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, 55th Floor
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, 2023
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
The Securities and Exchange Commission has adopted new regulations that will change the content and design of annual and semi-annual shareholder reports beginning in July 2024. Certain types of information, including investment portfolio and financial statements, will not be included in the shareholder reports but will be available online, delivered free of charge upon request, and filed on a semi-annual basis on Form N-CSR.
If you would like to receive shareholder reports and other communications from the fund electronically, you may update your mailing preferences with your financial intermediary or enroll in e-delivery at capitalgroup.com (for accounts held directly with the fund).
American Funds Insurance Series, by Capital Group, is the underlying investment vehicle for many variable annuities and insurance products. For over 90 years, Capital Group has invested with a long-term focus based on thorough research and attention to risk.
Investing for short periods makes losses more likely. For current information and month-end results, visit capitalgroup.com/afis. For information about your insurance contract and month-end results, go to the website of the company that issued your contract.
Investing outside the United States involves risks, such as currency fluctuations, periods of illiquidity and price volatility, as more fully described in the prospectus. These risks may be heightened in connection with investments in developing countries. Investing in small-capitalization stocks can involve greater risk than is customarily associated with investing in stocks of larger, more established companies. The return of principal for bond funds and for funds with significant underlying bond holdings is not guaranteed. Fund shares are subject to the same interest rate, inflation and credit risks associated with the underlying bond holdings. High-yield bonds are subject to greater fluctuations in value and risk of loss of income and principal than investment-grade bonds. Bond ratings, which typically range from AAA/Aaa (highest) to D (lowest), are assigned by credit rating agencies such as Standard & Poor’s, Moody’s and/or Fitch as an indication of an issuer’s creditworthiness. The use of derivatives involves a variety of risks, which may be different from, or greater than, the risks associated with investing in traditional cash securities, such as stocks and bonds. Hedge instruments, including exchange-traded futures contracts and exchange-traded put options, may not provide an effective hedge of the underlying securities because changes in the prices of such instruments may not track those of the securities they are intended to hedge. In addition, the managed risk strategy may not effectively protect the funds from market declines and will limit the funds’ participation in market gains. The use of the managed risk strategy could cause the funds’ returns to lag those of the underlying funds in certain market conditions. Refer to the funds’ prospectuses and the Risk Factors section of this report for more information on these and other risks associated with investing in the funds.
Investments are not FDIC-insured, nor are they deposits of or guaranteed by a bank or any other entity, so they may lose value.
Contents
We are pleased to present the annual report for American Funds Insurance Series® for the year ended December 31, 2023.
Regarding the investment environment, global stocks rallied, bouncing back from the severe losses of 2022. Stocks advanced in nearly all major developed markets, led by the U.S., Europe and Japan. Many emerging markets also posted solid gains, particularly Brazil and India, even as stocks in China fell sharply. Markets moved higher despite rising geopolitical risks, including ongoing conflicts in Ukraine and the Middle East.
All sectors rose in the MSCI All Country World Index1, boosted by signs of falling inflation and indications that many of the world’s central banks may be done raising interest rates. Information technology stocks enjoyed the largest gains, fueled in part by rapid advancements in artificial intelligence. Consumer staples, health care and utilities stocks lagged the overall market.
U.S. equities advanced amid economic growth, moderating inflation and a slowdown in the pace of U.S. Federal Reserve interest rate hikes. Despite market jitters over a major banking crisis in March/April, and wars in Ukraine and the Middle East, the S&P 500 Index2 climbed 26.29%. The information technology, consumer discretionary and communication services sectors led as growth stocks significantly outpaced value.
European stocks rallied as inflation declined from high levels, raising expectations that European Central Bank officials will begin cutting interest rates in 2024. Stock prices moved higher throughout the 20-member eurozone despite signs of weakening economic growth in most countries, including Germany and France, Europe’s largest economies. Overall, the MSCI Europe Index3 rose 19.89% for U.S. dollar-based investors and 14.30% in local currency terms.
Emerging markets stocks rose despite China’s slowing economy. Interest rate cuts in several developing countries as well as expected cuts in the U.S. helped returns, along with economic growth and U.S. dollar weakness. Overall, the MSCI Emerging Markets Index4 gained 9.83%.
Bonds markets also rebounded, rallying on expectations that the U.S. Federal Reserve, the European Central Bank and others are not only done with rate hikes but are planning rate cuts in 2024. Virtually all segments of the bond market generated strong returns in contrast to the severe downturn in 2022.
All market returns referenced in this report are unmanaged and, therefore, have no expenses. Investors cannot invest directly in an index. Country returns are based on MSCI indexes, which reflect reinvestment of distributions and dividends net of withholding taxes, except for the MSCI USA Index, which reflects dividends gross of withholding taxes. Source: MSCI.
1 | Source: MSCI. MSCI ACWI is a free float-adjusted market capitalization-weighted index that is designed to measure equity market results in the global developed and emerging markets, consisting of more than 40 developed and emerging market country indexes. Results reflect dividends net of withholding taxes. |
2 | Source: S&P Dow Jones Indices LLC. S&P 500 Index is a market capitalization-weighted index based on the results of approximately 500 widely held common stocks. |
3 | Source: MSCI. MSCI Europe Index is a free float-adjusted market capitalization-weighted index that is designed to measure results of more than 10 developed equity markets in Europe. Results reflect dividends net of withholding taxes. |
4 | Source: MSCI. MSCI Emerging Markets Index is a free float-adjusted market capitalization weighted index that is designed to measure equity market results in the global emerging markets, consisting of more than 20 emerging market country indexes. Results reflect dividends net of withholding taxes. |
Past results are not predictive of results in future periods.
American Funds Insurance Series | 1 |
The U.S. Treasury yield curve5 steepened modestly as the two-year yield fell 18 basis points (bps) to end at 4.25% while the 10-year yield ended unchanged at 3.88%. All major U.S. fixed income sectors posted positive returns. The Bloomberg U.S. Aggregate Index6 advanced 5.53%. Corporate markets led U.S. bond returns for the year. The Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index7 and Bloomberg U.S. Corporate Investment Grade Index8 rose 13.44% and 8.52%, respectively. Both sectors benefited from narrowing spreads, 9 which fell 146 bps for high-yield bonds and 31 bps for investment-grade corporates.
In foreign exchange markets, the U.S. dollar fluctuated, and by year-end, had registered small to moderate declines against the euro, the British pound, the Brazilian real and most other currencies.
Looking ahead
The strong stock market returns of 2023, after a rough 2022, were a surprise to many. It is testimony to the power of factors such as interest rates and the economy, as well as prospects for individual stocks (for example, the potential positive impact of artificial intelligence), over the persistent negative headlines we read in the media. That is good news for investors like us, who focus on the long run.
Going forward into 2024, big questions remain. One question is certainly inflation and its impact on interest rates. From a starting point of 3% to 4%, many market participants expect U.S. inflation to soon drop into the 2% to 3% range and put downward pressure on interest rates. While that may happen, we would not be surprised to see inflation remain a bit more persistent than these expectations.
Another question is geopolitical risk. The market digested the ongoing conflicts in Ukraine and the Middle East with no real issues in 2023, but the possibility of further spread remains. We hope for peace but must prepare for any outcome.
A final question to mention is the U.S. election. Elections often have an impact on markets, and that’s especially true when the outcome is as uncertain as it is this year. It is currently difficult to handicap how many candidates will draw meaningful votes, much less predict the winner.
All in all, it is likely that stock markets in 2024 will not be as strong as they were in 2023, but that doesn’t mean investors should worry. Less positive does not mean negative, and that is especially true for returns in the long run. As investors, we (like you) know the value of holding companies that have good fundamentals and reasonable valuation, which can offer superior outcomes over time. We believe this is a successful long term investment strategy, one that we have employed since the inception of our firm.
We will continue to conduct world-class research and to utilize The Capital SystemTM of investment management. Armed with deep knowledge and aided by robust internal debate, our portfolio managers and investment analysts focus on their highest conviction ideas. This is the time-tested process we use to pursue favorable risk-adjusted returns for our shareholders. We thank you for your continued support of our efforts and look forward to reporting back to you in six months.
Sincerely,
Donald D. O’Neal
Co-President
Alan N. Berro
Co-President
February 12, 2024
5 | Yield curves plot interest rates of bonds of equal credit and different maturities. They include normal, inverted and flat. Normal curves point to economic expansion, and downward-sloping curves point to economic recession. (Source: Investopedia.com.) |
6 | Source: Bloomberg Index Services Ltd. Bloomberg U.S. Aggregate Index represents the U.S. investment-grade (rated BBB/Baa and above) fixed-rate bond market. |
7 | Source: Bloomberg Index Services Ltd. Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index covers the universe of fixed-rate, non-investment-grade debt. The index limits the maximum exposure of any one issuer to 2%. |
8 | Source: Bloomberg Index Services Ltd. Bloomberg U.S. Corporate Investment Grade Index represents the universe of investment-grade, publicly issued U.S. corporate and specified foreign debentures and secured notes that meet the specified maturity, liquidity and quality requirements. |
9 | The difference in yield between a U.S. Treasury and a corporate bond of the same maturity is referred to as a credit spread, also known as a yield spread. Historically, spreads tend to narrow when the economy is doing well, and they tend to widen when the economy is doing poorly. (Source: Investopedia.com.) |
Past results are not predictive of results in future periods.
2 | American Funds Insurance Series |
About the series
Unless otherwise indicated, American Funds Insurance Series investment results are for Class 1 shares (Class P1 shares for managed risk funds). Class 1A shares began operations on January 6, 2017. Class 2 shares began operations on April 30, 1997. Class 3 shares began operations on January 16, 2004. Class 4 shares began operations on December 14, 2012. Results encompassing periods prior to those dates assume a hypothetical investment in Class 1 shares and include the deduction of additional annual expenses (0.25% for Class 1A shares, 0.25% for Class 2 shares, 0.18% for Class 3 shares and 0.50% for Class 4 shares).
The variable annuities and life insurance contracts that use the series’ funds contain certain fees and expenses not reflected in this report. Investment results assume all distributions are reinvested and reflect applicable fees and expenses. When applicable, investment results reflect fee waivers and/or expense reimbursements, without which they would have been lower. Visit capitalgroup.com/afis for more information.
The investment adviser is currently waiving a portion of its management fee for Global Growth Fund, Global Small Capitalization Fund, New World Fund, Washington Mutual Investors Fund, Capital World Growth and Income Fund, International Growth and Income Fund, Capital Income Builder, American Funds Global Balanced Fund, The Bond Fund of America, American High-Income Trust, American Funds Mortgage Fund and U.S. Government Securities Fund. The waivers will be in effect through at least May 1, 2024. The waivers may only be modified or terminated with the approval of the series’ board. Applicable fund results shown reflect the waivers, without which results would have been lower. Refer to the Financial Highlights tables in this report for details.
For the managed risk funds, the investment adviser is currently waiving a portion of its management fee equal to 0.05% of each fund’s net assets. In addition, the investment adviser is currently reimbursing a portion of other expenses for Managed Risk International Fund and Managed Risk Washington Mutual Investors Fund. The waivers and reimbursement will be in effect through at least May 1, 2024, unless modified or terminated by the series’ board. After that time, the investment adviser may elect to extend, modify or terminate the reimbursement. The waivers may only be modified or terminated with the approval of the series’ board. Applicable fund results shown reflect the waivers and reimbursement, without which results would have been lower. Refer to the Financial Highlights tables in this report for details.
The Managed Risk Growth Fund pursues its objective by investing in shares of American Funds Insurance Series® — Growth Fund and American Funds Insurance Series® — The Bond Fund of America. The Managed Risk International Fund pursues its objective by investing in shares of American Funds Insurance Series® — International Fund and American Funds Insurance Series® — The Bond Fund of America. The Managed Risk Washington Mutual Investors Fund pursues its objective by investing in shares of American Funds Insurance Series® — Washington Mutual Investors Fund and American Funds Insurance Series® — U.S. Government Securities Fund. The Managed Risk Growth-Income Fund pursues its objective by investing in shares of American Funds Insurance Series® — Growth-Income Fund and American Funds Insurance Series® — The Bond Fund of America. The Managed Risk Asset Allocation Fund pursues its objective by investing in shares of American Funds Insurance Series® — Asset Allocation Fund. The funds seek to manage portfolio volatility and provide downside protection, primarily through the use of exchange-traded futures. The benefit of the funds’ managed risk strategy should be most apparent during periods of high volatility and in down markets. In steady or rising markets, the funds’ results can be expected to lag those of the underlying fund.
Funds are listed in the report as follows: equity, balanced, fixed income and managed risk.
American Funds Insurance Series | 3 |
Fund results shown are for past periods and are not predictive of results for future periods. Current and future results may be lower or higher than those shown. Prices and returns will vary, so investors may lose money. Investing for short periods makes losses more likely. For current information and month-end results, visit capitalgroup.com/afis. For information about your insurance contract and month-end results, go to the website of the company that issued your contract.
Global Growth Fund increased 22.91% for the 12 months ended December 31, 2023, compared with a return of 22.20% in its benchmark index, MSCI ACWI (All Country World Index),1 a free float-adjusted market capitalization-weighted index that is designed to measure equity market results in the global developed and emerging markets, consisting of more than 40 developed and emerging market country indexes.
Global stocks rallied, bouncing back from the severe losses of 2022. Stocks advanced in nearly all major developed markets, led by the U.S., Europe and Japan. Many emerging markets also posted solid gains, particularly Brazil and India, even as stocks in China fell sharply. Markets moved higher despite rising geopolitical risks, including ongoing conflicts in Ukraine and the Middle East.
All sectors rose in the MSCI ACWI, boosted by signs of falling inflation and indications that many of the world’s central banks may be done raising interest rates. Information technology stocks enjoyed the largest gains, fueled in part by rapid advancements in artificial intelligence. Consumer staples, health care and utilities stocks lagged the overall market.
Within the fund, sector selection in the utilities and financials sectors were among the top contributors to relative returns.2 Larger-than-index positions in Novo Nordisk and Chipotle Mexican Grill were among the top individual contributors to the portfolio. Danish biopharmaceutical firm Novo Nordisk, an innovator in the treatment and management of diabetes and obesity, saw its shares rise on strong financial results and clinical trial outcomes. Meanwhile, Chipotle experienced double-digit revenue growth in 2023, driven by strong earnings and higher operating margin. On the downside, sector selection in health care and stock selection in information technology detracted from relative results. Smaller-than-benchmark weights in Apple and Amazon.com were among the top individual detractors.
On a geographic basis, stocks of companies domiciled in the United States and Denmark were among the top contributors to results, while stocks of companies based in Germany and Hong Kong were among the top detractors.
The fund’s portfolio managers are optimistic they will continue to find good companies globally that offer high-quality products and services, and whose values are not yet fully reflected in their share prices.
4 | American Funds Insurance Series |
Global Growth Fund (continued)
How a hypothetical $10,000 investment has grown
Total returns based on a $1,000 investment
For periods ended December 31, 20233
1 year | 5 years | 10 years | Lifetime (since April 30, 1997) | Gross expense ratio | Net expense ratio | |||||||||||||||||||
Class 1 | 22.91 | % | 13.93 | % | 9.85 | % | 10.04 | % | 0.52 | % | 0.41 | % | ||||||||||||
Class 1A | 22.60 | 13.65 | 9.58 | 9.77 | 0.77 | 0.66 | ||||||||||||||||||
Class 2 | 22.60 | 13.65 | 9.58 | 9.77 | 0.77 | 0.66 | ||||||||||||||||||
Class 4 | 22.29 | 13.36 | 9.30 | 9.51 | 1.02 | 0.91 |
Investment results assume all distributions are reinvested and reflect applicable fees and expenses. The investment adviser is currently waiving a portion of its management fee. This waiver will be in effect through at least May 1, 2024. The waiver may only be modified or terminated with the approval of the fund’s board. Net expense ratios reflect the waiver, without which they would have been higher. When applicable, investment results reflect fee waivers and/or expense reimbursements, without which results would have been lower. Visit capitalgroup.com/afis for more information. Expense ratios are as of the fund’s prospectus dated May 1, 2024 (unaudited). Refer to the Financial Highlights table in this report for details.
Past results are not predictive of results in future periods.
Any market index shown is unmanaged and, therefore, has no expenses. Investors cannot invest directly in an index.
1 | Source: MSCI. The MSCI index results reflect dividends net of withholding taxes and reinvestment of distributions. The index is unmanaged and, therefore, has no expenses. Investors cannot invest directly in an index. There have been periods when the fund has lagged the index. |
2 | Relative returns refers to the difference between the returns of a fund and the returns of its benchmark index. (Source: Investopedia.com.) |
3 | Periods greater than one year are annualized. |
Where the fund’s assets were invested as of December 31, 2023 | 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 advanced 16.45% for the 12 months ended December 31, 2023. Its benchmark, the MSCI All Country World Small Cap Index,1 a free float-adjusted market capitalization-weighted index designed to measure equity market results of smaller capitalization companies in both developed and emerging markets, returned 16.84%.
Global stocks rallied, bouncing back from the severe losses of 2022. Stocks advanced in nearly all major developed markets, led by the U.S., Europe and Japan. Many emerging markets also posted solid gains, particularly Brazil and India, even as stocks in China fell sharply. Markets moved higher despite rising geopolitical risks, including ongoing conflicts in Ukraine and the Middle East.
All sectors rose in the MSCI All Country World Index, boosted by signs of falling inflation and indications that many of the world’s central banks may be done raising interest rates. Information technology stocks enjoyed the largest gains, fueled in part by rapid advancements in artificial intelligence. Consumer staples, health care and utilities stocks lagged the overall market.
Within the portfolio, stock selection within the financials sector contributed positively to relative returns.2 A larger-than-index investment in Draftkings was among the fund’s top individual contributors over the period. On the downside, stock selection within the information technology sector detracted from returns. Within individual securities, health care provider Insulet was a top detractor, as its stock lagged the broader market.
Geographically, investments in companies domiciled in the United States and India were overall additive to returns, while investments in those domiciled in Italy and China were detractors, overall.
Looking ahead, one thing that the portfolio managers know is that unexpected events will shape the market environment in 2024. That said, we also believe our robust global research will allow us to continue to identify attractive investment opportunities in companies with long-term potential. We thank you for the support you have shown for the fund thus far and we look forward to reporting back to you in another six months.
6 | American Funds Insurance Series |
Global Small Capitalization Fund (continued)
How a hypothetical $10,000 investment has grown
Total returns based on a $1,000 investment
For periods ended December 31, 20233
1 year | 5 years | 10 years | Lifetime (since April 30, 1998) | Gross expense ratio | Net expense ratio | |||||||||||||||||||
Class 1 | 16.45 | % | 8.57 | % | 6.04 | % | 8.70 | % | 0.70 | % | 0.66 | % | ||||||||||||
Class 1A | 16.15 | 8.31 | 5.79 | 8.43 | 0.95 | 0.91 | ||||||||||||||||||
Class 2 | 16.17 | 8.31 | 5.78 | 8.43 | 0.95 | 0.91 | ||||||||||||||||||
Class 4 | 15.79 | 8.03 | 5.51 | 8.16 | 1.20 | 1.16 |
Investment results assume all distributions are reinvested and reflect applicable fees and expenses. The investment adviser is currently waiving a portion of its management fee. This waiver will be in effect through at least May 1, 2024. The waiver may only be modified or terminated with the approval of the fund’s board. Net expense ratios reflect the waiver, without which they would have been higher. When applicable, investment results reflect fee waivers and/or expense reimbursements, without which results would have been lower. Visit capitalgroup.com/afis for more information. Expense ratios are as of the fund’s prospectus dated May 1, 2024 (unaudited). Refer to the Financial Highlights table in this report for details.
Past results are not predictive of results in future periods.
Any market index shown is unmanaged and, therefore, has no expenses. Investors cannot invest directly in an index.
1 | Source: MSCI. The MSCI index results reflect dividends net of withholding taxes and reinvestment of distributions. The index is unmanaged and, therefore, has no expenses. Investors cannot invest directly in an index. There have been periods when the fund has lagged the index. |
2 | Relative returns refers to the difference between the returns of a fund and the returns of its benchmark index. (Source: Investopedia.com.) |
3 | Periods greater than one year are annualized. |
Where the fund’s assets were invested as of December 31, 2023 | 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 returned 38.81% for the 12 months ended December 31, 2023, compared with an increase of 26.29% in its benchmark index, S&P 500 Index,1 a market capitalization-weighted index based on the results of approximately 500 widely held common stocks.
U.S. equities advanced amid strong economic growth, moderating inflation and a slowdown in the pace of U.S. Federal Reserve interest rate hikes despite market jitters over a major banking crisis and wars in Ukraine and the Middle East. The information technology, consumer discretionary and communication services sectors led as growth stocks significantly outpaced value. The Nasdaq Composite, a market capitalization-weighted index that is heavily weighted toward the technology sector, soared 43.42%.
Regarding the fund, stock selection within the communication services and industrials sectors were the top contributors to relative returns.2 A larger-than-benchmark position in Meta Platforms buoyed results as the company adopted a posture of cost cutting and operational efficiency that, when combined with strong user growth, drove near record-high revenue. On the downside, a lower-than-benchmark position in the information technology sector weighed on results and a smaller-than-benchmark position in NVIDIA detracted from returns.
Looking forward, the fund’s managers take an overall positive view of economic indicators for the coming year. Inflation has declined meaningfully, although it remains above the Federal Reserve’s target. Likewise, the Fed has paused its recent pattern of interest rate hikes and the U.S. economy has remained incredibly resilient throughout. Whether and when the pause will pivot to rate cuts is likely dependent on how quickly inflation reaches a level the central bank is comfortable with, but the idea of a soft landing seems far more realistic than a year ago. Regardless of the outcome, the managers will continue to focus on opportunities for long-term capital appreciation based on a time-tested investment approach in pursuit of superior returns for investors.
8 | American Funds Insurance Series |
Growth Fund (continued)
How a hypothetical $10,000 investment has grown
Total returns based on a $1,000 investment
For periods ended December 31, 20233
1 year | 5 years | 10 years | Lifetime (since February 8, 1984) | Expense ratio | ||||||||||||||||
Class 1 | 38.81 | % | 18.97 | % | 14.64 | % | 13.24 | % | 0.34 | % | ||||||||||
Class 1A | 38.47 | 18.68 | 14.36 | 12.96 | 0.59 | |||||||||||||||
Class 2 | 38.49 | 18.68 | 14.36 | 12.96 | 0.59 | |||||||||||||||
Class 3 | 38.56 | 18.76 | 14.43 | 13.04 | 0.52 | |||||||||||||||
Class 4 | 38.13 | 18.38 | 14.07 | 12.68 | 0.84 |
Investment results assume all distributions are reinvested and reflect applicable fees and expenses. When applicable, investment results reflect fee waivers and/or expense reimbursements, without which results would have been lower. Visit capitalgroup.com/afis for more information. Expense ratios are as of the fund’s prospectus dated May 1, 2024 (unaudited). Refer to the Financial Highlights table in this report for details.
Past results are not predictive of results in future periods.
Any market index shown is unmanaged and, therefore, has no expenses. Investors cannot invest directly in an index.
1 | Source: S&P Dow Jones Indices LLC. The index is unmanaged and, therefore, has no expenses. Investors cannot invest directly in an index. There have been periods when the fund has lagged the index. |
2 | Relative returns refers to the difference between the returns of a fund and the returns of its benchmark index. (Source: Investopedia.com.) |
3 | Periods greater than one year are annualized. |
Where the fund’s assets were invested as of December 31, 2023 | 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 returned 16.12% for the 12 months ended December 31, 2023, compared with the 15.62% return of its benchmark index, MSCI ACWI (All Country World Index) ex USA,1 a free float-adjusted market capitalization-weighted index that is designed to measure equity market results in the global developed and emerging markets (consisting of more than 40 developed and emerging market country indexes, excluding the U.S.).
Global stocks rallied, bouncing back from the severe losses of 2022. Stocks advanced in nearly all major developed markets, led by the U.S., Europe and Japan. Many emerging markets also posted solid gains, particularly Brazil and India, even as stocks in China fell sharply. Markets moved higher despite rising geopolitical risks, including ongoing conflicts in Ukraine and the Middle East.
All sectors rose in the MSCI ACWI ex USA, boosted by signs of falling inflation and indications that many of the world’s central banks may be done raising interest rates. Information technology stocks enjoyed the largest gains, fueled in part by rapid advancements in artificial intelligence. Consumer staples, health care and utilities stocks lagged the overall market.
Within the portfolio, stock selection within the information technology and consumer discretionary sectors boosted relative returns.2 Within individual securities, a larger-than-index position in South Korean chipmaker SK Hynix was among the top individual contributors. On the downside, stock selection within the materials and financials sectors dragged on returns. A larger-than-index position in the Canadian mining and metals company, First Quantum Minerals, was a detractor.
The new year looks to continue current macroeconomic uncertainty and trends stemming from shifting monetary policies and geopolitical tensions around the world. Overall, the fund’s portfolio managers have a positive view of economic indicators for the coming year and, supported by our global research capabilities, believe they will continue to identify attractive investment opportunities in companies with long-term potential for investors.
10 | American Funds Insurance Series |
International Fund (continued)
How a hypothetical $10,000 investment has grown
Total returns based on a $1,000 investment
For periods ended December 31, 20233
1 year | 5 years | 10 years | Lifetime (since May 1, 1990) | Expense ratio | ||||||||||||||||
Class 1 | 16.12 | % | 5.10 | % | 3.67 | % | 7.33 | % | 0.53 | % | ||||||||||
Class 1A | 15.85 | 4.83 | 3.42 | 7.06 | 0.78 | |||||||||||||||
Class 2 | 15.84 | 4.83 | 3.41 | 7.06 | 0.78 | |||||||||||||||
Class 3 | 15.99 | 4.92 | 3.49 | 7.13 | 0.71 | |||||||||||||||
Class 4 | 15.56 | 4.58 | 3.15 | 6.80 | 1.03 |
Investment results assume all distributions are reinvested and reflect applicable fees and expenses. When applicable, investment results reflect fee waivers and/or expense reimbursements, without which results would have been lower. Visit capitalgroup.com/afis for more information. Expense ratios are as of the fund’s prospectus dated May 1, 2024 (unaudited). Refer to the Financial Highlights table in this report for details.
Past results are not predictive of results in future periods.
Any market index shown is unmanaged and, therefore, has no expenses. Investors cannot invest directly in an index.
1 | Source: MSCI. The MSCI index results reflect dividends net of withholding taxes and reinvestment of distributions. The index is unmanaged and, therefore, has no expenses. Investors cannot invest directly in an index. There have been periods when the fund has lagged the index. |
2 | Relative returns refers to the difference between the returns of a fund and the returns of its benchmark index. (Source: Investopedia.com.) |
3 | Periods greater than one year are annualized. |
Where the fund’s assets were invested as of December 31, 2023 | 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 returned 16.22% for the 12 months ended December 31, 2023. Its benchmark index, MSCI ACWI (All Country World Index),1 a free float-adjusted market capitalization-weighted index that is designed to measure equity market results in the global developed and emerging markets (consisting of more than 40 developed and emerging market country indexes), advanced 22.20%. The MSCI Emerging Markets (EM) Index,1 a free float-adjusted market capitalization-weighted index that is designed to measure equity market results in the global emerging markets (consisting of more than 20 emerging market country indexes), returned 9.83%.
Global stocks rallied, bouncing back from the severe losses of 2022. Stocks advanced in nearly all major developed markets, led by the U.S., Europe and Japan. Many emerging markets also posted solid gains, particularly Brazil and India, even as stocks in China fell sharply. Markets moved higher despite rising geopolitical risks, including ongoing conflicts in Ukraine and the Middle East.
All sectors rose in the MSCI ACWI, boosted by signs of falling inflation and indications that many of the world’s central banks may be done raising interest rates. Information technology stocks enjoyed the largest gains, fueled in part by rapid advancements in artificial intelligence. Consumer staples, health care and utilities stocks lagged the overall market.
Emerging markets stocks rose despite China’s slowing economy. Interest rate cuts in several developing countries as well as expected cuts in the U.S. helped returns, along with economic growth and U.S. dollar weakness.
Within the portfolio, stock selection in the health care and consumer staples sectors contributed to the fund’s relative returns.2 Danish biopharmaceutical firm Novo Nordisk was a top individual contributor, as its stock saw returns that outpaced the broader market. Online e-commerce firm MercadoLibre was also a positive contributor. On the downside, stock selection within the information technology sector dragged on relative returns. Among individual securities, smaller-than-benchmark positions in NVIDIA and Apple detracted from relative results.
The investment environment remains challenging, with a wide range of uncertainties affecting equity prices, including global shifts in monetary policy and elevated geopolitical tensions. The portfolio managers believe the fund’s flexibility in seeking investments in both the developed world and emerging markets will provide significant opportunities in these conditions. They remain confident that on-the-ground research, a cornerstone of their investment process, will provide highly differentiated investment insights leading to potentially superior outcomes over the long term.
12 | American Funds Insurance Series |
New World Fund® (continued)
How a hypothetical $10,000 investment has grown
Total returns based on a $1,000 investment
For periods ended December 31, 20233
1 year | 5 years | 10 years | Lifetime (since June 17, 1999) | Gross expense ratio | Net expense ratio | |||||||||||||||||||
Class 1 | 16.22 | % | 8.90 | % | 4.95 | % | 7.79 | % | 0.64 | % | 0.57 | % | ||||||||||||
Class 1A | 15.98 | 8.63 | 4.69 | 7.52 | 0.89 | 0.82 | ||||||||||||||||||
Class 2 | 15.99 | 8.64 | 4.69 | 7.52 | 0.89 | 0.82 | ||||||||||||||||||
Class 4 | 15.67 | 8.37 | 4.43 | 7.26 | 1.14 | 1.07 |
Investment results assume all distributions are reinvested and reflect applicable fees and expenses. The investment adviser is currently waiving a portion of its management fee. This waiver will be in effect through at least May 1, 2024. The waiver may only be modified or terminated with the approval of the fund’s board. Net expense ratios reflect the waiver, without which they would have been higher. When applicable, investment results reflect fee waivers and/or expense reimbursements, without which results would have been lower. Visit capitalgroup.com/afis for more information. Expense ratios are as of the fund’s prospectus dated May 1, 2024 (unaudited). Refer to the Financial Highlights table in this report for details.
Past results are not predictive of results in future periods.
Any market index shown is unmanaged and, therefore, has no expenses. Investors cannot invest directly in an index.
1 | Source: MSCI. The MSCI index result reflects dividends net of withholding taxes and reinvestment of distributions. The index is unmanaged and, therefore, has no expenses. Investors cannot invest directly in an index. There have been periods when the fund has lagged the index. |
2 | Relative returns refers to the difference between the returns of a fund and the returns of its benchmark index. (Source: Investopedia.com.) |
3 | Periods greater than one year are annualized. |
Where the fund’s assets were invested as of December 31, 2023 | Percent of net assets |
American Funds Insurance Series | 13 |
Washington Mutual Investors Fund
Fund results shown are for past periods and are not predictive of results for future periods. Current and future results may be lower or higher than those shown. Prices and returns will vary, so investors may lose money. Investing for short periods makes losses more likely. For current information and month-end results, visit capitalgroup.com/afis. For information about your insurance contract and month-end results, go to the website of the company that issued your contract.
Washington Mutual Investors Fund returned 17.66% for the 12 months ended December 31, 2023. Its benchmark index, S&P 500 Index,1 a market capitalization-weighted index based on the results of approximately 500 widely held common stocks, advanced 26.29%.
U.S. equities advanced amid strong economic growth, moderating inflation and a slowdown in the pace of U.S. Federal Reserve interest rate hikes despite market jitters over a major banking crisis and wars in Ukraine and the Middle East. The information technology, consumer discretionary and communication services sectors led as growth stocks significantly outpaced value.
Regarding the fund, stock selection in the financials sector was one of the top contributors to relative returns.2 Among individual securities, a higher-than-benchmark position in Broadcom was a top contributor, as the stock outpaced the broader equity market. On the downside, security selections within the consumer discretionary sector weighed on returns. A lower-than-index position in Amazon.com weighed on relative returns as the stock outpaced the market overall.
Looking ahead, while the market has priced-in a soft landing, an inverted yield curve3 could signal a looming recession. Offsetting this view has been a string of low unemployment numbers that point to strength in the economy. In the meantime, the Fed appears to remain committed to lowering inflation by holding rates at higher levels for longer. In 2024, the fund’s portfolio managers will begin to get a clean read on the health of the consumer as pandemic-era stimulus and support wanes and the cumulative effects of monetary policy take hold. Those effects could portend higher volatility and more downside in the markets, or taming inflation and a downbeat economy could send stocks higher. Time will tell. Regardless of the outcome, we will continue to favor well-managed, high-quality companies that are capable of paying dividends in myriad economic environments. We remain optimistic that this focus, supported by our global research, will help us to identify attractive long-term investment opportunities.
14 | American Funds Insurance Series |
Washington Mutual Investors Fund (continued)
How a hypothetical $10,000 investment has grown
Total returns based on a $1,000 investment
For periods ended December 31, 20234
1 year | 5 years | 10 years | Lifetime (since July 5, 2001) | Gross expense ratio | Net expense ratio | |||||||||||||||||||
Class 1 | 17.66 | % | 12.90 | % | 10.19 | % | 7.42 | % | 0.41 | % | 0.27 | % | ||||||||||||
Class 1A | 17.29 | 12.60 | 9.92 | 7.16 | 0.66 | 0.52 | ||||||||||||||||||
Class 2 | 17.29 | 12.60 | 9.91 | 7.15 | 0.66 | 0.52 | ||||||||||||||||||
Class 4 | 16.97 | 12.33 | 9.64 | 6.91 | 0.91 | 0.77 |
Investment results assume all distributions are reinvested and reflect applicable fees and expenses. The investment adviser is currently waiving a portion of its management fee. This waiver will be in effect through at least May 1, 2024. The waiver may only be modified or terminated with the approval of the fund’s board. Net expense ratios reflect the waiver, without which they would have been higher. When applicable, investment results reflect fee waivers and/or expense reimbursements, without which results would have been lower. Visit capitalgroup.com/afis for more information. Expense ratios are as of the fund’s prospectus dated May 1, 2024 (unaudited). Refer to the Financial Highlights table in this report for details.
Past results are not predictive of results in future periods.
Any market index shown is unmanaged and, therefore, has no expenses. Investors cannot invest directly in an index.
1 | Source: S&P Dow Jones Indices LLC. The index is unmanaged and, therefore, has no expenses. Investors cannot invest directly in an index. There have been periods when the fund has lagged the index. |
2 | Relative returns refers to the difference between the returns of the fund and the returns of its benchmark index. (Source: Investopedia.com.) |
3 | Yield curves plot interest rates of bonds of equal credit and different maturities. They include normal, inverted and flat. Normal curves point to economic expansion, and downward-sloping curves point to economic recession. (Source: Investopedia.com.) |
4 | Periods greater than one year are annualized. |
Where the fund’s assets were invested as of December 31, 2023 | 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 returned 21.22% for the 12 months ended December 31, 2023, compared with a 22.20% increase in its benchmark index, MSCI ACWI (All Country World Index),1 a free float-adjusted market capitalization-weighted index that is designed to measure equity market results in the global developed and emerging markets, consisting of more than 40 developed and emerging market country indexes.
Global stocks rallied, bouncing back from the severe losses of 2022. Stocks advanced in nearly all major developed markets, led by the U.S., Europe and Japan. Many emerging markets also posted solid gains, particularly Brazil and India, even as stocks in China fell sharply. Markets moved higher despite rising geopolitical risks, including ongoing conflicts in Ukraine and the Middle East.
All sectors rose in the MSCI ACWI, boosted by signs of falling inflation and indications that many of the world’s central banks may be done raising interest rates. Information technology stocks enjoyed the largest gains, fueled in part by rapid advancements in artificial intelligence. Consumer staples, health care and utilities stocks lagged the overall market.
Within the portfolio, stock selection within the industrials sector was a top contributor to relative returns.2 Results were also helped by holdings in Broadcom, which saw returns over the period that outpaced the broader market as falling interest rate expectations raised hopes of an overall improvement in global demand for electronics products. On the downside, the portfolio’s lower-than-benchmark position in NVIDIA and stock selection within the financials sector were among the top detractors to returns. The portfolio’s position in Vale, a Brazil-based mining company, also weighed on returns as shares fell amid faltering Chinese demand and worries on the strength of the country’s economic recovery together with mixed financial results.
On a geographical basis, stocks domiciled in the eurozone contributed the most to relative returns, while the portfolio’s holdings in Brazil were among the largest detractors from overall returns.
Looking ahead, the investment environment remains challenging, with a wide range of uncertainties affecting equity prices, including global shifts in monetary policy and elevated geopolitical tensions. The portfolio managers believe the fund’s flexibility in seeking investments around the world will provide significant opportunities in these conditions. They remain confident that on-the-ground research, a cornerstone of their investment process, will provide highly differentiated investment insights leading to potentially superior outcomes over the long term.
16 | American Funds Insurance Series |
Capital World Growth and Income Fund® (continued)
How a hypothetical $10,000 investment has grown
Total returns based on a $1,000 investment
For periods ended December 31, 20233
1 year | 5 years | 10 years | Lifetime (since May 1, 2006) | Gross expense ratio | Net expense ratio | |||||||||||||||||||
Class 1 | 21.22 | % | 10.60 | % | 7.90 | % | 7.19 | % | 0.51 | % | 0.41 | % | ||||||||||||
Class 1A | 20.87 | 10.33 | 7.65 | 6.93 | 0.76 | 0.66 | ||||||||||||||||||
Class 2 | 20.88 | 10.34 | 7.62 | 6.92 | 0.76 | 0.66 | ||||||||||||||||||
Class 4 | 20.65 | 10.07 | 7.36 | 6.67 | 1.01 | 0.91 |
Investment results assume all distributions are reinvested and reflect applicable fees and expenses. The investment adviser is currently waiving a portion of its management fee. This waiver will be in effect through at least May 1, 2024. The waiver may only be modified or terminated with the approval of the fund’s board. Net expense ratios reflect the waiver, without which they would have been higher. When applicable, investment results reflect fee waivers and/or expense reimbursements, without which results would have been lower. Visit capitalgroup.com/afis for more information. Expense ratios are as of the fund’s prospectus dated May 1, 2024 (unaudited). Refer to the Financial Highlights table in this report for details.
Past results are not predictive of results in future periods.
Any market index shown is unmanaged and, therefore, has no expenses. Investors cannot invest directly in an index.
1 | Source: MSCI. The MSCI index results reflect dividends net of withholding taxes and reinvestment of distributions. The index is unmanaged and, therefore, has no expenses. Investors cannot invest directly in an index. There have been periods when the fund has lagged the index. |
2 | Relative returns refers to the difference between the returns of the fund and the returns of its benchmark index. (Source: Investopedia.com.) |
3 | Periods greater than one year are annualized. |
Where the fund’s assets were invested as of December 31, 2023 | 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 returned 26.47% for the 12 months ended December 31, 2023, compared with a return of 26.29% in its benchmark index, S&P 500 Index,1 a market capitalization-weighted index based on the results of approximately 500 widely held common stocks.
U.S. equities advanced amid strong economic growth, moderating inflation and a slowdown in the pace of U.S. Federal Reserve interest rate hikes despite market jitters over a major banking crisis and wars in Ukraine and the Middle East. The information technology, consumer discretionary and communication services sectors led as growth stocks significantly outpaced value. A strong labor market and resilient consumer spending helped the U.S. economy avoid a recession, which once seemed inevitable, and inflation declined rapidly throughout the year.
Regarding the fund, investments within the health care and financials sectors were top contributors to the fund’s relative returns.2 Larger-than-benchmark positions in Broadcom and General Electric were top individual contributors, as these stocks outpaced the market overall. On the downside, sector selection in the information technology and consumer discretionary sectors dragged on portfolio returns. Smaller-than-benchmark positions in Apple and NVIDIA detracted.
Looking ahead, the fund’s managers take an overall positive view of economic indicators for the coming year. Inflation has declined meaningfully, although it remains above the Federal Reserve’s target. Likewise, the Fed has paused its recent pattern of interest rate hikes and the U.S. economy has remained incredibly resilient throughout. Whether and when the pause will pivot to rate cuts is likely dependent on how quickly inflation reaches a level the central bank is comfortable with, but the idea of a soft landing seems far more realistic than a year ago. As a result, portfolio managers believe the outlook is positive for corporate earnings to improve and for stocks to move higher as a result. They will continue to build positions in companies and stocks in which they see long-term value potential.
18 | American Funds Insurance Series |
Growth-Income Fund (continued)
How a hypothetical $10,000 investment has grown
Total returns based on a $1,000 investment
For periods ended December 31, 20233
1 year | 5 years | 10 years | Lifetime (since February 8, 1984) | Expense ratio | ||||||||||||||||
Class 1 | 26.47 | % | 13.65 | % | 11.19 | % | 11.38 | % | 0.28 | % | ||||||||||
Class 1A | 26.12 | 13.36 | 10.92 | 11.10 | 0.53 | |||||||||||||||
Class 2 | 26.14 | 13.36 | 10.91 | 11.10 | 0.53 | |||||||||||||||
Class 3 | 26.23 | 13.44 | 10.99 | 11.18 | 0.46 | |||||||||||||||
Class 4 | 25.82 | 13.08 | 10.63 | 10.83 | 0.78 |
Investment results assume all distributions are reinvested and reflect applicable fees and expenses. When applicable, investment results reflect fee waivers and/or expense reimbursements, without which results would have been lower. Visit capitalgroup.com/afis for more information. Expense ratios are as of the fund’s prospectus dated May 1, 2024 (unaudited). Refer to the Financial Highlights table in this report for details.
Past results are not predictive of results in future periods.
Any market index shown is unmanaged and, therefore, has no expenses. Investors cannot invest directly in an index.
1 | Source: S&P Dow Jones Indices LLC. The index is unmanaged and, therefore, has no expenses. Investors cannot invest directly in an index. There have been periods when the fund has lagged the index. |
2 | Relative returns refers to the difference between the returns of the fund and the returns of its benchmark index. (Source: Investopedia.com.) |
3 | Periods greater than one year are annualized. |
Where the fund’s assets were invested as of December 31, 2023 | 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 returned 16.08% for the 12 months ended December 31, 2023, compared with a return of 15.62% for its benchmark index, MSCI ACWI (All Country World Index) ex USA,1 a free float-adjusted market capitalization-weighted index that is designed to measure equity market results in the global developed and emerging markets (consisting of more than 40 developed and emerging market country indexes excluding the U.S.).
Global stocks rallied, bouncing back from the severe losses of 2022. Stocks advanced in nearly all major developed markets, led by the U.S., Europe and Japan. Many emerging markets also posted solid gains, particularly Brazil and India, even as stocks in China fell sharply. Markets moved higher despite rising geopolitical risks, including ongoing conflicts in Ukraine and the Middle East.
All sectors rose in the MSCI ACWI ex USA, boosted by signs of falling inflation and indications that many of the world’s central banks may be done raising interest rates. Information technology stocks enjoyed the largest gains, fueled in part by rapid advancements in artificial intelligence. Consumer staples, health care and utilities stocks lagged the overall market.
Regarding the fund, stock selection within the industrials and information technology sectors were additive to relative results.2 Within individual securities, Danish biopharmaceutical firm Novo Nordisk was a top contributor due to returns that outpaced the broader market. On the downside, security selection within the financials and consumer staples sectors detracted from returns. Positions in British American Tobacco and China-based personal financial services provider Ping An Insurance were among the top individual detractors.
The new year looks to continue current macroeconomic uncertainty and trends stemming from shifting monetary policies and geopolitical tensions around the world. In this environment, the fund’s managers continue to focus on businesses they believe will provide good value over the long-term, as guided by the fundamental, global research that underpins investment decisions.
20 | American Funds Insurance Series |
International Growth and Income Fund (continued)
How a hypothetical $10,000 investment has grown
Total returns based on a $1,000 investment
For periods ended December 31, 20233
1 year | 5 years | 10 years | Lifetime (since November 18, 2008) | Expense ratio | ||||||||||||||||
Class 1 | 16.08 | % | 6.38 | % | 3.57 | % | 7.49 | % | 0.56 | % | ||||||||||
Class 1A | 15.92 | 6.13 | 3.33 | 7.24 | 0.81 | |||||||||||||||
Class 2 | 15.76 | 6.11 | 3.31 | 7.22 | 0.81 | |||||||||||||||
Class 4 | 15.66 | 5.86 | 3.06 | 6.98 | 1.06 |
Investment results assume all distributions are reinvested and reflect applicable fees and expenses. The investment adviser is currently waiving a portion of its management fee. This waiver will be in effect through at least May 1, 2024. The waiver may only be modified or terminated with the approval of the fund’s board. When applicable, investment results reflect fee waivers and/or expense reimbursements, without which they would have been lower. Visit capitalgroup.com/afis for more information. Expense ratios are as of the fund’s prospectus dated May 1, 2024 (unaudited). Refer to the Financial Highlights table in this report for details.
Past results are not predictive of results in future periods.
Any market index shown is unmanaged and, therefore, has no expenses. Investors cannot invest directly in an index.
