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: 811-03857
American Funds Insurance Series
(Exact Name of Registrant as Specified in Charter)
333 South Hope Street
Los Angeles, California 90071
(Address of Principal Executive Offices)
Registrant's telephone number, including area code: (949) 975-5000
Date of fiscal year end: December 31
Date of reporting period: December 31, 2021
Gregory F. Niland
American Funds Insurance Series
5300 Robin Hood Road
Norfolk, Virginia 23513
(Name and Address of Agent for Service)
ITEM 1 – Reports to Stockholders
American Funds
Annual report |
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. Futures may not provide an effective hedge of the underlying securities because changes in the prices of futures may not track those of the securities they are intended to hedge. In addition, the managed risk strategy may not effectively protect the funds from market declines and will limit the funds’ participation in market gains. The use of the managed risk strategy could cause the funds’ returns to lag those of the applicable underlying funds in certain rising market conditions. Refer to the funds’ prospectuses and the Risk Factors section of this report for more information on these and other risks associated with investing in the funds.
Investments are not FDIC-insured, nor are they deposits of or guaranteed by a bank or any other entity, so they may lose value.
Contents
1 | Letter to investors |
4 | Fund reviews |
Investment portfolios | |
46 | Global Growth Fund |
50 | Global Small Capitalization Fund |
58 | Growth Fund |
65 | International Fund |
71 | New World Fund® |
84 | Washington Mutual Investors FundSM |
89 | Capital World Growth and Income Fund® |
98 | Growth-Income Fund |
104 | International Growth and Income Fund |
110 | Capital Income Builder® |
125 | Asset Allocation Fund |
155 | Global Balanced Fund |
169 | The Bond Fund of America® |
195 | Capital World Bond Fund® |
216 | American High-Income Trust® |
235 | American Funds Mortgage Fund® |
243 | Ultra-Short Bond Fund |
245 | U.S. Government Securities Fund® |
253 | Managed Risk Growth Fund |
255 | Managed Risk International Fund |
257 | Managed Risk Washington Mutual Investors Fund |
259 | Managed Risk Growth-Income Fund |
261 | Managed Risk Asset Allocation Fund |
263 | Financial statements |
Fellow investors:
Global stocks rallied for the third year in a row, rising 18.54% as measured by the MSCI ACWI (All Country World Index).1,2 Market optimism due to massive government stimulus measures and pent-up consumer demand was tempered at times by worries about rising inflation, higher interest rates and the spread of coronavirus variants. Energy stocks generated the largest returns, rising more than 40% as oil prices rebounded from the pandemic lows of 2020. Information technology stocks also posted impressive gains, rising nearly 30%. All major sectors enjoyed positive returns but some traditionally defensive sectors, including utilities and consumer staples, trailed significantly behind the overall market gains.
U.S. equities surged as the COVID-19 vaccine rollout helped businesses and the economy rebound from lockdowns in 2020, with an increase of 26.67% recorded by the MSCI USA Index.1,3 Strong corporate earnings and accommodative fiscal and monetary policies supported markets with relatively low volatility. Massive stimulus measures helped boost market confidence. A $1.9 trillion coronavirus relief package signed by President Biden in March included direct payments of up to $1,400 to individuals, the extension of an unemployment insurance supplement and an expansion of the child tax credit. Most U.S. fixed income markets were slightly down as investors digested higher inflation and prospects for tighter monetary policy. The 10-year U.S. Treasury yield increased 59 basis points to 1.51%.
European stocks rallied for some of the same reasons, though not as strongly as the U.S. All sectors registered positive gains for the year, supported by pent-up consumer demand and a strong rebound in manufacturing activity. Overall, the MSCI Europe Index rose 16.30%.1,4 Elsewhere among developed markets, Japanese equities lagged developed markets, weighed down by supply chain disruptions and the economic impact of COVID-19. The MSCI Japan Index1,5 rose 1.71% in U.S. dollar terms, held back partly by the weaker yen. The Japanese currency, which declined 10% against the U.S. dollar, lost appeal amid rising yields in the U.S. and Europe.
Emerging markets stocks posted their weakest return since 2018, undercut by China’s economic slowdown and increased government intervention in the private sector. Overall, the MSCI Emerging Markets Investable Market Index finished essentially flat for the year.1,6 In China, a government crackdown in the technology, education and online gaming sectors led to a sweeping selloff.
All market returns referenced in this report are unmanaged and, therefore, have no expenses. Investors cannot invest directly in an index. Country returns are based on MSCI indexes, which reflect reinvestment of distributions and dividends net of withholding taxes, except for the MSCI USA Index, which reflects dividends gross of withholding taxes. Source: MSCI.
1 | Source: MSCI. |
2 | The MSCI ACWI is a free float-adjusted market capitalization-weighted index that is designed to measure equity market results in the global developed and emerging markets, consisting of more than 40 developed and emerging market country indexes. Results reflect dividends gross of withholding taxes through December 31, 2000, and dividends net of withholding taxes thereafter. |
3 | The MSCI USA Index is a free float-adjusted, market capitalization-weighted index that is designed to measure the U.S. portion of the world market. Results reflect dividends net of withholding taxes. |
4 | MSCI Europe Index is a free float-adjusted market capitalization-weighted index that is designed to measure results of more than 10 developed equity markets in Europe. Results reflect dividends net of withholding taxes. |
5 | MSCI Japan Index is a free float-adjusted market capitalization-weighted index that is designed to measure the equity market results of Japan. Results reflect dividends net of withholding taxes. |
6 | MSCI Emerging Markets Investable Market Index (IMI) is a free float-adjusted market capitalization weighted index that is designed to measure results of the large-, mid-, and small-capitalization segments of more than 20 emerging equity markets. Results reflect dividends net of withholding taxes. |
American Funds Insurance Series | 1 |
Meanwhile, China’s economy decelerated amid a broad policy attempt to promote equality and stability, known as common prosperity.
Government bonds declined in the face of soaring inflation. U.S. Treasuries lost more than 2% while investment-grade corporates fell about 1%. Late in the year, central banks around the world started taking steps to tighten monetary policy, including the U.S. Federal Reserve, the European Central Bank and the Bank of England. Meanwhile, high-yield and inflation-protected bonds rallied. The Bloomberg U.S. Corporate Investment Grade Index7,8 lost 1.04% and the Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index7,9 gained 5.26%. More broadly, the Bloomberg Global Aggregate Index7,10 was down 4.71%, while the Bloomberg U.S. Aggregate Index7,11 declined 1.54%. The J.P. Morgan Emerging Markets Bond Index – Global12 was down 1.51%.
In foreign exchange markets, a strong U.S. dollar continued to get stronger, particularly as the Fed indicated it might raise interest rates three times in 2022. For the year, the dollar posted significant gains against the euro, the yen and most other currencies.
Looking ahead
The future path for stocks remains difficult to anticipate, as always. Investors are counting on the economic recovery to continue, as vaccines and natural immunity reduce the impact of the coronavirus. Earnings growth will likely remain strong. Investors would also like to see a continuation of supportive fiscal and monetary policies from the government. This latter point has been thrown into question recently, as inflation experienced its largest 12-month increase in decades (nearly 7% as of November 30). In response, the Fed has said it will be as active as necessary to combat inflation that is not transitory, including by raising interest rates numerous times. A moderate rise in rates likely will be digested just fine, but if rates rise too much, we would expect to see a meaningful drop in valuation, particularly among high-multiple growth stocks that have done so well for a number of years now. Given our long investment horizon, we will continue to focus on finding those companies with the best fundamentals and the best risk versus return trade-offs, and remain confident that we will find plenty of attractive securities in this environment. If volatility rises in the coming year, we will remain committed to our process and look for opportunities.
Our time-tested process is based on extensive research, a long-term outlook and close attention to valuation, and has served investors well over time. As always, we thank you for your continued support of our efforts and we look forward to reporting to you again in six months.
Sincerely,
Donald D. O’Neal
Co-President
Alan N. Berro
Co-President
February 14, 2022
7 | Source: Bloomberg Index Services Ltd. |
8 | Bloomberg U.S. Corporate Investment Grade Index represents the universe of investment grade, publicly issued U.S. corporate and specified foreign debentures and secured notes that meet the specified maturity, liquidity, and quality requirements. |
9 | 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%. |
10 | Bloomberg Global Aggregate Index represents the global investment-grade fixed income markets. |
11 | Bloomberg U.S. Aggregate Index represents the U.S. investment-grade fixed-rate bond market. |
12 | JP Morgan Emerging Markets Bond Index – Global tracks total returns for U.S. dollar-denominated debt instruments issued by emerging markets sovereign and quasi-sovereign entities, including Brady bonds, loans and Eurobonds. |
2 | American Funds Insurance Series |
About the series
Unless otherwise indicated, American Funds Insurance Series investment results are for Class 1 shares (Class P1 shares for managed risk funds). Class 1A shares began operations on January 6, 2017. Class 2 shares began operations on April 30, 1997. Class 3 shares began operations on January 16, 2004. Class 4 shares began operations on December 14, 2012. Results encompassing periods prior to those dates assume a hypothetical investment in Class 1 shares and include the deduction of additional annual expenses (0.25% for Class 1A shares, 0.25% for Class 2 shares, 0.18% for Class 3 shares and 0.50% for Class 4 shares).
The variable annuities and life insurance contracts that use the series’ funds contain certain fees and expenses not reflected in this report. Investment results assume all distributions are reinvested and reflect applicable fees and expenses. When applicable, 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 New World Fund, Washington Mutual Investors Fund, Capital World Growth and Income Fund, International Growth and Income Fund, Capital Income Builder, The Bond Fund of America, Capital World Bond Fund, American High-Income Trust, American Funds Mortgage Fund and U.S. Government Securities Fund. This waiver will be in effect through at least May 1, 2022, for all funds except International Growth and Income Fund, which will be in effect through at least December 1, 2022. The waiver may only be modified or terminated with the approval of the series’ board. Applicable fund results shown reflect the waivers, without which results would have been lower. Refer to the Financial Highlights tables in this report for details.
For the managed risk funds, the investment adviser is currently waiving a portion of its management fee equal to 0.05% of each fund’s net assets. In addition, the investment adviser is currently reimbursing a portion of other expenses for Managed Risk International Fund and Managed Risk Washington Mutual Investors Fund. The waivers and reimbursements will be in effect through at least May 1, 2022, unless modified or terminated by the series’ board. After that time, the investment adviser may elect to extend, modify or terminate the reimbursements. The waivers may only be modified or terminated with the approval of the series’ board. Applicable fund results shown reflect the waivers and reimbursements, without which results would have been lower. 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 FundSM and American Funds Insurance Series – The Bond Fund of AmericaSM. The Managed Risk International Fund pursues its objective by investing in shares of American Funds Insurance Series – International FundSM and American Funds Insurance Series – The Bond Fund of AmericaSM. The Managed Risk Washington Mutual Investors Fund pursues its objective by investing in shares of American Funds Insurance Series – Washington Mutual Investors FundSM and American Funds Insurance Series – U.S. Government Securities FundSM. The Managed Risk Growth-Income Fund pursues its objective by investing in shares of American Funds Insurance Series – Growth-Income FundSM and American Funds Insurance Series – The Bond Fund of AmericaSM. The Managed Risk Asset Allocation Fund pursues its objective by investing in shares of American Funds Insurance Series – Asset Allocation FundSM. The funds seek to manage portfolio volatility and provide downside protection, primarily through the use of exchange-traded futures. The benefit of the funds’ managed risk strategy should be most apparent during periods of high volatility and in down markets. In steady or rising markets, the funds’ results can be expected to lag those of the underlying fund.
Funds are listed in the report as follows: equity, balanced, fixed income and managed risk.
American Funds Insurance Series | 3 |
Global Growth Fund
Fund results shown are for past periods and are not predictive of results for future periods. Current and future results may be lower or higher than those shown. Prices and returns will vary, so investors may lose money. Investing for short periods makes losses more likely. For current information and month-end results, visit capitalgroup.com/afis. For information about your insurance contract and month-end results, go to the website of the company that issued your contract.
Global Growth Fund advanced 16.72% for the 12 months ended December 31, 2021, compared with an 18.54% increase in its benchmark index, MSCI ACWI (All Country World Index),1 a free float-adjusted market capitalization-weighted index that is designed to measure equity market results in the global developed and emerging markets, consisting of more than 40 developed and emerging market country indexes.
Global stocks rallied for the third year in a row, boosted by massive government stimulus measures and pent-up consumer demand. Market gains were tempered at times by worries about rising inflation, higher interest rates and the spread of coronavirus variants. U.S. equities surged to new record highs as the COVID-19 vaccine rollout helped businesses and the economy rebound from lockdowns in 2020. European stocks rallied as widespread vaccine rollouts and massive government stimulus measures helped lift the eurozone economy out of a pandemic-induced downturn. Emerging markets stocks posted their weakest return since 2018, undercut by China’s economic slowdown and increased government intervention in the private sector.
Stock selection within the health care sector was the top driver of additive returns. Compared to the index, weightings in information technology sector firms ASML and Microsoft benefitted the fund and were among its top contributors to relative returns. The biggest drag on relative returns was PayPal, also in the information technology sector, where returns lagged the market for the year.
On a geographic basis, stocks of companies domiciled in the Netherlands and Japan were among the top contributors to results, while stocks of companies based in Hong Kong and the United States were among the top detractors.
The fund’s portfolio managers are optimistic they will continue to find good companies globally that offer high quality products and services, and whose values are not yet fully reflected in their share prices.
4 | American Funds Insurance Series |
Global Growth Fund (continued)
How a hypothetical $10,000 investment has grown
Total returns based on a $1,000 investment
For periods ended December 31, 20212
1 year | 5 years | 10 years | Lifetime (since April 30, 1997) | Gross expense ratio | Net expense ratio | |||||||||||||||||||
Class 1 | 16.72 | % | 20.00 | % | 15.95 | % | 11.24 | % | .55 | % | .42 | % | ||||||||||||
Class 1A | 16.45 | 19.71 | 15.67 | 10.96 | .80 | .67 | ||||||||||||||||||
Class 2 | 16.42 | 19.70 | 15.66 | 10.96 | .80 | .67 | ||||||||||||||||||
Class 4 | 16.14 | 19.39 | 15.41 | 10.70 | 1.05 | .92 |
Investment results assume all distributions are reinvested and reflect applicable fees and expenses. The investment adviser intends to waive a portion of its management fees beginning May 1, 2022. 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 series’ board. When applicable, results reflect fee waivers and/or expense reimbursements, without which they would have been lower. Visit capitalgroup.com/afis for more information. Expense ratios are as of the fund’s prospectus dated May 1, 2022 (unaudited). Refer to the Financial Highlights table in this report for details.
Any market index shown is unmanaged and, therefore, has no expenses. Investors cannot invest directly in an index.
1 | Source: MSCI. The MSCI index result reflects dividends net of withholding taxes and reinvestment of distributions. |
2 | Periods greater than one year are annualized. |
Where the fund’s assets were invested as of December 31, 2021 | Percent of net assets |
American Funds Insurance Series | 5 |
Global Small Capitalization Fund
Fund results shown are for past periods and are not predictive of results for future periods. Current and future results may be lower or higher than those shown. Prices and returns will vary, so investors may lose money. Investing for short periods makes losses more likely. For current information and month-end results, visit capitalgroup.com/afis. For information about your insurance contract and month-end results, go to the website of the company that issued your contract.
Global Small Capitalization Fund increased 6.98% for the 12 months ended December 31, 2021. Its benchmark, the MSCI All Country World Small Cap Index,1 a free float-adjusted market capitalization-weighted index designed to measure equity market results of smaller capitalization companies in both developed and emerging markets, gained 16.10%.
Global stocks rallied for the third year in a row, boosted by massive government stimulus measures and pent-up consumer demand. Market gains were tempered at times by worries about rising inflation, higher interest rates and the spread of coronavirus variants. U.S. equities surged to new record highs as the COVID-19 vaccine rollout helped businesses and the economy rebound from lockdowns in 2020. European stocks rallied as widespread vaccine rollouts and massive government stimulus measures helped lift the eurozone economy out of a pandemic-induced downturn. Emerging markets stocks posted their weakest return since 2018, undercut by China’s economic slowdown and increased government intervention in the private sector.
Stock selection in the utilities sector contributed the most to relative returns. An investment in health care sector firm GW Pharmaceuticals was among the fund’s top individual contributors over the period, as the stock widely outpaced the broader market. On the downside, health care company Haemonetics lagged the broader market and the fund’s holdings in its stock detracted from returns.
Investments in companies domiciled in India and Taiwan were overall additive to returns, while investments in those domiciled in China and the United States were detractors, overall.
The fund’s portfolio managers continue to seek investment opportunities in undervalued companies that have the potential to change industries and benefit shareholders. The fund is supported by an unparalleled global research effort that carefully selects each holding based on careful analysis of companies and substantial interactions with their managements, suppliers and customers. As always, we maintain our commitment to investing for the long term.
6 | American Funds Insurance Series |
Global Small Capitalization Fund (continued)
How a hypothetical $10,000 investment has grown
Total returns based on a $1,000 investment
For periods ended December 31, 20212
1 year | 5 years | 10 years | Lifetime (since April 30, 1998) | Gross expense ratio | Net expense ratio | |||||||||||||||||||
Class 1 | 6.98 | % | 15.74 | % | 12.79 | % | 10.37 | % | .74 | % | .65 | % | ||||||||||||
Class 1A | 6.73 | 15.47 | 12.52 | 10.10 | .99 | .90 | ||||||||||||||||||
Class 2 | 6.74 | 15.45 | 12.51 | 10.10 | .99 | .90 | ||||||||||||||||||
Class 4 | 6.43 | 15.16 | 12.24 | 9.83 | 1.24 | 1.15 |
Investment results assume all distributions are reinvested and reflect applicable fees and expenses. The investment adviser intends to waive a portion of its management fees beginning May 1, 2022. 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 series’ board. When applicable, results reflect fee waivers and/or expense reimbursements, without which they would have been lower. Visit capitalgroup.com/afis for more information. Expense ratios are as of the fund’s prospectus dated May 1, 2022 (unaudited). Refer to the Financial Highlights table in this report for details.
Any market index shown is unmanaged and, therefore, has no expenses. Investors cannot invest directly in an index.
1 | Source: MSCI. The MSCI index results reflect dividends net of withholding taxes and reinvestment of distributions. |
2 | Periods greater than one year are annualized. |
Where the fund’s assets were invested as of December 31, 2021 | Percent of net assets |
American Funds Insurance Series | 7 |
Growth Fund
Fund results shown are for past periods and are not predictive of results for future periods. Current and future results may be lower or higher than those shown. Prices and returns will vary, so investors may lose money. Investing for short periods makes losses more likely. For current information and month-end results, visit capitalgroup.com/afis. For information about your insurance contract and month-end results, go to the website of the company that issued your contract.
Growth Fund gained 22.30% for the 12 months ended December 31, 2021, compared with a 28.71% increase in its benchmark index, Standard & Poor’s 500 Composite Index,1 a market capitalization-weighted index based on the results of approximately 500 widely held common stocks.
U.S. equities surged to new record highs as the COVID-19 vaccine rollout helped businesses and the economy rebound from lockdowns in 2020. Strong corporate earnings and accommodative fiscal and monetary policies supported markets with relatively low volatility. The energy sector soared nearly 55%, rebounding from a more than 33% decline in 2020. Massive stimulus measures helped boost market confidence. A $1.9 trillion coronavirus relief package signed by President Biden in March included direct payments of up to $1,400 to individuals, the extension of an unemployment insurance supplement and an expansion of the child tax credit.
The fund’s top contributors in relative terms were the consumer discretionary and consumer staples sectors. Investments in Tesla and ASML, both of which outpaced the broader market, were additive to relative results. On the downside, an investment in RingCentral and a lower-than-benchmark position in Nvidia, which outpaced the market, detracted from relative returns.
As both the pandemic and economic growth continue, portfolio managers and analysts are considering whether shortages of supplies and labor will continue to drive both prices and interest rates higher. For growth companies in this environment, the bigger the disconnect between sales and cash flow growth, the more vulnerable the securities. The fund’s managers and research team will continue to appraise this economic environment in search of attractive opportunities for capital appreciation.
8 | American Funds Insurance Series |
Growth Fund (continued)
How a hypothetical $10,000 investment has grown
Total returns based on a $1,000 investment
For periods ended December 31, 20212
1 year | 5 years | 10 years | Lifetime (since February 8, 1984) | Expense ratio | ||||||||||||||||
Class 1 | 22.30 | % | 25.75 | % | 20.01 | % | 14.06 | % | .35 | % | ||||||||||
Class 1A | 21.97 | 25.45 | 19.72 | 13.78 | .60 | |||||||||||||||
Class 2 | 21.97 | 25.43 | 19.71 | 13.78 | .60 | |||||||||||||||
Class 3 | 22.07 | 25.52 | 19.80 | 13.86 | .53 | |||||||||||||||
Class 4 | 21.69 | 25.12 | 19.44 | 13.50 | .85 |
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. Expense ratios are as of the fund’s prospectus dated May 1, 2022 (unaudited). Refer to the Financial Highlights table in this report for details.
Any market index shown is unmanaged and, therefore, has no expenses. Investors cannot invest directly in an index.
1 | Source: S&P Dow Jones Indices LLC. |
2 | Periods greater than one year are annualized. |
Where the fund’s assets were invested as of December 31, 2021 | Percent of net assets |
American Funds Insurance Series | 9 |
International Fund
Fund results shown are for past periods and are not predictive of results for future periods. Current and future results may be lower or higher than those shown. Prices and returns will vary, so investors may lose money. Investing for short periods makes losses more likely. For current information and month-end results, visit capitalgroup.com/afis. For information about your insurance contract and month-end results, go to the website of the company that issued your contract.
International Fund declined 1.23% for the 12 months ended December 31, 2021. Its benchmark index, MSCI ACWI (All Country World Index) ex USA,1 a free float-adjusted market capitalization-weighted index that is designed to measure equity market results in the global developed and emerging markets (consisting of more than 40 developed and emerging market country indexes, excluding the U.S.), gained 7.82%.
Global stocks rallied for the third year in a row, boosted by massive government stimulus measures and pent-up consumer demand. Market gains were tempered at times by worries about rising inflation, higher interest rates and the spread of coronavirus variants. U.S. equities surged to new record highs as the COVID-19 vaccine rollout helped businesses and the economy rebound from lockdowns in 2020. European stocks rallied as widespread vaccine rollouts and massive government stimulus measures helped lift the eurozone economy out of a pandemic-induced downturn. Emerging markets stocks posted their weakest return since 2018, undercut by China’s economic slowdown and increased government intervention in the private sector.
Regarding the fund, investments in the energy and utilities sectors boosted relative returns. Within individual securities, a higher-than-index position in ABN AMRO Bank was additive to returns as the stock outpaced the wider market. On the downside, some investments within the health care and financials sectors hindered relative returns. Among individual securities, Brazilian cloud technology platform StoneCo was a top detractor as its stock lagged the broader market.
Looking ahead, economic growth prospects are strong, particularly in developed markets, despite the continued rise in infection rates of COVID-19 led by the omicron variant. Fund managers note that while emerging markets were hit hard during the pandemic, the worst may be behind them, and economic recovery seems to be progressing well. Counter-balancing optimism for a global economic recovery is the potential for a further rise in inflation, which may dampen the real returns of financial assets. Given this backdrop, the portfolio managers have different views about how to position their portfolios, but as always, within the context of fundamental research behind each decision.
10 | American Funds Insurance Series |
International Fund (continued)
How a hypothetical $10,000 investment has grown
Total returns based on a $1,000 investment
For periods ended December 31, 20212
1 year | 5 years | 10 years | Lifetime (since May 1, 1990) | Expense ratio | ||||||||||||||||
Class 1 | –1.23 | % | 9.91 | % | 8.40 | % | 8.08 | % | .55 | % | ||||||||||
Class 1A | –1.47 | 9.64 | 8.14 | 7.81 | .80 | |||||||||||||||
Class 2 | –1.49 | 9.63 | 8.13 | 7.81 | .80 | |||||||||||||||
Class 3 | –1.39 | 9.71 | 8.20 | 7.89 | .73 | |||||||||||||||
Class 4 | –1.71 | 9.37 | 7.88 | 7.55 | 1.05 |
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. Expense ratios are as of the fund’s prospectus dated May 1, 2022 (unaudited). Refer to the Financial Highlights table in this report for details.
Any market index shown is unmanaged and, therefore, has no expenses. Investors cannot invest directly in an index.
1 | Source: MSCI. The MSCI index result reflects dividends net of withholding taxes and reinvestment of distributions. |
2 | Periods greater than one year are annualized. |
Where the fund’s assets were invested as of December 31, 2021 | Percent of net assets |
American Funds Insurance Series | 11 |
New World Fund®
Fund results shown are for past periods and are not predictive of results for future periods. Current and future results may be lower or higher than those shown. Prices and returns will vary, so investors may lose money. Investing for short periods makes losses more likely. For current information and month-end results, visit capitalgroup.com/afis. For information about your insurance contract and month-end results, go to the website of the company that issued your contract.
New World Fund was up 5.16% for the 12 months ended December 31, 2021. Its benchmark index, the MSCI ACWI (All Country World Index),1 a free float-adjusted market capitalization-weighted index that is designed to measure equity market results in the global developed and emerging markets (consisting of more than 40 developed and emerging market country indexes), was up 18.54%. The MSCI Emerging Markets (EM) Index,1 a free float-adjusted market capitalization-weighted index that is designed to measure equity market results in the global emerging markets (consisting of more than 20 emerging market country indexes), declined by 2.54%.
Global stocks rallied for the third year in a row, boosted by massive government stimulus measures and pent-up consumer demand. Market optimism was tempered at times by worries about rising inflation, higher interest rates and the spread of coronavirus variants. U.S. equities surged to new record highs as the COVID-19 vaccine rollout helped businesses and the economy rebound from lockdowns in 2020. European stocks rallied as widespread vaccine rollouts and massive government stimulus measures helped lift the eurozone economy out of a pandemic-induced downturn. Emerging markets stocks posted their weakest return since 2018, undercut by China’s economic slowdown and increased government intervention in the private sector.
Stock selection within the materials sector was beneficial to the fund. Taiwan-based technology firm Silergy was a top contributor, with its stock sharply outpacing the broader market. On the downside, stock selection within the financials and information technology sectors were the largest detractors from relative returns. Among individual security selection, a position in Brazil-based payments firm PagSeguro was a top detractor.
The fund’s portfolio managers remain focused on companies that could benefit from broader secular trends in emerging markets. These include a mix of faster growing companies in digital-oriented industries and those companies with dominant market positions and pricing power.
12 | American Funds Insurance Series |
New World Fund® (continued)
How a hypothetical $10,000 investment has grown
Total returns based on a $1,000 investment
For periods ended December 31, 20212
1 year | 5 years | 10 years | Lifetime (since June 17, 1999) | Gross expense ratio | Net expense ratio | |||||||||||||||||||
Class 1 | 5.16 | % | 13.53 | % | 8.94 | % | 8.98 | % | .74 | % | .57 | % | ||||||||||||
Class 1A | 4.90 | 13.25 | 8.67 | 8.71 | .99 | .82 | ||||||||||||||||||
Class 2 | 4.92 | 13.25 | 8.67 | 8.71 | .99 | .82 | ||||||||||||||||||
Class 4 | 4.63 | 12.96 | 8.41 | 8.44 | 1.24 | 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, 2022. The waiver may only be modified or terminated with the approval of the series’ board. When applicable, results reflect fee waivers and/or expense reimbursements, without which they would have been lower. Visit capitalgroup.com/afis for more information. Expense ratios are as of the fund’s prospectus dated May 1, 2022 (unaudited). Refer to the Financial Highlights table in this report for details.
Any market index shown is unmanaged and, therefore, has no expenses. Investors cannot invest directly in an index.
1 | Source: MSCI. The MSCI index result reflects dividends net of withholding taxes and reinvestment of distributions. |
2 | Periods greater than one year are annualized. |
Where the fund’s assets were invested as of December 31, 2021 | Percent of net assets |
American Funds Insurance Series | 13 |
Washington Mutual Investors FundSM
Fund results shown are for past periods and are not predictive of results for future periods. Current and future results may be lower or higher than those shown. Prices and returns will vary, so investors may lose money. Investing for short periods makes losses more likely. For current information and month-end results, visit capitalgroup.com/afis. For information about your insurance contract and month-end results, go to the website of the company that issued your contract.
Washington Mutual Investors Fund gained 28.12% for the 12 months ended December 31, 2021, compared to the 28.71% return of its benchmark index, Standard & Poor’s 500 Composite Index,1 a market capitalization-weighted index based on the results of approximately 500 widely held common stocks.
U.S. equities surged to new record highs as the COVID-19 vaccine rollout helped businesses and the economy rebound from lockdowns in 2020. Strong corporate earnings and accommodative fiscal and monetary policies supported markets with relatively low volatility. The energy sector soared nearly 55%, rebounding from a more than 33% decline in 2020. Massive stimulus measures helped boost market confidence. A $1.9 trillion coronavirus relief package signed by President Biden in March included direct payments of up to $1,400 to individuals, the extension of an unemployment insurance supplement and an expansion of the child tax credit.
Regarding the fund, the energy and health care sectors were top contributors to relative returns. Within individual securities, information technology firm Broadcom was additive to results, with a higher-than-index position and returns that outpaced the broader market. On the downside, investments within the materials sector dragged on results. Among individual securities, media company Comcast hindered fund returns as its stock lagged the broader market.
Looking ahead, the fund’s portfolio managers are keeping a close watch on monetary policy, the path of the pandemic, inflation, and the resulting implications for the U.S. economy. Portfolio managers continue to favor well-managed, high-quality companies that are capable of paying dividends in myriad economic environments. We remain optimistic that this focus, supported by our global research, will help us to identify attractive long-term investment opportunities.
14 | American Funds Insurance Series |
Washington Mutual Investors FundSM (continued)
How a hypothetical $10,000 investment has grown
Total returns based on a $1,000 investment
For periods ended December 31, 20213
1 year | 5 years | 10 years | Lifetime (since July 5, 2001) | Gross expense ratio | Net expense ratio | |||||||||||||||||||
Class 1 | 28.12 | % | 12.79 | % | 14.04 | % | 7.78 | % | .42 | % | .27 | % | ||||||||||||
Class 1A | 27.70 | 12.51 | 13.76 | 7.51 | .67 | .52 | ||||||||||||||||||
Class 2 | 27.78 | 12.50 | 13.75 | 7.50 | .67 | .52 | ||||||||||||||||||
Class 4 | 27.51 | 12.22 | 13.53 | 7.27 | .92 | .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, 2022. The waiver may only be modified or terminated with the approval of the series’ board. When applicable, results reflect fee waivers and/or expense reimbursements, without which they would have been lower. Visit capitalgroup.com/afis for more information. Expense ratios are as of the fund’s prospectus dated May 1, 2022 (unaudited). Refer to the Financial Highlights table in this report for details.
Any market index shown is unmanaged and, therefore, has no expenses. Investors cannot invest directly in an index.
1 | Source: S&P Dow Jones Indices LLC. |
2 | Source: Refinitiv Lipper. Results for the Lipper indexes do not reflect sales charges. Lipper indexes track the largest mutual funds (no more than 30), represented by one share class per fund, in the corresponding Lipper category. |
3 | Periods greater than one year are annualized. |
Where the fund’s assets were invested as of December 31, 2021 | Percent of net assets |
American Funds Insurance Series | 15 |
Capital World Growth and Income Fund®
Fund results shown are for past periods and are not predictive of results for future periods. Current and future results may be lower or higher than those shown. Prices and returns will vary, so investors may lose money. Investing for short periods makes losses more likely. For current information and month-end results, visit capitalgroup.com/afis. For information about your insurance contract and month-end results, go to the website of the company that issued your contract.
Capital World Growth and Income Fund advanced 15.03% for the 12 months ended December 31, 2021, compared with an 18.54% increase in its benchmark index, MSCI ACWI (All Country World Index),1 a free float-adjusted market capitalization-weighted index that is designed to measure equity market results in the global developed and emerging markets, consisting of more than 40 developed and emerging market country indexes.
Global stocks rallied for the third year in a row, boosted by massive government stimulus measures and pent-up consumer demand. Market gains were tempered at times by worries about rising inflation, higher interest rates and the spread of coronavirus variants. U.S. equities surged to new record highs as the COVID-19 vaccine rollout helped businesses and the economy rebound from lockdowns in 2020. European stocks rallied as widespread vaccine rollouts and massive government stimulus measures helped lift the eurozone economy out of a pandemic-induced downturn. Emerging markets stocks posted their weakest return since 2018, undercut by China’s economic slowdown and increased government intervention in the private sector.
The relative results of the information technology sector benefitted from security selection. Semiconductor and wireless company Broadcom was the top contributor to results, with results that outpaced the broader market. On the downside, some investments in the financials sector hindered returns. A smaller-than-index position in Apple, which had strong returns for the year, dragged on relative results.
On a geographical basis, stocks domiciled in Japan and France contributed the most to relative returns, while holdings in Brazil and India dragged.
Looking ahead, strong economic recovery in developed markets followed by emerging markets is likely to lead to earnings and dividend support for stocks. Many of the companies that held back dividends are either reinstating or increasing payouts given the strong earnings backdrop. Against this optimistic scenario, the market is grappling with the prospect of sharply higher inflation, which could dampen real returns of financial assets. The portfolio managers work closely with the economic research team to keep abreast of developments in inflation and other macro-economic factors. But as ever, each portfolio manager endeavors to build the portfolio based on the fundamentals of each company.
16 | American Funds Insurance Series |
Capital World Growth and Income Fund® (continued)
How a hypothetical $10,000 investment has grown
Total returns based on a $1,000 investment
For periods ended December 31, 20212
1 year | 5 years | 10 years | Lifetime (since May 1, 2006) | Gross expense ratio | Net expense ratio | |||||||||||||||||||
Class 1 | 15.03 | % | 13.55 | % | 11.92 | % | 8.11 | % | .63 | % | .42 | % | ||||||||||||
Class 1A | 14.71 | 13.30 | 11.66 | 7.85 | .88 | .67 | ||||||||||||||||||
Class 2 | 14.78 | 13.27 | 11.63 | 7.84 | .88 | .67 | ||||||||||||||||||
Class 4 | 14.46 | 12.99 | 11.39 | 7.59 | 1.13 | .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, 2022. The waiver may only be modified or terminated with the approval of the series’ board. When applicable, results reflect fee waivers and/or expense reimbursements, without which they would have been lower. Visit capitalgroup.com/afis for more information. Expense ratios are as of the fund’s prospectus dated May 1, 2022 (unaudited). Refer to the Financial Highlights table in this report for details.
Any market index shown is unmanaged and, therefore, has no expenses. Investors cannot invest directly in an index.
1 | Source MSCI. The MSCI index result reflects dividends net of withholding taxes and reinvestment of distributions. |
2 | Periods greater than one year are annualized. |
Where the fund’s assets were invested as of December 31, 2021 | Percent of net assets |
American Funds Insurance Series | 17 |
Growth-Income Fund
Fund results shown are for past periods and are not predictive of results for future periods. Current and future results may be lower or higher than those shown. Prices and returns will vary, so investors may lose money. Investing for short periods makes losses more likely. For current information and month-end results, visit capitalgroup.com/afis. For information about your insurance contract and month-end results, go to the website of the company that issued your contract.
Growth-Income Fund gained 24.42% for the 12 months ended December 31, 2021, compared with a 28.71% increase in its benchmark index, Standard & Poor’s 500 Composite Index,1 a market capitalization-weighted index based on the results of approximately 500 widely held common stocks.
U.S. equities surged to new record highs as the COVID-19 vaccine rollout helped businesses and the economy rebound from lockdowns in 2020. Strong corporate earnings and accommodative fiscal and monetary policies supported markets with relatively low volatility. The energy sector soared nearly 55%, rebounding from a more than 33% decline in 2020. Massive stimulus measures helped boost market confidence. A $1.9 trillion coronavirus relief package signed by President Biden in March included direct payments of up to $1,400 to individuals, the extension of an unemployment insurance supplement and an expansion of the child tax credit.
Regarding the fund, investments in the energy and communication services sectors were additive to the fund’s relative returns. Within individual stock selection, a higher-than-index position in information technology firm Broadcom was a top contributor, as the stock outpaced the broader market.
On the downside, information technology and real estate sector investments were a drag on relative returns. An investment in media firm Comcast hindered results as its shares lagged the broader market over the period.
Looking forward, the fund’s portfolio managers are monitoring several crosscurrents in the investing environment. A further reduction in COVID-19 restrictions would be positive for economic activity in 2022. On the other hand, higher inflation is causing the Fed to plan for interest rate hikes, which might bring additional volatility to equity markets. The fund’s portfolio managers and analysts will look for good investments that could generate superior long term returns for shareholders.
18 | American Funds Insurance Series |
Growth-Income Fund (continued)
How a hypothetical $10,000 investment has grown
Total returns based on a $1,000 investment
For periods ended December 31, 20212
1 year | 5 years | 10 years | Lifetime (since February 8, 1984) | Expense ratio | ||||||||||||||||
Class 1 | 24.42 | % | 16.68 | % | 15.70 | % | 11.84 | % | .29 | % | ||||||||||
Class 1A | 24.08 | 16.41 | 15.42 | 11.57 | .54 | |||||||||||||||
Class 2 | 24.10 | 16.39 | 15.42 | 11.57 | .54 | |||||||||||||||
Class 3 | 24.18 | 16.48 | 15.50 | 11.64 | .47 | |||||||||||||||
Class 4 | 23.80 | 16.10 | 15.14 | 11.29 | .79 |
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. Expense ratios are as of the fund’s prospectus dated May 1, 2022 (unaudited). Refer to the Financial Highlights table in this report for details.
Any market index shown is unmanaged and, therefore, has no expenses. Investors cannot invest directly in an index.
1 | Source: S&P Dow Jones Indices LLC. |
2 | Periods greater than one year are annualized. |
Where the fund’s assets were invested as of December 31, 2021 | Percent of net assets |
American Funds Insurance Series | 19 |
International Growth and Income Fund
Fund results shown are for past periods and are not predictive of results for future periods. Current and future results may be lower or higher than those shown. Prices and returns will vary, so investors may lose money. Investing for short periods makes losses more likely. For current information and month-end results, visit capitalgroup.com/afis. For information about your insurance contract and month-end results, go to the website of the company that issued your contract.
International Growth and Income Fund advanced 5.64% for the 12 months ended December 31, 2021, compared with a 7.82% increase in its benchmark index, MSCI ACWI (All Country World Index) ex USA,1 a free float-adjusted market capitalization-weighted index that is designed to measure equity market results in the global developed and emerging markets (consisting of more than 40 developed and emerging market country indexes excluding the U.S.).
Global stocks rallied for the third year in a row, boosted by massive government stimulus measures and pent-up consumer demand. Market optimism was tempered at times by worries about rising inflation, higher interest rates and the spread of coronavirus variants. U.S. equities surged to new record highs as the COVID-19 vaccine rollout helped businesses and the economy rebound from lockdowns in 2020. European stocks rallied as widespread vaccine rollouts and massive government stimulus measures helped lift the eurozone economy out of a pandemic-induced downturn. Emerging markets stocks posted their weakest return since 2018, undercut by China’s economic slowdown and increased government intervention in the private sector.
Regarding the fund, stock selection in the consumer discretionary and consumer staples sectors was additive to relative results. Among individual securities, financials firm ING Groep of the Netherlands was a top contributor, thanks to returns that outpaced the broader market. On the downside, stock selection in the industrials and health care sectors detracted from the fund’s relative returns. An investment in Shanghai International Airport, in the industrials sector, dragged on results.
The fund’s portfolio managers follow global economic and geopolitical uncertainties with an aim to preserve value in any potential market correction while preparing to take advantage of buying opportunities as they arise.
20 | American Funds Insurance Series |
International Growth and Income Fund (continued)
How a hypothetical $10,000 investment has grown
Total returns based on a $1,000 investment
For periods ended December 31, 20212
1 year | 5 years | 10 years | Lifetime (since November 18, 2008) | Gross expense ratio | Net expense ratio | |||||||||||||||||||
Class 1 | 5.64 | % | 9.02 | % | 7.22 | % | 8.80 | % | .75 | % | .53 | % | ||||||||||||
Class 1A | 5.39 | 8.78 | 6.97 | 8.54 | 1.00 | .78 | ||||||||||||||||||
Class 2 | 5.37 | 8.76 | 6.95 | 8.53 | 1.00 | .78 | ||||||||||||||||||
Class 4 | 5.09 | 8.49 | 6.72 | 8.28 | 1.25 | 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 December 1, 2022. The waiver may only be modified or terminated with the approval of the series’ board. When applicable, results reflect fee waivers and/or expense reimbursements, without which they would have been lower. Visit capitalgroup.com/afis for more information. Expense ratios are as of the fund’s prospectus dated May 1, 2022 (unaudited). Refer to the Financial Highlights table in this report for details.
Any market index shown is unmanaged and, therefore, has no expenses. Investors cannot invest directly in an index.
1 | Source: MSCI. The MSCI index result reflects dividends net of withholding taxes and reinvestment of distributions. |
2 | Periods greater than one year are annualized. |
Where the fund’s assets were invested as of December 31, 2021 | Percent of net assets |
American Funds Insurance Series | 21 |
Capital Income Builder®
Fund results shown are for past periods and are not predictive of results for future periods. Current and future results may be lower or higher than those shown. Prices and returns will vary, so investors may lose money. Investing for short periods makes losses more likely. For current information and month-end results, visit capitalgroup.com/afis. For information about your insurance contract and month-end results, go to the website of the company that issued your contract.
Capital Income Builder, which invests in a mix of stocks and bonds, gained 15.31% for the 12 months ended December 31, 2021. During the same period, the index blend of 70%/30% MSCI ACWI (All Country World Index)/Bloomberg U.S. Aggregate Index1 gained 12.25%. The MSCI ACWI,2 a free float-adjusted market capitalization-weighted index that is designed to measure equity market results in the global developed and emerging markets (consisting of more than 40 developed and emerging market country indexes), gained 18.54%. The Bloomberg U.S. Aggregate Index,3 which represents the U.S. investment-grade (rated BBB/Baa and above) fixed-rate bond market, declined 1.54%. The Lipper Global Equity Income Funds Average,4 a measure of similar funds, was up 16.79%.
Global stocks rallied for the third year in a row, boosted by massive government stimulus measures and pent-up consumer demand. Market optimism was at times tempered by worries about rising inflation, higher interest rates and the spread of coronavirus variants. U.S. equities surged to new record highs as the COVID-19 vaccine rollout helped businesses and the economy rebound from lockdowns in 2020. European stocks rallied as widespread vaccine rollouts and massive government stimulus measures helped lift the eurozone economy out of a pandemic-induced downturn. Emerging markets stocks posted their weakest return since 2018, undercut by China’s economic slowdown and increased government intervention in the private sector.
U.S. fixed income markets were mixed as investors digested higher inflation and prospects for tighter monetary policy. The 10-year U.S. Treasury yield increased 59 basis points to 1.51%. Within corporate credit, spreads on high-yield and investment-grade bonds tightened 77 bps and 4 bps, respectively.
In the equity portfolio, the top contributors in relative terms were the consumer discretionary and energy sectors. A higher-than-benchmark position in semiconductor and wireless company Broadcom was a top contributor to relative returns. On the downside, the utilities sector dragged on relative returns. Among the fund’s top individual detractors was its investment in health care firm Amgen, which lagged the broader market.
The fund’s fixed income portfolio added to relative returns, due primarily to duration, sector positioning and security selection.
The fund’s portfolio managers believe there will be ongoing progress toward a post-pandemic reality, despite the emergence of new variants, that will tend toward a normalization of monetary policies. Within this environment and the divergence in performance between the U.S. and global markets, the fund remains well positioned to use its geographic flexibility to pursue opportunities around the world. We believe the fund’s holdings should continue to benefit from the uptick in inflationary pressure, thanks to its exposure to energy and resource stocks. Against this backdrop, we remain loyal to the fund’s objective and optimistic about the dividend-paying companies with growing dividends we have selected for this portfolio through fundamental, bottom-up security selection.
22 | American Funds Insurance Series |
Capital Income Builder® (continued)
How a hypothetical $10,000 investment has grown
Total returns based on a $1,000 investment
For periods ended December 31, 20215
1 year | 5 years | Lifetime (since May 1, 2014) | Gross expense ratio | Net expense ratio | ||||||||||||||||
Class 1 | 15.31 | % | 8.53 | % | 5.89 | % | .52 | % | .27 | % | ||||||||||
Class 1A | 14.95 | 8.25 | 5.62 | .77 | .52 | |||||||||||||||
Class 2 | 14.94 | 8.26 | 5.71 | .77 | .52 | |||||||||||||||
Class 4 | 14.68 | 7.97 | 5.36 | 1.02 | .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, 2022. The waiver may only be modified or terminated with the approval of the series’ board. When applicable, results reflect fee waivers and/or expense reimbursements, without which they would have been lower. Visit capitalgroup.com/afis for more information. Expense ratios are as of the fund’s prospectus dated May 1, 2022 (unaudited). Refer to the Financial Highlights table in this report for details.
Any market index shown is unmanaged and, therefore, has no expenses. Investors cannot invest directly in an index.
1 | Data sources: MSCI and Bloomberg Index Services Ltd. The 70%/30% MSCI ACWI/Bloomberg U.S. Aggregate Index blends the MSCI ACWI (All Country World Index) with the Bloomberg U.S. Aggregate Index by weighting their total returns at 70% and 30%, respectively. Its result assumes the blend is rebalanced monthly. |
2 | Source: MSCI. The MSCI index result reflects dividends net of withholding taxes and reinvestment of distributions. |
3 | Source: Bloomberg Index Services Ltd. |
4 | Source: Refinitiv Lipper. Lipper averages reflect the current composition of all eligible mutual funds (all share classes) within a given category. Lipper categories are dynamic and averages may have few funds, especially over longer periods. To see the number of funds included in the Lipper category for each fund’s lifetime, please see the Quarterly Statistical Update, available on our website. |
5 | Periods greater than one year are annualized. |
Where the fund’s assets were invested as of December 31, 2021 | Percent of net assets |
American Funds Insurance Series | 23 |
Asset Allocation Fund
Fund results shown are for past periods and are not predictive of results for future periods. Current and future results may be lower or higher than those shown. Prices and returns will vary, so investors may lose money. Investing for short periods makes losses more likely. For current information and month-end results, visit capitalgroup.com/afis. For information about your insurance contract and month-end results, go to the website of the company that issued your contract.
Asset Allocation Fund, which is a mix of stocks and bonds, gained 15.40% for the 12 months ended December 31, 2021. During the same period, the index blend of 60%/40% S&P 500 Index/Bloomberg U.S. Aggregate Index1 gained 15.86%. Standard & Poor’s 500 Composite Index,2 a market capitalization-weighted index based on the results of approximately 500 widely held common stocks, was up 28.71%, while the Bloomberg U.S. Aggregate Index,3 which represents the U.S. investment-grade (rated BBB/Baa and above) fixed-rate bond market, declined by 1.54%.
U.S. equities surged to new record highs as the COVID-19 vaccine rollout helped businesses and the economy rebound from lockdowns in 2020. Strong corporate earnings and accommodative fiscal and monetary policies supported markets with relatively low volatility. The energy sector soared nearly 55%, rebounding from a more than 33% decline in 2020. Massive stimulus measures helped boost market confidence. A $1.9 trillion coronavirus relief package signed by President Biden in March included direct payments of up to $1,400 to individuals, the extension of an unemployment insurance supplement and an expansion of the child tax credit.
U.S. fixed income markets were mixed as investors digested higher inflation and prospects for tighter monetary policy. The 10-year U.S. Treasury yield increased 59 basis points to 1.51%. Within corporate credit, spreads on high-yield and investment-grade bonds tightened 77 bps and 4 bps, respectively.
Investments in the financials sector were additive to returns. Positions in Broadcom and ASML, in the information technology sector, were top contributors to relative results with returns that outpaced the general market. On the downside, stock selection in the health care sector dragged on returns, while a smaller-than-index position in Alphabet detracted from relative returns.
The fund’s fixed income investments were additive to relative returns due to sector positioning and security selection.
As ever, the portfolio managers are focused on finding outstanding long-term investment opportunities wherever they are. Perhaps more than ever before given the myriad challenges of the pandemic, Capital’s extensive and in-depth research capabilities help provide multi-faceted and high-quality perspectives on what we believe is happening at the company and industry level.
24 | American Funds Insurance Series |
Asset Allocation Fund (continued)
How a hypothetical $10,000 investment has grown
Total returns based on a $1,000 investment
For periods ended December 31, 20214
1 year | 5 years | 10 years | Lifetime (since August 1, 1989) | Expense ratio | ||||||||||||||||
Class 1 | 15.40 | % | 11.99 | % | 11.60 | % | 8.96 | % | .30 | % | ||||||||||
Class 1A | 15.13 | 11.73 | 11.33 | 8.69 | .55 | |||||||||||||||
Class 2 | 15.10 | 11.71 | 11.33 | 8.69 | .55 | |||||||||||||||
Class 3 | 15.22 | 11.79 | 11.41 | 8.77 | .48 | |||||||||||||||
Class 4 | 14.84 | 11.43 | 11.10 | 8.43 | .80 |
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. Expense ratios are as of the fund’s prospectus dated May 1, 2022 (unaudited). Refer to the Financial Highlights table in this report for details.
Any market index shown is unmanaged and, therefore, has no expenses. Investors cannot invest directly in an index.
1 | Data sources: Bloomberg Index Services Ltd. and S&P Dow Jones Indices LLC. The 60%/40% S&P 500 Index/Bloomberg U.S. Aggregate Index blends the S&P 500 with the Bloomberg U.S. Aggregate Index by weighting their total returns at 60% and 40%, respectively. Its result assumes the blend is rebalanced monthly. |
2 | Source: S&P Dow Jones Indices LLC. |
3 | Source: Bloomberg Index Services Ltd. |
4 | Periods greater than one year are annualized. |
Where the fund’s assets were invested as of December 31, 2021 | Percent of net assets |
American Funds Insurance Series | 25 |
Global Balanced Fund
Fund results shown are for past periods and are not predictive of results for future periods. Current and future results may be lower or higher than those shown. Prices and returns will vary, so investors may lose money. Investing for short periods makes losses more likely. For current information and month-end results, visit capitalgroup.com/afis. For information about your insurance contract and month-end results, go to the website of the company that issued your contract.
Global Balanced Fund gained 11.05% for the 12 months ended December 31, 2021. During the same period, the index blend of 60%/40% MSCI ACWI (All Country World Index)/Bloomberg Global Aggregate Index1 gained 8.78%. The MSCI ACWI,2 a free float-adjusted market capitalization-weighted index that is designed to measure equity market results in the global developed and emerging markets (consisting of more than 40 developed and emerging market country indexes), increased 18.54%, while the Bloomberg Global Aggregate Index,3 a measure of global investment-grade bonds (rated BBB/Baa and above), declined 4.71%.
Global stocks rallied for the third year in a row, boosted by massive government stimulus measures and pent-up consumer demand. Market optimism was at times tempered by worries about rising inflation, higher interest rates and the spread of coronavirus variants. U.S. equities surged to new record highs as the COVID-19 vaccine rollout helped businesses and the economy rebound from lockdowns in 2020. European stocks rallied as widespread vaccine rollouts and massive government stimulus measures helped lift the eurozone economy out of a pandemic-induced downturn. Emerging markets stocks posted their weakest return since 2018, undercut by China’s economic slowdown and increased government intervention in the private sector.
Government bonds declined in the face of soaring inflation. U.S. Treasuries lost more than 2% while investment-grade corporates fell about 1%. Late in the year, central banks around the world started taking steps to tighten monetary policy, including the U.S. Federal Reserve, the European Central Bank and the Bank of England. Meanwhile, high-yield and inflation-protected bonds rallied.
In the fund’s equity portfolio, stock selection in the consumer discretionary sector was additive to relative results. Investments in information technology firms ASML and Broadcom were top contributors to results. On the downside, stock selection in the financials sector detracted from relative returns. An investment in Brazil-based payments company PagSeguro was a drag on results.
The fund’s fixed income investments detracted from relative returns overall, with currency hedging and duration positioning the primary factors. Within the fixed income portfolio, sector positioning and unhedged currency were additive to relative returns.
Global supply chain issues, the rising interest rate environment and the diminishing potential for further U.S. fiscal stimulus are among the issues fund managers are monitoring. In this environment, we continue to focus on global research and stock-by-stock, bottom-up fundamental analysis.
26 | American Funds Insurance Series |
Global Balanced Fund (continued)
How a hypothetical $10,000 investment has grown
Total returns based on a $1,000 investment
For periods ended December 31, 20214
1 year | 5 years | 10 years | Lifetime (since May 2, 2011) | Gross expense ratio | Net expense ratio | |||||||||||||||||||
Class 1 | 11.05 | % | 10.86 | % | 8.44 | % | 7.28 | % | .73 | % | .51 | % | ||||||||||||
Class 1A | 10.83 | 10.64 | 8.19 | 7.04 | .98 | .76 | ||||||||||||||||||
Class 2 | 10.79 | 10.59 | 8.16 | 7.01 | .98 | .76 | ||||||||||||||||||
Class 4 | 10.46 | 10.31 | 8.02 | 6.85 | 1.23 | 1.01 |
Investment results assume all distributions are reinvested and reflect applicable fees and expenses. The investment adviser intends to waive a portion of its management fees beginning May 1, 2022. 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 series’ board. When applicable, results reflect fee waivers and/or expense reimbursements, without which they would have been lower. Visit capitalgroup.com/afis for more information. Expense ratios are as of the fund’s prospectus dated May 1, 2022 (unaudited). Refer to the Financial Highlights table in this report for details.
Any market index shown is unmanaged and, therefore, has no expenses. Investors cannot invest directly in an index.
1 | Data sources: MSCI and Bloomberg Index Services Ltd. The 60%/40% MSCI ACWI/Bloomberg Global Aggregate Index blends the MSCI ACWI (All Country World Index) with the Bloomberg Global Aggregate Index by weighting their cumulative total returns at 60% and 40%, respectively. Its result assumes the blend is rebalanced monthly. |
2 | Source: MSCI. The MSCI index results reflect dividends net of withholding taxes and reinvestment of distributions. |
3 | Source: Bloomberg Index Services Ltd. |
4 | Periods greater than one year are annualized. |
Where the fund’s assets were invested as of December 31, 2021 | Percent of net assets |
American Funds Insurance Series | 27 |
The Bond Fund of America®
Fund results shown are for past periods and are not predictive of results for future periods. Current and future results may be lower or higher than those shown. Prices and returns will vary, so investors may lose money. Investing for short periods makes losses more likely. For current information and month-end results, visit capitalgroup.com/afis. For information about your insurance contract and month-end results, go to the website of the company that issued your contract.
The Bond Fund of America declined 0.14% for the 12 months ended December 31, 2021. In comparison, the fund’s benchmark, the Bloomberg U.S. Aggregate Index,1 which represents the U.S. investment-grade (rated BBB/Baa and above) fixed-rate bond market, declined 1.54%.
Fixed income markets were mixed as investors confronted higher inflation and prospects for tighter monetary policy. Global supply chain disruptions contributed to the fastest inflation rate since 1982, with the Consumer Price Index climbing 6.8% over the previous year in November. Excluding food and energy, core inflation was 4.9%. At its December meeting, the Federal Reserve noted that it expected to raise rates three times in 2022, an increase from its March meeting when it indicated no hikes were likely through at least 2023. The 10-year U.S. Treasury yield increased 59 basis points to 1.51%. Within corporate credit, spreads on high-yield and investment-grade bonds tightened 77 bps and 4 bps, respectively.
Over the period, the largest contributions to relative results came from sector selection followed by security selection and duration positioning. Within sector selection, positions in Treasury Inflation Protected Securities (TIPS) and a modest position in high yield bonds helped relative results. Duration and curve positioning within MBS were detractors over the period.
Portfolio managers have begun reducing risk by upgrading the credit quality and improving the liquidity of the portfolio. This will enable managers to take advantage of future volatility by purchasing bonds when prices look more attractive at that time. Yields have moved higher in anticipation of the Federal Reserve hiking interest rates in the face of high inflation. If yields continue to move higher beyond what managers believe is a reasonable expectation for Fed hikes, managers will likely increase the portfolios’ interest rate exposure.
Managers expect the U.S. economy to maintain momentum on the back of strong consumer spending and business investment, even amid elevated inflation and the prospect of the Fed raising interest rates early in 2022. Although the portfolio is currently positioned toward further economic growth, managers anticipate a high level of uncertainty and a rise in market volatility over the coming year. As such, careful, research-driven security selection will continue to be an important driver of future investment results.
28 | American Funds Insurance Series |
The Bond Fund of America® (continued)
How a hypothetical $10,000 investment has grown
Total returns based on a $1,000 investment
For periods ended December 31, 20212
1 year | 5 years | 10 years | Lifetime (since January 2, 1996) | Gross expense ratio | Net expense ratio | |||||||||||||||||||
Class 1 | –0.14 | % | 4.49 | % | 3.52 | % | 4.73 | % | .40 | % | .20 | % | ||||||||||||
Class 1A | –0.36 | 4.25 | 3.27 | 4.47 | .65 | .45 | ||||||||||||||||||
Class 2 | –0.31 | 4.25 | 3.27 | 4.47 | .65 | .45 | ||||||||||||||||||
Class 4 | –0.59 | 3.96 | 3.02 | 4.21 | .90 | .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, 2022. The waiver may only be modified or terminated with the approval of the series’ board. When applicable, results reflect fee waivers and/or expense reimbursements, without which they would have been lower. Visit capitalgroup.com/afis for more information. Expense ratios are as of the fund’s prospectus dated May 1, 2022 (unaudited). Refer to the Financial Highlights table in this report for details.
Any market index shown is unmanaged and, therefore, has no expenses. Investors cannot invest directly in an index.
1 | Source: Bloomberg Index Services Ltd. |
2 | Periods greater than one year are annualized. |
Where the fund’s assets were invested as of December 31, 2021 | Percent of net assets |
American Funds Insurance Series | 29 |
Capital World Bond Fund®
Fund results shown are for past periods and are not predictive of results for future periods. Current and future results may be lower or higher than those shown. Prices and returns will vary, so investors may lose money. Investing for short periods makes losses more likely. For current information and month-end results, visit capitalgroup.com/afis. For information about your insurance contract and month-end results, go to the website of the company that issued your contract.
Capital World Bond Fund declined 4.73% for the 12 months ended December 31, 2021. This is compared to the fund’s benchmark, the Bloomberg Global Aggregate Index,1 which measures global investment-grade bonds (rated BBB/Baa and above) and was down 4.71%.
Government bonds declined in the face of soaring inflation. U.S. Treasuries lost more than 2% while investment-grade corporates fell about 1%. Late in the year, central banks around the world started taking steps to tighten monetary policy, including the U.S. Federal Reserve, the European Central Bank and the Bank of England. Meanwhile, high-yield and inflation-protected bonds rallied.
Sector and security selection contributed positively to the fund’s relative returns over the period. Government bonds from Japan and France were among the top individual contributors to returns, while a holding in Danish mortgage-backed securities was a top detractor.
As growth in the U.S. moderates, the fund’s portfolio managers will seek to identify long-term investments around the world such as in emerging markets where sovereign, corporate and high-yield debt may present opportunities. Given the fund’s core objective is to provide a high-level of total return over the long term, the fund’s portfolio managers will maintain a cautious approach to investing in different sectors of the bond market, such as high-yield debt.
30 | American Funds Insurance Series |
Capital World Bond Fund® (continued)
How a hypothetical $10,000 investment has grown
Total returns based on a $1,000 investment
For periods ended December 31, 20213
1 year | 5 years | 10 years | Lifetime (since October 4, 2006) | Gross expense ratio | Net expense ratio | |||||||||||||||||||
Class 1 | –4.73 | % | 3.74 | % | 2.32 | % | 3.85 | % | .60 | % | .50 | % | ||||||||||||
Class 1A | –4.88 | 3.53 | 2.09 | 3.61 | .85 | .75 | ||||||||||||||||||
Class 24 | –4.92 | 3.49 | 2.07 | 3.60 | .85 | .75 | ||||||||||||||||||
Class 4 | –5.18 | 3.24 | 1.85 | 3.37 | 1.10 | 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, 2022. The waiver may only be modified or terminated with the approval of the series’ board. When applicable, results reflect fee waivers and/or expense reimbursements, without which they would have been lower. Visit capitalgroup.com/afis for more information. Expense ratios are as of the fund’s prospectus dated May 1, 2022 (unaudited). Refer to the Financial Highlights table in this report for details.
Any market index shown is unmanaged and, therefore, has no expenses. Investors cannot invest directly in an index.
1 | Source: Bloomberg Index Services Ltd. |
2 | Source: Refinitiv Lipper. Results for the Lipper indexes do not reflect sales charges. Lipper indexes track the largest mutual funds (no more than 30), represented by one share class per fund, in the corresponding Lipper category. |
3 | Periods greater than one year are annualized. |
4 | Capital World Bond Fund Class 2 shares were first sold on November 6, 2006. Results prior to that date are hypothetical based on Class 1 share results adjusted for estimated additional annual expenses of 0.25%. |
Where the fund’s assets were invested as of December 31, 2021 | Percent of net assets |
American Funds Insurance Series | 31 |
American High-Income Trust®
Fund results shown are for past periods and are not predictive of results for future periods. Current and future results may be lower or higher than those shown. Prices and returns will vary, so investors may lose money. Investing for short periods makes losses more likely. For current information and month-end results, visit capitalgroup.com/afis. For information about your insurance contract and month-end results, go to the website of the company that issued your contract.
American High-Income Trust gained 8.74% for the 12 months ended December 31, 2021. In comparison, the fund’s benchmark, the Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index,1 which measures fixed-rate non-investment-grade bonds (rated BB/Ba and below) and limits the exposure of an issuer to 2%, gained 5.26%.
Fixed income markets were mixed as investors confronted higher inflation and prospects for tighter monetary policy. Global supply chain disruptions contributed to the fastest inflation rate since 1982, with the Consumer Price Index climbing 6.8% over the previous year in November. Excluding food and energy, core inflation was 4.9%. At its December meeting, the Federal Reserve noted that it expected to raise rates three times in 2022, an increase from its March meeting when it indicated no hikes were likely through at least 2023. The 10-year U.S. Treasury yield increased 59 basis points to 1.51%. Within corporate credit, spreads on high-yield and investment-grade bonds tightened 77 bps and 4 bps, respectively.
Regarding the fund, security selection contributed positively to relative returns over the period. In particular, security selection within the energy and consumer sectors were additive to results. Conversely, investments within electric utilities detracted from relative returns.
The fund’s portfolio managers continue to believe current fundamentals support a mildly constructive outlook for the high-yield market and that fiscal and monetary support prompted by the pandemic — combined with synchronous global growth as economies gradually reopen — will help mitigate adverse impacts of the pandemic. We continue to monitor these themes and believe that high-yield bonds will be supported by stronger economic growth and low real interest rates.
32 | American Funds Insurance Series |
American High-Income Trust® (continued)
How a hypothetical $10,000 investment has grown
Total returns based on a $1,000 investment
For periods ended December 31, 20213
1 year | 5 years | 10 years | Lifetime (since February 8,1984) | Gross expense ratio | Net expense ratio | |||||||||||||||||||
Class 1 | 8.74 | % | 6.86 | % | 6.49 | % | 8.66 | % | .52 | % | .30 | % | ||||||||||||
Class 1A | 8.42 | 6.62 | 6.23 | 8.39 | .77 | .55 | ||||||||||||||||||
Class 2 | 8.42 | 6.58 | 6.23 | 8.38 | .77 | .55 | ||||||||||||||||||
Class 3 | 8.60 | 6.67 | 6.30 | 8.46 | .70 | .48 | ||||||||||||||||||
Class 4 | 8.18 | 6.32 | 6.01 | 8.13 | 1.02 | .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, 2022. The waiver may only be modified or terminated with the approval of the series’ board. When applicable, results reflect fee waivers and/or expense reimbursements, without which they would have been lower. Visit capitalgroup.com/afis for more information. Expense ratios are as of the fund’s prospectus dated May 1, 2022 (unaudited). Refer to the Financial Highlights table in this report for details.
Any market index shown is unmanaged and, therefore, has no expenses. Investors cannot invest directly in an index.
1 | Source: Bloomberg Index Services Ltd. |
2 | Source: Refinitiv Lipper. Results for the Lipper averages do not reflect sales charges. Lipper averages track the largest mutual funds (no more than 30), represented by one share class per fund, in the corresponding Lipper category. Lipper averages reflect the current composition of all eligible mutual funds (all share classes) within a given category. |
3 | Periods greater than one year are annualized. |
Where the fund’s assets were invested as of December 31, 2021 | Percent of net assets |
American Funds Insurance Series | 33 |
American Funds Mortgage Fund®
Fund results shown are for past periods and are not predictive of results for future periods. Current and future results may be lower or higher than those shown. Prices and returns will vary, so investors may lose money. Investing for short periods makes losses more likely. For current information and month-end results, visit capitalgroup.com/afis. For information about your insurance contract and month-end results, go to the website of the company that issued your contract.
American Funds Mortgage Fund declined 0.32% for the 12 months ended December 31, 2021, while the Bloomberg U.S. Mortgage-Backed Securities Index,1 which covers the mortgage-backed pass-through securities of Ginnie Mae, Fannie Mae and Freddie Mac, declined 1.04%.
Fixed income markets were mixed as investors confronted higher inflation and prospects for tighter monetary policy. Global supply chain disruptions contributed to the fastest inflation rate since 1982, with the Consumer Price Index climbing 6.8% over the previous year in November. Excluding food and energy, core inflation was 4.9%. At its December meeting, the Federal Reserve noted that it expected to raise rates three times in 2022, an increase from its March meeting when it indicated no hikes were likely through at least 2023. The 10-year U.S. Treasury yield increased 59 basis points to 1.51%. Within corporate credit, spreads on high-yield and investment-grade bonds tightened 77 bps and 4 bps, respectively.
Duration positioning and sector selection contributed to the fund’s relative returns over the period. In particular, the fund benefited from a lower duration than the benchmark, which more than offset losses due to the fund’s relative curve position. In addition, the fund benefitted from a lower-than-benchmark weighting in mortgages and U.S. Treasury Inflation Protected Securities (TIPS).
The portfolio managers remain focused on meeting the fund’s core objectives of providing current income and protecting capital. A series of rate hikes are expected to start in early 2022, as the Fed will want to restrain the inflationary dynamics currently building in the economy. In addition, the Fed will complete its quantitative easing purchase program in 2022 and will likely soon begin shrinking its balance sheet by allowing some of its mortgages and Treasuries to mature without replacement via reinvestment. The fund is positioned conservatively as the combination of rate hikes and a shrinking Fed balance sheet may be very disruptive to markets. More attractive valuations for mortgage investments are expected to emerge going forward amid a transition from our extended period of extremely low volatility to a more normal period of economic and asset price uncertainty.
34 | American Funds Insurance Series |
American Funds Mortgage Fund® (continued)
How a hypothetical $10,000 investment has grown
Total returns based on a $1,000 investment
For periods ended December 31, 20212
1 year | 5 years | 10 years | Lifetime (since May 2, 2011) | Gross expense ratio | Net expense ratio | |||||||||||||||||||
Class 1 | –0.32 | % | 2.76 | % | 2.50 | % | 2.79 | % | .49 | % | .26 | % | ||||||||||||
Class 1A | –0.47 | 2.53 | 2.25 | 2.54 | .74 | .51 | ||||||||||||||||||
Class 2 | –0.57 | 2.51 | 2.25 | 2.54 | .74 | .51 | ||||||||||||||||||
Class 4 | –0.78 | 2.25 | 2.04 | 2.33 | .99 | .76 |
Investment results assume all distributions are reinvested and reflect applicable fees and expenses. The investment adviser is currently waiving a portion of its management fee. This waiver will be in effect through at least May 1, 2022. The waiver may only be modified or terminated with the approval of the series’ board. When applicable, results reflect fee waivers and/or expense reimbursements, without which they would have been lower. Visit capitalgroup.com/afis for more information. Expense ratios are as of the fund’s prospectus dated May 1, 2022 (unaudited). Refer to the Financial Highlights table in this report for details.
Any market index shown is unmanaged and, therefore, has no expenses. Investors cannot invest directly in an index.
1 | Source: Bloomberg Index Services Ltd. |
2 | Periods greater than one year are annualized. |
Where the fund’s assets were invested as of December 31, 2021 | Percent of net assets |
American Funds Insurance Series | 35 |
Ultra-Short Bond Fund
Fund results shown are for past periods and are not predictive of results for future periods. Current and future results may be lower or higher than those shown. Prices and returns will vary, so investors may lose money. Investing for short periods makes losses more likely. For current information and month-end results, visit capitalgroup.com/afis. For information about your insurance contract and month-end results, go to the website of the company that issued your contract.
Ultra-Short Bond Fund declined 0.35% for the 12 months ended December 31, 2021, compared with a 0.10% rise in the Bloomberg Short-Term Government/Corporate Index,1 which consists of investment-grade (rated BBB/Baa and above), fixed-rate, publicly placed, dollar-denominated and non-convertible securities with remaining maturity from one up to (but not including) 12 months within either the government or corporate sector. With a focus on capital preservation and liquidity, the fund continues to be managed in a relatively conservative manner compared to the above-described index.
As a consequence of the conservative orientation of the fund, it typically invests in both shorter duration and higher quality securities relative to the index. Against the backdrop of the low interest rate environment that persisted throughout 2021, particularly in the front end of the U.S. government yield curve, the fund’s relatively shorter duration and higher quality investments, compared with the index, impacted its relative results.
Short-term interest rates are near zero and have been since the Federal Reserve cut rates in March 2020. The current low interest rate environment may persist, as uncertainty regarding the coronavirus continues even with positive news on the vaccine front.
36 | American Funds Insurance Series |
Ultra-Short Bond Fund (continued)
Total returns based on a $1,000 investment
For periods ended December 31, 20212
1 year | 5 years | 10 years | Lifetime (since February 8, 1984) | Net expense ratio | ||||||||||||||||
Class 1 | –0.35 | % | 0.82 | % | 0.33 | % | 3.21 | % | .37 | % | ||||||||||
Class 1A | –0.27 | 0.84 | 0.21 | 2.99 | .62 | |||||||||||||||
Class 2 | –0.55 | 0.58 | 0.08 | 2.96 | .62 | |||||||||||||||
Class 3 | –0.45 | 0.67 | 0.15 | 3.03 | .55 | |||||||||||||||
Class 4 | –0.72 | 0.34 | –0.09 | 2.72 | .87 |
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. Expense ratios are as of the fund’s prospectus dated May 1, 2022 (unaudited). Refer to the Financial Highlights table in this report for details.
Any market index shown is unmanaged and, therefore, has no expenses. Investors cannot invest directly in an index.
1 | Source: Bloomberg Index Services Ltd. |
2 | Periods greater than one year are annualized. |
Where the fund’s assets were invested as of December 31, 2021 | Percent of net assets | |||
Commercial paper | 68.9 | % | ||
U.S. Treasury bills | 17.7 | |||
Federal agency bills & notes | 11.3 | |||
Other assets less liabilities | 2.1 | |||
Total | 100.0 | % |
American Funds Insurance Series | 37 |
U.S. Government Securities Fund®
Fund results shown are for past periods and are not predictive of results for future periods. Current and future results may be lower or higher than those shown. Prices and returns will vary, so investors may lose money. Investing for short periods makes losses more likely. For current information and month-end results, visit capitalgroup.com/afis. For information about your insurance contract and month-end results, go to the website of the company that issued your contract.
U.S. Government Securities Fund declined 0.44% for the 12 months ended December 31, 2021, while the Bloomberg U.S. Government/Mortgage-Backed Securities Index,1 which covers obligations issued by the U.S. Treasury and U.S. government agencies, was down 1.77%.
Fixed income markets were mixed as investors confronted higher inflation and prospects for tighter monetary policy. Global supply chain disruptions contributed to the fastest inflation rate since 1982, with the Consumer Price Index climbing 6.8% over the previous year in November. Excluding food and energy, core inflation was 4.9%. At its December meeting, the Federal Reserve noted that it expected to raise rates three times in 2022, an increase from its March meeting when it indicated no hikes were likely through at least 2023. The 10-year U.S. Treasury yield increased 59 basis points to 1.51%. Within corporate credit, spreads on high-yield and investment-grade bonds tightened 77 bps and 4 bps, respectively.
Duration positioning and sector selection contributed to the fund’s relative returns over the period. In particular, the fund benefited from a lower duration than the benchmark which more than offset losses due to the fund’s curve position. In addition, the fund benefitted from its position in U.S. Treasury Inflation Protected Securities (TIPS) and a lower-than-benchmark weighting in mortgages.
A series of rate hikes are expected to start in early 2022, as the Fed will want to restrain the inflationary dynamics currently building in the economy. In addition, the Fed will complete its quantitative easing purchase program in 2022 and will likely soon begin shrinking its balance sheet by allowing some of its mortgages and Treasuries to mature without replacement via reinvestment. The fund is positioned conservatively as the combination of rate hikes and a shrinking Fed balance sheet may be very disruptive to markets. More attractive valuations for Treasury and mortgage investments are expected to emerge going forward amid a transition from our extended period of extremely low volatility to a more normal period of economic and asset price uncertainty.
38 | American Funds Insurance Series |
U.S. Government Securities Fund® (continued)
How a hypothetical $10,000 investment has grown
Total returns based on a $1,000 investment
For periods ended December 31, 20212
1 year | 5 years | 10 years | Lifetime (since December 2, 1985) | Gross expense ratio | Net expense ratio | |||||||||||||||||||
Class 1 | –0.44 | % | 3.55 | % | 2.55 | % | 5.65 | % | .40 | % | .22 | % | ||||||||||||
Class 1A | –0.65 | 3.32 | 2.31 | 5.39 | .65 | .47 | ||||||||||||||||||
Class 2 | –0.62 | 3.30 | 2.29 | 5.39 | .65 | .47 | ||||||||||||||||||
Class 3 | –0.62 | 3.37 | 2.37 | 5.46 | .58 | .40 | ||||||||||||||||||
Class 4 | –0.88 | 3.04 | 2.08 | 5.14 | .90 | .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, 2022. The waiver may only be modified or terminated with the approval of the series’ board. When applicable, results reflect fee waivers and/or expense reimbursements, without which they would have been lower. Visit capitalgroup.com/afis for more information. Expense ratios are as of the fund’s prospectus dated May 1, 2022 (unaudited). Refer to the Financial Highlights table in this report for details.
Any market index shown is unmanaged and, therefore, has no expenses. Investors cannot invest directly in an index.
1 | Source: Bloomberg Index Services Ltd. |
2 | Periods greater than one year are annualized. |
Where the fund’s assets were invested as of December 31, 2021 | Percent of net assets |
American Funds Insurance Series | 39 |
Managed Risk Growth Fund
Fund results shown are for past periods and are not predictive of results for future periods. Current and future results may be lower or higher than those shown. Prices and returns will vary, so investors may lose money. Investing for short periods makes losses more likely. For current information and month-end results, visit capitalgroup.com/afis. For information about your insurance contract and month-end results, go to the website of the company that issued your contract.
The fund gained 13.08% for the 12 months ended December 31, 2021. S&P 500 Managed Risk Index – Moderate Aggressive1 was up 20.66%. Standard & Poor’s 500 Composite Index,2 a market capitalization-weighted index based on the results of approximately 500 widely held common stocks, increased 28.71%.
The fund pursues its objective by investing in shares of American Funds Insurance Series – Growth FundSM and American Funds Insurance Series – The Bond Fund of AmericaSM while seeking to manage portfolio volatility and provide downside protection, primarily through the use of exchange-traded options and futures contracts. The benefit of the fund’s managed risk strategy should be most apparent during periods of high volatility and in down markets. In steady or rising markets, the fund’s results can be expected to lag those of the underlying fund.
The underlying Growth Fund’s investments in consumer discretionary and consumer staples sectors were top contributors to relative returns, while stock selection in the information technology and communication services sectors detracted. The return of the underlying The Bond Fund of America detracted from relative returns.
How a hypothetical $10,000 investment has grown
Total returns based on a $1,000 investment
For periods ended December 31, 20213
1 year | 5 years | Lifetime (since May 1, 2013) | Gross expense ratio | Net expense ratio | ||||||||||||||||
Class P1 | 13.08 | % | 18.19 | % | 12.70 | % | .74 | % | .69 | % | ||||||||||
Class P2 | 12.89 | 17.90 | 12.38 | .99 | .94 |
The investment adviser is currently waiving a portion of its management fee. This waiver will be in effect through at least May 1, 2022. The waiver may only be modified or terminated with the approval of the series’ board. When applicable, results reflect fee waivers and/or expense reimbursements, without which they would have been lower. Visit capitalgroup.com/afis for more information. Expense ratios are as of the fund’s prospectus dated May 1, 2022 (unaudited). Refer to the Financial Highlights table in this report for details.
Any market index shown is unmanaged and, therefore, has no expenses. Investors cannot invest directly in an index.
1 | Source: S&P Dow Jones Indices LLC. Standard & Poor’s Managed Risk Index Series is designed to simulate a dynamic protective portfolio that allocates between the underlying equity index and cash, based on realized volatilities of the underlying equity and bond indexes, while maintaining a fixed allocation to the underlying bond index. |
2 | Source: S&P Dow Jones Indices LLC. |
3 | Periods greater than one year are annualized. |
Milliman Financial Risk Management LLC serves as the subadviser with respect to the management of the fund’s managed risk strategy.
40 | American Funds Insurance Series |
Managed Risk International Fund
Fund results shown are for past periods and are not predictive of results for future periods. Current and future results may be lower or higher than those shown. Prices and returns will vary, so investors may lose money. Investing for short periods makes losses more likely. For current information and month-end results, visit capitalgroup.com/afis. For information about your insurance contract and month-end results, go to the website of the company that issued your contract.
The fund declined 3.92% for the 12 months ended December 31, 2021, compared to the S&P EPAC Ex. Korea LargeMidCap Managed Risk Index – Moderate Aggressive,1 which rose 8.67%. The MSCI ACWI (All Country World Index) ex USA,2 a free float-adjusted market capitalization-weighted index that is designed to measure equity market results in the global developed and emerging markets (consisting of more than 40 developed and emerging market country indexes, excluding the U.S.), increased 7.82%.
The fund pursues its objective by investing in shares of American Funds Insurance Series – International FundSM and American Funds Insurance Series – The Bond Fund of AmericaSM while seeking to manage portfolio volatility and provide downside protection, primarily through the use of exchange-traded options and futures contracts. The benefit of the fund’s managed risk strategy should be most apparent during periods of high volatility and in down markets. In steady or rising markets, the fund’s results can be expected to lag those of the underlying fund.
The underlying International Fund’s investments in the energy sector were the top contributor to relative returns. Stock selection in the financials and health care sectors detracted from relative results, as did the return of the underlying The Bond Fund of America.
How a hypothetical $10,000 investment has grown
Total returns based on a $1,000 investment
For periods ended December 31, 20213
1 year | 5 years | Lifetime (since May 1, 2013) | Gross expense ratio | Net expense ratio | ||||||||||||||||
Class P1 | –3.92 | % | 6.31 | % | 2.91 | % | .95 | % | .87 | % | ||||||||||
Class P2 | –4.13 | 5.95 | 2.55 | 1.20 | 1.12 |
The investment adviser is currently waiving a portion of its management fee. In addition, the investment adviser is currently reimbursing a portion of other expenses. This waiver and reimbursement will be in effect through at least May 1, 2022. The adviser may elect at its discretion to extend, modify or terminate the reimbursement at that time. The waiver may only be modified or terminated with the approval of the series’ board. When applicable, results reflect fee waivers and/or expense reimbursements, without which they would have been lower. Visit capitalgroup.com/afis for more information. Expense ratios are as of the fund’s prospectus dated May 1, 2022 (unaudited). Refer to the Financial Highlights table in this report for details.
Any market index shown is unmanaged and, therefore, has no expenses. Investors cannot invest directly in an index.
1 | Source: S&P Dow Jones Indices LLC. Standard & Poor’s Managed Risk Index Series is designed to simulate a dynamic protective portfolio that allocates between the underlying equity index and cash, based on realized volatilities of the underlying equity and bond indexes, while maintaining a fixed allocation to the underlying bond index. |
2 | Source: MSCI. The MSCI index result reflects reinvestment of distributions and dividends net of withholding taxes. |
3 | Periods greater than one year are annualized. |
Milliman Financial Risk Management LLC serves as the subadviser with respect to the management of the fund’s managed risk strategy.
American Funds Insurance Series | 41 |
Managed Risk Washington Mutual Investors Fund
Fund results shown are for past periods and are not predictive of results for future periods. Current and future results may be lower or higher than those shown. Prices and returns will vary, so investors may lose money. Investing for short periods makes losses more likely. For current information and month-end results, visit capitalgroup.com/afis. For information about your insurance contract and month-end results, go to the website of the company that issued your contract.
The fund gained 17.46% for the 12 months ended December 31, 2021. S&P 500 Managed Risk Index – Moderate1 gained 17.71%. Standard & Poor’s 500 Composite Index,2 a market capitalization-weighted index based on the results of approximately 500 widely held common stocks, increased 28.71%
The fund pursues its objective by investing in shares of American Funds Insurance Series – Washington Mutual Investors FundSM and American Funds Insurance Series – U.S. Government Securities FundSM while seeking to manage portfolio volatility and provide downside protection, primarily through the use of exchange-traded options and futures contracts. The benefit of the fund’s managed risk strategy should be most apparent during periods of high volatility and in down markets. In steady or rising markets, the fund’s results can be expected to lag those of the underlying fund.
The underlying Washington Mutual Investors Fund’s investments in the energy sector were the top contributor to relative returns due to their higher-than-index position. Investments in the health care sector were also additive, while stock selection in the materials sector detracted.
How a hypothetical $10,000 investment has grown
Total returns based on a $1,000 investment
For periods ended December 31, 20213
1 year | 5 years | Lifetime (since May 1, 2013) | Gross expense ratio | Net expense ratio | ||||||||||||||||
Class P1 | 17.46 | % | 7.37 | % | 7.27 | % | .73 | % | .68 | % | ||||||||||
Class P2 | 17.11 | 7.01 | 6.91 | .98 | .93 |
The investment adviser is currently waiving a portion of its management fee. In addition, the investment adviser is currently reimbursing a portion of other expenses. This waiver and reimbursement will be in effect through at least May 1, 2022. The adviser may elect at its discretion to extend, modify or terminate the reimbursement at that time. The waiver may only be modified or terminated with the approval of the series’ board. When applicable, results reflect fee waivers and/or expense reimbursements, without which they would have been lower. Visit capitalgroup.com/afis for more information. Expense ratios are as of the fund’s prospectus dated May 1, 2022 (unaudited). Refer to the Financial Highlights table in this report for details.
Any market index shown is unmanaged and, therefore, has no expenses. Investors cannot invest directly in an index.
1 | Source: S&P Dow Jones Indices LLC. Standard & Poor’s Managed Risk Index Series is designed to simulate a dynamic protective portfolio that allocates between the underlying equity index and cash, based on realized volatilities of the underlying equity and bond indexes, while maintaining a fixed allocation to the underlying bond index. |
2 | Source: S&P Dow Jones Indices LLC. |
3 | Periods greater than one year are annualized. |
Milliman Financial Risk Management LLC serves as the subadviser with respect to the management of the fund’s managed risk strategy.
42 | American Funds Insurance Series |
Managed Risk Growth-Income Fund
Fund results shown are for past periods and are not predictive of results for future periods. Current and future results may be lower or higher than those shown. Prices and returns will vary, so investors may lose money. Investing for short periods makes losses more likely. For current information and month-end results, visit capitalgroup.com/afis. For information about your insurance contract and month-end results, go to the website of the company that issued your contract.
The fund gained 15.32% for the 12 months ended December 31, 2021, compared to the S&P 500 Managed Risk Index – Moderate,1 which rose 17.71%. Standard & Poor’s 500 Composite Index,2 a market capitalization-weighted index based on the results of approximately 500 widely held common stocks, increased 28.71%.
The fund pursues its objective by investing in shares of American Funds Insurance Series – Growth-Income FundSM and American Funds Insurance Series – The Bond Fund of AmericaSM while seeking to manage portfolio volatility and provide downside protection, primarily through the use of exchange-traded options and futures contracts. The benefit of the fund’s managed risk strategy should be most apparent during periods of high volatility and in down markets. In steady or rising markets, the fund’s results can be expected to lag those of the underlying fund.
The underlying Growth-Income Fund’s investments in the energy sector were the top contributor to relative returns. Investments in the communication services sector also were a top contributor due to their higher-than-benchmark position, while the information technology and real estate sectors detracted from results.
How a hypothetical $10,000 investment has grown
Total returns based on a $1,000 investment
For periods ended December 31, 20213
1 year | 5 years | Lifetime (since May 1, 2013) | Gross expense ratio | Net expense ratio | ||||||||||||||||
Class P1 | 15.32 | % | 12.35 | % | 9.78 | % | .68 | % | .63 | % | ||||||||||
Class P2 | 15.05 | % | 12.08 | % | 9.47 | % | .93 | .88 |
The investment adviser is currently waiving a portion of its management fee. This waiver will be in effect through at least May 1, 2022. The waiver may only be modified or terminated with the approval of the series’ board. When applicable, results reflect fee waivers and/or expense reimbursements, without which they would have been lower. Visit capitalgroup.com/afis for more information. Expense ratios are as of the fund’s prospectus dated May 1, 2022 (unaudited). Refer to the Financial Highlights table in this report for details.
Any market index shown is unmanaged and, therefore, has no expenses. Investors cannot invest directly in an index.
1 | Source: S&P Dow Jones Indices LLC. Standard & Poor’s Managed Risk Index Series is designed to simulate a dynamic protective portfolio that allocates between the underlying equity index and cash, based on realized volatilities of the underlying equity and bond indexes, while maintaining a fixed allocation to the underlying bond index. |
2 | Source: S&P Dow Jones Indices LLC. |
3 | Periods greater than one year are annualized. |
Milliman Financial Risk Management LLC serves as the subadviser with respect to the management of the fund’s managed risk strategy.
American Funds Insurance Series | 43 |
Managed Risk Asset Allocation Fund
Fund results shown are for past periods and are not predictive of results for future periods. Current and future results may be lower or higher than those shown. Prices and returns will vary, so investors may lose money. Investing for short periods makes losses more likely. For current information and month-end results, visit capitalgroup.com/afis. For information about your insurance contract and month-end results, go to the website of the company that issued your contract.
The fund gained 12.82% for the 12 months ended December 31, 2021. S&P 500 Managed Risk Index – Moderate Conservative1 was up 15.01%. Standard & Poor’s 500 Composite Index,2 a market capitalization-weighted index based on the results of approximately 500 widely held common stocks, increased 28.71%.
The fund pursues its objective by investing in shares of American Funds Insurance Series – Asset Allocation FundSM while seeking to manage portfolio volatility and provide downside protection, primarily through the use of exchange-traded options and futures contracts. The benefit of the fund’s managed risk strategy should be most apparent during periods of high volatility and in down markets. In steady or rising markets, the fund’s results can be expected to lag those of the underlying fund.
The underlying Asset Allocation Fund’s investments in the financials sector were additive to relative returns due to their higher-than-benchmark position and stock selection, while stock selection in the health care and information technology sectors detracted. On a country level, the fund’s investments in the Netherlands were additive to relative returns.
44 | American Funds Insurance Series |
Managed Risk Asset Allocation Fund (continued)
How a hypothetical $10,000 investment has grown
Total returns based on a $1,000 investment
For periods ended December 31, 20214
1 year | 5 years | Lifetime (since September 28, 2012) | Gross expense ratio | Net expense ratio | ||||||||||||||||
Class P1 | 12.82 | % | 9.21 | % | 8.30 | % | .70 | % | .65 | % | ||||||||||
Class P2 | 12.50 | 8.94 | 8.04 | .95 | .90 |
The investment adviser is currently waiving a portion of its management fee. This waiver will be in effect through at least May 1, 2022. The waiver may only be modified or terminated with the approval of the series’ board. When applicable, results reflect fee waivers and/or expense reimbursements, without which they would have been lower. Visit capitalgroup.com/afis for more information. Expense ratios are as of the fund’s prospectus dated May 1, 2022 (unaudited). Refer to the Financial Highlights table in this report for details.
Any market index shown is unmanaged and, therefore, has no expenses. Investors cannot invest directly in an index.
1 | Source: S&P Dow Jones Indices LLC. Standard & Poor’s Managed Risk Index Series is designed to simulate a dynamic protective portfolio that allocates between the underlying equity index and cash, based on realized volatilities of the underlying equity and bond indexes, while maintaining a fixed allocation to the underlying bond index. |
2 | Source: S&P Dow Jones Indices LLC. |
3 | Source: Bloomberg Index Services Ltd. |
4 | Periods greater than one year are annualized. |
Milliman Financial Risk Management LLC serves as the subadviser with respect to the management of the fund’s managed risk strategy.
American Funds Insurance Series | 45 |
Global Growth Fund
Investment portfolio December 31, 2021
Common stocks 92.85% | Shares | Value (000) | ||||||
Information technology 31.97% | ||||||||
ASML Holding NV | 548,945 | $ | 441,669 | |||||
ASML Holding NV (New York registered) (ADR) | 280,900 | 223,636 | ||||||
Microsoft Corp. | 1,862,700 | 626,462 | ||||||
Taiwan Semiconductor Manufacturing Company, Ltd. | 23,830,000 | 529,709 | ||||||
Taiwan Semiconductor Manufacturing Company, Ltd. (ADR) | 140,000 | 16,843 | ||||||
Adyen NV1 | 61,300 | 161,320 | ||||||
PayPal Holdings, Inc.1 | 846,600 | 159,652 | ||||||
Broadcom, Inc. | 154,665 | 102,916 | ||||||
Applied Materials, Inc. | 520,137 | 81,849 | ||||||
Adobe, Inc.1 | 135,000 | 76,553 | ||||||
MongoDB, Inc., Class A1 | 139,000 | 73,580 | ||||||
Amphenol Corp., Class A | 747,000 | 65,333 | ||||||
EPAM Systems, Inc.1 | 97,100 | 64,906 | ||||||
Samsung Electronics Co., Ltd. | 785,100 | 51,713 | ||||||
Fiserv, Inc.1 | 465,403 | 48,304 | ||||||
Hexagon AB, Class B | 2,920,500 | 46,428 | ||||||
Keyence Corp. | 71,000 | 44,613 | ||||||
Zendesk, Inc.1 | 419,500 | 43,750 | ||||||
Advanced Micro Devices, Inc.1 | 272,800 | 39,256 | ||||||
PagSeguro Digital, Ltd., Class A1 | 1,094,000 | 28,685 | ||||||
Mastercard, Inc., Class A | 62,500 | 22,457 | ||||||
NVIDIA Corp. | 67,000 | 19,705 | ||||||
Shopify, Inc., Class A, subordinate voting shares1 | 14,000 | 19,283 | ||||||
DocuSign, Inc.1 | 106,750 | 16,259 | ||||||
Visa, Inc., Class A | 70,197 | 15,212 | ||||||
Network International Holdings PLC1 | 3,731,800 | 14,760 | ||||||
Amadeus IT Group SA, Class A, non-registered shares1 | 177,201 | 12,032 | ||||||
Sinch AB1 | 894,000 | 11,387 | ||||||
Worldline SA, non-registered shares1 | 146,850 | 8,194 | ||||||
3,066,466 | ||||||||
Consumer discretionary 18.19% | ||||||||
Amazon.com, Inc.1 | 131,000 | 436,799 | ||||||
Chipotle Mexican Grill, Inc.1 | 139,400 | 243,706 | ||||||
LVMH Moët Hennessy-Louis Vuitton SE | 158,900 | 131,520 | ||||||
Floor & Decor Holdings, Inc., Class A1 | 914,698 | 118,920 | ||||||
Domino’s Pizza, Inc. | 196,700 | 111,004 | ||||||
NIKE, Inc., Class B | 400,000 | 66,668 | ||||||
Prosus NV, Class N | 760,993 | 63,706 | ||||||
Booking Holdings, Inc.1 | 24,600 | 59,021 | ||||||
Renault SA1 | 1,688,781 | 58,728 | ||||||
D’Ieteren Group1 | 226,000 | 44,153 | ||||||
Compagnie Financière Richemont SA, Class A | 291,500 | 43,811 | ||||||
Home Depot, Inc. | 92,275 | 38,295 | ||||||
Domino’s Pizza Enterprises, Ltd. | 430,000 | 36,925 | ||||||
Xpeng, Inc., Class A (ADR)1 | 671,711 | 33,807 | ||||||
Coupang, Inc., Class A1 | 1,106,454 | 32,508 | ||||||
MercadoLibre, Inc.1 | 21,200 | 28,586 | ||||||
IDP Education, Ltd. | 1,028,700 | 25,933 | ||||||
Melco Resorts & Entertainment, Ltd. (ADR)1 | 2,127,000 | 21,653 | ||||||
Stellantis NV | 1,096,000 | 20,811 | ||||||
EssilorLuxottica | 94,200 | 20,081 | ||||||
Evolution AB | 140,000 | 19,927 | ||||||
YUM! Brands, Inc. | 120,000 | 16,663 | ||||||
Moncler SpA | 217,370 | 15,843 | ||||||
Entain PLC1 | 665,250 | 15,155 | ||||||
MGM China Holdings, Ltd.1 | 19,792,000 | 12,006 | ||||||
Wynn Macau, Ltd.1,2 | 14,070,000 | 11,494 | ||||||
Arrival Group1,2 | 1,253,000 | 9,297 | ||||||
Farfetch, Ltd., Class A1 | 223,000 | 7,455 | ||||||
1,744,475 |
46 | American Funds Insurance Series |
Global Growth Fund (continued)
Common stocks (continued) | Shares | Value (000) | ||||||
Health care 12.78% | ||||||||
DexCom, Inc.1 | 253,000 | $ | 135,848 | |||||
UnitedHealth Group, Inc. | 259,600 | 130,356 | ||||||
Mettler-Toledo International, Inc.1 | 65,000 | 110,319 | ||||||
Pfizer, Inc. | 1,479,000 | 87,335 | ||||||
AstraZeneca PLC | 646,300 | 75,915 | ||||||
Cigna Corp. | 330,319 | 75,851 | ||||||
Regeneron Pharmaceuticals, Inc.1 | 95,036 | 60,017 | ||||||
Tandem Diabetes Care, Inc.1 | 379,084 | 57,060 | ||||||
Fisher & Paykel Healthcare Corp., Ltd. | 2,188,000 | 49,093 | ||||||
Merck & Co., Inc. | 620,000 | 47,517 | ||||||
CVS Health Corp. | 371,000 | 38,272 | ||||||
Danaher Corp. | 97,700 | 32,144 | ||||||
Silk Road Medical, Inc.1 | 702,000 | 29,912 | ||||||
Zoetis, Inc., Class A | 116,300 | 28,381 | ||||||
NovoCure, Ltd.1 | 340,000 | 25,527 | ||||||
Eli Lilly and Company | 87,100 | 24,059 | ||||||
Catalent, Inc.1 | 175,900 | 22,520 | ||||||
Dechra Pharmaceuticals PLC | 283,000 | 20,398 | ||||||
Humana, Inc. | 43,000 | 19,946 | ||||||
Bayer AG | 363,860 | 19,470 | ||||||
Virbac SA1 | 37,800 | 18,269 | ||||||
Genus PLC | 270,000 | 18,046 | ||||||
Coloplast A/S, Class B | 93,950 | 16,555 | ||||||
Bachem Holding AG, Class B | 20,300 | 15,951 | ||||||
Olympus Corp. | 665,800 | 15,335 | ||||||
Novartis AG | 165,600 | 14,590 | ||||||
Sanofi | 135,000 | 13,615 | ||||||
Vertex Pharmaceuticals, Inc.1 | 49,500 | 10,870 | ||||||
Rede D’Or Sao Luiz SA | 1,073,663 | 8,641 | ||||||
Organon & Co. | 62,000 | 1,888 | ||||||
Viatris, Inc. | 110,678 | 1,497 | ||||||
Zai Lab, Ltd. (ADR)1 | 9,000 | 566 | ||||||
1,225,763 | ||||||||
Financials 8.56% | ||||||||
Tradeweb Markets, Inc., Class A | 1,685,360 | 168,772 | ||||||
AIA Group, Ltd. | 10,109,600 | 101,906 | ||||||
Kotak Mahindra Bank, Ltd. | 2,915,200 | 70,437 | ||||||
JPMorgan Chase & Co. | 426,800 | 67,584 | ||||||
Allfunds Group PLC1 | 2,890,300 | 56,914 | ||||||
AXA SA | 1,692,893 | 50,468 | ||||||
Société Générale | 1,011,450 | 34,782 | ||||||
Prudential PLC | 1,773,082 | 30,587 | ||||||
Citigroup, Inc. | 497,600 | 30,050 | ||||||
Moscow Exchange MICEX-RTS PJSC | 12,640,000 | 25,786 | ||||||
Ping An Insurance (Group) Company of China, Ltd., Class H | 3,254,000 | 23,432 | ||||||
BlackRock, Inc. | 23,900 | 21,882 | ||||||
HDFC Life Insurance Company, Ltd. | 2,289,515 | 20,006 | ||||||
QBE Insurance Group, Ltd. | 2,013,000 | 16,623 | ||||||
Aon PLC, Class A | 55,000 | 16,531 | ||||||
Bank of America Corp. | 355,100 | 15,798 | ||||||
CME Group, Inc., Class A | 69,087 | 15,784 | ||||||
FinecoBank SpA | 893,000 | 15,692 | ||||||
Banco Santander, SA | 4,347,024 | 14,553 | ||||||
Macquarie Group, Ltd. | 95,800 | 14,316 | ||||||
Lufax Holding, Ltd. (ADR)1 | 966,000 | 5,439 | ||||||
Jackson Financial, Inc., Class A2 | 44,327 | 1,854 | ||||||
DBS Group Holdings, Ltd. | 57,700 | 1,398 | ||||||
820,594 |
American Funds Insurance Series | 47 |
Global Growth Fund (continued)
Common stocks (continued) | Shares | Value (000) | ||||||
Communication services 7.95% | ||||||||
Alphabet, Inc., Class A1 | 95,500 | $ | 276,667 | |||||
Alphabet, Inc., Class C1 | 63,852 | 184,762 | ||||||
Meta Platforms, Inc., Class A1 | 680,130 | 228,762 | ||||||
Sea, Ltd., Class A (ADR)1 | 153,951 | 34,440 | ||||||
Tencent Holdings, Ltd. | 314,000 | 18,395 | ||||||
Altice USA, Inc., Class A1 | 751,200 | 12,154 | ||||||
Bumble, Inc., Class A1 | 217,500 | 7,365 | ||||||
762,545 | ||||||||
Consumer staples 6.12% | ||||||||
Kweichow Moutai Co., Ltd., Class A | 340,909 | 109,654 | ||||||
British American Tobacco PLC | 2,585,800 | 95,673 | ||||||
Philip Morris International, Inc. | 919,500 | 87,352 | ||||||
Ocado Group PLC1 | 2,881,000 | 65,435 | ||||||
Keurig Dr Pepper, Inc. | 1,624,000 | 59,861 | ||||||
Altria Group, Inc. | 1,248,500 | 59,166 | ||||||
Nestlé SA | 335,100 | 46,867 | ||||||
Costco Wholesale Corp. | 39,170 | 22,237 | ||||||
Associated British Foods PLC | 789,876 | 21,468 | ||||||
Monster Beverage Corp.1 | 204,000 | 19,592 | ||||||
587,305 | ||||||||
Industrials 3.33% | ||||||||
DSV A/S | 201,000 | 47,003 | ||||||
NIBE Industrier AB, Class B | 2,740,000 | 41,466 | ||||||
Airbus SE, non-registered shares1 | 288,300 | 36,880 | ||||||
Alliance Global Group, Inc. | 156,400,700 | 36,192 | ||||||
MTU Aero Engines AG | 167,000 | 34,109 | ||||||
GT Capital Holdings, Inc. | 2,454,611 | 25,994 | ||||||
Carrier Global Corp. | 370,900 | 20,117 | ||||||
Safran SA | 164,000 | 20,102 | ||||||
Nidec Corp. | 143,000 | 16,807 | ||||||
SMC Corp. | 22,500 | 15,177 | ||||||
General Electric Co. | 157,500 | 14,879 | ||||||
Boeing Company1 | 51,300 | 10,328 | ||||||
319,054 | ||||||||
Materials 2.12% | ||||||||
Sherwin-Williams Company | 456,200 | 160,655 | ||||||
Koninklijke DSM NV | 98,100 | 22,114 | ||||||
Shin-Etsu Chemical Co., Ltd. | 119,500 | 20,694 | ||||||
203,463 | ||||||||
Energy 1.38% | ||||||||
Reliance Industries, Ltd. | 1,601,273 | 51,013 | ||||||
Gazprom PJSC (ADR) | 4,173,000 | 38,558 | ||||||
LUKOIL Oil Co. PJSC (ADR) | 246,300 | 22,044 | ||||||
BP PLC | 4,635,000 | 20,735 | ||||||
132,350 | ||||||||
Real estate 0.45% | ||||||||
Goodman Logistics (HK), Ltd. REIT | 1,206,000 | 23,252 | ||||||
Country Garden Services Holdings Co., Ltd. | 3,236,700 | 19,385 | ||||||
42,637 | ||||||||
Total common stocks (cost: $4,332,233,000) | 8,904,652 | |||||||
Preferred securities 3.26% | ||||||||
Health care 2.55% | ||||||||
Sartorius AG, nonvoting non-registered preferred shares | 360,500 | 244,287 | ||||||
48 | American Funds Insurance Series |
Global Growth Fund (continued)
Preferred securities (continued) | Shares | Value (000) | ||||||
Information technology 0.71% | ||||||||
Samsung Electronics Co., Ltd., nonvoting preferred shares | 1,146,000 | $ | 68,640 | |||||
Total preferred securities (cost: $62,820,000) | 312,927 | |||||||
Short-term securities 3.97% | ||||||||
Money market investments 3.93% | ||||||||
Capital Group Central Cash Fund 0.09%3,4 | 3,766,759 | 376,714 | ||||||
Money market investments purchased with collateral from securities on loan 0.04% | ||||||||
Goldman Sachs Financial Square Government Fund, Institutional Shares 0.02%3,5 | 1,917,175 | 1,918 | ||||||
Capital Group Central Cash Fund 0.09%3,4,5 | 18,078 | 1,808 | ||||||
Invesco Short-Term Investments Trust – Government & Agency Portfolio, Institutional Class 0.03%3,5 | 129,139 | 129 | ||||||
3,855 | ||||||||
Total short-term securities (cost: $380,523,000) | 380,569 | |||||||
Total investment securities 100.08% (cost: $4,775,576,000) | 9,598,148 | |||||||
Other assets less liabilities (0.08)% | (7,568 | ) | ||||||
Net assets 100.00% | $ | 9,590,580 |
Investments in affiliates4
Value of affiliates at 1/1/2021 (000) | Additions (000) | Reductions (000) | Net realized loss (000) | Net unrealized appreciation (000) | Value of affiliates at 12/31/2021 (000) | Dividend income (000) | ||||||||||||||||||||||
Short-term securities 3.95% | ||||||||||||||||||||||||||||
Money market investments 3.93% | ||||||||||||||||||||||||||||
Capital Group Central Cash Fund 0.09%3 | $ | 125,696 | $ | 1,410,174 | $ | 1,159,165 | $ | (19 | ) | $ | 28 | $ | 376,714 | $ | 229 | |||||||||||||
Money market investments purchased with collateral from securities on loan 0.02% | ||||||||||||||||||||||||||||
Capital Group Central Cash Fund 0.09%3,5 | — | 1,8086 | 1,808 | — | 7 | |||||||||||||||||||||||
Total short-term securities | 378,522 | |||||||||||||||||||||||||||
Total 3.95% | $ | (19 | ) | $ | 28 | $ | 378,522 | $ | 229 |
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 $4,822,000, which represented .05% of the net assets of the fund. Refer to Note 5 for more information on securities lending. |
3 | Rate represents the seven-day yield at 12/31/2021. |
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
See notes to financial statements.
American Funds Insurance Series | 49 |
Global Small Capitalization Fund
Investment portfolio December 31, 2021
Common stocks 88.86% | Shares | Value (000) | ||||||
Information technology 24.38% | ||||||||
Wolfspeed, Inc.1 | 1,031,556 | $ | 115,297 | |||||
Ceridian HCM Holding, Inc.1 | 629,935 | 65,803 | ||||||
eMemory Technology, Inc. | 750,080 | 59,373 | ||||||
PAR Technology Corp.1,2 | 952,404 | 50,259 | ||||||
Tanla Platforms, Ltd. | 1,477,291 | 37,426 | ||||||
AvidXchange Holdings, Inc.1,3,4 | 1,971,456 | 27,612 | ||||||
AvidXchange Holdings, Inc.1 | 590,695 | 8,896 | ||||||
Net One Systems Co., Ltd. | 1,245,156 | 33,556 | ||||||
Silergy Corp. | 183,240 | 33,281 | ||||||
Nordic Semiconductor ASA1 | 929,291 | 31,404 | ||||||
Qorvo, Inc.1 | 181,818 | 28,435 | ||||||
BE Semiconductor Industries NV | 315,433 | 26,941 | ||||||
SUMCO Corp. | 1,299,500 | 26,537 | ||||||
Smartsheet, Inc., Class A1 | 337,600 | 26,147 | ||||||
Kingdee International Software Group Co., Ltd.1 | 7,717,074 | 23,752 | ||||||
Gitlab, Inc., Class B1,3,4 | 297,916 | 23,586 | ||||||
ON Semiconductor Corp.1 | 320,000 | 21,734 | ||||||
Olo, Inc., Class A1,2 | 1,020,670 | 21,240 | ||||||
Appfolio, Inc., Class A1 | 169,421 | 20,510 | ||||||
ALTEN SA, non-registered shares | 113,108 | 20,411 | ||||||
MACOM Technology Solutions Holdings, Inc.1 | 260,000 | 20,358 | ||||||
Globant SA1 | 64,640 | 20,303 | ||||||
Rapid7, Inc.1 | 171,050 | 20,131 | ||||||
Silicon Laboratories, Inc.1 | 95,000 | 19,610 | ||||||
SHIFT, Inc.1 | 93,300 | 19,353 | ||||||
Avalara, Inc.1 | 149,119 | 19,253 | ||||||
Pegasystems, Inc. | 169,591 | 18,964 | ||||||
Euronet Worldwide, Inc.1 | 125,000 | 14,896 | ||||||
Aspen Technology, Inc.1 | 93,100 | 14,170 | ||||||
Keywords Studios PLC | 342,640 | 13,644 | ||||||
SINBON Electronics Co., Ltd. | 1,271,000 | 13,047 | ||||||
Asana, Inc., Class A1 | 174,770 | 13,029 | ||||||
SimCorp AS | 116,662 | 12,766 | ||||||
Expensify, Inc., Class A1,2 | 288,328 | 12,686 | ||||||
MongoDB, Inc., Class A1 | 23,300 | 12,334 | ||||||
Extreme Networks, Inc.1 | 756,678 | 11,880 | ||||||
INFICON Holding AG | 7,397 | 10,862 | ||||||
GlobalWafers Co., Ltd. | 311,000 | 9,982 | ||||||
OVH Groupe SAS1 | 343,236 | 9,926 | ||||||
Network International Holdings PLC1 | 2,494,284 | 9,865 | ||||||
Cognex Corp. | 116,600 | 9,067 | ||||||
Truecaller AB, Class B1,2 | 677,076 | 8,527 | ||||||
Unimicron Technology Corp. | 1,016,007 | 8,483 | ||||||
Bentley Systems, Inc., Class B | 173,643 | 8,392 | ||||||
Digital Turbine, Inc.1 | 136,600 | 8,331 | ||||||
Anaplan, Inc.1 | 163,300 | 7,487 | ||||||
Hennge KK1,2 | 424,400 | 7,150 | ||||||
Megaport, Ltd.1 | 500,000 | 6,752 | ||||||
Okta, Inc., Class A1 | 25,463 | 5,708 | ||||||
Linklogis, Inc., Class B1 | 5,923,115 | 5,545 | ||||||
JFrog, Ltd.1 | 157,869 | 4,689 | ||||||
CCC Intelligent Solutions Holdings, Inc.1 | 404,700 | 4,610 | ||||||
Appier Group, Inc.1 | 385,200 | 4,464 | ||||||
Semtech Corp.1 | 50,000 | 4,446 | ||||||
Softcat PLC | 152,430 | 3,722 | ||||||
OneConnect Financial Technology Co., Ltd. (ADR)1,2 | 1,479,104 | 3,653 | ||||||
BigCommerce Holdings, Inc., Series 11 | 90,000 | 3,183 | ||||||
Alkami Technology, Inc.1 | 156,207 | 3,134 | ||||||
Bechtle AG, non-registered shares | 40,587 | 2,908 |
50 | American Funds Insurance Series |
Global Small Capitalization Fund (continued)
Common stocks (continued) | Shares | Value (000) | ||||||
Information technology (continued) | ||||||||
Cvent Holding Corp.1,3,4 | 344,800 | $ | 2,676 | |||||
Copperleaf Technologies, Inc.1 | 119,300 | 2,249 | ||||||
Yotpo, Ltd.1,3,4,5,6 | 678,736 | 1,493 | ||||||
1,115,928 | ||||||||
Consumer discretionary 15.82% | ||||||||
Mattel, Inc.1 | 2,100,069 | 45,277 | ||||||
Wyndham Hotels & Resorts, Inc. | 486,436 | 43,609 | ||||||
Lands’ End, Inc.1,7 | 2,100,000 | 41,223 | ||||||
Helen of Troy, Ltd.1 | 150,870 | 36,883 | ||||||
Five Below, Inc.1 | 171,700 | 35,523 | ||||||
Thor Industries, Inc. | 329,500 | 34,192 | ||||||
Entain PLC1 | 1,462,650 | 33,320 | ||||||
Tube Investments of India, Ltd. | 1,401,287 | 33,079 | ||||||
YETI Holdings, Inc.1 | 332,225 | 27,518 | ||||||
Evolution AB | 182,215 | 25,936 | ||||||
Everi Holdings, Inc.1 | 1,173,482 | 25,054 | ||||||
Frontdoor, Inc.1 | 677,310 | 24,823 | ||||||
Skechers USA, Inc., Class A1 | 550,000 | 23,870 | ||||||
Warby Parker, Inc., Class A1,2 | 450,660 | 20,983 | ||||||
Inchcape PLC | 1,638,100 | 20,166 | ||||||
Coursera, Inc.1 | 817,039 | 19,968 | ||||||
Tongcheng Travel Holdings, Ltd.1 | 10,084,800 | 18,676 | ||||||
Asbury Automotive Group, Inc.1 | 97,426 | 16,828 | ||||||
SSP Group PLC1 | 4,933,458 | 16,033 | ||||||
Scientific Games Corp.1 | 223,732 | 14,952 | ||||||
Kindred Group PLC (SDR) | 1,232,811 | 14,694 | ||||||
Basic-Fit NV1 | 272,186 | 13,015 | ||||||
Golden Entertainment, Inc.1 | 256,800 | 12,976 | ||||||
Leslie’s, Inc.1 | 532,464 | 12,598 | ||||||
Musti Group OYJ | 354,300 | 12,488 | ||||||
Melco International Development, Ltd.1 | 7,826,000 | 9,545 | ||||||
DESCENTE, Ltd.1 | 258,825 | 9,529 | ||||||
Cairn Homes PLC | 6,502,137 | 8,379 | ||||||
TopBuild Corp.1 | 27,200 | 7,505 | ||||||
Zhongsheng Group Holdings, Ltd. | 938,500 | 7,318 | ||||||
Elior Group SA1 | 882,500 | 6,395 | ||||||
Thule Group AB | 102,200 | 6,198 | ||||||
Compagnie Plastic Omnium SA | 229,500 | 5,973 | ||||||
Americanas SA, ordinary nominative shares1 | 1,010,093 | 5,727 | ||||||
WH Smith PLC1 | 242,500 | 4,858 | ||||||
Shoei Co., Ltd. | 123,100 | 4,848 | ||||||
Desenio Group AB1 | 1,506,833 | 4,045 | ||||||
SiteMinder, Ltd.1 | 814,665 | 4,007 | ||||||
IDP Education, Ltd. | 150,966 | 3,806 | ||||||
Arco Platform, Ltd., Class A1 | 158,600 | 3,313 | ||||||
Chervon Holdings, Ltd.1 | 398,300 | 2,958 | ||||||
Countryside Properties PLC1 | 405,700 | 2,471 | ||||||
Cazoo Group, Ltd., Class A1 | 353,161 | 2,130 | ||||||
Leifheit AG, non-registered shares | 23,553 | 987 | ||||||
China Zenix Auto International, Ltd. (ADR)1 | 372,108 | 353 | ||||||
724,029 | ||||||||
Industrials 15.62% | ||||||||
Visional, Inc.1 | 562,700 | 47,499 | ||||||
International Container Terminal Services, Inc. | 12,028,590 | 47,178 | ||||||
IMCD NV | 198,635 | 44,031 | ||||||
Nihon M&A Center Holdings, Inc. | 1,763,584 | 43,250 | ||||||
Instalco AB | 730,713 | 35,128 | ||||||
Stericycle, Inc.1 | 571,050 | 34,057 | ||||||
Interpump Group SpA | 447,000 | 32,799 | ||||||
Boyd Group Services, Inc. | 205,355 | 32,407 |
American Funds Insurance Series | 51 |
Global Small Capitalization Fund (continued)
Common stocks (continued) | Shares | Value (000) | ||||||
Industrials (continued) | ||||||||
Fasadgruppen Group AB | 1,566,704 | $ | 29,544 | |||||
Alfen NV1 | 212,868 | 21,387 | ||||||
Montrose Environmental Group, Inc.1 | 299,800 | 21,139 | ||||||
Japan Elevator Service Holdings Co., Ltd. | 905,800 | 16,914 | ||||||
Vicor Corp., Class A1 | 131,328 | 16,676 | ||||||
Wizz Air Holdings PLC1 | 273,883 | 15,526 | ||||||
Cleanaway Waste Management, Ltd. | 6,655,970 | 15,157 | ||||||
Melrose Industries PLC | 6,512,400 | 14,095 | ||||||
DL E&C Co., Ltd.1 | 127,068 | 12,720 | ||||||
Centre Testing International Group Co., Ltd. | 2,985,669 | 12,588 | ||||||
ITM Power PLC1,2 | 2,322,000 | 12,383 | ||||||
VAT Group AG | 23,611 | 11,774 | ||||||
AirTAC International Group1 | 319,062 | 11,763 | ||||||
Woodward, Inc. | 105,000 | 11,493 | ||||||
Guangzhou Baiyun International Airport Co., Ltd., Class A | 5,998,639 | 11,351 | ||||||
Cargotec OYJ, Class B, non-registered shares | 218,700 | 10,916 | ||||||
Japan Airport Terminal Co., Ltd. | 255,000 | 10,641 | ||||||
Nolato AB, Class B | 828,200 | 9,889 | ||||||
Marel hf. | 1,331,932 | 8,979 | ||||||
Addtech AB, Class B | 353,050 | 8,439 | ||||||
easyJet PLC1 | 1,114,505 | 8,388 | ||||||
Controladora Vuela Compañía de Aviación, SAB de CV, ordinary participation certificates, Class A (ADR)1 | 460,200 | 8,270 | ||||||
Kajaria Ceramics, Ltd. | 450,000 | 7,809 | ||||||
Carel Industries SpA | 252,900 | 7,659 | ||||||
Diploma PLC | 161,300 | 7,366 | ||||||
Atlas Corp.2 | 500,000 | 7,090 | ||||||
Cummins India, Ltd. | 550,000 | 6,968 | ||||||
BELIMO Holding AG | 10,460 | 6,658 | ||||||
Shoals Technologies Group, Inc., Class A1 | 257,514 | 6,258 | ||||||
ACV Auctions, Inc., Class A1 | 296,112 | 5,579 | ||||||
SK, Inc. | 25,876 | 5,464 | ||||||
LIXIL Corp. | 196,500 | 5,236 | ||||||
SIS, Ltd.1 | 762,310 | 4,717 | ||||||
Sitowise Group PLC1 | 512,300 | 4,695 | ||||||
Sulzer AG1 | 40,042 | 3,948 | ||||||
Granite Construction, Inc. | 96,892 | 3,750 | ||||||
Froy ASA1,2 | 631,400 | 3,728 | ||||||
Howden Joinery Group PLC | 292,536 | 3,568 | ||||||
The AZEK Co., Inc., Class A1 | 54,400 | 2,516 | ||||||
IAA, Inc.1 | 43,321 | 2,193 | ||||||
KEI Industries, Ltd.1 | 135,603 | 2,131 | ||||||
Matson, Inc. | 8,674 | 781 | ||||||
Rumo SA1 | 160,620 | 512 | ||||||
715,007 | ||||||||
Health care 13.50% | ||||||||
Insulet Corp.1 | 435,159 | 115,783 | ||||||
CanSino Biologics, Inc., Class H1,2 | 1,984,600 | 45,864 | ||||||
Health Catalyst, Inc.1,2 | 911,700 | 36,122 | ||||||
Integra LifeSciences Holdings Corp.1 | 498,900 | 33,421 | ||||||
Max Healthcare Institute, Ltd.1 | 4,772,559 | 28,435 | ||||||
Globus Medical, Inc., Class A1 | 392,969 | 28,372 | ||||||
Notre Dame Intermédica Participações SA | 2,355,635 | 25,523 | ||||||
AddLife AB, Class B | 541,819 | 22,869 | ||||||
Ocumension Therapeutics1,2 | 9,650,966 | 21,660 | ||||||
CONMED Corp. | 149,609 | 21,209 | ||||||
Medmix AG1 | 350,942 | 17,393 | ||||||
Mani, Inc. | 1,166,831 | 16,179 | ||||||
iRhythm Technologies, Inc.1 | 137,000 | 16,123 | ||||||
Shandong Pharmaceutical Glass Co., Ltd., Class A | 2,180,508 | 15,019 | ||||||
Amplifon SpA | 273,286 | 14,763 |
52 | American Funds Insurance Series |
Global Small Capitalization Fund (continued)
Common stocks (continued) | Shares | Value (000) | ||||||
Health care (continued) | ||||||||
CompuGroup Medical SE & Co. KGaA | 179,545 | $ | 14,544 | |||||
ICON PLC1 | 46,061 | 14,265 | ||||||
Guardant Health, Inc.1 | 119,227 | 11,925 | ||||||
Nevro Corp.1 | 132,603 | 10,750 | ||||||
New Horizon Health, Ltd.1 | 3,507,844 | 9,942 | ||||||
New Frontier Health Corp., Class A1,2 | 840,500 | 9,632 | ||||||
Haemonetics Corp.1 | 180,610 | 9,580 | ||||||
Medlive Technology Co., Ltd.1 | 2,681,000 | 9,352 | ||||||
Medincell SA1,2 | 809,800 | 9,220 | ||||||
Bachem Holding AG, Class B | 9,667 | 7,596 | ||||||
Angelalign Technology, Inc.1,2 | 229,600 | 7,344 | ||||||
Ambu AS, Class B, non-registered shares2 | 266,155 | 7,049 | ||||||
Amedisys, Inc.1 | 38,867 | 6,292 | ||||||
Nordhealth AS, Class A1 | 1,279,999 | 5,814 | ||||||
Arjo AB, Class B | 422,850 | 5,185 | ||||||
Encompass Health Corp. | 79,000 | 5,156 | ||||||
GVS SpA | 395,919 | 4,755 | ||||||
Antares Vision SpA1 | 281,100 | 3,808 | ||||||
Amvis Holdings, Inc. | 80,200 | 3,688 | ||||||
Ultragenyx Pharmaceutical, Inc.1 | 40,000 | 3,364 | ||||||
617,996 | ||||||||
Financials 9.70% | ||||||||
Live Oak Bancshares, Inc. | 800,250 | 69,854 | ||||||
Star Health & Allied Insurance Co., Ltd.1,3,4,6 | 6,037,336 | 58,213 | ||||||
Trupanion, Inc.1 | 300,000 | 39,609 | ||||||
Janus Henderson Group PLC | 925,000 | 38,794 | ||||||
Marqeta, Inc., Class B1 | 1,859,092 | 31,921 | ||||||
Cholamandalam Investment and Finance Co., Ltd. | 3,684,053 | 25,791 | ||||||
Eurobank Ergasias Services and Holdings SA1 | 25,119,028 | 25,492 | ||||||
East West Bancorp, Inc. | 287,300 | 22,605 | ||||||
Stifel Financial Corp. | 271,050 | 19,087 | ||||||
Independent Bank Group, Inc. | 252,500 | 18,218 | ||||||
Indian Energy Exchange, Ltd. | 3,300,000 | 11,223 | ||||||
SouthState Corp. | 139,550 | 11,179 | ||||||
Aavas Financiers, Ltd.1 | 284,050 | 9,996 | ||||||
IIFL Wealth Management, Ltd. | 513,500 | 9,807 | ||||||
PT Bank Raya Indonesia Tbk1 | 72,214,096 | 9,171 | ||||||
SiriusPoint, Ltd.1 | 1,100,000 | 8,943 | ||||||
Patria Investments, Ltd., Class A | 508,200 | 8,233 | ||||||
IIFL Finance, Ltd.1 | 1,459,000 | 5,484 | ||||||
Bridgepoint Group PLC1 | 740,731 | 4,943 | ||||||
Aptus Value Housing Finance India, Ltd.1 | 1,065,624 | 4,873 | ||||||
Goosehead Insurance, Inc., Class A | 32,751 | 4,260 | ||||||
Multi Commodity Exchange of India, Ltd. | 200,000 | 4,258 | ||||||
Capitec Bank Holdings, Ltd. | 15,161 | 1,941 | ||||||
443,895 | ||||||||
Consumer staples 2.60% | ||||||||
Shop Apotheke Europe NV, non-registered shares1 | 255,264 | 32,927 | ||||||
Freshpet, Inc.1 | 271,205 | 25,838 | ||||||
Monde Nissin Corp.1 | 71,882,400 | 22,837 | ||||||
Grocery Outlet Holding Corp.1 | 465,200 | 13,156 | ||||||
AAK AB | 405,824 | 8,771 | ||||||
Hilton Food Group PLC | 552,055 | 8,518 | ||||||
Dole PLC | 372,685 | 4,964 | ||||||
Vector Group, Ltd. | 118,304 | 1,358 | ||||||
Zur Rose Group AG1 | 3,131 | 809 | ||||||
119,178 |
American Funds Insurance Series | 53 |
Global Small Capitalization Fund (continued)
Common stocks (continued) | Shares | Value (000) | ||||||
Materials 2.23% | ||||||||
PI Industries, Ltd. | 537,999 | $ | 21,960 | |||||
Nanofilm Technologies International, Ltd. | 5,397,550 | 15,300 | ||||||
Navin Fluorine International, Ltd. | 250,000 | 14,086 | ||||||
Lundin Mining Corp. | 1,643,904 | 12,840 | ||||||
Perimeter Solutions SA1 | 721,454 | 10,021 | ||||||
LANXESS AG | 111,100 | 6,893 | ||||||
ACC, Ltd. | 230,000 | 6,856 | ||||||
Vidrala, SA, non-registered shares | 61,827 | 6,096 | ||||||
MMG, Ltd.1 | 18,704,000 | 5,997 | ||||||
Arkema SA | 15,200 | 2,143 | ||||||
102,192 | ||||||||
Communication services 1.66% | ||||||||
Bandwidth, Inc., Class A1 | 284,506 | 20,416 | ||||||
JCDecaux SA1 | 555,771 | 13,920 | ||||||
Lions Gate Entertainment Corp., Class B1 | 652,976 | 10,049 | ||||||
Boat Rocker Media, Inc.1 | 1,676,496 | 9,145 | ||||||
VTEX, Class A1,2 | 580,000 | 6,218 | ||||||
Trustpilot AS1 | 1,380,069 | 6,116 | ||||||
Pearson PLC1 | 630,000 | 5,229 | ||||||
Ubisoft Entertainment SA1 | 98,993 | 4,854 | ||||||
75,947 | ||||||||
Real estate 1.44% | ||||||||
Altus Group, Ltd. | 436,402 | 24,484 | ||||||
Embassy Office Parks REIT | 3,656,800 | 16,708 | ||||||
Macrotech Developers, Ltd.1 | 582,697 | 9,670 | ||||||
JHSF Participações SA | 8,620,906 | 8,636 | ||||||
Mindspace Business Parks REIT | 1,250,000 | 5,504 | ||||||
Douglas Elliman, Inc.1 | 59,152 | 680 | ||||||
65,682 | ||||||||
Utilities 1.18% | ||||||||
ENN Energy Holdings, Ltd. | 1,878,900 | 35,373 | ||||||
AC Energy Corp.1 | 69,716,400 | 15,039 | ||||||
Neoenergia SA | 1,288,255 | 3,747 | ||||||
54,159 | ||||||||
Energy 0.73% | ||||||||
Pioneer Natural Resources Company | 104,262 | 18,963 | ||||||
Venture Global LNG, Inc., Series C1,3,4,5,6 | 2,760 | 14,064 | ||||||
Helmerich & Payne, Inc. | 7,700 | 183 | ||||||
33,210 | ||||||||
Total common stocks (cost: $2,412,799,000) | 4,067,223 | |||||||
Preferred securities 0.89% | ||||||||
Information technology 0.56% | ||||||||
SmartHR, Inc., Series D, preferred shares1,3,5,6 | 3,006 | 13,691 | ||||||
Yotpo, Ltd., Series F, preferred shares1,3,4,5,6 | 2,158,609 | 4,748 | ||||||
Yotpo, Ltd., Series B, preferred shares1,3,4,5,6 | 287,894 | 633 | ||||||
Yotpo, Ltd., Series C, preferred shares1,3,4,5,6 | 274,070 | 603 | ||||||
Yotpo, Ltd., Series A-1, preferred shares1,3,4,5,6 | 183,819 | 404 | ||||||
Yotpo, Ltd., Series A, preferred shares1,3,4,5,6 | 89,605 | 197 | ||||||
Yotpo, Ltd., Series C-1, preferred shares1,3,4,5,6 | 75,980 | 167 | ||||||
Yotpo, Ltd., Series D, preferred shares1,3,4,5,6 | 42,368 | 93 | ||||||
Yotpo, Ltd., Series B-1, preferred shares1,3,4,5,6 | 33,838 | 75 | ||||||
Outreach Corp., Series G, preferred shares1,3,5,6 | 154,354 | 4,691 | ||||||
25,302 |
54 | American Funds Insurance Series |
Global Small Capitalization Fund (continued)
Preferred securities (continued) | Shares | Value (000) | ||||||||||
Industrials 0.24% | ||||||||||||
Azul SA, preferred nominative shares (ADR)1 | 800,316 | $ | 10,564 | |||||||||
Azul SA, preferred nominative shares1 | 109,500 | 479 | ||||||||||
11,043 | ||||||||||||
Health care 0.09% | ||||||||||||
PACT Pharma, Inc., Series C, 8.00% noncumulative preferred shares1,3,5,6 | 2,931,405 | 4,104 | ||||||||||
Total preferred securities (cost: $42,519,000) | 40,449 | |||||||||||
Rights & warrants 0.41% | ||||||||||||
Information technology 0.34% | ||||||||||||
OPT Machine Vision Tech Co., Ltd., Class A, warrants, expire 20233,4 | 355,879 | 15,756 | ||||||||||
Consumer staples 0.07% | ||||||||||||
Qingdao Richen Food Co., Ltd., Class A, warrants, expire 20223,4 | 345,000 | 3,085 | ||||||||||
Total rights & warrants (cost: $22,692,000) | 18,841 | |||||||||||
Short-term securities 11.51% | Weighted average yield at acquisition | Principal amount (000) | ||||||||||
Commercial paper 5.57% | ||||||||||||
Bank of Montreal 1/31/2022 | 0.107 | % | $ | 45,000 | 44,997 | |||||||
Canadian Imperial Bank of Commerce 1/14/20224 | 0.125 | 25,000 | 24,999 | |||||||||
LVMH Moët Hennessy-Louis Vuitton SE 2/15/20224 | 0.098 | 35,000 | 34,996 | |||||||||
LVMH Moët Hennessy-Louis Vuitton SE 2/22/20224 | 0.118 | 50,000 | 49,992 | |||||||||
Toronto-Dominion Bank 1/24/20224 | 0.058 | 100,000 | 99,996 | |||||||||
254,980 | ||||||||||||
Shares | ||||||||||||
Money market investments 4.44% | ||||||||||||
Capital Group Central Cash Fund 0.09%7,8 | 2,030,670 | 203,087 | ||||||||||
Money market investments purchased with collateral from securities on loan 1.50% | ||||||||||||
Goldman Sachs Financial Square Government Fund, Institutional Shares 0.02%8,9 | 34,209,178 | 34,209 | ||||||||||
Capital Group Central Cash Fund 0.09%7,8,9 | 322,569 | 32,260 | ||||||||||
Invesco Short-Term Investments Trust – Government & Agency Portfolio, Institutional Class 0.03%8,9 | 2,304,298 | 2,305 | ||||||||||
68,774 | ||||||||||||
Total short-term securities (cost: $526,820,000) | 526,841 | |||||||||||
Total investment securities 101.67% (cost: $3,004,830,000) | 4,653,354 | |||||||||||
Other assets less liabilities (1.67)% | (76,433 | ) | ||||||||||
Net assets 100.00% | $ | 4,576,921 |
American Funds Insurance Series | 55 |
Global Small Capitalization Fund (continued)
Investments in affiliates7
Value of affiliates at 1/1/2021 (000) | Additions (000) | Reductions (000) | Net realized (loss) gain (000) | Net unrealized (depreciation) appreciation (000) | Value of affiliates at 12/31/2021 (000) | Dividend income (000) | ||||||||||||||||||||||
Common stocks 0.90% | ||||||||||||||||||||||||||||
Consumer discretionary 0.90% | ||||||||||||||||||||||||||||
Lands’ End, Inc.1 | $ | 45,297 | $ | — | $ | — | $ | — | $ | (4,074 | ) | $ | 41,223 | $ | — | |||||||||||||
Communication services 0.00% | ||||||||||||||||||||||||||||
Boat Rocker Media, Inc.1,10 | — | 13,602 | 1,216 | (321 | ) | (2,920 | ) | — | — | |||||||||||||||||||
Total common stocks | 41,223 | |||||||||||||||||||||||||||
Short-term securities 5.14% | ||||||||||||||||||||||||||||
Money market investments 4.44% | ||||||||||||||||||||||||||||
Capital Group Central Cash Fund 0.09%8 | 15,136 | 1,978,017 | 1,790,088 | 6 | 16 | 203,087 | 149 | |||||||||||||||||||||
Money market investments purchased with collateral from securities on loan 0.70% | ||||||||||||||||||||||||||||
Capital Group Central Cash Fund 0.09%8,9 | — | 32,26011 | 32,260 | — | 12 | |||||||||||||||||||||||
Total short-term securities | 235,347 | |||||||||||||||||||||||||||
Total 6.04% | $ | (315 | ) | $ | (6,978 | ) | $ | 276,570 | $ | 149 |
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 $85,086,000, which represented 1.86% 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 $175,891,000, which represented 3.84% of the net assets of the fund. |
4 | Acquired in a transaction exempt from registration under Rule 144A or Section 4(2) of the Securities Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers. The total value of all such securities was $363,388,000, which represented 7.94% of the net assets of the fund. |
5 | Value determined using significant unobservable inputs. |
6 | Acquired through a private placement transaction exempt from registration under the Securities Act of 1933. May be subject to legal or contractual restrictions on resale. Further details on these holdings appear below. |
7 | 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 12/31/2021. |
9 | Security purchased with cash collateral from securities on loan. Refer to Note 5 for more information on securities lending. |
10 | Affiliated issuer during the reporting period but no longer an affiliate at 12/31/2021. Refer to the investment portfolio for the security value at 12/31/2021. |
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. |
Private placement securities | Acquisition date | Cost (000) | Value (000) | Percent of net assets | ||||||||||
Star Health & Allied Insurance Co., Ltd. | 3/30/2021 | $ | 40,710 | $ | 58,213 | 1.27 | % | |||||||
Venture Global LNG, Inc., Series C | 5/1/2015 | 8,280 | 14,064 | .31 | ||||||||||
SmartHR, Inc., Series D, preferred shares | 5/28/2021 | 14,344 | 13,691 | .30 | ||||||||||
Yotpo, Ltd., Series F, preferred shares | 2/25/2021 | 4,748 | 4,748 | .10 | ||||||||||
Yotpo, Ltd. | 3/16/2021 | 1,418 | 1,493 | .03 | ||||||||||
Yotpo, Ltd., Series B, preferred shares | 3/16/2021 | 602 | 633 | .01 | ||||||||||
Yotpo, Ltd., Series C, preferred shares | 3/16/2021 | 573 | 603 | .01 | ||||||||||
Yotpo, Ltd., Series A-1, preferred shares | 3/16/2021 | 384 | 404 | .01 | ||||||||||
Yotpo, Ltd., Series A, preferred shares | 3/16/2021 | 187 | 197 | .01 | ||||||||||
Yotpo, Ltd., Series C-1, preferred shares | 3/16/2021 | 159 | 167 | .01 | ||||||||||
Yotpo, Ltd., Series D, preferred shares | 3/16/2021 | 89 | 93 | .00 | ||||||||||
Yotpo, Ltd., Series B-1, preferred shares | 3/16/2021 | 71 | 75 | .00 | ||||||||||
Outreach Corp., Series G, preferred shares | 5/27/2021 | 4,517 | 4,691 | .10 | ||||||||||
PACT Pharma, Inc., Series C, 8.00% noncumulative preferred shares | 2/7/2020 | 6,000 | 4,104 | .09 | ||||||||||
Total private placement securities | $ | 82,082 | $ | 103,176 | 2.25 | % |
56 | American Funds Insurance Series |
Global Small Capitalization Fund (continued)
Key to abbreviations
ADR = American Depositary Receipts
SDR = Swedish Depositary Receipts
See notes to financial statements.
American Funds Insurance Series | 57 |
Growth Fund
Investment portfolio December 31, 2021
Common stocks 96.28% | Shares | Value (000) | ||||||
Information technology 23.83% | ||||||||
Microsoft Corp. | 7,992,115 | $ | 2,687,908 | |||||
Broadcom, Inc. | 1,777,138 | 1,182,525 | ||||||
ASML Holding NV | 635,000 | 510,907 | ||||||
ASML Holding NV (New York registered) (ADR) | 268,136 | 213,474 | ||||||
Taiwan Semiconductor Manufacturing Company, Ltd. | 14,872,000 | 330,585 | ||||||
Taiwan Semiconductor Manufacturing Company, Ltd. (ADR) | 1,220,700 | 146,862 | ||||||
RingCentral, Inc., Class A1 | 2,082,653 | 390,185 | ||||||
Apple, Inc. | 1,929,167 | 342,562 | ||||||
Shopify, Inc., Class A, subordinate voting shares1 | 223,900 | 308,398 | ||||||
Advanced Micro Devices, Inc.1 | 1,816,000 | 261,322 | ||||||
Cloudflare, Inc., Class A1 | 1,764,000 | 231,966 | ||||||
Wolfspeed, Inc.1 | 1,978,082 | 221,090 | ||||||
Applied Materials, Inc. | 1,392,012 | 219,047 | ||||||
Micron Technology, Inc. | 2,097,912 | 195,420 | ||||||
MicroStrategy, Inc., Class A1,2 | 358,514 | 195,207 | ||||||
Keyence Corp. | 300,900 | 189,073 | ||||||
MongoDB, Inc., Class A1 | 354,590 | 187,702 | ||||||
Mastercard, Inc., Class A | 510,964 | 183,600 | ||||||
Unity Software, Inc.1 | 1,188,000 | 169,872 | ||||||
Bill.com Holdings, Inc.1 | 649,600 | 161,848 | ||||||
FleetCor Technologies, Inc.1 | 650,500 | 145,608 | ||||||
ServiceNow, Inc.1 | 221,680 | 143,895 | ||||||
Tyler Technologies, Inc.1 | 263,200 | 141,588 | ||||||
NVIDIA Corp. | 464,000 | 136,467 | ||||||
Visa, Inc., Class A | 531,131 | 115,101 | ||||||
Block, Inc., Class A1 | 705,620 | 113,965 | ||||||
Fidelity National Information Services, Inc. | 884,718 | 96,567 | ||||||
Zendesk, Inc.1 | 902,500 | 94,122 | ||||||
HubSpot, Inc.1 | 130,000 | 85,689 | ||||||
PayPal Holdings, Inc.1 | 429,800 | 81,052 | ||||||
Trimble, Inc.1 | 840,920 | 73,320 | ||||||
VeriSign, Inc.1 | 282,443 | 71,690 | ||||||
Coupa Software, Inc.1 | 387,000 | 61,165 | ||||||
Intel Corp. | 1,136,000 | 58,504 | ||||||
Genpact, Ltd. | 1,041,500 | 55,283 | ||||||
GoDaddy, Inc., Class A1 | 645,081 | 54,742 | ||||||
Smartsheet, Inc., Class A1 | 694,281 | 53,772 | ||||||
Intuit, Inc. | 83,000 | 53,387 | ||||||
MKS Instruments, Inc. | 302,111 | 52,619 | ||||||
Elastic NV, non-registered shares1 | 403,822 | 49,706 | ||||||
NetApp, Inc. | 527,540 | 48,528 | ||||||
Silicon Laboratories, Inc.1 | 231,815 | 47,851 | ||||||
Qualtrics International, Inc., Class A1 | 1,276,855 | 45,201 | ||||||
Okta, Inc., Class A1 | 198,012 | 44,388 | ||||||
Amadeus IT Group SA, Class A, non-registered shares1 | 635,696 | 43,164 | ||||||
Flex, Ltd.1 | 2,234,300 | 40,955 | ||||||
Adobe, Inc.1 | 69,034 | 39,146 | ||||||
Concentrix Corp. | 214,851 | 38,377 | ||||||
Samsung Electronics Co., Ltd. | 561,000 | 36,952 | ||||||
SK hynix, Inc. | 330,800 | 36,454 | ||||||
EPAM Systems, Inc.1 | 52,839 | 35,320 | ||||||
TE Connectivity, Ltd. | 216,000 | 34,849 | ||||||
Toast, Inc., Class A1,2 | 960,000 | 33,322 | ||||||
Motorola Solutions, Inc. | 109,000 | 29,615 | ||||||
Lam Research Corp. | 40,617 | 29,210 | ||||||
Fiserv, Inc.1 | 247,500 | 25,688 | ||||||
Keysight Technologies, Inc.1 | 102,000 | 21,064 | ||||||
Ceridian HCM Holding, Inc.1 | 199,000 | 20,788 | ||||||
Globant SA1 | 57,138 | 17,946 | ||||||
Alteryx, Inc., Class A1 | 261,518 | 15,822 | ||||||
TELUS International (Cda), Inc., subordinate voting shares1 | 396,024 | 13,093 | ||||||
Enphase Energy, Inc.1 | 62,172 | 11,374 |
58 | American Funds Insurance Series |
Growth Fund (continued)
Common stocks (continued) | Shares | Value (000) | ||||||
Information technology (continued) | ||||||||
SentinelOne, Inc., Class A1 | 220,600 | $ | 11,138 | |||||
Kulicke and Soffa Industries, Inc. | 151,860 | 9,194 | ||||||
Lightspeed Commerce, Inc., subordinate voting shares (CAD denominated)1 | 216,600 | 8,746 | ||||||
Thoughtworks Holding, Inc.1 | 276,000 | 7,400 | ||||||
Stripe, Inc., Class B1,3,4,5 | 168,598 | 6,798 | ||||||
10,820,178 | ||||||||
Consumer discretionary 19.94% | ||||||||
Tesla, Inc.1 | 3,770,000 | 3,984,061 | ||||||
Amazon.com, Inc.1 | 306,823 | 1,023,052 | ||||||
Dollar General Corp. | 2,588,520 | 610,451 | ||||||
Home Depot, Inc. | 1,024,000 | 424,970 | ||||||
LVMH Moët Hennessy-Louis Vuitton SE | 330,000 | 273,138 | ||||||
Las Vegas Sands Corp.1 | 5,500,000 | 207,020 | ||||||
Royal Caribbean Cruises, Ltd.1 | 2,590,946 | 199,244 | ||||||
Hermès International | 97,299 | 170,150 | ||||||
Chipotle Mexican Grill, Inc.1 | 90,300 | 157,867 | ||||||
Booking Holdings, Inc.1 | 60,300 | 144,674 | ||||||
Airbnb, Inc., Class A1 | 823,500 | 137,105 | ||||||
Toll Brothers, Inc. | 1,787,376 | 129,388 | ||||||
D.R. Horton, Inc. | 1,131,976 | 122,763 | ||||||
Floor & Decor Holdings, Inc., Class A1 | 769,300 | 100,017 | ||||||
Caesars Entertainment, Inc.1 | 997,785 | 93,323 | ||||||
Burlington Stores, Inc.1 | 295,911 | 86,261 | ||||||
O’Reilly Automotive, Inc.1 | 116,600 | 82,346 | ||||||
NIKE, Inc., Class B | 489,400 | 81,568 | ||||||
NVR, Inc.1 | 13,430 | 79,356 | ||||||
YETI Holdings, Inc.1 | 940,000 | 77,860 | ||||||
Aramark | 1,793,164 | 66,078 | ||||||
Darden Restaurants, Inc. | 433,876 | 65,359 | ||||||
Domino’s Pizza, Inc. | 112,700 | 63,600 | ||||||
Etsy, Inc.1 | 202,000 | 44,226 | ||||||
YUM! Brands, Inc. | 306,700 | 42,588 | ||||||
Hilton Worldwide Holdings, Inc.1 | 257,834 | 40,220 | ||||||
Aptiv PLC1 | 234,400 | 38,664 | ||||||
LGI Homes, Inc.1 | 248,150 | 38,334 | ||||||
Dollar Tree Stores, Inc.1 | 260,059 | 36,543 | ||||||
adidas AG | 121,710 | 35,085 | ||||||
Adient PLC1 | 722,000 | 34,569 | ||||||
General Motors Company1 | 572,500 | 33,566 | ||||||
Compagnie Financière Richemont SA, Class A | 219,805 | 33,036 | ||||||
Flutter Entertainment PLC1 | 194,737 | 30,817 | ||||||
Polaris, Inc. | 280,000 | 30,775 | ||||||
VF Corp. | 408,000 | 29,874 | ||||||
Carvana Co., Class A1 | 125,000 | 28,974 | ||||||
Wayfair, Inc., Class A1 | 152,000 | 28,875 | ||||||
lululemon athletica, inc.1 | 70,000 | 27,402 | ||||||
Norwegian Cruise Line Holdings, Ltd.1 | 1,249,496 | 25,915 | ||||||
Helen of Troy, Ltd.1 | 99,420 | 24,305 | ||||||
Marriott International, Inc., Class A1 | 137,100 | 22,654 | ||||||
Arrival Group1,2 | 2,260,000 | 16,769 | ||||||
Arrival Group1 | 449,469 | 3,335 | ||||||
EssilorLuxottica | 69,400 | 14,794 | ||||||
Westwing Group AG, non-registered shares1 | 546,833 | 13,784 | ||||||
9,054,755 | ||||||||
Communication services 19.66% | ||||||||
Meta Platforms, Inc., Class A1 | 9,627,956 | 3,238,363 | ||||||
Netflix, Inc.1 | 3,194,877 | 1,924,722 | ||||||
Alphabet, Inc., Class C1 | 438,673 | 1,269,340 | ||||||
Alphabet, Inc., Class A1 | 111,616 | 323,356 | ||||||
Activision Blizzard, Inc. | 7,356,113 | 489,402 |
American Funds Insurance Series | 59 |
Growth Fund (continued)
Common stocks (continued) | Shares | Value (000) | ||||||
Communication services (continued) | ||||||||
Charter Communications, Inc., Class A1 | 655,629 | $ | 427,450 | |||||
Snap, Inc., Class A, nonvoting shares1 | 8,494,104 | 399,478 | ||||||
ZoomInfo Technologies, Inc., Class A1 | 2,918,600 | 187,374 | ||||||
Comcast Corp., Class A | 3,710,563 | 186,753 | ||||||
Twitter, Inc.1 | 2,000,000 | 86,440 | ||||||
Frontier Communications Parent, Inc.1 | 2,585,920 | 76,259 | ||||||
T-Mobile US, Inc.1 | 652,940 | 75,728 | ||||||
Live Nation Entertainment, Inc.1 | 517,000 | 61,880 | ||||||
Pinterest, Inc., Class A1 | 1,386,811 | 50,410 | ||||||
Tencent Holdings, Ltd. | 605,000 | 35,442 | ||||||
Bumble, Inc., Class A1 | 898,537 | 30,424 | ||||||
Vimeo, Inc.1 | 1,415,033 | 25,414 | ||||||
Iridium Communications, Inc.1 | 457,026 | 18,871 | ||||||
Electronic Arts, Inc. | 141,481 | 18,661 | ||||||
Match Group, Inc.1 | 13,602 | 1,799 | ||||||
8,927,566 | ||||||||
Health care 11.15% | ||||||||
UnitedHealth Group, Inc. | 1,617,751 | 812,337 | ||||||
Intuitive Surgical, Inc.1 | 2,058,000 | 739,439 | ||||||
Regeneron Pharmaceuticals, Inc.1 | 909,000 | 574,052 | ||||||
Thermo Fisher Scientific, Inc. | 674,500 | 450,053 | ||||||
Centene Corp.1 | 4,864,730 | 400,854 | ||||||
Vertex Pharmaceuticals, Inc.1 | 1,133,422 | 248,899 | ||||||
NovoCure, Ltd.1 | 2,703,431 | 202,974 | ||||||
Moderna, Inc.1 | 750,000 | 190,485 | ||||||
Insulet Corp.1 | 467,000 | 124,255 | ||||||
Edwards Lifesciences Corp.1 | 768,111 | 99,509 | ||||||
Biohaven Pharmaceutical Holding Co., Ltd.1 | 720,492 | 99,291 | ||||||
DexCom, Inc.1 | 158,238 | 84,966 | ||||||
Seagen, Inc.1 | 527,217 | 81,508 | ||||||
Danaher Corp. | 235,935 | 77,625 | ||||||
Gilead Sciences, Inc. | 899,185 | 65,290 | ||||||
Oak Street Health, Inc.1 | 1,628,199 | 53,958 | ||||||
Abbott Laboratories | 360,668 | 50,760 | ||||||
Catalent, Inc.1 | 385,000 | 49,291 | ||||||
Guardant Health, Inc.1 | 482,401 | 48,250 | ||||||
Eli Lilly and Company | 169,500 | 46,819 | ||||||
Cigna Corp. | 203,470 | 46,723 | ||||||
Inari Medical, Inc.1 | 502,200 | 45,836 | ||||||
Verily Life Sciences LLC1,3,4,5 | 300,178 | 44,928 | ||||||
Molina Healthcare, Inc.1 | 128,807 | 40,971 | ||||||
QIAGEN NV1 | 664,342 | 36,924 | ||||||
Zimmer Biomet Holdings, Inc. | 238,900 | 30,350 | ||||||
AstraZeneca PLC | 256,500 | 30,129 | ||||||
Galapagos NV1 | 527,552 | 29,562 | ||||||
Mettler-Toledo International, Inc.1 | 16,900 | 28,683 | ||||||
Align Technology, Inc.1 | 38,800 | 25,499 | ||||||
Pacific Biosciences of California, Inc.1 | 1,140,379 | 23,332 | ||||||
R1 RCM, Inc.1 | 888,000 | 22,635 | ||||||
Humana, Inc. | 46,800 | 21,709 | ||||||
Syneos Health, Inc., Class A1 | 210,000 | 21,563 | ||||||
Exact Sciences Corp.1 | 259,400 | 20,189 | ||||||
Chemed Corp. | 37,667 | 19,927 | ||||||
Fate Therapeutics, Inc.1 | 235,000 | 13,750 | ||||||
Vir Biotechnology, Inc.1 | 282,975 | 11,848 | ||||||
Novavax, Inc.1,2 | 59,500 | 8,513 | ||||||
CRISPR Therapeutics AG1 | 86,706 | 6,571 | ||||||
Ultragenyx Pharmaceutical, Inc.1 | 67,100 | 5,642 | ||||||
Incyte Corp.1 | 70,900 | 5,204 | ||||||
Neurocrine Biosciences, Inc.1 | 47,027 | 4,005 | ||||||
Adaptive Biotechnologies Corp.1 | 141,048 | 3,958 |
60 | American Funds Insurance Series |
Growth Fund (continued)
Common stocks (continued) | Shares | Value (000) | ||||||
Health care (continued) | ||||||||
Global Blood Therapeutics, Inc.1 | 125,000 | $ | 3,659 | |||||
TG Therapeutics, Inc.1 | 155,200 | 2,949 | ||||||
Sana Biotechnology, Inc.1,2 | 179,600 | 2,780 | ||||||
Cortexyme, Inc.1,2 | 177,897 | 2,245 | ||||||
5,060,699 | ||||||||
Industrials 7.19% | ||||||||
TransDigm Group, Inc.1 | 590,615 | 375,796 | ||||||
Uber Technologies, Inc.1 | 8,166,767 | 342,432 | ||||||
Carrier Global Corp. | 6,049,761 | 328,139 | ||||||
Jacobs Engineering Group, Inc. | 2,169,000 | 301,990 | ||||||
Delta Air Lines, Inc.1 | 7,215,000 | 281,962 | ||||||
United Rentals, Inc.1 | 591,000 | 196,383 | ||||||
Caterpillar, Inc. | 748,000 | 154,641 | ||||||
MTU Aero Engines AG | 616,989 | 126,018 | ||||||
Airbus SE, non-registered shares1 | 955,893 | 122,280 | ||||||
Middleby Corp.1 | 449,500 | 88,444 | ||||||
CSX Corp. | 2,335,500 | 87,815 | ||||||
Dun & Bradstreet Holdings, Inc.1 | 3,869,573 | 79,288 | ||||||
Safran SA | 567,867 | 69,604 | ||||||
Ryanair Holdings PLC (ADR)1 | 634,951 | 64,975 | ||||||
Ryanair Holdings PLC1 | 96,554 | 1,676 | ||||||
TuSimple Holdings, Inc., Class A1,2 | 1,690,461 | 60,603 | ||||||
Rockwell Automation | 173,446 | 60,507 | ||||||
HEICO Corp. | 253,538 | 36,565 | ||||||
HEICO Corp., Class A | 148,813 | 19,126 | ||||||
Norfolk Southern Corp. | 176,000 | 52,397 | ||||||
L3Harris Technologies, Inc. | 245,000 | 52,244 | ||||||
BWX Technologies, Inc. | 902,600 | 43,216 | ||||||
Northrop Grumman Corp. | 98,700 | 38,204 | ||||||
AMETEK, Inc. | 253,600 | 37,289 | ||||||
ITT, Inc. | 343,000 | 35,051 | ||||||
Boeing Company1 | 170,000 | 34,224 | ||||||
Armstrong World Industries, Inc. | 291,939 | 33,900 | ||||||
Chart Industries, Inc.1 | 200,000 | 31,898 | ||||||
Waste Connections, Inc. | 222,159 | 30,274 | ||||||
FedEx Corp. | 99,600 | 25,761 | ||||||
Kornit Digital, Ltd.1 | 132,500 | 20,173 | ||||||
Generac Holdings, Inc.1 | 31,762 | 11,178 | ||||||
Lockheed Martin Corp. | 24,200 | 8,601 | ||||||
Axon Enterprise, Inc.1 | 36,700 | 5,762 | ||||||
Southwest Airlines Co.1 | 121,900 | 5,222 | ||||||
Archer Aviation, Inc., Class A1 | 446,251 | 2,695 | ||||||
3,266,333 | ||||||||
Financials 6.67% | ||||||||
Bank of America Corp. | 14,780,700 | 657,593 | ||||||
First Republic Bank | 1,770,808 | 365,690 | ||||||
S&P Global, Inc. | 524,936 | 247,733 | ||||||
Capital One Financial Corp. | 1,399,000 | 202,981 | ||||||
SVB Financial Group1 | 282,815 | 191,816 | ||||||
KKR & Co., Inc. | 2,077,520 | 154,775 | ||||||
BlackRock, Inc. | 150,000 | 137,334 | ||||||
Athene Holding, Ltd., Class A1 | 1,355,912 | 112,988 | ||||||
Intercontinental Exchange, Inc. | 751,752 | 102,817 | ||||||
Western Alliance Bancorporation | 932,501 | 100,384 | ||||||
Marsh & McLennan Companies, Inc. | 546,720 | 95,031 | ||||||
MSCI, Inc. | 117,900 | 72,236 | ||||||
Tradeweb Markets, Inc., Class A | 554,800 | 55,558 | ||||||
Blackstone, Inc., nonvoting shares | 360,000 | 46,580 | ||||||
Moody’s Corp. | 102,277 | 39,947 | ||||||
Signature Bank1 | 122,111 | 39,499 |
American Funds Insurance Series | 61 |
Growth Fund (continued)
Common stocks (continued) | Shares | Value (000) | ||||||
Financials (continued) | ||||||||
Trupanion, Inc.1 | 287,655 | $ | 37,979 | |||||
Wells Fargo & Company | 756,000 | 36,273 | ||||||
Brookfield Asset Management, Inc., Class A | 585,103 | 35,329 | ||||||
East West Bancorp, Inc. | 443,509 | 34,895 | ||||||
Aon PLC, Class A | 110,000 | 33,062 | ||||||
Blue Owl Capital, Inc., Class A | 1,982,812 | 29,564 | ||||||
Arch Capital Group, Ltd.1 | 634,000 | 28,181 | ||||||
CME Group, Inc., Class A | 121,648 | 27,792 | ||||||
Goosehead Insurance, Inc., Class A | 211,148 | 27,466 | ||||||
American International Group, Inc. | 458,394 | 26,064 | ||||||
Ares Management Corp., Class A | 310,500 | 25,234 | ||||||
Ryan Specialty Group Holdings, Inc., Class A1 | 611,300 | 24,666 | ||||||
Everest Re Group, Ltd. | 66,500 | 18,216 | ||||||
Berkshire Hathaway, Inc., Class A1 | 26 | 11,717 | ||||||
Berkshire Hathaway, Inc., Class B1 | 17,400 | 5,203 | ||||||
Hippo Holdings, Inc., Class A1 | 580,847 | 1,644 | ||||||
Bright Health Group, Inc.1 | 386,894 | 1,331 | ||||||
3,027,578 | ||||||||
Consumer staples 2.68% | ||||||||
Costco Wholesale Corp. | 491,000 | 278,741 | ||||||
Kroger Co. | 6,052,000 | 273,914 | ||||||
Constellation Brands, Inc., Class A | 745,500 | 187,098 | ||||||
Philip Morris International, Inc. | 1,339,929 | 127,293 | ||||||
Altria Group, Inc. | 2,349,349 | 111,336 | ||||||
British American Tobacco PLC | 2,844,350 | 105,239 | ||||||
Estée Lauder Companies, Inc., Class A | 158,486 | 58,671 | ||||||
Monster Beverage Corp.1 | 429,000 | 41,201 | ||||||
Molson Coors Beverage Company, Class B, restricted voting shares | 724,320 | 33,572 | ||||||
1,217,065 | ||||||||
Materials 2.18% | ||||||||
Vale SA, ordinary nominative shares (ADR) | 13,740,357 | 192,640 | ||||||
Wheaton Precious Metals Corp. | 3,674,000 | 157,725 | ||||||
Linde PLC | 347,292 | 120,312 | ||||||
Grupo México, SAB de CV, Series B | 25,356,800 | 110,576 | ||||||
Barrick Gold Corp. | 4,058,000 | 77,102 | ||||||
CF Industries Holdings, Inc. | 853,000 | 60,375 | ||||||
Royal Gold, Inc. | 517,000 | 54,394 | ||||||
Franco-Nevada Corp. | 390,000 | 53,936 | ||||||
Sherwin-Williams Company | 110,458 | 38,899 | ||||||
Allegheny Technologies, Inc.1 | 2,070,860 | 32,989 | ||||||
LyondellBasell Industries NV | 343,500 | 31,681 | ||||||
Summit Materials, Inc., Class A1 | 561,313 | 22,531 | ||||||
Ball Corp. | 194,200 | 18,696 | ||||||
PPG Industries, Inc. | 103,623 | 17,869 | ||||||
989,725 | ||||||||
Energy 2.05% | ||||||||
Halliburton Company | 12,143,661 | 277,726 | ||||||
Canadian Natural Resources, Ltd. (CAD denominated) | 5,481,400 | 231,615 | ||||||
Canadian Natural Resources, Ltd. | 105,100 | 4,440 | ||||||
Cenovus Energy, Inc. | 14,694,800 | 180,178 | ||||||
Pioneer Natural Resources Company | 328,000 | 59,657 | ||||||
EOG Resources, Inc. | 516,283 | 45,861 | ||||||
Suncor Energy, Inc. | 1,747,125 | 43,714 | ||||||
Coterra Energy, Inc. | 1,759,197 | 33,425 | ||||||
ConocoPhillips | 326,011 | 23,532 | ||||||
Chesapeake Energy Corp. | 345,000 | 22,259 | ||||||
Equitrans Midstream Corp. | 936,942 | 9,688 | ||||||
932,095 |
62 | American Funds Insurance Series |
Growth Fund (continued)
Common stocks (continued) | Shares | Value (000) | ||||||
Utilities 0.75% | ||||||||
NextEra Energy, Inc. | 2,052,930 | $ | 191,661 | |||||
PG&E Corp.1 | 7,364,569 | 89,406 | ||||||
AES Corp. | 1,540,683 | 37,439 | ||||||
Ørsted AS | 188,322 | 24,079 | ||||||
342,585 | ||||||||
Real estate 0.18% | ||||||||
Equinix, Inc. REIT | 51,784 | 43,801 | ||||||
UDR, Inc. REIT | 609,000 | 36,534 | ||||||
80,335 | ||||||||
Total common stocks (cost: $19,607,247,000) | 43,718,914 | |||||||
Preferred securities 0.17% | ||||||||
Information technology 0.14% | ||||||||
Samsung Electronics Co., Ltd., nonvoting preferred shares | 531,000 | 31,804 | ||||||
PsiQuantum Corp., Series D, preferred shares1,3,4,5 | 906,761 | 23,781 | ||||||
Tipalti Solutions, Ltd., Series F, preferred shares1,3,4,5 | 406,310 | 6,957 | ||||||
Stripe, Inc., Series H, 6.00% noncumulative preferred shares1,3,4,5 | 52,656 | 2,123 | ||||||
64,665 | ||||||||
Industrials 0.03% | ||||||||
ABL Space Systems Co., Series B2, preferred shares1,3,4,5 | 153,713 | 10,452 | ||||||
Total preferred securities (cost: $65,451,000) | 75,117 | |||||||
Convertible bonds & notes 0.07% | Principal amount (000) | |||||||
Consumer staples 0.07% | ||||||||
JUUL Labs, Inc., convertible notes, 7.00% PIK 20253,4,5,6 | $ | 43,344 | 32,231 | |||||
Total convertible bonds & notes (cost: $42,197,000) | 32,231 | |||||||
Short-term securities 3.64% | Shares | |||||||
Money market investments 3.55% | ||||||||
Capital Group Central Cash Fund 0.09%7,8 | 16,100,266 | 1,610,187 | ||||||
Money market investments purchased with collateral from securities on loan 0.09% | ||||||||
Goldman Sachs Financial Square Government Fund, Institutional Shares 0.02%7,9 | 21,530,570 | 21,531 | ||||||
Capital Group Central Cash Fund 0.09%7,8,9 | 203,019 | 20,304 | ||||||
Invesco Short-Term Investments Trust – Government & Agency Portfolio, Institutional Class 0.03%7,9 | 1,450,278 | 1,450 | ||||||
43,285 | ||||||||
Total short-term securities (cost: $1,653,276,000) | 1,653,472 | |||||||
Total investment securities 100.16% (cost: $21,368,171,000) | 45,479,734 | |||||||
Other assets less liabilities (0.16)% | (73,988 | ) | ||||||
Net assets 100.00% | $ | 45,405,746 |
American Funds Insurance Series | 63 |
Growth Fund (continued)
Investments in affiliates8
Value of affiliates at 1/1/2021 (000) | Additions (000) | Reductions (000) | Net realized gain (000) | Net unrealized appreciation (000) | Value of affiliates at 12/31/2021 (000) | Dividend income (000) | ||||||||||||||||||||||
Short-term securities 3.59% | ||||||||||||||||||||||||||||
Money market investments 3.55% | ||||||||||||||||||||||||||||
Capital Group Central Cash Fund 0.09%7 | $ | 1,623,691 | $ | 5,463,963 | $ | 5,477,577 | $ | 20 | $ | 90 | $ | 1,610,187 | $ | 877 | ||||||||||||||
Money market investments purchased with collateral from securities on loan 0.04% | ||||||||||||||||||||||||||||
Capital Group Central Cash Fund 0.09%7,9 | — | 20,304 | 10 | 20,304 | — | 11 | ||||||||||||||||||||||
Total short-term securities | 1,630,491 | |||||||||||||||||||||||||||
Total 3.59% | $ | 20 | $ | 90 | $ | 1,630,491 | $ | 877 |
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 $47,077,000, which represented .10% 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 $127,270,000, which represented .28% 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. Further details on these holdings appear below. |
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 12/31/2021. |
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. |
Private placement securities | Acquisition date(s) | Cost (000) | Value (000) | Percent of net assets | ||||||||||
Verily Life Sciences LLC | 12/21/2018 | $ | 37,000 | $ | 44,928 | .10 | % | |||||||
JUUL Labs, Inc., convertible notes, 7.00% PIK 2025 | 2/3/2020-11/3/2021 | 42,197 | 32,231 | .07 | ||||||||||
PsiQuantum Corp., Series D, preferred shares | 5/28/2021 | 23,781 | 23,781 | .05 | ||||||||||
ABL Space Systems Co., Series B2, preferred shares | 10/22/2021 | 10,452 | 10,452 | .02 | ||||||||||
Stripe, Inc., Class B | 5/6/2021 | 6,766 | 6,798 | .02 | ||||||||||
Stripe, Inc., Series H, 6.00% noncumulative preferred shares | 3/15/2021 | 2,113 | 2,123 | .00 | ||||||||||
Tipalti Solutions, Ltd., Series F, preferred shares | 12/1/2021 | 6,956 | 6,957 | .02 | ||||||||||
Total private placement securities | $ | 129,265 | $ | 127,270 | .28 | % |
Key to abbreviations
ADR = American Depositary Receipts
CAD = Canadian dollars
See notes to financial statements.
64 | American Funds Insurance Series |
International Fund
Investment portfolio December 31, 2021
Common stocks 89.00% | Shares | Value (000) | ||||||
Financials 17.08% | ||||||||
ABN AMRO Bank NV | 14,394,921 | $ | 211,675 | |||||
Kotak Mahindra Bank, Ltd. | 7,793,107 | 188,297 | ||||||
Banco Santander, SA | 52,040,526 | 174,219 | ||||||
Deutsche Bank AG1 | 11,620,682 | 145,770 | ||||||
BNP Paribas SA | 1,964,000 | 135,883 | ||||||
HDFC Bank, Ltd. | 5,417,070 | 107,809 | ||||||
HDFC Bank, Ltd. (ADR) | 277,000 | 18,024 | ||||||
AIA Group, Ltd. | 11,958,576 | 120,544 | ||||||
Barclays PLC | 46,610,000 | 117,976 | ||||||
Aegon NV | 12,263,736 | 61,336 | ||||||
ING Groep NV | 3,254,028 | 45,353 | ||||||
Bajaj Finserv, Ltd. | 174,730 | 38,564 | ||||||
XP, Inc., Class A1 | 1,291,559 | 37,119 | ||||||
KBC Groep NV | 406,187 | 34,896 | ||||||
Nu Holdings, Ltd., Class A1,2 | 3,593,839 | 33,710 | ||||||
Bajaj Finance, Ltd. | 348,060 | 32,670 | ||||||
Allfunds Group PLC1 | 1,350,495 | 26,593 | ||||||
FinecoBank SpA | 1,211,135 | 21,283 | ||||||
Lufax Holding, Ltd. (ADR)1 | 2,785,390 | 15,682 | ||||||
Ping An Insurance (Group) Company of China, Ltd., Class H | 898,500 | 6,470 | ||||||
Ping An Insurance (Group) Company of China, Ltd., Class A | 817,263 | 6,464 | ||||||
PICC Property and Casualty Co., Ltd., Class H | 15,044,000 | 12,290 | ||||||
Futu Holdings, Ltd. (ADR)1,2 | 222,400 | 9,630 | ||||||
B3 SA-Brasil, Bolsa, Balcao | 4,413,000 | 8,826 | ||||||
1,611,083 | ||||||||
Industrials 12.53% | ||||||||
Airbus SE, non-registered shares1 | 1,821,975 | 233,071 | ||||||
Recruit Holdings Co., Ltd. | 3,344,709 | 202,724 | ||||||
NIBE Industrier AB, Class B | 6,178,856 | 93,508 | ||||||
Ryanair Holdings PLC (ADR)1 | 787,400 | 80,575 | ||||||
Ryanair Holdings PLC1 | 348,056 | 6,043 | ||||||
Safran SA | 669,400 | 82,049 | ||||||
Melrose Industries PLC | 36,613,980 | 79,245 | ||||||
SMC Corp. | 77,100 | 52,005 | ||||||
ASSA ABLOY AB, Class B | 1,452,142 | 44,386 | ||||||
International Container Terminal Services, Inc. | 10,343,240 | 40,568 | ||||||
MTU Aero Engines AG | 182,000 | 37,173 | ||||||
Ashtead Group PLC | 405,000 | 32,573 | ||||||
Shenzhen Inovance Technology Co., Ltd., Class A | 2,350,967 | 25,305 | ||||||
Brenntag SE | 222,191 | 20,131 | ||||||
ZTO Express (Cayman), Inc., Class A (ADR) | 685,354 | 19,341 | ||||||
Kingspan Group PLC | 153,796 | 18,385 | ||||||
Nihon M&A Center Holdings, Inc. | 657,010 | 16,112 | ||||||
Diploma PLC | 335,900 | 15,340 | ||||||
Bureau Veritas SA | 443,000 | 14,717 | ||||||
Rumo SA1 | 4,301,900 | 13,717 | ||||||
Fluidra, SA, non-registered shares | 329,700 | 13,213 | ||||||
LIXIL Corp. | 441,700 | 11,769 | ||||||
CCR SA, ordinary nominative shares | 5,580,000 | 11,611 | ||||||
Airports of Thailand PCL, foreign registered shares1 | 5,078,900 | 9,328 | ||||||
Zhejiang Sanhua Intelligent Controls Co., Ltd., Class A | 2,073,434 | 8,231 | ||||||
1,181,120 | ||||||||
Information technology 12.46% | ||||||||
Taiwan Semiconductor Manufacturing Company, Ltd. | 6,729,000 | 149,577 | ||||||
ASML Holding NV | 182,764 | 147,048 | ||||||
Nice, Ltd. (ADR)1 | 397,150 | 120,575 | ||||||
Nomura Research Institute, Ltd. | 2,595,600 | 111,356 | ||||||
Atlassian Corp. PLC, Class A1 | 232,500 | 88,650 | ||||||
Fujitsu, Ltd. | 345,900 | 59,329 | ||||||
Delta Electronics, Inc. | 5,200,409 | 51,690 |
American Funds Insurance Series | 65 |
International Fund (continued)
Common stocks (continued) | Shares | Value (000) | ||||||
Information technology (continued) | ||||||||
Samsung Electronics Co., Ltd. | 631,500 | $ | 41,595 | |||||
Snowflake, Inc., Class A1 | 121,636 | 41,204 | ||||||
Keyence Corp. | 64,200 | 40,341 | ||||||
NXP Semiconductors NV | 173,200 | 39,452 | ||||||
PagSeguro Digital, Ltd., Class A1 | 1,377,948 | 36,130 | ||||||
Infineon Technologies AG | 728,000 | 33,783 | ||||||
StoneCo, Ltd., Class A1 | 1,940,700 | 32,720 | ||||||
Silergy Corp. | 176,000 | 31,966 | ||||||
Suse SA1,2 | 593,940 | 27,183 | ||||||
Shopify, Inc., Class A, subordinate voting shares1 | 14,000 | 19,283 | ||||||
OBIC Co., Ltd. | 83,700 | 15,717 | ||||||
Hexagon AB, Class B | 925,700 | 14,716 | ||||||
ASM International NV | 31,648 | 14,005 | ||||||
TELUS International (Cda), Inc., subordinate voting shares1 | 411,700 | 13,611 | ||||||
Okta, Inc., Class A1 | 53,850 | 12,072 | ||||||
Xero, Ltd.1 | 95,031 | 9,779 | ||||||
Canva, Inc.1,3,4,5 | 4,819 | 8,212 | ||||||
Kingdee International Software Group Co., Ltd.1 | 2,600,000 | 8,003 | ||||||
Afterpay, Ltd.1 | 120,994 | 7,307 | ||||||
1,175,304 | ||||||||
Health care 10.52% | ||||||||
Daiichi Sankyo Company, Ltd. | 11,981,800 | 304,675 | ||||||
Olympus Corp. | 5,808,100 | 133,779 | ||||||
WuXi Biologics (Cayman), Inc.1 | 10,754,800 | 127,650 | ||||||
M3, Inc. | 1,053,300 | 53,045 | ||||||
WuXi AppTec Co., Ltd., Class A | 2,367,360 | 44,046 | ||||||
WuXi AppTec Co., Ltd., Class H | 312,000 | 5,402 | ||||||
Grifols, SA, Class A, non-registered shares | 1,914,900 | 36,790 | ||||||
Grifols, SA, Class B (ADR) | 793,690 | 8,913 | ||||||
Alcon, Inc. | 439,639 | 38,956 | ||||||
Aier Eye Hospital Group Co., Ltd., Class A | 4,603,581 | 30,540 | ||||||
Notre Dame Intermédica Participações SA | 2,760,862 | 29,913 | ||||||
HOYA Corp. | 198,300 | 29,496 | ||||||
Chugai Pharmaceutical Co., Ltd. | 889,500 | 28,882 | ||||||
Merck KGaA | 110,400 | 28,532 | ||||||
Hikma Pharmaceuticals PLC | 578,400 | 17,372 | ||||||
Guardant Health, Inc.1 | 173,400 | 17,343 | ||||||
Ambu AS, Class B, non-registered shares2 | 476,200 | 12,612 | ||||||
Insulet Corp.1 | 46,653 | 12,413 | ||||||
Teva Pharmaceutical Industries, Ltd. (ADR)1 | 1,502,798 | 12,037 | ||||||
CanSino Biologics, Inc., Class H1 | 440,000 | 10,168 | ||||||
ResMed, Inc. | 31,200 | 8,127 | ||||||
Ping An Healthcare and Technology Co., Ltd., Class H1 | 267,400 | 972 | ||||||
991,663 | ||||||||
Consumer discretionary 10.42% | ||||||||
MercadoLibre, Inc.1 | 151,983 | 204,934 | ||||||
Evolution AB | 879,959 | 125,252 | ||||||
Sony Group Corp. | 920,500 | 115,833 | ||||||
Delivery Hero SE1 | 682,387 | 76,136 | ||||||
Ferrari NV (EUR denominated)1 | 254,543 | 65,929 | ||||||
LVMH Moët Hennessy-Louis Vuitton SE | 72,682 | 60,158 | ||||||
Maruti Suzuki India, Ltd. | 392,000 | 39,162 | ||||||
Grab Holdings, Ltd., Class A1,2 | 2,851,251 | 20,329 | ||||||
Grab Holdings, Ltd., Class A1,3,6 | 2,632,544 | 18,207 | ||||||
Entain PLC1 | 1,560,453 | 35,548 | ||||||
Meituan, Class B1 | 1,170,627 | 33,839 | ||||||
Flutter Entertainment PLC1 | 158,674 | 25,110 | ||||||
Coupang, Inc., Class A1 | 836,800 | 24,585 | ||||||
Kering SA | 29,296 | 23,578 | ||||||
Americanas SA, ordinary nominative shares1 | 3,734,000 | 21,171 |
66 | American Funds Insurance Series |
International Fund (continued)
Common stocks (continued) | Shares | Value (000) | ||||||
Consumer discretionary (continued) | ||||||||
Galaxy Entertainment Group, Ltd.1 | 3,859,000 | $ | 19,994 | |||||
EssilorLuxottica | 80,200 | 17,096 | ||||||
Aptiv PLC1 | 84,000 | 13,856 | ||||||
Just Eat Takeaway (GBP denominated)1 | 135,328 | 7,466 | ||||||
Just Eat Takeaway (EUR denominated)1 | 34,295 | 1,893 | ||||||
Bandai Namco Holdings, Inc. | 108,742 | 8,502 | ||||||
On Holding AG, Class A1 | 222,380 | 8,408 | ||||||
Prosus NV, Class N | 69,111 | 5,786 | ||||||
Pan Pacific International Holdings Corp. | 244,500 | 3,373 | ||||||
Melco Resorts & Entertainment, Ltd. (ADR)1 | 317,900 | 3,236 | ||||||
Naspers, Ltd., Class N | 18,951 | 2,940 | ||||||
982,321 | ||||||||
Energy 7.58% | ||||||||
Reliance Industries, Ltd. | 11,517,270 | 366,912 | ||||||
Petróleo Brasileiro SA (Petrobras), ordinary nominative shares (ADR) | 10,054,973 | 110,403 | ||||||
Neste OYJ | 1,756,952 | 86,732 | ||||||
Cenovus Energy, Inc. | 4,757,600 | 58,335 | ||||||
TotalEnergies SE | 1,147,298 | 58,296 | ||||||
Canadian Natural Resources, Ltd. (CAD denominated) | 818,700 | 34,594 | ||||||
715,272 | ||||||||
Materials 6.73% | ||||||||
First Quantum Minerals, Ltd. | 10,694,500 | 255,917 | ||||||
Vale SA, ordinary nominative shares (ADR) | 7,391,607 | 103,630 | ||||||
Vale SA, ordinary nominative shares | 770,681 | 10,787 | ||||||
Shin-Etsu Chemical Co., Ltd. | 395,300 | 68,455 | ||||||
Fortescue Metals Group, Ltd. | 4,730,450 | 66,114 | ||||||
Linde PLC (EUR denominated) | 135,800 | 47,310 | ||||||
Ivanhoe Mines Ltd., Class A1 | 3,403,051 | 27,764 | ||||||
BASF SE | 317,860 | 22,357 | ||||||
Koninklijke DSM NV | 55,354 | 12,478 | ||||||
Akzo Nobel NV | 107,048 | 11,761 | ||||||
Yunnan Energy New Material Co., Ltd., Class A | 196,300 | 7,712 | ||||||
634,285 | ||||||||
Communication services 5.26% | ||||||||
Sea, Ltd., Class A (ADR)1 | 546,678 | 122,297 | ||||||
Bharti Airtel, Ltd.1 | 12,732,125 | 117,121 | ||||||
Bharti Airtel, Ltd., interim shares1 | 836,308 | 3,967 | ||||||
Bilibili, Inc., Class Z (ADR)1,2 | 516,206 | 23,952 | ||||||
Bilibili, Inc., Class Z1 | 502,300 | 23,100 | ||||||
Meta Platforms, Inc., Class A1 | 127,500 | 42,885 | ||||||
Universal Music Group NV | 1,312,633 | 37,032 | ||||||
Tencent Holdings, Ltd. | 507,687 | 29,742 | ||||||
SoftBank Corp. | 2,231,200 | 28,212 | ||||||
Yandex NV, Class A1 | 313,000 | 18,937 | ||||||
Ubisoft Entertainment SA1 | 277,800 | 13,622 | ||||||
Vivendi SE | 907,392 | 12,283 | ||||||
Playtika Holding Corp.1 | 687,500 | 11,887 | ||||||
SoftBank Group Corp. | 224,200 | 10,591 | ||||||
495,628 | ||||||||
Consumer staples 3.56% | ||||||||
Kweichow Moutai Co., Ltd., Class A | 224,223 | 72,122 | ||||||
Danone SA | 813,500 | 50,560 | ||||||
Shiseido Company, Ltd. | 840,700 | 46,877 | ||||||
Treasury Wine Estates, Ltd. | 4,601,735 | 41,448 | ||||||
Swedish Match AB | 3,167,673 | 25,247 | ||||||
Heineken NV | 201,973 | 22,732 | ||||||
Kobe Bussan Co., Ltd. | 572,700 | 22,180 | ||||||
Inner Mongolia Yili Industrial Group Co., Ltd., Class A | 2,653,503 | 17,262 |
American Funds Insurance Series | 67 |
International Fund (continued)
Common stocks (continued) | Shares | Value (000) | ||||||
Consumer staples (continued) | ||||||||
CP ALL PCL, foreign registered shares | 9,053,300 | $ | 16,083 | |||||
Chocoladefabriken Lindt & Sprüngli AG | 97 | 13,008 | ||||||
Dabur India, Ltd. | 933,875 | 7,287 | ||||||
Pernod Ricard SA | 3,203 | 771 | ||||||
335,577 | ||||||||
Utilities 2.40% | ||||||||
ENN Energy Holdings, Ltd. | 10,225,700 | 192,513 | ||||||
China Gas Holdings, Ltd. | 16,490,200 | 34,260 | ||||||
226,773 | ||||||||
Real estate 0.46% | ||||||||
ESR Cayman, Ltd.1 | 9,137,600 | 30,878 | ||||||
Ayala Land, Inc. | 17,500,000 | 12,595 | ||||||
43,473 | ||||||||
Total common stocks (cost: $6,130,710,000) | 8,392,499 | |||||||
Preferred securities 0.48% | ||||||||
Health care 0.28% | ||||||||
Grifols, SA, Class B, nonvoting non-registered preferred shares | 2,274,930 | 26,185 | ||||||
Energy 0.19% | ||||||||
Petróleo Brasileiro SA (Petrobras), preferred nominative shares | 3,516,231 | 17,960 | ||||||
Information technology 0.01% | ||||||||
Canva, Inc., Series A, noncumulative preferred shares1,3,4,5 | 422 | 719 | ||||||
Canva, Inc., Series A-3, noncumulative preferred shares1,3,4,5 | 18 | 30 | ||||||
Canva, Inc., Series A-4, noncumulative preferred shares1,3,4,5 | 1 | 2 | ||||||
751 | ||||||||
Total preferred securities (cost: $60,867,000) | 44,896 | |||||||
Rights & warrants 0.21% | ||||||||
Health care 0.21% | ||||||||
WuXi AppTec Co., Ltd., Class A, warrants, expire 20223,6 | 896,000 | 16,671 | ||||||
WuXi AppTec Co., Ltd., Class A, warrants, expire 20221,3,6 | 179,200 | 3,334 | ||||||
Total rights & warrants (cost: $20,683,000) | 20,005 | |||||||
Short-term securities 11.14% | ||||||||
Money market investments 10.37% | ||||||||
Capital Group Central Cash Fund 0.09%7,8 | 9,773,002 | 977,398 |
68 | American Funds Insurance Series |
International Fund (continued)
Short-term securities (continued) | Shares | Value (000) | ||||||
Money market investments purchased with collateral from securities on loan 0.77% | ||||||||
Goldman Sachs Financial Square Government Fund, Institutional Shares 0.02%7,9 | 36,116,824 | $ | 36,116 | |||||
Capital Group Central Cash Fund 0.09%7,8,9 | 340,557 | 34,059 | ||||||
Invesco Short-Term Investments Trust – Government & Agency Portfolio, Institutional Class 0.03%7,9 | 2,432,795 | 2,433 | ||||||
72,608 | ||||||||
Total short-term securities (cost: $1,049,900,000) | 1,050,006 | |||||||
Total investment securities 100.83% (cost: $7,262,160,000) | 9,507,406 | |||||||
Other assets less liabilities (0.83)% | (78,053 | ) | ||||||
Net assets 100.00% | $ | 9,429,353 |
Investments in affiliates8
Value of affiliates at 1/1/2021 (000) | Additions (000) | Reductions (000) | Net realized loss (000) | Net unrealized appreciation (000) | Value of affiliates at 12/31/2021 (000) | Dividend income (000) | ||||||||||||||||||||||
Short-term securities 10.73% | ||||||||||||||||||||||||||||
Money market investments 10.37% | ||||||||||||||||||||||||||||
Capital Group Central Cash Fund 0.09%7 | $ | 523,844 | $ | 3,582,752 | $ | 3,129,199 | $ | (41 | ) | $ | 42 | $ | 977,398 | $ | 357 | |||||||||||||
Money market investments purchased with collateral from securities on loan 0.36% | ||||||||||||||||||||||||||||
Capital Group Central Cash Fund 0.09%7,9 | — | 34,059 | 10 | 34,059 | — | 11 | ||||||||||||||||||||||
Total short-term securities | 1,011,457 | |||||||||||||||||||||||||||
Total 10.73% | $ | (41 | ) | $ | 42 | $ | 1,011,457 | $ | 357 |
1 | Security did not produce income during the last 12 months. |
2 | All or a portion of this security was on loan. The total value of all such securities was $77,301,000, which represented .82% 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 $47,175,000, which represented .50% 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. Further details on these holdings appear below. |
6 | Acquired in a transaction exempt from registration under Rule 144A of the Securities Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers. The total value of all such securities was $38,212,000, which represented .41% of the net assets of the fund. |
7 | Rate represents the seven-day yield at 12/31/2021. |
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. |
Private placement securities | Acquisition date(s) | Cost (000) | Value (000) | Percent of net assets | ||||||||||
Canva, Inc. | 8/26/2021-11/4/2021 | $ | 8,215 | $ | 8,212 | .09 | % | |||||||
Canva, Inc., Series A, noncumulative preferred shares | 11/4/2021 | 719 | 719 | .01 | ||||||||||
Canva, Inc., Series A-3, noncumulative preferred shares | 11/4/2021 | 31 | 30 | .00 | ||||||||||
Canva, Inc., Series A-4, noncumulative preferred shares | 11/4/2021 | 2 | 2 | .00 | ||||||||||
Total private placement securities | $ | 8,967 | $ | 8,963 | .10 | % |
American Funds Insurance Series | 69 |
International Fund (continued)
Key to abbreviations
ADR = American Depositary Receipts
CAD = Canadian dollars
EUR = Euros
GBP = British pounds
See notes to financial statements.
