB, convertible notes, 7.00% 2023	1/7/2022		2,500		2,969		.01
Total		$	132,904	$	95,847		.31	%

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 $78,405,000, which represented .25% of the net assets of the fund. Refer to Note 5 for more information on securities lending.
3	Valued under fair value procedures adopted by authority of the board of trustees. The total value of all such securities was $95,847,000, which represented .31% of the net assets of the fund.
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.
6	Payment in kind; the issuer has the option of paying additional securities in lieu of cash. Payment methods and rates are as of the most recent payment when available.
7	Rate represents the seven-day yield at 6/30/2022.
8	Part of the same “group of investment companies” as the fund as defined under the Investment Company Act of 1940, as amended.
9	Security purchased with cash collateral from securities on loan. Refer to Note 5 for more information on securities lending.
10	Represents net activity. Refer to Note 5 for more information on securities lending.
11	Dividend income is included with securities lending income in the fund’s statement of operations and is not shown in this table.

Key to abbreviations

ADR = American Depositary Receipts

CAD = Canadian dollars

REIT = Real Estate Investment Trust

USD = U.S. dollars

Refer to the notes to financial statements.

American Funds Insurance Series 47

International Fund
Investment portfolio June 30, 2022	unaudited

Common stocks 85.49%	Shares		Value (000)
Industrials 13.12%
Airbus SE, non-registered shares		1,707,475	$	165,425
Recruit Holdings Co., Ltd.		3,491,309		102,799
Melrose Industries PLC		36,613,980		66,722
Safran SA		579,000		57,163
Ryanair Holdings PLC (ADR)1		535,700		36,026
Ryanair Holdings PLC1		191,358		2,261
SMC Corp.		77,100		34,362
Siemens AG		331,702		33,749
MTU Aero Engines AG		182,000		33,129
DSV A/S		230,223		32,152
ASSA ABLOY AB, Class B		1,452,142		30,846
NIBE Industrier AB, Class B		3,878,804		29,120
Ashtead Group PLC		645,000		27,002
International Container Terminal Services, Inc.		7,953,240		26,615
Grab Holdings, Ltd., Class A1		9,470,179		23,960
Kingspan Group PLC		384,796		23,146
Shenzhen Inovance Technology Co., Ltd., Class A		2,350,967		23,133
Aena SME, SA, non-registered shares1		175,000		22,236
ZTO Express (Cayman), Inc., Class A (ADR)		685,354		18,813
Brenntag SE		222,191		14,460
CCR SA, ordinary nominative shares		5,580,000		13,360
Rumo SA		4,301,900		13,127
Airports of Thailand PCL, foreign registered shares1		5,078,900		10,215
Diploma PLC		335,900		9,110
Fluidra, SA, non-registered shares		432,985		8,775
Thales SA		70,763		8,680
Zhejiang Sanhua Intelligent Controls Co., Ltd., Class A		2,073,434		8,511
LIXIL Corp.		441,700		8,269
BAE Systems PLC		617,024		6,236
Techtronic Industries Co., Ltd.		437,500		4,564
				893,966
Information technology 11.40%
Taiwan Semiconductor Manufacturing Company, Ltd.		6,501,000		104,074
ASML Holding NV		205,218		98,034
Shopify, Inc., Class A, subordinate voting shares1		2,665,310		83,264
Nice, Ltd. (ADR)1		397,150		76,431
Nomura Research Institute, Ltd.		2,761,500		73,474
SK hynix, Inc.		826,941		57,957
Fujitsu, Ltd.		345,900		43,250
Samsung Electronics Co., Ltd.		631,500		27,723
NXP Semiconductors NV		173,200		25,639
Keyence Corp.		64,200		21,946
Infineon Technologies AG		728,000		17,616
STMicroelectronics NV2		539,236		16,953
Atlassian Corp. PLC, Class A1		78,500		14,711
Silergy Corp.		176,000		14,177
Suse SA1,2		576,586		13,088
TELUS International (Cda), Inc., subordinate voting shares1		499,900		12,532
OBIC Co., Ltd.		83,700		11,838
Kingdee International Software Group Co., Ltd.1		4,786,000		11,223
Delta Electronics, Inc.		1,408,000		10,489
Hexagon AB, Class B		925,700		9,615
ASM International NV		31,648		7,913
Constellation Software, Inc.		5,300		7,868
Canva, Inc.1,3,4,5		4,819		7,357
PagSeguro Digital, Ltd., Class A1		426,548		4,368
Block, Inc., Class A (CDI)1		45,372		2,834
StoneCo, Ltd., Class A1		317,126		2,442
				776,816

48 American Funds Insurance Series

International Fund (continued)

Common stocks (continued)		Shares		Value (000)
Financials 11.36%
Kotak Mahindra Bank, Ltd.			8,323,107	$	175,067
AIA Group, Ltd.			12,210,576		132,348
ABN AMRO Bank NV			10,182,910		114,342
HDFC Bank, Ltd.			2,292,812		39,137
HDFC Bank, Ltd. (ADR)			277,000		15,224
Aegon NV2			12,263,736		53,052
CaixaBank, SA			14,195,517		49,344
ING Groep NV			2,815,632		27,828
Bajaj Finance, Ltd.			396,342		27,104
Nu Holdings, Ltd., Class A1,2			6,890,117		25,769
Futu Holdings, Ltd. (ADR)1,2			440,706		23,009
KBC Groep NV			406,187		22,790
XP, Inc., Class A1			963,259		17,300
FinecoBank SpA			1,211,135		14,494
Ping An Insurance (Group) Company of China, Ltd., Class H			898,500		6,109
Ping An Insurance (Group) Company of China, Ltd., Class A			817,263		5,700
B3 SA-Brasil, Bolsa, Balcao			4,413,000		9,242
Allfunds Group PLC			1,158,708		8,937
Bajaj Finserv, Ltd.			50,931		7,050
					773,846
Health care 11.06%
Daiichi Sankyo Company, Ltd.			9,080,408		230,022
Olympus Corp.			5,808,100		116,714
WuXi Biologics (Cayman), Inc.1			12,609,300		115,378
Grifols, SA, Class A, non-registered shares1,2			2,451,598		46,335
Grifols, SA, Class B (ADR)1			793,690		9,429
Bayer AG			841,261		50,004
Siemens Healthineers AG			833,668		42,363
WuXi AppTec Co., Ltd., Class A			2,367,360		36,775
WuXi AppTec Co., Ltd., Class H			312,000		4,155
Merck KGaA			110,400		18,627
M3, Inc.			644,835		18,526
HOYA Corp.			198,300		16,932
Hapvida Participacoes e Investimentos SA1			9,734,853		10,175
Insulet Corp.1			46,653		10,167
Alcon, Inc.			133,937		9,355
CanSino Biologics, Inc., Class H2			729,200		7,467
bioMérieux SA			58,300		5,694
Ambu AS, Class B, non-registered shares2			545,233		5,294
					753,412
Energy 9.56%
Reliance Industries, Ltd.1			9,435,600		310,127
Petróleo Brasileiro SA (Petrobras), ordinary nominative shares (ADR)			6,724,576		78,543
Neste OYJ			1,756,952		77,772
TotalEnergies SE			1,147,298		60,560
Canadian Natural Resources, Ltd. (CAD denominated)			818,700		43,994
Woodside Energy Group, Ltd.			1,967,852		43,249
Cenovus Energy, Inc. (CAD denominated)			1,190,000		22,641
Shell PLC (GBP denominated)			573,839		14,907
					651,793
Materials 9.23%
First Quantum Minerals, Ltd.			10,951,800		207,771
Fortescue Metals Group, Ltd.			11,257,992		136,223
Vale SA, ordinary nominative shares (ADR)			6,886,607		100,751
Vale SA, ordinary nominative shares			770,681		11,274
Linde PLC (EUR denominated)2			135,800		38,986
Linde PLC	��		35,287		10,146
Shin-Etsu Chemical Co., Ltd.			395,300		44,576
Wacker Chemie AG			147,773		21,309

American Funds Insurance Series 49

International Fund (continued)

Common stocks (continued)	Shares		Value (000)
Materials (continued)
Ivanhoe Mines, Ltd., Class A1		3,403,051	$	19,590
JSR Corp.		379,200		9,838
Koninklijke DSM NV		55,354		7,953
Yunnan Energy New Material Co., Ltd., Class A		196,300		7,344
Akzo Nobel NV		107,048		7,025
BASF SE		136,760		5,951
				628,737
Consumer discretionary 8.85%
MercadoLibre, Inc.1		132,887		84,632
Evolution AB		916,701		83,348
Sony Group Corp.		920,500		75,272
Galaxy Entertainment Group, Ltd.		9,204,000		54,895
Ferrari NV (EUR denominated)		254,543		46,734
LVMH Moët Hennessy-Louis Vuitton SE		72,682		44,306
Maruti Suzuki India, Ltd.		303,300		32,533
Alibaba Group Holding, Ltd. (ADR)1		213,000		24,214
Alibaba Group Holding, Ltd.1		414,200		5,907
Kering SA		53,565		27,511
JD.com, Inc., Class A (ADR)		239,660		15,391
JD.com, Inc., Class A		266,775		8,595
Entain PLC1		1,560,453		23,649
Coupang, Inc., Class A1		1,509,600		19,247
Flutter Entertainment PLC1		158,674		16,043
EssilorLuxottica		80,200		12,010
InterContinental Hotels Group PLC		155,468		8,232
Bandai Namco Holdings, Inc.		108,742		7,677
Aptiv PLC1		84,000		7,482
On Holding AG, Class A1		308,680		5,461
				603,139
Consumer staples 4.49%
Kweichow Moutai Co., Ltd., Class A		224,223		68,496
Danone SA		878,392		49,026
British American Tobacco PLC		911,000		39,030
Treasury Wine Estates, Ltd.		4,562,804		35,747
Seven & i Holdings Co., Ltd.		864,100		33,544
Kobe Bussan Co., Ltd.		754,900		18,500
Inner Mongolia Yili Industrial Group Co., Ltd., Class A		2,653,503		15,439
CP ALL PCL, foreign registered shares		9,053,300		15,388
Nestlé SA		78,463		9,159
Chocoladefabriken Lindt & Sprüngli AG		80		8,388
Shiseido Company, Ltd.		179,400		7,201
Dabur India, Ltd.		933,875		5,865
				305,783
Communication services 3.50%
Bharti Airtel, Ltd.1		12,732,125		110,429
Bharti Airtel, Ltd., interim shares1		836,308		3,203
Universal Music Group NV		1,312,633		26,320
Sea, Ltd., Class A (ADR)1		357,779		23,921
Informa PLC1		3,630,108		23,367
Ubisoft Entertainment SA1		518,403		22,763
Singapore Telecommunications, Ltd.		5,800,500		10,563
Vivendi SE		907,392		9,220
SoftBank Group Corp.		224,200		8,650
Yandex NV, Class A1,3,4		313,000		—	6
				238,436
Utilities 2.24%
ENN Energy Holdings, Ltd.		9,285,300		152,530

50 American Funds Insurance Series

International Fund (continued)

Common stocks (continued)	Shares		Value (000)
Real estate 0.68%
ESR Group, Ltd.1		14,852,600	$	40,128
Ayala Land, Inc.		13,552,800		6,285
				46,413
Total common stocks (cost: $5,416,609,000)				5,824,871
Preferred securities 0.78%
Health care 0.40%
Grifols, SA, Class B, nonvoting non-registered preferred shares1		2,274,930		26,892
Energy 0.23%
Petróleo Brasileiro SA (Petrobras), preferred nominative shares		2,980,131		15,905
Financials 0.14%
Itaú Unibanco Holding SA, preferred nominative shares		2,246,000		9,729
Information technology 0.01%
Canva, Inc., Series A, noncumulative preferred shares1,3,4,5		422		644
Canva, Inc., Series A-3, noncumulative preferred shares1,3,4,5		18		27
Canva, Inc., Series A-4, noncumulative preferred shares1,3,4,5		1		2
				673
Total preferred securities (cost: $70,947,000)				53,199
Rights & warrants 0.24%
Health care 0.24%
WuXi AppTec Co., Ltd., Class A, warrants, expire 20221,3,7		1,075,200		16,702
Total rights & warrants (cost: $20,683,000)				16,702
Short-term securities 14.40%
Money market investments 13.41%
Capital Group Central Cash Fund 1.38%8,9		9,140,101		913,827
Money market investments purchased with collateral from securities on loan 0.99%
Capital Group Central Cash Fund 1.38%8,9,10		190,714		19,067
Goldman Sachs Financial Square Government Fund, Institutional Shares 1.39%8,10		10,067,468		10,067
BlackRock Liquidity Funds – FedFund, Institutional Shares 1.32%8,10		9,533,786		9,534
Invesco Short-Term Investments Trust – Government & Agency Portfolio, Institutional Class 1.38%8,10		9,533,786		9,534
Morgan Stanley Institutional Liquidity Funds – Government Portfolio, Institutional Class 1.38%8,10		9,533,786		9,534
State Street Institutional U.S. Government Money Market Fund, Institutional Class 1.40%8,10		9,533,786		9,534
				67,270
Total short-term securities (cost: $981,221,000)				981,097
Total investment securities 100.91% (cost: $6,489,460,000)				6,875,869
Other assets less liabilities (0.91)%				(62,255	)
Net assets 100.00%			$	6,813,614

American Funds Insurance Series 51

International Fund (continued)

Investments in affiliates⁹

	Value of affiliates at 1/1/2022 (000)		Additions (000)		Reductions (000)			Net realized gain (000)		Net unrealized depreciation (000)			Value of affiliates at 6/30/2022 (000)		Dividend income (000)
Short-term securities 13.69%
Money market investments 13.41%
Capital Group Central Cash Fund 1.38%8	$	977,398	$	1,096,883	$	1,160,244		$	20	$	(230	)	$	913,827	$	1,992
Money market investments purchased with collateral from securities on loan 0.28%
Capital Group Central Cash Fund 1.38%8,10		34,059				14,992	11							19,067		—	12
Total short-term securities														932,894
Total 13.69%								$	20	$	(230	)	$	932,894	$	1,992

Private placement securities⁵

	Acquisition date(s)	Cost (000)		Value (000)		Percent of net assets
Canva, Inc.	8/26/2021-11/4/2021	$	8,215	$	7,357		.11	%
Canva, Inc., Series A, noncumulative preferred shares	11/4/2021		719		644		.01
Canva, Inc., Series A-3, noncumulative preferred shares	11/4/2021		31		27		.00
Canva, Inc., Series A-4, noncumulative preferred shares	11/4/2021		2		2		.00
Total		$	8,967	$	8,030		.12	%

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 $71,916,000, which represented 1.06% of the net assets of the fund. Refer to Note 5 for more information on securities lending.
3	Valued under fair value procedures adopted by authority of the board of trustees. The total value of all such securities was $24,732,000, which represented .36% of the net assets of the fund.
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.
6	Amount less than one thousand.
7	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 $16,702,000, which represented .25% of the net assets of the fund.
8	Rate represents the seven-day yield at 6/30/2022.
9	Part of the same “group of investment companies” as the fund as defined under the Investment Company Act of 1940, as amended.
10	Security purchased with cash collateral from securities on loan. Refer to Note 5 for more information on securities lending.
11	Represents net activity. Refer to Note 5 for more information on securities lending.
12	Dividend income is included with securities lending income in the fund’s statement of operations and is not shown in this table.

Key to abbreviations

ADR = American Depositary Receipts
CAD = Canadian dollars
CDI = CREST Depository Interest
EUR = Euros
GBP = British pounds

Refer to the notes to financial statements.

52 American Funds Insurance Series

New World Fund
Investment portfolio June 30, 2022	unaudited

Common stocks 85.69%	Shares		Value (000)
Information technology 15.68%
Microsoft Corp.		398,934	$	102,458
Taiwan Semiconductor Manufacturing Company, Ltd.		4,004,000		64,100
Broadcom, Inc.		52,546		25,527
Micron Technology, Inc.		453,986		25,096
ASML Holding NV		51,193		24,455
Wolfspeed, Inc.1		340,065		21,577
Adobe, Inc.1		51,971		19,024
Tata Consultancy Services, Ltd.		427,278		17,677
Apple, Inc.		129,278		17,675
Mastercard, Inc., Class A		48,408		15,272
Silergy Corp.		181,094		14,587
Visa, Inc., Class A		52,549		10,346
PagSeguro Digital, Ltd., Class A1		922,834		9,450
Samsung Electronics Co., Ltd.		207,833		9,124
NVIDIA Corp.		55,678		8,440
Keyence Corp.		24,600		8,409
EPAM Systems, Inc.1		26,998		7,958
TELUS International (Cda), Inc., subordinate voting shares1		294,869		7,392
Network International Holdings PLC1		2,797,596		6,430
Accenture PLC, Class A		21,156		5,874
Nokia Corp.		1,149,271		5,347
SAP SE		56,875		5,181
Tokyo Electron, Ltd.		15,500		5,061
Flat Glass Group Co., Ltd., Class H1,2		1,420,000		4,995
Edenred SA		102,606		4,835
Nice, Ltd. (ADR)1		24,926		4,797
Kingdee International Software Group Co., Ltd.1		1,904,000		4,465
MediaTek, Inc.		154,000		3,372
Halma PLC		107,927		2,639
Trimble, Inc.1		42,730		2,488
SK hynix, Inc.		34,099		2,390
ON Semiconductor Corp.1		46,661		2,347
Amadeus IT Group SA, Class A, non-registered shares1		39,769		2,215
Advanced Micro Devices, Inc.1		27,588		2,110
DLocal, Ltd., Class A1		78,185		2,052
Logitech International SA		38,622		2,018
Cognizant Technology Solutions Corp., Class A		27,762		1,874
Infosys, Ltd.		96,230		1,781
Applied Materials, Inc.		19,121		1,740
PayPal Holdings, Inc.1		24,259		1,694
StoneCo, Ltd., Class A1		208,228		1,603
FleetCor Technologies, Inc.1		7,609		1,599
KLA Corp.		4,986		1,591
Hexagon AB, Class B		105,226		1,093
Globant SA1		6,239		1,086
Hamamatsu Photonics KK		27,200		1,056
Euronet Worldwide, Inc.1		10,178		1,024
Hundsun Technologies, Inc., Class A		150,377		978
MKS Instruments, Inc.		8,486		871
Coforge, Ltd.		18,403		825
Autodesk, Inc.1		4,715		811
VeriSign, Inc.1		4,446		744
Infineon Technologies AG		26,555		643
Atlassian Corp. PLC, Class A1		3,424		642
Canva, Inc.1,3,4,5		385		588
Fabrinet, non-registered shares1		6,992		567
Intel Corp.		3,575		134
				500,127

American Funds Insurance Series 53

New World Fund (continued)

Common stocks (continued)	Shares		Value (000)
Financials 11.95%
Kotak Mahindra Bank, Ltd.		3,010,627	$	63,325
AIA Group, Ltd.		3,976,200		43,097
Ping An Insurance (Group) Company of China, Ltd., Class H		4,121,344		28,021
HDFC Bank, Ltd.		1,260,295		21,512
B3 SA-Brasil, Bolsa, Balcao		10,216,738		21,396
Capitec Bank Holdings, Ltd.		170,562		20,781
Bajaj Finance, Ltd.		256,491		17,540
Industrial and Commercial Bank of China, Ltd., Class H		23,013,000		13,667
AU Small Finance Bank, Ltd.		1,514,002		11,344
Banco Bilbao Vizcaya Argentaria, SA		2,164,760		9,824
PB Fintech, Ltd.1		1,162,870		8,437
Nu Holdings, Ltd., Class A1		2,004,606		7,497
ICICI Bank, Ltd. (ADR)		300,062		5,323
ICICI Bank, Ltd.		240,154		2,151
Discovery, Ltd.1		921,680		7,257
China Merchants Bank Co., Ltd., Class H		1,045,500		6,995
S&P Global, Inc.		20,318		6,848
UniCredit SpA		682,154		6,480
XP, Inc., Class A1		341,304		6,130
Hong Kong Exchanges and Clearing, Ltd.		117,600		5,785
Bank Rakyat Indonesia (Persero) Tbk PT		20,501,900		5,711
Eurobank Ergasias Services and Holdings SA1		6,082,762		5,375
Moody’s Corp.		17,945		4,881
Postal Savings Bank of China Co., Ltd., Class H		6,062,000		4,813
Société Générale		207,077		4,533
East Money Information Co., Ltd., Class A		1,153,656		4,377
Lufax Holding, Ltd. (ADR)		687,300		4,124
Alpha Services and Holdings SA1		4,683,510		4,084
Aon PLC, Class A		10,856		2,928
Bank Mandiri (Persero) Tbk PT		5,279,900		2,809
Standard Bank Group, Ltd.		290,750		2,773
Canara Bank		1,185,969		2,722
Bajaj Finserv, Ltd.		18,250		2,526
Fairfax Financial Holdings, Ltd., subordinate voting shares		4,711		2,496
Bank Central Asia Tbk PT		5,066,200		2,466
DBS Group Holdings, Ltd.		111,373		2,379
HDFC Life Insurance Company, Ltd.		337,705		2,352
Futu Holdings, Ltd. (ADR)1,2		41,701		2,177
Banco Santander México, SA, Institución de Banca Múltiple, Grupo Financiero Santander México, Class B		1,385,817		1,414
China Construction Bank Corp., Class H		2,059,000		1,383
TISCO Financial Group PCL, foreign registered shares		343,800		862
Grupo Financiero Banorte, SAB de CV, Series O		85,744		478
TCS Group Holding PLC (GDR)1,3,4		78,482		—	6
Moscow Exchange MICEX-RTS PJSC1,3,4		438,203		—	6
Sberbank of Russia PJSC1,3,4,7		2,662,164		—	6
				381,073
Health care 11.67%
Thermo Fisher Scientific, Inc.		73,249		39,795
Eli Lilly and Company		99,900		32,391
Abbott Laboratories		232,881		25,302
Novo Nordisk A/S, Class B		209,543		23,241
WuXi Biologics (Cayman), Inc.1		2,445,600		22,378
AstraZeneca PLC		149,534		19,659
WuXi AppTec Co., Ltd., Class A		809,559		12,576
WuXi AppTec Co., Ltd., Class H		491,300		6,543
PerkinElmer, Inc.		124,925		17,767
Danaher Corp.		60,094		15,235
Jiangsu Hengrui Medicine Co., Ltd., Class A		2,512,188		13,919
Carl Zeiss Meditec AG, non-registered shares2		100,330		11,976
BeiGene, Ltd. (ADR)1		65,037		10,526

54 American Funds Insurance Series

New World Fund (continued)

Common stocks (continued)	Shares		Value (000)
Health care (continued)
BeiGene, Ltd., Class H1,2		49,700	$	624
Laurus Labs, Ltd.		1,762,486		10,371
CanSino Biologics, Inc., Class H		996,718		10,206
Shionogi & Co., Ltd.		183,000		9,246
CSL, Ltd.		49,605		9,213
Pfizer, Inc.		174,518		9,150
Olympus Corp.		398,800		8,014
Hypera SA, ordinary nominative shares		1,020,998		7,421
Hapvida Participacoes e Investimentos SA1		6,522,586		6,817
Zoetis, Inc., Class A		33,143		5,697
Pharmaron Beijing Co., Ltd., Class A		340,250		4,839
Pharmaron Beijing Co., Ltd., Class H		26,850		269
Siemens Healthineers AG		82,699		4,202
Rede D’Or Sao Luiz SA		756,718		4,190
Hutchmed China, Ltd.1,2		808,232		1,992
Hutchmed China, Ltd. (ADR)1		150,024		1,896
Legend Biotech Corp. (ADR)1		65,903		3,625
Straumann Holding AG		29,438		3,535
Grifols, SA, Class A, non-registered shares1		155,398		2,937
Teva Pharmaceutical Industries, Ltd. (ADR)1		248,351		1,868
OdontoPrev SA, ordinary nominative shares		1,044,247		1,866
Align Technology, Inc.1		7,775		1,840
Mettler-Toledo International, Inc.1		1,508		1,732
Angelalign Technology, Inc.		85,000		1,703
Medtronic PLC		16,413		1,473
Asahi Intecc Co., Ltd.		91,800		1,386
Genus PLC		40,970		1,251
Innovent Biologics, Inc.1		220,000		978
Merck KGaA		5,502		928
Hangzhou Tigermed Consulting Co., Ltd., Class A		50,871		870
Zai Lab, Ltd. (ADR)1		16,060		557
Shandong Pharmaceutical Glass Co., Ltd., Class A		66,700		278
				372,282
Consumer discretionary 10.52%
LVMH Moët Hennessy-Louis Vuitton SE		60,448		36,849
MercadoLibre, Inc.1		35,216		22,428
General Motors Company1		699,053		22,202
Hermès International		17,033		19,046
Galaxy Entertainment Group, Ltd.		2,970,000		17,714
Li Ning Co., Ltd.		1,835,501		17,006
Evolution AB		179,821		16,350
EssilorLuxottica		85,613		12,821
Trip.com Group, Ltd. (ADR)1		409,020		11,228
XPeng, Inc., Class A1,2		663,978		10,696
Midea Group Co., Ltd., Class A		1,104,055		9,960
JD.com, Inc., Class A		240,530		7,749
Kering SA		14,088		7,236
YUM! Brands, Inc.		63,025		7,154
Huazhu Group, Ltd. (ADR)		181,055		6,898
Zhongsheng Group Holdings, Ltd.		885,500		6,246
Cie. Financière Richemont SA, Class A		58,126		6,189
Booking Holdings, Inc.1		3,215		5,623
Alibaba Group Holding, Ltd.1		382,972		5,461
Astra International Tbk PT		12,241,400		5,444
Americanas SA, ordinary nominative shares		2,105,517		5,403
NIKE, Inc., Class B		52,547		5,370
Jumbo SA		367,791		5,342
Tesla, Inc.1		7,065		4,758
Pop Mart International Group, Ltd.		980,400		4,735
Industria de Diseño Textil, SA		206,902		4,681
Marriott International, Inc., Class A		32,868		4,470

American Funds Insurance Series 55

New World Fund (continued)

Common stocks (continued)	Shares		Value (000)
Consumer discretionary (continued)
JD Health International, Inc.1		523,450	$	4,106
Titan Co., Ltd.		158,667		3,900
IDP Education, Ltd.		218,530		3,593
China MeiDong Auto Holdings, Ltd.		950,000		2,990
Lear Corp.		23,098		2,908
Maruti Suzuki India, Ltd.		24,639		2,643
Samsonite International SA1		1,322,400		2,632
Airbnb, Inc., Class A1		27,875		2,483
InterContinental Hotels Group PLC		42,267		2,238
Aptiv PLC1		24,637		2,194
Prosus NV, Class N		31,819		2,083
Entain PLC1		118,320		1,793
Inchcape PLC		202,422		1,714
Shangri-La Asia, Ltd.1		2,024,000		1,641
Fast Retailing Co., Ltd.		2,700		1,414
Melco Resorts & Entertainment, Ltd. (ADR)1		237,753		1,367
FSN E-Commerce Ventures, Ltd.1		68,803		1,226
Naspers, Ltd., Class N		7,089		1,032
Gree Electric Appliances, Inc. of Zhuhai, Class A		150,246		757
Stellantis NV		61,093		754
adidas AG		4,196		742
Flutter Entertainment PLC1		6,950		703
Levi Strauss & Co., Class A		42,463		693
Jiumaojiu International Holdings, Ltd.2		239,000		635
Cyrela Brazil Realty SA, ordinary nominative shares		117,858		266
Ozon Holdings PLC (ADR)1,3,4		209,599		—	6
				335,566
Industrials 8.88%
Airbus SE, non-registered shares		375,800		36,409
IMCD NV		130,844		17,956
Shenzhen Inovance Technology Co., Ltd., Class A		1,466,674		14,432
General Electric Co.		215,458		13,718
DSV A/S		96,469		13,472
Safran SA		128,904		12,726
International Container Terminal Services, Inc.		3,767,720		12,608
Copa Holdings, SA, Class A1		189,059		11,981
Larsen & Toubro, Ltd.		594,628		11,733
Rumo SA		3,508,073		10,705
Zhejiang Sanhua Intelligent Controls Co., Ltd., Class A		2,393,424		9,825
Grab Holdings, Ltd., Class A1		3,233,079		8,180
Suzhou Maxwell Technologies Co., Ltd., Class A		98,600		7,230
Caterpillar, Inc.		39,829		7,120
CCR SA, ordinary nominative shares		2,717,276		6,506
TransDigm Group, Inc.1		10,219		5,484
Contemporary Amperex Technology Co., Ltd., Class A		67,047		5,348
Nidec Corp.		84,200		5,200
Thales SA		38,118		4,676
Carrier Global Corp.		120,077		4,282
InPost SA1,2		729,246		4,228
Daikin Industries, Ltd.		26,000		4,168
Wizz Air Holdings PLC1		191,404		4,087
Raytheon Technologies Corp.		42,230		4,059
ZTO Express (Cayman), Inc., Class A (ADR)		136,462		3,746
Centre Testing International Group Co., Ltd.		978,596		3,393
Boeing Company1		24,587		3,362
SMC Corp.		7,300		3,253
Spirax-Sarco Engineering PLC		25,418		3,056
Ryanair Holdings PLC (ADR)1		42,600		2,865
Interpump Group SpA		73,018		2,784
AirTAC International Group1		74,000		2,466
Hitachi, Ltd.		49,300		2,339

56 American Funds Insurance Series

New World Fund (continued)

Common stocks (continued)	Shares		Value (000)
Industrials (continued)
Bureau Veritas SA		87,556	$	2,243
Epiroc AB, Class B		158,534		2,142
Mitsubishi Heavy Industries, Ltd.		58,500		2,046
Grupo Aeroportuario del Pacífico, SAB de CV, Class B		144,377		2,011
ABB, Ltd.		74,036		1,974
Bharat Electronics, Ltd.		627,525		1,860
Havells India, Ltd.		127,229		1,769
Siemens AG		15,401		1,567
Haitian International Holdings, Ltd.		509,000		1,301
Atlas Copco AB, Class B		136,812		1,144
Experian PLC		27,683		811
China Merchants Port Holdings Co., Ltd.		272,000		462
Hefei Meyer Optoelectronic Technology, Inc., Class A		126,100		408
				283,135
Materials 7.76%
Vale SA, ordinary nominative shares		1,749,384		25,592
Vale SA, ordinary nominative shares (ADR)		1,614,308		23,617
First Quantum Minerals, Ltd.		1,631,131		30,945
Freeport-McMoRan, Inc.		771,837		22,584
Asian Paints, Ltd.		583,858		19,926
Sika AG		64,792		14,931
Albemarle Corp.		70,823		14,801
Linde PLC		47,848		13,758
Pidilite Industries, Ltd.		429,669		11,371
Beijing Oriental Yuhong Waterproof Technology Co., Ltd., Class A		861,793		6,626
Sociedad Química y Minera de Chile SA, Class B (ADR)		62,332		5,207
Givaudan SA		1,416		4,979
LANXESS AG		137,274		4,917
Wacker Chemie AG		34,003		4,903
Barrick Gold Corp.		271,788		4,808
Shin-Etsu Chemical Co., Ltd.		41,300		4,657
Yunnan Energy New Material Co., Ltd., Class A		124,100		4,643
Shandong Sinocera Functional Material Co., Ltd., Class A		575,500		3,088
Fresnillo PLC		300,858		2,808
SKSHU Paint Co., Ltd., Class A1		141,065		2,727
Loma Negra Compania Industrial Argentina SA (ADR)		530,050		2,693
SIG Group AG		92,597		2,039
Amcor PLC (CDI)		151,073		1,881
Arkema SA		20,250		1,802
CCL Industries, Inc., Class B, nonvoting shares		37,100		1,754
Koninklijke DSM NV		12,188		1,751
Nutrien, Ltd.		16,357		1,303
OCI NV		37,480		1,236
Corteva, Inc.		19,843		1,074
Umicore SA		27,264		952
Glencore PLC		166,729		903
Celanese Corp.		7,208		848
Anglo American PLC		19,828		709
BASF SE		13,092		570
Impala Platinum Holdings, Ltd.		51,110		569
Navin Fluorine International, Ltd.		10,286		476
Polymetal International PLC		76,572		169
Alrosa PJSC3,4		1,123,215		—	6
				247,617
Consumer staples 6.83%
Kweichow Moutai Co., Ltd., Class A		197,607		60,366
ITC, Ltd.		4,202,675		14,555
Bunge, Ltd.		154,489		14,011
Constellation Brands, Inc., Class A		50,621		11,798
Nestlé SA		94,775		11,063

American Funds Insurance Series 57

New World Fund (continued)

Common stocks (continued)	Shares		Value (000)
Consumer staples (continued)
Anheuser-Busch InBev SA/NV		184,861	$	9,950
British American Tobacco PLC		204,480		8,760
Japan Tobacco, Inc.2		420,300		7,267
Philip Morris International, Inc.		64,416		6,360
Carlsberg A/S, Class B		49,429		6,296
Wuliangye Yibin Co., Ltd., Class A		199,771		6,026
Pernod Ricard SA		32,594		5,988
Monster Beverage Corp.1		62,896		5,830
Varun Beverages, Ltd.		522,753		5,233
Raia Drogasil SA, ordinary nominative shares		1,406,218		5,159
Kimberly-Clark de México, SAB de CV, ordinary participation certificates, Class A2		3,747,683		5,075
Foshan Haitian Flavouring and Food Co., Ltd., Class A		314,996		4,252
Avenue Supermarts, Ltd.1		98,499		4,248
Dabur India, Ltd.		499,893		3,139
Inner Mongolia Yili Industrial Group Co., Ltd., Class A		502,900		2,926
Arca Continental, SAB de CV		404,001		2,662
L’Oréal SA, non-registered shares		6,365		2,196
Mondelez International, Inc.		32,465		2,016
Proya Cosmetics Co., Ltd., Class A		80,420		1,984
Danone SA		34,906		1,948
Monde Nissin Corp.1		8,193,900		1,937
United Spirits, Ltd.1		158,456		1,524
Reckitt Benckiser Group PLC		19,968		1,500
Unilever PLC (EUR denominated)		30,374		1,379
Uni-Charm Corp.		23,900		800
Heineken NV		5,989		546
Shiseido Company, Ltd.		11,200		450
Diageo PLC		9,646		415
X5 Retail Group NV (GDR)3,4		88,147		—	6
				217,659
Communication services 4.86%
Alphabet, Inc., Class C1		16,377		35,824
Alphabet, Inc., Class A1		3,933		8,571
Tencent Holdings, Ltd.		389,500		17,592
Meta Platforms, Inc., Class A1		101,985		16,445
América Móvil, SAB de CV, Series L (ADR)		709,818		14,501
Bharti Airtel, Ltd.1		1,599,162		13,870
Bharti Airtel, Ltd., interim shares1		80,154		307
Sea, Ltd., Class A (ADR)1		161,435		10,793
Vodafone Group PLC		5,163,100		7,961
NetEase, Inc.		176,100		3,234
NetEase, Inc. (ADR)		27,722		2,588
Activision Blizzard, Inc.		70,185		5,465
Netflix, Inc.1		28,356		4,959
Indus Towers, Ltd.		1,750,611		4,635
Telefónica, SA, non-registered shares1		411,518		2,097
MTN Group, Ltd.		250,294		2,031
JCDecaux SA1		116,458		1,956
Informa PLC1		261,509		1,683
SoftBank Group Corp.		13,700		529
Yandex NV, Class A1,3,4		378,730		—	6
				155,041
Energy 4.31%
Reliance Industries, Ltd.1		2,050,136		67,383
New Fortress Energy, Inc., Class A		360,837		14,278
BP PLC		2,081,862		9,840
Baker Hughes Co., Class A		267,116		7,712
Cheniere Energy, Inc.		56,794		7,555
Aker BP ASA2		92,604		3,217
Aker BP ASA (SDR)3		72,417		2,515

58 American Funds Insurance Series

New World Fund (continued)

Common stocks (continued)	Shares		Value (000)
Energy (continued)
Exxon Mobil Corp.		56,855	$	4,869
Hess Corp.		43,633		4,622
TotalEnergies SE		83,475		4,406
Chevron Corp.		25,503		3,692
Shell PLC (GBP denominated)		134,028		3,482
INPEX Corp.2		195,000		2,113
TechnipFMC PLC1		180,463		1,215
Petróleo Brasileiro SA (Petrobras), ordinary nominative shares (ADR)		32,841		384
Orron Energy AB		36,490		25
Gazprom PJSC (ADR)3,4		472,929		—	6
Rosneft Oil Company PJSC (GDR)3,4		588,661		—	6
				137,308
Real estate 1.68%
Macrotech Developers, Ltd.1		833,489		11,282
American Tower Corp. REIT		41,814		10,687
ESR Group, Ltd.1		2,773,600		7,494
CK Asset Holdings, Ltd.		960,000		6,790
BR Malls Participacoes SA, ordinary nominative shares		3,938,172		5,659
Country Garden Services Holdings Co., Ltd.		666,000		2,966
China Overseas Land & Investment, Ltd.		915,500		2,894
Shimao Services Holdings, Ltd.1		5,605,187		2,700
CTP NV		198,078		2,283
China Vanke Co., Ltd., Class H		280,300		705
				53,460
Utilities 1.55%
ENN Energy Holdings, Ltd.		1,778,100		29,209
AES Corp.		460,707		9,680
Engie SA		448,515		5,154
Power Grid Corporation of India, Ltd.		1,119,742		3,005
Enel SpA		329,104		1,800
China Resources Gas Group, Ltd.		100,000		466
China Gas Holdings, Ltd.		67,400		104
				49,418
Total common stocks (cost: $2,290,258,000)				2,732,686
Preferred securities 0.94%
Consumer discretionary 0.29%
Getir BV, Series D, preferred shares1,3,4,5		7,768		4,996
Porsche Automobil Holding SE, nonvoting preferred shares		63,178		4,179
				9,175
Materials 0.24%
Gerdau SA, preferred nominative shares		1,782,592		7,613
Real estate 0.19%
QuintoAndar, Ltd., Series E, preferred shares1,3,4,5		32,657		4,925
QuintoAndar, Ltd., Series E-1, preferred shares1,3,4,5		8,400		1,267
				6,192
Industrials 0.08%
GOL Linhas Aéreas Inteligentes SA, preferred nominative shares1		1,385,809		2,402
GOL Linhas Aéreas Inteligentes SA, preferred nominative shares (ADR)1,2		65,296		222
				2,624
Health care 0.07%
Grifols, SA, Class B, nonvoting non-registered preferred shares1		179,075		2,117

American Funds Insurance Series 59

New World Fund (continued)

Preferred securities (continued)	Shares		Value (000)
Financials 0.04%
Itaú Unibanco Holding SA, preferred nominative (ADR)		151,962	$	650
Itaú Unibanco Holding SA, preferred nominative shares		113,600		492
				1,142
Energy 0.03%
Petróleo Brasileiro SA (Petrobras), preferred nominative shares		168,756		901
Information technology 0.00%
Canva, Inc., Series A, noncumulative preferred shares1,3,4,5		34		52
Canva, Inc., Series A-3, noncumulative preferred shares1,3,4,5		1		1
				53
Total preferred securities (cost: $29,021,000)				29,817
Rights & warrants 0.02%
Materials 0.02%
Shandong Sinocera Functional Material Co., Ltd., Class A, warrants, expire 20221,3,7		124,600		668
Consumer discretionary 0.00%
Compagnie Financière Richemont SA, Class A, warrants, expire 20231		105,741		58
Total rights & warrants (cost: $837,000)				726
Bonds, notes & other debt instruments 3.25%	Principal amount (000)
Bonds & notes of governments & government agencies outside the U.S. 2.72%
Abu Dhabi (Emirate of) 2.50% 20297	USD	1,000		920
Abu Dhabi (Emirate of) 1.70% 20317		885		745
Angola (Republic of) 8.25% 2028		500		417
Angola (Republic of) 8.00% 20297		1,800		1,430
Angola (Republic of) 8.75% 20327		480		385
Argentine Republic 1.00% 2029		100		23
Argentine Republic 0.50% 2030 (0.75% on 7/9/2023)8		5,341		1,267
Argentine Republic 1.125% 2035 (1.50% on 7/9/2022)8		4,190		908
Argentine Republic 2.00% 2038 (3.875% on 7/9/2022)8		1,318		377
Argentine Republic 2.50% 2041 (3.50% on 7/9/2022)8		10,200		2,751
Armenia (Republic of) 7.15% 2025		290		287
Bahrain (Kingdom of) 6.75% 20297		500		480
Belarus (Republic of) 6.875% 2023		915		174
Belarus (Republic of) 5.875% 2026		230		38
Belarus (Republic of) 7.625% 2027		335		55
Brazil (Federative Republic of) 6.00% 20279	BRL	21,131		4,107
Brazil (Federative Republic of) 10.00% 2027		19,869		3,450
Chile (Republic of) 3.10% 2041	USD	375		286
Chile (Republic of) 4.34% 2042		645		575
China (People’s Republic of), Series INBK, 2.89% 2031	CNY	36,200		5,417
China (People’s Republic of), Series INBK, 3.72% 2051		34,650		5,526
Colombia (Republic of) 4.50% 2026	USD	280		263
Colombia (Republic of) 3.00% 2030		213		162
Colombia (Republic of) 3.25% 2032		700		508
Colombia (Republic of) 7.375% 2037		1,090		1,011
Colombia (Republic of) 5.625% 2044		320		231
Colombia (Republic of) 5.00% 2045		348		234
Colombia (Republic of) 5.20% 2049		555		378
Colombia (Republic of) 4.125% 2051		350		211
Cote d’Ivoire (Republic of) 4.875% 2032	EUR	150		114
Dominican Republic 6.875% 2026	USD	370		378

60 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)
Dominican Republic 8.625% 20277	USD	575	$	599
Dominican Republic 5.50% 20297		275		240
Dominican Republic 11.375% 2029	DOP	12,800		234
Dominican Republic 6.00% 20337	USD	150		125
Dominican Republic 7.45% 2044		1,400		1,200
Dominican Republic 7.45% 20447		1,125		964
Dominican Republic 6.85% 2045		320		254
Dominican Republic 5.875% 20607		280		192
Egypt (Arab Republic of) 5.75% 20247		450		403
Egypt (Arab Republic of) 5.625% 2030	EUR	260		170
Egypt (Arab Republic of) 5.875% 20317	USD	365		228
Egypt (Arab Republic of) 6.375% 2031	EUR	350		232
Egypt (Arab Republic of) 7.625% 20327	USD	1,140		750
Egypt (Arab Republic of) 7.625% 2032		275		181
Egypt (Arab Republic of) 8.50% 2047		1,200		715
Egypt (Arab Republic of) 8.875% 2050		850		519
Egypt (Arab Republic of) 8.75% 2051		755		457
Egypt (Arab Republic of) 8.15% 20597		500		291
Ethiopia (Federal Democratic Republic of) 6.625% 2024		1,830		1,047
Export-Import Bank of India 3.25% 2030		1,180		1,028
Gabonese Republic 6.95% 2025		540		475
Gabonese Republic 7.00% 2031		520		381
Ghana (Republic of) 6.375% 2027		485		279
Ghana (Republic of) 7.875% 2027		200		117
Ghana (Republic of) 7.625% 2029		460		227
Ghana (Republic of) 7.75% 20297		1,125		565
Ghana (Republic of) 8.125% 2032		2,130		1,037
Honduras (Republic of) 6.25% 2027		1,365		1,074
Honduras (Republic of) 5.625% 2030		678		460
Honduras (Republic of) 5.625% 20307		281		191
Indonesia (Republic of) 6.625% 2037		500		550
Indonesia (Republic of) 5.25% 2042		840		824
Iraq (Republic of) 6.752% 2023		960		940
Jordan (Hashemite Kingdom of) 5.75% 20277		800		705
Kazakhstan (Republic of) 6.50% 20457		800		806
Kenya (Republic of) 7.25% 2028		200		145
Kenya (Republic of) 8.25% 20487		1,800		1,112
Mozambique (Republic of) 5.00% 2031 (9.00% on 9/15/2023)8		880		640
Oman (Sultanate of) 4.875% 20257		565		554
Oman (Sultanate of) 5.375% 2027		750		731
Oman (Sultanate of) 6.25% 20317		890		862
Pakistan (Islamic Republic of) 5.625% 2022		850		799
Pakistan (Islamic Republic of) 8.25% 20257		410		296
Pakistan (Islamic Republic of) 6.00% 20267		380		258
Pakistan (Islamic Republic of) 6.875% 20277		1,050		716
Pakistan (Islamic Republic of) 7.875% 2036		200		121
Panama (Republic of) 3.75% 20267		1,180		1,148
Panama (Republic of) 4.50% 2047		1,155		951
Panama (Republic of) 4.50% 2050		400		326
Panama (Republic of) 4.30% 2053		400		315
Panama (Republic of) 4.50% 2063		200		154
Paraguay (Republic of) 4.70% 20277		400		385
Paraguay (Republic of) 4.95% 2031		320		297
Peru (Republic of) 3.00% 2034		425		350
Peru (Republic of) 6.55% 2037		1,070		1,163
Peru (Republic of) 3.55% 2051		370		277
Peru (Republic of) 2.78% 2060		365		227
PETRONAS Capital, Ltd. 4.55% 20507		400		383
Philippines (Republic of) 1.648% 2031		580		467
Philippines (Republic of) 6.375% 2034		820		923
Philippines (Republic of) 3.95% 2040		900		785

American Funds Insurance Series 61

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)
Philippines (Republic of) 3.70% 2041	USD	505	$	421
Philippines (Republic of) 2.95% 2045		790		569
PT Indonesia Asahan Aluminium Tbk 6.757% 2048		200		181
Qatar (State of) 4.50% 20287		2,000		2,075
Qatar (State of) 4.50% 2028		600		622
Romania 2.00% 2032	EUR	1,375		987
Romania 2.00% 2033		300		205
Romania 5.125% 20487	USD	500		390
Russian Federation 4.25% 202710		1,000		275
Russian Federation 4.375% 20297		800		188
Russian Federation 5.10% 2035		1,600		381
Russian Federation 5.25% 20473,10		1,200		342
Senegal (Republic of) 4.75% 2028	EUR	950		811
South Africa (Republic of) 5.875% 2030	USD	1,500		1,357
South Africa (Republic of) 5.875% 2032		400		342
Sri Lanka (Democratic Socialist Republic of) 6.125% 202510		450		150
Sri Lanka (Democratic Socialist Republic of) 6.85% 202510		1,904		628
Sri Lanka (Democratic Socialist Republic of) 6.825% 2026		1,270		441
Sri Lanka (Democratic Socialist Republic of) 7.55% 2030		471		153
Tunisia (Republic of) 6.75% 2023	EUR	465		340
Tunisia (Republic of) 6.75% 2023		310		226
Tunisia (Republic of) 5.625% 2024		710		438
Tunisia (Republic of) 5.75% 2025	USD	875		489
Turkey (Republic of) 6.375% 2025		200		178
Turkey (Republic of) 7.625% 2029		200		169
Turkey (Republic of) 11.875% 2030		800		845
Turkey (Republic of) 5.875% 2031		1,170		842
Turkey (Republic of) 4.875% 2043		400		238
Turkey (Republic of) 5.75% 2047		2,205		1,363
Ukraine 8.994% 2024		600		159
Ukraine 7.75% 2027		2,328		607
Ukraine 9.75% 2028		900		228
Ukraine 7.375% 2032		2,180		546
United Mexican States 4.50% 2029		300		292
United Mexican States 4.75% 2032		870		836
United Mexican States 4.75% 2044		1,090		910
United Mexican States 3.75% 2071		200		128
United Mexican States, Series M, 7.50% 2027	MXN	20,360		947
Venezuela (Bolivarian Republic of) 7.00% 201810	USD	64		5
Venezuela (Bolivarian Republic of) 7.75% 201910		1,149		89
Venezuela (Bolivarian Republic of) 6.00% 202010		950		74
Venezuela (Bolivarian Republic of) 12.75% 202210		85		7
Venezuela (Bolivarian Republic of) 9.00% 202310		1,383		118
Venezuela (Bolivarian Republic of) 8.25% 202410		299		25
Venezuela (Bolivarian Republic of) 7.65% 202510		129		11
Venezuela (Bolivarian Republic of) 11.75% 202610		64		6
Venezuela (Bolivarian Republic of) 9.25% 202710		170		15
Venezuela (Bolivarian Republic of) 9.25% 202810		319		28
Venezuela (Bolivarian Republic of) 11.95% 203110		106		9
Venezuela (Bolivarian Republic of) 7.00% 203810		107		9
				86,648
Corporate bonds, notes & loans 0.45%
Energy 0.15%
Oleoducto Central SA 4.00% 20277		255		213
Petrobras Global Finance Co. 6.85% 2115		314		259
Petróleos Mexicanos 6.875% 2026		1,025		926
Petróleos Mexicanos 6.49% 2027		2,020		1,754
Petróleos Mexicanos 8.75% 20297		755		685

62 American Funds Insurance Series

New World Fund (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Corporate bonds, notes & loans (continued)
Energy (continued)
Petróleos Mexicanos 6.70% 2032	USD	622	$	475
Petrorio Luxembourg SARL 6.125% 2026		200		184
Sinopec Group Overseas Development (2018), Ltd. 3.10% 20517		630		450
				4,946
Financials 0.10%
Bangkok Bank PCL 3.733% 2034 (5-year UST Yield Curve Rate T Note Constant Maturity + 1.90% on 9/25/2029)8		1,140		1,000
China Construction Bank Corp. 2.85% 2032 (5-year UST Yield Curve Rate T Note Constant Maturity + 1.40% on 1/21/2027)8		830		777
HDFC Bank, Ltd. 3.70% junior subordinated perpetual bonds (5-Year UST Yield Curve Rate T Note Constant Maturity + 2.925% on 2/25/2027)7,8		600		499
Power Financial Corp., Ltd. 6.15% 2028		432		450
Power Financial Corp., Ltd. 4.50% 2029		273		255
Power Financial Corp., Ltd. 3.35% 2031		310		258
				3,239
Materials 0.06%
Braskem Idesa SAPI 7.45% 2029		775		666
Braskem Idesa SAPI 7.45% 20297		300		258
CSN Resources SA 7.625% 2026		224		227
GC Treasury Center Co., Ltd. 4.40% 20327		230		212
Sasol Financing USA, LLC 5.875% 2024		500		490
				1,853
Consumer discretionary 0.05%
Alibaba Group Holding, Ltd. 4.20% 2047		600		498
Alibaba Group Holding, Ltd. 3.15% 2051		410		281
Meituan Dianping 3.05% 20307		800		596
Sands China, Ltd. 4.375% 2030		220		161
				1,536
Communication services 0.04%
Axiata SPV5 Labuan, Ltd. 3.064% 2050		357		257
PLDT, Inc. 2.50% 2031		210		176
Tencent Holdings, Ltd. 3.975% 2029		400		379
Tencent Holdings, Ltd. 3.24% 20507		580		401
				1,213
Utilities 0.03%
AES Panama Generation Holdings SRL 4.375% 20307		280		240
Empresas Publicas de Medellin ESP 4.25% 20297		412		322
Empresas Publicas de Medellin ESP 4.375% 20317		360		276
				838
Industrials 0.01%
Mexico City Airport Trust 4.25% 2026		475		438
Consumer staples 0.01%
Marfrig Global Foods SA 3.95% 2031		320		246
Total corporate bonds, notes & loans				14,309
U.S. Treasury bonds & notes 0.08%
U.S. Treasury 0.08%
U.S. Treasury (3-month U.S. Treasury Bill Yield - 0.015%) 1.662% 202411,12		2,730		2,731
Total bonds, notes & other debt instruments (cost: $137,365,000)				103,688

American Funds Insurance Series 63

New World Fund (continued)

Short-term securities 10.15%	Shares		Value (000)
Money market investments 9.91%
Capital Group Central Cash Fund 1.38%13,14		3,161,065	$	316,043
Money market investments purchased with collateral from securities on loan 0.24%
Capital Group Central Cash Fund 1.38%13,14,15		21,446		2,145
Goldman Sachs Financial Square Government Fund, Institutional Shares 1.39%13,15		1,132,122		1,132
BlackRock Liquidity Funds – FedFund, Institutional Shares 1.32%13,15		1,072,108		1,072
Invesco Short-Term Investments Trust – Government & Agency Portfolio, Institutional Class 1.38%13,15		1,072,108		1,072
Morgan Stanley Institutional Liquidity Funds – Government Portfolio, Institutional Class 1.38%13,15		1,072,108		1,072
State Street Institutional U.S. Government Money Market Fund, Institutional Class 1.40%13,15		1,072,108		1,072
				7,565
Total short-term securities (cost: $323,653,000)				323,608
Total investment securities 100.05% (cost: $2,781,134,000)				3,190,525
Other assets less liabilities (0.05)%				(1,526	)
Net assets 100.00%			$	3,188,999

Futures contracts

Contracts	Type	Number of contracts	Expiration	Notional amount (000)		Value and unrealized appreciation (depreciation) at 6/30/2022 (000)
5 Year U.S. Treasury Note Futures	Short	111	September 2022	USD(12,460	)		$	97
10 Year Euro-Bund Futures	Short	11	September 2022	(1,715	)			(12	)
10 Year U.S. Treasury Note Futures	Short	4	September 2022	(474	)			(3	)
10 Year Ultra U.S. Treasury Note Futures	Short	33	September 2022	(4,203	)			63
30 Year Ultra U.S. Treasury Bond Futures	Long	44	September 2022	6,791				(103	)
							$	42

Forward currency contracts

Contract amount						Unrealized appreciation (depreciation)
Currency purchased (000)		Currency sold (000)		Counterparty	Settlement date	at 6/30/2022 (000)
	USD 1,797		EUR 1,680	Standard Chartered Bank	7/11/2022		$	35
	USD 1,111		EUR 1,054	UBS AG	7/27/2022			5
	USD 429		EUR 410	Citibank	7/27/2022			(1	)
							$	39

64 American Funds Insurance Series

New World Fund (continued)

Investments in affiliates¹⁴

	Value of affiliates at 1/1/2022 (000)		Additions (000)		Reductions (000)			Net realized loss (000)			Net unrealized depreciation (000)			Value of affiliates at 6/30/2022 (000)		Dividend income (000)
Short-term securities 9.98%
Money market investments 9.91%
Capital Group Central Cash Fund 1.38%13	$	216,764	$	518,042	$	418,693		$	(9	)	$	(61	)	$	316,043	$	640
Money market investments purchased with collateral from securities on loan 0.07%
Capital Group Central Cash Fund 1.38%13,15		4,255				2,110	16								2,145		—	17
Total short-term securities															318,188
Total 9.98%								$	(9	)	$	(61	)	$	318,188	$	640

Private placement securities⁵

	Acquisition date(s)	Cost (000)		Value (000)		Percent of net assets
QuintoAndar, Ltd., Series E, preferred shares	5/26/2021	$	5,258	$	4,925		.15	%
QuintoAndar, Ltd., Series E-1, preferred shares	12/20/2021		1,716		1,267		.04
Getir BV, Series D, preferred shares	5/27/2021		3,500		4,996		.16
Canva, Inc.	8/26/2021-11/4/2021		656		588		.02
Canva, Inc., Series A, noncumulative preferred shares	11/4/2021		58		52		.00
Canva, Inc., Series A-3, noncumulative preferred shares	11/4/2021		2		1		.00
Total		$	11,190	$	11,829		.37	%

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 $14,516,000, which represented .46% of the net assets of the fund. Refer to Note 5 for more information on securities lending.
3	Valued under fair value procedures adopted by authority of the board of trustees. The total value of all such securities was $15,354,000, which represented .48% of the net assets of the fund.
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.
6	Amount less than one thousand.
7	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 $23,206,000, which represented .73% of the net assets of the fund.
8	Step bond; coupon rate may change at a later date.
9	Index-linked bond whose principal amount moves with a government price index.
10	Scheduled interest and/or principal payment was not received.
11	All or a portion of this security was pledged as collateral. The total value of pledged collateral was $56,000, which represented less than .01% of the net assets of the fund.
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	Rate represents the seven-day yield at 6/30/2022.
14	Part of the same “group of investment companies” as the fund as defined under the Investment Company Act of 1940, as amended.
15	Security purchased with cash collateral from securities on loan. Refer to Note 5 for more information on securities lending.
16	Represents net activity. Refer to Note 5 for more information on securities lending.
17	Dividend income is included with securities lending income in the fund’s statement of operations and is not shown in this table.

American Funds Insurance Series 65

New World Fund (continued)

Key to abbreviations

ADR = American Depositary Receipts
BRL = Brazilian reais
CDI = CREST Depository Interest
CNY = Chinese yuan
DOP = Dominican pesos
EUR = Euros
GBP = British pounds
GDR = Global Depositary Receipts
MXN = Mexican pesos
REIT = Real Estate Investment Trust
SDR = Swedish Depositary Receipts
USD = U.S. dollars

Refer to the notes to financial statements.

66 American Funds Insurance Series

Washington Mutual Investors Fund

Investment portfolio June 30, 2022 unaudited

Common stocks 95.01%	Shares		Value (000)
Health care 21.46%
UnitedHealth Group, Inc.		796,858	$	409,290
Pfizer, Inc.		4,842,021		253,867
CVS Health Corp.		2,048,877		189,849
Johnson & Johnson		1,035,170		183,753
Eli Lilly and Company		384,935		124,808
AbbVie, Inc.		733,883		112,402
Humana, Inc.		215,320		100,785
AstraZeneca PLC (ADR)		1,430,241		94,496
Elevance Health, Inc.		156,459		75,504
Abbott Laboratories		661,606		71,884
Cigna Corp.		246,335		64,914
Gilead Sciences, Inc.		1,033,081		63,855
Danaher Corp.		202,837		51,423
Bristol-Myers Squibb Company		534,888		41,187
GSK PLC (ADR)1		620,748		27,021
Thermo Fisher Scientific, Inc.		39,089		21,236
Zimmer Biomet Holdings, Inc.		179,120		18,818
Regeneron Pharmaceuticals, Inc.2		26,592		15,719
Novo Nordisk A/S, Class B (ADR)		136,927		15,258
Roche Holding AG (ADR)		332,061		13,850
Molina Healthcare, Inc.2		38,989		10,902
Zoetis, Inc., Class A		50,277		8,642
Edwards Lifesciences Corp.2		85,300		8,111
Baxter International, Inc.		114,187		7,334
ResMed, Inc.		27,020		5,664
Novartis AG (ADR)		54,811		4,633
				1,995,205
Information technology 17.49%
Broadcom, Inc.		995,400		483,575
Microsoft Corp.		1,863,466		478,594
Intel Corp.		3,020,637		113,002
Apple, Inc.		790,361		108,058
ASML Holding NV (New York registered) (ADR)		136,017		64,728
Fidelity National Information Services, Inc.		695,919		63,795
Visa, Inc., Class A		260,973		51,383
Automatic Data Processing, Inc.		141,598		29,741
KLA Corp.		92,945		29,657
Mastercard, Inc., Class A		92,154		29,073
Paychex, Inc.		227,131		25,863
Applied Materials, Inc.		266,611		24,256
SAP SE (ADR)		253,285		22,978
NetApp, Inc.		291,087		18,991
TE Connectivity, Ltd.		165,716		18,751
Motorola Solutions, Inc.		89,048		18,664
Texas Instruments, Inc.		108,222		16,628
QUALCOMM, Inc.		85,889		10,972
Analog Devices, Inc.		51,759		7,562
EPAM Systems, Inc.2		20,114		5,929
Micron Technology, Inc.		81,603		4,511
				1,626,711
Financials 15.09%
Marsh & McLennan Companies, Inc.		1,348,096		209,292
CME Group, Inc., Class A		938,805		192,173
BlackRock, Inc.		172,499		105,059
Chubb, Ltd.		482,363		94,823
JPMorgan Chase & Co.		800,597		90,155
PNC Financial Services Group, Inc.		424,034		66,900
Discover Financial Services		653,082		61,769
Wells Fargo & Company		1,358,294		53,204
Citizens Financial Group, Inc.		1,383,929		49,392

American Funds Insurance Series 67

Washington Mutual Investors Fund (continued)

Common stocks (continued)	Shares		Value (000)
Financials (continued)
Capital One Financial Corp.		465,273	$	48,477
Bank of America Corp.		1,398,611		43,539
S&P Global, Inc.		123,927		41,771
Intercontinental Exchange, Inc.		437,688		41,160
Toronto-Dominion Bank		613,252		40,217
M&T Bank Corp.		179,930		28,679
Travelers Companies, Inc.		149,753		25,328
Nasdaq, Inc.		156,107		23,813
Bank of Nova Scotia1		382,643		22,656
Apollo Asset Management, Inc.		451,240		21,876
KeyCorp		1,248,831		21,517
Aon PLC, Class A		76,913		20,742
KKR & Co., Inc.		343,773		15,913
Carlyle Group, Inc.		489,328		15,492
Truist Financial Corp.		325,043		15,417
Morgan Stanley		189,430		14,408
Fifth Third Bancorp		405,156		13,613
Moody’s Corp.		34,233		9,310
Everest Re Group, Ltd.		23,395		6,557
Arthur J. Gallagher & Co.		23,039		3,756
Charles Schwab Corp.		38,738		2,448
Progressive Corp.		14,654		1,704
Blackstone, Inc., nonvoting shares		18,477		1,686
				1,402,846
Industrials 10.08%
Northrop Grumman Corp.		329,943		157,901
Lockheed Martin Corp.		273,396		117,549
L3Harris Technologies, Inc.		378,970		91,597
CSX Corp.		2,723,188		79,136
Raytheon Technologies Corp.		809,696		77,820
Caterpillar, Inc.		407,624		72,867
United Parcel Service, Inc., Class B		382,633		69,846
Norfolk Southern Corp.		272,217		61,872
Honeywell International, Inc.		309,349		53,768
Waste Connections, Inc.		213,382		26,451
ABB, Ltd. (ADR)		769,666		20,573
Boeing Company2		107,073		14,639
Huntington Ingalls Industries, Inc.		47,307		10,304
Republic Services, Inc.		78,273		10,244
BAE Systems PLC (ADR)		223,315		9,067
PACCAR, Inc.		108,835		8,961
HEICO Corp.		59,743		7,833
Johnson Controls International PLC		161,819		7,748
Rockwell Automation		37,903		7,554
Union Pacific Corp.		35,399		7,550
Air Lease Corp., Class A		168,866		5,645
Cummins, Inc.		28,357		5,488
RELX PLC (ADR)		186,041		5,012
Equifax, Inc.		20,700		3,784
Carrier Global Corp.		75,148		2,680
Waste Management, Inc.		11,150		1,706
				937,595
Communication services 6.25%
Comcast Corp., Class A		7,060,959		277,072
Alphabet, Inc., Class C2		41,812		91,462
Alphabet, Inc., Class A2		22,411		48,839
Verizon Communications, Inc.		1,439,159		73,037
Meta Platforms, Inc., Class A2		203,431		32,803
Activision Blizzard, Inc.		398,372		31,017

68 American Funds Insurance Series

Washington Mutual Investors Fund (continued)

Common stocks (continued)	Shares		Value (000)
Communication services (continued)
AT&T, Inc.		1,021,586	$	21,413
Electronic Arts, Inc.		36,898		4,489
Deutsche Telekom AG (ADR)		46,580		928
				581,060
Energy 6.13%
Chevron Corp.		784,607		113,595
Pioneer Natural Resources Company		441,802		98,557
Baker Hughes Co., Class A		3,185,578		91,968
EOG Resources, Inc.		644,611		71,191
ConocoPhillips		655,015		58,827
Exxon Mobil Corp.		480,043		41,111
TC Energy Corp.		687,906		35,641
Canadian Natural Resources, Ltd.		428,638		23,009
Coterra Energy, Inc.		659,802		17,016
Valero Energy Corp.		96,484		10,254
Enbridge, Inc.		218,229		9,222
				570,391
Consumer discretionary 6.03%
Home Depot, Inc.		583,060		159,916
YUM! Brands, Inc.		557,887		63,326
General Motors Company2		1,817,415		57,721
Darden Restaurants, Inc.		491,537		55,603
VF Corp.		913,081		40,331
Dollar General Corp.		105,032		25,779
Wynn Resorts, Ltd.2		446,262		25,428
TJX Companies, Inc.		438,382		24,484
Target Corp.		165,824		23,419
Starbucks Corp.		274,185		20,945
Amazon.com, Inc.2		123,804		13,149
Chipotle Mexican Grill, Inc.2		9,251		12,093
D.R. Horton, Inc.		146,593		9,703
Royal Caribbean Cruises, Ltd.2		242,395		8,462
NIKE, Inc., Class B		69,525		7,105
McDonald’s Corp.		21,948		5,419
Polaris, Inc.		52,835		5,245
Domino’s Pizza, Inc.		6,418		2,501
				560,629
Consumer staples 5.51%
Archer Daniels Midland Company		1,393,507		108,136
Nestlé SA (ADR)		576,464		67,095
Keurig Dr Pepper, Inc.		1,644,363		58,194
Kraft Heinz Company		1,101,959		42,029
Procter & Gamble Company		270,452		38,888
Reckitt Benckiser Group PLC (ADR)1		2,220,407		33,817
Hormel Foods Corp.		601,233		28,474
General Mills, Inc.		351,211		26,499
Costco Wholesale Corp.		42,867		20,545
Mondelez International, Inc.		308,720		19,168
Conagra Brands, Inc.		424,766		14,544
Church & Dwight Co., Inc.		154,431		14,310
Unilever PLC (ADR)		283,070		12,973
Walgreens Boots Alliance, Inc.		316,943		12,012
Kimberly-Clark Corp.		59,250		8,008
Danone (ADR)		694,054		7,732
				512,424

American Funds Insurance Series 69

Washington Mutual Investors Fund (continued)

Common stocks (continued)	Shares		Value (000)
Utilities 3.01%
Sempra Energy		382,340	$	57,454
Constellation Energy Corp.		851,722		48,770
Entergy Corp.		357,514		40,270
Exelon Corp.		656,854		29,769
Evergy, Inc.		394,084		25,714
CMS Energy Corp.		357,860		24,156
Public Service Enterprise Group, Inc.		235,300		14,890
NextEra Energy, Inc.		147,221		11,404
Edison International		159,615		10,094
Dominion Energy, Inc.		124,211		9,913
Xcel Energy, Inc.		110,238		7,800
				280,234
Materials 2.66%
Dow, Inc.		826,397		42,650
Rio Tinto PLC (ADR)1		662,958		40,440
Linde PLC		132,451		38,084
LyondellBasell Industries NV		390,543		34,157
Corteva, Inc.		428,754		23,213
Nucor Corp.		172,143		17,973
Air Products and Chemicals, Inc.		66,153		15,909
Huntsman Corp.		442,172		12,536
Sherwin-Williams Company		36,847		8,250
Albemarle Corp.		34,177		7,142
Celanese Corp.		35,401		4,164
H.B. Fuller Co.		38,637		2,326
				246,844
Real estate 1.30%
Regency Centers Corp. REIT		716,891		42,519
Digital Realty Trust, Inc. REIT		309,518		40,185
Extra Space Storage, Inc. REIT		85,573		14,558
American Tower Corp. REIT		47,490		12,138
Boston Properties, Inc. REIT		66,803		5,944
Alexandria Real Estate Equities, Inc. REIT		38,009		5,512
				120,856
Total common stocks (cost: $7,598,704,000)				8,834,795
Convertible stocks 0.67%
Information technology 0.34%
Broadcom, Inc., Series A, cumulative convertible preferred shares, 8.00% 2022		21,152		31,794
Health care 0.21%
Becton, Dickinson and Company, Series B, convertible preferred shares, 6.00% 20231		197,800		9,783
Danaher Corp., Series B, cumulative convertible preferred shares, 5.00% 20231		6,821		9,026
				18,809
Utilities 0.07%
NextEra Energy, Inc., convertible preferred units, 5.279% 2023		73,300		3,639
American Electric Power Company, Inc., convertible preferred units, 6.125% 2023		56,400		3,046
				6,685
Financials 0.05%
KKR & Co., Inc., Series C, convertible preferred shares, 6.00% 2023		79,100		4,625
Total convertible stocks (cost: $64,933,000)				61,913

70 American Funds Insurance Series

Washington Mutual Investors Fund (continued)

Short-term securities 4.75%	Shares			Value (000)
Money market investments 4.21%
Capital Group Central Cash Fund 1.38%3,4		3,914,264		$	391,348
Money market investments purchased with collateral from securities on loan 0.54%
Capital Group Central Cash Fund 1.38%3,4,5		141,925			14,189
Goldman Sachs Financial Square Government Fund, Institutional Shares 1.39%3,5		7,491,971			7,492
BlackRock Liquidity Funds – FedFund, Institutional Shares 1.32%3,5		7,094,818			7,095
Invesco Short-Term Investments Trust – Government & Agency Portfolio, Institutional Class 1.38%3,5		7,094,818	��		7,095
Morgan Stanley Institutional Liquidity Funds – Government Portfolio, Institutional Class 1.38%3,5		7,094,818			7,095
State Street Institutional U.S. Government Money Market Fund, Institutional Class 1.40%3,5		7,094,818			7,095
					50,061
Total short-term securities (cost: $441,464,000)					441,409
Total investment securities 100.43% (cost: $8,105,101,000)					9,338,117
Other assets less liabilities (0.43)%					(39,638	)
Net assets 100.00%				$	9,298,479

Investments in affiliates⁴

	Value of affiliates at 1/1/2022 (000)		Additions (000)			Reductions (000)		Net realized loss (000)			Net unrealized depreciation (000)			Value of affiliates at 6/30/2022 (000)		Dividend income (000)
Short-term securities 4.36%
Money market investments 4.21%
Capital Group Central Cash Fund 1.38%3	$	321,870	$	932,368		$	862,775	$	(19	)	$	(96	)	$	391,348	$	823
Money market investments purchased with collateral from securities on loan 0.15%
Capital Group Central Cash Fund 1.38%3,5		9,273		4,916	6										14,189		—	7
Total short-term securities															405,537
Total 4.36%								$	(19	)	$	(96	)	$	405,537	$	823

1	All or a portion of this security was on loan. The total value of all such securities was $81,124,000, which represented .87% of the net assets of the fund. Refer to Note 5 for more information on securities lending.
2	Security did not produce income during the last 12 months.
3	Rate represents the seven-day yield at 6/30/2022.
4	Part of the same “group of investment companies” as the fund as defined under the Investment Company Act of 1940, as amended.
5	Security purchased with cash collateral from securities on loan. Refer to Note 5 for more information on securities lending.
6	Represents net activity. Refer to Note 5 for more information on securities lending.
7	Dividend income is included with securities lending income in the fund’s statement of operations and is not shown in this table.

Key to abbreviation

ADR =	American Depositary Receipts
REIT =	Real Estate Investment Trust

Refer to the notes to financial statements.

American Funds Insurance Series 71

Capital World Growth and Income Fund

Investment portfolio June 30, 2022 unaudited

Common stocks 94.25%	Shares		Value (000)
Information technology 16.90%
Microsoft Corp.		232,205	$	59,638
Broadcom, Inc.		104,687		50,858
Taiwan Semiconductor Manufacturing Company, Ltd.		2,850,800		45,638
ASML Holding NV		47,460		22,672
Tokyo Electron, Ltd.		55,100		17,990
Apple, Inc.		117,010		15,998
EPAM Systems, Inc.1		42,721		12,593
Accenture PLC, Class A		25,447		7,065
Micron Technology, Inc.		123,659		6,836
Mastercard, Inc., Class A		16,110		5,082
Capgemini SE		24,354		4,171
Delta Electronics, Inc.		478,000		3,561
Logitech International SA		68,047		3,555
SK hynix, Inc.		48,181		3,377
Fujitsu, Ltd.		25,800		3,226
Hexagon AB, Class B		269,199		2,796
Applied Materials, Inc.		30,672		2,790
Keyence Corp.		7,700		2,632
OBIC Co., Ltd.		15,800		2,235
Ceridian HCM Holding, Inc.1		39,542		1,862
MediaTek, Inc.		85,000		1,861
Worldline SA, non-registered shares1		44,279		1,642
TE Connectivity, Ltd.		13,769		1,558
ServiceNow, Inc.1		3,204		1,524
Microchip Technology, Inc.		24,738		1,437
DocuSign, Inc.1		23,514		1,349
Advanced Micro Devices, Inc.1		17,101		1,308
Zscaler, Inc.1		7,768		1,161
GlobalWafers Co., Ltd.		71,000		1,082
PagSeguro Digital, Ltd., Class A1		93,201		954
Snowflake, Inc., Class A1		6,444		896
Nomura Research Institute, Ltd.		28,600		761
RingCentral, Inc., Class A1		12,898		674
SS&C Technologies Holdings, Inc.		10,174		591
Atlassian Corp. PLC, Class A1		2,187		410
Adobe, Inc.1		1,019		373
Shopify, Inc., Class A, subordinate voting shares1		2,620		82
				292,238
Financials 14.33%
Zurich Insurance Group AG		45,107		19,618
Kotak Mahindra Bank, Ltd.		870,564		18,311
Toronto-Dominion Bank (CAD denominated)		226,171		14,831
AIA Group, Ltd.		1,325,999		14,372
CME Group, Inc., Class A		69,452		14,217
JPMorgan Chase & Co.		92,208		10,384
ING Groep NV		1,015,415		10,036
HDFC Bank, Ltd.		433,439		7,398
HDFC Bank, Ltd. (ADR)		15,384		846
Wells Fargo & Company		201,199		7,881
DNB Bank ASA		415,741		7,452
Ping An Insurance (Group) Company of China, Ltd., Class H		1,058,500		7,197
B3 SA-Brasil, Bolsa, Balcao		3,340,070		6,995
KBC Groep NV		124,391		6,979
PNC Financial Services Group, Inc.		40,788		6,435
Nasdaq, Inc.		38,692		5,902
HDFC Life Insurance Company, Ltd.		706,444		4,920
Intercontinental Exchange, Inc.		50,696		4,767
Chubb, Ltd.		23,999		4,718
Aon PLC, Class A		16,274		4,389
Lufax Holding, Ltd. (ADR)		723,447		4,341
Discover Financial Services		45,734		4,325

72 American Funds Insurance Series

Capital World Growth and Income Fund (continued)

Common stocks (continued)	Shares		Value (000)
Financials (continued)
American International Group, Inc.		78,621	$	4,020
Hong Kong Exchanges and Clearing, Ltd.		76,300		3,753
Fifth Third Bancorp		98,490		3,309
S&P Global, Inc.		9,704		3,271
China Merchants Bank Co., Ltd., Class H		402,000		2,690
China Merchants Bank Co., Ltd., Class A1		86,187		543
Citigroup, Inc.		63,268		2,910
Blackstone, Inc., nonvoting shares		27,530		2,512
Macquarie Group, Ltd.		20,305		2,306
Berkshire Hathaway, Inc., Class B1		8,401		2,294
Morgan Stanley		25,627		1,949
China Pacific Insurance (Group) Co., Ltd., Class H		782,000		1,911
AXA SA		83,131		1,887
Legal & General Group PLC		644,377		1,879
Moody’s Corp.		6,865		1,867
Banco Santander, SA		642,643		1,810
BNP Paribas SA		35,932		1,708
Postal Savings Bank of China Co., Ltd., Class H		2,145,000		1,703
Fairfax Financial Holdings, Ltd., subordinate voting shares		3,119		1,653
Power Corporation of Canada, subordinate voting shares		63,342		1,630
FinecoBank SpA		134,386		1,608
Apollo Asset Management, Inc.		32,705		1,586
National Bank of Canada2		22,477		1,475
Blue Owl Capital, Inc., Class A		142,699		1,431
MSCI, Inc.		3,392		1,398
Tryg A/S		57,214		1,285
Tradeweb Markets, Inc., Class A		18,072		1,233
Marsh & McLennan Companies, Inc.		7,865		1,221
East Money Information Co., Ltd., Class A		306,800		1,164
XP, Inc., Class A1		61,520		1,105
Bajaj Finance, Ltd.		15,050		1,029
Aegon NV2		196,376		849
Swedbank AB, Class A		47,850		605
Sberbank of Russia PJSC1,3,4,5		3,196,952		—	6
				247,908
Health care 13.20%
UnitedHealth Group, Inc.		67,543		34,692
Abbott Laboratories		251,978		27,377
Eli Lilly and Company		50,969		16,526
Thermo Fisher Scientific, Inc.		22,955		12,471
Pfizer, Inc.		216,083		11,329
Novartis AG		126,639		10,725
Centene Corp.1		111,784		9,458
Daiichi Sankyo Company, Ltd.		355,000		8,993
Amgen, Inc.		36,646		8,916
AstraZeneca PLC		64,835		8,524
Siemens Healthineers AG		158,547		8,057
Gilead Sciences, Inc.		119,653		7,396
Stryker Corp.		33,705		6,705
Sanofi		65,965		6,660
PerkinElmer, Inc.		42,073		5,984
Olympus Corp.		222,100		4,463
Medtronic PLC		44,519		3,996
Vertex Pharmaceuticals, Inc.1		10,765		3,033
Bayer AG		50,506		3,002
Novo Nordisk A/S, Class B		22,508		2,496
Zoetis, Inc., Class A		11,722		2,015
Insulet Corp.1		8,893		1,938
ResMed, Inc.		8,919		1,870
Cigna Corp.		6,882		1,813
Carl Zeiss Meditec AG, non-registered shares		15,068		1,798

American Funds Insurance Series 73

Capital World Growth and Income Fund (continued)

Common stocks (continued)	Shares		Value (000)
Health care (continued)
Baxter International, Inc.		26,428	$	1,697
Alcon, Inc.		22,793		1,592
AbbVie, Inc.		10,300		1,578
DexCom, Inc.1		20,784		1,549
Chugai Pharmaceutical Co., Ltd.2		60,300		1,542
Intuitive Surgical, Inc.1		7,543		1,514
Guardant Health, Inc.1		33,985		1,371
Merck KGaA		7,118		1,201
Rede D’Or Sao Luiz SA		199,176		1,103
Edwards Lifesciences Corp.1		11,385		1,083
GSK PLC		37,032		796
Boston Scientific Corp.1		19,572		729
CSL, Ltd.		3,803		706
M3, Inc.		21,100		606
Agilon Health, Inc.1		19,961		436
CVS Health Corp.		3,377		313
Molina Healthcare, Inc.1		1,089		304
EUROAPI1		2,830		45
				228,402
Industrials 10.63%
Airbus SE, non-registered shares		169,970		16,467
General Electric Co.		251,069		15,986
BAE Systems PLC		1,271,586		12,851
Lockheed Martin Corp.		26,519		11,402
Carrier Global Corp.		278,413		9,928
CSX Corp.		325,955		9,472
Raytheon Technologies Corp.		97,001		9,323
Safran SA		70,335		6,944
L3Harris Technologies, Inc.		28,606		6,914
Deere & Company		22,511		6,741
Caterpillar, Inc.		32,626		5,832
LIXIL Corp.		298,500		5,588
Melrose Industries PLC		2,468,805		4,499
RELX PLC		124,070		3,362
RELX PLC (ADR)		15,132		408
VINCI SA		42,274		3,764
Recruit Holdings Co., Ltd.		120,034		3,534
Bureau Veritas SA		130,728		3,350
Compagnie de Saint-Gobain SA, non-registered shares		75,890		3,256
TransDigm Group, Inc.1		5,974		3,206
Siemens AG		30,571		3,110
Johnson Controls International PLC		55,955		2,679
Bunzl PLC		71,427		2,364
Brenntag SE		36,308		2,363
ManpowerGroup, Inc.		30,899		2,361
Canadian Pacific Railway, Ltd.		33,610		2,347
Eiffage SA		23,538		2,118
Schneider Electric SE		16,584		1,962
Boeing Company1		13,627		1,863
Thales SA		14,997		1,840
Daikin Industries, Ltd.		11,200		1,795
ASSA ABLOY AB, Class B		80,154		1,703
Ritchie Bros. Auctioneers, Inc.		26,122		1,700
Zhejiang Sanhua Intelligent Controls Co., Ltd., Class A		406,700		1,670
BayCurrent Consulting, Inc.		5,700		1,517
Waste Connections, Inc.		11,989		1,486
Nidec Corp.		21,900		1,353
SMC Corp.		2,900		1,292
Rockwell Automation		5,363		1,069
ACS Actividades de Construcción y Servicios SA		43,545		1,056
Adecco Group AG		30,464		1,035

74 American Funds Insurance Series

Capital World Growth and Income Fund (continued)

Common stocks (continued)	Shares		Value (000)
Industrials (continued)
Atlas Copco AB, Class B		91,684	$	767
Interpump Group SpA		16,870		643
Honeywell International, Inc.		1,774		308
International Consolidated Airlines Group SA (CDI)1,2		221,732		291
Otis Worldwide Corp.		4,082		288
Ryanair Holdings PLC (ADR)1		1,400		94
				183,901
Consumer discretionary 8.99%
LVMH Moët Hennessy-Louis Vuitton SE		41,387		25,229
Home Depot, Inc.		69,134		18,961
General Motors Company1		395,836		12,572
Amazon.com, Inc.1		110,370		11,722
Rivian Automotive, Inc., Class A1,2		238,652		6,143
Stellantis NV		491,644		6,072
Midea Group Co., Ltd., Class A		608,297		5,488
Sony Group Corp.		66,700		5,454
Booking Holdings, Inc.1		2,932		5,128
Marriott International, Inc., Class A		35,169		4,783
Flutter Entertainment PLC1		46,266		4,678
Cie. Financière Richemont SA, Class A		42,168		4,490
Restaurant Brands International, Inc. (CAD denominated)2		74,819		3,753
Restaurant Brands International, Inc.		12,226		613
Shimano, Inc.		20,200		3,412
Chipotle Mexican Grill, Inc.1		2,186		2,858
Industria de Diseño Textil, SA		121,254		2,743
Astra International Tbk PT		5,952,600		2,647
Evolution AB		26,108		2,374
Sands China, Ltd.1		916,400		2,186
MercadoLibre, Inc.1		3,315		2,111
Pan Pacific International Holdings Corp.		124,500		1,987
YUM! Brands, Inc.		17,358		1,970
InterContinental Hotels Group PLC		37,148		1,967
EssilorLuxottica		12,617		1,890
NIKE, Inc., Class B		18,444		1,885
Darden Restaurants, Inc.		14,188		1,605
Royal Caribbean Cruises, Ltd.1		44,462		1,552
Target Corp.		10,079		1,424
Taylor Wimpey PLC		927,507		1,317
Tesla, Inc.1		1,844		1,242
Kindred Group PLC (SDR)		136,247		1,133
Shenzhou International Group Holdings, Ltd.		93,000		1,127
Kering SA		1,760		904
Wynn Macau, Ltd.1		942,000		640
Dollar Tree Stores, Inc.1		2,864		446
Aristocrat Leisure, Ltd.		11,992		285
Entain PLC1		17,337		263
JD.com, Inc., Class A		6,747		217
Airbnb, Inc., Class A1		2,134		190
Cazoo Group, Ltd., Class A1		63,213		46
				155,507
Consumer staples 7.59%
Philip Morris International, Inc.		283,405		27,983
Nestlé SA		128,106		14,954
Keurig Dr Pepper, Inc.		375,742		13,298
British American Tobacco PLC		248,143		10,631
British American Tobacco PLC (ADR)		6,936		298
Kweichow Moutai Co., Ltd., Class A		31,900		9,745
Kroger Co.		177,589		8,405
Ocado Group PLC1		843,207		8,019
Bunge, Ltd.		51,771		4,695

American Funds Insurance Series 75

Capital World Growth and Income Fund (continued)

Common stocks (continued)	Shares		Value (000)
Consumer staples (continued)
Imperial Brands PLC		200,059	$	4,471
Danone SA		72,028		4,020
Heineken NV		34,303		3,128
Treasury Wine Estates, Ltd.		396,969		3,110
Inner Mongolia Yili Industrial Group Co., Ltd., Class A		527,800		3,071
Arca Continental, SAB de CV		440,180		2,900
Seven & i Holdings Co., Ltd.		64,700		2,512
Altria Group, Inc.		58,835		2,458
Constellation Brands, Inc., Class A		9,529		2,221
ITC, Ltd.		614,263		2,127
Varun Beverages, Ltd.		185,051		1,852
Ajinomoto Co., Inc.		55,600		1,352
				131,250
Energy 6.20%
Canadian Natural Resources, Ltd. (CAD denominated)		483,954		26,006
EOG Resources, Inc.		94,807		10,470
TotalEnergies SE		179,680		9,484
Baker Hughes Co., Class A		298,859		8,628
ConocoPhillips		66,573		5,979
TC Energy Corp. (CAD denominated)		104,163		5,396
Reliance Industries, Ltd.1		149,117		4,901
Tourmaline Oil Corp.		92,483		4,809
BP PLC		975,459		4,611
Cenovus Energy, Inc. (CAD denominated)		216,254		4,114
Shell PLC (GBP denominated)		155,689		4,044
Aker BP ASA (SDR)3		67,333		2,338
Aker BP ASA2		37,369		1,298
Woodside Energy Group, Ltd.		120,486		2,648
Woodside Energy Group, Ltd. (CDI)1		37,623		797
Suncor Energy, Inc.		84,929		2,980
Var Energi ASA		756,669		2,970
Halliburton Company		94,296		2,957
Cameco Corp.		130,751		2,749
Orron Energy AB		62,313		43
Gazprom PJSC (ADR)3,4		1,124,152		—	6
				107,222
Materials 6.17%
Vale SA, ordinary nominative shares		1,617,361		23,660
Vale SA, ordinary nominative shares (ADR)		910,365		13,319
Fortescue Metals Group, Ltd.		1,279,107		15,477
Rio Tinto PLC		254,680		15,242
Linde PLC		20,404		5,867
Freeport-McMoRan, Inc.		188,466		5,514
BHP Group, Ltd. (CDI)		142,026		3,971
Barrick Gold Corp. (CAD denominated)2		127,238		2,250
Barrick Gold Corp.		89,841		1,589
Albemarle Corp.		11,592		2,422
Air Liquide SA, non-registered shares		16,503		2,216
Dow, Inc.		42,130		2,174
HeidelbergCement AG		43,833		2,106
Shin-Etsu Chemical Co., Ltd.		17,300		1,951
Amcor PLC (CDI)		154,993		1,930
Evonik Industries AG		86,135		1,838
CRH PLC		45,078		1,559
First Quantum Minerals, Ltd.		65,205		1,237
Koninklijke DSM NV		6,143		883

76 American Funds Insurance Series

Capital World Growth and Income Fund (continued)

Common stocks (continued)	Shares		Value (000)
Materials (continued)
Lynas Rare Earths, Ltd.1		129,901	$	783
Anglo American Platinum, Ltd.		4,725		414
Akzo Nobel NV		5,299		348
				106,750
Communication services 5.39%
Alphabet, Inc., Class C1		12,258		26,814
Alphabet, Inc., Class A1		5,301		11,552
Comcast Corp., Class A		340,637		13,367
Netflix, Inc.1		38,683		6,764
NetEase, Inc.		354,500		6,510
Meta Platforms, Inc., Class A1		39,178		6,317
SoftBank Corp.		553,985		6,151
Universal Music Group NV		141,985		2,847
Bharti Airtel, Ltd.1		196,064		1,700
Bharti Airtel, Ltd., interim shares1		13,994		54
Tencent Holdings, Ltd.		36,900		1,667
Nippon Telegraph and Telephone Corp.		56,400		1,620
Deutsche Telekom AG		76,322		1,515
Take-Two Interactive Software, Inc.1		12,130		1,486
Omnicom Group, Inc.		22,926		1,458
Publicis Groupe SA		27,032		1,322
Singapore Telecommunications, Ltd.		468,700		854
ITV PLC		1,034,699		822
SoftBank Group Corp.		9,100		351
Yandex NV, Class A1,3,4		151,598		—	6
				93,171
Utilities 2.92%
National Grid PLC		541,460		6,934
DTE Energy Company		52,656		6,674
China Resources Gas Group, Ltd.		1,196,632		5,574
Iberdrola, SA, non-registered shares		505,184		5,239
E.ON SE		427,621		3,589
Edison International		53,709		3,396
PG&E Corp.1		330,808		3,301
Engie SA		238,699		2,743
Engie SA, bonus shares3		41,586		478
NextEra Energy, Inc.		38,313		2,968
Enel SpA		481,112		2,632
Power Grid Corporation of India, Ltd.		681,829		1,829
Endesa, SA		71,889		1,356
AES Corp.		47,865		1,006
Exelon Corp.		21,703		984
Constellation Energy Corp.		16,138		924
Public Service Enterprise Group, Inc.		14,569		922
				50,549
Real estate 1.93%
Longfor Group Holdings, Ltd.		1,549,500		7,316
Crown Castle International Corp. REIT		40,669		6,848
VICI Properties, Inc. REIT		154,395		4,600
American Tower Corp. REIT		12,850		3,284
Country Garden Services Holdings Co., Ltd.		456,968		2,035
Americold Realty Trust, Inc.		65,356		1,963
W. P. Carey, Inc. REIT		22,705		1,881
China Resources Mixc Lifestyle Services, Ltd.		344,000		1,706
Equinix, Inc. REIT		2,143		1,408

American Funds Insurance Series 77

Capital World Growth and Income Fund (continued)

Common stocks (continued)	Shares		Value (000)
Real estate (continued)
Boston Properties, Inc. REIT		10,901	$	970
Sun Hung Kai Properties, Ltd.		63,000		744
Iron Mountain, Inc. REIT		11,618		566
				33,321
Total common stocks (cost: $1,481,441,000)				1,630,219
Preferred securities 0.46%
Consumer discretionary 0.39%
Volkswagen AG, nonvoting preferred shares		50,187		6,701
Health care 0.05%
Grifols, SA, Class B, nonvoting non-registered preferred shares1		70,967		839
Financials 0.02%
Fannie Mae, Series S, 8.25% noncumulative preferred shares1		58,870		205
Federal Home Loan Mortgage Corp., Series Z, 8.375% noncumulative preferred shares1,2		61,516		204
				409
Total preferred securities (cost: $13,625,000)				7,949
Convertible stocks 0.14%
Information technology 0.14%
Broadcom, Inc., Series A, cumulative convertible preferred shares, 8.00% 2022		1,566		2,354
Total convertible stocks (cost: $2,438,000)				2,354
Convertible bonds & notes 0.06%	Principal amount (000)
Communication services 0.06%
Sea, Ltd., convertible notes, 2.375% 2025	USD	952		1,058
Total convertible bonds & notes (cost: $2,437,000)				1,058
Bonds, notes & other debt instruments 0.33%
Corporate bonds, notes & loans 0.27%
Health care 0.14%
Teva Pharmaceutical Finance Co. BV 6.00% 2024		1,600		1,580
Teva Pharmaceutical Finance Co. BV 3.15% 2026		1,100		905
				2,485
Consumer discretionary 0.06%
General Motors Company 5.40% 2023		300		305
Royal Caribbean Cruises, Ltd. 11.50% 20255		477		491
Royal Caribbean Cruises, Ltd. 5.50% 20285		275		192
				988
Energy 0.04%
TransCanada PipeLines, Ltd. 5.10% 2049		800		792
Financials 0.03%
Lloyds Banking Group PLC 3.369% 20467		709		504
Total corporate bonds, notes & loans				4,769

78 American Funds Insurance Series

Capital World Growth and Income Fund (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Bonds & notes of governments & government agencies outside the U.S. 0.06%
United Mexican States, Series M, 8.00% 2023	MXN	20,000	$	976
Total bonds, notes & other debt instruments (cost: $6,398,000)				5,745
Short-term securities 5.37%	Shares
Money market investments 4.57%
Capital Group Central Cash Fund 1.38%8,9		790,171		79,001
Money market investments purchased with collateral from securities on loan 0.80%
Capital Group Central Cash Fund 1.38%8,9,10		39,384		3,937
Goldman Sachs Financial Square Government Fund, Institutional Shares 1.39%8,10		2,079,009		2,079
BlackRock Liquidity Funds – FedFund, Institutional Shares 1.32%8,10		1,968,799		1,969
Invesco Short-Term Investments Trust – Government & Agency Portfolio, Institutional Class 1.38%8,10		1,968,799		1,969
Morgan Stanley Institutional Liquidity Funds – Government Portfolio, Institutional Class 1.38%8,10		1,968,800		1,969
State Street Institutional U.S. Government Money Market Fund, Institutional Class 1.40%8,10		1,968,800		1,968
				13,891
Total short-term securities (cost: $92,900,000)				92,892
Total investment securities 100.61% (cost: $1,599,239,000)				1,740,217
Other assets less liabilities (0.61)%				(10,617	)
Net assets 100.00%			$	1,729,600

Investments in affiliates⁹

	Value of affiliates at 1/1/2022 (000)		Additions (000)			Reductions (000)		Net realized loss (000)			Net unrealized depreciation (000)			Value of affiliates at 6/30/2022 (000)		Dividend income (000)
Short-term securities 4.80%
Money market investments 4.57%
Capital Group Central Cash Fund 1.38%8	$	12,989	$	285,710		$	219,678	$	(13	)	$	(7	)	$	79,001	$	172
Money market investments purchased with collateral from securities on loan 0.23%
Capital Group Central Cash Fund 1.38%8,10		293		3,644	11										3,937		—	12
Total short-term securities															82,938
Total 4.80%								$	(13	)	$	(7	)	$	82,938	$	172

American Funds Insurance Series 79

Capital World Growth and Income Fund (continued)

1	Security did not produce income during the last 12 months.
2	All or a portion of this security was on loan. The total value of all such securities was $16,355,000, which represented .95% of the net assets of the fund. Refer to Note 5 for more information on securities lending.
3	Valued under fair value procedures adopted by authority of the board of trustees. The total value of all such securities was $2,816,000, which represented .16% of the net assets of the fund.
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 $683,000, which represented .04% of the net assets of the fund.
6	Amount less than one thousand.
7	Coupon rate may change periodically. Reference rate and spread are as of the most recent information available. Some coupon rates are determined by the issuer or agent based on current market conditions; therefore, the reference rate and spread are not available.
8	Rate represents the seven-day yield at 6/30/2022.
9	Part of the same “group of investment companies” as the fund as defined under the Investment Company Act of 1940, as amended.
10	Security purchased with cash collateral from securities on loan. Refer to Note 5 for more information on securities lending.
11	Represents net activity. Refer to Note 5 for more information on securities lending.
12	Dividend income is included with securities lending income in the fund’s statement of operations and is not shown in this table.

Key to abbreviations

ADR = American Depositary Receipts

CAD = Canadian dollars

CDI = CREST Depository Interest

GBP = British pounds

MXN = Mexican pesos

REIT = Real Estate Investment Trust

SDR = Swedish Depositary Receipts

USD = U.S. dollars

Refer to the notes to financial statements.

80 American Funds Insurance Series

Growth-Income Fund

Investment portfolio June 30, 2022 unaudited

Common stocks 90.60%	Shares		Value (000)
Information technology 19.81%
Microsoft Corp.		7,427,783	$	1,907,678
Broadcom, Inc.		1,996,843		970,086
Mastercard, Inc., Class A		1,425,952		449,859
Apple, Inc.		2,742,000		374,886
Visa, Inc., Class A		1,346,541		265,120
Taiwan Semiconductor Manufacturing Company, Ltd.		13,692,000		219,194
ASML Holding NV		290,068		138,568
ASML Holding NV (New York registered) (ADR)		137,293		65,335
Automatic Data Processing, Inc.		845,000		177,484
Accenture PLC, Class A		625,335		173,624
ServiceNow, Inc.1		280,858		133,554
Concentrix Corp.		904,367		122,668
Applied Materials, Inc.		1,300,400		118,310
Fidelity National Information Services, Inc.		1,268,981		116,327
Global Payments, Inc.		973,628		107,722
GoDaddy, Inc., Class A1		1,402,444		97,554
KLA Corp.		301,000		96,043
FleetCor Technologies, Inc.1		420,507		88,353
Euronet Worldwide, Inc.1		763,602		76,811
Intel Corp.		1,931,884		72,272
QUALCOMM, Inc.		564,911		72,162
Micron Technology, Inc.		1,140,549		63,050
Analog Devices, Inc.		398,402		58,203
TELUS International (Cda), Inc., subordinate voting shares1		2,302,991		57,736
Adobe, Inc.1		143,116		52,389
Cognizant Technology Solutions Corp., Class A		760,350		51,316
MKS Instruments, Inc.		481,000		49,365
Fiserv, Inc.1		536,700		47,750
Texas Instruments, Inc.		308,278		47,367
Datadog, Inc., Class A1		365,800		34,839
Snowflake, Inc., Class A1		225,042		31,294
Atlassian Corp. PLC, Class A1		141,050		26,433
Trimble, Inc.1		443,800		25,842
Dye & Durham, Ltd.2		1,322,100		22,340
Lam Research Corp.		50,039		21,324
Block, Inc., Class A1		301,422		18,525
Ceridian HCM Holding, Inc.1		350,352		16,495
Paychex, Inc.		127,131		14,476
VeriSign, Inc.1		61,000		10,207
				6,492,561
Health care 12.99%
UnitedHealth Group, Inc.		2,233,644		1,147,267
Abbott Laboratories		6,014,324		653,456
AbbVie, Inc.		3,041,423		465,824
Novo Nordisk A/S, Class B		2,341,449		259,694
Humana, Inc.		535,731		250,760
Elevance Health, Inc.		465,299		224,544
AstraZeneca PLC		1,209,323		158,988
AstraZeneca PLC (ADR)		721,200		47,649
Thermo Fisher Scientific, Inc.		301,203		163,638
Bristol-Myers Squibb Company		1,859,278		143,164
PerkinElmer, Inc.		769,600		109,452
Pfizer, Inc.		2,030,169		106,442
GSK PLC		4,812,300		103,429
Seagen, Inc.1		432,135		76,462
Medtronic PLC		764,000		68,569
Eli Lilly and Company		180,974		58,677
Royalty Pharma PLC, Class A		1,170,161		49,194
Edwards Lifesciences Corp.1		317,059		30,149
Stryker Corp.		148,897		29,620
Roche Holding AG, nonvoting non-registered shares		85,502		28,531

American Funds Insurance Series 81

Growth-Income Fund (continued)

Common stocks (continued)	Shares		Value (000)
Health care (continued)
Horizon Therapeutics PLC1		318,690	$	25,419
Zimmer Biomet Holdings, Inc.		171,174		17,984
NovoCure, Ltd.1		193,600		13,455
Zoetis, Inc., Class A		68,400		11,757
Vir Biotechnology, Inc.1		258,400		6,581
Guardant Health, Inc.1		146,925		5,927
				4,256,632
Industrials 12.17%
Raytheon Technologies Corp.		7,634,279		733,731
General Electric Co.		5,898,742		375,573
Northrop Grumman Corp.		633,267		303,063
TFI International, Inc.		2,669,105		214,276
Carrier Global Corp.		5,749,143		205,014
Woodward, Inc.		2,204,500		203,894
General Dynamics Corp.		848,975		187,836
Waste Connections, Inc.		1,425,463		176,700
TransDigm Group, Inc.1		302,520		162,353
Airbus SE, non-registered shares		1,617,590		156,717
L3Harris Technologies, Inc.		607,462		146,824
BWX Technologies, Inc.		2,159,505		118,967
Norfolk Southern Corp.		482,759		109,726
Old Dominion Freight Line, Inc.		397,800		101,948
Waste Management, Inc.		625,300		95,658
ITT, Inc.		1,244,379		83,672
Equifax, Inc.		424,308		77,555
Lockheed Martin Corp.		180,000		77,393
Honeywell International, Inc.		409,067		71,100
Air Lease Corp., Class A		2,097,300		70,113
United Airlines Holdings, Inc.1		1,810,598		64,131
United Rentals, Inc.1		256,000		62,185
Fortive Corp.		1,085,000		59,002
Safran SA		539,713		53,285
CSX Corp.		1,350,000		39,231
Cummins, Inc.		100,000		19,353
Otis Worldwide Corp.		268,100		18,947
				3,988,247
Communication services 9.54%
Alphabet, Inc., Class C1		313,067		684,818
Alphabet, Inc., Class A1		281,863		614,253
Meta Platforms, Inc., Class A1		3,574,586		576,402
Comcast Corp., Class A		13,245,788		519,765
Netflix, Inc.1		1,632,923		285,549
Charter Communications, Inc., Class A1		429,912		201,427
Electronic Arts, Inc.		1,168,000		142,087
Tencent Holdings, Ltd.		1,782,100		80,488
Take-Two Interactive Software, Inc.1		178,984		21,931
				3,126,720
Financials 9.29%
JPMorgan Chase & Co.		3,311,830		372,945
Chubb, Ltd.		1,451,726		285,380
Marsh & McLennan Companies, Inc.		1,709,201		265,353
PNC Financial Services Group, Inc.		1,341,714		211,682
Arthur J. Gallagher & Co.		1,189,650		193,961
BlackRock, Inc.		258,532		157,456
Aon PLC, Class A		527,512		142,259
Nasdaq, Inc.		912,520		139,196
Morgan Stanley		1,592,297		121,110
American International Group, Inc.		2,047,230		104,675
Signature Bank		529,521		94,896

82 American Funds Insurance Series

Growth-Income Fund (continued)

Common stocks (continued)	Shares		Value (000)
Financials (continued)
Moody’s Corp.		327,321	$	89,022
KeyCorp		4,886,953		84,202
B3 SA-Brasil, Bolsa, Balcao		39,829,500		83,412
Berkshire Hathaway, Inc., Class B1		285,000		77,811
S&P Global, Inc.		228,138		76,896
Charles Schwab Corp.		1,145,212		72,355
Webster Financial Corp.		1,701,139		71,703
State Street Corp.		1,077,260		66,413
Power Corporation of Canada, subordinate voting shares2		2,293,100		59,002
Bank of America Corp.		1,891,332		58,877
Blue Owl Capital, Inc., Class A2		4,369,165		43,823
MSCI, Inc.		98,300		40,514
Discover Financial Services		363,743		34,403
TPG, Inc., Class A2		1,347,552		32,220
SVB Financial Group1		67,100		26,504
Citizens Financial Group, Inc.		728,750		26,009
Principal Financial Group, Inc.		140,880		9,409
CME Group, Inc., Class A		5,500		1,126
				3,042,614
Consumer discretionary 7.95%
Amazon.com, Inc.1		7,241,191		769,087
General Motors Company1		8,736,000		277,455
Dollar Tree Stores, Inc.1		1,279,006		199,333
Home Depot, Inc.		658,461		180,596
Hilton Worldwide Holdings, Inc.		1,337,320		149,031
Wyndham Hotels & Resorts, Inc.		1,842,940		121,118
Royal Caribbean Cruises, Ltd.1		2,814,603		98,258
Dollar General Corp.		335,615		82,373
InterContinental Hotels Group PLC		1,396,700		73,959
Lear Corp.		569,068		71,640
Chipotle Mexican Grill, Inc.1		53,110		69,429
Kering SA		101,695		52,231
Rivian Automotive, Inc., Class A1,2		1,838,450		47,322
McDonald’s Corp.		186,000		45,920
Ford Motor Co.		3,848,000		42,828
Starbucks Corp.		524,000		40,028
Aptiv PLC1		427,399		38,068
CarMax, Inc.1		379,600		34,346
Darden Restaurants, Inc.		296,000		33,484
Airbnb, Inc., Class A1		350,000		31,178
D.R. Horton, Inc.		457,091		30,255
Burlington Stores, Inc.1		201,000		27,382
VF Corp.		555,000		24,514
Norwegian Cruise Line Holdings, Ltd.1,2		2,047,967		22,773
YUM! Brands, Inc.		196,630		22,320
NVR, Inc.1		5,298		21,214
				2,606,142
Consumer staples 5.36%
Philip Morris International, Inc.		6,790,089		670,453
British American Tobacco PLC		9,433,859		404,174
Keurig Dr Pepper, Inc.		5,314,367		188,075
General Mills, Inc.		1,378,800		104,030
Molson Coors Beverage Company, Class B, restricted voting shares		1,620,313		88,323
Mondelez International, Inc.		1,332,847		82,757
Anheuser-Busch InBev SA/NV		1,339,531		72,097
Archer Daniels Midland Company		540,100		41,912
Bunge, Ltd.		388,852		35,265

American Funds Insurance Series 83

Growth-Income Fund (continued)

Common stocks (continued)	Shares		Value (000)
Consumer staples (continued)
Procter & Gamble Company		180,677	$	25,980
Kraft Heinz Company		567,200		21,633
Constellation Brands, Inc., Class A		91,971		21,435
				1,756,134
Energy 5.16%
Canadian Natural Resources, Ltd. (CAD denominated)		7,047,400		378,705
ConocoPhillips		3,413,983		306,610
Chevron Corp.		2,053,300		297,277
EOG Resources, Inc.		2,040,378		225,339
Baker Hughes Co., Class A		6,585,624		190,127
TC Energy Corp. (CAD denominated)2		1,821,019		94,333
Equitrans Midstream Corp.		10,215,807		64,973
Exxon Mobil Corp.		660,220		56,541
Suncor Energy, Inc.		1,451,133		50,911
Halliburton Company		738,400		23,156
Weatherford International1		100,000		2,117
				1,690,089
Utilities 3.17%
PG&E Corp.1		24,316,996		242,684
Edison International		1,947,800		123,179
Entergy Corp.		963,500		108,529
CenterPoint Energy, Inc.		2,840,104		84,010
Constellation Energy Corp.		1,414,838		81,014
Sempra Energy		510,000		76,638
Enel SpA		12,931,498		70,739
AES Corp.		2,803,707		58,906
DTE Energy Company		401,000		50,827
CMS Energy Corp.		729,800		49,261
NextEra Energy, Inc.		460,000		35,632
Exelon Corp.		643,766		29,175
Evergy, Inc.		418,980		27,338
				1,037,932
Materials 2.95%
Linde PLC		1,000,332		287,626
Vale SA, ordinary nominative shares (ADR)		8,009,475		117,179
Vale SA, ordinary nominative shares		3,404,848		49,809
LyondellBasell Industries NV		1,735,980		151,829
Celanese Corp.		779,474		91,674
Freeport-McMoRan, Inc.		2,382,960		69,725
Corteva, Inc.		908,750		49,200
Sherwin-Williams Company		196,181		43,927
Barrick Gold Corp.		2,373,000		41,978
Allegheny Technologies, Inc.1		1,769,447		40,184
Albemarle Corp.		112,161		23,439
				966,570
Real estate 2.21%
VICI Properties, Inc. REIT		12,137,342		361,571
Equinix, Inc. REIT		298,158		195,896
Crown Castle International Corp. REIT		864,782		145,612
Digital Realty Trust, Inc. REIT		160,000		20,773
				723,852
Total common stocks (cost: $20,458,974,000)				29,687,493

84 American Funds Insurance Series

Growth-Income Fund (continued)

Convertible stocks 1.19%	Shares			Value (000)
Health care 0.50%
Danaher Corp., Series B, cumulative convertible preferred shares, 5.00% 20232		123,957		$	164,021
Information technology 0.47%
Broadcom, Inc., Series A, cumulative convertible preferred shares, 8.00% 2022		102,783			154,498
Consumer discretionary 0.12%
Aptiv PLC, Series A, convertible preferred shares, 5.50% 2023		379,775			40,024
Financials 0.09%
KKR & Co., Inc., Series C, convertible preferred shares, 6.00% 2023		527,700			30,855
Industrials 0.01%
Stanley Black & Decker, Inc., convertible preferred shares, 5.25% 2022		35,448			2,389
Total convertible stocks (cost: $372,605,000)					391,787
Bonds, notes & other debt instruments 0.02%	Principal amount (000		)
Corporate bonds, notes & loans 0.02%
Industrials 0.02%
Boeing Company 4.875% 2025	USD	4,706			4,695
Consumer discretionary 0.00%
General Motors Financial Co. 4.30% 2025		160			158
General Motors Financial Co. 5.25% 2026		827			829
					987
Energy 0.00%
Weatherford International, Ltd. 11.00% 20243		637			643
Total corporate bonds, notes & loans					6,325
Total bonds, notes & other debt instruments (cost: $6,224,000)					6,325
Short-term securities 8.68%	Shares
Money market investments 6.89%
Capital Group Central Cash Fund 1.38%4,5		22,578,323			2,257,381

	Weighted average yield			Principal amount
	at acquisition			(000)
U.S. Treasury bills 1.30%
U.S. Treasury 7/14/2022		0.752	%	USD	425,900	425,733

	Shares
Money market investments purchased with collateral from securities on loan 0.49%
Capital Group Central Cash Fund 1.38%4,5,6		455,088	45,499
Goldman Sachs Financial Square Government Fund, Institutional Shares 1.39%4,6		24,023,345	24,023
BlackRock Liquidity Funds – FedFund, Institutional Shares 1.32%4,6		22,749,855	22,750

American Funds Insurance Series 85

Growth-Income Fund (continued)

Short-term securities (continued)	Shares		Value (000)
Money market investments purchased with collateral from securities on loan (continued)
Invesco Short-Term Investments Trust – Government & Agency Portfolio, Institutional Class 1.38%4,6		22,749,855	$	22,750
Morgan Stanley Institutional Liquidity Funds – Government Portfolio, Institutional Class 1.38%4,6		22,749,855		22,750
State Street Institutional U.S. Government Money Market Fund, Institutional Class 1.40%4,6		22,749,855		22,750
				160,522
Total short-term securities (cost: $2,843,952,000)				2,843,636
Total investment securities 100.49% (cost: $23,681,755,000)				32,929,241
Other assets less liabilities (0.49)%				(160,481	)
Net assets 100.00%			$	32,768,760

Investments in affiliates⁵

	Value of affiliates at 1/1/2022 (000)		Additions (000)			Reductions (000)		Net realized loss (000)			Net unrealized depreciation (000)			Value of affiliates at 6/30/2022 (000)		Dividend income (000)
Short-term securities 7.03%
Money market investments 6.89%
Capital Group Central Cash Fund 1.38%4	$	1,220,761	$	3,693,243		$	2,656,129	$	(29	)	$	(465	)	$	2,257,381	$	4,194
Money market investments purchased with collateral from securities on loan 0.14%
Capital Group Central Cash Fund 1.38%4,6		39,148		6,351	7										45,499		—	8
Total short-term securities															2,302,880
Total 7.03%								$	(29	)	$	(465	)	$	2,302,880	$	4,194

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 $171,950,000, which represented .52% 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 $643,000, which represented less than .01% of the net assets of the fund.
4	Rate represents the seven-day yield at 6/30/2022.
5	Part of the same “group of investment companies” as the fund as defined under the Investment Company Act of 1940, as amended.
6	Security purchased with cash collateral from securities on loan. Refer to Note 5 for more information on securities lending.
7	Represents net activity. Refer to Note 5 for more information on securities lending.
8	Dividend income is included with securities lending income in the fund’s statement of operations and is not shown in this table.

Key to abbreviations

ADR = American Depositary Receipts

CAD = Canadian dollars

REIT = Real Estate Investment Trust

USD = U.S. dollars

Refer to the notes to financial statements.

86 American Funds Insurance Series

International Growth and Income Fund

Investment portfolio June 30, 2022 unaudited

Common stocks 91.29%	Shares		Value (000)
Financials 15.12%
Ping An Insurance (Group) Company of China, Ltd., Class H		594,500	$	4,042
AXA SA		157,942		3,585
AIA Group, Ltd.		314,200		3,406
Toronto-Dominion Bank (CAD denominated)		40,774		2,674
Euronext NV		20,289		1,656
Hong Kong Exchanges and Clearing, Ltd.		33,100		1,628
HDFC Bank, Ltd.		94,308		1,610
Société Générale		66,916		1,465
Zurich Insurance Group AG		3,302		1,436
DNB Bank ASA		74,593		1,337
UniCredit SpA		129,378		1,229
B3 SA-Brasil, Bolsa, Balcao		575,984		1,206
KBC Groep NV		21,390		1,200
Aon PLC, Class A		4,304		1,161
London Stock Exchange Group PLC		12,499		1,161
Resona Holdings, Inc.		301,900		1,131
HDFC Life Insurance Company, Ltd.		155,362		1,082
UBS Group AG		55,531		895
Banco Santander, SA		301,578		849
Skandinaviska Enskilda Banken AB, Class A		85,977		844
Banco Bilbao Vizcaya Argentaria, SA		176,628		802
Industrial and Commercial Bank of China, Ltd., Class H		1,231,040		731
Prudential PLC		56,970		705
Fairfax Financial Holdings, Ltd., subordinate voting shares		1,188		630
Hang Seng Bank, Ltd.		35,700		630
China Merchants Bank Co., Ltd., Class H		92,000		616
Brookfield Asset Management, Inc., Class A (CAD denominated)		13,334		593
Tokio Marine Holdings, Inc.		10,100		588
DBS Group Holdings, Ltd.		27,095		579
Islandsbanki hf.		625,967		567
XP, Inc., Class A1		29,924		537
Postal Savings Bank of China Co., Ltd., Class H		659,000		523
Discovery, Ltd.1		61,031		481
Banca Generali SpA		16,214		458
Bank of Nova Scotia (CAD denominated)		7,643		452
Kotak Mahindra Bank, Ltd.		17,873		376
Partners Group Holding AG		403		363
ICICI Securities, Ltd.		45,682		248
EQT AB		11,659		239
Allfunds Group PLC		26,191		202
ING Groep NV		17,116		169
ICICI Bank, Ltd. (ADR)		9,236		164
Moscow Exchange MICEX-RTS PJSC1,2,3		346,177		—	4
Sberbank of Russia PJSC1,2,3,5		476,388		—	4
				44,250
Consumer staples 12.46%
British American Tobacco PLC		225,738		9,672
Philip Morris International, Inc.		55,231		5,454
Nestlé SA		32,890		3,840
Kweichow Moutai Co., Ltd., Class A		10,600		3,238
Anheuser-Busch InBev SA/NV		40,341		2,171
Carlsberg A/S, Class B		11,219		1,429
Imperial Brands PLC		58,436		1,306
Wuliangye Yibin Co., Ltd., Class A		42,700		1,288
Pernod Ricard SA		6,233		1,145
Foshan Haitian Flavouring and Food Co., Ltd., Class A		71,354		963
Asahi Group Holdings, Ltd.6		27,500		901
Carrefour SA, non-registered shares		47,118		834
Japan Tobacco, Inc.		46,800		809
Associated British Foods PLC		40,194		772
Ocado Group PLC1		63,803		607

American Funds Insurance Series 87

International Growth and Income Fund (continued)

Common stocks (continued)	Shares		Value (000)
Consumer staples (continued)
Arca Continental, SAB de CV		79,817	$	526
Varun Beverages, Ltd.		42,575		426
L’Oréal SA, non-registered shares		1,159		400
Reckitt Benckiser Group PLC		4,662		350
Danone SA		4,142		231
Avenue Supermarts, Ltd.1		2,324		100
X5 Retail Group NV (GDR)2,3		4,521		—	4
				36,462
Information technology 11.52%
Taiwan Semiconductor Manufacturing Company, Ltd.		546,000		8,741
ASML Holding NV		10,243		4,893
Tokyo Electron, Ltd.		9,000		2,939
Edenred SA		50,961		2,402
MediaTek, Inc.		84,000		1,839
Samsung Electronics Co., Ltd.		41,275		1,812
Broadcom, Inc.		3,663		1,780
Kingdee International Software Group Co., Ltd.1		446,000		1,046
SAP SE		11,226		1,023
Keyence Corp.		2,700		923
Nokia Corp.		184,636		859
SK hynix, Inc.		12,042		844
TDK Corp.		25,300		781
Logitech International SA6		14,122		738
EPAM Systems, Inc.1		1,859		548
Vanguard International Semiconductor Corp.		182,000		470
Halma PLC		13,130		321
Capgemini SE		1,725		295
Amadeus IT Group SA, Class A, non-registered shares1		4,613		257
Infosys, Ltd. (ADR)		13,636		252
AVEVA Group PLC		7,320		201
Nice, Ltd. (ADR)1		946		182
Nomura Research Institute, Ltd.		5,300		141
Fujitsu, Ltd.		1,000		125
eMemory Technology, Inc.2		3,000		103
Lightspeed Commerce, Inc., subordinate voting shares1,6		2,130		47
Lightspeed Commerce, Inc., subordinate voting shares (CAD denominated)1		1,792		40
STMicroelectronics NV		2,295		72
DLocal, Ltd., Class A1		2,309		61
				33,735
Consumer discretionary 11.23%
Evolution AB		42,576		3,871
LVMH Moët Hennessy-Louis Vuitton SE		5,788		3,528
Renault SA1		74,924		1,868
InterContinental Hotels Group PLC		25,460		1,348
MGM China Holdings, Ltd.1		2,300,000		1,304
Restaurant Brands International, Inc. (CAD denominated)		25,900		1,299
Coupang, Inc., Class A1		99,034		1,263
Prosus NV, Class N		19,000		1,244
Stellantis NV		98,287		1,214
Midea Group Co., Ltd., Class A		133,400		1,203
Li Ning Co., Ltd.		122,000		1,130
Galaxy Entertainment Group, Ltd.		182,000		1,086
OPAP SA		67,568		967
B&M European Value Retail SA		202,634		905
Wynn Macau, Ltd.1		1,318,400		896
Mercedes-Benz Group AG		15,347		888
Sodexo SA		11,499		808
Valeo SA, non-registered shares		40,094		774
Nitori Holdings Co., Ltd.		7,400		703
Industria de Diseño Textil, SA		29,457		667

88 American Funds Insurance Series

International Growth and Income Fund (continued)

Common stocks (continued)	Shares		Value (000)
Consumer discretionary (continued)
EssilorLuxottica		4,450	$	666
Paltac Corp.		21,500		666
Sands China, Ltd.1		275,200		657
Entain PLC1		33,218		503
Pop Mart International Group, Ltd.		91,400		441
Pan Pacific International Holdings Corp.		24,400		389
Americanas SA, ordinary nominative shares		150,325		386
D’Ieteren Group		2,482		363
Kindred Group PLC (SDR)		39,687		330
JD.com, Inc., Class A		9,324		300
adidas AG		1,537		272
Games Workshop Group PLC		2,691		219
Domino’s Pizza Enterprises, Ltd.		4,471		210
IDP Education, Ltd.		12,216		201
Kering SA		287		147
Balkrishna Industries, Ltd.		3,940		107
MercadoLibre, Inc.1		88		56
				32,879
Industrials 10.83%
Airbus SE, non-registered shares		50,956		4,937
BAE Systems PLC		445,308		4,500
Rheinmetall AG		7,282		1,681
CCR SA, ordinary nominative shares		663,205		1,588
ABB, Ltd.		53,832		1,436
SMC Corp.		3,100		1,382
LIXIL Corp.		67,600		1,265
RELX PLC		46,044		1,248
Alliance Global Group, Inc.		7,774,400		1,244
Cathay Pacific Airways, Ltd.1		1,112,000		1,217
Husqvarna AB, Class B		137,565		1,012
Daikin Industries, Ltd.		5,800		930
Ryanair Holdings PLC (ADR)1		13,438		904
Brenntag SE		12,910		840
Safran SA		7,582		749
Waste Connections, Inc. (CAD denominated)		5,214		646
InPost SA1		98,336		570
Siemens AG		5,122		521
Bunzl PLC		15,343		508
Experian PLC		17,224		504
TFI International, Inc. (CAD denominated)		5,970		479
Coor Service Management Holding AB		57,449		451
Epiroc AB, Class A		19,808		306
Epiroc AB, Class B		10,197		138
Caterpillar, Inc.		2,260		404
BELIMO Holding AG		1,068		376
Deutsche Post AG		9,567		358
Interpump Group SpA		8,630		329
DSV A/S		2,122		296
SITC International Holdings Co., Ltd.		79,659		225
Adecco Group AG		6,455		219
Wizz Air Holdings PLC1		9,958		213
Hitachi, Ltd.		2,400		114
Contemporary Amperex Technology Co., Ltd., Class A		1,300		104
				31,694
Health care 9.90%
AstraZeneca PLC		73,599		9,676
Novo Nordisk A/S, Class B		39,486		4,379
Sanofi		37,985		3,835
GSK PLC		125,753		2,703
Bayer AG		27,477		1,633

American Funds Insurance Series 89

International Growth and Income Fund (continued)

Common stocks (continued)	Shares		Value (000)
Health care (continued)
Siemens Healthineers AG		29,414	$	1,495
Grifols, SA, Class B (ADR)1		89,399		1,062
Shionogi & Co., Ltd.		14,600		738
EUROAPI1		38,541		608
Koninklijke Philips NV (EUR denominated)6		20,932		451
Sonova Holding AG		1,294		412
Roche Holding AG, nonvoting non-registered shares		1,183		395
Novartis AG		4,335		367
CanSino Biologics, Inc., Class H		30,400		311
Genus PLC		7,584		231
Hutchmed China, Ltd. (ADR)1		17,569		222
BeiGene, Ltd. (ADR)1		1,332		216
Hypera SA, ordinary nominative shares		27,468		200
Innovent Biologics, Inc.1		13,000		58
				28,992
Energy 5.77%
BP PLC		586,455		2,772
TC Energy Corp. (CAD denominated)		41,511		2,150
TotalEnergies SE		39,592		2,090
Equinor ASA		57,171		1,988
Aker BP ASA (SDR)2		45,833		1,592
Aker BP ASA		8,613		299
Canadian Natural Resources, Ltd. (CAD denominated)		27,978		1,503
Cameco Corp.		52,229		1,098
Schlumberger, Ltd.		29,844		1,067
Tourmaline Oil Corp.		14,597		759
Reliance Industries, Ltd.1		19,013		625
TechnipFMC PLC1		75,572		509
INPEX Corp.		23,700		257
Var Energi ASA		42,709		168
Orron Energy AB		31,059		21
Gazprom PJSC (ADR)2,3		335,575		—	4
LUKOIL Oil Co. PJSC (ADR)2,3		9,706		—	4
Sovcomflot PAO2,3		356,717		—	4
				16,898
Communication services 4.92%
Koninklijke KPN NV		793,506		2,828
Tencent Holdings, Ltd.		46,000		2,078
Vodafone Group PLC		1,149,321		1,772
BT Group PLC		690,442		1,566
Nippon Telegraph and Telephone Corp.		38,800		1,114
Publicis Groupe SA		19,700		963
América Móvil, SAB de CV, Series L (ADR)		45,273		925
SoftBank Corp.		59,500		661
Indus Towers, Ltd.		245,887		651
Deutsche Telekom AG		28,506		566
Viaplay Group AB, Class B1		20,507		421
Telefónica, SA, non-registered shares1		53,453		272
NetEase, Inc.		10,800		198
Universal Music Group NV		9,437		189
Sea, Ltd., Class A (ADR)1		2,777		186
Yandex NV, Class A1,2,3		5,000		—	4
				14,390
Materials 4.67%
Vale SA, ordinary nominative shares		216,760		3,171
Vale SA, ordinary nominative shares (ADR)		107,874		1,578
Linde PLC		7,517		2,161
Koninklijke DSM NV		8,300		1,193
Barrick Gold Corp. (CAD denominated)6		29,977		530

90 American Funds Insurance Series

International Growth and Income Fund (continued)

Common stocks (continued)	Shares		Value (000)
Materials (continued)
Barrick Gold Corp.		27,000	$	478
Asahi Kasei Corp.		98,300		751
Glencore PLC		131,072		710
Rio Tinto PLC		10,440		625
Sociedad Química y Minera de Chile SA, Class B (ADR)		6,427		537
Fortescue Metals Group, Ltd.		42,224		511
Fresnillo PLC		33,572		313
Sika AG		1,208		278
Air Liquide SA, non-registered shares		1,669		224
Shandong Sinocera Functional Material Co., Ltd., Class A		41,300		222
Shin-Etsu Chemical Co., Ltd.		1,900		214
Givaudan SA		52		183
Alrosa PJSC2,3		53,607		—	4
				13,679
Utilities 2.59%
Engie SA		190,289		2,187
Brookfield Infrastructure Partners LP		55,511		2,121
Enel SpA		254,531		1,392
ENN Energy Holdings, Ltd.		73,800		1,212
Iberdrola, SA, non-registered shares		36,760		381
Guangdong Investment, Ltd.		276,000		292
				7,585
Real estate 2.28%
CK Asset Holdings, Ltd.		324,500		2,295
Longfor Group Holdings, Ltd.		443,000		2,092
Link REIT		104,400		851
Embassy Office Parks REIT		133,382		632
Unibail-Rodamco-Westfield REIT, non-registered shares1		10,527		537
Country Garden Services Holdings Co., Ltd.		60,000		267
				6,674
Total common stocks (cost: $290,577,000)				267,238

Preferred securities 0.65%
Information technology 0.33%
Samsung Electronics Co., Ltd., nonvoting preferred shares	23,993	961
Materials 0.16%
Gerdau SA, preferred nominative shares	113,297	484
Consumer discretionary 0.16%
Volkswagen AG, nonvoting preferred shares	3,471	463
Total preferred securities (cost: $2,726,000)		1,908
Short-term securities 7.83%
Money market investments 7.40%
Capital Group Central Cash Fund 1.38%7,8	216,555	21,651

American Funds Insurance Series 91

International Growth and Income Fund (continued)

Short-term securities (continued)	Shares		Value (000)
Money market investments purchased with collateral from securities on loan 0.43%
Capital Group Central Cash Fund 1.38%7,8,9		3,605	$	361
Goldman Sachs Financial Square Government Fund, Institutional Shares 1.39%7,9		190,311		191
BlackRock Liquidity Funds – FedFund, Institutional Shares 1.32%7,9		180,222		180
Invesco Short-Term Investments Trust – Government & Agency Portfolio, Institutional Class 1.38%7,9		180,223		180
Morgan Stanley Institutional Liquidity Funds – Government Portfolio, Institutional Class 1.38%7,9		180,223		180
State Street Institutional U.S. Government Money Market Fund, Institutional Class 1.40%7,9		180,223		180
				1,272
Total short-term securities (cost: $22,924,000)				22,923
Total investment securities 99.77% (cost: $316,227,000)				292,069
Other assets less liabilities 0.23%				671
Net assets 100.00%			$	292,740

Forward currency contracts

						Unrealized
Contract amount						appreciation
Currency purchased		Currency sold			Settlement	at 6/30/2022
(000)		(000)		Counterparty	date	(000)
	USD      446		GBP       365	JPMorgan Chase	9/16/2022		$	1

Investments in affiliates⁸

	Value of affiliates at 1/1/2022 (000)		Additions (000)			Reductions (000)		Net realized loss (000)			Net unrealized depreciation (000)			Value of affiliates at 6/30/2022 (000)		Dividend income (000)
Short-term securities 7.52%
Money market investments 7.40%
Capital Group Central Cash Fund 1.38%7	$	21,699	$	53,334		$	53,374	$	(2	)	$	(6	)	$	21,651	$	52
Money market investments purchased with collateral from securities on loan 0.12%
Capital Group Central Cash Fund 1.38%7,9		—		361	10										361		—	11
Total short-term securities															22,012
Total 7.52%								$	(2	)	$	(6	)	$	22,012	$	52

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 $1,695,000, which represented .58% of the net assets of the fund.
3	Value determined using significant unobservable inputs.
4	Amount less than one thousand.
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 less than $1,000, which represented less than .01% of the net assets of the fund.
6	All or a portion of this security was on loan. The total value of all such securities was $2,221,000, which represented .76% of the net assets of the fund. Refer to Note 5 for more information on securities lending.
7	Rate represents the seven-day yield at 6/30/2022.
8	Part of the same “group of investment companies” as the fund as defined under the Investment Company Act of 1940, as amended.
9	Security purchased with cash collateral from securities on loan. Refer to Note 5 for more information on securities lending.
10	Represents net activity. Refer to Note 5 for more information on securities lending.
11	Dividend income is included with securities lending income in the fund’s statement of operations and is not shown in this table.