1 | Source: MSCI. The MSCI index result reflects dividends net of withholding taxes and reinvestment of distributions. The index is unmanaged and, therefore, has no expenses. Investors cannot invest directly in an index. There have been periods when the fund has lagged the index. |
2 | Relative returns refers to the difference between the returns of the fund and the returns of its benchmark index. (Source: Investopedia.com.) |
3 | Periods greater than one year are annualized. |
Where the fund’s assets were invested as of December 31, 2023 | 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, returned 9.28% for the 12 months ended December 31, 2023. During the same period, the index blend of 70%/30% MSCI ACWI (All Country World Index)/Bloomberg U.S. Aggregate Index1 advanced 17.06%. MSCI ACWI,2 a free float-adjusted market capitalization-weighted index that is designed to measure equity market results in the global developed and emerging markets (consisting of more than 40 developed and emerging market country indexes), returned 22.20%. The Bloomberg U.S. Aggregate Index,3 which represents the U.S. investment-grade (rated BBB/Baa and above) fixed-rate bond market, returned 5.53%.
Global stocks rallied, bouncing back from the severe losses of 2022. Stocks advanced in nearly all major developed markets, led by the U.S., Europe and Japan. Many emerging markets also posted solid gains, particularly Brazil and India, even as stocks in China fell sharply. Markets moved higher despite rising geopolitical risks, including ongoing conflicts in Ukraine and the Middle East.
All sectors rose in the MSCI ACWI, boosted by signs of falling inflation and indications that many of the world’s central banks may be done raising interest rates. Information technology stocks enjoyed the largest gains, fueled in part by rapid advancements in artificial intelligence. Consumer staples, health care and utilities stocks lagged the overall market.
Bond markets also rebounded, rallying on expectations that the U.S. Federal Reserve, the European Central Bank and others are not only done with rate hikes but planning rate cuts in 2024. Virtually all segments of the bond market generated strong returns in contrast to the severe 2022 downturn.
In the equity portfolio, stock selection in the financials sector was a top contributor to relative returns.4 On the downside, a smaller-than-benchmark position in the information technology sector was among the largest detractors from returns.
Sector and security selection was additive to relative returns overall in the fund’s fixed income portfolio, while duration and curve positioning detracted.
While the likelihood of recession may have diminished for now, the fund’s managers are mindful that downside risks remain prevalent. Slowing growth, softening labor markets, rising geopolitical tensions and the 2024 U.S. presidential election all have the potential to impact markets. The managers are cautious about weakening economic activity as the Fed has aggressively raised interest rates and continues to reduce its balance sheet. The fund is well-positioned to use its geographic flexibility to pursue dividend-paying investment opportunities around the world. Fund managers will continue to adhere to the fund’s two primary objectives, which are (1) to seek to provide a level of current income that exceeds the average yield on U.S. stocks generally and (2) to provide a growing stream of income over the years. The fund’s secondary objective is to provide growth of capital. This approach may have the potential to generate equity-like returns with relatively less volatility than global markets. The fund’s managers remain optimistic about the companies with growing dividends that were selected for this portfolio through fundamental, bottom-up security selection.
22 | American Funds Insurance Series |
Capital Income Builder® (continued)
How a hypothetical $10,000 investment has grown
Total returns based on a $1,000 investment
For periods ended December 31, 20235
1 year | 5 years | Lifetime (since May 1, 2014) | Gross expense ratio | Net expense ratio | ||||||||||||||||
Class 1 | 9.28 | % | 7.72 | % | 4.83 | % | 0.41 | % | 0.28 | % | ||||||||||
Class 1A | 9.01 | 7.46 | 4.58 | 0.66 | 0.53 | |||||||||||||||
Class 2 | 9.01 | 7.47 | 4.63 | 0.66 | 0.53 | |||||||||||||||
Class 4 | 8.75 | 7.18 | 4.31 | 0.91 | 0.78 |
Investment results assume all distributions are reinvested and reflect applicable fees and expenses. The investment adviser is currently waiving a portion of its management fee. This waiver will be in effect through at least May 1, 2024. The waiver may only be modified or terminated with the approval of the fund’s board. Net expense ratios reflect the waiver, without which they would have been higher. When applicable, investment results reflect fee waivers and/or expense reimbursements, without which results would have been lower. Visit capitalgroup.com/afis for more information. Expense ratios are as of the fund’s prospectus dated May 1, 2024 (unaudited). Refer to the Financial Highlights table in this report for details.
Past results are not predictive of results in future periods.
Any market index shown is unmanaged and, therefore, has no expenses. Investors cannot invest directly in an index.
1 | Data sources: MSCI and Bloomberg Index Services Ltd. 70%/30% MSCI ACWI/Bloomberg U.S. Aggregate Index blends the MSCI ACWI (All Country World Index) with the Bloomberg U.S. Aggregate Index by weighting their total returns at 70% and 30%, respectively. Its result assumes the blend is rebalanced monthly. |
2 | Source: MSCI. The MSCI index result reflects dividends net of withholding taxes and reinvestment of distributions. |
3 | Source: Bloomberg Index Services Ltd. |
4 | Relative returns refers to the difference between the returns of the fund and the returns of its benchmark index. (Source: Investopedia.com.) |
5 | Periods greater than one year are annualized. |
The indexes are unmanaged and, therefore, have no expenses. Investors cannot invest directly in an index. There have been periods when the fund has lagged the indexes.
Where the fund’s assets were invested as of December 31, 2023 | 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, returned 14.55% for the 12 months ended December 31, 2023. During the same period, the index blend of 60%/40% S&P 500 Index/Bloomberg U.S. Aggregate Index1 advanced 17.67%. S&P 500 Index,2 a market capitalization-weighted index based on the results of approximately 500 widely held common stocks, climbed 26.29%, while the Bloomberg U.S. Aggregate Index,3 which represents the U.S. investment-grade (rated BBB/Baa and above) fixed-rate bond market, returned 5.53%.
U.S. equities advanced amid strong economic growth, moderating inflation and a slowdown in the pace of U.S. Federal Reserve interest rate hikes despite market jitters over a major banking crisis and wars in Ukraine and the Middle East. The information technology, consumer discretionary and communication services sectors led as growth stocks significantly outpaced value.
Bond markets also rebounded, rallying on expectations that the U.S. Federal Reserve, the European Central Bank and others are not only done with rate hikes but planning rate cuts in 2024. Virtually all segments of the bond market generated strong returns in contrast to the severe 2022 downturn.
In the equity portfolio, investment selection within the energy and communication services sectors were among the top contributors to returns relative to the S&P 500 Index. Results were helped by holdings in Broadcom, which saw returns over the period that outpaced the broader equity market as falling interest rate expectations raised hopes of an overall improvement in global demand for electronics products. On the downside, a smaller-than-benchmark weight in the information technology sector and stock selection within the consumer discretionary sector weighed on relative returns. The portfolio’s lower-than-benchmark holding in Apple also detracted.
Overall, the fund’s fixed income investments were additive to returns relative to the Bloomberg U.S. Aggregate Index. Sector and security selection contributed positively to results, while duration4 and curve5 positioning detracted. Out-of-benchmark positions within U.S. Treasury Inflation-Protected Securities (TIPS) and high-yield bonds also added to returns. Derivatives, which are used as tools for implementing the portfolio’s duration, curve and credit positioning, detracted from results.
The growth outlook is more benign heading into 2024, but the fund’s managers remain cautious. In the wake of the strong stock market returns of 2023, stock markets may not be as strong in 2024. Fund managers remain focused on differentiating between companies whose fundamental outlook has changed versus those facing more transient issues, and where valuations are attractive. In addition, their portfolios are balanced across a broad array of cyclical and market exposures.
24 | American Funds Insurance Series |
Asset Allocation Fund (continued)
How a hypothetical $10,000 investment has grown
Total returns based on a $1,000 investment
For periods ended December 31, 20236
1 year | 5 years | 10 years | Lifetime (since August 1,1989) | Expense ratio | ||||||||||||||||
Class 1 | 14.55 | % | 9.47 | % | 7.51 | % | 8.40 | % | 0.30 | % | ||||||||||
Class 1A | 14.32 | 9.19 | 7.26 | 8.13 | 0.55 | |||||||||||||||
Class 2 | 14.27 | 9.20 | 7.25 | 8.13 | 0.55 | |||||||||||||||
Class 3 | 14.37 | 9.27 | 7.32 | 8.21 | 0.48 | |||||||||||||||
Class 4 | 14.02 | 8.92 | 6.98 | 7.87 | 0.80 |
Investment results assume all distributions are reinvested and reflect applicable fees and expenses. When applicable, investment results reflect fee waivers and/or expense reimbursements, without which results would have been lower. Visit capitalgroup.com/afis for more information. Expense ratios are as of the fund’s prospectus dated May 1, 2024 (unaudited). Refer to the Financial Highlights table in this report for details.
Past results are not predictive of results in future periods. The indexes are unmanaged and, therefore, have no expenses. Investors cannot invest directly in an index. There have been periods when the fund has lagged the indexes.
1 | Data sources: Bloomberg Index Services Ltd. and S&P Dow Jones Indices LLC. 60%/40% S&P 500 Index/Bloomberg U.S. Aggregate Index blends the S&P 500 with the Bloomberg U.S. Aggregate Index by weighting their total returns at 60% and 40%, respectively. Its result assumes the blend is rebalanced monthly. |
2 | Source: S&P Dow Jones Indices LLC. |
3 | Source: Bloomberg Index Services Ltd. |
4 | Yield curves plot interest rates of bonds of equal credit and different maturities. They include normal, inverted and flat. Normal curves point to economic expansion, and downward-sloping curves point to economic recession. (Source: Investopedia.com.) |
5 | Duration measures a bond’s or fixed income portfolio’s price sensitivity to interest rate changes. Most often, when interest rates rise, the higher a bond’s duration, the more its price will fall. (Source: Investopedia.com.) |
6 | Periods greater than one year are annualized. |
Where the fund’s assets were invested as of December 31, 2023 | Percent of net assets |
American Funds Insurance Series | 25 |
American Funds® Global Balanced Fund
Fund results shown are for past periods and are not predictive of results for future periods. Current and future results may be lower or higher than those shown. Prices and returns will vary, so investors may lose money. Investing for short periods makes losses more likely. For current information and month-end results, visit capitalgroup.com/afis. For information about your insurance contract and month-end results, go to the website of the company that issued your contract.
American Funds Global Balanced Fund returned 14.05% for the 12 months ended December 31, 2023. Over the same period, the fund’s index blend of 60%/40% MSCI ACWI (All Country World Index)/Bloomberg Global Aggregate Index1 rose 15.43%. MSCI ACWI,2 a free float-adjusted market capitalization-weighted index that is designed to measure equity market results in the global developed and emerging markets (consisting of more than 40 developed and emerging market country indexes), returned 22.20%, while the Bloomberg Global Aggregate Index,3 a measure of global investment-grade bonds (rated BBB/Baa and above), returned 5.72%.
Global stocks rallied, bouncing back from the severe losses of 2022. Stocks advanced in nearly all major developed markets, led by the U.S., Europe and Japan. Many emerging markets also posted solid gains, particularly Brazil and India, even as stocks in China fell sharply. Markets moved higher despite rising geopolitical risks, including ongoing conflicts in Ukraine and the Middle East.
All sectors rose in the MSCI ACWI, boosted by signs of falling inflation and indications that many of the world’s central banks may be done raising interest rates. Information technology stocks enjoyed the largest gains, fueled in part by rapid advancements in artificial intelligence. Consumer staples, health care and utilities stocks lagged the overall market.
Bonds markets also rebounded, rallying on expectations that the U.S. Federal Reserve, the European Central Bank and others are not only done with rate hikes but planning rate cuts in 2024. Virtually all segments of the bond market generated strong returns in contrast to the severe 2022 downturn.
Within the equity portfolio of the fund, stock selection in the materials and energy sectors were among the top contributors to returns relative to the MSCI ACWI. Within individual securities, Broadcom was a top contributor due to returns that outpaced the global equity market. On the downside, stock selection within the financials sector weighed on returns. A lower-than-benchmark holding in Apple was a top detractor. The fund’s fixed income investments were additive to returns relative to the Bloomberg Global Aggregate Index. Duration4 positioning was the top contributor to relative returns, and overall sector selection was also positive. Security selection detracted modestly from relative returns.
Fund managers view the year ahead as having a combination of promising possibilities intertwined with lingering economic and geopolitical uncertainties. Encouragingly, some inflation data is suggestive of tempering price and cost pressures and, correspondingly, interest rates have also moderated from recent highs. Among stock sectors, fund managers continue to find attractive investment opportunities as renewable energy incentives and demographic changes are expected to aid growth. The fund’s fixed income portfolio’s positioning remains modestly cautious given the current geopolitical environment, but managers are confident in the opportunities available in bond markets that are now delivering meaningful income. As always, managers continue to focus on core principles of global research, individual security selection and bottom-up fundamental analysis to underpin investment decisions.
26 | American Funds Insurance Series |
American Funds® Global Balanced Fund (continued)
How a hypothetical $10,000 investment has grown
Total returns based on a $1,000 investment
For periods ended December 31, 20235
1 year | 5 years | 10 years | Lifetime (since May 2, 2011) | Gross expense ratio | Net expense ratio | |||||||||||||||||||
Class 1 | 14.05 | % | 7.69 | % | 5.66 | % | 5.90 | % | 0.53 | % | 0.52 | % | ||||||||||||
Class 1A | 13.77 | 7.44 | 5.41 | 5.66 | 0.78 | 0.77 | ||||||||||||||||||
Class 2 | 13.83 | 7.44 | 5.40 | 5.64 | 0.78 | 0.77 | ||||||||||||||||||
Class 4 | 13.45 | 7.16 | 5.20 | 5.46 | 1.03 | 1.02 |
Investment results assume all distributions are reinvested and reflect applicable fees and expenses. The investment adviser is currently waiving a portion of its management fee. This waiver will be in effect through at least May 1, 2024. The waiver may only be modified or terminated with the approval of the fund’s board. Net expense ratios reflect the waiver, without which they would have been higher. When applicable, investment results reflect fee waivers and/or expense reimbursements, without which results would have been lower. Visit capitalgroup.com/afis for more information. Expense ratios are as of the fund’s prospectus dated May 1, 2024 (unaudited). Refer to the Financial Highlights table in this report for details.
Past results are not predictive of results in future periods. The indexes are unmanaged and, therefore, have no expenses. Investors cannot invest directly in an index. There have been periods when the fund has lagged the indexes.
1 | Data sources: MSCI and Bloomberg Index Services Ltd. The 60%/40% MSCI ACWI/Bloomberg Global Aggregate Index blends the MSCI ACWI (All Country World Index) with the Bloomberg Global Aggregate Index by weighting their cumulative total returns at 60% and 40%, respectively. Its result assumes the blend is rebalanced monthly. |
2 | Source: MSCI. The MSCI index results reflect dividends net of withholding taxes and reinvestment of distributions. |
3 | Source: Bloomberg Index Services Ltd. |
4 | Duration measures a bond’s or fixed income portfolio’s price sensitivity to interest rate changes. Most often, when interest rates rise, the higher a bond’s duration, the more its price will fall. (Source: Investopedia.com.) |
5 | Periods greater than one year are annualized. |
Where the fund’s assets were invested as of December 31, 2023 | 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 rose 5.21% for the 12 months ended December 31, 2023. The fund’s benchmark, Bloomberg U.S. Aggregate Index,1 which represents the U.S. investment-grade (rated BBB/Baa and above) fixed-rate bond market, returned 5.53%.
U.S. bond markets exhibited great volatility in 2023. The U.S. 10-year Treasury yield started the year at 3.9%, fell to 3.3% in April, rose to 5.0% in October, and then rebounded strongly to end the year close to where it started at 3.9%. The shape of the U.S. yield curve2 was also quite volatile as the two-year to 10-year curve flattened multiple times to multi-decade-record inverted levels, then it steepened in the second half of the year to end the year modestly inverted by –37 basis points (bps). All major U.S. fixed income sectors posted positive total returns.
Over the period, sector selection was the largest contributor to results with the most significant returns coming from active positions in high yield, mortgage-backed securities (MBS), investment grade corporates and emerging markets. Security selection was also a modest contributor with the majority of gains coming from investments in the investment grade corporate, securitized credit and emerging market sectors.
On the downside, positioning for a steeper yield curve was the largest detractor from returns relative to the index as the modest steepening of the yield curve over the course of the year was not enough to overcome the negative income drag associated with the position. Duration3 positioning was also a modest detractor from relative returns over the period. Derivatives, which are used as tools for implementing the portfolio’s duration, curve and credit positioning, therefore also detracted from results.
While the market experienced great volatility in 2023, two broad themes remained in place – slowing economic growth and decelerating inflation. This should continue to lead to positive outcomes for both duration and credit, and may be magnified as managers expect significant allocations to core bond funds in 2024. While the likelihood of recession may have diminished for now, managers are mindful that downside risks remain prevalent. Managers are concentrating the fund’s duration position at the shorter end of the rate curve (two-year to seven-year), which should benefit from expected Fed cuts in 2024. Managers are underweighting the long end of the curve (10-year to 30-year), which is less likely to benefit from rate cuts and could be negatively affected by elevated U.S. Treasury issuance to fund sustained high government deficits.
As valuations for risky assets like corporate bonds continue to move higher, managers will continue to harvest gains where possible and reinvest in higher-quality sectors and securities like AAA structured credit and agency MBS that have similar upside potential but should be more resilient if an unexpected shock emerges in 2024. In addition, managers expect that research-driven security selection will be an important contributor to results over the course of the year.
28 | American Funds Insurance Series |
The Bond Fund of America® (continued)
How a hypothetical $10,000 investment has grown
Total returns based on a $1,000 investment
For periods ended December 31, 20234
1 year | 5 years | 10 years | Lifetime (since January 2, 1996) | Gross expense ratio | Net expense ratio | |||||||||||||||||||
Class 1 | 5.21 | % | 2.14 | % | 2.33 | % | 4.09 | % | 0.38 | % | 0.23 | % | ||||||||||||
Class 1A | 4.89 | 1.87 | 2.08 | 3.83 | 0.63 | 0.48 | ||||||||||||||||||
Class 2 | 5.02 | 1.89 | 2.08 | 3.83 | 0.63 | 0.48 | ||||||||||||||||||
Class 4 | 4.72 | 1.62 | 1.83 | 3.57 | 0.88 | 0.73 |
Investment results assume all distributions are reinvested and reflect applicable fees and expenses. The investment adviser is currently waiving a portion of its management fee. This waiver will be in effect through at least May 1, 2024. The waiver may only be modified or terminated with the approval of the fund’s board. Net expense ratios reflect the waiver, without which they would have been higher. When applicable, investment results reflect fee waivers and/or expense reimbursements, without which results would have been lower. Visit capitalgroup.com/afis for more information. Expense ratios are as of the fund’s prospectus dated May 1, 2024 (unaudited). Refer to the Financial Highlights table in this report for details.
Past results are not predictive of results in future periods.
Any market index shown is unmanaged and, therefore, has no expenses. Investors cannot invest directly in an index.
1 | Source: Bloomberg Index Services Ltd. |
2 | Yield curves plot interest rates of bonds of equal credit and different maturities. They include normal, inverted and flat. Normal curves point to economic expansion, and downward-sloping curves point to economic recession. (Source: Investopedia.com.) |
3 | Duration measures a bond’s or fixed income portfolio’s price sensitivity to interest rate changes. Most often, when interest rates rise, the higher a bond’s duration, the more its price will fall. (Source: Investopedia.com.) |
4 | Periods greater than one year are annualized. |
The indexes are unmanaged and, therefore, have no expenses. Investors cannot invest directly in an index. There have been periods when the fund has lagged the indexes.
Where the fund’s assets were invested as of December 31, 2023 | 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 rose 6.39% for the 12 months ended December 31, 2023. The fund’s benchmark, the Bloomberg Global Aggregate Index,1 which measures global investment-grade bonds (rated BBB/Baa and above), returned 5.72%.
Bonds markets rebounded in 2023, rallying on expectations that the U.S. Federal Reserve, the European Central Bank and others are not only done with rate hikes but planning rate cuts in 2024. Virtually all segments of the bond market generated strong returns in contrast to the severe 2022 downturn.
Over the period, the largest contributions to the fund’s relative returns2 were duration3 positioning and sector selection, with a modest boost from security selection. Overall currency positioning was a modest detractor from comparative returns, due to the impact of currency hedging. An off-benchmark allocation to Brazilian sovereign bonds contributed meaningfully to relative returns, as did greater-than-benchmark holdings in Mexican and German sovereign bonds. On the downside, less-than-benchmark allocations to uniform mortgage-backed securities and U.S. Treasuries detracted from relative results.
Looking ahead, slowing inflation across many countries should allow global rates to move lower over the medium term. The fund’s managers believe U.S. economic growth may persist at a slower pace, while economic outcomes across other parts of the developed world may be more mixed. The outlook for emerging markets is reasonably constructive, supported by the somewhat unexpected dovish tilt by the Fed in late 2023. Many economies are headed into an election cycle in 2024, which could lead to an increase in the potential for policy direction changes as well as an uptick in market volatility. The overall uncertainty of the macro backdrop combined with somewhat tight valuations across credit sectors leads the fund’s managers to prefer modestly cautious positioning in the portfolio.
30 | American Funds Insurance Series |
Capital World Bond Fund® (continued)
How a hypothetical $10,000 investment has grown
Total returns based on a $1,000 investment
For periods ended December 31, 20234
1 year | 5 years | 10 years | Lifetime (since October 4, 2006) | Expense ratio | ||||||||||||||||
Class 1 | 6.39 | % | –0.07 | % | 0.62 | % | 2.63 | % | 0.48 | % | ||||||||||
Class 1A | 6.11 | –0.33 | 0.38 | 2.38 | 0.73 | |||||||||||||||
Class 25 | 6.14 | –0.33 | 0.36 | 2.37 | 0.73 | |||||||||||||||
Class 4 | 5.89 | –0.56 | 0.12 | 2.14 | 0.98 |
Investment results assume all distributions are reinvested and reflect applicable fees and expenses. When applicable, investment results reflect fee waivers and/or expense reimbursements, without which they would have been lower. Visit capitalgroup.com/afis for more information. Expense ratios are as of the fund’s prospectus dated May 1, 2024 (unaudited). Refer to the Financial Highlights table in this report for details.
Past results are not predictive of results in future periods.
Any market index shown is unmanaged and, therefore, has no expenses. Investors cannot invest directly in an index.
1 | Source: Bloomberg Index Services Ltd. The index is unmanaged and, therefore, has no expenses. Investors cannot invest directly in an index. There have been periods when the fund has lagged the index. |
2 | Relative returns refers to the difference between the returns of the fund and the returns of its benchmark index. (Source: Investopedia.com.) |
3 | Duration measures a bond’s or fixed income portfolio’s price sensitivity to interest rate changes. Most often, when interest rates rise, the higher a bond’s duration, the more its price will fall. (Source: Investopedia.com.) |
4 | Periods greater than one year are annualized. |
5 | Capital World Bond Fund Class 2 shares were first sold on November 6, 2006. Results prior to that date are hypothetical based on Class 1 share results adjusted for estimated additional annual expenses of 0.25%. |
Where the fund’s assets were invested as of December 31, 2023 | 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 rose 12.69% for the 12 months ended December 31, 2023. In comparison, the fund’s benchmark, the Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index,1 which measures fixed-rate non-investment-grade bonds (rated BB/Ba and below) and limits the exposure of an issuer to 2%, returned 13.44%.
U.S. bond markets rebounded strongly. The U.S. Treasury yield curve2 steepened modestly as the two-year yield fell 18 bps to end at 4.25% while the 10-year yield ended unchanged at 3.88%. All major U.S. fixed income sectors posted positive returns.
At a high level, while overall security selection detracted from the fund’s relative returns3 over the period, investments within the energy and communications sectors contributed positively to relative results. On the downside, security selection within the cyclical and non-cyclical consumer goods sectors detracted from relative results.
With high-yield bond yields close to their long-term average, markets now reflect the somewhat higher inflation expectations and higher real interest rates that emerged over the last year. The substantial yield increases across fixed income markets over the last two years provides a more attractive forward return outlook, and although yields may continue to adjust to higher levels, the potential for higher or lower yields is now more balanced. The fund’s managers continue to seek attractive opportunities within the high yield market that appropriately compensate for the underlying investment risks.
32 | American Funds Insurance Series |
American High-Income Trust® (continued)
How a hypothetical $10,000 investment has grown
Total returns based on a $1,000 investment
For periods ended December 31, 20234
1 year | 5 years | 10 years | Lifetime (since February 8, 1984) | Gross expense ratio | Net expense ratio | |||||||||||||||||||
Class 1 | 12.69 | % | 6.36 | % | 4.67 | % | 8.27 | % | 0.44 | % | 0.32 | % | ||||||||||||
Class 1A | 12.40 | 6.09 | 4.42 | 8.00 | 0.69 | 0.57 | ||||||||||||||||||
Class 2 | 12.45 | 6.09 | 4.41 | 8.00 | 0.69 | 0.57 | ||||||||||||||||||
Class 3 | 12.54 | 6.17 | 4.48 | 8.08 | 0.62 | 0.50 | ||||||||||||||||||
Class 4 | 12.18 | 5.84 | 4.15 | 7.74 | 0.94 | 0.82 |
Investment results assume all distributions are reinvested and reflect applicable fees and expenses. The investment adviser is currently waiving a portion of its management fee. This waiver will be in effect through at least May 1, 2024. The waiver may only be modified or terminated with the approval of the fund’s board. Net expense ratios reflect the waiver, without which they would have been higher. When applicable, investment results reflect fee waivers and/or expense reimbursements, without which results would have been lower. Visit capitalgroup.com/afis for more information. Expense ratios are as of the fund’s prospectus dated May 1, 2024 (unaudited). Refer to the Financial Highlights table in this report for details.
Past results are not predictive of results in future periods.
Any market index shown is unmanaged and, therefore, has no expenses. Investors cannot invest directly in an index.
1 | Source: Bloomberg Index Services Ltd. |
2 | Yield curves plot interest rates of bonds of equal credit and different maturities. They include normal, inverted and flat. Normal curves point to economic expansion, and downward-sloping curves point to economic recession. (Source: Investopedia.com.) |
3 | Relative returns refers to the difference between the returns of the fund and the returns of its benchmark index. (Source: Investopedia.com.) |
4 | Periods greater than one year are annualized. |
The indexes are unmanaged and, therefore, have no expenses. Investors cannot invest directly in an index. There have been periods when the fund has lagged the indexes.
Where the fund’s assets were invested as of December 31, 2023 | 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 returned 4.03% for the 12 months ended December 31, 2023. Its benchmark index, Bloomberg U.S. Mortgage-Backed Securities Index,1 which covers the mortgage-backed pass-through securities of Ginnie Mae, Fannie Mae and Freddie Mac, rose 5.05%.
U.S. bond markets rebounded strongly. The U.S. Treasury yield curve2 steepened modestly as the two-year yield fell 18 bps to end at 4.25% while the 10-year yield ended unchanged at 3.88%. All major U.S. fixed income sectors posted positive returns.
Regarding the fund, curve positioning weighed on results overall and sector and security selection only contributed modestly either positively or negatively to results. Derivatives, which are used as tools for implementing the portfolio’s duration3 and curve positioning, collectively detracted from results as U.S. Treasury futures were used to implement the fund’s curve exposure.
The fund’s focus remains on meeting its core objectives of providing current income and preserving invested capital. Managers are mindful of the fund’s correlation to equity and its use as a building block in investor portfolios. They are cautious about weakening economic activity as the U.S. Federal Reserve has aggressively raised interest rates and continues to reduce its balance sheet. The fund is positioned with the view that inflation will continue to come down rapidly toward the Fed’s target and that a contraction in growth is likely sometime in the next year.
34 | American Funds Insurance Series |
American Funds Mortgage Fund® (continued)
How a hypothetical $10,000 investment has grown
Total returns based on a $1,000 investment
For periods ended December 31, 20234
1 year | 5 years | 10 years | Lifetime (since May 2, 2011) | Gross expense ratio | Net expense ratio | |||||||||||||||||||
Class 1 | 4.03 | % | 1.06 | % | 1.74 | % | 1.84 | % | 0.40 | % | 0.32 | % | ||||||||||||
Class 1A | 3.72 | 0.80 | 1.49 | 1.58 | 0.65 | 0.57 | ||||||||||||||||||
Class 2 | 3.68 | 0.80 | 1.48 | 1.58 | 0.65 | 0.57 | ||||||||||||||||||
Class 4 | 3.51 | 0.57 | 1.24 | 1.38 | 0.90 | 0.82 |
Investment results assume all distributions are reinvested and reflect applicable fees and expenses. The investment adviser is currently waiving a portion of its management fee. This waiver will be in effect through at least May 1, 2024. The waiver may only be modified or terminated with the approval of the fund’s board. Net expense ratios reflect the waiver, without which they would have been higher. When applicable, investment results reflect fee waivers and/or expense reimbursements, without which results would have been lower. Visit capitalgroup.com/afis for more information. Expense ratios are as of the fund’s prospectus dated May 1, 2024 (unaudited). Refer to the Financial Highlights table in this report for details.
Past results are not predictive of results in future periods.
Any market index shown is unmanaged and, therefore, has no expenses. Investors cannot invest directly in an index.
1 | Source: Bloomberg Index Services Ltd. |
2 | Yield curves plot interest rates of bonds of equal credit and different maturities. They include normal, inverted and flat. Normal curves point to economic expansion, and downward-sloping curves point to economic recession. (Source: Investopedia.com.) |
3 | Duration measures a bond’s or fixed income portfolio’s price sensitivity to interest rate changes. Most often, when interest rates rise, the higher a bond’s duration, the more its price will fall. (Source: Investopedia.com.) |
4 | Periods greater than one year are annualized. |
The indexes are unmanaged and, therefore, have no expenses. Investors cannot invest directly in an index. There have been periods when the fund has lagged the indexes.
Where the fund’s assets were invested as of December 31, 2023 | 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 returned 4.94% for the 12 months ended December 31, 2023, compared with a 5.19% rise in the Bloomberg Short-Term Government/Corporate Index,1 which consists of investment-grade (rated BBB/Baa and above), fixed-rate, publicly placed, dollar-denominated and non-convertible securities with remaining maturity from one up to (but not including) 12 months within either the government or corporate sector.
With a focus on capital preservation and liquidity, the fund continues to invest in a conservative manner, typically investing in both shorter duration2 and higher quality securities relative to the index. This approach benefited the fund during the first half of the year with the U.S. Federal Reserve raising its benchmark rate by 25 basis points four times through July. The benchmark rate remained unchanged for the rest of 2023.
Short-term interest rates are now at a 23-year high following 11 total hikes over the last two years. With inflation declining throughout the year and now close to the Fed’s target, market expectations indicate the Fed’s benchmark rate is at or near its peak, and rate cuts are a strong possibility for 2024.
36 | American Funds Insurance Series |
Ultra-Short Bond Fund (continued)
Total returns based on a $1,000 investment
For periods ended December 31, 20233
1 year | 5 years | 10 years | Lifetime (since February 8, 1984) | Expense ratio | ||||||||||||||||
Class 1 | 4.94 | % | 1.63 | % | 1.00 | % | 3.21 | % | 0.31 | % | ||||||||||
Class 1A | 4.79 | 1.60 | 0.91 | 2.99 | 0.56 | |||||||||||||||
Class 2 | 4.64 | 1.37 | 0.74 | 2.95 | 0.56 | |||||||||||||||
Class 3 | 4.75 | 1.46 | 0.82 | 3.02 | 0.49 | |||||||||||||||
Class 4 | 4.44 | 1.12 | 0.53 | 2.71 | 0.81 |
Investment results assume all distributions are reinvested and reflect applicable fees and expenses. When applicable, investment results reflect fee waivers and/or expense reimbursements, without which results would have been lower. Visit capitalgroup.com/afis for more information. Expense ratios are as of the fund’s prospectus dated May 1, 2024 (unaudited). Refer to the Financial Highlights table in this report for details.
Past results are not predictive of results in future periods.
Any market index shown is unmanaged and, therefore, has no expenses. Investors cannot invest directly in an index.
1 | Source: Bloomberg Index Services Ltd. The index is unmanaged and, therefore, has no expenses. Investors cannot invest directly in an index. There have been periods when the fund has lagged the index. |
2 | Duration measures a bond’s or fixed income portfolio’s price sensitivity to interest rate changes. Most often, when interest rates rise, the higher a bond’s duration, the more its price will fall. (Source: Investopedia.com.) |
3 | Periods greater than one year are annualized. |
Where the fund’s assets were invested as of December 31, 2023 | Percent of net assets | |||
Commercial paper | 78.0 | % | ||
U.S. Treasury bills | 17.3 | % | ||
Federal agency bills & notes | 8.2 | % | ||
Other assets less liabilities | –3.5 | % | ||
Total | 100.0 | % |
American Funds Insurance Series | 37 |
U.S. Government Securities Fund®
Fund results shown are for past periods and are not predictive of results for future periods. Current and future results may be lower or higher than those shown. Prices and returns will vary, so investors may lose money. Investing for short periods makes losses more likely. For current information and month-end results, visit capitalgroup.com/afis. For information about your insurance contract and month-end results, go to the website of the company that issued your contract.
U.S. Government Securities Fund returned 3.21% for the 12 months ended December 31, 2023. Its benchmark, the Bloomberg U.S. Government/Mortgage-Backed Securities Index,1 which covers obligations issued by the U.S. Treasury and U.S. government agencies, returned 4.45%.
U.S. bond markets rebounded strongly. The U.S. Treasury yield curve2 steepened modestly as the two-year yield fell 18 bps to end at 4.25% while the 10-year yield ended unchanged at 3.88%. All major U.S. fixed income sectors posted positive returns.
Regarding the fund, top contributors to returns relative to the benchmark were sector allocation decisions to mortgage-backed securities (MBS). On the downside, duration3 and curve positioning weighed on returns relative to the benchmark. Interest rate derivatives, which are used as tools for implementing the portfolio’s duration and curve positioning, collectively detracted from results.
Over the last two years, the U.S. Federal Reserve has tightened monetary policy considerably and the rate of inflation has come down rapidly. Going forward, it is more likely the Fed will ease its policy as inflation approaches its 2% target. So far, the Fed’s unwinding of massive monetary support has resulted in minimal disruptions to financial markets and the economy; however, we are more concerned about the outlook as the lagged impact of tighter monetary conditions on financial markets and the economy remain uncertain. The fund’s managers intend to use all the tools at their disposal to navigate these volatile markets as they seek to protect and grow shareholder assets over time.
38 | American Funds Insurance Series |
U.S. Government Securities Fund® (continued)
How a hypothetical $10,000 investment has grown
Total returns based on a $1,000 investment
For periods ended December 31, 20234
1 year | 5 years | 10 years | Lifetime (since December 2, 1985) | Gross expense ratio | Net expense ratio | |||||||||||||||||||
Class 1 | 3.21 | % | 1.31 | % | 1.78 | % | 5.12 | % | 0.33 | % | 0.26 | % | ||||||||||||
Class 1A | 2.88 | 1.04 | 1.54 | 4.86 | 0.58 | 0.51 | ||||||||||||||||||
Class 2 | 2.89 | 1.04 | 1.52 | 4.86 | 0.58 | 0.51 | ||||||||||||||||||
Class 3 | 3.00 | 1.12 | 1.60 | 4.93 | 0.51 | 0.44 | ||||||||||||||||||
Class 4 | 2.62 | 0.79 | 1.27 | 4.61 | 0.83 | 0.76 |
Investment results assume all distributions are reinvested and reflect applicable fees and expenses. The investment adviser is currently waiving a portion of its management fee. This waiver will be in effect through at least May 1, 2024. The waiver may only be modified or terminated with the approval of the fund’s board. Net expense ratios reflect the waiver, without which they would have been higher. When applicable, investment results reflect fee waivers and/or expense reimbursements, without which results would have been lower. Visit capitalgroup.com/afis for more information. Expense ratios are as of the fund’s prospectus dated May 1, 2024 (unaudited). Refer to the Financial Highlights table in this report for details.
Past results are not predictive of results in future periods.
Any market index shown is unmanaged and, therefore, has no expenses. Investors cannot invest directly in an index.
1 | Source: Bloomberg Index Services Ltd. The indexes are unmanaged and, therefore, have no expenses. Investors cannot invest directly in an index. There have been periods when the fund has lagged the indexes. |
2 | Yield curves plot interest rates of bonds of equal credit and different maturities. They include normal, inverted and flat. Normal curves point to economic expansion, and downward-sloping curves point to economic recession. (Source: Investopedia.com.) |
3 | Duration measures a bond’s or fixed income portfolio’s price sensitivity to interest rate changes. Most often, when interest rates rise, the higher a bond’s duration, the more its price will fall. (Source: Investopedia.com.) |
4 | Periods greater than one year are annualized. |
Where the fund’s assets were invested as of December 31, 2023 | 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 returned 23.77% for the 12 months ended December 31, 2023. S&P 500 Managed Risk Index – Moderate Aggressive1 advanced 18.69%. S&P 500 Index,2 a market capitalization-weighted index based on the results of approximately 500 widely held common stocks, returned 26.29%.
The fund pursues its objective by investing in shares of American Funds Insurance Series® – Growth Fund and American Funds Insurance Series® – The Bond Fund of America while seeking to manage portfolio volatility and provide downside protection, primarily through the use of exchange-traded options and futures contracts. The benefit of the fund’s managed risk strategy should be most apparent during periods of high volatility and in down markets. In steady or rising markets, the fund’s results can be expected to lag those of the underlying fund.
The underlying Growth Fund’s investments within the communication services and industrials sectors were the top contributors to relative returns.3 The return of the underlying The Bond Fund of America detracted slightly from relative results versus its primary benchmark, the Bloomberg U.S. Aggregate Index.4 The managed risk strategy, which is designed to help the fund during periods of high volatility, detracted from returns overall, though it helped reduce the volatility relative to its underlying non-managed risk portfolio. Within the strategy, the equity future overlay was the largest detractor while the U.S. Treasury future and option overlays moderately detracted.
40 | American Funds Insurance Series |
Managed Risk Growth Fund (continued)
How a hypothetical $10,000 investment has grown
Total returns based on a $1,000 investment
For periods ended December 31, 20235
1 year | 5 years | 10 years | Lifetime (since May 1, 2013) | Gross expense ratio | Net expense ratio | |||||||||||||||||||
Class P1 | 23.77 | % | 11.26 | % | 8.62 | % | 9.48 | % | 0.74 | % | 0.69 | % | ||||||||||||
Class P2 | 23.50 | 10.98 | 8.30 | 9.18 | 0.99 | 0.94 |
The investment adviser is currently waiving a portion of its management fee. This waiver will be in effect through at least May 1, 2024. The waiver may only be modified or terminated with the approval of the fund’s board. Net expense ratios shown reflect the waiver, without which they would have been higher. When applicable, investment results reflect fee waivers and/or expense reimbursements, without which results would have been lower. Visit capitalgroup.com/afis for more information. Expense ratios are as of the fund’s prospectus dated May 1, 2024 (unaudited).
Past results are not predictive of results in future periods.
Any market index shown is unmanaged and, therefore, has no expenses. Investors cannot invest directly in an index.
1 | Source: S&P Dow Jones Indices LLC. Standard & Poor’s Managed Risk Index Series is designed to simulate a dynamic protective portfolio that allocates between the underlying equity index and cash, based on realized volatilities of the underlying equity and bond indexes, while maintaining a fixed allocation to the underlying bond index. |
2 | Source: S&P Dow Jones Indices LLC. |
3 | Relative returns refers to the difference between the returns of the fund and the returns of its benchmark index. (Source: Investopedia.com.) |
4 | Source: Bloomberg Index Services Ltd. Bloomberg U.S. Aggregate Index represents the U.S. investment-grade (rated BBB/Baa and above) fixed-rate bond market. |
5 | Periods greater than one year are annualized. |
The indexes are unmanaged and, therefore, have no expenses. Investors cannot invest directly in an index. There have been periods when the fund has lagged the indexes.
Milliman Financial Risk Management LLC serves as the subadviser with respect to the management of the fund’s managed risk strategy.
American Funds Insurance Series | 41 |
Managed Risk International Fund
Fund results shown are for past periods and are not predictive of results for future periods. Current and future results may be lower or higher than those shown. Prices and returns will vary, so investors may lose money. Investing for short periods makes losses more likely. For current information and month-end results, visit capitalgroup.com/afis. For information about your insurance contract and month-end results, go to the website of the company that issued your contract.
The fund returned 6.36% for the 12 months ended December 31, 2023, compared to S&P EPAC Ex. Korea LargeMidCap Managed Risk Index – Moderate Aggressive,1 which advanced 13.29%. MSCI ACWI (All Country World Index) ex USA,2 a free float-adjusted market capitalization-weighted index that is designed to measure equity market results in the global developed and emerging markets (consisting of more than 40 developed and emerging market country indexes, excluding the U.S.), returned 15.62%.
The fund pursues its objective by investing in shares of American Funds Insurance Series®– International Fund and American Funds Insurance Series®– The Bond Fund of America while seeking to manage portfolio volatility and provide downside protection, primarily through the use of exchange-traded options and futures contracts. The benefit of the fund’s managed risk strategy should be most apparent during periods of high volatility and in down markets. In steady or rising markets, the fund’s results can be expected to lag those of the underlying fund.
Within the underlying International Fund, stock selection within the information technology and consumer discretionary sectors boosted relative returns.3 On the downside, stock selection within the financials and materials sectors detracted from relative results. The managed risk strategy, which is designed to help the fund during periods of high volatility, detracted from returns overall, though it helped reduce the volatility relative to its underlying non-managed risk portfolio. Within the strategy, the equity future overlay was the largest detractor while the U.S. Treasury future and option overlays moderately detracted.
42 | American Funds Insurance Series |
Managed Risk International Fund (continued)
How a hypothetical $10,000 investment has grown
Total returns based on a $1,000 investment
For periods ended December 31, 20234
1 year | 5 years | 10 years | Lifetime (since May 1, 2013) | Gross expense ratio | Net expense ratio | |||||||||||||||||||
Class P1 | 6.36 | % | 1.04 | % | 0.58 | % | 1.37 | % | 0.95 | % | 0.85 | % | ||||||||||||
Class P2 | 6.22 | 0.79 | 0.24 | 1.03 | 1.20 | 1.10 |
The investment adviser is currently waiving a portion of its management fee. In addition, the investment adviser is currently reimbursing a portion of other expenses. This waiver and reimbursement will be in effect through at least May 1, 2024. The adviser may elect at its discretion to extend, modify or terminate the reimbursement at that time. The waiver may only be modified or terminated with the approval of the fund’s board. Net expense ratios shown reflect the waiver and reimbursement, without which they would have been higher. When applicable, investment results reflect fee waivers and/or expense reimbursements, without which results would have been lower. Visit capitalgroup.com/afis for more information. Expense ratios are as of the fund’s prospectus dated May 1, 2024 (unaudited).
Past results are not predictive of results in future periods.
Any market index shown is unmanaged and, therefore, has no expenses. Investors cannot invest directly in an index.
1 | Source: S&P Dow Jones Indices LLC. Standard & Poor’s Managed Risk Index Series is designed to simulate a dynamic protective portfolio that allocates between the underlying equity index and cash, based on realized volatilities of the underlying equity and bond indexes, while maintaining a fixed allocation to the underlying bond index. |
2 | Source: MSCI. The MSCI index result reflects reinvestment of distributions and dividends net of withholding taxes. |
3 | Relative returns refers to the difference between the returns of the fund and the returns of its benchmark index. (Source: Investopedia.com.) |
4 | Periods greater than one year are annualized. |
The indexes are unmanaged and, therefore, have no expenses. Investors cannot invest directly in an index. There have been periods when the fund has lagged the indexes.
Milliman Financial Risk Management LLC serves as the subadviser with respect to the management of the fund’s managed risk strategy.
American Funds Insurance Series | 43 |
Managed Risk Washington Mutual Investors Fund
Fund results shown are for past periods and are not predictive of results for future periods. Current and future results may be lower or higher than those shown. Prices and returns will vary, so investors may lose money. Investing for short periods makes losses more likely. For current information and month-end results, visit capitalgroup.com/afis. For information about your insurance contract and month-end results, go to the website of the company that issued your contract.
The fund returned 10.04% for the 12 months ended December 31, 2023. S&P 500 Managed Risk Index – Moderate1 advanced 16.81%. S&P 500 Index,2 a market capitalization-weighted index based on the results of approximately 500 widely held common stocks, returned 26.29%.
The fund pursues its objective by investing in shares of American Funds Insurance Series® – Washington Mutual Investors Fund and American Funds Insurance Series® – U.S. Government Securities Fund while seeking to manage portfolio volatility and provide downside protection, primarily through the use of exchange-traded options and futures contracts. The benefit of the fund’s managed risk strategy should be most apparent during periods of high volatility and in down markets. In steady or rising markets, the fund’s results can be expected to lag those of the underlying fund.
The underlying Washington Mutual Investors Fund’s security selection within the financials sector was one of the top contributors to relative returns.3 On the downside, security selections within the consumer discretionary sector weighed on returns. The managed risk strategy, which is designed to help the fund during periods of high volatility, detracted from returns overall, though it helped reduce the volatility relative to its underlying non-managed risk portfolio. Within the strategy, the equity future overlay was the largest detractor while the U.S. Treasury future and option overlays moderately detracted.