70 | American Funds Insurance Series |
New World Fund
Investment portfolio December 31, 2021
Common stocks 92.02% | Shares | Value (000) | ||||||
Information technology 20.17% | ||||||||
Microsoft Corp. | 420,372 | $ | 141,379 | |||||
Taiwan Semiconductor Manufacturing Company, Ltd. | 4,075,000 | 90,582 | ||||||
Silergy Corp. | 348,094 | 63,222 | ||||||
ASML Holding NV | 57,498 | 46,262 | ||||||
Adobe, Inc.1 | 73,627 | 41,751 | ||||||
Broadcom, Inc. | 60,139 | 40,017 | ||||||
Keyence Corp. | 61,500 | 38,644 | ||||||
PagSeguro Digital, Ltd., Class A1 | 1,410,452 | 36,982 | ||||||
Wolfspeed, Inc.1 | 304,599 | 34,045 | ||||||
Micron Technology, Inc. | 354,314 | 33,004 | ||||||
Mastercard, Inc., Class A | 68,940 | 24,772 | ||||||
PayPal Holdings, Inc.1 | 121,076 | 22,833 | ||||||
Apple, Inc. | 125,754 | 22,330 | ||||||
Tata Consultancy Services, Ltd. | 352,077 | 17,706 | ||||||
EPAM Systems, Inc.1 | 22,796 | 15,238 | ||||||
Samsung Electronics Co., Ltd. | 222,955 | 14,685 | ||||||
NVIDIA Corp. | 47,363 | 13,930 | ||||||
Globant SA1 | 43,911 | 13,792 | ||||||
Network International Holdings PLC1 | 2,759,352 | 10,913 | ||||||
Nice, Ltd. (ADR)1 | 33,853 | 10,278 | ||||||
Visa, Inc., Class A | 45,183 | 9,792 | ||||||
TELUS International (Cda), Inc., subordinate voting shares1 | 284,750 | 9,414 | ||||||
Accenture PLC, Class A | 22,622 | 9,378 | ||||||
Advanced Micro Devices, Inc.1 | 64,798 | 9,324 | ||||||
StoneCo, Ltd., Class A1 | 549,141 | 9,259 | ||||||
Tokyo Electron, Ltd. | 15,100 | 8,701 | ||||||
MediaTek, Inc. | 188,000 | 8,086 | ||||||
Cognizant Technology Solutions Corp., Class A | 87,827 | 7,792 | ||||||
Kingdee International Software Group Co., Ltd.1 | 2,404,000 | 7,399 | ||||||
Nokia Corp.1 | 1,085,362 | 6,888 | ||||||
Atlassian Corp. PLC, Class A1 | 17,509 | 6,676 | ||||||
Hexagon AB, Class B | 363,645 | 5,781 | ||||||
NXP Semiconductors NV | 25,306 | 5,764 | ||||||
Trimble, Inc.1 | 65,066 | 5,673 | ||||||
Flat Glass Group Co., Ltd., Class H1 | 1,090,000 | 5,536 | ||||||
Edenred SA | 108,779 | 5,024 | ||||||
Halma PLC | 115,702 | 5,011 | ||||||
ON Semiconductor Corp.1 | 51,169 | 3,475 | ||||||
Logitech International SA | 40,546 | 3,421 | ||||||
Applied Materials, Inc. | 20,087 | 3,161 | ||||||
DLocal, Ltd., Class A1 | 84,459 | 3,014 | ||||||
Amadeus IT Group SA, Class A, non-registered shares1 | 36,543 | 2,481 | ||||||
KLA Corp. | 5,471 | 2,353 | ||||||
VeriSign, Inc.1 | 8,923 | 2,265 | ||||||
Infosys Ltd. | 80,946 | 2,056 | ||||||
FleetCor Technologies, Inc.1 | 8,827 | 1,976 | ||||||
Hamamatsu Photonics KK | 29,000 | 1,850 | ||||||
Hundsun Technologies Inc., Class A | 166,577 | 1,624 | ||||||
MKS Instruments, Inc. | 9,065 | 1,579 | ||||||
SAP SE | 11,071 | 1,574 | ||||||
Coforge, Ltd. | 19,788 | 1,568 | ||||||
Intel Corp. | 29,635 | 1,526 | ||||||
Infineon Technologies AG | 28,823 | 1,338 | ||||||
Aspen Technology, Inc.1 | 8,625 | 1,313 | ||||||
Elastic NV, non-registered shares1 | 9,576 | 1,179 | ||||||
Fabrinet, non-registered shares1 | 8,236 | 976 | ||||||
Canva, Inc.1,2,3,4 | 385 | 656 | ||||||
897,248 |
American Funds Insurance Series | 71 |
New World Fund (continued)
Common stocks (continued) | Shares | Value (000) | ||||||
Health care 12.36% | ||||||||
Thermo Fisher Scientific, Inc. | 84,675 | $ | 56,499 | |||||
Carl Zeiss Meditec AG, non-registered shares | 188,815 | 39,736 | ||||||
Abbott Laboratories | 246,892 | 34,748 | ||||||
WuXi Biologics (Cayman), Inc.1 | 2,774,600 | 32,932 | ||||||
WuXi AppTec Co., Ltd., Class A | 1,002,659 | 18,655 | ||||||
WuXi AppTec Co., Ltd., Class H | 526,300 | 9,112 | ||||||
PerkinElmer, Inc. | 123,409 | 24,813 | ||||||
Jiangsu Hengrui Medicine Co., Ltd., Class A | 2,454,512 | 19,529 | ||||||
CanSino Biologics, Inc., Class H1,5 | 844,918 | 19,526 | ||||||
Danaher Corp. | 57,443 | 18,899 | ||||||
BeiGene, Ltd. (ADR)1 | 59,844 | 16,214 | ||||||
BeiGene, Ltd.1 | 49,700 | 1,026 | ||||||
AstraZeneca PLC | 141,480 | 16,618 | ||||||
Eli Lilly and Company | 54,577 | 15,075 | ||||||
Shionogi & Co., Ltd. | 198,200 | 14,000 | ||||||
Laurus Labs, Ltd. | 1,887,975 | 13,687 | ||||||
Pharmaron Beijing Co., Ltd., Class H | 420,600 | 6,489 | ||||||
Pharmaron Beijing Co., Ltd., Class A | 259,600 | 5,754 | ||||||
CSL, Ltd. | 53,148 | 11,241 | ||||||
Zai Lab, Ltd. (ADR)1 | 176,391 | 11,086 | ||||||
Angelalign Technology, Inc.1,5 | 334,600 | 10,702 | ||||||
Novo Nordisk A/S, Class B | 93,787 | 10,553 | ||||||
Straumann Holding AG | 4,857 | 10,325 | ||||||
Olympus Corp. | 430,700 | 9,920 | ||||||
Notre Dame Intermédica Participações SA | 840,623 | 9,108 | ||||||
Hutchmed China, Ltd. (ADR)1 | 160,791 | 5,641 | ||||||
Hutchmed China, Ltd.1,5 | 382,500 | 2,781 | ||||||
Pfizer, Inc. | 140,786 | 8,313 | ||||||
Gland Pharma, Ltd.1 | 155,109 | 8,064 | ||||||
Aier Eye Hospital Group Co., Ltd., Class A | 1,159,131 | 7,689 | ||||||
Medtronic PLC | 71,546 | 7,401 | ||||||
Zoetis, Inc., Class A | 29,114 | 7,105 | ||||||
Genus PLC | 100,220 | 6,699 | ||||||
Merck KGaA | 22,956 | 5,933 | ||||||
Hypera SA, ordinary nominative shares | 1,113,589 | 5,652 | ||||||
Alcon, Inc. | 52,886 | 4,686 | ||||||
Koninklijke Philips NV (EUR denominated) | 109,015 | 4,067 | ||||||
Hugel, Inc.1 | 27,502 | 3,551 | ||||||
Hikma Pharmaceuticals PLC | 111,853 | 3,360 | ||||||
Grifols, SA, Class A, non-registered shares | 170,956 | 3,284 | ||||||
Rede D’Or Sao Luiz SA | 394,309 | 3,174 | ||||||
Asahi Intecc Co., Ltd. | 138,900 | 2,984 | ||||||
Align Technology, Inc.1 | 4,343 | 2,854 | ||||||
Mettler-Toledo International, Inc.1 | 1,570 | 2,665 | ||||||
HOYA Corp. | 17,700 | 2,633 | ||||||
Shenzhen Mindray Bio-Medical Electronics Co., Ltd., Class A1 | 42,690 | 2,551 | ||||||
bioMérieux SA | 16,966 | 2,413 | ||||||
Alibaba Health Information Technology, Ltd.1 | 2,324,000 | 1,964 | ||||||
Guangzhou Kingmed Diagnostics Group Co., Ltd., Class A | 106,133 | 1,855 | ||||||
OdontoPrev SA, ordinary nominative shares | 818,190 | 1,851 | ||||||
Teva Pharmaceutical Industries, Ltd. (ADR)1 | 214,654 | 1,719 | ||||||
Hangzhou Tigermed Consulting Co., Ltd., Class A | 56,371 | 1,130 | ||||||
Novartis AG | 8,982 | 791 | ||||||
Shandong Pharmaceutical Glass Co., Ltd., Class A | 66,700 | 459 | ||||||
549,516 | ||||||||
Consumer discretionary 12.30% | ||||||||
MercadoLibre, Inc.1 | 44,884 | 60,522 | ||||||
LVMH Moët Hennessy-Louis Vuitton SE | 57,671 | 47,734 | ||||||
General Motors Company1 | 676,073 | 39,638 | ||||||
Li Ning Co., Ltd. | 3,070,001 | 33,603 | ||||||
Hermès International | 18,779 | 32,839 |
72 | American Funds Insurance Series |
New World Fund (continued)
Common stocks (continued) | Shares | Value (000) | ||||||
Consumer discretionary (continued) | ||||||||
Evolution AB | 164,205 | $ | 23,373 | |||||
Xpeng, Inc., Class A (ADR)1 | 450,123 | 22,655 | ||||||
EssilorLuxottica | 92,076 | 19,628 | ||||||
Pop Mart International Group, Ltd. | 2,880,921 | 16,515 | ||||||
YUM! Brands, Inc. | 92,604 | 12,859 | ||||||
PB Fintech, Ltd.1 | 926,770 | 11,848 | ||||||
Midea Group Co., Ltd., Class A | 1,021,982 | 11,836 | ||||||
Booking Holdings, Inc.1 | 4,719 | 11,322 | ||||||
Kering SA | 13,841 | 11,139 | ||||||
Grab Holdings, Ltd., Class A1,2,5,6 | 853,798 | 5,905 | ||||||
Grab Holdings, Ltd., Class A1 | 729,973 | 5,205 | ||||||
Compagnie Financière Richemont SA, Class A | 66,042 | 9,926 | ||||||
Trip.com Group, Ltd. (ADR)1 | 397,001 | 9,774 | ||||||
NIKE, Inc., Class B | 55,769 | 9,295 | ||||||
China MeiDong Auto Holdings, Ltd. | 1,784,000 | 9,197 | ||||||
Galaxy Entertainment Group, Ltd.1 | 1,708,000 | 8,849 | ||||||
Marriott International, Inc., Class A1 | 49,956 | 8,255 | ||||||
JD.com, Inc., Class A1 | 219,200 | 7,702 | ||||||
Zhongsheng Group Holdings, Ltd. | 949,000 | 7,400 | ||||||
Huazhu Group, Ltd. (ADR)1 | 194,464 | 7,261 | ||||||
IDP Education, Ltd. | 237,609 | 5,990 | ||||||
Meituan, Class B1 | 205,500 | 5,940 | ||||||
Lear Corp. | 32,272 | 5,904 | ||||||
Zomato, Ltd.1 | 3,016,710 | 5,576 | ||||||
Industria de Diseño Textil, SA | 170,304 | 5,532 | ||||||
Americanas SA, ordinary nominative shares1 | 968,680 | 5,492 | ||||||
Astra International Tbk PT | 13,444,300 | 5,377 | ||||||
Jumbo SA | 367,791 | 5,276 | ||||||
Tesla, Inc.1 | 4,687 | 4,953 | ||||||
Aptiv PLC1 | 27,153 | 4,479 | ||||||
Prosus NV, Class N | 50,338 | 4,214 | ||||||
Delivery Hero SE1 | 34,823 | 3,885 | ||||||
adidas AG | 12,069 | 3,479 | ||||||
Airbnb, Inc., Class A1 | 19,887 | 3,311 | ||||||
Melco Resorts & Entertainment, Ltd. (ADR)1 | 303,589 | 3,091 | ||||||
Naspers, Ltd., Class N | 19,719 | 3,059 | ||||||
Lojas Americanas SA, ordinary nominative shares | 2,808,200 | 2,980 | ||||||
Entain PLC1 | 124,883 | 2,845 | ||||||
Samsonite International SA1 | 1,399,200 | 2,842 | ||||||
Maruti Suzuki India, Ltd. | 27,362 | 2,734 | ||||||
JD Health International, Inc.1 | 308,200 | 2,429 | ||||||
Inchcape PLC | 197,076 | 2,426 | ||||||
Shangri-La Asia, Ltd.1 | 2,214,000 | 1,848 | ||||||
Flutter Entertainment PLC1 | 11,607 | 1,837 | ||||||
Alibaba Group Holding, Ltd.1 | 114,772 | 1,750 | ||||||
Wynn Resorts, Ltd.1 | 17,044 | 1,449 | ||||||
Stellantis NV | 68,672 | 1,304 | ||||||
Levi Strauss & Co., Class A | 39,011 | 976 | ||||||
Gree Electric Appliances, Inc. of Zhuhai, Class A | 151,046 | 878 | ||||||
Jiumaojiu International Holdings, Ltd. | 239,000 | 420 | ||||||
Cyrela Brazil Realty SA, ordinary nominative shares | 119,389 | 338 | ||||||
546,894 | ||||||||
Financials 12.14% | ||||||||
Kotak Mahindra Bank, Ltd. | 3,284,556 | 79,362 | ||||||
Société Générale | 1,170,149 | 40,240 | ||||||
HDFC Bank, Ltd. | 1,979,009 | 39,385 | ||||||
HDFC Bank, Ltd. (ADR) | 7,664 | 499 | ||||||
AIA Group, Ltd. | 3,837,600 | 38,683 | ||||||
Ping An Insurance (Group) Company of China, Ltd., Class H | 4,156,344 | 29,930 | ||||||
Bajaj Finance, Ltd. | 258,996 | 24,310 | ||||||
Capitec Bank Holdings, Ltd. | 176,311 | 22,569 |
American Funds Insurance Series | 73 |
New World Fund (continued)
Common stocks (continued) | Shares | Value (000) | ||||||
Financials (continued) | ||||||||
Sberbank of Russia PJSC (ADR) | 1,393,147 | $ | 22,295 | |||||
UniCredit SpA | 1,392,775 | 21,476 | ||||||
B3 SA-Brasil, Bolsa, Balcao | 10,710,109 | 21,420 | ||||||
Banco Santander, SA | 4,545,381 | 15,217 | ||||||
S&P Global, Inc. | 32,084 | 15,141 | ||||||
ICICI Bank, Ltd. (ADR) | 597,178 | 11,818 | ||||||
ICICI Bank, Ltd. | 144,197 | 1,436 | ||||||
Bajaj Finserv, Ltd. | 56,872 | 12,552 | ||||||
HDFC Life Insurance Company, Ltd. | 1,337,727 | 11,689 | ||||||
Nu Holdings, Ltd., Class A1,2,5,6 | 971,370 | 8,109 | ||||||
Nu Holdings, Ltd., Class A1 | 224,519 | 2,106 | ||||||
Hong Kong Exchanges and Clearing, Ltd. | 164,500 | 9,607 | ||||||
Discovery, Ltd.1 | 997,261 | 8,985 | ||||||
Moody’s Corp. | 21,823 | 8,524 | ||||||
Eurobank Ergasias Services and Holdings SA1 | 8,154,869 | 8,276 | ||||||
TCS Group Holding PLC (GDR) | 96,245 | 8,115 | ||||||
China Merchants Bank Co., Ltd., Class H | 868,000 | 6,740 | ||||||
XP, Inc., Class A1 | 231,492 | 6,653 | ||||||
AU Small Finance Bank, Ltd.1 | 472,800 | 6,593 | ||||||
Fairfax Financial Holdings, Ltd., subordinate voting shares | 12,724 | 6,259 | ||||||
Industrial and Commercial Bank of China Ltd., Class H1 | 10,319,000 | 5,823 | ||||||
Postal Savings Bank of China Co., Ltd., Class H | 7,363,000 | 5,165 | ||||||
DBS Group Holdings, Ltd. | 184,073 | 4,461 | ||||||
Banco Bilbao Vizcaya Argentaria, SA | 738,810 | 4,416 | ||||||
Lufax Holding, Ltd. (ADR)1 | 760,315 | 4,281 | ||||||
Alpha Services and Holdings SA1 | 2,988,190 | 3,664 | ||||||
Credicorp, Ltd.1 | 28,683 | 3,501 | ||||||
Canara Bank1 | 1,280,630 | 3,445 | ||||||
East Money Information Co., Ltd., Class A1 | 568,680 | 3,311 | ||||||
Grupo Financiero Banorte, SAB de CV, Series O | 413,062 | 2,683 | ||||||
Futu Holdings, Ltd. (ADR)1,5 | 61,496 | 2,663 | ||||||
Chubb, Ltd. | 13,538 | 2,617 | ||||||
Axis Bank, Ltd.1 | 210,286 | 1,920 | ||||||
China Construction Bank Corp., Class H | 2,259,000 | 1,564 | ||||||
Banco Santander México, SA, Institución de Banca Múltiple, Grupo Financiero Santander México, Class B | 1,336,017 | 1,536 | ||||||
Moscow Exchange MICEX-RTS PJSC | 438,203 | 894 | ||||||
539,933 | ||||||||
Communication services 8.13% | ||||||||
Alphabet, Inc., Class C1 | 19,487 | 56,388 | ||||||
Alphabet, Inc., Class A1 | 4,282 | 12,405 | ||||||
Sea, Ltd., Class A (ADR)1 | 240,744 | 53,857 | ||||||
Tencent Holdings, Ltd. | 770,700 | 45,150 | ||||||
Meta Platforms, Inc., Class A1 | 129,909 | 43,695 | ||||||
Netflix, Inc.1 | 52,882 | 31,858 | ||||||
América Móvil, SAB de CV, Series L (ADR) | 1,213,470 | 25,616 | ||||||
Yandex NV, Class A1 | 361,818 | 21,890 | ||||||
Bharti Airtel, Ltd.1 | 1,730,201 | 15,916 | ||||||
Bharti Airtel, Ltd., interim shares1 | 80,154 | 380 | ||||||
Activision Blizzard, Inc. | 151,781 | 10,098 | ||||||
Vodafone Group PLC | 6,525,800 | 9,916 | ||||||
Bilibili, Inc., Class Z1 | 172,746 | 7,945 | ||||||
Bilibili, Inc., Class Z (ADR)1,5 | 26,258 | 1,218 | ||||||
MTN Group, Ltd.1 | 727,754 | 7,796 | ||||||
NetEase, Inc. | 163,100 | 3,295 | ||||||
NetEase, Inc. (ADR) | 29,800 | 3,033 | ||||||
JCDecaux SA1 | 176,638 | 4,424 |
74 | American Funds Insurance Series |
New World Fund (continued)
Common stocks (continued) | Shares | Value (000) | ||||||
Communication services (continued) | ||||||||
Indus Towers, Ltd. | 1,319,168 | $ | 4,406 | |||||
Informa PLC1 | 230,790 | 1,614 | ||||||
SoftBank Group Corp. | 14,000 | 661 | ||||||
361,561 | ||||||||
Industrials 7.80% | ||||||||
Airbus SE, non-registered shares1 | 352,550 | 45,099 | ||||||
IMCD NV | 105,137 | 23,305 | ||||||
Contemporary Amperex Technology Co., Ltd., Class A | 192,095 | 17,722 | ||||||
Shenzhen Inovance Technology Co., Ltd., Class A | 1,580,674 | 17,014 | ||||||
Wizz Air Holdings PLC1 | 294,372 | 16,687 | ||||||
Safran SA | 129,764 | 15,905 | ||||||
International Container Terminal Services, Inc. | 4,031,020 | 15,810 | ||||||
Larsen & Toubro Ltd.1 | 584,155 | 14,899 | ||||||
DSV A/S | 62,716 | 14,666 | ||||||
Copa Holdings, SA, Class A1 | 168,055 | 13,891 | ||||||
General Electric Co. | 132,056 | 12,475 | ||||||
Nidec Corp. | 105,100 | 12,353 | ||||||
Rumo SA1 | 3,555,478 | 11,337 | ||||||
Zhejiang Sanhua Intelligent Controls Co., Ltd., Class A | 2,344,924 | 9,308 | ||||||
Carrier Global Corp. | 140,000 | 7,594 | ||||||
Daikin Industries, Ltd. | 33,200 | 7,530 | ||||||
TransDigm Group, Inc.1 | 10,897 | 6,933 | ||||||
SMC Corp. | 10,100 | 6,813 | ||||||
Ryanair Holdings PLC (ADR)1 | 64,996 | 6,651 | ||||||
Spirax-Sarco Engineering PLC | 27,742 | 6,027 | ||||||
Interpump Group SpA | 80,948 | 5,940 | ||||||
InPost SA1 | 464,249 | 5,602 | ||||||
CCR SA, ordinary nominative shares | 2,373,378 | 4,938 | ||||||
Boeing Company1 | 23,092 | 4,649 | ||||||
Centre Testing International Group Co., Ltd. | 1,045,396 | 4,407 | ||||||
ZTO Express (Cayman), Inc., Class A (ADR) | 148,533 | 4,192 | ||||||
Havells India, Ltd. | 196,876 | 3,700 | ||||||
Raytheon Technologies Corp. | 42,943 | 3,696 | ||||||
Epiroc AB, Class B | 173,137 | 3,673 | ||||||
ABB, Ltd. | 79,535 | 3,046 | ||||||
Fluidra, SA, non-registered shares | 74,576 | 2,989 | ||||||
AirTAC International Group1 | 78,000 | 2,876 | ||||||
Hitachi, Ltd. | 52,900 | 2,865 | ||||||
Atlas Copco AB, Class B | 34,239 | 2,017 | ||||||
Air Lease Corp., Class A | 43,438 | 1,921 | ||||||
Bharat Electronics Ltd.1 | 678,933 | 1,918 | ||||||
Bureau Veritas SA | 54,130 | 1,798 | ||||||
China Merchants Port Holdings Co., Ltd. | 768,000 | 1,399 | ||||||
Experian PLC | 27,683 | 1,361 | ||||||
Haitian International Holdings, Ltd. | 236,000 | 655 | ||||||
United Airlines Holdings, Inc.1 | 14,717 | 644 | ||||||
Hefei Meyer Optoelectronic Technology, Inc., Class A | 97,000 | 570 | ||||||
346,875 | ||||||||
Materials 7.64% | ||||||||
Vale SA, ordinary nominative shares | 2,398,005 | 33,564 | ||||||
Vale SA, ordinary nominative shares (ADR) | 2,372,563 | 33,263 | ||||||
First Quantum Minerals, Ltd. | 2,097,826 | 50,201 | ||||||
Freeport-McMoRan, Inc. | 756,454 | 31,567 | ||||||
Sika AG | 69,369 | 28,944 | ||||||
Asian Paints, Ltd. | 537,055 | 24,441 | ||||||
Barrick Gold Corp. | 514,267 | 9,771 | ||||||
Fortescue Metals Group, Ltd. | 679,678 | 9,499 | ||||||
Linde PLC | 26,140 | 9,056 | ||||||
Albemarle Corp. | 38,585 | 9,020 | ||||||
Shin-Etsu Chemical Co., Ltd. | 49,500 | 8,572 |
American Funds Insurance Series | 75 |
New World Fund (continued)
Common stocks (continued) | Shares | Value (000) | ||||||
Materials (continued) | ||||||||
Shree Cement, Ltd. | 22,299 | $ | 8,096 | |||||
Givaudan SA | 1,501 | 7,894 | ||||||
BASF SE | 107,641 | 7,571 | ||||||
Beijing Oriental Yuhong Waterproof Technology Co., Ltd., Class A | 912,393 | 7,542 | ||||||
Koninklijke DSM NV | 32,787 | 7,391 | ||||||
Wacker Chemie AG1 | 36,435 | 5,459 | ||||||
Pidilite Industries, Ltd.1 | 144,558 | 4,789 | ||||||
Ivanhoe Mines Ltd., Class A1 | 571,589 | 4,663 | ||||||
LANXESS AG | 73,268 | 4,546 | ||||||
Yunnan Energy New Material Co., Ltd., Class A | 107,800 | 4,235 | ||||||
Shandong Sinocera Functional Material Co., Ltd., Class A | 626,700 | 4,186 | ||||||
Loma Negra Compania Industrial Argentina SA (ADR)1 | 565,048 | 3,769 | ||||||
SKSHU Paint Co., Ltd., Class A1 | 148,265 | 3,237 | ||||||
Arkema SA | 21,254 | 2,997 | ||||||
SIG Combibloc Group AG | 98,307 | 2,747 | ||||||
Alrosa PJSC | 1,417,398 | 2,318 | ||||||
CCL Industries, Inc., Class B, nonvoting shares | 39,906 | 2,140 | ||||||
Amcor PLC (CDI) | 163,846 | 1,969 | ||||||
Navin Fluorine International, Ltd. | 25,041 | 1,411 | ||||||
Celanese Corp. | 7,800 | 1,311 | ||||||
Umicore SA | 29,864 | 1,215 | ||||||
Impala Platinum Holdings, Ltd. | 70,922 | 1,001 | ||||||
Anglo American PLC | 22,331 | 912 | ||||||
Chr. Hansen Holding A/S | 7,302 | 576 | ||||||
339,873 | ||||||||
Consumer staples 5.33% | ||||||||
Kweichow Moutai Co., Ltd., Class A | 210,707 | 67,774 | ||||||
Bunge, Ltd. | 158,997 | 14,844 | ||||||
Nestlé SA | 101,606 | 14,211 | ||||||
Constellation Brands, Inc., Class A | 52,891 | 13,274 | ||||||
Anheuser-Busch InBev SA/NV | 188,368 | 11,403 | ||||||
British American Tobacco PLC | 270,437 | 10,006 | ||||||
Carlsberg A/S, Class B | 53,193 | 9,198 | ||||||
Avenue Supermarts, Ltd.1 | 134,844 | 8,474 | ||||||
Pernod Ricard SA | 34,703 | 8,356 | ||||||
Wuliangye Yibin Co., Ltd., Class A | 213,271 | 7,451 | ||||||
Raia Drogasil SA, ordinary nominative shares | 1,495,270 | 6,523 | ||||||
Reckitt Benckiser Group PLC | 63,575 | 5,457 | ||||||
ITC, Ltd. | 1,831,504 | 5,372 | ||||||
Foshan Haitian Flavouring and Food Co., Ltd., Class A | 302,930 | 4,996 | ||||||
Heineken NV | 40,609 | 4,571 | ||||||
Dabur India, Ltd. | 537,445 | 4,194 | ||||||
Inner Mongolia Yili Industrial Group Co., Ltd., Class A | 526,400 | 3,424 | ||||||
L’Oréal SA, non-registered shares | 6,898 | 3,274 | ||||||
Yihai International Holding, Ltd. | 677,000 | 3,130 | ||||||
Arca Continental, SAB de CV | 466,800 | 2,976 | ||||||
Monde Nissin Corp.1 | 8,712,500 | 2,768 | ||||||
Mondelez International, Inc. | 41,527 | 2,754 | ||||||
Shiseido Company, Ltd. | 45,000 | 2,509 | ||||||
X5 Retail Group NV (GDR) | 93,180 | 2,434 | ||||||
Kimberly-Clark de México, SAB de CV, Class A | 1,578,095 | 2,390 | ||||||
Kimberly-Clark Corp. | 16,061 | 2,295 | ||||||
Monster Beverage Corp.1 | 21,924 | 2,106 | ||||||
United Spirits, Ltd.1 | 167,058 | 2,019 | ||||||
Fomento Económico Mexicano, SAB de CV | 239,333 | 1,862 | ||||||
Herbalife Nutrition, Ltd.1 | 42,822 | 1,753 | ||||||
Unilever PLC (EUR denominated) | 32,294 | 1,730 | ||||||
Danone SA | 23,668 | 1,471 |
76 | American Funds Insurance Series |
New World Fund (continued)
Common stocks (continued) | Shares | Value (000) | ||||||
Consumer staples (continued) | ||||||||
Uni-Charm Corp. | 26,400 | $ | 1,147 | |||||
Diageo PLC | 11,617 | 635 | ||||||
Wal-Mart de México, SAB de CV, Series V | 122,379 | 455 | ||||||
237,236 | ||||||||
Energy 3.21% | ||||||||
Reliance Industries, Ltd. | 2,645,387 | 84,275 | ||||||
Petróleo Brasileiro SA (Petrobras), ordinary nominative shares (ADR) | 2,357,177 | 25,882 | ||||||
Gazprom PJSC (ADR) | 806,244 | 7,450 | ||||||
TotalEnergies SE | 132,741 | 6,745 | ||||||
New Fortress Energy, Inc., Class A5 | 251,163 | 6,063 | ||||||
Rosneft Oil Company PJSC (GDR) | 612,982 | 4,929 | ||||||
Royal Dutch Shell PLC, Class B | 146,347 | 3,214 | ||||||
Chevron Corp. | 22,384 | 2,627 | ||||||
BP PLC | 333,742 | 1,493 | ||||||
142,678 | ||||||||
Utilities 1.54% | ||||||||
ENN Energy Holdings, Ltd. | 2,017,300 | 37,979 | ||||||
AES Corp. | 543,971 | 13,218 | ||||||
Engie SA | 613,910 | 9,096 | ||||||
China Gas Holdings, Ltd. | 2,276,000 | 4,729 | ||||||
Enel SpA | 389,325 | 3,123 | ||||||
China Resources Gas Group, Ltd. | 100,000 | 565 | ||||||
68,710 | ||||||||
Real estate 1.40% | ||||||||
American Tower Corp. REIT | 45,487 | 13,305 | ||||||
Macrotech Developers, Ltd.1 | 766,547 | 12,720 | ||||||
ESR Cayman, Ltd.1 | 2,925,400 | 9,886 | ||||||
BR Malls Participacoes SA, ordinary nominative shares1 | 4,194,387 | 6,258 | ||||||
CK Asset Holdings, Ltd. | 914,000 | 5,761 | ||||||
Shimao Services Holdings, Ltd. | 6,485,187 | 4,508 | ||||||
CTP NV | 210,395 | 4,479 | ||||||
China Overseas Land & Investment, Ltd. | 967,000 | 2,289 | ||||||
Sunac Services Holdings, Ltd. | 1,548,496 | 1,579 | ||||||
Longfor Group Holdings, Ltd. | 296,000 | 1,393 | ||||||
62,178 | ||||||||
Total common stocks (cost: $2,592,259,000) | 4,092,702 | |||||||
Preferred securities 0.93% | ||||||||
Consumer discretionary 0.24% | ||||||||
Volkswagen AG, nonvoting preferred shares | 34,472 | 6,965 | ||||||
Getir BV, Series H, preferred shares1,2,3,4 | 7,768 | 3,500 | ||||||
10,465 | ||||||||
Materials 0.23% | ||||||||
Gerdau SA, preferred nominative shares | 2,088,351 | 10,221 | ||||||
Industrials 0.20% | ||||||||
GOL Linhas Aéreas Inteligentes SA, preferred nominative shares1 | 1,367,880 | 4,182 | ||||||
GOL Linhas Aéreas Inteligentes SA, preferred nominative shares (ADR)1,5 | 72,525 | 439 | ||||||
Azul SA, preferred nominative shares (ADR)1 | 337,989 | 4,461 | ||||||
9,082 |
American Funds Insurance Series | 77 |
New World Fund (continued)
Preferred securities (continued) | Shares | Value (000) | ||||||
Real estate 0.19% | ||||||||
QuintoAndar, Ltd., Series E, preferred shares1,2,3,4 | 32,657 | $ | 6,672 | |||||
QuintoAndar, Ltd., Series E-1, preferred shares1,2,3,4 | 8,400 | 1,716 | ||||||
Ayala Land, Inc., preferred shares2,3 | 15,000,000 | — | 7 | |||||
8,388 | ||||||||
Health care 0.05% | ||||||||
Grifols, SA, Class B, nonvoting non-registered preferred shares | 179,977 | 2,072 | ||||||
Energy 0.02% | ||||||||
Petróleo Brasileiro SA (Petrobras), preferred nominative shares | 189,783 | 969 | ||||||
Information technology 0.00% | ||||||||
Canva, Inc., Series A, noncumulative preferred shares1,2,3,4 | 34 | 58 | ||||||
Canva, Inc., Series A-3, noncumulative preferred shares1,2,3,4 | 1 | 2 | ||||||
60 | ||||||||
Total preferred securities (cost: $33,445,000) | 41,257 | |||||||
Rights & warrants 0.02% | ||||||||
Materials 0.02% | ||||||||
Shandong Sinocera Functional Material Co., Ltd., Class A, warrants, expire 20221,2,6 | 124,600 | 832 | ||||||
Consumer discretionary 0.00% | ||||||||
Compagnie Financière Richemont SA, Class A, warrants, expire 20231 | 105,741 | 116 | ||||||
Total rights & warrants (cost: $837,000) | 948 | |||||||
Bonds, notes & other debt instruments 2.57% | Principal amount (000) | |||||||
Bonds & notes of governments & government agencies outside the U.S. 2.16% | ||||||||
Abu Dhabi (Emirate of) 2.50% 20296 | $ | 1,000 | 1,040 | |||||
Abu Dhabi (Emirate of) 1.70% 20316 | 455 | 443 | ||||||
Angola (Republic of) 8.00% 20296 | 2,270 | 2,246 | ||||||
Argentine Republic 1.00% 2029 | 385 | 140 | ||||||
Argentine Republic 0.50% 2030 (0.75% on 7/9/2023)8 | 2,672 | 942 | ||||||
Argentine Republic 1.125% 2035 (1.50% on 7/9/2022)8 | 4,190 | 1,346 | ||||||
Argentine Republic 2.00% 2038 (3.875% on 7/9/2022)8 | 1,318 | 501 | ||||||
Argentine Republic 2.50% 2041 (3.50% on 7/9/2022)8 | 5,900 | 2,092 | ||||||
Armenia (Republic of) 7.15% 2025 | 490 | 548 | ||||||
Bahrain (Kingdom of) 6.75% 20296 | 500 | 540 | ||||||
Belarus (Republic of) 6.875% 2023 | 1,775 | 1,760 | ||||||
Belarus (Republic of) 5.875% 2026 | 230 | 204 | ||||||
Belarus (Republic of) 7.625% 2027 | 335 | 309 | ||||||
Colombia (Republic of) 4.50% 2026 | 280 | 294 | ||||||
Colombia (Republic of) 3.25% 2032 | 900 | 811 | ||||||
Colombia (Republic of) 7.375% 2037 | 1,090 | 1,273 | ||||||
Colombia (Republic of) 4.125% 2051 | 350 | 285 | ||||||
Costa Rica (Republic of) 6.125% 20316 | 1,250 | 1,266 | ||||||
Costa Rica (Republic of) 6.125% 2031 | 393 | 398 | ||||||
Cote d’Ivoire (Republic of) 4.875% 2032 | € | 150 | 165 | |||||
Dominican Republic 6.875% 2026 | $ | 370 | 422 | |||||
Dominican Republic 8.625% 20276 | 575 | 687 | ||||||
Dominican Republic 11.375% 2029 | DOP | 12,800 | 278 | |||||
Dominican Republic 5.30% 20416 | $ | 303 | 300 | |||||
Dominican Republic 7.45% 2044 | 1,400 | 1,661 | ||||||
Dominican Republic 7.45% 20446 | 1,125 | 1,335 |
78 | 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 6.85% 2045 | $ | 320 | $ | 354 | ||||
Dominican Republic 5.875% 20606 | 280 | 270 | ||||||
Egypt (Arab Republic of) 5.75% 20246 | 450 | 469 | ||||||
Egypt (Arab Republic of) 5.625% 2030 | € | 260 | 268 | |||||
Egypt (Arab Republic of) 5.875% 20316 | $ | 365 | 324 | |||||
Egypt (Arab Republic of) 7.625% 20326 | 1,140 | 1,083 | ||||||
Egypt (Arab Republic of) 8.50% 2047 | 1,200 | 1,067 | ||||||
Egypt (Arab Republic of) 8.15% 20596 | 900 | 771 | ||||||
Ethiopia (Federal Democratic Republic of) 6.625% 2024 | 1,430 | 975 | ||||||
Export-Import Bank of India 3.25% 2030 | 1,180 | 1,203 | ||||||
Georgia (Republic of) 2.75% 20266 | 375 | 374 | ||||||
Ghana (Republic of) 8.125% 2026 | 315 | 292 | ||||||
Ghana (Republic of) 6.375% 2027 | 485 | 411 | ||||||
Ghana (Republic of) 7.875% 2027 | 200 | 176 | ||||||
Ghana (Republic of) 7.75% 20296 | 1,125 | 945 | ||||||
Ghana (Republic of) 8.125% 2032 | 1,880 | 1,542 | ||||||
Honduras (Republic of) 6.25% 2027 | 1,600 | 1,736 | ||||||
Hungary (Republic of) 2.125% 20316 | 770 | 759 | ||||||
Indonesia (Republic of) 6.625% 2037 | 700 | 979 | ||||||
Indonesia (Republic of) 5.25% 2042 | 840 | 1,056 | ||||||
Iraq (Republic of) 6.752% 2023 | 960 | 974 | ||||||
Jordan (Hashemite Kingdom of) 4.95% 20256 | 600 | 621 | ||||||
Jordan (Hashemite Kingdom of) 5.75% 20276 | 1,530 | 1,612 | ||||||
Jordan (Hashemite Kingdom of) 5.75% 2027 | 200 | 211 | ||||||
Kazakhstan (Republic of) 6.50% 20456 | 800 | 1,149 | ||||||
Kenya (Republic of) 7.25% 2028 | 400 | 432 | ||||||
Kenya (Republic of) 8.25% 20486 | 2,000 | 2,038 | ||||||
Malaysia (Federation of), Series 0419, 3.828% 2034 | MYR | 430 | 103 | |||||
Malaysia (Federation of), Series 0418, 4.893% 2038 | 1,150 | 302 | ||||||
Oman (Sultanate of) 4.875% 20256 | $ | 202 | 211 | |||||
Oman (Sultanate of) 5.375% 2027 | 750 | 787 | ||||||
Oman (Sultanate of) 6.25% 20316 | 890 | 975 | ||||||
Pakistan (Islamic Republic of) 8.25% 20256 | 410 | 445 | ||||||
Pakistan (Islamic Republic of) 6.00% 20266 | 380 | 381 | ||||||
Pakistan (Islamic Republic of) 6.875% 20276 | 1,050 | 1,062 | ||||||
Pakistan (Islamic Republic of) 7.875% 2036 | 400 | 388 | ||||||
Panama (Republic of) 3.75% 20266 | 1,380 | 1,468 | ||||||
Panama (Republic of) 4.50% 2047 | 1,155 | 1,276 | ||||||
Panama (Republic of) 4.50% 2050 | 400 | 442 | ||||||
Panama (Republic of) 4.30% 2053 | 400 | 431 | ||||||
Paraguay (Republic of) 5.00% 20266 | 500 | 556 | ||||||
Paraguay (Republic of) 4.70% 20276 | 800 | 889 | ||||||
Paraguay (Republic of) 4.70% 2027 | 500 | 556 | ||||||
Paraguay (Republic of) 4.95% 2031 | 320 | 360 | ||||||
Peru (Republic of) 3.00% 2034 | 425 | 424 | ||||||
Peru (Republic of) 6.55% 2037 | 1,070 | 1,462 | ||||||
Peru (Republic of) 3.55% 2051 | 370 | 386 | ||||||
Peru (Republic of) 2.78% 2060 | 565 | 497 | ||||||
PETRONAS Capital, Ltd. 4.55% 20506 | 400 | 497 | ||||||
Philippines (Republic of) 1.648% 2031 | 780 | 757 | ||||||
Philippines (Republic of) 6.375% 2034 | 820 | 1,141 | ||||||
Philippines (Republic of) 3.95% 2040 | 900 | 1,007 | ||||||
Philippines (Republic of) 2.95% 2045 | 790 | 781 | ||||||
PT Indonesia Asahan Aluminium Tbk 6.757% 2048 | 200 | 256 | ||||||
Qatar (State of) 4.50% 20286 | 2,335 | 2,686 | ||||||
Qatar (State of) 4.50% 2028 | 800 | 920 | ||||||
Romania 2.00% 2032 | € | 1,375 | 1,458 | |||||
Romania 2.00% 2033 | 530 | 551 | ||||||
Romania 5.125% 20486 | $ | 720 | 852 | |||||
Russian Federation 4.25% 2027 | 1,000 | 1,083 | ||||||
Russian Federation 4.375% 20296 | 800 | 883 |
American Funds Insurance Series | 79 |
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) | ||||||||
Russian Federation 5.10% 2035 | $ | 1,600 | $ | 1,890 | ||||
Russian Federation 5.25% 2047 | 1,000 | 1,269 | ||||||
Senegal (Republic of) 4.75% 2028 | € | 1,100 | 1,273 | |||||
Serbia (Republic of) 3.125% 2027 | 850 | 1,034 | ||||||
South Africa (Republic of) 5.875% 2030 | $ | 1,710 | 1,910 | |||||
Sri Lanka (Democratic Socialist Republic of) 5.75% 2022 | 650 | 591 | ||||||
Sri Lanka (Democratic Socialist Republic of) 6.125% 2025 | 450 | 239 | ||||||
Sri Lanka (Democratic Socialist Republic of) 6.85% 2025 | 700 | 364 | ||||||
Sri Lanka (Democratic Socialist Republic of) 6.825% 2026 | 1,270 | 651 | ||||||
Sri Lanka (Democratic Socialist Republic of) 7.55% 2030 | 800 | 402 | ||||||
Sri Lanka (Democratic Socialist Republic of) 7.55% 20306 | 500 | 251 | ||||||
Tunisia (Republic of) 6.75% 2023 | € | 310 | 296 | |||||
Tunisia (Republic of) 6.75% 2023 | 215 | 205 | ||||||
Tunisia (Republic of) 5.625% 2024 | 710 | 644 | ||||||
Tunisia (Republic of) 5.75% 2025 | $ | 875 | 671 | |||||
Turkey (Republic of) 6.375% 2025 | 475 | 465 | ||||||
Turkey (Republic of) 11.875% 2030 | 800 | 1,002 | ||||||
Turkey (Republic of) 5.875% 2031 | 1,170 | 1,042 | ||||||
Turkey (Republic of) 4.875% 2043 | 1,000 | 769 | ||||||
Turkey (Republic of) 5.75% 2047 | 2,205 | 1,787 | ||||||
Ukraine 8.994% 2024 | 200 | 200 | ||||||
Ukraine 7.75% 2027 | 2,328 | 2,216 | ||||||
Ukraine 9.75% 2028 | 700 | 710 | ||||||
Ukraine 7.375% 2032 | 2,180 | 1,951 | ||||||
United Mexican States 4.50% 2029 | 550 | 613 | ||||||
United Mexican States 4.75% 2032 | 870 | 986 | ||||||
United Mexican States 4.75% 2044 | 1,090 | 1,191 | ||||||
United Mexican States 3.75% 2071 | 400 | 361 | ||||||
United Mexican States, Series M, 7.50% 2027 | MXN | 19,000 | 931 | |||||
Venezuela (Bolivarian Republic of) 7.00% 20189 | $ | 64 | 4 | |||||
Venezuela (Bolivarian Republic of) 7.75% 20199 | 1,149 | 75 | ||||||
Venezuela (Bolivarian Republic of) 6.00% 20209 | 950 | 62 | ||||||
Venezuela (Bolivarian Republic of) 12.75% 20229 | 85 | 6 | ||||||
Venezuela (Bolivarian Republic of) 9.00% 20239 | 1,383 | 90 | ||||||
Venezuela (Bolivarian Republic of) 8.25% 20249 | 299 | 19 | ||||||
Venezuela (Bolivarian Republic of) 7.65% 20259 | 129 | 8 | ||||||
Venezuela (Bolivarian Republic of) 11.75% 20269 | 64 | 4 | ||||||
Venezuela (Bolivarian Republic of) 9.25% 20279 | 170 | 11 | ||||||
Venezuela (Bolivarian Republic of) 9.25% 20289 | 319 | 21 | ||||||
Venezuela (Bolivarian Republic of) 11.95% 20319 | 106 | 7 | ||||||
Venezuela (Bolivarian Republic of) 7.00% 20389 | 107 | 7 | ||||||
95,878 | ||||||||
Corporate bonds, notes & loans 0.41% | ||||||||
Energy 0.12% | ||||||||
Oleoducto Central SA 4.00% 20276 | 255 | 254 | ||||||
Petrobras Global Finance Co. 5.60% 2031 | 780 | 828 | ||||||
Petrobras Global Finance Co. 6.85% 2115 | 314 | 312 | ||||||
Petróleos Mexicanos 6.875% 2026 | 755 | 831 | ||||||
Petróleos Mexicanos 7.47% 2026 | MXN | 2,800 | 124 | |||||
Petróleos Mexicanos 6.49% 2027 | $ | 1,490 | 1,590 | |||||
Petróleos Mexicanos 6.70% 20326 | 622 | 630 | ||||||
Sinopec Group Overseas Development (2018), Ltd. 3.10% 20516 | 630 | 606 | ||||||
5,175 | ||||||||
Materials 0.08% | ||||||||
Braskem Idesa SAPI 7.45% 2029 | 775 | 804 | ||||||
Braskem Idesa SAPI 7.45% 20296 | 300 | 311 | ||||||
Braskem Idesa SAPI 6.99% 20326 | 350 | 352 | ||||||
CSN Islands XI Corp. 6.75% 2028 | 600 | 633 |
80 | American Funds Insurance Series |
New World Fund (continued)
Bonds, notes & other debt instruments (continued) | Principal amount (000) | Value (000) | ||||||
Corporate bonds, notes & loans (continued) | ||||||||
Materials (continued) | ||||||||
CSN Resources SA 7.625% 2026 | $ | 575 | $ | 604 | ||||
GC Treasury Center Co., Ltd. 2.98% 20316 | 200 | 203 | ||||||
Sasol Financing USA, LLC 5.875% 2024 | 500 | 522 | ||||||
3,429 | ||||||||
Financials 0.07% | ||||||||
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 | 1,167 | ||||||
HDFC Bank, Ltd. 3.70% junior subordinated perpetual bonds (5-Year UST Yield Curve Rate T Note Constant Maturity on 2/25/2027)6,8 | 600 | 600 | ||||||
Power Financial Corp., Ltd. 5.25% 2028 | 425 | 477 | ||||||
Power Financial Corp., Ltd. 6.15% 2028 | 432 | 509 | ||||||
Power Financial Corp., Ltd. 4.50% 2029 | 273 | 292 | ||||||
Power Financial Corp., Ltd. 3.35% 2031 | 310 | 306 | ||||||
3,351 | ||||||||
Consumer discretionary 0.04% | ||||||||
Alibaba Group Holding, Ltd. 2.125% 2031 | 263 | 254 | ||||||
Alibaba Group Holding, Ltd. 3.15% 2051 | 610 | 572 | ||||||
Meituan Dianping 3.05% 20306 | 700 | 649 | ||||||
Sands China, Ltd. 4.375% 2030 | 220 | 225 | ||||||
1,700 | ||||||||
Communication services 0.03% | ||||||||
Axiata SPV5 Labuan, Ltd. 3.064% 2050 | 357 | 343 | ||||||
PLDT, Inc. 2.50% 2031 | 210 | 209 | ||||||
Tencent Holdings, Ltd. 3.975% 2029 | 400 | 435 | ||||||
Tencent Holdings, Ltd. 3.24% 20506 | 580 | 548 | ||||||
1,535 | ||||||||
Utilities 0.03% | ||||||||
AES Panama Generation Holdings SRL 4.375% 20306 | 280 | 292 | ||||||
Empresas Publicas de Medellin ESP 4.25% 20296 | 412 | 392 | ||||||
Empresas Publicas de Medellin ESP 4.375% 20316 | 360 | 339 | ||||||
Instituto Costarricense de Electricidad 6.75% 20316 | 235 | 238 | ||||||
1,261 | ||||||||
Industrials 0.02% | ||||||||
Empresa de Transporte de Pasajeros Metro SA 4.70% 20506 | 270 | 314 | ||||||
Mexico City Airport Trust 4.25% 2026 | 675 | 716 | ||||||
1,030 | ||||||||
Consumer staples 0.02% | ||||||||
MARB BondCo PLC 3.95% 20316 | 600 | 574 | ||||||
Marfrig Global Foods SA 3.95% 2031 | 320 | 306 | ||||||
880 | ||||||||
Total corporate bonds, notes & loans | 18,361 | |||||||
Total bonds, notes & other debt instruments (cost: $116,959,000) | 114,239 | |||||||
Short-term securities 5.08% | Shares | |||||||
Money market investments 4.87% | ||||||||
Capital Group Central Cash Fund 0.09%10,11 | 2,167,420 | 216,764 |
American Funds Insurance Series | 81 |
New World Fund (continued)
Short-term securities (continued) | Shares | Value (000) | ||||||
Money market investments purchased with collateral from securities on loan 0.21% | ||||||||
Goldman Sachs Financial Square Government Fund, Institutional Shares 0.02%10,12 | 4,512,604 | $ | 4,513 | |||||
Capital Group Central Cash Fund 0.09%10,11,12 | 42,551 | 4,255 | ||||||
Invesco Short-Term Investments Trust – Government & Agency Portfolio, Institutional Class 0.03%10,12 | 303,965 | 304 | ||||||
9,072 | ||||||||
Total short-term securities (cost: $225,820,000) | 225,836 | |||||||
Total investment securities 100.62% (cost: $2,969,320,000) | 4,474,982 | |||||||
Other assets less liabilities (0.62)% | (27,538 | ) | ||||||
Net assets 100.00% | $ | 4,447,444 |
Futures contracts
Value and | |||||||||||||||
unrealized | |||||||||||||||
appreciation | |||||||||||||||
Notional | (depreciation) | ||||||||||||||
Number of | amount | at 12/31/2021 | |||||||||||||
Contracts | Type | contracts | Expiration | (000) | (000) | ||||||||||
2 Year U.S. Treasury Note Futures | Short | 20 | March 2022 | $ | (4,363 | ) | $ | 3 | |||||||
10 Year Ultra U.S. Treasury Note Futures | Short | 89 | March 2022 | (13,033 | ) | (175 | ) | ||||||||
30 Year Ultra U.S. Treasury Bond Futures | Long | 40 | March 2022 | 7,885 | 136 | ||||||||||
$ | (36 | ) |
Forward currency contracts
Unrealized | ||||||||||
Contract amount | depreciation | |||||||||
Currency purchased | Currency sold | Settlement | at 12/31/2021 | |||||||
(000) | (000) | Counterparty | date | (000) | ||||||
USD | 3,203 | EUR | 2,830 | Morgan Stanley | 1/20/2022 | $(20) |
Investments in affiliates11
Value of | Net | Net | Value of | |||||||||||||||||||||||||
affiliates at | realized | unrealized | affiliates at | Dividend | ||||||||||||||||||||||||
1/1/2021 | Additions | Reductions | loss | appreciation | 12/31/2021 | income | ||||||||||||||||||||||
(000) | (000) | (000) | (000) | (000) | (000) | (000) | ||||||||||||||||||||||
Short-term securities 4.97% | ||||||||||||||||||||||||||||
Money market investments 4.87% | ||||||||||||||||||||||||||||
Capital Group Central Cash Fund 0.09%10 | $ | 224,497 | $ | 672,312 | $ | 680,036 | $ | (17 | ) | $ | 8 | $ | 216,764 | $ | 180 | |||||||||||||
Money market investments purchased with collateral from securities on loan 0.10% | ||||||||||||||||||||||||||||
Capital Group Central Cash Fund 0.09%10,12 | — | 4,255 | 13 | 4,255 | — | 14 | ||||||||||||||||||||||
Total short-term securities | 221,019 | |||||||||||||||||||||||||||
Total 4.97% | $ | (17 | ) | $ | 8 | $ | 221,019 | $ | 180 |
82 | American Funds Insurance Series |
New World Fund (continued)
1 | Security did not produce income during the last 12 months. |
2 | Valued under fair value procedures adopted by authority of the board of trustees. The total value of all such securities was $27,450,000, which represented .62% of the net assets of the fund. |
3 | Value determined using significant unobservable inputs. |
4 | Acquired through a private placement transaction exempt from registration under the Securities Act of 1933. May be subject to legal or contractual restrictions on resale. Further details on these holdings appear below. |
5 | All or a portion of this security was on loan. The total value of all such securities was $13,375,000, which represented .30% of the net assets of the fund. Refer to Note 5 for more information on securities lending. |
6 | Acquired in a transaction exempt from registration under Rule 144A 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 $50,576,000, which represented 1.14% of the net assets of the fund. |
7 | Amount less than one thousand. |
8 | Step bond; coupon rate may change at a later date. |
9 | Scheduled interest and/or principal payment was not received. |
10 | Rate represents the seven-day yield at 12/31/2021. |
11 | Part of the same “group of investment companies” as the fund as defined under the Investment Company Act of 1940, as amended. |
12 | Security purchased with cash collateral from securities on loan. Refer to Note 5 for more information on securities lending. |
13 | Represents net activity. Refer to Note 5 for more information on securities lending. |
14 | Dividend income is included with securities lending income in the fund’s statement of operations and is not shown in this table. |
Percent | ||||||||||||||
Acquisition | Cost | Value | of net | |||||||||||
Private placement securities | date(s) | (000) | (000) | assets | ||||||||||
QuintoAndar, Ltd., Series E, preferred shares | 5/26/2021 | $ | 5,258 | $ | 6,672 | .15 | % | |||||||
QuintoAndar, Ltd., Series E-1, preferred shares | 12/20/2021 | 1,716 | 1,716 | .04 | ||||||||||
Getir BV, Series H, preferred shares | 5/27/2021 | 3,500 | 3,500 | .08 | ||||||||||
Canva, Inc. | 8/26/2021 -11/4/2021 | 656 | 656 | .01 | ||||||||||
Canva, Inc., Series A, noncumulative preferred shares | 11/4/2021 | 58 | 58 | .00 | ||||||||||
Canva, Inc., Series A-3, noncumulative preferred shares | 11/4/2021 | 2 | 2 | .00 | ||||||||||
Total private placement securities | $ | 11,190 | $ | 12,604 | .28 | % |
Key to abbreviations and symbols
ADR = American Depositary Receipts
CDI = CREST Depository Interest
DOP = Dominican pesos
EUR/€ = Euros
GDR = Global Depositary Receipts
MXN = Mexican pesos
MYR = Malaysian ringgits
USD/$ = U.S. dollars
See notes to financial statements.
American Funds Insurance Series | 83 |
Washington Mutual Investors Fund
(formerly Blue Chip Income and Growth Fund)
Investment portfolio December 31, 2021
Common stocks 96.23% | Shares | Value (000) | ||||||
Information technology 19.89% | ||||||||
Microsoft Corp. | 2,119,959 | $ | 712,985 | |||||
Broadcom, Inc. | 1,065,092 | 708,723 | ||||||
Intel Corp. | 2,789,923 | 143,681 | ||||||
Apple, Inc. | 749,784 | 133,139 | ||||||
ASML Holding NV (New York registered) (ADR) | 153,042 | 121,843 | ||||||
Fidelity National Information Services, Inc. | 711,905 | 77,704 | ||||||
Automatic Data Processing, Inc. | 190,131 | 46,882 | ||||||
Visa, Inc., Class A | 216,121 | 46,836 | ||||||
KLA Corp. | 98,220 | 42,245 | ||||||
TE Connectivity, Ltd. | 261,752 | 42,231 | ||||||
Applied Materials, Inc. | 259,883 | 40,895 | ||||||
NetApp, Inc. | 309,233 | 28,446 | ||||||
Paychex, Inc. | 202,151 | 27,594 | ||||||
Mastercard, Inc., Class A | 64,786 | 23,279 | ||||||
Motorola Solutions, Inc. | 74,097 | 20,132 | ||||||
Texas Instruments, Inc. | 94,512 | 17,813 | ||||||
QUALCOMM, Inc. | 91,773 | 16,783 | ||||||
SAP SE (ADR) | 114,413 | 16,030 | ||||||
EPAM Systems, Inc.1 | 9,314 | 6,226 | ||||||
Analog Devices, Inc. | 23,155 | 4,070 | ||||||
Micron Technology, Inc. | 26,591 | 2,477 | ||||||
2,280,014 | ||||||||
Health care 17.48% | ||||||||
UnitedHealth Group, Inc. | 888,053 | 445,927 | ||||||
Pfizer, Inc. | 4,243,621 | 250,586 | ||||||
CVS Health Corp. | 2,273,753 | 234,560 | ||||||
Johnson & Johnson | 1,100,169 | 188,206 | ||||||
Gilead Sciences, Inc. | 1,685,700 | 122,399 | ||||||
Humana, Inc. | 219,366 | 101,755 | ||||||
Abbott Laboratories | 702,616 | 98,886 | ||||||
AstraZeneca PLC (ADR) | 1,578,818 | 91,966 | ||||||
Eli Lilly and Company | 280,377 | 77,446 | ||||||
Anthem, Inc. | 165,153 | 76,555 | ||||||
Danaher Corp. | 209,822 | 69,034 | ||||||
Cigna Corp. | 277,429 | 63,706 | ||||||
Thermo Fisher Scientific, Inc. | 60,232 | 40,189 | ||||||
GlaxoSmithKline PLC (ADR)2 | 652,446 | 28,773 | ||||||
Zimmer Biomet Holdings, Inc. | 146,753 | 18,643 | ||||||
Merck & Co., Inc. | 213,407 | 16,355 | ||||||
Novo Nordisk A/S, Class B (ADR) | 145,965 | 16,348 | ||||||
Zoetis, Inc., Class A | 55,996 | 13,665 | ||||||
Edwards Lifesciences Corp.1 | 89,412 | 11,583 | ||||||
Molina Healthcare, Inc.1 | 34,690 | 11,034 | ||||||
Baxter International, Inc. | 119,734 | 10,278 | ||||||
Roche Holding AG (ADR) | 191,483 | 9,898 | ||||||
Viatris, Inc. | 309,977 | 4,194 | ||||||
Novartis AG (ADR) | 29,792 | 2,606 | ||||||
2,004,592 | ||||||||
Financials 17.07% | ||||||||
BlackRock, Inc. | 280,862 | 257,146 | ||||||
Marsh & McLennan Companies, Inc. | 1,477,641 | 256,844 | ||||||
CME Group, Inc., Class A | 952,534 | 217,616 | ||||||
JPMorgan Chase & Co. | 1,276,682 | 202,163 | ||||||
PNC Financial Services Group, Inc. | 572,524 | 114,802 | ||||||
Bank of America Corp. | 2,241,996 | 99,746 | ||||||
Intercontinental Exchange, Inc. | 622,909 | 85,195 | ||||||
Discover Financial Services | 710,447 | 82,099 | ||||||
Capital One Financial Corp. | 534,375 | 77,532 | ||||||
S&P Global, Inc. | 132,929 | 62,733 |
84 | American Funds Insurance Series |
Washington Mutual Investors Fund (continued)
(formerly Blue Chip Income and Growth Fund)
Common stocks (continued) | Shares | Value (000) | ||||||
Financials (continued) | ||||||||
Nasdaq, Inc. | 280,604 | $ | 58,930 | |||||
Toronto-Dominion Bank | 677,251 | 51,932 | ||||||
Truist Financial Corp. | 839,908 | 49,177 | ||||||
Citizens Financial Group, Inc. | 1,015,007 | 47,959 | ||||||
Travelers Companies, Inc. | 306,249 | 47,906 | ||||||
Bank of Nova Scotia | 639,317 | 45,833 | ||||||
Carlyle Group, Inc. | 618,714 | 33,967 | ||||||
KeyCorp | 1,344,377 | 31,095 | ||||||
KKR & Co., Inc. | 347,190 | 25,866 | ||||||
Moody’s Corp. | 65,889 | 25,735 | ||||||
Citigroup, Inc. | 401,962 | 24,274 | ||||||
Wells Fargo & Company | 431,515 | 20,704 | ||||||
Brookfield Asset Management, Inc., Class A | 265,562 | 16,035 | ||||||
Fifth Third Bancorp | 305,209 | 13,292 | ||||||
Everest Re Group, Ltd. | 31,161 | 8,536 | ||||||
1,957,117 | ||||||||
Industrials 9.41% | ||||||||
CSX Corp. | 3,819,151 | 143,600 | ||||||
Northrop Grumman Corp. | 296,717 | 114,850 | ||||||
Lockheed Martin Corp. | 290,616 | 103,288 | ||||||
L3Harris Technologies, Inc. | 479,967 | 102,348 | ||||||
Union Pacific Corp. | 378,488 | 95,353 | ||||||
Honeywell International, Inc. | 368,630 | 76,863 | ||||||
Norfolk Southern Corp. | 241,487 | 71,893 | ||||||
Caterpillar, Inc. | 237,788 | 49,160 | ||||||
United Parcel Service, Inc., Class B | 219,625 | 47,075 | ||||||
Raytheon Technologies Corp. | 527,082 | 45,361 | ||||||
ABB, Ltd. (ADR) | 904,226 | 34,514 | ||||||
PACCAR, Inc. | 390,000 | 34,421 | ||||||
Equifax, Inc. | 117,351 | 34,359 | ||||||
Waste Connections, Inc. | 225,408 | 30,716 | ||||||
Republic Services, Inc. | 157,677 | 21,988 | ||||||
Rockwell Automation | 41,625 | 14,521 | ||||||
Johnson Controls International PLC | 138,993 | 11,302 | ||||||
HEICO Corp. | 71,986 | 10,382 | ||||||
RELX PLC (ADR) | 287,360 | 9,371 | ||||||
Air Lease Corp., Class A | 181,058 | 8,008 | ||||||
Cummins, Inc. | 31,699 | 6,915 | ||||||
BAE Systems PLC (ADR) | 169,388 | 5,045 | ||||||
Nidec Corp. (ADR) | 118,363 | 3,493 | ||||||
Carrier Global Corp. | 63,835 | 3,462 | ||||||
1,078,288 | ||||||||
Communication services 7.47% | ||||||||
Comcast Corp., Class A | 7,950,389 | 400,143 | ||||||
Alphabet, Inc., Class C1 | 43,510 | 125,900 | ||||||
Alphabet, Inc., Class A1 | 23,911 | 69,271 | ||||||
Meta Platforms, Inc., Class A1 | 298,493 | 100,398 | ||||||
Verizon Communications, Inc. | 1,546,894 | 80,377 | ||||||
Activision Blizzard, Inc. | 725,837 | 48,290 | ||||||
AT&T, Inc. | 1,106,412 | 27,218 | ||||||
Electronic Arts, Inc. | 40,638 | 5,360 | ||||||
856,957 | ||||||||
Consumer discretionary 6.26% | ||||||||
Home Depot, Inc. | 616,054 | 255,669 | ||||||
General Motors Company1 | 2,264,999 | 132,797 | ||||||
Darden Restaurants, Inc. | 479,164 | 72,181 | ||||||
VF Corp. | 800,122 | 58,585 |
American Funds Insurance Series | 85 |
Washington Mutual Investors Fund (continued)
(formerly Blue Chip Income and Growth Fund)
Common stocks (continued) | Shares | Value (000) | ||||||
Consumer discretionary (continued) | ||||||||
Dollar General Corp. | 159,611 | $ | 37,641 | |||||
Wynn Resorts, Ltd.1 | 372,936 | 31,714 | ||||||
Amazon.com, Inc.1 | 6,764 | 22,553 | ||||||
TJX Companies, Inc. | 294,695 | 22,373 | ||||||
Chipotle Mexican Grill, Inc.1 | 9,904 | 17,315 | ||||||
Marriott International, Inc., Class A1 | 90,940 | 15,027 | ||||||
NIKE, Inc., Class B | 72,869 | 12,145 | ||||||
YUM! Brands, Inc. | 61,975 | 8,606 | ||||||
Starbucks Corp. | 64,559 | 7,551 | ||||||
McDonald’s Corp. | 27,667 | 7,417 | ||||||
Target Corp. | 27,747 | 6,422 | ||||||
Royal Caribbean Cruises, Ltd.1 | 77,150 | 5,933 | ||||||
Domino’s Pizza, Inc. | 6,418 | 3,622 | ||||||
717,551 | ||||||||
Consumer staples 5.61% | ||||||||
Nestlé SA (ADR) | 853,271 | 119,774 | ||||||
Keurig Dr Pepper, Inc. | 2,043,845 | 75,336 | ||||||
Archer Daniels Midland Company | 1,094,208 | 73,958 | ||||||
Mondelez International, Inc. | 1,071,593 | 71,057 | ||||||
Conagra Brands, Inc. | 1,241,167 | 42,386 | ||||||
Hormel Foods Corp. | 743,373 | 36,284 | ||||||
Procter & Gamble Company | 207,613 | 33,961 | ||||||
Church & Dwight Co., Inc. | 294,392 | 30,175 | ||||||
Reckitt Benckiser Group PLC (ADR) | 1,711,879 | 29,958 | ||||||
Kraft Heinz Company | 782,631 | 28,097 | ||||||
Costco Wholesale Corp. | 44,478 | 25,250 | ||||||
General Mills, Inc. | 372,233 | 25,081 | ||||||
Unilever PLC (ADR) | 375,851 | 20,217 | ||||||
Walgreens Boots Alliance, Inc. | 351,887 | 18,355 | ||||||
Kimberly-Clark Corp. | 59,250 | 8,468 | ||||||
Danone (ADR) | 426,506 | 5,284 | ||||||
643,641 | ||||||||
Energy 4.36% | ||||||||
Chevron Corp. | 937,492 | 110,015 | ||||||
Pioneer Natural Resources Company | 446,017 | 81,121 | ||||||
Baker Hughes Co., Class A | 3,073,144 | 73,940 | ||||||
ConocoPhillips | 935,811 | 67,547 | ||||||
EOG Resources, Inc. | 684,148 | 60,773 | ||||||
Exxon Mobil Corp. | 511,484 | 31,298 | ||||||
Coterra Energy, Inc. | 1,132,982 | 21,527 | ||||||
Enbridge, Inc. | 496,460 | 19,401 | ||||||
TC Energy Corp. | 398,990 | 18,569 | ||||||
Valero Energy Corp. | 215,538 | 16,189 | ||||||
500,380 | ||||||||
Materials 3.38% | ||||||||
LyondellBasell Industries NV | 884,714 | 81,597 | ||||||
Dow, Inc. | 1,362,977 | 77,308 | ||||||
Nucor Corp. | 564,327 | 64,418 | ||||||
Rio Tinto PLC (ADR)2 | 669,108 | 44,790 | ||||||
Linde PLC | 124,156 | 43,011 | ||||||
Air Products and Chemicals, Inc. | 92,564 | 28,164 | ||||||
Huntsman Corp. | 488,698 | 17,046 | ||||||
Sherwin-Williams Company | 38,831 | 13,675 | ||||||
Corteva, Inc. | 221,486 | 10,472 | ||||||
Celanese Corp. | 39,510 | 6,640 | ||||||
387,121 |
86 | American Funds Insurance Series |
Washington Mutual Investors Fund (continued)
(formerly Blue Chip Income and Growth Fund)
Common stocks (continued) | Shares | Value (000) | ||||||
Utilities 2.84% | ||||||||
Exelon Corp. | 1,518,667 | $ | 87,718 | |||||
Sempra Energy | 434,821 | 57,518 | ||||||
Entergy Corp. | 424,589 | 47,830 | ||||||
NextEra Energy, Inc. | 361,780 | 33,776 | ||||||
CMS Energy Corp. | 438,140 | 28,501 | ||||||
Evergy, Inc. | 295,519 | 20,275 | ||||||
Public Service Enterprise Group, Inc. | 268,764 | 17,935 | ||||||
Edison International | 173,784 | 11,861 | ||||||
Dominion Energy, Inc. | 150,784 | 11,845 | ||||||
Xcel Energy, Inc. | 116,833 | 7,910 | ||||||
325,169 | ||||||||
Real estate 2.46% | ||||||||
Digital Realty Trust, Inc. REIT | 533,914 | 94,433 | ||||||
Regency Centers Corp. REIT | 764,675 | 57,618 | ||||||
Alexandria Real Estate Equities, Inc. REIT | 206,219 | 45,979 | ||||||
Mid-America Apartment Communities, Inc. REIT | 148,230 | 34,010 | ||||||
American Tower Corp. REIT | 71,386 | 20,881 | ||||||
Boston Properties, Inc. REIT | 129,978 | 14,971 | ||||||
Extra Space Storage, Inc. REIT | 63,512 | 14,400 | ||||||
282,292 | ||||||||
Total common stocks (cost: $8,137,294,000) | 11,033,122 | |||||||
Convertible stocks 0.98% | ||||||||
Information technology 0.40% | ||||||||
Broadcom, Inc., Series A, cumulative convertible preferred shares, 8.00% 2022 | 22,140 | 45,949 | ||||||
Health care 0.24% | ||||||||
Danaher Corp., Series B, cumulative convertible preferred shares, 5.00% 20232 | 10,121 | 17,592 | ||||||
Becton, Dickinson and Company, Series B, convertible preferred shares, 6.00% 20232 | 197,800 | 10,434 | ||||||
28,026 | ||||||||
Utilities 0.22% | ||||||||
NextEra Energy, Inc., convertible preferred units, 5.279% 2023 | 336,900 | 19,385 | ||||||
NextEra Energy, Inc., convertible preferred units, 6.219% 2023 | 41,000 | 2,374 | ||||||
American Electric Power Company, Inc., convertible preferred units, 6.125% 2023 | 56,400 | 2,967 | ||||||
24,726 | ||||||||
Financials 0.12% | ||||||||
KKR & Co., Inc., Series C, convertible preferred shares, 6.00% 2023 | 144,500 | 13,460 | ||||||
Total convertible stocks (cost: $92,500,000) | 112,161 | |||||||
Short-term securities 2.98% | ||||||||
Money market investments 2.81% | ||||||||
Capital Group Central Cash Fund 0.09%3,4 | 3,218,378 | 321,870 |
American Funds Insurance Series | 87 |
Washington Mutual Investors Fund (continued)
(formerly Blue Chip Income and Growth Fund)
Short-term securities (continued) | Shares | Value (000) | ||||||
Money market investments purchased with collateral from securities on loan 0.17% | ||||||||
Goldman Sachs Financial Square Government Fund, Institutional Shares 0.02%3,5 | 9,833,226 | $ | 9,833 | |||||
Capital Group Central Cash Fund 0.09%3,4,5 | 92,720 | 9,273 | ||||||
Invesco Short-Term Investments Trust – Government & Agency Portfolio, Institutional Class 0.03%3,5 | 662,357 | 663 | ||||||
19,769 | ||||||||
Total short-term securities (cost: $341,597,000) | 341,639 | |||||||
Total investment securities 100.19% (cost: $8,571,391,000) | 11,486,922 | |||||||
Other assets less liabilities (0.19)% | (21,785 | ) | ||||||
Net assets 100.00% | $ | 11,465,137 |
Investments in affiliates4
Value of | Net | Net | Value of | |||||||||||||||||||||||||
affiliates at | realized | unrealized | affiliates at | Dividend | ||||||||||||||||||||||||
1/1/2021 | Additions | Reductions | gain | appreciation | 12/31/2021 | income | ||||||||||||||||||||||
(000) | (000) | (000) | (000) | (000) | (000) | (000) | ||||||||||||||||||||||
Short-term securities 2.89% | ||||||||||||||||||||||||||||
Money market investments 2.81% | ||||||||||||||||||||||||||||
Capital Group Central Cash Fund 0.09%3 | $ | 178,532 | $ | 2,747,857 | $ | 2,604,532 | $ | 5 | $ | 8 | $ | 321,870 | $ | 158 | ||||||||||||||
Money market investments purchased with collateral from securities on loan 0.08% | ||||||||||||||||||||||||||||
Capital Group Central Cash Fund 0.09%3,5 | — | 9,273 | 6 | 9,273 | — | 7 | ||||||||||||||||||||||
Total short-term securities | 331,143 | |||||||||||||||||||||||||||
Total 2.89% | $ | 5 | $ | 8 | $ | 331,143 | $ | 158 |
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 $89,518,000, which represented .78% of the net assets of the fund. Refer to Note 5 for more information on securities lending. |
3 | Rate represents the seven-day yield at 12/31/2021. |
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
See notes to financial statements.
88 | American Funds Insurance Series |
Capital World Growth and Income Fund
(formerly Global Growth and Income Fund)
Investment portfolio December 31, 2021
Common stocks 95.36% | Shares | Value (000) | ||||||
Information technology 20.11% | ||||||||
Broadcom, Inc. | 136,351 | $ | 90,729 | |||||
Microsoft Corp. | 268,851 | 90,420 | ||||||
Taiwan Semiconductor Manufacturing Company, Ltd. | 3,255,800 | 72,372 | ||||||
ASML Holding NV | 51,729 | 41,620 | ||||||
Tokyo Electron, Ltd. | 58,900 | 33,938 | ||||||
Apple, Inc. | 118,634 | 21,066 | ||||||
Accenture PLC, Class A | 27,709 | 11,487 | ||||||
MediaTek, Inc. | 254,000 | 10,925 | ||||||
Keyence Corp. | 15,600 | 9,802 | ||||||
Delta Electronics, Inc. | 753,000 | 7,485 | ||||||
EPAM Systems, Inc.1 | 9,246 | 6,180 | ||||||
Logitech International SA | 72,348 | 6,104 | ||||||
Snowflake, Inc., Class A1 | 17,145 | 5,808 | ||||||
Capgemini SE | 22,716 | 5,573 | ||||||
Fujitsu, Ltd. | 31,700 | 5,437 | ||||||
Applied Materials, Inc. | 32,607 | 5,131 | ||||||
Mastercard, Inc., Class A | 13,216 | 4,749 | ||||||
Hexagon AB, Class B | 289,046 | 4,595 | ||||||
Adobe, Inc.1 | 7,598 | 4,309 | ||||||
GlobalWafers Co., Ltd. | 127,000 | 4,076 | ||||||
Advanced Micro Devices, Inc.1 | 27,570 | 3,967 | ||||||
OBIC Co., Ltd. | 16,600 | 3,117 | ||||||
SK hynix, Inc. | 26,182 | 2,885 | ||||||
PagSeguro Digital, Ltd., Class A1 | 102,692 | 2,693 | ||||||
Ceridian HCM Holding, Inc.1 | 25,738 | 2,689 | ||||||
Worldline SA, non-registered shares1 | 47,988 | 2,678 | ||||||
Micron Technology, Inc. | 27,876 | 2,597 | ||||||
ServiceNow, Inc.1 | 3,886 | 2,522 | ||||||
Paycom Software, Inc.1 | 5,660 | 2,350 | ||||||
TE Connectivity, Ltd. | 14,501 | 2,340 | ||||||
NortonLifeLock, Inc. | 71,608 | 1,860 | ||||||
Shopify, Inc., Class A, subordinate voting shares (CAD denominated)1 | 1,179 | 1,623 | ||||||
Nomura Research Institute, Ltd. | 36,900 | 1,583 | ||||||
RingCentral, Inc., Class A1 | 7,468 | 1,399 | ||||||
Samsung Electronics Co., Ltd. | 20,872 | 1,375 | ||||||
SS&C Technologies Holdings, Inc. | 12,082 | 990 | ||||||
Atlassian Corp. PLC, Class A1 | 2,187 | 834 | ||||||
479,308 | ||||||||
Financials 14.67% | ||||||||
Kotak Mahindra Bank, Ltd. | 931,634 | 22,510 | ||||||
Zurich Insurance Group AG | 47,679 | 20,951 | ||||||
AIA Group, Ltd. | 2,050,799 | 20,672 | ||||||
Toronto-Dominion Bank (CAD denominated) | 264,826 | 20,303 | ||||||
CME Group, Inc., Class A | 80,532 | 18,398 | ||||||
ING Groep NV | 1,262,761 | 17,600 | ||||||
Sberbank of Russia PJSC (ADR) | 925,176 | 14,849 | ||||||
JPMorgan Chase & Co. | 92,806 | 14,696 | ||||||
KBC Groep NV | 131,857 | 11,328 | ||||||
Nasdaq, Inc. | 50,753 | 10,659 | ||||||
HDFC Bank, Ltd. | 468,575 | 9,325 | ||||||
HDFC Bank, Ltd. (ADR) | 16,964 | 1,104 | ||||||
DNB Bank ASA | 446,331 | 10,238 | ||||||
HDFC Life Insurance Company, Ltd. | 1,030,738 | 9,007 | ||||||
PNC Financial Services Group, Inc. | 43,101 | 8,643 | ||||||
BlackRock, Inc. | 9,083 | 8,316 | ||||||
Ping An Insurance (Group) Company of China, Ltd., Class H | 1,070,000 | 7,705 | ||||||
Ping An Insurance (Group) Company of China, Ltd., Class A | 31,800 | 252 | ||||||
Blackstone, Inc., nonvoting shares | 60,151 | 7,783 | ||||||
B3 SA-Brasil, Bolsa, Balcao | 3,886,144 | 7,772 | ||||||
Intercontinental Exchange, Inc. | 55,456 | 7,585 |
American Funds Insurance Series | 89 |
Capital World Growth and Income Fund (continued)
(formerly Global Growth and Income Fund)
Common stocks (continued) | Shares | Value (000) | ||||||
Financials (continued) | ||||||||
Wells Fargo & Company | 142,482 | $ | 6,836 | |||||
S&P Global, Inc. | 13,267 | 6,261 | ||||||
Macquarie Group, Ltd. | 40,902 | 6,112 | ||||||
Lufax Holding, Ltd. (ADR)1 | 1,084,885 | 6,108 | ||||||
Discover Financial Services | 49,680 | 5,741 | ||||||
Banco Santander, SA | 1,589,003 | 5,320 | ||||||
Tradeweb Markets, Inc., Class A | 51,782 | 5,185 | ||||||
Hong Kong Exchanges and Clearing, Ltd. | 83,300 | 4,865 | ||||||
American International Group, Inc. | 85,032 | 4,835 | ||||||
Citigroup, Inc. | 68,153 | 4,116 | ||||||
Deutsche Bank AG1 | 307,073 | 3,852 | ||||||
St. James’s Place PLC | 163,292 | 3,721 | ||||||
Bank of America Corp. | 83,584 | 3,719 | ||||||
Moody’s Corp. | 7,587 | 2,963 | ||||||
BNP Paribas SA | 39,668 | 2,744 | ||||||
Berkshire Hathaway, Inc., Class B1 | 8,739 | 2,613 | ||||||
Legal & General Group PLC | 643,174 | 2,590 | ||||||
FinecoBank SpA | 145,321 | 2,554 | ||||||
Power Corporation of Canada, subordinate voting shares | 75,066 | 2,480 | ||||||
China Pacific Insurance (Group) Co., Ltd., Class H | 796,200 | 2,160 | ||||||
AXA SA | 64,417 | 1,920 | ||||||
Marsh & McLennan Companies, Inc. | 11,030 | 1,917 | ||||||
Morgan Stanley | 19,050 | 1,870 | ||||||
Blue Owl Capital, Inc., Class A | 119,174 | 1,777 | ||||||
Bajaj Finance, Ltd. | 16,137 | 1,515 | ||||||
DBS Group Holdings, Ltd. | 61,800 | 1,498 | ||||||
National Bank of Canada2 | 19,203 | 1,464 | ||||||
Tryg A/S | 48,816 | 1,207 | ||||||
Swedbank AB, Class A | 56,092 | 1,130 | ||||||
Aegon NV | 204,110 | 1,021 | ||||||
349,790 | ||||||||
Health care 12.03% | ||||||||
Abbott Laboratories | 286,270 | 40,290 | ||||||
UnitedHealth Group, Inc. | 71,624 | 35,965 | ||||||
Thermo Fisher Scientific, Inc. | 34,587 | 23,078 | ||||||
Gilead Sciences, Inc. | 314,904 | 22,865 | ||||||
Novartis AG | 206,328 | 18,178 | ||||||
Amgen, Inc. | 62,337 | 14,024 | ||||||
Daiichi Sankyo Company, Ltd. | 521,900 | 13,271 | ||||||
AstraZeneca PLC | 89,259 | 10,485 | ||||||
Stryker Corp. | 38,863 | 10,393 | ||||||
Pfizer, Inc. | 140,643 | 8,305 | ||||||
Eli Lilly and Company | 29,163 | 8,055 | ||||||
Centene Corp.1 | 86,477 | 7,126 | ||||||
Sanofi | 70,085 | 7,068 | ||||||
PerkinElmer, Inc. | 31,792 | 6,392 | ||||||
Olympus Corp. | 237,100 | 5,461 | ||||||
Siemens Healthineers AG1 | 72,545 | 5,436 | ||||||
Medtronic PLC | 43,425 | 4,492 | ||||||
Coloplast A/S, Class B | 24,429 | 4,305 | ||||||
Guardant Health, Inc.1 | 36,431 | 3,644 | ||||||
Carl Zeiss Meditec AG, non-registered shares | 16,485 | 3,469 | ||||||
Zoetis, Inc., Class A | 12,774 | 3,117 | ||||||
Intuitive Surgical, Inc.1 | 8,085 | 2,905 | ||||||
Insulet Corp.1 | 10,829 | 2,881 | ||||||
DexCom, Inc.1 | 5,213 | 2,799 | ||||||
Baxter International, Inc. | 27,735 | 2,381 | ||||||
Teva Pharmaceutical Industries, Ltd. (ADR)1 | 274,710 | 2,200 | ||||||
Alcon, Inc. | 24,235 | 2,147 | ||||||
Chugai Pharmaceutical Co., Ltd. | 63,700 | 2,068 |
90 | American Funds Insurance Series |
Capital World Growth and Income Fund (continued)
(formerly Global Growth and Income Fund)
Common stocks (continued) | Shares | Value (000) | ||||||
Health care (continued) | ||||||||
Merck KGaA | 7,610 | $ | 1,967 | |||||
Illumina, Inc.1 | 4,940 | 1,879 | ||||||
Cigna Corp. | 7,371 | 1,693 | ||||||
Novo Nordisk A/S, Class B | 14,326 | 1,612 | ||||||
Edwards Lifesciences Corp.1 | 12,324 | 1,597 | ||||||
Vertex Pharmaceuticals, Inc.1 | 6,224 | 1,367 | ||||||
GlaxoSmithKline PLC | 42,120 | 916 | ||||||
Hypera SA, ordinary nominative shares | 179,438 | 911 | ||||||
M3, Inc. | 17,700 | 891 | ||||||
CSL, Ltd. | 2,472 | 523 | ||||||
Agilon Health, Inc.1 | 14,065 | 380 | ||||||
CanSino Biologics, Inc., Class H1 | 11,200 | 259 | ||||||
286,795 | ||||||||
Consumer discretionary 11.08% | ||||||||
LVMH Moët Hennessy-Louis Vuitton SE | 44,206 | 36,589 | ||||||
Amazon.com, Inc.1 | 9,604 | 32,023 | ||||||
Home Depot, Inc. | 74,629 | 30,972 | ||||||
General Motors Company1 | 412,329 | 24,175 | ||||||
Flutter Entertainment PLC1 | 63,146 | 9,993 | ||||||
Rivian Automotive, Inc., Class A1 | 82,794 | 8,585 | ||||||
Rivian Automotive, Inc., Class A1,3,4 | 11,070 | 1,044 | ||||||
Stellantis NV | 478,108 | 9,080 | ||||||
Barratt Developments PLC | 802,149 | 8,121 | ||||||
Midea Group Co., Ltd., Class A | 698,797 | 8,093 | ||||||
MercadoLibre, Inc.1 | 5,656 | 7,627 | ||||||
Marriott International, Inc., Class A1 | 42,874 | 7,085 | ||||||
Sony Group Corp. | 47,200 | 5,940 | ||||||
Chipotle Mexican Grill, Inc.1 | 3,354 | 5,864 | ||||||
Restaurant Brands International, Inc. (CAD denominated) | 83,274 | 5,049 | ||||||
Restaurant Brands International, Inc. | 12,226 | 742 | ||||||
Shimano, Inc. | 21,600 | 5,757 | ||||||
Booking Holdings, Inc.1 | 2,169 | 5,204 | ||||||
Astra International Tbk PT | 11,337,300 | 4,534 | ||||||
Compagnie Financière Richemont SA, Class A | 29,716 | 4,466 | ||||||
Evolution AB | 30,899 | 4,398 | ||||||
Moncler SpA | 47,558 | 3,466 | ||||||
adidas AG | 11,713 | 3,377 | ||||||
NIKE, Inc., Class B | 20,021 | 3,337 | ||||||
EssilorLuxottica | 13,676 | 2,915 | ||||||
Nokian Renkaat OYJ | 66,103 | 2,506 | ||||||
Taylor Wimpey PLC | 1,022,679 | 2,429 | ||||||
Darden Restaurants, Inc. | 15,588 | 2,348 | ||||||
Industria de Diseño Textil, SA | 56,688 | 1,841 | ||||||
Kindred Group PLC (SDR) | 145,423 | 1,733 | ||||||
Target Corp. | 5,981 | 1,384 | ||||||
Prosus NV, Class N | 16,460 | 1,378 | ||||||
DraftKings, Inc., Class A1 | 49,904 | 1,371 | ||||||
Pan Pacific International Holdings Corp. | 98,500 | 1,359 | ||||||
Tesla, Inc.1 | 1,209 | 1,278 | ||||||
Wayfair, Inc., Class A1 | 6,644 | 1,262 | ||||||
Kering SA | 1,529 | 1,231 | ||||||
Meituan, Class B1 | 29,100 | 841 | ||||||
Just Eat Takeaway (GBP denominated)1 | 14,906 | 822 | ||||||
Wynn Macau, Ltd.1,2 | 946,400 | 773 | ||||||
Cazoo Group, Ltd., Class A1 | 117,813 | 710 | ||||||
InterContinental Hotels Group PLC1 | 10,909 | 706 | ||||||
Naspers, Ltd., Class N | 4,292 | 666 |
American Funds Insurance Series | 91 |
Capital World Growth and Income Fund (continued)
(formerly Global Growth and Income Fund)
Common stocks (continued) | Shares | Value (000) | ||||||
Consumer discretionary (continued) | ||||||||
Domino’s Pizza Enterprises, Ltd. | 5,655 | $ | 486 | |||||
Aptiv PLC1 | 2,518 | 415 | ||||||
Faurecia SA | 984 | 47 | ||||||
264,022 | ||||||||
Industrials 9.01% | ||||||||
CSX Corp. | 602,883 | 22,668 | ||||||
General Electric Co. | 239,731 | 22,647 | ||||||
Airbus SE, non-registered shares1 | 161,342 | 20,639 | ||||||
Safran SA | 73,809 | 9,047 | ||||||
Carrier Global Corp. | 161,966 | 8,785 | ||||||
LIXIL Corp. | 323,500 | 8,620 | ||||||
Deere & Company | 24,478 | 8,393 | ||||||
Raytheon Technologies Corp. | 83,021 | 7,145 | ||||||
BAE Systems PLC | 913,120 | 6,795 | ||||||
Lockheed Martin Corp. | 18,634 | 6,623 | ||||||
VINCI SA | 57,984 | 6,133 | ||||||
Melrose Industries PLC | 2,819,112 | 6,102 | ||||||
Compagnie de Saint-Gobain SA, non-registered shares | 80,700 | 5,684 | ||||||
Recruit Holdings Co., Ltd. | 93,600 | 5,673 | ||||||
Johnson Controls International PLC | 58,928 | 4,791 | ||||||
L3Harris Technologies, Inc. | 22,049 | 4,702 | ||||||
RELX PLC | 133,116 | 4,328 | ||||||
TransDigm Group, Inc.1 | 6,748 | 4,294 | ||||||
Nidec Corp. | 35,800 | 4,208 | ||||||
Schneider Electric SE1 | 18,727 | 3,677 | ||||||
ManpowerGroup, Inc. | 33,145 | 3,226 | ||||||
Bunzl PLC | 77,229 | 3,016 | ||||||
Caterpillar, Inc. | 13,844 | 2,862 | ||||||
Eiffage SA | 25,514 | 2,628 | ||||||
Stanley Black & Decker, Inc. | 13,208 | 2,491 | ||||||
Ryanair Holdings PLC (ADR)1 | 21,553 | 2,206 | ||||||
Honeywell International, Inc. | 10,330 | 2,154 | ||||||
Rockwell Automation | 6,028 | 2,103 | ||||||
SMC Corp. | 3,100 | 2,091 | ||||||
ASSA ABLOY AB, Class B | 68,318 | 2,088 | ||||||
Daikin Industries, Ltd. | 8,800 | 1,996 | ||||||
Union Pacific Corp. | 7,669 | 1,932 | ||||||
Zhejiang Sanhua Intelligent Controls Co., Ltd., Class A | 439,500 | 1,745 | ||||||
Ritchie Bros. Auctioneers, Inc. | 27,952 | 1,711 | ||||||
Adecco Group AG | 32,531 | 1,664 | ||||||
ACS, Actividades de Construcción y Servicios, SA1 | 61,429 | 1,648 | ||||||
Atlas Copco AB, Class B | 27,077 | 1,595 | ||||||
Interpump Group SpA | 20,048 | 1,471 | ||||||
AB Volvo, Class B | 59,393 | 1,378 | ||||||
Wizz Air Holdings PLC1 | 22,268 | 1,262 | ||||||
Brenntag SE | 12,183 | 1,104 | ||||||
InPost SA1 | 65,667 | 792 | ||||||
Lilium NV, Class A1,2 | 59,454 | 412 | ||||||
Otis Worldwide Corp. | 4,082 | 355 | ||||||
214,884 | ||||||||
Communication services 8.26% | ||||||||
Alphabet, Inc., Class C1 | 13,294 | 38,467 | ||||||
Alphabet, Inc., Class A1 | 6,704 | 19,422 | ||||||
Netflix, Inc.1 | 55,837 | 33,638 | ||||||
Meta Platforms, Inc., Class A1 | 70,173 | 23,603 | ||||||
Comcast Corp., Class A | 368,104 | 18,527 | ||||||
SoftBank Corp. | 1,296,103 | 16,389 | ||||||
Yandex NV, Class A1 | 193,646 | 11,716 | ||||||
NetEase, Inc. | 380,300 | 7,681 |
92 | American Funds Insurance Series |
Capital World Growth and Income Fund (continued)
(formerly Global Growth and Income Fund)
Common stocks (continued) | Shares | Value (000) | ||||||
Communication services (continued) | ||||||||
Sea, Ltd., Class A (ADR)1 | 26,716 | $ | 5,977 | |||||
Tencent Holdings, Ltd. | 80,700 | 4,728 | ||||||
Universal Music Group NV | 148,049 | 4,177 | ||||||
Cellnex Telecom, SA, non-registered shares | 53,156 | 3,097 | ||||||
Bharti Airtel, Ltd.1 | 208,066 | 1,914 | ||||||
Bharti Airtel, Ltd., interim shares1 | 13,994 | 66 | ||||||
Omnicom Group, Inc. | 24,376 | 1,786 | ||||||
Activision Blizzard, Inc. | 26,125 | 1,738 | ||||||
ITV PLC1 | 1,096,106 | 1,640 | ||||||
Bilibili, Inc., Class Z1 | 25,345 | 1,166 | ||||||
Bilibili, Inc., Class Z (ADR)1,2 | 4,489 | 208 | ||||||
SoftBank Group Corp. | 19,800 | 935 | ||||||
196,875 | ||||||||
Consumer staples 7.08% | ||||||||
Philip Morris International, Inc. | 283,612 | 26,943 | ||||||
Nestlé SA | 146,080 | 20,431 | ||||||
Ocado Group PLC1 | 812,478 | 18,453 | ||||||
Keurig Dr Pepper, Inc. | 428,942 | 15,811 | ||||||
Kweichow Moutai Co., Ltd., Class A | 31,600 | 10,164 | ||||||
British American Tobacco PLC | 227,510 | 8,418 | ||||||
British American Tobacco PLC (ADR) | 9,738 | 364 | ||||||
Swedish Match AB | 1,042,224 | 8,307 | ||||||
Kroger Co. | 167,474 | 7,580 | ||||||
Altria Group, Inc. | 136,773 | 6,481 | ||||||
Heineken NV | 51,210 | 5,764 | ||||||
Bunge, Ltd. | 56,609 | 5,285 | ||||||
Imperial Brands PLC | 213,360 | 4,668 | ||||||
Constellation Brands, Inc., Class A | 18,117 | 4,547 | ||||||
Treasury Wine Estates, Ltd. | 474,087 | 4,270 | ||||||
Danone SA | 64,339 | 3,999 | ||||||
Inner Mongolia Yili Industrial Group Co., Ltd., Class A | 546,300 | 3,554 | ||||||
PepsiCo, Inc. | 17,432 | 3,028 | ||||||
Arca Continental, SAB de CV | 412,000 | 2,626 | ||||||
Mondelez International, Inc. | 36,482 | 2,419 | ||||||
Ajinomoto Co., Inc. | 69,100 | �� | 2,101 | |||||
ITC, Ltd. | 651,059 | 1,910 | ||||||
Pernod Ricard SA | 6,537 | 1,574 | ||||||
168,697 | ||||||||
Materials 4.92% | ||||||||
Vale SA, ordinary nominative shares | 1,674,800 | 23,441 | ||||||
Vale SA, ordinary nominative shares (ADR) | 974,038 | 13,656 | ||||||
Rio Tinto PLC | 246,347 | 16,312 | ||||||
Fortescue Metals Group, Ltd. | 1,124,633 | 15,718 | ||||||
Freeport-McMoRan, Inc. | 203,451 | 8,490 | ||||||
Linde PLC | 22,166 | 7,679 | ||||||
BHP Group PLC | 151,886 | 4,522 | ||||||
Shin-Etsu Chemical Co., Ltd. | 23,300 | 4,035 | ||||||
Albemarle Corp. | 12,627 | 2,952 | ||||||
HeidelbergCement AG | 40,935 | 2,774 | ||||||
Akzo Nobel NV | 25,024 | 2,749 | ||||||
Dow, Inc. | 47,548 | 2,697 | ||||||
Barrick Gold Corp. (CAD denominated) | 138,973 | 2,642 | ||||||
CRH PLC | 49,376 | 2,615 | ||||||
Amcor PLC (CDI) | 165,731 | 1,992 | ||||||
Koninklijke DSM NV | 7,690 | 1,734 |
American Funds Insurance Series | 93 |
Capital World Growth and Income Fund (continued)
(formerly Global Growth and Income Fund)
Common stocks (continued) | Shares | Value (000) | ||||||
Materials (continued) | ||||||||
Lynas Rare Earths, Ltd.1 | 163,843 | $ | 1,212 | |||||
Air Liquide SA, non-registered shares | 6,630 | 1,157 | ||||||
Evonik Industries AG | 28,154 | 913 | ||||||
117,290 | ||||||||
Energy 3.34% | ||||||||
Canadian Natural Resources, Ltd. (CAD denominated) | 521,996 | 22,057 | ||||||
EOG Resources, Inc. | 117,171 | 10,408 | ||||||
Gazprom PJSC (ADR) | 1,084,575 | 10,022 | ||||||
TotalEnergies SE | 110,306 | 5,605 | ||||||
TC Energy Corp. (CAD denominated) | 111,856 | 5,202 | ||||||
Baker Hughes Co., Class A | 215,538 | 5,186 | ||||||
Reliance Industries, Ltd. | 161,241 | 5,137 | ||||||
BP PLC | 994,134 | 4,447 | ||||||
ConocoPhillips | 53,575 | 3,867 | ||||||
Suncor Energy, Inc. | 89,850 | 2,248 | ||||||
Royal Dutch Shell PLC, Class B | 98,951 | 2,173 | ||||||
Tourmaline Oil Corp. | 41,394 | 1,336 | ||||||
Coterra Energy, Inc. | 64,779 | 1,231 | ||||||
Lundin Energy AB1 | 20,939 | 752 | ||||||
79,671 | ||||||||
Utilities 2.82% | ||||||||
China Resources Gas Group, Ltd. | 1,444,000 | 8,157 | ||||||
E.ON SE | 544,715 | 7,561 | ||||||
DTE Energy Company | 56,345 | 6,735 | ||||||
National Grid PLC | 446,821 | 6,410 | ||||||
Iberdrola SA, non-registered shares1 | 536,381 | 6,357 | ||||||
Engie SA | 418,841 | 6,206 | ||||||
NextEra Energy, Inc. | 47,963 | 4,478 | ||||||
Enel SpA | 551,606 | 4,425 | ||||||
Edison International | 58,822 | 4,015 | ||||||
PG&E Corp.1 | 265,891 | 3,228 | ||||||
Power Grid Corporation of India, Ltd. | 721,893 | 1,985 | ||||||
Entergy Corp. | 16,397 | 1,847 | ||||||
Endesa, SA | 76,908 | 1,769 | ||||||
Ørsted AS | 11,362 | 1,453 | ||||||
AES Corp. | 52,478 | 1,275 | ||||||
China Gas Holdings, Ltd. | 578,200 | 1,201 | ||||||
67,102 | ||||||||
Real estate 2.04% | ||||||||
Crown Castle International Corp. REIT | 76,898 | 16,052 | ||||||
Longfor Group Holdings, Ltd. | 1,614,500 | 7,599 | ||||||
American Tower Corp. REIT | 24,900 | 7,283 | ||||||
VICI Properties, Inc. REIT | 166,637 | 5,017 | ||||||
Country Garden Services Holdings Co., Ltd. | 772,968 | 4,629 | ||||||
Boston Properties, Inc. REIT | 20,698 | 2,384 | ||||||
China Resources Mixc Lifestyle Services, Ltd. | 417,600 | 1,947 | ||||||
Equinix, Inc. REIT | 2,288 | 1,935 | ||||||
Sun Hung Kai Properties, Ltd. | 81,500 | 989 | ||||||
Iron Mountain, Inc. REIT | 14,006 | 733 | ||||||
48,568 | ||||||||
Total common stocks (cost: $1,660,965,000) | 2,273,002 |
94 | American Funds Insurance Series |
Capital World Growth and Income Fund (continued)
(formerly Global Growth and Income Fund)
Preferred securities 0.74% | Shares | Value (000) | ||||||
Consumer discretionary 0.43% | ||||||||
Volkswagen AG, nonvoting preferred shares | 51,509 | $ | 10,408 | |||||
Financials 0.17% | ||||||||
Banco Bradesco SA, preferred nominative shares | 1,048,670 | 3,617 | ||||||
Fannie Mae, Series S, 8.25% noncumulative preferred shares1 | 58,870 | 184 | ||||||
Federal Home Loan Mortgage Corp., Series Z, 8.375% noncumulative preferred shares1 | 61,516 | 176 | ||||||
3,977 | ||||||||
Information technology 0.11% | ||||||||
Samsung Electronics Co., Ltd., nonvoting preferred shares | 42,831 | 2,565 | ||||||
Health care 0.03% | ||||||||
Grifols, SA, Class B, nonvoting non-registered preferred shares | 72,318 | 832 | ||||||
Total preferred securities (cost: $21,946,000) | 17,782 | |||||||
Convertible stocks 0.18% | ||||||||
Information technology 0.14% | ||||||||
Broadcom, Inc., Series A, cumulative convertible preferred shares, 8.00% 2022 | 1,566 | 3,250 | ||||||
Financials 0.04% | ||||||||
2020 Cash Mandatory Exchangeable Trust, convertible preferred shares, 5.25% 20234 | 900 | 941 | ||||||
Total convertible stocks (cost: $3,505,000) | 4,191 | |||||||
Convertible bonds & notes 0.16% | Principal amount (000) | |||||||
Communication services 0.16% | ||||||||
Sea, Ltd., convertible notes, 2.375% 2025 | $ | 1,500 | 3,844 | |||||
Total convertible bonds & notes (cost: $3,840,000) | 3,844 | |||||||
Bonds, notes & other debt instruments 0.24% | ||||||||
Corporate bonds, notes & loans 0.20% | ||||||||
Health care 0.11% | ||||||||
Teva Pharmaceutical Finance Co. BV 6.00% 2024 | 1,600 | 1,678 | ||||||
Teva Pharmaceutical Finance Co. BV 3.15% 2026 | 1,100 | 1,036 | ||||||
2,714 | ||||||||
Energy 0.05% | ||||||||
TransCanada PipeLines, Ltd. 5.10% 2049 | 800 | 1,057 | ||||||
Consumer discretionary 0.04% | ||||||||
General Motors Company 5.40% 2023 | 300 | 321 | ||||||
Royal Caribbean Cruises, Ltd. 11.50% 20254 | 477 | 535 | ||||||
856 | ||||||||
Total corporate bonds, notes & loans | 4,627 |
American Funds Insurance Series | 95 |
Capital World Growth and Income Fund (continued)
(formerly Global Growth and Income Fund)
Bonds, notes & other debt instruments (continued) | Principal amount (000) | Value (000) | ||||||||||
Bonds & notes of governments & government agencies outside the U.S. 0.04% | ||||||||||||
United Mexican States, Series M, 8.00% 2023 | MXN | 20,000 | $ | 991 | ||||||||
Total bonds, notes & other debt instruments (cost: $5,624,000) | 5,618 | |||||||||||
Short-term securities 3.12% | Weighted average yield at acquisition | |||||||||||
Commercial paper 2.55% | ||||||||||||
Bank of Montreal 1/31/2022 | 0.107 | % | $ | 10,000 | 9,999 | |||||||
Canadian Imperial Bank of Commerce 1/14/20224 | 0.125 | 10,000 | 10,000 | |||||||||
LVMH Moët Hennessy Louis Vuitton, Inc. 2/14/20224 | 0.118 | 10,800 | 10,799 | |||||||||
Toronto-Dominion Bank 1/24/20224 | 0.058 | 30,000 | 29,998 | |||||||||
60,796 | ||||||||||||
Shares | ||||||||||||
Money market investments 0.54% | ||||||||||||
Capital Group Central Cash Fund 0.09%5,6 | 129,879 | 12,989 | ||||||||||
Money market investments purchased with collateral from securities on loan 0.03% | ||||||||||||
Goldman Sachs Financial Square Government Fund, Institutional Shares 0.02%5,7 | 310,193 | 310 | ||||||||||
Capital Group Central Cash Fund 0.09%5,6,7 | 2,925 | 293 | ||||||||||
Invesco Short-Term Investments Trust – Government & Agency Portfolio, Institutional Class 0.03%5,7 | 20,894 | 21 | ||||||||||
624 | ||||||||||||
Total short-term securities (cost: $74,409,000) | 74,409 | |||||||||||
Total investment securities 99.80% (cost: $1,770,289,000) | 2,378,846 | |||||||||||
Other assets less liabilities 0.20% | 4,809 | |||||||||||
Net assets 100.00% | $ | 2,383,655 |
96 | American Funds Insurance Series |
Capital World Growth and Income Fund (continued)
(formerly Global Growth and Income Fund)
Investments in affiliates6
Value of | Net | Net | Value of | |||||||||||||||||||||||||
affiliates at | realized | unrealized | affiliates at | Dividend | ||||||||||||||||||||||||
1/1/2021 | Additions | Reductions | gain | depreciation | 12/31/2021 | income | ||||||||||||||||||||||
(000) | (000) | (000) | (000) | (000) | (000) | (000) | ||||||||||||||||||||||
Short-term securities 0.55% | ||||||||||||||||||||||||||||
Money market investments 0.54% | ||||||||||||||||||||||||||||
Capital Group Central Cash Fund 0.09%5 | $ | 66,489 | $ | 566,964 | $ | 620,462 | $ | 5 | $ | (7 | ) | $ | 12,989 | $ | 50 | |||||||||||||
Money market investments purchased with collateral from securities on loan 0.01% | ||||||||||||||||||||||||||||
Capital Group Central Cash Fund 0.09%5,7 | — | 293 | 8 | 293 | — | 9 | ||||||||||||||||||||||
Total short-term securities | 13,282 | |||||||||||||||||||||||||||
Total 0.55% | $ | 5 | $ | (7 | ) | $ | 13,282 | $ | 50 |
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 $2,444,000, which represented .10% 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 the security was $1,044,000, which represented .04% of the net assets of the fund. |
4 | Acquired in a transaction exempt from registration under Rule 144A or Section 4(2) of the Securities Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers. The total value of all such securities was $53,317,000, which represented 2.24% of the net assets of the fund. |
5 | Rate represents the seven-day yield at 12/31/2021. |
6 | Part of the same “group of investment companies” as the fund as defined under the Investment Company Act of 1940, as amended. |
7 | Security purchased with cash collateral from securities on loan. Refer to Note 5 for more information on securities lending. |
8 | Represents net activity. Refer to Note 5 for more information on securities lending. |
9 | 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
SDR = Swedish Depositary Receipts
See notes to financial statements.
American Funds Insurance Series | 97 |
Growth-Income Fund
Investment portfolio December 31, 2021
Common stocks 95.86% | Shares | Value (000) | ||||||
Information technology 23.94% | ||||||||
Microsoft Corp. | 10,125,024 | $ | 3,405,248 | |||||
Broadcom, Inc. | 2,238,001 | 1,489,188 | ||||||
Mastercard, Inc., Class A | 1,656,021 | 595,042 | ||||||
Apple, Inc. | 2,608,900 | 463,262 | ||||||
Accenture PLC, Class A | 991,200 | 410,902 | ||||||
Visa, Inc., Class A | 1,567,091 | 339,604 | ||||||
ASML Holding NV | 254,068 | 204,418 | ||||||
ASML Holding NV (New York registered) (ADR) | 147,800 | 117,669 | ||||||
Taiwan Semiconductor Manufacturing Company, Ltd. | 13,692,000 | 304,355 | ||||||
Automatic Data Processing, Inc. | 845,000 | 208,360 | ||||||
Concentrix Corp. | 904,367 | 161,538 | ||||||
Applied Materials, Inc. | 950,400 | 149,555 | ||||||
Fidelity National Information Services, Inc. | 1,268,981 | 138,509 | ||||||
ServiceNow, Inc.1 | 205,938 | 133,676 | ||||||
Cognizant Technology Solutions Corp., Class A | 1,489,400 | 132,140 | ||||||
Global Payments, Inc. | 973,628 | 131,615 | ||||||
Ceridian HCM Holding, Inc.1 | 1,240,574 | 129,590 | ||||||
QUALCOMM, Inc. | 708,211 | 129,511 | ||||||
GoDaddy, Inc., Class A1 | 1,402,444 | 119,011 | ||||||
Analog Devices, Inc. | 629,402 | 110,630 | ||||||
Micron Technology, Inc. | 1,140,549 | 106,242 | ||||||
Adobe, Inc.1 | 175,373 | 99,447 | ||||||
Intel Corp. | 1,884,384 | 97,046 | ||||||
FleetCor Technologies, Inc.1 | 420,507 | 94,126 | ||||||
Euronet Worldwide, Inc.1 | 763,602 | 90,999 | ||||||
MKS Instruments, Inc. | 481,000 | 83,776 | ||||||
Shopify, Inc., Class A, subordinate voting shares1 | 60,000 | 82,643 | ||||||
Atlassian Corp. PLC, Class A1 | 199,100 | 75,915 | ||||||
Affirm Holdings, Inc., Class A1 | 693,650 | 69,753 | ||||||
KLA Corp. | 155,000 | 66,667 | ||||||
TELUS International (Cda), Inc., subordinate voting shares1 | 1,879,800 | 62,146 | ||||||
Texas Instruments, Inc. | 308,278 | 58,101 | ||||||
Datadog, Inc., Class A1 | 314,200 | 55,962 | ||||||
Fiserv, Inc.1 | 536,700 | 55,704 | ||||||
Snowflake, Inc., Class A1 | 160,000 | 54,200 | ||||||
Block, Inc., Class A1 | 301,422 | 48,683 | ||||||
Dye & Durham, Ltd. | 1,322,100 | 46,908 | ||||||
Lam Research Corp. | 62,390 | 44,868 | ||||||
Samsung Electronics Co., Ltd. | 570,000 | 37,545 | ||||||
Trimble, Inc.1 | 413,300 | 36,036 | ||||||
StoneCo, Ltd., Class A1 | 1,659,500 | 27,979 | ||||||
VeriSign, Inc.1 | 61,000 | 15,483 | ||||||
10,284,052 | ||||||||
Communication services 14.77% | ||||||||
Alphabet, Inc., Class A1 | 393,780 | 1,140,796 | ||||||
Alphabet, Inc., Class C1 | 352,067 | 1,018,738 | ||||||
Meta Platforms, Inc., Class A1 | 4,489,266 | 1,509,964 | ||||||
Netflix, Inc.1 | 2,288,284 | 1,378,554 | ||||||
Comcast Corp., Class A | 14,034,950 | 706,379 | ||||||
Charter Communications, Inc., Class A1 | 440,020 | 286,880 | ||||||
Electronic Arts, Inc. | 1,168,000 | 154,059 | ||||||
Tencent Holdings, Ltd. | 1,782,100 | 104,400 | ||||||
Activision Blizzard, Inc. | 687,264 | 45,724 | ||||||
6,345,494 | ||||||||
Health care 11.58% | ||||||||
UnitedHealth Group, Inc. | 2,508,200 | 1,259,468 | ||||||
Abbott Laboratories | 6,794,592 | 956,271 | ||||||
Gilead Sciences, Inc. | 5,288,700 | 384,012 | ||||||
Novo Nordisk A/S, Class B | 2,446,056 | 275,235 | ||||||
Amgen, Inc. | 1,036,000 | 233,069 |
98 | American Funds Insurance Series |
Growth-Income Fund (continued)
Common stocks (continued) | Shares | Value (000) | ||||||
Health care (continued) | ||||||||
Thermo Fisher Scientific, Inc. | 336,353 | $ | 224,428 | |||||
Anthem, Inc. | 474,750 | 220,066 | ||||||
Humana, Inc. | 415,407 | 192,691 | ||||||
AstraZeneca PLC | 1,249,112 | 146,722 | ||||||
AstraZeneca PLC (ADR) | 721,200 | 42,010 | ||||||
AbbVie, Inc. | 1,296,036 | 175,483 | ||||||
PerkinElmer, Inc. | 769,600 | 154,736 | ||||||
GlaxoSmithKline PLC | 6,402,300 | 139,225 | ||||||
Medtronic PLC | 860,000 | 88,967 | ||||||
Edwards Lifesciences Corp.1 | 604,506 | 78,314 | ||||||
Eli Lilly and Company | 248,703 | 68,697 | ||||||
Guardant Health, Inc.1 | 555,900 | 55,601 | ||||||
Royalty Pharma PLC, Class A | 1,170,161 | 46,631 | ||||||
Vertex Pharmaceuticals, Inc.1 | 192,000 | 42,163 | ||||||
Stryker Corp. | 148,897 | 39,818 | ||||||
Roche Holding AG, nonvoting non-registered shares | 93,081 | 38,726 | ||||||
Seagen, Inc.1 | 215,292 | 33,284 | ||||||
AmerisourceBergen Corp. | 192,000 | 25,515 | ||||||
Zimmer Biomet Holdings, Inc. | 198,766 | 25,251 | ||||||
NovoCure, Ltd.1 | 193,600 | 14,535 | ||||||
Vir Biotechnology, Inc.1 | 258,400 | 10,819 | ||||||
4,971,737 | ||||||||
Consumer discretionary 10.39% | ||||||||
Amazon.com, Inc.1 | 433,108 | 1,444,129 | ||||||
General Motors Company1 | 8,736,000 | 512,192 | ||||||
MercadoLibre, Inc.1 | 250,000 | 337,100 | ||||||
Home Depot, Inc. | 667,661 | 277,086 | ||||||
Royal Caribbean Cruises, Ltd.1 | 2,765,845 | 212,693 | ||||||
Hilton Worldwide Holdings, Inc.1 | 1,337,320 | 208,609 | ||||||
Wyndham Hotels & Resorts, Inc. | 2,093,300 | 187,664 | ||||||
Dollar Tree Stores, Inc.1 | 1,325,018 | 186,191 | ||||||
Rivian Automotive, Inc., Class A1,2 | 1,075,659 | 111,535 | ||||||
Rivian Automotive, Inc., Class A1,3,4 | 199,291 | 18,805 | ||||||
NVR, Inc.1 | 15,904 | 93,975 | ||||||
Chipotle Mexican Grill, Inc.1 | 53,110 | 92,850 | ||||||
Lowe’s Companies, Inc. | 345,000 | 89,176 | ||||||
Dollar General Corp. | 368,755 | 86,963 | ||||||
Kering SA | 101,695 | 81,845 | ||||||
Ford Motor Co.1 | 3,848,000 | 79,923 | ||||||
Aptiv PLC1 | 427,399 | 70,499 | ||||||
Hasbro, Inc. | 558,000 | 56,793 | ||||||
McDonald’s Corp. | 198,000 | 53,078 | ||||||
DoorDash, Inc., Class A1 | 310,000 | 46,159 | ||||||
Darden Restaurants, Inc. | 296,000 | 44,589 | ||||||
Starbucks Corp. | 367,800 | 43,022 | ||||||
CarMax, Inc.1 | 300,000 | 39,069 | ||||||
Lear Corp. | 188,000 | 34,395 | ||||||
VF Corp. | 390,000 | 28,556 | ||||||
YUM! Brands, Inc. | 196,630 | 27,304 | ||||||
4,464,200 | ||||||||
Industrials 10.29% | ||||||||
Raytheon Technologies Corp. | 6,196,850 | 533,301 | ||||||
Carrier Global Corp. | 6,905,267 | 374,542 | ||||||
Northrop Grumman Corp. | 733,200 | 283,800 | ||||||
TFI International, Inc. | 2,436,287 | 273,132 | ||||||
Woodward, Inc. | 2,204,500 | 241,305 | ||||||
General Electric Co. | 2,551,781 | 241,067 | ||||||
Airbus SE, non-registered shares1 | 1,617,590 | 206,925 | ||||||
Waste Connections, Inc. | 1,516,231 | 206,617 | ||||||
TransDigm Group, Inc.1 | 302,520 | 192,487 |
American Funds Insurance Series | 99 |
Growth-Income Fund (continued)
Common stocks (continued) | Shares | Value (000) | ||||||
Industrials (continued) | ||||||||
General Dynamics Corp. | 848,975 | $ | 176,986 | |||||
Union Pacific Corp. | 697,700 | 175,771 | ||||||
Norfolk Southern Corp. | 482,759 | 143,722 | ||||||
CSX Corp. | 3,681,700 | 138,432 | ||||||
Old Dominion Freight Line, Inc. | 350,000 | 125,433 | ||||||
ITT, Inc. | 1,204,930 | 123,132 | ||||||
Waste Management, Inc. | 625,300 | 104,363 | ||||||
Equifax, Inc. | 354,108 | 103,679 | ||||||
BWX Technologies, Inc. | 2,159,505 | 103,397 | ||||||
L3Harris Technologies, Inc. | 446,960 | 95,310 | ||||||
Air Lease Corp., Class A | 2,097,300 | 92,764 | ||||||
Honeywell International, Inc. | 409,067 | 85,294 | ||||||
Fortive Corp. | 1,085,000 | 82,775 | ||||||
Lockheed Martin Corp. | 230,000 | 81,744 | ||||||
Safran SA | 539,713 | 66,153 | ||||||
Ryanair Holdings PLC (ADR)1 | 445,550 | 45,593 | ||||||
Ryanair Holdings PLC1 | 611,907 | 10,624 | ||||||
Fastenal Co. | 635,000 | 40,678 | ||||||
Montana Aerospace AG1 | 658,516 | 24,463 | ||||||
Otis Worldwide Corp. | 268,100 | 23,343 | ||||||
Cummins, Inc. | 100,000 | 21,814 | ||||||
4,418,646 | ||||||||
Financials 9.36% | ||||||||
JPMorgan Chase & Co. | 4,714,632 | 746,562 | ||||||
Marsh & McLennan Companies, Inc. | 1,744,801 | 303,281 | ||||||
Chubb, Ltd. | 1,239,153 | 239,541 | ||||||
Aon PLC, Class A | 702,062 | 211,012 | ||||||
BlackRock, Inc. | 205,800 | 188,422 | ||||||
PNC Financial Services Group, Inc. | 928,464 | 186,176 | ||||||
Intercontinental Exchange, Inc. | 1,346,662 | 184,183 | ||||||
S&P Global, Inc. | 357,338 | 168,638 | ||||||
Moody’s Corp. | 425,900 | 166,348 | ||||||
Arthur J. Gallagher & Co. | 966,650 | 164,011 | ||||||
American International Group, Inc. | 2,851,000 | 162,108 | ||||||
Discover Financial Services | 1,019,080 | 117,765 | ||||||
KeyCorp | 4,886,953 | 113,035 | ||||||
Bank of America Corp. | 2,445,755 | 108,812 | ||||||
Nasdaq, Inc. | 499,700 | 104,942 | ||||||
State Street Corp. | 1,077,260 | 100,185 | ||||||
Hong Kong Exchanges and Clearing, Ltd. | 1,659,500 | 96,920 | ||||||
CME Group, Inc., Class A | 409,200 | 93,486 | ||||||
Webster Financial Corp. | 1,601,139 | 89,408 | ||||||
Power Corporation of Canada, subordinate voting shares | 2,443,100 | 80,732 | ||||||
B3 SA-Brasil, Bolsa, Balcao | 39,829,500 | 79,659 | ||||||
Charles Schwab Corp. | 879,000 | 73,924 | ||||||
Travelers Companies, Inc. | 443,055 | 69,307 | ||||||
Truist Financial Corp. | 870,732 | 50,981 | ||||||
Signature Bank1 | 139,521 | 45,131 | ||||||
Morgan Stanley | 431,267 | 42,333 | ||||||
Citizens Financial Group, Inc. | 728,750 | 34,433 | ||||||
4,021,335 | ||||||||
Materials 4.43% | ||||||||
Linde PLC | 1,010,978 | 350,233 | ||||||
Vale SA, ordinary nominative shares (ADR) | 17,488,480 | 245,188 | ||||||
Vale SA, ordinary nominative shares | 3,404,848 | 47,656 | ||||||
LyondellBasell Industries NV | 2,760,446 | 254,596 | ||||||
Air Products and Chemicals, Inc. | 825,991 | 251,316 | ||||||
Celanese Corp. | 1,250,900 | 210,226 | ||||||
International Flavors & Fragrances, Inc. | 1,075,001 | 161,949 | ||||||
Freeport-McMoRan, Inc. | 3,803,000 | 158,699 |
100 | American Funds Insurance Series |
Growth-Income Fund (continued)
Common stocks (continued) | Shares | Value (000) | ||||||
Materials (continued) | ||||||||
Dow, Inc. | 1,650,000 | $ | 93,588 | |||||
Sherwin-Williams Company | 162,300 | 57,156 | ||||||
Barrick Gold Corp. | 2,373,000 | 45,087 | ||||||
Allegheny Technologies, Inc.1 | 1,769,447 | 28,187 | ||||||
1,903,881 | ||||||||
Consumer staples 3.19% | ||||||||
Philip Morris International, Inc. | 5,517,126 | 524,127 | ||||||
Keurig Dr Pepper, Inc. | 5,357,676 | 197,484 | ||||||
British American Tobacco PLC | 4,663,859 | 172,559 | ||||||
Nestlé SA | 731,589 | 102,320 | ||||||
Anheuser-Busch InBev SA/NV | 1,358,211 | 82,218 | ||||||
Molson Coors Beverage Company, Class B, restricted voting shares | 1,620,313 | 75,102 | ||||||
General Mills, Inc. | 968,800 | 65,278 | ||||||
Mondelez International, Inc. | 945,300 | 62,683 | ||||||
Church & Dwight Co., Inc. | 424,500 | 43,511 | ||||||
Constellation Brands, Inc., Class A | 100,700 | 25,273 | ||||||
Kraft Heinz Company | 567,200 | 20,362 | ||||||
1,370,917 | ||||||||
Energy 3.14% | ||||||||
Canadian Natural Resources, Ltd. (CAD denominated) | 7,948,000 | 335,840 | ||||||
Chevron Corp. | 1,813,200 | 212,779 | ||||||
EOG Resources, Inc. | 2,215,000 | 196,758 | ||||||
ConocoPhillips | 2,699,104 | 194,821 | ||||||
Baker Hughes Co., Class A | 7,686,224 | 184,931 | ||||||
Equitrans Midstream Corp. | 10,215,807 | 105,631 | ||||||
TC Energy Corp. (CAD denominated) | 1,821,019 | 84,692 | ||||||
Exxon Mobil Corp. | 500,000 | 30,595 | ||||||
Weatherford International1 | 128,424 | 3,560 | ||||||
1,349,607 | ||||||||
Utilities 2.47% | ||||||||
Edison International | 2,508,200 | 171,185 | ||||||
AES Corp. | 6,608,200 | 160,579 | ||||||
Enel SpA | 18,469,069 | 148,157 | ||||||
Entergy Corp. | 966,900 | 108,921 | ||||||
PG&E Corp.1 | 8,919,700 | 108,285 | ||||||
Sempra Energy | 750,000 | 99,210 | ||||||
Exelon Corp. | 1,576,100 | 91,036 | ||||||
CenterPoint Energy, Inc. | 2,840,104 | 79,267 | ||||||
CMS Energy Corp. | 918,200 | 59,729 | ||||||
Evergy, Inc. | 463,246 | 31,783 | ||||||
1,058,152 | ||||||||
Real estate 2.30% | ||||||||
Equinix, Inc. REIT | 514,777 | 435,419 | ||||||
Crown Castle International Corp. REIT | 883,033 | 184,324 | ||||||
VICI Properties, Inc. REIT2 | 5,878,938 | 177,015 | ||||||
MGM Growth Properties LLC REIT, Class A | 3,996,000 | 163,237 | ||||||
Digital Realty Trust, Inc. REIT | 160,000 | 28,299 | ||||||
988,294 | ||||||||
Total common stocks (cost: $22,026,883,000) | 41,176,315 | |||||||
Convertible stocks 1.34% | ||||||||
Health care 0.65% | ||||||||
Danaher Corp., Series A, cumulative convertible preferred shares, 4.75% 2022 | 78,600 | 172,448 | ||||||
Danaher Corp., Series B, cumulative convertible preferred shares, 5.00% 20232 | 61,857 | 107,518 | ||||||
279,966 |
American Funds Insurance Series | 101 |
Growth-Income Fund (continued)
Convertible stocks (continued) | Shares | Value (000) | ||||||
Information technology 0.50% | ||||||||
Broadcom, Inc., Series A, cumulative convertible preferred shares, 8.00% 2022 | 102,783 | $ | 213,315 | |||||
Consumer discretionary 0.10% | ||||||||
Aptiv PLC, Series A, convertible preferred shares, 5.50% 2023 | 238,475 | 43,901 | ||||||
Financials 0.08% | ||||||||
KKR & Co., Inc., Series C, convertible preferred shares, 6.00% 2023 | 390,600 | 36,384 | ||||||
Industrials 0.01% | ||||||||
Stanley Black & Decker, Inc., convertible preferred shares, 5.25% 20222 | 35,448 | 3,871 | ||||||
Total convertible stocks (cost: $347,295,000) | 577,437 | |||||||
Bonds, notes & other debt instruments 0.02% | Principal amount (000) | |||||||
Corporate bonds, notes & loans 0.02% | ||||||||
Industrials 0.01% | ||||||||
Boeing Company 4.875% 2025 | $ | 4,706 | 5,152 | |||||
Consumer discretionary 0.01% | ||||||||
General Motors Financial Co. 4.30% 2025 | 160 | 173 | ||||||
General Motors Financial Co. 5.25% 2026 | 827 | 928 | ||||||
1,101 | ||||||||
Energy 0.00% | ||||||||
Weatherford International, Ltd. 11.00% 20244 | 637 | 657 | ||||||
Total corporate bonds, notes & loans | 6,910 | |||||||
Total bonds, notes & other debt instruments (cost: $6,212,000) | 6,910 | |||||||
Short-term securities 3.04% | Shares | |||||||
Money market investments 2.84% | ||||||||
Capital Group Central Cash Fund 0.09%5,6 | 12,206,384 | 1,220,761 | ||||||
Money market investments purchased with collateral from securities on loan 0.20% | ||||||||
Goldman Sachs Financial Square Government Fund, Institutional Shares 0.02%5,7 | 41,513,132 | 41,513 | ||||||
Capital Group Central Cash Fund 0.09%5,6,7 | 391,441 | 39,148 | ||||||
Invesco Short-Term Investments Trust – Government & Agency Portfolio, Institutional Class 0.03%5,7 | 2,796,285 | 2,796 | ||||||
83,457 | ||||||||
Total short-term securities (cost: $1,304,022,000) | 1,304,218 | |||||||
Total investment securities 100.26% (cost: $23,684,412,000) | 43,064,880 | |||||||
Other assets less liabilities (0.26)% | (112,395 | ) | ||||||
Net assets 100.00% | $ | 42,952,485 |
102 | American Funds Insurance Series |
Growth-Income Fund (continued)
Investments in affiliates6
Value of affiliates at 1/1/2021 (000) | Additions (000) | Reductions (000) | Net realized loss (000) | Net unrealized depreciation (000) | Value of affiliates at 12/31/2021 (000) | Dividend income (000) | ||||||||||||||||||||||
Short-term securities 2.93% | ||||||||||||||||||||||||||||
Money market investments 2.84% | ||||||||||||||||||||||||||||
Capital Group Central Cash Fund 0.09%5 | $ | 1,005,764 | $ | 6,747,287 | $ | 6,532,241 | $ | (41 | ) | $ | (8 | ) | $ | 1,220,761 | $ | 857 | ||||||||||||
Money market investments purchased with collateral from securities on loan 0.09% | ||||||||||||||||||||||||||||
Capital Group Central Cash Fund 0.09%5,7 | — | 39,148 | 8 | 39,148 | — | 9 | ||||||||||||||||||||||
Total short-term securities | 1,259,909 | |||||||||||||||||||||||||||
Total 2.93% | $ | (41 | ) | $ | (8 | ) | $ | 1,259,909 | $ | 857 |
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 $91,976,000, 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 the security was $18,805,000, which represented .04% of the net assets of the fund. |
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 $19,462,000, which represented .05% of the net assets of the fund. |
5 | Rate represents the seven-day yield at 12/31/2021. |
6 | Part of the same “group of investment companies” as the fund as defined under the Investment Company Act of 1940, as amended. |
7 | Security purchased with cash collateral from securities on loan. Refer to Note 5 for more information on securities lending. |
8 | Represents net activity. Refer to Note 5 for more information on securities lending. |
9 | 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
See notes to financial statements.
American Funds Insurance Series | 103 |
International Growth and Income Fund
Investment portfolio December 31, 2021
Common stocks 91.67% | Shares | Value (000) | ||||||
Financials 17.66% | ||||||||
AXA SA | 166,169 | $ | 4,954 | |||||
EQT AB | 84,290 | 4,599 | ||||||
Toronto-Dominion Bank (CAD denominated) | 55,026 | 4,219 | ||||||
Ping An Insurance (Group) Company of China, Ltd., Class H | 544,500 | 3,921 | ||||||
AIA Group, Ltd. | 378,800 | 3,818 | ||||||
HDFC Bank, Ltd. | 162,019 | 3,224 | ||||||
Hong Kong Exchanges and Clearing, Ltd. | 42,500 | 2,482 | ||||||
Sberbank of Russia PJSC (ADR) | 150,727 | 2,419 | ||||||
Société Générale | 66,336 | 2,281 | ||||||
Euronext NV | 19,767 | 2,054 | ||||||
KBC Groep NV | 21,168 | 1,819 | ||||||
DNB Bank ASA | 74,495 | 1,709 | ||||||
Partners Group Holding AG | 989 | 1,642 | ||||||
Prudential PLC | 94,788 | 1,635 | ||||||
Zurich Insurance Group AG | 3,298 | 1,449 | ||||||
HDFC Life Insurance Company, Ltd. | 155,156 | 1,356 | ||||||
UniCredit SpA | 85,931 | 1,325 | ||||||
Aon PLC, Class A | 4,311 | 1,296 | ||||||
Skandinaviska Enskilda Banken AB, Class A | 85,756 | 1,194 | ||||||
London Stock Exchange Group PLC | 12,357 | 1,159 | ||||||
UBS Group AG | 61,966 | 1,117 | ||||||
DBS Group Holdings, Ltd. | 44,700 | 1,083 | ||||||
3i Group PLC | 52,180 | 1,023 | ||||||
Banco Santander, SA | 291,373 | 975 | ||||||
Kotak Mahindra Bank, Ltd. | 38,175 | 922 | ||||||
Bank of Nova Scotia (CAD denominated) | 12,583 | 891 | ||||||
Fairfax Financial Holdings, Ltd., subordinate voting shares | 1,686 | 829 | ||||||
Brookfield Asset Management, Inc., Class A (CAD denominated) | 13,447 | 812 | ||||||
CaixaBank, SA1 | 294,385 | 809 | ||||||
Banco Bilbao Vizcaya Argentaria, SA | 128,854 | 770 | ||||||
Banca Generali SpA | 16,866 | 744 | ||||||
Moscow Exchange MICEX-RTS PJSC | 359,371 | 733 | ||||||
QBE Insurance Group, Ltd. | 78,766 | 650 | ||||||
Aviva PLC | 116,201 | 646 | ||||||
Macquarie Group, Ltd. | 4,195 | 627 | ||||||
FinecoBank SpA | 35,022 | 615 | ||||||
Islandsbanki hf.1 | 608,273 | 592 | ||||||
Investor AB, Class B | 22,996 | 580 | ||||||
Discovery, Ltd.1 | 58,697 | 529 | ||||||
Intesa Sanpaolo SpA | 202,500 | 524 | ||||||
Allfunds Group PLC1 | 26,191 | 516 | ||||||
Grupo Financiero Banorte, SAB de CV, Series O | 70,936 | 461 | ||||||
Postal Savings Bank of China Co., Ltd., Class H | 636,000 | 446 | ||||||
B3 SA-Brasil, Bolsa, Balcao | 216,504 | 433 | ||||||
ICICI Securities, Ltd. | 34,073 | 363 | ||||||
ING Groep NV | 17,945 | 250 | ||||||
China Merchants Bank Co., Ltd., Class H | 23,000 | 179 | ||||||
ICICI Bank, Ltd. (ADR) | 8,627 | 171 | ||||||
66,845 | ||||||||
Information technology 15.82% | ||||||||
Taiwan Semiconductor Manufacturing Company, Ltd. | 666,000 | 14,804 | ||||||
ASML Holding NV | 11,356 | 9,137 | ||||||
Tokyo Electron, Ltd. | 12,400 | 7,145 | ||||||
Broadcom, Inc. | 6,152 | 4,094 | ||||||
MediaTek, Inc. | 84,000 | 3,613 | ||||||
Samsung Electronics Co., Ltd. | 41,052 | 2,704 | ||||||
Edenred SA | 50,432 | 2,329 | ||||||
Keyence Corp. | 2,900 | 1,822 | ||||||
SAP SE | 9,669 | 1,375 | ||||||
Kingdee International Software Group Co., Ltd.1 | 445,000 | 1,370 | ||||||
Nokia Corp.1 | 198,935 | 1,263 |
104 | American Funds Insurance Series |
International Growth and Income Fund (continued)
Common stocks (continued) | Shares | Value (000) | ||||||
Information technology (continued) | ||||||||
Logitech International SA | 14,120 | $ | 1,191 | |||||
Vanguard International Semiconductor Corp. | 206,000 | 1,176 | ||||||
ITOCHU Techno-Solutions Corp. | 32,800 | 1,055 | ||||||
Amadeus IT Group SA, Class A, non-registered shares1 | 15,420 | 1,047 | ||||||
TDK Corp. | 25,200 | 984 | ||||||
SK hynix, Inc. | 5,419 | 597 | ||||||
STMicroelectronics NV | 10,769 | 532 | ||||||
Halma PLC | 11,655 | 505 | ||||||
PagSeguro Digital, Ltd., Class A1 | 18,278 | 479 | ||||||
Nexi SpA1 | 24,528 | 391 | ||||||
Infosys, Ltd. (ADR) | 13,724 | 347 | ||||||
AVEVA Group PLC | 7,355 | 339 | ||||||
Worldline SA, non-registered shares1 | 5,273 | 294 | ||||||
Nemetschek SE | 1,820 | 234 | ||||||
Nomura Research Institute, Ltd. | 5,300 | 227 | ||||||
Nice, Ltd. (ADR)1 | 745 | 226 | ||||||
Fujitsu, Ltd. | 1,000 | 172 | ||||||
Lightspeed Commerce, Inc., subordinate voting shares1 | 2,166 | 88 | ||||||
Lightspeed Commerce, Inc., subordinate voting shares (CAD denominated)1 | 1,792 | 72 | ||||||
Otsuka Corp. | 2,500 | 119 | ||||||
Capita PLC1 | 177,406 | 88 | ||||||
DLocal, Ltd., Class A1 | 2,309 | 82 | ||||||
59,901 | ||||||||
Industrials 12.05% | ||||||||
Airbus SE, non-registered shares1 | 49,147 | 6,287 | ||||||
SMC Corp. | 4,500 | 3,035 | ||||||
BAE Systems PLC | 365,430 | 2,719 | ||||||
ABB, Ltd. | 68,957 | 2,641 | ||||||
Alliance Global Group, Inc. | 7,814,200 | 1,808 | ||||||
LIXIL Corp. | 67,400 | 1,796 | ||||||
SITC International Holdings Co., Ltd. | 488,000 | 1,765 | ||||||
Lifco AB, Class B | 53,600 | 1,606 | ||||||
Husqvarna AB, Class B | 96,797 | 1,552 | ||||||
RELX PLC | 44,588 | 1,450 | ||||||
Ryanair Holdings PLC (ADR)1 | 13,434 | 1,375 | ||||||
CCR SA, ordinary nominative shares | 659,442 | 1,372 | ||||||
Deutsche Post AG | 20,123 | 1,295 | ||||||
IMCD NV | 5,722 | 1,268 | ||||||
Daikin Industries, Ltd. | 5,500 | 1,247 | ||||||
Bunzl PLC | 27,867 | 1,088 | ||||||
Cathay Pacific Airways, Ltd.1 | 1,317,000 | 1,079 | ||||||
Storskogen Group AB, Class B1 | 148,922 | 1,004 | ||||||
Safran SA | 7,743 | 949 | ||||||
Siemens AG1 | 5,132 | 892 | ||||||
Kone OYJ, Class B | 12,219 | 877 | ||||||
InPost SA1 | 72,694 | 877 | ||||||
Experian PLC | 17,314 | 851 | ||||||
Interpump Group SpA | 11,310 | 830 | ||||||
Epiroc AB, Class A | 19,321 | 490 | ||||||
Epiroc AB, Class B | 10,286 | 218 | ||||||
Waste Connections, Inc. (CAD denominated) | 5,192 | 708 | ||||||
BELIMO Holding AG | 1,088 | 693 | ||||||
Rheinmetall AG | 7,289 | 689 | ||||||
TFI International, Inc. (CAD denominated) | 5,854 | 657 | ||||||
Coor Service Management Holding AB | 57,898 | 530 | ||||||
Wizz Air Holdings PLC1 | 9,173 | 520 | ||||||
Meggitt PLC1 | 38,316 | 383 | ||||||
AB Volvo, Class B | 15,927 | 370 | ||||||
Contemporary Amperex Technology Co., Ltd., Class A | 2,100 | 194 |
American Funds Insurance Series | 105 |
International Growth and Income Fund (continued)
Common stocks (continued) | Shares | Value (000) | ||||||
Industrials (continued) | ||||||||
Daimler Truck Holding AG1 | 5,233 | $ | 192 | |||||
ACS, Actividades de Construcción y Servicios, SA1 | 6,430 | 173 | ||||||
Hitachi, Ltd. | 2,400 | 130 | ||||||
45,610 | ||||||||
Consumer discretionary 11.65% | ||||||||
Evolution AB | 42,578 | 6,061 | ||||||
LVMH Moët Hennessy-Louis Vuitton SE | 5,756 | 4,764 | ||||||
Coupang, Inc., Class A1 | 100,186 | 2,944 | ||||||
Stellantis NV | 151,469 | 2,877 | ||||||
Renault SA1 | 74,525 | 2,592 | ||||||
Prosus NV, Class N | 22,234 | 1,861 | ||||||
B&M European Value Retail SA | 213,880 | 1,835 | ||||||
Wynn Macau, Ltd.1 | 1,954,800 | 1,597 | ||||||
Restaurant Brands International, Inc. (CAD denominated) | 25,729 | 1,560 | ||||||
Li Ning Co., Ltd. | 124,000 | 1,357 | ||||||
Sands China, Ltd.1 | 540,000 | 1,258 | ||||||
InterContinental Hotels Group PLC1 | 19,112 | 1,237 | ||||||
D’Ieteren Group1 | 6,180 | 1,207 | ||||||
Valeo SA, non-registered shares | 39,137 | 1,184 | ||||||
EssilorLuxottica | 5,466 | 1,165 | ||||||
Barratt Developments PLC | 101,945 | 1,032 | ||||||
Sodexo SA | 11,425 | 1,002 | ||||||
OPAP SA | 66,578 | 945 | ||||||
Paltac Corp. | 21,700 | 893 | ||||||
Daimler AG1 | 10,900 | 839 | ||||||
Industria de Diseño Textil, SA | 24,641 | 800 | ||||||
MGM China Holdings, Ltd.1 | 1,148,000 | 696 | ||||||
Compagnie Financière Richemont SA, Class A | 4,422 | 665 | ||||||
Americanas SA, ordinary nominative shares1 | 96,134 | 545 | ||||||
Kindred Group PLC (SDR) | 44,778 | 534 | ||||||
adidas AG | 1,423 | 410 | ||||||
Entain PLC1 | 17,515 | 399 | ||||||
Domino’s Pizza Enterprises, Ltd. | 4,056 | 348 | ||||||
JD.com, Inc., Class A1 | 9,550 | 336 | ||||||
Games Workshop Group PLC | 2,455 | 331 | ||||||
Kering SA | 286 | 230 | ||||||
Nitori Holdings Co., Ltd. | 1,200 | 180 | ||||||
Naspers, Ltd., Class N | 816 | 127 | ||||||
MercadoLibre, Inc.1 | 87 | 117 | ||||||
Pop Mart International Group, Ltd. | 19,000 | 109 | ||||||
Grab Holdings, Ltd., Class A1 | 8,914 | 64 | ||||||
44,101 | ||||||||
Consumer staples 9.77% | ||||||||
British American Tobacco PLC | 207,956 | 7,694 | ||||||
Philip Morris International, Inc. | 55,234 | 5,247 | ||||||
Nestlé SA | 30,215 | 4,226 | ||||||
Kweichow Moutai Co., Ltd., Class A | 12,100 | 3,892 | ||||||
Associated British Foods PLC | 84,235 | 2,289 | ||||||
Anheuser-Busch InBev SA/NV | 37,328 | 2,259 | ||||||
Pernod Ricard SA | 8,248 | 1,986 | ||||||
Carlsberg A/S, Class B | 11,155 | 1,929 | ||||||
Ocado Group PLC1 | 67,396 | 1,531 | ||||||
Wuliangye Yibin Co., Ltd., Class A | 40,300 | 1,408 | ||||||
Foshan Haitian Flavouring and Food Co., Ltd., Class A | 65,104 | 1,074 | ||||||
Reckitt Benckiser Group PLC | 12,218 | 1,049 | ||||||
L’Oréal SA, non-registered shares | 1,160 | 551 | ||||||
Unilever PLC (GBP denominated) | 7,740 | 413 | ||||||
Unilever PLC (EUR denominated) | 1,561 | 84 | ||||||
Yihai International Holding, Ltd. | 67,000 | 310 | ||||||
Arca Continental, SAB de CV | 43,200 | 275 |
106 | American Funds Insurance Series |
International Growth and Income Fund (continued)
Common stocks (continued) | Shares | Value (000) | ||||||
Consumer staples (continued) | ||||||||
Danone SA | 4,133 | $ | 257 | |||||
Dabur India, Ltd. | 23,930 | 187 | ||||||
Avenue Supermarts, Ltd.1 | 2,332 | 146 | ||||||
X5 Retail Group NV (GDR) | 4,521 | 120 | ||||||
Shiseido Company, Ltd. | 1,200 | 67 | ||||||
36,994 | ||||||||
Health care 7.25% | ||||||||
AstraZeneca PLC | 70,219 | 8,248 | ||||||
Sanofi | 32,369 | 3,264 | ||||||
Novo Nordisk A/S, Class B | 20,737 | 2,333 | ||||||
GlaxoSmithKline PLC | 104,148 | 2,265 | ||||||
Bayer AG | 34,814 | 1,863 | ||||||
Siemens Healthineers AG1 | 19,397 | 1,454 | ||||||
Shionogi & Co., Ltd. | 19,300 | 1,363 | ||||||
Koninklijke Philips NV (EUR denominated) | 24,141 | 900 | ||||||
Novartis AG | 8,954 | 789 | ||||||
CanSino Biologics, Inc., Class H1,2 | 28,600 | 661 | ||||||
Hutchmed China, Ltd. (ADR)1 | 17,864 | 627 | ||||||
Mettler-Toledo International, Inc.1 | 350 | 594 | ||||||
BioNTech SE (ADR)1 | 2,069 | 533 | ||||||
Sonova Holding AG | 1,311 | 515 | ||||||
Grifols, SA, Class B (ADR) | 39,407 | 443 | ||||||
Genus PLC | 6,606 | 441 | ||||||
BeiGene, Ltd. (ADR)1 | 1,336 | 362 | ||||||
Roche Holding AG, nonvoting non-registered shares | 666 | 277 | ||||||
Takeda Pharmaceutical Company, Ltd. | 9,500 | 259 | ||||||
Hypera SA, ordinary nominative shares | 28,197 | 143 | ||||||
M3, Inc. | 2,500 | 126 | ||||||
27,460 | ||||||||
Materials 4.40% | ||||||||
Vale SA, ordinary nominative shares | 279,305 | 3,909 | ||||||
Vale SA, ordinary nominative shares (ADR) | 108,286 | 1,518 | ||||||
Koninklijke DSM NV | 11,167 | 2,517 | ||||||
Rio Tinto PLC | 25,234 | 1,671 | ||||||
Linde PLC | 4,741 | 1,642 | ||||||
Barrick Gold Corp. | 60,673 | 1,153 | ||||||
Barrick Gold Corp. (CAD denominated) | 18,704 | 355 | ||||||
Asahi Kasei Corp. | 98,400 | 925 | ||||||
LyondellBasell Industries NV | 6,512 | 601 | ||||||
Fortescue Metals Group, Ltd. | 42,542 | 595 | ||||||
Sika AG | 1,210 | 505 | ||||||
Shin-Etsu Chemical Co., Ltd. | 1,900 | 329 | ||||||
Verallia SAS1 | 9,168 | 323 | ||||||
Givaudan SA | 52 | 273 | ||||||
Air Liquide SA, non-registered shares | 1,516 | 265 | ||||||
Alrosa PJSC | 53,607 | 88 | ||||||
16,669 | ||||||||
Communication services 4.21% | ||||||||
Koninklijke KPN NV | 927,344 | 2,882 | ||||||
Tencent Holdings, Ltd. | 39,600 | 2,320 | ||||||
Vodafone Group PLC | 1,203,294 | 1,828 | ||||||
América Móvil, SAB de CV, Series L (ADR) | 83,686 | 1,767 | ||||||
BT Group PLC | 682,159 | 1,565 | ||||||
Publicis Groupe SA | 17,526 | 1,181 | ||||||
Nordic Entertainment Group AB, Class B1 | 19,101 | 992 | ||||||
Indus Towers, Ltd. | 253,129 | 845 | ||||||
WPP PLC | 49,010 | 743 | ||||||
MTN Group, Ltd.1 | 51,303 | 550 | ||||||
Sea, Ltd., Class A (ADR)1 | 1,730 | 387 |
American Funds Insurance Series | 107 |
International Growth and Income Fund (continued)
Common stocks (continued) | Shares | Value (000) | ||||||
Communication services (continued) | ||||||||
Playtika Holding Corp.1 | 17,302 | $ | 299 | |||||
NetEase, Inc. | 10,700 | 216 | ||||||
Universal Music Group NV | 7,429 | 210 | ||||||
Yandex NV, Class A1 | 2,342 | 142 | ||||||
15,927 | ||||||||
Energy 4.11% | ||||||||
TotalEnergies SE | 89,779 | 4,562 | ||||||
Gazprom PJSC (ADR) | 399,825 | 3,694 | ||||||
TC Energy Corp. (CAD denominated) | 46,171 | 2,147 | ||||||
Schlumberger, Ltd. | 33,877 | 1,015 | ||||||
Cameco Corp. | 42,360 | 924 | ||||||
LUKOIL Oil Co. PJSC (ADR) | 10,043 | 899 | ||||||
Reliance Industries, Ltd. | 19,151 | 610 | ||||||
Lundin Energy AB1 | 15,860 | 569 | ||||||
Royal Dutch Shell PLC, Class B | 15,745 | 346 | ||||||
Royal Dutch Shell PLC, Class B (ADR) | 3,296 | 143 | ||||||
Sovcomflot PAO | 356,717 | 348 | ||||||
Canadian Natural Resources, Ltd. (CAD denominated) | 6,652 | 281 | ||||||
15,538 | ||||||||
Utilities 2.89% | ||||||||
Engie SA | 209,396 | 3,103 | ||||||
Brookfield Infrastructure Partners LP | 36,934 | 2,248 | ||||||
Enel SpA | 254,456 | 2,041 | ||||||
ENN Energy Holdings, Ltd. | 89,100 | 1,677 | ||||||
Ørsted AS | 7,274 | 930 | ||||||
Guangdong Investment, Ltd. | 392,000 | 498 | ||||||
Iberdrola SA, non-registered shares1 | 36,164 | 429 | ||||||
10,926 | ||||||||
Real estate 1.86% | ||||||||
Longfor Group Holdings, Ltd. | 553,000 | 2,603 | ||||||
CK Asset Holdings, Ltd. | 340,500 | 2,146 | ||||||
Link Real Estate Investment Trust REIT | 105,700 | 931 | ||||||
Unibail-Rodamco-Westfield REIT, non-registered shares1 | 10,450 | 733 | ||||||
Country Garden Services Holdings Co., Ltd. | 55,000 | 329 | ||||||
Sirius Real Estate, Ltd. | 146,074 | 280 | ||||||
7,022 | ||||||||
Total common stocks (cost: $303,007,000) | 346,993 | |||||||
Preferred securities 1.70% | ||||||||
Information technology 1.15% | ||||||||
Samsung Electronics Co., Ltd., nonvoting preferred shares | 72,570 | 4,347 | ||||||
Consumer discretionary 0.21% | ||||||||
Volkswagen AG, nonvoting preferred shares | 3,447 | 697 | ||||||
Lojas Americanas SA, preferred nominative | 91,100 | 96 | ||||||
793 | ||||||||
Materials 0.18% | ||||||||
Gerdau SA, preferred nominative shares | 139,449 | 682 | ||||||
Health care 0.16% | ||||||||
Sartorius AG, nonvoting non-registered preferred shares | 920 | 623 | ||||||
Total preferred securities (cost: $6,538,000) | 6,445 |
108 | American Funds Insurance Series |
International Growth and Income Fund (continued)
Short-term securities 5.73% | Shares | Value (000) | ||||||
Money market investments 5.73% | ||||||||
Capital Group Central Cash Fund 0.09%3,4 | 216,965 | $ | 21,699 | |||||
Total short-term securities (cost: $21,694,000) | 21,699 | |||||||
Total investment securities 99.10% (cost: $331,239,000) | 375,137 | |||||||
Other assets less liabilities 0.90% | 3,405 | |||||||
Net assets 100.00% | $ | 378,542 |
Investments in affiliates4
Value of affiliate at 1/1/2021 (000) | Additions (000) | Reductions (000) | Net realized gain (000) | Net unrealized depreciation (000) | Value of affiliate at 12/31/2021 (000) | Dividend income (000) | ||||||||||||||||||||||
Short-term securities 5.73% | ||||||||||||||||||||||||||||
Money market investments 5.73% | ||||||||||||||||||||||||||||
Capital Group Central Cash Fund 0.09%3 | $ | 31,755 | $ | 1,405,200 | $ | 1,415,336 | $ | 82 | $ | (2 | ) | $ | 21,699 | $ | 48 | |||||||||||||
Money market investments purchased with collateral from securities on loan 0.00% | ||||||||||||||||||||||||||||
Capital Group Central Cash Fund 0.09%3,5,6 | — | — | 7 | — | — | 8 | ||||||||||||||||||||||
Total short-term securities | 21,699 | |||||||||||||||||||||||||||
Total 5.73% | $ | 82 | $ | (2 | ) | $ | 21,699 | $ | 48 |
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 $53,000, which represented .01% of the net assets of the fund. Refer to Note 5 for more information on securities lending. |
3 | Rate represents the seven-day yield at 12/31/2021. |
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 | Affiliated issuer during the reporting period but no longer held at 12/31/2021. |
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
EUR = Euros
GBP = British pounds
GDR = Global Depositary Receipts
SDR = Swedish Depositary Receipts
See notes to financial statements.
American Funds Insurance Series | 109 |
Capital Income Builder
Investment portfolio December 31, 2021
Common stocks 78.14% | Shares | Value (000) | ||||||
Financials 16.16% | ||||||||
Toronto-Dominion Bank (CAD denominated) | 203,225 | $ | 15,581 | |||||
Zurich Insurance Group AG | 33,060 | 14,527 | ||||||
JPMorgan Chase & Co. | 83,345 | 13,198 | ||||||
CME Group, Inc., Class A | 51,062 | 11,666 | ||||||
PNC Financial Services Group, Inc. | 54,996 | 11,028 | ||||||
Münchener Rückversicherungs-Gesellschaft AG | 30,852 | 9,150 | ||||||
DNB Bank ASA | 270,938 | 6,215 | ||||||
ING Groep NV | 415,816 | 5,795 | ||||||
Power Corporation of Canada, subordinate voting shares | 169,417 | 5,598 | ||||||
DBS Group Holdings, Ltd. | 204,506 | 4,956 | ||||||
Principal Financial Group, Inc. | 64,158 | 4,641 | ||||||
Hong Kong Exchanges and Clearing, Ltd. | 77,400 | 4,520 | ||||||
Great-West Lifeco, Inc. (CAD denominated) | 149,064 | 4,473 | ||||||
Intesa Sanpaolo SpA | 1,636,720 | 4,237 | ||||||
KBC Groep NV | 46,906 | 4,030 | ||||||
Ping An Insurance (Group) Company of China, Ltd., Class H | 454,000 | 3,269 | ||||||
Ping An Insurance (Group) Company of China, Ltd., Class A | 86,557 | 685 | ||||||
KeyCorp | 169,905 | 3,930 | ||||||
American International Group, Inc. | 66,186 | 3,763 | ||||||
Kaspi.kz JSC1 | 29,855 | 3,463 | ||||||
Kaspi.kz JSC (GDR) | 1,981 | 230 | ||||||
Swedbank AB, Class A | 178,598 | 3,599 | ||||||
Morgan Stanley | 36,080 | 3,542 | ||||||
Truist Financial Corp. | 50,999 | 2,986 | ||||||
Tryg A/S | 112,594 | 2,784 | ||||||
Webster Financial Corp. | 38,194 | 2,133 | ||||||
East West Bancorp, Inc. | 25,615 | 2,015 | ||||||
B3 SA-Brasil, Bolsa, Balcao | 973,825 | 1,948 | ||||||
AIA Group, Ltd. | 191,600 | 1,931 | ||||||
Moscow Exchange MICEX-RTS PJSC | 875,002 | 1,785 | ||||||
Citizens Financial Group, Inc. | 37,354 | 1,765 | ||||||
China Pacific Insurance (Group) Co., Ltd., Class H | 626,150 | 1,698 | ||||||
Travelers Companies, Inc. | 10,321 | 1,614 | ||||||
BlackRock, Inc. | 1,722 | 1,577 | ||||||
National Bank of Canada2 | 20,610 | 1,571 | ||||||
U.S. Bancorp | 26,785 | 1,504 | ||||||
OneMain Holdings, Inc.3 | 29,833 | 1,493 | ||||||
PICC Property and Casualty Co., Ltd., Class H | 1,748,000 | 1,428 | ||||||
State Street Corp. | 14,395 | 1,339 | ||||||
China Merchants Bank Co., Ltd., Class H | 172,500 | 1,339 | ||||||
Franklin Resources, Inc. | 38,834 | 1,301 | ||||||
BNP Paribas SA | 16,736 | 1,158 | ||||||
Euronext NV | 10,067 | 1,046 | ||||||
Everest Re Group, Ltd. | 3,339 | 915 | ||||||
Citigroup, Inc. | 15,041 | 908 | ||||||
Sberbank of Russia PJSC (ADR) | 55,569 | 892 | ||||||
Marsh & McLennan Companies, Inc. | 4,925 | 856 | ||||||
Discover Financial Services | 6,027 | 696 | ||||||
UBS Group AG | 34,827 | 628 | ||||||
Banco Santander, SA | 185,078 | 620 | ||||||
EFG International AG | 62,707 | 478 | ||||||
Vontobel Holding AG3 | 5,278 | 463 | ||||||
Wells Fargo & Company | 9,185 | 441 | ||||||
UniCredit SpA | 23,741 | 366 | ||||||
Blackstone, Inc., nonvoting shares | 2,530 | 327 | ||||||
Cullen/Frost Bankers, Inc. | 2,053 | 259 | ||||||
SouthState Corp. | 2,873 | 230 | ||||||
Skandinaviska Enskilda Banken AB, Class A | 15,414 | 215 | ||||||
IIFL Wealth Management, Ltd. | 8,122 | 155 | ||||||
184,960 |
110 | American Funds Insurance Series |
Capital Income Builder (continued)
Common stocks (continued) | Shares | Value (000) | ||||||
Information technology 10.82% | ||||||||
Broadcom, Inc. | 63,785 | $ | 42,443 | |||||
Microsoft Corp. | 77,968 | 26,222 | ||||||
Taiwan Semiconductor Manufacturing Company, Ltd. | 558,800 | 12,421 | ||||||
Intel Corp. | 97,838 | 5,039 | ||||||
Vanguard International Semiconductor Corp. | 761,700 | 4,350 | ||||||
NetApp, Inc. | 44,355 | 4,080 | ||||||
MediaTek, Inc. | 94,000 | 4,043 | ||||||
Automatic Data Processing, Inc. | 15,622 | 3,852 | ||||||
GlobalWafers Co., Ltd. | 100,938 | 3,240 | ||||||
Paychex, Inc. | 21,047 | 2,873 | ||||||
Apple, Inc. | 16,090 | 2,857 | ||||||
KLA Corp. | 6,181 | 2,659 | ||||||
Texas Instruments, Inc. | 11,173 | 2,106 | ||||||
Tokyo Electron, Ltd. | 3,200 | 1,844 | ||||||
QUALCOMM, Inc. | 9,463 | 1,731 | ||||||
Western Union Company | 60,329 | 1,076 | ||||||
Fidelity National Information Services, Inc. | 8,799 | 960 | ||||||
Tripod Technology Corp. | 129,000 | 581 | ||||||
International Business Machines Corp. | 2,373 | 317 | ||||||
SAP SE | 2,197 | 312 | ||||||
SINBON Electronics Co., Ltd. | 29,000 | 298 | ||||||
BE Semiconductor Industries NV | 3,388 | 289 | ||||||
FDM Group (Holdings) PLC | 12,913 | 222 | ||||||
123,815 | ||||||||
Consumer staples 9.36% | ||||||||
Philip Morris International, Inc. | 286,657 | 27,232 | ||||||
British American Tobacco PLC | 415,750 | 15,382 | ||||||
Nestlé SA | 67,037 | 9,376 | ||||||
PepsiCo, Inc. | 48,016 | 8,341 | ||||||
General Mills, Inc. | 104,609 | 7,049 | ||||||
Altria Group, Inc. | 111,473 | 5,283 | ||||||
Kimberly-Clark Corp. | 35,087 | 5,015 | ||||||
Unilever PLC (GBP denominated) | 78,728 | 4,204 | ||||||
Carlsberg A/S, Class B | 19,938 | 3,448 | ||||||
Danone SA | 46,778 | 2,907 | ||||||
Keurig Dr Pepper, Inc. | 78,172 | 2,881 | ||||||
Coca-Cola Company | 48,578 | 2,876 | ||||||
ITC, Ltd. | 957,581 | 2,809 | ||||||
Imperial Brands PLC | 115,980 | 2,538 | ||||||
Anheuser-Busch InBev SA/NV | 25,288 | 1,531 | ||||||
Kraft Heinz Company | 29,820 | 1,071 | ||||||
Procter & Gamble Company | 6,140 | 1,004 | ||||||
Mondelez International, Inc. | 13,024 | 864 | ||||||
Vector Group, Ltd. | 63,092 | 724 | ||||||
Inner Mongolia Yili Industrial Group Co., Ltd., Class A | 86,900 | 565 | ||||||
Wuliangye Yibin Co., Ltd., Class A | 15,800 | 552 | ||||||
Reckitt Benckiser Group PLC | 6,108 | 524 | ||||||
Viscofan, SA, non-registered shares | 5,067 | 328 | ||||||
Scandinavian Tobacco Group A/S | 14,647 | 308 | ||||||
Hilton Food Group PLC | 18,201 | 281 | ||||||
107,093 | ||||||||
Health care 7.82% | ||||||||
Gilead Sciences, Inc. | 265,401 | 19,271 | ||||||
Amgen, Inc. | 54,050 | 12,160 | ||||||
AbbVie, Inc. | 88,164 | 11,937 | ||||||
GlaxoSmithKline PLC | 381,113 | 8,288 | ||||||
Abbott Laboratories | 55,054 | 7,748 | ||||||
Medtronic PLC | 69,420 | 7,181 | ||||||
Novartis AG | 81,036 | 7,139 | ||||||
AstraZeneca PLC | 50,049 | 5,879 |
American Funds Insurance Series | 111 |
Capital Income Builder (continued)
Common stocks (continued) | Shares | Value (000) | ||||||
Health care (continued) | ||||||||
UnitedHealth Group, Inc. | 7,100 | $ | 3,565 | |||||
Roche Holding AG, nonvoting non-registered shares | 5,624 | 2,340 | ||||||
Hikma Pharmaceuticals PLC | 58,819 | 1,767 | ||||||
Royalty Pharma PLC, Class A | 38,140 | 1,520 | ||||||
Merck & Co., Inc. | 7,223 | 554 | ||||||
Koninklijke Philips NV (EUR denominated) | 2,984 | 111 | ||||||
Organon & Co. | 662 | 20 | ||||||
89,480 | ||||||||
Real estate 7.46% | ||||||||
Crown Castle International Corp. REIT | 143,415 | 29,936 | ||||||
VICI Properties, Inc. REIT | 425,900 | 12,824 | ||||||
Digital Realty Trust, Inc. REIT | 48,695 | 8,613 | ||||||
Gaming and Leisure Properties, Inc. REIT | 94,171 | 4,582 | ||||||
Link Real Estate Investment Trust REIT | 514,766 | 4,532 | ||||||
Federal Realty Investment Trust REIT | 25,637 | 3,495 | ||||||
MGM Growth Properties LLC REIT, Class A | 75,918 | 3,101 | ||||||
TAG Immobilien AG | 76,901 | 2,155 | ||||||
Charter Hall Group REIT | 134,433 | 2,013 | ||||||
CK Asset Holdings, Ltd. | 286,500 | 1,806 | ||||||
Equinix, Inc. REIT | 2,059 | 1,742 | ||||||
American Tower Corp. REIT | 5,154 | 1,508 | ||||||
Longfor Group Holdings, Ltd. | 235,000 | 1,106 | ||||||
Alexandria Real Estate Equities, Inc. REIT | 4,708 | 1,050 | ||||||
Embassy Office Parks REIT | 222,914 | 1,018 | ||||||
CTP NV | 45,559 | 970 | ||||||
Powergrid Infrastructure Investment Trust | 586,900 | 955 | ||||||
Americold Realty Trust REIT | 28,933 | 949 | ||||||
Mindspace Business Parks REIT | 214,689 | 945 | ||||||
Boston Properties, Inc. REIT | 6,411 | 738 | ||||||
Sun Hung Kai Properties, Ltd. | 56,255 | 682 | ||||||
Douglas Elliman, Inc.3 | 31,546 | 363 | ||||||
PSP Swiss Property AG | 2,270 | 283 | ||||||
85,366 | ||||||||
Utilities 6.51% | ||||||||
Enel SpA | 918,498 | 7,368 | ||||||
Dominion Energy, Inc. | 87,473 | 6,872 | ||||||
Exelon Corp. | 112,263 | 6,484 | ||||||
DTE Energy Company | 51,344 | 6,138 | ||||||
Iberdrola SA, non-registered shares3 | 501,288 | 5,941 | ||||||
E.ON SE | 419,072 | 5,817 | ||||||
Power Grid Corporation of India, Ltd. | 1,915,312 | 5,267 | ||||||
National Grid PLC | 307,128 | 4,406 | ||||||
Southern Co. | 58,113 | 3,985 | ||||||
Duke Energy Corp. | 30,576 | 3,207 | ||||||
Entergy Corp. | 24,505 | 2,760 | ||||||
AES Corp. | 112,543 | 2,735 | ||||||
Public Service Enterprise Group, Inc. | 39,699 | 2,649 | ||||||
Edison International | 38,475 | 2,626 | ||||||
Engie SA | 172,193 | 2,551 | ||||||
SSE PLC | 96,978 | 2,165 | ||||||
Sempra Energy | 7,254 | 960 | ||||||
Centrica PLC3 | 676,986 | 655 | ||||||
Power Assets Holdings, Ltd. | 98,000 | 611 | ||||||
CenterPoint Energy, Inc. | 15,770 | 440 | ||||||
China Gas Holdings, Ltd. | 189,600 | 394 | ||||||
CMS Energy Corp. | 3,492 | 227 |
112 | American Funds Insurance Series |
Capital Income Builder (continued)
Common stocks (continued) | Shares | Value (000) | ||||||
Utilities (continued) | ||||||||
NextEra Energy, Inc. | 1,381 | $ | 129 | |||||
Evergy, Inc. | 1,770 | 121 | ||||||
Endesa, SA | 1,774 | 41 | ||||||
74,549 | ||||||||
Energy 4.86% | ||||||||
TC Energy Corp. (CAD denominated) | 193,885 | 9,017 | ||||||
TC Energy Corp. | 48,616 | 2,263 | ||||||
Canadian Natural Resources, Ltd. (CAD denominated) | 226,854 | 9,586 | ||||||
Chevron Corp. | 81,551 | 9,570 | ||||||
EOG Resources, Inc. | 50,650 | 4,499 | ||||||
Gazprom PJSC (ADR) | 441,992 | 4,084 | ||||||
ConocoPhillips | 53,634 | 3,871 | ||||||
TotalEnergies SE | 58,897 | 2,993 | ||||||
Equitrans Midstream Corp. | 191,717 | 1,982 | ||||||
Royal Dutch Shell PLC, Class B | 72,254 | 1,587 | ||||||
Royal Dutch Shell PLC, Class B (ADR) | 8,003 | 347 | ||||||
Enbridge, Inc. (CAD denominated) | 45,628 | 1,782 | ||||||
BP PLC | 379,151 | 1,696 | ||||||
Schlumberger, Ltd. | 34,060 | 1,020 | ||||||
Exxon Mobil Corp. | 12,844 | 786 | ||||||
Petronet LNG, Ltd. | 107,402 | 313 | ||||||
Baker Hughes Co., Class A | 7,400 | 178 | ||||||
55,574 | ||||||||
Industrials 4.54% | ||||||||
Raytheon Technologies Corp. | 189,283 | 16,290 | ||||||
Lockheed Martin Corp. | 10,756 | 3,823 | ||||||
RELX PLC | 105,768 | 3,439 | ||||||
Singapore Technologies Engineering, Ltd. | 1,015,900 | 2,835 | ||||||
BAE Systems PLC | 377,153 | 2,807 | ||||||
VINCI SA | 23,704 | 2,507 | ||||||
ABB, Ltd. | 58,287 | 2,232 | ||||||
BOC Aviation, Ltd. | 304,100 | 2,227 | ||||||
Trinity Industries, Inc. | 72,684 | 2,195 | ||||||
Honeywell International, Inc. | 10,050 | 2,096 | ||||||
Waste Management, Inc. | 12,220 | 2,040 | ||||||
Kone OYJ, Class B | 20,648 | 1,482 | ||||||
Union Pacific Corp. | 5,344 | 1,346 | ||||||
LIXIL Corp. | 38,500 | 1,026 | ||||||
CCR SA, ordinary nominative shares | 477,434 | 993 | ||||||
Compañia de Distribución Integral Logista Holdings, SA, non-registered shares | 49,604 | 990 | ||||||
United Parcel Service, Inc., Class B | 4,120 | 883 | ||||||
Ventia Services Group Pty, Ltd.3 | 490,862 | 714 | ||||||
General Dynamics Corp. | 2,281 | 476 | ||||||
Grupo Aeroportuario del Pacífico, SAB de CV, Class B3 | 27,200 | 375 | ||||||
Norfolk Southern Corp. | 938 | 279 | ||||||
Melrose Industries PLC | 122,162 | 264 | ||||||
L3Harris Technologies, Inc. | 1,207 | 257 | ||||||
Sulzer AG3 | 2,347 | 231 | ||||||
Atlas Corp.2 | 13,925 | 197 | ||||||
52,004 | ||||||||
Materials 3.81% | ||||||||
Vale SA, ordinary nominative shares (ADR) | 466,117 | 6,535 | ||||||
Vale SA, ordinary nominative shares | 272,296 | 3,811 | ||||||
BHP Group PLC | 240,104 | 7,148 | ||||||
Rio Tinto PLC | 96,398 | 6,383 | ||||||
LyondellBasell Industries NV | 46,368 | 4,277 | ||||||
Air Products and Chemicals, Inc. | 13,138 | 3,997 | ||||||
Fortescue Metals Group, Ltd. | 153,397 | 2,144 | ||||||
Dow, Inc. | 36,312 | 2,060 |
American Funds Insurance Series | 113 |
Capital Income Builder (continued)
Common stocks (continued) | Shares | Value (000) | ||||||
Materials (continued) | ||||||||
Evonik Industries AG | 49,884 | $ | 1,617 | |||||
BASF SE | 19,490 | 1,371 | ||||||
Linde PLC | 3,045 | 1,055 | ||||||
Celanese Corp. | 5,796 | 974 | ||||||
Asahi Kasei Corp. | 88,600 | 833 | ||||||
UPM-Kymmene Oyj3 | 17,746 | 676 | ||||||
Nexa Resources SA2 | 47,740 | 375 | ||||||
WestRock Co. | 6,230 | 276 | ||||||
Amcor PLC (CDI) | 8,656 | 104 | ||||||
43,636 | ||||||||
Communication services 3.76% | ||||||||
Comcast Corp., Class A | 245,307 | 12,346 | ||||||
SoftBank Corp. | 556,700 | 7,039 | ||||||
BCE, Inc. | 115,182 | 5,993 | ||||||
Verizon Communications, Inc. | 75,874 | 3,942 | ||||||
Koninklijke KPN NV | 1,107,741 | 3,443 | ||||||
HKT Trust and HKT, Ltd., units | 1,949,240 | 2,620 | ||||||
TELUS Corp. | 85,285 | 2,009 | ||||||
WPP PLC | 105,342 | 1,596 | ||||||
Nippon Telegraph and Telephone Corp. | 37,400 | 1,024 | ||||||
ITV PLC3 | 533,667 | 799 | ||||||
Omnicom Group, Inc. | 9,475 | 694 | ||||||
Indus Towers, Ltd. | 198,205 | 662 | ||||||
ProSiebenSat.1 Media SE | 36,197 | 577 | ||||||
Vodafone Group PLC | 125,093 | 190 | ||||||
HKBN, Ltd. | 119,500 | 147 | ||||||
43,081 | ||||||||
Consumer discretionary 3.04% | ||||||||
McDonald’s Corp. | 17,808 | 4,774 | ||||||
Home Depot, Inc. | 11,495 | 4,771 | ||||||
Midea Group Co., Ltd., Class A | 320,675 | 3,714 | ||||||
Industria de Diseño Textil, SA | 96,881 | 3,147 | ||||||
Compagnie Financière Richemont SA, Class A | 16,434 | 2,470 | ||||||
Starbucks Corp. | 20,534 | 2,402 | ||||||
Kering SA | 2,624 | 2,112 | ||||||
Taylor Wimpey PLC | 874,257 | 2,077 | ||||||
Hasbro, Inc. | 20,103 | 2,046 | ||||||
VF Corp. | 24,377 | 1,785 | ||||||
YUM! Brands, Inc. | 11,295 | 1,568 | ||||||
Darden Restaurants, Inc. | 7,867 | 1,185 | ||||||
LVMH Moët Hennessy-Louis Vuitton SE | 1,379 | 1,141 | ||||||
Sands China, Ltd.3 | 158,800 | 370 | ||||||
Inchcape PLC | 21,610 | 266 | ||||||
Thule Group AB | 4,141 | 251 | ||||||
Fielmann AG3 | 3,646 | 246 | ||||||
Kindred Group PLC (SDR) | 19,169 | 228 | ||||||
OPAP SA | 15,105 | 214 | ||||||
34,767 | ||||||||
Total common stocks (cost: $664,964,000) | 894,325 | |||||||
Preferred securities 0.17% | ||||||||
Information technology 0.17% | ||||||||
Samsung Electronics Co., Ltd., nonvoting preferred shares | 32,453 | 1,944 | ||||||
Total preferred securities (cost: $1,292,000) | 1,944 |
114 | American Funds Insurance Series |
Capital Income Builder (continued)
Rights & warrants 0.00% | Shares | Value (000) | ||||||
Consumer discretionary 0.00% | ||||||||
Compagnie Financière Richemont SA, Class A, warrants, expire 20233 | 7,130 | $ | 8 | |||||
Total rights & warrants (cost: $0) | 8 | |||||||
Convertible stocks 1.19% | ||||||||
Information technology 0.42% | ||||||||
Broadcom, Inc., Series A, cumulative convertible preferred shares, 8.00% 2022 | 2,307 | 4,788 | ||||||
Utilities 0.41% | ||||||||
NextEra Energy, Inc., convertible preferred units, 4.872% 2022 | 29,485 | 2,008 | ||||||
NextEra Energy, Inc., convertible preferred units, 6.219% 2023 | 8,500 | 492 | ||||||
AES Corp., convertible preferred units, 6.875% 2024 | 8,659 | 831 | ||||||
American Electric Power Company, Inc., convertible preferred units, 6.125% 20232 | 9,704 | 510 | ||||||
American Electric Power Company, Inc., convertible preferred shares, 6.125% 2022 | 4,100 | 206 | ||||||
Dominion Energy, Inc., Series A, convertible preferred shares, 7.25% 2022 | 5,900 | 594 | ||||||
4,641 | ||||||||
Health care 0.26% | ||||||||
Danaher Corp., Series B, cumulative convertible preferred shares, 5.00% 20232 | 1,745 | 3,033 | ||||||
Industrials 0.07% | ||||||||
Stanley Black & Decker, Inc., convertible preferred shares, 5.25% 20222 | 7,000 | 764 | ||||||
Consumer discretionary 0.03% | ||||||||
Aptiv PLC, Series A, convertible preferred shares, 5.50% 2023 | 1,948 | 359 | ||||||
Total convertible stocks (cost: $9,063,000) | 13,585 | |||||||
Investment funds 2.65% | ||||||||
Capital Group Central Corporate Bond Fund4 | 3,051,758 | 30,304 | ||||||
Total investment funds (cost: $30,786,000) | 30,304 | |||||||
Convertible bonds & notes 0.04% | Principal amount (000) | |||||||
Consumer discretionary 0.04% | ||||||||
Royal Caribbean Cruises, Ltd., convertible notes, 4.25% 2023 | $ | 392 | 501 | |||||
Total convertible bonds & notes (cost: $394,000) | 501 | |||||||
Bonds, notes & other debt instruments 15.01% | ||||||||
U.S. Treasury bonds & notes 9.30% | ||||||||
U.S. Treasury 6.57% | ||||||||
U.S. Treasury 0.125% 2022 | 4,875 | 4,873 | ||||||
U.S. Treasury 0.125% 2022 | 3,750 | 3,750 | ||||||
U.S. Treasury 0.125% 2022 | 1,625 | 1,620 | ||||||
U.S. Treasury 0.125% 2023 | 2,200 | 2,193 | ||||||
U.S. Treasury 0.125% 2023 | 1,025 | 1,021 | ||||||
U.S. Treasury 0.375% 2023 | 875 | 870 | ||||||
U.S. Treasury 0.625% 2024 | 11,900 | 11,806 | ||||||
U.S. Treasury 0.75% 2024 | 5,965 | 5,933 | ||||||
U.S. Treasury 0.375% 2025 | 507 | 496 | ||||||
U.S. Treasury 0.75% 2026 | 4,903 | 4,808 | ||||||
U.S. Treasury 0.75% 2026 | 3,850 | 3,773 |
American Funds Insurance Series | 115 |
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 0.75% 2026 | $ | 1 | $ | 1 | ||||
U.S. Treasury 0.875% 2026 | 2,940 | 2,889 | ||||||
U.S. Treasury 1.125% 2026 | 8,270 | 8,220 | ||||||
U.S. Treasury 1.25% 2026 | 1,000 | 1,000 | ||||||
U.S. Treasury 1.875% 2026 | 6,300 | 6,480 | ||||||
U.S. Treasury 2.00% 20265 | 2,800 | 2,899 | ||||||
U.S. Treasury 0.50% 2027 | 2,900 | 2,783 | ||||||
U.S. Treasury 1.25% 2028 | 1,350 | 1,339 | ||||||
U.S. Treasury 1.375% 2031 | 967 | 955 | ||||||
U.S. Treasury 1.125% 20405 | 2,400 | 2,105 | ||||||
U.S. Treasury 1.875% 2051 | 505 | 502 | ||||||
U.S. Treasury 2.00% 2051 | 4,619 | 4,714 | ||||||
U.S. Treasury 2.375% 20515 | 197 | 217 | ||||||
75,247 | ||||||||
U.S. Treasury inflation-protected securities 2.73% | ||||||||
U.S. Treasury Inflation-Protected Security 0.125% 20236 | 2,685 | 2,775 | ||||||
U.S. Treasury Inflation-Protected Security 0.375% 20236 | 1,687 | 1,775 | ||||||
U.S. Treasury Inflation-Protected Security 0.625% 20236 | 3,155 | 3,301 | ||||||
U.S. Treasury Inflation-Protected Security 0.125% 20246 | 4,872 | 5,199 | ||||||
U.S. Treasury Inflation-Protected Security 0.125% 20246 | 4,282 | 4,577 | ||||||
U.S. Treasury Inflation-Protected Security 0.50% 20246 | 574 | 612 | ||||||
U.S. Treasury Inflation-Protected Security 0.625% 20246 | 2,264 | 2,413 | ||||||
U.S. Treasury Inflation-Protected Security 0.125% 20256 | 1,178 | 1,261 | ||||||
U.S. Treasury Inflation-Protected Security 0.125% 20256 | 213 | 230 | ||||||
U.S. Treasury Inflation-Protected Security 0.25% 20256 | 501 | 537 | ||||||
U.S. Treasury Inflation-Protected Security 0.375% 20256 | 350 | 380 | ||||||
U.S. Treasury Inflation-Protected Security 0.125% 20266 | 1,524 | 1,645 | ||||||
U.S. Treasury Inflation-Protected Security 0.125% 20306 | 1,988 | 2,210 | ||||||
U.S. Treasury Inflation-Protected Security 0.125% 20316 | 1,700 | 1,903 | ||||||
U.S. Treasury Inflation-Protected Security 0.125% 20316 | 129 | 145 | ||||||
U.S. Treasury Inflation-Protected Security 0.125% 20516 | 1,885 | 2,233 | ||||||
31,196 | ||||||||
Total U.S. Treasury bonds & notes | 106,443 | |||||||
Mortgage-backed obligations 3.13% | ||||||||
Federal agency mortgage-backed obligations 2.39% | ||||||||
Fannie Mae Pool #695412 5.00% 20337 | — | 8 | — | 8 | ||||
Fannie Mae Pool #AD3566 5.00% 20357 | 2 | 2 | ||||||
Fannie Mae Pool #AC0794 5.00% 20397 | 5 | 6 | ||||||
Fannie Mae Pool #931768 5.00% 20397 | 1 | 2 | ||||||
Fannie Mae Pool #AE0311 3.50% 20407 | 11 | 12 | ||||||
Fannie Mae Pool #932606 5.00% 20407 | 4 | 5 | ||||||
Fannie Mae Pool #AJ1873 4.00% 20417 | 7 | 8 | ||||||
Fannie Mae Pool #AE1248 5.00% 20417 | 10 | 11 | ||||||
Fannie Mae Pool #AE1274 5.00% 20417 | 8 | 9 | ||||||
Fannie Mae Pool #AE1277 5.00% 20417 | 5 | 5 | ||||||
Fannie Mae Pool #AE1283 5.00% 20417 | 3 | 3 | ||||||
Fannie Mae Pool #AE1290 5.00% 20427 | 5 | 6 | ||||||
Fannie Mae Pool #AT3954 3.50% 20437 | 3 | 3 | ||||||
Fannie Mae Pool #AT0300 3.50% 20437 | 2 | 2 | ||||||
Fannie Mae Pool #AY1829 3.50% 20447 | 2 | 2 | ||||||
Fannie Mae Pool #AW8240 3.50% 20447 | 1 | 1 | ||||||
Fannie Mae Pool #BJ5015 4.00% 20477 | 50 | 54 | ||||||
Fannie Mae Pool #BH3122 4.00% 20477 | 1 | 1 | ||||||
Fannie Mae Pool #BK6840 4.00% 20487 | 31 | 34 | ||||||
Fannie Mae Pool #BK5232 4.00% 20487 | 23 | 25 | ||||||
Fannie Mae Pool #BK9743 4.00% 20487 | 9 | 10 | ||||||
Fannie Mae Pool #CA2804 4.50% 20487 | 269 | 288 | ||||||
Fannie Mae Pool #BK9761 4.50% 20487 | 5 | 6 |
116 | American Funds Insurance Series |
Capital Income Builder (continued)
Bonds, notes & other debt instruments (continued) | Principal amount (000) | Value (000) | ||||||
Mortgage-backed obligations (continued) | ||||||||
Federal agency mortgage-backed obligations (continued) | ||||||||
Fannie Mae Pool #CA5540 3.00% 20507 | $ | 3,858 | $ | 4,057 | ||||
Fannie Mae Pool #BF0497 3.00% 20607 | 382 | 403 | ||||||
Freddie Mac Pool #Q15874 4.00% 20437 | 2 | 2 | ||||||
Freddie Mac Pool #G67711 4.00% 20487 | 292 | 320 | ||||||
Freddie Mac Pool #Q56599 4.00% 20487 | 37 | 41 | ||||||
Freddie Mac Pool #Q56175 4.00% 20487 | 25 | 28 | ||||||
Freddie Mac Pool #Q55971 4.00% 20487 | 25 | 27 | ||||||
Freddie Mac Pool #Q56576 4.00% 20487 | 22 | 24 | ||||||
Freddie Mac Pool #Q55970 4.00% 20487 | 12 | 14 | ||||||
Freddie Mac Pool #Q58411 4.50% 20487 | 73 | 80 | ||||||
Freddie Mac Pool #Q58436 4.50% 20487 | 33 | 36 | ||||||
Freddie Mac Pool #Q58378 4.50% 20487 | 26 | 29 | ||||||
Freddie Mac Pool #Q57242 4.50% 20487 | 23 | 26 | ||||||
Freddie Mac Pool #ZT1704 4.50% 20497 | 1,581 | 1,733 | ||||||
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-2, Class MA, 3.00% 20567 | 291 | 300 | ||||||
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-2, Class HA, 3.00% 20567,9 | 287 | 296 | ||||||
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-1, Class HA, 3.00% 20567,9 | 136 | 140 | ||||||
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-4, Class HT, 3.25% 20577,9 | 113 | 119 | ||||||
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-4, Class MT, 3.50% 20577 | 94 | 100 | ||||||
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2018-3, Class MA, 3.50% 20577 | 25 | 26 | ||||||
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2019-1, Class MT, 3.50% 20587 | 1,146 | 1,212 | ||||||
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2019-2, Class MA, 3.50% 20587 | 779 | 812 | ||||||
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2019-1, Class MA, 3.50% 20587 | 514 | 534 | ||||||
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2019-3, Class MA, 3.50% 20587 | 24 | 24 | ||||||
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2019-3, Class MT, 3.50% 20587 | 12 | 12 | ||||||
Freddie Mac Seasoned Loan Structured Transaction Trust, Series 2018-2, Class A1, 3.50% 20287 | 1,123 | 1,158 | ||||||
Freddie Mac Seasoned Loan Structured Transaction Trust, Series 2019-2, Class A1C, 2.75% 20297 | 1,610 | 1,668 | ||||||
Government National Mortgage Assn. 2.50% 20527,10 | 2,106 | 2,157 | ||||||
Government National Mortgage Assn. Pool #MA5764 4.50% 20497 | 663 | 701 | ||||||
Government National Mortgage Assn. Pool #MA5877 4.50% 20497 | 75 | 79 | ||||||
Government National Mortgage Assn. Pool #694836 5.636% 20597 | 1 | 1 | ||||||
Government National Mortgage Assn. Pool #765152 4.14% 20617 | — | 8 | — | 8 | ||||
Government National Mortgage Assn. Pool #766525 4.70% 20627 | — | 8 | — | 8 | ||||
Government National Mortgage Assn. Pool #725893 5.20% 20647 | — | 8 | — | 8 | ||||
Government National Mortgage Assn. Pool #AA7554 6.64% 20647 | 1 | 1 | ||||||
Uniform Mortgage-Backed Security 2.50% 20377,10 | 1,608 | 1,662 | ||||||
Uniform Mortgage-Backed Security 2.00% 20527,10 | 1,630 | 1,618 | ||||||
Uniform Mortgage-Backed Security 2.00% 20527,10 | 245 | 244 | ||||||
Uniform Mortgage-Backed Security 2.50% 20527,10 | 96 | 97 | ||||||
Uniform Mortgage-Backed Security 2.50% 20527,10 | 54 | 55 | ||||||
Uniform Mortgage-Backed Security 3.00% 20527,10 | 1,595 | 1,652 | ||||||
Uniform Mortgage-Backed Security 3.50% 20527,10 | 1,773 | 1,866 | ||||||
Uniform Mortgage-Backed Security 4.00% 20527,10 | 2,925 | 3,111 | ||||||
Uniform Mortgage-Backed Security 4.50% 20527,10 | 402 | 431 | ||||||
27,391 |
American Funds Insurance Series | 117 |
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) 0.50% | ||||||||
Arroyo Mortgage Trust, Series 2021-1R, Class A1, 1.175% 20481,7,9 | $ | 202 | $ | 201 | ||||
Cascade Funding Mortgage Trust, Series 2020-HB4, Class A, 0.946% 20301,7,9 | 135 | 135 | ||||||
Cascade Funding Mortgage Trust, Series 2021-HB7, Class A, 1.151% 20311,7,9 | 177 | 177 | ||||||
Cascade Funding Mortgage Trust, Series 2021-HB6, Class A, 0.898% 20361,7,9 | 148 | 148 | ||||||
Citigroup Mortgage Loan Trust, Inc., Series 2020-EXP1, Class A1A, 1.804% 20601,7,9 | 21 | 21 | ||||||
Connecticut Avenue Securities, Series 2021-R01, Class 1M1, (1-month USD-SOFR + 0.75%) 0.80% 20411,7,9 | 20 | 20 | ||||||
Flagstar Mortgage Trust, Series 2021-10INV, Class A3, 2.50% 20511,7,9 | 290 | 291 | ||||||
Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2021-DNA5, Class B1, (1-month USD-SOFR + 3.05%) 3.10% 20341,7,9 | 16 | 16 | ||||||
Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2021-DNA6, Class M2, (1-month USD-SOFR + 1.50%) 1.55% 20411,7,9 | 130 | 130 | ||||||
Legacy Mortgage Asset Trust, Series 2019-GS5, Class A1, 3.20% 20591,7,9 | 163 | 163 | ||||||
Legacy Mortgage Asset Trust, Series 2019-GS2, Class A1, 3.75% 20591,7,9 | 129 | 129 | ||||||
Legacy Mortgage Asset Trust, Series 2021-GS2, Class A1, 1.75% 20611,7,9 | 91 | 90 | ||||||
Legacy Mortgage Asset Trust, Series 2021-GS5, Class A1, 2.25% 2067 (5.25% on 11/25/2024)1,7,11 | 156 | 156 | ||||||
Mello Warehouse Securitization Trust, Series 2020-2, Class A, (1-month USD-LIBOR + 0.80%) 0.902% 20531,7,9 | 175 | 175 | ||||||
Mello Warehouse Securitization Trust, Series 2020-1, Class A, (1-month USD-LIBOR + 0.90%) 1.002% 20531,7,9 | 279 | 279 | ||||||
Mello Warehouse Securitization Trust, Series 2021-3, Class A, (1-month USD-LIBOR + 0.85%) 0.952% 20551,7,9 | 202 | 202 | ||||||
MRA Issuance Trust, Series 2020-10, Class A, (1-month USD-LIBOR + 1.70%) 1.786% 20221,7,9 | 1,057 | 1,058 | ||||||
MRA Issuance Trust, Series 2021-16, Class A1, (1-month USD-LIBOR + 1.55%) 1.644% 20511,7,9 | 523 | 523 | ||||||
NewRez Warehouse Securitization Trust, Series 2021-1, Class A, (1-month USD-LIBOR + 0.75%) 0.852% 20551,7,9 | 281 | 281 | ||||||
Reverse Mortgage Investment Trust, Series 2021-HB1, Class A, 1.259% 20311,7,9 | 133 | 133 | ||||||
Towd Point Mortgage Trust, Series 2016-5, Class A1, 2.50% 20561,7,9 | 50 | 51 | ||||||
Towd Point Mortgage Trust, Series 2017-6, Class A1, 2.75% 20571,7,9 | 59 | 60 | ||||||
Towd Point Mortgage Trust, Series 2017-3, Class A1, 2.75% 20571,7,9 | 36 | 37 | ||||||
Towd Point Mortgage Trust, Series 2018-2, Class A1, 3.25% 20581,7,9 | 71 | 73 | ||||||
Towd Point Mortgage Trust, Series 2018-5, Class A1A, 3.25% 20581,7,9 | 36 | 37 | ||||||
Towd Point Mortgage Trust, Series 2020-4, Class A1, 1.75% 20601,7 | 584 | 583 | ||||||
Tricon Residential, Series 2021-SFR1, Class A, 1.943% 20381,7 | 196 | 195 | ||||||
Verus Securitization Trust, Series 2021-7, Class A1, 1.829% 20661,7,9 | 246 | 246 | ||||||
ZH Trust, Series 2021-2, Class A, 2.349% 20271,7 | 100 | 100 | ||||||
5,710 | ||||||||
Commercial mortgage-backed securities 0.24% | ||||||||
BX Trust, Series 2021-ACNT, Class C, (1-month USD-LIBOR + 1.50%) 1.60% 20261,7,9 | 100 | 100 | ||||||
BX Trust, Series 2021-VOLT, Class A, (1-month USD-LIBOR + 0.70%) 0.81% 20361,7,9 | 548 | 547 | ||||||
BX Trust, Series 2021-ARIA, Class A, (1-month USD-LIBOR + 0.899%) 1.009% 20361,7,9 | 266 | 266 | ||||||
BX Trust, Series 2021-ARIA, Class C, (1-month USD-LIBOR + 1.646%) 1.756% 20361,7,9 | 100 | 100 | ||||||
BX Trust, Series 2021-SOAR, Class A, (1-month USD-LIBOR + 0.67%) 0.78% 20381,7,9 | 174 | 173 | ||||||
BX Trust, Series 2021-SOAR, Class D, (1-month USD-LIBOR + 1.40%) 1.51% 20381,7,9 | 100 | 100 | ||||||
Extended Stay America Trust, Series 2021-ESH, Class A, (1-month USD-LIBOR + 1.08%) 1.19% 20381,7,9 | 99 | 100 | ||||||
GS Mortgage Securities Trust, Series 2018-HULA, Class A, 1.03% 20251,7,9 | 231 | 231 | ||||||
Hawaii Hotel Trust, Series 2019-MAUI, Class A, (1-month USD-LIBOR + 1.15%) 1.26% 20381,7,9 | 300 | 300 | ||||||
LUXE Commercial Mortgage Trust, Series 2021-TRIP, Class A, (1-month USD-LIBOR + 1.05%) 1.16% 20381,7,9 | 179 | 179 |
118 | 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 (continued) | ||||||||
Motel 6 Trust, Series 2021-MTL6, Class A, (1-month USD-LIBOR + 0.90%) 1.01% 20381,7,9 | $ | 100 | $ | 100 | ||||
Multi Family Connecticut Avenue Securities, Series 2019-1, Class M10, (1-month USD-LIBOR + 3.25%) 3.352% 20491,7,9 | 150 | 148 | ||||||
SREIT Trust, Series 2021-MFP, Class A, (1-month USD-LIBOR + 0.731%) 0.841% 20381,7,9 | 361 | 360 | ||||||
2,704 | ||||||||
Total mortgage-backed obligations | 35,805 | |||||||
Corporate bonds, notes & loans 1.93% | ||||||||
Energy 0.41% | ||||||||
Apache Corp. 4.25% 2030 | 385 | 418 | ||||||
Baker Hughes, a GE Co. 2.061% 2026 | 8 | 8 | ||||||
BP Capital Markets America, Inc. 3.633% 2030 | 360 | 398 | ||||||
Cenovus Energy, Inc. 5.40% 2047 | 75 | 94 | ||||||
Cheniere Energy, Inc. 3.70% 2029 | 201 | 215 | ||||||
Enbridge Energy Partners LP 7.375% 2045 | 29 | 45 | ||||||
Energy Transfer Operating LP 5.00% 2050 | 341 | 393 | ||||||
Energy Transfer Partners LP 5.30% 2047 | 29 | 34 | ||||||
Energy Transfer Partners LP 6.00% 2048 | 51 | 64 | ||||||
Energy Transfer Partners LP 6.25% 2049 | 93 | 122 | ||||||
EQT Corp. 5.00% 2029 | 35 | 39 | ||||||
EQT Corp. 3.625% 20311 | 20 | 21 | ||||||
Equinor ASA 2.375% 2030 | 365 | 371 | ||||||
Exxon Mobil Corp. 2.995% 2039 | 200 | 203 | ||||||
MPLX LP 5.50% 2049 | 625 | 800 | ||||||
New Fortress Energy, Inc. 6.50% 20261 | 80 | 79 | ||||||
NGL Energy Operating LLC 7.50% 20261 | 80 | 83 | ||||||
ONEOK, Inc. 3.10% 2030 | 42 | 43 | ||||||
ONEOK, Inc. 4.95% 2047 | 51 | 59 | ||||||
ONEOK, Inc. 7.15% 2051 | 97 | 140 | ||||||
Pemex Project Funding Master Trust, Series 13, 6.625% 2035 | 150 | 144 | ||||||
Petróleos Mexicanos 6.50% 2029 | 20 | 21 | ||||||
Petróleos Mexicanos 7.69% 2050 | 75 | 73 | ||||||
Sabine Pass Liquefaction, LLC 4.50% 2030 | 197 | 222 | ||||||
Shell International Finance BV 2.00% 2024 | 420 | 431 | ||||||
TransCanada PipeLines, Ltd. 5.10% 2049 | 150 | 198 | ||||||
4,718 | ||||||||
Health care 0.34% | ||||||||
AbbVie, Inc. 4.25% 2049 | 92 | 111 | ||||||
AstraZeneca PLC 3.375% 2025 | 200 | 215 | ||||||
AstraZeneca PLC 3.00% 2051 | 11 | 11 | ||||||
Centene Corp. 4.625% 2029 | 530 | 572 | ||||||
Centene Corp. 3.375% 2030 | 179 | 183 | ||||||
Centene Corp. 2.625% 2031 | 40 | 39 | ||||||
Merck & Co., Inc. 1.70% 2027 | 118 | 119 | ||||||
Merck & Co., Inc. 3.40% 2029 | 110 | 120 | ||||||
Merck & Co., Inc. 2.15% 2031 | 168 | 169 | ||||||
Pfizer, Inc. 2.70% 2050 | 425 | 429 | ||||||
Tenet Healthcare Corp. 7.50% 20251 | 325 | 342 | ||||||
Teva Pharmaceutical Finance Co. BV 6.00% 2024 | 700 | 734 | ||||||
Teva Pharmaceutical Finance Co. BV 3.15% 2026 | 650 | 612 | ||||||
Teva Pharmaceutical Finance Co. BV 4.10% 2046 | 300 | 254 | ||||||
3,910 |
American Funds Insurance Series | 119 |
Capital Income Builder (continued)
Bonds, notes & other debt instruments (continued) | Principal amount (000) | Value (000) | ||||||
Corporate bonds, notes & loans (continued) | ||||||||
Consumer discretionary 0.32% | ||||||||
Bayerische Motoren Werke AG 4.15% 20301 | $ | 290 | $ | 329 | ||||
Daimler Trucks Finance North America, LLC 1.125% 20231 | 495 | 495 | ||||||
Daimler Trucks Finance North America, LLC 1.625% 20241 | 175 | 176 | ||||||
Daimler Trucks Finance North America, LLC 2.375% 20281 | 150 | 151 | ||||||
Daimler Trucks Finance North America, LLC 2.50% 20311 | 150 | 150 | ||||||
General Motors Company 5.95% 2049 | 90 | 124 | ||||||
Grand Canyon University 4.125% 2024 | 200 | 205 | ||||||
Marriott International, Inc. 2.85% 2031 | 50 | 50 | ||||||
Royal Caribbean Cruises, Ltd. 10.875% 20231 | 250 | 274 | ||||||
Royal Caribbean Cruises, Ltd. 11.50% 20251 | 325 | 364 | ||||||
Toyota Motor Credit Corp. 2.15% 2022 | 505 | 511 | ||||||
Toyota Motor Credit Corp. 2.60% 2022 | 856 | 856 | ||||||
3,685 | ||||||||
Communication services 0.23% | ||||||||
AT&T, Inc. 3.50% 2041 | 75 | 77 | ||||||
CCO Holdings LLC and CCO Holdings Capital Corp. 4.25% 20311 | 360 | 364 | ||||||
CCO Holdings LLC and CCO Holdings Capital Corp. 4.25% 20341 | 175 | 173 | ||||||
SBA Tower Trust 1.631% 20261 | 253 | 249 | ||||||
Sprint Corp. 6.875% 2028 | 325 | 412 | ||||||
Sprint Corp. 8.75% 2032 | 275 | 413 | ||||||
T-Mobile US, Inc. 3.875% 2030 | 625 | 684 | ||||||
Verizon Communications, Inc. 2.355% 20321 | 126 | 124 | ||||||
Walt Disney Company 4.625% 2040 | 120 | 149 | ||||||
2,645 | ||||||||
Utilities 0.16% | ||||||||
AEP Transmission Co., LLC 3.80% 2049 | 45 | 51 | ||||||
Edison International 4.125% 2028 | 132 | 139 | ||||||
FirstEnergy Corp. 2.25% 2030 | 107 | 103 | ||||||
FirstEnergy Corp. 2.65% 2030 | 493 | 488 | ||||||
Pacific Gas and Electric Co. 2.95% 2026 | 97 | 99 | ||||||
Pacific Gas and Electric Co. 3.75% 2028 | 105 | 109 | ||||||
Pacific Gas and Electric Co. 4.65% 2028 | 284 | 310 | ||||||
Pacific Gas and Electric Co. 2.50% 2031 | 375 | 358 | ||||||
Southern California Edison Co., Series C, 3.60% 2045 | 206 | 212 | ||||||
1,869 | ||||||||
Information technology 0.13% | ||||||||
Broadcom, Inc. 5.00% 2030 | 420 | 490 | ||||||
Broadcom, Inc. 3.75% 20511 | 91 | 95 | ||||||
Lenovo Group, Ltd. 5.875% 2025 | 400 | 441 | ||||||
Oracle Corp. 2.875% 2031 | 140 | 141 | ||||||
Oracle Corp. 3.60% 2050 | 150 | 147 | ||||||
ServiceNow, Inc. 1.40% 2030 | 130 | 121 | ||||||
1,435 | ||||||||
Industrials 0.12% | ||||||||
Boeing Company 2.70% 2022 | 300 | 302 | ||||||
Boeing Company 2.75% 2026 | 91 | 94 | ||||||
Boeing Company 5.15% 2030 | 284 | 331 | ||||||
Boeing Company 5.805% 2050 | 95 | 129 | ||||||
Canadian Pacific Railway, Ltd. 2.45% 2031 | 76 | 77 | ||||||
Canadian Pacific Railway, Ltd. 3.10% 2051 | 69 | 71 | ||||||
CSX Corp. 4.75% 2048 | 50 | 65 | ||||||
Masco Corp. 3.125% 2051 | 10 | 10 | ||||||
Norfolk Southern Corp. 3.00% 2022 | 224 | 224 | ||||||
1,303 |
120 | American Funds Insurance Series |
Capital Income Builder (continued)
Bonds, notes & other debt instruments (continued) | Principal amount (000) | Value (000) | ||||||
Corporate bonds, notes & loans (continued) | ||||||||
Financials 0.09% | ||||||||
AerCap Ireland Capital, Ltd. / AerCap Global Aviation Trust 3.30% 2032 | $ | 150 | $ | 153 | ||||
Bank of America Corp. 1.922% 2031 (USD-SOFR + 1.37% on 10/24/2030)11 | 231 | 221 | ||||||
Goldman Sachs Group, Inc. 2.65% 2032 (USD-SOFR + 1.264% on 10/21/2031)11 | 75 | 76 | ||||||
JPMorgan Chase & Co. 1.953% 2032 (USD-SOFR + 1.065% on 2/4/2031)11 | 227 | 219 | ||||||
Navient Corp. 5.00% 2027 | 150 | 153 | ||||||
New York Life Global Funding 3.00% 20281 | 150 | 160 | ||||||
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)11 | 38 | 39 | ||||||
1,021 | ||||||||
Consumer staples 0.08% | ||||||||
7-Eleven, Inc. 0.80% 20241 | 50 | 49 | ||||||
7-Eleven, Inc. 0.95% 20261 | 60 | 58 | ||||||
7-Eleven, Inc. 1.30% 20281 | 45 | 43 | ||||||
7-Eleven, Inc. 1.80% 20311 | 325 | 308 | ||||||
Altria Group, Inc. 3.70% 2051 | 25 | 23 | ||||||
British American Tobacco PLC 4.54% 2047 | 73 | 77 | ||||||
British American Tobacco PLC 4.758% 2049 | 130 | 140 | ||||||
Kraft Heinz Company 3.00% 2026 | 93 | 97 | ||||||
Kraft Heinz Company 5.50% 2050 | 75 | 102 | ||||||
897 | ||||||||
Materials 0.03% | ||||||||
Dow Chemical Co. 3.60% 2050 | 75 | 82 | ||||||
International Flavors & Fragrances, Inc. 1.832% 20271 | 100 | 98 | ||||||
LYB International Finance III, LLC 4.20% 2050 | 49 | 57 | ||||||
LYB International Finance III, LLC 3.625% 2051 | 102 | 108 | ||||||
345 | ||||||||
Real estate 0.02% | ||||||||
Equinix, Inc. 1.55% 2028 | 25 | 24 | ||||||
Equinix, Inc. 3.20% 2029 | 144 | 152 | ||||||
Equinix, Inc. 2.50% 2031 | 47 | 47 | ||||||
223 | ||||||||
Total corporate bonds, notes & loans | 22,051 | |||||||
Asset-backed obligations 0.56% | ||||||||
Aesop Funding LLC, Series 2020-2, Class A, 2.02% 20271,7 | 197 | 200 | ||||||
Aesop Funding LLC, Series 2020-2A, Class B, 2.96% 20271,7 | 100 | 104 | ||||||
CF Hippolyta LLC, Series 2020-1, Class A1, 1.69% 20601,7 | 359 | 356 | ||||||
CF Hippolyta LLC, Series 2020-1, Class A2, 1.99% 20601,7 | 91 | 89 | ||||||
CF Hippolyta LLC, Series 2020-1, Class B1, 2.28% 20601,7 | 92 | 92 | ||||||
CF Hippolyta LLC, Series 2020-1, Class B2, 2.60% 20601,7 | 92 | 92 | ||||||
CF Hippolyta LLC, Series 2021-1, Class A1, 1.53% 20611,7 | 323 | 317 | ||||||
FREED ABS Trust, Series 2021-2, Class A, 0.68% 20281,7 | 44 | 44 | ||||||
GCI Funding I LLC, Series 2020-1, Class A, 2.82% 20451,7 | 604 | 606 | ||||||
GCI Funding I LLC, Series 2021-1, Class A, 2.38% 20461,7 | 94 | 94 | ||||||
Global SC Finance V SRL, Series 2019-1A, Class B, 4.81% 20391,7 | 153 | 164 | ||||||
Hertz Vehicle Financing III, LLC, Series 2021-1A, Class A, 1.21% 20251,7 | 247 | 245 | ||||||
Hertz Vehicle Financing III, LLC, Series 2021-1A, Class B, 1.56% 20251,7 | 100 | 99 | ||||||
Hertz Vehicle Financing III, LLC, Series 2021-2A, Class A, 1.68% 20271,7 | 268 | 265 | ||||||
Hertz Vehicle Financing III, LLC, Series 2021-2A, Class B, 2.12% 20271,7 | 100 | 99 | ||||||
Hertz Vehicle Financing III, LLC, Series 2021-2A, Class C, 2.52% 20271,7 | 100 | 100 | ||||||
Navient Student Loan Trust, Series 2021-A, Class A, 0.84% 20691,7 | 63 | 62 | ||||||
Navient Student Loan Trust, Series 2021-C, Class A, 1.06% 20691,7 | 183 | 180 | ||||||
Nelnet Student Loan Trust, Series 2021-C, Class AFL, (1-month USD-LIBOR + 0.74%) 0.844% 20621,7,9 | 289 | 290 | ||||||
Nelnet Student Loan Trust, Series 2021-A, Class APT1, 1.36% 20621,7 | 276 | 272 |
American Funds Insurance Series | 121 |
Capital Income Builder (continued)
Bonds, notes & other debt instruments (continued) | Principal amount (000) | Value (000) | ||||||
Asset-backed obligations (continued) | ||||||||
Nelnet Student Loan Trust, Series 2021-B, Class AFX, 1.42% 20621,7 | $ | 554 | $ | 547 | ||||
New Economy Assets Phase 1 Issuer, LLC, Series 2021-1, Class A1, 1.91% 20611,7 | 935 | 918 | ||||||
New Economy Assets Phase 1 Issuer, LLC, Series 2021-1, Class B1, 2.41% 20611,7 | 100 | 100 | ||||||
OnDeck Asset Securitization Trust LLC, Series 2021-1A, Class A, 1.59% 20271,7 | 100 | 100 | ||||||
Oportun Funding LLC, Series 2021-B, Class A, 1.47% 20311,7 | 100 | 99 | ||||||
OSW Structured Asset Trust, Series 2020-RPL1, Class A1, 3.072% 20591,7,9 | 187 | 187 | ||||||
SMB Private Education Loan Trust, Series 2021-A, Class APT2, 1.07% 20531,7 | 99 | 96 | ||||||
Stonepeak Infrastructure Partners, Series 2021-1A, Class AA, 2.301% 20331,7 | 236 | 234 | ||||||
Toyota Auto Loan Extended Note Trust, Series 2021-1, Class A, 1.07% 20341,7,9 | 335 | 329 | ||||||
6,380 | ||||||||
Bonds & notes of governments & government agencies outside the U.S. 0.07% | ||||||||
Peru (Republic of) 2.783% 2031 | 190 | 190 | ||||||
Portuguese Republic 5.125% 2024 | 18 | 20 | ||||||
Qatar (State of) 4.50% 2028 | 200 | 230 | ||||||
Saudi Arabia (Kingdom of) 3.625% 2028 | 200 | 218 | ||||||
United Mexican States 3.25% 2030 | 200 | 205 | ||||||
863 | ||||||||
Municipals 0.02% | ||||||||
California 0.00% | ||||||||
Golden State Tobacco Securitization Corp., Enhanced Tobacco Settlement Asset-Backed Bonds, Series 2021-B, 2.746% 2034 | 15 | 15 | ||||||
Illinois 0.02% | ||||||||
G.O. Bonds, Pension Funding, Series 2003, 5.10% 2033 | 225 | 260 | ||||||
Total municipals | 275 | |||||||
Total bonds, notes & other debt instruments (cost: $170,013,000) | 171,817 | |||||||
Short-term securities 4.11% | Shares | |||||||
Money market investments 3.75% | ||||||||
Capital Group Central Cash Fund 0.09%4,12 | 428,875 | 42,892 | ||||||
Money market investments purchased with collateral from securities on loan 0.36% | ||||||||
Goldman Sachs Financial Square Government Fund, Institutional Shares 0.02%12,13 | 2,071,892 | 2,072 | ||||||
Capital Group Central Cash Fund 0.09%4,12,13 | 19,536 | 1,954 | ||||||
Invesco Short-Term Investments Trust – Government & Agency Portfolio, Institutional Class 0.03%12,13 | 139,561 | 139 | ||||||
4,165 | ||||||||
Total short-term securities (cost: $47,054,000) | 47,057 | |||||||
Total investment securities 101.31% (cost: $923,566,000) | 1,159,541 | |||||||
Other assets less liabilities (1.31)% | (15,014 | ) | ||||||
Net assets 100.00% | $ | 1,144,527 |
122 | American Funds Insurance Series |
Capital Income Builder (continued)
Futures contracts
Contracts | Type | Number of contracts | Expiration | Notional amount (000) | Value and unrealized (depreciation) appreciation at 12/31/2021 (000) | ||||||||||
90 Day Euro Dollar Futures | Long | 94 | September 2022 | $ | 23,311 | $ | (47 | ) | |||||||
2 Year U.S. Treasury Note Futures | Short | 38 | March 2022 | (8,291 | ) | 2 | |||||||||
5 Year U.S. Treasury Note Futures | Long | 73 | March 2022 | 8,831 | 43 | ||||||||||
10 Year U.S. Treasury Note Futures | Long | 27 | March 2022 | 3,523 | 37 | ||||||||||
10 Year Ultra U.S. Treasury Note Futures | Short | 22 | March 2022 | (3,222 | ) | (45 | ) | ||||||||
20 Year U.S. Treasury Bond Futures | Long | 4 | March 2022 | 642 | 6 | ||||||||||
30 Year Ultra U.S. Treasury Bond Futures | Long | 61 | March 2022 | 12,025 | 236 | ||||||||||
$ | 232 |
Forward currency contracts
Unrealized | |||||||||||||
Contract amount | appreciation | ||||||||||||
Currency purchased | Currency sold | Settlement | at 12/31/2021 | ||||||||||
(000) | (000) | Counterparty | date | (000 | ) | ||||||||
MXN | 2,000 | USD | 95 | JPMorgan Chase | 1/20/2022 | $ | 2 |
Swap contracts
Interest rate swaps
Centrally cleared interest rate swaps
Receive | Pay | Upfront | Unrealized | |||||||||||||||||||||||
Value at | premium | appreciation | ||||||||||||||||||||||||
Payment | Payment | Expiration | Notional | 12/31/2021 | paid | at 12/31/2021 | ||||||||||||||||||||
Rate | frequency | Rate | frequency | date | (000) | (000) | (000) | (000) | ||||||||||||||||||
3-month USD-LIBOR | Quarterly | 0.337% | Semi-annual | 5/18/2025 | $ | 18,500 | $ | 541 | $ — | $ | 541 | |||||||||||||||
3-month USD-LIBOR | Quarterly | 0.5935% | Semi-annual | 5/18/2030 | 7,200 | 529 | — | 529 | ||||||||||||||||||
3-month USD-LIBOR | Quarterly | 0.807% | Semi-annual | 5/18/2050 | 1,800 | 381 | — | 381 | ||||||||||||||||||
$ — | $ | 1,451 |
Credit default swaps
Centrally cleared credit default swaps on credit indices — sell protection
Financing rate received | Payment frequency | Reference index | Expiration date | Notional (000) | Value at 12/31/2021 (000) | Upfront premium paid (000) | Unrealized depreciation at 12/31/2021 (000) | ||||||||||||||||
5.00% | Quarterly | CDX.NA.HY.37 | 12/20/2026 | $2,975 | $272 | $286 | $(14 | ) |
American Funds Insurance Series | 123 |
Capital Income Builder (continued)
Investments in affiliates4
Value of affiliates at 1/1/2021 (000) | Additions (000) | Reductions (000) | Net realized loss (000) | Net unrealized (depreciation) appreciation (000) | Value of affiliates at 12/31/2021 (000) | Dividend income (000) | Capital gain distributions received (000) | |||||||||||||||||||||||||
Investment funds 2.65% | �� | |||||||||||||||||||||||||||||||
Capital Group Central Corporate Bond Fund | $ | — | $ | 31,111 | $ | 321 | $ | (3 | ) | $(483 | ) | $30,304 | $381 | $270 | ||||||||||||||||||
Short-term securities 3.92% | ||||||||||||||||||||||||||||||||
Money market investments 3.75% | ||||||||||||||||||||||||||||||||
Capital Group Central Cash Fund 0.09%12 | 56,762 | 229,039 | 242,907 | (5 | ) | 3 | 42,892 | 41 | — | |||||||||||||||||||||||
Money market investments purchased with collateral from securities on loan 0.17% | ||||||||||||||||||||||||||||||||
Capital Group Central Cash Fund 0.09%12,13 | — | 1,95414 | 1,954 | — | 15 | — | ||||||||||||||||||||||||||
Total short-term securities | 44,846 | |||||||||||||||||||||||||||||||
Total 6.57% | $ | (8 | ) | $(480 | ) | $75,150 | $422 | $270 |
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 $22,442,000, which represented 1.96% 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 $6,084,000, which represented .53% of the net assets of the fund. Refer to Note 5 for more information on securities lending. |
3 | Security did not produce income during the last 12 months. |
4 | Part of the same “group of investment companies” as the fund as defined under the Investment Company Act of 1940, as amended. |
5 | All or a portion of this security was pledged as collateral. The total value of pledged collateral was $1,515,000, which represented .13% of the net assets of the fund. |
6 | Index-linked bond whose principal amount moves with a government price index. |
7 | Principal payments may be made periodically. Therefore, the effective maturity date may be earlier than the stated maturity date. |
8 | Amount less than one thousand. |
9 | Coupon rate may change periodically. Reference rate and spread are as of the most recent information available. Some coupon rates are determined by the issuer or agent based on current market conditions; therefore, the reference rate and spread are not available. |
10 | Purchased on a TBA basis. |
11 | Step bond; coupon rate may change at a later date. |
12 | Rate represents the seven-day yield at 12/31/2021. |
13 | Security purchased with cash collateral from securities on loan. Refer to Note 5 for more information on securities lending. |
14 | Represents net activity. Refer to Note 5 for more information on securities lending. |
15 | Dividend income is included with securities lending income in the fund’s statement of operations and is not shown in this table. |
Key to abbreviations and symbol
ADR = American Depositary Receipts
CAD = Canadian dollars
CDI = CREST Depository Interest
EUR = Euros
G.O. = General Obligation
GBP = British pounds
GDR = Global Depositary Receipts
LIBOR = London Interbank Offered Rate
MXN = Mexican pesos
SDR = Swedish Depositary Receipts
SOFR = Secured Overnight Financing Rate
TBA = To-be-announced
USD/$ = U.S. dollars
See notes to financial statements.