92 American Funds Insurance Series

International Growth and Income Fund (continued)

Key to abbreviations

ADR = American Depositary Receipts

CAD = Canadian dollars

EUR = Euros

GBP = British pounds

GDR = Global Depositary Receipts

REIT = Real Estate Investment Trust

SDR = Swedish Depositary Receipts

USD = U.S. dollars

Refer to the notes to financial statements.

American Funds Insurance Series 93

Capital Income Builder
Investment portfolio June 30, 2022	unaudited

Common stocks 72.76%	Shares		Value (000)
Financials 12.34%
Zurich Insurance Group AG		39,843	$	17,329
Toronto-Dominion Bank (CAD denominated)		159,743		10,475
PNC Financial Services Group, Inc.		59,040		9,315
CME Group, Inc., Class A		44,748		9,160
Morgan Stanley		85,379		6,494
Münchener Rückversicherungs-Gesellschaft AG		23,528		5,528
DNB Bank ASA		294,024		5,270
JPMorgan Chase & Co.		46,574		5,245
Power Corporation of Canada, subordinate voting shares		179,126		4,609
Principal Financial Group, Inc.		58,334		3,896
DBS Group Holdings, Ltd.		158,153		3,379
Ping An Insurance (Group) Company of China, Ltd., Class H		441,500		3,002
Ping An Insurance (Group) Company of China, Ltd., Class A		28,657		200
Tryg A/S		135,983		3,053
KeyCorp		169,905		2,927
American International Group, Inc.		53,986		2,760
Webster Financial Corp.		64,148		2,704
AIA Group, Ltd.		241,600		2,619
Great-West Lifeco, Inc.		93,285		2,278
B3 SA-Brasil, Bolsa, Balcao		1,032,986		2,163
KBC Groep NV		37,463		2,102
BlackRock, Inc.		3,246		1,977
Travelers Companies, Inc.		10,982		1,857
East West Bancorp, Inc.		28,480		1,846
ING Groep NV		161,558		1,597
Kaspi.kz JSC1		28,497		1,297
Kaspi.kz JSC (GDR)		4,869		221
National Bank of Canada2		22,809		1,497
Citizens Financial Group, Inc.		40,543		1,447
OneMain Holdings, Inc.		37,485		1,401
State Street Corp.		18,128		1,118
Truist Financial Corp.		23,131		1,097
Swedbank AB, Class A		84,919		1,073
China Pacific Insurance (Group) Co., Ltd., Class H		424,950		1,039
Franklin Resources, Inc.		40,856		952
PICC Property and Casualty Co., Ltd., Class H		904,000		940
Euronext NV		10,888		889
Hang Seng Bank, Ltd.		50,100		884
BNP Paribas SA		17,927		852
Hong Kong Exchanges and Clearing, Ltd.		17,200		846
Marsh & McLennan Companies, Inc.		5,132		797
EFG International AG		107,137		788
Citigroup, Inc.		16,200		745
Bank Central Asia Tbk PT		1,423,700		693
TPG, Inc., Class A2		26,945		644
China Merchants Bank Co., Ltd., Class H		88,000		589
Vontobel Holding AG		8,314		584
Banco Santander, SA		201,758		568
Patria Investments, Ltd., Class A		36,005		476
Macquarie Group, Ltd.		3,698		420
Wells Fargo & Company		10,594		415
Cullen/Frost Bankers, Inc.		3,136		365
SouthState Corp.		3,028		234
Blackstone, Inc., nonvoting shares		2,530		231
CaixaBank, SA		59,094		205
UniCredit SpA		17,367		165
IIFL Wealth Management, Ltd.		8,122		152
Moscow Exchange MICEX-RTS PJSC3,4,5		875,002		—	6
Sberbank of Russia PJSC1,3,4,5		204,176		—	6
				135,409

94 American Funds Insurance Series

Capital Income Builder (continued)

Common stocks (continued)	Shares		Value (000)
Consumer staples 10.32%
Philip Morris International, Inc.		270,227	$	26,682
British American Tobacco PLC		455,151		19,500
Nestlé SA		81,615		9,527
General Mills, Inc.		111,828		8,437
PepsiCo, Inc.		47,687		7,948
Kimberly-Clark Corp.		48,490		6,553
Altria Group, Inc.		151,739		6,338
Imperial Brands PLC		184,470		4,123
ITC, Ltd.		1,161,693		4,023
Unilever PLC (GBP denominated)		72,454		3,282
Danone SA		47,160		2,632
Carlsberg A/S, Class B		19,656		2,504
Keurig Dr Pepper, Inc.		54,657		1,934
Anheuser-Busch InBev SA/NV		26,838		1,444
Coca-Cola Company		21,263		1,338
Kraft Heinz Company		31,511		1,202
Mondelez International, Inc.		14,188		881
Procter & Gamble Company		5,012		721
Vector Group, Ltd.		68,110		715
Seven & i Holdings Co., Ltd.		18,300		710
Inner Mongolia Yili Industrial Group Co., Ltd., Class A		95,200		554
Wuliangye Yibin Co., Ltd., Class A		17,100		516
Reckitt Benckiser Group PLC		6,554		492
Viscofan, SA, non-registered shares		8,226		453
Scandinavian Tobacco Group A/S		21,667		424
Hilton Food Group PLC		29,160		363
Coca-Cola HBC AG (CDI)		800		18
				113,314
Health care 8.71%
AbbVie, Inc.		142,914		21,889
Amgen, Inc.		51,643		12,565
GSK PLC		458,716		9,859
Gilead Sciences, Inc.		155,252		9,596
AstraZeneca PLC		53,547		7,040
Medtronic PLC		76,150		6,834
Abbott Laboratories		62,845		6,828
Novartis AG		72,111		6,107
UnitedHealth Group, Inc.		5,796		2,977
Pfizer, Inc.		50,556		2,651
Roche Holding AG, nonvoting non-registered shares		7,287		2,432
Bristol-Myers Squibb Company		28,685		2,209
Royalty Pharma PLC, Class A		41,526		1,746
CVS Health Corp.		7,829		725
Merck & Co., Inc.		7,825		713
EBOS Group, Ltd.		28,985		706
Bayer AG		11,554		687
Koninklijke Philips NV (EUR denominated)		2,984		64
Organon & Co.		662		22
				95,650
Information technology 8.04%
Broadcom, Inc.		57,187		27,783
Microsoft Corp.		68,566		17,610
Taiwan Semiconductor Manufacturing Company, Ltd.		620,800		9,938
QUALCOMM, Inc.		39,978		5,107
Automatic Data Processing, Inc.		15,874		3,334
Intel Corp.		77,261		2,890
MediaTek, Inc.		110,000		2,408
KLA Corp.		6,685		2,133
GlobalWafers Co., Ltd.		136,938		2,086
Texas Instruments, Inc.		12,972		1,993

American Funds Insurance Series 95

Capital Income Builder (continued)

Common stocks (continued)	Shares		Value (000)
Information technology (continued)
Paychex, Inc.		16,447	$	1,873
NetApp, Inc.		28,247		1,843
Apple, Inc.		12,770		1,746
Vanguard International Semiconductor Corp.		566,700		1,464
Tokyo Electron, Ltd.		3,400		1,110
Western Union Company		66,602		1,097
SAP SE		9,801		893
Fidelity National Information Services, Inc.		9,453		867
Analog Devices, Inc.		4,507		658
Tripod Technology Corp.		142,000		533
SINBON Electronics Co., Ltd.		42,446		363
International Business Machines Corp.		2,381		336
BE Semiconductor Industries NV		3,388		163
				88,228
Utilities 6.73%
Dominion Energy, Inc.		128,049		10,220
DTE Energy Company		52,990		6,717
National Grid PLC		465,204		5,957
Power Grid Corporation of India, Ltd.		2,035,755		5,462
Iberdrola, SA, non-registered shares		447,637		4,642
The Southern Co.		63,638		4,538
Enel SpA		809,492		4,428
E.ON SE		508,142		4,264
Edison International		53,687		3,395
Public Service Enterprise Group, Inc.		48,416		3,064
Duke Energy Corp.		26,321		2,822
Evergy, Inc.		39,780		2,596
AES Corp.		104,535		2,196
Entergy Corp.		19,327		2,177
NextEra Energy, Inc.		24,483		1,896
Exelon Corp.		41,656		1,888
Engie SA		109,459		1,258
Engie SA, bonus shares3		36,900		424
SSE PLC		72,232		1,421
CenterPoint Energy, Inc.		48,046		1,421
Sempra Energy		5,735		862
Power Assets Holdings, Ltd.		106,500		670
ENN Energy Holdings, Ltd.		32,400		532
Centrica PLC5		502,131		489
American Electric Power Company, Inc.		2,832		272
CMS Energy Corp.		3,992		270
				73,881
Real estate 6.72%
Crown Castle International Corp. REIT		136,797		23,034
VICI Properties, Inc. REIT		642,122		19,129
Digital Realty Trust, Inc. REIT		45,793		5,945
Gaming and Leisure Properties, Inc. REIT		95,781		4,392
Link REIT		355,366		2,898
Federal Realty Investment Trust REIT		27,495		2,632
CK Asset Holdings, Ltd.		308,000		2,178
American Tower Corp. REIT		7,508		1,919
Equinix, Inc. REIT		2,214		1,455
Longfor Group Holdings, Ltd.		249,000		1,176
Embassy Office Parks REIT		234,370		1,111
Charter Hall Group REIT		145,400		1,087
Powergrid Infrastructure Investment Trust		650,141		1,062
Americold Realty Trust, Inc.		32,239		968
Mindspace Business Parks REIT		214,689		953
Extra Space Storage, Inc. REIT		5,512		938
TAG Immobilien AG		63,810		728

96 American Funds Insurance Series

Capital Income Builder (continued)

Common stocks (continued)	Shares		Value (000)
Real estate (continued)
Sun Hung Kai Properties, Ltd.		61,255	$	724
CTP NV		49,335		569
PSP Swiss Property AG		3,583		399
CubeSmart REIT		7,663		327
Douglas Elliman, Inc.		29,146		140
				73,764
Industrials 5.98%
Raytheon Technologies Corp.		212,630		20,436
Lockheed Martin Corp.		13,286		5,712
BAE Systems PLC		507,662		5,130
Honeywell International, Inc.		20,665		3,592
L3Harris Technologies, Inc.		13,435		3,247
Singapore Technologies Engineering, Ltd.		1,096,500		3,220
RELX PLC		98,945		2,681
RELX PLC (ADR)		7,965		215
Kone OYJ, Class B		54,424		2,587
VINCI SA		25,880		2,304
BOC Aviation, Ltd.		245,100		2,060
Siemens AG		19,999		2,035
Trinity Industries, Inc.		72,684		1,760
CCR SA, ordinary nominative shares		449,174		1,075
ABB, Ltd.		38,536		1,028
LIXIL Corp.		54,600		1,022
Compañia de Distribución Integral Logista Holdings, SA, non-registered shares		49,377		966
Trelleborg AB, Class B		47,577		959
Grupo Aeroportuario del Pacífico, SAB de CV, Class B		64,480		898
Ventia Services Group Pty, Ltd.		490,862		844
United Parcel Service, Inc., Class B		4,455		813
Waste Management, Inc.		4,008		613
General Dynamics Corp.		2,480		549
Deutsche Post AG		14,410		540
Airbus SE, non-registered shares		3,671		356
Atlas Corp.2		23,578		252
Norfolk Southern Corp.		1,084		246
Sulzer AG		3,814		237
Melrose Industries PLC		122,162		223
				65,600
Energy 5.22%
TC Energy Corp. (CAD denominated)2		205,882		10,665
TC Energy Corp.		15,067		781
Canadian Natural Resources, Ltd. (CAD denominated)		190,567		10,240
Chevron Corp.		45,673		6,613
TotalEnergies SE		76,665		4,047
BP PLC		747,631		3,534
Shell PLC (GBP denominated)		116,755		3,033
Shell PLC (ADR)		8,003		418
Exxon Mobil Corp.		36,914		3,161
EOG Resources, Inc.		26,655		2,944
ConocoPhillips		30,877		2,773
Enbridge, Inc. (CAD denominated)		48,315		2,040
Baker Hughes Co., Class A		50,603		1,461
Schlumberger, Ltd.		35,730		1,278
Equitrans Midstream Corp.		200,167		1,273
Woodside Energy Group, Ltd.		34,151		750
Woodside Energy Group, Ltd. (CDI)5		23,081		489
Pioneer Natural Resources Company		5,252		1,172
DT Midstream, Inc.		12,803		628
Gazprom PJSC (ADR)3,4		440,214		—	6
				57,300

American Funds Insurance Series 97

Capital Income Builder (continued)

Common stocks (continued)	Shares		Value (000)
Communication services 3.26%
Comcast Corp., Class A		269,639	$	10,581
Verizon Communications, Inc.		106,248		5,392
SoftBank Corp.		373,800		4,150
Koninklijke KPN NV		1,040,033		3,707
BCE, Inc.		64,510		3,171
Nippon Telegraph and Telephone Corp.		66,400		1,907
HKT Trust and HKT, Ltd., units		1,381,240		1,855
Singapore Telecommunications, Ltd.		573,200		1,044
Pearson PLC		106,351		971
WPP PLC		81,133		814
Omnicom Group, Inc.		10,162		646
Indus Towers, Ltd.		211,665		560
ITV PLC		569,947		453
ProSiebenSat.1 Media SE		40,927		378
Vodafone Group PLC		144,892		223
				35,852
Consumer discretionary 2.73%
McDonald’s Corp.		19,734		4,872
Midea Group Co., Ltd., Class A		385,475		3,477
Home Depot, Inc.		12,486		3,425
Industria de Diseño Textil, SA		151,346		3,424
Kering SA		5,429		2,788
Starbucks Corp.		36,027		2,752
VF Corp.		27,355		1,208
Hasbro, Inc.		14,296		1,171
Galaxy Entertainment Group, Ltd.		190,000		1,133
YUM! Brands, Inc.		9,688		1,100
Cie. Financière Richemont SA, Class A		9,843		1,048
LVMH Moët Hennessy-Louis Vuitton SE		1,480		902
Darden Restaurants, Inc.		7,867		890
Restaurant Brands International, Inc.		14,808		743
OPAP SA		27,844		398
Inchcape PLC		26,460		224
Thule Group AB		8,654		213
Kindred Group PLC (SDR)		19,169		159
				29,927
Materials 2.71%
Vale SA, ordinary nominative shares (ADR)		354,178		5,181
Vale SA, ordinary nominative shares		248,874		3,641
Rio Tinto PLC		77,432		4,634
BHP Group, Ltd. (CDI)		127,875		3,576
LyondellBasell Industries NV		28,394		2,483
Linde PLC		8,196		2,357
Air Products and Chemicals, Inc.		8,303		1,997
Evonik Industries AG		53,622		1,144
International Flavors & Fragrances, Inc.		8,013		954
BASF SE		21,232		924
Sociedad Química y Minera de Chile SA, Class B (ADR)		8,531		713
Asahi Kasei Corp.		92,600		707
UPM-Kymmene Oyj		19,277		586
Nexa Resources SA2		51,286		308
WestRock Co.		7,448		297
Fortescue Metals Group, Ltd.		19,956		241
				29,743
Total common stocks (cost: $689,320,000)				798,668

98 American Funds Insurance Series

Capital Income Builder (continued)

Preferred securities 0.05%	Shares		Value (000)
Information technology 0.05%
Samsung Electronics Co., Ltd., nonvoting preferred shares		12,647	$	506
Total preferred securities (cost: $419,000)				506
Rights & warrants 0.00%
Consumer discretionary 0.00%
Compagnie Financière Richemont SA, Class A, warrants, expire 20235		7,130		4
Total rights & warrants (cost: $0)				4
Convertible stocks 0.65%
Information technology 0.33%
Broadcom, Inc., Series A, cumulative convertible preferred shares, 8.00% 2022		2,393		3,597
Utilities 0.15%
AES Corp., convertible preferred units, 6.875% 2024		8,659		747
American Electric Power Company, Inc., convertible preferred units, 6.125% 2023		9,704		524
NextEra Energy, Inc., convertible preferred units, 6.219% 2023		8,500		418
				1,689
Health care 0.10%
Danaher Corp., Series B, cumulative convertible preferred shares, 5.00% 20232		841		1,113
Consumer discretionary 0.07%
Aptiv PLC, Series A, convertible preferred shares, 5.50% 2023		6,948		732
Total convertible stocks (cost: $6,038,000)				7,131
Investment funds 2.62%
Capital Group Central Corporate Bond Fund7		3,406,631		28,752
Total investment funds (cost: $33,973,000)				28,752
Bonds, notes & other debt instruments 18.31%	Principal amount (000)
U.S. Treasury bonds & notes 9.47%
U.S. Treasury 6.36%
U.S. Treasury 0.125% 2022	USD	1,625		1,606
U.S. Treasury 0.125% 2023		2,200		2,169
U.S. Treasury 0.375% 2023		875		846
U.S. Treasury 0.625% 2024		11,050		10,470
U.S. Treasury 0.75% 2024		5,965		5,655
U.S. Treasury 2.50% 2024		5,424		5,378
U.S. Treasury 0.375% 2025		507		471
U.S. Treasury 0.75% 2026		4,903		4,495
U.S. Treasury 0.75% 2026		3,850		3,523
U.S. Treasury 0.75% 2026		1		1
U.S. Treasury 1.125% 2026		4,030		3,714
U.S. Treasury 1.875% 2026		6,300		6,026
U.S. Treasury 2.00% 20268		2,800		2,677
U.S. Treasury 0.50% 2027		2,900		2,567
U.S. Treasury 2.50% 2027		1,440		1,405
U.S. Treasury 2.625% 2027		6,605		6,479
U.S. Treasury 1.25% 2028		1,350		1,219
U.S. Treasury 2.875% 2032		5,696		5,628

American Funds Insurance Series 99

Capital Income Builder (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)			Value (000)
U.S. Treasury bonds & notes (continued)
U.S. Treasury (continued)
U.S. Treasury 1.125% 20408	USD	2,400		$	1,665
U.S. Treasury 2.00% 2041		300			237
U.S. Treasury 2.375% 20518		197			165
U.S. Treasury 2.25% 20528		4,176			3,422
					69,818
U.S. Treasury inflation-protected securities 3.11%
U.S. Treasury Inflation-Protected Security 0.125% 20239		2,532			2,576
U.S. Treasury Inflation-Protected Security 0.375% 20239		1,764			1,796
U.S. Treasury Inflation-Protected Security 0.625% 20239		3,298			3,356
U.S. Treasury Inflation-Protected Security 0.125% 20249		5,769			5,828
U.S. Treasury Inflation-Protected Security 0.125% 20249		4,979			5,011
U.S. Treasury Inflation-Protected Security 0.50% 20249		2,491			2,527
U.S. Treasury Inflation-Protected Security 0.625% 20249		2,986			3,036
U.S. Treasury Inflation-Protected Security 0.125% 20259		1,231			1,231
U.S. Treasury Inflation-Protected Security 0.125% 20259		223			223
U.S. Treasury Inflation-Protected Security 0.25% 20259		523			526
U.S. Treasury Inflation-Protected Security 0.375% 20259		366			369
U.S. Treasury Inflation-Protected Security 0.125% 20269		2,317			2,295
U.S. Treasury Inflation-Protected Security 0.125% 20309		2,078			1,980
U.S. Treasury Inflation-Protected Security 0.125% 20319		1,777			1,686
U.S. Treasury Inflation-Protected Security 0.125% 20319		135			128
U.S. Treasury Inflation-Protected Security 0.125% 20518,9		1,971			1,506
					34,074
Total U.S. Treasury bonds & notes					103,892
Mortgage-backed obligations 6.24%
Federal agency mortgage-backed obligations 5.38%
Fannie Mae Pool #695412 5.00% 203310		—	6		—	6
Fannie Mae Pool #AD3566 5.00% 203510		2			2
Fannie Mae Pool #AC0794 5.00% 203910		5			5
Fannie Mae Pool #931768 5.00% 203910		1			1
Fannie Mae Pool #AE0311 3.50% 204010		10			9
Fannie Mae Pool #932606 5.00% 204010		3			3
Fannie Mae Pool #AJ1873 4.00% 204110		7			7
Fannie Mae Pool #AE1248 5.00% 204110		9			9
Fannie Mae Pool #AE1274 5.00% 204110		7			7
Fannie Mae Pool #AE1277 5.00% 204110		5			5
Fannie Mae Pool #AE1283 5.00% 204110		2			3
Fannie Mae Pool #AE1290 5.00% 204210		5			6
Fannie Mae Pool #AT0300 3.50% 204310		2			2
Fannie Mae Pool #AT3954 3.50% 204310		2			2
Fannie Mae Pool #AY1829 3.50% 204410		2			2
Fannie Mae Pool #BJ5015 4.00% 204710		42			42
Fannie Mae Pool #BH3122 4.00% 204710		1			1
Fannie Mae Pool #BK6840 4.00% 204810		28			28
Fannie Mae Pool #BK5232 4.00% 204810		21			21
Fannie Mae Pool #BK9743 4.00% 204810		8			8
Fannie Mae Pool #BK9761 4.50% 204810		5			5
Fannie Mae Pool #CA5540 3.00% 205010		3,412			3,206
Fannie Mae Pool #BF0142 5.50% 205610		422			453
Fannie Mae Pool #BF0342 5.50% 205910		280			305
Fannie Mae Pool #BF0497 3.00% 206010		346			326
Freddie Mac Pool #Q15874 4.00% 204310		1			1
Freddie Mac Pool #G67711 4.00% 204810		254			255
Freddie Mac Pool #Q56599 4.00% 204810		32			32
Freddie Mac Pool #Q55971 4.00% 204810		22			22
Freddie Mac Pool #Q56175 4.00% 204810		19			19
Freddie Mac Pool #Q55970 4.00% 204810		11			11
Freddie Mac Pool #Q58411 4.50% 204810		58			60

100 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)
Freddie Mac Pool #Q58436 4.50% 204810	USD	31		$	31
Freddie Mac Pool #Q58378 4.50% 204810		21			21
Freddie Mac Pool #Q57242 4.50% 204810		16			16
Freddie Mac Pool #ZT1704 4.50% 204910		1,338			1,369
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-2, Class MA, 3.00% 205610		253			246
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-2, Class HA, 3.00% 205610,11		249			243
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-1, Class HA, 3.00% 205610,11		122			119
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-4, Class HT, 3.25% 205710,11		103			100
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-4, Class MT, 3.50% 205710		85			83
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2018-3, Class MA, 3.50% 205710		22			21
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2019-1, Class MT, 3.50% 205810		1,051			1,024
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2019-2, Class MA, 3.50% 205810		676			669
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2019-1, Class MA, 3.50% 205810		444			440
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2019-3, Class MA, 3.50% 205810		20			20
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2019-3, Class MT, 3.50% 205810		11			10
Freddie Mac Seasoned Loan Structured Transaction Trust, Series 2018-2, Class A1, 3.50% 202810		993			985
Freddie Mac Seasoned Loan Structured Transaction Trust, Series 2019-2, Class A1C, 2.75% 202910		1,388			1,334
Government National Mortgage Assn. 4.00% 205210,12		3,313			3,292
Government National Mortgage Assn. 4.00% 205210,12		2,829			2,818
Government National Mortgage Assn. 4.50% 205210,12		1,145			1,157
Government National Mortgage Assn. 5.00% 205210,12		3,624			3,700
Government National Mortgage Assn. 5.00% 205210,12		27			28
Government National Mortgage Assn. Pool #MA5764 4.50% 204910		502			514
Government National Mortgage Assn. Pool #694836 5.665% 205910		1			1
Government National Mortgage Assn. Pool #765152 4.14% 206110		—	6		—	6
Government National Mortgage Assn. Pool #766525 4.70% 206210		—	6		—	6
Government National Mortgage Assn. Pool #725893 5.20% 206410		—	6		—	6
Government National Mortgage Assn. Pool #AA7554 6.64% 206410		1			1
Uniform Mortgage-Backed Security 2.50% 203710,12		1,608			1,536
Uniform Mortgage-Backed Security 3.00% 205210,12		1,900			1,768
Uniform Mortgage-Backed Security 3.00% 205210,12		1,720			1,602
Uniform Mortgage-Backed Security 3.50% 205210,12		1,927			1,851
Uniform Mortgage-Backed Security 4.00% 205210,12		11,242			11,051
Uniform Mortgage-Backed Security 4.00% 205210,12		531			523
Uniform Mortgage-Backed Security 4.50% 205210,12		7,550			7,550
Uniform Mortgage-Backed Security 4.50% 205210,12		5,351			5,362
Uniform Mortgage-Backed Security 5.00% 205210,12		3,606			3,664
Uniform Mortgage-Backed Security 5.00% 205210,12		1,050			1,069
					59,076
Collateralized mortgage-backed obligations (privately originated) 0.52%
Arroyo Mortgage Trust, Series 2021-1R, Class A1, 1.175% 20481,10,11		161			150
Binom Securitization Trust, Series 2022-RPL1, Class A1, 3.00% 20611,10,11		91			87
BRAVO Residential Funding Trust, Series 2022-RPL1, Class A1, 2.75% 20611,10		95			89
Cascade Funding Mortgage Trust, Series 2020-HB4, Class A, 0.946% 20301,10,11		97			96
Cascade Funding Mortgage Trust, Series 2021-HB7, Class A, 1.151% 20311,10,11		153			150
Cascade Funding Mortgage Trust, Series 2021-HB6, Class A, 0.898% 20361,10,11		122			120

American Funds Insurance Series 101

Capital Income Builder (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Mortgage-backed obligations (continued)
Collateralized mortgage-backed obligations (privately originated) (continued)
CIM Trust, Series 2022-R2, Class A1, 3.75% 20611,10,11	USD	201	$	195
Citigroup Mortgage Loan Trust, Inc., Series 2020-EXP1, Class A1A, 1.804% 20601,10,11		12		11
Connecticut Avenue Securities, Series 2021-R01, Class 1M1, (30-day Average USD-SOFR + 0.75%) 1.676% 20411,10,11		11		11
Connecticut Avenue Securities, Series 2022-R04, Class 1M1, (30-day Average USD-SOFR + 2.00%) 2.926% 20421,10,11		158		155
Finance of America Structured Securities Trust, Series 2019-JR4, Class A, 2.00% 20691,10		68		69
Finance of America Structured Securities Trust, Series 2019-JR3, Class A, 2.00% 20691,10		61		63
Flagstar Mortgage Trust, Series 2021-10INV, Class A3, 2.50% 20511,10,11		122		105
Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2015-DNA3, Class M3, (1-month USD-LIBOR + 4.70%) 6.324% 202810,11		294		303
Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2022-DNA3, Class M1A, (30-day Average USD-SOFR + 2.00%) 2.926% 20421,10,11		171		169
Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2022-DNA4, Class M1A, (30-day Average USD-SOFR + 2.20%) 3.126% 20421,10,11		96		94
Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2020-DNA1, Class M2, (1-month USD-LIBOR + 1.70%) 3.324% 20501,10,11		247		244
Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2020-DNA2, Class M2, (1-month USD-LIBOR + 1.85%) 3.474% 20501,10,11		482		477
Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2020-DNA3, Class B1, (1-month USD-LIBOR + 5.10%) 6.724% 20501,10,11		120		122
Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2020-DNA4, Class B1, (1-month USD-LIBOR + 6.00%) 7.624% 20501,10,11		175		183
Home Partners of America Trust, Series 2022-1, Class A, 3.93% 20391,10		202		197
Legacy Mortgage Asset Trust, Series 2019-GS5, Class A1, 3.20% 20591,10,11		137		137
Legacy Mortgage Asset Trust, Series 2021-GS2, Class A1, 1.75% 20611,10,11		83		79
Legacy Mortgage Asset Trust, Series 2022-GS1, Class A1, 4.00% 2061 (7.00% on 4/25/2025)1,3,10,13		215		208
Legacy Mortgage Asset Trust, Series 2021-GS5, Class A1, 2.25% 2067 (5.25% on 11/25/2024)1,10,13		141		132
Mello Warehouse Securitization Trust, Series 2020-2, Class A, (1-month USD-LIBOR + 0.80%) 2.424% 20531,10,11		105		104
Mello Warehouse Securitization Trust, Series 2021-3, Class A, (1-month USD-LIBOR + 0.85%) 2.474% 20551,10,11		202		196
MRA Issuance Trust, Series 2020-10, Class A3, (1-month USD-LIBOR + 1.30%) 2.10% 20221,10,11		353		349
NewRez Warehouse Securitization Trust, Series 2021-1, Class A, (1-month USD-LIBOR + 0.75%) 2.374% 20551,10,11		281		278
Progress Residential Trust, Series 2022-SFR3, Class A, 3.20% 20391,10		100		95
Reverse Mortgage Investment Trust, Series 2021-HB1, Class A, 1.259% 20311,10,11		90		86
Towd Point Mortgage Trust, Series 2016-5, Class A1, 2.50% 20561,10,11		29		29
Towd Point Mortgage Trust, Series 2017-6, Class A1, 2.75% 20571,10,11		47		46
Towd Point Mortgage Trust, Series 2017-3, Class A1, 2.75% 20571,10,11		26		25
Towd Point Mortgage Trust, Series 2018-2, Class A1, 3.25% 20581,10,11		57		56
Towd Point Mortgage Trust, Series 2018-5, Class A1A, 3.25% 20581,10,11		28		28
Towd Point Mortgage Trust, Series 2020-4, Class A1, 1.75% 20601,10		516		476
Treehouse Park Improvement Association No.1 - Anleihen 9.75% 20331,3,4		100		88
Tricon Residential, Series 2021-SFR1, Class A, 1.943% 20381,10		196		179
				5,681

102 American Funds Insurance Series

Capital Income Builder (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Mortgage-backed obligations (continued)
Commercial mortgage-backed securities 0.34%
Boca Commercial Mortgage Trust, Series 2022-BOCA, Class A, (1-month USD CME Term SOFR + 1.767%) 2.27% 20391,10,11	USD	110	$	108
BPR Trust, Series 2022-OANA, Class A, (1-month USD CME Term SOFR + 1.898%) 3.177% 20371,10,11		329		323
BX Trust, Series 2022-CSMO, Class A, (1-month USD CME Term SOFR + 2.11%) 2.865% 20271,10,11		332		329
BX Trust, Series 2021-VOLT, Class A, (1-month USD-LIBOR + 0.70%) 2.024% 20361,10,11		548		529
BX Trust, Series 2021-ARIA, Class A, (1-month USD-LIBOR + 0.899%) 2.223% 20361,10,11		266		251
BX Trust, Series 2021-ARIA, Class C, (1-month USD-LIBOR + 1.646%) 2.97% 20361,10,11		100		93
BX Trust, Series 2022-IND, Class A, (1-month USD CME Term SOFR + 1.491%) 2.825% 20371,10,11		166		162
BX Trust, Series 2021-SOAR, Class A, (1-month USD-LIBOR + 0.67%) 1.994% 20381,10,11		173		166
BX Trust, Series 2021-SOAR, Class D, (1-month USD-LIBOR + 1.40%) 2.724% 20381,10,11		99		94
BX Trust, Series 2021-ACNT, Class C, (1-month USD-LIBOR + 1.50%) 2.825% 20381,10,11		100		95
Extended Stay America Trust, Series 2021-ESH, Class A, (1-month USD-LIBOR + 1.08%) 2.405% 20381,10,11		99		97
GS Mortgage Securities Trust, Series 2018-HULA, Class A, 2.244% 20251,10,11		229		224
Hawaii Hotel Trust, Series 2019-MAUI, Class A, (1-month USD-LIBOR + 1.15%) 2.474% 20381,10,11		300		292
JPMorgan Chase Commercial Mortgage Securities Trust, Series 2022-OPO, Class C, 3.45% 20391,10,11		100		89
La Quinta Mortgage Trust, Series 2022-LAQ, Class A, (1-month USD CME Term SOFR + 1.724%) 3.058% 20391,10,11		193		188
LUXE Commercial Mortgage Trust, Series 2021-TRIP, Class A, (1-month USD-LIBOR + 1.05%) 2.374% 20381,10,11		179		173
Multi Family Connecticut Avenue Securities, Series 2019-1, Class M10, (1-month USD-LIBOR + 3.25%) 4.874% 20491,10,11		150		140
SREIT Trust, Series 2021-MFP, Class A, (1-month USD-LIBOR + 0.731%) 2.055% 20381,10,11		361		344
				3,697
Total mortgage-backed obligations				68,454
Corporate bonds, notes & loans 1.83%
Energy 0.35%
Apache Corp. 4.25% 2030		385		342
Baker Hughes Co. 2.061% 2026		8		7
BP Capital Markets America, Inc. 3.633% 2030		360		341
Cenovus Energy, Inc. 5.40% 2047		75		72
Diamondback Energy, Inc. 4.25% 2052		57		48
Energy Transfer Operating LP 5.00% 2050		66		56
Energy Transfer Partners LP 5.30% 2047		14		12
EQT Corp. 5.00% 2029		35		34
EQT Corp. 3.625% 20311		20		17
Equinor ASA 2.375% 2030		365		320
Exxon Mobil Corp. 2.995% 2039		200		164
MPLX LP 5.50% 2049		625		581
New Fortress Energy, Inc. 6.50% 20261		80		73
NGL Energy Operating, LLC 7.50% 20261		80		72
ONEOK, Inc. 3.10% 2030		42		36
ONEOK, Inc. 4.95% 2047		51		44
ONEOK, Inc. 7.15% 2051		97		103
Pemex Project Funding Master Trust, Series 13, 6.625% 2035		150		103
Petróleos Mexicanos 6.50% 2029		20		16
Petróleos Mexicanos 8.75% 20291		222		201

American Funds Insurance Series 103

Capital Income Builder (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Corporate bonds, notes & loans (continued)
Energy (continued)
Petróleos Mexicanos 7.69% 2050	USD	75	$	50
Sabine Pass Liquefaction, LLC 4.50% 2030		142		136
Shell International Finance BV 2.00% 2024		420		408
TransCanada Corp. 5.875% 2076 (3-month USD-LIBOR + 4.64% on 8/15/2026)13		540		515
TransCanada PipeLines, Ltd. 5.10% 2049		150		149
				3,900
Health care 0.31%
AbbVie, Inc. 3.20% 2029		25		23
AbbVie, Inc. 4.25% 2049		39		35
Amgen, Inc. 3.35% 2032		36		33
Amgen, Inc. 4.20% 2052		19		17
AstraZeneca PLC 3.375% 2025		200		198
AstraZeneca PLC 3.00% 2051		11		9
Centene Corp. 4.625% 2029		530		496
Centene Corp. 3.375% 2030		179		152
Centene Corp. 2.625% 2031		40		32
Gilead Sciences, Inc. 1.65% 2030		8		7
HCA, Inc. 3.625% 20321		16		14
Humana, Inc. 3.70% 2029		12		11
Merck & Co., Inc. 1.70% 2027		118		107
Merck & Co., Inc. 3.40% 2029		110		106
Merck & Co., Inc. 2.15% 2031		168		145
Pfizer, Inc. 2.70% 2050		425		324
Regeneron Pharmaceuticals, Inc. 1.75% 2030		8		6
Regeneron Pharmaceuticals, Inc. 2.80% 2050		2		1
Shire PLC 3.20% 2026		270		260
Teva Pharmaceutical Finance Co. BV 6.00% 2024		700		691
Teva Pharmaceutical Finance Co. BV 3.15% 2026		650		535
Teva Pharmaceutical Finance Co. BV 4.10% 2046		300		188
				3,390
Consumer discretionary 0.25%
Bayerische Motoren Werke AG 3.45% 20271		25		24
Bayerische Motoren Werke AG 4.15% 20301		290		285
Bayerische Motoren Werke AG 3.70% 20321		25		24
Daimler Trucks Finance North America, LLC 1.125% 20231		495		476
Daimler Trucks Finance North America, LLC 1.625% 20241		175		165
Daimler Trucks Finance North America, LLC 2.375% 20281		150		129
Daimler Trucks Finance North America, LLC 2.50% 20311		150		122
Ford Motor Co. 2.30% 2025		200		180
Ford Motor Credit Company, LLC 5.125% 2025		200		191
Grand Canyon University 4.125% 2024		200		191
Royal Caribbean Cruises, Ltd. 10.875% 20231		250		251
Royal Caribbean Cruises, Ltd. 11.50% 20251		160		165
Toyota Motor Credit Corp. 2.15% 2022		505		505
				2,708
Utilities 0.23%
AEP Transmission Co., LLC 3.80% 2049		45		39
Edison International 4.125% 2028		132		123
FirstEnergy Corp. 2.25% 2030		107		85
FirstEnergy Corp. 2.65% 2030		493		408
Pacific Gas and Electric Co. 3.25% 2024		1,025		999
Pacific Gas and Electric Co. 2.95% 2026		97		88
Pacific Gas and Electric Co. 3.75% 2028		105		93
Pacific Gas and Electric Co. 4.65% 2028		284		263

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)
Utilities (continued)
Pacific Gas and Electric Co. 2.50% 2031	USD	375	$	287
Southern California Edison Co., Series C, 3.60% 2045		206		156
Union Electric Co. 3.90% 2052		25		22
				2,563
Communication services 0.23%
América Móvil, SAB de CV, 8.46% 2036	MXN	1,300		55
AT&T, Inc. 3.50% 2041	USD	75		60
CCO Holdings, LLC and CCO Holdings Capital Corp. 4.25% 20311		360		294
CCO Holdings, LLC and CCO Holdings Capital Corp. 4.75% 20321		25		21
CCO Holdings, LLC and CCO Holdings Capital Corp. 4.25% 20341		175		136
Magallanes, Inc. 4.279% 20321		36		32
Magallanes, Inc. 5.05% 20421		47		40
Magallanes, Inc. 5.141% 20521		63		53
Netflix, Inc. 4.875% 2028		150		141
SBA Tower Trust 1.631% 20261		253		227
Sprint Corp. 6.875% 2028		325		343
Sprint Corp. 8.75% 2032		275		332
T-Mobile US, Inc. 3.875% 2030		625		584
Verizon Communications, Inc. 2.355% 2032		126		105
Walt Disney Company 4.625% 2040		120		117
				2,540
Financials 0.15%
AerCap Ireland Capital, Ltd. / AerCap Global Aviation Trust 3.30% 2032		150		120
Bank of America Corp. 1.922% 2031 (USD-SOFR + 1.37% on 10/24/2030)13		231		185
Charles Schwab Corp. 2.45% 2027		25		23
Citigroup, Inc. 3.057% 2033 (USD-SOFR + 1.351% on 1/25/2032)13		35		30
CME Group, Inc. 2.65% 2032		50		44
Corebridge Financial, Inc. 3.85% 20291		180		166
Corebridge Financial, Inc. 3.90% 20321		32		29
Corebridge Financial, Inc. 4.35% 20421		7		6
Corebridge Financial, Inc. 4.40% 20521		49		41
Danske Bank AS 4.298% 2028 (1-year UST Yield Curve Rate T Note Constant Maturity + 1.75% on 4/1/2027)1,13		200		190
Goldman Sachs Group, Inc. 2.65% 2032 (USD-SOFR + 1.264% on 10/21/2031)13		75		62
Goldman Sachs Group, Inc. 3.102% 2033 (USD-SOFR + 1.41% on 2/24/2032)13		40		34
Intercontinental Exchange, Inc. 4.60% 2033		18		18
Intercontinental Exchange, Inc. 4.95% 2052		16		16
JPMorgan Chase & Co. 1.953% 2032 (USD-SOFR + 1.065% on 2/4/2031)13		227		182
JPMorgan Chase & Co. 2.963% 2033 (USD-SOFR + 1.26% on 1/25/2032)13		17		15
JPMorgan Chase & Co., Series I, (3-month USD-LIBOR + 3.47%) 4.709% junior subordinated perpetual bonds11		105		100
Navient Corp. 5.00% 2027		150		123
New York Life Global Funding 3.00% 20281		150		142
SVB Financial Group 4.70% junior subordinated perpetual bonds (5-year UST Yield Curve Rate T Note Constant Maturity + 3.064% on 11/15/2031)13		38		29
Wells Fargo & Company 3.35% 2033 (USD-SOFR + 1.50% on 3/2/2032)13		105		93
				1,648
Consumer staples 0.10%
7-Eleven, Inc. 0.80% 20241		50		47
7-Eleven, Inc. 0.95% 20261		60		53
7-Eleven, Inc. 1.30% 20281		45		38
7-Eleven, Inc. 1.80% 20311		325		254
Altria Group, Inc. 3.70% 2051		25		16
British American Tobacco PLC 4.70% 2027		105		103
British American Tobacco PLC 4.448% 2028		150		142
British American Tobacco PLC 4.54% 2047		82		60

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)
Consumer staples (continued)
British American Tobacco PLC 4.758% 2049	USD	121	$	92
Kraft Heinz Company 3.00% 2026		93		88
Kraft Heinz Company 4.875% 2049		170		150
Kraft Heinz Company 5.50% 2050		75		72
				1,115
Industrials 0.09%
Boeing Company 4.508% 2023		270		271
Boeing Company 2.75% 2026		91		85
Boeing Company 5.15% 2030		284		273
Boeing Company 5.805% 2050		95		87
Canadian Pacific Railway, Ltd. 2.45% 2031		78		67
Canadian Pacific Railway, Ltd. 3.10% 2051		102		75
CSX Corp. 4.75% 2048		50		49
Masco Corp. 3.125% 2051		10		7
Union Pacific Corp. 2.80% 2032		17		15
Union Pacific Corp. 3.50% 2053		20		16
				945
Information technology 0.07%
Broadcom, Inc. 4.00% 20291		6		6
Broadcom, Inc. 4.15% 20321		11		10
Broadcom, Inc. 3.75% 20511		91		68
Lenovo Group, Ltd. 5.875% 2025		400		412
Oracle Corp. 2.875% 2031		140		115
Oracle Corp. 3.60% 2050		150		104
ServiceNow, Inc. 1.40% 2030		130		102
				817
Materials 0.03%
Dow Chemical Co. 3.60% 2050		75		57
International Flavors & Fragrances, Inc. 1.832% 20271		100		86
International Flavors & Fragrances, Inc. 3.468% 20501		10		7
LYB International Finance III, LLC 4.20% 2050		49		40
LYB International Finance III, LLC 3.625% 2051		102		76
South32 Treasury (USA), Ltd. 4.35% 20321		14		13
				279
Real estate 0.02%
American Tower Corp. 4.05% 2032		11		10
Equinix, Inc. 1.55% 2028		25		21
Equinix, Inc. 3.20% 2029		144		128
Equinix, Inc. 2.50% 2031		47		38
				197
Total corporate bonds, notes & loans				20,102
Asset-backed obligations 0.68%
Aesop Funding, LLC, Series 2020-2, Class A, 2.02% 20271,10		197		181
Aesop Funding, LLC, Series 2020-2A, Class B, 2.96% 20271,10		100		94
Affirm Asset Securitization Trust, Series 2022-X1, Class A, 1.75% 20271,10		178		175
American Homes 4 Rent, Series 2014-SFR2, Class A, 3.786% 20361,10		86		86
American Homes 4 Rent, Series 2015-SFR2, Class A, 3.732% 20521,10		88		87
American Homes 4 Rent, Series 2015-SFR2, Class B, 4.295% 20521,10		100		99
AmeriCredit Automobile Receivables Trust, Series 2022-2, Class A2B, (30-day Average USD-SOFR + 1.15%) 1.927% 202510,11		150		150
Bankers Healthcare Group Securitization Trust, Series 2022-A, Class A, 1.71% 20351,10		91		87
CF Hippolyta, LLC, Series 2020-1, Class A1, 1.69% 20601,10		359		326
CF Hippolyta, LLC, Series 2020-1, Class A2, 1.99% 20601,10		90		77
CF Hippolyta, LLC, Series 2020-1, Class B1, 2.28% 20601,10		92		83

106 American Funds Insurance Series

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 B2, 2.60% 20601,10	USD	92	$	79
CF Hippolyta, LLC, Series 2021-1, Class A1, 1.53% 20611,10		323		285
Exeter Automobile Receivables Trust, Series 2022-3A, Class A2, 3.45% 202410		63		63
FirstKey Homes Trust, Series 2022-SFR2, Class A, 4.145% 20391,10		132		130
Ford Credit Auto Owner Trust, Series 2022-B, Class A2B, (30-day Average USD-SOFR + 0.60%) 1.252% 202510,11		73		73
Freedom Financial, Series 2022-1FP, Class A, 0.94% 20291,10		72		71
GCI Funding I, LLC, Series 2020-1, Class A, 2.82% 20451,10		566		523
GCI Funding I, LLC, Series 2021-1, Class A, 2.38% 20461,10		91		81
Global SC Finance V SRL, Series 2019-1A, Class B, 4.81% 20391,10		145		140
Hertz Vehicle Financing III, LLC, Series 2021-1A, Class A, 1.21% 20251,10		247		231
Hertz Vehicle Financing III, LLC, Series 2021-1A, Class B, 1.56% 20251,10		100		93
Hertz Vehicle Financing III, LLC, Series 2021-2A, Class A, 1.68% 20271,10		268		237
Hertz Vehicle Financing III, LLC, Series 2021-2A, Class B, 2.12% 20271,10		100		89
Hertz Vehicle Financing III, LLC, Series 2021-2A, Class C, 2.52% 20271,10		100		88
Navient Student Loan Trust, Series 2021-A, Class A, 0.84% 20691,10		51		47
Navient Student Loan Trust, Series 2021-C, Class A, 1.06% 20691,10		156		144
Nelnet Student Loan Trust, Series 2021-A, Class APT1, 1.36% 20621,10		236		219
Nelnet Student Loan Trust, Series 2021-B, Class AFX, 1.42% 20621,10		471		437
Nelnet Student Loan Trust, Series 2021-C, Class AFL, (1-month USD-LIBOR + 0.74%) 2.335% 20621,10,11		248		242
New Economy Assets Phase 1 Issuer, LLC, Series 2021-1, Class A1, 1.91% 20611,10		935		817
Nissan Auto Lease Trust, Series 2021-A, Class A3, 0.52% 202410		199		193
Nissan Auto Lease Trust, Series 2022-A, Class A2B, (30-day Average USD-SOFR + 0.60%) 1.113% 202410,11		250		246
OnDeck Asset Securitization Trust, LLC, Series 2021-1A, Class A, 1.59% 20271,10		100		91
Oportun Funding, LLC, Series 2021-B, Class A, 1.47% 20311,10		100		93
SMB Private Education Loan Trust, Series 2021-A, Class APT2, 1.07% 20531,10		84		74
Stonepeak Infrastructure Partners, Series 2021-1A, Class AA, 2.301% 20331,10		224		209
Toyota Auto Loan Extended Note Trust, Series 2021-1, Class A, 1.07% 20341,10,11		335		304
Verizon Master Trust, Series 2022-3, Class A, 3.01% 2027 (3.76% on 11/20/2023)10,13		160		159
Volkswagen Auto Lease Trust, Series 2022-A, Class A2, 3.02% 202410		110		109
Westlake Automobile Receivables Trust, Series 2022-2A, Class A2A, 3.36% 20251,10		494		492
				7,504
Bonds & notes of governments & government agencies outside the U.S. 0.07%
Peru (Republic of) 2.783% 2031		190		162
Portuguese Republic 5.125% 2024		18		19
Qatar (State of) 4.50% 2028		200		207
Saudi Arabia (Kingdom of) 3.625% 2028		200		198
United Mexican States 3.25% 2030		200		176
				762
Municipals 0.02%
California 0.00%
Golden State Tobacco Securitization Corp., Enhanced Tobacco Settlement Asset-Backed Bonds, Series 2021-B, 2.746% 2034		15		13
Illinois 0.02%
G.O. Bonds, Pension Funding, Series 2003, 5.10% 2033		225		227
Total municipals				240
Total bonds, notes & other debt instruments (cost: $210,549,000)				200,954

American Funds Insurance Series 107

Capital Income Builder (continued)

Short-term securities 10.25%	Shares		Value (000)
Money market investments 9.10%
Capital Group Central Cash Fund 1.38%7,14		999,523	$	99,932
Money market investments purchased with collateral from securities on loan 1.15%
Capital Group Central Cash Fund 1.38%7,14,15		35,799		3,579
Goldman Sachs Financial Square Government Fund, Institutional Shares 1.39%14,15		1,889,762		1,890
Invesco Short-Term Investments Trust – Government & Agency Portfolio, Institutional Class 1.38%14,15		1,789,584		1,790
Morgan Stanley Institutional Liquidity Funds – Government Portfolio, Institutional Class 1.38%14,15		1,789,585		1,790
BlackRock Liquidity Funds – FedFund, Institutional Shares 1.32%14,15		1,789,584		1,789
State Street Institutional U.S. Government Money Market Fund, Institutional Class 1.40%14,15		1,789,585		1,789
				12,627
Total short-term securities (cost: $112,575,000)				112,559
Total investment securities 104.64% (cost: $1,052,874,000)				1,148,574
Other assets less liabilities (4.64)%				(50,964	)
Net assets 100.00%			$	1,097,610

Futures contracts

Contracts	Type	Number of contracts	Expiration	Notional amount (000)			Value and unrealized appreciation (depreciation) at 6/30/2022 (000)
30 Day Federal Funds Futures	Long	64	September 2022	USD	26,065			$	8
90 Day Eurodollar Futures	Long	94	September 2022		22,747				(611	)
2 Year U.S. Treasury Note Futures	Short	34	September 2022		(7,141	)			(68	)
5 Year U.S. Treasury Note Futures	Long	129	September 2022		14,480				7
10 Year Ultra U.S. Treasury Note Futures	Long	37	September 2022		4,713				(67	)
10 Year U.S. Treasury Note Futures	Long	25	September 2022		2,963				(34	)
20 Year U.S. Treasury Bond Futures	Long	11	September 2022		1,525				(21	)
30 Year Ultra U.S. Treasury Bond Futures	Long	67	September 2022		10,341				(241	)
								$	(1,027	)

Swap contracts

Interest rate swaps

Centrally cleared interest rate swaps

Receive		Pay			Notional		Value at			Upfront premium			Unrealized appreciation
Rate	Payment frequency	Rate	Payment frequency	Expiration date		amount (000)	6/30/2022 (000)			paid (000)			at 6/30/2022 (000)
3.5291%	Annual	U.S. EFFR	Annual	6/16/2024		USD 5,635		$	57		$	—		$	57
3.497%	Annual	U.S. EFFR	Annual	6/16/2024		5,600			53			—			53
3.52647%	Annual	U.S. EFFR	Annual	6/16/2024		5,215			52			—			52
3.4325%	Annual	U.S. EFFR	Annual	6/17/2024		4,100			34			—			34
3.4585%	Annual	U.S. EFFR	Annual	6/17/2024		898			8			—			8

108 American Funds Insurance Series

Capital Income Builder (continued)

Swap contracts (continued)

Interest rate swaps (continued)

Centrally cleared interest rate swaps (continued)

Receive		Pay			Notional		Value at			Upfront premium			Unrealized appreciation
Rate	Payment frequency	Rate	Payment frequency	Expiration date		amount (000)	6/30/2022 (000)			paid (000)			at 6/30/2022 (000)
3-month USD-LIBOR	Quarterly	0.5935%	Semi-annual	5/18/2030		USD 7,200		$	1,224		$	—		$	1,224
3-month USD-LIBOR	Quarterly	0.807%	Semi-annual	5/18/2050		805			329			—			329
								$	1,757		$	—		$	1,757

Credit default swaps

Centrally cleared credit default swaps on credit indices — sell protection

Financing rate received	Payment frequency	Reference index	Expiration date	Notional amount (000)		Value at 6/30/2022 (000)			Upfront premium paid (000)		Unrealized depreciation at 6/30/2022 (000)
5.00%	Quarterly	CDX.NA.HY.38	6/20/2027		USD 6,138	$	(185	)	$	174	$	(359	)

Investments in affiliates⁷

	Value of affiliates at 1/1/2022 (000)		Additions (000)			Reductions (000)		Net realized loss (000)			Net unrealized depreciation (000)			Value of affiliates at 6/30/2022 (000)		Dividend income (000)
Investment funds 2.62%
Capital Group Central Corporate Bond Fund	$	30,304	$	3,186		$	—	$	—		$	(4,738	)	$	28,752	$	402
Short-term securities 9.43%
Money market investments 9.10%
Capital Group Central Cash Fund 1.38%14		42,892		156,994			99,931		(4	)		(19	)		99,932		185
Money market investments purchased with collateral from securities on loan 0.33%
Capital Group Central Cash Fund 1.38%14,15		1,954		1,625	16										3,579		—	17
Total short-term securities															103,511
Total 12.05%								$	(4	)	$	(4,757	)	$	132,263	$	587

American Funds Insurance Series 109

Capital Income Builder (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 $20,860,000, which represented 1.90% of the net assets of the fund.
2	All or a portion of this security was on loan. The total value of all such securities was $13,384,000, which represented 1.22% of the net assets of the fund. Refer to Note 5 for more information on securities lending.
3	Valued under fair value procedures adopted by authority of the board of trustees. The total value of all such securities was $720,000, which represented .07% of the net assets of the fund.
4	Value determined using significant unobservable inputs.
5	Security did not produce income during the last 12 months.
6	Amount less than one thousand.
7	Part of the same “group of investment companies” as the fund as defined under the Investment Company Act of 1940, as amended.
8	All or a portion of this security was pledged as collateral. The total value of pledged collateral was $1,776,000, which represented .16% of the net assets of the fund.
9	Index-linked bond whose principal amount moves with a government price index.
10	Principal payments may be made periodically. Therefore, the effective maturity date may be earlier than the stated maturity date.
11	Coupon rate may change periodically. Reference rate and spread are as of the most recent information available. Some coupon rates are determined by the issuer or agent based on current market conditions; therefore, the reference rate and spread are not available.
12	Purchased on a TBA basis.
13	Step bond; coupon rate may change at a later date.
14	Rate represents the seven-day yield at 6/30/2022.
15	Security purchased with cash collateral from securities on loan. Refer to Note 5 for more information on securities lending.
16	Represents net activity. Refer to Note 5 for more information on securities lending.
17	Dividend income is included with securities lending income in the fund’s statement of operations and is not shown in this table.

Key to abbreviations

ADR = American Depositary Receipts

Assn. = Association

CAD = Canadian dollars

CDI = CREST Depository Interest

CME = CME Group

EFFR = Effective Federal Funds Rate

EUR = Euros

G.O. = General Obligation

GBP = British pounds

GDR = Global Depositary Receipts

LIBOR = London Interbank Offered Rate

MXN = Mexican pesos

REIT = Real Estate Investment Trust

SDR = Swedish Depositary Receipts

SOFR = Secured Overnight Financing Rate

TBA = To be announced

USD = U.S. dollars

Refer to the notes to financial statements.

110 American Funds Insurance Series

Asset Allocation Fund

Investment portfolio June 30, 2022 unaudited

Common stocks 66.90%	Shares		Value (000)
Health care 11.72%
UnitedHealth Group, Inc.		1,060,800	$	544,859
Johnson & Johnson		2,330,000		413,598
Humana, Inc.		522,000		244,333
Cigna Corp.		900,000		237,168
Pfizer, Inc.		3,387,556		177,610
Abbott Laboratories		1,600,000		173,840
CVS Health Corp.		1,813,000		167,993
Vertex Pharmaceuticals, Inc.1		555,500		156,534
Eli Lilly and Company		400,469		129,844
Regeneron Pharmaceuticals, Inc.1		214,600		126,856
AbbVie, Inc.		821,978		125,894
Gilead Sciences, Inc.		1,845,000		114,039
Bristol-Myers Squibb Company		1,117,017		86,010
Thermo Fisher Scientific, Inc.		116,000		63,020
Centene Corp.1		531,513		44,971
AbCellera Biologics, Inc.1,2		2,676,672		28,507
Alnylam Pharmaceuticals, Inc.1		188,334		27,469
Rotech Healthcare, Inc.1,3,4,5		184,138		18,782
Zoetis, Inc., Class A		95,618		16,436
Horizon Therapeutics PLC1		192,328		15,340
Ultragenyx Pharmaceutical, Inc.1		217,400		12,970
				2,926,073
Information technology 10.33%
Microsoft Corp.		3,906,015		1,003,182
Broadcom, Inc.		1,536,813		746,599
Taiwan Semiconductor Manufacturing Company, Ltd. (ADR)		2,930,000		239,528
ASML Holding NV (New York registered) (ADR)		341,764		162,639
MKS Instruments, Inc.		1,500,000		153,945
Mastercard, Inc., Class A		195,977		61,827
NVIDIA Corp.		332,696		50,433
MicroStrategy, Inc., Class A1,2		203,897		33,500
Paychex, Inc.		240,000		27,329
DocuSign, Inc.1		440,000		25,247
Apple, Inc.		150,000		20,508
GoDaddy, Inc., Class A1		281,000		19,546
KLA Corp.		49,000		15,635
Applied Materials, Inc.		135,000		12,282
Adobe, Inc.1		15,500		5,674
				2,577,874
Financials 9.61%
CME Group, Inc., Class A		977,200		200,033
Apollo Asset Management, Inc.		3,886,410		188,413
Chubb, Ltd.		800,000		157,264
First Republic Bank		1,000,000		144,200
Aon PLC, Class A		489,000		131,874
Toronto-Dominion Bank (CAD denominated)		1,996,383		130,916
Capital One Financial Corp.		1,150,000		119,818
Synchrony Financial		4,100,000		113,242
JPMorgan Chase & Co.		998,100		112,396
Bank of America Corp.		3,500,000		108,955
Western Alliance Bancorporation		1,182,849		83,509
Intercontinental Exchange, Inc.		776,000		72,975
SLM Corp.		4,530,000		72,208
KKR & Co., Inc.		1,497,000		69,296
Blue Owl Capital, Inc., Class A2		6,623,054		66,429
Wells Fargo & Company		1,570,000		61,497
M&T Bank Corp.		375,000		59,771
Ares Management Corp., Class A		1,015,403		57,736
Nasdaq, Inc.		370,100		56,455
Brookfield Asset Management, Inc., Class A		1,260,000		56,032

American Funds Insurance Series 111

Asset Allocation Fund (continued)

Common stocks (continued)	Shares			Value (000)
Financials (continued)
Signature Bank		271,435		$	48,644
Fifth Third Bancorp		1,191,000			40,018
S&P Global, Inc.		118,700			40,009
The Bank of N.T. Butterfield & Son, Ltd.		1,120,585			34,951
Citizens Financial Group, Inc.		940,000			33,549
EQT AB		1,446,647			29,612
Antin Infrastructure Partners SA		1,243,300			29,342
Blackstone, Inc., nonvoting shares		237,500			21,667
Bridgepoint Group PLC		5,809,554			17,086
Progressive Corp.		105,000			12,208
OneMain Holdings, Inc.		300,000			11,214
Islandsbanki hf.		9,555,235			8,663
Hong Kong Exchanges and Clearing, Ltd.		170,000			8,363
Jonah Energy Parent, LLC3,4		32,117			2,061
Sberbank of Russia PJSC1,3,4,6		8,880,000			—	7
					2,400,406
Consumer discretionary 7.83%			��
Aramark		11,375,152			348,421
Home Depot, Inc.		1,226,200			336,310
Amazon.com, Inc.1		2,371,740			251,903
Dollar General Corp.		736,909			180,867
LVMH Moët Hennessy-Louis Vuitton SE		224,596			136,912
Booking Holdings, Inc.1		72,045			126,006
General Motors Company1		3,750,000			119,100
Target Corp.		750,000			105,922
Lear Corp.		800,000			100,712
D.R. Horton, Inc.		870,000			57,585
Etsy, Inc.1		742,289			54,343
Royal Caribbean Cruises, Ltd.1		1,470,324			51,329
YUM! Brands, Inc.		277,000			31,442
Xpeng, Inc., Class A (ADR)1		703,800			22,339
Darden Restaurants, Inc.		142,000			16,063
Chipotle Mexican Grill, Inc.1		5,800			7,582
Dr. Martens PLC		2,375,000			6,863
					1,953,699
Consumer staples 5.92%
Philip Morris International, Inc.		8,992,421			887,912
British American Tobacco PLC (ADR)		2,634,146			113,031
British American Tobacco PLC		1,400,000			59,980
Nestlé SA		1,300,000			151,754
Archer Daniels Midland Company		1,880,000			145,888
Altria Group, Inc.		1,570,000			65,579
Avenue Supermarts, Ltd.1		970,539			41,860
Costco Wholesale Corp.		26,000			12,461
					1,478,465
Industrials 5.63%
Northrop Grumman Corp.		853,553			408,485
L3Harris Technologies, Inc.		1,194,000			288,590
Lockheed Martin Corp.		644,500			277,109
Boeing Company1		820,000			112,110
Caterpillar, Inc.		618,000			110,474
CSX Corp.		2,628,369			76,380
Raytheon Technologies Corp.		395,000			37,963
Storskogen Group AB, Class B2		23,562,528			33,329
AMETEK, Inc.		140,000			15,385
Cintas Corp.		40,000			14,941

112 American Funds Insurance Series

Asset Allocation Fund (continued)

Common stocks (continued)	Shares			Value (000)
Industrials (continued)
Copart, Inc.1		116,000		$	12,605
Chart Industries, Inc.1		68,000			11,382
Air Lease Corp., Class A		220,000			7,355
					1,406,108
Communication services 5.09%
Alphabet, Inc., Class C1		194,843			426,209
Alphabet, Inc., Class A1		8,450			18,415
Charter Communications, Inc., Class A1		821,000			384,663
Meta Platforms, Inc., Class A1		1,506,948			242,995
Comcast Corp., Class A		3,307,000			129,767
Activision Blizzard, Inc.		447,541			34,846
Netflix, Inc.1		168,491			29,464
Electronic Arts, Inc.		35,000			4,258
			��		1,270,617
Materials 4.17%
Corteva, Inc.		3,900,000			211,146
Vale SA, ordinary nominative shares		7,201,887			105,356
Mosaic Co.		1,940,000			91,626
Royal Gold, Inc.		845,000			90,229
Nucor Corp.		812,700			84,854
LyondellBasell Industries NV		850,000			74,341
Rio Tinto PLC		1,175,000			70,322
First Quantum Minerals, Ltd.		3,220,000			61,088
Newmont Corp.		900,000			53,703
Wheaton Precious Metals Corp.		1,353,000			48,749
Franco-Nevada Corp.		347,089			45,657
Allegheny Technologies, Inc.1		1,750,000			39,742
Nutrien, Ltd. (CAD denominated)		400,272			31,877
Air Products and Chemicals, Inc.		84,000			20,200
Sherwin-Williams Company		54,700			12,248
					1,041,138
Energy 3.43%
Canadian Natural Resources, Ltd. (CAD denominated)		7,565,100			406,524
Pioneer Natural Resources Company		782,000			174,448
Cenovus Energy, Inc. (CAD denominated)		6,000,000			114,155
Hess Corp.		400,000			42,376
Chevron Corp.		270,000			39,091
ConocoPhillips		402,000			36,104
TC Energy Corp.		631,700			32,728
Equitrans Midstream Corp.		1,060,000			6,742
Chesapeake Energy Corp.		30,189			2,448
Diamond Offshore Drilling, Inc.1,2		247,104			1,455
Diamond Offshore Drilling, Inc.1,6		86,354			509
McDermott International, Ltd.1,3,4		40,219			23
Bighorn Permian Resources, LLC1,3,4		4,392			23
Constellation Oil Services Holding SA, Class B-11,3,4		480,336			—	7
					856,626
Real estate 2.25%
VICI Properties, Inc. REIT		11,720,160			349,144
Gaming and Leisure Properties, Inc. REIT		2,595,400			119,025
STORE Capital Corp. REIT		2,200,000			57,376
Crown Castle International Corp. REIT		166,000			27,951
Equinix, Inc. REIT		12,700			8,344
					561,840

American Funds Insurance Series 113

Asset Allocation Fund (continued)

Common stocks (continued)	Shares		Value (000)
Utilities 0.92%
Enel SpA		20,400,000	$	111,594
Exelon Corp.		1,195,231		54,168
CenterPoint Energy, Inc.		1,197,782		35,430
Evergy, Inc.		298,000		19,445
Constellation Energy Corp.		138,666		7,940
				228,577
Total common stocks (cost: $12,391,314,000)				16,701,423
Preferred securities 0.00%
Industrials 0.00%
ACR III LSC Holdings, LLC, Series B, preferred shares1,3,4,6		450		144
Total preferred securities (cost: $466,000)				144
Rights & warrants 0.00%
Energy 0.00%
Constellation Oil Services Holding SA, Class D, warrants1,3,4		4		—	7
Total rights & warrants (cost: $0)				—	7
Convertible stocks 0.20%
Health care 0.20%
Carbon Health Technologies, Inc., convertible preferred shares, 1.00% 20243,4,5		50,000		50,000
Total convertible stocks (cost: $50,000,000)				50,000
Investment funds 5.58%
Capital Group Central Corporate Bond Fund8		165,135,085		1,393,740
Total investment funds (cost: $1,663,339,000)				1,393,740
Bonds, notes & other debt instruments 22.54%	Principal amount (000)
U.S. Treasury bonds & notes 8.05%
U.S. Treasury 5.58%
U.S. Treasury 1.375% 2022	USD	280		280
U.S. Treasury 1.625% 2022		94		94
U.S. Treasury 0.125% 2023		44,825		44,081
U.S. Treasury 2.25% 2023		5,000		4,948
U.S. Treasury 2.375% 2023		5,000		4,994
U.S. Treasury 2.75% 2023		15,000		14,988
U.S. Treasury 1.00% 2024		10,725		10,214
U.S. Treasury 1.50% 2024		907		877
U.S. Treasury 2.25% 2024		5,000		4,945
U.S. Treasury 2.50% 2024		239,179		237,066
U.S. Treasury 2.50% 2024		700		694
U.S. Treasury 3.00% 2024		16,500		16,515
U.S. Treasury 0.25% 2025		23,812		21,979
U.S. Treasury 2.50% 2025		3,500		3,455
U.S. Treasury 2.75% 2025		3,229		3,205
U.S. Treasury 2.875% 2025		2,724		2,714
U.S. Treasury 3.00% 2025		10,000		9,985
U.S. Treasury 0.375% 2026		75,000		68,192
U.S. Treasury 0.50% 2026		42,515		38,755
U.S. Treasury 0.75% 2026		16,833		15,431
U.S. Treasury 0.75% 2026		52		47
U.S. Treasury 0.875% 2026		565		516
U.S. Treasury 1.125% 2026		471		434

114 American Funds Insurance Series

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 1.50% 2026	USD	500	$	470
U.S. Treasury 1.625% 2026		35,000		32,935
U.S. Treasury 1.625% 2026		7,000		6,656
U.S. Treasury 1.625% 2026		1,500		1,422
U.S. Treasury 0.50% 2027		36,300		31,990
U.S. Treasury 0.625% 2027		7,109		6,228
U.S. Treasury 1.125% 2027		762		698
U.S. Treasury 2.375% 2027		880		852
U.S. Treasury 2.625% 2027		105,393		103,390
U.S. Treasury 1.25% 2028		3,142		2,813
U.S. Treasury 1.375% 2028		10,900		9,819
U.S. Treasury 1.50% 2028		50,000		45,377
U.S. Treasury 2.875% 2028		5,217		5,154
U.S. Treasury 2.875% 2029		50,000		49,389
U.S. Treasury 0.625% 2030		20,225		16,856
U.S. Treasury 1.50% 2030		36,651		32,903
U.S. Treasury 2.875% 20329		206,475		204,015
U.S. Treasury 1.125% 2040		62,775		43,559
U.S. Treasury 1.375% 20409		52,695		37,810
U.S. Treasury 1.75% 2041		47,854		36,257
U.S. Treasury 2.00% 2041		1,181		934
U.S. Treasury 2.375% 2042		9,305		7,857
U.S. Treasury 3.25% 2042		10,694		10,393
U.S. Treasury 2.50% 2046		3,755		3,174
U.S. Treasury 3.00% 2047		9,355		8,718
U.S. Treasury 3.00% 2048		336		316
U.S. Treasury 2.25% 2049		15,000		12,253
U.S. Treasury 1.375% 2050		12,500		8,194
U.S. Treasury 2.00% 2050		13,825		10,674
U.S. Treasury 2.00% 2051		1,356		1,044
U.S. Treasury 2.375% 2051		4,758		4,001
U.S. Treasury 2.25% 20529		187,501		153,630
				1,394,190
U.S. Treasury inflation-protected securities 2.47%
U.S. Treasury Inflation-Protected Security 0.125% 202410		95,764		96,387
U.S. Treasury Inflation-Protected Security 0.125% 202410		7,579		7,657
U.S. Treasury Inflation-Protected Security 0.50% 202410		21,407		21,715
U.S. Treasury Inflation-Protected Security 0.625% 202410		97,111		98,720
U.S. Treasury Inflation-Protected Security 0.125% 202510		25,738		25,752
U.S. Treasury Inflation-Protected Security 0.125% 202510		3,788		3,785
U.S. Treasury Inflation-Protected Security 0.25% 202510		24,408		24,560
U.S. Treasury Inflation-Protected Security 0.375% 202510		4,510		4,555
U.S. Treasury Inflation-Protected Security 0.125% 202610		117,121		115,994
U.S. Treasury Inflation-Protected Security 0.125% 202610		42,270		41,868
U.S. Treasury Inflation-Protected Security 0.75% 202810		20,152		20,324
U.S. Treasury Inflation-Protected Security 0.875% 202910		22,718		22,903
U.S. Treasury Inflation-Protected Security 0.125% 203110		26,261		24,919
U.S. Treasury Inflation-Protected Security 0.125% 203210		58,733		55,582
U.S. Treasury Inflation-Protected Security 1.00% 20499,10		53,507		51,174
				615,895
Total U.S. Treasury bonds & notes				2,010,085
Mortgage-backed obligations 6.72%
Federal agency mortgage-backed obligations 6.11%
Fannie Mae Pool #AD7072 4.00% 202511		2		2
Fannie Mae Pool #AE2321 4.00% 202511		1		1
Fannie Mae Pool #AE3069 4.00% 202511		1		1
Fannie Mae Pool #AH6431 4.00% 202611		228		230
Fannie Mae Pool #890329 4.00% 202611		35		35

American Funds Insurance Series 115

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 #AH5618 4.00% 202611	USD	2		$	2
Fannie Mae Pool #AH0829 4.00% 202611		2			2
Fannie Mae Pool #MA1109 4.00% 202711		3			3
Fannie Mae Pool #MA3653 3.00% 202911		16			15
Fannie Mae Pool #AL8347 4.00% 202911		244			247
Fannie Mae Pool #254767 5.50% 203311		226			242
Fannie Mae Pool #555956 5.50% 203311		146			156
Fannie Mae Pool #BN1085 4.00% 203411		431			438
Fannie Mae Pool #BN3172 4.00% 203411		167			169
Fannie Mae Pool #AS8554 3.00% 203611		6,381			6,242
Fannie Mae Pool #929185 5.50% 203611		398			426
Fannie Mae Pool #893641 6.00% 203611		796			872
Fannie Mae Pool #893688 6.00% 203611		168			184
Fannie Mae Pool #907239 6.00% 203611		56			61
Fannie Mae Pool #AD0249 5.50% 203711		120			129
Fannie Mae Pool #190379 5.50% 203711		61			65
Fannie Mae Pool #924952 6.00% 203711		908			995
Fannie Mae Pool #888292 6.00% 203711		600			657
Fannie Mae Pool #928031 6.00% 203711		69			75
Fannie Mae Pool #888637 6.00% 203711		11			12
Fannie Mae Pool #AD0119 6.00% 203811		1,024			1,123
Fannie Mae Pool #AD0095 6.00% 203811		757			830
Fannie Mae Pool #995674 6.00% 203811		338			370
Fannie Mae Pool #AE0021 6.00% 203811		302			331
Fannie Mae Pool #AL7164 6.00% 203811		202			216
Fannie Mae Pool #AB0538 6.00% 203811		114			124
Fannie Mae Pool #889983 6.00% 203811		20			22
Fannie Mae Pool #995391 6.00% 203811		17			18
Fannie Mae Pool #995224 6.00% 203811		8			9
Fannie Mae Pool #AD0833 6.00% 203911		—	7		—	7
Fannie Mae Pool #AL0013 6.00% 204011		202			222
Fannie Mae Pool #AL0309 6.00% 204011		69			76
Fannie Mae Pool #MA4501 2.00% 204111		9,156			8,189
Fannie Mae Pool #MA4387 2.00% 204111		8,007			7,161
Fannie Mae Pool #AB4536 6.00% 204111		457			495
Fannie Mae Pool #AL7228 6.00% 204111		267			288
Fannie Mae Pool #FS0305 1.50% 204211		23,696			20,310
Fannie Mae Pool #MA4520 2.00% 204211		15,523			13,806
Fannie Mae Pool #AP2131 3.50% 204211		3,348			3,291
Fannie Mae Pool #AU8813 4.00% 204311		2,395			2,419
Fannie Mae Pool #AU9348 4.00% 204311		1,403			1,417
Fannie Mae Pool #AU9350 4.00% 204311		1,073			1,082
Fannie Mae Pool #AL8773 3.50% 204511		5,612			5,517
Fannie Mae Pool #AL8354 3.50% 204511		1,445			1,418
Fannie Mae Pool #AS8310 3.00% 204611		396			375
Fannie Mae Pool #AL8522 3.50% 204611		2,959			2,895
Fannie Mae Pool #BD9699 3.50% 204611		1,500			1,467
Fannie Mae Pool #BD9307 4.00% 204611		1,337			1,343
Fannie Mae Pool #BC7611 4.00% 204611		115			115
Fannie Mae Pool #BM1179 3.00% 204711		509			482
Fannie Mae Pool #BE1290 3.50% 204711		2,188			2,140
Fannie Mae Pool #CA0770 3.50% 204711		1,665			1,632
Fannie Mae Pool #MA3211 4.00% 204711		2,898			2,913
Fannie Mae Pool #257036 7.00% 204711		6			7
Fannie Mae Pool #256975 7.00% 204711		2			2
Fannie Mae Pool #FM3278 3.50% 204811		18,036			17,646
Fannie Mae Pool #MA3277 4.00% 204811		12			12
Fannie Mae Pool #BK5255 4.00% 204811		13			12
Fannie Mae Pool #CA4756 3.00% 204911		1,857			1,745
Fannie Mae Pool #CB2375 2.50% 205111		8,289			7,502
Fannie Mae Pool #CB2319 2.50% 205111		204			185

116 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 #CB2372 2.50% 205111	USD	97	$	88
Fannie Mae Pool #BT9510 2.50% 205111		97		88
Fannie Mae Pool #BT9483 2.50% 205111		98		88
Fannie Mae Pool #FM8453 3.00% 205111		5,152		4,861
Fannie Mae, Series 2001-T10, Class A1, 7.00% 204111		92		98
Fannie Mae, Series 2002-W3, Class A5, 7.50% 204111		27		30
Fannie Mae, Series 2012-M14, Class A2, Multi Family, 2.301% 202211,12		204		203
Fannie Mae, Series 2014-M1, Class A2, Multi Family, 3.28% 202311,12		2,529		2,521
Fannie Mae, Series 2014-M2, Class A2, Multi Family, 3.513% 202311,12		2,637		2,643
Fannie Mae, Series 2014-M9, Class A2, Multi Family, 3.103% 202411,12		4,093		4,063
Fannie Mae, Series 2014-M3, Class A2, Multi Family, 3.501% 202411,12		1,853		1,852
Fannie Mae, Series 2017-M3, Class A2, Multi Family, 2.556% 202611,12		7,783		7,501
Fannie Mae, Series 2017-M7, Class A2, Multi Family, 2.961% 202711,12		2,784		2,717
Fannie Mae, Series 2006-43, Class JO, principal only, 0% 203611		46		40
Freddie Mac Pool #C91912 3.00% 203711		11,757		11,544
Freddie Mac Pool #G03978 5.00% 203811		462		488
Freddie Mac Pool #G04553 6.50% 203811		55		60
Freddie Mac Pool #G08347 4.50% 203911		72		75
Freddie Mac Pool #C03518 5.00% 204011		612		646
Freddie Mac Pool #Q05807 4.00% 204211		1,777		1,796
Freddie Mac Pool #Q23185 4.00% 204311		1,403		1,418
Freddie Mac Pool #Q23190 4.00% 204311		833		844
Freddie Mac Pool #760014 2.797% 204511,12		204		203
Freddie Mac Pool #Q37988 4.00% 204511		6,202		6,243
Freddie Mac Pool #G60344 4.00% 204511		5,323		5,382
Freddie Mac Pool #Z40130 3.00% 204611		4,764		4,558
Freddie Mac Pool #Q41909 4.50% 204611		285		292
Freddie Mac Pool #Q41090 4.50% 204611		252		257
Freddie Mac Pool #760015 2.557% 204711,12		487		482
Freddie Mac Pool #Q46021 3.50% 204711		1,166		1,141
Freddie Mac Pool #SI2002 4.00% 204811		2,562		2,570
Freddie Mac Pool #SD7528 2.00% 205011		18,947		16,578
Freddie Mac Pool #SD7545 2.50% 205111		7,407		6,727
Freddie Mac Pool #RA6483 2.50% 205111		7,232		6,535
Freddie Mac Pool #QD3220 2.50% 205111		97		88
Freddie Mac Pool #RA5971 3.00% 205111		7,186		6,752
Freddie Mac, Series T041, Class 3A, 4.493% 203211,12		199		201
Freddie Mac, Series K044, Class A2, Multi Family, 2.811% 202511		3,573		3,519
Freddie Mac, Series K047, Class A2, Multi Family, 3.329% 202511		4,000		3,987
Freddie Mac, Series K733, Class A2, Multi Family, 3.75% 202511,12		9,778		9,861
Freddie Mac, Series K055, Class A2, Multi Family, 2.673% 202611		10,050		9,788
Freddie Mac, Series K734, Class A2, Multi Family, 3.208% 202611		7,370		7,314
Freddie Mac, Series K066, Class A2, Multi Family, 3.117% 202711		4,755		4,675
Freddie Mac, Series K076, Class A2, Multi Family, 3.90% 202811		3,237		3,300
Freddie Mac, Series K143, Class A2, Multi Family, 2.35% 203211		19,961		17,884
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-2, Class MA, 3.00% 205611		5,498		5,359
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-2, Class HA, 3.00% 205611,12		5,424		5,296
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-1, Class HA, 3.00% 205611,12		2,810		2,745
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-3, Class HA, 3.25% 205611,12		1,218		1,198
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-4, Class HT, 3.25% 205711,12		971		939
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2018-2, Class MT, 3.50% 205711		2,047		1,996
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2018-3, Class MA, 3.50% 205711		1,982		1,964
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-4, Class MT, 3.50% 205711		796		778

American Funds Insurance Series 117

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 2019-2, Class MA, 3.50% 205811	USD	10,209	$	10,103
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2019-4, Class MA, 3.00% 205911		5,832		5,680
Freddie Mac Seasoned Loan Structured Transaction Trust, Series 2018-2, Class A1, 3.50% 202811		2,318		2,299
Freddie Mac Seasoned Loan Structured Transaction Trust, Series 2019-3, Class A1C, 2.75% 202911		2,951		2,836
Freddie Mac Seasoned Loan Structured Transaction Trust, Series 2019-1, Class A1, 3.50% 202911		4,582		4,542
Freddie Mac Seasoned Loan Structured Transaction Trust, Series 2019-1, Class A2, 3.50% 202911		2,455		2,412
Government National Mortgage Assn. 2.00% 205211,13		68,784		61,046
Government National Mortgage Assn. 2.50% 205211,13		5,866		5,370
Government National Mortgage Assn. 3.00% 205211,13		98,663		93,044
Government National Mortgage Assn. 3.50% 205211,13		16,452		15,968
Government National Mortgage Assn. 4.00% 205211,13		8,644		8,590
Government National Mortgage Assn. 4.00% 205211,13		7,382		7,352
Government National Mortgage Assn. 4.50% 205211,13		33,456		33,830
Government National Mortgage Assn. Pool #BD7245 4.00% 204811		441		441
Government National Mortgage Assn. Pool #MA5652 4.50% 204811		381		388
Government National Mortgage Assn. Pool #MA6602 4.50% 205011		226		231
Government National Mortgage Assn. Pool #MA7259 4.50% 205111		2,018		2,065
Government National Mortgage Assn. Pool #MA7316 4.50% 205111		558		569
Uniform Mortgage-Backed Security 1.50% 203711,13		19,795		18,006
Uniform Mortgage-Backed Security 2.00% 203711,13		27,169		25,366
Uniform Mortgage-Backed Security 2.50% 203711,13		638		609
Uniform Mortgage-Backed Security 3.00% 203711,13		12,453		12,169
Uniform Mortgage-Backed Security 2.00% 205211,13		134,092		116,283
Uniform Mortgage-Backed Security 2.50% 205211,13		155,788		139,985
Uniform Mortgage-Backed Security 3.00% 205211,13		236,465		220,060
Uniform Mortgage-Backed Security 3.00% 205211,13		4,800		4,472
Uniform Mortgage-Backed Security 3.50% 205211,13		130,313		125,212
Uniform Mortgage-Backed Security 4.00% 205211,13		73,067		71,827
Uniform Mortgage-Backed Security 4.00% 205211,13		27,346		26,928
Uniform Mortgage-Backed Security 4.50% 205211,13		79,783		79,936
Uniform Mortgage-Backed Security 4.50% 205211,13		27,637		27,639
Uniform Mortgage-Backed Security 5.00% 205211,13		80,945		82,414
Uniform Mortgage-Backed Security 5.00% 205211,13		14,450		14,681
				1,525,097
Commercial mortgage-backed securities 0.46%
Bank Commercial Mortgage Trust, Series 2020-BN26, Class A4, 2.403% 206311		2,909		2,554
Bank Commercial Mortgage Trust, Series 2022-BNK40, Class A4, 3.507% 206411,12		2,550		2,383
Barclays Commercial Mortgage Securities, LLC, Series 2017-DELC, Class A, 2.174% 20366,11,12		2,000		1,961
Benchmark Mortgage Trust, Series 2018-B2, Class A4, 3.615% 205111		1,000		967
Benchmark Mortgage Trust, Series 2020-B17, Class A5, 2.289% 205311		2,960		2,574
Benchmark Mortgage Trust, Series 2022-B35, Class A5, 4.594% 205511,12		6,337		6,467
BX Trust, Series 2021-SDMF, Class A, (1-month USD-LIBOR + 0.589%) 1.913% 20346,11,12		5,954		5,658
BX Trust, Series 2021-VOLT, Class A, (1-month USD-LIBOR + 0.70%) 2.024% 20366,11,12		4,505		4,352
BX Trust, Series 2021-ARIA, Class A, (1-month USD-LIBOR + 0.899%) 2.223% 20366,11,12		7,968		7,506
BX Trust, Series 2021-ARIA, Class B, (1-month USD-LIBOR + 1.297%) 2.621% 20366,11,12		5,968		5,594
BX Trust, Series 2021-SOAR, Class A, (1-month USD-LIBOR + 0.67%) 1.994% 20386,11,12		7,481		7,192

118 American Funds Insurance Series

Asset Allocation Fund (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Mortgage-backed obligations (continued)
Commercial mortgage-backed securities (continued)
BX Trust, Series 2021-ACNT, Class A, (1-month USD-LIBOR + 0.85%) 2.174% 20386,11,12	USD	5,254	$	5,065
BX Trust, Series 2021-SOAR, Class B, (1-month USD-LIBOR + 0.87%) 2.194% 20386,11,12		1,351		1,297
BX Trust, Series 2021-SOAR, Class C, (1-month USD-LIBOR + 1.10%) 2.424% 20386,11,12		1,220		1,161
Citigroup Commercial Mortgage Trust, Series 2015-GC29, Class AAB, 2.984% 204811		614		607
Commercial Mortgage Trust, Series 2015-PC1, Class A5, 3.902% 205011		4,735		4,684
CSAIL Commercial Mortgage Trust, Series 2015-C4, Class ASB, 3.617% 204811		923		916
Extended Stay America Trust, Series 2021-ESH, Class A, (1-month USD-LIBOR + 1.08%) 2.405% 20386,11,12		1,564		1,528
Extended Stay America Trust, Series 2021-ESH, Class B, (1-month USD-LIBOR + 1.38%) 2.705% 20386,11,12		1,428		1,388
Extended Stay America Trust, Series 2021-ESH, Class C, (1-month USD-LIBOR + 1.70%) 3.025% 20386,11,12		1,492		1,446
Grace Mortgage Trust, Series 2020-GRCE, Class A, 2.347% 20406,11		3,795		3,147
GS Mortgage Securities Trust, Series 2020-GC47, Class A5, 2.377% 205311		2,489		2,168
JPMorgan Chase Commercial Mortgage Securities Trust, Series 2022-OPO, Class A, 3.024% 20396,11		1,964		1,812
JPMorgan Chase Commercial Mortgage Securities Trust, Series 2022-OPO, Class C, 3.377% 20396,11		868		797
JPMorgan Chase Commercial Mortgage Securities Trust, Series 2022-OPO, Class C, 3.45% 20396,11,12		523		467
JPMorgan Chase Commercial Mortgage Securities Trust, Series 2021-410T, Class A, 2.287% 20426,11		1,431		1,254
LUXE Commercial Mortgage Trust, Series 2021-TRIP, Class A, (1-month USD-LIBOR + 1.05%) 2.374% 20386,11,12		3,572		3,445
LUXE Commercial Mortgage Trust, Series 2021-TRIP, Class B, (1-month USD-LIBOR + 1.40%) 2.724% 20386,11,12		1,904		1,828
Manhattan West Mortgage Trust, Series 2020-1MW, Class A, 2.13% 20396,11		13,772		12,136
MHC Commercial Mortgage Trust, CMO, Series 2021-MHC, Class A, (1-month USD-LIBOR + 0.801%) 2.125% 20266,11,12		3,950		3,854
Morgan Stanley Bank of America Merrill Lynch Trust, Series 2015-C27, Class ASB, 3.557% 204711		663		657
Morgan Stanley Bank of America Merrill Lynch Trust, Series 2015-C22, Class ASB, 3.04% 204811		582		573
SLG Office Trust, Series 2021-OVA, Class A, 2.585% 20416,11		2,194		1,867
SREIT Trust, Series 2021-MFP, Class A, (1-month USD-LIBOR + 0.731%) 2.055% 20386,11,12		4,808		4,576
StorageMart Commercial Mortgage Trust, Series 2022-MINI, Class A, (1-month USD CME Term SOFR + 1.00%) 2.279% 20396,11,12		10,709		10,315
				114,196
Collateralized mortgage-backed obligations (privately originated) 0.15%
Arroyo Mortgage Trust, Series 2021-1R, Class A1, 1.175% 20486,11,12		1,254		1,164
Bellemeade Re, Ltd., Series 2019-3A, Class M1B, (1-month USD-LIBOR + 1.60%) 3.224% 20296,11,12		1,556		1,550
Cascade Funding Mortgage Trust, Series 2018-RM2, Class A, 3.861% 20686,11,12		1,345		1,322
Connecticut Avenue Securities, Series 2021-R01, Class 1M1, (30-day Average USD-SOFR + 0.75%) 1.676% 20416,11,12		562		556
Credit Suisse Mortgage Trust, Series 2020-NET, Class A, 2.257% 20376,11		4,102		3,789
Credit Suisse Mortgage Trust, Series 2017-RPL3, Class A1, 2.00% 20606,11,12		2,230		2,101
CS First Boston Mortgage Securities Corp., Series 2004-5, Class IVA1, 6.00% 203411		156		152
Finance of America Structured Securities Trust, Series 2019-JR2, Class A1, 2.00% 20696,11		6,481		6,980
Finance of America Structured Securities Trust, Series 2019-JR1, Class A, 2.00% 20696,11		2,299		2,478
Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2015-DNA1, Class M3, (1-month USD-LIBOR + 3.30%) 4.924% 202711,12		321		324
Home Partners of America Trust, Series 2021-2, Class A, 1.901% 20266,11		4,356		3,897

American Funds Insurance Series 119

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)
Legacy Mortgage Asset Trust, Series 2019-GS5, Class A1, 3.20% 20596,11,12	USD	3,481	$	3,482
Legacy Mortgage Asset Trust, Series 2019-GS7, Class A1, 3.25% 20596,11,12		1,133		1,129
MASTR Alternative Loan Trust, Series 2004-2, Class 2A1, 6.00% 203411		329		320
Mello Warehouse Securitization Trust, Series 2021-3, Class A, (1-month USD-LIBOR + 0.85%) 2.474% 20556,11,12		4,040		3,926
MRA Issuance Trust, Series 2020-10, Class A3, (1-month USD-LIBOR + 1.30%) 2.10% 20226,11,12		1,745		1,723
Onslow Bay Financial Mortgage Loan Trust, Series 2022-J1, Class A2, 2.50% 20526,11,12		2,862		2,449
RMF Proprietary Issuance Trust, Series 2019-1, Class A, 2.75% 20636,11,12		403		395
				37,737
Total mortgage-backed obligations				1,677,030
Corporate bonds, notes & loans 6.00%
Financials 1.23%
ACE INA Holdings, Inc. 2.875% 2022		3,880		3,881
ACE INA Holdings, Inc. 3.35% 2026		880		862
ACE INA Holdings, Inc. 4.35% 2045		400		378
Advisor Group Holdings, LLC 6.25% 20286		4,470		3,907
AerCap Ireland Capital, Ltd. / AerCap Global Aviation Trust 2.45% 2026		5,457		4,756
AerCap Ireland Capital, Ltd. / AerCap Global Aviation Trust 3.00% 2028		4,501		3,796
AerCap Ireland Capital, Ltd. / AerCap Global Aviation Trust 3.30% 2032		2,838		2,275
AerCap Ireland Capital, Ltd. / AerCap Global Aviation Trust 3.40% 2033		1,781		1,409
AerCap Ireland Capital, Ltd. / AerCap Global Aviation Trust 3.85% 2041		1,970		1,423
AG Merger Sub II, Inc. 10.75% 20276		2,420		2,396
Alliant Holdings Intermediate, LLC / Alliant Holdings 4.25% 20276		2,100		1,821
Alliant Holdings Intermediate, LLC / Alliant Holdings 5.875% 20296		2,295		1,908
Ally Financial, Inc. 8.00% 2031		3,000		3,286
American International Group, Inc. 2.50% 2025		15,800		15,080
AmWINS Group, Inc. 4.875% 20296		1,348		1,106
Aretec Escrow Issuer, Inc. 7.50% 20296		1,000		854
Bangkok Bank PCL 3.733% 2034 (5-year UST Yield Curve Rate T Note Constant Maturity + 1.90% on 9/25/2029)14		2,428		2,131
Bank of America Corp. 3.55% 2024 (3-month USD-LIBOR + 0.78% on 3/5/2023)14		6,000		5,983
Bank of America Corp. 1.843% 2025 (USD-SOFR + 0.67% on 2/4/2024)14		6,000		5,788
Bank of America Corp. 1.197% 2026 (USD-SOFR + 1.01% on 10/24/2025)14		2,500		2,241
Bank of America Corp. 1.734% 2027 (USD-SOFR + 0.96% on 7/22/2026)14		1,565		1,394
Bank of America Corp. 3.419% 2028 (3-month USD-LIBOR + 1.04% on 12/20/2027)14		2,345		2,186
Bank of America Corp. 1.922% 2031 (USD-SOFR + 1.37% on 10/24/2030)14		1,000		800
Bank of America Corp. 2.572% 2032 (USD-SOFR + 1.21% on 10/20/2031)14		1,953		1,613
Bank of Nova Scotia 1.625% 2023		5,000		4,932
Berkshire Hathaway, Inc. 2.75% 2023		1,615		1,615
Berkshire Hathaway, Inc. 3.125% 2026		500		491
BNP Paribas 2.159% 2029 (USD-SOFR + 1.218% on 9/15/2028)6,14		2,400		2,010
Castlelake Aviation Finance DAC 5.00% 20276		3,370		2,805
Citigroup, Inc. 2.976% 2030 (USD-SOFR + 1.422% on 11/5/2029)14		3,254		2,843
CME Group, Inc. 3.75% 2028		3,425		3,380
Coinbase Global, Inc. 3.375% 20286		2,625		1,660
Coinbase Global, Inc. 3.625% 20316		2,875		1,623
Commonwealth Bank of Australia 3.35% 2024		1,225		1,219
Commonwealth Bank of Australia 3.35% 20246		1,000		995
Commonwealth Bank of Australia 2.688% 20316		4,575		3,728
Compass Diversified Holdings 5.25% 20296		820		678
Compass Diversified Holdings 5.00% 20326		715		554
Corebridge Financial, Inc. 3.50% 20256		642		624
Corebridge Financial, Inc. 3.65% 20276		914		860
Corebridge Financial, Inc. 3.85% 20296		621		574
Corebridge Financial, Inc. 3.90% 20326		351		315
Corebridge Financial, Inc. 4.35% 20426		203		174
Corebridge Financial, Inc. 4.40% 20526		489		409

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)
Crédit Agricole SA 4.375% 20256	USD	850	$	837
Credit Suisse Group AG 3.80% 2023		1,625		1,610
Credit Suisse Group AG 3.869% 2029 (3-month USD-LIBOR + 1.41% on 1/12/2028)6,14		800		720
Danske Bank AS 3.773% 2025 (1-year UST Yield Curve Rate T Note Constant Maturity + 1.45% on 3/28/2024)6,14		6,000		5,905
Deutsche Bank AG 2.552% 2028 (USD-SOFR + 1.318% on 1/7/2027)14		5,000		4,332
Digital Currency Group, Inc., Term Loan, (3-month USD-LIBOR + 7.00%) 8.00% 20263,4,12,15		816		723
Digital Currency Group, Inc., Term Loan, 8.75% 20263,4,15		1,089		926
FS Energy and Power Fund 7.50% 20236		1,995		2,003
Goldman Sachs Group, Inc. 1.948% 2027 (USD-SOFR + 0.913% on 10/21/2026)14		2,198		1,947
Goldman Sachs Group, Inc. 2.64% 2028 (USD-SOFR + 1.114% on 2/24/2027)14		4,000		3,633
Goldman Sachs Group, Inc. 3.814% 2029 (3-month USD-LIBOR + 1.158% on 4/23/2028)14		390		368
Goldman Sachs Group, Inc. 2.615% 2032 (USD-SOFR + 1.281% on 4/22/2031)14		2,323		1,931
Goldman Sachs Group, Inc. 3.21% 2042 (USD-SOFR + 1.513% on 4/22/2041)14		2,000		1,531
Groupe BPCE SA 2.75% 20236		600		598
Groupe BPCE SA 5.70% 20236		2,250		2,284
Groupe BPCE SA 5.15% 20246		3,710		3,713
Groupe BPCE SA 1.00% 20266		3,000		2,664
Hightower Holding, LLC 6.75% 20296		870		655
HSBC Holdings PLC 4.25% 2024		3,000		2,988
HSBC Holdings PLC 2.633% 2025 (3-month USD-LIBOR + 1.14% on 11/7/2024)14		625		597
HSBC Holdings PLC 2.099% 2026 (USD-SOFR + 1.929% on 6/4/2025)14		3,000		2,775
HSBC Holdings PLC 3.973% 2030 (3-month USD-LIBOR + 1.61% on 5/22/2029)14		1,500		1,379
Icahn Enterprises Finance Corp. 5.25% 2027		1,185		1,052
Icahn Enterprises Finance Corp. 4.375% 2029		1,525		1,235
Intercontinental Exchange, Inc. 2.65% 2040		7,425		5,464
Intesa Sanpaolo SpA 3.375% 20236		750		747
Intesa Sanpaolo SpA 3.25% 20246		750		727
Intesa Sanpaolo SpA 5.017% 20246		1,730		1,652
Intesa Sanpaolo SpA 3.875% 20276		300		277
JPMorgan Chase & Co. 3.559% 2024 (3-month USD-LIBOR + 0.73% on 4/23/2023)14		4,725		4,713
JPMorgan Chase & Co. 4.08% 2026 (USD-SOFR + 1.32% on 4/26/2025)14		6,000		5,933
JPMorgan Chase & Co. 4.323% 2028 (USD-SOFR + 1.56% on 4/26/2027)14		4,000		3,938
JPMorgan Chase & Co. 4.586% 2033 (USD-SOFR + 1.80% on 4/26/2032)14		299		294
Kasikornbank PCL HK 3.343% 2031 (5-year UST Yield Curve Rate T Note Constant Maturity + 1.70% on 10/2/2026)14		1,222		1,101
Ladder Capital Corp. 4.25% 20276		3,757		3,039
Lloyds Banking Group PLC 2.907% 2023 (3-month USD-LIBOR + 0.81% on 11/7/2022)14		750		748
Lloyds Banking Group PLC 4.05% 2023		2,000		2,006
Lloyds Banking Group PLC 1.627% 2027 (1-year UST Yield Curve Rate T Note Constant Maturity + 0.85% on 5/11/2026)14		800		712
Lloyds Banking Group PLC 4.375% 2028		2,150		2,091
LPL Holdings, Inc. 4.625% 20276		2,700		2,525
LPL Holdings, Inc. 4.375% 20316		1,805		1,545
Marsh & McLennan Companies, Inc. 3.875% 2024		820		822
Marsh & McLennan Companies, Inc. 4.375% 2029		1,705		1,687
Marsh & McLennan Companies, Inc. 4.90% 2049		719		707
Marsh & McLennan Companies, Inc. 2.90% 2051		920		648
MGIC Investment Corp. 5.25% 2028		1,175		1,054
Mitsubishi UFJ Financial Group, Inc. 2.801% 2024		1,610		1,569
Morgan Stanley 3.737% 2024 (3-month USD-LIBOR + 0.847% on 4/24/2023)14		300		299
Morgan Stanley 3.125% 2026		325		311
Morgan Stanley 2.699% 2031 (USD-SOFR + 1.143% on 1/22/2030)14		2,000		1,734
Morgan Stanley 3.217% 2042 (USD-SOFR + 1.485% on 4/22/2041)14		856		675
MSCI, Inc. 3.625% 20316		2,225		1,836
National Australia Bank, Ltd. 1.887% 20276		5,000		4,539
Navient Corp. 5.50% 2023		2,594		2,576

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)
Financials (continued)
Navient Corp. 5.875% 2024	USD	1,005	$	926
Navient Corp. 6.125% 2024		8,030		7,629
Navient Corp. 5.50% 2029		5,980		4,620
New York Life Global Funding 2.35% 20266		590		558
Northwestern Mutual Global Funding 1.75% 20276		9,400		8,553
Onemain Finance Corp. 3.875% 2028		756		579
Owl Rock Capital Corp. 3.75% 2025		2,874		2,661
Owl Rock Capital Corp. 4.00% 2025		102		96
Owl Rock Capital Corp. 3.40% 2026		1,290		1,135
Owl Rock Capital Corp. II 4.625% 20246		2,305		2,194
Owl Rock Capital Corp. III 3.125% 20276		2,520		2,156
Owl Rock Core Income Corp. 4.70% 20276		2,500		2,283
Oxford Finance, LLC / Oxford Finance Co-Issuer II, Inc. 6.375% 20276		1,125		1,079
PNC Financial Services Group, Inc. 2.854% 202214		1,445		1,446
PNC Financial Services Group, Inc. 3.90% 2024		2,000		2,006
Power Financial Corp., Ltd. 5.25% 2028		383		381
Power Financial Corp., Ltd. 6.15% 2028		350		364
Power Financial Corp., Ltd. 4.50% 2029		554		517
Power Financial Corp., Ltd. 3.95% 2030		1,213		1,077
Prudential Financial, Inc. 4.35% 2050		2,205		2,036
Prudential Financial, Inc. 3.70% 2051		755		632
Quicken Loans, LLC 3.625% 20296		1,505		1,186
Rabobank Nederland 4.375% 2025		4,500		4,469
Rocket Mortgage / Rocket Mortgage Co-Issuer, Inc. 2.875% 20266		2,110		1,750
Royal Bank of Canada 1.15% 2025		4,711		4,365
Ryan Specialty Group, LLC 4.375% 20306		270		235
Springleaf Finance Corp. 6.125% 2024		2,550		2,442
Starwood Property Trust, Inc. 5.50% 20236		1,160		1,149
Starwood Property Trust, Inc. 4.375% 20276		1,540		1,339
Swiss Re Finance (Luxembourg) SA 5.00% 2049 (5-year UST Yield Curve Rate T Note Constant Maturity + 3.582% on 4/2/2029)6,14		2,800		2,658
Toronto-Dominion Bank 2.65% 2024		625		614
Toronto-Dominion Bank 0.75% 2025		5,375		4,858
Toronto-Dominion Bank 1.25% 2026		2,425		2,154
Toronto-Dominion Bank 1.95% 2027		2,500		2,263
Toronto-Dominion Bank 2.45% 2032		1,500		1,255
Travelers Companies, Inc. 4.00% 2047		860		763
U.S. Bancorp 2.375% 2026		4,000		3,779
UBS Group AG 4.125% 20256		2,750		2,732
UniCredit SpA 4.625% 20276		625		600
Wells Fargo & Company 2.164% 2026 (3-month USD-LIBOR + 0.75% on 2/11/2025)14		8,000		7,528
Wells Fargo & Company 3.526% 2028 (USD-SOFR + 1.51% on 3/24/2027)14		4,337		4,112
Wells Fargo & Company 2.879% 2030 (3-month USD-LIBOR + 1.17% on 10/30/2029)14		729		642
Westpac Banking Corp. 2.75% 2023		1,750		1,747
Westpac Banking Corp. 2.894% 2030 (5-year UST Yield Curve Rate T Note Constant Maturity + 1.35% on 2/4/2025)14		3,000		2,846
Westpac Banking Corp. 2.668% 2035 (5-year UST Yield Curve Rate T Note Constant Maturity + 1.75% on 11/15/2030)14		3,325		2,650
Westpac Banking Corp. 2.963% 2040		1,500		1,087
				307,289
Energy 0.69%
Antero Midstream Partners LP 5.375% 20296		2,170		1,947
Antero Resources Corp. 7.625% 20296		1,634		1,665
Ascent Resources - Utica, LLC 7.00% 20266		2,000		1,863
Ascent Resources - Utica, LLC 5.875% 20296		1,040		917
Bonanza Creek Energy, Inc. 5.00% 20266		480		431
BP Capital Markets America, Inc. 2.772% 2050		681		474
Canadian Natural Resources, Ltd. 2.95% 2023		1,935		1,928

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)
Energy (continued)
Canadian Natural Resources, Ltd. 2.05% 2025	USD	961	$	900
Canadian Natural Resources, Ltd. 4.95% 2047		1,559		1,480
Cheniere Energy Partners LP 4.50% 2029		1,085		971
Cheniere Energy Partners LP 4.00% 2031		4,485		3,824
Cheniere Energy Partners LP 3.25% 20326		998		788
Cheniere Energy, Inc. 4.625% 2028		4,645		4,198
Chesapeake Energy Corp. 4.875% 202216		7,225		140
Chesapeake Energy Corp. 5.50% 20266		685		654
Chesapeake Energy Corp. 5.875% 20296		2,240		2,117
CNX Midstream Partners LP 4.75% 20306		1,055		888
CNX Resources Corp. 7.25% 20276		1,725		1,693
CNX Resources Corp. 6.00% 20296		2,675		2,504
Comstock Resources, Inc. 5.875% 20306		450		388
Constellation Oil Services Holding SA 13.50% 20253,4,6		1,121		1,120
Constellation Oil Services Holding SA 4.00% PIK or 3.00% Cash 202617		428		358
Diamond Foreign Asset Co. / Diamond Finance, LLC 9.00% Cash 20276,12,17		204		201
Diamond Foreign Asset Co. / Diamond Finance, LLC 9.00% Cash 202712,17		185		182
Diamondback Energy, Inc. 4.40% 2051		2,594		2,215
DT Midstream, Inc. 4.375% 20316		1,680		1,412
Enbridge Energy Partners LP, Series B, 7.50% 2038		300		353
Enbridge, Inc. 4.00% 2023		278		279
Enbridge, Inc. 2.50% 2025		300		289
Enbridge, Inc. 3.70% 2027		62		59
Energy Transfer Operating LP 5.00% 2050		1,869		1,593
Energy Transfer Partners LP 4.50% 2024		1,210		1,211
Energy Transfer Partners LP 4.75% 2026		2,494		2,488
Energy Transfer Partners LP 5.25% 2029		757		751
Energy Transfer Partners LP 6.00% 2048		774		729
Energy Transfer Partners LP 6.25% 2049		757		735
Enterprise Products Operating, LLC 4.90% 2046		500		458
EQM Midstream Partners, LP 4.125% 2026		686		594
EQM Midstream Partners, LP 6.50% 20276		1,690		1,574
EQM Midstream Partners, LP 5.50% 2028		3,088		2,672
EQM Midstream Partners, LP 7.50% 20306		642		618
EQM Midstream Partners, LP 4.75% 20316		1,635		1,309
EQT Corp. 5.00% 2029		340		330
EQT Corp. 7.50% 203014		1,110		1,194
EQT Corp. 3.625% 20316		400		346
Equinor ASA 3.00% 2027		4,000		3,853
Equinor ASA 3.625% 2028		3,685		3,605
Exxon Mobil Corp. 2.019% 2024		643		627
Exxon Mobil Corp. 2.44% 2029		1,963		1,768
Exxon Mobil Corp. 3.452% 2051		1,000		819
Genesis Energy, LP 6.50% 2025		4,280		3,954
Genesis Energy, LP 6.25% 2026		1,805		1,615
Genesis Energy, LP 8.00% 2027		3,812		3,384
Genesis Energy, LP 7.75% 2028		470		407
Halliburton Company 3.80% 2025		6		6
Harvest Midstream I, LP 7.50% 20286		850		800
Hess Midstream Operations LP 4.25% 20306		960		806
Hess Midstream Operations LP 5.50% 20306		400		360
Hess Midstream Partners LP 5.125% 20286		2,155		1,938
Hilcorp Energy I, LP 6.00% 20306		350		305
Hilcorp Energy I, LP 6.00% 20316		460		397
Holly Energy Partners LP / Holly Energy Finance Corp. 6.375% 20276		545		514
Marathon Oil Corp. 4.40% 2027		1,005		982
MPLX LP 4.125% 2027		500		484
MPLX LP 2.65% 2030		4,273		3,571
MPLX LP 4.50% 2038		750		659
MPLX LP 4.70% 2048		1,101		928
MPLX LP 5.50% 2049		4,491		4,176

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)
New Fortress Energy, Inc. 6.75% 20256	USD	1,065	$	1,009
New Fortress Energy, Inc. 6.50% 20266		2,435		2,210
NGL Energy Operating, LLC 7.50% 20266		13,095		11,832
NGL Energy Partners LP 6.125% 2025		3,422		2,603
Oasis Midstream Partners LP / OMP Finance Corp. 8.00% 20296		4,265		3,969
Oasis Petroleum, Inc. 6.375% 20266		1,945		1,802
ONEOK, Inc. 5.85% 2026		2,469		2,562
ONEOK, Inc. 5.20% 2048		2,500		2,222
Parkland Corp. 4.625% 20306		1,035		841
Petróleos Mexicanos 6.875% 2025		3,755		3,520
Petróleos Mexicanos 5.35% 2028		1,870		1,489
Petróleos Mexicanos 6.75% 2047		706		438
Pioneer Natural Resources Company 2.15% 2031		1,669		1,376
Plains All American Pipeline LP 3.80% 2030		113		100
Range Resources Corp. 8.25% 2029		1,040		1,062
Range Resources Corp. 4.75% 20306		1,670		1,500
Rockies Express Pipeline, LLC 4.95% 20296		2,689		2,304
Schlumberger BV 3.75% 20246		495		493
Schlumberger BV 4.00% 20256		70		70
Southwestern Energy Co. 7.75% 2027		2,450		2,503
Southwestern Energy Co. 8.375% 2028		395		417
Southwestern Energy Co. 5.375% 2029		1,355		1,259
Southwestern Energy Co. 5.375% 2030		1,945		1,793
Southwestern Energy Co. 4.75% 2032		960		823
Statoil ASA 3.25% 2024		2,850		2,835
Statoil ASA 4.25% 2041		2,000		1,876
Sunoco Logistics Operating Partners LP 5.40% 2047		650		572
Sunoco LP 4.50% 2029		1,050		868
Sunoco LP 4.50% 20306		1,255		1,016
Targa Resources Partners LP 5.50% 2030		2,260		2,161
Teekay Offshore Partners LP 8.50% 20233,4,6		3,550		3,230
Total SE 2.986% 2041		88		69
TransCanada PipeLines, Ltd. 4.25% 2028		1,090		1,062
TransCanada PipeLines, Ltd. 4.10% 2030		598		572
TransCanada PipeLines, Ltd. 4.75% 2038		2,000		1,896
TransCanada PipeLines, Ltd. 4.875% 2048		700		673
Valero Energy Corp. 4.00% 2029		4,000		3,787
Venture Global Calcasieu Pass, LLC 4.125% 20316		840		720
Weatherford International, Ltd. 11.00% 20246		1,196		1,207
Weatherford International, Ltd. 6.50% 20286		2,380		2,140
Weatherford International, Ltd. 8.625% 20306		6,460		5,373
Western Gas Partners LP 4.50% 2028		4,468		4,051
Western Midstream Operating, LP 4.55% 2030 (4.30% on 8/1/2022)14		1,125		976
Williams Companies, Inc. 3.50% 2030		1,094		987
				173,066
Health care 0.68%
AbbVie, Inc. 3.80% 2025		206		205
AbbVie, Inc. 2.95% 2026		1,445		1,370
AdaptHealth, LLC 5.125% 20306		830		701
AmerisourceBergen Corp. 0.737% 2023		1,961		1,924
Amgen, Inc. 4.20% 2052		875		769
Amgen, Inc. 4.40% 2062		1,697		1,481
Anthem, Inc. 2.375% 2025		818		788
AstraZeneca Finance, LLC 1.20% 2026		3,786		3,431
AstraZeneca Finance, LLC 1.75% 2028		1,871		1,652
AstraZeneca Finance, LLC 2.25% 2031		742		647
AstraZeneca PLC 3.375% 2025		1,140		1,131
Bausch Health Companies, Inc. 6.125% 20276		1,600		1,363
Bausch Health Companies, Inc. 4.875% 20286		2,125		1,667

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)
Health care (continued)
Bausch Health Companies, Inc. 5.00% 20286	USD	1,735	$	929
Bausch Health Companies, Inc. 5.00% 20296		1,000		523
Bausch Health Companies, Inc. 5.25% 20316		3,910		2,012
Baxter International, Inc. 1.322% 2024		7,109		6,682
Baxter International, Inc. 1.915% 2027		4,739		4,248
Baxter International, Inc. 2.272% 2028		3,180		2,788
Bayer US Finance II, LLC 3.875% 20236		1,685		1,683
Becton, Dickinson and Company 3.363% 2024		198		196
Boston Scientific Corp. 3.45% 2024		313		313
Centene Corp. 4.25% 2027		565		529
Centene Corp. 2.45% 2028		1,325		1,109
Centene Corp. 4.625% 2029		4,785		4,476
Centene Corp. 3.00% 2030		5,865		4,876
Cigna Corp. 3.75% 2023		245		246
Cigna Corp. 4.80% 2038		2,692		2,623
Community Health Systems, Inc. 5.625% 20276		1,600		1,359
Community Health Systems, Inc. 5.25% 20306		2,935		2,236
Eli Lilly and Company 3.375% 2029		1,353		1,325
GlaxoSmithKline PLC 3.625% 2025		3,585		3,593
HCA, Inc. 3.375% 20296		804		708
HCA, Inc. 3.50% 2030		4,050		3,457
HCA, Inc. 3.625% 20326		1,000		845
HCA, Inc. 4.375% 20426		1,500		1,210
HCA, Inc. 4.625% 20526		1,450		1,162
Jazz Securities DAC 4.375% 20296		1,975		1,761
Merck & Co., Inc. 1.90% 2028		2,611		2,322
Merck & Co., Inc. 2.75% 2051		1,103		817
Molina Healthcare, Inc. 4.375% 20286		440		394
Molina Healthcare, Inc. 3.875% 20306		2,899		2,483
Molina Healthcare, Inc. 3.875% 20326		3,855		3,240
Novant Health, Inc. 3.168% 2051		3,750		2,921
Novartis Capital Corp. 1.75% 2025		1,250		1,207
Novartis Capital Corp. 2.00% 2027		2,386		2,224
Owens & Minor, Inc. 4.375% 2024		5,615		5,496
Owens & Minor, Inc. 4.50% 20296		3,685		3,013
Par Pharmaceutical, Inc. 7.50% 20276		6,678		5,096
Pfizer, Inc. 2.95% 2024		825		822
Shire PLC 2.875% 2023		1,365		1,350
Summa Health 3.511% 2051		1,655		1,363
Tenet Healthcare Corp. 4.875% 20266		11,225		10,366
Tenet Healthcare Corp. 4.25% 20296		2,060		1,741
Tenet Healthcare Corp. 4.375% 20306		1,925		1,632
Teva Pharmaceutical Finance Co. BV 6.00% 2024		7,016		6,928
Teva Pharmaceutical Finance Co. BV 7.125% 2025		1,935		1,891
Teva Pharmaceutical Finance Co. BV 3.15% 2026		17,790		14,646
Teva Pharmaceutical Finance Co. BV 5.125% 2029		10,195		8,424
Teva Pharmaceutical Finance Co. BV 4.10% 2046		3,550		2,222
UnitedHealth Group, Inc. 1.15% 2026		2,610		2,370
UnitedHealth Group, Inc. 4.00% 2029		3,541		3,510
UnitedHealth Group, Inc. 2.00% 2030		974		835
UnitedHealth Group, Inc. 2.30% 2031		1,312		1,138
UnitedHealth Group, Inc. 4.20% 2032		767		767
UnitedHealth Group, Inc. 3.05% 2041		3,875		3,130
UnitedHealth Group, Inc. 3.25% 2051		2,504		1,970
UnitedHealth Group, Inc. 4.75% 2052		7,505		7,514
				169,850

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)
Consumer discretionary 0.66%
Allied Universal Holdco, LLC 4.625% 20286	USD	1,660	$	1,374
Amazon.com, Inc. 2.70% 2060		2,765		1,880
American Honda Finance Corp. 3.50% 2028		750		723
Asbury Automotive Group, Inc. 4.625% 20296		2,115		1,751
Atlas LuxCo 4 SARL 4.625% 20286		1,065		864
Bayerische Motoren Werke AG 2.25% 20236		300		296
Caesars Entertainment, Inc. 6.25% 20256		2,815		2,722
Carnival Corp. 7.625% 20266		700		544
Carnival Corp. 4.00% 20286		3,875		3,191
Carvana Co. 5.625% 20256		1,340		1,031
Carvana Co. 5.50% 20276		3,661		2,368
Carvana Co. 5.875% 20286		3,474		2,210
Carvana Co. 4.875% 20296		2,150		1,226
Daimler Trucks Finance North America, LLC 3.50% 20256		2,000		1,961
Daimler Trucks Finance North America, LLC 2.00% 20266		2,400		2,158
Daimler Trucks Finance North America, LLC 3.65% 20276		450		431
Daimler Trucks Finance North America, LLC 2.375% 20286		1,350		1,163
Fertitta Entertainment, Inc. 4.625% 20296		3,580		3,062
Fertitta Entertainment, Inc. 6.75% 20306		1,790		1,379
First Student Bidco, Inc. / First Transit Parent, Inc. 4.00% 20296		1,300		1,042
Ford Motor Credit Company, LLC 3.375% 2025		4,475		4,044
Ford Motor Credit Company, LLC 5.125% 2025		5,855		5,603
Ford Motor Credit Company, LLC 2.70% 2026		2,110		1,801
Ford Motor Credit Company, LLC 4.542% 2026		2,455		2,251
General Motors Financial Co. 3.50% 2024		4,145		4,054
General Motors Financial Co. 2.35% 2027		272		240
General Motors Financial Co. 2.70% 2027		467		411
Hanesbrands, Inc. 4.875% 20266		2,700		2,506
Hilton Grand Vacations Borrower 5.00% 20296		3,580		2,905
Hilton Worldwide Holdings, Inc. 4.00% 20316		1,885		1,572
Home Depot, Inc. 1.50% 2028		3,000		2,614
Home Depot, Inc. 3.90% 2028		825		826
Home Depot, Inc. 2.95% 2029		4,000		3,737
Home Depot, Inc. 1.875% 2031		3,000		2,501
Home Depot, Inc. 4.25% 2046		2,000		1,882
Home Depot, Inc. 4.50% 2048		428		418
Hyundai Capital America 3.25% 20226		480		480
Hyundai Capital America 1.00% 20246		3,025		2,810
Hyundai Capital America 1.50% 20266		850		753
Hyundai Capital America 1.65% 20266		3,075		2,714
Hyundai Capital America 2.375% 20276		2,579		2,271
Hyundai Capital America 2.10% 20286		3,075		2,595
International Game Technology PLC 6.50% 20256		2,855		2,846
International Game Technology PLC 5.25% 20296		6,490		5,890
KB Home 7.25% 2030		1,295		1,229
Kontoor Brands, Inc. 4.125% 20296		910		724
Lindblad Expeditions, LLC 6.75% 20276		775		666
Lithia Motors, Inc. 3.875% 20296		1,425		1,213
Lithia Motors, Inc. 4.375% 20316		1,025		876
Marriott International, Inc. 2.75% 2033		2,500		1,969
Melco International Development, Ltd. 5.75% 20286		1,710		1,103
NCL Corp., Ltd. 5.875% 20266		825		650
NCL Corp., Ltd. 5.875% 20276		1,375		1,178
NCL Corp., Ltd. 7.75% 20296		1,375		1,054
Neiman Marcus Group, LLC 7.125% 20266		1,345		1,244
Party City Holdings, Inc. 8.75% 20266		1,650		1,112
Penske Automotive Group, Inc. 3.75% 2029		1,375		1,147
Premier Entertainment Sub, LLC 5.625% 20296		1,690		1,206
Premier Entertainment Sub, LLC 5.875% 20316		1,690		1,175
QVC, Inc. 4.75% 2027		220		174
QVC, Inc. 4.375% 2028		1,704		1,264

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)
Consumer discretionary (continued)
Real Hero Merger Sub 2, Inc. 6.25% 20296	USD	715	$	543
Royal Caribbean Cruises, Ltd. 11.50% 20256		2,023		2,084
Royal Caribbean Cruises, Ltd. 4.25% 20266		3,120		2,222
Royal Caribbean Cruises, Ltd. 5.375% 20276		2,520		1,838
Sally Holdings, LLC and Sally Capital, Inc. 5.625% 2025		2,705		2,544
Sands China, Ltd. 2.55% 20276,14		2,075		1,515
Scientific Games Corp. 7.00% 20286		750		705
Scientific Games Corp. 7.25% 20296		2,240		2,104
Sonic Automotive, Inc. 4.625% 20296		3,035		2,356
Sonic Automotive, Inc. 4.875% 20316		1,325		999
Stellantis Finance US, Inc. 1.711% 20276		2,200		1,915
Stellantis Finance US, Inc. 2.691% 20316		2,150		1,705
Tempur Sealy International, Inc. 4.00% 20296		1,235		997
The Gap, Inc. 3.625% 20296		486		342
The Gap, Inc. 3.875% 20316		323		226
Toyota Motor Credit Corp. 0.80% 2026		429		388
Toyota Motor Credit Corp. 1.90% 2027		4,640		4,267
Toyota Motor Credit Corp. 3.05% 2028		2,430		2,300
Travel + Leisure Co. 4.50% 20296		2,100		1,628
VICI Properties LP 4.625% 20296		995		891
VICI Properties LP / VICI Note Co., Inc. 3.50% 20256		1,100		1,031
VICI Properties LP / VICI Note Co., Inc. 4.625% 20256		1,050		1,001
VICI Properties LP / VICI Note Co., Inc. 4.50% 20266		600		553
VICI Properties LP / VICI Note Co., Inc. 3.75% 20276		450		397
VICI Properties LP / VICI Note Co., Inc. 3.875% 20296		2,225		1,918
VICI Properties LP / VICI Note Co., Inc. 4.125% 20306		3,185		2,754
Volkswagen Group of America Finance, LLC 4.25% 20236		3,770		3,772
Volkswagen Group of America Finance, LLC 4.625% 20256		3,845		3,846
Volkswagen Group of America Finance, LLC 3.20% 20266		3,201		3,031
Wheel Pros, Inc. 6.50% 20296		1,750		1,239
Wyndham Destinations, Inc. 4.625% 20306		1,300		1,009
Wyndham Worldwide Corp. 4.375% 20286		2,255		1,976
Wynn Las Vegas, LLC and Wynn Capital Corp. 4.25% 20236		2,193		2,108
				163,288
Communication services 0.57%
Alphabet, Inc. 1.998% 2026		3,000		2,843
Alphabet, Inc. 1.90% 2040		1,375		988
Alphabet, Inc. 2.25% 2060		1,265		825
AT&T, Inc. 3.50% 2053		5,140		3,905
CCO Holdings, LLC and CCO Holdings Capital Corp. 4.908% 2025		500		502
CCO Holdings, LLC and CCO Holdings Capital Corp. 4.50% 20306		3,500		2,917
CCO Holdings, LLC and CCO Holdings Capital Corp. 4.75% 20306		2,500		2,146
CCO Holdings, LLC and CCO Holdings Capital Corp. 4.25% 20316		3,875		3,169
CCO Holdings, LLC and CCO Holdings Capital Corp. 4.50% 2032		2,710		2,203
CCO Holdings, LLC and CCO Holdings Capital Corp. 4.75% 20326		2,150		1,766
CCO Holdings, LLC and CCO Holdings Capital Corp. 3.90% 2052		3,000		2,088
Comcast Corp. 2.35% 2027		4,000		3,732
Comcast Corp. 3.20% 2036		375		318
Comcast Corp. 3.90% 2038		250		226
Comcast Corp. 2.80% 2051		791		561
Comcast Corp. 2.887% 2051		2,571		1,840
CSC Holdings, LLC 3.375% 20316		1,875		1,392
DIRECTV Holdings, LLC and DIRECTV Financing Co., Inc. 5.875% 20276		3,655		3,130
Embarq Corp. 7.995% 2036		3,450		2,598
Fox Corp. 4.03% 2024		1,120		1,121
Frontier Communications Corp. 5.875% 20276		2,225		2,006
Frontier Communications Corp. 5.00% 20286		5,550		4,730
Frontier Communications Corp. 6.75% 20296		4,400		3,631
Frontier Communications Holdings, LLC 5.875% 2029		1,850		1,427

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)
Communication services (continued)
Frontier Communications Holdings, LLC 6.00% 20306	USD	1,900	$	1,467
Frontier Communications Holdings, LLC 8.75% 20306		1,100		1,114
Gray Escrow II, Inc. 5.375% 20316		900		723
iHeartCommunications, Inc. 5.25% 20276		3,093		2,652
Intelsat Jackson Holding Co. 6.50% 20306		2,891		2,392
Ligado Networks, LLC 15.50% PIK 20236,17		2,782		1,517
Live Nation Entertainment, Inc. 3.75% 20286		1,350		1,168
Magallanes, Inc. 3.638% 20256		3,807		3,692
Magallanes, Inc. 3.755% 20276		1,018		956
Magallanes, Inc. 4.054% 20296		1,435		1,315
Magallanes, Inc. 4.279% 20326		2,903		2,597
Magallanes, Inc. 5.05% 20426		2,500		2,131
Magallanes, Inc. 5.141% 20526		1,500		1,261
Midas OpCo Holdings, LLC 5.625% 20296		3,205		2,584
Netflix, Inc. 4.875% 2028		1,250		1,179
Netflix, Inc. 5.875% 2028		2,175		2,132
Netflix, Inc. 5.375% 20296		25		24
Netflix, Inc. 6.375% 2029		50		51
News Corp. 3.875% 20296		875		758
News Corp. 5.125% 20326		550		488
Nexstar Broadcasting, Inc. 4.75% 20286		3,175		2,729
SBA Tower Trust 1.631% 20266		8,707		7,799
Scripps Escrow II, Inc. 3.875% 20296		2,325		1,953
Sinclair Television Group, Inc. 4.125% 20306		1,175		934
Sirius XM Radio, Inc. 4.00% 20286		3,575		3,105
Sirius XM Radio, Inc. 4.125% 20306		950		796
Sirius XM Radio, Inc. 3.875% 20316		1,975		1,576
Sprint Corp. 7.625% 2026		2,425		2,560
Sprint Corp. 6.875% 2028		7,550		7,962
Take-Two Interactive Software, Inc. 3.30% 2024		3,175		3,135
Take-Two Interactive Software, Inc. 3.70% 2027		2,783		2,704
Take-Two Interactive Software, Inc. 4.00% 2032		2,438		2,291
TEGNA, Inc. 5.00% 2029		1,500		1,423
T-Mobile US, Inc. 1.50% 2026		500		452
T-Mobile US, Inc. 2.05% 2028		325		282
T-Mobile US, Inc. 3.375% 2029		1,700		1,492
Univision Communications, Inc. 6.625% 20276		5,800		5,533
Univision Communications, Inc. 4.50% 20296		3,475		2,920
Univision Communications, Inc. 7.375% 20306		225		220
Virgin Media O2 4.25% 20316		4,525		3,650
Virgin Media Secured Finance PLC 4.50% 20306		2,115		1,743
VMED O2 UK Financing I PLC 4.75% 20316		225		182
Vodafone Group PLC 4.375% 2028		350		349
Vodafone Group PLC 5.25% 2048		500		477
Vodafone Group PLC 4.25% 2050		4,350		3,644
Ziggo Bond Co. BV 5.125% 20306		1,775		1,395
Ziggo Bond Finance BV 4.875% 20306		725		617
				142,188
Industrials 0.48%
AAdvantage Loyalty IP, Ltd. 5.50% 20266		1,005		927
ADT Security Corp. 4.125% 20296		1,630		1,327
Allison Transmission Holdings, Inc. 3.75% 20316		3,445		2,767
Avis Budget Car Rental, LLC 5.75% 20276		1,025		912
Avis Budget Group, Inc. 5.375% 20296		2,450		2,042
Avolon Holdings Funding, Ltd. 3.95% 20246		1,587		1,521
Avolon Holdings Funding, Ltd. 4.25% 20266		1,126		1,044
Avolon Holdings Funding, Ltd. 4.375% 20266		1,975		1,832
Boeing Company 4.875% 2025		1,555		1,551
Boeing Company 3.10% 2026		251		234