44 | American Funds Insurance Series |
Managed Risk Washington Mutual Investors Fund (continued)
How a hypothetical $10,000 investment has grown
Total returns based on a $1,000 investment
For periods ended December 31, 20234
1 year | 5 years | 10 years | Lifetime (since May 1, 2013) | Gross expense ratio | Net expense ratio | |||||||||||||||||||
Class P1 | 10.04 | % | 5.89 | % | 5.08 | % | 5.89 | % | 0.69 | % | 0.64 | % | ||||||||||||
Class P2 | 9.73 | 5.59 | 4.73 | 5.55 | 0.94 | 0.89 |
The investment adviser is currently waiving a portion of its management fee. In addition, the investment adviser is currently reimbursing a portion of other expenses. This waiver and reimbursement will be in effect through at least May 1, 2024. The adviser may elect at its discretion to extend, modify or terminate the reimbursement at that time. The waiver may only be modified or terminated with the approval of the fund’s board. Net expense ratios shown reflect the waiver, without which they would have been higher. When applicable, investment results reflect fee waivers and/or expense reimbursements, without which results would have been lower. Visit capitalgroup.com/afis for more information. Expense ratios are as of the fund’s prospectus dated May 1, 2024 (unaudited).
Past results are not predictive of results in future periods.
Any market index shown is unmanaged and, therefore, has no expenses. Investors cannot invest directly in an index.
1 | Source: S&P Dow Jones Indices LLC. Standard & Poor’s Managed Risk Index Series is designed to simulate a dynamic protective portfolio that allocates between the underlying equity index and cash, based on realized volatilities of the underlying equity and bond indexes, while maintaining a fixed allocation to the underlying bond index. |
2 | Source: S&P Dow Jones Indices LLC. |
3 | Relative returns refers to the difference between the returns of the fund and the returns of its benchmark index. (Source: Investopedia.com.) |
4 | Periods greater than one year are annualized. |
The indexes are unmanaged and, therefore, have no expenses. Investors cannot invest directly in an index. There have been periods when the fund has lagged the indexes.
Milliman Financial Risk Management LLC serves as the subadviser with respect to the management of the fund’s managed risk strategy.
American Funds Insurance Series | 45 |
Managed Risk Growth-Income Fund
Fund results shown are for past periods and are not predictive of results for future periods. Current and future results may be lower or higher than those shown. Prices and returns will vary, so investors may lose money. Investing for short periods makes losses more likely. For current information and month-end results, visit capitalgroup.com/afis. For information about your insurance contract and month-end results, go to the website of the company that issued your contract.
The fund returned 16.17% for the 12 months ended December 31, 2023, compared to the S&P 500 Managed Risk Index – Moderate,1 which advanced 16.81%. S&P 500 Index,2 a market capitalization-weighted index based on the results of approximately 500 widely held common stocks, returned 26.29%.
The fund pursues its objective by investing in shares of American Funds Insurance Series® – Growth-Income Fund and American Funds Insurance Series® – The Bond Fund of America while seeking to manage portfolio volatility and provide downside protection, primarily through the use of exchange-traded options and futures contracts. The benefit of the fund’s managed risk strategy should be most apparent during periods of high volatility and in down markets. In steady or rising markets, the fund’s results can be expected to lag those of the underlying fund.
The underlying Growth-Income Fund’s investments within the health care and financials sectors were the top contributors to relative returns.3 On the downside, sector selection in the information technology and consumer discretionary sectors weighed on relative results. The managed risk strategy, which is designed to help the fund during periods of high volatility, detracted from returns overall, though it helped reduce the volatility relative to its underlying non-managed risk portfolio. Within the strategy, the equity future overlay was the largest detractor while the U.S. Treasury future and option overlays moderately detracted.
46 | American Funds Insurance Series |
Managed Risk Growth-Income Fund (continued)
How a hypothetical $10,000 investment has grown
Total returns based on a $1,000 investment
For periods ended December 31, 20234
1 year | 5 years | 10 years | Lifetime (since May 1, 2013) | Gross expense ratio | Net expense ratio | |||||||||||||||||||
Class P1 | 16.17 | % | 7.86 | % | 6.46 | % | 7.54 | % | 0.67 | % | 0.62 | % | ||||||||||||
Class P2 | 15.90 | 7.60 | 6.15 | 7.24 | 0.92 | 0.87 |
The investment adviser is currently waiving a portion of its management fee. This waiver will be in effect through at least May 1, 2024. The waiver may only be modified or terminated with the approval of the fund’s board. Net expense ratios shown reflect the waiver, without which they would have been higher. When applicable, investment results reflect fee waivers and/or expense reimbursements, without which results would have been lower. Visit capitalgroup.com/afis for more information. Expense ratios are as of the fund’s prospectus dated May 1, 2024 (unaudited).
Past results are not predictive of results in future periods.
Any market index shown is unmanaged and, therefore, has no expenses. Investors cannot invest directly in an index.
1 | Source: S&P Dow Jones Indices LLC. Standard & Poor’s Managed Risk Index Series is designed to simulate a dynamic protective portfolio that allocates between the underlying equity index and cash, based on realized volatilities of the underlying equity and bond indexes, while maintaining a fixed allocation to the underlying bond index. |
2 | Source: S&P Dow Jones Indices LLC. |
3 | Relative returns refers to the difference between the returns of the fund and the returns of its benchmark index. (Source: Investopedia.com.) |
4 | Periods greater than one year are annualized. |
The indexes are unmanaged and, therefore, have no expenses. Investors cannot invest directly in an index. There have been periods when the fund has lagged the indexes.
Milliman Financial Risk Management LLC serves as the subadviser with respect to the management of the fund’s managed risk strategy.
American Funds Insurance Series | 47 |
Managed Risk Asset Allocation Fund
Fund results shown are for past periods and are not predictive of results for future periods. Current and future results may be lower or higher than those shown. Prices and returns will vary, so investors may lose money. Investing for short periods makes losses more likely. For current information and month-end results, visit capitalgroup.com/afis. For information about your insurance contract and month-end results, go to the website of the company that issued your contract.
The fund returned 10.51% for the 12 months ended December 31, 2023. S&P 500 Managed Risk Index -- Moderate Conservative1 advanced 15.10%. S&P 500 Index,2 a market capitalization-weighted index based on the results of approximately 500 widely held common stocks, returned 26.29%.
The fund pursues its objective by investing in shares of American Funds Insurance Series® – Asset Allocation Fund while seeking to manage portfolio volatility and provide downside protection, primarily through the use of exchange-traded options and futures contracts. The benefit of the fund’s managed risk strategy should be most apparent during periods of high volatility and in down markets. In steady or rising markets, the fund’s results can be expected to lag those of the underlying fund.
The underlying Asset Allocation Fund’s investment selections within the energy and communication services sectors were among the top contributors to relative returns.3 On the downside, a smaller-than-benchmark weight in the information technology sector and stock selection within the consumer discretionary sector weighed on relative returns. The managed risk strategy, which is designed to help the fund during periods of high volatility, detracted from returns overall, though it helped reduce the volatility relative to its underlying non-managed risk portfolio. Within the strategy, the equity future overlay was the largest detractor while the U.S. Treasury future and option overlays moderately detracted.
48 | American Funds Insurance Series |
Managed Risk Asset Allocation Fund (continued)
How a hypothetical $10,000 investment has grown
Total returns based on a $1,000 investment
For periods ended December 31, 20235
1 year | 5 years | 10 years | Lifetime (since September 28, 2012) | Gross expense ratio | Net expense ratio | |||||||||||||||||||
Class P1 | 10.51 | % | 6.17 | % | 5.01 | % | 6.32 | % | 0.70 | % | 0.65 | % | ||||||||||||
Class P2 | 10.23 | 5.91 | 4.74 | 6.06 | 0.95 | 0.90 |
The investment adviser is currently waiving a portion of its management fee. This waiver will be in effect through at least May 1, 2024. The waiver may only be modified or terminated with the approval of the fund’s board. Net expense ratios shown reflect the waiver, without which they would have been higher. When applicable, investment results reflect fee waivers and/or expense reimbursements, without which results would have been lower. Visit capitalgroup.com/afis for more information. Expense ratios are as of the fund’s prospectus dated May 1, 2024 (unaudited).
Past results are not predictive of results in future periods.
Any market index shown is unmanaged and, therefore, has no expenses. Investors cannot invest directly in an index.
1 | Source: S&P Dow Jones Indices LLC. Standard & Poor’s Managed Risk Index Series is designed to simulate a dynamic protective portfolio that allocates between the underlying equity index and cash, based on realized volatilities of the underlying equity and bond indexes, while maintaining a fixed allocation to the underlying bond index. |
2 | Source: S&P Dow Jones Indices LLC. |
3 | Relative returns refers to the difference between the returns of the fund and the returns of its benchmark index. (Source: Investopedia.com.) |
4 | Source: Bloomberg Index Services Ltd. Bloomberg U.S. Aggregate Index represents the U.S. investment-grade (rated BBB/Baa and above) fixed-rate bond market. |
5 | Periods greater than one year are annualized. |
The indexes are unmanaged and, therefore, have no expenses. Investors cannot invest directly in an index. There have been periods when the fund has lagged the indexes.
Milliman Financial Risk Management LLC serves as the subadviser with respect to the management of the fund’s managed risk strategy.
American Funds Insurance Series | 49 |
Investment portfolio December 31, 2023
Common stocks 95.01% | Shares | Value (000) | ||||||
Information technology 27.78% | ||||||||
Microsoft Corp. | 1,630,630 | $ | 613,182 | |||||
ASML Holding NV | 436,031 | 329,209 | ||||||
ASML Holding NV (ADR) | 190,245 | 144,000 | ||||||
Taiwan Semiconductor Manufacturing Co., Ltd. | 10,510,200 | 202,274 | ||||||
NVIDIA Corp. | 328,443 | 162,651 | ||||||
Applied Materials, Inc. | 923,000 | 149,591 | ||||||
Broadcom, Inc. | 85,007 | 94,889 | ||||||
Apple, Inc. | 407,245 | 78,407 | ||||||
Samsung Electronics Co., Ltd. | 1,147,808 | 69,810 | ||||||
Keyence Corp. | 117,700 | 51,593 | ||||||
Synopsys, Inc.1 | 99,853 | 51,415 | ||||||
Capgemini SE | 236,014 | 49,373 | ||||||
Shopify, Inc., Class A, subordinate voting shares1 | 415,875 | 32,397 | ||||||
EPAM Systems, Inc.1 | 93,560 | 27,819 | ||||||
Salesforce, Inc.1 | 95,600 | 25,156 | ||||||
Arista Networks, Inc.1 | 102,856 | 24,224 | ||||||
TE Connectivity, Ltd. | 112,664 | 15,829 | ||||||
NEC Corp. | 243,600 | 14,374 | ||||||
2,136,193 | ||||||||
Health care 16.00% | ||||||||
Novo Nordisk AS, Class B | 3,572,824 | 369,554 | ||||||
DexCom, Inc.1 | 969,700 | 120,330 | ||||||
UnitedHealth Group, Inc. | 218,500 | 115,034 | ||||||
Eli Lilly and Co. | 155,740 | 90,784 | ||||||
Regeneron Pharmaceuticals, Inc.1 | 95,036 | 83,469 | ||||||
AstraZeneca PLC | 547,010 | 73,673 | ||||||
Thermo Fisher Scientific, Inc. | 128,666 | 68,295 | ||||||
Centene Corp.1 | 661,665 | 49,102 | ||||||
Pfizer, Inc. | 1,235,000 | 35,556 | ||||||
Sanofi | 333,000 | 33,014 | ||||||
Cigna Group (The) | 104,417 | 31,268 | ||||||
Siemens Healthineers AG | 345,670 | 20,087 | ||||||
Alnylam Pharmaceuticals, Inc.1 | 104,200 | 19,945 | ||||||
Bayer AG | 537,074 | 19,938 | ||||||
Zoetis, Inc., Class A | 90,200 | 17,803 | ||||||
Vertex Pharmaceuticals, Inc.1 | 43,700 | 17,781 | ||||||
EssilorLuxottica SA | 88,074 | 17,702 | ||||||
Argenx SE (ADR)1 | 36,200 | 13,772 | ||||||
Catalent, Inc.1 | 287,200 | 12,904 | ||||||
Bachem Holding AG | 93,403 | 7,236 | ||||||
Roche Holding AG, nonvoting non-registered shares | 22,102 | 6,406 | ||||||
Sonova Holding AG | 17,000 | 5,559 | ||||||
Viatris, Inc. | 110,678 | 1,199 | ||||||
Euroapi SA1 | 5,869 | 37 | ||||||
1,230,448 | ||||||||
Consumer discretionary 14.87% | ||||||||
Chipotle Mexican Grill, Inc.1 | 146,200 | 334,354 | ||||||
LVMH Moët Hennessy-Louis Vuitton SE | 224,441 | 182,050 | ||||||
Floor & Decor Holdings, Inc., Class A1 | 914,698 | 102,044 | ||||||
Renault SA | 1,688,781 | 69,102 | ||||||
Booking Holdings, Inc.1 | 16,000 | 56,755 | ||||||
MGM China Holdings, Ltd.1 | 39,729,200 | 50,333 | ||||||
Evolution AB | 367,568 | 43,993 | ||||||
Prosus NV, Class N | 1,449,418 | 43,217 | ||||||
MercadoLibre, Inc.1 | 22,250 | 34,967 | ||||||
Home Depot, Inc. | 95,121 | 32,964 | ||||||
Amazon.com, Inc.1 | 213,125 | 32,382 | ||||||
lululemon athletica, Inc.1 | 52,600 | 26,894 | ||||||
InterContinental Hotels Group PLC | 254,000 | 22,941 | ||||||
Moncler SpA | 360,570 | 22,235 |
50 | American Funds Insurance Series |
Global Growth Fund (continued)
Common stocks (continued) | Shares | Value (000) | ||||||
Consumer discretionary (continued) | ||||||||
Wynn Macau, Ltd.1,2 | 21,430,000 | $ | 17,618 | |||||
Tractor Supply Co. | 75,200 | 16,170 | ||||||
LKQ Corp. | 305,253 | 14,588 | ||||||
Tesla, Inc.1 | 48,800 | 12,126 | ||||||
Global-E Online, Ltd.1 | 300,000 | 11,889 | ||||||
Coupang, Inc., Class A1 | 645,404 | 10,449 | ||||||
Five Below, Inc.1 | 30,349 | 6,469 | ||||||
1,143,540 | ||||||||
Financials 11.14% | ||||||||
Tradeweb Markets, Inc., Class A | 1,527,288 | 138,800 | ||||||
3i Group PLC | 3,026,000 | 93,147 | ||||||
AXA SA | 2,209,893 | 72,137 | ||||||
Fiserv, Inc.1 | 497,600 | 66,101 | ||||||
HDFC Bank, Ltd. | 3,131,460 | 64,240 | ||||||
AIA Group, Ltd. | 5,687,800 | 49,401 | ||||||
Blackstone, Inc. | 366,835 | 48,026 | ||||||
Prudential PLC | 3,390,552 | 38,168 | ||||||
Citigroup, Inc. | 617,255 | 31,752 | ||||||
Société Générale | 1,054,981 | 28,127 | ||||||
Aon PLC, Class A | 96,600 | 28,112 | ||||||
London Stock Exchange Group PLC | 234,953 | 27,775 | ||||||
Visa, Inc., Class A | 90,997 | 23,691 | ||||||
Banco Santander, SA | 5,334,500 | 22,269 | ||||||
Mastercard, Inc., Class A | 49,000 | 20,899 | ||||||
Wells Fargo & Co. | 347,300 | 17,094 | ||||||
Julius Baer Group, Ltd. | 262,000 | 14,722 | ||||||
VZ Holding AG | 123,517 | 14,423 | ||||||
Ameriprise Financial, Inc. | 34,676 | 13,171 | ||||||
Eurobank Ergasias Services and Holdings SA1 | 6,791,000 | 12,054 | ||||||
UBS Group AG | 361,871 | 11,239 | ||||||
Swissquote Group Holding, Ltd. | 40,733 | 9,934 | ||||||
Nasdaq, Inc. | 88,000 | 5,116 | ||||||
Kaspi.kz JSC (GDR) | 44,512 | 4,096 | ||||||
Jackson Financial, Inc., Class A | 44,327 | 2,270 | ||||||
Moscow Exchange MICEX-RTS PJSC3 | 12,640,000 | — | 4 | |||||
856,764 | ||||||||
Industrials 8.02% | ||||||||
Safran SA | 521,514 | 91,997 | ||||||
Caterpillar, Inc. | 231,600 | 68,477 | ||||||
ASSA ABLOY AB, Class B | 1,908,644 | 54,987 | ||||||
Schneider Electric SE | 181,009 | 36,446 | ||||||
Alliance Global Group, Inc. | 156,400,700 | 31,810 | ||||||
Airbus SE, non-registered shares | 188,333 | 29,071 | ||||||
GT Capital Holdings, Inc. | 2,454,611 | 26,140 | ||||||
Ryanair Holdings PLC (ADR) | 191,047 | 25,478 | ||||||
Boeing Co.1 | 91,400 | 23,824 | ||||||
Techtronic Industries Co., Ltd. | 1,679,500 | 20,088 | ||||||
NIBE Industrier AB, Class B | 2,804,896 | 19,825 | ||||||
TransDigm Group, Inc. | 18,400 | 18,613 | ||||||
DSV A/S | 97,734 | 17,193 | ||||||
Daikin Industries, Ltd. | 103,400 | 16,796 | ||||||
Huntington Ingalls Industries, Inc. | 55,772 | 14,481 | ||||||
Carrier Global Corp. | 242,000 | 13,903 | ||||||
SMC Corp. | 22,500 | 12,032 | ||||||
Recruit Holdings Co., Ltd. | 277,600 | 11,852 | ||||||
Trane Technologies PLC | 44,000 | 10,732 | ||||||
TFI International, Inc. (CAD denominated) | 73,941 | 10,058 | ||||||
BAE Systems PLC | 697,000 | 9,861 | ||||||
Kühne + Nagel International AG | 21,500 | 7,412 | ||||||
Interpump Group SpA | 139,901 | 7,247 |
American Funds Insurance Series | 51 |
Global Growth Fund (continued)
Common stocks (continued) | Shares | Value (000) | ||||||
Industrials (continued) | ||||||||
Lifco AB, Class B | 251,048 | $ | 6,172 | |||||
Melrose Industries PLC | 842,000 | 6,083 | ||||||
RS Group PLC | 576,015 | 5,995 | ||||||
Brenntag SE | 58,000 | 5,325 | ||||||
Weir Group PLC (The) | 210,749 | 5,060 | ||||||
Diploma PLC | 109,000 | 4,965 | ||||||
Northrop Grumman Corp. | 10,500 | 4,915 | ||||||
616,838 | ||||||||
Consumer staples 4.94% | ||||||||
Nestlé SA | 454,282 | 52,577 | ||||||
Monster Beverage Corp.1 | 852,204 | 49,095 | ||||||
Walgreens Boots Alliance, Inc. | 1,832,723 | 47,852 | ||||||
Keurig Dr Pepper, Inc. | 1,284,530 | 42,801 | ||||||
Dollar Tree Stores, Inc.1 | 262,250 | 37,253 | ||||||
Carrefour SA, non-registered shares | 1,478,107 | 27,053 | ||||||
Costco Wholesale Corp. | 35,970 | 23,743 | ||||||
British American Tobacco PLC | 813,000 | 23,725 | ||||||
Kweichow Moutai Co., Ltd., Class A | 74,500 | 18,096 | ||||||
Philip Morris International, Inc. | 167,000 | 15,711 | ||||||
Pernod Ricard SA | 67,053 | 11,857 | ||||||
Dollar General Corp. | 83,780 | 11,390 | ||||||
Simply Good Foods Co.1 | 263,800 | 10,447 | ||||||
Bunge Global SA | 85,000 | 8,581 | ||||||
380,181 | ||||||||
Communication services 4.42% | ||||||||
Alphabet, Inc., Class A1 | 1,232,500 | 172,168 | ||||||
Meta Platforms, Inc., Class A1 | 247,923 | 87,755 | ||||||
Publicis Groupe SA | 400,000 | 37,198 | ||||||
CTS Eventim AG & Co. KGaA | 224,500 | 15,511 | ||||||
Tencent Holdings, Ltd. | 297,100 | 11,225 | ||||||
Bharti Airtel, Ltd. | 868,779 | 10,763 | ||||||
Koninklijke KPN NV | 1,421,413 | 4,893 | ||||||
339,513 | ||||||||
Materials 4.26% | ||||||||
Sherwin-Williams Co. | 385,500 | 120,237 | ||||||
Linde PLC | 211,003 | 86,661 | ||||||
SIG Group AG1 | 1,798,000 | 41,384 | ||||||
Shin-Etsu Chemical Co., Ltd. | 552,500 | 23,087 | ||||||
Amcor PLC (CDI) | 1,867,000 | 18,048 | ||||||
Vale SA, ordinary nominative shares | 940,000 | 14,906 | ||||||
DSM-Firmenich AG | 93,100 | 9,479 | ||||||
CF Industries Holdings, Inc. | 111,262 | 8,845 | ||||||
Dow, Inc. | 81,000 | 4,442 | ||||||
First Quantum Minerals, Ltd. | 84,200 | 689 | ||||||
327,778 | ||||||||
Energy 3.32% | ||||||||
Canadian Natural Resources, Ltd. (CAD denominated) | 1,286,000 | 84,252 | ||||||
Reliance Industries, Ltd. | 1,261,121 | 39,137 | ||||||
Schlumberger NV | 335,000 | 17,433 | ||||||
Imperial Oil, Ltd.2 | 286,000 | 16,292 | ||||||
Exxon Mobil Corp. | 152,500 | 15,247 | ||||||
TotalEnergies SE | 218,273 | 14,827 | ||||||
Halliburton Co. | 368,390 | 13,317 | ||||||
EOG Resources, Inc. | 98,770 | 11,946 | ||||||
Chevron Corp. | 75,273 | 11,228 | ||||||
NAC Kazatomprom JSC (GDR) | 257,665 | 10,590 | ||||||
Gaztransport & Technigaz SA | 75,000 | 9,936 | ||||||
Tourmaline Oil Corp. | 121,801 | 5,478 |
52 | American Funds Insurance Series |
Global Growth Fund (continued)
Common stocks (continued) | Shares | Value (000) | ||||||
Energy (continued) | ||||||||
Enbridge, Inc. (CAD denominated) | 148,655 | $ | 5,351 | |||||
Gazprom PJSC1,3 | 8,346,000 | — | 4 | |||||
LUKOIL Oil Co. PJSC3 | 246,300 | — | 4 | |||||
255,034 | ||||||||
Utilities 0.20% | ||||||||
Brookfield Infrastructure Partners, LP | 247,500 | 7,800 | ||||||
FirstEnergy Corp. | 205,396 | 7,530 | ||||||
15,330 | ||||||||
Real estate 0.06% | ||||||||
CBRE Group, Inc., Class A1 | 53,066 | 4,940 | ||||||
Total common stocks (cost: $4,360,523,000) | 7,306,559 | |||||||
Preferred securities 1.35% | ||||||||
Health care 1.09% | ||||||||
Sartorius AG, nonvoting non-registered preferred shares | 228,400 | 84,033 | ||||||
Information technology 0.26% | ||||||||
Samsung Electronics Co., Ltd., nonvoting preferred shares | 406,300 | 19,593 | ||||||
Total preferred securities (cost: $24,068,000) | 103,626 | |||||||
Short-term securities 3.84% | ||||||||
Money market investments 3.84% | ||||||||
Capital Group Central Cash Fund 5.44%5,6 | 2,951,177 | 295,088 | ||||||
Total short-term securities (cost: $295,100,000) | 295,088 | |||||||
Total investment securities 100.20% (cost: $4,679,691,000) | 7,705,273 | |||||||
Other assets less liabilities (0.20)% | (15,091 | ) | ||||||
Net assets 100.00% | $ | 7,690,182 |
American Funds Insurance Series | 53 |
Global Growth Fund (continued)
Investments in affiliates6
Value at 1/1/2023 (000) | Additions (000) | Reductions (000) | Net realized gain (loss) (000) | Net unrealized appreciation (depreciation) (000) | Value at 12/31/2023 (000) | Dividend or interest income (000) | ||||||||||||||||||||||
Short-term securities 3.84% | ||||||||||||||||||||||||||||
Money market investments 3.84% | ||||||||||||||||||||||||||||
Capital Group Central Cash Fund 5.44%5 | $ | 164,535 | $ | 1,799,412 | $ | 1,668,911 | $ | 90 | $ | (38 | ) | $ | 295,088 | $ | 14,357 |
1 | Security did not produce income during the last 12 months. |
2 | All or a portion of this security was on loan. The total value of all such securities was $19,320,000, which represented .25% of the net assets of the fund. Refer to Note 5 for more information on securities lending. |
3 | Value determined using significant unobservable inputs. |
4 | Amount less than one thousand. |
5 | Rate represents the seven-day yield at 12/31/2023. |
6 | Part of the same “group of investment companies” as the fund as defined under the Investment Company Act of 1940, as amended. |
Key to abbreviation(s)
ADR = American Depositary Receipts
CAD = Canadian dollars
CDI = CREST Depository Interest
GDR = Global Depositary Receipts
Refer to the notes to financial statements.
54 | American Funds Insurance Series |
Global Small Capitalization Fund
Investment portfolio December 31, 2023
Common stocks 96.34% | Shares | Value (000) | ||||||
Industrials 21.45% | ||||||||
International Container Terminal Services, Inc. | 10,330,620 | $ | 45,754 | |||||
Stericycle, Inc.1 | 876,966 | 43,462 | ||||||
Saia, Inc.1 | 74,294 | 32,557 | ||||||
Visional, Inc.1 | 453,108 | 28,734 | ||||||
Trelleborg AB, Class B | 814,992 | 27,303 | ||||||
Cleanaway Waste Management, Ltd. | 12,501,414 | 22,870 | ||||||
IMCD NV | 130,815 | 22,825 | ||||||
Interpump Group SpA | 365,871 | 18,953 | ||||||
Hensoldt AG | 700,872 | 18,889 | ||||||
ICF International, Inc. | 131,986 | 17,698 | ||||||
AZEK Co., Inc. (The), Class A1 | 451,373 | 17,265 | ||||||
Diploma PLC | 377,968 | 17,218 | ||||||
Alfen NV1 | 252,591 | 16,836 | ||||||
Instalco AB | 4,098,065 | 16,629 | ||||||
Fasadgruppen Group AB2 | 2,370,503 | 16,519 | ||||||
Sulzer AG | 151,412 | 15,468 | ||||||
Cargotec OYJ, Class B, non-registered shares | 240,146 | 13,977 | ||||||
Wizz Air Holdings PLC1 | 487,387 | 13,678 | ||||||
XPO, Inc.1 | 142,400 | 12,473 | ||||||
Ceridian HCM Holding, Inc.1 | 176,930 | 11,876 | ||||||
Reliance Worldwide Corp., Ltd. | 3,875,607 | 11,670 | ||||||
Daiseki Co., Ltd. | 413,600 | 11,454 | ||||||
Comfort Systems USA, Inc. | 55,327 | 11,379 | ||||||
NORMA Group SE, non-registered shares | 640,303 | 11,331 | ||||||
First Advantage Corp. | 653,201 | 10,824 | ||||||
Rumo SA | 2,272,441 | 10,718 | ||||||
CG Power and Industrial Solutions, Ltd. | 1,913,647 | 10,434 | ||||||
Engcon AB, Class B2 | 1,070,647 | 9,917 | ||||||
Godrej Industries, Ltd.1 | 1,032,000 | 9,225 | ||||||
Qantas Airways, Ltd.1 | 2,474,791 | 9,022 | ||||||
LIXIL Corp. | 718,100 | 8,973 | ||||||
KEI Industries, Ltd. | 225,049 | 8,776 | ||||||
Trex Co., Inc.1 | 102,977 | 8,525 | ||||||
EuroGroup Laminations SpA1,2 | 1,841,164 | 7,907 | ||||||
Carel Industries SpA2 | 284,512 | 7,811 | ||||||
Addtech AB, Class B | 353,050 | 7,757 | ||||||
MSC Industrial Direct Co., Inc., Class A | 75,000 | 7,594 | ||||||
GVS SpA1 | 1,192,262 | 7,339 | ||||||
Applied Industrial Technologies, Inc. | 40,766 | 7,040 | ||||||
Inox Wind, Ltd.1 | 1,133,691 | 6,784 | ||||||
Burckhardt Compression Holding AG | 9,963 | 6,015 | ||||||
SIS, Ltd.1 | 1,099,298 | 5,995 | ||||||
ALS, Ltd. | 650,000 | 5,675 | ||||||
MISUMI Group, Inc. | 330,306 | 5,571 | ||||||
CBIZ, Inc.1 | 81,366 | 5,093 | ||||||
DL E&C Co., Ltd. | 177,600 | 4,957 | ||||||
Japan Airport Terminal Co., Ltd. | 109,801 | 4,831 | ||||||
Beijer Ref AB, Class B2 | 356,644 | 4,780 | ||||||
Harsha Engineers International, Ltd. | 970,777 | 4,580 | ||||||
Controladora Vuela Compañía de Aviación, SAB de CV, Class A (ADR), ordinary participation certificates1 | 460,200 | 4,317 | ||||||
ManpowerGroup, Inc. | 41,873 | 3,328 | ||||||
Atkore, Inc.1 | 19,430 | 3,109 | ||||||
Aalberts NV, non-registered shares | 64,502 | 2,807 | ||||||
TELUS International (Cda), Inc., subordinate voting shares1 | 285,566 | 2,450 | ||||||
Boyd Group Services, Inc. | 7,695 | 1,617 | ||||||
APi Group Corp.1 | 33,700 | 1,166 | ||||||
Herc Holdings, Inc. | 5,430 | 808 | ||||||
McGrath RentCorp | 2,607 | 312 | ||||||
Antares Vision SpA1 | 44,315 | 91 | ||||||
682,966 | ||||||||
American Funds Insurance Series | 55 |
Global Small Capitalization Fund (continued)
Common stocks (continued) | Shares | Value (000) | ||||||
Consumer discretionary 17.33% | ||||||||
Skechers USA, Inc., Class A1 | 700,000 | $ | 43,638 | |||||
DraftKings, Inc., Class A1 | 1,213,100 | 42,762 | ||||||
Thor Industries, Inc. | 340,472 | 40,261 | ||||||
Melco Resorts & Entertainment, Ltd. (ADR)1 | 3,800,384 | 33,709 | ||||||
YETI Holdings, Inc.1 | 575,426 | 29,795 | ||||||
Mattel, Inc.1 | 1,400,000 | 26,432 | ||||||
Light & Wonder, Inc.1 | 299,658 | 24,605 | ||||||
Five Below, Inc.1 | 112,000 | 23,874 | ||||||
Lands’ End, Inc.1,3 | 2,100,000 | 20,076 | ||||||
Evolution AB | 164,961 | 19,744 | ||||||
Wyndham Hotels & Resorts, Inc. | 234,825 | 18,882 | ||||||
Entain PLC | 1,424,930 | 17,999 | ||||||
Asbury Automotive Group, Inc.1 | 77,116 | 17,349 | ||||||
Helen of Troy, Ltd.1 | 141,542 | 17,100 | ||||||
Inchcape PLC | 1,740,829 | 15,821 | ||||||
MRF, Ltd. | 9,822 | 15,289 | ||||||
Zalando SE, non-registered shares1 | 606,948 | 14,372 | ||||||
Domino’s Pizza Enterprises, Ltd. | 291,120 | 11,650 | ||||||
CAVA Group, Inc.1 | 244,691 | 10,517 | ||||||
Golden Entertainment, Inc. | 256,800 | 10,254 | ||||||
TopBuild Corp.1 | 27,200 | 10,180 | ||||||
HUGO BOSS AG | 128,046 | 9,538 | ||||||
Tube Investments of India, Ltd. | 204,200 | 8,682 | ||||||
Shoei Co., Ltd. | 563,400 | 7,326 | ||||||
International Game Technology PLC | 252,200 | 6,913 | ||||||
On Holding AG, Class A1 | 238,410 | 6,430 | ||||||
NOK Corp. | 465,800 | 6,190 | ||||||
Steven Madden, Ltd. | 145,406 | 6,107 | ||||||
Camping World Holdings, Inc., Class A | 216,408 | 5,683 | ||||||
Musti Group OYJ | 171,095 | 4,937 | ||||||
Compagnie Plastic Omnium SA | 337,633 | 4,498 | ||||||
Kindred Group PLC (SDR) | 441,611 | 4,086 | ||||||
WH Smith PLC | 233,887 | 3,967 | ||||||
Ariston Holding NV | 545,355 | 3,786 | ||||||
Elior Group SA1 | 1,153,174 | 3,739 | ||||||
Haichang Ocean Park Holdings, Ltd.1 | 30,194,000 | 3,673 | ||||||
First Watch Restaurant Group, Inc.1 | 105,725 | 2,125 | ||||||
551,989 | ||||||||
Information technology 15.91% | ||||||||
PAR Technology Corp.1,2 | 865,592 | 37,688 | ||||||
GitLab, Inc., Class A1 | 464,256 | 29,230 | ||||||
SUMCO Corp.2 | 1,772,300 | 26,476 | ||||||
Maruwa Co., Ltd. | 114,247 | 23,786 | ||||||
Rogers Corp.1 | 158,527 | 20,937 | ||||||
Nordic Semiconductor ASA1 | 1,679,593 | 20,772 | ||||||
ALTEN SA, non-registered shares | 138,909 | 20,755 | ||||||
Confluent, Inc., Class A1 | 882,632 | 20,654 | ||||||
Wolfspeed, Inc.1 | 468,848 | 20,400 | ||||||
Pegasystems, Inc. | 383,239 | 18,725 | ||||||
MACOM Technology Solutions Holdings, Inc.1 | 190,000 | 17,660 | ||||||
Silicon Laboratories, Inc.1 | 131,697 | 17,420 | ||||||
Tanla Platforms, Ltd. | 1,277,291 | 16,784 | ||||||
Smartsheet, Inc., Class A1 | 346,627 | 16,576 | ||||||
Tokyo Seimitsu Co., Ltd. | 261,500 | 15,977 | ||||||
eMemory Technology, Inc. | 201,430 | 15,966 | ||||||
Kokusai Electric Corp.2 | 654,800 | 14,187 | ||||||
SentinelOne, Inc., Class A1 | 447,038 | 12,267 | ||||||
Qorvo, Inc.1 | 104,345 | 11,750 | ||||||
INFICON Holding AG | 7,397 | 10,621 | ||||||
Credo Technology Group Holding, Ltd.1 | 539,019 | 10,495 | ||||||
Semtech Corp.1 | 459,319 | 10,064 |
56 | American Funds Insurance Series |
Global Small Capitalization Fund (continued)
Common stocks (continued) | Shares | Value (000) | ||||||
Information technology (continued) | ||||||||
MongoDB, Inc., Class A1 | 23,300 | $ | 9,526 | |||||
Topicus.com, Inc., subordinate voting shares1 | 141,219 | 9,511 | ||||||
Insight Enterprises, Inc.1 | 49,845 | 8,832 | ||||||
Keywords Studios PLC | 344,606 | 7,359 | ||||||
Kingdee International Software Group Co., Ltd.1 | 4,587,403 | 6,660 | ||||||
Unity Software, Inc.1 | 160,503 | 6,563 | ||||||
MKS Instruments, Inc. | 56,170 | 5,778 | ||||||
Bentley Systems, Inc., Class B | 102,734 | 5,361 | ||||||
Xiamen Faratronic Co., Ltd., Class A | 384,267 | 5,010 | ||||||
LEM Holding SA | 1,860 | 4,594 | ||||||
BE Semiconductor Industries NV | 28,225 | 4,253 | ||||||
Globant SA1 | 17,730 | 4,219 | ||||||
CCC Intelligent Solutions Holdings, Inc.1 | 341,100 | 3,885 | ||||||
Aspen Technology, Inc.1 | 17,052 | 3,754 | ||||||
Applied Digital Corp.1,2 | 517,599 | 3,489 | ||||||
Softcat PLC | 200,983 | 3,477 | ||||||
OVH Groupe SAS1,2 | 358,373 | 3,427 | ||||||
Yotpo, Ltd.1,4,5 | 678,736 | 991 | ||||||
Riken Keiki Co., Ltd. | 18,300 | 891 | ||||||
506,770 | ||||||||
Health care 15.44% | ||||||||
Haemonetics Corp.1 | 891,864 | 76,263 | ||||||
Insulet Corp.1 | 215,710 | 46,805 | ||||||
CONMED Corp. | 297,908 | 32,624 | ||||||
Ensign Group, Inc. (The) | 236,364 | 26,522 | ||||||
Max Healthcare Institute, Ltd. | 3,187,586 | 26,259 | ||||||
Integra LifeSciences Holdings Corp.1 | 501,304 | 21,832 | ||||||
Vaxcyte, Inc.1 | 319,731 | 20,079 | ||||||
Bachem Holding AG | 231,879 | 17,964 | ||||||
iRhythm Technologies, Inc.1 | 163,088 | 17,457 | ||||||
Glenmark Pharmaceuticals, Ltd. | 1,671,454 | 17,139 | ||||||
Masimo Corp.1 | 145,613 | 17,067 | ||||||
Hapvida Participações e Investimentos SA1 | 18,340,235 | 16,720 | ||||||
DiaSorin Italia SpA | 142,930 | 14,740 | ||||||
Ambu AS, Class B, non-registered shares1 | 891,212 | 13,881 | ||||||
ICON PLC1 | 46,061 | 13,038 | ||||||
Aster DM Healthcare, Ltd.1 | 2,044,434 | 10,058 | ||||||
Denali Therapeutics, Inc.1 | 396,769 | 8,515 | ||||||
Guardant Health, Inc.1 | 310,194 | 8,391 | ||||||
Immunovant, Inc.1 | 195,870 | 8,252 | ||||||
Encompass Health Corp. | 117,866 | 7,864 | ||||||
IDEAYA Biosciences, Inc.1 | 198,130 | 7,049 | ||||||
Medmix AG | 299,727 | 6,795 | ||||||
Penumbra, Inc.1 | 24,277 | 6,107 | ||||||
CompuGroup Medical SE & Co. KGaA | 138,056 | 5,776 | ||||||
BridgeBio Pharma, Inc.1,5 | 134,457 | 5,428 | ||||||
Shandong Pharmaceutical Glass Co., Ltd., Class A | 1,250,600 | 4,512 | ||||||
Amvis Holdings, Inc. | 198,500 | 4,207 | ||||||
Angelalign Technology, Inc.2 | 547,348 | 3,956 | ||||||
Netcare, Ltd. | 5,018,088 | 3,908 | ||||||
Ocumension Therapeutics1 | 4,442,583 | 3,792 | ||||||
Structure Therapeutics, Inc. (ADR)1 | 89,028 | 3,629 | ||||||
Amplifon SpA | 97,143 | 3,371 | ||||||
Hypera SA, ordinary nominative shares | 451,464 | 3,263 | ||||||
Nordhealth AS, Class A1 | 1,279,999 | 3,134 | ||||||
Inhibrx, Inc.1 | 70,578 | 2,682 | ||||||
WuXi XDC Cayman, Inc.1 | 374,500 | 1,535 | ||||||
RayzeBio, Inc.1 | 16,806 | 1,045 | ||||||
491,659 |
American Funds Insurance Series | 57 |
Global Small Capitalization Fund (continued)
Common stocks (continued) | Shares | Value (000) | ||||||
Financials 10.06% | ||||||||
Cholamandalam Investment and Finance Co., Ltd. | 2,859,647 | $ | 43,234 | |||||
HDFC Asset Management Co., Ltd. | 780,039 | 30,009 | ||||||
Eurobank Ergasias Services and Holdings SA1 | 14,251,070 | 25,296 | ||||||
Janus Henderson Group PLC | 640,000 | 19,296 | ||||||
Stifel Financial Corp. | 271,050 | 18,743 | ||||||
360 ONE WAM, Ltd. | 2,054,000 | 17,482 | ||||||
IIFL Finance, Ltd. | 2,116,842 | 15,176 | ||||||
Vontobel Holding AG | 231,025 | 14,973 | ||||||
SiriusPoint, Ltd.1 | 1,100,000 | 12,760 | ||||||
Remgro, Ltd. | 1,427,379 | 12,672 | ||||||
Five-Star Business Finance, Ltd.1 | 1,220,380 | 10,770 | ||||||
Fukuoka Financial Group, Inc. | 455,700 | 10,737 | ||||||
AvidXchange Holdings, Inc.1 | 864,768 | 10,714 | ||||||
Essent Group, Ltd. | 200,000 | 10,548 | ||||||
Banco del Bajio, SA | 2,835,500 | 9,485 | ||||||
Hilltop Holdings, Inc. | 250,000 | 8,803 | ||||||
Patria Investments, Ltd., Class A | 508,200 | 7,882 | ||||||
Aditya Birla Capital, Ltd.1 | 3,879,569 | 7,751 | ||||||
Aptus Value Housing Finance India, Ltd. | 1,703,169 | 6,536 | ||||||
Bridgepoint Group PLC | 1,670,890 | 5,919 | ||||||
Marqeta, Inc., Class A1 | 834,531 | 5,825 | ||||||
Glacier Bancorp, Inc. | 123,330 | 5,096 | ||||||
AU Small Finance Bank, Ltd. | 496,716 | 4,697 | ||||||
EFG International AG | 334,117 | 4,291 | ||||||
Capitec Bank Holdings, Ltd. | 15,161 | 1,675 | ||||||
320,370 | ||||||||
Materials 4.99% | ||||||||
LANXESS AG2 | 624,914 | 19,564 | ||||||
Sumitomo Bakelite Co., Ltd. | 364,000 | 19,054 | ||||||
Zeon Corp. | 1,885,700 | 17,506 | ||||||
Materion Corp. | 124,995 | 16,266 | ||||||
Livent Corp.1 | 711,787 | 12,798 | ||||||
Nissan Chemical Corp. | 289,500 | 11,271 | ||||||
Resonac Holdings Co., Ltd. | 478,200 | 9,503 | ||||||
Huhtamäki OYJ | 225,000 | 9,125 | ||||||
PI Industries, Ltd. | 188,382 | 7,951 | ||||||
Lundin Mining Corp. | 850,000 | 6,954 | ||||||
Vidrala, SA, non-registered shares | 64,918 | 6,724 | ||||||
Alcoa Corp. | 150,000 | 5,100 | ||||||
Kaneka Corp. | 161,005 | 4,081 | ||||||
Cabot Corp. | 48,229 | 4,027 | ||||||
NV Bekaert SA | 53,808 | 2,764 | ||||||
Mayr-Melnhof Karton AG, non-registered shares | 17,479 | 2,445 | ||||||
Umicore SA | 78,737 | 2,164 | ||||||
Aurubis AG2 | 18,654 | 1,529 | ||||||
158,826 | ||||||||
Communication services 3.53% | ||||||||
Lions Gate Entertainment Corp., Class B1 | 4,812,841 | 49,043 | ||||||
Indosat Tbk PT | 38,357,467 | 23,363 | ||||||
JCDecaux SE1 | 976,059 | 19,653 | ||||||
Rightmove PLC | 1,581,453 | 11,557 | ||||||
Trustpilot Group PLC1 | 2,966,832 | 5,600 | ||||||
IHS Holding, Ltd.1 | 719,774 | 3,311 | ||||||
112,527 | ||||||||
Real estate 3.51% | ||||||||
Embassy Office Parks REIT | 5,865,088 | 22,878 | ||||||
Embassy Office Parks REIT1 | 787,616 | 3,072 | ||||||
TAG Immobilien AG1 | 774,169 | 11,277 | ||||||
PotlatchDeltic Corp. REIT | 228,928 | 11,240 |
58 | American Funds Insurance Series |
Global Small Capitalization Fund (continued)
Common stocks (continued) | Shares | Value (000) | ||||||
Real estate (continued) | ||||||||
Altus Group, Ltd.2 | 340,710 | $ | 10,835 | |||||
Macrotech Developers, Ltd. | 737,876 | 9,068 | ||||||
ESR-Logos REIT | 36,822,373 | 8,933 | ||||||
Corp. Inmobiliaria Vesta, SAB de CV | 1,900,000 | 7,545 | ||||||
Fibra Uno Administración REIT, SA de CV | 3,707,727 | 6,675 | ||||||
JHSF Participações SA | 5,823,950 | 6,598 | ||||||
Mindspace Business Parks REIT | 1,250,000 | 4,856 | ||||||
St. Joe Co. | 68,500 | 4,122 | ||||||
LXP Industrial Trust REIT | 253,025 | 2,510 | ||||||
Charter Hall Group REIT | 155,039 | 1,263 | ||||||
Ayala Land, Inc. | 1,375,186 | 856 | ||||||
111,728 | ||||||||
Energy 1.77% | ||||||||
Diamond Offshore Drilling, Inc.1 | 1,042,513 | 13,553 | ||||||
United Tractors Tbk PT | 7,404,700 | 10,873 | ||||||
Subsea 7 SA | 556,624 | 8,114 | ||||||
Weatherford International1 | 82,600 | 8,081 | ||||||
Helmerich & Payne, Inc. | 201,998 | 7,316 | ||||||
Aegis Logistics, Ltd. | 1,041,407 | 4,397 | ||||||
Vista Energy, SAB de CV, Class A (ADR)1 | 136,507 | 4,028 | ||||||
56,362 | ||||||||
Utilities 1.39% | ||||||||
Black Hills Corp. | 196,061 | 10,577 | ||||||
ENN Energy Holdings, Ltd. | 1,205,597 | 8,863 | ||||||
ACEN Corp. | 101,171,292 | 7,997 | ||||||
Neoenergia SA | 1,442,015 | 6,321 | ||||||
SembCorp Industries, Ltd. | 1,536,800 | 6,169 | ||||||
Brookfield Infrastructure Corp., Class A, subordinate voting shares | 120,000 | 4,233 | ||||||
44,160 | ||||||||
Consumer staples 0.96% | ||||||||
Grocery Outlet Holding Corp.1 | 519,956 | 14,018 | ||||||
Redcare Pharmacy NV, non-registered shares1 | 50,748 | 7,374 | ||||||
Scandinavian Tobacco Group A/S | 289,500 | 5,029 | ||||||
TreeHouse Foods, Inc.1 | 83,498 | 3,461 | ||||||
DocMorris AG1 | 9,250 | 818 | ||||||
30,700 | ||||||||
Total common stocks (cost: $2,368,443,000) | 3,068,057 | |||||||
Preferred securities 0.71% | ||||||||
Information technology 0.71% | ||||||||
SmartHR, Inc., Series D, preferred shares1,4,5 | 3,006 | 13,964 | ||||||
Yotpo, Ltd., Series F, preferred shares1,4,5 | 2,158,609 | 3,152 | ||||||
Yotpo, Ltd., Series B, preferred shares1,4,5 | 287,894 | 420 | ||||||
Yotpo, Ltd., Series C, preferred shares1,4,5 | 274,070 | 400 | ||||||
Yotpo, Ltd., Series A-1, preferred shares1,4,5 | 183,819 | 268 | ||||||
Yotpo, Ltd., Series A, preferred shares1,4,5 | 89,605 | 131 | ||||||
Yotpo, Ltd., Series C-1, preferred shares1,4,5 | 75,980 | 111 | ||||||
Yotpo, Ltd., Series D, preferred shares1,4,5 | 42,368 | 62 | ||||||
Yotpo, Ltd., Series B-1, preferred shares1,4,5 | 33,838 | 49 | ||||||
Outreach Corp., Series G, preferred shares1,4,5 | 154,354 | 3,964 | ||||||
Total preferred securities (cost: $25,673,000) | 22,521 |
American Funds Insurance Series | 59 |
Global Small Capitalization Fund (continued)
Rights & warrants 0.12% | Shares | Value (000) | ||||||
Information technology 0.12% | ||||||||
OPT Machine Vision Tech Co., Ltd., Class A, warrants, expire 1/27/20251,6 | 245,849 | $ | 3,878 | |||||
Total rights & warrants (cost: $5,725,000) | 3,878 | |||||||
Short-term securities 3.77% | ||||||||
Money market investments 3.53% | ||||||||
Capital Group Central Cash Fund 5.44%3,7 | 1,124,642 | 112,453 | ||||||
Money market investments purchased with collateral from securities on loan 0.24% | ||||||||
Capital Group Central Cash Fund 5.44%3,7,8 | 49,270 | 4,926 | ||||||
Invesco Short-Term Investments Trust – Government & Agency Portfolio, Institutional Class 5.27%7,8 | 2,384,764 | 2,385 | ||||||
State Street Institutional U.S. Government Money Market Fund, Institutional Class 5.29%7,8 | 370,500 | 371 | ||||||
7,682 | ||||||||
Total short-term securities (cost: $120,141,000) | 120,135 | |||||||
Total investment securities 100.94% (cost: $2,519,982,000) | 3,214,591 | |||||||
Other assets less liabilities (0.94)% | (30,035 | ) | ||||||
Net assets 100.00% | $ | 3,184,556 |
Investments in affiliates3
Value at 1/1/2023 (000) | Additions (000) | Reductions (000) | Net realized gain (loss) (000) | Net unrealized appreciation (depreciation) (000) | Value at 12/31/2023 (000) | Dividend or interest income (000) | ||||||||||||||||||||||
Common stocks 0.63% | ||||||||||||||||||||||||||||
Consumer discretionary 0.63% | ||||||||||||||||||||||||||||
Lands’ End, Inc.1 | $ | 15,939 | $ | — | $ | — | $ | — | $ | 4,137 | $ | 20,076 | $ | — | ||||||||||||||
Short-term securities 3.69% | ||||||||||||||||||||||||||||
Money market investments 3.53% | ||||||||||||||||||||||||||||
Capital Group Central Cash Fund 5.44%7 | 95,809 | 616,433 | 599,799 | 34 | (24 | ) | 112,453 | 7,198 | ||||||||||||||||||||
Money market investments purchased with collateral from securities on loan 0.16% | ||||||||||||||||||||||||||||
Capital Group Central Cash Fund 5.44%7,8 | 23,235 | 18,309 | 9 | 4,926 | — | 10 | ||||||||||||||||||||||
Total short-term securities | 117,379 | |||||||||||||||||||||||||||
Total 4.32% | $ | 34 | $ | 4,113 | $ | 137,455 | $ | 7,198 |
Restricted securities5
Percent | ||||||||||||||
Acquisition | Cost | Value | of net | |||||||||||
date(s) | (000) | (000) | assets | |||||||||||
SmartHR, Inc., Series D, preferred shares1,4 | 5/28/2021 | $ | 14,344 | $ | 13,964 | .44 | % | |||||||
Yotpo, Ltd., Series F, preferred shares1,4 | 2/25/2021 | 4,748 | 3,152 | .10 | ||||||||||
Yotpo, Ltd.1,4 | 3/16/2021 | 1,418 | 991 | .03 | ||||||||||
Yotpo, Ltd., Series B, preferred shares1,4 | 3/16/2021 | 602 | 420 | .01 | ||||||||||
Yotpo, Ltd., Series C, preferred shares1,4 | 3/16/2021 | 573 | 400 | .01 |
60 | American Funds Insurance Series |
Global Small Capitalization Fund (continued)
Restricted securities5 (continued)
Percent | ||||||||||||||
Acquisition | Cost | Value | of net | |||||||||||
date(s) | (000) | (000) | assets | |||||||||||
Yotpo, Ltd., Series A-1, preferred shares1,4 | 3/16/2021 | $ | 384 | $ | 268 | .01 | % | |||||||
Yotpo, Ltd., Series A, preferred shares1,4 | 3/16/2021 | 187 | 131 | .01 | ||||||||||
Yotpo, Ltd., Series C-1, preferred shares1,4 | 3/16/2021 | 159 | 111 | .01 | ||||||||||
Yotpo, Ltd., Series D, preferred shares1,4 | 3/16/2021 | 88 | 62 | .00 | 11 | |||||||||
Yotpo, Ltd., Series B-1, preferred shares1,4 | 3/16/2021 | 71 | 49 | .00 | 11 | |||||||||
BridgeBio Pharma, Inc.1 | 9/25/2023 | 3,667 | 5,428 | .17 | ||||||||||
Outreach Corp., Series G, preferred shares1,4 | 5/27/2021 | 4,517 | 3,964 | .12 | ||||||||||
Total | $ | 30,758 | $ | 28,940 | .91 | % |
1 | Security did not produce income during the last 12 months. |
2 | All or a portion of this security was on loan. The total value of all such securities was $30,423,000, which represented .96% of the net assets of the fund. Refer to Note 5 for more information on securities lending. |
3 | Affiliate of the fund or part of the same “group of investment companies” as the fund, as defined under the Investment Company Act of 1940, as amended. |
4 | Value determined using significant unobservable inputs. |
5 | Restricted security, other than Rule 144A securities or commercial paper issued pursuant to Section 4(a)(2) of the Securities Act of 1933. The total value of all such restricted securities was $28,940,000, which represented .91% of the net assets of the fund. |
6 | Acquired in a transaction exempt from registration under Rule 144A or, for commercial paper, Section 4(a)(2) of the Securities Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers. The total value of all such securities was $3,878,000, which represented .12% of the net assets of the fund. |
7 | Rate represents the seven-day yield at 12/31/2023. |
8 | Security purchased with cash collateral from securities on loan. Refer to Note 5 for more information on securities lending. |
9 | Represents net activity. Refer to Note 5 for more information on securities lending. |
10 | Dividend income is included with securities lending income in the fund’s statement of operations and is not shown in this table. |
11 | Amount less than .01%. |
Key to abbreviation(s)
ADR = American Depositary Receipts
REIT = Real Estate Investment Trust
SDR = Swedish Depositary Receipts
Refer to the notes to financial statements.