124 | American Funds Insurance Series |
Asset Allocation Fund
Investment portfolio December 31, 2021
Common stocks 71.88% | Shares | Value (000) | ||||||
Information technology 17.18% | ||||||||
Microsoft Corp. | 4,562,561 | $ | 1,534,480 | |||||
Broadcom, Inc. | 1,676,447 | 1,115,525 | ||||||
Taiwan Semiconductor Manufacturing Company, Ltd. (ADR) | 5,111,700 | 614,989 | ||||||
ASML Holding NV (New York registered) (ADR) | 695,900 | 554,034 | ||||||
MKS Instruments, Inc. | 1,700,000 | 296,089 | ||||||
NVIDIA Corp. | 665,393 | 195,699 | ||||||
VeriSign, Inc.1 | 700,000 | 177,674 | ||||||
Concentrix Corp. | 949,617 | 169,620 | ||||||
Shopify, Inc., Class A, subordinate voting shares1 | 89,000 | 122,588 | ||||||
RingCentral, Inc., Class A1 | 648,389 | 121,476 | ||||||
MicroStrategy, Inc., Class A1,2 | 203,897 | 111,020 | ||||||
Okta, Inc., Class A1 | 174,680 | 39,158 | ||||||
Mastercard, Inc., Class A | 103,700 | 37,261 | ||||||
DocuSign, Inc.1 | 242,000 | 36,859 | ||||||
Paychex, Inc. | 240,000 | 32,760 | ||||||
Apple, Inc. | 150,000 | 26,635 | ||||||
GoDaddy, Inc., Class A1 | 281,000 | 23,846 | ||||||
Applied Materials, Inc. | 135,000 | 21,244 | ||||||
KLA Corp. | 49,000 | 21,075 | ||||||
PayPal Holdings, Inc.1 | 70,000 | 13,201 | ||||||
Adobe, Inc.1 | 15,500 | 8,789 | ||||||
5,274,022 | ||||||||
Financials 11.74% | ||||||||
First Republic Bank | 1,480,000 | 305,635 | ||||||
Capital One Financial Corp. | 1,750,000 | 253,907 | ||||||
JPMorgan Chase & Co. | 1,505,000 | 238,317 | ||||||
CME Group, Inc., Class A | 977,200 | 223,251 | ||||||
Synchrony Financial | 4,750,000 | 220,352 | ||||||
Bank of America Corp. | 4,750,000 | 211,327 | ||||||
Apollo Asset Management, Inc. | 2,769,732 | 200,612 | ||||||
Chubb, Ltd. | 1,000,000 | 193,310 | ||||||
KKR & Co., Inc. | 2,277,000 | 169,636 | ||||||
Blackstone, Inc., nonvoting shares | 1,192,091 | 154,245 | ||||||
Toronto-Dominion Bank (CAD denominated) | 1,996,383 | 153,057 | ||||||
Intercontinental Exchange, Inc. | 1,076,000 | 147,164 | ||||||
Western Alliance Bancorporation | 1,182,849 | 127,334 | ||||||
Nasdaq, Inc. | 557,500 | 117,081 | ||||||
Signature Bank1 | 271,435 | 87,801 | ||||||
Webster Financial Corp. | 1,478,124 | 82,538 | ||||||
Ares Management Corp., Class A | 1,015,403 | 82,522 | ||||||
EQT AB | 1,446,647 | 78,927 | ||||||
Brookfield Asset Management, Inc., Class A | 1,260,000 | 76,079 | ||||||
Citigroup, Inc. | 1,200,000 | 72,468 | ||||||
SLM Corp. | 2,960,000 | 58,223 | ||||||
BlackRock, Inc. | 62,000 | 56,765 | ||||||
S&P Global, Inc. | 118,700 | 56,018 | ||||||
Antin Infrastructure Partners SA1 | 1,243,300 | 48,835 | ||||||
Citizens Financial Group, Inc. | 940,000 | 44,415 | ||||||
Bridgepoint Group PLC1 | 5,809,554 | 38,767 | ||||||
Aon PLC, Class A | 87,000 | 26,149 | ||||||
Blue Owl Capital, Inc., Class A | 1,205,000 | 17,967 | ||||||
The Bank of N.T. Butterfield & Son, Ltd. | 421,585 | 16,067 | ||||||
OneMain Holdings, Inc.1 | 300,000 | 15,012 | ||||||
Progressive Corp. | 105,000 | 10,778 | ||||||
Hong Kong Exchanges and Clearing, Ltd. | 170,000 | 9,928 | ||||||
Islandsbanki hf.1 | 9,555,235 | 9,301 | ||||||
Jonah Energy Parent LLC1,3,4 | 32,117 | 1,375 | ||||||
3,605,163 |
American Funds Insurance Series | 125 |
Asset Allocation Fund (continued)
Common stocks (continued) | Shares | Value (000) | ||||||
Health care 9.15% | ||||||||
UnitedHealth Group, Inc. | 1,311,800 | $ | 658,707 | |||||
Johnson & Johnson | 2,750,000 | 470,443 | ||||||
Cigna Corp. | 1,100,000 | 252,593 | ||||||
Humana, Inc. | 522,000 | 242,135 | ||||||
Abbott Laboratories | 1,400,000 | 197,036 | ||||||
CVS Health Corp. | 1,638,000 | 168,976 | ||||||
Vertex Pharmaceuticals, Inc.1 | 567,500 | 124,623 | ||||||
Eli Lilly and Company | 431,969 | 119,318 | ||||||
Gilead Sciences, Inc. | 1,600,000 | 116,176 | ||||||
Daiichi Sankyo Company, Ltd. | 3,873,900 | 98,506 | ||||||
Regeneron Pharmaceuticals, Inc.1 | 150,000 | 94,728 | ||||||
Thermo Fisher Scientific, Inc. | 116,000 | 77,400 | ||||||
IDEXX Laboratories, Inc.1 | 94,102 | 61,962 | ||||||
AbCellera Biologics, Inc.1 | 2,345,741 | 33,544 | ||||||
Rotech Healthcare, Inc.1,3,4,5 | 184,138 | 19,887 | ||||||
Ultragenyx Pharmaceutical, Inc.1 | 217,400 | 18,281 | ||||||
Centene Corp.1 | 190,000 | 15,656 | ||||||
Viatris, Inc. | 1,121,937 | 15,180 | ||||||
Oak Street Health, Inc.1,2 | 311,768 | 10,332 | ||||||
NuCana PLC (ADR)1,2,6 | 2,977,153 | 7,086 | ||||||
Pfizer, Inc. | 102,973 | 6,081 | ||||||
2,808,650 | ||||||||
Consumer discretionary 8.58% | ||||||||
Home Depot, Inc. | 1,281,200 | 531,711 | ||||||
Amazon.com, Inc.1 | 158,460 | 528,360 | ||||||
Aramark | 11,000,000 | 405,350 | ||||||
General Motors Company1 | 3,750,000 | 219,862 | ||||||
Dollar General Corp. | 927,387 | 218,706 | ||||||
LVMH Moët Hennessy-Louis Vuitton SE | 256,896 | 212,630 | ||||||
Lear Corp. | 600,000 | 109,770 | ||||||
Etsy, Inc.1 | 418,825 | 91,698 | ||||||
Booking Holdings, Inc.1 | 32,700 | 78,455 | ||||||
Royal Caribbean Cruises, Ltd.1 | 1,014,324 | 78,001 | ||||||
Caesars Entertainment, Inc.1 | 828,892 | 77,526 | ||||||
Xpeng, Inc., Class A (ADR)1 | 703,800 | 35,422 | ||||||
Darden Restaurants, Inc. | 142,000 | 21,391 | ||||||
Dr. Martens PLC1 | 2,375,000 | 13,759 | ||||||
Chipotle Mexican Grill, Inc.1 | 5,800 | 10,140 | ||||||
2,632,781 | ||||||||
Communication services 6.76% | ||||||||
Meta Platforms, Inc., Class A1 | 1,966,385 | 661,394 | ||||||
Alphabet, Inc., Class C1 | 183,643 | 531,388 | ||||||
Alphabet, Inc., Class A1 | 8,450 | 24,480 | ||||||
Charter Communications, Inc., Class A1 | 721,000 | 470,070 | ||||||
Comcast Corp., Class A | 3,307,000 | 166,441 | ||||||
Netflix, Inc.1 | 241,500 | 145,489 | ||||||
Activision Blizzard, Inc. | 1,075,500 | 71,553 | ||||||
Electronic Arts, Inc. | 35,000 | 4,616 | ||||||
2,075,431 | ||||||||
Consumer staples 5.75% | ||||||||
Philip Morris International, Inc. | 8,467,421 | 804,405 | ||||||
Nestlé SA | 2,500,000 | 349,649 | ||||||
Altria Group, Inc. | 4,072,000 | 192,972 | ||||||
Archer Daniels Midland Company | 2,000,000 | 135,180 | ||||||
British American Tobacco PLC (ADR) | 1,927,543 | 72,109 | ||||||
British American Tobacco PLC | 1,390,000 | 51,429 | ||||||
Mondelez International, Inc. | 1,200,000 | 79,572 |
126 | American Funds Insurance Series |
Asset Allocation Fund (continued)
Common stocks (continued) | Shares | Value (000) | ||||||
Consumer staples (continued) | ||||||||
Avenue Supermarts, Ltd.1 | 970,539 | $ | 60,991 | |||||
Costco Wholesale Corp. | 26,000 | 14,760 | ||||||
Estée Lauder Companies, Inc., Class A | 13,700 | 5,072 | ||||||
1,766,139 | ||||||||
Industrials 4.38% | ||||||||
Northrop Grumman Corp. | 903,553 | 349,738 | ||||||
CSX Corp. | 6,455,369 | 242,722 | ||||||
Lockheed Martin Corp. | 595,000 | 211,469 | ||||||
L3Harris Technologies, Inc. | 971,000 | 207,056 | ||||||
Storskogen Group AB, Class B1 | 19,218,526 | 129,631 | ||||||
Waste Management, Inc. | 249,000 | 41,558 | ||||||
Boeing Company1 | 183,000 | 36,842 | ||||||
Raytheon Technologies Corp. | 395,000 | 33,994 | ||||||
Cintas Corp. | 60,000 | 26,590 | ||||||
AMETEK, Inc. | 140,000 | 20,586 | ||||||
New AMI I, LLC1,3,4 | 1,588,250 | 12,007 | ||||||
Copart, Inc.1 | 75,000 | 11,371 | ||||||
Chart Industries, Inc.1 | 68,000 | 10,845 | ||||||
Air Lease Corp., Class A | 220,000 | 9,731 | ||||||
1,344,140 | ||||||||
Materials 3.46% | ||||||||
Dow, Inc. | 3,500,000 | 198,520 | ||||||
Vale SA, ordinary nominative shares | 10,893,465 | 152,469 | ||||||
LyondellBasell Industries NV | 1,250,000 | 115,287 | ||||||
Nucor Corp. | 1,000,000 | 114,150 | ||||||
Royal Gold, Inc. | 845,000 | 88,902 | ||||||
First Quantum Minerals, Ltd. | 3,580,000 | 85,669 | ||||||
Rio Tinto PLC | 1,250,000 | 82,770 | ||||||
Newmont Corp. | 900,000 | 55,818 | ||||||
Franco-Nevada Corp. | 347,089 | 48,002 | ||||||
Wheaton Precious Metals Corp. | 970,000 | 41,642 | ||||||
Allegheny Technologies, Inc.1 | 2,589,437 | 41,250 | ||||||
Air Products and Chemicals, Inc. | 84,000 | 25,558 | ||||||
Sherwin-Williams Company | 37,000 | 13,030 | ||||||
1,063,067 | ||||||||
Real estate 2.24% | ||||||||
MGM Growth Properties LLC REIT, Class A | 4,216,800 | 172,256 | ||||||
VICI Properties, Inc. REIT | 5,165,000 | 155,518 | ||||||
Gaming and Leisure Properties, Inc. REIT | 2,595,400 | 126,292 | ||||||
Alexandria Real Estate Equities, Inc. REIT | 399,000 | 88,961 | ||||||
American Tower Corp. REIT | 183,000 | 53,528 | ||||||
STORE Capital Corp. REIT | 1,370,000 | 47,128 | ||||||
Crown Castle International Corp. REIT | 166,000 | 34,651 | ||||||
Equinix, Inc. REIT | 12,700 | 10,742 | ||||||
689,076 | ||||||||
Energy 1.79% | ||||||||
Canadian Natural Resources, Ltd. (CAD denominated) | 7,210,100 | 304,660 | ||||||
Pioneer Natural Resources Company | 827,000 | 150,415 | ||||||
Chevron Corp. | 270,000 | 31,685 | ||||||
ConocoPhillips | 402,000 | 29,016 | ||||||
Equitrans Midstream Corp. | 1,060,000 | 10,960 | ||||||
Chesapeake Energy Corp. | 130,681 | 8,432 | ||||||
Euronav NV | 750,000 | 6,668 | ||||||
Scorpio Tankers, Inc. | 345,000 | 4,419 | ||||||
Civitas Resources, Inc. | 55,144 | 2,700 |
American Funds Insurance Series | 127 |
Asset Allocation Fund (continued)
Common stocks (continued) | Shares | Value (000) | ||||||
Energy (continued) | ||||||||
Diamond Offshore Drilling, Inc.1 | 247,104 | $ | 1,050 | |||||
Diamond Offshore Drilling, Inc.1,3,7 | 86,354 | 338 | ||||||
McDermott International, Ltd.1 | 40,219 | 16 | ||||||
550,359 | ||||||||
Utilities 0.85% | ||||||||
Enel SpA | 26,980,000 | 216,430 | ||||||
Exelon Corp. | 416,000 | 24,028 | ||||||
Evergy, Inc. | 298,000 | 20,446 | ||||||
260,904 | ||||||||
Total common stocks (cost: $12,488,113,000) | 22,069,732 | |||||||
Preferred securities 0.00% | ||||||||
Industrials 0.00% | ||||||||
ACR III LSC Holdings LLC, Series B, preferred shares1,3,4,7 | 450 | 317 | ||||||
Total preferred securities (cost: $466,000) | 317 | |||||||
Rights & warrants 0.00% | ||||||||
Energy 0.00% | ||||||||
Chesapeake Energy Corp., Class C, warrants, expire 20261 | 1,480 | 48 | ||||||
Sable Permian Resources, LLC, Class A, warrants, expire 20241,3,4 | 4,392 | — | 8 | |||||
Total rights & warrants (cost: $446,000) | 48 | |||||||
Convertible stocks 0.16% | ||||||||
Health care 0.16% | ||||||||
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 5.27% | ||||||||
Capital Group Central Corporate Bond Fund6 | 162,866,206 | 1,617,261 | ||||||
Total investment funds (cost: $1,643,007,000) | 1,617,261 | |||||||
Bonds, notes & other debt instruments 20.82% | Principal amount (000) | |||||||
U.S. Treasury bonds & notes 8.03% U.S. Treasury 6.12% | ||||||||
U.S. Treasury 0.125% 2022 | $ | 83,545 | 83,516 | |||||
U.S. Treasury 0.125% 2022 | 10,000 | 10,000 | ||||||
U.S. Treasury 1.375% 2022 | 5,000 | 5,005 | ||||||
U.S. Treasury 1.375% 2022 | 280 | 282 | ||||||
U.S. Treasury 1.50% 2022 | 9,407 | 9,488 | ||||||
U.S. Treasury 1.625% 2022 | 94 | 95 | ||||||
U.S. Treasury 1.875% 2022 | 80,000 | 80,226 | ||||||
U.S. Treasury 0.125% 2023 | 44,825 | 44,651 | ||||||
U.S. Treasury 0.125% 2023 | 3,425 | 3,396 | ||||||
U.S. Treasury 0.25% 2023 | 7,232 | 7,198 | ||||||
U.S. Treasury 0.25% 2023 | 1,229 | 1,221 | ||||||
U.S. Treasury 0.375% 2023 | 100,089 | 99,524 | ||||||
U.S. Treasury 2.25% 2023 | 5,000 | 5,150 | ||||||
U.S. Treasury 2.375% 2023 | 5,000 | 5,104 | ||||||
U.S. Treasury 2.75% 2023 | 15,000 | 15,440 | ||||||
U.S. Treasury 0.25% 2024 | 15,000 | 14,827 | ||||||
U.S. Treasury 0.375% 2024 | 40,000 | 39,443 | ||||||
U.S. Treasury 1.50% 2024 | 22,500 | 22,856 |
128 | 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% 2024 | $ | 907 | $ | 921 | ||||
U.S. Treasury 2.125% 2024 | 5,000 | 5,148 | ||||||
U.S. Treasury 2.25% 2024 | 5,000 | 5,154 | ||||||
U.S. Treasury 2.375% 2024 | 70,000 | 72,705 | ||||||
U.S. Treasury 2.50% 2024 | 225,000 | 233,056 | ||||||
U.S. Treasury 2.50% 2024 | 700 | 727 | ||||||
U.S. Treasury 0.25% 2025 | 43,812 | 42,630 | ||||||
U.S. Treasury 2.50% 2025 | 3,500 | 3,660 | ||||||
U.S. Treasury 2.75% 2025 | 3,229 | 3,414 | ||||||
U.S. Treasury 3.00% 2025 | 10,000 | 10,697 | ||||||
U.S. Treasury 0.375% 2026 | 75,000 | 72,604 | ||||||
U.S. Treasury 0.50% 2026 | 53,869 | 52,358 | ||||||
U.S. Treasury 0.75% 2026 | 49,333 | 48,377 | ||||||
U.S. Treasury 0.75% 2026 | 52 | 51 | ||||||
U.S. Treasury 0.875% 2026 | 565 | 555 | ||||||
U.S. Treasury 1.125% 2026 | 471 | 468 | ||||||
U.S. Treasury 1.50% 2026 | 500 | 506 | ||||||
U.S. Treasury 1.625% 2026 | 60,000 | 61,057 | ||||||
U.S. Treasury 1.625% 2026 | 27,000 | 27,475 | ||||||
U.S. Treasury 1.625% 2026 | 7,000 | 7,124 | ||||||
U.S. Treasury 1.625% 2026 | 1,500 | 1,526 | ||||||
U.S. Treasury 0.50% 2027 | 36,300 | 34,747 | ||||||
U.S. Treasury 0.50% 2027 | 20,000 | 19,158 | ||||||
U.S. Treasury 0.625% 2027 | 7,109 | 6,805 | ||||||
U.S. Treasury 1.125% 2027 | 762 | 757 | ||||||
U.S. Treasury 2.25% 2027 | 78,250 | 82,027 | ||||||
U.S. Treasury 2.375% 2027 | 880 | 929 | ||||||
U.S. Treasury 1.25% 2028 | 3,142 | 3,107 | ||||||
U.S. Treasury 1.50% 2028 | 50,000 | 50,222 | ||||||
U.S. Treasury 2.875% 2028 | 5,217 | 5,687 | ||||||
U.S. Treasury 0.625% 2030 | 20,225 | 18,916 | ||||||
U.S. Treasury 0.875% 2030 | 6,640 | 6,315 | ||||||
U.S. Treasury 1.50% 2030 | 36,651 | 36,853 | ||||||
U.S. Treasury 1.375% 2031 | 92,870 | 91,716 | ||||||
U.S. Treasury 1.125% 2040 | 62,775 | 55,060 | ||||||
U.S. Treasury 1.375% 2040 | 52,695 | 48,026 | ||||||
U.S. Treasury 1.75% 2041 | 47,854 | 46,388 | ||||||
U.S. Treasury 2.50% 2046 | 3,755 | 4,155 | ||||||
U.S. Treasury 3.00% 2047 | 9,355 | 11,371 | ||||||
U.S. Treasury 3.00% 2048 | 336 | 411 | ||||||
U.S. Treasury 2.25% 2049 | 15,000 | 16,082 | ||||||
U.S. Treasury 2.375% 20499 | 75,000 | 82,554 | ||||||
U.S. Treasury 1.375% 2050 | 12,500 | 10,974 | ||||||
U.S. Treasury 2.00% 2050 | 13,825 | 14,070 | ||||||
U.S. Treasury 2.00% 20519 | 127,770 | 130,415 | ||||||
U.S. Treasury 2.375% 20519 | 4,757 | 5,264 | ||||||
1,879,644 | ||||||||
U.S. Treasury inflation-protected securities 1.91% | ||||||||
U.S. Treasury Inflation-Protected Security 0.125% 202410 | 91,610 | 97,916 | ||||||
U.S. Treasury Inflation-Protected Security 0.625% 202410 | 92,898 | 98,989 | ||||||
U.S. Treasury Inflation-Protected Security 0.125% 202510 | 24,622 | 26,360 | ||||||
U.S. Treasury Inflation-Protected Security 0.125% 202510 | 3,623 | 3,910 | ||||||
U.S. Treasury Inflation-Protected Security 0.375% 202510 | 4,314 | 4,694 | ||||||
U.S. Treasury Inflation-Protected Security 0.125% 202610 | 40,436 | 43,661 | ||||||
U.S. Treasury Inflation-Protected Security 0.125% 202610 | 7,589 | 8,260 | ||||||
U.S. Treasury Inflation-Protected Security 0.75% 202810 | 19,278 | 22,117 | ||||||
U.S. Treasury Inflation-Protected Security 0.875% 202910 | 21,732 | 25,171 | ||||||
U.S. Treasury Inflation-Protected Security 0.125% 203010 | 24,943 | 27,721 |
American Funds Insurance Series | 129 |
Asset Allocation 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% 203110 | $ | 41,268 | $ | 46,389 | ||||
U.S. Treasury Inflation-Protected Security 0.125% 203110 | 25,122 | 28,129 | ||||||
U.S. Treasury Inflation-Protected Security 1.00% 204910 | 108,876 | 154,595 | ||||||
587,912 | ||||||||
Total U.S. Treasury bonds & notes | 2,467,556 | |||||||
Corporate bonds, notes & loans 6.48% | ||||||||
Financials 1.17% | ||||||||
ACE INA Holdings, Inc. 2.875% 2022 | 3,880 | 3,940 | ||||||
ACE INA Holdings, Inc. 3.35% 2026 | 880 | 944 | ||||||
ACE INA Holdings, Inc. 4.35% 2045 | 400 | 496 | ||||||
Advisor Group Holdings, LLC 6.25% 20287 | 4,255 | 4,421 | ||||||
AerCap Ireland Capital, Ltd. / AerCap Global Aviation Trust 2.45% 2026 | 5,457 | 5,505 | ||||||
AerCap Ireland Capital, Ltd. / AerCap Global Aviation Trust 3.00% 2028 | 4,501 | 4,568 | ||||||
AerCap Ireland Capital, Ltd. / AerCap Global Aviation Trust 3.30% 2032 | 2,838 | 2,894 | ||||||
AerCap Ireland Capital, Ltd. / AerCap Global Aviation Trust 3.40% 2033 | 1,781 | 1,815 | ||||||
AerCap Ireland Capital, Ltd. / AerCap Global Aviation Trust 3.85% 2041 | 1,970 | 2,056 | ||||||
AG Merger Sub II, Inc. 10.75% 20277 | 2,420 | 2,690 | ||||||
Alliant Holdings Intermediate, LLC / Alliant Holdings 4.25% 20277 | 2,100 | 2,102 | ||||||
Alliant Holdings Intermediate, LLC / Alliant Holdings 5.875% 20297 | 2,295 | 2,338 | ||||||
Ally Financial, Inc. 8.00% 2031 | 3,000 | 4,128 | ||||||
American International Group, Inc. 2.50% 2025 | 15,800 | 16,304 | ||||||
American International Group, Inc. 4.20% 2028 | 565 | 631 | ||||||
Bangkok Bank PCL 3.733% 2034 (5-year UST Yield Curve Rate T Note Constant Maturity + 1.90% on 9/25/2029)11 | 2,428 | 2,485 | ||||||
Bank of America Corp. 3.55% 2024 (3-month USD-LIBOR + 0.78% on 3/5/2023)11 | 6,000 | 6,180 | ||||||
Bank of America Corp. 1.197% 2026 (USD-SOFR + 1.01% on 10/24/2025)11 | 2,500 | 2,451 | ||||||
Bank of America Corp. 1.734% 2027 (USD-SOFR + 0.96% on 7/22/2026)11 | 1,565 | 1,554 | ||||||
Bank of America Corp. 3.419% 2028 (3-month USD-LIBOR + 1.04% on 12/20/2027)11 | 2,345 | 2,505 | ||||||
Bank of America Corp. 1.898% 2031 (USD-SOFR + 1.53% on 7/23/2030)11 | 1,500 | 1,437 | ||||||
Bank of America Corp. 1.922% 2031 (USD-SOFR + 1.37% on 10/24/2030)11 | 1,000 | 959 | ||||||
Bank of America Corp. 2.299% 2032 (USD-SOFR + 1.22% on 7/21/2031)11 | 5,000 | 4,921 | ||||||
Bank of America Corp. 2.572% 2032 (USD-SOFR + 1.21% on 10/20/2031)11 | 1,953 | 1,964 | ||||||
Bank of Nova Scotia 1.625% 2023 | 5,000 | 5,058 | ||||||
Berkshire Hathaway Finance Corp. 4.20% 2048 | 6,570 | 7,992 | ||||||
Berkshire Hathaway Finance Corp. 4.25% 2049 | 550 | 677 | ||||||
Berkshire Hathaway, Inc. 2.75% 2023 | 1,615 | 1,649 | ||||||
Berkshire Hathaway, Inc. 3.125% 2026 | 500 | 534 | ||||||
BNP Paribas 3.375% 20257 | 3,225 | 3,388 | ||||||
BNP Paribas 2.159% 2029 (USD-SOFR + 1.218% on 9/15/2028)7,11 | 2,400 | 2,355 | ||||||
Castlelake Aviation Finance DAC 5.00% 20277 | 3,370 | 3,348 | ||||||
Citigroup, Inc. 2.976% 2030 (USD-SOFR + 1.422% on 11/5/2029)11 | 3,254 | 3,383 | ||||||
CME Group, Inc. 3.75% 2028 | 3,425 | 3,813 | ||||||
Coinbase Global, Inc. 3.375% 20287 | 2,300 | 2,152 | ||||||
Coinbase Global, Inc. 3.625% 20317 | 1,900 | 1,751 | ||||||
Commonwealth Bank of Australia 3.35% 2024 | 1,225 | 1,291 | ||||||
Commonwealth Bank of Australia 3.35% 20247 | 1,000 | 1,054 | ||||||
Commonwealth Bank of Australia 2.688% 20317 | 4,575 | 4,504 | ||||||
Compass Diversified Holdings 5.25% 20297 | 640 | 672 | ||||||
Compass Diversified Holdings 5.00% 20327 | 715 | 734 | ||||||
Crédit Agricole SA 4.375% 20257 | 850 | 914 | ||||||
Credit Suisse Group AG 3.80% 2023 | 1,625 | 1,684 | ||||||
Credit Suisse Group AG 3.869% 2029 (3-month USD-LIBOR + 1.41% on 1/12/2028)7,11 | 800 | 857 | ||||||
Danske Bank AS 2.70% 20227 | 1,000 | 1,004 | ||||||
Digital Currency Group, Inc., Term Loan, (3-month USD-LIBOR + 7.00%) 7.00% 20263,4,12,13 | 816 | 773 | ||||||
Digital Currency Group, Inc., Term Loan, 8.75% 20263,4,12 | 1,089 | 1,031 | ||||||
FS Energy and Power Fund 7.50% 20237 | 1,995 | 2,083 | ||||||
Goldman Sachs Group, Inc. 0.925% 2024 (USD-SOFR + 0.50% on 10/21/2023)11 | 5,000 | 4,980 |
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) | ||||||||
Financials (continued) | ||||||||
Goldman Sachs Group, Inc. 1.093% 2026 (USD-SOFR + 0.789% on 12/9/2025)11 | $ | 3,425 | $ | 3,339 | ||||
Goldman Sachs Group, Inc. 1.948% 2027 (USD-SOFR + 0.913% on 10/21/2026)11 | 4,396 | 4,379 | ||||||
Goldman Sachs Group, Inc. 3.814% 2029 (3-month USD-LIBOR + 1.158% on 4/23/2028)11 | 390 | 425 | ||||||
Goldman Sachs Group, Inc. 2.615% 2032 (USD-SOFR + 1.281% on 4/22/2031)11 | 4,036 | 4,069 | ||||||
Goldman Sachs Group, Inc. 3.21% 2042 (USD-SOFR + 1.513% on 4/22/2041)11 | 2,000 | 2,078 | ||||||
Groupe BPCE SA 2.75% 20237 | 600 | 613 | ||||||
Groupe BPCE SA 5.70% 20237 | 2,250 | 2,420 | ||||||
Groupe BPCE SA 5.15% 20247 | 3,710 | 4,020 | ||||||
Groupe BPCE SA 1.00% 20267 | 3,000 | 2,905 | ||||||
Groupe BPCE SA 2.277% 2032 (USD-SOFR + 1.312% on 1/20/2031)7,11 | 2,250 | 2,170 | ||||||
Hightower Holding, LLC 6.75% 20297 | 430 | 442 | ||||||
HSBC Holdings PLC 3.262% 2023 (3-month USD-LIBOR + 1.055% on 3/13/2022)11 | 1,500 | 1,507 | ||||||
HSBC Holdings PLC 4.25% 2024 | 3,000 | 3,170 | ||||||
HSBC Holdings PLC 2.633% 2025 (3-month USD-LIBOR + 1.14% on 11/7/2024)11 | 625 | 641 | ||||||
HSBC Holdings PLC 2.099% 2026 (USD-SOFR + 1.929% on 6/4/2025)11 | 3,000 | 3,022 | ||||||
HSBC Holdings PLC 3.973% 2030 (3-month USD-LIBOR + 1.61% on 5/22/2029)11 | 1,500 | 1,629 | ||||||
Icahn Enterprises Finance Corp. 5.25% 2027 | 1,185 | 1,220 | ||||||
Icahn Enterprises Finance Corp. 4.375% 2029 | 2,200 | 2,148 | ||||||
Intercontinental Exchange, Inc. 2.65% 2040 | 7,425 | 7,196 | ||||||
Intesa Sanpaolo SpA 3.375% 20237 | 750 | 767 | ||||||
Intesa Sanpaolo SpA 3.25% 20247 | 750 | 781 | ||||||
Intesa Sanpaolo SpA 5.017% 20247 | 1,730 | 1,855 | ||||||
Intesa Sanpaolo SpA 3.875% 20277 | 300 | 319 | ||||||
JPMorgan Chase & Co. 3.559% 2024 (3-month USD-LIBOR + 0.73% on 4/23/2023)11 | 4,725 | 4,884 | ||||||
JPMorgan Chase & Co. 2.58% 2032 (USD-SOFR + 1.25% on 4/22/2031)11 | 3,101 | 3,144 | ||||||
JPMorgan Chase & Co. 3.157% 2042 (USD-SOFR + 1.46% on 4/22/2041)11 | 5,325 | 5,569 | ||||||
Kasikornbank PCL HK 3.343% 2031 (5-year UST Yield Curve Rate T Note Constant Maturity + 1.70% on 10/2/2026)11 | 1,222 | 1,224 | ||||||
Ladder Capital Corp. 4.25% 20277 | 3,757 | 3,786 | ||||||
Lloyds Banking Group PLC 2.907% 2023 (3-month USD-LIBOR + 0.81% on 11/7/2022)11 | 750 | 762 | ||||||
Lloyds Banking Group PLC 4.05% 2023 | 2,000 | 2,096 | ||||||
Lloyds Banking Group PLC 1.627% 2027 (1-year UST Yield Curve Rate T Note Constant Maturity + 0.85% on 5/11/2026)11 | 800 | 788 | ||||||
Lloyds Banking Group PLC 4.375% 2028 | 2,150 | 2,414 | ||||||
LPL Holdings, Inc. 4.625% 20277 | 2,700 | 2,798 | ||||||
LPL Holdings, Inc. 4.375% 20317 | 1,805 | 1,849 | ||||||
Marsh & McLennan Companies, Inc. 3.875% 2024 | 820 | 868 | ||||||
Marsh & McLennan Companies, Inc. 4.375% 2029 | 1,705 | 1,945 | ||||||
Marsh & McLennan Companies, Inc. 4.90% 2049 | 1,539 | 2,074 | ||||||
MGIC Investment Corp. 5.25% 2028 | 1,175 | 1,235 | ||||||
Mitsubishi UFJ Financial Group, Inc. 2.801% 2024 | 1,610 | 1,670 | ||||||
Morgan Stanley 3.737% 2024 (3-month USD-LIBOR + 0.847% on 4/24/2023)11 | 300 | 310 | ||||||
Morgan Stanley 1.164% 2025 (USD-SOFR + 0.56% on 10/21/2024)11 | 5,977 | 5,933 | ||||||
Morgan Stanley 0.985% 2026 (USD-SOFR + 0.72% on 12/10/2025)11 | 3,766 | 3,655 | ||||||
Morgan Stanley 3.125% 2026 | 325 | 345 | ||||||
Morgan Stanley 1.593% 2027 (USD-SOFR + 0.879% on 5/4/2026)11 | 3,290 | 3,259 | ||||||
Morgan Stanley 2.699% 2031 (USD-SOFR + 1.143% on 1/22/2030)11 | 2,000 | 2,048 | ||||||
Morgan Stanley 2.511% 2032 (USD-SOFR + 1.20% on 10/20/2031)11 | 2,421 | 2,421 | ||||||
Morgan Stanley 3.217% 2042 (USD-SOFR + 1.485% on 4/22/2041)11 | 856 | 898 | ||||||
MSCI, Inc. 3.625% 20317 | 2,225 | 2,312 | ||||||
MSCI, Inc. 3.25% 20337 | 1,350 | 1,367 | ||||||
Navient Corp. 5.50% 2023 | 7,515 | 7,836 | ||||||
Navient Corp. 7.25% 2023 | 435 | 469 | ||||||
Navient Corp. 5.875% 2024 | 1,005 | 1,073 | ||||||
Navient Corp. 6.125% 2024 | 8,030 | 8,570 | ||||||
Navient Corp. 5.50% 2029 | 3,290 | 3,287 | ||||||
New York Life Global Funding 2.35% 20267 | 590 | 610 | ||||||
Owl Rock Capital Corp. 3.75% 2025 | 2,874 | 2,980 | ||||||
Owl Rock Capital Corp. 4.00% 2025 | 102 | 106 |
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) | ||||||||
Financials (continued) | ||||||||
Owl Rock Capital Corp. 3.375% 2026 | $ | 1,290 | $ | 1,312 | ||||
Owl Rock Capital Corp. II 4.625% 20247 | 2,305 | 2,416 | ||||||
Owl Rock Capital Corp. III 3.125% 20277 | 2,520 | 2,466 | ||||||
PNC Financial Services Group, Inc. 2.854% 202211 | 1,445 | 1,472 | ||||||
PNC Financial Services Group, Inc. 3.90% 2024 | 2,000 | 2,120 | ||||||
Power Financial Corp., Ltd. 5.25% 2028 | 383 | 430 | ||||||
Power Financial Corp., Ltd. 6.15% 2028 | 350 | 413 | ||||||
Power Financial Corp., Ltd. 4.50% 2029 | 554 | 592 | ||||||
Power Financial Corp., Ltd. 3.95% 2030 | 1,213 | 1,256 | ||||||
Prudential Financial, Inc. 4.35% 2050 | 7,000 | 8,754 | ||||||
Quicken Loans, LLC 3.625% 20297 | 1,505 | 1,513 | ||||||
Rabobank Nederland 2.75% 2022 | 2,250 | 2,251 | ||||||
Rabobank Nederland 4.375% 2025 | 4,500 | 4,879 | ||||||
Rocket Mortgage / Rocket Mortgage Co-Issuer, Inc. 2.875% 20267 | 2,110 | 2,097 | ||||||
Royal Bank of Canada 1.15% 2025 | 4,711 | 4,674 | ||||||
Skandinaviska Enskilda Banken AB 2.80% 2022 | 700 | 703 | ||||||
Springleaf Finance Corp. 6.125% 2024 | 2,550 | 2,707 | ||||||
Starwood Property Trust, Inc. 5.50% 20237 | 1,160 | 1,202 | ||||||
Swiss Re Finance (Luxembourg) SA 5.00% 2049 (5-year UST Yield Curve Rate T Note Constant Maturity + 3.582% on 4/2/2029)7,11 | 2,800 | 3,143 | ||||||
Toronto-Dominion Bank 2.65% 2024 | 625 | 649 | ||||||
Toronto-Dominion Bank 0.75% 2025 | 5,375 | 5,236 | ||||||
Toronto-Dominion Bank 1.25% 2026 | 4,000 | 3,933 | ||||||
Travelers Companies, Inc. 4.00% 2047 | 860 | 1,030 | ||||||
U.S. Bancorp 2.375% 2026 | 4,000 | 4,158 | ||||||
UBS Group AG 4.125% 20257 | 2,750 | 2,972 | ||||||
UniCredit SpA 3.75% 20227 | 5,725 | 5,769 | ||||||
UniCredit SpA 6.572% 20227 | 475 | 476 | ||||||
UniCredit SpA 4.625% 20277 | 625 | 686 | ||||||
Wells Fargo & Company 2.164% 2026 (3-month USD-LIBOR + 0.75% on 2/11/2025)11 | 8,000 | 8,124 | ||||||
Wells Fargo & Company 2.879% 2030 (3-month USD-LIBOR + 1.17% on 10/30/2029)11 | 729 | 759 | ||||||
Westpac Banking Corp. 2.75% 2023 | 1,750 | 1,788 | ||||||
Westpac Banking Corp. 2.894% 2030 (5-year UST Yield Curve Rate T Note Constant Maturity + 1.35% on 2/4/2025)11 | 3,000 | 3,065 | ||||||
Westpac Banking Corp. 2.668% 2035 (5-year UST Yield Curve Rate T Note Constant Maturity + 1.75% on 11/15/2030)11 | 3,325 | 3,243 | ||||||
Westpac Banking Corp. 2.963% 2040 | 1,500 | 1,474 | ||||||
360,431 | ||||||||
Energy 0.84% | ||||||||
Antero Midstream Partners LP 5.375% 20297 | 2,170 | 2,293 | ||||||
Antero Resources Corp. 7.625% 20297 | 1,634 | 1,816 | ||||||
Ascent Resources - Utica LLC 5.875% 20297 | 1,040 | 1,002 | ||||||
Bonanza Creek Energy, Inc. 5.00% 20267 | 480 | 485 | ||||||
BP Capital Markets America, Inc. 2.772% 2050 | 681 | 643 | ||||||
Canadian Natural Resources, Ltd. 2.95% 2023 | 1,935 | 1,972 | ||||||
Canadian Natural Resources, Ltd. 2.05% 2025 | 961 | 971 | ||||||
Canadian Natural Resources, Ltd. 2.95% 2030 | 3,142 | 3,186 | ||||||
Canadian Natural Resources, Ltd. 4.95% 2047 | 1,559 | 1,918 | ||||||
Cenovus Energy, Inc. 4.25% 2027 | 5,690 | 6,206 | ||||||
Cheniere Energy Partners LP 4.50% 2029 | 1,085 | 1,152 | ||||||
Cheniere Energy Partners LP 4.00% 2031 | 4,485 | 4,711 | ||||||
Cheniere Energy Partners LP 3.25% 20327 | 998 | 1,010 | ||||||
Cheniere Energy, Inc. 4.625% 2028 | 4,645 | 4,949 | ||||||
Chesapeake Energy Corp. 4.875% 202214 | 7,225 | 145 | ||||||
Chesapeake Energy Corp. 5.50% 20267 | 685 | 722 | ||||||
Chesapeake Energy Corp. 5.875% 20297 | 2,240 | 2,399 | ||||||
Chevron Corp. 1.995% 2027 | 2,631 | 2,672 | ||||||
Chevron USA, Inc. 1.018% 2027 | 2,850 | 2,747 |
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) | ||||||||
Energy (continued) | ||||||||
CNX Midstream Partners LP 4.75% 20307 | $ | 580 | $ | 579 | ||||
CNX Resources Corp. 7.25% 20277 | 1,725 | 1,832 | ||||||
CNX Resources Corp. 6.00% 20297 | 1,475 | 1,536 | ||||||
Comstock Resources, Inc. 5.875% 20307 | 450 | 462 | ||||||
Constellation Oil Services Holding SA 10.00% PIK 20247,14,15 | 1,084 | 339 | ||||||
Continental Resources, Inc. 5.75% 20317 | 1,430 | 1,686 | ||||||
Diamond Foreign Asset Co. / Diamond Finance, LLC 9.00% Cash 20277,13,15 | 204 | 202 | ||||||
Diamond Foreign Asset Co. / Diamond Finance, LLC 9.00% Cash 202713,15 | 185 | 183 | ||||||
Diamondback Energy, Inc. 4.40% 2051 | 3,896 | 4,476 | ||||||
DT Midstream, Inc. 4.375% 20317 | 1,680 | 1,750 | ||||||
Enbridge Energy Partners LP, Series B, 7.50% 2038 | 300 | 450 | ||||||
Enbridge, Inc. 4.00% 2023 | 278 | 290 | ||||||
Enbridge, Inc. 2.50% 2025 | 300 | 309 | ||||||
Enbridge, Inc. 3.70% 2027 | 62 | 67 | ||||||
Energy Transfer Operating LP 5.00% 2050 | 11,807 | 13,619 | ||||||
Energy Transfer Partners LP 4.50% 2024 | 1,210 | 1,283 | ||||||
Energy Transfer Partners LP 4.75% 2026 | 2,494 | 2,731 | ||||||
Energy Transfer Partners LP 5.25% 2029 | 757 | 868 | ||||||
Energy Transfer Partners LP 6.00% 2048 | 774 | 964 | ||||||
Energy Transfer Partners LP 6.25% 2049 | 757 | 991 | ||||||
Enterprise Products Operating LLC 4.90% 2046 | 500 | 606 | ||||||
EQM Midstream Partners LP 4.125% 2026 | 686 | 704 | ||||||
EQM Midstream Partners LP 6.50% 20277 | 1,690 | 1,895 | ||||||
EQM Midstream Partners LP 5.50% 2028 | 2,588 | 2,831 | ||||||
EQM Midstream Partners LP 4.75% 20317 | 1,635 | 1,732 | ||||||
EQT Corp. 6.625% 202511 | 795 | 897 | ||||||
EQT Corp. 3.90% 2027 | 450 | 483 | ||||||
EQT Corp. 5.00% 2029 | 340 | 377 | ||||||
EQT Corp. 7.50% 203011 | 1,110 | 1,428 | ||||||
EQT Corp. 3.625% 20317 | 400 | 416 | ||||||
Equinor ASA 3.00% 2027 | 4,000 | 4,225 | ||||||
Equinor ASA 3.625% 2028 | 3,685 | 4,052 | ||||||
Exxon Mobil Corp. 2.019% 2024 | 643 | 659 | ||||||
Exxon Mobil Corp. 2.44% 2029 | 1,963 | 2,015 | ||||||
Genesis Energy, LP 6.50% 2025 | 3,572 | 3,531 | ||||||
Genesis Energy, LP 6.25% 2026 | 905 | 883 | ||||||
Genesis Energy, LP 8.00% 2027 | 2,690 | 2,775 | ||||||
Halliburton Company 3.80% 2025 | 16 | 17 | ||||||
Harvest Midstream I, LP 7.50% 20287 | 850 | 911 | ||||||
Hess Midstream Operations LP 4.25% 20307 | 960 | 954 | ||||||
Hess Midstream Partners LP 5.125% 20287 | 2,155 | �� | 2,247 | |||||
Hilcorp Energy I, LP 6.00% 20317 | 460 | 477 | ||||||
Kinder Morgan, Inc. 3.60% 2051 | 3,634 | 3,663 | ||||||
Marathon Oil Corp. 4.40% 2027 | 1,005 | 1,102 | ||||||
MPLX LP 4.125% 2027 | 500 | 547 | ||||||
MPLX LP 2.65% 2030 | 4,273 | 4,258 | ||||||
MPLX LP 4.50% 2038 | 750 | 841 | ||||||
MPLX LP 4.70% 2048 | 1,101 | 1,273 | ||||||
MPLX LP 5.50% 2049 | 4,491 | 5,749 | ||||||
New Fortress Energy, Inc. 6.50% 20267 | 235 | 234 | ||||||
NGL Energy Operating LLC 7.50% 20267 | 9,015 | 9,309 | ||||||
NGL Energy Partners LP 6.125% 2025 | 3,222 | 2,758 | ||||||
Oasis Midstream Partners LP / OMP Finance Corp. 8.00% 20297 | 4,265 | 4,655 | ||||||
Oasis Petroleum, Inc. 6.375% 20267 | 1,865 | 1,961 | ||||||
ONEOK, Inc. 5.85% 2026 | 2,469 | 2,834 | ||||||
ONEOK, Inc. 5.20% 2048 | 2,500 | 3,029 | ||||||
Parkland Corp. 4.625% 20307 | 1,035 | 1,030 | ||||||
Petróleos Mexicanos 6.875% 20257 | 3,755 | 4,107 | ||||||
Petróleos Mexicanos 5.35% 2028 | 1,870 | 1,862 | ||||||
Phillips 66 Partners LP 3.55% 2026 | 160 | 170 | ||||||
Phillips 66 Partners LP 4.68% 2045 | 400 | 471 |
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) | ||||||||
Energy (continued) | ||||||||
Phillips 66 Partners LP 4.90% 2046 | $ | 275 | $ | 336 | ||||
Pioneer Natural Resources Company 1.125% 2026 | 1,053 | 1,023 | ||||||
Pioneer Natural Resources Company 2.15% 2031 | 1,669 | 1,612 | ||||||
Plains All American Pipeline LP 3.80% 2030 | 113 | 118 | ||||||
Range Resources Corp. 4.875% 2025 | 565 | 584 | ||||||
Range Resources Corp. 8.25% 2029 | 520 | 581 | ||||||
Rockcliff Energy II LLC 5.50% 20297 | 310 | 320 | ||||||
Rockies Express Pipeline LLC 4.95% 20297 | 2,689 | 2,867 | ||||||
SA Global Sukuk, Ltd. 1.602% 20267 | 13,915 | 13,717 | ||||||
SA Global Sukuk, Ltd. 2.694% 20317 | 4,825 | 4,862 | ||||||
Sabine Pass Liquefaction, LLC 4.50% 2030 | 4,044 | 4,566 | ||||||
Schlumberger BV 3.75% 20247 | 495 | 520 | ||||||
Schlumberger BV 4.00% 20257 | 70 | 75 | ||||||
Southwestern Energy Co. 7.75% 2027 | 2,450 | 2,645 | ||||||
Southwestern Energy Co. 8.375% 2028 | 395 | 441 | ||||||
Southwestern Energy Co. 5.375% 2029 | 1,355 | 1,435 | ||||||
Southwestern Energy Co. 5.375% 2030 | 1,945 | 2,087 | ||||||
Southwestern Energy Co. 4.75% 2032 | 960 | 1,013 | ||||||
Statoil ASA 3.25% 2024 | 2,850 | 3,005 | ||||||
Statoil ASA 4.25% 2041 | 2,000 | 2,412 | ||||||
Suncor Energy, Inc. 3.10% 2025 | 3,687 | 3,856 | ||||||
Suncor Energy, Inc. 3.75% 2051 | 142 | 153 | ||||||
Sunoco Logistics Operating Partners LP 5.40% 2047 | 650 | 764 | ||||||
Sunoco LP 4.50% 2029 | 1,050 | 1,068 | ||||||
Sunoco LP 4.50% 20307 | 1,255 | 1,288 | ||||||
Targa Resources Partners LP 5.50% 2030 | 2,260 | 2,473 | ||||||
Targa Resources Partners LP 4.875% 2031 | 1,665 | 1,811 | ||||||
Targa Resources Partners LP 4.00% 20327 | 1,750 | 1,832 | ||||||
Teekay Offshore Partners LP 8.50% 20233,4,7 | 3,550 | 3,231 | ||||||
Total SE 2.986% 2041 | 4,544 | 4,613 | ||||||
TransCanada PipeLines, Ltd. 4.25% 2028 | 1,090 | 1,217 | ||||||
TransCanada PipeLines, Ltd. 4.10% 2030 | 1,821 | 2,033 | ||||||
TransCanada PipeLines, Ltd. 4.75% 2038 | 2,000 | 2,394 | ||||||
TransCanada PipeLines, Ltd. 4.875% 2048 | 700 | 892 | ||||||
Valero Energy Corp. 4.00% 2029 | 4,000 | 4,357 | ||||||
Venture Global Calcasieu Pass, LLC 4.125% 20317 | 840 | 892 | ||||||
Weatherford International, Ltd. 11.00% 20247 | 1,196 | 1,233 | ||||||
Weatherford International, Ltd. 6.50% 20287 | 2,380 | 2,522 | ||||||
Weatherford International, Ltd. 8.625% 20307 | 4,355 | 4,528 | ||||||
Western Gas Partners LP 4.50% 2028 | 4,468 | 4,873 | ||||||
Western Midstream Operating, LP 5.30% 2030 (5.05% on 2/1/2022)11 | 1,925 | 2,120 | ||||||
Williams Companies, Inc. 3.50% 2030 | 6,129 | 6,522 | ||||||
Williams Partners LP 4.30% 2024 | 85 | 90 | ||||||
258,565 | ||||||||
Health care 0.73% | ||||||||
Abbott Laboratories 3.75% 2026 | 1,811 | 2,003 | ||||||
AbbVie, Inc. 2.60% 2024 | 3,000 | 3,115 | ||||||
AbbVie, Inc. 3.80% 2025 | 206 | 219 | ||||||
AbbVie, Inc. 2.95% 2026 | 1,445 | 1,524 | ||||||
AdaptHealth, LLC 5.125% 20307 | 830 | 846 | ||||||
AmerisourceBergen Corp. 0.737% 2023 | 2,918 | 2,911 | ||||||
Amgen, Inc. 2.20% 2027 | 2,429 | 2,488 | ||||||
Anthem, Inc. 2.375% 2025 | 818 | 844 | ||||||
AstraZeneca Finance LLC 1.20% 2026 | 3,786 | 3,741 | ||||||
AstraZeneca Finance LLC 1.75% 2028 | 1,871 | 1,862 | ||||||
AstraZeneca Finance LLC 2.25% 2031 | 146 | 147 | ||||||
AstraZeneca PLC 3.375% 2025 | 1,140 | 1,225 | ||||||
AstraZeneca PLC 3.00% 2051 | 573 | 602 | ||||||
Bausch Health Companies, Inc. 4.875% 20287 | 2,125 | 2,171 |
134 | American Funds Insurance Series |
Asset Allocation Fund (continued)
Bonds, notes & other debt instruments (continued) | Principal amount (000) | Value (000) | ||||||
Corporate bonds, notes & loans (continued) | ||||||||
Health care (continued) | ||||||||
Bausch Health Companies, Inc. 5.00% 20287 | $ | 1,735 | $ | 1,599 | ||||
Bausch Health Companies, Inc. 5.25% 20317 | 3,910 | 3,442 | ||||||
Baxter International, Inc. 1.322% 20247 | 7,109 | 7,103 | ||||||
Baxter International, Inc. 1.915% 20277 | 4,739 | 4,759 | ||||||
Baxter International, Inc. 2.272% 20287 | 3,180 | 3,206 | ||||||
Bayer US Finance II LLC 3.875% 20237 | 1,685 | 1,762 | ||||||
Becton, Dickinson and Company 3.363% 2024 | 198 | 207 | ||||||
Boston Scientific Corp. 3.45% 2024 | 715 | 748 | ||||||
Boston Scientific Corp. 3.85% 2025 | 1,780 | 1,915 | ||||||
Boston Scientific Corp. 3.75% 2026 | 645 | 694 | ||||||
Boston Scientific Corp. 4.00% 2029 | 1,550 | 1,723 | ||||||
Centene Corp. 4.25% 2027 | 565 | 590 | ||||||
Centene Corp. 2.45% 2028 | 1,325 | 1,307 | ||||||
Centene Corp. 4.625% 2029 | 4,785 | 5,169 | ||||||
Centene Corp. 3.00% 2030 | 5,865 | 5,972 | ||||||
Cigna Corp. 3.75% 2023 | 245 | 255 | ||||||
Cigna Corp. 4.80% 2038 | 2,692 | 3,317 | ||||||
CVS Health Corp. 4.30% 2028 | 588 | 660 | ||||||
DaVita, Inc. 4.625% 20307 | 1,025 | 1,051 | ||||||
Eli Lilly and Company 3.375% 2029 | 1,353 | 1,492 | ||||||
Endo International PLC 5.75% 20227 | 6,945 | 6,329 | ||||||
Endo Luxembourg Finance Co. I SARL / Endo U.S., Inc. 6.125% 20297 | 560 | 550 | ||||||
GlaxoSmithKline PLC 3.625% 2025 | 3,585 | 3,864 | ||||||
HCA, Inc. 5.375% 2025 | 515 | 567 | ||||||
HCA, Inc. 3.50% 2030 | 4,050 | 4,288 | ||||||
Jazz Securities DAC 4.375% 20297 | 1,975 | 2,048 | ||||||
Medtronic, Inc. 3.50% 2025 | 467 | 498 | ||||||
Merck & Co., Inc. 1.90% 2028 | 2,611 | 2,625 | ||||||
Merck & Co., Inc. 2.15% 2031 | 2,309 | 2,317 | ||||||
Merck & Co., Inc. 2.75% 2051 | 1,103 | 1,094 | ||||||
Molina Healthcare, Inc. 3.875% 20307 | 2,899 | 3,012 | ||||||
Molina Healthcare, Inc. 3.875% 20327 | 1,820 | 1,834 | ||||||
Novant Health, Inc. 3.168% 2051 | 3,750 | 3,945 | ||||||
Novartis Capital Corp. 1.75% 2025 | 1,250 | 1,268 | ||||||
Novartis Capital Corp. 2.00% 2027 | 2,386 | 2,426 | ||||||
Owens & Minor, Inc. 4.375% 2024 | 5,615 | 5,974 | ||||||
Owens & Minor, Inc. 4.50% 20297 | 3,685 | 3,782 | ||||||
Par Pharmaceutical, Inc. 7.50% 20277 | 7,828 | 8,011 | ||||||
Pfizer, Inc. 2.95% 2024 | 825 | 859 | ||||||
Rotech Healthcare, Inc., Term Loan, (3-month USD-LIBOR + 11.00%) 13.00% PIK 20233,4,12,13,15 | 4,649 | 4,649 | ||||||
Shire PLC 2.875% 2023 | 3,413 | 3,512 | ||||||
Summa Health 3.511% 2051 | 1,655 | 1,750 | ||||||
Tenet Healthcare Corp. 4.875% 20267 | 13,225 | 13,604 | ||||||
Tenet Healthcare Corp. 4.25% 20297 | 2,060 | 2,096 | ||||||
Tenet Healthcare Corp. 4.375% 20307 | 1,925 | 1,954 | ||||||
Teva Pharmaceutical Finance Co. BV 6.00% 2024 | 12,016 | 12,606 | ||||||
Teva Pharmaceutical Finance Co. BV 7.125% 2025 | 1,935 | 2,073 | ||||||
Teva Pharmaceutical Finance Co. BV 3.15% 2026 | 17,790 | 16,751 | ||||||
Teva Pharmaceutical Finance Co. BV 5.125% 2029 | 5,895 | 5,789 | ||||||
Teva Pharmaceutical Finance Co. BV 4.10% 2046 | 3,550 | 3,005 | ||||||
Thermo Fisher Scientific, Inc. 1.75% 2028 | 2,252 | 2,239 | ||||||
Thermo Fisher Scientific, Inc. 2.00% 2031 | 5,159 | 5,088 | ||||||
UnitedHealth Group, Inc. 1.15% 2026 | 2,610 | 2,584 | ||||||
UnitedHealth Group, Inc. 2.30% 2031 | 2,286 | 2,328 | ||||||
UnitedHealth Group, Inc. 3.05% 2041 | 3,875 | 4,061 | ||||||
UnitedHealth Group, Inc. 3.25% 2051 | 2,504 | 2,714 | ||||||
Valeant Pharmaceuticals International, Inc. 6.125% 20257 | 7,602 | 7,753 | ||||||
Zimmer Holdings, Inc. 3.15% 2022 | 4,070 | 4,078 | ||||||
224,594 |
American Funds Insurance Series | 135 |
Asset Allocation Fund (continued)
Bonds, notes & other debt instruments (continued) | Principal amount (000) | Value (000) | ||||||
Corporate bonds, notes & loans (continued) | ||||||||
Communication services 0.60% | ||||||||
Alphabet, Inc. 1.998% 2026 | $ | 3,000 | $ | 3,095 | ||||
Alphabet, Inc. 1.90% 2040 | 1,375 | 1,255 | ||||||
Alphabet, Inc. 2.25% 2060 | 1,265 | 1,131 | ||||||
AT&T, Inc. 2.25% 2032 | 1,000 | 967 | ||||||
AT&T, Inc. 2.55% 2033 | 1,348 | 1,320 | ||||||
AT&T, Inc. 3.30% 2052 | 1,825 | 1,792 | ||||||
AT&T, Inc. 3.50% 2053 | 6,050 | 6,115 | ||||||
AT&T, Inc. 3.55% 2055 | 1,125 | 1,131 | ||||||
CCO Holdings LLC and CCO Holdings Capital Corp. 4.908% 2025 | 500 | 551 | ||||||
CCO Holdings LLC and CCO Holdings Capital Corp. 4.50% 20307 | 3,500 | 3,588 | ||||||
CCO Holdings LLC and CCO Holdings Capital Corp. 4.75% 20307 | 2,500 | 2,604 | ||||||
CCO Holdings LLC and CCO Holdings Capital Corp. 2.80% 2031 | 3,996 | 3,959 | ||||||
CCO Holdings LLC and CCO Holdings Capital Corp. 4.25% 20317 | 4,075 | 4,119 | ||||||
CCO Holdings LLC and CCO Holdings Capital Corp. 2.30% 2032 | 2,500 | 2,376 | ||||||
CCO Holdings LLC and CCO Holdings Capital Corp. 4.50% 2032 | 2,710 | 2,792 | ||||||
Comcast Corp. 2.35% 2027 | 4,000 | 4,146 | ||||||
Comcast Corp. 3.20% 2036 | 375 | 401 | ||||||
Comcast Corp. 3.90% 2038 | 250 | 283 | ||||||
Comcast Corp. 2.80% 2051 | 791 | 764 | ||||||
Comcast Corp. 2.887% 20517 | 2,571 | 2,493 | ||||||
CSC Holdings, LLC 3.375% 20317 | 1,875 | 1,759 | ||||||
Deutsche Telekom International Finance BV 9.25% 2032 | 3,570 | 5,709 | ||||||
DIRECTV Holdings LLC and DIRECTV Financing Co., Inc. 5.875% 20277 | 2,205 | 2,261 | ||||||
Embarq Corp. 7.995% 2036 | 4,575 | 5,132 | ||||||
Fox Corp. 4.03% 2024 | 1,120 | 1,183 | ||||||
Frontier Communications Corp. 5.875% 20277 | 2,225 | 2,356 | ||||||
Frontier Communications Corp. 5.00% 20287 | 5,550 | 5,727 | ||||||
Frontier Communications Corp. 6.75% 20297 | 3,550 | 3,697 | ||||||
Frontier Communications Holdings, LLC 5.875% 2029 | 1,850 | 1,853 | ||||||
Frontier Communications Holdings, LLC 6.00% 20307 | 1,900 | 1,913 | ||||||
Gray Escrow II, Inc. 5.375% 20317 | 900 | 928 | ||||||
iHeartCommunications, Inc. 5.25% 20277 | 3,093 | 3,220 | ||||||
Intelsat Jackson Holding Co. 8.00% 20247 | 7,275 | 7,398 | ||||||
Intelsat Jackson Holding Co. 8.50% 20247,14 | 845 | 388 | ||||||
Intelsat Jackson Holding Co., Term Loan, (3-month USD-LIBOR + 4.75%) 5.75% 202212,13 | 1,727 | 1,733 | ||||||
Intelsat Jackson Holding Co., Term Loan, 6.625% 202412 | 1,400 | 1,403 | ||||||
Ligado Networks LLC 15.50% PIK 20237,15 | 2,583 | 2,096 | ||||||
Live Nation Entertainment, Inc. 3.75% 20287 | 1,350 | 1,343 | ||||||
Midas OpCo Holdings LLC 5.625% 20297 | 3,205 | 3,286 | ||||||
News Corp. 3.875% 20297 | 875 | 885 | ||||||
Nexstar Broadcasting, Inc. 4.75% 20287 | 3,175 | 3,240 | ||||||
SBA Tower Trust 1.631% 20267 | 8,707 | 8,577 | ||||||
Scripps Escrow II, Inc. 3.875% 20297 | 2,325 | 2,326 | ||||||
Sinclair Television Group, Inc. 4.125% 20307 | 1,175 | 1,115 | ||||||
Sirius XM Radio, Inc. 4.00% 20287 | 3,075 | 3,098 | ||||||
Sirius XM Radio, Inc. 4.125% 20307 | 950 | 952 | ||||||
Sirius XM Radio, Inc. 3.875% 20317 | 1,975 | 1,940 | ||||||
Sprint Corp. 7.625% 2026 | 3,625 | 4,357 | ||||||
Sprint Corp. 6.875% 2028 | 7,550 | 9,563 | ||||||
TEGNA, Inc. 4.75% 20267 | 2,350 | 2,447 | ||||||
TEGNA, Inc. 5.00% 2029 | 1,500 | 1,536 | ||||||
T-Mobile US, Inc. 1.50% 2026 | 500 | 494 | ||||||
T-Mobile US, Inc. 2.05% 2028 | 325 | 323 | ||||||
T-Mobile US, Inc. 3.375% 20297 | 2,200 | 2,246 | ||||||
Trilogy International South Pacific LLC / TISP Finance, Inc. 8.875% 20237 | 13,597 | 13,288 | ||||||
Univision Communications, Inc. 6.625% 20277 | 5,800 | 6,255 | ||||||
Univision Communications, Inc. 4.50% 20297 | 3,475 | 3,516 | ||||||
Verizon Communications, Inc. 2.10% 2028 | 1,835 | 1,840 | ||||||
Verizon Communications, Inc. 2.875% 2050 | 2,500 | 2,379 | ||||||
Virgin Media O2 4.25% 20317 | 5,025 | 4,933 |
136 | American Funds Insurance Series |
Asset Allocation Fund (continued)
Bonds, notes & other debt instruments (continued) | Principal amount (000) | Value (000) | ||||||
Corporate bonds, notes & loans (continued) | ||||||||
Communication services (continued) | ||||||||
Virgin Media Secured Finance PLC 4.50% 20307 | $ | 2,115 | $ | 2,132 | ||||
VMED O2 UK Financing I PLC 4.75% 20317 | 225 | 228 | ||||||
Vodafone Group PLC 4.375% 2028 | 350 | 394 | ||||||
Vodafone Group PLC 5.25% 2048 | 500 | 653 | ||||||
Vodafone Group PLC 4.25% 2050 | 4,350 | 5,034 | ||||||
Ziggo Bond Co. BV 5.125% 20307 | 1,775 | 1,787 | ||||||
Ziggo Bond Finance BV 4.875% 20307 | 725 | 745 | ||||||
184,550 | ||||||||
Consumer discretionary 0.59% | ||||||||
Allied Universal Holdco LLC 4.625% 20287 | 1,660 | 1,662 | ||||||
Amazon.com, Inc. 2.70% 2060 | 2,765 | 2,673 | ||||||
American Honda Finance Corp. 3.50% 2028 | 750 | 820 | ||||||
Asbury Automotive Group, Inc. 4.625% 20297 | 640 | 653 | ||||||
Atlas LuxCo 4 SARL 4.625% 20287 | 1,065 | 1,047 | ||||||
Bayerische Motoren Werke AG 2.25% 20237 | 300 | 307 | ||||||
Bayerische Motoren Werke AG 3.45% 20237 | 1,870 | 1,929 | ||||||
Bayerische Motoren Werke AG 0.80% 20247 | 1,532 | 1,523 | ||||||
Caesars Entertainment, Inc. 6.25% 20257 | 2,815 | 2,958 | ||||||
Carnival Corp. 4.00% 20287 | 3,875 | 3,854 | ||||||
Carvana Co. 5.625% 20257 | 600 | 601 | ||||||
Carvana Co. 5.50% 20277 | 2,496 | 2,474 | ||||||
Carvana Co. 5.875% 20287 | 3,474 | 3,466 | ||||||
Carvana Co. 4.875% 20297 | 2,150 | 2,051 | ||||||
Daimler Trucks Finance North America, LLC 2.00% 20267 | 2,400 | 2,412 | ||||||
Daimler Trucks Finance North America, LLC 2.375% 20287 | 1,350 | 1,357 | ||||||
First Student Bidco, Inc. / First Transit Parent, Inc. 4.00% 20297 | 1,300 | 1,266 | ||||||
Ford Motor Credit Company LLC 3.375% 2025 | 4,475 | 4,655 | ||||||
Ford Motor Credit Company LLC 5.125% 2025 | 8,355 | 9,097 | ||||||
Ford Motor Credit Company LLC 2.70% 2026 | 2,110 | 2,131 | ||||||
Ford Motor Credit Company LLC 4.542% 2026 | 2,455 | 2,669 | ||||||
Ford Motor Credit Company LLC 3.815% 2027 | 250 | 265 | ||||||
General Motors Financial Co. 3.50% 2024 | 4,145 | 4,354 | ||||||
General Motors Financial Co. 4.30% 2025 | 400 | 432 | ||||||
General Motors Financial Co. 2.70% 2027 | 467 | 475 | ||||||
Hanesbrands, Inc. 4.875% 20267 | 2,700 | 2,889 | ||||||
Hilton Grand Vacations Borrower 5.00% 20297 | 3,580 | 3,675 | ||||||
Hilton Worldwide Holdings, Inc. 4.00% 20317 | 1,885 | 1,930 | ||||||
Home Depot, Inc. 1.50% 2028 | 3,000 | 2,963 | ||||||
Home Depot, Inc. 3.90% 2028 | 825 | 930 | ||||||
Home Depot, Inc. 2.95% 2029 | 4,000 | 4,265 | ||||||
Home Depot, Inc. 1.875% 2031 | 3,000 | 2,954 | ||||||
Home Depot, Inc. 4.25% 2046 | 2,000 | 2,495 | ||||||
Home Depot, Inc. 4.50% 2048 | 428 | 555 | ||||||
Hyundai Capital America 3.25% 20227 | 480 | 489 | ||||||
Hyundai Capital America 1.00% 20247 | 3,025 | 2,975 | ||||||
Hyundai Capital America 1.50% 20267 | 850 | 827 | ||||||
Hyundai Capital America 1.65% 20267 | 3,075 | 3,017 | ||||||
Hyundai Capital America 2.375% 20277 | 2,579 | 2,567 | ||||||
Hyundai Capital America 2.10% 20287 | 3,075 | 2,990 | ||||||
International Game Technology PLC 6.50% 20257 | 3,555 | 3,862 | ||||||
International Game Technology PLC 5.25% 20297 | 5,675 | 6,022 | ||||||
Kontoor Brands, Inc. 4.125% 20297 | 910 | 912 | ||||||
Lithia Motors, Inc. 3.875% 20297 | 675 | 690 | ||||||
Lithia Motors, Inc. 4.375% 20317 | 1,025 | 1,096 | ||||||
Lowe’s Companies, Inc. 1.70% 2030 | 966 | 919 | ||||||
Marriott International, Inc. 2.75% 2033 | 2,500 | 2,428 | ||||||
Melco International Development, Ltd. 5.75% 20287 | 1,485 | 1,495 | ||||||
MGM Growth Properties LLC 5.625% 2024 | 775 | 829 | ||||||
MGM Growth Properties LLC 4.625% 20257 | 1,050 | 1,121 |
American Funds Insurance Series | 137 |
Asset Allocation Fund (continued)
Bonds, notes & other debt instruments (continued) | Principal amount (000) | Value (000) | ||||||
Corporate bonds, notes & loans (continued) | ||||||||
Consumer discretionary (continued) | ||||||||
MGM Growth Properties LLC 3.875% 20297 | $ | 2,225 | $ | 2,339 | ||||
MGM Resorts International 4.50% 2026 | 600 | 646 | ||||||
Neiman Marcus Group, LLC 7.125% 20267 | 1,345 | 1,430 | ||||||
Penske Automotive Group, Inc., 3.75% 2029 | 1,375 | 1,365 | ||||||
Premier Entertainment Sub LLC 5.625% 20297 | 1,690 | 1,679 | ||||||
Premier Entertainment Sub LLC 5.875% 20317 | 1,690 | 1,698 | ||||||
Royal Caribbean Cruises, Ltd. 11.50% 20257 | 2,023 | 2,268 | ||||||
Royal Caribbean Cruises, Ltd. 4.25% 20267 | 3,120 | 3,025 | ||||||
Sally Holdings LLC and Sally Capital, Inc. 5.625% 2025 | 2,705 | 2,768 | ||||||
Sally Holdings LLC and Sally Capital, Inc. 8.75% 20257 | 1,347 | 1,436 | ||||||
Sands China, Ltd. 2.30% 20277 | 2,075 | 1,956 | ||||||
Scientific Games Corp. 8.25% 20267 | 6,905 | 7,276 | ||||||
Scientific Games Corp. 7.25% 20297 | 1,615 | 1,803 | ||||||
Sonic Automotive, Inc. 4.625% 20297 | 2,435 | 2,462 | ||||||
Stellantis Finance US, Inc. 1.711% 20277 | 2,200 | 2,164 | ||||||
Stellantis Finance US, Inc. 2.691% 20317 | 2,150 | 2,117 | ||||||
Tempur Sealy International, Inc. 4.00% 20297 | 1,070 | 1,090 | ||||||
Tempur Sealy International, Inc. 3.875% 20317 | 1,205 | 1,209 | ||||||
The Gap, Inc. 3.625% 20297 | 486 | 481 | ||||||
The Gap, Inc. 3.875% 20317 | 323 | 319 | ||||||
Toyota Motor Credit Corp. 0.80% 2026 | 2,265 | 2,204 | ||||||
Toyota Motor Credit Corp. 3.05% 2028 | 2,430 | 2,609 | ||||||
Travel + Leisure Co. 4.50% 20297 | 2,100 | 2,121 | ||||||
VICI Properties LP 4.625% 20297 | 995 | 1,061 | ||||||
VICI Properties LP / VICI Note Co., Inc. 3.50% 20257 | 1,100 | 1,118 | ||||||
VICI Properties LP / VICI Note Co., Inc. 3.75% 20277 | 450 | 465 | ||||||
VICI Properties LP / VICI Note Co., Inc. 4.125% 20307 | 3,100 | 3,284 | ||||||
Volkswagen Group of America Finance, LLC 4.25% 20237 | 3,770 | 3,983 | ||||||
Volkswagen Group of America Finance, LLC 4.625% 20257 | 3,845 | 4,239 | ||||||
Volkswagen Group of America Finance, LLC 3.20% 20267 | 3,201 | 3,370 | ||||||
Wyndham Destinations, Inc. 4.625% 20307 | 1,300 | 1,310 | ||||||
Wyndham Worldwide Corp. 4.375% 20287 | 2,255 | 2,326 | ||||||
Wynn Las Vegas, LLC and Wynn Capital Corp. 4.25% 20237 | 2,193 | 2,212 | ||||||
179,859 | ||||||||
Industrials 0.55% | ||||||||
ADT Security Corp. 4.125% 20297 | 1,630 | 1,609 | ||||||
Allison Transmission Holdings, Inc. 3.75% 20317 | 3,965 | 3,873 | ||||||
Associated Materials, LLC 9.00% 20257 | 3,749 | 4,015 | ||||||
Avis Budget Car Rental, LLC 5.75% 20277 | 1,025 | 1,067 | ||||||
Avis Budget Group, Inc. 5.375% 20297 | 2,450 | 2,588 | ||||||
Avolon Holdings Funding, Ltd. 3.625% 20227 | 1,254 | 1,262 | ||||||
Avolon Holdings Funding, Ltd. 3.95% 20247 | 1,587 | 1,664 | ||||||
Avolon Holdings Funding, Ltd. 4.25% 20267 | 1,126 | 1,194 | ||||||
Avolon Holdings Funding, Ltd. 4.375% 20267 | 1,975 | 2,118 | ||||||
Boeing Company 4.875% 2025 | 1,555 | 1,703 | ||||||
Boeing Company 3.10% 2026 | 251 | 262 | ||||||
Boeing Company 3.25% 2028 | 4,000 | 4,171 | ||||||
Boeing Company 5.15% 2030 | 1,100 | 1,283 | ||||||
Boeing Company 3.625% 2031 | 2,950 | 3,149 | ||||||
Boeing Company 3.60% 2034 | 6,250 | 6,559 | ||||||
Boeing Company 5.805% 2050 | 4,000 | 5,427 | ||||||
Bombardier, Inc. 7.50% 20247 | 950 | 991 | ||||||
Bombardier, Inc. 7.125% 20267 | 2,900 | 3,012 | ||||||
Bombardier, Inc. 7.875% 20277 | 5,245 | 5,446 | ||||||
Bombardier, Inc. 6.00% 20287 | 1,010 | 1,015 | ||||||
Burlington Northern Santa Fe LLC 4.40% 2042 | 5,000 | 6,105 | ||||||
BWX Technologies, Inc. 4.125% 20297 | 1,025 | 1,039 | ||||||
Canadian National Railway Company 3.20% 2046 | 930 | 975 | ||||||
Canadian Pacific Railway, Ltd. 1.75% 2026 | 1,385 | 1,391 |
138 | 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) | ||||||||
Canadian Pacific Railway, Ltd. 2.45% 2031 | $ | 1,738 | $ | 1,774 | ||||
Canadian Pacific Railway, Ltd. 3.10% 2051 | 1,829 | 1,884 | ||||||
Clarivate Science Holdings Corp. 3.875% 20287 | 590 | 594 | ||||||
Clarivate Science Holdings Corp. 4.875% 20297 | 520 | 528 | ||||||
CoreLogic, Inc. 4.50% 20287 | 6,075 | 6,061 | ||||||
Covert Mergeco, Inc. 4.875% 20297 | 680 | 691 | ||||||
CSX Corp. 4.25% 2029 | 1,062 | 1,195 | ||||||
CSX Corp. 4.30% 2048 | 1,125 | 1,377 | ||||||
CSX Corp. 2.50% 2051 | 1,125 | 1,043 | ||||||
General Electric Capital Corp. 4.418% 2035 | 649 | 776 | ||||||
Honeywell International, Inc. 2.30% 2024 | 2,640 | 2,729 | ||||||
Honeywell International, Inc. 1.35% 2025 | 5,947 | 5,975 | ||||||
Honeywell International, Inc. 2.70% 2029 | 1,470 | 1,541 | ||||||
Icahn Enterprises Finance Corp. 4.75% 2024 | 2,090 | 2,171 | ||||||
L3Harris Technologies, Inc. 1.80% 2031 | 2,625 | 2,509 | ||||||
LSC Communications, Inc. 8.75% 20233,4,7,14 | 4,063 | 39 | ||||||
Masco Corp. 1.50% 2028 | 774 | 750 | ||||||
Masco Corp. 2.00% 2031 | 497 | 477 | ||||||
Masco Corp. 3.125% 2051 | 230 | 229 | ||||||
MasTec, Inc. 4.50% 20287 | 1,425 | 1,482 | ||||||
Meritor, Inc. 4.50% 20287 | 1,025 | 1,029 | ||||||
Norfolk Southern Corp. 3.05% 2050 | 2,746 | 2,805 | ||||||
Northrop Grumman Corp. 2.93% 2025 | 1,820 | 1,897 | ||||||
Northrop Grumman Corp. 3.25% 2028 | 3,495 | 3,744 | ||||||
Otis Worldwide Corp. 2.293% 2027 | 2,135 | 2,177 | ||||||
Raytheon Technologies Corp. 1.90% 2031 | 2,615 | 2,526 | ||||||
Raytheon Technologies Corp. 2.82% 2051 | 3,000 | 2,904 | ||||||
Roller Bearing Company of America, Inc. 4.375% 20297 | 195 | 199 | ||||||
Rolls-Royce PLC 5.75% 20277 | 765 | 847 | ||||||
Siemens AG 1.20% 20267 | 3,887 | 3,827 | ||||||
Siemens AG 1.70% 20287 | 3,700 | 3,671 | ||||||
SkyMiles IP, Ltd. 4.75% 20287 | 3,475 | 3,797 | ||||||
The Brink’s Co. 4.625% 20277 | 2,385 | 2,459 | ||||||
TransDigm, Inc. 6.25% 20267 | 3,476 | 3,617 | ||||||
TransDigm, Inc. 5.50% 2027 | 2,200 | 2,270 | ||||||
Triumph Group, Inc. 6.25% 20247 | 970 | 977 | ||||||
Triumph Group, Inc. 8.875% 20247 | 1,002 | 1,094 | ||||||
Triumph Group, Inc. 7.75% 20257 | 875 | 869 | ||||||
Union Pacific Corp. 3.15% 2024 | 1,133 | 1,182 | ||||||
Union Pacific Corp. 2.15% 2027 | 2,318 | 2,382 | ||||||
Union Pacific Corp. 2.40% 2030 | 2,414 | 2,463 | ||||||
Union Pacific Corp. 2.375% 2031 | 650 | 663 | ||||||
Union Pacific Corp. 2.891% 2036 | 1,650 | 1,732 | ||||||
Union Pacific Corp. 2.95% 2052 | 4,719 | 4,787 | ||||||
Union Pacific Corp. 3.75% 2070 | 546 | 621 | ||||||
Union Pacific Corp. 3.799% 2071 | 545 | 633 | ||||||
United Airlines Holdings, Inc. 6.50% 20277 | 2,200 | 2,352 | ||||||
United Airlines, Inc. 4.625% 20297 | 2,225 | 2,299 | ||||||
United Rentals, Inc. 3.875% 2031 | 2,050 | 2,084 | ||||||
United Technologies Corp. 3.65% 2023 | 52 | 54 | ||||||
United Technologies Corp. 3.95% 2025 | 3,155 | 3,424 | ||||||
United Technologies Corp. 4.125% 2028 | 1,075 | 1,204 | ||||||
Vertical U.S. Newco, Inc. 5.25% 20277 | 2,000 | 2,105 | ||||||
Vinci SA 3.75% 20297 | 1,167 | 1,276 | ||||||
WESCO Distribution, Inc. 7.125% 20257 | 1,210 | 1,284 | ||||||
166,997 |
American Funds Insurance Series | 139 |
Asset Allocation Fund (continued)
Bonds, notes & other debt instruments (continued) | Principal amount (000) | Value (000) | ||||||
Corporate bonds, notes & loans (continued) | ||||||||
Utilities 0.49% | ||||||||
AEP Transmission Co. LLC 3.75% 2047 | $ | 2,390 | $ | 2,696 | ||||
Ameren Corp. 2.50% 2024 | 969 | 996 | ||||||
American Electric Power Company, Inc. 2.95% 2022 | 3,020 | 3,069 | ||||||
Calpine Corp. 3.75% 20317 | 1,975 | 1,906 | ||||||
CenterPoint Energy, Inc. 3.85% 2024 | 1,638 | 1,717 | ||||||
Comisión Federal de Electricidad 4.75% 20277 | 645 | 715 | ||||||
Commonwealth Edison Co. 4.35% 2045 | 1,085 | 1,320 | ||||||
Commonwealth Edison Co. 4.00% 2048 | 2,600 | 3,044 | ||||||
Consolidated Edison Company of New York, Inc. 3.60% 2061 | 5,380 | 5,694 | ||||||
Consumers Energy Co. 4.05% 2048 | 3,017 | 3,608 | ||||||
Dominion Resources, Inc. 2.85% 2026 | 750 | 783 | ||||||
Dominion Resources, Inc., junior subordinated, 3.071% 202411 | 1,775 | 1,838 | ||||||
Duke Energy Carolinas, LLC 3.95% 2028 | 1,250 | 1,396 | ||||||
Duke Energy Florida, LLC 3.20% 2027 | 1,445 | 1,538 | ||||||
Duke Energy Indiana, Inc. 3.25% 2049 | 1,225 | 1,272 | ||||||
Duke Energy Progress, LLC 3.70% 2046 | 457 | 512 | ||||||
Duke Energy Progress, LLC 2.50% 2050 | 202 | 187 | ||||||
Duke Energy Progress, LLC 2.90% 2051 | 91 | 90 | ||||||
Edison International 3.55% 2024 | 2,200 | 2,303 | ||||||
EDP Finance BV 3.625% 20247 | 4,100 | 4,305 | ||||||
Electricité de France SA 4.75% 20357 | 1,250 | 1,476 | ||||||
Electricité de France SA 4.875% 20387 | 2,750 | 3,337 | ||||||
Electricité de France SA 5.60% 2040 | 525 | 691 | ||||||
Emera US Finance LP 3.55% 2026 | 320 | 341 | ||||||
Enersis Américas SA 4.00% 2026 | 245 | 261 | ||||||
Entergy Corp. 2.80% 2030 | 3,325 | 3,388 | ||||||
Entergy Texas, Inc. 1.75% 2031 | 3,650 | 3,427 | ||||||
Eversource Energy 3.80% 2023 | 2,730 | 2,867 | ||||||
Exelon Corp., junior subordinated, 3.497% 202211 | 1,075 | 1,085 | ||||||
FirstEnergy Corp. 3.40% 2050 | 6,975 | 6,853 | ||||||
FirstEnergy Transmission LLC 2.866% 20287 | 675 | 677 | ||||||
Northern States Power Co. 4.125% 2044 | 6,000 | 7,186 | ||||||
NRG Energy, Inc. 3.625% 20317 | 2,600 | 2,539 | ||||||
Pacific Gas and Electric Co. 1.75% 2022 | 1,575 | 1,575 | ||||||
Pacific Gas and Electric Co. 2.10% 2027 | 125 | 121 | ||||||
Pacific Gas and Electric Co. 2.50% 2031 | 4,750 | 4,530 | ||||||
Pacific Gas and Electric Co. 3.30% 2040 | 100 | 93 | ||||||
Pacific Gas and Electric Co. 4.20% 2041 | 9,100 | 9,174 | ||||||
Pacific Gas and Electric Co. 3.50% 2050 | 2,500 | 2,322 | ||||||
PacifiCorp, First Mortgage Bonds, 4.125% 2049 | 4,000 | 4,624 | ||||||
PG&E Corp. 5.00% 2028 | 3,750 | 3,951 | ||||||
PG&E Corp. 5.25% 2030 | 3,400 | 3,572 | ||||||
Public Service Company of Colorado 1.875% 2031 | 2,775 | 2,701 | ||||||
Public Service Electric and Gas Co. 3.60% 2047 | 548 | 617 | ||||||
Public Service Electric and Gas Co. 3.15% 2050 | 2,451 | 2,577 | ||||||
Public Service Enterprise Group, Inc. 2.65% 2022 | 1,900 | 1,927 | ||||||
Southern California Edison Co. 2.85% 2029 | 4,450 | 4,608 | ||||||
Southern California Edison Co. 6.00% 2034 | 2,500 | 3,247 | ||||||
Southern California Edison Co. 5.35% 2035 | 3,000 | 3,741 | ||||||
Southern California Edison Co. 5.75% 2035 | 675 | 870 | ||||||
Southern California Edison Co. 4.00% 2047 | 456 | 504 | ||||||
Southern California Edison Co. 3.65% 2050 | 3,652 | 3,874 | ||||||
Talen Energy Corp. 7.25% 20277 | 4,775 | 4,231 | ||||||
Talen Energy Supply, LLC 7.625% 20287 | 3,030 | 2,701 | ||||||
Union Electric Co. 2.625% 2051 | 5,625 | 5,407 | ||||||
Venture Global Calcasieu Pass, LLC 3.875% 20297 | 1,030 | 1,070 | ||||||
Virginia Electric and Power Co. 3.80% 2028 | 2,000 | 2,191 | ||||||
Virginia Electric and Power Co. 4.60% 2048 | 2,650 | 3,389 | ||||||
Xcel Energy, Inc. 2.60% 2029 | 1,950 | 1,995 | ||||||
148,729 |
140 | American Funds Insurance Series |
Asset Allocation Fund (continued)
Bonds, notes & other debt instruments (continued) | Principal amount (000) | Value (000) | ||||||
Corporate bonds, notes & loans (continued) | ||||||||
Materials 0.43% | ||||||||
Alcoa Netherlands Holding BV 4.125% 20297 | $ | 950 | $ | 980 | ||||
Allegheny Technologies, Inc. 4.875% 2029 | 490 | 491 | ||||||
Allegheny Technologies, Inc. 5.125% 2031 | 875 | 883 | ||||||
Anglo American Capital PLC 2.25% 20287 | 484 | 476 | ||||||
Anglo American Capital PLC 2.625% 20307 | 5,000 | 4,909 | ||||||
Anglo American Capital PLC 3.95% 20507 | 2,281 | 2,428 | ||||||
Arconic Rolled Products Corp. 6.125% 20287 | 750 | 799 | ||||||
Ball Corp. 3.125% 2031 | 3,520 | 3,481 | ||||||
Canpack SA / Canpack US, LLC 3.875% 20297 | 935 | 914 | ||||||
Chevron Phillips Chemical Co. LLC 3.30% 20237 | 595 | 613 | ||||||
Cleveland-Cliffs, Inc. 5.875% 2027 | 10,500 | 10,944 | ||||||
Cleveland-Cliffs, Inc. 4.625% 20297 | 1,825 | 1,864 | ||||||
Cleveland-Cliffs, Inc. 4.875% 20317 | 2,051 | 2,134 | ||||||
CVR Partners LP 9.25% 20237 | 236 | 238 | ||||||
CVR Partners LP 6.125% 20287 | 745 | 787 | ||||||
Dow Chemical Co. 3.625% 2026 | 1,884 | 2,032 | ||||||
Dow Chemical Co. 3.60% 2050 | 1,328 | 1,442 | ||||||
First Quantum Minerals, Ltd. 6.50% 20247 | 3,704 | 3,754 | ||||||
First Quantum Minerals, Ltd. 7.50% 20257 | 11,350 | 11,690 | ||||||
First Quantum Minerals, Ltd. 6.875% 20267 | 3,625 | 3,770 | ||||||
First Quantum Minerals, Ltd. 6.875% 20277 | 3,240 | 3,491 | ||||||
Freeport-McMoRan, Inc. 4.25% 2030 | 2,125 | 2,245 | ||||||
FXI Holdings, Inc. 7.875% 20247 | 726 | 740 | ||||||
FXI Holdings, Inc. 12.25% 20267 | 4,392 | 4,947 | ||||||
Glencore Funding LLC 4.125% 20247 | 945 | 994 | ||||||
Hexion, Inc. 7.875% 20277 | 2,045 | 2,159 | ||||||
International Flavors & Fragrances, Inc. 1.832% 20277 | 5,400 | 5,305 | ||||||
International Flavors & Fragrances, Inc. 3.468% 20507 | 2,285 | 2,399 | ||||||
International Paper Co. 7.30% 2039 | 2,005 | 3,078 | ||||||
Joseph T. Ryerson & Son, Inc. 8.50% 20287 | 765 | 833 | ||||||
LSB Industries, Inc. 6.25% 20287 | 860 | 896 | ||||||
LYB International Finance III, LLC 2.25% 2030 | 1,198 | 1,193 | ||||||
LYB International Finance III, LLC 3.375% 2040 | 5,848 | 6,104 | ||||||
LYB International Finance III, LLC 3.625% 2051 | 5,787 | 6,141 | ||||||
LYB International Finance III, LLC 3.80% 2060 | 1,186 | 1,257 | ||||||
Methanex Corp. 5.125% 2027 | 6,000 | 6,306 | ||||||
Mosaic Co. 3.25% 2022 | 1,125 | 1,147 | ||||||
Mosaic Co. 4.05% 2027 | 1,050 | 1,160 | ||||||
Nova Chemicals Corp. 4.25% 20297 | 1,875 | 1,885 | ||||||
Novelis Corp. 3.875% 20317 | 1,115 | 1,110 | ||||||
Praxair, Inc. 1.10% 2030 | 2,938 | 2,748 | ||||||
Rio Tinto Finance (USA), Ltd. 2.75% 2051 | 1,837 | 1,825 | ||||||
SCIH Salt Holdings, Inc. 4.875% 20287 | 1,185 | 1,139 | ||||||
SCIH Salt Holdings, Inc. 6.625% 20297 | 1,230 | 1,152 | ||||||
Sherwin-Williams Company 2.75% 2022 | 29 | 29 | ||||||
Sherwin-Williams Company 3.125% 2024 | 275 | 287 | ||||||
Sherwin-Williams Company 3.80% 2049 | 5,208 | 5,882 | ||||||
Venator Materials Corp. 5.75% 20257 | 5,845 | 5,617 | ||||||
Venator Materials Corp. 9.50% 20257 | 1,495 | 1,636 | ||||||
Warrior Met Coal, Inc. 7.875% 20287 | 2,900 | 2,977 | ||||||
Westlake Chemical Corp. 4.375% 2047 | 500 | 589 | ||||||
131,900 | ||||||||
Real estate 0.41% | ||||||||
Alexandria Real Estate Equities, Inc. 3.80% 2026 | 315 | 341 | ||||||
Alexandria Real Estate Equities, Inc. 3.95% 2028 | 1,220 | 1,348 | ||||||
Alexandria Real Estate Equities, Inc. 2.75% 2029 | 1,940 | 2,003 | ||||||
Alexandria Real Estate Equities, Inc. 3.375% 2031 | 1,320 | 1,423 | ||||||
Alexandria Real Estate Equities, Inc. 1.875% 2033 | 4,095 | 3,854 | ||||||
Alexandria Real Estate Equities, Inc. 4.85% 2049 | 410 | 531 |
American Funds Insurance Series | 141 |
Asset Allocation Fund (continued)
Bonds, notes & other debt instruments (continued) | Principal amount (000) | Value (000) | ||||||
Corporate bonds, notes & loans (continued) | ||||||||
Real estate (continued) | ||||||||
American Campus Communities, Inc. 3.75% 2023 | $ | 3,055 | $ | 3,139 | ||||
American Campus Communities, Inc. 4.125% 2024 | 2,075 | 2,218 | ||||||
American Campus Communities, Inc. 3.625% 2027 | 9,545 | 10,205 | ||||||
American Campus Communities, Inc. 3.875% 2031 | 331 | 367 | ||||||
American Tower Corp. 1.45% 2026 | 2,369 | 2,321 | ||||||
American Tower Corp. 1.60% 2026 | 2,347 | 2,325 | ||||||
American Tower Corp. 3.55% 2027 | 1,425 | 1,523 | ||||||
American Tower Corp. 1.50% 2028 | 2,500 | 2,394 | ||||||
American Tower Corp. 3.60% 2028 | 1,000 | 1,078 | ||||||
American Tower Corp. 2.30% 2031 | 3,249 | 3,159 | ||||||
American Tower Corp. 2.95% 2051 | 3,250 | 3,087 | ||||||
Brandywine Operating Partnership LP 3.95% 2023 | 1,070 | 1,096 | ||||||
Brookfield Property REIT, Inc. 5.75% 20267 | 2,575 | 2,668 | ||||||
Diversified Healthcare Trust 4.375% 2031 | 2,750 | 2,645 | ||||||
Equinix, Inc. 1.45% 2026 | 2,787 | 2,734 | ||||||
Equinix, Inc. 2.90% 2026 | 1,144 | 1,186 | ||||||
Equinix, Inc. 1.80% 2027 | 1,295 | 1,275 | ||||||
Equinix, Inc. 1.55% 2028 | 3,175 | 3,057 | ||||||
Equinix, Inc. 2.00% 2028 | 2,234 | 2,194 | ||||||
Equinix, Inc. 3.20% 2029 | 1,552 | 1,633 | ||||||
Equinix, Inc. 2.50% 2031 | 1,710 | 1,711 | ||||||
Equinix, Inc. 3.00% 2050 | 912 | 875 | ||||||
Equinix, Inc. 3.40% 2052 | 2,731 | 2,791 | ||||||
Essex Portfolio LP 3.875% 2024 | 1,000 | 1,053 | ||||||
Essex Portfolio LP 3.50% 2025 | 6,825 | 7,211 | ||||||
Extra Space Storage, Inc. 2.35% 2032 | 1,385 | 1,348 | ||||||
Gaming and Leisure Properties, Inc. 3.35% 2024 | 1,263 | 1,309 | ||||||
Host Hotels & Resorts LP 4.50% 2026 | 355 | 383 | ||||||
Howard Hughes Corp. 5.375% 20287 | 1,450 | 1,546 | ||||||
Howard Hughes Corp. 4.125% 20297 | 1,860 | 1,887 | ||||||
Howard Hughes Corp. 4.375% 20317 | 2,615 | 2,645 | ||||||
Invitation Homes Operating Partnership LP 2.00% 2031 | 2,401 | 2,264 | ||||||
Iron Mountain, Inc. 5.25% 20307 | 3,785 | 3,995 | ||||||
Iron Mountain, Inc. 4.50% 20317 | 2,650 | 2,683 | ||||||
Kennedy-Wilson Holdings, Inc. 4.75% 2029 | 2,645 | 2,709 | ||||||
Kennedy-Wilson Holdings, Inc. 4.75% 2030 | 1,140 | 1,157 | ||||||
Kennedy-Wilson Holdings, Inc. 5.00% 2031 | 2,260 | 2,331 | ||||||
Park Intermediate Holdings LLC 4.875% 20297 | 2,280 | 2,335 | ||||||
Public Storage 2.37% 2022 | 565 | 572 | ||||||
Public Storage 0.875% 2026 | 592 | 577 | ||||||
Public Storage 1.50% 2026 | 2,724 | 2,719 | ||||||
Public Storage 1.85% 2028 | 2,490 | 2,487 | ||||||
Public Storage 1.95% 2028 | 2,027 | 2,022 | ||||||
Public Storage 2.30% 2031 | 2,493 | 2,518 | ||||||
Realogy Corp. 5.75% 20297 | 2,260 | 2,320 | ||||||
RHP Hotel Properties LP / RHP Finance Corp. 4.50% 20297 | 1,300 | 1,302 | ||||||
RLJ Lodging Trust, LP 4.00% 20297 | 1,240 | 1,229 | ||||||
Scentre Group 3.25% 20257 | 1,000 | 1,053 | ||||||
Scentre Group 3.50% 20257 | 3,075 | 3,240 | ||||||
Scentre Group 3.75% 20277 | 2,430 | 2,619 | ||||||
Sun Communities Operating LP 2.30% 2028 | 1,845 | 1,844 | ||||||
Sun Communities Operating LP 2.70% 2031 | 876 | 870 | ||||||
UDR, Inc. 2.95% 2026 | 760 | 791 | ||||||
126,200 | ||||||||
Information technology 0.34% | ||||||||
Adobe, Inc. 1.90% 2025 | 366 | 375 | ||||||
Almonde, Inc., Term Loan, (3-month USD-LIBOR + 7.25%) 8.25% 202512,13 | 4,150 | 4,151 | ||||||
Analog Devices, Inc. 1.70% 2028 | 1,286 | 1,283 | ||||||
Analog Devices, Inc. 2.10% 2031 | 1,212 | 1,216 |
142 | 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) | ||||||||
Analog Devices, Inc. 2.80% 2041 | $ | 2,961 | $ | 3,001 | ||||
Analog Devices, Inc. 2.95% 2051 | 1,955 | 2,013 | ||||||
Apple, Inc. 3.00% 2024 | 625 | 651 | ||||||
Apple, Inc. 0.70% 2026 | 2,500 | 2,451 | ||||||
Apple, Inc. 3.35% 2027 | 40 | 43 | ||||||
Apple, Inc. 1.20% 2028 | 5,000 | 4,859 | ||||||
Apple, Inc. 1.65% 2031 | 2,500 | 2,443 | ||||||
Avaya, Inc. 6.125% 20287 | 1,600 | 1,699 | ||||||
Booz Allen Hamilton, Inc. 4.00% 20297 | 1,000 | 1,034 | ||||||
Broadcom, Inc. 1.95% 20287 | 1,407 | 1,392 | ||||||
Broadcom, Inc. 2.45% 20317 | 2,452 | 2,407 | ||||||
Broadcom, Inc. 2.60% 20337 | 2,524 | 2,464 | ||||||
Broadcom, Inc. 3.469% 20347 | 5,181 | 5,430 | ||||||
Broadcom, Inc. 3.50% 20417 | 3,948 | 4,059 | ||||||
Broadcom, Inc. 3.75% 20517 | 2,604 | 2,729 | ||||||
Diebold Nixdorf AG, Term Loan B, (3-month USD-LIBOR + 2.75%) 2.875% 202312,13 | 1,325 | 1,314 | ||||||
Diebold Nixdorf, Inc. 9.375% 20257 | 5,675 | 6,117 | ||||||
Diebold, Inc. 8.50% 2024 | 1,400 | 1,402 | ||||||
Fidelity National Information Services, Inc. 3.10% 2041 | 302 | 306 | ||||||
Fiserv, Inc. 3.50% 2029 | 1,030 | 1,109 | ||||||
Fiserv, Inc. 2.65% 2030 | 7,348 | 7,465 | ||||||
Gartner, Inc. 4.50% 20287 | 650 | 680 | ||||||
Intuit, Inc. 0.95% 2025 | 1,530 | 1,509 | ||||||
Intuit, Inc. 1.35% 2027 | 1,395 | 1,365 | ||||||
Intuit, Inc. 1.65% 2030 | 1,845 | 1,782 | ||||||
Mastercard, Inc. 2.00% 2031 | 3,874 | 3,866 | ||||||
Microsoft Corp. 2.921% 2052 | 4,814 | 5,124 | ||||||
MoneyGram International, Inc. 5.375% 20267 | 750 | 762 | ||||||
Oracle Corp. 3.65% 2041 | 2,250 | 2,278 | ||||||
Oracle Corp. 3.95% 2051 | 1,826 | 1,899 | ||||||
PayPal Holdings, Inc. 2.65% 2026 | 2,364 | 2,483 | ||||||
PayPal Holdings, Inc. 2.30% 2030 | 2,200 | 2,237 | ||||||
Sabre GLBL, Inc. 7.375% 20257 | 728 | 762 | ||||||
Sabre Holdings Corp. 9.25% 20257 | 1,197 | 1,354 | ||||||
salesforce.com, inc. 1.50% 2028 | 3,200 | 3,163 | ||||||
salesforce.com, inc. 1.95% 2031 | 1,625 | 1,611 | ||||||
salesforce.com, inc. 2.70% 2041 | 1,875 | 1,876 | ||||||
Square, Inc. 3.50% 20317 | 2,325 | 2,387 | ||||||
Synaptics, Inc. 4.00% 20297 | 875 | 889 | ||||||
Unisys Corp. 6.875% 20277 | 725 | 786 | ||||||
VeriSign, Inc. 2.70% 2031 | 625 | 629 | ||||||
Veritas Holdings, Ltd. 7.50% 20257 | 2,860 | 2,964 | ||||||
Viavi Solutions, Inc. 3.75% 20297 | 725 | 726 | ||||||
Xerox Corp. 5.00% 20257 | 2,425 | 2,573 | ||||||
105,118 | ||||||||
Consumer staples 0.33% | ||||||||
7-Eleven, Inc. 0.80% 20247 | 1,700 | 1,681 | ||||||
7-Eleven, Inc. 0.95% 20267 | 825 | 800 | ||||||
7-Eleven, Inc. 1.30% 20287 | 2,500 | 2,383 | ||||||
Albertsons Companies, Inc. 3.50% 20297 | 1,385 | 1,390 | ||||||
Altria Group, Inc. 4.40% 2026 | 231 | 255 | ||||||
Altria Group, Inc. 5.80% 2039 | 2,820 | 3,395 | ||||||
Altria Group, Inc. 3.40% 2041 | 1,500 | 1,386 | ||||||
Altria Group, Inc. 4.50% 2043 | 3,000 | 3,116 | ||||||
Altria Group, Inc. 5.95% 2049 | 490 | 613 | ||||||
Altria Group, Inc. 3.70% 2051 | 1,500 | 1,401 | ||||||
Anheuser-Busch InBev NV 4.00% 2028 | 845 | 940 | ||||||
Anheuser-Busch InBev NV 5.45% 2039 | 5,000 | 6,555 | ||||||
Anheuser-Busch InBev NV 4.35% 2040 | 2,500 | 2,944 |
American Funds Insurance Series | 143 |
Asset Allocation Fund (continued)
Bonds, notes & other debt instruments (continued) | Principal amount (000) | Value (000) | ||||||
Corporate bonds, notes & loans (continued) | ||||||||
Consumer staples (continued) | ||||||||
Anheuser-Busch InBev NV 4.60% 2048 | $ | 1,500 | $ | 1,838 | ||||
British American Tobacco PLC 3.222% 2024 | 2,826 | 2,939 | ||||||
British American Tobacco PLC 3.215% 2026 | 3,323 | 3,462 | ||||||
British American Tobacco PLC 4.39% 2037 | 3,109 | 3,281 | ||||||
British American Tobacco PLC 4.54% 2047 | 940 | 985 | ||||||
Central Garden & Pet Co. 4.125% 20317 | 1,395 | 1,404 | ||||||
Coca-Cola Company 1.00% 2028 | 940 | 904 | ||||||
Conagra Brands, Inc. 1.375% 2027 | 4,615 | 4,411 | ||||||
Constellation Brands, Inc. 3.20% 2023 | 1,029 | 1,051 | ||||||
Constellation Brands, Inc. 3.60% 2028 | 625 | 675 | ||||||
Constellation Brands, Inc. 2.25% 2031 | 1,487 | 1,455 | ||||||
Coty, Inc. 4.75% 20297 | 1,220 | 1,242 | ||||||
Imperial Tobacco Finance PLC 3.50% 20237 | 4,000 | 4,075 | ||||||
Keurig Dr Pepper, Inc. 4.985% 2038 | 3,351 | 4,153 | ||||||
Kimberly-Clark Corp. 3.10% 2030 | 329 | 355 | ||||||
Kraft Heinz Company 3.875% 2027 | 1,475 | 1,595 | ||||||
Kraft Heinz Company 4.375% 2046 | 560 | 657 | ||||||
Kraft Heinz Company 4.875% 2049 | 3,760 | 4,732 | ||||||
Kronos Acquisition Holdings, Inc. 5.00% 20267 | 1,695 | 1,676 | ||||||
Lamb Weston Holdings, Inc. 4.125% 20307 | 2,210 | 2,272 | ||||||
PepsiCo, Inc. 1.95% 2031 | 3,001 | 3,003 | ||||||
PepsiCo, Inc. 2.625% 2041 | 5,000 | 5,069 | ||||||
PepsiCo, Inc. 2.75% 2051 | 2,500 | 2,569 | ||||||
Philip Morris International, Inc. 2.375% 2022 | 1,960 | 1,979 | ||||||
Philip Morris International, Inc. 2.625% 2022 | 1,670 | 1,672 | ||||||
Philip Morris International, Inc. 2.875% 2024 | 788 | 820 | ||||||
Philip Morris International, Inc. 3.25% 2024 | 2,000 | 2,117 | ||||||
Philip Morris International, Inc. 0.875% 2026 | 2,990 | 2,885 | ||||||
Philip Morris International, Inc. 3.375% 2029 | 788 | 850 | ||||||
Philip Morris International, Inc. 1.75% 2030 | 2,956 | 2,816 | ||||||
Post Holdings, Inc. 4.625% 20307 | 2,886 | 2,945 | ||||||
Prestige Brands International, Inc. 3.75% 20317 | 1,115 | 1,083 | ||||||
Reckitt Benckiser Group PLC 2.375% 20227 | 1,125 | 1,134 | ||||||
Reynolds American, Inc. 5.85% 2045 | 2,030 | 2,472 | ||||||
Simmons Foods, Inc. 4.625% 20297 | 560 | 553 | ||||||
101,988 | ||||||||
Total corporate bonds, notes & loans | 1,988,931 | |||||||
Mortgage-backed obligations 4.67% | ||||||||
Federal agency mortgage-backed obligations 4.17% | ||||||||
Fannie Mae Pool #AD7072 4.00% 202516 | 3 | 3 | ||||||
Fannie Mae Pool #AE3069 4.00% 202516 | 2 | 2 | ||||||
Fannie Mae Pool #AE2321 4.00% 202516 | 1 | 1 | ||||||
Fannie Mae Pool #AH6431 4.00% 202616 | 280 | 295 | ||||||
Fannie Mae Pool #890329 4.00% 202616 | 45 | 47 | ||||||
Fannie Mae Pool #AH5618 4.00% 202616 | 3 | 3 | ||||||
Fannie Mae Pool #AH0829 4.00% 202616 | 2 | 2 | ||||||
Fannie Mae Pool #MA1109 4.00% 202716 | 4 | 4 | ||||||
Fannie Mae Pool #MA3653 3.00% 202916 | 33 | 35 | ||||||
Fannie Mae Pool #AL8347 4.00% 202916 | 324 | 341 | ||||||
Fannie Mae Pool #254767 5.50% 203316 | 253 | 287 | ||||||
Fannie Mae Pool #555956 5.50% 203316 | 165 | 187 | ||||||
Fannie Mae Pool #BN1085 4.00% 203416 | 486 | 512 | ||||||
Fannie Mae Pool #BN3172 4.00% 203416 | 173 | 181 | ||||||
Fannie Mae Pool #AS8554 3.00% 203616 | 7,252 | 7,616 | ||||||
Fannie Mae Pool #929185 5.50% 203616 | 412 | 470 | ||||||
Fannie Mae Pool #893641 6.00% 203616 | 924 | 1,071 | ||||||
Fannie Mae Pool #893688 6.00% 203616 | 200 | 232 | ||||||
Fannie Mae Pool #907239 6.00% 203616 | 57 | 66 | ||||||
Fannie Mae Pool #AD0249 5.50% 203716 | 137 | 155 |
144 | 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 #190379 5.50% 203716 | $ | 69 | $ | 79 | ||||
Fannie Mae Pool #924952 6.00% 203716 | 989 | 1,146 | ||||||
Fannie Mae Pool #888292 6.00% 203716 | 693 | 804 | ||||||
Fannie Mae Pool #928031 6.00% 203716 | 83 | 96 | ||||||
Fannie Mae Pool #888637 6.00% 203716 | 12 | 14 | ||||||
Fannie Mae Pool #AD0119 6.00% 203816 | 1,190 | 1,381 | ||||||
Fannie Mae Pool #AD0095 6.00% 203816 | 870 | 1,009 | ||||||
Fannie Mae Pool #995674 6.00% 203816 | 403 | 467 | ||||||
Fannie Mae Pool #AE0021 6.00% 203816 | 351 | 408 | ||||||
Fannie Mae Pool #AL7164 6.00% 203816 | 226 | 256 | ||||||
Fannie Mae Pool #AB0538 6.00% 203816 | 147 | 170 | ||||||
Fannie Mae Pool #995391 6.00% 203816 | 23 | 27 | ||||||
Fannie Mae Pool #889983 6.00% 203816 | 23 | 26 | ||||||
Fannie Mae Pool #995224 6.00% 203816 | 10 | 12 | ||||||
Fannie Mae Pool #AD0833 6.00% 203916 | 1 | 1 | ||||||
Fannie Mae Pool #AL0013 6.00% 204016 | 225 | 261 | ||||||
Fannie Mae Pool #AL0309 6.00% 204016 | 77 | 89 | ||||||
Fannie Mae Pool #MA4387 2.00% 204116 | 8,492 | 8,632 | ||||||
Fannie Mae Pool #AB4536 6.00% 204116 | 537 | 619 | ||||||
Fannie Mae Pool #AL7228 6.00% 204116 | 304 | 344 | ||||||
Fannie Mae Pool #AP2131 3.50% 204216 | 3,668 | 3,948 | ||||||
Fannie Mae Pool #AU8813 4.00% 204316 | 2,596 | 2,886 | ||||||
Fannie Mae Pool #AU9348 4.00% 204316 | 1,463 | 1,627 | ||||||
Fannie Mae Pool #AU9350 4.00% 204316 | 1,214 | 1,334 | ||||||
Fannie Mae Pool #AL8773 3.50% 204516 | 6,332 | 6,826 | ||||||
Fannie Mae Pool #AL8354 3.50% 204516 | 1,629 | 1,753 | ||||||
Fannie Mae Pool #BC4764 3.00% 204616 | 13,533 | 14,210 | ||||||
Fannie Mae Pool #AS8310 3.00% 204616 | 431 | 459 | ||||||
Fannie Mae Pool #AL8522 3.50% 204616 | 3,405 | 3,664 | ||||||
Fannie Mae Pool #BD9699 3.50% 204616 | 1,686 | 1,804 | ||||||
Fannie Mae Pool #BD9307 4.00% 204616 | 1,531 | 1,657 | ||||||
Fannie Mae Pool #BC7611 4.00% 204616 | 221 | 240 | ||||||
Fannie Mae Pool #BM1179 3.00% 204716 | 553 | 587 | ||||||
Fannie Mae Pool #BE1290 3.50% 204716 | 2,539 | 2,716 | ||||||
Fannie Mae Pool #CA0770 3.50% 204716 | 1,927 | 2,042 | ||||||
Fannie Mae Pool #MA3211 4.00% 204716 | 3,617 | 3,875 | ||||||
Fannie Mae Pool #257036 7.00% 204716 | 6 | 7 | ||||||
Fannie Mae Pool #256975 7.00% 204716 | 2 | 2 | ||||||
Fannie Mae Pool #FM3278 3.50% 204816 | 21,298 | 22,558 | ||||||
Fannie Mae Pool #BK7655 3.931% 204813,16 | 449 | 465 | ||||||
Fannie Mae Pool #CA2377 4.00% 204816 | 8,224 | 8,762 | ||||||
Fannie Mae Pool #BK6971 4.00% 204816 | 112 | 120 | ||||||
Fannie Mae Pool #BK5255 4.00% 204816 | 17 | 18 | ||||||
Fannie Mae Pool #MA3277 4.00% 204816 | 14 | 15 | ||||||
Fannie Mae Pool #CA2493 4.50% 204816 | 987 | 1,061 | ||||||
Fannie Mae Pool #CA4756 3.00% 204916 | 2,048 | 2,152 | ||||||
Fannie Mae Pool #BK8767 4.00% 204916 | 97 | 105 | ||||||
Fannie Mae Pool #CB2375 2.50% 205116 | 8,608 | 8,854 | ||||||
Fannie Mae Pool #CB2319 2.50% 205116 | 209 | 216 | ||||||
Fannie Mae Pool #CB2372 2.50% 205116 | 100 | 103 | ||||||
Fannie Mae Pool #BT9510 2.50% 205116 | 100 | 103 | ||||||
Fannie Mae Pool #BT9483 2.50% 205116 | 100 | 103 | ||||||
Fannie Mae Pool #FM8453 3.00% 205116 | 5,445 | 5,768 | ||||||
Fannie Mae, Series 2001-T10, Class A1, 7.00% 204116 | 102 | 116 | ||||||
Fannie Mae, Series 2002-W3, Class A5, 7.50% 204116 | 29 | 34 | ||||||
Fannie Mae, Series 2012-M14, Class A2, Multi Family, 2.301% 202213,16 | 808 | 815 | ||||||
Fannie Mae, Series 2012-M9, Class A2, Multi Family, 2.482% 202216 | 547 | 549 | ||||||
Fannie Mae, Series 2012-M5, Class A2, Multi Family, 2.715% 202216 | 59 | 59 | ||||||
Fannie Mae, Series 2014-M1, Class A2, Multi Family, 3.123% 202313,16 | 4,068 | 4,183 | ||||||
Fannie Mae, Series 2014-M2, Class A2, Multi Family, 3.513% 202313,16 | 2,921 | 3,038 | ||||||
Fannie Mae, Series 2014-M9, Class A2, Multi Family, 3.103% 202413,16 | 5,268 | 5,474 |
American Funds Insurance Series | 145 |
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, Series 2014-M3, Class A2, Multi Family, 3.489% 202413,16 | $ | 2,456 | $ | 2,555 | ||||
Fannie Mae, Series 2017-M3, Class A2, Multi Family, 2.466% 202613,16 | 8,957 | 9,340 | ||||||
Fannie Mae, Series 2017-M7, Class A2, Multi Family, 2.961% 202713,16 | 2,891 | 3,063 | ||||||
Fannie Mae, Series 2006-43, Class JO, principal only, 0% 203616 | 51 | 46 | ||||||
Freddie Mac Pool #C91912 3.00% 203716 | 13,210 | 13,890 | ||||||
Freddie Mac Pool #G03978 5.00% 203816 | 516 | 585 | ||||||
Freddie Mac Pool #G04553 6.50% 203816 | 62 | 70 | ||||||
Freddie Mac Pool #G08347 4.50% 203916 | 82 | 90 | ||||||
Freddie Mac Pool #C03518 5.00% 204016 | 702 | 789 | ||||||
Freddie Mac Pool #Q05807 4.00% 204216 | 2,034 | 2,236 | ||||||
Freddie Mac Pool #Q23185 4.00% 204316 | 1,551 | 1,725 | ||||||
Freddie Mac Pool #Q23190 4.00% 204316 | 944 | 1,034 | ||||||
Freddie Mac Pool #760014 2.843% 204513,16 | 239 | 248 | ||||||
Freddie Mac Pool #Q37988 4.00% 204516 | 7,064 | 7,738 | ||||||
Freddie Mac Pool #G60344 4.00% 204516 | 6,100 | 6,717 | ||||||
Freddie Mac Pool #Z40130 3.00% 204616 | 5,192 | 5,515 | ||||||
Freddie Mac Pool #Q41090 4.50% 204616 | 344 | 375 | ||||||
Freddie Mac Pool #Q41909 4.50% 204616 | 338 | 366 | ||||||
Freddie Mac Pool #760015 2.627% 204713,16 | 581 | 599 | ||||||
Freddie Mac Pool #Q46021 3.50% 204716 | 1,181 | 1,258 | ||||||
Freddie Mac Pool #SI2002 4.00% 204816 | 3,139 | 3,356 | ||||||
Freddie Mac Pool #SD7507 3.00% 204916 | 2,269 | 2,388 | ||||||
Freddie Mac Pool #SD7528 2.00% 205016 | 20,064 | 20,116 | ||||||
Freddie Mac Pool #SD7545 2.50% 205116 | 7,793 | 8,046 | ||||||
Freddie Mac Pool #RA6483 2.50% 205116 | 7,454 | 7,675 | ||||||
Freddie Mac Pool #QD3220 2.50% 205116 | 100 | 103 | ||||||
Freddie Mac Pool #RA5971 3.00% 205116 | 7,519 | 7,929 | ||||||
Freddie Mac, Series T041, Class 3A, 4.718% 203213,16 | 208 | 227 | ||||||
Freddie Mac, Series K044, Class A2, Multi Family, 2.811% 202516 | 4,265 | 4,452 | ||||||
Freddie Mac, Series K047, Class A2, Multi Family, 3.329% 202516 | 4,000 | 4,254 | ||||||
Freddie Mac, Series K733, Class A2, Multi Family, 3.75% 202513,16 | 9,778 | 10,541 | ||||||
Freddie Mac, Series K055, Class A2, Multi Family, 2.673% 202616 | 10,050 | 10,545 | ||||||
Freddie Mac, Series K734, Class A2, Multi Family, 3.208% 202616 | 7,370 | 7,868 | ||||||
Freddie Mac, Series K066, Class A2, Multi Family, 3.117% 202716 | 4,755 | 5,132 | ||||||
Freddie Mac, Series K076, Class A2, Multi Family, 3.90% 202816 | 3,237 | 3,670 | ||||||
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-2, Class MA, 3.00% 205616 | 6,325 | 6,534 | ||||||
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-2, Class HA, 3.00% 205613,16 | 6,251 | 6,449 | ||||||
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-1, Class HA, 3.00% 205613,16 | 3,128 | 3,226 | ||||||
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-3, Class HA, 3.25% 205613,16 | 1,358 | 1,404 | ||||||
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-4, Class HT, 3.25% 205713,16 | 1,066 | 1,121 | ||||||
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2018-3, Class MA, 3.50% 205716 | 2,318 | 2,405 | ||||||
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2018-2, Class MT, 3.50% 205716 | 2,256 | 2,386 | ||||||
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-4, Class MT, 3.50% 205716 | 882 | 938 | ||||||
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2019-2, Class MA, 3.50% 205816 | 11,751 | 12,263 | ||||||
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2019-4, Class MA, 3.00% 205916 | 6,547 | 6,762 | ||||||
Freddie Mac Seasoned Loan Structured Transaction Trust, Series 2018-2, Class A1, 3.50% 202816 | 2,621 | 2,704 | ||||||
Freddie Mac Seasoned Loan Structured Transaction Trust, Series 2019-3, Class A1C, 2.75% 202916 | 3,395 | 3,505 | ||||||
Freddie Mac Seasoned Loan Structured Transaction Trust, Series 2019-1, Class A1, 3.50% 202916 | 5,162 | 5,368 |
146 | American Funds Insurance Series |
Asset Allocation Fund (continued)
Bonds, notes & other debt instruments (continued) | Principal amount (000) | Value (000) | ||||||
Federal agency mortgage-backed obligations (continued) | ||||||||
Mortgage-backed obligations (continued) | ||||||||
Freddie Mac Seasoned Loan Structured Transaction Trust, Series 2019-1, Class A2, 3.50% 202916 | $ | 2,455 | $ | 2,600 | ||||
Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2015-DNA1, Class M3, 3.402% 202713,16 | 473 | 481 | ||||||
Government National Mortgage Assn. 2.00% 205216,17 | 63,224 | 63,799 | ||||||
Government National Mortgage Assn. 2.00% 205216,17 | 16,310 | 16,429 | ||||||
Government National Mortgage Assn. 2.50% 205216,17 | 4,876 | 4,973 | ||||||
Government National Mortgage Assn. 2.50% 205216,17 | 990 | 1,014 | ||||||
Government National Mortgage Assn. 3.00% 205216,17 | 35,782 | 37,025 | ||||||
Government National Mortgage Assn. 3.50% 205216,17 | 26,752 | 27,858 | ||||||
Government National Mortgage Assn. 4.00% 205216,17 | 9,238 | 9,728 | ||||||
Government National Mortgage Assn. Pool #BD7245 4.00% 204816 | 628 | 666 | ||||||
Government National Mortgage Assn. Pool #MA5652 4.50% 204816 | 489 | 518 | ||||||
Government National Mortgage Assn. Pool #MA5876 4.00% 204916 | 7,322 | 7,727 | ||||||
Government National Mortgage Assn. Pool #MA5986 4.00% 204916 | 940 | 991 | ||||||
Government National Mortgage Assn. Pool #MA5764 4.50% 204916 | 13,796 | 14,585 | ||||||
Government National Mortgage Assn. Pool #MA5877 4.50% 204916 | 4,622 | 4,886 | ||||||
Government National Mortgage Assn. Pool #MA6092 4.50% 204916 | 3,048 | 3,222 | ||||||
Government National Mortgage Assn. Pool #MA5711 4.50% 204916 | 839 | 888 | ||||||
Government National Mortgage Assn. Pool #MA6602 4.50% 205016 | 293 | 310 | ||||||
Government National Mortgage Assn. Pool #MA7419 3.00% 205116 | 28,849 | 29,893 | ||||||
Government National Mortgage Assn. Pool #MA7259 4.50% 205116 | 2,634 | 2,797 | ||||||
Government National Mortgage Assn. Pool #MA7316 4.50% 205116 | 766 | 813 | ||||||
Uniform Mortgage-Backed Security 1.50% 203716,17 | 11,973 | 11,985 | ||||||
Uniform Mortgage-Backed Security 1.50% 203716,17 | 7,822 | 7,844 | ||||||
Uniform Mortgage-Backed Security 2.00% 203716,17 | 27,501 | 28,161 | ||||||
Uniform Mortgage-Backed Security 2.00% 203716,17 | 24,668 | 25,217 | ||||||
Uniform Mortgage-Backed Security 2.50% 203716,17 | 638 | 659 | ||||||
Uniform Mortgage-Backed Security 3.00% 203716,17 | 16,342 | 17,088 | ||||||
Uniform Mortgage-Backed Security 2.00% 205216,17 | 133,694 | 132,713 | ||||||
Uniform Mortgage-Backed Security 2.00% 205216,17 | 12,473 | 12,408 | ||||||
Uniform Mortgage-Backed Security 2.50% 205216,17 | 105,086 | 106,716 | ||||||
Uniform Mortgage-Backed Security 2.50% 205216,17 | 40,552 | 41,273 | ||||||
Uniform Mortgage-Backed Security 3.00% 205216,17 | 162,650 | 168,512 | ||||||
Uniform Mortgage-Backed Security 3.50% 205216,17 | 85,313 | 89,818 | ||||||
Uniform Mortgage-Backed Security 4.00% 205216,17 | 10,520 | 11,190 | ||||||
Uniform Mortgage-Backed Security 4.50% 205216,17 | 41,792 | 44,776 | ||||||
1,280,828 | ||||||||
Commercial mortgage-backed securities 0.33% | ||||||||
Bank Commercial Mortgage Trust, Series 2020-BN26, Class A4, 2.403% 206316 | 2,909 | 2,968 | ||||||
Barclays Commercial Mortgage Securities LLC, Series 2017-DELC, Class A, 0.96% 20367,13,16 | 2,000 | 2,001 | ||||||
Benchmark Mortgage Trust, Series 2018-B2, Class A4, 3.615% 205116 | 1,000 | 1,080 | ||||||
Benchmark Mortgage Trust, Series 2020-B17, Class A5, 2.289% 205316 | 2,960 | 2,983 | ||||||
BX Trust, Series 2021-ACNT, Class A, (1-month USD-LIBOR + 0.85%) 0.95% 20267,13,16 | 5,254 | 5,255 | ||||||
BX Trust, Series 2021-SDMF, Class A, (1-month USD-LIBOR + 0.589%) 0.699% 20347,13,16 | 5,954 | 5,893 | ||||||
BX Trust, Series 2021-VOLT, Class A, (1-month USD-LIBOR + 0.70%) 0.81% 20367,13,16 | 4,505 | 4,496 | ||||||
BX Trust, Series 2021-ARIA, Class A, (1-month USD-LIBOR + 0.899%) 1.009% 20367,13,16 | 7,968 | 7,965 | ||||||
BX Trust, Series 2021-VOLT, Class B, (1-month USD-LIBOR + 0.95%) 1.06% 20367,13,16 | 679 | 676 | ||||||
BX Trust, Series 2021-ARIA, Class B, (1-month USD-LIBOR + 1.297%) 1.407% 20367,13,16 | 5,968 | 5,964 | ||||||
BX Trust, Series 2021-SOAR, Class A, (1-month USD-LIBOR + 0.67%) 0.78% 20387,13,16 | 7,538 | 7,506 | ||||||
BX Trust, Series 2021-SOAR, Class B, (1-month USD-LIBOR + 0.87%) 0.98% 20387,13,16 | 1,361 | 1,355 | ||||||
BX Trust, Series 2021-SOAR, Class C, (1-month USD-LIBOR + 1.10%) 1.21% 20387,13,16 | 1,229 | 1,224 | ||||||
Citigroup Commercial Mortgage Trust, Series 2015-GC29, Class AAB, 2.984% 204816 | 748 | 766 | ||||||
Commercial Mortgage Trust, Series 2015-PC1, Class A5, 3.902% 205016 | 4,735 | 5,050 | ||||||
CSAIL Commercial Mortgage Trust, Series 2015-C4, Class ASB, 3.617% 204816 | 1,065 | 1,107 |
American Funds Insurance Series | 147 |
Asset Allocation Fund (continued)
Bonds, notes & other debt instruments (continued) | Principal amount (000) | Value (000) | ||||||
Mortgage-backed obligations (continued) | ||||||||
Commercial mortgage-backed securities (continued) | ||||||||
Extended Stay America Trust, Series 2021-ESH, Class A, (1-month USD-LIBOR + 1.08%) 1.19% 20387,13,16 | $ | 1,566 | $ | 1,570 | ||||
Extended Stay America Trust, Series 2021-ESH, Class B, (1-month USD-LIBOR + 1.38%) 1.49% 20387,13,16 | 1,429 | 1,432 | ||||||
Extended Stay America Trust, Series 2021-ESH, Class C, (1-month USD-LIBOR + 1.70%) 1.81% 20387,13,16 | 1,493 | 1,496 | ||||||
Grace Mortgage Trust, Series 2020-GRCE, Class A, 2.347% 20407,16 | 3,795 | 3,798 | ||||||
GS Mortgage Securities Trust, Series 2020-GC47, Class A5, 2.377% 205316 | 2,489 | 2,527 | ||||||
JPMorgan Chase Commercial Mortgage Securities Trust, Series 2021-410T, Class A, 2.287% 20427,16 | 1,431 | 1,435 | ||||||
LUXE Commercial Mortgage Trust, Series 2021-TRIP, Class A, (1-month USD-LIBOR + 1.05%) 1.16% 20387,13,16 | 3,572 | 3,576 | ||||||
LUXE Commercial Mortgage Trust, Series 2021-TRIP, Class B, (1-month USD-LIBOR + 1.40%) 1.51% 20387,13,16 | 1,904 | 1,905 | ||||||
Manhattan West Mortgage Trust, Series 2020-1MW, Class A, 2.13% 20397,16 | 13,772 | 13,747 | ||||||
MHC Commercial Mortgage Trust, CMO, Series 2021-MHC, Class A, (1-month USD-LIBOR + 0.801%) 0.911% 20267,13,16 | 3,950 | 3,948 | ||||||
Morgan Stanley Bank of America Merrill Lynch Trust, Series 2015-C27, Class ASB, 3.557% 204716 | 768 | 798 | ||||||
Morgan Stanley Bank of America Merrill Lynch Trust, Series 2015-C22, Class ASB, 3.04% 204816 | 815 | 835 | ||||||
SLG Office Trust, Series 2021-OVA, Class A, 2.585% 20417,16 | 3,987 | 4,090 | ||||||
SREIT Trust, Series 2021-MFP, Class A, (1-month USD-LIBOR + 0.731%) 0.841% 20387,13,16 | 4,808 | 4,793 | ||||||
102,239 | ||||||||
Collateralized mortgage-backed obligations (privately originated) 0.17% | ||||||||
Arroyo Mortgage Trust, Series 2021-1R, Class A1, 1.175% 20487,13,16 | 1,574 | 1,567 | ||||||
Bellemeade Re, Ltd., Series 2019-3A, Class M1B, (1-month USD-LIBOR + 1.60%) 1.702% 20297,13,16 | 3,251 | 3,253 | ||||||
Cascade Funding Mortgage Trust, Series 2018-RM2, Class A, 4.00% 20687,13,16 | 1,560 | 1,603 | ||||||
Connecticut Avenue Securities, Series 2021-R01, Class 1M1, | ||||||||
(1-month USD-SOFR + 0.75%) 0.80% 20417,13,16 | 1,013 | 1,013 | ||||||
Credit Suisse Mortgage Trust, Series 2020-NET, Class A, 2.257% 20377,16 | 4,191 | 4,229 | ||||||
Credit Suisse Mortgage Trust, Series 2017-RPL3, Class A1, 2.00% 20607,13,16 | 2,557 | 2,572 | ||||||
CS First Boston Mortgage Securities Corp., Series 2004-5, Class IVA1, 6.00% 203416 | 172 | 182 | ||||||
Finance of America Structured Securities Trust, Series 2019-JR2, Class A1, 2.00% 20697,16 | 7,810 | 8,559 | ||||||
Finance of America Structured Securities Trust, Series 2019-JR1, Class A, 2.00% 20697,16 | 2,724 | 3,036 | ||||||
Home Partners of America Trust, Series 2021-2, Class A, 1.901% 20267,16 | 4,491 | 4,449 | ||||||
Legacy Mortgage Asset Trust, Series 2019-GS5, Class A1, 3.20% 20597,13,16 | 4,138 | 4,152 | ||||||
Legacy Mortgage Asset Trust, Series 2019-GS7, Class A1, 3.25% 20597,13,16 | 1,216 | 1,221 | ||||||
Legacy Mortgage Asset Trust, Series 2019-GS2, Class A1, 3.75% 20597,13,16 | 531 | 532 | ||||||
MASTR Alternative Loan Trust, Series 2004-2, Class 2A1, 6.00% 203416 | 352 | 366 | ||||||
Mello Warehouse Securitization Trust, Series 2021-3, Class A, (1-month USD-LIBOR + 0.85%) 0.952% 20557,13,16 | 4,040 | 4,037 | ||||||
Mortgage Repurchase Agreement Financing Trust, Series 2020-5, (1-month USD-LIBOR + 1.00%) 1.101% 20237,13,16 | 2,862 | 2,865 | ||||||
MRA Issuance Trust, Series 2020-10, Class A, (1-month USD-LIBOR + 1.70%) 1.786% 20227,13,16 | 5,219 | 5,224 | ||||||
RMF Proprietary Issuance Trust, Series 2019-1, Class A, 2.75% 20637,13,16 | 566 | 567 | ||||||
Station Place Securitization Trust, Series 2021-WL2, Class A, (1-month USD-LIBOR + 0.70%) 0.802% 20547,13,16 | 1,300 | 1,301 | ||||||
50,728 | ||||||||
Total mortgage-backed obligations | 1,433,795 |
148 | American Funds Insurance Series |
Asset Allocation Fund (continued)
Bonds, notes & other debt instruments (continued) | Principal amount (000) | Value (000) | ||||||
Asset-backed obligations 1.29% | ||||||||
Aesop Funding LLC, Series 2017-2A, Class A, 2.97% 20247,16 | $ | 1,920 | $ | 1,960 | ||||
Aesop Funding LLC, Series 2018-1A, Class A, 3.70% 20247,16 | 1,114 | 1,156 | ||||||
Aesop Funding LLC, Series 2018-2A, Class A, 4.00% 20257,16 | 3,100 | 3,271 | ||||||
Aesop Funding LLC, Series 2021-1A, Class A, 1.38% 20277,16 | 13,378 | 13,166 | ||||||
Aesop Funding LLC, Series 2020-2, Class A, 2.02% 20277,16 | 539 | 546 | ||||||
Aesop Funding LLC, Series 2020-2A, Class B, 2.96% 20277,16 | 138 | 143 | ||||||
Affirm Asset Securitization Trust, Series 2021-Z2, Class A, 1.17% 20267,16 | 2,248 | 2,240 | ||||||
Allegro CLO, Ltd., Series 2016-1A, Class AR2, (3-month USD-LIBOR + 0.95%) 1.074% 20307,13,16 | 2,538 | 2,538 | ||||||
Allegro CLO, Ltd., Series 2017-1A, Class AR, (3-month USD-LIBOR + 0.95%) 1.072% 20307,13,16 | 1,639 | 1,639 | ||||||
Ares CLO, Ltd., Series 2017-42A, Class AR, (3-month USD-LIBOR + 0.92%) 1.048% 20287,13,16 | 3,510 | 3,510 | ||||||
Ballyrock CLO, Ltd., Series 2019-2A, Class A1AR, (3-month USD-LIBOR + 1.00%) 1.16% 20307,13,16 | 3,660 | 3,660 | ||||||
Bankers Healthcare Group Securitization Trust, Series 2021-A, Class A, 1.42% 20337,16 | 784 | 779 | ||||||
Castlelake Aircraft Securitization Trust, Series 2021-2A, Class A, 2.868% 20377,16 | 5,062 | 5,026 | ||||||
Castlelake Aircraft Securitization Trust, Series 2017-1R, Class A, 2.741% 20417,16 | 881 | 871 | ||||||
Cent CLO, Ltd., Series 2014-21A, Class AR, (3-month USD-LIBOR + 0.97%) 1.105% 20307,13,16 | 5,185 | 5,183 | ||||||
CF Hippolyta LLC, Series 2020-1, Class A1, 1.69% 20607,16 | 5,261 | 5,223 | ||||||
CF Hippolyta LLC, Series 2020-1, Class A2, 1.99% 20607,16 | 1,783 | 1,754 | ||||||
CF Hippolyta LLC, Series 2020-1, Class B1, 2.28% 20607,16 | 911 | 911 | ||||||
CF Hippolyta LLC, Series 2020-1, Class B2, 2.60% 20607,16 | 170 | 170 | ||||||
CF Hippolyta LLC, Series 2021-1, Class A1, 1.53% 20617,16 | 6,175 | 6,066 | ||||||
CF Hippolyta LLC, Series 2021-1, Class B1, 1.98% 20617,16 | 793 | 782 | ||||||
CLI Funding VI LLC, Series 2020-2A, Class A, 2.03% 20457,16 | 1,648 | 1,638 | ||||||
CLI Funding VI LLC, Series 2020-3A, Class A, 2.07% 20457,16 | 1,348 | 1,341 | ||||||
CLI Funding VI LLC, Series 2020-1A, Class A, 2.08% 20457,16 | 6,077 | 6,057 | ||||||
CLI Funding VI LLC, Series 2020-3A, Class B, 3.30% 20457,16 | 858 | 864 | ||||||
CLI Funding VIII LLC, Series 2021-1A, Class A, 1.64% 20467,16 | 1,813 | 1,774 | ||||||
Cloud Pass-Through Trust, Series 2019-1A, Class CLOU, 3.554% 20227,13,16 | 27 | 27 | ||||||
Credit Acceptance Auto Loan Trust, Series 2020-1A, Class A, 2.01% 20297,16 | 2,964 | 2,988 | ||||||
Drive Auto Receivables Trust, Series 2019-3, Class C, 2.90% 202516 | 643 | 649 | ||||||
Drive Auto Receivables Trust, Series 2020-1, Class C, 2.36% 202616 | 2,262 | 2,280 | ||||||
Drivetime Auto Owner Trust, Series 2019-3, Class C, 2.74% 20257,16 | 70 | 70 | ||||||
Dryden Senior Loan Fund, CLO, Series 2017-47A, Class A1R, (3-month USD-LIBOR + 0.98%) 1.104% 20287,13,16 | 5,478 | 5,477 | ||||||
EDvestinU Private Education Loan LLC, Series 2021-A, Class A, 1.80% 20457,16 | 431 | 424 | ||||||
FirstKey Homes Trust, Series 2020-SFR2, Class A, 1.266% 20377,16 | 6,049 | 5,902 | ||||||
Ford Credit Auto Owner Trust, Series 2018-2, Class A, 3.47% 20307,16 | 4,825 | 5,015 | ||||||
Ford Credit Auto Owner Trust, Series 2018-1, Class A, 3.52% 20307,16 | 6,000 | 6,293 | ||||||
Ford Credit Auto Owner Trust, Series 2020-1, Class A, 2.04% 20317,16 | 8,861 | 9,029 | ||||||
Ford Credit Auto Owner Trust, Series 2018-1, Class A, 3.19% 20317,16 | 9,605 | 10,127 | ||||||
GCI Funding I LLC, Series 2020-1, Class A, 2.82% 20457,16 | 816 | 819 | ||||||
GCI Funding I LLC, Series 2020-1, Class B, 3.81% 20457,16 | 328 | 331 | ||||||
Global SC Finance V SRL, Series 2019-1A, Class B, 4.81% 20397,16 | 2,810 | 3,001 | ||||||
Global SC Finance V SRL, Series 2020-1A, Class A, 2.17% 20407,16 | 11,791 | 11,784 | ||||||
Global SC Finance VII SRL, Series 2020-2A, Class A, 2.26% 20407,16 | 14,893 | 14,934 | ||||||
Global SC Finance VII SRL, Series 2020-2A, Class B, 3.32% 20407,16 | 616 | 620 | ||||||
Global SC Finance VII SRL, Series 2021-1A, Class A, 1.86% 20417,16 | 4,545 | 4,480 | ||||||
Global SC Finance VII SRL, Series 2021-2A, Class A, 1.95% 20417,16 | 6,744 | 6,673 | ||||||
Global SC Finance VII SRL, Series 2021-2A, Class B, 2.49% 20417,16 | 534 | 527 | ||||||
Hertz Vehicle Financing III, LLC, Series 2021-A, Class B, 3.65% 20233,7,16 | 5,930 | 5,917 | ||||||
Hertz Vehicle Financing III, LLC, Series 2021-1A, Class A, 1.21% 20257,16 | 8,452 | 8,380 | ||||||
Hertz Vehicle Financing III, LLC, Series 2021-1A, Class B, 1.56% 20257,16 | 634 | 629 | ||||||
Hertz Vehicle Financing III, LLC, Series 2021-1A, Class C, 2.05% 20257,16 | 405 | 401 | ||||||
Hertz Vehicle Financing III, LLC, Series 2021-2A, Class A, 1.68% 20277,16 | 9,163 | 9,047 | ||||||
Hertz Vehicle Financing III, LLC, Series 2021-2A, Class B, 2.12% 20277,16 | 685 | 680 | ||||||
Hertz Vehicle Financing III, LLC, Series 2021-2A, Class C, 2.52% 20277,16 | 429 | 427 | ||||||
Honda Auto Receivables Owner Trust, Series 2019-2, Class A3, 2.52% 202316 | 1,011 | 1,019 |
American Funds Insurance Series | 149 |
Asset Allocation Fund (continued)
Bonds, notes & other debt instruments (continued) | Principal amount (000) | Value (000) | ||||||
Asset-backed obligations (continued) | ||||||||
Longfellow Place CLO, Ltd., Series 2013-1A, Class AR3, (3-month USD-LIBOR + 1.00%) 1.124% 20297,13,16 | $ | 3,028 | $ | 3,028 | ||||
Lunar Structured Aircraft Portfolio Notes, Series 2021-1, Class A, 2.636% 20467,16 | 3,884 | 3,872 | ||||||
Madison Park Funding, Ltd., CLO, Series 2015-17A, Class AR2, (3-month USD-LIBOR + 1.00%) 1.13% 20307,13,16 | 5,545 | 5,542 | ||||||
Marathon CLO, Ltd., Series 2017-9A, Class A1AR, (3-month USD-LIBOR + 1.15%) 1.274% 20297,13,16 | 3,533 | 3,533 | ||||||
Mercury Financial Credit Card Master Trust, Series 2021-1A, Class A, 1.54% 20267,16 | 4,700 | 4,698 | ||||||
Mission Lane Credit Card Master Trust, Series 2021-A, Class A, 1.59% 20267,16 | 1,900 | 1,888 | ||||||
Navient Student Loan Trust, Series 2021-C, Class A, 1.06% 20697,16 | 6,496 | 6,405 | ||||||
Navient Student Loan Trust, Series 2021-G, Class A, 1.58% 20707,16 | 6,977 | 6,957 | ||||||
Navigator Aircraft ABS, Ltd., Series 2021-1, Class A, 2.771% 20467,16 | 6,817 | 6,809 | ||||||
Nelnet Student Loan Trust, Series 2021-C, Class AFX, 1.32% 20627,16 | 13,885 | 13,682 | ||||||
Nelnet Student Loan Trust, Series 2021-A, Class APT1, 1.36% 20627,16 | 7,716 | 7,588 | ||||||
Nelnet Student Loan Trust, Series 2021-B, Class AFX, 1.42% 20627,16 | 13,129 | 12,954 | ||||||
New Economy Assets Phase 1 Issuer, LLC, Series 2021-1, Class A1, 1.91% 20617,16 | 23,051 | 22,638 | ||||||
New Economy Assets Phase 1 Issuer, LLC, Series 2021-1, Class B1, 2.41% 20617,16 | 5,200 | 5,220 | ||||||
Newark BSL CLO 2, Ltd., Series 2017-1A, Class A1R, (3-month USD-LIBOR + 0.97%) 1.094% 20307,13,16 | 1,765 | 1,765 | ||||||
Palmer Square Loan Funding, CLO, Series 2021-4A, Class A1, (3-month USD-LIBOR + 0.80%) 0.928% 20297,13,16 | 10,000 | 9,995 | ||||||
Palmer Square Loan Funding, CLO, Series 2021-4A, Class A2, (3-month USD-LIBOR + 1.40%) 1.528% 20297,13,16 | 5,378 | 5,379 | ||||||
Palmer Square Loan Funding, CLO, Series 2020-4, Class A1, (3-month USD-LIBOR + 1.00%) 1.18% 20287,13,16 | 2,043 | 2,044 | ||||||
Palmer Square Loan Funding, CLO, Series 2021-1, Class A1, (3-month USD-LIBOR + 0.90%) 1.032% 20297,13,16 | 609 | 609 | ||||||
Race Point CLO, Ltd., Series 2015-9A, Class A1A2, (3-month USD-LIBOR + 0.94%) 1.064% 20307,13,16 | 4,634 | 4,633 | ||||||
Santander Drive Auto Receivables Trust, Series 2020-1, Class A3, 2.03% 202416 | 9 | 9 | ||||||
Santander Drive Auto Receivables Trust, Series 2020-1, Class B, 3.03% 202416 | 345 | 347 | ||||||
Santander Drive Auto Receivables Trust, Series 2020-1, Class C, 4.11% 202516 | 1,000 | 1,030 | ||||||
SMB Private Education Loan Trust, Series 2021-A, Class A2A2, (1-month USD-LIBOR + 0.73%) 0.84% 20537,13,16 | 7,547 | 7,588 | ||||||
Sound Point CLO, Ltd., Series 2017-3A, Class A1R, (3-month USD-LIBOR + 0.98%) 1.112% 20307,13,16 | 5,530 | 5,531 | ||||||
Sound Point CLO, Ltd., Series 2017-2A, Class AR, (3-month USD-LIBOR + 0.98%) 1.112% 20307,13,16 | 3,233 | �� | 3,233 | |||||
Sound Point CLO, Ltd., Series 2015-1RA, Class AR, (3-month USD-LIBOR + 1.08%) 1.204% 20307,13,16 | 2,985 | 2,985 | ||||||
Sprite, Ltd., Series 2021-1, Class A, 3.75% 20467,16 | 5,306 | 5,226 | ||||||
Stellar Jay Ireland DAC, Series 2021-1, Class A, 3.967% 20417,16 | 4,998 | 4,972 | ||||||
Stonepeak Infrastructure Partners, Series 2021-1A, Class AA, 2.301% 20337,16 | 2,779 | 2,754 | ||||||
Stonepeak Infrastructure Partners, Series 2021-1A, Class A, 2.675% 20337,16 | 2,271 | 2,264 | ||||||
SuttonPark Structured Settlements, Series 2021-1, Class A, 1.95% 20757,16 | 4,127 | 4,077 | ||||||
TAL Advantage V LLC, Series 2020-1A, Class A, 2.05% 20457,16 | 2,070 | 2,060 | ||||||
TAL Advantage V LLC, Series 2020-1A, Class B, 3.29% 20457,16 | 232 | 233 | ||||||
Textainer Marine Containers, Ltd., Series 2020-2A, Class A, 2.10% 20457,16 | 901 | 897 | ||||||
Textainer Marine Containers, Ltd., Series 2021-1A, Class A, 1.68% 20467,16 | 1,011 | 985 | ||||||
Textainer Marine Containers, Ltd., Series 2021-2A, Class A, 2.23% 20467,16 | 4,828 | 4,820 | ||||||
TIF Funding II LLC, Series 2021-1A, Class A, 1.65% 20467,16 | 811 | 788 | ||||||
Toyota Auto Loan Extended Note Trust, Series 2019-1, Class A, 2.56% 20317,16 | 3,250 | 3,358 | ||||||
Toyota Auto Loan Extended Note Trust, Series 2020-1, Class A, 1.35% 20337,16 | 889 | 887 | ||||||
Toyota Auto Loan Extended Note Trust, Series 2021-1, Class A, 1.07% 20347,13,16 | 7,257 | 7,128 | ||||||
Triton Container Finance VIII LLC, Series 2020-1, Class A, 2.11% 20457,16 | 11,432 | 11,363 | ||||||
Triton Container Finance VIII LLC, Series 2021-1, Class A, 1.86% 20467,16 | 3,081 | 3,025 | ||||||
Westlake Automobile Receivables Trust, Series 2019-2A, Class C, 2.84% 20247,16 | 1,035 | 1,040 | ||||||
396,057 |
150 | American Funds Insurance Series |
Asset Allocation Fund (continued)
Bonds, notes & other debt instruments (continued) | Principal amount (000) | Value (000) | ||||||
Municipals 0.12% | ||||||||
California 0.02% | ||||||||
Golden State Tobacco Securitization Corp., Enhanced Tobacco Settlement Asset-Backed Bonds, Series 2021-A-1, 2.158% 2026 | $ | 1,200 | $ | 1,208 | ||||
Golden State Tobacco Securitization Corp., Enhanced Tobacco Settlement Asset-Backed Bonds, Series 2021-A-1, 2.332% 2027 | 1,660 | 1,672 | ||||||
Golden State Tobacco Securitization Corp., Enhanced Tobacco Settlement Asset-Backed Bonds, Series 2021-B, 2.746% 2034 | 495 | 499 | ||||||
Golden State Tobacco Securitization Corp., Enhanced Tobacco Settlement Asset-Backed Bonds, Series 2021-B, 3.293% 2042 | 1,170 | 1,193 | ||||||
Golden State Tobacco Securitization Corp., Enhanced Tobacco Settlement Asset-Backed Bonds, Series 2021-B, 3.00% 2046 | 2,795 | 2,867 | ||||||
7,439 | ||||||||
Connecticut 0.00% | ||||||||
Housing Fin. Auth., Housing Mortgage Fin. Program Bonds, Series 2014-C-1, 4.00% 2044 | 20 | 21 | ||||||
Housing Fin. Auth., Housing Mortgage Fin. Program Bonds, Series 2014-A-1, 4.00% 2044 | 15 | 15 | ||||||
36 | ||||||||
Florida 0.04% | ||||||||
Board of Administration Fin. Corp., Rev. Bonds, Series 2020-A, 1.705% 2027 | 5,335 | 5,324 | ||||||
Board of Administration Fin. Corp., Rev. Bonds, Series 2020-A, 2.154% 2030 | 5,365 | 5,357 | ||||||
10,681 | ||||||||
Guam 0.00% | ||||||||
A.B. Won Pat International Airport Auth., General Rev. Bonds, Series 2021-A, 3.839% 2036 | 240 | 246 | ||||||
A.B. Won Pat International Airport Auth., General Rev. Bonds, Series 2021-A, 4.46% 2043 | 315 | 328 | ||||||
574 | ||||||||
Illinois 0.02% | ||||||||
G.O. Bonds, Pension Funding, Series 2003, Assured Guaranty Municipal insured, 5.10% 2033 | 4,125 | 4,818 | ||||||
Maryland 0.00% | ||||||||
Community Dev. Administration, Dept. of Housing and Community Dev., Residential Rev. Ref. Bonds, Series 2014-E, 2.857% 2040 | 25 | 25 | ||||||
Minnesota 0.00% | ||||||||
Housing Fin. Agcy., Residential Housing Fin. Bonds, Series 2014-A, 4.00% 2038 | 45 | 47 | ||||||
Nebraska 0.00% | ||||||||
Investment Fin. Auth., Single Family Housing Rev. Bonds, Series 2013-A, 3.00% 2043 | 15 | 15 | ||||||
New York 0.02% | ||||||||
Dormitory Auth., Taxable State Personal Income Tax Rev. Bonds (General Purpose), Series 2021-C, 1.187% 2026 | 2,865 | 2,827 | ||||||
Dormitory Auth., Taxable State Personal Income Tax Rev. Bonds (General Purpose), Series 2021-C, 1.748% 2028 | 4,745 | 4,736 | ||||||
7,563 | ||||||||
Ohio 0.02% | ||||||||
Cleveland-Cuyahoga Port Auth., Federal Lease Rev. Bonds (VA Cleveland Health Care Center Project), Series 2021, 4.425% 2031 | 5,170 | 5,446 |
American Funds Insurance Series | 151 |
Asset Allocation Fund (continued)
Bonds, notes & other debt instruments (continued) | Principal amount (000) | Value (000) | ||||||
Municipals (continued) | ||||||||
South Carolina 0.00% | ||||||||
Housing Fin. Auth., Mortgage Rev. Ref. Bonds, Series 2014, AMT, 4.00% 2041 | $ | 10 | $ | 11 | ||||
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 | ||||||
Total municipals | 36,665 | |||||||
�� | ||||||||
Federal agency bonds & notes 0.12% | ||||||||
Fannie Mae 1.875% 2026 | 13,000 | 13,366 | ||||||
Fannie Mae 0.875% 2030 | 23,958 | 22,606 | ||||||
35,972 | ||||||||
Bonds & notes of governments & government agencies outside the U.S. 0.11% | ||||||||
CPPIB Capital, Inc. 2.25% 20227 | 4,286 | 4,291 | ||||||
CPPIB Capital, Inc. 2.75% 20277 | 6,600 | 7,058 | ||||||
European Investment Bank 0.75% 2026 | 6,194 | 6,031 | ||||||
KfW 2.125% 2022 | 375 | 376 | ||||||
Peru (Republic of) 1.862% 2032 | 2,525 | 2,310 | ||||||
Peru (Republic of) 2.78% 2060 | 3,775 | 3,322 | ||||||
Qatar (State of) 3.375% 20247 | 2,315 | 2,427 | ||||||
Qatar (State of) 4.00% 20297 | 745 | 841 | ||||||
Qatar (State of) 4.817% 20497 | 750 | 986 | ||||||
Saudi Arabia (Kingdom of) 3.25% 20307 | 1,750 | 1,884 | ||||||
Saudi Arabia (Kingdom of) 5.25% 20507 | 1,000 | 1,319 | ||||||
United Mexican States 2.659% 2031 | 2,703 | 2,644 | ||||||
United Mexican States 3.771% 2061 | 1,528 | 1,412 | ||||||
34,901 | ||||||||
Total bonds, notes & other debt instruments (cost: $6,243,430,000) | 6,393,877 | |||||||
Short-term securities 4.67% | Shares | |||||||
Money market investments 4.61% | ||||||||
Capital Group Central Cash Fund 0.09%6,18 | 14,171,922 | 1,417,334 | ||||||
Money market investments purchased with collateral from securities on loan 0.06% | ||||||||
Goldman Sachs Financial Square Government Fund, Institutional Shares 0.02%18,19 | 9,005,168 | 9,005 | ||||||
Capital Group Central Cash Fund 0.09%6,18,19 | 84,913 | 8,492 | ||||||
Invesco Short-Term Investments Trust – Government & Agency Portfolio, Institutional Class 0.03%18,19 | 606,579 | 607 | ||||||
18,104 | ||||||||
Total short-term securities (cost: $1,435,153,000) | 1,435,438 | |||||||
Total investment securities 102.80% (cost: $21,860,615,000) | 31,566,673 | |||||||
Other assets less liabilities (2.80)% | (860,753 | ) | ||||||
Net assets 100.00% | $ | 30,705,920 |
152 | American Funds Insurance Series |
Asset Allocation Fund (continued)
Futures contracts
Contracts | Type | Number of contracts | Expiration | Notional amount (000) | Value and unrealized (depreciation) appreciation at 12/31/2021 (000) | ||||||||||
90 Day Euro Dollar Futures | Long | 5,758 | December 2022 | $ | 1,424,457 | $ | (4,139 | ) | |||||||
2 Year U.S. Treasury Note Futures | Short | 213 | March 2022 | (46,471 | ) | 11 | |||||||||
5 Year U.S. Treasury Note Futures | Short | 6,473 | March 2022 | (783,081 | ) | (2,215 | ) | ||||||||
10 Year U.S. Treasury Note Futures | Short | 2,173 | March 2022 | (283,509 | ) | (3,092 | ) | ||||||||
10 Year Ultra U.S. Treasury Note Futures | Short | 2,190 | March 2022 | (320,698 | ) | (5,218 | ) | ||||||||
20 Year U.S. Treasury Bond Futures | Long | 677 | March 2022 | 108,616 | 959 | ||||||||||
30 Year Ultra U.S. Treasury Bond Futures | Long | 198 | March 2022 | 39,031 | (542 | ) | |||||||||
$ | (14,236 | ) |
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 (000) | Value at 12/31/2021 (000) | Upfront premium received (000) | Unrealized depreciation at 12/31/2021 (000) | |||||||||||||||||||
CDX.NA.IG.37 | 1.00% | Quarterly | 12/20/2026 | $ | 82,121 | $ | (1,995 | ) | $ | (1,947 | ) | $ | (48 | ) |
Investments in affiliates6
Value of affiliates at 1/1/2021 (000) | Additions (000) | Reductions (000) | Net realized gain (000) | Net unrealized depreciation (000) | Value of affiliates at 12/31/2021 (000) | Dividend income (000) | Capital gain distributions received (000) | |||||||||||||||||||||||||
Common stocks 0.02% | ||||||||||||||||||||||||||||||||
Health care 0.02% | ||||||||||||||||||||||||||||||||
NuCana PLC (ADR)1,2 | $ | 13,367 | $ | — | $ | — | $ | — | $ | (6,281 | ) | $ | 7,086 | $ | — | $ | — | |||||||||||||||
Consumer discretionary 0.00% | ||||||||||||||||||||||||||||||||
Kontoor Brands, Inc.20 | 150,072 | — | 207,653 | 106,939 | (49,358 | ) | — | 4,000 | — | |||||||||||||||||||||||
Total common stocks | 7,086 | |||||||||||||||||||||||||||||||
Investment funds 5.27% | ||||||||||||||||||||||||||||||||
Capital Group Central Corporate Bond Fund | — | 1,712,809 | 69,984 | 182 | (25,746 | ) | 1,617,261 | 20,735 | 14,433 | |||||||||||||||||||||||
Short-term securities 4.64% | ||||||||||||||||||||||||||||||||
Money market investments 4.61% | ||||||||||||||||||||||||||||||||
Capital Group Central Cash Fund 0.09%18 | 2,273,691 | 6,182,455 | 7,038,774 | 31 | (69 | ) | 1,417,334 | 1,583 | — | |||||||||||||||||||||||
Money market investments purchased with collateral from securities on loan 0.03% | ||||||||||||||||||||||||||||||||
Capital Group Central Cash Fund 0.09%18,19 | — | 8,49221 | 8,492 | — | 22 | — | ||||||||||||||||||||||||||
Total short-term securities | 1,425,826 | |||||||||||||||||||||||||||||||
Total 9.93% | $ | 107,152 | $ | (81,454 | ) | $ | 3,050,173 | $ | 26,318 | $ | 14,433 |
American Funds Insurance Series | 153 |
Asset Allocation 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 $19,643,000, which represented .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 $99,564,000, which represented .32% 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. Further details on these holdings appear below. |
6 | 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. |
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 $1,289,651,000, which represented 4.20% of the net assets of the fund. |
8 | Amount less than one thousand. |
9 | All or a portion of this security was pledged as collateral. The total value of pledged collateral was $13,414,000, which represented .04% of the net assets of the fund. |
10 | Index-linked bond whose principal amount moves with a government price index. |
11 | Step bond; coupon rate may change at a later date. |
12 | Loan participations and assignments; may be subject to legal or contractual restrictions on resale. The total value of all such loans was $15,054,000, which represented .05% of the net assets of the fund. |
13 | 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. |
14 | Scheduled interest and/or principal payment was not received. |
15 | 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. |
16 | Principal payments may be made periodically. Therefore, the effective maturity date may be earlier than the stated maturity date. |
17 | Purchased on a TBA basis. |
18 | Rate represents the seven-day yield at 12/31/2021. |
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 12/31/2021. |
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. |
Private placement securities | 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 | .16 | % | |||||||
Rotech Healthcare, Inc. | 9/26/2013 | 6,949 | 19,887 | .07 | ||||||||||
Total private placement securities | $ | 56,949 | $ | 69,887 | .23 | % |
Key to abbreviations and symbol
ADR = American Depositary Receipts
Agcy. = Agency
AMT = Alternative Minimum Tax
Auth. = Authority
CAD = Canadian dollars
CLO = Collateralized Loan Obligations
CMO = Collateralized Mortgage Obligations
DAC = Designated Activity Company
Dept. = Department
Dev. = Development
Fin. = Finance
G.O. = General Obligation
LIBOR = London Interbank Offered Rate
Ref. = Refunding
Rev. = Revenue
SOFR = Secured Overnight Financing Rate
TBA = To-be-announced
USD/$ = U.S. dollars
See notes to financial statements.
154 | American Funds Insurance Series |
Global Balanced Fund
Investment portfolio December 31, 2021
Common stocks 62.99% | Shares | Value (000) | ||||||
Information technology 15.11% | ||||||||
Microsoft Corp. | 40,763 | $ | 13,709 | |||||
Taiwan Semiconductor Manufacturing Company, Ltd. | 615,000 | 13,671 | ||||||
Broadcom, Inc. | 16,646 | 11,076 | ||||||
ASML Holding NV | 9,827 | 7,907 | ||||||
Tokyo Electron, Ltd. | 9,800 | 5,647 | ||||||
MediaTek, Inc. | 122,000 | 5,247 | ||||||
Motorola Solutions, Inc. | 9,740 | 2,646 | ||||||
Amadeus IT Group SA, Class A, non-registered shares1 | 31,003 | 2,105 | ||||||
PagSeguro Digital, Ltd., Class A1 | 78,715 | 2,064 | ||||||
Keyence Corp. | 3,200 | 2,011 | ||||||
Amphenol Corp., Class A | 21,959 | 1,921 | ||||||
Edenred SA | 30,661 | 1,416 | ||||||
Murata Manufacturing Co., Ltd. | 14,900 | 1,186 | ||||||
70,606 | ||||||||
Health care 9.88% | ||||||||
Pfizer, Inc. | 165,507 | 9,773 | ||||||
UnitedHealth Group, Inc. | 12,898 | 6,477 | ||||||
AstraZeneca PLC | 47,747 | 5,608 | ||||||
Danaher Corp. | 12,009 | 3,951 | ||||||
Humana, Inc. | 7,099 | 3,293 | ||||||
Thermo Fisher Scientific, Inc. | 4,831 | 3,224 | ||||||
Mettler-Toledo International, Inc.1 | 1,657 | 2,812 | ||||||
Coloplast A/S, Class B | 13,823 | 2,436 | ||||||
Merck & Co., Inc. | 26,629 | 2,041 | ||||||
Cigna Corp. | 7,731 | 1,775 | ||||||
Carl Zeiss Meditec AG, non-registered shares | 8,038 | 1,692 | ||||||
Gilead Sciences, Inc. | 20,605 | 1,496 | ||||||
Novartis AG | 10,489 | 924 | ||||||
Bayer AG | 11,799 | 631 | ||||||
Organon & Co. | 1,695 | 52 | ||||||
46,185 | ||||||||
Consumer discretionary 8.10% | ||||||||
Home Depot, Inc. | 30,508 | 12,661 | ||||||
LVMH Moët Hennessy-Louis Vuitton SE | 5,833 | 4,828 | ||||||
Domino’s Pizza, Inc. | 7,896 | 4,456 | ||||||
Darden Restaurants, Inc. | 15,874 | 2,391 | ||||||
Amazon.com, Inc.1 | 713 | 2,377 | ||||||
D’Ieteren Group1 | 10,856 | 2,121 | ||||||
Compagnie Financière Richemont SA, Class A | 12,809 | 1,925 | ||||||
Restaurant Brands International, Inc. (CAD denominated) | 27,862 | 1,689 | ||||||
General Motors Company1 | 27,867 | 1,634 | ||||||
Booking Holdings, Inc.1 | 661 | 1,586 | ||||||
Industria de Diseño Textil, SA | 30,437 | 989 | ||||||
Stellantis NV | 45,067 | 856 | ||||||
Wynn Resorts, Ltd.1 | 4,077 | 347 | ||||||
37,860 | ||||||||
Financials 7.27% | ||||||||
JPMorgan Chase & Co. | 48,427 | 7,669 | ||||||
Berkshire Hathaway, Inc., Class A1 | 13 | 5,859 | ||||||
Berkshire Hathaway, Inc., Class B1 | 396 | 118 | ||||||
Brookfield Asset Management, Inc., Class A (CAD denominated) | 54,939 | 3,318 | ||||||
Aon PLC, Class A | 9,975 | 2,998 | ||||||
Zurich Insurance Group AG | 5,606 | 2,463 | ||||||
S&P Global, Inc. | 4,694 | 2,215 | ||||||
BlackRock, Inc. | 2,403 | 2,200 | ||||||
Hong Kong Exchanges and Clearing, Ltd. | 34,500 | 2,015 | ||||||
AIA Group, Ltd. | 164,000 | 1,653 |
American Funds Insurance Series | 155 |
Global Balanced Fund (continued)
Common stocks (continued) | Shares | Value (000) | ||||||
Financials (continued) | ||||||||
Legal & General Group PLC | 371,225 | $ | 1,495 | |||||
FinecoBank SpA | 70,697 | 1,242 | ||||||
B3 SA-Brasil, Bolsa, Balcao | 363,556 | 727 | ||||||
33,972 | ||||||||
Consumer staples 7.05% | ||||||||
Nestlé SA | 72,056 | 10,078 | ||||||
Philip Morris International, Inc. | 56,450 | 5,363 | ||||||
Kweichow Moutai Co., Ltd., Class A | 12,821 | 4,124 | ||||||
Altria Group, Inc. | 66,224 | 3,138 | ||||||
Keurig Dr Pepper, Inc. | 78,316 | 2,887 | ||||||
British American Tobacco PLC | 70,634 | 2,613 | ||||||
British American Tobacco PLC (ADR) | 3,765 | 141 | ||||||
Ocado Group PLC1 | 73,424 | 1,668 | ||||||
Procter & Gamble Company | 7,504 | 1,227 | ||||||
Coca-Cola Europacific Partners PLC | 16,379 | 916 | ||||||
Budweiser Brewing Co. APAC, Ltd. | 296,400 | 777 | ||||||
32,932 | ||||||||
Industrials 5.17% | ||||||||
SITC International Holdings Co., Ltd. | 880,000 | 3,183 | ||||||
Airbus SE, non-registered shares1 | 20,920 | 2,676 | ||||||
Lockheed Martin Corp. | 7,077 | 2,515 | ||||||
Spirax-Sarco Engineering PLC | 10,174 | 2,210 | ||||||
SMC Corp. | 2,900 | 1,956 | ||||||
Watsco, Inc. | 5,265 | 1,647 | ||||||
Nidec Corp. | 14,000 | 1,646 | ||||||
CSX Corp. | 38,123 | 1,433 | ||||||
MTU Aero Engines AG | 6,895 | 1,408 | ||||||
BAE Systems PLC | 188,486 | 1,403 | ||||||
United Parcel Service, Inc., Class B | 5,782 | 1,239 | ||||||
Rockwell Automation | 3,193 | 1,114 | ||||||
Union Pacific Corp. | 3,852 | 971 | ||||||
Boeing Company1 | 3,799 | 765 | ||||||
24,166 | ||||||||
Materials 2.68% | ||||||||
Croda International PLC | 24,938 | 3,416 | ||||||
Givaudan SA | 521 | 2,740 | ||||||
Koninklijke DSM NV | 6,905 | 1,557 | ||||||
Vale SA, ordinary nominative shares | 97,077 | 1,359 | ||||||
Akzo Nobel NV | 11,668 | 1,282 | ||||||
LyondellBasell Industries NV | 13,775 | 1,270 | ||||||
Rio Tinto PLC | 13,653 | 904 | ||||||
12,528 | ||||||||
Communication services 2.28% | ||||||||
Alphabet, Inc., Class C1 | 1,367 | 3,956 | ||||||
Verizon Communications, Inc. | 46,574 | 2,420 | ||||||
SoftBank Corp. | 140,700 | 1,779 | ||||||
Nintendo Co., Ltd. | 3,600 | 1,679 | ||||||
América Móvil, SAB de CV, Series L (ADR) | 38,489 | 812 | ||||||
10,646 |
156 | American Funds Insurance Series |
Global Balanced Fund (continued)
Common stocks (continued) | Shares | Value (000) | ||||||
Energy 2.20% | ||||||||
TC Energy Corp. (CAD denominated) | 56,072 | $ | 2,608 | |||||
BP PLC | 506,765 | 2,267 | ||||||
Baker Hughes Co., Class A | 68,451 | 1,647 | ||||||
Pioneer Natural Resources Company | 8,353 | 1,519 | ||||||
Chevron Corp. | 12,420 | 1,458 | ||||||
Petróleo Brasileiro SA (Petrobras), ordinary nominative shares (ADR) | 72,976 | 801 | ||||||
10,300 | ||||||||
Real estate 2.20% | ||||||||
Crown Castle International Corp. REIT | 14,772 | 3,083 | ||||||
Equinix, Inc. REIT | 2,740 | 2,318 | ||||||
American Tower Corp. REIT | 6,194 | 1,812 | ||||||
Gaming and Leisure Properties, Inc. REIT | 33,941 | 1,651 | ||||||
Longfor Group Holdings, Ltd. | 298,500 | 1,405 | ||||||
10,269 | ||||||||
Utilities 1.05% | ||||||||
National Grid PLC | 208,445 | 2,990 | ||||||
Brookfield Infrastructure Partners LP | 17,894 | 1,089 | ||||||
Enel SpA | 106,113 | 852 | ||||||
4,931 | ||||||||
Total common stocks (cost: $174,532,000) | 294,395 | |||||||
Preferred securities 0.31% | ||||||||
Information technology 0.31% | ||||||||
Samsung Electronics Co., Ltd., nonvoting preferred shares | 24,146 | 1,446 | ||||||
Total preferred securities (cost: $1,229,000) | 1,446 | |||||||
Convertible stocks 0.29% | ||||||||
Utilities 0.29% | ||||||||
AES Corp., convertible preferred units, 6.875% 2024 | 14,300 | 1,373 | ||||||
Total convertible stocks (cost: $1,430,000) | 1,373 | |||||||
Bonds, notes & other debt instruments 29.03% | Principal amount (000) | |||||||
Bonds & notes of governments & government agencies outside the U.S. 12.77% | ||||||||
Abu Dhabi (Emirate of) 2.50% 20222 | $ | 200 | 203 | |||||
Abu Dhabi (Emirate of) 0.75% 20232 | 275 | 274 | ||||||
Agricultural Development Bank of China 3.75% 2029 | CNY | 550 | 90 | |||||
Agricultural Development Bank of China 2.96% 2030 | 4,350 | 675 | ||||||
Australia (Commonwealth of), Series 152, 2.75% 2028 | A$ | 710 | 559 | |||||
Australia (Commonwealth of), Series 163, 1.00% 2031 | 660 | 452 | ||||||
Australia (Commonwealth of), Series 156, 2.75% 2041 | 260 | 204 | ||||||
Brazil (Federative Republic of) 6.00% 20243 | BRL | 3,176 | 581 | |||||
Canada 2.25% 2025 | C$ | 1,400 | 1,148 | |||||
Canada 0.25% 2026 | 570 | 433 | ||||||
Canada 2.25% 2029 | 1,265 | 1,067 | ||||||
Chile (Republic of) 4.50% 2026 | CLP | 5,000 | 6 | |||||
Chile (Republic of) 5.00% 2028 | 60,000 | 68 | ||||||
Chile (Republic of) 4.70% 2030 | 70,000 | 77 | ||||||
China (People’s Republic of), Series 1916, 3.12% 2026 | CNY | 6,650 | 1,067 | |||||
China (People’s Republic of), Series INBK, 2.85% 2027 | 10,000 | 1,585 | ||||||
China (People’s Republic of), Series INBK, 3.28% 2027 | 800 | 130 | ||||||
China (People’s Republic of), Series INBK, 2.91% 2028 | 1,800 | 284 | ||||||
China (People’s Republic of), Series 1906, 3.29% 2029 | 5,500 | 887 | ||||||
China (People’s Republic of), Series 1910, 3.86% 2049 | 4,110 | 695 |
American Funds Insurance Series | 157 |
Global Balanced Fund (continued)
Bonds, notes & other debt instruments (continued) | Principal amount (000) | Value (000) | ||||||
Bonds & notes of governments & government agencies outside the U.S. (continued) | ||||||||
China (People’s Republic of), Series INBK, 3.39% 2050 | CNY | 200 | $ | 31 | ||||
China (People’s Republic of), Series INBK, 3.81% 2050 | 9,680 | 1,628 | ||||||
China Development Bank Corp., Series 2008, 2.89% 2025 | 3,240 | 511 | ||||||
China Development Bank Corp., Series 2004, 3.43% 2027 | 1,060 | 170 | ||||||
China Development Bank Corp., Series 1805, 4.04% 2028 | 8,230 | 1,371 | ||||||
China Development Bank Corp., Series 1805, 4.88% 2028 | 2,040 | 354 | ||||||
China Development Bank Corp., Series 1905, 3.48% 2029 | 5,000 | 806 | ||||||
Colombia (Republic of), Series B, 5.75% 2027 | COP | 2,198,800 | 489 | |||||
Colombia (Republic of), Series B, 7.00% 2031 | 988,600 | 225 | ||||||
Czech Republic 0% 2024 | CZK | 2,800 | 117 | |||||
Czech Republic 1.25% 2025 | 13,000 | 558 | ||||||
French Republic O.A.T. 0% 2030 | € | 1,320 | 1,489 | |||||
French Republic O.A.T. 3.25% 2045 | 160 | 281 | ||||||
Germany (Federal Republic of) 0% 2025 | 742 | 863 | ||||||
Germany (Federal Republic of) 0.25% 2029 | 600 | 713 | ||||||
Germany (Federal Republic of) 0% 2030 | 589 | 686 | ||||||
Germany (Federal Republic of) 0% 2031 | 875 | 1,014 | ||||||
Germany (Federal Republic of) 0% 2036 | 160 | 182 | ||||||
Germany (Federal Republic of) 0% 2050 | 540 | 589 | ||||||
Greece (Hellenic Republic of) 3.375% 2025 | 300 | 377 | ||||||
Greece (Hellenic Republic of) 3.75% 2028 | 280 | 377 | ||||||
Greece (Hellenic Republic of) 3.875% 2029 | 270 | 366 | ||||||
Hungary (Republic of) 2.125% 20312 | $ | 460 | 454 | |||||
Hungary (Republic of) 3.125% 20512 | 200 | 197 | ||||||
India (Republic of) 5.15% 2025 | INR | 28,000 | 370 | |||||
Indonesia (Republic of), Series 78, 8.25% 2029 | IDR | 4,301,000 | 337 | |||||
Indonesia (Republic of), Series 82, 7.00% 2030 | 1,000,000 | 73 | ||||||
Indonesia (Republic of), Series 87, 6.50% 2031 | 2,010,000 | 143 | ||||||
Israel (State of) 2.875% 2024 | € | 200 | 242 | |||||
Israel (State of) 1.50% 2027 | 100 | 122 | ||||||
Italy (Republic of) 0.10% 20233 | 805 | 946 | ||||||
Italy (Republic of) 0.95% 2027 | 246 | 286 | ||||||
Italy (Republic of) 0.25% 2028 | 820 | 911 | ||||||
Italy (Republic of) 1.35% 2030 | 660 | 777 | ||||||
Japan, Series 17, 0.10% 20233 | ¥ | 10,540 | 93 | |||||
Japan, Series 19, 0.10% 20243 | 30,570 | 271 | ||||||
Japan, Series 18, 0.10% 20243 | 20,940 | 185 | ||||||
Japan, Series 145, 0.10% 2025 | 89,400 | 783 | ||||||
Japan, Series 21, 0.10% 20263 | 40,800 | 365 | ||||||
Japan, Series 346, 0.10% 2027 | 173,250 | 1,520 | ||||||
Japan, Series 22, 0.10% 20273 | 25,574 | 234 | ||||||
Japan, Series 24, 0.10% 20293 | 25,674 | 232 | ||||||
Japan, Series 360, 0.10% 2030 | 341,700 | 2,996 | ||||||
Japan, Series 363, 0.10% 2031 | 56,000 | 489 | ||||||
Japan, Series 152, 1.20% 2035 | 264,400 | 2,589 | ||||||
Japan, Series 42, 1.70% 2044 | 94,100 | 1,019 | ||||||
Japan, Series 37, 0.60% 2050 | 26,950 | 230 | ||||||
Japan, Series 70, 0.70% 2051 | 56,350 | 493 | ||||||
Malaysia (Federation of), Series 0316, 3.90% 2026 | MYR | 500 | 124 | |||||
Malaysia (Federation of), Series 0119, 3.906% 2026 | 1,380 | 342 | ||||||
Malaysia (Federation of), Series 0417, 3.899% 2027 | 600 | 149 | ||||||
Malaysia (Federation of), Series 0219, 3.885% 2029 | 520 | 127 | ||||||
Malaysia (Federation of), Series 0318, 4.642% 2033 | 400 | 103 | ||||||
Malaysia (Federation of), Series 0418, 4.893% 2038 | 2,800 | 734 | ||||||
Malaysia (Federation of), Series 0519, 3.757% 2040 | 1,650 | 378 | ||||||
Malaysia (Federation of), Series 0216, 4.736% 2046 | 409 | 104 | ||||||
Malaysia (Federation of), Series 0518, 4.921% 2048 | 278 | 73 | ||||||
Malaysia (Federation of), Series 0519, 4.638% 2049 | 378 | 93 | ||||||
Malaysia (Federation of), Series 0120, 4.065% 2050 | 389 | 91 | ||||||
Morocco (Kingdom of) 3.50% 2024 | € | 100 | 122 | |||||
Morocco (Kingdom of) 1.50% 2031 | 100 | 105 |
158 | American Funds Insurance Series |
Global Balanced Fund (continued)
Bonds, notes & other debt instruments (continued) | Principal amount (000) | Value (000) | ||||||
Bonds & notes of governments & government agencies outside the U.S. (continued) | ||||||||
Netherlands (Kingdom of the) 5.50% 2028 | € | 100 | $ | 155 | ||||
Norway (Kingdom of) 1.75% 2025 | NKr | 3,500 | 400 | |||||
Nova Scotia (Province of) 3.15% 2051 | C$ | 170 | 153 | |||||
Peru (Republic of) 2.392% 2026 | $ | 90 | 92 | |||||
Philippines (Republic of) 0.001% 2024 | ¥ | 100,000 | 864 | |||||
Philippines (Republic of) 0.25% 2025 | € | 100 | 114 | |||||
Philippines (Republic of) 1.648% 2031 | $ | 200 | 194 | |||||
Poland (Republic of), Series 0725, 3.25% 2025 | PLN | 1,900 | 465 | |||||
Poland (Republic of), Series 1029, 2.75% 2029 | 410 | 95 | ||||||
Qatar (State of) 3.40% 20252 | $ | 200 | 212 | |||||
Romania 1.75% 2030 | € | 210 | 224 | |||||
Romania 3.624% 2030 | 517 | 639 | ||||||
Romania 2.00% 2032 | 100 | 106 | ||||||
Romania 2.00% 2033 | 200 | 208 | ||||||
Romania 3.50% 2034 | 65 | 78 | ||||||
Romania 3.375% 2038 | 80 | 92 | ||||||
Romania 4.625% 2049 | 39 | 50 | ||||||
Romania 3.375% 2050 | 73 | 79 | ||||||
Russian Federation 7.00% 2023 | RUB | 16,600 | 217 | |||||
Russian Federation 2.875% 2025 | € | 200 | 245 | |||||
Russian Federation 4.25% 2027 | $ | 200 | 217 | |||||
Russian Federation 4.375% 2029 | 200 | 221 | ||||||
Russian Federation 6.90% 2029 | RUB | 28,250 | 348 | |||||
Russian Federation 7.65% 2030 | 38,320 | 493 | ||||||
Russian Federation 5.90% 2031 | 5,620 | 64 | ||||||
Russian Federation 6.90% 2031 | 18,200 | 221 | ||||||
Russian Federation 8.50% 2031 | 5,530 | 75 | ||||||
Russian Federation 7.70% 2033 | 23,030 | 295 | ||||||
Russian Federation 7.25% 2034 | 8,140 | 100 | ||||||
Saudi Arabia (Kingdom of) 2.894% 20222 | $ | 200 | 202 | |||||
Serbia (Republic of) 3.125% 2027 | € | 640 | 778 | |||||
Serbia (Republic of) 3.125% 2027 | 125 | 152 | ||||||
Serbia (Republic of) 2.05% 2036 | 185 | 193 | ||||||
South Korea (Republic of), Series 2209, 2.00% 2022 | KRW | 560,000 | 473 | |||||
Spain (Kingdom of) 1.25% 2030 | € | 480 | 586 | |||||
Spain (Kingdom of) 0.50% 2031 | 325 | 368 | ||||||
Tunisia (Republic of) 6.75% 2023 | 150 | 143 | ||||||
Ukraine 6.876% 20292 | $ | 250 | 222 | |||||
United Kingdom 1.75% 2022 | £ | 280 | 383 | |||||
United Kingdom 0.125% 2024 | 375 | 502 | ||||||
United Kingdom 1.00% 2024 | 1,120 | 1,529 | ||||||
United Kingdom 2.75% 2024 | 50 | 71 | ||||||
United Kingdom 0.375% 2030 | 730 | 943 | ||||||
United Kingdom 4.75% 2030 | 285 | 513 | ||||||
United Kingdom 4.25% 2032 | 230 | 412 | ||||||
United Kingdom 0.875% 2033 | 380 | 505 | ||||||
United Kingdom 3.25% 2044 | 250 | 473 | ||||||
United Kingdom 0.625% 2050 | 95 | 113 | ||||||
United Kingdom 1.25% 2051 | 114 | 158 | ||||||
United Mexican States, Series M, 7.50% 2027 | MXN | 13,000 | 637 | |||||
United Mexican States, Series M20, 8.50% 2029 | 11,500 | 595 | ||||||
United Mexican States, Series M, 7.75% 2031 | 5,000 | 247 | ||||||
United Mexican States, Series M, 8.00% 2047 | 4,000 | 194 | ||||||
59,692 | ||||||||
U.S. Treasury bonds & notes 10.88% | ||||||||
U.S. Treasury 10.81% | ||||||||
U.S. Treasury 0.125% 2022 | $ | 6,681 | 6,667 | |||||
U.S. Treasury 1.875% 2022 | 700 | 701 | ||||||
U.S. Treasury 0.125% 2023 | 516 | 515 | ||||||
U.S. Treasury 0.25% 2025 | 1,704 | 1,652 |
American Funds Insurance Series | 159 |
Global Balanced Fund (continued)
Bonds, notes & other debt instruments (continued) | Principal amount (000) | Value (000) | ||||||
U.S. Treasury bonds & notes (continued) | ||||||||
U.S. Treasury (continued) | ||||||||
U.S. Treasury 0.375% 2025 | $ | 8,572 | $ | 8,317 | ||||
U.S. Treasury 0.625% 2026 | 500 | 486 | ||||||
U.S. Treasury 0.75% 2026 | 2,075 | 2,036 | ||||||
U.S. Treasury 0.875% 2026 | 500 | 491 | ||||||
U.S. Treasury 0.875% 2026 | 454 | 447 | ||||||
U.S. Treasury 1.125% 2026 | 1,000 | 994 | ||||||
U.S. Treasury 2.875% 2028 | 1,275 | 1,390 | ||||||
U.S. Treasury 2.875% 2028 | 700 | 765 | ||||||
U.S. Treasury 0.625% 2030 | 2,223 | 2,079 | ||||||
U.S. Treasury 0.625% 2030 | 650 | 606 | ||||||
U.S. Treasury 0.875% 20304 | 11,507 | 10,944 | ||||||
U.S. Treasury 1.25% 2031 | 575 | 562 | ||||||
U.S. Treasury 1.625% 2031 | 375 | 380 | ||||||
U.S. Treasury 1.875% 2041 | 1,145 | 1,134 | ||||||
U.S. Treasury 2.25% 2041 | 525 | 552 | ||||||
U.S. Treasury 2.875% 2046 | 400 | 474 | ||||||
U.S. Treasury 1.25% 2050 | 140 | 119 | ||||||
U.S. Treasury 1.375% 20504 | 6,137 | 5,388 | ||||||
U.S. Treasury 2.00% 2051 | 3,191 | 3,257 | ||||||
U.S. Treasury 2.375% 2051 | 490 | 542 | ||||||
50,498 | ||||||||
U.S. Treasury inflation-protected securities 0.07% | ||||||||
U.S. Treasury Inflation-Protected Security 1.00% 20493 | 231 | 328 | ||||||
Total U.S. Treasury bonds & notes | 50,826 | |||||||
Corporate bonds, notes & loans 4.39% | ||||||||
Financials 1.33% | ||||||||
ACE INA Holdings, Inc. 2.875% 2022 | 10 | 10 | ||||||
ACE INA Holdings, Inc. 3.35% 2026 | 10 | 11 | ||||||
ACE INA Holdings, Inc. 4.35% 2045 | 20 | 25 | ||||||
Allianz SE 4.75% perpetual bonds (3-month EUR-EURIBOR + 3.60% on 10/24/2023)5 | € | 100 | 123 | |||||
Bank of America Corp. 0.976% 2025 (USD-SOFR + 0.69% on 4/22/2024)5 | $ | 200 | 198 | |||||
Bank of America Corp. 1.319% 2026 (USD-SOFR + 1.15% on 6/19/2025)5 | 500 | 495 | ||||||
Bank of America Corp. 1.734% 2027 (USD-SOFR + 0.96% on 7/22/2026)5 | 160 | 159 | ||||||
Bank of America Corp. 3.419% 2028 (3-month USD-LIBOR + 1.04% on 12/20/2027)5 | 236 | 252 | ||||||
Bank of America Corp. 2.496% 2031 (3-month USD-LIBOR + 0.99% on 2/13/2030)5 | 20 | 20 | ||||||
Citigroup, Inc. 0.981% 2025 (USD-SOFR + 0.669% on 5/1/2024)5 | 103 | 102 | ||||||
Citigroup, Inc. 3.106% 2026 (USD-SOFR + 2.842% on 3/8/2026)5 | 175 | 184 | ||||||
Citigroup, Inc. 1.462% 2027 (USD-SOFR + 0.67% on 6/9/2026)5 | 310 | 305 | ||||||
Commonwealth Bank of Australia 2.688% 20312 | 225 | 221 | ||||||
Goldman Sachs Group, Inc. 2.905% 2023 (3-month USD-LIBOR + 0.99% on 7/24/2022)5 | 130 | 131 | ||||||
Goldman Sachs Group, Inc. 3.50% 2025 | 207 | 219 | ||||||
Goldman Sachs Group, Inc. 2.615% 2032 (USD-SOFR + 1.281% on 4/22/2031)5 | 130 | 131 | ||||||
Goldman Sachs Group, Inc. 1.00% 20332 | € | 210 | 236 | |||||
Goldman Sachs Group, Inc. 4.017% 2038 (3-month USD-LIBOR + 1.373% on 10/31/2037)5 | $ | 78 | 89 | |||||
Groupe BPCE SA 0.64% 2022 | ¥ | 100,000 | 870 | |||||
Groupe BPCE SA 5.70% 20232 | $ | 200 | 215 | |||||
Groupe BPCE SA 1.00% 2025 | € | 100 | 117 | |||||
HSBC Holdings PLC 4.292% 2026 (3-month USD-LIBOR + 1.348% on 9/12/2025)5 | $ | 200 | 216 | |||||
JPMorgan Chase & Co. 3.25% 2022 | 28 | 29 | ||||||
JPMorgan Chase & Co. 1.578% 2027 (USD-SOFR + 0.885% on 4/22/2026)5 | 186 | 184 | ||||||
JPMorgan Chase & Co. 4.493% 2031 (USD-SOFR + 3.79% on 3/24/2030)5 | 160 | 185 | ||||||
Morgan Stanley 0.985% 2026 (USD-SOFR + 0.72% on 12/10/2025)5 | 200 | 194 | ||||||
Morgan Stanley 3.125% 2026 | 110 | 117 | ||||||
Morgan Stanley 1.593% 2027 (USD-SOFR + 0.879% on 5/4/2026)5 | 126 | 125 | ||||||
Morgan Stanley 2.699% 2031 (USD-SOFR + 1.143% on 1/22/2030)5 | 72 | 74 |
160 | American Funds Insurance Series |
Global Balanced Fund (continued)
Bonds, notes & other debt instruments (continued) | Principal amount (000) | Value (000) | ||||||
Corporate bonds, notes & loans (continued) | ||||||||
Financials (continued) | ||||||||
New York Life Insurance Company 3.75% 20502 | $ | 23 | $ | 26 | ||||
PNC Financial Services Group, Inc. 2.854% 20225 | 100 | 102 | ||||||
Royal Bank of Canada 1.20% 2026 | 175 | 172 | ||||||
Skandinaviska Enskilda Banken AB 2.80% 2022 | 250 | 251 | ||||||
Wells Fargo & Company 2.393% 2028 (USD-SOFR + 2.10% on 6/2/2027)5 | 400 | 407 | ||||||
6,195 | ||||||||
Utilities 0.88% | ||||||||
Alabama Power Co. 3.00% 2052 | 250 | 250 | ||||||
Berkshire Hathaway Energy Company 3.70% 2030 | 25 | 28 | ||||||
Berkshire Hathaway Energy Company 1.65% 2031 | 175 | 166 | ||||||
CMS Energy Corp. 3.00% 2026 | 150 | 157 | ||||||
Duke Energy Carolinas, LLC 3.05% 2023 | 280 | 287 | ||||||
Duke Energy Progress, LLC 3.70% 2028 | 75 | 82 | ||||||
Edison International 4.125% 2028 | 160 | 169 | ||||||
Enel Finance International SA 3.50% 20282 | 200 | 214 | ||||||
Enersis Américas SA 4.00% 2026 | 35 | 37 | ||||||
Exelon Corp. 3.40% 2026 | 150 | 160 | ||||||
Exelon Corp., junior subordinated, 3.497% 20225 | 25 | 25 | ||||||
FirstEnergy Corp. 3.50% 20282 | 35 | 37 | ||||||
Florida Power & Light Company 2.875% 2051 | 120 | 122 | ||||||
Interstate Power and Light Co. 2.30% 2030 | 50 | 50 | ||||||
NextEra Energy Capital Holdings, Inc. 2.75% 2029 | 234 | 241 | ||||||
NextEra Energy Capital Holdings, Inc. 2.25% 2030 | 478 | 476 | ||||||
Niagara Mohawk Power Corp. 3.508% 20242 | 85 | 89 | ||||||
Pacific Gas and Electric Co. 2.95% 2026 | 25 | 25 | ||||||
Pacific Gas and Electric Co. 2.10% 2027 | 100 | 97 | ||||||
Pacific Gas and Electric Co. 3.00% 2028 | 140 | 141 | ||||||
Pacific Gas and Electric Co. 4.65% 2028 | 114 | 124 | ||||||
Pacific Gas and Electric Co. 4.55% 2030 | 31 | 34 | ||||||
Pacific Gas and Electric Co. 2.50% 2031 | 600 | 572 | ||||||
Pacific Gas and Electric Co. 3.25% 2031 | 50 | 50 | ||||||
Pacific Gas and Electric Co. 3.50% 2050 | 137 | 127 | ||||||
State Grid Overseas Investment, Ltd. 1.25% 2022 | € | 100 | 115 | |||||
Xcel Energy, Inc. 3.35% 2026 | $ | 216 | 230 | |||||
4,105 | ||||||||
Communication services 0.54% | ||||||||
AT&T, Inc. 2.75% 2031 | 375 | 383 | ||||||
AT&T, Inc. 2.55% 2033 | 64 | 63 | ||||||
Comcast Corp. 0% 2026 | € | 100 | 113 | |||||
Comcast Corp. 0.25% 2029 | 100 | 111 | ||||||
Deutsche Telekom International Finance BV 9.25% 2032 | $ | 45 | 72 | |||||
KT Corp. 0.22% 2022 | ¥ | 100,000 | 869 | |||||
Orange SA 9.00% 20315 | $ | 65 | 100 | |||||
T-Mobile US, Inc. 2.05% 2028 | 200 | 199 | ||||||
Verizon Communications, Inc. 0.375% 2029 | € | 140 | 157 | |||||
Verizon Communications, Inc. 2.55% 2031 | $ | 325 | 328 | |||||
Verizon Communications, Inc. 0.75% 2032 | € | 100 | 111 | |||||
2,506 | ||||||||
Energy 0.40% | ||||||||
Canadian Natural Resources, Ltd. 2.95% 2030 | $ | 161 | 163 | |||||
Enbridge, Inc. 4.25% 2026 | 70 | 77 | ||||||
Enbridge, Inc. 3.70% 2027 | 45 | 48 | ||||||
Enbridge, Inc. 3.40% 2051 | 39 | 40 | ||||||
Energy Transfer Operating LP 5.00% 2050 | 136 | 157 | ||||||
Halliburton Company 3.80% 2025 | 3 | 3 | ||||||
Kinder Morgan, Inc. 3.60% 2051 | 120 | 121 | ||||||
MPLX LP 2.65% 2030 | 75 | 75 |
American Funds Insurance Series | 161 |
Global Balanced Fund (continued)
Bonds, notes & other debt instruments (continued) | Principal amount (000) | Value (000) | ||||||
Corporate bonds, notes & loans (continued) | ||||||||
Energy (continued) | ||||||||
MPLX LP 5.50% 2049 | $ | 215 | $ | 275 | ||||
Petróleos Mexicanos 7.19% 2024 | MXN | 3,363 | 156 | |||||
Petróleos Mexicanos 7.47% 2026 | 5,330 | 237 | ||||||
Qatar Petroleum 3.125% 20412 | $ | 270 | 274 | |||||
SA Global Sukuk, Ltd. 2.694% 20312 | 200 | 201 | ||||||
Statoil ASA 3.70% 2024 | 50 | 53 | ||||||
1,880 | ||||||||
Consumer discretionary 0.30% | ||||||||
Amazon.com, Inc. 2.80% 2024 | 45 | 47 | ||||||
Amazon.com, Inc. 1.20% 2027 | 50 | 50 | ||||||
Amazon.com, Inc. 2.50% 2050 | 305 | 291 | ||||||
Bayerische Motoren Werke AG 3.90% 20252 | 70 | 75 | ||||||
Bayerische Motoren Werke AG 4.15% 20302 | 70 | 79 | ||||||
General Motors Financial Co. 2.40% 2028 | 150 | 151 | ||||||
Hyundai Capital America 3.25% 20222 | 65 | 66 | ||||||
Hyundai Capital America 1.50% 20262 | 250 | 243 | ||||||
Hyundai Capital America 2.375% 20272 | 109 | 109 | ||||||
Hyundai Capital Services, Inc. 3.75% 20232 | 250 | 258 | ||||||
Toyota Motor Credit Corp. 3.375% 2030 | 33 | 36 | ||||||
1,405 | ||||||||
Consumer staples 0.24% | ||||||||
Altria Group, Inc. 2.20% 2027 | € | 270 | 328 | |||||
Anheuser-Busch InBev NV 4.00% 2028 | $ | 100 | 111 | |||||
Anheuser-Busch InBev NV 4.75% 2029 | 220 | 256 | ||||||
British American Tobacco PLC 3.215% 2026 | 62 | 65 | ||||||
British American Tobacco PLC 3.557% 2027 | 105 | 110 | ||||||
British American Tobacco PLC 3.462% 2029 | 75 | 78 | ||||||
Keurig Dr Pepper, Inc. 4.597% 2028 | 175 | 199 | ||||||
1,147 | ||||||||
Health care 0.24% | ||||||||
Aetna, Inc. 2.80% 2023 | 10 | 10 | ||||||
Amgen, Inc. 1.90% 2025 | 40 | 41 | ||||||
Amgen, Inc. 2.20% 2027 | 30 | 31 | ||||||
AstraZeneca Finance LLC 2.25% 2031 | 9 | 9 | ||||||
AstraZeneca PLC 3.50% 2023 | 150 | 156 | ||||||
AstraZeneca PLC 3.00% 2051 | 36 | 38 | ||||||
Becton, Dickinson and Company 3.734% 2024 | 10 | 11 | ||||||
Becton, Dickinson and Company 3.70% 2027 | 43 | 47 | ||||||
Becton, Dickinson and Company 2.823% 2030 | 28 | 29 | ||||||
Cigna Corp. 4.125% 2025 | 80 | 87 | ||||||
EMD Finance LLC 3.25% 20252 | 250 | 263 | ||||||
Medtronic, Inc. 3.50% 2025 | 31 | 33 | ||||||
Stryker Corp. 0.75% 2029 | € | 210 | 241 | |||||
Takeda Pharmaceutical Company, Ltd. 2.25% 2026 | 100 | 124 | ||||||
1,120 | ||||||||
Real estate 0.18% | ||||||||
American Campus Communities, Inc. 3.75% 2023 | $ | 100 | 103 | |||||
American Campus Communities, Inc. 4.125% 2024 | 90 | 96 | ||||||
American Tower Corp. 0.875% 2029 | € | 250 | 282 | |||||
Equinix, Inc. 2.15% 2030 | $ | 197 | 192 | |||||
Essex Portfolio LP 3.50% 2025 | 120 | 127 | ||||||
Essex Portfolio LP 3.375% 2026 | 40 | 42 | ||||||
842 |
162 | American Funds Insurance Series |
Global Balanced Fund (continued)
Bonds, notes & other debt instruments (continued) | Principal amount (000) | Value (000) | ||||||
Corporate bonds, notes & loans (continued) | ||||||||
Information technology 0.14% | ||||||||
Broadcom, Inc. 3.15% 2025 | $ | 17 | $ | 18 | ||||
Broadcom, Inc. 4.15% 2030 | 70 | 78 | ||||||
Broadcom, Inc. 3.419% 20332 | 53 | 55 | ||||||
Mastercard, Inc. 2.00% 2031 | 102 | 102 | ||||||
Microsoft Corp. 2.40% 2026 | 187 | 196 | ||||||
Oracle Corp. 2.65% 2026 | 216 | 222 | ||||||
671 | ||||||||
Industrials 0.12% | ||||||||
Canadian Pacific Railway, Ltd. 3.10% 2051 | 113 | 116 | ||||||
Carrier Global Corp. 2.242% 2025 | 36 | 37 | ||||||
Carrier Global Corp. 2.493% 2027 | 30 | 31 | ||||||
CSX Corp. 3.80% 2050 | 6 | 7 | ||||||
CSX Corp. 2.50% 2051 | 75 | 70 | ||||||
Lima Metro Line 2 Finance, Ltd. 5.875% 20342 | 100 | 115 | ||||||
United Technologies Corp. 4.125% 2028 | 170 | 190 | ||||||
566 | ||||||||
Materials 0.02% | ||||||||
Vale Overseas, Ltd. 3.75% 2030 | 94 | 97 | ||||||
Total corporate bonds, notes & loans | 20,534 | |||||||
Mortgage-backed obligations 0.93% | ||||||||
Other mortgage-backed securities 0.71% | ||||||||
Nordea Kredit 0.50% 20406 | DKr | 1,717 | 250 | |||||
Nykredit Realkredit AS, Series 01E, 1.50% 20376 | 576 | 91 | ||||||
Nykredit Realkredit AS, Series 01E, 0.50% 20406 | 7,659 | 1,113 | ||||||
Nykredit Realkredit AS, Series 01E, 1.50% 20406 | 1,460 | 229 | ||||||
Nykredit Realkredit AS, Series 01E, 0.50% 20436 | 8,365 | 1,202 | ||||||
Nykredit Realkredit AS, Series 01E, 0.50% 20506 | 1,417 | 199 | ||||||
Nykredit Realkredit AS, Series 01E, 1.00% 20536 | 890 | 128 | ||||||
Nykredit Realkredit AS, Series CCE, 1.00% 20506 | 610 | 89 | ||||||
Realkredit Danmark AS 1.00% 20536 | 200 | 29 | ||||||
3,330 | ||||||||
Federal agency mortgage-backed obligations 0.22% | ||||||||
Government National Mortgage Assn. Pool #MA5986 4.00% 20496 | $ | 7 | 8 | |||||
Uniform Mortgage-Backed Security 2.50% 20526,7 | 713 | 724 | ||||||
Uniform Mortgage-Backed Security 2.50% 20526,7 | 277 | 282 | ||||||
1,014 | ||||||||
Total mortgage-backed obligations | 4,344 | |||||||
Municipals 0.04% | ||||||||
Ohio 0.02% | ||||||||
Turnpike and Infrastructure Commission, Turnpike Rev. Ref. Bonds (Infrastructure Projects), Series 2020-A, 3.216% 2048 | 100 | 102 | ||||||
Texas 0.02% | ||||||||
Grand Parkway Transportation Corp., Grand Parkway System Toll Rev. Ref. Bonds, Series 2020-B, 3.236% 2052 | 80 | 81 | ||||||
Total municipals | 183 | |||||||
Asset-backed obligations 0.02% | ||||||||
OSW Structured Asset Trust, Series 2020-RPL1, Class A1, 3.072% 20592,6,8 | 77 | 76 | ||||||
Total bonds, notes & other debt instruments (cost: $136,946,000) | 135,655 |
American Funds Insurance Series | 163 |
Global Balanced Fund (continued)
Short-term securities 7.44% | Weighted average yield at acquisition | Principal amount (000) | Value (000) | |||||||||
Commercial paper 5.13% | ||||||||||||
Canadian Imperial Bank of Commerce 1/14/20222 | 0.125 | % | $ | 5,000 | $ | 5,000 | ||||||
LVMH Moët Hennessy-Louis Vuitton SE 2/15/20222 | 0.098 | 5,000 | 4,999 | |||||||||
NRW.Bank 1/20/20222 | 0.053 | 4,000 | 4,000 | |||||||||
Toronto-Dominion Bank 1/24/20222 | 0.058 | 10,000 | 9,999 | |||||||||
23,998 | ||||||||||||
U.S. Treasury bills 1.93% | ||||||||||||
U.S. Treasury 4/21/2022 | 0.047 | 9,000 | 8,998 | |||||||||
Shares | ||||||||||||
Money market investments 0.24% | ||||||||||||
Capital Group Central Cash Fund 0.09%9,10 | 11,268 | 1,127 | ||||||||||
Principal amount (000) | ||||||||||||
Bills & notes of governments & government agencies outside the U.S. 0.14% | ||||||||||||
Egyptian Treasury 1/4/2022 | 12.011 | EGP | 1,700 | 108 | ||||||||
Egyptian Treasury 4/19/2022 | 11.506 | 3,000 | 185 | |||||||||
Egyptian Treasury 4/26/2022 | 11.484 | 6,100 | 375 | |||||||||
668 | ||||||||||||
Total short-term securities (cost: $34,790,000) | 34,791 | |||||||||||
Total investment securities 100.06% (cost: $348,927,000) | 467,660 | |||||||||||
Other assets less liabilities (0.06)% | (284 | ) | ||||||||||
Net assets 100.00% | $ | 467,376 |
Futures contracts
Contracts | Type | Number of contracts | Expiration | Notional amount (000) | Value and unrealized (depreciation) appreciation at 12/31/2021 (000) | ||||||||||
90 Day Euro Dollar Futures | Long | 31 | December 2022 | $ | 7,669 | $ | (15 | ) | |||||||
5 Year U.S. Treasury Note Futures | Short | 51 | March 2022 | (6,170 | ) | (2 | ) | ||||||||
10 Year Italy Government Bond Futures | Short | 9 | March 2022 | (1,506 | ) | 26 | |||||||||
10 Year Euro-Bund Futures | Short | 22 | March 2022 | (4,292 | ) | 81 | |||||||||
10 Year U.S. Treasury Note Futures | Short | 2 | March 2022 | (261 | ) | (3 | ) | ||||||||
10 Year Ultra U.S. Treasury Note Futures | Short | 14 | March 2022 | (2,050 | ) | (28 | ) | ||||||||
20 Year U.S. Treasury Bond Futures | Long | 2 | March 2022 | 321 | 3 | ||||||||||
30 Year Ultra U.S. Treasury Bond Futures | Long | 5 | March 2022 | 985 | 19 | ||||||||||
$ | 81 |
164 | American Funds Insurance Series |
Global Balanced Fund (continued)
Forward currency contracts
Unrealized | ||||||||||||||||||
(depreciation) | ||||||||||||||||||
Contract amount | appreciation | |||||||||||||||||
Currency purchased | Currency sold | Settlement | at 12/31/2021 | |||||||||||||||
(000) | (000) | Counterparty | date | (000) | ||||||||||||||
CAD | 110 | USD | 87 | UBS AG | 1/6/2022 | $ | — | 11 | ||||||||||
EUR | 1,016 | USD | 1,158 | Citibank | 1/6/2022 | — | 11 | |||||||||||
USD | 43 | JPY | 4,930 | Goldman Sachs | 1/6/2022 | — | 11 | |||||||||||
USD | 486 | GBP | 360 | Citibank | 1/6/2022 | (1 | ) | |||||||||||
SEK | 1,830 | USD | 206 | Bank of America | 1/7/2022 | (4 | ) | |||||||||||
KRW | 947,000 | USD | 806 | Citibank | 1/7/2022 | (9 | ) | |||||||||||
GBP | 390 | USD | 520 | Goldman Sachs | 1/10/2022 | 8 | ||||||||||||
USD | 100 | AUD | 140 | Goldman Sachs | 1/10/2022 | (2 | ) | |||||||||||
USD | 414 | INR | 31,100 | HSBC Bank | 1/10/2022 | (3 | ) | |||||||||||
EUR | 114 | PLN | 540 | Citibank | 1/10/2022 | (4 | ) | |||||||||||
USD | 583 | BRL | 3,300 | Standard Chartered Bank | 1/10/2022 | (9 | ) | |||||||||||
USD | 249 | MXN | 5,320 | Goldman Sachs | 1/10/2022 | (11 | ) | |||||||||||
USD | 383 | MXN | 8,260 | Goldman Sachs | 1/10/2022 | (20 | ) | |||||||||||
CAD | 10 | USD | 8 | HSBC Bank | 1/11/2022 | — | 11 | |||||||||||
EUR | 214 | DKK | 1,592 | Goldman Sachs | 1/11/2022 | — | 11 | |||||||||||
USD | 113 | AUD | 160 | Standard Chartered Bank | 1/11/2022 | (4 | ) | |||||||||||
USD | 570 | CAD | 730 | Citibank | 1/11/2022 | (7 | ) | |||||||||||
CZK | 11,700 | EUR | 459 | Citibank | 1/13/2022 | 12 | ||||||||||||
GBP | 200 | EUR | 233 | Standard Chartered Bank | 1/13/2022 | 5 | ||||||||||||
USD | 600 | ILS | 1,860 | Goldman Sachs | 1/13/2022 | 2 | ||||||||||||
CNH | 1,300 | USD | 203 | Barclays Bank PLC | 1/13/2022 | 1 | ||||||||||||
EUR | 1,766 | DKK | 13,140 | Goldman Sachs | 1/13/2022 | (1 | ) | |||||||||||
USD | 139 | NZD | 204 | Morgan Stanley | 1/13/2022 | (1 | ) | |||||||||||
EUR | 544 | CZK | 13,860 | Citibank | 1/13/2022 | (14 | ) | |||||||||||
USD | 520 | CZK | 11,700 | JPMorgan Chase | 1/13/2022 | (14 | ) | |||||||||||
USD | 561 | MXN | 11,865 | Citibank | 1/13/2022 | (17 | ) | |||||||||||
JPY | 156,380 | USD | 1,379 | Bank of New York Mellon | 1/13/2022 | (19 | ) | |||||||||||
KRW | 1,421,430 | USD | 1,202 | Citibank | 1/14/2022 | (7 | ) | |||||||||||
JPY | 7,400 | USD | 65 | Goldman Sachs | 1/18/2022 | (1 | ) | |||||||||||
JPY | 56,270 | USD | 495 | Bank of New York Mellon | 1/18/2022 | (6 | ) | |||||||||||
JPY | 73,800 | USD | 651 | UBS AG | 1/18/2022 | (9 | ) | |||||||||||
JPY | 100,700 | USD | 902 | Goldman Sachs | 1/18/2022 | (26 | ) | |||||||||||
MYR | 1,100 | USD | 262 | HSBC Bank | 1/19/2022 | 2 | ||||||||||||
USD | 988 | MYR | 4,170 | HSBC Bank | 1/19/2022 | (13 | ) | |||||||||||
USD | 1,252 | JPY | 142,600 | Morgan Stanley | 1/20/2022 | 12 | ||||||||||||
AUD | 340 | USD | 245 | Standard Chartered Bank | 1/20/2022 | 3 | ||||||||||||
USD | 238 | JPY | 27,300 | HSBC Bank | 1/20/2022 | 1 | ||||||||||||
USD | 500 | JPY | 57,400 | Goldman Sachs | 1/20/2022 | 1 | ||||||||||||
NOK | 2,145 | EUR | 214 | UBS AG | 1/20/2022 | (1 | ) | |||||||||||
USD | 589 | EUR | 520 | Morgan Stanley | 1/20/2022 | (4 | ) | |||||||||||
EUR | 309 | NOK | 3,150 | Morgan Stanley | 1/20/2022 | (5 | ) | |||||||||||
JPY | 101,800 | USD | 895 | Bank of New York Mellon | 1/20/2022 | (9 | ) | |||||||||||
JPY | 136,530 | USD | 1,204 | HSBC Bank | 1/20/2022 | (17 | ) | |||||||||||
USD | 252 | COP | 987,300 | Goldman Sachs | 2/14/2022 | 10 | ||||||||||||
JPY | 45,590 | USD | 404 | Morgan Stanley | 2/14/2022 | (8 | ) | |||||||||||
$ | (189 | ) |
American Funds Insurance Series | 165 |
Global Balanced Fund (continued)
Swap contracts
Interest rate swaps
Centrally cleared interest rate swaps
Unrealized | ||||||||||||||||||||||||
Upfront | (depreciation) | |||||||||||||||||||||||
Receive | Pay | Value at | premium | appreciation | ||||||||||||||||||||
Payment | Payment | Expiration | Notional | 12/31/2021 | paid | at 12/31/2021 | ||||||||||||||||||
Rate | frequency | Rate | frequency | date | (000) | (000) | (000) | (000) | ||||||||||||||||
1.2475% | Semi-annual | 3-month NZD-BBR-FRA | Quarterly | 8/20/2023 | NZ$ | 375 | $ | (3 | ) | $ | — | $ | (3 | ) | ||||||||||
1.234974% | Semi-annual | 3-month NZD-BBR-FRA | Quarterly | 8/20/2023 | 3,197 | (28 | ) | — | (28 | ) | ||||||||||||||
1.2375% | Semi-annual | 3-month NZD-BBR-FRA | Quarterly | 8/26/2023 | 1,178 | (10 | ) | — | (10 | ) | ||||||||||||||
1.264% | Semi-annual | 3-month NZD-BBR-FRA | Quarterly | 8/27/2023 | 2,945 | (25 | ) | — | (25 | ) | ||||||||||||||
1.26% | Semi-annual | 3-month NZD-BBR-FRA | Quarterly | 8/30/2023 | 486 | (4 | ) | — | (4 | ) | ||||||||||||||
1.28% | Semi-annual | 3-month NZD-BBR-FRA | Quarterly | 8/31/2023 | 486 | (4 | ) | — | (4 | ) | ||||||||||||||
1.30% | Semi-annual | 3-month NZD-BBR-FRA | Quarterly | 9/3/2023 | 533 | (4 | ) | — | (4 | ) | ||||||||||||||
3-month USD-LIBOR | Quarterly | 0.3302% | Semi-annual | 9/21/2023 | $ | 643 | 5 | — | 5 | |||||||||||||||
1.4975% | Semi-annual | 3-month NZD-BBR-FRA | Quarterly | 9/21/2023 | NZ$ | 1,001 | (7 | ) | — | (7 | ) | |||||||||||||
3-month USD-LIBOR | Quarterly | 0.3792% | Semi-annual | 9/28/2023 | $ | 697 | 5 | — | 5 | |||||||||||||||
1.445% | Semi-annual | 3-month NZD-BBR-FRA | Quarterly | 9/28/2023 | NZ$ | 1,000 | (7 | ) | — | (7 | ) | |||||||||||||
3-month USD-LIBOR | Quarterly | 0.3842% | Semi-annual | 9/29/2023 | $ | 697 | 5 | — | 5 | |||||||||||||||
1.4475% | Semi-annual | 3-month NZD-BBR-FRA | Quarterly | 9/29/2023 | NZ$ | 1,019 | (7 | ) | — | (7 | ) | |||||||||||||
3-month USD-LIBOR | Quarterly | 0.3975% | Semi-annual | 9/30/2023 | $ | 708 | 5 | — | 5 | |||||||||||||||
1.4475% | Semi-annual | 3-month NZD-BBR-FRA | Quarterly | 9/30/2023 | NZ$ | 1,024 | (8 | ) | — | (8 | ) | |||||||||||||
3-month USD-LIBOR | Quarterly | 0.4557% | Semi-annual | 10/14/2023 | $ | 697 | 5 | — | 5 | |||||||||||||||
3-month USD-LIBOR | Quarterly | 0.4562% | Semi-annual | 10/14/2023 | 697 | 5 | — | 5 | ||||||||||||||||
1.5125% | Semi-annual | 3-month NZD-BBR-FRA | Quarterly | 10/14/2023 | NZ$ | 904 | (6 | ) | — | (6 | ) | |||||||||||||
1.53% | Semi-annual | 3-month NZD-BBR-FRA | Quarterly | 10/14/2023 | 1,031 | (7 | ) | — | (7 | ) | ||||||||||||||
3-month USD-LIBOR | Quarterly | 0.4692% | Semi-annual | 10/15/2023 | $ | 697 | 5 | — | 5 | |||||||||||||||
1.5625% | Semi-annual | 3-month NZD-BBR-FRA | Quarterly | 10/15/2023 | NZ$ | 1,029 | (6 | ) | — | (6 | ) | |||||||||||||
3-month USD-LIBOR | Quarterly | 0.4917% | Semi-annual | 10/18/2023 | $ | 699 | 4 | — | 4 | |||||||||||||||
1.59% | Semi-annual | 3-month NZD-BBR-FRA | Quarterly | 10/18/2023 | NZ$ | 1,029 | (6 | ) | — | (6 | ) | |||||||||||||
3-month USD-LIBOR | Quarterly | 0.4997% | Semi-annual | 10/19/2023 | $ | 894 | 5 | — | 5 | |||||||||||||||
1.62% | Semi-annual | 3-month NZD-BBR-FRA | Quarterly | 10/19/2023 | NZ$ | 1,144 | (6 | ) | — | (6 | ) | |||||||||||||
2.24% | Semi-annual | 3-month NZD-BBR-FRA | Quarterly | 11/8/2023 | 1,463 | 3 | — | 3 | ||||||||||||||||
2.2525% | Semi-annual | 3-month NZD-BBR-FRA | Quarterly | 11/8/2023 | 1,463 | 3 | — | 3 | ||||||||||||||||
2.20% | Semi-annual | 3-month NZD-BBR-FRA | Quarterly | 11/9/2023 | 123 | — | 11 | — | — | 11 | ||||||||||||||
0.3653% | Semi-annual | 3-month USD-LIBOR | Quarterly | 3/5/2024 | $ | 1,230 | (16 | ) | — | (16 | ) | |||||||||||||
6.14% | 28-Day | 28-day MXN-TIIE | 28-Day | 6/8/2026 | MXN | 2,600 | (6 | ) | — | (6 | ) | |||||||||||||
6.115% | 28-Day | 28-day MXN-TIIE | 28-Day | 6/8/2026 | 2,600 | (6 | ) | — | (6 | ) | ||||||||||||||
6.12% | 28-Day | 28-day MXN-TIIE | 28-Day | 6/8/2026 | 4,000 | (10 | ) | — | (10 | ) | ||||||||||||||
6.13% | 28-Day | 28-day MXN-TIIE | 28-Day | 6/8/2026 | 9,200 | (22 | ) | — | (22 | ) | ||||||||||||||
6.16% | 28-Day | 28-day MXN-TIIE | 28-Day | 6/9/2026 | 5,200 | (12 | ) | — | (12 | ) | ||||||||||||||
6.15% | 28-Day | 28-day MXN-TIIE | 28-Day | 6/9/2026 | 5,300 | (13 | ) | — | (13 | ) | ||||||||||||||
6.195% | 28-Day | 28-day MXN-TIIE | 28-Day | 6/10/2026 | 2,700 | (6 | ) | — | (6 | ) | ||||||||||||||
6.23% | 28-Day | 28-day MXN-TIIE | 28-Day | 6/10/2026 | 2,700 | (6 | ) | — | (6 | ) | ||||||||||||||
6.36% | 28-Day | 28-day MXN-TIIE | 28-Day | 6/12/2026 | 2,300 | (5 | ) | — | (5 | ) | ||||||||||||||
6.59% | 28-Day | 28-day MXN-TIIE | 28-Day | 6/25/2026 | 2,000 | (3 | ) | — | (3 | ) | ||||||||||||||
6.585% | 28-Day | 28-day MXN-TIIE | 28-Day | 6/25/2026 | 2,600 | (4 | ) | — | (4 | ) | ||||||||||||||
6.64% | 28-Day | 28-day MXN-TIIE | 28-Day | 6/25/2026 | 3,200 | (5 | ) | — | (5 | ) | ||||||||||||||
6.633% | 28-Day | 28-day MXN-TIIE | 28-Day | 6/25/2026 | 8,900 | (13 | ) | — | (13 | ) | ||||||||||||||
6.6175% | 28-Day | 28-day MXN-TIIE | 28-Day | 6/25/2026 | 8,600 | (13 | ) | — | (13 | ) | ||||||||||||||
6.58% | 28-Day | 28-day MXN-TIIE | 28-Day | 6/25/2026 | 11,300 | (18 | ) | — | (18 | ) | ||||||||||||||
7.235% | 28-Day | 28-day MXN-TIIE | 28-Day | 10/5/2026 | 900 | — | 11 | — | — | 11 | ||||||||||||||
7.22% | 28-Day | 28-day MXN-TIIE | 28-Day | 10/5/2026 | 900 | — | 11 | — | — | 11 | ||||||||||||||
7.20% | 28-Day | 28-day MXN-TIIE | 28-Day | 10/5/2026 | 1,840 | (1 | ) | — | (1 | ) | ||||||||||||||
7.205% | 28-Day | 28-day MXN-TIIE | 28-Day | 10/7/2026 | 2,060 | (1 | ) | — | (1 | ) | ||||||||||||||
7.66% | 28-Day | 28-day MXN-TIIE | 28-Day | 10/29/2026 | 6,100 | 3 | — | 3 | ||||||||||||||||
7.64% | 28-Day | 28-day MXN-TIIE | 28-Day | 10/29/2026 | 6,000 | 3 | — | 3 | ||||||||||||||||
7.62% | 28-Day | 28-day MXN-TIIE | 28-Day | 10/29/2026 | 3,701 | 1 | — | 1 | ||||||||||||||||
7.59% | 28-Day | 28-day MXN-TIIE | 28-Day | 10/29/2026 | 2,500 | 1 | — | 1 |
166 | American Funds Insurance Series |
Global Balanced Fund (continued)
Swap contracts (continued)
Interest rate swaps (continued)
Centrally cleared interest rate swaps (continued)
Unrealized | ||||||||||||||||||||||||
Upfront | (depreciation) | |||||||||||||||||||||||
Receive | Pay | Value at | premium | appreciation | ||||||||||||||||||||
Payment | Payment | Expiration | Notional | 12/31/2021 | paid | at 12/31/2021 | ||||||||||||||||||
Rate | frequency | Rate | frequency | date | (000) | (000) | (000) | (000) | ||||||||||||||||
7.52% | 28-Day | 28-day MXN-TIIE | 28-Day | 10/30/2026 | MXN | 7,639 | $ | 1 | $ | — | $ | 1 | ||||||||||||
3-month USD-LIBOR | Quarterly | 1.4822% | Semi-annual | 3/5/2031 | $ | 450 | 2 | — | 2 | |||||||||||||||
$ | — | $ | (237 | ) |
Credit default swaps
Centrally cleared credit default swaps on credit indices — buy protection
Upfront | Unrealized | |||||||||||||||||||||
Value at | premium | depreciation | ||||||||||||||||||||
Reference | Financing | Payment | Expiration | Notional | 12/31/2021 | received | at 12/31/2021 | |||||||||||||||
index | rate paid | frequency | date | (000) | (000) | (000) | (000) | |||||||||||||||
CDX.NA.IG.37 | 1.00% | Quarterly | 12/20/2026 | $ | 1,410 | $ | (34 | ) | $ | (33 | ) | $ | (1 | ) | ||||||||
ITRAX.EUR.IG.36 | 1.00% | Quarterly | 12/20/2026 | 1,270 | (37 | ) | (36 | ) | (1 | ) | ||||||||||||
$ | (69 | ) | $ | (2 | ) |
Investments in affiliates10
Value of | Net | Net | Value of | |||||||||||||||||||||||||
affiliate at | realized | unrealized | affiliate at | Dividend | ||||||||||||||||||||||||
1/1/2021 | Additions | Reductions | gain | depreciation | 12/31/2021 | income | ||||||||||||||||||||||
(000) | (000) | (000) | (000) | (000) | (000) | (000) | ||||||||||||||||||||||
Short-term securities 0.24% | ||||||||||||||||||||||||||||
Money market investments 0.24% | ||||||||||||||||||||||||||||
Capital Group Central Cash Fund 0.09%9 | $ | 24,329 | $ | 138,399 | $ | 161,601 | $ | 2 | $ | (2 | ) | $ | 1,127 | $ | 20 |
1 | Security did not produce income during the last 12 months. |
2 | 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 $28,614,000, which represented 6.12% of the net assets of the fund. |
3 | Index-linked bond whose principal amount moves with a government price index. |
4 | All or a portion of this security was pledged as collateral. The total value of pledged collateral was $548,000, which represented .12% of the net assets of the fund. |
5 | Step bond; coupon rate may change at a later date. |
6 | Principal payments may be made periodically. Therefore, the effective maturity date may be earlier than the stated maturity date. |
7 | Purchased on a TBA basis. |
8 | Coupon rate may change periodically. Reference rate and spread are as of the most recent information available. Some coupon rates are determined by the issuer or agent based on current market conditions; therefore, the reference rate and spread are not available. |
9 | Rate represents the seven-day yield at 12/31/2021. |
10 | Part of the same “group of investment companies” as the fund as defined under the Investment Company Act of 1940, as amended. |
11 | Amount less than one thousand. |
American Funds Insurance Series | 167 |
Global Balanced Fund (continued)
Key to abbreviations and symbols
ADR = American Depositary Receipts
AUD/A$ = Australian dollars
BBR = Bank Base Rate
BRL = Brazilian reais
CAD = Canadian dollars
CNH/CNY = Chinese yuan renminbi
COP = Colombian pesos
CZK = Czech korunas
DKK/DKr = Danish kroner
EGP = Egyptian pounds
EUR/€ = Euros
EURIBOR = Euro Interbank Offered Rate
FRA = Forward Rate Agreement
GBP/£ = British pounds
IDR = Indonesian rupiah
ILS = Israeli shekels
INR = Indian rupees
JPY/¥ = Japanese yen
KRW = South Korean won
MXN = Mexican pesos
MYR = Malaysian ringgits
NOK/NKr = Norwegian kroner
NZD = New Zealand dollars
PLN = Polish zloty
Ref. = Refunding
Rev. = Revenue
RUB = Russian rubles
SEK = Swedish kronor
SOFR = Secured Overnight Financing Rate
TBA = To-be-announced
TIIE = Equilibrium Interbank Interest Rate
USD/$ = U.S. dollars
See notes to financial statements.