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)
Industrials (continued)
Boeing Company 3.25% 2028	USD	4,000	$	3,578
Boeing Company 5.15% 2030		1,100		1,057
Boeing Company 3.60% 2034		6,250		4,996
Boeing Company 5.805% 2050		4,000		3,681
Bombardier, Inc. 7.50% 20246		760		715
Bombardier, Inc. 7.125% 20266		2,900		2,400
Bombardier, Inc. 7.875% 20276		6,745		5,632
Bombardier, Inc. 6.00% 20286		1,010		758
BWX Technologies, Inc. 4.125% 20296		1,025		901
Canadian National Railway Company 3.20% 2046		930		728
Canadian Pacific Railway, Ltd. 1.75% 2026		1,385		1,254
Canadian Pacific Railway, Ltd. 2.45% 2031		1,738		1,489
Canadian Pacific Railway, Ltd. 3.10% 2051		829		612
Clarivate Science Holdings Corp. 3.875% 20286		590		495
Clarivate Science Holdings Corp. 4.875% 20296		520		429
CoreLogic, Inc. 4.50% 20286		6,075		4,688
Covert Mergeco, Inc. 4.875% 20296		1,035		844
CSX Corp. 4.25% 2029		1,062		1,057
CSX Corp. 2.50% 2051		1,125		759
General Electric Capital Corp. 4.418% 2035		649		607
Honeywell International, Inc. 2.30% 2024		2,640		2,595
Honeywell International, Inc. 1.35% 2025		5,947		5,606
Honeywell International, Inc. 2.70% 2029		1,470		1,350
Icahn Enterprises Finance Corp. 4.75% 2024		2,090		1,957
L3Harris Technologies, Inc. 1.80% 2031		2,625		2,098
LSC Communications, Inc. 8.75% 20233,4,6,16		4,063		39
Masco Corp. 1.50% 2028		774		650
Masco Corp. 2.00% 2031		497		391
Masco Corp. 3.125% 2051		230		158
MasTec, Inc. 4.50% 20286		1,425		1,284
Meritor, Inc. 4.50% 20286		730		704
Norfolk Southern Corp. 3.05% 2050		2,746		2,018
Northrop Grumman Corp. 2.93% 2025		1,820		1,782
Northrop Grumman Corp. 3.25% 2028		3,495		3,325
Otis Worldwide Corp. 2.293% 2027		2,135		1,935
Roller Bearing Company of America, Inc. 4.375% 20296		195		166
Rolls-Royce PLC 5.75% 20276		765		692
Siemens AG 1.20% 20266		3,887		3,525
Siemens AG 1.70% 20286		3,700		3,245
SkyMiles IP, Ltd. 4.75% 20286		2,950		2,789
The Brink’s Co. 4.625% 20276		2,385		2,124
TransDigm, Inc. 6.25% 20266		3,476		3,361
TransDigm, Inc. 5.50% 2027		2,200		1,874
Triumph Group, Inc. 6.25% 20246		3,390		3,028
Triumph Group, Inc. 8.875% 20246		1,877		1,893
Triumph Group, Inc. 7.75% 20256		3,600		2,777
Union Pacific Corp. 2.40% 2030		2,414		2,137
Union Pacific Corp. 2.95% 2052		1,000		738
Union Pacific Corp. 3.839% 2060		546		457
Union Pacific Corp. 3.799% 2071		545		438
United Airlines Holdings, Inc. 6.50% 20276		2,200		2,169
United Airlines, Inc. 4.375% 20266		975		863
United Airlines, Inc. 4.625% 20296		2,225		1,895
United Rentals, Inc. 3.875% 2031		2,050		1,733
United Technologies Corp. 3.65% 2023		52		52
United Technologies Corp. 3.95% 2025		3,155		3,166
United Technologies Corp. 4.125% 2028		1,075		1,062
Vertical U.S. Newco, Inc. 5.25% 20276		2,000		1,787
				118,700

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)
Materials 0.39%
Alcoa Nederland Holding BV 4.125% 20296	USD	950	$	851
Allegheny Technologies, Inc. 4.875% 2029		710		567
Allegheny Technologies, Inc. 5.125% 2031		1,110		852
Anglo American Capital PLC 2.25% 20286		484		418
Anglo American Capital PLC 2.625% 20306		2,500		2,060
Anglo American Capital PLC 3.95% 20506		1,281		985
Arconic Rolled Products Corp. 6.125% 20286		750		702
Ball Corp. 3.125% 2031		3,520		2,845
Can-Pack SA / Canpack US, LLC 3.875% 20296		935		731
Chevron Phillips Chemical Co., LLC 3.30% 20236		595		594
Cleveland-Cliffs, Inc. 5.875% 2027		9,000		8,408
Cleveland-Cliffs, Inc. 4.625% 20296		1,825		1,614
Cleveland-Cliffs, Inc. 4.875% 20316		1,351		1,194
CVR Partners LP 6.125% 20286		745		667
Dow Chemical Co. 3.60% 2050		1,328		1,016
First Quantum Minerals, Ltd. 6.50% 20246		2,204		2,121
First Quantum Minerals, Ltd. 7.50% 20256		11,350		10,754
First Quantum Minerals, Ltd. 6.875% 20266		3,625		3,346
First Quantum Minerals, Ltd. 6.875% 20276		4,240		3,798
FXI Holdings, Inc. 7.875% 20246		1,721		1,496
FXI Holdings, Inc. 12.25% 20266		4,392		3,917
Glencore Funding, LLC 4.125% 20246		945		941
International Flavors & Fragrances, Inc. 1.832% 20276		5,400		4,657
International Paper Co. 7.30% 2039		2,005		2,345
Joseph T. Ryerson & Son, Inc. 8.50% 20286		164		169
Kaiser Aluminum Corp. 4.625% 20286		1,620		1,351
LSB Industries, Inc. 6.25% 20286		860		760
LYB International Finance III, LLC 2.25% 2030		1,198		989
LYB International Finance III, LLC 3.625% 2051		2,537		1,878
LYB International Finance III, LLC 3.80% 2060		1,186		844
Methanex Corp. 5.125% 2027		6,180		5,464
Mineral Resources, Ltd. 8.50% 20306		1,525		1,505
Mosaic Co. 3.25% 2022		1,125		1,126
Mosaic Co. 4.05% 2027		1,050		1,028
Nova Chemicals Corp. 4.25% 20296		1,875		1,468
Novelis Corp. 3.875% 20316		1,115		861
Praxair, Inc. 1.10% 2030		2,938		2,352
Rio Tinto Finance (USA), Ltd. 2.75% 2051		1,837		1,347
SCIH Salt Holdings, Inc. 4.875% 20286		3,485		2,904
SCIH Salt Holdings, Inc. 6.625% 20296		1,230		974
Sherwin-Williams Company 3.125% 2024		275		271
Sherwin-Williams Company 3.80% 2049		5,208		4,176
South32 Treasury (USA), Ltd. 4.35% 20326		2,180		2,039
Venator Materials Corp. 5.75% 20256		5,845		4,689
Venator Materials Corp. 9.50% 20256		1,700		1,708
Warrior Met Coal, Inc. 7.875% 20286		2,900		2,767
Westlake Chemical Corp. 4.375% 2047		500		428
				97,977
Utilities 0.39%
Ameren Corp. 2.50% 2024		969		940
American Electric Power Company, Inc. 2.95% 2022		3,020		3,011
Calpine Corp. 3.75% 20316		1,975		1,610
Commonwealth Edison Co. 4.35% 2045		1,085		1,006
Commonwealth Edison Co. 3.85% 2052		2,600		2,297
Dominion Resources, Inc., junior subordinated, 3.071% 202414		1,775		1,734
Duke Energy Carolinas, LLC 3.95% 2028		1,250		1,233
Duke Energy Florida, LLC 3.20% 2027		1,445		1,411
Duke Energy Indiana, Inc. 3.25% 2049		1,225		950
Duke Energy Progress, LLC 3.70% 2046		457		390

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)
Utilities (continued)
Duke Energy Progress, LLC 2.50% 2050	USD	202	$	138
Duke Energy Progress, LLC 2.90% 2051		91		67
Edison International 3.55% 2024		2,200		2,148
EDP Finance BV 3.625% 20246		4,100		4,070
Electricité de France SA 4.75% 20356		1,250		1,165
Electricité de France SA 4.875% 20386		2,750		2,439
Electricité de France SA 5.60% 2040		525		503
Emera US Finance LP 3.55% 2026		320		307
Enersis Américas SA 4.00% 2026		245		237
Entergy Corp. 2.80% 2030		3,325		2,855
Entergy Texas, Inc. 1.75% 2031		3,650		2,956
Eversource Energy 3.80% 2023		2,730		2,737
FirstEnergy Corp. 3.40% 2050		2,250		1,530
FirstEnergy Transmission, LLC 2.866% 20286		675		572
Northern States Power Co. 4.125% 2044		3,525		3,203
NRG Energy, Inc. 3.625% 20316		2,600		2,044
Pacific Gas and Electric Co. 2.10% 2027		125		105
Pacific Gas and Electric Co. 2.50% 2031		2,941		2,252
Pacific Gas and Electric Co. 3.30% 2040		100		69
Pacific Gas and Electric Co. 4.20% 2041		4,100		3,009
Pacific Gas and Electric Co. 3.50% 2050		1,250		837
PacifiCorp, First Mortgage Bonds, 4.125% 2049		4,000		3,591
PG&E Corp. 5.00% 2028		3,750		3,174
PG&E Corp. 5.25% 2030		3,400		2,804
Public Service Company of Colorado 1.875% 2031		2,775		2,322
Public Service Electric and Gas Co. 3.60% 2047		548		465
Public Service Electric and Gas Co. 3.15% 2050		2,451		1,909
Public Service Enterprise Group, Inc. 2.65% 2022		1,900		1,899
Southern California Edison Co. 2.85% 2029		4,450		3,947
Southern California Edison Co. 6.00% 2034		2,500		2,697
Southern California Edison Co. 5.35% 2035		3,000		2,997
Southern California Edison Co. 5.75% 2035		675		699
Southern California Edison Co. 4.00% 2047		264		215
Southern California Edison Co. 3.45% 2052		2,475		1,847
Talen Energy Corp. 7.25% 20276,16		8,334		8,218
Talen Energy Corp., Term Loan B, (3-month USD-LIBOR + 3.75%) 5.416% 202612,15,16		2,815		2,705
Talen Energy Supply, LLC 7.625% 20286,16		1,180		1,158
Targa Resources Partners LP 4.00% 2032		1,750		1,501
Venture Global Calcasieu Pass, LLC 3.875% 20296		1,030		904
Virginia Electric and Power Co. 2.40% 2032		2,575		2,203
Virginia Electric and Power Co. 4.60% 2048		2,650		2,555
Xcel Energy, Inc. 2.60% 2029		1,950		1,702
				97,337
Real estate 0.34%
Alexandria Real Estate Equities, Inc. 3.80% 2026		315		309
Alexandria Real Estate Equities, Inc. 3.95% 2028		1,220		1,182
Alexandria Real Estate Equities, Inc. 2.75% 2029		1,940		1,699
Alexandria Real Estate Equities, Inc. 3.375% 2031		1,320		1,170
Alexandria Real Estate Equities, Inc. 1.875% 2033		4,095		3,084
Alexandria Real Estate Equities, Inc. 4.85% 2049		410		381
American Campus Communities, Inc. 3.75% 2023		3,055		3,059
American Campus Communities, Inc. 4.125% 2024		2,075		2,087
American Campus Communities, Inc. 3.625% 2027		9,545		9,374
American Campus Communities, Inc. 3.875% 2031		331		326
American Tower Corp. 1.45% 2026		2,369		2,074
American Tower Corp. 1.60% 2026		2,347		2,101
American Tower Corp. 3.55% 2027		1,425		1,337
American Tower Corp. 1.50% 2028		2,500		2,081

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)
Real estate (continued)
American Tower Corp. 3.60% 2028	USD	1,000	$	936
American Tower Corp. 2.30% 2031		1,500		1,190
American Tower Corp. 2.95% 2051		2,000		1,358
Brandywine Operating Partnership LP 3.95% 2023		1,070		1,068
Brookfield Property REIT, Inc. 5.75% 20266		2,575		2,357
Diversified Healthcare Trust 4.375% 2031		2,120		1,444
Essex Portfolio LP 3.875% 2024		1,000		998
Essex Portfolio LP 3.50% 2025		6,825		6,686
Extra Space Storage, Inc. 2.35% 2032		1,385		1,099
Gaming and Leisure Properties, Inc. 3.35% 2024		1,263		1,212
Host Hotels & Resorts LP 4.50% 2026		355		349
Howard Hughes Corp. 5.375% 20286		1,450		1,217
Howard Hughes Corp. 4.125% 20296		1,860		1,438
Howard Hughes Corp. 4.375% 20316		2,615		1,940
Invitation Homes Operating Partnership LP 2.00% 2031		2,401		1,850
Iron Mountain, Inc. 5.25% 20306		3,785		3,298
Iron Mountain, Inc. 4.50% 20316		2,650		2,173
Kennedy-Wilson Holdings, Inc. 4.75% 2029		2,645		2,146
Kennedy-Wilson Holdings, Inc. 4.75% 2030		1,140		894
Kennedy-Wilson Holdings, Inc. 5.00% 2031		2,260		1,755
Park Intermediate Holdings, LLC 4.875% 20296		2,280		1,961
Public Storage 2.37% 2022		565		564
Public Storage 1.85% 2028		2,490		2,159
Public Storage 1.95% 2028		2,027		1,754
Public Storage 2.30% 2031		719		605
Realogy Corp. 5.75% 20296		2,260		1,718
RHP Hotel Properties LP / RHP Finance Corp. 4.50% 20296		1,300		1,105
RLJ Lodging Trust, LP 4.00% 20296		1,240		1,021
Scentre Group 3.25% 20256		1,000		957
Scentre Group 3.50% 20256		3,075		2,989
Scentre Group 3.75% 20276		2,430		2,331
Sun Communities Operating LP 2.30% 2028		1,845		1,580
Sun Communities Operating LP 2.70% 2031		876		707
UDR, Inc. 2.95% 2026		760		718
				85,841
Information technology 0.30%
Adobe, Inc. 1.90% 2025		366		353
Almonde, Inc., Term Loan, (3-month USD-LIBOR + 7.25%) 8.489% 202512,15		4,150		3,593
Analog Devices, Inc. 1.70% 2028		1,286		1,128
Analog Devices, Inc. 2.10% 2031		1,212		1,036
Analog Devices, Inc. 2.80% 2041		2,961		2,325
Analog Devices, Inc. 2.95% 2051		1,955		1,495
Apple, Inc. 3.00% 2024		625		624
Apple, Inc. 3.35% 2027		40		40
Apple, Inc. 1.20% 2028		5,000		4,379
Avaya, Inc. 6.125% 20286		1,600		1,048
Booz Allen Hamilton, Inc. 4.00% 20296		1,000		874
Broadcom, Inc. 1.95% 20286		1,407		1,199
Broadcom, Inc. 4.15% 20326		2,811		2,541
Broadcom, Inc. 2.60% 20336		2,524		1,944
Broadcom, Inc. 3.469% 20346		1,771		1,444
Broadcom, Inc. 3.50% 20416		3,948		2,984
CommScope Finance, LLC 6.00% 20266		1,600		1,477
Diebold Nixdorf AG, Term Loan B, (3-month USD-LIBOR + 2.75%) 4.00% 202312,15		5,393		4,577
Diebold Nixdorf, Inc. 9.375% 20256		10,131		7,097
Diebold, Inc. 8.50% 2024		6,790		3,540
Fidelity National Information Services, Inc. 3.10% 2041		302		221
Fiserv, Inc. 3.50% 2029		471		430
Fiserv, Inc. 2.65% 2030		3,605		3,057

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)
Information technology (continued)
Gartner, Inc. 4.50% 20286	USD	650	$	598
Intuit, Inc. 0.95% 2025		1,530		1,410
Intuit, Inc. 1.35% 2027		1,395		1,219
Intuit, Inc. 1.65% 2030		1,845		1,517
Mastercard, Inc. 2.00% 2031		3,874		3,269
Microsoft Corp. 2.921% 2052		4,814		3,805
MoneyGram International, Inc. 5.375% 20266		750		715
NCR Corp. 5.125% 20296		1,650		1,399
PayPal Holdings, Inc. 2.65% 2026		2,364		2,243
PayPal Holdings, Inc. 2.30% 2030		2,200		1,891
Sabre GLBL, Inc. 7.375% 20256		728		677
Sabre Holdings Corp. 9.25% 20256		1,197		1,156
Square, Inc. 3.50% 20316		2,325		1,858
Synaptics, Inc. 4.00% 20296		875		712
Unisys Corp. 6.875% 20276		725		634
VeriSign, Inc. 2.70% 2031		625		504
Veritas Holdings, Ltd. 7.50% 20256		2,635		1,983
Viavi Solutions, Inc. 3.75% 20296		725		608
Xerox Corp. 5.00% 20256		2,275		2,119
				75,723
Consumer staples 0.27%
7-Eleven, Inc. 0.80% 20246		1,700		1,612
7-Eleven, Inc. 0.95% 20266		825		729
7-Eleven, Inc. 1.30% 20286		2,500		2,081
Albertsons Companies, Inc. 3.50% 20296		1,385		1,125
Altria Group, Inc. 2.45% 2032		125		94
Altria Group, Inc. 5.80% 2039		2,820		2,567
Altria Group, Inc. 3.40% 2041		1,500		995
Altria Group, Inc. 4.50% 2043		3,000		2,259
Altria Group, Inc. 5.95% 2049		490		430
Altria Group, Inc. 3.70% 2051		1,395		894
Anheuser-Busch InBev NV 4.00% 2028		845		835
Anheuser-Busch InBev NV 4.35% 2040		2,500		2,242
Anheuser-Busch InBev NV 4.60% 2048		1,500		1,350
British American Tobacco PLC 3.222% 2024		2,826		2,750
British American Tobacco PLC 3.215% 2026		3,323		3,108
British American Tobacco PLC 4.39% 2037		2,459		1,955
British American Tobacco PLC 4.54% 2047		940		691
Central Garden & Pet Co. 4.125% 20316		1,395		1,122
Coca-Cola Company 1.00% 2028		940		812
Conagra Brands, Inc. 1.375% 2027		4,615		3,856
Constellation Brands, Inc. 3.60% 2028		625		594
Constellation Brands, Inc. 2.25% 2031		1,487		1,208
Coty, Inc. 4.75% 20296		1,220		1,050
Imperial Tobacco Finance PLC 3.50% 20236		4,000		3,978
Kronos Acquisition Holdings, Inc. 5.00% 20266		2,430		2,081
Lamb Weston Holdings, Inc. 4.125% 20306		2,210		1,919
PepsiCo, Inc. 1.95% 2031		3,001		2,559
PepsiCo, Inc. 2.625% 2041		5,000		3,934
PepsiCo, Inc. 3.625% 2050		777		703
PepsiCo, Inc. 2.75% 2051		1,723		1,324
Philip Morris International, Inc. 2.375% 2022		1,960		1,958
Philip Morris International, Inc. 2.875% 2024		788		779
Philip Morris International, Inc. 3.25% 2024		2,000		1,975
Philip Morris International, Inc. 0.875% 2026		2,990		2,656
Philip Morris International, Inc. 3.375% 2029		788		712
Philip Morris International, Inc. 1.75% 2030		2,956		2,293
Post Holdings, Inc. 4.625% 20306		2,886		2,440

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)
Prestige Brands International, Inc. 3.75% 20316	USD	1,115	$	926
Reynolds American, Inc. 5.85% 2045		2,030		1,707
Simmons Foods, Inc. 4.625% 20296		560		474
				66,777
Total corporate bonds, notes & loans				1,498,036
Asset-backed obligations 1.46%
Aesop Funding, LLC, Series 2017-2A, Class A, 2.97% 20246,11		1,920		1,914
Aesop Funding, LLC, Series 2018-1A, Class A, 3.70% 20246,11		1,114		1,113
Aesop Funding, LLC, Series 2018-2A, Class A, 4.00% 20256,11		3,100		3,101
Aesop Funding, LLC, Series 2021-1A, Class A, 1.38% 20276,11		13,378		11,987
Aesop Funding, LLC, Series 2020-2, Class A, 2.02% 20276,11		539		496
Aesop Funding, LLC, Series 2020-2A, Class B, 2.96% 20276,11		138		130
Affirm Asset Securitization Trust, Series 2021-Z2, Class A, 1.17% 20266,11		1,545		1,504
Allegro CLO, Ltd., Series 2016-1A, Class AR2, (3-month USD-LIBOR + 0.95%) 1.994% 20306,11,12		2,395		2,361
Allegro CLO, Ltd., Series 2017-1A, Class AR, (3-month USD-LIBOR + 0.95%) 1.994% 20306,11,12		1,639		1,604
Ares CLO, Ltd., Series 2017-42A, Class AR, (3-month USD-LIBOR + 0.92%) 2.056% 20286,11,12		3,042		3,004
Ballyrock CLO, Ltd., Series 2019-2A, Class A1AR, (3-month USD-LIBOR + 1.00%) 2.478% 20306,11,12		3,660		3,604
Bankers Healthcare Group Securitization Trust, Series 2021-A, Class A, 1.42% 20336,11		638		597
Castlelake Aircraft Securitization Trust, Series 2021-1, Class A, 2.868% 20376,11		4,936		4,371
Castlelake Aircraft Securitization Trust, Series 2017-1R, Class A, 2.741% 20416,11		754		678
Cent CLO, Ltd., Series 2014-21A, Class AR, (3-month USD-LIBOR + 0.97%) 2.195% 20306,11,12		5,185		5,118
CF Hippolyta, LLC, Series 2020-1, Class A1, 1.69% 20606,11		5,261		4,774
CF Hippolyta, LLC, Series 2020-1, Class A2, 1.99% 20606,11		1,774		1,520
CF Hippolyta, LLC, Series 2021-1, Class A1, 1.53% 20616,11		6,175		5,453
CLI Funding VI, LLC, Series 2020-2A, Class A, 2.03% 20456,11		1,560		1,401
CLI Funding VI, LLC, Series 2020-3A, Class A, 2.07% 20456,11		1,260		1,138
CLI Funding VI, LLC, Series 2020-1A, Class A, 2.08% 20456,11		5,730		5,129
CLI Funding VIII, LLC, Series 2021-1A, Class A, 1.64% 20466,11		1,713		1,514
Cloud Pass-Through Trust, Series 2019-1A, Class CLOU, 3.554% 20226,11,12		9		9
Credit Acceptance Auto Loan Trust, Series 2020-1A, Class A, 2.01% 20296,11		1,420		1,415
Drive Auto Receivables Trust, Series 2019-3, Class C, 2.90% 202511		258		259
Drive Auto Receivables Trust, Series 2020-1, Class C, 2.36% 202611		1,273		1,272
Drivetime Auto Owner Trust, Series 2019-3, Class C, 2.74% 20256,11		16		16
Dryden Senior Loan Fund, CLO, Series 2017-47A, Class A1R, (3-month USD-LIBOR + 0.98%) 2.024% 20286,11,12		5,382		5,306
EDvestinU Private Education Loan, LLC, Series 2021-A, Class A, 1.80% 20456,11		380		338
Enterprise Fleet Financing, LLC, Series 2022-1, Class A2, 3.03% 20286,11		6,605		6,491
FirstKey Homes Trust, Series 2020-SFR2, Class A, 1.266% 20376,11		6,023		5,552
Ford Credit Auto Owner Trust, Series 2018-2, Class A, 3.47% 20306,11		4,825		4,811
Ford Credit Auto Owner Trust, Series 2018-1, Class A, 3.52% 20306,11		6,000		5,980
Ford Credit Auto Owner Trust, Series 2020-1, Class A, 2.04% 20316,11		8,861		8,478
Ford Credit Auto Owner Trust, Series 2018-1, Class A, 3.19% 20316,11		9,605		9,457
GCI Funding I, LLC, Series 2020-1, Class A, 2.82% 20456,11		765		707
GCI Funding I, LLC, Series 2020-1, Class B, 3.81% 20456,11		308		285
Global SC Finance V SRL, Series 2019-1A, Class B, 4.81% 20396,11		2,657		2,568
Global SC Finance V SRL, Series 2020-1A, Class A, 2.17% 20406,11		11,017		10,100
Global SC Finance VII SRL, Series 2020-2A, Class A, 2.26% 20406,11		13,797		12,635
Global SC Finance VII SRL, Series 2021-1A, Class A, 1.86% 20416,11		4,279		3,815
Global SC Finance VII SRL, Series 2021-2A, Class A, 1.95% 20416,11		6,372		5,692
Global SC Finance VII SRL, Series 2021-2A, Class B, 2.49% 20416,11		504		444
Hertz Vehicle Financing III, LLC, Series 2021-A, Class B, 3.65% 20233,4,6,11		5,930		5,755
Hertz Vehicle Financing III, LLC, Series 2021-1A, Class A, 1.21% 20256,11		8,452		7,914
Hertz Vehicle Financing III, LLC, Series 2021-1A, Class B, 1.56% 20256,11		634		587

134 American Funds Insurance Series

Asset Allocation Fund (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Asset-backed obligations (continued)
Hertz Vehicle Financing III, LLC, Series 2021-1A, Class C, 2.05% 20256,11	USD	405	$	374
Hertz Vehicle Financing III, LLC, Series 2022-4A, Class A, 3.73% 20266,11		8,390		8,242
Hertz Vehicle Financing III, LLC, Series 2021-2A, Class A, 1.68% 20276,11		9,163		8,097
Hertz Vehicle Financing III, LLC, Series 2021-2A, Class B, 2.12% 20276,11		685		606
Hertz Vehicle Financing III, LLC, Series 2021-2A, Class C, 2.52% 20276,11		429		376
Hertz Vehicle Financing III, LLC, Series 2022-2A, Class A, 2.33% 20286,11		8,400		7,621
Hertz Vehicle Financing III, LLC, Series 2022-5A, Class A, 3.89% 20286,11		8,750		8,454
Honda Auto Receivables Owner Trust, Series 2019-2, Class A3, 2.52% 202311		265		265
Longfellow Place CLO, Ltd., Series 2013-1A, Class AR3, (3-month USD-LIBOR + 1.00%) 2.044% 20296,11,12		1,745		1,733
Madison Park Funding, Ltd., CLO, Series 2015-17A, Class AR2, (3-month USD-LIBOR + 1.00%) 2.098% 20306,11,12		5,545		5,465
Marathon CLO, Ltd., Series 2017-9A, Class A1AR, (3-month USD-LIBOR + 1.15%) 2.194% 20296,11,12		2,659		2,626
Mercury Financial Credit Card Master Trust, Series 2021-1A, Class A, 1.54% 20266,11		4,700		4,474
Mission Lane Credit Card Master Trust, Series 2021-A, Class A, 1.59% 20266,11		1,900		1,831
Navient Student Loan Trust, Series 2021-C, Class A, 1.06% 20696,11		5,551		5,119
Navient Student Loan Trust, Series 2021-G, Class A, 1.58% 20706,11		6,389		5,656
Navigator Aircraft ABS, Ltd., Series 2021-1, Class A, 2.771% 20466,11		6,588		5,880
Nelnet Student Loan Trust, Series 2021-C, Class AFX, 1.32% 20626,11		11,925		10,963
Nelnet Student Loan Trust, Series 2021-A, Class APT1, 1.36% 20626,11		6,594		6,105
Nelnet Student Loan Trust, Series 2021-B, Class AFX, 1.42% 20626,11		11,169		10,363
New Economy Assets Phase 1 Issuer, LLC, Series 2021-1, Class A1, 1.91% 20616,11		23,051		20,148
Newark BSL CLO 2, Ltd., Series 2017-1A, Class A1R, (3-month USD-LIBOR + 0.97%) 2.154% 20306,11,12		1,765		1,740
Palmer Square Loan Funding, CLO, Series 2020-4, Class A1, (3-month USD-LIBOR + 1.00%) 2.524% 20286,11,12		1,645		1,634
Palmer Square Loan Funding, CLO, Series 2021-4A, Class A1, (3-month USD-LIBOR + 0.80%) 1.844% 20296,11,12		9,142		8,992
Palmer Square Loan Funding, CLO, Series 2021-1, Class A1, (3-month USD-LIBOR + 0.90%) 1.963% 20296,11,12		500		494
Palmer Square Loan Funding, CLO, Series 2021-4A, Class A2, (3-month USD-LIBOR + 1.40%) 2.444% 20296,11,12		5,378		5,209
PG&E Wildfire Recovery Funding, LLC, Series 2022-A, Class A2, 4.263% 203611		2,725		2,745
Race Point CLO, Ltd., Series 2015-9A, Class A1A2, (3-month USD-LIBOR + 0.94%) 1.984% 20306,11,12		4,634		4,558
Santander Drive Auto Receivables Trust, Series 2020-1, Class B, 3.03% 202411		55		55
Santander Drive Auto Receivables Trust, Series 2020-1, Class C, 4.11% 202511		1,000		1,001
SMB Private Education Loan Trust, Series 2021-A, Class A2A2, (1-month USD-LIBOR + 0.73%) 2.054% 20536,11,12		7,530		7,325
SOLRR Aircraft Aviation Holding, Ltd., Series 2021-1, Class A, 2.636% 20466,11		3,575		3,262
Sound Point CLO, Ltd., Series 2015-1RA, Class AR, (3-month USD-LIBOR + 1.08%) 2.124% 20306,11,12		2,985		2,947
Sprite, Ltd., Series 2021-1, Class A, 3.75% 20466,11		5,063		4,590
Stellar Jay Ireland DAC, Series 2021-1, Class A, 3.967% 20416,11		4,796		4,281
Stonepeak Infrastructure Partners, Series 2021-1A, Class AA, 2.301% 20336,11		2,639		2,464
Stonepeak Infrastructure Partners, Series 2021-1A, Class A, 2.675% 20336,11		2,167		1,986
SuttonPark Structured Settlements, Series 2021-1, Class A, 1.95% 20756,11		3,687		3,434
TAL Advantage V, LLC, Series 2020-1A, Class A, 2.05% 20456,11		1,945		1,767
Textainer Marine Containers, Ltd., Series 2020-2A, Class A, 2.10% 20456,11		852		773
Textainer Marine Containers, Ltd., Series 2021-1A, Class A, 1.68% 20466,11		968		846
Textainer Marine Containers, Ltd., Series 2021-2A, Class A, 2.23% 20466,11		4,624		4,119
Toyota Auto Loan Extended Note Trust, Series 2019-1, Class A, 2.56% 20316,11		3,250		3,181
Toyota Auto Loan Extended Note Trust, Series 2020-1, Class A, 1.35% 20336,11		889		828
Toyota Auto Loan Extended Note Trust, Series 2021-1, Class A, 1.07% 20346,11,12		7,257		6,579
Triton Container Finance VIII, LLC, Series 2020-1, Class A, 2.11% 20456,11		10,888		9,705
Triton Container Finance VIII, LLC, Series 2021-1, Class A, 1.86% 20466,11		2,941		2,573
				363,883

American Funds Insurance Series 135

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. 0.16%
CPPIB Capital, Inc. 2.75% 20276	USD	6,600	$	6,411
European Investment Bank 0.75% 2026		6,194		5,605
OMERS Finance Trust 3.50% 20326		4,315		4,216
OMERS Finance Trust 4.00% 20526		4,315		4,046
Panama (Republic of) 3.298% 2033		4,365		3,740
Panama (Republic of) 4.50% 2063		1,035		799
Peru (Republic of) 1.862% 2032		2,525		1,920
Peru (Republic of) 2.78% 2060		3,775		2,346
Qatar (State of) 3.375% 20246		2,315		2,310
Qatar (State of) 4.00% 20296		745		753
Qatar (State of) 4.817% 20496		750		757
Saudi Arabia (Kingdom of) 3.25% 20306		1,750		1,649
Saudi Arabia (Kingdom of) 5.25% 20506		1,000		1,020
United Mexican States 2.659% 2031		2,703		2,231
United Mexican States 3.771% 2061		1,528		995
				38,798
Municipals 0.15%
California 0.02%
Golden State Tobacco Securitization Corp., Enhanced Tobacco Settlement Asset-Backed Bonds, Series 2021-A-1, 2.158% 2026		1,200		1,117
Golden State Tobacco Securitization Corp., Enhanced Tobacco Settlement Asset-Backed Bonds, Series 2021-A-1, 2.332% 2027		1,660		1,521
Golden State Tobacco Securitization Corp., Enhanced Tobacco Settlement Asset-Backed Bonds, Series 2021-B, 2.746% 2034		495		428
Golden State Tobacco Securitization Corp., Enhanced Tobacco Settlement Asset-Backed Bonds, Series 2021-B, 3.293% 2042		1,170		947
Golden State Tobacco Securitization Corp., Enhanced Tobacco Settlement Asset-Backed Bonds, Series 2021-B, 3.00% 2046		2,470		2,173
				6,186
Connecticut 0.00%
Housing Fin. Auth., Housing Mortgage Fin. Program Bonds, Series 2014-C-1, 4.00% 2044		15		15
Housing Fin. Auth., Housing Mortgage Fin. Program Bonds, Series 2014-A-1, 4.00% 2044		5		5
				20
Florida 0.04%
Board of Administration Fin. Corp., Rev. Bonds, Series 2020-A, 1.705% 2027		5,335		4,830
Board of Administration Fin. Corp., Rev. Bonds, Series 2020-A, 2.154% 2030		5,365		4,667
				9,497
Guam 0.00%
A.B. Won Pat International Airport Auth., General Rev. Bonds, Series 2021-A, 3.839% 2036		240		212
A.B. Won Pat International Airport Auth., General Rev. Bonds, Series 2021-A, 4.46% 2043		315		273
				485
Illinois 0.02%
G.O. Bonds, Pension Funding, Series 2003, Assured Guaranty Municipal insured, 5.10% 2033		4,125		4,208
Maryland 0.00%
Community Dev. Administration, Dept. of Housing and Community Dev., Residential Rev. Ref. Bonds, Series 2014-E, 2.857% 2040		15		15

136 American Funds Insurance Series

Asset Allocation Fund (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Municipals (continued)
Minnesota 0.00%
Housing Fin. Agcy., Residential Housing Fin. Bonds, Series 2014-A, 4.00% 2038	USD	40	$	41
Nebraska 0.00%
Investment Fin. Auth., Single Family Housing Rev. Bonds, Series 2013-A, 3.00% 2043		5		5
New York 0.03%
Dormitory Auth., Taxable State Personal Income Tax Rev. Bonds (General Purpose), Series 2021-C, 1.187% 2026		2,865		2,621
Dormitory Auth., Taxable State Personal Income Tax Rev. Bonds (General Purpose), Series 2021-C, 1.748% 2028		4,745		4,223
				6,844
Ohio 0.02%
Cleveland-Cuyahoga Port Auth., Federal Lease Rev. Bonds (VA Cleveland Health Care Center Project), Series 2021, 4.425% 2031		5,140		4,820
South Carolina 0.00%
Housing Fin. Auth., Mortgage Rev. Ref. Bonds, Series 2014, AMT, 4.00% 2041		10		10
South Dakota 0.00%
Housing Dev. Auth., Homeownership Mortgage Bonds, Series 2014-F, 4.00% 2034		5		5
Tennessee 0.00%
Housing Dev. Agcy., Residential Fin. Program Bonds, Series 2013-2-A, AMT, 4.00% 2043		5		5
Wisconsin 0.02%
Public Fin. Auth., Federal Lease Rev. Bonds (Fort Sam Acquisition Fncg.), Series 2022, 4.95% 2034		5,885		5,577
Total municipals				37,718
Total bonds, notes & other debt instruments (cost: $6,006,118,000)				5,625,550
Short-term securities 9.60%		Shares
Money market investments 9.40%
Capital Group Central Cash Fund 1.38%8,18		23,469,371		2,346,468
Money market investments purchased with collateral from securities on loan 0.20%
Capital Group Central Cash Fund 1.38%8,18,19		141,112		14,109
Goldman Sachs Financial Square Government Fund, Institutional Shares 1.39%18,19		7,449,054		7,449
BlackRock Liquidity Funds – FedFund, Institutional Shares 1.32%18,19		7,054,176		7,054

American Funds Insurance Series 137

Asset Allocation Fund (continued)

Short-term securities (continued)	Shares		Value (000)
Money market investments purchased with collateral from securities on loan (continued)
Invesco Short-Term Investments Trust – Government & Agency Portfolio, Institutional Class 1.38%18,19		7,054,175	$	7,054
Morgan Stanley Institutional Liquidity Funds – Government Portfolio, Institutional Class 1.38%18,19		7,054,175		7,054
State Street Institutional U.S. Government Money Market Fund, Institutional Class 1.40%18,19		7,054,175		7,054
				49,774
Total short-term securities (cost: $2,396,504,000)				2,396,242
Total investment securities 104.82% (cost: $22,507,741,000)				26,167,099
Other assets less liabilities (4.82)%				(1,202,094	)
Net assets 100.00%			$	24,965,005

Futures contracts

Contracts	Type	Number of contracts	Expiration	Notional amount (000)			Value and unrealized appreciation (depreciation) at 6/30/2022 (000)
2 Year U.S. Treasury Note Futures	Long	2,307	September 2022	USD	484,506			$	2,968
5 Year U.S. Treasury Note Futures	Short	348	September 2022		(39,063	)			(174	)
10 Year U.S. Treasury Note Futures	Short	699	September 2022		(82,853	)			1,080
10 Year Ultra U.S. Treasury Note Futures	Short	3,135	September 2022		(399,321	)			2,171
20 Year U.S. Treasury Bond Futures	Long	1,460	September 2022		202,393				(3,327	)
30 Year Ultra U.S. Treasury Bond Futures	Short	311	September 2022		(48,001	)			1,392
								$	4,110

Swap contracts

Credit default swaps

Centrally cleared credit default swaps on credit indices — buy protection

							Upfront			Unrealized
				Notional	Value at		premium			appreciation
Reference	Financing	Payment	Expiration	amount	6/30/2022		received			at 6/30/2022
index	rate paid	frequency	date	(000)	(000)		(000)			(000)
CDX.NA.IG.38	1.00%	Quarterly	6/20/2027	USD191,572		$88		$(1,760	)		$1,848

Investments in affiliates⁸

	Value of affiliates at 1/1/2022 (000)		Additions (000)		Reductions (000)		Net realized loss (000)			Net unrealized appreciation (depreciation) (000)			Value of affiliates at 6/30/2022 (000)		Dividend income (000)
Common stocks 0.00%
Health care 0.00%
NuCana PLC (ADR)1,20	$	7,086	$	—	$	2,674	$	(14,288	)	$	9,876		$	—	$	—
Investment funds 5.58%
Capital Group Central Corporate Bond Fund		1,617,261		20,332		—		—			(243,853	)		1,393,740		20,332

138 American Funds Insurance Series

Asset Allocation Fund (continued)

Investments in affiliates⁸ (continued)

	Value of affiliates at 1/1/2022 (000)		Additions (000)			Reductions (000)		Net realized loss (000)			Net unrealized appreciation (depreciation) (000)			Value of affiliates at 6/30/2022 (000)		Dividend income (000)
Short-term securities 9.46%
Money market investments 9.40%
Capital Group Central Cash Fund 1.38%18	$	1,417,334	$	2,594,892		$	1,665,138	$	(73	)	$	(547	)	$	2,346,468	$	4,686
Money market investments purchased with collateral from securities on loan 0.06%
Capital Group Central Cash Fund 1.38%18,19		8,492		5,617	21										14,109		—	22
Total short-term securities															2,360,577
Total 15.04%								$	(14,361	)	$	(234,524	)	$	3,754,317	$	25,018

Private placement securities⁵

	Acquisition date	Cost (000)		Value (000)		Percent of net assets
Carbon Health Technologies, Inc., convertible preferred shares, 1.00% 2024	7/9/2021	$	50,000	$	50,000		.20	%
Rotech Healthcare, Inc.	9/26/2013		6,949		18,782		.08
Total		$	56,949	$	68,782		.28	%

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 $53,318,000, which represented .21% of the net assets of the fund. Refer to Note 5 for more information on securities lending.
3	Valued under fair value procedures adopted by authority of the board of trustees. The total value of all such securities was $82,826,000, which represented .33% of the net assets of the fund.
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.
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 $1,138,626,000, which represented 4.56% of the net assets of the fund.
7	Amount less than one thousand.
8	Affiliate of the fund or part of the same “group of investment companies” as the fund, as defined under the Investment Company Act of 1940, as amended.
9	All or a portion of this security was pledged as collateral. The total value of pledged collateral was $29,059,000, which represented .12% of the net assets of the fund.
10	Index-linked bond whose principal amount moves with a government price index.
11	Principal payments may be made periodically. Therefore, the effective maturity date may be earlier than the stated maturity date.
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	Purchased on a TBA basis.
14	Step bond; coupon rate may change at a later date.
15	Loan participations and assignments; may be subject to legal or contractual restrictions on resale. The total value of all such loans was $12,524,000, which represented .05% of the net assets of the fund.
16	Scheduled interest and/or principal payment was not received.
17	Payment in kind; the issuer has the option of paying additional securities in lieu of cash. Payment methods and rates are as of the most recent payment when available.
18	Rate represents the seven-day yield at 6/30/2022.
19	Security purchased with cash collateral from securities on loan. Refer to Note 5 for more information on securities lending.
20	Affiliated issuer during the reporting period but no longer held at 6/30/2022.
21	Represents net activity. Refer to Note 5 for more information on securities lending.
22	Dividend income is included with securities lending income in the fund’s statement of operations and is not shown in this table.

American Funds Insurance Series 139

Asset Allocation Fund (continued)

Key to abbreviations

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

Refer to the notes to financial statements.

140 American Funds Insurance Series

American Funds Global Balanced Fund
(formerly Global Balanced Fund)
Investment portfolio June 30, 2022	unaudited

Common stocks 57.98%	Shares		Value (000)
Financials 9.06%
B3 SA-Brasil, Bolsa, Balcao		2,155,801	$	4,515
Zurich Insurance Group AG		9,057		3,939
DNB Bank ASA		157,370		2,821
Toronto-Dominion Bank (CAD denominated)		32,930		2,159
ING Groep NV		218,488		2,159
PNC Financial Services Group, Inc.		12,445		1,963
Tradeweb Markets, Inc., Class A		26,076		1,780
Kotak Mahindra Bank, Ltd.		82,308		1,731
Citigroup, Inc.		31,974		1,470
AIA Group, Ltd.		130,600		1,416
Housing Development Finance Corp., Ltd.		45,344		1,246
HDFC Bank, Ltd.		70,602		1,205
BNP Paribas SA		13,671		650
JPMorgan Chase & Co.		5,741		647
Nasdaq, Inc.		3,936		600
Tryg A/S		26,250		589
Bank Central Asia Tbk PT		1,201,700		585
Aegon NV1		132,576		574
Ping An Insurance (Group) Company of China, Ltd., Class H		70,500		479
Ping An Insurance (Group) Company of China, Ltd., Class A		11,200		78
Banco Santander, SA		187,371		528
CME Group, Inc., Class A		2,404		492
Münchener Rückversicherungs-Gesellschaft AG		2,026		476
KBC Groep NV		8,458		475
Swedbank AB, Class A		30,035		380
FinecoBank SpA		28,303		339
Fairfax Financial Holdings, Ltd., subordinate voting shares		551		292
Lufax Holding, Ltd. (ADR)		47,602		286
Allfunds Group PLC		18,078		139
				34,013
Health care 7.83%
Abbott Laboratories		75,002		8,149
Novartis AG		30,322		2,568
Siemens Healthineers AG		48,353		2,457
UnitedHealth Group, Inc.		4,765		2,447
Thermo Fisher Scientific, Inc.		3,503		1,903
Gilead Sciences, Inc.		28,817		1,781
AstraZeneca PLC		13,160		1,730
Merck KGaA		8,544		1,442
PerkinElmer, Inc.		9,013		1,282
AbbVie, Inc.		7,420		1,137
Medtronic PLC		11,719		1,052
Amgen, Inc.		3,544		862
Stryker Corp.		4,289		853
BioMarin Pharmaceutical, Inc.2		7,114		590
Humana, Inc.		1,257		588
Bayer AG		9,217		548
				29,389
Industrials 7.76%
Raytheon Technologies Corp.		74,921		7,201
BAE Systems PLC		251,418		2,541
General Electric Co.		37,623		2,395
General Dynamics Corp.		8,844		1,957
Carrier Global Corp.		51,285		1,829
VINCI SA		16,433		1,463
RELX PLC		49,296		1,336
Siemens AG		12,400		1,262
Kingspan Group PLC		20,469		1,231
Thales SA		9,837		1,207

American Funds Insurance Series 141

American Funds Global Balanced Fund (continued)

(formerly Global Balanced Fund)

Common stocks (continued)	Shares		Value (000)
Industrials (continued)
Honeywell International, Inc.		6,933	$	1,205
CSX Corp.		39,937		1,160
LIXIL Corp.		57,300		1,073
SMC Corp.		2,100		936
Safran SA		4,779		472
L3Harris Technologies, Inc.		1,234		298
Melrose Industries PLC		156,807		286
Airbus SE, non-registered shares		2,836		275
Lockheed Martin Corp.		609		262
NIBE Industrier AB, Class B		33,720		253
Bureau Veritas SA		8,207		210
DSV A/S		1,312		183
Ryanair Holdings PLC (ADR)2		1,300		87
				29,122
Information technology 7.44%
Microsoft Corp.		33,242		8,537
Broadcom, Inc.		17,541		8,522
Micron Technology, Inc.		46,889		2,592
Apple, Inc.		14,528		1,986
Taiwan Semiconductor Manufacturing Company, Ltd.		103,000		1,649
GlobalWafers Co., Ltd.		90,000		1,371
Adobe, Inc.2		3,492		1,278
ServiceNow, Inc.2		2,335		1,110
Accenture PLC, Class A		3,181		883
				27,928
Utilities 5.51%
DTE Energy Company		32,874		4,167
National Grid PLC		191,463		2,452
Power Grid Corporation of India, Ltd.		884,910		2,374
NextEra Energy, Inc.		30,640		2,373
E.ON SE		281,377		2,361
Duke Energy Corp.		17,632		1,890
Public Service Enterprise Group, Inc.		23,120		1,463
Dominion Energy, Inc.		14,973		1,195
ENN Energy Holdings, Ltd.		67,300		1,106
Iberdrola, SA, non-registered shares		80,267		833
Enel SpA		87,509		479
				20,693
Consumer staples 5.12%
Nestlé SA		37,614		4,391
Philip Morris International, Inc.		37,743		3,727
ITC, Ltd.		993,677		3,441
Imperial Brands PLC		101,076		2,259
British American Tobacco PLC		28,823		1,235
Pernod Ricard SA		5,944		1,092
Heineken NV		10,102		921
Altria Group, Inc.		15,371		642
Inner Mongolia Yili Industrial Group Co., Ltd., Class A		109,000		634
Treasury Wine Estates, Ltd.		42,600		334
Kweichow Moutai Co., Ltd., Class A		1,021		312
Davide Campari-Milano NV		21,508		226
				19,214

142 American Funds Insurance Series

American Funds Global Balanced Fund (continued)

(formerly Global Balanced Fund)

Common stocks (continued)	Shares		Value (000)
Communication services 3.67%
Comcast Corp., Class A		108,820	$	4,270
Alphabet, Inc., Class A2		1,325		2,887
Alphabet, Inc., Class C2		435		952
Netflix, Inc.2		8,391		1,467
BCE, Inc.		23,357		1,148
Omnicom Group, Inc.		11,276		717
Universal Music Group NV		33,143		665
SoftBank Corp.		58,600		651
Meta Platforms, Inc., Class A2		3,285		530
Electronic Arts, Inc.		4,197		510
				13,797
Energy 3.50%
Canadian Natural Resources, Ltd. (CAD denominated)1		106,085		5,701
Neste OYJ		44,747		1,981
Shell PLC (GBP denominated)		57,460		1,493
Chevron Corp.		8,464		1,225
BP PLC		197,492		933
TC Energy Corp. (CAD denominated)		12,821		664
Baker Hughes Co., Class A		18,517		535
DT Midstream, Inc.		7,634		374
Woodside Energy Group, Ltd. (CDI)2		11,841		251
				13,157
Materials 3.48%
Freeport-McMoRan, Inc.		91,356		2,673
Linde PLC		6,777		1,948
BHP Group, Ltd. (CDI)		64,727		1,810
Evonik Industries AG		75,312		1,607
Fortescue Metals Group, Ltd.		110,218		1,334
Rio Tinto PLC		21,289		1,274
Vale SA, ordinary nominative shares (ADR)		67,040		981
Shin-Etsu Chemical Co., Ltd.		4,900		552
UPM-Kymmene Oyj		15,780		480
Air Liquide SA, non-registered shares		2,959		397
				13,056
Consumer discretionary 2.49%
General Motors Company2		98,406		3,125
LVMH Moët Hennessy-Louis Vuitton SE		2,533		1,544
Ferrari NV		4,222		775
Ferrari NV (EUR denominated)		1,623		298
InterContinental Hotels Group PLC		13,131		695
Amazon.com, Inc.2		4,940		525
Astra International Tbk PT		1,106,100		492
Cie. Financière Richemont SA, Class A		4,164		443
Starbucks Corp.		4,927		376
Royal Caribbean Cruises, Ltd.2		8,753		306
Airbnb, Inc., Class A2		2,869		256
Ford Motor Co.		22,680		252
Aptiv PLC2		2,744		244
JD.com, Inc., Class A		1,200		39
				9,370

American Funds Insurance Series 143

American Funds Global Balanced Fund (continued)

(formerly Global Balanced Fund)

Common stocks (continued)	Shares		Value (000)
Real estate 2.12%
Crown Castle International Corp. REIT		14,805	$	2,493
Equinix, Inc. REIT		2,715		1,784
Embassy Office Parks REIT		363,682		1,723
CTP NV		78,913		910
Digital Realty Trust, Inc. REIT		4,862		631
Americold Realty Trust, Inc.		13,585		408
				7,949
Total common stocks (cost: $209,035,000)				217,688
Preferred securities 0.37%
Financials 0.37%
Fannie Mae, Series S, 8.25% noncumulative preferred shares2		223,000		776
Federal Home Loan Mortgage Corp., Series Z, 8.375% noncumulative preferred shares2		192,000		636
Total preferred securities (cost: $1,545,000)				1,412
Convertible stocks 0.11%
Health care 0.11%
Danaher Corp., Series B, cumulative convertible preferred shares, 5.00% 2023		300		397
Total convertible stocks (cost: $410,000)				397
Bonds, notes & other debt instruments 36.78%	Principal amount (000)
U.S. Treasury bonds & notes 14.46%
U.S. Treasury 13.94%
U.S. Treasury 1.875% 2022	USD	1,810		1,810
U.S. Treasury 2.50% 2023		1,182		1,180
U.S. Treasury 2.75% 2023		1,485		1,484
U.S. Treasury 0.375% 2024		440		417
U.S. Treasury 1.50% 2024		5,058		4,939
U.S. Treasury 1.50% 2024		1,300		1,256
U.S. Treasury 2.50% 2024		995		986
U.S. Treasury 0.25% 2025		1,004		920
U.S. Treasury 0.375% 2025		50		46
U.S. Treasury 1.75% 2025		440		425
U.S. Treasury 2.875% 2025		1,031		1,027
U.S. Treasury 0.50% 2026		500		456
U.S. Treasury 0.625% 2026		500		453
U.S. Treasury 0.75% 2026		2,075		1,906
U.S. Treasury 0.875% 2026		500		457
U.S. Treasury 0.875% 2026		454		417
U.S. Treasury 1.125% 2026		1,000		922
U.S. Treasury 1.875% 2027		6,696		6,356
U.S. Treasury 2.25% 2027		298		287
U.S. Treasury 2.50% 2027		1,325		1,293
U.S. Treasury 2.75% 2027		10,830		10,683
U.S. Treasury 2.875% 2028		1,275		1,260
U.S. Treasury 2.875% 2028		557		550
U.S. Treasury 0.625% 2030		2,223		1,853
U.S. Treasury 0.625% 2030		650		538
U.S. Treasury 1.25% 2031		575		494
U.S. Treasury 1.375% 2031		834		723
U.S. Treasury 1.625% 2031		375		335
U.S. Treasury 1.875% 2032		3,109		2,813
U.S. Treasury 2.875% 2032		340		336
U.S. Treasury 1.875% 2041		920		719

144 American Funds Insurance Series

American Funds Global Balanced Fund (continued)

(formerly Global Balanced Fund)

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
U.S. Treasury bonds & notes (continued)
U.S. Treasury (continued)
U.S. Treasury 2.25% 2041	USD	525	$	436
U.S. Treasury 2.875% 2046		400		364
U.S. Treasury 1.25% 2050		140		89
U.S. Treasury 1.875% 20513		1,626		1,215
U.S. Treasury 2.00% 20513		2,396		1,844
U.S. Treasury 2.375% 2051		490		412
U.S. Treasury 2.25% 2052		765		627
				52,328
U.S. Treasury inflation-protected securities 0.52%
U.S. Treasury Inflation-Protected Security 0.125% 20244		804		812
U.S. Treasury Inflation-Protected Security 0.125% 20244		558		562
U.S. Treasury Inflation-Protected Security 0.375% 20274		357		355
U.S. Treasury Inflation-Protected Security 1.00% 20494		241		231
				1,960
Total U.S. Treasury bonds & notes				54,288
Bonds & notes of governments & government agencies outside the U.S. 14.07%
Abu Dhabi (Emirate of) 2.50% 20225		200		200
Abu Dhabi (Emirate of) 0.75% 20235		275		266
Agricultural Development Bank of China 3.75% 2029	CNY	550		86
Asian Development Bank 1.125% 2025	GBP	100		117
Australia (Commonwealth of), Series 159, 0.25% 2024	AUD	500		324
Australia (Commonwealth of), Series 139, 3.25% 2025		875		606
Australia (Commonwealth of), Series 152, 2.75% 2028		310		205
Australia (Commonwealth of), Series 163, 1.00% 2031		660		360
Australia (Commonwealth of), Series 166, 3.00% 2033		2,250		1,451
Austria (Republic of) 0% 2031	EUR	660		592
Brazil (Federative Republic of) 10.00% 2023	BRL	600		113
Brazil (Federative Republic of) 0% 2024		1,700		269
Brazil (Federative Republic of) 10.00% 2025		900		162
Canada 0.75% 2024	CAD	1,125		830
Canada 2.25% 2025		1,400		1,062
Canada 0.25% 2026		570		400
Canada 2.25% 2029		1,525		1,120
Chile (Republic of) 5.80% 2024	CLP	85,000		90
Chile (Republic of) 4.50% 2026		5,000		5
Chile (Republic of) 5.00% 2028		60,000		60
Chile (Republic of) 4.70% 2030		355,000		346
China (People’s Republic of), Series 1910, 3.86% 2049	CNY	2,110		343
China (People’s Republic of), Series INBK, 3.39% 2050		1,100		165
China (People’s Republic of), Series INBK, 3.81% 2050		11,200		1,808
China Development Bank Corp., Series 2008, 2.89% 2025		3,240		487
China Development Bank Corp., Series 2009, 3.39% 2027		10,400		1,588
China Development Bank Corp., Series 2004, 3.43% 2027		1,060		162
China Development Bank Corp., Series 1805, 4.88% 2028		2,040		334
Colombia (Republic of), Series B, 5.75% 2027	COP	2,331,300		445
Colombia (Republic of), Series B, 7.00% 2031		6,087,800		1,115
European Investment Bank 0.375% 2027	EUR	110		108
European Investment Bank 0.25% 2032		860		760
European Union 0% 2026		100		99
European Union 0.25% 2026		50		50
French Republic O.A.T. 0% 2030		1,320		1,194
French Republic O.A.T. 0% 2032		650		563
French Republic O.A.T. 3.25% 2045		160		192
Germany (Federal Republic of) 0% 2025		525		538
Germany (Federal Republic of) 0% 2027		1,510		1,507
Germany (Federal Republic of) 0% 2031		3,080		2,867

American Funds Insurance Series 145

American Funds Global Balanced Fund (continued)

(formerly Global Balanced Fund)

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Bonds & notes of governments & government agencies outside the U.S. (continued)
Germany (Federal Republic of) 0% 2032	EUR	540	$	497
Germany (Federal Republic of) 0% 2050		200		134
Greece (Hellenic Republic of) 3.45% 2024		320		346
Greece (Hellenic Republic of) 3.375% 2025		300		322
Greece (Hellenic Republic of) 1.75% 2032		725		644
Hungary (Republic of) 2.125% 20315	USD	460		357
Hungary (Republic of) 3.125% 20515		200		133
Hungary (Republic of), Series C, 1.00% 2025	HUF	43,000		90
India (Republic of) 5.15% 2025	INR	8,000		96
Indonesia (Republic of), Series 78, 8.25% 2029	IDR	4,301,000		307
Indonesia (Republic of), Series 82, 7.00% 2030		1,000,000		67
Indonesia (Republic of), Series 87, 6.50% 2031		1,253,000		80
Israel (State of) 2.875% 2024	EUR	200		213
Israel (State of) 1.50% 2027		100		100
Italy (Republic of) 1.35% 2030		660		615
Japan, Series 17, 0.10% 20234	JPY	10,690		81
Japan, Series 19, 0.10% 20244		31,020		236
Japan, Series 18, 0.10% 20244		21,240		161
Japan, Series 150, 0.005% 2026		84,950		626
Japan, Series 21, 0.10% 20264		41,385		320
Japan, Series 346, 0.10% 2027		134,150		993
Japan, Series 22, 0.10% 20274		25,941		204
Japan, Series 24, 0.10% 20294		26,043		203
Japan, Series 365, 0.10% 2031		317,600		2,311
Japan, Series 363, 0.10% 2031		56,000		407
Japan, Series 152, 1.20% 2035		264,400		2,118
Japan, Series 179, 0.50% 2041		71,600		492
Japan, Series 42, 1.70% 2044		50,150		423
Japan, Series 37, 0.60% 2050		26,950		171
Japan, Series 70, 0.70% 2051		60,350		391
Japan, Series 73, 0.70% 2051		7,000		45
Japan, Series 74, 1.00% 2052		130,700		913
KfW 1.125% 2025	GBP	95		111
Malaysia (Federation of), Series 0119, 3.906% 2026	MYR	1,380		313
Malaysia (Federation of), Series 0219, 3.885% 2029		620		137
Malaysia (Federation of), Series 0419, 3.828% 2034		90		19
Malaysia (Federation of), Series 0418, 4.893% 2038		300		69
Malaysia (Federation of), Series 0519, 3.757% 2040		1,450		287
Malaysia (Federation of), Series 0216, 4.736% 2046		409		90
Malaysia (Federation of), Series 0518, 4.921% 2048		1,078		242
Morocco (Kingdom of) 3.50% 2024	EUR	100		104
Morocco (Kingdom of) 1.50% 2031		100		70
Netherlands (Kingdom of the) 5.50% 2028		100		128
Nova Scotia (Province of) 3.15% 2051	CAD	170		108
Peru (Republic of) 2.392% 2026	USD	90		84
Philippines (Republic of) 0.001% 2024	JPY	100,000		731
Philippines (Republic of) 0.25% 2025	EUR	100		98
Philippines (Republic of) 1.648% 2031	USD	200		161
Poland (Republic of), Series 0725, 3.25% 2025	PLN	1,900		377
Poland (Republic of), Series 1029, 2.75% 2029		410		70
Portuguese Republic 0.475% 2030	EUR	230		211
Romania 2.125% 2028		130		112
Romania 3.624% 2030		615		528
Romania 2.00% 2032		100		72
Romania 2.00% 2033		200		136
Romania 3.50% 2034		65		50
Romania 3.75% 2034		130		103
Romania 3.375% 2038		80		56
Romania 4.625% 2049		39		29

146 American Funds Insurance Series

American Funds Global Balanced Fund (continued)

(formerly Global Balanced Fund)

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Bonds & notes of governments & government agencies outside the U.S. (continued)
Romania 3.375% 2050	EUR	73	$	46
Russian Federation 7.00% 2023	RUB	16,600		27
Russian Federation 2.875% 2025	EUR	200		56
Russian Federation 4.25% 20276	USD	200		55
Russian Federation 4.375% 2029		200		47
Russian Federation 6.90% 20296	RUB	28,250		46
Russian Federation 7.65% 20306		38,320		63
Russian Federation 5.90% 20316		5,620		9
Russian Federation 6.90% 2031		18,200		30
Russian Federation 8.50% 20316		5,530		9
Russian Federation 7.70% 20336		23,030		38
Russian Federation 7.25% 20346		8,140		13
Serbia (Republic of) 3.125% 2027	EUR	640		589
Serbia (Republic of) 3.125% 2027		385		354
Serbia (Republic of) 2.05% 2036		185		115
South Africa (Republic of), Series R-2030, 8.00% 2030	ZAR	3,000		160
South Korea (Republic of), Series 2209, 2.00% 2022	KRW	560,000		431
Spain (Kingdom of) 0.80% 2027	EUR	490		490
Spain (Kingdom of) 0.50% 2031		325		288
Spain (Kingdom of) 0.70% 2032		830		739
Tunisia (Republic of) 6.75% 2023		260		190
Tunisia (Republic of) 6.75% 2023		150		110
Ukraine 6.876% 20295	USD	250		62
Ukraine 6.876% 2029		200		50
United Kingdom 1.75% 2022	GBP	280		341
United Kingdom 2.75% 2024		50		62
United Kingdom 1.25% 2027		410		483
United Kingdom 0.375% 2030		490		518
United Kingdom 0.25% 2031		770		786
United Kingdom 4.25% 2032		1,475		2,112
United Kingdom 0.625% 2035		155		148
United Kingdom 3.25% 2044		250		334
United Kingdom 0.625% 2050		95		71
United Kingdom 1.25% 2051		164		146
United Mexican States, Series M, 5.75% 2026	MXN	18,200		805
United Mexican States, Series M, 7.50% 2027		21,950		1,021
United Mexican States, Series M, 7.75% 2031		5,000		229
United Mexican States, Series M, 8.00% 2047		4,000		178
				52,832
Corporate bonds, notes & loans 5.39%
Financials 1.59%
ACE INA Holdings, Inc. 2.875% 2022	USD	10		10
ACE INA Holdings, Inc. 3.35% 2026		10		10
ACE INA Holdings, Inc. 4.35% 2045		20		19
Allianz SE 4.75% perpetual bonds (3-month EUR-EURIBOR + 3.60% on 10/24/2023)7	EUR	100		105
Bank of America Corp. 0.976% 2025 (USD-SOFR + 0.69% on 4/22/2024)7	USD	200		188
Bank of America Corp. 1.319% 2026 (USD-SOFR + 1.15% on 6/19/2025)7		500		455
Bank of America Corp. 1.734% 2027 (USD-SOFR + 0.96% on 7/22/2026)7		160		143
Bank of America Corp. 3.419% 2028 (3-month USD-LIBOR + 1.04% on 12/20/2027)7		236		220
Bank of America Corp. 2.496% 2031 (3-month USD-LIBOR + 0.99% on 2/13/2030)7		20		17
Citigroup, Inc. 0.981% 2025 (USD-SOFR + 0.669% on 5/1/2024)7		103		97
Citigroup, Inc. 3.106% 2026 (USD-SOFR + 2.842% on 3/8/2026)7		175		168
Citigroup, Inc. 1.462% 2027 (USD-SOFR + 0.67% on 6/9/2026)7		310		275
Citigroup, Inc. 3.07% 2028 (USD-SOFR + 1.28% on 2/24/2027)7		110		102
Citigroup, Inc. 4.91% 2033 (USD-SOFR + 2.086% on 5/24/2032)7		29		29
Commonwealth Bank of Australia 2.688% 20315		225		183
Corebridge Financial, Inc. 3.90% 20325		59		53

American Funds Insurance Series 147

American Funds Global Balanced Fund (continued)

(formerly Global Balanced Fund)

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Corporate bonds, notes & loans (continued)
Financials (continued)
Goldman Sachs Group, Inc. 2.905% 2023 (3-month USD-LIBOR + 0.99% on 7/24/2022)7	USD	130	$	130
Goldman Sachs Group, Inc. 3.50% 2025		207		203
Goldman Sachs Group, Inc. 2.615% 2032 (USD-SOFR + 1.281% on 4/22/2031)7		130		108
Goldman Sachs Group, Inc. 1.00% 20335	EUR	210		165
Goldman Sachs Group, Inc. 4.017% 2038 (3-month USD-LIBOR + 1.373% on 10/31/2037)7	USD	78		68
Groupe BPCE SA 5.70% 20235		200		203
Groupe BPCE SA 1.00% 2025	EUR	100		100
HSBC Holdings PLC 4.292% 2026 (3-month USD-LIBOR + 1.348% on 9/12/2025)7	USD	200		196
Intercontinental Exchange, Inc. 4.00% 2027		390		384
JPMorgan Chase & Co. 3.25% 2022		28		28
JPMorgan Chase & Co. 1.578% 2027 (USD-SOFR + 0.885% on 4/22/2026)7		186		166
JPMorgan Chase & Co. 4.493% 2031 (USD-SOFR + 3.79% on 3/24/2030)7		160		156
Morgan Stanley 0.985% 2026 (USD-SOFR + 0.72% on 12/10/2025)7		200		178
Morgan Stanley 3.125% 2026		110		105
Morgan Stanley 1.593% 2027 (USD-SOFR + 0.879% on 5/4/2026)7		126		112
Morgan Stanley 2.699% 2031 (USD-SOFR + 1.143% on 1/22/2030)7		72		62
Morgan Stanley 2.95% 2032 (3-month EUR-EURIBOR +1.245% on 5/7/2031)7	EUR	510		507
New York Life Insurance Company 3.75% 20505	USD	23		19
Nordea Bank AB 3.60% 20255		200		198
PNC Financial Services Group, Inc. 2.854% 20227		100		100
Royal Bank of Canada 1.20% 2026		175		158
Wells Fargo & Company 2.393% 2028 (USD-SOFR + 2.10% on 6/2/2027)7		400		359
Wells Fargo & Company 3.526% 2028 (USD-SOFR + 1.51% on 3/24/2027)7		210		199
				5,978
Utilities 0.74%
Alabama Power Co. 3.00% 2052		250		184
CMS Energy Corp. 3.00% 2026		150		144
Duke Energy Carolinas, LLC 3.05% 2023		280		280
Duke Energy Progress, LLC 3.70% 2028		75		73
Edison International 4.125% 2028		160		149
Enel Finance International SA 1.875% 20285		200		168
Enersis Américas SA 4.00% 2026		35		34
Exelon Corp. 3.40% 2026		150		146
FirstEnergy Corp. 3.50% 20285		35		33
Florida Power & Light Company 2.875% 2051		120		89
Interstate Power and Light Co. 2.30% 2030		50		43
NextEra Energy Capital Holdings, Inc. 2.75% 2029		232		205
Niagara Mohawk Power Corp. 3.508% 20245		85		83
Pacific Gas and Electric Co. 2.95% 2026		25		23
Pacific Gas and Electric Co. 2.10% 2027		100		84
Pacific Gas and Electric Co. 3.00% 2028		140		121
Pacific Gas and Electric Co. 4.65% 2028		114		106
Pacific Gas and Electric Co. 4.55% 2030		31		27
Pacific Gas and Electric Co. 2.50% 2031		600		459
Pacific Gas and Electric Co. 3.25% 2031		50		40
Pacific Gas and Electric Co. 3.50% 2050		137		92
Xcel Energy, Inc. 3.35% 2026		216		209
				2,792
Communication services 0.60%
AT&T, Inc. 2.75% 2031		375		324
AT&T, Inc. 2.55% 2033		64		52
Comcast Corp. 0% 2026	EUR	100		95
Comcast Corp. 0.25% 2029		100		87
Deutsche Telekom International Finance BV 9.25% 2032	USD	45		60
KT Corp. 0.22% 2022	JPY	100,000		737

148 American Funds Insurance Series

American Funds Global Balanced Fund (continued)

(formerly Global Balanced Fund)

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Corporate bonds, notes & loans (continued)
Communication services (continued)
Magallanes, Inc. 5.05% 20425	USD	168	$	143
Orange SA 9.00% 20317		65		84
T-Mobile US, Inc. 2.05% 2028		200		174
Verizon Communications, Inc. 0.375% 2029	EUR	140		125
Verizon Communications, Inc. 2.55% 2031	USD	325		278
Verizon Communications, Inc. 0.75% 2032	EUR	100		83
				2,242
Consumer discretionary 0.59%
Amazon.com, Inc. 2.80% 2024	USD	45		45
Amazon.com, Inc. 1.20% 2027		50		44
Bayerische Motoren Werke AG 3.90% 20255		70		70
Bayerische Motoren Werke AG 4.15% 20305		70		69
Daimler Trucks Finance North America, LLC 3.65% 20275		150		144
General Motors Financial Co. 1.05% 2024		116		110
General Motors Financial Co. 2.40% 2028		150		127
Hyundai Capital America 3.25% 20225		65		65
Hyundai Capital America 1.50% 20265		250		221
Hyundai Capital America 2.375% 20275		109		96
Hyundai Capital Services, Inc. 3.75% 20235		250		250
Royal Caribbean Cruises, Ltd. 11.50% 20255		142		146
Royal Caribbean Cruises, Ltd. 5.50% 20285		130		91
Stellantis Finance US, Inc. 2.691% 20315		200		159
Stellantis NV 1.25% 2033	EUR	500		366
Toyota Motor Credit Corp. 3.375% 2030	USD	33		31
Volkswagen International Finance NV 4.375% junior subordinated perpetual bonds (9-year EUR Mid-Swap + 3.36% on 3/28/2031)7	EUR	200		169
				2,203
Energy 0.49%
Canadian Natural Resources, Ltd. 2.95% 2030	USD	161		142
Enbridge, Inc. 4.25% 2026		70		69
Enbridge, Inc. 3.70% 2027		45		43
Enbridge, Inc. 3.40% 2051		39		29
Energy Transfer Operating LP 5.00% 2050		136		116
Halliburton Company 3.80% 2025		2		2
Kinder Morgan, Inc. 4.30% 2025		165		164
Kinder Morgan, Inc. 3.60% 2051		120		89
MPLX LP 2.65% 2030		75		63
MPLX LP 5.50% 2049		215		200
Petróleos Mexicanos 7.47% 2026	MXN	5,330		231
Petróleos Mexicanos 5.95% 2031	USD	161		118
Petróleos Mexicanos 6.75% 2047		38		24
Qatar Petroleum 3.125% 20415		270		213
Statoil ASA 3.70% 2024		50		50
TransCanada Corp. 5.875% 2076 (3-month USD-LIBOR + 4.64% on 8/15/2026)7		288		274
				1,827
Industrials 0.37%
Boeing Company 4.508% 2023		400		401
Canadian Pacific Railway, Ltd. 3.10% 2051		164		121
Carrier Global Corp. 2.242% 2025		6		6
Carrier Global Corp. 2.493% 2027		7		6
CSX Corp. 3.80% 2050		6		5
CSX Corp. 2.50% 2051		75		51
General Electric Capital Corp. 4.418% 2035		200		187
Lima Metro Line 2 Finance, Ltd. 5.875% 20345		97		96

American Funds Insurance Series 149

American Funds Global Balanced Fund (continued)

(formerly Global Balanced Fund)

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Corporate bonds, notes & loans (continued)
Industrials (continued)
MISC Capital Two (Labuan), Ltd. 3.75% 20275	USD	200	$	188
Singapore Airlines, Ltd. 3.375% 2029		200		182
United Technologies Corp. 4.125% 2028		170		168
				1,411
Health care 0.30%
Aetna, Inc. 2.80% 2023		10		10
Amgen, Inc. 1.90% 2025		40		38
Amgen, Inc. 2.20% 2027		30		28
AstraZeneca Finance, LLC 2.25% 2031		69		60
AstraZeneca PLC 3.50% 2023		150		150
Becton, Dickinson and Company 3.734% 2024		10		10
Becton, Dickinson and Company 3.70% 2027		43		42
Becton, Dickinson and Company 2.823% 2030		28		25
Cigna Corp. 4.125% 2025		80		80
EMD Finance, LLC 3.25% 20255		250		246
Stryker Corp. 0.75% 2029	EUR	210		188
Takeda Pharmaceutical Company, Ltd. 2.25% 2026		100		103
UnitedHealth Group, Inc. 4.00% 2029	USD	135		134
				1,114
Information technology 0.27%
Broadcom, Inc. 3.15% 2025		17		16
Broadcom, Inc. 4.00% 20295		42		39
Broadcom, Inc. 4.15% 2030		70		64
Broadcom, Inc. 3.419% 20335		53		44
Lenovo Group, Ltd. 5.875% 2025		269		277
Mastercard, Inc. 2.00% 2031		102		86
Microsoft Corp. 2.40% 2026		187		180
Oracle Corp. 2.65% 2026		216		200
PayPal Holdings, Inc. 4.40% 2032		99		98
				1,004
Consumer staples 0.23%
Altria Group, Inc. 2.20% 2027	EUR	270		255
Anheuser-Busch InBev NV 4.00% 2028	USD	100		99
Anheuser-Busch InBev NV 4.75% 2029		220		224
British American Tobacco PLC 3.215% 2026		62		58
British American Tobacco PLC 3.557% 2027		105		96
British American Tobacco PLC 4.70% 2027		67		66
British American Tobacco PLC 3.462% 2029		75		64
				862
Real estate 0.19%
American Campus Communities, Inc. 3.75% 2023		100		100
American Campus Communities, Inc. 4.125% 2024		90		90
American Tower Corp. 0.875% 2029	EUR	250		213
Equinix, Inc. 2.15% 2030	USD	197		160
Essex Portfolio LP 3.50% 2025		120		118
Essex Portfolio LP 3.375% 2026		40		39
				720
Materials 0.02%
Vale Overseas, Ltd. 3.75% 2030		94		83
Total corporate bonds, notes & loans				20,236

150 American Funds Insurance Series

American Funds Global Balanced Fund (continued)

(formerly Global Balanced Fund)

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Mortgage-backed obligations 2.39%
Federal agency mortgage-backed obligations 1.32%
Fannie Mae Pool #FM7100 3.50% 20508	USD	379	$	370
Government National Mortgage Assn. 3.50% 20528,9		1,300		1,262
Uniform Mortgage-Backed Security 2.50% 20528,9		990		890
Uniform Mortgage-Backed Security 4.00% 20528,9		1,145		1,125
Uniform Mortgage-Backed Security 4.50% 20528,9		1,267		1,269
Uniform Mortgage-Backed Security 4.50% 20528,9		33		33
				4,949
Other mortgage-backed securities 1.07%
Nordea Kredit 0.50% 20408	DKK	1,666		192
Nykredit Realkredit AS, Series 01E, 1.50% 20378		520		67
Nykredit Realkredit AS, Series 01E, 0.50% 20408		7,444		856
Nykredit Realkredit AS, Series 01E, 1.50% 20408		1,320		168
Nykredit Realkredit AS, Series 01E, 0.50% 20438		20,999		2,393
Nykredit Realkredit AS, Series 01E, 0.50% 20508		1,391		147
Nykredit Realkredit AS, Series CCE, 1.00% 20508		599		66
Nykredit Realkredit AS, Series 01E, 1.00% 20538		876		96
Realkredit Danmark AS 1.00% 20538		197		22
				4,007
Total mortgage-backed obligations				8,956
Asset-backed obligations 0.43%
AmeriCredit Automobile Receivables Trust, Series 2022-2, Class A2B, (30-day Average USD-SOFR + 1.15%) 1.927% 20258,10	USD	230		230
Exeter Automobile Receivables Trust, Series 2022-3A, Class A2, 3.45% 20248		98		98
Ford Credit Auto Owner Trust, Series 2022-B, Class A2B, (30-day Average USD-SOFR + 0.60%) 1.252% 20258,10		116		116
Nissan Auto Lease Trust, Series 2021-A, Class A3, 0.52% 20248		302		293
Nissan Auto Lease Trust, Series 2022-A, Class A2B, (30-day Average USD-SOFR + 0.60%) 1.113% 20248,10		300		295
Verizon Master Trust, Series 2022-3, Class A, 3.01% 2027 (3.76% on 11/20/2023)7,8		250		248
Volkswagen Auto Lease Trust, Series 2022-A, Class A2, 3.02% 20248		167		166
Westlake Automobile Receivables Trust, Series 2022-2A, Class A2A, 3.36% 20255,8		182		181
				1,627
Municipals 0.04%
Ohio 0.02%
Turnpike and Infrastructure Commission, Turnpike Rev. Ref. Bonds (Infrastructure Projects), Series 2020-A, 3.216% 2048		100		78
Texas 0.02%
Grand Parkway Transportation Corp., Grand Parkway System Toll Rev. Ref. Bonds, Series 2020-B, 3.236% 2052		80		65
Total municipals				143
Total bonds, notes & other debt instruments (cost: $153,808,000)				138,082
Short-term securities 6.46%		Shares
Money market investments 3.11%
Capital Group Central Cash Fund 1.38%11,12		116,695		11,667

American Funds Insurance Series 151

American Funds Global Balanced Fund (continued)

(formerly Global Balanced Fund)

Short-term securities (continued)	Weighted average yield at acquisition			Principal amount (000)		Value (000)
U.S. Treasury bills 2.39%
U.S. Treasury 7/21/2022		0.804	%	USD	9,000	$	8,995
					Shares
Money market investments purchased with collateral from securities on loan 0.96%
Capital Group Central Cash Fund 1.38%11,12,13					10,218		1,021
Goldman Sachs Financial Square Government Fund, Institutional Shares 1.39%11,13					539,399		540
BlackRock Liquidity Funds – FedFund, Institutional Shares 1.32%11,13					510,806		511
Invesco Short-Term Investments Trust – Government & Agency Portfolio, Institutional Class 1.38%11,13					510,805		511
Morgan Stanley Institutional Liquidity Funds – Government Portfolio, Institutional Class 1.38%11,13					510,805		511
State Street Institutional U.S. Government Money Market Fund, Institutional Class 1.40%11,13					510,805		511
							3,605
Total short-term securities (cost: $24,267,000)							24,267
Total investment securities 101.70% (cost: $389,065,000)							381,846
Other assets less liabilities (1.70)%							(6,368	)
Net assets 100.00%						$	375,478

Futures contracts

Contracts	Type	Number of contracts	Expiration	Notional amount (000)			Value and unrealized appreciation (depreciation) at 6/30/2022 (000)
2 Year U.S. Treasury Note Futures	Short	1	September 2022	USD	(210	)		$	1
5 Year Euro-Bobl Futures	Long	29	September 2022		3,774				(39	)
5 Year U.S. Treasury Note Futures	Long	7	September 2022		786				8
10 Year Euro-Bund Futures	Long	11	September 2022		1,715				(18	)
10 Year Italy Government Bond Futures	Short	11	September 2022		(1,419	)			24
10 Year Japanese Government Bond Futures	Short	2	September 2022		(2,191	)			(14	)
10 Year Australian Treasury Bond Futures	Long	4	September 2022		328				2
10 Year Ultra U.S. Treasury Note Futures	Short	1	September 2022		(127	)			2
10 Year U.S. Treasury Note Futures	Short	9	September 2022		(1,067	)			(1	)
10 Year UK Gilt Futures	Short	2	September 2022		(277	)			11
20 Year U.S. Treasury Bond Futures	Long	2	September 2022		277				(3	)
30 Year Ultra U.S. Treasury Bond Futures	Long	2	September 2022		309				(7	)
								$	(34	)

152 American Funds Insurance Series

American Funds Global Balanced Fund (continued)

(formerly Global Balanced Fund)

Forward currency contracts

Contract amount						Unrealized appreciation (depreciation)
Currency purchased (000)		Currency sold (000)		Counterparty	Settlement date	at 6/30/2022 (000)
USD	287	NZD	440	Bank of America	7/11/2022		$	12
USD	413	GBP	330	Barclays Bank PLC	7/11/2022			11
USD	226	MXN	4,470	Bank of America	7/11/2022			4
HUF	204,710	EUR	514	Bank of America	7/11/2022			2
EUR	140	USD	146	Bank of America	7/11/2022			1
USD	168	EUR	160	BNP Paribas	7/11/2022			1
EUR	2,560	DKK	19,040	Bank of America	7/11/2022			—	14
EUR	200	USD	210	JPMorgan Chase	7/11/2022			—	14
JPY	86,760	USD	640	BNP Paribas	7/11/2022			—	14
EUR	120	USD	127	Bank of New York Mellon	7/11/2022			(1	)
JPY	76,090	USD	562	BNP Paribas	7/11/2022			(1	)
MXN	1,517	USD	77	Bank of America	7/11/2022			(2	)
EUR	120	USD	129	JPMorgan Chase	7/11/2022			(3	)
SEK	1,270	USD	130	Bank of America	7/11/2022			(6	)
CAD	900	USD	713	HSBC Bank	7/11/2022			(14	)
EUR	4,552	USD	4,868	Standard Chartered Bank	7/11/2022			(95	)
JPY	637,220	USD	4,934	BNP Paribas	7/11/2022			(234	)
USD	352	COP	1,337,640	Citibank	7/12/2022			31
KRW	1,261,900	USD	1,015	Bank of America	7/12/2022			(36	)
USD	1,593	MYR	7,000	Bank of America	7/14/2022			1
MYR	2,865	USD	651	Standard Chartered Bank	7/14/2022			1
MYR	1,430	USD	325	HSBC Bank	7/14/2022			—	14
MYR	1,090	USD	248	Standard Chartered Bank	7/14/2022			—	14
MYR	815	USD	185	HSBC Bank	7/14/2022			—	14
USD	239	CNH	1,600	UBS AG	7/27/2022			—	14
USD	687	AUD	960	Citibank	7/29/2022			24
USD	525	AUD	740	Morgan Stanley	7/29/2022			14
AUD	340	USD	235	HSBC Bank	7/29/2022			—	14
AUD	960	USD	681	Morgan Stanley	7/29/2022			(18	)
PLN	4,260	USD	922	Citibank	2/2/2023			1
USD	420	PLN	1,940	Citibank	2/2/2023			(1	)
PLN	1,940	USD	468	BNP Paribas	2/2/2023			(48	)
							$	(356	)

Swap contracts

Interest rate swaps

Centrally cleared interest rate swaps

Receive		Pay			Notional		Value at				Upfront premium			Unrealized (depreciation) appreciation
Rate	Payment frequency	Rate	Payment frequency	Expiration date	amount (000)		6/30/2022 (000)				paid (000)			at 6/30/2022 (000)
1.2475%	Semi-annual	3-month NZD-BBR-FRA	Quarterly	8/20/2023		NZD  375		$	(7	)		$	—		$	(7	)
1.234974%	Semi-annual	3-month NZD-BBR-FRA	Quarterly	8/20/2023		3,197			(58	)			—			(58	)
1.2375%	Semi-annual	3-month NZD-BBR-FRA	Quarterly	8/26/2023		1,178			(22	)			—			(22	)
1.264%	Semi-annual	3-month NZD-BBR-FRA	Quarterly	8/27/2023		2,945			(54	)			—			(54	)
1.26%	Semi-annual	3-month NZD-BBR-FRA	Quarterly	8/30/2023		486			(9	)			—			(9	)
1.28%	Semi-annual	3-month NZD-BBR-FRA	Quarterly	8/31/2023		486			(9	)			—			(9	)
1.30%	Semi-annual	3-month NZD-BBR-FRA	Quarterly	9/3/2023		533			(10	)			—			(10	)
1.4975%	Semi-annual	3-month NZD-BBR-FRA	Quarterly	9/21/2023		1,001			(18	)			—			(18	)

American Funds Insurance Series 153

American Funds Global Balanced Fund (continued)

(formerly Global Balanced Fund)

Swap contracts (continued)

Interest rate swaps (continued)

Centrally cleared interest rate swaps (continued)

Receive		Pay			Notional		Value at				Upfront premium			Unrealized (depreciation) appreciation
Rate	Payment frequency	Rate	Payment frequency	Expiration date	amount (000)		6/30/2022 (000)				paid (000)			at 6/30/2022 (000)
1.445%	Semi-annual	3-month NZD-BBR-FRA	Quarterly	9/28/2023	NZD	1,000		$	(19	)		$	—		$	(19	)
1.4475%	Semi-annual	3-month NZD-BBR-FRA	Quarterly	9/29/2023		1,019			(19	)			—			(19	)
1.4475%	Semi-annual	3-month NZD-BBR-FRA	Quarterly	9/30/2023		1,023			(19	)			—			(19	)
1.5125%	Semi-annual	3-month NZD-BBR-FRA	Quarterly	10/14/2023		904			(17	)			—			(17	)
1.53%	Semi-annual	3-month NZD-BBR-FRA	Quarterly	10/14/2023		1,031			(19	)			—			(19	)
1.5625%	Semi-annual	3-month NZD-BBR-FRA	Quarterly	10/15/2023		1,029			(19	)			—			(19	)
1.59%	Semi-annual	3-month NZD-BBR-FRA	Quarterly	10/18/2023		1,029			(19	)			—			(19	)
1.62%	Semi-annual	3-month NZD-BBR-FRA	Quarterly	10/19/2023		1,144			(21	)			—			(21	)
3.7697%	Semi-annual	3-month NZD-BBR-FRA	Quarterly	11/6/2023		5,500			(7	)			—			(7	)
2.24%	Semi-annual	3-month NZD-BBR-FRA	Quarterly	11/8/2023		1,463			(20	)			—			(20	)
2.2525%	Semi-annual	3-month NZD-BBR-FRA	Quarterly	11/8/2023		1,463			(20	)			—			(20	)
2.20%	Semi-annual	3-month NZD-BBR-FRA	Quarterly	11/9/2023		123			(2	)			—			(2	)
2.495%	Annual	SONIA	Annual	5/5/2024	GBP	3,050			(14	)			—			(14	)
2.42%	Annual	SONIA	Annual	5/5/2024		6,100			(33	)			—			(33	)
2.9588%	Annual	SONIA	Annual	6/9/2024		4,180			5				—			5
6.59%	28-day	28-day MXN-TIIE	28-day	6/25/2026	MXN	2,000			(8	)			—			(8	)
6.585%	28-day	28-day MXN-TIIE	28-day	6/25/2026		2,600			(11	)			—			(11	)
6.64%	28-day	28-day MXN-TIIE	28-day	6/25/2026		3,200			(13	)			—			(13	)
6.6175%	28-day	28-day MXN-TIIE	28-day	6/25/2026		8,600			(36	)			—			(36	)
6.633%	28-day	28-day MXN-TIIE	28-day	6/25/2026		8,900			(37	)			—			(37	)
6.58%	28-day	28-day MXN-TIIE	28-day	6/25/2026		11,300			(47	)			—			(47	)
7.59%	28-day	28-day MXN-TIIE	28-day	10/29/2026		2,500			(7	)			—			(7	)
7.62%	28-day	28-day MXN-TIIE	28-day	10/29/2026		3,701			(9	)			—			(9	)
7.66%	28-day	28-day MXN-TIIE	28-day	10/29/2026		6,100			(15	)			—			(15	)
7.64%	28-day	28-day MXN-TIIE	28-day	10/29/2026		6,000			(15	)			—			(15	)
7.52%	28-day	28-day MXN-TIIE	28-day	10/30/2026		7,639			(21	)			—			(21	)
9.07%	28-day	28-day MXN-TIIE	28-day	4/28/2027		20,400			2				—			2
								$	(647	)		$	—		$	(647	)

Credit default swaps

Centrally cleared credit default swaps on credit indices — sell protection

Financing rate received	Payment frequency	Reference index	Expiration date	Notional amount (000)	Value at 6/30/2022 (000)				Upfront premium paid (000)			Unrealized depreciation at 6/30/2022 (000)
1.00%	Quarterly	CDX.NA.IG.38	6/20/2027	USD8,652		$	(4	)		$	76		$	(80	)

154 American Funds Insurance Series

American Funds Global Balanced Fund (continued)

(formerly Global Balanced Fund)

Investments in affiliates¹²

	Value of affiliates at 1/1/2022 (000)		Additions (000)			Reductions (000)		Net realized loss (000)			Net unrealized appreciation (000)			Value of affiliates at 6/30/2022 (000)		Dividend income (000)
Short-term securities 3.38%
Money market investments 3.11%
Capital Group Central Cash Fund 1.38%11	$	1,127	$	91,279		$	80,737	$	(2	)	$	—	14	$	11,667		$	41
Money market investments purchased with collateral from securities on loan 0.27%
Capital Group Central Cash Fund 1.38%11,13		—		1,021	15										1,021			—	16
Total short-term securities															12,688
Total 3.38%								$	(2	)	$	—	14	$	12,688		$	41

1	All or a portion of this security was on loan. The total value of all such securities was $3,814,000, which represented 1.02% of the net assets of the fund. Refer to Note 5 for more information on securities lending.
2	Security did not produce income during the last 12 months.
3	All or a portion of this security was pledged as collateral. The total value of pledged collateral was $839,000, which represented .22% of the net assets of the fund.
4	Index-linked bond whose principal amount moves with a government price index.
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 $4,584,000, which represented 1.22% of the net assets of the fund.
6	Scheduled interest and/or principal payment was not received.
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	Purchased on a TBA basis.
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	Rate represents the seven-day yield at 6/30/2022.
12	Part of the same “group of investment companies” as the fund as defined under the Investment Company Act of 1940, as amended.
13	Security purchased with cash collateral from securities on loan. Refer to Note 5 for more information on securities lending.
14	Amount less than one thousand.
15	Represents net activity. Refer to Note 5 for more information on securities lending.
16	Dividend income is included with securities lending income in the fund’s statement of operations and is not shown in this table.

Key to abbreviations

ADR = American Depositary Receipts

Assn. = Association

AUD = Australian dollars

BBR = Bank Base Rate

BRL = Brazilian reais

CAD = Canadian dollars

CDI = CREST Depository Interest

CLP = Chilean pesos

CNH = Chinese yuan renminbi

CNY = Chinese yuan

COP = Colombian pesos

DKK = Danish kroner

EUR = Euros

EURIBOR = Euro Interbank Offered Rate

FRA = Forward Rate Agreement

GBP = British pounds

HUF = Hungarian forints

IDR = Indonesian rupiah

INR = Indian rupees

JPY = Japanese yen

KRW = South Korean won

LIBOR = London Interbank Offered Rate

MXN = Mexican pesos

MYR = Malaysian ringgits

NZD = New Zealand dollars

PLN = Polish zloty

Ref. = Refunding

REIT = Real Estate Investment Trust

Rev. = Revenue

RUB = Russian rubles

SEK = Swedish kronor

SOFR = Secured Overnight Financing Rate

SONIA = Sterling Overnight Interbank Average Rate

TBA = To be announced

TIIE = Equilibrium Interbank Interest Rate

USD = U.S. dollars

ZAR = South African rand

Refer to the notes to financial statements.

American Funds Insurance Series 155

The Bond Fund of America

Investment portfolio June 30, 2022 unaudited

Bonds, notes & other debt instruments 97.74%	Principal amount (000)		Value (000)
U.S. Treasury bonds & notes 34.45%
U.S. Treasury 18.89%
U.S. Treasury 0.125% 2023	USD	39,035	$	38,075
U.S. Treasury 0.25% 2024		40,500		38,405
U.S. Treasury 0.375% 2024		42,000		39,846
U.S. Treasury 0.375% 2024		23,504		22,441
U.S. Treasury 0.375% 2024		15,740		14,856
U.S. Treasury 2.125% 2024		72,100		70,764
U.S. Treasury 2.50% 2024		35,000		34,691
U.S. Treasury 2.50% 2024		22,390		22,199
U.S. Treasury 0.375% 2025		114,120		103,990
U.S. Treasury 2.875% 20251		96,200		95,793
U.S. Treasury 2.875% 2025		72,100		71,811
U.S. Treasury 2.875% 2025		6,866		6,842
U.S. Treasury 0.375% 2026		40,000		36,369
U.S. Treasury 0.75% 2026		26,766		24,364
U.S. Treasury 0.75% 2026		20,625		18,872
U.S. Treasury 1.375% 20261		45,000		42,060
U.S. Treasury 0.50% 2027		125,625		111,178
U.S. Treasury 0.50% 2027		70,675		62,018
U.S. Treasury 2.25% 20271		120,200		115,235
U.S. Treasury 2.25% 20271		72,100		69,515
U.S. Treasury 2.625% 2027		15,056		14,770
U.S. Treasury 6.125% 2027		24,000		27,583
U.S. Treasury 1.25% 2028		79,480		71,576
U.S. Treasury 2.75% 2029		44,840		43,940
U.S. Treasury 1.625% 2031		1,630		1,455
U.S. Treasury 2.875% 2032		31,925		31,545
U.S. Treasury 1.125% 2040		124,213		86,191
U.S. Treasury 1.375% 2040		40,000		28,701
U.S. Treasury 1.875% 2041		79,700		62,288
U.S. Treasury 2.00% 2041		247		195
U.S. Treasury 2.375% 2042		14,871		12,557
U.S. Treasury 3.00% 20491		123,340		117,155
U.S. Treasury 1.25% 20501		21,285		13,483
U.S. Treasury 1.875% 2051		4,670		3,490
U.S. Treasury 2.00% 2051		1,587		1,221
U.S. Treasury 2.25% 20521		628,814		515,222
U.S. Treasury 2.875% 2052		1,320		1,241
				2,071,937
U.S. Treasury inflation-protected securities 15.56%
U.S. Treasury Inflation-Protected Security 0.125% 20222		6,799		6,825
U.S. Treasury Inflation-Protected Security 0.125% 20232		200,073		203,596
U.S. Treasury Inflation-Protected Security 0.375% 20232		6,377		6,493
U.S. Treasury Inflation-Protected Security 0.625% 20232		83,356		84,819
U.S. Treasury Inflation-Protected Security 0.125% 20242		351,896		355,487
U.S. Treasury Inflation-Protected Security 0.125% 20242		123,409		124,212
U.S. Treasury Inflation-Protected Security 0.50% 20242		72,952		74,002
U.S. Treasury Inflation-Protected Security 0.625% 20242		232,229		236,077
U.S. Treasury Inflation-Protected Security 0.125% 20252		87,139		87,082
U.S. Treasury Inflation-Protected Security 0.125% 20252		41,070		41,092
U.S. Treasury Inflation-Protected Security 0.25% 20252		27,421		27,592
U.S. Treasury Inflation-Protected Security 0.375% 20252		103,865		104,894
U.S. Treasury Inflation-Protected Security 0.125% 20262		33,471		33,153
U.S. Treasury Inflation-Protected Security 0.125% 20262		17,486		17,342
U.S. Treasury Inflation-Protected Security 0.125% 20262		12,968		12,844
U.S. Treasury Inflation-Protected Security 0.625% 20262		3,201		3,238
U.S. Treasury Inflation-Protected Security 0.125% 20272		83,953		82,613
U.S. Treasury Inflation-Protected Security 0.375% 20271,2		83,283		83,036
U.S. Treasury Inflation-Protected Security 0.50% 20281,2		87,889		87,363

156 American Funds Insurance Series

The Bond Fund of America (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
U.S. Treasury bonds & notes (continued)
U.S. Treasury inflation-protected securities (continued)
U.S. Treasury Inflation-Protected Security 0.125% 20312	USD	19,604	$	18,602
U.S. Treasury Inflation-Protected Security 0.125% 20312		12,947		12,285
U.S. Treasury Inflation-Protected Security 0.125% 20512		5,935		4,535
				1,707,182
Total U.S. Treasury bonds & notes				3,779,119
Corporate bonds, notes & loans 33.56%
Financials 9.21%
ACE INA Holdings, Inc. 2.875% 2022		3,625		3,626
ACE INA Holdings, Inc. 3.35% 2026		2,025		1,984
ACE INA Holdings, Inc. 4.35% 2045		2,220		2,099
AerCap Holdings NV 6.50% 2025		1,798		1,842
AerCap Ireland Capital, Ltd. / AerCap Global Aviation Trust 1.15% 2023		3,130		2,984
AerCap Ireland Capital, Ltd. / AerCap Global Aviation Trust 1.65% 2024		5,996		5,543
AerCap Ireland Capital, Ltd. / AerCap Global Aviation Trust 2.45% 2026		10,289		8,966
AerCap Ireland Capital, Ltd. / AerCap Global Aviation Trust 3.00% 2028		12,359		10,422
AerCap Ireland Capital, Ltd. / AerCap Global Aviation Trust 3.30% 2032		12,595		10,095
AerCap Ireland Capital, Ltd. / AerCap Global Aviation Trust 3.40% 2033		5,120		4,049
AerCap Ireland Capital, Ltd. / AerCap Global Aviation Trust 3.85% 2041		1,254		906
Ally Financial, Inc. 5.125% 2024		1,500		1,516
Ally Financial, Inc. 8.00% 2031		8,479		9,288
Ally Financial, Inc. 8.00% 2031		7,070		7,868
Arthur J. Gallagher & Co. 3.50% 2051		1,073		822
Banco Santander, SA 1.722% 2027 (1-year UST Yield Curve Rate T Note Constant Maturity + 0.90% on 9/14/2026)3		1,400		1,216
Bank of America Corp. 1.53% 2025 (USD-SOFR + 0.65% on 12/6/2024)3		1,970		1,835
Bank of America Corp. 3.841% 2025 (USD-SOFR + 1.11% on 4/25/2024)3		2,635		2,624
Bank of America Corp. 1.658% 2027 (USD-SOFR + 0.91% on 3/11/2026)3		981		881
Bank of America Corp. 1.734% 2027 (USD-SOFR + 0.96% on 7/22/2026)3		7,989		7,115
Bank of America Corp. 3.419% 2028 (3-month USD-LIBOR + 1.04% on 12/20/2027)3		10,129		9,442
Bank of America Corp. 4.376% 2028 (USD-SOFR + 1.58% on 4/27/2027)3		2,635		2,596
Bank of America Corp. 2.087% 2029 (USD-SOFR + 1.06% on 6/14/2028)3		2,773		2,377
Bank of America Corp. 1.922% 2031 (USD-SOFR + 1.37% on 10/24/2030)3		21,177		16,935
Bank of America Corp. 2.299% 2032 (USD-SOFR + 1.22% on 7/21/2031)3		36,155		29,253
Bank of America Corp. 2.572% 2032 (USD-SOFR + 1.21% on 10/20/2031)3		2,613		2,158
Bank of America Corp. 2.687% 2032 (USD-SOFR + 1.32% on 4/22/2031)3		8,343		7,012
Bank of America Corp. 2.972% 2033 (USD-SOFR + 1.33% on 2/4/2032)3		4,089		3,487
Bank of America Corp. 4.571% 2033 (USD-SOFR + 1.83% on 4/27/2032)3		11,965		11,659
Bank of Nova Scotia 2.45% 2032		900		749
Berkshire Hathaway Finance Corp. 4.20% 2048		8,720		7,990
BNP Paribas 2.819% 2025 (3-month USD-LIBOR + 1.111% on 11/19/2024)3,4		2,875		2,750
BNP Paribas 2.219% 2026 (USD-SOFR + 2.074% on 6/9/2025)3,4		12,000		11,095
BNP Paribas 1.323% 2027 (USD-SOFR + 1.004% on 1/13/2026)3,4		9,981		8,833
BNP Paribas 2.591% 2028 (USD-SOFR + 1.228% on 1/20/2027)3,4		13,134		11,824
BNP Paribas 2.159% 2029 (USD-SOFR + 1.218% on 9/15/2028)3,4		3,594		3,010
BNP Paribas 2.871% 2032 (USD-SOFR + 1.387% on 4/19/2031)3,4		4,177		3,457
BNP Paribas 3.132% 2033 (USD-SOFR + 1.561% on 1/20/2032)3,4		3,694		3,096
Canadian Imperial Bank of Commerce (CIBC) 3.60% 2032		3,635		3,304
Capital One Financial Corp. 1.343% 2024 (USD-SOFR + 0.69% on 12/6/2023)3		4,525		4,339
Capital One Financial Corp. 4.927% 2028 (USD-SOFR + 2.057% on 5/10/2027)3		4,650		4,609
China Ping An Insurance Overseas (Holdings), Ltd. 2.85% 2031		1,126		914
CIT Group, Inc. 3.929% 2024 (USD-SOFR + 3.827% on 6/19/2023)3		5,410		5,377
Citigroup, Inc. 4.60% 2026		1,800		1,805
Citigroup, Inc. 1.462% 2027 (USD-SOFR + 0.67% on 6/9/2026)3		8,740		7,742
Citigroup, Inc. 3.07% 2028 (USD-SOFR + 1.28% on 2/24/2027)3		5,520		5,125
Citigroup, Inc. 3.057% 2033 (USD-SOFR + 1.351% on 1/25/2032)3		2,110		1,790
Citigroup, Inc. 3.785% 2033 (USD-SOFR + 1.939% on 3/17/2032)3		5,350		4,825
Citigroup, Inc. 4.91% 2033 (USD-SOFR + 2.086% on 5/24/2032)3		2,373		2,344
Corebridge Financial, Inc. 3.50% 20254		1,439		1,400
Corebridge Financial, Inc. 3.65% 20274		4,493		4,228

American Funds Insurance Series 157

The Bond Fund of America (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Corporate bonds, notes & loans (continued)
Financials (continued)
Corebridge Financial, Inc. 3.85% 20294	USD	5,794	$	5,360
Corebridge Financial, Inc. 3.90% 20324		5,959		5,352
Corebridge Financial, Inc. 4.35% 20424		361		309
Corebridge Financial, Inc. 4.40% 20524		1,352		1,130
Crédit Agricole SA 1.907% 2026 (USD-SOFR + 1.676% on 6/16/2025)3,4		4,450		4,099
Crédit Agricole SA 1.247% 2027 (USD-SOFR + 0.892% on 1/26/2026)3,4		3,400		2,999
Credit Suisse Group AG 2.997% 2023 (3-month USD-LIBOR + 1.20% on 12/14/2022)3,4		12,000		11,922
Credit Suisse Group AG 3.80% 2023		12,925		12,809
Credit Suisse Group AG 4.207% 2024 (3-month USD-LIBOR + 1.24% on 6/12/2023)3,4		500		496
Credit Suisse Group AG 2.593% 2025 (USD-SOFR + 1.56% on 9/11/2024)3,4		850		801
Credit Suisse Group AG 2.193% 2026 (USD-SOFR + 2.044% on 6/5/2025)3,4		5,750		5,219
Credit Suisse Group AG 1.305% 2027 (USD-SOFR + 0.98% on 2/2/2026)3,4		10,950		9,423
Credit Suisse Group AG 4.194% 2031 (USD-SOFR + 3.73% on 4/1/2030)3,4		3,096		2,742
Credit Suisse Group AG 3.091% 2032 (USD-SOFR + 1.73% on 5/14/2031)3,4		7,369		5,872
Danske Bank AS 1.549% 2027 (UST Yield Curve Rate T Note Constant Maturity 1-year + 0.73% on 9/10/2026)3,4		2,990		2,621
Danske Bank AS 4.298% 2028 (1-year UST Yield Curve Rate T Note Constant Maturity + 1.75% on 4/1/2027)3,4		2,975		2,824
Deutsche Bank AG 3.30% 2022		2,695		2,695
Deutsche Bank AG 3.95% 2023		6,350		6,338
Deutsche Bank AG 0.898% 2024		2,500		2,344
Deutsche Bank AG 2.222% 2024 (USD-SOFR + 2.159% on 9/18/2023)3		10,475		10,106
Deutsche Bank AG 3.70% 2024		5,150		5,062
Deutsche Bank AG 3.70% 2024		2,550		2,521
Deutsche Bank AG 3.961% 2025 (USD-SOFR + 2.581% on 11/26/2024)3		8,586		8,305
Deutsche Bank AG 2.129% 2026 (USD-SOFR + 1.87% on 11/24/2025)3		42,264		37,590
Deutsche Bank AG 4.10% 2026		7,305		7,177
Deutsche Bank AG 4.10% 2026		857		848
Deutsche Bank AG 2.311% 2027 (USD-SOFR + 1.219% on 11/16/2026)3		3,825		3,304
Deutsche Bank AG 2.552% 2028 (USD-SOFR + 1.318% on 1/7/2027)3		6,135		5,315
Deutsche Bank AG 3.547% 2031 (USD-SOFR + 3.043% on 9/18/2030)3		2,900		2,431
Deutsche Bank AG 3.035% 2032 (USD-SOFR + 1.718% on 5/28/2031)3		2,100		1,664
DNB Bank ASA 1.535% 2027 (5-year UST Yield Curve Rate T Note Constant Maturity + 0.72% on 5/25/2026)3,4		1,200		1,072
GE Capital Funding, LLC 4.55% 2032		400		386
Goldman Sachs Group, Inc. 1.431% 2027 (USD-SOFR + 0.795% on 3/9/2026)3		3,030		2,691
Goldman Sachs Group, Inc. 1.542% 2027 (USD-SOFR + 0.818% on 9/10/2026)3		13,275		11,662
Goldman Sachs Group, Inc. 1.948% 2027 (USD-SOFR + 0.913% on 10/21/2026)3		13,961		12,365
Goldman Sachs Group, Inc. 2.64% 2028 (USD-SOFR + 1.114% on 2/24/2027)3		1,235		1,122
Goldman Sachs Group, Inc. 3.615% 2028 (USD-SOFR + 1.846% on 3/15/2027)3		7,403		7,012
Goldman Sachs Group, Inc. 3.814% 2029 (3-month USD-LIBOR + 1.158% on 4/23/2028)3		9,600		9,061
Goldman Sachs Group, Inc. 2.383% 2032 (USD-SOFR + 1.248% on 7/21/2031)3		19,697		15,947
Goldman Sachs Group, Inc. 2.615% 2032 (USD-SOFR + 1.281% on 4/22/2031)3		2,535		2,107
Goldman Sachs Group, Inc. 2.65% 2032 (USD-SOFR + 1.264% on 10/21/2031)3		6,075		5,013
Goldman Sachs Group, Inc. 3.102% 2033 (USD-SOFR + 1.41% on 2/24/2032)3		10,422		8,911
Goldman Sachs Group, Inc. 2.908% 2042 (USD-SOFR + 1.40% on 7/21/2041)3		3,160		2,313
Goldman Sachs Group, Inc. 5.30% junior subordinated perpetual bonds (3-month USD-LIBOR + 3.834% on 11/10/2026)3		1,750		1,650
Groupe BPCE SA 2.75% 20234		6,875		6,855
Groupe BPCE SA 5.70% 20234		28,166		28,597
Groupe BPCE SA 5.15% 20244		5,481		5,485
Groupe BPCE SA 1.625% 20254		2,980		2,811
Groupe BPCE SA 1.652% 2026 (USD-SOFR + 1.52% on 10/6/2025)3,4		6,350		5,693
HSBC Holdings PLC 2.251% 2027 (USD-SOFR + 1.10% on 11/22/2026)3		5,270		4,699
HSBC Holdings PLC 4.755% 2028 (USD-SOFR + 2.11% on 6/9/2027)3		6,610		6,432
HSBC Holdings PLC 2.206% 2029 (USD-SOFR + 1.285% on 8/17/2028)3		2,628		2,210
HSBC Holdings PLC 4.583% 2029 (3-month USD-LIBOR + 1.535% on 6/19/2028)3		9,525		9,192
HSBC Holdings PLC 2.804% 2032 (USD-SOFR + 1.187% on 5/24/2031)3		6,490		5,336
Huarong Finance 2017 Co., Ltd. 4.25% 2027		6,335		5,527

158 American Funds Insurance Series

The Bond Fund of America (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Corporate bonds, notes & loans (continued)
Financials (continued)
Huarong Finance 2017 Co., Ltd. 4.75% 2027	USD	669	$	605
Huarong Finance 2019 Co., Ltd. (3-month USD-LIBOR + 1.125%) 2.631% 20235		2,750		2,688
Huarong Finance 2019 Co., Ltd. (3-month USD-LIBOR + 1.25%) 2.756% 20255		397		373
Huarong Finance II Co., Ltd. 5.00% 2025		480		454
Huarong Finance II Co., Ltd. 5.50% 2025		6,669		6,477
Huarong Finance II Co., Ltd. 4.625% 2026		200		184
Huarong Finance II Co., Ltd. 4.875% 2026		2,106		1,935
Intercontinental Exchange, Inc. 4.35% 2029		8,710		8,607
Intercontinental Exchange, Inc. 4.60% 2033		4,601		4,584
Intercontinental Exchange, Inc. 4.95% 2052		1,517		1,489
Intercontinental Exchange, Inc. 5.20% 2062		3,465		3,469
Intesa Sanpaolo SpA 3.375% 20234		10,035		9,993
Intesa Sanpaolo SpA 3.25% 20244		770		746
Intesa Sanpaolo SpA 5.017% 20244		68,143		65,083
Intesa Sanpaolo SpA 5.71% 20264		15,400		14,694
Intesa Sanpaolo SpA 3.875% 20274		6,250		5,773
Intesa Sanpaolo SpA 3.875% 20284		1,986		1,839
Iron Mountain Information Management Services, Inc. 5.00% 20324		2,060		1,667
JPMorgan Chase & Co. 0.969% 2025 (USD-SOFR + 0.58% on 6/23/2024)3		5,870		5,493
JPMorgan Chase & Co. 1.561% 2025 (USD-SOFR + 0.605% on 12/10/2024)3		11,105		10,380
JPMorgan Chase & Co. 4.08% 2026 (USD-SOFR + 1.32% on 4/26/2025)3		3,620		3,580
JPMorgan Chase & Co. 1.47% 2027 (USD-SOFR + 0.765% on 9/22/2026)3		5,965		5,236
JPMorgan Chase & Co. 1.578% 2027 (USD-SOFR + 0.885% on 4/22/2026)3		1,832		1,633
JPMorgan Chase & Co. 2.947% 2028 (USD-SOFR + 1.17% on 2/24/2027)3		4,350		4,034
JPMorgan Chase & Co. 4.323% 2028 (USD-SOFR + 1.56% on 4/26/2027)3		12,080		11,892
JPMorgan Chase & Co. 2.069% 2029 (USD-SOFR + 1.015% on 6/1/2028)3		2,453		2,112
JPMorgan Chase & Co. 3.509% 2029 (3-month USD-LIBOR + 0.945% on 1/23/2028)3		9,600		8,989
JPMorgan Chase & Co. 4.203% 2029 (3-month USD-LIBOR + 1.26% on 7/23/2028)3		11,980		11,568
JPMorgan Chase & Co. 2.522% 2031 (USD-SOFR + 2.04% on 4/22/2030)3		1,766		1,506
JPMorgan Chase & Co. 2.545% 2032 (USD-SOFR + 1.18% on 11/8/2031)3		5,313		4,420
JPMorgan Chase & Co. 2.58% 2032 (USD-SOFR + 1.25% on 4/22/2031)3		4,802		4,045
JPMorgan Chase & Co. 2.963% 2033 (USD-SOFR + 1.26% on 1/25/2032)3		553		475
JPMorgan Chase & Co. 4.586% 2033 (USD-SOFR + 1.80% on 4/26/2032)3		1,907		1,875
Kasikornbank PCL HK 3.343% 2031 (5-year UST Yield Curve Rate T Note Constant Maturity + 1.70% on 10/2/2026)3		2,415		2,176
Keb Hana Bank 3.25% 20274		1,315		1,265
Lloyds Banking Group PLC 2.438% 2026 (1-year UST Yield Curve Rate T Note Constant Maturity + 1.00% on 2/5/2025)3		2,675		2,533
Lloyds Banking Group PLC 4.375% 2028		8,825		8,583
Marsh & McLennan Companies, Inc. 2.375% 2031		367		308
Marsh & McLennan Companies, Inc. 2.90% 2051		505		356
MetLife Capital Trust IV, junior subordinated, 7.875% 2067 (3-month USD-LIBOR + 3.96% on 12/1/2037)3,4		1,405		1,518
MetLife, Inc. 3.60% 2025		3,490		3,472
Mitsubishi UFJ Financial Group, Inc. 0.962% 2025 (1-year UST Yield Curve Rate T Note Constant Maturity + 0.45% on 10/11/2024)3		2,960		2,744
Mitsubishi UFJ Financial Group, Inc. 1.538% 2027 (1-year UST Yield Curve Rate T Note Constant Maturity + 0.75% on 7/20/2026)3		6,200		5,487
Mitsubishi UFJ Financial Group, Inc. 1.64% 2027 (1-year UST Yield Curve Rate T Note Constant Maturity + 0.67% on 10/13/2026)3		2,225		1,963
Mitsubishi UFJ Financial Group, Inc. 2.341% 2028 (1-year UST Yield Curve Rate T Note Constant Maturity + 0.83% on 1/19/2027)3		2,970		2,679
Mitsubishi UFJ Financial Group, Inc. 4.08% 2028 (1-year UST Yield Curve Rate T Note Constant Maturity + 1.30% on 4/19/2027)3		2,945		2,871
Mizuho Financial Group, Inc. 1.554% 2027 (1-year UST Yield Curve Rate T Note Constant Maturity + 0.75% on 7/9/2026)3		4,615		4,068
Morgan Stanley 0.791% 2025 (USD-SOFR + 0.509% on 1/22/2024)3		3,065		2,900
Morgan Stanley 2.72% 2025 (USD-SOFR + 1.152% on 7/22/2024)3		2,300		2,218
Morgan Stanley 2.63% 2026 (USD-SOFR + 0.94% on 2/18/2025)3		2,680		2,560
Morgan Stanley 1.512% 2027 (USD-SOFR + 0.858% on 7/20/2026)3		10,488		9,217
Morgan Stanley 4.21% 2028 (USD-SOFR + 1.61% on 4/20/2027)3		3,671		3,592

American Funds Insurance Series 159

The Bond Fund of America (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)			Value (000)
Corporate bonds, notes & loans (continued)
Financials (continued)
Morgan Stanley 2.239% 2032 (USD-SOFR + 1.178% on 7/21/2031)3	USD	30,007		$	24,341
Morgan Stanley 2.511% 2032 (USD-SOFR + 1.20% on 10/20/2031)3		3,951			3,269
Morgan Stanley 2.943% 2033 (USD-SOFR + 1.29% on 1/21/2032)3		6,616			5,677
Morgan Stanley 5.297% 2037 (USD-SOFR + 2.62% on 4/20/2032)3		2,286			2,216
MSCI, Inc. 3.25% 20334		2,750			2,197
Navient Corp. 6.75% 2025		425			384
OneMain Holdings, Inc. 7.125% 2026		250			232
PNC Financial Services Group, Inc. 2.854% 20223		5,850			5,853
Rede D’Or Finance SARL 4.50% 20304		1,572			1,330
Santander Holdings USA, Inc. 3.50% 2024		8,325			8,186
Santander Holdings USA, Inc. 2.49% 20283		3,625			3,202
Sumitomo Mitsui Banking Corp. 2.174% 2027		1,100			996
SVB Financial Group 4.70% junior subordinated perpetual bonds (5-year UST Yield Curve Rate T Note Constant Maturity + 3.064% on 11/15/2031)3		1,530			1,155
Synchrony Financial 4.375% 2024		3,640			3,620
Toronto-Dominion Bank 1.95% 2027		1,060			960
Toronto-Dominion Bank 2.00% 2031		3,510			2,854
Toronto-Dominion Bank 2.45% 2032		4,145			3,467
Toronto-Dominion Bank 4.456% 2032		4,181			4,138
Travelers Companies, Inc. 2.55% 2050		768			535
UBS Group AG 1.494% 2027 (1-year UST Yield Curve Rate T Note Constant Maturity + 0.85% on 8/10/2026)3,4		4,000			3,503
UniCredit SpA 4.625% 20274		1,395			1,339
UniCredit SpA 5.861% 2032 (5-year USD-ICE Swap + 3.703% on 6/19/2027)3,4		16,130			14,212
Vigorous Champion International, Ltd. 4.25% 2029		462			429
Wells Fargo & Company 2.406% 2025 (3-month USD-LIBOR + 0.825% on 10/30/2024)3		20,480			19,520
Wells Fargo & Company 3.908% 2026 (USD-SOFR + 1.32% on 4/25/2025)3		3,524			3,470
Wells Fargo & Company 3.526% 2028 (USD-SOFR + 1.51% on 3/24/2027)3		9,236			8,756
Wells Fargo & Company 3.35% 2033 (USD-SOFR + 1.50% on 3/2/2032)3		7,665			6,809
Wells Fargo & Company 4.611% 2053 (USD-SOFR + 2.13% on 4/25/2052)3		3,153			2,923
Willis North America, Inc. 4.65% 2027		1,290			1,270
					1,010,284
Utilities 4.28%
AEP Texas, Inc. 3.45% 2051		1,475			1,135
Alabama Power Co. 3.00% 2052		3,880			2,854
Alfa Desarrollo SpA 4.55% 20514		1,002			722
Ameren Corp. 4.50% 2049		2,875			2,777
Baltimore Gas & Electric 4.55% 2052		525			510
Berkshire Hathaway Energy Company 4.50% 2045		5,895			5,471
Comisión Federal de Electricidad 4.688% 20294		3,655			3,281
Comisión Federal de Electricidad 3.875% 20334		1,340			1,016
Connecticut Light and Power Co. 2.05% 2031		1,775			1,502
Consumers Energy Co. 4.05% 2048		1,413			1,289
Consumers Energy Co. 3.10% 2050		4,123	��		3,176
Consumers Energy Co. 3.75% 2050		5,625			4,915
Consumers Energy Co. 3.50% 2051		235			196
Duke Energy Corp. 3.75% 2024		3,826			3,825
Duke Energy Florida, LLC 3.40% 2046		5,669			4,476
Duke Energy Florida, LLC 3.00% 2051		711			532
Duke Energy Progress, LLC 3.70% 2028		3,750			3,635
Duke Energy Progress, LLC 2.00% 2031		1,775			1,472
Duke Energy Progress, LLC 2.50% 2050		644			441
Edison International 3.125% 2022		2,900			2,896
Edison International 3.55% 2024		6,850			6,689
Edison International 4.95% 2025		175			176
Edison International 5.75% 2027		3,181			3,231
Edison International 4.125% 2028		3,644			3,401

160 American Funds Insurance Series

The Bond Fund of America (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Corporate bonds, notes & loans (continued)
Utilities (continued)
Electricité de France SA 2.625% junior subordinated perpetual bonds (5-year EUR Mid-Swap + 2.86% on 6/1/2028)3	EUR	2,800	$	2,077
Emera US Finance LP 0.833% 2024	USD	600		561
Emera US Finance LP 2.639% 2031		4,400		3,660
Emera, Inc. 6.75% 2076 (3-month USD-LIBOR + 5.44% on 6/15/2026)3		1,425		1,380
Enel Società per Azioni 8.75% 2073 (USD Semi Annual 30/360 (vs. 3-month USD-LIBOR) + 5.88% on 9/24/2023)3,4		1,000		1,028
ENN Clean Energy International Investment, Ltd. 3.375% 20264		1,310		1,191
Entergy Louisiana, LLC 4.20% 2048		6,325		5,818
Eversource Energy 3.80% 2023		5,000		5,013
FirstEnergy Corp. 1.60% 2026		20,066		17,548
FirstEnergy Corp. 3.50% 20284		2,400		2,260
FirstEnergy Corp. 4.10% 20284		425		415
FirstEnergy Corp. 2.25% 2030		13,707		10,880
FirstEnergy Corp. 2.65% 2030		12,524		10,351
FirstEnergy Corp., Series B, 4.40% 20273		12,178		11,509
FirstEnergy Transmission, LLC 2.866% 20284		4,000		3,387
Florida Power & Light Company 2.45% 2032		6,025		5,257
Florida Power & Light Company 2.875% 2051		9,334		6,961
Georgia Power Co. 3.70% 2050		275		219
Interchile SA 4.50% 20564		465		383
Israel Electric Corp., Ltd. 4.25% 20284		10,190		9,821
Israel Electric Corp., Ltd. 3.75% 20324		340		305
Jersey Central Power & Light Co. 2.75% 20324		525		447
Mississippi Power Co. 4.25% 2042		5,020		4,387
Monongahela Power Co. 3.55% 20274		1,700		1,619
NextEra Energy Capital Holdings, Inc. 1.875% 2027		3,000		2,708
NextEra Energy Capital Holdings, Inc. 2.44% 2032		2,765		2,305
NiSource Finance Corp. 5.00% 2052		2,150		2,105
Northern States Power Co. 3.20% 2052		298		235
Northern States Power Co. 4.50% 2052		3,065		3,028
Pacific Gas and Electric Co. 1.367% 2023		11,550		11,377
Pacific Gas and Electric Co. 3.25% 2023		5,615		5,537
Pacific Gas and Electric Co. 3.40% 2024		2,000		1,924
Pacific Gas and Electric Co. 2.95% 2026		10,850		9,872
Pacific Gas and Electric Co. 3.15% 2026		27,543		25,256
Pacific Gas and Electric Co. 3.30% 2027		12,289		10,741
Pacific Gas and Electric Co. 3.30% 2027		5,850		5,246
Pacific Gas and Electric Co. 3.75% 2028		13,075		11,555
Pacific Gas and Electric Co. 4.65% 2028		7,900		7,326
Pacific Gas and Electric Co. 4.55% 2030		35,299		31,399
Pacific Gas and Electric Co. 2.50% 2031		19,695		15,083
Pacific Gas and Electric Co. 3.25% 2031		1,300		1,051
Pacific Gas and Electric Co. 3.30% 2040		8,898		6,148
Pacific Gas and Electric Co. 3.75% 2042		9,466		6,423
Pacific Gas and Electric Co. 4.75% 2044		336		258
Pacific Gas and Electric Co. 3.50% 2050		6,836		4,579
Public Service Electric and Gas Co. 3.20% 2029		6,000		5,721
Public Service Electric and Gas Co. 1.90% 2031		775		645
Public Service Electric and Gas Co. 3.10% 2032		7,500		6,898
Puget Energy, Inc. 3.65% 2025		300		294
Southern California Edison Co. 2.85% 2029		8,200		7,273
Southern California Edison Co. 4.20% 2029		11,000		10,595
Southern California Edison Co. 2.50% 2031		5,149		4,329
Southern California Edison Co. 5.35% 2035		6,450		6,444
Southern California Edison Co. 5.75% 2035		4,549		4,710
Southern California Edison Co. 5.625% 2036		7,051		7,125
Southern California Edison Co. 5.55% 2037		3,844		3,872
Southern California Edison Co. 5.95% 2038		5,121		5,312
Southern California Edison Co. 4.00% 2047		9,402		7,645
Southern California Edison Co. 4.125% 2048		8,048		6,637

American Funds Insurance Series 161

The Bond Fund of America (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Corporate bonds, notes & loans (continued)
Utilities (continued)
Southern California Edison Co. 4.875% 2049	USD	916	$	832
Southern California Edison Co. 3.65% 2050		5,353		4,102
Southern California Edison Co. 3.65% 2051		6,978		5,428
Southern California Edison Co., Series C, 3.60% 2045		2,717		2,060
Southwestern Electric Power Co. 1.65% 2026		3,550		3,237
Southwestern Electric Power Co. 3.25% 2051		2,270		1,685
Union Electric Co. 2.15% 2032		3,175		2,641
Virginia Electric and Power Co. 2.30% 2031		2,425		2,053
Virginia Electric and Power Co. 2.40% 2032		5,795		4,958
WEC Energy Group, Inc. 2.20% 2028		1,575		1,379
Wisconsin Electric Power Co. 2.85% 2051		375		273
Wisconsin Power and Light Co. 1.95% 2031		525		437
Wisconsin Power and Light Co. 3.65% 2050		1,075		884
Xcel Energy, Inc. 3.30% 2025		5,650		5,551
Xcel Energy, Inc. 1.75% 2027		5,660		5,061
Xcel Energy, Inc. 2.60% 2029		2,925		2,553
Xcel Energy, Inc. 2.35% 2031		8,500		7,026
Xcel Energy, Inc. 4.60% 2032		11,675		11,590
				469,501
Consumer discretionary 4.04%
Allied Universal Holdco, LLC 4.625% 20284		335		277
Amazon.com, Inc. 3.30% 2027		1,760		1,728
Amazon.com, Inc. 1.65% 2028		3,860		3,424
Amazon.com, Inc. 3.45% 2029		1,305		1,270
Amazon.com, Inc. 3.60% 2032		6,830		6,584
Amazon.com, Inc. 2.875% 2041		650		521
Amazon.com, Inc. 3.10% 2051		9,380		7,400
Amazon.com, Inc. 3.95% 2052		1,635		1,513
Amazon.com, Inc. 3.25% 2061		4,100		3,128
Amazon.com, Inc. 4.10% 2062		470		426
Atlas LuxCo 4 SARL 4.625% 20284		255		207
Bayerische Motoren Werke AG 1.25% 20264		100		90
Bayerische Motoren Werke AG 3.45% 20274		1,075		1,049
Bayerische Motoren Werke AG 1.95% 20314		620		507
Bayerische Motoren Werke AG 3.70% 20324		1,350		1,275
Daimler Trucks Finance North America, LLC 1.125% 20234		3,015		2,896
Daimler Trucks Finance North America, LLC 1.625% 20244		4,950		4,658
Daimler Trucks Finance North America, LLC 3.50% 20254		1,750		1,716
Daimler Trucks Finance North America, LLC 3.65% 20274		4,140		3,969
Daimler Trucks Finance North America, LLC 2.375% 20284		3,975		3,425
Daimler Trucks Finance North America, LLC 2.50% 20314		9,625		7,853
DaimlerChrysler North America Holding Corp. 1.75% 20234		8,000		7,907
DaimlerChrysler North America Holding Corp. 3.35% 20234		2,000		2,003
Ford Motor Credit Company, LLC 5.125% 2025		3,870		3,704
Ford Motor Credit Company, LLC 3.815% 2027		3,790		3,229
Ford Motor Credit Company, LLC 4.125% 2027		39,080		34,523
Ford Motor Credit Company, LLC 4.271% 2027		18,542		16,667
Ford Motor Credit Company, LLC 5.113% 2029		4,205		3,779
General Motors Company 4.35% 2025		11,358		11,229
General Motors Company 6.125% 2025		28,743		29,756
General Motors Company 4.20% 2027		1,030		978
General Motors Company 5.40% 2048		7,200		6,278
General Motors Financial Co. 3.55% 2022		3,703		3,703
General Motors Financial Co. 3.25% 2023		964		963
General Motors Financial Co. 1.05% 2024		4,200		3,984
General Motors Financial Co. 3.50% 2024		9,945		9,727
General Motors Financial Co. 2.75% 2025		3,634		3,415
General Motors Financial Co. 2.90% 2025		1,032		986
General Motors Financial Co. 3.80% 2025		3,153		3,078