American Funds Insurance Series | 61 |
Investment portfolio December 31, 2023
Common stocks 98.37% | Shares | Value (000) | ||||||
Information technology 20.97% | ||||||||
Microsoft Corp. | 5,763,387 | $ | 2,167,264 | |||||
Broadcom, Inc. | 979,691 | 1,093,580 | ||||||
Salesforce, Inc.1 | 2,150,382 | 565,852 | ||||||
NVIDIA Corp. | 876,795 | 434,207 | ||||||
Shopify, Inc., Class A, subordinate voting shares1 | 5,109,407 | 398,023 | ||||||
Cloudflare, Inc., Class A1 | 4,102,700 | 341,591 | ||||||
ASML Holding NV | 226,999 | 171,387 | ||||||
ASML Holding NV (ADR) | 189,937 | 143,767 | ||||||
Apple, Inc. | 1,580,276 | 304,251 | ||||||
Synopsys, Inc.1 | 459,300 | 236,498 | ||||||
Taiwan Semiconductor Manufacturing Co., Ltd. | 6,137,000 | 118,109 | ||||||
Taiwan Semiconductor Manufacturing Co., Ltd. (ADR) | 906,400 | 94,266 | ||||||
Applied Materials, Inc. | 1,213,730 | 196,709 | ||||||
Motorola Solutions, Inc. | 501,000 | 156,858 | ||||||
Intuit, Inc. | 250,767 | 156,737 | ||||||
Micron Technology, Inc. | 1,792,860 | 153,003 | ||||||
MicroStrategy, Inc., Class A1,2 | 236,458 | 149,352 | ||||||
Constellation Software, Inc. | 59,802 | 148,270 | ||||||
ServiceNow, Inc.1 | 206,814 | 146,112 | ||||||
DocuSign, Inc.1 | 2,070,159 | 123,071 | ||||||
Wolfspeed, Inc.1 | 2,109,815 | 91,798 | ||||||
Adobe, Inc.1 | 145,334 | 86,706 | ||||||
Intel Corp. | 1,719,509 | 86,405 | ||||||
Trimble, Inc.1 | 1,497,687 | 79,677 | ||||||
SAP SE | 477,361 | 73,430 | ||||||
CDW Corp. | 311,859 | 70,892 | ||||||
RingCentral, Inc., Class A1 | 1,465,500 | 49,754 | ||||||
NetApp, Inc. | 527,540 | 46,508 | ||||||
ON Semiconductor Corp.1 | 512,376 | 42,799 | ||||||
GoDaddy, Inc., Class A1 | 392,118 | 41,627 | ||||||
MongoDB, Inc., Class A1 | 99,000 | 40,476 | ||||||
Silicon Laboratories, Inc.1 | 231,815 | 30,662 | ||||||
Atlassian Corp., Class A1 | 125,959 | 29,961 | ||||||
BILL Holdings, Inc.1 | 349,833 | 28,543 | ||||||
ASM International NV | 52,525 | 27,352 | ||||||
Palo Alto Networks, Inc.1 | 80,300 | 23,679 | ||||||
Fair Isaac Corp.1 | 17,982 | 20,931 | ||||||
Ciena Corp.1 | 462,700 | 20,826 | ||||||
Datadog, Inc., Class A1 | 170,525 | 20,698 | ||||||
MKS Instruments, Inc. | 130,800 | 13,455 | ||||||
Dynatrace, Inc.1 | 230,250 | 12,592 | ||||||
Stripe, Inc., Class B1,3,4 | 168,598 | 4,303 | ||||||
8,241,981 | ||||||||
Communication services 18.00% | ||||||||
Meta Platforms, Inc., Class A1 | 9,152,773 | 3,239,715 | ||||||
Netflix, Inc.1 | 3,272,855 | 1,593,488 | ||||||
Alphabet, Inc., Class C1 | 6,375,179 | 898,454 | ||||||
Alphabet, Inc., Class A1 | 3,138,703 | 438,445 | ||||||
Snap, Inc., Class A, nonvoting shares1 | 14,000,000 | 237,020 | ||||||
Charter Communications, Inc., Class A1 | 463,276 | 180,066 | ||||||
Pinterest, Inc., Class A1 | 4,252,664 | 157,519 | ||||||
Take-Two Interactive Software, Inc.1 | 665,763 | 107,155 | ||||||
Frontier Communications Parent, Inc.1 | 3,168,010 | 80,277 | ||||||
Comcast Corp., Class A | 1,343,725 | 58,922 | ||||||
T-Mobile US, Inc. | 265,000 | 42,487 | ||||||
Electronic Arts, Inc. | 188,500 | 25,789 | ||||||
Iridium Communications, Inc. | 358,642 | 14,762 | ||||||
7,074,099 |
62 | American Funds Insurance Series |
Growth Fund (continued)
Common stocks (continued) | Shares | Value (000) | ||||||
Consumer discretionary 15.04% | ||||||||
Tesla, Inc.1 | 7,564,300 | $ | 1,879,577 | |||||
Amazon.com, Inc.1 | 3,914,943 | 594,837 | ||||||
Home Depot, Inc. | 1,028,000 | 356,253 | ||||||
DoorDash, Inc., Class A1 | 3,000,000 | 296,670 | ||||||
Royal Caribbean Cruises, Ltd.1 | 2,197,978 | 284,616 | ||||||
Chipotle Mexican Grill, Inc.1 | 114,640 | 262,177 | ||||||
Airbnb, Inc., Class A1 | 1,698,900 | 231,288 | ||||||
D.R. Horton, Inc. | 1,423,144 | 216,289 | ||||||
Tractor Supply Co. | 942,546 | 202,676 | ||||||
Hermès International | 61,000 | 129,459 | ||||||
Evolution AB | 1,047,654 | 125,390 | ||||||
Norwegian Cruise Line Holdings, Ltd.1 | 5,591,100 | 112,046 | ||||||
Amadeus IT Group SA, Class A, non-registered shares | 1,300,613 | 93,280 | ||||||
Booking Holdings, Inc.1 | 25,688 | 91,121 | ||||||
Floor & Decor Holdings, Inc., Class A1 | 792,300 | 88,389 | ||||||
O’Reilly Automotive, Inc.1 | 79,800 | 75,816 | ||||||
NIKE, Inc., Class B | 685,684 | 74,445 | ||||||
LVMH Moët Hennessy-Louis Vuitton SE | 86,048 | 69,796 | ||||||
Aramark | 2,477,864 | 69,628 | ||||||
Polaris, Inc. | 651,000 | 61,695 | ||||||
YUM! Brands, Inc. | 443,175 | 57,905 | ||||||
Five Below, Inc.1 | 252,000 | 53,716 | ||||||
Toll Brothers, Inc. | 518,183 | 53,264 | ||||||
Etsy, Inc.1 | 527,810 | 42,779 | ||||||
Churchill Downs, Inc. | 303,658 | 40,973 | ||||||
Burlington Stores, Inc.1 | 197,450 | 38,400 | ||||||
Helen of Troy, Ltd.1 | 269,597 | 32,570 | ||||||
Wayfair, Inc., Class A1 | 514,000 | 31,714 | ||||||
adidas AG | 153,618 | 31,237 | ||||||
VF Corp. | 1,614,746 | 30,357 | ||||||
Salvatore Ferragamo SpA | 2,174,477 | 29,375 | ||||||
TopBuild Corp.1 | 69,453 | 25,994 | ||||||
Caesars Entertainment, Inc.1 | 532,514 | 24,964 | ||||||
YETI Holdings, Inc.1 | 372,600 | 19,293 | ||||||
Skyline Champion Corp.1 | 259,241 | 19,251 | ||||||
Hilton Worldwide Holdings, Inc. | 100,828 | 18,360 | ||||||
Flutter Entertainment PLC (CDI)1 | 65,253 | 11,558 | ||||||
Flutter Entertainment PLC1 | 26,024 | 4,583 | ||||||
Darden Restaurants, Inc. | 94,435 | 15,516 | ||||||
Service Corp. International | 200,000 | 13,690 | ||||||
5,910,947 | ||||||||
Health care 14.12% | ||||||||
Regeneron Pharmaceuticals, Inc.1 | 1,018,940 | 894,925 | ||||||
Intuitive Surgical, Inc.1 | 2,058,000 | 694,287 | ||||||
UnitedHealth Group, Inc. | 1,047,719 | 551,593 | ||||||
Vertex Pharmaceuticals, Inc.1 | 1,097,332 | 446,493 | ||||||
Alnylam Pharmaceuticals, Inc.1 | 2,121,508 | 406,078 | ||||||
Eli Lilly and Co. | 588,645 | 343,133 | ||||||
Thermo Fisher Scientific, Inc. | 515,045 | 273,381 | ||||||
Centene Corp.1 | 3,164,690 | 234,852 | ||||||
Karuna Therapeutics, Inc.1 | 565,350 | 178,939 | ||||||
Novo Nordisk AS, Class B | 1,417,430 | 146,612 | ||||||
Moderna, Inc.1 | 1,312,374 | 130,516 | ||||||
DexCom, Inc.1 | 850,000 | 105,476 | ||||||
HCA Healthcare, Inc. | 381,335 | 103,220 | ||||||
Boston Scientific Corp.1 | 1,713,515 | 99,058 | ||||||
Molina Healthcare, Inc.1 | 205,507 | 74,252 | ||||||
AstraZeneca PLC | 550,784 | 74,181 | ||||||
Mettler-Toledo International, Inc.1 | 60,132 | 72,938 | ||||||
Ascendis Pharma AS (ADR)1 | 467,866 | 58,928 | ||||||
Sarepta Therapeutics, Inc.1 | 562,645 | 54,256 |
American Funds Insurance Series | 63 |
Growth Fund (continued)
Common stocks (continued) | Shares | Value (000) | ||||||
Health care (continued) | ||||||||
Zoetis, Inc., Class A | 269,320 | $ | 53,156 | |||||
Danaher Corp. | 216,235 | 50,024 | ||||||
Catalent, Inc.1 | 1,110,573 | 49,898 | ||||||
Abbott Laboratories | 398,968 | 43,914 | ||||||
Guardant Health, Inc.1 | 1,618,159 | 43,771 | ||||||
Bristol-Myers Squibb Co. | 796,057 | 40,846 | ||||||
Align Technology, Inc.1 | 143,900 | 39,429 | ||||||
Edwards Lifesciences Corp.1 | 471,502 | 35,952 | ||||||
Veeva Systems, Inc., Class A1 | 186,440 | 35,893 | ||||||
R1 RCM, Inc.1 | 3,162,865 | 33,431 | ||||||
Verily Life Sciences, LLC1,3,4 | 300,178 | 31,351 | ||||||
Pfizer, Inc. | 890,000 | 25,623 | ||||||
Exact Sciences Corp.1 | 328,930 | 24,334 | ||||||
Humana, Inc. | 52,000 | 23,806 | ||||||
NovoCure, Ltd.1 | 1,183,355 | 17,667 | ||||||
agilon health, Inc.1 | 1,405,448 | 17,638 | ||||||
CRISPR Therapeutics AG1,2 | 262,678 | 16,444 | ||||||
McKesson Corp. | 27,500 | 12,732 | ||||||
Galapagos NV1 | 173,355 | 7,058 | ||||||
Biohaven, Ltd.1 | 65,550 | 2,805 | ||||||
5,548,890 | ||||||||
Industrials 11.29% | ||||||||
TransDigm Group, Inc. | 766,218 | 775,106 | ||||||
Uber Technologies, Inc.1 | 10,676,000 | 657,321 | ||||||
Jacobs Solutions, Inc. | 2,169,000 | 281,536 | ||||||
Carrier Global Corp. | 4,382,953 | 251,801 | ||||||
Caterpillar, Inc. | 715,348 | 211,507 | ||||||
Ryanair Holdings PLC (ADR) | 1,500,325 | 200,083 | ||||||
Ryanair Holdings PLC | 96,554 | 2,032 | ||||||
General Electric Co. | 1,414,588 | 180,544 | ||||||
United Rentals, Inc. | 296,000 | 169,732 | ||||||
Airbus SE, non-registered shares | 955,893 | 147,550 | ||||||
Robert Half, Inc. | 1,403,500 | 123,396 | ||||||
MTU Aero Engines AG | 541,769 | 116,769 | ||||||
Equifax, Inc. | 468,622 | 115,886 | ||||||
Quanta Services, Inc. | 476,400 | 102,807 | ||||||
Old Dominion Freight Line, Inc. | 245,000 | 99,306 | ||||||
United Airlines Holdings, Inc.1 | 1,776,476 | 73,297 | ||||||
Southwest Airlines Co. | 2,515,000 | 72,633 | ||||||
Republic Services, Inc. | 437,004 | 72,066 | ||||||
Ceridian HCM Holding, Inc.1 | 1,005,539 | 67,492 | ||||||
Genpact, Ltd. | 1,768,626 | 61,389 | ||||||
Axon Enterprise, Inc.1 | 233,551 | 60,333 | ||||||
Northrop Grumman Corp. | 94,803 | 44,381 | ||||||
ITT, Inc. | 343,000 | 40,927 | ||||||
Rockwell Automation | 118,900 | 36,916 | ||||||
TransUnion | 525,478 | 36,106 | ||||||
Ingersoll-Rand, Inc. | 438,106 | 33,883 | ||||||
AMETEK, Inc. | 204,860 | 33,779 | ||||||
HEICO Corp. | 179,400 | 32,089 | ||||||
Boeing Co.1 | 116,800 | 30,445 | ||||||
Canadian Pacific Kansas City, Ltd. | 376,000 | 29,727 | ||||||
Armstrong World Industries, Inc. | 297,461 | 29,246 | ||||||
Saia, Inc.1 | 66,090 | 28,962 | ||||||
Waste Connections, Inc. | 193,510 | 28,885 | ||||||
Fortive Corp. | 381,000 | 28,053 | ||||||
Dun & Bradstreet Holdings, Inc. | 2,339,500 | 27,372 | ||||||
Safran SA | 137,245 | 24,211 | ||||||
FedEx Corp. | 88,000 | 22,261 | ||||||
XPO, Inc.1 | 243,764 | 21,351 | ||||||
Vestis Corp. | 999,932 | 21,139 |
64 | American Funds Insurance Series |
Growth Fund (continued)
Common stocks (continued) | Shares | Value (000) | ||||||
Industrials (continued) | ||||||||
Paylocity Holding Corp.1 | 123,239 | $ | 20,316 | |||||
Veralto Corp. | 185,603 | 15,268 | ||||||
Core & Main, Inc., Class A1 | 168,600 | 6,813 | ||||||
Einride AB1,3,4 | 78,648 | 2,674 | ||||||
4,437,390 | ||||||||
Financials 7.58% | ||||||||
Visa, Inc., Class A | 2,789,473 | 726,239 | ||||||
Bank of America Corp. | 7,760,600 | 261,299 | ||||||
Mastercard, Inc., Class A | 610,368 | 260,328 | ||||||
Fiserv, Inc.1 | 1,833,900 | 243,615 | ||||||
KKR & Co., Inc. | 2,616,216 | 216,753 | ||||||
Blackstone, Inc. | 1,007,500 | 131,902 | ||||||
Apollo Asset Management, Inc. | 1,286,147 | 119,856 | ||||||
Block, Inc., Class A1 | 1,395,307 | 107,927 | ||||||
Affirm Holdings, Inc., Class A1 | 1,999,051 | 98,233 | ||||||
MSCI, Inc. | 156,590 | 88,575 | ||||||
Capital One Financial Corp. | 648,500 | 85,031 | ||||||
Toast, Inc., Class A1 | 4,300,521 | 78,528 | ||||||
Marsh & McLennan Companies, Inc. | 403,461 | 76,444 | ||||||
Brookfield Corp., Class A | 1,763,605 | 70,756 | ||||||
UBS Group AG | 1,535,000 | 47,675 | ||||||
Aon PLC, Class A | 155,700 | 45,312 | ||||||
Progressive Corp. | 271,528 | 43,249 | ||||||
Blue Owl Capital, Inc., Class A | 2,891,712 | 43,087 | ||||||
Ryan Specialty Holdings, Inc., Class A1 | 870,000 | 37,427 | ||||||
Ares Management Corp., Class A | 310,500 | 36,925 | ||||||
Arch Capital Group, Ltd.1 | 492,472 | 36,576 | ||||||
Wells Fargo & Co. | 593,000 | 29,187 | ||||||
S&P Global, Inc. | 64,900 | 28,590 | ||||||
Nasdaq, Inc. | 411,500 | 23,925 | ||||||
Intercontinental Exchange, Inc. | 127,000 | 16,311 | ||||||
Trupanion, Inc.1 | 519,075 | 15,837 | ||||||
Brookfield Asset Management, Ltd., Class A | 250,000 | 10,043 | ||||||
2,979,630 | ||||||||
Energy 4.17% | ||||||||
Halliburton Co. | 11,600,000 | 419,340 | ||||||
Canadian Natural Resources, Ltd. (CAD denominated) | 5,941,700 | 389,268 | ||||||
Schlumberger NV | 5,206,000 | 270,920 | ||||||
EOG Resources, Inc. | 1,707,393 | 206,509 | ||||||
EQT Corp. | 2,798,000 | 108,171 | ||||||
Tourmaline Oil Corp. | 2,061,700 | 92,719 | ||||||
Cenovus Energy, Inc. (CAD denominated) | 4,589,800 | 76,482 | ||||||
New Fortress Energy, Inc., Class A2 | 829,000 | 31,278 | ||||||
ConocoPhillips | 168,186 | 19,521 | ||||||
MEG Energy Corp.1 | 830,000 | 14,827 | ||||||
Equitrans Midstream Corp. | 936,942 | 9,538 | ||||||
1,638,573 | ||||||||
Consumer staples 3.76% | ||||||||
Dollar Tree Stores, Inc.1 | 2,084,201 | 296,061 | ||||||
Performance Food Group Co.1 | 3,559,500 | 246,139 | ||||||
Target Corp. | 1,400,000 | 199,388 | ||||||
Dollar General Corp. | 1,453,612 | 197,619 | ||||||
Costco Wholesale Corp. | 287,855 | 190,007 | ||||||
Kroger Co. | 2,137,000 | 97,682 | ||||||
Constellation Brands, Inc., Class A | 264,013 | 63,825 | ||||||
Philip Morris International, Inc. | 614,113 | 57,776 | ||||||
Monster Beverage Corp.1 | 835,498 | 48,133 | ||||||
Molson Coors Beverage Co., Class B, restricted voting shares | 556,523 | 34,065 |
American Funds Insurance Series | 65 |
Growth Fund (continued)
Common stocks (continued) | Shares | Value (000) | ||||||
Consumer staples (continued) | ||||||||
Keurig Dr Pepper, Inc. | 903,000 | $ | 30,088 | |||||
British American Tobacco PLC | 429,990 | 12,548 | ||||||
JUUL Labs, Inc., Class A1,3,4 | 2,711,477 | 2,901 | ||||||
1,476,232 | ||||||||
Materials 2.35% | ||||||||
Wheaton Precious Metals Corp. | 2,915,000 | 143,826 | ||||||
Linde PLC | 328,570 | 134,947 | ||||||
Grupo México, SAB de CV, Series B | 20,340,000 | 112,810 | ||||||
Silgan Holdings, Inc. | 2,388,500 | 108,079 | ||||||
ATI, Inc.1 | 2,070,860 | 94,162 | ||||||
CF Industries Holdings, Inc. | 1,006,500 | 80,017 | ||||||
Royal Gold, Inc. | 599,000 | 72,455 | ||||||
Franco-Nevada Corp. | 340,400 | 37,704 | ||||||
Glencore PLC | 5,275,000 | 31,646 | ||||||
Olin Corp. | 550,660 | 29,708 | ||||||
Mosaic Co. | 830,420 | 29,671 | ||||||
Albemarle Corp. | 160,186 | 23,144 | ||||||
Sherwin-Williams Co. | 73,100 | 22,800 | ||||||
920,969 | ||||||||
Utilities 0.68% | ||||||||
PG&E Corp. | 9,227,065 | 166,364 | ||||||
Constellation Energy Corp. | 860,427 | 100,575 | ||||||
266,939 | ||||||||
Real estate 0.41% | ||||||||
Zillow Group, Inc., Class C, nonvoting shares1 | 2,492,002 | 144,187 | ||||||
CoStar Group, Inc.1 | 184,386 | 16,114 | ||||||
160,301 | ||||||||
Total common stocks (cost: $19,611,054,000) | 38,655,951 | |||||||
Preferred securities 0.29% | ||||||||
Information technology 0.27% | ||||||||
Stripe, Inc., Series I, 6.00% noncumulative preferred shares1,3,4 | 2,763,342 | 70,520 | ||||||
Stripe, Inc., Series H, 6.00% noncumulative preferred shares1,3,4 | 52,656 | 1,344 | ||||||
PsiQuantum Corp., Series D, preferred shares1,3,4 | 906,761 | 30,268 | ||||||
Tipalti Solutions, Ltd., Series F, preferred shares1,3,4 | 406,310 | 3,129 | ||||||
105,261 | ||||||||
Industrials 0.02% | ||||||||
ABL Space Systems Co., Series B2, 5.00% cumulative preferred shares1,3,4,5 | 153,713 | 5,027 | ||||||
ABL Space Systems Co., Series C1, 5.00% cumulative preferred shares1,3,4,5 | 42,272 | 1,382 | ||||||
Einride AB, Series C, preferred shares1,3,4 | 77,647 | 2,640 | ||||||
9,049 | ||||||||
Total preferred securities (cost: $102,962,000) | 114,310 | |||||||
Rights & warrants 0.00% | ||||||||
Information technology 0.00% | ||||||||
Constellation Software, Inc., warrants, expire 3/31/20401,3 | 53,352 | — | 6 | |||||
Industrials 0.00% | ||||||||
ABL Space Systems Co., Series C-1, warrants, expire 12/13/20301,3,4 | 31,704 | — | 6 | |||||
Total rights & warrants (cost: $0) | — | 6 |
66 | American Funds Insurance Series |
Growth Fund (continued)
Bonds, notes & other debt instruments 0.01% | Principal amount (000) | Value (000) | ||||||
Corporate bonds, notes & loans 0.01% | ||||||||
Consumer discretionary 0.01% | ||||||||
Royal Caribbean Cruises, Ltd. 5.50% 4/1/20287 | USD | 5,576 | $ | 5,508 | ||||
Total bonds, notes & other debt instruments (cost: $4,346,000) | 5,508 | |||||||
Short-term securities 1.55% | Shares | |||||||
Money market investments 1.50% | ||||||||
Capital Group Central Cash Fund 5.44%8,9 | 5,883,315 | 588,273 | ||||||
Money market investments purchased with collateral from securities on loan 0.05% | ||||||||
Invesco Short-Term Investments Trust – Government & Agency Portfolio, Institutional Class 5.27%8,10 | 9,820,459 | 9,821 | ||||||
Capital Group Central Cash Fund 5.44%8,9,10 | 50,329 | 5,032 | ||||||
State Street Institutional U.S. Government Money Market Fund, Institutional Class 5.29%8,10 | 4,850,125 | 4,850 | ||||||
19,703 | ||||||||
Total short-term securities (cost: $607,964,000) | 607,976 | |||||||
Total investment securities 100.22% (cost: $20,326,326,000) | 39,383,745 | |||||||
Other assets less liabilities (0.22)% | (84,935 | ) | ||||||
Net assets 100.00% | $ | 39,298,810 |
Investments in affiliates9
Value at 1/1/2023 (000) | Additions (000) | Reductions (000) | Net realized gain (loss) (000) | Net unrealized appreciation (depreciation) (000) | Value at 12/31/2023 (000) | Dividend or interest income (000) | ||||||||||||||||||||||
Short-term securities 1.51% | ||||||||||||||||||||||||||||
Money market investments 1.50% | ||||||||||||||||||||||||||||
Capital Group Central Cash Fund 5.44%8 | $ | 1,142,555 | $ | 4,221,017 | $ | 4,775,408 | $ | 315 | $ | (206 | ) | $ | 588,273 | $ | 52,082 | |||||||||||||
Money market investments purchased with collateral from securities on loan 0.01% | ||||||||||||||||||||||||||||
Capital Group Central Cash Fund 5.44%8,10 | 24,410 | 19,378 | 11 | 5,032 | — | 12 | ||||||||||||||||||||||
Total 1.51% | $ | 315 | $ | (206 | ) | $ | 593,305 | $ | 52,082 |
American Funds Insurance Series | 67 |
Growth Fund (continued)
Restricted securities4
Acquisition date(s) | Cost (000) | Value (000) | Percent of net assets | |||||||||||
Stripe, Inc., Series I, 6.00% noncumulative preferred shares1,3 | 3/15/2023 | $ | 55,638 | $ | 70,520 | .18 | % | |||||||
Stripe, Inc., Class B1,3 | 5/6/2021 | 6,766 | 4,303 | .01 | ||||||||||
Stripe, Inc., Series H, 6.00% noncumulative preferred shares1,3 | 3/15/2021 | 2,113 | 1,344 | .00 | 13 | |||||||||
Verily Life Sciences, LLC1,3 | 12/21/2018 | 37,000 | 31,351 | .08 | ||||||||||
PsiQuantum Corp., Series D, preferred shares1,3 | 5/28/2021 | 23,781 | 30,268 | .08 | ||||||||||
ABL Space Systems Co., Series B2, 5.00% cumulative preferred shares1,3,5 | 10/22/2021 | 10,452 | 5,027 | .01 | ||||||||||
ABL Space Systems Co., Series C1, 5.00% cumulative preferred shares1,3,5 | 12/14/2023 | 1,382 | 1,382 | .01 | ||||||||||
ABL Space Systems Co., Series C-1, warrants, expire 12/13/20301,3 | 12/14/2023 | — | — | 6 | .00 | 13 | ||||||||
Einride AB1,3 | 2/1/2023 | 2,674 | 2,674 | .01 | ||||||||||
Einride AB, Series C, preferred shares1,3 | 11/23/2022 | 2,640 | 2,640 | .00 | 13 | |||||||||
Tipalti Solutions, Ltd., Series F, preferred shares1,3 | 12/1/2021 | 6,956 | 3,129 | .01 | ||||||||||
JUUL Labs, Inc., Class A1,3 | 11/13/2023 | 43,768 | 2,901 | .01 | ||||||||||
Total | $ | 193,170 | $ | 155,539 | .40 | % |
1 | Security did not produce income during the last 12 months. |
2 | All or a portion of this security was on loan. The total value of all such securities was $21,365,000, which represented .05% of the net assets of the fund. Refer to Note 5 for more information on securities lending. |
3 | Value determined using significant unobservable inputs. |
4 | Restricted security, other than Rule 144A securities or commercial paper issued pursuant to Section 4(a)(2) of the Securities Act of 1933. The total value of all such restricted securities was $155,539,000, which represented .40% of the net assets of the fund. |
5 | Payment in kind; the issuer has the option of paying additional securities in lieu of cash. Payment methods and rates are as of the most recent payment when available. |
6 | Amount less than one thousand. |
7 | Acquired in a transaction exempt from registration under Rule 144A or, for commercial paper, Section 4(a)(2) of the Securities Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers. The total value of all such securities was $5,508,000, which represented .01% of the net assets of the fund. |
8 | Rate represents the seven-day yield at 12/31/2023. |
9 | Part of the same “group of investment companies” as the fund as defined under the Investment Company Act of 1940, as amended. |
10 | Security purchased with cash collateral from securities on loan. Refer to Note 5 for more information on securities lending. |
11 | Represents net activity. Refer to Note 5 for more information on securities lending. |
12 | Dividend income is included with securities lending income in the fund’s statement of operations and is not shown in this table. |
13 | Amount less than .01%. |
Key to abbreviation(s)
ADR = American Depositary Receipts
CAD = Canadian dollars
CDI = CREST Depository Interest
USD = U.S. dollars
Refer to the notes to financial statements.