168 | American Funds Insurance Series |
The Bond Fund of America
(formerly Bond Fund)
Investment portfolio December 31, 2021
Bonds, notes & other debt instruments 97.12% | Principal amount (000) | Value (000) | ||||||
U.S. Treasury bonds & notes 44.09% U.S. Treasury 32.45% | ||||||||
U.S. Treasury 0.125% 2023 | $ | 39,035 | $ | 38,805 | ||||
U.S. Treasury 0.125% 2023 | 28,515 | 28,272 | ||||||
U.S. Treasury 0.25% 2023 | 10,969 | 10,893 | ||||||
U.S. Treasury 0.25% 2024 | 250,000 | 247,108 | ||||||
U.S. Treasury 0.25% 2024 | 155,500 | 153,253 | ||||||
U.S. Treasury 0.375% 20241 | 654,655 | 648,190 | ||||||
U.S. Treasury 0.375% 2024 | 77,000 | 76,058 | ||||||
U.S. Treasury 0.375% 2024 | 47,205 | 46,548 | ||||||
U.S. Treasury 0.375% 2024 | 26,455 | 26,111 | ||||||
U.S. Treasury 2.125% 2024 | 72,100 | 74,490 | ||||||
U.S. Treasury 2.125% 20241 | 72,100 | 74,417 | ||||||
U.S. Treasury 0.375% 2025 | 200,000 | 193,932 | ||||||
U.S. Treasury 2.875% 20251 | 96,200 | 102,271 | ||||||
U.S. Treasury 2.875% 2025 | 72,100 | 76,395 | ||||||
U.S. Treasury 0.375% 2026 | 40,000 | 38,722 | ||||||
U.S. Treasury 0.75% 2026 | 121,805 | 119,444 | ||||||
U.S. Treasury 0.75% 2026 | 78,035 | 76,470 | ||||||
U.S. Treasury 0.75% 2026 | 26,766 | 26,179 | ||||||
U.S. Treasury 1.25% 2026 | 4,880 | 4,880 | ||||||
U.S. Treasury 1.375% 20261 | 75,000 | 75,490 | ||||||
U.S. Treasury 0.50% 2027 | 165,625 | 158,930 | ||||||
U.S. Treasury 0.50% 2027 | 136,920 | 130,717 | ||||||
U.S. Treasury 2.25% 20271 | 120,200 | 126,271 | ||||||
U.S. Treasury 2.25% 20271 | 72,100 | 75,580 | ||||||
U.S. Treasury 6.125% 2027 | 24,000 | 30,504 | ||||||
U.S. Treasury 1.25% 2028 | 79,480 | 78,735 | ||||||
U.S. Treasury 2.875% 2028 | 72,100 | 78,778 | ||||||
U.S. Treasury 1.375% 2031 | 301,095 | 297,352 | ||||||
U.S. Treasury 1.625% 2031 | 1,630 | 1,651 | ||||||
U.S. Treasury 1.125% 2040 | 124,213 | 108,948 | ||||||
U.S. Treasury 1.375% 2040 | 40,000 | 36,456 | ||||||
U.S. Treasury 1.75% 2041 | 16,261 | 15,763 | ||||||
U.S. Treasury 1.875% 2041 | 79,700 | 78,902 | ||||||
U.S. Treasury 3.00% 20491 | 150,000 | 184,727 | ||||||
U.S. Treasury 1.25% 2050 | 21,285 | 18,108 | ||||||
U.S. Treasury 1.375% 2050 | 32,062 | 28,147 | ||||||
U.S. Treasury 1.875% 2051 | 37,365 | 37,112 | ||||||
U.S. Treasury 2.00% 20511 | 619,330 | 632,147 | ||||||
U.S. Treasury 2.375% 20511 | 20,208 | 22,358 | ||||||
4,279,114 | ||||||||
U.S. Treasury inflation-protected securities 11.64% | ||||||||
U.S. Treasury Inflation-Protected Security 0.125% 20222 | 55,972 | 57,393 | ||||||
U.S. Treasury Inflation-Protected Security 0.125% 20222 | 54,276 | 55,110 | ||||||
U.S. Treasury Inflation-Protected Security 0.125% 20232 | 194,903 | 201,468 | ||||||
U.S. Treasury Inflation-Protected Security 0.375% 20232 | 13,212 | 13,905 | ||||||
U.S. Treasury Inflation-Protected Security 0.625% 20232 | 79,739 | 83,428 | ||||||
U.S. Treasury Inflation-Protected Security 0.125% 20242 | 192,200 | 205,089 | ||||||
U.S. Treasury Inflation-Protected Security 0.125% 20242 | 93,313 | 99,737 | ||||||
U.S. Treasury Inflation-Protected Security 0.625% 20242 | 56,274 | 59,963 | ||||||
U.S. Treasury Inflation-Protected Security 0.125% 20252 | 13,215 | 14,260 | ||||||
U.S. Treasury Inflation-Protected Security 0.25% 20252 | 26,179 | 28,066 | ||||||
U.S. Treasury Inflation-Protected Security 0.375% 20252 | 92,614 | 100,778 | ||||||
U.S. Treasury Inflation-Protected Security 0.125% 20262 | 169,481 | 184,450 | ||||||
U.S. Treasury Inflation-Protected Security 0.125% 20262 | 117,580 | 126,957 | ||||||
U.S. Treasury Inflation-Protected Security 0.375% 20271,2 | 79,671 | 88,614 | ||||||
U.S. Treasury Inflation-Protected Security 0.50% 20281,2 | 84,076 | 94,248 |
American Funds Insurance Series | 169 |
The Bond Fund of America (continued)
(formerly Bond Fund)
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 | $ | 73,312 | $ | 82,410 | ||||
U.S. Treasury Inflation-Protected Security 0.125% 20312 | 18,754 | 20,999 | ||||||
U.S. Treasury Inflation-Protected Security 0.125% 20512 | 15,704 | 18,599 | ||||||
1,535,474 | ||||||||
Total U.S. Treasury bonds & notes | 5,814,588 | |||||||
Corporate bonds, notes & loans 32.85% | ||||||||
Financials 7.91% | ||||||||
ACE INA Holdings, Inc. 2.875% 2022 | 3,625 | 3,681 | ||||||
ACE INA Holdings, Inc. 3.35% 2026 | 2,025 | 2,173 | ||||||
ACE INA Holdings, Inc. 4.35% 2045 | 2,220 | 2,752 | ||||||
AerCap Holdings NV 6.50% 2025 | 1,798 | 2,056 | ||||||
AerCap Ireland Capital, Ltd. / AerCap Global Aviation Trust 1.15% 2023 | 3,130 | 3,118 | ||||||
AerCap Ireland Capital, Ltd. / AerCap Global Aviation Trust 1.65% 2024 | 5,996 | 5,988 | ||||||
AerCap Ireland Capital, Ltd. / AerCap Global Aviation Trust 2.45% 2026 | 10,289 | 10,379 | ||||||
AerCap Ireland Capital, Ltd. / AerCap Global Aviation Trust 3.00% 2028 | 12,359 | 12,543 | ||||||
AerCap Ireland Capital, Ltd. / AerCap Global Aviation Trust 3.30% 2032 | 12,595 | 12,842 | ||||||
AerCap Ireland Capital, Ltd. / AerCap Global Aviation Trust 3.40% 2033 | 5,120 | 5,219 | ||||||
AerCap Ireland Capital, Ltd. / AerCap Global Aviation Trust 3.85% 2041 | 1,254 | 1,309 | ||||||
Ally Financial, Inc. 5.125% 2024 | 1,500 | 1,640 | ||||||
Ally Financial, Inc. 8.00% 2031 | 8,479 | 11,668 | ||||||
Ally Financial, Inc. 8.00% 2031 | 7,070 | 10,020 | ||||||
American International Group, Inc. 4.20% 2028 | 9,875 | 11,025 | ||||||
Arthur J. Gallagher & Co. 3.50% 2051 | 1,073 | 1,136 | ||||||
ASB Bank, Ltd. 2.375% 20313 | 1,575 | 1,567 | ||||||
Banco Santander, SA 1.722% 2027 (1-year UST Yield Curve Rate T Note Constant Maturity + 0.90% on 9/14/2026)4 | 1,400 | 1,375 | ||||||
Bank of America Corp. 1.53% 2025 (USD-SOFR + 0.65% on 12/6/2024)4 | 6,200 | 6,214 | ||||||
Bank of America Corp. 1.658% 2027 (USD-SOFR + 0.91% on 3/11/2026)4 | 981 | 975 | ||||||
Bank of America Corp. 1.734% 2027 (USD-SOFR + 0.96% on 7/22/2026)4 | 7,989 | 7,935 | ||||||
Bank of America Corp. 3.419% 2028 (3-month USD-LIBOR + 1.04% on 12/20/2027)4 | 10,129 | 10,821 | ||||||
Bank of America Corp. 2.087% 2029 (USD-SOFR + 1.06% on 6/14/2028)4 | 682 | 678 | ||||||
Bank of America Corp. 1.922% 2031 (USD-SOFR + 1.37% on 10/24/2030)4 | 21,177 | 20,299 | ||||||
Bank of America Corp. 2.299% 2032 (USD-SOFR + 1.22% on 7/21/2031)4 | 49,520 | 48,742 | ||||||
Bank of America Corp. 2.572% 2032 (USD-SOFR + 1.21% on 10/20/2031)4 | 2,226 | 2,238 | ||||||
Bank of America Corp. 2.687% 2032 (USD-SOFR + 1.32% on 4/22/2031)4 | 10,318 | 10,482 | ||||||
Bank of China, Ltd. (Hong Kong Branch) 3.875% 2025 | 236 | 254 | ||||||
Bank of China, Ltd. (Hong Kong Branch) 4.00% 2028 | 200 | 221 | ||||||
Bank of Nova Scotia 1.35% 2026 | 3,345 | 3,309 | ||||||
Berkshire Hathaway Finance Corp. 4.20% 2048 | 8,720 | 10,607 | ||||||
BNP Paribas 3.80% 20243 | 18,775 | 19,703 | ||||||
BNP Paribas 2.819% 2025 (3-month USD-LIBOR + 1.111% on 11/19/2024)3,4 | 2,875 | 2,961 | ||||||
BNP Paribas 3.375% 20253 | 6,425 | 6,750 | ||||||
BNP Paribas 2.219% 2026 (USD-SOFR + 2.074% on 6/9/2025)3,4 | 12,000 | 12,122 | ||||||
BNP Paribas 1.323% 2027 (USD-SOFR + 1.004% on 1/13/2026)3,4 | 8,425 | 8,203 | ||||||
BNP Paribas 2.159% 2029 (USD-SOFR + 1.218% on 9/15/2028)3,4 | 3,375 | 3,311 | ||||||
BNP Paribas 2.871% 2032 (USD-SOFR + 1.387% on 4/19/2031)3,4 | 3,475 | 3,527 | ||||||
Capital One Financial Corp. 1.343% 2024 (USD-SOFR + 0.69% on 12/6/2023)4 | 6,200 | 6,240 | ||||||
China Ping An Insurance Overseas (Holdings), Ltd. 2.85% 2031 | 1,126 | 1,081 | ||||||
CIT Group, Inc. 3.929% 2024 (USD-SOFR + 3.827% on 6/19/2023)4 | 5,410 | 5,591 | ||||||
CIT Group, Inc. 4.75% 2024 | 2,066 | 2,187 | ||||||
Citigroup, Inc. 4.60% 2026 | 1,800 | 1,987 | ||||||
Citigroup, Inc. 1.462% 2027 (USD-SOFR + 0.67% on 6/9/2026)4 | 8,740 | 8,595 | ||||||
Crédit Agricole SA 1.907% 2026 (USD-SOFR + 1.676% on 6/16/2025)3,4 | 4,450 | 4,462 | ||||||
Crédit Agricole SA 1.247% 2027 (USD-SOFR + 0.892% on 1/26/2026)3,4 | 3,400 | 3,310 | ||||||
Credit Suisse Group AG 2.997% 2023 (3-month USD-LIBOR + 1.20% on 12/14/2022)3,4 | 12,000 | 12,196 | ||||||
Credit Suisse Group AG 3.80% 2023 | 12,925 | 13,396 | ||||||
Credit Suisse Group AG 4.207% 2024 (3-month USD-LIBOR + 1.24% on 6/12/2023)3,4 | 500 | 520 |
170 | American Funds Insurance Series |
The Bond Fund of America (continued)
(formerly Bond Fund)
Bonds, notes & other debt instruments (continued) | Principal amount (000) | Value (000) | ||||||
Corporate bonds, notes & loans (continued) | ||||||||
Financials (continued) | ||||||||
Credit Suisse Group AG 2.593% 2025 (USD-SOFR + 1.56% on 9/11/2024)3,4 | $ | 850 | $ | 869 | ||||
Credit Suisse Group AG 2.193% 2026 (USD-SOFR + 2.044% on 6/5/2025)3,4 | 5,750 | 5,787 | ||||||
Credit Suisse Group AG 1.305% 2027 (USD-SOFR + 0.98% on 2/2/2026)3,4 | 10,950 | 10,590 | ||||||
Credit Suisse Group AG 4.194% 2031 (USD-SOFR + 3.73% on 4/1/2030)3,4 | 3,096 | 3,418 | ||||||
Credit Suisse Group AG 3.091% 2032 (USD-SOFR + 1.73% on 5/14/2031)3,4 | 7,369 | 7,506 | ||||||
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 | 2,923 | ||||||
Deutsche Bank AG 3.30% 2022 | 2,695 | 2,751 | ||||||
Deutsche Bank AG 5.00% 2022 | 2,675 | 2,687 | ||||||
Deutsche Bank AG 3.95% 2023 | 6,350 | 6,550 | ||||||
Deutsche Bank AG 0.898% 2024 | 2,500 | 2,479 | ||||||
Deutsche Bank AG 2.222% 2024 (USD-SOFR + 2.159% on 9/18/2023)4 | 10,475 | 10,614 | ||||||
Deutsche Bank AG 3.70% 2024 | 7,700 | 8,095 | ||||||
Deutsche Bank AG 3.961% 2025 (USD-SOFR + 2.581% on 11/26/2024)4 | 8,586 | 9,073 | ||||||
Deutsche Bank AG 2.129% 2026 (USD-SOFR + 1.87% on 11/24/2025)4 | 42,264 | 42,211 | ||||||
Deutsche Bank AG 4.10% 2026 | 8,162 | 8,723 | ||||||
Deutsche Bank AG 2.311% 2027 (USD-SOFR + 1.219% on 11/16/2026)4 | 3,825 | 3,826 | ||||||
Deutsche Bank AG 3.547% 2031 (USD-SOFR + 3.043% on 9/18/2030)4 | 2,900 | 3,056 | ||||||
Deutsche Bank AG 3.035% 2032 (USD-SOFR + 1.718% on 5/28/2031)4 | 2,100 | 2,118 | ||||||
Deutsche Bank AG 3.729% 2032 (USD-SOFR + 2.757% on 1/14/2031)4 | 4,000 | 4,094 | ||||||
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 | 1,184 | ||||||
Goldman Sachs Group, Inc. 5.75% 2022 | 4,800 | 4,815 | ||||||
Goldman Sachs Group, Inc. 1.217% 2023 | 6,030 | 6,047 | ||||||
Goldman Sachs Group, Inc. 1.431% 2027 (USD-SOFR + 0.795% on 3/9/2026)4 | 3,030 | 2,970 | ||||||
Goldman Sachs Group, Inc. 1.542% 2027 (USD-SOFR + 0.818% on 9/10/2026)4 | 13,275 | 13,014 | ||||||
Goldman Sachs Group, Inc. 1.948% 2027 (USD-SOFR + 0.913% on 10/21/2026)4 | 15,695 | 15,633 | ||||||
Goldman Sachs Group, Inc. 3.814% 2029 (3-month USD-LIBOR + 1.158% on 4/23/2028)4 | 9,600 | 10,451 | ||||||
Goldman Sachs Group, Inc. 2.383% 2032 (USD-SOFR + 1.248% on 7/21/2031)4 | 19,697 | 19,410 | ||||||
Goldman Sachs Group, Inc. 2.615% 2032 (USD-SOFR + 1.281% on 4/22/2031)4 | 7,605 | 7,668 | ||||||
Goldman Sachs Group, Inc. 2.65% 2032 (USD-SOFR + 1.264% on 10/21/2031)4 | 6,075 | 6,119 | ||||||
Goldman Sachs Group, Inc. 2.908% 2042 (USD-SOFR + 1.40% on 7/21/2041)4 | 3,160 | 3,148 | ||||||
Goldman Sachs Group, Inc. 5.30% junior subordinated perpetual bonds (3-month USD-LIBOR + 3.834% on 11/10/2026)4 | 1,750 | 1,910 | ||||||
Groupe BPCE SA 2.75% 20233 | 6,875 | 7,019 | ||||||
Groupe BPCE SA 5.70% 20233 | 28,166 | 30,291 | ||||||
Groupe BPCE SA 5.15% 20243 | 5,481 | 5,939 | ||||||
Groupe BPCE SA 1.652% 2026 (USD-SOFR + 1.52% on 10/6/2025)3,4 | 6,350 | 6,268 | ||||||
Hartford Financial Services Group, Inc. 2.90% 2051 | 713 | 704 | ||||||
HSBC Holdings PLC 2.251% 2027 (USD-SOFR + 1.10% on 11/22/2026)4 | 5,270 | 5,284 | ||||||
HSBC Holdings PLC 2.206% 2029 (USD-SOFR + 1.285% on 8/17/2028)4 | 2,628 | 2,579 | ||||||
HSBC Holdings PLC 4.583% 2029 (3-month USD-LIBOR + 1.535% on 6/19/2028)4 | 9,525 | 10,679 | ||||||
HSBC Holdings PLC 2.804% 2032 (USD-SOFR + 1.187% on 5/24/2031)4 | 6,490 | 6,517 | ||||||
Huarong Finance 2017 Co., Ltd. 4.25% 2027 | 6,335 | 6,417 | ||||||
Huarong Finance 2017 Co., Ltd. 4.75% 2027 | 669 | 692 | ||||||
Huarong Finance 2019 Co., Ltd. (3-month USD-LIBOR + 1.125%) 1.295% 20235 | 2,000 | 1,960 | ||||||
Huarong Finance 2019 Co., Ltd. (3-month USD-LIBOR + 1.25%) 1.43% 20255 | 397 | 379 | ||||||
Huarong Finance II Co., Ltd. 5.00% 2025 | 480 | 500 | ||||||
Huarong Finance II Co., Ltd. 5.50% 2025 | 6,669 | 7,011 | ||||||
Huarong Finance II Co., Ltd. 4.625% 2026 | 200 | 207 | ||||||
Huarong Finance II Co., Ltd. 4.875% 2026 | 2,106 | 2,188 | ||||||
Intesa Sanpaolo SpA 3.375% 20233 | 10,035 | 10,256 | ||||||
Intesa Sanpaolo SpA 3.25% 20243 | 770 | 802 | ||||||
Intesa Sanpaolo SpA 5.017% 20243 | 68,143 | 73,061 | ||||||
Intesa Sanpaolo SpA 5.71% 20263 | 15,400 | 17,049 | ||||||
Intesa Sanpaolo SpA 3.875% 20273 | 6,250 | 6,635 | ||||||
Intesa Sanpaolo SpA 3.875% 20283 | 1,986 | 2,103 | ||||||
Iron Mountain Information Management Services, Inc. 5.00% 20323 | 2,060 | 2,112 |
American Funds Insurance Series | 171 |
The Bond Fund of America (continued)
(formerly Bond Fund)
Bonds, notes & other debt instruments (continued) | Principal amount (000) | Value (000) | ||||||
Corporate bonds, notes & loans (continued) | ||||||||
Financials (continued) | ||||||||
JPMorgan Chase & Co. 0.969% 2025 (USD-SOFR + 0.58% on 6/23/2024)4 | $ | 5,870 | $ | 5,816 | ||||
JPMorgan Chase & Co. 1.561% 2025 (USD-SOFR + 0.605% on 12/10/2024)4 | 14,395 | 14,418 | ||||||
JPMorgan Chase & Co. 1.47% 2027 (USD-SOFR + 0.765% on 9/22/2026)4 | 5,965 | 5,850 | ||||||
JPMorgan Chase & Co. 1.578% 2027 (USD-SOFR + 0.885% on 4/22/2026)4 | 1,832 | 1,811 | ||||||
JPMorgan Chase & Co. 2.069% 2029 (USD-SOFR + 1.015% on 6/1/2028)4 | 2,453 | 2,434 | ||||||
JPMorgan Chase & Co. 3.509% 2029 (3-month USD-LIBOR + 0.945% on 1/23/2028)4 | 9,600 | 10,292 | ||||||
JPMorgan Chase & Co. 4.203% 2029 (3-month USD-LIBOR + 1.26% on 7/23/2028)4 | 11,980 | 13,412 | ||||||
JPMorgan Chase & Co. 2.522% 2031 (USD-SOFR + 2.04% on 4/22/2030)4 | 1,766 | 1,787 | ||||||
JPMorgan Chase & Co. 2.545% 2032 (USD-SOFR + 1.18% on 11/8/2031)4 | 7,826 | 7,879 | ||||||
JPMorgan Chase & Co. 2.58% 2032 (USD-SOFR + 1.25% on 4/22/2031)4 | 4,802 | 4,869 | ||||||
Lloyds Banking Group PLC 2.438% 2026 (1-year UST Yield Curve Rate T Note Constant Maturity + 1.00% on 2/5/2025)4 | 2,675 | 2,729 | ||||||
Lloyds Banking Group PLC 4.375% 2028 | 8,825 | 9,908 | ||||||
Marsh & McLennan Companies, Inc. 2.375% 2031 | 367 | 371 | ||||||
Marsh & McLennan Companies, Inc. 2.90% 2051 | 505 | 505 | ||||||
MetLife Capital Trust IV, junior subordinated, 7.875% 2067 (3-month USD-LIBOR + 3.96% on 12/1/2037)3,4 | 1,405 | 1,921 | ||||||
MetLife, Inc. 3.60% 2025 | 3,490 | 3,767 | ||||||
Mitsubishi UFJ Financial Group, Inc. 0.962% 2025 (1-year UST Yield Curve Rate T Note Constant Maturity + 0.45% on 10/11/2024)4 | 2,960 | 2,921 | ||||||
Mitsubishi UFJ Financial Group, Inc. 1.538% 2027 (1-year UST Yield Curve Rate T Note Constant Maturity + 0.75% on 7/20/2026)4 | 6,200 | 6,093 | ||||||
Mitsubishi UFJ Financial Group, Inc. 1.64% 2027 (1-year UST Yield Curve Rate T Note Constant Maturity + 0.67% on 10/13/2026)4 | 2,225 | 2,197 | ||||||
Mizuho Financial Group, Inc. 1.554% 2027 (1-year UST Yield Curve Rate T Note Constant Maturity + 0.75% on 7/9/2026)4 | 4,615 | 4,543 | ||||||
Morgan Stanley 0.791% 2025 (USD-SOFR + 0.509% on 1/22/2024)4 | 3,065 | 3,035 | ||||||
Morgan Stanley 1.164% 2025 (USD-SOFR + 0.56% on 10/21/2024)4 | 3,083 | 3,061 | ||||||
Morgan Stanley 2.72% 2025 (USD-SOFR + 1.152% on 7/22/2024)4 | 2,300 | 2,372 | ||||||
Morgan Stanley 1.512% 2027 (USD-SOFR + 0.858% on 7/20/2026)4 | 10,488 | 10,327 | ||||||
Morgan Stanley 2.239% 2032 (USD-SOFR + 1.178% on 7/21/2031)4 | 33,694 | 32,991 | ||||||
Morgan Stanley 2.511% 2032 (USD-SOFR + 1.20% on 10/20/2031)4 | 3,951 | 3,952 | ||||||
MSCI, Inc. 3.25% 20333 | 2,750 | 2,785 | ||||||
Navient Corp. 6.75% 2025 | 425 | 468 | ||||||
OneMain Holdings, Inc. 7.125% 2026 | 250 | 285 | ||||||
PNC Financial Services Group, Inc. 2.854% 20224 | 5,850 | 5,961 | ||||||
PNC Funding Corp. 3.30% 2022 | 8,700 | 8,724 | ||||||
Rede D’Or Finance SARL 4.50% 20303 | 1,572 | 1,533 | ||||||
Santander Holdings USA, Inc. 3.50% 2024 | 8,325 | 8,682 | ||||||
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)4 | 1,530 | 1,577 | ||||||
Synchrony Financial 2.85% 2022 | 5,400 | 5,456 | ||||||
Synchrony Financial 4.375% 2024 | 3,640 | 3,842 | ||||||
Synchrony Financial 2.875% 2031 | 1,730 | 1,728 | ||||||
Toronto-Dominion Bank 2.00% 2031 | 3,510 | 3,464 | ||||||
Travelers Companies, Inc. 2.55% 2050 | 768 | 732 | ||||||
UBS Group AG 1.49% 2027 (1-year UST Yield Curve Rate T Note Constant Maturity + 0.85% on 8/10/2026)3,4 | 4,000 | 3,904 | ||||||
UniCredit SpA 3.75% 20223 | 2,545 | 2,564 | ||||||
UniCredit SpA 6.572% 20223 | 11,295 | 11,312 | ||||||
UniCredit SpA 4.625% 20273 | 1,395 | 1,530 | ||||||
UniCredit SpA 5.861% 2032 (5-year USD-ICE Swap + 3.703% on 6/19/2027)3,4 | 16,130 | 17,708 | ||||||
Vigorous Champion International, Ltd. 4.25% 2029 | 462 | 488 | ||||||
Wells Fargo & Company 2.406% 2025 (3-month USD-LIBOR + 0.825% on 10/30/2024)4 | 20,480 | 21,005 | ||||||
Westpac Banking Corp. 1.953% 2028 | 4,305 | 4,291 | ||||||
1,043,099 |
172 | American Funds Insurance Series |
The Bond Fund of America (continued)
(formerly Bond Fund)
Bonds, notes & other debt instruments (continued) | Principal amount (000) | Value (000) | ||||||
Corporate bonds, notes & loans (continued) | ||||||||
Utilities 4.54% | ||||||||
Abu Dhabi National Energy Company PJSC (TAQA) 4.375% 20253 | $ | 10,500 | $ | 11,432 | ||||
AEP Texas, Inc. 3.45% 2051 | 1,475 | 1,489 | ||||||
Alabama Power Co. 3.00% 2052 | 3,880 | 3,880 | ||||||
Alfa Desarrollo SpA 4.55% 20513 | 1,005 | 994 | ||||||
Ameren Corp. 4.50% 2049 | 2,875 | 3,670 | ||||||
Berkshire Hathaway Energy Company 4.50% 2045 | 5,895 | 7,155 | ||||||
Comisión Federal de Electricidad 3.348% 20313 | 6,000 | 5,894 | ||||||
Comisión Federal de Electricidad 3.875% 20333 | 1,340 | 1,319 | ||||||
Comisión Federal de Electricidad 4.677% 20513 | 6,050 | 5,704 | ||||||
Connecticut Light and Power Co. 2.05% 2031 | 1,775 | 1,751 | ||||||
Consumers Energy Co. 4.05% 2048 | 8,270 | 9,890 | ||||||
Consumers Energy Co. 3.75% 2050 | 5,625 | 6,476 | ||||||
Dominion Energy, Inc. 2.25% 2031 | 3,925 | 3,837 | ||||||
Duke Energy Corp. 3.75% 2024 | 3,826 | 4,020 | ||||||
Duke Energy Florida, LLC 3.40% 2046 | 5,669 | 5,996 | ||||||
Duke Energy Florida, LLC 3.00% 2051 | 711 | 718 | ||||||
Duke Energy Progress, LLC 3.70% 2028 | 3,750 | 4,113 | ||||||
Duke Energy Progress, LLC 2.00% 2031 | 1,775 | 1,736 | ||||||
Duke Energy Progress, LLC 2.50% 2050 | 644 | 597 | ||||||
Edison International 3.125% 2022 | 2,900 | 2,946 | ||||||
Edison International 3.55% 2024 | 6,850 | 7,169 | ||||||
Edison International 4.95% 2025 | 175 | 190 | ||||||
Edison International 5.75% 2027 | 3,181 | 3,629 | ||||||
Edison International 4.125% 2028 | 3,644 | 3,849 | ||||||
Electricité de France SA 2.625% junior subordinated perpetual bonds (5-year EUR Mid-Swap + 2.86% on 6/1/2028)4 | € | 7,600 | 8,700 | |||||
Emera US Finance LP 0.833% 2024 | $ | 600 | 589 | |||||
Emera US Finance LP 2.639% 2031 | 4,400 | 4,330 | ||||||
Emera, Inc. 6.75% 2076 (3-month USD-LIBOR + 5.44% on 6/15/2026)4 | 1,425 | 1,644 | ||||||
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 | 1,116 | ||||||
ENN Clean Energy International Investment, Ltd. 3.375% 20263 | 1,310 | 1,304 | ||||||
Entergy Louisiana, LLC 4.20% 2048 | 6,325 | 7,542 | ||||||
Eversource Energy 2.75% 2022 | 527 | 528 | ||||||
Eversource Energy 3.80% 2023 | 5,000 | 5,251 | ||||||
FirstEnergy Corp. 1.60% 2026 | 20,066 | 19,414 | ||||||
FirstEnergy Corp. 3.50% 20283 | 2,400 | 2,560 | ||||||
FirstEnergy Corp. 4.10% 20283 | 425 | 467 | ||||||
FirstEnergy Corp. 2.25% 2030 | 13,707 | 13,215 | ||||||
FirstEnergy Corp. 2.65% 2030 | 12,524 | 12,399 | ||||||
FirstEnergy Corp., Series A, 3.35% 20224 | 13,398 | 13,456 | ||||||
FirstEnergy Corp., Series B, 4.40% 2027 (4.15% on 1/15/2022)4 | 12,178 | 13,126 | ||||||
FirstEnergy Transmission LLC 2.866% 20283 | 4,000 | 4,010 | ||||||
Florida Power & Light Company 2.875% 2051 | 6,900 | 7,016 | ||||||
Georgia Power Co. 3.70% 2050 | 275 | 293 | ||||||
Interchile SA 4.50% 20563 | 465 | 495 | ||||||
Israel Electric Corp., Ltd. 4.25% 20283 | 5,870 | 6,461 | ||||||
Jersey Central Power & Light Co. 2.75% 20323 | 525 | 533 | ||||||
MidAmerican Energy Holdings Co. 2.70% 2052 | 1,053 | 1,025 | ||||||
Mississippi Power Co. 4.25% 2042 | 5,020 | 5,774 | ||||||
Monongahela Power Co. 3.55% 20273 | 1,700 | 1,819 | ||||||
NextEra Energy Capital Holdings, Inc. 1.875% 2027 | 3,000 | 3,020 | ||||||
NextEra Energy Capital Holdings, Inc. 1.90% 2028 | 3,575 | 3,540 | ||||||
NextEra Energy Capital Holdings, Inc. 2.44% 2032 | 5,875 | 5,893 | ||||||
Oncor Electric Delivery Company, LLC 2.70% 20513 | 300 | 289 | ||||||
Pacific Gas and Electric Co. 1.75% 2022 | 13,000 | 13,000 | ||||||
Pacific Gas and Electric Co. 1.367% 2023 | 11,550 | 11,481 | ||||||
Pacific Gas and Electric Co. 3.25% 2023 | 5,615 | 5,721 | ||||||
Pacific Gas and Electric Co. 3.40% 2024 | 2,000 | 2,070 |
American Funds Insurance Series | 173 |
The Bond Fund of America (continued)
(formerly Bond Fund)
Bonds, notes & other debt instruments (continued) | Principal amount (000) | Value (000) | ||||||
Corporate bonds, notes & loans (continued) | ||||||||
Utilities (continued) | ||||||||
Pacific Gas and Electric Co. 2.95% 2026 | $ | 10,850 | $ | 11,046 | ||||
Pacific Gas and Electric Co. 3.15% 2026 | 27,543 | 28,180 | ||||||
Pacific Gas and Electric Co. 3.30% 2027 | 12,289 | 12,500 | ||||||
Pacific Gas and Electric Co. 3.30% 2027 | 5,850 | 5,957 | ||||||
Pacific Gas and Electric Co. 3.75% 2028 | 13,075 | 13,608 | ||||||
Pacific Gas and Electric Co. 4.65% 2028 | 7,900 | 8,624 | ||||||
Pacific Gas and Electric Co. 4.55% 2030 | 35,299 | 38,201 | ||||||
Pacific Gas and Electric Co. 2.50% 2031 | 19,695 | 18,784 | ||||||
Pacific Gas and Electric Co. 3.25% 2031 | 1,300 | 1,306 | ||||||
Pacific Gas and Electric Co. 3.30% 2040 | 8,898 | 8,266 | ||||||
Pacific Gas and Electric Co. 3.75% 2042 | 9,466 | 8,851 | ||||||
Pacific Gas and Electric Co. 4.75% 2044 | 336 | 349 | ||||||
Pacific Gas and Electric Co. 3.50% 2050 | 6,836 | 6,350 | ||||||
Public Service Electric and Gas Co. 3.20% 2029 | 6,000 | 6,458 | ||||||
Public Service Electric and Gas Co. 1.90% 2031 | 775 | 755 | ||||||
Puget Energy, Inc. 5.625% 2022 | 8,004 | 8,114 | ||||||
Puget Energy, Inc. 3.65% 2025 | 300 | 317 | ||||||
San Diego Gas & Electric Co. 3.32% 2050 | 748 | 790 | ||||||
San Diego Gas & Electric Co. 2.95% 2051 | 6,804 | 6,865 | ||||||
Southern California Edison Co. 2.85% 2029 | 8,200 | 8,491 | ||||||
Southern California Edison Co. 4.20% 2029 | 11,000 | 12,278 | ||||||
Southern California Edison Co. 2.50% 2031 | 5,149 | 5,174 | ||||||
Southern California Edison Co. 5.35% 2035 | 6,450 | 8,043 | ||||||
Southern California Edison Co. 5.75% 2035 | 4,549 | 5,861 | ||||||
Southern California Edison Co. 5.625% 2036 | 7,051 | 8,895 | ||||||
Southern California Edison Co. 5.55% 2037 | 3,844 | 4,797 | ||||||
Southern California Edison Co. 5.95% 2038 | 5,121 | 6,632 | ||||||
Southern California Edison Co. 4.00% 2047 | 9,402 | 10,390 | ||||||
Southern California Edison Co. 4.125% 2048 | 8,048 | 9,049 | ||||||
Southern California Edison Co. 4.875% 2049 | 916 | 1,121 | ||||||
Southern California Edison Co. 3.65% 2050 | 7,331 | 7,777 | ||||||
Southern California Edison Co. 3.65% 2051 | 6,978 | 7,579 | ||||||
Southern California Edison Co., Series C, 3.60% 2045 | 2,717 | 2,790 | ||||||
Southwestern Electric Power Co. 1.65% 2026 | 3,550 | 3,524 | ||||||
Southwestern Electric Power Co. 3.25% 2051 | 2,270 | 2,256 | ||||||
Union Electric Co. 2.15% 2032 | 3,175 | 3,120 | ||||||
Virginia Electric and Power Co. 2.30% 2031 | 2,425 | 2,446 | ||||||
WEC Energy Group, Inc. 2.20% 2028 | 1,575 | 1,574 | ||||||
Wisconsin Electric Power Co. 2.85% 2051 | 375 | 369 | ||||||
Wisconsin Power and Light Co. 1.95% 2031 | 525 | 511 | ||||||
Wisconsin Power and Light Co. 3.65% 2050 | 1,075 | 1,211 | ||||||
Xcel Energy, Inc. 3.30% 2025 | 5,650 | 5,936 | ||||||
Xcel Energy, Inc. 1.75% 2027 | 5,660 | 5,613 | ||||||
Xcel Energy, Inc. 2.60% 2029 | 2,925 | 2,993 | ||||||
Xcel Energy, Inc. 2.35% 2031 | 8,500 | 8,467 | ||||||
598,753 | ||||||||
Energy 4.39% | ||||||||
Antero Resources Corp. 5.375% 20303 | 280 | 300 | ||||||
Apache Corp. 4.625% 2025 | 645 | 693 | ||||||
Apache Corp. 4.25% 2030 | 2,465 | 2,679 | ||||||
Apache Corp. 5.35% 2049 | 800 | 915 | ||||||
Baker Hughes, a GE Co. 2.061% 2026 | 1,136 | 1,147 | ||||||
Canadian Natural Resources, Ltd. 2.05% 2025 | 754 | 762 | ||||||
Canadian Natural Resources, Ltd. 3.85% 2027 | 1,151 | 1,234 | ||||||
Canadian Natural Resources, Ltd. 2.95% 2030 | 1,113 | 1,128 | ||||||
Cenovus Energy, Inc. 5.375% 2025 | 2,763 | 3,052 | ||||||
Cenovus Energy, Inc. 4.25% 2027 | 18,067 | 19,707 | ||||||
Cenovus Energy, Inc. 2.65% 2032 | 2,969 | 2,908 |
174 | American Funds Insurance Series |
The Bond Fund of America (continued)
(formerly Bond Fund)
Bonds, notes & other debt instruments (continued) | Principal amount (000) | Value (000) | ||||||
Corporate bonds, notes & loans (continued) | ||||||||
Energy (continued) | ||||||||
Cenovus Energy, Inc. 5.25% 2037 | $ | 770 | $ | 911 | ||||
Cenovus Energy, Inc. 5.40% 2047 | 15,180 | 18,942 | ||||||
Cheniere Energy Partners LP 3.25% 20323 | 937 | 948 | ||||||
Cheniere Energy, Inc. 7.00% 2024 | 410 | 454 | ||||||
Cheniere Energy, Inc. 3.70% 2029 | 6,511 | 6,980 | ||||||
Chevron Corp. 2.355% 2022 | 4,800 | 4,861 | ||||||
Chevron Corp. 2.954% 2026 | 3,365 | 3,566 | ||||||
Chevron Corp. 3.078% 2050 | 692 | 737 | ||||||
Columbia Pipeline Partners LP 5.80% 2045 | 1,410 | 1,869 | ||||||
DCP Midstream Operating LP 4.95% 2022 | 500 | 500 | ||||||
Devon Energy Corp. 4.50% 2030 | 5,197 | 5,582 | ||||||
Diamondback Energy, Inc. 4.40% 2051 | 2,016 | 2,316 | ||||||
DT Midstream, Inc. 4.125% 20293 | 555 | 569 | ||||||
Enbridge Energy Partners LP 7.375% 2045 | 11,183 | 17,502 | ||||||
Enbridge, Inc. 4.00% 2023 | 1,500 | 1,567 | ||||||
Energy Transfer Operating LP 5.875% 2024 | 294 | 317 | ||||||
Energy Transfer Operating LP 2.90% 2025 | 4,402 | 4,551 | ||||||
Energy Transfer Operating LP 3.75% 2030 | 7,707 | 8,175 | ||||||
Energy Transfer Operating LP 5.00% 2050 | 14,895 | 17,181 | ||||||
Energy Transfer Partners LP 4.20% 2023 | 2,860 | 2,988 | ||||||
Energy Transfer Partners LP 4.50% 2024 | 4,915 | 5,212 | ||||||
Energy Transfer Partners LP 4.75% 2026 | 1,506 | 1,649 | ||||||
Energy Transfer Partners LP 4.95% 2028 | 4,559 | 5,133 | ||||||
Energy Transfer Partners LP 5.25% 2029 | 1,275 | 1,462 | ||||||
Energy Transfer Partners LP 6.125% 2045 | 8,946 | 11,152 | ||||||
Energy Transfer Partners LP 5.30% 2047 | 10,459 | 12,148 | ||||||
Energy Transfer Partners LP 6.00% 2048 | 1,241 | 1,545 | ||||||
Energy Transfer Partners LP 6.25% 2049 | 1,104 | 1,445 | ||||||
Energy Transfer Partners LP 6.25% junior subordinated perpetual bonds (3-month USD-LIBOR + 4.028% on 2/15/2023)4 | 7,850 | 6,840 | ||||||
Energy Transfer Partners LP 6.625% junior subordinated perpetual bonds (3-month USD-LIBOR + 4.155% on 2/15/2028)4 | 500 | 476 | ||||||
Enterprise Products Operating LLC 3.20% 2052 | 3,031 | 2,981 | ||||||
Enterprise Products Operating LLC 3.30% 2053 | 2,358 | 2,350 | ||||||
EQT Corp. 3.00% 2022 | 6,700 | 6,776 | ||||||
EQT Corp. 7.50% 20304 | 7,500 | 9,649 | ||||||
EQT Corp. 3.625% 20313 | 425 | 442 | ||||||
Equinor ASA 3.625% 2028 | 4,928 | 5,418 | ||||||
Equinor ASA 3.125% 2030 | 20,000 | 21,508 | ||||||
Equinor ASA 3.25% 2049 | 5,687 | 6,040 | ||||||
Exxon Mobil Corp. 3.043% 2026 | 4,625 | 4,897 | ||||||
Exxon Mobil Corp. 2.61% 2030 | 1,040 | 1,079 | ||||||
Kinder Morgan, Inc. 3.60% 2051 | 4,154 | 4,187 | ||||||
MPLX LP 1.75% 2026 | 5,557 | 5,507 | ||||||
MPLX LP 4.00% 2028 | 4,665 | 5,059 | ||||||
MPLX LP 2.65% 2030 | 2,404 | 2,396 | ||||||
MPLX LP 5.50% 2049 | 8,081 | 10,344 | ||||||
Odebrecht Drilling Norbe 1.00% PIK and 6.35% Cash 20263,6 | 39 | 21 | ||||||
Odebrecht Drilling Norbe 0% perpetual bonds3 | 1,150 | 11 | ||||||
Oleoducto Central SA 4.00% 20273 | 1,715 | 1,707 | ||||||
Oleoducto Central SA 4.00% 2027 | 350 | 348 | ||||||
ONEOK, Inc. 2.20% 2025 | 193 | 195 | ||||||
ONEOK, Inc. 5.85% 2026 | 896 | 1,028 | ||||||
ONEOK, Inc. 4.55% 2028 | 1,610 | 1,779 | ||||||
ONEOK, Inc. 3.10% 2030 | 540 | 551 | ||||||
ONEOK, Inc. 6.35% 2031 | 984 | 1,237 | ||||||
ONEOK, Inc. 5.20% 2048 | 10,168 | 12,317 | ||||||
ONEOK, Inc. 4.45% 2049 | 440 | 487 | ||||||
ONEOK, Inc. 4.50% 2050 | 1,266 | 1,406 |
American Funds Insurance Series | 175 |
The Bond Fund of America (continued)
(formerly Bond Fund)
Bonds, notes & other debt instruments (continued) | Principal amount (000) | Value (000) | ||||||
Corporate bonds, notes & loans (continued) | ||||||||
Energy (continued) | ||||||||
ONEOK, Inc. 7.15% 2051 | $ | 3,275 | $ | 4,737 | ||||
Petróleos Mexicanos 4.875% 2022 | 1,000 | 1,003 | ||||||
Petróleos Mexicanos 6.875% 20253 | 3,663 | 4,007 | ||||||
Petróleos Mexicanos 6.875% 2025 | 1,337 | 1,462 | ||||||
Petróleos Mexicanos 6.875% 2026 | 43,810 | 48,228 | ||||||
Petróleos Mexicanos 6.50% 2027 | 31,829 | 33,997 | ||||||
Petróleos Mexicanos 6.50% 2029 | 3,409 | 3,543 | ||||||
Petróleos Mexicanos 6.70% 20323 | 18,259 | 18,478 | ||||||
Petróleos Mexicanos 7.69% 2050 | 285 | 276 | ||||||
Qatar Petroleum 1.375% 20263 | 16,725 | 16,422 | ||||||
Qatar Petroleum 2.25% 20313 | 18,400 | 18,273 | ||||||
Qatar Petroleum 3.125% 20413 | 7,310 | 7,407 | ||||||
Qatar Petroleum 3.30% 20513 | 2,185 | 2,257 | ||||||
SA Global Sukuk, Ltd. 0.946% 20243 | 9,410 | 9,278 | ||||||
SA Global Sukuk, Ltd. 1.602% 20263 | 25,336 | 24,975 | ||||||
SA Global Sukuk, Ltd. 2.694% 20313 | 4,680 | 4,716 | ||||||
Sabine Pass Liquefaction, LLC 5.625% 20234 | 1,000 | 1,046 | ||||||
Sabine Pass Liquefaction, LLC 5.75% 2024 | 8,000 | 8,705 | ||||||
Sabine Pass Liquefaction, LLC 5.625% 2025 | 10,000 | 11,110 | ||||||
Sabine Pass Liquefaction, LLC 5.875% 2026 | 15,700 | 18,030 | ||||||
Saudi Arabian Oil Co. 2.875% 20243 | 4,885 | 5,049 | ||||||
Shell International Finance BV 3.875% 2028 | 9,410 | 10,525 | ||||||
Shell International Finance BV 2.75% 2030 | 1,186 | 1,240 | ||||||
Sinopec Group Overseas Development (2018), Ltd. 2.95% 2029 | 3,743 | 3,911 | ||||||
Sinopec Group Overseas Development (2018), Ltd. 2.95% 20293 | 3,419 | 3,563 | ||||||
Sinopec Group Overseas Development (2018), Ltd. 2.95% 2029 | 460 | 479 | ||||||
Sinopec Group Overseas Development (2018), Ltd. 2.95% 20293 | 1,183 | 1,236 | ||||||
Southwestern Energy Co. 6.45% 2025 (6.20% on 1/23/2022)4 | 495 | 545 | ||||||
Suncor Energy, Inc. 3.75% 2051 | 552 | 594 | ||||||
Sunoco Logistics Operating Partners LP 5.40% 2047 | 5,641 | 6,634 | ||||||
Targa Resources Partners LP 5.375% 2027 | 175 | 181 | ||||||
Total Capital Canada, Ltd. 2.75% 2023 | 2,140 | 2,200 | ||||||
Total Capital International 3.455% 2029 | 885 | 960 | ||||||
TransCanada PipeLines, Ltd. 4.10% 2030 | 1,578 | 1,762 | ||||||
Western Midstream Operating, LP 4.35% 2025 (4.10% on 2/1/2022)4 | 2,782 | 2,911 | ||||||
Western Midstream Operating, LP 5.30% 2030 (5.05% on 2/1/2022)4 | 2,202 | 2,424 | ||||||
Western Midstream Operating, LP 6.50% 2050 (6.25% on 2/1/2022)4 | 3,079 | 3,646 | ||||||
Williams Partners LP 4.50% 2023 | 500 | 527 | ||||||
Williams Partners LP 4.30% 2024 | 595 | 628 | ||||||
578,788 | ||||||||
Consumer discretionary 3.99% | ||||||||
Allied Universal Holdco LLC 4.625% 20283 | 335 | 335 | ||||||
Amazon.com, Inc. 1.65% 2028 | 6,855 | 6,871 | ||||||
Amazon.com, Inc. 2.10% 2031 | 7,155 | 7,259 | ||||||
Amazon.com, Inc. 2.875% 2041 | 1,480 | 1,540 | ||||||
Amazon.com, Inc. 3.10% 2051 | 9,380 | 10,039 | ||||||
Amazon.com, Inc. 3.25% 2061 | 4,100 | 4,426 | ||||||
Atlas LuxCo 4 SARL 4.625% 20283 | 255 | 251 | ||||||
Bayerische Motoren Werke AG 1.25% 20263 | 100 | 99 | ||||||
Bayerische Motoren Werke AG 1.95% 20313 | 620 | 604 | ||||||
Daimler Trucks Finance North America, LLC 1.125% 20233 | 3,015 | 3,017 | ||||||
Daimler Trucks Finance North America, LLC 1.625% 20243 | 4,950 | 4,990 | ||||||
Daimler Trucks Finance North America, LLC 2.00% 20263 | 2,460 | 2,472 | ||||||
Daimler Trucks Finance North America, LLC 2.375% 20283 | 3,975 | 3,996 | ||||||
Daimler Trucks Finance North America, LLC 2.50% 20313 | 9,625 | 9,631 | ||||||
DaimlerChrysler North America Holding Corp. 1.75% 20233 | 8,000 | 8,082 | ||||||
DaimlerChrysler North America Holding Corp. 3.35% 20233 | 2,000 | 2,056 | ||||||
Ford Motor Credit Company LLC 5.125% 2025 | 3,870 | 4,214 |
176 | American Funds Insurance Series |
The Bond Fund of America (continued)
(formerly Bond Fund)
Bonds, notes & other debt instruments (continued) | Principal amount (000) | Value (000) | ||||||
Corporate bonds, notes & loans (continued) | ||||||||
Consumer discretionary (continued) | ||||||||
Ford Motor Credit Company LLC 3.815% 2027 | $ | 3,790 | $ | 4,013 | ||||
Ford Motor Credit Company LLC 4.125% 2027 | 39,080 | 42,231 | ||||||
Ford Motor Credit Company LLC 4.271% 2027 | 18,542 | 19,954 | ||||||
Ford Motor Credit Company LLC 5.113% 2029 | 4,205 | 4,785 | ||||||
General Motors Company 5.40% 2023 | 421 | 451 | ||||||
General Motors Company 4.35% 2025 | 11,358 | 12,229 | ||||||
General Motors Company 6.125% 2025 | 28,743 | 33,046 | ||||||
General Motors Company 6.80% 2027 | 1,030 | 1,265 | ||||||
General Motors Company 5.40% 2048 | 7,200 | 9,208 | ||||||
General Motors Financial Co. 3.55% 2022 | 3,703 | 3,757 | ||||||
General Motors Financial Co. 3.25% 2023 | 964 | 985 | ||||||
General Motors Financial Co. 1.05% 2024 | 4,200 | 4,180 | ||||||
General Motors Financial Co. 3.50% 2024 | 9,945 | 10,447 | ||||||
General Motors Financial Co. 3.95% 2024 | 3,969 | 4,179 | ||||||
General Motors Financial Co. 5.10% 2024 | 1,081 | 1,160 | ||||||
General Motors Financial Co. 2.75% 2025 | 3,819 | 3,944 | ||||||
General Motors Financial Co. 2.90% 2025 | 1,032 | 1,068 | ||||||
General Motors Financial Co. 1.25% 2026 | 5,450 | 5,338 | ||||||
General Motors Financial Co. 2.70% 2027 | 6,079 | 6,188 | ||||||
General Motors Financial Co. 2.40% 2028 | 13,909 | 13,977 | ||||||
General Motors Financial Co. 2.40% 2028 | 464 | 463 | ||||||
General Motors Financial Co. 3.60% 2030 | 465 | 496 | ||||||
General Motors Financial Co. 2.35% 2031 | 6,075 | 5,920 | ||||||
General Motors Financial Co. 2.70% 2031 | 6,075 | 6,060 | ||||||
Grand Canyon University 4.125% 2024 | 4,190 | 4,289 | ||||||
Home Depot, Inc. 2.95% 2029 | 6,081 | 6,484 | ||||||
Home Depot, Inc. 4.50% 2048 | 1,915 | 2,482 | ||||||
Hyundai Capital America 2.85% 20223 | 4,118 | 4,190 | ||||||
Hyundai Capital America 3.00% 20223 | 4,500 | 4,547 | ||||||
Hyundai Capital America 3.25% 20223 | 1,521 | 1,550 | ||||||
Hyundai Capital America 3.95% 20223 | 8,000 | 8,019 | ||||||
Hyundai Capital America 1.25% 20233 | 3,150 | 3,149 | ||||||
Hyundai Capital America 2.375% 20233 | 9,977 | 10,118 | ||||||
Hyundai Capital America 0.875% 20243 | 2,780 | 2,728 | ||||||
Hyundai Capital America 1.00% 20243 | 2,750 | 2,704 | ||||||
Hyundai Capital America 3.40% 20243 | 8,180 | 8,535 | ||||||
Hyundai Capital America 1.80% 20253 | 12,714 | 12,656 | ||||||
Hyundai Capital America 2.65% 20253 | 13,054 | 13,387 | ||||||
Hyundai Capital America 1.30% 20263 | 6,000 | 5,834 | ||||||
Hyundai Capital America 1.50% 20263 | 8,310 | 8,086 | ||||||
Hyundai Capital America 1.65% 20263 | 7,275 | 7,138 | ||||||
Hyundai Capital America 2.375% 20273 | 6,264 | 6,236 | ||||||
Hyundai Capital America 3.00% 20273 | 10,408 | 10,777 | ||||||
Hyundai Capital America 1.80% 20283 | 6,000 | 5,803 | ||||||
Hyundai Capital America 2.00% 20283 | 5,900 | 5,757 | ||||||
Hyundai Capital America 2.10% 20283 | 4,400 | 4,278 | ||||||
Hyundai Capital Services, Inc. 1.25% 20263 | 3,695 | 3,608 | ||||||
Limited Brands, Inc. 6.875% 2035 | 740 | 921 | ||||||
Marriott International, Inc. 5.75% 2025 | 330 | 372 | ||||||
Marriott International, Inc. 3.125% 2026 | 410 | 426 | ||||||
Marriott International, Inc. 2.75% 2033 | 850 | 826 | ||||||
McDonald’s Corp. 2.125% 2030 | 2,482 | 2,473 | ||||||
McDonald’s Corp. 4.45% 2047 | 3,535 | 4,323 | ||||||
McDonald’s Corp. 3.625% 2049 | 2,938 | 3,257 | ||||||
Meituan Dianping 3.05% 20303 | 3,200 | 2,965 | ||||||
MGM Resorts International 7.75% 2022 | 2,000 | 2,028 | ||||||
NIKE, Inc. 3.25% 2040 | 6,171 | 6,727 | ||||||
NIKE, Inc. 3.875% 2045 | 1,560 | 1,876 | ||||||
Nissan Motor Co., Ltd. 2.60% 20223 | 1,415 | 1,430 |
American Funds Insurance Series | 177 |
The Bond Fund of America (continued)
(formerly Bond Fund)
Bonds, notes & other debt instruments (continued) | Principal amount (000) | Value (000) | ||||||
Corporate bonds, notes & loans (continued) | ||||||||
Consumer discretionary (continued) | ||||||||
Nissan Motor Co., Ltd. 3.043% 20233 | $ | 240 | $ | 246 | ||||
Nissan Motor Co., Ltd. 3.522% 20253 | 800 | 839 | ||||||
Nissan Motor Co., Ltd. 2.00% 20263 | 12,000 | 11,832 | ||||||
Nissan Motor Co., Ltd. 4.345% 20273 | 1,790 | 1,934 | ||||||
Nissan Motor Co., Ltd. 2.75% 20283 | 11,200 | 11,130 | ||||||
Nissan Motor Co., Ltd. 4.81% 20303 | 17,533 | 19,629 | ||||||
Sands China, Ltd. 2.30% 20273 | 2,368 | 2,232 | ||||||
Starbucks Corp. 3.75% 2047 | 3,785 | 4,178 | ||||||
Stellantis Finance US, Inc. 1.711% 20273 | 3,500 | 3,442 | ||||||
Stellantis Finance US, Inc. 2.691% 20313 | 4,280 | 4,213 | ||||||
Toyota Motor Credit Corp. 3.375% 2030 | 6,664 | 7,311 | ||||||
VICI Properties LP / VICI Note Co., Inc. 4.125% 20303 | 425 | 450 | ||||||
Volkswagen Group of America Finance, LLC 4.25% 20233 | 15,000 | 15,847 | ||||||
Volkswagen Group of America Finance, LLC 2.85% 20243 | 2,996 | 3,100 | ||||||
Volkswagen Group of America Finance, LLC 1.25% 20253 | 1,150 | 1,126 | ||||||
Volkswagen Group of America Finance, LLC 3.35% 20253 | 2,636 | 2,775 | ||||||
Wyndham Destinations, Inc. 6.625% 20263 | 675 | 749 | ||||||
Wynn Resorts, Ltd. 5.125% 20293 | 410 | 417 | ||||||
526,655 | ||||||||
Health care 3.53% | ||||||||
Abbott Laboratories 3.75% 2026 | 2,244 | 2,481 | ||||||
Abbott Laboratories 4.75% 2036 | 4,565 | 5,835 | ||||||
AbbVie, Inc. 3.20% 2022 | 9,600 | 9,764 | ||||||
AbbVie, Inc. 3.20% 2029 | 23,754 | 25,424 | ||||||
Amgen, Inc. 2.45% 2030 | 10,000 | 10,189 | ||||||
Anthem, Inc. 2.375% 2025 | 1,534 | 1,583 | ||||||
AstraZeneca Finance LLC 1.75% 2028 | 1,429 | 1,422 | ||||||
AstraZeneca Finance LLC 2.25% 2031 | 2,087 | 2,104 | ||||||
AstraZeneca PLC 4.00% 2029 | 5,920 | 6,692 | ||||||
AstraZeneca PLC 3.00% 2051 | 1,437 | 1,510 | ||||||
Bausch Health Companies, Inc. 4.875% 20283 | 830 | 848 | ||||||
Baxter International, Inc. 2.539% 20323 | 3,906 | 3,950 | ||||||
Bayer US Finance II LLC 4.25% 20253 | 17,570 | 19,021 | ||||||
Boston Scientific Corp. 3.375% 2022 | 350 | 354 | ||||||
Boston Scientific Corp. 3.85% 2025 | 255 | 274 | ||||||
Centene Corp. 4.25% 2027 | 14,860 | 15,517 | ||||||
Centene Corp. 2.45% 2028 | 12,410 | 12,243 | ||||||
Centene Corp. 4.625% 2029 | 14,945 | 16,143 | ||||||
Centene Corp. 3.375% 2030 | 15,718 | 16,033 | ||||||
Centene Corp. 2.50% 2031 | 8,550 | 8,338 | ||||||
Centene Corp. 2.625% 2031 | 2,510 | 2,464 | ||||||
Cigna Corp. 4.375% 2028 | 6,843 | 7,782 | ||||||
Danaher Corp. 2.80% 2051 | 1,090 | 1,078 | ||||||
EMD Finance LLC 2.95% 20223 | 2,100 | 2,102 | ||||||
GlaxoSmithKline PLC 3.375% 2023 | 16,800 | 17,401 | ||||||
Kaiser Foundation Hospitals 2.81% 2041 | 910 | 917 | ||||||
Laboratory Corporation of America Holdings 1.55% 2026 | 1,210 | 1,197 | ||||||
Laboratory Corporation of America Holdings 2.70% 2031 | 805 | 818 | ||||||
Laboratory Corporation of America Holdings 4.70% 2045 | 4,160 | 5,075 | ||||||
Merck & Co., Inc. 1.70% 2027 | 3,093 | 3,113 | ||||||
Merck & Co., Inc. 2.15% 2031 | 5,845 | 5,866 | ||||||
Merck & Co., Inc. 2.75% 2051 | 808 | 801 | ||||||
Merck & Co., Inc. 2.90% 2061 | 1,275 | 1,271 | ||||||
Novartis Capital Corp. 1.75% 2025 | 2,361 | 2,396 | ||||||
Novartis Capital Corp. 2.20% 2030 | 5,446 | 5,533 | ||||||
Roche Holdings, Inc. 1.93% 20283 | 7,845 | 7,898 | ||||||
Roche Holdings, Inc. 2.076% 20313 | 14,737 | 14,706 | ||||||
Roche Holdings, Inc. 2.607% 20513 | 3,525 | 3,468 |
178 | American Funds Insurance Series |
The Bond Fund of America (continued)
(formerly Bond Fund)
Bonds, notes & other debt instruments (continued) | Principal amount (000) | Value (000) | ||||||
Corporate bonds, notes & loans (continued) | ||||||||
Health care (continued) | ||||||||
Shire PLC 3.20% 2026 | $ | 14,673 | $ | 15,581 | ||||
Teva Pharmaceutical Finance Co. BV 7.125% 2025 | 45,000 | 48,202 | ||||||
Teva Pharmaceutical Finance Co. BV 3.15% 2026 | 68,853 | 64,830 | ||||||
Teva Pharmaceutical Finance Co. BV 6.75% 2028 | 26,824 | 28,608 | ||||||
Teva Pharmaceutical Finance Co. BV 4.10% 2046 | 46,666 | 39,506 | ||||||
Thermo Fisher Scientific, Inc. 1.75% 2028 | 398 | 396 | ||||||
Thermo Fisher Scientific, Inc. 2.00% 2031 | 1,235 | 1,218 | ||||||
Thermo Fisher Scientific, Inc. 2.80% 2041 | 689 | 698 | ||||||
UnitedHealth Group, Inc. 3.35% 2022 | 4,385 | 4,456 | ||||||
UnitedHealth Group, Inc. 3.75% 2025 | 5,410 | 5,871 | ||||||
UnitedHealth Group, Inc. 2.30% 2031 | 1,626 | 1,656 | ||||||
UnitedHealth Group, Inc. 3.05% 2041 | 1,300 | 1,362 | ||||||
UnitedHealth Group, Inc. 3.25% 2051 | 1,887 | 2,046 | ||||||
Zimmer Holdings, Inc. 3.15% 2022 | 7,845 | 7,861 | ||||||
465,902 | ||||||||
Industrials 2.72% | ||||||||
ADT Security Corp. 4.125% 20293 | 510 | 503 | ||||||
AerCap Ireland Capital, Ltd. / AerCap Global Aviation Trust 1.75% 2026 | 2,841 | 2,789 | ||||||
Aeropuerto International de Tocume SA 4.00% 20413 | 730 | 745 | ||||||
Aeropuerto International de Tocume SA 5.125% 20613 | 565 | 594 | ||||||
Air Lease Corp. 0.80% 2024 | 3,175 | 3,112 | ||||||
Air Lease Corp. 2.875% 2026 | 11,453 | 11,824 | ||||||
Air Lease Corp. 2.10% 2028 | 2,450 | 2,365 | ||||||
Avolon Holdings Funding, Ltd. 3.625% 20223 | 2,810 | 2,828 | ||||||
Avolon Holdings Funding, Ltd. 3.95% 20243 | 12,514 | 13,120 | ||||||
Avolon Holdings Funding, Ltd. 2.125% 20263 | 8,333 | 8,186 | ||||||
Avolon Holdings Funding, Ltd. 4.25% 20263 | 3,302 | 3,503 | ||||||
Avolon Holdings Funding, Ltd. 2.528% 20273 | 2,142 | 2,082 | ||||||
Avolon Holdings Funding, Ltd. 3.25% 20273 | 8,000 | 8,062 | ||||||
BNSF Funding Trust I, junior subordinated, 6.613% 2055 (3-month USD-LIBOR + 2.35% on 1/15/2026)4 | 1,680 | 1,871 | ||||||
Boeing Company 4.508% 2023 | 11,358 | 11,866 | ||||||
Boeing Company 1.95% 2024 | 5,646 | 5,713 | ||||||
Boeing Company 2.80% 2024 | 500 | 514 | ||||||
Boeing Company 4.875% 2025 | 34,682 | 37,974 | ||||||
Boeing Company 2.196% 2026 | 16,571 | 16,581 | ||||||
Boeing Company 2.75% 2026 | 16,588 | 17,079 | ||||||
Boeing Company 3.10% 2026 | 649 | 677 | ||||||
Boeing Company 2.70% 2027 | 6,473 | 6,586 | ||||||
Boeing Company 5.04% 2027 | 15,716 | 17,709 | ||||||
Boeing Company 3.25% 2028 | 11,379 | 11,867 | ||||||
Boeing Company 3.25% 2028 | 1,925 | 1,996 | ||||||
Boeing Company 5.15% 2030 | 42,874 | 49,993 | ||||||
Boeing Company 3.625% 2031 | 1,602 | 1,710 | ||||||
Boeing Company 3.90% 2049 | 1,411 | 1,483 | ||||||
Boeing Company 5.805% 2050 | 4,122 | 5,592 | ||||||
Canadian Pacific Railway, Ltd. 1.75% 2026 | 1,982 | 1,990 | ||||||
Canadian Pacific Railway, Ltd. 2.45% 2031 | 3,080 | 3,144 | ||||||
Canadian Pacific Railway, Ltd. 3.00% 2041 | 1,234 | 1,264 | ||||||
Canadian Pacific Railway, Ltd. 3.10% 2051 | 2,432 | 2,506 | ||||||
Carrier Global Corp. 3.377% 2040 | 15,000 | 15,705 | ||||||
Dun & Bradstreet Corp. 5.00% 20293 | 2,798 | 2,867 | ||||||
General Dynamics Corp. 3.625% 2030 | 675 | 751 | ||||||
General Electric Capital Corp. 4.418% 2035 | 2,377 | 2,841 | ||||||
Lockheed Martin Corp. 1.85% 2030 | 1,159 | 1,140 | ||||||
Lockheed Martin Corp. 3.60% 2035 | 528 | 591 | ||||||
Lockheed Martin Corp. 4.50% 2036 | 440 | 539 | ||||||
Lockheed Martin Corp. 4.07% 2042 | 260 | 307 |
American Funds Insurance Series | 179 |
The Bond Fund of America (continued)
(formerly Bond Fund)
Bonds, notes & other debt instruments (continued) | Principal amount (000) | Value (000) | ||||||
Corporate bonds, notes & loans (continued) | ||||||||
Industrials (continued) | ||||||||
Lockheed Martin Corp. 2.80% 2050 | $ | 1,464 | $ | 1,463 | ||||
Lockheed Martin Corp. 4.09% 2052 | 174 | 215 | ||||||
Mexico City Airport Trust 5.50% 2046 | 1,959 | 1,959 | ||||||
Mexico City Airport Trust 5.50% 2047 | 5,909 | 5,927 | ||||||
Mexico City Airport Trust 5.50% 20473 | 1,132 | 1,135 | ||||||
Northrop Grumman Corp. 3.25% 2028 | 10,845 | 11,616 | ||||||
Raytheon Technologies Corp. 1.90% 2031 | 3,087 | 2,982 | ||||||
Raytheon Technologies Corp. 2.375% 2032 | 1,321 | 1,321 | ||||||
Raytheon Technologies Corp. 2.82% 2051 | 665 | 644 | ||||||
Raytheon Technologies Corp. 3.03% 2052 | 1,190 | 1,198 | ||||||
Republic Services, Inc. 2.375% 2033 | 1,635 | 1,629 | ||||||
Summit Digitel Infrastructure Private, Ltd. 2.875% 20313 | 2,550 | 2,460 | ||||||
Triton Container International, Ltd. 1.15% 20243 | 1,609 | 1,587 | ||||||
Triton Container International, Ltd. 3.15% 20313 | 2,482 | 2,506 | ||||||
Union Pacific Corp. 2.15% 2027 | 2,213 | 2,274 | ||||||
Union Pacific Corp. 2.40% 2030 | 4,454 | 4,544 | ||||||
Union Pacific Corp. 2.375% 2031 | 5,554 | 5,667 | ||||||
Union Pacific Corp. 3.25% 2050 | 7,000 | 7,524 | ||||||
Union Pacific Corp. 2.95% 2052 | 1,405 | 1,425 | ||||||
United Rentals, Inc. 5.50% 2027 | 5,000 | 5,206 | ||||||
United Technologies Corp. 3.125% 2027 | 4,551 | 4,836 | ||||||
United Technologies Corp. 4.125% 2028 | 4,974 | 5,569 | ||||||
Vinci SA 3.75% 20293 | 2,000 | 2,187 | ||||||
358,443 | ||||||||
Communication services 2.50% | ||||||||
AT&T, Inc. 0.90% 2024 | 13,000 | 12,948 | ||||||
AT&T, Inc. 1.70% 2026 | 19,000 | 18,920 | ||||||
AT&T, Inc. 1.65% 2028 | 4,700 | 4,604 | ||||||
AT&T, Inc. 4.30% 2030 | 15,940 | 17,959 | ||||||
AT&T, Inc. 2.55% 2033 | 15,003 | 14,691 | ||||||
AT&T, Inc. 3.30% 2052 | 1,200 | 1,178 | ||||||
AT&T, Inc. 3.50% 2053 | 24,595 | 24,860 | ||||||
CCO Holdings LLC and CCO Holdings Capital Corp. 5.125% 20273 | 4,800 | 4,950 | ||||||
CCO Holdings LLC and CCO Holdings Capital Corp. 2.25% 2029 | 2,970 | 2,900 | ||||||
CCO Holdings LLC and CCO Holdings Capital Corp. 2.80% 2031 | 5,642 | 5,590 | ||||||
CCO Holdings LLC and CCO Holdings Capital Corp. 4.25% 20343 | 3,875 | 3,819 | ||||||
CCO Holdings LLC and CCO Holdings Capital Corp. 5.75% 2048 | 5,000 | 6,249 | ||||||
CenturyLink, Inc. 4.00% 20273 | 21,434 | 21,773 | ||||||
Comcast Corp. 3.15% 2028 | 7,200 | 7,735 | ||||||
Comcast Corp. 2.65% 2030 | 7,500 | 7,786 | ||||||
Comcast Corp. 4.00% 2048 | 5,000 | 5,774 | ||||||
Netflix, Inc. 4.875% 2028 | 5,053 | 5,769 | ||||||
Netflix, Inc. 5.875% 2028 | 9,175 | 11,048 | ||||||
Netflix, Inc. 5.375% 20293 | 8,758 | 10,415 | ||||||
Netflix, Inc. 4.875% 20303 | 4,225 | 4,935 | ||||||
SBA Tower Trust 1.631% 20263 | 6,741 | 6,640 | ||||||
Sirius XM Radio, Inc. 4.00% 20283 | 675 | 680 | ||||||
Sprint Corp. 7.625% 2025 | 6,665 | 7,673 | ||||||
Tencent Holdings, Ltd. 2.39% 20303 | 10,000 | 9,808 | ||||||
T-Mobile US, Inc. 3.50% 2025 | 3,275 | 3,472 | ||||||
T-Mobile US, Inc. 2.25% 20263 | 1,954 | 1,962 | ||||||
T-Mobile US, Inc. 2.25% 2026 | 434 | 436 | ||||||
T-Mobile US, Inc. 2.625% 2026 | 9,691 | 9,752 | ||||||
T-Mobile US, Inc. 3.75% 2027 | 5,000 | 5,417 | ||||||
T-Mobile US, Inc. 2.40% 20293 | 1,224 | 1,237 | ||||||
T-Mobile US, Inc. 2.625% 2029 | 3,117 | 3,076 | ||||||
T-Mobile US, Inc. 3.875% 2030 | 4,500 | 4,926 | ||||||
T-Mobile US, Inc. 2.875% 2031 | 7,913 | 7,829 |
180 | American Funds Insurance Series |
The Bond Fund of America (continued)
(formerly Bond Fund)
Bonds, notes & other debt instruments (continued) | Principal amount (000) | Value (000) | ||||||
Corporate bonds, notes & loans (continued) | ||||||||
Communication services (continued) | ||||||||
T-Mobile US, Inc. 3.50% 2031 | $ | 9,000 | $ | 9,379 | ||||
T-Mobile US, Inc. 3.50% 20313 | 629 | 655 | ||||||
T-Mobile US, Inc. 3.00% 2041 | 2,100 | 2,054 | ||||||
T-Mobile US, Inc. 3.40% 20523 | 12,280 | 12,246 | ||||||
Verizon Communications, Inc. 2.10% 2028 | 8,975 | 8,999 | ||||||
Verizon Communications, Inc. 4.329% 2028 | 1,539 | 1,750 | ||||||
Verizon Communications, Inc. 1.75% 2031 | 3,300 | 3,127 | ||||||
Verizon Communications, Inc. 2.55% 2031 | 8,375 | 8,458 | ||||||
Verizon Communications, Inc. 2.355% 20323 | 4,743 | 4,679 | ||||||
Verizon Communications, Inc. 3.40% 2041 | 2,050 | 2,150 | ||||||
Verizon Communications, Inc. 2.875% 2050 | 3,000 | 2,855 | ||||||
Verizon Communications, Inc. 3.55% 2051 | 1,975 | 2,132 | ||||||
Vodafone Group PLC 4.375% 2028 | 10,000 | 11,262 | ||||||
Vodafone Group PLC 4.25% 2050 | 3,050 | 3,530 | ||||||
330,087 | ||||||||
Consumer staples 1.57% | ||||||||
7-Eleven, Inc. 1.80% 20313 | 5,013 | 4,749 | ||||||
7-Eleven, Inc. 2.80% 20513 | 5,000 | 4,649 | ||||||
Altria Group, Inc. 4.40% 2026 | 4,585 | 5,055 | ||||||
Altria Group, Inc. 4.50% 2043 | 1,585 | 1,646 | ||||||
Altria Group, Inc. 5.95% 2049 | 9,039 | 11,304 | ||||||
Anheuser-Busch InBev NV 4.75% 2029 | 7,500 | 8,737 | ||||||
Anheuser-Busch InBev NV 5.55% 2049 | 5,000 | 6,934 | ||||||
Anheuser-Busch InBev NV 4.50% 2050 | 1,355 | 1,674 | ||||||
British American Tobacco International Finance PLC 3.95% 20253 | 16,879 | 17,942 | ||||||
British American Tobacco International Finance PLC 1.668% 2026 | 4,070 | 4,000 | ||||||
British American Tobacco PLC 3.557% 2027 | 10,991 | 11,536 | ||||||
British American Tobacco PLC 2.259% 2028 | 4,348 | 4,241 | ||||||
British American Tobacco PLC 4.39% 2037 | 1,500 | 1,583 | ||||||
British American Tobacco PLC 4.54% 2047 | 12,786 | 13,403 | ||||||
British American Tobacco PLC 4.758% 2049 | 23,659 | 25,466 | ||||||
Conagra Brands, Inc. 5.30% 2038 | 436 | 552 | ||||||
Conagra Brands, Inc. 5.40% 2048 | 57 | 77 | ||||||
Constellation Brands, Inc. 3.50% 2027 | 7,500 | 8,075 | ||||||
Constellation Brands, Inc. 2.875% 2030 | 620 | 637 | ||||||
Constellation Brands, Inc. 2.25% 2031 | 1,487 | 1,455 | ||||||
Imperial Tobacco Finance PLC 3.50% 20233 | 2,335 | 2,379 | ||||||
JBS Luxembourg SARL 2.50% 20273 | 3,880 | 3,841 | ||||||
JBS Luxembourg SARL 3.625% 20323 | 1,430 | 1,438 | ||||||
JBS USA Lux SA 5.50% 20303 | 435 | 474 | ||||||
JBS USA Lux SA 3.00% 20323 | 3,430 | 3,434 | ||||||
Keurig Dr Pepper, Inc. 4.057% 2023 | 3,112 | 3,245 | ||||||
Keurig Dr Pepper, Inc. 4.597% 2028 | 10,752 | 12,238 | ||||||
Kraft Heinz Company 5.50% 2050 | 2,725 | 3,697 | ||||||
Molson Coors Brewing Co. 4.20% 2046 | 2,390 | 2,656 | ||||||
PepsiCo, Inc. 1.95% 2031 | 6,979 | 6,983 | ||||||
Philip Morris International, Inc. 4.25% 2044 | 9,550 | 10,928 | ||||||
PT Indofood CBP Sukses Makmur Tbk 3.398% 2031 | 3,110 | 3,144 | ||||||
PT Indofood CBP Sukses Makmur Tbk 4.745% 2051 | 685 | 706 | ||||||
Reynolds American, Inc. 4.45% 2025 | 14,570 | 15,748 | ||||||
Reynolds American, Inc. 5.85% 2045 | 1,970 | 2,399 | ||||||
207,025 | ||||||||
Information technology 1.02% | ||||||||
Analog Devices, Inc. 1.70% 2028 | 1,962 | 1,957 | ||||||
Analog Devices, Inc. 2.10% 2031 | 5,485 | 5,503 | ||||||
Analog Devices, Inc. 2.80% 2041 | 521 | 528 | ||||||
Analog Devices, Inc. 2.95% 2051 | 4,464 | 4,596 |
American Funds Insurance Series | 181 |
The Bond Fund of America (continued)
(formerly Bond Fund)
Bonds, notes & other debt instruments (continued) | Principal amount (000) | Value (000) | ||||||
Corporate bonds, notes & loans (continued) | ||||||||
Information technology (continued) | ||||||||
Apple, Inc. 2.70% 2051 | $ | 7,080 | $ | 7,017 | ||||
Broadcom Corp. / Broadcom Cayman Finance, Ltd. 3.875% 2027 | 7,027 | 7,623 | ||||||
Broadcom, Inc. 3.469% 20343 | 34,812 | 36,483 | ||||||
Broadcom, Inc. 3.137% 20353 | 1,164 | 1,172 | ||||||
Broadcom, Inc. 3.187% 20363 | 4,803 | 4,802 | ||||||
Global Payments, Inc. 2.90% 2031 | 2,145 | 2,178 | ||||||
Microsoft Corp. 2.525% 2050 | 10,000 | 9,780 | ||||||
Oracle Corp. 1.65% 2026 | 8,417 | 8,359 | ||||||
Oracle Corp. 2.30% 2028 | 6,875 | 6,857 | ||||||
Oracle Corp. 2.875% 2031 | 7,393 | 7,446 | ||||||
Oracle Corp. 3.95% 2051 | 4,869 | 5,063 | ||||||
PayPal Holdings, Inc. 1.65% 2025 | 6,989 | 7,080 | ||||||
PayPal Holdings, Inc. 2.30% 2030 | 330 | 336 | ||||||
salesforce.com, inc. 1.95% 2031 | 3,775 | 3,743 | ||||||
salesforce.com, inc. 2.70% 2041 | 875 | 876 | ||||||
salesforce.com, inc. 2.90% 2051 | 8,295 | 8,463 | ||||||
salesforce.com, inc. 3.05% 2061 | 265 | 273 | ||||||
Square, Inc. 2.75% 20263 | 1,975 | 1,980 | ||||||
Square, Inc. 3.50% 20313 | 825 | 847 | ||||||
VeriSign, Inc. 2.70% 2031 | 1,494 | 1,504 | ||||||
134,466 | ||||||||
Real estate 0.53% | ||||||||
Alexandria Real Estate Equities, Inc. 3.95% 2028 | 1,425 | 1,575 | ||||||
Alexandria Real Estate Equities, Inc. 4.50% 2029 | 150 | 173 | ||||||
American Campus Communities, Inc. 3.75% 2023 | 2,900 | 2,979 | ||||||
American Campus Communities, Inc. 3.875% 2031 | 620 | 688 | ||||||
American Tower Corp. 1.45% 2026 | 657 | 644 | ||||||
American Tower Corp. 2.30% 2031 | 1,180 | 1,147 | ||||||
American Tower Corp. 2.70% 2031 | 1,100 | 1,104 | ||||||
Corporacion Inmobiliaria Vesta, SAB de CV 3.625% 20313 | 395 | 388 | ||||||
Corporate Office Properties LP 2.00% 2029 | 1,139 | 1,096 | ||||||
Corporate Office Properties LP 2.75% 2031 | 1,547 | 1,540 | ||||||
Corporate Office Properties LP 2.90% 2033 | 564 | 552 | ||||||
Crown Castle International Corp. 2.50% 2031 | 5,218 | 5,185 | ||||||
Equinix, Inc. 2.90% 2026 | 3,287 | 3,407 | ||||||
Equinix, Inc. 3.20% 2029 | 3,846 | 4,046 | ||||||
Equinix, Inc. 2.50% 2031 | 7,760 | 7,763 | ||||||
Equinix, Inc. 3.40% 2052 | 1,201 | 1,227 | ||||||
Essex Portfolio LP 3.25% 2023 | 335 | 343 | ||||||
Essex Portfolio LP 3.875% 2024 | 1,000 | 1,053 | ||||||
Essex Portfolio LP 2.55% 2031 | 4,338 | 4,356 | ||||||
Extra Space Storage, Inc. 2.35% 2032 | 698 | 679 | ||||||
Fibra SOMA 4.375% 20313 | 1,475 | 1,416 | ||||||
Hospitality Properties Trust 5.00% 2022 | 1,270 | 1,270 | ||||||
Hospitality Properties Trust 4.50% 2025 | 855 | 834 | ||||||
Hospitality Properties Trust 3.95% 2028 | 1,710 | 1,568 | ||||||
Howard Hughes Corp. 4.375% 20313 | 675 | 683 | ||||||
Invitation Homes Operating Partnership LP 2.30% 2028 | 767 | 759 | ||||||
Invitation Homes Operating Partnership LP 2.00% 2031 | 2,048 | 1,931 | ||||||
Invitation Homes Operating Partnership LP 2.70% 2034 | 660 | 648 | ||||||
Iron Mountain, Inc. 4.875% 20273 | 1,605 | 1,667 | ||||||
Iron Mountain, Inc. 5.25% 20283 | 3,500 | 3,646 | ||||||
Iron Mountain, Inc. 5.25% 20303 | 675 | 713 | ||||||
Kimco Realty Corp. 3.40% 2022 | 1,045 | 1,064 | ||||||
Omega Healthcare Investors, Inc. 4.375% 2023 | 186 | 194 | ||||||
Piedmont Operating Partnership LP 4.45% 2024 | 1,000 | 1,055 | ||||||
Public Storage 1.50% 2026 | 766 | 765 | ||||||
Public Storage 1.95% 2028 | 993 | 990 |
182 | American Funds Insurance Series |
The Bond Fund of America (continued)
(formerly Bond Fund)
Bonds, notes & other debt instruments (continued) | Principal amount (000) | Value (000) | ||||||
Corporate bonds, notes & loans (continued) | ||||||||
Real estate (continued) | ||||||||
Public Storage 2.25% 2031 | $ | 699 | $ | 703 | ||||
Scentre Group 3.50% 20253 | 4,565 | 4,810 | ||||||
Sun Communities Operating LP 2.30% 2028 | 1,026 | 1,026 | ||||||
Sun Communities Operating LP 2.70% 2031 | 3,877 | 3,850 | ||||||
69,537 | ||||||||
Materials 0.15% | ||||||||
Air Products and Chemicals, Inc. 2.70% 2040 | 2,911 | 2,942 | ||||||
Ecolab, Inc. 1.65% 2027 | 835 | 839 | ||||||
Ecolab, Inc. 2.125% 2032 | 2,580 | 2,562 | ||||||
Ecolab, Inc. 2.70% 2051 | 335 | 330 | ||||||
Glencore Funding LLC 2.625% 20313 | 790 | 769 | ||||||
Glencore Funding LLC 3.375% 20513 | 370 | 357 | ||||||
Huntsman International LLC 2.95% 2031 | 741 | 752 | ||||||
International Flavors & Fragrances, Inc. 2.30% 20303 | 3,536 | 3,470 | ||||||
LYB International Finance III, LLC 2.25% 2030 | 3,802 | 3,786 | ||||||
LYB International Finance III, LLC 3.625% 2051 | 2,617 | 2,777 | ||||||
Methanex Corp. 5.125% 2027 | 510 | 536 | ||||||
Nova Chemicals Corp. 4.25% 20293 | 425 | 427 | ||||||
19,547 | ||||||||
Total corporate bonds, notes & loans | 4,332,302 | |||||||
Mortgage-backed obligations 13.19% | ||||||||
Federal agency mortgage-backed obligations 10.58% | ||||||||
Fannie Mae Pool #976945 5.50% 20237 | 12 | 12 | ||||||
Fannie Mae Pool #AB1068 4.50% 20257 | 68 | 71 | ||||||
Fannie Mae Pool #256133 4.50% 20267 | 97 | 103 | ||||||
Fannie Mae Pool #AB5236 3.00% 20277 | 19 | 19 | ||||||
Fannie Mae Pool #AO0800 3.00% 20277 | 15 | 16 | ||||||
Fannie Mae Pool #AL3802 3.00% 20287 | 646 | 677 | ||||||
Fannie Mae Pool #AR3058 3.00% 20287 | 92 | 96 | ||||||
Fannie Mae Pool #AL8241 3.00% 20297 | 648 | 679 | ||||||
Fannie Mae Pool #AL9573 3.00% 20317 | 74 | 78 | ||||||
Fannie Mae Pool #AS8018 3.00% 20317 | 58 | 61 | ||||||
Fannie Mae Pool #BM4741 3.00% 20327 | 39 | 41 | ||||||
Fannie Mae Pool #924866 1.515% 20375,7 | 694 | 702 | ||||||
Fannie Mae Pool #945680 6.00% 20377 | 586 | 679 | ||||||
Fannie Mae Pool #913966 6.00% 20377 | 36 | 41 | ||||||
Fannie Mae Pool #889982 5.50% 20387 | 1,138 | 1,304 | ||||||
Fannie Mae Pool #988588 5.50% 20387 | 213 | 244 | ||||||
Fannie Mae Pool #AB1297 5.00% 20407 | 219 | 246 | ||||||
Fannie Mae Pool #AI1862 5.00% 20417 | 1,202 | 1,363 | ||||||
Fannie Mae Pool #AH9479 5.00% 20417 | 1,023 | 1,155 | ||||||
Fannie Mae Pool #AH8144 5.00% 20417 | 983 | 1,103 | ||||||
Fannie Mae Pool #AI3510 5.00% 20417 | 740 | 839 | ||||||
Fannie Mae Pool #AJ0704 5.00% 20417 | 629 | 714 | ||||||
Fannie Mae Pool #AJ5391 5.00% 20417 | 400 | 453 | ||||||
Fannie Mae Pool #BM6240 2.05% 20445,7 | 2,327 | 2,445 | ||||||
Fannie Mae Pool #AZ3904 4.00% 20457 | 65 | 71 | ||||||
Fannie Mae Pool #AL8522 3.50% 20467 | 1,087 | 1,170 | ||||||
Fannie Mae Pool #BD1968 4.00% 20467 | 1,464 | 1,578 | ||||||
Fannie Mae Pool #BE0592 4.00% 20467 | 400 | 427 | ||||||
Fannie Mae Pool #BD5477 4.00% 20467 | 182 | 196 | ||||||
Fannie Mae Pool #CA0770 3.50% 20477 | 5,944 | 6,300 | ||||||
Fannie Mae Pool #CA0706 4.00% 20477 | 124 | 133 | ||||||
Fannie Mae Pool #MA3058 4.00% 20477 | 55 | 59 | ||||||
Fannie Mae Pool #BM4413 4.50% 20477 | 3,923 | 4,242 | ||||||
Fannie Mae Pool #BF0293 3.00% 20487 | 8,572 | 9,056 | ||||||
Fannie Mae Pool #FM4891 3.50% 20487 | 26,213 | 28,005 |
American Funds Insurance Series | 183 |
The Bond Fund of America (continued)
(formerly Bond Fund)
Bonds, notes & other debt instruments (continued) | Principal amount (000) | Value (000) | ||||||
Mortgage-backed obligations (continued) | ||||||||
Federal agency mortgage-backed obligations (continued) | ||||||||
Fannie Mae Pool #BF0318 3.50% 20487 | $ | 7,480 | $ | 8,024 | ||||
Fannie Mae Pool #CA1189 3.50% 20487 | 1,766 | 1,870 | ||||||
Fannie Mae Pool #MA3384 4.00% 20487 | 142 | 152 | ||||||
Fannie Mae Pool #BJ9169 4.00% 20487 | 90 | 96 | ||||||
Fannie Mae Pool #BJ5749 4.00% 20487 | 22 | 24 | ||||||
Fannie Mae Pool #BM4676 4.00% 20487 | 16 | 18 | ||||||
Fannie Mae Pool #CA2493 4.50% 20487 | 925 | 994 | ||||||
Fannie Mae Pool #CA3807 3.00% 20497 | 1,609 | 1,696 | ||||||
Fannie Mae Pool #CA3806 3.00% 20497 | 984 | 1,039 | ||||||
Fannie Mae Pool #FM0007 3.50% 20497 | 18,754 | 19,993 | ||||||
Fannie Mae Pool #FM1954 3.50% 20497 | 8,665 | 9,245 | ||||||
Fannie Mae Pool #FM1589 3.50% 20497 | 5,396 | 5,740 | ||||||
Fannie Mae Pool #FM1262 4.00% 20497 | 30,031 | 32,195 | ||||||
Fannie Mae Pool #FM5507 3.00% 20507 | 19,793 | 20,828 | ||||||
Fannie Mae Pool #BF0145 3.50% 20577 | 14,350 | 15,549 | ||||||
Fannie Mae Pool #BF0264 3.50% 20587 | 10,884 | 11,741 | ||||||
Fannie Mae Pool #BF0332 3.00% 20597 | 23,948 | 25,375 | ||||||
Fannie Mae Pool #BF0497 3.00% 20607 | 20,048 | 21,164 | ||||||
Fannie Mae, Series 2001-4, Class GA, 9.00% 20255,7 | — | 8 | — | 8 | ||||
Fannie Mae, Series 2001-50, Class BA, 7.00% 20417 | 9 | 10 | ||||||
Fannie Mae, Series 2002-W3, Class A5, 7.50% 20417 | 21 | 25 | ||||||
Fannie Mae, Series 2002-W1, Class 2A, 5.199% 20425,7 | 25 | 27 | ||||||
Freddie Mac Pool #ZK4277 3.00% 20277 | 338 | 355 | ||||||
Freddie Mac Pool #ZK3970 3.00% 20277 | 115 | 120 | ||||||
Freddie Mac Pool #ZS6521 3.00% 20277 | 83 | 87 | ||||||
Freddie Mac Pool #ZK4162 3.00% 20277 | 30 | 31 | ||||||
Freddie Mac Pool #ZS8463 3.00% 20277 | 4 | 4 | ||||||
Freddie Mac Pool #ZK4039 3.00% 20277 | 4 | 4 | ||||||
Freddie Mac Pool #ZS8507 3.00% 20287 | 154 | 162 | ||||||
Freddie Mac Pool #ZK7590 3.00% 20297 | 3,361 | 3,542 | ||||||
Freddie Mac Pool #ZK7593 3.00% 20297 | 170 | 178 | ||||||
Freddie Mac Pool #ZT1931 3.00% 20337 | 198 | 208 | ||||||
Freddie Mac Pool #A15120 5.50% 20337 | 58 | 64 | ||||||
Freddie Mac Pool #QN1073 3.00% 20347 | 69 | 73 | ||||||
Freddie Mac Pool #G05196 5.50% 20387 | 62 | 72 | ||||||
Freddie Mac Pool #G05267 5.50% 20387 | 47 | 54 | ||||||
Freddie Mac Pool #G06020 5.50% 20397 | 88 | 101 | ||||||
Freddie Mac Pool #A93948 4.50% 20407 | 193 | 214 | ||||||
Freddie Mac Pool #G05860 5.50% 20407 | 324 | 371 | ||||||
Freddie Mac Pool #G06868 4.50% 20417 | 209 | 231 | ||||||
Freddie Mac Pool #G06841 5.50% 20417 | 527 | 603 | ||||||
Freddie Mac Pool #841039 2.186% 20435,7 | 2,047 | 2,160 | ||||||
Freddie Mac Pool #Z40130 3.00% 20467 | 24,229 | 25,737 | ||||||
Freddie Mac Pool #G61733 3.00% 20477 | 5,974 | 6,309 | ||||||
Freddie Mac Pool #ZT2100 3.00% 20477 | 1,123 | 1,178 | ||||||
Freddie Mac Pool #G08789 4.00% 20477 | 846 | 908 | ||||||
Freddie Mac Pool #G67709 3.50% 20487 | 16,342 | 17,592 | ||||||
Freddie Mac Pool #G61628 3.50% 20487 | 425 | 457 | ||||||
Freddie Mac Pool #Q58494 4.00% 20487 | 1,459 | 1,563 | ||||||
Freddie Mac Pool #QA4673 3.00% 20497 | 34,864 | 36,775 | ||||||
Freddie Mac Pool #SD7507 3.00% 20497 | 1,945 | 2,047 | ||||||
Freddie Mac Pool #SD7508 3.50% 20497 | 13,533 | 14,594 | ||||||
Freddie Mac Pool #RA1369 3.50% 20497 | 2,499 | 2,664 | ||||||
Freddie Mac Pool #ZN4842 3.50% 20497 | 955 | 1,021 | ||||||
Freddie Mac, Series 3061, Class PN, 5.50% 20357 | 71 | 80 | ||||||
Freddie Mac, Series 3318, Class JT, 5.50% 20377 | 175 | 198 | ||||||
Freddie Mac, Series K020, Class A2, Multi Family, 2.373% 20227 | 3,995 | 4,009 | ||||||
Freddie Mac, Series K718, Class A2, Multi Family, 2.791% 20227 | 200 | 200 | ||||||
Freddie Mac, Series 3156, Class PO, principal only, 0% 20367 | 149 | 137 |
184 | American Funds Insurance Series |
The Bond Fund of America (continued)
(formerly Bond Fund)
Bonds, notes & other debt instruments (continued) | Principal amount (000) | Value (000) | ||||||
Mortgage-backed obligations (continued) | ||||||||
Federal agency mortgage-backed obligations (continued) | ||||||||
Freddie Mac, Series 3146, Class PO, principal only, 0% 20367 | $ | 144 | $ | 130 | ||||
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2018-3, Class MA, 3.50% 20577 | 10,631 | 11,032 | ||||||
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2019-2, Class MA, 3.50% 20587 | 2,387 | 2,491 | ||||||
Government National Mortgage Assn. 2.00% 20527,9 | 26,184 | 26,423 | ||||||
Government National Mortgage Assn. 2.00% 20527,9 | 18,106 | 18,238 | ||||||
Government National Mortgage Assn. 2.50% 20527,9 | 35,056 | 35,902 | ||||||
Government National Mortgage Assn. Pool #MA5817 4.00% 20497 | 17,229 | 18,253 | ||||||
Government National Mortgage Assn. Pool #MA5876 4.00% 20497 | 2,420 | 2,554 | ||||||
Government National Mortgage Assn. Pool #MA6221 4.50% 20497 | 7,791 | 8,243 | ||||||
Government National Mortgage Assn. Pool #MA5764 4.50% 20497 | 859 | 908 | ||||||
Government National Mortgage Assn. Pool #MA6042 5.00% 20497 | 52 | 56 | ||||||
Uniform Mortgage-Backed Security 1.50% 20377,9 | 2,389 | 2,391 | ||||||
Uniform Mortgage-Backed Security 1.50% 20377,9 | 1,561 | 1,565 | ||||||
Uniform Mortgage-Backed Security 2.00% 20377,9 | 4,072 | 4,170 | ||||||
Uniform Mortgage-Backed Security 2.00% 20377,9 | 3,653 | 3,734 | ||||||
Uniform Mortgage-Backed Security 3.00% 20377,9 | 4,006 | 4,189 | ||||||
Uniform Mortgage-Backed Security 2.00% 20527,9 | 85,780 | 85,150 | ||||||
Uniform Mortgage-Backed Security 2.00% 20527,9 | 14,875 | 14,797 | ||||||
Uniform Mortgage-Backed Security 2.50% 20527,9 | 419,953 | 426,467 | ||||||
Uniform Mortgage-Backed Security 2.50% 20527,9 | 172,750 | 175,821 | ||||||
Uniform Mortgage-Backed Security 3.00% 20527,9 | 146,150 | 151,417 | ||||||
Uniform Mortgage-Backed Security 3.50% 20527,9 | 20,035 | 21,093 | ||||||
Uniform Mortgage-Backed Security 4.50% 20527,9 | 15,000 | 16,071 | ||||||
1,395,381 | ||||||||
Collateralized mortgage-backed obligations (privately originated) 1.41% | ||||||||
Arroyo Mortgage Trust, Series 2021-1R, Class A1, 1.175% 20483,5,7 | 4,092 | 4,074 | ||||||
Arroyo Mortgage Trust, Series 2020-1, Class A1A, 1.662% 20553,7 | 233 | 233 | ||||||
Bellemeade Re, Ltd., Series 2019-3A, Class M1B, (1-month USD-LIBOR + 1.60%) 1.702% 20293,5,7 | 2,709 | 2,711 | ||||||
BRAVO Residential Funding Trust, Series 2020-RPL2, Class A1, 2.00% 20593,5,7 | 1,118 | 1,120 | ||||||
BRAVO Residential Funding Trust, Series 2020-RPL1, Class A1, 2.50% 20593,5,7 | 816 | 825 | ||||||
Cascade Funding Mortgage Trust, Series 2020-HB4, Class A, 0.946% 20303,5,7 | 809 | 810 | ||||||
Cascade Funding Mortgage Trust, Series 2021-HB7, Class A, 1.151% 20313,5,7 | 3,936 | 3,927 | ||||||
Cascade Funding Mortgage Trust, Series 2021-HB6, Class A, 0.898% 20363,5,7 | 2,413 | 2,412 | ||||||
Citigroup Mortgage Loan Trust, Inc., Series 2020-EXP1, Class A1A, 1.804% 20603,5,7 | 410 | 413 | ||||||
COLT Funding, LLC, Series 2021-5, Class A1, 1.726% 20613,5,7 | 3,108 | 3,103 | ||||||
Credit Suisse Mortgage Trust, Series 2020-NET, Class A, 2.257% 20373,7 | 1,612 | 1,626 | ||||||
Credit Suisse Mortgage Trust, Series 2017-RPL3, Class A1, 2.00% 20603,5,7 | 1,980 | 1,992 | ||||||
Finance of America Structured Securities Trust, Series 2019-JR2, Class A1, 2.00% 20693,7 | 3,254 | 3,566 | ||||||
Finance of America Structured Securities Trust, Series 2019-JR1, Class A, 2.00% 20693,7 | 2,725 | 3,036 | ||||||
Flagstar Mortgage Trust, Series 2021-10INV, Class A3, 2.50% 20513,5,7 | 8,254 | 8,269 | ||||||
Flagstar Mortgage Trust, Series 2021-11INV, Class A4, 2.50% 20513,5,7 | 2,433 | 2,435 | ||||||
Flagstar Mortgage Trust, Series 2021-5INV, Class A2, 2.50% 20513,5,7 | 2,315 | 2,329 | ||||||
Flagstar Mortgage Trust, Series 2021-8INV, Class A3, 2.50% 20513,5,7 | 2,261 | 2,261 | ||||||
Flagstar Mortgage Trust, Series 2021-6INV, Class A4, 2.50% 20513,5,7 | 2,160 | 2,159 | ||||||
Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2021-DNA2, Class M2, (1-month USD-SOFR + 2.30%) 2.35% 20333,5,7 | 600 | 612 | ||||||
Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2021-DNA5, Class M2, (1-month USD-SOFR + 1.65%) 1.70% 20343,5,7 | 248 | 249 | ||||||
Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2021-DNA7, Class M1, (1-month USD-SOFR + 0.85%) 0.90% 20413,5,7 | 387 | 387 | ||||||
Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2021-DNA6, Class M2, (1-month USD-SOFR + 1.50%) 1.55% 20413,5,7 | 3,243 | 3,244 |
American Funds Insurance Series | 185 |
The Bond Fund of America (continued)
(formerly Bond Fund)
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 2021-DNA7, Class M2, (1-month USD-SOFR + 1.80%) 1.85% 20413,5,7 | $ | 275 | $ | 276 | ||||
GCAT, Series 2021-NQM6, Class A1, 1.855% 20663,5,7 | 4,923 | 4,907 | ||||||
Home Partners of America Trust, Series 2021-2, Class A, 1.901% 20263,7 | 5,613 | 5,561 | ||||||
Home Partners of America Trust, Series 2021-2, Class B, 2.302% 20263,7 | 999 | 988 | ||||||
Hundred Acre Wood Trust, Series 2021-INV1, Class A3, 2.50% 20513,5,7 | 982 | 986 | ||||||
JPMDB Commercial Mortgage Securities Trust, Series 2017-C7, Class A5, 3.409% 20507 | 240 | 258 | ||||||
Legacy Mortgage Asset Trust, Series 2019-GS2, Class A1, 3.75% 20593,5,7 | 1,062 | 1,064 | ||||||
Legacy Mortgage Asset Trust, Series 2021-GS2, Class A1, 1.75% 20613,5,7 | 998 | 991 | ||||||
Legacy Mortgage Asset Trust, Series 2021-GS5, Class A1, 2.25% 2067 (5.25% on 11/25/2024)3,4,7 | 3,131 | 3,125 | ||||||
Mello Warehouse Securitization Trust, Series 2021-3, Class A, (1-month USD-LIBOR + 0.85%) 0.952% 20553,5,7 | 16,160 | 16,149 | ||||||
MFRA Trust, Series 2021-RPL1, Class A1, 1.131% 20603,5,7 | 3,993 | 3,932 | ||||||
Mortgage Repurchase Agreement Financing Trust, Series 2020-5, (1-month USD-LIBOR + 1.00%) 1.101% 20233,5,7 | 11,402 | 11,415 | ||||||
MRA Issuance Trust, Series 2020-10, Class A2, (1-month USD-LIBOR + 1.70%) 1.786% 20223,5,7 | 25,588 | 25,621 | ||||||
MRA Issuance Trust, Series 2021-16, Class A1, (1-month USD-LIBOR + 1.55%) 1.644% 20513,5,7 | 20,357 | 20,360 | ||||||
PRKCM Trust, Series 2021-AFC2, Class A1, 2.071% 20563,5,7 | 4,000 | 3,993 | ||||||
Reverse Mortgage Investment Trust, Series 2021-HB1, Class A, 1.259% 20313,5,7 | 6,722 | 6,713 | ||||||
Towd Point Mortgage Trust, Series 2020-4, Class A1, 1.75% 20603,7 | 13,275 | 13,257 | ||||||
Tricon Residential, Series 2021-SFR1, Class A, 1.943% 20383,7 | 5,043 | 5,028 | ||||||
Verus Securitization Trust, Series 2021-7, Class A1, 1.829% 20663,5,7 | 6,626 | 6,617 | ||||||
ZH Trust, Series 2021-2, Class A, 2.349% 20273,7 | 2,295 | 2,294 | ||||||
185,328 | ||||||||
Commercial mortgage-backed securities 0.96% | ||||||||
Bank Commercial Mortgage Trust, Series 2019-BN17, Class A4, 3.714% 20527 | 100 | 111 | ||||||
Bank Commercial Mortgage Trust, Series 2019-BN16, Class A4, 4.005% 20527 | 770 | 865 | ||||||
Bank Commercial Mortgage Trust, Series 2019-BN19, Class A3, 3.183% 20617 | 1,018 | 1,092 | ||||||
Bank Commercial Mortgage Trust, Series 2018-BN10, Class A4, 3.428% 20617 | 130 | 139 | ||||||
Bank Commercial Mortgage Trust, Series 2018-BN10, Class A5, 3.688% 20617 | 205 | 225 | ||||||
Bank Commercial Mortgage Trust, Series 2018-BN12, Class A4, 4.255% 20615,7 | 2,444 | 2,761 | ||||||
Bank Commercial Mortgage Trust, Series 2020-BN26, Class A4, 2.403% 20637 | 295 | 301 | ||||||
Benchmark Mortgage Trust, Series 2018-B8, Class A5, 4.232% 20527 | 2,541 | 2,880 | ||||||
Benchmark Mortgage Trust, Series 2018-B7, Class A4, 4.51% 20535,7 | 781 | 899 | ||||||
BX Trust, Series 2021-ACNT, Class A, (1-month USD-LIBOR + 0.85%) 0.95% 20263,5,7 | 9,979 | 9,980 | ||||||
BX Trust, Series 2021-ACNT, Class B, (1-month USD-LIBOR + 1.25%) 1.35% 20263,5,7 | 339 | 338 | ||||||
BX Trust, Series 2021-ACNT, Class C, (1-month USD-LIBOR + 1.50%) 1.60% 20263,5,7 | 100 | 100 | ||||||
BX Trust, Series 2021-ACNT, Class D, (1-month USD-LIBOR + 1.85%) 1.95% 20263,5,7 | 151 | 151 | ||||||
BX Trust, Series 2021-VOLT, Class A, (1-month USD-LIBOR + 0.70%) 0.81% 20363,5,7 | 14,727 | 14,697 | ||||||
BX Trust, Series 2021-RISE, Class A, (1-month USD-LIBOR + 0.74%) 0.848% 20363,5,7 | 12,622 | 12,627 | ||||||
BX Trust, Series 2021-ARIA, Class A, (1-month USD-LIBOR + 0.899%) 1.009% 20363,5,7 | 5,292 | 5,290 | ||||||
BX Trust, Series 2021-VOLT, Class B, (1-month USD-LIBOR + 0.95%) 1.06% 20363,5,7 | 570 | 567 | ||||||
BX Trust, Series 2021-ARIA, Class B, (1-month USD-LIBOR + 1.297%) 1.407% 20363,5,7 | 995 | 994 | ||||||
BX Trust, Series 2021-ARIA, Class C, (1-month USD-LIBOR + 1.646%) 1.756% 20363,5,7 | 996 | 994 | ||||||
BX Trust, Series 2021-SOAR, Class A, (1-month USD-LIBOR + 0.67%) 0.78% 20383,5,7 | 3,769 | 3,753 | ||||||
BX Trust, Series 2021-SOAR, Class B, (1-month USD-LIBOR + 0.87%) 0.98% 20383,5,7 | 436 | 434 | ||||||
BX Trust, Series 2021-SOAR, Class C, (1-month USD-LIBOR + 1.10%) 1.21% 20383,5,7 | 295 | 294 | ||||||
BX Trust, Series 2021-SOAR, Class D, (1-month USD-LIBOR + 1.40%) 1.51% 20383,5,7 | 746 | 743 | ||||||
CIM Retail Portfolio Trust, Series 2021-RETL, Class A, (1-month USD-LIBOR + 1.40%) 1.51% 20363,5,7 | 1,350 | 1,349 | ||||||
Citigroup Commercial Mortgage Trust, Series 2016-C1, Class AS, 3.514% 20497 | 250 | 264 | ||||||
Citigroup Commercial Mortgage Trust, Series 2016-GC36, Class A5, 3.616% 20497 | 610 | 651 |
186 | American Funds Insurance Series |
The Bond Fund of America (continued)
(formerly Bond Fund)
Bonds, notes & other debt instruments (continued) | Principal amount (000) | Value (000) | ||||||
Mortgage-backed obligations (continued) | ||||||||
Commercial mortgage-backed securities (continued) | ||||||||
Commercial Mortgage Trust, Series 2013-LC13, Class B, 5.009% 20463,5,7 | $ | 312 | $ | 326 | ||||
Commercial Mortgage Trust, Series 2014-LC15, Class AM, 4.198% 20477 | 350 | 368 | ||||||
CSAIL Commercial Mortgage Trust, Series 2015-C4, Class C, 4.561% 20485,7 | 204 | 213 | ||||||
CSAIL Commercial Mortgage Trust, Series 2015-C2, Class A3, 3.231% 20577 | 1,332 | 1,377 | ||||||
Deutsche Bank Commercial Mortgage Trust, Series 2016-C1, Class AM, 3.539% 20497 | 200 | 211 | ||||||
Extended Stay America Trust, Series 2021-ESH, Class A, (1-month USD-LIBOR + 1.08%) 1.19% 20383,5,7 | 2,865 | 2,873 | ||||||
Extended Stay America Trust, Series 2021-ESH, Class B, (1-month USD-LIBOR + 1.38%) 1.49% 20383,5,7 | 654 | 655 | ||||||
Extended Stay America Trust, Series 2021-ESH, Class C, (1-month USD-LIBOR + 1.70%) 1.81% 20383,5,7 | 891 | 893 | ||||||
Extended Stay America Trust, Series 2021-ESH, Class D, (1-month USD-LIBOR + 2.25%) 2.36% 20383,5,7 | 682 | 684 | ||||||
Grace Mortgage Trust, Series 2020-GRCE, Class A, 2.347% 20403,7 | 1,897 | 1,898 | ||||||
GS Mortgage Securities Trust, Series 2017-GS7, Class A4, 3.43% 20507 | 400 | 429 | ||||||
GS Mortgage Securities Trust, Series 2019-GC38, Class A4, 3.968% 20527 | 100 | 112 | ||||||
GS Mortgage Securities Trust, Series 2020-GC47, Class A5, 2.377% 20537 | 1,536 | 1,559 | ||||||
JPMBB Commercial Mortgage Securities Trust, Series 2014-C18, Class A5, 4.079% 20477 | 3,280 | 3,439 | ||||||
JPMDB Commercial Mortgage Securities Trust, Series 2017-C5, Class A5, 3.694% 20507 | 640 | 691 | ||||||
JPMorgan Chase Commercial Mortgage Securities Trust, Series 2018-BCON, Class A, 3.735% 20313,7 | 785 | 802 | ||||||
JPMorgan Chase Commercial Mortgage Securities Trust, Series 2016-JP4, Class A4, 3.648% 20495,7 | 2,040 | 2,199 | ||||||
LUXE Commercial Mortgage Trust, Series 2021-TRIP, Class A, (1-month USD-LIBOR + 1.05%) 1.16% 20383,5,7 | 4,555 | 4,560 | ||||||
MHC Commercial Mortgage Trust, CMO, Series 2021-MHC, Class A, (1-month USD-LIBOR + 0.801%) 0.911% 20263,5,7 | 154 | 154 | ||||||
Morgan Stanley Bank of America Merrill Lynch Trust, Series 2014-C17, Class A5, 3.741% 20477 | 5,446 | 5,716 | ||||||
Morgan Stanley Bank of America Merrill Lynch Trust, Series 2015-C22, Class A-4, 3.306% 20487 | 410 | 429 | ||||||
Morgan Stanley Bank of America Merrill Lynch Trust, Series 2016-C32, Class A-4, 3.72% 20497 | 245 | 266 | ||||||
Morgan Stanley Capital I Trust, Series 2015-UBS8, Class AS, 4.114% 20487 | 730 | 778 | ||||||
Morgan Stanley Capital I Trust, Series 2016-UBS9, Class C, 4.761% 20495,7 | 208 | 216 | ||||||
Motel 6 Trust, Series 2021-MTL6, Class A, (1-month USD-LIBOR + 0.90%) 1.01% 20383,5,7 | 818 | 818 | ||||||
Motel 6 Trust, Series 2021-MTL6, Class B, (1-month USD-LIBOR + 1.20%) 1.31% 20383,5,7 | 524 | 524 | ||||||
Motel 6 Trust, Series 2021-MTL6, Class C, (1-month USD-LIBOR + 1.50%) 1.61% 20383,5,7 | 157 | 157 | ||||||
SLG Office Trust, Series 2021-OVA, Class A, 2.585% 20413,7 | 4,674 | 4,795 | ||||||
SREIT Trust, Series 2021-FLWR, Class A, (1-month USD-LIBOR + 0.577%) 0.686% 20363,5,7 | 9,351 | 9,252 | ||||||
SREIT Trust, Series 2021-FLWR, Class B, (1-month USD-LIBOR + 0.926%) 1.036% 20363,5,7 | 1,000 | 990 | ||||||
SREIT Trust, Series 2021-MFP, Class A, (1-month USD-LIBOR + 0.731%) 0.841% 20383,5,7 | 8,739 | 8,711 | ||||||
SREIT Trust, Series 2021-MFP, Class B, (1-month USD-LIBOR + 1.079%) 1.19% 20383,5,7 | 263 | 262 | ||||||
SREIT Trust, Series 2021-MFP, Class C, (1-month USD-LIBOR + 1.329%) 1.439% 20383,5,7 | 141 | 140 | ||||||
Wells Fargo Commercial Mortgage Trust, Series 2015-SG1, Class A-4, 3.789% 20487 | 2,413 | 2,542 | ||||||
Wells Fargo Commercial Mortgage Trust, Series 2015-C28, Class C, 4.093% 20485,7 | 220 | 227 | ||||||
Wells Fargo Commercial Mortgage Trust, Series 2016-C37, Class A5, 3.794% 20497 | 2,550 | 2,777 |
American Funds Insurance Series | 187 |
The Bond Fund of America (continued)
(formerly Bond Fund)
Bonds, notes & other debt instruments (continued) | Principal amount (000) | Value (000) | ||||||
Mortgage-backed obligations (continued) | ||||||||
Commercial mortgage-backed securities (continued) | ||||||||
Wells Fargo Commercial Mortgage Trust, Series 2019-C54, Class A4, 3.146% 20527 | $ | 1,019 | $ | 1,091 | ||||
Wells Fargo Commercial Mortgage Trust, Series 2016-NXS5, Class AS, 3.988% 20597 | 250 | 266 | ||||||
Wells Fargo Commercial Mortgage Trust, Series 2017-RC1, Class A4, 3.631% 20607 | 205 | 222 | ||||||
126,121 | ||||||||
Other mortgage-backed securities 0.24% | ||||||||
Nykredit Realkredit AS, Series 01E, 1.00% 20537 | DKr | 110,520 | 15,947 | |||||
Nykredit Realkredit AS, Series CCE, 1.00% 20507 | 79,480 | 11,614 | ||||||
Realkredit Danmark AS 1.00% 20537 | 30,000 | 4,332 | ||||||
31,893 | ||||||||
Total mortgage-backed obligations | 1,738,723 | |||||||
Asset-backed obligations 4.17% | ||||||||
Aesop Funding LLC, Series 2019-2A, Class A, 3.35% 20253,7 | $ | 2,210 | 2,317 | |||||
Aesop Funding LLC, Series 2018-2A, Class A, 4.00% 20253,7 | 2,755 | 2,906 | ||||||
Aesop Funding LLC, Series 2020-1A, Class A, 2.33% 20263,7 | 7,689 | 7,885 | ||||||
Aesop Funding LLC, Series 2021-1A, Class A, 1.38% 20273,7 | 3,445 | 3,390 | ||||||
Aesop Funding LLC, Series 2021-1A, Class B, 1.63% 20273,7 | 531 | 522 | ||||||
Aesop Funding LLC, Series 2020-2, Class A, 2.02% 20273,7 | 2,427 | 2,458 | ||||||
Aesop Funding LLC, Series 2021-1A, Class C, 2.13% 20273,7 | 193 | 190 | ||||||
Aesop Funding LLC, Series 2020-2A, Class B, 2.96% 20273,7 | 623 | 647 | ||||||
Aesop Funding LLC, Series 2020-2A, Class C, 4.25% 20273,7 | 1,279 | 1,362 | ||||||
Affirm Asset Securitization Trust, Series 2021-B, Class A, 1.03% 20263,7 | 701 | 697 | ||||||
Affirm Asset Securitization Trust, Series 2021-Z2, Class A, 1.17% 20263,7 | 1,439 | 1,434 | ||||||
American Credit Acceptance Receivables Trust, Series 2020-3, Class C, 1.85% 20263,7 | 2,602 | 2,621 | ||||||
American Credit Acceptance Receivables Trust, Series 2020-3, Class D, 2.40% 20263,7 | 2,500 | 2,533 | ||||||
American Credit Acceptance Receivables Trust, Series 2021-1, Class C, 0.83% 20273,7 | 1,465 | 1,459 | ||||||
American Credit Acceptance Receivables Trust, Series 2021-1, Class D, 1.14% 20273,7 | 806 | 800 | ||||||
AmeriCredit Automobile Receivables Trust, Series 2021-2, Class B, 0.69% 20277 | 997 | 985 | ||||||
AmeriCredit Automobile Receivables Trust, Series 2021-2, Class C, 1.01% 20277 | 1,109 | 1,091 | ||||||
AmeriCredit Automobile Receivables Trust, Series 2021-2, Class D, 1.29% 20277 | 2,613 | 2,573 | ||||||
Ballyrock CLO, Ltd., Series 2019-2A, Class A1AR, (3-month USD-LIBOR + 1.00%) 1.16% 20303,5,7 | 575 | 575 | ||||||
Bankers Healthcare Group Securitization Trust, Series 2021-B, Class A, 0.90% 20343,7 | 300 | 299 | ||||||
Bankers Healthcare Group Securitization Trust, Series 2021-B, Class B, 1.67% 20343,7 | 269 | 265 | ||||||
Blackbird Capital II Aircraft Lease, Ltd. / Blackbird Capital II Aircraft Lease US, LLC, Series 2021-1, Class A, 2.443% 20463,7 | 4,518 | 4,469 | ||||||
Blackbird Capital II Aircraft Lease, Ltd. / Blackbird Capital II Aircraft Lease US, LLC, Series 2021-1, Class B, 3.446% 20463,7 | 518 | 513 | ||||||
CarMaxAuto Owner Trust, Series 2019-2, Class C, 3.16% 20257 | 400 | 410 | ||||||
CarMaxAuto Owner Trust, Series 2021-1, Class C, 0.94% 20267 | 210 | 206 | ||||||
CarMaxAuto Owner Trust, Series 2021-1, Class D, 1.28% 20277 | 206 | 203 | ||||||
Carvana Auto Receivables Trust, Series 2021-N4, Class C, 1.72% 20287 | 538 | 538 | ||||||
Carvana Auto Receivables Trust, Series 2021-N4, Class A2, 1.80% 20287 | 884 | 887 | ||||||
Castlelake Aircraft Securitization Trust, Series 2021-2A, Class A, 2.868% 20373,7 | 16,798 | 16,678 | ||||||
Castlelake Aircraft Securitization Trust, Series 2021-2A, Class C, 3.602% 20373,7 | 6,497 | 6,534 | ||||||
Castlelake Aircraft Securitization Trust, Series 2021-2A, Class C, 5.75% 20373,7 | 698 | 703 | ||||||
Castlelake Aircraft Securitization Trust, Series 2017-1R, Class A, 2.741% 20413,7 | 1,062 | 1,050 | ||||||
CF Hippolyta LLC, Series 2020-1, Class A1, 1.69% 20603,7 | 18,930 | 18,796 | ||||||
CF Hippolyta LLC, Series 2020-1, Class A2, 1.99% 20603,7 | 1,992 | 1,960 | ||||||
CF Hippolyta LLC, Series 2020-1, Class B1, 2.28% 20603,7 | 3,441 | 3,441 | ||||||
CF Hippolyta LLC, Series 2020-1, Class B2, 2.60% 20603,7 | 373 | 372 | ||||||
CF Hippolyta LLC, Series 2021-1, Class A1, 1.53% 20613,7 | 6,134 | 6,026 | ||||||
CF Hippolyta LLC, Series 2021-1, Class B1, 1.98% 20613,7 | 1,943 | 1,916 | ||||||
CLI Funding VI LLC, Series 2020-2A, Class A, 2.03% 20453,7 | 2,618 | 2,603 | ||||||
CLI Funding VI LLC, Series 2020-3A, Class A, 2.07% 20453,7 | 5,530 | 5,501 | ||||||
CLI Funding VIII LLC, Series 2021-1A, Class A, 1.64% 20463,7 | 4,376 | 4,283 | ||||||
CLI Funding VIII LLC, Series 2021-1A, Class B, 2.38% 20463,7 | 491 | 484 |
188 | American Funds Insurance Series |
The Bond Fund of America (continued)
(formerly Bond Fund)
Bonds, notes & other debt instruments (continued) | Principal amount (000) | Value (000) | ||||||
Asset-backed obligations (continued) | ||||||||
CPS Auto Receivables Trust, Series 2019-B, Class C, 3.35% 20243,7 | $ | 58 | $ | 58 | ||||
CPS Auto Receivables Trust, Series 2019-C, Class C, 2.84% 20253,7 | 284 | 285 | ||||||
CPS Auto Receivables Trust, Series 2019-C, Class D, 3.17% 20253,7 | 1,125 | 1,142 | ||||||
CPS Auto Receivables Trust, Series 2019-B, Class D, 3.69% 20253,7 | 3,045 | 3,079 | ||||||
CPS Auto Receivables Trust, Series 2021-A, Class C, 0.83% 20263,7 | 694 | 689 | ||||||
CPS Auto Receivables Trust, Series 2021-A, Class D, 1.16% 20263,7 | 590 | 584 | ||||||
Credit Acceptance Auto Loan Trust, Series 2020-1A, Class A, 2.01% 20293,7 | 7,411 | 7,471 | ||||||
Credit Acceptance Auto Loan Trust, Series 2021-3A, Class A, 1.00% 20303,7 | 1,900 | 1,886 | ||||||
Drive Auto Receivables Trust, Series 2021-1, Class B, 0.65% 20257 | 2,524 | 2,521 | ||||||
Drive Auto Receivables Trust, Series 2019-3, Class C, 2.90% 20257 | 3,851 | 3,884 | ||||||
Drive Auto Receivables Trust, Series 2019-2, Class C, 3.42% 20257 | 2,220 | 2,236 | ||||||
Drive Auto Receivables Trust, Series 2019-3, Class D, 3.18% 20267 | 4,020 | 4,104 | ||||||
Drive Auto Receivables Trust, Series 2021-1, Class C, 1.02% 20277 | 5,369 | 5,371 | ||||||
Drive Auto Receivables Trust, Series 2021-1, Class D, 1.45% 20297 | 4,053 | 4,036 | ||||||
Drivetime Auto Owner Trust, Series 2019-3, Class C, 2.74% 20253,7 | 558 | 562 | ||||||
Drivetime Auto Owner Trust, Series 2019-3, Class D, 2.96% 20253,7 | 1,915 | 1,956 | ||||||
Drivetime Auto Owner Trust, Series 2019-2A, Class C, 3.18% 20253,7 | 1,392 | 1,401 | ||||||
Drivetime Auto Owner Trust, Series 2019-2A, Class D, 3.48% 20253,7 | 4,250 | 4,347 | ||||||
Drivetime Auto Owner Trust, Series 2021-1A, Class C, 0.84% 20263,7 | 825 | 819 | ||||||
Drivetime Auto Owner Trust, Series 2021-1A, Class D, 1.16% 20263,7 | 449 | 443 | ||||||
Drivetime Auto Owner Trust, Series 2020-3A, Class C, 1.47% 20263,7 | 817 | 819 | ||||||
Drivetime Auto Owner Trust, Series 2021-2A, Class B, 0.81% 20273,7 | 1,179 | 1,177 | ||||||
Drivetime Auto Owner Trust, Series 2021-2A, Class C, 1.10% 20273,7 | 1,231 | 1,222 | ||||||
Drivetime Auto Owner Trust, Series 2021-2A, Class D, 1.50% 20273,7 | 832 | 824 | ||||||
Dryden Senior Loan Fund, CLO, Series 2014-33A, Class AR3, (3-month USD-LIBOR + 1.00%) 1.124% 20293,5,7 | 389 | 389 | ||||||
EDvestinU Private Education Loan LLC, Series 2021-A, Class A, 1.80% 20453,7 | 525 | 517 | ||||||
Exeter Automobile Receivables Trust, Series 2019-3A, Class C, 2.79% 20243,7 | 2,755 | 2,770 | ||||||
Exeter Automobile Receivables Trust, Series 2019-2A, Class C, 3.30% 20243,7 | 789 | 792 | ||||||
Exeter Automobile Receivables Trust, Series 2021-2, Class B, 0.57% 20257 | 1,663 | 1,658 | ||||||
Exeter Automobile Receivables Trust, Series 2020-3A, Class C, 1.32% 20257 | 780 | 784 | ||||||
Exeter Automobile Receivables Trust, Series 2020-1A, Class D, 2.73% 20253,7 | 900 | 919 | ||||||
Exeter Automobile Receivables Trust, Series 2019-3A, Class D, 3.11% 20253,7 | 5,000 | 5,116 | ||||||
Exeter Automobile Receivables Trust, Series 2019-2A, Class D, 3.71% 20253,7 | 6,000 | 6,148 | ||||||
Exeter Automobile Receivables Trust, Series 2021-2, Class C, 0.98% 20267 | 1,807 | 1,801 | ||||||
Exeter Automobile Receivables Trust, Series 2020-3A, Class D, 1.73% 20267 | 1,012 | 1,020 | ||||||
Exeter Automobile Receivables Trust, Series 2021-2, Class D, 1.40% 20277 | 2,612 | 2,586 | ||||||
FirstKey Homes Trust, Series 2020-SFR2, Class A, 1.266% 20373,7 | 18,109 | 17,671 | ||||||
FirstKey Homes Trust, Series 2021-SFR3, Class A, 2.135% 20383,7 | 1,395 | 1,395 | ||||||
Ford Credit Auto Owner Trust, Series 2018-2, Class A, 3.47% 20303,7 | 17,675 | 18,371 | ||||||
Ford Credit Auto Owner Trust, Series 2018-1, Class A, 3.19% 20313,7 | 30,070 | 31,706 | ||||||
Ford Credit Floorplan Master Owner Trust, Series 2019-3, Class A1, 2.23% 20247 | 2,625 | 2,657 | ||||||
FREED ABS Trust, Series 2021-2, Class A, 0.68% 20283,7 | 785 | 784 | ||||||
GCI Funding I LLC, Series 2020-1, Class A, 2.82% 20453,7 | 2,466 | 2,477 | ||||||
GCI Funding I LLC, Series 2021-1, Class A, 2.38% 20463,7 | 1,579 | 1,569 | ||||||
GCI Funding I LLC, Series 2021-1, Class B, 3.04% 20463,7 | 176 | 174 | ||||||
Global SC Finance VII SRL, Series 2020-2A, Class A, 2.26% 20403,7 | 3,329 | 3,338 | ||||||
Global SC Finance VII SRL, Series 2021-1A, Class A, 1.86% 20413,7 | 11,074 | 10,915 | ||||||
Global SC Finance VII SRL, Series 2021-2A, Class A, 1.95% 20413,7 | 3,083 | 3,050 | ||||||
Global SC Finance VII SRL, Series 2021-2A, Class B, 2.49% 20413,7 | 241 | 238 | ||||||
GM Financial Automobile Leasing Trust, Series 2020-2, Class C, 2.56% 20247 | 301 | 307 | ||||||
GM Financial Automobile Leasing Trust, Series 2020-2, Class D, 3.21% 20247 | 425 | 436 | ||||||
Hertz Vehicle Financing III, LLC, Series 2021-A, Class B, 3.65% 20233,7,10 | 8,590 | 8,571 | ||||||
Hertz Vehicle Financing III, LLC, Series 2021-1A, Class A, 1.21% 20253,7 | 18,033 | 17,879 | ||||||
Hertz Vehicle Financing III, LLC, Series 2021-1A, Class B, 1.56% 20253,7 | 1,171 | 1,161 | ||||||
Hertz Vehicle Financing III, LLC, Series 2021-1A, Class C, 2.05% 20253,7 | 810 | 803 | ||||||
Hertz Vehicle Financing III, LLC, Series 2021-2A, Class A, 1.68% 20273,7 | 19,539 | 19,292 | ||||||
Hertz Vehicle Financing III, LLC, Series 2021-2A, Class B, 2.12% 20273,7 | 1,264 | 1,255 | ||||||
Hertz Vehicle Financing III, LLC, Series 2021-2A, Class C, 2.52% 20273,7 | 859 | 854 |
American Funds Insurance Series | 189 |
The Bond Fund of America (continued)
(formerly Bond Fund)
Bonds, notes & other debt instruments (continued) | Principal amount (000) | Value (000) | ||||||
Asset-backed obligations (continued) | ||||||||
LAD Auto Receivables Trust, Series 2021-1A, Class A, 1.30% 20263,7 | $ | 1,935 | $ | 1,932 | ||||
LAD Auto Receivables Trust, Series 2021-1A, Class B, 1.94% 20263,7 | 304 | 304 | ||||||
Lunar Structured Aircraft Portfolio Notes, Series 2021-1, Class A, 2.636% 20463,7 | 2,692 | 2,684 | ||||||
Madison Park Funding, Ltd., CLO, Series 2015-17A, Class AR2, (3-month USD-LIBOR + 1.00%) 1.13% 20303,5,7 | 900 | 900 | ||||||
Marathon CLO, Ltd., Series 2017-9A, Class A1AR, (3-month USD-LIBOR + 1.15%) 1.274% 20293,5,7 | 877 | 877 | ||||||
Mission Lane Credit Card Master Trust, Series 2021-A, Class A, 1.59% 20263,7 | 1,242 | 1,234 | ||||||
Mission Lane Credit Card Master Trust, Series 2021-A, Class B, 2.24% 20263,7 | 230 | 229 | ||||||
Navient Student Loan Trust, Series 2021-EA, Class A, 0.97% 20693,7 | 3,091 | 3,041 | ||||||
Navient Student Loan Trust, Series 2021-C, Class A, 1.06% 20693,7 | 5,177 | 5,105 | ||||||
Navient Student Loan Trust, Series 2021-G, Class A, 1.58% 20703,7 | 1,046 | 1,043 | ||||||
Navigator Aircraft ABS, Ltd., Series 2021-1, Class A, 2.771% 20463,7 | 4,724 | 4,718 | ||||||
Nelnet Student Loan Trust, Series 2021-C, Class AFL, (1-month USD-LIBOR + 0.74%) 0.844% 20623,5,7 | 5,353 | 5,372 | ||||||
Nelnet Student Loan Trust, Series 2021-C, Class AFX, 1.32% 20623,7 | 417 | 411 | ||||||
Nelnet Student Loan Trust, Series 2021-A, Class APT1, 1.36% 20623,7 | 7,044 | 6,927 | ||||||
Nelnet Student Loan Trust, Series 2021-B, Class AFX, 1.42% 20623,7 | 16,153 | 15,938 | ||||||
New Economy Assets Phase 1 Issuer, LLC, Series 2021-1, Class A1, 1.91% 20613,7 | 50,765 | 49,855 | ||||||
Newark BSL CLO 2, Ltd., Series 2017-1A, Class A1R, (3-month USD-LIBOR + 0.97%) 1.094% 20303,5,7 | 275 | 275 | ||||||
Oportun Funding LLC, Series 2021-A, Class A, 1.21% 20283,7 | 240 | 240 | ||||||
Palmer Square Loan Funding, CLO, Series 2019-2, Class A1, (3-month USD-LIBOR + 0.97%) 1.102% 20273,5,7 | 733 | 733 | ||||||
Palmer Square Loan Funding, CLO, Series 2019-1A, Class A1, (3-month USD-LIBOR + 1.05%) 1.182% 20273,5,7 | 1,304 | 1,305 | ||||||
Palmer Square Loan Funding, CLO, Series 2020-4, Class A1, (3-month USD-LIBOR + 1.00%) 1.18% 20283,5,7 | 1,682 | 1,683 | ||||||
Palmer Square Loan Funding, CLO, Series 2021-1, Class A1, (3-month USD-LIBOR + 0.90%) 1.032% 20293,5,7 | 356 | 356 | ||||||
PFS Financing Corp., Series 2021-B, Class A, 0.775% 20263,7 | 7,884 | 7,767 | ||||||
Prestige Auto Receivables Trust, Series 2019-1A, Class C, 2.70% 20243,7 | 2,190 | 2,209 | ||||||
Prestige Auto Receivables Trust, Series 2019-1A, Class D, 3.01% 20253,7 | 1,355 | 1,374 | ||||||
Prodigy Finance DAC, Series 2021-1A, Class A, (1-month USD-LIBOR + 1.25%) 1.352% 20513,5,7 | 1,020 | 1,020 | ||||||
Santander Drive Auto Receivables Trust, Series 2021-2, Class B, 0.59% 20257 | 1,510 | 1,507 | ||||||
Santander Drive Auto Receivables Trust, Series 2019-2, Class D, 3.22% 20257 | 3,110 | 3,172 | ||||||
Santander Drive Auto Receivables Trust, Series 2021-2, Class C, 0.90% 20267 | 2,812 | 2,805 | ||||||
Santander Drive Auto Receivables Trust, Series 2020-3, Class C, 1.12% 20267 | 3,344 | 3,354 | ||||||
Santander Drive Auto Receivables Trust, Series 2020-3, Class D, 1.64% 20267 | 2,211 | 2,227 | ||||||
Santander Drive Auto Receivables Trust, Series 2021-3, Class C, 0.95% 20277 | 1,677 | 1,662 | ||||||
Santander Drive Auto Receivables Trust, Series 2021-3, Class D, 1.33% 20277 | 2,236 | 2,209 | ||||||
Santander Drive Auto Receivables Trust, Series 2021-2, Class D, 1.35% 20277 | 1,802 | 1,793 | ||||||
Slam, Ltd., Series 2021-1, Class A, 2.434% 20463,7 | 2,823 | 2,775 | ||||||
Slam, Ltd., Series 2021-1, Class B, 3.422% 20463,7 | 520 | 514 | ||||||
Sound Point CLO, Ltd., Series 2015-1RA, Class AR, (3-month USD-LIBOR + 1.08%) 1.204% 20303,5,7 | 475 | 475 | ||||||
Sprite, Ltd., Series 2021-1, Class A, 3.75% 20463,7 | 3,559 | 3,505 | ||||||
Stellar Jay Ireland DAC, Series 2021-1, Class A, 3.967% 20413,7 | 472 | 469 | ||||||
Stonepeak Infrastructure Partners, Series 2021-1A, Class AA, 2.301% 20333,7 | 1,393 | 1,381 | ||||||
Stonepeak Infrastructure Partners, Series 2021-1A, Class A, 2.675% 20333,7 | 1,598 | 1,593 | ||||||
SuttonPark Structured Settlements, Series 2021-1, Class A, 1.95% 20753,7 | 2,889 | 2,854 | ||||||
TAL Advantage V LLC, Series 2020-1A, Class A, 2.05% 20453,7 | 3,379 | 3,362 | ||||||
Textainer Marine Containers, Ltd., Series 2020-2A, Class A, 2.10% 20453,7 | 2,500 | 2,491 | ||||||
Textainer Marine Containers, Ltd., Series 2020-1A, Class A, 2.73% 20453,7 | 5,003 | 5,024 | ||||||
Textainer Marine Containers, Ltd., Series 2021-1A, Class A, 1.68% 20463,7 | 6,770 | 6,599 | ||||||
Textainer Marine Containers, Ltd., Series 2021-2A, Class A, 2.23% 20463,7 | 5,680 | 5,671 | ||||||
Textainer Marine Containers, Ltd., Series 2021-1A, Class B, 2.52% 20463,7 | 404 | 399 | ||||||
TIF Funding II LLC, Series 2020-1A, Class A, 2.09% 20453,7 | 4,784 | 4,756 |
190 | American Funds Insurance Series |
The Bond Fund of America (continued)
(formerly Bond Fund)
Bonds, notes & other debt instruments (continued) | Principal amount (000) | Value (000) | ||||||
Asset-backed obligations (continued) | ||||||||
TIF Funding II LLC, Series 2021-1A, Class A, 1.65% 20463,7 | $ | 3,926 | $ | 3,813 | ||||
TIF Funding II LLC, Series 2021-1A, Class B, 2.54% 20463,7 | 142 | 140 | ||||||
Toyota Auto Loan Extended Note Trust, Series 2019-1, Class A, 2.56% 20313,7 | 6,000 | 6,199 | ||||||
Triton Container Finance VIII LLC, Series 2020-1, Class A, 2.11% 20453,7 | 11,512 | 11,443 | ||||||
Triton Container Finance VIII LLC, Series 2021-1, Class A, 1.86% 20463,7 | 4,621 | 4,536 | ||||||
Triton Container Finance VIII LLC, Series 2021-1A, Class B, 2.58% 20463,7 | 381 | 376 | ||||||
Westlake Automobile Receivables Trust, Series 2020-3A, Class C, 1.24% 20253,7 | 1,557 | 1,561 | ||||||
Westlake Automobile Receivables Trust, Series 2021-2, Class B, 0.62% 20263,7 | 1,690 | 1,677 | ||||||
Westlake Automobile Receivables Trust, Series 2021-2, Class C, 0.89% 20263,7 | 2,181 | 2,162 | ||||||
Westlake Automobile Receivables Trust, Series 2021-2, Class D, 1.23% 20263,7 | 1,446 | 1,424 | ||||||
Westlake Automobile Receivables Trust, Series 2020-3A, Class D, 1.65% 20263,7 | 3,023 | 3,032 | ||||||
549,393 | ||||||||
Municipals 1.63% | ||||||||
California 0.06% | ||||||||
G.O. Bonds, Series 2009, 7.50% 2034 | 2,100 | 3,217 | ||||||
Golden State Tobacco Securitization Corp., Enhanced Tobacco Settlement Asset-Backed Bonds, Series 2021-B, 2.746% 2034 | 650 | 655 | ||||||
High-Speed Passenger Train G.O. Rev. Ref. Bonds, Series 2017-A, 2.367% 2022 | 3,775 | 3,796 | ||||||
7,668 | ||||||||
Illinois 1.49% | ||||||||
City of Chicago, Board of Education, Unlimited Tax G.O. Bonds (Dedicated Rev.), Series 2010-C, 6.319% 2029 | 65 | 77 | ||||||
City of Chicago, Board of Education, Unlimited Tax G.O. Bonds (Dedicated Rev.), Series 2009-E, 6.138% 2039 | 30,835 | 38,117 | ||||||
City of Chicago, Board of Education, Unlimited Tax G.O. Bonds (Dedicated Rev.), Series 2010-D, 6.519% 2040 | 8,945 | 11,383 | ||||||
City of Chicago, Board of Education, Unlimited Tax G.O. Bonds (Qualified School Construction Bonds), Series 2009-G, 1.75% 2025 | 2,500 | 2,391 | ||||||
G.O. Bonds, Series 2013-B, 4.11% 2022 | 750 | 756 | ||||||
G.O. Bonds, Series 2013-B, 4.31% 2023 | 2,125 | 2,206 | ||||||
G.O. Bonds, Pension Funding, Series 2003, 4.95% 2023 | 11,625 | 12,071 | ||||||
G.O. Bonds, Pension Funding, Series 2003, 5.10% 2033 | 107,000 | 123,760 | ||||||
G.O. Bonds, Taxable Build America Bonds, Series 2010-2, 5.85% 2022 | 2,370 | 2,390 | ||||||
G.O. Bonds, Taxable Build America Bonds, Series 2010-2, 5.95% 2023 | 3,210 | 3,386 | ||||||
196,537 | ||||||||
New York 0.05% | ||||||||
Dormitory Auth., Taxable State Personal Income Tax Rev. Bonds (General Purpose),Series 2021-C, 2.202% 2034 | 6,390 | 6,309 | ||||||
Texas 0.03% | ||||||||
Grand Parkway Transportation Corp., Grand Parkway System Toll Rev. Ref. Bonds, Series 2020-B, 3.236% 2052 | 4,075 | 4,126 | ||||||
Total municipals | 214,640 | |||||||
Bonds & notes of governments & government agencies outside the U.S. 1.10% | ||||||||
Chile (Republic of) 3.10% 2041 | 2,340 | 2,294 | ||||||
China (People’s Republic of), Series INBK, 3.81% 2050 | CNY | 13,380 | 2,251 | |||||
China (People’s Republic of), Series INBK, 3.72% 2051 | 48,340 | 8,051 | ||||||
Colombia (Republic of) 4.125% 2051 | $ | 3,120 | 2,543 | |||||
Colombia (Republic of), Series B, 5.75% 2027 | COP | 24,813,800 | 5,515 | |||||
Dominican Republic 5.95% 20273 | $ | 8,100 | 9,032 | |||||
Hungary (Republic of) 2.125% 20313 | 2,135 | 2,106 | ||||||
Israel (State of) 3.375% 2050 | 4,750 | 5,148 | ||||||
Israel (State of) 3.875% 2050 | 4,775 | 5,585 |
American Funds Insurance Series | 191 |
The Bond Fund of America (continued)
(formerly Bond Fund)
Bonds, notes & other debt instruments (continued) | Principal amount (000) | Value (000) | ||||||
Bonds & notes of governments & government agencies outside the U.S. (continued) | ||||||||
Panama (Republic of) 3.87% 2060 | $ | 7,500 | $ | 7,528 | ||||
Panama Bonos Del Tesoro 3.362% 2031 | 15,625 | 15,742 | ||||||
Paraguay (Republic of) 5.00% 2026 | 1,250 | 1,390 | ||||||
Peru (Republic of) 6.35% 2028 | PEN5,840 | 1,541 | ||||||
Peru (Republic of) 5.94% 2029 | 6,005 | 1,542 | ||||||
Peru (Republic of) 2.783% 2031 | $ | 3,790 | 3,781 | |||||
Peru (Republic of) 6.15% 2032 | PEN12,950 | 3,260 | ||||||
Peru (Republic of) 3.00% 2034 | $ | 2,400 | 2,396 | |||||
Philippines (Republic of) 3.20% 2046 | 4,900 | 4,995 | ||||||
Portuguese Republic 5.125% 2024 | 24,775 | 27,482 | ||||||
PT Indonesia Asahan Aluminium Tbk 5.71% 20233 | 1,020 | 1,095 | ||||||
PT Indonesia Asahan Aluminium Tbk 4.75% 20253 | 1,270 | 1,352 | ||||||
PT Indonesia Asahan Aluminium Tbk 5.45% 20303 | 340 | 388 | ||||||
PT Indonesia Asahan Aluminium Tbk 5.80% 20503 | 1,150 | 1,332 | ||||||
Qatar (State of) 4.50% 20283 | 5,100 | 5,866 | ||||||
Qatar (State of) 5.103% 20483 | 3,400 | 4,609 | ||||||
Saudi Arabia (Kingdom of) 3.628% 20273 | 5,000 | 5,427 | ||||||
Saudi Arabia (Kingdom of) 3.625% 20283 | 11,435 | 12,474 | ||||||
144,725 | ||||||||
Federal agency bonds & notes 0.09% | ||||||||
Fannie Mae 2.125% 2026 | 11,910 | 12,363 | ||||||
Total bonds, notes & other debt instruments (cost: $12,540,692,000) | 12,806,734 | |||||||
Short-term securities 9.94% | Shares | |||||||
Money market investments 9.94% | ||||||||
Capital Group Central Cash Fund 0.09%11,12 | 13,111,257 | 1,311,257 | ||||||
Total short-term securities (cost: $1,311,135,000) | 1,311,257 | |||||||
Total investment securities 107.06% (cost: $13,851,827,000) | 14,117,991 | |||||||
Other assets less liabilities (7.06)% | (931,412 | ) | ||||||
Net assets 100.00% | $ | 13,186,579 |
Futures contracts
Contracts | Type | Number of contracts | Expiration | Notional amount (000) | Value and unrealized (depreciation) appreciation at 12/31/2021 (000) | |||||||||||
90 Day Euro Dollar Futures | Long | 2,771 | September 2022 | $ | 687,173 | $ | (1,383 | ) | ||||||||
2 Year U.S. Treasury Note Futures | Long | 227 | March 2022 | 49,525 | (16 | ) | ||||||||||
5 Year Euro-Bobl Futures | Short | 70 | March 2022 | (10,619 | ) | 89 | ||||||||||
5 Year U.S. Treasury Note Futures | Short | 2,794 | March 2022 | (338,008 | ) | (321 | ) | |||||||||
10 Year Euro-Bund Futures | Short | 158 | March 2022 | (30,826 | ) | 594 | ||||||||||
10 Year U.S. Treasury Note Futures | Long | 201 | March 2022 | 26,224 | (18 | ) | ||||||||||
10 Year Ultra U.S. Treasury Note Futures | Short | 4,989 | March 2022 | (730,577 | ) | (11,986 | ) | |||||||||
20 Year U.S. Treasury Bond Futures | Long | 1,948 | March 2022 | 312,532 | 2,731 | |||||||||||
30 Year Ultra U.S. Treasury Bond Futures | Long | 2,886 | March 2022 | 568,903 | 10,333 | |||||||||||
$ | 23 |
192 | American Funds Insurance Series |
The Bond Fund of America (continued)
(formerly Bond Fund)
Forward currency contracts
Contract amount | Unrealized appreciation (depreciation) | ||||||||||||||
Currency purchased (000) | Currency sold (000) | Counterparty | Settlement date | at 12/31/2021 (000) | |||||||||||
USD | 6,217 | COP | 24,638,500 | Citibank | 1/7/2022 | $ | 162 | ||||||||
USD | 6,982 | EUR | 6,167 | Morgan Stanley | 1/10/2022 | (41 | ) | ||||||||
USD | 3,204 | PEN | 13,100 | UBS AG | 1/10/2022 | (76 | ) | ||||||||
USD | 6,180 | JPY | 700,950 | Bank of New York Mellon | 1/13/2022 | 86 | |||||||||
USD | 14,857 | EUR | 13,145 | Morgan Stanley | 1/13/2022 | (112 | ) | ||||||||
USD | 1,628 | PEN | 6,625 | Citibank | 1/14/2022 | (31 | ) | ||||||||
USD | 30,955 | DKK | 203,975 | JPMorgan Chase | 1/18/2022 | (284 | ) | ||||||||
EUR | 1,140 | USD | 1,290 | Morgan Stanley | 1/20/2022 | 8 | |||||||||
KRW | 25,803,000 | USD | 21,724 | Citibank | 1/21/2022 | (39 | ) | ||||||||
USD | 643 | PEN | 2,650 | Morgan Stanley | 8/26/2022 | (10 | ) | ||||||||
USD | 830 | PEN | 3,440 | Citibank | 8/26/2022 | (18 | ) | ||||||||
$ | (355 | ) |
Swap contracts
Interest rate swaps
Centrally cleared interest rate swaps
Receive | Pay | Value at | Upfront premium | Unrealized appreciation (depreciation) | ||||||||||||||||||||
Rate | Payment frequency | Rate | Payment frequency | Expiration date | Notional (000) | 12/31/2021 (000) | paid (000) | at 12/31/2021 (000) | ||||||||||||||||
SOFR | Annual | 0.471% | Annual | 10/26/2023 | $ | 87,775 | $ | 317 | $ | — | $ | 317 | ||||||||||||
0.45801% | Annual | SOFR | Annual | 10/26/2023 | 85,775 | (330 | ) | — | (330 | ) | ||||||||||||||
3-month USD-LIBOR | Quarterly | 1.972% | Semi-annual | 4/26/2051 | 23,200 | (1,450 | ) | — | (1,450 | ) | ||||||||||||||
3-month USD-LIBOR | Quarterly | 1.9855% | Semi-annual | 4/26/2051 | 34,500 | (2,268 | ) | — | (2,268 | ) | ||||||||||||||
3-month USD-LIBOR | Quarterly | 1.953% | Semi-annual | 4/27/2051 | 23,100 | (1,339 | ) | — | (1,339 | ) | ||||||||||||||
3-month USD-LIBOR | Quarterly | 1.9895% | Semi-annual | 4/27/2051 | 35,700 | (2,381 | ) | — | (2,381 | ) | ||||||||||||||
3-month USD-LIBOR | Quarterly | 1.9778% | Semi-annual | 4/28/2051 | 13,500 | (862 | ) | — | (862 | ) | ||||||||||||||
3-month USD-LIBOR | Quarterly | 2.0295% | Semi-annual | 5/5/2051 | 30,800 | (2,351 | ) | — | (2,351 | ) | ||||||||||||||
3-month USD-LIBOR | Quarterly | 1.759% | Semi-annual | 6/24/2051 | 27,250 | (321 | ) | — | (321 | ) | ||||||||||||||
$ | — | $ | (10,985 | ) |
Credit default swaps
Centrally cleared credit default swaps on credit indices — buy protection
Reference index | Financing rate paid | Payment frequency | Expiration date | Notional (000) | Value at 12/31/2021 (000) | Upfront premium received (000) | Unrealized appreciation at 12/31/2021 (000) | ||||||||||||||||
CDX.NA.HY.37 | 5.00% | Quarterly | 12/20/2026 | $ | 30,400 | $ | (2,779 | ) | $ | (2,826 | ) | $ | 47 | ||||||||||
Centrally cleared credit default swaps on credit indices — sell protection | |||||||||||||||||||||||
Financing rate received | Payment frequency | Reference index | Expiration date | Notional (000) | Value at 12/31/2021 (000) | Upfront premium paid (000) | Unrealized appreciation at 12/31/2021 (000) | ||||||||||||||||
1.00% | Quarterly | CDX.NA.IG.37 | 12/20/2026 | $ | 47,440 | $ | 1,153 | $ | 1,126 | $ | 27 |
American Funds Insurance Series | 193 |
The Bond Fund of America (continued)
(formerly Bond Fund)
Investments in affiliates12
Value of affiliate at 1/1/2021 (000) | Additions (000) | Reductions (000) | Net realized loss (000) | Net unrealized appreciation (000) | Value of affiliate at 12/31/2021 (000) | Dividend income (000) | ||||||||||||||||||||||
Short-term securities 9.94% | ||||||||||||||||||||||||||||
Money market investments 9.94% | ||||||||||||||||||||||||||||
Capital Group Central Cash Fund 0.09%11 | $ | 2,690,045 | $ | 5,412,096 | $ | 6,790,830 | $ | (158 | ) | $ | 104 | $ | 1,311,257 | $ | 1,432 |
1 | All or a portion of this security was pledged as collateral. The total value of pledged collateral was $44,674,000, which represented .34% of the net assets of the fund. |
2 | Index-linked bond whose principal amount moves with a government price index. |
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 $1,829,363,000, which represented 13.87% of the net assets of the fund. |
4 | Step bond; coupon rate may change at a later date. |
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 | Amount less than one thousand. |
9 | Purchased on a TBA basis. |
10 | Valued under fair value procedures adopted by authority of the board of trustees. The total value of the security was $8,571,000, which represented .06% of the net assets of the fund. |
11 | Rate represents the seven-day yield at 12/31/2021. |
12 | Part of the same “group of investment companies” as the fund as defined under the Investment Company Act of 1940, as amended. |
Key to abbreviations and symbols
Auth. = Authority
CLO = Collateralized Loan Obligations
CMO = Collateralized Mortgage Obligations
CNY = Chinese yuan renminbi
COP = Colombian pesos
DAC = Designated Activity Company
DKK/DKr = Danish kroner
EUR/€ = Euros
G.O. = General Obligation
ICE = Intercontinental Exchange, Inc.
JPY = Japanese yen
KRW = South Korean won
LIBOR = London Interbank Offered Rate
PEN = Peruvian nuevos soles
Ref. = Refunding
Rev. = Revenue
SOFR = Secured Overnight Financing Rate
TBA = To-be-announced
USD/$ = U.S. dollars
See notes to financial statements.
194 | American Funds Insurance Series |
Capital World Bond Fund
Investment portfolio December 31, 2021
Bonds, notes & other debt instruments 92.93% | Principal amount (000) | Value (000) | ||||||
Euros 16.19% | ||||||||
Allianz SE 4.75% perpetual bonds (3-month EUR-EURIBOR + 3.60% on 10/24/2023)1 | € | 4,200 | $ | 5,164 | ||||
Altria Group, Inc. 1.00% 2023 | 1,020 | 1,173 | ||||||
Altria Group, Inc. 1.70% 2025 | 1,600 | 1,894 | ||||||
Altria Group, Inc. 2.20% 2027 | 2,900 | 3,516 | ||||||
American Honda Finance Corp. 1.60% 2022 | 620 | 710 | ||||||
American Honda Finance Corp. 1.95% 2024 | 560 | 673 | ||||||
American Tower Corp. 0.45% 2027 | 2,525 | 2,844 | ||||||
American Tower Corp. 0.875% 2029 | 1,470 | 1,657 | ||||||
AT&T, Inc. 1.60% 2028 | 2,350 | 2,831 | ||||||
Bank of America Corp. 3.648% 2029 (3-month EUR-EURIBOR + 3.67% on 3/31/2028)1,2 | 5,000 | 6,719 | ||||||
Barclays Bank PLC 6.625% 2022 | 1,070 | 1,237 | ||||||
CaixaBank, SA 2.25% 2030 (5-year EUR Annual (vs. 6-month EUR-EURIBOR) + 1.68% on 4/17/2025)1 | 2,400 | 2,840 | ||||||
Comcast Corp. 0% 2026 | 2,365 | 2,658 | ||||||
Comcast Corp. 0.25% 2027 | 1,250 | 1,414 | ||||||
Comcast Corp. 0.25% 2029 | 955 | 1,064 | ||||||
Cote d’Ivoire (Republic of) 5.25% 2030 | 900 | 1,049 | ||||||
Cote d’Ivoire (Republic of) 5.875% 2031 | 840 | 985 | ||||||
Deutsche Telekom International Finance BV 7.50% 2033 | 200 | 388 | ||||||
Dow Chemical Co. 0.50% 2027 | 1,110 | 1,260 | ||||||
Egypt (Arab Republic of) 5.625% 2030 | 745 | 768 | ||||||
Equinor ASA 1.375% 2032 | 2,550 | 3,090 | ||||||
European Financial Stability Facility 0.40% 2025 | 6,000 | 6,996 | ||||||
European Union 0% 2031 | 1,905 | 2,155 | ||||||
European Union 0% 2035 | 220 | 240 | ||||||
European Union 0.20% 2036 | 1,500 | 1,672 | ||||||
French Republic O.A.T. 0% 2030 | 27,070 | 30,535 | ||||||
French Republic O.A.T. 0.50% 2040 | 2,080 | 2,315 | ||||||
French Republic O.A.T. 0.75% 2052 | 5,930 | 6,460 | ||||||
Germany (Federal Republic of) 0% 2030 | 14,570 | 16,997 | ||||||
Germany (Federal Republic of) 0% 2031 | 9,425 | 10,925 | ||||||
Germany (Federal Republic of) 0% 2031 | 1,240 | 1,441 | ||||||
Germany (Federal Republic of) 0% 2050 | 3,290 | 3,588 | ||||||
Germany (Federal Republic of) 0% 2052 | 230 | 248 | ||||||
Goldman Sachs Group, Inc. 3.375% 20252 | 5,000 | 6,276 | ||||||
Goldman Sachs Group, Inc. 1.00% 20332 | 2,705 | 3,034 | ||||||
Greece (Hellenic Republic of) 3.375% 2025 | 8,725 | 10,952 | ||||||
Greece (Hellenic Republic of) 0.75% 2031 | 1,660 | 1,796 | ||||||
Groupe BPCE SA 4.625% 2023 | 1,200 | 1,463 | ||||||
Groupe BPCE SA 1.00% 2025 | 2,900 | 3,392 | ||||||
Highland Holdings SARL 0.318% 2026 | 205 | 233 | ||||||
Honeywell International, Inc. 0.75% 2032 | 370 | 419 | ||||||
Intesa Sanpaolo SpA 6.625% 2023 | 510 | 640 | ||||||
Ireland (Republic of) 0.20% 2030 | 900 | 1,032 | ||||||
Ireland (Republic of) 0% 2031 | 1,500 | 1,668 | ||||||
Israel (State of) 2.875% 2024 | 1,180 | 1,431 | ||||||
Italy (Republic of) 1.85% 2025 | 21,390 | 25,759 | ||||||
Italy (Republic of) 0.95% 2027 | 1,745 | 2,029 | ||||||
Italy (Republic of) 0.25% 2028 | 15,970 | 17,735 | ||||||
Italy (Republic of) 2.80% 2028 | 5,828 | 7,571 | ||||||
Italy (Republic of) 1.35% 2030 | 1,657 | 1,950 | ||||||
Italy (Republic of) 1.65% 2030 | 7,400 | 8,864 | ||||||
JPMorgan Chase & Co. 0.389% 2028 (3-month EUR-EURIBOR + 0.65% on 2/24/2027)1,2 | 3,208 | 3,630 | ||||||
Lloyds Banking Group PLC 1.75% 2028 (5-year EUR-EURIBOR + 1.30% on 9/7/2023)1 | 2,400 | 2,807 | ||||||
Morocco (Kingdom of) 3.50% 2024 | 1,400 | 1,707 | ||||||
Morocco (Kingdom of) 1.50% 2031 | 4,100 | 4,301 | ||||||
Petroleos Mexicanos 5.50% 2025 | 2,520 | 3,115 | ||||||
Philippines (Republic of) 0.25% 2025 | 1,470 | 1,670 | ||||||
Philippines (Republic of) 0.70% 2029 | 940 | 1,063 | ||||||
Portuguese Republic 0.475% 2030 | 1,610 | 1,863 |
American Funds Insurance Series | 195 |
Capital World Bond Fund (continued)
Bonds, notes & other debt instruments (continued) | Principal amount (000) | Value (000) | ||||||
Euros (continued) | ||||||||
Quebec (Province of) 0.25% 2031 | € | 920 | $ | 1,030 | ||||
Romania 1.75% 2030 | 2,560 | 2,726 | ||||||
Romania 3.624% 2030 | 3,660 | 4,527 | ||||||
Romania 2.00% 2032 | 1,605 | 1,701 | ||||||
Romania 2.00% 2033 | 2,900 | 3,017 | ||||||
Russian Federation 2.875% 2025 | 3,000 | 3,673 | ||||||
Russian Federation 2.875% 2025 | 1,500 | 1,837 | ||||||
Serbia (Republic of) 3.125% 2027 | 11,497 | 13,983 | ||||||
Serbia (Republic of) 1.50% 2029 | 4,943 | 5,455 | ||||||
Serbia (Republic of) 2.05% 2036 | 2,235 | 2,336 | ||||||
Spain (Kingdom of) 2.75% 2024 | 2,310 | 2,873 | ||||||
Spain (Kingdom of) 0.80% 2027 | 10,570 | 12,559 | ||||||
Spain (Kingdom of) 1.45% 2029 | 1,890 | 2,344 | ||||||
Spain (Kingdom of) 1.25% 2030 | 4,740 | 5,787 | ||||||
Spain (Kingdom of) 0.50% 2031 | 4,645 | 5,260 | ||||||
Spain (Kingdom of) 2.70% 2048 | 850 | 1,272 | ||||||
State Grid Europe Development PLC 1.50% 2022 | 194 | 221 | ||||||
State Grid Overseas Investment, Ltd. 1.25% 2022 | 765 | 877 | ||||||
State Grid Overseas Investment, Ltd. 1.375% 2025 | 441 | 521 | ||||||
State Grid Overseas Investment, Ltd. 2.125% 2030 | 200 | 247 | ||||||
Stryker Corp. 0.25% 2024 | 480 | 549 | ||||||
Stryker Corp. 0.75% 2029 | 980 | 1,124 | ||||||
Stryker Corp. 1.00% 2031 | 450 | 519 | ||||||
Toyota Motor Credit Corp. 0.125% 2027 | 1,850 | 2,077 | ||||||
Tunisia (Republic of) 6.75% 2023 | 5,209 | 4,975 | ||||||
Turkey (Republic of) 4.375% 2027 | 950 | 1,014 | ||||||
Ukraine 6.75% 2026 | 3,119 | 3,390 | ||||||
Ukraine 6.75% 2026 | 1,225 | 1,331 | ||||||
Ukraine 4.375% 2030 | 2,705 | 2,489 | ||||||
Verizon Communications, Inc. 0.375% 2029 | 3,470 | 3,889 | ||||||
337,509 | ||||||||
Chinese yuan renminbi 8.73% | ||||||||
Agricultural Development Bank of China 3.75% 2029 | CNY | 9,850 | 1,612 | |||||
Agricultural Development Bank of China 2.96% 2030 | 90,980 | 14,112 | ||||||
China (People’s Republic of), Series INBK, 3.03% 2026 | 29,900 | 4,778 | ||||||
China (People’s Republic of), Series 1916, 3.12% 2026 | 70,970 | 11,387 | ||||||
China (People’s Republic of), Series INBK, 2.85% 2027 | 98,450 | 15,604 | ||||||
China (People’s Republic of), Series INBK, 3.28% 2027 | 11,860 | 1,921 | ||||||
China (People’s Republic of), Series INBK, 2.91% 2028 | 26,280 | 4,154 | ||||||
China (People’s Republic of), Series 1906, 3.29% 2029 | 73,800 | 11,905 | ||||||
China (People’s Republic of), Series INBK, 2.68% 2030 | 36,630 | 5,664 | ||||||
China (People’s Republic of), Series INBK, 3.27% 2030 | 58,490 | 9,494 | ||||||
China (People’s Republic of), Series 1910, 3.86% 2049 | 191,540 | 32,395 | ||||||
China (People’s Republic of), Series INBK, 3.39% 2050 | 8,370 | 1,307 | ||||||
China (People’s Republic of), Series INBK, 3.81% 2050 | 24,370 | 4,099 | ||||||
China Development Bank Corp., Series 1814, 4.15% 2025 | 20,900 | 3,433 | ||||||
China Development Bank Corp., Series 1909, 3.50% 2026 | 10,400 | 1,672 | ||||||
China Development Bank Corp., Series 1904, 3.68% 2026 | 11,700 | 1,895 | ||||||
China Development Bank Corp., Series 2009, 3.39% 2027 | 11,130 | 1,784 | ||||||
China Development Bank Corp., Series 2004, 3.43% 2027 | 26,540 | 4,263 | ||||||
China Development Bank Corp., Series 1805, 4.04% 2028 | 131,350 | 21,884 | ||||||
China Development Bank Corp., Series 1805, 4.88% 2028 | 33,380 | 5,791 | ||||||
China Development Bank Corp., Series 1905, 3.48% 2029 | 66,100 | 10,652 | ||||||
China Development Bank Corp., Series 2005, 3.07% 2030 | 78,250 | 12,226 | ||||||
182,032 | ||||||||
Japanese yen 8.56% | ||||||||
Export-Import Bank of India 0.59% 2022 | ¥ | 400,000 | 3,475 | |||||
Goldman Sachs Group, Inc. 2.80% 20222 | 100,000 | 871 | ||||||
Groupe BPCE SA 0.64% 2022 | 400,000 | 3,478 | ||||||
Indonesia (Republic of) 0.54% 2022 | 100,000 | 871 |
196 | American Funds Insurance Series |
Capital World Bond Fund (continued)
Bonds, notes & other debt instruments (continued) | Principal amount (000) | Value (000) | ||||||
Japanese yen (continued) | ||||||||
Intesa Sanpaolo SpA 1.36% 2022 | ¥ | 600,000 | $ | 5,227 | ||||
Japan, Series 18, 0.10% 20243 | 1,029,096 | 9,099 | ||||||
Japan, Series 19, 0.10% 20243 | 448,462 | 3,979 | ||||||
Japan, Series 21, 0.10% 20263 | 994,500 | 8,896 | ||||||
Japan, Series 346, 0.10% 2027 | 2,525,700 | 22,163 | ||||||
Japan, Series 356, 0.10% 2029 | 3,529,000 | 31,021 | ||||||
Japan, Series 24, 0.10% 20293 | 359,439 | 3,248 | ||||||
Japan, Series 116, 2.20% 2030 | 576,100 | 5,924 | ||||||
Japan, Series 26, 0.005% 20313 | 509,959 | 4,608 | ||||||
Japan, Series 362, 0.10% 2031 | 737,200 | 6,450 | ||||||
Japan, Series 363, 0.10% 2031 | 657,300 | 5,741 | ||||||
Japan, Series 145, 1.70% 2033 | 1,851,000 | 18,905 | ||||||
Japan, Series 152, 1.20% 2035 | 987,100 | 9,664 | ||||||
Japan, Series 21, 2.30% 2035 | 720,000 | 8,008 | ||||||
Japan, Series 173, 0.40% 2040 | 492,000 | 4,250 | ||||||
Japan, Series 37, 0.60% 2050 | 694,500 | 5,919 | ||||||
Japan, Series 70, 0.70% 2051 | 925,450 | 8,090 | ||||||
Philippines (Republic of) 0.001% 2024 | 900,000 | 7,780 | ||||||
United Mexican States 0.62% 2022 | 100,000 | 870 | ||||||
178,537 | ||||||||
British pounds 3.84% | ||||||||
American Honda Finance Corp. 0.75% 2026 | £ | 1,420 | 1,858 | |||||
France Télécom 5.375% 2050 | 300 | 663 | ||||||
Lloyds Banking Group PLC 7.625% 2025 | 655 | 1,052 | ||||||
United Kingdom 0.125% 2024 | 4,400 | 5,890 | ||||||
United Kingdom 1.00% 2024 | 14,820 | 20,229 | ||||||
United Kingdom 2.75% 2024 | 1,210 | 1,727 | ||||||
United Kingdom 0.125% 2026 | 425 | 561 | ||||||
United Kingdom 4.25% 2027 | 1,120 | 1,818 | ||||||
United Kingdom 0.375% 2030 | 4,970 | 6,423 | ||||||
United Kingdom 4.75% 2030 | 11,320 | 20,372 | ||||||
United Kingdom 0.875% 2033 | 2,765 | 3,677 | ||||||
United Kingdom 0.875% 2046 | 6,030 | 7,617 | ||||||
United Kingdom 0.625% 2050 | 2,805 | 3,340 | ||||||
United Kingdom 1.25% 2051 | 3,560 | 4,944 | ||||||
80,171 | ||||||||
Danish kroner 3.05% | ||||||||
Nordea Kredit 0.50% 20404 | DKr | 18,573 | 2,701 | |||||
Nykredit Realkredit AS, Series 01E, 0.50% 20404 | 140,271 | 20,390 | ||||||
Nykredit Realkredit AS, Series 01E, 0.50% 20434 | 180,173 | 25,894 | ||||||
Nykredit Realkredit AS, Series 01E, 1.00% 20534 | 90,474 | 13,054 | ||||||
Nykredit Realkredit AS, Series CCE, 1.00% 20504 | 7,240 | 1,058 | ||||||
Realkredit Danmark AS 1.00% 20534 | 2,800 | 404 | ||||||
63,501 | ||||||||
Canadian dollars 2.48% | ||||||||
Canada 1.00% 2022 | C$ | 1,050 | 833 | |||||
Canada 2.25% 2025 | 15,900 | 13,033 | ||||||
Canada 0.25% 2026 | 5,800 | 4,405 | ||||||
Canada 2.25% 2029 | 35,740 | 30,140 | ||||||
Canada 2.75% 2048 | 3,500 | 3,407 | ||||||
51,818 | ||||||||
Mexican pesos 1.83% | ||||||||
Petróleos Mexicanos 7.19% 2024 | MXN | 83,847 | 3,894 | |||||
Petróleos Mexicanos 7.47% 2026 | 95,267 | 4,231 | ||||||
United Mexican States, Series M, 7.50% 2027 | 328,420 | 16,096 | ||||||
United Mexican States, Series M20, 8.50% 2029 | 140,400 | 7,262 |
American Funds Insurance Series | 197 |
Capital World Bond Fund (continued)
Bonds, notes & other debt instruments (continued) | Principal amount (000) | Value (000) | ||||||
Mexican pesos (continued) | ||||||||
United Mexican States, Series M, 7.75% 2031 | MXN | 58,000 | $ | 2,866 | ||||
United Mexican States, Series M30, 8.50% 2038 | 21,100 | 1,086 | ||||||
United Mexican States, Series M, 8.00% 2047 | 56,500 | 2,739 | ||||||
38,174 | ||||||||
Russian rubles 1.68% | ||||||||
Russian Federation 7.00% 2023 | RUB | 430,300 | 5,627 | |||||
Russian Federation 6.90% 2029 | 403,750 | 4,976 | ||||||
Russian Federation 7.65% 2030 | 712,330 | 9,160 | ||||||
Russian Federation 5.90% 2031 | 79,600 | 902 | ||||||
Russian Federation 6.90% 2031 | 212,995 | 2,591 | ||||||
Russian Federation 8.50% 2031 | 475,380 | 6,450 | ||||||
Russian Federation 7.70% 2033 | 295,840 | 3,796 | ||||||
Russian Federation 7.25% 2034 | 121,920 | 1,504 | ||||||
35,006 | ||||||||
Malaysian ringgits 1.52% | ||||||||
Malaysia (Federation of), Series 0316, 3.90% 2026 | MYR | 5,900 | 1,464 | |||||
Malaysia (Federation of), Series 0219, 3.885% 2029 | 24,615 | 6,035 | ||||||
Malaysia (Federation of), Series 0418, 4.893% 2038 | 45,447 | 11,922 | ||||||
Malaysia (Federation of), Series 0519, 3.757% 2040 | 40,283 | 9,238 | ||||||
Malaysia (Federation of), Series 0518, 4.921% 2048 | 3,322 | 870 | ||||||
Malaysia (Federation of), Series 0519, 4.638% 2049 | 4,521 | 1,110 | ||||||
Malaysia (Federation of), Series 0120, 4.065% 2050 | 4,652 | 1,092 | ||||||
31,731 | ||||||||
Australian dollars 1.05% | ||||||||
Australia (Commonwealth of), Series 163, 1.00% 2031 | A$ | 31,864 | 21,812 | |||||
Indonesian rupiah 0.74% | ||||||||
Indonesia (Republic of), Series 84, 7.25% 2026 | IDR | 22,733,000 | 1,730 | |||||
Indonesia (Republic of), Series 56, 8.375% 2026 | 6,725,000 | 533 | ||||||
Indonesia (Republic of), Series 59, 7.00% 2027 | 51,565,000 | 3,885 | ||||||
Indonesia (Republic of), Series 78, 8.25% 2029 | 53,220,000 | 4,170 | ||||||
Indonesia (Republic of), Series 82, 7.00% 2030 | 39,572,000 | 2,882 | ||||||
Indonesia (Republic of), Series 68, 8.375% 2034 | 27,353,000 | 2,157 | ||||||
15,357 | ||||||||
Colombian pesos 0.71% | ||||||||
Colombia (Republic of), Series B, 5.75% 2027 | COP | 16,096,300 | 3,577 | |||||
Colombia (Republic of), Series B, 7.00% 2031 | 19,961,800 | 4,536 | ||||||
Colombia (Republic of), Series B, 7.25% 2050 | 31,167,000 | 6,604 | ||||||
14,717 | ||||||||
Brazilian reais 0.46% | ||||||||
Brazil (Federative Republic of) 6.00% 20243 | BRL | 52,110 | 9,535 | |||||
South Korean won 0.42% | ||||||||
South Korea (Republic of), Series 2503, 1.50% 2025 | KRW | 5,183,670 | 4,315 | |||||
South Korea (Republic of), Series 2712, 2.375% 2027 | 5,158,930 | 4,395 | ||||||
8,710 | ||||||||
Czech korunas 0.38% | ||||||||
Czech Republic 0% 2024 | CZK | 87,290 | 3,633 | |||||
Czech Republic 1.25% 2025 | 102,510 | 4,402 | ||||||
8,035 |
198 | American Funds Insurance Series |
Capital World Bond Fund (continued)
Bonds, notes & other debt instruments (continued) | Principal amount (000) | Value (000) | ||||||
Polish zloty 0.30% | ||||||||
Poland (Republic of), Series 0725, 3.25% 2025 | PLN | 21,220 | $ | 5,189 | ||||
Poland (Republic of), Series 1029, 2.75% 2029 | 4,900 | 1,137 | ||||||
6,326 | ||||||||
Peruvian nuevos soles 0.26% | ||||||||
Peru (Republic of) 5.94% 2029 | PEN | 15,395 | 3,952 | |||||
Peru (Republic of) 6.15% 2032 | 5,980 | 1,506 | ||||||
5,458 | ||||||||
Norwegian kroner 0.25% | ||||||||
Norway (Kingdom of) 1.75% 2025 | NKr | 45,475 | 5,200 | |||||
Indian rupees 0.24% | ||||||||
India (Republic of) 5.15% 2025 | INR | 331,570 | 4,385 | |||||
National Highways Authority of India 7.27% 2022 | 50,000 | 681 | ||||||
5,066 | ||||||||
Ukrainian hryvnia 0.24% | ||||||||
Ukraine 16.06% 2022 | UAH | 86,536 | 3,293 | |||||
Ukraine 17.25% 2022 | 47,384 | 1,738 | ||||||
5,031 | ||||||||
Chilean pesos 0.18% | ||||||||
Chile (Republic of) 1.50% 20263 | CLP | 713,154 | 823 | |||||
Chile (Republic of) 4.50% 2026 | 50,000 | 57 | ||||||
Chile (Republic of) 5.00% 2028 | 955,000 | 1,087 | ||||||
Chile (Republic of) 1.90% 20303 | 682,148 | 776 | ||||||
Chile (Republic of) 4.70% 2030 | 940,000 | 1,032 | ||||||
3,775 | ||||||||
South African rand 0.10% | ||||||||
South Africa (Republic of), Series R-2030, 8.00% 2030 | ZAR | 7,920 | 459 | |||||
South Africa (Republic of), Series R-2048, 8.75% 2048 | 30,850 | 1,611 | ||||||
2,070 | ||||||||
Romanian leu 0.06% | ||||||||
Romania 4.75% 2025 | RON | 5,000 | 1,156 | |||||
U.S. dollars 39.66% | ||||||||
7-Eleven, Inc. 0.95% 20262 | $ | 520 | 504 | |||||
7-Eleven, Inc. 1.30% 20282 | 2,180 | 2,078 | ||||||
7-Eleven, Inc. 1.80% 20312 | 2,015 | 1,909 | ||||||
AbbVie, Inc. 2.90% 2022 | 1,170 | 1,192 | ||||||
AbbVie, Inc. 3.20% 2022 | 200 | 203 | ||||||
Abu Dhabi (Emirate of) 2.50% 20252 | 2,195 | 2,281 | ||||||
ACE INA Holdings, Inc. 2.875% 2022 | 195 | 198 | ||||||
ACE INA Holdings, Inc. 3.35% 2026 | 195 | 209 | ||||||
ACE INA Holdings, Inc. 4.35% 2045 | 425 | 527 | ||||||
Advisor Group Holdings, LLC 6.25% 20282 | 425 | 442 | ||||||
AerCap Ireland Capital, Ltd. / AerCap Global Aviation Trust 2.45% 2026 | 2,102 | 2,120 | ||||||
Aeropuerto International de Tocume SA 5.125% 20612 | 660 | 693 | ||||||
Aetna, Inc. 2.80% 2023 | 340 | 348 | ||||||
AG Merger Sub II, Inc. 10.75% 20272 | 311 | 346 | ||||||
Alabama Power Co. 3.00% 2052 | 980 | 980 | ||||||
Albertsons Companies, Inc. 3.50% 20292 | 125 | 125 | ||||||
Alcoa Netherlands Holding BV 4.125% 20292 | 75 | 77 | ||||||
Alexandria Real Estate Equities, Inc. 1.875% 2033 | 2,047 | 1,926 | ||||||
Allegheny Technologies, Inc. 4.875% 2029 | 70 | 70 | ||||||
Allegheny Technologies, Inc. 5.125% 2031 | 53 | 53 |
American Funds Insurance Series | 199 |
Capital World Bond Fund (continued)
Bonds, notes & other debt instruments (continued) | Principal amount (000) | Value (000) | ||||||
U.S. dollars (continued) | ||||||||
Alliant Holdings Intermediate, LLC 6.75% 20272 | $ | 410 | $ | 426 | ||||
Alliant Holdings Intermediate, LLC / Alliant Holdings 5.875% 20292 | 95 | 97 | ||||||
Allied Universal Holdco LLC 9.75% 20272 | 235 | 251 | ||||||
Allied Universal Holdco LLC 6.00% 20292 | 300 | 292 | ||||||
Allstate Corp. 0.75% 2025 | 1,563 | 1,524 | ||||||
Almonde, Inc., Term Loan, (3-month USD-LIBOR + 7.25%) 8.25% 20255,6 | 650 | 650 | ||||||
Altice France SA 5.125% 20292 | 200 | 195 | ||||||
Altria Group, Inc. 5.95% 2049 | 131 | 164 | ||||||
Amazon.com, Inc. 1.50% 2030 | 2,040 | 1,979 | ||||||
Amazon.com, Inc. 2.50% 2050 | 2,500 | 2,387 | ||||||
American Airlines, Inc. 5.50% 20262 | 135 | 141 | ||||||
American Airlines, Inc. 5.75% 20292 | 135 | 145 | ||||||
American Campus Communities, Inc. 3.75% 2023 | 1,810 | 1,860 | ||||||
American Campus Communities, Inc. 4.125% 2024 | 1,195 | 1,277 | ||||||
American Electric Power Company, Inc. 1.00% 2025 | 250 | 245 | ||||||
Amgen, Inc. 1.90% 2025 | 580 | 591 | ||||||
Amgen, Inc. 2.20% 2027 | 445 | 456 | ||||||
Amipeace, Ltd. 2.50% 2024 | 4,100 | 4,226 | ||||||
AmWINS Group, Inc. 4.875% 20292 | 45 | 46 | ||||||
Anglo American Capital PLC 2.25% 20282 | 454 | 446 | ||||||
Anglo American Capital PLC 3.95% 20502 | 521 | 554 | ||||||
Angola (Republic of) 9.50% 2025 | 2,400 | 2,576 | ||||||
Anheuser-Busch InBev NV 4.75% 2029 | 2,535 | 2,953 | ||||||
Anheuser-Busch InBev NV 4.50% 2050 | 2,250 | 2,780 | ||||||
Apache Corp. 4.375% 2028 | 126 | 137 | ||||||
Apple, Inc. 3.35% 2027 | 1,075 | 1,167 | ||||||
Apple, Inc. 2.40% 2050 | 1,100 | 1,036 | ||||||
Ardagh Group SA 6.50% Cash 20272,7 | 210 | 217 | ||||||
Aretec Escrow Issuer, Inc. 7.50% 20292 | 270 | 277 | ||||||
Argentine Republic 0.50% 2030 (0.75% on 7/9/2023)1 | 1,921 | 677 | ||||||
Argentine Republic 1.125% 2035 (1.50% on 7/9/2022)1 | 3,025 | 972 | ||||||
Artera Services, LLC 9.033% 20252 | 200 | 212 | ||||||
Arthur J. Gallagher & Co. 3.50% 2051 | 34 | 36 | ||||||
Asbury Automotive Group, Inc. 4.625% 20292 | 25 | 25 | ||||||
Asbury Automotive Group, Inc. 5.00% 20322 | 35 | 36 | ||||||
Ascensus, Inc., Term Loan, (3-month USD-LIBOR + 6.50%) 7.00% 20295,6 | 120 | 120 | ||||||
Ascent Resources - Utica LLC 8.25% 20282 | 230 | 240 | ||||||
Ascent Resources - Utica LLC 5.875% 20292 | 100 | 96 | ||||||
Associated Materials, LLC 9.00% 20252 | 400 | 428 | ||||||
AssuredPartners, Inc. 7.00% 20252 | 200 | 202 | ||||||
AssuredPartners, Inc. 5.625% 20292 | 230 | 224 | ||||||
AstraZeneca Finance LLC 1.75% 2028 | 685 | 682 | ||||||
AstraZeneca Finance LLC 2.25% 2031 | 100 | 101 | ||||||
AstraZeneca PLC 3.50% 2023 | 2,700 | 2,819 | ||||||
AstraZeneca PLC 3.00% 2051 | 657 | 690 | ||||||
AT&T, Inc. 3.50% 2053 | 2,070 | 2,092 | ||||||
Atkore, Inc. 4.25% 20312 | 25 | 26 | ||||||
Atlantic Aviation FBO, Inc., Term Loan, (3-month USD-LIBOR + 3.00%) 3.50% 20285,6 | 150 | 150 | ||||||
Atlantic Aviation FBO, Inc., Term Loan, (3-month USD-LIBOR + 5.75%) 6.25% 20295,6 | 260 | 264 | ||||||
Avantor Funding, Inc. 3.875% 20292 | 125 | 127 | ||||||
Axiata SPV2 Bhd. 2.163% 2030 | 651 | 645 | ||||||
Baidu, Inc. 3.425% 2030 | 675 | 709 | ||||||
Bank of America Corp. 1.53% 2025 (USD-SOFR + 0.65% on 12/6/2024)1 | 6,260 | 6,274 | ||||||
Bank of America Corp. 2.456% 2025 (3-month USD-LIBOR + 0.87% on 10/22/2024)1 | 847 | 870 | ||||||
Bank of America Corp. 1.734% 2027 (USD-SOFR + 0.96% on 7/22/2026)1 | 3,745 | 3,720 | ||||||
Bank of America Corp. 2.299% 2032 (USD-SOFR + 1.22% on 7/21/2031)1 | 4,780 | 4,705 | ||||||
Bausch Health Companies, Inc. 9.25% 20262 | 275 | 291 | ||||||
Bausch Health Companies, Inc. 5.75% 20272 | 200 | 208 | ||||||
Bausch Health Companies, Inc. 4.875% 20282 | 185 | 189 | ||||||
Bausch Health Companies, Inc. 5.25% 20312 | 210 | 185 | ||||||
Bayer AG 3.375% 20242 | 840 | 879 | ||||||
Bayer US Finance II LLC 4.25% 20252 | 203 | 220 |
200 | American Funds Insurance Series |
Capital World Bond Fund (continued)
Bonds, notes & other debt instruments (continued) | Principal amount (000) | Value (000) | ||||||
U.S. dollars (continued) | ||||||||
Bayerische Motoren Werke AG 2.95% 20222 | $ | 3,675 | $ | 3,701 | ||||
Bayerische Motoren Werke AG 3.90% 20252 | 900 | 969 | ||||||
Bayerische Motoren Werke AG 4.15% 20302 | 900 | 1,020 | ||||||
Beasley Mezzanine Holdings, LLC 8.625% 20262 | 30 | 30 | ||||||
Belarus (Republic of) 6.875% 2023 | 4,955 | 4,912 | ||||||
Belarus (Republic of) 7.625% 2027 | 2,100 | 1,940 | ||||||
Berkshire Hathaway Energy Company 2.85% 2051 | 300 | 289 | ||||||
Black Knight, Inc. 3.625% 20282 | 195 | 195 | ||||||
Blue Racer Midstream LLC and Blue Racer Finance Corp. 7.625% 20252 | 120 | 127 | ||||||
Bluestar Finance Holdings, Ltd. 3.10% junior subordinated perpetual bonds (3-year UST Yield Curve Rate T Note Constant Maturity + 5.634% on 7/12/2024)1 | 575 | 579 | ||||||
BMC Software, Inc., Term Loan, (3-month USD-LIBOR + 5.50%) 6.128% 20265,6 | 25 | 25 | ||||||
BNP Paribas 2.159% 2029 (USD-SOFR + 1.218% on 9/15/2028)1,2 | 700 | 687 | ||||||
BNP Paribas 2.871% 2032 (USD-SOFR + 1.387% on 4/19/2031)1,2 | 1,275 | 1,294 | ||||||
Boeing Company 5.15% 2030 | 4,000 | 4,664 | ||||||
Bombardier, Inc. 7.125% 20262 | 175 | 182 | ||||||
Bombardier, Inc. 7.875% 20272 | 125 | 130 | ||||||
Bombardier, Inc. 6.00% 20282 | 90 | 90 | ||||||
Bombardier, Inc. 7.45% 20342 | 125 | 154 | ||||||
Bonanza Creek Energy, Inc. 5.00% 20262 | 30 | 30 | ||||||
Boyd Gaming Corp. 4.75% 2027 | 170 | 174 | ||||||
Brandywine Operating Partnership LP 3.95% 2023 | 190 | 195 | ||||||
Braskem SA 4.50% 20302 | 745 | 794 | ||||||
Brightstar Escrow Corp. 9.75% 20252 | 180 | 193 | ||||||
British American Tobacco PLC 2.789% 2024 | 1,150 | 1,186 | ||||||
British American Tobacco PLC 3.215% 2026 | 955 | 995 | ||||||
British American Tobacco PLC 3.557% 2027 | 1,545 | 1,622 | ||||||
British American Tobacco PLC 3.462% 2029 | 1,150 | 1,193 | ||||||
British American Tobacco PLC 4.758% 2049 | 894 | 962 | ||||||
Broadcom, Inc. 3.15% 2025 | 212 | 222 | ||||||
Broadcom, Inc. 4.15% 2030 | 1,450 | 1,609 | ||||||
Broadcom, Inc. 3.419% 20332 | 698 | 732 | ||||||
Broadcom, Inc. 3.469% 20342 | 48 | 50 | ||||||
Broadcom, Inc. 3.75% 20512 | 926 | 970 | ||||||
BWX Technologies, Inc. 4.125% 20292 | 185 | 188 | ||||||
CA Magnum Holdings 5.375% 20262 | 200 | 207 | ||||||
Caesars Entertainment, Inc. 6.25% 20252 | 50 | 53 | ||||||
Caesars Entertainment, Inc. 4.625% 20292 | 40 | 40 | ||||||
California Resources Corp. 7.125% 20262 | 100 | 104 | ||||||
Canadian Natural Resources, Ltd. 2.95% 2030 | 2,343 | 2,375 | ||||||
Canadian Pacific Railway, Ltd. 2.45% 2031 | 774 | 790 | ||||||
Canadian Pacific Railway, Ltd. 3.10% 2051 | 941 | 970 | ||||||
Canpack SA / Canpack US, LLC 3.875% 20292 | 90 | 88 | ||||||
Carnival Corp. 4.00% 20282 | 175 | 174 | ||||||
Carnival Corp. 6.00% 20292 | 120 | 120 | ||||||
Carrier Global Corp. 2.242% 2025 | 530 | 543 | ||||||
Carvana Co. 5.50% 20272 | 10 | 10 | ||||||
Carvana Co. 4.875% 20292 | 145 | 138 | ||||||
Castlelake Aviation Finance DAC 5.00% 20272 | 175 | 174 | ||||||
CCO Holdings LLC and CCO Holdings Capital Corp. 3.75% 2028 | 2,650 | 2,841 | ||||||
CCO Holdings LLC and CCO Holdings Capital Corp. 4.50% 20302 | 575 | 589 | ||||||
CCO Holdings LLC and CCO Holdings Capital Corp. 4.75% 20302 | 165 | 172 | ||||||
CCO Holdings LLC and CCO Holdings Capital Corp. 4.25% 20312 | 200 | 202 | ||||||
CCO Holdings LLC and CCO Holdings Capital Corp. 4.50% 20332 | 282 | 288 | ||||||
CCO Holdings LLC and CCO Holdings Capital Corp. 4.25% 20342 | 125 | 123 | ||||||
CEC Entertainment, Inc. 6.75% 20262 | 135 | 132 | ||||||
Centene Corp. 2.45% 2028 | 40 | 39 | ||||||
Centene Corp. 4.625% 2029 | 375 | 405 | ||||||
Centene Corp. 2.50% 2031 | 155 | 151 | ||||||
Centene Corp. 2.625% 2031 | 25 | 25 | ||||||
Centerfield Media Parent, Inc. 6.625% 20262 | 125 | 125 | ||||||
Central Garden & Pet Co. 4.125% 2030 | 99 | 100 |
American Funds Insurance Series | 201 |
Capital World Bond Fund (continued)
Bonds, notes & other debt instruments (continued) | Principal amount (000) | Value (000) | ||||||
U.S. dollars (continued) | ||||||||
Central Garden & Pet Co. 4.125% 20312 | $ | 120 | $ | 121 | ||||
Charles River Laboratories International, Inc. 4.25% 20282 | 80 | 83 | ||||||
Cheniere Energy Partners LP 4.50% 2029 | 210 | 223 | ||||||
Cheniere Energy Partners LP 4.00% 2031 | 100 | 105 | ||||||
Cheniere Energy Partners LP 3.25% 20322 | 66 | 67 | ||||||
Chesapeake Energy Corp. 4.875% 20228 | 915 | 18 | ||||||
Chesapeake Energy Corp. 5.50% 20262 | 100 | 105 | ||||||
Chesapeake Energy Corp. 5.875% 20292 | 35 | 37 | ||||||
China Construction Bank Corp. (Hong Kong Branch) 1.00% 2023 | 6,000 | 5,988 | ||||||
Cigna Corp. 4.125% 2025 | 741 | 811 | ||||||
Cigna Corp. 2.375% 2031 | 1,571 | 1,581 | ||||||
Citigroup, Inc. 0.981% 2025 (USD-SOFR + 0.669% on 5/1/2024)1 | 808 | 802 | ||||||
Citigroup, Inc. 3.106% 2026 (USD-SOFR + 2.842% on 3/8/2026)1 | 4,500 | 4,721 | ||||||
Clarivate Science Holdings Corp. 3.875% 20282 | 65 | 65 | ||||||
Cleveland-Cliffs, Inc. 9.875% 20252 | 171 | 194 | ||||||
Cleveland-Cliffs, Inc. 6.75% 20262 | 105 | 111 | ||||||
Cleveland-Cliffs, Inc. 4.875% 20312 | 140 | 146 | ||||||
CMS Energy Corp. 3.875% 2024 | 100 | 105 | ||||||
CMS Energy Corp. 3.00% 2026 | 1,200 | 1,253 | ||||||
CNX Resources Corp. 7.25% 20272 | 210 | 223 | ||||||
CNX Resources Corp. 6.00% 20292 | 120 | 125 | ||||||
Cogent Communications Group, Inc. 3.50% 20262 | 260 | 264 | ||||||
Coinbase Global, Inc. 3.375% 20282 | 125 | 117 | ||||||
Coinbase Global, Inc. 3.625% 20312 | 125 | 115 | ||||||
Colombia (Republic of) 3.875% 2027 | 350 | 353 | ||||||
Comcast Corp. 3.95% 2025 | 2,610 | 2,852 | ||||||
Commonwealth Bank of Australia 2.688% 20312 | 4,650 | 4,578 | ||||||
Compass Diversified Holdings 5.25% 20292 | 270 | 283 | ||||||
Compass Diversified Holdings 5.00% 20322 | 65 | 67 | ||||||
Comstock Resources, Inc. 6.75% 20292 | 140 | 152 | ||||||
Comstock Resources, Inc. 5.875% 20302 | 85 | 87 | ||||||
Constellation Oil Services Holding SA 10.00% PIK 20242,7,8 | 2,741 | 858 | ||||||
Constellium SE 3.75% 20292 | 125 | 123 | ||||||
Consumers Energy Co. 3.375% 2023 | 345 | 357 | ||||||
Convey Park Energy LLC 7.50% 20252 | 125 | 129 | ||||||
CoreLogic, Inc. 4.50% 20282 | 304 | 303 | ||||||
CoreLogic, Inc., Term Loan, (3-month USD-LIBOR + 6.50%) 7.00% 20295,6 | 100 | 101 | ||||||
Corporate Office Properties LP 2.75% 2031 | 1,212 | 1,206 | ||||||
Costa Rica (Republic of) 6.125% 20312 | 640 | 648 | ||||||
Coty, Inc. 4.75% 20292 | 50 | 51 | ||||||
Covert Mergeco, Inc. 4.875% 20292 | 20 | 20 | ||||||
CQP Holdco LP / BIP-V Chinook Holdco LLC 5.50% 20312 | 400 | 418 | ||||||
Crédit Agricole SA 4.375% 20252 | 1,100 | 1,183 | ||||||
Crédit Agricole SA 1.907% 2026 (USD-SOFR + 1.676% on 6/16/2025)1,2 | 2,675 | 2,682 | ||||||
Credit Suisse Group AG 2.95% 2025 | 875 | 917 | ||||||
Credit Suisse Group AG 3.091% 2032 (USD-SOFR + 1.73% on 5/14/2031)1,2 | 1,000 | 1,019 | ||||||
Crestwood Midstream Partners LP 6.00% 20292 | 85 | 88 | ||||||
Crown Castle International Corp. 2.50% 2031 | 767 | 762 | ||||||
CSX Corp. 3.80% 2050 | 75 | 86 | ||||||
CSX Corp. 2.50% 2051 | 1,075 | 996 | ||||||
CVR Partners LP 9.25% 20232 | 23 | 23 | ||||||
CVR Partners LP 6.125% 20282 | 120 | 127 | ||||||
CVS Health Corp. 3.50% 2022 | 430 | 435 | ||||||
Dana, Inc. 4.25% 2030 | 10 | 10 | ||||||
Danske Bank AS 2.70% 20222 | 1,400 | 1,405 | ||||||
Danske Bank AS 3.875% 20232 | 1,675 | 1,743 | ||||||
DaVita, Inc. 4.625% 20302 | 90 | 92 | ||||||
Dell International LLC / EMC Corp. 8.10% 2036 | 27 | 41 | ||||||
Deluxe Corp. 8.00% 20292 | 20 | 21 | ||||||
Deutsche Bank AG 2.129% 2026 (USD-SOFR + 1.87% on 11/24/2025)1 | 850 | 849 | ||||||
Deutsche Telekom International Finance BV 9.25% 2032 | 930 | 1,487 | ||||||
Development Bank of Mongolia LLC 7.25% 2023 | 1,980 | 2,089 |
202 | American Funds Insurance Series |
Capital World Bond Fund (continued)
Bonds, notes & other debt instruments (continued) | Principal amount (000) | Value (000) | ||||||
U.S. dollars (continued) | ||||||||
Diamond Foreign Asset Co. / Diamond Finance, LLC 9.00% Cash 20272,6,7 | $ | 30 | $ | 30 | ||||
Diamond Foreign Asset Co. / Diamond Finance, LLC 9.00% Cash 20276,7 | 27 | 27 | ||||||
Diamond Sports Group LLC 6.625% 20272 | 385 | 109 | ||||||
Diebold Nixdorf AG, Term Loan B, (3-month USD-LIBOR + 2.75%) 2.875% 20235,6 | 107 | 106 | ||||||
Diebold Nixdorf, Inc. 9.375% 20252 | 320 | 345 | ||||||
Diebold, Inc. 8.50% 2024 | 150 | 150 | ||||||
Digital Currency Group, Inc., Term Loan, (3-month USD-LIBOR + 7.00%) 7.00% 20265,6,9,10 | 19 | 18 | ||||||
Digital Currency Group, Inc., Term Loan, 8.75% 20265,9,10 | 26 | 24 | ||||||
DIRECTV Financing, LLC, Term Loan, (3-month USD-LIBOR + 5.00%) 5.75% 20275,6 | 112 | 113 | ||||||
DIRECTV Holdings LLC and DIRECTV Financing Co., Inc. 5.875% 20272 | 180 | 185 | ||||||
Discovery Communications, Inc. 3.625% 2030 | 468 | 501 | ||||||
DISH DBS Corp. 5.25% 20262 | 65 | 66 | ||||||
Dominican Republic 5.50% 20252 | 1,375 | 1,490 | ||||||
Dominican Republic 8.625% 20272 | 225 | 269 | ||||||
Dominican Republic 6.40% 20492 | 1,613 | 1,698 | ||||||
DT Midstream, Inc. 4.125% 20292 | 105 | 108 | ||||||
Duke Energy Corp. 3.75% 2024 | 550 | 578 | ||||||
Duke Energy Progress, LLC 2.00% 2031 | 2,360 | 2,308 | ||||||
Dun & Bradstreet Corp. 5.00% 20292 | 77 | 79 | ||||||
Edison International 5.75% 2027 | 370 | 422 | ||||||
Edison International 4.125% 2028 | 2,390 | 2,525 | ||||||
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 | 102 | ||||||
Egypt (Arab Republic of) 7.50% 20272 | 2,200 | 2,296 | ||||||
Electricité de France SA 4.875% 20382 | 795 | 965 | ||||||
EMD Finance LLC 2.95% 20222 | 225 | 225 | ||||||
EMD Finance LLC 3.25% 20252 | 2,924 | 3,079 | ||||||
Empresas Publicas de Medellin ESP 4.25% 20292 | 1,030 | 979 | ||||||
Enbridge, Inc. 4.00% 2023 | 600 | 627 | ||||||
Endo DAC / Endo Finance LLC / Endo Finco 6.00% 20282 | 292 | 218 | ||||||
Endo Luxembourg Finance Co. I SARL / Endo U.S., Inc. 6.125% 20292 | 225 | 221 | ||||||
Enel Finance International SA 3.625% 20272 | 2,375 | 2,568 | ||||||
Energy Transfer Operating LP 5.00% 2050 | 3,408 | 3,931 | ||||||
Energy Transfer Partners LP 6.00% 2048 | 47 | 59 | ||||||
Energy Transfer Partners LP 6.25% 2049 | 565 | 739 | ||||||
ENN Energy Holdings, Ltd. 2.625% 20302 | 2,982 | 2,967 | ||||||
Entergy Corp. 0.90% 2025 | 750 | 727 | ||||||
Entergy Texas, Inc. 1.75% 2031 | 525 | 493 | ||||||
EQM Midstream Partners LP 6.50% 20272 | 220 | 247 | ||||||
EQT Corp. 7.50% 20301 | 50 | 64 | ||||||
Equinix, Inc. 1.80% 2027 | 1,145 | 1,127 | ||||||
Equinix, Inc. 2.15% 2030 | 9,390 | 9,139 | ||||||
Essex Portfolio LP 3.50% 2025 | 2,835 | 2,995 | ||||||
Essex Portfolio LP 3.375% 2026 | 885 | 940 | ||||||
European Investment Bank 2.25% 2022 | 700 | 703 | ||||||
Exelon Corp., junior subordinated, 3.497% 20221 | 525 | 530 | ||||||
Export-Import Bank of India 3.25% 2030 | 3,489 | 3,558 | ||||||
Fair Isaac Corp. 4.00% 20282 | 150 | 154 | ||||||
Fannie Mae, Series 2012-M17, Class A2, Multi Family, 2.184% 20224 | 745 | 751 | ||||||
Fannie Mae Pool #MA2754 3.00% 20264 | 98 | 102 | ||||||
Fannie Mae Pool #AP7888 3.50% 20424 | 404 | 437 | ||||||
Fannie Mae Pool #AQ0770 3.50% 20424 | 140 | 151 | ||||||
Fannie Mae Pool #AO4151 3.50% 20424 | 129 | 139 | ||||||
Fertitta Entertainment, Inc. 6.75% 20242 | 150 | 150 | ||||||
First Quantum Minerals, Ltd. 6.875% 20262 | 325 | 338 | ||||||
First Quantum Minerals, Ltd. 6.875% 20272 | 440 | 474 | ||||||
First Student Bidco, Inc. / First Transit Parent, Inc. 4.00% 20292 | 155 | 151 | ||||||
FirstEnergy Corp., Series B, 4.40% 2027 (4.15% on 1/15/2022)1 | 1,800 | 1,940 | ||||||
FirstEnergy Transmission LLC 2.866% 20282 | 2,325 | 2,331 | ||||||
Florida Power & Light Company 2.875% 2051 | 1,465 | 1,490 | ||||||
FMG Resources 4.375% 20312 | 220 | 231 |
American Funds Insurance Series | 203 |
Capital World Bond Fund (continued)
Bonds, notes & other debt instruments (continued) | Principal amount (000) | Value (000) | ||||||
U.S. dollars (continued) | ||||||||
Ford Motor Co. 3.25% 2032 | $ | 100 | $ | 103 | ||||
Ford Motor Credit Company LLC 3.81% 2024 | 290 | 301 | ||||||
Ford Motor Credit Company LLC 5.125% 2025 | 835 | 909 | ||||||
Ford Motor Credit Company LLC 3.815% 2027 | 275 | 291 | ||||||
Ford Motor Credit Company LLC 2.90% 2028 | 200 | 201 | ||||||
Ford Motor Credit Company LLC 4.00% 2030 | 125 | 135 | ||||||
Freddie Mac Pool #ZS8588 3.00% 20304 | 63 | 66 | ||||||
Freedom Mortgage Corp. 7.625% 20262 | 90 | 92 | ||||||
Freeport-McMoRan, Inc. 5.45% 2043 | 100 | 126 | ||||||
Fresnillo PLC 4.25% 20502 | 973 | 1,021 | ||||||
Front Range BidCo, Inc. 6.125% 20282 | 200 | 197 | ||||||
Frontier Communications Corp. 5.875% 20272 | 125 | 132 | ||||||
Frontier Communications Corp. 5.00% 20282 | 90 | 93 | ||||||
Frontier Communications Holdings, LLC 5.875% 2029 | 370 | 371 | ||||||
FS Energy and Power Fund 7.50% 20232 | 230 | 240 | ||||||
FXI Holdings, Inc. 7.875% 20242 | 150 | 153 | ||||||
FXI Holdings, Inc. 12.25% 20262 | 522 | 588 | ||||||
General Motors Company 6.125% 2025 | 117 | 135 | ||||||
General Motors Financial Co. 1.05% 2024 | 725 | 722 | ||||||
General Motors Financial Co. 2.40% 2028 | 2,250 | 2,261 | ||||||
Genesis Energy, LP 8.00% 2027 | 175 | 181 | ||||||
GeoPark, Ltd. 6.50% 2024 | 404 | 415 | ||||||
Georgia (Republic of) 2.75% 20262 | 400 | 399 | ||||||
Glencore Funding LLC 1.625% 20262 | 2,838 | 2,787 | ||||||
Global Payments, Inc. 2.90% 2030 | 683 | 696 | ||||||
Gol Finance SA 8.00% 20262 | 70 | 66 | ||||||
Goldman Sachs Group, Inc. 2.905% 2023 (3-month USD-LIBOR + 0.99% on 7/24/2022)1 | 1,200 | 1,214 | ||||||
Goldman Sachs Group, Inc. 1.542% 2027 (USD-SOFR + 0.818% on 9/10/2026)1 | 1,080 | 1,059 | ||||||
Goldman Sachs Group, Inc. 2.383% 2032 (USD-SOFR + 1.248% on 7/21/2031)1 | 726 | 715 | ||||||
Goldman Sachs Group, Inc. 2.615% 2032 (USD-SOFR + 1.281% on 4/22/2031)1 | 2,510 | 2,531 | ||||||
GPC Merger Sub, Inc. 7.125% 20282 | 75 | 78 | ||||||
GPS Hospitality Holding Co. LLC 7.00% 20282 | 30 | 27 | ||||||
Gray Escrow II, Inc. 5.375% 20312 | 50 | 52 | ||||||
Group 1 Automotive, Inc. 4.00% 20282 | 45 | 45 | ||||||
Groupe BPCE SA 5.15% 20242 | 1,800 | 1,951 | ||||||
Grupo Energia Bogota SA ESP 4.875% 20302 | 660 | 712 | ||||||
Guara Norte SARL 5.198% 20342 | 192 | 189 | ||||||
Harsco Corp. 5.75% 20272 | 235 | 240 | ||||||
Harvest Midstream I, LP 7.50% 20282 | 60 | 64 | ||||||
HCA, Inc. 5.625% 2028 | 210 | 246 | ||||||
HCA, Inc. 5.25% 2049 | 170 | 219 | ||||||
Hexion, Inc. 7.875% 20272 | 320 | 338 | ||||||
Hightower Holding, LLC 6.75% 20292 | 285 | 293 | ||||||
Hilcorp Energy I, LP 5.75% 20292 | 45 | 46 | ||||||
Hilton Grand Vacations Borrower 5.00% 20292 | 350 | 359 | ||||||
Hilton Worldwide Holdings, Inc. 4.00% 20312 | 85 | 87 | ||||||
Howard Hughes Corp. 5.375% 20282 | 395 | 421 | ||||||
Howard Hughes Corp. 4.125% 20292 | 205 | 208 | ||||||
Howard Hughes Corp. 4.375% 20312 | 130 | 131 | ||||||
Howard Midstream Energy Partners, LLC 6.75% 20272 | 60 | 62 | ||||||
HSBC Holdings PLC 3.033% 2023 (3-month USD-LIBOR + 0.923% on 11/12/2022)1 | 430 | 438 | ||||||
HSBC Holdings PLC 2.633% 2025 (3-month USD-LIBOR + 1.14% on 11/7/2024)1 | 305 | 313 | ||||||
HSBC Holdings PLC 4.292% 2026 (3-month USD-LIBOR + 1.348% on 9/12/2025)1 | 4,172 | 4,508 | ||||||
HSBC Holdings PLC 2.357% 2031 (USD-SOFR + 1.947% on 8/18/2030)1 | 1,032 | 1,009 | ||||||
Huarong Finance 2017 Co., Ltd. (3-month USD-LIBOR + 1.85%) 1.985% 20226 | 5,390 | 5,380 | ||||||
Huarong Finance 2017 Co., Ltd. 4.75% 2027 | 1,448 | 1,497 | ||||||
Huarong Finance 2019 Co., Ltd. (3-month USD-LIBOR + 1.125%) 1.295% 20236 | 1,843 | 1,806 | ||||||
Huarong Finance 2019 Co., Ltd. (3-month USD-LIBOR + 1.25%) 1.43% 20256 | 363 | 347 | ||||||
Huarong Finance II Co., Ltd. 5.00% 2025 | 1,007 | 1,049 | ||||||
Huarong Finance II Co., Ltd. 5.50% 2025 | 880 | 925 | ||||||
Huarong Finance II Co., Ltd. 4.875% 2026 | 771 | 801 |
204 | American Funds Insurance Series |
Capital World Bond Fund (continued)
Bonds, notes & other debt instruments (continued) | Principal amount (000) | Value (000) | ||||||
U.S. dollars (continued) | ||||||||
HUB International, Ltd. 7.00% 20262 | $ | 275 | $ | 283 | ||||
Hungary (Republic of) 2.125% 20312 | 2,910 | 2,870 | ||||||
Hungary (Republic of) 3.125% 20512 | 1,255 | 1,238 | ||||||
Hyundai Capital America 3.25% 20222 | 250 | 255 | ||||||
Hyundai Capital America 0.875% 20242 | 1,200 | 1,177 | ||||||
Hyundai Capital America 1.50% 20262 | 2,375 | 2,311 | ||||||
Hyundai Capital America 1.65% 20262 | 1,800 | 1,766 | ||||||
Hyundai Capital America 2.375% 20272 | 1,284 | 1,278 | ||||||
Hyundai Capital America 2.00% 20282 | 600 | 585 | ||||||
Hyundai Capital Services, Inc. 3.75% 20232 | 2,450 | 2,522 | ||||||
II-VI, Inc. 5.00% 20292 | 75 | 77 | ||||||
II-VI, Inc., Term Loan B, (3-month USD-LIBOR + 2.75%) 3.25% 20285,6 | 25 | 25 | ||||||
Imperial Tobacco Finance PLC 3.50% 20232 | 2,000 | 2,038 | ||||||
Independence Energy Finance LLC 7.25% 20262 | 150 | 156 | ||||||
Ingles Markets, Inc. 4.00% 20312 | 170 | 172 | ||||||
Intesa Sanpaolo SpA 5.017% 20242 | 3,270 | 3,506 | ||||||
Iraq (Republic of) 6.752% 20232 | 545 | 553 | ||||||
Iron Mountain Information Management Services, Inc. 5.00% 20322 | 110 | 113 | ||||||
Iron Mountain, Inc. 5.25% 20302 | 175 | 185 | ||||||
Israel (State of) 3.375% 2050 | 1,470 | 1,593 | ||||||
Israel (State of) 3.875% 2050 | 795 | 930 | ||||||
JPMorgan Chase & Co. 1.045% 2026 (USD-SOFR + 0.80% on 11/19/2025)1 | 6,710 | 6,540 | ||||||
JPMorgan Chase & Co. 1.578% 2027 (USD-SOFR + 0.885% on 4/22/2026)1 | 1,722 | 1,703 | ||||||
Kantar Group LLC, Term Loan B2, (3-month USD-LIBOR + 4.50%) 5.25% 20265,6 | 65 | 65 | ||||||
KB Home 6.875% 2027 | 50 | 59 | ||||||
Kennedy-Wilson Holdings, Inc. 4.75% 2029 | 205 | 210 | ||||||
Kennedy-Wilson Holdings, Inc. 4.75% 2030 | 120 | 122 | ||||||
Kennedy-Wilson Holdings, Inc. 5.00% 2031 | 80 | 83 | ||||||
Kenya (Republic of) 6.875% 2024 | 1,300 | 1,377 | ||||||
Keurig Dr Pepper, Inc. 4.597% 2028 | 2,740 | 3,119 | ||||||
Keurig Dr Pepper, Inc. 3.20% 2030 | 146 | 155 | ||||||
Keurig Dr Pepper, Inc. 5.085% 2048 | 1,075 | 1,406 | ||||||
Kimberly-Clark Corp. 1.05% 2027 | 770 | 746 | ||||||
Kimberly-Clark Corp. 3.10% 2030 | 110 | 119 | ||||||
Kinder Morgan, Inc. 3.60% 2051 | 1,500 | 1,512 | ||||||
Kraft Heinz Company 3.875% 2027 | 110 | 119 | ||||||
Kraft Heinz Company 5.00% 2042 | 250 | 312 | ||||||
Kraft Heinz Company 4.375% 2046 | 740 | 868 | ||||||
Kronos Acquisition Holdings, Inc. 5.00% 20262 | 95 | 94 | ||||||
Kronos Acquisition Holdings, Inc. 7.00% 20272 | 225 | 212 | ||||||
Kuwait (State of) 2.75% 20222 | 3,550 | 3,571 | ||||||
Labl Escrow Issuer, LLC 10.50% 20272 | 55 | 58 | ||||||
Labl, Inc. 8.25% 20292 | 250 | 252 | ||||||
Lamb Weston Holdings, Inc. 4.125% 20302 | 125 | 128 | ||||||
Lamb Weston Holdings, Inc. 4.375% 20322 | 75 | 77 | ||||||
LCM Investments Holdings II, LLC 4.875% 20292 | 9 | 9 | ||||||
Ligado Networks LLC 15.50% PIK 20232,7 | 262 | 213 | ||||||
Lima Metro Line 2 Finance, Ltd. 5.875% 20342 | 1,001 | 1,152 | ||||||
Lima Metro Line 2 Finance, Ltd. 5.875% 2034 | 685 | 789 | ||||||
Lima Metro Line 2 Finance, Ltd. 4.35% 20362 | 615 | 650 | ||||||
Limited Brands, Inc. 6.625% 20302 | 75 | 85 | ||||||
Limited Brands, Inc. 6.875% 2035 | 25 | 31 | ||||||
Lloyds Banking Group PLC 1.326% 2023 (1-year UST Yield Curve Rate T Note Constant Maturity + 1.10% on 6/15/2022)1 | 1,825 | 1,828 | ||||||
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 | 6,895 | ||||||
LPL Holdings, Inc. 4.625% 20272 | 270 | 280 | ||||||
LPL Holdings, Inc. 4.375% 20312 | 110 | 113 | ||||||
LSB Industries, Inc. 6.25% 20282 | 170 | 177 | ||||||
LSC Communications, Inc. 8.75% 20232,8,9,10 | 430 | 4 | ||||||
LSF9 Atlantis Holdings LLC / Victra Finance Corp. 7.75% 20262 | 60 | 61 | ||||||
Mallinckrodt PLC 10.00% 20252 | 960 | 1,019 |
American Funds Insurance Series | 205 |
Capital World Bond Fund (continued)
Bonds, notes & other debt instruments (continued) | Principal amount (000) | Value (000) | ||||||
U.S. dollars (continued) | ||||||||
Masco Corp. 1.50% 2028 | $ | 791 | $ | 766 | ||||
Mastercard, Inc. 2.00% 2031 | 600 | 599 | ||||||
Medtronic, Inc. 3.50% 2025 | 1,091 | 1,162 | ||||||
Meituan Dianping 2.125% 2025 | 1,730 | 1,668 | ||||||
Meituan Dianping 3.05% 20302 | 3,095 | 2,868 | ||||||
Mercer International, Inc. 5.125% 2029 | 130 | 133 | ||||||
Methanex Corp. 5.65% 2044 | 80 | 80 | ||||||
Mexico City Airport Trust 5.50% 2047 | 432 | 433 | ||||||
MicroStrategy, Inc. 6.125% 20282 | 50 | 50 | ||||||
Midas Intermediate Holdco II, LLC 7.875% 20222 | 15 | 15 | ||||||
Midas OpCo Holdings LLC 5.625% 20292 | 140 | 144 | ||||||
Mohegan Gaming & Entertainment 8.00% 20262 | 285 | 300 | ||||||
Molina Healthcare, Inc. 3.875% 20302 | 75 | 78 | ||||||
MoneyGram International, Inc. 5.375% 20262 | 60 | 61 | ||||||
Morgan Stanley 1.593% 2027 (USD-SOFR + 0.879% on 5/4/2026)1 | 2,164 | 2,144 | ||||||
Morgan Stanley 1.928% 2032 (USD-SOFR + 1.02% on 4/28/2031)1 | 1,396 | 1,335 | ||||||
Mozart Debt Merger Sub, Inc. 3.875% 20292 | 60 | 60 | ||||||
Mozart Debt Merger Sub, Inc. 5.25% 20292 | 185 | 188 | ||||||
MPLX LP 2.65% 2030 | 837 | 834 | ||||||
MPLX LP 5.50% 2049 | 1,900 | 2,432 | ||||||
MSCI, Inc. 3.625% 20312 | 150 | 156 | ||||||
MSCI, Inc. 3.875% 20312 | 265 | 276 | ||||||
Nabors Industries, Inc. 7.375% 20272 | 65 | 67 | ||||||
National Financial Partners Corp. 6.875% 20282 | 210 | 211 | ||||||
Nationstar Mortgage Holdings, Inc. 5.125% 20302 | 135 | 133 | ||||||
Navient Corp. 5.50% 2023 | 375 | 391 | ||||||
Navient Corp. 5.875% 2024 | 530 | 566 | ||||||
Navient Corp. 6.125% 2024 | 100 | 107 | ||||||
Navient Corp. 4.875% 2028 | 80 | 80 | ||||||
NCL Corp., Ltd. 3.625% 20242 | 280 | 265 | ||||||
NCL Corp., Ltd. 5.875% 20262 | 115 | 115 | ||||||
NCR Corp. 5.125% 20292 | 220 | 228 | ||||||
Neiman Marcus Group, LLC 7.125% 20262 | 190 | 202 | ||||||
Nestlé Holdings, Inc. 1.50% 20282 | 4,330 | 4,222 | ||||||
Netflix, Inc. 4.875% 2028 | 150 | 171 | ||||||
Netflix, Inc. 4.875% 20302 | 225 | 263 | ||||||
New Fortress Energy, Inc. 6.75% 20252 | 50 | 51 | ||||||
New Fortress Energy, Inc. 6.50% 20262 | 500 | 497 | ||||||
New York Life Global Funding 1.20% 20302 | 2,725 | 2,546 | ||||||
Newcrest Finance Pty, Ltd. 3.25% 20302 | 909 | 953 | ||||||
Newell Brands, Inc. 5.875% 20361 | 100 | 123 | ||||||
Newell Rubbermaid, Inc. 4.70% 2026 | 100 | 109 | ||||||
Nexstar Broadcasting, Inc. 4.75% 20282 | 125 | 128 | ||||||
Nexstar Escrow Corp. 5.625% 20272 | 100 | 106 | ||||||
NGL Energy Operating LLC 7.50% 20262 | 275 | 284 | ||||||
NGL Energy Partners LP 7.50% 2023 | 300 | 296 | ||||||
Niagara Mohawk Power Corp. 3.508% 20242 | 180 | 188 | ||||||
Nielsen Finance LLC and Nielsen Finance Co. 5.625% 20282 | 210 | 217 | ||||||
NIKE, Inc. 3.375% 2050 | 602 | 682 | ||||||
Northern Oil and Gas, Inc. 8.125% 20282 | 240 | 254 | ||||||
NorthRiver Midstream Finance LP 5.625% 20262 | 105 | 109 | ||||||
Nova Chemicals Corp. 5.25% 20272 | 20 | 21 | ||||||
Nova Chemicals Corp. 4.25% 20292 | 5 | 5 | ||||||
Novelis Corp. 3.25% 20262 | 15 | 15 | ||||||
Novelis Corp. 4.75% 20302 | 145 | 153 | ||||||
Novelis Corp. 3.875% 20312 | 20 | 20 | ||||||
Oasis Midstream Partners LP / OMP Finance Corp. 8.00% 20292 | 120 | 131 | ||||||
Oasis Petroleum, Inc. 6.375% 20262 | 35 | 37 | ||||||
Occidental Petroleum Corp. 5.875% 2025 | 240 | 265 | ||||||
Occidental Petroleum Corp. 6.375% 2028 | 234 | 278 | ||||||
Occidental Petroleum Corp. 6.125% 2031 | 50 | 61 |
206 | American Funds Insurance Series |
Capital World Bond Fund (continued)
Bonds, notes & other debt instruments (continued) | Principal amount (000) | Value (000) | ||||||
U.S. dollars (continued) | ||||||||
State of Ohio, Turnpike and Infrastructure Commission, Turnpike Rev. Ref. Bonds (Infrastructure Projects), Series 2020-A, 3.216% 2048 | $ | 1,410 | $ | 1,438 | ||||
Oleoducto Central SA 4.00% 20272 | 2,535 | 2,524 | ||||||
Oleoducto Central SA 4.00% 2027 | 630 | 627 | ||||||
ONEOK, Inc. 4.95% 2047 | 111 | 129 | ||||||
ONEOK, Inc. 5.20% 2048 | 858 | 1,039 | ||||||
ONEOK, Inc. 4.45% 2049 | 3,510 | 3,888 | ||||||
Option Care Health, Inc. 4.375% 20292 | 30 | 30 | ||||||
Oracle Corp. 2.65% 2026 | 2,327 | 2,394 | ||||||
Oracle Corp. 3.25% 2027 | 1,880 | 1,981 | ||||||
Oracle Corp. 3.60% 2050 | 980 | 961 | ||||||
Oracle Corp. 3.95% 2051 | 22 | 23 | ||||||
Orange SA 9.00% 20311 | 2,434 | 3,734 | ||||||
OSW Structured Asset Trust, Series 2020-RPL1, Class A1, 3.072% 20592,4,6 | 514 | 514 | ||||||
Owens & Minor, Inc. 4.375% 2024 | 360 | 383 | ||||||
Pacific Gas and Electric Co. 2.95% 2026 | 590 | 601 | ||||||
Pacific Gas and Electric Co. 2.10% 2027 | 9,935 | 9,599 | ||||||
Pacific Gas and Electric Co. 3.30% 2027 | 659 | 671 | ||||||
Pacific Gas and Electric Co. 4.65% 2028 | 542 | 592 | ||||||
Pacific Gas and Electric Co. 3.25% 2031 | 930 | 934 | ||||||
Pacific Gas and Electric Co. 3.30% 2040 | 6,850 | 6,364 | ||||||
Pacific Gas and Electric Co. 3.50% 2050 | 931 | 865 | ||||||
Pakistan (Islamic Republic of) 5.625% 2022 | 6,900 | 7,047 | ||||||
Panama (Republic of) 3.75% 20262 | 1,440 | 1,532 | ||||||
Panther BF Aggregator 2, LP 6.25% 20262 | 49 | 51 | ||||||
Panther BF Aggregator 2, LP 8.50% 20272 | 100 | 106 | ||||||
Park Intermediate Holdings LLC 4.875% 20292 | 80 | 82 | ||||||
Parkland Corp. 4.625% 20302 | 40 | 40 | ||||||
Party City Holdings, Inc. 8.75% 20262 | 75 | 78 | ||||||
Pearl Merger Sub, Inc. 6.75% 20282 | 75 | 77 | ||||||
Peru (Republic of) 2.392% 2026 | 500 | 508 | ||||||
Petróleos Mexicanos 4.625% 2023 | 1,200 | 1,232 | ||||||
Petróleos Mexicanos 6.875% 20252 | 1,340 | 1,466 | ||||||
Petróleos Mexicanos 6.875% 2026 | 4,260 | 4,690 | ||||||
Petróleos Mexicanos 6.50% 2027 | 2,203 | 2,353 | ||||||
Petróleos Mexicanos 6.50% 2029 | 85 | 88 | ||||||
Petróleos Mexicanos 6.70% 20322 | 1,644 | 1,664 | ||||||
Petróleos Mexicanos 7.69% 2050 | 75 | 73 | ||||||
Petróleos Mexicanos 6.95% 2060 | 201 | 180 | ||||||
PETRONAS Capital, Ltd. 3.50% 20302 | 605 | 655 | ||||||
PG&E Corp. 5.00% 2028 | 85 | 90 | ||||||
PG&E Corp. 5.25% 2030 | 125 | 131 | ||||||
PGT Innovations, Inc. 4.375% 20292 | 20 | 20 | ||||||
Philip Morris International, Inc. 2.10% 2030 | 634 | 621 | ||||||
Post Holdings, Inc. 4.625% 20302 | 474 | 484 | ||||||
Power Financial Corp., Ltd. 3.35% 2031 | 1,870 | 1,847 | ||||||
Procter & Gamble Company 3.00% 2030 | 338 | 368 | ||||||
PT Bank Negara Indonesia (Persero) Tbk 3.75% 2026 | 2,940 | 2,989 | ||||||
PT Indofood CBP Sukses Makmur Tbk 3.398% 2031 | 1,795 | 1,815 | ||||||
PT Indonesia Asahan Aluminium Tbk 5.71% 2023 | 960 | 1,031 | ||||||
PT Indonesia Asahan Aluminium Tbk 5.45% 20302 | 500 | 571 | ||||||
PTT Exploration and Production PCL 2.587% 20272 | 200 | 204 | ||||||
Public Service Electric and Gas Co. 2.05% 2050 | 415 | 352 | ||||||
Puget Energy, Inc. 5.625% 2022 | 480 | 487 | ||||||
Qatar (State of) 3.40% 20252 | 4,805 | 5,106 | ||||||
Qatar (State of) 5.103% 20482 | 530 | 718 | ||||||
Qatar Petroleum 1.375% 20262 | 1,325 | 1,301 | ||||||
Qatar Petroleum 3.125% 20412 | 3,255 | 3,298 | ||||||
Qatar Petroleum 3.30% 20512 | 1,045 | 1,080 | ||||||
Radiology Partners, Inc. 9.25% 20282 | 220 | 231 | ||||||
Range Resources Corp. 8.25% 2029 | 55 | 61 | ||||||
Raptor Acquisition Corp. 4.875% 20262 | 180 | 182 |
American Funds Insurance Series | 207 |
Capital World Bond Fund (continued)
Bonds, notes & other debt instruments (continued) | Principal amount (000) | Value (000) | ||||||
U.S. dollars (continued) | ||||||||
Real Hero Merger Sub 2, Inc. 6.25% 20292 | $ | 25 | $ | 25 | ||||
Realogy Corp. 5.75% 20292 | 160 | 164 | ||||||
Reynolds American, Inc. 4.45% 2025 | 2,115 | 2,286 | ||||||
Ritchie Bros. Holdings, Inc. 4.75% 20312 | 30 | 31 | ||||||
RLJ Lodging Trust, LP 4.00% 20292 | 35 | 35 | ||||||
Rockcliff Energy II LLC 5.50% 20292 | 25 | 26 | ||||||
Roller Bearing Company of America, Inc. 4.375% 20292 | 20 | 20 | ||||||
Royal Bank of Canada 0.875% 2026 | 4,660 | 4,538 | ||||||
Royal Bank of Canada 1.20% 2026 | 2,200 | 2,163 | ||||||
Royal Caribbean Cruises, Ltd. 11.50% 20252 | 57 | 64 | ||||||
RP Escrow Issuer, LLC 5.25% 20252 | 150 | 151 | ||||||
Russian Federation 4.25% 2027 | 1,400 | 1,516 | ||||||
SA Global Sukuk, Ltd. 0.946% 20242 | 1,530 | 1,509 | ||||||
SA Global Sukuk, Ltd. 1.602% 20262 | 835 | 823 | ||||||
SA Global Sukuk, Ltd. 2.694% 20312 | 1,725 | 1,738 | ||||||
Sabine Pass Liquefaction, LLC 4.50% 2030 | 49 | 55 | ||||||
Santander Holdings USA, Inc. 3.244% 2026 | 3,750 | 3,917 | ||||||
Saudi Arabia (Kingdom of) 2.894% 20222 | 1,900 | 1,915 | ||||||
Saudi Arabia (Kingdom of) 2.90% 2025 | 2,000 | 2,099 | ||||||
Saudi Arabia (Kingdom of) 3.628% 20272 | 1,900 | 2,062 | ||||||
Saudi Arabia (Kingdom of) 3.625% 20282 | 3,840 | 4,189 | ||||||
Saudi Arabia (Kingdom of) 2.25% 20312 | 2,735 | 2,716 | ||||||
Saudi Arabian Oil Co. 1.625% 20252 | 430 | 428 | ||||||
Scentre Group 3.50% 20252 | 210 | 221 | ||||||
Scentre Group 3.75% 20272 | 110 | 119 | ||||||
Scientific Games Corp. 8.25% 20262 | 375 | 395 | ||||||
Scientific Games Corp. 7.25% 20292 | 75 | 84 | ||||||
SCIH Salt Holdings, Inc. 4.875% 20282 | 115 | 111 | ||||||
SCIH Salt Holdings, Inc. 6.625% 20292 | 65 | 61 | ||||||
Scotts Miracle-Gro Co. 4.50% 2029 | 115 | 120 | ||||||
Scotts Miracle-Gro Co. 4.375% 20322 | 75 | 75 | ||||||
ServiceNow, Inc. 1.40% 2030 | 1,830 | 1,705 | ||||||
Simmons Foods, Inc. 4.625% 20292 | 160 | 158 | ||||||
Sinopec Group Overseas Development (2018), Ltd. 1.45% 2026 | 1,465 | 1,448 | ||||||
Sirius XM Radio, Inc. 4.00% 20282 | 195 | 196 | ||||||
Sirius XM Radio, Inc. 3.875% 20312 | 100 | 98 | ||||||
SK hynix, Inc. 1.50% 20262 | 1,343 | 1,315 | ||||||
Skandinaviska Enskilda Banken AB 2.80% 2022 | 2,100 | 2,109 | ||||||
SM Energy Co. 6.50% 2028 | 50 | 52 | ||||||
Sonic Automotive, Inc. 4.625% 20292 | 70 | 71 | ||||||
Sonic Automotive, Inc. 4.875% 20312 | 25 | 25 | ||||||
Southern California Edison Co. 2.85% 2029 | 200 | 207 | ||||||
Southwestern Energy Co. 6.45% 2025 (6.20% on 1/23/2022)1 | 130 | 143 | ||||||
Southwestern Energy Co. 7.75% 2027 | 25 | 27 | ||||||
Southwestern Energy Co. 8.375% 2028 | 40 | 45 | ||||||
Southwestern Energy Co. 5.375% 2030 | 155 | 166 | ||||||
Southwestern Energy Co. 4.75% 2032 | 55 | 58 | ||||||
Sprint Corp. 7.625% 2026 | 180 | 216 | ||||||
Sri Lanka (Democratic Socialist Republic of) 5.75% 2022 | 8,643 | 7,860 | ||||||
Sri Lanka (Democratic Socialist Republic of) 5.75% 2023 | 2,890 | 1,631 | ||||||
State Grid Overseas Investment, Ltd. 3.50% 20272 | 5,600 | 6,052 | ||||||
Stellantis Finance US, Inc. 1.711% 20272 | 1,900 | 1,869 | ||||||
Stellantis Finance US, Inc. 2.691% 20312 | 225 | 221 | ||||||
Stericycle, Inc. 3.875% 20292 | 225 | 222 | ||||||
Summit Midstream Holdings / Summit Midstream Finance Corp. 8.50% 20262 | 75 | 78 | ||||||
Sunoco LP 4.50% 2029 | 145 | 147 | ||||||
Sunoco LP 4.50% 20302 | 75 | 77 | ||||||
Surgery Center Holdings 10.00% 20272 | 210 | 223 | ||||||
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 | 77 | 79 | ||||||
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 | 898 |
208 | American Funds Insurance Series |
Capital World Bond Fund (continued)
Bonds, notes & other debt instruments (continued) | Principal amount (000) | Value (000) | ||||||
U.S. dollars (continued) | ||||||||
Talen Energy Corp. 10.50% 20262 | $ | 125 | $ | 54 | ||||
Talen Energy Corp. 7.25% 20272 | 335 | 297 | ||||||
Targa Resources Partners LP 5.50% 2030 | 210 | 230 | ||||||
Targa Resources Partners LP 4.875% 2031 | 90 | 98 | ||||||
Teekay Offshore Partners LP 8.50% 20232,9,10 | 555 | 505 | ||||||
Tencent Holdings, Ltd. 3.24% 20502 | 3,450 | 3,262 | ||||||
Tencent Music Entertainment Group 2.00% 2030 | 610 | 571 | ||||||
Tenet Healthcare Corp. 4.875% 20262 | 240 | 247 | ||||||
Teva Pharmaceutical Finance Co. BV 6.00% 2024 | 4,600 | 4,826 | ||||||
Teva Pharmaceutical Finance Co. BV 7.125% 2025 | 3,710 | 3,974 | ||||||
Teva Pharmaceutical Finance Co. BV 3.15% 2026 | 2,900 | 2,731 | ||||||
Teva Pharmaceutical Finance Co. BV 5.125% 2029 | 200 | 196 | ||||||
State of Texas, Grand Parkway Transportation Corp., Grand Parkway System Toll Rev. Ref. Bonds, Series 2020-B, 3.236% 2052 | 1,780 | 1,802 | ||||||
T-Mobile US, Inc. 2.40% 20292 | 1,079 | 1,090 | ||||||
TopBuild Corp. 4.125% 20322 | 70 | 72 | ||||||
Toronto-Dominion Bank 1.25% 2026 | 2,836 | 2,789 | ||||||
Total Capital International 3.127% 2050 | 804 | 826 | ||||||
Toyota Motor Credit Corp. 3.375% 2030 | 453 | 497 | ||||||
TransCanada PipeLines, Ltd. 4.10% 2030 | 444 | 496 | ||||||
TransDigm, Inc. 5.50% 2027 | 65 | 67 | ||||||
TransDigm, Inc. 4.625% 2029 | 115 | 115 | ||||||
Transocean Guardian, Ltd. 5.875% 20242 | 37 | 35 | ||||||
Transocean Poseidon, Ltd. 6.875% 20272 | 130 | 126 | ||||||
Transocean, Inc. 7.25% 20252 | 90 | 69 | ||||||
Transocean, Inc. 8.00% 20272 | 80 | 58 | ||||||
Truck Hero, Inc., Term Loan B, (3-month USD-LIBOR + 3.25%) 4.00% 20285,6 | 25 | 25 | ||||||
Turkey (Republic of) 6.25% 2022 | 1,880 | 1,898 | ||||||
Turkey (Republic of) 5.75% 2024 | 2,500 | 2,449 | ||||||
Turkey (Republic of) 6.35% 2024 | 2,220 | 2,189 | ||||||
U.S. Treasury 0.125% 2022 | 12,340 | 12,321 | ||||||
U.S. Treasury 0.125% 2023 | 12,320 | 12,279 | ||||||
U.S. Treasury 2.625% 2023 | 6,900 | 7,071 | ||||||
U.S. Treasury 0.375% 2024 | 12,920 | 12,752 | ||||||
U.S. Treasury 1.875% 2024 | 4,515 | 4,630 | ||||||
U.S. Treasury 0.25% 2025 | 30,740 | 29,789 | ||||||
U.S. Treasury 2.875% 2025 | 5,400 | 5,758 | ||||||
U.S. Treasury 0.50% 2026 | 7,453 | 7,244 | ||||||
U.S. Treasury 0.75% 2026 | 4,361 | 4,265 | ||||||
U.S. Treasury 0.875% 2026 | 24,418 | 23,999 | ||||||
U.S. Treasury 1.125% 2026 | 1,698 | 1,688 | ||||||
U.S. Treasury 1.375% 203111 | 21,464 | 21,197 | ||||||
U.S. Treasury 1.125% 2040 | 9,170 | 8,043 | ||||||
U.S. Treasury 1.75% 2041 | 6,050 | 5,865 | ||||||
U.S. Treasury 1.875% 204111 | 21,440 | 21,225 | ||||||
U.S. Treasury 2.75% 2047 | 1,625 | 1,896 | ||||||
U.S. Treasury 3.00% 2048 | 5,045 | 6,184 | ||||||
U.S. Treasury 1.25% 2050 | 2,100 | 1,787 | ||||||
U.S. Treasury 1.625% 2050 | 2,580 | 2,408 | ||||||
U.S. Treasury 2.00% 2051 | 7,115 | 7,262 | ||||||
U.S. Treasury Inflation-Protected Security 0.125% 20223 | 10,576 | 10,738 | ||||||
U.S. Treasury Inflation-Protected Security 0.125% 20223 | 10,267 | 10,528 | ||||||
U.S. Treasury Inflation-Protected Security 0.125% 20513 | 3,972 | 4,705 | ||||||
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 | 1,944 | ||||||
UKG, Inc., Term Loan B, (3-month USD-LIBOR + 3.25%) 3.75% 20265,6 | 60 | 60 | ||||||
UKG, Inc., Term Loan, (3-month USD-LIBOR + 5.25%) 5.75% 20275,6 | 75 | 75 | ||||||
Ukraine 7.75% 2022 | 4,460 | 4,431 | ||||||
Ukraine 7.75% 2024 | 1,570 | 1,527 | ||||||
UniCredit SpA 3.75% 20222 | 1,750 | 1,763 | ||||||
Uniform Mortgage-Backed Security 1.50% 20374,12 | 2,962 | 2,965 | ||||||
Uniform Mortgage-Backed Security 1.50% 20374,12 | 1,935 | 1,940 |
American Funds Insurance Series | 209 |
Capital World Bond Fund (continued)
Bonds, notes & other debt instruments (continued) | Principal amount (000) | Value (000) | ||||||
U.S. dollars (continued) | ||||||||
Uniform Mortgage-Backed Security 3.00% 20374,12 | $ | 17 | $ | 18 | ||||
Uniform Mortgage-Backed Security 2.50% 20524,12 | 16,805 | 17,066 | ||||||
Uniform Mortgage-Backed Security 2.50% 20524,12 | 6,534 | 6,651 | ||||||
Uniform Mortgage-Backed Security 3.00% 20524,12 | 6,797 | 7,042 | ||||||
Uniform Mortgage-Backed Security 3.00% 20524,12 | 3,493 | 3,614 | ||||||
Unifrax Escrow Issuer Corp. 5.25% 20282 | 35 | 35 | ||||||
Unifrax Escrow Issuer Corp. 7.50% 20292 | 100 | 101 | ||||||
United Technologies Corp. 4.125% 2028 | 1,900 | 2,127 | ||||||
Univision Communications, Inc. 6.625% 20272 | 85 | 92 | ||||||
Univision Communications, Inc. 4.50% 20292 | 290 | 293 | ||||||
US Foods, Inc. 4.625% 20302 | 45 | 46 | ||||||
Valeant Pharmaceuticals International, Inc. 6.125% 20252 | 51 | 52 | ||||||
Valvoline, Inc. 3.625% 20312 | 130 | 126 | ||||||
Venator Materials Corp. 5.75% 20252 | 190 | 183 | ||||||
Venator Materials Corp. 9.50% 20252 | 225 | 246 | ||||||
Venture Global Calcasieu Pass, LLC 3.875% 20292 | 215 | 223 | ||||||
Venture Global Calcasieu Pass, LLC 4.125% 20312 | 200 | 212 | ||||||
Venture Global Calcasieu Pass, LLC 3.875% 20332 | 65 | 68 | ||||||
Verizon Communications, Inc. 3.15% 2030 | 575 | 609 | ||||||
Verizon Communications, Inc. 2.55% 2031 | 2,100 | 2,121 | ||||||
Verizon Communications, Inc. 3.40% 2041 | 3,460 | 3,629 | ||||||
Viavi Solutions, Inc. 3.75% 20292 | 17 | 17 | ||||||
VICI Properties LP 4.625% 20292 | 45 | 48 | ||||||
VICI Properties LP / VICI Note Co., Inc. 4.125% 20302 | 390 | 413 | ||||||
Virtusa Corp., Term Loan B, (3-month USD-LIBOR + 3.75%) 4.50% 20285,6 | 25 | 25 | ||||||
Volkswagen Group of America Finance, LLC 4.625% 20252 | 1,280 | 1,411 | ||||||
W. R. Grace Holdings LLC 5.625% 20292 | 65 | 67 | ||||||
Warrior Met Coal, Inc. 7.875% 20282 | 200 | 205 | ||||||
WASH Multifamily Acquisition, Inc. 5.75% 20262 | 200 | 210 | ||||||
WEA Finance LLC 3.75% 20242 | 535 | 562 | ||||||
Weatherford International, Ltd. 11.00% 20242 | 12 | 12 | ||||||
Weatherford International, Ltd. 8.625% 20302 | 50 | 52 | ||||||
WESCO Distribution, Inc. 7.125% 20252 | 195 | 207 | ||||||
WESCO Distribution, Inc. 7.25% 20282 | 215 | 236 | ||||||
Western Global Airlines LLC 10.375% 20252 | 15 | 17 | ||||||
Western Midstream Operating, LP 4.35% 2025 (4.10% on 2/1/2022)1 | 85 | 89 | ||||||
Western Midstream Operating, LP 4.75% 2028 | 70 | 77 | ||||||
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 | 2,963 | ||||||
WeWork Companies, LLC 5.00% 20252 | 50 | 43 | ||||||
Williams Companies, Inc. 3.50% 2030 | 893 | 950 | ||||||
Wynn Las Vegas, LLC and Wynn Capital Corp. 4.25% 20232 | 38 | 38 | ||||||
Xcel Energy, Inc. 3.35% 2026 | 2,581 | 2,745 | ||||||
Yahoo Holdings, Inc., Term Loan B, (1-month USD-LIBOR + 5.50%) 6.25% 20275,6 | 135 | 135 | ||||||
Ziggo Bond Co. BV 5.125% 20302 | 200 | 201 | ||||||
Ziggo Bond Finance BV 4.875% 20302 | 300 | 308 | ||||||
Zimmer Holdings, Inc. 3.15% 2022 | 790 | 792 | ||||||
826,862 | ||||||||
Total bonds, notes & other debt instruments (cost: $1,930,539,000) | 1,937,589 | |||||||
Preferred securities 0.00% | Shares | |||||||
U.S. dollars 0.00% | ||||||||
ACR III LSC Holdings LLC, Series B, preferred shares2,9,10,13 | 48 | 34 | ||||||
Total preferred securities (cost: $49,000) | 34 |
210 | American Funds Insurance Series |
Capital World Bond Fund (continued)
Common stocks 0.09% | Shares | Value (000) | ||||||
U.S. dollars 0.09% | ||||||||
New AMI I, LLC9,10,13 | 174,911 | $ | 1,322 | |||||
Chesapeake Energy Corp. | 6,577 | 424 | ||||||
Diamond Offshore Drilling, Inc.13 | 36,338 | 154 | ||||||
Diamond Offshore Drilling, Inc.2,9,13 | 12,700 | 50 | ||||||
McDermott International, Ltd.13 | 4,287 | 2 | ||||||
Total common stocks (cost: $2,106,000) | 1,952 | |||||||
Rights & warrants 0.00% | ||||||||
U.S. dollars 0.00% | ||||||||
Chesapeake Energy Corp., Class C, warrants, expire 202613 | 187 | 6 | ||||||
Sable Permian Resources, LLC, Class A, warrants, expire 20249,10,13 | 531 | — | 14 | |||||
Total rights & warrants (cost: $58,000) | 6 | |||||||
Short-term securities 8.07% | ||||||||
Money market investments 6.91% | ||||||||
Capital Group Central Cash Fund 0.09%15,16 | 1,440,655 | 144,080 |
Weighted average yield at acquisition | Principal amount (000) | |||||||||||
Bills & notes of governments & government agencies outside the U.S. 1.16% | ||||||||||||
Egyptian Treasury 1/4/2022 | 12.077 | % | EGP | 69,125 | 4,399 | |||||||
Egyptian Treasury 1/18/2022 | 11.246 | 82,900 | 5,255 | |||||||||
Egyptian Treasury 4/19/2022 | 11.506 | 31,100 | 1,915 | |||||||||
Egyptian Treasury 4/26/2022 | 11.461 | 204,150 | 12,545 | |||||||||
24,114 | ||||||||||||
Total short-term securities (cost: $168,175,000) | 168,194 | |||||||||||
Total investment securities 101.09% (cost: $2,100,927,000) | 2,107,775 | |||||||||||
Other assets less liabilities (1.09)% | (22,767 | ) | ||||||||||
Net assets 100.00% | $ | 2,085,008 |
Futures contracts
Contracts | Type | Number of contracts | Expiration | Notional amount (000) | Value and unrealized (depreciation) appreciation at 12/31/2021 (000) | ||||||||||
90 Day Euro Dollar Futures | Long | 515 | December 2022 | $ | 127,405 | $ | (251 | ) | |||||||
2 Year U.S. Treasury Note Futures | Long | 12 | March 2022 | 2,618 | (2 | ) | |||||||||
5 Year U.S. Treasury Note Futures | Short | 367 | March 2022 | (44,398 | ) | (66 | ) | ||||||||
10 Year Euro-Bund Futures | Short | 157 | March 2022 | (30,631 | ) | 573 | |||||||||
10 Year Italy Government Bond Futures | Short | 213 | March 2022 | (35,650 | ) | 614 | |||||||||
10 Year Japanese Government Bond Futures | Long | 24 | March 2022 | 31,628 | (97 | ) | |||||||||
10 Year U.S. Treasury Note Futures | Short | 159 | March 2022 | (20,745 | ) | (226 | ) | ||||||||
10 Year Ultra U.S. Treasury Note Futures | Short | 252 | March 2022 | (36,902 | ) | (514 | ) | ||||||||
10 Year UK Gilt Futures | Long | 208 | March 2022 | 35,164 | (80 | ) | |||||||||
20 Year U.S. Treasury Bond Futures | Long | 153 | March 2022 | 24,547 | 214 |
American Funds Insurance Series | 211 |
Capital World Bond Fund (continued)
Futures contracts (continued)
Contracts | Type | Number of contracts | Expiration | Notional amount (000) | Value and unrealized (depreciation) appreciation at 12/31/2021 (000) | ||||||||||
30 Year Euro-Buxl Futures | Long | 62 | March 2022 | $ | 14,593 | $ | (757 | ) | |||||||
30 Year Ultra U.S. Treasury Bond Futures | Long | 116 | March 2022 | 22,866 | 416 | ||||||||||
$ | (176 | ) |
Forward currency contracts
Contract amount | Unrealized appreciation (depreciation) | ||||||||||||||
Currency purchased (000) | Currency sold (000) | Counterparty | Settlement date | at 12/31/2021 (000) | |||||||||||
USD | 2,089 | JPY | 236,280 | JPMorgan Chase | 1/6/2022 | $ | 35 | ||||||||
USD | 4,572 | JPY | 524,790 | Goldman Sachs | 1/6/2022 | 10 | |||||||||
USD | 1,480 | CAD | 1,871 | UBS AG | 1/6/2022 | 1 | |||||||||
JPY | 259,830 | USD | 2,299 | Bank of America | 1/6/2022 | (40 | ) | ||||||||
JPY | 1,568,780 | USD | 13,690 | Goldman Sachs | 1/6/2022 | (51 | ) | ||||||||
AUD | 3,250 | USD | 2,338 | Citibank | 1/7/2022 | 27 | |||||||||
GBP | 12,800 | USD | 17,056 | Goldman Sachs | 1/10/2022 | 269 | |||||||||
GBP | 2,680 | USD | 3,542 | Bank of America | 1/10/2022 | 85 | |||||||||
GBP | 4,410 | USD | 5,895 | Goldman Sachs | 1/10/2022 | 74 | |||||||||
EUR | 8,130 | USD | 9,225 | JPMorgan Chase | 1/10/2022 | 33 | |||||||||
MYR | 13,980 | USD | 3,335 | HSBC Bank | 1/10/2022 | 25 | |||||||||
USD | 1,537 | NZD | 2,240 | HSBC Bank | 1/10/2022 | 3 | |||||||||
USD | 1,266 | AUD | 1,770 | Goldman Sachs | 1/10/2022 | (22 | ) | ||||||||
USD | 17,453 | DKK | 114,240 | BNP Paribas | 1/10/2022 | (40 | ) | ||||||||
USD | 6,757 | BRL | 38,280 | Standard Chartered Bank | 1/10/2022 | (101 | ) | ||||||||
USD | 13,645 | MYR | 57,690 | Standard Chartered Bank | 1/10/2022 | (221 | ) | ||||||||
USD | 6,315 | MXN | 135,010 | Goldman Sachs | 1/10/2022 | (268 | ) | ||||||||
EUR | 4,940 | USD | 5,582 | Morgan Stanley | 1/11/2022 | 43 | |||||||||
USD | 1,561 | CAD | 2,000 | Citibank | 1/11/2022 | (20 | ) | ||||||||
USD | 4,682 | RUB | 346,336 | Citibank | 1/12/2022 | 75 | |||||||||
CNH | 27,100 | USD | 4,239 | Barclays Bank PLC | 1/13/2022 | 20 | |||||||||
PLN | 4,950 | EUR | 1,074 | BNP Paribas | 1/13/2022 | 5 | |||||||||
EUR | 17,710 | DKK | 131,740 | Goldman Sachs | 1/13/2022 | (6 | ) | ||||||||
EUR | 4,991 | CZK | 127,210 | Citibank | 1/13/2022 | (132 | ) | ||||||||
USD | 14,872 | MXN | 314,310 | Citibank | 1/13/2022 | (445 | ) | ||||||||
USD | 3,323 | JPY | 381,060 | HSBC Bank | 1/18/2022 | 10 | |||||||||
JPY | 597,660 | USD | 5,268 | UBS AG | 1/18/2022 | (71 | ) | ||||||||
JPY | 712,220 | USD | 6,267 | Bank of New York Mellon | 1/18/2022 | (74 | ) | ||||||||
JPY | 1,263,200 | USD | 11,099 | Bank of New York Mellon | 1/18/2022 | (116 | ) | ||||||||
CHF | 800 | USD | 870 | Bank of America | 1/20/2022 | 9 | |||||||||
EUR | 0 | USD | 0 | Morgan Stanley | 1/20/2022 | — | 14 | ||||||||
EUR | 13,366 | DKK | 99,400 | Morgan Stanley | 1/20/2022 | (1 | ) | ||||||||
SEK | 23,400 | USD | 2,595 | HSBC Bank | 1/20/2022 | (5 | ) | ||||||||
NOK | 34,920 | EUR | 3,489 | UBS AG | 1/20/2022 | (10 | ) | ||||||||
EUR | 5,355 | NOK | 54,550 | Morgan Stanley | 1/20/2022 | (93 | ) | ||||||||
JPY | 8,221,018 | USD | 72,438 | Morgan Stanley | 1/20/2022 | (958 | ) | ||||||||
INR | 155,700 | USD | 2,083 | UBS AG | 1/21/2022 | 2 | |||||||||
USD | 2,239 | IDR | 32,232,353 | Citibank | 1/21/2022 | (25 | ) | ||||||||
KRW | 33,705,640 | USD | 28,377 | Citibank | 1/21/2022 | (51 | ) | ||||||||
USD | 1,711 | COP | 6,884,150 | Morgan Stanley | 1/24/2022 | 23 | |||||||||
USD | 3,446 | PEN | 14,010 | UBS AG | 1/24/2022 | (60 | ) | ||||||||
USD | 3,159 | COP | 12,396,140 | Goldman Sachs | 2/14/2022 | 126 | |||||||||
USD | 11,661 | BRL | 61,700 | Citibank | 6/15/2022 | 1,080 |
212 | American Funds Insurance Series |
Capital World Bond Fund (continued)
Forward currency contracts (continued)
Contract amount | Unrealized appreciation (depreciation) | ||||||||||||||
Currency purchased (000) | Currency sold (000) | Counterparty | Settlement date | at 12/31/2021 (000) | |||||||||||
BRL | 61,700 | USD | 11,125 | JPMorgan Chase | 6/15/2022 | $ | (545 | ) | |||||||
USD | 13,962 | BRL | 77,286 | Citibank | 7/1/2022 | 773 | |||||||||
USD | 6,024 | BRL | 33,600 | Citibank | 7/1/2022 | 290 | |||||||||
BRL | 110,886 | USD | 19,160 | Citibank | 7/1/2022 | (238 | ) | ||||||||
USD | 13,967 | BRL | 77,966 | Citibank | 8/10/2022 | 823 | |||||||||
USD | 11,219 | BRL | 63,000 | JPMorgan Chase | 8/10/2022 | 598 | |||||||||
BRL | 140,966 | USD | 24,130 | Citibank | 8/10/2022 | (364 | ) | ||||||||
$ | 482 |
Swap contracts
Interest rate swaps
Centrally cleared interest rate swaps
Receive | Pay | Value at | Upfront premium | Unrealized (depreciation) appreciation | ||||||||||||||||||||||
Rate | Payment frequency | Rate | Payment frequency | Expiration date | Notional (000) | 12/31/2021 (000) | paid (000) | at 12/31/2021 (000) | ||||||||||||||||||
1.2475% | Semi-annual | 3-month NZD-BBR-FRA | Quarterly | 8/20/2023 | NZ$ | 4,428 | $ | (38 | ) | $ | — | $ | (38 | ) | ||||||||||||
1.234974% | Semi-annual | 3-month NZD-BBR-FRA | Quarterly | 8/20/2023 | 37,736 | (328 | ) | — | (328 | ) | ||||||||||||||||
1.2375% | Semi-annual | 3-month NZD-BBR-FRA | Quarterly | 8/26/2023 | 13,908 | (121 | ) | — | (121 | ) | ||||||||||||||||
1.264% | Semi-annual | 3-month NZD-BBR-FRA | Quarterly | 8/27/2023 | 34,765 | (293 | ) | — | (293 | ) | ||||||||||||||||
1.26% | Semi-annual | 3-month NZD-BBR-FRA | Quarterly | 8/30/2023 | 5,734 | (49 | ) | — | (49 | ) | ||||||||||||||||
1.28% | Semi-annual | 3-month NZD-BBR-FRA | Quarterly | 8/31/2023 | 5,734 | (48 | ) | — | (48 | ) | ||||||||||||||||
1.30% | Semi-annual | 3-month NZD-BBR-FRA | Quarterly | 9/3/2023 | 6,295 | (52 | ) | — | (52 | ) | ||||||||||||||||
3-month USD-LIBOR | Quarterly | 0.3302% | Semi-annual | 9/21/2023 | $ | 7,599 | 64 | — | 64 | |||||||||||||||||
1.4975% | Semi-annual | 3-month NZD-BBR-FRA | Quarterly | 9/21/2023 | NZ$ | 11,830 | (76 | ) | — | (76 | ) | |||||||||||||||
3-month USD-LIBOR | Quarterly | 0.3792% | Semi-annual | 9/28/2023 | $ | 8,240 | 65 | — | 65 | |||||||||||||||||
1.445% | Semi-annual | 3-month NZD-BBR-FRA | Quarterly | 9/28/2023 | NZ$ | 11,817 | (86 | ) | — | (86 | ) | |||||||||||||||
3-month USD-LIBOR | Quarterly | 0.3842% | Semi-annual | 9/29/2023 | $ | 8,240 | 64 | — | 64 | |||||||||||||||||
1.4475% | Semi-annual | 3-month NZD-BBR-FRA | Quarterly | 9/29/2023 | NZ$ | 12,043 | (87 | ) | — | (87 | ) | |||||||||||||||
3-month USD-LIBOR | Quarterly | 0.3975% | Semi-annual | 9/30/2023 | $ | 8,367 | 63 | — | 63 | |||||||||||||||||
1.4475% | Semi-annual | 3-month NZD-BBR-FRA | Quarterly | 9/30/2023 | NZ$ | 12,093 | (88 | ) | — | (88 | ) | |||||||||||||||
3-month USD-LIBOR | Quarterly | 0.4557% | Semi-annual | 10/14/2023 | $ | 8,240 | 57 | — | 57 | |||||||||||||||||
3-month USD-LIBOR | Quarterly | 0.4562% | Semi-annual | 10/14/2023 | 8,240 | 57 | — | 57 | ||||||||||||||||||
1.5125% | Semi-annual | 3-month NZD-BBR-FRA | Quarterly | 10/14/2023 | NZ$ | 10,675 | (73 | ) | — | (73 | ) | |||||||||||||||
1.53% | Semi-annual | 3-month NZD-BBR-FRA | Quarterly | 10/14/2023 | 12,176 | (80 | ) | — | (80 | ) | ||||||||||||||||
3-month USD-LIBOR | Quarterly | 0.4692% | Semi-annual | 10/15/2023 | $8,240 | 55 | — | 55 | ||||||||||||||||||
1.5625% | Semi-annual | 3-month NZD-BBR-FRA | Quarterly | 10/15/2023 | NZ$ | 12,163 | (76 | ) | — | (76 | ) | |||||||||||||||
3-month USD-LIBOR | Quarterly | 0.4917% | Semi-annual | 10/18/2023 | $ | 8,254 | 52 | — | 52 | |||||||||||||||||
1.59% | Semi-annual | 3-month NZD-BBR-FRA | Quarterly | 10/18/2023 | NZ$ | 12,163 | (72 | ) | — | (72 | ) | |||||||||||||||
3-month USD-LIBOR | Quarterly | 0.4997% | Semi-annual | 10/19/2023 | $ | 10,569 | 66 | — | 66 | |||||||||||||||||
1.62% | Semi-annual | 3-month NZD-BBR-FRA | Quarterly | 10/19/2023 | NZ$ | 13,521 | (75 | ) | — | (75 | ) | |||||||||||||||
2.2525% | Semi-annual | 3-month NZD-BBR-FRA | Quarterly | 11/8/2023 | 17,111 | 33 | — | 33 | ||||||||||||||||||
2.24% | Semi-annual | 3-month NZD-BBR-FRA | Quarterly | 11/8/2023 | 17,111 | 30 | — | 30 | ||||||||||||||||||
2.20% | Semi-annual | 3-month NZD-BBR-FRA | Quarterly | 11/9/2023 | 1,440 | 2 | — | 2 | ||||||||||||||||||
0.3653% | Semi-annual | 3-month USD-LIBOR | Quarterly | 3/5/2024 | $ | 13,710 | (180 | ) | — | (180 | ) | |||||||||||||||
3-month SEK-STIBOR | Quarterly | 0.175% | Annual | 2/9/2026 | SKr | 56,800 | 113 | — | 113 | |||||||||||||||||
3-month SEK-STIBOR | Quarterly | 0.179% | Annual | 2/9/2026 | 28,400 | 56 | — | 56 | ||||||||||||||||||
3-month SEK-STIBOR | Quarterly | 0.189% | Annual | 2/11/2026 | 28,500 | 55 | — | 55 | ||||||||||||||||||
3-month SEK-STIBOR | Quarterly | 0.185% | Annual | 2/11/2026 | 28,500 | 55 | — | 55 | ||||||||||||||||||
6.21% | 28-Day | 28-day MXN-TIIE | 28-Day | 5/21/2026 | MXN | 72,300 | (162 | ) | — | (162 | ) | |||||||||||||||
6.255% | 28-Day | 28-day MXN-TIIE | 28-Day | 5/22/2026 | 47,800 | (103 | ) | — | (103 | ) |
American Funds Insurance Series | 213 |
Capital World Bond Fund (continued)
Swap contracts (continued)
Interest rate swaps (continued)
Centrally cleared interest rate swaps (continued)
Receive | Pay | Value at | Upfront premium | Unrealized (depreciation) appreciation | ||||||||||||||||||||||
Rate | Payment frequency | Rate | Payment frequency | Expiration date | Notional (000) | 12/31/2021 (000) | paid (000) | at 12/31/2021 (000) | ||||||||||||||||||
6.21% | 28-Day | 28-day MXN-TIIE | 28-Day | 5/22/2026 | MXN | 47,800 | $ | (107 | ) | $ | — | $ | (107) | |||||||||||||
6.19% | 28-Day | 28-day MXN-TIIE | 28-Day | 5/22/2026 | 48,400 | (111 | ) | — | (111) | |||||||||||||||||
6.15% | 28-Day | 28-day MXN-TIIE | 28-Day | 5/25/2026 | 47,800 | (113 | ) | — | (113) | |||||||||||||||||
6.14% | 28-Day | 28-day MXN-TIIE | 28-Day | 6/8/2026 | 29,400 | (71 | ) | — | (71) | |||||||||||||||||
6.115% | 28-Day | 28-day MXN-TIIE | 28-Day | 6/8/2026 | 29,400 | (72 | ) | — | (72) | |||||||||||||||||
6.12% | 28-Day | 28-day MXN-TIIE | 28-Day | 6/8/2026 | 44,400 | (108 | ) | — | (108) | |||||||||||||||||
6.13% | 28-Day | 28-day MXN-TIIE | 28-Day | 6/8/2026 | 103,200 | (250 | ) | — | (250) | |||||||||||||||||
6.16% | 28-Day | 28-day MXN-TIIE | 28-Day | 6/9/2026 | 58,800 | (139 | ) | — | (139) | |||||||||||||||||
6.15% | 28-Day | 28-day MXN-TIIE | 28-Day | 6/9/2026 | 58,800 | (140 | ) | — | (140) | |||||||||||||||||
6.23% | 28-Day | 28-day MXN-TIIE | 28-Day | 6/10/2026 | 30,100 | (67 | ) | — | (67) | |||||||||||||||||
6.195% | 28-Day | 28-day MXN-TIIE | 28-Day | 6/10/2026 | 30,100 | (69 | ) | — | (69) | |||||||||||||||||
6.36% | 28-Day | 28-day MXN-TIIE | 28-Day | 6/12/2026 | 26,040 | (52 | ) | — | (52) | |||||||||||||||||
6.5375% | 28-Day | 28-day MXN-TIIE | 28-Day | 6/17/2026 | 14,000 | (23 | ) | — | (23) | |||||||||||||||||
6.50% | 28-Day | 28-day MXN-TIIE | 28-Day | 6/17/2026 | 13,900 | (24 | ) | — | (24) | |||||||||||||||||
6.47% | 28-Day | 28-day MXN-TIIE | 28-Day | 6/17/2026 | 14,200 | (25 | ) | — | (25) | |||||||||||||||||
6.55% | 28-Day | 28-day MXN-TIIE | 28-Day | 6/17/2026 | 43,000 | (70 | ) | — | (70) | |||||||||||||||||
6.55% | 28-Day | 28-day MXN-TIIE | 28-Day | 6/18/2026 | 14,100 | (23 | ) | — | (23) | |||||||||||||||||
6.50% | 28-Day | 28-day MXN-TIIE | 28-Day | 6/18/2026 | 27,800 | (48 | ) | — | (48) | |||||||||||||||||
6.59% | 28-Day | 28-day MXN-TIIE | 28-Day | 6/25/2026 | 38,700 | (61 | ) | — | (61) | |||||||||||||||||
6.58% | 28-Day | 28-day MXN-TIIE | 28-Day | 6/25/2026 | 41,600 | (66 | ) | — | (66) | |||||||||||||||||
6.585% | 28-Day | 28-day MXN-TIIE | 28-Day | 6/25/2026 | 50,900 | (80 | ) | — | (80) | |||||||||||||||||
6.64% | 28-Day | 28-day MXN-TIIE | 28-Day | 6/25/2026 | 62,600 | (92 | ) | — | (92) | |||||||||||||||||
6.6175% | 28-Day | 28-day MXN-TIIE | 28-Day | 6/25/2026 | 165,900 | (251 | ) | — | (251) | |||||||||||||||||
6.633% | 28-Day | 28-day MXN-TIIE | 28-Day | 6/25/2026 | 172,500 | (256 | ) | — | (256) | |||||||||||||||||
6.63% | 28-Day | 28-day MXN-TIIE | 28-Day | 6/26/2026 | 176,800 | (263 | ) | — | (263) | |||||||||||||||||
6.605% | 28-Day | 28-day MXN-TIIE | 28-Day | 7/6/2026 | 105,000 | (163 | ) | — | (163) | |||||||||||||||||
7.235% | 28-Day | 28-day MXN-TIIE | 28-Day | 10/5/2026 | 17,500 | (7 | ) | — | (7) | |||||||||||||||||
7.22% | 28-Day | 28-day MXN-TIIE | 28-Day | 10/5/2026 | 17,500 | (7 | ) | — | (7) | |||||||||||||||||
7.20% | 28-Day | 28-day MXN-TIIE | 28-Day | 10/5/2026 | 34,940 | (15 | ) | — | (15) | |||||||||||||||||
7.205% | 28-Day | 28-day MXN-TIIE | 28-Day | 10/7/2026 | 38,540 | (17 | ) | — | (17) | |||||||||||||||||
7.66% | 28-Day | 28-day MXN-TIIE | 28-Day | 10/29/2026 | 70,800 | 34 | — | 34 | ||||||||||||||||||
7.64% | 28-Day | 28-day MXN-TIIE | 28-Day | 10/29/2026 | 70,800 | 31 | — | 31 | ||||||||||||||||||
7.62% | 28-Day | 28-day MXN-TIIE | 28-Day | 10/29/2026 | 43,375 | 17 | — | 17 | ||||||||||||||||||
7.59% | 28-Day | 28-day MXN-TIIE | 28-Day | 10/29/2026 | 28,900 | 10 | — | 10 | ||||||||||||||||||
7.52% | 28-Day | 28-day MXN-TIIE | 28-Day | 10/30/2026 | 89,445 | 18 | — | 18 | ||||||||||||||||||
3-month USD-LIBOR | Quarterly | 1.4822% | Semi-annual | 3/5/2031 | $ | 5,120 | 24 | — | 24 | |||||||||||||||||
$ | — | $ | (3,856) |
Credit default swaps
Centrally cleared credit default swaps on credit indices – buy protection
Reference index | Financing rate paid | Payment frequency | Expiration date | Notional (000) | Value at 12/31/2021 (000) | Upfront premium received (000) | Unrealized depreciation at 12/31/2021 (000) | |||||||||||||||||||
ITRAX.EUR.IG.36 | 1.00% | Quarterly | 12/20/2026 | $ | 2,430 | $ | (72 | ) | $ | (69 | ) | $ | (3 | ) | ||||||||||||
CDX.NA.HY.37 | 5.00% | Quarterly | 12/20/2026 | 22,302 | (2,038 | ) | (1,949 | ) | (89 | ) | ||||||||||||||||
$ | (2,018 | ) | $ | (92 | ) |
214 | American Funds Insurance Series |
Capital World Bond Fund (continued)
Swap contracts (continued)
Credit default swaps (continued)
Centrally cleared credit default swaps on credit indices – sell protection
Financing rate received | Payment frequency | Reference index | Expiration date | Notional (000) | Value at 12/31/2021 (000) | Upfront premium paid (000) | Unrealized appreciation at 12/31/2021 (000) | ||||||||
1.00% | Quarterly | CDX.NA.IG.37 | 12/20/2026 | $30,400 | $738 | $728 | $10 |
Investments in affiliates16
Value of affiliate at 1/1/2021 (000) | Additions (000) | Reductions (000) | Net realized loss (000) | Net unrealized appreciation (000) | Value of affiliate at 12/31/2021 (000) | Dividend income (000) | ||||||||||||||||||||||
Short-term securities 6.91% | ||||||||||||||||||||||||||||
Money market investments 6.91% | ||||||||||||||||||||||||||||
Capital Group Central Cash Fund 0.09%15 | $ | 147,017 | $ | 810,222 | $ | 813,160 | $ | (10 | ) | $ | 11 | $ | 144,080 | $ | 128 |
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 $211,518,000, which represented 10.14% of the net assets of the fund. |
3 | Index-linked bond whose principal amount moves with a government price index. |
4 | Principal payments may be made periodically. Therefore, the effective maturity date may be earlier than the stated maturity date. |
5 | Loan participations and assignments; may be subject to legal or contractual restrictions on resale. The total value of all such loans was $1,981,000, which represented .10% of the net assets of the fund. |
6 | Coupon rate may change periodically. Reference rate and spread are as of the most recent information available. Some coupon rates are determined by the issuer or agent based on current market conditions; therefore, the reference rate and spread are not available. |
7 | Payment in kind; the issuer has the option of paying additional securities in lieu of cash. Payment methods and rates are as of the most recent payment when available. |
8 | Scheduled interest and/or principal payment was not received. |
9 | Valued under fair value procedures adopted by authority of the board of trustees. The total value of all such securities was $1,957,000, which represented .09% of the net assets of the fund. |
10 | Value determined using significant unobservable inputs. |
11 | All or a portion of this security was pledged as collateral. The total value of pledged collateral was $10,137,000, which represented .49% of the net assets of the fund. |
12 | Purchased on a TBA basis. |
13 | Security did not produce income during the last 12 months. |
14 | Amount less than one thousand. |
15 | Rate represents the seven-day yield at 12/31/2021. |
16 | Part of the same “group of investment companies” as the fund as defined under the Investment Company Act of 1940, as amended. |
Key to abbreviations and symbols
AUD/A$ = Australian dollars
BBR = Bank Base Rate
BRL = Brazilian reais
CAD/C$ = Canadian dollars
CHF = Swiss francs
CLP = Chilean pesos
CNH/CNY = Chinese yuan renminbi
COP = Colombian pesos
CZK = Czech korunas
DAC = Designated Activity Company
DKK/DKr = Danish kroner
EGP = Egyptian pounds
EUR/€ = Euros
EURIBOR = Euro Interbank Offered Rate
FRA = Forward Rate Agreement
GBP/£ = British pounds
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/NKr = Norwegian kroner
NZD/NZ$ = New Zealand dollars
PEN = Peruvian nuevos soles
PLN = Polish zloty
Ref. = Refunding
Rev. = Revenue
RON = Romanian leu
RUB = Russian rubles
SEK/SKr = Swedish kronor
SOFR = Secured Overnight Financing Rate
STIBOR = Stockholm Interbank Offered Rate
TBA = To-be-announced
TIIE = Equilibrium Interbank Interest Rate
UAH = Ukrainian hryvnia
USD/$ = U.S. dollars
ZAR = South African rand
See notes to financial statements.