162 American Funds Insurance Series

The Bond Fund of America (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Corporate bonds, notes & loans (continued)
Consumer discretionary (continued)
General Motors Financial Co. 1.50% 2026	USD	5,050	$	4,415
General Motors Financial Co. 2.35% 2027		4,070		3,588
General Motors Financial Co. 2.70% 2027		2,406		2,119
General Motors Financial Co. 2.40% 2028		13,909		11,769
General Motors Financial Co. 2.40% 2028		464		386
General Motors Financial Co. 3.60% 2030		465		402
General Motors Financial Co. 2.35% 2031		6,075		4,716
General Motors Financial Co. 2.70% 2031		6,075		4,793
Grand Canyon University 4.125% 2024		4,190		4,006
Home Depot, Inc. 2.95% 2029		6,081		5,681
Home Depot, Inc. 4.50% 2048		1,915		1,871
Hyundai Capital America 2.85% 20224		4,118		4,108
Hyundai Capital America 3.25% 20224		1,521		1,521
Hyundai Capital America 1.25% 20234		3,150		3,054
Hyundai Capital America 2.375% 20234		9,977		9,852
Hyundai Capital America 0.875% 20244		2,780		2,601
Hyundai Capital America 1.00% 20244		2,750		2,555
Hyundai Capital America 3.40% 20244		8,180		8,030
Hyundai Capital America 1.80% 20254		12,714		11,642
Hyundai Capital America 2.65% 20254		13,054		12,464
Hyundai Capital America 1.30% 20264		6,000		5,332
Hyundai Capital America 1.50% 20264		8,310		7,365
Hyundai Capital America 1.65% 20264		7,275		6,421
Hyundai Capital America 2.375% 20274		6,264		5,516
Hyundai Capital America 3.00% 20274		10,408		9,583
Hyundai Capital America 1.80% 20284		6,000		5,070
Hyundai Capital America 2.00% 20284		5,900		4,966
Hyundai Capital America 2.10% 20284		4,010		3,384
Hyundai Capital Services, Inc. 1.25% 20264		3,695		3,328
KIA Corp. 2.375% 20254		1,580		1,513
Limited Brands, Inc. 6.875% 2035		740		603
Marriott International, Inc. 5.75% 2025		330		343
Marriott International, Inc. 3.125% 2026		410		392
Marriott International, Inc. 2.75% 2033		2,226		1,753
McDonald’s Corp. 2.125% 2030		2,482		2,124
McDonald’s Corp. 4.45% 2047		3,535		3,284
McDonald’s Corp. 3.625% 2049		2,938		2,433
Meituan Dianping 3.05% 20304		3,200		2,385
Nissan Motor Co., Ltd. 2.60% 20224		1,415		1,408
Nissan Motor Co., Ltd. 3.043% 20234		240		236
Nissan Motor Co., Ltd. 3.522% 20254		800		758
Nissan Motor Co., Ltd. 2.00% 20264		12,000		10,396
Nissan Motor Co., Ltd. 4.345% 20274		1,790		1,645
Nissan Motor Co., Ltd. 2.75% 20284		11,200		9,374
Nissan Motor Co., Ltd. 4.81% 20304		17,533		15,593
Sands China, Ltd. 2.55% 20273,4		2,368		1,728
Starbucks Corp. 3.75% 2047		3,785		3,077
Stellantis Finance US, Inc. 1.711% 20274		3,500		3,046
Stellantis Finance US, Inc. 2.691% 20314		4,280		3,393
Toyota Motor Credit Corp. 3.375% 2030		4,954		4,665
VICI Properties LP / VICI Note Co., Inc. 4.125% 20304		425		368
Volkswagen Group of America Finance, LLC 4.25% 20234		15,000		15,009
Volkswagen Group of America Finance, LLC 2.85% 20244		1,087		1,060
Volkswagen Group of America Finance, LLC 3.35% 20254		2,636		2,550
Volkswagen Group of America Finance, LLC 4.35% 20274		2,550		2,502
Wyndham Destinations, Inc. 6.625% 20264		675		641
Wynn Resorts Finance, LLC 5.125% 20294		410		323
				442,965

American Funds Insurance Series 163

The Bond Fund of America (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)			Value (000)
Corporate bonds, notes & loans (continued)
Energy 3.52%
Antero Resources Corp. 5.375% 20304	USD	280		$	256
Apache Corp. 4.625% 2025		645			643
Apache Corp. 4.25% 2030		2,465	��		2,189
Apache Corp. 5.35% 2049		800			634
Baker Hughes Co. 2.061% 2026		1,136			1,043
Canadian Natural Resources, Ltd. 2.05% 2025		754			706
Canadian Natural Resources, Ltd. 3.85% 2027		1,151			1,104
Cenovus Energy, Inc. 5.375% 2025		2,763			2,847
Cenovus Energy, Inc. 4.25% 2027		18,067			17,725
Cenovus Energy, Inc. 2.65% 2032		2,969			2,459
Cenovus Energy, Inc. 5.25% 2037		770			753
Cenovus Energy, Inc. 5.40% 2047		15,180			14,617
Cheniere Energy Partners LP 3.25% 20324		937			740
Cheniere Energy, Inc. 7.00% 2024		410			425
Chevron Corp. 2.355% 2022		4,800			4,793
Chevron Corp. 2.954% 2026		3,365			3,285
Chevron Corp. 3.078% 2050		692			552
Columbia Pipeline Partners LP 5.80% 2045		1,410			1,454
Devon Energy Corp. 4.50% 2030		5,197			4,914
Diamondback Energy, Inc. 4.40% 2051		2,016			1,721
Diamondback Energy, Inc. 4.25% 2052		3,135			2,607
DT Midstream, Inc. 4.125% 20294		555			472
Ecopetrol SA 5.875% 2045		452			308
Enbridge, Inc. 4.00% 2023		1,500			1,506
Energy Transfer Operating LP 5.875% 2024		294			300
Energy Transfer Operating LP 2.90% 2025		4,402			4,188
Energy Transfer Operating LP 3.75% 2030		5,567			5,023
Energy Transfer Operating LP 5.00% 2050		14,895			12,698
Energy Transfer Partners LP 4.20% 2023		2,860			2,866
Energy Transfer Partners LP 4.50% 2024		4,915			4,921
Energy Transfer Partners LP 4.75% 2026		1,506			1,502
Energy Transfer Partners LP 4.95% 2028		4,559			4,497
Energy Transfer Partners LP 5.25% 2029		1,275			1,264
Energy Transfer Partners LP 5.30% 2047		8,984			7,797
Energy Transfer Partners LP 6.25% junior subordinated perpetual bonds (3-month USD-LIBOR + 4.028% on 2/15/2023)3		7,850			5,894
Energy Transfer Partners LP 6.625% junior subordinated perpetual bonds (3-month USD-LIBOR + 4.155% on 2/15/2028)3		500			370
Enterprise Products Operating, LLC 3.20% 2052		1,771			1,274
Enterprise Products Operating, LLC 3.30% 2053		2,358			1,719
EQT Corp. 7.50% 20303		7,500			8,065
Equinor ASA 3.625% 2028		4,928			4,821
Equinor ASA 3.125% 2030		20,000			18,563
Equinor ASA 3.25% 2049		5,687			4,523
Exxon Mobil Corp. 3.043% 2026		4,625			4,544
Exxon Mobil Corp. 2.61% 2030		1,040			935
MPLX LP 4.00% 2028		4,665			4,436
MPLX LP 5.50% 2049		8,081			7,514
Odebrecht Drilling Norbe 1.00% PIK and 6.35% Cash 20264,6		39			24
Odebrecht Drilling Norbe 0% perpetual bonds4		1,150			5
Oleoducto Central SA 4.00% 20274		1,715			1,434
Oleoducto Central SA 4.00% 2027		350			293
ONEOK, Inc. 2.20% 2025		193			180
ONEOK, Inc. 4.55% 2028		1,610			1,558
ONEOK, Inc. 6.35% 2031		984			1,029
ONEOK, Inc. 5.20% 2048		9,363			8,321
ONEOK, Inc. 4.45% 2049		440			351
ONEOK, Inc. 7.15% 2051		3,275			3,482
Petróleos Mexicanos 3.50% 2023		1,500			1,479
Petróleos Mexicanos 6.875% 2025		5,000			4,687
Petróleos Mexicanos 6.875% 2026		43,810			39,562

164 American Funds Insurance Series

The Bond Fund of America (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Corporate bonds, notes & loans (continued)
Energy (continued)
Petróleos Mexicanos 6.50% 2027	USD	31,829	$	27,694
Petróleos Mexicanos 6.50% 2029		3,409		2,782
Petróleos Mexicanos 8.75% 20294		7,215		6,545
Petróleos Mexicanos 6.70% 2032		18,259		13,961
Petróleos Mexicanos 7.69% 2050		285		191
Qatar Petroleum 2.25% 20314		22,020		18,846
Qatar Petroleum 3.125% 20414		7,310		5,751
Qatar Petroleum 3.30% 20514		2,185		1,693
SA Global Sukuk, Ltd. 1.602% 20264		7,645		6,982
Sabine Pass Liquefaction, LLC 5.625% 20233		1,000		1,010
Sabine Pass Liquefaction, LLC 5.75% 2024		8,000		8,166
Sabine Pass Liquefaction, LLC 5.625% 2025		10,000		10,211
Sabine Pass Liquefaction, LLC 5.875% 2026		15,700		16,249
Shell International Finance BV 3.875% 2028		9,410		9,293
Shell International Finance BV 2.75% 2030		1,186		1,071
Southwestern Energy Co. 5.95% 20253		495		490
Sunoco Logistics Operating Partners LP 5.40% 2047		5,396		4,745
Total Capital Canada, Ltd. 2.75% 2023		2,140		2,125
Total Capital International 3.455% 2029		885		843
TransCanada PipeLines, Ltd. 4.10% 2030		1,578		1,509
Western Midstream Operating, LP 3.60% 2025 (3.35% on 8/1/2022)3		2,782		2,568
Western Midstream Operating, LP 4.55% 2030 (4.30% on 8/1/2022)3		2,202		1,911
Western Midstream Operating, LP 5.75% 2050 (5.50% on 8/1/2022)3		3,079		2,482
Williams Partners LP 4.50% 2023		500		504
Williams Partners LP 4.30% 2024		595		598
				386,092
Health care 3.17%
AbbVie, Inc. 3.20% 2029		4,783		4,404
AbbVie, Inc. 4.25% 2049		8		7
Amgen, Inc. 2.45% 2030		5,131		4,479
Amgen, Inc. 3.35% 2032		493		452
Amgen, Inc. 4.40% 2062		196		171
Anthem, Inc. 2.375% 2025		1,534		1,479
Anthem, Inc. 4.10% 2032		8,711		8,486
Anthem, Inc. 4.55% 2052		1,721		1,623
AstraZeneca Finance, LLC 1.75% 2028		1,429		1,262
AstraZeneca Finance, LLC 2.25% 2031		2,087		1,819
AstraZeneca PLC 4.00% 2029		5,920		5,901
Bausch Health Companies, Inc. 4.875% 20284		830		651
Baxter International, Inc. 2.539% 2032		3,906		3,301
Bayer US Finance II, LLC 4.25% 20254		17,570		17,370
Centene Corp. 4.25% 2027		14,860		13,917
Centene Corp. 2.45% 2028		12,410		10,384
Centene Corp. 4.625% 2029		14,945		13,980
Centene Corp. 3.375% 2030		15,718		13,375
Centene Corp. 2.50% 2031		8,550		6,813
Centene Corp. 2.625% 2031		2,510		2,002
Danaher Corp. 2.80% 2051		1,090		787
Eli Lilly and Company 3.375% 2029		1,255		1,229
Gilead Sciences, Inc. 1.65% 2030		1,570		1,287
HCA, Inc. 3.125% 20274		755		687
HCA, Inc. 3.375% 20294		1,770		1,558
HCA, Inc. 3.625% 20324		5,729		4,840
HCA, Inc. 4.625% 20524		390		313
Laboratory Corporation of America Holdings 1.55% 2026		1,058		951
Laboratory Corporation of America Holdings 4.70% 2045		4,160		3,703
Merck & Co., Inc. 1.70% 2027		3,093		2,812
Merck & Co., Inc. 2.15% 2031		5,845		5,033
Merck & Co., Inc. 2.75% 2051		808		598

American Funds Insurance Series 165

The Bond Fund of America (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Corporate bonds, notes & loans (continued)
Health care (continued)
Regeneron Pharmaceuticals, Inc. 1.75% 2030	USD	1,918	$	1,540
Roche Holdings, Inc. 1.93% 20284		7,845		6,941
Roche Holdings, Inc. 2.076% 20314		14,737		12,579
Roche Holdings, Inc. 2.607% 20514		645		469
Shire PLC 3.20% 2026		14,406		13,847
Teva Pharmaceutical Finance Co. BV 7.125% 2025		45,000		43,984
Teva Pharmaceutical Finance Co. BV 3.15% 2026		68,853		56,684
Teva Pharmaceutical Finance Co. BV 6.75% 2028		26,824		25,053
Teva Pharmaceutical Finance Co. BV 4.10% 2046		46,666		29,209
UnitedHealth Group, Inc. 3.35% 2022		4,385		4,385
UnitedHealth Group, Inc. 3.75% 2025		5,410		5,410
UnitedHealth Group, Inc. 3.70% 2027		1,184		1,181
UnitedHealth Group, Inc. 4.00% 2029		2,231		2,211
UnitedHealth Group, Inc. 2.00% 2030		855		733
UnitedHealth Group, Inc. 4.20% 2032		3,169		3,169
UnitedHealth Group, Inc. 3.05% 2041		1,300		1,050
UnitedHealth Group, Inc. 4.25% 2048		960		897
UnitedHealth Group, Inc. 3.25% 2051		927		729
UnitedHealth Group, Inc. 4.75% 2052		1,400		1,402
UnitedHealth Group, Inc. 4.95% 2062		550		559
				347,706
Communication services 3.16%
AT&T, Inc. 1.70% 2026		19,000		17,392
AT&T, Inc. 1.65% 2028		4,700		4,070
AT&T, Inc. 4.30% 2030		15,940		15,569
AT&T, Inc. 2.55% 2033		15,003		12,188
AT&T, Inc. 3.50% 2053		19,935		15,144
CCO Holdings, LLC and CCO Holdings Capital Corp. 5.125% 20274		4,800		4,546
CCO Holdings, LLC and CCO Holdings Capital Corp. 2.25% 2029		1,351		1,111
CCO Holdings, LLC and CCO Holdings Capital Corp. 2.80% 2031		5,642		4,524
CCO Holdings, LLC and CCO Holdings Capital Corp. 4.75% 20324		1,265		1,039
CCO Holdings, LLC and CCO Holdings Capital Corp. 4.40% 2033		2,642		2,362
CCO Holdings, LLC and CCO Holdings Capital Corp. 4.25% 20344		3,875		3,007
CCO Holdings, LLC and CCO Holdings Capital Corp. 5.75% 2048		5,000		4,492
CCO Holdings, LLC and CCO Holdings Capital Corp. 5.25% 2053		1,240		1,050
CenturyLink, Inc. 4.00% 20274		17,946		15,226
Comcast Corp. 3.15% 2028		7,200		6,870
Comcast Corp. 2.65% 2030		7,500		6,718
Comcast Corp. 4.00% 2048		5,000		4,357
Magallanes, Inc. 3.428% 20244		6,552		6,429
Magallanes, Inc. 3.638% 20254		3,056		2,964
Magallanes, Inc. 3.755% 20274		9,501		8,920
Magallanes, Inc. 4.054% 20294		1,316		1,206
Magallanes, Inc. 4.279% 20324		4,932		4,413
Magallanes, Inc. 5.05% 20424		3,147		2,682
Magallanes, Inc. 5.141% 20524		11,141		9,366
Magallanes, Inc. 5.391% 20624		2,802		2,348
Netflix, Inc. 4.875% 2028		20,119		18,976
Netflix, Inc. 5.875% 2028		25,021		24,526
Netflix, Inc. 5.375% 20294		12,400		11,740
Netflix, Inc. 6.375% 2029		2,930		2,965
Netflix, Inc. 4.875% 20304		13,375		12,266
News Corp. 5.125% 20324		1,300		1,154
SBA Tower Trust 1.631% 20264		6,741		6,038
Sirius XM Radio, Inc. 4.00% 20284		675		586
Sprint Corp. 7.625% 2025		6,665		6,960
Tencent Holdings, Ltd. 2.39% 20304		10,000		8,379
T-Mobile US, Inc. 3.50% 2025		3,275		3,207
T-Mobile US, Inc. 2.25% 2026		2,388		2,153

166 American Funds Insurance Series

The Bond Fund of America (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Corporate bonds, notes & loans (continued)
Communication services (continued)
T-Mobile US, Inc. 2.625% 2026	USD	9,691	$	8,813
T-Mobile US, Inc. 3.75% 2027		5,000		4,819
T-Mobile US, Inc. 2.40% 2029		1,224		1,059
T-Mobile US, Inc. 2.625% 2029		3,117		2,632
T-Mobile US, Inc. 3.875% 2030		4,500		4,204
T-Mobile US, Inc. 2.875% 2031		7,913		6,584
T-Mobile US, Inc. 3.50% 2031		9,629		8,334
T-Mobile US, Inc. 3.00% 2041		2,100		1,569
T-Mobile US, Inc. 3.40% 2052		12,280		9,096
Verizon Communications, Inc. 4.329% 2028		1,539		1,532
Verizon Communications, Inc. 1.75% 2031		10,090		8,114
Verizon Communications, Inc. 2.55% 2031		8,375		7,168
Verizon Communications, Inc. 2.355% 2032		4,743		3,937
Verizon Communications, Inc. 3.40% 2041		2,050		1,673
Verizon Communications, Inc. 2.875% 2050		3,000		2,133
Verizon Communications, Inc. 3.55% 2051		1,975		1,587
Verizon Communications, Inc. 3.875% 2052		3,155		2,651
Vodafone Group PLC 4.375% 2028		10,000		9,963
Vodafone Group PLC 4.25% 2050		3,050		2,555
ZipRecruiter, Inc. 5.00% 20304		1,500		1,262
				346,628
Industrials 2.89%
ADT Security Corp. 4.125% 20294		510		415
AerCap Ireland Capital, Ltd. / AerCap Global Aviation Trust 1.75% 2026		2,841		2,486
Aeropuerto International de Tocume SA 4.00% 20414		730		593
Aeropuerto International de Tocume SA 5.125% 20614		565		449
Air Lease Corp. 0.80% 2024		3,175		2,910
Air Lease Corp. 2.875% 2026		11,453		10,531
Air Lease Corp. 2.20% 2027		3,060		2,669
Air Lease Corp. 2.10% 2028		2,450		1,967
Avolon Holdings Funding, Ltd. 3.95% 20244		12,514		11,991
Avolon Holdings Funding, Ltd. 2.125% 20264		8,333		7,214
Avolon Holdings Funding, Ltd. 4.25% 20264		3,302		3,062
Avolon Holdings Funding, Ltd. 2.528% 20274		2,142		1,748
Avolon Holdings Funding, Ltd. 3.25% 20274		8,000		6,972
BNSF Funding Trust I, junior subordinated, 6.613% 2055 (3-month USD-LIBOR + 2.35% on 1/15/2026)3		1,680		1,650
Boeing Company 4.508% 2023		11,358		11,389
Boeing Company 1.95% 2024		5,646		5,467
Boeing Company 2.80% 2024		500		490
Boeing Company 4.875% 2025		34,682		34,602
Boeing Company 2.196% 2026		16,571		14,962
Boeing Company 2.75% 2026		16,588		15,429
Boeing Company 3.10% 2026		649		605
Boeing Company 2.70% 2027		6,473		5,766
Boeing Company 5.04% 2027		15,716		15,537
Boeing Company 3.25% 2028		11,379		10,179
Boeing Company 3.25% 2028		1,925		1,716
Boeing Company 5.15% 2030		42,874		41,190
Boeing Company 3.625% 2031		1,602		1,384
Boeing Company 3.90% 2049		1,411		1,004
Boeing Company 5.805% 2050		4,122		3,793
Canadian Pacific Railway, Ltd. 1.75% 2026		1,982		1,795
Canadian Pacific Railway, Ltd. 2.45% 2031		3,131		2,682
Canadian Pacific Railway, Ltd. 3.00% 2041		1,677		1,315
Canadian Pacific Railway, Ltd. 3.10% 2051		3,111		2,297
Carrier Global Corp. 3.377% 2040		15,000		11,784
Dun & Bradstreet Corp. 5.00% 20294		2,798		2,420
General Dynamics Corp. 3.625% 2030		675		655

American Funds Insurance Series 167

The Bond Fund of America (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Corporate bonds, notes & loans (continued)
Industrials (continued)
General Electric Capital Corp. 4.418% 2035	USD	5,977	$	5,590
General Electric Capital Corp., Series A, 6.75% 2032		675		756
Lockheed Martin Corp. 1.85% 2030		1,080		923
Lockheed Martin Corp. 4.50% 2036		424		422
Mexico City Airport Trust 5.50% 2046		1,959		1,357
Mexico City Airport Trust 5.50% 2047		5,909		4,069
Mexico City Airport Trust 5.50% 20474		1,132		780
MISC Capital Two (Labuan), Ltd. 3.75% 20274		2,690		2,529
Norfolk Southern Corp. 4.55% 2053		1,188		1,126
Northrop Grumman Corp. 3.25% 2028		10,845		10,318
Raytheon Technologies Corp. 1.90% 2031		3,087		2,533
Raytheon Technologies Corp. 2.375% 2032		1,321		1,119
Raytheon Technologies Corp. 2.82% 2051		665		477
Raytheon Technologies Corp. 3.03% 2052		1,190		889
Republic Services, Inc. 2.375% 2033		1,635		1,338
Summit Digitel Infrastructure Private, Ltd. 2.875% 20314		2,550		1,973
Triton Container International, Ltd. 1.15% 20244		1,609		1,507
Triton Container International, Ltd. 3.15% 20314		2,482		2,009
Union Pacific Corp. 2.15% 2027		2,213		2,052
Union Pacific Corp. 2.40% 2030		4,454		3,942
Union Pacific Corp. 2.375% 2031		5,554		4,805
Union Pacific Corp. 2.80% 2032		5,240		4,670
Union Pacific Corp. 3.375% 2042		530		442
Union Pacific Corp. 3.25% 2050		7,000		5,505
Union Pacific Corp. 2.95% 2052		1,405		1,037
United Rentals, Inc. 5.50% 2027		2,500		2,456
United Technologies Corp. 3.125% 2027		4,551		4,356
United Technologies Corp. 4.125% 2028		4,974		4,914
Waste Management, Inc. 4.15% 2032		2,155		2,115
				317,127
Consumer staples 1.50%
7-Eleven, Inc. 1.80% 20314		5,013		3,918
7-Eleven, Inc. 2.80% 20514		5,000		3,269
Altria Group, Inc. 4.40% 2026		4,585		4,512
Altria Group, Inc. 4.50% 2043		1,585		1,194
Altria Group, Inc. 5.95% 2049		9,039		7,940
Anheuser-Busch InBev NV 4.75% 2029		7,500		7,638
Anheuser-Busch InBev NV 5.55% 2049		5,000		5,117
Anheuser-Busch InBev NV 4.50% 2050		1,355		1,220
British American Tobacco International Finance PLC 3.95% 20254		16,879		16,570
British American Tobacco International Finance PLC 1.668% 2026		4,070		3,608
British American Tobacco PLC 3.557% 2027		10,991		10,064
British American Tobacco PLC 2.259% 2028		4,348		3,647
British American Tobacco PLC 4.448% 2028		3,065		2,905
British American Tobacco PLC 4.742% 2032		2,675		2,381
British American Tobacco PLC 4.39% 2037		1,500		1,192
British American Tobacco PLC 4.54% 2047		14,400		10,583
British American Tobacco PLC 4.758% 2049		22,045		16,661
British American Tobacco PLC 5.65% 2052		610		528
Conagra Brands, Inc. 5.30% 2038		436		412
Conagra Brands, Inc. 5.40% 2048		57		54
Constellation Brands, Inc. 3.50% 2027		7,500		7,207
Constellation Brands, Inc. 4.35% 2027		890		883
Constellation Brands, Inc. 2.875% 2030		620		540
Constellation Brands, Inc. 2.25% 2031		1,487		1,207
Constellation Brands, Inc. 4.75% 2032		2,284		2,273
Imperial Tobacco Finance PLC 3.50% 20234		2,335		2,322
JBS Luxembourg SARL 2.50% 20274		3,880		3,384
JBS Luxembourg SARL 3.625% 20324		1,430		1,159

168 American Funds Insurance Series

The Bond Fund of America (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Corporate bonds, notes & loans (continued)
Consumer staples (continued)
JBS USA Lux SA 3.00% 20294	USD	2,709	$	2,293
JBS USA Lux SA 5.50% 20304		435		412
JBS USA Lux SA 3.00% 20324		3,430		2,639
Kraft Heinz Company 4.875% 2049		1,270		1,124
Kraft Heinz Company 5.50% 2050		2,725		2,622
PepsiCo, Inc. 1.95% 2031		6,979		5,952
Philip Morris International, Inc. 4.125% 2043		4,117		3,331
Philip Morris International, Inc. 4.875% 2043		5,433		4,845
PT Indofood CBP Sukses Makmur Tbk 3.398% 2031		3,110		2,422
PT Indofood CBP Sukses Makmur Tbk 4.745% 2051		685		461
Reynolds American, Inc. 4.45% 2025		14,570		14,503
Reynolds American, Inc. 5.85% 2045		1,970		1,656
				164,648
Information technology 0.87%
Analog Devices, Inc. 1.70% 2028		1,962		1,721
Analog Devices, Inc. 2.80% 2041		521		409
Apple, Inc. 2.70% 2051		7,080		5,296
Broadcom Corp. / Broadcom Cayman Finance, Ltd. 3.875% 2027		7,027		6,768
Broadcom, Inc. 4.00% 20294		2,940		2,727
Broadcom, Inc. 4.15% 20324		2,270		2,052
Broadcom, Inc. 3.469% 20344		32,636		26,605
Broadcom, Inc. 3.137% 20354		1,164		885
Broadcom, Inc. 3.187% 20364		4,803		3,658
Global Payments, Inc. 2.90% 2031		1,005		824
Oracle Corp. 1.65% 2026		8,417		7,554
Oracle Corp. 2.30% 2028		6,875		5,922
Oracle Corp. 2.875% 2031		7,393		6,098
Oracle Corp. 3.95% 2051		4,869		3,584
PayPal Holdings, Inc. 3.90% 2027		1,233		1,230
PayPal Holdings, Inc. 2.30% 2030		330		284
PayPal Holdings, Inc. 4.40% 2032		6,461		6,404
PayPal Holdings, Inc. 5.05% 2052		1,665		1,656
PayPal Holdings, Inc. 5.25% 2062		375		372
salesforce.com, inc. 1.95% 2031		3,775		3,210
salesforce.com, inc. 2.70% 2041		875		678
salesforce.com, inc. 2.90% 2051		5,140		3,893
salesforce.com, inc. 3.05% 2061		265		194
Square, Inc. 2.75% 20264		1,975		1,757
Square, Inc. 3.50% 20314		825		659
VeriSign, Inc. 2.70% 2031		1,494		1,204
				95,644
Real estate 0.76%
Alexandria Real Estate Equities, Inc. 4.50% 2029		70		68
American Campus Communities, Inc. 3.75% 2023		2,900		2,904
American Campus Communities, Inc. 3.875% 2031		620		610
American Tower Corp. 1.45% 2026		657		575
American Tower Corp. 3.65% 2027		5,390		5,123
American Tower Corp. 2.30% 2031		1,180		936
American Tower Corp. 2.70% 2031		1,100		906
American Tower Corp. 4.05% 2032		1,278		1,166
Corporacion Inmobiliaria Vesta, SAB de CV, 3.625% 20314		395		314
Corporate Office Properties LP 2.00% 2029		1,139		919
Corporate Office Properties LP 2.75% 2031		1,547		1,252
Corporate Office Properties LP 2.90% 2033		564		438
Crown Castle International Corp. 2.50% 2031		2,451		2,008
Equinix, Inc. 2.90% 2026		3,287		3,058
Equinix, Inc. 3.20% 2029		3,846		3,420
Equinix, Inc. 2.50% 2031		7,760		6,295

American Funds Insurance Series 169

The Bond Fund of America (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Corporate bonds, notes & loans (continued)
Real estate (continued)
Equinix, Inc. 3.90% 2032	USD	1,155	$	1,046
Equinix, Inc. 3.40% 2052		1,201		891
Extra Space Storage, Inc. 2.35% 2032		698		554
FibraSOMA 4.375% 20314		1,475		1,054
Hospitality Properties Trust 4.50% 2025		855		677
Hospitality Properties Trust 3.95% 2028		1,710		1,173
Howard Hughes Corp. 4.375% 20314		675		501
Invitation Homes Operating Partnership LP 2.30% 2028		767		646
Invitation Homes Operating Partnership LP 2.00% 2031		2,048		1,578
Invitation Homes Operating Partnership LP 2.70% 2034		660		509
Iron Mountain, Inc. 4.875% 20274		1,605		1,455
Iron Mountain, Inc. 5.25% 20284		3,500		3,149
Iron Mountain, Inc. 5.25% 20304		675		588
Omega Healthcare Investors, Inc. 4.375% 2023		186		187
Piedmont Operating Partnership LP 4.45% 2024		1,000		1,004
Public Storage 1.95% 2028		993		859
Public Storage 2.30% 2031		3,195		2,688
Scentre Group 3.50% 20254		4,565		4,437
Sun Communities Operating LP 2.30% 2028		1,026		879
Sun Communities Operating LP 2.70% 2031		3,877		3,129
VICI Properties LP 4.375% 2025		670		655
VICI Properties LP 4.75% 2028		6,844		6,545
VICI Properties LP 4.95% 2030		5,515		5,237
VICI Properties LP 5.125% 2032		11,766		11,112
VICI Properties LP 5.625% 2052		2,695		2,458
				83,003
Materials 0.16%
Air Products and Chemicals, Inc. 2.70% 2040		2,911		2,333
Ecolab, Inc. 1.65% 2027		835		764
Ecolab, Inc. 2.125% 2032		2,580		2,179
Ecolab, Inc. 2.70% 2051		335		239
Glencore Funding, LLC 2.625% 20314		790		638
Glencore Funding, LLC 3.375% 20514		370		253
International Flavors & Fragrances, Inc. 2.30% 20304		3,536		2,909
LYB International Finance III, LLC 2.25% 2030		3,802		3,139
LYB International Finance III, LLC 3.625% 2051		2,617		1,938
Methanex Corp. 5.125% 2027		510		451
Nova Chemicals Corp. 4.25% 20294		425		333
South32 Treasury (USA), Ltd. 4.35% 20324		1,976		1,848
				17,024
Total corporate bonds, notes & loans				3,680,622
Mortgage-backed obligations 22.30%
Federal agency mortgage-backed obligations 19.52%
Fannie Mae Pool #976945 5.50% 20237		3		3
Fannie Mae Pool #AB1068 4.50% 20257		49		50
Fannie Mae Pool #256133 4.50% 20267		47		47
Fannie Mae Pool #AR3058 3.00% 20287		83		82
Fannie Mae Pool #AS8018 3.00% 20317		49		48
Fannie Mae Pool #BM4741 3.00% 20327		32		32
Fannie Mae Pool #924866 1.765% 20375,7		430		428
Fannie Mae Pool #945680 6.00% 20377		455		495
Fannie Mae Pool #913966 6.00% 20377		35		38
Fannie Mae Pool #889982 5.50% 20387		998		1,072
Fannie Mae Pool #988588 5.50% 20387		190		204
Fannie Mae Pool #AB1297 5.00% 20407		198		208
Fannie Mae Pool #MA4501 2.00% 20417		10,409		9,309
Fannie Mae Pool #AI1862 5.00% 20417		1,034		1,086
Fannie Mae Pool #AH8144 5.00% 20417		820		856

170 American Funds Insurance Series

The Bond Fund of America (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Mortgage-backed obligations (continued)
Federal agency mortgage-backed obligations (continued)
Fannie Mae Pool #AH9479 5.00% 20417	USD	767	$	803
Fannie Mae Pool #AI3510 5.00% 20417		594		621
Fannie Mae Pool #AJ0704 5.00% 20417		480		503
Fannie Mae Pool #AJ5391 5.00% 20417		350		369
Fannie Mae Pool #MA4540 2.00% 20427		2,734		2,445
Fannie Mae Pool #AZ3904 4.00% 20457		42		42
Fannie Mae Pool #AL8522 3.50% 20467		945		924
Fannie Mae Pool #BD1968 4.00% 20467		1,284		1,290
Fannie Mae Pool #BE0592 4.00% 20467		316		314
Fannie Mae Pool #BD5477 4.00% 20467		180		180
Fannie Mae Pool #CA0770 3.50% 20477		5,135		5,033
Fannie Mae Pool #CA0706 4.00% 20477		99		100
Fannie Mae Pool #MA3058 4.00% 20477		45		45
Fannie Mae Pool #BM4413 4.50% 20477		3,155		3,217
Fannie Mae Pool #BF0293 3.00% 20487		7,571		7,145
Fannie Mae Pool #FM4891 3.50% 20487		22,390		21,904
Fannie Mae Pool #BF0318 3.50% 20487		6,098		5,948
Fannie Mae Pool #CA1189 3.50% 20487		1,457		1,425
Fannie Mae Pool #BJ5749 4.00% 20487		18		18
Fannie Mae Pool #BM4676 4.00% 20487		14		14
Fannie Mae Pool #CA3807 3.00% 20497		1,460		1,374
Fannie Mae Pool #CA3806 3.00% 20497		941		887
Fannie Mae Pool #FM0007 3.50% 20497		17,115		16,640
Fannie Mae Pool #FM1954 3.50% 20497		7,239		7,038
Fannie Mae Pool #FM1589 3.50% 20497		4,704		4,573
Fannie Mae Pool #FM1262 4.00% 20497		25,162		25,188
Fannie Mae Pool #FM5507 3.00% 20507		18,969		17,967
Fannie Mae Pool #BF0145 3.50% 20577		12,754		12,439
Fannie Mae Pool #BF0264 3.50% 20587		9,600		9,363
Fannie Mae Pool #BF0332 3.00% 20597		20,766		19,494
Fannie Mae Pool #BF0497 3.00% 20607		18,133		17,096
Fannie Mae, Series 2001-4, Class GA, 9.00% 20255,7		—		—
Fannie Mae, Series 2001-50, Class BA, 7.00% 20417		8		8
Fannie Mae, Series 2002-W3, Class A5, 7.50% 20417		19		22
Fannie Mae, Series 2002-W1, Class 2A, 5.017% 20425,7		23		23
Freddie Mac Pool #ZS8507 3.00% 20287		130		130
Freddie Mac Pool #ZK7590 3.00% 20297		2,852		2,837
Freddie Mac Pool #A15120 5.50% 20337		55		57
Freddie Mac Pool #QN1073 3.00% 20347		51		50
Freddie Mac Pool #G05196 5.50% 20387		54		59
Freddie Mac Pool #G05267 5.50% 20387		41		44
Freddie Mac Pool #G06020 5.50% 20397		79		85
Freddie Mac Pool #A93948 4.50% 20407		169		175
Freddie Mac Pool #G05860 5.50% 20407		283		305
Freddie Mac Pool #RB5138 2.00% 20417		2,743		2,453
Freddie Mac Pool #G06868 4.50% 20417		191		197
Freddie Mac Pool #G06841 5.50% 20417		457		492
Freddie Mac Pool #RB5148 2.00% 20427		5,687		5,044
Freddie Mac Pool #RB5145 2.00% 20427		2,664		2,382
Freddie Mac Pool #Z40130 3.00% 20467		22,230		21,271
Freddie Mac Pool #G61733 3.00% 20477		5,538		5,246
Freddie Mac Pool #ZT2100 3.00% 20477		116		110
Freddie Mac Pool #G08789 4.00% 20477		682		687
Freddie Mac Pool #G67709 3.50% 20487		14,463		14,159
Freddie Mac Pool #G61628 3.50% 20487		355		348
Freddie Mac Pool #Q58494 4.00% 20487		1,289		1,292
Freddie Mac Pool #QA4673 3.00% 20497		31,780		29,899
Freddie Mac Pool #SD7508 3.50% 20497		11,833		11,505
Freddie Mac Pool #RA1369 3.50% 20497		2,174		2,113
Freddie Mac Pool #ZN4842 3.50% 20497		760		739
Freddie Mac, Series 3061, Class PN, 5.50% 20357		62		66

American Funds Insurance Series 171

The Bond Fund of America (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Mortgage-backed obligations (continued)
Federal agency mortgage-backed obligations (continued)
Freddie Mac, Series 3318, Class JT, 5.50% 20377	USD	145	$	153
Freddie Mac, Series 3156, Class PO, principal only, 0% 20367		134		116
Freddie Mac, Series 3146, Class PO, principal only, 0% 20367		132		112
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2018-3, Class MA, 3.50% 20577		9,092		9,010
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2019-2, Class MA, 3.50% 20587		2,074		2,052
Freddie Mac Seasoned Loan Structured Transaction Trust, Series 2022-1, Class A1, 3.50% 20327		11,275		11,138
Government National Mortgage Assn. 2.00% 20527,8		10,080		8,946
Government National Mortgage Assn. 2.00% 20527,8		4,705		4,180
Government National Mortgage Assn. 3.00% 20527,8		32,748		30,883
Government National Mortgage Assn. 3.50% 20527,8		51,755		50,231
Government National Mortgage Assn. 4.00% 20527,8		70,236		69,796
Government National Mortgage Assn. 4.00% 20527,8		18,306		18,231
Government National Mortgage Assn. 4.50% 20527,8		166,259		168,116
Government National Mortgage Assn. 5.00% 20527,8		152,746		155,968
Government National Mortgage Assn. 5.00% 20527,8		2,680		2,747
Government National Mortgage Assn. Pool #MA5817 4.00% 20497		13,668		13,711
Government National Mortgage Assn. Pool #MA6221 4.50% 20497		5,718		5,823
Government National Mortgage Assn. Pool #MA6042 5.00% 20497		40		42
Uniform Mortgage-Backed Security 1.50% 20377,8		3,950		3,593
Uniform Mortgage-Backed Security 2.50% 20377,8		7,545		7,207
Uniform Mortgage-Backed Security 3.00% 20377,8		4,006		3,914
Uniform Mortgage-Backed Security 2.00% 20527,8		34,799		30,177
Uniform Mortgage-Backed Security 2.50% 20527,8		36,388		32,697
Uniform Mortgage-Backed Security 3.00% 20527,8		76,300		71,007
Uniform Mortgage-Backed Security 3.00% 20527,8		70,132		65,338
Uniform Mortgage-Backed Security 3.50% 20527,8		33,659		32,341
Uniform Mortgage-Backed Security 4.00% 20527,8		250,157		245,911
Uniform Mortgage-Backed Security 4.00% 20527,8		12,042		11,858
Uniform Mortgage-Backed Security 4.50% 20527,8		320,008		320,024
Uniform Mortgage-Backed Security 4.50% 20527,8		192,067		192,435
Uniform Mortgage-Backed Security 5.00% 20527,8		152,335		154,766
Uniform Mortgage-Backed Security 5.00% 20527,8		116,315		118,426
				2,141,104
Commercial mortgage-backed securities 1.37%
Bank Commercial Mortgage Trust, Series 2019-BN17, Class A4, 3.714% 20527		100		97
Bank Commercial Mortgage Trust, Series 2019-BN16, Class A4, 4.005% 20527		770		758
Bank Commercial Mortgage Trust, Series 2019-BN19, Class A3, 3.183% 20617		1,018		949
Bank Commercial Mortgage Trust, Series 2018-BN10, Class A4, 3.428% 20617		130		126
Bank Commercial Mortgage Trust, Series 2018-BN10, Class A5, 3.688% 20617		205		199
Bank Commercial Mortgage Trust, Series 2018-BN12, Class A4, 4.255% 20615,7		2,444		2,447
Bank Commercial Mortgage Trust, Series 2020-BN26, Class A4, 2.403% 20637		295		259
Benchmark Mortgage Trust, Series 2018-B8, Class A5, 4.232% 20527		2,541		2,532
Benchmark Mortgage Trust, Series 2018-B7, Class A4, 4.51% 20535,7		781		789
Boca Commercial Mortgage Trust, Series 2022-BOCA, Class A, (1-month USD CME Term SOFR + 1.767%) 2.27% 20394,5,7		8,575		8,422
BPR Trust, Series 2022-OANA, Class A, (1-month USD CME Term SOFR + 1.898%) 3.177% 20374,5,7		3,822		3,753
BX Trust, Series 2022-CSMO, Class A, (1-month USD CME Term SOFR + 2.11%) 2.865% 20274,5,7		8,476		8,391
BX Trust, Series 2021-VOLT, Class A, (1-month USD-LIBOR + 0.70%) 2.024% 20364,5,7		14,727		14,226
BX Trust, Series 2021-RISE, Class A, (1-month USD-LIBOR + 0.74%) 2.072% 20364,5,7		12,622		12,021
BX Trust, Series 2021-ARIA, Class A, (1-month USD-LIBOR + 0.899%) 2.223% 20364,5,7		5,292		4,985
BX Trust, Series 2021-VOLT, Class B, (1-month USD-LIBOR + 0.95%) 2.274% 20364,5,7		570		537

172 American Funds Insurance Series

The Bond Fund of America (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Mortgage-backed obligations (continued)
Commercial mortgage-backed securities (continued)
BX Trust, Series 2021-ARIA, Class B, (1-month USD-LIBOR + 1.297%) 2.621% 20364,5,7	USD	995	$	933
BX Trust, Series 2021-ARIA, Class C, (1-month USD-LIBOR + 1.646%) 2.97% 20364,5,7		996		931
BX Trust, Series 2022-IND, Class A, (1-month USD CME Term SOFR + 1.491%) 2.825% 20374,5,7		5,828		5,684
BX Trust, Series 2021-SOAR, Class A, (1-month USD-LIBOR + 0.67%) 1.994% 20384,5,7		3,741		3,596
BX Trust, Series 2021-ACNT, Class A, (1-month USD-LIBOR + 0.85%) 2.174% 20384,5,7		9,979		9,620
BX Trust, Series 2021-SOAR, Class B, (1-month USD-LIBOR + 0.87%) 2.194% 20384,5,7		433		416
BX Trust, Series 2021-SOAR, Class C, (1-month USD-LIBOR + 1.10%) 2.424% 20384,5,7		293		279
BX Trust, Series 2021-ACNT, Class B, (1-month USD-LIBOR + 1.25%) 2.574% 20384,5,7		339		325
BX Trust, Series 2021-SOAR, Class D, (1-month USD-LIBOR + 1.40%) 2.724% 20384,5,7		740		701
BX Trust, Series 2021-ACNT, Class C, (1-month USD-LIBOR + 1.50%) 2.825% 20384,5,7		100		96
BX Trust, Series 2021-ACNT, Class D, (1-month USD-LIBOR + 1.85%) 3.175% 20384,5,7		151		144
Citigroup Commercial Mortgage Trust, Series 2016-GC36, Class A5, 3.616% 20497		610		598
Commercial Mortgage Trust, Series 2013-LC13, Class B, 5.009% 20464,5,7		312		311
Commercial Mortgage Trust, Series 2014-LC15, Class AM, 4.198% 20477		350		347
CSAIL Commercial Mortgage Trust, Series 2015-C4, Class C, 4.711% 20485,7		204		193
CSAIL Commercial Mortgage Trust, Series 2015-C2, Class A3, 3.231% 20577		1,137		1,105
Deutsche Bank Commercial Mortgage Trust, Series 2016-C1, Class AM, 3.539% 20497		200		193
Extended Stay America Trust, Series 2021-ESH, Class A, (1-month USD-LIBOR + 1.08%) 2.405% 20384,5,7		2,862		2,795
Extended Stay America Trust, Series 2021-ESH, Class B, (1-month USD-LIBOR + 1.38%) 2.705% 20384,5,7		653		635
Extended Stay America Trust, Series 2021-ESH, Class C, (1-month USD-LIBOR + 1.70%) 3.025% 20384,5,7		891		863
Extended Stay America Trust, Series 2021-ESH, Class D, (1-month USD-LIBOR + 2.25%) 3.575% 20384,5,7		682		660
Fontainebleau Miami Beach Trust, CMO, Series 2019-FBLU, Class A, 3.144% 20364,7		304		292
Grace Mortgage Trust, Series 2020-GRCE, Class A, 2.347% 20404,7		1,897		1,573
GS Mortgage Securities Trust, Series 2017-GS7, Class A4, 3.43% 20507		400		387
GS Mortgage Securities Trust, Series 2019-GC38, Class A4, 3.968% 20527		100		98
GS Mortgage Securities Trust, Series 2020-GC47, Class A5, 2.377% 20537		1,536		1,338
JPMBB Commercial Mortgage Securities Trust, Series 2014-C18, Class A5, 4.079% 20477		3,280		3,268
JPMDB Commercial Mortgage Securities Trust, Series 2017-C5, Class A5, 3.694% 20507		640		625
JPMorgan Chase Commercial Mortgage Securities Trust, Series 2022-OPO, Class A, 3.024% 20394,7		7,867		7,258
JPMorgan Chase Commercial Mortgage Securities Trust, Series 2016-JP4, Class A4, 3.648% 20495,7		2,040		1,980
La Quinta Mortgage Trust, Series 2022-LAQ, Class A, (1-month USD CME Term SOFR + 1.724%) 3.058% 20394,5,7		3,258		3,184
LUXE Commercial Mortgage Trust, Series 2021-TRIP, Class A, (1-month USD-LIBOR + 1.05%) 2.374% 20384,5,7		4,555		4,394
MHC Commercial Mortgage Trust, CMO, Series 2021-MHC, Class A, (1-month USD-LIBOR + 0.801%) 2.125% 20264,5,7		154		150
Morgan Stanley Bank of America Merrill Lynch Trust, Series 2014-C17, Class A5, 3.741% 20477		5,446		5,389
Morgan Stanley Bank of America Merrill Lynch Trust, Series 2015-C22, Class A-4, 3.306% 20487		410		399
Morgan Stanley Bank of America Merrill Lynch Trust, Series 2016-C32, Class A-4, 3.72% 20497		245		240

American Funds Insurance Series 173

The Bond Fund of America (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Mortgage-backed obligations (continued)
Commercial mortgage-backed securities (continued)
Morgan Stanley Capital I Trust, Series 2015-UBS8, Class AS, 4.114% 20487	USD	730	$	715
Morgan Stanley Capital I Trust, Series 2016-UBS9, Class C, 4.761% 20495,7		208		195
SLG Office Trust, Series 2021-OVA, Class A, 2.585% 20414,7		4,065		3,459
SREIT Trust, Series 2021-FLWR, Class A, (1-month USD-LIBOR + 0.577%) 1.901% 20364,5,7		9,351		8,897
SREIT Trust, Series 2021-FLWR, Class B, (1-month USD-LIBOR + 0.926%) 2.25% 20364,5,7		1,000		948
SREIT Trust, Series 2021-MFP, Class A, (1-month USD-LIBOR + 0.731%) 2.055% 20384,5,7		8,739		8,317
SREIT Trust, Series 2021-MFP, Class B, (1-month USD-LIBOR + 1.079%) 2.404% 20384,5,7		263		248
SREIT Trust, Series 2021-MFP, Class C, (1-month USD-LIBOR + 1.329%) 2.653% 20384,5,7		141		133
Wells Fargo Commercial Mortgage Trust, Series 2015-SG1, Class A-4, 3.789% 20487		2,413		2,352
Wells Fargo Commercial Mortgage Trust, Series 2015-C28, Class C, 4.219% 20485,7		220		209
Wells Fargo Commercial Mortgage Trust, Series 2016-C37, Class A5, 3.794% 20497		2,550		2,506
Wells Fargo Commercial Mortgage Trust, Series 2019-C54, Class A4, 3.146% 20527		1,019		939
Wells Fargo Commercial Mortgage Trust, Series 2016-NXS5, Class AS, 3.988% 20597		250		244
Wells Fargo Commercial Mortgage Trust, Series 2017-RC1, Class A4, 3.631% 20607		205		200
				150,853
Collateralized mortgage-backed obligations (privately originated) 1.19%
Arroyo Mortgage Trust, Series 2021-1R, Class A1, 1.175% 20484,5,7		3,260		3,026
Arroyo Mortgage Trust, Series 2020-1, Class A1A, 1.662% 20554,7		145		140
Arroyo Mortgage Trust, Series 2022-1, Class A1A, 2.495% 2056 (3.495% on 2/25/2026)3,4,7		6,315		6,000
Bellemeade Re, Ltd., Series 2019-3A, Class M1B, (1-month USD-LIBOR + 1.60%) 3.224% 20294,5,7		1,297		1,292
BRAVO Residential Funding Trust, Series 2020-RPL2, Class A1, 2.00% 20594,5,7		1,001		924
BRAVO Residential Funding Trust, Series 2020-RPL1, Class A1, 2.50% 20594,5,7		671		649
BRAVO Residential Funding Trust, Series 2022-RPL1, Class A1, 2.75% 20614,7		5,155		4,816
Cascade Funding Mortgage Trust, Series 2020-HB4, Class A, 0.946% 20304,5,7		583		576
Cascade Funding Mortgage Trust, Series 2021-HB7, Class A, 1.151% 20314,5,7		3,400		3,334
Cascade Funding Mortgage Trust, Series 2021-HB6, Class A, 0.898% 20364,5,7		1,983		1,948
CIM Trust, Series 2022-R2, Class A1, 3.75% 20614,5,7		7,476		7,249
Citigroup Mortgage Loan Trust, Inc., Series 2020-EXP1, Class A1A, 1.804% 20604,5,7		235		224
COLT Funding, LLC, Series 2021-5, Class A1, 1.726% 20664,5,7		2,151		1,960
Connecticut Avenue Securities, Series 2022-R04, Class 1M1, (30-day Average USD-SOFR + 2.00%) 2.926% 20424,5,7		1,505		1,477
Connecticut Avenue Securities, Series 2022-R06, Class 1M1, (30-day Average USD-SOFR + 2.75%) 3.698% 20424,5,7		369		368
Credit Suisse Mortgage Trust, Series 2020-NET, Class A, 2.257% 20374,7		1,578		1,457
Credit Suisse Mortgage Trust, Series 2017-RPL3, Class A1, 2.00% 20604,5,7		1,726		1,627
Finance of America Structured Securities Trust, Series 2019-JR2, Class A1, 2.00% 20694,7		2,700		2,908
Finance of America Structured Securities Trust, Series 2019-JR1, Class A, 2.00% 20694,7		2,299		2,478
Flagstar Mortgage Trust, Series 2021-10INV, Class A3, 2.50% 20514,5,7		3,342		2,873
Flagstar Mortgage Trust, Series 2021-11INV, Class A4, 2.50% 20514,5,7		2,302		1,977
Flagstar Mortgage Trust, Series 2021-5INV, Class A2, 2.50% 20514,5,7		2,158		1,854
Flagstar Mortgage Trust, Series 2021-8INV, Class A3, 2.50% 20514,5,7		2,121		1,818
Flagstar Mortgage Trust, Series 2021-6INV, Class A4, 2.50% 20514,5,7		2,021		1,739
Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2015-DNA3, Class M3, (1-month USD-LIBOR + 4.70%) 6.324% 20285,7		1,744		1,798
Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2021-DNA5, Class M2, (30-day Average USD-SOFR + 1.65%) 2.576% 20344,5,7		234		226
Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2022-DNA3, Class M1A, (30-day Average USD-SOFR + 2.00%) 2.926% 20424,5,7		2,420		2,383
Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2022-DNA4, Class M1A, (30-day Average USD-SOFR + 2.20%) 3.126% 20424,5,7		363		359

174 American Funds Insurance Series

The Bond Fund of America (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Mortgage-backed obligations (continued)
Collateralized mortgage-backed obligations (privately originated) (continued)
Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2022-DNA5, Class M1A, (30-day Average USD-SOFR + 2.95%) 3.729% 20424,5,7	USD	313	$	314
Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2020-DNA2, Class M2, (1-month USD-LIBOR + 1.85%) 3.474% 20504,5,7		3,548		3,516
GCAT, Series 2021-NQM6, Class A1, 1.855% 20664,5,7		3,823		3,492
Home Partners of America Trust, Series 2021-2, Class A, 1.901% 20264,7		5,446		4,871
Hundred Acre Wood Trust, Series 2021-INV1, Class A3, 2.50% 20514,5,7		914		788
JPMDB Commercial Mortgage Securities Trust, Series 2017-C7, Class A5, 3.409% 20507		240		230
Legacy Mortgage Asset Trust, Series 2021-GS2, Class A1, 1.75% 20614,5,7		914		861
Legacy Mortgage Asset Trust, Series 2022-GS1, Class A1, 4.00% 2061 (7.00% on 4/25/2025)3,4,7,9		3,806		3,671
Legacy Mortgage Asset Trust, Series 2021-GS5, Class A1, 2.25% 2067 (5.25% on 11/25/2024)3,4,7		2,825		2,645
Mello Warehouse Securitization Trust, Series 2021-3, Class A, (1-month USD-LIBOR + 0.85%) 2.474% 20554,5,7		16,160		15,704
MFRA Trust, Series 2021-RPL1, Class A1, 1.131% 20604,5,7		3,428		3,173
MRA Issuance Trust, Series 2020-10, Class A3, (1-month USD-LIBOR + 1.30%) 2.10% 20224,5,7		8,555		8,448
PRKCM Trust, Series 2021-AFC2, Class A1, 2.071% 20564,5,7		3,760		3,224
Progress Residential Trust, Series 2022-SFR3, Class A, 3.20% 20394,7		1,132		1,070
Reverse Mortgage Investment Trust, Series 2021-HB1, Class A, 1.259% 20314,5,7		4,530		4,359
Towd Point Mortgage Trust, Series 2020-4, Class A1, 1.75% 20604,7		11,719		10,815
Treehouse Park Improvement Association No.1 - Anleihen 9.75% 20334,9,10		1,680		1,490
Tricon Residential, Series 2021-SFR1, Class A, 1.943% 20384,7		5,038		4,580
				130,731
Other mortgage-backed securities 0.22%
Nykredit Realkredit AS, Series CCE, 1.00% 20507	DKK	78,145		8,664
Nykredit Realkredit AS, Series 01E, 1.00% 20537		108,763		11,927
Realkredit Danmark AS 1.00% 20537		29,536		3,239
				23,830
Total mortgage-backed obligations				2,446,518
Asset-backed obligations 4.43%
Aesop Funding, LLC, Series 2019-2A, Class A, 3.35% 20254,7	USD	2,210		2,175
Aesop Funding, LLC, Series 2018-2A, Class A, 4.00% 20254,7		2,755		2,756
Aesop Funding, LLC, Series 2020-1A, Class A, 2.33% 20264,7		7,689		7,322
Aesop Funding, LLC, Series 2021-1A, Class A, 1.38% 20274,7		3,445		3,087
Aesop Funding, LLC, Series 2021-1A, Class B, 1.63% 20274,7		531		470
Aesop Funding, LLC, Series 2020-2, Class A, 2.02% 20274,7		2,427		2,233
Aesop Funding, LLC, Series 2021-1A, Class C, 2.13% 20274,7		193		170
Aesop Funding, LLC, Series 2020-2A, Class B, 2.96% 20274,7		623		586
Aesop Funding, LLC, Series 2020-2A, Class C, 4.25% 20274,7		1,279		1,229
Affirm Asset Securitization Trust, Series 2021-B, Class A, 1.03% 20264,7		701		665
Affirm Asset Securitization Trust, Series 2021-Z2, Class A, 1.17% 20264,7		989		963
Affirm Asset Securitization Trust, Series 2022-X1, Class A, 1.75% 20274,7		1,426		1,402
AGL CLO, Ltd., Series 2022-18A, Class A1, (3-month USD CME Term SOFR + 1.32%) 2.438% 20314,5,7		8,585		8,553
American Credit Acceptance Receivables Trust, Series 2020-3, Class C, 1.85% 20264,7		2,387		2,364
American Credit Acceptance Receivables Trust, Series 2020-3, Class D, 2.40% 20264,7		2,500		2,422
American Credit Acceptance Receivables Trust, Series 2021-1, Class C, 0.83% 20274,7		1,465		1,432
American Credit Acceptance Receivables Trust, Series 2021-1, Class D, 1.14% 20274,7		806		765
American Homes 4 Rent, Series 2014-SFR2, Class A, 3.786% 20364,7		1,147		1,140
American Homes 4 Rent, Series 2015-SFR2, Class A, 3.732% 20524,7		2,811		2,767
American Homes 4 Rent, Series 2015-SFR2, Class B, 4.295% 20524,7		396		392
AmeriCredit Automobile Receivables Trust, Series 2021-2, Class B, 0.69% 20277		997		941
AmeriCredit Automobile Receivables Trust, Series 2021-2, Class C, 1.01% 20277		1,109		1,029
AmeriCredit Automobile Receivables Trust, Series 2021-2, Class D, 1.29% 20277		2,613		2,404

American Funds Insurance Series 175

The Bond Fund of America (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Asset-backed obligations (continued)
Ballyrock CLO, Ltd., Series 2019-2A, Class A1AR, (3-month USD-LIBOR + 1.00%) 2.478% 20304,5,7	USD	575	$	566
Bankers Healthcare Group Securitization Trust, Series 2021-B, Class A, 0.90% 20344,7		231		219
Bankers Healthcare Group Securitization Trust, Series 2021-B, Class B, 1.67% 20344,7		269		240
Blackbird Capital II Aircraft Lease, Ltd. / Blackbird Capital II Aircraft Lease US, LLC, Series 2021-1, Class A, 2.443% 20464,7		4,201		3,601
Blackbird Capital II Aircraft Lease, Ltd. / Blackbird Capital II Aircraft Lease US, LLC, Series 2021-1, Class B, 3.446% 20464,7		497		401
CarMaxAuto Owner Trust, Series 2019-2, Class C, 3.16% 20257		400		397
CarMaxAuto Owner Trust, Series 2021-1, Class C, 0.94% 20267		210		194
CarMaxAuto Owner Trust, Series 2021-1, Class D, 1.28% 20277		206		188
Carvana Auto Receivables Trust, Series 2021-N4, Class C, 1.72% 20287		538		514
Carvana Auto Receivables Trust, Series 2021-N4, Class A2, 1.80% 20287		884		832
Castlelake Aircraft Securitization Trust, Series 2021-1, Class A, 2.868% 20374,7		16,378		14,503
Castlelake Aircraft Securitization Trust, Series 2021-1, Class C, 3.464% 20374,7		6,342		5,720
Castlelake Aircraft Securitization Trust, Series 2021-1, Class C, 6.171% 20374,7		685		586
Castlelake Aircraft Securitization Trust, Series 2017-1R, Class A, 2.741% 20414,7		910		818
CF Hippolyta, LLC, Series 2020-1, Class A1, 1.69% 20604,7		18,930		17,179
CF Hippolyta, LLC, Series 2020-1, Class A2, 1.99% 20604,7		1,982		1,698
CF Hippolyta, LLC, Series 2020-1, Class B1, 2.28% 20604,7		3,441		3,093
CF Hippolyta, LLC, Series 2020-1, Class B2, 2.60% 20604,7		373		318
CF Hippolyta, LLC, Series 2021-1, Class A1, 1.53% 20614,7		6,134		5,417
CF Hippolyta, LLC, Series 2021-1, Class B1, 1.98% 20614,7		1,943		1,681
CLI Funding VI, LLC, Series 2020-2A, Class A, 2.03% 20454,7		2,479		2,226
CLI Funding VI, LLC, Series 2020-3A, Class A, 2.07% 20454,7		5,171		4,672
CLI Funding VIII, LLC, Series 2021-1A, Class A, 2.38% 20464,7		464		411
CPS Auto Receivables Trust, Series 2019-C, Class D, 3.17% 20254,7		918		917
CPS Auto Receivables Trust, Series 2019-B, Class D, 3.69% 20254,7		1,539		1,541
CPS Auto Receivables Trust, Series 2021-A, Class C, 0.83% 20264,7		694		679
CPS Auto Receivables Trust, Series 2021-A, Class D, 1.16% 20264,7		590		564
CPS Auto Receivables Trust, Series 2022-B, Class A, 2.88% 20264,7		2,591		2,563
CPS Auto Receivables Trust, Series 2022-B, Class B, 3.88% 20284,7		2,111		2,094
CPS Auto Receivables Trust, Series 2022-B, Class C, 4.33% 20284,7		2,797		2,775
Credit Acceptance Auto Loan Trust, Series 2020-1A, Class A, 2.01% 20294,7		3,549		3,537
Drive Auto Receivables Trust, Series 2021-1, Class B, 0.65% 20257		2,524		2,513
Drive Auto Receivables Trust, Series 2019-3, Class C, 2.90% 20257		1,547		1,548
Drive Auto Receivables Trust, Series 2019-2, Class C, 3.42% 20257		328		328
Drive Auto Receivables Trust, Series 2019-3, Class D, 3.18% 20267		4,020		3,994
Drive Auto Receivables Trust, Series 2021-1, Class C, 1.02% 20277		5,369		5,233
Drive Auto Receivables Trust, Series 2021-1, Class D, 1.45% 20297		4,053		3,798
Drivetime Auto Owner Trust, Series 2019-3, Class C, 2.74% 20254,7		128		128
Drivetime Auto Owner Trust, Series 2019-3, Class D, 2.96% 20254,7		1,915		1,902
Drivetime Auto Owner Trust, Series 2019-2A, Class C, 3.18% 20254,7		29		29
Drivetime Auto Owner Trust, Series 2019-2A, Class D, 3.48% 20254,7		4,250		4,242
Drivetime Auto Owner Trust, Series 2021-1A, Class C, 0.84% 20264,7		825		787
Drivetime Auto Owner Trust, Series 2021-1A, Class D, 1.16% 20264,7		449		417
Drivetime Auto Owner Trust, Series 2020-3A, Class C, 1.47% 20264,7		817		795
Drivetime Auto Owner Trust, Series 2021-2A, Class B, 0.81% 20274,7		1,179		1,144
Drivetime Auto Owner Trust, Series 2021-2A, Class C, 1.10% 20274,7		1,231		1,169
Drivetime Auto Owner Trust, Series 2021-2A, Class D, 1.50% 20274,7		832		774
EDvestinU Private Education Loan, LLC, Series 2021-A, Class A, 1.80% 20454,7		463		412
Exeter Automobile Receivables Trust, Series 2019-3A, Class C, 2.79% 20244,7		170		169
Exeter Automobile Receivables Trust, Series 2021-2, Class B, 0.57% 20257		1,663		1,638
Exeter Automobile Receivables Trust, Series 2020-3A, Class C, 1.32% 20257		780		773
Exeter Automobile Receivables Trust, Series 2020-1A, Class D, 2.73% 20254,7		900		888
Exeter Automobile Receivables Trust, Series 2022-2A, Class A3, 2.80% 20257		1,162		1,148
Exeter Automobile Receivables Trust, Series 2019-3A, Class D, 3.11% 20254,7		5,000		4,969
Exeter Automobile Receivables Trust, Series 2019-2A, Class D, 3.71% 20254,7		5,194		5,192
Exeter Automobile Receivables Trust, Series 2021-2, Class C, 0.98% 20267		1,807		1,739
Exeter Automobile Receivables Trust, Series 2020-3A, Class D, 1.73% 20267		1,012		984
Exeter Automobile Receivables Trust, Series 2022-2A, Class B, 3.65% 20267		3,047		2,999

176 American Funds Insurance Series

The Bond Fund of America (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Asset-backed obligations (continued)
Exeter Automobile Receivables Trust, Series 2021-2, Class D, 1.40% 20277	USD	2,612	$	2,436
Exeter Automobile Receivables Trust, Series 2022-2A, Class D, 4.56% 20287		1,201		1,143
FirstKey Homes Trust, Series 2020-SFR2, Class A, 1.266% 20374,7		18,033		16,623
FirstKey Homes Trust, Series 2021-SFR3, Class A, 2.135% 20384,7		1,393		1,272
FirstKey Homes Trust, Series 2022-SFR2, Class A, 4.145% 20394,7		1,743		1,716
Ford Credit Auto Owner Trust, Series 2018-2, Class A, 3.47% 20304,7		17,675		17,625
Ford Credit Auto Owner Trust, Series 2018-1, Class A, 3.19% 20314,7		30,070		29,605
GCI Funding I, LLC, Series 2020-1, Class A, 2.82% 20454,7		2,312		2,138
GCI Funding I, LLC, Series 2021-1, Class A, 2.38% 20464,7		1,517		1,345
GCI Funding I, LLC, Series 2021-1, Class B, 3.04% 20464,7		169		148
Global SC Finance VII SRL, Series 2020-2A, Class A, 2.26% 20404,7		3,084		2,824
Global SC Finance VII SRL, Series 2021-1A, Class A, 1.86% 20414,7		10,425		9,296
Global SC Finance VII SRL, Series 2021-2A, Class A, 1.95% 20414,7		2,913		2,602
Global SC Finance VII SRL, Series 2021-2A, Class B, 2.49% 20414,7		228		201
GM Financial Automobile Leasing Trust, Series 2020-2, Class C, 2.56% 20247		301		298
GM Financial Automobile Leasing Trust, Series 2020-2, Class D, 3.21% 20247		425		422
Hertz Vehicle Financing III, LLC, Series 2021-A, Class B, 3.65% 20234,7,9,10		8,590		8,337
Hertz Vehicle Financing III, LLC, Series 2021-1A, Class A, 1.21% 20254,7		12,703		11,895
Hertz Vehicle Financing III, LLC, Series 2021-1A, Class B, 1.56% 20254,7		1,171		1,083
Hertz Vehicle Financing III, LLC, Series 2021-1A, Class C, 2.05% 20254,7		810		747
Hertz Vehicle Financing III, LLC, Series 2021-2A, Class A, 1.68% 20274,7		17,770		15,703
Hertz Vehicle Financing III, LLC, Series 2021-2A, Class B, 2.12% 20274,7		1,264		1,119
Hertz Vehicle Financing III, LLC, Series 2021-2A, Class C, 2.52% 20274,7		859		753
LAD Auto Receivables Trust, Series 2021-1A, Class A, 1.30% 20264,7		1,324		1,282
LAD Auto Receivables Trust, Series 2021-1A, Class B, 1.94% 20264,7		304		286
Madison Park Funding, Ltd., CLO, Series 2015-17A, Class AR2, (3-month USD-LIBOR + 1.00%) 2.098% 20304,5,7		900		887
Marathon CLO, Ltd., Series 2017-9A, Class A1AR, (3-month USD-LIBOR + 1.15%) 2.194% 20294,5,7		660		652
Mission Lane Credit Card Master Trust, Series 2021-A, Class A, 1.59% 20264,7		1,242		1,197
Mission Lane Credit Card Master Trust, Series 2021-A, Class B, 2.24% 20264,7		230		222
Navient Student Loan Trust, Series 2021-EA, Class A, 0.97% 20694,7		2,721		2,443
Navient Student Loan Trust, Series 2021-C, Class A, 1.06% 20694,7		4,424		4,080
Navient Student Loan Trust, Series 2021-G, Class A, 1.58% 20704,7		958		848
Navigator Aircraft ABS, Ltd., Series 2021-1, Class A, 2.771% 20464,7		4,565		4,074
Nelnet Student Loan Trust, Series 2021-C, Class AFX, 1.32% 20624,7		358		329
Nelnet Student Loan Trust, Series 2021-A, Class APT1, 1.36% 20624,7		6,020		5,574
Nelnet Student Loan Trust, Series 2021-B, Class AFX, 1.42% 20624,7		13,741		12,749
Nelnet Student Loan Trust, Series 2021-C, Class AFL, (1-month USD-LIBOR + 0.74%) 2.335% 20624,5,7		4,597		4,489
New Economy Assets Phase 1 Issuer, LLC, Series 2021-1, Class A1, 1.91% 20614,7		50,765		44,373
Newark BSL CLO 2, Ltd., Series 2017-1A, Class A1R, (3-month USD-LIBOR + 0.97%) 2.154% 20304,5,7		275		271
Oportun Funding, LLC, Series 2021-A, Class A, 1.21% 20284,7		240		225
Palmer Square Loan Funding, CLO, Series 2020-4, Class A1, (3-month USD-LIBOR + 1.00%) 2.524% 20284,5,7		1,355		1,345
Palmer Square Loan Funding, CLO, Series 2021-1, Class A1, (3-month USD-LIBOR + 0.90%) 1.963% 20294,5,7		292		289
PFS Financing Corp., Series 2021-B, Class A, 0.775% 20264,7		7,884		7,318
Prestige Auto Receivables Trust, Series 2019-1A, Class C, 2.70% 20244,7		1,815		1,813
Prestige Auto Receivables Trust, Series 2019-1A, Class D, 3.01% 20254,7		1,355		1,341
Prodigy Finance DAC, Series 2021-1A, Class A, (1-month USD-LIBOR + 1.25%) 2.874% 20514,5,7		771		758
Santander Drive Auto Receivables Trust, Series 2021-2, Class B, 0.59% 20257		1,510		1,488
Santander Drive Auto Receivables Trust, Series 2019-2, Class D, 3.22% 20257		2,955		2,948
Santander Drive Auto Receivables Trust, Series 2021-2, Class C, 0.90% 20267		2,812		2,724
Santander Drive Auto Receivables Trust, Series 2020-3, Class C, 1.12% 20267		3,344		3,319
Santander Drive Auto Receivables Trust, Series 2020-3, Class D, 1.64% 20267		2,211		2,157
Santander Drive Auto Receivables Trust, Series 2021-3, Class C, 0.95% 20277		1,677		1,614
Santander Drive Auto Receivables Trust, Series 2021-3, Class D, 1.33% 20277		2,236		2,115
Santander Drive Auto Receivables Trust, Series 2021-2, Class D, 1.35% 20277		1,802		1,692

American Funds Insurance Series 177

The Bond Fund of America (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Asset-backed obligations (continued)
Slam, Ltd., Series 2021-1, Class A, 2.434% 20464,7	USD	2,732	$	2,362
Slam, Ltd., Series 2021-1, Class B, 3.422% 20464,7		503		427
SOLRR Aircraft Aviation Holding, Ltd., Series 2021-1, Class A, 2.636% 20464,7		2,478		2,260
Sound Point CLO, Ltd., Series 2015-1RA, Class AR, (3-month USD-LIBOR + 1.08%) 2.124% 20304,5,7		475		469
Sprite, Ltd., Series 2021-1, Class A, 3.75% 20464,7		3,396		3,078
Stellar Jay Ireland DAC, Series 2021-1, Class A, 3.967% 20414,7		453		404
Stonepeak Infrastructure Partners, Series 2021-1A, Class AA, 2.301% 20334,7		1,323		1,235
Stonepeak Infrastructure Partners, Series 2021-1A, Class A, 2.675% 20334,7		1,525		1,398
SuttonPark Structured Settlements, Series 2021-1, Class A, 1.95% 20754,7		2,581		2,404
TAL Advantage V, LLC, Series 2020-1A, Class A, 2.05% 20454,7		3,175		2,884
Textainer Marine Containers, Ltd., Series 2020-2A, Class A, 2.10% 20454,7		2,366		2,145
Textainer Marine Containers, Ltd., Series 2020-1A, Class A, 2.73% 20454,7		1,364		1,281
Textainer Marine Containers, Ltd., Series 2021-1A, Class A, 1.68% 20464,7		6,480		5,665
Textainer Marine Containers, Ltd., Series 2021-2A, Class A, 2.23% 20464,7		5,440		4,845
Textainer Marine Containers, Ltd., Series 2021-1A, Class B, 2.52% 20464,7		362		322
TIF Funding II, LLC, Series 2020-1A, Class A, 2.09% 20454,7		4,571		4,114
TIF Funding II, LLC, Series 2021-1A, Class B, 2.54% 20464,7		136		117
Toyota Auto Loan Extended Note Trust, Series 2019-1, Class A, 2.56% 20314,7		6,000		5,873
Triton Container Finance VIII, LLC, Series 2020-1, Class A, 2.11% 20454,7		10,965		9,774
Triton Container Finance VIII, LLC, Series 2021-1, Class A, 1.86% 20464,7		4,412		3,860
Triton Container Finance VIII, LLC, Series 2021-1A, Class B, 2.58% 20464,7		364		316
Westlake Automobile Receivables Trust, Series 2020-3A, Class C, 1.24% 20254,7		1,557		1,519
Westlake Automobile Receivables Trust, Series 2021-2, Class B, 0.62% 20264,7		1,690		1,629
Westlake Automobile Receivables Trust, Series 2021-2, Class C, 0.89% 20264,7		2,181		2,066
Westlake Automobile Receivables Trust, Series 2021-2, Class D, 1.23% 20264,7		1,446		1,350
Westlake Automobile Receivables Trust, Series 2020-3A, Class D, 1.65% 20264,7		3,023		2,908
				486,061
Municipals 1.63%
California 0.03%
G.O. Bonds, Series 2009, 7.50% 2034		2,100		2,700
Golden State Tobacco Securitization Corp., Enhanced Tobacco Settlement Asset-Backed Bonds, Series 2021-B, 2.746% 2034		650		562
				3,262
Illinois 1.48%
City of Chicago, Board of Education, Unlimited Tax G.O. Bonds (Dedicated Rev.), Series 2010-C, 6.319% 2029		65		68
City of Chicago, Board of Education, Unlimited Tax G.O. Bonds (Dedicated Rev.), Series 2009-E, 6.138% 2039		30,835		31,320
City of Chicago, Board of Education, Unlimited Tax G.O. Bonds (Dedicated Rev.), Series 2010-D, 6.519% 2040		8,945		9,360
City of Chicago, Board of Education, Unlimited Tax G.O. Bonds (Qualified School Construction Bonds), Series 2009-G, 1.75% 2025		2,500		2,233
G.O. Bonds, Series 2013-B, 4.31% 2023		2,125		2,129
G.O. Bonds, Pension Funding, Series 2003, 4.95% 2023		6,228		6,275
G.O. Bonds, Pension Funding, Series 2003, 5.10% 2033		107,000		107,781
G.O. Bonds, Taxable Build America Bonds, Series 2010-2, 5.95% 2023		3,210		3,250
				162,416
New York 0.05%
Dormitory Auth., Taxable State Personal Income Tax Rev. Bonds (General Purpose), Series 2021-C, 2.202% 2034		6,390		5,227
Texas 0.03%
Grand Parkway Transportation Corp., Grand Parkway System Toll Rev. Ref. Bonds, Series 2020-B, 3.236% 2052		4,075		3,274

178 American Funds Insurance Series

The Bond Fund of America (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Municipals (continued)
Wisconsin 0.04%
Public Fin. Auth., Federal Lease Rev. Bonds (Fort Sam Acquisition Fncg.), Series 2022, 4.95% 2034	USD	4,600	$	4,359
Total municipals				178,538
Bonds & notes of governments & government agencies outside the U.S. 1.27%
Chile (Republic of) 3.50% 2034		600		535
Chile (Republic of) 3.10% 2041		2,340		1,786
Chile (Republic of) 4.34% 2042		1,320		1,178
Chile (Republic of) 4.00% 2052		580		482
China (People’s Republic of), Series INBK, 3.81% 2050	CNY	13,380		2,160
China (People’s Republic of), Series INBK, 3.72% 2051		48,340		7,709
Colombia (Republic of) 4.125% 2051	USD	3,120		1,876
Colombia (Republic of), Series B, 5.75% 2027	COP	24,813,800		4,734
Dominican Republic 5.95% 20274	USD	8,100		7,753
Indonesia (Republic of) 3.35% 2071		1,660		1,179
Israel (State of) 3.375% 2050		4,750		3,851
Israel (State of) 3.875% 2050		4,775		4,209
Panama (Republic of) 3.362% 2031		15,625		13,773
Panama (Republic of) 3.87% 2060		7,500		5,324
Panama (Republic of) 4.50% 2063		395		305
Paraguay (Republic of) 5.00% 2026		1,250		1,230
Peru (Republic of) 6.35% 2028	PEN	5,840		1,439
Peru (Republic of) 5.94% 2029		6,005		1,434
Peru (Republic of) 2.783% 2031	USD	3,790		3,232
Peru (Republic of) 6.15% 2032	PEN	12,950		2,994
Peru (Republic of) 3.00% 2034	USD	2,400		1,975
Peru (Republic of) 3.60% 2072		7,640		5,191
Philippines (Republic of) 3.229% 2027		475		461
Philippines (Republic of) 3.20% 2046		4,900		3,687
Philippines (Republic of) 4.20% 2047		272		239
Portuguese Republic 5.125% 2024		24,775		25,613
PT Indonesia Asahan Aluminium Tbk 5.71% 20234		1,020		1,035
PT Indonesia Asahan Aluminium Tbk 4.75% 20254		1,270		1,264
PT Indonesia Asahan Aluminium Tbk 5.45% 20304		340		320
PT Indonesia Asahan Aluminium Tbk 5.80% 20504		1,150		928
Qatar (State of) 4.50% 20284		5,100		5,291
Qatar (State of) 5.103% 20484		3,400		3,569
Romania 3.75% 2034	EUR	5,625		4,444
Saudi Arabia (Kingdom of) 3.628% 20274	USD	5,000		4,964
Saudi Arabia (Kingdom of) 3.625% 20284		11,435		11,302
United Mexican States 3.50% 2034		1,030		853
United Mexican States 4.40% 2052		675		510
				138,829
Federal agency bonds & notes 0.10%
Fannie Mae 2.125% 20261		11,910		11,502
Total bonds, notes & other debt instruments (cost: $11,470,544,000)				10,721,189

American Funds Insurance Series 179

The Bond Fund of America (continued)

Short-term securities 18.26%	Shares		Value (000)
Money market investments 18.26%
Capital Group Central Cash Fund 1.38%11,12		20,033,647	$	2,002,964
Total short-term securities (cost: $2,003,265,000)				2,002,964
Total investment securities 116.00% (cost: $13,473,809,000)				12,724,153
Other assets less liabilities (16.00)%				(1,755,255	)
Net assets 100.00%			$	10,968,898

Futures contracts

Contracts	Type	Number of contracts	Expiration	Notional amount (000)			Value and unrealized appreciation (depreciation) at 6/30/2022 (000)
30 Day Federal Funds Futures	Long	3,679	September 2022	USD	1,498,316			$	512
90 Day Eurodollar Futures	Long	2,771	September 2022		670,547				(18,008	)
3 Month SOFR Futures	Short	658	June 2023		(158,956	)			157
2 Year U.S. Treasury Note Futures	Short	4,626	September 2022		(971,532	)			(2,450	)
5 Year Euro-Bobl Futures	Short	63	September 2022		(8,199	)			81
5 Year U.S. Treasury Note Futures	Long	2,237	September 2022		251,103				2,326
10 Year Euro-Bund Futures	Short	51	September 2022		(7,951	)			207
10 Year Ultra U.S. Treasury Note Futures	Long	2,281	September 2022		290,542				4,736
10 Year U.S. Treasury Note Futures	Long	2,148	September 2022		254,605				2,999
20 Year U.S. Treasury Bond Futures	Long	1,463	September 2022		202,808				(2,688	)
30 Year Ultra U.S. Treasury Bond Futures	Long	855	September 2022		131,964				(2,789	)
								$	(14,917	)

Forward currency contracts

Contract amount						Unrealized appreciation (depreciation)
Currency purchased (000)		Currency sold (000)		Counterparty	Settlement date	at 6/30/2022 (000)
USD	5,555	COP	22,893,650	UBS AG	7/6/2022		$	46
COP	22,893,650	USD	5,540	UBS AG	7/6/2022			(30	)
USD	3,074	PEN	11,415	Bank of America	7/12/2022			96
KRW	16,629,740	USD	13,220	JPMorgan Chase	7/12/2022			(316	)
USD	621	EUR	582	Standard Chartered Bank	7/13/2022			11
USD	1,231	EUR	1,180	JPMorgan Chase	7/18/2022			(7	)
USD	26,606	DKK	188,025	Bank of New York Mellon	7/27/2022			65
USD	5,934	EUR	5,628	UBS AG	7/27/2022			25
COP	1,073,945	USD	266	Citibank	7/28/2022			(9	)
KRW	32,053,900	USD	24,883	Citibank	8/5/2022			2
USD	5,506	COP	22,893,650	UBS AG	8/8/2022			31
USD	1,413	PEN	5,380	Citibank	8/26/2022			17
USD	643	PEN	2,650	Morgan Stanley	8/26/2022			(45	)
USD	830	PEN	3,440	Citibank	8/26/2022			(63	)
							$	(177	)

180 American Funds Insurance Series

The Bond Fund of America (continued)

Swap contracts

Interest rate swaps

Centrally cleared interest rate swaps

Receive		Pay			Notional		Value at				Upfront premium			Unrealized appreciation (depreciation)
Rate	Payment frequency	Rate	Payment frequency	Expiration date	amount (000)		6/30/2022 (000)				paid (000)			at 6/30/2022 (000)
SOFR	Annual	0.471%	Annual	10/26/2023	USD	87,775		$	2,890			$	—		$	2,890
0.45801%	Annual	SOFR	Annual	10/26/2023		85,775			(2,838	)			—			(2,838	)
3.5291%	Annual	U.S. EFFR	Annual	6/16/2024		78,378			791				—			791
3.52647%	Annual	U.S. EFFR	Annual	6/16/2024		72,532			729				—			729
3.497%	Annual	U.S. EFFR	Annual	6/16/2024		27,000			256				—			256
3.4325%	Annual	U.S. EFFR	Annual	6/17/2024		19,800			164				—			164
3.4585%	Annual	U.S. EFFR	Annual	6/17/2024		4,154			36				—			36
3-month USD-LIBOR	Quarterly	1.972%	Semi-annual	4/26/2051		23,200			4,303				—			4,303
3-month USD-LIBOR	Quarterly	1.9855%	Semi-annual	4/26/2051		8,580			1,568				—			1,568
3-month USD-LIBOR	Quarterly	1.9778%	Semi-annual	4/28/2051		13,500			2,488				—			2,488
								$	10,387			$	—		$	10,387

Credit default swaps

Centrally cleared credit default swaps on credit indices — buy protection

Reference index	Financing rate paid	Payment frequency	Expiration date	Notional amount (000)	Value at 6/30/2022 (000)	Upfront premium received (000)		Unrealized appreciation at 6/30/2022 (000)
CDX.NA.HY.38	5.00%	Quarterly	6/20/2027	USD114,617	$3,452	$(5,302	)	$8,754

Investments in affiliates¹²

	Value of affiliate at 1/1/2022 (000)		Additions (000)		Reductions (000)		Net realized loss (000)			Net unrealized depreciation (000)			Value of affiliate at 6/30/2022 (000)		Dividend income (000)
Short-term securities 18.26%
Money market investments 18.26%
Capital Group Central Cash Fund 1.38%11	$	1,311,257	$	2,345,528		$1,653,314		$(83	)		$(424	)	$	2,002,964		$3,972

1	All or a portion of this security was pledged as collateral. The total value of pledged collateral was $59,465,000, which represented .54% of the net assets of the fund.
2	Index-linked bond whose principal amount moves with a government price index.
3	Step bond; coupon rate may change at a later date.
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 $1,572,955,000, which represented 14.34% of the net assets of the fund.
5	Coupon rate may change periodically. Reference rate and spread are as of the most recent information available. Some coupon rates are determined by the issuer or agent based on current market conditions; therefore, the reference rate and spread are not available.
6	Payment in kind; the issuer has the option of paying additional securities in lieu of cash. Payment methods and rates are as of the most recent payment when available.
7	Principal payments may be made periodically. Therefore, the effective maturity date may be earlier than the stated maturity date.
8	Purchased on a TBA basis.
9	Valued under fair value procedures adopted by authority of the board of trustees. The total value of all such securities was $13,498,000, which represented .12% of the net assets of the fund.
10	Value determined using significant unobservable inputs.
11	Rate represents the seven-day yield at 6/30/2022.
12	Part of the same “group of investment companies” as the fund as defined under the Investment Company Act of 1940, as amended.

American Funds Insurance Series 181

The Bond Fund of America (continued)

Key to abbreviations

Assn. = Association

Auth. = Authority

CLO = Collateralized Loan Obligations

CME = CME Group

CMO = Collateralized Mortgage Obligations

CNY = Chinese yuan

COP = Colombian pesos

DAC = Designated Activity Company

DKK = Danish kroner

EFFR = Effective Federal Funds Rate

EUR = Euros

Fin. = Finance

Fncg. = Financing

G.O. = General Obligation

ICE = Intercontinental Exchange, Inc.

KRW = South Korean won

LIBOR = London Interbank Offered Rate

PEN = Peruvian nuevos soles

Ref. = Refunding

Rev. = Revenue

SOFR = Secured Overnight Financing Rate

TBA = To be announced

USD = U.S. dollars

Refer to the notes to financial statements.

182 American Funds Insurance Series

Capital World Bond Fund

Investment portfolio June 30, 2022 unaudited

Bonds, notes & other debt instruments 96.02%	Principal amount (000)		Value (000)
Euros 17.03%
Allianz SE 4.75% perpetual bonds (3-month EUR-EURIBOR + 3.60% on 10/24/2023)1	EUR	4,200	$	4,424
Altria Group, Inc. 1.00% 2023		1,020		1,066
Altria Group, Inc. 1.70% 2025		1,600		1,583
Altria Group, Inc. 2.20% 2027		2,900		2,737
American Honda Finance Corp. 1.95% 2024		560		587
American Tower Corp. 0.45% 2027		2,525		2,308
American Tower Corp. 0.875% 2029		1,470		1,255
AT&T, Inc. 1.60% 2028		2,350		2,310
Austria (Republic of) 0% 2031		6,900		6,189
Bank of America Corp. 3.648% 2029 (3-month EUR-EURIBOR + 3.67% on 3/31/2028)1,2		5,000		5,339
CaixaBank, SA 2.25% 2030 (5-year EUR Annual (vs. 6-month EUR-EURIBOR) + 1.68% on 4/17/2025)1		2,400		2,340
Comcast Corp. 0.25% 2029		955		831
Deutsche Telekom International Finance BV 7.50% 2033		200		288
Dow Chemical Co. 0.50% 2027		1,110		1,027
Egypt (Arab Republic of) 5.625% 2030		300		196
Equinor ASA 1.375% 2032		2,550		2,344
European Investment Bank 0.25% 2032		4,900		4,333
European Investment Bank 1.50% 2032		1,000		991
European Union 0% 2026		1,600		1,584
European Union 0.25% 2026		610		607
European Union 0% 2031		705		618
European Union 0% 2035		220		171
European Union 0.20% 2036		1,500		1,176
Finland (Republic of) 1.50% 2032		3,380		3,405
French Republic O.A.T. 0.10% 20263		10,514		11,696
French Republic O.A.T. 0% 2030		19,550		17,683
French Republic O.A.T. 0% 2032		4,020		3,484
French Republic O.A.T. 0.50% 2040		2,080		1,594
French Republic O.A.T. 0.75% 2052		5,930		3,963
Germany (Federal Republic of) 0% 2025		10,970		11,249
Germany (Federal Republic of) 0% 2026		6,060		6,093
Germany (Federal Republic of) 0% 2027		17,510		17,478
Germany (Federal Republic of) 0% 2030		13,340		12,768
Germany (Federal Republic of) 0% 2031		12,600		11,730
Germany (Federal Republic of) 0% 2050		1,200		805
Goldman Sachs Group, Inc. 3.375% 20252		5,000		5,319
Goldman Sachs Group, Inc. 1.00% 20332		2,705		2,126
Greece (Hellenic Republic of) 3.375% 2025		5,825		6,258
Greece (Hellenic Republic of) 0.75% 2031		1,660		1,363
Greece (Hellenic Republic of) 1.75% 2032		4,810		4,271
Groupe BPCE SA 4.625% 2023		1,200		1,286
Groupe BPCE SA 1.00% 2025		2,900		2,901
Highland Holdings SARL 0.318% 2026		205		192
Intesa Sanpaolo SpA 6.625% 2023		510		555
Israel (State of) 2.875% 2024		1,180		1,257
Italy (Republic of) 1.85% 2025		17,700		18,507
Italy (Republic of) 1.35% 2030		7		7
JPMorgan Chase & Co. 0.389% 2028 (3-month EUR-EURIBOR + 0.65% on 2/24/2027)1,2		3,208		2,965
KfW 0.125% 2025		590		599
Lloyds Banking Group PLC 1.75% 2028 (5-year EUR-EURIBOR + 1.30% on 9/7/2023)1		2,400		2,448
Morgan Stanley 2.103% 2026 (3-month EUR-EURIBOR + 0.904% on 5/8/2025)1		580		596
Morgan Stanley 2.95% 2032 (3-month EUR-EURIBOR +1.245% on 5/7/2031)1		1,535		1,526
Morocco (Kingdom of) 3.50% 2024		1,400		1,452
Morocco (Kingdom of) 1.50% 2031		4,100		2,866
Petroleos Mexicanos 5.50% 2025		2,520		2,650
Philippines (Republic of) 0.25% 2025		875		855
Portuguese Republic 0.475% 2030		1,610		1,474
Quebec (Province of) 0.25% 2031		920		808
Quebec (Province of) 0.50% 2032		1,155		1,021

American Funds Insurance Series 183

Capital World Bond Fund (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Euros (continued)
Romania 2.125% 2028	EUR	1,440	$	1,246
Romania 1.75% 2030		2,560		1,919
Romania 3.624% 2030		3,660		3,144
Romania 2.00% 2032		1,605		1,152
Romania 2.00% 2033		2,900		1,978
Romania 3.75% 2034		1,440		1,138
Russian Federation 2.875% 2025		3,000		833
Russian Federation 2.875% 2025		1,500		417
Serbia (Republic of) 3.125% 2027		10,287		9,463
Serbia (Republic of) 1.00% 2028		420		322
Serbia (Republic of) 1.50% 2029		4,153		3,169
Spain (Kingdom of) 0.80% 2027		8,970		8,972
Spain (Kingdom of) 1.45% 2029		1,890		1,913
Spain (Kingdom of) 1.25% 2030		1,295		1,261
Spain (Kingdom of) 0.50% 2031		4,645		4,114
Spain (Kingdom of) 0.70% 2032		4,785		4,258
Spain (Kingdom of) 1.90% 2052		1,010		799
State Grid Overseas Investment, Ltd. 1.375% 2025		441		444
State Grid Overseas Investment, Ltd. 2.125% 2030		200		190
Stryker Corp. 0.25% 2024		480		480
Stryker Corp. 0.75% 2029		980		878
Stryker Corp. 1.00% 2031		450		379
TOTAL SA 1.75% junior subordinated perpetual bonds (5-year EUR-EURIBOR + 1.765% on 4/4/2024)1		2,000		1,973
Toyota Motor Credit Corp. 0.125% 2027		1,850		1,672
Tunisia (Republic of) 6.75% 2023		5,209		3,805
Tunisia (Republic of) 6.75% 2023		1,295		946
Ukraine 6.75% 2026		3,119		858
Ukraine 6.75% 2026		1,225		337
Ukraine 4.375% 2030		2,705		703
Volkswagen International Finance NV 4.375% junior subordinated perpetual bonds (9-year EUR Mid-Swap + 3.36% on 3/28/2031)1		1,300		1,099
				269,416
Japanese yen 8.50%
Export-Import Bank of India 0.59% 2022	JPY	400,000		2,947
Japan, Series 18, 0.10% 20243		1,043,840		7,913
Japan, Series 19, 0.10% 20243		455,063		3,460
Japan, Series 21, 0.10% 20263		1,008,764		7,794
Japan, Series 346, 0.10% 2027		777,900		5,758
Japan, Series 356, 0.10% 2029		3,529,000		25,867
Japan, Series 24, 0.10% 20293		364,593		2,837
Japan, Series 359, 0.10% 2030		973,150		7,102
Japan, Series 116, 2.20% 2030		576,100		4,890
Japan, Series 26, 0.005% 20313		517,272		4,033
Japan, Series 362, 0.10% 2031		737,200		5,365
Japan, Series 363, 0.10% 2031		180,000		1,308
Japan, Series 145, 1.70% 2033		1,302,050		10,954
Japan, Series 152, 1.20% 2035		987,100		7,907
Japan, Series 21, 2.30% 2035		720,000		6,519
Japan, Series 179, 0.50% 2041		822,650		5,653
Japan, Series 37, 0.60% 2050		694,500		4,406
Japan, Series 73, 0.70% 2051		996,800		6,448
Japan, Series 70, 0.70% 2051		925,450		6,003
Philippines (Republic of) 0.001% 2024		900,000		6,578
United Mexican States 0.62% 2022		100,000		737
				134,479

184 American Funds Insurance Series

Capital World Bond Fund (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Chinese yuan renminbi 3.31%
Agricultural Development Bank of China 2.96% 2030	CNY	41,790	$	6,187
China (People’s Republic of), Series 1910, 3.86% 2049		103,240		16,766
China (People’s Republic of), Series INBK, 3.39% 2050		31,040		4,648
China (People’s Republic of), Series INBK, 3.81% 2050		54,930		8,866
China (People’s Republic of), Series INBK, 3.53% 2051		48,570		7,524
China Development Bank Corp., Series 1814, 4.15% 2025		20,900		3,261
China Development Bank Corp., Series 1909, 3.50% 2026		10,400		1,592
China Development Bank Corp., Series 1904, 3.68% 2026		11,700		1,802
China Development Bank Corp., Series 2009, 3.39% 2027		11,130		1,700
				52,346
British pounds 3.17%
American Honda Finance Corp. 0.75% 2026	GBP	1,420		1,538
Asian Development Bank 1.125% 2025		1,240		1,456
France Télécom 5.375% 2050		300		427
KfW 1.125% 2025		1,165		1,367
Lloyds Banking Group PLC 7.625% 2025		655		858
Quebec (Province of) 2.25% 2026		1,870		2,239
United Kingdom 0.125% 2026		425		486
United Kingdom 4.25% 2027		1,120		1,519
United Kingdom 0.375% 2030		1,740		1,840
United Kingdom 4.75% 2030		8,230		12,063
United Kingdom 0.25% 2031		8,690		8,870
United Kingdom 4.25% 2032		3,010		4,309
United Kingdom 0.625% 2035		4,620		4,425
United Kingdom 0.875% 2046		6,030		5,093
United Kingdom 0.625% 2050		2,805		2,085
United Kingdom 1.25% 2051		1,480		1,315
United Kingdom 1.125% 2073		225		176
				50,066
Canadian dollars 2.41%
Canada 1.00% 2022	CAD	1,050		814
Canada 0.75% 2024		14,570		10,750
Canada 0.25% 2026		5,800		4,070
Canada 2.25% 2029		27,100		19,901
Canada 2.75% 2048		3,500		2,521
				38,056
Mexican pesos 2.28%
Petróleos Mexicanos 7.19% 2024	MXN	83,847		3,829
United Mexican States 4.50% 20253		15,942		805
United Mexican States, Series M, 5.75% 2026		74,700		3,306
United Mexican States, Series M, 7.50% 2027		436,720		20,311
United Mexican States, Series M20, 8.50% 2029		140,400		6,783
United Mexican States, Series M30, 8.50% 2038		21,100		996
				36,030
Danish kroner 2.12%
Nordea Kredit 0.50% 20404	DKK	18,021		2,079
Nykredit Realkredit AS, Series 01E, 0.50% 20404		137,570		15,810
Nykredit Realkredit AS, Series 01E, 0.50% 20434		134,285		15,302
Realkredit Danmark AS 1.00% 20534		2,757		302
				33,493
Australian dollars 2.07%
Australia (Commonwealth of), Series 139, 3.25% 2025	AUD	10,810		7,488
Australia (Commonwealth of), Series 163, 1.00% 2031		31,664		17,284
Australia (Commonwealth of), Series 166, 3.00% 2033		12,355		7,968
				32,740

American Funds Insurance Series 185

Capital World Bond Fund (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Colombian pesos 1.00%
Colombia (Republic of), Series B, 5.75% 2027	COP	17,890,000	$	3,414
Colombia (Republic of), Series UVR, 2.25% 20293		36,689		2,342
Colombia (Republic of), Series B, 7.00% 2031		36,645,300		6,709
Colombia (Republic of), Series B, 7.25% 2050		21,884,200		3,343
				15,808
Indonesian rupiah 0.68%
Indonesia (Republic of), Series 84, 7.25% 2026	IDR	22,733,000		1,574
Indonesia (Republic of), Series 56, 8.375% 2026		6,725,000		488
Indonesia (Republic of), Series 59, 7.00% 2027		51,565,000		3,557
Indonesia (Republic of), Series 78, 8.25% 2029		27,003,000		1,930
Indonesia (Republic of), Series 82, 7.00% 2030		19,346,000		1,289
Indonesia (Republic of), Series 68, 8.375% 2034		27,353,000		1,956
				10,794
Malaysian ringgits 0.56%
Malaysia (Federation of), Series 0419, 3.828% 2034	MYR	4,026		847
Malaysia (Federation of), Series 0519, 3.757% 2040		40,283		7,964
				8,811
Brazilian reais 0.54%
Brazil (Federative Republic of) 6.00% 20223	BRL	4,464		831
Brazil (Federative Republic of) 10.00% 2023		6,780		1,273
Brazil (Federative Republic of) 0% 2024		8,440		1,334
Brazil (Federative Republic of) 6.00% 20243		13,639		2,558
Brazil (Federative Republic of) 10.00% 2025		14,300		2,577
				8,573
Chilean pesos 0.48%
Chile (Republic of) 4.00% 2023	CLP	2,300,000		2,421
Chile (Republic of) 5.80% 2024		1,270,000		1,342
Chile (Republic of) 1.50% 20263		762,209		822
Chile (Republic of) 4.50% 2026		50,000		51
Chile (Republic of) 5.00% 2028		955,000		963
Chile (Republic of) 4.70% 2030		2,120,000		2,068
				7,667
South Korean won 0.47%
South Korea (Republic of), Series 2503, 1.50% 2025	KRW	5,183,670		3,779
South Korea (Republic of), Series 2712, 2.375% 2027		5,158,930		3,716
				7,495
Polish zloty 0.32%
Poland (Republic of), Series 0725, 3.25% 2025	PLN	21,220		4,213
Poland (Republic of), Series 1029, 2.75% 2029		4,900		840
				5,053
Russian rubles 0.31%
Russian Federation 7.00% 2023	RUB	430,300		704
Russian Federation 6.90% 20295		403,750		661
Russian Federation 7.65% 20305		712,330		1,166
Russian Federation 5.90% 20315		79,600		130
Russian Federation 6.90% 2031		212,995		348
Russian Federation 8.50% 20315		695,165		1,138
Russian Federation 7.70% 20335		295,840		484
Russian Federation 7.25% 20345		121,920		199
				4,830

186 American Funds Insurance Series

Capital World Bond Fund (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
South African rand 0.19%
South Africa (Republic of), Series R-2030, 8.00% 2030	ZAR	30,120	$	1,609
South Africa (Republic of), Series R-2048, 8.75% 2048		30,850		1,464
				3,073
Peruvian nuevos soles 0.09%
Peru (Republic of) 6.15% 2032	PEN	5,980		1,382
Indian rupees 0.07%
India (Republic of) 5.15% 2025	INR	96,010		1,148
Hungarian forints 0.07%
Hungary (Republic of), Series C, 1.00% 2025	HUF	495,300		1,032
Romanian leu 0.06%
Romania 4.75% 2025	RON	5,000		962
Ukrainian hryvnia 0.04%
Ukraine 16.06% 2022	UAH	86,536		634
Norwegian kroner 0.04%
Norway (Kingdom of) 2.125% 2032	NOK	6,615		620
U.S. dollars 50.21%
7-Eleven, Inc. 0.95% 20262	USD	520		460
7-Eleven, Inc. 1.30% 20282		2,180		1,815
7-Eleven, Inc. 1.80% 20312		2,015		1,575
AbbVie, Inc. 2.90% 2022		1,170		1,170
AbbVie, Inc. 3.20% 2022		200		200
ACE INA Holdings, Inc. 2.875% 2022		195		195
ACE INA Holdings, Inc. 3.35% 2026		195		191
ACE INA Holdings, Inc. 4.35% 2045		425		402
Advisor Group Holdings, LLC 6.25% 20282		365		319
AerCap Ireland Capital, Ltd. / AerCap Global Aviation Trust 2.45% 2026		2,102		1,832
Aeropuerto International de Tocume SA 5.125% 20612		660		524
Aetna, Inc. 2.80% 2023		340		336
AG Merger Sub II, Inc. 10.75% 20272		276		273
Alabama Power Co. 3.00% 2052		980		721
Albertsons Companies, Inc. 4.625% 20272		125		112
Albertsons Companies, Inc. 3.50% 20292		140		114
Alcoa Nederland Holding BV 4.125% 20292		75		67
Allegheny Technologies, Inc. 4.875% 2029		60		48
Allegheny Technologies, Inc. 5.125% 2031		45		35
Alliant Holdings Intermediate, LLC 6.75% 20272		315		280
Alliant Holdings Intermediate, LLC / Alliant Holdings 5.875% 20292		65		54
Allied Universal Holdco, LLC 9.75% 20272		175		149
Allied Universal Holdco, LLC 6.00% 20292		300		219
Almonde, Inc., Term Loan, (3-month USD-LIBOR + 7.25%) 8.489% 20256,7		650		563
Altria Group, Inc. 5.95% 2049		131		115
Amazon.com, Inc. 1.50% 2030		2,040		1,697
American Campus Communities, Inc. 3.75% 2023		1,810		1,812
American Campus Communities, Inc. 4.125% 2024		1,195		1,202
American Electric Power Company, Inc. 1.00% 2025		250		225
American Express Co. 3.375% 2024		4,202		4,176
AmeriGas Partners LP 5.875% 2026		15		14
AmeriGas Partners LP 5.75% 2027		25		23

American Funds Insurance Series 187

Capital World Bond Fund (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
U.S. dollars (continued)
Amgen, Inc. 2.20% 2027	USD	445	$	409
AmWINS Group, Inc. 4.875% 20292		30		25
Anglo American Capital PLC 2.25% 20282		454		392
Anglo American Capital PLC 3.95% 20502		521		400
Angola (Republic of) 9.50% 2025		3,580		3,295
Ardagh Group SA 6.50% Cash 20272,8		210		156
Aretec Escrow Issuer, Inc. 7.50% 20292		225		192
Argentine Republic 0.50% 2030 (0.75% on 7/9/2023)1		1,921		456
Argentine Republic 1.125% 2035 (1.50% on 7/9/2022)1		3,025		655
Arthur J. Gallagher & Co. 3.50% 2051		34		26
Asbury Automotive Group, Inc. 4.625% 20292		25		21
Asbury Automotive Group, Inc. 5.00% 20322		30		25
Ascensus, Inc., Term Loan, (3-month USD-LIBOR + 6.50%) 7.50% 20296,7		120		111
Ascent Resources - Utica, LLC 8.25% 20282		175		167
Ascent Resources - Utica, LLC 5.875% 20292		55		48
AssuredPartners, Inc. 7.00% 20252		155		146
AssuredPartners, Inc. 5.625% 20292		205		164
AstraZeneca PLC 3.50% 2023		2,700		2,709
AT&T, Inc. 3.50% 2053		2,070		1,573
Atkore, Inc. 4.25% 20312		25		21
Atlantic Aviation FBO, Inc., Term Loan, (3-month USD-LIBOR + 3.00%) 4.06% 20286,7		150		142
Avantor Funding, Inc. 4.625% 20282		65		60
Avantor Funding, Inc. 3.875% 20292		90		79
Bank of America Corp. 1.53% 2025 (USD-SOFR + 0.65% on 12/6/2024)1		6,260		5,832
Bank of America Corp. 2.456% 2025 (3-month USD-LIBOR + 0.87% on 10/22/2024)1		847		808
Bank of America Corp. 1.734% 2027 (USD-SOFR + 0.96% on 7/22/2026)1		3,745		3,335
Bank of America Corp. 2.299% 2032 (USD-SOFR + 1.22% on 7/21/2031)1		4,780		3,867
Bank of Nova Scotia 2.45% 2032		2,100		1,747
Bausch Health Companies, Inc. 5.75% 20272		140		116
Bayer AG 3.375% 20242		840		821
Bayer US Finance II, LLC 4.25% 20252		203		201
Bayerische Motoren Werke AG 3.90% 20252		900		898
Bayerische Motoren Werke AG 4.15% 20302		900		883
Beasley Mezzanine Holdings, LLC 8.625% 20262		30		23
Belarus (Republic of) 6.875% 2023		4,955		941
Belarus (Republic of) 7.625% 2027		2,100		347
Berkshire Hathaway Energy Company 2.85% 2051		300		213
Blue Racer Midstream, LLC and Blue Racer Finance Corp. 7.625% 20252		65		62
BMC Software, Inc., Term Loan, (3-month USD-LIBOR + 5.50%) 6.128% 20266,7		25		23
BNP Paribas 2.159% 2029 (USD-SOFR + 1.218% on 9/15/2028)1,2		700		586
BNP Paribas 2.871% 2032 (USD-SOFR + 1.387% on 4/19/2031)1,2		1,275		1,055
Boeing Company 5.15% 2030		4,000		3,843
Bombardier, Inc. 7.125% 20262		85		70
Bombardier, Inc. 6.00% 20282		90		68
Bombardier, Inc. 7.45% 20342		125		94
Bonanza Creek Energy, Inc. 5.00% 20262		30		27
Booz Allen Hamilton, Inc. 3.875% 20282		63		56
Booz Allen Hamilton, Inc. 4.00% 20292		27		24
Boyd Gaming Corp. 4.75% 2027		120		109
Boyne USA, Inc. 4.75% 20292		47		41
Brandywine Operating Partnership LP 3.95% 2023		190		190
Braskem Netherlands Finance BV 4.50% 20302		745		637
British American Tobacco PLC 2.789% 2024		1,150		1,114
British American Tobacco PLC 3.215% 2026		955		893
British American Tobacco PLC 3.557% 2027		1,545		1,415
British American Tobacco PLC 3.462% 2029		1,150		987
British American Tobacco PLC 4.54% 2047		61		45
British American Tobacco PLC 4.758% 2049		833		630
Broadcom, Inc. 3.15% 2025		212		204
Broadcom, Inc. 4.00% 20292		501		465
Broadcom, Inc. 4.15% 2030		1,450		1,330
Broadcom, Inc. 3.419% 20332		698		578

188 American Funds Insurance Series

Capital World Bond Fund (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
U.S. dollars (continued)
Broadcom, Inc. 3.469% 20342	USD	48	$	39
Broadcom, Inc. 3.75% 20512		926		688
BWX Technologies, Inc. 4.125% 20282		15		13
BWX Technologies, Inc. 4.125% 20292		195		171
Caesars Entertainment, Inc. 6.25% 20252		35		34
Caesars Entertainment, Inc. 4.625% 20292		15		12
California Resources Corp. 7.125% 20262		65		64
Callon Petroleum Co. 7.50% 20302		30		28
Canadian Pacific Railway, Ltd. 2.45% 2031		798		684
Canadian Pacific Railway, Ltd. 3.10% 2051		1,378		1,017
Can-Pack SA / Canpack US, LLC 3.875% 20292		90		70
Carnival Corp. 6.00% 20292		100		71
CCO Holdings, LLC and CCO Holdings Capital Corp. 3.75% 2028		2,650		2,450
CCO Holdings, LLC and CCO Holdings Capital Corp. 4.50% 20302		340		283
CCO Holdings, LLC and CCO Holdings Capital Corp. 4.75% 20302		135		116
CCO Holdings, LLC and CCO Holdings Capital Corp. 4.25% 20312		155		127
CCO Holdings, LLC and CCO Holdings Capital Corp. 4.50% 20332		162		128
CCO Holdings, LLC and CCO Holdings Capital Corp. 4.25% 20342		90		70
CDI Escrow Issuer, Inc. 5.75% 20302		70		64
CDK Global, Inc. 7.25% 20292		75		72
CEC Entertainment, Inc. 6.75% 20262		50		44
Cedar Fair LP / Canadas Wonderland Co. / Magnum Management Corp. / Millennium Operations, LLC 5.50% 20252		75		73
Centene Corp. 2.45% 2028		40		33
Centene Corp. 4.625% 2029		325		304
Centene Corp. 2.50% 2031		155		124
Centerfield Media Parent, Inc. 6.625% 20262		113		91
Central Garden & Pet Co. 4.125% 2030		74		61
Central Garden & Pet Co. 4.125% 20312		110		88
Charles River Laboratories International, Inc. 4.25% 20282		55		49
Charles River Laboratories International, Inc. 4.00% 20312		90		77
Cheniere Energy Partners LP 4.50% 2029		160		143
Cheniere Energy Partners LP 4.00% 2031		75		64
Cheniere Energy Partners LP 3.25% 20322		56		44
Cheniere Energy, Inc. 4.625% 2028		40		36
Chesapeake Energy Corp. 4.875% 20225		915		18
Chesapeake Energy Corp. 5.50% 20262		40		38
Chesapeake Energy Corp. 5.875% 20292		55		52
Chesapeake Energy Corp. 6.75% 20292		30		29
China Construction Bank Corp. (Hong Kong Branch) 1.00% 2023		6,000		5,858
Cigna Corp. 2.375% 2031		375		317
Citigroup, Inc. 0.981% 2025 (USD-SOFR + 0.669% on 5/1/2024)1		808		758
Citigroup, Inc. 2.014% 2026 (USD-SOFR + 0.694% on 1/25/2025)1		421		395
Citigroup, Inc. 3.106% 2026 (USD-SOFR + 2.842% on 3/8/2026)1		4,500		4,325
Clarivate Science Holdings Corp. 3.875% 20282		65		54
CMS Energy Corp. 3.875% 2024		100		100
CMS Energy Corp. 3.00% 2026		1,200		1,151
CNX Resources Corp. 7.25% 20272		175		172
CNX Resources Corp. 6.00% 20292		115		108
Coinbase Global, Inc. 3.375% 20282		100		63
Coinbase Global, Inc. 3.625% 20312		85		48
Colombia (Republic of) 3.875% 2027		350		310
Commonwealth Bank of Australia 2.688% 20312		4,650		3,789
Compass Diversified Holdings 5.25% 20292		232		192
Compass Diversified Holdings 5.00% 20322		65		50
Comstock Resources, Inc. 6.75% 20292		110		99
Comstock Resources, Inc. 5.875% 20302		65		56
Constellation Oil Services Holding SA 4.00% PIK or 3.00% Cash 20268		1,084		905
Constellium SE 3.75% 20292		125		99
Consumers Energy Co. 3.375% 2023		345		346
Corebridge Financial, Inc. 3.90% 20322		748		672
CoreLogic, Inc. 4.50% 20282		239		184

American Funds Insurance Series 189

Capital World Bond Fund (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
U.S. dollars (continued)
CoreLogic, Inc., Term Loan, (3-month USD-LIBOR + 6.50%) 8.188% 20296,7	USD	65	$	48
Corporate Office Properties LP 2.75% 2031		1,212		981
Covanta Holding Corp. 5.00% 2030		10		8
Covert Mergeco, Inc. 4.875% 20292		25		20
CQP Holdco LP / BIP-V Chinook Holdco, LLC 5.50% 20312		400		342
Crédit Agricole SA 4.375% 20252		1,100		1,083
Crédit Agricole SA 1.907% 2026 (USD-SOFR + 1.676% on 6/16/2025)1,2		2,675		2,464
Credit Suisse Group AG 2.95% 2025		875		839
Credit Suisse Group AG 3.091% 2032 (USD-SOFR + 1.73% on 5/14/2031)1,2		1,000		797
Crestwood Midstream Partners LP 6.00% 20292		85		74
Crown Castle International Corp. 2.50% 2031		767		628
CSX Corp. 3.80% 2050		75		63
CVR Partners LP 6.125% 20282		100		90
Daimler Trucks Finance North America, LLC 3.65% 20272		725		695
Dana, Inc. 4.25% 2030		20		16
Danske Bank AS 3.875% 20232		1,675		1,669
Darling Ingredients, Inc. 6.00% 20302		80		80
Dave & Buster’s, Inc. 7.625% 20252		35		35
DaVita, Inc. 4.625% 20302		65		51
Deluxe Corp. 8.00% 20292		20		16
Deutsche Bank AG 2.129% 2026 (USD-SOFR + 1.87% on 11/24/2025)1		850		756
Deutsche Telekom International Finance BV 9.25% 2032		930		1,237
Development Bank of Mongolia, LLC 7.25% 2023		1,980		1,916
Diamond Foreign Asset Co. / Diamond Finance, LLC 9.00% Cash 20272,7,8		25		25
Diamond Foreign Asset Co. / Diamond Finance, LLC 9.00% Cash 20277,8		22		22
Diamond Sports Group, LLC 6.625% 20272		310		39
Diebold Nixdorf AG, Term Loan B, (3-month USD-LIBOR + 2.75%) 4.00% 20236,7		106		90
Diebold Nixdorf, Inc. 9.375% 20252		300		210
Digital Currency Group, Inc., Term Loan, (3-month USD-LIBOR + 7.00%) 8.00% 20266,7,9,10		19		17
Digital Currency Group, Inc., Term Loan, 8.75% 20266,9,10		26		22
DIRECTV Financing, LLC, Term Loan, (3-month USD-LIBOR + 5.00%) 6.666% 20276,7		107		99
DIRECTV Holdings, LLC and DIRECTV Financing Co., Inc. 5.875% 20272		165		141
Discovery Communications, Inc. 3.625% 2030		468		417
DISH DBS Corp. 5.25% 20262		15		12
Dominican Republic 5.50% 20252		1,375		1,368
Dominican Republic 8.625% 20272		225		234
Dominican Republic 5.50% 20292		350		306
Dominican Republic 6.40% 20492		813		609
Duke Energy Corp. 3.75% 2024		550		550
Duke Energy Progress, LLC 2.00% 2031		2,360		1,957
Dun & Bradstreet Corp. 5.00% 20292		42		36
Edison International 5.75% 2027		370		376
Edison International 4.125% 2028		2,390		2,231
Edison International 5.00% junior subordinated perpetual bonds (5-year UST Yield Curve Rate T Note Constant Maturity + 3.901% on 3/15/2027)1		100		80
Electricité de France SA 4.875% 20382		795		705
Empresas Publicas de Medellin ESP 4.25% 20292		1,030		806
Enbridge, Inc. 4.00% 2023		600		603
Endo Luxembourg Finance Co. I SARL / Endo U.S., Inc. 6.125% 20292		205		155
Enel Finance International SA 1.375% 20262		1,248		1,097
Enel Finance International SA 1.875% 20282		1,227		1,030
Energy Transfer Operating LP 5.00% 2050		2,018		1,720
Entegris Escrow Corp. 4.75% 20292		45		42
Entergy Corp. 0.90% 2025		750		676
EQM Midstream Partners, LP 6.50% 20272		170		158
EQM Midstream Partners, LP 7.50% 20272		26		25
EQM Midstream Partners, LP 7.50% 20302		50		48
EQM Midstream Partners, LP 6.50% 2048		40		31
EQT Corp. 7.50% 20301		40		43
Equinix, Inc. 1.80% 2027		1,145		995
Equinix, Inc. 2.15% 2030		9,390		7,605

190 American Funds Insurance Series

Capital World Bond Fund (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
U.S. dollars (continued)
Ethiopia (Federal Democratic Republic of) 6.625% 2024	USD	5,750	$	3,291
Export-Import Bank of India 3.25% 2030		3,489		3,038
Fair Isaac Corp. 4.00% 20282		140		124
Fannie Mae, Series 2012-M17, Class A2, Multi Family, 2.184% 20224		523		522
Fannie Mae Pool #MA2754 3.00% 20264		75		74
Fannie Mae Pool #AP7888 3.50% 20424		367		360
Fannie Mae Pool #AQ0770 3.50% 20424		136		133
Fannie Mae Pool #AO4151 3.50% 20424		120		118
Fertitta Entertainment, Inc. 4.625% 20292		25		21
Fertitta Entertainment, Inc. 6.75% 20302		25		19
First Quantum Minerals, Ltd. 6.875% 20262		325		300
First Quantum Minerals, Ltd. 6.875% 20272		240		215
First Student Bidco, Inc. / First Transit Parent, Inc. 4.00% 20292		85		68
FirstEnergy Corp., Series B, 4.40% 20271		1,800		1,701
FirstEnergy Transmission, LLC 2.866% 20282		2,325		1,969
Florida Power & Light Company 2.875% 2051		1,465		1,093
FMG Resources 4.375% 20312		175		143
Ford Motor Co. 3.25% 2032		20		15
Ford Motor Credit Company, LLC 3.81% 2024		290		282
Ford Motor Credit Company, LLC 2.90% 2028		200		161
Ford Motor Credit Company, LLC 4.00% 2030		125		102
Freddie Mac Pool #ZS8588 3.00% 20304		53		53
Fresnillo PLC 4.25% 20502		973		716
Front Range BidCo, Inc. 6.125% 20282		160		116
Frontier Communications Corp. 5.875% 20272		100		90
Frontier Communications Corp. 5.00% 20282		65		55
Frontier Communications Holdings, LLC 5.875% 2029		250		193
FS Energy and Power Fund 7.50% 20232		170		171
FXI Holdings, Inc. 7.875% 20242		140		122
FXI Holdings, Inc. 12.25% 20262		497		443
General Motors Financial Co. 1.05% 2024		725		688
Genesis Energy, LP 8.00% 2027		150		133
GeoPark, Ltd. 6.50% 2024		533		541
Georgia (Republic of) 2.75% 20262		400		332
Global Payments, Inc. 2.90% 2030		395		334
Gol Finance SA 8.00% 20262		70		47
Goldman Sachs Group, Inc. 2.905% 2023 (3-month USD-LIBOR + 0.99% on 7/24/2022)1		1,200		1,200
Goldman Sachs Group, Inc. 1.542% 2027 (USD-SOFR + 0.818% on 9/10/2026)1		1,080		949
Goldman Sachs Group, Inc. 2.383% 2032 (USD-SOFR + 1.248% on 7/21/2031)1		726		588
Goldman Sachs Group, Inc. 2.615% 2032 (USD-SOFR + 1.281% on 4/22/2031)1		2,510		2,086
Government National Mortgage Assn. 3.50% 20524,11		7,440		7,221
GPC Merger Sub, Inc. 7.125% 20282		55		44
Gray Escrow II, Inc. 5.375% 20312		30		24
Group 1 Automotive, Inc. 4.00% 20282		145		121
Groupe BPCE SA 5.15% 20242		1,800		1,801
Grupo Energia Bogota SA ESP 4.875% 20302		660		579
Hanesbrands, Inc. 4.875% 20262		100		93
Harsco Corp. 5.75% 20272		200		160
Harvest Midstream I, LP 7.50% 20282		25		24
HCA, Inc. 5.625% 2028		120		118
Hess Midstream Operations LP 5.50% 20302		30		27
Hexion, Inc., Term Loan, (3-month USD CME Term SOFR + 4.50%) 5.924% 20296,7		40		36
Hightower Holding, LLC 6.75% 20292		235		177
Hilcorp Energy I, LP 6.00% 20302		16		14
Hilcorp Energy I, LP 6.00% 20312		125		108
Hilcorp Energy I, LP 6.25% 20322		15		13
Hilton Worldwide Holdings, Inc. 4.875% 2030		25		23
Hilton Worldwide Holdings, Inc. 4.00% 20312		55		46
Holly Energy Partners LP / Holly Energy Finance Corp. 6.375% 20272		10		9
Holly Energy Partners LP / Holly Energy Finance Corp. 5.00% 20282		12		10
Honduras (Republic of) 6.25% 2027		2,083		1,638

American Funds Insurance Series 191

Capital World Bond Fund (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
U.S. dollars (continued)
Honduras (Republic of) 5.625% 2030	USD	958	$	650
Howard Hughes Corp. 5.375% 20282		315		264
Howard Hughes Corp. 4.125% 20292		195		151
Howard Hughes Corp. 4.375% 20312		120		89
Howard Midstream Energy Partners, LLC 6.75% 20272		60		52
HSBC Holdings PLC 3.033% 2023 (3-month USD-LIBOR + 0.923% on 11/12/2022)1		430		428
HSBC Holdings PLC 2.633% 2025 (3-month USD-LIBOR + 1.14% on 11/7/2024)1		305		291
HSBC Holdings PLC 4.292% 2026 (3-month USD-LIBOR + 1.348% on 9/12/2025)1		4,172		4,082
HSBC Holdings PLC 2.357% 2031 (USD-SOFR + 1.947% on 8/18/2030)1		1,032		837
Huarong Finance 2019 Co., Ltd. (3-month USD-LIBOR + 1.125%) 2.631% 20237		3,326		3,251
Huarong Finance 2019 Co., Ltd. (3-month USD-LIBOR + 1.25%) 2.756% 20257		363		341
Huarong Finance II Co., Ltd. 5.00% 2025		1,007		953
Huarong Finance II Co., Ltd. 5.50% 2025		880		855
HUB International, Ltd. 7.00% 20262		230		217
Hungary (Republic of) 2.125% 20312		2,910		2,256
Hungary (Republic of) 3.125% 20512		1,255		832
Hyundai Capital America 3.25% 20222		250		250
Hyundai Capital America 0.875% 20242		1,200		1,123
Hyundai Capital America 1.50% 20262		2,375		2,105
Hyundai Capital America 1.65% 20262		1,800		1,589
Hyundai Capital America 2.00% 20282		600		505
Hyundai Capital Services, Inc. 3.75% 20232		2,450		2,448
Imperial Tobacco Finance PLC 3.50% 20232		2,000		1,989
Ingles Markets, Inc. 4.00% 20312		140		121
Intercontinental Exchange, Inc. 4.00% 2027		1,810		1,783
Intesa Sanpaolo SpA 5.017% 20242		3,270		3,123
Iraq (Republic of) 6.752% 20232		545		533
Iron Mountain Information Management Services, Inc. 5.00% 20322		55		45
Iron Mountain, Inc. 5.25% 20302		155		135
Israel (State of) 3.375% 2050		1,470		1,192
Israel (State of) 3.875% 2050		795		701
Jacobs Entertainment, Inc. 6.75% 20292		25		21
JPMorgan Chase & Co. 1.045% 2026 (USD-SOFR + 0.80% on 11/19/2025)1		6,710		5,975
JPMorgan Chase & Co. 2.963% 2033 (USD-SOFR + 1.26% on 1/25/2032)1		125		107
Kantar Group, LLC, Term Loan B2, (3-month USD-LIBOR + 4.50%) 6.75% 20266,7		64		60
KB Home 6.875% 2027		50		48
Keb Hana Bank 3.25% 20272		1,370		1,318
Kennedy-Wilson Holdings, Inc. 4.75% 2029		110		89
Kennedy-Wilson Holdings, Inc. 4.75% 2030		85		67
Kennedy-Wilson Holdings, Inc. 5.00% 2031		10		8
Kimberly-Clark Corp. 3.10% 2030		110		103
Kinder Morgan, Inc. 3.60% 2051		1,500		1,108
Kinetik Holdings LP 5.875% 20302		60		57
Kronos Acquisition Holdings, Inc. 5.00% 20262		85		73
Kronos Acquisition Holdings, Inc. 7.00% 20272		140		105
Labl Escrow Issuer, LLC 10.50% 20272		45		39
Labl, Inc. 8.25% 20292		170		129
Lamb Weston Holdings, Inc. 4.875% 20282		65		61
Lamb Weston Holdings, Inc. 4.125% 20302		110		96
Lamb Weston Holdings, Inc. 4.375% 20322		15		13
Las Vegas Sands Corp. 3.20% 2024		25		24
LCM Investments Holdings II, LLC 4.875% 20292		39		30
Ligado Networks, LLC 15.50% PIK 20232,8		245		134
Lima Metro Line 2 Finance, Ltd. 5.875% 2034		472		467
Lima Metro Line 2 Finance, Ltd. 5.875% 20342		289		285
Limited Brands, Inc. 6.625% 20302		70		61
Limited Brands, Inc. 6.875% 2035		40		33
Lindblad Expeditions, LLC 6.75% 20272		5		4
Lloyds Banking Group PLC 1.627% 2027 (1-year UST Yield Curve Rate T Note Constant Maturity + 0.85% on 5/11/2026)1		7,000		6,230
LPL Holdings, Inc. 4.625% 20272		220		206
LPL Holdings, Inc. 4.375% 20312		85		73

192 American Funds Insurance Series

Capital World Bond Fund (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
U.S. dollars (continued)
LSB Industries, Inc. 6.25% 20282	USD	95	$	84
LSC Communications, Inc. 8.75% 20232,5,9,10		430		4
LSF9 Atlantis Holdings, LLC / Victra Finance Corp. 7.75% 20262		60		51
Magallanes, Inc. 4.279% 20322		917		820
Magallanes, Inc. 5.05% 20422		1,928		1,643
Mallinckrodt PLC 10.00% 20252		720		695
Masco Corp. 1.50% 2028		791		664
Mastercard, Inc. 2.00% 2031		600		506
Meituan Dianping 2.125% 2025		1,730		1,560
Meituan Dianping 3.05% 20302		3,095		2,306
Mercer International, Inc. 5.125% 2029		105		90
Methanex Corp. 5.125% 2027		55		49
Mexico City Airport Trust 5.50% 2047		432		298
Midas OpCo Holdings, LLC 5.625% 20292		120		97
Mineral Resources, Ltd. 8.00% 20272		40		39
Mineral Resources, Ltd. 8.50% 20302		25		25
MISC Capital Two (Labuan), Ltd. 3.75% 20272		3,236		3,043
Mohegan Gaming & Entertainment 8.00% 20262		135		115
Molina Healthcare, Inc. 3.875% 20302		75		64
MoneyGram International, Inc. 5.375% 20262		50		48
Morgan Stanley 1.593% 2027 (USD-SOFR + 0.879% on 5/4/2026)1		2,164		1,925
Morgan Stanley 1.928% 2032 (USD-SOFR + 1.02% on 4/28/2031)1		1,396		1,108
Mozart Debt Merger Sub, Inc. 5.25% 20292		155		128
MPLX LP 2.65% 2030		837		699
MPLX LP 5.50% 2049		1,900		1,767
MSCI, Inc. 3.625% 20312		150		124
MSCI, Inc. 3.875% 20312		215		184
Murphy Oil USA, Inc. 4.75% 2029		48		43
Nabors Industries, Inc. 7.375% 20272		55		52
National Financial Partners Corp. 6.875% 20282		145		120
Nationstar Mortgage Holdings, Inc. 5.125% 20302		135		101
Navient Corp. 5.00% 2027		45		37
Navient Corp. 4.875% 2028		145		114
NCL Corp., Ltd. 5.875% 20272		80		69
NCR Corp. 5.00% 20282		50		42
NCR Corp. 5.125% 20292		175		148
Neiman Marcus Group, LLC 7.125% 20262		190		176
Nestlé Holdings, Inc. 1.50% 20282		4,330		3,797
Netflix, Inc. 4.875% 2028		45		42
Netflix, Inc. 4.875% 20302		225		206
New Fortress Energy, Inc. 6.75% 20252		50		47
New Fortress Energy, Inc. 6.50% 20262		460		417
New York Life Global Funding 1.20% 20302		2,725		2,151
Newcrest Finance Pty, Ltd. 3.25% 20302		909		804
Newell Brands, Inc. 5.625% 20361		80		69
Newell Rubbermaid, Inc. 4.70% 2026		80		76
News Corp. 5.125% 20322		25		22
Nexstar Broadcasting, Inc. 4.75% 20282		95		82
Nexstar Escrow Corp. 5.625% 20272		115		105
NGL Energy Operating, LLC 7.50% 20262		200		181
NGL Energy Partners LP 7.50% 2023		200		181
Niagara Mohawk Power Corp. 3.508% 20242		180		177
Nielsen Finance, LLC and Nielsen Finance Co. 5.625% 20282		180		168
Nielsen Finance, LLC and Nielsen Finance Co. 4.75% 20312		50		45
Northern Oil and Gas, Inc. 8.125% 20282		190		179
NorthRiver Midstream Finance LP 5.625% 20262		105		95
Nova Chemicals Corp. 5.25% 20272		20		17
Novelis Corp. 3.25% 20262		15		13
Novelis Corp. 4.75% 20302		115		96
Novelis Corp. 3.875% 20312		20		15
NuStar Logistics, LP 5.625% 2027		80		72
Oasis Midstream Partners LP / OMP Finance Corp. 8.00% 20292		100		93