68 | American Funds Insurance Series |
Investment portfolio December 31, 2023
Common stocks 97.08% | Shares | Value (000) | ||||||
Industrials 17.46% | ||||||||
Airbus SE, non-registered shares | 1,387,973 | $ | 214,245 | |||||
Recruit Holdings Co., Ltd. | 4,154,609 | 177,374 | ||||||
Safran SA | 714,612 | 126,061 | ||||||
Siemens AG | 500,792 | 93,934 | ||||||
Melrose Industries PLC | 12,204,660 | 88,179 | ||||||
Techtronic Industries Co., Ltd. | 6,920,500 | 82,774 | ||||||
Ashtead Group PLC | 971,740 | 67,332 | ||||||
MTU Aero Engines AG | 229,720 | 49,512 | ||||||
NIBE Industrier AB, Class B | 5,279,328 | 37,313 | ||||||
DSV A/S | 201,977 | 35,530 | ||||||
International Container Terminal Services, Inc. | 7,953,240 | 35,225 | ||||||
Kingspan Group PLC | 385,126 | 33,284 | ||||||
Legrand SA | 305,587 | 31,830 | ||||||
AB Volvo, Class B | 1,078,902 | 28,047 | ||||||
Diploma PLC | 599,545 | 27,312 | ||||||
Rumo SA | 4,163,005 | 19,634 | ||||||
Shenzhen Inovance Technology Co., Ltd., Class A | 1,843,417 | 16,396 | ||||||
Grab Holdings, Ltd., Class A1 | 4,287,405 | 14,449 | ||||||
Larsen & Toubro, Ltd. | 324,571 | 13,739 | ||||||
Thales SA | 92,053 | 13,614 | ||||||
DHL Group | 253,300 | 12,547 | ||||||
Airports of Thailand PCL, foreign registered shares | 5,078,900 | 8,808 | ||||||
ZTO Express (Cayman), Inc., Class A (ADR) | 366,358 | 7,796 | ||||||
Bureau Veritas SA | 292,900 | 7,403 | ||||||
Astra International Tbk PT | 18,869,900 | 6,915 | ||||||
TELUS International (Cda), Inc., subordinate voting shares1,2 | 526,752 | 4,519 | ||||||
1,253,772 | ||||||||
Information technology 14.41% | ||||||||
Shopify, Inc., Class A, subordinate voting shares1 | 3,462,045 | 269,693 | ||||||
SK hynix, Inc. | 1,056,148 | 115,316 | ||||||
Taiwan Semiconductor Manufacturing Co., Ltd. | 5,561,000 | 107,024 | ||||||
ASML Holding NV | 107,488 | 81,155 | ||||||
NICE, Ltd. (ADR)1 | 329,681 | 65,775 | ||||||
Samsung Electronics Co., Ltd. | 970,662 | 59,036 | ||||||
SAP SE | 332,301 | 51,116 | ||||||
Constellation Software, Inc. | 19,406 | 48,114 | ||||||
Renesas Electronics Corp.1 | 2,574,000 | 46,196 | ||||||
Disco Corp. | 184,300 | 45,352 | ||||||
NXP Semiconductors NV | 173,200 | 39,781 | ||||||
Fujitsu, Ltd. | 154,200 | 23,279 | ||||||
OBIC Co., Ltd. | 114,500 | 19,662 | ||||||
Lasertec Corp. | 69,200 | 18,085 | ||||||
Infosys, Ltd. | 749,660 | 13,878 | ||||||
Dassault Systemes SE | 277,000 | 13,560 | ||||||
Tata Consultancy Services, Ltd. | 263,814 | 12,012 | ||||||
Canva, Inc.1,3,4 | 4,819 | 5,140 | ||||||
1,034,174 | ||||||||
Health care 12.02% | ||||||||
Novo Nordisk AS, Class B | 2,895,071 | 299,451 | ||||||
Daiichi Sankyo Co., Ltd. | 9,339,308 | 258,553 | ||||||
Grifols, SA, Class A, non-registered shares1 | 2,789,283 | 47,806 | ||||||
Grifols, SA, Class B (ADR)1 | 793,690 | 9,175 | ||||||
AstraZeneca PLC | 296,157 | 39,887 | ||||||
Sanofi | 401,199 | 39,776 | ||||||
Eurofins Scientific SE, non-registered shares | 525,037 | 34,352 | ||||||
HOYA Corp. | 228,400 | 28,406 | ||||||
WuXi AppTec Co., Ltd., Class H | 2,289,733 | 23,412 | ||||||
WuXi AppTec Co., Ltd., Class A | 288,960 | 2,978 | ||||||
Bayer AG | 630,036 | 23,389 | ||||||
Takeda Pharmaceutical Co., Ltd. | 690,800 | 19,831 |
American Funds Insurance Series | 69 |
International Fund (continued)
Common stocks (continued) | Shares | Value (000) | ||||||
Health care (continued) | ||||||||
Insulet Corp.1 | 46,653 | $ | 10,123 | |||||
bioMérieux SA | 85,777 | 9,556 | ||||||
Ambu AS, Class B, non-registered shares1 | 480,488 | 7,484 | ||||||
WuXi Biologics (Cayman), Inc.1 | 1,732,166 | 6,543 | ||||||
Siemens Healthineers AG | 37,213 | 2,163 | ||||||
862,885 | ||||||||
Materials 11.77% | ||||||||
Fortescue, Ltd. | 12,796,750 | 253,123 | ||||||
Glencore PLC | 26,212,865 | 157,257 | ||||||
Shin-Etsu Chemical Co., Ltd. | 2,849,700 | 119,078 | ||||||
First Quantum Minerals, Ltd. | 11,403,572 | 93,377 | ||||||
Ivanhoe Mines, Ltd., Class A1 | 4,152,270 | 40,268 | ||||||
Ivanhoe Mines, Ltd., Class A1,4 | 3,675,281 | 35,642 | ||||||
Vale SA (ADR), ordinary nominative shares | 1,756,600 | 27,860 | ||||||
Vale SA, ordinary nominative shares | 161,800 | 2,565 | ||||||
Arkema SA | 249,484 | 28,380 | ||||||
DSM-Firmenich AG | 247,636 | 25,213 | ||||||
Wacker Chemie AG | 147,773 | 18,649 | ||||||
Air Liquide SA | 83,122 | 16,170 | ||||||
Linde PLC | 35,287 | 14,493 | ||||||
BASF SE | 208,760 | 11,241 | ||||||
Antofagasta PLC | 72,963 | 1,561 | ||||||
844,877 | ||||||||
Consumer discretionary 11.34% | ||||||||
MercadoLibre, Inc.1 | 109,049 | 171,375 | ||||||
adidas AG | 413,125 | 84,004 | ||||||
Evolution AB | 699,962 | 83,776 | ||||||
LVMH Moët Hennessy-Louis Vuitton SE | 84,813 | 68,794 | ||||||
Flutter Entertainment PLC1 | 357,914 | 63,033 | ||||||
Flutter Entertainment PLC (CDI)1 | 17,996 | 3,187 | ||||||
Ferrari NV (EUR denominated) | 188,192 | 63,428 | ||||||
Maruti Suzuki India, Ltd. | 488,078 | 60,381 | ||||||
Sony Group Corp. | 587,500 | 55,668 | ||||||
Entain PLC | 4,112,405 | 51,945 | ||||||
Compagnie Financière Richemont SA, Class A | 278,839 | 38,461 | ||||||
Dowlais Group PLC | 12,204,660 | 16,572 | ||||||
NEXT PLC | 136,649 | 14,106 | ||||||
InterContinental Hotels Group PLC | 134,272 | 12,127 | ||||||
Zalando SE, non-registered shares1 | 467,567 | 11,072 | ||||||
Fast Retailing Co., Ltd. | 33,500 | 8,306 | ||||||
Hermès International | 2,060 | 4,372 | ||||||
Coupang, Inc., Class A1 | 205,714 | 3,331 | ||||||
813,938 | ||||||||
Financials 11.32% | ||||||||
Kotak Mahindra Bank, Ltd. | 7,259,052 | 166,328 | ||||||
AIA Group, Ltd. | 14,331,276 | 124,473 | ||||||
NU Holdings, Ltd. / Cayman Islands, Class A1 | 11,870,233 | 98,879 | ||||||
Aegon, Ltd. | 11,756,834 | 68,152 | ||||||
Banco Bilbao Vizcaya Argentaria, SA | 6,624,400 | 60,357 | ||||||
ING Groep NV | 3,979,140 | 59,569 | ||||||
HDFC Bank, Ltd. | 1,814,987 | 37,234 | ||||||
HDFC Bank, Ltd. (ADR) | 207,750 | 13,942 | ||||||
Bajaj Finserv, Ltd. | 1,598,500 | 32,353 | ||||||
Axis Bank, Ltd. | 2,029,545 | 26,845 | ||||||
Jio Financial Services, Ltd.1 | 8,958,436 | 25,045 | ||||||
FinecoBank SpA | 1,271,778 | 19,108 | ||||||
B3 SA - Brasil, Bolsa, Balcao | 5,967,300 | 17,746 | ||||||
Bank Central Asia Tbk PT | 23,381,700 | 14,261 | ||||||
Bajaj Finance, Ltd. | 151,942 | 13,363 |
70 | American Funds Insurance Series |
International Fund (continued)
Common stocks (continued) | Shares | Value (000) | ||||||
Financials (continued) | ||||||||
Bank Mandiri (Persero) Tbk PT | 27,858,000 | $ | 10,928 | |||||
China Merchants Bank Co., Ltd., Class A | 2,726,800 | 10,732 | ||||||
ICICI Bank, Ltd. | 485,000 | 5,800 | ||||||
China Pacific Insurance (Group) Co., Ltd., Class H | 2,236,800 | 4,506 | ||||||
Futu Holdings, Ltd. (ADR)1 | 52,123 | 2,847 | ||||||
812,468 | ||||||||
Energy 7.73% | ||||||||
Reliance Industries, Ltd. | 7,221,202 | 224,099 | ||||||
Canadian Natural Resources, Ltd. (CAD denominated) | 2,200,639 | 144,174 | ||||||
Cenovus Energy, Inc. (CAD denominated) | 4,285,642 | 71,414 | ||||||
TotalEnergies SE | 703,124 | 47,762 | ||||||
Neste OYJ | 1,237,003 | 43,950 | ||||||
Shell PLC (GBP denominated) | 448,462 | 14,570 | ||||||
Woodside Energy Group, Ltd. | 429,900 | 9,107 | ||||||
555,076 | ||||||||
Communication services 4.75% | ||||||||
Bharti Airtel, Ltd. | 11,630,448 | 144,080 | ||||||
Bharti Airtel, Ltd., interim shares | 644,900 | 4,937 | ||||||
Tencent Holdings, Ltd. | 1,309,606 | 49,478 | ||||||
Universal Music Group NV | 1,717,633 | 49,049 | ||||||
Informa PLC | 3,630,108 | 36,039 | ||||||
NetEase, Inc. | 1,403,900 | 26,055 | ||||||
Ubisoft Entertainment SA1 | 800,864 | 20,497 | ||||||
Singapore Telecommunications, Ltd. | 5,800,500 | 10,840 | ||||||
340,975 | ||||||||
Consumer staples 4.49% | ||||||||
Danone SA | 878,392 | 56,974 | ||||||
Ajinomoto Co., Inc. | 1,278,300 | 49,401 | ||||||
Kweichow Moutai Co., Ltd., Class A | 197,623 | 48,004 | ||||||
Seven & i Holdings Co., Ltd. | 1,139,200 | 45,118 | ||||||
Treasury Wine Estates, Ltd. | 3,953,315 | 28,956 | ||||||
Nissin Foods Holdings Co., Ltd. | 811,200 | 28,286 | ||||||
Kobe Bussan Co., Ltd. | 885,600 | 26,135 | ||||||
JBS SA | 4,012,623 | 20,511 | ||||||
Diageo PLC | 375,982 | 13,654 | ||||||
Pernod Ricard SA | 29,063 | 5,139 | ||||||
322,178 | ||||||||
Utilities 1.24% | ||||||||
ENN Energy Holdings, Ltd. | 6,953,828 | 51,119 | ||||||
E.ON SE | 1,101,028 | 14,770 | ||||||
Engie SA | 831,097 | 14,614 | ||||||
SembCorp Industries, Ltd. | 2,195,700 | 8,815 | ||||||
89,318 | ||||||||
Real estate 0.55% | ||||||||
ESR Group, Ltd. | 14,852,600 | 20,501 | ||||||
Ayala Land, Inc. | 18,147,800 | 11,290 | ||||||
China Resources Mixc Lifestyle Services, Ltd. | 2,250,400 | 7,986 | ||||||
39,777 | ||||||||
Total common stocks (cost: $5,192,228,000) | 6,969,438 | |||||||
Preferred securities 0.63% | ||||||||
Health care 0.37% | ||||||||
Grifols, SA, Class B, nonvoting non-registered preferred shares1 | 2,274,930 | 26,429 |
American Funds Insurance Series | 71 |
International Fund (continued)
Preferred securities (continued) | Shares | Value (000) | ||||||
Consumer discretionary 0.13% | ||||||||
Dr. Ing. h.c. F. Porsche AG, nonvoting non-registered preferred shares | 103,247 | $ | 9,105 | |||||
Financials 0.13% | ||||||||
Itaú Unibanco Holding SA, preferred nominative shares | 1,308,816 | 9,101 | ||||||
Information technology 0.00% | ||||||||
Canva, Inc., Series A, noncumulative preferred shares1,3,4 | 422 | 450 | ||||||
Canva, Inc., Series A-3, noncumulative preferred shares1,3,4 | 18 | 19 | ||||||
Canva, Inc., Series A-4, noncumulative preferred shares1,3,4 | 1 | 1 | ||||||
470 | ||||||||
Total preferred securities (cost: $57,976,000) | 45,105 | |||||||
Rights & warrants 0.00% | ||||||||
Information technology 0.00% | ||||||||
Constellation Software, Inc., warrants, expire 3/31/20401,3 | 7,730 | — | 5 | |||||
Total rights & warrants (cost: $0) | — | 5 | ||||||
Short-term securities 2.81% | ||||||||
Money market investments 2.81% | ||||||||
Capital Group Central Cash Fund 5.44%6,7 | 2,020,467 | 202,026 | ||||||
Money market investments purchased with collateral from securities on loan 0.00% | ||||||||
Capital Group Central Cash Fund 5.44%6,7,8 | 467 | 47 | ||||||
Invesco Short-Term Investments Trust – Government & Agency Portfolio, Institutional Class 5.27%6,8 | 29,171 | 29 | ||||||
State Street Institutional U.S. Government Money Market Fund, Institutional Class 5.29%6,8 | 1,069 | 1 | ||||||
77 | ||||||||
Total short-term securities (cost: $202,102,000) | 202,103 | |||||||
Total investment securities 100.52% (cost: $5,452,306,000) | 7,216,646 | |||||||
Other assets less liabilities (0.52)% | (37,634 | ) | ||||||
Net assets 100.00% | $ | 7,179,012 |
Investments in affiliates7
Value at 1/1/2023 (000) | Additions (000) | Reductions (000) | Net realized gain (loss) (000) | Net unrealized appreciation (depreciation) (000) | Value at 12/31/2023 (000) | Dividend or interest income (000) | ||||||||||||||||||||||
Short-term securities 2.81% | ||||||||||||||||||||||||||||
Money market investments 2.81% | ||||||||||||||||||||||||||||
Capital Group Central Cash Fund 5.44%6 | $ | 306,023 | $ | 1,078,215 | $ | 1,182,222 | $ | 57 | $ | (47 | ) | $ | 202,026 | $ | 14,923 |
72 | American Funds Insurance Series |
International Fund (continued)
Investments in affiliates7 (continued)
Value at 1/1/2023 (000) | Additions (000) | Reductions (000) | Net realized gain (loss) (000) | Net unrealized appreciation (depreciation) (000) | Value at 12/31/2023 (000) | Dividend or interest income (000) | ||||||||||||||||
Money market investments purchased with collateral from securities on loan 0.00% | ||||||||||||||||||||||
Capital Group Central Cash Fund 5.44%6,8 | $ | 422 | $ | $ | 375 | 9 | $ | $ | $ | 47 | $ | — | 10 | |||||||||
Total 2.81% | $ | 57 | $ | (47) | $ | 202,073 | $ | 14,923 |
Restricted securities4
Acquisition date(s) | Cost (000) | Value (000) | Percent of net assets | |||||||||||
Ivanhoe Mines, Ltd., Class A1 | 12/18/2023 | $ | 32,962 | $ | 35,642 | .49 | % | |||||||
Canva, Inc.1,3 | 8/26/2021-11/4/2021 | 8,215 | 5,140 | .07 | ||||||||||
Canva, Inc., Series A, noncumulative preferred shares1,3 | 11/4/2021 | 719 | 450 | .01 | ||||||||||
Canva, Inc., Series A-3, noncumulative preferred shares1,3 | 11/4/2021 | 31 | 19 | .00 | 11 | |||||||||
Canva, Inc., Series A-4, noncumulative preferred shares1,3 | 11/4/2021 | 2 | 1 | .00 | 11 | |||||||||
Total | $ | 41,929 | $ | 41,252 | .57 | % |
1 | Security did not produce income during the last 12 months. |
2 | All or a portion of this security was on loan. The total value of all such securities was $82,000, which represented less than 0.01% of the net assets of the fund. Refer to Note 5 for more information on securities lending. |
3 | Value determined using significant unobservable inputs. |
4 | Restricted security, other than Rule 144A securities or commercial paper issued pursuant to Section 4(a)(2) of the Securities Act of 1933. The total value of all such restricted securities was $41,252,000, which represented .57% of the net assets of the fund. |
5 | Amount less than one thousand. |
6 | Rate represents the seven-day yield at 12/31/2023. |
7 | Part of the same “group of investment companies” as the fund as defined under the Investment Company Act of 1940, as amended. |
8 | Security purchased with cash collateral from securities on loan. Refer to Note 5 for more information on securities lending. |
9 | Represents net activity. Refer to Note 5 for more information on securities lending. |
10 | Dividend income is included with securities lending income in the fund’s statement of operations and is not shown in this table. |
11 | Amount less than .01%. |
Key to abbreviation(s)
ADR = American Depositary Receipts
CAD = Canadian dollars
CDI = CREST Depository Interest
EUR = Euros
GBP = British pounds
Refer to the notes to financial statements.
American Funds Insurance Series | 73 |
Investment portfolio December 31, 2023
Common stocks 91.84% | Shares | Value (000) | ||||||
Financials 15.31% | ||||||||
Kotak Mahindra Bank, Ltd. | 2,131,574 | $ | 48,841 | |||||
HDFC Bank, Ltd. | 1,826,456 | 37,469 | ||||||
AIA Group, Ltd. | 4,278,400 | 37,160 | ||||||
Capitec Bank Holdings, Ltd. | 248,887 | 27,496 | ||||||
NU Holdings, Ltd. / Cayman Islands, Class A1 | 2,950,365 | 24,577 | ||||||
Bank Central Asia Tbk PT | 39,663,323 | 24,192 | ||||||
B3 SA - Brasil, Bolsa, Balcao | 7,116,559 | 21,164 | ||||||
AU Small Finance Bank, Ltd. | 1,808,005 | 17,096 | ||||||
Banco Bilbao Vizcaya Argentaria, SA | 1,750,272 | 15,947 | ||||||
Mastercard, Inc., Class A | 35,390 | 15,094 | ||||||
Bank Mandiri (Persero) Tbk PT | 36,715,900 | 14,403 | ||||||
Axis Bank, Ltd. | 1,069,420 | 14,145 | ||||||
Ping An Insurance (Group) Company of China, Ltd., Class H | 2,934,844 | 13,276 | ||||||
XP, Inc., Class A | 502,485 | 13,100 | ||||||
ICICI Bank, Ltd. (ADR) | 272,925 | 6,506 | ||||||
ICICI Bank, Ltd. | 451,697 | 5,402 | ||||||
Visa, Inc., Class A | 44,907 | 11,692 | ||||||
Cholamandalam Investment and Finance Co., Ltd. | 766,667 | 11,591 | ||||||
Bajaj Finance, Ltd. | 122,827 | 10,802 | ||||||
Eurobank Ergasias Services and Holdings SA1 | 5,058,832 | 8,980 | ||||||
Bank Rakyat Indonesia (Persero) Tbk PT | 22,651,300 | 8,398 | ||||||
Discovery, Ltd. | 1,004,040 | 7,888 | ||||||
Grupo Financiero Banorte, SAB de CV, Series O | 751,619 | 7,558 | ||||||
Bank of Baroda | 2,694,572 | 7,470 | ||||||
Erste Group Bank AG | 183,121 | 7,430 | ||||||
PagSeguro Digital, Ltd., Class A1 | 591,987 | 7,382 | ||||||
Shriram Finance, Ltd. | 293,006 | 7,216 | ||||||
Bank of the Philippine Islands | 3,413,998 | 6,395 | ||||||
Industrial and Commercial Bank of China, Ltd., Class H | 12,238,000 | 5,974 | ||||||
Edenred SA | 94,580 | 5,679 | ||||||
National Bank of Greece SA1 | 816,245 | 5,664 | ||||||
Canara Bank | 1,038,030 | 5,450 | ||||||
PB Fintech, Ltd.1 | 479,990 | 4,578 | ||||||
Alpha Services and Holdings SA1 | 2,385,745 | 4,047 | ||||||
Jio Financial Services, Ltd.1 | 1,424,671 | 3,983 | ||||||
Max Financial Services, Ltd.1 | 276,426 | 3,167 | ||||||
Brookfield Corp., Class A | 77,870 | 3,124 | ||||||
Moody’s Corp. | 7,566 | 2,955 | ||||||
DBS Group Holdings, Ltd. | 116,173 | 2,935 | ||||||
Bajaj Finserv, Ltd. | 135,800 | 2,749 | ||||||
Aon PLC, Class A | 8,914 | 2,594 | ||||||
BDO Unibank, Inc. | 1,094,810 | 2,577 | ||||||
East Money Information Co., Ltd., Class A | 1,289,327 | 2,547 | ||||||
S&P Global, Inc. | 5,641 | 2,485 | ||||||
China Pacific Insurance (Group) Co., Ltd., Class H | 1,225,200 | 2,468 | ||||||
BNP Paribas SA | 30,335 | 2,102 | ||||||
Hong Kong Exchanges and Clearing, Ltd. | 58,600 | 2,005 | ||||||
Euronet Worldwide, Inc.1 | 19,353 | 1,964 | ||||||
Bank of Ningbo Co., Ltd., Class A | 472,800 | 1,338 | ||||||
China Merchants Bank Co., Ltd., Class H | 378,500 | 1,318 | ||||||
Prudential PLC | 108,552 | 1,222 | ||||||
China Construction Bank Corp., Class H | 1,934,000 | 1,157 | ||||||
Société Générale | 38,740 | 1,033 | ||||||
TISCO Financial Group PCL, foreign registered shares | 314,900 | 912 | ||||||
Akbank TAS | 694,966 | 862 | ||||||
Nedbank Group, Ltd. | 61,587 | 727 | ||||||
Postal Savings Bank of China Co., Ltd., Class H | 1,166,752 | 556 | ||||||
Banco BTG Pactual SA, units | 53,912 | 415 | ||||||
Moscow Exchange MICEX-RTS PJSC2 | 438,203 | — | 3 | |||||
Sberbank of Russia PJSC2 | 2,662,164 | — | 3 | |||||
517,257 |
74 | American Funds Insurance Series |
New World Fund (continued)
Common stocks (continued) | Shares | Value (000) | ||||||
Information technology 14.98% | ||||||||
Microsoft Corp. | 282,716 | $ | 106,313 | |||||
Taiwan Semiconductor Manufacturing Co., Ltd. | 4,183,269 | 80,509 | ||||||
Taiwan Semiconductor Manufacturing Co., Ltd. (ADR) | 10,609 | 1,103 | ||||||
Broadcom, Inc. | 37,347 | 41,689 | ||||||
ASML Holding NV | 40,993 | 30,950 | ||||||
NVIDIA Corp. | 55,782 | 27,624 | ||||||
Samsung Electronics Co., Ltd. | 331,373 | 20,154 | ||||||
SK hynix, Inc. | 133,741 | 14,603 | ||||||
Synopsys, Inc.1 | 26,054 | 13,415 | ||||||
Tata Consultancy Services, Ltd. | 262,250 | 11,941 | ||||||
Apple, Inc. | 60,046 | 11,561 | ||||||
SAP SE | 73,904 | 11,368 | ||||||
ASM International NV | 21,139 | 11,008 | ||||||
Keyence Corp. | 25,100 | 11,002 | ||||||
Wolfspeed, Inc.1 | 229,036 | 9,965 | ||||||
Infosys, Ltd. (ADR) | 319,373 | 5,870 | ||||||
Infosys, Ltd. | 201,410 | 3,729 | ||||||
Micron Technology, Inc. | 96,870 | 8,267 | ||||||
Capgemini SE | 38,184 | 7,988 | ||||||
Cognizant Technology Solutions Corp., Class A | 103,802 | 7,840 | ||||||
Disco Corp. | 31,200 | 7,678 | ||||||
Tokyo Electron, Ltd. | 38,700 | 6,879 | ||||||
Accenture PLC, Class A | 19,032 | 6,679 | ||||||
EPAM Systems, Inc.1 | 17,779 | 5,286 | ||||||
MediaTek, Inc. | 109,000 | 3,590 | ||||||
Intel Corp. | 71,015 | 3,568 | ||||||
TE Connectivity, Ltd. | 24,460 | 3,437 | ||||||
ON Semiconductor Corp.1 | 39,439 | 3,294 | ||||||
TDK Corp. | 68,200 | 3,233 | ||||||
Nokia Corp. | 927,500 | 3,187 | ||||||
Applied Materials, Inc. | 17,561 | 2,846 | ||||||
Xiamen Faratronic Co., Ltd., Class A | 215,500 | 2,810 | ||||||
Coforge, Ltd. | 31,526 | 2,374 | ||||||
Trimble, Inc.1 | 39,663 | 2,110 | ||||||
E Ink Holdings, Inc. | 316,000 | 2,021 | ||||||
KLA Corp. | 3,307 | 1,922 | ||||||
Globant SA1 | 7,546 | 1,796 | ||||||
NICE, Ltd. (ADR)1 | 8,744 | 1,744 | ||||||
Atlassian Corp., Class A1 | 7,099 | 1,689 | ||||||
Hamamatsu Photonics KK | 32,400 | 1,328 | ||||||
Kingdee International Software Group Co., Ltd.1 | 874,000 | 1,269 | ||||||
Canva, Inc.1,2,4 | 385 | 411 | ||||||
506,050 | ||||||||
Industrials 12.75% | ||||||||
Airbus SE, non-registered shares | 334,120 | 51,574 | ||||||
Safran SA | 150,094 | 26,477 | ||||||
Larsen & Toubro, Ltd. | 593,280 | 25,113 | ||||||
Shenzhen Inovance Technology Co., Ltd., Class A | 2,162,474 | 19,234 | ||||||
IMCD NV | 110,227 | 19,233 | ||||||
Copa Holdings, SA, Class A | 174,459 | 18,547 | ||||||
General Electric Co. | 143,239 | 18,282 | ||||||
International Container Terminal Services, Inc. | 3,678,980 | 16,294 | ||||||
DSV A/S | 86,263 | 15,175 | ||||||
Zhejiang Sanhua Intelligent Controls Co., Ltd., Class A | 3,598,523 | 14,902 | ||||||
Rumo SA | 2,819,101 | 13,296 | ||||||
Carrier Global Corp. | 207,141 | 11,900 | ||||||
Grupo Aeroportuario del Pacífico, SAB de CV, Class B | 572,605 | 9,996 | ||||||
Grupo Aeroportuario del Pacífico, SAB de CV, Class B (ADR) | 9,870 | 1,729 | ||||||
Caterpillar, Inc. | 36,071 | 10,665 | ||||||
Grab Holdings, Ltd., Class A1 | 2,987,396 | 10,068 | ||||||
Techtronic Industries Co., Ltd. | 832,500 | 9,957 |
American Funds Insurance Series | 75 |
New World Fund (continued)
Common stocks (continued) | Shares | Value (000) | ||||||
Industrials (continued) | ||||||||
Daikin Industries, Ltd. | 60,900 | $ | 9,893 | |||||
InPost SA1 | 694,225 | 9,597 | ||||||
TransDigm Group, Inc. | 8,345 | 8,442 | ||||||
Astra International Tbk PT | 20,769,500 | 7,611 | ||||||
BAE Systems PLC | 514,868 | 7,284 | ||||||
Boeing Co.1 | 25,707 | 6,701 | ||||||
CCR SA, ordinary nominative shares | 2,253,183 | 6,558 | ||||||
Siemens AG | 34,068 | 6,390 | ||||||
Contemporary Amperex Technology Co., Ltd., Class A | 271,925 | 6,247 | ||||||
Bharat Electronics, Ltd. | 2,500,084 | 5,533 | ||||||
Thales SA | 37,275 | 5,513 | ||||||
ZTO Express (Cayman), Inc., Class A (ADR) | 250,247 | 5,325 | ||||||
SMC Corp. | 9,900 | 5,294 | ||||||
Jiangsu Hengli Hydraulic Co., Ltd., Class A | 640,864 | 4,936 | ||||||
Mitsui & Co., Ltd. | 125,000 | 4,657 | ||||||
Wizz Air Holdings PLC1 | 156,622 | 4,395 | ||||||
Interpump Group SpA | 70,888 | 3,672 | ||||||
RTX Corp. | 37,311 | 3,139 | ||||||
Schneider Electric SE | 15,460 | 3,113 | ||||||
ABB, Ltd. | 66,329 | 2,948 | ||||||
Legrand SA | 27,553 | 2,870 | ||||||
Epiroc AB, Class B | 143,946 | 2,519 | ||||||
TELUS International (Cda), Inc., subordinate voting shares1 | 284,781 | 2,443 | ||||||
Bureau Veritas SA | 92,816 | 2,346 | ||||||
Centre Testing International Group Co., Ltd. | 1,034,596 | 2,066 | ||||||
MISUMI Group, Inc. | 109,800 | 1,852 | ||||||
Ingersoll-Rand, Inc. | 21,259 | 1,644 | ||||||
GT Capital Holdings, Inc. | 116,310 | 1,239 | ||||||
Hitachi, Ltd. | 15,400 | 1,113 | ||||||
Wuxi Lead Intelligent Equipment Co., Ltd., Class A | 291,900 | 1,052 | ||||||
Ayala Corp. | 70,270 | 864 | ||||||
Veralto Corp. | 7,889 | 649 | ||||||
Haitian International Holdings, Ltd. | 197,146 | 487 | ||||||
430,834 | ||||||||
Health care 11.84% | ||||||||
Novo Nordisk AS, Class B | 877,364 | 90,750 | ||||||
Eli Lilly and Co. | 83,856 | 48,881 | ||||||
Max Healthcare Institute, Ltd. | 4,055,160 | 33,406 | ||||||
Thermo Fisher Scientific, Inc. | 54,516 | 28,937 | ||||||
AstraZeneca PLC | 202,378 | 27,257 | ||||||
Abbott Laboratories | 154,428 | 16,998 | ||||||
BeiGene, Ltd. (ADR)1 | 70,132 | 12,649 | ||||||
BeiGene, Ltd.1 | 42,200 | 588 | ||||||
EssilorLuxottica SA | 64,268 | 12,918 | ||||||
Innovent Biologics, Inc.1 | 2,082,873 | 11,373 | ||||||
Laurus Labs, Ltd. | 2,185,717 | 11,286 | ||||||
Rede D’Or Sao Luiz SA | 1,732,143 | 10,205 | ||||||
Jiangsu Hengrui Medicine Co., Ltd., Class A | 1,560,188 | 9,937 | ||||||
Revvity, Inc. | 84,820 | 9,272 | ||||||
Danaher Corp. | 39,567 | 9,153 | ||||||
Hypera SA, ordinary nominative shares | 1,046,769 | 7,565 | ||||||
WuXi AppTec Co., Ltd., Class H | 410,200 | 4,194 | ||||||
WuXi AppTec Co., Ltd., Class A | 191,719 | 1,976 | ||||||
Zoetis, Inc., Class A | 27,822 | 5,491 | ||||||
WuXi Biologics (Cayman), Inc.1 | 1,217,600 | 4,600 | ||||||
Shenzhen Mindray Bio-Medical Electronics Co., Ltd., Class A | 109,100 | 4,477 | ||||||
Straumann Holding AG | 26,306 | 4,256 | ||||||
Siemens Healthineers AG | 66,725 | 3,877 | ||||||
Zai Lab, Ltd. (ADR)1,5 | 140,032 | 3,827 | ||||||
Legend Biotech Corp. (ADR)1 | 58,459 | 3,518 | ||||||
GE HealthCare Technologies, Inc. | 39,967 | 3,090 |
76 | American Funds Insurance Series |
New World Fund (continued)
Common stocks (continued) | Shares | Value (000) | ||||||
Health care (continued) | ||||||||
Pfizer, Inc. | 100,008 | $ | 2,879 | |||||
Align Technology, Inc.1 | 9,179 | 2,515 | ||||||
Shionogi & Co., Ltd. | 44,400 | 2,138 | ||||||
Mettler-Toledo International, Inc.1 | 1,685 | 2,044 | ||||||
Teva Pharmaceutical Industries, Ltd. (ADR)1 | 187,358 | 1,956 | ||||||
Alcon, Inc. | 22,320 | 1,748 | ||||||
Asahi Intecc Co., Ltd. | 82,100 | 1,664 | ||||||
OdontoPrev SA | 662,891 | 1,585 | ||||||
Medtronic PLC | 16,936 | 1,395 | ||||||
Angelalign Technology, Inc. | 99,606 | 720 | ||||||
Bayer AG | 13,918 | 517 | ||||||
CanSino Biologics, Inc., Class H1,5 | 61,521 | 185 | ||||||
Shandong Pharmaceutical Glass Co., Ltd., Class A | 47,100 | 170 | ||||||
399,997 | ||||||||
Consumer discretionary 10.47% | ||||||||
MercadoLibre, Inc.1 | 31,226 | 49,073 | ||||||
LVMH Moët Hennessy-Louis Vuitton SE | 58,326 | 47,310 | ||||||
Midea Group Co., Ltd., Class A | 3,754,668 | 28,911 | ||||||
Eicher Motors, Ltd. | 368,146 | 18,294 | ||||||
Trip.com Group, Ltd. (ADR)1 | 459,378 | 16,542 | ||||||
Hermès International | 7,705 | 16,352 | ||||||
Alibaba Group Holding, Ltd. (ADR) | 105,344 | 8,165 | ||||||
Alibaba Group Holding, Ltd. | 695,972 | 6,726 | ||||||
Galaxy Entertainment Group, Ltd. | 2,627,000 | 14,683 | ||||||
Evolution AB | 96,324 | 11,529 | ||||||
Jumbo SA | 388,686 | 10,782 | ||||||
Titan Co., Ltd. | 204,564 | 9,029 | ||||||
adidas AG | 40,030 | 8,140 | ||||||
YUM! Brands, Inc. | 60,921 | 7,960 | ||||||
Shenzhou International Group Holdings, Ltd. | 696,700 | 7,149 | ||||||
Marriott International, Inc., Class A | 31,603 | 7,127 | ||||||
NIKE, Inc., Class B | 47,713 | 5,180 | ||||||
Tesla, Inc.1 | 20,117 | 4,999 | ||||||
Kering SA | 11,078 | 4,916 | ||||||
Ferrari NV (EUR denominated) | 13,500 | 4,550 | ||||||
Cie. Financière Richemont SA, Class A | 31,696 | 4,372 | ||||||
Amadeus IT Group SA, Class A, non-registered shares | 60,231 | 4,320 | ||||||
Airbnb, Inc., Class A1 | 31,507 | 4,289 | ||||||
Naspers, Ltd., Class N | 22,539 | 3,858 | ||||||
Zhongsheng Group Holdings, Ltd. | 1,581,500 | 3,814 | ||||||
InterContinental Hotels Group PLC | 35,617 | 3,217 | ||||||
H World Group, Ltd. (ADR) | 95,887 | 3,206 | ||||||
Industria de Diseño Textil, SA | 73,014 | 3,185 | ||||||
Jubilant FoodWorks, Ltd. | 451,187 | 3,060 | ||||||
Li Ning Co., Ltd. | 1,134,155 | 3,060 | ||||||
Maruti Suzuki India, Ltd. | 23,114 | 2,859 | ||||||
China Tourism Group Duty Free Corp., Ltd., Class H | 272,570 | 2,671 | ||||||
Stellantis NV | 104,093 | 2,438 | ||||||
Melco Resorts & Entertainment, Ltd. (ADR)1 | 234,864 | 2,083 | ||||||
Sands China, Ltd.1 | 696,400 | 2,032 | ||||||
Aptiv PLC1 | 22,350 | 2,005 | ||||||
General Motors Co. | 47,313 | 1,699 | ||||||
Booking Holdings, Inc.1 | 417 | 1,479 | ||||||
Shangri-La Asia, Ltd.1 | 2,130,000 | 1,459 | ||||||
BYD Co., Ltd., Class H | 52,500 | 1,443 | ||||||
IDP Education, Ltd. | 98,395 | 1,339 | ||||||
Tube Investments of India, Ltd. | 31,096 | 1,322 | ||||||
Magazine Luiza SA1 | 2,749,107 | 1,247 | ||||||
Inchcape PLC | 132,241 | 1,202 | ||||||
Renault SA | 28,126 | 1,151 | ||||||
Flutter Entertainment PLC1 | 6,201 | 1,092 |
American Funds Insurance Series | 77 |
New World Fund (continued)
Common stocks (continued) | Shares | Value (000) | ||||||
Consumer discretionary (continued) | ||||||||
Gree Electric Appliances, Inc. of Zhuhai, Class A | 132,946 | $ | 603 | |||||
Cyrela Brazil Realty SA, ordinary nominative shares | 91,635 | 450 | ||||||
TVS Motor Co., Ltd. | 17,427 | 424 | ||||||
Foschini Group, Ltd. (The) | 68,408 | 415 | ||||||
Woolworths Holdings, Ltd. | 90,404 | 357 | ||||||
Americanas SA, ordinary nominative shares1 | 801,908 | 150 | ||||||
Meituan, Class B1 | 5,521 | 58 | ||||||
353,776 | ||||||||
Materials 6.92% | ||||||||
Vale SA (ADR), ordinary nominative shares | 1,366,617 | 21,675 | ||||||
Vale SA, ordinary nominative shares | 1,151,624 | 18,261 | ||||||
Freeport-McMoRan, Inc. | 563,042 | 23,969 | ||||||
Asian Paints, Ltd. | 454,360 | 18,564 | ||||||
Linde PLC | 43,853 | 18,011 | ||||||
Sika AG | 51,876 | 16,950 | ||||||
First Quantum Minerals, Ltd. | 1,359,921 | 11,135 | ||||||
Pidilite Industries, Ltd. | 340,365 | 11,096 | ||||||
Albemarle Corp. | 61,201 | 8,842 | ||||||
Barrick Gold Corp. | 460,020 | 8,322 | ||||||
Shin-Etsu Chemical Co., Ltd. | 195,200 | 8,157 | ||||||
Gerdau SA (ADR) | 1,532,534 | 7,433 | ||||||
Jindal Steel & Power, Ltd. | 709,773 | 6,372 | ||||||
LANXESS AG | 203,269 | 6,363 | ||||||
Givaudan SA | 1,339 | 5,570 | ||||||
Glencore PLC | 789,909 | 4,739 | ||||||
Wacker Chemie AG | 30,792 | 3,886 | ||||||
Arkema SA | 33,368 | 3,796 | ||||||
Nutrien, Ltd. (CAD denominated) | 66,242 | 3,732 | ||||||
CEMEX, SAB de CV (ADR), ordinary participation certificates, units1 | 468,502 | 3,631 | ||||||
Loma Negra Compania Industrial Argentina SA (ADR) | 409,335 | 2,902 | ||||||
Shandong Sinocera Functional Material Co., Ltd., Class A | 847,500 | 2,769 | ||||||
Fresnillo PLC | 350,361 | 2,646 | ||||||
Amcor PLC (CDI) | 225,193 | 2,177 | ||||||
BASF SE | 39,350 | 2,119 | ||||||
Akzo Nobel NV | 25,296 | 2,090 | ||||||
Wheaton Precious Metals Corp. | 38,312 | 1,890 | ||||||
Grupo México, SAB de CV, Series B | 217,217 | 1,205 | ||||||
OCI NV | 36,366 | 1,057 | ||||||
China Jushi Co., Ltd., Class A | 714,543 | 989 | ||||||
Umicore SA | 34,684 | 953 | ||||||
Guangzhou Tinci Materials Technology Co., Ltd., Class A | 263,900 | 932 | ||||||
DSM-Firmenich AG | 8,226 | 837 | ||||||
Polymetal International PLC1 | 76,572 | 344 | ||||||
Antofagasta PLC | 12,230 | 262 | ||||||
Alrosa PJSC2 | 1,123,215 | — | 3 | |||||
233,676 | ||||||||
Communication services 6.69% | ||||||||
Meta Platforms, Inc., Class A1 | 108,519 | 38,411 | ||||||
Alphabet, Inc., Class C1 | 157,306 | 22,169 | ||||||
Alphabet, Inc., Class A1 | 78,363 | 10,947 | ||||||
Bharti Airtel, Ltd. | 2,585,534 | 32,030 | ||||||
Bharti Airtel, Ltd., interim shares | 61,951 | 474 | ||||||
Tencent Holdings, Ltd. | 798,351 | 30,162 | ||||||
MTN Group, Ltd. | 3,574,653 | 22,548 | ||||||
NetEase, Inc. | 574,949 | 10,671 | ||||||
NetEase, Inc. (ADR) | 25,180 | 2,346 | ||||||
América Móvil, SAB de CV, Class B (ADR) | 573,318 | 10,618 | ||||||
Telkom Indonesia (Persero) Tbk PT, Class B | 38,470,300 | 9,874 | ||||||
Telefónica, SA, non-registered shares | 1,898,075 | 7,453 | ||||||
Netflix, Inc.1 | 13,189 | 6,422 |
78 | American Funds Insurance Series |
New World Fund (continued)
Common stocks (continued) | Shares | Value (000) | ||||||
Communication services (continued) | ||||||||
TIM SA | 1,343,498 | $ | 4,956 | |||||
Singapore Telecommunications, Ltd. | 1,997,800 | 3,733 | ||||||
Vodafone Group PLC | 4,232,067 | 3,676 | ||||||
Informa PLC | 288,172 | 2,861 | ||||||
Telefônica Brasil SA, ordinary nominative shares | 207,300 | 2,279 | ||||||
Yandex NV, Class A1,2 | 129,388 | 1,985 | ||||||
JCDecaux SE1 | 80,520 | 1,621 | ||||||
Saudi Telecom Co., non-registered shares | 54,371 | 586 | ||||||
225,822 | ||||||||
Consumer staples 6.61% | ||||||||
Kweichow Moutai Co., Ltd., Class A | 113,407 | 27,547 | ||||||
ITC, Ltd. | 3,838,302 | 21,288 | ||||||
Varun Beverages, Ltd. | 1,234,514 | 18,341 | ||||||
Arca Continental, SAB de CV | 1,157,120 | 12,634 | ||||||
Bunge Global SA | 122,076 | 12,324 | ||||||
Nestlé SA | 99,773 | 11,547 | ||||||
JBS SA | 2,159,116 | 11,037 | ||||||
Monster Beverage Corp.1 | 188,504 | 10,860 | ||||||
Constellation Brands, Inc., Class A | 35,349 | 8,546 | ||||||
Ajinomoto Co., Inc. | 216,899 | 8,382 | ||||||
Raia Drogasil SA, ordinary nominative shares | 1,167,683 | 7,048 | ||||||
Kao Corp. | 169,000 | 6,945 | ||||||
Kimberly-Clark de México, SAB de CV, Class A, ordinary participation certificates | 2,872,918 | 6,458 | ||||||
Anheuser-Busch InBev SA/NV | 93,931 | 6,069 | ||||||
Carlsberg A/S, Class B | 45,546 | 5,709 | ||||||
Pernod Ricard SA | 31,776 | 5,619 | ||||||
Avenue Supermarts, Ltd.1 | 112,159 | 5,498 | ||||||
DINO POLSKA SA, non-registered shares1 | 43,220 | 5,058 | ||||||
Mondelez International, Inc., Class A | 62,269 | 4,510 | ||||||
British American Tobacco PLC | 153,810 | 4,488 | ||||||
Foshan Haitian Flavouring and Food Co., Ltd., Class A | 695,796 | 3,719 | ||||||
L’Oréal SA, non-registered shares | 5,862 | 2,915 | ||||||
Philip Morris International, Inc. | 30,823 | 2,900 | ||||||
Uni-Charm Corp. | 63,600 | 2,298 | ||||||
Dabur India, Ltd. | 331,831 | 2,221 | ||||||
Danone SA | 31,931 | 2,071 | ||||||
United Spirits, Ltd. | 141,557 | 1,898 | ||||||
Proya Cosmetics Co., Ltd., Class A | 91,768 | 1,284 | ||||||
Budweiser Brewing Co., APAC, Ltd. | 573,900 | 1,071 | ||||||
Wuliangye Yibin Co., Ltd., Class A | 47,971 | 947 | ||||||
Diageo PLC | 24,169 | 878 | ||||||
Reckitt Benckiser Group PLC | 11,580 | 799 | ||||||
Clicks Group, Ltd. | 17,686 | 315 | ||||||
X5 Retail Group NV (GDR)1,2 | 88,147 | — | 3 | |||||
223,224 | ||||||||
Energy 3.11% | ||||||||
Reliance Industries, Ltd. | 918,465 | 28,503 | ||||||
TotalEnergies SE | 333,615 | 22,662 | ||||||
New Fortress Energy, Inc., Class A5 | 276,960 | 10,450 | ||||||
Baker Hughes Co., Class A | 293,006 | 10,015 | ||||||
Exxon Mobil Corp. | 73,718 | 7,370 | ||||||
Saudi Arabian Oil Co. | 712,293 | 6,278 | ||||||
Cheniere Energy, Inc. | 31,889 | 5,444 | ||||||
Schlumberger NV | 72,952 | 3,796 | ||||||
Chevron Corp. | 23,220 | 3,464 | ||||||
Shell PLC (GBP denominated) | 76,198 | 2,476 | ||||||
Borr Drilling, Ltd.1 | 166,505 | 1,226 | ||||||
Borr Drilling, Ltd. (NOK denominated)1 | 161,906 | 1,207 | ||||||
Woodside Energy Group, Ltd. | 60,599 | 1,284 | ||||||
INPEX Corp.5 | 42,400 | 571 |
American Funds Insurance Series | 79 |
New World Fund (continued)
Common stocks (continued) | Shares | Value (000) | ||||||
Energy (continued) | ||||||||
Petróleo Brasileiro SA (Petrobras) (ADR), ordinary nominative shares | 23,280 | $ | 372 | |||||
Gazprom PJSC1,2 | 945,858 | — | 3 | |||||
Rosneft Oil Co. PJSC2 | 588,661 | — | 3 | |||||
105,118 | ||||||||
Real estate 1.97% | ||||||||
Macrotech Developers, Ltd. | 2,207,035 | 27,122 | ||||||
Fibra Uno Administración REIT, SA de CV | 3,951,259 | 7,113 | ||||||
ALLOS SA, ordinary nominative shares | 1,250,769 | 6,768 | ||||||
American Tower Corp. REIT | 27,097 | 5,850 | ||||||
KE Holdings, Inc., Class A (ADR) | 318,916 | 5,170 | ||||||
CK Asset Holdings, Ltd. | 981,000 | 4,906 | ||||||
China Resources Mixc Lifestyle Services, Ltd. | 1,192,800 | 4,233 | ||||||
ESR Group, Ltd. | 2,513,600 | 3,469 | ||||||
Longfor Group Holdings, Ltd. | 1,173,846 | 1,883 | ||||||
Ayala Land, Inc. | 222,500 | 138 | ||||||
66,652 | ||||||||
Utilities 1.19% | ||||||||
AES Corp. | 619,432 | 11,924 | ||||||
ENN Energy Holdings, Ltd. | 1,609,205 | 11,830 | ||||||
Equatorial Energia SA, ordinary nominative shares | 1,259,296 | 9,256 | ||||||
Power Grid Corporation of India, Ltd. | 1,770,556 | 5,040 | ||||||
Engie SA | 93,656 | 1,647 | ||||||
China Resources Gas Group, Ltd. | 100,000 | 327 | ||||||
China Gas Holdings, Ltd. | 67,400 | 67 | ||||||
40,091 | ||||||||
Total common stocks (cost: $2,144,852,000) | 3,102,497 | |||||||
Preferred securities 0.66% | ||||||||
Financials 0.31% | ||||||||
Itaú Unibanco Holding SA (ADR), preferred nominative shares | 449,330 | 3,123 | ||||||
Itaú Unibanco Holding SA, preferred nominative shares | 315,302 | 2,192 | ||||||
Banco Bradesco SA, preferred nominative shares | 1,512,701 | 5,267 | ||||||
10,582 | ||||||||
Real estate 0.19% | ||||||||
QuintoAndar, Ltd., Series E, preference shares1,2,4 | 32,657 | 5,091 | ||||||
QuintoAndar, Ltd., Series E-1, preference shares1,2,4 | 8,400 | 1,309 | ||||||
6,400 | ||||||||
Consumer discretionary 0.12% | ||||||||
Dr. Ing. h.c. F. Porsche AG, nonvoting non-registered preferred shares | 41,073 | 3,622 | ||||||
Getir BV, Series D, preferred shares1,2,4 | 7,768 | 468 | ||||||
4,090 | ||||||||
Information technology 0.03% | ||||||||
Samsung Electronics Co., Ltd., nonvoting preferred shares | 23,177 | 1,118 | ||||||
Canva, Inc., Series A, noncumulative preferred shares1,2,4 | 34 | 36 | ||||||
Canva, Inc., Series A-3, noncumulative preferred shares1,2,4 | 1 | 1 | ||||||
1,155 | ||||||||
Industrials 0.01% | ||||||||
GOL Linhas Aéreas Inteligentes SA, preferred nominative shares1 | 129,359 | 234 | ||||||