American Funds Insurance Series | 215 |
American High-Income Trust
(formerly High-Income Bond Fund)
Investment portfolio December 31, 2021
Bonds, notes & other debt instruments 91.04% | Principal amount (000) | Value (000) | ||||||
Corporate bonds, notes & loans 91.01% | ||||||||
Consumer discretionary 13.59% | ||||||||
Adient US LLC 9.00% 20251 | $ | 500 | $ | 532 | ||||
Allied Universal Holdco LLC 6.625% 20261 | 858 | 901 | ||||||
Allied Universal Holdco LLC 9.75% 20271 | 976 | 1,044 | ||||||
Allied Universal Holdco LLC 4.625% 20281 | 490 | 491 | ||||||
Allied Universal Holdco LLC 6.00% 20291 | 1,390 | 1,354 | ||||||
Asbury Automotive Group, Inc. 4.625% 20291 | 795 | 811 | ||||||
Asbury Automotive Group, Inc. 5.00% 20321 | 725 | 753 | ||||||
Atlas LuxCo 4 SARL 4.625% 20281 | 280 | 275 | ||||||
Boyd Gaming Corp. 8.625% 20251 | 60 | 64 | ||||||
Boyd Gaming Corp. 4.75% 2027 | 621 | 635 | ||||||
Boyd Gaming Corp. 4.75% 20311 | 895 | 914 | ||||||
Boyne USA, Inc. 4.75% 20291 | 235 | 242 | ||||||
Caesars Entertainment, Inc. 6.25% 20251 | 1,085 | 1,140 | ||||||
Caesars Entertainment, Inc. 4.625% 20291 | 550 | 551 | ||||||
Caesars Resort Collection, LLC 5.75% 20251 | 345 | 361 | ||||||
Carnival Corp. 7.625% 20261 | 975 | 1,023 | ||||||
Carnival Corp. 10.50% 20261 | 1,130 | 1,291 | ||||||
Carnival Corp. 4.00% 20281 | 3,000 | 2,984 | ||||||
Carnival Corp. 6.00% 20291 | 950 | 947 | ||||||
Carvana Co. 5.625% 20251 | 150 | 150 | ||||||
Carvana Co. 5.50% 20271 | 1,671 | 1,656 | ||||||
Carvana Co. 5.875% 20281 | 2,189 | 2,184 | ||||||
Carvana Co. 4.875% 20291 | 2,110 | 2,013 | ||||||
CEC Entertainment, Inc. 6.75% 20261 | 1,150 | 1,128 | ||||||
Dana, Inc. 5.625% 2028 | 345 | 367 | ||||||
Empire Communities Corp. 7.00% 20251 | 475 | 492 | ||||||
Empire Resorts, Inc. 7.75% 20261 | 870 | 875 | ||||||
Everi Holdings, Inc. 5.00% 20291 | 155 | 157 | ||||||
Fertitta Entertainment, Inc. 6.75% 20241 | 2,671 | 2,674 | ||||||
First Student Bidco, Inc. / First Transit Parent, Inc. 4.00% 20291 | 2,985 | 2,906 | ||||||
Foot Locker, Inc. 4.00% 20291 | 535 | 537 | ||||||
Ford Motor Co. 3.25% 2032 | 1,130 | 1,159 | ||||||
Ford Motor Co. 5.291% 2046 | 70 | 82 | ||||||
Ford Motor Credit Company LLC 3.664% 2024 | 500 | 520 | ||||||
Ford Motor Credit Company LLC 5.584% 2024 | 350 | 378 | ||||||
Ford Motor Credit Company LLC 3.375% 2025 | 1,115 | 1,160 | ||||||
Ford Motor Credit Company LLC 5.125% 2025 | 3,835 | 4,176 | ||||||
Ford Motor Credit Company LLC 2.70% 2026 | 750 | 758 | ||||||
Ford Motor Credit Company LLC 4.542% 2026 | 1,460 | 1,587 | ||||||
Ford Motor Credit Company LLC 3.815% 2027 | 2,125 | 2,250 | ||||||
Ford Motor Credit Company LLC 4.125% 2027 | 835 | 902 | ||||||
Ford Motor Credit Company LLC 4.271% 2027 | 525 | 565 | ||||||
Ford Motor Credit Company LLC 2.90% 2028 | 550 | 552 | ||||||
Ford Motor Credit Company LLC 5.113% 2029 | 200 | 228 | ||||||
Ford Motor Credit Company LLC 4.00% 2030 | 1,820 | 1,961 | ||||||
Ford Motor Credit Company LLC 3.625% 2031 | 400 | 422 | ||||||
Full House Resorts, Inc. 8.25% 20281 | 160 | 168 | ||||||
GPS Hospitality Holding Co. LLC 7.00% 20281 | 240 | 218 | ||||||
Group 1 Automotive, Inc. 4.00% 20281 | 485 | 484 | ||||||
Hanesbrands, Inc. 4.625% 20241 | 1,945 | 2,039 | ||||||
Hanesbrands, Inc. 4.875% 20261 | 2,024 | 2,166 | ||||||
Hilton Grand Vacations Borrower 5.00% 20291 | 2,455 | 2,520 | ||||||
Hilton Worldwide Holdings, Inc. 5.375% 20251 | 100 | 104 | ||||||
Hilton Worldwide Holdings, Inc. 3.75% 20291 | 300 | 303 | ||||||
Hilton Worldwide Holdings, Inc. 4.875% 2030 | 508 | 544 | ||||||
Hilton Worldwide Holdings, Inc. 4.00% 20311 | 1,720 | 1,761 | ||||||
International Game Technology PLC 6.50% 20251 | 1,383 | 1,502 | ||||||
International Game Technology PLC 4.125% 20261 | 335 | 345 | ||||||
International Game Technology PLC 5.25% 20291 | 3,380 | 3,587 |
216 | American Funds Insurance Series |
American High-Income Trust (continued)
(formerly High-Income Bond Fund)
Bonds, notes & other debt instruments (continued) | Principal amount (000) | Value (000) | ||||||
Corporate bonds, notes & loans (continued) | ||||||||
Consumer discretionary (continued) | ||||||||
KB Home 6.875% 2027 | $ | 330 | $ | 387 | ||||
Kontoor Brands, Inc. 4.125% 20291 | 370 | 371 | ||||||
Landry’s Finance Acquisition Co., Term Loan, (3-month USD-LIBOR + 12.00%) 13.00% 20232,3 | 17 | 19 | ||||||
Lennar Corp. 4.50% 2024 | 40 | 43 | ||||||
Levi Strauss & Co. 3.50% 20311 | 430 | 439 | ||||||
Limited Brands, Inc. 6.625% 20301 | 370 | 420 | ||||||
Limited Brands, Inc. 6.875% 2035 | 786 | 978 | ||||||
Limited Brands, Inc. 6.75% 2036 | 655 | 810 | ||||||
Lithia Motors, Inc. 4.625% 20271 | 100 | 105 | ||||||
Lithia Motors, Inc. 3.875% 20291 | 505 | 516 | ||||||
Lithia Motors, Inc. 4.375% 20311 | 475 | 508 | ||||||
LSF9 Atlantis Holdings LLC / Victra Finance Corp. 7.75% 20261 | 195 | 197 | ||||||
M.D.C. Holdings, Inc. 6.00% 2043 | 823 | 1,042 | ||||||
Marriott Ownership Resorts, Inc. 4.50% 20291 | 490 | 494 | ||||||
Melco International Development, Ltd. 5.75% 20281 | 1,370 | 1,380 | ||||||
Melco International Development, Ltd. 5.375% 20291 | 1,956 | 1,900 | ||||||
Melco Resorts Finance, Ltd. 5.25% 20261 | 300 | 297 | ||||||
Merlin Entertainment 5.75% 20261 | 792 | 825 | ||||||
MGM Growth Properties LLC 5.625% 2024 | 557 | 596 | ||||||
MGM Growth Properties LLC 4.625% 20251 | 900 | 961 | ||||||
MGM Growth Properties LLC 3.875% 20291 | 1,400 | 1,472 | ||||||
MGM Resorts International 6.00% 2023 | 281 | 294 | ||||||
MGM Resorts International 5.50% 2027 | 401 | 427 | ||||||
Midas Intermediate Holdco II, LLC 7.875% 20221 | 160 | 161 | ||||||
Midas Intermediate Holdco II, LLC, Term Loan B, (3-month USD-LIBOR + 6.75%) 4.00% PIK and 4.50% Cash 20252,3,4 | 2,345 | 2,247 | ||||||
Mohegan Gaming & Entertainment 8.00% 20261 | 1,340 | 1,409 | ||||||
Motel 6 Operating LP, Term Loan B, (1-month USD-LIBOR + 5.00%) 5.75% 20262,3 | 613 | 619 | ||||||
NCL Corp., Ltd. 3.625% 20241 | 650 | 614 | ||||||
NCL Corp., Ltd. 5.875% 20261 | 475 | 474 | ||||||
Neiman Marcus Group, LLC 7.125% 20261 | 2,905 | 3,088 | ||||||
Newell Brands, Inc. 5.875% 20365 | 30 | 37 | ||||||
Newell Rubbermaid, Inc. 4.875% 2025 | 445 | 486 | ||||||
Norwegian Cruise Line Holdings, Ltd. 10.25% 20261 | 179 | 208 | ||||||
Panther BF Aggregator 2, LP 6.25% 20261 | 140 | 147 | ||||||
Panther BF Aggregator 2, LP 8.50% 20271 | 340 | 361 | ||||||
Party City Holdings, Inc. 6.625% 20261 | 500 | 428 | ||||||
Party City Holdings, Inc. 8.75% 20261 | 3,600 | 3,721 | ||||||
Penske Automotive Group, Inc., 3.75% 2029 | 340 | 338 | ||||||
Playa Resorts Holding BV, Term Loan B, (3-month USD-LIBOR + 2.75%) 3.75% 20242,3 | 822 | 803 | ||||||
Premier Entertainment Sub LLC 5.625% 20291 | 2,000 | 1,987 | ||||||
Premier Entertainment Sub LLC 5.875% 20311 | 1,905 | 1,915 | ||||||
QVC, Inc. 4.375% 2028 | 200 | 199 | ||||||
Raptor Acquisition Corp. 4.875% 20261 | 690 | 698 | ||||||
Real Hero Merger Sub 2, Inc. 6.25% 20291 | 430 | 430 | ||||||
Royal Caribbean Cruises, Ltd. 10.875% 20231 | 325 | 355 | ||||||
Royal Caribbean Cruises, Ltd. 11.50% 20251 | 1,881 | 2,109 | ||||||
Royal Caribbean Cruises, Ltd. 4.25% 20261 | 2,110 | 2,046 | ||||||
Royal Caribbean Cruises, Ltd. 5.50% 20261 | 545 | 555 | ||||||
Royal Caribbean Cruises, Ltd. 3.70% 2028 | 60 | 56 | ||||||
Royal Caribbean Cruises, Ltd. 5.50% 20281 | 70 | 71 | ||||||
Sally Holdings LLC and Sally Capital, Inc. 8.75% 20251 | 1,959 | 2,088 | ||||||
Scientific Games Corp. 5.00% 20251 | 91 | 94 | ||||||
Scientific Games Corp. 8.625% 20251 | 1,675 | 1,790 | ||||||
Scientific Games Corp. 8.25% 20261 | 2,409 | 2,539 | ||||||
Scientific Games Corp. 7.00% 20281 | 455 | 485 | ||||||
Scientific Games Corp. 7.25% 20291 | 1,980 | 2,211 | ||||||
Sonic Automotive, Inc. 4.625% 20291 | 1,725 | 1,744 |
American Funds Insurance Series | 217 |
American High-Income Trust (continued)
(formerly High-Income Bond Fund)
Bonds, notes & other debt instruments (continued) | Principal amount (000) | Value (000) | ||||||
Corporate bonds, notes & loans (continued) | ||||||||
Consumer discretionary (continued) | ||||||||
Sonic Automotive, Inc. 4.875% 20311 | $ | 1,380 | $ | 1,395 | ||||
Staples, Inc. 7.50% 20261 | 421 | 433 | ||||||
Studio City Finance, Ltd. 5.00% 20291 | 650 | 583 | ||||||
Tempur Sealy International, Inc. 4.00% 20291 | 485 | 494 | ||||||
Tempur Sealy International, Inc. 3.875% 20311 | 1,460 | 1,465 | ||||||
The Gap, Inc. 3.625% 20291 | 170 | 168 | ||||||
The Gap, Inc. 3.875% 20311 | 108 | 107 | ||||||
The Home Co., Inc. 7.25% 20251 | 725 | 742 | ||||||
Thor Industries, Inc. 4.00% 20291 | 420 | 416 | ||||||
TopBuild Corp. 4.125% 20321 | 500 | 514 | ||||||
Travel + Leisure Co. 6.60% 20255 | 50 | 56 | ||||||
Travel + Leisure Co. 6.00% 2027 | 350 | 382 | ||||||
Travel + Leisure Co. 4.50% 20291 | 1,980 | 2,000 | ||||||
Truck Hero, Inc., Term Loan B, (3-month USD-LIBOR + 3.25%) 4.00% 20282,3 | 529 | 528 | ||||||
Universal Entertainment Corp. 8.50% 20241 | 2,595 | 2,736 | ||||||
Vail Resorts, Inc. 6.25% 20251 | 315 | 328 | ||||||
VICI Properties LP 4.25% 20261 | 962 | 1,003 | ||||||
VICI Properties LP 4.625% 20291 | 1,385 | 1,476 | ||||||
VICI Properties LP / VICI Note Co., Inc. 3.50% 20251 | 851 | 865 | ||||||
VICI Properties LP / VICI Note Co., Inc. 3.75% 20271 | 379 | 392 | ||||||
VICI Properties LP / VICI Note Co., Inc. 4.125% 20301 | 3,124 | 3,309 | ||||||
WASH Multifamily Acquisition, Inc. 5.75% 20261 | 405 | 426 | ||||||
Wheel Pros, Inc. 6.50% 20291 | 820 | 788 | ||||||
Wheel Pros, Inc., Term Loan, (3-month USD-LIBOR + 4.50%) 5.25% 20282,3 | 958 | 957 | ||||||
Wyndham Destinations, Inc. 6.625% 20261 | 525 | 583 | ||||||
Wyndham Destinations, Inc. 4.625% 20301 | 400 | 403 | ||||||
Wyndham Worldwide Corp. 4.375% 20281 | 1,490 | 1,537 | ||||||
Wynn Las Vegas, LLC and Wynn Capital Corp. 4.25% 20231 | 861 | 868 | ||||||
Wynn Las Vegas, LLC and Wynn Capital Corp. 5.50% 20251 | 200 | 206 | ||||||
Wynn Macau, Ltd. 5.125% 20291 | 750 | 683 | ||||||
Wynn Resorts, Ltd. 7.75% 20251 | 494 | 519 | ||||||
Wynn Resorts, Ltd. 5.125% 20291 | 852 | 866 | ||||||
Yahoo Holdings, Inc., Term Loan B, (1-month USD-LIBOR + 5.50%) 6.25% 20272,3 | 925 | 928 | ||||||
143,043 | ||||||||
Energy 13.36% | ||||||||
Aethon United BR LP / Aethon United Finance Corp. 8.25% 20261 | 425 | 457 | ||||||
Antero Midstream Partners LP 5.375% 20291 | 570 | 602 | ||||||
Antero Resources Corp. 7.625% 20291 | 417 | 464 | ||||||
Antero Resources Corp. 5.375% 20301 | 720 | 771 | ||||||
Apache Corp. 4.625% 2025 | 420 | 451 | ||||||
Apache Corp. 4.875% 2027 | 875 | 955 | ||||||
Apache Corp. 6.00% 2037 | 165 | 202 | ||||||
Apache Corp. 5.10% 2040 | 695 | 786 | ||||||
Apache Corp. 4.75% 2043 | 265 | 292 | ||||||
Ascent Resources - Utica LLC 7.00% 20261 | 1,640 | 1,665 | ||||||
Ascent Resources - Utica LLC 9.00% 20271 | 170 | 228 | ||||||
Ascent Resources - Utica LLC 8.25% 20281 | 271 | 283 | ||||||
Ascent Resources - Utica LLC 5.875% 20291 | 1,105 | 1,065 | ||||||
Ascent Resources - Utica LLC, Term Loan, (3-month USD-LIBOR + 9.00%) 10.00% 20251,2,3 | 228 | 247 | ||||||
Blue Racer Midstream LLC and Blue Racer Finance Corp. 7.625% 20251 | 676 | 717 | ||||||
Bonanza Creek Energy, Inc. 5.00% 20261 | 735 | 743 | ||||||
California Resources Corp. 7.125% 20261 | 290 | 302 | ||||||
Cenovus Energy, Inc. 5.375% 2025 | 246 | 272 | ||||||
Cenovus Energy, Inc. 5.40% 2047 | 400 | 499 | ||||||
Centennial Resource Production, LLC 6.875% 20271 | 440 | 449 | ||||||
Cheniere Energy Partners LP 4.50% 2029 | 938 | 996 | ||||||
Cheniere Energy Partners LP 4.00% 2031 | 2,323 | 2,440 |
218 | American Funds Insurance Series |
American High-Income Trust (continued)
(formerly High-Income Bond Fund)
Bonds, notes & other debt instruments (continued) | Principal amount (000) | Value (000) | ||||||
Corporate bonds, notes & loans (continued) | ||||||||
Energy (continued) | ||||||||
Cheniere Energy Partners LP 3.25% 20321 | $ | 1,105 | $ | 1,118 | ||||
Cheniere Energy, Inc. 7.00% 2024 | 319 | 353 | ||||||
Cheniere Energy, Inc. 5.875% 2025 | 495 | 549 | ||||||
Cheniere Energy, Inc. 4.625% 2028 | 5,311 | 5,658 | ||||||
Chesapeake Energy Corp. 4.875% 20226 | 4,300 | 86 | ||||||
Chesapeake Energy Corp. 5.50% 20261 | 1,185 | 1,249 | ||||||
Chesapeake Energy Corp. 5.875% 20291 | 1,020 | 1,093 | ||||||
CNX Midstream Partners LP 4.75% 20301 | 210 | 210 | ||||||
CNX Resources Corp. 7.25% 20271 | 1,478 | 1,569 | ||||||
CNX Resources Corp. 6.00% 20291 | 1,345 | 1,401 | ||||||
Comstock Resources, Inc. 6.75% 20291 | 785 | 853 | ||||||
Comstock Resources, Inc. 5.875% 20301 | 1,120 | 1,150 | ||||||
Constellation Oil Services Holding SA 10.00% PIK 20241,4,6 | 7,784 | 2,436 | ||||||
Continental Resources, Inc. 5.75% 20311 | 865 | 1,020 | ||||||
Convey Park Energy LLC 7.50% 20251 | 417 | 432 | ||||||
CQP Holdco LP / BIP-V Chinook Holdco LLC 5.50% 20311 | 2,860 | 2,990 | ||||||
Crestwood Midstream Partners LP 6.00% 20291 | 575 | 598 | ||||||
Devon Energy Corp. 5.875% 2028 | 202 | 219 | ||||||
Devon Energy Corp. 4.50% 2030 | 493 | 529 | ||||||
Diamond Foreign Asset Co. / Diamond Finance, LLC 9.00% Cash 20271,3,4 | 68 | 67 | ||||||
Diamond Foreign Asset Co. / Diamond Finance, LLC 9.00% Cash 20273,4 | 62 | 61 | ||||||
DT Midstream, Inc. 4.125% 20291 | 1,750 | 1,794 | ||||||
DT Midstream, Inc. 4.375% 20311 | 785 | 818 | ||||||
Encino Acquisition Partners Holdings, LLC 8.50% 20281 | 50 | 52 | ||||||
Endeavor Energy Resources LP 6.625% 20251 | 850 | 900 | ||||||
Energean Israel Finance, Ltd. 4.50% 20241 | 945 | 952 | ||||||
Energean Israel Finance, Ltd. 4.875% 20261 | 800 | 796 | ||||||
Energean PLC 6.50% 20271 | 580 | 578 | ||||||
Energy Transfer Operating LP 5.00% 2050 | 1,529 | 1,764 | ||||||
EnLink Midstream Partners, LLC 5.625% 20281 | 660 | 687 | ||||||
EQM Midstream Partners LP 4.75% 2023 | 400 | 416 | ||||||
EQM Midstream Partners LP 4.125% 2026 | 127 | 130 | ||||||
EQM Midstream Partners LP 6.50% 20271 | 2,365 | 2,652 | ||||||
EQM Midstream Partners LP 5.50% 2028 | 1,231 | 1,347 | ||||||
EQM Midstream Partners LP 4.50% 20291 | 835 | 870 | ||||||
EQM Midstream Partners LP 4.75% 20311 | 1,155 | 1,223 | ||||||
EQM Midstream Partners LP 6.50% 2048 | 100 | 122 | ||||||
EQT Corp. 6.625% 20255 | 630 | 711 | ||||||
EQT Corp. 3.90% 2027 | 125 | 134 | ||||||
EQT Corp. 5.00% 2029 | 480 | 532 | ||||||
EQT Corp. 7.50% 20305 | 400 | 515 | ||||||
EQT Corp. 3.625% 20311 | 500 | 520 | ||||||
Genesis Energy, LP 5.625% 2024 | 120 | 119 | ||||||
Genesis Energy, LP 6.50% 2025 | 1,735 | 1,715 | ||||||
Genesis Energy, LP 6.25% 2026 | 180 | 176 | ||||||
Genesis Energy, LP 8.00% 2027 | 2,663 | 2,747 | ||||||
Guara Norte SARL 5.198% 20341 | 579 | 569 | ||||||
Harbour Energy PLC 5.50% 20261 | 1,295 | 1,287 | ||||||
Harvest Midstream I, LP 7.50% 20281 | 1,867 | 2,000 | ||||||
Hess Midstream Operations LP 4.25% 20301 | 1,400 | 1,392 | ||||||
Hess Midstream Partners LP 5.125% 20281 | 687 | 716 | ||||||
Hilcorp Energy I, LP 6.25% 20281 | 145 | 153 | ||||||
Hilcorp Energy I, LP 5.75% 20291 | 790 | 815 | ||||||
Hilcorp Energy I, LP 6.00% 20311 | 650 | 674 | ||||||
Howard Midstream Energy Partners, LLC 6.75% 20271 | 460 | 472 | ||||||
Independence Energy Finance LLC 7.25% 20261 | 500 | 520 | ||||||
Lealand Finance Company BV, Term Loan, (3-month USD-LIBOR + 3.00%) 3.09% 20242,3 | 12 | 7 |
American Funds Insurance Series | 219 |
American High-Income Trust (continued)
(formerly High-Income Bond Fund)
Bonds, notes & other debt instruments (continued) | Principal amount (000) | Value (000) | ||||||
Corporate bonds, notes & loans (continued) | ||||||||
Energy (continued) | ||||||||
Lealand Finance Company BV, Term Loan, (3-month USD-LIBOR + 1.00%) 3.00% PIK and 1.09% Cash 20252,3,4 | $ | 151 | $ | 68 | ||||
Murphy Oil Corp. 6.875% 2024 | 335 | 342 | ||||||
Murphy Oil Corp. 5.75% 2025 | 250 | 257 | ||||||
Murphy Oil Corp. 6.375% 2028 | 415 | 442 | ||||||
Murphy Oil USA, Inc. 3.75% 20311 | 200 | 199 | ||||||
Nabors Industries, Inc. 5.75% 2025 | 355 | 329 | ||||||
Nabors Industries, Inc. 7.375% 20271 | 1,470 | 1,523 | ||||||
Neptune Energy Group Holdings, Ltd. 6.625% 20251 | 850 | 870 | ||||||
New Fortress Energy, Inc. 6.75% 20251 | 1,290 | 1,305 | ||||||
New Fortress Energy, Inc. 6.50% 20261 | 3,395 | 3,373 | ||||||
NGL Energy Operating LLC 7.50% 20261 | 7,705 | 7,956 | ||||||
NGL Energy Partners LP 7.50% 2023 | 414 | 408 | ||||||
NGL Energy Partners LP 6.125% 2025 | 2,229 | 1,908 | ||||||
Northern Oil and Gas, Inc. 8.125% 20281 | 2,055 | 2,171 | ||||||
NorthRiver Midstream Finance LP 5.625% 20261 | 625 | 651 | ||||||
NuStar Logistics LP 6.00% 2026 | 286 | 311 | ||||||
Oasis Midstream Partners LP / OMP Finance Corp. 8.00% 20291 | 1,845 | 2,014 | ||||||
Oasis Petroleum, Inc. 6.375% 20261 | 1,087 | 1,143 | ||||||
Occidental Petroleum Corp. 5.875% 2025 | 710 | 784 | ||||||
Occidental Petroleum Corp. 8.00% 2025 | 1,400 | 1,636 | ||||||
Occidental Petroleum Corp. 3.50% 2029 | 310 | 319 | ||||||
Occidental Petroleum Corp. 6.625% 2030 | 810 | 1,004 | ||||||
Occidental Petroleum Corp. 8.875% 2030 | 300 | 405 | ||||||
Occidental Petroleum Corp. 6.125% 2031 | 530 | 645 | ||||||
Occidental Petroleum Corp. 4.20% 2048 | 165 | 165 | ||||||
Parkland Corp. 4.625% 20301 | 835 | 831 | ||||||
PDC Energy, Inc. 5.75% 2026 | 1,100 | 1,138 | ||||||
Petróleos Mexicanos 6.875% 20251 | 350 | 383 | ||||||
Petróleos Mexicanos 5.35% 2028 | 449 | 447 | ||||||
Petróleos Mexicanos 7.69% 2050 | 651 | 629 | ||||||
Petrorio Luxembourg SARL 6.125% 20261 | 320 | 321 | ||||||
Precision Drilling Corp. 6.875% 20291 | 160 | 163 | ||||||
Range Resources Corp. 4.875% 2025 | 642 | 664 | ||||||
Range Resources Corp. 8.25% 2029 | 850 | 949 | ||||||
Rattler Midstream Partners LP 5.625% 20251 | 955 | 994 | ||||||
Rockcliff Energy II LLC 5.50% 20291 | 440 | 454 | ||||||
Rockies Express Pipeline LLC 4.95% 20291 | 1,000 | 1,066 | ||||||
Sabine Pass Liquefaction, LLC 4.50% 2030 | 586 | 662 | ||||||
Sanchez Energy Corp. 7.25% 20231,6 | 739 | 29 | ||||||
SM Energy Co. 6.50% 2028 | 220 | 228 | ||||||
Southwestern Energy Co. 6.45% 2025 (6.20% on 1/23/2022)5 | 715 | 787 | ||||||
Southwestern Energy Co. 7.75% 2027 | 272 | 294 | ||||||
Southwestern Energy Co. 8.375% 2028 | 565 | 631 | ||||||
Southwestern Energy Co. 5.375% 2029 | 340 | 360 | ||||||
Southwestern Energy Co. 5.375% 2030 | 2,220 | 2,383 | ||||||
Southwestern Energy Co. 4.75% 2032 | 1,255 | 1,324 | ||||||
Suburban Propane Partners LP / Suburban Energy Finance Corp. 5.00% 20311 | 335 | 339 | ||||||
Summit Midstream Holdings / Summit Midstream Finance Corp. 8.50% 20261 | 555 | 579 | ||||||
Sunoco LP 6.00% 2027 | 547 | 571 | ||||||
Sunoco LP 4.50% 2029 | 1,680 | 1,709 | ||||||
Sunoco LP 4.50% 20301 | 1,680 | 1,724 | ||||||
Superior Plus LP and Superior General Partner, Inc. 4.50% 20291 | 690 | 710 | ||||||
Tallgrass Energy Partners, LP 7.50% 20251 | 230 | 249 | ||||||
Targa Resources Partners LP 5.875% 2026 | 171 | 179 | ||||||
Targa Resources Partners LP 6.50% 2027 | 133 | 143 | ||||||
Targa Resources Partners LP 6.875% 2029 | 985 | 1,103 | ||||||
Targa Resources Partners LP 5.50% 2030 | 802 | 878 | ||||||
Targa Resources Partners LP 4.875% 2031 | 1,620 | 1,762 |
220 | American Funds Insurance Series |
American High-Income Trust (continued)
(formerly High-Income Bond Fund)
Bonds, notes & other debt instruments (continued) | Principal amount (000) | Value (000) | ||||||
Corporate bonds, notes & loans (continued) | ||||||||
Energy (continued) | ||||||||
Targa Resources Partners LP 4.00% 20321 | $ | 550 | $ | 576 | ||||
Teekay Corp. 9.25% 20221 | 683 | 701 | ||||||
Teekay Offshore Partners LP 8.50% 20231,7,8 | 2,009 | 1,828 | ||||||
Transocean Guardian, Ltd. 5.875% 20241 | 379 | 359 | ||||||
Transocean Poseidon, Ltd. 6.875% 20271 | 385 | 372 | ||||||
Transocean, Inc. 7.25% 20251 | 500 | 386 | ||||||
Transocean, Inc. 8.00% 20271 | 550 | 397 | ||||||
USA Compression Partners, LP 6.875% 2026 | 264 | 275 | ||||||
USA Compression Partners, LP 6.875% 2027 | 247 | 261 | ||||||
Venture Global Calcasieu Pass, LLC 4.125% 20311 | 2,695 | 2,861 | ||||||
Venture Global Calcasieu Pass, LLC 3.875% 20331 | 650 | 682 | ||||||
Weatherford International, Ltd. 11.00% 20241 | 445 | 459 | ||||||
Weatherford International, Ltd. 6.50% 20281 | 1,960 | 2,077 | ||||||
Weatherford International, Ltd. 8.625% 20301 | 2,120 | 2,204 | ||||||
Western Gas Partners LP 4.50% 2028 | 1,374 | 1,498 | ||||||
Western Midstream Operating, LP 4.35% 2025 (4.10% on 2/1/2022)5 | 369 | 386 | ||||||
Western Midstream Operating, LP 4.75% 2028 | 160 | 177 | ||||||
Western Midstream Operating, LP 5.30% 2030 (5.05% on 2/1/2022)5 | 400 | 440 | ||||||
Western Midstream Operating, LP 6.50% 2050 (6.25% on 2/1/2022)5 | 290 | 343 | ||||||
140,595 | ||||||||
Communication services 12.70% | ||||||||
Allen Media, LLC 10.50% 20281 | 50 | 52 | ||||||
Altice France SA 5.125% 20291 | 2,547 | 2,489 | ||||||
Beasley Mezzanine Holdings, LLC 8.625% 20261 | 475 | 470 | ||||||
Brightstar Escrow Corp. 9.75% 20251 | 1,095 | 1,176 | ||||||
CCO Holdings LLC and CCO Holdings Capital Corp. 5.50% 20261 | 132 | 136 | ||||||
CCO Holdings LLC and CCO Holdings Capital Corp. 5.00% 20281 | 96 | 100 | ||||||
CCO Holdings LLC and CCO Holdings Capital Corp. 5.375% 20291 | 100 | 108 | ||||||
CCO Holdings LLC and CCO Holdings Capital Corp. 4.50% 20301 | 3,604 | 3,695 | ||||||
CCO Holdings LLC and CCO Holdings Capital Corp. 4.75% 20301 | 3,137 | 3,268 | ||||||
CCO Holdings LLC and CCO Holdings Capital Corp. 2.80% 2031 | 140 | 139 | ||||||
CCO Holdings LLC and CCO Holdings Capital Corp. 4.25% 20311 | 3,285 | 3,321 | ||||||
CCO Holdings LLC and CCO Holdings Capital Corp. 4.50% 2032 | 1,024 | 1,055 | ||||||
CCO Holdings LLC and CCO Holdings Capital Corp. 4.50% 20331 | 1,210 | 1,236 | ||||||
CCO Holdings LLC and CCO Holdings Capital Corp. 4.25% 20341 | 750 | 739 | ||||||
Centerfield Media Parent, Inc. 6.625% 20261 | 1,160 | 1,164 | ||||||
CenturyLink, Inc. 6.75% 2023 | 1,480 | 1,600 | ||||||
CenturyLink, Inc. 4.00% 20271 | 750 | 762 | ||||||
Cinemark USA, Inc. 5.875% 20261 | 188 | 191 | ||||||
Clear Channel Worldwide Holdings, Inc. 7.75% 20281 | 570 | 611 | ||||||
Clear Channel Worldwide Holdings, Inc. 7.50% 20291 | 380 | 406 | ||||||
Cogent Communications Group, Inc. 3.50% 20261 | 700 | 712 | ||||||
Consolidated Communications, Inc. 5.00% 20281 | 225 | 228 | ||||||
CSC Holdings, LLC 3.375% 20311 | 500 | 469 | ||||||
Diamond Sports Group LLC 5.375% 20261 | 1,573 | 788 | ||||||
Diamond Sports Group LLC 6.625% 20271 | 1,056 | 298 | ||||||
DIRECTV Financing, LLC, Term Loan, (3-month USD-LIBOR + 5.00%) 5.75% 20272,3 | 1,823 | 1,827 | ||||||
DIRECTV Holdings LLC and DIRECTV Financing Co., Inc. 5.875% 20271 | 2,920 | 2,994 | ||||||
DISH DBS Corp. 5.25% 20261 | 490 | 499 | ||||||
DISH DBS Corp. 5.125% 2029 | 900 | 820 | ||||||
Embarq Corp. 7.995% 2036 | 2,102 | 2,358 | ||||||
Epicor Software Corp., Term Loan C, (3-month USD-LIBOR + 3.25%) 4.00% 20272,3 | 74 | 74 | ||||||
Epicor Software Corp., Term Loan, (3-month USD-LIBOR + 7.75%) 8.75% 20282,3 | 525 | 539 | ||||||
Front Range BidCo, Inc. 6.125% 20281 | 839 | 828 | ||||||
Frontier Communications Corp. 5.875% 20271 | 1,550 | 1,642 | ||||||
Frontier Communications Corp. 5.00% 20281 | 4,030 | 4,158 | ||||||
Frontier Communications Corp. 6.75% 20291 | 2,010 | 2,093 | ||||||
Frontier Communications Holdings, LLC 5.875% 2029 | 1,390 | 1,392 |
American Funds Insurance Series | 221 |
American High-Income Trust (continued)
(formerly High-Income Bond Fund)
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% 20301 | $ | 750 | $ | 755 | ||||
Gannett Holdings, LLC 6.00% 20261 | 500 | 511 | ||||||
Gray Escrow II, Inc. 5.375% 20311 | 1,350 | 1,391 | ||||||
Gray Television, Inc. 7.00% 20271 | 828 | 886 | ||||||
Gray Television, Inc. 4.75% 20301 | 250 | 249 | ||||||
iHeartCommunications, Inc. 5.25% 20271 | 1,445 | 1,504 | ||||||
Inmarsat PLC 6.75% 20261 | 1,475 | 1,553 | ||||||
Intelsat Jackson Holding Co. 8.00% 20241 | 1,675 | 1,703 | ||||||
Intelsat Jackson Holding Co. 8.50% 20241,6 | 1,050 | 482 | ||||||
Intelsat Jackson Holding Co., Term Loan, (3-month USD-LIBOR + 4.75%) 5.75% 20222,3 | 1,010 | 1,014 | ||||||
Intelsat Jackson Holding Co., Term Loan, 6.625% 20242 | 3,900 | 3,908 | ||||||
Kantar Group LLC, Term Loan B2, (3-month USD-LIBOR + 4.50%) 5.25% 20262,3 | 389 | 389 | ||||||
Lamar Media Corp. 3.75% 2028 | 61 | 61 | ||||||
Lamar Media Corp. 4.875% 2029 | 300 | 314 | ||||||
Lamar Media Corp. 4.00% 2030 | 260 | 264 | ||||||
Lamar Media Corp. 3.625% 2031 | 125 | 122 | ||||||
Level 3 Financing, Inc. 3.75% 20291 | 550 | 523 | ||||||
Ligado Networks LLC 15.50% PIK 20231,4 | 1,649 | 1,338 | ||||||
Ligado Networks LLC 17.50% PIK 20241,4 | 267 | 126 | ||||||
Live Nation Entertainment, Inc. 3.75% 20281 | 425 | 423 | ||||||
Mav Acquisition Corp. 5.75% 20281 | 520 | 516 | ||||||
Midas OpCo Holdings LLC 5.625% 20291 | 3,300 | 3,384 | ||||||
Netflix, Inc. 4.875% 2028 | 635 | 725 | ||||||
Netflix, Inc. 5.375% 20291 | 50 | 59 | ||||||
Netflix, Inc. 4.875% 20301 | 674 | 787 | ||||||
News Corp. 3.875% 20291 | 1,200 | 1,214 | ||||||
Nexstar Broadcasting, Inc. 4.75% 20281 | 2,400 | 2,449 | ||||||
Nexstar Escrow Corp. 5.625% 20271 | 789 | 833 | ||||||
Qwest Capital Funding, Inc. 6.875% 2028 | 860 | 916 | ||||||
Scripps Escrow II, Inc. 3.875% 20291 | 750 | 750 | ||||||
Sinclair Television Group, Inc. 5.125% 20271 | 195 | 189 | ||||||
Sinclair Television Group, Inc. 4.125% 20301 | 1,550 | 1,471 | ||||||
Sirius XM Radio, Inc. 3.125% 20261 | 2,100 | 2,103 | ||||||
Sirius XM Radio, Inc. 4.00% 20281 | 2,475 | 2,493 | ||||||
Sirius XM Radio, Inc. 4.125% 20301 | 445 | 446 | ||||||
Sirius XM Radio, Inc. 3.875% 20311 | 2,400 | 2,357 | ||||||
Sprint Corp. 7.625% 2026 | 1,450 | 1,743 | ||||||
Sprint Corp. 6.875% 2028 | 7,396 | 9,368 | ||||||
Sprint Corp. 8.75% 2032 | 5,791 | 8,696 | ||||||
Summer (BC) BidCo B LLC 5.50% 20261 | 365 | 374 | ||||||
TEGNA, Inc. 4.75% 20261 | 650 | 677 | ||||||
TEGNA, Inc. 4.625% 2028 | 478 | 484 | ||||||
TEGNA, Inc. 5.00% 2029 | 936 | 959 | ||||||
T-Mobile US, Inc. 2.625% 2026 | 1,000 | 1,006 | ||||||
T-Mobile US, Inc. 3.375% 20291 | 1,750 | 1,786 | ||||||
T-Mobile US, Inc. 2.875% 2031 | 460 | 455 | ||||||
Trilogy International South Pacific LLC / TISP Finance, Inc. 8.875% 20231 | 5,096 | 4,980 | ||||||
Univision Communications, Inc. 5.125% 20251 | 3,195 | 3,231 | ||||||
Univision Communications, Inc. 6.625% 20271 | 3,050 | 3,289 | ||||||
Univision Communications, Inc. 4.50% 20291 | 5,000 | 5,059 | ||||||
UPC Broadband Finco BV 4.875% 20311 | 650 | 664 | ||||||
Virgin Media O2 4.25% 20311 | 2,625 | 2,577 | ||||||
Virgin Media Secured Finance PLC 4.50% 20301 | 990 | 998 | ||||||
VMED O2 UK Financing I PLC 4.75% 20311 | 200 | 203 | ||||||
Warner Music Group 3.75% 20291 | 700 | 699 | ||||||
Warner Music Group 3.875% 20301 | 850 | 865 |
222 | American Funds Insurance Series |
American High-Income Trust (continued)
(formerly High-Income Bond Fund)
Bonds, notes & other debt instruments (continued) | Principal amount (000) | Value (000) | ||||||
Corporate bonds, notes & loans (continued) | ||||||||
Communication services (continued) | ||||||||
Ziggo Bond Co. BV 5.125% 20301 | $ | 419 | $ | 422 | ||||
Ziggo Bond Finance BV 5.50% 20271 | 824 | 848 | ||||||
Ziggo Bond Finance BV 4.875% 20301 | 1,550 | 1,592 | ||||||
133,620 | ||||||||
Health care 11.16% | ||||||||
AdaptHealth, LLC 5.125% 20301 | 725 | 739 | ||||||
Auris Luxembourg III SARL, Term Loan, (3-month USD-LIBOR + 3.75%) 3.854% 20262,3 | 836 | 831 | ||||||
Avantor Funding, Inc. 4.625% 20281 | 1,910 | 1,994 | ||||||
Avantor Funding, Inc. 3.875% 20291 | 500 | 506 | ||||||
Bausch Health Companies, Inc. 9.25% 20261 | 2,644 | 2,796 | ||||||
Bausch Health Companies, Inc. 5.75% 20271 | 1,000 | 1,039 | ||||||
Bausch Health Companies, Inc. 4.875% 20281 | 2,445 | 2,498 | ||||||
Bausch Health Companies, Inc. 5.00% 20281 | 987 | 910 | ||||||
Bausch Health Companies, Inc. 7.00% 20281 | 553 | 551 | ||||||
Bausch Health Companies, Inc. 5.00% 20291 | 375 | 332 | ||||||
Bausch Health Companies, Inc. 6.25% 20291 | 815 | 776 | ||||||
Bausch Health Companies, Inc. 7.25% 20291 | 260 | 258 | ||||||
Bausch Health Companies, Inc. 5.25% 20301 | 852 | 751 | ||||||
Bausch Health Companies, Inc. 5.25% 20311 | 3,615 | 3,182 | ||||||
Catalent Pharma Solutions, Inc. 5.00% 20271 | 53 | 55 | ||||||
Catalent Pharma Solutions, Inc. 3.125% 20291 | 285 | 282 | ||||||
Catalent Pharma Solutions, Inc. 3.50% 20301 | 670 | 669 | ||||||
Centene Corp. 4.25% 2027 | 584 | 610 | ||||||
Centene Corp. 2.45% 2028 | 3,890 | 3,838 | ||||||
Centene Corp. 4.625% 2029 | 4,305 | 4,650 | ||||||
Centene Corp. 3.00% 2030 | 2,530 | 2,576 | ||||||
Centene Corp. 3.375% 2030 | 842 | 859 | ||||||
Centene Corp. 2.50% 2031 | 1,485 | 1,448 | ||||||
Centene Corp. 2.625% 2031 | 970 | 952 | ||||||
Charles River Laboratories International, Inc. 4.25% 20281 | 241 | 251 | ||||||
Charles River Laboratories International, Inc. 3.75% 20291 | 680 | 688 | ||||||
Community Health Systems, Inc. 5.625% 20271 | 730 | 773 | ||||||
Community Health Systems, Inc. 6.00% 20291 | 653 | 697 | ||||||
DaVita, Inc. 4.625% 20301 | 1,200 | 1,231 | ||||||
Encompass Health Corp. 4.50% 2028 | 496 | 511 | ||||||
Encompass Health Corp. 4.75% 2030 | 285 | 294 | ||||||
Endo DAC / Endo Finance LLC / Endo Finco 9.50% 20271 | 954 | 972 | ||||||
Endo DAC / Endo Finance LLC / Endo Finco 6.00% 20281 | 1,558 | 1,163 | ||||||
Endo International PLC 5.75% 20221 | 2,777 | 2,531 | ||||||
Endo International PLC 5.875% 20241 | 1,300 | 1,281 | ||||||
Endo Luxembourg Finance Co. I SARL / Endo U.S., Inc. 6.125% 20291 | 1,390 | 1,365 | ||||||
Grifols Escrow Issuer SA 4.75% 20281 | 700 | 715 | ||||||
HCA, Inc. 5.875% 2026 | 321 | 362 | ||||||
HCA, Inc. 5.625% 2028 | 1,565 | 1,831 | ||||||
HCA, Inc. 5.875% 2029 | 750 | 895 | ||||||
HCA, Inc. 3.50% 2030 | 1,650 | 1,747 | ||||||
HCA, Inc. 5.50% 2047 | 128 | 168 | ||||||
HCA, Inc. 5.25% 2049 | 475 | 611 | ||||||
HCA, Inc. 7.50% 2095 | 250 | 366 | ||||||
HealthEquity, Inc. 4.50% 20291 | 730 | 724 | ||||||
IMS Health Holdings, Inc. 5.00% 20261 | 823 | 846 | ||||||
Jazz Securities DAC 4.375% 20291 | 1,256 | 1,303 | ||||||
Mallinckrodt International Finance SA 5.50% 20251,6 | 1,118 | 610 | ||||||
Mallinckrodt PLC 5.75% 20221,6 | 325 | 173 | ||||||
Mallinckrodt PLC 10.00% 20251 | 1,144 | 1,214 | ||||||
ModivCare Escrow Issuer, Inc. 5.00% 20291 | 570 | 583 | ||||||
Molina Healthcare, Inc. 4.375% 20281 | 920 | 949 |
American Funds Insurance Series | 223 |
American High-Income Trust (continued)
(formerly High-Income Bond Fund)
Bonds, notes & other debt instruments (continued) | Principal amount (000) | Value (000) | ||||||
Corporate bonds, notes & loans (continued) | ||||||||
Health care (continued) | ||||||||
Molina Healthcare, Inc. 3.875% 20301 | $ | 1,999 | $ | 2,077 | ||||
Molina Healthcare, Inc. 3.875% 20321 | 1,490 | 1,502 | ||||||
Mozart Debt Merger Sub, Inc. 3.875% 20291 | 1,100 | 1,098 | ||||||
Mozart Debt Merger Sub, Inc. 5.25% 20291 | 2,435 | 2,473 | ||||||
Option Care Health, Inc. 4.375% 20291 | 580 | 582 | ||||||
Organon Finance 1 LLC 4.125% 20281 | 475 | 484 | ||||||
Organon Finance 1 LLC 5.125% 20311 | 240 | 251 | ||||||
Owens & Minor, Inc. 4.375% 2024 | 1,935 | 2,059 | ||||||
Owens & Minor, Inc. 4.50% 20291 | 1,980 | 2,032 | ||||||
Par Pharmaceutical, Inc. 7.50% 20271 | 4,375 | 4,478 | ||||||
Radiology Partners, Inc. 9.25% 20281 | 1,213 | 1,276 | ||||||
Rotech Healthcare, Inc., Term Loan, (3-month USD-LIBOR + 11.00%) 13.00% PIK 20232,3,4,7,8 | 4,387 | 4,388 | ||||||
RP Escrow Issuer, LLC 5.25% 20251 | 1,335 | 1,348 | ||||||
Select Medical Holdings Corp. 6.25% 20261 | 554 | 588 | ||||||
Surgery Center Holdings 10.00% 20271 | 416 | 442 | ||||||
Syneos Health, Inc. 3.625% 20291 | 530 | 524 | ||||||
Team Health Holdings, Inc. 6.375% 20251 | 899 | 847 | ||||||
Team Health Holdings, Inc., Term Loan B, 3.75% 20242,3 | 312 | 300 | ||||||
Tenet Healthcare Corp. 4.625% 2024 | 130 | 132 | ||||||
Tenet Healthcare Corp. 4.875% 20261 | 5,280 | 5,431 | ||||||
Tenet Healthcare Corp. 5.125% 20271 | 710 | 740 | ||||||
Tenet Healthcare Corp. 6.25% 20271 | 500 | 518 | ||||||
Tenet Healthcare Corp. 4.625% 20281 | 550 | 566 | ||||||
Tenet Healthcare Corp. 6.125% 20281 | 500 | 529 | ||||||
Tenet Healthcare Corp. 4.25% 20291 | 990 | 1,007 | ||||||
Tenet Healthcare Corp. 4.375% 20301 | 1,450 | 1,472 | ||||||
Tenet Healthcare Corp. 6.875% 2031 | 100 | 114 | ||||||
Teva Pharmaceutical Finance Co. BV 6.00% 2024 | 3,879 | 4,069 | ||||||
Teva Pharmaceutical Finance Co. BV 7.125% 2025 | 2,209 | 2,366 | ||||||
Teva Pharmaceutical Finance Co. BV 3.15% 2026 | 2,134 | 2,009 | ||||||
Teva Pharmaceutical Finance Co. BV 4.75% 2027 | 350 | 347 | ||||||
Teva Pharmaceutical Finance Co. BV 6.75% 2028 | 2,238 | 2,387 | ||||||
Teva Pharmaceutical Finance Co. BV 5.125% 2029 | 4,935 | 4,846 | ||||||
Teva Pharmaceutical Finance Co. BV 4.10% 2046 | 672 | 569 | ||||||
Valeant Pharmaceuticals International, Inc. 6.125% 20251 | 4,446 | 4,534 | ||||||
Valeant Pharmaceuticals International, Inc. 9.00% 20251 | 581 | 613 | ||||||
Valeant Pharmaceuticals International, Inc. 8.50% 20271 | 502 | 528 | ||||||
117,482 | ||||||||
Materials 10.20% | ||||||||
Alcoa Netherlands Holding BV 5.50% 20271 | 510 | 546 | ||||||
Alcoa Netherlands Holding BV 4.125% 20291 | 430 | 444 | ||||||
Allegheny Technologies, Inc. 4.875% 2029 | 1,600 | 1,604 | ||||||
Allegheny Technologies, Inc. 5.125% 2031 | 745 | 752 | ||||||
ArcelorMittal 4.25% 2029 | 372 | 408 | ||||||
ArcelorMittal 7.00% 2039 | 558 | 770 | ||||||
ArcelorMittal 6.75% 2041 | 1,025 | 1,387 | ||||||
Arconic Corp. 6.00% 20251 | 810 | 848 | ||||||
Arconic Rolled Products Corp. 6.125% 20281 | 200 | 213 | ||||||
Ardagh Group SA 6.50% Cash 20271,4 | 622 | 641 | ||||||
Ardagh Metal Packaging Finance USA LLC 4.00% 20291 | 650 | 645 | ||||||
Ardagh Packaging Finance 5.25% 20251 | 495 | 512 | ||||||
Axalta Coating Systems LLC 4.75% 20271 | 460 | 480 | ||||||
Ball Corp. 3.125% 2031 | 1,330 | 1,315 | ||||||
Braskem Idesa SAPI 6.99% 20321 | 515 | 518 | ||||||
BWAY Parent Co., Inc. 5.50% 20241 | 1,619 | 1,636 | ||||||
Canpack SA / Canpack US, LLC 3.875% 20291 | 2,120 | 2,073 | ||||||
Cleveland-Cliffs, Inc. 9.875% 20251 | 204 | 231 |
224 | American Funds Insurance Series |
American High-Income Trust (continued)
(formerly High-Income Bond Fund)
Bonds, notes & other debt instruments (continued) | Principal amount (000) | Value (000) | ||||||
Corporate bonds, notes & loans (continued) | ||||||||
Materials (continued) | ||||||||
Cleveland-Cliffs, Inc. 6.75% 20261 | $ | 462 | $ | 490 | ||||
Cleveland-Cliffs, Inc. 5.875% 2027 | 2,880 | 3,002 | ||||||
Cleveland-Cliffs, Inc. 7.00% 2027 | 297 | 309 | ||||||
Cleveland-Cliffs, Inc. 4.625% 20291 | 2,300 | 2,349 | ||||||
Cleveland-Cliffs, Inc. 4.875% 20311 | 2,475 | 2,575 | ||||||
Consolidated Energy Finance SA 6.50% 20261 | 600 | 612 | ||||||
Consolidated Energy Finance SA 5.625% 20281 | 1,555 | 1,522 | ||||||
Constellium SE 3.75% 20291 | 350 | 345 | ||||||
CVR Partners LP 9.25% 20231 | 236 | 238 | ||||||
CVR Partners LP 6.125% 20281 | 2,525 | 2,668 | ||||||
Diamond (BC) BV 4.625% 20291 | 205 | 204 | ||||||
Element Solutions, Inc. 3.875% 20281 | 620 | 624 | ||||||
First Quantum Minerals, Ltd. 7.25% 20231 | 1,282 | 1,298 | ||||||
First Quantum Minerals, Ltd. 7.50% 20251 | 3,893 | 4,010 | ||||||
First Quantum Minerals, Ltd. 6.875% 20261 | 3,276 | 3,407 | ||||||
First Quantum Minerals, Ltd. 6.875% 20271 | 5,240 | 5,645 | ||||||
FMG Resources 4.375% 20311 | 585 | 615 | ||||||
Freeport-McMoRan, Inc. 4.25% 2030 | 637 | 673 | ||||||
Freeport-McMoRan, Inc. 5.40% 2034 | 512 | 624 | ||||||
Freeport-McMoRan, Inc. 5.45% 2043 | 801 | 1,008 | ||||||
FXI Holdings, Inc. 7.875% 20241 | 2,805 | 2,861 | ||||||
FXI Holdings, Inc. 12.25% 20261 | 5,615 | 6,324 | ||||||
GPC Merger Sub, Inc. 7.125% 20281 | 534 | 553 | ||||||
Hexion, Inc. 7.875% 20271 | 2,061 | 2,176 | ||||||
Joseph T. Ryerson & Son, Inc. 8.50% 20281 | 620 | 675 | ||||||
Labl, Inc. 5.875% 20281 | 500 | 516 | ||||||
Labl, Inc. 8.25% 20291 | 1,300 | 1,310 | ||||||
LSB Industries, Inc. 6.25% 20281 | 2,160 | 2,249 | ||||||
Mercer International, Inc. 5.125% 2029 | 400 | 409 | ||||||
Methanex Corp. 5.125% 2027 | 3,915 | 4,115 | ||||||
Methanex Corp. 5.25% 2029 | 1,300 | 1,373 | ||||||
Methanex Corp. 5.65% 2044 | 1,225 | 1,232 | ||||||
Neon Holdings, Inc. 10.125% 20261 | 840 | 896 | ||||||
Nova Chemicals Corp. 4.875% 20241 | 495 | 512 | ||||||
Nova Chemicals Corp. 5.00% 20251 | 295 | 309 | ||||||
Nova Chemicals Corp. 5.25% 20271 | 2,536 | 2,703 | ||||||
Nova Chemicals Corp. 4.25% 20291 | 2,980 | 2,996 | ||||||
Novelis Corp. 3.25% 20261 | 335 | 338 | ||||||
Novelis Corp. 4.75% 20301 | 1,013 | 1,067 | ||||||
Novelis Corp. 3.875% 20311 | 1,057 | 1,052 | ||||||
Olin Corp. 5.625% 2029 | 200 | 217 | ||||||
Olin Corp. 5.00% 2030 | 180 | 189 | ||||||
Olympus Water US Holding Corp. 4.25% 20281 | 1,340 | 1,334 | ||||||
Olympus Water US Holding Corp. 6.25% 20291 | 200 | 195 | ||||||
Owens-Illinois, Inc. 5.875% 20231 | 420 | 440 | ||||||
Owens-Illinois, Inc. 6.375% 20251 | 265 | 286 | ||||||
Pearl Merger Sub, Inc. 6.75% 20281 | 470 | 483 | ||||||
Rayonier A.M. Products, Inc. 7.625% 20261 | 285 | 302 | ||||||
SCIH Salt Holdings, Inc. 4.875% 20281 | 4,375 | 4,207 | ||||||
SCIH Salt Holdings, Inc. 6.625% 20291 | 1,605 | 1,503 | ||||||
SCIL IV LLC 5.375% 20261 | 500 | 514 | ||||||
Scotts Miracle-Gro Co. 4.50% 2029 | 639 | 667 | ||||||
Scotts Miracle-Gro Co. 4.375% 20321 | 455 | 455 | ||||||
Sealed Air Corp. 4.00% 20271 | 316 | 330 | ||||||
Silgan Holdings, Inc. 4.125% 2028 | 377 | 386 | ||||||
Summit Materials, Inc. 6.50% 20271 | 360 | 374 | ||||||
Summit Materials, Inc. 5.25% 20291 | 955 | 1,002 | ||||||
TPC Group Inc. 10.50% 20241 | 190 | 138 | ||||||
Trivium Packaging BV 5.50% 20261 | 530 | 552 |
American Funds Insurance Series | 225 |
American High-Income Trust (continued)
(formerly High-Income Bond Fund)
Bonds, notes & other debt instruments (continued) | Principal amount (000) | Value (000) | ||||||
Corporate bonds, notes & loans (continued) | ||||||||
Materials (continued) | ||||||||
Trivium Packaging BV 8.50% 20271 | $ | 403 | $ | 427 | ||||
Tronox, Ltd. 4.625% 20291 | 730 | 730 | ||||||
Unifrax Escrow Issuer Corp. 5.25% 20281 | 1,189 | 1,204 | ||||||
Unifrax Escrow Issuer Corp. 7.50% 20291 | 760 | 769 | ||||||
Valvoline, Inc. 4.25% 20301 | 353 | 361 | ||||||
Valvoline, Inc. 3.625% 20311 | 620 | 601 | ||||||
Venator Materials Corp. 5.75% 20251 | 3,896 | 3,744 | ||||||
Venator Materials Corp. 9.50% 20251 | 1,155 | 1,264 | ||||||
W. R. Grace Holdings LLC 4.875% 20271 | 655 | 674 | ||||||
W. R. Grace Holdings LLC 5.625% 20291 | 790 | 811 | ||||||
Warrior Met Coal, Inc. 7.875% 20281 | 2,270 | 2,330 | ||||||
107,396 | ||||||||
Industrials 8.73% | ||||||||
ADT Security Corp. 4.125% 20291 | 1,635 | 1,613 | ||||||
Allison Transmission Holdings, Inc. 3.75% 20311 | 1,720 | 1,680 | ||||||
American Airlines, Inc. 5.50% 20261 | 1,960 | 2,041 | ||||||
American Airlines, Inc. 5.75% 20291 | 750 | 803 | ||||||
Artera Services, LLC 9.033% 20251 | 1,060 | 1,123 | ||||||
Associated Materials, LLC 9.00% 20251 | 2,156 | 2,309 | ||||||
Atkore, Inc. 4.25% 20311 | 385 | 395 | ||||||
Atlantic Aviation FBO, Inc., Term Loan, (3-month USD-LIBOR + 3.00%) 3.50% 20282,3 | 550 | 549 | ||||||
Atlantic Aviation FBO, Inc., Term Loan, (3-month USD-LIBOR + 5.75%) 6.25% 20292,3 | 1,700 | 1,726 | ||||||
ATS Automation Tooling Systems, Inc. 4.125% 20281 | 275 | 278 | ||||||
Avis Budget Car Rental, LLC 5.75% 20271 | 885 | 921 | ||||||
Avis Budget Group, Inc. 5.375% 20291 | 1,150 | 1,215 | ||||||
Avolon Holdings Funding, Ltd. 5.25% 20241 | 660 | 708 | ||||||
Avolon Holdings Funding, Ltd. 2.528% 20271 | 2,098 | 2,039 | ||||||
Azul Investments LLP 7.25% 20261 | 670 | 615 | ||||||
BlueLinx Holdings, Inc. 6.00% 20291 | 500 | 498 | ||||||
Boeing Company 3.625% 2031 | 500 | 534 | ||||||
Bohai Financial Investment Holding Co., Ltd. 4.50% 20231 | 132 | 136 | ||||||
Bombardier, Inc. 7.50% 20241 | 600 | 626 | ||||||
Bombardier, Inc. 7.50% 20251 | 1,601 | 1,633 | ||||||
Bombardier, Inc. 7.125% 20261 | 2,120 | 2,202 | ||||||
Bombardier, Inc. 7.875% 20271 | 2,903 | 3,014 | ||||||
Bombardier, Inc. 6.00% 20281 | 1,615 | 1,622 | ||||||
Bombardier, Inc. 7.45% 20341 | 700 | 861 | ||||||
Builders FirstSource, Inc. 4.25% 20321 | 1,230 | 1,276 | ||||||
BWX Technologies, Inc. 4.125% 20281 | 515 | 524 | ||||||
BWX Technologies, Inc. 4.125% 20291 | 770 | 781 | ||||||
Clarivate Science Holdings Corp. 3.875% 20281 | 1,515 | 1,526 | ||||||
Clarivate Science Holdings Corp. 4.875% 20291 | 1,265 | 1,285 | ||||||
Clean Harbors, Inc. 4.875% 20271 | 766 | 790 | ||||||
CoreLogic, Inc. 4.50% 20281 | 4,439 | 4,429 | ||||||
CoreLogic, Inc., Term Loan, (3-month USD-LIBOR + 6.50%) 7.00% 20292,3 | 750 | 759 | ||||||
Covanta Holding Corp. 5.00% 2030 | 1,195 | 1,222 | ||||||
Covert Mergeco, Inc. 4.875% 20291 | 855 | 869 | ||||||
Dun & Bradstreet Corp. 6.875% 20261 | 703 | 732 | ||||||
Dun & Bradstreet Corp. 5.00% 20291 | 1,275 | 1,307 | ||||||
Electricidad Firme de Mexico Holdings, SA de CV, 4.90% 20261 | 505 | 501 | ||||||
Fortress Transportation and Infrastructure Investors LLC 9.75% 20271 | 445 | 499 | ||||||
Fortress Transportation and Infrastructure Investors LLC 5.50% 20281 | 440 | 449 | ||||||
Garda World Security Corp. 6.00% 20291 | 150 | 144 | ||||||
GFL Environmental, Inc. 3.50% 20281 | 780 | 770 | ||||||
GFL Environmental, Inc. 4.00% 20281 | 140 | 137 | ||||||
Global Infrastructure Solutions, Inc. 5.625% 20291 | 500 | 513 | ||||||
Gol Finance SA 8.00% 20261 | 410 | 386 | ||||||
Harsco Corp. 5.75% 20271 | 650 | 663 |
226 | American Funds Insurance Series |
American High-Income Trust (continued)
(formerly High-Income Bond Fund)
Bonds, notes & other debt instruments (continued) | Principal amount (000) | Value (000) | ||||||
Corporate bonds, notes & loans (continued) | ||||||||
Industrials (continued) | ||||||||
Herc Holdings, Inc. 5.50% 20271 | $ | 200 | $ | 208 | ||||
Icahn Enterprises Finance Corp. 4.75% 2024 | 1,080 | 1,122 | ||||||
JELD-WEN Holding, Inc. 4.875% 20271 | 1,033 | 1,062 | ||||||
Kratos Defense & Security Solutions, Inc. 6.50% 20251 | 1,450 | 1,493 | ||||||
Labl Escrow Issuer, LLC 6.75% 20261 | 850 | 877 | ||||||
Labl Escrow Issuer, LLC 10.50% 20271 | 1,170 | 1,228 | ||||||
LSC Communications, Inc. 8.75% 20231,6,7,8 | 8,933 | 87 | ||||||
LSC Communications, Inc., Term Loan B, (USD Prime Rate + 4.50%) 7.75% 20222,3,6,7,8 | 301 | 3 | ||||||
MasTec, Inc. 4.50% 20281 | 1,250 | 1,300 | ||||||
Meritor, Inc. 4.50% 20281 | 1,025 | 1,029 | ||||||
Mueller Water Products, Inc. 4.00% 20291 | 275 | 278 | ||||||
NESCO Holdings II, Inc. 5.50% 20291 | 155 | 160 | ||||||
Nielsen Finance LLC and Nielsen Finance Co. 5.625% 20281 | 250 | 259 | ||||||
Nielsen Finance LLC and Nielsen Finance Co. 5.875% 20301 | 1,400 | 1,480 | ||||||
Park River Holdings, Inc. 5.625% 20291 | 775 | 741 | ||||||
PGT Innovations, Inc. 4.375% 20291 | 725 | 730 | ||||||
Pitney Bowes, Inc. 6.875% 20271 | 750 | 780 | ||||||
PM General Purchaser LLC 9.50% 20281 | 1,050 | 1,065 | ||||||
Prime Security Services Borrower, LLC 3.375% 20271 | 475 | 459 | ||||||
Prime Security Services Borrower, LLC 6.25% 20281 | 627 | 655 | ||||||
R.R. Donnelley & Sons Co. 6.125% 20261 | 375 | 413 | ||||||
R.R. Donnelley & Sons Co., Term Loan B, (3-month USD-LIBOR + 5.00%) 5.104% 20242,3 | 368 | 368 | ||||||
Ritchie Bros. Holdings, Inc. 4.75% 20311 | 600 | 627 | ||||||
Roller Bearing Company of America, Inc. 4.375% 20291 | 430 | 439 | ||||||
Rolls-Royce PLC 5.75% 20271 | 415 | 459 | ||||||
Sensata Technologies, Inc. 3.75% 20311 | 500 | 499 | ||||||
SkyMiles IP, Ltd. 4.75% 20281 | 2,095 | 2,289 | ||||||
SRS Distribution, Inc. 4.625% 20281 | 480 | 483 | ||||||
SRS Distribution, Inc. 6.00% 20291 | 470 | 473 | ||||||
SRS Distribution, Inc. 6.125% 20291 | 305 | 311 | ||||||
Stericycle, Inc. 5.375% 20241 | 1,135 | 1,159 | ||||||
Stericycle, Inc. 3.875% 20291 | 890 | 878 | ||||||
The Brink’s Co. 4.625% 20271 | 719 | 741 | ||||||
The Hertz Corp. 4.625% 20261 | 100 | 101 | ||||||
Titan International, Inc. 7.00% 2028 | 750 | 800 | ||||||
TransDigm, Inc. 6.25% 20261 | 1,438 | 1,496 | ||||||
TransDigm, Inc. 5.50% 2027 | 855 | 882 | ||||||
TransDigm, Inc. 4.625% 2029 | 875 | 874 | ||||||
TransDigm, Inc. 4.875% 2029 | 360 | 362 | ||||||
Triumph Group, Inc. 6.25% 20241 | 1,955 | 1,969 | ||||||
Triumph Group, Inc. 8.875% 20241 | 226 | 247 | ||||||
Triumph Group, Inc. 7.75% 20251 | 270 | 268 | ||||||
Uber Technologies, Inc. 8.00% 20261 | 498 | 531 | ||||||
United Airlines Holdings, Inc. 6.50% 20271 | 4,095 | 4,378 | ||||||
United Airlines, Inc. 4.375% 20261 | 250 | 261 | ||||||
United Airlines, Inc. 4.625% 20291 | 1,330 | 1,374 | ||||||
United Rentals, Inc. 3.875% 2031 | 525 | 534 | ||||||
United Rentals, Inc. 3.75% 2032 | 450 | 454 | ||||||
Vertical Holdco GMBH 7.625% 20281 | 235 | 252 | ||||||
Vertical U.S. Newco, Inc. 5.25% 20271 | 1,125 | 1,184 | ||||||
WESCO Distribution, Inc. 7.125% 20251 | 1,375 | 1,459 | ||||||
WESCO Distribution, Inc. 7.25% 20281 | 665 | 730 | ||||||
Western Global Airlines LLC 10.375% 20251 | 535 | 596 | ||||||
XPO Logistics, Inc. 6.25% 20251 | 300 | 314 | ||||||
91,924 |
American Funds Insurance Series | 227 |
American High-Income Trust (continued)
(formerly High-Income Bond Fund)
Bonds, notes & other debt instruments (continued) | Principal amount (000) | Value (000) | ||||||
Corporate bonds, notes & loans (continued) | ||||||||
Financials 7.01% | ||||||||
Advisor Group Holdings, LLC 6.25% 20281 | $ | 1,926 | $ | 2,001 | ||||
AG Merger Sub II, Inc. 10.75% 20271 | 4,240 | 4,713 | ||||||
Albion Financing 1 SARL / Aggreko Holdings, Inc. 6.125% 20261 | 550 | 556 | ||||||
Albion Financing 2 SARL 8.75% 20271 | 400 | 407 | ||||||
Alliant Holdings Intermediate, LLC 6.75% 20271 | 1,566 | 1,626 | ||||||
Alliant Holdings Intermediate, LLC / Alliant Holdings 4.25% 20271 | 890 | 891 | ||||||
Alliant Holdings Intermediate, LLC / Alliant Holdings 5.875% 20291 | 1,950 | 1,987 | ||||||
Ally Financial, Inc. 8.00% 2031 | 466 | 658 | ||||||
AmWINS Group, Inc. 4.875% 20291 | 705 | 713 | ||||||
Aretec Escrow Issuer, Inc. 7.50% 20291 | 2,165 | 2,224 | ||||||
Ascensus, Inc., Term Loan, (3-month USD-LIBOR + 6.50%) 7.00% 20292,3 | 1,245 | 1,250 | ||||||
AssuredPartners, Inc. 8.00% 20271 | 437 | 454 | ||||||
AssuredPartners, Inc. 5.625% 20291 | 365 | 356 | ||||||
BroadStreet Partners, Inc. 5.875% 20291 | 575 | 566 | ||||||
Castlelake Aviation Finance DAC 5.00% 20271 | 2,150 | 2,136 | ||||||
Cobra AcquisitionCo LLC 6.375% 20291 | 500 | 494 | ||||||
Coinbase Global, Inc. 3.375% 20281 | 2,085 | 1,951 | ||||||
Coinbase Global, Inc. 3.625% 20311 | 1,765 | 1,627 | ||||||
Compass Diversified Holdings 5.25% 20291 | 3,670 | 3,851 | ||||||
Compass Diversified Holdings 5.00% 20321 | 1,230 | 1,263 | ||||||
Credit Acceptance Corp. 5.125% 20241 | 765 | 785 | ||||||
Digital Currency Group, Inc., Term Loan, (3-month USD-LIBOR + 7.00%) 7.00% 20262,3,7,8 | 947 | 897 | ||||||
Digital Currency Group, Inc., Term Loan, 8.75% 20262,7,8 | 1,263 | 1,196 | ||||||
Freedom Mortgage Corp. 7.625% 20261 | 625 | 639 | ||||||
FS Energy and Power Fund 7.50% 20231 | 3,774 | 3,939 | ||||||
Hightower Holding, LLC 6.75% 20291 | 650 | 669 | ||||||
HUB International, Ltd. 7.00% 20261 | 1,550 | 1,595 | ||||||
HUB International, Ltd. 5.625% 20291 | 240 | 248 | ||||||
Icahn Enterprises Finance Corp. 5.25% 2027 | 277 | 285 | ||||||
Icahn Enterprises Finance Corp. 4.375% 2029 | 675 | 659 | ||||||
Iron Mountain Information Management Services, Inc. 5.00% 20321 | 965 | 989 | ||||||
Ladder Capital Corp. 4.25% 20271 | 1,689 | 1,702 | ||||||
LPL Holdings, Inc. 4.625% 20271 | 962 | 997 | ||||||
LPL Holdings, Inc. 4.00% 20291 | 1,270 | 1,302 | ||||||
LPL Holdings, Inc. 4.375% 20311 | 1,060 | 1,086 | ||||||
MGIC Investment Corp. 5.25% 2028 | 525 | 552 | ||||||
MidCap Financial Issuer Trust 6.50% 20281 | 750 | 783 | ||||||
MidCap Financial Issuer Trust 5.625% 20301 | 265 | 266 | ||||||
MSCI, Inc. 4.00% 20291 | 900 | 942 | ||||||
MSCI, Inc. 3.625% 20301 | 66 | 68 | ||||||
MSCI, Inc. 3.625% 20311 | 1,625 | 1,688 | ||||||
MSCI, Inc. 3.875% 20311 | 1,450 | 1,512 | ||||||
MSCI, Inc. 3.25% 20331 | 1,425 | 1,443 | ||||||
National Financial Partners Corp. 6.875% 20281 | 639 | 642 | ||||||
Navient Corp. 5.50% 2023 | 2,701 | 2,816 | ||||||
Navient Corp. 5.875% 2024 | 1,720 | 1,836 | ||||||
Navient Corp. 6.125% 2024 | 1,267 | 1,352 | ||||||
Navient Corp. 5.00% 2027 | 2,883 | 2,943 | ||||||
Navient Corp. 4.875% 2028 | 320 | 320 | ||||||
Navient Corp. 5.50% 2029 | 830 | 829 | ||||||
Navient Corp. 5.625% 2033 | 1,778 | 1,696 | ||||||
OneMain Holdings, Inc. 7.125% 2026 | 1,335 | 1,524 | ||||||
Owl Rock Capital Corp. 3.75% 2025 | 900 | 933 | ||||||
Owl Rock Capital Corp. 3.375% 2026 | 390 | 397 | ||||||
Owl Rock Capital Corp. II 4.625% 20241 | 750 | 786 | ||||||
Owl Rock Capital Corp. III 3.125% 20271 | 600 | 587 | ||||||
Owl Rock Core Income Corp. 3.125% 20261 | 550 | 532 | ||||||
PRA Group, Inc. 5.00% 20291 | 450 | 452 |
228 | American Funds Insurance Series |
American High-Income Trust (continued)
(formerly High-Income Bond Fund)
Bonds, notes & other debt instruments (continued) | Principal amount (000) | Value (000) | ||||||
Corporate bonds, notes & loans (continued) | ||||||||
Financials (continued) | ||||||||
Quicken Loans, LLC 3.625% 20291 | $ | 455 | $ | 457 | ||||
Rocket Mortgage / Rocket Mortgage Co-Issuer, Inc. 2.875% 20261 | 900 | 894 | ||||||
Springleaf Finance Corp. 6.125% 2024 | 367 | 389 | ||||||
Springleaf Finance Corp. 6.625% 2028 | 190 | 213 | ||||||
Springleaf Finance Corp. 5.375% 2029 | 183 | 199 | ||||||
Travelport Finance Luxembourg SARL, Term Loan, (3-month USD-LIBOR + 1.50%) 7.25% PIK and 2.50% Cash 20252,3,4 | — | 9 | — | 9 | ||||
73,763 | ||||||||
Information technology 4.23% | ||||||||
Almonde, Inc., Term Loan, (3-month USD-LIBOR + 7.25%) 8.25% 20252,3 | 3,574 | 3,575 | ||||||
Applied Systems, Inc., Term Loan, (3-month USD-LIBOR + 5.50%) 6.25% 20252,3 | 822 | 831 | ||||||
Avaya, Inc. 6.125% 20281 | 490 | 520 | ||||||
Black Knight, Inc. 3.625% 20281 | 1,315 | 1,315 | ||||||
BMC Software, Inc. 7.125% 20251 | 225 | 236 | ||||||
BMC Software, Inc. 9.125% 20261 | 240 | 251 | ||||||
BMC Software, Inc., Term Loan, (3-month USD-LIBOR + 5.50%) 6.128% 20262,3 | 1,850 | 1,869 | ||||||
Booz Allen Hamilton, Inc. 3.875% 20281 | 1,240 | 1,264 | ||||||
Booz Allen Hamilton, Inc. 4.00% 20291 | 815 | 843 | ||||||
CA Magnum Holdings 5.375% 20261 | 200 | 207 | ||||||
Conduent Business Services, LLC 6.00% 20291 | 500 | 494 | ||||||
Dell, Inc. 5.40% 2040 | 300 | 340 | ||||||
Diebold Nixdorf AG, Term Loan B, (3-month USD-LIBOR + 2.75%) 2.875% 20232,3 | 639 | 633 | ||||||
Diebold Nixdorf, Inc. 9.375% 20251 | 4,700 | 5,066 | ||||||
Diebold, Inc. 8.50% 2024 | 1,534 | 1,536 | ||||||
Elastic NV 4.125% 20291 | 350 | 347 | ||||||
Fair Isaac Corp. 4.00% 20281 | 1,575 | 1,622 | ||||||
Gartner, Inc. 4.50% 20281 | 1,635 | 1,710 | ||||||
Gartner, Inc. 3.75% 20301 | 250 | 256 | ||||||
II-VI, Inc. 5.00% 20291 | 525 | 537 | ||||||
II-VI, Inc., Term Loan B, (3-month USD-LIBOR + 2.75%) 3.25% 20282,3 | 225 | 225 | ||||||
Imola Merger Corp. 4.75% 20291 | 300 | 308 | ||||||
MicroStrategy, Inc. 6.125% 20281 | 625 | 627 | ||||||
MoneyGram International, Inc. 5.375% 20261 | 1,575 | 1,600 | ||||||
NCR Corp. 5.125% 20291 | 2,675 | 2,774 | ||||||
Rocket Software, Inc. 6.50% 20291 | 1,465 | 1,431 | ||||||
Sabre GLBL, Inc. 7.375% 20251 | 48 | 50 | ||||||
Sabre Holdings Corp. 9.25% 20251 | 548 | 620 | ||||||
Solera Holdings, Inc., Term Loan B, (3-month USD-LIBOR + 4.00%) 4.50% 20282,3 | 599 | 599 | ||||||
Square, Inc. 2.75% 20261 | 2,180 | 2,186 | ||||||
Square, Inc. 3.50% 20311 | 1,540 | 1,581 | ||||||
Synaptics, Inc. 4.00% 20291 | 375 | 381 | ||||||
UKG, Inc., Term Loan B, (3-month USD-LIBOR + 3.25%) 3.75% 20262,3 | 470 | 468 | ||||||
UKG, Inc., Term Loan, (3-month USD-LIBOR + 5.25%) 5.75% 20272,3 | 2,200 | 2,214 | ||||||
Unisys Corp. 6.875% 20271 | 1,695 | 1,837 | ||||||
VeriSign, Inc. 5.25% 2025 | 132 | 146 | ||||||
Veritas Holdings, Ltd. 7.50% 20251 | 2,140 | 2,218 | ||||||
Viavi Solutions, Inc. 3.75% 20291 | 450 | 451 | ||||||
Virtusa Corp., Term Loan B, (3-month USD-LIBOR + 3.75%) 4.50% 20282,3 | 50 | 50 | ||||||
Xerox Corp. 5.00% 20251 | 595 | 631 | ||||||
Xerox Corp. 5.50% 20281 | 585 | 618 | ||||||
44,467 | ||||||||
Consumer staples 3.85% | ||||||||
Albertsons Companies, Inc. 3.50% 20291 | 2,398 | 2,407 | ||||||
Albertsons Companies, Inc. 4.875% 20301 | 335 | 362 | ||||||
B&G Foods, Inc. 5.25% 2025 | 612 | 626 | ||||||
B&G Foods, Inc. 5.25% 2027 | 1,428 | 1,478 | ||||||
Central Garden & Pet Co. 4.125% 2030 | 420 | 424 |
American Funds Insurance Series | 229 |
American High-Income Trust (continued)
(formerly High-Income Bond Fund)
Bonds, notes & other debt instruments (continued) | Principal amount (000) | Value (000) | ||||||
Corporate bonds, notes & loans (continued) | ||||||||
Consumer staples (continued) | ||||||||
Central Garden & Pet Co. 4.125% 20311 | $ | 1,005 | $ | 1,012 | ||||
Coty, Inc. 5.00% 20261 | 700 | 722 | ||||||
Coty, Inc. 6.50% 20261 | 520 | 537 | ||||||
Coty, Inc. 4.75% 20291 | 1,675 | 1,705 | ||||||
Darling Ingredients, Inc. 5.25% 20271 | 459 | 474 | ||||||
Edgewell Personal Care Co. 5.50% 20281 | 275 | 292 | ||||||
Energizer Holdings, Inc. 4.375% 20291 | 545 | 533 | ||||||
Fresh Market, Inc. 9.75% 20231 | 120 | 124 | ||||||
Ingles Markets, Inc. 4.00% 20311 | 345 | 348 | ||||||
Kraft Heinz Company 3.875% 2027 | 725 | 784 | ||||||
Kraft Heinz Company 5.00% 2042 | 500 | 623 | ||||||
Kraft Heinz Company 5.20% 2045 | 330 | 421 | ||||||
Kraft Heinz Company 4.375% 2046 | 1,701 | 1,996 | ||||||
Kraft Heinz Company 4.875% 2049 | 2,120 | 2,668 | ||||||
Kraft Heinz Company 5.50% 2050 | 1,210 | 1,642 | ||||||
Kronos Acquisition Holdings, Inc. 5.00% 20261 | 1,740 | 1,721 | ||||||
Kronos Acquisition Holdings, Inc. 7.00% 20271 | 2,900 | 2,738 | ||||||
Lamb Weston Holdings, Inc. 4.125% 20301 | 2,880 | 2,960 | ||||||
Lamb Weston Holdings, Inc. 4.375% 20321 | 550 | 568 | ||||||
Nestle Skin Health SA, Term Loan B3, (3-month USD-LIBOR + 3.75%) 4.50% 20262,3 | 1,792 | 1,796 | ||||||
Performance Food Group, Inc. 4.25% 20291 | 483 | 480 | ||||||
Post Holdings, Inc. 5.625% 20281 | 569 | 604 | ||||||
Post Holdings, Inc. 5.50% 20291 | 811 | 853 | ||||||
Post Holdings, Inc. 4.625% 20301 | 3,605 | 3,678 | ||||||
Post Holdings, Inc. 4.50% 20311 | 1,350 | 1,342 | ||||||
Prestige Brands International, Inc. 5.125% 20281 | 103 | 107 | ||||||
Prestige Brands International, Inc. 3.75% 20311 | 1,275 | 1,239 | ||||||
Simmons Foods, Inc. 4.625% 20291 | 993 | 980 | ||||||
United Natural Foods, Inc. 6.75% 20281 | 1,700 | 1,823 | ||||||
US Foods, Inc. 4.625% 20301 | 460 | 466 | ||||||
40,533 | ||||||||
Real estate 3.15% | ||||||||
Brookfield Property REIT, Inc. 5.75% 20261 | 2,284 | 2,366 | ||||||
Diversified Healthcare Trust 4.375% 2031 | 725 | 697 | ||||||
Howard Hughes Corp. 5.375% 20281 | 1,447 | 1,543 | ||||||
Howard Hughes Corp. 4.125% 20291 | 2,643 | 2,682 | ||||||
Howard Hughes Corp. 4.375% 20311 | 2,218 | 2,243 | ||||||
Iron Mountain, Inc. 4.875% 20271 | 1,616 | 1,678 | ||||||
Iron Mountain, Inc. 5.00% 20281 | 617 | 635 | ||||||
Iron Mountain, Inc. 5.25% 20281 | 1,214 | 1,265 | ||||||
Iron Mountain, Inc. 5.25% 20301 | 2,610 | 2,755 | ||||||
Iron Mountain, Inc. 4.50% 20311 | 1,050 | 1,063 | ||||||
Kennedy-Wilson Holdings, Inc. 4.75% 2029 | 2,905 | 2,975 | ||||||
Kennedy-Wilson Holdings, Inc. 4.75% 2030 | 2,515 | 2,553 | ||||||
Kennedy-Wilson Holdings, Inc. 5.00% 2031 | 2,565 | 2,646 | ||||||
Ladder Capital Corp. 5.25% 20251 | 1,040 | 1,053 | ||||||
Ladder Capital Corp. 4.75% 20291 | 100 | 103 | ||||||
Medical Properties Trust, Inc. 5.00% 2027 | 638 | 668 | ||||||
Medical Properties Trust, Inc. 3.50% 2031 | 239 | 242 | ||||||
Park Intermediate Holdings LLC 4.875% 20291 | 1,440 | 1,475 | ||||||
Realogy Corp. 9.375% 20271 | 740 | 800 | ||||||
Realogy Corp. 5.75% 20291 | 740 | 760 | ||||||
Realogy Group LLC 7.625% 20251 | 260 | 276 | ||||||
RHP Hotel Properties LP / RHP Finance Corp. 4.50% 20291 | 635 | 636 | ||||||
RLJ Lodging Trust, LP 4.00% 20291 | 800 | 793 | ||||||
WeWork Companies, Inc. 7.875% 20251 | 140 | 134 | ||||||
WeWork Companies, LLC 5.00% 20251 | 1,260 | 1,095 | ||||||
33,136 |
230 | American Funds Insurance Series |
American High-Income Trust (continued)
(formerly High-Income Bond Fund)
Bonds, notes & other debt instruments (continued) | Principal amount (000) | Value (000) | ||||||
Corporate bonds, notes & loans (continued) | ||||||||
Utilities 3.03% | ||||||||
Alfa Desarrollo SpA 4.55% 20511 | $ | 295 | $ | 292 | ||||
AmeriGas Partners LP 5.75% 2027 | 297 | 329 | ||||||
Calpine Corp. 4.50% 20281 | 150 | 156 | ||||||
Calpine Corp. 5.125% 20281 | 518 | 527 | ||||||
Calpine Corp. 3.75% 20311 | 500 | 483 | ||||||
Calpine Corp. 5.00% 20311 | 1,000 | 1,001 | ||||||
DPL, Inc. 4.125% 2025 | 765 | 800 | ||||||
Emera, Inc. 6.75% 2076 (3-month USD-LIBOR + 5.44% on 6/15/2026)5 | 1,155 | 1,333 | ||||||
FirstEnergy Corp. 2.25% 2030 | 1,170 | 1,128 | ||||||
FirstEnergy Corp. 2.65% 2030 | 624 | 618 | ||||||
FirstEnergy Corp. 7.375% 2031 | 734 | 992 | ||||||
FirstEnergy Corp. 3.40% 2050 | 1,710 | 1,680 | ||||||
FirstEnergy Corp., Series C, 5.35% 20475 | 550 | 655 | ||||||
FirstEnergy Transmission LLC 2.866% 20281 | 325 | 326 | ||||||
FirstEnergy Transmission LLC 4.55% 20491 | 100 | 114 | ||||||
Instituto Costarricense de Electricidad 6.75% 20311 | 750 | 761 | ||||||
Inversiones Latin America Power 5.125% 20331 | 310 | 298 | ||||||
NextEra Energy Partners LP 4.25% 20241 | 122 | 127 | ||||||
NextEra Energy Partners LP 3.875% 20261 | 92 | 98 | ||||||
NGL Energy Partners LP 7.50% 2026 | 1,150 | 987 | ||||||
NRG Energy, Inc. 3.375% 20291 | 355 | 348 | ||||||
NRG Energy, Inc. 3.625% 20311 | 1,130 | 1,104 | ||||||
Pacific Gas and Electric Co. 4.55% 2030 | 623 | 674 | ||||||
Pacific Gas and Electric Co. 3.95% 2047 | 500 | 483 | ||||||
Pacific Gas and Electric Co. 3.50% 2050 | 400 | 371 | ||||||
Pacific Gas and Electric Co. 4.95% 2050 | 350 | 382 | ||||||
PG&E Corp. 5.00% 2028 | 3,205 | 3,377 | ||||||
PG&E Corp. 5.25% 2030 | 3,280 | 3,446 | ||||||
PG&E Corp., Term Loan, (3-month USD-LIBOR + 3.00%) 3.50% 20252,3 | 251 | 249 | ||||||
Talen Energy Corp. 6.50% 2025 | 220 | 88 | ||||||
Talen Energy Corp. 10.50% 20261 | 3,887 | 1,675 | ||||||
Talen Energy Corp. 7.25% 20271 | 3,353 | 2,971 | ||||||
Talen Energy Corp. 6.625% 20281 | 130 | 114 | ||||||
Talen Energy Supply, LLC 7.625% 20281 | 1,849 | 1,648 | ||||||
Venture Global Calcasieu Pass, LLC 3.875% 20291 | 1,970 | 2,047 | ||||||
Vistra Operations Co. LLC 3.55% 20241 | 231 | 238 | ||||||
31,920 | ||||||||
Total corporate bonds, notes & loans | 957,879 | |||||||
Asset-backed obligations 0.03% | ||||||||
Castlelake Aircraft Securitization Trust, Series 2017-1R, Class C, 6.50% 20411,10 | 295 | 292 | ||||||
Total bonds, notes & other debt instruments (cost: $948,481,000) | 958,171 | |||||||
Convertible bonds & notes 0.06% | ||||||||
Communication services 0.05% | ||||||||
DISH DBS Corp., convertible notes, 3.375% 2026 | 635 | 602 | ||||||
Energy 0.01% | ||||||||
Mesquite Energy, Inc., convertible notes, 15.19% PIK 20231,4,7,8 | 76 | 76 | ||||||
Total convertible bonds & notes (cost: $715,000) | 678 |
American Funds Insurance Series | 231 |
American High-Income Trust (continued)
(formerly High-Income Bond Fund)
Convertible stocks 0.08% | Shares | Value (000) | ||||||
Financials 0.04% | ||||||||
2020 Cash Mandatory Exchangeable Trust, convertible preferred shares, 5.25% 20231 | 411 | $ | 430 | |||||
Utilities 0.04% | ||||||||
PG&E Corp., convertible preferred units, 5.50% 2023 | 3,350 | 387 | ||||||
Total convertible stocks (cost: $697,000) | 817 | |||||||
Common stocks 5.33% | ||||||||
Health care 2.07% | ||||||||
Rotech Healthcare, Inc.7,8,11,12 | 201,793 | 21,794 | ||||||
Energy 1.61% | ||||||||
Chesapeake Energy Corp. | 97,857 | 6,314 | ||||||
Oasis Petroleum, Inc. | 32,568 | 4,103 | ||||||
Denbury, Inc.11 | 25,380 | 1,944 | ||||||
Weatherford International11 | 52,159 | 1,446 | ||||||
Civitas Resources, Inc. | 25,725 | 1,260 | ||||||
California Resources Corp. | 17,202 | 734 | ||||||
Ascent Resources - Utica LLC, Class A7,8,11,12 | 6,297,894 | 567 | ||||||
Diamond Offshore Drilling, Inc.11 | 82,188 | 349 | ||||||
Diamond Offshore Drilling, Inc.1,7,11 | 28,784 | 113 | ||||||
McDermott International, Ltd.11 | 107,875 | 44 | ||||||
Mesquite Energy, Inc.7,8,11 | 3,558 | 21 | ||||||
16,895 | ||||||||
Industrials 0.68% | ||||||||
New AMI I, LLC7,8,11 | 949,277 | 7,177 | ||||||
Consumer discretionary 0.48% | ||||||||
MYT Holding Co., Class B7,11 | 608,846 | 2,587 | ||||||
NMG Parent LLC11 | 15,965 | 2,427 | ||||||
5,014 | ||||||||
Materials 0.22% | ||||||||
Hexion Holdings Corp., Class B11 | 81,939 | 2,328 | ||||||
Financials 0.20% | ||||||||
Jonah Energy Parent LLC7,8,11 | 38,716 | 1,658 | ||||||
Navient Corp. | 20,000 | 424 | ||||||
2,082 | ||||||||
Communication services 0.04% | ||||||||
iHeartMedia, Inc., Class A11 | 22,639 | 476 | ||||||
Information technology 0.03% | ||||||||
MoneyGram International, Inc.11 | 41,400 | 327 | ||||||
Total common stocks (cost: $28,466,000) | 56,093 | |||||||
Preferred securities 0.28% | ||||||||
Consumer discretionary 0.21% | ||||||||
MYT Holdings LLC, Series A, preferred shares, 10.00% 2029 | 2,095,904 | 2,264 |
232 | American Funds Insurance Series |
American High-Income Trust (continued)
(formerly High-Income Bond Fund)
Preferred securities (continued) | Shares | Value (000) | ||||||
Industrials 0.07% | ||||||||
ACR III LSC Holdings LLC, Series B, preferred shares1,7,8,11 | 1,022 | $ | 719 | |||||
Total preferred securities (cost: $2,933,000) | 2,983 | |||||||
Rights & warrants 0.16% | ||||||||
Energy 0.08% | ||||||||
Chesapeake Energy Corp., Class B, warrants, expire 202611 | 11,862 | 426 | ||||||
Chesapeake Energy Corp., Class A, warrants, expire 202611 | 6,365 | 254 | ||||||
Chesapeake Energy Corp., Class C, warrants, expire 202611 | 5,257 | 170 | ||||||
850 | ||||||||
Consumer discretionary 0.08% | ||||||||
NMG Parent LLC, warrants, expire 20277,11 | 27,111 | 801 | ||||||
Total rights & warrants (cost: $1,983,000) | 1,651 | |||||||
Short-term securities 1.64% | ||||||||
Money market investments 1.64% | ||||||||
Capital Group Central Cash Fund 0.09%13,14 | 172,360 | 17,238 | ||||||
Total short-term securities (cost: $17,234,000) | 17,238 | |||||||
Total investment securities 98.59% (cost: $1,000,509,000) | 1,037,631 | |||||||
Other assets less liabilities 1.41% | 14,804 | |||||||
Net assets 100.00% | $ | 1,052,435 |
Futures contracts
Contracts | Type | Number of contracts | Expiration | Notional amount (000) | Value and unrealized depreciation at 12/31/2021 (000) | ||||||||||
5 Year U.S. Treasury Note Futures | Short | 24 | March 2022 | $ | (2,903 | ) | $ | (12 | ) | ||||||
10 Year U.S. Treasury Note Futures | Short | 120 | March 2022 | (15,656 | ) | (184 | ) | ||||||||
30 Year Ultra U.S. Treasury Bond Futures | Short | 4 | March 2022 | (789 | ) | (15 | ) | ||||||||
$ | (211 | ) |
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 (000) | Value at 12/31/2021 (000) | Upfront premium received (000) | Unrealized appreciation (depreciation) at 12/31/2021 (000) | |||||||||||||||||
CDX.NA.HY.37 | 5.00% | Quarterly | 12/20/2026 | $ | 8,014 | $ | (733 | ) | $ | (743 | ) | $ | 10 | |||||||||||
CDX.NA.IG.37 | 1.00% | Quarterly | 12/20/2031 | 2,250 | (22 | ) | (18 | ) | (4 | ) | ||||||||||||||
$ | (761 | ) | $ | 6 |
American Funds Insurance Series | 233 |
American High-Income Trust (continued)
(formerly High-Income Bond Fund)
Investments in affiliates14
Value of affiliate at 1/1/2021 (000) | Additions (000) | Reductions (000) | Net realized gain (000) | Net unrealized depreciation (000) | Value of affiliate at 12/31/2021 (000) | Dividend income (000) | ||||||||||||||||||||||
Short-term securities 1.64% | ||||||||||||||||||||||||||||
Money market investments 1.64% | ||||||||||||||||||||||||||||
Capital Group Central Cash Fund 0.09%13 | $ | 33,493 | $ | 435,466 | $ | 451,723 | $ | 3 | $ | (1 | ) | $ | 17,238 | $ | 20 |
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 $684,751,000, which represented 65.06% 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 $38,950,000, which represented 3.70% 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 | 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. | |
5 | Step bond; coupon rate may change at a later date. | |
6 | Scheduled interest and/or principal payment was not received. | |
7 | Valued under fair value procedures adopted by authority of the board of trustees. The total value of all such securities was $43,912,000, which represented 4.17% of the net assets of the fund. | |
8 | Value determined using significant unobservable inputs. | |
9 | Amount less than one thousand. | |
10 | Principal payments may be made periodically. Therefore, the effective maturity date may be earlier than the stated maturity date. | |
11 | Security did not produce income during the last 12 months. | |
12 | Acquired through a private placement transaction exempt from registration under the Securities Act of 1933. May be subject to legal or contractual restrictions on resale. Further details on these holdings appear on the following page. | |
13 | Rate represents the seven-day yield at 12/31/2021. | |
14 | Part of the same “group of investment companies” as the fund as defined under the Investment Company Act of 1940, as amended. |
Private placement securities | Acquisition date | Cost (000) | Value (000) | Percent of net assets | |||||||||||
Rotech Healthcare, Inc. | 9/26/2013 | $ | 4,331 | $ | 21,794 | 2.07 | % | ||||||||
Ascent Resources - Utica LLC, Class A | 11/15/2016 | 302 | 567 | .05 | |||||||||||
Total private placement securities | $ | 4,633 | $ | 22,361 | 2.12 | % |
Key to abbreviations and symbol
DAC = Designated Activity Company
LIBOR = London Interbank Offered Rate
USD/$ = U.S. dollars
See notes to financial statements.
234 | American Funds Insurance Series |
American Funds Mortgage Fund
Investment portfolio December 31, 2021
Bonds, notes & other debt instruments 77.77% | Principal amount (000) | Value (000) | ||||||
Mortgage-backed obligations 53.22% | ||||||||
Federal agency mortgage-backed obligations 45.88% | ||||||||
Fannie Mae Pool #695412 5.00% 20331 | $ | — | 2 | $ | — | 2 | ||
Fannie Mae Pool #AD3566 5.00% 20351 | 2 | 2 | ||||||
Fannie Mae Pool #256583 5.00% 20361,3 | 34 | 35 | ||||||
Fannie Mae Pool #889101 1.549% 20381,4 | 31 | 32 | ||||||
Fannie Mae Pool #964279 2.095% 20381,4 | 30 | 31 | ||||||
Fannie Mae Pool #964708 2.265% 20381,4 | 4 | 4 | ||||||
Fannie Mae Pool #AC0794 5.00% 20391 | 5 | 6 | ||||||
Fannie Mae Pool #931768 5.00% 20391 | 1 | 2 | ||||||
Fannie Mae Pool #AL9335 2.07% 20401,4 | 1,054 | 1,109 | ||||||
Fannie Mae Pool #932606 5.00% 20401 | 4 | 4 | ||||||
Fannie Mae Pool #MA4387 2.00% 20411 | 21 | 21 | ||||||
Fannie Mae Pool #AL9326 2.107% 20411,4 | 1,189 | 1,252 | ||||||
Fannie Mae Pool #AL9327 2.108% 20411,4 | 906 | 955 | ||||||
Fannie Mae Pool #AJ1873 4.00% 20411 | 7 | 7 | ||||||
Fannie Mae Pool #AE1248 5.00% 20411 | 10 | 11 | ||||||
Fannie Mae Pool #AE1274 5.00% 20411 | 8 | 9 | ||||||
Fannie Mae Pool #AE1277 5.00% 20411 | 5 | 5 | ||||||
Fannie Mae Pool #AE1283 5.00% 20411 | 3 | 3 | ||||||
Fannie Mae Pool #AE1290 5.00% 20421 | 5 | 6 | ||||||
Fannie Mae Pool #AT3954 3.50% 20431 | 3 | 3 | ||||||
Fannie Mae Pool #AT0300 3.50% 20431 | 2 | 2 | ||||||
Fannie Mae Pool #AY1829 3.50% 20441 | 2 | 2 | ||||||
Fannie Mae Pool #AW8240 3.50% 20441 | 1 | 1 | ||||||
Fannie Mae Pool #BJ5015 4.00% 20471 | 50 | 54 | ||||||
Fannie Mae Pool #BH3122 4.00% 20471 | 1 | 1 | ||||||
Fannie Mae Pool #BM4488 3.376% 20481,4 | 442 | 457 | ||||||
Fannie Mae Pool #BK6840 4.00% 20481 | 31 | 34 | ||||||
Fannie Mae Pool #BK5232 4.00% 20481 | 23 | 25 | ||||||
Fannie Mae Pool #BK9743 4.00% 20481 | 9 | 10 | ||||||
Fannie Mae Pool #BK9761 4.50% 20481 | 5 | 6 | ||||||
Fannie Mae Pool #BJ8402 3.456% 20491,4 | 73 | 76 | ||||||
Fannie Mae Pool #CA5496 3.00% 20501 | 1,621 | 1,711 | ||||||
Fannie Mae Pool #FM9492 2.50% 20511 | 499 | 515 | ||||||
Fannie Mae Pool #FM9804 2.50% 20511 | 271 | 280 | ||||||
Fannie Mae Pool #FM9694 2.50% 20511 | 249 | 258 | ||||||
Fannie Mae Pool #CB0041 3.00% 20511 | 232 | 246 | ||||||
Fannie Mae Pool #BF0379 3.50% 20591 | 181 | 196 | ||||||
Fannie Mae Pool #BF0497 3.00% 20601 | 62 | 66 | ||||||
Fannie Mae Pool #BF0481 3.50% 20601 | 211 | 229 | ||||||
Freddie Mac Pool #A18781 5.00% 20341 | 787 | 889 | ||||||
Freddie Mac Pool #C91883 4.00% 20361,3 | 2,511 | 2,734 | ||||||
Freddie Mac Pool #840222 2.13% 20401,4 | 288 | 303 | ||||||
Freddie Mac Pool #Q15874 4.00% 20431 | 2 | 2 | ||||||
Freddie Mac Pool #760014 2.843% 20451,4 | 449 | 465 | ||||||
Freddie Mac Pool #760012 3.113% 20451,4 | 43 | 44 | ||||||
Freddie Mac Pool #760013 3.169% 20451,4 | 31 | 33 | ||||||
Freddie Mac Pool #760015 2.627% 20471,4 | 83 | 86 | ||||||
Freddie Mac Pool #Q52069 3.50% 20471 | 36 | 39 | ||||||
Freddie Mac Pool #Q47615 3.50% 20471 | 21 | 23 | ||||||
Freddie Mac Pool #Q56599 4.00% 20481 | 37 | 41 | ||||||
Freddie Mac Pool #Q56175 4.00% 20481 | 25 | 27 | ||||||
Freddie Mac Pool #Q55971 4.00% 20481 | 25 | 27 | ||||||
Freddie Mac Pool #Q55970 4.00% 20481 | 12 | 14 | ||||||
Freddie Mac Pool #Q58411 4.50% 20481 | 73 | 80 | ||||||
Freddie Mac Pool #Q58436 4.50% 20481 | 33 | 36 | ||||||
Freddie Mac Pool #Q58378 4.50% 20481 | 26 | 29 | ||||||
Freddie Mac Pool #RA1339 3.00% 20491 | 1,865 | 1,956 | ||||||
Freddie Mac Pool #QA2748 3.50% 20491 | 24 | 26 | ||||||
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-2, Class MA, 3.00% 20561 | 938 | 969 |
American Funds Insurance Series | 235 |
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 HA, 3.00% 20561,4 | $ | 927 | $ | 956 | ||||
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-1, Class HA, 3.00% 20561,4 | 725 | 748 | ||||||
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-3, Class HT, 3.25% 20561 | 111 | 118 | ||||||
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2018-1, Class HT, 3.00% 20571 | 603 | 632 | ||||||
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-4, Class HT, 3.25% 20571,4 | 3,482 | 3,664 | ||||||
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2018-3, Class MA, 3.50% 20571 | 1,851 | 1,921 | ||||||
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-4, Class MT, 3.50% 20571 | 1,570 | 1,669 | ||||||
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2018-2, Class MT, 3.50% 20571 | 868 | 918 | ||||||
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2019-2, Class MT, 3.50% 20581 | 35 | 37 | ||||||
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2019-3, Class MT, 3.50% 20581 | 21 | 23 | ||||||
Freddie Mac Seasoned Loan Structured Transaction Trust, Series 2018-2, Class A1, 3.50% 20281 | 4,493 | 4,635 | ||||||
Freddie Mac Seasoned Loan Structured Transaction Trust, Series 2018-1, Class A1, 3.50% 20281 | 1,246 | 1,280 | ||||||
Government National Mortgage Assn. 2.50% 20521,5 | 5,001 | 5,100 | ||||||
Government National Mortgage Assn. 2.50% 20521,5 | 1,015 | 1,040 | ||||||
Government National Mortgage Assn. 3.00% 20521,5 | 2,967 | 3,070 | ||||||
Government National Mortgage Assn. 3.50% 20521,5 | 37 | 39 | ||||||
Government National Mortgage Assn. Pool #AH5894 3.75% 20341 | 808 | 868 | ||||||
Government National Mortgage Assn. Pool #AD0028 3.75% 20381 | 564 | 597 | ||||||
Government National Mortgage Assn. Pool #AH5897 3.75% 20391 | 569 | 603 | ||||||
Government National Mortgage Assn. Pool #004410 4.00% 20391 | 57 | 58 | ||||||
Government National Mortgage Assn. Pool #783690 6.00% 20391 | 106 | 120 | ||||||
Government National Mortgage Assn. Pool #004823 4.00% 20401 | 86 | 88 | ||||||
Government National Mortgage Assn. Pool #005142 4.50% 20411 | 12 | 13 | ||||||
Government National Mortgage Assn. Pool #005104 5.00% 20411 | 175 | 188 | ||||||
Government National Mortgage Assn. Pool #005165 6.50% 20411 | 85 | 90 | ||||||
Government National Mortgage Assn. Pool #MA0366 3.50% 20421 | 204 | 207 | ||||||
Government National Mortgage Assn. Pool #AA5326 3.50% 20421 | 139 | 141 | ||||||
Government National Mortgage Assn. Pool #AF0140 3.50% 20431 | 230 | 240 | ||||||
Government National Mortgage Assn. Pool #AD4360 3.50% 20431 | 93 | 97 | ||||||
Government National Mortgage Assn. Pool #AH5882 3.75% 20441 | 518 | 558 | ||||||
Government National Mortgage Assn. Pool #AH5884 4.25% 20441 | 1,272 | 1,406 | ||||||
Government National Mortgage Assn. Pool #MA3727 4.00% 20461 | 208 | 217 | ||||||
Government National Mortgage Assn. Pool #MA7419 3.00% 20511,3 | 2,928 | 3,034 | ||||||
Government National Mortgage Assn. Pool #AO0409 4.615% 20651 | 164 | 172 | ||||||
Government National Mortgage Assn. Pool #AN1825 4.631% 20651 | 294 | 308 | ||||||
Government National Mortgage Assn. Pool #AO0461 4.625% 20651 | 85 | 89 | ||||||
Government National Mortgage Assn. Pool #AO0385 4.512% 20661 | 675 | 711 | ||||||
Government National Mortgage Assn. Pool #725897 5.20% 20661 | 2 | 2 | ||||||
Uniform Mortgage-Backed Security 1.50% 20371,5 | 414 | 415 | ||||||
Uniform Mortgage-Backed Security 1.50% 20371,5 | 271 | 271 | ||||||
Uniform Mortgage-Backed Security 2.00% 20371,5 | 772 | 791 | ||||||
Uniform Mortgage-Backed Security 2.00% 20371,5 | 693 | 708 | ||||||
Uniform Mortgage-Backed Security 2.50% 20371,5 | 300 | 310 | ||||||
Uniform Mortgage-Backed Security 2.00% 20521,5 | 22,285 | 22,122 | ||||||
Uniform Mortgage-Backed Security 2.00% 20521,5 | 18,496 | 18,399 | ||||||
Uniform Mortgage-Backed Security 2.50% 20521,5 | 26,254 | 26,662 | ||||||
Uniform Mortgage-Backed Security 2.50% 20521,5 | 11,911 | 12,123 |
236 | 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 3.00% 20521,5 | $ | 4,968 | $ | 5,140 | ||||
Uniform Mortgage-Backed Security 3.50% 20521,5 | 11,555 | 12,165 | ||||||
Uniform Mortgage-Backed Security 4.50% 20521,5 | 2,938 | 3,148 | ||||||
153,400 | ||||||||
Collateralized mortgage-backed obligations (privately originated) 5.66% | ||||||||
Arroyo Mortgage Trust, Series 2021-1R, Class A1, 1.175% 20481,4,6 | 675 | 672 | ||||||
Cascade Funding Mortgage Trust, Series 2020-HB4, Class A, 0.946% 20301,4,6 | 505 | 506 | ||||||
Cascade Funding Mortgage Trust, Series 2021-HB7, Class A, 1.151% 20311,4,6 | 423 | 422 | ||||||
Cascade Funding Mortgage Trust, Series 2021-HB6, Class A, 0.898% 20361,4,6 | 1,384 | 1,383 | ||||||
COLT Funding, LLC, Series 2021-5, Class A1, 1.726% 20611,4,6 | 159 | 159 | ||||||
Credit Suisse Mortgage Trust, Series 2017-RPL3, Class A1, 2.00% 20601,4,6 | 594 | 597 | ||||||
Flagstar Mortgage Trust, Series 2021-10INV, Class A3, 2.50% 20511,4,6 | 701 | 703 | ||||||
GCAT, Series 2021-NQM6, Class A1, 1.855% 20661,4,6 | 471 | 469 | ||||||
Mello Warehouse Securitization Trust, Series 2020-2, Class A, (1-month USD-LIBOR + 0.80%) 0.902% 20531,4,6 | 583 | 581 | ||||||
Mello Warehouse Securitization Trust, Series 2020-1, Class A, (1-month USD-LIBOR + 0.90%) 1.002% 20531,4,6 | 809 | 809 | ||||||
Mello Warehouse Securitization Trust, Series 2021-2, Class A, (1-month USD-LIBOR + 0.75%) 0.852% 20551,4,6 | 210 | 210 | ||||||
Mello Warehouse Securitization Trust, Series 2021-3, Class A, (1-month USD-LIBOR + 0.85%) 0.952% 20551,4,6 | 2,925 | 2,923 | ||||||
Mortgage Repurchase Agreement Financing Trust, Series 2020-5, (1-month USD-LIBOR + 1.00%) 1.101% 20231,4,6 | 750 | 751 | ||||||
MRA Issuance Trust, Series 2020-10, Class A, (1-month USD-LIBOR + 1.70%) 1.786% 20221,4,6 | 2,250 | 2,252 | ||||||
MRA Issuance Trust, Series 2021-16, Class A1, (1-month USD-LIBOR + 1.55%) 1.644% 20511,4,6 | 1,177 | 1,177 | ||||||
NewRez Warehouse Securitization Trust, Series 2021-1, Class A, (1-month USD-LIBOR + 0.75%) 0.852% 20551,4,6 | 1,021 | 1,020 | ||||||
Provident Funding Mortgage Warehouse Securitization Trust, Series 2021-1, Class A, (1-month USD-LIBOR + 0.70%) 0.802% 20551,4,6 | 768 | 765 | ||||||
Reverse Mortgage Investment Trust, Series 2021-HB1, Class A, 1.259% 20311,4,6 | 620 | 619 | ||||||
RMF Proprietary Issuance Trust, Series 2019-1, Class A, 2.75% 20631,4,6 | 464 | 465 | ||||||
Station Place Securitization Trust, Series 2021-WL1, Class A, (1-month USD-LIBOR + 0.65%) 0.752% 20541,4,6 | 1,317 | 1,318 | ||||||
Station Place Securitization Trust, Series 2021-WL2, Class A, (1-month USD-LIBOR + 0.70%) 0.802% 20541,4,6 | 375 | 375 | ||||||
Towd Point Mortgage Trust, Series 2016-5, Class A1, 2.50% 20561,4,6 | 206 | 208 | ||||||
Towd Point Mortgage Trust, Series 2017-5, Class A1, 0.702% 20571,4,6 | 18 | 18 | ||||||
Towd Point Mortgage Trust, Series 2020-4, Class A1, 1.75% 20601,6 | 536 | 535 | ||||||
18,937 | ||||||||
Commercial mortgage-backed securities 1.68% | ||||||||
BX Trust, Series 2021-VOLT, Class A, (1-month USD-LIBOR + 0.70%) 0.81% 20361,4,6 | 1,215 | 1,212 | ||||||
BX Trust, Series 2021-RISE, Class A, (1-month USD-LIBOR + 0.74%) 0.848% 20361,4,6 | 255 | 255 | ||||||
BX Trust, Series 2021-ARIA, Class A, (1-month USD-LIBOR + 0.899%) 1.009% 20361,4,6 | 1,006 | 1,006 | ||||||
BX Trust, Series 2021-SOAR, Class A, (1-month USD-LIBOR + 0.67%) 0.78% 20381,4,6 | 1,174 | 1,169 | ||||||
Extended Stay America Trust, Series 2021-ESH, Class A, (1-month USD-LIBOR + 1.08%) 1.19% 20381,4,6 | 368 | 369 | ||||||
LUXE Commercial Mortgage Trust, Series 2021-TRIP, Class A, (1-month USD-LIBOR + 1.05%) 1.16% 20381,4,6 | 575 | 576 | ||||||
American Funds Insurance Series | 237 |
American Funds Mortgage Fund (continued)
Bonds, notes & other debt instruments (continued) | Principal amount (000) | Value (000) | ||||||
Mortgage-backed obligations (continued) | ||||||||
Commercial mortgage-backed securities (continued) | ||||||||
MHC Commercial Mortgage Trust, CMO, Series 2021-MHC, Class A, (1-month USD-LIBOR + 0.801%) 0.911% 20261,4,6 | $ | 273 | $ | 273 | ||||
Motel 6 Trust, Series 2021-MTL6, Class A, (1-month USD-LIBOR + 0.90%) 1.01% 20381,4,6 | 100 | 100 | ||||||
SREIT Trust, Series 2021-MFP, Class A, (1-month USD-LIBOR + 0.731%) 0.841% 20381,4,6 | 664 | 662 | ||||||
5,622 | ||||||||
Total mortgage-backed obligations | 177,959 | |||||||
U.S. Treasury bonds & notes 20.45% | ||||||||
U.S. Treasury 14.63% | ||||||||
U.S. Treasury 0.125% 2023 | 650 | 647 | ||||||
U.S. Treasury 0.125% 2023 | 560 | 556 | ||||||
U.S. Treasury 0.125% 2023 | 190 | 188 | ||||||
U.S. Treasury 0.125% 2023 | 175 | 174 | ||||||
U.S. Treasury 0.375% 2023 | 5,235 | 5,205 | ||||||
U.S. Treasury 0.50% 2023 | 625 | 623 | ||||||
U.S. Treasury 0.375% 2025 | 490 | 475 | ||||||
U.S. Treasury 0.375% 2025 | 200 | 194 | ||||||
U.S. Treasury 0.50% 2026 | 1,750 | 1,701 | ||||||
U.S. Treasury 0.75% 20263 | 7,592 | 7,451 | ||||||
U.S. Treasury 0.75% 2026 | 560 | 548 | ||||||
U.S. Treasury 0.875% 2026 | 485 | 477 | ||||||
U.S. Treasury 1.25% 2026 | 1,955 | 1,955 | ||||||
U.S. Treasury 1.00% 2028 | 375 | 365 | ||||||
U.S. Treasury 1.125% 2028 | 2,000 | 1,972 | ||||||
U.S. Treasury 1.25% 2028 | 5,975 | 5,925 | ||||||
U.S. Treasury 1.25% 2028 | 415 | 411 | ||||||
U.S. Treasury 1.50% 2028 | 150 | 151 | ||||||
U.S. Treasury 0.625% 2030 | 1,000 | 933 | ||||||
U.S. Treasury 1.125% 2031 | 2,525 | 2,451 | ||||||
U.S. Treasury 1.25% 2031 | 713 | 698 | ||||||
U.S. Treasury 1.375% 2031 | 930 | 918 | ||||||
U.S. Treasury 1.375% 2040 | 380 | 346 | ||||||
U.S. Treasury 1.875% 2041 | 1,750 | 1,732 | ||||||
U.S. Treasury 1.25% 2050 | 1,730 | 1,472 | ||||||
U.S. Treasury 1.375% 2050 | 6,000 | 5,267 | ||||||
U.S. Treasury 1.625% 20503 | 5,095 | 4,754 | ||||||
U.S. Treasury 1.875% 2051 | 55 | 55 | ||||||
U.S. Treasury 2.00% 2051 | 1,250 | 1,276 | ||||||
48,920 | ||||||||
U.S. Treasury inflation-protected securities 5.82% | ||||||||
U.S. Treasury Inflation-Protected Security 0.125% 20237 | 2,909 | 3,007 | ||||||
U.S. Treasury Inflation-Protected Security 0.375% 20237 | 1,922 | 2,023 | ||||||
U.S. Treasury Inflation-Protected Security 0.625% 20237 | 719 | 753 | ||||||
U.S. Treasury Inflation-Protected Security 0.125% 20247 | 1,169 | 1,248 | ||||||
U.S. Treasury Inflation-Protected Security 0.125% 20247 | 315 | 337 | ||||||
U.S. Treasury Inflation-Protected Security 0.50% 20247 | 892 | 952 | ||||||
U.S. Treasury Inflation-Protected Security 0.625% 20247 | 1,114 | 1,187 | ||||||
U.S. Treasury Inflation-Protected Security 0.125% 20257 | 171 | 184 | ||||||
U.S. Treasury Inflation-Protected Security 0.375% 20257 | 391 | 425 | ||||||
U.S. Treasury Inflation-Protected Security 0.125% 20267 | 941 | 1,024 | ||||||
U.S. Treasury Inflation-Protected Security 0.125% 20317 | 3,983 | 4,460 | ||||||
U.S. Treasury Inflation-Protected Security 2.125% 20417 | 139 | 215 | ||||||
U.S. Treasury Inflation-Protected Security 0.75% 20423,7 | 1,375 | 1,738 | ||||||
U.S. Treasury Inflation-Protected Security 1.00% 20497 | 1,346 | 1,911 | ||||||
19,464 | ||||||||
Total U.S. Treasury bonds & notes | 68,384 |
238 | American Funds Insurance Series |
American Funds Mortgage Fund (continued)
Bonds, notes & other debt instruments (continued) | Principal amount (000) | Value (000) | ||||||
Asset-backed obligations 3.72% | ||||||||
Allegro CLO, Ltd., Series 2016-1A, Class AR2, (3-month USD-LIBOR + 0.95%) 1.074% 20301,4,6 | $ | 221 | $ | 221 | ||||
Ares CLO, Ltd., Series 2017-42A, Class AR, (3-month USD-LIBOR + 0.92%) 1.048% 20281,4,6 | 250 | 250 | ||||||
Ballyrock CLO, Ltd., Series 2019-2A, Class A1AR, (3-month USD-LIBOR + 1.00%) 1.16% 20301,4,6 | 250 | 250 | ||||||
Bankers Healthcare Group Securitization Trust, Series 2021-A, Class A, 1.42% 20331,6 | 80 | 79 | ||||||
Bankers Healthcare Group Securitization Trust, Series 2021-B, Class A, 0.90% 20341,6 | 91 | 90 | ||||||
Carvana Auto Receivables Trust, Series 2021-P1, Class A3, 0.54% 20251 | 195 | 195 | ||||||
Cent CLO, Ltd., Series 2014-21A, Class AR, (3-month USD-LIBOR + 0.97%) 1.105% 20301,4,6 | 250 | 250 | ||||||
CF Hippolyta LLC, Series 2020-1, Class A1, 1.69% 20601,6 | 520 | 516 | ||||||
CF Hippolyta LLC, Series 2020-1, Class A2, 1.99% 20601,6 | 100 | 98 | ||||||
CF Hippolyta LLC, Series 2021-1, Class A1, 1.53% 20611,6 | 812 | 798 | ||||||
Credit Acceptance Auto Loan Trust, Series 2021-3A, Class A, 1.00% 20301,6 | 275 | 273 | ||||||
Dryden Senior Loan Fund, CLO, Series 2014-33A, Class AR3, (3-month USD-LIBOR + 1.00%) 1.124% 20291,4,6 | 243 | 243 | ||||||
Exeter Automobile Receivables Trust, Series 2019-3A, Class C, 2.79% 20241,6 | 551 | 554 | ||||||
Hertz Vehicle Financing III, LLC, Series 2021-1A, Class A, 1.21% 20251,6 | 536 | 531 | ||||||
Hertz Vehicle Financing III, LLC, Series 2021-2A, Class A, 1.68% 20271,6 | 285 | 281 | ||||||
Longfellow Place CLO, Ltd., Series 2013-1A, Class AR3, (3-month USD-LIBOR + 1.00%) 1.124% 20291,4,6 | 187 | 187 | ||||||
Navient Student Loan Trust, Series 2021-A, Class A, 0.84% 20691,6 | 159 | 157 | ||||||
Navient Student Loan Trust, Series 2021-B, Class A, 0.94% 20691,6 | 182 | 181 | ||||||
Navient Student Loan Trust, Series 2021-C, Class A, 1.06% 20691,6 | 378 | 373 | ||||||
Navient Student Loan Trust, Series 2021-FA, Class A, 1.11% 20701,6 | 244 | 240 | ||||||
Navient Student Loan Trust, Series 2021-G, Class A, 1.58% 20701,6 | 298 | 297 | ||||||
Nelnet Student Loan Trust, Series 2021-C, Class AFL, (1-month USD-LIBOR + 0.74%) 0.844% 20621,4,6 | 690 | 693 | ||||||
Nelnet Student Loan Trust, Series 2021-A, Class APT1, 1.36% 20621,6 | 466 | 459 | ||||||
Nelnet Student Loan Trust, Series 2021-B, Class AFX, 1.42% 20621,6 | 1,361 | 1,343 | ||||||
New Economy Assets Phase 1 Issuer, LLC, Series 2021-1, Class A1, 1.91% 20611,6 | 1,430 | 1,404 | ||||||
Newark BSL CLO 2, Ltd., Series 2017-1A, Class A1R, (3-month USD-LIBOR + 0.97%) 1.094% 20301,4,6 | 250 | 250 | ||||||
OnDeck Asset Securitization Trust LLC, Series 2021-1A, Class A, 1.59% 20271,6 | 594 | 591 | ||||||
OSW Structured Asset Trust, Series 2020-RPL1, Class A1, 3.072% 20591,4,6 | 105 | 106 | ||||||
Palmer Square Loan Funding, CLO, Series 2019-2, Class A1, (3-month USD-LIBOR + 0.97%) 1.102% 20271,4,6 | 246 | 246 | ||||||
Palmer Square Loan Funding, CLO, Series 2021-1, Class A1, (3-month USD-LIBOR + 0.90%) 1.032% 20291,4,6 | 198 | 198 | ||||||
Race Point CLO, Ltd., Series 2015-9A, Class A1A2, (3-month USD-LIBOR + 0.94%) 1.064% 20301,4,6 | 250 | 250 | ||||||
SMB Private Education Loan Trust, Series 2021-A, Class APT2, 1.07% 20531,6 | 98 | 95 | ||||||
Sound Point CLO, Ltd., Series 2017-2A, Class AR, (3-month USD-LIBOR + 0.98%) 1.112% 20301,4,6 | 250 | 250 | ||||||
Sound Point CLO, Ltd., Series 2017-3A, Class A1R, (3-month USD-LIBOR + 0.98%) 1.112% 20301,4,6 | 250 | 250 | ||||||
Sound Point CLO, Ltd., Series 2015-1RA, Class AR, (3-month USD-LIBOR + 1.08%) 1.204% 20301,4,6 | 250 | 250 | ||||||
12,449 | ||||||||
Bonds & notes of governments & government agencies outside the U.S. 0.22% | ||||||||
CPPIB Capital, Inc. 0.875% 20266 | 320 | 310 | ||||||
Oesterreichische Kontrollbank AG 0.50% 2024 | 195 | 192 | ||||||
Ontario Teachers’ Finance Trust 0.875% 20266 | 250 | 244 | ||||||
746 | ||||||||
Federal agency bonds & notes 0.09% | ||||||||
Fannie Mae 0.875% 2030 | 300 | 283 | ||||||
American Funds Insurance Series | 239 |
American Funds Mortgage Fund (continued)
Bonds, notes & other debt instruments (continued) | Principal amount (000) | Value (000) | ||||||
Corporate bonds, notes & loans 0.07% | ||||||||
Communication services 0.07% | ||||||||
SBA Tower Trust 1.631% 20266 | $ | 253 | $ | 249 | ||||
Total bonds, notes & other debt instruments (cost: $259,300,000) | 260,070 | |||||||
Short-term securities 52.63% | Weighted average yield at acquisition | |||||||||||
Federal agency bills & notes 31.70% | ||||||||||||
Fannie Mae 3/9/2022 | 0.053 | % | 2,500 | 2,500 | ||||||||
Federal Farm Credit Banks 1/24/2022 | 0.040 | 5,000 | 5,000 | |||||||||
Federal Farm Credit Banks 2/23/2022 | 0.050 | 2,000 | 2,000 | |||||||||
Federal Farm Credit Banks 2/28/2022 | 0.050 | 8,000 | 7,999 | |||||||||
Federal Farm Credit Banks 4/11/2022 | 0.050 | 3,000 | 2,999 | |||||||||
Federal Farm Credit Banks 5/18/2022 | 0.050 | 5,000 | 4,997 | |||||||||
Federal Farm Credit Banks 5/25/2022 | 0.070 | 1,600 | 1,599 | |||||||||
Federal Farm Credit Banks 6/7/2022 | 0.060 | 5,000 | 4,996 | |||||||||
Federal Home Loan Bank 1/21/2022 | 0.045 | 11,000 | 10,999 | |||||||||
Federal Home Loan Bank 1/28/2022 | 0.048 | 8,000 | 7,999 | |||||||||
Federal Home Loan Bank 2/2/2022 | 0.050 | 5,000 | 5,000 | |||||||||
Federal Home Loan Bank 2/9/2022 | 0.049 | 20,000 | 19,999 | |||||||||
Federal Home Loan Bank 2/16/2022 | 0.050 | 8,000 | 7,999 | |||||||||
Federal Home Loan Bank 3/3/2022 | 0.050 | 1,900 | 1,900 | |||||||||
Federal Home Loan Bank 3/11/2022 | 0.045 | 6,000 | 5,999 | |||||||||
Federal Home Loan Bank 3/16/2022 | 0.050 | 3,000 | 2,999 | |||||||||
Federal Home Loan Bank 3/23/2022 | 0.040 | 2,000 | 2,000 | |||||||||
Federal Home Loan Bank 3/25/2022 | 0.062 | 2,000 | 2,000 | |||||||||
Tennessee Valley Authority 1/12/2022 | 0.036 | 7,000 | 7,000 | |||||||||
105,984 | ||||||||||||
Commercial paper 17.82% | ||||||||||||
Amazon.com, Inc. 1/10/20226 | 0.049 | 9,000 | 9,000 | |||||||||
Apple, Inc. 1/4/20226 | 0.050 | 5,000 | 5,000 | |||||||||
Apple, Inc. 1/13/20226 | 0.050 | 3,000 | 3,000 | |||||||||
BofA Securities, Inc. 2/1/20226 | 0.120 | 3,000 | 3,000 | |||||||||
Chariot Funding, LLC 1/24/20226 | 0.130 | 1,000 | 1,000 | |||||||||
Cisco Systems, Inc. 3/8/20226 | 0.120 | 6,000 | 5,998 | |||||||||
Cisco Systems, Inc. 3/10/20226 | 0.120 | 2,800 | 2,799 | |||||||||
Coca-Cola Co. 2/16/20226 | 0.070 | 4,800 | 4,800 | |||||||||
Coca-Cola Co. 4/5/20226 | 0.080 | 5,000 | 4,999 | |||||||||
CRC Funding, LLC 1/14/20226 | 0.100 | 9,000 | 9,000 | |||||||||
Paccar Financial Corp. 1/21/2022 | 0.090 | 2,000 | 2,000 | |||||||||
Procter & Gamble Co. 1/7/20226 | 0.070 | 8,000 | 8,000 | |||||||||
Victory Receivables Corp. 1/3/20226 | 0.050 | 1,000 | 1,000 | |||||||||
59,596 | ||||||||||||
240 | American Funds Insurance Series |
American Funds Mortgage Fund (continued)
Short-term securities (continued) | Weighted average yield at acquisition | Principal amount (000) | Value (000) | |||||||||
U.S. Treasury bills 3.11% | ||||||||||||
U.S. Treasury 5/12/2022 | 0.061 | % | $ | 4,500 | $ | 4,498 | ||||||
U.S. Treasury 5/19/2022 | 0.060 | 5,900 | 5,898 | |||||||||
10,396 | ||||||||||||
Total short-term securities (cost: $175,985,000) | 175,976 | |||||||||||
Total investment securities 130.40% (cost: $435,285,000) | 436,046 | |||||||||||
Other assets less liabilities (30.40)% | (101,648 | ) | ||||||||||
Net assets 100.00% | $ | 334,398 | ||||||||||
Futures contracts | |||||||||||||||
Contracts | Type | Number of contracts | Expiration | Notional amount (000) | Value and unrealized appreciation (depreciation) at 12/31/2021 (000) | ||||||||||
2 Year U.S. Treasury Note Futures | Long | 1 | March 2022 | $ | 218 | $ | — | 2 | |||||||
5 Year U.S. Treasury Note Futures | Long | 18 | March 2022 | 2,178 | 11 | ||||||||||
10 Year U.S. Treasury Note Futures | Long | 84 | March 2022 | 10,959 | 82 | ||||||||||
10 Year Ultra U.S. Treasury Note Futures | Short | 50 | March 2022 | (7,322 | ) | (109 | ) | ||||||||
20 Year U.S. Treasury Bond Futures | Long | 8 | March 2022 | 1,284 | 11 | ||||||||||
30 Year Ultra U.S. Treasury Bond Futures | Long | 2 | March 2022 | 394 | 9 | ||||||||||
$ | 4 |
Swap contracts | ||||||||||||||||||||||||||||
Interest rate swaps | ||||||||||||||||||||||||||||
Centrally cleared interest rate swaps | ||||||||||||||||||||||||||||
Upfront | Unrealized | |||||||||||||||||||||||||||
Receive | Pay | Value at | premium | appreciation | ||||||||||||||||||||||||
Payment | Payment | Expiration | Notional | 12/31/2021 | paid | at 12/31/2021 | ||||||||||||||||||||||
Rate | frequency | Rate | frequency | date | (000) | (000) | (000) | (000) | ||||||||||||||||||||
3-month USD-LIBOR | Quarterly | 0.243% | Semi-annual | 5/2/2024 | $ | 33,400 | $ | 598 | $ | 22 | $ | 576 | ||||||||||||||||
3-month USD-LIBOR | Quarterly | 0.32% | Semi-annual | 9/23/2025 | 3,600 | 123 | — | 123 | ||||||||||||||||||||
3-month USD-LIBOR | Quarterly | 0.81% | Semi-annual | 7/28/2045 | 5,700 | 1,057 | 16 | 1,041 | ||||||||||||||||||||
3-month USD-LIBOR | Quarterly | 0.811% | Semi-annual | 7/27/2050 | 3,000 | 635 | — | 635 | ||||||||||||||||||||
$ | 38 | $ | 2,375 | |||||||||||||||||||||||||
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 $1,311,000, which represented .39% 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 $95,212,000, which represented 28.47% of the net assets of the fund. |
7 | Index-linked bond whose principal amount moves with a government price index. |
American Funds Insurance Series | 241 |
American Funds Mortgage Fund (continued)
Key to abbreviations and symbol
CLO = Collateralized Loan Obligations
CMO = Collateralized Mortgage Obligations
LIBOR = London Interbank Offered Rate
TBA = To-be-announced
USD/$ = U.S. dollars
See notes to financial statements.
242 | American Funds Insurance Series |
Ultra-Short Bond Fund
Investment portfolio December 31, 2021
Short-term securities 97.89% | Weighted average yield at acquisition | Principal amount (000) | Value (000) | |||||||||
Commercial paper 68.84% | ||||||||||||
Amazon.com, Inc. 1/26/20221 | 0.050 | % | $ | 9,700 | $ | 9,700 | ||||||
Apple, Inc. 1/4/20221 | 0.050 | 4,000 | 4,000 | |||||||||
Atlantic Asset Securitization, LLC 1/20/20221 | 0.116 | 9,000 | 8,999 | |||||||||
British Columbia (Province of) 1/10/2022 | 0.070 | 700 | 700 | |||||||||
British Columbia (Province of) 1/18/2022 | 0.070 | 7,000 | 7,000 | |||||||||
CAFCO, LLC 3/7/20221 | 0.150 | 10,000 | 9,996 | |||||||||
Caisse d’Amortissement de la Dette Sociale 2/8/2022 | 0.120 | 2,900 | 2,900 | |||||||||
Caisse des Dépôts et Consignations 1/10/2022 | 0.100 | 2,000 | 2,000 | |||||||||
Canadian Imperial Bank of Commerce 1/7/20221 | 0.059 | 9,500 | 9,500 | |||||||||
Coca-Cola Co. 2/15/20221 | 0.070 | 9,500 | 9,499 | |||||||||
DBS Bank, Ltd. 4/1/20221 | 0.198 | 9,000 | 8,994 | |||||||||
Equinor ASA 1/3/20221 | 0.070 | 4,700 | 4,700 | |||||||||
Equinor ASA 2/23/20221 | 0.150 | 5,000 | 4,999 | |||||||||
FMS Wertmanagement 2/18/20221 | 0.114 | 5,000 | 4,999 | |||||||||
KfW 2/10/20221 | 0.135 | 1,202 | 1,202 | |||||||||
Komatsu Finance America, Inc. 1/20/20221 | 0.130 | 7,000 | 7,000 | |||||||||
Longship Funding, LLC 1/14/20221 | 0.080 | 1,300 | 1,300 | |||||||||
LVMH Moët Hennessy Louis Vuitton, Inc. 1/21/20221 | 0.078 | 9,000 | 9,000 | |||||||||
Manhattan Asset Funding Company, LLC 2/28/20221 | 0.200 | 9,000 | 8,997 | |||||||||
Mizuho Bank, Ltd. 1/19/20221 | 0.115 | 9,000 | 9,000 | |||||||||
Nestlé Capital Corp. 1/6/20221 | 0.070 | 4,450 | 4,450 | |||||||||
Nestlé Finance International, Ltd. 1/21/20221 | 0.070 | 3,000 | 3,000 | |||||||||
Oesterreichische Kontrollbank AG 1/18/2022 | 0.105 | 5,000 | 5,000 | |||||||||
OMERS Finance Trust 1/20/2022 | 0.090 | 9,170 | 9,169 | |||||||||
OMERS Finance Trust 1/25/2022 | 0.120 | 3,906 | 3,906 | |||||||||
Oversea-Chinese Banking Corp., Ltd. 1/27/20221 | 0.140 | 7,000 | 6,999 | |||||||||
Procter & Gamble Co. 1/4/20221 | 0.050 | 10,000 | 10,000 | |||||||||
Québec (Province of) 1/18/20221 | 0.070 | 10,000 | 10,000 | |||||||||
Starbird Funding Corp. 1/3/20221 | 0.060 | 2,200 | 2,200 | |||||||||
Sumitomo Mitsui Trust Bank, Ltd. 2/16/20221 | 0.170 | 7,300 | 7,299 | |||||||||
TotalEnergies Capital Canada, Ltd. 2/28/20221 | 0.140 | 9,500 | 9,498 | |||||||||
Toyota Industries Commercial Finance, Inc. 1/12/20221 | 0.096 | 9,000 | 9,000 | |||||||||
Toyota Motor Credit Corp. 2/22/2022 | 0.157 | 5,000 | 4,999 | |||||||||
United Overseas Bank, Ltd. 3/10/20221 | 0.175 | 10,000 | 9,997 | |||||||||
Victory Receivables Corp. 2/9/20221 | 0.150 | 9,000 | 8,998 | |||||||||
229,000 | ||||||||||||
U.S. Treasury bills 17.73% | ||||||||||||
U.S. Treasury 2/3/2022 | 0.050 | 20,000 | 19,999 | |||||||||
U.S. Treasury 3/3/2022 | 0.051 | 5,000 | 5,000 | |||||||||
U.S. Treasury 3/8/2022 | 0.051 | 5,000 | 5,000 | |||||||||
U.S. Treasury 3/22/2022 | 0.053 | 10,000 | 9,999 | |||||||||
U.S. Treasury 4/21/2022 | 0.064 | 9,000 | 8,998 | |||||||||
U.S. Treasury 4/26/2022 | 0.101 | 10,000 | 9,998 | |||||||||
58,994 | ||||||||||||
Federal agency bills & notes 11.32% | ||||||||||||
Federal Farm Credit Banks 3/4/2022 | 0.050 | 5,000 | 4,999 | |||||||||
Federal Home Loan Bank 1/12/2022 | 0.043 | 2,700 | 2,700 | |||||||||
Federal Home Loan Bank 1/26/2022 | 0.040 | 15,000 | 14,999 | |||||||||
Federal Home Loan Bank 2/9/2022 | 0.040 | 3,400 | 3,400 | |||||||||
American Funds Insurance Series | 243 |
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 2/25/2022 | 0.044 | % | $ | 5,000 | $ | 5,000 | ||||||
Federal Home Loan Bank 3/2/2022 | 0.049 | 2,900 | 2,900 | |||||||||
Federal Home Loan Bank 3/23/2022 | 0.065 | 3,650 | 3,649 | |||||||||
37,647 | ||||||||||||
Total short-term securities (cost: $325,639,000) | 325,641 | |||||||||||
Total investment securities 97.89% (cost: $325,639,000) | 325,641 | |||||||||||
Other assets less liabilities 2.11% | 7,020 | |||||||||||
Net assets 100.00% | $ | 332,661 | ||||||||||
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 $193,327,000, which represented 58.12% of the net assets of the fund. |
See notes to financial statements.
244 | American Funds Insurance Series |
U.S. Government Securities Fund
(formerly U.S. Government/AAA-Rated Securities Fund)
Investment portfolio December 31, 2021
Bonds, notes & other debt instruments 74.13% | Principal amount (000) | Value (000) | ||||||
U.S. Treasury bonds & notes 50.24% | ||||||||
U.S. Treasury inflation-protected securities 26.42% | ||||||||
U.S. Treasury Inflation-Protected Security 0.125% 20221 | $ | 71,956 | $ | 73,784 | ||||
U.S. Treasury Inflation-Protected Security 0.125% 20221 | 22,300 | 22,642 | ||||||
U.S. Treasury Inflation-Protected Security 0.125% 20221 | 6,475 | 6,492 | ||||||
U.S. Treasury Inflation-Protected Security 0.125% 20231 | 27,843 | 28,781 | ||||||
U.S. Treasury Inflation-Protected Security 0.375% 20231 | 30,460 | 32,057 | ||||||
U.S. Treasury Inflation-Protected Security 0.625% 20231 | 61,487 | 64,331 | ||||||
U.S. Treasury Inflation-Protected Security 0.125% 20241 | 45,202 | 48,314 | ||||||
U.S. Treasury Inflation-Protected Security 0.125% 20241 | 32,535 | 34,717 | ||||||
U.S. Treasury Inflation-Protected Security 0.50% 20241 | 5,313 | 5,669 | ||||||
U.S. Treasury Inflation-Protected Security 0.625% 20241 | 17,446 | 18,589 | ||||||
U.S. Treasury Inflation-Protected Security 0.125% 20251 | 16,973 | 18,316 | ||||||
U.S. Treasury Inflation-Protected Security 0.125% 20251 | 11,026 | 11,805 | ||||||
U.S. Treasury Inflation-Protected Security 0.375% 20251 | 54,760 | 59,587 | ||||||
U.S. Treasury Inflation-Protected Security 0.125% 20261 | 33,827 | 36,815 | ||||||
U.S. Treasury Inflation-Protected Security 0.125% 20261 | 25,892 | 27,957 | ||||||
U.S. Treasury Inflation-Protected Security 0.625% 20261 | 22,693 | 24,967 | ||||||
U.S. Treasury Inflation-Protected Security 0.125% 20301 | 6,768 | 7,572 | ||||||
U.S. Treasury Inflation-Protected Security 0.125% 20311 | 9,038 | 10,120 | ||||||
U.S. Treasury Inflation-Protected Security 0.125% 20311 | 841 | 945 | ||||||
U.S. Treasury Inflation-Protected Security 2.125% 20411 | 391 | 606 | ||||||
U.S. Treasury Inflation-Protected Security 0.75% 20421,2 | 8,799 | 11,121 | ||||||
U.S. Treasury Inflation-Protected Security 0.625% 20431 | 4,931 | 6,133 | ||||||
U.S. Treasury Inflation-Protected Security 1.00% 20491 | 5,165 | 7,333 | ||||||
U.S. Treasury Inflation-Protected Security 0.25% 20501 | 339 | 411 | ||||||
U.S. Treasury Inflation-Protected Security 0.125% 20511 | 10,998 | 13,026 | ||||||
572,090 | ||||||||
U.S. Treasury 23.82% | ||||||||
U.S. Treasury 0.50% 2023 | 2,160 | 2,152 | ||||||
U.S. Treasury 2.125% 2023 | — | 3 | — | 3 | ||||
U.S. Treasury 0.375% 2024 | 28,000 | 27,610 | ||||||
U.S. Treasury 0.375% 2024 | 4,500 | 4,441 | ||||||
U.S. Treasury 0.625% 2024 | 37,735 | 37,437 | ||||||
U.S. Treasury 0.75% 2024 | 44,280 | 44,041 | ||||||
U.S. Treasury 0.25% 2025 | 10,042 | 9,741 | ||||||
U.S. Treasury 0.25% 2025 | 4,000 | 3,875 | ||||||
U.S. Treasury 0.375% 2025 | 2,190 | 2,124 | ||||||
U.S. Treasury 0.375% 2025 | 1,017 | 987 | ||||||
U.S. Treasury 0.875% 2026 | 31,816 | 31,270 | ||||||
U.S. Treasury 1.125% 2026 | 15,060 | 14,969 | ||||||
U.S. Treasury 1.25% 2026 | 7,885 | 7,883 | ||||||
U.S. Treasury 1.25% 2026 | 1,595 | 1,595 | ||||||
U.S. Treasury 1.625% 2026 | 10,000 | 10,176 | ||||||
U.S. Treasury 0.50% 2027 | 54 | 52 | ||||||
U.S. Treasury 1.125% 2028 | 450 | 444 | ||||||
U.S. Treasury 1.25% 2028 | 12,328 | 12,224 | ||||||
U.S. Treasury 0.625% 2030 | 1,175 | 1,096 | ||||||
U.S. Treasury 1.25% 2031 | 35,733 | 34,949 | ||||||
U.S. Treasury 1.375% 2031 | 4,245 | 4,192 | ||||||
U.S. Treasury 1.125% 2040 | 9,875 | 8,625 | ||||||
U.S. Treasury 1.125% 2040 | 7,000 | 6,140 | ||||||
U.S. Treasury 1.75% 2041 | 37,690 | 36,536 | ||||||
U.S. Treasury 2.25% 2041 | 900 | 945 | ||||||
U.S. Treasury 2.50% 2046 | 5,400 | 5,980 | ||||||
U.S. Treasury 2.50% 2046 | 3,900 | 4,316 | ||||||
U.S. Treasury 2.875% 2046 | 2,700 | 3,201 | ||||||
U.S. Treasury 2.25% 2049 | 1,635 | 1,753 | ||||||
U.S. Treasury 2.375% 2049 | 11,925 | 13,126 | ||||||
U.S. Treasury 2.875% 2049 | 26,000 | 31,374 |
American Funds Insurance Series | 245 |
U.S. Government Securities Fund (continued)
(formerly U.S. Government/AAA-Rated Securities 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 1.25% 2050 | $ | 27,680 | $ | 23,549 | ||||
U.S. Treasury 1.375% 2050 | 12,605 | 11,066 | ||||||
U.S. Treasury 1.625% 20502 | 55,205 | 51,515 | ||||||
U.S. Treasury 1.875% 2051 | 17,152 | 17,001 | ||||||
U.S. Treasury 1.875% 2051 | 2,794 | 2,775 | ||||||
U.S. Treasury 2.00% 20512 | 44,898 | 45,827 | ||||||
U.S. Treasury 2.375% 2051 | 780 | 863 | ||||||
515,850 | ||||||||
Total U.S. Treasury bonds & notes | 1,087,940 | |||||||
�� | ||||||||
Federal agency bonds & notes 12.75% | ||||||||
Export-Import Bank of the United States-Guaranteed, Ethiopian Leasing 2012 LLC 2.646% 2026 | 395 | 409 | ||||||
Fannie Mae 2.875% 2023 | 36,000 | 37,341 | ||||||
Fannie Mae 0.625% 2025 | 10,000 | 9,862 | ||||||
Fannie Mae 0.75% 2027 | 2,900 | 2,805 | ||||||
Fannie Mae 0.875% 2030 | 8,600 | 8,115 | ||||||
Fannie Mae 7.125% 2030 | 2,000 | 2,837 | ||||||
Federal Farm Credit Banks 0.375% 2022 | 1,500 | 1,501 | ||||||
Federal Home Loan Bank 0.50% 2023 | 35,000 | 34,854 | ||||||
Federal Home Loan Bank 3.375% 2023 | 16,715 | 17,462 | ||||||
Federal Home Loan Bank 3.25% 2028 | 6,500 | 7,262 | ||||||
Federal Home Loan Bank 5.50% 2036 | 300 | 437 | ||||||
Private Export Funding Corp. 3.55% 2024 | 3,190 | 3,367 | ||||||
Private Export Funding Corp. 1.40% 2028 | 3,000 | 2,960 | ||||||
Tennessee Valley Authority 1.875% 2022 | 14,017 | 14,158 | ||||||
Tennessee Valley Authority 0.75% 2025 | 3,700 | 3,657 | ||||||
Tennessee Valley Authority 2.875% 2027 | 5,000 | 5,379 | ||||||
Tennessee Valley Authority 1.50% 2031 | 7,000 | 6,904 | ||||||
Tennessee Valley Authority 4.65% 2035 | 1,780 | 2,311 | ||||||
Tennessee Valley Authority 5.88% 2036 | 875 | 1,274 | ||||||
Tennessee Valley Authority, Series A, 4.625% 2060 | 250 | 378 | ||||||
TVA Southaven 3.846% 2033 | 1,002 | 1,105 | ||||||
U.S. Agency for International Development, Iraq (State of) 2.149% 2022 | 3,370 | 3,373 | ||||||
U.S. Agency for International Development, Israel (State of), Class 1A, 5.50% 2023 | 1,250 | 1,351 | ||||||
U.S. Agency for International Development, Jordan (Kingdom of) 2.578% 2022 | 41,500 | 41,934 | ||||||
U.S. Agency for International Development, Jordan (Kingdom of) 3.00% 2025 | 14,779 | 15,625 | ||||||
U.S. Agency for International Development, Morocco (Kingdom of) 7.55% 2026 | 2,303 | 2,622 | ||||||
U.S. Department of Housing and Urban Development, Series 2015-A-8, 2.45% 2022 | 6,000 | 6,074 | ||||||
U.S. Department of Housing and Urban Development, Series 2015-A-9, 2.80% 2023 | 1,500 | 1,549 | ||||||
U.S. Department of Housing and Urban Development, Series 2015-A-10, 2.85% 2024 | 2,250 | 2,359 | ||||||
U.S. Department of Housing and Urban Development, Series 2015-A-11, 2.95% 2025 | 2,640 | 2,768 | ||||||
U.S. Department of Housing and Urban Development, Series 2015-A-12, 3.10% 2026 | 2,625 | 2,758 | ||||||
U.S. Department of Housing and Urban Development, Series 2015-A-13, 3.15% 2027 | 11,482 | 12,055 | ||||||
U.S. Department of Housing and Urban Development, Series 2015-A-14, 3.25% 2028 | 3,856 | 4,049 | ||||||
U.S. Department of Housing and Urban Development, Series 2015-A-15, 3.35% 2029 | 2,650 | 2,785 | ||||||
U.S. Department of Housing and Urban Development, Series 2015-A-16, 3.50% 2030 | 2,482 | 2,660 | ||||||
U.S. Department of Housing and Urban Development, Series 2015-A-17, 3.55% 2031 | 2,475 | 2,619 | ||||||
U.S. Department of Housing and Urban Development, Series 2015-A-18, 3.60% 2032 | 2,377 | 2,518 | ||||||
U.S. Department of Housing and Urban Development, Series 2015-A-19, 3.65% 2033 | 2,059 | 2,185 | ||||||
U.S. Department of Housing and Urban Development, Series 2015-A-20, 3.70% 2034 | 651 | 692 | ||||||
U.S. Government-Guaranteed Certificates of Participation, Overseas Private Investment Corp. 3.82% 2032 | 790 | 887 | ||||||
U.S. Government-Guaranteed Certificates of Participation, Overseas Private Investment Corp. 3.938% 2032 | 646 | 741 | ||||||
275,982 |
246 | American Funds Insurance Series |
U.S. Government Securities Fund (continued)
(formerly U.S. Government/AAA-Rated Securities Fund)
Bonds, notes & other debt instruments (continued) | Principal amount (000) | Value (000) | ||||||
Mortgage-backed obligations 11.14% | ||||||||
Federal agency mortgage-backed obligations 11.14% | ||||||||
Fannie Mae Pool #695412 5.00% 20334 | $ | 1 | $ | 1 | ||||
Fannie Mae Pool #AD3566 5.00% 20354 | 8 | 8 | ||||||
Fannie Mae Pool #MA2746 4.00% 20364 | 1,762 | 1,918 | ||||||
Fannie Mae Pool #MA2588 4.00% 20364 | 867 | 940 | ||||||
Fannie Mae Pool #256860 6.50% 20374 | 13 | 15 | ||||||
Fannie Mae Pool #888698 7.00% 20374 | 24 | 28 | ||||||
Fannie Mae Pool #256828 7.00% 20374 | 3 | 3 | ||||||
Fannie Mae Pool #970343 6.00% 20384 | 15 | 15 | ||||||
Fannie Mae Pool #AC0794 5.00% 20394 | 21 | 23 | ||||||
Fannie Mae Pool #931768 5.00% 20394 | 6 | 6 | ||||||
Fannie Mae Pool #932606 5.00% 20404 | 16 | 18 | ||||||
Fannie Mae Pool #AJ1873 4.00% 20414 | 27 | 30 | ||||||
Fannie Mae Pool #AI1862 5.00% 20414 | 470 | 532 | ||||||
Fannie Mae Pool #AI3510 5.00% 20414 | 289 | 328 | ||||||
Fannie Mae Pool #AJ0704 5.00% 20414 | 246 | 279 | ||||||
Fannie Mae Pool #AJ5391 5.00% 20414 | 156 | 177 | ||||||
Fannie Mae Pool #AE1248 5.00% 20414 | 39 | 44 | ||||||
Fannie Mae Pool #AE1277 5.00% 20414 | 19 | 21 | ||||||
Fannie Mae Pool #AE1283 5.00% 20414 | 10 | 11 | ||||||
Fannie Mae Pool #AE1290 5.00% 20424 | 22 | 25 | ||||||
Fannie Mae Pool #AT7161 3.50% 20434 | 52 | 56 | ||||||
Fannie Mae Pool #AT3954 3.50% 20434 | 12 | 13 | ||||||
Fannie Mae Pool #AT0300 3.50% 20434 | 7 | 8 | ||||||
Fannie Mae Pool #BM6240 2.05% 20444,5 | 607 | 638 | ||||||
Fannie Mae Pool #AY1829 3.50% 20444 | 8 | 8 | ||||||
Fannie Mae Pool #AW8240 3.50% 20444 | 4 | 4 | ||||||
Fannie Mae Pool #BE5017 3.50% 20454 | 69 | 74 | ||||||
Fannie Mae Pool #BE8740 3.50% 20474 | 65 | 69 | ||||||
Fannie Mae Pool #BE8742 3.50% 20474 | 20 | 22 | ||||||
Fannie Mae Pool #BH2846 3.50% 20474 | 8 | 9 | ||||||
Fannie Mae Pool #BH2848 3.50% 20474 | 7 | 8 | ||||||
Fannie Mae Pool #BH2847 3.50% 20474 | 5 | 6 | ||||||
Fannie Mae Pool #BJ5015 4.00% 20474 | 199 | 217 | ||||||
Fannie Mae Pool #BH3122 4.00% 20474 | 5 | 6 | ||||||
Fannie Mae Pool #BM3788 3.50% 20484 | 3,895 | 4,192 | ||||||
Fannie Mae Pool #BJ4901 3.50% 20484 | 48 | 52 | ||||||
Fannie Mae Pool #BK6840 4.00% 20484 | 126 | 138 | ||||||
Fannie Mae Pool #BK5232 4.00% 20484 | 92 | 100 | ||||||
Fannie Mae Pool #BK9743 4.00% 20484 | 37 | 40 | ||||||
Fannie Mae Pool #CA1909 4.50% 20484 | 28 | 30 | ||||||
Fannie Mae Pool #BK9761 4.50% 20484 | 21 | 22 | ||||||
Fannie Mae Pool #CA4151 3.50% 20494 | 673 | 730 | ||||||
Fannie Mae Pool #FM1062 3.50% 20494 | 541 | 585 | ||||||
Fannie Mae Pool #FM1443 3.50% 20494 | 399 | 430 | ||||||
Fannie Mae Pool #BJ8411 3.50% 20494 | 133 | 143 | ||||||
Fannie Mae Pool #FM2179 3.00% 20504 | 4,998 | 5,260 | ||||||
Fannie Mae Pool #FM3834 4.50% 20504 | 1,225 | 1,313 | ||||||
Fannie Mae, Series 2001-4, Class GA, 9.00% 20254,5 | — | 3 | — | 3 | ||||
Fannie Mae, Series 2001-4, Class NA, 9.00% 20254,5 | — | 3 | — | 3 | ||||
Fannie Mae, Series 2012-M2, Class A2, Multi Family, 2.717% 20224 | 2 | 2 | ||||||
Fannie Mae, Series 2012-M3, Class 1A2, Multi Family, 3.044% 20224 | 128 | 128 | ||||||
Fannie Mae, Series 2014-M1, Class A2, Multi Family, 3.123% 20234,5 | 457 | 470 | ||||||
Fannie Mae, Series 2014-M3, Class A2, Multi Family, 3.489% 20244,5 | 675 | 702 | ||||||
Freddie Mac Pool #1H1354 2.34% 20364,5 | 88 | 94 | ||||||
Freddie Mac Pool #C03518 5.00% 20404 | 342 | 385 | ||||||
Freddie Mac Pool #G06459 5.00% 20414 | 856 | 971 | ||||||
Freddie Mac Pool #841039 2.186% 20434,5 | 557 | 587 | ||||||
Freddie Mac Pool #Q19133 3.50% 20434 | 37 | 40 | ||||||
Freddie Mac Pool #Q17696 3.50% 20434 | 35 | 37 |
American Funds Insurance Series | 247 |
U.S. Government Securities Fund (continued)
(formerly U.S. Government/AAA-Rated Securities Fund)
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% 20434 | $ | 181 | $ | 198 | ||||
Freddie Mac Pool #Q15874 4.00% 20434 | 7 | 7 | ||||||
Freddie Mac Pool #Q28558 3.50% 20444 | 229 | 247 | ||||||
Freddie Mac Pool #760014 2.843% 20454,5 | 359 | 372 | ||||||
Freddie Mac Pool #Q52069 3.50% 20474 | 99 | 106 | ||||||
Freddie Mac Pool #Q47615 3.50% 20474 | 57 | 61 | ||||||
Freddie Mac Pool #Q54701 3.50% 20484 | 66 | 71 | ||||||
Freddie Mac Pool #Q54709 3.50% 20484 | 61 | 65 | ||||||
Freddie Mac Pool #Q54700 3.50% 20484 | 49 | 53 | ||||||
Freddie Mac Pool #Q54781 3.50% 20484 | 47 | 51 | ||||||
Freddie Mac Pool #Q54782 3.50% 20484 | 47 | 50 | ||||||
Freddie Mac Pool #Q56590 3.50% 20484 | 33 | 35 | ||||||
Freddie Mac Pool #Q54699 3.50% 20484 | 26 | 28 | ||||||
Freddie Mac Pool #Q56589 3.50% 20484 | 24 | 25 | ||||||
Freddie Mac Pool #Q54831 3.50% 20484 | 19 | 21 | ||||||
Freddie Mac Pool #Q54698 3.50% 20484 | 20 | 21 | ||||||
Freddie Mac Pool #G67711 4.00% 20484 | 1,754 | 1,920 | ||||||
Freddie Mac Pool #Q56599 4.00% 20484 | 149 | 164 | ||||||
Freddie Mac Pool #Q56175 4.00% 20484 | 101 | 110 | ||||||
Freddie Mac Pool #Q55971 4.00% 20484 | 98 | 107 | ||||||
Freddie Mac Pool #Q58411 4.50% 20484 | 292 | 321 | ||||||
Freddie Mac Pool #Q58436 4.50% 20484 | 132 | 146 | ||||||
Freddie Mac Pool #Q58378 4.50% 20484 | 105 | 114 | ||||||
Freddie Mac Pool #ZT0522 4.50% 20484 | 30 | 32 | ||||||
Freddie Mac Pool #ZS4774 4.50% 20484 | 28 | 30 | ||||||
Freddie Mac Pool #RA1463 3.50% 20494 | 473 | 513 | ||||||
Freddie Mac Pool #QA0284 3.50% 20494 | 256 | 276 | ||||||
Freddie Mac Pool #RA1580 3.50% 20494 | 238 | 258 | ||||||
Freddie Mac Pool #QA2748 3.50% 20494 | 66 | 71 | ||||||
Freddie Mac Pool #RA2236 4.50% 20494 | 364 | 391 | ||||||
Freddie Mac Pool #SD0726 2.50% 20514 | 15,847 | 16,330 | ||||||
Freddie Mac, Series 1567, Class A, (1-month USD-LIBOR + 0.40%) 0.510% 20234,5 | 3 | 3 | ||||||
Freddie Mac, Series K031, Class A1, Multi Family, 2.778% 20224 | 86 | 87 | ||||||
Freddie Mac, Series KS01, Class A2, Multi Family, 2.522% 20234 | 701 | 708 | ||||||
Freddie Mac, Series K029, Class A2, Multi Family, 3.32% 20234 | 194 | 199 | ||||||
Freddie Mac, Series K035, Class A2, Multi Family, 3.458% 20234,5 | 2,565 | 2,660 | ||||||
Freddie Mac, Series K034, Class A2, Multi Family, 3.531% 20234 | 2,745 | 2,845 | ||||||
Freddie Mac, Series K040, Class A2, Multi Family, 3.241% 20244 | 1,363 | 1,433 | ||||||
Freddie Mac, Series K038, Class A2, Multi Family, 3.389% 20244 | 4,698 | 4,915 | ||||||
Freddie Mac, Series K063, Class A2, Multi Family, 3.43% 20274 | 736 | 802 | ||||||
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-2, Class MA, 3.00% 20564 | 6,240 | 6,447 | ||||||
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-2, Class HA, 3.00% 20564,5 | 5,584 | 5,761 | ||||||
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-1, Class HA, 3.00% 20564,5 | 5,576 | 5,751 | ||||||
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-3, Class MT, 3.00% 20564 | 1,815 | 1,878 | ||||||
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-3, Class HT, 3.25% 20564 | 365 | 388 | ||||||
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2018-1, Class HT, 3.00% 20574 | 1,977 | 2,072 | ||||||
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-4, Class HT, 3.25% 20574,5 | 3,334 | 3,508 | ||||||
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2018-2, Class MT, 3.50% 20574 | 5,853 | 6,191 | ||||||
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2018-3, Class MA, 3.50% 20574 | 3,976 | 4,126 |
248 | American Funds Insurance Series |
U.S. Government Securities Fund (continued)
(formerly U.S. Government/AAA-Rated Securities Fund)
Bonds, notes & other debt instruments (continued) | Principal amount (000) | Value (000) | ||||||
Mortgage-backed obligations (continued) | ||||||||
Federal agency mortgage-backed obligations (continued) | ||||||||
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-4, Class MT, 3.50% 20574 | $ | 2,116 | $ | 2,251 | ||||
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2018-2, Class MA, 3.50% 20574 | 805 | 834 | ||||||
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2019-2, Class MA, 3.50% 20584 | 3,566 | 3,721 | ||||||
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2019-1, Class MT, 3.50% 20584 | 2,171 | 2,297 | ||||||
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2019-1, Class MA, 3.50% 20584 | 1,006 | 1,046 | ||||||
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2019-2, Class MT, 3.50% 20584 | 834 | 882 | ||||||
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2019-3, Class MT, 3.50% 20584 | 461 | 487 | ||||||
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2019-4, Class MA, 3.00% 20594 | 4,009 | 4,140 | ||||||
Freddie Mac Seasoned Loan Structured Transaction Trust, Series 2018-2, Class A1, 3.50% 20284 | 25,841 | 26,654 | ||||||
Freddie Mac Seasoned Loan Structured Transaction Trust, Series 2018-1, Class A1, 3.50% 20284 | 6,099 | 6,269 | ||||||
Freddie Mac Seasoned Loan Structured Transaction Trust, Series 2019-3, Class A1C, 2.75% 20294 | 7,504 | 7,746 | ||||||
Freddie Mac Seasoned Loan Structured Transaction Trust, Series 2020-1, Class A1D, 2.00% 20304 | 2,491 | 2,509 | ||||||
Freddie Mac Seasoned Loan Structured Transaction Trust, Series 2020-1, Class A2D, 2.00% 20304 | 535 | 522 | ||||||
Government National Mortgage Assn. 2.50% 20524,6 | 12,966 | 13,224 | ||||||
Government National Mortgage Assn. 2.50% 20524,6 | 2,632 | 2,695 | ||||||
Government National Mortgage Assn. 4.50% 20524,6 | 3,000 | 3,169 | ||||||
Government National Mortgage Assn. Pool #698668 5.50% 20384 | 63 | 69 | ||||||
Government National Mortgage Assn. Pool #700778 5.50% 20384 | 25 | 28 | ||||||
Government National Mortgage Assn. Pool #782365 6.00% 20384 | 112 | 130 | ||||||
Government National Mortgage Assn. Pool #004269 6.50% 20384 | 197 | 233 | ||||||
Government National Mortgage Assn. Pool #698406 5.00% 20394 | 233 | 270 | ||||||
Government National Mortgage Assn. Pool #783690 6.00% 20394 | 106 | 120 | ||||||
Government National Mortgage Assn. Pool #783689 5.50% 20404 | 3,345 | 3,820 | ||||||
Government National Mortgage Assn. Pool #783687 4.50% 20414 | 636 | 685 | ||||||
Government National Mortgage Assn. Pool #783688 5.00% 20414 | 1,124 | 1,239 | ||||||
Government National Mortgage Assn. Pool #MA0533 3.00% 20424 | 23 | 24 | ||||||
Government National Mortgage Assn. Pool #MA1012 3.50% 20434 | 781 | 837 | ||||||
Uniform Mortgage-Backed Security 1.50% 20374,6 | 5,937 | 5,942 | ||||||
Uniform Mortgage-Backed Security 1.50% 20374,6 | 3,878 | 3,889 | ||||||
Uniform Mortgage-Backed Security 2.00% 20374,6 | 1,713 | 1,755 | ||||||
Uniform Mortgage-Backed Security 2.00% 20374,6 | 1,537 | 1,571 | ||||||
Uniform Mortgage-Backed Security 2.00% 20524,6 | 2,860 | 2,845 | ||||||
Uniform Mortgage-Backed Security 2.00% 20524,6 | 1,991 | 1,976 | ||||||
Uniform Mortgage-Backed Security 2.50% 20524,6 | 8,337 | 8,467 | ||||||
Uniform Mortgage-Backed Security 2.50% 20524,6 | 3,961 | 4,032 | ||||||
Uniform Mortgage-Backed Security 3.00% 20524,6 | 1,102 | 1,140 | ||||||
Uniform Mortgage-Backed Security 3.50% 20524,6 | 27,398 | 28,845 | ||||||
Uniform Mortgage-Backed Security 4.50% 20524,6 | 800 | 857 | ||||||
241,199 | ||||||||
Total bonds, notes & other debt instruments (cost: $1,586,413,000) | 1,605,121 |
American Funds Insurance Series | 249 |
U.S. Government Securities Fund (continued)
(formerly U.S. Government/AAA-Rated Securities Fund)
Short-term securities 26.59% | Weighted average yield at acquisition | Principal amount (000) | Value (000) | |||||||||
Commercial paper 17.68% | ||||||||||||
Amazon.com, Inc. 1/24/20227 | 0.048 | % | $ | 18,000 | $ | 17,999 | ||||||
Amazon.com, Inc. 1/26/20227 | 0.050 | 10,600 | 10,600 | |||||||||
Apple, Inc. 1/5/20227 | 0.050 | 14,000 | 14,000 | |||||||||
Apple, Inc. 1/12/20227 | 0.060 | 20,000 | 20,000 | |||||||||
Apple, Inc. 1/13/20227 | 0.050 | 10,100 | 10,100 | |||||||||
Chariot Funding, LLC 1/14/20227 | 0.120 | 10,000 | 10,000 | |||||||||
Chariot Funding, LLC 1/20/20227 | 0.100 | 25,000 | 24,999 | |||||||||
Chariot Funding, LLC 1/24/20227 | 0.130 | 4,000 | 4,000 | |||||||||
Chariot Funding, LLC 2/1/20227 | 0.130 | 10,000 | 9,999 | |||||||||
CHARTA, LLC 1/18/20227 | 0.100 | 20,000 | 19,999 | |||||||||
Cisco Systems, Inc. 3/8/20227 | 0.120 | 30,100 | 30,093 | |||||||||
Cisco Systems, Inc. 3/10/20227 | 0.120 | 14,100 | 14,097 | |||||||||
Coca-Cola Co. 2/15/20227 | 0.070 | 5,500 | 5,499 | |||||||||
Coca-Cola Co. 2/16/20227 | 0.070 | 8,500 | 8,499 | |||||||||
Coca-Cola Co. 4/5/20227 | 0.100 | 25,000 | 24,995 | |||||||||
CRC Funding, LLC 3/3/20227 | 0.130 | 20,000 | 19,993 | |||||||||
Manhattan Asset Funding Company LLC 3/16/20227 | 0.210 | 21,112 | 21,102 | |||||||||
Procter & Gamble Co. 1/21/20227 | 0.060 | 30,000 | 29,999 | |||||||||
Procter & Gamble Co. 2/23/20227 | 0.070 | 19,000 | 18,998 | |||||||||
Starbird Funding Corp. 1/3/20227 | 0.060 | 53,800 | 53,800 | |||||||||
Victory Receivables Corp. 1/3/20227 | 0.050 | 14,000 | 14,000 | |||||||||
382,771 | ||||||||||||
Federal agency bills & notes 8.91% | ||||||||||||
Federal Farm Credit Bank 3/2/2022 | 0.050 | 6,000 | 5,999 | |||||||||
Federal Farm Credit Bank 4/1/2022 | 0.060 | 25,000 | 24,994 | |||||||||
Federal Farm Credit Bank 4/6/2022 | 0.050 | 5,000 | 4,999 | |||||||||
Federal Farm Credit Bank 4/8/2022 | 0.060 | 20,000 | 19,994 | |||||||||
Federal Home Loan Bank 1/21/2022 | 0.045 | 10,000 | 9,999 | |||||||||
Federal Home Loan Bank 2/2/2022 | 0.050 | 25,000 | 24,999 | |||||||||
Federal Home Loan Bank 2/4/2022 | 0.050 | 40,000 | 39,998 | |||||||||
Federal Home Loan Bank 2/9/2022 | 0.049 | 25,000 | 24,998 | |||||||||
Federal Home Loan Bank 3/4/2022 | 0.047 | 11,100 | 11,099 | |||||||||
Federal Home Loan Bank 3/23/2022 | 0.040 | 26,000 | 25,996 | |||||||||
193,075 | ||||||||||||
Total short-term securities (cost: $575,856,000) | 575,846 | |||||||||||
Total investment securities 100.72% (cost: $2,162,269,000) | 2,180,967 | |||||||||||
Other assets less liabilities (0.72)% | (15,668 | ) | ||||||||||
Net assets 100.00% | $ | 2,165,299 |
250 | American Funds Insurance Series |
U.S. Government Securities Fund (continued)
(formerly U.S. Government/AAA-Rated Securities Fund)
Futures contracts
Contracts | Type | Number of contracts | Expiration | Notional amount (000) | Value and unrealized appreciation (depreciation) at 12/31/2021 (000) | ||||||||||
90 Day Euro Dollar Futures | Short | 5 | September 2022 | $ | (1,240 | ) | $ | 7 | |||||||
90 Day Euro Dollar Futures | Long | 471 | December 2022 | 116,520 | (121 | ) | |||||||||
90 Day Euro Dollar Futures | Short | 21 | June 2023 | (5,178 | ) | 36 | |||||||||
90 Day Euro Dollar Futures | Long | 2,183 | September 2023 | 537,509 | (3,518 | ) | |||||||||
90 Day Euro Dollar Futures | Short | 1,396 | December 2023 | (343,451 | ) | 2,110 | |||||||||
90 Day Euro Dollar Futures | Short | 1,601 | December 2024 | (393,406 | ) | 664 | |||||||||
2 Year U.S. Treasury Note Futures | Short | 577 | March 2022 | (125,885 | ) | 241 | |||||||||
5 Year U.S. Treasury Note Futures | Long | 1,490 | March 2022 | 180,255 | 221 | ||||||||||
10 Year U.S. Treasury Note Futures | Long | 473 | March 2022 | 61,712 | 530 | ||||||||||
10 Year Ultra U.S. Treasury Note Futures | Long | 27 | March 2022 | 3,954 | (11 | ) | |||||||||
20 Year U.S. Treasury Bond Futures | Long | 357 | March 2022 | 57,276 | 501 | ||||||||||
30 Year Ultra U.S. Treasury Bond Futures | Short | 33 | March 2022 | (6,505 | ) | (51 | ) | ||||||||
$ | 609 |
Swap contracts
Interest rate swaps
Centrally cleared interest rate swaps
Receive | Pay | Value at | Upfront premium | Unrealized appreciation (depreciation) | ||||||||||||||||||||||
Rate | Payment frequency | Rate | Payment frequency | Expiration date | Notional (000) | 12/31/2021 (000) | paid (000) | at 12/31/2021 (000) | ||||||||||||||||||
2.5775% | Annual | U.S. EFFR | Annual | 7/16/2022 | $ | 181,639 | $ | 2,338 | $ | — | $ | 2,338 | ||||||||||||||
SOFR | Annual | 0.471% | Annual | 10/26/2023 | 30,500 | 110 | — | 110 | ||||||||||||||||||
0.45801% | Annual | SOFR | Annual | 10/26/2023 | 30,500 | (118 | ) | — | (118 | ) | ||||||||||||||||
0.241% | Annual | U.S. EFFR | Annual | 3/1/2024 | 119,400 | (1,428 | ) | — | (1,428 | ) | ||||||||||||||||
U.S. EFFR | Annual | 0.11% | Annual | 5/18/2024 | 97,600 | 1,109 | — | 1,109 | ||||||||||||||||||
U.S. EFFR | Annual | 0.126% | Annual | 6/25/2025 | 20,100 | 615 | — | 615 | ||||||||||||||||||
U.S. EFFR | Annual | 0.1275% | Annual | 6/25/2025 | 20,100 | 613 | — | 613 | ||||||||||||||||||
U.S. EFFR | Annual | 0.106% | Annual | 6/30/2025 | 22,492 | 707 | — | 707 | ||||||||||||||||||
3-month USD-LIBOR | Quarterly | 1.867% | Semi-annual | 7/11/2025 | 49,400 | (683 | ) | — | (683 | ) | ||||||||||||||||
2.91% | Semi-annual | 3-month USD-LIBOR | Quarterly | 2/1/2028 | 16,000 | 1,005 | — | 1,005 | ||||||||||||||||||
2.908% | Semi-annual | 3-month USD-LIBOR | Quarterly | 2/1/2028 | 16,000 | 1,003 | — | 1,003 | ||||||||||||||||||
2.925% | Semi-annual | 3-month USD-LIBOR | Quarterly | 2/1/2028 | 12,800 | 813 | — | 813 | ||||||||||||||||||
2.92% | Semi-annual | 3-month USD-LIBOR | Quarterly | 2/2/2028 | 12,200 | 772 | — | 772 | ||||||||||||||||||
U.S. EFFR | Annual | 0.5385% | Annual | 3/26/2030 | 49,000 | 2,771 | — | 2,771 | ||||||||||||||||||
0.913% | Semi-annual | 3-month USD-LIBOR | Quarterly | 6/9/2030 | 31,000 | (1,501 | ) | — | (1,501 | ) | ||||||||||||||||
U.S. EFFR | Annual | 0.666% | Annual | 11/19/2030 | 15,500 | 793 | — | 793 | ||||||||||||||||||
3-month USD-LIBOR | Quarterly | 2.986% | Semi-annual | 2/1/2038 | 7,800 | (730 | ) | — | (730 | ) | ||||||||||||||||
3-month USD-LIBOR | Quarterly | 2.963% | Semi-annual | 2/1/2038 | 9,800 | (897 | ) | — | (897 | ) | ||||||||||||||||
0.833% | Semi-annual | 3-month USD-LIBOR | Quarterly | 4/3/2040 | 15,800 | (2,287 | ) | — | (2,287 | ) | ||||||||||||||||
1.731% | Semi-annual | 3-month USD-LIBOR | Quarterly | 12/1/2041 | 7,575 | (16 | ) | — | (16 | ) | ||||||||||||||||
3-month USD-LIBOR | Quarterly | 0.811% | Semi-annual | 7/27/2050 | 52,500 | 11,104 | — | 11,104 | ||||||||||||||||||
$ | — | $ | 16,093 |
American Funds Insurance Series | 251 |
U.S. Government Securities Fund (continued)
(formerly U.S. Government/AAA-Rated Securities Fund)
1 | Index-linked bond whose principal amount moves with a government price index. |
2 | All or a portion of this security was pledged as collateral. The total value of pledged collateral was $9,263,000, which represented .43% of the net assets of the fund. |
3 | Amount less than one thousand. |
4 | Principal payments may be made periodically. Therefore, the effective maturity date may be earlier than the stated maturity date. |
5 | Coupon rate may change periodically. 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 | Purchased on a TBA basis. |
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 $382,771,000, which represented 17.68% of the net assets of the fund. |
Key to abbreviations and symbol
EFFR = Effective Federal Funds Rate
LIBOR = London Interbank Offered Rate
SOFR = Secured Overnight Financing Rate
TBA = To-be-announced
USD/$ = U.S. dollars
See notes to financial statements.