American Funds Insurance Series 193

Capital World Bond Fund (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
U.S. dollars (continued)
Oasis Petroleum, Inc. 6.375% 20262	USD	35	$	32
Occidental Petroleum Corp. 5.875% 2025		200		200
Occidental Petroleum Corp. 6.375% 2028		194		197
Occidental Petroleum Corp. 6.125% 2031		35		36
State of Ohio, Turnpike and Infrastructure Commission, Turnpike Rev. Ref. Bonds (Infrastructure Projects), Series 2020-A, 3.216% 2048		1,410		1,103
Oleoducto Central SA 4.00% 20272		2,535		2,119
Oleoducto Central SA 4.00% 2027		630		527
ONEOK, Inc. 5.20% 2048		858		763
Open Text Corp. 3.875% 20282		25		22
Option Care Health, Inc. 4.375% 20292		25		21
Oracle Corp. 2.65% 2026		2,327		2,149
Oracle Corp. 3.25% 2027		1,880		1,736
Oracle Corp. 3.60% 2050		980		683
Oracle Corp. 3.95% 2051		22		16
Orange SA 9.00% 20311		2,434		3,144
Owens & Minor, Inc. 6.625% 20302		20		18
Oxford Finance, LLC / Oxford Finance Co-Issuer II, Inc. 6.375% 20272		30		29
Pacific Gas and Electric Co. 2.10% 2027		9,935		8,337
Pacific Gas and Electric Co. 4.65% 2028		542		503
Pacific Gas and Electric Co. 3.30% 2040		6,850		4,733
Pacific Gas and Electric Co. 3.50% 2050		931		624
Pakistan (Islamic Republic of) 5.625% 2022		6,900		6,486
Panama (Republic of) 3.75% 20262		465		452
Panther BF Aggregator 2, LP 6.25% 20262		44		42
Panther BF Aggregator 2, LP 8.50% 20272		85		82
Park Intermediate Holdings, LLC 4.875% 20292		65		56
Parkland Corp. 4.625% 20302		40		33
Party City Holdings, Inc. 8.75% 20262		5		3
Peru (Republic of) 2.392% 2026		500		465
Petróleos Mexicanos 4.625% 2023		1,200		1,176
Petróleos Mexicanos 6.875% 2025		660		619
Petróleos Mexicanos 6.875% 2026		1,480		1,336
Petróleos Mexicanos 6.50% 2027		1,493		1,299
Petróleos Mexicanos 6.84% 2030		681		538
Petróleos Mexicanos 5.95% 2031		2,361		1,734
Petróleos Mexicanos 6.70% 2032		779		596
Petróleos Mexicanos 6.75% 2047		122		76
Petróleos Mexicanos 7.69% 2050		55		37
Petróleos Mexicanos 6.95% 2060		201		124
PG&E Corp. 5.00% 2028		15		13
PG&E Corp. 5.25% 2030		125		103
PGT Innovations, Inc. 4.375% 20292		5		4
Philip Morris International, Inc. 2.10% 2030		634		520
Pilgrim’s Pride Corp. 5.875% 20272		25		24
Post Holdings, Inc. 5.625% 20282		25		24
Post Holdings, Inc. 4.625% 20302		444		375
Power Financial Corp., Ltd. 3.35% 2031		1,870		1,554
Procter & Gamble Company 3.00% 2030		338		319
PT Indonesia Asahan Aluminium Tbk 5.71% 2023		960		974
PT Indonesia Asahan Aluminium Tbk 5.45% 20302		500		470
Qatar Petroleum 3.125% 20412		2,895		2,278
Radiology Partners, Inc. 9.25% 20282		190		143
Range Resources Corp. 8.25% 2029		50		51
Range Resources Corp. 4.75% 20302		65		58
Raptor Acquisition Corp. 4.875% 20262		180		158
Real Hero Merger Sub 2, Inc. 6.25% 20292		25		19
Realogy Corp. 5.75% 20292		135		103
Realogy Corp. 5.25% 20302		130		97
Reynolds American, Inc. 4.45% 2025		2,115		2,105
RLJ Lodging Trust, LP 4.00% 20292		25		21
Rockcliff Energy II, LLC 5.50% 20292		25		23

194 American Funds Insurance Series

Capital World Bond Fund (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
U.S. dollars (continued)
Roller Bearing Company of America, Inc. 4.375% 20292	USD	20	$	17
Royal Caribbean Cruises, Ltd. 11.50% 20252		57		59
Royal Caribbean Cruises, Ltd. 5.375% 20272		40		29
RP Escrow Issuer, LLC 5.25% 20252		95		82
Russian Federation 4.25% 20275		1,400		385
Ryan Specialty Group, LLC 4.375% 20302		45		39
Sally Holdings, LLC and Sally Capital, Inc. 5.625% 2025		33		31
Santander Holdings USA, Inc. 3.244% 2026		3,750		3,520
Scentre Group 3.50% 20252		210		204
Scentre Group 3.75% 20272		110		106
Scientific Games Corp. 7.00% 20282		40		38
Scientific Games Corp. 7.25% 20292		75		70
Scientific Games Holdings LP 6.625% 20302		46		39
SCIH Salt Holdings, Inc. 4.875% 20282		115		96
Scotts Miracle-Gro Co. 4.50% 2029		90		74
Scotts Miracle-Gro Co. 4.375% 2032		55		42
Sealed Air Corp. 5.00% 20292		40		37
ServiceNow, Inc. 1.40% 2030		1,830		1,434
Silgan Holdings, Inc. 4.125% 2028		80		72
Simmons Foods, Inc. 4.625% 20292		160		136
Singapore Airlines, Ltd. 3.375% 2029		3,710		3,379
Sirius XM Radio, Inc. 4.00% 20282		120		104
Sirius XM Radio, Inc. 3.875% 20312		90		72
SkyMiles IP, Ltd. 4.75% 20282		25		24
SM Energy Co. 6.50% 2028		45		41
Sonic Automotive, Inc. 4.625% 20292		85		66
Sonic Automotive, Inc. 4.875% 20312		20		15
Southern California Edison Co. 2.85% 2029		200		177
Southwestern Energy Co. 5.95% 20251		110		109
Southwestern Energy Co. 7.75% 2027		20		20
Southwestern Energy Co. 8.375% 2028		30		32
Southwestern Energy Co. 5.375% 2030		135		124
Southwestern Energy Co. 4.75% 2032		25		21
Sprint Corp. 7.625% 2026		130		137
Square, Inc. 3.50% 20312		30		24
Sri Lanka (Democratic Socialist Republic of) 5.75% 20235		2,890		938
Stellantis Finance US, Inc. 1.711% 20272		1,900		1,654
Stellantis Finance US, Inc. 2.691% 20312		225		178
Stericycle, Inc. 3.875% 20292		180		147
Studio City Finance, Ltd. 6.00% 20252		200		127
Summit Midstream Holdings / Summit Midstream Finance Corp. 8.50% 20262		55		50
Sunoco LP 4.50% 2029		90		74
Sunoco LP 4.50% 20302		35		28
Surgery Center Holdings 10.00% 20272		175		170
SVB Financial Group 4.70% junior subordinated perpetual bonds (5-year UST Yield Curve Rate T Note Constant Maturity + 3.064% on 11/15/2031)1		12		9
Swiss Re Finance (Luxembourg) SA 5.00% 2049 (5-year UST Yield Curve Rate T Note Constant Maturity + 3.582% on 4/2/2029)1,2		800		759
Talen Energy Corp. 7.25% 20272,5		205		202
Teekay Offshore Partners LP 8.50% 20232,9,10		555		505
Tencent Holdings, Ltd. 3.24% 20502		3,450		2,385
Tenet Healthcare Corp. 4.875% 20262		280		259
Tenet Healthcare Corp. 6.125% 20282		25		21
Tenet Healthcare Corp. 6.125% 20302		15		14
Teva Pharmaceutical Finance Co. BV 6.00% 2024		4,600		4,542
Teva Pharmaceutical Finance Co. BV 7.125% 2025		3,710		3,626
State of Texas, Grand Parkway Transportation Corp., Grand Parkway System Toll Rev. Ref. Bonds, Series 2020-B, 3.236% 2052		1,780		1,430
T-Mobile US, Inc. 2.40% 2029		1,079		933
Toronto-Dominion Bank 1.25% 2026		2,836		2,520
Toyota Motor Credit Corp. 3.375% 2030		453		427

American Funds Insurance Series 195

Capital World Bond Fund (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
U.S. dollars (continued)
TransDigm, Inc. 6.25% 20262	USD	65	$	63
TransDigm, Inc. 5.50% 2027		35		30
Transocean Guardian, Ltd. 5.875% 20242		29		27
Transocean Poseidon, Ltd. 6.875% 20272		122		107
Treehouse Park Improvement Association No.1 - Anleihen 9.75% 20332,9,10		100		89
Triumph Group, Inc. 6.25% 20242		35		31
Turkey (Republic of) 6.25% 2022		1,880		1,878
Turkey (Republic of) 6.35% 2024		2,220		2,058
Twitter, Inc. 5.00% 20302		35		33
U.S. Treasury 0.125% 2022		12,340		12,262
U.S. Treasury 0.125% 2023		12,320		12,148
U.S. Treasury 2.625% 2023		6,900		6,898
U.S. Treasury 1.875% 2024		4,515		4,409
U.S. Treasury 2.50% 2024		8,430		8,356
U.S. Treasury 0.25% 2025		30,740		28,155
U.S. Treasury 2.875% 2025		5,400		5,368
U.S. Treasury 2.875% 2025		1,969		1,962
U.S. Treasury 0.375% 2026		28,740		26,131
U.S. Treasury 0.50% 2026		7,453		6,794
U.S. Treasury 0.75% 2026		4,361		3,970
U.S. Treasury 0.875% 2026		11,098		10,135
U.S. Treasury 1.125% 2026		1,698		1,565
U.S. Treasury 2.50% 2027		2,260		2,205
U.S. Treasury 2.625% 202712		52,903		51,897
U.S. Treasury 1.625% 2029		10,760		9,792
U.S. Treasury 1.375% 203112		15,793		13,683
U.S. Treasury 1.125% 2040		9,170		6,363
U.S. Treasury 1.75% 2041		6,050		4,584
U.S. Treasury 1.875% 204112		18,740		14,646
U.S. Treasury 2.375% 2042		2,872		2,425
U.S. Treasury 3.00% 2048		5,045		4,751
U.S. Treasury 2.00% 205112		13,505		10,394
U.S. Treasury 2.25% 205212		34,362		28,155
U.S. Treasury Inflation-Protected Security 0.125% 20223		10,733		10,774
U.S. Treasury Inflation-Protected Security 0.125% 20243,12		62,331		62,967
U.S. Treasury Inflation-Protected Security 0.50% 20243		13,220		13,411
U.S. Treasury Inflation-Protected Security 0.625% 20243		14,907		15,154
U.S. Treasury Inflation-Protected Security 0.125% 20513		4,152		3,173
UBS Group AG 1.008% 2024, (5-year UST Yield Curve Rate T Note Constant Maturity + 0.83% on 7/30/2023)1,2		1,950		1,889
UKG, Inc., Term Loan B, (3-month USD-LIBOR + 3.25%) 4.212% 20266,7		60		56
UKG, Inc., Term Loan, (3-month USD-LIBOR + 5.25%) 6.212% 20276,7		75		70
Ukraine 7.75% 20229		6,210		3,105
Ukraine 7.75% 2024		1,570		406
Ukraine 6.876% 2029		1,269		314
Uniform Mortgage-Backed Security 2.50% 20524,11		13,030		11,708
Uniform Mortgage-Backed Security 3.00% 20524,11		9,500		8,841
Uniform Mortgage-Backed Security 3.00% 20524,11		790		736
Uniform Mortgage-Backed Security 3.50% 20524,11		7,450		7,159
Uniform Mortgage-Backed Security 4.00% 20524,11		7,105		6,997
Uniform Mortgage-Backed Security 4.50% 20524,11		8,900		8,917
Uniform Mortgage-Backed Security 4.50% 20524,11		1,560		1,560
Uniform Mortgage-Backed Security 5.00% 20524,11		5,100		5,193
Uniform Mortgage-Backed Security 5.00% 20524,11		500		508
United Rentals, Inc. 4.875% 2028		30		28
Univision Communications, Inc. 4.50% 20292		235		197
Univision Communications, Inc. 7.375% 20302		25		24
US Foods, Inc. 4.625% 20302		35		30
Valvoline, Inc. 3.625% 20312		85		68
Venator Materials Corp. 5.75% 20252		140		112
Venator Materials Corp. 9.50% 20252		185		186
Venture Global Calcasieu Pass, LLC 3.875% 20292		100		88

196 American Funds Insurance Series

Capital World Bond Fund (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
U.S. dollars (continued)
Venture Global Calcasieu Pass, LLC 4.125% 20312	USD	125	$	107
Venture Global Calcasieu Pass, LLC 3.875% 20332		65		54
Verizon Communications, Inc. 3.15% 2030		575		523
Verizon Communications, Inc. 2.55% 2031		2,100		1,797
VICI Properties LP 4.375% 2025		1,563		1,529
VICI Properties LP 4.625% 20292		15		13
VICI Properties LP / VICI Note Co., Inc. 3.75% 20272		100		88
VICI Properties LP / VICI Note Co., Inc. 4.125% 20302		375		324
Volkswagen Group of America Finance, LLC 4.625% 20252		1,070		1,070
VZ Secured Financing BV 5.00% 20322		200		166
W. R. Grace Holdings, LLC 5.625% 20292		20		15
Warner Music Group 3.75% 20292		150		126
Warrior Met Coal, Inc. 7.875% 20282		185		177
WASH Multifamily Acquisition, Inc. 5.75% 20262		195		184
WEA Finance, LLC 3.75% 20242		535		517
Weatherford International, Ltd. 11.00% 20242		12		12
Weatherford International, Ltd. 6.50% 20282		65		58
Weatherford International, Ltd. 8.625% 20302		60		50
Wells Fargo & Company 3.526% 2028 (USD-SOFR + 1.51% on 3/24/2027)1		5,788		5,487
WESCO Distribution, Inc. 7.125% 20252		180		180
WESCO Distribution, Inc. 7.25% 20282		195		193
Western Global Airlines, LLC 10.375% 20252		15		14
Western Midstream Operating, LP 3.60% 2025 (3.35% on 8/1/2022)1		85		78
Western Midstream Operating, LP 4.75% 2028		65		59
Westpac Banking Corp. 2.894% 2030 (5-year UST Yield Curve Rate T Note Constant Maturity + 1.35% on 2/4/2025)1		2,900		2,751
WeWork Companies, LLC 5.00% 20252		50		32
Williams Companies, Inc. 3.50% 2030		763		688
Williams Companies, Inc. 2.60% 2031		130		109
Wyndham Destinations, Inc. 6.625% 20262		65		62
Wynn Las Vegas, LLC and Wynn Capital Corp. 4.25% 20232		38		37
Xcel Energy, Inc. 3.35% 2026		2,581		2,495
Yahoo Holdings, Inc., Term Loan B, (1-month USD-LIBOR + 5.50%) 7.166% 20276,7		150		142
Ziggo Bond Co. BV 5.125% 20302		200		157
Ziggo Bond Finance BV 4.875% 20302		300		255
ZipRecruiter, Inc. 5.00% 20302		25		21
				794,211
Total bonds, notes & other debt instruments (cost: $1,783,653,000)				1,518,719
Preferred securities 0.00%	Shares
U.S. dollars 0.00%
ACR III LSC Holdings, LLC, Series B, preferred shares2,9,10,13		48		15
Total preferred securities (cost: $49,000)				15
Common stocks 0.02%
U.S. dollars 0.02%
Diamond Offshore Drilling, Inc.13		36,338		214
Diamond Offshore Drilling, Inc.2,13		12,700		75
Bighorn Permian Resources, LLC9,10,13		531		3
Constellation Oil Services Holding SA, Class B-19,10,13		1,214,969		—	14
Total common stocks (cost: $727,000)				292

American Funds Insurance Series 197

Capital World Bond Fund (continued)

Short-term securities 6.33%	Shares		Value (000)
Money market investments 6.33%
Capital Group Central Cash Fund 1.38%15,16		1,001,946	$	100,175
Total short-term securities (cost: $100,186,000)				100,175
Total investment securities 102.37% (cost: $1,884,615,000)				1,619,201
Other assets less liabilities (2.37)%				(37,485	)
Net assets 100.00%			$	1,581,716

Futures contracts

Contracts	Type	Number of contracts	Expiration	Notional amount (000)			Value and unrealized (depreciation) appreciation at 6/30/2022 (000)
90 Day Eurodollar Futures	Long	47	December 2022	USD	11,316			$	(334	)
2 Year U.S. Treasury Note Futures	Short	190	September 2022		(39,903	)			46
5 Year Euro-Bobl Futures	Long	192	September 2022		24,988				(262	)
5 Year U.S. Treasury Note Futures	Long	798	September 2022		89,575				(398	)
10 Year Euro-Bund Futures	Long	183	September 2022		28,532				508
10 Year Italy Government Bond Futures	Short	178	September 2022		(22,966	)			31
10 Year Japanese Government Bond Futures	Long	6	September 2022		6,572				36
10 Year Ultra U.S. Treasury Note Futures	Short	59	September 2022		(7,515	)			108
10 Year U.S. Treasury Note Futures	Short	194	September 2022		(22,995	)			94
10 Year UK Gilt Futures	Long	48	September 2022		6,660				110
20 Year U.S. Treasury Bond Futures	Long	172	September 2022		23,843				(319	)
30 Year Euro-Buxl Futures	Long	69	September 2022		11,827				(852	)
30 Year Ultra U.S. Treasury Bond Futures	Long	11	September 2022		1,698				(51	)
								$	(1,283	)

Forward currency contracts

Contract amount						Unrealized appreciation (depreciation)
Currency purchased (000)		Currency sold (000)		Counterparty	Settlement date	at 6/30/2022 (000)
BRL	110,886	USD	19,160	Citibank	7/1/2022		$	2,021
SEK	23,400	USD	2,378	JPMorgan Chase	7/7/2022			(90	)
USD	6,267	CAD	7,881	UBS AG	7/11/2022			145
USD	2,060	HUF	754,350	Bank of America	7/11/2022			70
USD	1,713	AUD	2,380	JPMorgan Chase	7/11/2022			70
JPY	623,410	USD	4,606	BNP Paribas	7/11/2022			(9	)
JPY	137,850	USD	1,028	Morgan Stanley	7/11/2022			(12	)
PLN	4,470	USD	1,038	HSBC Bank	7/11/2022			(42	)
DKK	17,400	USD	2,502	Bank of America	7/11/2022			(49	)
PLN	20,540	EUR	4,453	BNP Paribas	7/11/2022			(94	)
HUF	2,533,310	EUR	6,465	Citibank	7/11/2022			(96	)
USD	3,299	BRL	16,000	HSBC Bank	7/12/2022			253
USD	1,347	BRL	6,470	Citibank	7/12/2022			115
BRL	22,470	USD	4,297	Citibank	7/12/2022			(19	)
USD	14,381	DKK	100,190	Standard Chartered Bank	7/13/2022			252
USD	4,002	MXN	78,910	BNP Paribas	7/13/2022			87
USD	1,435	NZD	2,240	Standard Chartered Bank	7/13/2022			36
GBP	7,340	USD	9,194	Morgan Stanley	7/13/2022			(257	)

198 American Funds Insurance Series

Capital World Bond Fund (continued)

Forward currency contracts (continued)

Contract amount						Unrealized appreciation
Currency purchased (000)		Currency sold (000)		Counterparty	Settlement date	(depreciation) at 6/30/2022 (000)
CAD	20,253	USD	15,658	UBS AG	7/15/2022		$	76
MYR	11,360	USD	2,580	Standard Chartered Bank	7/15/2022			3
USD	6,307	MYR	27,740	Standard Chartered Bank	7/15/2022			—	14
MYR	6,300	USD	1,432	HSBC Bank	7/15/2022			—	14
MYR	10,080	USD	2,291	Standard Chartered Bank	7/15/2022			—	14
CNH	151,257	USD	22,369	Citibank	7/18/2022			227
CZK	47,290	EUR	1,900	UBS AG	7/18/2022			5
EUR	6,804	PLN	31,970	Goldman Sachs	7/20/2022			27
PLN	1,550	USD	344	BNP Paribas	7/20/2022			1
USD	358	COP	1,453,260	Citibank	7/22/2022			10
EUR	4,670	USD	4,897	JPMorgan Chase	7/25/2022			5
DKK	20,510	EUR	2,757	BNP Paribas	7/25/2022			1
PLN	18,110	EUR	3,878	Goldman Sachs	7/25/2022			(44	)
USD	11,532	MXN	232,306	Citibank	7/27/2022			38
CNH	61,490	USD	9,175	UBS AG	7/27/2022			10
CHF	800	USD	837	UBS AG	7/27/2022			3
JPY	798,810	USD	5,895	BNP Paribas	7/27/2022			2
EUR	17,853	DKK	132,800	JPMorgan Chase	7/27/2022			(1	)
EUR	2,540	USD	2,678	BNP Paribas	7/27/2022			(11	)
ZAR	26,060	USD	1,628	JPMorgan Chase	7/27/2022			(30	)
EUR	25,150	USD	26,516	UBS AG	7/27/2022			(112	)
JPY	7,317,238	USD	54,441	UBS AG	7/27/2022			(422	)
USD	5,920	AUD	8,270	Citibank	7/29/2022			210
USD	2,167	IDR	32,232,353	Citibank	8/4/2022			14
KRW	13,728,070	USD	10,657	Citibank	8/5/2022			1
BRL	140,966	USD	24,130	Citibank	8/10/2022			2,465
USD	11,219	BRL	63,000	JPMorgan Chase	8/10/2022			(667	)
USD	13,967	BRL	77,966	Citibank	8/10/2022			(742	)
USD	5,044	HUF	1,807,090	Bank of America	1/20/2023			433
USD	5,215	CZK	124,020	Morgan Stanley	1/20/2023			75
CZK	124,020	USD	5,572	Goldman Sachs	1/20/2023			(433	)
HUF	1,807,090	USD	5,518	Bank of America	1/20/2023			(908	)
PLN	24,520	USD	5,912	BNP Paribas	2/2/2023			(598	)
							$	2,019

Swap contracts

Interest rate swaps

Centrally cleared interest rate swaps

Receive		Pay			Notional		Value at			Upfront premium			Unrealized (depreciation) appreciation
Rate	Payment frequency	Rate	Payment frequency	Expiration date	amount (000)		6/30/2022 (000)			paid (000)			at 6/30/2022 (000)
1.2475%	Semi-annual	3-month NZD-BBR-FRA	Quarterly	8/20/2023	NZD	4,428	$	(80	)		$	—		$	(80	)
1.234974%	Semi-annual	3-month NZD-BBR-FRA	Quarterly	8/20/2023		37,736		(683	)			—			(683	)
1.2375%	Semi-annual	3-month NZD-BBR-FRA	Quarterly	8/26/2023		13,908		(258	)			—			(258	)
1.264%	Semi-annual	3-month NZD-BBR-FRA	Quarterly	8/27/2023		34,764		(638	)			—			(638	)
1.26%	Semi-annual	3-month NZD-BBR-FRA	Quarterly	8/30/2023		5,734		(106	)			—			(106	)
1.28%	Semi-annual	3-month NZD-BBR-FRA	Quarterly	8/31/2023		5,734		(106	)			—			(106	)
1.30%	Semi-annual	3-month NZD-BBR-FRA	Quarterly	9/3/2023		6,295		(116	)			—			(116	)
1.4975%	Semi-annual	3-month NZD-BBR-FRA	Quarterly	9/21/2023		11,830		(215	)			—			(215	)
1.445%	Semi-annual	3-month NZD-BBR-FRA	Quarterly	9/28/2023		11,817		(223	)			—			(223	)

American Funds Insurance Series 199

Capital World Bond Fund (continued)

Swap contracts (continued)

Interest rate swaps (continued)

Centrally cleared interest rate swaps (continued)

Receive		Pay			Notional		Value at			Upfront premium			Unrealized (depreciation) appreciation
Rate	Payment frequency	Rate	Payment frequency	Expiration date	amount (000)		6/30/2022 (000)			paid (000)			at 6/30/2022 (000)
1.4475%	Semi-annual	3-month NZD-BBR-FRA	Quarterly	9/29/2023	NZD	12,043	$	(228	)		$	—		$	(228	)
1.4475%	Semi-annual	3-month NZD-BBR-FRA	Quarterly	9/30/2023		12,093		(229	)			—			(229	)
1.5125%	Semi-annual	3-month NZD-BBR-FRA	Quarterly	10/14/2023		10,675		(203	)			—			(203	)
1.53%	Semi-annual	3-month NZD-BBR-FRA	Quarterly	10/14/2023		12,176		(230	)			—			(230	)
1.5625%	Semi-annual	3-month NZD-BBR-FRA	Quarterly	10/15/2023		12,163		(226	)			—			(226	)
1.59%	Semi-annual	3-month NZD-BBR-FRA	Quarterly	10/18/2023		12,163		(224	)			—			(224	)
1.62%	Semi-annual	3-month NZD-BBR-FRA	Quarterly	10/19/2023		13,521		(246	)			—			(246	)
2.2525%	Semi-annual	3-month NZD-BBR-FRA	Quarterly	11/8/2023		17,111		(235	)			—			(235	)
2.24%	Semi-annual	3-month NZD-BBR-FRA	Quarterly	11/8/2023		17,111		(237	)			—			(237	)
2.20%	Semi-annual	3-month NZD-BBR-FRA	Quarterly	11/9/2023		1,440		(20	)			—			(20	)
2.495%	Annual	SONIA	Annual	5/5/2024	GBP	21,230		(98	)			—			(98	)
2.42%	Annual	SONIA	Annual	5/5/2024		42,400		(232	)			—			(232	)
2.363%	Annual	SONIA	Annual	5/11/2024		40,870		(248	)			—			(248	)
2.9588%	Annual	SONIA	Annual	6/9/2024		26,900		33				—			33
6.255%	28-day	28-day MXN-TIIE	28-day	5/22/2026	MXN	47,800		(222	)			—			(222	)
6.19%	28-day	28-day MXN-TIIE	28-day	5/22/2026		48,400		(230	)			—			(230	)
6.16%	28-day	28-day MXN-TIIE	28-day	6/9/2026		58,800		(285	)			—			(285	)
6.5375%	28-day	28-day MXN-TIIE	28-day	6/17/2026		14,000		(59	)			—			(59	)
6.50%	28-day	28-day MXN-TIIE	28-day	6/17/2026		13,900		(60	)			—			(60	)
6.47%	28-day	28-day MXN-TIIE	28-day	6/17/2026		14,200		(62	)			—			(62	)
6.55%	28-day	28-day MXN-TIIE	28-day	6/17/2026		43,000		(181	)			—			(181	)
6.55%	28-day	28-day MXN-TIIE	28-day	6/18/2026		14,100		(59	)			—			(59	)
6.50%	28-day	28-day MXN-TIIE	28-day	6/18/2026		27,800		(119	)			—			(119	)
6.59%	28-day	28-day MXN-TIIE	28-day	6/25/2026		38,700		(161	)			—			(161	)
6.58%	28-day	28-day MXN-TIIE	28-day	6/25/2026		41,600		(174	)			—			(174	)
6.585%	28-day	28-day MXN-TIIE	28-day	6/25/2026		50,900		(213	)			—			(213	)
6.64%	28-day	28-day MXN-TIIE	28-day	6/25/2026		62,600		(256	)			—			(256	)
6.633%	28-day	28-day MXN-TIIE	28-day	6/25/2026		172,500		(707	)			—			(707	)
6.605%	28-day	28-day MXN-TIIE	28-day	7/6/2026		105,000		(436	)			—			(436	)
7.59%	28-day	28-day MXN-TIIE	28-day	10/29/2026		28,900		(75	)			—			(75	)
7.62%	28-day	28-day MXN-TIIE	28-day	10/29/2026		43,375		(110	)			—			(110	)
7.66%	28-day	28-day MXN-TIIE	28-day	10/29/2026		70,800		(175	)			—			(175	)
7.64%	28-day	28-day MXN-TIIE	28-day	10/29/2026		70,800		(177	)			—			(177	)
7.52%	28-day	28-day MXN-TIIE	28-day	10/30/2026		89,445		(243	)			—			(243	)
7.805%	28-day	28-day MXN-TIIE	28-day	2/23/2027		41,200		(94	)			—			(94	)
7.82%	28-day	28-day MXN-TIIE	28-day	2/24/2027		41,600		(94	)			—			(94	)
							$	(9,240	)		$	—		$	(9,240	)

Credit default swaps

Centrally cleared credit default swaps on credit indices — buy protection

Reference index	Financing rate paid	Payment frequency	Expiration date	Notional amount (000)	Value at 6/30/2022 (000)				Upfront premium (received) paid (000)				Unrealized appreciation at 6/30/2022 (000)
CDX.NA.HY.38	5.00%	Quarterly	6/20/2027	USD 44,076		$	1,327			$	(959	)		$	2,286
ITRX.EUR.IG.37	1.00%	Quarterly	6/20/2027	EUR 23,820			222				(300	)			522
CDX.EM.37	1.00%	Quarterly	6/20/2027	USD 13,360			1,340				1,134				206
CDX.NA.IG.38	1.00%	Quarterly	6/20/2027	5			—	14			—	14			—	14
						$	2,889			$	(125	)		$	3,014

200 American Funds Insurance Series

Capital World Bond Fund (continued)

Investments in affiliates¹⁶

	Value of affiliate at 1/1/2022 (000)		Additions (000)		Reductions (000)		Net realized loss (000)			Net unrealized depreciation (000)			Value of affiliate at 6/30/2022 (000)		Dividend income (000)
Short-term securities 6.33%
Money market investments 6.33%
Capital Group Central Cash Fund 1.38%15	$	144,080	$	438,028	$	481,900	$	(10	)	$	(23	)	$	100,175	$	255

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 $122,023,000, which represented 7.71% 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	Scheduled interest and/or principal payment was not received.
6	Loan participations and assignments; may be subject to legal or contractual restrictions on resale. The total value of all such loans was $1,479,000, which represented .09% of the net assets of the fund.
7	Coupon rate may change periodically. Reference rate and spread are as of the most recent information available. Some coupon rates are determined by the issuer or agent based on current market conditions; therefore, the reference rate and spread are not available.
8	Payment in kind; the issuer has the option of paying additional securities in lieu of cash. Payment methods and rates are as of the most recent payment when available.
9	Valued under fair value procedures adopted by authority of the board of trustees. The total value of all such securities was $3,760,000, which represented .24% of the net assets of the fund.
10	Value determined using significant unobservable inputs.
11	Purchased on a TBA basis.
12	All or a portion of this security was pledged as collateral. The total value of pledged collateral was $15,285,000, which represented .97% of the net assets of the fund.
13	Security did not produce income during the last 12 months.
14	Amount less than one thousand.
15	Rate represents the seven-day yield at 6/30/2022.
16	Part of the same “group of investment companies” as the fund as defined under the Investment Company Act of 1940, as amended.

Key to abbreviations

Assn. = Association

AUD = Australian dollars

BBR = Bank Base Rate

BRL = Brazilian reais

CAD = Canadian dollars

CHF = Swiss francs

CLP = Chilean pesos

CME = CME Group

CNH = Chinese yuan renminbi

CNY = Chinese yuan

COP = Colombian pesos

CZK = Czech korunas

DKK = Danish kroner

EUR = Euros

EURIBOR = Euro Interbank Offered Rate

FRA = Forward Rate Agreement

GBP = British pounds

HUF = Hungarian forints

IDR = Indonesian rupiah

INR = Indian rupees

JPY = Japanese yen

KRW = South Korean won

LIBOR = London Interbank Offered Rate

MXN = Mexican pesos

MYR = Malaysian ringgits

NOK = Norwegian kroner

NZD = New Zealand dollars

PEN = Peruvian nuevos soles

PLN = Polish zloty

Ref. = Refunding

Rev. = Revenue

RON = Romanian leu

RUB = Russian rubles

SEK = Swedish kronor

SOFR = Secured Overnight Financing Rate

SONIA = Sterling Overnight Interbank Average Rate

TBA = To be announced

TIIE = Equilibrium Interbank Interest Rate

UAH = Ukrainian hryvnia

USD = U.S. dollars

ZAR = South African rand

Refer to the notes to financial statements.

American Funds Insurance Series 201

American High-Income Trust
Investment portfolio June 30, 2022	unaudited

Bonds, notes & other debt instruments 90.36%	Principal amount (000)		Value (000)
Corporate bonds, notes & loans 90.27%
Energy 14.33%
Aethon United BR LP / Aethon United Finance Corp. 8.25% 20261	USD	295	$	287
Antero Midstream Partners LP 5.375% 20291		570		512
Antero Resources Corp. 7.625% 20291		417		425
Antero Resources Corp. 5.375% 20301		720		658
Apache Corp. 6.00% 2037		165		152
Apache Corp. 5.10% 2040		695		589
Apache Corp. 4.75% 2043		265		207
Ascent Resources - Utica, LLC 7.00% 20261		2,040		1,900
Ascent Resources - Utica, LLC 9.00% 20271		170		214
Ascent Resources - Utica, LLC 8.25% 20281		271		258
Ascent Resources - Utica, LLC 5.875% 20291		1,205		1,062
Ascent Resources - Utica, LLC, Term Loan, (3-month USD-LIBOR + 9.00%) 10.00% 20251,2,3		228		241
Blue Racer Midstream, LLC and Blue Racer Finance Corp. 7.625% 20251		676		640
Bonanza Creek Energy, Inc. 5.00% 20261		685		616
California Resources Corp. 7.125% 20261		390		382
Callon Petroleum Co. 7.50% 20301		515		475
Centennial Resource Production, LLC 6.875% 20271		440		419
Cheniere Energy Partners LP 4.50% 2029		938		839
Cheniere Energy Partners LP 4.00% 2031		1,523		1,299
Cheniere Energy Partners LP 3.25% 20321		1,255		991
Cheniere Energy, Inc. 7.00% 2024		319		331
Cheniere Energy, Inc. 5.875% 2025		495		507
Cheniere Energy, Inc. 4.625% 2028		5,356		4,841
Chesapeake Energy Corp. 4.875% 20224		4,300		83
Chesapeake Energy Corp. 5.50% 20261		1,000		954
Chesapeake Energy Corp. 5.875% 20291		1,420		1,342
Chesapeake Energy Corp. 6.75% 20291		210		204
CNX Midstream Partners LP 4.75% 20301		280		236
CNX Resources Corp. 7.25% 20271		1,878		1,843
CNX Resources Corp. 6.00% 20291		1,425		1,334
Comstock Resources, Inc. 6.75% 20291		785		705
Comstock Resources, Inc. 5.875% 20301		770		664
Constellation Oil Services Holding SA 4.00% PIK or 3.00% Cash 20265		3,077		2,569
Continental Resources, Inc. 5.75% 20311		365		354
CQP Holdco LP / BIP-V Chinook Holdco, LLC 5.50% 20311		2,860		2,444
Crestwood Midstream Partners LP 5.75% 2025		250		234
Crestwood Midstream Partners LP 5.625% 20271		290		259
Crestwood Midstream Partners LP 6.00% 20291		575		503
Devon Energy Corp. 5.875% 2028		202		206
Devon Energy Corp. 4.50% 2030		493		466
Diamond Foreign Asset Co. / Diamond Finance, LLC 9.00% Cash 20271,3,5		68		67
Diamond Foreign Asset Co. / Diamond Finance, LLC 9.00% Cash 20273,5		62		61
DT Midstream, Inc. 4.125% 20291		1,355		1,152
DT Midstream, Inc. 4.375% 20311		785		660
Endeavor Energy Resources LP 6.625% 20251		850		855
Energean Israel Finance, Ltd. 4.50% 20241		945		892
Energean Israel Finance, Ltd. 4.875% 20261		1,080		957
Energean PLC 6.50% 20271		380		338
EnLink Midstream Partners, LLC 5.625% 20281		660		607
EQM Midstream Partners, LP 4.125% 2026		127		110
EQM Midstream Partners, LP 6.50% 20271		2,365		2,203
EQM Midstream Partners, LP 7.50% 20271		845		817
EQM Midstream Partners, LP 5.50% 2028		881		762
EQM Midstream Partners, LP 4.50% 20291		835		679
EQM Midstream Partners, LP 7.50% 20301		898		864
EQM Midstream Partners, LP 4.75% 20311		1,645		1,317
EQM Midstream Partners, LP 6.50% 2048		490		375
EQT Corp. 6.625% 20256		250		258
EQT Corp. 5.00% 2029		290		281
EQT Corp. 7.50% 20306		300		323

202 American Funds Insurance Series

American High-Income Trust (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Corporate bonds, notes & loans (continued)
Energy (continued)
EQT Corp. 3.625% 20311	USD	500	$	433
Genesis Energy, LP 5.625% 2024		120		113
Genesis Energy, LP 6.50% 2025		1,886		1,742
Genesis Energy, LP 6.25% 2026		320		286
Genesis Energy, LP 8.00% 2027		2,895		2,570
Genesis Energy, LP 7.75% 2028		87		75
Harbour Energy PLC 5.50% 20261		1,545		1,391
Harvest Midstream I, LP 7.50% 20281		2,167		2,039
Hess Midstream Operations LP 4.25% 20301		1,300		1,091
Hess Midstream Operations LP 5.50% 20301		580		522
Hess Midstream Partners LP 5.125% 20281		687		618
Hilcorp Energy I, LP 6.25% 20281		145		137
Hilcorp Energy I, LP 5.75% 20291		815		717
Hilcorp Energy I, LP 6.00% 20301		715		623
Hilcorp Energy I, LP 6.00% 20311		630		544
Hilcorp Energy I, LP 6.25% 20321		535		471
Holly Energy Partners LP / Holly Energy Finance Corp. 6.375% 20271		220		208
Holly Energy Partners LP / Holly Energy Finance Corp. 5.00% 20281		260		223
Howard Midstream Energy Partners, LLC 6.75% 20271		460		397
Independence Energy Finance, LLC 7.25% 20261		500		456
Kinetik Holdings LP 5.875% 20301		660		630
Lealand Finance Company BV, Term Loan, (3-month USD-LIBOR + 3.00%) 4.666% 20242,3		12		7
Lealand Finance Co. BV, Term Loan, (3-month USD-LIBOR + 1.00%) 3.00% PIK and 2.06% Cash 20252,3,5		153		79
Murphy Oil Corp. 6.875% 2024		59		59
Murphy Oil Corp. 5.75% 2025		250		248
Murphy Oil Corp. 6.375% 2028		415		388
Murphy Oil USA, Inc. 4.75% 2029		670		604
Murphy Oil USA, Inc. 3.75% 20311		285		243
Nabors Industries, Inc. 7.375% 20271		1,470		1,398
Nabors Industries, Ltd. 7.25% 20261		228		203
Neptune Energy Group Holdings, Ltd. 6.625% 20251		1,250		1,202
New Fortress Energy, Inc. 6.75% 20251		1,715		1,625
New Fortress Energy, Inc. 6.50% 20261		3,725		3,381
NGL Energy Operating, LLC 7.50% 20261		8,720		7,879
NGL Energy Partners LP 6.125% 2025		2,054		1,562
Northern Oil and Gas, Inc. 8.125% 20281		1,815		1,713
NorthRiver Midstream Finance LP 5.625% 20261		625		567
NuStar Logistics LP 6.00% 2026		286		268
Oasis Midstream Partners LP / OMP Finance Corp. 8.00% 20291		1,675		1,559
Oasis Petroleum, Inc. 6.375% 20261		1,065		987
Occidental Petroleum Corp. 5.875% 2025		710		708
Occidental Petroleum Corp. 8.00% 2025		1,400		1,476
Occidental Petroleum Corp. 6.375% 2028		225		228
Occidental Petroleum Corp. 6.625% 2030		810		836
Occidental Petroleum Corp. 8.875% 2030		300		345
Occidental Petroleum Corp. 6.125% 2031		530		538
Occidental Petroleum Corp. 4.20% 2048		165		129
Parkland Corp. 4.625% 20301		835		679
PDC Energy, Inc. 5.75% 2026		600		561
Petróleos Mexicanos 6.875% 2025		350		328
Petróleos Mexicanos 8.75% 20291		782		709
Petrorio Luxembourg SARL 6.125% 20261		320		295
Range Resources Corp. 4.875% 2025		362		354
Range Resources Corp. 8.25% 2029		900		919
Range Resources Corp. 4.75% 20301		970		871
Rattler Midstream Partners LP 5.625% 20251		955		956
Rockcliff Energy II, LLC 5.50% 20291		120		109
Rockies Express Pipeline, LLC 4.95% 20291		550		471
Sabine Pass Liquefaction, LLC 4.50% 2030		586		562

American Funds Insurance Series 203

American High-Income Trust (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Corporate bonds, notes & loans (continued)
Energy (continued)
Sanchez Energy Corp. 7.25% 20231,4	USD	739	$	11
SM Energy Co. 5.625% 2025		430		407
Southwestern Energy Co. 5.95% 20256		215		213
Southwestern Energy Co. 7.75% 2027		272		278
Southwestern Energy Co. 8.375% 2028		565		596
Southwestern Energy Co. 5.375% 2029		340		316
Southwestern Energy Co. 5.375% 2030		2,470		2,277
Southwestern Energy Co. 4.75% 2032		1,225		1,050
Suburban Propane Partners LP / Suburban Energy Finance Corp. 5.00% 20311		335		285
Summit Midstream Holdings / Summit Midstream Finance Corp. 8.50% 20261		285		257
Sunoco LP 6.00% 2027		547		522
Sunoco LP 5.875% 2028		290		265
Sunoco LP 4.50% 2029		1,680		1,388
Sunoco LP 4.50% 20301		1,680		1,359
Tallgrass Energy Partners, LP 7.50% 20251		230		223
Targa Resources Partners LP 6.50% 2027		133		136
Targa Resources Partners LP 6.875% 2029		915		935
Targa Resources Partners LP 5.50% 2030		802		767
Targa Resources Partners LP 4.875% 2031		695		635
Teekay Offshore Partners LP 8.50% 20231,7,8		2,009		1,828
Transocean Guardian, Ltd. 5.875% 20241		288		267
Transocean Poseidon, Ltd. 6.875% 20271		361		318
Transocean, Inc. 6.125% 20251		195		179
Transocean, Inc. 7.25% 20251		500		371
Transocean, Inc. 11.50% 20271		95		89
USA Compression Partners, LP 6.875% 2026		359		327
USA Compression Partners, LP 6.875% 2027		247		220
Venture Global Calcasieu Pass, LLC 4.125% 20311		2,795		2,397
Venture Global Calcasieu Pass, LLC 3.875% 20331		650		538
Weatherford International, Ltd. 11.00% 20241		445		449
Weatherford International, Ltd. 6.50% 20281		2,130		1,915
Weatherford International, Ltd. 8.625% 20301		3,220		2,678
Western Gas Partners LP 4.50% 2028		1,124		1,019
Western Midstream Operating, LP 3.60% 2025 (3.35% on 8/1/2022)6		369		341
Western Midstream Operating, LP 4.75% 2028		160		146
Western Midstream Operating, LP 4.55% 2030 (4.30% on 8/1/2022)6		480		417
Western Midstream Operating, LP 5.75% 2050 (5.50% on 8/1/2022)6		290		234
				121,808
Consumer Discretionary 13.79%
Adient Global Holdings, Ltd. 4.875% 20261		225		198
Affinity Gaming 6.875% 20271		200		168
Allied Universal Holdco, LLC 6.625% 20261		858		789
Allied Universal Holdco, LLC 9.75% 20271		976		829
Allied Universal Holdco, LLC 4.625% 20281		490		406
Allied Universal Holdco, LLC 6.00% 20291		2,790		2,034
Asbury Automotive Group, Inc. 4.50% 2028		250		217
Asbury Automotive Group, Inc. 4.625% 20291		1,545		1,279
Asbury Automotive Group, Inc. 5.00% 20321		355		291
Atlas LuxCo 4 SARL 4.625% 20281		280		227
Beazer Homes USA, Inc. 5.875% 2027		540		416
Boyd Gaming Corp. 4.75% 2027		621		563
Boyd Gaming Corp. 4.75% 20311		695		589
Boyne USA, Inc. 4.75% 20291		880		763
Caesars Entertainment, Inc. 6.25% 20251		1,085		1,049
Caesars Entertainment, Inc. 8.125% 20271		665		644
Caesars Entertainment, Inc. 4.625% 20291		3,330		2,598
Caesars Resort Collection, LLC 5.75% 20251		345		331
Carnival Corp. 7.625% 20261		1,615		1,255
Carnival Corp. 10.50% 20261		1,405		1,401

204 American Funds Insurance Series

American High-Income Trust (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Corporate bonds, notes & loans (continued)
Consumer discretionary (continued)
Carnival Corp. 4.00% 20281	USD	3,000	$	2,471
Carnival Corp. 6.00% 20291		825		582
Carnival Corp. 10.50% 20301		850		701
Carvana Co. 5.625% 20251		485		373
Carvana Co. 5.50% 20271		1,091		706
Carvana Co. 5.875% 20281		904		575
Carvana Co. 4.875% 20291		1,110		633
CDI Escrow Issuer, Inc. 5.75% 20301		805		734
CEC Entertainment, Inc. 6.75% 20261		320		282
Dana, Inc. 4.25% 2030		200		156
Dana, Inc. 4.50% 2032		375		278
Dave & Buster’s, Inc. 7.625% 20251		340		336
Empire Communities Corp. 7.00% 20251		475		376
Empire Resorts, Inc. 7.75% 20261		670		601
Everi Holdings, Inc. 5.00% 20291		95		80
Fertitta Entertainment, Inc. 4.625% 20291		1,260		1,078
Fertitta Entertainment, Inc. 6.75% 20301		4,100		3,159
First Student Bidco, Inc. / First Transit Parent, Inc. 4.00% 20291		2,135		1,712
Ford Motor Co. 2.90% 2029		225		177
Ford Motor Co. 3.25% 2032		310		233
Ford Motor Co. 5.291% 2046		70		54
Ford Motor Credit Company, LLC 3.375% 2025		1,115		1,008
Ford Motor Credit Company, LLC 5.125% 2025		3,835		3,670
Ford Motor Credit Company, LLC 2.70% 2026		750		640
Ford Motor Credit Company, LLC 4.542% 2026		1,460		1,339
Ford Motor Credit Company, LLC 3.815% 2027		1,540		1,312
Ford Motor Credit Company, LLC 4.125% 2027		835		738
Ford Motor Credit Company, LLC 4.271% 2027		525		472
Ford Motor Credit Company, LLC 4.95% 2027		370		345
Ford Motor Credit Company, LLC 2.90% 2028		550		444
Ford Motor Credit Company, LLC 5.113% 2029		200		180
Ford Motor Credit Company, LLC 4.00% 2030		920		747
Group 1 Automotive, Inc. 4.00% 20281		615		515
Hanesbrands, Inc. 4.625% 20241		1,945		1,907
Hanesbrands, Inc. 4.875% 20261		1,624		1,507
Hilton Grand Vacations Borrower 5.00% 20291		591		480
Hilton Worldwide Holdings, Inc. 3.75% 20291		200		170
Hilton Worldwide Holdings, Inc. 4.875% 2030		608		551
Hilton Worldwide Holdings, Inc. 4.00% 20311		1,010		842
International Game Technology PLC 6.50% 20251		1,383		1,379
International Game Technology PLC 4.125% 20261		1,165		1,057
International Game Technology PLC 5.25% 20291		3,570		3,240
Jacobs Entertainment, Inc. 6.75% 20291		505		428
KB Home 6.875% 2027		330		319
KB Home 7.25% 2030		330		313
Kontoor Brands, Inc. 4.125% 20291		370		294
Las Vegas Sands Corp. 3.20% 2024		635		601
LCM Investments Holdings II, LLC 4.875% 20291		1,185		905
Levi Strauss & Co. 3.50% 20311		430		352
Limited Brands, Inc. 6.625% 20301		370		321
Limited Brands, Inc. 6.875% 2035		1,096		894
Limited Brands, Inc. 6.75% 2036		655		525
Lindblad Expeditions, LLC 6.75% 20271		205		176
Lithia Motors, Inc. 4.625% 20271		270		248
Lithia Motors, Inc. 3.875% 20291		350		298
Lithia Motors, Inc. 4.375% 20311		315		269
LSF9 Atlantis Holdings, LLC / Victra Finance Corp. 7.75% 20261		335		284
M.D.C. Holdings, Inc. 6.00% 2043		573		469
Macy’s Retail Holdings, LLC 5.875% 20301		145		122
Marriott Ownership Resorts, Inc. 4.50% 20291		370		308
Melco International Development, Ltd. 4.875% 20251		440		329

American Funds Insurance Series 205

American High-Income Trust (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Corporate bonds, notes & loans (continued)
Consumer discretionary (continued)
Melco International Development, Ltd. 5.75% 20281	USD	1,390	$	897
Melco International Development, Ltd. 5.375% 20291		1,446		875
Melco Resorts Finance, Ltd. 5.25% 20261		300		212
Merlin Entertainment 5.75% 20261		492		450
MGM Resorts International 6.00% 2023		281		281
MGM Resorts International 5.50% 2027		401		360
Midwest Gaming Borrower, LLC 4.875% 20291		180		147
Mohegan Gaming & Entertainment 8.00% 20261		645		550
Motel 6 Operating LP, Term Loan B, (1-month USD-LIBOR + 5.00%) 6.666% 20262,3		561		552
NCL Corp., Ltd. 3.625% 20241		300		250
NCL Corp., Ltd. 5.875% 20261		825		650
NCL Corp., Ltd. 5.875% 20271		1,230		1,054
NCL Corp., Ltd. 7.75% 20291		360		276
Neiman Marcus Group, LLC 7.125% 20261		2,405		2,224
Newell Brands, Inc. 5.625% 20366		30		26
Newell Rubbermaid, Inc. 4.875% 2025		445		439
Panther BF Aggregator 2, LP 6.25% 20261		140		135
Panther BF Aggregator 2, LP 8.50% 20271		455		441
Party City Holdings, Inc. 6.625% 20261		500		295
Party City Holdings, Inc. 8.75% 20261		3,655		2,463
Penske Automotive Group, Inc. 3.75% 2029		340		284
PetSmart, Inc. 4.75% 20281		710		616
PetSmart, Inc. 7.75% 20291		1,190		1,074
Premier Entertainment Sub, LLC 5.625% 20291		1,545		1,102
Premier Entertainment Sub, LLC 5.875% 20311		835		581
QVC, Inc. 4.85% 2024		75		70
QVC, Inc. 4.75% 2027		52		41
QVC, Inc. 4.375% 2028		601		446
Raptor Acquisition Corp. 4.875% 20261		1,630		1,429
Real Hero Merger Sub 2, Inc. 6.25% 20291		590		448
Royal Caribbean Cruises, Ltd. 10.875% 20231		325		327
Royal Caribbean Cruises, Ltd. 11.50% 20251		1,946		2,004
Royal Caribbean Cruises, Ltd. 4.25% 20261		1,820		1,296
Royal Caribbean Cruises, Ltd. 5.50% 20261		715		533
Royal Caribbean Cruises, Ltd. 5.375% 20271		1,035		755
Royal Caribbean Cruises, Ltd. 3.70% 2028		270		172
Royal Caribbean Cruises, Ltd. 5.50% 20281		70		49
Sally Holdings, LLC and Sally Capital, Inc. 5.625% 2025		280		263
Scientific Games Corp. 8.625% 20251		1,215		1,247
Scientific Games Corp. 7.00% 20281		1,525		1,433
Scientific Games Corp. 7.25% 20291		3,090		2,902
Scientific Games Holdings LP 6.625% 20301		2,305		1,963
Sonic Automotive, Inc. 4.625% 20291		1,565		1,215
Sonic Automotive, Inc. 4.875% 20311		2,180		1,643
Staples, Inc. 7.50% 20261		421		350
Studio City Co., Ltd. 7.00% 20271		1,175		1,020
Studio City Finance, Ltd. 6.00% 20251		690		438
Studio City Finance, Ltd. 5.00% 20291		1,200		621
Tempur Sealy International, Inc. 4.00% 20291		630		509
The Gap, Inc. 3.625% 20291		170		120
The Gap, Inc. 3.875% 20311		108		76
The Home Co., Inc. 7.25% 20251		940		770
Travel + Leisure Co. 6.60% 20256		50		49
Travel + Leisure Co. 6.00% 2027		205		186
Travel + Leisure Co. 4.50% 20291		1,280		992
Universal Entertainment Corp. 8.50% 20241		2,945		2,857
Vail Resorts, Inc. 6.25% 20251		315		315
VICI Properties LP 4.25% 20261		462		423
VICI Properties LP 4.625% 20291		265		237
VICI Properties LP / VICI Note Co., Inc. 5.625% 20241		447		442
VICI Properties LP / VICI Note Co., Inc. 3.50% 20251		711		666

206 American Funds Insurance Series

American High-Income Trust (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Corporate bonds, notes & loans (continued)
Consumer discretionary (continued)
VICI Properties LP / VICI Note Co., Inc. 4.625% 20251	USD	900	$	858
VICI Properties LP / VICI Note Co., Inc. 3.75% 20271		644		568
VICI Properties LP / VICI Note Co., Inc. 3.875% 20291		1,400		1,207
VICI Properties LP / VICI Note Co., Inc. 4.125% 20301		873		755
WASH Multifamily Acquisition, Inc. 5.75% 20261		995		940
Wheel Pros, Inc. 6.50% 20291		1,280		906
Wheel Pros, Inc., Term Loan, (3-month USD-LIBOR + 4.50%) 6.095% 20282,3		953		791
Wyndham Destinations, Inc. 6.625% 20261		695		660
Wyndham Destinations, Inc. 4.625% 20301		400		311
Wyndham Worldwide Corp. 4.375% 20281		1,280		1,121
Wynn Las Vegas, LLC and Wynn Capital Corp. 4.25% 20231		861		828
Wynn Macau, Ltd. 5.125% 20291		320		199
Wynn Resorts Finance, LLC 7.75% 20251		494		481
Wynn Resorts Finance, LLC 5.125% 20291		1,002		791
Yahoo Holdings, Inc., Term Loan B, (1-month USD-LIBOR + 5.50%) 7.166% 20272,3		995		940
				117,239
Communication services 12.01%
Altice France Holding SA 10.50% 20271		1,650		1,388
Altice France SA 5.125% 20291		1,677		1,271
Beasley Mezzanine Holdings, LLC 8.625% 20261		475		357
Brightstar Escrow Corp. 9.75% 20251		140		133
Cablevision Systems Corp. 5.375% 20281		457		396
CCO Holdings, LLC and CCO Holdings Capital Corp. 5.50% 20261		102		100
CCO Holdings, LLC and CCO Holdings Capital Corp. 5.00% 20281		386		358
CCO Holdings, LLC and CCO Holdings Capital Corp. 5.375% 20291		360		323
CCO Holdings, LLC and CCO Holdings Capital Corp. 4.50% 20301		3,179		2,650
CCO Holdings, LLC and CCO Holdings Capital Corp. 4.75% 20301		3,437		2,950
CCO Holdings, LLC and CCO Holdings Capital Corp. 2.80% 2031		140		112
CCO Holdings, LLC and CCO Holdings Capital Corp. 4.25% 20311		3,285		2,686
CCO Holdings, LLC and CCO Holdings Capital Corp. 4.50% 2032		1,024		833
CCO Holdings, LLC and CCO Holdings Capital Corp. 4.75% 20321		1,225		1,006
CCO Holdings, LLC and CCO Holdings Capital Corp. 4.50% 20331		1,230		972
CCO Holdings, LLC and CCO Holdings Capital Corp. 4.25% 20341		1,960		1,521
Centerfield Media Parent, Inc. 6.625% 20261		960		776
CenturyLink, Inc. 6.75% 2023		1,480		1,469
Cinemark USA, Inc. 5.875% 20261		378		338
Clear Channel Worldwide Holdings, Inc. 7.75% 20281		570		416
Clear Channel Worldwide Holdings, Inc. 7.50% 20291		315		227
Cogent Communications Group, Inc. 3.50% 20261		700		645
Consolidated Communications, Inc. 5.00% 20281		225		180
CSC Holdings, LLC 6.50% 20291		600		543
CSC Holdings, LLC 3.375% 20311		700		520
Diamond Sports Group, LLC 5.375% 20261		503		126
Diamond Sports Group, LLC 6.625% 20271		1,056		132
DIRECTV Financing, LLC, Term Loan, (3-month USD-LIBOR + 5.00%) 6.666% 20272,3		1,739		1,608
DIRECTV Holdings, LLC and DIRECTV Financing Co., Inc. 5.875% 20271		3,010		2,577
DISH DBS Corp. 5.125% 2029		570		348
Embarq Corp. 7.995% 2036		1,637		1,233
Epicor Software Corp., Term Loan, (3-month USD-LIBOR + 7.75%) 9.416% 20282,3		465		454
Front Range BidCo, Inc. 6.125% 20281		839		608
Frontier Communications Corp. 5.875% 20271		1,550		1,398
Frontier Communications Corp. 5.00% 20281		3,780		3,222
Frontier Communications Corp. 6.75% 20291		1,990		1,642
Frontier Communications Holdings, LLC 5.875% 2029		1,390		1,072
Frontier Communications Holdings, LLC 6.00% 20301		750		579
Frontier Communications Holdings, LLC 8.75% 20301		900		912
Gray Escrow II, Inc. 5.375% 20311		925		743
Gray Television, Inc. 5.875% 20261		203		190
Gray Television, Inc. 7.00% 20271		828		798

American Funds Insurance Series 207

American High-Income Trust (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Corporate bonds, notes & loans (continued)
Communication services (continued)
Gray Television, Inc. 4.75% 20301	USD	397	$	311
iHeartCommunications, Inc. 5.25% 20271		1,995		1,710
iHeartCommunications, Inc. 4.75% 20281		250		206
Iliad Holding SAS 6.50% 20261		1,120		1,010
Inmarsat PLC 6.75% 20261		725		654
Kantar Group, LLC, Term Loan B2, (3-month USD-LIBOR + 4.50%) 6.75% 20262,3		387		360
Lamar Media Corp. 3.75% 2028		61		54
Lamar Media Corp. 4.875% 2029		300		271
Lamar Media Corp. 4.00% 2030		260		219
Lamar Media Corp. 3.625% 2031		125		103
Level 3 Financing, Inc. 3.75% 20291		550		426
Ligado Networks, LLC 15.50% PIK 20231,5		1,727		941
Ligado Networks, LLC 17.50% PIK 20241,5		290		94
Live Nation Entertainment, Inc. 3.75% 20281		425		368
Magallanes, Inc. 4.279% 20321		298		267
Match Group, Inc. 4.625% 20281		308		280
Mav Acquisition Corp. 5.75% 20281		520		446
Midas OpCo Holdings, LLC 5.625% 20291		3,060		2,467
Netflix, Inc. 4.875% 2028		310		292
News Corp. 3.875% 20291		1,620		1,403
News Corp. 5.125% 20321		1,760		1,562
Nexstar Broadcasting, Inc. 4.75% 20281		2,270		1,951
Nexstar Escrow Corp. 5.625% 20271		789		722
Nielsen Finance, LLC and Nielsen Finance Co. 4.50% 20291		49		44
Qwest Capital Funding, Inc. 6.875% 2028		860		767
Scripps Escrow II, Inc. 3.875% 20291		750		630
Sinclair Television Group, Inc. 5.125% 20271		195		165
Sinclair Television Group, Inc. 4.125% 20301		1,170		930
Sirius XM Radio, Inc. 3.125% 20261		1,600		1,432
Sirius XM Radio, Inc. 4.00% 20281		2,385		2,072
Sirius XM Radio, Inc. 4.125% 20301		445		373
Sirius XM Radio, Inc. 3.875% 20311		2,590		2,067
Sprint Corp. 7.625% 2026		950		1,003
Sprint Corp. 6.875% 2028		6,606		6,966
Sprint Corp. 8.75% 2032		4,601		5,552
Summer (BC) BidCo B, LLC 5.50% 20261		365		327
TEGNA, Inc. 4.625% 2028		478		448
TEGNA, Inc. 5.00% 2029		686		651
T-Mobile US, Inc. 2.625% 2026		1,000		909
T-Mobile US, Inc. 3.375% 2029		1,550		1,361
T-Mobile US, Inc. 2.875% 2031		460		383
Twitter, Inc. 5.00% 20301		1,240		1,178
Univision Communications, Inc. 5.125% 20251		3,195		3,013
Univision Communications, Inc. 6.625% 20271		3,050		2,910
Univision Communications, Inc. 4.50% 20291		4,500		3,781
Univision Communications, Inc. 7.375% 20301		500		489
Univision Communications, Inc., Term Loan, (3-month USD CME Term + 4.50%) 6.25% 20292,3		150		144
UPC Broadband Finco BV 4.875% 20311		650		532
Virgin Media O2 4.25% 20311		1,975		1,593
Virgin Media Secured Finance PLC 4.50% 20301		990		816
VMED O2 UK Financing I PLC 4.75% 20311		200		162
VZ Secured Financing BV 5.00% 20321		1,860		1,548
Warner Music Group 3.75% 20291		1,350		1,130
Warner Music Group 3.875% 20301		780		650
Ziggo Bond Co. BV 5.125% 20301		419		329
Ziggo Bond Finance BV 4.875% 20301		1,550		1,318
ZipRecruiter, Inc. 5.00% 20301		530		446
				102,048

208 American Funds Insurance Series

American High-Income Trust (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Corporate bonds, notes & loans (continued)
Health care 9.80%
AdaptHealth, LLC 5.125% 20301	USD	875	$	739
Avantor Funding, Inc. 4.625% 20281		2,040		1,875
Avantor Funding, Inc. 3.875% 20291		500		438
Bausch Health Americas, Inc. 9.25% 20261		1,334		957
Bausch Health Americas, Inc. 8.50% 20271		252		177
Bausch Health Companies, Inc. 5.75% 20271		735		610
Bausch Health Companies, Inc. 6.125% 20271		880		750
Bausch Health Companies, Inc. 4.875% 20281		1,940		1,522
Bausch Health Companies, Inc. 5.00% 20281		1,297		694
Bausch Health Companies, Inc. 7.00% 20281		553		317
Bausch Health Companies, Inc. 5.00% 20291		765		400
Bausch Health Companies, Inc. 5.25% 20301		752		391
Bausch Health Companies, Inc. 5.25% 20311		2,955		1,521
Catalent Pharma Solutions, Inc. 3.125% 20291		285		234
Catalent Pharma Solutions, Inc. 3.50% 20301		720		588
Centene Corp. 4.25% 2027		389		364
Centene Corp. 2.45% 2028		3,240		2,711
Centene Corp. 4.625% 2029		4,305		4,027
Centene Corp. 3.00% 2030		2,530		2,103
Centene Corp. 3.375% 2030		642		546
Centene Corp. 2.50% 2031		1,485		1,183
Centene Corp. 2.625% 2031		430		343
Charles River Laboratories International, Inc. 4.25% 20281		561		505
Charles River Laboratories International, Inc. 3.75% 20291		680		591
Charles River Laboratories International, Inc. 4.00% 20311		650		555
Community Health Systems, Inc. 5.625% 20271		1,550		1,316
Community Health Systems, Inc. 6.00% 20291		653		542
Community Health Systems, Inc. 6.875% 20291		240		156
Community Health Systems, Inc. 5.25% 20301		1,305		994
DaVita, Inc. 4.625% 20301		800		626
Encompass Health Corp. 4.50% 2028		496		426
Encompass Health Corp. 4.75% 2030		285		239
Endo DAC / Endo Finance, LLC / Endo Finco 9.50% 20271		311		65
Endo DAC / Endo Finance, LLC / Endo Finco 6.00% 20281		2,613		209
Endo International PLC 5.875% 20241		520		398
Endo Luxembourg Finance Co. I SARL / Endo U.S., Inc. 6.125% 20291		660		500
Grifols Escrow Issuer SA 4.75% 20281		630		547
HCA, Inc. 5.875% 2026		321		323
HCA, Inc. 5.625% 2028		1,300		1,281
HCA, Inc. 5.875% 2029		255		256
HCA, Inc. 3.50% 2030		1,255		1,071
HCA, Inc. 5.50% 2047		33		30
HCA, Inc. 5.25% 2049		475		410
HCA, Inc. 4.625% 20521		233		187
HCA, Inc. 7.50% 2095		250		256
HealthEquity, Inc. 4.50% 20291		730		640
IMS Health Holdings, Inc. 5.00% 20261		823		786
Jazz Securities DAC 4.375% 20291		1,476		1,316
Mallinckrodt PLC 10.00% 20251		1,144		1,104
Minerva Merger Sub, Inc. 6.50% 20301		640		534
Molina Healthcare, Inc. 4.375% 20281		1,135		1,016
Molina Healthcare, Inc. 3.875% 20301		2,309		1,977
Molina Healthcare, Inc. 3.875% 20321		2,115		1,778
Mozart Debt Merger Sub, Inc. 3.875% 20291		220		188
Mozart Debt Merger Sub, Inc. 5.25% 20291		1,705		1,406
Option Care Health, Inc. 4.375% 20291		290		249
Organon Finance 1, LLC 4.125% 20281		535		475
Organon Finance 1, LLC 5.125% 20311		240		208
Owens & Minor, Inc. 4.375% 2024		1,185		1,160
Owens & Minor, Inc. 4.50% 20291		990		810
Owens & Minor, Inc. 6.625% 20301		1,075		983

American Funds Insurance Series 209

American High-Income Trust (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Corporate bonds, notes & loans (continued)
Health care (continued)
Par Pharmaceutical, Inc. 7.50% 20271	USD	4,505	$	3,438
Radiology Partners, Inc. 9.25% 20281		1,503		1,131
RP Escrow Issuer, LLC 5.25% 20251		1,015		879
Select Medical Holdings Corp. 6.25% 20261		554		518
Surgery Center Holdings 10.00% 20271		416		404
Syneos Health, Inc. 3.625% 20291		530		449
Team Health Holdings, Inc. 6.375% 20251		704		493
Team Health Holdings, Inc., Term Loan B, (3-month USD CME Term SOFR + 5.25%) 6.775% 20272,3		277		235
Tenet Healthcare Corp. 4.625% 2024		130		125
Tenet Healthcare Corp. 4.875% 20261		5,130		4,737
Tenet Healthcare Corp. 5.125% 20271		710		640
Tenet Healthcare Corp. 6.25% 20271		500		461
Tenet Healthcare Corp. 4.625% 20281		890		776
Tenet Healthcare Corp. 6.125% 20281		640		550
Tenet Healthcare Corp. 4.25% 20291		990		837
Tenet Healthcare Corp. 4.375% 20301		1,450		1,230
Tenet Healthcare Corp. 6.125% 20301		610		565
Tenet Healthcare Corp. 6.875% 2031		100		89
Teva Pharmaceutical Finance Co. BV 6.00% 2024		3,379		3,337
Teva Pharmaceutical Finance Co. BV 7.125% 2025		2,209		2,159
Teva Pharmaceutical Finance Co. BV 3.15% 2026		2,514		2,070
Teva Pharmaceutical Finance Co. BV 4.75% 2027		570		488
Teva Pharmaceutical Finance Co. BV 6.75% 2028		2,238		2,090
Teva Pharmaceutical Finance Co. BV 5.125% 2029		6,555		5,417
Teva Pharmaceutical Finance Co. BV 4.10% 2046		212		133
Valeant Pharmaceuticals International, Inc. 9.00% 20251		1,971		1,462
				83,316
Materials 9.47%
Alcoa Nederland Holding BV 5.50% 20271		510		484
Alcoa Nederland Holding BV 4.125% 20291		430		385
Allegheny Technologies, Inc. 5.875% 2027		200		177
Allegheny Technologies, Inc. 4.875% 2029		1,975		1,578
Allegheny Technologies, Inc. 5.125% 2031		880		675
ArcelorMittal 7.00% 2039		488		493
ArcelorMittal 6.75% 2041		755		748
Arconic Corp. 6.00% 20251		360		352
Arconic Rolled Products Corp. 6.125% 20281		200		187
Ardagh Group SA 6.50% Cash 20271,5		422		314
Ardagh Metal Packaging Finance USA, LLC 6.00% 20271		750		744
Ardagh Metal Packaging Finance USA, LLC 3.25% 20281		500		427
Ardagh Metal Packaging Finance USA, LLC 4.00% 20291		650		524
Ardagh Packaging Finance 4.125% 20261		900		764
Axalta Coating Systems, LLC 4.75% 20271		460		414
Ball Corp. 2.875% 2030		160		129
Ball Corp. 3.125% 2031		810		655
BWAY Parent Co., Inc. 5.50% 20241		1,329		1,272
Can-Pack SA / Canpack US, LLC 3.875% 20291		1,960		1,532
Cleveland-Cliffs, Inc. 6.75% 20261		362		360
Cleveland-Cliffs, Inc. 5.875% 2027		2,880		2,691
Cleveland-Cliffs, Inc. 7.00% 2027		297		295
Cleveland-Cliffs, Inc. 4.625% 20291		1,655		1,463
Cleveland-Cliffs, Inc. 4.875% 20311		1,990		1,759
Consolidated Energy Finance SA 6.50% 20261		600		554
Consolidated Energy Finance SA 5.625% 20281		735		592
Constellium SE 3.75% 20291		350		278
Crown Holdings, Inc. 5.25% 20301		240		225
CVR Partners LP 6.125% 20281		1,125		1,007
Diamond (BC) BV 4.625% 20291		205		164

210 American Funds Insurance Series

American High-Income Trust (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Corporate bonds, notes & loans (continued)
Materials (continued)
Element Solutions, Inc. 3.875% 20281	USD	620	$	513
First Quantum Minerals, Ltd. 7.50% 20251		3,893		3,688
First Quantum Minerals, Ltd. 6.875% 20261		2,726		2,516
First Quantum Minerals, Ltd. 6.875% 20271		5,910		5,294
FMG Resources 4.375% 20311		585		479
Freeport-McMoRan, Inc. 4.25% 2030		437		398
Freeport-McMoRan, Inc. 5.45% 2043		411		381
FXI Holdings, Inc. 7.875% 20241		4,740		4,121
FXI Holdings, Inc. 12.25% 20261		5,685		5,070
GPC Merger Sub, Inc. 7.125% 20281		534		429
Graphic Packaging International, LLC 3.75% 20301		600		509
Hexion, Inc., Term Loan, (3-month USD CME Term SOFR + 4.50%) 5.924% 20292,3		455		409
Joseph T. Ryerson & Son, Inc. 8.50% 20281		133		137
Kaiser Aluminum Corp. 4.625% 20281		478		399
Labl, Inc. 5.875% 20281		500		405
Labl, Inc. 8.25% 20291		1,300		984
LSB Industries, Inc. 6.25% 20281		1,510		1,335
Mercer International, Inc. 5.125% 2029		400		342
Methanex Corp. 5.125% 2027		3,740		3,307
Methanex Corp. 5.25% 2029		520		440
Methanex Corp. 5.65% 2044		465		329
Mineral Resources, Ltd. 8.00% 20271		1,310		1,279
Mineral Resources, Ltd. 8.50% 20301		1,720		1,697
Neon Holdings, Inc. 10.125% 20261		840		801
Nova Chemicals Corp. 4.875% 20241		675		643
Nova Chemicals Corp. 5.00% 20251		295		270
Nova Chemicals Corp. 5.25% 20271		2,036		1,752
Nova Chemicals Corp. 4.25% 20291		2,330		1,825
Novelis Corp. 3.25% 20261		745		631
Novelis Corp. 4.75% 20301		1,013		844
Novelis Corp. 3.875% 20311		1,417		1,094
Olin Corp. 5.625% 2029		200		179
Olin Corp. 5.00% 2030		180		156
Olympus Water US Holding Corp. 6.25% 20291		265		185
Owens-Illinois, Inc. 5.875% 20231		420		416
Owens-Illinois, Inc. 6.375% 20251		265		253
Rayonier A.M. Products, Inc. 7.625% 20261		85		74
SCIH Salt Holdings, Inc. 4.875% 20281		2,435		2,029
SCIH Salt Holdings, Inc. 6.625% 20291		1,225		970
SCIL IV, LLC 5.375% 20261		500		401
Scotts Miracle-Gro Co. 4.50% 2029		639		525
Scotts Miracle-Gro Co. 4.375% 2032		455		347
Sealed Air Corp. 4.00% 20271		316		286
Sealed Air Corp. 5.00% 20291		440		412
Silgan Holdings, Inc. 4.125% 2028		377		339
Summit Materials, Inc. 6.50% 20271		360		348
Summit Materials, Inc. 5.25% 20291		955		835
Trivium Packaging BV 5.50% 20261		330		313
Trivium Packaging BV 8.50% 20271		403		378
Tronox, Ltd. 4.625% 20291		730		589
Unifrax Escrow Issuer Corp. 5.25% 20281		234		187
Valvoline, Inc. 4.25% 20301		353		295
Valvoline, Inc. 3.625% 20311		620		497
Venator Materials Corp. 5.75% 20251		3,501		2,808
Venator Materials Corp. 9.50% 20251		1,155		1,161
W. R. Grace Holdings, LLC 4.875% 20271		655		571
W. R. Grace Holdings, LLC 5.625% 20291		440		325
Warrior Met Coal, Inc. 7.875% 20281		2,170		2,071
				80,513

American Funds Insurance Series 211

American High-Income Trust (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Corporate bonds, notes & loans (continued)
Industrials 8.65%
AAdvantage Loyalty IP, Ltd. 5.50% 20261	USD	990	$	913
ADT Security Corp. 4.125% 20291		735		599
Allison Transmission Holdings, Inc. 3.75% 20311		1,235		992
Atkore, Inc. 4.25% 20311		385		320
Atlantic Aviation FBO, Inc., Term Loan, (3-month USD-LIBOR + 5.75%) 7.416% 20292,3		2,180		2,098
ATS Automation Tooling Systems, Inc. 4.125% 20281		275		230
Avis Budget Car Rental, LLC 5.75% 20271		885		788
Avis Budget Group, Inc. 5.375% 20291		900		750
Avolon Holdings Funding, Ltd. 5.25% 20241		660		649
Avolon Holdings Funding, Ltd. 2.528% 20271		2,098		1,712
BlueLinx Holdings, Inc. 6.00% 20291		500		391
Bohai Financial Investment Holding Co., Ltd. 4.50% 20231		132		131
Bombardier, Inc. 7.50% 20241		474		446
Bombardier, Inc. 7.50% 20251		1,242		1,126
Bombardier, Inc. 7.125% 20261		3,425		2,835
Bombardier, Inc. 7.875% 20271		5,493		4,587
Bombardier, Inc. 6.00% 20281		2,475		1,859
Bombardier, Inc. 7.45% 20341		450		340
Builders FirstSource, Inc. 4.25% 20321		1,230		939
BWX Technologies, Inc. 4.125% 20281		740		660
BWX Technologies, Inc. 4.125% 20291		1,005		884
Clarivate Science Holdings Corp. 3.875% 20281		1,595		1,337
Clarivate Science Holdings Corp. 4.875% 20291		1,265		1,042
Clean Harbors, Inc. 4.875% 20271		766		702
CoreLogic, Inc. 4.50% 20281		4,279		3,302
CoreLogic, Inc., Term Loan, (3-month USD-LIBOR + 6.50%) 8.188% 20292,3		660		485
Covanta Holding Corp. 5.00% 2030		1,340		1,097
Covert Mergeco, Inc. 4.875% 20291		1,295		1,055
Dun & Bradstreet Corp. 5.00% 20291		1,585		1,371
Garda World Security Corp. 6.00% 20291		150		115
GFL Environmental, Inc. 3.50% 20281		1,390		1,194
Global Infrastructure Solutions, Inc. 5.625% 20291		500		391
Gol Finance SA 8.00% 2026		200		133
Harsco Corp. 5.75% 20271		700		561
Herc Holdings, Inc. 5.50% 20271		200		183
Howmet Aerospace, Inc. 5.95% 2037		150		142
Icahn Enterprises Finance Corp. 4.75% 2024		1,080		1,011
JELD-WEN Holding, Inc. 4.875% 20271		543		424
Labl Escrow Issuer, LLC 6.75% 20261		450		406
Labl Escrow Issuer, LLC 10.50% 20271		1,170		1,019
LSC Communications, Inc. 8.75% 20231,4,7,8		8,933		87
LSC Communications, Inc., Term Loan B, (USD Prime Rate + 4.50%) 7.75% 20222,3,4,7,8		301		3
Masonite International Corp. 3.50% 20301		530		423
MasTec, Inc. 4.50% 20281		460		414
Maxar Technologies, Inc. 7.75% 20271		345		342
Meritor, Inc. 4.50% 20281		210		202
Mueller Water Products, Inc. 4.00% 20291		275		240
Nielsen Finance, LLC and Nielsen Finance Co. 5.625% 20281		250		233
Nielsen Finance, LLC and Nielsen Finance Co. 5.875% 20301		1,100		1,012
Nielsen Finance, LLC and Nielsen Finance Co. 4.75% 20311		511		460
Park River Holdings, Inc. 5.625% 20291		775		484
PGT Innovations, Inc. 4.375% 20291		1,125		889
Pitney Bowes, Inc. 6.875% 20271		600		477
PM General Purchaser, LLC 9.50% 20281		2,198		1,779
Prime Security Services Borrower, LLC 3.375% 20271		475		393
Prime Security Services Borrower, LLC 6.25% 20281		627		526
R.R. Donnelley & Sons Co. 6.125% 20261		375		351
Roller Bearing Company of America, Inc. 4.375% 20291		170		145
Sensata Technologies, Inc. 3.75% 20311		500		402
SkyMiles IP, Ltd. 4.75% 20281		1,715		1,621

212 American Funds Insurance Series

American High-Income Trust (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Corporate bonds, notes & loans (continued)
Industrials (continued)
SRS Distribution, Inc. 4.625% 20281	USD	480	$	421
Stericycle, Inc. 5.375% 20241		1,135		1,098
Stericycle, Inc. 3.875% 20291		1,360		1,114
The Brink’s Co. 4.625% 20271		719		640
Titan International, Inc. 7.00% 2028		750		706
TransDigm, Inc. 6.25% 20261		1,638		1,584
TransDigm, Inc. 6.375% 2026		240		225
TransDigm, Inc. 6.875% 2026		460		430
TransDigm, Inc. 5.50% 2027		855		728
TransDigm, Inc. 4.625% 2029		155		125
TransDigm, Inc. 4.875% 2029		450		367
Triumph Group, Inc. 6.25% 20241		4,172		3,727
Triumph Group, Inc. 8.875% 20241		536		541
Triumph Group, Inc. 7.75% 20251		1,140		879
Uber Technologies, Inc. 8.00% 20261		498		497
United Airlines Holdings, Inc. 6.50% 20271		3,795		3,741
United Airlines, Inc. 4.375% 20261		480		425
United Airlines, Inc. 4.625% 20291		660		562
United Rentals, Inc. 4.875% 2028		680		644
United Rentals, Inc. 3.875% 2031		525		444
United Rentals, Inc. 3.75% 2032		450		370
Vertical Holdco GMBH 7.625% 20281		835		751
Vertical U.S. Newco, Inc. 5.25% 20271		2,055		1,836
WESCO Distribution, Inc. 7.125% 20251		675		675
WESCO Distribution, Inc. 7.25% 20281		735		729
Western Global Airlines, LLC 10.375% 20251		475		458
XPO Logistics, Inc. 6.25% 20251		136		135
				73,554
Financials 7.21%
Advisor Group Holdings, LLC 6.25% 20281		2,191		1,915
AG Merger Sub II, Inc. 10.75% 20271		3,800		3,763
Alliant Holdings Intermediate, LLC 6.75% 20271		1,741		1,549
Alliant Holdings Intermediate, LLC / Alliant Holdings 4.25% 20271		890		771
Alliant Holdings Intermediate, LLC / Alliant Holdings 5.875% 20291		1,560		1,297
AmWINS Group, Inc. 4.875% 20291		1,260		1,033
Aretec Escrow Issuer, Inc. 7.50% 20291		2,375		2,028
Ascensus, Inc., Term Loan, (3-month USD-LIBOR + 6.50%) 7.50% 20292,3		1,245		1,153
AssuredPartners, Inc. 8.00% 20271		437		410
AssuredPartners, Inc. 5.625% 20291		365		293
BroadStreet Partners, Inc. 5.875% 20291		575		451
Castlelake Aviation Finance DAC 5.00% 20271		1,840		1,531
Coinbase Global, Inc. 3.375% 20281		1,875		1,186
Coinbase Global, Inc. 3.625% 20311		1,545		872
Compass Diversified Holdings 5.25% 20291		4,005		3,313
Compass Diversified Holdings 5.00% 20321		1,330		1,031
Credit Acceptance Corp. 5.125% 20241		325		307
Digital Currency Group, Inc., Term Loan, (3-month USD-LIBOR + 7.00%) 8.00% 20262,3,7,8		947		838
Digital Currency Group, Inc., Term Loan, 8.75% 20262,7,8		1,263		1,074
FS Energy and Power Fund 7.50% 20231		2,784		2,795
Hightower Holding, LLC 6.75% 20291		905		682
HUB International, Ltd. 7.00% 20261		2,310		2,177
HUB International, Ltd. 5.625% 20291		240		199
Icahn Enterprises Finance Corp. 5.25% 2027		277		246
Icahn Enterprises Finance Corp. 4.375% 2029		675		547
Iron Mountain Information Management Services, Inc. 5.00% 20321		725		587
Ladder Capital Corp. 4.25% 20271		1,429		1,156
LPL Holdings, Inc. 4.625% 20271		1,592		1,489
LPL Holdings, Inc. 4.00% 20291		1,370		1,174

American Funds Insurance Series 213

American High-Income Trust (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Corporate bonds, notes & loans (continued)
Financials (continued)
LPL Holdings, Inc. 4.375% 20311	USD	1,135	$	972
MGIC Investment Corp. 5.25% 2028		525		471
MidCap Financial Issuer Trust 6.50% 20281		750		647
MSCI, Inc. 4.00% 20291		900		800
MSCI, Inc. 3.625% 20301		66		55
MSCI, Inc. 3.625% 20311		1,325		1,093
MSCI, Inc. 3.875% 20311		1,450		1,244
MSCI, Inc. 3.25% 20331		945		755
National Financial Partners Corp. 6.875% 20281		739		612
Navient Corp. 5.50% 2023		1,429		1,419
Navient Corp. 5.875% 2024		1,450		1,335
Navient Corp. 6.125% 2024		1,147		1,090
Navient Corp. 6.75% 2025		550		497
Navient Corp. 6.75% 2026		400		355
Navient Corp. 5.00% 2027		2,883		2,375
Navient Corp. 4.875% 2028		320		251
Navient Corp. 5.50% 2029		2,280		1,761
Navient Corp. 5.625% 2033		1,778		1,237
Onemain Finance Corp. 3.875% 2028		206		158
OneMain Holdings, Inc. 7.125% 2026		1,335		1,237
Owl Rock Capital Corp. 3.75% 2025		600		556
Owl Rock Capital Corp. 3.40% 2026		290		255
Owl Rock Capital Corp. II 4.625% 20241		450		428
Owl Rock Capital Corp. III 3.125% 20271		600		513
Owl Rock Core Income Corp. 4.70% 20271		800		730
Oxford Finance, LLC / Oxford Finance Co-Issuer II, Inc. 6.375% 20271		1,893		1,816
Quicken Loans, LLC 3.625% 20291		455		359
Rocket Mortgage / Rocket Mortgage Co-Issuer, Inc. 2.875% 20261		520		431
Ryan Specialty Group, LLC 4.375% 20301		725		632
Springleaf Finance Corp. 6.125% 2024		367		351
Springleaf Finance Corp. 6.625% 2028		340		304
Springleaf Finance Corp. 5.375% 2029		183		149
Starwood Property Trust, Inc. 4.375% 20271		570		496
				61,251
Information technology 4.88%
Almonde, Inc., Term Loan, (3-month USD-LIBOR + 7.25%) 8.489% 20252,3		3,674		3,181
Applied Systems, Inc., Term Loan, (3-month USD-LIBOR + 5.50%) 6.506% 20252,3		822		797
Avaya, Inc. 6.125% 20281		490		321
Black Knight, Inc. 3.625% 20281		410		356
BMC Software, Inc. 7.125% 20251		180		173
BMC Software, Inc. 9.125% 20261		240		225
BMC Software, Inc., Term Loan, (3-month USD-LIBOR + 5.50%) 6.128% 20262,3		1,220		1,136
Booz Allen Hamilton, Inc. 3.875% 20281		1,765		1,565
Booz Allen Hamilton, Inc. 4.00% 20291		880		769
CA Magnum Holdings 5.375% 20261		220		191
CDK Global, Inc. 7.25% 20291		1,550		1,494
Ciena Corp. 4.00% 20301		440		380
CommScope Finance, LLC 6.00% 20261		430		397
CommScope Finance, LLC 8.25% 20271		310		246
CommScope Technologies, LLC 6.00% 20251		380		329
CommScope Technologies, LLC 5.00% 20271		220		163
Condor Merger Sub, Inc. 7.375% 20301		850		693
Diebold Nixdorf AG, Term Loan B, (3-month USD-LIBOR + 2.75%) 4.00% 20232,3		1,631		1,384
Diebold Nixdorf, Inc. 9.375% 20251		7,304		5,116
Diebold, Inc. 8.50% 2024		1,301		678
Elastic NV 4.125% 20291		350		293
Entegris Escrow Corp. 4.75% 20291		790		737
Fair Isaac Corp. 4.00% 20281		1,695		1,505
Gartner, Inc. 4.50% 20281		2,098		1,930

214 American Funds Insurance Series

American High-Income Trust (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Corporate bonds, notes & loans (continued)
Information technology (continued)
Gartner, Inc. 3.75% 20301	USD	450	$	384
GoDaddy Operating Co. 5.25% 20271		390		358
GoDaddy Operating Co. 3.50% 20291		210		177
Imola Merger Corp. 4.75% 20291		300		252
MicroStrategy, Inc. 6.125% 20281		385		307
MoneyGram International, Inc. 5.375% 20261		1,575		1,502
NCR Corp. 5.00% 20281		315		268
NCR Corp. 5.125% 20291		3,409		2,890
NCR Corp. 5.25% 20301		116		100
Rocket Software, Inc. 6.50% 20291		785		569
Sabre GLBL, Inc. 7.375% 20251		48		45
Sabre Holdings Corp. 9.25% 20251		338		326
Square, Inc. 2.75% 20261		2,125		1,891
Square, Inc. 3.50% 20311		1,675		1,338
Synaptics, Inc. 4.00% 20291		375		305
UKG, Inc., Term Loan B, (3-month USD-LIBOR + 3.25%) 4.212% 20262,3		468		441
UKG, Inc., Term Loan, (3-month USD-LIBOR + 5.25%) 6.212% 20272,3		2,545		2,364
Unisys Corp. 6.875% 20271		1,795		1,570
VeriSign, Inc. 5.25% 2025		132		133
Veritas Holdings, Ltd. 7.50% 20251		1,481		1,114
Viavi Solutions, Inc. 3.75% 20291		230		193
Xerox Corp. 5.00% 20251		570		531
Xerox Corp. 5.50% 20281		435		364
				41,481
Consumer staples 3.89%
Albertsons Companies, Inc. 4.625% 20271		1,060		949
Albertsons Companies, Inc. 5.875% 20281		190		178
Albertsons Companies, Inc. 3.50% 20291		2,628		2,135
Albertsons Companies, Inc. 4.875% 20301		335		288
B&G Foods, Inc. 5.25% 2025		612		565
B&G Foods, Inc. 5.25% 2027		1,428		1,237
Central Garden & Pet Co. 4.125% 2030		1,060		871
Central Garden & Pet Co. 4.125% 20311		1,005		808
Coty, Inc. 5.00% 20261		700		643
Coty, Inc. 6.50% 20261		320		296
Coty, Inc. 4.75% 20291		875		753
Darling Ingredients, Inc. 5.25% 20271		689		668
Darling Ingredients, Inc. 6.00% 20301		950		948
Edgewell Personal Care Co. 5.50% 20281		275		251
Energizer Holdings, Inc. 4.375% 20291		545		419
Ingles Markets, Inc. 4.00% 20311		345		299
Kraft Heinz Company 3.875% 2027		375		363
Kraft Heinz Company 4.375% 2046		646		539
Kraft Heinz Company 5.50% 2050		440		423
Kronos Acquisition Holdings, Inc. 5.00% 20261		1,816		1,555
Kronos Acquisition Holdings, Inc. 7.00% 20271		2,890		2,171
Lamb Weston Holdings, Inc. 4.875% 20281		260		245
Lamb Weston Holdings, Inc. 4.125% 20301		2,500		2,171
Lamb Weston Holdings, Inc. 4.375% 20321		810		706
Nestle Skin Health SA, Term Loan B3, (3-month USD-LIBOR + 3.75%) 6.00% 20262,3		788		732
Performance Food Group, Inc. 5.50% 20271		570		529
Performance Food Group, Inc. 4.25% 20291		483		404
Pilgrim’s Pride Corp. 5.875% 20271		720		691
Post Holdings, Inc. 5.625% 20281		1,449		1,379
Post Holdings, Inc. 5.50% 20291		811		727
Post Holdings, Inc. 4.625% 20301		3,355		2,837
Post Holdings, Inc. 4.50% 20311		1,350		1,108
Prestige Brands International, Inc. 5.125% 20281		103		96

American Funds Insurance Series 215

American High-Income Trust (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Corporate bonds, notes & loans (continued)
Consumer staples (continued)
Prestige Brands International, Inc. 3.75% 20311	USD	1,275	$	1,059
Simmons Foods, Inc. 4.625% 20291		993		841
TreeHouse Foods, Inc. 4.00% 2028		1,415		1,155
United Natural Foods, Inc. 6.75% 20281		1,700		1,591
US Foods, Inc. 4.625% 20301		460		388
				33,018
Utilities 3.26%
AmeriGas Partners LP 5.875% 2026		275		257
AmeriGas Partners LP 5.75% 2027		392		359
Calpine Corp. 4.50% 20281		150		136
Calpine Corp. 5.125% 20281		518		457
Calpine Corp. 3.75% 20311		500		408
DPL, Inc. 4.125% 2025		765		708
Emera, Inc. 6.75% 2076 (3-month USD-LIBOR + 5.44% on 6/15/2026)6		1,155		1,119
FirstEnergy Corp. 2.25% 2030		980		778
FirstEnergy Corp. 2.65% 2030		624		516
FirstEnergy Corp. 7.375% 2031		337		379
FirstEnergy Corp. 3.40% 2050		470		320
FirstEnergy Corp., Series C, 5.35% 20476		475		402
FirstEnergy Transmission, LLC 2.866% 20281		325		275
FirstEnergy Transmission, LLC 4.55% 20491		100		81
NextEra Energy Partners LP 4.25% 20241		122		117
NGL Energy Partners LP 7.50% 2026		650		487
NRG Energy, Inc. 3.625% 20311		1,130		888
Pacific Gas and Electric Co. 4.55% 2030		623		554
Pacific Gas and Electric Co. 3.95% 2047		500		347
Pacific Gas and Electric Co. 3.50% 2050		400		268
PG&E Corp. 5.00% 2028		3,205		2,713
PG&E Corp. 5.25% 2030		3,040		2,507
PG&E Corp., Term Loan, (3-month USD-LIBOR + 3.00%) 4.688% 20252,3		250		236
Talen Energy Corp. 10.50% 20261		2,987		1,941
Talen Energy Corp. 7.25% 20271,4		4,699		4,634
Talen Energy Corp. 6.625% 20281		130		126
Talen Energy Corp., Term Loan, (3-month USD CME Term SOFR + 4.75%) 5.949% 20232,3		3,085		3,058
Talen Energy Corp., Term Loan B, (3-month USD-LIBOR + 3.75%) 5.416% 20262,3,4		500		480
Talen Energy Supply, LLC 7.625% 20281,4		489		480
Targa Resources Partners LP 4.00% 2032		550		472
Venture Global Calcasieu Pass, LLC 3.875% 20291		1,190		1,044
Vistra Operations Co., LLC 3.55% 20241		231		223
Vistra Operations Co., LLC 5.625% 20271		970		914
				27,684
Real estate 2.98%
Brookfield Property REIT, Inc. 5.75% 20261		2,284		2,091
Diversified Healthcare Trust 4.375% 2031		560		382
Forestar Group, Inc. 3.85% 20261		465		383
Forestar Group, Inc. 5.00% 20281		92		75
Howard Hughes Corp. 5.375% 20281		1,447		1,215
Howard Hughes Corp. 4.125% 20291		2,043		1,579
Howard Hughes Corp. 4.375% 20311		2,218		1,645
Iron Mountain, Inc. 4.875% 20271		1,616		1,465
Iron Mountain, Inc. 5.00% 20281		367		326
Iron Mountain, Inc. 5.25% 20281		1,214		1,092
Iron Mountain, Inc. 5.25% 20301		2,680		2,335
Iron Mountain, Inc. 4.50% 20311		950		779
Kennedy-Wilson Holdings, Inc. 4.75% 2029		2,505		2,033
Kennedy-Wilson Holdings, Inc. 4.75% 2030		2,315		1,815

216 American Funds Insurance Series

American High-Income Trust (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)			Value (000)
Corporate bonds, notes & loans (continued)
Real estate (continued)
Kennedy-Wilson Holdings, Inc. 5.00% 2031	USD	2,265	$	1,759
Ladder Capital Corp. 5.25% 20251		740		671
Ladder Capital Corp. 4.75% 20291		100		77
Medical Properties Trust, Inc. 5.00% 2027		638		585
Medical Properties Trust, Inc. 3.50% 2031		239		189
Park Intermediate Holdings, LLC 4.875% 20291		820		705
Realogy Corp. 5.75% 20291		2,028		1,541
Realogy Corp. 5.25% 20301		922		685
RHP Hotel Properties LP / RHP Finance Corp. 4.50% 20291		535		455
RLJ Lodging Trust, LP 4.00% 20291		800		659
WeWork Companies, LLC 5.00% 20251		1,170		757
				25,298
Total corporate bonds, notes & loans				767,210
Mortgage-backed obligations 0.07%
Collateralized mortgage-backed obligations 0.07%
Treehouse Park Improvement Association No.1 - Anleihen 9.75% 20331,7,8		712		631
Asset-backed obligations 0.02%
Castlelake Aircraft Securitization Trust, Series 2017-1R, Class C, 6.50% 20411,9		248		129
Total bonds, notes & other debt instruments (cost: $894,827,000)				767,970
Convertible bonds & notes 0.06%
Communication services 0.05%
DISH DBS Corp., convertible notes, 3.375% 2026		635		430
Energy 0.01%
Mesquite Energy, Inc., convertible notes, 13.14% Cash 20231,5,7,8		79		79
Total convertible bonds & notes (cost: $719,000)				509
Convertible stocks 0.09%		Shares
Financials 0.05%
2020 Cash Mandatory Exchangeable Trust, convertible preferred shares, 5.25% 20231		411		473
Utilities 0.04%
PG&E Corp., convertible preferred units, 5.50% 2023		3,350		320
Total convertible stocks (cost: $677,000)				793
Common stocks 4.61%
Health care 2.42%
Rotech Healthcare, Inc.7,8,10,11		201,793		20,582
Energy 1.43%
Chesapeake Energy Corp.		51,857		4,206
Oasis Petroleum, Inc.		21,768		2,648
Ascent Resources - Utica, LLC, Class A7,8,10,11		6,297,894		1,700
Denbury, Inc.10		22,380		1,343
Weatherford International10		40,159		850
California Resources Corp.		17,202		662

American Funds Insurance Series 217

American High-Income Trust (continued)

Common stocks (continued)	Shares		Value (000)
Energy (continued)
Diamond Offshore Drilling, Inc.10	82,188	$	484
Diamond Offshore Drilling, Inc.1,10	28,784		170
McDermott International, Ltd.7,8,10	107,875		62
Mesquite Energy, Inc.7,8,10	3,558		21
Bighorn Permian Resources, LLC7,8,10	2,894		15
Constellation Oil Services Holding SA, Class B-17,8,10	3,449,949		—	12
			12,161
Consumer discretionary 0.34%
NMG Parent, LLC10	9,965		1,794
MYT Holding Co., Class B7,8,10	608,846		1,065
			2,859
Financials 0.32%
Jonah Energy Parent, LLC7,8	38,716		2,485
Navient Corp.	20,000		280
			2,765
Information technology 0.05%
MoneyGram International, Inc.10	41,400		414
Communication services 0.05%
Intelsat SA7,8,10	8,164		220
iHeartMedia, Inc., Class A10	22,639		179
			399
Total common stocks (cost: $15,065,000)			39,180
Preferred securities 0.31%
Consumer discretionary 0.27%
MYT Holdings, LLC, Series A, preferred shares, 10.00% 202910	2,095,904		2,295
Industrials 0.04%
ACR III LSC Holdings, LLC, Series B, preferred shares1,7,8,10	1,022		326
Total preferred securities (cost: $2,933,000)			2,621
Rights & warrants 0.19%
Consumer discretionary 0.15%
NMG Parent, LLC, warrants, expire 20277,10	27,111		1,293
Energy 0.04%
Chesapeake Energy Corp., Class B, warrants, expire 202610	2,867		162
Chesapeake Energy Corp., Class A, warrants, expire 202610	1,440		96
Chesapeake Energy Corp., Class C, warrants, expire 202610	1,102		58
			316
Communication services 0.00%
Intelsat Jackson Holdings SA (CVR), Series A7,8,10	855		4
Intelsat Jackson Holdings SA (CVR), Series B7,8,10	855		3
			7
Total rights & warrants (cost: $699,000)			1,616

218 American Funds Insurance Series

American High-Income Trust (continued)

Short-term securities 2.60%	Shares		Value (000)
Money market investments 2.60%
Capital Group Central Cash Fund 1.38%13,14		220,640	$	22,060
Total short-term securities (cost: $22,062,000)				22,060
Total investment securities 98.22% (cost: $936,982,000)				834,749
Other assets less liabilities 1.78%				15,127
Net assets 100.00%			$	849,876

Futures contracts

Contracts	Type	Number of contracts	Expiration	Notional amount (000)			Value and unrealized appreciation at 6/30/2022 (000)
5 Year U.S. Treasury Note Futures	Short	21	September 2022		USD (2,357)			$	18
10 Year U.S. Treasury Note Futures	Short	17	September 2022		(2,015	)			27
30 Year Ultra U.S. Treasury Bond Futures	Short	6	September 2022		(926	)			28
								$	73

Swap contracts

Credit default swaps

Centrally cleared credit default swaps on credit indices — buy protection

Reference index	Financing rate paid	Payment frequency	Expiration date	Notional amount (000)	Value at 6/30/2022 (000)		Upfront premium paid (000)		Unrealized appreciation at 6/30/2022 (000)
CDX.NA.HY.38	5.00%	Quarterly	6/20/2027	USD 14,167	$	427	$	6	$	421

Investments in affiliates¹⁴

	Value of affiliate at 1/1/2022 (000)		Additions  (000)		Reductions (000)		Net realized loss (000)			Net unrealized depreciation  (000)			Value of affiliate at 6/30/2022 (000)		Dividend income (000)
Short-term securities 2.60%
Money market investments 2.60%
Capital Group Central Cash Fund 1.38%13	$	17,238	$	130,229	$	125,397	$	(4	)	$	(6	)	$	22,060	$	68

Private placement securities¹¹

	Acquisition date	Cost (000)		Value (000)		Percent of net assets
Rotech Healthcare, Inc.	9/26/2013	$	4,331	$	20,582		2.42	%
Ascent Resources - Utica, LLC, Class A	11/15/2016		302		1,700		.20
Total		$	4,633	$	22,282		2.62	%

American Funds Insurance Series 219

American High-Income Trust (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 $566,024,000, which represented 66.60% 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 $25,280,000, which represented 2.97% 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. Payment methods and rates are as of the most recent payment when available.
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 $32,316,000, which represented 3.80% of the net assets of the fund.
8	Value determined using significant unobservable inputs.
9	Principal payments may be made periodically. Therefore, the effective maturity date may be earlier than the stated maturity date.
10	Security did not produce income during the last 12 months.
11	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.
12	Amount less than one thousand.
13	Rate represents the seven-day yield at 6/30/2022.
14	Part of the same “group of investment companies” as the fund as defined under the Investment Company Act of 1940, as amended.

Key to abbreviations

CME = CME Group

CVR = Contingent Value Rights

DAC = Designated Activity Company

LIBOR = London Interbank Offered Rate

REIT = Real Estate Investment Trust

SOFR = Secured Overnight Financing Rate

USD = U.S. dollars

Refer to the notes to financial statements.

220 American Funds Insurance Series

American Funds Mortgage Fund
Investment portfolio June 30, 2022	unaudited

Bonds, notes & other debt instruments 94.57%	Principal amount (000)			Value (000)
Mortgage-backed obligations 74.15%
Federal agency mortgage-backed obligations 70.07%
Fannie Mae Pool #695412 5.00% 20331	USD	—	2	$	—	2
Fannie Mae Pool #AD3566 5.00% 20351		2			2
Fannie Mae Pool #256583 5.00% 20361		33			33
Fannie Mae Pool #AC0794 5.00% 20391		5			5
Fannie Mae Pool #931768 5.00% 20391		1			2
Fannie Mae Pool #932606 5.00% 20401		3			3
Fannie Mae Pool #MA4501 2.00% 20411		386			345
Fannie Mae Pool #MA4387 2.00% 20411		20			18
Fannie Mae Pool #AJ1873 4.00% 20411		7			7
Fannie Mae Pool #AE1248 5.00% 20411		9			9
Fannie Mae Pool #AE1274 5.00% 20411		7			7
Fannie Mae Pool #AE1277 5.00% 20411		5			5
Fannie Mae Pool #AE1283 5.00% 20411		2			3
Fannie Mae Pool #MA4540 2.00% 20421		552			493
Fannie Mae Pool #MA4570 2.00% 20421		125			111
Fannie Mae Pool #AE1290 5.00% 20421		5			6
Fannie Mae Pool #AT0300 3.50% 20431		2			2
Fannie Mae Pool #AT3954 3.50% 20431		2			2
Fannie Mae Pool #AY1829 3.50% 20441		2			2
Fannie Mae Pool #BJ5015 4.00% 20471		42			42
Fannie Mae Pool #BH3122 4.00% 20471		1			1
Fannie Mae Pool #BK6840 4.00% 20481		28			28
Fannie Mae Pool #BK5232 4.00% 20481		21			21
Fannie Mae Pool #BK9743 4.00% 20481		8			8
Fannie Mae Pool #BK9761 4.50% 20481		5			5
Fannie Mae Pool #CA5496 3.00% 20501,3		1,287			1,212
Fannie Mae Pool #FM9492 2.50% 20511		484			438
Fannie Mae Pool #FM9804 2.50% 20511		262			238
Fannie Mae Pool #FM9694 2.50% 20511		241			219
Fannie Mae Pool #FM7687 3.00% 20511		295			277
Fannie Mae Pool #CB0041 3.00% 20511		220			208
Fannie Mae Pool #FM9976 3.00% 20511		105			99
Fannie Mae Pool #CB2544 3.00% 20521		294			275
Fannie Mae Pool #BF0379 3.50% 20591		156			152
Fannie Mae Pool #BF0497 3.00% 20601		56			53
Fannie Mae Pool #BF0481 3.50% 20601		188			183
Freddie Mac Pool #A18781 5.00% 20341,3		655			689
Freddie Mac Pool #RB5138 2.00% 20411		106			95
Freddie Mac Pool #RB5148 2.00% 20421		617			547
Freddie Mac Pool #RB5145 2.00% 20421		98			87
Freddie Mac Pool #Q15874 4.00% 20431		1			1
Freddie Mac Pool #760014 2.797% 20451,4		383			381
Freddie Mac Pool #760012 3.113% 20451,4		40			40
Freddie Mac Pool #760013 3.202% 20451,4		25			25
Freddie Mac Pool #760015 2.557% 20471,4		70			69
Freddie Mac Pool #Q52069 3.50% 20471		32			31
Freddie Mac Pool #Q47615 3.50% 20471		19			18
Freddie Mac Pool #Q56599 4.00% 20481		32			32
Freddie Mac Pool #Q55971 4.00% 20481		22			22
Freddie Mac Pool #Q56175 4.00% 20481		19			19
Freddie Mac Pool #Q55970 4.00% 20481		11			11
Freddie Mac Pool #Q58411 4.50% 20481		58			60
Freddie Mac Pool #Q58436 4.50% 20481		31			32
Freddie Mac Pool #Q58378 4.50% 20481		21			21
Freddie Mac Pool #RA1339 3.00% 20491,3		1,580			1,482
Freddie Mac Pool #QA2748 3.50% 20491		21			21
Freddie Mac Pool #SD7550 3.00% 20521		425			401
Freddie Mac Pool #SD0873 3.50% 20521,3		1,280			1,249
Freddie Mac, Series K749, Class A2, Multi Family, 2.12% 20291		131			120
Freddie Mac, Series K143, Class A2, Multi Family, 2.35% 20321		275			246
Freddie Mac, Series K144, Class A2, Multi Family, 2.45% 20321		100			90

American Funds Insurance Series 221

American Funds Mortgage Fund (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Mortgage-backed obligations (continued)
Federal agency mortgage-backed obligations (continued)
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-2, Class MA, 3.00% 20561	USD	224	$	219
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-2, Class HA, 3.00% 20561,4		166		162
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-1, Class HA, 3.00% 20561,4		143		139
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-3, Class HT, 3.25% 20561		105		101
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2018-1, Class HT, 3.00% 20571		117		111
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-4, Class HT, 3.25% 20571,4		102		99
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2018-3, Class MA, 3.50% 20571		160		158
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2019-2, Class MT, 3.50% 20581		32		31
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2019-3, Class MT, 3.50% 20581		19		19
Freddie Mac Seasoned Loan Structured Transaction Trust, Series 2018-1, Class A1, 3.50% 20281		331		328
Freddie Mac Seasoned Loan Structured Transaction Trust, Series 2018-2, Class A1, 3.50% 20281		15		15
Freddie Mac Seasoned Loan Structured Transaction Trust, Series 2022-1, Class A1, 3.50% 20321		494		488
Government National Mortgage Assn. 2.00% 20521,5		175		155
Government National Mortgage Assn. 2.50% 20521,5		407		373
Government National Mortgage Assn. 3.00% 20521,5		3,033		2,860
Government National Mortgage Assn. 3.50% 20521,5		378		366
Government National Mortgage Assn. 4.00% 20521,5		183		182
Government National Mortgage Assn. 4.00% 20521,5		156		156
Government National Mortgage Assn. 4.50% 20521,5		3,527		3,566
Government National Mortgage Assn. 5.00% 20521,5		8,570		8,751
Government National Mortgage Assn. 5.00% 20521,5		425		436
Government National Mortgage Assn. Pool #AH5894 3.75% 20341		713		728
Government National Mortgage Assn. Pool #AD0028 3.75% 20381		551		550
Government National Mortgage Assn. Pool #AH5897 3.75% 20391		535		534
Government National Mortgage Assn. Pool #004410 4.00% 20391		56		54
Government National Mortgage Assn. Pool #783690 6.00% 20391		92		101
Government National Mortgage Assn. Pool #004823 4.00% 20401		84		82
Government National Mortgage Assn. Pool #005142 4.50% 20411		12		12
Government National Mortgage Assn. Pool #005104 5.00% 20411		172		178
Government National Mortgage Assn. Pool #005165 6.50% 20411		84		87
Government National Mortgage Assn. Pool #MA0366 3.50% 20421		201		190
Government National Mortgage Assn. Pool #AA5326 3.50% 20421		135		131
Government National Mortgage Assn. Pool #AD4360 3.50% 20431		92		91
Government National Mortgage Assn. Pool #AF0140 3.50% 20431		60		59
Government National Mortgage Assn. Pool #AH5884 4.25% 20441		1,123		1,135
Government National Mortgage Assn. Pool #AO0409 4.62% 20651		150		150
Government National Mortgage Assn. Pool #AO0461 4.632% 20651		76		77
Government National Mortgage Assn. Pool #AN1825 4.633% 20651		254		255
Government National Mortgage Assn. Pool #AO0385 4.494% 20661		571		574
Government National Mortgage Assn. Pool #725897 5.20% 20661		1		1
Uniform Mortgage-Backed Security 2.00% 20521,5		2,322		2,013
Uniform Mortgage-Backed Security 2.50% 20521,5		2,106		1,892
Uniform Mortgage-Backed Security 3.50% 20521,5		4,633		4,451
Uniform Mortgage-Backed Security 4.00% 20521,5		12,411		12,201
Uniform Mortgage-Backed Security 4.50% 20521,5		5,220		5,230

222 American Funds Insurance Series

American Funds Mortgage Fund (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Mortgage-backed obligations (continued)
Federal agency mortgage-backed obligations (continued)
Uniform Mortgage-Backed Security 4.50% 20521,5	USD	245	$	245
Uniform Mortgage-Backed Security 5.00% 20521,5		4,635		4,719
Uniform Mortgage-Backed Security 5.00% 20521,5		440		447
				65,205
Collateralized mortgage-backed obligations (privately originated) 2.37%
Cascade Funding Mortgage Trust, Series 2020-HB4, Class A, 0.946% 20301,4,6		101		100
Cascade Funding Mortgage Trust, Series 2021-HB7, Class A, 1.151% 20311,4,6		106		104
Cascade Funding Mortgage Trust, Series 2021-HB6, Class A, 0.898% 20361,4,6		357		351
CIM Trust, Series 2022-R2, Class A1, 3.75% 20611,4,6		196		190
COLT Funding, LLC, Series 2021-5, Class A1, 1.726% 20661,4,6		91		83
Credit Suisse Mortgage Trust, Series 2017-RPL3, Class A1, 2.00% 20601,4,6		171		161
GCAT, Series 2021-NQM6, Class A1, 1.855% 20661,4,6		107		98
GS Mortgage-Backed Securities Trust, Series 2022-PJ5, Class A4, 2.50% 20521,4,6		217		189
Mello Warehouse Securitization Trust, Series 2020-2, Class A, (1-month USD-LIBOR + 0.80%) 2.424% 20531,4,6		27		27
Mello Warehouse Securitization Trust, Series 2021-2, Class A, (1-month USD-LIBOR + 0.75%) 2.374% 20551,4,6		210		207
Mello Warehouse Securitization Trust, Series 2021-3, Class A, (1-month USD-LIBOR + 0.85%) 2.474% 20551,4,6		175		170
Mill City Mortgage Trust, Series 15-1, Class M2, 3.631% 20561,4,6		60		60
Onslow Bay Financial Mortgage Loan Trust, Series 2022-J1, Class A2, 2.50% 20521,4,6		141		121
Reverse Mortgage Investment Trust, Series 2021-HB1, Class A, 1.259% 20311,4,6		128		123
Towd Point Mortgage Trust, Series 2015-4, Class M2, 3.75% 20551,4,6		100		99
Towd Point Mortgage Trust, Series 2015-4, Class M1, 3.75% 20551,4,6		45		45
Towd Point Mortgage Trust, Series 2016-5, Class A1, 2.50% 20561,4,6		61		61
Towd Point Mortgage Trust, Series 2017-5, Class A1, 2.224% 20571,4,6		13		13
				2,202
Commercial mortgage-backed securities 1.71%
Boca Commercial Mortgage Trust, Series 2022-BOCA, Class A, (1-month USD CME Term SOFR + 1.767%) 2.27% 20391,4,6		100		98
BX Trust, Series 2022-CSMO, Class A, (1-month USD CME Term SOFR + 2.11%) 2.865% 20271,4,6		100		99
BX Trust, Series 2021-VOLT, Class A, (1-month USD-LIBOR + 0.70%) 2.024% 20361,4,6		100		97
BX Trust, Series 2021-ARIA, Class A, (1-month USD-LIBOR + 0.899%) 2.223% 20361,4,6		606		571
LUXE Commercial Mortgage Trust, Series 2021-TRIP, Class A, (1-month USD-LIBOR + 1.05%) 2.374% 20381,4,6		475		458
MHC Commercial Mortgage Trust, CMO, Series 2021-MHC, Class A, (1-month USD-LIBOR + 0.801%) 2.125% 20261,4,6		273		266
				1,589
Total mortgage-backed obligations				68,996
U.S. Treasury bonds & notes 15.26%
U.S. Treasury inflation-protected securities 9.74%
U.S. Treasury Inflation-Protected Security 0.125% 20237		693		705
U.S. Treasury Inflation-Protected Security 0.375% 20237		643		654
U.S. Treasury Inflation-Protected Security 0.625% 20237		345		351
U.S. Treasury Inflation-Protected Security 0.125% 20247		638		645
U.S. Treasury Inflation-Protected Security 0.125% 20247		104		105
U.S. Treasury Inflation-Protected Security 0.50% 20247		244		248
U.S. Treasury Inflation-Protected Security 0.625% 20243,7		4,262		4,332
U.S. Treasury Inflation-Protected Security 0.125% 20257		123		123
U.S. Treasury Inflation-Protected Security 0.125% 20267		63		63

American Funds Insurance Series 223

American Funds Mortgage Fund (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
U.S. Treasury bonds & notes (continued)
U.S. Treasury inflation-protected securities (continued)
U.S. Treasury Inflation-Protected Security 0.125% 20317	USD	1,166	$	1,106
U.S. Treasury Inflation-Protected Security 0.75% 20427		414		376
U.S. Treasury Inflation-Protected Security 1.00% 20497		373		357
				9,065
U.S. Treasury 5.52%
U.S. Treasury 0.875% 2024		70		68
U.S. Treasury 1.125% 2028		1,102		991
U.S. Treasury 1.25% 2028		415		373
U.S. Treasury 1.50% 2028		150		136
U.S. Treasury 1.25% 2031		443		381
U.S. Treasury 1.875% 2032		10		9
U.S. Treasury 2.875% 2032		550		544
U.S. Treasury 1.875% 20413		775		606
U.S. Treasury 2.375% 2042		750		633
U.S. Treasury 3.25% 2042		250		243
U.S. Treasury 1.625% 2050		620		434
U.S. Treasury 1.875% 2051		965		721
				5,139
Total U.S. Treasury bonds & notes				14,204
Asset-backed obligations 4.34%
Ballyrock CLO, Ltd., Series 2019-2A, Class A1AR, (3-month USD-LIBOR + 1.00%) 2.478% 20301,4,6		250		246
Bankers Healthcare Group Securitization Trust, Series 2021-A, Class A, 1.42% 20331,6		65		61
Bankers Healthcare Group Securitization Trust, Series 2021-B, Class A, 0.90% 20341,6		70		66
CF Hippolyta, LLC, Series 2020-1, Class A1, 1.69% 20601,6		290		263
CF Hippolyta, LLC, Series 2021-1, Class A1, 1.53% 20611,6		426		377
CPS Auto Receivables Trust, Series 2022-B, Class A, 2.88% 20261,6		93		92
Exeter Automobile Receivables Trust, Series 2019-3A, Class C, 2.79% 20241,6		16		16
FirstKey Homes Trust, Series 2022-SFR2, Class A, 4.145% 20391,6		100		98
Hertz Vehicle Financing III, LLC, Series 2021-1A, Class A, 1.21% 20251,6		86		81
Navient Student Loan Trust, Series 2021-A, Class A, 0.84% 20691,6		129		118
Navient Student Loan Trust, Series 2021-C, Class A, 1.06% 20691,6		235		216
Navient Student Loan Trust, Series 2021-FA, Class A, 1.11% 20701,6		215		189
Nelnet Student Loan Trust, Series 2021-A, Class APT1, 1.36% 20621,6		216		200
Nelnet Student Loan Trust, Series 2021-B, Class AFX, 1.42% 20621,6		784		728
Nelnet Student Loan Trust, Series 2021-C, Class AFL, (1-month USD-LIBOR + 0.74%) 2.335% 20621,4,6		593		579
New Economy Assets Phase 1 Issuer, LLC, Series 2021-1, Class A1, 1.91% 20611,6		530		463
Sound Point CLO, Ltd., Series 2015-1RA, Class AR, (3-month USD-LIBOR + 1.08%) 2.124% 20301,4,6		250		247
				4,040
Bonds & notes of governments & government agencies outside the U.S. 0.55%
CPPIB Capital, Inc. 0.875% 20266		320		290
Ontario Teachers’ Finance Trust 0.875% 20266		250		225
				515
Federal agency bonds & notes 0.27%
Fannie Mae 0.875% 2030		300		248
Total bonds, notes & other debt instruments (cost: $90,234,000)				88,003

224 American Funds Insurance Series

American Funds Mortgage Fund (continued)

Short-term securities 54.13%	Weighted average yield at acquisition			Principal amount (000)		Value (000)
Federal agency bills & notes 23.46%
Fannie Mae 8/31/2022		1.200	%	USD	4,000	$	3,990
Federal Farm Credit Banks 8/18/2022		1.140			945		943
Federal Home Loan Bank 7/6/2022		1.360			4,000		3,999
Federal Home Loan Bank 7/13/2022		0.930			11,000		10,996
Federal Home Loan Bank 8/12/2022		1.650			900		899
Tennessee Valley Authority 7/6/2022		1.370			1,000		1,000
							21,827
Commercial paper 21.77%
Apple, Inc. 8/1/20226		1.000			1,500		1,498
Atlantic Asset Securitization, LLC 7/1/20226		1.560			500		500
BofA Securities, Inc. 8/29/20226		2.000			800		797
BofA Securities, Inc. 9/6/20226		1.543			1,200		1,195
Chariot Funding, LLC 8/10/20226		1.650			1,000		998
CHARTA, LLC 9/8/20226		1.600			2,000		1,992
Coca-Cola Co. 8/9/20226		1.000			1,600		1,597
Eli Lilly and Co. 7/1/20226		0.900			2,000		2,000
Henkel of America, Inc. 7/19/20226		0.850			2,000		1,998
Honeywell International, Inc. 10/17/20226		2.050			2,000		1,987
Linde, Inc. 7/6/2022		1.590			2,000		2,000
Paccar Financial Corp. 7/1/2022		0.950			200		200
Procter & Gamble Co. 7/11/20226		0.780			2,000		1,999
Wal-Mart Stores, Inc. 7/25/20226		1.543			1,000		999
Wal-Mart Stores, Inc. 8/8/20226		1.650			500		499
							20,259
U.S. Treasury bills 8.90%
U.S. Treasury 8/16/2022		1.350			550		549
U.S. Treasury 8/18/2022		1.010			5,750		5,739
U.S. Treasury 8/23/2022		1.430			2,000		1,996
							8,284
Total short-term securities (cost: $50,383,000)							50,370
Total investment securities 148.70% (cost: $140,617,000)							138,373
Other assets less liabilities (48.70)%							(45,320	)
Net assets 100.00%						$	93,053

American Funds Insurance Series 225

American Funds Mortgage Fund (continued)

Futures contracts

Contracts	Type	Number of contracts	Expiration	Notional amount (000)			Value and unrealized appreciation (depreciation) at 6/30/2022 (000)
30 Day Federal Funds Futures	Long	42	September 2022	USD	17,105			$	6
3 Month SOFR Futures	Short	12	June 2023		(2,899	)			3
2 Year U.S. Treasury Note Futures	Short	28	September 2022		(5,880	)			(12	)
5 Year U.S. Treasury Note Futures	Long	77	September 2022		8,643				(27	)
10 Year Ultra U.S. Treasury Note Futures	Long	60	September 2022		7,643				(73	)
10 Year U.S. Treasury Note Futures	Long	12	September 2022		1,422				(17	)
20 Year U.S. Treasury Bond Futures	Long	12	September 2022		1,664				31
30 Year Ultra U.S. Treasury Bond Futures	Long	1	September 2022		154				(5	)
								$	(94	)

Swap contracts

Interest rate swaps

Centrally cleared interest rate swaps

Upfront

Unrealized

Receive

Pay

Notional

Value at

premium

appreciation

Rate

Payment frequency

Rate

Payment frequency

Expiration date

amount (000)

6/30/2022 (000)

paid (000)

at 6/30/2022 (000)

3-month USD-LIBOR

Quarterly

0.81%

Semi-annual

7/28/2045

USD

1,800

$

675

$

5

$

670

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 $673,000, which represented .72% 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. For short-term securities, the date of the next scheduled coupon rate change is considered to be the maturity date.
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 $26,405,000, which represented 28.38% of the net assets of the fund.
7	Index-linked bond whose principal amount moves with a government price index.

Key to abbreviations

Assn. = Association

CLO = Collateralized Loan Obligations

CME = CME Group

CMO = Collateralized Mortgage Obligations

LIBOR = London Interbank Offered Rate

SOFR = Secured Overnight Financing Rate

TBA = To be announced
USD = U.S. dollars

Refer to the notes to financial statements.

226 American Funds Insurance Series

Ultra-Short Bond Fund
Investment portfolio June 30, 2022	unaudited

Short-term securities 98.17%	Weighted average yield at acquisition			Principal amount (000)		Value (000)
Commercial paper 69.40%
ANZ New Zealand (International), Ltd. 8/15/20221		1.400	%	USD	3,700	$	3,691
Bank of Montreal 7/19/20221		1.600			10,500		10,491
BofA Securities, Inc. 8/22/20221		1.850			10,000		9,971
British Columbia (Province of) 7/20/2022		1.050			4,800		4,796
British Columbia (Province of) 8/22/2022		1.346			1,900		1,895
British Columbia (Province of) 8/25/2022		1.340			4,000		3,989
Caisse d’Amortissement de la Dette Sociale 7/13/2022		1.130			2,445		2,444
Caisse d’Amortissement de la Dette Sociale 8/30/2022		1.938			7,000		6,976
Chariot Funding, LLC 7/26/20221		1.148			7,500		7,491
CRC Funding, LLC 9/12/20221		1.570			10,300		10,255
DBS Bank, Ltd. 9/1/20221		1.570			5,000		4,982
DBS Bank, Ltd. 9/22/20221		2.220			4,000		3,979
DNB Bank ASA 7/8/20221		1.165			4,000		3,999
EssilorLuxottica 9/22/20221		2.200			4,100		4,081
Gotham Funding Corp. 7/15/20221		1.080			8,300		8,294
Gotham Funding Corp. 8/30/20221		1.520			3,000		2,990
Hydro-Québec 7/25/20221		1.550			10,500		10,489
ING (U.S.) Funding, LLC 7/26/2022		1.120			7,000		6,992
KfW 8/23/20221		1.950			9,200		9,174
Komatsu Finance America, Inc. 7/21/20221		1.600			3,600		3,597
Liberty Street Funding, LLC 7/28/20221		1.200			3,000		2,996
Liberty Street Funding, LLC 9/22/20221		2.200			5,000		4,974
LMA-Americas, LLC 7/19/20221		1.180			3,700		3,697
Longship Funding, LLC 7/6/20221		1.180			6,000		5,998
Longship Funding, LLC 7/13/20221		1.310			5,000		4,997
LVMH Moët Hennessy Louis Vuitton, Inc. 8/25/20221		1.900			2,100		2,094
LVMH Moët Hennessy Louis Vuitton, Inc. 9/20/20221		2.000			5,600		5,574
Mizuho Bank, Ltd. 7/18/20221		0.995			10,000		9,992
Nederlandse Waterschapsbank NV 7/28/20221		1.208			10,000		9,986
Nestlé Finance International, Ltd. 7/11/20221		1.200			7,000		6,997
Nestlé Finance International, Ltd. 8/31/20221		1.383			4,100		4,089
Novartis Finance Corp. 7/22/20221		1.590			8,000		7,992
Oesterreich Kontrollbank 7/18/2022		1.600			5,800		5,795
Oesterreich Kontrollbank 8/29/2022		1.909			5,000		4,984
Old Line Funding, LLC 7/6/20221		0.870			10,000		9,997
Siemens Capital Co., LLC 7/1/20221		1.560			5,000		5,000
Siemens Capital Co., LLC 7/11/20221		0.810			4,900		4,898
Sumitomo Mitsui Banking Corp. 7/27/20221		1.600			5,000		4,994
Sumitomo Mitsui Trust Bank, Ltd. 8/5/20221		1.750			8,000		7,986
Sumitomo Mitsui Trust Bank, Ltd. 8/26/20221		1.475			2,800		2,791
Swedish Export Credit Corp. 8/8/2022		1.250			10,000		9,982
TotalEnergies Capital Canada, Ltd. 7/1/20221		1.640			11,000		11,000
Toyota Industries Commercial Finance, Inc. 7/26/20221		1.120			7,900		7,891
Toyota Industries Commercial Finance, Inc. 9/6/20221		1.500			3,000		2,989
Toyota Motor Credit Corp. 7/18/2022		1.240			5,000		4,996
United Overseas Bank, Ltd. 7/12/20221		1.120			10,000		9,995
Wal-Mart Stores, Inc. 8/1/20221		1.630			11,000		10,984
							294,244
Federal agency bills & notes 17.61%
Federal Home Loan Bank 7/13/2022		0.861			21,600		21,592
Federal Home Loan Bank 7/15/2022		0.930			3,300		3,299
Federal Home Loan Bank 7/27/2022		0.990			8,000		7,993
Federal Home Loan Bank 7/29/2022		1.030			5,000		4,996
Federal Home Loan Bank 8/3/2022		1.050			5,000		4,995
Federal Home Loan Bank 8/17/2022		1.660			15,000		14,974
Federal Home Loan Bank 8/24/2022		1.630			1,900		1,896

American Funds Insurance Series 227

Ultra-Short Bond Fund (continued)

Short-term securities (continued)	Weighted average yield at acquisition			Principal amount (000)		Value (000)
Federal agency bills & notes (continued)
Federal Home Loan Bank 9/2/2022		1.190	%	USD	5,000	$	4,987
Federal Home Loan Bank 9/28/2022		1.870			5,000		4,979
Federal Home Loan Bank 10/13/2022		1.907			5,000		4,974
							74,685
U.S. Treasury bills 11.16%
U.S. Treasury 7/19/2022		0.678			10,000		9,995
U.S. Treasury 7/21/2022		0.800			10,000		9,994
U.S. Treasury 8/2/2022		1.013			3,200		3,197
U.S. Treasury 8/9/2022		0.942			10,000		9,987
U.S. Treasury 9/8/2022		1.375			4,200		4,188
U.S. Treasury 10/18/2022		1.936			10,000		9,940
							47,301
Total short-term securities (cost: $416,305,000)							416,230
Total investment securities 98.17% (cost: $416,305,000)							416,230
Other assets less liabilities 1.83%							7,777
Net assets 100.00%						$	424,007

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 $241,395,000, which represented 56.93% of the net assets of the fund.

Refer to the notes to financial statements.