Total preferred securities (cost: $23,340,000) | 22,461 |
80 | American Funds Insurance Series |
New World Fund (continued)
Rights & warrants 0.05% | Shares | Value (000) | ||||||
Consumer discretionary 0.03% | ||||||||
Midea Group Co., Ltd., Class A, warrants, expire 2/26/20241,6 | 128,407 | $ | 989 | |||||
Industrials 0.02% | ||||||||
Centre Testing International Group Co., Ltd., Class A, warrants, expire 3/20/20241,6 | 425,100 | 849 | ||||||
Total rights & warrants (cost: $2,099,000) | 1,838 | |||||||
Convertible bonds & notes 0.01% | Principal amount (000) | |||||||
Energy 0.01% | ||||||||
Abu Dhabi National Oil Co., convertible notes, 0.70% 6/4/2024 | USD | 200 | 195 | |||||
Total convertible bonds & notes (cost: $195,000) | 195 | |||||||
Bonds, notes & other debt instruments 3.95% | ||||||||
Bonds & notes of governments & government agencies outside the U.S. 3.40% | ||||||||
Abu Dhabi (Emirate of) 1.70% 3/2/20316 | 200 | 170 | ||||||
Angola (Republic of) 9.50% 11/12/2025 | 400 | 394 | ||||||
Angola (Republic of) 8.25% 5/9/2028 | 500 | 462 | ||||||
Angola (Republic of) 8.00% 11/26/20296 | 445 | 396 | ||||||
Angola (Republic of) 8.75% 4/14/20326 | 280 | 247 | ||||||
Argentine Republic 1.00% 7/9/2029 | 32 | 13 | ||||||
Argentine Republic 3.625% 7/9/2035 (4.125% on 7/9/2024)7 | 2,217 | 766 | ||||||
Argentine Republic 4.25% 1/9/2038 (5.00% on 7/9/2024)7 | 1,091 | 434 | ||||||
Argentine Republic 3.50% 7/9/2041 (4.875% on 7/9/2029)7 | 2,454 | 843 | ||||||
Brazil (Federative Republic of) 0% 1/1/2024 | BRL | 10,200 | 2,099 | |||||
Brazil (Federative Republic of) 10.00% 1/1/2027 | 10,669 | 2,205 | ||||||
Brazil (Federative Republic of) 6.00% 5/15/20278 | 30,772 | 6,383 | ||||||
Brazil (Federative Republic of) 10.00% 1/1/2031 | 8,986 | 1,828 | ||||||
Brazil (Federative Republic of) 10.00% 1/1/2033 | 26,684 | 5,415 | ||||||
Brazil (Federative Republic of) 6.00% 8/15/20508 | 1,672 | 365 | ||||||
Chile (Republic of) 6.00% 4/1/2033 | CLP | 1,170,000 | 1,398 | |||||
Chile (Republic of) 5.30% 11/1/2037 | 480,000 | 549 | ||||||
Chile (Republic of) 4.34% 3/7/2042 | USD | 350 | 314 | |||||
China (People’s Republic of), Series INBK, 2.89% 11/18/2031 | CNY | 30,480 | 4,399 | |||||
China (People’s Republic of), Series INBK, 2.88% 2/25/2033 | 11,700 | 1,690 | ||||||
China (People’s Republic of), Series INBK, 3.72% 4/12/2051 | 27,530 | 4,487 | ||||||
China (People’s Republic of), Series INBK, 3.12% 10/25/2052 | 10,410 | 1,531 | ||||||
Colombia (Republic of) 3.25% 4/22/2032 | USD | 700 | 558 | |||||
Colombia (Republic of) 8.00% 11/14/2035 | 200 | 219 | ||||||
Colombia (Republic of) 5.20% 5/15/2049 | 755 | 592 | ||||||
Colombia (Republic of), Series B, 7.00% 3/26/2031 | COP | 2,927,200 | 652 | |||||
Colombia (Republic of), Series B, 13.25% 2/9/2033 | 10,560,100 | 3,236 | ||||||
Cote d’Ivoire (Republic of) 4.875% 1/30/2032 | EUR | 150 | 140 | |||||
Czech Republic 1.25% 2/14/2025 | CZK | 32,530 | 1,401 | |||||
Czech Republic 1.95% 7/30/2037 | 19,010 | 685 | ||||||
Dominican Republic 8.625% 4/20/20276 | USD | 575 | 603 | |||||
Dominican Republic 5.50% 2/22/20296 | 275 | 269 | ||||||
Dominican Republic 11.375% 7/6/2029 | DOP | 12,800 | 234 | |||||
Dominican Republic 7.05% 2/3/20316 | USD | 150 | 158 | |||||
Dominican Republic 13.625% 2/3/2033 | DOP | 9,000 | 189 | |||||
Dominican Republic 11.25% 9/15/2035 | 49,350 | 919 | ||||||
Dominican Republic 5.875% 1/30/2060 | USD | 1,725 | 1,496 | |||||
Dominican Republic 5.875% 1/30/20606 | 280 | 243 | ||||||
Egypt (Arab Republic of) 6.375% 4/11/2031 | EUR | 450 | 320 | |||||
Egypt (Arab Republic of) 8.50% 1/31/2047 | USD | 400 | 250 | |||||
Egypt (Arab Republic of) 8.875% 5/29/2050 | 455 | 291 | ||||||
Egypt (Arab Republic of) 8.75% 9/30/2051 | 500 | 317 | ||||||
Egypt (Arab Republic of) 8.15% 11/20/20596 | 500 | 309 |
American Funds Insurance Series | 81 |
New World Fund (continued)
Bonds, notes & other debt instruments (continued) | Principal amount (000) | Value (000) | ||||||
Bonds & notes of governments & government agencies outside the U.S. (continued) | ||||||||
Ethiopia (Federal Democratic Republic of) 6.625% 12/11/20249 | USD | 440 | $ | 299 | ||||
Gabonese Republic 7.00% 11/24/2031 | 300 | 251 | ||||||
Ghana (Republic of) 7.75% 4/7/20296,9 | 1,125 | 495 | ||||||
Ghana (Republic of) 8.125% 3/26/20329 | 1,280 | 566 | ||||||
Honduras (Republic of) 6.25% 1/19/2027 | 1,365 | 1,314 | ||||||
Honduras (Republic of) 5.625% 6/24/2030 | 678 | 606 | ||||||
Honduras (Republic of) 5.625% 6/24/20306 | 281 | 251 | ||||||
Hungary (Republic of) 6.25% 9/22/20326 | 330 | 353 | ||||||
Hungary (Republic of), Series A, 6.75% 10/22/2028 | HUF | 519,260 | 1,556 | |||||
India (Republic of) 6.54% 1/17/2032 | INR | 81,680 | 944 | |||||
Indonesia (Republic of) 6.625% 2/17/2037 | USD300 | 352 | ||||||
Indonesia (Republic of) 7.125% 6/15/2038 | IDR | 32,478,000 | 2,209 | |||||
Indonesia (Republic of), Series 95, 6.375% 8/15/2028 | 48,630,000 | 3,153 | ||||||
Indonesia (Republic of), Series 82, 7.00% 9/15/2030 | 12,900,000 | 856 | ||||||
Indonesia (Republic of), Series 96, 7.00% 2/15/2033 | 27,200,000 | 1,832 | ||||||
International Bank for Reconstruction and Development 6.85% 4/24/2028 | INR | 78,000 | 940 | |||||
Kenya (Republic of) 6.875% 6/24/2024 | USD | 400 | 390 | |||||
Kenya (Republic of) 8.25% 2/28/20486 | 400 | 333 | ||||||
Malaysia (Federation of), Series 0119, 3.906% 7/15/2026 | MYR | 3,240 | 713 | |||||
Malaysia (Federation of), Series 0219, 3.885% 8/15/2029 | 2,095 | 460 | ||||||
Malaysia (Federation of), Series 0419, 3.828% 7/5/2034 | 4,280 | 926 | ||||||
Malaysia (Federation of), Series 0418, 4.893% 6/8/2038 | 7,106 | 1,699 | ||||||
Malaysia (Federation of), Series 0519, 3.757% 5/22/2040 | 2,200 | 459 | ||||||
Malaysia (Federation of), Series 0519, 4.638% 11/15/2049 | 1,030 | 235 | ||||||
Malaysia (Federation of), Series 0120, 4.065% 6/15/2050 | 631 | 135 | ||||||
Malaysia (Federation of), Series 022, 5.357% 5/15/2052 | 989 | 251 | ||||||
MFB Magyar Fejlesztesi Bank Zartkoruen Mukodo Reszvenytarsasag 6.50% 6/29/2028 | USD | 940 | 969 | |||||
Mongolia (State of) 4.45% 7/7/2031 | 300 | 252 | ||||||
Morocco (Kingdom of) 5.95% 3/8/20286 | 255 | 262 | ||||||
Mozambique (Republic of) 9.00% 9/15/2031 | 1,300 | 1,111 | ||||||
Oman (Sultanate of) 6.25% 1/25/20316 | 200 | 211 | ||||||
Oman (Sultanate of) 6.75% 1/17/2048 | 285 | 299 | ||||||
Panama (Republic of) 3.75% 4/17/2026 | 100 | 94 | ||||||
Panama (Republic of) 6.875% 1/31/2036 | 410 | 410 | ||||||
Panama (Republic of) 4.50% 4/16/2050 | 200 | 139 | ||||||
Panama (Republic of) 6.853% 3/28/2054 | 590 | 554 | ||||||
Panama (Republic of) 4.50% 1/19/2063 | 200 | 131 | ||||||
Paraguay (Republic of) 4.95% 4/28/2031 | 320 | 313 | ||||||
Peru (Republic of) 3.00% 1/15/2034 | 225 | 191 | ||||||
Peru (Republic of) 6.55% 3/14/2037 | 1,070 | 1,195 | ||||||
Peru (Republic of) 3.55% 3/10/2051 | 370 | 282 | ||||||
Peru (Republic of) 2.78% 12/1/2060 | 100 | 63 | ||||||
PETRONAS Capital, Ltd. 4.55% 4/21/20506 | 400 | 368 | ||||||
Philippines (Republic of) 6.375% 10/23/2034 | 145 | 165 | ||||||
Philippines (Republic of) 3.95% 1/20/2040 | 500 | 452 | ||||||
Poland (Republic of) 4.875% 10/4/2033 | 560 | 569 | ||||||
Poland (Republic of), Series 0726, 2.50% 7/25/2026 | PLN | 7,680 | 1,839 | |||||
Qatar (State of) 4.50% 4/23/20286 | USD | 450 | 456 | |||||
Romania 2.00% 1/28/2032 | EUR | 1,375 | 1,179 | |||||
Romania 2.00% 4/14/2033 | 300 | 249 | ||||||
Romania 5.125% 6/15/20486 | USD | 500 | 430 | |||||
Senegal (Republic of) 4.75% 3/13/2028 | EUR | 600 | 613 | |||||
South Africa (Republic of) 5.875% 4/20/2032 | USD | 400 | 380 | |||||
South Africa (Republic of), Series R-213, 7.00% 2/28/2031 | ZAR | 57,197 | 2,619 | |||||
South Africa (Republic of), Series R-2035, 8.875% 2/28/2035 | 100,363 | 4,639 | ||||||
South Africa (Republic of), Series R-2040, 9.00% 1/31/2040 | 26,540 | 1,138 | ||||||
South Africa (Republic of), Series R-2048, 8.75% 2/28/2048 | 42,450 | 1,712 | ||||||
Sri Lanka (Democratic Socialist Republic of) 6.125% 6/3/2025 | USD | 200 | 103 | |||||
Sri Lanka (Democratic Socialist Republic of) 6.85% 11/3/2025 | 950 | 492 | ||||||
Sri Lanka (Democratic Socialist Republic of) 7.55% 3/28/2030 | 271 | 137 | ||||||
Thailand (Kingdom of) 2.875% 12/17/2028 | THB | 15,532 | 460 |
82 | American Funds Insurance Series |
New World Fund (continued)
Bonds, notes & other debt instruments (continued) | Principal amount (000) | Value (000) | ||||||
Bonds & notes of governments & government agencies outside the U.S. (continued) | ||||||||
Thailand (Kingdom of) 3.45% 6/17/2043 | THB | 18,658 | $ | 569 | ||||
Tunisia (Republic of) 5.625% 2/17/2024 | EUR | 1,820 | 1,944 | |||||
Tunisia (Republic of) 5.75% 1/30/2025 | USD | 425 | 350 | |||||
Turkey (Republic of) 9.875% 1/15/2028 | 200 | 222 | ||||||
Turkey (Republic of) 17.30% 7/19/2028 | TRY | 27,700 | 761 | |||||
Turkey (Republic of) 11.875% 1/15/2030 | USD | 500 | 630 | |||||
Turkey (Republic of) 17.80% 7/13/2033 | TRY | 1,145 | 31 | |||||
Ukraine 8.994% 2/1/20269 | USD | 600 | 180 | |||||
Ukraine 7.75% 9/1/20299 | 2,328 | 646 | ||||||
Ukraine 9.75% 11/1/20309 | 900 | 261 | ||||||
Ukraine 7.375% 9/25/20349 | 2,180 | 518 | ||||||
United Mexican States 4.75% 3/8/2044 | 800 | 690 | ||||||
United Mexican States 3.75% 4/19/2071 | 200 | 134 | ||||||
United Mexican States, Series M, 7.50% 6/3/2027 | MXN | 20,360 | 1,136 | |||||
United Mexican States, Series M20, 8.50% 5/31/2029 | 9,159 | 528 | ||||||
United Mexican States, Series M, 7.75% 5/29/2031 | 83,380 | 4,583 | ||||||
United Mexican States, Series M, 7.50% 5/26/2033 | 63,500 | 3,390 | ||||||
United Mexican States, Series M30, 8.50% 11/18/2038 | 23,600 | 1,327 | ||||||
United Mexican States, Series M, 8.00% 7/31/2053 | 20,070 | 1,050 | ||||||
Venezuela (Bolivarian Republic of) 7.00% 12/1/20189 | USD | 75 | 11 | |||||
Venezuela (Bolivarian Republic of) 7.75% 10/13/20199 | 930 | 132 | ||||||
Venezuela (Bolivarian Republic of) 6.00% 12/9/20209 | 805 | 113 | ||||||
Venezuela (Bolivarian Republic of) 9.00% 5/7/20239 | 800 | 126 | ||||||
Venezuela (Bolivarian Republic of) 8.25% 10/13/20249 | 180 | 28 | ||||||
Venezuela (Bolivarian Republic of) 9.25% 5/7/20289 | 230 | 40 | ||||||
Venezuela (Bolivarian Republic of) 7.00% 3/31/20389 | 65 | 10 | ||||||
114,933 | ||||||||
Corporate bonds, notes & loans 0.55% | ||||||||
Energy 0.15% | ||||||||
Oleoducto Central SA 4.00% 7/14/20276 | 255 | 237 | ||||||
Oleoducto Central SA 4.00% 7/14/2027 | 200 | 186 | ||||||
Petrobras Global Finance BV 6.85% 6/5/2115 | 314 | 296 | ||||||
Petroleos Mexicanos 7.19% 9/12/2024 | MXN | 22,000 | 1,239 | |||||
Petroleos Mexicanos 6.49% 1/23/2027 | USD | 2,585 | 2,427 | |||||
PTTEP Treasury Center Co., Ltd. 2.993% 1/15/2030 | 200 | 181 | ||||||
Sinopec Group Overseas Development (2018), Ltd. 3.10% 1/8/20516 | 630 | 458 | ||||||
5,024 | ||||||||
Financials 0.09% | ||||||||
Bangkok Bank Public Co., Ltd. 3.733% 9/25/2034 (5-year UST Yield Curve Rate T Note Constant Maturity + 1.90% on 9/25/2029)7 | 800 | 712 | ||||||
BBVA Bancomer SA 8.45% 6/29/2038 (5-year UST Yield Curve Rate T Note Constant Maturity + 4.661% on 6/29/2033)6,7 | 340 | 363 | ||||||
CMB International Leasing Management, Ltd. 2.75% 8/12/2030 | 300 | 257 | ||||||
HDFC Bank, Ltd. 3.70% junior subordinated perpetual bonds (5-Year UST Yield Curve Rate T Note Constant Maturity + 2.925% on 2/25/2027)6,7 | 600 | 548 | ||||||
HSBC Holdings PLC 7.399% 11/13/2034 (USD-SOFR + 3.02% on 11/13/2033)7 | 600 | 658 | ||||||
HSBC Holdings PLC 6.332% 3/9/2044 (USD-SOFR + 2.65% on 3/9/2043)7 | 600 | 647 | ||||||
3,185 | ||||||||
Communication services 0.08% | ||||||||
América Móvil, SAB de CV, 9.50% 1/27/2031 | MXN | 24,000 | 1,376 | |||||
Axiata SPV5 (Labuan), Ltd. 3.064% 8/19/2050 | USD | 357 | 247 | |||||
PLDT, Inc. 2.50% 1/23/2031 | 210 | 175 | ||||||
Tencent Holdings, Ltd. 3.975% 4/11/2029 | 400 | 381 | ||||||
Tencent Holdings, Ltd. 3.24% 6/3/20506 | 580 | 387 | ||||||
2,566 |
American Funds Insurance Series | 83 |
New World Fund (continued)
Bonds, notes & other debt instruments (continued) | Principal amount (000) | Value (000) | ||||||
Corporate bonds, notes & loans (continued) | ||||||||
Utilities 0.07% | ||||||||
Aegea Finance SARL 9.00% 1/20/20316 | USD | 275 | $ | 293 | ||||
AES Panama Generation Holdings SRL 4.375% 5/31/20306 | 275 | 231 | ||||||
Empresas Publicas de Medellin ESP 4.25% 7/18/20296 | 412 | 352 | ||||||
State Grid Europe Development (2014) PLC 3.125% 4/7/2025 | 1,400 | 1,368 | ||||||
2,244 | ||||||||
Materials 0.06% | ||||||||
Braskem Idesa SAPI 7.45% 11/15/2029 | 775 | 488 | ||||||
Braskem Idesa SAPI 7.45% 11/15/20296 | 300 | 189 | ||||||
Braskem Netherlands Finance BV 8.50% 1/12/20316 | 355 | 331 | ||||||
CSN Resources SA 8.875% 12/5/20306 | 400 | 417 | ||||||
GC Treasury Center Co., Ltd. 4.40% 3/30/20326 | 230 | 210 | ||||||
Sasol Financing USA, LLC 5.875% 3/27/2024 | 500 | 497 | ||||||
2,132 | ||||||||
Consumer discretionary 0.05% | ||||||||
Alibaba Group Holding, Ltd. 3.15% 2/9/2051 | 410 | 269 | ||||||
Arcos Dorados BV 6.125% 5/27/2029 | 450 | 450 | ||||||
Meituan 3.05% 10/28/20306 | 400 | 338 | ||||||
MercadoLibre, Inc. 3.125% 1/14/2031 | 400 | 343 | ||||||
Sands China, Ltd. 4.625% 6/18/2030 | 220 | 200 | ||||||
1,600 | ||||||||
Consumer staples 0.03% | ||||||||
MARB BondCo PLC 3.95% 1/29/2031 | 520 | 423 | ||||||
NBM US Holdings, Inc. 7.00% 5/14/20264 | 200 | 203 | ||||||
NBM US Holdings, Inc. 6.625% 8/6/20294 | 420 | 412 | ||||||
1,038 | ||||||||
Health care 0.01% | ||||||||
Rede D’Or Finance SARL 4.50% 1/22/2030 | 480 | 435 | ||||||
Industrials 0.01% | ||||||||
Mexico City Airport Trust 4.25% 10/31/2026 | 200 | 193 | ||||||
Total corporate bonds, notes & loans | 18,417 | |||||||
Total bonds, notes & other debt instruments (cost: $135,928,000) | 133,350 | |||||||
Short-term securities 4.04% | Shares | |||||||
Money market investments 4.01% | ||||||||
Capital Group Central Cash Fund 5.44%10,11 | 1,354,533 | 135,440 |
84 | American Funds Insurance Series |
New World Fund (continued)
Short-term securities (continued) | Shares | Value (000) | ||||||
Money market investments purchased with collateral from securities on loan 0.03% | ||||||||
State Street Institutional U.S. Government Money Market Fund, Institutional Class 5.29%10,12 | 664,565 | $ | 665 | |||||
Invesco Short-Term Investments Trust – Government & Agency Portfolio, Institutional Class 5.27%10,12 | 340,555 | 340 | ||||||
1,005 | ||||||||
Total short-term securities (cost: $136,437,000) | 136,445 | |||||||
Total investment securities 100.55% (cost: $2,442,851,000) | 3,396,786 | |||||||
Other assets less liabilities (0.55)% | (18,499 | ) | ||||||
Net assets 100.00% | $ | 3,378,287 |
Futures contracts
Contracts | Type | Number of contracts | Expiration date | Notional amount (000) | Value and unrealized appreciation (depreciation) at 12/31/2023 (000) | ||||||||||
2 Year U.S. Treasury Note Futures | Long | 95 | 4/3/2024 | USD | 19,562 | $ | 194 | ||||||||
10 Year Euro-Bund Futures | Short | 19 | 3/11/2024 | (2,878 | ) | (85 | ) | ||||||||
10 Year Ultra U.S. Treasury Note Futures | Short | 34 | 3/28/2024 | (4,012 | ) | (180 | ) | ||||||||
30 Year Ultra U.S. Treasury Bond Futures | Long | 4 | 3/28/2024 | 534 | 50 | ||||||||||
$ | (21 | ) |
Forward currency contracts
Contract amount | Unrealized appreciation (depreciation) | |||||||||||||
Currency purchased (000) | Currency sold (000) | Counterparty | Settlement date | at 12/31/2023 (000) | ||||||||||
IDR | 14,580,000 | USD | 943 | Citibank | 1/5/2024 | $ | 4 | |||||||
USD | 941 | IDR | 14,580,000 | Citibank | 1/5/2024 | (6 | ) | |||||||
USD | 2,710 | EUR | 2,497 | Morgan Stanley | 1/8/2024 | (48 | ) | |||||||
EUR | 156 | USD | 168 | Morgan Stanley | 1/11/2024 | 4 | ||||||||
BRL | 13,005 | USD | 2,645 | Citibank | 1/12/2024 | 30 | ||||||||
COP | 540,787 | USD | 135 | Morgan Stanley | 1/12/2024 | 4 | ||||||||
INR | 36,577 | USD | 438 | Standard Chartered Bank | 1/12/2024 | 1 | ||||||||
USD | 17 | CLP | 15,136 | Morgan Stanley | 1/12/2024 | — | 3 | |||||||
IDR | 1,205,515 | USD | 78 | JPMorgan Chase | 1/12/2024 | — | 3 | |||||||
USD | 576 | BRL | 2,860 | Citibank | 1/12/2024 | (13 | ) | |||||||
USD | 1,586 | MXN | 27,560 | Citibank | 1/12/2024 | (32 | ) | |||||||
HUF | 504,380 | USD | 1,420 | JPMorgan Chase | 1/18/2024 | 30 | ||||||||
CZK | 21,025 | USD | 930 | Barclays Bank PLC | 1/18/2024 | 10 | ||||||||
USD | 61 | ZAR | 1,125 | Bank of America | 1/18/2024 | — | 3 | |||||||
USD | 39 | PLN | 156 | Goldman Sachs | 1/18/2024 | (1 | ) | |||||||
USD | 4,745 | MYR | 22,105 | HSBC Bank | 1/19/2024 | (82 | ) | |||||||
MXN | 8,749 | USD | 503 | JPMorgan Chase | 1/22/2024 | 10 | ||||||||
USD | 1,560 | ZAR | 29,086 | Goldman Sachs | 1/22/2024 | (27 | ) | |||||||
USD | 1,005 | CNH | 7,158 | Morgan Stanley | 1/23/2024 | (2 | ) | |||||||
TRY | 30,935 | USD | 986 | Barclays Bank PLC | 3/7/2024 | (2 | ) | |||||||
CZK | 18,535 | USD | 820 | Barclays Bank PLC | 6/10/2024 | 7 | ||||||||
$ | (113 | ) |
American Funds Insurance Series | 85 |
New World Fund (continued)
Swap contracts
Interest rate swaps
Centrally cleared interest rate swaps
Receive | Pay | Notional | Value at | Upfront premium paid | Unrealized appreciation (depreciation) | |||||||||||||
Rate | Payment frequency | Rate | Payment frequency | Expiration date | amount (000) | 12/31/2023 (000) | (received) (000) | at 12/31/2023 (000) | ||||||||||
8.61% | 28-day | 28-day MXN-TIIE | 28-day | 8/3/2028 | MXN43,530 | $— | 3 | $— | $— | 3 |
Bilateral interest rate swaps
Receive | Pay | Notional | Value at | Upfront premium paid | Unrealized appreciation depreciation) | |||||||||||||||||||
Rate | Payment frequency | Rate | Payment frequency | Counterparty | Expiration date | amount (000) | 12/31/2023 (000) | (received) (000) | at 12/31/2023 (000) | |||||||||||||||
10.535% | At maturity | BZDIOVER | At maturity | Barclays Bank PLC | 1/2/2025 | BRL6,315 | $ | — | 3 | $ | — | $ | — | 3 | ||||||||||
10.775% | At maturity | BZDIOVER | At maturity | Barclays Bank PLC | 1/2/2029 | BRL4,534 | 36 | — | 36 | |||||||||||||||
11.175% | At maturity | BZDIOVER | At maturity | Bank of America | 1/2/2031 | BRL3,670 | 59 | — | 59 | |||||||||||||||
$ | 95 | $ | — | $ | 95 |
Investments in affiliates13
Value at 1/1/2023 (000) | Additions (000) | Reductions (000) | Net realized gain (loss) (000) | Net unrealized appreciation (depreciation) (000) | Value at 12/31/2023 (000) | Dividend or interest income (000) | ||||||||||||||||||||||
Short-term securities 4.01% | ||||||||||||||||||||||||||||
Money market investments 4.01% | ||||||||||||||||||||||||||||
Capital Group Central Cash Fund 5.44%10 | $ | 167,328 | $ | 395,833 | $ | 427,726 | $ | 17 | $ | (12 | ) | $ | 135,440 | $ | 8,436 | |||||||||||||
Money market investments purchased with collateral from securities on loan 0.00% | ||||||||||||||||||||||||||||
Capital Group Central Cash Fund 5.44%10 | 86 | 86 | 14 | — | — | 15 | ||||||||||||||||||||||
Total 4.01% | $ | 17 | $ | (12 | ) | $ | 135,440 | $ | 8,436 |
Restricted securities4
Acquisition date(s) | Cost (000) | Value (000) | Percent of net assets | |||||||||||
QuintoAndar, Ltd., Series E, preference shares1,2 | 5/26/2021 | $ | 5,258 | $ | 5,091 | .15 | % | |||||||
QuintoAndar, Ltd., Series E-1, preference shares1,2 | 12/20/2021 | 1,716 | 1,309 | .04 | ||||||||||
NBM US Holdings, Inc. 6.625% 8/6/2029 | 7/8/2022 | 406 | 412 | .01 | ||||||||||
NBM US Holdings, Inc. 7.00% 5/14/2026 | 5/16/2023 | 193 | 203 | .01 | ||||||||||
Getir BV, Series D, preferred shares1,2 | 5/27/2021 | 3,500 | 468 | .01 | ||||||||||
Canva, Inc.1,2 | 8/26/2021-11/4/2021 | 656 | 411 | .01 | ||||||||||
Canva, Inc., Series A, noncumulative preferred shares1,2 | 11/4/2021 | 58 | 36 | .00 | 16 | |||||||||
Canva, Inc., Series A-3, noncumulative preferred shares1,2 | 11/4/2021 | 2 | 1 | .00 | 16 | |||||||||
Total | $ | 11,789 | $ | 7,931 | .23 | % |
86 | American Funds Insurance Series |
New World Fund (continued)
1 | Security did not produce income during the last 12 months. |
2 | Value determined using significant unobservable inputs. |
3 | Amount less than one thousand. |
4 | Restricted security, other than Rule 144A securities or commercial paper issued pursuant to Section 4(a)(2) of the Securities Act of 1933. The total value of all such restricted securities was $7,931,000, which represented .23% of the net assets of the fund. |
5 | All or a portion of this security was on loan. The total value of all such securities was $1,705,000, which represented .05% of the net assets of the fund. Refer to Note 5 for more information on securities lending. |
6 | Acquired in a transaction exempt from registration under Rule 144A or, for commercial paper, Section 4(a)(2) of the Securities Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers. The total value of all such securities was $11,746,000, which represented .35% of the net assets of the fund. |
7 | Step bond; coupon rate may change at a later date. |
8 | Index-linked bond whose principal amount moves with a government price index. |
9 | Scheduled interest and/or principal payment was not received. |
10 | Rate represents the seven-day yield at 12/31/2023. |
11 | Affiliate of the fund or part of the same “group of investment companies” as the fund, as defined under the Investment Company Act of 1940, as amended. |
12 | Security purchased with cash collateral from securities on loan. Refer to Note 5 for more information on securities lending. |
13 | Part of the same “group of investment companies” as the fund as defined under the Investment Company Act of 1940, as amended. |
14 | Represents net activity. Refer to Note 5 for more information on securities lending. |
15 | Dividend income is included with securities lending income in the fund’s statement of operations and is not shown in this table. |
16 | Amount less than .01%. |
Key to abbreviation(s)
ADR = American Depositary Receipts
BRL = Brazilian reais
BZDIOVER = Overnight Brazilian Interbank Deposit Rate
CAD = Canadian dollars
CDI = CREST Depository Interest
CLP = Chilean pesos
CNH = Chinese yuan renminbi
CNY = Chinese yuan
COP = Colombian pesos
CZK = Czech korunas
DOP = Dominican pesos
EUR = Euros
GBP = British pounds
GDR = Global Depositary Receipts
HUF = Hungarian forints
IDR = Indonesian rupiah
INR = Indian rupees
MXN = Mexican pesos
MYR = Malaysian ringgits
NOK = Norwegian kroner
PLN = Polish zloty
REIT = Real Estate Investment Trust
SOFR = Secured Overnight Financing Rate
THB = Thai baht
TIIE = Equilibrium Interbank Interest Rate
TRY = Turkish lira
USD = U.S. dollars
ZAR = South African rand
Refer to the notes to financial statements.
American Funds Insurance Series | 87 |
Washington Mutual Investors Fund
Investment portfolio December 31, 2023
Common stocks 96.62% | Shares | Value (000) | ||||||
Information technology 22.22% | ||||||||
Broadcom, Inc. | 673,902 | $ | 752,243 | |||||
Microsoft Corp. | 1,781,641 | 669,968 | ||||||
Intel Corp. | 3,034,152 | 152,466 | ||||||
Apple, Inc. | 650,463 | 125,234 | ||||||
ASML Holding NV (ADR) | 142,242 | 107,666 | ||||||
SAP SE (ADR) | 448,458 | 69,327 | ||||||
Applied Materials, Inc. | 382,302 | 61,960 | ||||||
Oracle Corp. | 466,256 | 49,157 | ||||||
Motorola Solutions, Inc. | 151,290 | 47,367 | ||||||
Salesforce, Inc.1 | 156,586 | 41,204 | ||||||
KLA Corp. | 70,506 | 40,985 | ||||||
TE Connectivity, Ltd. | 232,562 | 32,675 | ||||||
Texas Instruments, Inc. | 150,069 | 25,581 | ||||||
Synopsys, Inc.1 | 44,863 | 23,100 | ||||||
NVIDIA Corp. | 34,574 | 17,122 | ||||||
QUALCOMM, Inc. | 113,667 | 16,440 | ||||||
NetApp, Inc. | 176,098 | 15,525 | ||||||
ASM International NV (ADR) | 28,085 | 14,582 | ||||||
Cadence Design Systems, Inc.1 | 37,099 | 10,105 | ||||||
Micron Technology, Inc. | 73,428 | 6,266 | ||||||
Analog Devices, Inc. | 27,657 | 5,491 | ||||||
Ciena Corp.1 | 17,550 | 790 | ||||||
2,285,254 | ||||||||
Health care 16.55% | ||||||||
UnitedHealth Group, Inc. | 636,287 | 334,986 | ||||||
Eli Lilly and Co. | 414,778 | 241,782 | ||||||
CVS Health Corp. | 1,885,093 | 148,847 | ||||||
AbbVie, Inc. | 907,930 | 140,702 | ||||||
Johnson & Johnson | 815,682 | 127,850 | ||||||
Gilead Sciences, Inc. | 1,201,856 | 97,362 | ||||||
Pfizer, Inc. | 3,207,424 | 92,342 | ||||||
AstraZeneca PLC (ADR) | 1,329,019 | 89,509 | ||||||
Danaher Corp. | 286,975 | 66,389 | ||||||
Abbott Laboratories | 573,627 | 63,139 | ||||||
Vertex Pharmaceuticals, Inc.1 | 116,273 | 47,310 | ||||||
Elevance Health, Inc. | 96,492 | 45,502 | ||||||
Humana, Inc. | 85,246 | 39,026 | ||||||
Bristol-Myers Squibb Co. | 661,577 | 33,946 | ||||||
Zoetis, Inc., Class A | 116,162 | 22,927 | ||||||
Regeneron Pharmaceuticals, Inc.1 | 25,319 | 22,237 | ||||||
Novo Nordisk AS, Class B (ADR) | 211,934 | 21,925 | ||||||
Merck & Co., Inc. | 185,136 | 20,184 | ||||||
Thermo Fisher Scientific, Inc. | 37,219 | 19,755 | ||||||
Edwards Lifesciences Corp.1 | 171,851 | 13,104 | ||||||
Molina Healthcare, Inc.1 | 36,224 | 13,088 | ||||||
1,701,912 | ||||||||
Financials 15.34% | ||||||||
Marsh & McLennan Companies, Inc. | 1,290,048 | 244,425 | ||||||
JPMorgan Chase & Co. | 944,283 | 160,623 | ||||||
BlackRock, Inc. | 187,768 | 152,430 | ||||||
CME Group, Inc., Class A | 627,688 | 132,191 | ||||||
Visa, Inc., Class A | 399,830 | 104,096 | ||||||
Wells Fargo & Co. | 1,637,522 | 80,599 | ||||||
Mastercard, Inc., Class A | 185,038 | 78,921 | ||||||
Chubb, Ltd. | 338,392 | 76,477 | ||||||
KKR & Co., Inc. | 703,107 | 58,252 | ||||||
Blackstone, Inc. | 439,169 | 57,496 | ||||||
S&P Global, Inc. | 112,953 | 49,758 | ||||||
Discover Financial Services | 401,650 | 45,146 | ||||||
Capital One Financial Corp. | 335,772 | 44,026 |
88 | American Funds Insurance Series |
Washington Mutual Investors Fund (continued)
Common stocks (continued) | Shares | Value (000) | ||||||
Financials (continued) | ||||||||
Apollo Asset Management, Inc. | 436,959 | $ | 40,720 | |||||
Arthur J. Gallagher & Co. | 170,435 | 38,327 | ||||||
Citizens Financial Group, Inc. | 965,149 | 31,985 | ||||||
Intercontinental Exchange, Inc. | 224,400 | 28,820 | ||||||
Morgan Stanley | 241,344 | 22,505 | ||||||
Aon PLC, Class A | 73,528 | 21,398 | ||||||
Brookfield Asset Management, Ltd., Class A | 409,288 | 16,441 | ||||||
Canadian Imperial Bank of Commerce | 302,696 | 14,572 | ||||||
Nasdaq, Inc. | 211,754 | 12,311 | ||||||
Fifth Third Bancorp | 354,128 | 12,214 | ||||||
Carlyle Group, Inc. (The) | 283,476 | 11,535 | ||||||
Goldman Sachs Group, Inc. | 29,888 | 11,530 | ||||||
Fidelity National Information Services, Inc. | 177,861 | 10,684 | ||||||
Bank of America Corp. | 306,789 | 10,330 | ||||||
PNC Financial Services Group, Inc. | 43,525 | 6,740 | ||||||
MSCI, Inc. | 6,167 | 3,488 | ||||||
1,578,040 | ||||||||
Industrials 11.37% | ||||||||
Northrop Grumman Corp. | 351,726 | 164,657 | ||||||
Caterpillar, Inc. | 402,809 | 119,099 | ||||||
RTX Corp. | 1,081,586 | 91,005 | ||||||
Boeing Co.1 | 310,619 | 80,966 | ||||||
L3Harris Technologies, Inc. | 382,341 | 80,529 | ||||||
Union Pacific Corp. | 312,718 | 76,810 | ||||||
CSX Corp. | 2,060,446 | 71,436 | ||||||
Paychex, Inc. | 366,237 | 43,622 | ||||||
Equifax, Inc. | 162,406 | 40,161 | ||||||
Carrier Global Corp. | 650,884 | 37,393 | ||||||
General Electric Co. | 292,347 | 37,312 | ||||||
ABB, Ltd. (ADR) | 689,412 | 30,541 | ||||||
Lockheed Martin Corp. | 61,781 | 28,002 | ||||||
Robert Half, Inc. | 274,122 | 24,101 | ||||||
Waste Connections, Inc. | 142,559 | 21,280 | ||||||
Southwest Airlines Co. | 664,950 | 19,204 | ||||||
Deere & Co. | 42,130 | 16,847 | ||||||
FedEx Corp. | 61,071 | 15,449 | ||||||
PACCAR, Inc. | 157,552 | 15,385 | ||||||
Veralto Corp. | 177,588 | 14,608 | ||||||
BAE Systems PLC (ADR)2 | 232,390 | 13,436 | ||||||
TransUnion | 180,183 | 12,380 | ||||||
Republic Services, Inc. | 71,086 | 11,723 | ||||||
Huntington Ingalls Industries, Inc. | 44,770 | 11,624 | ||||||
Delta Air Lines, Inc. | 284,973 | 11,464 | ||||||
Rockwell Automation | 36,352 | 11,287 | ||||||
Waste Management, Inc. | 59,620 | 10,678 | ||||||
Johnson Controls International PLC | 171,771 | 9,901 | ||||||
Ingersoll-Rand, Inc. | 125,733 | 9,724 | ||||||
United Parcel Service, Inc., Class B | 56,281 | 8,849 | ||||||
HEICO Corp. | 46,818 | 8,374 | ||||||
Honeywell International, Inc. | 29,331 | 6,151 | ||||||
Broadridge Financial Solutions, Inc. | 29,290 | 6,026 | ||||||
RELX PLC (ADR) | 143,296 | 5,683 | ||||||
AMETEK, Inc. | 21,299 | 3,512 | ||||||
1,169,219 | ||||||||
Consumer staples 7.37% | ||||||||
Philip Morris International, Inc. | 1,939,741 | 182,491 | ||||||
Keurig Dr Pepper, Inc. | 2,694,609 | 89,784 | ||||||
Altria Group, Inc. | 1,387,627 | 55,977 | ||||||
Constellation Brands, Inc., Class A | 225,408 | 54,492 | ||||||
Target Corp. | 374,188 | 53,292 |
American Funds Insurance Series | 89 |
Washington Mutual Investors Fund (continued)
Common stocks (continued) | Shares | Value (000) | ||||||
Consumer staples (continued) | ||||||||
Kraft Heinz Co. (The) | 1,111,018 | $ | 41,085 | |||||
Procter & Gamble Co. | 259,069 | 37,964 | ||||||
Archer Daniels Midland Co. | 483,575 | 34,924 | ||||||
Dollar General Corp. | 192,400 | 26,157 | ||||||
Mondelez International, Inc., Class A | 357,273 | 25,877 | ||||||
Sysco Corp. | 291,351 | 21,307 | ||||||
Nestlé SA (ADR) | 181,561 | 20,994 | ||||||
General Mills, Inc. | 311,058 | 20,262 | ||||||
Costco Wholesale Corp. | 30,692 | 20,259 | ||||||
Church & Dwight Co., Inc. | 188,508 | 17,825 | ||||||
British American Tobacco PLC (ADR) | 590,373 | 17,292 | ||||||
Danone (ADR) | 882,590 | 11,430 | ||||||
Reckitt Benckiser Group PLC (ADR) | 686,906 | 9,438 | ||||||
Kimberly-Clark Corp. | 55,541 | 6,749 | ||||||
Kenvue, Inc. | 271,195 | 5,839 | ||||||
Molson Coors Beverage Co., Class B, restricted voting shares | 80,588 | 4,933 | ||||||
758,371 | ||||||||
Consumer discretionary 6.40% | ||||||||
Home Depot, Inc. | 548,384 | 190,042 | ||||||
YUM! Brands, Inc. | 800,802 | 104,633 | ||||||
Darden Restaurants, Inc. | 503,009 | 82,644 | ||||||
NIKE, Inc., Class B | 493,379 | 53,566 | ||||||
TJX Companies, Inc. | 440,315 | 41,306 | ||||||
Tractor Supply Co. | 175,327 | 37,701 | ||||||
General Motors Co. | 974,693 | 35,011 | ||||||
Royal Caribbean Cruises, Ltd.1 | 223,599 | 28,954 | ||||||
D.R. Horton, Inc. | 122,223 | 18,575 | ||||||
Marriott International, Inc., Class A | 81,836 | 18,455 | ||||||
Chipotle Mexican Grill, Inc.1 | 6,036 | 13,804 | ||||||
Lennar Corp., Class A | 90,363 | 13,468 | ||||||
VF Corp. | 416,792 | 7,836 | ||||||
McDonald’s Corp. | 25,001 | 7,413 | ||||||
Polaris, Inc. | 52,835 | 5,007 | ||||||
658,415 | ||||||||
Communication services 5.27% | ||||||||
Comcast Corp., Class A | 5,641,013 | 247,359 | ||||||
Alphabet, Inc., Class C1 | 893,784 | 125,961 | ||||||
Alphabet, Inc., Class A1 | 527,559 | 73,695 | ||||||
Meta Platforms, Inc., Class A1 | 194,161 | 68,725 | ||||||
Verizon Communications, Inc. | 369,442 | 13,928 | ||||||
Electronic Arts, Inc. | 51,819 | 7,089 | ||||||
Deutsche Telekom AG (ADR) | 142,813 | 3,446 | ||||||
Netflix, Inc.1 | 3,715 | 1,809 | ||||||
542,012 | ||||||||
Energy 4.70% | ||||||||
Canadian Natural Resources, Ltd. | 1,192,529 | 78,134 | ||||||
Halliburton Co. | 2,037,376 | 73,651 | ||||||
Exxon Mobil Corp. | 704,297 | 70,416 | ||||||
EOG Resources, Inc. | 543,873 | 65,781 | ||||||
Chevron Corp. | 424,166 | 63,269 | ||||||
ConocoPhillips | 408,052 | 47,363 | ||||||
Baker Hughes Co., Class A | 1,170,991 | 40,024 | ||||||
TC Energy Corp. | 584,882 | 22,863 | ||||||
Pioneer Natural Resources Co. | 99,515 | 22,379 | ||||||
483,880 |
90 | American Funds Insurance Series |
Washington Mutual Investors Fund (continued)
Common stocks (continued) | Shares | Value (000) | ||||||
Materials 2.92% | ||||||||
Linde PLC | 248,346 | $ | 101,998 | |||||
Celanese Corp. | 446,027 | 69,299 | ||||||
Corteva, Inc. | 801,391 | 38,403 | ||||||
Mosaic Co. | 645,357 | 23,059 | ||||||
Nucor Corp. | 122,250 | 21,276 | ||||||
Rio Tinto PLC (ADR) | 270,710 | 20,157 | ||||||
LyondellBasell Industries NV | 161,383 | 15,344 | ||||||
Albemarle Corp. | 46,965 | 6,786 | ||||||
H.B. Fuller Co. | 49,263 | 4,010 | ||||||
300,332 | ||||||||
Utilities 2.82% | ||||||||
Constellation Energy Corp. | 831,635 | 97,210 | ||||||
Sempra | 998,424 | 74,612 | ||||||
FirstEnergy Corp. | 941,705 | 34,523 | ||||||
Southern Co. (The) | 412,360 | 28,915 | ||||||
CenterPoint Energy, Inc. | 532,947 | 15,226 | ||||||
Public Service Enterprise Group, Inc. | 226,899 | 13,875 | ||||||
Entergy Corp. | 104,792 | 10,604 | ||||||
NextEra Energy, Inc. | 132,160 | 8,027 | ||||||
CMS Energy Corp. | 122,148 | 7,093 | ||||||
290,085 | ||||||||
Real estate 1.66% | ||||||||
Extra Space Storage, Inc. REIT | 348,775 | 55,919 | ||||||
Welltower, Inc. REIT | 538,213 | 48,531 | ||||||
Prologis, Inc. REIT | 225,747 | 30,092 | ||||||
Equinix, Inc. REIT | 27,238 | 21,937 | ||||||
Regency Centers Corp. REIT | 106,640 | 7,145 | ||||||
Public Storage REIT | 19,847 | 6,053 | ||||||
American Tower Corp. REIT | 5,524 | 1,193 | ||||||
170,870 | ||||||||
Total common stocks (cost: $6,929,849,000) | 9,938,390 | |||||||
Convertible stocks 0.03% | ||||||||
Financials 0.03% | ||||||||
Apollo Global Management, Inc., Class A, cumulative convertible preferred shares, 6.75% 7/31/2026 | 54,000 | 3,045 | ||||||
Total convertible stocks (cost: $2,700,000) | 3,045 | |||||||
Short-term securities 3.30% | ||||||||
Money market investments 3.21% | ||||||||
Capital Group Central Cash Fund 5.44%3,4 | 3,298,828 | 329,850 |
American Funds Insurance Series | 91 |
Washington Mutual Investors Fund (continued)
Short-term securities (continued) | Shares | Value (000) | ||||||
Money market investments purchased with collateral from securities on loan 0.09% | ||||||||
State Street Institutional U.S. Government Money Market Fund, Institutional Class 5.29%3,5 | 5,704,056 | $ | 5,704 | |||||
Invesco Short-Term Investments Trust – Government & Agency Portfolio, Institutional Class 5.27%3,5 | 3,460,079 | 3,460 | ||||||
Capital Group Central Cash Fund 5.44%3,4,5 | 6,289 | 629 | ||||||
9,793 | ||||||||
Total short-term securities (cost: $339,619,000) | 339,643 | |||||||
Total investment securities 99.95% (cost: $7,272,168,000) | 10,281,078 | |||||||
Other assets less liabilities 0.05% | 5,263 | |||||||
Net assets 100.00% | $ | 10,286,341 |
Investments in affiliates4
Value at 1/1/2023 (000) | Additions (000) | Reductions (000) | Net realized gain (loss) (000) | Net unrealized appreciation (depreciation) (000) | Value at 12/31/2023 (000) | Dividend or interest income (000) | ||||||||||||||||||||||
Short-term securities 3.21% | ||||||||||||||||||||||||||||
Money market investments 3.21% | ||||||||||||||||||||||||||||
Capital Group Central Cash Fund 5.44%3 | $ | 384,669 | $ | 1,156,797 | $ | 1,211,607 | $ | 18 | $ | (27 | ) | $ | 329,850 | $ | 18,395 | |||||||||||||
Money market investments purchased with collateral from securities on loan 0.00% | ||||||||||||||||||||||||||||
Capital Group Central Cash Fund 5.44%3,5 | 6,338 | 5,709 | 6 | 629 | — | 7 | ||||||||||||||||||||||
Total 3.21% | $ | 18 | $ | (27 | ) | $ | 330,479 | $ | 18,395 |
1 | Security did not produce income during the last 12 months. |
2 | All or a portion of this security was on loan. The total value of all such securities was $10,510,000, which represented .10% of the net assets of the fund. Refer to Note 5 for more information on securities lending. |
3 | Rate represents the seven-day yield at 12/31/2023. |
4 | Part of the same “group of investment companies” as the fund as defined under the Investment Company Act of 1940, as amended. |
5 | Security purchased with cash collateral from securities on loan. Refer to Note 5 for more information on securities lending. |
6 | Represents net activity. Refer to Note 5 for more information on securities lending. |
7 | Dividend income is included with securities lending income in the fund’s statement of operations and is not shown in this table. |
Key to abbreviation(s)
ADR = American Depositary Receipts
REIT = Real Estate Investment Trust
Refer to the notes to financial statements.