252 | American Funds Insurance Series |
Managed Risk Growth Fund
Investment portfolio December 31, 2021
Growth funds 84.63% | Shares | Value (000) | ||||||
American Funds Insurance Series – Growth Fund, Class 1 | 3,957,627 | $ | 504,914 | |||||
Total growth funds (cost: $364,803,000) | 504,914 | |||||||
Fixed income funds 9.93% | ||||||||
American Funds Insurance Series – The Bond Fund of America, Class 1 | 5,284,186 | 59,236 | ||||||
Total fixed income funds (cost: $61,496,000) | 59,236 | |||||||
Short-term securities 4.40% | ||||||||
State Street Institutional U.S. Government Money Market Fund, Premier Class 0.03%1 | 26,275,190 | 26,275 | ||||||
Total short-term securities (cost: $26,275,000) | 26,275 | |||||||
Options purchased 0.44% | ||||||||
Options purchased* | 2,602 | |||||||
Total options purchased (cost: $4,012,000) | 2,602 | |||||||
Total investment securities 99.40% (cost: $456,586,000) | 593,027 | |||||||
Other assets less liabilities 0.60% | 3,566 | |||||||
Net assets 100.00% | $ | 596,593 |
*Options purchased
Put
Description | Number of contracts | Notional amount (000) | Exercise price | Expiration date | Value at 12/31/2021 (000) | ||||||||||||
S&P 500 Index | 15 | $ | 7,149 | $ | 2,800.00 | 3/18/2022 | $ | 6 | |||||||||
S&P 500 Index | 3 | 1,430 | 2,825.00 | 3/18/2022 | 1 | ||||||||||||
S&P 500 Index | 23 | 10,962 | 2,850.00 | 3/18/2022 | 10 | ||||||||||||
S&P 500 Index | 32 | 15,252 | 2,875.00 | 3/18/2022 | 14 | ||||||||||||
S&P 500 Index | 22 | 10,486 | 2,925.00 | 3/18/2022 | 10 | ||||||||||||
S&P 500 Index | 24 | 11,439 | 2,975.00 | 3/18/2022 | 12 | ||||||||||||
S&P 500 Index | 12 | 5,719 | 3,050.00 | 3/18/2022 | 7 | ||||||||||||
S&P 500 Index | 30 | 14,299 | 2,925.00 | 6/17/2022 | 54 | ||||||||||||
S&P 500 Index | 116 | 55,288 | 2,950.00 | 6/17/2022 | 214 | ||||||||||||
S&P 500 Index | 10 | 4,766 | 3,000.00 | 6/17/2022 | 20 | ||||||||||||
S&P 500 Index | 15 | 7,149 | 3,050.00 | 6/17/2022 | 31 | ||||||||||||
S&P 500 Index | 20 | 9,532 | 3,075.00 | 6/17/2022 | 43 | ||||||||||||
S&P 500 Index | 986 | 469,945 | 3,100.00 | 6/17/2022 | 2,180 | ||||||||||||
$ | 2,602 |
American Funds Insurance Series | 253 |
Managed Risk Growth Fund (continued)
Futures contracts
Contracts | Type | Number of contracts | Expiration | Notional amount (000) | Value and unrealized (depreciation) appreciation at 12/31/2021 (000) | ||||||||||
5 Year U.S. Treasury Note Futures | Long | 926 | March 2022 | $ | 112,024 | $ | (99 | ) | |||||||
Japanese Yen Currency Contracts | Short | 3 | March 2022 | (326 | ) | 4 | |||||||||
British Pound Currency Contracts | Short | 4 | March 2022 | (338 | ) | (7 | ) | ||||||||
FTSE 100 Index Contracts | Short | 4 | March 2022 | (397 | ) | (7 | ) | ||||||||
Nikkei 225 Index Contracts | Short | 2 | March 2022 | (500 | ) | (11 | ) | ||||||||
Mini MSCI Emerging Market Index Contracts | Short | 22 | March 2022 | (1,349 | ) | (5 | ) | ||||||||
Russell 2000 Mini Index Contracts | Short | 21 | March 2022 | (2,355 | ) | (52 | ) | ||||||||
Euro Stoxx 50 Index Contracts | Short | 55 | March 2022 | (2,685 | ) | (82 | ) | ||||||||
Euro Currency Contracts | Short | 19 | March 2022 | (2,708 | ) | (21 | ) | ||||||||
S&P Mid 400 E-mini Index Contracts | Short | 12 | March 2022 | (3,405 | ) | (108 | ) | ||||||||
S&P 500 E-mini Index Contracts | Short | 158 | March 2022 | (37,592 | ) | (951 | ) | ||||||||
$ | (1,339 | ) |
Investments in affiliates2
Value of affiliates at 1/1/2021 (000) | Additions (000) | Reductions (000) | Net realized gain (loss) (000) | Net unrealized depreciation (000) | Value of affiliates at 12/31/2021 (000) | Dividend income (000) | Capital gain distributions received (000) | |||||||||||||||||||||||||
Growth funds 84.63% | ||||||||||||||||||||||||||||||||
American Funds Insurance Series – Growth Fund, Class 1 | $ | 452,559 | $ | 138,184 | $ | 119,110 | $ | 48,983 | $ | (15,702 | ) | $ | 504,914 | $ | 2,279 | $ | 63,763 | |||||||||||||||
Fixed income funds 9.93% | ||||||||||||||||||||||||||||||||
American Funds Insurance Series – The Bond Fund of America, Class 13 | 84,922 | 43,055 | 64,950 | (820 | ) | (2,971 | ) | 59,236 | 945 | 2,342 | ||||||||||||||||||||||
Total 94.56% | $ | 48,163 | $ | (18,673 | ) | $ | 564,150 | $ | 3,224 | $ | 66,105 |
1 | Rate represents the seven-day yield at 12/31/2021. |
2 | Part of the same “group of investment companies” as the fund as defined under the Investment Company Act of 1940, as amended. |
3 | This fund changed its name during the reporting period. |
See notes to financial statements.
254 | American Funds Insurance Series |
Managed Risk International Fund
Investment portfolio December 31, 2021
Growth funds 84.91% | Shares | Value (000) | ||||||
American Funds Insurance Series – International Fund, Class 1 | 6,034,676 | $ | 136,987 | |||||
Total growth funds (cost: $111,823,000) | 136,987 | |||||||
Fixed income funds 9.96% | ||||||||
American Funds Insurance Series – The Bond Fund of America, Class 1 | 1,433,641 | 16,071 | ||||||
Total fixed income funds (cost: $16,737,000) | 16,071 | |||||||
Short-term securities 3.65% | ||||||||
State Street Institutional U.S. Government Money Market Fund, Premier Class 0.03%1 | 5,895,411 | 5,895 | ||||||
Total short-term securities (cost: $5,895,000) | 5,895 | |||||||
Options purchased 0.37% | ||||||||
Options purchased* | 590 | |||||||
Total options purchased (cost: $1,147,000) | 590 | |||||||
Total investment securities 98.89% (cost: $135,602,000) | 159,543 | |||||||
Other assets less liabilities 1.11% | 1,792 | |||||||
Net assets 100.00% | $ | 161,335 |
*Options purchased
Put
Description | Number of contracts | Notional amount (000) | Exercise price | Expiration date | Value at 12/31/2021 (000) | ||||||||||||
MSCI EAFE Index | 53 | $ | 12,381 | $ | 1,675.00 | 3/18/2022 | $ | 17 | |||||||||
MSCI EAFE Index | 630 | 147,173 | 1,550.00 | 6/17/2022 | 573 | ||||||||||||
$ | 590 |
Futures contracts
Contracts | Type | Number of contracts | Expiration | Notional amount (000) | Value and unrealized (depreciation) appreciation at 12/31/2021 (000) | ||||||||||
5 Year U.S. Treasury Note Futures | Long | 349 | March 2022 | $ | 42,221 | $ | (70 | ) | |||||||
S&P 500 E-mini Index Contracts | Short | 24 | March 2022 | (5,710 | ) | (124 | ) | ||||||||
Mini MSCI Emerging Market Index Contracts | Short | 149 | March 2022 | (9,136 | ) | 68 | |||||||||
MSCI EAFE Index Contracts | Short | 83 | March 2022 | (9,636 | ) | (257 | ) | ||||||||
$ | (383 | ) |
American Funds Insurance Series | 255 |
Managed Risk International Fund (continued)
Investments in affiliates2
Value of affiliates at 1/1/2021 (000) | Additions (000) | Reductions (000) | Net realized gain (loss) (000) | Net unrealized depreciation (000) | Value of affiliates at 12/31/2021 (000) | Dividend income (000) | Capital gain distributions received (000) | |||||||||||||||||||||||||
Growth funds 84.91% | ||||||||||||||||||||||||||||||||
American Funds Insurance Series – International Fund, Class 1 | $ | 135,744 | $ | 27,423 | $ | 21,140 | $ | 3,428 | $ | (8,468 | ) | $ | 136,987 | $ | 3,772 | $ | — | |||||||||||||||
Fixed income funds 9.96% | ||||||||||||||||||||||||||||||||
American Funds Insurance Series – The Bond Fund of America, Class 13 | 25,472 | 10,358 | 18,641 | (260 | ) | (858 | ) | 16,071 | 257 | 694 | ||||||||||||||||||||||
Total 94.87% | $ | 3,168 | $ | (9,326 | ) | $ | 153,058 | $ | 4,029 | $ | 694 |
1 | Rate represents the seven-day yield at 12/31/2021. |
2 | Part of the same “group of investment companies” as the fund as defined under the Investment Company Act of 1940, as amended. |
3 | This fund changed its name during the reporting period. |
See notes to financial statements.
256 | American Funds Insurance Series |
Managed Risk Washington Mutual Investors Fund
(formerly Managed Risk Blue Chip Income and Growth Fund)
Investment portfolio December 31, 2021
Growth-and-income funds 84.69% | Shares | Value (000) | ||||||
American Funds Insurance Series – Washington Mutual Investors Fund, Class 1 | 17,465,266 | $ | 315,947 | |||||
Total growth-and-income funds (cost: $211,906,000) | 315,947 | |||||||
Fixed income funds 9.94% | ||||||||
American Funds Insurance Series – U.S. Government Securities Fund, Class 1 | 3,176,210 | 37,066 | ||||||
Total fixed income funds (cost: $40,177,000) | 37,066 | |||||||
Short-term securities 4.86% | ||||||||
State Street Institutional U.S. Government Money Market Fund, Premier Class 0.03%1 | 18,146,869 | 18,147 | ||||||
Total short-term securities (cost: $18,147,000) | 18,147 | |||||||
Options purchased 0.48% | ||||||||
Options purchased* | 1,778 | |||||||
Total options purchased (cost: $2,809,000) | 1,778 | |||||||
Total investment securities 99.97% (cost: $273,039,000) | 372,938 | |||||||
Other assets less liabilities 0.03% | 99 | |||||||
Net assets 100.00% | $ | 373,037 |
*Options purchased
Put
Description | Number of contracts | Notional amount (000) | Exercise price | Expiration date | Value at 12/31/2021 (000) | ||||||||||||
S&P 500 Index | 22 | $ | 10,486 | $ | 2,725.00 | 3/18/2022 | $ | 8 | |||||||||
S&P 500 Index | 2 | 953 | 2,775.00 | 3/18/2022 | 1 | ||||||||||||
S&P 500 Index | 30 | 14,299 | 2,800.00 | 3/18/2022 | 12 | ||||||||||||
S&P 500 Index | 15 | 7,149 | 2,825.00 | 3/18/2022 | 6 | ||||||||||||
S&P 500 Index | 12 | 5,719 | 2,875.00 | 3/18/2022 | 5 | ||||||||||||
S&P 500 Index | 12 | 5,719 | 2,925.00 | 3/18/2022 | 6 | ||||||||||||
S&P 500 Index | 11 | 5,243 | 2,975.00 | 3/18/2022 | 5 | ||||||||||||
S&P 500 Index | 4 | 1,907 | 3,025.00 | 3/18/2022 | 2 | ||||||||||||
S&P 500 Index | 16 | 7,626 | 3,050.00 | 3/18/2022 | 9 | ||||||||||||
S&P 500 Index | 10 | 4,766 | 2,800.00 | 6/17/2022 | 15 | ||||||||||||
S&P 500 Index | 52 | 24,784 | 2,950.00 | 6/17/2022 | 96 | ||||||||||||
S&P 500 Index | 15 | 7,149 | 3,000.00 | 6/17/2022 | 30 | ||||||||||||
S&P 500 Index | 30 | 14,299 | 3,050.00 | 6/17/2022 | 63 | ||||||||||||
S&P 500 Index | 55 | 26,214 | 3,075.00 | 6/17/2022 | 118 | ||||||||||||
S&P 500 Index | 634 | 302,176 | 3,100.00 | 6/17/2022 | 1,402 | ||||||||||||
$ | 1,778 |
American Funds Insurance Series | 257 |
Managed Risk Washington Mutual Investors Fund (continued)
(formerly Managed Risk Blue Chip Income and Growth Fund)
Futures contracts
Contracts | Type | Number of contracts | Expiration | Notional amount (000) | Value and unrealized depreciation at 12/31/2021 (000) | ||||||||||
5 Year U.S. Treasury Note Futures | Long | 219 | March 2022 | $ | 26,494 | $ | (28 | ) | |||||||
S&P 500 E-mini Index Contracts | Long | 49 | March 2022 | 11,658 | (50 | ) | |||||||||
Euro Currency Contracts | Short | 1 | March 2022 | (143 | ) | (1 | ) | ||||||||
British Pound Currency Contracts | Short | 2 | March 2022 | (169 | ) | (4 | ) | ||||||||
Euro Stoxx 50 Index Contracts | Short | 5 | March 2022 | (244 | ) | (8 | ) | ||||||||
S&P Mid 400 E-mini Index Contracts | Short | 1 | March 2022 | (284 | ) | (7 | ) | ||||||||
FTSE 100 Index Contracts | Short | 3 | March 2022 | (297 | ) | (5 | ) | ||||||||
$ | (103 | ) |
Investments in affiliates2
Value of affiliates at 1/1/2021 (000) | Additions (000) | Reductions (000) | Net realized gain (loss) (000) | Net unrealized appreciation (depreciation) (000) | Value of affiliates at 12/31/2021 (000) | Dividend income (000) | Capital gain distributions received (000) | |||||||||||||||||||||||||
Growth-and-income funds 84.69% | ||||||||||||||||||||||||||||||||
American Funds Insurance Series – Washington Mutual Investors Fund, Class 13 | $ | 285,450 | $ | 34,322 | $ | 73,498 | $ | 27,698 | $ | 41,975 | $ | 315,947 | $ | 5,035 | $ | — | ||||||||||||||||
Fixed income funds 9.94% | ||||||||||||||||||||||||||||||||
American Funds Insurance Series – U.S. Government Securities Fund, Class 13 | 53,565 | 20,752 | 33,027 | (1,832 | ) | (2,392 | ) | 37,066 | 553 | 3,183 | ||||||||||||||||||||||
Total 94.63% | $ | 25,866 | $ | 39,583 | $ | 353,013 | $ | 5,588 | $ | 3,183 |
1 | Rate represents the seven-day yield at 12/31/2021. |
2 | Part of the same “group of investment companies” as the fund as defined under the Investment Company Act of 1940, as amended. |
3 | This fund changed its name during the reporting period. |
See notes to financial statements.
258 | American Funds Insurance Series |
Managed Risk Growth-Income Fund
Investment portfolio December 31, 2021
Growth-and-income funds 79.67% | Shares | Value (000) | ||||||
American Funds Insurance Series – Growth-Income Fund, Class 1 | 31,554,445 | $ | 2,125,192 | |||||
Total growth-and-income funds (cost: $1,480,505,000) | 2,125,192 | |||||||
Fixed income funds 14.95% | ||||||||
American Funds Insurance Series – The Bond Fund of America, Class 1 | 35,574,396 | 398,789 | ||||||
Total fixed income funds (cost: $413,197,000) | 398,789 | |||||||
Short-term securities 4.68% | ||||||||
State Street Institutional U.S. Government Money Market Fund, Premier Class 0.03%1 | 124,761,468 | 124,761 | ||||||
Total short-term securities (cost: $124,761,000) | 124,761 | |||||||
Options purchased 0.55% | ||||||||
Options purchased* | 14,711 | |||||||
Total options purchased (cost: $33,399,000) | 14,711 | |||||||
Total investment securities 99.85% (cost: $2,051,862,000) | 2,663,453 | |||||||
Other assets less liabilities 0.15% | 4,119 | |||||||
Net assets 100.00% | $ | 2,667,572 |
*Options purchased
Put
Description | Number of contracts | Notional amount (000) | Exercise price | Expiration date | Value at 12/31/2021 (000) | ||||||||||||
S&P 500 Index | 403 | $ | 192,077 | $ | 2,800.00 | 3/18/2022 | $ | 159 | |||||||||
S&P 500 Index | 150 | 71,493 | 2,825.00 | 3/18/2022 | 62 | ||||||||||||
S&P 500 Index | 375 | 178,732 | 2,850.00 | 3/18/2022 | 159 | ||||||||||||
S&P 500 Index | 294 | 140,126 | 2,875.00 | 3/18/2022 | 129 | ||||||||||||
S&P 500 Index | 268 | 127,734 | 2,900.00 | 3/18/2022 | 123 | ||||||||||||
S&P 500 Index | 211 | 100,566 | 2,925.00 | 3/18/2022 | 99 | ||||||||||||
S&P 500 Index | 150 | 71,493 | 2,950.00 | 3/18/2022 | 73 | ||||||||||||
S&P 500 Index | 177 | 84,361 | 2,975.00 | 3/18/2022 | 89 | ||||||||||||
S&P 500 Index | 3,560 | 1,696,760 | 3,000.00 | 3/18/2022 | 1,780 | ||||||||||||
S&P 500 Index | 142 | 67,680 | 3,025.00 | 3/18/2022 | 75 | ||||||||||||
S&P 500 Index | 46 | 21,924 | 3,050.00 | 3/18/2022 | 25 | ||||||||||||
S&P 500 Index | 100 | 47,662 | 2,725.00 | 6/17/2022 | 143 | ||||||||||||
S&P 500 Index | 135 | 64,343 | 2,750.00 | 6/17/2022 | 198 | ||||||||||||
S&P 500 Index | 240 | 114,388 | 2,800.00 | 6/17/2022 | 368 | ||||||||||||
S&P 500 Index | 510 | 243,075 | 2,900.00 | 6/17/2022 | 888 | ||||||||||||
S&P 500 Index | 60 | 28,597 | 2,925.00 | 6/17/2022 | 108 | ||||||||||||
S&P 500 Index | 11 | 5,243 | 2,950.00 | 6/17/2022 | 20 | ||||||||||||
S&P 500 Index | 41 | 19,541 | 3,000.00 | 6/17/2022 | 82 | ||||||||||||
S&P 500 Index | 60 | 28,597 | 3,050.00 | 6/17/2022 | 125 | ||||||||||||
S&P 500 Index | 310 | 147,752 | 3,075.00 | 6/17/2022 | 665 | ||||||||||||
S&P 500 Index | 3,167 | 1,509,449 | 3,100.00 | 6/17/2022 | 7,002 | ||||||||||||
S&P 500 Index | 640 | 305,036 | 2,975.00 | 9/16/2022 | 2,339 | ||||||||||||
$ | 14,711 |
American Funds Insurance Series | 259 |
Managed Risk Growth-Income Fund (continued)
Futures contracts
Contracts | Type | Number of contracts | Expiration | Notional amount (000) | Value and unrealized depreciation at 12/31/2021 (000) | ||||||||||
5 Year U.S. Treasury Note Futures | Long | 1,346 | March 2022 | $ | 162,834 | $ | (61 | ) | |||||||
S&P 500 E-mini Index Contracts | Long | 575 | March 2022 | 136,807 | (618 | ) | |||||||||
British Pound Currency Contracts | Short | 3 | March 2022 | (254 | ) | (5 | ) | ||||||||
Euro Currency Contracts | Short | 4 | March 2022 | (570 | ) | (4 | ) | ||||||||
$ | (688 | ) |
Investments in affiliates2
Value of affiliates at 1/1/2021 (000) | Additions (000) | Reductions (000) | Net realized gain (000) | Net unrealized appreciation (depreciation) (000) | Value of affiliates at 12/31/2021 (000) | Dividend income (000) | Capital gain distributions received (000) | |||||||||||||||||||||||||
Growth-and-income funds 79.67% | ||||||||||||||||||||||||||||||||
American Funds Insurance Series – Growth-Income Fund, Class 1 | $ | 1,938,260 | $ | 136,575 | $ | 351,326 | $ | 92,299 | $ | 309,384 | $ | 2,125,192 | $ | 27,669 | $ | 19,790 | ||||||||||||||||
Fixed income funds 14.95% | ||||||||||||||||||||||||||||||||
American Funds Insurance Series – The Bond Fund of America, Class 13 | 363,712 | 179,173 | 122,342 | 5,435 | (27,189 | ) | 398,789 | 6,324 | 15,522 | |||||||||||||||||||||||
Total 94.62% | $ | 97,734 | $ | 282,195 | $ | 2,523,981 | $ | 33,993 | $ | 35,312 |
1 | Rate represents the seven-day yield at 12/31/2021. |
2 | Part of the same “group of investment companies” as the fund as defined under the Investment Company Act of 1940, as amended. |
3 | This fund changed its name during the reporting period. |
See notes to financial statements.
260 | American Funds Insurance Series |
Managed Risk Asset Allocation Fund
Investment portfolio December 31, 2021
Asset allocation funds 95.00% | Shares | Value (000) | ||||||
American Funds Insurance Series – Asset Allocation Fund, Class 1 | 92,092,691 | $ | 2,678,055 | |||||
Total asset allocation funds (cost: $2,102,003,000) | 2,678,055 | |||||||
Short-term securities 4.87% | ||||||||
State Street Institutional U.S. Government Money Market Fund, Premier Class 0.03%1 | 137,381,639 | 137,382 | ||||||
Total short-term securities (cost: $137,382,000) | 137,382 | |||||||
Options purchased 0.13% | ||||||||
Options purchased* | 3,532 | |||||||
Total options purchased (cost: $5,432,000) | 3,532 | |||||||
Total investment securities 100.00% (cost: $2,244,817,000) | 2,818,969 | |||||||
Other assets less liabilities 0.00% | 51 | |||||||
Net assets 100.00% | $ | 2,819,020 |
*Options purchased
Put
Description | Number of contracts | Notional amount (000) | Exercise price | Expiration date | Value at 12/31/2021 (000) | ||||||||||||
S&P 500 Index | 15 | $ | 7,149 | $ | 2,725.00 | 3/18/2022 | $ | 5 | |||||||||
S&P 500 Index | 12 | 5,719 | 2,775.00 | 3/18/2022 | 5 | ||||||||||||
S&P 500 Index | 39 | 18,588 | 2,825.00 | 3/18/2022 | 16 | ||||||||||||
S&P 500 Index | 76 | 36,223 | 2,850.00 | 3/18/2022 | 32 | ||||||||||||
S&P 500 Index | 56 | 26,691 | 2,875.00 | 3/18/2022 | 25 | ||||||||||||
S&P 500 Index | 2 | 953 | 2,900.00 | 3/18/2022 | 1 | ||||||||||||
S&P 500 Index | 58 | 27,644 | 2,925.00 | 3/18/2022 | 27 | ||||||||||||
S&P 500 Index | 18 | 8,579 | 2,950.00 | 3/18/2022 | 9 | ||||||||||||
S&P 500 Index | 42 | 20,018 | 2,975.00 | 3/18/2022 | 21 | ||||||||||||
S&P 500 Index | 13 | 6,196 | 3,000.00 | 3/18/2022 | 6 | ||||||||||||
S&P 500 Index | 10 | 4,766 | 3,025.00 | 3/18/2022 | 5 | ||||||||||||
S&P 500 Index | 25 | 11,916 | 3,050.00 | 3/18/2022 | 14 | ||||||||||||
S&P 500 Index | 7 | 3,336 | 2,800.00 | 6/17/2022 | 11 | ||||||||||||
S&P 500 Index | 30 | 14,299 | 2,825.00 | 6/17/2022 | 48 | ||||||||||||
S&P 500 Index | 20 | 9,532 | 3,075.00 | 6/17/2022 | 43 | ||||||||||||
S&P 500 Index | 970 | 462,320 | 3,100.00 | 6/17/2022 | 2,145 | ||||||||||||
S&P 500 Index | 270 | 128,687 | 2,950.00 | 9/16/2022 | 958 | ||||||||||||
S&P 500 Index | 44 | 20,971 | 2,975.00 | 9/16/2022 | 161 | ||||||||||||
$ | 3,532 |
American Funds Insurance Series | 261 |
Managed Risk Asset Allocation Fund (continued)
Futures contracts
Contracts | Type | Number of contracts | Expiration | Notional amount (000) | Value and unrealized (depreciation) appreciation at 12/31/2021 (000) | ||||||||||
5 Year U.S. Treasury Note Futures | Long | 1,401 | March 2022 | $ | 169,488 | $ | (107 | ) | |||||||
S&P 500 E-mini Index Contracts | Long | 125 | March 2022 | 29,741 | (125 | ) | |||||||||
Japanese Yen Currency Contracts | Short | 1 | March 2022 | (109 | ) | 1 | |||||||||
British Pound Currency Contracts | Short | 2 | March 2022 | (169 | ) | (4 | ) | ||||||||
Euro Currency Contracts | Short | 4 | March 2022 | (570 | ) | (6 | ) | ||||||||
$ | (241 | ) |
Investments in affiliates2
Value of affiliate at 1/1/2021 (000) | Additions (000) | Reductions (000) | Net realized gain (000) | Net unrealized appreciation (000) | Value of affiliate at 12/31/2021 (000) | Dividend income (000) | Capital gain distributions received (000) | |||||||||||||||||||||||||
Asset allocation funds 95.00% | ||||||||||||||||||||||||||||||||
American Funds Insurance Series – Asset Allocation Fund, Class 1 | $ | 2,646,718 | $ | 138,416 | $ | 357,415 | $ | 78,189 | $ | 172,147 | $ | 2,678,055 | $ | 46,260 | $ | 88,212 |
1 | Rate represents the seven-day yield at 12/31/2021. |
2 | Part of the same “group of investment companies” as the fund as defined under the Investment Company Act of 1940, as amended. |
See notes to financial statements.
262 | American Funds Insurance Series |
Financial statements | |
Statements of assets and liabilities at December 31, 2021 | (dollars in thousands) |
Global Growth Fund | Global Small Capitalization Fund | Growth Fund | International Fund | New World Fund | ||||||||||||||||
Assets: | ||||||||||||||||||||
Investment securities, at value: | ||||||||||||||||||||
Unaffiliated issuers | $ | 9,219,626 | $ | 4,376,784 | $ | 43,849,243 | $ | 8,495,949 | $ | 4,253,963 | ||||||||||
Affiliated issuers | 378,522 | 276,570 | 1,630,491 | 1,011,457 | 221,019 | |||||||||||||||
Cash | 780 | 178 | 3,232 | 145 | 773 | |||||||||||||||
Cash collateral received for securities on loan | 428 | 7,641 | 4,809 | 8,068 | 1,008 | |||||||||||||||
Cash collateral pledged for futures contracts | — | — | — | — | 161 | |||||||||||||||
Cash collateral pledged for swap contracts | — | — | — | — | — | |||||||||||||||
Cash denominated in currencies other than U.S. dollars | — | 2,256 | 453 | 47 | 386 | |||||||||||||||
Unrealized appreciation on open forward currency contracts | — | — | — | — | — | |||||||||||||||
Receivables for: | ||||||||||||||||||||
Sales of investments | — | 435 | 21,940 | 4,847 | 1,899 | |||||||||||||||
Sales of fund’s shares | 6,219 | 9,093 | 20,056 | 26,783 | 3,599 | |||||||||||||||
Dividends and interest | 11,251 | 6,065 | 14,335 | 5,490 | 4,079 | |||||||||||||||
Variation margin on futures contracts | — | — | — | — | 62 | |||||||||||||||
Variation margin on centrally cleared swap contracts | — | — | — | — | — | |||||||||||||||
Securities lending income | — | 1 | 4 | 1 | 1 | 1 | ||||||||||||||
Currency translations | 480 | 138 | 12 | 424 | 2,022 | |||||||||||||||
Other | — | —1 | — | — | — | |||||||||||||||
9,617,306 | 4,679,164 | 45,544,572 | 9,553,211 | 4,488,972 | ||||||||||||||||
Liabilities: | ||||||||||||||||||||
Collateral for securities on loan | 4,283 | 76,415 | 48,094 | 80,676 | 10,080 | |||||||||||||||
Unrealized depreciation on open forward currency contracts | — | — | — | — | 20 | |||||||||||||||
Unrealized depreciation on unfunded commitments | — | — | — | — | — | |||||||||||||||
Payables for: | ||||||||||||||||||||
Purchases of investments | 788 | 474 | 8,887 | 1,883 | 7,895 | |||||||||||||||
Repurchases of fund’s shares | 7,561 | 2,413 | 60,134 | 2,009 | 5,595 | |||||||||||||||
Investment advisory services | 3,959 | 2,659 | 11,615 | 3,858 | 1,847 | |||||||||||||||
Insurance administrative fees | 456 | 218 | 2,027 | 294 | 568 | |||||||||||||||
Services provided by related parties | 1,333 | 709 | 6,384 | 1,196 | 519 | |||||||||||||||
Trustees’ deferred compensation | 95 | 62 | 535 | 193 | 46 | |||||||||||||||
Variation margin on futures contracts | — | — | — | — | 24 | |||||||||||||||
Variation margin on centrally cleared swap contracts | — | — | — | — | — | |||||||||||||||
Non-U.S. taxes | 7,895 | 19,049 | 934 | 33,209 | 14,603 | |||||||||||||||
Currency translations | — | — | — | — | — | |||||||||||||||
Custody fees | 336 | 244 | 216 | 540 | 300 | |||||||||||||||
Other | 20 | — | — | — | 31 | |||||||||||||||
26,726 | 102,243 | 138,826 | 123,858 | 41,528 | ||||||||||||||||
Net assets at December 31, 2021 | $ | 9,590,580 | $ | 4,576,921 | $ | 45,405,746 | $ | 9,429,353 | $ | 4,447,444 | ||||||||||
Net assets consist of: | ||||||||||||||||||||
Capital paid in on shares of beneficial interest | $ | 3,931,297 | $ | 1,859,410 | $ | 16,269,659 | $ | 6,198,523 | $ | 2,653,089 | ||||||||||
Total distributable earnings (accumulated loss) | 5,659,283 | 2,717,511 | 29,136,087 | 3,230,830 | 1,794,355 | |||||||||||||||
Net assets at December 31, 2021 | $ | 9,590,580 | $ | 4,576,921 | $ | 45,405,746 | $ | 9,429,353 | $ | 4,447,444 | ||||||||||
Investment securities on loan, at value | $ | 4,822 | $ | 85,086 | $ | 47,077 | $ | 77,301 | $ | 13,375 | ||||||||||
Investment securities, at cost | ||||||||||||||||||||
Unaffiliated issuers | 4,397,099 | 2,754,697 | 19,737,875 | 6,250,809 | 2,748,317 | |||||||||||||||
Affiliated issuers | 378,477 | 250,133 | 1,630,296 | 1,011,351 | 221,003 | |||||||||||||||
Cash denominated in currencies other than U.S. dollars, at cost | — | 2,250 | 452 | 47 | 386 |
See end of statements of assets and liabilities for footnotes.
See notes to financial statements.
American Funds Insurance Series | 263 |
Financial statements (continued) | |
Statements of assets and liabilities at December 31, 2021 (continued) | (dollars in thousands) |
Washington Mutual Investors Fund2 | Capital World Growth and Income Fund3 | Growth- Income Fund | International Growth and Income Fund | Capital Income Builder | ||||||||||||||||
Assets: | ||||||||||||||||||||
Investment securities, at value: | ||||||||||||||||||||
Unaffiliated issuers | $ | 11,155,779 | $ | 2,365,564 | $ | 41,804,971 | $ | 353,438 | $ | 1,084,391 | ||||||||||
Affiliated issuers | 331,143 | 13,282 | 1,259,909 | 21,699 | 75,150 | |||||||||||||||
Cash | 1,733 | 806 | 667 | 92 | 745 | |||||||||||||||
Cash collateral received for securities on loan | 2,196 | 69 | 9,273 | — | 463 | |||||||||||||||
Cash collateral pledged for futures contracts | — | — | — | — | — | |||||||||||||||
Cash collateral pledged for swap contracts | — | — | — | — | — | |||||||||||||||
Cash denominated in currencies other than U.S. dollars | 30 | 1,062 | 1,069 | 1,205 | 278 | |||||||||||||||
Unrealized appreciation on open forward currency contracts | — | — | — | — | 2 | |||||||||||||||
Receivables for: | ||||||||||||||||||||
Sales of investments | 653 | 2,189 | 20,176 | 238 | 4,317 | |||||||||||||||
Sales of fund’s shares | 5,336 | 386 | 3,926 | 289 | 882 | |||||||||||||||
Dividends and interest | 9,726 | 5,414 | 43,351 | 2,249 | 3,897 | |||||||||||||||
Variation margin on futures contracts | — | — | — | — | 106 | |||||||||||||||
Variation margin on centrally cleared swap contracts | — | — | — | — | 3 | |||||||||||||||
Securities lending income | 1 | — | 1 | 1 | — | 1 | — | 1 | ||||||||||||
Currency translations | 6 | 379 | 155 | 67 | 26 | |||||||||||||||
Other | — | — | — | — | — | |||||||||||||||
11,506,603 | 2,389,151 | 43,143,498 | 379,277 | 1,170,260 | ||||||||||||||||
Liabilities: | ||||||||||||||||||||
Collateral for securities on loan | 21,965 | 693 | 92,730 | — | 4,628 | |||||||||||||||
Unrealized depreciation on open forward currency contracts | — | — | — | — | — | |||||||||||||||
Unrealized depreciation on unfunded commitments | — | — | — | — | — | |||||||||||||||
Payables for: | ||||||||||||||||||||
Purchases of investments | 7,936 | 277 | 78 | 10 | 17,978 | |||||||||||||||
Repurchases of fund’s shares | 7,246 | 2,329 | 81,365 | 103 | 1,950 | |||||||||||||||
Investment advisory services | 2,118 | 699 | 8,889 | 184 | 211 | |||||||||||||||
Insurance administrative fees | 748 | 139 | 1,175 | 83 | 343 | |||||||||||||||
Services provided by related parties | 1,217 | 385 | 4,658 | 81 | 144 | |||||||||||||||
Trustees’ deferred compensation | 112 | 28 | 593 | 16 | 8 | |||||||||||||||
Variation margin on futures contracts | — | — | — | — | 8 | |||||||||||||||
Variation margin on centrally cleared swap contracts | — | — | — | — | 22 | |||||||||||||||
Non-U.S. taxes | 116 | 858 | 1,293 | 178 | 417 | |||||||||||||||
Currency translations | — | — | — | — | — | |||||||||||||||
Custody fees | 8 | 88 | 232 | 80 | 24 | |||||||||||||||
Other | — | — | — | — | — | |||||||||||||||
41,466 | 5,496 | 191,013 | 735 | 25,733 | ||||||||||||||||
Net assets at December 31, 2021 | $ | 11,465,137 | $ | 2,383,655 | $ | 42,952,485 | $ | 378,542 | $ | 1,144,527 | ||||||||||
Net assets consist of: | ||||||||||||||||||||
Capital paid in on shares of beneficial interest | $ | 6,294,050 | $ | 1,357,033 | $ | 20,012,192 | $ | 189,526 | $ | 923,131 | ||||||||||
Total distributable earnings (accumulated loss) | 5,171,087 | 1,026,622 | 22,940,293 | 189,016 | 221,396 | |||||||||||||||
Net assets at December 31, 2021 | $ | 11,465,137 | $ | 2,383,655 | $ | 42,952,485 | $ | 378,542 | $ | 1,144,527 | ||||||||||
Investment securities on loan, at value | $ | 89,518 | $ | 2,444 | $ | 91,976 | $ | 53 | $ | 6,084 | ||||||||||
Investment securities, at cost | ||||||||||||||||||||
Unaffiliated issuers | 8,240,289 | 1,757,008 | 22,424,700 | 309,545 | 847,938 | |||||||||||||||
Affiliated issuers | 331,102 | 13,281 | 1,259,712 | 21,694 | 75,628 | |||||||||||||||
Cash denominated in currencies other than U.S. dollars, at cost | 30 | 1,061 | 1,069 | 1,205 | 277 |
See end of statements of assets and liabilities for footnotes.
See notes to financial statements.
264 | American Funds Insurance Series |
Financial statements (continued) | |
Statements of assets and liabilities at December 31, 2021 (continued) | (dollars in thousands) |
Asset Allocation Fund | Global Balanced Fund | The Bond Fund of America4 | Capital World Bond Fund | American High-Income Trust5 | ||||||||||||||||
Assets: | ||||||||||||||||||||
Investment securities, at value: | ||||||||||||||||||||
Unaffiliated issuers | $ | 28,516,500 | $ | 466,533 | $ | 12,806,734 | $ | 1,963,695 | $ | 1,020,393 | ||||||||||
Affiliated issuers | 3,050,173 | 1,127 | 1,311,257 | 144,080 | 17,238 | |||||||||||||||
Cash | 1,108 | 142 | 2,390 | 88 | 1,089 | |||||||||||||||
Cash collateral received for securities on loan | 2,011 | — | — | — | — | |||||||||||||||
Cash collateral pledged for futures contracts | — | — | — | — | 277 | |||||||||||||||
Cash collateral pledged for swap contracts | — | — | — | — | 481 | |||||||||||||||
Cash denominated in currencies other than U.S. dollars | 147 | 23 | 1 | 59 | — | |||||||||||||||
Unrealized appreciation on open forward currency contracts | — | 57 | 256 | 4,439 | — | |||||||||||||||
Receivables for: | ||||||||||||||||||||
Sales of investments | 700,865 | 1,570 | 2,017,338 | 39,152 | 1,868 | |||||||||||||||
Sales of fund’s shares | 11,185 | 27 | 6,482 | 1,997 | 273 | |||||||||||||||
Dividends and interest | 88,237 | 1,510 | 61,345 | 15,656 | 14,032 | |||||||||||||||
Variation margin on futures contracts | 690 | 15 | 5,691 | 458 | — | |||||||||||||||
Variation margin on centrally cleared swap contracts | — | 7 | 1 | 109 | — | |||||||||||||||
Securities lending income | — | — | — | — | — | |||||||||||||||
Currency translations | 71 | 3 | 22 | — | — | |||||||||||||||
Other | — | — | — | — | 2 | |||||||||||||||
32,370,987 | 471,014 | 16,211,517 | 2,169,733 | 1,055,653 | ||||||||||||||||
Liabilities: | ||||||||||||||||||||
Collateral for securities on loan | 20,115 | — | — | — | — | |||||||||||||||
Unrealized depreciation on open forward currency contracts | — | 246 | 611 | 3,957 | — | |||||||||||||||
Unrealized depreciation on unfunded commitments | 2 | — | — | — | 1 | 1 | ||||||||||||||
Payables for: | ||||||||||||||||||||
Purchases of investments | 1,611,332 | 2,432 | 3,007,831 | 78,621 | 2,386 | |||||||||||||||
Repurchases of fund’s shares | 13,395 | 465 | 9,402 | 165 | 262 | |||||||||||||||
Investment advisory services | 6,713 | 258 | 1,860 | 768 | 260 | |||||||||||||||
Insurance administrative fees | 3,838 | 85 | 549 | 41 | 59 | |||||||||||||||
Services provided by related parties | 3,207 | 82 | 1,315 | 287 | 189 | |||||||||||||||
Trustees’ deferred compensation | 345 | 4 | 143 | 29 | 36 | |||||||||||||||
Variation margin on futures contracts | 1,183 | 8 | 1,522 | 181 | 15 | |||||||||||||||
Variation margin on centrally cleared swap contracts | 20 | 14 | 1,678 | 239 | 9 | |||||||||||||||
Non-U.S. taxes | 4,797 | 24 | 3 | 63 | — | |||||||||||||||
Currency translations | — | — | — | 134 | — | |||||||||||||||
Custody fees | 120 | 20 | 24 | 196 | 1 | |||||||||||||||
Other | — | — | — | 1 | 44 | — | 1 | |||||||||||||
1,665,067 | 3,638 | 3,024,938 | 84,725 | 3,218 | ||||||||||||||||
Net assets at December 31, 2021 | $ | 30,705,920 | $ | 467,376 | $ | 13,186,579 | $ | 2,085,008 | $ | 1,052,435 | ||||||||||
Net assets consist of: | ||||||||||||||||||||
Capital paid in on shares of beneficial interest | $ | 18,200,412 | $ | 347,665 | $ | 12,814,664 | $ | 2,057,721 | $ | 1,263,068 | ||||||||||
Total distributable earnings (accumulated loss) | 12,505,508 | 119,711 | 371,915 | 27,287 | (210,633 | ) | ||||||||||||||
Net assets at December 31, 2021 | $ | 30,705,920 | $ | 467,376 | $ | 13,186,579 | $ | 2,085,008 | $ | 1,052,435 | ||||||||||
Investment securities on loan, at value | $ | 19,643 | $ | — | $ | — | $ | — | $ | — | ||||||||||
Investment securities, at cost | ||||||||||||||||||||
Unaffiliated issuers | 18,775,106 | 347,800 | 12,540,693 | 1,956,858 | 983,275 | |||||||||||||||
Affiliated issuers | 3,085,509 | 1,127 | 1,311,134 | 144,069 | 17,234 | |||||||||||||||
Cash denominated in currencies other than U.S. dollars, at cost | 147 | 22 | 1 | 59 | — |
See end of statements of assets and liabilities for footnotes.
See notes to financial statements.
American Funds Insurance Series | 265 |
Financial statements (continued) | |
Statements of assets and liabilities at December 31, 2021 (continued) | (dollars in thousands) |
American Funds Mortgage Fund | Ultra-Short Bond Fund | U.S. Government Securities Fund6 | Managed Risk Growth Fund | Managed Risk International Fund | ||||||||||||||||
Assets: | ||||||||||||||||||||
Investment securities, at value: | ||||||||||||||||||||
Unaffiliated issuers | $ | 436,046 | $ | 325,641 | $ | 2,180,967 | $ | 28,877 | $ | 6,485 | ||||||||||
Affiliated issuers | — | — | — | 564,150 | 153,058 | |||||||||||||||
Cash | 9,041 | 9,056 | 55,451 | — | — | |||||||||||||||
Cash collateral received for securities on loan | — | — | — | — | — | |||||||||||||||
Cash collateral pledged for futures contracts | — | — | — | 3,930 | 1,845 | |||||||||||||||
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 | 136,409 | — | 124,289 | 423 | — | |||||||||||||||
Sales of fund’s shares | 93 | 397 | 1,480 | 554 | 107 | |||||||||||||||
Dividends and interest | 427 | 1 | 4,587 | 1 | — | 1 | ||||||||||||||
Variation margin on futures contracts | 14 | — | 420 | 184 | 92 | |||||||||||||||
Variation margin on centrally cleared swap contracts | — | — | 215 | — | — | |||||||||||||||
Securities lending income | — | — | — | — | — | |||||||||||||||
Currency translations | — | — | — | — | — | |||||||||||||||
Other | — | — | — | — | — | |||||||||||||||
582,030 | 335,095 | 2,367,409 | 598,119 | 161,587 | ||||||||||||||||
Liabilities: | ||||||||||||||||||||
Collateral for securities on loan | — | — | — | — | — | |||||||||||||||
Unrealized depreciation on open forward currency contracts | — | — | — | — | — | |||||||||||||||
Unrealized depreciation on unfunded commitments | — | — | — | — | — | |||||||||||||||
Payables for: | ||||||||||||||||||||
Purchases of investments | 247,323 | — | 197,166 | 840 | 101 | |||||||||||||||
Repurchases of fund’s shares | 117 | 2,228 | 3,170 | 115 | 1 | |||||||||||||||
Investment advisory services | 60 | 92 | 357 | 50 | 13 | |||||||||||||||
Insurance administrative fees | 28 | 29 | 152 | 376 | 102 | |||||||||||||||
Services provided by related parties | 30 | 72 | 404 | 120 | 32 | |||||||||||||||
Trustees’ deferred compensation | 3 | 13 | 49 | 4 | 1 | |||||||||||||||
Variation margin on futures contracts | 13 | — | 180 | 21 | 2 | |||||||||||||||
Variation margin on centrally cleared swap contracts | 58 | — | 630 | — | — | |||||||||||||||
Non-U.S. taxes | — | — | — | — | — | |||||||||||||||
Currency translations | — | — | — | — | — | |||||||||||||||
Custody fees | — | 1 | — | 1 | 2 | — | — | |||||||||||||
Other | — | 1 | — | — | — | — | ||||||||||||||
247,632 | 2,434 | 202,110 | 1,526 | 252 | ||||||||||||||||
Net assets at December 31, 2021 | $ | 334,398 | $ | 332,661 | $ | 2,165,299 | $ | 596,593 | $ | 161,335 | ||||||||||
Net assets consist of: | ||||||||||||||||||||
Capital paid in on shares of beneficial interest | $ | 331,373 | $ | 332,673 | $ | 2,145,433 | $ | 374,736 | $ | 154,889 | ||||||||||
Total distributable earnings (accumulated loss) | 3,025 | (12 | ) | 19,866 | 221,857 | 6,446 | ||||||||||||||
Net assets at December 31, 2021 | $ | 334,398 | $ | 332,661 | $ | 2,165,299 | $ | 596,593 | $ | 161,335 | ||||||||||
Investment securities on loan, at value | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||
Investment securities, at cost | ||||||||||||||||||||
Unaffiliated issuers | 435,285 | 325,639 | 2,162,269 | 30,287 | 7,042 | |||||||||||||||
Affiliated issuers | — | — | — | 426,299 | 128,560 | |||||||||||||||
Cash denominated in currencies other than U.S. dollars, at cost | — | — | — | — | — |
See end of statements of assets and liabilities for footnotes.
See notes to financial statements.
266 | American Funds Insurance Series |
Financial statements (continued) | |
Statements of assets and liabilities at December 31, 2021 (continued) | (dollars in thousands) |
Managed Risk Washington Mutual Investors Fund7 | Managed Risk Growth- Income Fund | Managed Risk Asset Allocation Fund | ||||||||||
Assets: | ||||||||||||
Investment securities, at value: | ||||||||||||
Unaffiliated issuers | $ | 19,925 | $ | 139,472 | $ | 140,914 | ||||||
Affiliated issuers | 353,013 | 2,523,981 | 2,678,055 | |||||||||
Cash | — | — | — | |||||||||
Cash collateral received for securities on loan | — | — | — | |||||||||
Cash collateral pledged for futures contracts | 473 | 7,873 | 2,748 | |||||||||
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 | 311 | 28,156 | 1,707 | |||||||||
Sales of fund’s shares | 122 | 16 | 186 | |||||||||
Dividends and interest | — | 1 | 3 | 4 | ||||||||
Variation margin on futures contracts | 18 | 95 | 98 | |||||||||
Variation margin on centrally cleared swap contracts | — | — | — | |||||||||
Securities lending income | — | — | — | |||||||||
Currency translations | — | — | — | |||||||||
Other | — | — | — | |||||||||
373,862 | 2,699,596 | 2,823,712 | ||||||||||
Liabilities: | ||||||||||||
Collateral for securities on loan | — | — | — | |||||||||
Unrealized depreciation on open forward currency contracts | — | — | — | |||||||||
Unrealized depreciation on unfunded commitments | — | — | — | |||||||||
Payables for: | ||||||||||||
Purchases of investments | 112 | — | — | |||||||||
Repurchases of fund’s shares | 332 | 29,654 | 1,983 | |||||||||
Investment advisory services | 31 | 224 | 235 | |||||||||
Insurance administrative fees | 230 | 1,661 | 1,770 | |||||||||
Services provided by related parties | 76 | 70 | 583 | |||||||||
Trustees’ deferred compensation | 3 | 16 | 32 | |||||||||
Variation margin on futures contracts | 41 | 399 | 89 | |||||||||
Variation margin on centrally cleared swap contracts | — | — | — | |||||||||
Non-U.S. taxes | — | — | — | |||||||||
Currency translations | — | — | — | |||||||||
Custody fees | — | — | — | |||||||||
Other | — | — | — | |||||||||
825 | 32,024 | 4,692 | ||||||||||
Net assets at December 31, 2021 | $ | 373,037 | $ | 2,667,572 | $ | 2,819,020 | ||||||
Net assets consist of: | ||||||||||||
Capital paid in on shares of beneficial interest | $ | 322,953 | $ | 1,989,799 | $ | 2,138,433 | ||||||
Total distributable earnings (accumulated loss) | 50,084 | 677,773 | 680,587 | |||||||||
Net assets at December 31, 2021 | $ | 373,037 | $ | 2,667,572 | $ | 2,819,020 | ||||||
Investment securities on loan, at value | $ | — | $ | — | $ | — | ||||||
Investment securities, at cost | ||||||||||||
Unaffiliated issuers | 20,956 | 158,160 | 142,814 | |||||||||
Affiliated issuers | 252,083 | 1,893,702 | 2,102,003 | |||||||||
Cash denominated in currencies other than U.S. dollars, at cost | — | — | — |
See end of statements of assets and liabilities for footnotes.
See notes to financial statements.
American Funds Insurance Series | 267 |
Financial statements (continued)
Statements of assets and liabilities at December 31, 2021 (continued) | (dollars and shares in thousands, except per-share amounts) |
Global Growth Fund | Global Small Capitalization Fund | Growth Fund | International Fund | New World Fund | ||||||||||||||||||
Shares of beneficial interest issued and outstanding (no stated par value) — unlimited shares authorized | ||||||||||||||||||||||
Class 1: | Net assets | $ | 4,270,015 | $ | 1,706,646 | $ | 19,783,368 | $ | 4,746,661 | $ | 2,442,787 | |||||||||||
Shares outstanding | 93,924 | 49,945 | 155,063 | 209,093 | 76,738 | |||||||||||||||||
Net asset value per share | $ | 45.46 | $ | 34.17 | $ | 127.58 | $ | 22.70 | $ | 31.83 | ||||||||||||
Class 1A: | Net assets | $ | 17,858 | $ | 5,190 | $ | 120,731 | $ | 11,745 | $ | 11,764 | |||||||||||
Shares outstanding | 395 | 153 | 953 | 520 | 371 | |||||||||||||||||
Net asset value per share | $ | 45.28 | $ | 33.93 | $ | 126.70 | $ | 22.61 | $ | 31.70 | ||||||||||||
Class 2: | Net assets | $ | 4,558,481 | $ | 2,520,876 | $ | 21,985,548 | $ | 4,190,587 | $ | 1,086,675 | |||||||||||
Shares outstanding | 101,428 | 76,539 | 174,097 | 185,390 | 34,525 | |||||||||||||||||
Net asset value per share | $ | 44.94 | $ | 32.94 | $ | 126.28 | $ | 22.60 | $ | 31.48 | ||||||||||||
Class 3: | Net assets | $ | 301,618 | $ | 21,072 | |||||||||||||||||
Shares outstanding | Not applicable | Not applicable | 2,344 | 926 | Not applicable | |||||||||||||||||
Net asset value per share | $ | 128.68 | $ | 22.76 | ||||||||||||||||||
Class 4: | Net assets | $ | 744,226 | $ | 344,209 | $ | 3,214,481 | $ | 459,288 | $ | 906,218 | |||||||||||
Shares outstanding | 16,697 | 10,442 | 25,967 | 20,589 | 29,006 | |||||||||||||||||
Net asset value per share | $ | 44.57 | $ | 32.96 | $ | 123.79 | $ | 22.31 | $ | 31.24 | ||||||||||||
Washington Mutual Investors Fund2 | Capital World Growth and Income Fund3 | Growth- Income Fund | International Growth and Income Fund | Capital Income Builder | ||||||||||||||||||
Shares of beneficial interest issued and outstanding (no stated par value) — unlimited shares authorized | ||||||||||||||||||||||
Class 1: | Net assets | $ | 6,765,816 | $ | 812,024 | $ | 25,507,634 | $ | 30,201 | $ | 563,175 | |||||||||||
Shares outstanding | 374,044 | 44,087 | 378,721 | 1,539 | 46,293 | |||||||||||||||||
Net asset value per share | $ | 18.09 | $ | 18.42 | $ | 67.35 | $ | 19.62 | $ | 12.17 | ||||||||||||
Class 1A: | Net assets | $ | 168,690 | $ | 6,393 | $ | 32,207 | $ | 5,561 | $ | 9,496 | |||||||||||
Shares outstanding | 9,391 | 349 | 481 | 287 | 781 | |||||||||||||||||
Net asset value per share | $ | 17.96 | $ | 18.34 | $ | 67.02 | $ | 19.39 | $ | 12.15 | ||||||||||||
Class 2: | Net assets | $ | 3,426,685 | $ | 1,340,086 | $ | 15,318,769 | $ | 210,888 | $ | 12,521 | |||||||||||
Shares outstanding | 192,152 | 72,923 | 230,562 | 10,882 | 1,030 | |||||||||||||||||
Net asset value per share | $ | 17.83 | $ | 18.38 | $ | 66.44 | $ | 19.38 | $ | 12.16 | ||||||||||||
Class 3: | Net assets | $ | 166,175 | |||||||||||||||||||
Shares outstanding | Not applicable | Not applicable | 2,462 | Not applicable | Not applicable | |||||||||||||||||
Net asset value per share | $ | 67.48 | ||||||||||||||||||||
Class 4: | Net assets | $ | 1,103,946 | $ | 225,152 | $ | 1,927,700 | $ | 131,892 | $ | 559,335 | |||||||||||
Shares outstanding | 62,348 | 12,483 | 29,401 | 6,859 | 46,076 | |||||||||||||||||
Net asset value per share | $ | 17.71 | $ | 18.04 | $ | 65.57 | $ | 19.23 | $ | 12.14 |
See end of statements of assets and liabilities for footnotes.
See notes to financial statements.
268 | American Funds Insurance Series |
Financial statements (continued) | |
Statements of assets and liabilities at December 31, 2021 (continued) | (dollars and shares in thousands, except per-share amounts) |
Asset Allocation Fund | Global Balanced Fund | The Bond Fund of America4 | Capital World Bond Fund | American High-Income Trust5 | ||||||||||||||||||
Shares of beneficial interest issued and outstanding (no stated par value) — unlimited shares authorized | ||||||||||||||||||||||
Class 1: | Net assets | $ | 18,835,999 | $ | 120,569 | $ | 8,555,042 | $ | 988,131 | $ | 277,549 | |||||||||||
Shares outstanding | 647,633 | 8,185 | 762,915 | 83,789 | 27,242 | |||||||||||||||||
Net asset value per share | $ | 29.08 | $ | 14.73 | $ | 11.21 | $ | 11.79 | $ | 10.19 | ||||||||||||
Class 1A: | Net assets | $ | 24,142 | $ | 3,738 | $ | 12,240 | $ | 1,541 | $ | 1,456 | |||||||||||
Shares outstanding | 833 | 254 | 1,097 | 131 | 143 | |||||||||||||||||
Net asset value per share | $ | 28.97 | $ | 14.70 | $ | 11.16 | $ | 11.76 | $ | 10.16 | ||||||||||||
Class 2: | Net assets | $ | 5,472,510 | $ | 207,652 | $ | 3,728,530 | $ | 1,029,688 | $ | 673,228 | |||||||||||
Shares outstanding | 190,399 | 14,126 | 337,262 | 88,037 | 67,457 | |||||||||||||||||
Net asset value per share | $ | 28.74 | $ | 14.70 | $ | 11.06 | $ | 11.70 | $ | 9.98 | ||||||||||||
Class 3: | Net assets | $ | 36,255 | $ | 10,352 | |||||||||||||||||
Shares outstanding | 1,245 | Not applicable | Not applicable | Not applicable | 1,011 | |||||||||||||||||
Net asset value per share | $ | 29.12 | $ | 10.24 | ||||||||||||||||||
Class 4: | Net assets | $ | 6,337,014 | $ | 135,417 | $ | 890,767 | $ | 65,648 | $ | 89,850 | |||||||||||
Shares outstanding | 221,878 | 9,317 | 80,887 | 5,674 | 8,179 | |||||||||||||||||
Net asset value per share | $ | 28.56 | $ | 14.53 | $ | 11.01 | $ | 11.57 | $ | 10.99 | ||||||||||||
American Funds Mortgage Fund | Ultra-Short Bond Fund | U.S. Government Securities Fund6 | 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 | $ | 231,257 | $ | 37,003 | $ | 522,162 | |||||||||||||||
Shares outstanding | 21,751 | 3,283 | 44,738 | Not applicable | Not applicable | |||||||||||||||||
Net asset value per share | $ | 10.63 | $ | 11.27 | $ | 11.67 | ||||||||||||||||
Class 1A: | Net assets | $ | 2,216 | $ | 10 | $ | 4,762 | |||||||||||||||
Shares outstanding | 209 | 1 | 409 | Not applicable | Not applicable | |||||||||||||||||
Net asset value per share | $ | 10.59 | $ | 11.28 | $ | 11.63 | ||||||||||||||||
Class 2: | Net assets | $ | 58,069 | $ | 244,948 | $ | 1,390,807 | |||||||||||||||
Shares outstanding | 5,473 | 22,408 | 120,637 | Not applicable | Not applicable | |||||||||||||||||
Net asset value per share | $ | 10.61 | $ | 10.93 | $ | 11.53 | ||||||||||||||||
Class 3: | Net assets | $ | 4,619 | $ | 9,693 | |||||||||||||||||
Shares outstanding | Not applicable | 417 | 829 | Not applicable | Not applicable | |||||||||||||||||
Net asset value per share | $ | 11.07 | $ | 11.70 | ||||||||||||||||||
Class 4: | Net assets | $ | 42,856 | $ | 46,081 | $ | 237,875 | |||||||||||||||
Shares outstanding | 4,085 | 4,190 | 20,654 | Not applicable | Not applicable | |||||||||||||||||
Net asset value per share | $ | 10.49 | $ | 11.00 | $ | 11.52 | ||||||||||||||||
Class P1: | Net assets | $ | 12,560 | $ | 1,812 | |||||||||||||||||
Shares outstanding | Not applicable | Not applicable | Not applicable | 678 | 172 | |||||||||||||||||
Net asset value per share | $ | 18.53 | $ | 10.55 | ||||||||||||||||||
Class P2: | Net assets | $ | 584,033 | $ | 159,523 | |||||||||||||||||
Shares outstanding | Not applicable | Not applicable | Not applicable | 31,712 | 15,224 | |||||||||||||||||
Net asset value per share | $ | 18.42 | $ | 10.48 |
See end of statements of assets and liabilities for footnotes.
See notes to financial statements.
American Funds Insurance Series | 269 |
Financial statements (continued) | |
Statements of assets and liabilities at December 31, 2021 (continued) | (dollars and shares in thousands, except per-share amounts) |
Managed Risk Washington Mutual Investors Fund7 | 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 | $ | 2,464 | $ | 2,327,641 | $ | 7,248 | |||||||
Shares outstanding | 190 | 148,007 | 473 | |||||||||||
Net asset value per share | $ | 12.95 | $ | 15.73 | $ | 15.33 | ||||||||
Class P2: | Net assets | $ | 370,573 | $ | 339,931 | $ | 2,811,772 | |||||||
Shares outstanding | 28,765 | 21,733 | 188,391 | |||||||||||
Net asset value per share | $ | 12.88 | $ | 15.64 | $ | 14.93 |
1 | Amount less than one thousand. |
2 | Formerly Blue Chip Income and Growth Fund. |
3 | Formerly Global Growth and Income Fund. |
4 | Formerly Bond Fund. |
5 | Formerly High-Income Bond Fund. |
6 | Formerly U.S. Government/AAA-Rated Securities Fund. |
7 | Formerly Managed Risk Blue Chip Income and Growth Fund. |
See notes to financial statements.
270 | American Funds Insurance Series |
Financial statements (continued) | |
Statements of operations for the year ended December 31, 2021 | (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 | $ | 96,498 | $ | 34,696 | $ | 297,072 | $ | 209,153 | $ | 56,779 | ||||||||||
Affiliated issuers | 229 | 149 | 877 | 357 | 180 | |||||||||||||||
96,727 | 34,845 | 297,949 | 209,510 | 56,959 | ||||||||||||||||
Interest from unaffiliated issuers | 3,255 | 15 | 1,929 | 5,837 | 6,978 | |||||||||||||||
Securities lending income (net of fees) | 828 | 1,076 | 730 | 742 | 305 | |||||||||||||||
100,810 | 35,936 | 300,608 | 216,089 | 64,242 | ||||||||||||||||
Fees and expenses1: | ||||||||||||||||||||
Investment advisory services | 45,364 | 36,199 | 129,405 | 49,637 | 30,185 | |||||||||||||||
Distribution services | 13,010 | 7,481 | 61,137 | 12,154 | 5,000 | |||||||||||||||
Insurance administrative services | 1,646 | 813 | 7,217 | 1,145 | 2,232 | |||||||||||||||
Transfer agent services | 1 | 1 | 6 | 1 | 1 | |||||||||||||||
Administrative services | 2,738 | 1,583 | 12,633 | 3,035 | 1,336 | |||||||||||||||
Accounting and administrative services | — | — | — | — | — | |||||||||||||||
Reports to shareholders | 208 | 133 | 902 | 252 | 102 | |||||||||||||||
Registration statement and prospectus | 134 | 136 | 709 | 173 | 65 | |||||||||||||||
Trustees’ compensation | 37 | 23 | 171 | 44 | 19 | |||||||||||||||
Auditing and legal | 73 | 87 | 87 | 82 | 99 | |||||||||||||||
Custodian | 1,215 | 750 | 674 | 2,244 | 1,158 | |||||||||||||||
Other | 4 | 66 | 18 | 5 | 53 | |||||||||||||||
Total fees and expenses before waivers/reimbursements | 64,430 | 47,272 | 212,959 | 68,772 | 40,250 | |||||||||||||||
Less waivers/reimbursements of fees and expenses: | ||||||||||||||||||||
Investment advisory services waivers | 28 | — | 15 | — | 8,018 | |||||||||||||||
Miscellaneous fee reimbursements | — | — | — | — | — | |||||||||||||||
Total waivers/reimbursements of fees and expenses | 28 | — | 15 | — | 8,018 | |||||||||||||||
Total fees and expenses after waivers/reimbursements | 64,402 | 47,272 | 212,944 | 68,772 | 32,232 | |||||||||||||||
Net investment income (loss) | 36,408 | (11,335 | ) | 87,664 | 147,317 | 32,010 | ||||||||||||||
Net realized gain (loss) and unrealized appreciation (depreciation): | ||||||||||||||||||||
Net realized gain (loss)1 on: | ||||||||||||||||||||
Investments in: | ||||||||||||||||||||
Unaffiliated issuers | 848,663 | 1,100,321 | 5,060,779 | 1,275,846 | 318,182 | |||||||||||||||
Affiliated issuers | (19 | ) | (315 | ) | 20 | (41 | ) | (17 | ) | |||||||||||
Futures contracts | — | — | — | — | 95 | |||||||||||||||
Forward currency contracts | — | — | — | (86 | ) | 228 | ||||||||||||||
Swap contracts | — | — | — | — | — | |||||||||||||||
Currency transactions | (1,709 | ) | (1,170 | ) | 379 | (2,236 | ) | (470 | ) | |||||||||||
Capital gain distributions received from affiliated issuers | — | — | — | — | — | |||||||||||||||
846,935 | 1,098,836 | 5,061,178 | 1,273,483 | 318,018 | ||||||||||||||||
Net unrealized appreciation (depreciation)1 on: | ||||||||||||||||||||
Investments in: | ||||||||||||||||||||
Unaffiliated issuers | 486,026 | (703,894 | ) | 3,147,373 | (1,501,578 | ) | (136,353 | ) | ||||||||||||
Affiliated issuers | 28 | (6,978 | ) | 90 | 42 | 8 | ||||||||||||||
Futures contracts | — | — | — | — | (26 | ) | ||||||||||||||
Forward currency contracts | — | — | — | 86 | 34 | |||||||||||||||
Swap contracts | — | — | — | — | — | |||||||||||||||
Currency translations | (102 | ) | 215 | (118 | ) | 266 | 209 | |||||||||||||
485,952 | (710,657 | ) | 3,147,345 | (1,501,184 | ) | (136,128 | ) | |||||||||||||
Net realized gain (loss) and unrealized appreciation (depreciation) | 1,332,887 | 388,179 | 8,208,523 | (227,701 | ) | 181,890 | ||||||||||||||
Net increase (decrease) in net assets resulting from operations | $ | 1,369,295 | $ | 376,844 | $ | 8,296,187 | $ | (80,384 | ) | $ | 213,900 |
See end of statements of operations for footnotes.
See notes to financial statements.
American Funds Insurance Series | 271 |
Financial statements (continued) | |
Statements of operations for the year ended December 31, 2021 (continued) | (dollars in thousands) |
Washington Mutual Investors Fund2 | Capital World Growth and Income Fund3 | Growth- Income Fund | International Growth and Income Fund | Capital Income Builder | ||||||||||||||||
Investment income: | ||||||||||||||||||||
Income (net of non-U.S. taxes1): | ||||||||||||||||||||
Dividends: | ||||||||||||||||||||
Unaffiliated issuers | $ | 218,139 | $ | 56,211 | $ | 638,220 | $ | 43,310 | $ | 34,545 | ||||||||||
Affiliated issuers | 158 | 50 | 857 | 48 | 422 | |||||||||||||||
218,297 | 56,261 | 639,077 | 43,358 | 34,967 | ||||||||||||||||
Interest from unaffiliated issuers | 113 | 2,780 | 3,410 | 944 | 3,356 | |||||||||||||||
Securities lending income (net of fees) | 111 | 580 | 731 | 243 | 57 | |||||||||||||||
218,521 | 59,621 | 643,218 | 44,545 | 38,380 | ||||||||||||||||
Fees and expenses1: | ||||||||||||||||||||
Investment advisory services | 39,958 | 13,427 | 102,401 | 8,064 | 5,244 | |||||||||||||||
Distribution services | 10,579 | 3,883 | 41,617 | 851 | 1,315 | |||||||||||||||
Insurance administrative services | 2,610 | 507 | 4,251 | 315 | 1,308 | |||||||||||||||
Transfer agent services | 2 | — | 4 | 6 | — | 4 | — | 4 | ||||||||||||
Administrative services | 3,114 | 691 | 12,323 | 397 | 332 | |||||||||||||||
Accounting and administrative services | — | — | — | — | — | |||||||||||||||
Reports to shareholders | 177 | 31 | 893 | 23 | 20 | |||||||||||||||
Registration statement and prospectus | 112 | 33 | 597 | 24 | 59 | |||||||||||||||
Trustees’ compensation | 42 | 10 | 169 | 6 | 5 | |||||||||||||||
Auditing and legal | 47 | 62 | 84 | 68 | 61 | |||||||||||||||
Custodian | 170 | 332 | 735 | 334 | 110 | |||||||||||||||
Other | 4 | 1 | 17 | 1 | 4 | |||||||||||||||
Total fees and expenses before waivers/reimbursements | 56,815 | 18,977 | 163,093 | 10,083 | 8,458 | |||||||||||||||
Less waivers/reimbursements of fees and expenses: | ||||||||||||||||||||
Investment advisory services waivers | 11,310 | 3,624 | — | 48 | 2,808 | |||||||||||||||
Miscellaneous fee reimbursements | — | — | — | — | — | |||||||||||||||
Total waivers/reimbursements of fees and expenses | 11,310 | 3,624 | — | 48 | 2,808 | |||||||||||||||
Total fees and expenses after waivers/reimbursements | 45,505 | 15,353 | 163,093 | 10,035 | 5,650 | |||||||||||||||
Net investment income (loss) | 173,016 | 44,268 | 480,125 | 34,510 | 32,730 | |||||||||||||||
Net realized gain (loss) and unrealized appreciation (depreciation): | ||||||||||||||||||||
Net realized gain (loss)1 on: | ||||||||||||||||||||
Investments in: | ||||||||||||||||||||
Unaffiliated issuers | 2,286,037 | 410,526 | 3,514,635 | 358,108 | 44,857 | |||||||||||||||
Affiliated issuers | 5 | 5 | (41 | ) | 82 | (8 | ) | |||||||||||||
Futures contracts | — | — | — | — | (702 | ) | ||||||||||||||
Forward currency contracts | — | — | — | — | (20 | ) | ||||||||||||||
Swap contracts | — | — | — | — | 665 | |||||||||||||||
Currency transactions | (9 | ) | (474 | ) | (1,966 | ) | (345 | ) | (64 | ) | ||||||||||
Capital gain distributions received from affiliated issuers | — | — | — | — | 270 | |||||||||||||||
2,286,033 | 410,057 | 3,512,628 | 357,845 | 44,998 | ||||||||||||||||
Net unrealized appreciation (depreciation)1 on: | ||||||||||||||||||||
Investments in: | ||||||||||||||||||||
Unaffiliated issuers | 81,421 | (139,921 | ) | 4,889,187 | (342,695 | ) | 80,801 | |||||||||||||
Affiliated issuers | 8 | (7 | ) | (8 | ) | (2 | ) | (480 | ) | |||||||||||
Futures contracts | — | — | — | — | 282 | |||||||||||||||
Forward currency contracts | — | — | — | — | 24 | |||||||||||||||
Swap contracts | — | — | — | — | 716 | |||||||||||||||
Currency translations | 2 | (52 | ) | (521 | ) | (118 | ) | (41 | ) | |||||||||||
81,431 | (139,980 | ) | 4,888,658 | (342,815 | ) | 81,302 | ||||||||||||||
Net realized gain (loss) and unrealized appreciation (depreciation) | 2,367,464 | 270,077 | 8,401,286 | 15,030 | 126,300 | |||||||||||||||
Net increase (decrease) in net assets resulting from operations | $ | 2,540,480 | $ | 314,345 | $ | 8,881,411 | $ | 49,540 | $ | 159,030 |
See end of statements of operations for footnotes.
See notes to financial statements.
272 | American Funds Insurance Series |
Financial statements (continued) | |
Statements of operations for the year ended December 31, 2021 (continued) | (dollars in thousands) |
Asset Allocation Fund | Global Balanced Fund | The Bond Fund of America5 | Capital World Bond Fund | American High-Income Trust6 | ||||||||||||||||
Investment income: | ||||||||||||||||||||
Income (net of non-U.S. taxes1): | ||||||||||||||||||||
Dividends: | ||||||||||||||||||||
Unaffiliated issuers | $ | 416,196 | $ | 6,575 | $ | — | $ | 26 | $ | 1,243 | ||||||||||
Affiliated issuers | 26,318 | 20 | 1,432 | 128 | 20 | |||||||||||||||
442,514 | 6,595 | 1,432 | 154 | 1,263 | ||||||||||||||||
Interest from unaffiliated issuers | 188,565 | 2,435 | 260,679 | 56,348 | 51,919 | |||||||||||||||
Securities lending income (net of fees) | 1,121 | 3 | — | — | — | |||||||||||||||
632,200 | 9,033 | 262,111 | 56,502 | 53,182 | ||||||||||||||||
Fees and expenses1: | ||||||||||||||||||||
Investment advisory services | 82,192 | 3,005 | 44,685 | 11,735 | 4,750 | |||||||||||||||
Distribution services | 28,066 | 830 | 11,552 | 2,787 | 1,935 | |||||||||||||||
Insurance administrative services | 14,480 | 315 | 2,054 | 157 | 221 | |||||||||||||||
Transfer agent services | 4 | —4 | 2 | — | 4 | — | 4 | |||||||||||||
Administrative services | 9,446 | 137 | 3,751 | 662 | 295 | |||||||||||||||
Accounting and administrative services | — | — | — | — | — | |||||||||||||||
Reports to shareholders | 587 | 6 | 221 | 51 | 21 | |||||||||||||||
Registration statement and prospectus | 359 | 12 | 188 | 39 | 17 | |||||||||||||||
Trustees’ compensation | 130 | 2 | 50 | 10 | 4 | |||||||||||||||
Auditing and legal | 67 | 52 | 53 | 48 | 46 | |||||||||||||||
Custodian | 772 | 91 | 112 | 624 | 18 | |||||||||||||||
Other | 20 | 1 | 5 | 10 | 12 | |||||||||||||||
Total fees and expenses before waivers/reimbursements | 136,123 | 4,451 | 62,673 | 16,123 | 7,319 | |||||||||||||||
Less waivers/reimbursements of fees and expenses: | ||||||||||||||||||||
Investment advisory services waivers | — | — | 16,515 | 2,207 | 1,313 | |||||||||||||||
Miscellaneous fee reimbursements | — | — | — | — | — | |||||||||||||||
Total waivers/reimbursements of fees and expenses | — | — | 16,515 | 2,207 | 1,313 | |||||||||||||||
Total fees and expenses after waivers/reimbursements | 136,123 | 4,451 | 46,158 | 13,916 | 6,006 | |||||||||||||||
Net investment income (loss) | 496,078 | 4,583 | 215,953 | 42,586 | 47,176 | |||||||||||||||
Net realized gain (loss) and unrealized appreciation (depreciation): | ||||||||||||||||||||
Net realized gain (loss)1 on: | ||||||||||||||||||||
Investments in: | ||||||||||||||||||||
Unaffiliated issuers | 2,861,608 | 24,495 | 110,756 | 41,471 | 8,994 | |||||||||||||||
Affiliated issuers | 107,152 | 2 | (158 | ) | (10 | ) | 3 | |||||||||||||
Futures contracts | (990 | ) | 166 | 29,652 | (1,188 | ) | 818 | |||||||||||||
Forward currency contracts | — | (627 | ) | 8,119 | (23,989 | ) | — | |||||||||||||
Swap contracts | (264 | ) | 69 | (19,136 | ) | (257 | ) | (2,330 | ) | |||||||||||
Currency transactions | 584 | 17 | (1 | ) | (15 | ) | — | |||||||||||||
Capital gain distributions received from affiliated issuers | 14,433 | — | — | — | — | |||||||||||||||
2,982,523 | 24,122 | 129,232 | 16,012 | 7,485 | ||||||||||||||||
Net unrealized appreciation (depreciation)1 on: | ||||||||||||||||||||
Investments in: | ||||||||||||||||||||
Unaffiliated issuers | 1,086,498 | 18,029 | (362,751 | ) | (164,796 | ) | 20,853 | |||||||||||||
Affiliated issuers | (81,454 | ) | (2 | ) | 104 | 11 | (1 | ) | ||||||||||||
Futures contracts | (13,464 | ) | 78 | (6,784 | ) | (329 | ) | (192 | ) | |||||||||||
Forward currency contracts | — | (187 | ) | 2,252 | 126 | — | ||||||||||||||
Swap contracts | (844 | ) | (260 | ) | 14,150 | (3,207 | ) | 728 | ||||||||||||
Currency translations | (279 | ) | (56 | ) | (122 | ) | (597 | ) | (2 | ) | ||||||||||
990,457 | 17,602 | (353,151 | ) | (168,792 | ) | 21,386 | ||||||||||||||
Net realized gain (loss) and unrealized appreciation (depreciation) | 3,972,980 | 41,724 | (223,919 | ) | (152,780 | ) | 28,871 | |||||||||||||
Net increase (decrease) in net assets resulting from operations | $ | 4,469,058 | $ | 46,307 | $ | (7,966 | ) | $ | (110,194 | ) | $ | 76,047 |
See end of statements of operations for footnotes.
See notes to financial statements.
American Funds Insurance Series | 273 |
Financial statements (continued) | |
Statements of operations for the year ended December 31, 2021 (continued) | (dollars in thousands) |
American Funds Mortgage Fund | Ultra-Short Bond Fund | U.S. Government Securities Fund7 | Managed Risk Growth Fund | Managed Risk International Fund | ||||||||||||||||
Investment income: | ||||||||||||||||||||
Income (net of non-U.S. taxes1): | ||||||||||||||||||||
Dividends: | ||||||||||||||||||||
Unaffiliated issuers | $ | — | $ | — | $ | — | $ | 8 | $ | 2 | ||||||||||
Affiliated issuers | — | — | — | 3,224 | 4,029 | |||||||||||||||
— | — | — | 3,232 | 4,031 | ||||||||||||||||
Interest from unaffiliated issuers | 2,869 | 299 | 37,310 | — | — | |||||||||||||||
Securities lending income (net of fees) | — | — | — | — | — | |||||||||||||||
2,869 | 299 | 37,310 | 3,232 | 4,031 | ||||||||||||||||
Fees and expenses1: | ||||||||||||||||||||
Investment advisory services | 1,392 | 1,128 | 7,451 | 886 | 250 | |||||||||||||||
Distribution services | 248 | 781 | 4,208 | 1,448 | 413 | |||||||||||||||
Insurance administrative services | 106 | 108 | 624 | 1,476 | 417 | |||||||||||||||
Transfer agent services | — | 4 | — | 4 | — | 4 | — | 4 | — | 4 | ||||||||||
Administrative services | 99 | 106 | 629 | — | — | |||||||||||||||
Accounting and administrative services | — | — | — | 74 | 63 | |||||||||||||||
Reports to shareholders | 5 | 7 | 39 | 7 | 4 | |||||||||||||||
Registration statement and prospectus | 66 | 8 | 31 | 8 | 4 | |||||||||||||||
Trustees’ compensation | 2 | 2 | 9 | 2 | 1 | |||||||||||||||
Auditing and legal | 43 | 41 | 44 | 15 | 15 | |||||||||||||||
Custodian | 17 | 1 | 28 | 6 | 6 | |||||||||||||||
Other | — | 4 | — | 4 | 1 | 1 | 1 | |||||||||||||
Total fees and expenses before waivers/reimbursements | 1,978 | 2,182 | 13,064 | 3,923 | 1,174 | |||||||||||||||
Less waivers/reimbursements of fees and expenses: | ||||||||||||||||||||
Investment advisory services waivers | 664 | — | 2,236 | 299 | 84 | |||||||||||||||
Miscellaneous fee reimbursements | — | — | — | — | 43 | |||||||||||||||
Total waivers/reimbursements of fees and expenses | 664 | — | 2,236 | 299 | 127 | |||||||||||||||
Total fees and expenses after waivers/reimbursements | 1,314 | 2,182 | 10,828 | 3,624 | 1,047 | |||||||||||||||
Net investment income (loss) | 1,555 | (1,883 | ) | 26,482 | (392 | ) | 2,984 | |||||||||||||
Net realized gain (loss) and unrealized appreciation (depreciation): | ||||||||||||||||||||
Net realized gain (loss)1 on: | ||||||||||||||||||||
Investments in: | ||||||||||||||||||||
Unaffiliated issuers | (970 | ) | — | 4 | (29,283 | ) | (2,843 | ) | (634 | ) | ||||||||||
Affiliated issuers | — | — | — | 48,163 | 3,168 | |||||||||||||||
Futures contracts | 638 | — | (2,118 | ) | (18,120 | ) | (2,576 | ) | ||||||||||||
Forward currency contracts | — | — | — | — | — | |||||||||||||||
Swap contracts | 242 | — | 26,182 | — | — | |||||||||||||||
Currency transactions | — | — | — | 7 | 2 | |||||||||||||||
Capital gain distributions received from affiliated issuers | — | — | — | 66,105 | 694 | |||||||||||||||
(90 | ) | — | 4 | (5,219 | ) | 93,312 | 654 | |||||||||||||
Net unrealized appreciation (depreciation)1 on: | ||||||||||||||||||||
Investments in: | ||||||||||||||||||||
Unaffiliated issuers | (3,940 | ) | (4 | ) | (26,082 | ) | (1,410 | ) | (557 | ) | ||||||||||
Affiliated issuers | — | — | — | (18,673 | ) | (9,326 | ) | |||||||||||||
Futures contracts | (29 | ) | — | 649 | (1,408 | ) | (404 | ) | ||||||||||||
Forward currency contracts | — | — | — | — | — | |||||||||||||||
Swap contracts | 1,161 | — | (11,387 | ) | — | — | ||||||||||||||
Currency translations | — | — | — | — | — | |||||||||||||||
(2,808 | ) | (4 | ) | (36,820 | ) | (21,491 | ) | (10,287 | ) | |||||||||||
Net realized gain (loss) and unrealized appreciation (depreciation) | (2,898 | ) | (4 | ) | (42,039 | ) | 71,821 | (9,633 | ) | |||||||||||
Net increase (decrease) in net assets resulting from operations | $ | (1,343 | ) | $ | (1,887 | ) | $ | (15,557 | ) | $ | 71,429 | $ | (6,649 | ) |
See end of statements of operations for footnotes.
See notes to financial statements.
274 | American Funds Insurance Series |
Financial statements (continued) | |
Statements of operations for the year ended December 31, 2021 (continued) | (dollars in thousands) |
Managed Risk Washington Mutual Investors Fund8 | Managed Risk Growth- Income Fund | Managed Risk Asset Allocation Fund | ||||||||||
Investment income: | ||||||||||||
Income (net of non-U.S. taxes1): | ||||||||||||
Dividends: | ||||||||||||
Unaffiliated issuers | $ | 4 | $ | 33 | $ | 38 | ||||||
Affiliated issuers | 5,588 | 33,993 | 46,260 | |||||||||
5,592 | 34,026 | 46,298 | ||||||||||
Interest from unaffiliated issuers | — | — | — | |||||||||
Securities lending income (net of fees) | — | — | — | |||||||||
5,592 | 34,026 | 46,298 | ||||||||||
Fees and expenses1: | ||||||||||||
Investment advisory services | 547 | 3,883 | 4,241 | |||||||||
Distribution services | 907 | 829 | 7,054 | |||||||||
Insurance administrative services | 911 | 6,471 | 7,069 | |||||||||
Transfer agent services | — | 4 | — | 4 | — | 4 | ||||||
Administrative services | — | — | — | |||||||||
Accounting and administrative services | 68 | 124 | 132 | |||||||||
Reports to shareholders | 5 | 23 | 40 | |||||||||
Registration statement and prospectus | 7 | 35 | 36 | |||||||||
Trustees’ compensation | 2 | 10 | 12 | |||||||||
Auditing and legal | 15 | 17 | 18 | |||||||||
Custodian | 6 | 7 | 7 | |||||||||
Other | 1 | 2 | 2 | |||||||||
Total fees and expenses before waivers/reimbursements | 2,469 | 11,401 | 18,611 | |||||||||
Less waivers/reimbursements of fees and expenses: | ||||||||||||
Investment advisory services waivers | 185 | 1,313 | 1,434 | |||||||||
Miscellaneous fee reimbursements | 12 | — | — | |||||||||
Total waivers/reimbursements of fees and expenses | 197 | 1,313 | 1,434 | |||||||||
Total fees and expenses after waivers/reimbursements | 2,272 | 10,088 | 17,177 | |||||||||
Net investment income (loss) | 3,320 | 23,938 | 29,121 | |||||||||
Net realized gain (loss) and unrealized appreciation (depreciation): | ||||||||||||
Net realized gain (loss)1 on: | ||||||||||||
Investments in: | ||||||||||||
Unaffiliated issuers | (1,894 | ) | (82,892 | ) | (3,106 | ) | ||||||
Affiliated issuers | 25,866 | 97,734 | 78,189 | |||||||||
Futures contracts | (11,309 | ) | (802 | ) | (29,566 | ) | ||||||
Forward currency contracts | — | — | — | |||||||||
Swap contracts | — | — | — | |||||||||
Currency transactions | 2 | 25 | 9 | |||||||||
Capital gain distributions received from affiliated issuers | 3,183 | 35,312 | 88,212 | |||||||||
15,848 | 49,377 | 133,738 | ||||||||||
Net unrealized appreciation (depreciation)1 on: | ||||||||||||
Investments in: | ||||||||||||
Unaffiliated issuers | (1,031 | ) | 13,665 | (1,900 | ) | |||||||
Affiliated issuers | 39,583 | 282,195 | 172,147 | |||||||||
Futures contracts | (141 | ) | (3,666 | ) | (599 | ) | ||||||
Forward currency contracts | — | — | — | |||||||||
Swap contracts | — | — | — | |||||||||
Currency translations | — | — | — | |||||||||
38,411 | 292,194 | 169,648 | ||||||||||
Net realized gain (loss) and unrealized appreciation (depreciation) | 54,259 | 341,571 | 303,386 | |||||||||
Net increase (decrease) in net assets resulting from operations | $ | 57,579 | $ | 365,509 | $ | 332,507 |
1 | Additional information related to non-U.S. taxes and class-specific fees and expenses is included in the notes to financial statements. |
2 | Formerly Blue Chip Income and Growth Fund. |
3 | Formerly Global Growth and Income Fund. |
4 | Amount less than one thousand. |
5 | Formerly Bond Fund. |
6 | Formerly High-Income Bond Fund. |
7 | Formerly U.S. Government/AAA-Rated Securities Fund. |
8 | Formerly Managed Risk Blue Chip Income and Growth Fund. |
See notes to financial statements.
American Funds Insurance Series | 275 |
Financial statements (continued) | |
Statements of changes in net assets | (dollars in thousands) |
Global Growth Fund | Global Small Capitalization Fund | Growth Fund | ||||||||||||||||||||||
Year ended December 31, | Year ended December 31, | Year ended December 31, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||
Operations: | ||||||||||||||||||||||||
Net investment income (loss) | $ | 36,408 | $ | 29,220 | $ | (11,335 | ) | $ | (9,129 | ) | $ | 87,664 | $ | 91,314 | ||||||||||
Net realized gain (loss) | 846,935 | 459,151 | 1,098,836 | 113,700 | 5,061,178 | 5,289,028 | ||||||||||||||||||
Net unrealized appreciation (depreciation) | 485,952 | 1,447,946 | (710,657 | ) | 1,179,633 | 3,147,345 | 8,444,178 | |||||||||||||||||
Net increase (decrease) in net assets resulting from operations | 1,369,295 | 1,936,317 | 376,844 | 1,284,204 | 8,296,187 | 13,824,520 | ||||||||||||||||||
Distributions paid to shareholders | (486,343 | ) | (224,589 | ) | (123,155 | ) | (284,490 | ) | (5,437,958 | ) | (865,145 | ) | ||||||||||||
Net capital share transactions | 466,658 | (271,205 | ) | (989,509 | ) | (307,246 | ) | 3,623,473 | (2,504,990 | ) | ||||||||||||||
Total increase (decrease) in net assets | 1,349,610 | 1,440,523 | (735,820 | ) | 692,468 | 6,481,702 | 10,454,385 | |||||||||||||||||
�� | ||||||||||||||||||||||||
Net assets: | ||||||||||||||||||||||||
Beginning of year | 8,240,970 | 6,800,447 | 5,312,741 | 4,620,273 | 38,924,044 | 28,469,659 | ||||||||||||||||||
End of year | $ | 9,590,580 | $ | 8,240,970 | $ | 4,576,921 | $ | 5,312,741 | $ | 45,405,746 | $ | 38,924,044 | ||||||||||||
International Fund | New World Fund | Washington Mutual Investors Fund1 | ||||||||||||||||||||||
Year ended December 31, | Year ended December 31, | Year ended December 31, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||
Operations: | ||||||||||||||||||||||||
Net investment income (loss) | $ | 147,317 | $ | 53,872 | $ | 32,010 | $ | 15,078 | $ | 173,016 | $ | 162,025 | ||||||||||||
Net realized gain (loss) | 1,273,483 | 40,022 | 318,018 | 132,645 | 2,286,033 | (75,133 | ) | |||||||||||||||||
Net unrealized appreciation (depreciation) | (1,501,184 | ) | 1,257,012 | (136,128 | ) | 658,628 | 81,431 | 717,522 | ||||||||||||||||
Net increase (decrease) in net assets resulting from operations | (80,384 | ) | 1,350,906 | 213,900 | 806,351 | 2,540,480 | 804,414 | |||||||||||||||||
Distributions paid to shareholders | (249,096 | ) | (71,715 | ) | (185,700 | ) | (43,949 | ) | (166,149 | ) | (265,213 | ) | ||||||||||||
Net capital share transactions | (832,025 | ) | (763,764 | ) | 176,091 | (279,660 | ) | (488,260 | ) | (242,496 | ) | |||||||||||||
Total increase (decrease) in net assets | (1,161,505 | ) | 515,427 | 204,291 | 482,742 | 1,886,071 | 296,705 | |||||||||||||||||
Net assets: | ||||||||||||||||||||||||
Beginning of year | 10,590,858 | 10,075,431 | 4,243,153 | 3,760,411 | 9,579,066 | 9,282,361 | ||||||||||||||||||
End of year | $ | 9,429,353 | $ | 10,590,858 | $ | 4,447,444 | $ | 4,243,153 | $ | 11,465,137 | $ | 9,579,066 |
See end of statements of changes in net assets for footnotes.
See notes to financial statements.
276 | American Funds Insurance Series |
Financial statements (continued) | |
Statements of changes in net assets (continued) | (dollars in thousands) |
Capital World Growth and Income Fund2 | Growth-Income Fund | International Growth and Income Fund | ||||||||||||||||||||||
Year ended December 31, | Year ended December 31, | Year ended December 31, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||
Operations: | ||||||||||||||||||||||||
Net investment income (loss) | $ | 44,268 | $ | 25,233 | $ | 480,125 | $ | 485,987 | $ | 34,510 | $ | 21,504 | ||||||||||||
Net realized gain (loss) | 410,057 | 49,687 | 3,512,628 | 359,138 | 357,845 | (43,217 | ) | |||||||||||||||||
Net unrealized appreciation (depreciation) | (139,980 | ) | 113,216 | 4,888,658 | 3,849,348 | (342,815 | ) | 123,625 | ||||||||||||||||
Net increase (decrease) in net assets resulting from operations | 314,345 | 188,136 | 8,881,411 | 4,694,473 | 49,540 | 101,912 | ||||||||||||||||||
Distributions paid to shareholders | (90,172 | ) | (77,584 | ) | (915,114 | ) | (1,429,478 | ) | (14,532 | ) | (21,467 | ) | ||||||||||||
Net capital share transactions | (14,968 | ) | (74,585 | ) | (3,505,347 | ) | (799,726 | ) | (1,112,349 | ) | (124,648 | ) | ||||||||||||
Total increase (decrease) in net assets | 209,205 | 35,967 | 4,460,950 | 2,465,269 | (1,077,341 | ) | (44,203 | ) | ||||||||||||||||
Net assets: | ||||||||||||||||||||||||
Beginning of year | 2,174,450 | 2,138,483 | 38,491,535 | 36,026,266 | 1,455,883 | 1,500,086 | ||||||||||||||||||
End of year | $ | 2,383,655 | $ | 2,174,450 | $ | 42,952,485 | $ | 38,491,535 | $ | 378,542 | $ | 1,455,883 | ||||||||||||
Capital Income Builder | Asset Allocation Fund | Global Balanced Fund | ||||||||||||||||||||||
Year ended December 31, | Year ended December 31, | Year ended December 31, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||
Operations: | ||||||||||||||||||||||||
Net investment income (loss) | $ | 32,730 | $ | 27,894 | $ | 496,078 | $ | 449,205 | $ | 4,583 | $ | 4,425 | ||||||||||||
Net realized gain (loss) | 44,998 | (42,055 | ) | 2,982,523 | 808,394 | 24,122 | 18,255 | |||||||||||||||||
Net unrealized appreciation (depreciation) | 81,302 | 60,666 | 990,457 | 2,005,628 | 17,602 | 18,683 | ||||||||||||||||||
Net increase (decrease) in net assets resulting from operations | 159,030 | 46,505 | 4,469,058 | 3,263,227 | 46,307 | 41,363 | ||||||||||||||||||
Distributions paid to shareholders | (29,764 | ) | (28,997 | ) | (1,541,316 | ) | (606,436 | ) | (29,247 | ) | (21,373 | ) | ||||||||||||
Net capital share transactions | (81,691 | ) | 80,728 | (1,879,473 | ) | (418,795 | ) | (4,816 | ) | (1,808 | ) | |||||||||||||
Total increase (decrease) in net assets | 47,575 | 98,236 | 1,048,269 | 2,237,996 | 12,244 | 18,182 | ||||||||||||||||||
Net assets: | ||||||||||||||||||||||||
Beginning of year | 1,096,952 | 998,716 | 29,657,651 | 27,419,655 | 455,132 | 436,950 | ||||||||||||||||||
End of year | $ | 1,144,527 | $ | 1,096,952 | $ | 30,705,920 | $ | 29,657,651 | $ | 467,376 | $ | 455,132 |
See end of statements of changes in net assets for footnotes.
See notes to financial statements.
American Funds Insurance Series | 277 |
Financial statements (continued) | |
Statements of changes in net assets (continued) | (dollars in thousands) |
The Bond Fund of America3 | Capital World Bond Fund | American High-Income Trust4 | ||||||||||||||||||||||
Year ended December 31, | Year ended December 31, | Year ended December 31, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||
Operations: | ||||||||||||||||||||||||
Net investment income (loss) | $ | 215,953 | $ | 202,752 | $ | 42,586 | $ | 41,768 | $ | 47,176 | $ | 56,258 | ||||||||||||
Net realized gain (loss) | 129,232 | 480,282 | 16,012 | 45,840 | 7,485 | (51,887 | ) | |||||||||||||||||
Net unrealized appreciation (depreciation) | (353,151 | ) | 299,487 | (168,792 | ) | 116,992 | 21,386 | 19,323 | ||||||||||||||||
Net increase (decrease) in net assets resulting from operations | (7,966 | ) | 982,521 | (110,194 | ) | 204,600 | 76,047 | 23,694 | ||||||||||||||||
Distributions paid to shareholders | (687,442 | ) | (339,511 | ) | (91,748 | ) | (64,860 | ) | (43,416 | ) | (69,840 | ) | ||||||||||||
Net capital share transactions | 2,474,568 | 213,249 | (51,795 | ) | 70,361 | 152,225 | (352,568 | ) | ||||||||||||||||
Total increase (decrease) in net assets | 1,779,160 | 856,259 | (253,737 | ) | 210,101 | 184,856 | (398,714 | ) | ||||||||||||||||
Net assets: | ||||||||||||||||||||||||
Beginning of year | 11,407,419 | 10,551,160 | 2,338,745 | 2,128,644 | 867,579 | 1,266,293 | ||||||||||||||||||
End of year | $ | 13,186,579 | $ | 11,407,419 | $ | 2,085,008 | $ | 2,338,745 | $ | 1,052,435 | $ | 867,579 | ||||||||||||
American Funds Mortgage Fund | Ultra-Short Bond Fund | U.S. Government Securities Fund6 | ||||||||||||||||||||||
Year ended December 31, | Year ended December 31, | Year ended December 31, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||
Operations: | ||||||||||||||||||||||||
Net investment income (loss) | $ | 1,555 | $ | 2,446 | $ | (1,883 | ) | $ | (171 | ) | $ | 26,482 | $ | 20,216 | ||||||||||
Net realized gain (loss) | (90 | ) | 12,009 | — | 5 | — | (5,219 | ) | 187,696 | |||||||||||||||
Net unrealized appreciation (depreciation) | (2,808 | ) | 5,064 | (4 | ) | (1 | ) | (36,820 | ) | 61,889 | ||||||||||||||
Net increase (decrease) in net assets resulting from operations | (1,343 | ) | 19,519 | (1,887 | ) | (172 | ) | (15,557 | ) | 269,801 | ||||||||||||||
Distributions paid to shareholders | (13,157 | ) | (4,820 | ) | — | (737 | ) | (209,728 | ) | (77,781 | ) | |||||||||||||
Net capital share transactions | 29,279 | 10,410 | (41,201 | ) | 92,028 | 236,927 | (934,697 | ) | ||||||||||||||||
Total increase (decrease) in net assets | 14,779 | 25,109 | (43,088 | ) | 91,119 | 11,642 | (742,677 | ) | ||||||||||||||||
Net assets: | ||||||||||||||||||||||||
Beginning of year | 319,619 | 294,510 | 375,749 | 284,630 | 2,153,657 | 2,896,334 | ||||||||||||||||||
End of year | $ | 334,398 | $ | 319,619 | $ | 332,661 | $ | 375,749 | $ | 2,165,299 | $ | 2,153,657 |
See end of statements of changes in net assets for footnotes.
See notes to financial statements.
278 | 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 Fund7 | ||||||||||||||||||||||
Year ended December 31, | Year ended December 31, | Year ended December 31, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||
Operations: | ||||||||||||||||||||||||
Net investment income (loss) | $ | (392 | ) | $ | 962 | $ | 2,984 | $ | 662 | $ | 3,320 | $ | 4,092 | |||||||||||
Net realized gain (loss) | 93,312 | 27,752 | 654 | (13,879 | ) | 15,848 | (64,328 | ) | ||||||||||||||||
Net unrealized appreciation (depreciation) | (21,491 | ) | 110,658 | (10,287 | ) | 19,066 | 38,411 | 56,976 | ||||||||||||||||
Net increase (decrease) in net assets resulting from operations | 71,429 | 139,372 | (6,649 | ) | 5,849 | 57,579 | (3,260 | ) | ||||||||||||||||
Distributions paid to shareholders | (27,384 | ) | (25,274 | ) | (931 | ) | (3,247 | ) | (6,019 | ) | (16,900 | ) | ||||||||||||
Net capital share transactions | (11,898 | ) | 10,698 | (654 | ) | 1,198 | (34,883 | ) | 11,085 | |||||||||||||||
Total increase (decrease) in net assets | 32,147 | 124,796 | (8,234 | ) | 3,800 | 16,677 | (9,075 | ) | ||||||||||||||||
Net assets: | ||||||||||||||||||||||||
Beginning of year | 564,446 | 439,650 | 169,569 | 165,769 | 356,360 | 365,435 | ||||||||||||||||||
End of year | $ | 596,593 | $ | 564,446 | $ | 161,335 | $ | 169,569 | $ | 373,037 | $ | 356,360 | ||||||||||||
Managed Risk Growth-Income Fund | Managed Risk Asset Allocation Fund | |||||||||||||||||||||||
Year ended December 31, | Year ended December 31, | |||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||||||||||
Operations: | ||||||||||||||||||||||||
Net investment income (loss) | $ | 23,938 | $ | 27,259 | $ | 29,121 | $ | 30,915 | ||||||||||||||||
Net realized gain (loss) | 49,377 | 38,669 | 133,738 | (41,687 | ) | |||||||||||||||||||
Net unrealized appreciation (depreciation) | 292,194 | 145,694 | 169,648 | 161,153 | ||||||||||||||||||||
Net increase (decrease) in net assets resulting from operations | 365,509 | 211,622 | 332,507 | 150,381 | ||||||||||||||||||||
Distributions paid to shareholders | (68,168 | ) | (160,767 | ) | (38,227 | ) | (146,678 | ) | ||||||||||||||||
Net capital share transactions | (64,385 | ) | 114,037 | (254,031 | ) | (57,436 | ) | |||||||||||||||||
Total increase (decrease) in net assets | 232,956 | 164,892 | 40,249 | (53,733 | ) | |||||||||||||||||||
Net assets: | ||||||||||||||||||||||||
Beginning of year | 2,434,616 | 2,269,724 | 2,778,771 | 2,832,504 | ||||||||||||||||||||
End of year | $ | 2,667,572 | $ | 2,434,616 | $ | 2,819,020 | $ | 2,778,771 |
1 | Formerly Blue Chip Income and Growth Fund. |
2 | Formerly Global Growth and Income Fund. |
3 | Formerly Bond Fund. |
4 | Formerly High-Income Bond Fund. |
5 | Amount less than one thousand. |
6 | Formerly U.S. Government/AAA-Rated Securities Fund. |
7 | Formerly Managed Risk Blue Chip Income and Growth Fund. |
See notes to financial statements.
American Funds Insurance Series | 279 |
Notes to financial statements
1. Organization
American Funds Insurance Series (the “series”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end, diversified management investment company with 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 (formerly Blue Chip Income and Growth Fund) — To produce income exceeding the average yield on U.S. stocks generally and to provide an opportunity for growth of principal consistent with sound common stock investing.
Capital World Growth and Income Fund (formerly Global Growth and Income Fund) — To provide long-term growth of capital while providing current income.
Growth-Income Fund — To achieve long-term growth of capital and income.
International Growth and Income Fund — To provide long-term growth of capital while providing current income.
Capital Income Builder — The two primary objectives are (1) to provide a level of current income that exceeds the average yield on U.S. stocks generally and (2) to provide a growing stream of income over the years. The secondary objective is to provide growth of capital.
Asset Allocation Fund — To provide high total return (including income and capital gains) consistent with preservation of capital over the long term.
Global Balanced Fund — Seeks the balanced accomplishment of three objectives: long-term growth of capital, conservation of principal and current income.
The Bond Fund of America (formerly Bond Fund) — 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.
280 | American Funds Insurance Series |
American High-Income Trust (formerly High-Income Bond Fund)— The primary objective is to provide a high level of current income. The secondary objective is capital appreciation.
American Funds Mortgage Fund — 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 (formerly U.S. Government/AAA-Rated 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 (formerly Managed Risk Blue Chip Income and Growth Fund) — To produce income exceeding the average yield on U.S. stocks generally and to provide an opportunity for growth of principal consistent with sound common stock investing, in each case while seeking to manage volatility and provide downside protection.
Managed Risk Growth-Income Fund — To achieve long-term growth of capital and income while seeking to manage volatility and provide downside protection.
Managed Risk Asset Allocation Fund — To provide high total return (including income and capital gains) consistent with preservation of capital over the long term while seeking to manage volatility and provide downside protection.
Each fund in the series, except the managed risk funds, offers either four or five share classes (Classes 1, 1A, 2, 3 or 4); the managed risk funds offer two share classes (Classes P1 and P2). Holders of all share classes of each fund have equal pro rata rights to assets, dividends and liquidation proceeds of each fund held. Each share class of each fund has identical voting rights, except for the exclusive right to vote on matters affecting only its class. Share classes have different fees and expenses (“class-specific fees and expenses”), primarily due to different arrangements for certain distribution expenses. Differences in class-specific fees and expenses will result in differences in net investment income and, therefore, the payment of different per-share dividends by each class of each fund.
2. Significant accounting policies
Each fund is an investment company that applies the accounting and reporting guidance issued in Topic 946 by the U.S. Financial Accounting Standards Board. Each fund’s financial statements have been prepared to comply with U.S. generally accepted accounting principles (“U.S. GAAP”). These principles require the series’ investment adviser to make estimates and assumptions that affect reported amounts and disclosures. Actual results could differ from those estimates. Subsequent events, if any, have been evaluated through the date of issuance in the preparation of the financial statements. The funds follow the significant accounting policies described in this section, as well as the valuation policies described in the next section on valuation.
Cash — Cash may include amounts held in an interest bearing deposit facility.
Security transactions and related investment income — Security transactions are recorded by the funds as of the date the trades are executed with brokers. Realized gains and losses from security transactions are determined based on the specific identified cost of the securities. In the event a security is purchased with a delayed payment date, the funds will segregate liquid assets sufficient to meet their payment obligations. Dividend income is recognized on the ex-dividend date and interest income is recognized on an accrual basis. Market discounts, premiums and original issue discounts on fixed-income securities are amortized daily over the expected life of the security.
Fees and expenses — The fees and expenses of the underlying funds held by the managed risk funds are not included in the fees and expenses reported for each of the managed risk funds; however, they are indirectly reflected in the valuation of each of the underlying funds. These fees are included in the unaudited net effective expense ratios that are provided as additional information in the financial highlights tables.
American Funds Insurance Series | 281 |
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.
282 | 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 following tables present the funds’ valuation levels as of December 31, 2021 (dollars in thousands):
American Funds Insurance Series | 283 |
Global Growth Fund
At December 31, 2021, all of the fund’s investment securities were classified as Level 1.
Global Small Capitalization Fund
Investment securities | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Assets: | ||||||||||||||||
Common stocks: | ||||||||||||||||
Information technology | $ | 1,060,561 | $ | 53,874 | $ | 1,493 | $ | 1,115,928 | ||||||||
Consumer discretionary | 724,029 | — | — | 724,029 | ||||||||||||
Industrials | 715,007 | — | — | 715,007 | ||||||||||||
Health care | 617,996 | — | — | 617,996 | ||||||||||||
Financials | 385,682 | 58,213 | — | 443,895 | ||||||||||||
Consumer staples | 119,178 | — | — | 119,178 | ||||||||||||
Materials | 102,192 | — | — | 102,192 | ||||||||||||
Communication services | 75,947 | — | — | 75,947 | ||||||||||||
Real estate | 65,682 | — | — | 65,682 | ||||||||||||
Utilities | 54,159 | — | — | 54,159 | ||||||||||||
Energy | 19,146 | — | 14,064 | 33,210 | ||||||||||||
Preferred securities | 11,043 | — | 29,406 | 40,449 | ||||||||||||
Rights & warrants | — | 18,841 | — | 18,841 | ||||||||||||
Short-term securities | 271,861 | 254,980 | — | 526,841 | ||||||||||||
Total | $ | 4,222,483 | $ | 385,908 | $ | 44,963 | $ | 4,653,354 |
Growth Fund
Investment securities | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Assets: | ||||||||||||||||
Common stocks: | ||||||||||||||||
Information technology | $ | 10,813,380 | $ | — | $ | 6,798 | $ | 10,820,178 | ||||||||
Consumer discretionary | 9,054,755 | — | — | 9,054,755 | ||||||||||||
Communication services | 8,927,566 | — | — | 8,927,566 | ||||||||||||
Health care | 5,015,771 | — | 44,928 | 5,060,699 | ||||||||||||
Industrials | 3,266,333 | — | — | 3,266,333 | ||||||||||||
Financials | 3,027,578 | — | — | 3,027,578 | ||||||||||||
Consumer staples | 1,217,065 | — | — | 1,217,065 | ||||||||||||
Materials | 989,725 | — | — | 989,725 | ||||||||||||
Energy | 932,095 | — | — | 932,095 | ||||||||||||
Utilities | 342,585 | — | — | 342,585 | ||||||||||||
Real estate | 80,335 | — | — | 80,335 | ||||||||||||
Preferred securities | 31,804 | — | 43,313 | 75,117 | ||||||||||||
Convertible bonds & notes | — | — | 32,231 | 32,231 | ||||||||||||
Short-term securities | 1,653,472 | — | — | 1,653,472 | ||||||||||||
Total | $ | 45,352,464 | $ | — | $ | 127,270 | $ | 45,479,734 |
284 | American Funds Insurance Series |
International Fund
Investment securities | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Assets: | ||||||||||||||||
Common stocks: | ||||||||||||||||
Financials | $ | 1,611,083 | $ | — | $ | — | $ | 1,611,083 | ||||||||
Industrials | 1,181,120 | — | — | 1,181,120 | ||||||||||||
Information technology | 1,167,092 | — | 8,212 | 1,175,304 | ||||||||||||
Health care | 991,663 | — | — | 991,663 | ||||||||||||
Consumer discretionary | 964,114 | 18,207 | — | 982,321 | ||||||||||||
Energy | 715,272 | — | — | 715,272 | ||||||||||||
Materials | 634,285 | — | — | 634,285 | ||||||||||||
Communication services | 495,628 | — | — | 495,628 | ||||||||||||
Consumer staples | 335,577 | — | — | 335,577 | ||||||||||||
Utilities | 226,773 | — | — | 226,773 | ||||||||||||
Real estate | 43,473 | — | — | 43,473 | ||||||||||||
Preferred securities | 44,145 | — | 751 | 44,896 | ||||||||||||
Rights & warrants | — | 20,005 | — | 20,005 | ||||||||||||
Short-term securities | 1,050,006 | — | — | 1,050,006 | ||||||||||||
Total | $ | 9,460,231 | $ | 38,212 | $ | 8,963 | $ | 9,507,406 |
New World Fund
Investment securities | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Assets: | ||||||||||||||||
Common stocks: | ||||||||||||||||
Information technology | $ | 896,592 | $ | — | $ | 656 | $ | 897,248 | ||||||||
Health care | 549,516 | — | — | 549,516 | ||||||||||||
Consumer discretionary | 540,989 | 5,905 | — | 546,894 | ||||||||||||
Financials | 531,824 | 8,109 | — | 539,933 | ||||||||||||
Communication services | 361,561 | — | — | 361,561 | ||||||||||||
Industrials | 346,875 | — | — | 346,875 | ||||||||||||
Materials | 339,873 | — | — | 339,873 | ||||||||||||
Consumer staples | 237,236 | — | — | 237,236 | ||||||||||||
Energy | 142,678 | — | — | 142,678 | ||||||||||||
Utilities | 68,710 | — | — | 68,710 | ||||||||||||
Real estate | 62,178 | — | — | 62,178 | ||||||||||||
Preferred securities | 29,309 | — | 11,948 | 41,257 | ||||||||||||
Rights & warrants | 116 | 832 | — | 948 | ||||||||||||
Bonds, notes & other debt instruments | — | 114,239 | — | 114,239 | ||||||||||||
Short-term securities | 225,836 | — | — | 225,836 | ||||||||||||
Total | $ | 4,333,293 | $ | 129,085 | $ | 12,604 | $ | 4,474,982 | ||||||||
Other investments* | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Assets: | ||||||||||||||||
Unrealized appreciation on futures contracts | $ | 139 | $ | — | $ | — | $ | 139 | ||||||||
Liabilities: | ||||||||||||||||
Unrealized depreciation on futures contracts | (175 | ) | — | — | (175 | ) | ||||||||||
Unrealized depreciation on open forward currency contracts | — | (20 | ) | — | (20 | ) | ||||||||||
Total | $ | (36 | ) | $ | (20 | ) | $ | — | $ | (56 | ) |
* | Futures contracts and forward currency contracts are not included in the fund’s investment portfolio. |
Washington Mutual Investors Fund
At December 31, 2021, all of the fund’s investment securities were classified as Level 1.
American Funds Insurance Series | 285 |
Capital World Growth and Income Fund
Investment securities | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Assets: | ||||||||||||||||
Common stocks: | ||||||||||||||||
Information technology | $ | 479,308 | $ | — | $ | — | $ | 479,308 | ||||||||
Financials | 349,790 | — | — | 349,790 | ||||||||||||
Health care | 286,795 | — | — | 286,795 | ||||||||||||
Consumer discretionary | 262,978 | 1,044 | — | 264,022 | ||||||||||||
Industrials | 214,884 | — | — | 214,884 | ||||||||||||
Communication services | 196,875 | — | — | 196,875 | ||||||||||||
Consumer staples | 168,697 | — | — | 168,697 | ||||||||||||
Materials | 117,290 | — | — | 117,290 | ||||||||||||
Energy | 79,671 | — | — | 79,671 | ||||||||||||
Utilities | 67,102 | — | — | 67,102 | ||||||||||||
Real estate | 48,568 | — | — | 48,568 | ||||||||||||
Preferred securities | 17,782 | — | — | 17,782 | ||||||||||||
Convertible stocks | 3,250 | 941 | — | 4,191 | ||||||||||||
Convertible bonds & notes | — | 3,844 | — | 3,844 | ||||||||||||
Bonds, notes & other debt instruments | — | 5,618 | — | 5,618 | ||||||||||||
Short-term securities | 13,613 | 60,796 | — | 74,409 | ||||||||||||
Total | $ | 2,306,603 | $ | 72,243 | $ | — | $ | 2,378,846 |
Growth-Income Fund
Investment securities | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Assets: | ||||||||||||||||
Common stocks: | ||||||||||||||||
Information technology | $ | 10,284,052 | $ | — | $— | $ | 10,284,052 | |||||||||
Communication services | 6,345,494 | — | — | 6,345,494 | ||||||||||||
Health care | 4,971,737 | — | — | 4,971,737 | ||||||||||||
Consumer discretionary | 4,445,395 | 18,805 | — | 4,464,200 | ||||||||||||
Industrials | 4,418,646 | — | — | 4,418,646 | ||||||||||||
Financials | 4,021,335 | — | — | 4,021,335 | ||||||||||||
Materials | 1,903,881 | — | — | 1,903,881 | ||||||||||||
Consumer staples | 1,370,917 | — | — | 1,370,917 | ||||||||||||
Energy | 1,349,607 | — | — | 1,349,607 | ||||||||||||
Utilities | 1,058,152 | — | — | 1,058,152 | ||||||||||||
Real estate | 988,294 | — | — | 988,294 | ||||||||||||
Convertible stocks | 577,437 | — | — | 577,437 | ||||||||||||
Bonds, notes & other debt instruments | — | 6,910 | — | 6,910 | ||||||||||||
Short-term securities | 1,304,218 | — | — | 1,304,218 | ||||||||||||
Total | $ | 43,039,165 | $ | 25,715 | $ | — | $ | 43,064,880 |
International Growth and Income Fund
At December 31, 2021, all of the fund’s investment securities were classified as Level 1.
286 | American Funds Insurance Series |
Capital Income Builder
Investment securities | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Assets: | ||||||||||||||||
Common stocks: | ||||||||||||||||
Financials | $ | 184,960 | $ | — | $— | $ | 184,960 | |||||||||
Information technology | 123,815 | — | — | 123,815 | ||||||||||||
Consumer staples | 107,093 | — | — | 107,093 | ||||||||||||
Health care | 89,480 | — | — | 89,480 | ||||||||||||
Real estate | 85,366 | — | — | 85,366 | ||||||||||||
Utilities | 74,549 | — | — | 74,549 | ||||||||||||
Energy | 55,574 | — | — | 55,574 | ||||||||||||
Industrials | 52,004 | — | — | 52,004 | ||||||||||||
Materials | 43,636 | — | — | 43,636 | ||||||||||||
Communication services | 43,081 | — | — | 43,081 | ||||||||||||
Consumer discretionary | 34,767 | — | — | 34,767 | ||||||||||||
Preferred securities | 1,944 | — | — | 1,944 | ||||||||||||
Rights & warrants | 8 | — | — | 8 | ||||||||||||
Convertible stocks | 13,585 | — | — | 13,585 | ||||||||||||
Investment funds | 30,304 | — | — | 30,304 | ||||||||||||
Convertible bonds & notes | — | 501 | — | 501 | ||||||||||||
Bonds, notes & other debt instruments: | ||||||||||||||||
U.S. Treasury bonds & notes | — | 106,443 | — | 106,443 | ||||||||||||
Mortgage-backed obligations | — | 35,805 | — | 35,805 | ||||||||||||
Corporate bonds, notes & loans | — | 22,051 | — | 22,051 | ||||||||||||
Asset-backed obligations | — | 6,380 | — | 6,380 | ||||||||||||
Bonds & notes of governments & government agencies outside the U.S. | — | 863 | — | 863 | ||||||||||||
Municipals | — | 275 | — | 275 | ||||||||||||
Short-term securities | 47,057 | — | — | 47,057 | ||||||||||||
Total | $ | 987,223 | $ | 172,318 | $ | — | $ | 1,159,541 | ||||||||
Other investments* | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Assets: | ||||||||||||||||
Unrealized appreciation on futures contracts | $ | 324 | $ | — | $ | — | $ | 324 | ||||||||
Unrealized appreciation on open forward currency contracts | — | 2 | — | 2 | ||||||||||||
Unrealized appreciation on centrally cleared interest rate swaps | — | 1,451 | — | 1,451 | ||||||||||||
Liabilities: | ||||||||||||||||
Unrealized depreciation on futures contracts | (92 | ) | — | — | (92 | ) | ||||||||||
Unrealized depreciation on credit default swaps | — | (14 | ) | — | (14 | ) | ||||||||||
Total | $ | 232 | $ | 1,439 | $ | — | $ | 1,671 |
* | Futures contracts, forward currency contracts, interest rate swaps and credit default swaps are not included in the fund’s investment portfolio. |
American Funds Insurance Series | 287 |
Asset Allocation Fund
Investment securities | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Assets: | ||||||||||||||||
Common stocks: | ||||||||||||||||
Information technology | $ | 5,274,022 | $ | — | $ | — | $ | 5,274,022 | ||||||||
Financials | 3,603,788 | — | 1,375 | 3,605,163 | ||||||||||||
Health care | 2,788,763 | — | 19,887 | 2,808,650 | ||||||||||||
Consumer discretionary | 2,632,781 | — | — | 2,632,781 | ||||||||||||
Communication services | 2,075,431 | — | — | 2,075,431 | ||||||||||||
Consumer staples | 1,766,139 | — | — | 1,766,139 | ||||||||||||
Industrials | 1,332,133 | — | 12,007 | 1,344,140 | ||||||||||||
Materials | 1,063,067 | — | — | 1,063,067 | ||||||||||||
Real estate | 689,076 | — | — | 689,076 | ||||||||||||
Energy | 548,971 | 1,388 | — | 550,359 | ||||||||||||
Utilities | 260,904 | — | — | 260,904 | ||||||||||||
Preferred securities | — | — | 317 | 317 | ||||||||||||
Rights & warrants | 48 | — | — | * | 48 | |||||||||||
Convertible stocks | — | — | 50,000 | 50,000 | ||||||||||||
Investment funds | 1,617,261 | — | — | 1,617,261 | ||||||||||||
Bonds, notes & other debt instruments: | ||||||||||||||||
U.S. Treasury bonds & notes | — | 2,467,556 | — | 2,467,556 | ||||||||||||
Corporate bonds, notes & loans | — | 1,979,208 | 9,723 | 1,988,931 | ||||||||||||
Mortgage-backed obligations | — | 1,433,795 | — | 1,433,795 | ||||||||||||
Asset-backed obligations | — | 396,057 | — | 396,057 | ||||||||||||
Municipals | — | 36,665 | — | 36,665 | ||||||||||||
Federal agency bonds & notes | — | 35,972 | — | 35,972 | ||||||||||||
Bonds & notes of governments & government agencies outside the U.S. | — | 34,901 | — | 34,901 | ||||||||||||
Short-term securities | 1,435,438 | — | — | 1,435,438 | ||||||||||||
Total | $ | 25,087,822 | $ | 6,385,542 | $ | 93,309 | $ | 31,566,673 | ||||||||
Other investments† | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Assets: | ||||||||||||||||
Unrealized appreciation on futures contracts | $ | 970 | $ | — | $ | — | $ | 970 | ||||||||
Liabilities: | ||||||||||||||||
Unrealized depreciation on futures contracts | (15,206 | ) | — | — | (15,206 | ) | ||||||||||
Unrealized depreciation on credit default swaps | — | (48 | ) | — | (48 | ) | ||||||||||
Total | $ | (14,236 | ) | $ | (48 | ) | $ | — | $ | (14,284 | ) |
* | Amount less than one thousand. |
† | Futures contracts and credit default swaps are not included in the fund’s investment portfolio. |
288 | American Funds Insurance Series |
Global Balanced Fund
Investment securities | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Assets: | ||||||||||||||||
Common stocks: | ||||||||||||||||
Information technology | $ | 70,606 | $ | — | $ | — | $ | 70,606 | ||||||||
Health care | 46,185 | — | — | 46,185 | ||||||||||||
Consumer discretionary | 37,860 | — | — | 37,860 | ||||||||||||
Financials | 33,972 | — | — | 33,972 | ||||||||||||
Consumer staples | 32,932 | — | — | 32,932 | ||||||||||||
Industrials | 24,166 | — | — | 24,166 | ||||||||||||
Materials | 12,528 | — | — | 12,528 | ||||||||||||
Communication services | 10,646 | — | — | 10,646 | ||||||||||||
Energy | 10,300 | — | — | 10,300 | ||||||||||||
Real estate | 10,269 | — | — | 10,269 | ||||||||||||
Utilities | 4,931 | — | — | 4,931 | ||||||||||||
Preferred securities | 1,446 | — | — | 1,446 | ||||||||||||
Convertible stocks | 1,373 | — | — | 1,373 | ||||||||||||
Bonds, notes & other debt instruments: | ||||||||||||||||
Bonds & notes of governments & government agencies outside the U.S. | — | 59,692 | — | 59,692 | ||||||||||||
U.S. Treasury bonds & notes | — | 50,826 | — | 50,826 | ||||||||||||
Corporate bonds, notes & loans | — | 20,534 | — | 20,534 | ||||||||||||
Mortgage-backed obligations | — | 4,344 | — | 4,344 | ||||||||||||
Municipals | — | 183 | — | 183 | ||||||||||||
Asset-backed obligations | — | 76 | — | 76 | ||||||||||||
Short-term securities | 1,127 | 33,664 | — | 34,791 | ||||||||||||
Total | $ | 298,341 | $ | 169,319 | $ | — | $ | 467,660 | ||||||||
Other investments* | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Assets: | ||||||||||||||||
Unrealized appreciation on futures contracts | $ | 129 | $ | — | $ | — | $ | 129 | ||||||||
Unrealized appreciation on open forward currency contracts | — | 57 | — | 57 | ||||||||||||
Unrealized appreciation on centrally cleared interest rate swaps | — | 61 | — | 61 | ||||||||||||
Liabilities: | ||||||||||||||||
Unrealized depreciation on futures contracts | (48 | ) | — | — | (48 | ) | ||||||||||
Unrealized depreciation on open forward currency contracts | — | (246 | ) | — | (246 | ) | ||||||||||
Unrealized depreciation on centrally cleared interest rate swaps | — | (298 | ) | — | (298 | ) | ||||||||||
Unrealized depreciation on credit default swaps | — | (2 | ) | — | (2 | ) | ||||||||||
Total | $ | 81 | $ | (428 | ) | $ | — | $ | (347 | ) |
* | 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 | $ | — | $ | 5,814,588 | $ | — | $ | 5,814,588 | ||||||||
Corporate bonds, notes & loans | — | 4,332,302 | — | 4,332,302 | ||||||||||||
Mortgage-backed obligations | — | 1,738,723 | — | 1,738,723 | ||||||||||||
Asset-backed obligations | — | 549,393 | — | 549,393 | ||||||||||||
Municipals | — | 214,640 | — | 214,640 | ||||||||||||
Bonds & notes of governments & government agencies outside the U.S. | — | 144,725 | — | 144,725 | ||||||||||||
Federal agency bonds & notes | — | 12,363 | — | 12,363 | ||||||||||||
Short-term securities | 1,311,257 | — | — | 1,311,257 | ||||||||||||
Total | $ | 1,311,257 | $ | 12,806,734 | $ | — | $ | 14,117,991 |
American Funds Insurance Series | 289 |
Other investments* | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Assets: | ||||||||||||||||
Unrealized appreciation on futures contracts | $ | 13,747 | $ | — | $ | — | $ | 13,747 | ||||||||
Unrealized appreciation on open forward currency contracts | — | 256 | — | 256 | ||||||||||||
Unrealized appreciation on centrally cleared interest rate swaps | — | 317 | — | 317 | ||||||||||||
Unrealized appreciation on credit default swaps | — | 74 | — | 74 | ||||||||||||
Liabilities: | ||||||||||||||||
Unrealized depreciation on futures contracts | (13,724 | ) | — | — | (13,724 | ) | ||||||||||
Unrealized depreciation on open forward currency contracts | — | (611 | ) | — | (611 | ) | ||||||||||
Unrealized depreciation on centrally cleared interest rate swaps | — | (11,302 | ) | — | (11,302 | ) | ||||||||||
Total | $ | 23 | $ | (11,266 | ) | $ | — | $ | (11,243 | ) |
* | 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 | $ | — | $ | 337,509 | $ | — | $ | 337,509 | ||||||||
Chinese yuan renminbi | — | 182,032 | — | 182,032 | ||||||||||||
Japanese yen | — | 178,537 | — | 178,537 | ||||||||||||
British pounds | — | 80,171 | — | 80,171 | ||||||||||||
Danish kroner | — | 63,501 | — | 63,501 | ||||||||||||
Canadian dollars | — | 51,818 | — | 51,818 | ||||||||||||
Mexican pesos | — | 38,174 | — | 38,174 | ||||||||||||
Russian rubles | — | 35,006 | — | 35,006 | ||||||||||||
Malaysian ringgits | — | 31,731 | — | 31,731 | ||||||||||||
Australian dollars | — | 21,812 | — | 21,812 | ||||||||||||
Indonesian rupiah | — | 15,357 | — | 15,357 | ||||||||||||
Colombian pesos | — | 14,717 | — | 14,717 | ||||||||||||
Brazilian reais | — | 9,535 | — | 9,535 | ||||||||||||
South Korean won | — | 8,710 | — | 8,710 | ||||||||||||
Czech korunas | — | 8,035 | — | 8,035 | ||||||||||||
Polish zloty | — | 6,326 | — | 6,326 | ||||||||||||
Peruvian nuevos soles | — | 5,458 | — | 5,458 | ||||||||||||
Norwegian kroner | — | 5,200 | — | 5,200 | ||||||||||||
Indian rupees | — | 5,066 | — | 5,066 | ||||||||||||
Ukrainian hryvnia | — | 5,031 | — | 5,031 | ||||||||||||
Chilean pesos | — | 3,775 | — | 3,775 | ||||||||||||
South African rand | — | 2,070 | — | 2,070 | ||||||||||||
Romanian leu | — | 1,156 | — | 1,156 | ||||||||||||
U.S. dollars | — | 826,311 | 551 | 826,862 | ||||||||||||
Preferred securities | — | — | 34 | 34 | ||||||||||||
Common stocks | 426 | 204 | 1,322 | 1,952 | ||||||||||||
Rights & warrants | 6 | — | — | * | 6 | |||||||||||
Short-term securities | 144,080 | 24,114 | — | 168,194 | ||||||||||||
Total | $ | 144,512 | $ | 1,961,356 | $ | 1,907 | $ | 2,107,775 |
See end of tables for footnotes.
290 | American Funds Insurance Series |
Other investments† | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Assets: | ||||||||||||||||
Unrealized appreciation on futures contracts | $ | 1,817 | $ | — | $ | — | $ | 1,817 | ||||||||
Unrealized appreciation on open forward currency contracts | — | 4,439 | — | 4,439 | ||||||||||||
Unrealized appreciation on centrally cleared interest rate swaps | — | 1,021 | — | 1,021 | ||||||||||||
Unrealized appreciation on credit default swaps | — | 10 | — | 10 | ||||||||||||
Liabilities: | ||||||||||||||||
Unrealized depreciation on futures contracts | (1,993 | ) | — | — | (1,993 | ) | ||||||||||
Unrealized depreciation on open forward currency contracts | — | (3,957 | ) | — | (3,957 | ) | ||||||||||
Unrealized depreciation on centrally cleared interest rate swaps | — | (4,877 | ) | — | (4,877 | ) | ||||||||||
Unrealized depreciation on credit default swaps | — | (92 | ) | — | (92 | ) | ||||||||||
Total | $ | (176 | ) | $ | (3,456 | ) | $ | — | $ | (3,632 | ) |
* | Amount less than one thousand. |
† | 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 | $ | — | $ | 949,480 | $ | 8,399 | $ | 957,879 | ||||||||
Asset-backed obligations | — | 292 | — | 292 | ||||||||||||
Convertible bonds & notes | — | 602 | 76 | 678 | ||||||||||||
Convertible stocks | 387 | 430 | — | 817 | ||||||||||||
Common stocks | 19,400 | 5,476 | 31,217 | 56,093 | ||||||||||||
Preferred securities | — | 2,264 | 719 | 2,983 | ||||||||||||
Rights & warrants | 850 | 801 | — | 1,651 | ||||||||||||
Short-term securities | 17,238 | — | — | 17,238 | ||||||||||||
Total | $ | 37,875 | $ | 959,345 | $ | 40,411 | $ | 1,037,631 | ||||||||
Other investments1 | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Assets: | ||||||||||||||||
Unrealized appreciation on credit default swaps | $ | — | $ | 10 | $ | — | $ | 10 | ||||||||
Liabilities: | ||||||||||||||||
Unrealized depreciation on futures contracts | (211 | ) | �� | — | — | (211 | ) | |||||||||
Unrealized depreciation on credit default swaps | — | (4 | ) | — | (4 | ) | ||||||||||
Total | $ | (211 | ) | $ | 6 | $ | — | $ | (205 | ) |
1 | Futures contracts and credit default swaps are not included in the investment portfolio. |
The following table reconciles the valuation of the fund’s Level 3 investment securities and related transactions for the year ended December 31, 2021 (dollars in thousands):
Beginning value at 1/1/2021 | Transfers into Level 32 | Purchases | Sales | Net realized loss3 | Unrealized appreciation3 | Transfers out of Level 32 | Ending value at 12/31/2021 | |||||||||||||||||||||||||
Investment securities | $ | 28,783 | $ | 1,848 | $ | 11,864 | $ | (9,677 | ) | $ | (6,949 | ) | $ | 15,170 | $ | (628 | ) | $ | 40,411 | |||||||||||||
Net unrealized depreciation during the period on Level 3 investment securities held at December 31, 2021 | $ | (261 | ) |
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 loss and unrealized appreciation are included in the related amounts on investments in the fund’s statement of operations. |
American Funds Insurance Series | 291 |
Unobservable inputs — Valuation of the fund’s Level 3 securities is based on significant unobservable inputs that reflect the investment adviser’s determination of assumptions that market participants might reasonably use in valuing the securities. The following table provides additional information used by the fund’s investment adviser to fair value the fund’s Level 3 securities (dollars in thousands):
Value at 12/31/2021 | Valuation techniques | Unobservable inputs | Range (if applicable) | Weighted average* | Impact to valuation from an increase in input† | ||||||||
Bonds, notes & other debt instruments | $ | 8,399 | Estimated recovery value | Expected proceeds | N/A | N/A | N/A | ||||||
Vendor price | N/A | N/A | N/A | ||||||||||
Par value | N/A | N/A | N/A | ||||||||||
Call price | N/A | N/A | N/A | ||||||||||
Yield analysis | YTM risk premium | 104 - 200 bps | 169 bps | Decrease | |||||||||
Convertible bonds & notes | 76 | Transaction price | N/A | N/A | N/A | N/A | |||||||
Common stocks | 31,217 | Estimated recovery value | Exchange terms | N/A | N/A | N/A | |||||||
Risk discount | 90% | 90% | Decrease | ||||||||||
Par value | N/A | N/A | N/A | ||||||||||
Adjustment based on market decline | 20% | 20% | Decrease | ||||||||||
Expected proceeds | N/A | N/A | N/A | ||||||||||
Market comparable companies | EV/EBITDA multiple | 4.1x | 4.1x | Increase | |||||||||
Discount to EV/EBITDA multiple | 50% | 50% | Decrease | ||||||||||
EV/EBITDA less CapEx multiple | 12.5x | 12.5x | Increase | ||||||||||
Discount to EV/EBITDA less CapEx multiple | 18% | 18% | Decrease | ||||||||||
Discount for uncertainty | 5% | 5% | Decrease | ||||||||||
DLOM | 20% - 21% | 20.25% | Decrease | ||||||||||
Preferred securities | 719 | Market comparable companies | EV/EBITDA multiple | 4.9x | 4.9x | Increase | |||||||
Discount to EV/EBITDA multiple | 29% | 29% | Decrease | ||||||||||
DLOM | 30% | 30% | Decrease | ||||||||||
Total | $ | 40,411 |
* | 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
YTM = Yield to maturity
292 | American Funds Insurance Series |
American Funds Mortgage Fund
Investment securities | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Assets: | ||||||||||||||||
Bonds, notes & other debt instruments: | ||||||||||||||||
Mortgage-backed obligations | $ | — | $ | 177,959 | $ | — | $ | 177,959 | ||||||||
U.S. Treasury bonds & notes | — | 68,384 | — | 68,384 | ||||||||||||
Asset-backed obligations | — | 12,449 | — | 12,449 | ||||||||||||
Bonds & notes of governments & government agencies outside the U.S. | — | 746 | — | 746 | ||||||||||||
Federal agency bonds & notes | — | 283 | — | 283 | ||||||||||||
Corporate bonds, notes & loans | — | 249 | — | 249 | ||||||||||||
Short-term securities | — | 175,976 | — | 175,976 | ||||||||||||
Total | $ | — | $ | 436,046 | $ | — | $ | 436,046 | ||||||||
Other investments* | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Assets: | ||||||||||||||||
Unrealized appreciation on futures contracts | $ | 113 | $ | — | $ | — | $ | 113 | ||||||||
Unrealized appreciation on centrally cleared interest rate swaps | — | 2,375 | — | 2,375 | ||||||||||||
Liabilities: | ||||||||||||||||
Unrealized depreciation on futures contracts | (109 | ) | — | — | (109 | ) | ||||||||||
Total | $ | 4 | $ | 2,375 | $ | — | $ | 2,379 |
* | Futures contracts and interest rate swaps are not included in the fund’s investment portfolio. |
Ultra-Short Bond Fund
At December 31, 2021, 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: | ||||||||||||||||
U.S. Treasury bonds & notes | $ | — | $ | 1,087,940 | $ | — | $ | 1,087,940 | ||||||||
Federal agency bonds & notes | — | 275,982 | — | 275,982 | ||||||||||||
Mortgage-backed obligations | — | 241,199 | — | 241,199 | ||||||||||||
Short-term securities | — | 575,846 | — | 575,846 | ||||||||||||
Total | $ | — | $ | 2,180,967 | $ | — | $ | 2,180,967 |
Other investments* | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Assets: | ||||||||||||||||
Unrealized appreciation on futures contracts | $ | 4,310 | $ | — | $ | — | $ | 4,310 | ||||||||
Unrealized appreciation on centrally cleared interest rate swaps | — | 23,753 | — | 23,753 | ||||||||||||
Liabilities: | ||||||||||||||||
Unrealized depreciation on futures contracts | (3,701 | ) | — | — | (3,701 | ) | ||||||||||
Unrealized depreciation on centrally cleared interest rate swaps | — | (7,660 | ) | — | (7,660 | ) | ||||||||||
Total | $ | 609 | $ | 16,093 | $ | — | $ | 16,702 |
* | Futures contracts and interest rate swaps are not included in the fund’s investment portfolio. |
Managed Risk Growth Fund
At December 31, 2021, all of the fund’s investments were classified as Level 1.
Managed Risk International Fund
At December 31, 2021, all of the fund’s investments were classified as Level 1.
American Funds Insurance Series | 293 |
Managed Risk Washington Mutual Investors Fund
At December 31, 2021, all of the fund’s investments were classified as Level 1.
Managed Risk Growth-Income Fund
At December 31, 2021, all of the fund’s investments were classified as Level 1.
Managed Risk Asset Allocation Fund
At December 31, 2021, all of the fund’s investments were classified as Level 1.
4. Risk factors
Investing in the funds may involve certain risks including, but not limited to, those described below.
Market conditions — The prices of, and the income generated by, the common stocks, bonds and other securities held by a fund may decline — sometimes rapidly or unpredictably — due to various factors, including events or conditions affecting the general economy or particular industries; overall market changes; local, regional or global political, social or economic instability; governmental, governmental agency or central bank responses to economic conditions; and currency exchange rate, interest rate and commodity price fluctuations.
Economies and financial markets throughout the world are highly interconnected. Economic, financial or political events, trading and tariff arrangements, wars, terrorism, cybersecurity events, natural disasters, public health emergencies (such as the spread of infectious disease) and other circumstances in one country or region, including actions taken by governmental or quasi-governmental authorities in response to any of the foregoing, could have impacts on global economies or markets. As a result, whether or not a fund invests in securities of issuers located in or with significant exposure to the countries affected, the value and liquidity of a fund’s investments may be negatively affected by developments in other countries and regions.
Issuer risks — The prices of, and the income generated by, securities held by a fund may decline in response to various factors directly related to the issuers of such securities, including reduced demand for an issuer’s goods or services, poor management performance, major litigation, investigations or other controversies related to the issuer, changes in government regulations affecting the issuer or its competitive environment and strategic initiatives such as mergers, acquisitions or dispositions and the market response to any such initiatives.
Investing in income-oriented stocks — The value of a fund’s securities and income provided by a fund may be reduced by changes in the dividend policies of, and the capital resources available for dividend payments at, the companies in which the fund invests.
Investing in growth-oriented stocks — Growth-oriented common stocks and other equity-type securities (such as preferred stocks, convertible preferred stocks and convertible bonds) may involve larger price swings and greater potential for loss than other types of investments. These risks may be even greater in the case of smaller capitalization stocks.
Investing in small companies — Investing in smaller companies may pose additional risks. For example, it is often more difficult to value or dispose of small company stocks and more difficult to obtain information about smaller companies than about larger companies. Furthermore, smaller companies often have limited product lines, operating histories, markets and/or financial resources, may be dependent on one or a few key persons for management, and can be more susceptible to losses. Moreover, the prices of their stocks may be more volatile than stocks of larger, more established companies, particularly during times of market turmoil.
294 | American Funds Insurance Series |
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 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.
American Funds Insurance Series | 295 |
Bonds and other debt securities are also subject to credit risk, which is the possibility that the credit strength of an issuer or guarantor will weaken or be perceived to be weaker, and/or an issuer of a debt security will fail to make timely payments of principal or interest and the security will go into default. A downgrade or default affecting any of a fund’s securities could cause the value of a fund’s shares to decrease. Lower quality debt securities generally have higher rates of interest and may be subject to greater price fluctuations than higher quality debt securities. Credit risk is gauged, in part, by the credit ratings of the debt securities in which a fund invests. However, ratings are only the opinions of the rating agencies issuing them and are not guarantees as to credit quality or an evaluation of market risk. The fund’s investment adviser relies on its own credit analysts to research issuers and issues in seeking to assess credit and default risks.
Investing in lower rated debt instruments — Lower rated bonds and other lower rated debt securities generally have higher rates of interest and involve greater risk of default or price declines due to changes in the issuer’s creditworthiness than those of higher quality debt securities. The market prices of these securities may fluctuate more than the prices of higher quality debt securities and may decline significantly in periods of general economic difficulty. These risks may be increased with respect to investments in junk bonds.
Investing in derivatives — The use of derivatives involves a variety of risks, which may be different from, or greater than, the risks associated with investing in traditional securities, such as stocks and bonds. Changes in the value of a derivative may not correlate perfectly with, and may be more sensitive to market events than, the underlying asset, rate or index, and a derivative instrument may expose a fund to losses in excess of its initial investment. Derivatives may be difficult to value, difficult for a fund to buy or sell at an opportune time or price and difficult, or even impossible, to terminate or otherwise offset. A fund’s use of derivatives may result in losses to the fund, and investing in derivatives may reduce a fund’s returns and increase a fund’s price volatility. A fund’s counterparty to a derivative transaction (including, if applicable, the fund’s clearing broker, the derivatives exchange or the clearinghouse) may be unable or unwilling to honor its financial obligations in respect of the transaction. In certain cases, the fund may be hindered or delayed in exercising remedies against or closing out derivative instruments with a counterparty, which may result in additional losses.
Currency — The prices of, and the income generated by, many debt securities held by a fund may also be affected by changes in relative currency values. If the U.S. dollar appreciates against foreign currencies, the value in U.S. dollars of a fund’s securities denominated in such currencies would generally fall and vice versa. U.S. dollar-denominated securities of foreign issuers may also be affected by changes in relative currency values.
Currency transactions — In addition to the risks generally associated with investing in derivative instruments, the use of forward currency contracts involves the risk that currency movements will not be accurately predicted by the investment adviser, which could result in losses to a fund. While entering into forward currency contracts could minimize the risk of loss due to a decline in the value of the hedged currency, it could also limit any potential gain that may result from an increase in the value of the currency. Additionally, the adviser may use forward currency contracts to increase exposure to a certain currency or to shift exposure to currency fluctuations from one country to another. Forward currency contracts may expose a fund to potential gains and losses in excess of the initial amount invested.
Investing in mortgage-related and other asset-backed securities — Mortgage-related securities, such as mortgage-backed securities, and other asset-backed securities, include debt obligations that represent interests in pools of mortgages or other income-bearing assets, such as consumer loans or receivables. While such securities are subject to the risks associated with investments in debt instruments generally (for example, credit, extension and interest rate risks), they are also subject to other and different risks. Mortgage-backed and other asset-backed securities are subject to changes in the payment patterns of borrowers of the underlying debt, potentially increasing the volatility of the securities and a fund’s net asset value. When interest rates fall, borrowers are more likely to refinance or prepay their debt before its stated maturity. This may result in a fund having to reinvest the proceeds in lower yielding securities, effectively reducing a fund’s income. Conversely, if interest rates rise and borrowers repay their debt more slowly than expected, the time in which the mortgage-backed and other asset-backed securities are paid off could be extended, reducing a fund’s cash available for reinvestment in higher yielding securities. Mortgage-backed securities are also subject to the risk that underlying borrowers will be unable to meet their obligations and the value of property that secures the mortgages may decline in value and be insufficient, upon foreclosure, to repay the associated loans. Investments in asset-backed securities are subject to similar risks.
Investing in future delivery contracts — A fund may enter into contracts, such as to-be-announced contracts and mortgage dollar rolls, that involve a fund selling mortgage-related securities and simultaneously contracting to repurchase similar securities for delivery at a future date at a predetermined price. This can increase a fund’s market exposure, and the market price of the securities that the fund contracts to repurchase could drop below their purchase price. While a fund can preserve and generate capital through the use of such contracts by, for example, realizing the difference between the sale price and the future purchase price, the income generated by the fund may be reduced by engaging in such transactions. In addition, these transactions increase the turnover rate of a fund.
296 | American Funds Insurance Series |
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.
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.
American Funds Insurance Series | 297 |
Management — The investment adviser to the funds actively manages the funds’ investments. Consequently, the funds are subject to the risk that the methods and analyses, including models, tools and data, employed by the investment adviser in this process may be flawed or incorrect and may not produce the desired results. This could cause the funds to lose value or their investment results to lag relevant benchmarks or other funds with similar objectives.
Investing in the managed risk funds may involve additional risks including, but not limited to, those described below.
Fund structure — The managed risk funds invest in underlying funds and incur expenses related to those underlying funds. In addition, investors in the managed risk funds will incur fees to pay for certain expenses related to the operations of the managed risk funds. An investor holding the underlying fund directly would incur lower overall expenses but would not receive the benefit of the managed risk strategy. Additionally, in accordance with an exemption under the Investment Company Act of 1940, as amended, the investment adviser considers only proprietary funds when selecting underlying investment options and allocations. This means that the fund’s investment adviser did not, nor does it expect to, consider any unaffiliated funds as underlying investment options for the fund. This strategy could raise certain conflicts of interest when choosing underlying investments for the fund, including the selection of funds that result in greater compensation to the adviser or funds with relatively lower historical investment results. The investment adviser has policies and procedures designed to mitigate material conflicts of interest that may arise in connection with its management of the fund.
Management — The managed risk funds are subject to the risk that the managed risk strategy or the methods employed by the subadviser in implementing the managed risk strategy may not produce the desired results. This could cause the managed risk funds to lose value or their investment results to lag relevant benchmarks or other funds with similar objectives.
Underlying fund risks — Because the managed risk funds’ investments consist of investments in underlying funds, the managed risk funds’ risks are directly related to the risks of the respective underlying fund in which each managed risk fund invests. For this reason, it is important to understand the risks associated with investing both in the managed risk fund and in each of the underlying funds.
Investing in options and futures contracts — In addition to the risks generally associated with investing in derivative instruments, options and futures contracts are subject to the creditworthiness of the clearing organizations, exchanges and, in the case of futures, futures commission merchants with which a fund transacts. Additionally, although futures require only a small initial investment in the form of a deposit of initial margin, the amount of a potential loss on a futures contract could greatly exceed the initial amount invested. While both options and futures contracts are generally liquid instruments, under certain market conditions, options and futures may be deemed to be illiquid. For example, a fund may be temporarily prohibited from closing out its position in an options or futures contract if intraday price change limits or limits on trading volume imposed by the applicable exchange are triggered. If a fund is unable to close out a position on an options or futures contract, the fund would remain subject to the risk of adverse price movements until the fund is able to close out the position in question. The ability of a fund to successfully utilize options and futures contracts may depend in part upon the ability of the fund’s investment adviser or subadviser to accurately forecast interest rates and other economic factors and to assess and predict the impact of such economic factors on the options and futures in which the fund invests. If the investment adviser or subadviser incorrectly forecasts economic developments or incorrectly predicts the impact of such developments on the options and futures in which it invests, a fund could be exposed to the risk of loss. Whereas the risk of loss on a put option purchased by the fund is limited to the initial cost of the option, the amount of a potential loss on a futures contract could greatly exceed the relatively small initial amount invested in entering the futures position.
Hedging — There may be imperfect or even negative correlation between the prices of the options and futures contracts in which a fund invests and the prices of the underlying securities or indexes which the fund seeks to hedge. For example, options and futures contracts may not provide an effective hedge because changes in options and futures contract prices may not track those of the underlying securities or indexes they are intended to hedge. In addition, there are significant differences between the securities market, on the one hand, and the options and futures markets, on the other, that could result in an imperfect correlation between the markets, causing a given hedge not to achieve its objectives. The degree of imperfection of correlation depends on circumstances such as variations in speculative market demand for options and futures, including technical influences in options and futures trading, and differences between the financial instruments being hedged and the instruments underlying the standard contracts available for trading. A decision as to whether, when and how to hedge involves the exercise of skill and judgment, and even a well-conceived hedge may be unsuccessful to some degree because of market behavior or unexpected interest rate trends. In addition, the fund’s investment in exchange-traded options and futures and their resulting costs could limit the fund’s gains in rising markets relative to those of the underlying funds, or to those of unhedged funds in general.
298 | American Funds Insurance Series |
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.
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 securities on loan | Cash | U.S. government securities | Value of investment securities purchased | ||||||||||||
Global Growth Fund | $ | 4,822 | $ | 4,283 | $ | 1,028 | $ | 3,855 | ||||||||
Global Small Capitalization Fund | 85,086 | 76,415 | 13,589 | 68,774 | ||||||||||||
Growth Fund | 47,077 | 48,094 | — | 43,285 | ||||||||||||
International Fund | 77,301 | 80,676 | — | 72,608 | ||||||||||||
New World Fund | 13,375 | 10,080 | 3,844 | 9,072 | ||||||||||||
Washington Mutual Investors Fund | 89,518 | 21,965 | 69,824 | 19,769 | ||||||||||||
Capital World Growth and Income Fund | 2,444 | 693 | 1,903 | 624 | ||||||||||||
Growth-Income Fund | 91,976 | 92,730 | 1,091 | 83,457 | ||||||||||||
International Growth and Income Fund | 53 | — | 83 | — | ||||||||||||
Capital Income Builder | 6,084 | 4,628 | 1,639 | 4,165 | ||||||||||||
Asset Allocation Fund | 19,643 | 20,115 | — | 18,104 |
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.
American Funds Insurance Series | 299 |
Mortgage dollar rolls — Some of the funds have entered into mortgage dollar roll transactions in which the fund sells a mortgage-backed security to a counterparty and simultaneously enters into an agreement with the same counterparty to buy back a similar security on a specific future date at a predetermined price. Mortgage dollar rolls are accounted for as purchase and sale transactions, which may increase the funds’ portfolio turnover rates.
Loan transactions — Some of the funds have entered into loan transactions in which the fund acquires a loan either through an agent, by assignment from another holder, or as a participation interest in another holder’s portion of a loan. The loan is often administered by a financial institution that acts as agent for the holders of the loan, and the fund may be required to receive approval from the agent and/or borrower prior to the sale of the investment. The loan’s interest rate and maturity date may change based on the terms of the loan, including potential early payments of principal.
Short-term securities — The managed risk funds hold shares of State Street Institutional U.S. Government Money Market Fund, a cash management vehicle offered and managed by State Street Bank and Trust Company.
Unfunded commitments — Asset Allocation Fund, Capital World Bond Fund and American High-Income Trust have participated in transactions that involve unfunded commitments, which may obligate each fund to purchase new or additional bonds and/or purchase additional shares of the applicable issuer if certain contingencies are met. As of December 31, 2021, the maximum exposure from these unfunded commitments for Asset Allocation Fund, Capital World Bond Fund and American High-Income Trust was $3,349,000, $28,000 and $263,000, respectively, which would represent 0.01%, less than 0.01% and less than 0.01%, 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 $2,000, 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.
300 | American Funds Insurance Series |
On a daily basis, each fund pays or receives variation margin based on the increase or decrease in the value of the futures contracts and records variation margin on futures contracts in each fund’s statement of assets and liabilities. In addition, each fund segregates liquid assets equivalent to the fund’s outstanding obligations under the contract in excess of the initial margin and variation margin, if any. Futures contracts may involve a risk of loss in excess of the variation margin shown on each fund’s statement of assets and liabilities. Each fund records realized gains or losses at the time the futures contract is closed or expires. Net realized gains or losses and net unrealized appreciation or depreciation from futures contracts are recorded in each fund’s statement of operations.
Forward currency contracts — Some of the funds have entered into forward currency contracts, which represent agreements to exchange currencies on specific future dates at predetermined rates. The series’ investment adviser uses forward currency contracts to manage the fund’s exposure to changes in exchange rates. Upon entering into these contracts, risks may arise from the potential inability of counterparties to meet the terms of their contracts and from possible movements in exchange rates.
On a daily basis, the series’ investment adviser values forward currency contracts based on the applicable exchange rates and records unrealized appreciation or depreciation for open forward currency contracts in each fund’s statement of assets and liabilities. Realized gains or losses are recorded at the time the forward contract is closed or offset by another contract with the same broker for the same settlement date and currency. Closed forward currency contracts that have not reached their settlement date are included in the respective receivables or payables for closed forward currency contracts in each fund’s statement of assets and liabilities. Net realized gains or losses from closed forward currency contracts and net unrealized appreciation or depreciation from open forward currency contracts are recorded in each fund’s statement of operations.
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.
American Funds Insurance Series | 301 |
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 | $ 16,516 | $ 3,352 | Not applicable | Not applicable | ||||||
Capital Income Builder | Not applicable | 49,368 | 121 | $ 33,408 | $ 3,143 | ||||||
Asset Allocation Fund | Not applicable | 2,337,536 | Not applicable | 53,834* | 164,515 | ||||||
Global Balanced Fund | Not applicable | 41,862 | 25,526 | 18,289 | 2,659 | ||||||
The Bond Fund of America | Not applicable | 4,598,971 | 190,802 | 442,745 | 90,199 | ||||||
Capital World Bond Fund | Not applicable | 742,006 | 570,630 | 245,088 | 61,989 | ||||||
American High-Income Trust | Not applicable | 71,113 | Not applicable | Not applicable | 34,157 | ||||||
American Funds Mortgage Fund | Not applicable | 33,443 | Not applicable | 50,217 | Not applicable | ||||||
U.S. Government Securities Fund | Not applicable | 2,025,976 | Not applicable | 1,348,044 | Not applicable | ||||||
Managed Risk Growth Fund | 590,826 | 54,345 | Not applicable | Not applicable | Not applicable | ||||||
Managed Risk International Fund | 140,070 | 43,618 | Not applicable | Not applicable | Not applicable | ||||||
Managed Risk Washington Mutual Investors Fund | 410,827 | 25,404 | Not applicable | Not applicable | Not applicable | ||||||
Managed Risk Growth-Income Fund | 5,489,892 | 143,240 | Not applicable | Not applicable | Not applicable | ||||||
Managed Risk Asset Allocation Fund | 706,058 | 152,266 | 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. |
302 | American Funds Insurance Series |
The following tables identify the location and fair value amounts on each fund’s statement of assets and liabilities and/or the effect on each fund’s statement of operations resulting from each fund’s use of options, futures contracts, forward currency contracts, interest rate swaps and/or credit default swaps as of, or for the year ended, December 31, 2021 (dollars in thousands):
International Fund
Net realized loss | Net unrealized appreciation | |||||||||||||
Contracts | Risk type | Location on statement of operations | Value | Location on statement of operations | Value | |||||||||
Forward currency | Currency | Net realized loss on forward currency contracts | $ | (86 | ) | Net unrealized appreciation on forward currency contracts | $ | 86 |
New World Fund
Assets | Liabilities | |||||||||||||
Contracts | Risk type | Location on statement of assets and liabilities | Value | Location on statement of assets and liabilities | Value | |||||||||
Futures | Interest | Unrealized appreciation1 | $ | 139 | Unrealized depreciation1 | $ | 175 | |||||||
Forward currency | Currency | Unrealized appreciation on open forward currency contracts | — | Unrealized depreciation on open forward currency contracts | 20 | |||||||||
$ | 139 | $ | 195 | |||||||||||
Net realized gain | Net unrealized (depreciation) appreciation | |||||||||||||
Contracts | Risk type | Location on statement of operations | Value | Location on statement of operations | Value | |||||||||
Futures | Interest | Net realized gain on futures contracts | $ | 95 | Net unrealized depreciation on futures contracts | $ | (26 | ) | ||||||
Forward currency | Currency | Net realized gain on forward currency contracts | 228 | Net unrealized appreciation on forward currency contracts | 34 | |||||||||
$ | 323 | $ | 8 | |||||||||||
Capital Income Builder | ||||||||||||||
Assets | Liabilities | |||||||||||||
Contracts | Risk type | Location on statement of assets and liabilities | Value | Location on statement of assets and liabilities | Value | |||||||||
Futures | Interest | Unrealized appreciation1 | $ | 324 | Unrealized depreciation1 | $ | 92 | |||||||
Forward currency | Currency | Unrealized appreciation on open forward currency contracts | 2 | Unrealized depreciation on open forward currency contracts | — | |||||||||
Swap (centrally cleared) | Interest | Unrealized appreciation1 | 1,451 | Unrealized depreciation1 | — | |||||||||
Swap (centrally cleared) | Credit | Unrealized appreciation1 | — | Unrealized depreciation1 | 14 | |||||||||
$ | 1,777 | $ | 106 |
See end of tables for footnotes.
American Funds Insurance Series | 303 |
Net realized (loss) gain | Net unrealized appreciation (depreciation) | |||||||||||||
Contracts | Risk type | Location on statement of operations | Value | Location on statement of operations | Value | |||||||||
Futures | Interest | Net realized loss on futures contracts | $ | (702 | ) | Net unrealized appreciation on futures contracts | $ | 282 | ||||||
Forward currency | Currency | Net realized loss on forward currency contracts | (20 | ) | Net unrealized appreciation on forward currency contracts | 24 | ||||||||
Swap | Interest | Net realized gain on swap contracts | 331 | Net unrealized appreciation on swap contracts | 882 | |||||||||
Swap | Credit | Net realized gain on swap contracts | 334 | Net unrealized depreciation on swap contracts | (166 | ) | ||||||||
$ | (57 | ) | $ | 1,022 |
Asset Allocation Fund
Assets | Liabilities | |||||||||||||
Contracts | Risk type | Location on statement of assets and liabilities | Value | Location on statement of assets and liabilities | Value | |||||||||
Futures | Interest | Unrealized appreciation1 | $ | 970 | Unrealized depreciation1 | $ | 15,206 | |||||||
Swap (centrally cleared) | Credit | Unrealized appreciation1 | — | Unrealized depreciation1 | 48 | |||||||||
$ | 970 | $ | 15,254 | |||||||||||
Net realized (loss) gain | Net unrealized depreciation | |||||||||||||
Contracts | Risk type | Location on statement of operations | Value | Location on statement of operations | Value | |||||||||
Futures | Interest | Net realized loss on futures contracts | $ | (990 | ) | Net unrealized depreciation on futures contracts | $ | (13,464 | ) | |||||
Swap | Interest | Net realized gain on swap contracts | 1,750 | Net unrealized depreciation on swap contracts | (796 | ) | ||||||||
Swap | Credit | Net realized loss on swap contracts | (2,014 | ) | Net unrealized depreciation on swap contracts | (48 | ) | |||||||
$ | (1,254 | ) | $ | (14,308 | ) | |||||||||
Global Balanced Fund
Assets | Liabilities | |||||||||||||
Contracts | Risk type | Location on statement of assets and liabilities | Value | Location on statement of assets and liabilities | Value | |||||||||
Futures | Interest | Unrealized appreciation1 | $ | 129 | Unrealized depreciation1 | $ | 48 | |||||||
Forward currency | Currency | Unrealized appreciation on open forward currency contracts | 57 | Unrealized depreciation on open forward currency contracts | 246 | |||||||||
Swap (centrally cleared) | Interest | Unrealized appreciation1 | 61 | Unrealized depreciation1 | 298 | |||||||||
Swap (centrally cleared) | Credit | Unrealized appreciation1 | — | Unrealized depreciation1 | 2 | |||||||||
$ | 247 | $ | 594 |
See end of tables for footnotes.
304 | American Funds Insurance Series |
Net realized gain (loss) | Net unrealized appreciation (depreciation) | |||||||||||||
Contracts | Risk type | Location on statement of operations | Value | Location on statement of operations | Value | |||||||||
Futures | Interest | Net realized gain on futures contracts | $ | 166 | Net unrealized appreciation on futures contracts | $ | 78 | |||||||
Forward currency | Currency | Net realized loss on forward currency contracts | (627 | ) | Net unrealized depreciation on forward currency contracts | (187 | ) | |||||||
Swap | Interest | Net realized gain on swap contracts | 98 | Net unrealized depreciation on swap contracts | (258 | ) | ||||||||
Swap | Credit | Net realized loss on swap contracts | (29 | ) | Net unrealized depreciation on swap contracts | (2 | ) | |||||||
$ | (392 | ) | $ | (369 | ) | |||||||||
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 appreciation1 | $ | 13,747 | Unrealized depreciation1 | $ | 13,724 | |||||||
Forward currency | Currency | Unrealized appreciation on open forward currency contracts | 256 | Unrealized depreciation on open forward currency contracts | 611 | |||||||||
Swap (centrally cleared) | Interest | Unrealized appreciation1 | 317 | Unrealized depreciation1 | 11,302 | |||||||||
Swap (centrally cleared) | Credit | Unrealized appreciation1 | 74 | Unrealized depreciation1 | — | |||||||||
$ | 14,394 | $ | 25,637 | |||||||||||
Net realized gain (loss) | Net unrealized (depreciation) appreciation | |||||||||||||
Contracts | Risk type | Location on statement of operations | Value | Location on statement of operations | Value | |||||||||
Futures | Interest | Net realized gain on futures contracts | $ | 29,652 | Net unrealized depreciation on futures contracts | $ | (6,784 | ) | ||||||
Forward currency | Currency | Net realized gain on forward currency contracts | 8,119 | Net unrealized appreciation on forward currency contracts | 2,252 | |||||||||
Swap | Interest | Net realized loss on swap contracts | (18,971 | ) | Net unrealized appreciation on swap contracts | 14,076 | ||||||||
Swap | Credit | Net realized loss on swap contracts | (165 | ) | Net unrealized appreciation on swap contracts | 74 | ||||||||
$ | 18,635 | $ | 9,618 |
See end of tables for footnotes.
American Funds Insurance Series | 305 |
Capital World Bond Fund
Assets | Liabilities | |||||||||||||
Contracts | Risk type | Location on statement of assets and liabilities | Value | Location on statement of assets and liabilities | Value | |||||||||
Futures | Interest | Unrealized appreciation1 | $ | 1,817 | Unrealized depreciation1 | $ | 1,993 | |||||||
Forward currency | Currency | Unrealized appreciation on open forward currency contracts | 4,439 | Unrealized depreciation on open forward currency contracts | 3,957 | |||||||||
Swap (centrally cleared) | Interest | Unrealized appreciation1 | 1,021 | Unrealized depreciation1 | 4,877 | |||||||||
Swap (centrally cleared) | Credit | Unrealized appreciation1 | 10 | Unrealized depreciation1 | 92 | |||||||||
$ | 7,287 | $ | 10,919 | |||||||||||
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 | $ | (1,188 | ) | Net unrealized depreciation on futures contracts | $ | (329 | ) | |||||
Forward currency | Currency | Net realized loss on forward currency contracts | (23,989 | ) | Net unrealized appreciation on forward currency contracts | 126 | ||||||||
Swap | Interest | Net realized gain on swap contracts | 1,239 | Net unrealized depreciation on swap contracts | (3,792 | ) | ||||||||
Swap | Credit | Net realized loss on swap | (1,496 | ) | Net unrealized appreciation on | 585 | ||||||||
contracts | swap contracts | |||||||||||||
$ | (25,434 | ) | $ | (3,410 | ) |
American High-Income Trust
Assets | Liabilities | |||||||||||||
Contracts | Risk type | Location on statement of assets and liabilities | Value | Location on statement of assets and liabilities | Value | |||||||||
Futures | Interest | Unrealized appreciation1 | $ | — | Unrealized depreciation1 | $ | 211 | |||||||
Swap (centrally cleared) | Credit | Unrealized appreciation1 | 10 | Unrealized depreciation1 | 4 | |||||||||
$ | 10 | $ | 215 |
Net realized gain (loss) | Net unrealized (depreciation) appreciation | |||||||||||||
Contracts | Risk type | Location on statement of operations | Value | Location on statement of operations | Value | |||||||||
Futures | Interest | Net realized gain on futures contracts | $ | 818 | Net unrealized depreciation on futures contracts | $ | (192 | ) | ||||||
Swap | Credit | Net realized loss on swap contracts | (2,330 | ) | Net unrealized appreciation on swap contracts | 728 | ||||||||
$ | (1,512 | ) | $ | 536 |
See end of tables for footnotes.
306 | American Funds Insurance Series |
American Funds Mortgage Fund
Assets | Liabilities | |||||||||||||
Contracts | Risk type | Location on statement of assets and liabilities | Value | Location on statement of assets and liabilities | Value | |||||||||
Futures | Interest | Unrealized appreciation1 | $ | 113 | Unrealized depreciation1 | $ | 109 | |||||||
Swap (centrally cleared) | Interest | Unrealized appreciation1 | 2,375 | Unrealized depreciation1 | — | |||||||||
$ | 2,488 | $ | 109 |
Net realized gain | Net unrealized (depreciation) appreciation | |||||||||||||
Contracts | Risk type | Location on statement of operations | Value | Location on statement of operations | Value | |||||||||
Futures | Interest | Net realized gain on futures contracts | $ | 638 | Net unrealized depreciation on futures contracts | $ | (29 | ) | ||||||
Swap | Interest | Net realized gain on swap contracts | 242 | Net unrealized appreciation on swap contracts | 1,161 | |||||||||
$ | 880 | $ | 1,132 |
U.S. Government Securities Fund
Assets | Liabilities | |||||||||||||
Contracts | Risk type | Location on statement of assets and liabilities | Value | Location on statement of assets and liabilities | Value | |||||||||
Futures | Interest | Unrealized appreciation1 | $ | 4,310 | Unrealized depreciation1 | $ | 3,701 | |||||||
Swap (centrally | Interest | Unrealized appreciation1 | 23,753 | Unrealized depreciation1 | 7,660 | |||||||||
cleared) | ||||||||||||||
$ | 28,063 | $ | 11,361 |
Net realized (loss) gain | Net unrealized appreciation (depreciation) | |||||||||||||
Contracts | Risk type | Location on statement of operations | Value | Location on statement of operations | Value | |||||||||
Futures | Interest | Net realized loss on futures | $ | (2,118 | ) | Net unrealized appreciation on | $ | 649 | ||||||
contracts | futures contracts | |||||||||||||
Swap | Interest | Net realized gain on swap | 26,182 | Net unrealized depreciation on | (11,387 | ) | ||||||||
contracts | swap contracts | |||||||||||||
$ | 24,064 | $ | (10,738 | ) |
Managed Risk Growth Fund
Assets | Liabilities | |||||||||||||
Contracts | Risk type | Location on statement of assets and liabilities | Value | Location on statement of assets and liabilities | Value | |||||||||
Options purchased | Equity | Investment securities from | $ | 2,602 | Investment securities from | $ | — | |||||||
unaffiliated issuers3 | unaffiliated issuers3 | |||||||||||||
Futures | Currency | Unrealized appreciation1 | 4 | Unrealized depreciation1 | 28 | |||||||||
Futures | Equity | Unrealized appreciation1 | — | Unrealized depreciation1 | 1,216 | |||||||||
Futures | Interest | Unrealized appreciation1 | — | Unrealized depreciation1 | 99 | |||||||||
$ | 2,606 | $ | 1,343 |
See end of tables for footnotes.
American Funds Insurance Series | 307 |
Net realized (loss) gain | Net unrealized 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 | $ | (2,843 | ) | Net unrealized depreciation on investments in unaffiliated issuers | $ | (1,410 | ) | |||||
Futures | Currency | Net realized gain on futures contracts | 33 | Net unrealized depreciation on futures contracts | (24 | ) | ||||||||
Futures | Equity | Net realized loss on futures contracts | (16,517 | ) | Net unrealized depreciation on futures contracts | (1,216 | ) | |||||||
Futures | Interest | Net realized loss on futures contracts | (1,636 | ) | Net unrealized depreciation on futures contracts | (168 | ) | |||||||
$ | (20,963 | ) | $ | (2,818 | ) |
Managed Risk International Fund
Assets | Liabilities | |||||||||||||
Contracts | Risk type | Location on statement of assets and liabilities | Value | Location on statement of assets and liabilities | Value | |||||||||
Options purchased | Equity | Investment securities from unaffiliated issuers3 | $ | 590 | Investment securities from unaffiliated issuers3 | $ | — | |||||||
Futures | Equity | Unrealized appreciation1 | 68 | Unrealized depreciation1 | 381 | |||||||||
Futures | Interest | Unrealized appreciation1 | — | Unrealized depreciation1 | 70 | |||||||||
$ | 658 | $ | 451 |
Net realized (loss) gain | Net unrealized 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 | $ | (634 | ) | Net unrealized depreciation on investments in unaffiliated issuers | $ | (557 | ) | |||||
Futures | Currency | Net realized gain on futures contracts | 130 | Net unrealized depreciation on futures contracts | — | |||||||||
Futures | Equity | Net realized loss on futures contracts | (2,276 | ) | Net unrealized depreciation on futures contracts | (313 | ) | |||||||
Futures | Interest | Net realized loss on futures contracts | (430 | ) | Net unrealized depreciation on futures contracts | (91 | ) | |||||||
$ | (3,210 | ) | $ | (961 | ) |
Managed Risk Washington Mutual Investors Fund
Assets | Liabilities | |||||||||||||
Location on statement of | Location on statement of | |||||||||||||
Contracts | Risk type | assets and liabilities | Value | assets and liabilities | Value | |||||||||
Options purchased | Equity | Investment securities from unaffiliated issuers3 | $ | 1,778 | Investment securities from unaffiliated issuers3 | $ | — | |||||||
Futures | Currency | Unrealized appreciation1 | — | Unrealized depreciation1 | 5 | |||||||||
Futures | Equity | Unrealized appreciation1 | — | Unrealized depreciation1 | 70 | |||||||||
Futures | Interest | Unrealized appreciation1 | — | Unrealized depreciation1 | 28 | |||||||||
$ | 1,778 | $ | 103 |
See end of tables for footnotes.
308 | American Funds Insurance Series |
Net realized loss | Net unrealized depreciation | |||||||||||||
Contracts | Risk type | Location on statement of operations | Value | Location on statement of operations | Value | |||||||||
Options purchased | Equity | Net realized loss on investments in unaffiliated issuers | $ | (1,894 | ) | Net unrealized depreciation on investments in unaffiliated issuers | $ | (1,031 | ) | |||||
Futures | Currency | Net realized loss on futures contracts | (28 | ) | Net unrealized depreciation on futures contracts | (5 | ) | |||||||
Futures | Equity | Net realized loss on futures contracts | (10,071 | ) | Net unrealized depreciation on futures contracts | (70 | ) | |||||||
Futures | Interest | Net realized loss on futures contracts | (1,210 | ) | Net unrealized depreciation on futures contracts | (66 | ) | |||||||
$ | (13,203 | ) | $ | (1,172 | ) | |||||||||
Managed Risk Growth-Income Fund | ||||||||||||||
Assets | Liabilities | |||||||||||||
Contracts | Risk type | Location on statement of assets and liabilities | Value | Location on statement of assets and liabilities | Value | |||||||||
Options purchased | Equity | Investment securities from unaffiliated issuers3 | $ | 14,711 | Investment securities from unaffiliated issuers3 | $ | — | |||||||
Futures | Currency | Unrealized appreciation1 | — | Unrealized depreciation1 | 9 | |||||||||
Futures | Equity | Unrealized appreciation1 | — | Unrealized depreciation1 | 618 | |||||||||
Futures | Interest | Unrealized appreciation1 | — | Unrealized depreciation1 | 61 | |||||||||
$ | 14,711 | $ | 688 | |||||||||||
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 | $ | (82,892 | ) | Net unrealized appreciation on investments in unaffiliated issuers | $ | 13,665 | ||||||
Futures | Currency | Net realized gain on futures contracts | 46 | Net unrealized depreciation on futures contracts | (9 | ) | ||||||||
Futures | Equity | Net realized gain on futures contracts | 4,310 | Net unrealized depreciation on futures contracts | (3,255 | ) | ||||||||
Futures | Interest | Net realized loss on futures contracts | (5,158 | ) | Net unrealized depreciation on futures contracts | (402 | ) | |||||||
$ | (83,694 | ) | $ | 9,999 |
Managed Risk Asset Allocation Fund
Assets | Liabilities | |||||||||||||
Contracts | Risk type | Location on statement of assets and liabilities | Value | Location on statement of assets and liabilities | Value | |||||||||
Options purchased | Equity | Investment securities from unaffiliated issuers3 | $ | 3,532 | Investment securities from unaffiliated issuers3 | $ | — | |||||||
Futures | Currency | Unrealized appreciation1 | 1 | Unrealized depreciation1 | 10 | |||||||||
Futures | Equity | Unrealized appreciation1 | — | Unrealized depreciation1 | 125 | |||||||||
Futures | Interest | Unrealized appreciation1 | — | Unrealized depreciation1 | 107 | |||||||||
$ | 3,533 | $ | 242 |
See end of tables for footnotes.
American Funds Insurance Series | 309 |
Net realized (loss) gain | Net unrealized 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 | $ | (3,106 | ) | Net unrealized depreciation on investments in unaffiliated issuers | $ | (1,900 | ) | |||||
Futures | Currency | Net realized gain on futures contracts | 159 | Net unrealized depreciation on futures contracts | (9 | ) | ||||||||
Futures | Equity | Net realized loss on futures contracts | (25,320 | ) | Net unrealized depreciation on futures contracts | (125 | ) | |||||||
Futures | Interest | Net realized loss on futures contracts | (4,405 | ) | Net unrealized depreciation on futures contracts | (465 | ) | |||||||
$ | (36,672 | ) | $ | (2,499 | ) |
1 | Includes cumulative appreciation/depreciation on futures contracts, centrally cleared interest rate swaps and/or credit default swaps as reported in the applicable table following each fund’s investment portfolio. Only current day’s variation margin is reported within each fund’s statement of assets and liabilities. |
2 | Amount less than one thousand. |
3 | Includes options purchased as reported in the fund’s investment portfolio. |
Collateral — Some funds participate in a collateral program that calls for the funds to either receive or pledge highly liquid assets, such as cash or U.S. government securities, as collateral due to securities lending and/or their use of futures contracts, forward currency contracts, interest rate swaps, credit default swaps and/or future delivery contracts. For securities lending, each participating fund receives collateral in exchange for lending investment securities. The lending agent may reinvest collateral from securities lending transactions according to agreed parameters. For futures contracts, centrally cleared interest rate swaps and credit default swaps, the program calls for each participating fund to pledge collateral for initial and variation margin by contract. For forward currency contracts, the program calls for each participating fund to either receive or pledge collateral based on the net gain or loss on unsettled 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.
310 | American Funds Insurance Series |
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 December 31, 2021, if close-out netting was exercised (dollars in thousands):
New World Fund
Gross amounts recognized in the statement of assets and liabilities | Gross amounts not offset in the statement of assets and liabilities and subject to a master netting agreement | |||||||||||||||||||
Counterparty | Available to offset | Non-cash collateral* | Cash collateral* | Net amount | ||||||||||||||||
Liabilities: | ||||||||||||||||||||
Morgan Stanley | $ | 20 | $ | — | $ | — | $ | — | $ | 20 |
Capital Income Builder
Gross amounts recognized in the statement of assets and liabilities | Gross amounts not offset in the statement of assets and liabilities and subject to a master netting agreement | |||||||||||||||||||
Counterparty | Available to offset | Non-cash collateral* | Cash collateral* | Net amount | ||||||||||||||||
Assets: | ||||||||||||||||||||
JPMorgan Chase | $ | 2 | $ | — | $ | — | $ | — | $ | 2 |
Global Balanced Fund
Gross amounts recognized in the statement of assets and liabilities | Gross amounts not offset in the statement of assets and liabilities and subject to a master netting agreement | |||||||||||||||||||
Counterparty | Available to offset | Non-cash collateral* | Cash collateral* | Net amount | ||||||||||||||||
Assets: | ||||||||||||||||||||
Barclays Bank PLC | $ | 1 | $ | — | $ | — | $ | — | $ | 1 | ||||||||||
Citibank | 12 | (12 | ) | — | — | — | ||||||||||||||
Goldman Sachs | 21 | (21 | ) | — | — | — | ||||||||||||||
HSBC Bank | 3 | (3 | ) | — | — | — | ||||||||||||||
Morgan Stanley | 12 | (12 | ) | — | — | — | ||||||||||||||
Standard Chartered Bank | 8 | (8 | ) | — | — | — | ||||||||||||||
Total | $ | 57 | $ | (56 | ) | $ | — | $ | — | $ | 1 | |||||||||
Liabilities: | ||||||||||||||||||||
Bank of America | $ | 4 | $ | — | $ | — | $ | — | $ | 4 | ||||||||||
Bank of New York Mellon | 34 | — | — | — | 34 | |||||||||||||||
Citibank | 59 | (12 | ) | — | — | 47 | ||||||||||||||
Goldman Sachs | 61 | (21 | ) | — | — | 40 | ||||||||||||||
HSBC Bank | 33 | (3 | ) | — | — | 30 | ||||||||||||||
JPMorgan Chase | 14 | — | — | — | 14 | |||||||||||||||
Morgan Stanley | 18 | (12 | ) | — | — | 6 | ||||||||||||||
Standard Chartered Bank | 13 | (8 | ) | — | — | 5 | ||||||||||||||
UBS AG | 10 | — | — | — | 10 | |||||||||||||||
Total | $ | 246 | $ | (56 | ) | $ | — | $ | — | $ | 190 |
See end of tables for footnote.
American Funds Insurance Series | 311 |
The Bond Fund of America
Gross amounts recognized in the statement of assets and liabilities | Gross amounts not offset in the statement of assets and liabilities and subject to a master netting agreement | |||||||||||||||||||
Counterparty | Available to offset | Non-cash collateral* | Cash collateral* | Net amount | ||||||||||||||||
Assets: | ||||||||||||||||||||
Bank of New York Mellon | $ | 86 | $ | — | $ | — | $ | — | $ | 86 | ||||||||||
Citibank | 162 | (88 | ) | — | — | 74 | ||||||||||||||
Morgan Stanley | 8 | (8 | ) | — | — | — | ||||||||||||||
Total | $ | 256 | $ | (96 | ) | $ | — | $ | — | $ | 160 | |||||||||
Liabilities: | ||||||||||||||||||||
Citibank | $ | 88 | $ | (88 | ) | $ | — | $ | — | $ | — | |||||||||
JPMorgan Chase | 284 | — | — | — | 284 | |||||||||||||||
Morgan Stanley | 163 | (8 | ) | — | — | 155 | ||||||||||||||
UBS AG | 76 | — | (25 | ) | — | 51 | ||||||||||||||
Total | $ | 611 | $ | (96 | ) | $ | (25 | ) | $ | — | $ | 490 |
Capital World Bond Fund
Gross amounts recognized in the statement of assets and liabilities | Gross amounts not offset in the statement of assets and liabilities and subject to a master netting agreement | |||||||||||||||||||
Counterparty | Available to offset | Non-cash collateral* | Cash collateral* | Net amount | ||||||||||||||||
Assets: | ||||||||||||||||||||
Bank of America | $ | 94 | $ | (40 | ) | $ | — | $ | — | $ | 54 | |||||||||
Barclays Bank PLC | 20 | — | — | — | 20 | |||||||||||||||
BNP Paribas | 5 | (5 | ) | — | — | — | ||||||||||||||
Citibank | 3,068 | (1,275 | ) | — | (1,781 | ) | 12 | |||||||||||||
Goldman Sachs | 479 | (347 | ) | — | — | 132 | ||||||||||||||
HSBC Bank | 38 | (5 | ) | — | — | 33 | ||||||||||||||
JPMorgan Chase | 666 | (545 | ) | — | (50 | ) | 71 | |||||||||||||
Morgan Stanley | 66 | (66 | ) | — | — | — | ||||||||||||||
UBS AG | 3 | (3 | ) | — | — | — | ||||||||||||||
Total | $ | 4,439 | $ | (2,286 | ) | $ | — | $ | (1,831 | ) | $ | 322 | ||||||||
Liabilities: | ||||||||||||||||||||
Bank of America | $ | 40 | $ | (40 | ) | $ | — | $ | — | $ | — | |||||||||
Bank of New York Mellon | 190 | — | — | — | 190 | |||||||||||||||
BNP Paribas | 40 | (5 | ) | — | — | 35 | ||||||||||||||
Citibank | 1,275 | (1,275 | ) | — | — | — | ||||||||||||||
Goldman Sachs | 347 | (347 | ) | — | — | — | ||||||||||||||
HSBC Bank | 5 | (5 | ) | — | — | — | ||||||||||||||
JPMorgan Chase | 545 | (545 | ) | — | — | — | ||||||||||||||
Morgan Stanley | 1,052 | (66 | ) | (952 | ) | — | 34 | |||||||||||||
Standard Chartered Bank | 322 | — | — | — | 322 | |||||||||||||||
UBS AG | 141 | (3 | ) | — | — | 138 | ||||||||||||||
Total | $ | 3,957 | $ | (2,286 | ) | $ | (952 | ) | $ | — | $ | 719 |
* | Collateral is shown on a settlement basis. |
312 | American Funds Insurance Series |
6. Taxation and distributions
Federal income taxation — Each fund complies with the requirements under Subchapter M of the Internal Revenue Code applicable to regulated investment companies and intends to distribute substantially all of its net taxable income and net capital gains each year. The funds are not subject to income taxes to the extent such distributions are made. Therefore, no federal income tax provision is required.
As of and during the year ended December 31, 2021, none of the funds had a liability for any unrecognized tax benefits. Each fund recognizes interest and penalties, if any, related to unrecognized tax benefits as income tax expense in their respective statements of operations. During the year, none of the funds incurred any significant interest or penalties.
Each fund’s tax returns are generally not subject to examination by federal, state and, if applicable, non-U.S. tax authorities after the expiration of each jurisdiction’s statute of limitations, which is typically three years after the date of filing but can be extended in certain jurisdictions.
Non-U.S. taxation — Dividend and interest income, if any, are recorded net of non-U.S. taxes paid. The funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. As a result of rulings from European courts, the funds filed for additional reclaims related to prior years. These reclaims are recorded when the amount is known and there are no significant uncertainties on collectability. During the year ended December 31, 2021, 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 | Interest | ||||||
Global Growth Fund | $ | 11,398 | $ | 3,241 | ||||
Global Small Capitalization Fund | 145 | — | ||||||
Growth Fund | 394 | 76 | ||||||
International Fund | 22,708 | 5,821 | ||||||
New World Fund | 1,778 | 454 | ||||||
Capital World Growth and Income Fund | 5,436 | 1,535 | ||||||
Growth-Income Fund | 9,219 | 1,714 | ||||||
International Growth and Income Fund | 2,557 | 332 | ||||||
Asset Allocation Fund | 1,935 | 285 |
The reclaims and interest are included in dividend income and interest income, respectively, in each fund’s statements of operations. Gains realized by the funds on the sale of securities in certain countries, if any, may be subject to non-U.S. taxes. 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. The funds may also designate a portion of the amount paid to redeeming shareholders as a distribution for tax purposes.
American Funds Insurance Series | 313 |
Additional tax basis disclosures for each fund as of December 31, 2021, were as follows (dollars in thousands):
Global Growth Fund | Global Small Capitalization Fund | Growth Fund | International Fund | New World Fund | Washington Mutual Investors Fund | |||||||||||||||||||
Undistributed ordinary income | $ | 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 | ||||||||||||||||||
Capital loss carryforward utilized | — | — | — | 136,440 | — | 63,496 | ||||||||||||||||||
Gross unrealized appreciation on investments | 5,085,913 | 1,808,660 | 24,730,869 | 2,617,683 | 1,605,994 | 3,055,222 | ||||||||||||||||||
Gross unrealized depreciation on investments | (270,913 | ) | (162,301 | ) | (626,372 | ) | (400,787 | ) | (126,281 | ) | (147,888 | ) | ||||||||||||
Net unrealized appreciation on investments | 4,815,000 | 1,646,359 | 24,104,497 | 2,216,896 | 1,479,713 | 2,907,334 | ||||||||||||||||||
Cost of investments | 4,783,148 | 3,006,995 | 21,375,237 | 7,290,510 | 2,995,213 | 8,579,588 | ||||||||||||||||||
Reclassification from (to) total distributable earnings/accumulated loss to (from) capital paid in on shares of beneficial interest | — | (1 | ) | — | — | — | (3 | ) |
Capital World Growth and Income Fund | Growth- Income Fund | International Growth and Income Fund | Capital Income Builder | Asset Allocation Fund | Global Balanced Fund | |||||||||||||||||||
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 | ) | — | — | |||||||||||||||||
Capital loss carryforward utilized | — | — | 76,870 | 42,385 | — | — | ||||||||||||||||||
Gross unrealized appreciation on investments | 673,004 | 19,796,736 | 48,613 | 245,885 | 10,046,493 | 124,598 | ||||||||||||||||||
Gross unrealized depreciation on investments | (67,109 | ) | (418,359 | ) | (5,435 | ) | (10,783 | ) | (345,123 | ) | (6,843 | ) | ||||||||||||
Net unrealized appreciation on investments | 605,895 | 19,378,377 | 43,178 | 235,102 | 9,701,370 | 117,755 | ||||||||||||||||||
Cost of investments | 1,772,951 | 23,686,503 | 331,959 | 925,824 | 21,852,966 | 349,627 | ||||||||||||||||||
Reclassification from (to) total distributable earnings/accumulated loss to (from) capital paid in on shares of beneficial interest | (113 | ) | 2 | 156,806 | (1 | ) | (2 | ) | (1 | ) |
See end of tables for footnote.
314 | 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 | |||||||||||||||||||
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 | ) | ||||||||||||||
Gross unrealized appreciation on investments | 363,416 | 62,753 | 60,485 | 4,831 | 6 | 57,102 | ||||||||||||||||||
Gross unrealized depreciation on investments | (111,177 | ) | (62,330 | ) | (31,726 | ) | (1,732 | ) | (4 | ) | (23,294 | ) | ||||||||||||
Net unrealized appreciation on investments | 252,239 | 423 | 28,759 | 3,099 | 2 | 33,808 | ||||||||||||||||||
Cost of investments | 13,856,209 | 2,105,009 | 1,009,428 | 435,288 | 325,639 | 2,163,861 | ||||||||||||||||||
Reclassification from (to) total distributable earnings/accumulated loss to (from) capital paid in on shares of beneficial interest | (1 | ) | — | (1 | ) | — | (1,885 | ) | — |
Managed Risk Growth Fund | Managed Risk International Fund | Managed Risk Washington Mutual Investors Fund | Managed Risk Growth- Income Fund | Managed Risk Asset Allocation Fund | ||||||||||||||||||||
Undistributed ordinary income | $ | 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 | ) | — | — | |||||||||||||||||
Capital loss carryforward utilized | — | — | — | — | 31,551 | |||||||||||||||||||
Gross unrealized appreciation on investments | 142,849 | 26,107 | 105,174 | 664,064 | 578,194 | |||||||||||||||||||
Gross unrealized depreciation on investments | (6,293 | ) | (10,794 | ) | (35,295 | ) | (60,340 | ) | (19,230 | ) | ||||||||||||||
Net unrealized appreciation on investments | 136,556 | 15,313 | 69,879 | 603,724 | 558,964 | |||||||||||||||||||
Cost of investments | 455,132 | 143,847 | 302,956 | 2,059,041 | 2,259,764 |
* | 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 future 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
Year ended December 31, 2021 | Year ended December 31, 2020 | |||||||||||||||||||||||
Share class | Ordinary income | Long-term capital gains | Total distributions paid | Ordinary income | Long-term capital gains | Total distributions paid | ||||||||||||||||||
Class 1 | $ | 23,870 | $ | 193,074 | $ | 216,944 | $ | 16,383 | $ | 73,033 | $ | 89,416 | ||||||||||||
Class 1A | 55 | 645 | 700 | 29 | 205 | 234 | ||||||||||||||||||
Class 2 | 15,210 | 221,402 | 236,612 | 13,463 | 109,286 | 122,749 | ||||||||||||||||||
Class 4 | 1,339 | 30,748 | 32,087 | 653 | 11,537 | 12,190 | ||||||||||||||||||
Total | $ | 40,474 | $ | 445,869 | $ | 486,343 | $ | 30,528 | $ | 194,061 | $ | 224,589 |
American Funds Insurance Series | 315 |
Global Small Capitalization Fund
Year ended December 31, 2021 | Year ended December 31, 2020 | |||||||||||||||||||||||
Share class | Ordinary income | Long-term capital gains | Total distributions paid | Ordinary income | Long-term capital gains | Total distributions paid | ||||||||||||||||||
Class 1 | $ | — | $ | 55,655 | $ | 55,655 | $ | 5,414 | $ | 120,074 | $ | 125,488 | ||||||||||||
Class 1A | — | 39 | 39 | 2 | 42 | 44 | ||||||||||||||||||
Class 2 | — | 60,246 | 60,246 | 5,373 | 140,495 | 145,868 | ||||||||||||||||||
Class 4 | — | 7,215 | 7,215 | 408 | 12,682 | 13,090 | ||||||||||||||||||
Total | $ | — | $ | 123,155 | $ | 123,155 | $ | 11,197 | $ | 273,293 | $ | 284,490 |
Growth Fund
Year ended December 31, 2021 | Year ended December 31, 2020 | |||||||||||||||||||||||
Share class | Ordinary income | Long-term capital gains | Total distributions paid | Ordinary income | Long-term capital gains | Total distributions paid | ||||||||||||||||||
Class 1 | $ | 181,380 | $ | 2,073,422 | $ | 2,254,802 | $ | 68,600 | $ | 285,315 | $ | 353,915 | ||||||||||||
Class 1A | 701 | 9,031 | 9,732 | 141 | 547 | 688 | ||||||||||||||||||
Class 2 | 167,439 | 2,610,409 | 2,777,848 | 53,722 | 404,657 | 458,379 | ||||||||||||||||||
Class 3 | 2,435 | 35,107 | 37,542 | 860 | 5,433 | 6,293 | ||||||||||||||||||
Class 4 | 17,483 | 340,551 | 358,034 | 3,629 | 42,241 | 45,870 | ||||||||||||||||||
Total | $ | 369,438 | $ | 5,068,520 | $ | 5,437,958 | $ | 126,952 | $ | 738,193 | $ | 865,145 |
International Fund
Year ended December 31, 2021 | Year ended December 31, 2020 | |||||||||||||||||||||||
Share class | Ordinary income | Long-term capital gains | Total distributions paid | Ordinary income | Long-term capital gains | Total distributions paid | ||||||||||||||||||
Class 1 | $ | 131,730 | $ | — | $ | 131,730 | $ | 44,223 | $ | — | $ | 44,223 | ||||||||||||
Class 1A | 281 | — | 281 | 56 | — | 56 | ||||||||||||||||||
Class 2 | 105,815 | — | 105,815 | 25,688 | — | 25,688 | ||||||||||||||||||
Class 3 | 545 | — | 545 | 157 | — | 157 | ||||||||||||||||||
Class 4 | 10,725 | — | 10,725 | 1,591 | — | 1,591 | ||||||||||||||||||
Total | $ | 249,096 | $ | — | $ | 249,096 | $ | 71,715 | $ | — | $ | 71,715 |
New World Fund
Year ended December 31, 2021 | Year ended December 31, 2020 | |||||||||||||||||||||||
Share class | Ordinary income | Long-term capital gains | Total distributions paid | Ordinary income | Long-term capital gains | Total distributions paid | ||||||||||||||||||
Class 1 | $ | 26,785 | $ | 78,257 | $ | 105,042 | $ | 16,847 | $ | 8,752 | $ | 25,599 | ||||||||||||
Class 1A | 77 | 273 | 350 | 48 | 26 | 74 | ||||||||||||||||||
Class 2 | 9,450 | 36,498 | 45,948 | 6,570 | 4,233 | 10,803 | ||||||||||||||||||
Class 4 | 5,794 | 28,566 | 34,360 | 4,454 | 3,019 | 7,473 | ||||||||||||||||||
Total | $ | 42,106 | $ | 143,594 | $ | 185,700 | $ | 27,919 | $ | 16,030 | $ | 43,949 |
316 | American Funds Insurance Series |
Washington Mutual Investors Fund
Year ended December 31, 2021 | Year ended December 31, 2020 | |||||||||||||||||||||||
Share class | Ordinary income | Long-term capital gains | Total distributions paid | Ordinary income | Long-term capital gains | Total distributions paid | ||||||||||||||||||
Class 1 | $ | 104,666 | $ | — | $ | 104,666 | $ | 100,756 | $ | 61,517 | $ | 162,273 | ||||||||||||
Class 1A | 2,211 | — | 2,211 | 350 | 134 | 484 | ||||||||||||||||||
Class 2 | 46,652 | — | 46,652 | 48,936 | 34,662 | 83,598 | ||||||||||||||||||
Class 4 | 12,620 | — | 12,620 | 10,866 | 7,992 | 18,858 | ||||||||||||||||||
Total | $ | 166,149 | $ | — | $ | 166,149 | $ | 160,908 | $ | 104,305 | $ | 265,213 |
Capital World Growth and Income Fund
Year ended December 31, 2021 | Year ended December 31, 2020 | |||||||||||||||||||||||
Share class | Ordinary income | Long-term capital gains | Total distributions paid | Ordinary income | Long-term capital gains | Total distributions paid | ||||||||||||||||||
Class 1 | $ | 14,543 | $ | 16,997 | $ | 31,540 | $ | 8,987 | $ | 15,679 | $ | 24,666 | ||||||||||||
Class 1A | 99 | 67 | 166 | 28 | 53 | 81 | ||||||||||||||||||
Class 2 | 20,948 | 29,988 | 50,936 | 15,537 | 32,112 | 47,649 | ||||||||||||||||||
Class 4 | 3,094 | 4,436 | 7,530 | 1,576 | 3,612 | 5,188 | ||||||||||||||||||
Total | $ | 38,684 | $ | 51,488 | $ | 90,172 | $ | 26,128 | $ | 51,456 | $ | 77,584 |
Growth-Income Fund
Year ended December 31, 2021 | Year ended December 31, 2020 | |||||||||||||||||||||||
Share class | Ordinary income | Long-term capital gains | Total distributions paid | Ordinary income | Long-term capital gains | Total distributions paid | ||||||||||||||||||
Class 1 | $ | 328,564 | $ | 239,575 | $ | 568,139 | $ | 381,174 | $ | 482,142 | $ | 863,316 | ||||||||||||
Class 1A | 308 | 185 | 493 | 211 | 265 | 476 | ||||||||||||||||||
Class 2 | 164,258 | 145,765 | 310,023 | 207,651 | 305,445 | 513,096 | ||||||||||||||||||
Class 3 | 1,864 | 1,578 | 3,442 | 2,378 | 3,413 | 5,791 | ||||||||||||||||||
Class 4 | 16,599 | 16,418 | 33,017 | 17,727 | 29,072 | 46,799 | ||||||||||||||||||
Total | $ | 511,593 | $ | 403,521 | $ | 915,114 | $ | 609,141 | $ | 820,337 | $ | 1,429,478 |
International Growth and Income Fund
Year ended December 31, 2021 | Year ended December 31, 2020 | |||||||||||||||||||||||
Share class | Ordinary income | Long-term capital gains | Total distributions paid | Ordinary income | Long-term capital gains | Total distributions paid | ||||||||||||||||||
Class 1 | $ | 4,585 | $ | — | $ | 4,585 | $ | 17,264 | $ | — | $ | 17,264 | ||||||||||||
Class 1A | 140 | — | 140 | 38 | — | 38 | ||||||||||||||||||
Class 2 | 6,218 | — | 6,218 | 2,910 | — | 2,910 | ||||||||||||||||||
Class 4 | 3,589 | — | 3,589 | 1,255 | — | 1,255 | ||||||||||||||||||
Total | $ | 14,532 | $ | — | $ | 14,532 | $ | 21,467 | $ | — | $ | 21,467 |
Capital Income Builder
Year ended December 31, 2021 | Year ended December 31, 2020 | |||||||||||||||||||||||
Share class | Ordinary income | Long-term capital gains | Total distributions paid | Ordinary income | Long-term capital gains | Total distributions paid | ||||||||||||||||||
Class 1 | $ | 16,222 | $ | — | $ | 16,222 | $ | 17,286 | $ | — | $ | 17,286 | ||||||||||||
Class 1A | 218 | — | 218 | 161 | — | 161 | ||||||||||||||||||
Class 2 | 315 | — | 315 | 181 | — | 181 | ||||||||||||||||||
Class 4 | 13,009 | — | 13,009 | 11,369 | — | 11,369 | ||||||||||||||||||
Total | $ | 29,764 | $ | — | $ | 29,764 | $ | 28,997 | $ | — | $ | 28,997 |
American Funds Insurance Series | 317 |
Asset Allocation Fund
Year ended December 31, 2021 | Year ended December 31, 2020 | |||||||||||||||||||||||
Share class | Ordinary income | Long-term capital gains | Total distributions paid | Ordinary income | Long-term capital gains | Total distributions paid | ||||||||||||||||||
Class 1 | $ | 424,814 | $ | 579,353 | $ | 1,004,167 | $ | 333,238 | $ | 79,610 | $ | 412,848 | ||||||||||||
Class 1A | 423 | 457 | 880 | 213 | 51 | 264 | ||||||||||||||||||
Class 2 | 108,045 | 154,751 | 262,796 | 80,906 | 22,747 | 103,653 | ||||||||||||||||||
Class 3 | 717 | 976 | 1,693 | 520 | 141 | 661 | ||||||||||||||||||
Class 4 | 107,752 | 164,028 | 271,780 | 67,789 | 21,221 | 89,010 | ||||||||||||||||||
Total | $ | 641,751 | $ | 899,565 | $ | 1,541,316 | $ | 482,666 | $ | 123,770 | $ | 606,436 |
Global Balanced Fund
Year ended December 31, 2021 | Year ended December 31, 2020 | |||||||||||||||||||||||
Share class | Ordinary income | Long-term capital gains | Total distributions paid | Ordinary income | Long-term capital gains | Total distributions paid | ||||||||||||||||||
Class 1 | $ | 1,680 | $ | 6,058 | $ | 7,738 | $ | 1,746 | $ | 5,085 | $ | 6,831 | ||||||||||||
Class 1A | 45 | 189 | 234 | 29 | 99 | 128 | ||||||||||||||||||
Class 2 | 2,431 | 10,638 | 13,069 | 2,128 | 7,631 | 9,759 | ||||||||||||||||||
Class 4 | 1,305 | 6,901 | 8,206 | 844 | 3,811 | 4,655 | ||||||||||||||||||
Total | $ | 5,461 | $ | 23,786 | $ | 29,247 | $ | 4,747 | $ | 16,626 | $ | 21,373 |
The Bond Fund of America
Year ended December 31, 2021 | Year ended December 31, 2020 | |||||||||||||||||||||||
Share class | Ordinary income | Long-term capital gains | Total distributions paid | Ordinary income | Long-term capital gains | Total distributions paid | ||||||||||||||||||
Class 1 | $ | 301,454 | $ | 133,858 | $ | 435,312 | $ | 185,412 | $ | 25,238 | $ | 210,650 | ||||||||||||
Class 1A | 408 | 193 | 601 | 224 | 31 | 255 | ||||||||||||||||||
Class 2 | 138,464 | 69,578 | 208,042 | 96,166 | 14,478 | 110,644 | ||||||||||||||||||
Class 4 | 28,710 | 14,777 | 43,487 | 15,659 | 2,303 | 17,962 | ||||||||||||||||||
Total | $ | 469,036 | $ | 218,406 | $ | 687,442 | $ | 297,461 | $ | 42,050 | $ | 339,511 |
Capital World Bond Fund
Year ended December 31, 2021 | Year ended December 31, 2020 | |||||||||||||||||||||||
Share class | Ordinary income | Long-term capital gains | Total distributions paid | Ordinary income | Long-term capital gains | Total distributions paid | ||||||||||||||||||
Class 1 | $ | 34,401 | $ | 10,279 | $ | 44,680 | $ | 30,575 | $ | 4,335 | $ | 34,910 | ||||||||||||
Class 1A | 34 | 7 | 41 | 16 | 3 | 19 | ||||||||||||||||||
Class 2 | 33,715 | 10,855 | 44,570 | 24,602 | 3,871 | 28,473 | ||||||||||||||||||
Class 4 | 1,845 | 612 | 2,457 | 1,252 | 206 | 1,458 | ||||||||||||||||||
Total | $ | 69,995 | $ | 21,753 | $ | 91,748 | $ | 56,445 | $ | 8,415 | $ | 64,860 |
318 | American Funds Insurance Series |
American High-Income Trust
Year ended December 31, 2021 | Year ended December 31, 2020 | |||||||||||||||||||||||
Share class | Ordinary income | Long-term capital gains | Total distributions paid | Ordinary income | Long-term capital gains | Total distributions paid | ||||||||||||||||||
Class 1 | $ | 11,054 | $ | — | $ | 11,054 | $ | 10,071 | $ | — | $ | 10,071 | ||||||||||||
Class 1A | 59 | — | 59 | 78 | — | 78 | ||||||||||||||||||
Class 2 | 28,636 | — | 28,636 | 54,086 | — | 54,086 | ||||||||||||||||||
Class 3 | 429 | — | 429 | 799 | — | 799 | ||||||||||||||||||
Class 4 | 3,238 | — | 3,238 | 4,806 | — | 4,806 | ||||||||||||||||||
Total | $ | 43,416 | $ | — | $ | 43,416 | $ | 69,840 | $ | — | $ | 69,840 |
American Funds Mortgage Fund
Year ended December 31, 2021 | Year ended December 31, 2020 | |||||||||||||||||||||||
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 | $ | 3,288 | $ | 263 | $ | 3,551 | ||||||||||||
Class 1A | 39 | 18 | 57 | 13 | 1 | 14 | ||||||||||||||||||
Class 2 | 1,448 | 784 | 2,232 | 722 | 75 | 797 | ||||||||||||||||||
Class 4 | 936 | 551 | 1,487 | 406 | 52 | 458 | ||||||||||||||||||
Total | $ | 8,717 | $ | 4,440 | $ | 13,157 | $ | 4,429 | $ | 391 | $ | 4,820 |
Ultra-Short Bond Fund
Year ended December 31, 2021 | Year ended December 31, 2020 | |||||||||||||||||||||||
Share class | Ordinary income | Long-term capital gains | Total distributions paid | Ordinary income | Long-term capital gains | Total distributions paid | ||||||||||||||||||
Class 1 | $ | — | $ | — | $ | — | $ | 104 | $ | — | $ | 104 | ||||||||||||
Class 1A | — | — | — | — | * | — | — | * | ||||||||||||||||
Class 2 | — | — | — | 558 | — | 558 | ||||||||||||||||||
Class 3 | — | — | — | 8 | — | 8 | ||||||||||||||||||
Class 4 | — | — | — | 67 | — | 67 | ||||||||||||||||||
Total | $ | — | $ | — | $ | — | $ | 737 | $ | — | $ | 737 |
U.S. Government Securities Fund
Year ended December 31, 2021 | Year ended December 31, 2020 | |||||||||||||||||||||||
Share class | Ordinary income | Long-term capital gains | Total distributions paid | Ordinary income | Long-term capital gains | Total distributions paid | ||||||||||||||||||
Class 1 | $ | 30,987 | $ | 9,355 | $ | 40,342 | $ | 12,901 | $ | 3,231 | $ | 16,132 | ||||||||||||
Class 1A | 389 | 129 | 518 | 107 | 29 | 136 | ||||||||||||||||||
Class 2 | 108,143 | 36,124 | 144,267 | 40,852 | 11,067 | 51,919 | ||||||||||||||||||
Class 3 | 714 | 234 | 948 | 318 | 89 | 407 | ||||||||||||||||||
Class 4 | 17,596 | 6,057 | 23,653 | 7,195 | 1,992 | 9,187 | ||||||||||||||||||
Total | $ | 157,829 | $ | 51,899 | $ | 209,728 | $ | 61,373 | $ | 16,408 | $ | 77,781 |
See end of tables for footnote.