228 American Funds Insurance Series

U.S. Government Securities Fund
Investment portfolio June 30, 2022	unaudited

Bonds, notes & other debt instruments 91.14%	Principal amount (000)				Value (000)
Mortgage-backed obligations 46.39%
Federal agency mortgage-backed obligations 46.39%
Fannie Mae Pool #695412 5.00% 20331		USD	1		$	1
Fannie Mae Pool #AD3566 5.00% 20351			6			7
Fannie Mae Pool #MA2746 4.00% 20361			1,483			1,509
Fannie Mae Pool #MA2588 4.00% 20361			740			753
Fannie Mae Pool #256860 6.50% 20371			12			13
Fannie Mae Pool #888698 7.00% 20371			17			18
Fannie Mae Pool #256828 7.00% 20371			3			3
Fannie Mae Pool #970343 6.00% 20381			14			15
Fannie Mae Pool #AC0794 5.00% 20391			20			21
Fannie Mae Pool #931768 5.00% 20391			6			6
Fannie Mae Pool #932606 5.00% 20401			11			12
Fannie Mae Pool #MA4501 2.00% 20411			3,084			2,758
Fannie Mae Pool #AJ1873 4.00% 20411			27			27
Fannie Mae Pool #AI1862 5.00% 20411			404			424
Fannie Mae Pool #AI3510 5.00% 20411			232			242
Fannie Mae Pool #AJ0704 5.00% 20411			187			196
Fannie Mae Pool #AJ5391 5.00% 20411			137			144
Fannie Mae Pool #AE1248 5.00% 20411			36			38
Fannie Mae Pool #AE1277 5.00% 20411			18			19
Fannie Mae Pool #AE1283 5.00% 20411			10			10
Fannie Mae Pool #MA4540 2.00% 20421			1,422			1,271
Fannie Mae Pool #MA4570 2.00% 20421			916			814
Fannie Mae Pool #AE1290 5.00% 20421			22			23
Fannie Mae Pool #AT7161 3.50% 20431			46			45
Fannie Mae Pool #AT3954 3.50% 20431			8			8
Fannie Mae Pool #AT0300 3.50% 20431			7			7
Fannie Mae Pool #AY1829 3.50% 20441			8			8
Fannie Mae Pool #BE5017 3.50% 20451			64			63
Fannie Mae Pool #BE8740 3.50% 20471			62			61
Fannie Mae Pool #BE8742 3.50% 20471			17			17
Fannie Mae Pool #BH2846 3.50% 20471			8			8
Fannie Mae Pool #BH2848 3.50% 20471			7			7
Fannie Mae Pool #BH2847 3.50% 20471			5			5
Fannie Mae Pool #BJ5015 4.00% 20471			169			169
Fannie Mae Pool #BH3122 4.00% 20471			5			5
Fannie Mae Pool #BM3788 3.50% 20481			3,442			3,367
Fannie Mae Pool #BJ4901 3.50% 20481			45			44
Fannie Mae Pool #BK6840 4.00% 20481			111			111
Fannie Mae Pool #BK5232 4.00% 20481			85			85
Fannie Mae Pool #BK9743 4.00% 20481			32			32
Fannie Mae Pool #BK9761 4.50% 20481			20			21
Fannie Mae Pool #CA4151 3.50% 20491			620			607
Fannie Mae Pool #FM1062 3.50% 20491			467			456
Fannie Mae Pool #FM1443 3.50% 20491			345			336
Fannie Mae Pool #BJ8411 3.50% 20491			122			119
Fannie Mae Pool #FM2179 3.00% 20501			3,996			3,754
Fannie Mae Pool #FM7687 3.00% 20511			6,092			5,730
Fannie Mae Pool #FM9976 3.00% 20511			889			841
Fannie Mae Pool #CB2544 3.00% 20521			2,473			2,317
Fannie Mae, Series 2001-4, Class GA, 9.00% 20251,2			—	3		—	3
Fannie Mae, Series 2001-4, Class NA, 9.00% 20251,2			—	3		—	3
Fannie Mae, Series 2014-M1, Class A2, Multi Family, 3.28% 20231,2			284			283
Fannie Mae, Series 2014-M3, Class A2, Multi Family, 3.501% 20241,2			509			509
Freddie Mac Pool #1H1354 2.362% 20361,2			55			57
Freddie Mac Pool #C03518 5.00% 20401			298			315
Freddie Mac Pool #RB5138 2.00% 20411			828			740
Freddie Mac Pool #G06459 5.00% 20411			735			775
Freddie Mac Pool #RB5148 2.00% 20421			1,884			1,671
Freddie Mac Pool #RB5145 2.00% 20421			800			715
Freddie Mac Pool #Q19133 3.50% 20431			34			33
Freddie Mac Pool #Q17696 3.50% 20431			32			31

American Funds Insurance Series 229

U.S. Government Securities Fund (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)			Value (000)
Mortgage-backed obligations (continued)
Federal agency mortgage-backed obligations (continued)
Freddie Mac Pool #Q23190 4.00% 20431		USD	159	$	161
Freddie Mac Pool #Q15874 4.00% 20431			3		3
Freddie Mac Pool #Q28558 3.50% 20441			217		214
Freddie Mac Pool #760014 2.797% 20451,2			306		305
Freddie Mac Pool #Q52069 3.50% 20471			87		86
Freddie Mac Pool #Q47615 3.50% 20471			50		49
Freddie Mac Pool #Q54701 3.50% 20481			58		57
Freddie Mac Pool #Q54709 3.50% 20481			58		56
Freddie Mac Pool #Q54700 3.50% 20481			47		46
Freddie Mac Pool #Q54781 3.50% 20481			39		38
Freddie Mac Pool #Q54782 3.50% 20481			38		38
Freddie Mac Pool #Q56590 3.50% 20481			32		31
Freddie Mac Pool #Q54699 3.50% 20481			25		25
Freddie Mac Pool #Q54831 3.50% 20481			18		17
Freddie Mac Pool #Q56589 3.50% 20481			18		17
Freddie Mac Pool #Q54698 3.50% 20481			16		15
Freddie Mac Pool #G67711 4.00% 20481			1,522		1,529
Freddie Mac Pool #Q56599 4.00% 20481			126		127
Freddie Mac Pool #Q55971 4.00% 20481			87		87
Freddie Mac Pool #Q56175 4.00% 20481			75		75
Freddie Mac Pool #Q58411 4.50% 20481			233		238
Freddie Mac Pool #Q58436 4.50% 20481			123		126
Freddie Mac Pool #Q58378 4.50% 20481			83		85
Freddie Mac Pool #ZT0522 4.50% 20481			23		23
Freddie Mac Pool #RA1463 3.50% 20491			426		417
Freddie Mac Pool #RA1580 3.50% 20491			220		215
Freddie Mac Pool #QA0284 3.50% 20491			214		208
Freddie Mac Pool #QA2748 3.50% 20491			57		56
Freddie Mac Pool #SD0726 2.50% 20511			15,079		13,686
Freddie Mac Pool #8D0226 2.522% 20521,2			519		488
Freddie Mac Pool #SD7550 3.00% 20521			3,573		3,370
Freddie Mac Pool #SD7553 3.00% 20521			932		877
Freddie Mac Pool #SD0873 3.50% 20521			14,959		14,603
Freddie Mac, Series 1567, Class A, (1-month USD-LIBOR + 0.40%) 1.275% 20231,2			2		2
Freddie Mac, Series K031, Class A1, Multi Family, 2.778% 20221			27		27
Freddie Mac, Series KS01, Class A2, Multi Family, 2.522% 20231			304		303
Freddie Mac, Series K029, Class A2, Multi Family, 3.32% 20231			191		191
Freddie Mac, Series K035, Class A2, Multi Family, 3.458% 20231,2			2,561		2,562
Freddie Mac, Series K040, Class A2, Multi Family, 3.241% 20241			1,363		1,356
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-2, Class MA, 3.00% 20561			4,858		4,735
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-1, Class HA, 3.00% 20561,2			4,805		4,694
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-2, Class HA, 3.00% 20561,2			4,419		4,315
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-3, Class MT, 3.00% 20561			851		809
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-3, Class HT, 3.25% 20561			344		331
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2018-1, Class HT, 3.00% 20571			955		904
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-4, Class HT, 3.25% 20571,2			1,398		1,352
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2018-2, Class MT, 3.50% 20571			4,371		4,262
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2018-3, Class MA, 3.50% 20571			554		549
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2018-2, Class MA, 3.50% 20571			279		277
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2019-2, Class MA, 3.50% 20581			2,308		2,284

230 American Funds Insurance Series

U.S. Government Securities Fund (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)			Value (000)
Mortgage-backed obligations (continued)
Federal agency mortgage-backed obligations (continued)
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2019-1, Class MT, 3.50% 20581		USD	801	$	780
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2019-2, Class MT, 3.50% 20581			763		744
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2019-1, Class MA, 3.50% 20581			640		633
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2019-3, Class MT, 3.50% 20581			418		408
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2019-4, Class MA, 3.00% 20591			1,947		1,897
Freddie Mac Seasoned Loan Structured Transaction Trust, Series 2018-2, Class A1, 3.50% 20281			19,892		19,728
Freddie Mac Seasoned Loan Structured Transaction Trust, Series 2018-1, Class A1, 3.50% 20281			4,599		4,561
Freddie Mac Seasoned Loan Structured Transaction Trust, Series 2019-3, Class A1C, 2.75% 20291			5,264		5,060
Freddie Mac Seasoned Loan Structured Transaction Trust, Series 2020-1, Class A1D, 2.00% 20301			1,514		1,421
Freddie Mac Seasoned Loan Structured Transaction Trust, Series 2020-1, Class A2D, 2.00% 20301			435		379
Freddie Mac Seasoned Loan Structured Transaction Trust, Series 2022-1, Class A1, 3.50% 20321			4,909		4,850
Government National Mortgage Assn. 2.00% 20521,4			1,395		1,239
Government National Mortgage Assn. 2.50% 20521,4			4,866		4,454
Government National Mortgage Assn. 3.00% 20521,4			44,265		41,744
Government National Mortgage Assn. 3.50% 20521,4			19,527		18,952
Government National Mortgage Assn. 4.00% 20521,4			13,010		12,928
Government National Mortgage Assn. 4.00% 20521,4			11,110		11,065
Government National Mortgage Assn. 4.50% 20521,4			69,578		70,356
Government National Mortgage Assn. 5.00% 20521,4			56,733		57,930
Government National Mortgage Assn. 5.00% 20521,4			890		912
Government National Mortgage Assn. Pool #698668 5.50% 20381			29		30
Government National Mortgage Assn. Pool #700778 5.50% 20381			21		23
Government National Mortgage Assn. Pool #782365 6.00% 20381			94		103
Government National Mortgage Assn. Pool #004269 6.50% 20381			176		195
Government National Mortgage Assn. Pool #698406 5.00% 20391			198		209
Government National Mortgage Assn. Pool #783690 6.00% 20391			93		101
Government National Mortgage Assn. Pool #783689 5.50% 20401			2,875		3,137
Government National Mortgage Assn. Pool #783687 4.50% 20411			604		623
Government National Mortgage Assn. Pool #783688 5.00% 20411			920		977
Government National Mortgage Assn. Pool #MA0533 3.00% 20421			20		20
Uniform Mortgage-Backed Security 2.00% 20371,4			1,115		1,041
Uniform Mortgage-Backed Security 2.50% 20371,4			2,245		2,144
Uniform Mortgage-Backed Security 2.00% 20521,4			11,093		9,620
Uniform Mortgage-Backed Security 3.00% 20521,4			13,270		12,349
Uniform Mortgage-Backed Security 3.00% 20521,4			412		384
Uniform Mortgage-Backed Security 3.50% 20521,4			53,357		51,268
Uniform Mortgage-Backed Security 4.00% 20521,4			121,875		119,806
Uniform Mortgage-Backed Security 4.00% 20521,4			16,422		16,171
Uniform Mortgage-Backed Security 4.50% 20521,4			115,583		115,805
Uniform Mortgage-Backed Security 4.50% 20521,4			19,267		19,268
Uniform Mortgage-Backed Security 5.00% 20521,4			45,150		45,969
Uniform Mortgage-Backed Security 5.00% 20521,4			4,105		4,171
					761,452
U.S. Treasury bonds & notes 37.21%
U.S. Treasury inflation-protected securities 28.33%
U.S. Treasury Inflation-Protected Security 0.125% 20225			4,860		4,879
U.S. Treasury Inflation-Protected Security 0.125% 20235			21,316		21,692
U.S. Treasury Inflation-Protected Security 0.375% 20235			5,367		5,464
U.S. Treasury Inflation-Protected Security 0.625% 20235			30,184		30,714

American Funds Insurance Series 231

U.S. Government Securities Fund (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)			Value (000)
U.S. Treasury bonds & notes (continued)
U.S. Treasury inflation-protected securities (continued)
U.S. Treasury Inflation-Protected Security 0.125% 20245		USD	74,820	$	75,584
U.S. Treasury Inflation-Protected Security 0.125% 20245			33,377		33,594
U.S. Treasury Inflation-Protected Security 0.50% 20245			22,236		22,556
U.S. Treasury Inflation-Protected Security 0.625% 20245			73,278		74,492
U.S. Treasury Inflation-Protected Security 0.125% 20255			8,169		8,174
U.S. Treasury Inflation-Protected Security 0.125% 20255			7,572		7,567
U.S. Treasury Inflation-Protected Security 0.375% 20255			56,073		56,629
U.S. Treasury Inflation-Protected Security 0.125% 20265			37,054		36,697
U.S. Treasury Inflation-Protected Security 0.125% 20265			5,578		5,525
U.S. Treasury Inflation-Protected Security 0.625% 20265			3,278		3,316
U.S. Treasury Inflation-Protected Security 0.125% 20275			31,880		31,371
U.S. Treasury Inflation-Protected Security 0.125% 20305			7,074		6,732
U.S. Treasury Inflation-Protected Security 0.125% 20315			9,448		8,965
U.S. Treasury Inflation-Protected Security 0.125% 20315			879		834
U.S. Treasury Inflation-Protected Security 0.125% 20325			9,616		9,100
U.S. Treasury Inflation-Protected Security 2.125% 20415			409		474
U.S. Treasury Inflation-Protected Security 0.75% 20425,6			9,198		8,364
U.S. Treasury Inflation-Protected Security 0.625% 20435			4,388		3,860
U.S. Treasury Inflation-Protected Security 1.00% 20495			2,757		2,637
U.S. Treasury Inflation-Protected Security 0.25% 20505			327		256
U.S. Treasury Inflation-Protected Security 0.125% 20515			5,851		4,471
U.S. Treasury Inflation-Protected Security 0.125% 20525			1,459		1,125
					465,072
U.S. Treasury 8.88%
U.S. Treasury 2.75% 2025			43,809		43,479
U.S. Treasury 1.875% 2032			13,702		12,399
U.S. Treasury 1.125% 2040			7,000		4,857
U.S. Treasury 1.75% 2041			2,555		1,936
U.S. Treasury 2.25% 2041			900		748
U.S. Treasury 2.50% 2046			5,400		4,564
U.S. Treasury 2.50% 2046			3,900		3,296
U.S. Treasury 2.875% 2046			2,700		2,455
U.S. Treasury 2.25% 2049			1,635		1,336
U.S. Treasury 2.375% 2049			4,125		3,471
U.S. Treasury 2.875% 2049			6,300		5,849
U.S. Treasury 1.25% 20506			29,960		18,978
U.S. Treasury 1.625% 20506			26,165		18,323
U.S. Treasury 1.875% 2051			15,220		11,373
U.S. Treasury 1.875% 2051			3,164		2,364
U.S. Treasury 2.00% 20516			5,546		4,268
U.S. Treasury 2.25% 20526			6,946		5,691
U.S. Treasury 2.875% 2052			350		329
					145,716
Total U.S. Treasury bonds & notes					610,788
Federal agency bonds & notes 7.54%
Export-Import Bank of the United States-Guaranteed, Ethiopian Leasing 2012, LLC 2.646% 2026			350		344
Fannie Mae 0.625% 20256			10,000		9,347
Fannie Mae 0.75% 2027			2,900		2,571
Fannie Mae 0.875% 2030			8,600		7,123
Fannie Mae 7.125% 2030			2,000		2,522
Federal Home Loan Bank 3.25% 2028			6,500		6,524
Federal Home Loan Bank 5.50% 2036			300		362
Private Export Funding Corp. 3.55% 2024			3,190		3,219
Private Export Funding Corp. 1.40% 2028			3,000		2,680
Tennessee Valley Authority 1.875% 2022			14,017		14,015
Tennessee Valley Authority 0.75% 2025			3,700		3,459

232 American Funds Insurance Series

U.S. Government Securities Fund (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)			Value (000)
Federal agency bonds & notes (continued)
Tennessee Valley Authority 2.875% 2027		USD	5,000	$	4,947
Tennessee Valley Authority 4.65% 2035			1,780		1,913
Tennessee Valley Authority 5.88% 2036			875		1,057
Tennessee Valley Authority, Series A, 4.625% 2060			250		272
TVA Southaven 3.846% 2033			945		904
U.S. Agency for International Development, Israel (State of), Class 1A, 5.50% 2023			1,250		1,289
U.S. Agency for International Development, Jordan (Kingdom of) 3.00% 2025			14,779		14,672
U.S. Agency for International Development, Morocco (Kingdom of) 7.55% 2026			2,110		2,301
U.S. Department of Housing and Urban Development, Series 2015-A-8, 2.45% 2022			6,000		6,003
U.S. Department of Housing and Urban Development, Series 2015-A-9, 2.80% 2023			1,500		1,499
U.S. Department of Housing and Urban Development, Series 2015-A-10, 2.85% 2024			2,250		2,242
U.S. Department of Housing and Urban Development, Series 2015-A-11, 2.95% 2025			2,640		2,614
U.S. Department of Housing and Urban Development, Series 2015-A-12, 3.10% 2026			2,625		2,595
U.S. Department of Housing and Urban Development, Series 2015-A-13, 3.15% 2027			11,482		11,323
U.S. Department of Housing and Urban Development, Series 2015-A-14, 3.25% 2028			3,856		3,771
U.S. Department of Housing and Urban Development, Series 2015-A-15, 3.35% 2029			2,650		2,578
U.S. Department of Housing and Urban Development, Series 2015-A-16, 3.50% 2030			2,482		2,513
U.S. Department of Housing and Urban Development, Series 2015-A-17, 3.55% 2031			2,475		2,514
U.S. Department of Housing and Urban Development, Series 2015-A-18, 3.60% 2032			2,377		2,417
U.S. Department of Housing and Urban Development, Series 2015-A-19, 3.65% 2033			2,059		2,097
U.S. Department of Housing and Urban Development, Series 2015-A-20, 3.70% 2034			651		664
U.S. Government-Guaranteed Certificates of Participation, Overseas Private Investment Corp. 3.82% 2032			768		782
U.S. Government-Guaranteed Certificates of Participation, Overseas Private Investment Corp. 3.938% 2032			628		645
					123,778
Total bonds, notes & other debt instruments (cost: $1,551,123,000)					1,496,018

Short-term securities 43.70%	Weighted average yield at acquisition
Commercial paper 20.73%
Amazon.com, Inc. 7/12/20227		0.800	%	15,000	14,992
Apple, Inc. 8/1/20227		1.000		15,000	14,979
Apple, Inc. 8/8/20227		1.600		10,000	9,983
Atlantic Asset Securitization, LLC 7/1/20227		1.560		15,200	15,199
BofA Securities, Inc. 8/22/20227		1.900		5,000	4,986
BofA Securities, Inc. 8/29/20227		2.000		5,000	4,983
BofA Securities, Inc. 9/6/20227		1.989		25,600	25,498
BofA Securities, Inc. 9/7/20227		1.512		7,700	7,669
CAFCO, LLC 10/4/20227		2.290		13,000	12,919
Chariot Funding, LLC 8/10/20227		1.650		7,000	6,985
CHARTA, LLC 9/6/20227		1.560		10,000	9,961
CHARTA, LLC 9/8/20227		1.600		8,000	7,968
Coca-Cola Co. 8/9/20227		1.000		21,600	21,561
Eli Lilly and Co. 7/1/20227		0.900		10,000	10,000
Eli Lilly and Co. 9/6/20227		1.850		10,000	9,965
Henkel of America, Inc. 7/11/20227		0.880		15,000	14,993
Henkel of America, Inc. 7/19/20227		0.850		5,000	4,996
Henkel of America, Inc. 8/9/20227		1.110		15,000	14,970
Honeywell International, Inc. 9/26/20227		1.450		11,350	11,295
Johnson & Johnson 10/17/20227		1.480		5,000	4,969
JPMorgan Securities LLC 7/18/2022		1.080		5,000	4,996
JPMorgan Securities LLC 8/2/2022		1.400		7,000	6,989
Linde, Inc. 7/6/2022		1.590		4,750	4,749
Paccar Financial Corp. 7/1/2022		0.950		5,000	5,000
Paccar Financial Corp. 7/15/2022		1.600		9,000	8,994
Paccar Financial Corp. 7/27/2022		1.600		5,000	4,994

American Funds Insurance Series 233

U.S. Government Securities Fund (continued)

Short-term securities (continued)	Weighted average yield at acquisition			Principal amount (000)			Value (000)
Commercial paper (continued)
Paccar Financial Corp. 7/28/2022		1.600	%		USD	10,000	$	9,987
PepsiCo, Inc. 7/25/20227		0.720				20,000		19,978
Procter & Gamble Co. 7/11/20227		0.770				8,000		7,996
Procter & Gamble Co. 7/21/20227		0.900				10,500		10,490
Wal-Mart Stores, Inc. 7/18/20227		1.020				5,000		4,996
Wal-Mart Stores, Inc. 7/25/20227		1.298				12,800		12,786
Wal-Mart Stores, Inc. 8/8/20227		1.650				4,500		4,492
Wal-Mart Stores, Inc. 8/9/20227		1.650				5,000		4,991
								340,309
Federal agency bills & notes 15.05%
Federal Farm Credit Banks 7/20/2022		1.450				25,000		24,986
Federal Home Loan Bank 7/7/2022		0.830				30,000		29,995
Federal Home Loan Bank 7/13/2022		0.930				3,850		3,849
Federal Home Loan Bank 8/12/2022		1.650				5,100		5,092
Federal Home Loan Bank 8/15/2022		1.159				34,500		34,442
Federal Home Loan Bank 8/17/2022		1.150				15,000		14,974
Federal Home Loan Bank 8/18/2022		1.643				15,000		14,973
Federal Home Loan Bank 8/31/2022		1.190				50,000		49,872
Federal Home Loan Bank 9/21/2022		1.810				20,000		19,924
Federal Home Loan Bank 9/28/2022		1.840				10,000		9,958
Tennessee Valley Authority 7/6/2022		1.370				39,000		38,994
								247,059
U.S. Treasury bills 7.92%
U.S. Treasury 8/16/2022		1.350				58,450		58,351
U.S. Treasury 8/23/2022		1.429				71,700		71,545
								129,896
Total short-term securities (cost: $717,419,000)								717,264
Total investment securities 134.84% (cost: $2,268,542,000)								2,213,282
Other assets less liabilities (34.84)%								(571,857	)
Net assets 100.00%							$	1,641,425

234 American Funds Insurance Series

U.S. Government Securities Fund (continued)

Futures contracts

Contracts	Type	Number of contracts	Expiration	Notional amount (000)			Value and unrealized appreciation (depreciation) at 6/30/2022 (000)
30 Day Federal Funds Futures	Short	36	August 2022	USD	(14,750	)		$	8
30 Day Federal Funds Futures	Long	1,197	September 2022		487,492				(175	)
30 Day Federal Funds Futures	Short	24	February 2023		(9,666	)			(7	)
90 Day Eurodollar Futures	Long	471	December 2022		113,405				(3,235	)
3 Month SOFR Futures	Short	22	March 2023		(5,317	)			(2	)
3 Month SOFR Futures	Short	225	June 2023		(54,354	)			54
90 Day Eurodollar Futures	Long	2,043	September 2023		494,176				(12,139	)
90 Day Eurodollar Futures	Short	1,261	December 2023		(305,493	)			6,654
90 Day Eurodollar Futures	Short	1,272	December 2024		(308,985	)			4,093
2 Year U.S. Treasury Note Futures	Short	2,083	September 2022		(437,462	)			202
5 Year U.S. Treasury Note Futures	Long	2,568	September 2022		288,258				758
10 Year U.S. Treasury Note Futures	Long	826	September 2022		97,907				(329	)
10 Year Ultra U.S. Treasury Note Futures	Long	693	September 2022		88,271				(1,209	)
20 Year U.S. Treasury Bond Futures	Long	304	September 2022		42,142				(566	)
30 Year Ultra U.S. Treasury Bond Futures	Long	42	September 2022		6,482				137
								$	(5,756	)

Swap contracts

Interest rate swaps

Centrally cleared interest rate swaps

Receive		Pay			Notional		Value at			Upfront premium		Unrealized appreciation (depreciation)
Rate	Payment frequency	Rate	Payment frequency	Expiration date	amount (000)		6/30/2022 (000)			paid (000)		at 6/30/2022 (000)
2.5775%	Annual	U.S. EFFR	Annual	7/16/2022	USD	181,639	$	81		$	—	$	81
U.S. EFFR	Annual	1.395%	Annual	7/27/2022		422,500		73			—		73
1.955%	Annual	U.S. EFFR	Annual	9/21/2022		320,100		(158	)		—		(158	)
SOFR	Annual	0.471%	Annual	10/26/2023		30,500		1,004			—		1,004
0.45801%	Annual	SOFR	Annual	10/26/2023		30,500		(1,009	)		—		(1,009	)
0.241%	Annual	U.S. EFFR	Annual	3/1/2024		119,400		(5,441	)		—		(5,441	)
U.S. EFFR	Annual	0.11%	Annual	5/18/2024		97,600		2,764			—		2,764
3.497%	Annual	U.S. EFFR	Annual	6/16/2024		24,000		228			—		228
3.4325%	Annual	U.S. EFFR	Annual	6/17/2024		17,700		146			—		146
3.4585%	Annual	U.S. EFFR	Annual	6/17/2024		3,697		32			—		32
U.S. EFFR	Annual	0.126%	Annual	6/25/2025		20,100		1,568			—		1,568
U.S. EFFR	Annual	0.1275%	Annual	6/25/2025		20,100		1,567			—		1,567
U.S. EFFR	Annual	0.106%	Annual	6/30/2025		22,492		1,810			—		1,810
3-month USD-LIBOR	Quarterly	1.867%	Semi-annual	7/11/2025		49,400		1,763			—		1,763
2.925%	Semi-annual	3-month USD-LIBOR	Quarterly	2/1/2028		12,800		(68	)		—		(68	)
2.91%	Semi-annual	3-month USD-LIBOR	Quarterly	2/1/2028		16,000		(96	)		—		(96	)
2.908%	Semi-annual	3-month USD-LIBOR	Quarterly	2/1/2028		16,000		(97	)		—		(97	)
2.92%	Semi-annual	3-month USD-LIBOR	Quarterly	2/2/2028		12,200		(67	)		—		(67	)
U.S. EFFR	Annual	0.5385%	Annual	3/26/2030		49,000		7,537			—		7,537
0.913%	Semi-annual	3-month USD-LIBOR	Quarterly	6/9/2030		31,000		(4,601	)		—		(4,601	)
U.S. EFFR	Annual	0.666%	Annual	11/19/2030		15,500		2,417			—		2,417
3-month USD-LIBOR	Quarterly	2.963%	Semi-annual	2/1/2038		9,800		165			—		165
3-month USD-LIBOR	Quarterly	2.986%	Semi-annual	2/1/2038		7,800		118			—		118

American Funds Insurance Series 235

U.S. Government Securities Fund (continued)

Swap contracts (continued)

Interest rate swaps (continued)

Centrally cleared interest rate swaps (continued)

Receive		Pay			Notional		Value at			Upfront premium		Unrealized appreciation (depreciation)
Rate	Payment frequency	Rate	Payment frequency	Expiration date		amount (000)		6/30/2022 (000)			paid (000)		at 6/30/2022 (000)
0.833%	Semi-annual	3-month USD-LIBOR	Quarterly	4/3/2040	USD	15,800	$	(5,026	)	$	—	$	(5,026	)
3-month USD-LIBOR	Quarterly	0.811%	Semi-annual	7/27/2050		5,110		2,095			—		2,095
							$	6,805		$	—	$	6,805

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. For short-term securities, the date of the next scheduled coupon rate change is considered to be the maturity date.
3	Amount less than one thousand.
4	Purchased on a TBA basis.
5	Index-linked bond whose principal amount moves with a government price index.
6	All or a portion of this security was pledged as collateral. The total value of pledged collateral was $16,394,000, which represented 1.00% of the net assets of the fund.
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 $294,600,000, which represented 17.95% of the net assets of the fund.

Key to abbreviations

Assn. = Association

EFFR = Effective Federal Funds Rate

LIBOR = London Interbank Offered Rate

SOFR = Secured Overnight Financing Rate

TBA = To be announced
USD = U.S. dollars

Refer to the notes to financial statements.

236 American Funds Insurance Series

Managed Risk Growth Fund
Investment portfolio June 30, 2022	unaudited

Growth funds 84.07%	Shares		Value (000)
American Funds Insurance Series – Growth Fund, Class 1		5,168,832	$	395,984
Total growth funds (cost: $517,640,000)				395,984
Fixed income funds 7.60%
American Funds Insurance Series – The Bond Fund of America, Class 1		3,607,944		35,791
Total fixed income funds (cost: $37,817,000)				35,791
Short-term securities 4.04%
State Street Institutional U.S. Government Money Market Fund, Premier Class 0.74%1		19,039,653		19,040
Total short-term securities (cost: $19,040,000)				19,040
Options purchased 0.09%
Options purchased*				424
Total options purchased (cost: $410,000)				424
Total investment securities 95.80% (cost: $574,907,000)				451,239
Other assets less liabilities 4.20%				19,773
Net assets 100.00%			$	471,012

*Options purchased

Put

Description	Number of contracts	Notional amount (000)		Exercise price		Expiration date	Value at 6/30/2022 (000)
S&P 500 Index	25	USD	9,463	$	2,375.00	12/16/2022		$	53
S&P 500 Index	15		5,678		2,600.00	12/16/2022			47
S&P 500 Index	25		9,464		2,650.00	12/16/2022			83
S&P 500 Index	70		26,498		2,675.00	12/16/2022			241
								$	424

American Funds Insurance Series 237

Managed Risk Growth Fund (continued)

Futures contracts

Contracts	Type	Number of contracts	Expiration	Notional amount (000)			Value and unrealized (depreciation) appreciation at 6/30/2022 (000)
5 Year U.S. Treasury Note Futures	Long	434	September 2022	USD	48,717			$	(105	)
Nikkei 225 Index Contracts	Short	3	September 2022		(583	)			36
Japanese Yen Currency Contracts	Short	7	September 2022		(649	)			9
FTSE 100 Index Contracts	Short	23	September 2022		(1,994	)			1
British Pound Currency Contracts	Short	28	September 2022		(2,135	)			50
Mini MSCI Emerging Market Index Contracts	Short	124	September 2022		(6,217	)			23
Russell 2000 Mini Index Contracts	Short	93	September 2022		(7,942	)			420
Euro Stoxx 50 Index Contracts	Short	255	September 2022		(9,195	)			441
Euro Currency Contracts	Short	76	September 2022		(10,011	)			209
S&P Mid 400 E-mini Index Contracts	Short	87	September 2022		(19,732	)			1,211
S&P 500 E-mini Index Contracts	Short	1,299	September 2022		(246,128	)			7,928
								$	10,223

Investments in affiliates²

	Value of affiliates at 1/1/2022 (000)		Additions (000)		Reductions (000)		Net realized gain (loss) (000)			Net unrealized (depreciation) appreciation (000)			Value of affiliates at 6/30/2022 (000)		Dividend income (000)		Capital gain distributions received (000)
Growth funds 84.07%
American Funds Insurance Series – Growth Fund, Class 1	$	504,914	$	276,392	$	173,037	$	49,482		$	(261,767	)	$	395,984	$	619	$	60,090
Fixed income funds 7.60%
American Funds Insurance Series – The Bond Fund of America, Class 1		59,236		33,926		51,218		(6,387	)		234			35,791		225		443
Total 91.67%							$	43,095		$	(261,533	)	$	431,775	$	844	$	60,533

1	Rate represents the seven-day yield at 6/30/2022.
2	Part of the same “group of investment companies” as the fund as defined under the Investment Company Act of 1940, as amended.

Refer to the notes to financial statements.

238 American Funds Insurance Series

Managed Risk International Fund
Investment portfolio June 30, 2022	unaudited

Growth funds 84.30%	Shares		Value (000)
American Funds Insurance Series – International Fund, Class 1		7,388,186	$	112,079
Total growth funds (cost: $139,165,000)				112,079
Fixed income funds 9.50%
American Funds Insurance Series – The Bond Fund of America, Class 1		1,272,621		12,624
Total fixed income funds (cost: $13,864,000)				12,624
Short-term securities 3.12%
State Street Institutional U.S. Government Money Market Fund, Premier Class 0.74%1		4,144,493		4,144
Total short-term securities (cost: $4,144,000)				4,144
Options purchased 0.44%
Options purchased*				591
Total options purchased (cost: $200,000)				591
Total investment securities 97.36% (cost: $157,373,000)				129,438
Other assets less liabilities 2.64%				3,512
Net assets 100.00%			$	132,950

*Options purchased

Put

Description	Number of contracts	Notional amount (000)		Exercise price		Expiration date	Value at 6/30/2022 (000)
iShares MSCI EAFE ETF	2,050	USD	12,811	$	45.00	12/16/2022		$	505
iShares MSCI EAFE ETF	780		4,874		50.00	12/16/2022			75
iShares MSCI EAFE ETF	120		750		53.00	12/16/2022			11
								$	591

Futures contracts

Contracts	Type	Number of contracts	Expiration	Notional amount (000)			Value and unrealized (depreciation) appreciation at 6/30/2022 (000)
5 Year U.S. Treasury Note Futures	Long	57	September 2022	USD	6,398			$	(48	)
S&P 500 E-mini Index Contracts	Short	75	September 2022		(14,211	)			479
Mini MSCI Emerging Market Index Contracts	Short	545	September 2022		(27,323	)			187
MSCI EAFE Index Contracts	Short	381	September 2022		(35,368	)			470
								$	1,088

American Funds Insurance Series 239

Managed Risk International Fund (continued)

Investments in affiliates²

	Value of affiliates at 1/1/2022 (000)		Additions (000)		Reductions (000)		Net realized gain (loss) (000)			Net unrealized depreciation (000)			Value of affiliates at 6/30/2022 (000)		Dividend income (000)		Capital gain distributions received (000)
Growth funds 84.30%
American Funds Insurance Series – International Fund, Class 1	$	136,987	$	65,776	$	43,290	$	4,856		$	(52,250	)	$	112,079	$	570	$	16,110
Fixed income funds 9.50%
American Funds Insurance Series – The Bond Fund of America, Class 1		16,071		6,973		8,612		(1,234	)		(574	)		12,624		82		160
Total 93.80%							$	3,622		$	(52,824	)	$	124,703	$	652	$	16,270

1	Rate represents the seven-day yield at 6/30/2022.
2	Part of the same “group of investment companies” as the fund as defined under the Investment Company Act of 1940, as amended.

Refer to the notes to financial statements.

240 American Funds Insurance Series

Managed Risk Washington Mutual Investors Fund
Investment portfolio June 30, 2022	unaudited

Growth-and-income funds 84.30%	Shares		Value (000)
American Funds Insurance Series – Washington Mutual Investors Fund, Class 1		22,117,771	$	271,164
Total growth-and-income funds (cost: $303,250,000)				271,164
Fixed income funds 9.49%
American Funds Insurance Series – U.S. Government Securities Fund, Class 1		2,829,677		30,532
Total fixed income funds (cost: $32,271,000)				30,532
Short-term securities 2.91%
State Street Institutional U.S. Government Money Market Fund, Premier Class 0.74%1		9,354,161		9,354
Total short-term securities (cost: $9,354,000)				9,354
Options purchased 0.26%
Options purchased*				842
Total options purchased (cost: $873,000)				842
Total investment securities 96.96% (cost: $345,748,000)				311,892
Other assets less liabilities 3.04%				9,777
Net assets 100.00%			$	321,669

*Options purchased

Put

Description	Number of contracts	Notional amount (000)		Exercise price		Expiration date	Value at 6/30/2022 (000)
S&P 500 Index	175	USD	66,244	$	2,500.00	12/16/2022		$	462
S&P 500 Index	15		5,678		2,650.00	12/16/2022			50
S&P 500 Index	45		17,034		2,675.00	12/16/2022			155
S&P 500 Index	45		17,035		2,725.00	12/16/2022			175
								$	842

Futures contracts

Contracts	Type	Number of contracts	Expiration	Notional amount (000)			Value and unrealized (depreciation) appreciation at 6/30/2022 (000)
5 Year U.S. Treasury Note Futures	Long	196	September 2022	USD	22,001			$	(70	)
Euro Stoxx 50 Index Contracts	Short	73	September 2022		(2,632	)			117
Euro Currency Contracts	Short	22	September 2022		(2,898	)			60
S&P Mid 400 E-mini Index Contracts	Short	13	September 2022		(2,949	)			165
FTSE 100 Index Contracts	Short	44	September 2022		(3,814	)			3
British Pound Currency Contracts	Short	53	September 2022		(4,041	)			84
S&P 500 E-mini Index Contracts	Short	725	September 2022		(137,369	)			3,489
								$	3,848

American Funds Insurance Series 241

Managed Risk Washington Mutual Investors Fund (continued)

Investments in affiliates²

	Value of affiliates at 1/1/2022 (000)		Additions (000)		Reductions (000)		Net realized gain (loss) (000)			Net unrealized (depreciation) appreciation (000)			Value of affiliates at 6/30/2022 (000)		Dividend income (000)		Capital gain distributions received (000)
Growth-and-income funds 84.30%
American Funds Insurance Series – Washington Mutual Investors Fund, Class 1	$	315,947	$	152,592	$	96,114	$	34,867		$	(136,128	)	$	271,164	$	1,303	$	61,850
Fixed income funds 9.49%
American Funds Insurance Series – U.S. Government Securities Fund, Class 1		37,066		18,005		21,805		(4,107	)		1,373			30,532		156		—
Total 93.79%							$	30,760		$	(134,755	)	$	301,696	$	1,459	$	61,850

1	Rate represents the seven-day yield at 6/30/2022.
2	Part of the same “group of investment companies” as the fund as defined under the Investment Company Act of 1940, as amended.

Refer to the notes to financial statements.

242 American Funds Insurance Series

Managed Risk Growth-Income Fund
Investment portfolio June 30, 2022	unaudited

Growth-and-income funds 79.27%	Shares		Value (000)
American Funds Insurance Series – Growth-Income Fund, Class 1		35,443,702	$	1,729,298
Total growth-and-income funds (cost: $1,797,473,000)				1,729,298
Fixed income funds 14.36%
American Funds Insurance Series – The Bond Fund of America, Class 1		31,586,778		313,341
Total fixed income funds (cost: $350,338,000)				313,341
Short-term securities 2.61%
State Street Institutional U.S. Government Money Market Fund, Premier Class 0.74%1		57,022,564		57,023
Total short-term securities (cost: $57,023,000)				57,023
Options purchased 0.53%
Options purchased*				11,543
Total options purchased (cost: $10,612,000)				11,543
Total investment securities 96.77% (cost: $2,215,446,000)				2,111,205
Other assets less liabilities 3.23%				70,515
Net assets 100.00%			$	2,181,720

*Options purchased

Put

Description	Number of contracts	Notional amount (000)		Exercise price		Expiration date	Value at 6/30/2022 (000)
S&P 500 Index	20	USD	7,571	$	2,950.00	9/16/2022		$	37
S&P 500 Index	640		242,264		2,975.00	9/16/2022			1,318
S&P 500 Index	170		64,351		3,000.00	9/16/2022			349
S&P 500 Index	14		5,299		3,025.00	9/16/2022			33
S&P 500 Index	100		37,854		2,650.00	12/16/2022			331
S&P 500 Index	500		189,269		2,675.00	12/16/2022			1,721
S&P 500 Index	440		166,557		2,725.00	12/16/2022			1,711
S&P 500 Index	325		123,025		2,800.00	12/16/2022			1,387
S&P 500 Index	100		37,854		2,825.00	12/16/2022			432
S&P 500 Index	200		75,708		2,850.00	12/16/2022			910
S&P 500 Index	450		170,342		2,875.00	12/16/2022			2,300
S&P 500 Index	200		75,708		2,900.00	12/16/2022			1,014
								$	11,543

American Funds Insurance Series 243

Managed Risk Growth-Income Fund (continued)

Futures contracts

Contracts	Type	Number of contracts	Expiration	Notional amount (000)			Value and unrealized (depreciation) appreciation at 6/30/2022 (000)
5 Year U.S. Treasury Note Futures	Long	1,458	September 2022	USD	163,661			$	(524	)
Russell 2000 Mini Index Contracts	Short	53	September 2022		(4,526	)			222
Mini MSCI Emerging Market Index Contracts	Short	384	September 2022		(19,252	)			(16	)
FTSE 100 Index Contracts	Short	304	September 2022		(26,352	)			54
Euro Stoxx 50 Index Contracts	Short	764	September 2022		(27,550	)			1,147
British Pound Currency Contracts	Short	366	September 2022		(27,905	)			528
Euro Currency Contracts	Short	228	September 2022		(30,034	)			529
S&P Mid 400 E-mini Index Contracts	Short	289	September 2022		(65,545	)			3,395
S&P 500 E-mini Index Contracts	Short	4,111	September 2022		(778,932	)			21,404
								$	26,739

Investments in affiliates²

	Value of affiliates at 1/1/2022 (000)		Additions (000)		Reductions (000)		Net realized gain (loss) (000)			Net unrealized depreciation (000)			Value of affiliates at 6/30/2022 (000)		Dividend income (000)		Capital gain distributions received (000)
Growth-and-income funds 79.27%
American Funds Insurance Series – Growth-Income Fund, Class 1	$	2,125,192	$	771,734	$	582,441	$	127,675		$	(712,862	)	$	1,729,298	$	5,619	$	175,737
Fixed income funds 14.36%
American Funds Insurance Series – The Bond Fund of America, Class 1		398,789		125,918		166,983		(21,794	)		(22,589	)		313,341		1,982		3,897
Total 93.63%							$	105,881		$	(735,451	)	$	2,042,639	$	7,601	$	179,634

1	Rate represents the seven-day yield at 6/30/2022.
2	Part of the same “group of investment companies” as the fund as defined under the Investment Company Act of 1940, as amended.

Refer to the notes to financial statements.

244 American Funds Insurance Series

Managed Risk Asset Allocation Fund
Investment portfolio June 30, 2022	unaudited

Asset allocation funds 94.58%	Shares		Value (000)
American Funds Insurance Series – Asset Allocation Fund, Class 1		98,871,249	$	2,167,258
Total asset allocation funds (cost: $2,302,803,000)				2,167,258
Short-term securities 3.03%
State Street Institutional U.S. Government Money Market Fund, Premier Class 0.74%1		69,465,936		69,466
Total short-term securities (cost: $69,466,000)				69,466
Options purchased 0.05%
Options purchased*				1,138
Total options purchased (cost: $2,257,000)				1,138
Total investment securities 97.66% (cost: $2,374,526,000)				2,237,862
Other assets less liabilities 2.34%				53,610
Net assets 100.00%			$	2,291,472

*Options purchased

Put

Description	Number of contracts	Notional amount (000)		Exercise price		Expiration date	Value at 6/30/2022 (000)
S&P 500 Index	530	USD	200,625	$	2,950.00	9/16/2022		$	975
S&P 500 Index	44		16,656		2,975.00	9/16/2022			91
S&P 500 Index	10		3,785		3,000.00	9/16/2022			21
S&P 500 Index	22		8,328		3,025.00	9/16/2022			51
								$	1,138

Futures contracts

Contracts	Type	Number of contracts	Expiration	Notional amount (000)			Value and unrealized (depreciation) appreciation at 6/30/2022 (000)
5 Year U.S. Treasury Note Futures	Long	1,133	September 2022	USD	127,179			$	(371	)
FTSE 100 Index Contracts	Short	90	September 2022		(7,802	)			12
British Pound Currency Contracts	Short	108	September 2022		(8,234	)			184
Russell 2000 Mini Index Contracts	Short	147	September 2022		(12,554	)			569
Mini MSCI Emerging Market Index Contracts	Short	432	September 2022		(21,658	)			65
Euro Stoxx 50 Index Contracts	Short	680	September 2022		(24,521	)			1,065
Euro Currency Contracts	Short	204	September 2022		(26,872	)			467
S&P Mid 400 E-mini Index Contracts	Short	318	September 2022		(72,122	)			3,725
S&P 500 E-mini Index Contracts	Short	3,537	September 2022		(670,173	)			17,854
								$	23,570

American Funds Insurance Series 245

Managed Risk Asset Allocation Fund (continued)

Investments in affiliates²

	Value of affiliate at 1/1/2022 (000)		Additions (000)		Reductions (000)		Net realized gain (000)		Net unrealized depreciation (000)			Value of affiliate at 6/30/2022 (000)		Dividend income (000)		Capital gain distributions received (000)
Asset allocation funds 94.58%
American Funds Insurance Series – Asset Allocation Fund, Class 1	$	2,678,055	$	699,143	$	565,128	$	66,785	$	(711,597	)	$	2,167,258	$	9,909	$	231,217

1	Rate represents the seven-day yield at 6/30/2022.
2	Part of the same “group of investment companies” as the fund as defined under the Investment Company Act of 1940, as amended.

Refer to the notes to financial statements.

246 American Funds Insurance Series

Financial statements
Statements of assets and liabilities at June 30, 2022	unaudited (dollars in thousands)

	Global Growth Fund			Global Small Capitalization Fund			Growth Fund		International Fund		New World Fund
Assets:
Investment securities, at value:
Unaffiliated issuers	$	6,231,978		$	2,663,432		$	29,568,273	$	5,942,975	$	2,872,337
Affiliated issuers		636,913			333,160			1,575,971		932,894		318,188
Cash		709			1,957			404		3,754		3,721
Cash collateral received for securities on loan		2,045			8,534			8,112		7,475		840
Cash collateral pledged for futures contracts		—			—			—		—		161
Cash collateral pledged for swap contracts		—			—			—		—		—
Cash denominated in currencies other than U.S. dollars		2,246			815			3,703		8,968		1,489
Unrealized appreciation on open forward currency contracts		—			—			—		—		40
Receivables for:
Sales of investments		1,248			12,647			15,451		6,109		15,910
Sales of fund’s shares		20,636			3,605			109,002		5,552		1,756
Dividends and interest		9,481			3,554			12,384		16,623		7,976
Closed forward currency contracts		—			—			—		—		—
Variation margin on futures contracts		—			—			—		—		103
Variation margin on centrally cleared swap contracts		—			—			—		—		—
Securities lending income		—	*		8			6		1		1
Currency translations		704			664			—		1,493		2,322
Other		—			—	*		—		—		60
		6,905,960			3,028,376			31,293,306		6,925,844		3,224,904
Liabilities:
Collateral for securities on loan		20,453			85,345			81,118		74,745		8,405
Unrealized depreciation on open forward currency contracts		—			—			—		—		1
Unrealized depreciation on unfunded commitments		—			—			—		—		—
Payables for:
Purchases of investments		847			13,472			14,075		3,609		15,875
Repurchases of fund’s shares		2,728			552			5,579		4,065		1,878
Investment advisory services		2,110			1,496			8,385		2,802		1,373
Insurance administrative fees		374			171			1,696		253		477
Services provided by related parties		966			505			4,482		945		397
Trustees’ deferred compensation		85			57			483		177		41
Closed forward currency contracts		—			—			—		—		—
Variation margin on futures contracts		—			—			—		—		167
Variation margin on centrally cleared swap contracts		—			—			—		—		—
Non-U.S. taxes		7,273			7,269			1,020		25,052		6,882
Other		378			258			297		582		409
		35,214			109,125			117,135		112,230		35,905
Net assets at June 30, 2022	$	6,870,746		$	2,919,251		$	31,176,171	$	6,813,614	$	3,188,999
Net assets consist of:
Capital paid in on shares of beneficial interest	$	4,728,897		$	2,668,735		$	20,318,538	$	6,622,057	$	2,724,606
Total distributable earnings (accumulated loss)		2,141,849			250,516			10,857,633		191,557		464,393
Net assets at June 30, 2022	$	6,870,746		$	2,919,251		$	31,176,171	$	6,813,614	$	3,188,999
Investment securities on loan, at value	$	27,348		$	96,178		$	78,405	$	71,916	$	14,516
Investment securities, at cost
Unaffiliated issuers		4,414,385			2,498,648			20,009,865		5,556,442		2,462,901
Affiliated issuers		637,028			325,716			1,576,195		933,018		318,233
Cash denominated in currencies other than U.S. dollars, at cost		2,249			815			3,703		8,960		1,489

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

Refer to the notes to financial statements.

American Funds Insurance Series 247

Financial statements (continued)
Statements of assets and liabilities at June 30, 2022 (continued)	unaudited (dollars in thousands)

	Washington Mutual Investors Fund		Capital World Growth and Income Fund			Growth- Income Fund			International Growth and Income Fund			Capital Income Builder
Assets:
Investment securities, at value:
Unaffiliated issuers	$	8,932,580	$	1,657,279		$	30,626,361		$	270,057		$	1,016,311
Affiliated issuers		405,537		82,938			2,302,880			22,012			132,263
Cash		1,246		136			882			205			1,213
Cash collateral received for securities on loan		5,562		1,544			17,836			141			1,403
Cash collateral pledged for futures contracts		—		—			—			—			—
Cash collateral pledged for swap contracts		—		—			—			—			—
Cash denominated in currencies other than U.S. dollars		—		282			1			551			144
Unrealized appreciation on open forward currency contracts		—		—			—			1			—
Receivables for:
Sales of investments		21,819		2,415			—			1,135			60,393
Sales of fund’s shares		2,005		705			14,620			100			4,153
Dividends and interest		5,767		4,918			43,557			1,824			4,117
Closed forward currency contracts		—		—			—			—			—
Variation margin on futures contracts		—		—			—			—			360
Variation margin on centrally cleared swap contracts		—		—			—			—			68
Securities lending income		2		—	*		12			—	*		1
Currency translations		1		264			—			—			—
Other		—		—			—			2			—
		9,374,519		1,750,481			33,006,149			296,028			1,220,426
Liabilities:
Collateral for securities on loan		55,623		15,435			178,358			1,413			14,030
Unrealized depreciation on open forward currency contracts		—		—			—			—			—
Unrealized depreciation on unfunded commitments		—		—			—			—			—
Payables for:
Purchases of investments		9,878		3,247			29,439			1,065			106,256
Repurchases of fund’s shares		6,753		377			15,313			332			1,090
Investment advisory services		1,835		540			7,120			116			199
Insurance administrative fees		707		124			1,057			76			343
Services provided by related parties		1,023		297			3,648			66			136
Trustees’ deferred compensation		99		25			535			14			7
Closed forward currency contracts		—		—			—			—			—
Variation margin on futures contracts		—		—			—			—			19
Variation margin on centrally cleared swap contracts		—		—			—			—			86
Non-U.S. taxes		110		664			1,513			74			613
Other		12		172			406			132			37
		76,040		20,881			237,389			3,288			122,816
Net assets at June 30, 2022	$	9,298,479	$	1,729,600		$	32,768,760		$	292,740		$	1,097,610
Net assets consist of:
Capital paid in on shares of beneficial interest	$	7,812,795	$	1,591,060		$	21,570,621		$	319,949		$	1,002,592
Total distributable earnings (accumulated loss)		1,485,684		138,540			11,198,139			(27,209	)		95,018
Net assets at June 30, 2022	$	9,298,479	$	1,729,600		$	32,768,760		$	292,740		$	1,097,610
Investment securities on loan, at value	$	81,124	$	16,355		$	171,950		$	2,221		$	13,384
Investment securities, at cost
Unaffiliated issuers		7,699,509		1,516,294			21,378,607			294,213			915,374
Affiliated issuers		405,592		82,945			2,303,148			22,014			137,500
Cash denominated in currencies other than U.S. dollars, at cost		—		282			—	*		551			144

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

Refer to the notes to financial statements.

248 American Funds Insurance Series

Financial statements (continued)
Statements of assets and liabilities at June 30, 2022 (continued)	unaudited (dollars in thousands)

	Asset Allocation Fund		American Funds Global Balanced Fund†			The Bond Fund of America			Capital World Bond Fund			American High-Income Trust
Assets:
Investment securities, at value:
Unaffiliated issuers	$	22,412,782	$	369,158		$	10,721,189		$	1,519,026		$	812,689
Affiliated issuers		3,754,317		12,688			2,002,964			100,175			22,060
Cash		2,723		87			10,237			658			497
Cash collateral received for securities on loan		5,530		400			—			—			—
Cash collateral pledged for futures contracts		—		—			—			—			149
Cash collateral pledged for swap contracts		—		—			—			—			891
Cash denominated in currencies other than U.S. dollars		662		67			—	*		1,599			—	*
Unrealized appreciation on open forward currency contracts		—		103			293			6,655			—
Receivables for:
Sales of investments		1,188,210		8,277			2,906,701			92,109			3,062
Sales of fund’s shares		3,466		384			4,586			125			166
Dividends and interest		66,983		1,673			63,679			10,132			13,847
Closed forward currency contracts		—		18			75			32			—
Variation margin on futures contracts		3,827		117			11,937			2,603			—
Variation margin on centrally cleared swap contracts		76		85			1,064			1,056			33
Securities lending income		3		—	*		—			—			—
Currency translations		20		—			14			—			—
Other		—		—			—			—			3
		27,438,599		393,057			15,722,739			1,734,170			853,397
Liabilities:
Collateral for securities on loan		55,304		4,005			—			—			—
Unrealized depreciation on open forward currency contracts		—		459			470			4,636			—
Unrealized depreciation on unfunded commitments		3		—			—			—	*		1
Payables for:
Purchases of investments		2,383,471		12,611			4,714,650			141,486			2,409
Repurchases of fund’s shares		13,987		73			30,770			2,607			631
Investment advisory services		5,603		138			1,475			568			193
Insurance administrative fees		3,473		75			583			37			49
Services provided by related parties		2,651		66			1,083			224			156
Trustees’ deferred compensation		306		4			126			26			33
Closed forward currency contracts		—		4			576			1,476			—
Variation margin on futures contracts		5,748		51			3,238			928			46
Variation margin on centrally cleared swap contracts		5		12			848			112			2
Non-U.S. taxes		2,863		52			12			72			—
Other		180		29			10			282			1
		2,473,594		17,579			4,753,841			152,454			3,521
Net assets at June 30, 2022	$	24,965,005	$	375,478		$	10,968,898		$	1,581,716		$	849,876
Net assets consist of:
Capital paid in on shares of beneficial interest	$	20,087,583	$	332,943		$	12,050,340		$	1,900,155		$	1,195,797
Total distributable earnings (accumulated loss)		4,877,422		42,535			(1,081,442	)		(318,439	)		(345,921	)
Net assets at June 30, 2022	$	24,965,005	$	375,478		$	10,968,898		$	1,581,716		$	849,876
Investment securities on loan, at value	$	53,318	$	3,814		$	—		$	—		$	—
Investment securities, at cost
Unaffiliated issuers		18,483,563		376,377			11,470,544			1,784,429			914,920
Affiliated issuers		4,024,178		12,688			2,003,265			100,186			22,062
Cash denominated in currencies other than U.S. dollars, at cost		662		67			—	*		1,567			—	*

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

Refer to the notes to financial statements.

American Funds Insurance Series 249

Financial statements (continued)
Statements of assets and liabilities at June 30, 2022 (continued)	unaudited (dollars in thousands)

	American Funds Mortgage Fund			Ultra-Short Bond Fund			U.S. Government Securities Fund			Managed Risk Growth Fund		Managed Risk International Fund
Assets:
Investment securities, at value:
Unaffiliated issuers	$	138,373		$	416,230		$	2,213,282		$	19,464	$	4,735
Affiliated issuers		—			—			—			431,775		124,703
Cash		2,771			9,108			47,433			—		—
Cash collateral received for securities on loan		—			—			—			—		—
Cash collateral pledged for futures contracts		—			—			—			17,380		3,515
Cash collateral pledged for swap contracts		—			—			—			—		—
Cash denominated in currencies other than U.S. dollars		—			—			—			—		—
Unrealized appreciation on open forward currency contracts		—			—			—			—		—
Receivables for:
Sales of investments		90,181			—			816,236			—		167
Sales of fund’s shares		3			18			1,287			332		—	*
Dividends and interest		196			9			3,874			18		4
Closed forward currency contracts		—			—			—			—		—
Variation margin on futures contracts		171			—			5,437			2,853		464
Variation margin on centrally cleared swap contracts		—			—			1,379			—		—
Securities lending income		—			—			—			—		—
Currency translations		—			—			—			—		—
Other		—			—			—			—		—
		231,695			425,365			3,088,928			471,822		133,588
Liabilities:
Collateral for securities on loan		—			—			—			—		—
Unrealized depreciation on open forward currency contracts		—			—			—			—		—
Unrealized depreciation on unfunded commitments		—			—			—			—		—
Payables for:
Purchases of investments		138,358			—			1,436,179			228		334
Repurchases of fund’s shares		179			1,130			6,505			86		177
Investment advisory services		13			88			238			39		11
Insurance administrative fees		26			42			132			310		88
Services provided by related parties		21			86			329			94		27
Trustees’ deferred compensation		3			12			45			3		1
Closed forward currency contracts		—			—			—			—		—
Variation margin on futures contracts		21			—			2,583			50		—
Variation margin on centrally cleared swap contracts		20			—			1,490			—		—
Non-U.S. taxes		—			—			—			—		—
Other		1			—	*		2			—		—
		138,642			1,358			1,447,503			810		638
Net assets at June 30, 2022	$	93,053		$	424,007		$	1,641,425		$	471,012	$	132,950
Net assets consist of:
Capital paid in on shares of beneficial interest	$	99,468		$	424,284		$	1,766,549		$	468,687	$	155,472
Total distributable earnings (accumulated loss)		(6,415	)		(277	)		(125,124	)		2,325		(22,522	)
Net assets at June 30, 2022	$	93,053		$	424,007		$	1,641,425		$	471,012	$	132,950
Investment securities on loan, at value	$	—		$	—		$	—		$	—	$	—
Investment securities, at cost
Unaffiliated issuers		140,617			416,305			2,268,542			19,450		4,344
Affiliated issuers		—			—			—			555,457		153,029
Cash denominated in currencies other than U.S. dollars, at cost		—			—			—			—		—

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

Refer to the notes to financial statements.

250 American Funds Insurance Series

Financial statements (continued)
Statements of assets and liabilities at June 30, 2022 (continued)	unaudited (dollars in thousands)

	Managed Risk Washington Mutual Investors Fund		Managed Risk Growth- Income Fund		Managed Risk Asset Allocation Fund
Assets:
Investment securities, at value:
Unaffiliated issuers	$	10,196	$	68,566	$	70,604
Affiliated issuers		301,696		2,042,639		2,167,258
Cash		—		—		—
Cash collateral received for securities on loan		—		—		—
Cash collateral pledged for futures contracts		8,656		55,400		48,020
Cash collateral pledged for swap contracts		—		—		—
Cash denominated in currencies other than U.S. dollars		—		—		—
Unrealized appreciation on open forward currency contracts		—		—		—
Receivables for:
Sales of investments		151		17,100		833
Sales of fund’s shares		324		82		912
Dividends and interest		9		61		62
Closed forward currency contracts		—		—		—
Variation margin on futures contracts		1,434		9,296		7,885
Variation margin on centrally cleared swap contracts		—		—		—
Securities lending income		—		—		—
Currency translations		—		—		—
Other		—		—		—
		322,466		2,193,144		2,295,574
Liabilities:
Collateral for securities on loan		—		—		—
Unrealized depreciation on open forward currency contracts		—		—		—
Unrealized depreciation on unfunded commitments		—		—		—
Payables for:
Purchases of investments		304		—		408
Repurchases of fund’s shares		162		9,501		1,359
Investment advisory services		27		183		192
Insurance administrative fees		206		1,420		1,504
Services provided by related parties		64		57		473
Trustees’ deferred compensation		3		14		29
Closed forward currency contracts		—		—		—
Variation margin on futures contracts		31		249		137
Variation margin on centrally cleared swap contracts		—		—		—
Non-U.S. taxes		—		—		—
Other		—		—		—
		797		11,424		4,102
Net assets at June 30, 2022	$	321,669	$	2,181,720	$	2,291,472
Net assets consist of:
Capital paid in on shares of beneficial interest	$	310,223	$	1,998,424	$	2,131,911
Total distributable earnings (accumulated loss)		11,446		183,296		159,561
Net assets at June 30, 2022	$	321,669	$	2,181,720	$	2,291,472
Investment securities on loan, at value	$	—	$	—	$	—
Investment securities, at cost
Unaffiliated issuers		10,227		67,635		71,723
Affiliated issuers		335,521		2,147,811		2,302,803
Cash denominated in currencies other than U.S. dollars, at cost		—		—		—

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

Refer to the notes to financial statements.

American Funds Insurance Series 251

Financial statements (continued)
Statements of assets and liabilities at June 30, 2022 (continued)	unaudited (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	$	3,071,738	$	914,638	$	13,552,095	$	3,225,915	$	1,674,369
	Shares outstanding		105,650		58,560		176,909		212,710		76,062
	Net asset value per share	$	29.07	$	15.62	$	76.61	$	15.17	$	22.01
Class 1A:	Net assets	$	13,704	$	3,963	$	173,259	$	9,994	$	9,456
	Shares outstanding		474		257		2,283		663		432
	Net asset value per share	$	28.92	$	15.43	$	75.90	$	15.08	$	21.89
Class 2:	Net assets	$	3,232,769	$	1,751,492	$	14,922,706	$	3,195,094	$	790,334
	Shares outstanding		112,728		118,728		197,300		211,908		36,381
	Net asset value per share	$	28.68	$	14.75	$	75.63	$	15.08	$	21.72
Class 3:	Net assets					$	197,873	$	15,712
	Shares outstanding		Not applicable		Not applicable		2,559		1,033		Not applicable
	Net asset value per share					$	77.33	$	15.20
Class 4:	Net assets	$	552,535	$	249,158	$	2,330,238	$	366,899	$	714,840
	Shares outstanding		19,465		16,897		31,566		24,733		33,206
	Net asset value per share	$	28.39	$	14.75	$	73.82	$	14.83	$	21.53

		Washington Mutual Investors Fund		Capital World Growth and Income Fund		Growth- Income Fund		International Growth and Income Fund		Capital Income Builder
Shares of beneficial interest issued and outstanding (no stated par value) — unlimited shares authorized
Class 1:	Net assets	$	5,471,389	$	551,274	$	19,411,798	$	12,468	$	553,316
	Shares outstanding		446,456		48,641		397,825		1,422		50,880
	Net asset value per share	$	12.26	$	11.33	$	48.79	$	8.77	$	10.87
Class 1A:	Net assets	$	56,598	$	5,728	$	27,222	$	4,311	$	9,489
	Shares outstanding		4,660		509		561		505		873
	Net asset value per share	$	12.15	$	11.26	$	48.48	$	8.54	$	10.86
Class 2:	Net assets	$	2,775,264	$	991,352	$	11,635,400	$	163,644	$	11,854
	Shares outstanding		230,859		87,806		242,284		19,183		1,091
	Net asset value per share	$	12.02	$	11.29	$	48.02	$	8.53	$	10.87
Class 3:	Net assets					$	126,119
	Shares outstanding		Not applicable		Not applicable		2,581		Not applicable		Not applicable
	Net asset value per share					$	48.87
Class 4:	Net assets	$	995,228	$	181,246	$	1,568,221	$	112,317	$	522,951
	Shares outstanding		83,648		16,461		33,169		13,374		48,191
	Net asset value per share	$	11.90	$	11.01	$	47.28	$	8.40	$	10.85

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

Refer to the notes to financial statements.

252 American Funds Insurance Series

Financial statements (continued)
Statements of assets and liabilities at June 30, 2022 (continued)	unaudited (dollars and shares in thousands, except per-share amounts)

		Asset Allocation Fund		American  Funds  Global  Balanced  Fund†		The Bond Fund of America		Capital World Bond Fund		American High-Income Trust
Shares of beneficial interest issued and outstanding (no stated par value) — unlimited shares authorized
Class 1:	Net assets	$	15,266,002	$	98,957	$	6,877,449	$	707,799	$	228,487
	Shares outstanding		696,452		8,074		693,170		72,900		25,889
	Net asset value per share	$	21.92	$	12.26	$	9.92	$	9.71	$	8.83
Class 1A:	Net assets	$	21,109	$	2,586	$	200,199	$	1,204	$	1,157
	Shares outstanding		968		212		20,303		125		132
	Net asset value per share	$	21.81	$	12.21	$	9.86	$	9.67	$	8.79
Class 2:	Net assets	$	4,341,707	$	162,176	$	3,092,284	$	817,261	$	540,450
	Shares outstanding		200,876		13,276		316,453		84,949		62,576
	Net asset value per share	$	21.61	$	12.22	$	9.77	$	9.62	$	8.64
Class 3:	Net assets	$	29,083							$	8,556
	Shares outstanding		1,326		Not applicable		Not applicable		Not applicable		965
	Net asset value per share	$	21.94							$	8.86
Class 4:	Net assets	$	5,307,104	$	111,759	$	798,966	$	55,452	$	71,226
	Shares outstanding		247,514		9,266		82,157		5,833		7,491
	Net asset value per share	$	21.44	$	12.06	$	9.72	$	9.51	$	9.51

		American Funds Mortgage Fund		Ultra-Short Bond Fund		U.S. Government Securities Fund		Managed Risk Growth Fund			Managed Risk International Fund
Shares of beneficial interest issued and outstanding (no stated par value) — unlimited shares authorized
Class 1:	Net assets	$	1,111	$	46,938	$	254,823
	Shares outstanding		112		4,162		23,613		Not applicable		Not applicable
	Net asset value per share	$	9.91	$	11.28	$	10.79
Class 1A:	Net assets	$	1,857	$	10	$	4,120
	Shares outstanding		190		1		384		Not applicable		Not applicable
	Net asset value per share	$	9.80	$	11.28	$	10.75
Class 2:	Net assets	$	50,207	$	297,166	$	1,169,880
	Shares outstanding		5,113		27,207		109,841		Not applicable		Not applicable
	Net asset value per share	$	9.82	$	10.92	$	10.65
Class 3:	Net assets			$	4,774	$	7,862
	Shares outstanding		Not applicable		431		727		Not applicable		Not applicable
	Net asset value per share			$	11.06	$	10.81
Class 4:	Net assets	$	39,878	$	75,119	$	204,740
	Shares outstanding		4,111		6,844		19,258		Not applicable		Not applicable
	Net asset value per share	$	9.70	$	10.98	$	10.63
Class P1:	Net assets							$	9,287	$	1,808
	Shares outstanding		Not applicable		Not applicable		Not applicable		781		209
	Net asset value per share							$	11.89	$	8.65
Class P2:	Net assets							$	461,725	$	131,142
	Shares outstanding		Not applicable		Not applicable		Not applicable		39,177		15,232
	Net asset value per share							$	11.79	$	8.61

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

Refer to the notes to financial statements.

American Funds Insurance Series 253

Financial statements (continued)
Statements of assets and liabilities at June 30, 2022 (continued)	unaudited (dollars and shares in thousands, except per-share amounts)

		Managed Risk Washington Mutual Investors Fund		Managed Risk Growth- Income Fund		Managed Risk Asset Allocation Fund
Shares of beneficial interest issued and outstanding (no stated par value) — unlimited shares authorized
Class P1:	Net assets	$	2,623	$	1,904,828	$	6,706
	Shares outstanding		226		148,869		538
	Net asset value per share	$	11.58	$	12.80	$	12.46
Class P2:	Net assets	$	319,046	$	276,892	$	2,284,766
	Shares outstanding		27,707		21,780		188,687
	Net asset value per share	$	11.51	$	12.71	$	12.11

*	Amount less than one thousand.
†	Formerly Global Balanced Fund.

Refer to the notes to financial statements.

254 American Funds Insurance Series

Financial statements (continued)
Statements of operations for the six months ended June 30, 2022	unaudited (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	$	52,619		$	15,408		$	151,429		$	86,055		$	36,438
Affiliated issuers		1,427			606			3,145			1,992			640
		54,046			16,014			154,574			88,047			37,078
Interest from unaffiliated issuers		—			24			896			—			3,562
European Union withholding tax reclaims		353			—			318			—			175
Interest from European Union withholding tax reclaims		64			—			22			—			14
Securities lending income (net of fees)		66			983			387			904			148
		54,529			17,021			156,197			88,951			40,977
Fees and expenses1:
Investment advisory services		19,510			11,933			57,724			19,156			11,907
Distribution services		5,450			2,948			26,226			5,107			2,120
Insurance administrative services		802			367			3,580			530			1,006
Transfer agent services		1			—	2		3			1			—	2
Administrative services		1,187			522			5,575			1,169			544
Accounting and administrative services		—			—			—			—			—
Reports to shareholders		41			24			125			48			16
Registration statement and prospectus		14			10			100			41			10
Trustees’ compensation		2			2			12			2			1
Auditing and legal		16			34			33			28			49
Custodian		425			239			210			702			411
Other		4			28			18			4			27
Total fees and expenses before waivers/reimbursement		27,452			16,107			93,606			26,788			16,091
Less waivers/reimbursement of fees and expenses:
Investment advisory services waivers		1,313			259			1			—			2,654
Miscellaneous fee reimbursement		—			—			—			—			—
Total waivers/reimbursement of fees and expenses		1,313			259			1			—			2,654
Total fees and expenses after waivers/reimbursement		26,139			15,848			93,605			26,788			13,437
Net investment income (loss)		28,390			1,173			62,592			62,163			27,540
Net realized gain (loss) and unrealized depreciation:
Net realized gain (loss)1 on:
Investments in:
Unaffiliated issuers		310,668			86,912			1,244,591			(205,118	)		56,774
Affiliated issuers		(20	)		6			1			20			(9	)
Futures contracts		—			—			—			—			202
Forward currency contracts		—			—			—			—			298
Swap contracts		—			—			—			—			—
Currency transactions		(1,052	)		(25	)		73			(1,170	)		82
Capital gain distributions received from affiliated issuers		—			—			—			—			—
		309,596			86,893			1,244,665			(206,268	)		57,347
Net unrealized (depreciation) appreciation1 on:
Investments in:
Unaffiliated issuers		(3,004,456	)		(1,445,472	)		(14,552,959	)		(1,849,354	)		(1,088,052	)
Affiliated issuers		(159	)		(18,993	)		(420	)		(230	)		(61	)
Futures contracts		—			—			—			—			78
Forward currency contracts		—			—			—			—			59
Swap contracts		—			—			—			—			—
Currency translations		221			520			(56	)		1,077			300
		(3,004,394	)		(1,463,945	)		(14,553,435	)		(1,848,507	)		(1,087,676	)
Net realized gain (loss) and unrealized depreciation		(2,694,798	)		(1,377,052	)		(13,308,770	)		(2,054,775	)		(1,030,329	)
Net decrease in net assets resulting from operations	$	(2,666,408	)	$	(1,375,879	)	$	(13,246,178	)	$	(1,992,612	)	$	(1,002,789	)

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

Refer to the notes to financial statements.

American Funds Insurance Series 255

Financial statements (continued)
Statements of operations for the six months ended June 30, 2022 (continued)	unaudited (dollars in thousands)

	Washington Mutual Investors Fund			Capital World Growth and Income Fund				Growth- Income Fund			International Growth and Income Fund			Capital Income Builder
Investment income:
Income (net of non-U.S. taxes1):
Dividends:
Unaffiliated issuers	$	115,274		$	30,016			$	300,024		$	7,332		$	17,853
Affiliated issuers		823			172				4,194			52			587
		116,097			30,188				304,218			7,384			18,440
Interest from unaffiliated issuers		—			71				1,023			—			2,310
European Union withholding tax reclaims		—			—				3,322			430			—
Interest from European Union withholding tax reclaims		—			—				292			35			—
Securities lending income (net of fees)		190			103				572			11			50
		116,287			30,362				309,427			7,860			20,800
Fees and expenses1:
Investment advisory services		19,627			5,497				46,863			1,023			2,446
Distribution services		5,174			1,697				18,949			383			698
Insurance administrative services		1,479			260				2,207			158			695
Transfer agent services		1			—	2			3			—	2		—	2
Administrative services		1,546			297				5,574			49			169
Accounting and administrative services		—			—		��		—			—			—
Reports to shareholders		24			13				118			3			4
Registration statement and prospectus		24			3				73			1			1
Trustees’ compensation		1			—	2			8			1			—	2
Auditing and legal		7			19				36			20			17
Custodian		174			195				241			1			42
Other		4			1				17			—	2		1
Total fees and expenses before waivers/reimbursement		28,061			7,982				74,089			1,639			4,073
Less waivers/reimbursement of fees and expenses:
Investment advisory services waivers		7,920			1,907				—			281			1,206
Miscellaneous fee reimbursement		—			—				—			—			—
Total waivers/reimbursement of fees and expenses		7,920			1,907				—			281			1,206
Total fees and expenses after waivers/reimbursement		20,141			6,075				74,089			1,358			2,867
Net investment income (loss)		96,146			24,287				235,338			6,502			17,933
Net realized gain (loss) and unrealized depreciation:
Net realized gain (loss)1 on:
Investments in:
Unaffiliated issuers		164,986			(23,930	)			1,718,892			(8,722	)		10,932
Affiliated issuers		(19	)		(13	)			(29	)		(2	)		(4	)
Futures contracts		—			—				—			—			(3,291	)
Forward currency contracts		—			—				—			—			6
Swap contracts		—			—				—			—			1,590
Currency transactions		(14	)		48				(662	)		(40	)		24
Capital gain distributions received from affiliated issuers		—			—				—			—			—
		164,953			(23,895	)			1,718,201			(8,764	)		9,257
Net unrealized (depreciation) appreciation1 on:
Investments in:
Unaffiliated issuers		(1,682,419	)		(467,259	)			(10,132,517	)		(67,920	)		(135,663	)
Affiliated issuers		(96	)		(7	)			(465	)		(6	)		(4,757	)
Futures contracts		—			—				—			—			(1,259	)
Forward currency contracts		—			—				—			1			(2	)
Swap contracts		—			—				—			—			(39	)
Currency translations		(6	)		(116	)			(290	)		(119	)		(34	)
		(1,682,521	)		(467,382	)			(10,133,272	)		(68,044	)		(141,754	)
Net realized gain (loss) and unrealized depreciation		(1,517,568	)		(491,277	)			(8,415,071	)		(76,808	)		(132,497	)
Net decrease in net assets resulting from operations	$	(1,421,422	)	$	(466,990	)		$	(8,179,733	)	$	(70,306	)	$	(114,564	)

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

Refer to the notes to financial statements.

256 American Funds Insurance Series

Financial statements (continued)
Statements of operations for the six months ended June 30, 2022 (continued)	unaudited (dollars in thousands)

	Asset Allocation Fund			American Funds Global Balanced Fund3			The Bond Fund of America			Capital World Bond Fund			American High-Income Trust
Investment income:
Income (net of non-U.S. taxes1):
Dividends:
Unaffiliated issuers	$	200,577		$	3,865		$	—		$	57		$	1,489
Affiliated issuers		25,018			41			3,972			255			68
		225,595			3,906			3,972			312			1,557
Interest from unaffiliated issuers		88,223			1,397			171,964			24,488			26,212
European Union withholding tax reclaims		32			—			—			—			—
Interest from European Union withholding tax reclaims		9			—			—			—			—
Securities lending income (net of fees)		143			3			—			—			—
		314,002			5,306			175,936			24,800			27,769
Fees and expenses1:
Investment advisory services		36,448			1,233			20,827			4,458			2,176
Distribution services		13,348			383			5,248			1,208			874
Insurance administrative services		7,262			158			1,128			77			103
Transfer agent services		2			—	2		1			—	2		—	2
Administrative services		4,146			62			1,753			265			142
Accounting and administrative services		—			—			—			—			—
Reports to shareholders		59			3			38			13			11
Registration statement and prospectus		35			—	2		203			3			1
Trustees’ compensation		4			—	2		2			1			—	2
Auditing and legal		25			4			9			3			3
Custodian		466			24			41			51			7
Other		12			—	2		5			1			8
Total fees and expenses before waivers/reimbursement		61,807			1,867			29,255			6,080			3,325
Less waivers/reimbursement of fees and expenses:
Investment advisory services waivers		—			7			11,103			611			826
Miscellaneous fee reimbursement		—			—			—			—			—
Total waivers/reimbursement of fees and expenses		—			7			11,103			611			826
Total fees and expenses after waivers/reimbursement		61,807			1,860			18,152			5,469			2,499
Net investment income (loss)		252,195			3,446			157,784			19,331			25,270
Net realized gain (loss) and unrealized depreciation:
Net realized gain (loss)1 on:
Investments in:
Unaffiliated issuers		945,041			48,478			(388,051	)		(40,223	)		(13,976	)
Affiliated issuers		(14,361	)		(2	)		(83	)		(10	)		(4	)
Futures contracts		52,273			367			(59,525	)		(3,835	)		1,276
Forward currency contracts		—			(537	)		1,385			(15,990	)		—
Swap contracts		159			246			28,306			2,059			326
Currency transactions		3,697			(206	)		29			(2,051	)		—
Capital gain distributions received from affiliated issuers		—			—			—			—			—
		986,809			48,346			(417,939	)		(60,050	)		(12,378	)
Net unrealized (depreciation) appreciation1 on:
Investments in:
Unaffiliated issuers		(5,810,235	)		(125,952	)		(1,015,396	)		(272,356	)		(139,349	)
Affiliated issuers		(234,524	)		—	2		(424	)		(23	)		(6	)
Futures contracts		18,346			(115	)		(14,940	)		(1,107	)		284
Forward currency contracts		—			(167	)		178			1,537			—
Swap contracts		1,896			(488	)		30,052			(2,288	)		414
Currency translations		(52	)		(14	)		(8	)		60			—
		(6,024,569	)		(126,736	)		(1,000,538	)		(274,177	)		(138,657	)
Net realized gain (loss) and unrealized depreciation		(5,037,760	)		(78,390	)		(1,418,477	)		(334,227	)		(151,035	)
Net decrease in net assets resulting from operations	$	(4,785,565	)	$	(74,944	)	$	(1,260,693	)	$	(314,896	)	$	(125,765	)

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

Refer to the notes to financial statements.

American Funds Insurance Series 257

Financial statements (continued)
Statements of operations for the six months ended June 30, 2022 (continued)	unaudited (dollars in thousands)

	American Funds Mortgage Fund			Ultra-Short Bond Fund			U.S. Government Securities Fund			Managed Risk Growth Fund			Managed Risk International Fund
Investment income:
Income (net of non-U.S. taxes1):
Dividends:
Unaffiliated issuers	$	—		$	—		$	—		$	34		$	8
Affiliated issuers		—			—			—			844			652
		—			—			—			878			660
Interest from unaffiliated issuers		886			912			26,161			—			—
European Union withholding tax reclaims		—			—			—			—			—
Interest from European Union withholding tax reclaims		—			—			—			—			—
Securities lending income (net of fees)		—			—			—			—			—
		886			912			26,161			878			660
Fees and expenses1:
Investment advisory services		216			554			3,040			390			110
Distribution services		118			410			1,861			637			180
Insurance administrative services		53			77			276			650			183
Transfer agent services		—	2		—	2		—	2		—	2		—	2
Administrative services		17			56			268			—			—
Accounting and administrative services		—			—			—			27			23
Reports to shareholders		3			3			11			2			1
Registration statement and prospectus		—	2		—	2		3			—	2		—	2
Trustees’ compensation		—	2		—	2		1			—	2		—	2
Auditing and legal		—	2		—	2		1			—	2		—	2
Custodian		6			—	2		10			3			3
Other		—	2		—	2		1			—	2		—	2
Total fees and expenses before waivers/reimbursement		413			1,100			5,472			1,709			500
Less waivers/reimbursement of fees and expenses:
Investment advisory services waivers		104			—			1,318			130			37
Miscellaneous fee reimbursement		—			—			—			—			1
Total waivers/reimbursement of fees and expenses		104			—			1,318			130			38
Total fees and expenses after waivers/reimbursement		309			1,100			4,154			1,579			462
Net investment income (loss)		577			(188	)		22,007			(701	)		198
Net realized gain (loss) and unrealized depreciation:
Net realized gain (loss)1 on:
Investments in:
Unaffiliated issuers		(6,398	)		—			(66,161	)		(3,451	)		(910	)
Affiliated issuers		—			—			—			43,095			3,622
Futures contracts		(1,437	)		—			(24,700	)		14,927			5,625
Forward currency contracts		—			—			—			—			—
Swap contracts		3,125			—			21,128			—			—
Currency transactions		—			—			—			(84	)		—	2
Capital gain distributions received from affiliated issuers		—			—			—			60,533			16,270
		(4,710	)		—			(69,733	)		115,020			24,607
Net unrealized (depreciation) appreciation1 on:
Investments in:
Unaffiliated issuers		(3,005	)		(77	)		(73,958	)		1,424			948
Affiliated issuers		—			—			—			(261,533	)		(52,824	)
Futures contracts		(98	)		—			(6,365	)		11,562			1,471
Forward currency contracts		—			—			—			—			—
Swap contracts		(1,705	)		—			(9,288	)		—			—
Currency translations		—			—			—			—			—
		(4,808	)		(77	)		(89,611	)		(248,547	)		(50,405	)
Net realized gain (loss) and unrealized depreciation		(9,518	)		(77	)		(159,344	)		(133,527	)		(25,798	)
Net decrease in net assets resulting from operations	$	(8,941	)	$	(265	)	$	(137,337	)	$	(134,228	)	$	(25,600	)

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

Refer to the notes to financial statements.

258 American Funds Insurance Series

Financial statements (continued)
Statements of operations for the six months ended June 30, 2022 (continued)	unaudited (dollars in thousands)

	Managed Risk Washington Mutual Investors Fund			Managed Risk Growth- Income Fund			Managed Risk Asset Allocation Fund
Investment income:
Income (net of non-U.S. taxes1):
Dividends:
Unaffiliated issuers	$	19		$	133		$	139
Affiliated issuers		1,459			7,601			9,909
		1,478			7,734			10,048
Interest from unaffiliated issuers		—			—			—
European Union withholding tax reclaims		—			—			—
Interest from European Union withholding tax reclaims		—			—			—
Securities lending income (net of fees)		—			—			—
		1,478			7,734			10,048
Fees and expenses1:
Investment advisory services		255			1,785			1,883
Distribution services		423			376			3,130
Insurance administrative services		426			2,976			3,139
Transfer agent services		—	2		—	2		—	2
Administrative services		—			—			—
Accounting and administrative services		24			45			46
Reports to shareholders		2			5			6
Registration statement and prospectus		—	2		1			3
Trustees’ compensation		—	2		—	2		—	2
Auditing and legal		—	2		2			2
Custodian		3			3			3
Other		—	2		1			1
Total fees and expenses before waivers/reimbursement		1,133			5,194			8,213
Less waivers/reimbursement of fees and expenses:
Investment advisory services waivers		85			596			629
Miscellaneous fee reimbursement		—			—			—
Total waivers/reimbursement of fees and expenses		85			596			629
Total fees and expenses after waivers/reimbursement		1,048			4,598			7,584
Net investment income (loss)		430			3,136			2,464
Net realized gain (loss) and unrealized depreciation:
Net realized gain (loss)1 on:
Investments in:
Unaffiliated issuers		(2,423	)		(28,252	)		(3,697	)
Affiliated issuers		30,760			105,881			66,785
Futures contracts		4,515			7,863			(8,961	)
Forward currency contracts		—			—			—
Swap contracts		—			—			—
Currency transactions		(41	)		(269	)		(189	)
Capital gain distributions received from affiliated issuers		61,850			179,634			231,217
		94,661			264,857			285,155
Net unrealized (depreciation) appreciation1 on:
Investments in:
Unaffiliated issuers		1,000			19,619			781
Affiliated issuers		(134,755	)		(735,451	)		(711,597	)
Futures contracts		3,951			27,427			23,811
Forward currency contracts		—			—			—
Swap contracts		—			—			—
Currency translations		—			—			—
		(129,804	)		(688,405	)		(687,005	)
Net realized gain (loss) and unrealized depreciation		(35,143	)		(423,548	)		(401,850	)
Net decrease in net assets resulting from operations	$	(34,713	)	$	(420,412	)	$	(399,386	)

1	Additional information related to non-U.S. taxes and class-specific fees and expenses is included in the notes to financial statements.
2	Amount less than one thousand.
3	Formerly Global Balanced Fund.

Refer to the notes to financial statements.

American Funds Insurance Series 259

Financial statements (continued)
Statements of changes in net assets	(dollars in thousands)

	Global Growth Fund						Global Small Capitalization Fund						Growth Fund
	Six months ended June 30, 20221			Year ended December 31, 2021			Six months ended June 30, 20221			Year ended December 31, 2021			Six months ended June 30, 20221			Year ended December 31, 2021
Operations:
Net investment income (loss)	$	28,390		$	36,408		$	1,173		$	(11,335	)	$	62,592		$	87,664
Net realized gain (loss)		309,596			846,935			86,893			1,098,836			1,244,665			5,061,178
Net unrealized (depreciation) appreciation		(3,004,394	)		485,952			(1,463,945	)		(710,657	)		(14,553,435	)		3,147,345
Net (decrease) increase in net assets resulting from operations		(2,666,408	)		1,369,295			(1,375,879	)		376,844			(13,246,178	)		8,296,187
Distributions paid to shareholders		(851,026	)		(486,343	)		(1,091,116	)		(123,155	)		(5,032,276	)		(5,437,958	)
Net capital share transactions		797,600			466,658			809,325			(989,509	)		4,048,879			3,623,473
Total (decrease) increase in net assets		(2,719,834	)		1,349,610			(1,657,670	)		(735,820	)		(14,229,575	)		6,481,702
Net assets:
Beginning of period		9,590,580			8,240,970			4,576,921			5,312,741			45,405,746			38,924,044
End of period	$	6,870,746		$	9,590,580		$	2,919,251		$	4,576,921		$	31,176,171		$	45,405,746

	International Fund						New World Fund						Washington Mutual Investors Fund
	Six months ended June 30, 20221			Year ended December 31, 2021			Six months ended June 30, 20221			Year ended December 31, 2021			Six months ended June 30, 20221			Year ended December 31, 2021
Operations:
Net investment income (loss)	$	62,163		$	147,317		$	27,540		$	32,010		$	96,146		$	173,016
Net realized gain (loss)		(206,268	)		1,273,483			57,347			318,018			164,953			2,286,033
Net unrealized (depreciation) appreciation		(1,848,507	)		(1,501,184	)		(1,087,676	)		(136,128	)		(1,682,521	)		81,431
Net (decrease) increase in net assets resulting from operations		(1,992,612	)		(80,384	)		(1,002,789	)		213,900			(1,421,422	)		2,540,480
Distributions paid to shareholders		(1,046,661	)		(249,096	)		(327,173	)		(185,700	)		(2,263,981	)		(166,149	)
Net capital share transactions		423,534			(832,025	)		71,517			176,091			1,518,745			(488,260	)
Total (decrease) increase in net assets		(2,615,739	)		(1,161,505	)		(1,258,445	)		204,291			(2,166,658	)		1,886,071
Net assets:
Beginning of period		9,429,353			10,590,858			4,447,444			4,243,153			11,465,137			9,579,066
End of period	$	6,813,614		$	9,429,353		$	3,188,999		$	4,447,444		$	9,298,479		$	11,465,137

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

Refer to the notes to financial statements.

260 American Funds Insurance Series

Financial statements (continued)
Statements of changes in net assets (continued)	(dollars in thousands)

	Capital World Growth and Income Fund						Growth-Income Fund						International Growth and Income Fund
	Six months ended June 30, 20221			Year ended December 31, 2021			Six months ended June 30, 20221			Year ended December 31, 2021			Six months ended June 30, 20221			Year ended December 31, 2021
Operations:
Net investment income (loss)	$	24,287		$	44,268		$	235,338		$	480,125		$	6,502		$	34,510
Net realized gain (loss)		(23,895	)		410,057			1,718,201			3,512,628			(8,764	)		357,845
Net unrealized (depreciation) appreciation		(467,382	)		(139,980	)		(10,133,272	)		4,888,658			(68,044	)		(342,815	)
Net (decrease) increase in net assets resulting from operations		(466,990	)		314,345			(8,179,733	)		8,881,411			(70,306	)		49,540
Distributions paid to shareholders		(421,092	)		(90,172	)		(3,562,421	)		(915,114	)		(145,919	)		(14,532	)
Net capital share transactions		234,027			(14,968	)		1,558,429			(3,505,347	)		130,423			(1,112,349	)
Total (decrease) increase in net assets		(654,055	)		209,205			(10,183,725	)		4,460,950			(85,802	)		(1,077,341	)
Net assets:
Beginning of period		2,383,655			2,174,450			42,952,485			38,491,535			378,542			1,455,883
End of period	$	1,729,600		$	2,383,655		$	32,768,760		$	42,952,485		$	292,740		$	378,542

	Capital Income Builder						Asset Allocation Fund						American Funds Global Balanced Fund2
	Six months ended June 30, 20221			Year ended December 31, 2021			Six months ended June 30, 20221			Year ended December 31, 2021			Six months ended June 30, 20221			Year ended December 31, 2021
Operations:
Net investment income (loss)	$	17,933		$	32,730		$	252,195		$	496,078		$	3,446		$	4,583
Net realized gain (loss)		9,257			44,998			986,809			2,982,523			48,346			24,122
Net unrealized (depreciation) appreciation		(141,754	)		81,302			(6,024,569	)		990,457			(126,736	)		17,602
Net (decrease) increase in net assets resulting from operations		(114,564	)		159,030			(4,785,565	)		4,469,058			(74,944	)		46,307
Distributions paid to shareholders		(11,814	)		(29,764	)		(2,842,521	)		(1,541,316	)		(2,232	)		(29,247	)
Net capital share transactions		79,461			(81,691	)		1,887,171			(1,879,473	)		(14,722	)		(4,816	)
Total (decrease) increase in net assets		(46,917	)		47,575			(5,740,915	)		1,048,269			(91,898	)		12,244
Net assets:
Beginning of period		1,144,527			1,096,952			30,705,920			29,657,651			467,376			455,132
End of period	$	1,097,610		$	1,144,527		$	24,965,005		$	30,705,920		$	375,478		$	467,376

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

Refer to the notes to financial statements.

American Funds Insurance Series 261

Financial statements (continued)
Statements of changes in net assets (continued)	(dollars in thousands)

	The Bond Fund of America						Capital World Bond Fund						American High-Income Trust
	Six months ended June 30, 20221			Year ended December 31, 2021			Six months ended June 30, 20221			Year ended December 31, 2021			Six months ended June 30, 20221			Year ended December 31, 2021
Operations:
Net investment income (loss)	$	157,784		$	215,953		$	19,331		$	42,586		$	25,270		$	47,176
Net realized gain (loss)		(417,939	)		129,232			(60,050	)		16,012			(12,378	)		7,485
Net unrealized (depreciation) appreciation		(1,000,538	)		(353,151	)		(274,177	)		(168,792	)		(138,657	)		21,386
Net (decrease) increase in net assets resulting from operations		(1,260,693	)		(7,966	)		(314,896	)		(110,194	)		(125,765	)		76,047
Distributions paid to shareholders		(192,664	)		(687,442	)		(30,830	)		(91,748	)		(9,523	)		(43,416	)
Net capital share transactions		(764,324	)		2,474,568			(157,566	)		(51,795	)		(67,271	)		152,225
Total (decrease) increase in net assets		(2,217,681	)		1,779,160			(503,292	)		(253,737	)		(202,559	)		184,856
Net assets:
Beginning of period		13,186,579			11,407,419			2,085,008			2,338,745			1,052,435			867,579
End of period	$	10,968,898		$	13,186,579		$	1,581,716		$	2,085,008		$	849,876		$	1,052,435

	American Funds Mortgage Fund						Ultra-Short Bond Fund						U.S. Government Securities Fund
	Six months ended June 30, 20221			Year ended December 31, 2021			Six months ended June 30, 20221			Year ended December 31, 2021			Six months ended June 30, 20221			Year ended December 31, 2021
Operations:
Net investment income (loss)	$	577		$	1,555		$	(188	)	$	(1,883	)	$	22,007		$	26,482
Net realized gain (loss)		(4,710	)		(90	)		—			—	5		(69,733	)		(5,219	)
Net unrealized (depreciation) appreciation		(4,808	)		(2,808	)		(77	)		(4	)		(89,611	)		(36,820	)
Net (decrease) increase in net assets resulting from operations		(8,941	)		(1,343	)		(265	)		(1,887	)		(137,337	)		(15,557	)
Distributions paid to shareholders		(499	)		(13,157	)		—			—			(7,653	)		(209,728	)
Net capital share transactions		(231,905	)		29,279			91,611			(41,201	)		(378,884	)		236,927
Total (decrease) increase in net assets		(241,345	)		14,779			91,346			(43,088	)		(523,874	)		11,642
Net assets:
Beginning of period		334,398			319,619			332,661			375,749			2,165,299			2,153,657
End of period	$	93,053		$	334,398		$	424,007		$	332,661		$	1,641,425		$	2,165,299

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

Refer to the notes to financial statements.

262 American Funds Insurance Series

Financial statements (continued)
Statements of changes in net assets (continued)	(dollars in thousands)

	Managed Risk Growth Fund						Managed Risk International Fund						Managed Risk Washington Mutual Investors Fund
	Six months ended June 30, 20221			Year ended December 31, 2021			Six months ended June 30, 20221			Year ended December 31, 2021			Six months ended June 30, 20221			Year ended December 31, 2021
Operations:
Net investment income (loss)	$	(701	)	$	(392	)	$	198		$	2,984		$	430		$	3,320
Net realized gain (loss)		115,020			93,312			24,607			654			94,661			15,848
Net unrealized (depreciation) appreciation		(248,547	)		(21,491	)		(50,405	)		(10,287	)		(129,804	)		38,411
Net (decrease) increase in net assets resulting from operations		(134,228	)		71,429			(25,600	)		(6,649	)		(34,713	)		57,579
Distributions paid to shareholders		(85,304	)		(27,384	)		(3,368	)		(931	)		(3,925	)		(6,019	)
Net capital share transactions		93,951			(11,898	)		583			(654	)		(12,730	)		(34,883	)
Total (decrease) increase in net assets		(125,581	)		32,147			(28,385	)		(8,234	)		(51,368	)		16,677
Net assets:
Beginning of period		596,593			564,446			161,335			169,569			373,037			356,360
End of period	$	471,012		$	596,593		$	132,950		$	161,335		$	321,669		$	373,037

	Managed Risk Growth-Income Fund						Managed Risk Asset Allocation Fund
	Six months ended June 30, 20221			Year ended December 31, 2021			Six months ended June 30, 20221			Year ended December 31, 2021
Operations:
Net investment income (loss)	$	3,136		$	23,938		$	2,464		$	29,121
Net realized gain (loss)		264,857			49,377			285,155			133,738
Net unrealized (depreciation) appreciation		(688,405	)		292,194			(687,005	)		169,648
Net (decrease) increase in net assets resulting from operations		(420,412	)		365,509			(399,386	)		332,507
Distributions paid to shareholders		(74,065	)		(68,168	)		(121,640	)		(38,227	)
Net capital share transactions		8,625			(64,385	)		(6,522	)		(254,031	)
Total (decrease) increase in net assets		(485,852	)		232,956			(527,548	)		40,249
Net assets:
Beginning of period		2,667,572			2,434,616			2,819,020			2,778,771
End of period	$	2,181,720		$	2,667,572		$	2,291,472		$	2,819,020

1	Unaudited.
2	Formerly Global Balanced Fund.
3	Amount less than one thousand.

Refer to the notes to financial statements.

American Funds Insurance Series 263

Notes to financial statements unaudited

1. Organization

American Funds Insurance Series (the “series”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end, diversified management investment company with 34 different funds (“the funds”), including 23 funds in the series covered in this report. The other 11 funds in the series are covered in separate reports. Six funds in the series are covered in the American Funds Insurance Series - Target Date Series report and five funds in the series are covered in the American Funds Insurance Series - Portfolio Series report. The assets of each fund are segregated, with each fund accounted for separately. Capital Research and Management Company (“CRMC”) is the series’ investment adviser. Milliman Financial Risk Management LLC (“Milliman FRM”) is the subadviser for the risk management strategy for eight of the funds (the “managed risk funds”), five of which are covered in this report.

The managed risk funds covered in this report are Managed Risk Growth Fund, Managed Risk International Fund, Managed Risk Washington Mutual Investors Fund, Managed Risk Growth-Income Fund and Managed Risk Asset Allocation Fund. The managed risk funds invest in other funds within the series (the “underlying funds”) and employ Milliman FRM to implement the risk management strategy, which consists of using hedging instruments — primarily exchange-traded options and futures contracts — to attempt to stabilize the volatility of the funds around target volatility levels and reduce the downside exposure of the funds during periods of significant market declines.

Shareholders approved a proposal to reorganize the series from a Massachusetts business trust to a Delaware statutory trust. The series reserved the right to delay implementing the reorganization and has elected to do so.

The investment objective(s) for each fund covered in this report are as follows:

Global Growth Fund — To provide long-term growth of capital.

Global Small Capitalization Fund — To provide long-term growth of capital.

Growth Fund — To provide growth of capital.

International Fund — To provide long-term growth of capital.

New World Fund — To provide long-term capital appreciation.

Washington Mutual Investors Fund — To produce income exceeding the average yield on U.S. stocks generally and to provide an opportunity for growth of principal consistent with sound common stock investing.

Capital World Growth and Income Fund — To provide long-term growth of capital while providing current income.

Growth-Income Fund — To achieve long-term growth of capital and income.

International Growth and Income Fund — To provide long-term growth of capital while providing current income.

Capital Income Builder — The two primary objectives are (1) to provide a level of current income that exceeds the average yield on U.S. stocks generally and (2) to provide a growing stream of income over the years. The secondary objective is to provide growth of capital.

Asset Allocation Fund — To provide high total return (including income and capital gains) consistent with preservation of capital over the long term.

American Funds Global Balanced Fund (formerly Global Balanced Fund) — Seeks the balanced accomplishment of three objectives: long-term growth of capital, conservation of principal and current income.

The Bond Fund of America — To provide as high a level of current income as is consistent with the preservation of capital.

Capital World Bond Fund — To provide, over the long term, a high level of total return consistent with prudent investment management.

American High-Income Trust — The primary objective is to provide a high level of current income. The secondary objective is capital appreciation.

264 American Funds Insurance Series

American Funds Mortgage Fund — To provide current income and preservation of capital.

Ultra-Short Bond Fund — To provide current income, consistent with the maturity and quality standards applicable to the fund, and preservation of capital and liquidity.

U.S. Government Securities Fund — To provide a high level of current income consistent with prudent investment risk and preservation of capital.

Managed Risk Growth Fund — To provide growth of capital while seeking to manage volatility and provide downside protection.

Managed Risk International Fund — To provide long-term growth of capital while seeking to manage volatility and provide downside protection.

Managed Risk Washington Mutual Investors Fund — To produce income exceeding the average yield on U.S. stocks generally and to provide an opportunity for growth of principal consistent with sound common stock investing, in each case while seeking to manage volatility and provide downside protection.

Managed Risk Growth-Income Fund — To achieve long-term growth of capital and income while seeking to manage volatility and provide downside protection.

Managed Risk Asset Allocation Fund — To provide high total return (including income and capital gains) consistent with preservation of capital over the long term while seeking to manage volatility and provide downside protection.

Each fund in the series, except the managed risk funds, offers either four or five share classes (Classes 1, 1A, 2, 3 or 4); the managed risk funds offer two share classes (Classes P1 and P2). Holders of all share classes of each fund have equal pro rata rights to assets, dividends and liquidation proceeds of each fund held. Each share class of each fund has identical voting rights, except for the exclusive right to vote on matters affecting only its class. Share classes have different fees and expenses (“class-specific fees and expenses”), primarily due to different arrangements for certain distribution expenses. Differences in class-specific fees and expenses will result in differences in net investment income and, therefore, the payment of different per-share dividends by each class of each fund.

2. Significant accounting policies

Each fund is an investment company that applies the accounting and reporting guidance issued in Topic 946 by the U.S. Financial Accounting Standards Board. Each fund’s financial statements have been prepared to comply with U.S. generally accepted accounting principles (“U.S. GAAP”). These principles require the series’ investment adviser to make estimates and assumptions that affect reported amounts and disclosures. Actual results could differ from those estimates. Subsequent events, if any, have been evaluated through the date of issuance in the preparation of the financial statements. The funds follow the significant accounting policies described in this section, as well as the valuation policies described in the next section on valuation.

Cash — Cash may include amounts held in an interest bearing deposit facility.

Security transactions and related investment income — Security transactions are recorded by each fund as of the date the trades are executed with brokers. Realized gains and losses from security transactions are determined based on the specific identified cost of the securities. In the event a security is purchased with a delayed payment date, each fund will segregate liquid assets sufficient to meet their payment obligations. Dividend income is recognized on the ex-dividend date and interest income is recognized on an accrual basis. Market discounts, premiums and original issue discounts on fixed-income securities are amortized daily over the expected life of the security.

Fees and expenses — The fees and expenses of the underlying funds held by the managed risk funds are not included in the fees and expenses reported for each of the managed risk funds; however, they are indirectly reflected in the valuation of each of the underlying funds. These fees are included in the unaudited net effective expense ratios that are provided as additional information in the financial highlights tables.

American Funds Insurance Series 265

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.

266 American Funds Insurance Series

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

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

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

The valuation levels are not necessarily an indication of the risk or liquidity associated with the underlying investment. For example, U.S. government securities are reflected as Level 2 because the inputs used to determine fair value may not always be quoted prices in an active market. The tables on the following pages present the funds’ valuation levels as of June 30, 2022 (dollars in thousands):

American Funds Insurance Series 267

Global Growth Fund

	Investment securities
	Level 1		Level 2		Level 3			Total
Assets:
Common stocks:
Information technology	$	1,692,534	$	—	$	—		$	1,692,534
Health care		1,141,809		—		—			1,141,809
Consumer discretionary		1,014,034		—		—			1,014,034
Consumer staples		601,888		—		—			601,888
Financials		591,871		—		—	*		591,871
Communication services		323,718		—		—			323,718
Industrials		322,261		—		—			322,261
Energy		210,349		—		—	*		210,349
Materials		180,570		—		—			180,570
Real estate		26,276		—		—			26,276
Utilities		9,456		—		—			9,456
Preferred securities		104,021		—		—			104,021
Short-term securities		650,104		—		—			650,104
Total	$	6,868,891	$	—	$	—	*	$	6,868,891

* Amount less than one thousand.

Global Small Capitalization Fund

	Investment securities
	Level 1		Level 2		Level 3		Total
Assets:
Common stocks:
Information technology	$	568,036	$	25,309	$	1,093	$	594,438
Industrials		476,093		—		—		476,093
Consumer discretionary		455,457		—		—		455,457
Health care		430,498		—		—		430,498
Financials		198,106		33,624		—		231,730
Materials		109,673		—		—		109,673
Consumer staples		89,696		—		—		89,696
Real estate		61,385		—		—		61,385
Communication services		61,038		—		—		61,038
Utilities		49,053		—		—		49,053
Energy		12,301		—		18,936		31,237
Preferred securities		5,942		—		20,705		26,647
Rights & warrants		—		13,750		—		13,750
Short-term securities		365,897		—		—		365,897
Total	$	2,883,175	$	72,683	$	40,734	$	2,996,592

The following table reconciles the valuation of the fund’s Level 3 investment securities and related transactions for the six months ended June 30, 2022 (dollars in thousands):

	Beginning value at 1/1/2022		Transfers into Level 3*		Purchases		Sales		Net realized gain		Unrealized depreciation†			Transfers out of Level 3*		Ending value at 6/30/2022
Investment securities	$	44,963	$	—	$	—	$	—	$	—	$	(4,229	)	$	—	$	40,734
Net unrealized depreciation during the period on Level 3 investment securities held at June 30, 2022																$	(4,229	)

*	Transfers into or out of Level 3 are based on the beginning market value of the quarter in which they occurred. These transfers are the result of changes in the availability of pricing sources and/or in the observability of significant inputs used in valuing the securities.
†	Net unrealized depreciation is included in the related amounts on investments in the fund’s statement of operations.

268 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 6/30/2022		Valuation techniques	Unobservable inputs	Range (if applicable)	Weighted average*	Impact to valuation from an increase in input†
Common stocks	$	20,029	Market comparable companies	Price/Cash flow multiple	6.1x	6.1x	Increase
				DLOM	16%	16%	Decrease
				EV/Sales multiple	7.0x	7.0x	Increase
Preferred securities		20,705	Transaction price	N/A	N/A	N/A	N/A
			Market comparable companies	EV/Sales multiple	7.0x - 15.2x	12.8x	Increase
				Net adjustment based on market comparables movement (decrease)	34%	34%	Decrease
				DLOM	10%	10%	Decrease
			Recent market information	Net adjustment based on market comparables movement (decrease)	75%	75%	Decrease
Total	$	40,734

*	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 and symbols

DLOM = Discount for lack of marketability

EV = Enterprise value

Growth Fund

	Investment securities
	Level 1		Level 2		Level 3		Total
Assets:
Common stocks:
Information technology	$	6,394,599	$	—	$	6,000	$	6,400,599
Consumer discretionary		5,899,258		—		—		5,899,258
Health care		4,781,239		—		44,928		4,826,167
Communication services		4,639,224		—		—		4,639,224
Industrials		2,548,431		—		—		2,548,431
Financials		1,934,608		—		—		1,934,608
Energy		1,548,263		—		—		1,548,263
Materials		803,087		—		—		803,087
Consumer staples		684,760		—		—		684,760
Utilities		131,355		—		—		131,355
Real estate		34,023		—		—		34,023
Preferred securities		21,266		—		37,835		59,101
Convertible bonds & notes		—		—		7,084		7,084
Short-term securities		1,628,284		—		—		1,628,284
Total	$	31,048,397	$	—	$	95,847	$	31,144,244

American Funds Insurance Series 269

International Fund

	Investment securities
	Level 1		Level 2		Level 3			Total
Assets:
Common stocks:
Industrials	$	893,966	$	—	$	—		$	893,966
Information technology		769,459		—		7,357			776,816
Financials		773,846		—		—			773,846
Health care		753,412		—		—			753,412
Energy		651,793		—		—			651,793
Materials		628,737		—		—			628,737
Consumer discretionary		603,139		—		—			603,139
Consumer staples		305,783		—		—			305,783
Communication services		238,436		—		—	*		238,436
Utilities		152,530		—		—			152,530
Real estate		46,413		—		—			46,413
Preferred securities		52,526		—		673			53,199
Rights & warrants		—		16,702		—			16,702
Short-term securities		981,097		—		—			981,097
Total	$	6,851,137	$	16,702	$	8,030		$	6,875,869

* Amount less than one thousand.

New World Fund

	Investment securities
	Level 1		Level 2		Level 3			Total
Assets:
Common stocks:
Information technology	$	499,539	$	—	$	588		$	500,127
Financials		381,073		—		—	*		381,073
Health care		372,282		—		—			372,282
Consumer discretionary		335,566		—		—	*		335,566
Industrials		283,135		—		—			283,135
Materials		247,617		—		—	*		247,617
Consumer staples		217,659		—		—	*		217,659
Communication services		155,041		—		—	*		155,041
Energy		134,793		2,515		—	*		137,308
Real estate		53,460		—		—			53,460
Utilities		49,418		—		—			49,418
Preferred securities		18,576		—		11,241			29,817
Rights & warrants		58		668		—			726
Bonds, notes & other debt instruments		—		103,688		—			103,688
Short-term securities		323,608		—		—			323,608
Total	$	3,071,825	$	106,871	$	11,829		$	3,190,525

	Other investments†
	Level 1			Level 2			Level 3		Total
Assets:
Unrealized appreciation on futures contracts	$	160		$	—		$	—	$	160
Unrealized appreciation on open forward currency contracts		—			40			—		40
Liabilities:
Unrealized depreciation on futures contracts		(118	)		—			—		(118	)
Unrealized depreciation on open forward currency contracts		—			(1	)		—		(1	)
Total	$	42		$	39		$	—	$	81

*	Amount less than one thousand.
†	Futures contracts and forward currency contracts are not included in the fund’s investment portfolio.

Washington Mutual Investors Fund

At June 30, 2022, all of the fund’s investment securities were classified as Level 1.

270 American Funds Insurance Series

Capital World Growth and Income Fund

	Investment securities
	Level 1		Level 2		Level 3			Total
Assets:
Common stocks:
Information technology	$	292,238	$	—	$	—		$	292,238
Financials		247,908		—		—	*		247,908
Health care		228,402		—		—			228,402
Industrials		183,901		—		—			183,901
Consumer discretionary		155,507		—		—			155,507
Consumer staples		131,250		—		—			131,250
Energy		104,884		2,338		—	*		107,222
Materials		106,750		—		—			106,750
Communication services		93,171		—		—	*		93,171
Utilities		50,071		478		—			50,549
Real estate		33,321		—		—			33,321
Preferred securities		7,949		—		—			7,949
Convertible stocks		2,354		—		—			2,354
Convertible bonds & notes		—		1,058		—			1,058
Bonds, notes & other debt instruments		—		5,745		—			5,745
Short-term securities		92,892		—		—			92,892
Total	$	1,730,598	$	9,619	$	—	*	$	1,740,217

* Amount less than one thousand.

Growth-Income Fund

	Investment securities
	Level 1		Level 2		Level 3		Total
Assets:
Common stocks:
Information technology	$	6,492,561	$	—	$	—	$	6,492,561
Health care		4,256,632		—		—		4,256,632
Industrials		3,988,247		—		—		3,988,247
Communication services		3,126,720		—		—		3,126,720
Financials		3,042,614		—		—		3,042,614
Consumer discretionary		2,606,142		—		—		2,606,142
Consumer staples		1,756,134		—		—		1,756,134
Energy		1,690,089		—		—		1,690,089
Utilities		1,037,932		—		—		1,037,932
Materials		966,570		—		—		966,570
Real estate		723,852		—		—		723,852
Convertible stocks		391,787		—		—		391,787
Bonds, notes & other debt instruments		—		6,325		—		6,325
Short-term securities		2,417,903		425,733		—		2,843,636
Total	$	32,497,183	$	432,058	$	—	$	32,929,241

American Funds Insurance Series 271

International Growth and Income Fund

	Investment securities
	Level 1		Level 2		Level 3			Total
Assets:
Common stocks:
Financials	$	44,250	$	—		—	*	$	44,250
Consumer staples		36,462		—		—	*		36,462
Information technology		33,632		103		—			33,735
Consumer discretionary		32,879		—		—			32,879
Industrials		31,694		—		—			31,694
Health care		28,992		—		—			28,992
Energy		15,306		1,592		—	*		16,898
Communication services		14,390		—		—	*		14,390
Materials		13,679		—		—	*		13,679
Utilities		7,585		—		—			7,585
Real estate		6,674		—		—			6,674
Preferred securities		1,908		—		—			1,908
Short-term securities		22,923		—		—			22,923
Total	$	290,374	$	1,695	$	—	*	$	292,069

	Other investments†
		Level 1	Level 2		Level 3		Total
Assets:
Unrealized appreciation on open forward currency contracts	$	—	$	1	$	—	$	1

*	Amount less than one thousand.
†	Forward currency contracts are not included in the fund’s investment portfolio.

Capital Income Builder

	Investment securities
	Level 1		Level 2		Level 3			Total
Assets:
Common stocks:
Financials	$	135,409	$	—		—	*	$	135,409
Consumer staples		113,314		—		—			113,314
Health care		95,650		—		—			95,650
Information technology		88,228		—		—			88,228
Utilities		73,457		424		—			73,881
Real estate		73,764		—		—			73,764
Industrials		65,600		—		—			65,600
Energy		57,300		—		—	*		57,300
Communication services		35,852		—		—			35,852
Consumer discretionary		29,927		—		—			29,927
Materials		29,743		—		—			29,743
Preferred securities		506		—		—			506
Rights & warrants		4		—		—			4
Convertible stocks		7,131		—		—			7,131
Investment funds		28,752		—		—			28,752
Bonds, notes & other debt instruments:
U.S. Treasury bonds & notes		—		103,892		—			103,892
Mortgage-backed obligations		—		68,366		88			68,454
Corporate bonds, notes & loans		—		20,102		—			20,102
Asset-backed obligations		—		7,504		—			7,504
Bonds & notes of governments & government agencies
outside the U.S.		—		762		—			762
Municipals		—		240		—			240
Short-term securities		112,559		—		—			112,559
Total	$	947,196	$	201,290	$	88		$	1,148,574

Refer to the next page for footnote.

272 American Funds Insurance Series

	Other investments†
	Level 1			Level 2			Level 3		Total
Assets:
Unrealized appreciation on futures contracts	$	15		$	—		$	—	$	15
Unrealized appreciation on centrally cleared interest rate swaps		—			1,757			—		1,757
Liabilities:
Unrealized depreciation on futures contracts		(1,042	)		—			—		(1,042	)
Unrealized depreciation on centrally cleared credit default swaps		—			(359	)		—		(359	)
Total	$	(1,027	)	$	1,398		$	—	$	371

*	Amount less than one thousand.
†	Futures contracts, interest rate swaps and credit default swaps are not included in the fund’s investment portfolio.

Asset Allocation Fund

	Investment securities
	Level 1		Level 2		Level 3			Total
Assets:
Common stocks:
Health care	$	2,907,291	$	—	$	18,782		$	2,926,073
Information technology		2,577,874		—		—			2,577,874
Financials		2,398,345		—		2,061			2,400,406
Consumer discretionary		1,953,699		—		—			1,953,699
Consumer staples		1,478,465		—		—			1,478,465
Industrials		1,406,108		—		—			1,406,108
Communication services		1,270,617		—		—			1,270,617
Materials		1,041,138		—		—			1,041,138
Energy		856,580		—		46			856,626
Real estate		561,840		—		—			561,840
Utilities		228,577		—		—			228,577
Preferred securities		—		—		144			144
Rights & warrants		—		—		—	*		—	*
Convertible stocks		—		—		50,000			50,000
Investment funds		1,393,740		—		—			1,393,740
Bonds, notes & other debt instruments:
U.S. Treasury bonds & notes		—		2,010,085		—			2,010,085
Mortgage-backed obligations		—		1,677,030		—			1,677,030
Corporate bonds, notes & loans		—		1,491,998		6,038			1,498,036
Asset-backed obligations		—		358,128		5,755			363,883
Bonds & notes of governments & government agencies
outside the U.S.		—		38,798		—			38,798
Municipals		—		37,718		—			37,718
Short-term securities		2,396,242		—		—			2,396,242
Total	$	20,470,516	$	5,613,757	$	82,826		$	26,167,099

	Other investments†
	Level 1			Level 2		Level 3		Total
Assets:
Unrealized appreciation on futures contracts	$	7,611		$	—	$	—	$	7,611
Unrealized appreciation on centrally cleared credit default swaps		—			1,848		—		1,848
Liabilities:
Unrealized depreciation on futures contracts		(3,501	)		—		—		(3,501	)
Total	$	4,110		$	1,848	$	—	$	5,958

*	Amount less than one thousand.
†	Futures contracts and credit default swaps are not included in the fund’s investment portfolio.

American Funds Insurance Series 273

American Funds Global Balanced Fund

	Investment securities
	Level 1		Level 2		Level 3		Total
Assets:
Common stocks:
Financials	$	34,013	$	—	$	—	$	34,013
Health care		29,389		—		—		29,389
Industrials		29,122		—		—		29,122
Information technology		27,928		—		—		27,928
Utilities		20,693		—		—		20,693
Consumer staples		19,214		—		—		19,214
Communication services		13,797		—		—		13,797
Energy		13,157		—		—		13,157
Materials		13,056		—		—		13,056
Consumer discretionary		9,370		—		—		9,370
Real estate		7,949		—		—		7,949
Preferred securities		1,412		—		—		1,412
Convertible stocks		397		—		—		397
Bonds, notes & other debt instruments:
U.S. Treasury bonds & notes		—		54,288		—		54,288
Bonds & notes of governments & government agencies outside the U.S.		—		52,832		—		52,832
Corporate bonds, notes & loans		—		20,236		—		20,236
Mortgage-backed obligations		—		8,956		—		8,956
Asset-backed obligations		—		1,627		—		1,627
Municipals		—		143		—		143
Short-term securities		15,272		8,995		—		24,267
Total	$	234,769	$	147,077	$	—	$	381,846

	Other investments*
	Level 1			Level 2			Level 3		Total
Assets:
Unrealized appreciation on futures contracts	$	48		$	—		$	—	$	48
Unrealized appreciation on open forward currency contracts		—			103			—		103
Unrealized appreciation on centrally cleared interest rate swaps		—			7			—		7
Liabilities:
Unrealized depreciation on futures contracts		(82	)		—			—		(82	)
Unrealized depreciation on open forward currency contracts		—			(459	)		—		(459	)
Unrealized depreciation on centrally cleared interest rate swaps		—			(654	)		—		(654	)
Unrealized depreciation on centrally cleared credit default swaps		—			(80	)		—		(80	)
Total	$	(34	)	$	(1,083	)	$	—	$	(1,117	)

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

The Bond Fund of America

	Investment securities
	Level 1		Level 2		Level 3		Total
Assets:
Bonds, notes & other debt instruments:
U.S. Treasury bonds & notes	$	—	$	3,779,119	$	—	$	3,779,119
Corporate bonds, notes & loans		—		3,680,622		—		3,680,622
Mortgage-backed obligations		—		2,445,028		1,490		2,446,518
Asset-backed obligations		—		477,724		8,337		486,061
Municipals		—		178,538		—		178,538
Bonds & notes of governments & government agencies outside the U.S.		—		138,829		—		138,829
Federal agency bonds & notes		—		11,502		—		11,502
Short-term securities		2,002,964		—		—		2,002,964
Total	$	2,002,964	$	10,711,362	$	9,827	$	12,724,153

274 American Funds Insurance Series

	Other investments*
	Level 1			Level 2			Level 3		Total
Assets:
Unrealized appreciation on futures contracts	$	11,018		$	—		$	—	$	11,018
Unrealized appreciation on open forward currency contracts		—			293			—		293
Unrealized appreciation on centrally cleared interest rate swaps		—			13,225			—		13,225
Unrealized appreciation on centrally cleared credit default swaps		—			8,754			—		8,754
Liabilities:
Unrealized depreciation on futures contracts		(25,935	)		—			—		(25,935	)
Unrealized depreciation on open forward currency contracts		—			(470	)		—		(470	)
Unrealized depreciation on centrally cleared interest rate swaps		—			(2,838	)		—		(2,838	)
Total	$	(14,917	)	$	18,964		$	—	$	4,047

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

Capital World Bond Fund

	Investment securities
	Level 1		Level 2		Level 3		Total
Assets:
Bonds, notes & other debt instruments:
Euros	$	—	$	269,416	$	—	$	269,416
Japanese yen		—		134,479		—		134,479
Chinese yuan renminbi		—		52,346		—		52,346
British pounds		—		50,066		—		50,066
Canadian dollars		—		38,056		—		38,056
Mexican pesos		—		36,030		—		36,030
Danish kroner		—		33,493		—		33,493
Australian dollars		—		32,740		—		32,740
Colombian pesos		—		15,808		—		15,808
Indonesian rupiah		—		10,794		—		10,794
Malaysian ringgits		—		8,811		—		8,811
Brazilian reais		—		8,573		—		8,573
Chilean pesos		—		7,667		—		7,667
South Korean won		—		7,495		—		7,495
Polish zloty		—		5,053		—		5,053
Russian rubles		—		4,830		—		4,830
South African rand		—		3,073		—		3,073
Peruvian nuevos soles		—		1,382		—		1,382
Indian rupees		—		1,148		—		1,148
Hungarian forints		—		1,032		—		1,032
Romanian leu		—		962		—		962
Ukrainian hryvnia		—		634		—		634
Norwegian kroner		—		620		—		620
U.S. dollars		—		793,574		637		794,211
Preferred securities		—		—		15		15
Common stocks		289		—		3		292
Short-term securities		100,175		—		—		100,175
Total	$	100,464	$	1,518,082	$	655	$	1,619,201

American Funds Insurance Series 275

	Other investments*
	Level 1			Level 2			Level 3		Total
Assets:
Unrealized appreciation on futures contracts	$	933		$	—		$	—	$	933
Unrealized appreciation on open forward currency contracts		—			6,655			—		6,655
Unrealized appreciation on centrally cleared interest rate swaps		—			33			—		33
Unrealized appreciation on centrally cleared credit default swaps		—			3,014			—		3,014
Liabilities:
Unrealized depreciation on futures contracts		(2,216	)		—			—		(2,216	)
Unrealized depreciation on open forward currency contracts		—			(4,636	)		—		(4,636	)
Unrealized depreciation on centrally cleared interest rate swaps		—			(9,273	)		—		(9,273	)
Total	$	(1,283	)	$	(4,207	)	$	—	$	(5,490	)

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

American High-Income Trust

	Investment securities
	Level 1		Level 2		Level 3		Total
Assets:
Bonds, notes & other debt instruments:
Corporate bonds, notes & loans	$	—	$	763,380	$	3,830	$	767,210
Mortgage-backed obligations		—		—		631		631
Asset-backed obligations		—		129		—		129
Convertible bonds & notes		—		430		79		509
Convertible stocks		320		473		—		793
Common stocks		11,236		1,794		26,150		39,180
Preferred securities		—		2,295		326		2,621
Rights & warrants		316		1,293		7		1,616
Short-term securities		22,060		—		—		22,060
Total	$	33,932	$	769,794	$	31,023	$	834,749

	Other investments1
	Level 1		Level 2		Level 3		Total
Assets:
Unrealized appreciation on futures contracts	$	73	$	—	$	—	$	73
Unrealized appreciation on centrally cleared credit default swaps		—		421		—		421
Total	$	73	$	421	$	—	$	494

¹ Futures contracts and credit default swaps are not included in the investment portfolio.

The following table reconciles the valuation of the fund’s Level 3 investment securities and related transactions for the six months ended June 30, 2022 (dollars in thousands):

	Beginning value at 1/1/2022		Transfers into Level 32		Purchases		Sales			Net realized gain3		Unrealized depreciation3			Transfers out of Level 32		Ending value at 6/30/2022
Investment securities	$	40,411	$	—	$	938	$	(11,070	)	$	879	$	(135	)	$	—	$	31,023
Net unrealized appreciation during the period on Level 3 investment securities held at June 30, 2022																	$	1,383

2	Transfers into or out of Level 3 are based on the beginning market value of the quarter in which they occurred. These transfers are the result of changes in the availability of pricing sources and/or in the observability of significant inputs used in valuing the securities.
3	Net realized gain and unrealized depreciation are included in the related amounts on investments in the fund’s statement of operations.

276 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 6/30/2022		Valuation techniques	Unobservable inputs	Range (if applicable)	Weighted average*	Impact to valuation from an increase in input†
Bonds, notes & other debt instruments	$	4,461	Estimated recovery value	Expected proceeds	N/A	N/A	N/A
				Vendor price	N/A	N/A	N/A
			Yield analysis	Yield	11.7% - 13.4%	12.7%	Decrease
			Transaction price	N/A	N/A	N/A	N/A
				Net adjustment based on market comparables movement (decrease)	10%	10%	Decrease
Convertible bonds & notes		79	Transaction price	N/A	N/A	N/A	N/A
Common stocks		26,150	Estimated recovery value	N/A	N/A	N/A	N/A
				Exchange terms	N/A	N/A	N/A
				Risk discount	90%	90%	Decrease
				Net adjustment based on market comparables (decrease)	20%	20%	Decrease
			Market comparable companies	EV/EBITDA multiple	2.0x - 4.8x	3.1x	Increase
				EV/EBITDA less CapEx multiple	10.5x	10.5x	Increase
				DLOM	18%	18%	Decrease
			Recent market information	Broker quote	N/A	N/A	N/A
				Quoted price	N/A	N/A	N/A
				Corporate action terms	N/A	N/A	N/A
				DLOM	15%	15%	Decrease
Preferred securities		326	Market comparable companies	EV/EBITDA multiple	3.5x	3.5x	Increase
				DLOM	30%	30%	Decrease
Rights & warrants		7	Recent market information	Broker quote	N/A	N/A	N/A
Total	$	31,023

*	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

CapEx = Capital expenditures

DLOM = Discount for lack of marketability

EBITDA = Earnings before income taxes, depreciation and amortization

EV = Enterprise value

American Funds Insurance Series 277

American Funds Mortgage Fund

	Investment securities
	Level 1		Level 2		Level 3		Total
Assets:
Bonds, notes & other debt instruments:
Mortgage-backed obligations	$	—	$	68,996	$	—	$	68,996
U.S. Treasury bonds & notes		—		14,204		—		14,204
Asset-backed obligations		—		4,040		—		4,040
Bonds & notes of governments & government agencies outside the U.S.		—		515		—		515
Federal agency bonds & notes		—		248		—		248
Short-term securities		—		50,370		—		50,370
Total	$	—	$	138,373	$	—	$	138,373

	Other investments*
	Level 1			Level 2		Level 3		Total
Assets:
Unrealized appreciation on futures contracts	$	40		$	—	$	—	$	40
Unrealized appreciation on centrally cleared interest rate swaps		—			670		—		670
Liabilities:
Unrealized depreciation on futures contracts		(134	)		—		—		(134	)
Total	$	(94	)	$	670	$	—	$	576

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

Ultra-Short Bond Fund

At June 30, 2022, all of the fund’s investment securities were classified as Level 2.

U.S. Government Securities Fund

	Investment securities
	Level 1		Level 2		Level 3		Total
Assets:
Bonds, notes & other debt instruments:
Mortgage-backed obligations	$	—	$	761,452	$	—	$	761,452
U.S. Treasury bonds & notes		—		610,788		—		610,788
Federal agency bonds & notes		—		123,778		—		123,778
Short-term securities		—		717,264		—		717,264
Total	$	—	$	2,213,282	$	—	$	2,213,282

	Other investments*
	Level 1			Level 2			Level 3		Total
Assets:
Unrealized appreciation on futures contracts	$	11,906		$	—		$	—	$	11,906
Unrealized appreciation on centrally cleared interest rate swaps		—			23,368			—		23,368
Liabilities:
Unrealized depreciation on futures contracts		(17,662	)		—			—		(17,662	)
Unrealized depreciation on centrally cleared interest rate swaps		—			(16,563	)		—		(16,563	)
Total	$	(5,756	)	$	6,805		$	—	$	1,049

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

Managed Risk Growth Fund

At June 30, 2022, all of the fund’s investments were classified as Level 1.

Managed Risk International Fund

At June 30, 2022, all of the fund’s investments were classified as Level 1.

278 American Funds Insurance Series

Managed Risk Washington Mutual Investors Fund

At June 30, 2022, all of the fund’s investments were classified as Level 1.

Managed Risk Growth-Income Fund

At June 30, 2022, all of the fund’s investments were classified as Level 1.

Managed Risk Asset Allocation Fund

At June 30, 2022, all of the fund’s investments were classified as Level 1.

4. Risk factors

Investing in the funds may involve certain risks including, but not limited to, those described below.

Market conditions — The prices of, and the income generated by, the common stocks, bonds and other securities held by a fund may decline — sometimes rapidly or unpredictably — due to various factors, including events or conditions affecting the general economy or particular industries; overall market changes; local, regional or global political, social or economic instability; governmental, governmental agency or central bank responses to economic conditions; and currency exchange rate, interest rate and commodity price fluctuations. These risks may be heightened in the case of smaller capitalization stocks.

Economies and financial markets throughout the world are highly interconnected. Economic, financial or political events, trading and tariff arrangements, wars, terrorism, cybersecurity events, natural disasters, public health emergencies (such as the spread of infectious disease) and other circumstances in one country or region, including actions taken by governmental or quasi-governmental authorities in response to any of the foregoing, could have impacts on global economies or markets. As a result, whether or not a fund invests in securities of issuers located in or with significant exposure to the countries affected, the value and liquidity of a fund’s investments may be negatively affected by developments in other countries and regions.