92 | American Funds Insurance Series |
Capital World Growth and Income Fund
Investment portfolio December 31, 2023
Common stocks 96.15% | Shares | Value (000) | ||||||
Information technology 20.38% | ||||||||
Broadcom, Inc. | 70,164 | $ | 78,321 | |||||
Microsoft Corp. | 198,265 | 74,556 | ||||||
Taiwan Semiconductor Manufacturing Co., Ltd. | 2,043,772 | 39,333 | ||||||
ASML Holding NV | 37,045 | 27,969 | ||||||
Apple, Inc. | 114,629 | 22,069 | ||||||
Tokyo Electron, Ltd. | 108,600 | 19,304 | ||||||
Capgemini SE | 53,532 | 11,199 | ||||||
EPAM Systems, Inc.1 | 37,067 | 11,021 | ||||||
Accenture PLC, Class A | 30,585 | 10,733 | ||||||
NVIDIA Corp. | 15,646 | 7,748 | ||||||
Salesforce, Inc.1 | 28,868 | 7,596 | ||||||
Texas Instruments, Inc. | 42,790 | 7,294 | ||||||
Intel Corp. | 110,871 | 5,571 | ||||||
Shopify, Inc., Class A, subordinate voting shares1 | 65,759 | 5,123 | ||||||
TE Connectivity, Ltd. | 34,238 | 4,810 | ||||||
Oracle Corp. | 43,397 | 4,575 | ||||||
MediaTek, Inc. | 125,094 | 4,120 | ||||||
Samsung Electronics Co., Ltd. | 62,718 | 3,814 | ||||||
Applied Materials, Inc. | 19,822 | 3,213 | ||||||
Seagate Technology Holdings PLC | 36,560 | 3,121 | ||||||
Synopsys, Inc.1 | 5,802 | 2,987 | ||||||
Keyence Corp. | 6,200 | 2,718 | ||||||
Disco Corp. | 10,500 | 2,584 | ||||||
GlobalWafers Co., Ltd. | 126,000 | 2,404 | ||||||
Adobe, Inc.1 | 3,902 | 2,328 | ||||||
Micron Technology, Inc. | 23,777 | 2,029 | ||||||
Constellation Software, Inc. | 806 | 1,998 | ||||||
Marvell Technology, Inc. | 31,433 | 1,896 | ||||||
Arista Networks, Inc.1 | 7,827 | 1,843 | ||||||
Cognizant Technology Solutions Corp., Class A | 23,563 | 1,780 | ||||||
Advantech Co., Ltd. | 121,098 | 1,465 | ||||||
Infosys, Ltd. | 71,189 | 1,318 | ||||||
Fujitsu, Ltd. | 8,200 | 1,238 | ||||||
Delta Electronics, Inc. | 74,000 | 754 | ||||||
Wolfspeed, Inc.1 | 12,732 | 554 | ||||||
379,386 | ||||||||
Health care 14.68% | ||||||||
UnitedHealth Group, Inc. | 69,267 | 36,467 | ||||||
Eli Lilly and Co. | 49,803 | 29,031 | ||||||
Abbott Laboratories | 252,848 | 27,831 | ||||||
Novo Nordisk AS, Class B | 219,648 | 22,719 | ||||||
Vertex Pharmaceuticals, Inc.1 | 40,704 | 16,562 | ||||||
AstraZeneca PLC | 117,552 | 15,832 | ||||||
Gilead Sciences, Inc. | 174,436 | 14,131 | ||||||
Thermo Fisher Scientific, Inc. | 20,116 | 10,677 | ||||||
Sanofi | 96,516 | 9,569 | ||||||
Daiichi Sankyo Co., Ltd. | 323,100 | 8,945 | ||||||
Takeda Pharmaceutical Co., Ltd. | 282,100 | 8,098 | ||||||
Stryker Corp. | 26,597 | 7,965 | ||||||
Molina Healthcare, Inc.1 | 21,423 | 7,740 | ||||||
Novartis AG | 62,076 | 6,268 | ||||||
GE HealthCare Technologies, Inc. | 69,031 | 5,338 | ||||||
Pfizer, Inc. | 178,020 | 5,125 | ||||||
Insulet Corp.1 | 16,471 | 3,574 | ||||||
Catalent, Inc.1 | 73,662 | 3,310 | ||||||
Medtronic PLC | 32,125 | 2,647 | ||||||
Siemens Healthineers AG | 44,644 | 2,594 | ||||||
DexCom, Inc.1 | 20,846 | 2,587 | ||||||
AbbVie, Inc. | 16,270 | 2,521 | ||||||
Argenx SE (ADR)1 | 6,348 | 2,415 | ||||||
EssilorLuxottica SA | 11,735 | 2,359 |
American Funds Insurance Series | 93 |
Capital World Growth and Income Fund (continued)
Common stocks (continued) | Shares | Value (000) | ||||||
Health care (continued) | ||||||||
Centene Corp.1 | 31,520 | $ | 2,339 | |||||
Zoetis, Inc., Class A | 10,733 | 2,118 | ||||||
Bayer AG | 56,610 | 2,102 | ||||||
CVS Health Corp. | 24,600 | 1,942 | ||||||
Penumbra, Inc.1 | 7,517 | 1,891 | ||||||
CSL, Ltd. | 8,354 | 1,629 | ||||||
Eurofins Scientific SE, non-registered shares | 19,671 | 1,287 | ||||||
Cooper Companies, Inc. | 3,356 | 1,270 | ||||||
Regeneron Pharmaceuticals, Inc.1 | 1,238 | 1,087 | ||||||
Lonza Group AG | 2,498 | 1,051 | ||||||
Coloplast AS, Class B | 8,981 | 1,027 | ||||||
agilon health, Inc.1 | 51,498 | 646 | ||||||
Rede D’Or Sao Luiz SA | 100,527 | 592 | ||||||
273,286 | ||||||||
Industrials 14.25% | ||||||||
Airbus SE, non-registered shares | 150,102 | 23,170 | ||||||
General Electric Co. | 153,728 | 19,620 | ||||||
Carrier Global Corp. | 261,966 | 15,050 | ||||||
Recruit Holdings Co., Ltd. | 309,450 | 13,211 | ||||||
Safran SA | 72,738 | 12,831 | ||||||
BAE Systems PLC | 858,837 | 12,151 | ||||||
Siemens AG | 60,353 | 11,320 | ||||||
Melrose Industries PLC | 1,494,729 | 10,799 | ||||||
Boeing Co.1 | 40,830 | 10,643 | ||||||
Caterpillar, Inc. | 29,713 | 8,785 | ||||||
Deere & Co. | 20,613 | 8,243 | ||||||
RTX Corp. | 97,064 | 8,167 | ||||||
TransDigm Group, Inc. | 7,939 | 8,031 | ||||||
Ryanair Holdings PLC (ADR) | 57,867 | 7,717 | ||||||
Bureau Veritas SA | 239,183 | 6,045 | ||||||
Mitsui & Co., Ltd. | 151,100 | 5,630 | ||||||
CSX Corp. | 148,768 | 5,158 | ||||||
Lockheed Martin Corp. | 11,191 | 5,072 | ||||||
Leonardo SpA | 241,343 | 3,982 | ||||||
Thales SA | 26,123 | 3,864 | ||||||
Compagnie de Saint-Gobain SA, non-registered shares | 51,751 | 3,827 | ||||||
DHL Group | 75,772 | 3,753 | ||||||
Techtronic Industries Co., Ltd. | 284,500 | 3,403 | ||||||
L3Harris Technologies, Inc. | 15,884 | 3,346 | ||||||
ASSA ABLOY AB, Class B | 104,933 | 3,023 | ||||||
Daikin Industries, Ltd. | 18,500 | 3,005 | ||||||
Eaton Corp. PLC | 11,711 | 2,820 | ||||||
Legrand SA | 26,909 | 2,803 | ||||||
Brenntag SE | 28,545 | 2,621 | ||||||
Ceridian HCM Holding, Inc.1 | 37,881 | 2,543 | ||||||
International Consolidated Airlines Group SA (CDI)1 | 1,278,912 | 2,519 | ||||||
Schneider Electric SE | 12,244 | 2,465 | ||||||
Weir Group PLC (The) | 90,083 | 2,163 | ||||||
ITOCHU Corp. | 49,100 | 2,004 | ||||||
RELX PLC | 50,170 | 1,990 | ||||||
Bunzl PLC | 47,322 | 1,921 | ||||||
Vinci SA | 14,324 | 1,799 | ||||||
Larsen & Toubro, Ltd. | 41,020 | 1,736 | ||||||
MTU Aero Engines AG | 7,929 | 1,709 | ||||||
Northrop Grumman Corp. | 3,520 | 1,648 | ||||||
Waste Connections, Inc. | 10,782 | 1,609 | ||||||
AB Volvo, Class B | 60,165 | 1,564 | ||||||
Adecco Group AG | 29,714 | 1,462 | ||||||
SMC Corp. | 2,700 | 1,444 | ||||||
Fortive Corp. | 18,594 | 1,369 | ||||||
Kingspan Group PLC | 15,539 | 1,343 |
94 | American Funds Insurance Series |
Capital World Growth and Income Fund (continued)
Common stocks (continued) | Shares | Value (000) | ||||||
Industrials (continued) | ||||||||
Astra International Tbk PT | 3,454,900 | $ | 1,266 | |||||
Rentokil Initial PLC | 222,930 | 1,266 | ||||||
Atlas Copco AB, Class B | 80,657 | 1,196 | ||||||
SS&C Technologies Holdings, Inc. | 17,953 | 1,097 | ||||||
SECOM Co., Ltd. | 14,700 | 1,057 | ||||||
265,260 | ||||||||
Financials 10.13% | ||||||||
Zurich Insurance Group AG | 31,405 | 16,419 | ||||||
ING Groep NV | 719,334 | 10,769 | ||||||
AIA Group, Ltd. | 1,211,999 | 10,527 | ||||||
Kotak Mahindra Bank, Ltd. | 426,501 | 9,772 | ||||||
Mastercard, Inc., Class A | 21,328 | 9,097 | ||||||
B3 SA - Brasil, Bolsa, Balcao | 2,822,884 | 8,395 | ||||||
Blackstone, Inc. | 54,808 | 7,175 | ||||||
JPMorgan Chase & Co. | 41,713 | 7,095 | ||||||
HDFC Bank, Ltd. | 287,762 | 5,903 | ||||||
HDFC Bank, Ltd. (ADR) | 8,872 | 596 | ||||||
HDFC Life Insurance Co., Ltd. | 644,764 | 5,007 | ||||||
Chubb, Ltd. | 21,537 | 4,867 | ||||||
Discover Financial Services | 38,873 | 4,369 | ||||||
HSBC Holdings PLC | 535,123 | 4,322 | ||||||
Aon PLC, Class A | 14,147 | 4,117 | ||||||
KKR & Co., Inc. | 46,697 | 3,869 | ||||||
Fairfax Financial Holdings, Ltd., subordinate voting shares | 3,786 | 3,493 | ||||||
Banco Bilbao Vizcaya Argentaria, SA | 352,065 | 3,208 | ||||||
Ping An Insurance (Group) Company of China, Ltd., Class H | 686,000 | 3,103 | ||||||
Ping An Insurance (Group) Company of China, Ltd., Class A | 18,400 | 104 | ||||||
AXA SA | 98,143 | 3,204 | ||||||
Arthur J. Gallagher & Co. | 14,065 | 3,163 | ||||||
Great-West Lifeco, Inc. | 94,903 | 3,141 | ||||||
Axis Bank, Ltd. | 227,713 | 3,012 | ||||||
Citigroup, Inc. | 56,927 | 2,928 | ||||||
DNB Bank ASA | 134,474 | 2,857 | ||||||
Apollo Asset Management, Inc. | 29,330 | 2,733 | ||||||
Blue Owl Capital, Inc., Class A | 171,427 | 2,554 | ||||||
BNP Paribas SA | 34,400 | 2,384 | ||||||
Israel Discount Bank, Ltd., Class A | 454,371 | 2,268 | ||||||
Wells Fargo & Co. | 45,686 | 2,249 | ||||||
FinecoBank SpA | 148,003 | 2,224 | ||||||
S&P Global, Inc. | 4,732 | 2,085 | ||||||
Macquarie Group, Ltd. | 16,025 | 1,997 | ||||||
Postal Savings Bank of China Co., Ltd., Class H | 4,106,383 | 1,959 | ||||||
Morgan Stanley | 20,428 | 1,905 | ||||||
Visa, Inc., Class A | 7,198 | 1,874 | ||||||
MSCI, Inc. | 3,289 | 1,860 | ||||||
National Bank of Canada | 24,270 | 1,850 | ||||||
American International Group, Inc. | 25,619 | 1,736 | ||||||
KBC Groep NV | 25,676 | 1,666 | ||||||
DBS Group Holdings, Ltd. | 64,600 | 1,632 | ||||||
Bank Central Asia Tbk PT | 2,572,100 | 1,569 | ||||||
Capital One Financial Corp. | 11,863 | 1,556 | ||||||
Power Corporation of Canada, subordinate voting shares | 52,836 | 1,511 | ||||||
Bank Mandiri (Persero) Tbk PT | 3,679,300 | 1,443 | ||||||
Bank Rakyat Indonesia (Persero) Tbk PT | 3,879,800 | 1,438 | ||||||
Marsh & McLennan Companies, Inc. | 6,884 | 1,304 | ||||||
Brookfield Asset Management, Ltd., Class A (CAD denominated) | 28,595 | 1,149 | ||||||
Bajaj Finance, Ltd. | 11,796 | 1,037 | ||||||
East Money Information Co., Ltd., Class A | 522,480 | 1,032 | ||||||
Aegon, Ltd. | 177,180 | 1,027 | ||||||
Goldman Sachs Group, Inc. | 1,974 | 762 | ||||||
Worldline SA, non-registered shares1 | 33,292 | 578 |
American Funds Insurance Series | 95 |
Capital World Growth and Income Fund (continued)
Common stocks (continued) | Shares | Value (000) | ||||||
Financials (continued) | ||||||||
Jio Financial Services, Ltd.1 | 137,445 | $ | 384 | |||||
China Merchants Bank Co., Ltd., Class H | 58,403 | 203 | ||||||
China Merchants Bank Co., Ltd., Class A | 20,187 | 80 | ||||||
Sberbank of Russia PJSC2 | 3,196,952 | — | 3 | |||||
188,561 | ||||||||
Consumer discretionary 9.49% | ||||||||
Home Depot, Inc. | 77,904 | 26,998 | ||||||
LVMH Moët Hennessy-Louis Vuitton SE | 28,282 | 22,940 | ||||||
Amazon.com, Inc.1 | 106,115 | 16,123 | ||||||
Booking Holdings, Inc.1 | 2,793 | 9,907 | ||||||
Restaurant Brands International, Inc. | 73,585 | 5,749 | ||||||
Restaurant Brands International, Inc. (CAD denominated) | 39,823 | 3,112 | ||||||
Industria de Diseño Textil, SA | 175,656 | 7,661 | ||||||
Flutter Entertainment PLC1 | 42,517 | 7,488 | ||||||
Trip.com Group, Ltd. (ADR)1 | 183,682 | 6,614 | ||||||
General Motors Co. | 182,736 | 6,564 | ||||||
Marriott International, Inc., Class A | 26,798 | 6,043 | ||||||
Chipotle Mexican Grill, Inc.1 | 2,526 | 5,777 | ||||||
Compagnie Financière Richemont SA, Class A | 41,368 | 5,706 | ||||||
NEXT PLC | 41,010 | 4,233 | ||||||
Evolution AB | 28,838 | 3,451 | ||||||
InterContinental Hotels Group PLC | 35,998 | 3,251 | ||||||
Tesla, Inc.1 | 12,524 | 3,112 | ||||||
Stellantis NV | 130,395 | 3,057 | ||||||
Shimano, Inc. | 18,100 | 2,794 | ||||||
Sands China, Ltd.1 | 947,600 | 2,765 | ||||||
YUM! Brands, Inc. | 19,184 | 2,507 | ||||||
MercadoLibre, Inc.1 | 1,576 | 2,477 | ||||||
Moncler SpA | 35,808 | 2,208 | ||||||
Darden Restaurants, Inc. | 13,120 | 2,156 | ||||||
Pan Pacific International Holdings Corp. | 88,600 | 2,109 | ||||||
Royal Caribbean Cruises, Ltd.1 | 15,976 | 2,069 | ||||||
adidas AG | 8,319 | 1,692 | ||||||
Dowlais Group PLC | 1,170,788 | 1,590 | ||||||
Sony Group Corp. | 13,000 | 1,232 | ||||||
Kindred Group PLC (SDR) | 118,007 | 1,092 | ||||||
B&M European Value Retail SA | 148,922 | 1,061 | ||||||
Midea Group Co., Ltd., Class A | 136,800 | 1,053 | ||||||
Aristocrat Leisure, Ltd. | 36,903 | 1,023 | ||||||
Wynn Macau, Ltd.1,4 | 826,400 | 679 | ||||||
Rivian Automotive, Inc., Class A1 | 17,822 | 418 | ||||||
176,711 | ||||||||
Consumer staples 6.94% | ||||||||
Philip Morris International, Inc. | 321,045 | 30,204 | ||||||
Nestlé SA | 114,618 | 13,266 | ||||||
Ocado Group PLC1 | 843,850 | 8,108 | ||||||
Imperial Brands PLC | 349,351 | 8,028 | ||||||
Kroger Co. | 160,822 | 7,351 | ||||||
Seven & i Holdings Co., Ltd. | 170,580 | 6,756 | ||||||
Ajinomoto Co., Inc. | 156,800 | 6,060 | ||||||
Keurig Dr Pepper, Inc. | 151,155 | 5,036 | ||||||
Kweichow Moutai Co., Ltd., Class A | 20,400 | 4,955 | ||||||
Bunge Global SA | 48,845 | 4,931 | ||||||
British American Tobacco PLC | 144,145 | 4,206 | ||||||
Danone SA | 63,683 | 4,131 | ||||||
Dollar Tree Stores, Inc.1 | 25,828 | 3,669 | ||||||
Constellation Brands, Inc., Class A | 14,282 | 3,453 | ||||||
Arca Continental, SAB de CV | 290,681 | 3,174 | ||||||
Sysco Corp. | 39,479 | 2,887 | ||||||
Treasury Wine Estates, Ltd. | 366,395 | 2,684 |
96 | American Funds Insurance Series |
Capital World Growth and Income Fund (continued)
Common stocks (continued) | Shares | Value (000) | ||||||
Consumer staples (continued) | ||||||||
ITC, Ltd. | 431,642 | $ | 2,394 | |||||
Kao Corp. | 52,600 | 2,161 | ||||||
JBS SA | 293,900 | 1,502 | ||||||
Mondelez International, Inc., Class A | 16,148 | 1,170 | ||||||
Wilmar International, Ltd. | 388,100 | 1,047 | ||||||
Costco Wholesale Corp. | 1,252 | 826 | ||||||
L’Oréal SA, non-registered shares | 951 | 473 | ||||||
Altria Group, Inc. | 11,175 | 451 | ||||||
Pernod Ricard SA | 1,544 | 273 | ||||||
129,196 | ||||||||
Materials 6.75% | ||||||||
Fortescue, Ltd. | 1,248,155 | 24,689 | ||||||
Vale SA, ordinary nominative shares | 864,304 | 13,705 | ||||||
Vale SA (ADR), ordinary nominative shares | 583,381 | 9,253 | ||||||
Glencore PLC | 2,404,176 | 14,423 | ||||||
Freeport-McMoRan, Inc. | 198,575 | 8,453 | ||||||
Linde PLC | 20,204 | 8,298 | ||||||
Rio Tinto PLC | 107,006 | 7,947 | ||||||
Air Liquide SA | 32,823 | 6,385 | ||||||
Air Liquide SA, bonus shares | 6,397 | 1,245 | ||||||
Air Products and Chemicals, Inc. | 27,487 | 7,526 | ||||||
BHP Group, Ltd. (CDI) | 110,128 | 3,768 | ||||||
Albemarle Corp. | 23,323 | 3,370 | ||||||
Evonik Industries AG | 140,573 | 2,870 | ||||||
Shin-Etsu Chemical Co., Ltd. | 66,200 | 2,766 | ||||||
Heidelberg Materials AG, non-registered shares | 28,282 | 2,527 | ||||||
Celanese Corp. | 15,156 | 2,355 | ||||||
Barrick Gold Corp. (CAD denominated) | 116,258 | 2,100 | ||||||
Akzo Nobel NV | 24,491 | 2,024 | ||||||
First Quantum Minerals, Ltd. | 214,067 | 1,753 | ||||||
Antofagasta PLC | 10,775 | 230 | ||||||
125,687 | ||||||||
Communication services 5.46% | ||||||||
Alphabet, Inc., Class C1 | 134,233 | 18,918 | ||||||
Alphabet, Inc., Class A1 | 72,426 | 10,117 | ||||||
Meta Platforms, Inc., Class A1 | 34,051 | 12,053 | ||||||
Publicis Groupe SA | 119,353 | 11,099 | ||||||
Netflix, Inc.1 | 21,148 | 10,297 | ||||||
Comcast Corp., Class A | 141,196 | 6,191 | ||||||
Bharti Airtel, Ltd. | 483,563 | 5,991 | ||||||
Bharti Airtel, Ltd., interim shares | 13,994 | 107 | ||||||
NetEase, Inc. | 325,200 | 6,036 | ||||||
Universal Music Group NV | 128,677 | 3,674 | ||||||
Take-Two Interactive Software, Inc.1 | 22,220 | 3,576 | ||||||
Deutsche Telekom AG | 147,718 | 3,547 | ||||||
SoftBank Corp. | 248,485 | 3,097 | ||||||
Singapore Telecommunications, Ltd. | 1,202,200 | 2,247 | ||||||
Omnicom Group, Inc. | 20,703 | 1,791 | ||||||
Nippon Telegraph and Telephone Corp. | 1,142,900 | 1,395 | ||||||
Tencent Holdings, Ltd. | 36,800 | 1,390 | ||||||
101,526 | ||||||||
Energy 5.36% | ||||||||
Canadian Natural Resources, Ltd. (CAD denominated) | 394,206 | 25,826 | ||||||
EOG Resources, Inc. | 88,533 | 10,708 | ||||||
TC Energy Corp. (CAD denominated)4 | 231,575 | 9,046 | ||||||
Cameco Corp. (CAD denominated) | 139,501 | 6,015 | ||||||
Cameco Corp. | 43,262 | 1,864 | ||||||
Cenovus Energy, Inc. (CAD denominated) | 448,321 | 7,471 | ||||||
TotalEnergies SE | 92,664 | 6,295 |
American Funds Insurance Series | 97 |
Capital World Growth and Income Fund (continued)
Common stocks (continued) | Shares | Value (000) | ||||||
Energy (continued) | ||||||||
Tourmaline Oil Corp. | 121,987 | $ | 5,486 | |||||
Shell PLC (GBP denominated) | 151,239 | 4,914 | ||||||
ConocoPhillips | 31,070 | 3,606 | ||||||
Neste OYJ | 97,388 | 3,460 | ||||||
BP PLC | 545,787 | 3,225 | ||||||
Reliance Industries, Ltd. | 98,490 | 3,057 | ||||||
Suncor Energy, Inc. | 73,457 | 2,353 | ||||||
Baker Hughes Co., Class A | 67,337 | 2,302 | ||||||
Schlumberger NV | 41,874 | 2,179 | ||||||
Aker BP ASA | 53,967 | 1,568 | ||||||
Woodside Energy Group, Ltd. (CDI) | 17,558 | 372 | ||||||
Gazprom PJSC1,2 | 2,248,304 | — | 3 | |||||
99,747 | ||||||||
Utilities 2.32% | ||||||||
E.ON SE | 392,643 | 5,267 | ||||||
DTE Energy Co. | 45,356 | 5,001 | ||||||
Engie SA | 206,078 | 3,624 | ||||||
Engie SA, bonus shares | 41,586 | 731 | ||||||
Constellation Energy Corp. | 32,494 | 3,798 | ||||||
NextEra Energy, Inc. | 61,544 | 3,738 | ||||||
Edison International | 48,108 | 3,439 | ||||||
Iberdrola, SA, non-registered shares | 240,500 | 3,145 | ||||||
China Resources Gas Group, Ltd. | 860,232 | 2,816 | ||||||
Dominion Energy, Inc. | 46,925 | 2,206 | ||||||
FirstEnergy Corp. | 56,740 | 2,080 | ||||||
Duke Energy Corp. | 20,996 | 2,037 | ||||||
AES Corp. | 72,241 | 1,391 | ||||||
PG&E Corp. | 74,196 | 1,338 | ||||||
National Grid PLC | 63,451 | 857 | ||||||
ENN Energy Holdings, Ltd. | 112,342 | 826 | ||||||
Public Service Enterprise Group, Inc. | 13,054 | 798 | ||||||
Power Grid Corporation of India, Ltd. | 17,766 | 51 | ||||||
43,143 | ||||||||
Real estate 0.39% | ||||||||
American Tower Corp. REIT | 9,206 | 1,987 | ||||||
Prologis, Inc. REIT | 12,837 | 1,711 | ||||||
Longfor Group Holdings, Ltd. | 829,738 | 1,331 | ||||||
Iron Mountain, Inc. REIT | 17,607 | 1,232 | ||||||
China Resources Mixc Lifestyle Services, Ltd. | 264,000 | 937 | ||||||
7,198 | ||||||||
Total common stocks (cost: $1,215,451,000) | 1,789,701 | |||||||
Preferred securities 0.05% | ||||||||
Health care 0.04% | ||||||||
Grifols, SA, Class B, nonvoting non-registered preferred shares1 | 59,790 | 695 | ||||||
Consumer discretionary 0.01% | ||||||||
Dr. Ing. h.c. F. Porsche AG, nonvoting non-registered preferred shares | 1,888 | 166 | ||||||
Financials 0.00% | ||||||||
Federal Home Loan Mortgage Corp., Series Z, 8.375% noncumulative preferred shares1 | 5,512 | 16 | ||||||
Total preferred securities (cost: $1,090,000) | 877 |
98 | American Funds Insurance Series |
Capital World Growth and Income Fund (continued)
Convertible bonds & notes 0.09% | Principal amount (000) | Value (000) | ||||||
Consumer discretionary 0.09% | ||||||||
Rivian Automotive, Inc., convertible notes, 3.625% 10/15/20305 | USD | 1,404 | $ | 1,731 | ||||
Total convertible bonds & notes (cost: $1,404,000) | 1,731 | |||||||
Bonds, notes & other debt instruments 0.22% | ||||||||
Corporate bonds, notes & loans 0.22% | ||||||||
Health care 0.14% | ||||||||
Teva Pharmaceutical Finance Netherlands III BV 6.00% 4/15/2024 | 1,600 | 1,596 | ||||||
Teva Pharmaceutical Finance Netherlands III BV 3.15% 10/1/2026 | 1,100 | 1,019 | ||||||
2,615 | ||||||||
Consumer discretionary 0.04% | ||||||||
Royal Caribbean Cruises, Ltd. 5.50% 4/1/20285 | 390 | 385 | ||||||
Royal Caribbean Cruises, Ltd. 8.25% 1/15/20295 | 151 | 161 | ||||||
Royal Caribbean Cruises, Ltd. 9.25% 1/15/20295 | 125 | 134 | ||||||
680 | ||||||||
Financials 0.03% | ||||||||
Lloyds Banking Group PLC 3.369% 12/14/2046 (5-year UST Yield Curve Rate T Note Constant Maturity + 1.50% on 12/14/2041)6 | 709 | 493 | ||||||
Energy 0.01% | ||||||||
TransCanada Pipelines, Ltd. 5.10% 3/15/2049 | 210 | 201 | ||||||
Total corporate bonds, notes & loans | 3,989 | |||||||
Total bonds, notes & other debt instruments (cost: $4,133,000) | 3,989 | |||||||
Short-term securities 3.64% | Shares | |||||||
Money market investments 2.41% | ||||||||
Capital Group Central Cash Fund 5.44%7,8 | 449,482 | 44,944 |
Weighted average yield at acquisition | Principal amount (000) | |||||||||||
Bills & notes of governments & government agencies outside the U.S. 0.88% | ||||||||||||
British Columbia (Province of) 1/23/2024 | 5.159 | % | USD | 4,000 | 3,985 | |||||||
KfW 1/3/20245 | 4.902 | 2,000 | 1,999 | |||||||||
Québec (Province of) 1/16/20245 | 4.821 | 10,500 | 10,472 | |||||||||
16,456 |
American Funds Insurance Series | 99 |
Capital World Growth and Income Fund (continued)
Short-term securities (continued) | Shares | Value (000) | ||||||
Money market investments purchased with collateral from securities on loan 0.35% | ||||||||
Invesco Short-Term Investments Trust – Government & Agency Portfolio, Institutional Class 5.27%7,9 | 3,441,600 | $ | 3,441 | |||||
State Street Institutional U.S. Government Money Market Fund, Institutional Class 5.29%7,9 | 2,990,976 | 2,991 | ||||||
6,432 | ||||||||
Total short-term securities (cost: $67,844,000) | 67,832 | |||||||
Total investment securities 100.15% (cost: $1,289,922,000) | 1,864,130 | |||||||
Other assets less liabilities (0.15)% | (2,795 | ) | ||||||
Net assets 100.00% | $ | 1,861,335 |
Investments in affiliates8
Value at 1/1/2023 (000) | Additions (000) | Reductions (000) | Net realized gain (loss) (000) | Net unrealized appreciation (depreciation) (000) | Value at 12/31/2023 (000) | Dividend or interest income (000) | ||||||||||||||||||||||
Short-term securities 2.41% | ||||||||||||||||||||||||||||
Money market investments 2.41% | ||||||||||||||||||||||||||||
Capital Group Central Cash Fund 5.44%7 | $ | 693 | $ | 325,053 | $ | 280,796 | $ | (2 | ) | $ | (4 | ) | $ | 44,944 | $ | 3,253 | ||||||||||||
Money market investments purchased with collateral from securities on loan 0.00% | ||||||||||||||||||||||||||||
Capital Group Central Cash Fund 5.44%7 | 111 | 111 | 10 | — | — | 11 | ||||||||||||||||||||||
Total 2.41% | $ | (2 | ) | $ | (4 | ) | $ | 44,944 | $ | 3,253 |
1 | Security did not produce income during the last 12 months. |
2 | Value determined using significant unobservable inputs. |
3 | Amount less than one thousand. |
4 | All or a portion of this security was on loan. The total value of all such securities was $7,091,000, which represented .38% of the net assets of the fund. Refer to Note 5 for more information on securities lending. |
5 | Acquired in a transaction exempt from registration under Rule 144A or, for commercial paper, Section 4(a)(2) of the Securities Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers. The total value of all such securities was $14,882,000, which represented .80% of the net assets of the fund. |
6 | Step bond; coupon rate may change at a later date. |
7 | Rate represents the seven-day yield at 12/31/2023. |
8 | Part of the same “group of investment companies” as the fund as defined under the Investment Company Act of 1940, as amended. |
9 | Security purchased with cash collateral from securities on loan. Refer to Note 5 for more information on securities lending. |
10 | Represents net activity. Refer to Note 5 for more information on securities lending. |
11 | Dividend income is included with securities lending income in the fund’s statement of operations and is not shown in this table. |
Key to abbreviation(s)
ADR = American Depositary Receipts
CAD = Canadian dollars
CDI = CREST Depository Interest
GBP = British pounds
REIT = Real Estate Investment Trust
SDR = Swedish Depositary Receipts
USD = U.S. dollars
Refer to the notes to financial statements.
100 | American Funds Insurance Series |
Investment portfolio December 31, 2023
Common stocks 96.08% | Shares | Value (000) | ||||||
Information technology 22.57% | ||||||||
Microsoft Corp. | 7,555,151 | $ | 2,841,039 | |||||
Broadcom, Inc. | 1,887,866 | 2,107,330 | ||||||
Apple, Inc. | 2,215,842 | 426,616 | ||||||
Salesforce, Inc.1 | 1,035,168 | 272,394 | ||||||
NVIDIA Corp. | 547,975 | 271,368 | ||||||
Accenture PLC, Class A | 737,956 | 258,956 | ||||||
Taiwan Semiconductor Manufacturing Co., Ltd. | 11,073,000 | 213,105 | ||||||
Intel Corp. | 4,145,774 | 208,325 | ||||||
Texas Instruments, Inc. | 1,203,362 | 205,125 | ||||||
Adobe, Inc.1 | 314,687 | 187,742 | ||||||
Applied Materials, Inc. | 1,156,623 | 187,454 | ||||||
ServiceNow, Inc.1 | 246,889 | 174,425 | ||||||
Seagate Technology Holdings PLC | 1,740,851 | 148,616 | ||||||
SK hynix, Inc. | 1,326,567 | 144,842 | ||||||
ASML Holding NV | 76,467 | 57,734 | ||||||
ASML Holding NV (ADR) | 51,908 | 39,290 | ||||||
Micron Technology, Inc. | 1,077,000 | 91,911 | ||||||
Samsung Electronics Co., Ltd. | 1,375,000 | 83,627 | ||||||
Analog Devices, Inc. | 398,402 | 79,107 | ||||||
KLA Corp. | 116,000 | 67,431 | ||||||
Arista Networks, Inc.1 | 267,484 | 62,995 | ||||||
NICE, Ltd. (ADR)1 | 268,192 | 53,507 | ||||||
Palo Alto Networks, Inc.1 | 177,962 | 52,477 | ||||||
Cognizant Technology Solutions Corp., Class A | 682,850 | 51,576 | ||||||
MKS Instruments, Inc. | 481,000 | 49,481 | ||||||
Datadog, Inc., Class A1 | 365,800 | 44,401 | ||||||
Snowflake, Inc., Class A1 | 190,552 | 37,920 | ||||||
QUALCOMM, Inc. | 225,964 | 32,681 | ||||||
8,451,475 | ||||||||
Industrials 15.70% | ||||||||
General Electric Co. | 6,137,203 | 783,291 | ||||||
RTX Corp. | 6,253,076 | 526,134 | ||||||
Boeing Co.1 | 1,358,203 | 354,029 | ||||||
TransDigm Group, Inc. | 339,221 | 343,156 | ||||||
Carrier Global Corp. | 5,512,990 | 316,721 | ||||||
Northrop Grumman Corp. | 597,300 | 279,620 | ||||||
Airbus SE, non-registered shares | 1,651,892 | 254,983 | ||||||
General Dynamics Corp. | 848,975 | 220,453 | ||||||
Woodward, Inc. | 1,593,190 | 216,881 | ||||||
Waste Connections, Inc. | 1,368,127 | 204,220 | ||||||
GFL Environmental, Inc., subordinate voting shares | 5,893,152 | 203,373 | ||||||
Automatic Data Processing, Inc. | 830,713 | 193,531 | ||||||
Safran SA | 1,026,552 | 181,088 | ||||||
Equifax, Inc. | 712,542 | 176,205 | ||||||
Waste Management, Inc. | 955,836 | 171,190 | ||||||
ITT, Inc. | 1,244,379 | 148,479 | ||||||
Lincoln Electric Holdings, Inc. | 675,747 | 146,948 | ||||||
TFI International, Inc. | 975,343 | 132,627 | ||||||
United Rentals, Inc. | 183,000 | 104,936 | ||||||
Old Dominion Freight Line, Inc. | 245,487 | 99,503 | ||||||
Union Pacific Corp. | 398,000 | 97,757 | ||||||
Concentrix Corp. | 904,367 | 88,818 | ||||||
L3Harris Technologies, Inc. | 381,989 | 80,455 | ||||||
United Airlines Holdings, Inc.1 | 1,946,966 | 80,332 | ||||||
CSX Corp. | 2,153,941 | 74,677 | ||||||
Delta Air Lines, Inc. | 1,415,000 | 56,925 | ||||||
Ingersoll-Rand, Inc. | 586,065 | 45,326 | ||||||
Honeywell International, Inc. | 211,376 | 44,328 | ||||||
Rolls-Royce Holdings PLC1 | 11,470,564 | 43,685 | ||||||
Canadian National Railway Co. (CAD denominated) | 336,213 | 42,260 | ||||||
Ceridian HCM Holding, Inc.1 | 561,543 | 37,691 |
American Funds Insurance Series | 101 |
Growth-Income Fund (continued)
Common stocks (continued) | Shares | Value (000) | ||||||
Industrials (continued) | ||||||||
FedEx Corp. | 141,000 | $ | 35,669 | |||||
TransUnion | 389,312 | 26,750 | ||||||
TELUS International (Cda), Inc., subordinate voting shares1 | 2,302,991 | 19,760 | ||||||
Paychex, Inc. | 162,204 | 19,320 | ||||||
Otis Worldwide Corp. | 186,851 | 16,718 | ||||||
APi Group Corp.1 | 201,710 | 6,979 | ||||||
Veralto Corp. | 49,616 | 4,081 | ||||||
Recruit Holdings Co., Ltd. | 22,700 | 969 | ||||||
5,879,868 | ||||||||
Health care 12.72% | ||||||||
Abbott Laboratories | 6,854,314 | 754,454 | ||||||
UnitedHealth Group, Inc. | 1,402,895 | 738,582 | ||||||
AbbVie, Inc. | 3,390,005 | 525,349 | ||||||
Eli Lilly and Co. | 590,474 | 344,199 | ||||||
GE HealthCare Technologies, Inc. | 3,588,047 | 277,428 | ||||||
Danaher Corp. | 1,089,025 | 251,935 | ||||||
Novo Nordisk AS, Class B | 2,311,393 | 239,079 | ||||||
Humana, Inc. | 421,843 | 193,124 | ||||||
Thermo Fisher Scientific, Inc. | 360,602 | 191,404 | ||||||
Bristol-Myers Squibb Co. | 2,915,698 | 149,605 | ||||||
Regeneron Pharmaceuticals, Inc.1 | 133,195 | 116,984 | ||||||
Insulet Corp.1 | 465,534 | 101,012 | ||||||
DexCom, Inc.1 | 773,261 | 95,954 | ||||||
Vertex Pharmaceuticals, Inc.1 | 231,969 | 94,386 | ||||||
Johnson & Johnson | 582,266 | 91,264 | ||||||
Revvity, Inc. | 732,561 | 80,076 | ||||||
IQVIA Holdings, Inc.1 | 345,000 | 79,826 | ||||||
Takeda Pharmaceutical Co., Ltd. | 2,667,554 | 76,578 | ||||||
Zoetis, Inc., Class A | 363,644 | 71,772 | ||||||
AstraZeneca PLC (ADR) | 721,200 | 48,573 | ||||||
AstraZeneca PLC | 42,384 | 5,708 | ||||||
CVS Health Corp. | 510,059 | 40,274 | ||||||
Penumbra, Inc.1 | 150,905 | 37,959 | ||||||
Gilead Sciences, Inc. | 398,618 | 32,292 | ||||||
Medtronic PLC | 352,434 | 29,034 | ||||||
Stryker Corp. | 88,090 | 26,379 | ||||||
BioMarin Pharmaceutical, Inc.1 | 215,280 | 20,757 | ||||||
Elevance Health, Inc. | 36,873 | 17,388 | ||||||
Pfizer, Inc. | 505,000 | 14,539 | ||||||
Tandem Diabetes Care, Inc.1 | 462,699 | 13,687 | ||||||
Vir Biotechnology, Inc.1 | 258,400 | 2,600 | ||||||
4,762,201 | ||||||||
Financials 11.75% | ||||||||
Mastercard, Inc., Class A | 1,665,449 | 710,331 | ||||||
JPMorgan Chase & Co. | 3,093,741 | 526,245 | ||||||
Visa, Inc., Class A | 1,333,993 | 347,305 | ||||||
Marsh & McLennan Companies, Inc. | 1,709,201 | 323,842 | ||||||
Arthur J. Gallagher & Co. | 1,280,242 | 287,901 | ||||||
Wells Fargo & Co. | 3,626,295 | 178,486 | ||||||
KKR & Co., Inc. | 2,047,409 | 169,628 | ||||||
BlackRock, Inc. | 202,957 | 164,760 | ||||||
B3 SA - Brasil, Bolsa, Balcao | 49,991,974 | 148,669 | ||||||
Aon PLC, Class A | 442,013 | 128,635 | ||||||
Global Payments, Inc. | 973,628 | 123,651 | ||||||
FleetCor Technologies, Inc.1 | 420,507 | 118,839 | ||||||
Fidelity National Information Services, Inc. | 1,916,483 | 115,123 | ||||||
Morgan Stanley | 1,212,248 | 113,042 | ||||||
S&P Global, Inc. | 254,455 | 112,092 | ||||||
Chubb, Ltd. | 436,180 | 98,577 | ||||||
Capital One Financial Corp. | 680,359 | 89,209 |
102 | American Funds Insurance Series |
Growth-Income Fund (continued)
Common stocks (continued) | Shares | Value (000) | ||||||
Financials (continued) | ||||||||
State Street Corp. | 1,077,260 | $ | 83,445 | |||||
PNC Financial Services Group, Inc. | 536,471 | 83,072 | ||||||
Fiserv, Inc.1 | 536,700 | 71,295 | ||||||
Blue Owl Capital, Inc., Class A | 4,749,165 | 70,763 | ||||||
TPG, Inc., Class A | 1,347,552 | 58,174 | ||||||
Power Corporation of Canada, subordinate voting shares2 | 1,690,000 | 48,326 | ||||||
Berkshire Hathaway, Inc., Class B1 | 135,000 | 48,149 | ||||||
American International Group, Inc. | 704,000 | 47,696 | ||||||
Webster Financial Corp. | 877,623 | 44,548 | ||||||
MSCI, Inc. | 70,674 | 39,977 | ||||||
Truist Financial Corp. | 800,000 | 29,536 | ||||||
Toast, Inc., Class A1 | 960,000 | 17,530 | ||||||
CME Group, Inc., Class A | 5,500 | 1,158 | ||||||
4,400,004 | ||||||||
Communication services 8.91% | ||||||||
Alphabet, Inc., Class C1 | 6,163,720 | 868,653 | ||||||
Alphabet, Inc., Class A1 | 5,066,514 | 707,742 | ||||||
Meta Platforms, Inc., Class A1 | 2,767,054 | 979,427 | ||||||
Netflix, Inc.1 | 569,720 | 277,385 | ||||||
Comcast Corp., Class A | 5,336,356 | 233,999 | ||||||
Charter Communications, Inc., Class A1 | 372,695 | 144,859 | ||||||
Take-Two Interactive Software, Inc.1 | 502,094 | 80,812 | ||||||
T-Mobile US, Inc. | 268,821 | 43,100 | ||||||
3,335,977 | ||||||||
Consumer discretionary 8.68% | ||||||||
Amazon.com, Inc.1 | 5,509,938 | 837,180 | ||||||
Royal Caribbean Cruises, Ltd.1 | 2,713,595 | 351,383 | ||||||
Hilton Worldwide Holdings, Inc. | 1,177,320 | 214,378 | ||||||
Restaurant Brands International, Inc. | 2,635,154 | 205,885 | ||||||
Churchill Downs, Inc. | 1,118,791 | 150,959 | ||||||
Home Depot, Inc. | 415,393 | 143,954 | ||||||
InterContinental Hotels Group PLC | 1,396,700 | 126,148 | ||||||
Marriott International, Inc., Class A | 529,000 | 119,295 | ||||||
Wyndham Hotels & Resorts, Inc. | 1,322,000 | 106,302 | ||||||
Sony Group Corp. | 1,045,100 | 99,028 | ||||||
Burlington Stores, Inc.1 | 498,295 | 96,908 | ||||||
Chipotle Mexican Grill, Inc.1 | 39,951 | 91,366 | ||||||
NIKE, Inc., Class B | 800,582 | 86,919 | ||||||
Tapestry, Inc. | 2,270,405 | 83,574 | ||||||
General Motors Co. | 2,110,902 | 75,824 | ||||||
Tesla, Inc.1 | 284,057 | 70,583 | ||||||
Entain PLC | 5,237,408 | 66,155 | ||||||
Hasbro, Inc. | 1,275,621 | 65,133 | ||||||
Darden Restaurants, Inc. | 296,000 | 48,633 | ||||||
Kering SA | 101,695 | 45,130 | ||||||
TJX Companies, Inc. | 350,531 | 32,883 | ||||||
YUM! Brands, Inc. | 196,630 | 25,692 | ||||||
Tractor Supply Co. | 108,356 | 23,300 | ||||||
LVMH Moët Hennessy-Louis Vuitton SE | 26,750 | 21,698 | ||||||
D.R. Horton, Inc. | 139,598 | 21,216 | ||||||
NVR, Inc.1 | 3,010 | 21,071 | ||||||
CarMax, Inc.1 | 270,797 | 20,781 | ||||||
3,251,378 | ||||||||
Consumer staples 5.31% | ||||||||
Philip Morris International, Inc. | 6,293,669 | 592,108 | ||||||
British American Tobacco PLC | 9,603,749 | 280,259 | ||||||
Mondelez International, Inc., Class A | 2,366,739 | 171,423 | ||||||
Dollar Tree Stores, Inc.1 | 1,105,278 | 157,005 | ||||||
Molson Coors Beverage Co., Class B, restricted voting shares | 2,294,249 | 140,431 |
American Funds Insurance Series | 103 |
Growth-Income Fund (continued)
Common stocks (continued) | Shares | Value (000) | ||||||
Consumer staples (continued) | ||||||||
General Mills, Inc. | 1,946,800 | $ | 126,814 | |||||
Constellation Brands, Inc., Class A | 407,978 | 98,629 | ||||||
Anheuser-Busch InBev SA/NV | 1,339,531 | 86,542 | ||||||
PepsiCo, Inc. | 482,059 | 81,873 | ||||||
Church & Dwight Co., Inc. | 752,581 | 71,164 | ||||||
Dollar General Corp. | 359,463 | 48,869 | ||||||
Archer Daniels Midland Co. | 670,100 | 48,395 | ||||||
Keurig Dr Pepper, Inc. | 1,120,591 | 37,338 | ||||||
Kraft Heinz Co. (The) | 747,200 | 27,631 | ||||||
Monster Beverage Corp.1 | 357,120 | 20,574 | ||||||
1,989,055 | ||||||||
Energy 3.36% | ||||||||
Chevron Corp. | 2,053,300 | 306,270 | ||||||
Canadian Natural Resources, Ltd. (CAD denominated) | 3,393,801 | 222,343 | ||||||
ConocoPhillips | 1,902,783 | 220,856 | ||||||
TC Energy Corp. | 1,909,381 | 74,638 | ||||||
TC Energy Corp. (CAD denominated)2 | 1,886,151 | 73,678 | ||||||
Baker Hughes Co., Class A | 3,832,888 | 131,008 | ||||||
Exxon Mobil Corp. | 1,152,000 | 115,177 | ||||||
EOG Resources, Inc. | 620,310 | 75,027 | ||||||
Cheniere Energy, Inc. | 238,735 | 40,754 | ||||||
1,259,751 | ||||||||
Utilities 3.24% | ||||||||
PG&E Corp. | 18,475,450 | 333,112 | ||||||
Edison International | 2,689,330 | 192,260 | ||||||
Constellation Energy Corp. | 1,343,862 | 157,084 | ||||||
DTE Energy Co. | 1,088,879 | 120,060 | ||||||
Sempra | 1,460,000 | 109,106 | ||||||
Engie SA | 5,237,367 | 92,095 | ||||||
CenterPoint Energy, Inc. | 2,386,864 | 68,193 | ||||||
AES Corp. | 3,138,110 | 60,408 | ||||||
NextEra Energy, Inc. | 678,975 | 41,241 | ||||||
Entergy Corp. | 396,825 | 40,155 | ||||||
1,213,714 | ||||||||
Materials 2.84% | ||||||||
Linde PLC | 845,506 | 347,258 | ||||||
Celanese Corp. | 1,186,264 | 184,310 | ||||||
Vale SA (ADR), ordinary nominative shares | 4,804,026 | 76,192 | ||||||
Vale SA, ordinary nominative shares | 2,200,007 | 34,885 | ||||||
Corteva, Inc. | 2,059,775 | 98,704 | ||||||
LyondellBasell Industries NV | 927,067 | 88,146 | ||||||
Freeport-McMoRan, Inc. | 1,970,226 | 83,872 | ||||||
Eastman Chemical Company | 600,451 | 53,932 | ||||||
Barrick Gold Corp. | 2,373,000 | 42,928 | ||||||
ATI, Inc.1 | 642,567 | 29,217 | ||||||
Sherwin-Williams Co. | 80,794 | 25,200 | ||||||
1,064,644 | ||||||||
Real estate 1.00% | ||||||||
VICI Properties, Inc. REIT | 6,276,604 | 200,098 | ||||||
Equinix, Inc. REIT | 216,511 | 174,376 | ||||||
374,474 | ||||||||
Total common stocks (cost: $19,889,668,000) | 35,982,541 |
104 | American Funds Insurance Series |
Growth-Income Fund (continued)
Convertible stocks 0.06% | Shares | Value (000) | ||||||
Utilities 0.06% | ||||||||
NextEra Energy, Inc., noncumulative convertible preferred units, 6.926% 9/1/20252 | 617,200 | $ | 23,528 | |||||
Total convertible stocks (cost: $30,089,000) | 23,528 | |||||||
Bonds, notes & other debt instruments 0.01% | Principal amount (000) | |||||||
Corporate bonds, notes & loans 0.01% | ||||||||
Industrials 0.01% | ||||||||
Boeing Co. 4.875% 5/1/2025 | USD | 4,706 | 4,686 | |||||
Consumer discretionary 0.00% | ||||||||
General Motors Financial Co., Inc. 4.30% 7/13/2025 | 160 | 157 | ||||||
General Motors Financial Co., Inc. 5.25% 3/1/2026 | 827 | 828 | ||||||
985 | ||||||||
Total corporate bonds, notes & loans | 5,671 | |||||||
Total bonds, notes & other debt instruments (cost: $5,631,000) | 5,671 | |||||||
Short-term securities 4.10% | Shares | |||||||
Money market investments 3.82% | ||||||||
Capital Group Central Cash Fund 5.44%3,4 | 14,309,407 | 1,430,798 | ||||||
Money market investments purchased with collateral from securities on loan 0.28% | ||||||||
State Street Institutional U.S. Government Money Market Fund, Institutional Class 5.29%3,5 | 52,263,605 | 52,264 | ||||||
Invesco Short-Term Investments Trust – Government & Agency Portfolio, Institutional Class 5.27%3,5 | 51,536,383 | 51,536 | ||||||
103,800 | ||||||||
Total short-term securities (cost: $1,534,436,000) | 1,534,598 | |||||||
Total investment securities 100.25% (cost: $21,459,824,000) | 37,546,338 | |||||||
Other assets less liabilities (0.25)% | (94,362 | ) | ||||||
Net assets 100.00% | $ | 37,451,976 |
Investments in affiliates4
Value at 1/1/2023 (000) | Additions (000) | Reductions (000) | Net realized gain (loss) (000) | Net unrealized appreciation (depreciation) (000) | Value at 12/31/2023 (000) | Dividend or interest income (000) | ||||||||||||||||||||||
Short-term securities 3.82% | ||||||||||||||||||||||||||||
Money market investments 3.82% | ||||||||||||||||||||||||||||
Capital Group Central Cash Fund 5.44%3 | $ | 2,565,190 | $ | 3,993,668 | $ | 5,128,139 | $ | 244 | $ | (165 | ) | $ | 1,430,798 | $ | 99,540 | |||||||||||||
Money market investments purchased with collateral from securities on loan 0.00% | ||||||||||||||||||||||||||||
Capital Group Central Cash Fund 5.44%3 | 40,231 | 40,231 | 6 | — | — | 7 | ||||||||||||||||||||||
Total 3.82% | $ | 244 | $ | (165 | ) | $ | 1,430,798 | $ | 99,540 |
American Funds Insurance Series | 105 |
Growth-Income Fund (continued)
1 | Security did not produce income during the last 12 months. |
2 | All or a portion of this security was on loan. The total value of all such securities was $110,228,000, which represented .29% of the net assets of the fund. Refer to Note 5 for more information on securities lending. |
3 | Rate represents the seven-day yield at 12/31/2023. |
4 | Part of the same “group of investment companies” as the fund as defined under the Investment Company Act of 1940, as amended. |
5 | Security purchased with cash collateral from securities on loan. Refer to Note 5 for more information on securities lending. |
6 | Represents net activity. Refer to Note 5 for more information on securities lending. |
7 | Dividend income is included with securities lending income in the fund’s statement of operations and is not shown in this table. |
Key to abbreviation(s)
ADR = American Depositary Receipts
CAD = Canadian dollars
REIT = Real Estate Investment Trust
USD = U.S. dollars
Refer to the notes to financial statements.