American Funds Insurance Series | 319 |
Managed Risk Growth Fund
Year ended December 31, 2021 | Year ended December 31, 2020 | |||||||||||||||||||||||
Share class | Ordinary income | Long-term capital gains | Total distributions paid | Ordinary income | Long-term capital gains | Total distributions paid | ||||||||||||||||||
Class P1 | $ | 106 | $ | 409 | $ | 515 | $ | 64 | $ | 374 | $ | 438 | ||||||||||||
Class P2 | 3,159 | 23,710 | 26,869 | 3,441 | 21,395 | 24,836 | ||||||||||||||||||
Total | $ | 3,265 | $ | 24,119 | $ | 27,384 | $ | 3,505 | $ | 21,769 | $ | 25,274 |
Managed Risk International Fund
Year ended December 31, 2021 | Year ended December 31, 2020 | |||||||||||||||||||||||
Share class | Ordinary income | Long-term capital gains | Total distributions paid | Ordinary income | Long-term capital gains | Total distributions paid | ||||||||||||||||||
Class P1 | $ | 14 | $ | — | $ | 14 | $ | 21 | $ | 10 | $ | 31 | ||||||||||||
Class P2 | 917 | — | 917 | 1,913 | 1,303 | 3,216 | ||||||||||||||||||
Total | $ | 931 | $ | — | $ | 931 | $ | 1,934 | $ | 1,313 | $ | 3,247 |
Managed Risk Washington Mutual Investors Fund
Year ended December 31, 2021 | Year ended December 31, 2020 | |||||||||||||||||||||||
Share class | Ordinary income | Long-term capital gains | Total distributions paid | Ordinary income | Long-term capital gains | Total distributions paid | ||||||||||||||||||
Class P1 | $ | 40 | $ | — | $ | 40 | $ | 29 | $ | 37 | $ | 66 | ||||||||||||
Class P2 | 5,979 | — | 5,979 | 6,006 | 10,828 | 16,834 | ||||||||||||||||||
Total | $ | 6,019 | $ | — | $ | 6,019 | $ | 6,035 | $ | 10,865 | $ | 16,900 |
Managed Risk Growth-Income Fund
Year ended December 31, 2021 | Year ended December 31, 2020 | |||||||||||||||||||||||
Share class | Ordinary income | Long-term capital gains | Total distributions paid | Ordinary income | Long-term capital gains | Total distributions paid | ||||||||||||||||||
Class P1 | $ | 30,716 | $ | 29,380 | $ | 60,096 | $ | 37,519 | $ | 103,175 | $ | 140,694 | ||||||||||||
Class P2 | 3,713 | 4,359 | 8,072 | 4,874 | 15,199 | 20,073 | ||||||||||||||||||
Total | $ | 34,429 | $ | 33,739 | $ | 68,168 | $ | 42,393 | $ | 118,374 | $ | 160,767 |
Managed Risk Asset Allocation Fund
Year ended December 31, 2021 | Year ended December 31, 2020 | |||||||||||||||||||||||
Share class | Ordinary income | Long-term capital gains | Total distributions paid | Ordinary income | Long-term capital gains | Total distributions paid | ||||||||||||||||||
Class P1 | $ | 114 | $ | — | $ | 114 | $ | 58 | $ | 146 | $ | 204 | ||||||||||||
Class P2 | 38,113 | — | 38,113 | 40,641 | 105,833 | 146,474 | ||||||||||||||||||
Total | $ | 38,227 | $ | — | $ | 38,227 | $ | 40,699 | $ | 105,979 | $ | 146,678 |
* | Amount less than one thousand. |
7. Fees and transactions
CRMC, the series’ investment adviser, is the parent company of American Funds Distributors®, Inc. (“AFD”), the distributor of the series’ shares, and American Funds Service Company® (“AFS”), the series’ transfer agent. CRMC, AFD and AFS are considered related parties to the series.
320 | American Funds Insurance Series |
Investment advisory services — The series has an investment advisory and service agreement with CRMC that provides for monthly fees accrued daily. These fees are based on annual rates that generally decrease as net asset levels increase. CRMC receives investment advisory fees from the underlying funds held by the managed risk funds. These fees are included in the unaudited net effective expense ratios that are provided as additional information in the financial highlights tables. Subadvisory fees for the managed risk funds are paid by CRMC to Milliman FRM. The managed risk funds are not responsible for paying any subadvisory fees.
Investment advisory services waivers — CRMC is waiving a portion of its investment advisory services fees for some of the funds. During the year ended December 31, 2021, CRMC waived $28,000 in fees for Global Growth Fund in advance of the investment advisory and service agreement effective May 1, 2021. In addition, CRMC waived $15,000 in fees for Growth Fund in advance of the next investment advisory and service agreement that will become effective on May 1, 2022.
At the beginning of the year, CRMC waived a portion of its investment advisory services fees at the rates of 0.18%, 0.26%, 0.10% and 0.18% of the daily net assets of New World Fund, Capital Income Builder, Capital World Bond Fund and American Funds Mortgage Fund, respectively. Effective May 1, 2021, CRMC revised the waiver rates to 0.25% and 0.21% of the daily net assets of Capital Income Builder and American Funds Mortgage Fund, respectively. The waiver rates for New World Fund and Capital World Bond Fund were not changed.
Effective May 1, 2021, CRMC began to waive a portion of its investment advisory services fees at the rates of 0.16%, 0.23%, 0.19%, 0.19% and 0.16% of the daily net assets of Washington Mutual Investors Fund, Capital World Growth and Income Fund, The Bond Fund of America, American High-Income Trust and U.S. Government Securities Fund, respectively. Effective December 1, 2021, CRMC began to waive a portion of its investment advisory services fees at the rate of 0.14% of the daily net assets of International Growth and Income Fund. During the year ended December 31, 2021, CRMC also waived a portion of its investment advisory services fees at the rate of 0.05% of the daily net assets of each of the managed risk funds.
The waiver rates for each fund, except Global Growth Fund and Growth Fund, will be in effect through at least May 1, 2022, and may only be modified or terminated with the approval of the series’ board. For the year ended December 31, 2021, total investment advisory services fees waived by CRMC were $52,101,000. CRMC does not intend to recoup these waivers. Investment advisory services fees in each fund’s statement of operations are presented gross of the waivers from CRMC.
The range of rates, net asset levels and the current annualized rates of average daily net assets for each fund before and after any investment advisory services waivers (if applicable), are as follows:
Rates | Net asset level (in billions) | For the year ended December 31, | For the year ended December 31, | |||||||||||||||||||||
Fund | Beginning with | Ending with | Up to | In excess of | 2021, before waiver | 2021, after waiver | ||||||||||||||||||
Global Growth Fund | .690 | % | .445 | % | $ | .6 | $ | 8.0 | .497 | % | .497 | % | ||||||||||||
Global Small Capitalization Fund | .800 | .635 | .6 | 5.0 | .686 | .686 | ||||||||||||||||||
Growth Fund | .500 | .280 | .6 | 34.0 | .307 | .307 | ||||||||||||||||||
International Fund | .690 | .430 | .5 | 21.0 | .491 | .491 | ||||||||||||||||||
New World Fund | .850 | .580 | .5 | 4.0 | .678 | .498 | ||||||||||||||||||
Washington Mutual Investors Fund | .500 | .350 | .6 | 10.5 | .385 | .276 | ||||||||||||||||||
Capital World Growth and Income Fund | .690 | .480 | .6 | 3.0 | .583 | .426 | ||||||||||||||||||
Growth-Income Fund | .500 | .219 | .6 | 34.0 | .249 | .249 | ||||||||||||||||||
International Growth and Income Fund | .690 | .500 | .5 | 1.5 | .610 | .606 | ||||||||||||||||||
Capital Income Builder | .500 | .410 | .6 | 1.0 | .473 | .220 | ||||||||||||||||||
Asset Allocation Fund | .500 | .240 | .6 | 21.0 | .261 | .261 | ||||||||||||||||||
Global Balanced Fund | .660 | .510 | .5 | 1.0 | .660 | .660 | ||||||||||||||||||
The Bond Fund of America | .480 | .320 | .6 | 13.0 | .357 | .225 | ||||||||||||||||||
Capital World Bond Fund | .570 | .450 | 1.0 | 3.0 | .532 | .432 | ||||||||||||||||||
American High-Income Trust | .500 | .420 | .6 | 2.0 | .484 | .350 | ||||||||||||||||||
American Funds Mortgage Fund | .420 | .290 | .6 | 3.0 | .420 | .220 | ||||||||||||||||||
Ultra-Short Bond Fund | .320 | .270 | 1.0 | 2.0 | .320 | .320 | ||||||||||||||||||
U.S. Government Securities Fund | .420 | .290 | .6 | 3.0 | .355 | .249 | ||||||||||||||||||
Managed Risk Growth Fund | .150 | all | .150 | .099 | ||||||||||||||||||||
Managed Risk International Fund | .150 | all | .150 | .099 | ||||||||||||||||||||
Managed Risk Washington Mutual Investors Fund | .150 | all | .150 | .099 | ||||||||||||||||||||
Managed Risk Growth-Income Fund | .150 | all | .150 | .099 | ||||||||||||||||||||
Managed Risk Asset Allocation Fund | .150 | all | .150 | .099 |
American Funds Insurance Series | 321 |
Class-specific fees and expenses —Expenses that are specific to individual share classes are accrued directly to the respective share class. The principal class-specific fees and expenses are further described below:
Distribution services — The series has plans of distribution for all share classes except Class 1. Under the plans, the board of trustees approves certain categories of expenses that are used to finance activities primarily intended to sell fund shares. The plans provide for payments to pay service fees to firms that have entered into agreements with the series. These payments, based on an annualized percentage of average daily net assets, range from 0.18% to 0.50% as noted in the table below. In some cases, the board of trustees has limited the amounts that may be paid to less than the maximum allowed by the plans.
Share class | Currently approved limits | Plan limits | ||||||
Class 1A | 0.00 | % | 0.25 | % | ||||
Class 2 | 0.25 | 0.25 | ||||||
Class 3 | 0.18 | 0.18 | ||||||
Class 4 | 0.25 | 0.25 | ||||||
Class P1 | 0.00 | 0.25 | ||||||
Class P2 | 0.25 | 0.50 |
Insurance administrative services — The series has an insurance administrative services plan for Class 1A, 4, P1 and P2 shares. Under the plan, these share classes pay 0.25% of each insurance company’s respective average daily net assets in each share class to compensate the insurance companies for services provided to their separate accounts and contractholders for which the shares of the fund are beneficially owned as underlying investments of such contractholders’ annuities. These services include, but are not limited to, maintenance, shareholder communications and transactional services. The insurance companies are not related parties to the series.
Transfer agent services — The series has a shareholder services agreement with AFS under which the funds compensate AFS for providing transfer agent services to all of the funds’ share classes. These services include recordkeeping, shareholder communications and transaction processing. In addition, the managed risk funds reimburse AFS for amounts paid to third parties for performing transfer agent services on behalf of fund shareholders.
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.
322 | American Funds Insurance Series |
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 | $1,173 | |||||||||
Class 1A | $— | $36 | 4 | |||||||||
Class 2 | 11,400 | Not applicable | 1,368 | |||||||||
Class 4 | 1,610 | 1,610 | 193 | |||||||||
Total class-specific expenses | $13,010 | $1,646 | $2,738 | |||||||||
Global Small Capitalization Fund | ||||||||||||
Share class | Distribution services | Insurance administrative services | Administrative services | |||||||||
Class 1 | Not applicable | Not applicable | $684 | |||||||||
Class 1A | $— | $7 | 1 | |||||||||
Class 2 | 6,675 | Not applicable | 801 | |||||||||
Class 4 | 806 | 806 | 97 | |||||||||
Total class-specific expenses | $7,481 | $813 | $1,583 | |||||||||
Growth Fund | ||||||||||||
Share class | Distribution services | Insurance administrative services | Administrative services | |||||||||
Class 1 | Not applicable | Not applicable | $5,245 | |||||||||
Class 1A | $— | $221 | 27 | |||||||||
Class 2 | 53,611 | Not applicable | 6,433 | |||||||||
Class 3 | 530 | Not applicable | 88 | |||||||||
Class 4 | 6,996 | 6,996 | 840 | |||||||||
Total class-specific expenses | $61,137 | $7,217 | $12,633 | |||||||||
International Fund | ||||||||||||
Share class | Distribution services | Insurance administrative services | Administrative services | |||||||||
Class 1 | Not applicable | Not applicable | $1,572 | |||||||||
Class 1A | $— | $26 | 3 | |||||||||
Class 2 | 10,993 | Not applicable | 1,319 | |||||||||
Class 3 | 42 | Not applicable | 7 | |||||||||
Class 4 | 1,119 | 1,119 | 134 | |||||||||
Total class-specific expenses | $12,154 | $1,145 | $3,035 | |||||||||
New World Fund | ||||||||||||
Share class | Distribution services | Insurance administrative services | Administrative services | |||||||||
Class 1 | Not applicable | Not applicable | $732 | |||||||||
Class 1A | $— | $37 | 4 | |||||||||
Class 2 | 2,805 | Not applicable | 337 | |||||||||
Class 4 | 2,195 | 2,195 | 263 | |||||||||
Total class-specific expenses | $5,000 | $2,232 | $1,336 | |||||||||
Washington Mutual Investors Fund | ||||||||||||
Share class | Distribution services | Insurance administrative services | Administrative services | |||||||||
Class 1 | Not applicable | Not applicable | $1,816 | |||||||||
Class 1A | $— | $241 | 29 | |||||||||
Class 2 | 8,210 | Not applicable | 985 | |||||||||
Class 4 | 2,369 | 2,369 | 284 | |||||||||
Total class-specific expenses | $10,579 | $2,610 | $3,114 | |||||||||
Capital World Growth and Income Fund | ||||||||||||
Share class | Distribution services | Insurance administrative services | Administrative services | |||||||||
Class 1 | Not applicable | Not applicable | $223 | |||||||||
Class 1A | $— | $11 | 1 | |||||||||
Class 2 | 3,387 | Not applicable | 407 | |||||||||
Class 4 | 496 | 496 | 60 | |||||||||
Total class-specific expenses | $3,883 | $507 | $691 | |||||||||
Growth-Income Fund | ||||||||||||
Share class | Distribution services | Insurance administrative services | Administrative services | |||||||||
Class 1 | Not applicable | Not applicable | $7,308 | |||||||||
Class 1A | $— | $57 | 7 | |||||||||
Class 2 | 37,130 | Not applicable | 4,456 | |||||||||
Class 3 | 293 | Not applicable | 49 | |||||||||
Class 4 | 4,194 | 4,194 | 503 | |||||||||
Total class-specific expenses | $41,617 | $4,251 | $12,323 |
American Funds Insurance Series | 323 |
International Growth and Income Fund | ||||||||||||
Share class | Distribution services | Insurance administrative services | Administrative services | |||||||||
Class 1 | Not applicable | Not applicable | $293 | |||||||||
Class 1A | $— | $10 | 1 | |||||||||
Class 2 | 546 | Not applicable | 66 | |||||||||
Class 4 | 305 | 305 | 37 | |||||||||
Total class-specific expenses | $851 | $315 | $397 | |||||||||
Capital Income Builder | ||||||||||||
Share class | Distribution services | Insurance administrative services | Administrative services | |||||||||
Class 1 | Not applicable | Not applicable | $172 | |||||||||
Class 1A | $— | $19 | 2 | |||||||||
Class 2 | 26 | Not applicable | 3 | |||||||||
Class 4 | 1,289 | 1,289 | 155 | |||||||||
Total class-specific expenses | $1,315 | $1,308 | $332 | |||||||||
Asset Allocation Fund | ||||||||||||
Share class | Distribution services | Insurance administrative services | Administrative services | |||||||||
Class 1 | Not applicable | Not applicable | $6,070 | |||||||||
Class 1A | $— | $45 | 5 | |||||||||
Class 2 | 13,568 | Not applicable | 1,628 | |||||||||
Class 3 | 63 | Not applicable | 11 | |||||||||
Class 4 | 14,435 | 14,435 | 1,732 | |||||||||
Total class-specific expenses | $28,066 | $14,480 | $9,446 | |||||||||
Global Balanced Fund | ||||||||||||
Share class | Distribution services | Insurance administrative services | Administrative services | |||||||||
Class 1 | Not applicable | Not applicable | $36 | |||||||||
Class 1A | $— | $9 | 1 | |||||||||
Class 2 | 524 | Not applicable | 63 | |||||||||
Class 4 | 306 | 306 | 37 | |||||||||
Total class-specific expenses | $830 | $315 | $137 | |||||||||
The Bond Fund of America | ||||||||||||
Share class | Distribution services | Insurance administrative services | Administrative services | |||||||||
Class 1 | Not applicable | Not applicable | $2,361 | |||||||||
Class 1A | $— | $27 | 4 | |||||||||
Class 2 | 9,525 | Not applicable | 1,143 | |||||||||
Class 4 | 2,027 | 2,027 | 243 | |||||||||
Total class-specific expenses | $11,552 | $2,054 | $3,751 | |||||||||
Capital World Bond Fund | ||||||||||||
Share class | Distribution services | Insurance administrative services | Administrative services | |||||||||
Class 1 | Not applicable | Not applicable | $327 | |||||||||
Class 1A | $— | $2 | — | * | ||||||||
Class 2 | 2,632 | Not applicable | 316 | |||||||||
Class 4 | 155 | 155 | 19 | |||||||||
Total class-specific expenses | $2,787 | $157 | $662 | |||||||||
American High-Income Trust | ||||||||||||
Share class | Distribution services | Insurance administrative services | Administrative services | |||||||||
Class 1 | Not applicable | Not applicable | $61 | |||||||||
Class 1A | $— | $3 | 1 | |||||||||
Class 2 | 1,698 | Not applicable | 204 | |||||||||
Class 3 | 19 | Not applicable | 3 | |||||||||
Class 4 | 218 | 218 | 26 | |||||||||
Total class-specific expenses | $1,935 | $221 | $295 | |||||||||
American Funds Mortgage Fund | ||||||||||||
Share class | Distribution services | Insurance administrative services | Administrative services | |||||||||
Class 1 | Not applicable | Not applicable | $69 | |||||||||
Class 1A | $— | $4 | — | * | ||||||||
Class 2 | 146 | Not applicable | 18 | |||||||||
Class 4 | 102 | 102 | 12 | |||||||||
Total class-specific expenses | $248 | $106 | $99 |
See end of tables for footnote.
324 | American Funds Insurance Series |
Ultra-Short Bond Fund | ||||||||||||
Share class | Distribution services | Insurance administrative services | Administrative services | |||||||||
Class 1 | Not applicable | Not applicable | $12 | |||||||||
Class 1A | $— | $— | — | * | ||||||||
Class 2 | 665 | Not applicable | 80 | |||||||||
Class 3 | 8 | Not applicable | 1 | |||||||||
Class 4 | 108 | 108 | 13 | |||||||||
Total class-specific expenses | $781 | $108 | $106 | |||||||||
U.S. Government Securities Fund | ||||||||||||
Share class | Distribution services | Insurance administrative services | Administrative services | |||||||||
Class 1 | Not applicable | Not applicable | $122 | |||||||||
Class 1A | $— | $11 | 1 | |||||||||
Class 2 | 3,577 | Not applicable | 429 | |||||||||
Class 3 | 18 | Not applicable | 3 | |||||||||
Class 4 | 613 | 613 | 74 | |||||||||
Total class-specific expenses | $4,208 | $624 | $629 | |||||||||
Managed Risk Growth Fund | ||||||||||||
Share class | Distribution services | Insurance administrative services | ||||||||||
Class P1 | Not applicable | $28 | ||||||||||
Class P2 | $1,448 | 1,448 | ||||||||||
Total class-specific expenses | $1,448 | $1,476 | ||||||||||
Managed Risk International Fund | ||||||||||||
Share class | Distribution services | Insurance administrative services | ||||||||||
Class P1 | Not applicable | $4 | ||||||||||
Class P2 | $413 | 413 | ||||||||||
Total class-specific expenses | $413 | $417 | ||||||||||
Managed Risk Washington Mutual Investors Fund | ||||||||||||
Share class | Distribution services | Insurance administrative services | ||||||||||
Class P1 | Not applicable | $4 | ||||||||||
Class P2 | $907 | 907 | ||||||||||
Total class-specific expenses | $907 | $911 | ||||||||||
Managed Risk Growth-Income Fund | ||||||||||||
Share class | Distribution services | Insurance administrative services | ||||||||||
Class P1 | Not applicable | $5,642 | ||||||||||
Class P2 | $829 | 829 | ||||||||||
Total class-specific expenses | $829 | $6,471 | ||||||||||
Managed Risk Asset Allocation Fund | ||||||||||||
Share class | Distribution services | Insurance administrative services | ||||||||||
Class P1 | Not applicable | $15 | ||||||||||
Class P2 | $7,054 | 7,054 | ||||||||||
Total class-specific expenses | $7,054 | $7,069 |
* | Amount less than one thousand. |
Miscellaneous fee reimbursements — CRMC reimbursed a portion of miscellaneous fees and expenses for Managed Risk International Fund and Managed Risk Washington Mutual Investors Fund. These reimbursements may be adjusted or discontinued by CRMC, subject to any restrictions in the series’ prospectus. For the year ended December 31, 2021, total fees and expenses reimbursed by CRMC were $55,000. CRMC does not intend to recoup these reimbursements. Fees and expenses in each fund’s statement of operations are presented gross of any reimbursements from CRMC.
American Funds Insurance Series | 325 |
Trustees’ deferred compensation — Trustees who are unaffiliated with CRMC may elect to defer the cash payment of part or all of their compensation. These deferred amounts, which remain as liabilities of the funds, are treated as if invested in one or more of the American Funds. These amounts represent general, unsecured liabilities of the funds and vary according to the total returns of the selected funds. Trustees’ compensation, shown on the accompanying financial statements, reflects current fees (either paid in cash or deferred) and a net increase in the value of the deferred amounts as follows (dollars in thousands):
Fund | Current fees | Increase in value of deferred amounts | Total trustees’ compensation | |||||||||
Global Growth Fund | $ | 21 | $ | 16 | $ | 37 | ||||||
Global Small Capitalization Fund | 13 | 10 | 23 | |||||||||
Growth Fund | 99 | 72 | 171 | |||||||||
International Fund | 25 | 19 | 44 | |||||||||
New World Fund | 11 | 8 | 19 | |||||||||
Washington Mutual Investors Fund | 24 | 18 | 42 | |||||||||
Capital World Growth and Income Fund | 6 | 4 | 10 | |||||||||
Growth-Income Fund | 97 | 72 | 169 | |||||||||
International Growth and Income Fund | 3 | 3 | 6 | |||||||||
Capital Income Builder | 3 | 2 | 5 | |||||||||
Asset Allocation Fund | 75 | 55 | 130 | |||||||||
Global Balanced Fund | 1 | 1 | 2 | |||||||||
The Bond Fund of America | 29 | 21 | 50 | |||||||||
Capital World Bond Fund | 6 | 4 | 10 | |||||||||
American High-Income Trust | 2 | 2 | 4 | |||||||||
American Funds Mortgage Fund | 1 | 1 | 2 | |||||||||
Ultra-Short Bond Fund | 1 | 1 | 2 | |||||||||
U.S. Government Securities Fund | 5 | 4 | 9 | |||||||||
Managed Risk Growth Fund | 1 | 1 | 2 | |||||||||
Managed Risk International Fund | 1 | — | * | 1 | ||||||||
Managed Risk Washington Mutual Investors Fund | 1 | 1 | 2 | |||||||||
Managed Risk Growth-Income Fund | 5 | 5 | 10 | |||||||||
Managed Risk Asset Allocation Fund | 7 | 5 | 12 |
* | 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.
326 | American Funds Insurance Series |
The following table presents purchase and sale transactions between each fund and related funds, and net realized gain or loss from such sales, if any, as of December 31, 2021 (dollars in thousands):
Fund | Purchases | Sales | Net realized gain (loss) | |||||||||
Global Growth Fund | $ | 67,688 | $ | 88,387 | $ | 28,015 | ||||||
Global Small Capitalization Fund | 18,836 | 337,580 | 129,186 | |||||||||
Growth Fund | 298,201 | 240,867 | 42,811 | |||||||||
International Fund | 521,624 | 197,872 | 34,444 | |||||||||
New World Fund | 31,819 | 38,822 | 3,304 | |||||||||
Washington Mutual Investors Fund | 944,889 | 941,271 | 178,528 | |||||||||
Capital World Growth and Income Fund | 332,329 | 191,108 | 37,528 | |||||||||
Growth-Income Fund | 314,184 | 826,544 | 176,648 | |||||||||
International Growth and Income Fund | 17,486 | 304,447 | 104,029 | |||||||||
Capital Income Builder | 16,216 | 49,627 | 3,282 | |||||||||
Asset Allocation Fund | 492,325 | 2,107,286 | 174,824 | |||||||||
Global Balanced Fund | 266 | 377 | 273 | |||||||||
The Bond Fund of America | 66,389 | 52,591 | 2,838 | |||||||||
Capital World Bond Fund | 291 | 13,247 | 2,044 | |||||||||
American High-Income Trust | 14,013 | 10,560 | (924 | ) |
8. Indemnifications
The series’ organizational documents provide board members and officers with indemnification against certain liabilities or expenses in connection with the performance of their duties to the series. In the normal course of business, the series may also enter into contracts that provide general indemnifications. Each fund’s maximum exposure under these arrangements is unknown since it is dependent on future claims that may be made against the series. The risk of material loss from such claims is considered remote. Insurance policies are also available to the series’ board members and officers.
9. Committed line of credit
Global Small Capitalization Fund, New World Fund and American High-Income Trust participate with other funds managed by CRMC in a $1.5 billion credit facility (the “line of credit”) to be utilized for temporary purposes to fund shareholder redemptions. Each fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which are reflected in other expenses in each fund’s statement of operations. None of the funds borrowed on this line of credit at any time during the year ended December 31, 2021.
American Funds Insurance Series | 327 |
10. Capital share transactions
Capital share transactions in the funds were as follows (dollars and shares in thousands):
Global Growth Fund | ||||||||||||||||||||||||||||||||
Sales* | Reinvestments of distributions | Repurchases* | Net increase (decrease) | |||||||||||||||||||||||||||||
Share class | Amount | Shares | Amount | Shares | Amount | Shares | Amount | Shares | ||||||||||||||||||||||||
Year ended December 31, 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 | ||||||||||||||||||
Year ended December 31, 2020 | ||||||||||||||||||||||||||||||||
Class 1 | $ | 402,110 | 11,550 | $ | 89,416 | 2,661 | $ | (365,952 | ) | (11,056 | ) | $ | 125,574 | 3,155 | ||||||||||||||||||
Class 1A | 4,330 | 121 | 234 | 7 | (2,564 | ) | (87 | ) | 2,000 | 41 | ||||||||||||||||||||||
Class 2 | 46,502 | 1,410 | 122,749 | 3,738 | (613,644 | ) | (18,242 | ) | (444,393 | ) | (13,094 | ) | ||||||||||||||||||||
Class 4 | 96,748 | 2,812 | 12,190 | 377 | (63,324 | ) | (1,924 | ) | 45,614 | 1,265 | ||||||||||||||||||||||
Total net increase (decrease) | $ | 549,690 | 15,893 | $ | 224,589 | 6,783 | $ | (1,045,484 | ) | (31,309 | ) | $ | (271,205 | ) | (8,633 | ) |
Global Small Capitalization Fund | ||||||||||||||||||||||||||||||||
Sales* | Reinvestments of distributions | Repurchases* | Net (decrease) increase | |||||||||||||||||||||||||||||
Share class | Amount | Shares | Amount | Shares | Amount | Shares | Amount | Shares | ||||||||||||||||||||||||
Year ended December 31, 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 | ) | ||||||||||||||||
Year ended December 31, 2020 | ||||||||||||||||||||||||||||||||
Class 1 | $ | 223,000 | 10,191 | $ | 125,091 | 5,146 | $ | (466,963 | ) | (18,580 | ) | $ | (118,872 | ) | (3,243 | ) | ||||||||||||||||
Class 1A | 627 | 24 | 43 | 2 | (268 | ) | (10 | ) | 402 | 16 | ||||||||||||||||||||||
Class 2 | 60,922 | 2,877 | 145,869 | 6,194 | (409,129 | ) | (15,839 | ) | (202,338 | ) | (6,768 | ) | ||||||||||||||||||||
Class 4 | 35,430 | 1,424 | 13,089 | 554 | (34,957 | ) | (1,396 | ) | 13,562 | 582 | ||||||||||||||||||||||
Total net increase (decrease) | $ | 319,979 | 14,516 | $ | 284,092 | 11,896 | $ | (911,317 | ) | (35,825 | ) | $ | (307,246 | ) | (9,413 | ) |
See end of tables for footnotes.
328 | American Funds Insurance Series |
Growth Fund | ||||||||||||||||||||||||||||||||
Sales* | Reinvestments of distributions | Repurchases* | Net increase (decrease) | |||||||||||||||||||||||||||||
Share class | Amount | Shares | Amount | Shares | Amount | Shares | Amount | Shares | ||||||||||||||||||||||||
Year ended December 31, 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 | ||||||||||||||||||
Year ended December 31, 2020 | ||||||||||||||||||||||||||||||||
Class 1 | $ | 2,322,779 | 26,334 | $ | 353,232 | 3,917 | $ | (2,999,100 | ) | (33,591 | ) | $ | (323,089 | ) | (3,340 | ) | ||||||||||||||||
Class 1A | 33,301 | 338 | 688 | 8 | (5,835 | ) | (64 | ) | 28,154 | 282 | ||||||||||||||||||||||
Class 2 | 437,349 | 4,937 | 458,379 | 5,218 | (3,162,923 | ) | (34,505 | ) | (2,267,195 | ) | (24,350 | ) | ||||||||||||||||||||
Class 3 | 1,333 | 17 | 6,293 | 70 | (37,446 | ) | (395 | ) | (29,820 | ) | (308 | ) | ||||||||||||||||||||
Class 4 | 325,002 | 3,612 | 45,870 | 534 | (283,912 | ) | (3,180 | ) | 86,960 | 966 | ||||||||||||||||||||||
Total net increase (decrease) | $ | 3,119,764 | 35,238 | $ | 864,462 | 9,747 | $ | (6,489,216 | ) | (71,735 | ) | $ | (2,504,990 | ) | (26,750 | ) | ||||||||||||||||
International Fund | ||||||||||||||||||||||||||||||||
Sales* | Reinvestments of distributions | Repurchases* | Net (decrease) increase | |||||||||||||||||||||||||||||
Share class | Amount | Shares | Amount | Shares | Amount | Shares | Amount | Shares | ||||||||||||||||||||||||
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 | ) | ||||||||||||||||
Year ended December 31, 2020 | ||||||||||||||||||||||||||||||||
Class 1 | $ | 535,603 | 30,721 | $ | 44,223 | 2,049 | $ | (963,355 | ) | (50,229 | ) | $ | (383,529 | ) | (17,459 | ) | ||||||||||||||||
Class 1A | 2,754 | 147 | 56 | 2 | (1,389 | ) | (70 | ) | 1,421 | 79 | ||||||||||||||||||||||
Class 2 | 271,356 | 15,425 | 25,688 | 1,204 | (667,572 | ) | (33,696 | ) | (370,528 | ) | (17,067 | ) | ||||||||||||||||||||
Class 3 | 226 | 12 | 157 | 7 | (3,148 | ) | (157 | ) | (2,765 | ) | (138 | ) | ||||||||||||||||||||
Class 4 | 52,233 | 2,881 | 1,591 | 76 | (62,187 | ) | (3,226 | ) | (8,363 | ) | (269 | ) | ||||||||||||||||||||
Total net increase (decrease) | $ | 862,172 | 49,186 | $ | 71,715 | 3,338 | $ | (1,697,651 | ) | (87,378 | ) | $ | (763,764 | ) | (34,854 | ) |
See end of tables for footnotes.
American Funds Insurance Series | 329 |
New World Fund | ||||||||||||||||||||||||||||||||
Sales* | Reinvestments of distributions | Repurchases* | Net increase (decrease) | |||||||||||||||||||||||||||||
Share class | Amount | Shares | Amount | Shares | Amount | Shares | Amount | Shares | ||||||||||||||||||||||||
Year ended December 31, 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 | ||||||||||||||||||
Year ended December 31, 2020 | ||||||||||||||||||||||||||||||||
Class 1 | $ | 80,299 | 3,402 | $ | 25,570 | 1,027 | $ | (337,036 | ) | (13,731 | ) | $ | (231,167 | ) | (9,302 | ) | ||||||||||||||||
Class 1A | 12,129 | 461 | 73 | 3 | (1,703 | ) | (71 | ) | 10,499 | 393 | ||||||||||||||||||||||
Class 2 | 102,697 | 3,915 | 10,803 | 447 | (184,643 | ) | (7,218 | ) | (71,143 | ) | (2,856 | ) | ||||||||||||||||||||
Class 4 | 89,140 | 3,662 | 7,473 | 310 | (84,462 | ) | (3,316 | ) | 12,151 | 656 | ||||||||||||||||||||||
Total net increase (decrease) | $ | 284,265 | 11,440 | $ | 43,919 | 1,787 | $ | (607,844 | ) | (24,336 | ) | $ | (279,660 | ) | (11,109 | ) | ||||||||||||||||
Washington Mutual Investors Fund | ||||||||||||||||||||||||||||||||
Sales* | Reinvestments of distributions | Repurchases* | Net (decrease) increase | |||||||||||||||||||||||||||||
Share class | Amount | Shares | Amount | Shares | Amount | Shares | Amount | Shares | ||||||||||||||||||||||||
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 | ) | ||||||||||||||||
Year ended December 31, 2020 | ||||||||||||||||||||||||||||||||
Class 1 | $ | 474,186 | 41,847 | $ | 161,061 | 11,902 | $ | (825,919 | ) | (67,505 | ) | $ | (190,672 | ) | (13,756 | ) | ||||||||||||||||
Class 1A | 15,517 | 1,215 | 484 | 35 | (2,556 | ) | (194 | ) | 13,445 | 1,056 | ||||||||||||||||||||||
Class 2 | 75,893 | 6,771 | 83,599 | 6,287 | (337,510 | ) | (26,379 | ) | (178,018 | ) | (13,321 | ) | ||||||||||||||||||||
Class 4 | 148,645 | 12,358 | 18,858 | 1,428 | (54,754 | ) | (4,444 | ) | 112,749 | 9,342 | ||||||||||||||||||||||
Total net increase (decrease) | $ | 714,241 | 62,191 | $ | 264,002 | 19,652 | $ | (1,220,739 | ) | (98,522 | ) | $ | (242,496 | ) | (16,679 | ) | ||||||||||||||||
Capital World Growth and Income Fund | ||||||||||||||||||||||||||||||||
Sales* | Reinvestments of distributions | Repurchases* | Net increase (decrease) | |||||||||||||||||||||||||||||
Share class | Amount | Shares | Amount | Shares | Amount | Shares | Amount | Shares | ||||||||||||||||||||||||
Year ended December 31, 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 | ) | ||||||||||||||||
Year ended December 31, 2020 | ||||||||||||||||||||||||||||||||
Class 1 | $ | 274,643 | 21,210 | $ | 23,674 | 1,607 | $ | (306,092 | ) | (22,650 | ) | $ | (7,775 | ) | 167 | |||||||||||||||||
Class 1A | 474 | 35 | 81 | 6 | (266 | ) | (18 | ) | 289 | 23 | ||||||||||||||||||||||
Class 2 | 48,178 | 3,670 | 47,647 | 3,258 | (175,562 | ) | (11,876 | ) | (79,737 | ) | (4,948 | ) | ||||||||||||||||||||
Class 4 | 26,989 | 1,950 | 5,189 | 362 | (19,540 | ) | (1,418 | ) | 12,638 | 894 | ||||||||||||||||||||||
Total net increase (decrease) | $ | 350,284 | 26,865 | $ | 76,591 | 5,233 | $ | (501,460 | ) | (35,962 | ) | $ | (74,585 | ) | (3,864 | ) |
See end of tables for footnotes.
330 | American Funds Insurance Series |
Growth-Income Fund | ||||||||||||||||||||||||||||||||
Sales* | Reinvestments of distributions | Repurchases* | Net (decrease) increase | |||||||||||||||||||||||||||||
Share class | Amount | Shares | Amount | Shares | Amount | Shares | Amount | Shares | ||||||||||||||||||||||||
Year ended December 31, 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 | ) | ||||||||||||||||
Year ended December 31, 2020 | ||||||||||||||||||||||||||||||||
Class 1 | $ | 1,892,111 | 42,172 | $ | 862,018 | 17,198 | $ | (2,883,447 | ) | (61,087 | ) | $ | (129,318 | ) | (1,717 | ) | ||||||||||||||||
Class 1A | 4,637 | 94 | 476 | 9 | (1,475 | ) | (30 | ) | 3,638 | 73 | ||||||||||||||||||||||
Class 2 | 252,743 | 5,452 | 513,097 | 10,416 | (1,497,209 | ) | (30,770 | ) | (731,369 | ) | (14,902 | ) | ||||||||||||||||||||
Class 3 | 2,002 | 41 | 5,790 | 116 | (23,231 | ) | (465 | ) | (15,439 | ) | (308 | ) | ||||||||||||||||||||
Class 4 | 174,576 | 3,682 | 46,799 | 965 | (148,613 | ) | (3,153 | ) | 72,762 | 1,494 | ||||||||||||||||||||||
Total net increase (decrease) | $ | 2,326,069 | 51,441 | $ | 1,428,180 | 28,704 | $ | (4,553,975 | ) | (95,505 | ) | $ | (799,726 | ) | (15,360 | ) | ||||||||||||||||
International Growth and Income Fund | ||||||||||||||||||||||||||||||||
Sales* | Reinvestments of distributions | Repurchases* | Net (decrease) increase | |||||||||||||||||||||||||||||
Share class | Amount | Shares | Amount | Shares | Amount | Shares | Amount | Shares | ||||||||||||||||||||||||
Year ended December 31, 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 | ) | ||||||||||||||||
Year ended December 31, 2020 | ||||||||||||||||||||||||||||||||
Class 1 | $ | 78,373 | 5,478 | $ | 17,128 | 948 | $ | (179,914 | ) | (10,267 | ) | $ | (84,413 | ) | (3,841 | ) | ||||||||||||||||
Class 1A | 977 | 66 | 38 | 2 | (791 | ) | (49 | ) | 224 | 19 | ||||||||||||||||||||||
Class 2 | 13,943 | 970 | 2,909 | 161 | (63,267 | ) | (3,635 | ) | (46,415 | ) | (2,504 | ) | ||||||||||||||||||||
Class 4 | 17,701 | 1,130 | 1,255 | 70 | (13,000 | ) | (825 | ) | 5,956 | 375 | ||||||||||||||||||||||
Total net increase (decrease) | $ | 110,994 | 7,644 | $ | 21,330 | 1,181 | $ | (256,972 | ) | (14,776 | ) | $ | (124,648 | ) | (5,951 | ) |
See end of tables for footnotes.
American Funds Insurance Series | 331 |
Capital Income Builder | ||||||||||||||||||||||||||||||||
Sales* | Reinvestments of distributions | Repurchases* | Net (decrease) increase | |||||||||||||||||||||||||||||
Share class | Amount | Shares | Amount | Shares | Amount | Shares | Amount | Shares | ||||||||||||||||||||||||
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 | ) | ||||||||||||||||
Year ended December 31, 2020 | ||||||||||||||||||||||||||||||||
Class 1 | $ | 237,195 | 24,206 | $ | 17,285 | 1,757 | $ | (178,753 | ) | (18,572 | ) | $ | 75,727 | 7,391 | ||||||||||||||||||
Class 1A | 809 | 80 | 161 | 16 | (340 | ) | (34 | ) | 630 | 62 | ||||||||||||||||||||||
Class 2 | 2,017 | 200 | 181 | 18 | (286 | ) | (28 | ) | 1,912 | 190 | ||||||||||||||||||||||
Class 4 | 49,099 | 4,860 | 11,369 | 1,158 | (58,009 | ) | (5,855 | ) | 2,459 | 163 | ||||||||||||||||||||||
Total net increase (decrease) | $ | 289,120 | 29,346 | $ | 28,996 | 2,949 | $ | (237,388 | ) | (24,489 | ) | $ | 80,728 | 7,806 | ||||||||||||||||||
Asset Allocation Fund | ||||||||||||||||||||||||||||||||
Sales* | Reinvestments of distributions | Repurchases* | Net (decrease) increase | |||||||||||||||||||||||||||||
Share class | Amount | Shares | Amount | Shares | Amount | Shares | Amount | Shares | ||||||||||||||||||||||||
Year ended December 31, 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 | ) | ||||||||||||||||
Year ended December 31, 2020 | ||||||||||||||||||||||||||||||||
Class 1 | $ | 1,817,230 | 79,909 | $ | 412,849 | 16,378 | $ | (2,437,918 | ) | (107,604 | ) | $ | (207,839 | ) | (11,317 | ) | ||||||||||||||||
Class 1A | 4,177 | 174 | 264 | 10 | (1,862 | ) | (81 | ) | 2,579 | 103 | ||||||||||||||||||||||
Class 2 | 109,553 | 4,668 | 103,653 | 4,169 | (595,244 | ) | (25,445 | ) | (382,038 | ) | (16,608 | ) | ||||||||||||||||||||
Class 3 | 914 | 38 | 661 | 26 | (4,390 | ) | (184 | ) | (2,815 | ) | (120 | ) | ||||||||||||||||||||
Class 4 | 410,135 | 17,490 | 89,009 | 3,606 | (327,826 | ) | (14,043 | ) | 171,318 | 7,053 | ||||||||||||||||||||||
Total net increase (decrease) | $ | 2,342,009 | 102,279 | $ | 606,436 | 24,189 | $ | (3,367,240 | ) | (147,357 | ) | $ | (418,795 | ) | (20,889 | ) |
See end of tables for footnotes.
332 | American Funds Insurance Series |
Global Balanced Fund
Sales* | Reinvestments of distributions | Repurchases* | Net (decrease) increase | |||||||||||||||||||||||||||||
Share class | Amount | Shares | Amount | Shares | Amount | Shares | Amount | Shares | ||||||||||||||||||||||||
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 | ) | ||||||||||||||||
Year ended December 31, 2020 | ||||||||||||||||||||||||||||||||
Class 1 | $ | 29,379 | 2,319 | $ | 6,831 | 491 | $ | (35,963 | ) | (2,860 | ) | $ | 247 | (50 | ) | |||||||||||||||||
Class 1A | 379 | 27 | 127 | 9 | (183 | ) | (13 | ) | 323 | 23 | ||||||||||||||||||||||
Class 2 | 10,289 | 792 | 9,760 | 704 | (28,821 | ) | (2,185 | ) | (8,772 | ) | (689 | ) | ||||||||||||||||||||
Class 4 | 11,783 | 881 | 4,655 | 339 | (10,044 | ) | (767 | ) | 6,394 | 453 | ||||||||||||||||||||||
Total net increase (decrease) | $ | 51,830 | 4,019 | $ | 21,373 | 1,543 | $ | (75,011 | ) | (5,825 | ) | $ | (1,808 | ) | (263 | ) |
The Bond Fund of America
Sales* | Reinvestments of distributions | Repurchases* | Net increase (decrease) | |||||||||||||||||||||||||||||
Share class | Amount | Shares | Amount | Shares | Amount | Shares | Amount | Shares | ||||||||||||||||||||||||
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 | ||||||||||||||||||
Year ended December 31, 2020 | ||||||||||||||||||||||||||||||||
Class 1 | $ | 1,499,439 | 128,201 | $ | 208,932 | 17,767 | $ | (1,735,112 | ) | (150,736 | ) | $ | (26,741 | ) | (4,768 | ) | ||||||||||||||||
Class 1A | 3,563 | 306 | 255 | 22 | (1,431 | ) | (124 | ) | 2,387 | 204 | ||||||||||||||||||||||
Class 2 | 397,055 | 34,256 | 110,645 | 9,541 | (449,029 | ) | (39,506 | ) | 58,671 | 4,291 | ||||||||||||||||||||||
Class 4 | 242,089 | 20,999 | 17,962 | 1,553 | (81,119 | ) | (7,132 | ) | 178,932 | 15,420 | ||||||||||||||||||||||
Total net increase (decrease) | $ | 2,142,146 | 183,762 | $ | 337,794 | 28,883 | $ | (2,266,691 | ) | (197,498 | ) | $ | 213,249 | 15,147 |
Capital World Bond Fund
Sales* | Reinvestments of distributions | Repurchases* | Net (decrease) increase | |||||||||||||||||||||||||||||
Share class | Amount | Shares | Amount | Shares | Amount | Shares | Amount | Shares | ||||||||||||||||||||||||
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 | ) | ||||||||||||||||
Year ended December 31, 2020 | ||||||||||||||||||||||||||||||||
Class 1 | $ | 279,297 | 22,900 | $ | 34,711 | 2,801 | $ | (244,497 | ) | (20,428 | ) | $ | 69,511 | 5,273 | ||||||||||||||||||
Class 1A | 323 | 26 | 18 | 1 | (135 | ) | (11 | ) | 206 | 16 | ||||||||||||||||||||||
Class 2 | 104,127 | 8,595 | 28,474 | 2,321 | (140,860 | ) | (11,802 | ) | (8,259 | ) | (886 | ) | ||||||||||||||||||||
Class 4 | 21,389 | 1,754 | 1,457 | 120 | (13,943 | ) | (1,171 | ) | 8,903 | 703 | ||||||||||||||||||||||
Total net increase (decrease) | $ | 405,136 | 33,275 | $ | 64,660 | 5,243 | $ | (399,435 | ) | (33,412 | ) | $ | 70,361 | 5,106 |
See end of tables for footnotes.
American Funds Insurance Series | 333 |
American High-Income Trust
Sales* | Reinvestments of distributions | Repurchases* | Net increase (decrease) | |||||||||||||||||||||||||||||
Share class | Amount | Shares | Amount | Shares | Amount | Shares | Amount | Shares | ||||||||||||||||||||||||
Year ended December 31, 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 | ||||||||||||||||||
Year ended December 31, 2020 | ||||||||||||||||||||||||||||||||
Class 1 | $ | 18,985 | 2,117 | $ | 9,529 | 992 | $ | (390,999 | ) | (43,725 | ) | $ | (362,485 | ) | (40,616 | ) | ||||||||||||||||
Class 1A | 408 | 43 | 78 | 8 | (220 | ) | (23 | ) | 266 | 28 | ||||||||||||||||||||||
Class 2 | 18,520 | 1,972 | 54,086 | 5,739 | (68,277 | ) | (7,320 | ) | 4,329 | 391 | ||||||||||||||||||||||
Class 3 | 733 | 76 | 799 | 83 | (1,434 | ) | (151 | ) | 98 | 8 | ||||||||||||||||||||||
Class 4 | 103,183 | 9,989 | 4,806 | 465 | (102,765 | ) | (9,921 | ) | 5,224 | 533 | ||||||||||||||||||||||
Total net increase (decrease) | $ | 141,829 | 14,197 | $ | 69,298 | 7,287 | $ | (563,695 | ) | (61,140 | ) | $ | (352,568 | ) | (39,656 | ) |
Mortgage Fund
Sales* | Reinvestments of distributions | Repurchases* | Net increase (decrease) | |||||||||||||||||||||||||||||
Share class | Amount | Shares | Amount | Shares | Amount | Shares | Amount | Shares | ||||||||||||||||||||||||
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 | ||||||||||||||||||
Year ended December 31, 2020 | ||||||||||||||||||||||||||||||||
Class 1 | $ | 68,523 | 6,189 | $ | 3,551 | 321 | $ | (68,907 | ) | (6,295 | ) | $ | 3,167 | 215 | ||||||||||||||||||
Class 1A | 899 | 81 | 14 | 1 | (274 | ) | (24 | ) | 639 | 58 | ||||||||||||||||||||||
Class 2 | 7,728 | 703 | 797 | 72 | (9,799 | ) | (891 | ) | (1,274 | ) | (116 | ) | ||||||||||||||||||||
Class 4 | 24,189 | 2,227 | 458 | 42 | (16,769 | ) | (1,535 | ) | 7,878 | 734 | ||||||||||||||||||||||
Total net increase (decrease) | $ | 101,339 | 9,200 | $ | 4,820 | 436 | $ | (95,749 | ) | (8,745 | ) | $ | 10,410 | 891 |
See end of tables for footnotes.
334 | American Funds Insurance Series |
Ultra-Short Bond Fund
Sales* | Reinvestments of distributions | Repurchases* | Net (decrease) increase | |||||||||||||||||||||||||||||
Share class | Amount | Shares | Amount | Shares | Amount | Shares | Amount | Shares | ||||||||||||||||||||||||
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 | ) | ||||||||||||||||
Year ended December 31, 2020 | ||||||||||||||||||||||||||||||||
Class 1 | $ | 32,173 | 2,840 | $ | 104 | 9 | $ | (17,960 | ) | (1,586 | ) | $ | 14,317 | 1,263 | ||||||||||||||||||
Class 1A | — | — | — | † | — | † | — | — | — | † | — | † | ||||||||||||||||||||
Class 2 | 162,780 | 14,772 | 558 | 50 | (104,954 | ) | (9,527 | ) | 58,384 | 5,295 | ||||||||||||||||||||||
Class 3 | 2,553 | 229 | 8 | 1 | (1,439 | ) | (129 | ) | 1,122 | 101 | ||||||||||||||||||||||
Class 4 | 51,028 | 4,586 | 67 | 6 | (32,890 | ) | (2,958 | ) | 18,205 | 1,634 | ||||||||||||||||||||||
Total net increase (decrease) | $ | 248,534 | 22,427 | $ | 737 | 66 | $ | (157,243 | ) | (14,200 | ) | $ | 92,028 | 8,293 |
U.S. Government Securities Fund
Sales* | Reinvestments of distributions | Repurchases* | Net increase (decrease) | |||||||||||||||||||||||||||||
Share class | Amount | Shares | Amount | Shares | Amount | Shares | Amount | Shares | ||||||||||||||||||||||||
Year ended December 31, 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 | ||||||||||||||||||
Year ended December 31, 2020 | ||||||||||||||||||||||||||||||||
Class 1 | $ | 194,142 | 14,793 | $ | 15,787 | 1,214 | $ | (1,305,241 | ) | (98,066 | ) | $ | (1,095,312 | ) | (82,059 | ) | ||||||||||||||||
Class 1A | 3,400 | 259 | 136 | 11 | (2,557 | ) | (195 | ) | 979 | 75 | ||||||||||||||||||||||
Class 2 | 211,715 | 16,419 | 51,919 | 4,038 | (245,761 | ) | (18,789 | ) | 17,873 | 1,668 | ||||||||||||||||||||||
Class 3 | 2,382 | 183 | 407 | 31 | (1,812 | ) | (139 | ) | 977 | 75 | ||||||||||||||||||||||
Class 4 | 301,535 | 23,299 | 9,187 | 715 | (169,936 | ) | (13,051 | ) | 140,786 | 10,963 | ||||||||||||||||||||||
Total net increase (decrease) | $ | 713,174 | 54,953 | $ | 77,436 | 6,009 | $ | (1,725,307 | ) | (130,240 | ) | $ | (934,697 | ) | (69,278 | ) |
Managed Risk Growth Fund
Sales* | Reinvestments of distributions | Repurchases* | Net increase (decrease) | |||||||||||||||||||||||||||||
Share class | Amount | Shares | Amount | Shares | Amount | Shares | Amount | Shares | ||||||||||||||||||||||||
Year ended December 31, 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 | ) | ||||||||||||||||
Year ended December 31, 2020 | ||||||||||||||||||||||||||||||||
Class P1 | $ | 3,987 | 282 | $ | 438 | 32 | $ | (1,595 | ) | (110 | ) | $ | 2,830 | 204 | ||||||||||||||||||
Class P2 | 54,142 | 3,714 | 24,836 | 1,828 | (71,110 | ) | (4,841 | ) | 7,868 | 701 | ||||||||||||||||||||||
Total net increase (decrease) | $ | 58,129 | 3,996 | $ | 25,274 | 1,860 | $ | (72,705 | ) | (4,951 | ) | $ | 10,698 | 905 |
See end of tables for footnotes.
American Funds Insurance Series | 335 |
Managed Risk International Fund
Sales* | Reinvestments of distributions | Repurchases* | Net increase (decrease) | |||||||||||||||||||||||||||||
Share class | Amount | Shares | Amount | Shares | Amount | Shares | Amount | Shares | ||||||||||||||||||||||||
Year ended December 31, 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 | ) | ||||||||||||||||
Year ended December 31, 2020 | ||||||||||||||||||||||||||||||||
Class P1 | $ | 1,063 | 104 | $ | 31 | 3 | $ | (311 | ) | (30 | ) | $ | 783 | 77 | ||||||||||||||||||
Class P2 | 14,905 | 1,575 | 3,216 | 348 | (17,706 | ) | (1,759 | ) | 415 | 164 | ||||||||||||||||||||||
Total net increase (decrease) | $ | 15,968 | 1,679 | $ | 3,247 | 351 | $ | (18,017 | ) | (1,789 | ) | $ | 1,198 | 241 |
Managed Risk Washington Mutual Investors Fund
Sales* | Reinvestments of distributions | Repurchases* | Net increase (decrease) | |||||||||||||||||||||||||||||
Share class | Amount | Shares | Amount | Shares | Amount | Shares | Amount | Shares | ||||||||||||||||||||||||
Year ended December 31, 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 | ) | ||||||||||||||||
Year ended December 31, 2020 | ||||||||||||||||||||||||||||||||
Class P1 | $ | 947 | 85 | $ | 66 | 7 | $ | (241 | ) | (23 | ) | $ | 772 | 69 | ||||||||||||||||||
Class P2 | 24,832 | 2,333 | 16,834 | 1,640 | (31,353 | ) | (2,866 | ) | 10,313 | 1,107 | ||||||||||||||||||||||
Total net increase (decrease) | $ | 25,779 | 2,418 | $ | 16,900 | 1,647 | $ | (31,594 | ) | (2,889 | ) | $ | 11,085 | 1,176 |
Managed Risk Growth-Income Fund
Sales* | Reinvestments of distributions | Repurchases* | Net (decrease) increase | |||||||||||||||||||||||||||||
Share class | Amount | Shares | Amount | Shares | Amount | Shares | Amount | Shares | ||||||||||||||||||||||||
Year ended December 31, 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 | ) | ||||||||||||||||
Year ended December 31, 2020 | ||||||||||||||||||||||||||||||||
Class P1 | $ | 92,644 | 6,852 | $ | 140,694 | 11,020 | $ | (143,917 | ) | (10,953 | ) | $ | 89,421 | 6,919 | ||||||||||||||||||
Class P2 | 24,533 | 1,843 | 20,073 | 1,584 | (19,990 | ) | (1,489 | ) | 24,616 | 1,938 | ||||||||||||||||||||||
Total net increase (decrease) | $ | 117,177 | 8,695 | $ | 160,767 | 12,604 | $ | (163,907 | ) | (12,442 | ) | $ | 114,037 | 8,857 |
See end of tables for footnotes.
336 | American Funds Insurance Series |
Managed Risk Asset Allocation Fund
Sales* | Reinvestments of distributions | Repurchases* | Net increase (decrease) | |||||||||||||||||||||||||||||
Share class | Amount | Shares | Amount | Shares | Amount | Shares | Amount | Shares | ||||||||||||||||||||||||
Year ended December 31, 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 | ) | ||||||||||||||||
Year ended December 31, 2020 | ||||||||||||||||||||||||||||||||
Class P1 | $ | 3,275 | 256 | $ | 204 | 16 | $ | (622 | ) | (45 | ) | $ | 2,857 | 227 | ||||||||||||||||||
Class P2 | 73,918 | 5,805 | 146,474 | 12,155 | (280,685 | ) | (21,952 | ) | (60,293 | ) | (3,992 | ) | ||||||||||||||||||||
Total net increase (decrease) | $ | 77,193 | 6,061 | $ | 146,678 | 12,171 | �� | $ | (281,307 | ) | (21,997 | ) | $ | (57,436 | ) | (3,765 | ) |
* | Includes exchanges between share classes of the fund. |
† | Amount less than one thousand. |
11. Ownership concentration
At December 31, 2021, American Funds Insurance Series - Portfolio Series - Managed Risk Growth and Income Portfolio held 20% and 16% of the outstanding shares of American Funds Insurance Series - Capital Income Builder and American Funds Insurance Series -Capital World Growth and Income Fund, 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 - Global Balanced Fund.
12. Investment transactions and other disclosures
The following tables present additional information for each fund for the year ended December 31, 2021 (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* | $ | 1,587,009 | $ | 1,452,819 | $ | 10,247,271 | $ | 4,214,342 | $ | 1,858,677 | $ | 8,962,433 | ||||||||||||
Sales of investment securities* | 1,668,572 | 2,886,282 | 11,870,775 | 5,688,226 | 1,777,055 | 9,576,883 | ||||||||||||||||||
Non-U.S. taxes paid on dividend income | 2,058 | 2,351 | 8,054 | 11,433 | 3,517 | 1,458 | ||||||||||||||||||
Non-U.S. taxes paid on interest income | — | — | — | 9 | 52 | — | ||||||||||||||||||
Non-U.S. taxes paid (refunded) on realized gains | 588 | 6,228 | — | 15,511 | 3,353 | — | ||||||||||||||||||
Non-U.S. taxes provided on unrealized appreciation | 7,100 | 20,035 | — | 32,918 | 14,493 | — | ||||||||||||||||||
Capital World Growth and Income Fund | Growth- Income Fund | International Growth and Income Fund | Capital Income Builder | Asset Allocation Fund | Global Balanced Fund | |||||||||||||||||||
Purchases of investment securities* | $ | 1,869,564 | $ | 9,600,767 | $ | 483,259 | $ | 816,295 | $ | 34,921,384 | $ | 138,405 | ||||||||||||
Sales of investment securities* | 1,932,434 | 13,672,341 | 1,580,251 | 884,488 | 37,362,054 | 162,557 | ||||||||||||||||||
Non-U.S. taxes paid on dividend income | 2,980 | 9,656 | 2,196 | 1,594 | 9,130 | 314 | ||||||||||||||||||
Non-U.S. taxes paid on interest income | — | — | — | — | — | 10 | ||||||||||||||||||
Non-U.S. taxes paid (refunded) on realized gains | 2,560 | (4 | ) | 1,766 | 112 | 1,639 | 4 | |||||||||||||||||
Non-U.S. taxes provided on unrealized appreciation | 696 | — | 130 | 299 | 3,762 | — |
See end of tables for footnotes.
American Funds Insurance Series | 337 |
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* | $ | 46,432,818 | $ | 1,495,705 | $ | 694,551 | $ | 2,415,925 | $ | — | $ | 4,831,338 | ||||||||||||
Sales of investment securities* | 47,502,780 | 1,725,555 | 527,096 | 2,445,297 | — | 5,410,660 | ||||||||||||||||||
Non-U.S. taxes paid on interest income | 55 | 264 | 10 | — | — | — | ||||||||||||||||||
Non-U.S. taxes paid (refunded) on realized gains | — | † | 167 | — | — | — | — | |||||||||||||||||
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* | $ | 181,239 | $ | 37,781 | $ | 55,074 | $ | 315,748 | $ | 138,416 | ||||||||||||||
Sales of investment securities* | 184,059 | 39,781 | 106,525 | 473,669 | 357,415 |
* | Excludes short-term securities and U.S. government obligations, if any. |
† | Amount less than one thousand. |
338 | American Funds Insurance Series |
Financial highlights
Income (loss) from investment operations1 | Dividends and distributions | |||||||||||||||||||||||||||||||||||||||||||||||||||
Period ended | Net asset value, beginning of period | Net investment income | Net gains (losses) on securities (both realized and unrealized) | Total from investment operations | Dividends (from net investment income) | Distributions (from capital gains) | Total dividends and distributions | Net asset value, end of period | Total return2 | Net assets, end of period (in millions) | Ratio of expenses to average net assets before waivers3 | Ratio of expenses to average net assets after waivers2,3 | Ratio of net income to average net assets2 | |||||||||||||||||||||||||||||||||||||||
Global Growth Fund | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Class 1: | ||||||||||||||||||||||||||||||||||||||||||||||||||||
12/31/2021 | $ | 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: | ||||||||||||||||||||||||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||
12/31/20174,5 | 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: | ||||||||||||||||||||||||||||||||||||||||||||||||||||
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: | ||||||||||||||||||||||||||||||||||||||||||||||||||||
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 |
See end of tables for footnotes.
American Funds Insurance Series | 339 |
Financial highlights (continued)
Income (loss) from investment operations1 | Dividends and distributions | |||||||||||||||||||||||||||||||||||||||||||||||
Period ended | Net asset value, beginning of period | Net investment (loss) income | Net gains (losses) on securities (both realized and unrealized) | Total from investment operations | Dividends (from net investment income) | Distributions (from capital gains) | Total dividends and distributions | Net asset value, end of period | Total return | Net assets, end of period (in millions) | Ratio of expenses to average net assets3 | Ratio of net (loss) income to average net assets | ||||||||||||||||||||||||||||||||||||
Global Small Capitalization Fund | ||||||||||||||||||||||||||||||||||||||||||||||||
Class 1: | ||||||||||||||||||||||||||||||||||||||||||||||||
12/31/2021 | $ | 32.64 | $ | (.02 | ) | $ | 2.32 | $ | 2.30 | $ | — | $ | (.77 | ) | $ | (.77 | ) | $ | 34.17 | 6.98 | % | $ | 1,707 | .74 | % | (.07 | )% | |||||||||||||||||||||
12/31/2020 | 26.80 | (.01 | ) | 7.49 | 7.48 | (.05 | ) | (1.59 | ) | (1.64 | ) | 32.64 | 30.04 | 2,391 | .75 | (.06 | ) | |||||||||||||||||||||||||||||||
12/31/2019 | 21.75 | .12 | 6.61 | 6.73 | (.10 | ) | (1.58 | ) | (1.68 | ) | 26.80 | 31.84 | 2,050 | .75 | .48 | |||||||||||||||||||||||||||||||||
12/31/2018 | 25.38 | .11 | (2.51 | ) | (2.40 | ) | (.09 | ) | (1.14 | ) | (1.23 | ) | 21.75 | (10.31 | ) | 1,453 | .73 | .42 | ||||||||||||||||||||||||||||||
12/31/2017 | 20.24 | .12 | 5.17 | 5.29 | (.15 | ) | — | (.15 | ) | 25.38 | 26.22 | 1,639 | .73 | .54 | ||||||||||||||||||||||||||||||||||
Class 1A: | ||||||||||||||||||||||||||||||||||||||||||||||||
12/31/2021 | 32.49 | (.07 | ) | 2.28 | 2.21 | — | (.77 | ) | (.77 | ) | 33.93 | 6.73 | 5 | .99 | (.21 | ) | ||||||||||||||||||||||||||||||||
12/31/2020 | 26.74 | (.09 | ) | 7.48 | 7.39 | (.05 | ) | (1.59 | ) | (1.64 | ) | 32.49 | 29.72 | 1 | .99 | (.33 | ) | |||||||||||||||||||||||||||||||
12/31/2019 | 21.71 | .05 | 6.61 | 6.66 | (.05 | ) | (1.58 | ) | (1.63 | ) | 26.74 | 31.56 | 1 | .99 | .22 | |||||||||||||||||||||||||||||||||
12/31/2018 | 25.36 | .05 | (2.52 | ) | (2.47 | ) | (.04 | ) | (1.14 | ) | (1.18 | ) | 21.71 | (10.56 | ) | — | 8 | .98 | .21 | |||||||||||||||||||||||||||||
12/31/20174,5 | 20.70 | .08 | 4.71 | 4.79 | (.13 | ) | — | (.13 | ) | 25.36 | 23.19 | 6 | — | 8 | .96 | 7 | .35 | 7 | ||||||||||||||||||||||||||||||
Class 2: | ||||||||||||||||||||||||||||||||||||||||||||||||
12/31/2021 | 31.56 | (.10 | ) | 2.25 | 2.15 | — | (.77 | ) | (.77 | ) | 32.94 | 6.74 | 2,521 | .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 | (.31 | ) | |||||||||||||||||||||||||||||||
12/31/2019 | 21.16 | .05 | 6.43 | 6.48 | (.04 | ) | (1.58 | ) | (1.62 | ) | 26.02 | 31.52 | 2,363 | 1.00 | .22 | |||||||||||||||||||||||||||||||||
12/31/2018 | 24.72 | .04 | (2.44 | ) | (2.40 | ) | (.02 | ) | (1.14 | ) | (1.16 | ) | 21.16 | (10.55 | ) | 2,056 | .98 | .17 | ||||||||||||||||||||||||||||||
12/31/2017 | 19.72 | .06 | 5.04 | 5.10 | (.10 | ) | — | (.10 | ) | 24.72 | 25.89 | 2,551 | .98 | .27 | ||||||||||||||||||||||||||||||||||
Class 4: | ||||||||||||||||||||||||||||||||||||||||||||||||
12/31/2021 | 31.67 | (.18 | ) | 2.24 | 2.06 | — | (.77 | ) | (.77 | ) | 32.96 | 6.43 | 344 | 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 | (.56 | ) | |||||||||||||||||||||||||||||||
12/31/2019 | 21.28 | (.01 | ) | 6.47 | 6.46 | — | 9 | (1.58 | ) | (1.58 | ) | 26.16 | 31.24 | 206 | 1.25 | (.04 | ) | |||||||||||||||||||||||||||||||
12/31/2018 | 24.91 | (.02 | ) | (2.46 | ) | (2.48 | ) | (.01 | ) | (1.14 | ) | (1.15 | ) | 21.28 | (10.80 | ) | 146 | 1.24 | (.08 | ) | ||||||||||||||||||||||||||||
12/31/2017 | 19.91 | — | 9 | 5.09 | 5.09 | (.09 | ) | — | (.09 | ) | 24.91 | 25.62 | 125 | 1.23 | — | 10 |
See end of tables for footnotes.
340 | American Funds Insurance Series |
Financial highlights (continued)
Income from investment operations1 | Dividends and distributions | |||||||||||||||||||||||||||||||||||||||||||||||
Period ended | Net asset value, beginning of period | Net investment income (loss) | Net 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 period | Total return | Net assets, end of period (in millions) | Ratio of expenses to average net assets3 | Ratio of net income (loss) to average net assets | ||||||||||||||||||||||||||||||||||||
Growth Fund | ||||||||||||||||||||||||||||||||||||||||||||||||
Class 1: | ||||||||||||||||||||||||||||||||||||||||||||||||
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: | ||||||||||||||||||||||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||||||
12/31/20174,5 | 68.84 | .35 | 16.38 | 16.73 | (.50 | ) | (7.33 | ) | (7.83 | ) | 77.74 | 25.47 | 6 | 3 | .59 | 7 | .47 | 7 | ||||||||||||||||||||||||||||||
Class 2: | ||||||||||||||||||||||||||||||||||||||||||||||||
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: | ||||||||||||||||||||||||||||||||||||||||||||||||
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: | ||||||||||||||||||||||||||||||||||||||||||||||||
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 |
See end of tables for footnotes.
American Funds Insurance Series | 341 |
Financial highlights (continued)
(Loss) income from investment operations1 | Dividends and distributions | |||||||||||||||||||||||||||||||||||||||||||||||
Period ended | Net asset value, beginning of period | 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 period | Total return | Net assets, end of period (in millions) | Ratio of expenses to average net assets3 | Ratio of net income to average net assets | ||||||||||||||||||||||||||||||||||||
International Fund | ||||||||||||||||||||||||||||||||||||||||||||||||
Class 1: | ||||||||||||||||||||||||||||||||||||||||||||||||
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: | ||||||||||||||||||||||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||||
12/31/20174,5 | 17.17 | .09 | 4.93 | 5.02 | (.29 | ) | (.23 | ) | (.52 | ) | 21.67 | 29.46 | 6 | 2 | .77 | 7 | .43 | 7 | ||||||||||||||||||||||||||||||
Class 2: | ||||||||||||||||||||||||||||||||||||||||||||||||
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: | ||||||||||||||||||||||||||||||||||||||||||||||||
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: | ||||||||||||||||||||||||||||||||||||||||||||||||
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 |
See end of tables for footnotes.
342 | American Funds Insurance Series |
Financial highlights (continued)
Income (loss) from investment operations1 | Dividends and distributions | |||||||||||||||||||||||||||||||||||||||||||||||||||
Period ended | Net asset value, beginning of period | Net investment income | Net gains (losses) on securities (both realized and unrealized) | Total from investment operations | Dividends (from net investment income) | Distributions (from capital gains) | Total dividends and distributions | Net asset value, end of period | Total return2 | Net assets, end of period (in millions) | Ratio of expenses to average net assets before waivers3 | Ratio of expenses to average net assets after waivers2,3 | Ratio of net income to average net assets2 | |||||||||||||||||||||||||||||||||||||||
New World Fund | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Class 1: | ||||||||||||||||||||||||||||||||||||||||||||||||||||
12/31/2021 | $ | 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: | ||||||||||||||||||||||||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||
12/31/20174,5 | 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: | ||||||||||||||||||||||||||||||||||||||||||||||||||||
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: | ||||||||||||||||||||||||||||||||||||||||||||||||||||
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 |
See end of tables for footnotes.
American Funds Insurance Series | 343 |
Financial highlights (continued)
Income (loss) from investment operations1 | Dividends and distributions | |||||||||||||||||||||||||||||||||||||||||||||||||||
Period ended | Net asset value, beginning of period | Net investment income | Net gains (losses) on securities (both realized and unrealized) | Total from investment operations | Dividends (from net investment income) | Distributions (from capital gains) | Total dividends and distributions | Net asset value, end of period | Total return2 | Net assets, end of period (in millions) | Ratio of expenses to average net assets before waivers3 | Ratio of expenses to average net assets after waivers2,3 | Ratio of net income to average net assets2 | |||||||||||||||||||||||||||||||||||||||
Washington Mutual Investors Fund | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Class 1: | ||||||||||||||||||||||||||||||||||||||||||||||||||||
12/31/2021 | $ | 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: | ||||||||||||||||||||||||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||
12/31/20174,5 | 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: | ||||||||||||||||||||||||||||||||||||||||||||||||||||
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: | ||||||||||||||||||||||||||||||||||||||||||||||||||||
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 |
See end of tables for footnotes.
344 | American Funds Insurance Series |
Financial highlights (continued)
Income (loss) from investment operations1 | Dividends and distributions | |||||||||||||||||||||||||||||||||||||||||||||||||||
Period ended | Net asset value, beginning of period | Net investment income | Net gains (losses) on securities (both realized and unrealized) | Total from investment operations | Dividends (from net investment income) | Distributions (from capital gains) | Total dividends and distributions | Net asset value, end of period | Total return2 | Net assets, end of period (in millions) | Ratio of expenses to average net assets before waivers3 | Ratio of expenses to average net assets after waivers2,3 | Ratio of net income to average net assets2 | |||||||||||||||||||||||||||||||||||||||
Capital World Growth and Income Fund | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Class 1: | ||||||||||||||||||||||||||||||||||||||||||||||||||||
12/31/2021 | $ | 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: | ||||||||||||||||||||||||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||
12/31/20174,5 | 13.21 | .18 | 3.03 | 3.21 | (.35 | ) | (.26 | ) | (.61 | ) | 15.81 | 24.54 | 6 | — | 8 | .84 | 7 | .84 | 7 | 1.20 | 7 | |||||||||||||||||||||||||||||||
Class 2: | ||||||||||||||||||||||||||||||||||||||||||||||||||||
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: | ||||||||||||||||||||||||||||||||||||||||||||||||||||
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 |
See end of tables for footnotes.
American Funds Insurance Series | 345 |
Financial highlights (continued)
Income (loss) from investment operations1 | Dividends and distributions | |||||||||||||||||||||||||||||||||||||||||||||||
Period ended | Net asset value, beginning of period | Net investment income | Net gains (losses) on securities (both realized and unrealized) | Total from investment operations | Dividends (from net investment income) | Distributions (from capital gains) | Total dividends and distributions | Net asset value, end of period | Total return | Net assets, end of period (in millions) | Ratio of expenses to average net assets3 | Ratio of net income to average net assets | ||||||||||||||||||||||||||||||||||||
Growth-Income Fund | ||||||||||||||||||||||||||||||||||||||||||||||||
Class 1: | ||||||||||||||||||||||||||||||||||||||||||||||||
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: | ||||||||||||||||||||||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||||
12/31/20174,5 | 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: | ||||||||||||||||||||||||||||||||||||||||||||||||
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: | ||||||||||||||||||||||||||||||||||||||||||||||||
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: | ||||||||||||||||||||||||||||||||||||||||||||||||
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 |
See end of tables for footnotes.
346 | American Funds Insurance Series |
Financial highlights (continued)
Income (loss) from investment operations1 | Dividends and distributions | |||||||||||||||||||||||||||||||||||||||||||||||||||
Period ended | Net asset value, beginning of period | Net investment income | Net gains (losses) on securities (both realized and unrealized) | Total from investment operations | Dividends (from net investment income) | Distributions (from capital gains) | Total dividends and distributions | Net asset value, end of period | Total return2 | Net assets, end of period (in millions) | Ratio of expenses to average net assets before waivers3 | Ratio of expenses to average net assets after waivers2,3 | Ratio of net income to average net assets2 | |||||||||||||||||||||||||||||||||||||||
International Growth and Income Fund | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Class 1: | ||||||||||||||||||||||||||||||||||||||||||||||||||||
12/31/2021 | $ | 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: | ||||||||||||||||||||||||||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||||||||
12/31/20174,5 | 14.69 | .34 | 3.08 | 3.42 | (.41 | ) | — | (.41 | ) | 17.70 | 23.36 | 6 | 2 | .91 | 7 | .91 | 7 | 1.99 | 7 | |||||||||||||||||||||||||||||||||
Class 2: | ||||||||||||||||||||||||||||||||||||||||||||||||||||
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: | ||||||||||||||||||||||||||||||||||||||||||||||||||||
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 |
See end of tables for footnotes.
American Funds Insurance Series | 347 |
Financial highlights (continued)
Income (loss) from investment operations1 | Dividends and distributions | |||||||||||||||||||||||||||||||||||||||||||||||||||
Period ended | Net asset value, beginning of period | Net investment income | Net gains (losses) on securities (both realized and unrealized) | Total from investment operations | Dividends (from net investment income) | Distributions (from capital gains) | Total dividends and distributions | Net asset value, end of period | Total return2 | Net assets, end of period (in millions) | Ratio of expenses to average net assets before waivers3 | Ratio of expenses to average net assets after waivers2,3 | Ratio of net income to average net assets2 | |||||||||||||||||||||||||||||||||||||||
Capital Income Builder | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Class 1: | ||||||||||||||||||||||||||||||||||||||||||||||||||||
12/31/2021 | $ | 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: | ||||||||||||||||||||||||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||
12/31/20174,5 | 9.57 | .27 | .84 | 1.11 | (.29 | ) | — | (.29 | ) | 10.39 | 11.72 | 6 | 1 | .79 | 7 | .79 | 7 | 2.63 | 7 | |||||||||||||||||||||||||||||||||
Class 2: | ||||||||||||||||||||||||||||||||||||||||||||||||||||
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: | ||||||||||||||||||||||||||||||||||||||||||||||||||||
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 |
See end of tables for footnotes.
348 | American Funds Insurance Series |
Financial highlights (continued)
Income (loss) from investment operations1 | Dividends and distributions | |||||||||||||||||||||||||||||||||||||||||||||||
Period ended | Net asset value, beginning of period | Net investment income | Net gains (losses) on securities (both realized and unrealized) | Total from investment operations | Dividends (from net investment income) | Distributions (from capital gains) | Total dividends and distributions | Net asset value, end of period | Total return | Net assets, end of period (in millions) | Ratio of expenses to average net assets3 | Ratio of net income to average net assets | ||||||||||||||||||||||||||||||||||||
Asset Allocation Fund | ||||||||||||||||||||||||||||||||||||||||||||||||
Class 1: | ||||||||||||||||||||||||||||||||||||||||||||||||
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: | ||||||||||||||||||||||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||||
12/31/20174,5 | 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: | ||||||||||||||||||||||||||||||||||||||||||||||||
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: | ||||||||||||||||||||||||||||||||||||||||||||||||
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: | ||||||||||||||||||||||||||||||||||||||||||||||||
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 |
See end of tables for footnotes.
American Funds Insurance Series | 349 |
Financial highlights (continued)
Income (loss) from investment operations1 | Dividends and distributions | |||||||||||||||||||||||||||||||||||||||||||||||
Period ended | Net asset value, beginning of period | Net investment income | Net gains (losses) on securities (both realized and unrealized) | Total from investment operations | Dividends (from net investment income) | Distributions (from capital gains) | Total dividends and distributions | Net asset value, end of period | Total return | Net assets, end of period (in millions) | Ratio of expenses to average net assets3 | Ratio of net income to average net assets | ||||||||||||||||||||||||||||||||||||
Global Balanced Fund | ||||||||||||||||||||||||||||||||||||||||||||||||
Class 1: | ||||||||||||||||||||||||||||||||||||||||||||||||
12/31/2021 | $ | 14.19 | $ | .18 | $ | 1.37 | $ | 1.55 | $ | (.19 | ) | $ | (.82 | ) | $ | (1.01 | ) | $ | 14.73 | 11.05 | % | $ | 120 | .73 | % | 1.24 | % | |||||||||||||||||||||
12/31/2020 | 13.51 | .17 | 1.24 | 1.41 | (.19 | ) | (.54 | ) | (.73 | ) | 14.19 | 10.53 | 139 | .72 | 1.29 | |||||||||||||||||||||||||||||||||
12/31/2019 | 11.67 | .24 | 2.17 | 2.41 | (.20 | ) | (.37 | ) | (.57 | ) | 13.51 | 20.79 | 134 | .72 | 1.88 | |||||||||||||||||||||||||||||||||
12/31/2018 | 12.75 | .23 | (.96 | ) | (.73 | ) | (.20 | ) | (.15 | ) | (.35 | ) | 11.67 | (5.81 | ) | 110 | .72 | 1.82 | ||||||||||||||||||||||||||||||
12/31/2017 | 11.08 | .21 | 1.99 | 2.20 | (.15 | ) | (.38 | ) | (.53 | ) | 12.75 | 19.91 | 93 | .72 | 1.68 | |||||||||||||||||||||||||||||||||
Class 1A: | ||||||||||||||||||||||||||||||||||||||||||||||||
12/31/2021 | 14.16 | .15 | 1.36 | 1.51 | (.15 | ) | (.82 | ) | (.97 | ) | 14.70 | 10.83 | 4 | .98 | 1.02 | |||||||||||||||||||||||||||||||||
12/31/2020 | 13.49 | .14 | 1.23 | 1.37 | (.16 | ) | (.54 | ) | (.70 | ) | 14.16 | 10.25 | 3 | .97 | 1.03 | |||||||||||||||||||||||||||||||||
12/31/2019 | 11.65 | .21 | 2.17 | 2.38 | (.17 | ) | (.37 | ) | (.54 | ) | 13.49 | 20.54 | 2 | .97 | 1.63 | |||||||||||||||||||||||||||||||||
12/31/2018 | 12.74 | .18 | (.94 | ) | (.76 | ) | (.18 | ) | (.15 | ) | (.33 | ) | 11.65 | (6.03 | ) | 2 | .98 | 1.44 | ||||||||||||||||||||||||||||||
12/31/20174,5 | 11.18 | .16 | 1.92 | 2.08 | (.14 | ) | (.38 | ) | (.52 | ) | 12.74 | 18.71 | 6 | — | 8 | .94 | 7 | 1.27 | 7 | |||||||||||||||||||||||||||||
Class 2: | ||||||||||||||||||||||||||||||||||||||||||||||||
12/31/2021 | 14.16 | .15 | 1.36 | 1.51 | (.15 | ) | (.82 | ) | (.97 | ) | 14.70 | 10.79 | 208 | .98 | 1.01 | |||||||||||||||||||||||||||||||||
12/31/2020 | 13.48 | .14 | 1.23 | 1.37 | (.15 | ) | (.54 | ) | (.69 | ) | 14.16 | 10.30 | 208 | .97 | 1.03 | |||||||||||||||||||||||||||||||||
12/31/2019 | 11.65 | .21 | 2.16 | 2.37 | (.17 | ) | (.37 | ) | (.54 | ) | 13.48 | 20.44 | 207 | .97 | 1.64 | |||||||||||||||||||||||||||||||||
12/31/2018 | 12.72 | .20 | (.96 | ) | (.76 | ) | (.16 | ) | (.15 | ) | (.31 | ) | 11.65 | (6.01 | ) | 185 | .97 | 1.57 | ||||||||||||||||||||||||||||||
12/31/2017 | 11.06 | .18 | 1.98 | 2.16 | (.12 | ) | (.38 | ) | (.50 | ) | 12.72 | 19.57 | 210 | .96 | 1.43 | |||||||||||||||||||||||||||||||||
Class 4: | ||||||||||||||||||||||||||||||||||||||||||||||||
12/31/2021 | 14.02 | .11 | 1.34 | 1.45 | (.12 | ) | (.82 | ) | (.94 | ) | 14.53 | 10.46 | 135 | 1.23 | .77 | |||||||||||||||||||||||||||||||||
12/31/2020 | 13.36 | .10 | 1.22 | 1.32 | (.12 | ) | (.54 | ) | (.66 | ) | 14.02 | 10.00 | 105 | 1.22 | .78 | |||||||||||||||||||||||||||||||||
12/31/2019 | 11.55 | .18 | 2.14 | 2.32 | (.14 | ) | (.37 | ) | (.51 | ) | 13.36 | 20.21 | 94 | 1.22 | 1.37 | |||||||||||||||||||||||||||||||||
12/31/2018 | 12.63 | .17 | (.96 | ) | (.79 | ) | (.14 | ) | (.15 | ) | (.29 | ) | 11.55 | (6.31 | ) | 69 | 1.22 | 1.34 | ||||||||||||||||||||||||||||||
12/31/2017 | 11.00 | .13 | 1.99 | 2.12 | (.11 | ) | (.38 | ) | (.49 | ) | 12.63 | 19.38 | 51 | 1.22 | 1.07 |
See end of tables for footnotes.
350 | American Funds Insurance Series |
Financial highlights (continued)
(Loss) income from investment operations1 | Dividends and distributions | |||||||||||||||||||||||||||||||||||||||||||||||||||
Period ended | Net asset value, beginning of period | 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 period | Total return2 | Net assets, end of period (in millions) | Ratio of expenses to average net assets before waivers3 | Ratio of expenses to average net assets after waivers2,3 | Ratio of net income to average net assets2 | |||||||||||||||||||||||||||||||||||||||
The Bond Fund of America | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Class 1: | ||||||||||||||||||||||||||||||||||||||||||||||||||||
12/31/2021 | $ | 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: | ||||||||||||||||||||||||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||
12/31/20174,5 | 10.82 | .22 | .15 | .37 | (.23 | ) | (.16 | ) | (.39 | ) | 10.80 | 3.46 | 6 | 1 | .62 | 7 | .62 | 7 | 2.01 | 7 | ||||||||||||||||||||||||||||||||
Class 2: | ||||||||||||||||||||||||||||||||||||||||||||||||||||
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: | ||||||||||||||||||||||||||||||||||||||||||||||||||||
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 |
See end of tables for footnotes.
American Funds Insurance Series | 351 |
Financial highlights (continued)
(Loss) income from investment operations1 | Dividends and distributions | |||||||||||||||||||||||||||||||||||||||||||||||||||
Period ended | Net asset value, beginning of period | 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 period | Total return2 | Net assets, end of period (in millions) | Ratio of expenses to average net assets before waivers3 | Ratio of expenses to average net assets after waivers2,3 | Ratio of net income to average net assets2 | |||||||||||||||||||||||||||||||||||||||
Capital World Bond Fund | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Class 1: | ||||||||||||||||||||||||||||||||||||||||||||||||||||
12/31/2021 | $ | 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: | ||||||||||||||||||||||||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||
12/31/20174,5 | 11.22 | .26 | .52 | .78 | (.06 | ) | (.07 | ) | (.13 | ) | 11.87 | 7.00 | 6 | — | 8 | .72 | 7 | .72 | 7 | 2.27 | 7 | |||||||||||||||||||||||||||||||
Class 2: | ||||||||||||||||||||||||||||||||||||||||||||||||||||
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: | ||||||||||||||||||||||||||||||||||||||||||||||||||||
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 |
See end of tables for footnotes.
352 | American Funds Insurance Series |
Financial highlights (continued)
Income (loss) from investment operations1 | Dividends and distributions | |||||||||||||||||||||||||||||||||||||||||||||||||||
Period ended | Net asset value, beginning of period | Net investment income | Net gains (losses) on securities (both realized and unrealized) | Total from investment operations | Dividends (from net investment income) | Distributions (from capital gains) | Total dividends and distributions | Net asset value, end of period | Total return2 | Net assets, end of period (in millions) | Ratio of expenses to average net assets before waivers3 | Ratio of expenses to average net assets after waivers2,3 | Ratio of net income to average net assets2 | |||||||||||||||||||||||||||||||||||||||
American High-Income Trust | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Class 1: | ||||||||||||||||||||||||||||||||||||||||||||||||||||
12/31/2021 | $ | 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: | ||||||||||||||||||||||||||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||||||||
12/31/20174,5 | 10.28 | .60 | .02 | .62 | (.72 | ) | — | (.72 | ) | 10.18 | 6.02 | 6 | — | 8 | .72 | 7 | .72 | 7 | 5.74 | 7 | ||||||||||||||||||||||||||||||||
Class 2: | ||||||||||||||||||||||||||||||||||||||||||||||||||||
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: | ||||||||||||||||||||||||||||||||||||||||||||||||||||
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: | ||||||||||||||||||||||||||||||||||||||||||||||||||||
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 |
See end of tables for footnotes.
American Funds Insurance Series | 353 |
Financial highlights (continued)
(Loss) income from investment operations1 | Dividends and distributions | |||||||||||||||||||||||||||||||||||||||||||||||||||
Period ended | Net asset value, beginning of period | 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 period | Total return2 | Net assets, end of period (in millions) | Ratio of expenses to average net assets before waivers | Ratio of expenses to average net assets after waivers2 | Ratio of net income to average net assets2 | |||||||||||||||||||||||||||||||||||||||
American Funds Mortgage Fund | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Class 1: | ||||||||||||||||||||||||||||||||||||||||||||||||||||
12/31/2021 | $ | 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: | �� | |||||||||||||||||||||||||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||||||||||
12/31/20174,5 | 10.55 | .14 | — | 9 | .14 | (.16 | ) | (.07 | ) | (.23 | ) | 10.46 | 1.31 | 6 | — | 8 | .70 | 7 | .70 | 7 | 1.38 | 7 | ||||||||||||||||||||||||||||||
Class 2: | ||||||||||||||||||||||||||||||||||||||||||||||||||||
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: | ||||||||||||||||||||||||||||||||||||||||||||||||||||
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 |
See end of tables for footnotes.
354 | American Funds Insurance Series |
Financial highlights (continued)
(Loss) income from investment operations1 | Dividends and distributions | |||||||||||||||||||||||||||||||||||||||||||||||
Period ended | Net asset value, beginning of period | 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 period | Total return | Net assets, end of period (in millions) | Ratio of expenses to average net assets | Ratio of net (loss) income to average net assets | ||||||||||||||||||||||||||||||||||||
Ultra-Short Bond Fund | ||||||||||||||||||||||||||||||||||||||||||||||||
Class 1: | ||||||||||||||||||||||||||||||||||||||||||||||||
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: | ||||||||||||||||||||||||||||||||||||||||||||||||
12/31/2021 | 11.31 | (.03 | ) | — | 9 | (.03 | ) | — | — | — | 11.28 | (.27 | ) | — | 8 | .36 | (.28 | ) | ||||||||||||||||||||||||||||||
12/31/2020 | 11.30 | .03 | .01 | .04 | (.03 | ) | — | (.03 | ) | 11.31 | .32 | — | 8 | .35 | .26 | |||||||||||||||||||||||||||||||||
12/31/2019 | 11.31 | .22 | — | 9 | .22 | (.23 | ) | — | (.23 | ) | 11.30 | 1.92 | — | 8 | .37 | 1.90 | ||||||||||||||||||||||||||||||||
12/31/2018 | 11.29 | .18 | — | 9 | .18 | (.16 | ) | — | (.16 | ) | 11.31 | 1.58 | — | 8 | .35 | 1.60 | ||||||||||||||||||||||||||||||||
12/31/20174,5 | 11.27 | .08 | — | 9 | .08 | (.06 | ) | — | (.06 | ) | 11.29 | .67 | 6 | — | 8 | .34 | 7 | .69 | 7 | |||||||||||||||||||||||||||||
Class 2: | ||||||||||||||||||||||||||||||||||||||||||||||||
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: | ||||||||||||||||||||||||||||||||||||||||||||||||
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: | ||||||||||||||||||||||||||||||||||||||||||||||||
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 |
See end of tables for footnotes.
American Funds Insurance Series | 355 |
Financial highlights (continued)
(Loss) income from investment operations1 | Dividends and distributions | |||||||||||||||||||||||||||||||||||||||||||||||||||
Period ended | Net asset value, beginning of period | 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 period | Total return2 | Net assets, end of period (in millions) | Ratio of expenses to average net assets before waivers | Ratio of expenses to average net assets after waivers2 | Ratio of net income to average net assets2 | |||||||||||||||||||||||||||||||||||||||
U.S. Government Securities Fund | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Class 1: | ||||||||||||||||||||||||||||||||||||||||||||||||||||
12/31/2021 | $ | 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: | ||||||||||||||||||||||||||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||||||||||
12/31/20174,5 | 12.05 | .18 | .03 | .21 | (.18 | ) | — | (.18 | ) | 12.08 | 1.73 | 6 | — | 8 | .58 | 7 | .58 | 7 | 1.53 | 7 | ||||||||||||||||||||||||||||||||
Class 2: | ||||||||||||||||||||||||||||||||||||||||||||||||||||
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: | ||||||||||||||||||||||||||||||||||||||||||||||||||||
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: | ||||||||||||||||||||||||||||||||||||||||||||||||||||
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 |
See end of tables for footnotes.
356 | American Funds Insurance Series |
Financial highlights (continued)
Income (loss) from investment operations1 | Dividends and distributions | Ratio of expenses | Ratio of expenses | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Period ended | Net asset value, beginning of period | Net investment income (loss) | Net gains (losses) on securities (both realized and unrealized) | Total from investment operations | Dividends (from net investment income) | Distributions (from capital gains) | Total dividends and distributions | Net asset value, end of period | Total return2 | Net assets, end of period (in millions) | to average net assets before waivers/ reimburse- ments11 | to average net assets after waivers/ reimburse- ments2,11 | Net effective expense ratio2,12,13 | Ratio of net income (loss) to average net assets2 | ||||||||||||||||||||||||||||||||||||||||||
Managed Risk Growth Fund | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class P1: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 | — | 8 | .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 | — | 8 | .28 | 14 | .20 | 14 | .69 | 14 | 1.13 | 14 | |||||||||||||||||||||||||||||||||
Class P2: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 | — | 8 | .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 | — | 8 | .30 | 14 | .25 | 14 | .64 | 14 | 1.59 | 14 | |||||||||||||||||||||||||||||||||
Class P2: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 |
See end of tables for footnotes.
American Funds Insurance Series | 357 |
Financial highlights (continued)
Income (loss) from investment operations1 | Dividends and distributions | Ratio of expenses | Ratio of expenses | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Period ended | Net asset value, beginning of period | Net investment income (loss) | Net gains (losses) on securities (both realized and unrealized) | Total from investment operations | Dividends (from net investment income) | Distributions (from capital gains) | Total dividends and distributions | Net asset value, end of period | Total return2 | Net assets, end of period (in millions) | to average net assets before waivers/ reimburse- ments11 | to average net assets after waivers/ reimburse- ments2,11 | Net effective expense ratio2,12,13 | Ratio of net income (loss) to average net assets2 | ||||||||||||||||||||||||||||||||||||||||||
Managed Risk Growth-Income Fund | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class P1: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 |
See end of tables for footnotes.
358 | American Funds Insurance Series |
Financial highlights (continued)
Portfolio turnover rate for all share classes | Year ended December 31, | |||||||||||||||||||
excluding mortgage dollar roll transactions15,16 | 2021 | 2020 | 2019 | 2018 | 2017 | |||||||||||||||
Capital Income Builder | 60 | % | 110 | % | 44 | % | 42 | % | 59 | % | ||||||||||
Asset Allocation Fund | 45 | 49 | 47 | 34 | 39 | |||||||||||||||
Global Balanced Fund | 36 | 68 | 60 | 30 | 28 | |||||||||||||||
The Bond Fund of America | 87 | 72 | 146 | 98 | 153 | |||||||||||||||
Capital World Bond Fund | 64 | 88 | 110 | 78 | 74 | |||||||||||||||
American Funds Mortgage Fund | 38 | 123 | 84 | 60 | 98 | |||||||||||||||
U.S. Government Securities Fund | 126 | 112 | 103 | 76 | 120 | |||||||||||||||
Portfolio turnover rate for all share classes | Year ended December 31, | |||||||||||||||||||
including mortgage dollar roll transactions, if any15,16 | 2021 | 2020 | 2019 | 2018 | 2017 | |||||||||||||||
Global Growth Fund | 18 | % | 17 | % | 14 | % | 25 | % | 31 | % | ||||||||||
Global Small Capitalization Fund | 29 | 38 | 50 | 43 | 33 | |||||||||||||||
Growth Fund | 25 | 32 | 21 | 35 | 24 | |||||||||||||||
International Fund | 44 | 40 | 32 | 29 | 29 | |||||||||||||||
New World Fund | 43 | 70 | 38 | 58 | 56 | |||||||||||||||
Washington Mutual Investors Fund | 90 | 40 | 37 | 49 | 34 | |||||||||||||||
Capital World Growth and Income Fund | 85 | 36 | 29 | 49 | 41 | |||||||||||||||
Growth-Income Fund | 24 | 33 | 27 | 39 | 27 | |||||||||||||||
International Growth and Income Fund | 41 | 56 | 28 | 38 | 51 | |||||||||||||||
Capital Income Builder | 93 | 184 | 72 | 98 | 88 | |||||||||||||||
Asset Allocation Fund | 124 | 145 | 79 | 86 | 85 | |||||||||||||||
Global Balanced Fund | 39 | 86 | 74 | 51 | 41 | |||||||||||||||
The Bond Fund of America | 456 | 461 | 373 | 514 | 502 | |||||||||||||||
Capital World Bond Fund | 91 | 145 | 159 | 125 | 105 | |||||||||||||||
American High-Income Trust | 56 | 78 | 58 | 67 | 78 | |||||||||||||||
American Funds Mortgage Fund | 975 | 1143 | 350 | 811 | 680 | |||||||||||||||
U.S. Government Securities Fund | 433 | 867 | 277 | 446 | 551 | |||||||||||||||
Ultra-Short Bond Fund | — | 17 | — | 17 | — | 17 | — | 17 | — | 17 | ||||||||||
Managed Risk Growth Fund | 32 | 80 | 10 | 7 | 25 | |||||||||||||||
Managed Risk International Fund | 24 | 71 | 8 | 8 | 25 | |||||||||||||||
Managed Risk Washington Mutual Investors Fund | 16 | 101 | 13 | 11 | 32 | |||||||||||||||
Managed Risk Growth-Income Fund | 13 | 38 | 6 | 14 | 26 | |||||||||||||||
Managed Risk Asset Allocation Fund | 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 periods shown, CRMC waived a portion of investment advisory services fees on some funds, including each of the managed risk funds. In addition, during some of the periods shown CRMC reimbursed a portion of miscellaneous fees and expenses for some of the managed risk funds. |
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 | Class 1A shares began investment operations on January 6, 2017. |
6 | Not annualized. |
7 | Annualized. |
8 | Amount less than $1 million. |
9 | Amount less than $.01. |
10 | Amount less than .01%. |
11 | This column does not include expenses of the underlying funds in which each fund invests. |
12 | 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. See expense example for further information regarding fees and expenses. |
13 | Unaudited. |
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 doller rolls. |
16 | Rates do not include the fund’s portfolio activity with respect to any Central Funds, if applicable. |
17 | Amount is either less than 1% or there is no turnover. |
See notes to financial statements.
American Funds Insurance Series | 359 |
Report of Independent Registered Public Accounting Firm
To the Board of Trustees of American Funds Insurance Series and Shareholders of Global Growth Fund, Global Small Capitalization Fund, Growth Fund, International Fund, New World Fund®, Washington Mutual Investors FundSM, Capital World Growth and Income Fund®, Growth-Income Fund, International Growth and Income Fund, Capital Income Builder®, Asset Allocation Fund, Global Balanced Fund, The Bond Fund of America®, Capital World Bond Fund®, American High-Income Trust®, American Funds Mortgage Fund®, Ultra-Short Bond Fund, U.S. Government Securities Fund®, Managed Risk Growth Fund, Managed Risk International Fund, Managed Risk Washington Mutual Investors Fund, Managed Risk Growth-Income Fund and Managed Risk Asset Allocation Fund
Opinions on the Financial Statements
We have audited the accompanying statements of assets and liabilities, including the investment portfolios, of Global Growth Fund, Global Small Capitalization Fund, Growth Fund, International Fund, New World Fund®, Washington Mutual Investors FundSM (formerly Blue Chip Income and Growth Fund), Capital World Growth and Income Fund® (formerly Global Growth and Income Fund), Growth-Income Fund, International Growth and Income Fund, Capital Income Builder®, Asset Allocation Fund, Global Balanced Fund, The Bond Fund of America® (formerly Bond Fund), Capital World Bond Fund®, American High Income Trust® (formerly High-Income Bond Fund), American Funds Mortgage Fund®, Ultra-Short Bond Fund, U.S. Government Securities Fund® (formerly U.S. Government/ AAA-Rated Securities Fund), Managed Risk Growth Fund, Managed Risk International Fund, Managed Risk Washington Mutual Investors Fund (formerly Managed Risk Blue Chip Income and Growth Fund), Managed Risk Growth-Income Fund and Managed Risk Asset Allocation Fund (twenty-three of the funds constituting American Funds Insurance Series, hereafter collectively referred to as the “Funds”) as of December 31, 2021, the related statements of operations for the year ended December 31, 2021, the statements of changes in net assets for each of the two years in the period ended December 31, 2021, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of December 31, 2021, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended December 31, 2021 and each of the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinions
These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2021 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.
/s/PricewaterhouseCoopers LLP
Los Angeles, California
February 14, 2022
We have served as the auditor of one or more investment companies in The Capital Group Companies Investment Company Complex since 1934.
360 | American Funds Insurance Series |
Expense example | unaudited |
The funds in American Funds Insurance Series serve as the underlying investment vehicle for various insurance products. As an owner of an insurance contract that invests in one of the funds in the series, you incur two types of costs: (1) transaction costs, such as initial sales charges on purchase payments and contingent deferred sales charges on redemptions (loads), and (2) ongoing costs, including management fees, distribution and service (12b-1) fees, and other expenses. Additional fees are charged by the insurance companies related to the various benefits they provide. This example is intended to help you understand your ongoing costs (in dollars) of investing in the underlying funds so you can compare these costs with the ongoing costs of investing in other mutual funds that serve a similar function in other annuity products. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire six-month period (July 1, 2021, through December 31, 2021).
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 | 361 |
Expense example (continued)
Beginning account value 7/1/2021 | Ending account value 12/31/2021 | Expenses paid during period1 | Annualized expense ratio | |||||||||||||
Global Growth Fund | ||||||||||||||||
Class 1 – actual return | $ | 1,000.00 | $ | 1,044.35 | $ | 2.78 | .54 | % | ||||||||
Class 1 – assumed 5% return | 1,000.00 | 1,022.48 | 2.75 | .54 | ||||||||||||
Class 1A – actual return | 1,000.00 | 1,043.30 | 4.07 | .79 | ||||||||||||
Class 1A – assumed 5% return | 1,000.00 | 1,021.22 | 4.02 | .79 | ||||||||||||
Class 2 – actual return | 1,000.00 | 1,043.19 | 4.07 | .79 | ||||||||||||
Class 2 – assumed 5% return | 1,000.00 | 1,021.22 | 4.02 | .79 | ||||||||||||
Class 4 – actual return | 1,000.00 | 1,041.82 | 5.35 | 1.04 | ||||||||||||
Class 4 – assumed 5% return | 1,000.00 | 1,019.96 | 5.30 | 1.04 | ||||||||||||
Global Small Capitalization Fund | ||||||||||||||||
Class 1 – actual return | $ | 1,000.00 | $ | 964.99 | $ | 3.67 | .74 | % | ||||||||
Class 1 – assumed 5% return | 1,000.00 | 1,021.48 | 3.77 | .74 | ||||||||||||
Class 1A – actual return | 1,000.00 | 963.92 | 4.90 | .99 | ||||||||||||
Class 1A – assumed 5% return | 1,000.00 | 1,020.21 | 5.04 | .99 | ||||||||||||
Class 2 – actual return | 1,000.00 | 963.99 | 4.90 | .99 | ||||||||||||
Class 2 – assumed 5% return | 1,000.00 | 1,020.21 | 5.04 | .99 | ||||||||||||
Class 4 – actual return | 1,000.00 | 962.63 | 6.13 | 1.24 | ||||||||||||
Class 4 – assumed 5% return | 1,000.00 | 1,018.95 | 6.31 | 1.24 | ||||||||||||
Growth Fund | ||||||||||||||||
Class 1 – actual return | $ | 1,000.00 | $ | 1,082.01 | $ | 1.78 | .34 | % | ||||||||
Class 1 – assumed 5% return | 1,000.00 | 1,023.49 | 1.73 | .34 | ||||||||||||
Class 1A – actual return | 1,000.00 | 1,080.62 | 3.09 | .59 | ||||||||||||
Class 1A – assumed 5% return | 1,000.00 | 1,022.23 | 3.01 | .59 | ||||||||||||
Class 2 – actual return | 1,000.00 | 1,080.70 | 3.09 | .59 | ||||||||||||
Class 2 – assumed 5% return | 1,000.00 | 1,022.23 | 3.01 | .59 | ||||||||||||
Class 3 – actual return | 1,000.00 | 1,081.17 | 2.73 | .52 | ||||||||||||
Class 3 – assumed 5% return | 1,000.00 | 1,022.58 | 2.65 | .52 | ||||||||||||
Class 4 – actual return | 1,000.00 | 1,079.33 | 4.40 | .84 | ||||||||||||
Class 4 – assumed 5% return | 1,000.00 | 1,020.97 | 4.28 | .84 | ||||||||||||
International Fund | ||||||||||||||||
Class 1 – actual return | $ | 1,000.00 | $ | 943.19 | $ | 2.69 | .55 | % | ||||||||
Class 1 – assumed 5% return | 1,000.00 | 1,022.43 | 2.80 | .55 | ||||||||||||
Class 1A – actual return | 1,000.00 | 941.93 | 3.92 | .80 | ||||||||||||
Class 1A – assumed 5% return | 1,000.00 | 1,021.17 | 4.08 | .80 | ||||||||||||
Class 2 – actual return | 1,000.00 | 941.65 | 3.92 | .80 | ||||||||||||
Class 2 – assumed 5% return | 1,000.00 | 1,021.17 | 4.08 | .80 | ||||||||||||
Class 3 – actual return | 1,000.00 | 942.13 | 3.57 | .73 | ||||||||||||
Class 3 – assumed 5% return | 1,000.00 | 1,021.53 | 3.72 | .73 | ||||||||||||
Class 4 – actual return | 1,000.00 | 940.79 | 5.14 | 1.05 | ||||||||||||
Class 4 – assumed 5% return | 1,000.00 | 1,019.91 | 5.35 | 1.05 | ||||||||||||
New World Fund | ||||||||||||||||
Class 1 – actual return | $ | 1,000.00 | $ | 954.20 | $ | 2.76 | .56 | % | ||||||||
Class 1 – assumed 5% return | 1,000.00 | 1,022.38 | 2.85 | .56 | ||||||||||||
Class 1A – actual return | 1,000.00 | 953.19 | 3.99 | .81 | ||||||||||||
Class 1A – assumed 5% return | 1,000.00 | 1,021.12 | 4.13 | .81 | ||||||||||||
Class 2 – actual return | 1,000.00 | 953.09 | 3.99 | .81 | ||||||||||||
Class 2 – assumed 5% return | 1,000.00 | 1,021.12 | 4.13 | .81 | ||||||||||||
Class 4 – actual return | 1,000.00 | 951.85 | 5.21 | 1.06 | ||||||||||||
Class 4 – assumed 5% return | 1,000.00 | 1,019.86 | 5.40 | 1.06 |
See end of tables for footnotes.
362 | American Funds Insurance Series |
Expense example (continued)
Beginning account value 7/1/2021 | Ending account value 12/31/2021 | Expenses paid during period1 | Annualized expense ratio | |||||||||||||
Washington Mutual Investors Fund | ||||||||||||||||
Class 1 – actual return | $ | 1,000.00 | $ | 1,112.70 | $ | 1.38 | .26 | % | ||||||||
Class 1 – assumed 5% return | 1,000.00 | 1,023.89 | 1.33 | .26 | ||||||||||||
Class 1A – actual return | 1,000.00 | 1,110.45 | 2.71 | .51 | ||||||||||||
Class 1A – assumed 5% return | 1,000.00 | 1,022.63 | 2.60 | .51 | ||||||||||||
Class 2 – actual return | 1,000.00 | 1,110.86 | 2.71 | .51 | ||||||||||||
Class 2 – assumed 5% return | 1,000.00 | 1,022.63 | 2.60 | .51 | ||||||||||||
Class 4 – actual return | 1,000.00 | 1,109.99 | 4.04 | .76 | ||||||||||||
Class 4 – assumed 5% return | 1,000.00 | 1,021.37 | 3.87 | .76 | ||||||||||||
Capital World Growth and Income Fund | ||||||||||||||||
Class 1 – actual return | $ | 1,000.00 | $ | 1,045.13 | $ | 2.06 | .40 | % | ||||||||
Class 1 – assumed 5% return | 1,000.00 | 1,023.19 | 2.04 | .40 | ||||||||||||
Class 1A – actual return | 1,000.00 | 1,043.44 | 3.35 | .65 | ||||||||||||
Class 1A – assumed 5% return | 1,000.00 | 1,021.93 | 3.31 | .65 | ||||||||||||
Class 2 – actual return | 1,000.00 | 1,043.58 | 3.35 | .65 | ||||||||||||
Class 2 – assumed 5% return | 1,000.00 | 1,021.93 | 3.31 | .65 | ||||||||||||
Class 4 – actual return | 1,000.00 | 1,042.28 | 4.63 | .90 | ||||||||||||
Class 4 – assumed 5% return | 1,000.00 | 1,020.67 | 4.58 | .90 | ||||||||||||
Growth-Income Fund | ||||||||||||||||
Class 1 – actual return | $ | 1,000.00 | $ | 1,088.44 | $ | 1.47 | .28 | % | ||||||||
Class 1 – assumed 5% return | 1,000.00 | 1,023.79 | 1.43 | .28 | ||||||||||||
Class 1A – actual return | 1,000.00 | 1,087.17 | 2.79 | .53 | ||||||||||||
Class 1A – assumed 5% return | 1,000.00 | 1,022.53 | 2.70 | .53 | ||||||||||||
Class 2 – actual return | 1,000.00 | 1,087.22 | 2.79 | .53 | ||||||||||||
Class 2 – assumed 5% return | 1,000.00 | 1,022.53 | 2.70 | .53 | ||||||||||||
Class 3 – actual return | 1,000.00 | 1,087.58 | 2.42 | .46 | ||||||||||||
Class 3 – assumed 5% return | 1,000.00 | 1,022.89 | 2.35 | .46 | ||||||||||||
Class 4 – actual return | 1,000.00 | 1,085.90 | 4.10 | .78 | ||||||||||||
Class 4 – assumed 5% return | 1,000.00 | 1,021.27 | 3.97 | .78 | ||||||||||||
International Growth and Income Fund | ||||||||||||||||
Class 1 – actual return | $ | 1,000.00 | $ | 985.45 | $ | 3.40 | .68 | % | ||||||||
Class 1 – assumed 5% return | 1,000.00 | 1,021.78 | 3.47 | .68 | ||||||||||||
Class 1A – actual return | 1,000.00 | 984.18 | 4.65 | .93 | ||||||||||||
Class 1A – assumed 5% return | 1,000.00 | 1,020.52 | 4.74 | .93 | ||||||||||||
Class 2 – actual return | 1,000.00 | 984.50 | 4.65 | .93 | ||||||||||||
Class 2 – assumed 5% return | 1,000.00 | 1,020.52 | 4.74 | .93 | ||||||||||||
Class 4 – actual return | 1,000.00 | 983.27 | 5.90 | 1.18 | ||||||||||||
Class 4 – assumed 5% return | 1,000.00 | 1,019.26 | 6.01 | 1.18 | ||||||||||||
Capital Income Builder | ||||||||||||||||
Class 1 – actual return | $ | 1,000.00 | $ | 1,049.72 | $ | 1.45 | .28 | % | ||||||||
Class 1 – assumed 5% return | 1,000.00 | 1,023.79 | 1.43 | .28 | ||||||||||||
Class 1A – actual return | 1,000.00 | 1,047.66 | 2.74 | .53 | ||||||||||||
Class 1A – assumed 5% return | 1,000.00 | 1,022.53 | 2.70 | .53 | ||||||||||||
Class 2 – actual return | 1,000.00 | 1,047.62 | 2.74 | .53 | ||||||||||||
Class 2 – assumed 5% return | 1,000.00 | 1,022.53 | 2.70 | .53 | ||||||||||||
Class 4 – actual return | 1,000.00 | 1,046.38 | 4.02 | .78 | ||||||||||||
Class 4 – assumed 5% return | 1,000.00 | 1,021.27 | 3.97 | .78 |
See end of tables for footnotes.
American Funds Insurance Series | 363 |
Expense example (continued)
Beginning account value 7/1/2021 | Ending account value 12/31/2021 | Expenses paid during period1 | Annualized expense ratio | |||||||||||||
Asset Allocation Fund | ||||||||||||||||
Class 1 – actual return | $ | 1,000.00 | $ | 1,046.97 | $ | 1.55 | .30 | % | ||||||||
Class 1 – assumed 5% return | 1,000.00 | 1,023.69 | 1.53 | .30 | ||||||||||||
Class 1A – actual return | 1,000.00 | 1,045.67 | 2.84 | .55 | ||||||||||||
Class 1A – assumed 5% return | 1,000.00 | 1,022.43 | 2.80 | .55 | ||||||||||||
Class 2 – actual return | 1,000.00 | 1,045.76 | 2.84 | .55 | ||||||||||||
Class 2 – assumed 5% return | 1,000.00 | 1,022.43 | 2.80 | .55 | ||||||||||||
Class 3 – actual return | 1,000.00 | 1,046.17 | 2.48 | .48 | ||||||||||||
Class 3 – assumed 5% return | 1,000.00 | 1,022.79 | 2.45 | .48 | ||||||||||||
Class 4 – actual return | 1,000.00 | 1,044.27 | 4.12 | .80 | ||||||||||||
Class 4 – assumed 5% return | 1,000.00 | 1,021.17 | 4.08 | .80 | ||||||||||||
Global Balanced Fund | ||||||||||||||||
Class 1 – actual return | $ | 1,000.00 | $ | 1,046.58 | $ | 3.77 | .73 | % | ||||||||
Class 1 – assumed 5% return | 1,000.00 | 1,021.53 | 3.72 | .73 | ||||||||||||
Class 1A – actual return | 1,000.00 | 1,045.80 | 5.05 | .98 | ||||||||||||
Class 1A – assumed 5% return | 1,000.00 | 1,020.27 | 4.99 | .98 | ||||||||||||
Class 2 – actual return | 1,000.00 | 1,045.42 | 5.05 | .98 | ||||||||||||
Class 2 – assumed 5% return | 1,000.00 | 1,020.27 | 4.99 | .98 | ||||||||||||
Class 4 – actual return | 1,000.00 | 1,043.85 | 6.34 | 1.23 | ||||||||||||
Class 4 – assumed 5% return | 1,000.00 | 1,019.00 | 6.26 | 1.23 | ||||||||||||
The Bond Fund of America | ||||||||||||||||
Class 1 – actual return | $ | 1,000.00 | $ | 1,005.34 | $ | 1.01 | .20 | % | ||||||||
Class 1 – assumed 5% return | 1,000.00 | 1,024.20 | 1.02 | .20 | ||||||||||||
Class 1A – actual return | 1,000.00 | 1,004.41 | 2.27 | .45 | ||||||||||||
Class 1A – assumed 5% return | 1,000.00 | 1,022.94 | 2.29 | .45 | ||||||||||||
Class 2 – actual return | 1,000.00 | 1,005.09 | 2.27 | .45 | ||||||||||||
Class 2 – assumed 5% return | 1,000.00 | 1,022.94 | 2.29 | .45 | ||||||||||||
Class 4 – actual return | 1,000.00 | 1,003.44 | 3.53 | .70 | ||||||||||||
Class 4 – assumed 5% return | 1,000.00 | 1,021.68 | 3.57 | .70 | ||||||||||||
Capital World Bond Fund | ||||||||||||||||
Class 1 – actual return | $ | 1,000.00 | $ | 984.22 | $ | 2.50 | .50 | % | ||||||||
Class 1 – assumed 5% return | 1,000.00 | 1,022.68 | 2.55 | .50 | ||||||||||||
Class 1A – actual return | 1,000.00 | 983.09 | 3.75 | .75 | ||||||||||||
Class 1A – assumed 5% return | 1,000.00 | 1,021.42 | 3.82 | .75 | ||||||||||||
Class 2 – actual return | 1,000.00 | 982.87 | 3.75 | .75 | ||||||||||||
Class 2 – assumed 5% return | 1,000.00 | 1,021.42 | 3.82 | .75 | ||||||||||||
Class 4 – actual return | 1,000.00 | 981.73 | 5.00 | 1.00 | ||||||||||||
Class 4 – assumed 5% return | 1,000.00 | 1,020.16 | 5.09 | 1.00 | ||||||||||||
American High-Income Trust | ||||||||||||||||
Class 1 – actual return | $ | 1,000.00 | $ | 1,019.91 | $ | 1.73 | .34 | % | ||||||||
Class 1 – assumed 5% return | 1,000.00 | 1,023.49 | 1.73 | .34 | ||||||||||||
Class 1A – actual return | 1,000.00 | 1,018.15 | 3.00 | .59 | ||||||||||||
Class 1A – assumed 5% return | 1,000.00 | 1,022.23 | 3.01 | .59 | ||||||||||||
Class 2 – actual return | 1,000.00 | 1,018.05 | 3.00 | .59 | ||||||||||||
Class 2 – assumed 5% return | 1,000.00 | 1,022.23 | 3.01 | .59 | ||||||||||||
Class 3 – actual return | 1,000.00 | 1,019.15 | 2.65 | .52 | ||||||||||||
Class 3 – assumed 5% return | 1,000.00 | 1,022.58 | 2.65 | .52 | ||||||||||||
Class 4 – actual return | 1,000.00 | 1,017.92 | 4.27 | .84 | ||||||||||||
Class 4 – assumed 5% return | 1,000.00 | 1,020.97 | 4.28 | .84 |
See end of tables for footnotes.
364 | American Funds Insurance Series |
Expense example (continued)
Beginning account value 7/1/2021 | Ending account value 12/31/2021 | Expenses paid during period1 | Annualized expense ratio | |||||||||||||
American Funds Mortgage Fund | ||||||||||||||||
Class 1 – actual return | $ | 1,000.00 | $ | 1,002.52 | $ | 1.36 | .27 | % | ||||||||
Class 1 – assumed 5% return | 1,000.00 | 1,023.84 | 1.38 | .27 | ||||||||||||
Class 1A – actual return | 1,000.00 | 1,001.31 | 2.62 | .52 | ||||||||||||
Class 1A – assumed 5% return | 1,000.00 | 1,022.58 | 2.65 | .52 | ||||||||||||
Class 2 – actual return | 1,000.00 | 1,001.35 | 2.62 | .52 | ||||||||||||
Class 2 – assumed 5% return | 1,000.00 | 1,022.58 | 2.65 | .52 | ||||||||||||
Class 4 – actual return | 1,000.00 | 999.57 | 3.88 | .77 | ||||||||||||
Class 4 – assumed 5% return | 1,000.00 | 1,021.32 | 3.92 | .77 | ||||||||||||
Ultra-Short Bond Fund | ||||||||||||||||
Class 1 – actual return | $ | 1,000.00 | $ | 998.23 | $ | 1.91 | .38 | % | ||||||||
Class 1 – assumed 5% return | 1,000.00 | 1,023.29 | 1.94 | .38 | ||||||||||||
Class 1A – actual return | 1,000.00 | 999.11 | 1.86 | .37 | ||||||||||||
Class 1A – assumed 5% return | 1,000.00 | 1,023.34 | 1.89 | .37 | ||||||||||||
Class 2 – actual return | 1,000.00 | 997.26 | 3.17 | .63 | ||||||||||||
Class 2 – assumed 5% return | 1,000.00 | 1,022.03 | 3.21 | .63 | ||||||||||||
Class 3 – actual return | 1,000.00 | 998.19 | 2.82 | .56 | ||||||||||||
Class 3 – assumed 5% return | 1,000.00 | 1,022.38 | 2.85 | .56 | ||||||||||||
Class 4 – actual return | 1,000.00 | 996.38 | 4.43 | .88 | ||||||||||||
Class 4 – assumed 5% return | 1,000.00 | 1,020.77 | 4.48 | .88 | ||||||||||||
U.S. Government Securities Fund | ||||||||||||||||
Class 1 – actual return | $ | 1,000.00 | $ | 1,008.77 | $ | 1.16 | .23 | % | ||||||||
Class 1 – assumed 5% return | 1,000.00 | 1,024.05 | 1.17 | .23 | ||||||||||||
Class 1A – actual return | 1,000.00 | 1,007.74 | 2.43 | .48 | ||||||||||||
Class 1A – assumed 5% return | 1,000.00 | 1,022.79 | 2.45 | .48 | ||||||||||||
Class 2 – actual return | 1,000.00 | 1,007.51 | 2.43 | .48 | ||||||||||||
Class 2 – assumed 5% return | 1,000.00 | 1,022.79 | 2.45 | .48 | ||||||||||||
Class 3 – actual return | 1,000.00 | 1,008.04 | 2.08 | .41 | ||||||||||||
Class 3 – assumed 5% return | 1,000.00 | 1,023.14 | 2.09 | .41 | ||||||||||||
Class 4 – actual return | 1,000.00 | 1,007.18 | 3.69 | .73 | ||||||||||||
Class 4 – assumed 5% return | 1,000.00 | 1,021.53 | 3.72 | .73 |
See end of tables for footnotes.
American Funds Insurance Series | 365 |
Expense example (continued)
Beginning account value 7/1/2021 | Ending account value 12/31/2021 | Expenses paid during period1,2 | Annualized expense ratio2 | Effective expenses paid during period3 | Effective annualized expense ratio4 | |||||||||||||||||||
Managed Risk Growth Fund | ||||||||||||||||||||||||
Class P1 – actual return | $ | 1,000.00 | $ | 1,051.28 | $ | 1.86 | .36 | % | $ | 3.57 | .69 | % | ||||||||||||
Class P1 – assumed 5% return | 1,000.00 | 1,023.39 | 1.84 | .36 | 3.52 | .69 | ||||||||||||||||||
Class P2 – actual return | 1,000.00 | 1,049.88 | 3.20 | .62 | 4.91 | .95 | ||||||||||||||||||
Class P2 – assumed 5% return | 1,000.00 | 1,022.08 | 3.16 | .62 | 4.84 | .95 | ||||||||||||||||||
Managed Risk International Fund | ||||||||||||||||||||||||
Class P1 – actual return | $ | 1,000.00 | $ | 935.28 | $ | 1.76 | .36 | % | $ | 4.24 | .87 | % | ||||||||||||
Class P1 – assumed 5% return | 1,000.00 | 1,023.39 | 1.84 | .36 | 4.43 | .87 | ||||||||||||||||||
Class P2 – actual return | 1,000.00 | 934.05 | 3.07 | .63 | 5.56 | 1.14 | ||||||||||||||||||
Class P2 – assumed 5% return | 1,000.00 | 1,022.03 | 3.21 | .63 | 5.80 | 1.14 | ||||||||||||||||||
Managed Risk Washington Mutual Investors Fund | ||||||||||||||||||||||||
Class P1 – actual return | $ | 1,000.00 | $ | 1,076.75 | $ | 1.88 | .36 | % | $ | 4.03 | .77 | % | ||||||||||||
Class P1 – assumed 5% return | 1,000.00 | 1,023.39 | 1.84 | .36 | 3.92 | .77 | ||||||||||||||||||
Class P2 – actual return | 1,000.00 | 1,074.57 | 3.29 | .63 | 5.39 | 1.03 | ||||||||||||||||||
Class P2 – assumed 5% return | 1,000.00 | 1,022.03 | 3.21 | .63 | 5.24 | 1.03 | ||||||||||||||||||
Managed Risk Growth-Income Fund | ||||||||||||||||||||||||
Class P1 – actual return | $ | 1,000.00 | $ | 1,059.70 | $ | 1.87 | .36 | % | $ | 3.43 | .66 | % | ||||||||||||
Class P1 – assumed 5% return | 1,000.00 | 1,023.39 | 1.84 | .36 | 3.36 | .66 | ||||||||||||||||||
Class P2 – actual return | 1,000.00 | 1,057.89 | 3.16 | .61 | 4.72 | .91 | ||||||||||||||||||
Class P2 – assumed 5% return | 1,000.00 | 1,022.13 | 3.11 | .61 | 4.63 | .91 | ||||||||||||||||||
Managed Risk Asset Allocation Fund | ||||||||||||||||||||||||
Class P1 – actual return | $ | 1,000.00 | $ | 1,038.67 | $ | 1.85 | .36 | % | $ | 3.39 | .66 | % | ||||||||||||
Class P1 – assumed 5% return | 1,000.00 | 1,023.39 | 1.84 | .36 | 3.36 | .66 | ||||||||||||||||||
Class P2 – actual return | 1,000.00 | 1,037.31 | 3.13 | .61 | 4.67 | .91 | ||||||||||||||||||
Class P2 – assumed 5% return | 1,000.00 | 1,022.13 | 3.11 | .61 | 4.63 | .91 |
1 | The “expenses paid during period” are equal to the “annualized expense ratio,” multiplied by the average account value over the period, multiplied by the number of days in the period, and divided by 365 (to reflect the one-half year period). |
2 | The “expenses paid during period” and “annualized expense ratio” do not include the expenses of the underlying funds in which each fund invests. |
3 | The “effective expenses paid during period” are equal to the “effective annualized expense ratio,” multiplied by the average account value over the period, multiplied by the number of days in the period, and divided by 365 (to reflect the period). |
4 | The “effective annualized expense ratio” reflects the net annualized expense ratio of the class plus the class’s pro-rata share of the weighted average expense ratio of the underlying funds in which it invests. |
366 | American Funds Insurance Series |
Liquidity Risk Management Program
The series has adopted a liquidity risk management program (the “program”). The series’ board has designated Capital Research and Management Company (“CRMC”) as the administrator of the program. Personnel of CRMC or its affiliates conduct the day-today operation of the program pursuant to policies and procedures administered by the Capital Group Liquidity Risk Management Committee.
Under the program, CRMC manages each fund’s liquidity risk, which is the risk that the fund could not meet shareholder redemption requests without significant dilution of remaining shareholders’ interests in the fund. This risk is managed by monitoring the degree of liquidity of each fund’s investments, limiting the amount of each fund’s illiquid investments, and utilizing various risk management tools and facilities available to each fund for meeting shareholder redemptions, among other means. CRMC’s process of determining the degree of liquidity of each fund’s investments is supported by one or more third-party liquidity assessment vendors.
The series’ board reviewed a report prepared by CRMC regarding the operation and effectiveness of the program for the period October 1, 2020, through September 30, 2021. No significant liquidity events impacting any of the funds were noted in the report. In addition, CRMC provided its assessment that the program had been effective in managing each fund’s liquidity risk.
American Funds Insurance Series | 367 |
Board of trustees and other officers
Independent trustees1
Name and year of birth | Year first elected a trustee of the series2 | Principal occupation(s) during past five years | Number of portfolios in fund complex overseen by trustee | Other directorships3 held by trustee | ||||
Francisco G. Cigarroa, MD 1957 | 2021 | Professor of Surgery, University of Texas Health San Antonio; Trustee, Ford Foundation; Clayton Research Scholar, Clayton Foundation for Biomedical Research | 86 | None | ||||
James G. Ellis, 1947 | 2010 | Former Dean and Professor of Marketing, Marshall School of Business, University of Southern California | 99 | Advanced Merger Partners; EVe Mobility Acquisition Corp (acquisitions of companies in the electric vehicle market); J. G. Boswell (agricultural production); Mercury General Corporation | ||||
Nariman Farvardin, 1956 | 2018 | President, Stevens Institute of Technology | 87 | None | ||||
Mary Davis Holt, 1950 | 2015–2016; 2017 | Principal, Mary Davis Holt Enterprises, LLC (leadership development consulting); former Partner, Flynn Heath Holt Leadership, LLC (leadership consulting); former COO, Time Life Inc. (1993–2003) | 87 | None | ||||
R. Clark Hooper, 1946 | 2010 | Private investor | 91 | None | ||||
Merit E. Janow, 1958 | 2007 | Dean and Professor, Columbia University, School of International and Public Affairs | 93 | Aptiv (autonomous and green vehicle technology); Mastercard Incorporated | ||||
Margaret Spellings, 1957 Chair of the Board (Independent and Non-Executive) | 2010 | President and CEO, Texas 2036; former President, Margaret Spellings & Company (public policy and strategic consulting); former President, The University of North Carolina; former President, George W. Bush Presidential Center | 91 | None | ||||
Alexandra Trower, 1964 | 2018 | Former Executive Vice President, Global Communications and Corporate Officer, The Estée Lauder Companies | 86 | None | ||||
Paul S. Williams, 1959 | 2020 | Former Partner/Managing Director, Major, Lindsey & Africa (executive recruiting firm) | 86 | Air Transport Services Group, Inc. (aircraft leasing and air cargo transportation); Compass Minerals, Inc. (producer of salt and specialty fertilizers); Public Storage, Inc.; Romeo Power, Inc. (manufacturer of batteries for electric vehicles) |
Interested trustees4,5
Name, year of birth and position with series | Year first elected a trustee or officer of the series2 | Principal occupation(s) during past five years and positions held with affiliated entities or the principal underwriter of the series | Number of portfolios in fund complex overseen by trustee | Other directorships3 held by trustee | ||||
Donald D. O’Neal, 1960 Co-President and Trustee | 1998 | Partner — Capital International Investors, Capital Research and Management Company; Partner — Capital International Investors, Capital Bank and Trust Company6 | 35 | None | ||||
Michael C. Gitlin, 1970 | 2019 | Partner — Capital Fixed Income Investors, Capital Research and Management Company; Vice Chairman and Director, Capital Research and Management Company; Director, The Capital Group Companies, Inc.6; served as Head of Fixed Income at a large investment management firm prior to joining Capital Research and Management Company in 2015 | 86 | None |
The series statement of additional information includes further details about the series trustees and is available without charge upon request by calling American Funds Service Company at (800) 421-4225 or by visiting the Capital Group website at capitalgroup.com/afis. The address for all trustees and officers of the series is 333 South Hope Street, Los Angeles, CA 90071. Attention: Secretary.
368 | American Funds Insurance Series |
Other officers5
Name, year of birth and position with series | Year first elected an officer of the series2 | Principal occupation(s) during past five years and positions held with affiliated entities or the principal underwriter of the series | ||
Alan N. Berro, 1960 Co-President | 1998 | Partner – Capital World Investors, Capital Research and Management Company; Partner – Capital World Investors, Capital Bank and Trust Company6; Director, The Capital Group Companies, Inc.6 | ||
Maria Manotok, 1974 Principal Executive Officer | 2012 | Senior Vice President and Senior Counsel – Fund Business Management Group, Capital Research and Management Company; Chair, Senior Vice President, Senior Counsel and Director, Capital International, Inc.6; Senior Vice President and Director, Capital Group International, Inc.6; Director, Capital Group Investment Management Limited6 | ||
Michael W. Stockton, 1967 Executive Vice President | 2021 | Senior Vice President – Fund Business Management Group, Capital Research and Management Company | ||
Martin Jacobs, 1962 Vice President | 2016 | Partner – Capital Research Global Investors, Capital Research and Management Company; Director, The Capital Group Companies, Inc.6 | ||
Carl M. Kawaja, 1964 Vice President | 2008 | Partner – Capital World Investors, Capital Research and Management Company; Partner – Capital World Investors, Capital Bank and Trust Company6; Chairman and Director, Capital Research and Management Company | ||
Sung Lee, 1966 Vice President | 2008 | Partner – Capital Research Global Investors, Capital International, Inc.6; Director, The Capital Group Companies, Inc.6 | ||
Keiko McKibben, 1969 Vice President | 2010 | Partner – Capital Research Global Investors, Capital Research and Management Company | ||
Renaud H. Samyn, 1974 Vice President | 2010 | Partner – Capital Research Global Investors, Capital International, Inc.6 | ||
Steven I. Koszalka, 1964 Secretary | 2003 | Vice President – Fund Business Management Group, Capital Research and Management Company | ||
Gregory F. Niland, 1971 Treasurer | 2008 | Vice President – Investment Operations, Capital Research and Management Company | ||
Susan K. Countess, 1966 Assistant Secretary | 2014 | Associate – Fund Business Management Group, Capital Research and Management Company | ||
Sandra Chuon, 1972 Assistant Treasurer | 2019 | Assistant Vice President – Investment Operations, Capital Research and Management Company | ||
Brian C. Janssen, 1972 Assistant Treasurer | 2015 | Senior Vice President – Investment Operations, Capital Research and Management Company |
1 | The term independent trustee refers to a trustee who is not an “interested person” of the series within the meaning of the Investment Company Act of 1940. |
2 | Trustees and officers of the series serve until their resignation, removal or retirement. |
3 | This includes all directorships/trusteeships (other than those in theAmerican Funds or other funds managed by Capital Research and Management Company or its affiliates) that are held by each trustee as a trustee or director of a public company or a registered investment company. |
4 | The term interested trustee refers to a trustee who is an “interested person” within the meaning of the Investment Company Act of 1940, on the basis of their affiliation with the series investment adviser, Capital Research and Management Company, or affiliated entities (including the series principal underwriter). |
5 | All of the trustees and/or officers listed are officers and/or directors/trustees of one or more of the other funds for which Capital Research and Management Company serves as investment adviser. |
6 | Company affiliated with Capital Research and Management Company. |
American Funds Insurance Series | 369 |
This page intentionally left blank.
370 | American Funds Insurance Series |
This page intentionally left blank.
American Funds Insurance Series | 371 |
This page intentionally left blank.
372 | American Funds Insurance Series |
This page intentionally left blank.
American Funds Insurance Series | 373 |
This page intentionally left blank.
374 | American Funds Insurance Series |
This page intentionally left blank.
American Funds Insurance Series | 375 |
Office of the series
333 South Hope Street
Los Angeles, CA 90071-1406
Investment adviser
Capital Research and Management Company
333 South Hope Street
Los Angeles, CA 90071-1406
Investment subadviser
Milliman Financial Risk Management LLC
(Managed Risk Funds only)
71 South Wacker Drive, 31st Floor
Chicago, IL 60606
Custodian of assets
State Street Bank and Trust Company
One Lincoln Street
Boston, MA 02111
Counsel
Morgan, Lewis & Bockius LLP
One Federal Street
Boston, MA 02110-1726
Independent registered public accounting firm
PricewaterhouseCoopers LLP
601 South Figueroa Street
Los Angeles, CA 90017-3874
376 | American Funds Insurance Series |
Investors should carefully consider investment objectives, risks, charges and expenses. This and other important information is contained in the series prospectuses and summary prospectuses, which can be obtained from your financial professional and should be read carefully before investing. You may also call American Funds Service Company (AFS) at (800) 421-4225 or visit the Capital Group website at capitalgroup.com/afis.
“American Funds Proxy Voting Procedures and Principles” — which describes how we vote proxies relating to portfolio securities — is available on the Capital Group website or upon request by calling AFS. The series files its proxy voting record with the U.S. Securities and Exchange Commission (SEC) for the 12 months ended June 30 by August 31. The proxy voting record is available free of charge on the SEC website at sec.gov and on the Capital Group website.
American Funds Insurance Series files a complete list of its portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form NPORT-P. This filing is available free of charge on the SEC website and our website.
This report is for the information of American Funds Insurance Series investors, but it also may be used as sales literature when preceded or accompanied by the current prospectuses or summary prospectuses for American Funds Insurance Series and the prospectus for the applicable insurance contract, which give details about charges, expenses, investment objectives and operating policies of the series. If used as sales material after March 31, 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 applicable underlying funds in certain rising market conditions.
BLOOMBERG® is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively “Bloomberg”). Bloomberg or Bloomberg’s licensors own all proprietary rights in the Bloomberg Indices. Neither Bloomberg nor Bloomberg’s licensors approves or endorses this material, or guarantees the accuracy or completeness of any information herein, or makes any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith.
MSCI has not approved, reviewed or produced this report, makes no express or implied warranties or representations and is not liable whatsoever for any data in the report. You may not redistribute the MSCI data or use it as a basis for other indices or investment products.
Standard & Poor’s 500 Composite Index is a product of S&P Dow Jones Indices LLC and/or its affiliates and has been licensed for use by Capital Group. Copyright © 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 SystemSM — has resulted in superior outcomes.
Aligned with investor success | ||
We base our decisions on a long-term perspective, which we believe aligns our goals with the interests of our clients. American Funds Insurance Series portfolio managers average 27 years of investment industry experience, including 22 years at our company, reflecting a career commitment to our long-term approach.1 | ||
The Capital System | ||
The Capital System combines individual accountability with teamwork. Funds using The Capital System are divided into portions that are managed independently by investment professionals with diverse backgrounds, ages and investment approaches. An extensive global research effort is the backbone of our system. | ||
American Funds Insurance Series’ superior outcomes | ||
American Funds Insurance Series equity funds have beaten their comparable Lipper indexes in 91% of 10-year periods and 100% of 20-year periods.2 Our fixed income funds have helped investors achieve diversification through attention to correlation between bonds and equities.3 We strive to keep management fees competitive. Over the past 20 years, most funds’ fees have been below industry averages.4 | ||
1 | Portfolio manager experience as of the American Funds Insurance Series prospectus dated May 1, 2021. | |
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, 2020. Periods covered are the shorter of the fund’s lifetime or since the inception date of the comparable Lipper index or average. The comparable Lipper indexes are: Global Funds Index (Global Growth Fund, Capital World Growth and Income Fund), Growth Funds Index (Growth Fund), International Funds Index (International Fund), Emerging Markets Funds Index (New World Fund), Growth & Income Funds Index (Washington Mutual Investors Fund, Growth-Income Fund) and Balanced Funds Index (Asset Allocation Fund). The Lipper Global Small-/Mid-Cap Funds Average was used for Global Small Capitalization Fund. Lipper source: Refinitiv Lipper. There have been periods when the fund has lagged the index. | |
3 | Based on Class 1 share results as of December 31, 2020. 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, 2020, 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.
American Funds Insurance Series®
Annual report |
Portfolios that invest
in global companies
for the long term
American Funds Insurance Series — Portfolio Series, from Capital Group, serves as an underlying investment vehicle for variable annuities and insurance products. For 90 years, Capital has invested with a long-term focus based on thorough research and attention to risk.
American Funds Global Growth PortfolioSM seeks to provide long-term growth of capital.
American Funds Growth and Income PortfolioSM seeks to provide long-term growth of capital while providing current income.
American Funds Managed Risk Growth PortfolioSM seeks to provide long-term growth of capital while seeking to manage volatility and provide downside protection.
American Funds Managed Risk Growth and Income PortfolioSM seeks to provide long-term growth of capital and current income while seeking to manage volatility and provide downside protection.
American Funds Managed Risk Global Allocation PortfolioSM seeks to provide high total return (including income and capital gains) consistent with preservation of capital over the long term while seeking to manage volatility and provide downside protection.
Figures shown are past results and are not predictive of results in 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.
Here are the average annual total returns on a $1,000 investment with all distributions reinvested for periods ended December 31, 2021. Also shown are the estimated gross and net expense ratios as of the series prospectus dated May 1, 2022 (unaudited):
Cumulative total returns | Average annual total returns | Gross | Net | |||||||||||||||||
1 year | 5 years | Lifetime* | expense ratio | expense ratio | ||||||||||||||||
American Funds Global Growth Portfolio, Class 4 | 13.49 | % | 16.42 | % | 11.85 | % | 1.04 | % | 1.04 | % | ||||||||||
American Funds Growth and Income Portfolio, Class 4 | 12.32 | 11.43 | 8.83 | 0.84 | 0.84 | |||||||||||||||
American Funds Managed Risk Growth Portfolio, Class P2 | 11.29 | 11.26 | 8.09 | 1.02 | 0.97 | |||||||||||||||
American Funds Managed Risk Growth and Income Portfolio, Class P2 | 10.93 | 9.05 | 6.39 | 0.98 | 0.93 | |||||||||||||||
American Funds Managed Risk Global Allocation Portfolio, Class P2 | 8.70 | 8.92 | 5.68 | 1.19 | 1.14 |
* | Since May 1, 2015, for all funds. |
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 equal to 0.05% of each fund’s daily net assets for the three managed risk portfolios. Investment results and net expense ratios shown reflect the waiver, without which the results would have been lower and the expenses would have been higher. This waiver will be in effect through at least May 1, 2023, unless modified or terminated by the series board. The waiver may only be modified or terminated with the approval of the series board. Refer to the fund’s most recent prospectus for details.
Investing outside the United States involves risks such as currency fluctuations, periods of illiquidity and price volatility, as more fully described in the funds’ prospectuses. These risks may be heightened in connection with investments in developing countries. Small-company stocks entail additional risks, and they can fluctuate in price more than larger company stocks. The return of principal for bond funds and 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. Lower rated bonds are subject to greater fluctuations in value and risk of loss of income and principal than higher rated bonds. Hedge investments, including exchange-traded futures contracts and exchange-traded put options, may not provide an effective hedge of the underlying securities because changes in the prices of such instruments may not track those of the securities they are intended to hedge. In addition, the managed risk strategy may not effectively protect the funds from market declines and will limit the funds’ participation in market gains. The use of the managed risk strategy could cause the funds’ returns to lag those of the applicable underlying funds in certain rising market conditions. Refer to the funds’ prospectuses and the Risk Factors section of this report for more information on these and other risks associated with investing in the funds.
Investments are not FDIC-insured, nor are they deposits of or guaranteed by a bank or any other entity, so they may lose value.
Contents
1 | Letter to investors | |
4 | The value of a hypothetical $10,000 investment | |
Investment portfolios | ||
8 | American Funds Global Growth Portfolio | |
9 | American Funds Growth and Income Portfolio | |
11 | American Funds Managed Risk Growth Portfolio | |
14 | American Funds Managed Risk Growth and Income Portfolio | |
17 | American Funds Managed Risk Global Allocation Portfolio | |
20 | Financial statements | |
42 | Board of trustees and other officers |
Fellow investors:
We are pleased to present this annual report for American Funds Insurance Series (AFIS) — Portfolio Series, a suite of funds that offers variable annuity investors objective-based portfolios to help meet retirement goals. The investment adviser’s Portfolio Solutions Committee develops the allocation approach and selects the underlying funds in which the fund invests. The members of the Portfolio Solutions Committee, who are jointly and primarily responsible for the portfolio management of the fund, include Alan N. Berro, Michelle J. Black, Samir Mathur, Wesley K. Phoa, John R. Queen, William L. Robbins and Andrew B. Suzman.
Global stocks rallied for the third year in a row, boosted by massive government stimulus measures and pent-up consumer demand. Market optimism was at times tempered by worries about rising inflation, higher interest rates and the spread of coronavirus variants.
U.S. equities surged as the COVID-19 vaccine rollout helped businesses and the economy rebound from lockdowns in 2020. Strong corporate earnings and accommodative fiscal and monetary policies supported markets with relatively low volatility. A $1.9 trillion coronavirus relief package signed in March 2021 included direct payments of up to $1,400 to individuals, an extension of unemployment insurance supplements and an expansion of the child tax credit.
For the fiscal year, Standard & Poor’s 500 Composite Index,1 a market capitalization-weighted index based on the results of approximately 500 widely held common stocks, gained 28.71%. Bloomberg U.S. Aggregate Index,2 which measures investment-grade U.S. bonds (rated BBB/Baa and above3), declined 1.54%.
American Funds Global Growth Portfolio gained 13.49%. By comparison, the MSCI ACWI (All Country World Index),4 a free float-adjusted, market capitalization-weighted index designed to measure the results of more than 40 developed and emerging equity markets, increased 18.54%. The Morningstar U.S. Insurance World Large Stock Category Average,5 a peer fund comparison for the insurance industry that includes portfolios that invest the majority of their assets in the U.S., Europe and Japan (and typically have 20%–60% of assets in the U.S.), climbed 15.40%.
American Funds Growth and Income Portfolio increased 12.32%. The 70%/30% Blended Index6 rose 18.97%. The Morningstar U.S. Insurance 50% to 70% Equity Allocation Category Average,5 a peer fund comparison for the insurance industry that includes funds that seek to provide both income and capital appreciation by investing in multiple asset classes (including stocks, bonds and cash) returned 12.83%.
See page 2 for footnotes.
American Funds Insurance Series – Portfolio Series | 1 |
American Funds Managed Risk Growth Portfolio advanced 11.29%. In comparison, Standard & Poor’s 500 Managed Risk Index — Moderate7 gained 17.71%.
American Funds Managed Risk Growth and Income Portfolio climbed 10.93%, while Standard & Poor’s 500 Managed Risk Index — Moderate7 increased 17.71%.
American Funds Managed Risk Global Allocation Portfolio finished up 8.70%. In comparison, Standard & Poor’s Global LargeMidCap Managed Risk Index —Moderate7 advanced 12.42%.
Historically, stock markets have experienced periods of volatility, and we know these events can be unsettling for shareholders. We strive to construct portfolios we believe will decline less than the market during periods of correction. In line with this idea, American Funds Global Growth Portfolio and American Funds Growth and Income Portfolio are more conservatively positioned than their benchmark indexes. It is also important to emphasize that all the managed risk portfolios employ a specific risk-management overlay. As such, they may lag in a strong market environment but have been designed to buffer the effects of volatility and provide a measure of downside protection — particularly in instances of infrequent large drawdowns.
Thank you for placing your trust in us and for your investment in American Funds Insurance Series — Portfolio Series. Sincerely,
Donald D. O’Neal
Co-President
Alan N. Berro
Co-President
February 17, 2022
The market indexes are unmanaged and, therefore, have no expenses. Investors cannot invest directly in an index.
1 | Source: S&P Dow Jones Indices LLC. |
2 | Source: Bloomberg Index Services Ltd. |
3 | 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. |
4 | MSCI index results reflect dividends net of withholding taxes. Source: MSCI. |
5 | Source: Morningstar, Inc. |
6 | The 70%/30% Blended Index weights the total returns of the S&P 500 and Bloomberg U.S. Aggregate Indexes at the corresponding percentages. The blend is rebalanced monthly. |
7 | Source: S&P Dow Jones Indices LLC. The 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 indices, while maintaining a fixed allocation to the underlying bond index. These indices are generated and published under agreements between Standard & Poor’s Dow Jones Indices and Milliman Financial Risk Management LLC. |
2 | American Funds Insurance Series – Portfolio Series |
Results at a glance
For periods ended December 31, 2021, with all distributions reinvested
Cumulative total returns | Average annual total returns | |||||||||||
1 year | 5 years | Lifetime (since 5/1/15) | ||||||||||
American Funds Global Growth Portfolio (Class 4) | 13.49 | % | 16.42 | % | 11.85 | % | ||||||
MSCI ACWI (All Country World Index)1 | 18.54 | 14.40 | 10.55 | |||||||||
Morningstar U.S. Insurance World Large Stock Category Average2 | 15.40 | 17.88 | 12.46 | |||||||||
American Funds Growth and Income Portfolio (Class 4) | 12.32 | 11.43 | 8.83 | |||||||||
70%/30% S&P 500/Bloomberg Barclays U.S. Aggregate Index3 | 18.97 | 14.10 | 11.68 | |||||||||
Morningstar U.S. Insurance — 50% to 70% Equity Allocation Category Average2 | 12.83 | 10.22 | 7.87 | |||||||||
American Funds Managed Risk Growth Portfolio (Class P2) | 11.29 | 11.26 | 8.09 | |||||||||
Standard & Poor’s 500 Managed Risk Index — Moderate4 | 17.71 | 11.25 | 8.88 | |||||||||
American Funds Managed Risk Growth and Income Portfolio (Class P2) | 10.93 | 9.05 | 6.39 | |||||||||
Standard & Poor’s 500 Managed Risk Index — Moderate4 | 17.71 | 11.25 | 8.88 | |||||||||
American Funds Managed Risk Global Allocation Portfolio (Class P2) | 8.70 | 8.92 | 5.68 | |||||||||
Standard & Poor’s Global LargeMidCap Managed Risk Index — Moderate4 | 12.42 | 9.79 | 6.61 | |||||||||
Standard & Poor’s 500 Composite Index5 | 28.71 | 18.47 | 15.21 | |||||||||
Bloomberg U.S. Aggregate Index6 | –1.54 | 3.57 | 3.01 | |||||||||
Bloomberg Global Aggregate Index7 | –4.71 | 3.36 | 2.52 |
The market indexes shown are unmanaged and, therefore, have no expenses. Investors cannot invest directly in an index.
1 | Source: MSCI. MSCI ACWI is a free float-adjusted market capitalization-weighted index that is designed to measure equity market results in the global developed and emerging markets, consisting of more than 40 developed and emerging market country indexes. Index results reflect dividends net of withholding taxes. |
2 | Source: Morningstar, Inc. |
3 | The 70%/30% Blended Index weights the total returns of the Standard & Poor’s 500 Composite and Bloomberg U.S. Aggregate Indexes at the corresponding percentages. The blend is rebalanced monthly. |
4 | Source: S&P Dow Jones Indices LLC. The 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 indices, while maintaining a fixed allocation to the underlying bond index. These indices are generated and published under agreements between Standard & Poor’s Dow Jones Indices and Milliman Financial Risk Management LLC. |
5 | Source: S&P Dow Jones Indices LLC. Standard & Poor’s 500 Composite Index is a market capitalization-weighted index based on the results of approximately 500 widely held common stocks. |
6 | Source: Bloomberg Index Services Ltd. Bloomberg U.S. Aggregate Index represents the U.S. investment-grade fixed-rate bond market. |
7 | Source: Bloomberg Index Services Ltd. Bloomberg Global Aggregate Index represents the global investment-grade fixed-rate bond market. |
The Portfolio Series features five objective-based portfolios that offer retirement investors a structured approach with broad diversification.
The funds invest in underlying American Funds Insurance Series funds that are aligned to help investors pursue retirement goals such as accumulating assets, planning an income strategy or preserving capital.
The Portfolio Series funds are actively monitored; allocations and funds may change. The managed risk strategy is operated by Milliman Financial Risk Management LLC.
American Funds Insurance Series – Portfolio Series | 3 |
The value of a hypothetical $10,000 investment
(for the year ended December 31, 2021, with all distributions reinvested)
Fund results shown are for past periods and are not predictive of results for future periods. Current and future results may be lower or higher than those shown. Unit prices and returns will vary, so investors may lose money. Investing for short periods makes losses more likely. For current information and month-end results, visit capitalgroup.com/afis. For information about your insurance contract and month-end results, go to the website of the company that issued your contract.
Global Growth Portfolio
Average annual total returns5 based on a $1,000 investment (for the year ended December 31, 2021) | ||||||||||||
1 year | 5 years | Lifetime (since 5/1/15) | ||||||||||
Class 4 shares | 13.49% | 16.42% | 11.85% |
Growth and Income Portfolio
Average annual total returns5 based on a $1,000 investment (for the year ended December 31, 2021) | ||||||||||||
1 year | 5 years | Lifetime (since 5/1/15) | ||||||||||
Class 4 shares | 12.32% | 11.43% | 8.83% |
4 | American Funds Insurance Series – Portfolio Series |
Managed Risk Growth Portfolio
Average annual total returns5 based on a $1,000 investment (for the year ended December 31, 2021) | ||||||||||||
1 year | 5 years | Lifetime (since 5/1/15) | ||||||||||
Class P2 shares | 11.29% | 11.26% | 8.09% |
Managed Risk Growth and Income Portfolio
Average annual total returns5 based on a $1,000 investment (for the year ended December 31, 2021) | ||||||||||||
1 year | 5 years | Lifetime (since 5/1/15) | ||||||||||
Class P2 shares | 10.93% | 9.05% | 6.39% |
Managed Risk Global Allocation Portfolio
Average annual total returns5 based on a $1,000 investment (for the year ended December 31, 2021) | ||||||||||||
1 year | 5 year | Lifetime (since 5/1/15) | ||||||||||
Class P2 shares | 8.70% | 8.92% | 5.68% |
The market indexes shown are unmanaged and, therefore, have no expenses. Investors cannot invest directly in an index.
1 | Results reflect dividends net of withholding taxes. Source: MSCI. |
2 | Source: S&P Dow Jones Indices LLC. |
3 | The 70%/30% Blended Index weights the total returns of the S&P 500 and Bloomberg U.S. Aggregate Indexes at the corresponding percentages. The blend is rebalanced monthly. |
4 | Source: Bloomberg Index Services Ltd. |
5 | 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 equal to 0.05% of the funds’ net assets for the three managed risk portfolios. Investment results shown reflect the waiver, without which the results would have been lower. This waiver will be in effect through at least May 1, 2023, unless modified or terminated by the series board. The waiver may only be modified or terminated with the approval of the series board. Refer to the funds’ most recent prospectuses for details. |
6 | 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. These indexes are generated and published under agreements between Standard & Poor’s Dow Jones Indices and Milliman Financial Risk Management LLC. |
Milliman Financial Risk Management LLC serves as the subadviser with respect to the management of the managed risk strategy for the managed risk funds.
American Funds Insurance Series – Portfolio Series | 5 |
American Funds Global Growth Portfolio | ||
Underlying allocations as of 12/31/21: | ||
30.0% | Global Growth Fund | |
19.9% | Growth Fund | |
15.1% | Global Small Capitalization Fund | |
10.0% | International Fund | |
5.0% | New World Fund | |
20.0% | Capital World Growth and Income Fund |
The fund’s investment objective is to provide long-term growth of capital. The fund will attempt to achieve its investment objective by investing in a mix of American Funds Insurance Series (AFIS) Funds in different combinations and weightings. The underlying AFIS funds will primarily consist of growth funds. The fund may also invest in growth-and-income funds. Through its investments in the underlying funds, the fund will have significant exposure to growth-oriented common stocks.
For the 12 months ended December 31, 2021, the fund’s shares had a return of 13.49%. All the underlying funds, with the exception of International Fund, had positive returns. Growth Fund and Global Growth Fund were the strongest contributors.
American Fund Growth and Income Portfolio | ||
Underlying allocations as of 12/31/21: | ||
10.0% | Growth Fund | |
20.0% | Capital World Growth and Income Fund | |
20.0% | Growth-Income Fund | |
10.0% | Asset Allocation Fund | |
10.0% | Capital Income Builder, Series 1 | |
30.0% | The Bond Fund of America |
The fund’s investment objective is to provide long-term growth of capital while providing current income. The fund will attempt to achieve its investment objective by investing in a mix of AFIS funds in different combinations and weightings. The underlying AFIS funds will primarily consist of equity funds in the growth, growth-and-income and equity-income categories. However, the fund may also invest in fixed income funds.
For the 12 months ended December 31, 2021, the fund’s shares had a return of 12.32%. All the underlying funds, with the exception of The Bond Fund of America, had positive returns. Growth Fund and Growth-Income Fund were the strongest contributors.
American Funds Managed Risk Growth Portfolio | ||
Underlying allocations as of 12/31/21: | ||
29.8% | Growth Fund | |
15.0% | Global Growth Fund | |
9.9% | Global Small Capitalization Fund | |
15.0% | Growth-Income Fund | |
5.0% | Washington Mutual Investors Fund | |
20.0% | The Bond Fund of America | |
5.3% | Cash & equivalents in support of managed risk strategy*,† |
The fund’s investment objective is to provide long-term growth of capital while seeking to manage volatility and provide downside protection. The fund will attempt to achieve its investment objective by investing in a mix of AFIS funds in different combinations and weightings, while seeking to manage portfolio volatility and provide downside protection primarily through the use of exchange-traded futures contracts. The underlying AFIS funds will primarily consist of growth funds. The fund may also invest in growth-and-income and fixed income funds.
For the 12 months ended December 31, 2021, the fund’s shares had a return of 11.29%. All the underlying funds, with the exception of The Bond Fund of America, had positive returns. Growth Fund and Growth-Income Fund were the strongest contributors.
See page 7 for footnotes.
6 | American Funds Insurance Series – Portfolio Series |
American Funds Managed Risk Growth and Income Portfolio | ||
Underlying allocations as of 12/31/21: | ||
10.0% | Growth Fund | |
24.9% | Capital World Growth and Income Fund | |
24.9% | Growth-Income Fund | |
5.0% | Asset Allocation Fund | |
15.0% | Capital Income Builder Fund | |
15.0% | The Bond Fund of America | |
5.2% | Cash & equivalents in support of managed risk strategy*,† |
The fund’s investment objective is to provide long-term growth of capital and current income while seeking to manage volatility and provide downside protection. The fund will attempt to achieve its investment objective by investing in a mix of AFIS funds in different combinations and weightings, while seeking to manage portfolio volatility and provide downside protection primarily through the use of exchange-traded futures contracts. The underlying AFIS funds will primarily consist of equity funds in the growth, growth-and-income and equity-income categories. However, the fund may also invest in fixed income funds.
For the 12 months ended December 31, 2021, the fund’s shares had a return of 10.93%. All the underlying funds, with the exception of The Bond Fund of America, had positive returns. Growth Fund and Growth-Income Fund were the strongest contributors.
American Funds Managed Risk Global Allocation Portfolio | ||
Underlying allocations as of 12/31/21: | ||
25.0% | Global Growth Fund | |
20.0% | Capital World Growth and Income Fund | |
9.9% | Asset Allocation Fund | |
24.9% | Global Balanced Fund | |
15.0% | Capital World Bond Fund | |
5.2% | Cash & equivalents in support of managed risk strategy*,† |
The fund’s investment objective is to provide high total return (including income and capital gains) consistent with preservation of capital over the long term while seeking to manage volatility and provide downside protection. The fund will attempt to achieve its investment objective by investing in a mix of AFIS funds in different combinations and weightings, while seeking to manage portfolio volatility and provide downside protection primarily through the use of exchange-traded futures contracts. The underlying AFIS funds may include growth, growth-and-income, equity-income, balanced, asset allocation and fixed income funds.
For the 12 months ended December 31, 2021, the fund’s shares had a return of 8.70%. All the underlying funds, with the exception of Capital World Bond Fund, had positive returns. Global Growth Fund and Asset Allocation Fund were the strongest contributors.
The Portfolio Series funds are actively monitored; allocations and funds may change.
* | Cash and equivalents includes short-term securities, accrued income and other assets less liabilities. It also may include investments in money market or similar funds managed by the investment adviser or its affiliates that are not offered to the public. |
† | The managed risk strategy is operated by Milliman Financial Risk Management LLC. Futures contracts may not provide an effective hedge of the underlying securities because changes in the prices of futures contracts may not track those of the securities they are intended to hedge. In addition, the managed risk strategy may not effectively protect the fund from market declines and will limit the fund’s participation in market gains. The use of the managed risk strategy could cause the fund’s return to lag that of the underlying funds in certain rising market conditions. |
Allocations may not achieve fund objectives. The portfolios’ risks are directly related to the risks of the underlying funds. Underlying fund allocations are as of December 2021.Allocation percentages and underlying funds are subject to the Portfolio Solutions Committee’s discretion and will evolve over time. Underlying funds may be added or removed during the year.
American Funds Insurance Series – Portfolio Series | 7 |
American Funds Global Growth Portfolio
Investment portfolio December 31, 2021
Growth funds 80.03% | Shares | Value (000) | ||||||
American Funds Insurance Series - Global Growth Fund, Class 1 | 553,986 | $ | 25,184 | |||||
American Funds Insurance Series - Growth Fund, Class 1 | 131,224 | 16,742 | ||||||
American Funds Insurance Series - Global Small Capitalization Fund, Class 11 | 371,086 | 12,680 | ||||||
American Funds Insurance Series - International Fund, Class 1 | 371,703 | 8,437 | ||||||
American Funds Insurance Series - New World Fund, Class 1 | 132,488 | 4,217 | ||||||
Total growth funds (cost: $51,881,000) | 67,260 | |||||||
Growth-and-income funds 20.05% | ||||||||
American Funds Insurance Series - Capital World Growth and Income Fund, Class 1 | 914,926 | 16,853 | ||||||
Total growth-and-income funds (cost: $12,756,000) | 16,853 | |||||||
Total investment securities 100.08% (cost: $64,637,000) | 84,113 | |||||||
Other assets less liabilities (0.08)% | (69 | ) | ||||||
Net assets 100.00% | $ | 84,044 |
Investments in affiliates2
Value of affiliates at 1/1/2021 (000) | Additions (000) | Reductions (000) | Net realized gain (loss) (000) | Net unrealized appreciation (depreciation) (000) | Value of affiliates at 12/31/2021 (000) | Dividend income (000) | Capital gain distributions received (000) | |||||||||||||||||||||||||
Growth funds 80.03% | ||||||||||||||||||||||||||||||||
American Funds Insurance Series - Global Growth Fund, Class 1 | $ | 21,216 | $ | 3,865 | $ | 2,228 | $ | 36 | $ | 2,295 | $ | 25,184 | $ | 143 | $ | 1,168 | ||||||||||||||||
American Funds Insurance Series - Growth Fund, Class 1 | 7,086 | 11,169 | 2,011 | (45 | ) | 543 | 16,742 | 74 | 2,070 | |||||||||||||||||||||||
American Funds Insurance Series - Global Small Capitalization Fund, Class 11 | 7,053 | 6,490 | 1,102 | 61 | 178 | 12,680 | — | 263 | ||||||||||||||||||||||||
American Funds Insurance Series - International Fund, Class 1 | — | 9,497 | 444 | 1 | (617 | ) | 8,437 | 232 | — | |||||||||||||||||||||||
American Funds Insurance Series - New World Fund, Class 1 | 14,201 | 1,834 | 12,638 | 3,456 | (2,636 | ) | 4,217 | 45 | 126 | |||||||||||||||||||||||
67,260 | ||||||||||||||||||||||||||||||||
Growth-and-income funds 20.05% | ||||||||||||||||||||||||||||||||
American Funds Insurance Series - Capital World Growth and Income Fund, Class 13 | 21,175 | 3,652 | 10,126 | 1,111 | 1,041 | 16,853 | 301 | 349 | ||||||||||||||||||||||||
Total 100.08% | $ | 4,620 | $ | 804 | $ | 84,113 | $ | 795 | $ | 3,976 |
1 | Fund did not produce income during the last 12 months. |
2 | Part of the same “group of investment companies” as the fund as defined under the Investment Company Act of 1940, as amended. |
3 | This fund changed its name during the reporting period. |
See notes to financial statements.
8 | American Funds Insurance Series – Portfolio Series |
American Funds Growth and Income Portfolio
Investment portfolio December 31, 2021
Growth funds 9.99% | Shares | Value (000) | ||||||
American Funds Insurance Series - Growth Fund, Class 1 | 295,068 | $ | 37,645 | |||||
Total growth funds (cost: $21,910,000) | 37,645 | |||||||
Growth-and-income funds 40.01% | ||||||||
American Funds Insurance Series - Capital World Growth and Income Fund, Class 1 | 4,091,257 | 75,361 | ||||||
American Funds Insurance Series - Growth-Income Fund, Class 1 | 1,118,731 | 75,346 | ||||||
Total growth-and-income funds (cost: $119,177,000) | 150,707 | |||||||
Asset allocation funds 9.99% | ||||||||
American Funds Insurance Series - Asset Allocation Fund, Class 1 | 1,294,588 | 37,647 | ||||||
Total asset allocation funds (cost: $37,387,000) | 37,647 | |||||||
Equity-income funds 10.03% | ||||||||
American Funds Insurance Series - Capital Income Builder, Series 1 | 3,106,008 | 37,800 | ||||||
Total equity-income funds (cost: $30,438,000) | 37,800 | |||||||
Fixed income funds 30.06% | ||||||||
American Funds Insurance Series - The Bond Fund of America, Class 1 | 10,099,842 | 113,219 | ||||||
Total fixed income funds (cost: $114,265,000) | 113,219 | |||||||
Total investment securities 100.08% (cost: $323,177,000) | 377,018 | |||||||
Other assets less liabilities (0.08)% | (304 | ) | ||||||
Net assets 100.00% | $ | 376,714 |
American Funds Insurance Series – Portfolio Series | 9 |
American Funds Growth and Income Portfolio (continued)
Investments in affiliates1
Value of affiliates at 1/1/2021 (000) | Additions (000) | Reductions (000) | Net realized gain (loss) (000) | Net unrealized (depreciation) appreciation (000) | Value of affiliates at 12/31/2021 (000) | Dividend income (000) | Capital gain distributions received (000) | |||||||||||||||||||||||||
Growth funds 9.99% | ||||||||||||||||||||||||||||||||
American Funds Insurance Series - Growth Fund, Class 1 | $ | 47,994 | $ | 10,263 | $ | 24,381 | $ | 7,855 | $ | (4,086 | ) | $ | 37,645 | $ | 160 | $ | 4,399 | |||||||||||||||
Growth-and-income funds 40.01% | ||||||||||||||||||||||||||||||||
American Funds Insurance Series - Capital World Growth and Income Fund, Class 12 | 32,134 | 41,558 | 2,260 | 117 | 3,812 | 75,361 | 1,316 | 1,476 | ||||||||||||||||||||||||
American Funds Insurance Series - Growth-Income Fund, Class 1 | 63,229 | 4,155 | 5,308 | 467 | 12,803 | 75,346 | 937 | 657 | ||||||||||||||||||||||||
150,707 | ||||||||||||||||||||||||||||||||
Asset allocation funds 9.99% | ||||||||||||||||||||||||||||||||
American Funds Insurance Series - Asset Allocation Fund, Class 1 | — | 37,460 | 70 | (2 | ) | 259 | 37,647 | 623 | 1,104 | |||||||||||||||||||||||
Equity-income funds 10.03% | ||||||||||||||||||||||||||||||||
American Funds Insurance Series - Capital Income Builder, Series 1 | 77,836 | 5,523 | 53,605 | 7,316 | 730 | 37,800 | 1,307 | — | ||||||||||||||||||||||||
Fixed income funds 30.06% | ||||||||||||||||||||||||||||||||
American Funds Insurance Series - The Bond Fund of America, Class 12 | 61,459 | 60,964 | 3,749 | (53 | ) | (5,402 | ) | 113,219 | 1,793 | 4,115 | ||||||||||||||||||||||
American Funds Insurance Series - Capital World Bond Fund, Class 13 | 30,327 | 4,040 | 33,662 | 1,979 | (2,684 | ) | — | — | — | |||||||||||||||||||||||
113,219 | ||||||||||||||||||||||||||||||||
Total 100.08% | $ | 17,679 | $ | 5,432 | $ | 377,018 | $ | 6,136 | $ | 11,751 |
1 | Part of the same “group of investment companies” as the fund as defined under the Investment Company Act of 1940, as amended. |
2 | This fund changed its name during the reporting period. |
3 | Affiliated issuer during the reporting period but no longer held at 12/31/2021. |
See notes to financial statements.
10 | American Funds Insurance Series – Portfolio Series |
American Funds Managed Risk Growth Portfolio
Investment portfolio December 31, 2021
Growth funds 54.75% | Shares | Value (000) | ||||||
American Funds Insurance Series – Growth Fund, Class 1 | 4,663,515 | $ | 594,971 | |||||
American Funds Insurance Series – Global Growth Fund, Class 1 | 6,564,673 | 298,430 | ||||||
American Funds Insurance Series – Global Small Capitalization Fund, Class 11 | 5,804,032 | 198,324 | ||||||
Total growth funds (cost: $922,386,000) | 1,091,725 | |||||||
Growth-and-income funds 19.98% | ||||||||
American Funds Insurance Series – Growth-Income Fund, Class 1 | 4,431,032 | 298,430 | ||||||
American Funds Insurance Series – Washington Mutual Investors Fund, Class 1 | 5,533,791 | 100,106 | ||||||
Total growth-and-income funds (cost: $287,773,000) | 398,536 | |||||||
Fixed income funds 19.98% | ||||||||
American Funds Insurance Series – The Bond Fund of America, Class 1 | 35,551,856 | 398,536 | ||||||
Total fixed income funds (cost: $414,632,000) | 398,536 | |||||||
Short-term securities 4.77% | ||||||||
State Street Institutional U.S. Government Money Market Fund, Premier Class 0.03%2 | 95,093,968 | 95,094 | ||||||
Total short-term securities (cost: $95,094,000) | 95,094 | |||||||
Options purchased 0.35% | ||||||||
Options purchased* | 6,925 | |||||||
Total options purchased (cost: $11,126,000) | 6,925 | |||||||
Total investment securities 99.83% (cost: $1,731,011,000) | 1,990,816 | |||||||
Other assets less liabilities 0.17% | 3,329 | |||||||
Net assets 100.00% | $ | 1,994,145 |
American Funds Insurance Series – Portfolio Series | 11 |
American Funds Managed Risk Growth Portfolio (continued)
*Options purchased
Put
Notional | Value at | |||||||||||||||
Number of | amount | Exercise | Expiration | 12/31/2021 | ||||||||||||
Description | contracts | (000) | price | date | (000) | |||||||||||
S&P 500 Index | 3 | $ | 1,430 | $ | 2,775.00 | 3/18/2022 | $ | 1 | ||||||||
S&P 500 Index | 127 | 60,531 | 2,800.00 | 3/18/2022 | 50 | |||||||||||
S&P 500 Index | 47 | 22,401 | 2,825.00 | 3/18/2022 | 19 | |||||||||||
S&P 500 Index | 50 | 23,831 | 2,850.00 | 3/18/2022 | 21 | |||||||||||
S&P 500 Index | 69 | 32,887 | 2,875.00 | 3/18/2022 | 30 | |||||||||||
S&P 500 Index | 66 | 31,457 | 2,925.00 | 3/18/2022 | 31 | |||||||||||
S&P 500 Index | 75 | 35,746 | 2,975.00 | 3/18/2022 | 38 | |||||||||||
S&P 500 Index | 44 | 20,971 | 3,050.00 | 3/18/2022 | 24 | |||||||||||
S&P 500 Index | 10 | 4,766 | 2,750.00 | 6/17/2022 | 15 | |||||||||||
S&P 500 Index | 86 | 40,989 | 2,800.00 | 6/17/2022 | 132 | |||||||||||
S&P 500 Index | 75 | 35,746 | 2,900.00 | 6/17/2022 | 131 | |||||||||||
S&P 500 Index | 320 | 152,518 | 2,925.00 | 6/17/2022 | 574 | |||||||||||
S&P 500 Index | 31 | 14,775 | 3,000.00 | 6/17/2022 | 62 | |||||||||||
S&P 500 Index | 10 | 4,766 | 3,050.00 | 6/17/2022 | 21 | |||||||||||
S&P 500 Index | 60 | 28,597 | 3,075.00 | 6/17/2022 | 129 | |||||||||||
S&P 500 Index | 2,554 | 1,217,282 | 3,100.00 | 6/17/2022 | 5,647 | |||||||||||
$ | 6,925 |
Futures contracts
Value and | |||||||||||||||
unrealized | |||||||||||||||
(depreciation) | |||||||||||||||
Notional | appreciation | ||||||||||||||
Number of | amount | at 12/31/2021 | |||||||||||||
Contracts | Type | contracts | Expiration | (000) | (000) | ||||||||||
5 Year U.S. Treasury Note Futures | Long | 1,585 | March 2022 | $ | 191,748 | $ | (84 | ) | |||||||
S&P 500 E-mini Index Contracts | Long | 47 | March 2022 | 11,182 | (38 | ) | |||||||||
Japanese Yen Currency Contracts | Short | 9 | March 2022 | (979 | ) | 8 | |||||||||
British Pound Currency Contracts | Short | 22 | March 2022 | (1,860 | ) | (36 | ) | ||||||||
Nikkei 225 Index Contracts | Short | 8 | March 2022 | (2,002 | ) | (18 | ) | ||||||||
FTSE 100 Index Contracts | Short | 23 | March 2022 | (2,280 | ) | (40 | ) | ||||||||
Russell 2000 Mini Index Contracts | Short | 27 | March 2022 | (3,028 | ) | (103 | ) | ||||||||
S&P Mid 400 E-mini Index Contracts | Short | 14 | March 2022 | (3,973 | ) | (140 | ) | ||||||||
Mini MSCI Emerging Market Index Contracts | Short | 80 | March 2022 | (4,905 | ) | (65 | ) | ||||||||
Euro Currency Contracts | Short | 46 | March 2022 | (6,555 | ) | (56 | ) | ||||||||
Euro Stoxx 50 Index Contracts | Short | 172 | March 2022 | (8,396 | ) | (293 | ) | ||||||||
$ | (865 | ) |
12 | American Funds Insurance Series – Portfolio Series |
American Funds Managed Risk Growth Portfolio (continued)
Investments in affiliates3
Net | ||||||||||||||||||||||||||||||||
Value of | Net | unrealized | Value of | Capital gain | ||||||||||||||||||||||||||||
affiliates at | realized | (depreciation) | affiliates at | Dividend | distributions | |||||||||||||||||||||||||||
1/1/2021 | Additions | Reductions | gain | appreciation | 12/31/2021 | income | received | |||||||||||||||||||||||||
(000) | (000) | (000) | (000) | (000) | (000) | (000) | (000) | |||||||||||||||||||||||||
Growth funds 54.75% | ||||||||||||||||||||||||||||||||
American Funds Insurance Series - Growth Fund, Class 1 | $ | 438,852 | $ | 272,509 | $ | 151,409 | $ | 65,282 | $ | (30,263 | ) | $ | 594,971 | $ | 2,637 | $ | 71,785 | |||||||||||||||
American Funds Insurance Series - Global Growth Fund, Class 1 | — | 319,650 | 27,622 | 354 | 6,048 | 298,430 | 1,679 | 13,521 | ||||||||||||||||||||||||
American Funds Insurance Series - Global Small Capitalization Fund, Class 11 | 175,207 | 66,443 | 52,500 | 18,586 | (9,412 | ) | 198,324 | — | 4,025 | |||||||||||||||||||||||
American Funds Insurance Series - International Fund, Class 14 | 175,207 | 18,170 | 199,925 | 50,359 | (43,811 | ) | — | — | — | |||||||||||||||||||||||
1,091,725 | ||||||||||||||||||||||||||||||||
Growth-and-income funds 19.98% | ||||||||||||||||||||||||||||||||
American Funds Insurance Series - Growth-Income Fund, Class 1 | 352,083 | 37,425 | 156,777 | 42,709 | 22,990 | 298,430 | 3,835 | 2,689 | ||||||||||||||||||||||||
American Funds Insurance Series - Washington Mutual Investors Fund, Class 15 | 175,207 | 18,059 | 127,543 | 40,004 | (5,621 | ) | 100,106 | 1,577 | — | |||||||||||||||||||||||
398,536 | ||||||||||||||||||||||||||||||||
Fixed income funds 19.98% | ||||||||||||||||||||||||||||||||
American Funds Insurance Series - The Bond Fund of America, Class 15 | 352,083 | 179,862 | 112,052 | 418 | (21,775 | ) | 398,536 | 6,273 | 15,015 | |||||||||||||||||||||||
Total 94.71% | $ | 217,712 | $ | (81,844 | ) | $ | 1,888,797 | $ | 16,001 | $ | 107,035 |
1 | Fund did not produce income during the last 12 months. |
2 | Rate represents the seven-day yield at 12/31/2021. |
3 | Part of the same “group of investment companies” as the fund as defined under the Investment Company Act of 1940, as amended. |
4 | Affiliated issuer during the reporting period but no longer held at 12/31/2021. |
5 | This fund changed its name during the reporting period. |
See notes to financial statements.
American Funds Insurance Series – Portfolio Series | 13 |
American Funds Managed Risk Growth and Income Portfolio
Investment portfolio December 31, 2021
Growth funds 9.96% | Shares | Value (000) | ||||||
American Funds Insurance Series – Growth Fund, Class 1 | 1,197,855 | $ | 152,822 | |||||
Total growth funds (cost: $128,449,000) | 152,822 | |||||||
Growth-and-income funds 49.89% | ||||||||
American Funds Insurance Series – Capital World Growth and Income Fund, Class 1 | 20,780,874 | 382,784 | ||||||
American Funds Insurance Series – Growth-Income Fund, Class 1 | 5,683,499 | 382,784 | ||||||
Total growth-and-income funds (cost: $591,311,000) | 765,568 | |||||||
Asset allocation funds 5.03% | ||||||||
American Funds Insurance Series – Asset Allocation Fund, Class 1 | 2,652,645 | 77,139 | ||||||
Total asset allocation funds (cost: $76,587,000) | 77,139 | |||||||
Equity-income funds 14.98% | ||||||||
American Funds Insurance Series – Capital Income Builder Fund, Class 1 | 18,895,752 | 229,961 | ||||||
Total equity-income funds (cost: $189,175,000) | 229,961 | |||||||
Fixed income funds 14.99% | ||||||||
American Funds Insurance Series – The Bond Fund of America, Class 1 | 20,513,943 | 229,961 | ||||||
Total fixed income funds (cost: $239,041,000) | 229,961 | |||||||
Short-term securities 4.65% | ||||||||
State Street Institutional U.S. Government Money Market Fund, Premier Class 0.03%1 | 69,487,283 | 71,353 | ||||||
Total short-term securities (cost: $71,353,000) | 71,353 | |||||||
Options purchased 0.39% | ||||||||
Options purchased* | 6,036 | |||||||
Total options purchased (cost: $9,678,000) | 6,036 | |||||||
Total investment securities 99.89% (cost: $1,305,594,000) | 1,532,840 | |||||||
Other assets less liabilities 0.11% | 1,705 | |||||||
Net assets 100.00% | $ | 1,534,545 |
14 | American Funds Insurance Series – Portfolio Series |
American Funds Managed Risk Growth and Income Portfolio (continued)
*Options purchased
Put
Notional | Value at | |||||||||||||||
�� | Number of | amount | Exercise | Expiration | 12/31/2021 | |||||||||||
Description | contracts | (000) | price | date | (000) | |||||||||||
S&P 500 Index | 9 | $ | 4,290 | $ | 2,725.00 | 3/18/2022 | $ | 3 | ||||||||
S&P 500 Index | 25 | 11,915 | 2,775.00 | 3/18/2022 | 10 | |||||||||||
S&P 500 Index | 67 | 31,933 | 2,800.00 | 3/18/2022 | 26 | |||||||||||
S&P 500 Index | 22 | 10,486 | 2,825.00 | 3/18/2022 | 9 | |||||||||||
S&P 500 Index | 103 | 49,092 | 2,850.00 | 3/18/2022 | 44 | |||||||||||
S&P 500 Index | 56 | 26,691 | 2,875.00 | 3/18/2022 | 25 | |||||||||||
S&P 500 Index | 55 | 26,214 | 2,925.00 | 3/18/2022 | 26 | |||||||||||
S&P 500 Index | 66 | 31,457 | 2,975.00 | 3/18/2022 | 33 | |||||||||||
S&P 500 Index | 7 | 3,336 | 3,000.00 | 3/18/2022 | 3 | |||||||||||
S&P 500 Index | 4 | 1,907 | 3,025.00 | 3/18/2022 | 2 | |||||||||||
S&P 500 Index | 42 | 20,018 | 3,050.00 | 3/18/2022 | 23 | |||||||||||
S&P 500 Index | 65 | 30,980 | 2,800.00 | 6/17/2022 | 100 | |||||||||||
S&P 500 Index | 80 | 38,129 | 2,925.00 | 6/17/2022 | 144 | |||||||||||
S&P 500 Index | 169 | 80,548 | 2,950.00 | 6/17/2022 | 312 | |||||||||||
S&P 500 Index | 57 | 27,167 | 3,000.00 | 6/17/2022 | 114 | |||||||||||
S&P 500 Index | 15 | 7,149 | 3,050.00 | 6/17/2022 | 31 | |||||||||||
S&P 500 Index | 44 | 20,971 | 3,075.00 | 6/17/2022 | 94 | |||||||||||
S&P 500 Index | 2,278 | 1,085,736 | 3,100.00 | 6/17/2022 | 5,037 | |||||||||||
$ | 6,036 |
Futures contracts
Value and | |||||||||||||||
unrealized | |||||||||||||||
(depreciation) | |||||||||||||||
Notional | appreciation | ||||||||||||||
Number of | amount | at 12/31/2021 | |||||||||||||
Contracts | Type | contracts | Expiration | (000) | (000) | ||||||||||
5 Year U.S. Treasury Note Futures | Long | 1,088 | March 2022 | $ | 131,623 | $ | (143 | ) | |||||||
S&P 500 E-mini Index Contracts | Long | 104 | March 2022 | 24,744 | (87 | ) | |||||||||
Russell 2000 Mini Index Contracts | Short | 5 | March 2022 | (561 | ) | (20 | ) | ||||||||
Japanese Yen Currency Contracts | Short | 10 | March 2022 | (1,087 | ) | 10 | |||||||||
S&P Mid 400 E-mini Index Contracts | Short | 7 | March 2022 | (1,986 | ) | (73 | ) | ||||||||
British Pound Currency Contracts | Short | 24 | March 2022 | (2,030 | ) | (41 | ) | ||||||||
Nikkei 225 Index Contracts | Short | 10 | March 2022 | (2,502 | ) | (24 | ) | ||||||||
FTSE 100 Index Contracts | Short | 28 | March 2022 | (2,776 | ) | (44 | ) | ||||||||
Mini MSCI Emerging Market Index Contracts | Short | 51 | March 2022 | (3,127 | ) | (40 | ) | ||||||||
Euro Currency Contracts | Short | 36 | March 2022 | (5,131 | ) | (46 | ) | ||||||||
Euro Stoxx 50 Index Contracts | Short | 151 | March 2022 | (7,371 | ) | (232 | ) | ||||||||
$ | (740 | ) |
American Funds Insurance Series – Portfolio Series | 15 |
American Funds Managed Risk Growth and Income Portfolio (continued)
Investments in affiliates2
Net | ||||||||||||||||||||||||||||||||
Value of | Net | unrealized | Value of | Capital gain | ||||||||||||||||||||||||||||
affiliates at | realized | (depreciation) | affiliates at | Dividend | distributions | |||||||||||||||||||||||||||
1/1/2021 | Additions | Reductions | gain (loss) | appreciation | 12/31/2021 | income | received | |||||||||||||||||||||||||
(000) | (000) | (000) | (000) | (000) | (000) | (000) | (000) | |||||||||||||||||||||||||
Growth funds 9.96% | ||||||||||||||||||||||||||||||||
American Funds Insurance Series – Growth Fund, Class 1 | $ | 208,784 | $ | 69,094 | $ | 141,810 | $ | 60,389 | $ | (43,635 | ) | $ | 152,822 | $ | 677 | $ | 18,772 | |||||||||||||||
Growth-and-income funds 49.89% | ||||||||||||||||||||||||||||||||
American Funds Insurance Series – Capital World Growth and Income Fund, Class 13 | 278,820 | 126,241 | 52,963 | 9,663 | 21,023 | 382,784 | 6,863 | 7,919 | ||||||||||||||||||||||||
American Funds Insurance Series – Growth-Income Fund, Class 1 | 278,819 | 104,170 | 63,569 | 16,029 | 47,335 | 382,784 | 4,924 | 3,518 | ||||||||||||||||||||||||
765,568 | ||||||||||||||||||||||||||||||||
Asset allocation funds 5.03% | ||||||||||||||||||||||||||||||||
American Funds Insurance Series – Asset Allocation Fund, Class 1 | — | 80,094 | 3,490 | (17 | ) | 552 | 77,139 | 1,304 | 2,385 | |||||||||||||||||||||||
Equity-income funds 14.98% | ||||||||||||||||||||||||||||||||
American Funds Insurance Series – Capital Income Builder Fund, Class 1 | 346,212 | 36,970 | 190,097 | 27,205 | 9,671 | 229,961 | 7,309 | — | ||||||||||||||||||||||||
Fixed income funds 14.99% | ||||||||||||||||||||||||||||||||
American Funds Insurance Series – The Bond Fund of America, Class 13 | 104,392 | 183,338 | 46,705 | (865 | ) | (10,199 | ) | 229,961 | 3,610 | 8,838 | ||||||||||||||||||||||
American Funds Insurance Series – Capital World Bond Fund, Class 14 | 104,392 | 15,187 | 117,101 | 3,522 | (6,000 | ) | — | — | — | |||||||||||||||||||||||
229,961 | ||||||||||||||||||||||||||||||||
Total 94.85% | $ | 115,926 | $ | 18,747 | $ | 1,455,451 | $ | 24,687 | $ | 41,432 |
1 | Rate represents the seven-day yield at 12/31/2021. |
2 | Part of the same “group of investment companies” as the fund as defined under the Investment Company Act of 1940, as amended. |
3 | This fund changed its name during the reporting period. |
4 | Affiliated issuer during the reporting period but no longer held at 12/31/2021. |
See notes to financial statements.
16 | American Funds Insurance Series – Portfolio Series |
American Funds Managed Risk Global Allocation Portfolio
Investment portfolio December 31, 2021
Growth funds 24.92% | Shares | Value (000) | ||||||
American Funds Insurance Series – Global Growth Fund, Class 1 | 2,644,419 | $ | 120,215 | |||||
Total growth funds (cost: $102,537,000) | 120,215 | |||||||
Growth-and-income funds 19.99% | ||||||||
American Funds Insurance Series – Capital World Growth and Income Fund, Class 1 | 5,235,965 | 96,446 | ||||||
Total growth-and-income funds (cost: $72,810,000) | 96,446 | |||||||
Asset allocation funds 9.95% | ||||||||
American Funds Insurance Series – Asset Allocation Fund, Class 1 | 1,650,436 | 47,995 | ||||||
Total asset allocation funds (cost: $39,163,000) | 47,995 | |||||||
Balanced funds 24.92% | ||||||||
American Funds Insurance Series – Global Balanced Fund, Class 1 | 8,161,254 | 120,215 | ||||||
Total balanced funds (cost: $107,189,000) | 120,215 | |||||||
Fixed income funds 14.97% | ||||||||
American Funds Insurance Series – Capital World Bond Fund, Class 1 | 6,125,580 | 72,221 | ||||||
Total fixed income funds (cost: $74,858,000) | 72,221 | |||||||
Short-term securities 4.77% | ||||||||
State Street Institutional U.S. Government Money Market Fund, Premier Class 0.03%1 | 23,014,423 | 23,014 | ||||||
Total short-term securities (cost: $23,014,000) | 23,014 | |||||||
Options purchased 0.36% | ||||||||
Options purchased* | 1,730 | |||||||
Total options purchased (cost: $2,701,000) | 1,730 | |||||||
Total investment securities 99.88% (cost: $422,272,000) | 481,836 | |||||||
Other assets less liabilities 0.12% | 574 | |||||||
Net assets 100.00% | $ | 482,410 |
American Funds Insurance Series – Portfolio Series | 17 |
American Funds Managed Risk Global Allocation Portfolio (continued)
*Options purchased
Put
Notional | Value at | |||||||||||||||
Number of | amount | Exercise | Expiration | 12/31/2021 | ||||||||||||
Description | contracts | (000) | price | date | (000) | |||||||||||
S&P 500 Index | 4 | $ | 1,906 | $ | 2,725.00 | 3/18/2022 | $ | 1 | ||||||||
S&P 500 Index | 8 | 3,813 | 2,775.00 | 3/18/2022 | 3 | |||||||||||
S&P 500 Index | 3 | 1,430 | 2,800.00 | 3/18/2022 | 1 | |||||||||||
S&P 500 Index | 10 | 4,766 | 2,825.00 | 3/18/2022 | 4 | |||||||||||
S&P 500 Index | 22 | 10,486 | 2,850.00 | 3/18/2022 | 9 | |||||||||||
S&P 500 Index | 24 | 11,439 | 2,875.00 | 3/18/2022 | 11 | |||||||||||
S&P 500 Index | 25 | 11,915 | 2,925.00 | 3/18/2022 | 12 | |||||||||||
S&P 500 Index | 13 | 6,196 | 2,975.00 | 3/18/2022 | 7 | |||||||||||
S&P 500 Index | 9 | 4,290 | 3,050.00 | 3/18/2022 | 5 | |||||||||||
S&P 500 Index | 50 | 23,831 | 2,800.00 | 6/17/2022 | 77 | |||||||||||
S&P 500 Index | 15 | 7,149 | 2,900.00 | 6/17/2022 | 26 | |||||||||||
S&P 500 Index | 7 | 3,336 | 2,950.00 | 6/17/2022 | 13 | |||||||||||
S&P 500 Index | 11 | 5,243 | 3,000.00 | 6/17/2022 | 22 | |||||||||||
S&P 500 Index | 5 | 2,383 | 3,050.00 | 6/17/2022 | 10 | |||||||||||
S&P 500 Index | 36 | 17,158 | 3,075.00 | 6/17/2022 | 77 | |||||||||||
S&P 500 Index | 576 | 274,532 | 3,100.00 | 6/17/2022 | 1,274 | |||||||||||
S&P 500 Index | 50 | 23,831 | 2,950.00 | 9/16/2022 | 178 | |||||||||||
$ | 1,730 |
Futures contracts
Value and | |||||||||||||||
unrealized | |||||||||||||||
(depreciation) | |||||||||||||||
Notional | appreciation | ||||||||||||||
Number of | amount | at 12/31/2021 | |||||||||||||
Contracts | Type | contracts | Expiration | (000) | (000) | ||||||||||
5 Year U.S. Treasury Note Futures | Long | 236 | March 2022 | $ | 28,551 | $ | (26 | ) | |||||||
S&P 500 E-mini Index Contracts | Long | 63 | March 2022 | 14,989 | 259 | ||||||||||
British Pound Currency Contracts | Short | 1 | March 2022 | (85 | ) | (1 | ) | ||||||||
Japanese Yen Currency Contracts | Short | 1 | March 2022 | (109 | ) | 1 | |||||||||
Euro Currency Contracts | Short | 2 | March 2022 | (285 | ) | (1 | ) | ||||||||
$ | 232 |
18 | American Funds Insurance Series – Portfolio Series |
American Funds Managed Risk Global Allocation Portfolio (continued)
Investments in affiliates2
Net | ||||||||||||||||||||||||||||||||
Value of | Net | unrealized | Value of | Capital gain | ||||||||||||||||||||||||||||
affiliates at | realized | (depreciation) | affiliates at | Dividend | distributions | |||||||||||||||||||||||||||
1/1/2021 | Additions | Reductions | gain | appreciation | 12/31/2021 | income | received | |||||||||||||||||||||||||
(000) | (000) | (000) | (000) | (000) | (000) | (000) | (000) | |||||||||||||||||||||||||
Growth funds 24.92% | ||||||||||||||||||||||||||||||||
American Funds Insurance Series – Global Growth Fund, Class 1 | $ | 67,483 | $ | 69,440 | $ | 25,019 | $ | 8,927 | $ | (616 | ) | $ | 120,215 | $ | 683 | $ | 5,590 | |||||||||||||||
American Funds Insurance Series – International Fund, Class 13 | 44,846 | 4,271 | 50,778 | 12,484 | (10,823 | ) | — | — | — | |||||||||||||||||||||||
120,215 | ||||||||||||||||||||||||||||||||
Growth-and-income funds 19.99% | ||||||||||||||||||||||||||||||||
American Funds Insurance Series – Capital World Growth and Income Fund, Class 14 | 90,119 | 13,495 | 16,462 | 3,275 | 6,019 | 96,446 | 1,734 | 2,011 | ||||||||||||||||||||||||
Asset allocation funds 9.95% | ||||||||||||||||||||||||||||||||
American Funds Insurance Series – Asset Allocation Fund, Class 1 | 44,846 | 5,980 | 7,083 | 1,261 | 2,991 | 47,995 | 814 | 1,494 | ||||||||||||||||||||||||
Balanced funds 24.92% | ||||||||||||||||||||||||||||||||
American Funds Insurance Series – Global Balanced Fund, Class 1 | 112,329 | 16,965 | 13,446 | 2,591 | 1,776 | 120,215 | 1,434 | 6,281 | ||||||||||||||||||||||||
Fixed income funds 14.97% | ||||||||||||||||||||||||||||||||
American Funds Insurance Series – Capital World Bond Fund, Class 1 | 67,483 | 26,230 | 15,103 | 798 | (7,187 | ) | 72,221 | 1,356 | 1,722 | |||||||||||||||||||||||
Total 94.75% | $ | 29,336 | $ | (7,840 | ) | $ | 457,092 | $ | 6,021 | $ | 17,098 |
1 | Rate represents the seven-day yield at 12/31/2021. |
2 | Part of the same “group of investment companies” as the fund as defined under the Investment Company Act of 1940, as amended. |
3 | Affiliated issuer during the reporting period but no longer held at 12/31/2021. |
4 | This fund changed its name during the reporting period. |
See notes to financial statements.
American Funds Insurance Series – Portfolio Series | 19 |
Financial statements | |
Statements of assets and liabilities at December 31, 2021 | (dollars and shares in thousands, except per-share amounts) |
Global Growth Portfolio | Growth and Income Portfolio | Managed Risk Growth Portfolio | Managed Risk Growth and Income Portfolio | Managed Risk Global Allocation Portfolio | ||||||||||||||||
Assets: | ||||||||||||||||||||
Investment securities, at value: | ||||||||||||||||||||
Unaffiliated issuers | $ | — | $ | — | $ | 102,019 | $ | 77,389 | $ | 24,744 | ||||||||||
Affiliated issuers | 84,113 | 377,018 | 1,888,797 | 1,455,451 | 457,092 | |||||||||||||||
Cash collateral pledged for futures contracts | — | — | 5,139 | 3,141 | 1,046 | |||||||||||||||
Receivables for: | ||||||||||||||||||||
Sales of investments | 4 | 13 | 4,092 | 2,365 | 766 | |||||||||||||||
Sales of fund’s shares | 46 | 725 | — | 112 | — | |||||||||||||||
Dividends and interest | — | — | 2 | 2 | 1 | |||||||||||||||
Variation margin on futures contracts | — | — | 155 | 106 | 17 | |||||||||||||||
84,163 | 377,756 | 2,000,204 | 1,538,566 | 483,666 | ||||||||||||||||
Liabilities: | ||||||||||||||||||||
Payables for: | ||||||||||||||||||||
Purchases of investments | 45 | 724 | 3,511 | 2,270 | 618 | |||||||||||||||
Repurchases of fund’s shares | 5 | 14 | 611 | 212 | 156 | |||||||||||||||
Investment advisory services | — | — | 166 | 127 | 40 | |||||||||||||||
Insurance administrative fees | 52 | 226 | 1,236 | 944 | 295 | |||||||||||||||
Services provided by related parties | 17 | 76 | 406 | 312 | 98 | |||||||||||||||
Trustees’ deferred compensation | — | 2 | 13 | 11 | 4 | |||||||||||||||
Variation margin on futures contracts | — | — | 116 | 145 | 45 | |||||||||||||||
119 | 1,042 | 6,059 | 4,021 | 1,256 | ||||||||||||||||
Net assets at December 31, 2021 | $ | 84,044 | $ | 376,714 | $ | 1,994,145 | $ | 1,534,545 | $ | 482,410 | ||||||||||
Net assets consist of: | ||||||||||||||||||||
Capital paid in on shares of beneficial interest | $ | 55,891 | $ | 292,354 | $ | 1,500,424 | $ | 1,229,979 | $ | 388,554 | ||||||||||
Total distributable earnings | 28,153 | 84,360 | 493,721 | 304,566 | 93,856 | |||||||||||||||
Net assets at December 31, 2021 | $ | 84,044 | $ | 376,714 | $ | 1,994,145 | $ | 1,534,545 | $ | 482,410 | ||||||||||
Investment securities, at cost: | ||||||||||||||||||||
Unaffiliated issuers | $ | — | $ | — | $ | 106,220 | $ | 81,031 | $ | 25,715 | ||||||||||
Affiliated issuers | 64,637 | 323,177 | 1,624,791 | 1,224,563 | 396,557 | |||||||||||||||
Shares of beneficial interest issued and outstanding (no stated par value) — unlimited shares authorized | ||||||||||||||||||||
Class 4: | Net assets | $ | 84,044 | $ | 376,714 | |||||||||||||||
Shares outstanding | 4,847 | 26,097 | Not applicable | Not applicable | Not applicable | |||||||||||||||
Net asset value per share | $ | 17.34 | $ | 14.44 | ||||||||||||||||
Class P2: | Net assets | $ | 1,994,145 | $ | 1,534,545 | $ | 482,410 | |||||||||||||
Shares outstanding | Not applicable | Not applicable | 144,452 | 120,802 | 38,008 | |||||||||||||||
Net asset value per share | $ | 13.80 | $ | 12.70 | $ | 12.69 |
See notes to financial statements.
20 | American Funds Insurance Series – Portfolio Series |
Financial statements (continued) | |
Statements of operations for the year ended December 31, 2021 | (dollars in thousands) |
Global Growth Portfolio | Growth and Income Portfolio | Managed Risk Growth Portfolio | Managed Risk Growth and Income Portfolio | Managed Risk Global Allocation Portfolio | ||||||||||||||||
Investment income: | ||||||||||||||||||||
Income: | ||||||||||||||||||||
Dividends: | ||||||||||||||||||||
Unaffiliated issuers | $ | — | $ | — | $ | 24 | $ | 19 | $ | 6 | ||||||||||
Affiliated issuers | 795 | 6,136 | 16,001 | 24,687 | 6,021 | |||||||||||||||
795 | 6,136 | 16,025 | 24,706 | 6,027 | ||||||||||||||||
Fees and expenses: | ||||||||||||||||||||
Investment advisory services | — | — | 2,842 | 2,199 | 695 | |||||||||||||||
Distribution services | 199 | 855 | 4,737 | 3,665 | 1,158 | |||||||||||||||
Insurance administrative services | 199 | 855 | 4,737 | 3,665 | 1,158 | |||||||||||||||
Transfer agent services | — | * | — | * | — | * | — | * | — | * | ||||||||||
Accounting and administrative services | — | — | 108 | 89 | 68 | |||||||||||||||
Reports to shareholders | 4 | 19 | 21 | 17 | 7 | |||||||||||||||
Registration statement and prospectus | 3 | 11 | 33 | 24 | 8 | |||||||||||||||
Trustees’ compensation | — | * | 2 | 8 | 6 | 2 | ||||||||||||||
Auditing and legal | 4 | 15 | 32 | 26 | 12 | |||||||||||||||
Custodian | 5 | 16 | 7 | 7 | 6 | |||||||||||||||
Other | — | * | — | * | 1 | 1 | — | * | ||||||||||||
Total fees and expenses before waivers/reimbursement | 414 | 1,773 | 12,526 | 9,699 | 3,114 | |||||||||||||||
Less waivers/reimbursement of fees and expenses: | ||||||||||||||||||||
Investment advisory services waivers | — | — | 961 | 744 | 235 | |||||||||||||||
Miscellaneous fee reimbursement | — | — | — | — | 1 | |||||||||||||||
Total waivers/reimbursement of fees and expenses | — | — | 961 | 744 | 236 | |||||||||||||||
Total fees and expenses after waivers/reimbursement | 414 | 1,773 | 11,565 | 8,955 | 2,878 | |||||||||||||||
Net investment income | 381 | 4,363 | 4,460 | 15,751 | 3,149 | |||||||||||||||
Net realized gain and unrealized appreciation (depreciation): | ||||||||||||||||||||
Net realized gain (loss) on: | ||||||||||||||||||||
Investments in: | ||||||||||||||||||||
Unaffiliated issuers | — | — | (6,999 | ) | (6,164 | ) | (1,536 | ) | ||||||||||||
Affiliated issuers | 4,620 | 17,679 | 217,712 | 115,926 | 29,336 | |||||||||||||||
Futures contracts | — | — | (34,915 | ) | (29,919 | ) | (713 | ) | ||||||||||||
Currency transactions | — | — | 30 | 44 | 2 | |||||||||||||||
Capital gain distributions received from affiliated issuers | 3,976 | 11,751 | 107,035 | 41,432 | 17,098 | |||||||||||||||
8,596 | 29,430 | 282,863 | 121,319 | 44,187 | ||||||||||||||||
Net unrealized appreciation (depreciation) on: | ||||||||||||||||||||
Investments in: | ||||||||||||||||||||
Unaffiliated issuers | — | — | (4,201 | ) | (3,642 | ) | (971 | ) | ||||||||||||
Affiliated issuers | 804 | 5,432 | (81,844 | ) | 18,747 | (7,840 | ) | |||||||||||||
Futures contracts | — | — | (1,084 | ) | (917 | ) | 173 | |||||||||||||
804 | 5,432 | (87,129 | ) | 14,188 | (8,638 | ) | ||||||||||||||
Net realized gain and unrealized appreciation (depreciation) | 9,400 | 34,862 | 195,734 | 135,507 | 35,549 | |||||||||||||||
Net increase in net assets resulting from operations | $ | 9,781 | $ | 39,225 | $ | 200,194 | $ | 151,258 | $ | 38,698 |
* | Amount less than one thousand. |
See notes to financial statements.
American Funds Insurance Series – Portfolio Series | 21 |
Financial statements (continued) | |
Statements of changes in net assets | (dollars in thousands) |
Global Growth Portfolio | Growth and Income Portfolio | Managed Risk Growth Portfolio | ||||||||||||||||||||||
Year ended December 31, | Year ended December 31, | Year ended December 31, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||
Operations: | ||||||||||||||||||||||||
Net investment income | $ | 381 | $ | 138 | $ | 4,363 | $ | 4,027 | $ | 4,460 | $ | 9,998 | ||||||||||||
Net realized gain (loss) | 8,596 | 1,366 | 29,430 | 5,637 | 282,863 | (37,829 | ) | |||||||||||||||||
Net unrealized appreciation (depreciation) | 804 | 11,823 | 5,432 | 30,353 | (87,129 | ) | 235,323 | |||||||||||||||||
Net increase in net assets resulting from operations | 9,781 | 13,327 | 39,225 | 40,017 | 200,194 | 207,492 | ||||||||||||||||||
Distributions paid to shareholders | (1,572 | ) | (3,028 | ) | (10,434 | ) | (13,153 | ) | (18,360 | ) | (71,619 | ) | ||||||||||||
Net capital share transactions | 5,159 | 5,993 | 35,193 | 29,152 | 59,229 | 143,315 | ||||||||||||||||||
Total increase in net assets | 13,368 | 16,292 | 63,984 | 56,016 | 241,063 | 279,188 | ||||||||||||||||||
Net assets: | ||||||||||||||||||||||||
Beginning of year | 70,676 | 54,384 | 312,730 | 256,714 | 1,753,082 | 1,473,894 | ||||||||||||||||||
End of year | $ | 84,044 | $ | 70,676 | $ | 376,714 | $ | 312,730 | $ | 1,994,145 | $ | 1,753,082 | ||||||||||||
Managed Risk Growth and Income Portfolio | Managed Risk Global Allocation Portfolio | |||||||||||||||||||||||
Year ended December 31, | Year ended December 31, | |||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||||||||||
Operations: | ||||||||||||||||||||||||
Net investment income | $ | 15,751 | $ | 14,844 | $ | 3,149 | $ | 2,521 | ||||||||||||||||
Net realized gain (loss) | 121,319 | (48,250 | ) | 44,187 | (11,260 | ) | ||||||||||||||||||
Net unrealized appreciation (depreciation) | 14,188 | 101,601 | (8,638 | ) | 32,950 | |||||||||||||||||||
Net increase in net assets resulting from operations | 151,258 | 68,195 | 38,698 | 24,211 | ||||||||||||||||||||
Distributions paid to shareholders | (16,939 | ) | (56,071 | ) | (3,407 | ) | (16,206 | ) | ||||||||||||||||
Net capital share transactions | 10,702 | 89,086 | (949 | ) | 15,678 | |||||||||||||||||||
Total increase in net assets | 145,021 | 101,210 | 34,342 | 23,683 | ||||||||||||||||||||
Net assets: | ||||||||||||||||||||||||
Beginning of year | 1,389,524 | 1,288,314 | 448,068 | 424,385 | ||||||||||||||||||||
End of year | $ | 1,534,545 | $ | 1,389,524 | $ | 482,410 | $ | 448,068 |
See notes to financial statements.