Issuer risks — The prices of, and the income generated by, securities held by a fund may decline in response to various factors directly related to the issuers of such securities, including reduced demand for an issuer’s goods or services, poor management performance, major litigation, investigations or other controversies related to the issuer, changes in 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 and auditing practices and standards and different regulatory, legal and reporting requirements, and may be more difficult to value, than those in the U.S. In addition, the value of investments outside the U.S. may be reduced by foreign taxes, including foreign

American Funds Insurance Series 279

withholding taxes on interest and dividends. Further, there may be increased risks of delayed settlement of securities purchased or sold by the fund. The risks of investing outside the U.S. may be heightened in connection with investments in emerging markets.

Investing in developing countries — Investing in countries with developing economies and/or markets may involve risks in addition to and greater than those generally associated with investing in developed countries. For instance, developing countries tend to have less developed political, economic and legal systems and accounting and auditing practices and standards than those in developed countries. Accordingly, the governments of these countries may be less stable and more likely to intervene in the market economy, for example, by imposing capital controls, nationalizing a company or industry, placing restrictions on foreign ownership and on withdrawing sale proceeds of securities from the country, and/or imposing punitive taxes that could adversely affect the prices of securities. Information regarding issuers in developing countries may be limited, incomplete or inaccurate, and there may be fewer rights and remedies available to the fund and its shareholders. In addition, the economies of these countries may be dependent on relatively few industries, may have limited access to capital and may be more susceptible to changes in local and global trade conditions and downturns in the world economy. Securities markets in these countries can also be relatively small and have substantially lower trading volumes. As a result, securities issued in these countries may be more volatile and less liquid, and may be more difficult to value, than securities issued in countries with more developed economies and/or markets. Less certainty with respect to security valuations may lead to additional challenges and risks in calculating a fund’s net asset value. Additionally, developing countries are more likely to experience problems with the clearing and settling of trades and the holding of securities by banks, agents and depositories that are less established than those in developed countries.

Investing in emerging markets — Investing in emerging markets may involve risks in addition to and greater than those generally associated with investing in the securities markets of developed countries. For instance, emerging market countries tend to have less developed political, economic and legal systems and accounting and auditing practices and standards than those in developed countries. Accordingly, the governments of these countries may be less stable and more likely to intervene in the market economy, for example, by imposing capital controls, nationalizing a company or industry, placing restrictions on foreign ownership and on withdrawing sale proceeds of securities from the country, and/or imposing punitive taxes that could adversely affect the prices of securities. Information regarding issuers in emerging markets may be limited, incomplete or inaccurate, and there may be fewer rights and remedies available to a fund and its shareholders. In addition, the economies of these countries may be dependent on relatively few industries, may have limited access to capital and may be more susceptible to changes in local and global trade conditions and downturns in the world economy. Securities markets in these countries can also be relatively small and have substantially lower trading volumes. As a result, securities issued in these countries may be more volatile and less liquid, and may be more difficult to value, than securities issued in countries with more developed economies and/or markets. Less certainty with respect to security valuations may lead to additional challenges and risks in calculating a fund’s net asset value. Additionally, emerging markets are more likely to experience problems with the clearing and settling of trades and the holding of securities by banks, agents and depositories that are less established than those in developed countries.

Investing in debt instruments — The prices of, and the income generated by, bonds and other debt securities held by a fund may be affected by factors such as the interest rates, maturities and credit 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.

280 American Funds Insurance Series

Investing in lower rated debt instruments — Lower rated bonds and other lower rated debt securities generally have higher rates of interest and involve greater risk of default or price declines due to changes in the issuer’s creditworthiness than those of higher quality debt securities. The market prices of these securities may fluctuate more than the prices of higher quality debt securities and may decline significantly in periods of general economic difficulty. These risks may be increased with respect to investments in junk bonds.

Investing in derivatives — The use of derivatives involves a variety of risks, which may be different from, or greater than, the risks associated with investing in traditional securities, such as stocks and bonds. Changes in the value of a derivative may not correlate perfectly with, and may be more sensitive to market events than, the underlying asset, rate or index, and a derivative instrument may 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.

Investing in mortgage-related and other asset-backed securities — Mortgage-related securities, such as mortgage-backed securities, and other asset-backed securities, include debt obligations that represent interests in pools of mortgages or other income-bearing assets, such as residential mortgage loans, home equity loans, mortgages on commercial buildings, consumer loans and equipment leases. While such securities are subject to the risks associated with investments in debt instruments generally (for example, credit, extension and interest rate risks), they are also subject to other and different risks. Mortgage-backed and other asset-backed securities are subject to changes in the payment patterns of borrowers of the underlying debt, potentially increasing the volatility of the securities and a fund’s net asset value. When interest rates fall, borrowers are more likely to refinance or prepay their debt before its stated maturity. This may result in a fund having to reinvest the proceeds in lower yielding securities, effectively reducing a fund’s income. Conversely, if interest rates rise and borrowers repay their debt more slowly than expected, the time in which the mortgage-backed and other asset-backed securities are paid off could be extended, reducing a fund’s cash available for reinvestment in higher yielding securities. Mortgage-backed securities are also subject to the risk that underlying borrowers will be unable to meet their obligations and the value of property that secures the mortgages may decline in value and be insufficient, upon foreclosure, to repay the associated loans. Investments in asset-backed securities are subject to similar risks.

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

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

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

Investing in securities backed by the U.S. government — Securities backed by the U.S. Treasury or the full faith and credit of the U.S. government are guaranteed only as to the timely payment of interest and principal when held to maturity. Accordingly, the current market values for these securities will fluctuate with changes in interest rates and the credit rating of the U.S. government. Securities issued by U.S. government-sponsored entities and federal agencies and instrumentalities that are not backed by the full faith and credit of the U.S. government are neither issued nor guaranteed by the U.S. government.

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Investing in repurchase agreements — Upon entering into a repurchase agreement, a fund purchases a security from a bank or broker-dealer, which simultaneously commits to repurchase the security within a specified time at the fund’s cost with interest. The security purchased by the fund constitutes collateral for the seller’s repurchase obligation. If the party agreeing to repurchase should default, the fund may seek to sell the security it holds as collateral. The fund may incur a loss if the value of the collateral securing the repurchase obligation falls below the repurchase price. The fund may also incur disposition costs and encounter procedural delays in connection with liquidating the collateral.

Interest rate risk — The values and liquidity of the securities held by a fund may be affected by changing interest rates. For example, the values of these securities may decline when interest rates rise and increase when interest rates fall. Longer maturity debt securities generally have greater sensitivity to changes in interest rates and may be subject to greater price fluctuations than shorter maturity debt securities. A fund may invest in variable and floating rate securities. When a fund holds variable or floating rate securities, a decrease in market interest rates will adversely affect the income received from such securities and the net asset value of a fund’s shares. Although the values of such securities are generally less sensitive to interest rate changes than those of other debt securities, the value of variable and floating rate securities may decline if their interest rates do not rise as quickly, or as much, as market interest rates. Conversely, floating rate securities will not generally increase in value if interest rates decline. During periods of extremely low short-term interest rates, a fund may not be able to maintain a positive yield and, given the current low interest rate environment, risks associated with rising rates are currently heightened.

Credit and liquidity support — Changes in the credit quality of banks and financial institutions providing credit and liquidity support features with respect to securities held by a fund could cause the values of these securities to decline.

Asset allocation — A fund’s percentage allocation to equity securities, debt securities and money market instruments could cause the fund to underperform relative to relevant benchmarks and other funds with similar investment objectives.

Nondiversification risk — As nondiversified funds, certain funds have the ability to invest a larger percentage of their assets in the securities of a smaller number of issuers than diversified funds. Although the funds do not intend to limit their investments to the securities of a small number of issuers, if they were to do so, poor performance by a single large holding could adversely impact the funds’ investment results more than if the funds were invested in a larger number of issuers.

Liquidity risk — Certain fund holdings may be or 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.

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

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

Investing in options and futures contracts — In addition to the risks generally associated with investing in derivative instruments, options and futures contracts are subject to the creditworthiness of the clearing organizations, exchanges and, in the case of futures, futures commission merchants with which a fund transacts. While both options and futures contracts are generally liquid instruments, under certain market conditions, options and futures may be deemed to be illiquid. For example, a fund may be temporarily prohibited from closing out its position in an options or futures contract if intraday price change limits or limits on trading volume imposed by the applicable exchange are triggered. If a fund is unable to close out a position on an options or futures contract, the fund would remain subject to the risk of adverse price movements until the fund is able to close out the position in question. The ability of a fund to successfully utilize options and futures contracts may depend in part upon the ability of the fund’s investment adviser or subadviser to accurately forecast interest rates and other economic factors and to assess and predict the impact of such economic factors on the options and futures in which the fund invests. If the investment adviser or subadviser incorrectly forecasts economic developments or incorrectly predicts the impact of such developments on the options and futures in which it invests, a fund could 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 — The fund may suffer losses from short positions in futures contracts. Losses from short positions in futures contracts occur when the underlying index increases in value. As the underlying index increases in value, the holder of the short position in the corresponding futures contract is required to pay the difference in value of the futures contract resulting from the increase in the index on a daily basis. Losses from a short position in an index futures contract could potentially be very large if the value of the underlying index rises dramatically in a short period of time.

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.

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The borrower is required to post highly liquid assets, such as cash or U.S. government securities, as collateral for the loan in an amount at least equal to the value of the securities loaned. Investments made with cash collateral are recognized as assets in the fund’s investment portfolio. The same amount is recorded as a liability in the fund’s statement of assets and liabilities. While securities are on loan, the fund will continue to receive the equivalent of the interest, dividends or other distributions paid by the issuer, as well as a portion of the interest on the investment of the collateral. Additionally, although the fund does not have the right to vote on securities while they are on loan, the fund has a right to consent on corporate actions and a right to recall loaned securities to vote on proposals affecting them. The borrower is obligated to return the loaned security at the conclusion of the loan or, during the pendency of the loan, on demand from the fund.

The following table presents the value of the securities on loan, the type and value of collateral received and the value of the investment securities purchased, if any, from the cash collateral received by each fund (dollars in thousands):

			Collateral received
Funds	Value of investment securities on loan		Cash		U.S. government securities		Value of investment securities purchased
Global Growth Fund	$	27,348	$	20,453	$	8,325	$	18,408
Global Small Capitalization Fund		96,178		85,345		17,353		76,811
Growth Fund		78,405		81,118		—		73,006
International Fund		71,916		74,745		—		67,270
New World Fund		14,516		8,405		7,205		7,565
Washington Mutual Investors Fund		81,124		55,623		27,526		50,061
Capital World Growth and Income Fund		16,355		15,435		1,643		13,891
Growth-Income Fund		171,950		178,358		—		160,522
International Growth and Income Fund		2,221		1,413		953		1,272
Capital Income Builder		13,384		14,030		—		12,627
Asset Allocation Fund		53,318		55,304		—		49,774
American Funds Global Balanced Fund		3,814		4,005		—		3,605

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.

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Unfunded commitments — Asset Allocation Fund, Capital World Bond Fund and American High-Income Trust have participated in transactions that involve unfunded commitments, which may obligate each fund to purchase new or additional bonds and/or purchase additional shares of the applicable issuer if certain contingencies are met. As of June 30, 2022, the maximum exposure from these unfunded commitments for Asset Allocation Fund, Capital World Bond Fund and American High-Income Trust was $187,000, $63,000 and $1,796,000, respectively, which would represent less than 0.01%, less than 0.01% and 0.21%, respectively, of the net assets of each fund should such commitments become due. Unrealized depreciation on these unfunded commitments for Asset Allocation Fund, Capital World Bond Fund and American High-Income Trust was $3,000, less than $1,000 and $1,000, respectively, which is disclosed as unrealized depreciation on unfunded commitments in each fund’s statement of assets and liabilities and is included in net unrealized depreciation on investments in unaffiliated issuers in each fund’s statement of operations.

Options contracts — The managed risk funds have entered into options contracts, which give the holder of the option, in return for a premium payment, the right to buy from (in the case of a call) or sell to (in the case of a put) the writer of the option, the security underlying the option (or the cash value of the index underlying the option) at a specified price. As part of their managed risk strategy, the funds will at times purchase put options on equity indexes in standardized contracts traded on foreign or domestic securities exchanges, boards of trade, or similar entities. By purchasing a put option on an equity index, the funds obtain the right (but not the obligation) to sell the cash value of the index underlying the option at a specified exercise price, and in return for this right, the funds pay the current market price, or the option premium, for the option.

The funds may terminate their position in a put option by allowing the option to expire or by exercising the option. If the option is allowed to expire, the funds will lose the entire premium. If the option is exercised, the funds complete the sale of the underlying instrument (or delivers the cash value of the index underlying the option) at the exercise price. The funds may also terminate a put option position by entering into opposing close-out transactions in advance of the option expiration date.

Premiums paid on options purchased, as well as the daily fluctuation in market value, are included in investment securities from unaffiliated issuers in each fund’s statement of assets and liabilities. Realized gains or losses are recorded at the time the option contract is closed or expires. Net realized gains or losses and net unrealized appreciation or depreciation from options contracts are recorded in investments in unaffiliated issuers in each fund’s statement of operations.

Futures contracts — Some of the funds have entered into futures contracts, which provide for the future sale by one party and purchase by another party of a specified amount of a specific financial instrument for a specified price, date, time and place designated at the time the contract is made. Futures contracts are used to strategically manage the fund’s interest rate sensitivity by increasing or decreasing the duration of the fund or a portion of the fund’s portfolio. For the managed risk funds, futures contracts are used to strategically manage portfolio volatility and downside equity risk.

Upon entering into futures contracts, and to maintain the fund’s open positions in futures contracts, the fund is required to deposit with a futures broker, known as a futures commission merchant (“FCM”), in a segregated account in the name of the FCM an amount of cash, U.S. government securities or other liquid securities, known as initial margin. The margin required for a particular futures contract is set by the exchange on which the contract is traded to serve as collateral, and may be significantly modified from time to time by the exchange during the term of the contract.

On a daily basis, each fund pays or receives variation margin based on the increase or decrease in the value of the futures contracts and records variation margin on futures contracts in each fund’s statement of assets and liabilities. Futures contracts may involve a risk of loss in excess of the variation margin shown on each fund’s statement of assets and liabilities. Each fund records realized gains or losses at the time the futures contract is closed or expires. Net realized gains or losses and net unrealized appreciation or depreciation from futures contracts are recorded in each fund’s statement of operations.

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

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gains or losses from closed forward currency contracts and net unrealized appreciation or depreciation from open forward currency contracts are recorded in each fund’s statement of operations.

Swap contracts — Some of the funds have entered into swap agreements, which are two-party contracts entered into primarily by institutional investors for a specified time period. In a typical swap transaction, two parties agree to exchange the returns earned or realized from one or more underlying assets or rates of return. Swap agreements can be traded on a swap execution facility (SEF) and cleared through a central clearinghouse (cleared), traded over-the-counter (OTC) and cleared, or traded bilaterally and not cleared. Because clearing interposes a central clearinghouse as the ultimate counterparty to each participant’s swap, and margin is required to be exchanged under the rules of the clearinghouse, central clearing is intended to decrease (but not eliminate) counterparty risk relative to uncleared bilateral swaps. To the extent the funds enter into bilaterally negotiated swap transactions, the funds will enter into swap agreements only with counterparties that meet certain credit standards and subject to agreed collateralized procedures. The term of a swap can be days, months or years and certain swaps may be less liquid than others.

Upon entering into a centrally cleared swap contract, the funds are required to deposit cash, U.S. government securities or other liquid securities, which is known as initial margin. Generally, the initial margin required for a particular swap is set and held as collateral by the clearinghouse on which the contract is cleared. The amount of initial margin required may be significantly modified from time to time by the clearinghouse during the term of the contract.

On a daily basis, interest accruals related to the exchange of future payments are recorded as a receivable and payable in the funds’ statement of assets and liabilities for centrally cleared swaps and as unrealized appreciation or depreciation in the funds’ statement of assets and liabilities for bilateral swaps. For centrally cleared swaps, the fund also pays or receives a variation margin based on the increase or decrease in the value of the swaps, including accrued interest as applicable, and records variation margin in the statement of assets and liabilities. The funds record realized gains and losses on both the net accrued interest and any gain or loss recognized at the time the swap is closed or expires. Net realized gains or losses, as well as any net unrealized appreciation or depreciation, from swaps are recorded in the funds’ statement of operations.

Swap agreements can take different forms. Some of the funds have entered into the following types of swap agreements:

Interest rate swaps — Some of the funds have entered into interest rate swaps, which seek to manage the interest rate sensitivity of the fund by increasing or decreasing the duration of the funds or a portion of the funds’ portfolio. An interest rate swap is an agreement between two parties to exchange or swap payments based on changes in an interest rate or rates. Typically, one interest rate is fixed and the other is variable based on a designated short-term interest rate such as the Secured Overnight Financing Rate (SOFR), prime rate or other benchmark. In other types of interest rate swaps, known as basis swaps, the parties agree to swap variable interest rates based on different designated short-term interest rates. Interest rate swaps generally do not involve the delivery of securities or other principal amounts. Rather, cash payments are exchanged by the parties based on the application of the designated interest rates to a notional amount, which is the predetermined dollar principal of the trade upon which payment obligations are computed. Accordingly, the funds’ current obligation or right under the swap agreement is generally equal to the net amount to be paid or received under the swap agreement based on the relative value of the position held by each party.

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Credit default swap indices — Some of the funds have entered into centrally cleared credit default swap indices, including CDX and iTraxx indices (collectively referred to as “CDSIs”), in order to assume exposure to a diversified portfolio of credits or to hedge against existing credit risks. A CDSI is based on a portfolio of credit default swaps with similar characteristics, such as credit default swaps on high-yield bonds. In a typical CDSI transaction, one party (the protection buyer) is obligated to pay the other party (the protection seller) a stream of periodic payments over the term of the contract. If a credit event, such as a default or restructuring, occurs with respect to any of the underlying reference obligations, the protection seller must pay the protection buyer the loss on those credits.

The funds may enter into a CDSI transaction as either protection buyer or protection seller. If the funds are protection buyers, they would pay the counterparty a periodic stream of payments over the term of the contract and would not recover any of those payments if no credit events were to occur with respect to any of the underlying reference obligations. However, if a credit event did occur, the funds, as protection buyers, would have the right to deliver the referenced debt obligations or a specified amount of cash, depending on the terms of the applicable agreement, and to receive the par value of such debt obligations from the counterparty protection seller. As protection sellers, the funds would receive fixed payments throughout the term of the contract if no credit events were to occur with respect to any of the underlying reference obligations. If a credit event were to occur, however, the value of any deliverable obligation received by the funds, coupled with the periodic payments previously received by the funds, may be less than the full notional value that the funds, as a protection seller, pays to the counterparty protection buyer, effectively resulting in a loss of value to the funds. Furthermore, as protection sellers, the funds would effectively add leverage to their portfolio because it would have investment exposure to the notional amount of the swap transaction.

The following table presents the average month-end notional amounts of options contracts purchased, futures contracts, forward currency contracts, interest rate swaps and credit default swaps while held for each fund (dollars in thousands):

	Options contracts purchased	Futures contracts	Forward currency contracts		Interest rate swaps	Credit default swaps
New World Fund	Not applicable	$ 25,832	$ 4,557		Not applicable	Not applicable
International Growth and Income Fund	Not applicable	Not applicable	446		Not applicable	Not applicable
Capital Income Builder	Not applicable	59,371	98	*	$ 23,038	$ 4,064
Asset Allocation Fund	Not applicable	2,047,465	Not applicable		Not applicable	107,883
American Funds Global Balanced Fund	Not applicable	13,454	25,586		25,429	3,760
The Bond Fund of America	Not applicable	3,268,480	116,690		419,574	113,829
Capital World Bond Fund	Not applicable	310,776	507,433		345,658	56,655
American High-Income Trust	Not applicable	35,005	Not applicable		Not applicable	13,999
American Funds Mortgage Fund	Not applicable	27,578	Not applicable		25,975	Not applicable
U.S. Government Securities Fund	Not applicable	2,474,234	Not applicable		1,677,964	Not applicable
Managed Risk Growth Fund	$ 487,262	136,263	Not applicable		Not applicable	Not applicable
Managed Risk International Fund	120,077	15,697	Not applicable		Not applicable	Not applicable
Managed Risk Washington Mutual Investors Fund	347,908	40,418	Not applicable		Not applicable	Not applicable
Managed Risk Growth-Income Fund	3,860,312	264,330	Not applicable		Not applicable	Not applicable
Managed Risk Asset Allocation Fund	656,342	299,621	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.

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The following tables identify the location and fair value amounts on each fund’s statement of assets and liabilities and/or the effect on each fund’s statement of operations resulting from each fund’s use of options, futures contracts, forward currency contracts, interest rate swaps and/or credit default swaps as of, or for the six months ended June 30, 2022 (dollars in thousands):

New World Fund

		Assets			Liabilities
Contracts	Risk type	Location on statement of assets and liabilities	Value		Location on statement of assets and liabilities	Value
Futures	Interest	Unrealized appreciation*	$	160	Unrealized depreciation*	$	118
Forward currency	Currency	Unrealized appreciation on open forward currency contracts		40	Unrealized depreciation on open forward currency contracts		1
			$	200		$	119
		Net realized gain			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	$	202	Net unrealized appreciation on futures contracts	$	78
Forward currency	Currency	Net realized gain on forward currency contracts		298	Net unrealized appreciation on forward currency contracts		59
			$	500		$	137
International Growth and Income Fund
		Assets			Liabilities
Contracts	Risk type	Location on statement of assets and liabilities	Value		Location on statement of assets and liabilities	Value
Forward currency	Currency	Unrealized appreciation on open forward currency contracts	$	1	Unrealized depreciation on open forward currency contracts	$	—
		Net realized gain			Net unrealized appreciation
Contracts	Risk type	Location on statement of operations	Value		Location on statement of operations	Value
Forward currency	Currency	Net realized gain on forward currency contracts	$	—	Net unrealized appreciation on forward currency contracts	$	1
Capital Income Builder
		Assets			Liabilities
		Location on statement of			Location on statement of
Contracts	Risk type	assets and liabilities	Value		assets and liabilities	Value
Futures	Interest	Unrealized appreciation*	$	15	Unrealized depreciation*	$	1,042
Swap (centrally cleared)	Interest	Unrealized appreciation*		1,757	Unrealized depreciation*		—
Swap (centrally cleared)	Credit	Unrealized appreciation*		—	Unrealized depreciation*		359
			$	1,772		$	1,401

Refer to the end of the tables for footnotes.

288 American Funds Insurance Series

		Net realized (loss) gain				Net unrealized (depreciation) appreciation
Contracts	Risk type	Location on statement of operations	Value			Location on statement of operations	Value
Futures	Interest	Net realized loss on futures contracts	$	(3,291	)	Net unrealized depreciation on futures contracts	$	(1,259	)
Forward currency	Currency	Net realized gain on forward currency contracts		6		Net unrealized depreciation on forward currency contracts		(2	)
Swap	Interest	Net realized gain on swap contracts		1,702		Net unrealized appreciation on swap contracts		306
Swap	Credit	Net realized loss on swap contracts		(112	)	Net unrealized depreciation on swap contracts		(345	)
			$	(1,695	)		$	(1,300	)
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 appreciation*	$	7,611		Unrealized depreciation*	$	3,501
Swap (centrally cleared)	Credit	Unrealized appreciation*		1,848		Unrealized depreciation*		—
			$	9,459			$	3,501
		Net realized gain				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	$	52,273		Net unrealized appreciation on futures contracts	$	18,346
Swap	Credit	Net realized gain on swap contracts		159		Net unrealized appreciation on swap contracts		1,896
			$	52,432			$	20,242
American Funds Global Balanced Fund
		Assets				Liabilities
Contracts	Risk type	Location on statement of assets and liabilities	Value			Location on statement of assets and liabilities	Value
Futures	Interest	Unrealized appreciation*	$	48		Unrealized depreciation*	$	82
Forward currency	Currency	Unrealized appreciation on open forward currency contracts		103		Unrealized depreciation on open forward currency contracts		459
Forward currency	Currency	Receivables for closed forward currency contracts		18		Payables for closed forward currency contracts		4
Swap (centrally cleared)	Interest	Unrealized appreciation*		7		Unrealized depreciation*		654
Swap (centrally cleared)	Credit	Unrealized appreciation*		—		Unrealized depreciation*		80
			$	176			$	1,279

Refer to the end of the tables for footnotes.

American Funds Insurance Series 289

		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	$	367		Net unrealized depreciation on futures contracts	$	(115	)
Forward currency	Currency	Net realized loss on forward currency contracts		(537	)	Net unrealized depreciation on forward currency contracts		(167	)
Swap	Interest	Net realized gain on swap contracts		198		Net unrealized depreciation on swap contracts		(410	)
Swap	Credit	Net realized gain on swap contracts		48		Net unrealized depreciation on swap contracts		(78	)
			$	76			$	(770	)
The Bond Fund of America
		Assets				Liabilities
Contracts	Risk type	Location on statement of assets and liabilities	Value			Location on statement of assets and liabilities	Value
Futures	Interest	Unrealized appreciation*	$	11,018		Unrealized depreciation*	$	25,935
Forward currency	Currency	Unrealized appreciation on open forward currency contracts		293		Unrealized depreciation on open forward currency contracts		470
Forward currency	Currency	Receivables for closed forward currency contracts		75		Payables for closed forward currency contracts		576
Swap (centrally cleared)	Interest	Unrealized appreciation*		13,225		Unrealized depreciation*		2,838
Swap (centrally cleared)	Credit	Unrealized appreciation*		8,754		Unrealized depreciation*		—
			$	33,365			$	29,819
		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	$	(59,525	)	Net unrealized depreciation on futures contracts	$	(14,940	)
Forward currency	Currency	Net realized gain on forward currency contracts		1,385		Net unrealized appreciation on forward currency contracts		178
Swap	Interest	Net realized gain on swap contracts		25,750		Net unrealized appreciation on swap contracts		21,372
Swap	Credit	Net realized gain on swap contracts		2,556		Net unrealized appreciation on swap contracts		8,680
			$	(29,834	)		$	15,290

Refer to the end of the tables for footnotes.

290 American Funds Insurance Series

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 appreciation*	$	933		Unrealized depreciation*	$	2,216
Forward currency	Currency	Unrealized appreciation on open forward currency contracts		6,655		Unrealized depreciation on open forward currency contracts		4,636
Forward currency	Currency	Receivables for closed forward currency contracts		32		Payables for closed forward currency contracts		1,476
Swap (centrally cleared)	Interest	Unrealized appreciation*		33		Unrealized depreciation*		9,273
Swap (centrally cleared)	Credit	Unrealized appreciation*		3,014		Unrealized depreciation*		—
			$	10,667			$	17,601
		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	$	(3,835	)	Net unrealized depreciation on futures contracts	$	(1,107	)
Forward currency	Currency	Net realized loss on forward currency contracts		(15,990	)	Net unrealized appreciation on forward currency contracts		1,537
Swap	Interest	Net realized gain on swap contracts		1,384		Net unrealized depreciation on swap contracts		(5,384	)
Swap	Credit	Net realized gain on swap contracts		675		Net unrealized appreciation on swap contracts		3,096
			$	(17,766	)		$	(1,858	)
American High-Income Trust
		Assets				Liabilities
		Location on statement of				Location on statement of
Contracts	Risk type	assets and liabilities	Value			assets and liabilities	Value
Futures	Interest	Unrealized appreciation*	$	73		Unrealized depreciation*	$	—
Swap (centrally cleared)	Credit	Unrealized appreciation*		421		Unrealized depreciation*		—
			$	494			$	—
		Net realized gain				Net unrealized appreciation
		Location on statement of				Location on statement of
Contracts	Risk type	operations	Value			operations	Value
Futures	Interest	Net realized gain on futures contracts	$	1,276		Net unrealized appreciation on futures contracts	$	284
Swap	Credit	Net realized gain on swap contracts		326		Net unrealized appreciation on swap contracts		414
			$	1,602			$	698

Refer to the end of the tables for footnotes.

American Funds Insurance Series 291

American Funds Mortgage Fund

		Assets				Liabilities
		Location on statement of				Location on statement of
Contracts	Risk type	assets and liabilities	Value			assets and liabilities	Value
Futures	Interest	Unrealized appreciation*	$	40		Unrealized depreciation*	$	134
Swap (centrally cleared)	Interest	Unrealized appreciation*		670		Unrealized depreciation*		—
			$	710			$	134
		Net realized (loss) gain				Net unrealized depreciation
		Location on statement of				Location on statement of
Contracts	Risk type	operations	Value			operations	Value
Futures	Interest	Net realized loss on futures contracts	$	(1,437	)	Net unrealized depreciation on futures contracts	$	(98	)
Swap	Interest	Net realized gain on swap contracts		3,125		Net unrealized depreciation on swap contracts		(1,705	)
			$	1,688			$	(1,803	)
U.S. Government Securities Fund
		Assets				Liabilities
		Location on statement of				Location on statement of
Contracts	Risk type	assets and liabilities	Value			assets and liabilities	Value
Futures	Interest	Unrealized appreciation*	$	11,906		Unrealized depreciation*	$	17,662
Swap (centrally cleared)	Interest	Unrealized appreciation*		23,368		Unrealized depreciation*		16,563
			$	35,274			$	34,225
		Net realized (loss) gain				Net unrealized depreciation
		Location on statement of				Location on statement of
Contracts	Risk type	operations	Value			operations	Value
Futures	Interest	Net realized loss on futures contracts	$	(24,700	)	Net unrealized depreciation on futures contracts	$	(6,365	)
Swap	Interest	Net realized gain on swap contracts		21,128		Net unrealized depreciation on swap contracts		(9,288	)
			$	(3,572	)		$	(15,653	)
Managed Risk Growth Fund
		Assets				Liabilities
		Location on statement of				Location on statement of
Contracts	Risk type	assets and liabilities	Value			assets and liabilities	Value
Options purchased	Equity	Investment securities from unaffiliated issuers†	$	424		Investment securities from unaffiliated issuers†	$	—
Futures	Currency	Unrealized appreciation*		268		Unrealized depreciation*		—
Futures	Equity	Unrealized appreciation*		10,060		Unrealized depreciation*		—
Futures	Interest	Unrealized appreciation*		—		Unrealized depreciation*		(105	)
			$	10,752			$	(105	)

Refer to the end of the tables for footnotes.

292 American Funds Insurance Series

		Net realized (loss) gain				Net unrealized appreciation (depreciation)
		Location on statement of				Location on statement of
Contracts	Risk type	operations	Value			operations	Value
Options purchased	Equity	Net realized loss on investments in unaffiliated issuers	$	(3,451	)	Net unrealized appreciation on investments in unaffiliated issuers	$	1,424
Futures	Currency	Net realized gain on futures contracts		612		Net unrealized appreciation on futures contracts		292
Futures	Equity	Net realized gain on futures contracts		24,631		Net unrealized appreciation on futures contracts		11,276
Futures	Interest	Net realized loss on futures contracts		(10,316	)	Net unrealized depreciation on futures contracts		(6	)
			$	11,476			$	12,986
Managed Risk International Fund
		Assets				Liabilities
		Location on statement of				Location on statement of
Contracts	Risk type	assets and liabilities	Value			assets and liabilities	Value
Options purchased	Equity	Investment securities from unaffiliated issuers†	$	591		Investment securities from unaffiliated issuers†	$	—
Futures	Currency	Unrealized appreciation*		—		Unrealized depreciation*		—
Futures	Equity	Unrealized appreciation*		1,136		Unrealized depreciation*		—
Futures	Interest	Unrealized appreciation*		—		Unrealized depreciation*		(48	)
			$	1,727			$	(48	)
		Net realized (loss) gain				Net unrealized appreciation
		Location on statement of				Location on statement of
Contracts	Risk type	operations	Value			operations	Value
Options purchased	Equity	Net realized loss on investments in unaffiliated issuers	$	(910	)	Net unrealized appreciation on investments in unaffiliated issuers	$	948
Futures	Currency	Net realized gain on futures contracts		—		Net unrealized appreciation on futures contracts		—
Futures	Equity	Net realized gain on futures contracts		7,974		Net unrealized appreciation on futures contracts		22
Futures	Interest	Net realized loss on futures contracts		(2,349	)	Net unrealized appreciation on futures contracts		1,449
			$	4,715			$	2,419
Managed Risk Washington Mutual Investors Fund
		Assets				Liabilities
		Location on statement of				Location on statement of
Contracts	Risk type	assets and liabilities	Value			assets and liabilities	Value
Options purchased	Equity	Investment securities from unaffiliated issuers†	$	842		Investment securities from unaffiliated issuers†	$	—
Futures	Currency	Unrealized appreciation*		144		Unrealized depreciation*		—
Futures	Equity	Unrealized appreciation*		3,774		Unrealized depreciation*		—
Futures	Interest	Unrealized appreciation*		—		Unrealized depreciation*		(70	)
			$	4,760			$	(70	)

Refer to the end of the tables for footnotes.

American Funds Insurance Series 293

		Net realized (loss) gain				Net unrealized appreciation (depreciation)
		Location on statement of				Location on statement of
Contracts	Risk type	operations	Value			operations	Value
Options purchased	Equity	Net realized loss on investments in unaffiliated issuers	$	(2,423	)	Net unrealized appreciation on investments in unaffiliated issuers	$	1,000
Futures	Currency	Net realized gain on futures contracts		186		Net unrealized appreciation on futures contracts		149
Futures	Equity	Net realized gain on futures contracts		9,391		Net unrealized appreciation on futures contracts		3,844
Futures	Interest	Net realized loss on futures contracts		(5,062	)	Net unrealized depreciation on futures contracts		(42	)
			$	2,092			$	4,951
Managed Risk Growth-Income Fund
		Assets				Liabilities
		Location on statement of				Location on statement of
Contracts	Risk type	assets and liabilities	Value			assets and liabilities	Value
Options purchased	Equity	Investment securities from unaffiliated issuers†	$	11,543		Investment securities from unaffiliated issuers†	$	—
Futures	Currency	Unrealized appreciation*		1,057		Unrealized depreciation*		—
Futures	Equity	Unrealized appreciation*		26,222		Unrealized depreciation*		(16	)
Futures	Interest	Unrealized appreciation*		—		Unrealized depreciation*		(524	)
			$	38,822			$	(540	)
		Net realized (loss) gain				Net unrealized appreciation (depreciation)
		Location on statement of				Location on statement of
Contracts	Risk type	operations	Value			operations	Value
Options purchased	Equity	Net realized loss on investments in unaffiliated issuers	$	(28,252	)	Net unrealized appreciation on investments in unaffiliated issuers	$	19,619
Futures	Currency	Net realized gain on futures contracts		1,821		Net unrealized appreciation on futures contracts		1,066
Futures	Equity	Net realized gain on futures contracts		41,017		Net unrealized appreciation on futures contracts		26,824
Futures	Interest	Net realized loss on futures contracts		(34,975	)	Net unrealized depreciation on futures contracts		(463	)
			$	(20,389	)		$	47,046
Managed Risk Asset Allocation Fund
		Assets				Liabilities
		Location on statement of				Location on statement of
Contracts	Risk type	assets and liabilities	Value			assets and liabilities	Value
Options purchased	Equity	Investment securities from unaffiliated issuers†	$	1,138		Investment securities from unaffiliated issuers†	$	—
Futures	Currency	Unrealized appreciation*		651		Unrealized depreciation*		—
Futures	Equity	Unrealized appreciation*		23,290		Unrealized depreciation*		—
Futures	Interest	Unrealized appreciation*		—		Unrealized depreciation*		(371	)
			$	25,079			$	(371	)

Refer to the end of the tables for footnotes.

294 American Funds Insurance Series

		Net realized (loss) gain				Net unrealized appreciation (depreciation)
Contracts	Risk type	Location on statement of operations	Value			Location on statement of operations	Value
Options purchased	Equity	Net realized loss on investments in unaffiliated issuers	$	(3,697	)	Net unrealized appreciation on investments in unaffiliated issuers	$	781
Futures	Currency	Net realized gain on futures contracts		1,188		Net unrealized appreciation on futures contracts		660
Futures	Equity	Net realized gain on futures contracts		28,524		Net unrealized appreciation on futures contracts		23,415
Futures	Interest	Net realized loss on futures contracts		(38,673	)	Net unrealized depreciation on futures contracts		(264	)
			$	(12,658	)		$	24,592

*	Includes cumulative appreciation/depreciation on futures contracts, centrally cleared interest rate swaps and/or centrally cleared credit default swaps as reported in the applicable table following each fund’s investment portfolio. Only current day’s variation margin is reported within each fund’s statement of assets and liabilities.
†	Includes options purchased as reported in the fund’s investment portfolio.

Collateral — Some funds either receive or pledge highly liquid assets, such as cash or U.S. government securities, as collateral due to securities lending and/or their use of futures contracts, forward currency contracts, interest rate swaps, credit default swaps and/or future delivery contracts. For securities lending, each participating fund receives collateral in exchange for lending investment securities. The lending agent may reinvest collateral from securities lending transactions according to agreed parameters. For futures contracts, centrally cleared interest rate swaps and centrally cleared credit default swaps, the program calls for each participating fund to pledge collateral for initial and variation margin by contract. For forward currency contracts, the program calls for each participating fund to either receive or pledge collateral based on the net gain or loss on unsettled contracts by counterparty. For future delivery contracts, the program calls for each participating fund to either receive or pledge collateral based on the net gain or loss on unsettled contracts by certain counterparties. The purpose of the collateral is to cover potential losses that could occur in the event that either party cannot meet its contractual obligation. Non-cash collateral pledged by each participating fund, if any, is disclosed in each fund’s investment portfolio, and cash collateral pledged by each participating fund, if any, is held in a segregated account with the fund’s custodian, which is reflected as pledged cash collateral in each fund’s statement of assets and liabilities.

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

The following tables present each fund’s forward currency contracts by counterparty that are subject to master netting agreements but that are not offset in the funds’ statements of assets and liabilities. The net amount column shows the impact of offsetting on the funds’ statement of assets and liabilities as of June 30, 2022, if close-out netting was exercised (dollars in thousands):

New World Fund

	Gross amounts recognized in the		Gross amounts not offset in the statement of assets and liabilities and subject to a master netting agreement
Counterparty	statement of assets and liabilities		Available to offset		Non-cash collateral*		Cash collateral*		Net amount
Assets:
Standard Chartered Bank	$	35	$	—	$	—	$	—	$	35
UBS AG		5		—		—		—		5
Total	$	40	$	—	$	—	$	—	$	40
Liabilities:
Citibank	$	1	$	—	$	—	$	—	$	1

Refer to the end of the tables for footnote.

American Funds Insurance Series 295

International Growth and Income Fund

	Gross amounts recognized in the		Gross amounts not offset in the statement of assets and liabilities and subject to a master netting agreement
Counterparty	statement of assets and liabilities		Available to offset		Non-cash collateral*		Cash collateral*		Net amount
Assets:
JPMorgan Chase	$	1	$	—	$	—	$	—	$	1

American Funds Global Balanced Fund

	Gross amounts recognized in the		Gross amounts not offset in the statement of assets and liabilities and subject to a master netting agreement
Counterparty	statement of assets and liabilities		Available to offset			Non-cash collateral*		Cash collateral*		Net amount
Assets:
Bank of America	$	20	$	(20	)	$	—	$	—	$	—
Barclays Bank PLC		11		—			—		—		11
BNP Paribas		1		(1	)		—		—		—
Citibank		74		(1	)		—		—		73
Morgan Stanley		14		(14	)		—		—		—
Standard Chartered Bank		1		(1	)		—		—		—
Total	$	121	$	(37	)	$	—	$	—	$	84
Liabilities:
Bank of America	$	44	$	(20	)	$	—	$	—	$	24
Bank of New York Mellon		1		—			—		—		1
BNP Paribas		282		(1	)		—		—		281
Citibank		1		(1	)		—		—		—
HSBC Bank		14		—			—		—		14
JPMorgan Chase		3		—			—		—		3
Morgan Stanley		23		(14	)		—		—		9
Standard Chartered Bank		95		(1	)		—		—		94
Total	$	463	$	(37	)	$	—	$	—	$	426

The Bond Fund of America

	Gross amounts recognized in the		Gross amounts not offset in the statement of assets and liabilities and subject to a master netting agreement
Counterparty	statement of assets and liabilities		Available to offset			Non-cash collateral*			Cash collateral*		Net amount
Assets:
Bank of America	$	96	$	—		$	—		$	—	$	96
Bank of New York Mellon		65		—			—			—		65
Citibank		94		(94	)		—			—		—
Standard Chartered Bank		11		—			—			—		11
UBS AG		102		(30	)		—			—		72
Total	$	368	$	(124	)	$	—		$	—	$	244
Liabilities:
Citibank	$	648	$	(94	)	$	(554	)	$	—	$	—
JPMorgan Chase		323		—			(323	)		—		—
Morgan Stanley		45		—			—			—		45
UBS AG		30		(30	)		—			—		—
Total	$	1,046	$	(124	)	$	(877	)	$	—	$	45

Refer to the end of the tables for footnote.

296 American Funds Insurance Series

Capital World Bond Fund

	Gross amounts recognized in the		Gross amounts not offset in the statement of assets and liabilities and subject to a master netting agreement
Counterparty	statement of assets and liabilities		Available to offset			Non-cash collateral*			Cash collateral*			Net amount
Assets:
Bank of America	$	503	$	(503	)	$	—		$	—		$	—
BNP Paribas		91		(91	)		—			—			—
Citibank		5,133		(2,333	)		—			(2,800	)		—
Goldman Sachs		27		(27	)		—			—			—
HSBC Bank		253		(42	)		—			(211	)		—
JPMorgan Chase		75		(75	)		—			—			—
Morgan Stanley		75		(75	)		—			—			—
Standard Chartered Bank		291		—			—			(291	)		—
UBS AG		239		(239	)		—			—			—
Total	$	6,687	$	(3,385	)	$	—		$	(3,302	)	$	—
Liabilities:
Bank of America	$	957	$	(503	)	$	(364	)	$	—		$	90
BNP Paribas		712		(91	)		(585	)		—			36
Citibank		2,333		(2,333	)		—			—			—
Goldman Sachs		477		(27	)		(450	)		—			—
HSBC Bank		42		(42	)		—			—			—
JPMorgan Chase		788		(75	)		(659	)		—			54
Morgan Stanley		269		(75	)		(194	)		—			—
UBS AG		534		(239	)		(295	)		—			—
Total	$	6,112	$	(3,385	)	$	(2,547	)	$	—		$	180

* Collateral is shown on a settlement basis.

6. Taxation and distributions

Federal income taxation — Each fund complies with the requirements under Subchapter M of the Internal Revenue Code applicable to regulated investment companies and intends to distribute substantially all of its net taxable income and net capital gains each year. The funds are not subject to income taxes to the extent such distributions are made. Therefore, no federal income tax provision is required.

As of and during the period ended June 30, 2022, none of the funds had a liability for any unrecognized tax benefits. Each fund recognizes interest and penalties, if any, related to unrecognized tax benefits as income tax expense in their respective statements of operations. During the period, none of the funds incurred any significant interest or penalties.

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

Non-U.S. taxation — Dividend and interest income, if any, are recorded net of non-U.S. taxes paid. The funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. As a result of rulings from European courts, the funds filed for additional reclaims related to prior years. These reclaims are recorded when the amount is known and there are no significant uncertainties on collectability. During the six months ended June 30, 2022, some of the funds recognized reclaims (net of fees and the effect of realized gain or loss from currency translations) and interest related to European court rulings as follows (dollars in thousands):

Fund	Reclaims		Fees		Interest
Global Growth Fund	$	353	$	634	$	64
Growth Fund		318		22		22
New World Fund		175		99		14
Growth-Income Fund		3,322		472		292
International Growth and Income Fund		430		104		35
Asset Allocation Fund		32		106		9

American Funds Insurance Series 297

The reclaims and interest are included in each fund’s statements of operations. Gains realized by the funds on the sale of securities in certain countries, if any, may be subject to non-U.S. taxes. If applicable, the funds record an estimated deferred tax liability based on unrealized gains to provide for potential non-U.S. taxes payable upon the sale of these securities.

Distributions — Distributions determined on a tax basis may differ from net investment income and net realized gains for financial reporting purposes. These differences are due primarily to different treatment for items such as currency gains and losses; short-term capital gains and losses; capital losses related to sales of certain securities within 30 days of purchase; unrealized appreciation of certain investments in securities outside the U.S.; 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.

Additional tax basis disclosures for each fund are as follows (dollars in thousands):

	Global Growth Fund			Global Small Capitalization Fund			Growth Fund			International Fund			New World Fund			Washington Mutual Investors Fund
As of December 31, 2021:
Undistributed ordinary income	$	35,090		$	155,910		$	575,141		$	91,536		$	79,588		$	436,702
Undistributed long-term capital gains		815,909			935,195			4,457,096			955,085			247,561			1,827,154
As of June 30, 2022:
Gross unrealized appreciation on investments		2,448,406			597,292			12,379,772			1,198,573			706,493			1,823,766
Gross unrealized depreciation on investments		(638,501	)		(427,229	)		(2,828,654	)		(840,515	)		(322,914	)		(598,946	)
Net unrealized appreciation (depreciation) on investments		1,809,905			170,063			9,551,118			358,058			383,579			1,224,820
Cost of investments		5,058,986			2,826,529			21,593,126			6,517,811			2,807,027			8,113,297
		Capital World Growth and Income Fund			Growth- Income Fund			International Growth and Income Fund			Capital Income Builder			Asset Allocation Fund			American Funds Global Balanced Fund
As of December 31, 2021:
Undistributed ordinary income	$	66,586		$	578,031		$	753		$	7,363		$	333,342		$	282
Late year ordinary loss deferral*		—			—			—			—			—			(110	)
Undistributed long-term capital gains		354,484			2,984,322			145,163			—			2,509,013			1,947
Capital loss carryforward†		—			—			—			(20,560	)		—			—
As of June 30, 2022:
Gross unrealized appreciation on investments		376,239			10,839,281			28,959			149,820			5,492,943			24,473
Gross unrealized depreciation on investments		(237,923	)		(1,593,886	)		(53,837	)		(56,954	)		(1,818,032	)		(33,439	)
Net unrealized appreciation (depreciation) on investments		138,316			9,245,395			(24,878	)		92,866			3,674,911			(8,966	)
Cost of investments		1,601,901			23,683,846			316,947			1,055,905			22,499,906			389,620

Refer to the end of the tables for footnotes.

298 American Funds Insurance Series

	The Bond Fund of America			Capital World Bond Fund			American High-Income Trust			American Funds Mortgage Fund			Ultra-Short Bond Fund			U.S. Government Securities Fund
As of December 31, 2021:
Undistributed ordinary income	$	95,270		$	4,353		$	9,517		$	499		$	—		$	7,641
Undistributed long-term capital gains		97,219			26,459			—			—			—			—
Capital loss carryforward†		—			—			(247,812	)		(496	)		(1	)		(14,302	)
As of June 30, 2022:
Gross unrealized appreciation on investments		59,647			13,030			23,164			1,110			14			40,623
Gross unrealized depreciation on investments		(807,938	)		(286,726	)		(133,062	)		(2,819	)		(89	)		(96,426	)
Net unrealized appreciation (depreciation) on investments		(748,291	)		(273,696	)		(109,898	)		(1,709	)		(75	)		(55,803	)
Cost of investments		13,481,793			1,887,532			945,135			140,652			416,305			2,270,134
	Managed Risk Growth Fund			Managed Risk International Fund			Managed Risk Washington Mutual Investors Fund			Managed Risk Growth- Income Fund			Managed Risk Asset Allocation Fund
As of December 31, 2021:
Undistributed ordinary income	$	1,846		$	3,367		$	3,923		$	23,113		$	34,460
Undistributed long-term capital gains		83,454			—			—			50,937			87,163
Capital loss carryforward†		—			(12,234	)		(23,718	)		—			—
As of June 30, 2022:
Gross unrealized appreciation on investments		10,369			1,527			3,992			29,568			23,941
Gross unrealized depreciation on investments		(129,403	)		(35,664	)		(53,343	)		(150,797	)		(159,840	)
Net unrealized appreciation (depreciation) on investments		(119,034	)		(34,137	)		(49,351	)		(121,229	)		(135,899	)
Cost of investments		580,496			164,663			365,091			2,259,173			2,397,331

*	This deferral is considered incurred in the subsequent year.
†	Each fund’s capital loss carryforward will be used to offset any capital gains realized by the fund in the current year or in subsequent years. Funds with a capital loss carryforward will not make distributions from capital gains while a capital loss carryforward remains.

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

Global Growth Fund

	Six months ended June 30, 2022						Year ended December 31, 2021
Share class	Ordinary income		Long-term capital gains		Total distributions paid		Ordinary income		Long-term capital gains		Total distributions paid
Class 1	$	16,651	$	361,119	$	377,770	$	23,870	$	193,074	$	216,944
Class 1A		67		1,617		1,684		55		645		700
Class 2		15,933		386,947		402,880		15,210		221,402		236,612
Class 4		2,452		66,240		68,692		1,339		30,748		32,087
Total	$	35,103	$	815,923	$	851,026	$	40,474	$	445,869	$	486,343

American Funds Insurance Series 299

Global Small Capitalization Fund

	Six months ended June 30, 2022						Year ended December 31, 2021
Share class	Ordinary income		Long-term capital gains		Total distributions paid		Ordinary income		Long-term capital gains		Total distributions paid
Class 1	$	47,544	$	285,173	$	332,717	$	—	$	55,655	$	55,655
Class 1A		209		1,252		1,461		—		39		39
Class 2		94,748		568,298		663,046		—		60,246		60,246
Class 4		13,417		80,475		93,892		—		7,215		7,215
Total	$	155,918	$	935,198	$	1,091,116	$	—	$	123,155	$	123,155
Growth Fund
	Six months ended June 30, 2022						Year ended December 31, 2021
Share class	Ordinary income		Long-term capital gains		Total distributions paid		Ordinary income		Long-term capital gains		Total distributions paid
Class 1	$	252,019	$	1,912,725	$	2,164,744	$	181,380	$	2,073,422	$	2,254,802
Class 1A		3,042		23,411		26,453		701		9,031		9,732
Class 2		274,301		2,152,577		2,426,878		167,439		2,610,409		2,777,848
Class 3		3,618		28,163		31,781		2,435		35,107		37,542
Class 4		42,175		340,245		382,420		17,483		340,551		358,034
Total	$	575,155	$	4,457,121	$	5,032,276	$	369,438	$	5,068,520	$	5,437,958
International Fund
	Six months ended June 30, 2022						Year ended December 31, 2021
Share class	Ordinary income		Long-term capital gains		Total distributions paid		Ordinary income		Long-term capital gains		Total distributions paid
Class 1	$	44,035	$	448,918	$	492,953	$	131,730	$	—	$	131,730
Class 1A		133		1,398		1,531		281		—		281
Class 2		42,435		450,228		492,663		105,815		—		105,815
Class 3		209		2,195		2,404		545		—		545
Class 4		4,760		52,350		57,110		10,725		—		10,725
Total	$	91,572	$	955,089	$	1,046,661	$	249,096	$	—	$	249,096
New World Fund
	Six months ended June 30, 2022						Year ended December 31, 2021
Share class	Ordinary income		Long-term capital gains		Total distributions paid		Ordinary income		Long-term capital gains		Total distributions paid
Class 1	$	42,143	$	129,123	$	171,266	$	26,785	$	78,257	$	105,042
Class 1A		232		724		956		77		273		350
Class 2		19,672		61,661		81,333		9,450		36,498		45,948
Class 4		17,555		56,063		73,618		5,794		28,566		34,360
Total	$	79,602	$	247,571	$	327,173	$	42,106	$	143,594	$	185,700

300 American Funds Insurance Series

Washington Mutual Investors Fund

	Six months ended June 30, 2022						Year ended December 31, 2021
Share class	Ordinary income		Long-term capital gains		Total distributions paid		Ordinary income		Long-term capital gains		Total distributions paid
Class 1	$	256,710	$	1,068,126	$	1,324,836	$	104,666	$	—	$	104,666
Class 1A		2,492		10,665		13,157		2,211		—		2,211
Class 2		131,174		551,636		682,810		46,652		—		46,652
Class 4		46,410		196,768		243,178		12,620		—		12,620
Total	$	436,786	$	1,827,195	$	2,263,981	$	166,149	$	—	$	166,149
Capital World Growth and Income Fund
	Six months ended June 30, 2022						Year ended December 31, 2021
Share class	Ordinary income		Long-term capital gains		Total distributions paid		Ordinary income		Long-term capital gains		Total distributions paid
Class 1	$	20,817	$	109,599	$	130,416	$	14,543	$	16,997	$	31,540
Class 1A		223		1,188		1,411		99		67		166
Class 2		38,548		205,827		244,375		20,948		29,988		50,936
Class 4		7,015		37,875		44,890		3,094		4,436		7,530
Total	$	66,603	$	354,489	$	421,092	$	38,684	$	51,488	$	90,172
Growth-Income Fund
	Six months ended June 30, 2022						Year ended December 31, 2021
Share class	Ordinary income		Long-term capital gains		Total distributions paid		Ordinary income		Long-term capital gains		Total distributions paid
Class 1	$	344,468	$	1,754,172	$	2,098,640	$	328,564	$	239,575	$	568,139
Class 1A		472		2,464		2,936		308		185		493
Class 2		204,025		1,071,265		1,275,290		164,258		145,765		310,023
Class 3		2,195		11,428		13,623		1,864		1,578		3,442
Class 4		26,915		145,017		171,932		16,599		16,418		33,017
Total	$	578,075	$	2,984,346	$	3,562,421	$	511,593	$	403,521	$	915,114
International Growth and Income Fund
	Six months ended June 30, 2022						Year ended December 31, 2021
Share class	Ordinary income		Long-term capital gains		Total distributions paid		Ordinary income		Long-term capital gains		Total distributions paid
Class 1	$	16	$	6,104	$	6,120	$	4,585	$	—	$	4,585
Class 1A		12		2,108		2,120		140		—		140
Class 2		459		81,276		81,735		6,218		—		6,218
Class 4		267		55,677		55,944		3,589		—		3,589
Total	$	754	$	145,165	$	145,919	$	14,532	$	—	$	14,532
Capital Income Builder
	Six months ended June 30, 2022						Year ended December 31, 2021
Share class	Ordinary income		Long-term capital gains		Total distributions paid		Ordinary income		Long-term capital gains		Total distributions paid
Class 1	$	6,604	$	—	$	6,604	$	16,222	$	—	$	16,222
Class 1A		99		—		99		218		—		218
Class 2		129		—		129		315		—		315
Class 4		4,982		—		4,982		13,009		—		13,009
Total	$	11,814	$	—	$	11,814	$	29,764	$	—	$	29,764

American Funds Insurance Series 301

Asset Allocation Fund
	Six months ended June 30, 2022						Year ended December 31, 2021
Share class	Ordinary income		Long-term capital gains		Total distributions paid		Ordinary income		Long-term capital gains		Total distributions paid
Class 1	$	207,234	$	1,525,081	$	1,732,315	$	424,814	$	579,353	$	1,004,167
Class 1A		275		2,098		2,373		423		457		880
Class 2		57,602		440,697		498,299		108,045		154,751		262,796
Class 3		385		2,914		3,299		717		976		1,693
Class 4		67,986		538,249		606,235		107,752		164,028		271,780
Total	$	333,482	$	2,509,039	$	2,842,521	$	641,751	$	899,565	$	1,541,316
American Funds Global Balanced Fund
	Six months ended June 30, 2022						Year ended December 31, 2021
Share class	Ordinary income		Long-term capital gains		Total distributions paid		Ordinary income		Long-term capital gains		Total distributions paid
Class 1	$	72	$	498	$	570	$	1,680	$	6,058	$	7,738
Class 1A		2		13		15		45		189		234
Class 2		123		850		973		2,431		10,638		13,069
Class 4		85		589		674		1,305		6,901		8,206
Total	$	282	$	1,950	$	2,232	$	5,461	$	23,786	$	29,247
The Bond Fund of America
		Six months ended June 30, 2022						Year ended December 31, 2021
Share class	Ordinary income		Long-term capital gains		Total distributions paid		Ordinary income		Long-term capital gains		Total distributions paid
Class 1	$	60,944	$	60,668	$	121,612	$	301,454	$	133,858	$	435,312
Class 1A		1,716		1,700		3,416		408		193		601
Class 2		26,337		27,763		54,100		138,464		69,578		208,042
Class 4		6,423		7,113		13,536		28,710		14,777		43,487
Total	$	95,420	$	97,244	$	192,664	$	469,036	$	218,406	$	687,442
Capital World Bond Fund
	Six months ended June 30, 2022						Year ended December 31, 2021
Share class	Ordinary income		Long-term capital gains		Total distributions paid		Ordinary income		Long-term capital gains		Total distributions paid
Class 1	$	2,151	$	11,752	$	13,903	$	34,401	$	10,279	$	44,680
Class 1A		3		20		23		34		7		41
Class 2		2,087		13,752		15,839		33,715		10,855		44,570
Class 4		120		945		1,065		1,845		612		2,457
Total	$	4,361	$	26,469	$	30,830	$	69,995	$	21,753	$	91,748

302 American Funds Insurance Series

American High-Income Trust
	Six months ended June 30, 2022						Year ended December 31, 2021
Share class	Ordinary income		Long-term capital gains		Total distributions paid		Ordinary income		Long-term capital gains		Total distributions paid
Class 1	$	2,597	$	—	$	2,597	$	11,054	$	—	$	11,054
Class 1A		12		—		12		59		—		59
Class 2		6,029		—		6,029		28,636		—		28,636
Class 3		95		—		95		429		—		429
Class 4		790		—		790		3,238		—		3,238
Total	$	9,523	$	—	$	9,523	$	43,416	$	—	$	43,416
American Funds Mortgage Fund
	Six months ended June 30, 2022						Year ended December 31, 2021
Share class	Ordinary income		Long-term capital gains		Total distributions paid		Ordinary income		Long-term capital gains		Total distributions paid
Class 1	$	—	$	—	$	—	$	6,294	$	3,087	$	9,381
Class 1A		9		—		9		39		18		57
Class 2		283		—		283		1,448		784		2,232
Class 4		207		—		207		936		551		1,487
Total	$	499	$	—	$	499	$	8,717	$	4,440	$	13,157
U.S. Government Securities Fund
	Six months ended June 30, 2022						Year ended December 31, 2021
Share class	Ordinary income		Long-term capital gains		Total distributions paid		Ordinary income		Long-term capital gains		Total distributions paid
Class 1	$	1,291	$	—	$	1,291	$	30,987	$	9,355	$	40,342
Class 1A		17		—		17		389		129		518
Class 2		5,451		—		5,451		108,143		36,124		144,267
Class 3		39		—		39		714		234		948
Class 4		855		—		855		17,596		6,057		23,653
Total	$	7,653	$	—	$	7,653	$	157,829	$	51,899	$	209,728
Managed Risk Growth Fund
	Six months ended June 30, 2022						Year ended December 31, 2021
Share class	Ordinary income		Long-term capital gains		Total distributions paid		Ordinary income		Long-term capital gains		Total distributions paid
Class P1	$	41	$	1,634	$	1,675	$	106	$	409	$	515
Class P2		1,808		81,821		83,629		3,159		23,710		26,869
Total	$	1,849	$	83,455	$	85,304	$	3,265	$	24,119	$	27,384
Managed Risk International Fund
	Six months ended June 30, 2022						Year ended December 31, 2021
Share class	Ordinary income		Long-term capital gains		Total distributions paid		Ordinary income		Long-term capital gains		Total distributions paid
Class P1	$	52	$	—	$	52	$	14	$	—	$	14
Class P2		3,316		—		3,316		917		—		917
Total	$	3,368	$	—	$	3,368	$	931	$	—	$	931

American Funds Insurance Series 303

Managed Risk Washington Mutual Investors Fund
	Six months ended June 30, 2022						Year ended December 31, 2021
Share class	Ordinary income		Long-term capital gains		Total distributions paid		Ordinary income		Long-term capital gains		Total distributions paid
Class P1	$	33	$	—	$	33	$	40	$	—	$	40
Class P2		3,892		—		3,892		5,979		—		5,979
Total	$	3,925	$	—	$	3,925	$	6,019	$	—	$	6,019
Managed Risk Growth-Income Fund
	Six months ended June 30, 2022						Year ended December 31, 2021
Share class	Ordinary income		Long-term capital gains		Total distributions paid		Ordinary income		Long-term capital gains		Total distributions paid
Class P1	$	20,311	$	44,484	$	64,795	$	30,716	$	29,380	$	60,096
Class P2		2,809		6,461		9,270		3,713		4,359		8,072
Total	$	23,120	$	50,945	$	74,065	$	34,429	$	33,739	$	68,168
Managed Risk Asset Allocation Fund
	Six months ended June 30, 2022						Year ended December 31, 2021
Share class	Ordinary income		Long-term capital gains		Total distributions paid		Ordinary income		Long-term capital gains		Total distributions paid
Class P1	$	104	$	254	$	358	$	114	$	—	$	114
Class P2		34,364		86,918		121,282		38,113		—		38,113
Total	$	34,468	$	87,172	$	121,640	$	38,227	$	—	$	38,227

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, which are included in the unaudited net effective expense ratios that are provided as additional information in the financial highlights tables. Subadvisory fees for the managed risk funds are paid by CRMC to Milliman FRM. The managed risk funds are not responsible for paying any subadvisory fees.

304 American Funds Insurance Series

The series’ board of trustees approved a revised investment advisory and services agreement effective May 1, 2022. The revised agreement provides investment advisory services fees based on revised annual rates and net asset levels for some of the funds. The following table discloses the annual rates and net asset levels before and after the revised contract became effective:

	Prior to May 1, 2022									Effective May 1, 2022
						Net asset levels									Net asset levels
	Rates					(in billions)				Rates					(in billions)
Fund		Beginning with		Ending with			Up to		In excess of		Beginning with		Ending with			Up to		In excess of
Global Growth Fund		.690	%	.445	%	$	.6	$	8.0		.475	%	.435	%	$	15.0	$	15.0
Global Small Capitalization Fund		.800		.635			.6		5.0		.647		.615			15.0		15.0
Growth Fund		.500		.280			.6		34.0		.500		.275			.6		44.0
International Fund		.690		.430			.5		21.0		.478		.430			15.0		21.0
New World Fund		.850		.580			.5		4.0		.577		.510			15.0		15.0
Washington Mutual Investors Fund		.500		.350			.6		10.5		.374		.350			15.0		15.0
Capital World Growth and Income Fund		.690		.480			.6		3.0		.475		.435			15.0		15.0
Growth-Income Fund		.500		.219			.6		34.0		.500		.217			.6		44.0
International Growth and Income Fund		.690		.500			.5		1.5		.478		.450			15.0		15.0
Capital Income Builder		.500		.410			.6		1.0		.357		.330			15.0		15.0
Asset Allocation Fund		.500		.240			.6		21.0		.500		.236			.6		34.0
American Funds Global Balanced Fund		.660		.510			.5		1.0		.446		.420			15.0		15.0
The Bond Fund of America		.480		.320			.6		13.0		.352		.320			15.0		15.0
Capital World Bond Fund		.570		.450			1.0		3.0		.431		.360			15.0		15.0
American High-Income Trust		.500		.420			.6		2.0		.404		.386			15.0		15.0
American Funds Mortgage Fund		.420		.290			.6		3.0		.295		.280			15.0		15.0
Ultra-Short Bond Fund		.320		.270			1.0		2.0		.257		.242			15.0		15.0
U.S. Government Securities Fund		.420		.290			.6		3.0		.295		.280			15.0		15.0

Investment advisory services waivers — CRMC is waiving a portion of its investment advisory services fees for some of the funds. During the six months ended June 30, 2022, CRMC waived $1,000 in fees for Growth Fund in advance of the revised investment advisory and service agreement that became effective May 1, 2022. CRMC also waived a portion of its investment advisory services fees for the following funds based on the rates listed:

Fund	Waiver rates prior to May 1, 2022			Waiver rates effective May 1, 2022
Global Growth Fund		Not applicable			.11	%
Global Small Capitalization Fund		Not applicable			.05
New World Fund		.18	%		.07
Washington Mutual Investors Fund		.16			.11
Capital World Growth and Income Fund		.23			.14
International Growth and Income Fund		.14			.01
Capital Income Builder		.25			.14
American Funds Global Balanced Fund		Not applicable			.01
The Bond Fund of America		.19			.19
Capital World Bond Fund		.10			.10
American High-Income Trust		.19			.14
American Funds Mortgage Fund		.21			.12
U.S. Government Securities Fund		.16			.12
Managed Risk Growth Fund		.05			.05
Managed Risk International Fund		.05			.05
Managed Risk Washington Mutual Investors Fund		.05			.05
Managed Risk Growth-Income Fund		.05			.05
Managed Risk Asset Allocation Fund		.05			.05

The waiver rates for each fund, except Growth Fund, will be in effect through at least May 1, 2023, and may only be modified or terminated with the approval of the series’ board. For the six months ended June 30, 2022, total investment advisory services fees waived by CRMC were $30,987,000. CRMC does not intend to recoup these waivers. Investment advisory fees in each fund’s statement of operations are presented gross of any waivers from CRMC.

American Funds Insurance Series 305

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:

											For the			For the
											six months			six months
							Net asset level				ended			ended
	Rates						(in billions)				June 30,			June 30,
	Beginning			Ending					In excess		2022,			2022,
Fund	with			with			Up to		of		before waiver			after waiver
Global Growth Fund		.475	%		.435	%	$	15.0	$	15.0		.493	%		.460	%
Global Small Capitalization Fund		.647			.615			15.0		15.0		.686			.671
Growth Fund		.500			.275			.6		44.0		.311			.311
International Fund		.478			.430			15.0		21.0		.492			.492
New World Fund		.577			.510			15.0		15.0		.656			.510
Washington Mutual Investors Fund		.374			.350			15.0		15.0		.381			.227
Capital World Growth and Income Fund		.475			.435			15.0		15.0		.556			.363
Growth-Income Fund		.500			.217			.6		44.0		.252			.252
International Growth and Income Fund		.478			.450			15.0		15.0		.624			.453
Capital Income Builder		.357			.330			15.0		15.0		.433			.220
Asset Allocation Fund		.500			.236			.6		34.0		.264			.264
American Funds Global Balanced Fund		.446			.420			15.0		15.0		.593			.590
The Bond Fund of America		.352			.320			15.0		15.0		.356			.166
Capital World Bond Fund		.431			.360			15.0		15.0		.505			.436
American High-Income Trust		.404			.386			15.0		15.0		.459			.285
American Funds Mortgage Fund		.295			.280			15.0		15.0		.385			.200
Ultra-Short Bond Fund		.257			.242			15.0		15.0		.297			.297
U.S. Government Securities Fund		.295			.280			15.0		15.0		.340			.193
Managed Risk Growth Fund		.150						all				.150			.100
Managed Risk International Fund		.150						all				.150			.100
Managed Risk Washington Mutual Investors Fund		.150						all				.150			.100
Managed Risk Growth-Income Fund		.150						all				.150			.100
Managed Risk Asset Allocation Fund		.150						all				.150			.100

Class-specific fees and expenses —Expenses that are specific to individual share classes are accrued directly to the respective share class. The principal class-specific fees and expenses are further described below:

Distribution services — The series has plans of distribution for all share classes except Class 1. Under the plans, the board of trustees approves certain categories of expenses that are used to finance activities primarily intended to sell fund shares. The plans provide for payments to pay service fees to firms that have entered into agreements with the series. These payments, based on an annualized percentage of average daily net assets, range from 0.18% to 0.50% as noted in the table below. In some cases, the board of trustees has limited the amounts that may be paid to less than the maximum allowed by the plans.

Share class	Currently approved limits			Plan limits
Class 1A		0.00	%		0.25	%
Class 2		0.25			0.25
Class 3		0.18			0.18
Class 4		0.25			0.25
Class P1		0.00			0.25
Class P2		0.25			0.50

306 American Funds Insurance Series

Insurance administrative services — The series has an insurance administrative services plan for Class 1A, 4, P1 and P2 shares. Under the plan, these share classes pay 0.25% of each insurance company’s respective average daily net assets in each share class to compensate the insurance companies for services provided to their separate accounts and contractholders for which the shares of the fund are beneficially owned as underlying investments of such contractholders’ annuities. These services include, but are not limited to, maintenance, shareholder communications and transactional services. The insurance companies are not related parties to the series.

Transfer agent services — The series has a shareholder services agreement with AFS under which the funds compensate AFS for providing transfer agent services to all of the funds’ share classes. These services include recordkeeping, shareholder communications and transaction processing. In addition, the managed risk funds reimburse AFS for amounts paid to third parties for performing transfer agent services on behalf of fund shareholders.

Administrative services — The series has an administrative services agreement with CRMC under which each fund compensates CRMC for providing administrative services to all of the funds’ share classes except Class P1 and P2 shares. Administrative services are provided by CRMC and its affiliates to help assist third parties providing non-distribution services to fund shareholders. These services include providing in-depth information on each fund and market developments that impact fund investments. Administrative services also include, but are not limited to, coordinating, monitoring and overseeing third parties that provide services to fund shareholders. The agreement provides each fund, other than the managed risk funds, the ability to charge an administrative services fee at the annual rate of 0.05% of average daily net assets attributable to each share class. Currently each fund, other than the managed-risk funds, pays CRMC an administrative services fee at the annual rate of 0.03% of average daily net assets of each share class for CRMC’s provision of administrative services. For the managed risk funds, CRMC receives administrative services fees at an annual rate of 0.03% of average daily net assets from Class 1 shares of the underlying funds for administrative services provided to the series.

Accounting and administrative services — The managed risk funds have a subadministration agreement with Bank of New York Mellon (“BNY Mellon”) under which the fund compensates BNY Mellon for providing accounting and administrative services to each of the managed risk funds’ share classes. These services include, but are not limited to, fund accounting (including calculation of net asset value), financial reporting and tax services. BNY Mellon is not a related party to the managed risk funds.

Class-specific expenses under the agreements described above were as follows (dollars in thousands):

Global Growth Fund
Share class	Distribution services		Insurance administrative services		Administrative services
Class 1		Not applicable		Not applicable		$531
Class 1A		$—		$19		2
Class 2		4,667		Not applicable		560
Class 4		783		783		94
Total class-specific expenses		$5,450		$802		$1,187
Global Small Capitalization Fund
Share class	Distribution services		Insurance administrative services		Administrative services
Class 1		Not applicable		Not applicable		$167
Class 1A		$—		$6		1
Class 2		2,587		Not applicable		311
Class 4		361		361		43
Total class-specific expenses		$2,948		$367		$522
Growth Fund
Share class	Distribution services		Insurance administrative services		Administrative services
Class 1		Not applicable		Not applicable		$2,397
Class 1A		$—		$167		20
Class 2		22,593		Not applicable		2,711
Class 3		221		Not applicable		37
Class 4		3,412		3,413		410
Total class-specific expenses		$26,226		$3,580		$5,575
International Fund
Share class	Distribution services		Insurance administrative services		Administrative services
Class 1		Not applicable		Not applicable		$553
Class 1A		$—		$14		2
Class 2		4,574		Not applicable		549
Class 3		17		Not applicable		3
Class 4		516		516		62
Total class-specific expenses		$5,107		$530		$1,169

American Funds Insurance Series 307

New World Fund
Share class	Distribution services		Insurance administrative services		Administrative services
Class 1		Not applicable		Not applicable		$288
Class 1A		$—		$13		2
Class 2		1,127		Not applicable		135
Class 4		993		993		119
Total class-specific expenses		$2,120		$1,006		$544
Washington Mutual Investors Fund
Share class	Distribution services		Insurance administrative services		Administrative services
Class 1		Not applicable		Not applicable		$905
Class 1A		$—		$167		20
Class 2		3,862		Not applicable		464
Class 4		1,312		1,312		157
Total class-specific expenses		$5,174		$1,479		$1,546
Capital World Growth and Income Fund
Share class	Distribution services		Insurance administrative services		Administrative services
Class 1		Not applicable		Not applicable		$92
Class 1A		$—		$8		1
Class 2		1,445		Not applicable		174
Class 4		252		252		30
Total class-specific expenses		$1,697		$260		$297
Growth-Income Fund
Share class	Distribution services		Insurance administrative services		Administrative services
Class 1		Not applicable		Not applicable		$3,290
Class 1A		$—		$37		4
Class 2		16,649		Not applicable		1,998
Class 3		130		Not applicable		22
Class 4		2,170		2,170		260
Total class-specific expenses		$18,949		$2,207		$5,574
International Growth and Income Fund
Share class	Distribution services		Insurance administrative services		Administrative services
Class 1		Not applicable		Not applicable		$2
Class 1A		$—		$6		1
Class 2		231		Not applicable		28
Class 4		152		152		18
Total class-specific expenses		$383		$158		$49
Capital Income Builder
Share class	Distribution services		Insurance administrative services		Administrative services
Class 1		Not applicable		Not applicable		$84
Class 1A		$—		$12		1
Class 2		15		Not applicable		2
Class 4		683		683		82
Total class-specific expenses		$698		$695		$169
Asset Allocation Fund
Share class	Distribution services		Insurance administrative services		Administrative services
Class 1		Not applicable		Not applicable		$2,539
Class 1A		$—		$28		4
Class 2		6,085		Not applicable		730
Class 3		29		Not applicable		5
Class 4		7,234		7,234		868
Total class-specific expenses		$13,348		$7,262		$4,146
American Funds Global Balanced Fund
Share class	Distribution services		Insurance administrative services		Administrative services
Class 1		Not applicable		Not applicable		$16
Class 1A		$—		$4		—	*
Class 2		229		Not applicable		28
Class 4		154		154		18
Total class-specific expenses		$383		$158		$62

Refer to the end of the tables for footnote.

308 American Funds Insurance Series

The Bond Fund of America
Share class	Distribution services		Insurance administrative services		Administrative services
Class 1		Not applicable		Not applicable		$1,113
Class 1A		$—		$88		10
Class 2		4,207		Not applicable		505
Class 4		1,041		1,040		125
Total class-specific expenses		$5,248		$1,128		$1,753
Capital World Bond Fund
Share class	Distribution services		Insurance administrative services		Administrative services
Class 1		Not applicable		Not applicable		$120
Class 1A		$—		$2		—	*
Class 2		1,133		Not applicable		136
Class 4		75		75		9
Total class-specific expenses		$1,208		$77		$265
American High-Income Trust
Share class	Distribution services		Insurance administrative services		Administrative services
Class 1		Not applicable		Not applicable		$37
Class 1A		$—		$1		—	*
Class 2		763		Not applicable		92
Class 3		9		Not applicable		1
Class 4		102		102		12
Total class-specific expenses		$874		$103		$142
American Funds Mortgage Fund
Share class	Distribution services		Insurance administrative services		Administrative services
Class 1		Not applicable		Not applicable		$3
Class 1A		$—		$2		—	*
Class 2		67		Not applicable		8
Class 4		51		51		6
Total class-specific expenses		$118		$53		$17
Ultra-Short Bond Fund
Share class	Distribution services		Insurance administrative services		Administrative services
Class 1		Not applicable		Not applicable		$7
Class 1A		$—		$—		—	*
Class 2		329		Not applicable		39
Class 3		4		Not applicable		1
Class 4		77		77		9
Total class-specific expenses		$410		$77		$56
U.S. Government Securities Fund
Share class	Distribution services		Insurance administrative services		Administrative services
Class 1		Not applicable		Not applicable		$44
Class 1A		$—		$5		1
Class 2		1,582		Not applicable		190
Class 3		8		Not applicable		1
Class 4		271		271		32
Total class-specific expenses		$1,861		$276		$268
Managed Risk Growth Fund
Share class	Distribution services		Insurance administrative services
Class P1		Not applicable		$13
Class P2		$637		637
Total class-specific expenses		$637		$650
Managed Risk International Fund
Share class	Distribution services		Insurance administrative services
Class P1		Not applicable		$3
Class P2		$180		180
Total class-specific expenses		$180		$183

Refer to the end of the tables for footnote.

American Funds Insurance Series 309

Managed Risk Washington Mutual Investors Fund
Share class	Distribution services		Insurance administrative services
Class P1		Not applicable		$3
Class P2		$423		423
Total class-specific expenses		$423		$426
Managed Risk Growth-Income Fund
Share class	Distribution services		Insurance administrative services
Class P1		Not applicable		$2,600
Class P2		$376		376
Total class-specific expenses		$376		$2,976
Managed Risk Asset Allocation Fund
Share class	Distribution services		Insurance administrative services
Class P1		Not applicable		$9
Class P2		$3,130		3,130
Total class-specific expenses		$3,130		$3,139

* Amount less than one thousand.

Miscellaneous fee reimbursements — CRMC reimbursed a portion of miscellaneous fees and expenses for Managed Risk International Fund. This reimbursement may be adjusted or discontinued by CRMC, subject to any restrictions in the series’ prospectus. For the six months ended June 30, 2022, total fees and expenses reimbursed by CRMC were $1,000. CRMC may recoup all or a portion of these reimbursements during the current fiscal year. Fees and expenses in each fund’s statement of operations are presented gross of any reimbursements from CRMC.

310 American Funds Insurance Series

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):

				Decrease in value of			Total trustees’
Fund	Current fees			deferred amounts			compensation
Global Growth Fund	$	12		$	(10	)	$	2
Global Small Capitalization Fund		6			(4	)		2
Growth Fund		59			(47	)		12
International Fund		12			(10	)		2
New World Fund		6			(5	)		1
Washington Mutual Investors Fund		15			(14	)		1
Capital World Growth and Income Fund		3			(3	)		—	*
Growth-Income Fund		56			(48	)		8
International Growth and Income Fund		1			—	*		1
Capital Income Builder		2			(2	)		—	*
Asset Allocation Fund		41			(37	)		4
American Funds Global Balanced Fund		1			(1	)		—	*
The Bond Fund of America		18			(16	)		2
Capital World Bond Fund		3			(2	)		1
American High-Income Trust		1			(1	)		—	*
American Funds Mortgage Fund		—	*		—	*		—	*
Ultra-Short Bond Fund		—	*		—	*		—	*
U.S. Government Securities Fund		3			(2	)		1
Managed Risk Growth Fund		1			(1	)		—	*
Managed Risk International Fund		—	*		—	*		—	*
Managed Risk Washington Mutual Investors Fund		—	*		—	*		—	*
Managed Risk Growth-Income Fund		3			(3	)		—	*
Managed Risk Asset Allocation Fund		3			(3	)		—	*

* Amount less than one thousand.

Affiliated officers and trustees — Officers and certain trustees of the series are or may be considered to be affiliated with CRMC, AFD and AFS. No affiliated officers or trustees received any compensation directly from any fund in the series.

Investments in CCBF and CCF — Some of the funds hold shares of CCBF, a corporate bond fund, and/or CCF, an institutional prime money market fund ,which are both managed by CRMC. CCBF seeks to provide maximum total return consistent with capital preservation and prudent risk management by investing primarily in corporate debt instruments. CCBF is used as an investment vehicle for some of the funds’ corporate bond investments. CCF invests in high-quality, short-term money market instruments. CCF is used as the primary investment vehicle for some of the funds’ short-term investments. Both CCBF and CCF shares are only available for purchase by CRMC, its affiliates, and other funds managed by CRMC or its affiliates, and are not available to the public. CRMC does not receive an investment advisory services fee from either CCBF or CCF.

Security transactions with related funds — The funds may purchase from, or sell securities to, other CRMC-managed funds (or funds managed by certain affiliates of CRMC) under procedures adopted by the fund’s board of trustees. The funds involved in such transactions are considered related by virtue of having a common investment adviser (or affiliated investment advisers), common trustees and/or common officers. When such transactions occur, each transaction is executed at the current market price of the security and no brokerage commissions or fees are paid in accordance with Rule 17a-7 of the 1940 Act.

American Funds Insurance Series 311

The following table presents purchase and sale transactions between each fund and related funds, and net realized loss or gain from such sales, if any, as of June 30, 2022 (dollars in thousands):

					Net
					realized
Fund	Purchases		Sales		(loss) gain
Global Growth Fund	$	24,133	$	58,043	$	(17,383	)
Global Small Capitalization Fund		46,217		22,871		6,008
Growth Fund		142,908		202,076		50,416
International Fund		32,016		108,702		(19,737	)
New World Fund		22,145		39,739		2,871
Washington Mutual Investors Fund		58,558		50,125		(7,063	)
Capital World Growth and Income Fund		20,398		24,276		(47	)
Growth-Income Fund		234,608		237,623		40,250
International Growth and Income Fund		1,956		2,147		(112	)
Capital Income Builder		6,219		6,738		754
Asset Allocation Fund		170,065		89,729		(1,046	)
American Funds Global Balanced Fund		2,516		2,384		390
The Bond Fund of America		1,289		4,841		(631	)
Capital World Bond Fund		58		8,678		(127	)
American High-Income Trust		57		15,977		(14	)

8. Indemnifications

The series’ organizational documents provide board members and officers with indemnification against certain liabilities or expenses in connection with the performance of their duties to the series. In the normal course of business, the series may also enter into contracts that provide general indemnifications. Each fund’s maximum exposure under these arrangements is unknown since it is dependent on future claims that may be made against the series. The risk of material loss from such claims is considered remote. Insurance policies are also available to the series’ board members and officers.

9. Committed line of credit

Global Small Capitalization Fund, New World Fund and American High-Income Trust participate with other funds managed by CRMC in a $1.5 billion credit facility (the “line of credit”) to be utilized for temporary purposes to fund shareholder redemptions. Each fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which are reflected in other expenses in each fund’s statement of operations. None of the funds borrowed on this line of credit at any time during the six months ended June 30, 2022.

312 American Funds Insurance Series

10. Capital share transactions

Capital share transactions in each fund were as follows (dollars and shares in thousands):

Global Growth Fund

	Sales*				Reinvestments of distributions				Repurchases*						Net increase (decrease)
Share class	Amount		Shares		Amount		Shares		Amount			Shares			Amount			Shares
Six months ended June 30, 2022
Class 1	$	273,862		7,524	$	377,769		11,989	$	(284,167	)		(7,787	)	$	367,464			11,726
Class 1A		1,562		43		1,684		53		(642	)		(17	)		2,604			79
Class 2		69,775		1,930		402,881		12,959		(133,903	)		(3,589	)		338,753			11,300
Class 4		57,684		1,572		68,692		2,232		(37,597	)		(1,036	)		88,779			2,768
Total net increase (decrease)	$	402,883		11,069	$	851,026		27,233	$	(456,309	)		(12,429	)	$	797,600			25,873
Year ended December 31, 2021
Class 1	$	683,154		15,421	$	216,944		5,062	$	(307,264	)		(6,960	)	$	592,834			13,523
Class 1A		6,731		151		700		17		(2,591	)		(58	)		4,840			110
Class 2		69,770		1,607		236,612		5,601		(588,817	)		(13,514	)		(282,435	)		(6,306	)
Class 4		167,855		3,876		32,087		766		(48,523	)		(1,127	)		151,419			3,515
Total net increase (decrease)	$	927,510		21,055	$	486,343		11,446	$	(947,195	)		(21,659	)	$	466,658			10,842

Global Small Capitalization Fund

	Sales*				Reinvestments of distributions				Repurchases*						Net (decrease) increase
Share class	Amount		Shares		Amount		Shares		Amount			Shares			Amount			Shares
Six months ended June 30, 2022
Class 1	$	111,112		4,411	$	331,498		19,030	$	(458,899	)		(14,826	)	$	(16,289	)		8,615
Class 1A		666		23		1,461		85		(95	)		(4	)		2,032			104
Class 2		88,158		3,511		663,046		40,307		(40,790	)		(1,629	)		710,414			42,189
Class 4		40,538		1,605		93,892		5,707		(21,262	)		(857	)		113,168			6,455
Total net increase (decrease)	$	240,474		9,550	$	1,089,897		65,129	$	(521,046	)		(17,316	)	$	809,325			57,363
Year ended December 31, 2021
Class 1	$	216,763		6,235	$	55,510		1,581	$	(1,077,292	)		(31,128	)	$	(805,019	)		(23,312	)
Class 1A		4,095		118		39		1		(153	)		(4	)		3,981			115
Class 2		59,596		1,785		60,246		1,778		(374,611	)		(11,071	)		(254,769	)		(7,508	)
Class 4		89,704		2,662		7,215		212		(30,621	)		(901	)		66,298			1,973
Total net increase (decrease)	$	370,158		10,800	$	123,010		3,572	$	(1,482,677	)		(43,104	)	$	(989,509	)		(28,732	)

Refer to the end of the tables for footnote.

American Funds Insurance Series 313

Growth Fund

	Sales*				Reinvestments of distributions				Repurchases*						Net increase (decrease)
Share class	Amount		Shares		Amount		Shares		Amount			Shares			Amount			Shares
Six months ended June 30, 2022
Class 1	$	1,418,602		14,319	$	2,160,726		25,260	$	(1,966,844	)		(17,733	)	$	1,612,484			21,846
Class 1A		115,655		1,164		26,453		312		(12,579	)		(146	)		129,529			1,330
Class 2		329,809		3,246		2,426,880		28,730		(942,383	)		(8,773	)		1,814,306			23,203
Class 3		732		8		31,781		368		(17,151	)		(161	)		15,362			215
Class 4		219,002		2,173		382,419		4,638		(124,223	)		(1,212	)		477,198			5,599
Total net increase (decrease)	$	2,083,800		20,910	$	5,028,259		59,308	$	(3,063,180	)		(28,025	)	$	4,048,879			52,193
Year ended December 31, 2021
Class 1	$	2,916,865		22,963	$	2,251,516		19,653	$	(2,207,142	)		(17,684	)	$	2,961,239			24,932
Class 1A		68,640		560		9,733		86		(25,312	)		(198	)		53,061			448
Class 2		432,245		3,495		2,777,848		24,558		(3,289,822	)		(26,755	)		(79,729	)		1,298
Class 3		1,972		15		37,541		326		(37,449	)		(298	)		2,064			43
Class 4		553,762		4,582		358,034		3,232		(224,958	)		(1,864	)		686,838			5,950
Total net increase (decrease)	$	3,973,484		31,615	$	5,434,672		47,855	$	(5,784,683	)		(46,799	)	$	3,623,473			32,671

International Fund

	Sales*				Reinvestments of distributions				Repurchases*						Net (decrease) increase
Share class	Amount		Shares		Amount		Shares		Amount			Shares			Amount			Shares
Six months ended June 30, 2022
Class 1	$	189,487		9,858	$	492,954		29,203	$	(776,461	)		(35,444	)	$	(94,020	)		3,617
Class 1A		1,330		67		1,531		91		(279	)		(15	)		2,582			143
Class 2		121,066		6,076		492,662		29,343		(172,369	)		(8,901	)		441,359			26,518
Class 3		46		2		2,404		142		(724	)		(37	)		1,726			107
Class 4		44,120		2,249		57,111		3,457		(29,344	)		(1,562	)		71,887			4,144
Total net increase (decrease)	$	356,049		18,252	$	1,046,662		62,236	$	(979,177	)		(45,959	)	$	423,534			34,529
Year ended December 31, 2021
Class 1	$	366,681		15,339	$	131,729		5,782	$	(1,253,303	)		(51,135	)	$	(754,893	)		(30,014	)
Class 1A		4,570		192		281		13		(2,479	)		(103	)		2,372			102
Class 2		264,867		11,161		105,815		4,673		(502,502	)		(20,818	)		(131,820	)		(4,984	)
Class 3		125		5		546		24		(3,534	)		(146	)		(2,863	)		(117	)
Class 4		95,888		4,069		10,725		480		(51,434	)		(2,169	)		55,179			2,380
Total net increase (decrease)	$	732,131		30,766	$	249,096		10,972	$	(1,813,252	)		(74,371	)	$	(832,025	)		(32,633	)

Refer to the end of the tables for footnote.

314 American Funds Insurance Series

New World Fund

	Sales*				Reinvestments of distributions				Repurchases*						Net (decrease) increase
Share class	Amount		Shares		Amount		Shares		Amount			Shares			Amount			Shares
Six months ended June 30, 2022
Class 1	$	45,979		1,663	$	171,266		7,136	$	(285,724	)		(9,475	)	$	(68,479	)		(676	)
Class 1A		1,018		36		956		41		(427	)		(16	)		1,547			61
Class 2		43,469		1,599		81,333		3,433		(89,598	)		(3,176	)		35,204			1,856
Class 4		102,955		3,913		73,618		3,136		(73,328	)		(2,849	)		103,245			4,200
Total net increase (decrease)	$	193,421		7,211	$	327,173		13,746	$	(449,077	)		(15,516	)	$	71,517			5,441
Year ended December 31, 2021
Class 1	$	180,001		5,517	$	104,795		3,183	$	(165,865	)		(5,053	)	$	118,931			3,647
Class 1A		14,137		436		350		11		(21,114	)		(642	)		(6,627	)		(195	)
Class 2		82,347		2,547		45,947		1,410		(159,868	)		(4,915	)		(31,574	)		(958	)
Class 4		135,084		4,224		34,360		1,061		(74,083	)		(2,295	)		95,361			2,990
Total net increase (decrease)	$	411,569		12,724	$	185,452		5,665	$	(420,930	)		(12,905	)	$	176,091			5,484

Washington Mutual Investors Fund

	Sales*				Reinvestments of distributions				Repurchases*						Net increase (decrease)
Share class	Amount		Shares		Amount		Shares		Amount			Shares			Amount			Shares
Six months ended June 30, 2022
Class 1	$	170,655		10,953	$	1,318,644		99,146	$	(631,285	)		(37,687	)	$	858,014			72,412
Class 1A		27,315		1,793		13,158		997		(122,921	)		(7,521	)		(82,448	)		(4,731	)
Class 2		23,873		1,497		682,809		52,323		(246,841	)		(15,113	)		459,841			38,707
Class 4		140,004		8,625		243,178		18,822		(99,844	)		(6,147	)		283,338			21,300
Total net increase (decrease)	$	361,847		22,868	$	2,257,789		171,288	$	(1,100,891	)		(66,468	)	$	1,518,745			127,688
Year ended December 31, 2021
Class 1	$	740,227		42,419	$	104,068		6,017	$	(1,150,862	)		(70,448	)	$	(306,567	)		(22,012	)
Class 1A		128,020		7,779		2,211		129		(4,020	)		(244	)		126,211			7,664
Class 2		51,950		3,263		46,652		2,739		(508,810	)		(31,581	)		(410,208	)		(25,579	)
Class 4		156,222		9,709		12,620		746		(66,538	)		(4,145	)		102,304			6,310
Total net increase (decrease)	$	1,076,419		63,170	$	165,551		9,631	$	(1,730,230	)		(106,418	)	$	(488,260	)		(33,617	)

Capital World Growth and Income Fund

	Sales*				Reinvestments of distributions				Repurchases*						Net increase (decrease)
Share class	Amount		Shares		Amount		Shares		Amount			Shares			Amount			Shares
Six months ended June 30, 2022
Class 1	$	156,039		10,673	$	126,337		10,011	$	(271,686	)		(16,130	)	$	10,690			4,554
Class 1A		1,016		61		1,412		112		(206	)		(13	)		2,222			160
Class 2		8,074		517		244,375		19,426		(80,834	)		(5,060	)		171,615			14,883
Class 4		15,715		1,031		44,890		3,658		(11,105	)		(711	)		49,500			3,978
Total net increase (decrease)	$	180,844		12,282	$	417,014		33,207	$	(363,831	)		(21,914	)	$	234,027			23,575
Year ended December 31, 2021
Class 1	$	171,552		9,531	$	30,555		1,698	$	(117,328	)		(6,578	)	$	84,779			4,651
Class 1A		4,092		231		166		9		(605	)		(34	)		3,653			206
Class 2		21,440		1,205		50,935		2,838		(216,241	)		(12,206	)		(143,866	)		(8,163	)
Class 4		49,326		2,833		7,530		427		(16,390	)		(939	)		40,466			2,321
Total net increase (decrease)	$	246,410		13,800	$	89,186		4,972	$	(350,564	)		(19,757	)	$	(14,968	)		(985	)

Refer to the end of the tables for footnote.

American Funds Insurance Series 315

Growth-Income Fund

	Sales*				Reinvestments of distributions				Repurchases*						Net increase (decrease)
Share class	Amount		Shares		Amount		Shares		Amount			Shares			Amount			Shares
Six months ended June 30, 2022
Class 1	$	983,994		17,287	$	2,096,076		38,989	$	(2,268,124	)		(37,172	)	$	811,946			19,104
Class 1A		2,189		36		2,936		55		(670	)		(11	)		4,455			80
Class 2		66,467		1,141		1,275,290		24,099		(803,795	)		(13,518	)		537,962			11,722
Class 3		362		7		13,623		253		(8,613	)		(141	)		5,372			119
Class 4		105,911		1,821		171,931		3,299		(79,148	)		(1,352	)		198,694			3,768
Total net increase (decrease)	$	1,158,923		20,292	$	3,559,856		66,695	$	(3,160,350	)		(52,194	)	$	1,558,429			34,793
Year ended December 31, 2021
Class 1	$	778,306		12,603	$	567,351		8,928	$	(3,472,494	)		(56,343	)	$	(2,126,837	)		(34,812	)
Class 1A		14,065		224		493		8		(2,433	)		(39	)		12,125			193
Class 2		143,239		2,361		310,023		4,964		(2,027,406	)		(33,135	)		(1,574,144	)		(25,810	)
Class 3		1,007		16		3,442		54		(23,575	)		(379	)		(19,126	)		(309	)
Class 4		302,016		4,995		33,018		536		(132,399	)		(2,191	)		202,635			3,340
Total net increase (decrease)	$	1,238,633		20,199	$	914,327		14,490	$	(5,658,307	)		(92,087	)	$	(3,505,347	)		(57,398	)

International Growth and Income Fund

	Sales*				Reinvestments of distributions				Repurchases*						Net (decrease) increase
Share class	Amount		Shares		Amount		Shares		Amount			Shares			Amount			Shares
Six months ended June 30, 2022
Class 1	$	1,807		106	$	6,120		644	$	(16,055	)		(867	)	$	(8,128	)		(117	)
Class 1A		559		34		2,120		228		(778	)		(44	)		1,901			218
Class 2		4,942		323		81,734		8,827		(12,548	)		(849	)		74,128			8,301
Class 4		13,542		835		55,945		6,134		(6,965	)		(454	)		62,522			6,515
Total net increase (decrease)	$	20,850		1,298	$	145,919		15,833	$	(36,346	)		(2,214	)	$	130,423			14,917
Year ended December 31, 2021
Class 1	$	48,015		2,368	$	4,294		210	$	(1,169,382	)		(59,936	)	$	(1,117,073	)		(57,358	)
Class 1A		2,986		152		141		7		(561	)		(28	)		2,566			131
Class 2		8,004		401		6,218		322		(29,755	)		(1,507	)		(15,533	)		(784	)
Class 4		27,229		1,381		3,589		188		(13,127	)		(671	)		17,691			898
Total net increase (decrease)	$	86,234		4,302	$	14,242		727	$	(1,212,825	)		(62,142	)	$	(1,112,349	)		(57,113	)

Refer to the end of the tables for footnote.

316 American Funds Insurance Series

Capital Income Builder

	Sales*				Reinvestments of distributions				Repurchases*						Net increase (decrease)
Share class	Amount		Shares		Amount		Shares		Amount			Shares			Amount			Shares
Six months ended June 30, 2022
Class 1	$	105,918		9,131	$	6,605		574	$	(59,641	)		(5,118	)	$	52,882			4,587
Class 1A		1,472		127		99		9		(506	)		(44	)		1,065			92
Class 2		1,275		109		129		11		(694	)		(59	)		710			61
Class 4		73,501		6,361		4,982		434		(53,679	)		(4,680	)		24,804			2,115
Total net increase (decrease)	$	182,166		15,728	$	11,815		1,028	$	(114,520	)		(9,901	)	$	79,461			6,855
Year ended December 31, 2021
Class 1	$	107,711		9,192	$	16,222		1,379	$	(252,397	)		(21,377	)	$	(128,464	)		(10,806	)
Class 1A		2,434		206		218		19		(451	)		(39	)		2,201			186
Class 2		5,007		428		315		27		(1,572	)		(134	)		3,750			321
Class 4		70,040		6,029		13,009		1,105		(42,227	)		(3,629	)		40,822			3,505
Total net increase (decrease)	$	185,192		15,855	$	29,764		2,530	$	(296,647	)		(25,179	)	$	(81,691	)		(6,794	)

Asset Allocation Fund

	Sales*				Reinvestments of distributions				Repurchases*						Net increase (decrease)
Share class	Amount		Shares		Amount		Shares		Amount			Shares			Amount			Shares
Six months ended June 30, 2022
Class 1	$	695,260		27,254	$	1,732,314		73,497	$	(1,348,858	)		(51,932	)	$	1,078,716			48,819
Class 1A		1,613		60		2,373		101		(702	)		(26	)		3,284			135
Class 2		35,471		1,372		498,300		21,432		(320,105	)		(12,327	)		213,666			10,477
Class 3		97		4		3,299		140		(1,639	)		(63	)		1,757			81
Class 4		183,834		7,102		606,235		26,278		(200,321	)		(7,744	)		589,748			25,636
Total net increase (decrease)	$	916,275		35,792	$	2,842,521		121,448	$	(1,871,625	)		(72,092	)	$	1,887,171			85,148
Year ended December 31, 2021
Class 1	$	1,077,099		38,077	$	1,004,165		35,557	$	(4,395,063	)		(151,941	)	$	(2,313,799	)		(78,307	)
Class 1A		8,925		315		880		31		(1,749	)		(63	)		8,056			283
Class 2		117,974		4,243		262,797		9,420		(649,009	)		(23,286	)		(268,238	)		(9,623	)
Class 3		1,030		36		1,693		60		(2,340	)		(83	)		383			13
Class 4		687,105		24,820		271,781		9,809		(264,761	)		(9,619	)		694,125			25,010
Total net increase (decrease)	$	1,892,133		67,491	$	1,541,316		54,877	$	(5,312,922	)		(184,992	)	$	(1,879,473	)		(62,624	)

Refer to the end of the tables for footnote.

American Funds Insurance Series 317

American Funds Global Balanced Fund

	Sales*				Reinvestments of distributions				Repurchases*						Net (decrease) increase
Share class	Amount		Shares		Amount		Shares		Amount			Shares			Amount			Shares
Six months ended June 30, 2022
Class 1	$	16,606		1,287	$	570		43	$	(19,200	)		(1,441	)	$	(2,024	)		(111	)
Class 1A		141		11		15		1		(749	)		(54	)		(593	)		(42	)
Class 2		1,967		144		973		74		(14,390	)		(1,068	)		(11,450	)		(850	)
Class 4		5,702		425		674		53		(7,031	)		(529	)		(655	)		(51	)
Total net increase (decrease)	$	24,416		1,867	$	2,232		171	$	(41,370	)		(3,092	)	$	(14,722	)		(1,054	)
Year ended December 31, 2021
Class 1	$	9,259		623	$	7,739		533	$	(40,506	)		(2,798	)	$	(23,508	)		(1,642	)
Class 1A		925		63		233		16		(252	)		(17	)		906			62
Class 2		5,621		383		13,069		902		(27,137	)		(1,828	)		(8,447	)		(543	)
Class 4		28,503		1,957		8,206		572		(10,476	)		(713	)		26,233			1,816
Total net increase (decrease)	$	44,308		3,026	$	29,247		2,023	$	(78,371	)		(5,356	)	$	(4,816	)		(307	)

The Bond Fund of America

	Sales*				Reinvestments of distributions				Repurchases*						Net (decrease) increase
Share class	Amount		Shares		Amount		Shares		Amount			Shares			Amount			Shares
Six months ended June 30, 2022
Class 1	$	588,890		56,026	$	120,763		12,016	$	(1,465,423	)		(137,787	)	$	(755,770	)		(69,745	)
Class 1A		195,922		19,339		3,416		342		(4,771	)		(475	)		194,567			19,206
Class 2		22,979		2,184		54,100		5,465		(292,960	)		(28,458	)		(215,881	)		(20,809	)
Class 4		54,487		5,274		13,536		1,373		(55,263	)		(5,377	)		12,760			1,270
Total net increase (decrease)	$	862,278		82,823	$	191,815		19,196	$	(1,818,417	)		(172,097	)	$	(764,324	)		(70,078	)
Year ended December 31, 2021
Class 1	$	2,441,954		212,866	$	432,376		38,456	$	(737,146	)		(64,100	)	$	2,137,184			187,222
Class 1A		5,329		464		601		54		(2,565	)		(223	)		3,365			295
Class 2		204,371		17,879		208,042		18,765		(302,247	)		(26,735	)		110,166			9,909
Class 4		240,539		21,228		43,487		3,939		(60,173	)		(5,327	)		223,853			19,840
Total net increase (decrease)	$	2,892,193		252,437	$	684,506		61,214	$	(1,102,131	)		(96,385	)	$	2,474,568			217,266

Capital World Bond Fund

	Sales*				Reinvestments of distributions				Repurchases*						Net (decrease) increase
Share class	Amount		Shares		Amount		Shares		Amount			Shares			Amount			Shares
Six months ended June 30, 2022
Class 1	$	33,410		3,197	$	13,903		1,397	$	(171,939	)		(15,483	)	$	(124,626	)		(10,889	)
Class 1A		156		14		24		3		(232	)		(23	)		(52	)		(6	)
Class 2		21,292		1,992		15,838		1,606		(71,774	)		(6,686	)		(34,644	)		(3,088	)
Class 4		5,188		483		1,065		109		(4,497	)		(433	)		1,756			159
Total net increase (decrease)	$	60,046		5,686	$	30,830		3,115	$	(248,442	)		(22,625	)	$	(157,566	)		(13,824	)
Year ended December 31, 2021
Class 1	$	129,119		10,361	$	44,414		3,661	$	(305,638	)		(24,399	)	$	(132,105	)		(10,377	)
Class 1A		1,155		95		40		3		(261	)		(21	)		934			77
Class 2		83,201		6,733		44,570		3,700		(58,585	)		(4,813	)		69,186			5,620
Class 4		19,357		1,604		2,457		206		(11,624	)		(951	)		10,190			859
Total net increase (decrease)	$	232,832		18,793	$	91,481		7,570	$	(376,108	)		(30,184	)	$	(51,795	)		(3,821	)

Refer to the end of the tables for footnote.

318 American Funds Insurance Series

American High-Income Trust

	Sales*				Reinvestments of distributions				Repurchases*						Net (decrease) increase
Share class	Amount		Shares		Amount		Shares		Amount			Shares			Amount			Shares
Six months ended June 30, 2022
Class 1	$	25,635		2,628	$	2,539		271	$	(42,117	)		(4,252	)	$	(13,943	)		(1,353	)
Class 1A		193		20		13		2		(315	)		(33	)		(109	)		(11	)
Class 2		4,926		503		6,028		658		(56,861	)		(6,042	)		(45,907	)		(4,881	)
Class 3		211		22		95		10		(747	)		(78	)		(441	)		(46	)
Class 4		30,907		2,971		790		78		(38,568	)		(3,737	)		(6,871	)		(688	)
Total net increase (decrease)	$	61,872		6,144	$	9,465		1,019	$	(138,608	)		(14,142	)	$	(67,271	)		(6,979	)
Year ended December 31, 2021
Class 1	$	160,559		15,547	$	10,757		1,060	$	(19,514	)		(1,906	)	$	151,802			14,701
Class 1A		915		89		59		5		(548	)		(53	)		426			41
Class 2		20,019		2,003		28,636		2,874		(66,675	)		(6,630	)		(18,020	)		(1,753	)
Class 3		908		88		429		42		(1,328	)		(129	)		9			1
Class 4		143,656		13,002		3,238		295		(128,886	)		(11,648	)		18,008			1,649
Total net increase (decrease)	$	326,057		30,729	$	43,119		4,276	$	(216,951	)		(20,366	)	$	152,225			14,639

American Funds Mortgage Fund

	Sales*				Reinvestments of distributions				Repurchases*						Net (decrease) increase
Share class	Amount		Shares		Amount		Shares		Amount			Shares			Amount			Shares
Six months ended June 30, 2022
Class 1	$	755		75	$	—		—	$	(229,051	)		(21,714	)	$	(228,296	)		(21,639	)
Class 1A		501		50		10		1		(733	)		(70	)		(222	)		(19	)
Class 2		1,372		135		282		29		(5,292	)		(524	)		(3,638	)		(360	)
Class 4		3,710		369		207		21		(3,666	)		(364	)		251			26
Total net increase (decrease)	$	6,338		629	$	499		51	$	(238,742	)		(22,672	)	$	(231,905	)		(21,992	)
Year ended December 31, 2021
Class 1	$	35,679		3,267	$	9,382		880	$	(27,270	)		(2,517	)	$	17,791			1,630
Class 1A		1,498		139		57		5		(436	)		(40	)		1,119			104
Class 2		6,415		588		2,232		210		(5,928	)		(547	)		2,719			251
Class 4		11,056		1,029		1,486		142		(4,892	)		(457	)		7,650			714
Total net increase (decrease)	$	54,648		5,023	$	13,157		1,237	$	(38,526	)		(3,561	)	$	29,279			2,699

Refer to the end of the tables for footnote.

American Funds Insurance Series 319

Ultra-Short Bond Fund

	Sales*				Reinvestments of distributions				Repurchases*						Net increase (decrease)
Share class	Amount		Shares		Amount		Shares		Amount			Shares			Amount			Shares
Six months ended June 30, 2022
Class 1	$	25,739		2,284	$	—		—	$	(15,830	)		(1,405	)	$	9,909			879
Class 1A		—		—		—		—		—			—			—			—
Class 2		79,687		7,297		—		—		(27,286	)		(2,498	)		52,401			4,799
Class 3		601		54		—		—		(444	)		(40	)		157			14
Class 4		54,443		4,957		—		—		(25,299	)		(2,303	)		29,144			2,654
Total net increase (decrease)	$	160,470		14,592	$	—		—	$	(68,859	)		(6,246	)	$	91,611			8,346
Year ended December 31, 2021
Class 1	$	16,242		1,439	$	—		—	$	(22,707	)		(2,011	)	$	(6,465	)		(572	)
Class 1A		—		—		—		—		—			—			—			—
Class 2		86,233		7,864		—		—		(127,622	)		(11,640	)		(41,389	)		(3,776	)
Class 3		1,253		113		—		—		(915	)		(83	)		338			30
Class 4		35,704		3,232		—		—		(29,389	)		(2,660	)		6,315			572
Total net increase (decrease)	$	139,432		12,648	$	—		—	$	(180,633	)		(16,394	)	$	(41,201	)		(3,746	)

U.S. Government Securities Fund

	Sales*				Reinvestments of distributions				Repurchases*						Net (decrease) increase
Share class	Amount		Shares		Amount		Shares		Amount			Shares			Amount			Shares
Six months ended June 30, 2022
Class 1	$	32,067		2,893	$	1,246		115	$	(276,213	)		(24,133	)	$	(242,900	)		(21,125	)
Class 1A		936		87		18		2		(1,271	)		(114	)		(317	)		(25	)
Class 2		22,317		2,011		5,450		508		(146,774	)		(13,315	)		(119,007	)		(10,796	)
Class 3		—		—		39		3		(1,145	)		(105	)		(1,106	)		(102	)
Class 4		35,614		3,229		855		80		(52,023	)		(4,705	)		(15,554	)		(1,396	)
Total net increase (decrease)	$	90,934		8,220	$	7,608		708	$	(477,426	)		(42,372	)	$	(378,884	)		(33,444	)
Year ended December 31, 2021
Class 1	$	213,039		17,786	$	38,963		3,337	$	(115,497	)		(9,263	)	$	136,505			11,860
Class 1A		4,388		354		518		44		(3,192	)		(265	)		1,714			133
Class 2		91,122		7,303		144,267		12,514		(129,818	)		(10,810	)		105,571			9,007
Class 3		1,023		86		948		81		(1,549	)		(126	)		422			41
Class 4		87,885		7,227		23,653		2,055		(118,823	)		(9,719	)		(7,285	)		(437	)
Total net increase (decrease)	$	397,457		32,756	$	208,349		18,031	$	(368,879	)		(30,183	)	$	236,927			20,604

Managed Risk Growth Fund

	Sales*				Reinvestments of distributions				Repurchases*						Net increase (decrease)
Share class	Amount		Shares		Amount		Shares		Amount			Shares			Amount			Shares
Six months ended June 30, 2022
Class P1	$	900		57	$	1,675		136	$	(1,511	)		(90	)	$	1,064			103
Class P2		24,583		1,567		83,629		6,872		(15,325	)		(974	)		92,887			7,465
Total net increase (decrease)	$	25,483		1,624	$	85,304		7,008	$	(16,836	)		(1,064	)	$	93,951			7,568
Year ended December 31, 2021
Class P1	$	3,593		199	$	515		30	$	(3,079	)		(172	)	$	1,029			57
Class P2		39,055		2,202		26,869		1,558		(78,851	)		(4,405	)		(12,927	)		(645	)
Total net increase (decrease)	$	42,648		2,401	$	27,384		1,588	$	(81,930	)		(4,577	)	$	(11,898	)		(588	)

Refer to the end of the tables for footnote.

320 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
Six months ended June 30, 2022
Class P1	$	373		38	$	52		6	$	(64	)		(7	)	$	361			37
Class P2		4,344		441		3,316		369		(7,438	)		(802	)		222			8
Total net increase (decrease)	$	4,717		479	$	3,368		375	$	(7,502	)		(809	)	$	583			45
Year ended December 31, 2021
Class P1	$	887		80	$	14		1	$	(531	)		(48	)	$	370			33
Class P2		12,803		1,181		917		80		(14,744	)		(1,323	)		(1,024	)		(62	)
Total net increase (decrease)	$	13,690		1,261	$	931		81	$	(15,275	)		(1,371	)	$	(654	)		(29	)

Managed Risk Washington Mutual Investors Fund

	Sales*				Reinvestments of distributions				Repurchases*						Net increase (decrease)
Share class	Amount		Shares		Amount		Shares		Amount			Shares			Amount			Shares
Six months ended June 30, 2022
Class P1	$	561		45	$	33		3	$	(149	)		(12	)	$	445			36
Class P2		8,641		718		3,892		331		(25,708	)		(2,107	)		(13,175	)		(1,058	)
Total net increase (decrease)	$	9,202		763	$	3,925		334	$	(25,857	)		(2,119	)	$	(12,730	)		(1,022	)
Year ended December 31, 2021
Class P1	$	971		80	$	40		3	$	(343	)		(29	)	$	668			54
Class P2		9,743		800		5,979		487		(51,273	)		(4,254	)		(35,551	)		(2,967	)
Total net increase (decrease)	$	10,714		880	$	6,019		490	$	(51,616	)		(4,283	)	$	(34,883	)		(2,913	)

Managed Risk Growth-Income Fund

	Sales*				Reinvestments of distributions				Repurchases*						Net increase (decrease)
Share class	Amount		Shares		Amount		Shares		Amount			Shares			Amount			Shares
Six months ended June 30, 2022
Class P1	$	23,539		1,621	$	64,795		4,909	$	(79,453	)		(5,668	)	$	8,881			862
Class P2		7,369		526		9,270		707		(16,895	)		(1,186	)		(256	)		47
Total net increase (decrease)	$	30,908		2,147	$	74,065		5,616	$	(96,348	)		(6,854	)	$	8,625			909
Year ended December 31, 2021
Class P1	$	64,192		4,303	$	60,096		4,023	$	(175,764	)		(11,680	)	$	(51,476	)		(3,354	)
Class P2		14,838		1,008		8,072		546		(35,819	)		(2,404	)		(12,909	)		(850	)
Total net increase (decrease)	$	79,030		5,311	$	68,168		4,569	$	(211,583	)		(14,084	)	$	(64,385	)		(4,204	)

Refer to the end of the tables for footnote.

American Funds Insurance Series 321

Managed Risk Asset Allocation Fund

	Sales*				Reinvestments of distributions				Repurchases*						Net increase (decrease)
Share class	Amount		Shares		Amount		Shares		Amount			Shares			Amount			Shares
Six months ended June 30, 2022
Class P1	$	1,091		75	$	358		28	$	(503	)		(38	)	$	946			65
Class P2		22,719		1,679		121,282		9,734		(151,469	)		(11,117	)		(7,468	)		296
Total net increase (decrease)	$	23,810		1,754	$	121,640		9,762	$	(151,972	)		(11,155	)	$	(6,522	)		361
Year ended December 31, 2021
Class P1	$	2,097		141	$	114		8	$	(899	)		(60	)	$	1,312			89
Class P2		57,616		4,016		38,113		2,632		(351,072	)		(24,507	)		(255,343	)		(17,859	)
Total net increase (decrease)	$	59,713		4,157	$	38,227		2,640	$	(351,971	)		(24,567	)	$	(254,031	)		(17,770	)

* Includes exchanges between share classes of the fund.

11. Investment transactions and other disclosures

The following tables present additional information for each fund for the six months ended June 30, 2022 (dollars in thousands):

	Global Growth Fund		Global Small Capitalization Fund		Growth Fund		International Fund		New World Fund		Washington Mutual Investors Fund
Purchases of investment securities*	$	1,154,889	$	697,701	$	5,277,855	$	1,394,817	$	674,899	$	1,517,355
Sales of investment securities*		1,459,238		808,215		6,270,787		1,901,645		1,028,529		2,244,236
Non-U.S. taxes paid on dividend income		3,431		1,482		4,572		6,393		2,310		1,348
Non-U.S. taxes paid on interest income		—		—		—		—		3		—
Non-U.S. taxes paid on realized gains		—		3,797		—		6,690		3,410		—
Non-U.S. taxes provided on unrealized appreciation		6,621		8,204		—		23,665		6,335		—
	Capital World Growth and Income Fund		Growth- Income Fund		International Growth and Income Fund		Capital Income Builder		Asset Allocation Fund		American Funds Global Balanced Fund
Purchases of investment securities*	$	422,513	$	5,568,260	$	80,130	$	543,114	$	12,982,950	$	297,140
Sales of investment securities*		590,784		8,817,687		89,338		495,788		14,028,613		305,662
Non-U.S. taxes paid on dividend income		1,636		5,405		12		1,063		5,427		246
Non-U.S. taxes paid on interest income		—		—		—		—		—		8
Non-U.S. taxes paid on realized gains		68		—		51		6		—		6
Non-U.S. taxes provided on unrealized appreciation		383		—		—		444		1,820		—
	The Bond Fund of America		Capital World Bond Fund		American High-Income Trust		American Funds Mortgage Fund		Ultra-Short Bond Fund		U.S. Government Securities Fund
Purchases of investment securities*	$	18,309,219	$	826,744	$	193,187	$	700,738	$	—	$	4,089,958
Sales of investment securities*		17,477,848		1,121,381		237,197		812,455		—		3,674,672
Non-U.S. taxes paid on interest income		9		172		—		—		—		—
Non-U.S. taxes paid on realized gains		—		326		—		—		—		—
Non-U.S. taxes provided on unrealized appreciation		—		117		—		—		—		—

Refer to the end of the table for footnote.

322 American Funds Insurance Series

	Managed Risk Growth Fund		Managed Risk International Fund		Managed Risk Washington Mutual Investors Fund		Managed Risk Growth- Income Fund		Managed Risk Asset Allocation Fund
Purchases of investment securities*	$	310,318	$	72,749	$	170,597	$	897,652	$	699,143
Sales of investment securities*		224,255		51,902		117,919		749,424		565,128

* Excludes short-term securities and U.S. government obligations, if any.

12. Ownership concentration

At June 30, 2022, American Funds Insurance Series - Portfolio Series - Managed Risk Growth and Income Portfolio held 18% and 18% of the outstanding shares of American Funds Insurance Series - Capital World Growth and Income Fund and American Funds Insurance Series - Capital Income Builder, respectively. In addition, American Funds Insurance Series - Portfolio Series - Managed Risk Global Allocation Portfolio held 26% of the outstanding shares of American Funds Insurance Series - American Funds Global Balanced Fund.

American Funds Insurance Series 323

Financial highlights

			(Loss) income from investment operations1								Dividends and distributions
Year ended	Net asset value, beginning of year		Net investment income		Net (losses) gains on securities (both realized and unrealized)			Total from investment operations			Dividends (from net investment income)			Distributions (from capital gains)			Total dividends and distributions			Net asset value, end of year		Total return2			Net assets, end of year (in millions)		Ratio of expenses to average net assets before waivers3			Ratio of expenses to average net assets after waivers2,3			Ratio of net income to average net assets2
Global Growth Fund
Class 1:
6/30/20224,5	$	45.46	$	.16	$	(12.50	)	$	(12.34	)	$	(.08	)	$	(3.97	)	$	(4.05	)	$	29.07		(27.84	)%6	$	3,072		.54	%7		.50	%7		.88	%7
12/31/2021		41.16		.25		6.48			6.73			(.26	)		(2.17	)		(2.43	)		45.46		16.72			4,270		.55			.54			.56
12/31/2020		32.57		.20		9.56			9.76			(.21	)		(.96	)		(1.17	)		41.16		30.79			3,309		.56			.56			.59
12/31/2019		25.74		.32		8.60			8.92			(.41	)		(1.68	)		(2.09	)		32.57		35.61			2,515		.56			.56			1.07
12/31/2018		30.51		.29		(2.65	)		(2.36	)		(.28	)		(2.13	)		(2.41	)		25.74		(8.81	)		1,942		.55			.55			.98
12/31/2017		24.05		.26		7.30			7.56			(.26	)		(.84	)		(1.10	)		30.51		31.80			2,010		.55			.55			.94
Class 1A:
6/30/20224,5		45.28		.12		(12.44	)		(12.32	)		(.07	)		(3.97	)		(4.04	)		28.92		(27.91	)6		14		.79	7		.75	7		.64	7
12/31/2021		41.02		.14		6.46			6.60			(.17	)		(2.17	)		(2.34	)		45.28		16.45			18		.80			.79			.33
12/31/2020		32.47		.12		9.52			9.64			(.13	)		(.96	)		(1.09	)		41.02		30.49			12		.81			.81			.34
12/31/2019		25.69		.25		8.55			8.80			(.34	)		(1.68	)		(2.02	)		32.47		35.22			8		.81			.81			.83
12/31/2018		30.46		.23		(2.66	)		(2.43	)		(.21	)		(2.13	)		(2.34	)		25.69		(9.02	)		5		.80			.80			.77
12/31/20174,8		24.50		.11		6.94			7.05			(.25	)		(.84	)		(1.09	)		30.46		29.13	6		2		.80	7		.80	7		.39	7
Class 2:
6/30/20224,5		44.94		.11		(12.33	)		(12.22	)		(.07	)		(3.97	)		(4.04	)		28.68		(27.91	)6		3,233		.79	7		.75	7		.62	7
12/31/2021		40.72		.13		6.41			6.54			(.15	)		(2.17	)		(2.32	)		44.94		16.42			4,559		.80			.80			.30
12/31/2020		32.24		.12		9.44			9.56			(.12	)		(.96	)		(1.08	)		40.72		30.47			4,387		.81			.81			.34
12/31/2019		25.50		.24		8.51			8.75			(.33	)		(1.68	)		(2.01	)		32.24		35.28			3,895		.81			.81			.83
12/31/2018		30.24		.22		(2.63	)		(2.41	)		(.20	)		(2.13	)		(2.33	)		25.50		(9.04	)		3,306		.80			.80			.73
12/31/2017		23.85		.19		7.23			7.42			(.19	)		(.84	)		(1.03	)		30.24		31.47			4,012		.80			.80			.69
Class 4:
6/30/20224,5		44.57		.07		(12.23	)		(12.16	)		(.05	)		(3.97	)		(4.02	)		28.39		(27.99	)6		552		1.04	7		1.00	7		.38	7
12/31/2021		40.45		.03		6.35			6.38			(.09	)		(2.17	)		(2.26	)		44.57		16.14			744		1.05			1.04			.07
12/31/2020		32.05		.03		9.38			9.41			(.05	)		(.96	)		(1.01	)		40.45		30.17			533		1.06			1.06			.09
12/31/2019		25.39		.17		8.45			8.62			(.28	)		(1.68	)		(1.96	)		32.05		34.87			382		1.06			1.06			.57
12/31/2018		30.13		.14		(2.60	)		(2.46	)		(.15	)		(2.13	)		(2.28	)		25.39		(9.24	)		249		1.05			1.05			.47
12/31/2017		23.81		.10		7.22			7.32			(.16	)		(.84	)		(1.00	)		30.13		31.11			211		1.05			1.05			.37

Refer to the end of the tables for footnotes.

324 American Funds Insurance Series

Financial highlights(continued)

			(Loss) income from investment operations1									Dividends and distributions
Year ended	Net asset value, beginning of year		Net investment income (loss)			Net (losses) gains on securities (both realized and unrealized)			Total from investment operations			Dividends (from net investment income)			Distributions (from capital gains)			Total dividends and distributions			Net asset value, end of year		Total return2			Net assets, end of year (in millions)			Ratio of expenses to average net assets before waivers3			Ratio of expenses to average net assets after waivers2,3			Ratio of net income (loss) to average net assets2
Global Small Capitalization Fund
Class 1:
6/30/20224,5	$	34.17	$	.03		$	(10.08	)	$	(10.05	)	$	—		$	(8.50	)	$	(8.50	)	$	15.62		(31.99	)%6	$	915			.74	%7		.72	%7		.24	%7
12/31/2021		32.64		(.02	)		2.32			2.30			—			(.77	)		(.77	)		34.17		6.98			1,707			.74			.74			(.07	)
12/31/2020		26.80		(.01	)		7.49			7.48			(.05	)		(1.59	)		(1.64	)		32.64		30.04			2,391			.75			.75			(.06	)
12/31/2019		21.75		.12			6.61			6.73			(.10	)		(1.58	)		(1.68	)		26.80		31.84			2,050			.75			.75			.48
12/31/2018		25.38		.11			(2.51	)		(2.40	)		(.09	)		(1.14	)		(1.23	)		21.75		(10.31	)		1,453			.73			.73			.42
12/31/2017		20.24		.12			5.17			5.29			(.15	)		—			(.15	)		25.38		26.22			1,639			.73			.73			.54
Class 1A:
6/30/20224,5		33.93		—	9		(10.00	)		(10.00	)		—			(8.50	)		(8.50	)		15.43		(32.05	)6		4			.99	7		.97	7		.02	7
12/31/2021		32.49		(.07	)		2.28			2.21			—			(.77	)		(.77	)		33.93		6.73			5			.99			.99			(.21	)
12/31/2020		26.74		(.09	)		7.48			7.39			(.05	)		(1.59	)		(1.64	)		32.49		29.72			1			.99			.99			(.33	)
12/31/2019		21.71		.05			6.61			6.66			(.05	)		(1.58	)		(1.63	)		26.74		31.56			1			.99			.99			.22
12/31/2018		25.36		.05			(2.52	)		(2.47	)		(.04	)		(1.14	)		(1.18	)		21.71		(10.56	)		—	10		.98			.98			.21
12/31/20174,8		20.70		.08			4.71			4.79			(.13	)		—			(.13	)		25.36		23.19	6		—	10		.96	7		.96	7		.35	7
Class 2:
6/30/20224,5		32.94		—	9		(9.69	)		(9.69	)		—			(8.50	)		(8.50	)		14.75		(32.09	)6		1,751			.99	7		.97	7		.01	7
12/31/2021		31.56		(.10	)		2.25			2.15			—			(.77	)		(.77	)		32.94		6.74			2,521			.99			.99			(.30	)
12/31/2020		26.02		(.08	)		7.25			7.17			(.04	)		(1.59	)		(1.63	)		31.56		29.72			2,653			1.00			1.00			(.31	)
12/31/2019		21.16		.05			6.43			6.48			(.04	)		(1.58	)		(1.62	)		26.02		31.52			2,363			1.00			1.00			.22
12/31/2018		24.72		.04			(2.44	)		(2.40	)		(.02	)		(1.14	)		(1.16	)		21.16		(10.55	)		2,056			.98			.98			.17
12/31/2017		19.72		.06			5.04			5.10			(.10	)		—			(.10	)		24.72		25.89			2,551			.98			.98			.27
Class 4:
6/30/20224,5		32.96		(.03	)		(9.68	)		(9.71	)		—			(8.50	)		(8.50	)		14.75		(32.13	)6		249			1.24	7		1.22	7		(.23	)7
12/31/2021		31.67		(.18	)		2.24			2.06			—			(.77	)		(.77	)		32.96		6.43			344			1.24			1.24			(.53	)
12/31/2020		26.16		(.14	)		7.27			7.13			(.03	)		(1.59	)		(1.62	)		31.67		29.39			268			1.25			1.25			(.56	)
12/31/2019		21.28		(.01	)		6.47			6.46			—	9		(1.58	)		(1.58	)		26.16		31.24			206			1.25			1.25			(.04	)
12/31/2018		24.91		(.02	)		(2.46	)		(2.48	)		(.01	)		(1.14	)		(1.15	)		21.28		(10.80	)		146			1.24			1.24			(.08	)
12/31/2017		19.91		—	9		5.09			5.09			(.09	)		—			(.09	)		24.91		25.62			125			1.23			1.23			—	11

Refer to the end of the tables for footnotes.

American Funds Insurance Series 325

Financial highlights(continued)

			(Loss) income from investment operations1									Dividends and distributions
Year ended	Net asset value, beginning of year		Net investment income (loss)			Net (losses) gains on securities (both realized and unrealized)			Total from investment operations			Dividends (from net investment income)			Distributions (from capital gains)			Total dividends and distributions			Net asset value, end of year		Total return			Net assets, end of year (in millions)		Ratio of expenses to average net assets3			Ratio of net income (loss) to average net assets
Growth Fund
Class 1:
6/30/20224,5	$	127.58	$	.26		$	(36.77	)	$	(36.51	)	$	(.15	)	$	(14.31	)	$	(14.46	)	$	76.61		(29.80	)%6	$	13,552		.34	%7		.50	%7
12/31/2021		120.22		.46			24.29			24.75			(.58	)		(16.81	)		(17.39	)		127.58		22.30			19,783		.34			.37
12/31/2020		81.22		.43			41.28			41.71			(.53	)		(2.18	)		(2.71	)		120.22		52.45			15,644		.35			.46
12/31/2019		69.96		.83			19.63			20.46			(.76	)		(8.44	)		(9.20	)		81.22		31.11			10,841		.35			1.09
12/31/2018		77.85		.64			.25			.89			(.54	)		(8.24	)		(8.78	)		69.96		(.01	)		8,474		.34			.81
12/31/2017		67.29		.55			17.89			18.44			(.55	)		(7.33	)		(7.88	)		77.85		28.62			8,100		.35			.75
Class 1A:
6/30/20224,5		126.70		.16			(36.53	)		(36.37	)		(.12	)		(14.31	)		(14.43	)		75.90		(29.89	)6		173		.59	7		.31	7
12/31/2021		119.59		.16			24.11			24.27			(.35	)		(16.81	)		(17.16	)		126.70		21.97			121		.59			.13
12/31/2020		80.92		.20			41.05			41.25			(.40	)		(2.18	)		(2.58	)		119.59		52.07			60		.60			.21
12/31/2019		69.77		.65			19.55			20.20			(.61	)		(8.44	)		(9.05	)		80.92		30.79			18		.60			.85
12/31/2018		77.74		.47			.24			.71			(.44	)		(8.24	)		(8.68	)		69.77		(.26	)		10		.59			.60
12/31/20174,8		68.84		.35			16.38			16.73			(.50	)		(7.33	)		(7.83	)		77.74		25.47	6		3		.59	7		.47	7
Class 2:
6/30/20224,5		126.28		.13			(36.38	)		(36.25	)		(.09	)		(14.31	)		(14.40	)		75.63		(29.90	)6		14,923		.59	7		.25	7
12/31/2021		119.18		.15			24.03			24.18			(.27	)		(16.81	)		(17.08	)		126.28		21.97			21,986		.59			.12
12/31/2020		80.57		.19			40.89			41.08			(.29	)		(2.18	)		(2.47	)		119.18		52.10			20,594		.60			.21
12/31/2019		69.48		.63			19.47			20.10			(.57	)		(8.44	)		(9.01	)		80.57		30.77			15,885		.60			.83
12/31/2018		77.35		.44			.27			.71			(.34	)		(8.24	)		(8.58	)		69.48		(.25	)		13,701		.59			.55
12/31/2017		66.92		.37			17.76			18.13			(.37	)		(7.33	)		(7.70	)		77.35		28.28			15,716		.60			.50
Class 3:
6/30/20224,5		128.68		.17			(37.10	)		(36.93	)		(.11	)		(14.31	)		(14.42	)		77.33		(29.88	)6		198		.52	7		.31	7
12/31/2021		121.13		.24			24.47			24.71			(.35	)		(16.81	)		(17.16	)		128.68		22.07			302		.52			.19
12/31/2020		81.84		.26			41.56			41.82			(.35	)		(2.18	)		(2.53	)		121.13		52.20			279		.53			.28
12/31/2019		70.44		.69			19.77			20.46			(.62	)		(8.44	)		(9.06	)		81.84		30.86			213		.53			.90
12/31/2018		78.32		.50			.26			.76			(.40	)		(8.24	)		(8.64	)		70.44		(.18	)		187		.52			.62
12/31/2017		67.67		.42			17.98			18.40			(.42	)		(7.33	)		(7.75	)		78.32		28.39			212		.53			.57
Class 4:
6/30/20224,5		123.79		—	9		(35.61	)		(35.61	)		(.05	)		(14.31	)		(14.36	)		73.82		(29.98	)6		2,330		.84	7		—	7,11
12/31/2021		117.24		(.15	)		23.59			23.44			(.08	)		(16.81	)		(16.89	)		123.79		21.69			3,214		.84			(.13	)
12/31/2020		79.41		(.04	)		40.24			40.20			(.19	)		(2.18	)		(2.37	)		117.24		51.71			2,347		.85			(.04	)
12/31/2019		68.64		.44			19.19			19.63			(.42	)		(8.44	)		(8.86	)		79.41		30.44			1,513		.85			.59
12/31/2018		76.56		.24			.28			.52			(.20	)		(8.24	)		(8.44	)		68.64		(.50	)		1,076		.84			.31
12/31/2017		66.41		.18			17.61			17.79			(.31	)		(7.33	)		(7.64	)		76.56		27.99			954		.85			.25

Refer to the end of the tables for footnotes.

326 American Funds Insurance Series

Financial highlights(continued)

			(Loss) income from investment operations1								Dividends and distributions
Year ended	Net asset value, beginning of year		Net investment income		Net (losses) gains on securities (both realized and unrealized)			Total from investment operations			Dividends (from net investment income)			Distributions (from capital gains)			Total dividends and distributions			Net asset value, end of year		Total return			Net assets, end of year (in millions)		Ratio of expenses to average net assets3			Ratio of net income to average net assets
International Fund
Class 1:
6/30/20224,5	$	22.70	$	.17	$	(5.01	)	$	(4.84	)	$	(.09	)	$	(2.60	)	$	(2.69	)	$	15.17		(22.53	)%6	$	3,226		.54	%7		1.73	%7
12/31/2021		23.64		.38		(.67	)		(.29	)		(.65	)		—			(.65	)		22.70		(1.23	)		4,747		.55			1.57
12/31/2020		20.86		.14		2.82			2.96			(.18	)		—			(.18	)		23.64		14.28			5,652		.55			.71
12/31/2019		17.66		.30		3.74			4.04			(.34	)		(.50	)		(.84	)		20.86		23.21			5,353		.54			1.54
12/31/2018		21.71		.34		(2.97	)		(2.63	)		(.40	)		(1.02	)		(1.42	)		17.66		(12.94	)		4,811		.53			1.62
12/31/2017		16.82		.26		5.16			5.42			(.30	)		(.23	)		(.53	)		21.71		32.46			5,014		.53			1.33
Class 1A:
6/30/20224,5		22.61		.15		(5.00	)		(4.85	)		(.08	)		(2.60	)		(2.68	)		15.08		(22.66	)6		10		.79	7		1.53	7
12/31/2021		23.55		.33		(.67	)		(.34	)		(.60	)		—			(.60	)		22.61		(1.47	)		12		.80			1.39
12/31/2020		20.80		.08		2.81			2.89			(.14	)		—			(.14	)		23.55		13.96			10		.80			.43
12/31/2019		17.62		.25		3.72			3.97			(.29	)		(.50	)		(.79	)		20.80		22.90			7		.79			1.27
12/31/2018		21.67		.27		(2.93	)		(2.66	)		(.37	)		(1.02	)		(1.39	)		17.62		(13.11	)		5		.78			1.32
12/31/20174,8		17.17		.09		4.93			5.02			(.29	)		(.23	)		(.52	)		21.67		29.46	6		2		.77	7		.43	7
Class 2:
6/30/20224,5		22.60		.15		(4.99	)		(4.84	)		(.08	)		(2.60	)		(2.68	)		15.08		(22.63	)6		3,195		.79	7		1.50	7
12/31/2021		23.54		.33		(.68	)		(.35	)		(.59	)		—			(.59	)		22.60		(1.49	)		4,190		.80			1.35
12/31/2020		20.78		.09		2.80			2.89			(.13	)		—			(.13	)		23.54		13.97			4,481		.80			.46
12/31/2019		17.60		.25		3.72			3.97			(.29	)		(.50	)		(.79	)		20.78		22.88			4,311		.79			1.29
12/31/2018		21.63		.29		(2.95	)		(2.66	)		(.35	)		(1.02	)		(1.37	)		17.60		(13.13	)		3,875		.78			1.40
12/31/2017		16.76		.22		5.13			5.35			(.25	)		(.23	)		(.48	)		21.63		32.14			4,422		.78			1.10
Class 3:
6/30/20224,5		22.76		.15		(5.03	)		(4.88	)		(.08	)		(2.60	)		(2.68	)		15.20		(22.64	)6		16		.72	7		1.56	7
12/31/2021		23.69		.34		(.67	)		(.33	)		(.60	)		—			(.60	)		22.76		(1.39	)		21		.73			1.41
12/31/2020		20.92		.10		2.81			2.91			(.14	)		—			(.14	)		23.69		14.00			25		.73			.53
12/31/2019		17.70		.27		3.75			4.02			(.30	)		(.50	)		(.80	)		20.92		23.05			25		.72			1.37
12/31/2018		21.75		.31		(2.98	)		(2.67	)		(.36	)		(1.02	)		(1.38	)		17.70		(13.10	)		24		.71			1.48
12/31/2017		16.85		.23		5.17			5.40			(.27	)		(.23	)		(.50	)		21.75		32.23			31		.71			1.17
Class 4:
6/30/20224,5		22.31		.12		(4.93	)		(4.81	)		(.07	)		(2.60	)		(2.67	)		14.83		(22.78	)6		367		1.04	7		1.26	7
12/31/2021		23.25		.27		(.67	)		(.40	)		(.54	)		—			(.54	)		22.31		(1.71	)		459		1.05			1.13
12/31/2020		20.54		.04		2.76			2.80			(.09	)		—			(.09	)		23.25		13.66			423		1.05			.21
12/31/2019		17.40		.20		3.69			3.89			(.25	)		(.50	)		(.75	)		20.54		22.67			379		1.04			1.03
12/31/2018		21.42		.23		(2.93	)		(2.70	)		(.30	)		(1.02	)		(1.32	)		17.40		(13.41	)		295		1.03			1.13
12/31/2017		16.64		.11		5.16			5.27			(.26	)		(.23	)		(.49	)		21.42		31.89			289		1.03			.55

Refer to the end of the tables for footnotes.

American Funds Insurance Series 327

Financial highlights(continued)

			(Loss) income from investment operations1								Dividends and distributions
Year ended	Net asset value, beginning of year		Net investment income		Net (losses) gains on securities (both realized and unrealized)			Total from investment operations			Dividends (from net investment income)			Distributions (from capital gains)			Total dividends and distributions			Net asset value, end of year		Total return2			Net assets, end of year (in millions)		Ratio of expenses to average net assets before waivers3			Ratio of expenses to average net assets after waivers2,3			Ratio of net income to average net assets2
New World Fund
Class 1:
6/30/20224,5	$	31.83	$	.23	$	(7.57	)	$	(7.34	)	$	(.14	)	$	(2.34	)	$	(2.48	)	$	22.01		(23.72	)%6	$	1,674		.71	%7		.57	%7		1.68	%7
12/31/2021		31.59		.29		1.38			1.67			(.36	)		(1.07	)		(1.43	)		31.83		5.16			2,443		.74			.56			.88
12/31/2020		25.84		.15		5.93			6.08			(.06	)		(.27	)		(.33	)		31.59		23.89			2,309		.76			.64			.58
12/31/2019		20.98		.28		5.79			6.07			(.29	)		(.92	)		(1.21	)		25.84		29.47			2,129		.76			.76			1.18
12/31/2018		25.30		.27		(3.65	)		(3.38	)		(.27	)		(.67	)		(.94	)		20.98		(13.83	)		1,702		.77			.77			1.11
12/31/2017		19.72		.26		5.59			5.85			(.27	)		—			(.27	)		25.30		29.73			2,050		.77			.77			1.14
Class 1A:
6/30/20224,5		31.70		.20		(7.55	)		(7.35	)		(.12	)		(2.34	)		(2.46	)		21.89		(23.82	)6		10		.96	7		.82	7		1.46	7
12/31/2021		31.43		.17		1.41			1.58			(.24	)		(1.07	)		(1.31	)		31.70		4.90			12		.99			.81			.54
12/31/2020		25.74		.07		5.92			5.99			(.03	)		(.27	)		(.30	)		31.43		23.63			18		1.01			.87			.26
12/31/2019		20.92		.22		5.76			5.98			(.24	)		(.92	)		(1.16	)		25.74		29.11			4		1.01			1.01			.92
12/31/2018		25.25		.21		(3.64	)		(3.43	)		(.23	)		(.67	)		(.90	)		20.92		(14.02	)		2		1.02			1.02			.91
12/31/20174,8		20.14		.13		5.24			5.37			(.26	)		—			(.26	)		25.25		26.72	6		1		1.00	7		1.00	7		.53	7
Class 2:
6/30/20224,5		31.48		.19		(7.49	)		(7.30	)		(.12	)		(2.34	)		(2.46	)		21.72		(23.84	)6		790		.96	7		.82	7		1.44	7
12/31/2021		31.25		.20		1.38			1.58			(.28	)		(1.07	)		(1.35	)		31.48		4.92			1,086		.99			.81			.63
12/31/2020		25.59		.08		5.87			5.95			(.02	)		(.27	)		(.29	)		31.25		23.58			1,109		1.01			.89			.34
12/31/2019		20.79		.22		5.73			5.95			(.23	)		(.92	)		(1.15	)		25.59		29.15			981		1.01			1.01			.93
12/31/2018		25.07		.20		(3.61	)		(3.41	)		(.20	)		(.67	)		(.87	)		20.79		(14.04	)		843		1.02			1.02			.85
12/31/2017		19.54		.20		5.55			5.75			(.22	)		—			(.22	)		25.07		29.44			1,055		1.02			1.02			.89
Class 4:
6/30/20224,5		31.24		.16		(7.42	)		(7.26	)		(.11	)		(2.34	)		(2.45	)		21.53		(23.89	)6		715		1.21	7		1.07	7		1.21	7
12/31/2021		31.04		.12		1.36			1.48			(.21	)		(1.07	)		(1.28	)		31.24		4.63			906		1.24			1.06			.38
12/31/2020		25.47		.02		5.83			5.85			(.01	)		(.27	)		(.28	)		31.04		23.29			807		1.26			1.14			.08
12/31/2019		20.71		.16		5.70			5.86			(.18	)		(.92	)		(1.10	)		25.47		28.82			646		1.26			1.26			.67
12/31/2018		24.99		.14		(3.59	)		(3.45	)		(.16	)		(.67	)		(.83	)		20.71		(14.25	)		464		1.27			1.27			.61
12/31/2017		19.51		.14		5.52			5.66			(.18	)		—			(.18	)		24.99		29.06			427		1.27			1.27			.61

Refer to the end of the tables for footnotes.

328 American Funds Insurance Series

Financial highlights(continued)

			(Loss) income from investment operations1								Dividends and distributions
Year ended	Net asset value, beginning of year		Net investment income		Net (losses) gains on securities (both realized and unrealized)			Total from investment operations			Dividends (from net investment income)			Distributions (from capital gains)			Total dividends and distributions			Net asset value, end of year		Total return2			Net assets, end of year (in millions)		Ratio of expenses to average net assets before waivers3			Ratio of expenses to average net assets after waivers2,3			Ratio of net income to average net assets2
Washington Mutual Investors Fund
Class 1:
6/30/20224,5	$	18.09	$	.16	$	(2.19	)	$	(2.03	)	$	(.08	)	$	(3.72	)	$	(3.80	)	$	12.26		(12.88	)%6	$	5,471		.42	%7		.26	%7		2.00	%7
12/31/2021		14.35		.29		3.73			4.02			(.28	)		—			(.28	)		18.09		28.12			6,766		.42			.31			1.79
12/31/2020		13.56		.25		.95			1.20			(.26	)		(.15	)		(.41	)		14.35		9.04			5,684		.43			.43			2.00
12/31/2019		12.38		.30		2.25			2.55			(.30	)		(1.07	)		(1.37	)		13.56		21.66			5,559		.42			.42			2.28
12/31/2018		14.96		.31		(1.44	)		(1.13	)		(.31	)		(1.14	)		(1.45	)		12.38		(8.45	)		4,810		.41			.41			2.13
12/31/2017		13.53		.32		1.96			2.28			(.32	)		(.53	)		(.85	)		14.96		17.30			5,581		.41			.41			2.27
Class 1A:
6/30/20224,5		17.96		.14		(2.17	)		(2.03	)		(.06	)		(3.72	)		(3.78	)		12.15		(12.98	)6		57		.67	7		.51	7		1.64	7
12/31/2021		14.28		.27		3.67			3.94			(.26	)		—			(.26	)		17.96		27.70			169		.67			.53			1.62
12/31/2020		13.51		.23		.93			1.16			(.24	)		(.15	)		(.39	)		14.28		8.79			25		.67			.67			1.78
12/31/2019		12.35		.26		2.24			2.50			(.27	)		(1.07	)		(1.34	)		13.51		21.35			9		.67			.67			2.03
12/31/2018		14.94		.26		(1.42	)		(1.16	)		(.29	)		(1.14	)		(1.43	)		12.35		(8.67	)		3		.66			.66			1.84
12/31/20174,8		13.75		.28		1.75			2.03			(.31	)		(.53	)		(.84	)		14.94		15.21	6		1		.65	7		.65	7		2.01	7
Class 2:
6/30/20224,5		17.83		.14		(2.16	)		(2.02	)		(.07	)		(3.72	)		(3.79	)		12.02		(13.01	)6		2,775		.67	7		.51	7		1.74	7
12/31/2021		14.15		.25		3.67			3.92			(.24	)		—			(.24	)		17.83		27.78			3,426		.67			.56			1.54
12/31/2020		13.39		.22		.91			1.13			(.22	)		(.15	)		(.37	)		14.15		8.68			3,082		.68			.68			1.75
12/31/2019		12.24		.26		2.22			2.48			(.26	)		(1.07	)		(1.33	)		13.39		21.38			3,093		.67			.67			2.03
12/31/2018		14.80		.27		(1.42	)		(1.15	)		(.27	)		(1.14	)		(1.41	)		12.24		(8.66	)		2,850		.66			.66			1.88
12/31/2017		13.39		.28		1.94			2.22			(.28	)		(.53	)		(.81	)		14.80		17.04			3,551		.66			.66			2.02
Class 4:
6/30/20224,5		17.71		.12		(2.15	)		(2.03	)		(.06	)		(3.72	)		(3.78	)		11.90		(13.13	)6		995		.92	7		.76	7		1.50	7
12/31/2021		14.06		.21		3.65			3.86			(.21	)		—			(.21	)		17.71		27.51			1,104		.92			.81			1.30
12/31/2020		13.31		.19		.91			1.10			(.20	)		(.15	)		(.35	)		14.06		8.47			788		.93			.93			1.51
12/31/2019		12.19		.23		2.20			2.43			(.24	)		(1.07	)		(1.31	)		13.31		21.03			621		.92			.92			1.78
12/31/2018		14.77		.23		(1.42	)		(1.19	)		(.25	)		(1.14	)		(1.39	)		12.19		(8.92	)		368		.91			.91			1.62
12/31/2017		13.39		.25		1.93			2.18			(.27	)		(.53	)		(.80	)		14.77		16.70			247		.91			.91			1.76

Refer to the end of the tables for footnotes.

American Funds Insurance Series 329

Financial highlights(continued)

			(Loss) income from investment operations1								Dividends and distributions
Year ended	Net asset value, beginning of year		Net investment income		Net (losses) gains on securities (both realized and unrealized)			Total from investment operations			Dividends (from net investment income)			Distributions (from capital gains)			Total dividends and distributions			Net asset value, end of year		Total return2			Net assets, end of year (in millions)			Ratio of expenses to average net assets before waivers3			Ratio of expenses to average net assets after waivers2,3			Ratio of net income to average net assets2
Capital World Growth and Income Fund
Class 1:
6/30/20224,5	$	18.42	$	.21	$	(3.76	)	$	(3.55	)	$	(.09	)	$	(3.45	)	$	(3.54	)	$	11.33		(21.20	)%6	$	551			.61	%7		.42	%7		2.67	%7
12/31/2021		16.67		.38		2.10			2.48			(.33	)		(.40	)		(.73	)		18.42		15.03			812			.63			.47			2.14
12/31/2020		15.92		.22		1.14			1.36			(.23	)		(.38	)		(.61	)		16.67		9.03			657			.66			.66			1.49
12/31/2019		13.02		.31		3.67			3.98			(.32	)		(.76	)		(1.08	)		15.92		31.39			625			.65			.65			2.08
12/31/2018		15.81		.29		(1.62	)		(1.33	)		(.28	)		(1.18	)		(1.46	)		13.02		(9.36	)		492			.63			.63			1.94
12/31/2017		13.02		.35		3.06			3.41			(.36	)		(.26	)		(.62	)		15.81		26.40			485			.63			.63			2.43
Class 1A:
6/30/20224,5		18.34		.19		(3.73	)		(3.54	)		(.09	)		(3.45	)		(3.54	)		11.26		(21.28	)6		6			.86	7		.67	7		2.47	7
12/31/2021		16.62		.37		2.06			2.43			(.31	)		(.40	)		(.71	)		18.34		14.71			7			.88			.70			2.08
12/31/2020		15.88		.18		1.13			1.31			(.19	)		(.38	)		(.57	)		16.62		8.78			2			.90			.90			1.23
12/31/2019		13.00		.26		3.68			3.94			(.30	)		(.76	)		(1.06	)		15.88		31.04			2			.90			.90			1.77
12/31/2018		15.81		.26		(1.63	)		(1.37	)		(.26	)		(1.18	)		(1.44	)		13.00		(9.62	)		1			.88			.88			1.74
12/31/20174,8		13.21		.18		3.03			3.21			(.35	)		(.26	)		(.61	)		15.81		24.54	6		—	10		.84	7		.84	7		1.20	7
Class 2:
6/30/20224,5		18.38		.19		(3.74	)		(3.55	)		(.09	)		(3.45	)		(3.54	)		11.29		(21.30	)6		992			.86	7		.67	7		2.39	7
12/31/2021		16.63		.33		2.11			2.44			(.29	)		(.40	)		(.69	)		18.38		14.78			1,340			.88			.73			1.85
12/31/2020		15.89		.18		1.13			1.31			(.19	)		(.38	)		(.57	)		16.63		8.73			1,349			.91			.91			1.23
12/31/2019		12.99		.27		3.68			3.95			(.29	)		(.76	)		(1.05	)		15.89		31.14			1,366			.90			.90			1.84
12/31/2018		15.78		.26		(1.63	)		(1.37	)		(.24	)		(1.18	)		(1.42	)		12.99		(9.63	)		1,228			.88			.88			1.70
12/31/2017		13.00		.31		3.05			3.36			(.32	)		(.26	)		(.58	)		15.78		26.06			1,538			.88			.88			2.11
Class 4:
6/30/20224,5		18.04		.17		(3.67	)		(3.50	)		(.08	)		(3.45	)		(3.53	)		11.01		(21.40	)6		181			1.11	7		.92	7		2.17	7
12/31/2021		16.35		.29		2.06			2.35			(.26	)		(.40	)		(.66	)		18.04		14.46			225			1.13			.97			1.65
12/31/2020		15.63		.14		1.12			1.26			(.16	)		(.38	)		(.54	)		16.35		8.55			166			1.16			1.16			.97
12/31/2019		12.81		.23		3.61			3.84			(.26	)		(.76	)		(1.02	)		15.63		30.73			145			1.15			1.15			1.56
12/31/2018		15.60		.21		(1.60	)		(1.39	)		(.22	)		(1.18	)		(1.40	)		12.81		(9.89	)		95			1.13			1.13			1.43
12/31/2017		12.89		.22		3.08			3.30			(.33	)		(.26	)		(.59	)		15.60		25.83			79			1.14			1.14			1.49

Refer to the end of the tables for footnotes.

330 American Funds Insurance Series

Financial highlights(continued)

			(Loss) income from investment operations1								Dividends and distributions
Year ended	Net asset value, beginning of year		Net investment income		Net (losses) gains on securities (both realized and unrealized)			Total from investment operations			Dividends (from net investment income)			Distributions (from capital gains)			Total dividends and distributions			Net asset value, end of year		Total return			Net assets, end of year (in millions)		Ratio of expenses to average net assets3			Ratio of net income to average net assets
Growth-Income Fund
Class 1:
6/30/20224,5	$	67.35	$	.41	$	(13.13	)	$	(12.72	)	$	(.18	)	$	(5.66	)	$	(5.84	)	$	48.79		(19.68	)%6	$	19,412		.28	%7		1.38	%7
12/31/2021		55.38		.79		12.64			13.43			(.86	)		(.60	)		(1.46	)		67.35		24.42			25,507		.29			1.28
12/31/2020		50.71		.75		6.02			6.77			(.80	)		(1.30	)		(2.10	)		55.38		13.81			22,903		.29			1.52
12/31/2019		45.39		1.00		10.40			11.40			(.92	)		(5.16	)		(6.08	)		50.71		26.46			21,057		.29			2.05
12/31/2018		50.22		.84		(1.25	)		(.41	)		(.84	)		(3.58	)		(4.42	)		45.39		(1.55	)		16,783		.28			1.65
12/31/2017		44.41		.81		8.89			9.70			(.78	)		(3.11	)		(3.89	)		50.22		22.68			15,765		.28			1.69
Class 1A:
6/30/20224,5		67.02		.34		(13.06	)		(12.72	)		(.16	)		(5.66	)		(5.82	)		48.48		(19.78	)6		27		.53	7		1.14	7
12/31/2021		55.16		.65		12.55			13.20			(.74	)		(.60	)		(1.34	)		67.02		24.08			32		.53			1.04
12/31/2020		50.54		.63		5.99			6.62			(.70	)		(1.30	)		(2.00	)		55.16		13.55			16		.54			1.28
12/31/2019		45.28		.89		10.36			11.25			(.83	)		(5.16	)		(5.99	)		50.54		26.14			11		.54			1.82
12/31/2018		50.15		.72		(1.25	)		(.53	)		(.76	)		(3.58	)		(4.34	)		45.28		(1.78	)		7		.53			1.43
12/31/20174,8		45.39		.67		7.96			8.63			(.76	)		(3.11	)		(3.87	)		50.15		19.83	6		2		.52	7		1.41	7
Class 2:
6/30/20224,5		66.44		.33		(12.94	)		(12.61	)		(.15	)		(5.66	)		(5.81	)		48.02		(19.79	)6		11,636		.53	7		1.13	7
12/31/2021		54.66		.63		12.45			13.08			(.70	)		(.60	)		(1.30	)		66.44		24.10			15,319		.54			1.03
12/31/2020		50.08		.62		5.93			6.55			(.67	)		(1.30	)		(1.97	)		54.66		13.54			14,012		.54			1.27
12/31/2019		44.90		.87		10.27			11.14			(.80	)		(5.16	)		(5.96	)		50.08		26.14			13,586		.53			1.80
12/31/2018		49.71		.71		(1.23	)		(.52	)		(.71	)		(3.58	)		(4.29	)		44.90		(1.79	)		12,035		.53			1.40
12/31/2017		44.00		.68		8.80			9.48			(.66	)		(3.11	)		(3.77	)		49.71		22.38			13,930		.53			1.45
Class 3:
6/30/20224,5		67.48		.36		(13.15	)		(12.79	)		(.16	)		(5.66	)		(5.82	)		48.87		(19.75	)6		126		.46	7		1.20	7
12/31/2021		55.49		.68		12.65			13.33			(.74	)		(.60	)		(1.34	)		67.48		24.18			166		.47			1.10
12/31/2020		50.81		.66		6.02			6.68			(.70	)		(1.30	)		(2.00	)		55.49		13.60			154		.47			1.34
12/31/2019		45.47		.91		10.43			11.34			(.84	)		(5.16	)		(6.00	)		50.81		26.24			156		.46			1.87
12/31/2018		50.29		.75		(1.25	)		(.50	)		(.74	)		(3.58	)		(4.32	)		45.47		(1.72	)		140		.46			1.47
12/31/2017		44.47		.72		8.90			9.62			(.69	)		(3.11	)		(3.80	)		50.29		22.47			168		.46			1.52
Class 4:
6/30/20224,5		65.57		.26		(12.76	)		(12.50	)		(.13	)		(5.66	)		(5.79	)		47.28		(19.88	)6		1,568		.78	7		.89	7
12/31/2021		53.99		.48		12.28			12.76			(.58	)		(.60	)		(1.18	)		65.57		23.80			1,928		.79			.79
12/31/2020		49.52		.49		5.85			6.34			(.57	)		(1.30	)		(1.87	)		53.99		13.25			1,407		.79			1.02
12/31/2019		44.47		.74		10.18			10.92			(.71	)		(5.16	)		(5.87	)		49.52		25.86			1,216		.79			1.56
12/31/2018		49.31		.58		(1.23	)		(.65	)		(.61	)		(3.58	)		(4.19	)		44.47		(2.05	)		899		.78			1.15
12/31/2017		43.73		.56		8.73			9.29			(.60	)		(3.11	)		(3.71	)		49.31		22.08			827		.78			1.19

Refer to the end of the tables for footnotes.

American Funds Insurance Series 331

Financial highlights(continued)

			(Loss) income from investment operations1								Dividends and distributions
Year ended	Net asset value, beginning of year		Net investment income		Net (losses) gains on securities (both realized and unrealized)			Total from investment operations			Dividends (from net investment income)			Distributions (from capital gains)			Total dividends and distributions			Net asset value, end of year		Total return2			Net assets, end of year (in millions)		Ratio of expenses to average net assets before waivers3			Ratio of expenses to average net assets after waivers2,3			Ratio of net income to average net assets2
International Growth and Income Fund
Class 1:
6/30/20224,5	$	19.62	$	.31	$	(3.44	)	$	(3.13	)	$	(.02	)	$	(7.70	)	$	(7.72	)	$	8.77		(19.00	)%6	$	13		.68	%7		.51	%7		3.85	%7
12/31/2021		19.01		.54		.53			1.07			(.46	)		—			(.46	)		19.62		5.64			30		.67			.67			2.70
12/31/2020		18.18		.27		.85			1.12			(.29	)		—			(.29	)		19.01		6.24			1,120		.68			.68			1.70
12/31/2019		15.35		.46		3.03			3.49			(.47	)		(.19	)		(.66	)		18.18		23.06			1,140		.66			.66			2.73
12/31/2018		17.72		.45		(2.39	)		(1.94	)		(.43	)		—			(.43	)		15.35		(11.00	)		1,034		.65			.65			2.62
12/31/2017		14.48		.46		3.20			3.66			(.42	)		—			(.42	)		17.72		25.31			1,121		.66			.66			2.75
Class 1A:
6/30/20224,5		19.39		.31		(3.42	)		(3.11	)		(.04	)		(7.70	)		(7.74	)		8.54		(19.14	)6		4		.92	7		.75	7		3.96	7
12/31/2021		18.97		.50		.52			1.02			(.60	)		—			(.60	)		19.39		5.39			6		.94			.92			2.50
12/31/2020		18.15		.22		.85			1.07			(.25	)		—			(.25	)		18.97		5.98			3		.93			.93			1.38
12/31/2019		15.33		.41		3.04			3.45			(.44	)		(.19	)		(.63	)		18.15		22.76			2		.91			.91			2.41
12/31/2018		17.70		.41		(2.39	)		(1.98	)		(.39	)		—			(.39	)		15.33		(11.24	)		2		.90			.90			2.35
12/31/20174,8		14.69		.34		3.08			3.42			(.41	)		—			(.41	)		17.70		23.36	6		2		.91	7		.91	7		1.99	7
Class 2:
6/30/20224,5		19.38		.32		(3.43	)		(3.11	)		(.04	)		(7.70	)		(7.74	)		8.53		(19.16	)6		164		.92	7		.75	7		4.03	7
12/31/2021		18.95		.48		.53			1.01			(.58	)		—			(.58	)		19.38		5.37			211		.93			.92			2.44
12/31/2020		18.12		.23		.85			1.08			(.25	)		—			(.25	)		18.95		6.01			221		.93			.93			1.43
12/31/2019		15.30		.42		3.02			3.44			(.43	)		(.19	)		(.62	)		18.12		22.76			257		.91			.91			2.49
12/31/2018		17.66		.41		(2.38	)		(1.97	)		(.39	)		—			(.39	)		15.30		(11.23	)		230		.90			.90			2.38
12/31/2017		14.43		.43		3.17			3.60			(.37	)		—			(.37	)		17.66		25.03			276		.91			.91			2.60
Class 4:
6/30/20224,5		19.23		.30		(3.39	)		(3.09	)		(.04	)		(7.70	)		(7.74	)		8.40		(19.24	)6		112		1.17	7		1.00	7		3.88	7
12/31/2021		18.82		.44		.51			.95			(.54	)		—			(.54	)		19.23		5.09			132		1.18			1.17			2.21
12/31/2020		18.01		.19		.83			1.02			(.21	)		—			(.21	)		18.82		5.73			112		1.18			1.18			1.19
12/31/2019		15.22		.37		3.01			3.38			(.40	)		(.19	)		(.59	)		18.01		22.47			101		1.16			1.16			2.18
12/31/2018		17.58		.36		(2.36	)		(2.00	)		(.36	)		—			(.36	)		15.22		(11.46	)		71		1.15			1.15			2.10
12/31/2017		14.38		.37		3.18			3.55			(.35	)		—			(.35	)		17.58		24.72			63		1.16			1.16			2.24

Refer to the end of the tables for footnotes.

332 American Funds Insurance Series

Financial highlights(continued)

			(Loss) income from investment operations1								Dividends and distributions
Year ended	Net asset value, beginning of year		Net investment income		Net (losses) gains on securities (both realized and unrealized)			Total from investment operations			Dividends (from net investment income)			Distributions (from capital gains)			Total dividends and distributions			Net asset value, end of year		Total return2			Net assets, end of year (in millions)		Ratio of expenses to average net assets before waivers3			Ratio of expenses to average net assets after waivers2,3			Ratio of net income to average net assets2
Capital Income Builder
Class 1:
6/30/20224,5	$	12.17	$	.20	$	(1.37	)	$	(1.17	)	$	(.13	)	$	—		$	(.13	)	$	10.87		(9.64	)%6	$	553		.47	%7		.26	%7		3.43	%7
12/31/2021		10.87		.37		1.28			1.65			(.35	)		—			(.35	)		12.17		15.31			563		.53			.27			3.19
12/31/2020		10.73		.31		.15			.46			(.32	)		—			(.32	)		10.87		4.64			621		.53			.35			3.07
12/31/2019		9.37		.32		1.36			1.68			(.32	)		—			(.32	)		10.73		18.16			533		.53			.53			3.17
12/31/2018		10.40		.31		(1.00	)		(.69	)		(.32	)		(.02	)		(.34	)		9.37		(6.77	)		317		.54			.54			3.08
12/31/2017		9.46		.32		.93			1.25			(.31	)		—			(.31	)		10.40		13.29			254		.54			.54			3.21
Class 1A:
6/30/20224,5		12.15		.18		(1.35	)		(1.17	)		(.12	)		—			(.12	)		10.86		(9.68	)6		10		.72	7		.51	7		3.17	7
12/31/2021		10.86		.34		1.27			1.61			(.32	)		—			(.32	)		12.15		14.95			10		.78			.52			2.94
12/31/2020		10.72		.28		.16			.44			(.30	)		—			(.30	)		10.86		4.38			6		.78			.60			2.81
12/31/2019		9.36		.29		1.37			1.66			(.30	)		—			(.30	)		10.72		17.90			6		.78			.78			2.84
12/31/2018		10.39		.28		(.99	)		(.71	)		(.30	)		(.02	)		(.32	)		9.36		(7.01	)		2		.79			.79			2.82
12/31/20174,8		9.57		.27		.84			1.11			(.29	)		—			(.29	)		10.39		11.72	6		1		.79	7		.79	7		2.63	7
Class 2:
6/30/20224,5		12.16		.18		(1.35	)		(1.17	)		(.12	)		—			(.12	)		10.87		(9.67	)6		12		.72	7		.51	7		3.17	7
12/31/2021		10.87		.34		1.27			1.61			(.32	)		—			(.32	)		12.16		14.94			13		.78			.52			2.93
12/31/2020		10.72		.29		.16			.45			(.30	)		—			(.30	)		10.87		4.48			8		.78			.60			2.83
12/31/2019		9.36		.30		1.35			1.65			(.29	)		—			(.29	)		10.72		17.89			6		.78			.78			2.91
12/31/2018		10.40		.28		(1.00	)		(.72	)		(.30	)		(.02	)		(.32	)		9.36		(7.08	)		4		.79			.79			2.83
12/31/2017		9.46		.29		.93			1.22			(.28	)		—			(.28	)		10.40		13.04			1		.79			.79			2.82
Class 4:
6/30/20224,5		12.14		.17		(1.35	)		(1.18	)		(.11	)		—			(.11	)		10.85		(9.81	)6		523		.98	7		.76	7		2.91	7
12/31/2021		10.85		.31		1.27			1.58			(.29	)		—			(.29	)		12.14		14.68			559		1.03			.77			2.69
12/31/2020		10.71		.26		.15			.41			(.27	)		—			(.27	)		10.85		4.11			462		1.03			.85			2.55
12/31/2019		9.35		.27		1.36			1.63			(.27	)		—			(.27	)		10.71		17.62			454		1.03			1.03			2.68
12/31/2018		10.38		.26		(1.00	)		(.74	)		(.27	)		(.02	)		(.29	)		9.35		(7.25	)		352		1.04			1.04			2.58
12/31/2017		9.45		.27		.92			1.19			(.26	)		—			(.26	)		10.38		12.65			338		1.04			1.04			2.72

Refer to the end of the tables for footnotes.

American Funds Insurance Series 333

Financial highlights (continued)

			(Loss) income from investment operations1								Dividends and distributions
Year ended	Net asset value, beginning of year		Net investment income		Net (losses) gains on securities (both realized and unrealized)			Total from investment operations			Dividends (from net investment income)			Distributions (from capital gains)			Total dividends and distributions			Net asset value, end of year		Total return			Net assets, end of year (in millions)		Ratio of expenses to average net assets3			Ratio of net income to average net assets
Asset Allocation Fund
Class 1:
6/30/20224,5	$	29.08	$	.26	$	(4.66	)	$	(4.40	)	$	(.11	)	$	(2.65	)	$	(2.76	)	$	21.92		(15.78	)%6	$	15,266		.30	%7		1.97	%7
12/31/2021		26.50		.48		3.54			4.02			(.50	)		(.94	)		(1.44	)		29.08		15.40			18,836		.30			1.71
12/31/2020		24.05		.43		2.59			3.02			(.46	)		(.11	)		(.57	)		26.50		12.71			19,238		.30			1.80
12/31/2019		21.29		.51		3.94			4.45			(.50	)		(1.19	)		(1.69	)		24.05		21.54			17,730		.29			2.21
12/31/2018		23.71		.48		(1.43	)		(.95	)		(.44	)		(1.03	)		(1.47	)		21.29		(4.35	)		14,627		.28			2.04
12/31/2017		21.68		.44		3.06			3.50			(.41	)		(1.06	)		(1.47	)		23.71		16.51			16,556		.29			1.90
Class 1A:
6/30/20224,5		28.97		.23		(4.64	)		(4.41	)		(.10	)		(2.65	)		(2.75	)		21.81		(15.88	)6		21		.55	7		1.74	7
12/31/2021		26.42		.42		3.52			3.94			(.45	)		(.94	)		(1.39	)		28.97		15.13			24		.55			1.49
12/31/2020		23.99		.37		2.58			2.95			(.41	)		(.11	)		(.52	)		26.42		12.43			14		.55			1.56
12/31/2019		21.26		.45		3.92			4.37			(.45	)		(1.19	)		(1.64	)		23.99		21.19			11		.54			1.95
12/31/2018		23.69		.42		(1.42	)		(1.00	)		(.40	)		(1.03	)		(1.43	)		21.26		(4.58	)		7		.53			1.82
12/31/20174,8		21.97		.39		2.78			3.17			(.39	)		(1.06	)		(1.45	)		23.69		14.78	6		4		.53	7		1.69	7
Class 2:
6/30/20224,5		28.74		.22		(4.60	)		(4.38	)		(.10	)		(2.65	)		(2.75	)		21.61		(15.91	)6		4,342		.55	7		1.72	7
12/31/2021		26.21		.41		3.49			3.90			(.43	)		(.94	)		(1.37	)		28.74		15.10			5,473		.55			1.46
12/31/2020		23.79		.37		2.56			2.93			(.40	)		(.11	)		(.51	)		26.21		12.46			5,242		.55			1.55
12/31/2019		21.08		.45		3.89			4.34			(.44	)		(1.19	)		(1.63	)		23.79		21.23			5,154		.54			1.96
12/31/2018		23.49		.41		(1.41	)		(1.00	)		(.38	)		(1.03	)		(1.41	)		21.08		(4.60	)		4,668		.53			1.78
12/31/2017		21.49		.37		3.04			3.41			(.35	)		(1.06	)		(1.41	)		23.49		16.23			5,480		.54			1.64
Class 3:
6/30/20224,5		29.12		.24		(4.67	)		(4.43	)		(.10	)		(2.65	)		(2.75	)		21.94		(15.89	)6		29		.48	7		1.79	7
12/31/2021		26.53		.43		3.55			3.98			(.45	)		(.94	)		(1.39	)		29.12		15.22			36		.48			1.53
12/31/2020		24.08		.39		2.59			2.98			(.42	)		(.11	)		(.53	)		26.53		12.50			33		.48			1.62
12/31/2019		21.32		.47		3.93			4.40			(.45	)		(1.19	)		(1.64	)		24.08		21.30			32		.47			2.02
12/31/2018		23.73		.43		(1.41	)		(.98	)		(.40	)		(1.03	)		(1.43	)		21.32		(4.49	)		29		.46			1.85
12/31/2017		21.70		.39		3.07			3.46			(.37	)		(1.06	)		(1.43	)		23.73		16.29			38		.47			1.72
Class 4:
6/30/20224,5		28.56		.19		(4.57	)		(4.38	)		(.09	)		(2.65	)		(2.74	)		21.44		(16.01	)6		5,307		.80	7		1.48	7
12/31/2021		26.06		.34		3.47			3.81			(.37	)		(.94	)		(1.31	)		28.56		14.84			6,337		.80			1.22
12/31/2020		23.67		.31		2.54			2.85			(.35	)		(.11	)		(.46	)		26.06		12.16			5,131		.80			1.30
12/31/2019		20.99		.39		3.87			4.26			(.39	)		(1.19	)		(1.58	)		23.67		20.92			4,493		.79			1.71
12/31/2018		23.40		.35		(1.40	)		(1.05	)		(.33	)		(1.03	)		(1.36	)		20.99		(4.83	)		3,594		.78			1.54
12/31/2017		21.43		.32		3.02			3.34			(.31	)		(1.06	)		(1.37	)		23.40		15.91			3,582		.79			1.40

Refer to the end of the tables for footnotes.

334 American Funds Insurance Series

Financial highlights (continued)

			(Loss) income from investment operations1								Dividends and distributions
Year ended	Net asset value, beginning of year		Net investment income		Net (losses) gains on securities (both realized and unrealized)			Total from investment operations			Dividends (from net investment income)			Distributions (from capital gains)			Total  dividends and distributions			Net asset  value,  end of year		Total return2			Net assets,  end of year (in millions)			Ratio of expenses to average net assets before waivers3			Ratio of expenses to average net assets after waivers2,3			Ratio of net income to average net assets2
American Funds Global Balanced Fund
Class 1:
6/30/20224,5	$	14.73	$	.13	$	(2.53	)	$	(2.40	)	$	—		$	(.07	)	$	(.07	)	$	12.26		(16.31	)%6	$	99			.64	%7		.63	%7		1.92	%7
12/31/2021		14.19		.18		1.37			1.55			(.19	)		(.82	)		(1.01	)		14.73		11.05			120			.73			.73			1.24
12/31/2020		13.51		.17		1.24			1.41			(.19	)		(.54	)		(.73	)		14.19		10.53			139			.72			.72			1.29
12/31/2019		11.67		.24		2.17			2.41			(.20	)		(.37	)		(.57	)		13.51		20.79			134			.72			.72			1.88
12/31/2018		12.75		.23		(.96	)		(.73	)		(.20	)		(.15	)		(.35	)		11.67		(5.81	)		110			.72			.72			1.82
12/31/2017		11.08		.21		1.99			2.20			(.15	)		(.38	)		(.53	)		12.75		19.91			93			.72			.72			1.68
Class 1A:
6/30/20224,5		14.70		.11		(2.53	)		(2.42	)		—			(.07	)		(.07	)		12.21		(16.48	)6		2			.89	7		.89	7		1.63	7
12/31/2021		14.16		.15		1.36			1.51			(.15	)		(.82	)		(.97	)		14.70		10.83			4			.98			.98			1.02
12/31/2020		13.49		.14		1.23			1.37			(.16	)		(.54	)		(.70	)		14.16		10.25			3			.97			.97			1.03
12/31/2019		11.65		.21		2.17			2.38			(.17	)		(.37	)		(.54	)		13.49		20.54			2			.97			.97			1.63
12/31/2018		12.74		.18		(.94	)		(.76	)		(.18	)		(.15	)		(.33	)		11.65		(6.03	)		2			.98			.98			1.44
12/31/20174,8		11.18		.16		1.92			2.08			(.14	)		(.38	)		(.52	)		12.74		18.71	6		—	10		.94	7		.94	7		1.27	7
Class 2:
6/30/20224,5		14.70		.11		(2.52	)		(2.41	)		—			(.07	)		(.07	)		12.22		(16.41	)6		162			.89	7		.89	7		1.66	7
12/31/2021		14.16		.15		1.36			1.51			(.15	)		(.82	)		(.97	)		14.70		10.79			208			.98			.98			1.01
12/31/2020		13.48		.14		1.23			1.37			(.15	)		(.54	)		(.69	)		14.16		10.30			208			.97			.97			1.03
12/31/2019		11.65		.21		2.16			2.37			(.17	)		(.37	)		(.54	)		13.48		20.44			207			.97			.97			1.64
12/31/2018		12.72		.20		(.96	)		(.76	)		(.16	)		(.15	)		(.31	)		11.65		(6.01	)		185			.97			.97			1.57
12/31/2017		11.06		.18		1.98			2.16			(.12	)		(.38	)		(.50	)		12.72		19.57			210			.96			.96			1.43
Class 4:
6/30/20224,5		14.53		.09		(2.49	)		(2.40	)		—			(.07	)		(.07	)		12.06		(16.53	)6		112			1.14	7		1.13	7		1.42	7
12/31/2021		14.02		.11		1.34			1.45			(.12	)		(.82	)		(.94	)		14.53		10.46			135			1.23			1.23			.77
12/31/2020		13.36		.10		1.22			1.32			(.12	)		(.54	)		(.66	)		14.02		10.00			105			1.22			1.22			.78
12/31/2019		11.55		.18		2.14			2.32			(.14	)		(.37	)		(.51	)		13.36		20.21			94			1.22			1.22			1.37
12/31/2018		12.63		.17		(.96	)		(.79	)		(.14	)		(.15	)		(.29	)		11.55		(6.31	)		69			1.22			1.22			1.34
12/31/2017		11.00		.13		1.99			2.12			(.11	)		(.38	)		(.49	)		12.63		19.38			51			1.22			1.22			1.07

Refer to the end of the tables for footnotes.

American Funds Insurance Series 335

Financial highlights (continued)

			(Loss) income from investment operations1								Dividends and distributions
Year ended	Net asset value, beginning of year		Net investment income		Net (losses) gains on securities (both realized and unrealized)			Total from investment operations			Dividends (from net investment income)			Distributions (from capital gains)			Total  dividends and distributions			Net asset  value,  end of year		Total return2			Net assets,  end of year (in millions)		Ratio of expenses to average net assets before waivers3			Ratio of expenses to average net assets after waivers2,3			Ratio of net income to average net assets2
The Bond Fund of America
Class 1:
6/30/20224,5	$	11.21	$	.15	$	(1.26	)	$	(1.11	)	$	(.06	)	$	(.12	)	$	(.18	)	$	9.92		(9.96	)%6	$	6,878		.39	%7		.20	%7		2.80	%7
12/31/2021		11.89		.21		(.23	)		(.02	)		(.19	)		(.47	)		(.66	)		11.21		(.14	)		8,555		.39			.26			1.84
12/31/2020		11.17		.23		.87			1.10			(.27	)		(.11	)		(.38	)		11.89		9.96			6,844		.40			.40			2.00
12/31/2019		10.47		.30		.71			1.01			(.31	)		—			(.31	)		11.17		9.70			6,481		.39			.39			2.76
12/31/2018		10.82		.29		(.35	)		(.06	)		(.28	)		(.01	)		(.29	)		10.47		(.45	)		5,962		.38			.38			2.70
12/31/2017		10.80		.24		.18			.42			(.24	)		(.16	)		(.40	)		10.82		3.88			6,434		.38			.38			2.19
Class 1A:
6/30/20224,5		11.16		.16		(1.28	)		(1.12	)		(.06	)		(.12	)		(.18	)		9.86		(10.09	)6		200		.63	7		.44	7		3.12	7
12/31/2021		11.84		.18		(.23	)		(.05	)		(.16	)		(.47	)		(.63	)		11.16		(.36	)		12		.64			.51			1.59
12/31/2020		11.13		.20		.87			1.07			(.25	)		(.11	)		(.36	)		11.84		9.68			9		.65			.65			1.74
12/31/2019		10.45		.27		.71			.98			(.30	)		—			(.30	)		11.13		9.36			7		.64			.64			2.48
12/31/2018		10.80		.26		(.33	)		(.07	)		(.27	)		(.01	)		(.28	)		10.45		(.60	)		3		.63			.63			2.50
12/31/20174,8		10.82		.22		.15			.37			(.23	)		(.16	)		(.39	)		10.80		3.46	6		1		.62	7		.62	7		2.01	7
Class 2:
6/30/20224,5		11.06		.13		(1.25	)		(1.12	)		(.05	)		(.12	)		(.17	)		9.77		(10.14	)6		3,092		.64	7		.45	7		2.56	7
12/31/2021		11.73		.18		(.22	)		(.04	)		(.16	)		(.47	)		(.63	)		11.06		(.31	)		3,729		.64			.52			1.57
12/31/2020		11.02		.20		.86			1.06			(.24	)		(.11	)		(.35	)		11.73		9.73			3,840		.65			.65			1.75
12/31/2019		10.34		.27		.70			.97			(.29	)		—			(.29	)		11.02		9.36			3,561		.64			.64			2.51
12/31/2018		10.69		.26		(.34	)		(.08	)		(.26	)		(.01	)		(.27	)		10.34		(.71	)		3,524		.63			.63			2.45
12/31/2017		10.67		.21		.18			.39			(.21	)		(.16	)		(.37	)		10.69		3.67			3,966		.63			.63			1.94
Class 4:
6/30/20224,5		11.01		.12		(1.24	)		(1.12	)		(.05	)		(.12	)		(.17	)		9.72		(10.22	)6		799		.89	7		.70	7		2.32	7
12/31/2021		11.69		.15		(.22	)		(.07	)		(.14	)		(.47	)		(.61	)		11.01		(.59	)		891		.89			.76			1.34
12/31/2020		11.00		.17		.85			1.02			(.22	)		(.11	)		(.33	)		11.69		9.38			714		.90			.90			1.48
12/31/2019		10.33		.24		.70			.94			(.27	)		—			(.27	)		11.00		9.08			502		.89			.89			2.25
12/31/2018		10.68		.23		(.33	)		(.10	)		(.24	)		(.01	)		(.25	)		10.33		(.89	)		366		.88			.88			2.22
12/31/2017		10.70		.19		.16			.35			(.21	)		(.16	)		(.37	)		10.68		3.29			297		.88			.88			1.72

Refer to the end of the tables for footnotes.

336 American Funds Insurance Series

Financial highlights (continued)

			(Loss) income from investment operations1								Dividends and distributions
Year ended	Net asset value, beginning of year		Net investment income		Net (losses) gains on securities (both realized and unrealized)			Total from investment operations			Dividends (from net investment income)			Distributions (from capital gains)			Total  dividends and distributions			Net asset  value,  end of year		Total return2			Net assets,  end of year (in millions)			Ratio of expenses to average net assets before waivers3			Ratio of expenses to average net assets after waivers2,3			Ratio of net income to average net assets2
Capital World Bond Fund
Class 1:
6/30/20224,5	$	11.79	$	.12	$	(2.01	)	$	(1.89	)	$	(.03	)	$	(.16	)	$	(.19	)	$	9.71		(16.05	)%6	$	708			.54	%7		.47	%7		2.33	%7
12/31/2021		12.94		.25		(.85	)		(.60	)		(.24	)		(.31	)		(.55	)		11.79		(4.73	)		988			.60			.50			2.06
12/31/2020		12.12		.26		.95			1.21			(.18	)		(.21	)		(.39	)		12.94		10.17			1,219			.59			.52			2.08
12/31/2019		11.42		.31		.61			.92			(.22	)		—			(.22	)		12.12		8.08			1,077			.58			.58			2.60
12/31/2018		11.88		.30		(.44	)		(.14	)		(.28	)		(.04	)		(.32	)		11.42		(1.14	)		1,015			.57			.57			2.56
12/31/2017		11.22		.28		.52			.80			(.07	)		(.07	)		(.14	)		11.88		7.11			1,273			.56			.56			2.37
Class 1A:
6/30/20224,5		11.76		.11		(2.02	)		(1.91	)		(.02	)		(.16	)		(.18	)		9.67		(16.22	)6		1			.79	7		.72	7		2.08	7
12/31/2021		12.91		.23		(.85	)		(.62	)		(.22	)		(.31	)		(.53	)		11.76		(4.88	)		1			.85			.75			1.85
12/31/2020		12.10		.23		.95			1.18			(.16	)		(.21	)		(.37	)		12.91		9.89			1			.83			.76			1.83
12/31/2019		11.41		.28		.60			.88			(.19	)		—			(.19	)		12.10		7.75			1			.83			.83			2.35
12/31/2018		11.87		.27		(.43	)		(.16	)		(.26	)		(.04	)		(.30	)		11.41		(1.29	)		1			.82			.82			2.36
12/31/20174,8		11.22		.26		.52			.78			(.06	)		(.07	)		(.13	)		11.87		7.00	6		—	10		.72	7		.72	7		2.27	7
Class 2:
6/30/20224,5		11.70		.11		(2.01	)		(1.90	)		(.02	)		(.16	)		(.18	)		9.62		(16.21	)6		817			.79	7		.72	7		2.09	7
12/31/2021		12.84		.22		(.84	)		(.62	)		(.21	)		(.31	)		(.52	)		11.70		(4.92	)		1,030			.85			.75			1.82
12/31/2020		12.03		.22		.95			1.17			(.15	)		(.21	)		(.36	)		12.84		9.90			1,058			.84			.77			1.83
12/31/2019		11.34		.28		.60			.88			(.19	)		—			(.19	)		12.03		7.77			1,002			.83			.83			2.35
12/31/2018		11.79		.27		(.43	)		(.16	)		(.25	)		(.04	)		(.29	)		11.34		(1.33	)		1,032			.82			.82			2.32
12/31/2017		11.14		.25		.51			.76			(.04	)		(.07	)		(.11	)		11.79		6.86			1,164			.81			.81			2.12
Class 4:
6/30/20224,5		11.57		.10		(1.98	)		(1.88	)		(.02	)		(.16	)		(.18	)		9.51		(16.26	)6		56			1.04	7		.97	7		1.84	7
12/31/2021		12.71		.19		(.84	)		(.65	)		(.18	)		(.31	)		(.49	)		11.57		(5.18	)		66			1.10			1.00			1.57
12/31/2020		11.92		.19		.94			1.13			(.13	)		(.21	)		(.34	)		12.71		9.62			61			1.09			1.02			1.58
12/31/2019		11.24		.24		.60			.84			(.16	)		—			(.16	)		11.92		7.54			49			1.08			1.08			2.09
12/31/2018		11.70		.24		(.43	)		(.19	)		(.23	)		(.04	)		(.27	)		11.24		(1.61	)		40			1.07			1.07			2.09
12/31/2017		11.08		.22		.51			.73			(.04	)		(.07	)		(.11	)		11.70		6.63			31			1.06			1.06			1.89

Refer to the end of the tables for footnotes.

American Funds Insurance Series 337

Financial highlights (continued)

			(Loss) income from investment operations1								Dividends and distributions
Year ended	Net asset value, beginning of year		Net investment income		Net (losses) gains on securities (both realized and unrealized)			Total from investment operations			Dividends (from net investment income)			Distributions (from capital gains)		Total  dividends and distributions			Net asset  value,  end of year		Total return2			Net assets,  end of year (in millions)			Ratio of expenses to average net assets before waivers3			Ratio of expenses to average net assets after waivers2,3			Ratio of net income to average net assets2
American High-Income Trust
Class 1:
6/30/20224,5	$	10.19	$	.27	$	(1.53	)	$	(1.26	)	$	(.10	)	$	—	$	(.10	)	$	8.83		(12.42	)%6	$	229			.49	%7		.32	%7		5.55	%7
12/31/2021		9.80		.51		.34			.85			(.46	)		—		(.46	)		10.19		8.74			278			.53			.37			4.95
12/31/2020		9.87		.61		.17			.78			(.85	)		—		(.85	)		9.80		8.21			123			.52			.52			6.46
12/31/2019		9.34		.67		.52			1.19			(.66	)		—		(.66	)		9.87		12.85			525			.51			.51			6.71
12/31/2018		10.19		.64		(.84	)		(.20	)		(.65	)		—		(.65	)		9.34		(2.15	)		501			.50			.50			6.32
12/31/2017		10.18		.63		.10			.73			(.72	)		—		(.72	)		10.19		7.25			632			.49			.49			5.98
Class 1A:
6/30/20224,5		10.16		.25		(1.52	)		(1.27	)		(.10	)		—		(.10	)		8.79		(12.60	)6		1			.75	7		.57	7		5.27	7
12/31/2021		9.78		.49		.33			.82			(.44	)		—		(.44	)		10.16		8.42			1			.78			.64			4.75
12/31/2020		9.86		.56		.20			.76			(.84	)		—		(.84	)		9.78		7.94			1			.78			.78			5.85
12/31/2019		9.33		.65		.51			1.16			(.63	)		—		(.63	)		9.86		12.61			1			.75			.75			6.47
12/31/2018		10.18		.62		(.84	)		(.22	)		(.63	)		—		(.63	)		9.33		(2.35	)		1			.75			.75			6.11
12/31/20174,8		10.28		.60		.02			.62			(.72	)		—		(.72	)		10.18		6.02	6		—	10		.72	7		.72	7		5.74	7
Class 2:
6/30/20224,5		9.98		.25		(1.49	)		(1.24	)		(.10	)		—		(.10	)		8.64		(12.52	)6		540			.75	7		.57	7		5.28	7
12/31/2021		9.61		.48		.33			.81			(.44	)		—		(.44	)		9.98		8.42			673			.78			.65			4.80
12/31/2020		9.70		.55		.19			.74			(.83	)		—		(.83	)		9.61		7.94			665			.78			.78			5.88
12/31/2019		9.19		.64		.50			1.14			(.63	)		—		(.63	)		9.70		12.55			667			.76			.76			6.45
12/31/2018		10.03		.61		(.83	)		(.22	)		(.62	)		—		(.62	)		9.19		(2.34	)		661			.75			.75			6.07
12/31/2017		10.04		.59		.10			.69			(.70	)		—		(.70	)		10.03		6.89			776			.74			.74			5.72
Class 3:
6/30/20224,5		10.24		.26		(1.54	)		(1.28	)		(.10	)		—		(.10	)		8.86		(12.58	)6		9			.68	7		.50	7		5.35	7
12/31/2021		9.84		.50		.34			.84			(.44	)		—		(.44	)		10.24		8.60			10			.71			.58			4.86
12/31/2020		9.92		.57		.19			.76			(.84	)		—		(.84	)		9.84		7.93			10			.71			.71			5.94
12/31/2019		9.38		.66		.52			1.18			(.64	)		—		(.64	)		9.92		12.70			10			.69			.69			6.52
12/31/2018		10.23		.63		(.85	)		(.22	)		(.63	)		—		(.63	)		9.38		(2.33	)		10			.68			.68			6.14
12/31/2017		10.22		.61		.10			.71			(.70	)		—		(.70	)		10.23		7.02			12			.67			.67			5.79
Class 4:
6/30/20224,5		10.99		.26		(1.65	)		(1.39	)		(.09	)		—		(.09	)		9.51		(12.68	)6		71			.99	7		.82	7		5.03	7
12/31/2021		10.54		.50		.36			.86			(.41	)		—		(.41	)		10.99		8.18			90			1.03			.89			4.52
12/31/2020		10.56		.57		.22			.79			(.81	)		—		(.81	)		10.54		7.74			69			1.03			1.03			5.58
12/31/2019		9.96		.67		.54			1.21			(.61	)		—		(.61	)		10.56		12.27			63			1.01			1.01			6.21
12/31/2018		10.82		.63		(.90	)		(.27	)		(.59	)		—		(.59	)		9.96		(2.64	)		31			1.00			1.00			5.83
12/31/2017		10.79		.61		.10			.71			(.68	)		—		(.68	)		10.82		6.63			34			.99			.99			5.46

Refer to the end of the tables for footnotes.

338 American Funds Insurance Series

Financial highlights (continued)

			(Loss) income from investment operations1								Dividends and distributions
Year ended	Net asset value, beginning of year		Net investment income		Net (losses) gains on securities (both realized and unrealized)			Total from investment operations			Dividends (from net investment income)			Distributions (from capital gains)			Total  dividends and distributions			Net asset  value,  end of year		Total return2			Net assets,  end of year (in millions)			Ratio of expenses to average net assets before waivers			Ratio of expenses to average net assets after waivers2			Ratio of net income to average net assets2
American Funds Mortgage Fund
Class 1:
6/30/20224,5	$	10.63	$	.03	$	(.75	)	$	(.72	)	$	—		$	—		$	—		$	9.91		(6.77	)%6	$	1			.45	%7		.24	%7		.56	%7
12/31/2021		11.11		.06		(.09	)		(.03	)		(.08	)		(.37	)		(.45	)		10.63		(.32	)		231			.49			.29			.58
12/31/2020		10.56		.10		.64			.74			(.17	)		(.02	)		(.19	)		11.11		6.98			224			.48			.36			.93
12/31/2019		10.30		.24		.30			.54			(.28	)		—			(.28	)		10.56		5.30			210			.47			.47			2.26
12/31/2018		10.47		.20		(.14	)		.06			(.23	)		—			(.23	)		10.30		.58			209			.48			.48			1.97
12/31/2017		10.56		.16		—	9		.16			(.18	)		(.07	)		(.25	)		10.47		1.47			265			.47			.47			1.52
Class 1A:
6/30/20224,5		10.59		.06		(.80	)		(.74	)		(.05	)		—			(.05	)		9.80		(6.94	)6		2			.68	7		.50	7		1.21	7
12/31/2021		11.08		.04		(.10	)		(.06	)		(.06	)		(.37	)		(.43	)		10.59		(.47	)		2			.74			.54			.33
12/31/2020		10.55		.07		.63			.70			(.15	)		(.02	)		(.17	)		11.08		6.63			1			.73			.59			.61
12/31/2019		10.28		.22		.30			.52			(.25	)		—			(.25	)		10.55		5.09			1			.71			.71			2.04
12/31/2018		10.46		.18		(.14	)		.04			(.22	)		—			(.22	)		10.28		.36			1			.73			.73			1.77
12/31/20174,8		10.55		.14		—	9		.14			(.16	)		(.07	)		(.23	)		10.46		1.31	6		—	10		.70	7		.70	7		1.38	7
Class 2:
6/30/20224,5		10.61		.06		(.80	)		(.74	)		(.05	)		—			(.05	)		9.82		(6.93	)6		50			.68	7		.50	7		1.21	7
12/31/2021		11.09		.04		(.10	)		(.06	)		(.05	)		(.37	)		(.42	)		10.61		(.57	)		58			.74			.54			.33
12/31/2020		10.54		.08		.63			.71			(.14	)		(.02	)		(.16	)		11.09		6.72			58			.73			.60			.68
12/31/2019		10.28		.21		.31			.52			(.26	)		—			(.26	)		10.54		5.04			56			.72			.72			2.01
12/31/2018		10.45		.18		(.15	)		.03			(.20	)		—			(.20	)		10.28		.32			57			.73			.73			1.72
12/31/2017		10.54		.14		(.01	)		.13			(.15	)		(.07	)		(.22	)		10.45		1.22			63			.72			.72			1.27
Class 4:
6/30/20224,5		10.49		.05		(.79	)		(.74	)		(.05	)		—			(.05	)		9.70		(7.05	)6		40			.93	7		.75	7		.97	7
12/31/2021		10.97		.01		(.09	)		(.08	)		(.03	)		(.37	)		(.40	)		10.49		(.78	)		43			.99			.79			.08
12/31/2020		10.44		.04		.63			.67			(.12	)		(.02	)		(.14	)		10.97		6.38			37			.98			.85			.41
12/31/2019		10.19		.18		.31			.49			(.24	)		—			(.24	)		10.44		4.80			28			.97			.97			1.71
12/31/2018		10.38		.15		(.15	)		—	9		(.19	)		—			(.19	)		10.19		.07			24			.98			.98			1.49
12/31/2017		10.48		.11		—	9		.11			(.14	)		(.07	)		(.21	)		10.38		.97			12			.97			.97			1.03

Refer to the end of the tables for footnotes.

American Funds Insurance Series 339

Financial highlights (continued)

			Income (loss) from investment operations1									Dividends and distributions
Year ended	Net asset value, beginning of year		Net investment income (loss)			Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends (from net investment income)			Distributions (from capital gains)		Total dividends and distributions			Net asset value, end of year		Total return			Net assets, end of year (in millions)			Ratio of expenses to average net assets			Ratio of net income (loss) to average net assets
Ultra-Short Bond Fund
Class 1:
6/30/20224,5	$	11.27	$	.01		$	—	9	$	.01		$	—		$	—	$	—		$	11.28		.09	%6	$	47			.33	%7		.15	%7
12/31/2021		11.31		(.03	)		(.01	)		(.04	)		—			—		—			11.27		(.35	)		37			.37			(.28	)
12/31/2020		11.30		.02			.02			.04			(.03	)		—		(.03	)		11.31		.34			44			.37			.16
12/31/2019		11.31		.22			—	9		.22			(.23	)		—		(.23	)		11.30		1.92			30			.36			1.92
12/31/2018		11.29		.18			—	9		.18			(.16	)		—		(.16	)		11.31		1.58			37			.35			1.60
12/31/2017		11.27		.08			(.01	)		.07			(.05	)		—		(.05	)		11.29		.66			37			.35			.68
Class 1A:
6/30/20224,5		11.28		.01			(.01	)		—			—			—		—			11.28		.00	6		—	10		.33	7		.14	7
12/31/2021		11.31		(.03	)		—	9		(.03	)		—			—		—			11.28		(.27	)		—	10		.36			(.28	)
12/31/2020		11.30		.03			.01			.04			(.03	)		—		(.03	)		11.31		.32			—	10		.35			.26
12/31/2019		11.31		.22			—	9		.22			(.23	)		—		(.23	)		11.30		1.92			—	10		.37			1.90
12/31/2018		11.29		.18			—	9		.18			(.16	)		—		(.16	)		11.31		1.58			—	10		.35			1.60
12/31/20174,8		11.27		.08			—	9		.08			(.06	)		—		(.06	)		11.29		.67	6		—	10		.34	7		.69	7
Class 2:
6/30/20224,5		10.93		—	9		(.01	)		(.01	)		—			—		—			10.92		(.09	)6		297			.58	7		(.09	)7
12/31/2021		10.99		(.06	)		—	9		(.06	)		—			—		—			10.93		(.55	)		245			.62			(.53	)
12/31/2020		11.01		—	9		—	9		—	9		(.02	)		—		(.02	)		10.99		.03			288			.62			(.05	)
12/31/2019		11.03		.18			—	9		.18			(.20	)		—		(.20	)		11.01		1.62			230			.61			1.66
12/31/2018		11.01		.15			—	9		.15			(.13	)		—		(.13	)		11.03		1.36			247			.60			1.34
12/31/2017		10.99		.05			—	9		.05			(.03	)		—		(.03	)		11.01		.46			249			.60			.42
Class 3:
6/30/20224,5		11.07		—	9		(.01	)		(.01	)		—			—		—			11.06		(.09	)6		5			.51	7		(.04	)7
12/31/2021		11.12		(.05	)		—	9		(.05	)		—			—		—			11.07		(.45	)		5			.55			(.46	)
12/31/2020		11.13		—	9		.02			.02			(.03	)		—		(.03	)		11.12		.13			4			.55			.03
12/31/2019		11.14		.20			—	9		.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			—	9		.06			(.04	)		—		(.04	)		11.12		.54			4			.53			.50
Class 4:
6/30/20224,5		11.00		(.02	)		—	9		(.02	)		—			—		—			10.98		(.18	)6		75			.83	7		(.33	)7
12/31/2021		11.08		(.09	)		.01			(.08	)		—			—		—			11.00		(.72	)		46			.87			(.79	)
12/31/2020		11.13		(.04	)		.01			(.03	)		(.02	)		—		(.02	)		11.08		(.25	)		40			.87			(.35	)
12/31/2019		11.15		.16			—	9		.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			—	9		.02			(.01	)		—		(.01	)		11.13		.16			15			.85			.19

Refer to the end of the tables for footnotes.

340 American Funds Insurance Series

Financial highlights (continued)

			(Loss) income from investment operations1									Dividends and distributions
Year ended	Net asset value, beginning of year		Net investment income		Net (losses) gains on securities (both realized and unrealized)			Total from investment operations				Dividends (from net investment income)			Distributions (from capital gains)			Total dividends and distributions			Net asset value, end of year		Total return2			Net assets, end of year (in millions)			Ratio of expenses to average net assets before waivers			Ratio of expenses to average net assets after waivers2			Ratio of net income to average net assets2
U.S. Government Securities Fund
Class 1:
6/30/20224,5	$	11.67	$	.15	$	(.98	)	$	(.83	)		$	(.05	)	$	—		$	(.05	)	$	10.79		(7.08	)%6	$	255			.37	%7		.23	%7		2.64	%7
12/31/2021		13.04		.18		(.26	)		(.08	)			(.18	)		(1.11	)		(1.29	)		11.67		(.44	)		522			.39			.29			1.50
12/31/2020		12.34		.16		1.07			1.23				(.26	)		(.27	)		(.53	)		13.04		10.09			429			.38			.38			1.21
12/31/2019		11.94		.25		.43			.68				(.28	)		—			(.28	)		12.34		5.69			1,418			.37			.37			2.07
12/31/2018		12.08		.24		(.13	)		.11				(.25	)		—			(.25	)		11.94		.91			1,445			.36			.36			2.02
12/31/2017		12.05		.21		.01			.22				(.19	)		—			(.19	)		12.08		1.83			1,558			.36			.36			1.68
Class 1A:
6/30/20224,5		11.63		.14		(.97	)		(.83	)			(.05	)		—			(.05	)		10.75		(7.15	)6		4			.62	7		.48	7		2.47	7
12/31/2021		13.00		.16		(.26	)		(.10	)			(.16	)		(1.11	)		(1.27	)		11.63		(.65	)		5			.64			.53			1.28
12/31/2020		12.32		.09		1.10			1.19				(.24	)		(.27	)		(.51	)		13.00		9.75			4			.64			.64			.69
12/31/2019		11.93		.22		.43			.65				(.26	)		—			(.26	)		12.32		5.42			2			.62			.62			1.82
12/31/2018		12.08		.22		(.14	)		.08				(.23	)		—			(.23	)		11.93		.70			1			.61			.61			1.82
12/31/20174,8		12.05		.18		.03			.21				(.18	)		—			(.18	)		12.08		1.73	6		—	10		.58	7		.58	7		1.53	7
Class 2:
6/30/20224,5		11.53		.13		(.96	)		(.83	)			(.05	)		—			(.05	)		10.65		(7.21	)6		1,170			.62	7		.48	7		2.46	7
12/31/2021		12.89		.15		(.25	)		(.10	)	��		(.15	)		(1.11	)		(1.26	)		11.53		(.62	)		1,391			.64			.54			1.24
12/31/2020		12.21		.09		1.10			1.19				(.24	)		(.27	)		(.51	)		12.89		9.80			1,439			.64			.64			.73
12/31/2019		11.82		.22		.42			.64				(.25	)		—			(.25	)		12.21		5.31			1,343			.62			.62			1.82
12/31/2018		11.96		.21		(.14	)		.07				(.21	)		—			(.21	)		11.82		.73			1,323			.61			.61			1.77
12/31/2017		11.93		.17		.02			.19				(.16	)		—			(.16	)		11.96		1.59			1,473			.61			.61			1.43
Class 3:
6/30/20224,5		11.70		.14		(.98	)		(.84	)			(.05	)		—			(.05	)		10.81		(7.18	)6		8			.55	7		.41	7		2.53	7
12/31/2021		13.07		.16		(.26	)		(.10	)			(.16	)		(1.11	)		(1.27	)		11.70		(.62	)		9			.57			.47			1.31
12/31/2020		12.37		.10		1.12			1.22				(.25	)		(.27	)		(.52	)		13.07		9.91			10			.57			.57			.78
12/31/2019		11.97		.23		.43			.66				(.26	)		—			(.26	)		12.37		5.49			9			.55			.55			1.88
12/31/2018		12.11		.22		(.14	)		.08				(.22	)		—			(.22	)		11.97		.71			9			.54			.54			1.84
12/31/2017		12.07		.18		.03			.21				(.17	)		—			(.17	)		12.11		1.72			10			.54			.54			1.50
Class 4:
6/30/20224,5		11.52		.12		(.97	)		(.85	)			(.04	)		—			(.04	)		10.63		(7.35	)6		204			.87	7		.73	7		2.22	7
12/31/2021		12.88		.12		(.25	)		(.13	)			(.12	)		(1.11	)		(1.23	)		11.52		(.88	)		238			.89			.79			.98
12/31/2020		12.22		.05		1.10			1.15				(.22	)		(.27	)		(.49	)		12.88		9.48			272			.89			.89			.42
12/31/2019		11.84		.19		.42			.61				(.23	)		—			(.23	)		12.22		5.14			124			.87			.87			1.56
12/31/2018		11.98		.18		(.12	)		.06				(.20	)		—			(.20	)		11.84		.50			91			.86			.86			1.53
12/31/2017		11.96		.14		.01			.15				(.13	)		—			(.13	)		11.98		1.28			62			.86			.86			1.18

Refer to the end of the tables for footnotes.

American Funds Insurance Series 341

Financial highlights (continued)

			(Loss) income from investment operations1									Dividends and distributions																	Ratio of expenses			Ratio of expenses
Year ended	Net asset value, beginning of year		Net investment (loss) income			Net (losses) gains on securities (both realized and unrealized)			Total from investment operations			Dividends (from net investment income)			Distributions (from capital gains)			Total dividends and distributions			Net asset value, end of year		Total return2			Net assets, end of year (in millions)			to average net assets before waivers/ reimburse- ments12			to average net assets after waivers/ reimburse- ments2,12			Net effective expense ratio2,5,13			Ratio of net (loss) income to average net assets2
Managed Risk Growth Fund
Class P1:
6/30/20224,5	$	18.53	$	—	9	$	(4.04	)	$	(4.04	)	$	(.06	)	$	(2.54	)	$	(2.60	)	$	11.89		(22.20	)%6	$	9			.41	%7		.36	%7		.68	%7		(.02	)%7
12/31/2021		17.25		.04			2.16			2.20			(.18	)		(.74	)		(.92	)		18.53		13.08			13			.41			.36			.69			.19
12/31/2020		13.78		.07			4.20			4.27			(.12	)		(.68	)		(.80	)		17.25		32.45			11			.42			.37			.72			.49
12/31/2019		12.30		.15			2.44			2.59			(.19	)		(.92	)		(1.11	)		13.78		22.01			6			.42			.37			.73			1.19
12/31/2018		13.22		.11			(.04	)		.07			(.10	)		(.89	)		(.99	)		12.30		(.04	)14		3			.42	14		.37	14		.71	14		.82	14
12/31/2017		10.71		.08			2.70			2.78			(.07	)		(.20	)		(.27	)		13.22		26.23	14		2			.42	14		.36	14		.70	14		.69	14
Class P2:
6/30/20224,5		18.42		(.02	)		(4.01	)		(4.03	)		(.06	)		(2.54	)		(2.60	)		11.79		(22.32	)6		462			.66	7		.61	7		.93	7		(.28	)7
12/31/2021		17.11		(.01	)		2.16			2.15			(.10	)		(.74	)		(.84	)		18.42		12.89			584			.67			.62			.95			(.07	)
12/31/2020		13.71		.03			4.16			4.19			(.11	)		(.68	)		(.79	)		17.11		32.03			554			.67			.62			.97			.20
12/31/2019		12.21		.09			2.45			2.54			(.12	)		(.92	)		(1.04	)		13.71		21.74			434			.68			.63			.99			.73
12/31/2018		13.14		.06			(.04	)		.02			(.06	)		(.89	)		(.95	)		12.21		(.37	)		340			.68			.63			.97			.46
12/31/2017		10.64		.04			2.70			2.74			(.04	)		(.20	)		(.24	)		13.14		25.99			286			.69			.63			.97			.34
Managed Risk International Fund
Class P1:
6/30/20224,5	$	10.55	$	.03		$	(1.67	)	$	(1.64	)	$	(.26	)	$	—		$	(.26	)	$	8.65		(15.68	)%6,14	$	2			.42	%7,14		.37	%7,14		.87	%7,14		.60	%7,14
12/31/2021		11.07		.24			(.67	)		(.43	)		(.09	)		—			(.09	)		10.55		(3.92	)14		2			.44	14		.36	14		.87	14		2.12	14
12/31/2020		11.01		.08			.22			.30			(.16	)		(.08	)		(.24	)		11.07		3.13	14		2			.43	14		.35	14		.86	14		.82	14
12/31/2019		9.82		.17			1.54			1.71			(.20	)		(.32	)		(.52	)		11.01		17.91	14		1			.41	14		.33	14		.84	14		1.64	14
12/31/2018		11.25		.32			(1.44	)		(1.12	)		(.26	)		(.05	)		(.31	)		9.82		(10.11	)14		—	10		.33	14		.28	14		.77	14		3.02	14
12/31/2017		8.89		.11			2.47			2.58			(.10	)		(.12	)		(.22	)		11.25		29.28	14		—	10		.28	14		.20	14		.69	14		1.13	14
Class P2:
6/30/20224,5		10.48		.01			(1.66	)		(1.65	)		(.22	)		—			(.22	)		8.61		(15.83	)6		131			.69	7		.64	7		1.14	7		.27	7
12/31/2021		10.99		.20			(.65	)		(.45	)		(.06	)		—			(.06	)		10.48		(4.13	)		160			.71			.63			1.14			1.79
12/31/2020		10.92		.04			.23			.27			(.12	)		(.08	)		(.20	)		10.99		2.80			168			.71			.63			1.14			.42
12/31/2019		9.76		.13			1.55			1.68			(.20	)		(.32	)		(.52	)		10.92		17.64			165			.71			.63			1.14			1.21
12/31/2018		11.15		.16			(1.32	)		(1.16	)		(.18	)		(.05	)		(.23	)		9.76		(10.50	)		151			.69			.64			1.13			1.49
12/31/2017		8.83		.11			2.41			2.52			(.08	)		(.12	)		(.20	)		11.15		28.69			148			.71			.63			1.12			1.03
Managed Risk Washington Mutual Investors Fund
Class P1:
6/30/20224,5	$	12.95	$	.04		$	(1.26	)	$	(1.22	)	$	(.15	)	$	—		$	(.15	)	$	11.58		(9.45	)%6,14	$	3			.40	%7,14		.35	%7,14		.74	%7,14		.60	%7,14
12/31/2021		11.24		.16			1.79			1.95			(.24	)		—			(.24	)		12.95		17.46	14		2			.41	14		.36	14		.77	14		1.33	14
12/31/2020		12.01		.18			(.35	)		(.17	)		(.26	)		(.34	)		(.60	)		11.24		(.93	)14		2			.40	14		.35	14		.76	14		1.66	14
12/31/2019		11.28		.25			1.28			1.53			(.20	)		(.60	)		(.80	)		12.01		14.14	14		1			.38	14		.33	14		.74	14		2.14	14
12/31/2018		13.04		.40			(1.27	)		(.87	)		(.45	)		(.44	)		(.89	)		11.28		(6.99	)14		—	10		.33	14		.28	14		.67	14		3.21	14
12/31/2017		11.67		.19			1.59			1.78			(.22	)		(.19	)		(.41	)		13.04		15.48	14		—	10		.30	14		.25	14		.64	14		1.59	14
Class P2:
6/30/20224,5		12.88		.02			(1.25	)		(1.23	)		(.14	)		—			(.14	)		11.51		(9.56	)6		319			.67	7		.62	7		1.01	7		.25	7
12/31/2021		11.18		.11			1.79			1.90			(.20	)		—			(.20	)		12.88		17.11			371			.68			.62			1.03			.91
12/31/2020		11.91		.13			(.33	)		(.20	)		(.19	)		(.34	)		(.53	)		11.18		(1.25	)		355			.68			.63			1.04			1.18
12/31/2019		11.21		.18			1.31			1.49			(.19	)		(.60	)		(.79	)		11.91		13.88			365			.68			.63			1.04			1.62
12/31/2018		12.96		.19			(1.10	)		(.91	)		(.40	)		(.44	)		(.84	)		11.21		(7.38	)		336			.68			.63			1.02			1.49
12/31/2017		11.61		.17			1.55			1.72			(.18	)		(.19	)		(.37	)		12.96		15.03			367			.68			.63			1.02			1.43

Refer to the end of the tables for footnotes.

342 American Funds Insurance Series

Financial highlights (continued)

			(Loss) income from investment operations1									Dividends and distributions																Ratio of expenses			Ratio of expenses
Year ended	Net asset value, beginning of year		Net investment (loss) income			Net (losses) gains on securities (both realized and unrealized)			Total from investment operations			Dividends (from net investment income)			Distributions (from capital gains)			Total dividends and distributions			Net asset value, end of year		Total return2			Net assets, end of year (in millions)		to average net assets before waivers/ reimburse- ments12			to average net assets after waivers/ reimburse- ments2,12			Net effective expense ratio2,5,13			Ratio of net (loss) income to average net assets2
Managed Risk Growth-Income Fund
Class P1:
6/30/20224,5	$	15.73	$	.02		$	(2.50	)	$	(2.48	)	$	(.14	)	$	(.31	)	$	(.45	)	$	12.80		(15.87	)%6	$	1,905		.41	%7		.36	%7		.64	%7		.30	%7
12/31/2021		14.01		.14			1.99			2.13			(.21	)		(.20	)		(.41	)		15.73		15.32			2,328		.41			.36			.66			.96
12/31/2020		13.76		.17			1.08			1.25			(.26	)		(.74	)		(1.00	)		14.01		9.85			2,120		.41			.36			.66			1.24
12/31/2019		11.73		.22			2.01			2.23			(.10	)		(.10	)		(.20	)		13.76		19.14			1,987		.42			.37			.67			1.71
12/31/2018		12.66		(.02	)		(.15	)		(.17	)		(.19	)		(.57	)		(.76	)		11.73		(1.66	)		1,662		.40			.35			.64			(.20	)
12/31/2017		11.07		.19			2.03			2.22			(.13	)		(.50	)		(.63	)		12.66		20.64	14		2		.44	14		.37	14		.66	14		1.61	14
Class P2:
6/30/20224,5		15.64		—	9		(2.49	)		(2.49	)		(.13	)		(.31	)		(.44	)		12.71		(16.01	)6		277		.66	7		.61	7		.89	7		.04	7
12/31/2021		13.93		.10			1.98			2.08			(.17	)		(.20	)		(.37	)		15.64		15.05			340		.66			.61			.91			.70
12/31/2020		13.69		.14			1.07			1.21			(.23	)		(.74	)		(.97	)		13.93		9.58			315		.66			.61			.91			1.02
12/31/2019		11.67		.19			2.00			2.19			(.07	)		(.10	)		(.17	)		13.69		18.84			283		.67			.62			.92			1.47
12/31/2018		12.58		.16			(.36	)		(.20	)		(.14	)		(.57	)		(.71	)		11.67		(1.97	)		230		.69			.64			.93			1.25
12/31/2017		11.02		.13			2.05			2.18			(.12	)		(.50	)		(.62	)		12.58		20.40			206		.70			.63			.92			1.08
Managed Risk Asset Allocation Fund
Class P1:
6/30/20224,5	$	15.33	$	.03		$	(2.22	)	$	(2.19	)	$	(.20	)	$	(.48	)	$	(.68	)	$	12.46		(14.40	)%6	$	7		.41	%7		.36	%7		.64	%7		.48	%7
12/31/2021		13.84		.21			1.55			1.76			(.27	)		—			(.27	)		15.33		12.82			7		.41			.36			.66			1.43
12/31/2020		13.81		.25			.51			.76			(.21	)		(.52	)		(.73	)		13.84		6.10			5		.41			.36			.66			1.91
12/31/2019		12.23		.26			1.92			2.18			(.03	)		(.57	)		(.60	)		13.81		18.25			2		.41			.36			.65			2.01
12/31/2018		13.59		.22			(.80	)		(.58	)		(.25	)		(.53	)		(.78	)		12.23		(4.63	)		2		.37			.32			.59			1.67
12/31/2017		12.02		.19			1.60			1.79			(.10	)		(.12	)		(.22	)		13.59		15.06			1,656		.43			.38			.66			1.45
Class P2:
6/30/20224,5		14.93		.01			(2.16	)		(2.15	)		(.19	)		(.48	)		(.67	)		12.11		(14.50	)6		2,285		.66	7		.61	7		.89	7		.20	7
12/31/2021		13.45		.15			1.53			1.68			(.20	)		—			(.20	)		14.93		12.50			2,812		.66			.61			.91			1.03
12/31/2020		13.46		.15			.56			.71			(.20	)		(.52	)		(.72	)		13.45		5.88			2,773		.66			.61			.91			1.15
12/31/2019		12.22		.19			1.93			2.12			(.31	)		(.57	)		(.88	)		13.46		17.98			2,830		.66			.61			.90			1.51
12/31/2018		13.55		.17			(.79	)		(.62	)		(.18	)		(.53	)		(.71	)		12.22		(4.89	)		2,541		.62			.57			.84			1.27
12/31/2017		12.01		.15			1.61			1.76			(.10	)		(.12	)		(.22	)		13.55		14.80			2,798		.68			.63			.91			1.13

Refer to the end of the tables for footnotes.

American Funds Insurance Series 343

Financial highlights (continued)

Portfolio turnover rate for all share classes	Six months ended			Year ended December 31,
excluding mortgage dollar roll transactions15,16	June 30, 20224,5,6			2021			2020			2019			2018			2017
Capital Income Builder		24	%		60	%		110	%		44	%		42	%		59	%
Asset Allocation Fund		20			45			49			47			34			39
American Funds Global Balanced Fund		86			36			68			60			30			28
The Bond Fund of America		39			87			72			146			98			153
Capital World Bond Fund		45			64			88			110			78			74
American Funds Mortgage Fund		16			38			123			84			60			98
U.S. Government Securities Fund		31			126			112			103			76			120
Portfolio turnover rate for all share classes	Six months ended			Year ended December 31,
including mortgage dollar roll transactions15,16	June 30, 20224,5,6			2021			2020			2019			2018			2017
Global Growth Fund		15	%		18	%		17	%		14	%		25	%		31	%
Global Small Capitalization Fund		21			29			38			50			43			33
Growth Fund		14			25			32			21			35			24
International Fund		20			44			40			32			29			29
New World Fund		20			43			70			38			58			56
Washington Mutual Investors Fund		15			90			40			37			49			34
Capital World Growth and Income Fund		22			85			36			29			49			41
Growth-Income Fund		16			24			33			27			39			27
International Growth and Income Fund		26			41			56			28			38			51
Capital Income Builder		51			93			184			72			98			88
Asset Allocation Fund		54			124			145			79			86			85
American Funds Global Balanced Fund		92			39			86			74			51			41
The Bond Fund of America		190			456			461			373			514			502
Capital World Bond Fund		72			91			145			159			125			105
American High-Income Trust		21			56			78			58			67			78
American Funds Mortgage Fund		634			975			1143			350			811			680
Ultra-Short Bond Fund		—	17		—	17		—	17		—	17		—	17		—	17
U.S. Government Securities Fund		297			433			867			277			446			551
Managed Risk Growth Fund		45			32			80			10			7			25
Managed Risk International Fund		37			24			71			8			8			25
Managed Risk Washington Mutual Investors Fund		36			16			101			13			11			32
Managed Risk Growth-Income Fund		33			13			38			6			14			26
Managed Risk Asset Allocation Fund		23			5			30			8			12			1

1	Based on average shares outstanding.
2	This column reflects the impact of certain waivers/reimbursements from CRMC. During some of the years shown, CRMC waived a portion of investment advisory services fees on some funds, including each of the managed risk funds. In addition, during some of the years shown, CRMC reimbursed a portion of miscellaneous fees and expenses for some of the managed risk funds.
3	Ratios do not include expenses of any Central Funds. The fund indirectly bears its proportionate share of the expenses of any Central Funds, if applicable.
4	Based on operations for a period that is less than a full year.
5	Unaudited.
6	Not annualized.
7	Annualized.
8	Class 1A shares began investment operations on January 6, 2017.
9	Amount less than $.01.
10	Amount less than $1 million.
11	Amount less than .01%.
12	This column does not include expenses of the underlying funds in which each fund invests.
13	This column reflects the net effective expense ratios for each fund and class, which include each class’s expense ratio combined with the weighted average net expense ratio of the underlying funds for the periods presented. Refer to the expense example for further information regarding fees and expenses.
14	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.
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.

Refer to the notes to financial statements.

344 American Funds Insurance Series

Expense example unaudited

The funds in American Funds Insurance Series serve as the underlying investment vehicle for various insurance products. As an owner of an insurance contract that invests in one of the funds in the series, you incur two types of costs: (1) transaction costs, such as initial sales charges on purchase payments and contingent deferred sales charges on redemptions (loads), and (2) ongoing costs, including management fees, distribution and service (12b-1) fees, and other expenses. Additional fees are charged by the insurance companies related to the various benefits they provide. This example is intended to help you understand your ongoing costs (in dollars) of investing in the underlying funds so you can compare these costs with the ongoing costs of investing in other mutual funds that serve a similar function in other annuity products. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire six-month period (January 1, 2022, through June 30, 2022).

Actual expenses:

The first line of each share class in the tables on the following pages provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading titled “Expenses paid during period” to estimate the expenses you paid on your account during this period.

Hypothetical example for comparison purposes:

The second line of each share class in the tables on the following pages provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio for the share class and an assumed rate of return of 5.00% per year before expenses, which is not the actual return of the share class. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the fund and other funds. To do so, compare this 5.00% hypothetical example with the 5.00% hypothetical examples that appear in the shareholder reports of the other funds.

Notes:

Additional fees are charged by the insurance companies related to the various benefits they provide. You can estimate the impact of these fees by adding the amount of the fees to the total estimated expenses you paid on your account during the period as calculated above. In addition, your ending account value would be lower by the amount of these fees.

Note that the expenses shown in the tables on the following pages are meant to highlight your ongoing costs only and do not reflect any transactional costs. Therefore, the second line of each share class in the tables is useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

American Funds Insurance Series 345

Expense example (continued)

	Beginning account value 1/1/2022		Ending account value 6/30/2022		Expenses paid during period1		Annualized expense ratio
Global Growth Fund
Class 1 – actual return	$	1,000.00	$	721.63	$	2.13		.50	%
Class 1 – assumed 5% return		1,000.00		1,022.32		2.51		.50
Class 1A – actual return		1,000.00		720.89		3.20		.75
Class 1A – assumed 5% return		1,000.00		1,021.08		3.76		.75
Class 2 – actual return		1,000.00		720.93		3.20		.75
Class 2 – assumed 5% return		1,000.00		1,021.08		3.76		.75
Class 4 – actual return		1,000.00		720.06		4.26		1.00
Class 4 – assumed 5% return		1,000.00		1,019.84		5.01		1.00
Global Small Capitalization Fund
Class 1 – actual return	$	1,000.00	$	680.14	$	3.00		.72	%
Class 1 – assumed 5% return		1,000.00		1,021.22		3.61		.72
Class 1A – actual return		1,000.00		679.46		4.04		.97
Class 1A – assumed 5% return		1,000.00		1,019.98		4.86		.97
Class 2 – actual return		1,000.00		679.13		4.04		.97
Class 2 – assumed 5% return		1,000.00		1,019.98		4.86		.97
Class 4 – actual return		1,000.00		678.74		5.08		1.22
Class 4 – assumed 5% return		1,000.00		1,018.74		6.11		1.22
Growth Fund
Class 1 – actual return	$	1,000.00	$	701.98	$	1.43		.34	%
Class 1 – assumed 5% return		1,000.00		1,023.11		1.71		.34
Class 1A – actual return		1,000.00		701.09		2.49		.59
Class 1A – assumed 5% return		1,000.00		1,021.87		2.96		.59
Class 2 – actual return		1,000.00		701.01		2.49		.59
Class 2 – assumed 5% return		1,000.00		1,021.87		2.96		.59
Class 3 – actual return		1,000.00		701.15		2.19		.52
Class 3 – assumed 5% return		1,000.00		1,022.22		2.61		.52
Class 4 – actual return		1,000.00		700.18		3.54		.84
Class 4 – assumed 5% return		1,000.00		1,020.63		4.21		.84
International Fund
Class 1 – actual return	$	1,000.00	$	774.70	$	2.38		.54	%
Class 1 – assumed 5% return		1,000.00		1,022.12		2.71		.54
Class 1A – actual return		1,000.00		773.42		3.47		.79
Class 1A – assumed 5% return		1,000.00		1,020.88		3.96		.79
Class 2 – actual return		1,000.00		773.69		3.47		.79
Class 2 – assumed 5% return		1,000.00		1,020.88		3.96		.79
Class 3 – actual return		1,000.00		773.59		3.17		.72
Class 3 – assumed 5% return		1,000.00		1,021.22		3.61		.72
Class 4 – actual return		1,000.00		772.17		4.57		1.04
Class 4 – assumed 5% return		1,000.00		1,019.64		5.21		1.04
New World Fund
Class 1 – actual return	$	1,000.00	$	762.76	$	2.49		.57	%
Class 1 – assumed 5% return		1,000.00		1,021.97		2.86		.57
Class 1A – actual return		1,000.00		761.75		3.58		.82
Class 1A – assumed 5% return		1,000.00		1,020.73		4.11		.82
Class 2 – actual return		1,000.00		761.59		3.58		.82
Class 2 – assumed 5% return		1,000.00		1,020.73		4.11		.82
Class 4 – actual return		1,000.00		761.06		4.67		1.07
Class 4 – assumed 5% return		1,000.00		1,019.49		5.36		1.07

Refer to the end of the tables for footnotes.

346 American Funds Insurance Series

Expense example (continued)

	Beginning account value 1/1/2022		Ending account value 6/30/2022		Expenses paid during period1		Annualized expense ratio
Washington Mutual Investors Fund
Class 1 – actual return	$	1,000.00	$	871.16	$	1.21		.26	%
Class 1 – assumed 5% return		1,000.00		1,023.51		1.30		.26
Class 1A – actual return		1,000.00		870.17		2.36		.51
Class 1A – assumed 5% return		1,000.00		1,022.27		2.56		.51
Class 2 – actual return		1,000.00		869.85		2.36		.51
Class 2 – assumed 5% return		1,000.00		1,022.27		2.56		.51
Class 4 – actual return		1,000.00		868.65		3.52		.76
Class 4 – assumed 5% return		1,000.00		1,021.03		3.81		.76
Capital World Growth and Income Fund
Class 1 – actual return	$	1,000.00	$	787.96	$	1.86		.42	%
Class 1 – assumed 5% return		1,000.00		1,022.71		2.11		.42
Class 1A – actual return		1,000.00		787.16		2.97		.67
Class 1A – assumed 5% return		1,000.00		1,021.47		3.36		.67
Class 2 – actual return		1,000.00		787.04		2.97		.67
Class 2 – assumed 5% return		1,000.00		1,021.47		3.36		.67
Class 4 – actual return		1,000.00		786.00		4.07		.92
Class 4 – assumed 5% return		1,000.00		1,020.23		4.61		.92
Growth-Income Fund
Class 1 – actual return	$	1,000.00	$	803.18	$	1.25		.28	%
Class 1 – assumed 5% return		1,000.00		1,023.41		1.40		.28
Class 1A – actual return		1,000.00		802.25		2.37		.53
Class 1A – assumed 5% return		1,000.00		1,022.17		2.66		.53
Class 2 – actual return		1,000.00		802.13		2.37		.53
Class 2 – assumed 5% return		1,000.00		1,022.17		2.66		.53
Class 3 – actual return		1,000.00		802.49		2.06		.46
Class 3 – assumed 5% return		1,000.00		1,022.51		2.31		.46
Class 4 – actual return		1,000.00		801.21		3.48		.78
Class 4 – assumed 5% return		1,000.00		1,020.93		3.91		.78
International Growth and Income Fund
Class 1 – actual return	$	1,000.00	$	810.03	$	2.29		.51	%
Class 1 – assumed 5% return		1,000.00		1,022.27		2.56		.51
Class 1A – actual return		1,000.00		808.58		3.36		.75
Class 1A – assumed 5% return		1,000.00		1,021.08		3.76		.75
Class 2 – actual return		1,000.00		808.41		3.36		.75
Class 2 – assumed 5% return		1,000.00		1,021.08		3.76		.75
Class 4 – actual return		1,000.00		807.59		4.48		1.00
Class 4 – assumed 5% return		1,000.00		1,019.84		5.01		1.00
Capital Income Builder
Class 1 – actual return	$	1,000.00	$	903.64	$	1.23		.26	%
Class 1 – assumed 5% return		1,000.00		1,023.51		1.30		.26
Class 1A – actual return		1,000.00		903.17		2.41		.51
Class 1A – assumed 5% return		1,000.00		1,022.27		2.56		.51
Class 2 – actual return		1,000.00		903.26		2.41		.51
Class 2 – assumed 5% return		1,000.00		1,022.27		2.56		.51
Class 4 – actual return		1,000.00		901.95		3.58		.76
Class 4 – assumed 5% return		1,000.00		1,021.03		3.81		.76

Refer to the end of the tables for footnotes.

American Funds Insurance Series 347

Expense example (continued)

	Beginning account value 1/1/2022		Ending account value 6/30/2022		Expenses paid during period1		Annualized expense ratio
Asset Allocation Fund
Class 1 – actual return	$	1,000.00	$	842.19	$	1.37		.30	%
Class 1 – assumed 5% return		1,000.00		1,023.31		1.51		.30
Class 1A – actual return		1,000.00		841.23		2.51		.55
Class 1A – assumed 5% return		1,000.00		1,022.07		2.76		.55
Class 2 – actual return		1,000.00		840.91		2.51		.55
Class 2 – assumed 5% return		1,000.00		1,022.07		2.76		.55
Class 3 – actual return		1,000.00		841.06		2.19		.48
Class 3 – assumed 5% return		1,000.00		1,022.41		2.41		.48
Class 4 – actual return		1,000.00		839.89		3.65		.80
Class 4 – assumed 5% return		1,000.00		1,020.83		4.01		.80
American Funds Global Balanced Fund
Class 1 – actual return	$	1,000.00	$	836.93	$	2.87		.63	%
Class 1 – assumed 5% return		1,000.00		1,021.67		3.16		.63
Class 1A – actual return		1,000.00		835.23		4.05		.89
Class 1A – assumed 5% return		1,000.00		1,020.38		4.46		.89
Class 2 – actual return		1,000.00		835.91		4.05		.89
Class 2 – assumed 5% return		1,000.00		1,020.38		4.46		.89
Class 4 – actual return		1,000.00		834.67		5.14		1.13
Class 4 – assumed 5% return		1,000.00		1,019.19		5.66		1.13
The Bond Fund of America
Class 1 – actual return	$	1,000.00	$	900.38	$	.94		.20	%
Class 1 – assumed 5% return		1,000.00		1,023.80		1.00		.20
Class 1A – actual return		1,000.00		899.08		2.07		.44
Class 1A – assumed 5% return		1,000.00		1,022.61		2.21		.44
Class 2 – actual return		1,000.00		898.60		2.12		.45
Class 2 – assumed 5% return		1,000.00		1,022.56		2.26		.45
Class 4 – actual return		1,000.00		897.76		3.29		.70
Class 4 – assumed 5% return		1,000.00		1,021.32		3.51		.70
Capital World Bond Fund
Class 1 – actual return	$	1,000.00	$	839.53	$	2.14		.47	%
Class 1 – assumed 5% return		1,000.00		1,022.46		2.36		.47
Class 1A – actual return		1,000.00		837.83		3.28		.72
Class 1A – assumed 5% return		1,000.00		1,021.22		3.61		.72
Class 2 – actual return		1,000.00		837.85		3.28		.72
Class 2 – assumed 5% return		1,000.00		1,021.22		3.61		.72
Class 4 – actual return		1,000.00		837.41		4.42		.97
Class 4 – assumed 5% return		1,000.00		1,019.98		4.86		.97
American High-Income Trust
Class 1 – actual return	$	1,000.00	$	875.82	$	1.49		.32	%
Class 1 – assumed 5% return		1,000.00		1,023.21		1.61		.32
Class 1A – actual return		1,000.00		873.98		2.65		.57
Class 1A – assumed 5% return		1,000.00		1,021.97		2.86		.57
Class 2 – actual return		1,000.00		874.79		2.65		.57
Class 2 – assumed 5% return		1,000.00		1,021.97		2.86		.57
Class 3 – actual return		1,000.00		874.18		2.32		.50
Class 3 – assumed 5% return		1,000.00		1,022.32		2.51		.50
Class 4 – actual return		1,000.00		873.17		3.81		.82
Class 4 – assumed 5% return		1,000.00		1,020.73		4.11		.82

Refer to the end of the tables for footnotes.

348 American Funds Insurance Series

Expense example (continued)

	Beginning account value 1/1/2022		Ending account value 6/30/2022		Expenses paid during period1		Annualized expense ratio
American Funds Mortgage Fund
Class 1 – actual return	$	1,000.00	$	932.26	$	1.15		.24	%
Class 1 – assumed 5% return		1,000.00		1,023.60		1.20		.24
Class 1A – actual return		1,000.00		930.57		2.39		.50
Class 1A – assumed 5% return		1,000.00		1,022.32		2.51		.50
Class 2 – actual return		1,000.00		930.65		2.39		.50
Class 2 – assumed 5% return		1,000.00		1,022.32		2.51		.50
Class 4 – actual return		1,000.00		929.47		3.59		.75
Class 4 – assumed 5% return		1,000.00		1,021.08		3.76		.75
Ultra-Short Bond Fund
Class 1 – actual return	$	1,000.00	$	1,000.89	$	1.64		.33	%
Class 1 – assumed 5% return		1,000.00		1,023.16		1.66		.33
Class 1A – actual return		1,000.00		999.99		1.64		.33
Class 1A – assumed 5% return		1,000.00		1,023.16		1.66		.33
Class 2 – actual return		1,000.00		999.08		2.87		.58
Class 2 – assumed 5% return		1,000.00		1,021.92		2.91		.58
Class 3 – actual return		1,000.00		999.09		2.53		.51
Class 3 – assumed 5% return		1,000.00		1,022.27		2.56		.51
Class 4 – actual return		1,000.00		998.18		4.11		.83
Class 4 – assumed 5% return		1,000.00		1,020.68		4.16		.83
U.S. Government Securities Fund
Class 1 – actual return	$	1,000.00	$	929.18	$	1.10		.23	%
Class 1 – assumed 5% return		1,000.00		1,023.65		1.15		.23
Class 1A – actual return		1,000.00		928.52		2.30		.48
Class 1A – assumed 5% return		1,000.00		1,022.41		2.41		.48
Class 2 – actual return		1,000.00		927.90		2.29		.48
Class 2 – assumed 5% return		1,000.00		1,022.41		2.41		.48
Class 3 – actual return		1,000.00		928.21		1.96		.41
Class 3 – assumed 5% return		1,000.00		1,022.76		2.06		.41
Class 4 – actual return		1,000.00		926.54		3.49		.73
Class 4 – assumed 5% return		1,000.00		1,021.17		3.66		.73

Refer to the end of the tables for footnotes.

American Funds Insurance Series 349

Expense example (continued)

	Beginning account value 1/1/2022		Ending account value 6/30/2022		Expenses paid during period1,2		Annualized expense ratio2			Effective expenses paid during period3		Effective annualized expense ratio4
Managed Risk Growth Fund
Class P1 – actual return	$	1,000.00	$	778.05	$	1.59		.36	%	$	3.00		.68	%
Class P1 – assumed 5% return		1,000.00		1,023.01		1.81		.36			3.41		.68
Class P2 – actual return		1,000.00		776.82		2.69		.61			4.10		.93
Class P2 – assumed 5% return		1,000.00		1,021.77		3.06		.61			4.66		.93
Managed Risk International Fund
Class P1 – actual return	$	1,000.00	$	843.21	$	1.69		.37	%	$	3.98		.87	%
Class P1 – assumed 5% return		1,000.00		1,022.96		1.86		.37			4.36		.87
Class P2 – actual return		1,000.00		841.68		2.92		.64			5.21		1.14
Class P2 – assumed 5% return		1,000.00		1,021.62		3.21		.64			5.71		1.14
Managed Risk Washington Mutual Investors Fund
Class P1 – actual return	$	1,000.00	$	905.49	$	1.65		.35	%	$	3.50		.74	%
Class P1 – assumed 5% return		1,000.00		1,023.06		1.76		.35			3.71		.74
Class P2 – actual return		1,000.00		904.43		2.93		.62			4.77		1.01
Class P2 – assumed 5% return		1,000.00		1,021.72		3.11		.62			5.06		1.01
Managed Risk Growth-Income Fund
Class P1 – actual return	$	1,000.00	$	841.25	$	1.64		.36	%	$	2.92		.64	%
Class P1 – assumed 5% return		1,000.00		1,023.01		1.81		.36			3.21		.64
Class P2 – actual return		1,000.00		839.91		2.78		.61			4.06		.89
Class P2 – assumed 5% return		1,000.00		1,021.77		3.06		.61			4.46		.89
Managed Risk Asset Allocation Fund
Class P1 – actual return	$	1,000.00	$	855.99	$	1.66		.36	%	$	2.95		.64	%
Class P1 – assumed 5% return		1,000.00		1,023.01		1.81		.36			3.21		.64
Class P2 – actual return		1,000.00		855.00		2.81		.61			4.09		.89
Class P2 – assumed 5% return		1,000.00		1,021.77		3.06		.61			4.46		.89

1	The “expenses paid during period” are equal to the “annualized expense ratio,” multiplied by the average account value over the period, multiplied by the number of days in the period, and divided by 365 (to reflect the one-half year period).
2	The “expenses paid during period” and “annualized expense ratio” do not include the expenses of the underlying funds in which each fund invests.
3	The “effective expenses paid during period” are equal to the “effective annualized expense ratio,” multiplied by the average account value over the period, multiplied by the number of days in the period, and divided by 365 (to reflect the period).
4	The “effective annualized expense ratio” reflects the net annualized expense ratio of the class plus the class’s pro-rata share of the weighted average expense ratio of the underlying funds in which it invests.

350 American Funds Insurance Series

Approval of Investment Advisory and Service Agreement — American Funds Insurance Series

The series’ board has approved the continuation of the series’ Investment Advisory and Service Agreement (the “agreement”) with Capital Research and Management Company (“CRMC”) for an additional one-year term through April 30, 2023. The agreement was amended to lower the current fee schedule resulting in an overall lower advisory fee for Global Growth Fund, Global Small Capitalization Fund, International Fund, New World Fund, Washington Mutual Investors Fund, Capital World Growth and Income Fund, International Growth and Income Fund, Capital Income Builder, American Funds Global Balanced Fund, The Bond Fund of America, Capital World Bond Fund, American High-Income Trust, American Funds Mortgage Fund, Ultra-Short Bond Fund and U.S. Government Securities Fund and to add additional advisory fee breakpoints for Growth Fund when the fund’s net assets exceed $44 billion, for Growth-Income Fund when the fund’s net assets exceed $44 billion, and for Asset Allocation Fund when the fund’s net assets exceed $34 billion. The board approved the agreement following the recommendation of the series’ Contracts Committee (the “committee”), which is composed of all the series’ independent board members. The board and the committee determined in the exercise of their business judgment that the advisory fee structure for each fund within the series was fair and reasonable in relation to the services provided, and that approving the agreement was in the best interests of each fund and its shareholders.

In reaching this decision, the board and the committee took into account their interactions with CRMC as well as information furnished to them throughout the year and otherwise provided to them, as well as information prepared specifically in connection with their review of the agreement, and were advised by their independent counsel with respect to the matters considered. They considered the following factors,among others, but did not identify any single issue or particular piece of information that, in isolation, was the controlling factor, and each board and committee member did not necessarily attribute the same weight to each factor.

1. Nature, extent and quality of services

The board and the committee considered the depth and quality of CRMC’s investment management process, including its global research capabilities; the experience, capability and integrity of its senior management and other personnel; the low turnover rates of its key personnel; the overall financial strength and stability of CRMC and the Capital Group organization; the resources and systems CRMC devotes to investment management (the manner in which each fund’s assets are managed, including liquidity management), financial, investment operations, compliance, trading, proxy voting, shareholder communications, and other services; and the ongoing evolution of CRMC’s organizational structure designed to maintain and strengthen these qualities. The board and the committee also considered the nature, extent and quality of administrative and shareholder services provided by CRMC to the funds under the agreement and other agreements, as well as the benefits to each fund’s shareholders from investing in a fund that is part of a large family of funds. The board and the committee considered the risks assumed by CRMC in providing services to the funds,including operational, business, financial, reputational, regulatory and litigation risks. The board and the committee concluded that the nature, extent and quality of the services provided by CRMC have benefited and should continue to benefit each fund and its shareholders.

2. Investment results

The board and the committee considered the investment results of each fund in light of its objectives. They compared each fund’s investment results with those of other funds (including funds that currently form the basis of the Lipper index for the category in which each fund is included),and data such as relevant market and fund indexes over various periods (including each fund’s lifetime) through September 30, 2021. They generally placed greater emphasis on investment results over longer term periods. On the basis of this evaluation and the board’s and the committee’s ongoing review of investment results, and considering the relative market conditions during certain reporting periods, the board and the committee concluded that each fund’s investment results have been satisfactory for renewal of the agreement, and that CRMC’s record in managing the funds indicated that its continued management should benefit each fund and its shareholders.

3. Advisory fees and total expenses

The board and the committee compared the advisory fees and total expense levels of each fund to those of other relevant funds. They observed that the advisory fees and total expenses of each fund generally compared favorably to those of other similar funds included in the comparable Lipper category. The board and the committee also considered the breakpoint discounts in each fund’s advisory fee structure that reduce the level of fees charged by CRMC to the fund as fund assets increase. The board also

American Funds Insurance Series 351

considered and approved the amended fee schedule to the agreement that lowered the current fee schedule and resulted in an overall lower advisory fee. The board noted that there would be no diminution in services provided as a result of the lower advisory fee for certain funds.

In addition, the board and committee reviewed information regarding the effective advisory fees charged to non-mutual fund clients by CRMC and its affiliates. They noted that, to the extent there were differences between the advisory fees paid by each fund and the advisory fees paid by those clients,the differences appropriately reflected the investment, operational, regulatory and market differences between advising the funds and the other clients. The board and the committee concluded that each fund’s cost structure was fair and reasonable in relation to the services provided, as well as in relation to the risks assumed by the adviser in sponsoring and managing each fund, and that each fund’s shareholders receive reasonable value in return for the advisory fees and other amounts paid to CRMC by the funds.

4. Ancillary benefits

The board and the committee considered a variety of other benefits that CRMC and its affiliates receive as a result of CRMC’s relationship with the series and other American Funds, including fees for administrative services provided to certain share classes; fees paid to CRMC’s affiliated transfer agent; sales charges and distribution fees received and retained by the series’ principal underwriter, an affiliate of CRMC; and possible ancillary benefits to CRMC and its institutional management affiliates in managing other investment vehicles. The board and the committee reviewed CRMC’s portfolio trading practices, noting that through December 31, 2018, CRMC benefited from research obtained with commissions from portfolio transactions made on behalf of each fund, and since that time has undertaken to bear the cost of obtaining such research. The board and the committee took these ancillary benefits into account in evaluating the reasonableness of the other amounts paid to CRMC by the funds.

5. Adviser financial information

The board and the committee reviewed information regarding CRMC’s costs of providing services to the American Funds, including personnel, systems and resources of investment, compliance, trading, accounting and other administrative operations. They considered CRMC’s costs and related cost allocation methodology as well as its track record of investing in technology, infrastructure and staff to maintain and expand services and capabilities, respond to industry and regulatory developments, and attract and retain qualified personnel. They noted information regarding the compensation structure for CRMC’s investment professionals. They reviewed information on the profitability of the investment adviser and its affiliates. The board and the committee also compared CRMC’s profitability and compensation data to the reported results and data of several large, publicly held investment management companies. The board and the committee noted the competitiveness and cyclicality of both the mutual fund industry and the capital markets, and the importance in that environment of CRMC’s long-term profitability for maintaining its independence,company culture and management continuity. They further considered the breakpoint discounts in the funds’ advisory fee structure and CRMC’s sharing of potential economies of scale, or efficiencies, through breakpoints and other fee reductions and costs voluntarily absorbed. The board and the committee concluded that each fund’s advisory fee structure reflected a reasonable sharing of benefits between CRMC and the funds’ shareholders.

352 American Funds Insurance Series

Approval of Investment Advisory and Service Agreement and Subadvisory Agreement — American Funds Insurance Series Managed Risk Funds

The series’ board has approved the continuation of the series’ Investment Advisory and Service Agreement (the “advisory agreement”) with Capital Research and Management Company (“CRMC”) with respect to the Managed Risk Funds for an additional one-year term through April 30, 2023. The board has also approved the series’ Subadvisory Agreement (the “subadvisory agreement”) with CRMC and Milliman Financial Risk Management LLC (“Milliman FRM”) with respect to these funds for the same term. The advisory and subadvisory agreements are jointly referred to below as the “agreements.” The board approved the agreements following the recommendation of the series’ Contracts Committee (the “committee”), which is composed of all the series’ independent board members. The board and the committee determined in the exercise of their business judgment that the advisory fee structure for each fund within the series was fair and reasonable in relation to the services provided, and that approving the agreements was in the best interests of each fund and its shareholders.

In reaching this decision, the board and the committee took into account their interactions with CRMC and Milliman FRM as well as information furnished to them throughout the year and otherwise provided to them, as well as information prepared specifically in connection with their review of the agreements, and were advised by their independent counsel with respect to the matters considered. They considered the following factors,among others, but did not identify any single issue or particular piece of information that, in isolation, was the controlling factor, and each board and committee member did not necessarily attribute the same weight to each factor.

1. Nature, extent and quality of services

The board and the committee considered the depth and quality of CRMC’s investment management process, including its global research capabilities; the experience, capability and integrity of its senior management and other personnel; the low turnover rates of its key personnel; the overall financial strength and stability of CRMC and the Capital Group organization; the resources and systems CRMC devotes to investment management (the manner in which each fund’s assets are managed, including liquidity management), financial, investment operations, compliance, trading, proxy voting, shareholder communications, and other services; and the ongoing evolution of CRMC’s organizational structure designed to maintain and strengthen these qualities. The board and the committee also considered the nature, extent and quality of the oversight of Milliman FRM’s services provided by CRMC, administrative and shareholder services provided by CRMC to the funds under the advisory agreement and other agreements, as well as the benefits to each fund’s shareholders from investing in a fund that is part of a large family of funds. The board and the committee considered the risks assumed by CRMC in providing services to the funds,including operational, business, financial, reputational, regulatory and litigation risks. The board and the committee concluded that the nature, extent and quality of the services provided by CRMC have benefited and should continue to benefit each fund and its shareholders.

The board and the committee also considered the depth and quality of Milliman FRM’s investment management process, including its experience in applying the Milliman Managed Risk Strategy to other funds in the series and risk management services for other clients; the experience, capability and integrity of its senior management and other personnel; and the services provided to each fund under the subadvisory agreement. The board and the committee concluded that the nature, extent and quality of the services provided by Milliman FRM have benefited and should continue to benefit each fund and its shareholders.

2. Investment results

The board and the committee considered the investment results of each fund in light of its objectives. They compared each fund’s investment results with those of other funds (including funds that currently form the basis of the Lipper index for the category in which each fund is included),and data such as relevant market and fund indexes over various periods (including each fund’s lifetime) through September 30, 2021. They generally placed greater emphasis on investment results over longer term periods. The board and the committee also considered the volatility of the funds compared with the S&P 500 Managed Risk indexes and those of a group of funds with volatility management strategies identified by management over various periods (including each fund’s lifetime) through September 30, 2021. On the basis of this evaluation and the board’s and the committee’s ongoing review of investment results, and considering the relative market conditions during certain reporting periods, the board and the committee concluded that each fund’s investment results and the results of the services provided by CRMC and Milliman FRM have been satisfactory for renewal of the agreements, and that CRMC’s and Milliman FRM’s record in managing the funds indicated that their continued management should benefit each fund and its shareholders.

American Funds Insurance Series 353

3. Advisory fees and total expenses

The board and the committee compared the advisory fees and total expense levels of each fund to those of other relevant funds. The board and the committee noted CRMC’s waiver of a portion of the advisory fee payable by each fund under the advisory agreement, CRMC’s commitment not to remove the waiver without board approval and CRMC’s agreement to pay the fees due to Milliman FRM under the subadvisory agreement. They observed that each fund’s advisory fees and total expenses generally compared favorably to those of other similar funds included in the comparable Lipper category.

The board and the committee also considered the breakpoint discounts in each underlying fund’s advisory fee structure that reduce the level of fees charged by CRMC to the underlying fund as its assets increase. In addition, they reviewed information regarding the effective advisory fees charged to non-mutual fund clients by CRMC and its affiliates. They noted that, to the extent there were differences between the advisory fees paid by each fund and the advisory fees paid by those clients,the differences appropriately reflected the investment, operational, regulatory and market differences between advising the funds and the other clients. They also reviewed the fees paid to Milliman FRM by other funds which it advised or subadvised. The board and the committee concluded that each fund’s cost structure was fair and reasonable in relation to the services that CRMC provided, directly and through Milliman FRM, as well as in relation to the risks assumed by the adviser in sponsoring and managing each fund, and that each fund’s shareholders receive reasonable value in return for the advisory fees and other amounts paid to CRMC (and indirectly to Milliman FRM) by the funds.

4. Ancillary benefits

The board and the committee considered a variety of other benefits that CRMC and its affiliates receive as a result of CRMC’s relationship with the series and the other American Funds, including fees for administrative services provided to certain share classes; fees paid to CRMC’s affiliated transfer agent; sales charges and distribution fees received and retained by the series’ principal underwriter, an affiliate of CRMC; and possible ancillary benefits to CRMC and its institutional management affiliates in managing other investment vehicles. The board and the committee reviewed CRMC’s portfolio trading practices, noting that through December 31, 2018, CRMC benefited from research obtained with commissions from portfolio transactions made on behalf of each fund, and since that time has undertaken to bear the cost of obtaining such research. The board and the committee also reviewed similar ancillary benefits received by Milliman FRM as a result of its relationship with the series. The board and the committee took these ancillary benefits into account in evaluating the reasonableness of the advisory fees and other amounts paid to CRMC (and indirectly to Milliman FRM) by each fund.

354 American Funds Insurance Series

5. Adviser financial information

The board and the committee reviewed information regarding CRMC’s costs of providing services to the American Funds, including personnel, systems and resources of investment, compliance, trading, accounting and other administrative operations. They considered CRMC’s costs and related cost allocation methodology as well as its track record of investing in technology, infrastructure and staff to maintain and expand services and capabilities, respond to industry and regulatory developments, and attract and retain qualified personnel. They noted information regarding the compensation structure for CRMC’s investment professionals. They reviewed information on the profitability of the investment adviser and its affiliates. The board and the committee also compared CRMC’s profitability and compensation data to the reported results and data of several large, publicly held investment management companies. The board and the committee noted the competitiveness and cyclicality of both the mutual fund industry and the capital markets, and the importance in that environment of CRMC’s long-term profitability for maintaining its independence,company culture and management continuity. They further considered the breakpoint discounts in the funds’ advisory fee structure and CRMC’s sharing of potential economies of scale, or efficiencies, through breakpoints and other fee reductions and costs voluntarily absorbed. The board and the committee concluded that each fund’s advisory fee structure reflected a reasonable sharing of benefits between CRMC and the funds’ shareholders.

American Funds Insurance Series 355

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356 American Funds Insurance Series

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American Funds Insurance Series 357

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358 American Funds Insurance Series

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American Funds Insurance Series 359

Office of the series

333 South Hope Street

Los Angeles, CA 90071-1406

Investment adviser

Capital Research and Management Company

333 South Hope Street

Los Angeles, CA 90071-1406

Investment subadviser

Milliman Financial Risk Management LLC

(Managed Risk Funds only)

71 South Wacker Drive, 31st Floor

Chicago, IL 60606-4637

Custodian of assets

State Street Bank and Trust Company

One Lincoln Street

Boston, MA 02111-2900

Counsel

Morgan, Lewis & Bockius LLP

One Federal Street

Boston, MA 02110-1726

Independent registered public accounting firm

PricewaterhouseCoopers LLP

601 South Figueroa Street

Los Angeles, CA 90017-3874

360 American Funds Insurance Series

Investors should carefully consider investment objectives, risks, charges and expenses. This and other important information is contained in the series prospectuses and summary prospectuses, which can be obtained from your financial professional and should be read carefully before investing. You may also call American Funds Service Company (AFS) at (800) 421-4225 or visit the Capital Group website at capitalgroup.com/afis.

“American Funds Proxy Voting Procedures and Principles” — which describes how we vote proxies relating to portfolio securities — is available on the Capital Group website or upon request by calling AFS. The series files its proxy voting record with the U.S. Securities and Exchange Commission (SEC) for the 12 months ended June 30 by August 31. The proxy voting record is available free of charge on the SEC website at sec.gov and on the Capital Group website.

American Funds Insurance Series files a complete list of its portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form NPORT-P. This filing is available free of charge on the SEC website and on 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 September 30, 2022, this report must be accompanied by a statistical update for the most recently completed calendar quarter.

Fund attribution data was produced using FactSet, a third-party software system, based on daily portfolios. Securities in their initial period of acquisition may not be included in this analysis. The analysis includes equity investments only and excludes forward contracts and fixed income investments, if applicable. It does not account for buy-and-sell transactions that might have occurred intraday. As a result, average portfolio weight percentages are approximate, and the actual average portfolio weight percentages might be higher or lower. Data elements, such as pricing, income, market cap, etc., were provided by FactSet. The indexes provided for attribution are based on FactSet’s methodology. The indexes are broad-based market benchmarks and may not be used by Capital Group® as the sole comparative index for the funds. Capital Group believes the software and information from FactSet to be reliable. However, Capital Group cannot be responsible for inaccuracies, incomplete information or updating of information by FactSet.

Hedge instruments, including exchange-traded futures contracts and exchange-traded put options, may not provide an effective hedge of the underlying securities because changes in the prices of such instruments may not track those of the securities they are intended to hedge. In addition, the managed risk strategy may not effectively protect the funds from market declines and will limit the funds’ participation in market gains. The use of the managed risk strategy could cause the funds’ returns to lag those of the underlying funds in certain market conditions.

BLOOMBERG^® is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively “Bloomberg”). Bloomberg or Bloomberg’s licensors own all proprietary rights in the Bloomberg Indices. Neither Bloomberg nor Bloomberg’s licensors approves or endorses this material, or guarantees the accuracy or completeness of any information herein, or makes any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith. MSCI has not approved, reviewed or produced this report, makes no express or implied warranties or representations and is not liable whatsoever for any data in the report. You may not redistribute the MSCI data or use it as a basis for other indices or investment products. The S&P 500 is a product of S&P Dow Jones Indices LLC and/or its affiliates and has been licensed for use by Capital Group. Copyright © 2022 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

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

The Capital System

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

American Funds Insurance Series’ superior outcomes

American Funds Insurance Series equity funds have beaten their comparable Lipper indexes in 89% of 10-year periods and 100% of 20-year periods.² Our fixed income funds have helped investors achieve diversification through attention to correlation between bonds and equities.³ We strive to keep management fees competitive. Over the past 20 years, most funds’ fees have been below industry averages.⁴

1	Portfolio manager experience as of the American Funds Insurance Series prospectus dated May 1, 2022.
2	Based on Class 1 share results for rolling calendar-year periods starting the first full calendar year after each fund’s inception through December 31, 2021. Periods covered are the shorter of the fund’s lifetime or since the inception date of the comparable Lipper index or average. The comparable Lipper indexes are: Capital World Funds Index (Global Growth Fund, Capital World Growth and Income Fund), Growth Funds Index (Growth Fund), International Funds Index (International Fund), Emerging Markets Funds Index (New World Fund), Growth & Income Funds Index (Washington Mutual Investors Fund, Growth and Income Fund) and Balanced Funds Index (Asset Allocation Fund). The Lipper Global Small-/Mid-Cap Funds Average was used for Global Small Capitalization Fund. Lipper source: Refinitiv Lipper. There have been periods when the fund has lagged the index.
3	Based on Class 1 share results as of December 31, 2021. Three of our five fixed income funds showed a three-year correlation below 0.3. Standard & Poor’s 500 Index was used as an equity market proxy. Correlation based on monthly total returns. Correlation is a statistical measure of how two securities move in relation to each other. A correlation ranges from –1 to 1. A positive correlation close to 1 implies that as one security moves, either up or down, the other security will move in “lockstep,” in the same direction. A negative correlation close to –1 indicates that the securities have moved in the opposite direction.
4	Based on management fees for the 20-year period ended December 31, 2021, versus comparable Lipper categories, excluding funds of funds.

All Capital Group trademarks mentioned are owned by The Capital Group Companies, Inc., an affiliated company or fund. All other company and product names mentioned are the property of their respective companies.

(b) Not applicable to this filing.

Item 2. Code of Ethics.

Not applicable to this filing.

Item 3. Audit Committee Financial Expert.

Not applicable to this filing.

Item 4. Principal Accountant Fees and Services.

Not applicable to this filing.

Item 5. Audit Committee of Listed Registrants.

Not applicable to this filing.

Item 6. Investments.

(a) Please see portfolio of investments contained in the Reports to Stockholders included under Item 1 of this form N-CSR.

(b) Not applicable to this filing.

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

Not applicable to this filing.

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

Not applicable to this filing.

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

Not applicable to this filing.

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

Not applicable to this filing.

Item 11. Controls and Procedures.

(a) The Registrant’s Principal Executive Officer and Principal Financial Officer have concluded that the Registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”) (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of this Form N-CSR, to provide reasonable assurance that the information required to be disclosed by the Registrant on Form N-CSR is recorded, processed, summarized, and reported within the time periods specified in the SEC’s rules and forms, based on their evaluation of these disclosure controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934 (17 CFR 240.13a-15(b) or 240.15d-15(b)).

(b) There were no changes in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d))) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies

Not applicable to this filing.

Item 13. Exhibits.

(a)(1) Code of Ethics (Item 2) is not applicable to this filing.

(a)(2) Certifications of the Principal Executive Officer and Principal Financial Officer of the Registrant as required by Rule 30a-2(a) under the 1940 Act (17 CFR 270.30a-2(a)) are attached hereto as Exhibit 99CERT.

(a)(3) Not applicable to this filing.

(a)(4) Not applicable to this filing.

(b)(1) Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 as required by Rule 30a-2(b), under the 1940 Act (17 CFR 270.30a-2(b)), Rule 15d-14(b) under the Securities Exchange Act of 1934 (17 CFR 240.15d-14(b)) and Section 1350 of Chapter 63 of Title 18 of the United States Code (18 U.S.C. 1350) are attached hereto as Exhibit 99.906CERT.

(b)(2) Certifications pursuant to Sections 302 and 906 of the Sarbanes-Oxley Act of 2002 as required by Rule 30a-2, under the 1940 Act (17 CFR 270.30a-2), and, as applicable, Rule 15d-14(b) under the Securities Exchange Act of 1934 (17 CFR 240.15d-14(b)) and Section 1350 of Chapter 63 of Title 18 of the United States Code (18 U.S.C. 1350) are attached hereto as Exhibit 99.906CERT.

SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
(Registrant)		MML Series Investment Fund
By (Signature and Title)		/s/ Paul LaPiana
		Paul LaPiana, President and Principal Executive Officer
Date	8/23/2022
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 (Signature and Title)		/s/ Paul LaPiana
		Paul LaPiana, President and Principal Executive Officer
Date	8/23/2022
By (Signature and Title)		/s/ Renee Hitchcock
		Renée Hitchcock, Treasurer and Principal Financial Officer
Date	8/23/2022