22 | American Funds Insurance Series – Portfolio Series |
Notes to financial statements
1. Organization
American Funds Insurance Series (the “series”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end, diversified management investment company with 34 different funds (the “funds”), including five funds in the series covered in this report. The other 29 funds in the series are covered in separate reports. Twenty-three funds in the series are covered in the American Funds Insurance Series report and six funds in the series are covered in the American Funds Insurance Series — Target Date 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”), three of which are covered in this report.
The managed risk funds covered in this report are Managed Risk Growth Portfolio, Managed Risk Growth and Income Portfolio and Managed Risk Global Allocation Portfolio. 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 in the American Funds Insurance Series – Portfolio Series are as follows:
Global Growth Portfolio — Seeks to provide long-term growth of capital.
Growth and Income Portfolio — Seeks to provide long-term growth of capital while providing current income.
Managed Risk Growth Portfolio — Seeks to provide long-term growth of capital while seeking to manage volatility and provide downside protection.
Managed Risk Growth and Income Portfolio — Seeks to provide long-term growth of capital and current income while seeking to manage volatility and provide downside protection.
Managed Risk Global Allocation Portfolio — Seeks to provide high total return (including income and capital gains) consistent with preservation of capital over the long term while seeking to manage volatility and provide downside protection.
Each fund offers one share class (Class 4 for Global Growth Portfolio and Growth and Income Portfolio, and Class P2 for the three managed risk funds). Share classes have different fees and expenses (“class-specific fees and expenses”), primarily due to different arrangements for certain distribution expenses. Differences in class-specific fees and expenses will result in differences in net investment income and, therefore, the payment of different per-share dividends by each class of each fund.
2. Significant accounting policies
Each fund is an investment company that applies the accounting and reporting guidance issued in Topic 946 by the U.S. Financial Accounting Standards Board. Each fund’s financial statements have been prepared to comply with U.S. generally accepted accounting principles (“U.S. GAAP”). These principles require the series’ investment adviser to make estimates and assumptions that affect reported amounts and disclosures. Actual results could differ from those estimates. Subsequent events, if any, have been evaluated through the date of issuance in the preparation of the financial statements. The funds follow the significant accounting policies described in this section, as well as the valuation policies described in the next section on valuation.
Security transactions and related investment income — Security transactions are recorded by the funds as of the date the trades are executed with brokers. Realized gains and losses from security transactions are determined based on the specific identified cost of the securities. In the event a security is purchased with a delayed payment date, the funds will segregate liquid assets sufficient to meet their payment obligations. Dividend income is recognized on the ex-dividend date and interest income is recognized on an accrual basis.
American Funds Insurance Series – Portfolio Series | 23 |
Fees and expenses — The fees and expenses of the underlying funds are not included in the fees and expenses reported for each of the 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.
Distributions paid to shareholders — Income dividends and capital gain distributions paid to shareholders 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 fund’s statement 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
Security valuation — The net asset value of each share class of each fund is calculated based on the reported net asset values of the underlying funds in which each fund invests. The net asset value of each underlying fund is calculated based on the policies and procedures of the underlying fund contained in each underlying fund’s statement of additional information. The net asset value per share of each fund and each underlying fund 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. 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. 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.
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. 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 each fund’s assets and liabilities into three levels based on the method 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. 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. At December 31, 2021, all of the investment securities held by each fund were classified as Level 1.
4. Risk factors
Investing in the funds may involve certain risks including, but not limited to, those described below.
Allocation risk — Investments in a fund are subject to risks related to the investment adviser’s allocation choices. The selection of the underlying funds and the allocation of a fund’s assets could cause the fund to lose value or its results to lag relevant benchmarks or other funds with similar objectives. Some of the funds may invest in an underlying fixed-income fund that is a non-diversified investment company under the Investment Company Act of 1940. To the extent that any of the funds that invest in the non-diversified investment company invests a larger percentage of its assets in securities of one or more issuers, poor performance by these securities could have a greater adverse impact on that fund’s investment results.
24 | American Funds Insurance Series – Portfolio Series |
Fund structure — Each fund invests in underlying funds and incurs expenses related to the underlying funds. In addition, investors in each fund will incur fees to pay for certain expenses related to the operations of the fund. An investor holding the underlying funds directly and in the same proportions as a fund would incur lower overall expenses but would not receive the benefit of the portfolio management and other services provided by a fund. 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 each fund’s investment adviser did not, nor does it expect to, consider any unaffiliated funds as underlying investment options for each fund. This strategy could raise certain conflicts of interest when choosing underlying investments for each 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 each fund.
Underlying fund risks — Because a fund’s investments consist of underlying funds, a fund’s risks are directly related to the risks of the underlying funds. For this reason, it is important to understand the risks associated with investing both in a fund and the applicable underlying funds.
Market conditions — The prices of, and the income generated by, the securities held by the underlying funds may decline —sometimes rapidly or unpredictably — due to various factors, including events or conditions affecting the general economy or particular industries; overall market changes; local, regional or global political, social or economic instability; governmental, governmental agency or central bank responses to economic conditions; and currency exchange rate, interest rate and commodity price fluctuations.
Economies and financial markets throughout the world are highly interconnected. Economic, financial or political events, trading and tariff arrangements, wars, terrorism, cybersecurity events, natural disasters, public health emergencies (such as the spread of infectious disease) and other circumstances in one country or region, including actions taken by governmental or quasi-governmental authorities in response to any of the foregoing, could have impacts on global economies or markets. As a result, whether or not the underlying funds invest in securities of issuers located in or with significant exposure to the countries affected, the value and liquidity of each 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 the underlying funds 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 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 income-oriented stocks — The value of an underlying fund’s securities and income provided by an underlying 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 underlying fund invests.
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 withholding taxes on interest and dividends. Further, there may be increased risks of delayed settlement of securities purchased or sold by the underlying funds. The risks of investing outside the U.S. may be heightened in connection with investments in emerging markets.
American Funds Insurance Series – Portfolio Series | 25 |
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 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 the underlying 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 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 in debt instruments — The prices of, and the income generated by, bonds and other debt securities held by an underlying 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 the fund. Falling interest rates may cause an issuer to redeem, call or refinance a debt security before its stated maturity, which may result in the 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 the underlying funds’ securities could cause the value of the underlying funds’ 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 an underlying 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 underlying funds’ investment adviser relies on its own credit analysts to research issuers and issues in seeking to assess credit and default risks.
Investing in lower rated debt instruments — Lower rated bonds and other lower rated debt securities generally have higher rates of interest and involve greater risk of default or price declines due to changes in the issuer’s creditworthiness than those of higher quality debt securities. The market prices of these securities may fluctuate more than the prices of higher quality debt securities and may decline significantly in periods of general economic difficulty. These risks may be increased with respect to investments in junk bonds.
Liquidity risk — Certain underlying 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 underlying fund may be unable to sell such holdings when necessary to meet its liquidity needs or may be forced to sell at a loss.
26 | American Funds Insurance Series – Portfolio Series |
Management — The investment adviser to the funds and to the underlying funds actively manages each underlying fund’s investments. Consequently, the underlying 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 an underlying fund to lose value or its 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.
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 the 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, a 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 fund, or to those of unhedged funds in general.
Short positions — A fund may suffer losses from short positions in futures and options 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.
Investing in mortgage-related and other asset-backed securities — Mortgage-related securities, such as mortgage-backed securities, and other asset-backed securities, include debt obligations that represent interests in pools of mortgages or other income-bearing assets, such as consumer loans or receivables. While such securities are subject to the risks associated with investments in debt instruments generally (for example, credit, extension and interest rate risks), they are also subject to other and different risks. Mortgage-backed and other asset-backed securities are subject to changes in the payment patterns of borrowers of the underlying debt, potentially increasing the volatility of the securities and an underlying 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 an underlying fund having to reinvest the proceeds in lower yielding securities, effectively reducing the underlying 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 the underlying fund’s cash available for reinvestment in higher yielding securities. Mortgage-backed securities are also subject to the risk that underlying borrowers will be unable to meet their obligations and the value of property that secures the mortgages may decline in value and be insufficient, upon foreclosure, to repay the associated loans. Investments in asset-backed securities are subject to similar risks.
American Funds Insurance Series – Portfolio Series | 27 |
Investing in future delivery contracts — The underlying funds may enter into contracts, such as to-be-announced contracts and mortgage dollar rolls, that involve the underlying 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 the underlying fund’s market exposure, and the market price of the securities that the underlying fund contracts to repurchase could drop below their purchase price. While the underlying 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 underlying fund may be reduced by engaging in such transactions. In addition, these transactions increase the turnover rate of the underlying 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.
Asset allocation — A certain fund’s percentage allocation to equity securities, debt securities and money market instruments (through its investments in the underlying funds) could cause the fund to underperform relative to relevant benchmarks and other funds with similar investment objectives.
Currency — The prices of, and the income generated by, many debt securities held by the underlying funds 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 an underlying fund’s securities denominated in such currencies would generally fall and vice versa.
Nondiversification risk — As nondiversified funds, the managed risk funds have the ability to invest a larger percentage of their assets in the securities of a smaller number of issuers than a diversified fund. To the extent that the fund’s invest a larger percentage of their assets in securities of one or more issuers, poor performance by these securities could have a greater adverse impact on a managed risk fund’s investment results.
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.
5. Certain investment techniques
Option 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 fund will at times purchase put options on equity indexes in standardized contracts traded on foreign or domestic securities exchanges, boards of trade, or similar entities. By purchasing a put option on an equity index, the fund obtains the right (but not the obligation) to sell the cash value of the index underlying the option at a specified exercise price, and in return for this right, the fund pays the current market price, or the option premium, for the option.
The fund may terminate its position in a put option by allowing the option to expire or by exercising the option. If the option is allowed to expire, the fund will lose the entire premium. If the option is exercised, the fund completes the sale of the underlying instrument (or delivers the cash value of the index underlying the option) at the exercise price. The fund may also terminate a put option position by entering into opposing close-out transactions in advance of the option expiration date.
Premiums paid on options purchased, as well as the daily fluctuation in market value, are included in investment securities from unaffiliated issuers in the fund’s statement of assets and liabilities. Realized gains or losses are recorded at the time the option contract is closed or expires. Net realized gains or losses and net unrealized appreciation or depreciation from options contracts are recorded in investments in unaffiliated issuers in the fund’s statement of operations. The average month-end notional amount of options contracts while held by Managed Risk Growth Portfolio, Managed Risk Growth and Income Portfolio and Managed Risk Global Allocation Portfolio was $1,566,581,000, $1,376,684,000 and $351,322,000, respectively.
28 | American Funds Insurance Series – Portfolio Series |
Futures contracts — The managed risk 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 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, suitable money market instruments, 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. When initial margin is deposited with brokers, a receivable is recorded in each fund’s statement of assets and liabilities.
On a daily basis, each fund pays or receives variation margin based on the increase or decrease in the value of the futures contracts and records variation margin on futures contracts in the statement of assets and liabilities. In addition, each fund segregates liquid assets equivalent to the fund’s outstanding obligations under the contract in excess of the initial margin and variation margin, if any. Futures contracts may involve a risk of loss in excess of the variation margin shown on each fund’s statement of assets and liabilities. Each fund records realized gains or losses at the time the futures contract is closed or expires. Net realized gains or losses and net unrealized appreciation or depreciation from futures contracts are recorded in each fund’s statement of operations. The average month-end notional amount of futures contracts while held by Managed Risk Growth Portfolio, Managed Risk Growth and Income Portfolio and Managed Risk Global Allocation Portfolio was $207,264,000, $129,126,000 and $23,127,000, respectively.
The following tables identify the location and fair value amounts on each fund’s statement of assets and liabilities and the effect on each fund’s statement of operations resulting from the managed risk funds’ use of options purchased and futures contracts as of December 31, 2021 (dollars in thousands):
Managed Risk Growth Portfolio
Assets | Liabilities | |||||||||||||
Contracts | Risk type | Location on statement of assets and liabilities | Value | Location on statement of assets and liabilities | Value | |||||||||
Options purchased | Equity | Investment securities from unaffiliated issuers* | $ | 6,925 | Investment securities from unaffiliated issuers* | $ | — | |||||||
Futures | Currency | Unrealized appreciation† | 8 | Unrealized depreciation† | (92 | ) | ||||||||
Futures | Equity | Unrealized appreciation† | — | Unrealized depreciation† | (697 | ) | ||||||||
Futures | Interest | Unrealized appreciation† | — | Unrealized depreciation† | (84 | ) | ||||||||
$ | 6,933 | $ | (873 | ) | ||||||||||
Net realized (loss) gain | Net unrealized depreciation | |||||||||||||
Contracts | Risk type | Location on statement of operations | Value | Location on statement of operations | Value | |||||||||
Options purchased | Equity | Net realized loss on options purchased contracts | $ | (6,999 | ) | Net unrealized depreciation on options purchased contracts | $ | (4,201 | ) | |||||
Futures | Currency | Net realized gain on futures contracts | 442 | Net unrealized depreciation on futures contracts | (84 | ) | ||||||||
Futures | Equity | Net realized loss on futures contracts | (31,161 | ) | Net unrealized depreciation on futures contracts | (697 | ) | |||||||
Futures | Interest | Net realized loss on futures contracts | (4,196 | ) | Net unrealized depreciation on futures contracts | (303 | ) | |||||||
$ | (41,914 | ) | $ | (5,285 | ) |
See end of tables for footnotes.
American Funds Insurance Series – Portfolio Series | 29 |
Managed Risk Growth and Income Portfolio
Assets | Liabilities | |||||||||||||
Contracts | Risk type | Location on statement of assets and liabilities | Value | Location on statement of assets and liabilities | Value | |||||||||
Options purchased | Equity | Investment securities from unaffiliated issuers* | $ | 6,036 | Investment securities from unaffiliated issuers* | $ | — | |||||||
Futures | Currency | Unrealized appreciation† | 10 | Unrealized depreciation† | (87 | ) | ||||||||
Futures | Equity | Unrealized appreciation† | — | Unrealized depreciation† | (520 | ) | ||||||||
Futures | Interest | Unrealized appreciation† | — | Unrealized depreciation† | (143 | ) | ||||||||
$ | 6,046 | $ | (750 | ) | ||||||||||
Net realized (loss) gain | Net unrealized depreciation | |||||||||||||
Contracts | Risk type | Location on statement of operations | Value | Location on statement of operations | Value | |||||||||
Options purchased | Equity | Net realized loss on options purchased contracts | $ | (6,164 | ) | Net unrealized depreciation on options purchased contracts | $ | (3,642 | ) | |||||
Futures | Currency | Net realized gain on futures contracts | 344 | Net unrealized depreciation on futures contracts | (77 | ) | ||||||||
Futures | Equity | Net realized loss on futures contracts | (26,585 | ) | Net unrealized depreciation on futures contracts | (520 | ) | |||||||
Futures | Interest | Net realized loss on futures contracts | (3,678 | ) | Net unrealized depreciation on futures contracts | (320 | ) | |||||||
$ | (36,083 | ) | $ | (4,559 | ) |
Managed Risk Global Allocation Portfolio
Assets | Liabilities | |||||||||||||
Contracts | Risk type | Location on statement of assets and liabilities | Value | Location on statement of assets and liabilities | Value | |||||||||
Options purchased | Equity | Investment securities from unaffiliated issuers* | $ | 1,730 | Investment securities from unaffiliated issuers* | $ | — | |||||||
Futures | Currency | Unrealized appreciation† | 1 | Unrealized depreciation† | (2 | ) | ||||||||
Futures | Equity | Unrealized appreciation† | 259 | Unrealized depreciation† | — | |||||||||
Futures | Interest | Unrealized appreciation† | — | Unrealized depreciation† | (26 | ) | ||||||||
$ | 1,990 | $ | (28 | ) | ||||||||||
Net realized (loss) gain | Net unrealized (depreciation) appreciation | |||||||||||||
Contracts | Risk type | Location on statement of operations | Value | Location on statement of operations | Value | |||||||||
Options purchased | Equity | Net realized loss on options purchased contracts | $ | (1,536 | ) | Net unrealized depreciation on options purchased contracts | $ | (971 | ) | |||||
Futures | Currency | Net realized gain on futures contracts | 39 | Net unrealized depreciation on futures contracts | (1 | ) | ||||||||
Futures | Equity | Net realized loss on futures contracts | (162 | ) | Net unrealized appreciation on futures contracts | 259 | ||||||||
Futures | Interest | Net realized loss on futures contracts | (590 | ) | Net unrealized depreciation on futures contracts | (85 | ) | |||||||
$ | (2,249 | ) | $ | (798 | ) |
* | Includes options purchased as reported in the fund’s investment portfolio. |
† | Includes cumulative appreciation/depreciation on futures contracts 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. |
30 | American Funds Insurance Series – Portfolio Series |
Collateral — Funds that invest in futures contracts participate in a collateral program. The program calls for each fund to pledge highly liquid assets, such as cash or U.S. government securities, as collateral for initial and variation margin by contract. The purpose of the collateral is to cover potential losses that could occur in the event that either party cannot meet its contractual obligations. Non-cash collateral pledged by the fund, if any, is disclosed in the fund’s investment portfolio, and cash collateral pledged by the 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.
6. Taxation and distributions
Federal income taxation — Each fund complies with the requirements under Subchapter M of the Internal Revenue Code applicable to regulated investment companies and intends to distribute substantially all of its net taxable income and net capital gains each year. The funds are not subject to income taxes to the extent such distributions are made. Therefore, no federal income tax provision is required.
As of and during the year ended December 31, 2021, 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.
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 short-term capital gains and losses and capital losses related to sales of certain securities within 30 days of purchase. The fiscal year in which amounts are distributed may differ from the year in which the net investment income and net realized gains are recorded by the funds for financial reporting purposes.
Additional tax basis disclosures for each fund as of December 31, 2021, were as follows (dollars in thousands):
Global Growth Portfolio | Growth and Income Portfolio | Managed Risk Growth Portfolio | Managed Risk Growth and Income Portfolio | Managed Risk Global Allocation Portfolio | ||||||||||||||||
Undistributed ordinary income | $ | 646 | $ | 5,566 | $ | 10,204 | $ | 15,599 | $ | 4,557 | ||||||||||
Undistributed long-term capital gains | 8,175 | 25,322 | 229,530 | 78,160 | 33,727 | |||||||||||||||
Capital loss carryforward utilized | — | — | 2,582 | 30,175 | 5,903 | |||||||||||||||
Gross unrealized appreciation on investments | 19,952 | 54,721 | 285,151 | 244,324 | 63,913 | |||||||||||||||
Gross unrealized depreciation on investments | (619 | ) | (1,246 | ) | (31,163 | ) | (33,517 | ) | (8,341 | ) | ||||||||||
Net unrealized appreciation on investments | 19,333 | 53,475 | 253,988 | 210,807 | 55,572 | |||||||||||||||
Cost of investments | 64,780 | 323,543 | 1,735,963 | 1,321,293 | 426,496 | |||||||||||||||
Reclassification to total distributable earnings from capital paid in on shares of beneficial interest | 1 | 1 | — | — | — |
American Funds Insurance Series – Portfolio Series | 31 |
Distributions paid by each fund were characterized for tax purposes as follows (dollars in thousands):
Global Growth Portfolio | ||||||||||||||||||||||||
Year ended December 31, 2021 | Year ended December 31, 2020 | |||||||||||||||||||||||
Share class | Ordinary income | Long-term capital gains | Total distributions paid | Ordinary income | Long-term capital gains | Total distributions paid | ||||||||||||||||||
Class 4 | $ | 214 | $ | 1,358 | $ | 1,572 | $ | 528 | $ | 2,500 | $ | 3,028 | ||||||||||||
Growth and Income Portfolio | ||||||||||||||||||||||||
Year ended December 31, 2021 | Year ended December 31, 2020 | |||||||||||||||||||||||
Share class | Ordinary income | Long-term capital gains | Total distributions paid | Ordinary income | Long-term capital gains | Total distributions paid | ||||||||||||||||||
Class 4 | $ | 5,732 | $ | 4,702 | $ | 10,434 | $ | 5,022 | $ | 8,131 | $ | 13,153 | ||||||||||||
Managed Risk Growth Portfolio | ||||||||||||||||||||||||
Year ended December 31, 2021 | Year ended December 31, 2020 | |||||||||||||||||||||||
Share class | Ordinary income | Long-term capital gains | Total distributions paid | Ordinary income | Long-term capital gains | Total distributions paid | ||||||||||||||||||
Class P2 | $ | 18,360 | $ | — | $ | 18,360 | $ | 17,099 | $ | 54,520 | $ | 71,619 | ||||||||||||
Managed Risk Growth and Income Portfolio | ||||||||||||||||||||||||
Year ended December 31, 2021 | Year ended December 31, 2020 | |||||||||||||||||||||||
Share class | Ordinary income | Long-term capital gains | Total distributions paid | Ordinary income | Long-term capital gains | Total distributions paid | ||||||||||||||||||
Class P2 | $ | 16,939 | $ | — | $ | 16,939 | $ | 20,823 | $ | 35,248 | $ | 56,071 | ||||||||||||
Managed Risk Global Allocation Portfolio | ||||||||||||||||||||||||
Year ended December 31, 2021 | Year ended December 31, 2020 | |||||||||||||||||||||||
Share class | Ordinary income | Long-term capital gains | Total distributions paid | Ordinary income | Long-term capital gains | Total distributions paid | ||||||||||||||||||
Class P2 | $ | 3,407 | $ | — | $ | 3,407 | $ | 4,498 | $ | 11,708 | $ | 16,206 |
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 an annual rate of 0.150% of daily net assets for the three managed risk funds. CRMC receives investment advisory fees from the underlying funds. These fees are included in the net effective expense ratios that are provided as additional information in the financial highlights tables. Subadvisory fees for the managed risk funds are paid by CRMC to Milliman FRM. The managed risk funds are not responsible for paying any subadvisory fees.
Investment advisory services waivers — CRMC waived a portion of the investment advisory services fees equal to 0.05% of each fund’s daily net assets for the three managed risk funds. For the year ended December 31, 2021, total investment advisory services fees waived by CRMC were $1,940,000. CRMC does not intend to recoup these waivers. Investment advisory services fees are presented in each fund’s statement of operations gross of the waivers from CRMC.
32 | American Funds Insurance Series – Portfolio Series |
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. 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 0.25% 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 4 | 0.25 | % | 0.25 | % | ||||
Class P2 | 0.25 | 0.50 |
Insurance administrative services — The series has an insurance administrative services plan for all share classes. Under the plan, each share class pays 0.25% of each insurance company’s respective average daily net assets 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 the funds. 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 to provide administrative services to all of the funds. 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. CRMC receives administrative services fee at the annual rate of 0.03% of average daily net assets from the Class 1 shares of the underlying funds for administrative services provided to the series.
Accounting and administrative services — The three managed risk funds have a subadministration agreement with Bank of New York Mellon (“BNY Mellon”) under which each fund compensates BNY Mellon for providing accounting and administrative services. 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.
Miscellaneous fee reimbursements — CRMC reimbursed a portion of miscellaneous fees and expenses for Managed Risk Global Allocation Portfolio. This reimbursement may be adjusted or discontinued by CRMC, subject to any restrictions in the series’ prospectus. For the year ended December 31, 2021, total fees and expenses reimbursed by CRMC were $1,000. CRMC does not intend to recoup this reimbursement. Fees and expenses in the fund’s statement of operations are presented gross of any reimbursements from CRMC.
Trustees’ deferred compensation — Trustees who are unaffiliated with CRMC may elect to defer the cash payment of part or all of their compensation. These deferred amounts, which remain as liabilities of the funds, are treated as if invested in one or more of the American Funds. These amounts represent general, unsecured liabilities of the funds and vary according to the total returns of the selected funds. Trustees’ compensation in each fund’s statement of operations reflects current fees (either paid in cash or deferred) and a net increase or decrease in the value of the deferred amounts.
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.
American Funds Insurance Series – Portfolio Series | 33 |
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. Capital share transactions
Capital share transactions in the funds were as follows (dollars and shares in thousands):
Global Growth Portfolio | ||||||||||||||||||||||||||||||||
Sales | Reinvestments of distributions | Repurchases | Net increase | |||||||||||||||||||||||||||||
Share class | Amount | Shares | Amount | Shares | Amount | Shares | Amount | Shares | ||||||||||||||||||||||||
Year ended December 31, 2021 | ||||||||||||||||||||||||||||||||
Class 4 | $ | 12,509 | 747 | $ | 1,572 | 93 | $ | (8,922 | ) | (529 | ) | $ | 5,159 | 311 | ||||||||||||||||||
Year ended December 31, 2020 | ||||||||||||||||||||||||||||||||
Class 4 | $ | 11,058 | 833 | $ | 3,028 | 257 | $ | (8,093 | ) | (629 | ) | $ | 5,993 | 461 | ||||||||||||||||||
Growth and Income Portfolio | ||||||||||||||||||||||||||||||||
Sales | Reinvestments of distributions | Repurchases | Net increase | |||||||||||||||||||||||||||||
Share class | Amount | Shares | Amount | Shares | Amount | Shares | Amount | Shares | ||||||||||||||||||||||||
Year ended December 31, 2021 | ||||||||||||||||||||||||||||||||
Class 4 | $ | 46,703 | 3,326 | $ | 10,433 | 745 | $ | (21,943 | ) | (1,582 | ) | $ | 35,193 | 2,489 | ||||||||||||||||||
Year ended December 31, 2020 | ||||||||||||||||||||||||||||||||
Class 4 | $ | 33,519 | 2,791 | $ | 13,153 | 1,137 | $ | (17,520 | ) | (1,485 | ) | $ | 29,152 | 2,443 | ||||||||||||||||||
Managed Risk Growth Portfolio | ||||||||||||||||||||||||||||||||
Sales | Reinvestments of distributions | Repurchases | Net increase | |||||||||||||||||||||||||||||
Share class | Amount | Shares | Amount | Shares | Amount | Shares | Amount | Shares | ||||||||||||||||||||||||
Year ended December 31, 2021 | ||||||||||||||||||||||||||||||||
Class P2 | $ | 129,307 | 9,721 | $ | 18,360 | 1,371 | $ | (88,438 | ) | (6,636 | ) | $ | 59,229 | 4,456 | ||||||||||||||||||
Year ended December 31, 2020 | ||||||||||||||||||||||||||||||||
Class P2 | $ | 129,459 | 11,411 | $ | 71,619 | 6,729 | $ | (57,763 | ) | (5,060 | ) | $ | 143,315 | 13,080 | ||||||||||||||||||
Managed Risk Growth and Income Portfolio | ||||||||||||||||||||||||||||||||
Sales | Reinvestments of distributions | Repurchases | Net increase | |||||||||||||||||||||||||||||
Share class | Amount | Shares | Amount | Shares | Amount | Shares | Amount | Shares | ||||||||||||||||||||||||
Year ended December 31, 2021 | ||||||||||||||||||||||||||||||||
Class P2 | $ | 64,009 | 5,216 | $ | 16,939 | 1,367 | $ | (70,246 | ) | (5,764 | ) | $ | 10,702 | 819 | ||||||||||||||||||
Year ended December 31, 2020 | ||||||||||||||||||||||||||||||||
Class P2 | $ | 87,114 | 8,003 | $ | 56,071 | 5,352 | $ | (54,099 | ) | (4,959 | ) | $ | 89,086 | 8,396 |
34 | American Funds Insurance Series – Portfolio Series |
Managed Risk Global Allocation Portfolio
Sales | Reinvestments of distributions | Repurchases | Net (decrease) increase | |||||||||||||||||||||||||||||
Share class | Amount | Shares | Amount | Shares | Amount | Shares | Amount | Shares | ||||||||||||||||||||||||
Year ended December 31, 2021 | ||||||||||||||||||||||||||||||||
Class P2 | $ | 22,259 | 1,801 | $ | 3,407 | 275 | $ | (26,615 | ) | (2,176 | ) | $ | (949 | ) | (100 | ) | ||||||||||||||||
Year ended December 31, 2020 | ||||||||||||||||||||||||||||||||
Class P2 | $ | 28,370 | 2,606 | $ | 16,206 | 1,583 | $ | (28,898 | ) | (2,658 | ) | $ | 15,678 | 1,531 |
10. Ownership concentration
At December 31, 2021, Managed Risk Growth and Income Portfolio held 20% and 16% of the outstanding shares of American Funds Insurance Series - Capital Income Builder and American Funds Insurance Series - Capital World Growth and Income Fund, respectively. In addition, Managed Risk Global Allocation Portfolio held 26% of the outstanding shares of American Funds Insurance Series - Global Balanced Fund.
11. Investment transactions
Each fund made purchases and sales of investment securities during the year ended December 31, 2021, as follows (dollars in thousands):
Global Growth Portfolio | Growth and Income Portfolio | Managed Risk Growth Portfolio | Managed Risk Growth and Income Portfolio | Managed Risk Global Allocation Portfolio | ||||||||||||||||
Purchases of investment securities* | $ | 36,507 | $ | 163,962 | $ | 912,118 | $ | 615,096 | $ | 136,381 | ||||||||||
Sales of investment securities* | 28,549 | 123,035 | 827,827 | 615,737 | 127,891 |
* | Excludes short-term securities and U.S. government obligations, if any. |
American Funds Insurance Series – Portfolio Series | 35 |
Financial highlights
Income (loss) from investment operations1 | Dividends and distributions | Ratio of expenses | Ratio of expenses | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Year ended | Net asset value, beginning of year | Net investment income | Net gains (losses) on securities (both realized and unrealized) | Total from investment operations | Dividends (from net investment income) | Distributions (from capital gains) | Total dividends and distribu- tions | Net asset value, end of year | Total return2 | Net assets, end of year (in millions) | to average net assets before waivers/ reimburse- ments3 | to average net assets after waivers/ reimburse- ments2,3 | Net effective expense ratio2,4,5 | Ratio of net income to average net assets2 | ||||||||||||||||||||||||||||||||||||||||||
Global Growth Portfolio | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class 4: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
12/31/2021 | $ | 15.58 | $ | .08 | $ | 2.02 | $ | 2.10 | $ | (.05 | ) | $ | (.29 | ) | $ | (.34 | ) | $ | 17.34 | 13.49 | % | $ | 84 | .52 | % | .52 | % | 1.04 | % | .48 | % | |||||||||||||||||||||||||
12/31/2020 | 13.35 | .03 | 2.91 | 2.94 | (.12 | ) | (.59 | ) | (.71 | ) | 15.58 | 23.80 | 71 | .55 | .55 | 1.15 | .24 | |||||||||||||||||||||||||||||||||||||||
12/31/2019 | 10.68 | .12 | 3.18 | 3.30 | (.09 | ) | (.54 | ) | (.63 | ) | 13.35 | 31.67 | 54 | .61 | .56 | 1.18 | .97 | |||||||||||||||||||||||||||||||||||||||
12/31/2018 | 12.17 | .08 | (1.22 | ) | (1.14 | ) | (.12 | ) | (.23 | ) | (.35 | ) | 10.68 | (9.77 | ) | 36 | .59 | .58 | 1.20 | .69 | ||||||||||||||||||||||||||||||||||||
12/31/2017 | 9.77 | .12 | 2.59 | 2.71 | (.06 | ) | (.25 | ) | (.31 | ) | 12.17 | 28.11 | 30 | .62 | .56 | 1.18 | 1.05 | |||||||||||||||||||||||||||||||||||||||
Growth and Income Portfolio | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class 4: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
12/31/2021 | $ | 13.25 | $ | .18 | $ | 1.44 | $ | 1.62 | $ | (.23 | ) | $ | (.20 | ) | $ | (.43 | ) | $ | 14.44 | 12.32 | % | $ | 377 | .52 | % | .52 | % | .84 | % | 1.28 | % | |||||||||||||||||||||||||
12/31/2020 | 12.13 | .18 | 1.53 | 1.71 | (.22 | ) | (.37 | ) | (.59 | ) | 13.25 | 14.86 | 313 | .52 | .52 | .91 | 1.49 | |||||||||||||||||||||||||||||||||||||||
12/31/2019 | 10.59 | .22 | 1.81 | 2.03 | (.19 | ) | (.30 | ) | (.49 | ) | 12.13 | 19.57 | 257 | .52 | .52 | .96 | 1.92 | |||||||||||||||||||||||||||||||||||||||
12/31/2018 | 11.40 | .20 | (.58 | ) | (.38 | ) | (.16 | ) | (.27 | ) | (.43 | ) | 10.59 | (3.51 | ) | 168 | .53 | .53 | .97 | 1.81 | ||||||||||||||||||||||||||||||||||||
12/31/2017 | 10.13 | .17 | 1.38 | 1.55 | (.13 | ) | (.15 | ) | (.28 | ) | 11.40 | 15.43 | 134 | .53 | .53 | .97 | 1.59 | |||||||||||||||||||||||||||||||||||||||
Managed Risk Growth Portfolio | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class P2: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
12/31/2021 | $ | 12.52 | $ | .03 | $ | 1.38 | $ | 1.41 | $ | (.13 | ) | $ | — | $ | (.13 | ) | $ | 13.80 | 11.29 | % | $ | 1,994 | .66 | % | .61 | % | 1.01 | % | .24 | % | ||||||||||||||||||||||||||
12/31/2020 | 11.61 | .07 | 1.38 | 1.45 | (.13 | ) | (.41 | ) | (.54 | ) | 12.52 | 13.35 | 1,753 | .66 | .61 | 1.03 | .65 | |||||||||||||||||||||||||||||||||||||||
12/31/2019 | 10.28 | .13 | 1.80 | 1.93 | (.14 | ) | (.46 | ) | (.60 | ) | 11.61 | 19.26 | 1,474 | .66 | .61 | 1.02 | 1.20 | |||||||||||||||||||||||||||||||||||||||
12/31/2018 | 11.16 | .12 | (.53 | ) | (.41 | ) | (.14 | ) | (.33 | ) | (.47 | ) | 10.28 | (3.98 | ) | 1,073 | .66 | .61 | 1.00 | 1.06 | ||||||||||||||||||||||||||||||||||||
12/31/2017 | 9.76 | .10 | 1.63 | 1.73 | (.09 | ) | (.24 | ) | (.33 | ) | 11.16 | 18.00 | 904 | .68 | .63 | 1.03 | .95 | |||||||||||||||||||||||||||||||||||||||
Managed Risk Growth and Income Portfolio | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class P2: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
12/31/2021 | $ | 11.58 | $ | .13 | $ | 1.13 | $ | 1.26 | $ | (.14 | ) | $ | — | $ | (.14 | ) | $ | 12.70 | 10.93 | % | $ | 1,535 | .66 | % | .61 | % | 1.04 | % | 1.07 | % | ||||||||||||||||||||||||||
12/31/2020 | 11.55 | .13 | .39 | .52 | (.18 | ) | (.31 | ) | (.49 | ) | 11.58 | 4.96 | 1,390 | .66 | .61 | 1.05 | 1.16 | |||||||||||||||||||||||||||||||||||||||
12/31/2019 | 10.18 | .18 | 1.74 | 1.92 | (.18 | ) | (.37 | ) | (.55 | ) | 11.55 | 19.29 | 1,288 | .67 | .62 | 1.08 | 1.66 | |||||||||||||||||||||||||||||||||||||||
12/31/2018 | 11.13 | .17 | (.67 | ) | (.50 | ) | (.17 | ) | (.28 | ) | (.45 | ) | 10.18 | (4.72 | ) | 974 | .66 | .61 | 1.07 | 1.54 | ||||||||||||||||||||||||||||||||||||
12/31/2017 | 9.68 | .15 | 1.44 | 1.59 | (.12 | ) | (.02 | ) | (.14 | ) | 11.13 | 16.55 | 851 | .68 | .63 | 1.08 | 1.38 | |||||||||||||||||||||||||||||||||||||||
Managed Risk Global Allocation Portfolio | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class P2: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
12/31/2021 | $ | 11.76 | $ | .08 | $ | .94 | $ | 1.02 | $ | (.09 | ) | $ | — | $ | (.09 | ) | $ | 12.69 | 8.70 | % | $ | 482 | .67 | % | .62 | % | 1.19 | % | .68 | % | ||||||||||||||||||||||||||
12/31/2020 | 11.60 | .07 | .52 | .59 | (.12 | ) | (.31 | ) | (.43 | ) | 11.76 | 5.65 | 448 | .68 | .63 | 1.20 | .61 | |||||||||||||||||||||||||||||||||||||||
12/31/2019 | 10.07 | .13 | 1.89 | 2.02 | (.15 | ) | (.34 | ) | (.49 | ) | 11.60 | 20.44 | 424 | .68 | .63 | 1.20 | 1.20 | |||||||||||||||||||||||||||||||||||||||
12/31/2018 | 11.04 | .14 | (.88 | ) | (.74 | ) | (.10 | ) | (.13 | ) | (.23 | ) | 10.07 | (6.90 | ) | 325 | .68 | .63 | 1.20 | 1.27 | ||||||||||||||||||||||||||||||||||||
12/31/2017 | 9.34 | .10 | 1.67 | 1.77 | (.07 | ) | — | (.07 | ) | 11.04 | 19.03 | 251 | .70 | .63 | 1.19 | .94 |
See next page for footnotes.
36 | American Funds Insurance Series – Portfolio Series |
Financial highlights (continued)
Year ended December 31, | |||||||||||||||||||||
Portfolio turnover rate | 2021 | 2020 | 2019 | 2018 | 2017 | ||||||||||||||||
Global Growth Portfolio | 36 | % | 14 | % | 14 | % | 12 | % | 10 | % | |||||||||||
Growth and Income Portfolio | 36 | 7 | 6 | 5 | 10 | ||||||||||||||||
Managed Risk Growth Portfolio | 46 | 80 | 6 | 4 | 7 | ||||||||||||||||
Managed Risk Growth and Income Portfolio | 44 | 73 | 5 | 4 | 10 | ||||||||||||||||
Managed Risk Global Allocation Portfolio | 29 | 49 | 6 | 3 | 8 |
1 | Based on average shares outstanding. |
2 | This column reflects the impact of certain waivers/reimbursements from CRMC. During the years shown, CRMC waived a portion of investment advisory services fees on 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 funds. |
3 | This column does not include expenses of the underlying funds in which each fund invests. |
4 | 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. See expense example for further information regarding fees and expenses. |
5 | Unaudited. |
American Funds Insurance Series – Portfolio Series | 37 |
Report of Independent Registered Public Accounting Firm
To the Board of Trustees of American Funds Insurance Series and Shareholders of American Funds Global Growth Portfolio, American Funds Growth and Income Portfolio, American Funds Managed Risk Growth Portfolio, American Funds Managed Risk Growth and Income Portfolio and American Funds Managed Risk Global Allocation Portfolio
Opinions on the Financial Statements
We have audited the accompanying statements of assets and liabilities, including the investment portfolios, of American Funds Global Growth Portfolio, American Funds Growth and Income Portfolio, American Funds Managed Risk Growth Portfolio, American Funds Managed Risk Growth and Income Portfolio and American Funds Managed Risk Global Allocation Portfolio (five of the funds constituting American Funds Insurance Series, hereafter collectively referred to as the “Funds”) as of December 31, 2021, the related statements of operations for the year ended December 31, 2021, the statements of changes in net assets for each of the two years in the period ended December 31, 2021, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2021 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of December 31, 2021, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended December 31, 2021 and each of the financial highlights for each of the five years in the period ended December 31, 2021 in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinions
These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2021 by correspondence with the custodian, transfer agent and brokers. We believe that our audits provide a reasonable basis for our opinions.
/s/ PricewaterhouseCoopers LLP
Los Angeles, California
February 17, 2022
We have served as the auditor of one or more investment companies in The Capital Group Companies Investment Company Complex since 1934.
38 | American Funds Insurance Series – Portfolio Series |
Expense example | unaudited |
The funds in American Funds Insurance Series serve as the underlying investment vehicle for various insurance products. As an owner of an insurance contract that invests in one of the funds in the series, you incur two types of costs: (1) transaction costs, such as initial sales charges on purchase payments and contingent deferred sales charges on redemptions (loads), and (2) ongoing costs, including management fees, distribution and service (12b-1) fees, and other expenses. Additional fees are charged by the insurance companies related to the various benefits they provide. This example is intended to help you understand your ongoing costs (in dollars) of investing in the underlying funds so you can compare these costs with the ongoing costs of investing in other mutual funds that serve a similar function in other annuity products. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire six-month period (July 1, 2021, through December 31, 2021).
Actual expenses:
The first line of each share class in the tables on the following page 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 page 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 page 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 – Portfolio Series | 39 |
Expense example (continued)
Beginning account value 7/1/2021 | Ending account value 12/31/2021 | Expenses paid during period1,2 | Annualized expense ratio2 | Effective expenses paid during period3 | Effective annualized expense ratio4 | |||||||||||||||||||
Global Growth Portfolio | ||||||||||||||||||||||||
Class 4 – actual return | $ | 1,000.00 | $ | 1,022.40 | $ | 2.65 | .52 | % | $ | 5.30 | 1.04 | % | ||||||||||||
Class 4 – assumed 5% return | 1,000.00 | 1,022.58 | 2.65 | .52 | 5.30 | 1.04 | ||||||||||||||||||
Growth and Income Portfolio | ||||||||||||||||||||||||
Class 4 – actual return | $ | 1,000.00 | $ | 1,043.82 | $ | 2.68 | .52 | % | $ | 4.33 | .84 | % | ||||||||||||
Class 4 – assumed 5% return | 1,000.00 | 1,022.58 | 2.65 | .52 | 4.28 | .84 | ||||||||||||||||||
Managed Risk Growth Portfolio | ||||||||||||||||||||||||
Class P2 – actual return | $ | 1,000.00 | $ | 1,033.63 | $ | 3.13 | .61 | % | $ | 5.18 | 1.01 | % | ||||||||||||
Class P2 – assumed 5% return | 1,000.00 | 1,022.13 | 3.11 | .61 | 5.14 | 1.01 | ||||||||||||||||||
Managed Risk Growth and Income Portfolio | ||||||||||||||||||||||||
Class P2 – actual return | $ | 1,000.00 | $ | 1,036.79 | $ | 3.13 | .61 | % | $ | 5.34 | 1.04 | % | ||||||||||||
Class P2 – assumed 5% return | 1,000.00 | 1,022.13 | 3.11 | .61 | 5.30 | 1.04 | ||||||||||||||||||
Managed Risk Global Allocation Portfolio | ||||||||||||||||||||||||
Class P2 – actual return | $ | 1,000.00 | $ | 1,028.51 | $ | 3.17 | .62 | % | $ | 6.08 | 1.19 | % | ||||||||||||
Class P2 – assumed 5% return | 1,000.00 | 1,022.08 | 3.16 | .62 | 6.06 | 1.19 |
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. |
40 | American Funds Insurance Series – Portfolio Series |
Liquidity Risk Management Program
The series has adopted a liquidity risk management program (the “program”). The series’ board has designated Capital Research and Management Company (“CRMC”) as the administrator of the program. Personnel of CRMC or its affiliates conduct the day-to-day operation of the program pursuant to policies and procedures administered by the Capital Group Liquidity Risk Management Committee.
Under the program, CRMC manages each fund’s liquidity risk, which is the risk that the fund could not meet shareholder redemption requests without significant dilution of remaining shareholders’ interests in the fund. This risk is managed by monitoring the degree of liquidity of each fund’s investments, limiting the amount of each fund’s illiquid investments, and utilizing various risk management tools and facilities available to each fund for meeting shareholder redemptions, among other means. CRMC’s process of determining the degree of liquidity of each fund’s investments is supported by one or more third-party liquidity assessment vendors.
The series’ board reviewed a report prepared by CRMC regarding the operation and effectiveness of the program for the period October 1, 2020, through September 30, 2021. No significant liquidity events impacting any of the funds were noted in the report. In addition, CRMC provided its assessment that the program had been effective in managing each fund’s liquidity risk.
American Funds Insurance Series – Portfolio Series | 41 |
Board of trustees and other officers
Independent trustees1
Name and year of birth | Year first elected a trustee of the series2 | Principal occupation(s) during past five years | Number of portfolios in fund complex overseen by trustee | Other directorships3 held by trustee | ||||
Francisco G. Cigarroa, MD 1957 | 2021 | Professor of Surgery, University of Texas Health San Antonio; Trustee, Ford Foundation; Clayton Research Scholar, Clayton Foundation for Biomedical Research | 86 | None | ||||
James G. Ellis, 1947 | 2010 | Former Dean and Professor of Marketing, Marshall School of Business, University of Southern California | 99 | Advanced Merger Partners; EVe Mobility Acquisition Corp (acquisitions of companies in the electric vehicle market); J. G. Boswell (agricultural production); Mercury General Corporation | ||||
Nariman Farvardin, 1956 | 2018 | President, Stevens Institute of Technology | 87 | None | ||||
Mary Davis Holt, 1950 | 2015–2016; 2017 | Principal, Mary Davis Holt Enterprises, LLC (leadership development consulting); former Partner, Flynn Heath Holt Leadership, LLC (leadership consulting); former COO, Time Life Inc. (1993–2003) | 87 | None | ||||
R. Clark Hooper, 1946 | 2010 | Private investor | 91 | None | ||||
Merit E. Janow, 1958 | 2007 | Dean and Professor, Columbia University, School of International and Public Affairs | 93 | Aptiv (autonomous and green vehicle technology); Mastercard Incorporated | ||||
Margaret Spellings, 1957 Chair of the Board | 2010 | President and CEO, Texas 2036; former President, Margaret Spellings & Company (public policy and strategic consulting); former President, The University of North Carolina; former President, George W. Bush Presidential Center | 91 | None | ||||
Alexandra Trower, 1964 | 2018 | Former Executive Vice President, Global Communications and Corporate Officer, The Estée Lauder Companies | 86 | None | ||||
Paul S. Williams, 1959 | 2020 | Former Partner/Managing Director, Major, Lindsey & Africa (executive recruiting firm) | 86 | Air Transport Services Group, Inc. (aircraft leasing and air cargo transportation); Compass Minerals, Inc. (producer of salt and specialty fertilizers); Public Storage, Inc.; Romeo Power, Inc. (manufacturer of batteries for electric vehicles) |
Interested trustees4,5
Name, year of birth and position with series | Year first elected a trustee or officer of the series2 | Principal occupation(s) during past five years and positions held with affiliated entities or the principal underwriter of the series | Number of portfolios in fund complex overseen by trustee | Other directorships3 held by trustee | ||||
Donald D. O’Neal, 1960 Co-President and Trustee | 1998 | Partner — Capital International Investors, Capital Research and Management Company; Partner — Capital International Investors, Capital Bank and Trust Company6 | 35 | None | ||||
Michael C. Gitlin, 1970 | 2019 | Partner — Capital Fixed Income Investors, Capital Research and Management Company; Vice Chairman and Director, Capital Research and Management Company; Director, The Capital Group Companies, Inc.6; served as Head of Fixed Income at a large investment management firm prior to joining Capital Research and Management Company in 2015 | 86 | None |
The series statement of additional information includes further details about the series trustees and is available without charge upon request by calling American Funds Service Company at (800) 421-4225 or by visiting the Capital Group website at capitalgroup.com. The address for all trustees and officers of the series is 333 South Hope Street, Los Angeles, CA 90071. Attention: Secretary.
42 | American Funds Insurance Series – Portfolio Series |
Other officers5
Name, year of birth and position with series | Year first elected an officer of the series2 | Principal occupation(s) during past five years and positions held with affiliated entities or the principal underwriter of the series | ||
Alan N. Berro,1960 Co-President | 1998 | Partner — Capital World Investors, Capital Research and Management Company; Partner — Capital World Investors, Capital Bank and Trust Company6; Director, The Capital Group Companies, Inc.6 | ||
Maria Manotok, 1974 Principal Executive Officer | 2012 | Senior Vice President and Senior Counsel — Fund Business Management Group, Capital Research and Management Company; Chair, Senior Vice President, Senior Counsel and Director, Capital International, Inc.6; Senior Vice President and Director, Capital Group International, Inc.6; Director, Capital Group Investment Management Limited6 | ||
Michael W. Stockton, 1967 Executive Vice President | 2021 | Senior Vice President — Fund Business Management Group, Capital Research and Management Company | ||
Martin Jacobs, 1962 Vice President | 2016 | Partner — Capital Research Global Investors, Capital Research and Management Company; Director, The Capital Group Companies, Inc.6 | ||
Carl M. Kawaja, 1964 Vice President | 2008 | Partner — Capital World Investors, Capital Research and Management Company; Partner — Capital World Investors, Capital Bank and Trust Company6; Chairman and Director, Capital Research and Management Company | ||
Sung Lee, 1966 Vice President | 2008 | Partner — Capital Research Global Investors, Capital International, Inc.6; Director, The Capital Group Companies, Inc.6 | ||
Keiko McKibben, 1969 Vice President | 2010 | Partner — Capital Research Global Investors, Capital Research and Management Company | ||
Renaud H. Samyn, 1974 Vice President | 2010 | Partner — Capital Research Global Investors, Capital International, Inc.6 | ||
Steven I. Koszalka, 1964 Secretary | 2003 | Vice President — Fund Business Management Group, Capital Research and Management Company | ||
Gregory F. Niland, 1971 Treasurer | 2008 | Vice President — Investment Operations, Capital Research and Management Company | ||
Susan K. Countess, 1966 Assistant Secretary | 2014 | Associate — Fund Business Management Group, Capital Research and Management Company | ||
Sandra Chuon, 1972 Assistant Treasurer | 2019 | Assistant Vice President — Investment Operations, Capital Research and Management Company | ||
Brian C. Janssen, 1972 Assistant Treasurer | 2015 | Senior Vice President — Investment Operations, Capital Research and Management Company |
1 | The term independent trustee refers to a trustee who is not an “interested person” of the series within the meaning of the Investment Company Act of 1940. |
2 | Trustees and officers of the series serve until their resignation, removal or retirement. |
3 | This includes all directorships/trusteeships (other than those in the American Funds or other funds managed by Capital Research and Management Company or its affiliates) that are held by each trustee as a trustee or director of a public company or a registered investment company. |
4 | The term interested trustee refers to a trustee who is an “interested person” within the meaning of the Investment Company Act of 1940, on the basis of their affiliation with the series investment adviser, Capital Research and Management Company, or affiliated entities (including the series principal underwriter). |
5 | All of the trustees and/or officers listed are officers and/or directors/trustees of one or more of the other funds for which Capital Research and Management Company serves as investment adviser. |
6 | Company affiliated with Capital Research and Management Company. |
American Funds Insurance Series – Portfolio Series | 43 |
Office of the series
333 South Hope Street
Los Angeles, CA 90071-1406
Investment adviser
Capital Research and Management Company
333 South Hope Street
Los Angeles, CA 90071-1406
Investment subadviser
Milliman Financial Risk Management LLC
(Managed Risk Funds only)
71 South Wacker Drive, 31st Floor
Chicago, IL 60606
Custodian of assets
State Street Bank and Trust Company
One Lincoln Street
Boston, MA 02111
Counsel
Morgan, Lewis & Bockius LLP
One Federal Street
Boston, MA 02110-1726
Independent registered public accounting firm
PricewaterhouseCoopers LLP
601 South Figueroa Street
Los Angeles, CA 90017-3874
44 | American Funds Insurance Series – Portfolio Series |
Investors should carefully consider investment objectives, risks, charges and expenses. This and other important information is contained in the series 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/individual/investments.
“Proxy Voting Guidelines for American Funds Insurance Series — Portfolio Series” — which describes how we vote proxies relating to the underlying funds held in the portfolios — is available on our 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 our website.
American Funds Insurance Series — Portfolio 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. The list of portfolio holdings is available free of charge on the SEC website and on our website.
This report is for the information of American Funds Insurance Series — Portfolio 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 — Portfolio Series and the prospectus for the applicable insurance contract, which give details about charges, expenses, investment objectives and operating policies of the series. If used as sales material after March 31, 2022, this report must be accompanied by a statistical update for the most recently completed calendar quarter.
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.
©2022 Morningstar, Inc. All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results.
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.
Standard & Poor’s 500 Composite Index is a product of S&P Dow Jones Indices LLC and/or its affiliates and has been licensed for use by Capital Group. Copyright © 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 SystemSM — has resulted in superior outcomes.
Aligned with investor success | |
We base our decisions on a long-term perspective, which we believe aligns our goals with the interests of our clients. American Funds Insurance Series portfolio managers average 27 years of investment industry experience, including 22 years at our company, reflecting a career commitment to our long-term approach.1 | |
The Capital System | |
The Capital System combines individual accountability with teamwork. Funds using The Capital System are divided into portions that are managed independently by investment professionals with diverse backgrounds, ages and investment approaches. An extensive global research effort is the backbone of our system. | |
American Funds Insurance Series’ superior outcomes | |
American Funds Insurance Series equity funds have beaten their comparable Lipper indexes in 91% of 10-year periods and 100% of 20-year periods.2 Our fixed income funds have helped investors achieve diversification through attention to correlation between bonds and equities.3 We strive to keep management fees competitive. Over the past 20 years, most funds’ fees have been below industry averages.4 | |
1 | Portfolio manager experience as of the American Funds Insurance Series prospectus dated May 1, 2021. | |
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, 2020. Periods covered are the shorter of the fund’s lifetime or since the inception date of the comparable Lipper index or average. The comparable Lipper indexes are: Global Funds Index (Global Growth Fund, Capital World Growth and Income Fund), Growth Funds Index (Growth Fund), International Funds Index (International Fund), Emerging Markets Funds Index (New World Fund), Growth & Income Funds Index (Washington Mutual Investors Fund, Growth-Income Fund) and Balanced Funds Index (Asset Allocation Fund). The Lipper Global Small-/Mid-Cap Funds Average was used for Global Small Capitalization Fund. Lipper source: Refinitiv Lipper. There have been periods when the fund has lagged the index. | |
3 | Based on Class 1 share results as of December 31, 2020. 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, 2020, 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.
American Funds Insurance Series®
Annual report |
Offering variable
annuity investors
a balanced approach
to building and
preserving wealth
through retirement
Depending on the proximity to its target date, each fund will seek to achieve the following objectives to varying degrees: growth, income and conservation of capital. Each fund will increasingly emphasize income and conservation of capital by investing a greater portion of its assets in fixed income, equity-income and balanced funds as it approaches and passes its target date. In this way, each fund seeks to balance total return and stability over time.
American Funds, by Capital Group, is one of the nation’s largest mutual fund families. For over 90 years, Capital Group has invested with a long-term focus based on thorough research and attention to risk.
Fund results shown in this report, unless otherwise indicated, are for Class 4 shares at net asset value. Results 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.
Here are the total returns on a $1,000 investment with all distributions reinvested for periods ended December 31, 2021. Also shown are the expense ratios as of the series prospectus dated May 1, 2022 (unaudited):
Cumulative total returns | Average annual total returns | |||||||||||
Class 4 shares | 1 year | Lifetime* | Expense ratio | |||||||||
American Funds® IS 2035 Target Date Fund | 14.99 | % | 16.43 | % | .90 | % | ||||||
American Funds® IS 2030 Target Date Fund | 12.55 | 13.74 | .88 | |||||||||
American Funds® IS 2025 Target Date Fund | 10.77 | 12.25 | .87 | |||||||||
American Funds® IS 2020 Target Date Fund | 10.10 | 10.66 | .85 | |||||||||
American Funds® IS 2015 Target Date Fund | 9.74 | 10.03 | .84 | |||||||||
American Funds® IS 2010 Target Date Fund | 8.75 | 9.16 | .83 |
* | Since December 6, 2019. |
The target date funds invest in Class R-6 shares of the underlying funds.
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. The investment adviser is currently reimbursing a portion of the other expenses for each fund. These reimbursements will be in effect through at least May 1, 2022. The adviser may elect at its discretion to extend, modify or terminate the reimbursements at that time. Expense ratios are as of the fund’s prospectus dated May 1, 2022, and are restated to reflect current fees. Visit capitalgroup.com/afis for more information.
Each target date fund is composed of a mix of the American Funds and is subject to the risks and returns of the underlying funds. 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. Small company stocks entail additional risks, and they can fluctuate in price more than larger company stocks. 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. Investments in mortgage-related securities involve additional risks, such as prepayment risk, as more fully described in the prospectus. Lower rated bonds are subject to greater fluctuations in value and risk of loss of income and principal than higher rated bonds. While not directly correlated to changes in interest rates, the values of inflation linked bonds generally fluctuate in response to changes in real interest rates and may experience greater losses than other debt securities with similar durations. Fund shares of U.S. Government Securities Fund® are not guaranteed by the U.S. government.
The funds’ allocation strategy does not guarantee that investors’ retirement savings goals will be met. The allocation strategy promotes asset accumulation prior to retirement, but it is also intended to provide equity exposure throughout retirement to deliver capital growth potential. The funds may seek dividend income to help dampen risk while maintaining equity exposure, and may invest in fixed income securities to help provide current income, capital preservation and inflation protection. The funds’ risks are directly related to the risks of the underlying funds. Refer to the series prospectus and the Risk Factors section of this report for more information on these and other risks associated with investing in the series.
Investments are not FDIC-insured, nor are they deposits of or guaranteed by a bank or any other entity, so they may lose value.
Contents
1 | Letter to investors | |
4 | The value of a $10,000 investment | |
6 | Investment approach for American Funds Insurance Series – Target Date Series | |
Investment portfolios | ||
7 | American Funds IS 2035 Target Date Fund | |
9 | American Funds IS 2030 Target Date Fund | |
11 | American Funds IS 2025 Target Date Fund | |
13 | American Funds IS 2020 Target Date Fund | |
15 | American Funds IS 2015 Target Date Fund | |
17 | American Funds IS 2010 Target Date Fund | |
19 | Financial statements | |
42 | Board of trustees and other officers |
Fellow investors:
It is our pleasure to present the annual report for American Funds Insurance Series® – Target Date Series for the year ended December 31, 2021.
All six of the funds again saw positive returns, led by the 2035 fund’s 14.99% return. Five of the six funds exceeded their respective S&P Target Date Index1,2 (as shown in the table on page 3). We continue to maintain a long-term perspective regarding the series’ results – balancing investors’ need to build wealth with the need to preserve it near and during retirement. Going forward, the series will be using the S&P Target Date Index (as opposed to the S&P Target Date Through Index) as its primary prospectus benchmark index because the S&P Target Date Index is more similar to how the series is managed. Although comparisons with indexes can provide insights, we believe a comparison of absolute returns should be accompanied by an analysis of risk to fully assess whether a target date series is meeting its objectives.
About the series
Launched December 6, 2019, the series offers a suite of funds that offer variable annuity investors objective-based portfolios to help meet retirement goals. It is managed by the Target Date Solutions Committee (“the Committee”), a group of seasoned investment professionals with varied backgrounds, diverse investment approaches and decades of experience. The members of the committee include Michelle J. Black, David A. Hoag, Joanna F. Jonsson, Samir Mathur, Wesley K. Phoa, Bradley J. Vogt and Shannon Ward.
In managing the series, the Committee carefully selects a mix of individual American Funds, employing an objective-based framework supported by rigorous analysis. The Committee regularly monitors each fund in the series.
Investment objectives
Depending on the proximity to its target date, which we define as the year that corresponds roughly to the year in which the investor expects to retire, each fund will seek to achieve the following objectives to varying degrees: growth, income and conservation of capital. Each fund will increasingly emphasize income and conservation of capital by investing a greater portion of its assets in fixed income, equity-income and balanced funds as it approaches and passes its target date. In this way, the funds seek to balance total return and stability over time.
The investment environment
Global stocks rallied for the third year in a row, boosted by massive government stimulus measures and pent-up consumer demand. Market optimism was tempered at times by worries about rising inflation, higher interest rates and the spread of coronavirus variants. European stocks rallied as widespread vaccine rollouts and massive government stimulus measures helped lift the eurozone economy out of a pandemic-induced downturn. Emerging markets stocks posted their weakest return since 2018, undercut by China’s economic slowdown and increased government intervention in the private sector.
U.S. equities surged as the COVID-19 vaccine rollout helped businesses and the economy rebound from lockdowns in 2020. Strong corporate earnings and accommodative fiscal and monetary policies supported markets with relatively low volatility. Massive stimulus measures helped boost market confidence. A $1.9 trillion coronavirus relief package signed by President Biden in March included direct payments of up to $1,400 to individuals, the extension of an unemployment insurance supplement and an expansion of the child tax credit.
See page 2 for footnotes.
American Funds Insurance Series – Target Date Series | 1 |
Government bonds declined in the face of soaring inflation. Late in the year, central banks around the world started taking steps to tighten monetary policy, including the U.S. Federal Reserve, the European Central Bank and the Bank of England.
Markets review
For the fiscal year, Standard & Poor’s 500 Composite Index,1 a market capitalization-weighted index based on the results of approximately 500 widely held common stocks, gained 28.71%. The MSCI All Country World Index ex USA,3 a free float-adjusted market capitalization-weighted index that is designed to measure equity market results in the global developed and emerging markets (consisting of more than 40 developed and emerging market country indexes, excluding the U.S.), rose 7.82%. The Bloomberg U.S. Aggregate Index,4 which measures U.S. investment-grade bonds (rated BBB/Baa and above5), declined 1.54%, while the Bloomberg Global Aggregate Index,4 a measure of global investment-grade bonds, declined 4.71%.
Looking ahead
The future path for stocks remains difficult to anticipate, as always. Investors are counting on the economic recovery to continue, as vaccines and natural immunity reduce the impact of the coronavirus. Earnings growth will likely remain strong. Investors would also like to see a continuation of supportive fiscal and monetary policies from the government. This latter point has been thrown into question recently, as inflation experienced its largest 12-month increase in decades (nearly 7% as of November 30). In response, the Fed has said it will be as active as necessary to combat inflation that is not transitory, including by raising interest rates numerous times. A moderate rise in rates likely will be digested just fine, but if rates rise too much, we would expect to see a meaningful drop in valuation, particularly among high-multiple growth stocks that have done so well for a number of years now. Given our long investment horizon, we will continue to focus on finding those companies with the best fundamentals and the best risk versus return trade-offs, and remain confident that we will find plenty of attractive securities in this environment. If volatility rises in the coming year, we will remain committed to our process and look for opportunities.
Our time-tested process is based on extensive research, a long-term outlook and close attention to valuation, and has served investors well over time. As always, we thank you for your continued support of our efforts and we look forward to reporting to you again in six months.
Sincerely,
Donald D. O’Neal
Co-President
Alan N. Berro
Co-President
February 18, 2022
The market indexes shown are unmanaged and, therefore, have no expenses. Investors cannot invest directly in an index.
1 | Source: S&P Dow Jones Indices LLC. |
2 | The S&P Target Date Indexes are a series of unmanaged indexes composed of different allocations to stocks, bonds, and short-term investments that reflect reductions in potential risk over time. The S&P Target Date Style Index Series (“Through” variant), a subset of the S&P Target Date Index Series, comprises a set of multi-asset-class indexes, each corresponding to a particular target date. The “Through” variant indexes are based on funds with an asset allocation and glide path that aim to be more sensitive to longevity risk at, and beyond, the retirement date. Each index is fully investable, with varying levels of exposure to the asset classes determined during an annual survey process of target date funds’ holdings. |
3 | Source: MSCI. Results reflect dividends net of withholding taxes. |
4 | Source: Bloomberg Index Services Ltd. |
5 | 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. |
2 | American Funds Insurance Series – Target Date Series |
Results at a glance
For periods ended December 31, 2021, with all distributions reinvested
Cumulative total returns | Average annual total returns | |||||||
Class 4 shares | 1 year | Lifetime (since 12/6/19) | ||||||
American Funds IS 2035 Target Date Fund | 14.99 | % | 16.43 | % | ||||
S&P Target Date 2035 Index | 14.93 | 14.60 | ||||||
S&P Target Date Through 2035 Index | 15.49 | 14.94 | ||||||
American Funds IS 2030 Target Date Fund | 12.55 | 13.74 | ||||||
S&P Target Date 2030 Index | 12.61 | 12.90 | ||||||
S&P Target Date Through 2030 Index | 13.28 | 13.30 | ||||||
American Funds IS 2025 Target Date Fund | 10.77 | 12.25 | ||||||
S&P Target Date 2025 Index | 10.67 | 11.47 | ||||||
S&P Target Date Through 2025 Index | 11.80 | 12.32 | ||||||
American Funds IS 2020 Target Date Fund | 10.10 | 10.66 | ||||||
S&P Target Date 2020 Index | 8.76 | 9.93 | ||||||
S&P Target Date Through 2020 Index | 9.94 | 11.03 | ||||||
American Funds IS 2015 Target Date Fund | 9.74 | 10.03 | ||||||
S&P Target Date 2015 Index | 8.01 | 9.50 | ||||||
S&P Target Date Through 2015 Index | 8.46 | 9.95 | ||||||
American Funds IS 2010 Target Date Fund | 8.75 | 9.16 | ||||||
S&P Target Date 2010 Index | 6.54 | 8.56 | ||||||
S&P Target Date Through 2010 Index | 7.46 | 9.19 | ||||||
Standard & Poor’s 500 Composite Index | 28.71 | 24.24 | ||||||
MSCI All Country World Index (ACWI) ex USA | 7.82 | 10.91 | ||||||
Bloomberg U.S. Aggregate Index | –1.54 | 2.86 |
The Standard & Poor’s 500 Composite Index is a market capitalization-weighted index based on the results of approximately 500 widely held common stocks. Source: S&P Dow Jones Indices LLC.
The MSCI ACWI ex USA is a free float-adjusted market capitalization-weighted index designed to measure developed and emerging equity markets excluding the U.S., and its results reflect dividends net of withholding taxes. Source: MSCI.
The Bloomberg U.S. Aggregate Index represents the U.S. investment-grade fixed-rate bond market. Source: Bloomberg Index Services Ltd.
The market indexes are unmanaged and, therefore, have no expenses. Investors cannot invest directly in an index.
The S&P Target Date Indexes are a series of unmanaged indexes composed of different allocations to stocks, bonds, and short-term investments that reflect reductions in potential risk over time. The S&P Target Date Style Index Series (“Through” variant), a subset of the S&P Target Date Index Series, comprises a set of multi-asset-class indexes, each corresponding to a particular target date. The “Through” variant indexes are based on funds with an asset allocation and glide path that aim to be more sensitive to longevity risk at, and beyond, the retirement date. Each index is fully investable, with varying levels of exposure to the asset classes determined during an annual survey process of target date funds’ holdings.
American Funds Insurance Series – Target Date Series | 3 |
The value of a $10,000 investment
(for periods ended December 31, 2021, with all distributions reinvested)
Fund results shown are for Class 4 shares and reflect a hypothetical $10,000 investment. Results 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.
2035 Fund
Average annual total returns2 based on a $1,000 investment (for the year ended December 31, 2021) | ||||||||||||
1 year | Lifetime (since 12/6/19) | Expense ratio | ||||||||||
Class 4 shares | 14.99% | 16.43% | .90% |
2030 Fund
Average annual total returns2 based on a $1,000 investment (for the year ended December 31, 2021) | ||||||||||||
1 year | Lifetime (since 12/6/19) | Expense ratio | ||||||||||
Class 4 shares | 12.55% | 13.74% | .88% |
2025 Fund
Average annual total returns2 based on a $1,000 investment (for the year ended December 31, 2021) | ||||||||||||
1 year | Lifetime (since 12/6/19) | Expense ratio | ||||||||||
Class 4 shares | 10.77% | 12.25% | .87% |
2020 Fund
Average annual total returns2 based on a $1,000 investment (for the year ended December 31, 2021) | ||||||||||||
1 year | Lifetime (since 12/6/19) | Expense ratio | ||||||||||
Class 4 shares | 10.10% | 10.66% | .85% |
4 | American Funds Insurance Series – Target Date Series |
2015 Fund
Average annual total returns2 based on a $1,000 investment (for the year ended December 31, 2021) | ||||||||||||
1 year | Lifetime (since 12/6/19) | Expense ratio | ||||||||||
Class 4 shares | 9.74% | 10.03% | .84% |
2010 Fund
Average annual total returns2 based on a $1,000 investment (for the year ended December 31, 2021) | ||||||||||||
1 year | Lifetime (since 12/6/19) | Expense ratio | ||||||||||
Class 4 shares | 8.75 | % | 9.16 | % | .83 | % |
1 | The S&P Target Date Indexes are a series of unmanaged indexes composed of different allocations to stocks, bonds, and short-term investments that reflect reductions in potential risk over time. The S&P Target Date Style Index Series (“Through” variant), a subset of the S&P Target Date Index Series, comprises a set of multi-asset-class indexes, each corresponding to a particular target date. The “Through” variant indexes are based on funds with an asset allocation and glide path that aim to be more sensitive to longevity risk at, and beyond, the retirement date. Each index is fully investable, with varying levels of exposure to the asset classes determined during an annual survey process of target date funds’ holdings. |
2 | 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. The investment adviser is currently reimbursing a portion of the other expenses for each fund. These reimbursements will be in effect through at least May 1, 2022. The adviser may elect at its discretion to extend, modify or terminate the reimbursements at that time. Expense ratios are as of the fund’s prospectus dated May 1, 2022. Visit capitalgroup.com/afis for more information. |
The results shown are before taxes on fund distributions and sale of fund shares.
American Funds Insurance Series – Target Date Series | 5 |
Investment approach for American Funds Insurance Series – Target Date Series
The glide path illustrates the investment approach of the funds by showing how investments in the various fund categories will change over time. Each fund’s asset mix becomes relatively more conservative — both prior to and after retirement — as time elapses. As you can see, even into retirement a fairly substantial portion will remain invested in funds that concentrate on stocks. We believe that with retirement lasting two decades or longer for many people, an equity component makes sense, particularly in the early years of retirement. The allocations shown reflect the target allocations as of December 31, 2021.
American Funds Insurance Series — Target Date Series glide path
The Target Date Solutions Committee continually monitors the funds in the series. Each target date fund will continue to be managed for approximately 30 years after the fund reaches its target date. The target date is the year that corresponds roughly to the year in which an investor is assumed to retire and begin taking withdrawals. The funds may be subject to an allocation approach that will not meet an investor’s retirement goals. The funds’ investment adviser anticipates that the funds will invest their assets within a range that deviates no more than 10% above or below these allocations. The investment adviser will monitor the funds on an ongoing basis and may make modifications to either the investment approach or the underlying fund allocations that the investment adviser believes could benefit shareholders.
6 | American Funds Insurance Series – Target Date Series |
American Funds IS 2035 Target Date Fund
Investment portfolio December 31, 2021
Growth funds 32.39% | Shares | Value (000) | ||||||
AMCAP Fund, Class R-61 | 214 | $ | 10 | |||||
The Growth Fund of America, Class R-6 | 132 | 10 | ||||||
New Perspective Fund, Class R-6 | 124 | 8 | ||||||
SMALLCAP World Fund, Inc., Class R-61 | 88 | 7 | ||||||
American Funds Global Insight Fund, Class R-6 | 254 | 5 | ||||||
The New Economy Fund, Class R-61 | 62 | 4 | ||||||
New World Fund, Inc., Class R-6 | 21 | 2 | ||||||
Total growth funds (cost: $41,000) | 46 | |||||||
Growth-and-income funds 33.10% | ||||||||
American Mutual Fund, Class R-6 | 195 | 10 | ||||||
Capital World Growth and Income Fund, Class R-6 | 155 | 10 | ||||||
Fundamental Investors, Class R-6 | 129 | 10 | ||||||
Washington Mutual Investors Fund, Class R-6 | 141 | 8 | ||||||
The Investment Company of America, Class R-6 | 115 | 6 | ||||||
International Growth and Income Fund, Class R-6 | 67 | 3 | ||||||
Total growth-and-income funds (cost: $41,000) | 47 | |||||||
Equity-income funds 7.75% | ||||||||
The Income Fund of America, Class R-6 | 219 | 6 | ||||||
Capital Income Builder, Class R-6 | 66 | 5 | ||||||
Total equity-income funds (cost: $9,000) | 11 | |||||||
Balanced funds 12.68% | ||||||||
American Balanced Fund, Class R-6 | 342 | 11 | ||||||
American Funds Global Balanced Fund, Class R-6 | 180 | 7 | ||||||
Total balanced funds (cost: $16,000) | 18 | |||||||
Fixed income funds 14.08% | ||||||||
U.S. Government Securities Fund, Class R-6 | 740 | 10 | ||||||
American Funds Inflation Linked Bond Fund, Class R-6 | 328 | 4 | ||||||
American Funds Mortgage Fund, Class R-6 | 198 | 2 | ||||||
Capital World Bond Fund, Class R-6 | 100 | 2 | ||||||
Intermediate Bond Fund of America, Class R-6 | 117 | 2 | ||||||
Total fixed income funds (cost: $21,000) | 20 | |||||||
Total investment securities 100.00% (cost: $128,000) | 142 | |||||||
Other assets less liabilities 0.00%2 | — | 3 | ||||||
Net assets 100.00% | $ | 142 |
American Funds Insurance Series – Target Date Series | 7 |
American Funds IS 2035 Target Date Fund (continued)
Investments in affiliates4
Value of affiliates at 1/1/2021 (000) | Additions (000) | Reductions (000) | Net realized gain (loss) (000) | Net unrealized appreciation (depreciation) (000) | Value of affiliates at 12/31/2021 (000) | Dividend income (000) | Capital gain distributions received (000) | |||||||||||||||||||||||||
Growth funds 32.39% | ||||||||||||||||||||||||||||||||
AMCAP Fund, Class R-61 | $ | 7 | $ | 3 | $ | 1 | $ | — | 3 | $ | 1 | $ | 10 | $ | — | $ | 1 | |||||||||||||||
The Growth Fund of America, Class R-6 | 7 | 2 | — | 3 | — | 3 | 1 | 10 | — | 3 | 1 | |||||||||||||||||||||
New Perspective Fund, Class R-6 | 8 | 1 | 2 | — | 3 | 1 | 8 | — | 3 | 1 | ||||||||||||||||||||||
SMALLCAP World Fund, Inc., Class R-61 | 6 | 1 | — | 3 | — | 3 | — | 3 | 7 | — | 1 | |||||||||||||||||||||
American Funds Global Insight Fund, Class R-6 | — | 5 | — | — | — | 3 | 5 | — | 3 | — | ||||||||||||||||||||||
The New Economy Fund, Class R-61 | 3 | 1 | — | 3 | — | 3 | — | 3 | 4 | — | — | 3 | ||||||||||||||||||||
New World Fund, Inc., Class R-6 | 3 | — | 3 | 1 | — | 3 | — | 3 | 2 | — | 3 | — | 3 | |||||||||||||||||||
EuroPacific Growth Fund, Class R-65 | 5 | — | 3 | 5 | 1 | (1 | ) | — | — | — | ||||||||||||||||||||||
46 | ||||||||||||||||||||||||||||||||
Growth-and-income funds 33.10% | ||||||||||||||||||||||||||||||||
American Mutual Fund, Class R-6 | 7 | 3 | 1 | — | 3 | 1 | 10 | 1 | — | 3 | ||||||||||||||||||||||
Capital World Growth and Income Fund, Class R-6 | 6 | 4 | — | 3 | — | 3 | — | 3 | 10 | 1 | 1 | |||||||||||||||||||||
Fundamental Investors, Class R-6 | 7 | 3 | 1 | — | 3 | 1 | 10 | — | 3 | 1 | ||||||||||||||||||||||
Washington Mutual Investors Fund, Class R-6 | 10 | — | 3 | 4 | 1 | 1 | 8 | — | 3 | — | 3 | |||||||||||||||||||||
The Investment Company of America, Class R-6 | 8 | 1 | 4 | — | 3 | 1 | 6 | — | 3 | — | 3 | |||||||||||||||||||||
International Growth and Income Fund, Class R-6 | 4 | — | 3 | 1 | — | 3 | — | 3 | 3 | — | 3 | — | 3 | |||||||||||||||||||
47 | ||||||||||||||||||||||||||||||||
Equity-income funds 7.75% | ||||||||||||||||||||||||||||||||
The Income Fund of America, Class R-6 | 5 | 1 | — | 3 | — | 3 | — | 3 | 6 | — | 3 | — | 3 | |||||||||||||||||||
Capital Income Builder, Class R-6 | 5 | — | 3 | 1 | — | 3 | 1 | 5 | — | 3 | — | |||||||||||||||||||||
11 | ||||||||||||||||||||||||||||||||
Balanced funds 12.68% | ||||||||||||||||||||||||||||||||
American Balanced Fund, Class R-6 | 7 | 4 | 1 | — | 3 | 1 | 11 | — | 3 | — | 3 | |||||||||||||||||||||
American Funds Global Balanced Fund, Class R-6 | 7 | 1 | 1 | — | 3 | — | 3 | 7 | — | 3 | — | 3 | ||||||||||||||||||||
18 | ||||||||||||||||||||||||||||||||
Fixed income funds 14.08% | ||||||||||||||||||||||||||||||||
U.S. Government Securities Fund, Class R-6 | 9 | 1 | — | 3 | — | 3 | — | 3 | 10 | — | 3 | — | ||||||||||||||||||||
American Funds Inflation Linked Bond Fund, Class R-6 | 3 | 1 | — | 3 | — | 3 | — | 3 | 4 | — | 3 | — | ||||||||||||||||||||
American Funds Mortgage Fund, Class R-6 | 1 | 1 | — | 3 | — | 3 | — | 3 | 2 | — | 3 | — | ||||||||||||||||||||
Capital World Bond Fund, Class R-6 | 1 | 1 | — | 3 | — | 3 | — | 3 | 2 | — | 3 | — | 3 | |||||||||||||||||||
Intermediate Bond Fund of America, Class R-6 | 1 | 1 | — | 3 | — | 3 | — | 3 | 2 | — | 3 | — | ||||||||||||||||||||
20 | ||||||||||||||||||||||||||||||||
Total 100.00% | $ | 2 | $ | 8 | $ | 142 | $ | 2 | $ | 6 |
1 | Fund did not produce income during the last 12 months. |
2 | Amount less than .01%. |
3 | Amount less than one thousand. |
4 | Part of the same “group of investment companies” as the fund as defined under the Investment Company Act of 1940, as amended. |
5 | Affiliated issuer during the reporting period but no longer held at 12/31/2021. |
See notes to financial statements.
8 | American Funds Insurance Series – Target Date Series |
American Funds IS 2030 Target Date Fund
Investment portfolio December 31, 2021
Growth funds 20.65% | Shares | Value (000) | ||||||
AMCAP Fund, Class R-61 | 362 | $ | 17 | |||||
The Growth Fund of America, Class R-6 | 193 | 14 | ||||||
American Funds Global Insight Fund, Class R-6 | 461 | 10 | ||||||
SMALLCAP World Fund, Inc., Class R-61 | 102 | 9 | ||||||
New Perspective Fund, Class R-6 | 110 | 7 | ||||||
Total growth funds (cost: $52,000) | 57 | |||||||
Growth-and-income funds 29.71% | ||||||||
American Mutual Fund, Class R-6 | 368 | 20 | ||||||
Capital World Growth and Income Fund, Class R-6 | 306 | 19 | ||||||
Washington Mutual Investors Fund, Class R-6 | 231 | 14 | ||||||
Fundamental Investors, Class R-6 | 176 | 13 | ||||||
The Investment Company of America, Class R-6 | 193 | 10 | ||||||
International Growth and Income Fund, Class R-6 | 140 | 6 | ||||||
Total growth-and-income funds (cost: $71,000) | 82 | |||||||
Equity-income funds 7.97% | ||||||||
Capital Income Builder, Class R-6 | 159 | 11 | ||||||
The Income Fund of America, Class R-6 | 433 | 11 | ||||||
Total equity-income funds (cost: $20,000) | 22 | |||||||
Balanced funds 13.04% | ||||||||
American Balanced Fund, Class R-6 | 663 | 22 | ||||||
American Funds Global Balanced Fund, Class R-6 | 359 | 14 | ||||||
Total balanced funds (cost: $33,000) | 36 | |||||||
Fixed income funds 28.99% | ||||||||
U.S. Government Securities Fund, Class R-6 | 1,277 | 18 | ||||||
Intermediate Bond Fund of America, Class R-6 | 1,195 | 16 | ||||||
American Funds Mortgage Fund, Class R-6 | 1,343 | 14 | ||||||
Capital World Bond Fund, Class R-6 | 684 | 14 | ||||||
American Funds Inflation Linked Bond Fund, Class R-6 | 1,101 | 12 | ||||||
The Bond Fund of America, Class R-6 | 409 | 6 | ||||||
Total fixed income funds (cost: $83,000) | 80 | |||||||
Total investment securities 100.36% (cost: $259,000) | 277 | |||||||
Other assets less liabilities (0.36)% | (1 | ) | ||||||
Net assets 100.00% | $ | 276 |
American Funds Insurance Series – Target Date Series | 9 |
American Funds IS 2030 Target Date Fund (continued)
Investments in affiliates2
Value of affiliates at 1/1/2021 (000) | Additions (000) | Reductions (000) | Net realized gain (loss) (000) | Net unrealized appreciation (depreciation) (000) | Value of affiliates at 12/31/2021 (000) | Dividend income (000) | Capital gain distributions received (000) | |||||||||||||||||||||||||
Growth funds 20.65% | ||||||||||||||||||||||||||||||||
AMCAP Fund, Class R-61 | $ | 7 | $ | 16 | $ | 8 | $ | — | 3 | $ | 2 | $ | 17 | $ | — | $ | 1 | |||||||||||||||
The Growth Fund of America, Class R-6 | 6 | 14 | 8 | 1 | 1 | 14 | — | 3 | 1 | |||||||||||||||||||||||
American Funds Global Insight Fund, Class R-6 | — | 14 | 4 | — | 3 | — | 3 | 10 | — | 3 | — | |||||||||||||||||||||
SMALLCAP World Fund, Inc., Class R-61 | 4 | 9 | 5 | 1 | — | 3 | 9 | — | 3 | 1 | ||||||||||||||||||||||
New Perspective Fund, Class R-6 | 9 | 7 | 10 | — | 3 | 1 | 7 | — | 3 | — | 3 | |||||||||||||||||||||
EuroPacific Growth Fund, Class R-64 | 5 | 2 | 8 | 1 | — | 3 | — | — | — | |||||||||||||||||||||||
New World Fund, Inc., Class R-64 | 1 | 1 | 2 | — | 3 | — | 3 | — | — | — | ||||||||||||||||||||||
57 | ||||||||||||||||||||||||||||||||
Growth-and-income funds 29.71% | ||||||||||||||||||||||||||||||||
American Mutual Fund, Class R-6 | 10 | 17 | 10 | — | 3 | 3 | 20 | — | 3 | 1 | ||||||||||||||||||||||
Capital World Growth and Income Fund, Class R-6 | 9 | 19 | 9 | — | 3 | — | 3 | 19 | 1 | 1 | ||||||||||||||||||||||
Washington Mutual Investors Fund, Class R-6 | 13 | 13 | 15 | 1 | 2 | 14 | — | 3 | 1 | |||||||||||||||||||||||
Fundamental Investors, Class R-6 | 10 | 11 | 10 | 1 | 1 | 13 | — | 3 | 1 | |||||||||||||||||||||||
The Investment Company of America, Class R-6 | 12 | 10 | 14 | 1 | 1 | 10 | — | 3 | — | 3 | ||||||||||||||||||||||
International Growth and Income Fund, Class R-6 | 5 | 5 | 4 | — | 3 | — | 3 | 6 | — | 3 | — | 3 | ||||||||||||||||||||
82 | ||||||||||||||||||||||||||||||||
Equity-income funds 7.97% | ||||||||||||||||||||||||||||||||
Capital Income Builder, Class R-6 | 7 | 8 | 5 | — | 3 | 1 | 11 | 1 | — | |||||||||||||||||||||||
The Income Fund of America, Class R-6 | 7 | 8 | 5 | — | 3 | 1 | 11 | — | 3 | — | 3 | |||||||||||||||||||||
22 | ||||||||||||||||||||||||||||||||
Balanced funds 13.04% | ||||||||||||||||||||||||||||||||
American Balanced Fund, Class R-6 | 10 | 20 | 10 | — | 3 | 2 | 22 | — | 3 | 1 | ||||||||||||||||||||||
American Funds Global Balanced Fund, Class R-6 | 10 | 12 | 8 | — | 3 | — | 3 | 14 | — | 3 | 1 | |||||||||||||||||||||
36 | ||||||||||||||||||||||||||||||||
Fixed income funds 28.99% | ||||||||||||||||||||||||||||||||
U.S. Government Securities Fund, Class R-6 | 11 | 14 | 7 | — | 3 | — | 3 | 18 | — | 3 | — | |||||||||||||||||||||
Intermediate Bond Fund of America, Class R-6 | 8 | 13 | 5 | — | 3 | — | 3 | 16 | — | 3 | — | |||||||||||||||||||||
American Funds Mortgage Fund, Class R-6 | 8 | 11 | 5 | — | 3 | — | 3 | 14 | — | 3 | — | |||||||||||||||||||||
Capital World Bond Fund, Class R-6 | 8 | 12 | 5 | — | 3 | (1 | ) | 14 | 1 | — | 3 | |||||||||||||||||||||
American Funds Inflation Linked Bond Fund, Class R-6 | 7 | 10 | 5 | — | 3 | — | 3 | 12 | 1 | — | ||||||||||||||||||||||
The Bond Fund of America, Class R-6 | 2 | 5 | 1 | — | 3 | — | 3 | 6 | — | 3 | — | 3 | ||||||||||||||||||||
80 | ||||||||||||||||||||||||||||||||
Total 100.36% | $ | 6 | $ | 14 | $ | 277 | $ | 4 | $ | 9 |
1 | Fund did not produce income during the last 12 months. |
2 | Part of the same “group of investment companies” as the fund as defined under the Investment Company Act of 1940, as amended. |
3 | Amount less than one thousand. |
4 | Affiliated issuer during the reporting period but no longer held at 12/31/2021. |
See notes to financial statements.
10 | American Funds Insurance Series – Target Date Series |
American Funds IS 2025 Target Date Fund
Investment portfolio December 31, 2021
Growth funds 13.11% | Shares | Value (000) | ||||||
AMCAP Fund, Class R-61 | 1,226 | $ | 57 | |||||
American Funds Global Insight Fund, Class R-6 | 1,589 | 35 | ||||||
The Growth Fund of America, Class R-6 | 390 | 29 | ||||||
New Perspective Fund, Class R-6 | 230 | 15 | ||||||
SMALLCAP World Fund, Inc., Class R-61 | 172 | 14 | ||||||
Total growth funds (cost: $135,000) | 150 | |||||||
Growth-and-income funds 26.58% | ||||||||
American Mutual Fund, Class R-6 | 1,455 | 77 | ||||||
Capital World Growth and Income Fund, Class R-6 | 1,212 | 77 | ||||||
Washington Mutual Investors Fund, Class R-6 | 973 | 59 | ||||||
Fundamental Investors, Class R-6 | 471 | 36 | ||||||
The Investment Company of America, Class R-6 | 688 | 36 | ||||||
International Growth and Income Fund, Class R-6 | 476 | 19 | ||||||
Total growth-and-income funds (cost: $265,000) | 304 | |||||||
Equity-income funds 10.05% | ||||||||
The Income Fund of America, Class R-6 | 2,462 | 64 | ||||||
Capital Income Builder, Class R-6 | 726 | 51 | ||||||
Total equity-income funds (cost: $105,000) | 115 | |||||||
Balanced funds 12.85% | ||||||||
American Balanced Fund, Class R-6 | 2,797 | 94 | ||||||
American Funds Global Balanced Fund, Class R-6 | 1,389 | 53 | ||||||
Total balanced funds (cost: $138,000) | 147 | |||||||
Fixed income funds 37.50% | ||||||||
Intermediate Bond Fund of America, Class R-6 | 7,288 | 100 | ||||||
The Bond Fund of America, Class R-6 | 5,048 | 68 | ||||||
American Funds Inflation Linked Bond Fund, Class R-6 | 5,855 | 64 | ||||||
U.S. Government Securities Fund, Class R-6 | 4,461 | 63 | ||||||
American Funds Mortgage Fund, Class R-6 | 5,852 | 60 | ||||||
Capital World Bond Fund, Class R-6 | 2,735 | 54 | ||||||
American High-Income Trust, Class R-6 | 1,904 | 20 | ||||||
Total fixed income funds (cost: $437,000) | 429 | |||||||
Total investment securities 100.09% (cost: $1,080,000) | 1,145 | |||||||
Other assets less liabilities (0.09)% | (1 | ) | ||||||
Net assets 100.00% | $ | 1,144 |
American Funds Insurance Series – Target Date Series | 11 |
American Funds IS 2025 Target Date Fund (continued)
Investments in affiliates2
Value of affiliates at 1/1/2021 (000) | Additions (000) | Reductions (000) | Net realized gain (loss) (000) | Net unrealized appreciation (depreciation) (000) | Value of affiliates at 12/31/2021 (000) | Dividend income (000) | Capital gain distributions received (000) | |||||||||||||||||||||||||
Growth funds 13.11% | ||||||||||||||||||||||||||||||||
AMCAP Fund, Class R-61 | $ | 19 | $ | 38 | $ | 5 | $ | — | 3 | $ | 5 | $ | 57 | $ | — | $ | 3 | |||||||||||||||
American Funds Global Insight Fund, Class R-6 | — | 34 | — | 3 | — | 3 | 1 | 35 | — | 3 | — | |||||||||||||||||||||
The Growth Fund of America, Class R-6 | 14 | 17 | 4 | 1 | 1 | 29 | — | 3 | 2 | |||||||||||||||||||||||
New Perspective Fund, Class R-6 | 23 | 6 | 15 | 3 | (2 | ) | 15 | — | 3 | 1 | ||||||||||||||||||||||
SMALLCAP World Fund, Inc., Class R-61 | — | 16 | 1 | — | 3 | (1 | ) | 14 | — | 1 | ||||||||||||||||||||||
EuroPacific Growth Fund, Class R-64 | 13 | — | 14 | 4 | (3 | ) | — | — | — | |||||||||||||||||||||||
150 | ||||||||||||||||||||||||||||||||
Growth-and-income funds 26.58% | ||||||||||||||||||||||||||||||||
American Mutual Fund, Class R-6 | 32 | 44 | 6 | — | 3 | 7 | 77 | 1 | 2 | |||||||||||||||||||||||
Capital World Growth and Income Fund, Class R-6 | 25 | 54 | 3 | — | 3 | 1 | 77 | 1 | 4 | |||||||||||||||||||||||
Washington Mutual Investors Fund, Class R-6 | 31 | 27 | 6 | — | 3 | 7 | 59 | 1 | 2 | |||||||||||||||||||||||
Fundamental Investors, Class R-6 | 25 | 16 | 8 | 1 | 2 | 36 | 1 | 3 | ||||||||||||||||||||||||
The Investment Company of America, Class R-6 | 31 | 15 | 14 | 2 | 2 | 36 | 1 | 2 | ||||||||||||||||||||||||
International Growth and Income Fund, Class R-6 | 10 | 10 | 1 | — | 3 | — | 3 | 19 | — | 3 | 1 | |||||||||||||||||||||
304 | ||||||||||||||||||||||||||||||||
Equity-income funds 10.05% | ||||||||||||||||||||||||||||||||
The Income Fund of America, Class R-6 | 26 | 36 | 1 | — | 3 | 3 | 64 | 2 | 2 | |||||||||||||||||||||||
Capital Income Builder, Class R-6 | 26 | 22 | 1 | — | 3 | 4 | 51 | 1 | — | |||||||||||||||||||||||
115 | ||||||||||||||||||||||||||||||||
Balanced funds 12.85% | ||||||||||||||||||||||||||||||||
American Balanced Fund, Class R-6 | 29 | 62 | 1 | — | 3 | 4 | 94 | 1 | 3 | |||||||||||||||||||||||
American Funds Global Balanced Fund, Class R-6 | 28 | 27 | 2 | — | 3 | — | 3 | 53 | 1 | 2 | ||||||||||||||||||||||
147 | ||||||||||||||||||||||||||||||||
Fixed income funds 37.50% | ||||||||||||||||||||||||||||||||
Intermediate Bond Fund of America, Class R-6 | 47 | 55 | 1 | — | 3 | (1 | ) | 100 | 1 | — | ||||||||||||||||||||||
The Bond Fund of America, Class R-6 | 29 | 40 | — | 3 | — | 3 | (1 | ) | 68 | 1 | — | 3 | ||||||||||||||||||||
American Funds Inflation Linked Bond Fund, Class R-6 | 28 | 37 | 1 | — | 3 | — | 3 | 64 | 2 | — | ||||||||||||||||||||||
U.S. Government Securities Fund, Class R-6 | 30 | 34 | — | 3 | — | 3 | (1 | ) | 63 | 1 | — | |||||||||||||||||||||
American Funds Mortgage Fund, Class R-6 | 27 | 33 | — | 3 | — | 3 | — | 3 | 60 | — | 3 | — | ||||||||||||||||||||
Capital World Bond Fund, Class R-6 | 26 | 32 | 1 | — | 3 | (3 | ) | 54 | 1 | — | 3 | |||||||||||||||||||||
American High-Income Trust, Class R-6 | 5 | 15 | — | 3 | — | 3 | — | 3 | 20 | 1 | — | |||||||||||||||||||||
429 | ||||||||||||||||||||||||||||||||
Total 100.09% | $ | 11 | $ | 25 | $ | 1,145 | $ | 17 | $ | 28 |
1 | Fund did not produce income during the last 12 months. |
2 | Part of the same “group of investment companies” as the fund as defined under the Investment Company Act of 1940, as amended. |
3 | Amount less than one thousand. |
4 | Affiliated issuer during the reporting period but no longer held at 12/31/2021. |
See notes to financial statements.
12 | American Funds Insurance Series – Target Date Series |
American Funds IS 2020 Target Date Fund
Investment portfolio December 31, 2021
Growth funds 4.83% | Shares | Value (000) | ||||||
American Funds Global Insight Fund, Class R-6 | 3,531 | $ | 78 | |||||
AMCAP Fund, Class R-61 | 1,418 | 66 | ||||||
Total growth funds (cost: $134,000) | 144 | |||||||
Growth-and-income funds 23.21% | ||||||||
American Mutual Fund, Class R-6 | 3,367 | 179 | ||||||
Capital World Growth and Income Fund, Class R-6 | 2,625 | 167 | ||||||
Washington Mutual Investors Fund, Class R-6 | 2,465 | 149 | ||||||
The Investment Company of America, Class R-6 | 1,728 | 90 | ||||||
Fundamental Investors, Class R-6 | 1,178 | 89 | ||||||
International Growth and Income Fund, Class R-6 | 456 | 18 | ||||||
Total growth-and-income funds (cost: $627,000) | 692 | |||||||
Equity-income funds 15.00% | ||||||||
The Income Fund of America, Class R-6 | 11,075 | 286 | ||||||
Capital Income Builder, Class R-6 | 2,297 | 161 | ||||||
Total equity-income funds (cost: $417,000) | 447 | |||||||
Balanced funds 12.01% | ||||||||
American Balanced Fund, Class R-6 | 7,129 | 239 | ||||||
American Funds Global Balanced Fund, Class R-6 | 3,101 | 119 | ||||||
Total balanced funds (cost: $347,000) | 358 | |||||||
Fixed income funds 45.02% | ||||||||
Intermediate Bond Fund of America, Class R-6 | 19,556 | 268 | ||||||
The Bond Fund of America, Class R-6 | 17,824 | 239 | ||||||
American Funds Inflation Linked Bond Fund, Class R-6 | 18,985 | 209 | ||||||
American Funds Mortgage Fund, Class R-6 | 17,583 | 179 | ||||||
American High-Income Trust, Class R-6 | 14,179 | 149 | ||||||
Capital World Bond Fund, Class R-6 | 7,488 | 149 | ||||||
U.S. Government Securities Fund, Class R-6 | 10,564 | 149 | ||||||
Total fixed income funds (cost: $1,355,000) | 1,342 | |||||||
Total investment securities 100.07% (cost: $2,880,000) | 2,983 | |||||||
Other assets less liabilities (0.07)% | (2 | ) | ||||||
Net assets 100.00% | $ | 2,981 |
American Funds Insurance Series – Target Date Series | 13 |
American Funds IS 2020 Target Date Fund (continued)
Investments in affiliates2
Value of affiliates at 1/1/2021 (000) | Additions (000) | Reductions (000) | Net realized gain (loss) (000) | Net unrealized appreciation (depreciation) (000) | Value of affiliates at 12/31/2021 (000) | Dividend income (000) | Capital gain distributions received (000) | |||||||||||||||||||||||||
Growth funds 4.83% | ||||||||||||||||||||||||||||||||
American Funds Global Insight Fund, Class R-6 | $ | — | $ | 82 | $ | 7 | $ | — | 3 | $ | 3 | $ | 78 | $ | 1 | $ | — | |||||||||||||||
AMCAP Fund, Class R-61 | 17 | 57 | 13 | — | 3 | 5 | 66 | — | 3 | |||||||||||||||||||||||
New Perspective Fund, Class R-64 | 18 | — | 3 | 19 | 4 | (3 | ) | — | — | — | ||||||||||||||||||||||
The Growth Fund of America, Class R-64 | 9 | — | 3 | 9 | 1 | (1 | ) | — | — | — | ||||||||||||||||||||||
144 | ||||||||||||||||||||||||||||||||
Growth-and-income funds 23.21% | ||||||||||||||||||||||||||||||||
American Mutual Fund, Class R-6 | 64 | 130 | 30 | — | 3 | 15 | 179 | 2 | 5 | |||||||||||||||||||||||
Capital World Growth and Income Fund, Class R-6 | 43 | 148 | 24 | — | 3 | — | 3 | 167 | 2 | 8 | ||||||||||||||||||||||
Washington Mutual Investors Fund, Class R-6 | 53 | 107 | 26 | 1 | 14 | 149 | 2 | 5 | ||||||||||||||||||||||||
The Investment Company of America, Class R-6 | 53 | 62 | 34 | 4 | 5 | 90 | 1 | 5 | ||||||||||||||||||||||||
Fundamental Investors, Class R-6 | 43 | 66 | 23 | 2 | 1 | 89 | 1 | 7 | ||||||||||||||||||||||||
International Growth and Income Fund, Class R-6 | 11 | 14 | 7 | 1 | (1 | ) | 18 | — | 3 | 1 | ||||||||||||||||||||||
692 | ||||||||||||||||||||||||||||||||
Equity-income funds 15.00% | ||||||||||||||||||||||||||||||||
The Income Fund of America, Class R-6 | 103 | 215 | 41 | 1 | 8 | 286 | 6 | 10 | ||||||||||||||||||||||||
Capital Income Builder, Class R-6 | 102 | 115 | 68 | 6 | 6 | 161 | 4 | — | ||||||||||||||||||||||||
447 | ||||||||||||||||||||||||||||||||
Balanced funds 12.01% | ||||||||||||||||||||||||||||||||
American Balanced Fund, Class R-6 | 40 | 217 | 26 | — | 3 | 8 | 239 | 2 | 6 | |||||||||||||||||||||||
American Funds Global Balanced Fund, Class R-6 | 32 | 103 | 15 | — | 3 | (1 | ) | 119 | 2 | 5 | ||||||||||||||||||||||
358 | ||||||||||||||||||||||||||||||||
Fixed income funds 45.02% | ||||||||||||||||||||||||||||||||
Intermediate Bond Fund of America, Class R-6 | 90 | 222 | 40 | (1 | ) | (3 | ) | 268 | 2 | — | ||||||||||||||||||||||
The Bond Fund of America, Class R-6 | 80 | 199 | 36 | (1 | ) | (3 | ) | 239 | 3 | 1 | ||||||||||||||||||||||
American Funds Inflation Linked Bond Fund, Class R-6 | 71 | 170 | 31 | — | 3 | (1 | ) | 209 | 7 | — | ||||||||||||||||||||||
American Funds Mortgage Fund, Class R-6 | 60 | 146 | 26 | — | 3 | (1 | ) | 179 | 1 | — | ||||||||||||||||||||||
American High-Income Trust, Class R-6 | 52 | 116 | 21 | — | 3 | 2 | 149 | 4 | — | |||||||||||||||||||||||
Capital World Bond Fund, Class R-6 | 51 | 124 | 19 | — | 3 | (7 | ) | 149 | 3 | — | 3 | |||||||||||||||||||||
U.S. Government Securities Fund, Class R-6 | 50 | 122 | 21 | (1 | ) | (1 | ) | 149 | 1 | — | ||||||||||||||||||||||
1,342 | ||||||||||||||||||||||||||||||||
Total 100.07% | $ | 17 | $ | 45 | $ | 2,983 | $ | 44 | $ | 56 |
1 | Fund did not produce income during the last 12 months. |
2 | Part of the same “group of investment companies” as the fund as defined under the Investment Company Act of 1940, as amended. |
3 | Amount less than one thousand. |
4 | Affiliated issuer during the reporting period but no longer held at 12/31/2021. |
See notes to financial statements.
14 | American Funds Insurance Series – Target Date Series |
American Funds IS 2015 Target Date Fund
Investment portfolio December 31, 2021
Growth funds 1.81% | Shares | Value (000) | ||||||
American Funds Global Insight Fund, Class R-6 | 10,527 | $ | 231 | |||||
AMCAP Fund, Class R-61 | 2,484 | 115 | ||||||
Total growth funds (cost: $333,000) | 346 | |||||||
Growth-and-income funds 21.25% | ||||||||
American Mutual Fund, Class R-6 | 21,640 | 1,150 | ||||||
Capital World Growth and Income Fund, Class R-6 | 15,062 | 959 | ||||||
Washington Mutual Investors Fund, Class R-6 | 14,582 | 882 | ||||||
The Investment Company of America, Class R-6 | 11,119 | 576 | ||||||
Fundamental Investors, Class R-6 | 6,573 | 499 | ||||||
Total growth-and-income funds (cost: $3,336,000) | 4,066 | |||||||
Equity-income funds 18.42% | ||||||||
The Income Fund of America, Class R-6 | 91,889 | 2,376 | ||||||
Capital Income Builder, Class R-6 | 16,364 | 1,148 | ||||||
Total equity-income funds (cost: $3,082,000) | 3,524 | |||||||
Balanced funds 11.56% | ||||||||
American Balanced Fund, Class R-6 | 43,305 | 1,450 | ||||||
American Funds Global Balanced Fund, Class R-6 | 19,821 | 763 | ||||||
Total balanced funds (cost: $2,078,000) | 2,213 | |||||||
Fixed income funds 47.04% | ||||||||
Intermediate Bond Fund of America, Class R-6 | 153,405 | 2,106 | ||||||
The Bond Fund of America, Class R-6 | 114,419 | 1,532 | ||||||
American Funds Inflation Linked Bond Fund, Class R-6 | 122,169 | 1,344 | ||||||
American Funds Mortgage Fund, Class R-6 | 112,709 | 1,148 | ||||||
American High-Income Trust, Class R-6 | 91,108 | 959 | ||||||
Capital World Bond Fund, Class R-6 | 48,006 | 956 | ||||||
U.S. Government Securities Fund, Class R-6 | 40,669 | 574 | ||||||
Short-Term Bond Fund of America, Class R-6 | 38,355 | 382 | ||||||
Total fixed income funds (cost: $9,110,000) | 9,001 | |||||||
Total investment securities 100.08% (cost: $17,939,000) | 19,150 | |||||||
Other assets less liabilities (0.08)% | (16 | ) | ||||||
Net assets 100.00% | $ | 19,134 |
American Funds Insurance Series – Target Date Series | 15 |
American Funds IS 2015 Target Date Fund (continued)
Investments in affiliates2
Value of affiliates at 1/1/2021 (000) | Additions (000) | Reductions (000) | Net realized gain (loss) (000) | Net unrealized appreciation (depreciation) (000) | Value of affiliates at 12/31/2021 (000) | Dividend income (000) | Capital gain distributions received (000) | |||||||||||||||||||||||||
Growth funds 1.81% | ||||||||||||||||||||||||||||||||
American Funds Global Insight Fund, Class R-6 | $ | — | $ | 238 | $ | 15 | $ | — | 3 | $ | 8 | $ | 231 | $ | 2 | $ | — | |||||||||||||||
AMCAP Fund, Class R-61 | — | 123 | 14 | — | 3 | 6 | 115 | — | 6 | |||||||||||||||||||||||
346 | ||||||||||||||||||||||||||||||||
Growth-and-income funds 21.25% | ||||||||||||||||||||||||||||||||
American Mutual Fund, Class R-6 | 679 | 398 | 78 | — | 3 | 151 | 1,150 | 19 | 34 | |||||||||||||||||||||||
Capital World Growth and Income Fund, Class R-6 | 473 | 499 | 44 | — | 3 | 31 | 959 | 15 | 47 | |||||||||||||||||||||||
Washington Mutual Investors Fund, Class R-6 | 564 | 267 | 83 | 1 | 133 | 882 | 13 | 36 | ||||||||||||||||||||||||
The Investment Company of America, Class R-6 | 563 | 192 | 270 | 34 | 57 | 576 | 8 | 31 | ||||||||||||||||||||||||
Fundamental Investors, Class R-6 | 447 | 178 | 175 | 20 | 29 | 499 | 7 | 43 | ||||||||||||||||||||||||
International Growth and Income Fund, Class R-64 | 95 | 6 | 111 | 28 | (17 | ) | — | — | 3 | — | ||||||||||||||||||||||
4,066 | ||||||||||||||||||||||||||||||||
Equity-income funds 18.42% | ||||||||||||||||||||||||||||||||
The Income Fund of America, Class R-6 | 1,408 | 942 | 122 | (3 | ) | 151 | 2,376 | 62 | 87 | |||||||||||||||||||||||
Capital Income Builder, Class R-6 | 1,405 | 447 | 867 | 89 | 74 | 1,148 | 40 | — | ||||||||||||||||||||||||
3,524 | ||||||||||||||||||||||||||||||||
Balanced funds 11.56% | ||||||||||||||||||||||||||||||||
American Balanced Fund, Class R-6 | 352 | 1,074 | 51 | (1 | ) | 76 | 1,450 | 16 | 43 | |||||||||||||||||||||||
American Funds Global Balanced Fund, Class R-6 | 351 | 427 | 19 | — | 3 | 4 | 763 | 12 | 31 | |||||||||||||||||||||||
2,213 | ||||||||||||||||||||||||||||||||
Fixed income funds 47.04% | ||||||||||||||||||||||||||||||||
Intermediate Bond Fund of America, Class R-6 | 1,167 | 1,070 | 102 | (2 | ) | (27 | ) | 2,106 | 21 | — | ||||||||||||||||||||||
The Bond Fund of America, Class R-6 | 936 | 713 | 84 | (2 | ) | (31 | ) | 1,532 | 22 | 8 | ||||||||||||||||||||||
American Funds Inflation Linked Bond Fund, Class R-6 | 819 | 587 | 63 | — | 3 | 1 | 1,344 | 46 | — | |||||||||||||||||||||||
American Funds Mortgage Fund, Class R-6 | 701 | 507 | 52 | (1 | ) | (7 | ) | 1,148 | 7 | — | ||||||||||||||||||||||
American High-Income Trust, Class R-6 | 587 | 399 | 52 | — | 3 | 25 | 959 | 35 | — | |||||||||||||||||||||||
Capital World Bond Fund, Class R-6 | 585 | 474 | 44 | (1 | ) | (58 | ) | 956 | 19 | 4 | ||||||||||||||||||||||
U.S. Government Securities Fund, Class R-6 | 468 | 161 | 46 | (1 | ) | (8 | ) | 574 | 7 | — | ||||||||||||||||||||||
Short-Term Bond Fund of America, Class R-6 | 117 | 279 | 10 | — | 3 | (4 | ) | 382 | 2 | — | ||||||||||||||||||||||
9,001 | ||||||||||||||||||||||||||||||||
Total 100.08% | $ | 161 | $ | 594 | $ | 19,150 | $ | 353 | $ | 370 |
1 | Fund did not produce income during the last 12 months. |
2 | Part of the same “group of investment companies” as the fund as defined under the Investment Company Act of 1940, as amended. |
3 | Amount less than one thousand. |
4 | Affiliated issuer during the reporting period but no longer held at 12/31/2021. |
See notes to financial statements.
16 | American Funds Insurance Series – Target Date Series |
American Funds IS 2010 Target Date Fund
Investment portfolio December 31, 2021
Growth-and-income funds 18.41% | Shares | Value (000) | ||||||
American Mutual Fund, Class R-6 | 332,502 | $ | 17,676 | |||||
Capital World Growth and Income Fund, Class R-6 | 208,310 | 13,257 | ||||||
Washington Mutual Investors Fund, Class R-6 | 208,653 | 12,626 | ||||||
The Investment Company of America, Class R-6 | 182,874 | 9,469 | ||||||
Fundamental Investors, Class R-6 | 66,485 | 5,050 | ||||||
Total growth-and-income funds (cost: $50,259,000) | 58,078 | |||||||
Equity-income funds 21.42% | ||||||||
The Income Fund of America, Class R-6 | 1,830,856 | 47,346 | ||||||
Capital Income Builder, Class R-6 | 288,009 | 20,201 | ||||||
Total equity-income funds (cost: $61,885,000) | 67,547 | |||||||
Balanced funds 10.21% | ||||||||
American Balanced Fund, Class R-6 | 659,939 | 22,095 | ||||||
American Funds Global Balanced Fund, Class R-6 | 262,486 | 10,100 | ||||||
Total balanced funds (cost: $30,634,000) | 32,195 | |||||||
Fixed income funds 50.04% | ||||||||
Intermediate Bond Fund of America, Class R-6 | 3,586,290 | 49,239 | ||||||
The Bond Fund of America, Class R-6 | 2,074,405 | 27,776 | ||||||
Short-Term Bond Fund of America, Class R-6 | 2,218,350 | 22,095 | ||||||
American Funds Mortgage Fund, Class R-6 | 1,984,374 | 20,201 | ||||||
American Funds Inflation Linked Bond Fund, Class R-6 | 1,779,059 | 19,570 | ||||||
American High-Income Trust, Class R-6 | 900,113 | 9,469 | ||||||
Capital World Bond Fund, Class R-6 | 475,361 | 9,469 | ||||||
Total fixed income funds (cost: $159,074,000) | 157,819 | |||||||
Total investment securities 100.08% (cost: $301,852,000) | 315,639 | |||||||
Other assets less liabilities (0.08)% | (240 | ) | ||||||
Net assets 100.00% | $ | 315,399 |
American Funds Insurance Series – Target Date Series | 17 |
American Funds IS 2010 Target Date Fund (continued)
Investments in affiliates1
Value of affiliates at 1/1/2021 (000) | Additions (000) | Reductions (000) | Net realized gain (loss) (000) | Net unrealized appreciation (depreciation) (000) | Value of affiliates at 12/31/2021 (000) | Dividend income (000) | Capital gain distributions received (000) | |||||||||||||||||||||||||
Growth-and-income funds 18.41% | ||||||||||||||||||||||||||||||||
American Mutual Fund, Class R-6 | $ | 6,059 | $ | 10,228 | $ | 231 | $ | 1 | $ | 1,619 | $ | 17,676 | $ | 237 | $ | 498 | ||||||||||||||||
Capital World Growth and Income Fund, Class R-6 | 4,800 | 8,285 | 105 | — | 2 | 277 | 13,257 | 169 | 616 | |||||||||||||||||||||||
Washington Mutual Investors Fund, Class R-6 | 4,796 | 6,580 | 132 | (1 | ) | 1,383 | 12,626 | 150 | 428 | |||||||||||||||||||||||
The Investment Company of America, Class R-6 | 4,783 | 4,693 | 884 | 74 | 803 | 9,469 | 100 | 471 | ||||||||||||||||||||||||
Fundamental Investors, Class R-6 | 3,514 | 2,696 | 1,536 | 231 | 145 | 5,050 | 62 | 398 | ||||||||||||||||||||||||
58,078 | ||||||||||||||||||||||||||||||||
Equity-income funds 21.42% | ||||||||||||||||||||||||||||||||
The Income Fund of America, Class R-6 | 16,058 | 29,732 | 155 | (1 | ) | 1,712 | 47,346 | 993 | 1,639 | |||||||||||||||||||||||
Capital Income Builder, Class R-6 | 16,058 | 11,375 | 9,261 | 930 | 1,099 | 20,201 | 584 | — | ||||||||||||||||||||||||
67,547 | ||||||||||||||||||||||||||||||||
Balanced funds 10.21% | ||||||||||||||||||||||||||||||||
American Balanced Fund, Class R-6 | 3,770 | 17,458 | 14 | — | 2 | 881 | 22,095 | 200 | 589 | |||||||||||||||||||||||
American Funds Global Balanced Fund, Class R-6 | 3,519 | 6,621 | 11 | — | 2 | (29 | ) | 10,100 | 145 | 400 | ||||||||||||||||||||||
32,195 | ||||||||||||||||||||||||||||||||
Fixed income funds 50.04% | ||||||||||||||||||||||||||||||||
Intermediate Bond Fund of America, Class R-6 | 18,749 | 31,280 | 256 | (4 | ) | (530 | ) | 49,239 | 407 | — | ||||||||||||||||||||||
The Bond Fund of America, Class R-6 | 10,546 | 17,782 | 112 | (3 | ) | (437 | ) | 27,776 | 307 | 136 | ||||||||||||||||||||||
Short-Term Bond Fund of America, Class R-6 | 7,684 | 14,672 | 69 | (1 | ) | (191 | ) | 22,095 | 101 | — | ||||||||||||||||||||||
American Funds Mortgage Fund, Class R-6 | 7,783 | 12,580 | 67 | (3 | ) | (92 | ) | 20,201 | 90 | — | ||||||||||||||||||||||
American Funds Inflation Linked Bond Fund, Class R-6 | 8,286 | 11,426 | 67 | — | 2 | (75 | ) | 19,570 | 649 | — | ||||||||||||||||||||||
American High-Income Trust, Class R-6 | 5,039 | 4,283 | 60 | — | 2 | 207 | 9,469 | 309 | — | |||||||||||||||||||||||
Capital World Bond Fund, Class R-6 | 5,011 | 4,988 | 14 | — | 2 | (516 | ) | 9,469 | 177 | 38 | ||||||||||||||||||||||
157,819 | ||||||||||||||||||||||||||||||||
Total 100.08% | $ | 1,223 | $ | 6,256 | $ | 315,639 | $ | 4,680 | $ | 5,213 |
1 | Part of the same “group of investment companies” as the fund as defined under the Investment Company Act of 1940, as amended. |
2 | Amount less than one thousand. |
See notes to financial statements.
18 | American Funds Insurance Series – Target Date Series |
Financial statements | |
Statements of assets and liabilities at December 31, 2021 | (dollars and shares in thousands, except per-share amounts) |
IS 2035 Fund | IS 2030 Fund | IS 2025 Fund | IS 2020 Fund | IS 2015 Fund | IS 2010 Fund | |||||||||||||||||||||
Assets: | ||||||||||||||||||||||||||
Investment securities of affiliated issuers, at value | $ | 142 | $ | 277 | $ | 1,145 | $ | 2,983 | $ | 19,150 | $ | 315,639 | ||||||||||||||
Cash | — | * | — | * | — | * | — | * | 1 | 13 | ||||||||||||||||
Receivables for: | ||||||||||||||||||||||||||
Sales of investments | — | * | — | * | — | * | 95 | 1 | — | |||||||||||||||||
Sales of fund’s shares | — | — | — | — | — | 746 | ||||||||||||||||||||
Dividends and capital gain distributions | — | * | — | * | 1 | 3 | 19 | 311 | ||||||||||||||||||
Total assets | 142 | 277 | 1,146 | 3,081 | 19,171 | 316,709 | ||||||||||||||||||||
Liabilities: | ||||||||||||||||||||||||||
Payables for: | ||||||||||||||||||||||||||
Purchases of investments | — | * | — | * | 1 | 3 | 19 | 1,056 | ||||||||||||||||||
Repurchases of fund’s shares | — | * | — | * | — | * | 95 | 2 | 14 | |||||||||||||||||
Insurance administrative fees | — | * | 1 | 1 | 1 | 11 | 170 | |||||||||||||||||||
Services provided by related parties | — | * | — | * | — | * | 1 | 5 | 70 | |||||||||||||||||
Total liabilities | — | * | 1 | 2 | 100 | 37 | 1,310 | |||||||||||||||||||
Net assets at December 31, 2021 | $ | 142 | $ | 276 | $ | 1,144 | $ | 2,981 | $ | 19,134 | $ | 315,399 | ||||||||||||||
Net assets consist of: | ||||||||||||||||||||||||||
Capital paid in on shares of beneficial interest | $ | 119 | $ | 242 | $ | 1,033 | $ | 2,786 | $ | 17,264 | $ | 293,283 | ||||||||||||||
Total distributable earnings | 23 | 34 | 111 | 195 | 1,870 | 22,116 | ||||||||||||||||||||
Net assets at December 31, 2021 | $ | 142 | $ | 276 | $ | 1,144 | $ | 2,981 | $ | 19,134 | $ | 315,399 | ||||||||||||||
Investment securities from affiliated issuers, at cost | $ | 128 | $ | 259 | $ | 1,080 | $ | 2,880 | $ | 17,939 | $ | 301,852 | ||||||||||||||
Shares of beneficial interest issued and outstanding (no stated par value) — unlimited shares authorized | ||||||||||||||||||||||||||
Class 1: | Net assets | $ | 14 | $ | 13 | $ | 13 | $ | 12 | $ | 13 | $ | 12 | |||||||||||||
Shares outstanding | 1 | 1 | 1 | 1 | 1 | 1 | ||||||||||||||||||||
Net asset value per share | $ | 12.93 | $ | 12.41 | $ | 12.27 | $ | 11.97 | $ | 11.79 | $ | 11.63 | ||||||||||||||
Class 1A: | Net assets | $ | 14 | $ | 13 | $ | 13 | $ | 13 | $ | 12 | $ | 12 | |||||||||||||
Shares outstanding | 1 | 1 | 1 | 1 | 1 | 1 | ||||||||||||||||||||
Net asset value per share | $ | 12.93 | $ | 12.41 | $ | 12.27 | $ | 11.97 | $ | 11.79 | $ | 11.63 | ||||||||||||||
Class 2: | Net assets | $ | 14 | $ | 13 | $ | 13 | $ | 12 | $ | 12 | $ | 12 | |||||||||||||
Shares outstanding | 1 | 1 | 1 | 1 | 1 | 1 | ||||||||||||||||||||
Net asset value per share | $ | 12.93 | $ | 12.41 | $ | 12.27 | $ | 11.97 | $ | 11.79 | $ | 11.63 | ||||||||||||||
Class 4: | Net assets | $ | 100 | $ | 237 | $ | 1,105 | $ | 2,944 | $ | 19,097 | $ | 315,363 | |||||||||||||
Shares outstanding | 8 | 19 | 91 | 247 | 1,626 | 27,233 | ||||||||||||||||||||
Net asset value per share | $ | 12.92 | $ | 12.40 | $ | 12.22 | $ | 11.91 | $ | 11.75 | $ | 11.58 |
* | Amount less than one thousand. |
See notes to financial statements.
American Funds Insurance Series – Target Date Series | 19 |
Financial statements (continued) | |
Statements of operations for the year ended December 31, 2021 | (dollars in thousands) |
IS 2035 Fund | IS 2030 Fund | IS 2025 Fund | IS 2020 Fund | IS 2015 Fund | IS 2010 Fund | |||||||||||||||||||
Investment income: | ||||||||||||||||||||||||
Income: | ||||||||||||||||||||||||
Dividends from affiliated issuers | $ | 2 | $ | 4 | $ | 17 | $ | 44 | $ | 353 | $ | 4,680 | ||||||||||||
Fees and expenses*: | ||||||||||||||||||||||||
Distribution services | — | † | — | † | 2 | 4 | 38 | 493 | ||||||||||||||||
Insurance administrative services | — | † | 1 | 2 | 4 | 38 | 493 | |||||||||||||||||
Transfer agent services | — | — | — | † | — | † | — | † | — | † | ||||||||||||||
Reports to shareholders | — | † | — | † | — | † | 1 | 2 | 22 | |||||||||||||||
Registration statement and prospectus | — | † | — | † | — | † | — | † | 3 | 34 | ||||||||||||||
Auditing and legal | 5 | 5 | 5 | 5 | 9 | 73 | ||||||||||||||||||
Custodian | 1 | 1 | 2 | 2 | 4 | 26 | ||||||||||||||||||
Other | — | — | — | — | — | † | — | † | ||||||||||||||||
Total fees and expenses before reimbursements | 6 | 7 | 11 | 16 | 94 | 1,141 | ||||||||||||||||||
Less reimbursements of fees and expenses: | ||||||||||||||||||||||||
Miscellaneous fee reimbursements | 6 | 6 | 7 | 7 | 9 | 36 | ||||||||||||||||||
Total fees and expenses after reimbursements | — | † | 1 | 4 | 9 | 85 | 1,105 | |||||||||||||||||
Net investment income | 2 | 3 | 13 | 35 | 268 | 3,575 | ||||||||||||||||||
Net realized gain and unrealized appreciation: | ||||||||||||||||||||||||
Net realized gain on investments in affiliated issuers | 2 | 6 | 11 | 17 | 161 | 1,223 | ||||||||||||||||||
Capital gain distributions received from affiliated issuers | 6 | 9 | 28 | 56 | 370 | 5,213 | ||||||||||||||||||
8 | 15 | 39 | 73 | 531 | 6,436 | |||||||||||||||||||
Net unrealized appreciation on investments in affiliated issuers | 8 | 14 | 25 | 45 | 594 | 6,256 | ||||||||||||||||||
Net realized gain and unrealized appreciation | 16 | 29 | 64 | 118 | 1,125 | 12,692 | ||||||||||||||||||
Net increase in net assets resulting from operations | $ | 18 | $ | 32 | $ | 77 | $ | 153 | $ | 1,393 | $ | 16,267 |
* | Additional information related to class-specific fees and expenses is included in the notes to financial statements. |
† | Amount less than one thousand. |
See notes to financial statements.
20 | American Funds Insurance Series – Target Date Series |
Financial statements (continued) | |
Statements of changes in net assets | (dollars in thousands) |
IS 2035 Fund | IS 2030 Fund | IS 2025 Fund | ||||||||||||||||||||||
Year ended December 31, | Year ended December 31, | Year ended December 31, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||
Operations: | ||||||||||||||||||||||||
Net investment income | $ | 2 | $ | 1 | $ | 3 | $ | 1 | $ | 13 | $ | 5 | ||||||||||||
Net realized gain | 8 | 1 | 15 | 2 | 39 | 9 | ||||||||||||||||||
Net unrealized appreciation | 8 | 6 | 14 | 4 | 25 | 40 | ||||||||||||||||||
Net increase in net assets resulting from operations | 18 | 8 | 32 | 7 | 77 | 54 | ||||||||||||||||||
Distributions paid to shareholders | (2 | ) | (2 | ) | (3 | ) | (3 | ) | (10 | ) | (10 | ) | ||||||||||||
Net capital share transactions | 2 | 77 | 74 | 128 | 549 | 443 | ||||||||||||||||||
Total increase in net assets | 18 | 83 | 103 | 132 | 616 | 487 | ||||||||||||||||||
Net assets: | ||||||||||||||||||||||||
Beginning of year | 124 | 41 | 173 | 41 | 528 | 41 | ||||||||||||||||||
End of year | $ | 142 | $ | 124 | $ | 276 | $ | 173 | $ | 1,144 | $ | 528 | ||||||||||||
IS 2020 Fund | IS 2015 Fund | IS 2010 Fund | ||||||||||||||||||||||
Year ended December 31, | Year ended December 31, | Year ended December 31, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||
Operations: | ||||||||||||||||||||||||
Net investment income | $ | 35 | $ | 9 | $ | 268 | $ | 123 | $ | 3,575 | $ | 1,455 | ||||||||||||
Net realized gain | 73 | 13 | 531 | 133 | 6,436 | 1,396 | ||||||||||||||||||
Net unrealized appreciation | 45 | 58 | 594 | 617 | 6,256 | 7,531 | ||||||||||||||||||
Net increase in net assets resulting from operations | 153 | 80 | 1,393 | 873 | 16,267 | 10,382 | ||||||||||||||||||
Distributions paid to shareholders | (22 | ) | (17 | ) | (198 | ) | (198 | ) | (2,239 | ) | (2,295 | ) | ||||||||||||
Net capital share transactions | 1,804 | 942 | 6,227 | 10,996 | 175,011 | 118,232 | ||||||||||||||||||
Total increase in net assets | 1,935 | 1,005 | 7,422 | 11,671 | 189,039 | 126,319 | ||||||||||||||||||
Net assets: | ||||||||||||||||||||||||
Beginning of year | 1,046 | 41 | 11,712 | 41 | 126,360 | 41 | ||||||||||||||||||
End of year | $ | 2,981 | $ | 1,046 | $ | 19,134 | $ | 11,712 | $ | 315,399 | $ | 126,360 |
See notes to financial statements.
American Funds Insurance Series – Target Date Series | 21 |
Notes to financial statements
1. Organization
American Funds Insurance Series (the “series”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end, diversified management investment company with 34 different funds (the “funds”), including six funds in the American Funds Insurance Series — Target Date Series covered in this report. The other 28 funds in the series are covered in separate reports. Twenty-three funds in the series are covered in the American Funds Insurance 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.
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.
Each fund in the American Funds Insurance Series — Target Date Series is designed for investors who plan to retire in, or close to, the year designated in the fund’s name. Depending on its proximity to its target date, each fund seeks to achieve the following objectives to varying degrees: growth, income and conservation of capital. As each fund approaches and passes its target date, it will increasingly emphasize income and conservation of capital by investing a greater portion of its assets in fixed income, equity-income and balanced funds. Each fund will attempt to achieve its investment objectives by investing in a mix of American Funds (the “underlying funds”) in different combinations and weightings. CRMC is also the investment adviser of the underlying funds.
Each fund offers four share classes (Classes 1, 1A, 2 and 4). Share classes have different fees and expenses (“class-specific fees and expenses”), primarily due to different arrangements for certain distribution expenses. Differences in class-specific fees and expenses will result in differences in net investment income and, therefore, the payment of different per-share dividends by each class of each fund.
2. Significant accounting policies
Each fund is an investment company that applies the accounting and reporting guidance issued in Topic 946 by the U.S. Financial Accounting Standards Board. Each fund’s financial statements have been prepared to comply with U.S. generally accepted accounting principles (“U.S. GAAP”). These principles require the series’ investment adviser to make estimates and assumptions that affect reported amounts and disclosures. Actual results could differ from those estimates. Subsequent events, if any, have been evaluated through the date of issuance in the preparation of the financial statements. The funds follow the significant accounting policies described in this section, as well as the valuation policies described in the next section on valuation.
Security transactions and related investment income — Security transactions are recorded by the funds as of the date the trades are executed with brokers. Realized gains and losses from security transactions are determined based on the specific identified cost of the securities. In the event a security is purchased with a delayed payment date, the funds will segregate liquid assets sufficient to meet their payment obligations. Dividend income is recognized on the ex-dividend date and interest income is recognized on an accrual basis.
Fees and expenses — The fees and expenses of the underlying funds are not included in the fees and expenses reported for each of the 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.
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 paid to shareholders are recorded on each fund’s ex-dividend date.
22 | American Funds Insurance Series – Target Date Series |
3. Valuation
Security valuation — The net asset value of each share class of each fund is calculated based on the reported net asset values of the underlying funds in which each fund invests. The net asset value of each underlying fund is calculated based on the policies and procedures of the underlying fund contained in each underlying fund’s statement of additional information. The net asset value per share of each fund and each underlying fund 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.
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. 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 each fund’s assets and liabilities into three levels based on the method 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. 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. At December 31, 2021, all of the investment securities held by each fund were classified as Level 1.
4. Risk factors
Investing in the funds may involve certain risks including, but not limited to, those described below.
Allocation risk — Investments in a fund are subject to risks related to the investment adviser’s allocation choices. The selection of the underlying funds and the allocation of a fund’s assets could cause the fund to lose value or its results to lag relevant benchmarks or other funds with similar objectives. For investors who are close to or in retirement, a fund’s equity exposure may result in investment volatility that could reduce an investor’s available retirement assets at a time when the investor has a need to withdraw funds. For investors who are farther from retirement, there is a risk each fund may invest too much in investments designed to ensure capital conservation and current income, which may prevent the investor from meeting his or her retirement goals.
Fund structure — Each fund invests in underlying funds and incurs expenses related to the underlying funds. In addition, investors in each fund will incur fees to pay for certain expenses related to the operations of the fund. An investor holding the underlying funds directly and in the same proportions as a fund would incur lower overall expenses but would not receive the benefit of the portfolio management and other services provided by the fund. Additionally, in accordance with an exemption under the 1940 Act the investment adviser considers only proprietary funds when selecting underlying investment options and allocations. This means that each fund’s investment adviser did not, nor does it expect to, consider any unaffiliated funds as underlying investment options for each fund. This strategy could raise certain conflicts of interest when choosing underlying investments for each 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 each fund.
American Funds Insurance Series – Target Date Series | 23 |
Underlying fund risks — Because a fund’s investments consist of underlying funds, the fund’s risks are directly related to the risks of the underlying funds. For this reason, it is important to understand the risks associated with investing both in a fund and the applicable underlying funds, as described below.
Market conditions — The prices of, and the income generated by, the common stocks, bonds and other securities held by the underlying funds may decline — sometimes rapidly or unpredictably — due to various factors, including events or conditions affecting the general economy or particular industries; overall market changes; local, regional or global political, social or economic instability; governmental, governmental agency or central bank responses to economic conditions; and currency exchange rate, interest rate and commodity price fluctuations.
Economies and financial markets throughout the world are highly interconnected. Economic, financial or political events, trading and tariff arrangements, wars, terrorism, cybersecurity events, natural disasters, public health emergencies (such as the spread of infectious disease) and other circumstances in one country or region, including actions taken by governmental or quasi-governmental authorities in response to any of the foregoing, could have impacts on global economies or markets. As a result, whether or not the underlying funds invest in securities of issuers located in or with significant exposure to the countries affected, the value and liquidity of the underlying funds’ 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 the underlying funds 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 stocks — Investing in stocks may involve larger price swings and greater potential for loss than other types of investments. As a result, the value of the underlying funds may be subject to sharp declines in value. The value of the underlying fund’s securities and income provided by an underlying fund may be reduced by changes in the dividend policies of, and the capital resources available at, the companies in which the underlying fund invests. These risks may be even greater in the case of smaller capitalization stocks. As the fund nears its target date, a decreasing proportion of the fund’s assets will be invested in underlying funds that invest primarily in stocks. Accordingly, these risks are expected to be more significant the further the fund is removed from its target date and are expected to lessen as the fund approaches its target date.
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 withholding taxes on interest and dividends. Further, there may be increased risks of delayed settlement of securities purchased or sold by the underlying funds. The risks of investing outside the U.S. may be heightened in connection with investments in emerging markets.
Investing in debt instruments — The prices of, and the income generated by, bonds and other debt securities held by an underlying 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 the fund. Falling interest rates may cause an issuer to redeem, call or refinance a debt security before its stated maturity, which may result in the 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.
24 | American Funds Insurance Series – Target Date Series |
Bonds and other debt securities are also subject to credit risk, which is the possibility that the credit strength of an issuer or guarantor will weaken or be perceived to be weaker, and/or an issuer of a debt security will fail to make timely payments of principal or interest and the security will go into default. A downgrade or default affecting any of the underlying funds’ securities could cause the value of the underlying funds’ 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 an underlying 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 underlying funds’ investment adviser relies on its own credit analysts to research issuers and issues in seeking to assess credit and default risks. These risks will be more significant as the fund approaches and passes its target date because a greater proportion of the fund’s assets will consist of underlying funds that primarily invest in bonds.
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 lower quality, higher yielding debt securities rated Ba1 or below and BB+ or below by Nationally Recognized Statistical Rating Organizations designated by the fund’s investment adviser or unrated but determined by the investment adviser to be of equivalent quality, which securities are sometimes referred to as “junk bonds.”
Investing in mortgage-related and other asset-backed securities — Mortgage-related securities, such as mortgage-backed securities, and other asset-backed securities, include debt obligations that represent interests in pools of mortgages or other income-bearing assets, such as consumer loans or receivables. While such securities are subject to the risks associated with investments in debt instruments generally (for example, credit, extension and interest rate risks), they are also subject to other and different risks. Mortgage-backed and other asset-backed securities are subject to changes in the payment patterns of borrowers of the underlying debt, potentially increasing the volatility of the securities and an underlying 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 an underlying fund having to reinvest the proceeds in lower yielding securities, effectively reducing the underlying 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 an underlying 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 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.
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 an underlying 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 the underlying fund.
American Funds Insurance Series – Target Date Series | 25 |
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 the underlying fund to losses in excess of its initial investment. Derivatives may be difficult to value, difficult for the underlying fund to buy or sell at an opportune time or price and difficult, or even impossible, to terminate or otherwise offset. The underlying fund’s use of derivatives may result in losses to the underlying fund, and investing in derivatives may reduce the underlying fund’s returns and increase the underlying fund’s price volatility. The underlying fund’s counterparty to a derivative transaction (including, if applicable, the underlying 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 underlying fund may be hindered or delayed in exercising remedies against or closing out derivative instruments with a counterparty, which may result in additional losses.
Interest rate risk — The values and liquidity of the securities held by the underlying 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. The underlying fund may invest in variable and floating rate securities. When the underlying 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 the 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, the underlying 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.
Liquidity risk — Certain underlying 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 underlying 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 and to the underlying funds actively manages each underlying fund’s investments. Consequently, the underlying 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 an underlying fund to lose value or its investment results to lag relevant benchmarks or other funds with similar objectives.
5. 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 December 31, 2021, 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.
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 short-term capital gains and losses and capital losses related to sales of certain securities within 30 days of purchase. 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.
26 | American Funds Insurance Series – Target Date Series |
Additional tax basis disclosures for each fund as of December 31, 2021, were as follows (dollars in thousands):
IS 2035 Fund | IS 2030 Fund | IS 2025 Fund | IS 2020 Fund | IS 2015 Fund | IS 2010 Fund | |||||||||||||||||||
Undistributed ordinary income | $ | 2 | $ | 7 | $ | 17 | $ | 39 | $ | 288 | $ | 2,932 | ||||||||||||
Undistributed long-term capital gain | 7 | 10 | 29 | 58 | 384 | 5,431 | ||||||||||||||||||
Gross unrealized appreciation on investments | 15 | 20 | 74 | 119 | 1,380 | 15,669 | ||||||||||||||||||
Gross unrealized depreciation on investments | (1 | ) | (2 | ) | (9 | ) | (21 | ) | (183 | ) | (1,916 | ) | ||||||||||||
Net unrealized appreciation on investments | 14 | 18 | 65 | 98 | 1,197 | 13,753 | ||||||||||||||||||
Cost of investments | 128 | 259 | 1,080 | 2,885 | 17,953 | 301,886 |
Distributions paid by each fund were characterized for tax purposes as follows (dollars in thousands):
IS 2035 Fund
Year ended December 31, 2021 | Year ended December 31, 2020 | |||||||||||||||||||||||
Share class | Ordinary income | Long-term capital gains | Total distributions paid | Ordinary income | Long-term capital gains | Total distributions paid | ||||||||||||||||||
Class 1 | $ | — | * | $ | — | * | $ | — | * | $ | — | * | $ | 1 | $ | 1 | ||||||||
Class 1A | — | * | — | * | — | * | — | * | — | * | — | * | ||||||||||||
Class 2 | — | * | — | * | — | * | — | * | — | * | — | * | ||||||||||||
Class 4 | 1 | 1 | 2 | 1 | — | * | 1 | |||||||||||||||||
Total | $ | 1 | $ | 1 | $ | 2 | $ | 1 | $ | 1 | $ | 2 |
IS 2030 Fund
Year ended December 31, 2021 | Year ended December 31, 2020 | |||||||||||||||||||||||
Share class | Ordinary income | Long-term capital gains | Total distributions paid | Ordinary income | Long-term capital gains | Total distributions paid | ||||||||||||||||||
Class 1 | $ | — | * | $ | — | * | $ | — | * | $ | — | * | $ | 1 | $ | 1 | ||||||||
Class 1A | — | * | — | * | — | * | — | * | — | * | — | * | ||||||||||||
Class 2 | — | * | — | * | — | * | — | * | — | * | — | * | ||||||||||||
Class 4 | 2 | 1 | 3 | 2 | — | * | 2 | |||||||||||||||||
Total | $ | 2 | $ | 1 | $ | 3 | $ | 2 | $ | 1 | $ | 3 |
IS 2025 Fund
Year ended December 31, 2021 | Year ended December 31, 2020 | |||||||||||||||||||||||
Share class | Ordinary income | Long-term capital gains | Total distributions paid | Ordinary income | Long-term capital gains | Total distributions paid | ||||||||||||||||||
Class 1 | $ | — | * | $ | — | * | $ | — | * | $ | — | * | $ | — | * | $ | — | * | ||||||
Class 1A | — | * | — | * | — | * | — | * | — | * | — | * | ||||||||||||
Class 2 | — | * | — | * | — | * | — | * | — | * | — | * | ||||||||||||
Class 4 | 5 | 5 | 10 | 8 | 2 | 10 | ||||||||||||||||||
Total | $ | 5 | $ | 5 | $ | 10 | $ | 8 | $ | 2 | $ | 10 |
See next page for footnotes.
American Funds Insurance Series – Target Date Series | 27 |
IS 2020 Fund | ||||||||||||||||||||||||
Year ended December 31, 2021 | Year ended December 31, 2020 | |||||||||||||||||||||||
Share class | Ordinary income | Long-term capital gains | Total distributions paid | Ordinary income | Long-term capital gains | Total distributions paid | ||||||||||||||||||
Class 1 | $ | — | * | $ | — | * | $ | — | * | $ | — | * | $ | — | * | $ | — | * | ||||||
Class 1A | — | * | — | * | — | * | — | * | — | * | — | * | ||||||||||||
Class 2 | — | * | — | * | — | * | — | * | — | * | — | * | ||||||||||||
Class 4 | 15 | 7 | 22 | 16 | 1 | 17 | ||||||||||||||||||
Total | $ | 15 | $ | 7 | $ | 22 | $ | 16 | $ | 1 | $ | 17 | ||||||||||||
IS 2015 Fund | ||||||||||||||||||||||||
Year ended December 31, 2021 | Year ended December 31, 2020 | |||||||||||||||||||||||
Share class | Ordinary income | Long-term capital gains | Total distributions paid | Ordinary income | Long-term capital gains | Total distributions paid | ||||||||||||||||||
Class 1 | $ | — | * | $ | — | * | $ | — | * | $ | — | * | $ | — | * | $ | — | * | ||||||
Class 1A | — | * | — | * | — | * | — | * | — | * | — | * | ||||||||||||
Class 2 | — | * | — | * | — | * | — | * | — | * | — | * | ||||||||||||
Class 4 | 142 | 56 | 198 | 194 | 4 | 198 | ||||||||||||||||||
Total | $ | 142 | $ | 56 | $ | 198 | $ | 194 | $ | 4 | $ | 198 | ||||||||||||
IS 2010 Fund | ||||||||||||||||||||||||
Year ended December 31, 2021 | Year ended December 31, 2020 | |||||||||||||||||||||||
Share class | Ordinary income | Long-term capital gains | Total distributions paid | Ordinary income | Long-term capital gains | Total distributions paid | ||||||||||||||||||
Class 1 | $ | — | * | $ | — | * | $ | — | * | $ | 1 | $ | — | * | $ | 1 | ||||||||
Class 1A | — | * | — | * | — | * | — | * | — | * | — | * | ||||||||||||
Class 2 | — | * | — | * | — | * | — | * | — | * | — | * | ||||||||||||
Class 4 | 1,695 | 544 | 2,239 | 2,252 | 42 | 2,294 | ||||||||||||||||||
Total | $ | 1,695 | $ | 544 | $ | 2,239 | $ | 2,253 | $ | 42 | $ | 2,295 |
* | Amount less than one thousand. |
6. 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. CRMC receives investment advisory fees from the underlying funds. These fees are included in the net effective expense ratios that are provided as additional information in the financial highlights tables.
28 | American Funds Insurance Series – Target Date Series |
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 are based on an annualized percentage of average net assets 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 4 | 0.25 | 0.25 |
Insurance administrative services — The series has an insurance administrative services plan for Class 1A and 4 shares. Under the plan, each share class pays 0.25% of each insurance company’s respective average daily net assets 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 the funds. These services include recordkeeping, shareholder communications and transaction processing. In addition, the 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. 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 underlying fund the ability to charge an administrative services fee at the annual rate of 0.05% of the average daily net assets for Class R-6 shares. Currently CRMC receives an administrative services fee at the annual rate of 0.03% of the average daily net assets of the Class R-6 shares of each underlying fund for CRMC’s provision of administrative services. These fees are included in the net effective expense ratios that are provided as supplementary information in the financial highlights tables.
American Funds Insurance Series – Target Date Series | 29 |
Class-specific expenses under the agreements described above were as follows (dollars in thousands):
IS 2035 Fund
Share class | Distribution services | Insurance administrative services | ||||||
Class 1 | Not applicable | Not applicable | ||||||
Class 1A | $ | — | $ | — | ||||
Class 2 | — | Not applicable | ||||||
Class 4 | — | * | — | * | ||||
Total class-specific expenses | $ | — | * | $ | — | * |
IS 2030 Fund
Share class | Distribution services | Insurance administrative services | ||||||
Class 1 | Not applicable | Not applicable | ||||||
Class 1A | $ | — | $ | — | ||||
Class 2 | — | Not applicable | ||||||
Class 4 | — | * | 1 | |||||
Total class-specific expenses | $ | — | * | $ | 1 |
IS 2025 Fund
Share class | Distribution services | Insurance administrative services | ||||||
Class 1 | Not applicable | Not applicable | ||||||
Class 1A | $ | — | $ | — | ||||
Class 2 | — | Not applicable | ||||||
Class 4 | 2 | 2 | ||||||
Total class-specific expenses | $ | 2 | $ | 2 |
IS 2020 Fund
Share class | Distribution services | Insurance administrative services | ||||||
Class 1 | Not applicable | Not applicable | ||||||
Class 1A | $ | — | $ | — | ||||
Class 2 | — | Not applicable | ||||||
Class 4 | 4 | 4 | ||||||
Total class-specific expenses | $ | 4 | $ | 4 |
IS 2015 Fund
Share class | Distribution services | Insurance administrative services | ||||||
Class 1 | Not applicable | Not applicable | ||||||
Class 1A | $ | — | $ | — | ||||
Class 2 | — | Not applicable | ||||||
Class 4 | 38 | 38 | ||||||
Total class-specific expenses | $ | 38 | $ | 38 |
IS 2010 Fund
Share class | Distribution services | Insurance administrative services | ||||||
Class 1 | Not applicable | Not applicable | ||||||
Class 1A | $ | — | $ | — | ||||
Class 2 | — | Not applicable | ||||||
Class 4 | 493 | 493 | ||||||
Total class-specific expenses | $ | 493 | $ | 493 |
* | Amount less than one thousand. |
Miscellaneous fee reimbursement — CRMC reimbursed a portion of miscellaneous fees and expenses for each fund in the series. This reimbursement may be adjusted or discontinued by CRMC, subject to any restrictions in the series’ prospectus. For the year ended December 31, 2021, total fees and expenses reimbursed by CRMC were $71,000. CRMC may recoup all or a portion of this reimbursement by the end of the current fiscal year. Fees and expenses in the fund’s statement of operations are presented gross of the reimbursements from CRMC.
Trustees’ deferred compensation — Trustees who are unaffiliated with CRMC may elect to defer the cash payment of part or all of their compensation. These deferred amounts, which remain as liabilities of the funds, are treated as if invested in one or more of the American Funds. These amounts represent general, unsecured liabilities of the funds and vary according to the total returns of the selected funds. Trustees’ compensation in each fund’s statement of operations reflects current fees (either paid in cash or deferred) and a net increase or decrease in the value of the deferred amounts.
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.
30 | American Funds Insurance Series – Target Date Series |
7. 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.
8. Capital share transactions
Capital share transactions in the funds were as follows (dollars and shares in thousands):
IS 2035 Fund
Sales | Reinvestments of distributions | Repurchases | Net increase | |||||||||||||||||||||||||||||
Share class | Amount | Shares | Amount | Shares | Amount | Shares | Amount | Shares | ||||||||||||||||||||||||
Year ended December 31, 2021 | ||||||||||||||||||||||||||||||||
Class 1 | $ | — | — | $ | — | * | — | * | $ | — | — | $ | — | * | — | * | ||||||||||||||||
Class 1A | — | — | — | * | — | * | — | — | — | * | — | * | ||||||||||||||||||||
Class 2 | — | — | — | * | — | * | — | — | — | * | — | * | ||||||||||||||||||||
Class 4 | — | * | — | * | 2 | — | * | — | * | — | * | 2 | — | * | ||||||||||||||||||
Total net increase | $ | — | * | — | * | $ | 2 | — | * | $ | —* | — | * | $ | 2 | — | * | |||||||||||||||
Year ended December 31, 2020 | ||||||||||||||||||||||||||||||||
Class 1 | $ | — | — | $ | — | * | — | * | $ | — | — | $ | — | * | — | * | ||||||||||||||||
Class 1A | — | — | — | * | — | * | — | — | — | * | — | * | ||||||||||||||||||||
Class 2 | — | — | — | * | — | * | — | — | — | * | — | * | ||||||||||||||||||||
Class 4 | 75 | 7 | 2 | — | * | — | * | — | * | 77 | 7 | |||||||||||||||||||||
Total net increase | $ | 75 | 7 | $ | 2 | — | * | $ | — | * | — | * | $ | 77 | 7 |
IS 2030 Fund
Sales | Reinvestments of distributions | Repurchases | Net increase | |||||||||||||||||||||||||||||
Share class | Amount | Shares | Amount | Shares | Amount | Shares | Amount | Shares | ||||||||||||||||||||||||
Year ended December 31, 2021 | ||||||||||||||||||||||||||||||||
Class 1 | $ | — | — | $ | — | * | — | * | $ | — | — | $ | — | * | — | * | ||||||||||||||||
Class 1A | — | — | — | * | — | * | — | — | — | * | — | * | ||||||||||||||||||||
Class 2 | — | — | — | * | — | * | — | — | — | * | — | * | ||||||||||||||||||||
Class 4 | 188 | 16 | 3 | — | * | (117 | ) | (10 | ) | 74 | 6 | |||||||||||||||||||||
Total net increase (decrease) | $ | 188 | 16 | $ | 3 | — | * | $ | (117 | ) | (10 | ) | $ | 74 | 6 | |||||||||||||||||
Year ended December 31, 2020 | ||||||||||||||||||||||||||||||||
Class 1 | $ | — | — | $ | — | * | — | * | $ | — | — | $ | — | * | — | * | ||||||||||||||||
Class 1A | — | — | — | * | — | * | — | — | — | * | — | * | ||||||||||||||||||||
Class 2 | — | — | — | * | — | * | — | — | — | * | — | * | ||||||||||||||||||||
Class 4 | 125 | 12 | 3 | — | * | — | * | — | * | 128 | 12 | |||||||||||||||||||||
Total net increase | $ | 125 | 12 | $ | 3 | — | * | $ | — | * | — | * | $ | 128 | 12 |
See end of tables for footnotes.
American Funds Insurance Series – Target Date Series | 31 |
IS 2025 Fund
Sales | Reinvestments of distributions | Repurchases | Net increase | |||||||||||||||||||||||||||||
Share class | Amount | Shares | Amount | Shares | Amount | Shares | Amount | Shares | ||||||||||||||||||||||||
Year ended December 31, 2021 | ||||||||||||||||||||||||||||||||
Class 1 | $ | — | — | $ | — | * | — | * | $ | — | — | $ | — | * | — | * | ||||||||||||||||
Class 1A | — | — | — | * | — | * | — | — | — | * | — | * | ||||||||||||||||||||
Class 2 | — | — | — | * | — | * | — | — | — | * | — | * | ||||||||||||||||||||
Class 4 | 573 | 49 | 10 | 1 | (34 | ) | (3 | ) | 549 | 47 | ||||||||||||||||||||||
Total net increase (decrease) | $ | 573 | 49 | $ | 10 | 1 | $ | (34 | ) | (3 | ) | $ | 549 | 47 | ||||||||||||||||||
Year ended December 31, 2020 | ||||||||||||||||||||||||||||||||
Class 1 | $ | — | — | $ | — | * | — | * | $ | — | — | $ | — | * | — | * | ||||||||||||||||
Class 1A | — | — | — | * | — | * | — | — | — | * | — | * | ||||||||||||||||||||
Class 2 | — | — | — | * | — | * | — | — | — | * | — | * | ||||||||||||||||||||
Class 4 | 437 | 43 | 10 | 1 | (4 | ) | (1 | ) | 443 | 43 | ||||||||||||||||||||||
Total net increase (decrease) | $ | 437 | 43 | $ | 10 | 1 | $ | (4 | ) | (1 | ) | $ | 443 | 43 |
IS 2020 Fund
Sales | Reinvestments of distributions | Repurchases | Net increase | |||||||||||||||||||||||||||||
Share class | Amount | Shares | Amount | Shares | Amount | Shares | Amount | Shares | ||||||||||||||||||||||||
Year ended December 31, 2021 | ||||||||||||||||||||||||||||||||
Class 1 | $ | — | — | $ | — | * | — | * | $ | — | — | $ | — | * | — | * | ||||||||||||||||
Class 1A | — | — | — | * | — | * | — | — | — | * | — | * | ||||||||||||||||||||
Class 2 | — | — | — | * | — | * | — | — | — | * | — | * | ||||||||||||||||||||
Class 4 | 2,214 | 190 | 22 | 2 | (432 | ) | (38 | ) | 1,804 | 154 | ||||||||||||||||||||||
Total net increase (decrease) | $ | 2,214 | 190 | $ | 22 | 2 | $ | (432 | ) | (38 | ) | $ | 1,804 | 154 | ||||||||||||||||||
Year ended December 31, 2020 | ||||||||||||||||||||||||||||||||
Class 1 | $ | — | — | $ | — | * | — | * | $ | — | — | $ | — | * | — | * | ||||||||||||||||
Class 1A | — | — | — | * | — | * | — | — | — | * | — | * | ||||||||||||||||||||
Class 2 | — | — | — | * | — | * | — | — | — | * | — | * | ||||||||||||||||||||
Class 4 | 955 | 93 | 17 | 2 | (30 | ) | (3 | ) | 942 | 92 | ||||||||||||||||||||||
Total net increase (decrease) | $ | 955 | 93 | $ | 17 | 2 | $ | (30 | ) | (3 | ) | $ | 942 | 92 |
IS 2015 Fund
Sales | Reinvestments of distributions | Repurchases | Net increase | |||||||||||||||||||||||||||||
Share class | Amount | Shares | Amount | Shares | Amount | Shares | Amount | Shares | ||||||||||||||||||||||||
Year ended December 31, 2021 | ||||||||||||||||||||||||||||||||
Class 1 | $ | — | — | $ | — | * | — | * | $ | — | — | $ | — | * | — | * | ||||||||||||||||
Class 1A | — | — | — | * | — | * | — | — | — | * | — | * | ||||||||||||||||||||
Class 2 | — | — | — | * | — | * | — | — | — | * | — | * | ||||||||||||||||||||
Class 4 | 7,058 | 621 | 198 | 17 | (1,029 | ) | (90 | ) | 6,227 | 548 | ||||||||||||||||||||||
Total net increase (decrease) | $ | 7,058 | 621 | $ | 198 | 17 | $ | (1,029 | ) | (90 | ) | $ | 6,227 | 548 | ||||||||||||||||||
Year ended December 31, 2020 | ||||||||||||||||||||||||||||||||
Class 1 | $ | — | — | $ | — | * | — | * | $ | — | — | $ | — | * | — | * | ||||||||||||||||
Class 1A | — | — | — | * | — | * | — | — | — | * | — | * | ||||||||||||||||||||
Class 2 | — | — | — | * | — | * | — | — | — | * | — | * | ||||||||||||||||||||
Class 4 | 11,008 | 1,079 | 198 | 18 | (210 | ) | (20 | ) | 10,996 | 1,077 | ||||||||||||||||||||||
Total net increase (decrease) | $ | 11,008 | 1,079 | $ | 198 | 18 | $ | (210 | ) | (20 | ) | $ | 10,996 | 1,077 |
See end of tables for footnotes.
32 | American Funds Insurance Series – Target Date Series |
IS 2010 Fund
Sales | Reinvestments of distributions | Repurchases | Net increase | |||||||||||||||||||||||||||||
Share class | Amount | Shares | Amount | Shares | Amount | Shares | Amount | Shares | ||||||||||||||||||||||||
Year ended December 31, 2021 | ||||||||||||||||||||||||||||||||
Class 1 | $ | — | — | $ | — | * | — | * | $ | — | — | $ | — | * | — | * | ||||||||||||||||
Class 1A | — | — | — | * | — | * | — | — | — | * | — | * | ||||||||||||||||||||
Class 2 | — | — | — | * | — | * | — | — | — | * | — | * | ||||||||||||||||||||
Class 4 | 175,669 | 15,529 | 2,239 | 195 | (2,897 | ) | (259 | ) | 175,011 | 15,465 | ||||||||||||||||||||||
Total net increase (decrease) | $ | 175,669 | 15,529 | $ | 2,239 | 195 | $ | (2,897 | ) | (259 | ) | $ | 175,011 | 15,465 | ||||||||||||||||||
Year ended December 31, 2020 | ||||||||||||||||||||||||||||||||
Class 1 | $ | — | — | $ | — | * | — | * | $ | — | — | $ | — | * | — | * | ||||||||||||||||
Class 1A | — | — | — | * | — | * | — | — | — | * | — | * | ||||||||||||||||||||
Class 2 | — | — | — | * | — | * | — | — | — | * | — | * | ||||||||||||||||||||
Class 4 | 117,452 | 11,699 | 2,295 | 215 | (1,515 | ) | (147 | ) | 118,232 | 11,767 | ||||||||||||||||||||||
Total net increase (decrease) | $ | 117,452 | 11,699 | $ | 2,295 | 215 | $ | (1,515 | ) | (147 | ) | $ | 118,232 | 11,767 |
* | Amount less than one thousand. |
9. Ownership concentration
At December 31, 2021, CRMC held aggregate ownership of 39% and 19% of the outstanding shares of IS 2035 Fund and IS 2030 Fund, respectively. The ownership percentages represent the seed money invested in the funds when they began operations on December 6, 2019.
10. Investment transactions
Each fund made purchases and sales of investment securities during the year ended December 31, 2021, as follows (dollars in thousands):
IS 2035 Fund | IS 2030 Fund | IS 2025 Fund | IS 2020 Fund | IS 2015 Fund | IS 2010 Fund | |||||||||||||||||||
Purchases of investment securities* | $ | 35 | $ | 248 | $ | 669 | $ | 2,414 | $ | 8,981 | $ | 194,679 | ||||||||||||
Sales of investment securities* | 24 | 162 | 85 | 536 | 2,302 | 12,973 |
* | Excludes short-term securities and U.S. government obligations, if any. |
American Funds Insurance Series – Target Date Series | 33 |
Financial highlights
Income from investment operations1 | Dividends and distributions | Ratio of expenses | Ratio of expenses | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Period ended | Net asset value, beginning of period | Net investment income | Net gains on securities (both realized and unrealized) | Total from investment operations | Dividends (from net investment income) | Distributions (from capital gains) | Total dividends and distribu- tions | Net asset value, end of period | Total return2 | Net assets, end of period (in millions) | to average net assets before reimburse- ments3 | to average net assets after reimburse- ments3 | Net effective expense ratio2,4,5 | Ratio of net income to average net assets2 | ||||||||||||||||||||||||||||||||||||||||||
IS 2035 Fund | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class 1: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
12/31/2021 | $ | 11.39 | $ | .17 | $ | 1.58 | $ | 1.75 | $ | (.10 | ) | $ | (.11 | ) | $ | (.21 | ) | $ | 12.93 | 15.46 | % | $ | — | 6 | 4.86 | % | .06 | % | .40 | % | 1.40 | % | ||||||||||||||||||||||||
12/31/2020 | 10.19 | .15 | 1.43 | 1.58 | (.12 | ) | (.26 | ) | (.38 | ) | 11.39 | 16.03 | — | 6 | 46.43 | .06 | .42 | 1.52 | ||||||||||||||||||||||||||||||||||||||
12/31/20197,8 | 10.00 | .08 | .19 | .27 | (.08 | ) | — | (.08 | ) | 10.19 | 2.70 | 9 | — | 6 | — | 9 | — | 9 | .37 | 10 | .75 | 9 | ||||||||||||||||||||||||||||||||||
Class 1A: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
12/31/2021 | 11.38 | .17 | 1.59 | 1.76 | (.10 | ) | (.11 | ) | (.21 | ) | 12.93 | 15.56 | — | 6 | 4.86 | .06 | .40 | 1.40 | ||||||||||||||||||||||||||||||||||||||
12/31/2020 | 10.19 | .15 | 1.42 | 1.57 | (.12 | ) | (.26 | ) | (.38 | ) | 11.38 | 15.93 | — | 6 | 46.43 | .06 | .42 | 1.51 | ||||||||||||||||||||||||||||||||||||||
12/31/20197,8 | 10.00 | .08 | .19 | .27 | (.08 | ) | — | (.08 | ) | 10.19 | 2.70 | 9 | — | 6 | — | 9 | — | 9 | .37 | 10 | .75 | 9 | ||||||||||||||||||||||||||||||||||
Class 2: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
12/31/2021 | 11.38 | .17 | 1.59 | 1.76 | (.10 | ) | (.11 | ) | (.21 | ) | 12.93 | 15.56 | 11 | — | 6 | 4.86 | 11 | .06 | 11 | .40 | 11 | 1.40 | 11 | |||||||||||||||||||||||||||||||||
12/31/2020 | 10.19 | .15 | 1.42 | 1.57 | (.12 | ) | (.26 | ) | (.38 | ) | 11.38 | 15.93 | 11 | — | 6 | 46.43 | 11 | .06 | 11 | .42 | 11 | 1.51 | 11 | |||||||||||||||||||||||||||||||||
12/31/20197,8 | 10.00 | .08 | .19 | .27 | (.08 | ) | — | (.08 | ) | 10.19 | 2.70 | 9,11 | — | 6 | — | 9,11 | — | 9,11 | .37 | 10,11 | .75 | 9,11 | ||||||||||||||||||||||||||||||||||
Class 4: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
12/31/2021 | 11.39 | .12 | 1.58 | 1.70 | (.06 | ) | (.11 | ) | (.17 | ) | 12.92 | 14.99 | — | 6 | 5.31 | .49 | .83 | .97 | ||||||||||||||||||||||||||||||||||||||
12/31/2020 | 10.19 | .35 | 1.22 | 1.57 | (.11 | ) | (.26 | ) | (.37 | ) | 11.39 | 16.01 | — | 6 | 52.83 | .18 | .54 | 3.35 | ||||||||||||||||||||||||||||||||||||||
12/31/20197,8 | 10.00 | .08 | .19 | .27 | (.08 | ) | — | (.08 | ) | 10.19 | 2.70 | 9 | — | 6 | — | 9 | — | 9 | .37 | 10 | .75 | 9 | ||||||||||||||||||||||||||||||||||
IS 2030 Fund | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class 1: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
12/31/2021 | $ | 11.14 | $ | .19 | $ | 1.27 | $ | 1.46 | $ | (.12 | ) | $ | (.07 | ) | $ | (.19 | ) | $ | 12.41 | 13.07 | % | $ | — | 6 | 2.53 | % | .06 | % | .38 | % | 1.59 | % | ||||||||||||||||||||||||
12/31/2020 | 10.15 | .17 | 1.16 | 1.33 | (.13 | ) | (.21 | ) | (.34 | ) | 11.14 | 13.41 | — | 6 | 45.36 | .06 | .41 | 1.71 | ||||||||||||||||||||||||||||||||||||||
12/31/20197,8 | 10.00 | .07 | .16 | .23 | (.08 | ) | — | (.08 | ) | 10.15 | 2.28 | 9 | — | 6 | — | 9 | — | 9 | .35 | 10 | .69 | 9 | ||||||||||||||||||||||||||||||||||
Class 1A: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
12/31/2021 | 11.14 | .19 | 1.27 | 1.46 | (.12 | ) | (.07 | ) | (.19 | ) | 12.41 | 13.07 | — | 6 | 2.53 | .06 | .38 | 1.59 | ||||||||||||||||||||||||||||||||||||||
12/31/2020 | 10.15 | .17 | 1.16 | 1.33 | (.13 | ) | (.21 | ) | (.34 | ) | 11.14 | 13.41 | — | 6 | 45.36 | .06 | .41 | 1.71 | ||||||||||||||||||||||||||||||||||||||
12/31/20197,8 | 10.00 | .07 | .16 | .23 | (.08 | ) | — | (.08 | ) | 10.15 | 2.28 | 9 | — | 6 | — | 9 | — | 9 | .35 | 10 | .69 | 9 | ||||||||||||||||||||||||||||||||||
Class 2: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
12/31/2021 | 11.14 | .19 | 1.27 | 1.46 | (.12 | ) | (.07 | ) | (.19 | ) | 12.41 | 13.07 | 11 | — | 6 | 2.53 | 11 | .06 | 11 | .38 | 11 | 1.59 | 11 | |||||||||||||||||||||||||||||||||
12/31/2020 | 10.15 | .17 | 1.16 | 1.33 | (.13 | ) | (.21 | ) | (.34 | ) | 11.14 | 13.41 | 11 | — | 6 | 45.36 | 11 | .06 | 11 | .41 | 11 | 1.72 | 11 | |||||||||||||||||||||||||||||||||
12/31/20197,8 | 10.00 | .07 | .16 | .23 | (.08 | ) | — | (.08 | ) | 10.15 | 2.28 | 9,11 | — | 6 | — | 9,11 | — | 9,11 | .35 | 10,11 | .69 | 9,11 | ||||||||||||||||||||||||||||||||||
Class 4: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
12/31/2021 | 11.14 | .13 | 1.27 | 1.40 | (.07 | ) | (.07 | ) | (.14 | ) | 12.40 | 12.55 | — | 6 | 2.93 | .53 | .85 | 1.10 | ||||||||||||||||||||||||||||||||||||||
12/31/2020 | 10.15 | .46 | .87 | 1.33 | (.13 | ) | (.21 | ) | (.34 | ) | 11.14 | 13.39 | — | 6 | 44.54 | .25 | .60 | 4.38 | ||||||||||||||||||||||||||||||||||||||
12/31/20197,8 | 10.00 | .07 | .16 | .23 | (.08 | ) | — | (.08 | ) | 10.15 | 2.28 | 9 | — | 6 | — | 9 | — | 9 | .35 | 10 | .69 | 9 | ||||||||||||||||||||||||||||||||||
IS 2025 Fund | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class 1: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
12/31/2021 | $ | 11.17 | $ | .21 | $ | 1.06 | $ | 1.27 | $ | (.09 | ) | $ | (.08 | ) | $ | (.17 | ) | $ | 12.27 | 11.42 | % | $ | — | 6 | 1.26 | % | .06 | % | .37 | % | 1.77 | % | ||||||||||||||||||||||||
12/31/2020 | 10.12 | .19 | 1.10 | 1.29 | (.19 | ) | (.05 | ) | (.24 | ) | 11.17 | 12.75 | — | 6 | 20.72 | .06 | .38 | 1.85 | ||||||||||||||||||||||||||||||||||||||
12/31/20197,8 | 10.00 | .07 | .13 | .20 | (.08 | ) | — | (.08 | ) | 10.12 | 1.98 | 9 | — | 6 | — | 9 | — | 9 | .33 | 10 | .66 | 9 | ||||||||||||||||||||||||||||||||||
Class 1A: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
12/31/2021 | 11.17 | .21 | 1.06 | 1.27 | (.09 | ) | (.08 | ) | (.17 | ) | 12.27 | 11.42 | — | 6 | 1.26 | .06 | .37 | 1.77 | ||||||||||||||||||||||||||||||||||||||
12/31/2020 | 10.12 | .19 | 1.10 | 1.29 | (.19 | ) | (.05 | ) | (.24 | ) | 11.17 | 12.75 | — | 6 | 20.72 | .06 | .38 | 1.85 | ||||||||||||||||||||||||||||||||||||||
12/31/20197,8 | 10.00 | .07 | .13 | .20 | (.08 | ) | — | (.08 | ) | 10.12 | 1.98 | 9 | — | 6 | — | 9 | — | 9 | .33 | 10 | .66 | 9 | ||||||||||||||||||||||||||||||||||
Class 2: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
12/31/2021 | 11.17 | .21 | 1.06 | 1.27 | (.09 | ) | (.08 | ) | (.17 | ) | 12.27 | 11.42 | 11 | — | 6 | 1.26 | 11 | .06 | 11 | .37 | 11 | 1.77 | 11 | |||||||||||||||||||||||||||||||||
12/31/2020 | 10.12 | .19 | 1.10 | 1.29 | (.19 | ) | (.05 | ) | (.24 | ) | 11.17 | 12.75 | 11 | — | 6 | 20.72 | 11 | .06 | 11 | .38 | 11 | 1.85 | 11 | |||||||||||||||||||||||||||||||||
12/31/20197,8 | 10.00 | .07 | .13 | .20 | (.08 | ) | — | (.08 | ) | 10.12 | 1.98 | 9,11 | — | 6 | — | 9,11 | — | 9,11 | .33 | 10,11 | .66 | 9,11 | ||||||||||||||||||||||||||||||||||
Class 4: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
12/31/2021 | 11.16 | .18 | 1.02 | 1.20 | (.06 | ) | (.08 | ) | (.14 | ) | 12.22 | 10.77 | 1 | 1.35 | .55 | .86 | 1.48 | |||||||||||||||||||||||||||||||||||||||
12/31/2020 | 10.12 | .20 | 1.06 | 1.26 | (.17 | ) | (.05 | ) | (.22 | ) | 11.16 | 12.42 | 1 | 7.44 | .54 | .86 | 1.93 | |||||||||||||||||||||||||||||||||||||||
12/31/20197,8 | 10.00 | .07 | .13 | .20 | (.08 | ) | — | (.08 | ) | 10.12 | 1.98 | 9 | — | 6 | — | 9 | — | 9 | .33 | 10 | .66 | 9 |
See end of tables for footnotes.
34 | American Funds Insurance Series – Target Date Series |
Financial highlights (continued)
Income from investment operations1 | Dividends and distributions | Ratio of expenses | Ratio of expenses | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Period ended | Net asset value, beginning of period | Net investment income | Net gains on securities (both realized and unrealized) | Total from investment operations | Dividends (from net investment income) | Distributions (from capital gains) | Total dividends and distribu- tions | Net asset value, end of period | Total return2 | Net assets, end of period (in millions) | to average net assets before reimburse- ments3 | to average net assets after reimburse- ments3 | Net effective expense ratio2,4,5 | Ratio of net income to average net assets2 | ||||||||||||||||||||||||||||||||||||||||||
IS 2020 Fund | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class 1: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
12/31/2021 | $ | 10.94 | $ | .24 | $ | .93 | $ | 1.17 | $ | (.09 | ) | $ | (.05 | ) | $ | (.14 | ) | $ | 11.97 | 10.68 | % | $ | — | 6 | .68 | % | .06 | % | .35 | % | 2.09 | % | ||||||||||||||||||||||||
12/31/2020 | 10.09 | .25 | .81 | 1.06 | (.19 | ) | (.02 | ) | (.21 | ) | 10.94 | 10.52 | — | 6 | 14.67 | .06 | .36 | 2.41 | ||||||||||||||||||||||||||||||||||||||
12/31/20197,8 | 10.00 | .07 | .10 | .17 | (.08 | ) | — | (.08 | ) | 10.09 | 1.68 | 9 | — | 6 | — | 9 | — | 9 | .31 | 10 | .65 | 9 | ||||||||||||||||||||||||||||||||||
Class 1A: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
12/31/2021 | 10.95 | .24 | .92 | 1.16 | (.09 | ) | (.05 | ) | (.14 | ) | 11.97 | 10.58 | — | 6 | .68 | .06 | .35 | 2.09 | ||||||||||||||||||||||||||||||||||||||
12/31/2020 | 10.09 | .25 | .82 | 1.07 | (.19 | ) | (.02 | ) | (.21 | ) | 10.95 | 10.62 | — | 6 | 14.67 | .06 | .36 | 2.41 | ||||||||||||||||||||||||||||||||||||||
12/31/20197,8 | 10.00 | .07 | .10 | .17 | (.08 | ) | — | (.08 | ) | 10.09 | 1.68 | 9 | — | 6 | — | 9 | — | 9 | .31 | 10 | .65 | 9 | ||||||||||||||||||||||||||||||||||
Class 2: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
12/31/2021 | 10.94 | .24 | .93 | 1.17 | (.09 | ) | (.05 | ) | (.14 | ) | 11.97 | 10.68 | 11 | — | 6 | .68 | 11 | .06 | 11 | .35 | 11 | 2.09 | 11 | |||||||||||||||||||||||||||||||||
12/31/2020 | 10.09 | .25 | .81 | 1.06 | (.19 | ) | (.02 | ) | (.21 | ) | 10.94 | 10.52 | 11 | — | 6 | 14.67 | 11 | .06 | 11 | .36 | 11 | 2.41 | 11 | |||||||||||||||||||||||||||||||||
12/31/20197,8 | 10.00 | .07 | .10 | .17 | (.08 | ) | — | (.08 | ) | 10.09 | 1.68 | 9,11 | — | 6 | — | 9,11 | — | 9,11 | .31 | 10,11 | .65 | 9,11 | ||||||||||||||||||||||||||||||||||
Class 4: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
12/31/2021 | 10.92 | .23 | .87 | 1.10 | (.06 | ) | (.05 | ) | (.11 | ) | 11.91 | 10.10 | 3 | .94 | .56 | .85 | 1.96 | |||||||||||||||||||||||||||||||||||||||
12/31/2020 | 10.09 | .29 | .73 | 1.02 | (.17 | ) | (.02 | ) | (.19 | ) | 10.92 | 10.15 | 1 | 5.79 | .54 | .84 | 2.75 | |||||||||||||||||||||||||||||||||||||||
12/31/20197,8 | 10.00 | .07 | .10 | .17 | (.08 | ) | — | (.08 | ) | 10.09 | 1.68 | 9 | — | 6 | — | 9 | — | 9 | .31 | 10 | .65 | 9 | ||||||||||||||||||||||||||||||||||
IS 2015 Fund | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class 1: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
12/31/2021 | $ | 10.85 | $ | .25 | $ | .86 | $ | 1.11 | $ | (.13 | ) | $ | (.04 | ) | $ | (.17 | ) | $ | 11.79 | 10.26 | % | $ | — | 6 | .12 | % | .06 | % | .34 | % | 2.16 | % | ||||||||||||||||||||||||
12/31/2020 | 10.09 | .76 | .20 | .96 | (.20 | ) | — | 12 | (.20 | ) | 10.85 | 9.62 | — | 6 | 7.60 | .06 | .35 | 7.46 | ||||||||||||||||||||||||||||||||||||||
12/31/20197,8 | 10.00 | .07 | .10 | .17 | (.08 | ) | — | (.08 | ) | 10.09 | 1.69 | 9 | — | 6 | — | 9 | — | 9 | .30 | 10 | .65 | 9 | ||||||||||||||||||||||||||||||||||
Class 1A: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
12/31/2021 | 10.85 | .25 | .86 | 1.11 | (.13 | ) | (.04 | ) | (.17 | ) | 11.79 | 10.26 | — | 6 | .12 | .06 | .34 | 2.16 | ||||||||||||||||||||||||||||||||||||||
12/31/2020 | 10.09 | .76 | .20 | .96 | (.20 | ) | — | 12 | (.20 | ) | 10.85 | 9.62 | — | 6 | 7.60 | .06 | .35 | 7.46 | ||||||||||||||||||||||||||||||||||||||
12/31/20197,8 | 10.00 | .07 | .10 | .17 | (.08 | ) | — | (.08 | ) | 10.09 | 1.69 | 9 | — | 6 | — | 9 | — | 9 | .30 | 10 | .65 | 9 | ||||||||||||||||||||||||||||||||||
Class 2: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
12/31/2021 | 10.85 | .25 | .86 | 1.11 | (.13 | ) | (.04 | ) | (.17 | ) | 11.79 | 10.26 | 11 | — | 6 | .12 | 11 | .06 | 11 | .34 | 11 | 2.16 | 11 | |||||||||||||||||||||||||||||||||
12/31/2020 | 10.09 | .76 | .20 | .96 | (.20 | ) | — | 12 | (.20 | ) | 10.85 | 9.62 | 11 | — | 6 | 7.60 | 11 | .06 | 11 | .35 | 11 | 7.46 | 11 | |||||||||||||||||||||||||||||||||
12/31/20197,8 | 10.00 | .07 | .10 | .17 | (.08 | ) | — | (.08 | ) | 10.09 | 1.69 | 9,11 | — | 6 | — | 9,11 | — | 9,11 | .30 | 10,11 | .65 | 9,11 | ||||||||||||||||||||||||||||||||||
Class 4: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
12/31/2021 | 10.83 | .20 | .85 | 1.05 | (.09 | ) | (.04 | ) | (.13 | ) | 11.75 | 9.74 | 19 | .62 | .56 | .84 | 1.76 | |||||||||||||||||||||||||||||||||||||||
12/31/2020 | 10.09 | .27 | .65 | .92 | (.18 | ) | — | 12 | (.18 | ) | 10.83 | 9.20 | 12 | .93 | .56 | .85 | 2.58 | |||||||||||||||||||||||||||||||||||||||
12/31/20197,8 | 10.00 | .07 | .10 | .17 | (.08 | ) | — | (.08 | ) | 10.09 | 1.69 | 9 | — | 6 | — | 9 | — | 9 | .30 | 10 | .65 | 9 | ||||||||||||||||||||||||||||||||||
IS 2010 Fund | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class 1: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
12/31/2021 | $ | 10.76 | $ | .23 | $ | .76 | $ | .99 | $ | (.09 | ) | $ | (.03 | ) | $ | (.12 | ) | $ | 11.63 | 9.28 | % | $ | — | 6 | .08 | % | .06 | % | .33 | % | 2.07 | % | ||||||||||||||||||||||||
12/31/2020 | 10.08 | .25 | .65 | .90 | (.22 | ) | — | 12 | (.22 | ) | 10.76 | 9.02 | — | 6 | .10 | .08 | .37 | 2.51 | ||||||||||||||||||||||||||||||||||||||
12/31/20197,8 | 10.00 | .06 | .09 | .15 | (.07 | ) | — | (.07 | ) | 10.08 | 1.54 | 9 | — | 6 | — | 9 | — | 9 | .30 | 10 | .62 | 9 | ||||||||||||||||||||||||||||||||||
Class 1A: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
12/31/2021 | 10.76 | .23 | .76 | .99 | (.09 | ) | (.03 | ) | (.12 | ) | 11.63 | 9.28 | — | 6 | .08 | .06 | .33 | 2.07 | ||||||||||||||||||||||||||||||||||||||
12/31/2020 | 10.08 | .26 | .64 | .90 | (.22 | ) | — | 12 | (.22 | ) | 10.76 | 9.02 | — | 6 | .10 | .08 | .37 | 2.51 | ||||||||||||||||||||||||||||||||||||||
12/31/20197,8 | 10.00 | .06 | .09 | .15 | (.07 | ) | — | (.07 | ) | 10.08 | 1.54 | 9 | — | 6 | — | 9 | — | 9 | .30 | 10 | .62 | 9 | ||||||||||||||||||||||||||||||||||
Class 2: | �� | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
12/31/2021 | 10.76 | .23 | .76 | .99 | (.09 | ) | (.03 | ) | (.12 | ) | 11.63 | 9.28 | 11 | — | 6 | .08 | 11 | .06 | 11 | .33 | 11 | 2.07 | 11 | |||||||||||||||||||||||||||||||||
12/31/2020 | 10.08 | .25 | .65 | .90 | (.22 | ) | — | 12 | (.22 | ) | 10.76 | 9.02 | 11 | — | 6 | .10 | 11 | .08 | 11 | .37 | 11 | 2.51 | 11 | |||||||||||||||||||||||||||||||||
12/31/20197,8 | 10.00 | .06 | .09 | .15 | (.07 | ) | — | (.07 | ) | 10.08 | 1.54 | 9,11 | — | 6 | — | 9,11 | — | 9,11 | .30 | 10,11 | .62 | 9,11 | ||||||||||||||||||||||||||||||||||
Class 4: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
12/31/2021 | 10.74 | .20 | .73 | .93 | (.06 | ) | (.03 | ) | (.09 | ) | 11.58 | 8.75 | 315 | .58 | .56 | .83 | 1.81 | |||||||||||||||||||||||||||||||||||||||
12/31/2020 | 10.08 | .24 | .62 | .86 | (.20 | ) | — | 12 | (.20 | ) | 10.74 | 8.55 | 126 | .55 | .55 | .84 | 2.36 | |||||||||||||||||||||||||||||||||||||||
12/31/20197,8 | 10.00 | .06 | .09 | .15 | (.07 | ) | — | (.07 | ) | 10.08 | 1.54 | 9 | — | 6 | — | 9 | — | 9 | .30 | 10 | .62 | 9 |
See end of tables for footnotes.
American Funds Insurance Series – Target Date Series | 35 |
Financial highlights (continued)
Year ended December 31, | |||||||||||||
Portfolio turnover rate for all share classes | 2021 | 2020 | 2019 | ||||||||||
IS 2035 Fund | 18 | % | 48 | % | — | %13 | |||||||
IS 2030 Fund | 60 | 45 | — | 13 | |||||||||
IS 2025 Fund | 10 | 10 | — | 13 | |||||||||
IS 2020 Fund | 30 | 15 | — | 13 | |||||||||
IS 2015 Fund | 15 | 5 | — | 13 | |||||||||
IS 2010 Fund | 7 | 1 | — | 13 |
1 | Based on average shares outstanding. |
2 | This column reflects the impact of certain reimbursements from CRMC. During some of the periods shown, CRMC reimbursed a portion of miscellaneous fees and expenses for each of the funds. No expenses were accrued on any of the funds during the period December 6, 2019, commencement of operations, through December 31, 2019. |
3 | This column does not include expenses of the underlying funds in which each fund invests. |
4 | 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. See expense example for further information regarding fees and expenses. |
5 | Unaudited. |
6 | Amount less than $1 million. |
7 | Based on operations for a period that is less than a full year. |
8 | For the period December 6, 2019, commencement of operations, through December 31, 2019. |
9 | Not annualized. |
10 | Annualized. |
11 | All or a significant portion of assets in this class consisted of seed capital invested by CRMC and/or its affiliates. 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. |
12 | Amount less than $.01. |
13 | There was no turnover. |
36 | American Funds Insurance Series – Target Date Series |
Report of Independent Registered Public Accounting Firm
To the Board of Trustees of American Funds Insurance Series and Shareholders of American Funds IS 2035 Target Date Fund, American Funds IS 2030 Target Date Fund, American Funds IS 2025 Target Date Fund, American Funds IS 2020 Target Date Fund, American Funds IS 2015 Target Date Fund and American Funds IS 2010 Target Date Fund
Opinions on the Financial Statements
We have audited the accompanying statements of assets and liabilities, including the investment portfolios, of American Funds IS 2035 Target Date Fund, American Funds IS 2030 Target Date Fund, American Funds IS 2025 Target Date Fund, American Funds IS 2020 Target Date Fund, American Funds IS 2015 Target Date Fund and American Funds IS 2010 Target Date Fund (six of the funds constituting American Funds Insurance Series, hereafter collectively referred to as the “Funds”) as of December 31, 2021, the related statements of operations for the year ended December 31, 2021 and the statements of changes in net assets and the financial highlights for the year ended December 31, 2021 and for the period December 6, 2019 (commencement of operations) through December 31, 2019, including the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of December 31, 2021, the results of each of their operations for the year then ended and the changes in each of their net assets, and each of the financial highlights for the year ended December 31, 2021 and for the period December 6, 2019 (commencement of operations) through December 31, 2019 in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinions
These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2021 by correspondence with the custodian and transfer agent. We believe that our audits provide a reasonable basis for our opinions.
/s/ PricewaterhouseCoopers LLP
Los Angeles, California
February 18, 2022
We have served as the auditor of one or more investment companies in The Capital Group Companies Investment Company Complex since 1934.
American Funds Insurance Series – Target Date Series | 37 |
Expense example | unaudited |
The funds in American Funds Insurance Series serve as the underlying investment vehicle for various insurance products. As an owner of an insurance contract that invests in one of the funds in the series, you incur two types of costs: (1) transaction costs, such as initial sales charges on purchase payments and contingent deferred sales charges on redemptions (loads), and (2) ongoing costs, including management fees, distribution and service (12b-1) fees, and other expenses. Additional fees are charged by the insurance companies related to the various benefits they provide. This example is intended to help you understand your ongoing costs (in dollars) of investing in the underlying funds so you can compare these costs with the ongoing costs of investing in other mutual funds that serve a similar function in other annuity products. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire six-month period (July 1, 2021, through December 31, 2021).
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 entitled “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.
38 | American Funds Insurance Series – Target Date Series |
Expense example (continued)
Beginning account value 7/1/2021 | Ending account value 12/31/2021 | Expenses paid during period1,2 | Annualized expense ratio2 | Effective expenses paid during period3 | Effective annualized expense ratio4 | |||||||||||||||||||
IS 2035 Fund | ||||||||||||||||||||||||
Class 1 – actual return | $ | 1,000.00 | $ | 1,054.35 | $ | .31 | .06 | % | $ | 2.07 | .40 | % | ||||||||||||
Class 1 – assumed 5% return | 1,000.00 | 1,024.90 | .31 | .06 | 2.04 | .40 | ||||||||||||||||||
Class 1A – actual return | 1,000.00 | 1,054.36 | .31 | .06 | 2.07 | .40 | ||||||||||||||||||
Class 1A – assumed 5% return | 1,000.00 | 1,024.90 | .31 | .06 | 2.04 | .40 | ||||||||||||||||||
Class 2 – actual return | 1,000.00 | 1,054.36 | .31 | .06 | 2.07 | .40 | ||||||||||||||||||
Class 2 – assumed 5% return | 1,000.00 | 1,024.90 | .31 | .06 | 2.04 | .40 | ||||||||||||||||||
Class 4 – actual return | 1,000.00 | 1,051.73 | 2.53 | .49 | 4.29 | .83 | ||||||||||||||||||
Class 4 – assumed 5% return | 1,000.00 | 1,022.74 | 2.50 | .49 | 4.23 | .83 | ||||||||||||||||||
IS 2030 Fund | ||||||||||||||||||||||||
Class 1 – actual return | $ | 1,000.00 | $ | 1,047.28 | $ | .31 | .06 | % | $ | 1.96 | .38 | % | ||||||||||||
Class 1 – assumed 5% return | 1,000.00 | 1,024.90 | .31 | .06 | 1.94 | .38 | ||||||||||||||||||
Class 1A – actual return | 1,000.00 | 1,047.28 | .31 | .06 | 1.96 | .38 | ||||||||||||||||||
Class 1A – assumed 5% return | 1,000.00 | 1,024.90 | .31 | .06 | 1.94 | .38 | ||||||||||||||||||
Class 2 – actual return | 1,000.00 | 1,047.28 | .31 | .06 | 1.96 | .38 | ||||||||||||||||||
Class 2 – assumed 5% return | 1,000.00 | 1,024.90 | .31 | .06 | 1.94 | .38 | ||||||||||||||||||
Class 4 – actual return | 1,000.00 | 1,045.07 | 2.73 | .53 | 4.38 | .85 | ||||||||||||||||||
Class 4 – assumed 5% return | 1,000.00 | 1,022.53 | 2.70 | .53 | 4.33 | .85 | ||||||||||||||||||
IS 2025 Fund | ||||||||||||||||||||||||
Class 1 – actual return | $ | 1,000.00 | $ | 1,043.01 | $ | .31 | .06 | % | $ | 1.91 | .37 | % | ||||||||||||
Class 1 – assumed 5% return | 1,000.00 | 1,024.90 | .31 | .06 | 1.89 | .37 | ||||||||||||||||||
Class 1A – actual return | 1,000.00 | 1,043.01 | .31 | .06 | 1.91 | .37 | ||||||||||||||||||
Class 1A – assumed 5% return | 1,000.00 | 1,024.90 | .31 | .06 | 1.89 | .37 | ||||||||||||||||||
Class 2 – actual return | 1,000.00 | 1,043.01 | .31 | .06 | 1.91 | .37 | ||||||||||||||||||
Class 2 – assumed 5% return | 1,000.00 | 1,024.90 | .31 | .06 | 1.89 | .37 | ||||||||||||||||||
Class 4 – actual return | 1,000.00 | 1,039.59 | 2.83 | .55 | 4.42 | .86 | ||||||||||||||||||
Class 4 – assumed 5% return | 1,000.00 | 1,022.43 | 2.80 | .55 | 4.38 | .86 | ||||||||||||||||||
IS 2020 Fund | ||||||||||||||||||||||||
Class 1 – actual return | $ | 1,000.00 | $ | 1,040.09 | $ | .31 | .06 | % | $ | 1.80 | .35 | % | ||||||||||||
Class 1 – assumed 5% return | 1,000.00 | 1,024.90 | .31 | .06 | 1.79 | .35 | ||||||||||||||||||
Class 1A – actual return | 1,000.00 | 1,040.09 | .31 | .06 | 1.80 | .35 | ||||||||||||||||||
Class 1A – assumed 5% return | 1,000.00 | 1,024.90 | .31 | .06 | 1.79 | .35 | ||||||||||||||||||
Class 2 – actual return | 1,000.00 | 1,040.09 | .31 | .06 | 1.80 | .35 | ||||||||||||||||||
Class 2 – assumed 5% return | 1,000.00 | 1,024.90 | .31 | .06 | 1.79 | .35 | ||||||||||||||||||
Class 4 – actual return | 1,000.00 | 1,037.18 | 2.88 | .56 | 4.36 | .85 | ||||||||||||||||||
Class 4 – assumed 5% return | 1,000.00 | 1,022.38 | 2.85 | .56 | 4.33 | .85 | ||||||||||||||||||
IS 2015 Fund | ||||||||||||||||||||||||
Class 1 – actual return | $ | 1,000.00 | $ | 1,037.84 | $ | .31 | .06 | % | $ | 1.75 | .34 | % | ||||||||||||
Class 1 – assumed 5% return | 1,000.00 | 1,024.90 | .31 | .06 | 1.73 | .34 | ||||||||||||||||||
Class 1A – actual return | 1,000.00 | 1,037.84 | .31 | .06 | 1.75 | .34 | ||||||||||||||||||
Class 1A – assumed 5% return | 1,000.00 | 1,024.90 | .31 | .06 | 1.73 | .34 | ||||||||||||||||||
Class 2 – actual return | 1,000.00 | 1,037.84 | .31 | .06 | 1.75 | .34 | ||||||||||||||||||
Class 2 – assumed 5% return | 1,000.00 | 1,024.90 | .31 | .06 | 1.73 | .34 | ||||||||||||||||||
Class 4 – actual return | 1,000.00 | 1,036.48 | 2.87 | .56 | 4.31 | .84 | ||||||||||||||||||
Class 4 – assumed 5% return | 1,000.00 | 1,022.38 | 2.85 | .56 | 4.28 | .84 |
See next page for footnotes.
American Funds Insurance Series – Target Date Series | 39 |
Expense example (continued)
Beginning account value 7/1/2021 | Ending account value 12/31/2021 | Expenses paid during period1,2 | Annualized expense ratio2 | Effective expenses paid during period3 | Effective annualized expense ratio4 | |||||||||||||||||||
IS 2010 Fund | ||||||||||||||||||||||||
Class 1 – actual return | $ | 1,000.00 | $ | 1,035.38 | $ | .31 | .06 | % | $ | 1.69 | .33 | % | ||||||||||||
Class 1 – assumed 5% return | 1,000.00 | 1,024.90 | .31 | .06 | 1.68 | .33 | ||||||||||||||||||
Class 1A – actual return | 1,000.00 | 1,035.38 | .31 | .06 | 1.69 | .33 | ||||||||||||||||||
Class 1A – assumed 5% return | 1,000.00 | 1,024.90 | .31 | .06 | 1.68 | .33 | ||||||||||||||||||
Class 2 – actual return | 1,000.00 | 1,035.38 | .31 | .06 | 1.69 | .33 | ||||||||||||||||||
Class 2 – assumed 5% return | 1,000.00 | 1,024.90 | .31 | .06 | 1.68 | .33 | ||||||||||||||||||
Class 4 – actual return | 1,000.00 | 1,033.04 | 2.87 | .56 | 4.25 | .83 | ||||||||||||||||||
Class 4 – assumed 5% return | 1,000.00 | 1,022.38 | 2.85 | .56 | 4.23 | .83 |
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. |
40 | American Funds Insurance Series – Target Date Series |
Liquidity Risk Management Program
The series has adopted a liquidity risk management program (the “program”). The series’ board has designated Capital Research and Management Company (“CRMC”) as the administrator of the program. Personnel of CRMC or its affiliates conduct the day-to-day operation of the program pursuant to policies and procedures administered by the Capital Group Liquidity Risk Management Committee.
Under the program, CRMC manages each fund’s liquidity risk, which is the risk that the fund could not meet shareholder redemption requests without significant dilution of remaining shareholders’ interests in the fund. This risk is managed by monitoring the degree of liquidity of each fund’s investments, limiting the amount of each fund’s illiquid investments, and utilizing various risk management tools and facilities available to each fund for meeting shareholder redemptions, among other means. CRMC’s process of determining the degree of liquidity of each fund’s investments is supported by one or more third-party liquidity assessment vendors.
The series’ board reviewed a report prepared by CRMC regarding the operation and effectiveness of the program for the period October 1, 2020, through September 30, 2021. No significant liquidity events impacting any of the funds were noted in the report. In addition, CRMC provided its assessment that the program had been effective in managing each fund’s liquidity risk.
American Funds Insurance Series – Target Date Series | 41 |
Board of trustees and other officers
Independent trustees1
Name and year of birth | Year first elected a trustee of the series2 | Principal occupation(s) during past five years | Number of portfolios in fund complex overseen by trustee | Other directorships3 held by trustee | ||||
Francisco G. Cigarroa, MD 1957 | 2021 | Professor of Surgery, University of Texas Health San Antonio; Trustee, Ford Foundation; Clayton Research Scholar, Clayton Foundation for Biomedical Research | 86 | None | ||||
James G. Ellis, 1947 | 2010 | Former Dean and Professor of Marketing, Marshall School of Business, University of Southern California | 99 | Advanced Merger Partners; EVe Mobility Acquisition Corp (acquisitions of companies in the electric vehicle market); J. G. Boswell (agricultural production); Mercury General Corporation | ||||
Nariman Farvardin, 1956 | 2018 | President, Stevens Institute of Technology | 87 | None | ||||
Mary Davis Holt, 1950 | 2015–2016; 2017 | Principal, Mary Davis Holt Enterprises, LLC (leadership development consulting); former Partner, Flynn Heath Holt Leadership, LLC (leadership consulting); former COO, Time Life Inc. (1993–2003) | 87 | None | ||||
R. Clark Hooper, 1946 | 2010 | Private investor | 91 | None | ||||
Merit E. Janow, 1958 | 2007 | Dean and Professor, Columbia University, School of International and Public Affairs | 93 | Aptiv (autonomous and green vehicle technology); Mastercard Incorporated | ||||
Margaret Spellings, 1957 Chair of the Board (Independent and Non-Executive) | 2010 | President and CEO, Texas 2036; former President, Margaret Spellings & Company (public policy and strategic consulting); former President, The University of North Carolina; former President, George W. Bush Presidential Center | 91 | None | ||||
Alexandra Trower, 1964 | 2018 | Former Executive Vice President, Global Communications and Corporate Officer, The Estée Lauder Companies | 86 | None | ||||
Paul S. Williams, 1959 | 2020 | Former Partner/Managing Director, Major, Lindsey & Africa (executive recruiting firm) | 86 | Air Transport Services Group, Inc. (aircraft leasing and air cargo transportation); Compass Minerals, Inc. (producer of salt and specialty fertilizers); Public Storage, Inc.; Romeo Power, Inc. (manufacturer of batteries for electric vehicles) | ||||
Interested trustees4,5 | ||||||||
Name, year of birth and position with series | Year first elected a trustee or officer of the series2 | Principal occupation(s) during past five years and positions held with affiliated entities or the principal underwriter of the series | Number of portfolios in fund complex overseen by trustee | Other directorships3 held by trustee | ||||
Donald D. O’Neal, 1960 Co-President and Trustee | 1998 | Partner — Capital International Investors, Capital Research and Management Company; Partner — Capital International Investors, Capital Bank and Trust Company6 | 35 | None | ||||
Michael C. Gitlin, 1970 | 2019 | Partner — Capital Fixed Income Investors, Capital Research and Management Company; Vice Chairman and Director, Capital Research and Management Company; Director, The Capital Group Companies, Inc.6; served as Head of Fixed Income at a large investment management firm prior to joining Capital Research and Management Company in 2015 | 86 | None |
The series statement of additional information includes further details about the series trustees and is available without charge upon request by calling American Funds Service Company at (800) 421-4225 or by visiting the Capital Group website at capitalgroup.com. The address for all trustees and officers of the series is 333 South Hope Street, Los Angeles, CA 90071. Attention: Secretary.
42 | American Funds Insurance Series – Target Date Series |
Other officers5
Name, year of birth and position with series | Year first elected an officer of the series2 | Principal occupation(s) during past five years and positions held with affiliated entities or the principal underwriter of the series | ||
Alan N. Berro, 1960 Co-President | 1998 | Partner — Capital World Investors, Capital Research and Management Company; Partner — Capital World Investors, Capital Bank and Trust Company6; Director, The Capital Group Companies, Inc.6 | ||
Maria Manotok, 1974 Principal Executive Officer | 2012 | Senior Vice President and Senior Counsel — Fund Business Management Group, Capital Research and Management Company; Chair, Senior Vice President, Senior Counsel and Director, Capital International, Inc.6; Senior Vice President and Director, Capital Group International, Inc.6; Director, Capital Group Investment Management Limited6 | ||
Michael W. Stockton, 1967 Executive Vice President | 2021 | Senior Vice President — Fund Business Management Group, Capital Research and Management Company | ||
Martin Jacobs, 1962 Vice President | 2016 | Partner — Capital Research Global Investors, Capital Research and Management Company; Director, The Capital Group Companies, Inc.6 | ||
Carl M. Kawaja, 1964 Vice President | 2008 | Partner — Capital World Investors, Capital Research and Management Company; Partner — Capital World Investors, Capital Bank and Trust Company6; Chairman and Director, Capital Research and Management Company | ||
Sung Lee, 1966 Vice President | 2008 | Partner — Capital Research Global Investors, Capital International, Inc.6; Director, The Capital Group Companies, Inc.6 | ||
Keiko McKibben, 1969 Vice President | 2010 | Partner — Capital Research Global Investors, Capital Research and Management Company | ||
Renaud H. Samyn, 1974 Vice President | 2010 | Partner — Capital Research Global Investors, Capital International, Inc.6 | ||
Steven I. Koszalka, 1964 Secretary | 2003 | Vice President — Fund Business Management Group, Capital Research and Management Company | ||
Gregory F. Niland, 1971 Treasurer | 2008 | Vice President — Investment Operations, Capital Research and Management Company | ||
Susan K. Countess, 1966 Assistant Secretary | 2014 | Associate — Fund Business Management Group, Capital Research and Management Company | ||
Sandra Chuon, 1972 Assistant Treasurer | 2019 | Assistant Vice President — Investment Operations, Capital Research and Management Company | ||
Brian C. Janssen, 1972 Assistant Treasurer | 2015 | Senior Vice President — Investment Operations, Capital Research and Management Company |
1 | The term independent trustee refers to a trustee who is not an “interested person” of the series within the meaning of the Investment Company Act of 1940. |
2 | Trustees and officers of the series serve until their resignation, removal or retirement. |
3 | This includes all directorships/trusteeships (other than those in the American Funds or other funds managed by Capital Research and Management Company or its affiliates) that are held by each trustee as a trustee or director of a public company or a registered investment company. |
4 | The term interested trustee refers to a trustee who is an “interested person” within the meaning of the Investment Company Act of 1940, on the basis of their affiliation with the series investment adviser, Capital Research and Management Company, or affiliated entities (including the series principal underwriter). |
5 | All of the trustees and/or officers listed are officers and/or directors/trustees of one or more of the other funds for which Capital Research and Management Company serves as investment adviser. |
6 | Company affiliated with Capital Research and Management Company. |
American Funds Insurance Series – Target Date Series | 43 |
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
Custodian of assets
State Street Bank and Trust Company
One Lincoln Street
Boston, MA 02111
Counsel
Morgan, Lewis & Bockius LLP
One Federal Street
Boston, MA 02110-1726
Independent registered public accounting firm
PricewaterhouseCoopers LLP
601 South Figueroa Street
Los Angeles, CA 90017-3874
44 | American Funds Insurance Series – Target Date 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.
“Proxy Voting Guidelines for American Funds Insurance Series — Target Date Series” — which describes how we vote proxies relating to the underlying funds held in the portfolios — is available on our 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 our website.
American Funds Insurance Series — Target Date 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. Additionally, the list of portfolio holdings is available by calling AFS.
This report is for the information of American Funds Insurance Series — Target Date 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 — Target Date Series and the prospectus for the applicable insurance contract, which give details about charges, expenses, investment objectives and operating policies of the series. If used as sales material after March 31, 2022, this report must be accompanied by a statistical update for the most recently completed calendar quarter.
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.
Standard & Poor’s 500 Composite Index is a product of S&P Dow Jones Indices LLC and/or its affiliates and has been licensed for use by Capital Group. Copyright © 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 SystemSM — has resulted in superior outcomes.
Aligned with investor success | |
We base our decisions on a long-term perspective, which we believe aligns our goals with the interests of our clients. American Funds Insurance Series portfolio managers average 27 years of investment industry experience, including 22 years at our company, reflecting a career commitment to our long-term approach.1 | |
The Capital System | |
The Capital System combines individual accountability with teamwork. Funds using The Capital System are divided into portions that are managed independently by investment professionals with diverse backgrounds, ages and investment approaches. An extensive global research effort is the backbone of our system. | |
American Funds Insurance Series’ superior outcomes | |
American Funds Insurance Series equity funds have beaten their comparable Lipper indexes in 91% of 10-year periods and 100% of 20-year periods.2 Our fixed income funds have helped investors achieve diversification through attention to correlation between bonds and equities.3 We strive to keep management fees competitive. Over the past 20 years, most funds’ fees have been below industry averages.4 | |
1 | Portfolio manager experience as of the American Funds Insurance Series prospectus dated May 1, 2021. | |
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, 2020. Periods covered are the shorter of the fund’s lifetime or since the inception date of the comparable Lipper index or average. The comparable Lipper indexes are: Global Funds Index (Global Growth Fund, Capital World Growth and Income Fund), Growth Funds Index (Growth Fund), International Funds Index (International Fund), Emerging Markets Funds Index (New World Fund), Growth & Income Funds Index (Washington Mutual Investors Fund, Growth-Income Fund) and Balanced Funds Index (Asset Allocation Fund). The Lipper Global Small-/Mid-Cap Funds Average was used for Global Small Capitalization Fund. Lipper source: Refinitiv Lipper. There have been periods when the fund has lagged the index. | |
3 | Based on Class 1 share results as of December 31, 2020. 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, 2020, 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.
ITEM 2 – Code of Ethics
The Registrant has adopted a Code of Ethics that applies to its Principal Executive Officer and Principal Financial Officer. The Registrant undertakes to provide to any person without charge, upon request, a copy of the Code of Ethics. Such request can be made by calling 800/421-4225 or to the Secretary of the Registrant, 333 South Hope Street, Los Angeles, California 90071.
ITEM 3 – Audit Committee Financial Expert
The Registrant’s board has determined that James G. Ellis, a member of the Registrant’s audit committee, is an “audit committee financial expert” and "independent," as such terms are defined in this Item. This designation will not increase the designee’s duties, obligations or liability as compared to his or her duties, obligations and liability as a member of the audit committee and of the board, nor will it reduce the responsibility of the other audit committee members. There may be other individuals who, through education or experience, would qualify as "audit committee financial experts" if the board had designated them as such. Most importantly, the board believes each member of the audit committee contributes significantly to the effective oversight of the Registrant’s financial statements and condition.
ITEM 4 – Principal Accountant Fees and Services
AFIS | ||
Registrant: |
a) Audit Fees: | ||
Audit | 2020 | 813,000 |
2021 | 809,000 | |
b) Audit-Related Fees: | ||
2020 | None | |
2021 | None | |
c) Tax Fees: | ||
2020 | 194,000 | |
2021 | 201,000 | |
The tax fees consist of professional services relating to the preparation of the Registrant’s tax returns. | ||
d) All Other Fees: | ||
2020 | None | |
2021 | None | |
Adviser and affiliates (includes only fees for non-audit services billed to the adviser and affiliates for engagements that relate directly to the operations and financial reporting of the Registrant and were subject to the pre-approval policies described below): | ||
a) Audit Fees: | ||
Not Applicable | ||
b) Audit-Related Fees: | ||
2020 | None | |
2021 | None | |
The audit-related fees consist of assurance and related services relating to the examination of the Registrant’s transfer agent, principal underwriter and investment adviser conducted in accordance with Statement on Standards for Attestation Engagements Number 18 issued by the American Institute of Certified Public Accountants. | ||
c) Tax Fees: | ||
2020 | 15,000 | |
2021 | None |
The tax fees consist of consulting services relating to the Registrant’s investments. | ||
d) All Other Fees: | ||
2020 | 7,000 | |
2021 | None | |
The other fees consist of subscription services related to an accounting research tool. | ||
All audit and permissible non-audit services that the Registrant’s audit committee considers compatible with maintaining the independent registered public accounting firm’s independence are required to be pre-approved by the committee. The pre-approval requirement will extend to all non-audit services provided to the Registrant, the investment adviser, and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the Registrant, if the engagement relates directly to the operations and financial reporting of the Registrant. The committee will not delegate its responsibility to pre-approve these services to the investment adviser. The committee may delegate to one or more committee members the authority to review and pre-approve audit and permissible non-audit services. Actions taken under any such delegation will be reported to the full committee at its next meeting. The pre-approval requirement is waived with respect to non-audit services if certain conditions are met. The pre-approval requirement was not waived for any of the non-audit services listed above provided to the Registrant, adviser and affiliates. | ||
Aggregate non-audit fees paid to the Registrant’s auditors, including fees for all services billed to the Registrant, adviser and affiliates that provide ongoing services to the Registrant, were, $217,000 for fiscal year 2020 and $201,000 for fiscal year 2021. The non-audit services represented by these amounts were brought to the attention of the committee and considered to be compatible with maintaining the auditors’ independence. |
ITEM 5 – Audit Committee of Listed Registrants
Not applicable to this Registrant, insofar as the Registrant is not a listed issuer as defined in Rule 10A-3 under the Securities Exchange Act of 1934.
ITEM 6 – Schedule of Investments
Not applicable, insofar as the schedule is included as part of the report to shareholders filed under Item 1 of this Form.
ITEM 7 – Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies
Not applicable to this Registrant, insofar as the Registrant is not a closed-end management investment company.
ITEM 8 – Portfolio Managers of Closed-End Management Investment Companies
Not applicable to this Registrant, insofar as the Registrant is not a closed-end management investment company.
ITEM 9 – Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers
Not applicable to this Registrant, insofar as the Registrant is not a closed-end management investment company.
ITEM 10 – Submission of Matters to a Vote of Security Holders
There have been no material changes to the procedures by which shareholders may recommend nominees to the Registrant’s board of trustees since the Registrant last submitted a proxy statement to its shareholders. The procedures are as follows. The Registrant has a nominating and governance committee comprised solely of persons who are not considered ‘‘interested persons’’ of the Registrant within the meaning of the Investment Company Act of 1940, as amended. The committee periodically reviews such issues as the board’s composition, responsibilities, committees, compensation and other relevant issues, and recommends any appropriate changes to the full board of trustees. While the committee normally is able to identify from its own resources an ample number of qualified candidates, it will consider shareholder suggestions of persons to be considered as nominees to fill future vacancies on the board. Such suggestions must be sent in writing to the nominating and governance committee of the Registrant, c/o the Registrant’s Secretary, and must be accompanied by complete biographical and occupational data on the prospective nominee, along with a written consent of the prospective nominee for consideration of his or her name by the nominating and governance committee.
ITEM 11 – Controls and Procedures
(a) | The Registrant’s Principal Executive Officer and Principal Financial Officer have concluded, based on their evaluation of the Registrant’s disclosure controls and procedures (as such term is defined in Rule 30a-3 under the Investment Company Act of 1940), that such controls and procedures are adequate and reasonably designed to achieve the purposes described in paragraph (c) of such rule. |
(b) | There were no changes in the Registrant’s internal controls over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) that occurred during the Registrant’s semi-annual 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 – Exhibits
(a)(1) | The Code of Ethics that is the subject of the disclosure required by Item 2 is attached as an exhibit hereto. |
(a)(2) | The certifications required by Rule 30a-2 of the Investment Company Act of 1940 and Sections 302 and 906 of the Sarbanes-Oxley Act of 2002 are attached as exhibits hereto. |
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.
AMERICAN FUNDS INSURANCE SERIES | |
By __/s/ Maria Manotok________________ | |
Maria Manotok, Principal Executive Officer | |
Date: February 28, 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 _ /s/ Maria Manotok_____________ |
Maria Manotok, Principal Executive Officer |
Date: February 28, 2022 |
By ___/s/ Gregory F. Niland__________________ |
Gregory F. Niland, Treasurer and Principal Financial Officer |
Date: February 28, 2022 |