106 | American Funds Insurance Series |
International Growth and Income Fund
Investment portfolio December 31, 2023
Common stocks 96.18% | Shares | Value (000) | ||||||
Financials 18.81% | ||||||||
AXA SA | 138,382 | $ | 4,517 | |||||
AIA Group, Ltd. | 443,400 | 3,851 | ||||||
Zurich Insurance Group AG | 7,113 | 3,719 | ||||||
HDFC Bank, Ltd. | 175,185 | 3,594 | ||||||
Edenred SA | 49,245 | 2,957 | ||||||
Resona Holdings, Inc. | 465,400 | 2,357 | ||||||
Ping An Insurance (Group) Company of China, Ltd., Class H | 485,000 | 2,194 | ||||||
Société Générale | 79,986 | 2,133 | ||||||
Tokio Marine Holdings, Inc. | 77,600 | 1,937 | ||||||
Hiscox, Ltd. | 127,400 | 1,709 | ||||||
HSBC Holdings PLC | 194,805 | 1,573 | ||||||
Tryg A/S | 72,231 | 1,571 | ||||||
DNB Bank ASA | 71,566 | 1,520 | ||||||
UniCredit SpA | 55,985 | 1,519 | ||||||
Euronext NV | 16,509 | 1,434 | ||||||
Hana Financial Group, Inc. | 41,013 | 1,379 | ||||||
KB Financial Group, Inc. | 32,018 | 1,339 | ||||||
Grupo Financiero Banorte, SAB de CV, Series O | 130,866 | 1,316 | ||||||
London Stock Exchange Group PLC | 11,034 | 1,304 | ||||||
Skandinaviska Enskilda Banken AB, Class A | 90,617 | 1,247 | ||||||
Banco Santander, SA | 296,238 | 1,237 | ||||||
Bank Hapoalim BM | 114,194 | 1,023 | ||||||
Prudential PLC | 89,189 | 1,004 | ||||||
Banco Bilbao Vizcaya Argentaria, SA | 107,538 | 980 | ||||||
Bank Mandiri (Persero) Tbk PT | 2,466,316 | 967 | ||||||
Erste Group Bank AG | 23,067 | 936 | ||||||
Aon PLC, Class A | 2,820 | 821 | ||||||
Deutsche Bank AG | 57,584 | 786 | ||||||
DBS Group Holdings, Ltd. | 30,595 | 773 | ||||||
Kotak Mahindra Bank, Ltd. | 33,378 | 765 | ||||||
Hang Seng Bank, Ltd. | 56,000 | 651 | ||||||
HDFC Life Insurance Co., Ltd. | 79,609 | 618 | ||||||
Industrial and Commercial Bank of China, Ltd., Class H | 1,247,040 | 609 | ||||||
United Overseas Bank, Ltd. | 25,400 | 547 | ||||||
Intesa Sanpaolo SpA | 162,763 | 475 | ||||||
Brookfield Corp., Class A (CAD denominated) | 11,454 | 459 | ||||||
B3 SA - Brasil, Bolsa, Balcao | 153,280 | 456 | ||||||
Israel Discount Bank, Ltd., Class A | 91,166 | 455 | ||||||
CaixaBank, SA, non-registered shares | 110,211 | 453 | ||||||
Dai-ichi Life Holdings, Inc. | 20,300 | 431 | ||||||
ICICI Bank, Ltd. (ADR) | 16,651 | 397 | ||||||
ICICI Securities, Ltd. | 45,555 | 393 | ||||||
Discovery, Ltd. | 49,366 | 388 | ||||||
Royal Bank of Canada | 3,649 | 369 | ||||||
XP, Inc., Class A | 14,035 | 366 | ||||||
Macquarie Group, Ltd. | 2,794 | 348 | ||||||
3i Group PLC | 10,807 | 333 | ||||||
Canara Bank | 62,228 | 327 | ||||||
East Money Information Co., Ltd., Class A | 143,000 | 282 | ||||||
Bank Leumi Le Israel BM | 34,494 | 277 | ||||||
Banca Generali SpA | 5,868 | 218 | ||||||
ING Groep NV | 13,583 | 203 | ||||||
ABN AMRO Bank NV | 11,559 | 174 | ||||||
AU Small Finance Bank, Ltd. | 12,289 | 116 | ||||||
Moscow Exchange MICEX-RTS PJSC1 | 346,177 | — | 2 | |||||
Sberbank of Russia PJSC1 | 476,388 | — | 2 | |||||
61,807 |
American Funds Insurance Series | 107 |
International Growth and Income Fund (continued)
Common stocks (continued) | Shares | Value (000) | ||||||
Industrials 14.09% | ||||||||
Airbus SE, non-registered shares | 41,650 | $ | 6,429 | |||||
BAE Systems PLC | 306,200 | 4,332 | ||||||
ABB, Ltd. | 59,465 | 2,643 | ||||||
Ryanair Holdings PLC (ADR) | 18,850 | 2,514 | ||||||
CCR SA, ordinary nominative shares | 809,554 | 2,356 | ||||||
SMC Corp. | 3,700 | 1,979 | ||||||
TFI International, Inc. | 7,959 | 1,082 | ||||||
TFI International, Inc. (CAD denominated) | 4,730 | 644 | ||||||
RELX PLC | 40,453 | 1,604 | ||||||
Alliance Global Group, Inc. | 7,597,100 | 1,545 | ||||||
Daikin Industries, Ltd. | 8,900 | 1,446 | ||||||
Safran SA | 7,110 | 1,254 | ||||||
Rheinmetall AG, non-registered shares | 3,629 | 1,150 | ||||||
InPost SA3 | 75,547 | 1,044 | ||||||
Epiroc AB, Class B | 33,055 | 579 | ||||||
Epiroc AB, Class A | 19,194 | 385 | ||||||
Canadian National Railway Co. (CAD denominated) | 7,068 | 888 | ||||||
ASSA ABLOY AB, Class B | 29,850 | 860 | ||||||
Siemens AG | 4,578 | 859 | ||||||
SITC International Holdings Co., Ltd. | 450,659 | 777 | ||||||
DSV A/S | 4,398 | 774 | ||||||
Thales SA | 5,068 | 750 | ||||||
Caterpillar, Inc. | 2,250 | 665 | ||||||
AB Volvo, Class B | 23,908 | 621 | ||||||
Bunzl PLC | 15,283 | 620 | ||||||
LIXIL Corp. | 49,300 | 616 | ||||||
Mitsui & Co., Ltd. | 16,100 | 600 | ||||||
Techtronic Industries Co., Ltd. | 49,592 | 593 | ||||||
BELIMO Holding AG | 1,066 | 588 | ||||||
Brenntag SE | 6,166 | 566 | ||||||
ITOCHU Corp. | 12,500 | 510 | ||||||
Adecco Group AG | 10,196 | 502 | ||||||
Hitachi, Ltd. | 6,800 | 491 | ||||||
DHL Group | 9,199 | 456 | ||||||
Interpump Group SpA | 8,775 | 455 | ||||||
Fluidra, SA, non-registered shares | 21,306 | 444 | ||||||
Diploma PLC | 8,627 | 393 | ||||||
Wizz Air Holdings PLC3 | 13,564 | 381 | ||||||
Komatsu, Ltd. | 14,200 | 370 | ||||||
IMCD NV | 1,944 | 339 | ||||||
Melrose Industries PLC | 45,397 | 328 | ||||||
Rentokil Initial PLC | 44,022 | 250 | ||||||
Shenzhen Inovance Technology Co., Ltd., Class A | 22,300 | 198 | ||||||
VAT Group AG | 324 | 163 | ||||||
Polycab India, Ltd. | 2,077 | 137 | ||||||
Aalberts NV, non-registered shares | 2,901 | 126 | ||||||
46,306 | ||||||||
Information technology 13.23% | ||||||||
Taiwan Semiconductor Manufacturing Co., Ltd. | 459,000 | 8,834 | ||||||
ASML Holding NV | 9,245 | 6,980 | ||||||
MediaTek, Inc. | 154,000 | 5,072 | ||||||
Tokyo Electron, Ltd. | 22,700 | 4,035 | ||||||
Broadcom, Inc. | 3,396 | 3,791 | ||||||
Samsung Electronics Co., Ltd. | 53,083 | 3,228 | ||||||
SAP SE | 12,689 | 1,952 | ||||||
Sage Group PLC (The) | 102,577 | 1,530 | ||||||
Capgemini SE | 7,022 | 1,469 | ||||||
TDK Corp. | 30,000 | 1,422 | ||||||
Keyence Corp. | 2,600 | 1,140 | ||||||
ASM International NV | 1,836 | 956 | ||||||
Nokia Corp. | 204,563 | 703 |
108 | American Funds Insurance Series |
International Growth and Income Fund (continued)
Common stocks (continued) | Shares | Value (000) | ||||||
Information technology (continued) | ||||||||
ASMPT, Ltd. | 64,100 | $ | 608 | |||||
Kingdee International Software Group Co., Ltd.3 | 355,295 | 516 | ||||||
Halma PLC | 15,350 | 446 | ||||||
Fujitsu, Ltd. | 2,100 | 317 | ||||||
eMemory Technology, Inc. | 3,000 | 238 | ||||||
Nomura Research Institute, Ltd. | 5,300 | 153 | ||||||
Vanguard International Semiconductor Corp. | 32,000 | 85 | ||||||
43,475 | ||||||||
Consumer discretionary 10.02% | ||||||||
Industria de Diseño Textil, SA | 72,587 | 3,166 | ||||||
Renault SA | 73,429 | 3,005 | ||||||
LVMH Moët Hennessy-Louis Vuitton SE | 3,541 | 2,872 | ||||||
Evolution AB | 20,309 | 2,431 | ||||||
InterContinental Hotels Group PLC | 24,034 | 2,171 | ||||||
Restaurant Brands International, Inc. (CAD denominated) | 24,561 | 1,919 | ||||||
Midea Group Co., Ltd., Class A | 208,000 | 1,602 | ||||||
MGM China Holdings, Ltd.3 | 1,130,000 | 1,432 | ||||||
B&M European Value Retail SA | 192,202 | 1,369 | ||||||
Trip.com Group, Ltd. (ADR)3 | 25,788 | 928 | ||||||
Trip.com Group, Ltd.3 | 9,700 | 349 | ||||||
Sodexo SA | 11,425 | 1,258 | ||||||
Prosus NV, Class N | 41,106 | 1,226 | ||||||
Wynn Macau, Ltd.3,4 | 1,148,800 | 944 | ||||||
Galaxy Entertainment Group, Ltd. | 163,361 | 913 | ||||||
adidas AG | 3,951 | 803 | ||||||
Valeo SA, non-registered shares | 49,098 | 759 | ||||||
Stellantis NV | 30,498 | 714 | ||||||
Paltac Corp. | 21,500 | 681 | ||||||
Bajaj Auto, Ltd. | 7,919 | 646 | ||||||
Sands China, Ltd.3 | 212,372 | 620 | ||||||
D’Ieteren Group | 2,653 | 519 | ||||||
Amadeus IT Group SA, Class A, non-registered shares | 7,139 | 512 | ||||||
Coupang, Inc., Class A3 | 28,125 | 455 | ||||||
Entain PLC | 33,500 | 423 | ||||||
Alibaba Group Holding, Ltd. | 39,400 | 381 | ||||||
Kering SA | 586 | 260 | ||||||
Nitori Holdings Co., Ltd. | 1,500 | 200 | ||||||
Compagnie Financière Richemont SA, Class A | 1,280 | 177 | ||||||
Dixon Technologies (India), Ltd. | 1,572 | 124 | ||||||
Balkrishna Industries, Ltd. | 2,474 | 76 | ||||||
32,935 | ||||||||
Consumer staples 9.20% | ||||||||
British American Tobacco PLC | 134,175 | 3,915 | ||||||
Philip Morris International, Inc. | 38,181 | 3,592 | ||||||
Nestlé SA | 29,823 | 3,452 | ||||||
Carlsberg A/S, Class B | 18,674 | 2,341 | ||||||
Arca Continental, SAB de CV | 187,436 | 2,047 | ||||||
Pernod Ricard SA | 10,803 | 1,910 | ||||||
Imperial Brands PLC | 78,638 | 1,807 | ||||||
KT&G Corp. | 22,646 | 1,526 | ||||||
Anheuser-Busch InBev SA/NV | 22,220 | 1,436 | ||||||
Kweichow Moutai Co., Ltd., Class A | 5,690 | 1,382 | ||||||
Ocado Group PLC3 | 138,301 | 1,329 | ||||||
Asahi Group Holdings, Ltd. | 34,600 | 1,288 | ||||||
Carrefour SA, non-registered shares | 68,172 | 1,248 | ||||||
Kimberly-Clark de México, SAB de CV, Class A, ordinary participation certificates | 499,232 | 1,122 |
American Funds Insurance Series | 109 |
International Growth and Income Fund (continued)
Common stocks (continued) | Shares | Value (000) | ||||||
Consumer staples (continued) | ||||||||
L’Oréal SA, non-registered shares | 1,843 | $ | 916 | |||||
Danone SA | 7,577 | 491 | ||||||
Foshan Haitian Flavouring and Food Co., Ltd., Class A | 76,424 | 408 | ||||||
30,210 | ||||||||
Health care 8.82% | ||||||||
AstraZeneca PLC | 65,264 | 8,790 | ||||||
Novo Nordisk AS, Class B | 79,261 | 8,198 | ||||||
Sanofi | 41,730 | 4,137 | ||||||
EssilorLuxottica SA | 7,429 | 1,493 | ||||||
Bayer AG | 32,532 | 1,208 | ||||||
Grifols, SA, Class B (ADR)3 | 86,437 | 999 | ||||||
Roche Holding AG, nonvoting non-registered shares | 2,529 | 733 | ||||||
HOYA Corp. | 4,800 | 597 | ||||||
Siemens Healthineers AG | 10,271 | 597 | ||||||
Genus PLC | 20,030 | 554 | ||||||
WuXi Biologics (Cayman), Inc.3 | 114,000 | 431 | ||||||
Innovent Biologics, Inc.3 | 74,927 | 409 | ||||||
Argenx SE (ADR)3 | 950 | 361 | ||||||
BeiGene, Ltd. (ADR)3 | 1,113 | 201 | ||||||
Hypera SA, ordinary nominative shares | 27,159 | 196 | ||||||
Max Healthcare Institute, Ltd. | 9,259 | 76 | ||||||
Euroapi SA3 | 1,412 | 9 | ||||||
28,989 | ||||||||
Communication services 6.42% | ||||||||
Publicis Groupe SA | 41,181 | 3,830 | ||||||
Koninklijke KPN NV | 1,073,578 | 3,696 | ||||||
Nippon Telegraph and Telephone Corp. | 1,766,400 | 2,156 | ||||||
Tencent Holdings, Ltd. | 45,500 | 1,719 | ||||||
América Móvil, SAB de CV, Class B (ADR) | 89,126 | 1,651 | ||||||
Telefónica, SA, non-registered shares | 387,831 | 1,523 | ||||||
MTN Group, Ltd. | 183,834 | 1,159 | ||||||
Singapore Telecommunications, Ltd. | 588,800 | 1,100 | ||||||
BT Group PLC | 654,350 | 1,028 | ||||||
Universal Music Group NV | 33,254 | 950 | ||||||
Vodafone Group PLC | 742,585 | 645 | ||||||
KANZHUN, Ltd., Class A (ADR) | 32,449 | 539 | ||||||
SoftBank Corp. | 34,400 | 429 | ||||||
Deutsche Telekom AG | 17,593 | 422 | ||||||
NetEase, Inc. | 14,000 | 260 | ||||||
21,107 | ||||||||
Energy 5.69% | ||||||||
TotalEnergies SE | 103,297 | 7,017 | ||||||
BP PLC | 436,280 | 2,578 | ||||||
TC Energy Corp. (CAD denominated)4 | 53,457 | 2,088 | ||||||
Cameco Corp. (CAD denominated) | 36,600 | 1,578 | ||||||
Canadian Natural Resources, Ltd. (CAD denominated) | 17,750 | 1,163 | ||||||
Schlumberger NV | 21,694 | 1,129 | ||||||
Saudi Arabian Oil Co. | 109,424 | 965 | ||||||
Woodside Energy Group, Ltd. | 30,933 | 655 | ||||||
Gaztransport & Technigaz SA | 4,514 | 598 | ||||||
Aker BP ASA | 19,550 | 568 | ||||||
Tourmaline Oil Corp. | 7,638 | 344 | ||||||
Sovcomflot PAO1 | 356,717 | — | 2 | |||||
Gazprom PJSC1,3 | 671,150 | — | 2 | |||||
LUKOIL Oil Co. PJSC1 | 9,706 | — | 2 | |||||
18,683 |
110 | American Funds Insurance Series |
International Growth and Income Fund (continued)
Common stocks (continued) | Shares | Value (000) | ||||||
Materials 5.52% | ||||||||
Vale SA, ordinary nominative shares | 137,033 | $ | 2,173 | |||||
Vale SA (ADR), ordinary nominative shares | 107,385 | 1,703 | ||||||
Barrick Gold Corp. | 132,913 | 2,404 | ||||||
Linde PLC | 4,050 | 1,663 | ||||||
Rio Tinto PLC | 19,854 | 1,475 | ||||||
Glencore PLC | 221,566 | 1,329 | ||||||
Air Liquide SA | 4,786 | 931 | ||||||
Shin-Etsu Chemical Co., Ltd. | 21,700 | 907 | ||||||
Fortescue, Ltd. | 42,099 | 833 | ||||||
Nutrien, Ltd. (CAD denominated) | 14,024 | 790 | ||||||
Asahi Kasei Corp. | 97,900 | 724 | ||||||
Holcim, Ltd. | 8,678 | 682 | ||||||
Sika AG | 1,727 | 564 | ||||||
Fresnillo PLC | 70,963 | 536 | ||||||
Grupo México, SAB de CV, Series B | 86,163 | 478 | ||||||
DSM-Firmenich AG | 3,281 | 334 | ||||||
Franco-Nevada Corp. | 2,845 | 315 | ||||||
Givaudan SA | 72 | 300 | ||||||
Alrosa PJSC1 | 53,607 | — | 2 | |||||
18,141 | ||||||||
Utilities 2.44% | ||||||||
Engie SA | 165,341 | 2,907 | ||||||
ENN Energy Holdings, Ltd. | 167,659 | 1,233 | ||||||
Brookfield Infrastructure Partners, LP | 35,181 | 1,109 | ||||||
SSE PLC | 38,918 | 918 | ||||||
Iberdrola, SA, non-registered shares | 67,975 | 889 | ||||||
Veolia Environnement SA | 18,136 | 573 | ||||||
National Grid PLC | 28,837 | 389 | ||||||
8,018 | ||||||||
Real estate 1.94% | ||||||||
CK Asset Holdings, Ltd. | 352,000 | 1,760 | ||||||
Prologis Property Mexico, SA de CV, REIT | 268,990 | 1,279 | ||||||
Mitsubishi Estate Co., Ltd. | 66,100 | 908 | ||||||
Link REIT | 127,868 | 715 | ||||||
Embassy Office Parks REIT3 | 148,284 | 579 | ||||||
Embassy Office Parks REIT | 6,972 | 27 | ||||||
Longfor Group Holdings, Ltd. | 357,242 | 573 | ||||||
KE Holdings, Inc., Class A (ADR) | 31,820 | 516 | ||||||
6,357 | ||||||||
Total common stocks (cost: $274,711,000) | 316,028 | |||||||
Preferred securities 0.18% | ||||||||
Information technology 0.09% | ||||||||
Samsung Electronics Co., Ltd., nonvoting preferred shares | 6,295 | 304 | ||||||
Materials 0.09% | ||||||||
Gerdau SA, preferred nominative shares | 62,582 | 303 | ||||||
Total preferred securities (cost: $638,000) | 607 |
American Funds Insurance Series | 111 |
International Growth and Income Fund (continued)
Bonds, notes & other debt instruments 0.33% | Principal amount (000) | Value (000) | ||||||
Bonds & notes of governments & government agencies outside the U.S. 0.33% | ||||||||
Brazil (Federative Republic of) 10.00% 1/1/2033 | BRL | 5,300 | $ | 1,075 | ||||
Total bonds, notes & other debt instruments (cost: $926,000) | 1,075 | |||||||
Short-term securities 3.68% | Shares | |||||||
Money market investments 3.06% | ||||||||
Capital Group Central Cash Fund 5.44%5,6 | 100,713 | 10,070 | ||||||
Money market investments purchased with collateral from securities on loan 0.62% | ||||||||
Invesco Short-Term Investments Trust – Government & Agency Portfolio, Institutional Class 5.27%5,7 | 1,027,520 | 1,028 | ||||||
State Street Institutional U.S. Government Money Market Fund, Institutional Class 5.29%5,7 | 997,345 | 997 | ||||||
2,025 | ||||||||
Total short-term securities (cost: $12,094,000) | 12,095 | |||||||
Total investment securities 100.37% (cost: $288,369,000) | 329,805 | |||||||
Other assets less liabilities (0.37)% | (1,225 | ) | ||||||
Net assets 100.00% | $ | 328,580 |
Investments in affiliates6
Value at 1/1/2023 (000) | Additions (000) | Reductions (000) | Net realized gain (loss) (000) | Net unrealized appreciation (depreciation) (000) | Value at 12/31/2023 (000) | Dividend or interest income (000) | ||||||||||||||||||||||
Short-term securities 3.06% | ||||||||||||||||||||||||||||
Money market investments 3.06% | ||||||||||||||||||||||||||||
Capital Group Central Cash Fund 5.44%5 | $ | 5,492 | $ | 63,913 | $ | 59,335 | $ | 2 | $ | (2 | ) | $ | 10,070 | $ | 658 |
1 | Value determined using significant unobservable inputs. |
2 | Amount less than one thousand. |
3 | Security did not produce income during the last 12 months. |
4 | All or a portion of this security was on loan. The total value of all such securities was $2,296,000, which represented .70% of the net assets of the fund. Refer to Note 5 for more information on securities lending. |
5 | Rate represents the seven-day yield at 12/31/2023. |
6 | Part of the same “group of investment companies” as the fund as defined under the Investment Company Act of 1940, as amended. |
7 | Security purchased with cash collateral from securities on loan. Refer to Note 5 for more information on securities lending. |
Key to abbreviation(s)
ADR = American Depositary Receipts
BRL = Brazilian reais
CAD = Canadian dollars
REIT = Real Estate Investment Trust
Refer to the notes to financial statements.
112 | American Funds Insurance Series |
Investment portfolio December 31, 2023
Common stocks 76.36% | Shares | Value (000) | ||||||
Financials 13.30% | ||||||||
Zurich Insurance Group AG | 28,525 | $ | 14,913 | |||||
CME Group, Inc., Class A | 65,239 | 13,739 | ||||||
JPMorgan Chase & Co. | 70,561 | 12,002 | ||||||
Morgan Stanley | 97,385 | 9,081 | ||||||
BlackRock, Inc. | 9,927 | 8,059 | ||||||
DBS Group Holdings, Ltd. | 311,106 | 7,860 | ||||||
PNC Financial Services Group, Inc. | 34,952 | 5,412 | ||||||
ING Groep NV | 344,497 | 5,157 | ||||||
Blackstone, Inc. | 35,913 | 4,702 | ||||||
Citizens Financial Group, Inc. | 137,512 | 4,557 | ||||||
Münchener Rückversicherungs-Gesellschaft AG | 10,560 | 4,373 | ||||||
B3 SA - Brasil, Bolsa, Balcao | 1,468,642 | 4,368 | ||||||
AIA Group, Ltd. | 477,953 | 4,151 | ||||||
Power Corporation of Canada, subordinate voting shares1 | 144,624 | 4,136 | ||||||
DNB Bank ASA | 189,761 | 4,031 | ||||||
KBC Groep NV | 54,858 | 3,559 | ||||||
American International Group, Inc. | 46,102 | 3,123 | ||||||
Webster Financial Corp. | 60,863 | 3,089 | ||||||
Wells Fargo & Co. | 56,465 | 2,779 | ||||||
Kaspi.kz JSC (GDR)2 | 21,756 | 2,002 | ||||||
Kaspi.kz JSC (GDR) | 5,504 | 507 | ||||||
Great-West Lifeco, Inc. | 73,004 | 2,417 | ||||||
Swedbank AB, Class A | 116,690 | 2,358 | ||||||
Toronto-Dominion Bank (The) (CAD denominated) | 34,422 | 2,224 | ||||||
United Overseas Bank, Ltd. | 101,900 | 2,193 | ||||||
Hana Financial Group, Inc. | 62,025 | 2,085 | ||||||
East West Bancorp, Inc. | 28,429 | 2,046 | ||||||
360 ONE WAM, Ltd. | 228,422 | 1,944 | ||||||
National Bank of Canada | 23,228 | 1,771 | ||||||
Intact Financial Corp. | 11,381 | 1,751 | ||||||
Principal Financial Group, Inc. | 22,030 | 1,733 | ||||||
Skandinaviska Enskilda Banken AB, Class A | 113,011 | 1,556 | ||||||
EFG International AG | 117,468 | 1,509 | ||||||
Franklin Resources, Inc. | 46,876 | 1,396 | ||||||
State Street Corp. | 17,390 | 1,347 | ||||||
BNP Paribas SA | 19,050 | 1,320 | ||||||
Truist Financial Corp. | 34,796 | 1,285 | ||||||
Bank Central Asia Tbk PT | 1,889,200 | 1,152 | ||||||
TPG, Inc., Class A | 25,970 | 1,121 | ||||||
Western Union Co. | 93,040 | 1,109 | ||||||
Euronext NV | 12,294 | 1,068 | ||||||
Bank Mandiri (Persero) Tbk PT | 2,720,000 | 1,067 | ||||||
Patria Investments, Ltd., Class A | 63,717 | 988 | ||||||
UniCredit SpA | 36,306 | 985 | ||||||
Banco Santander, SA | 217,744 | 909 | ||||||
Citigroup, Inc. | 17,383 | 894 | ||||||
Ping An Insurance (Group) Company of China, Ltd., Class H | 190,000 | 860 | ||||||
Société Générale | 29,067 | 775 | ||||||
Vontobel Holding AG | 11,229 | 728 | ||||||
OneMain Holdings, Inc. | 12,558 | 618 | ||||||
Fidelity National Information Services, Inc. | 10,115 | 608 | ||||||
China Pacific Insurance (Group) Co., Ltd., Class H | 277,950 | 560 | ||||||
Capital One Financial Corp. | 3,823 | 501 | ||||||
Fukuoka Financial Group, Inc. | 19,200 | 452 | ||||||
Grupo Financiero Banorte, SAB de CV, Series O | 42,207 | 424 | ||||||
Bank of Montreal | 4,117 | 407 | ||||||
Houlihan Lokey, Inc., Class A | 3,330 | 399 | ||||||
Tokio Marine Holdings, Inc. | 8,600 | 215 | ||||||
Moscow Exchange MICEX-RTS PJSC3 | 875,002 | — | 4 | |||||
Sberbank of Russia PJSC3 | 204,176 | — | 4 | |||||
166,375 |
American Funds Insurance Series | 113 |
Capital Income Builder (continued)
Common stocks (continued) | Shares | Value (000) | ||||||
Health care 9.86% | ||||||||
AbbVie, Inc. | 158,048 | $ | 24,493 | |||||
Abbott Laboratories | 152,959 | 16,836 | ||||||
Gilead Sciences, Inc. | 193,923 | 15,710 | ||||||
AstraZeneca PLC | 83,272 | 11,215 | ||||||
Amgen, Inc. | 36,709 | 10,573 | ||||||
Sanofi | 98,371 | 9,753 | ||||||
Bristol-Myers Squibb Co. | 117,937 | 6,051 | ||||||
Medtronic PLC | 72,433 | 5,967 | ||||||
UnitedHealth Group, Inc. | 7,367 | 3,878 | ||||||
CVS Health Corp. | 46,221 | 3,650 | ||||||
Roche Holding AG, nonvoting non-registered shares | 11,785 | 3,416 | ||||||
Takeda Pharmaceutical Co., Ltd. | 105,625 | 3,032 | ||||||
Johnson & Johnson | 18,452 | 2,892 | ||||||
Novartis AG | 19,835 | 2,003 | ||||||
GSK PLC | 73,058 | 1,349 | ||||||
EBOS Group, Ltd. | 51,251 | 1,150 | ||||||
Merck & Co., Inc. | 8,309 | 906 | ||||||
Pfizer, Inc. | 17,187 | 495 | ||||||
123,369 | ||||||||
Information technology 9.35% | ||||||||
Broadcom, Inc. | 44,259 | 49,404 | ||||||
Microsoft Corp. | 67,314 | 25,313 | ||||||
Taiwan Semiconductor Manufacturing Co., Ltd. | 536,800 | 10,331 | ||||||
Texas Instruments, Inc. | 43,641 | 7,439 | ||||||
Seagate Technology Holdings PLC | 64,799 | 5,532 | ||||||
KLA Corp. | 5,687 | 3,306 | ||||||
SAP SE | 18,589 | 2,860 | ||||||
TDK Corp. | 47,700 | 2,261 | ||||||
Tokyo Electron, Ltd. | 12,600 | 2,240 | ||||||
Samsung Electronics Co., Ltd. | 29,153 | 1,773 | ||||||
Analog Devices, Inc. | 8,631 | 1,714 | ||||||
GlobalWafers Co., Ltd. | 88,938 | 1,697 | ||||||
Intel Corp. | 23,587 | 1,185 | ||||||
Vanguard International Semiconductor Corp. | 262,255 | 694 | ||||||
BE Semiconductor Industries NV | 3,224 | 486 | ||||||
Capgemini SE | 1,919 | 401 | ||||||
SINBON Electronics Co., Ltd. | 37,446 | 364 | ||||||
117,000 | ||||||||
Consumer staples 9.15% | ||||||||
Philip Morris International, Inc. | 294,556 | 27,712 | ||||||
British American Tobacco PLC | 386,906 | 11,291 | ||||||
British American Tobacco PLC (ADR) | 61,763 | 1,809 | ||||||
Nestlé SA | 84,337 | 9,761 | ||||||
Imperial Brands PLC | 337,751 | 7,762 | ||||||
Mondelez International, Inc., Class A | 95,679 | 6,930 | ||||||
PepsiCo, Inc. | 30,773 | 5,227 | ||||||
ITC, Ltd. | 797,505 | 4,423 | ||||||
Danone SA | 64,604 | 4,190 | ||||||
General Mills, Inc. | 47,612 | 3,101 | ||||||
Anheuser-Busch InBev SA/NV | 45,033 | 2,909 | ||||||
Altria Group, Inc. | 66,658 | 2,689 | ||||||
Diageo PLC | 70,366 | 2,555 | ||||||
Dollar General Corp. | 18,536 | 2,520 | ||||||
Seven & i Holdings Co., Ltd. | 63,600 | 2,519 | ||||||
Procter & Gamble Co. | 17,060 | 2,500 | ||||||
Carlsberg A/S, Class B | 19,656 | 2,464 | ||||||
Kimberly-Clark Corp. | 17,502 | 2,127 | ||||||
Kenvue, Inc. | 86,309 | 1,858 | ||||||
Wilmar International, Ltd. | 556,200 | 1,501 | ||||||
Kao Corp. | 34,700 | 1,426 |
114 | American Funds Insurance Series |
Capital Income Builder (continued)
Common stocks (continued) | Shares | Value (000) | ||||||
Consumer staples (continued) | ||||||||
Pernod Ricard SA | 6,104 | $ | 1,079 | |||||
Kraft Heinz Co. (The) | 27,009 | 999 | ||||||
Asahi Group Holdings, Ltd. | 24,500 | 912 | ||||||
WH Group Ltd. | 1,366,000 | 881 | ||||||
Vector Group, Ltd. | 74,669 | 842 | ||||||
Sysco Corp. | 10,859 | 794 | ||||||
Molson Coors Beverage Co., Class B, restricted voting shares | 8,796 | 538 | ||||||
Scandinavian Tobacco Group A/S | 24,914 | 433 | ||||||
Viscofan, SA, non-registered shares | 6,942 | 411 | ||||||
Unilever PLC | 5,254 | 254 | ||||||
Reckitt Benckiser Group PLC | 1,394 | 96 | ||||||
114,513 | ||||||||
Industrials 8.35% | ||||||||
RTX Corp. | 227,122 | 19,110 | ||||||
Union Pacific Corp. | 37,664 | 9,251 | ||||||
BAE Systems PLC | 569,696 | 8,060 | ||||||
Siemens AG | 40,877 | 7,667 | ||||||
Honeywell International, Inc. | 25,955 | 5,443 | ||||||
RELX PLC | 117,187 | 4,648 | ||||||
Paychex, Inc. | 36,521 | 4,350 | ||||||
Canadian National Railway Co. (CAD denominated) | 28,727 | 3,611 | ||||||
DHL Group | 70,834 | 3,509 | ||||||
AB Volvo, Class B | 124,232 | 3,229 | ||||||
Marubeni Corp. | 198,400 | 3,122 | ||||||
Broadridge Financial Solutions, Inc. | 14,364 | 2,955 | ||||||
Singapore Technologies Engineering, Ltd. | 977,500 | 2,876 | ||||||
Trinity Industries, Inc. | 93,524 | 2,487 | ||||||
Automatic Data Processing, Inc. | 10,472 | 2,440 | ||||||
ITOCHU Corp. | 57,900 | 2,363 | ||||||
Vinci SA | 16,934 | 2,127 | ||||||
Carrier Global Corp. | 34,200 | 1,965 | ||||||
BOC Aviation, Ltd. | 205,400 | 1,570 | ||||||
Trelleborg AB, Class B | 46,644 | 1,563 | ||||||
Waste Management, Inc. | 8,225 | 1,473 | ||||||
SGS SA | 16,071 | 1,388 | ||||||
Illinois Tool Works, Inc. | 5,274 | 1,381 | ||||||
Compañia de Distribución Integral Logista Holdings, SA, non-registered shares | 49,520 | 1,340 | ||||||
Bureau Veritas SA | 48,098 | 1,216 | ||||||
FedEx Corp. | 4,446 | 1,125 | ||||||
Grupo Aeroportuario del Pacífico, SAB de CV, Class B | 56,531 | 987 | ||||||
General Dynamics Corp. | 2,635 | 684 | ||||||
United Parcel Service, Inc., Class B | 4,107 | 646 | ||||||
Airbus SE, non-registered shares | 3,937 | 608 | ||||||
L3Harris Technologies, Inc. | 2,873 | 605 | ||||||
Sulzer AG | 4,630 | 473 | ||||||
Epiroc AB, Class B | 9,302 | 163 | ||||||
104,435 | ||||||||
Energy 6.18% | ||||||||
Canadian Natural Resources, Ltd. (CAD denominated) | 219,525 | 14,382 | ||||||
TC Energy Corp. (CAD denominated)1 | 288,545 | 11,271 | ||||||
TC Energy Corp. | 17,158 | 671 | ||||||
Exxon Mobil Corp. | 88,978 | 8,896 | ||||||
TotalEnergies SE | 112,932 | 7,671 | ||||||
Shell PLC (GBP denominated) | 214,477 | 6,968 | ||||||
Shell PLC (ADR) | 8,450 | 556 | ||||||
BP PLC | 1,015,322 | 6,000 | ||||||
Chevron Corp. | 33,278 | 4,964 | ||||||
EOG Resources, Inc. | 37,495 | 4,535 | ||||||
ConocoPhillips | 30,282 | 3,515 | ||||||
Equitrans Midstream Corp. | 228,302 | 2,324 |
American Funds Insurance Series | 115 |
Capital Income Builder (continued)
Common stocks (continued) | Shares | Value (000) | ||||||
Energy (continued) | ||||||||
Schlumberger NV | 39,352 | $ | 2,048 | |||||
Neste OYJ | 42,703 | 1,517 | ||||||
DT Midstream, Inc. | 14,667 | 804 | ||||||
Enbridge, Inc. (CAD denominated) | 16,876 | 608 | ||||||
Baker Hughes Co., Class A | 9,719 | 332 | ||||||
Woodside Energy Group, Ltd. (CDI) | 12,043 | 255 | ||||||
Gazprom PJSC3,5 | 880,428 | — | 4 | |||||
77,317 | ||||||||
Utilities 5.94% | ||||||||
Engie SA | 480,958 | 8,457 | ||||||
Engie SA, bonus shares | 36,900 | 649 | ||||||
National Grid PLC | 505,381 | 6,824 | ||||||
E.ON SE | 455,616 | 6,112 | ||||||
SSE PLC | 236,180 | 5,572 | ||||||
Edison International | 77,886 | 5,568 | ||||||
DTE Energy Co. | 50,037 | 5,517 | ||||||
Duke Energy Corp. | 49,391 | 4,793 | ||||||
Dominion Energy, Inc. | 97,164 | 4,567 | ||||||
Iberdrola, SA, non-registered shares | 348,441 | 4,557 | ||||||
Sempra | 53,881 | 4,026 | ||||||
CenterPoint Energy, Inc. | 117,976 | 3,371 | ||||||
AES Corp. | 158,867 | 3,058 | ||||||
Southern Co. (The) | 31,912 | 2,238 | ||||||
Pinnacle West Capital Corp. | 29,633 | 2,129 | ||||||
NextEra Energy, Inc. | 29,782 | 1,809 | ||||||
Entergy Corp. | 16,306 | 1,650 | ||||||
Power Grid Corporation of India, Ltd. | 361,599 | 1,029 | ||||||
SembCorp Industries, Ltd. | 239,800 | 963 | ||||||
ENN Energy Holdings, Ltd. | 99,100 | 728 | ||||||
Power Assets Holdings, Ltd. | 117,500 | 680 | ||||||
74,297 | ||||||||
Real estate 4.82% | ||||||||
VICI Properties, Inc. REIT | 555,713 | 17,716 | ||||||
Equinix, Inc. REIT | 7,347 | 5,917 | ||||||
Public Storage REIT | 16,002 | 4,881 | ||||||
Extra Space Storage, Inc. REIT | 28,682 | 4,599 | ||||||
Crown Castle, Inc. REIT | 29,333 | 3,379 | ||||||
American Tower Corp. REIT | 15,596 | 3,367 | ||||||
Gaming and Leisure Properties, Inc. REIT | 49,656 | 2,450 | ||||||
Link REIT | 369,948 | 2,069 | ||||||
CK Asset Holdings, Ltd. | 346,000 | 1,730 | ||||||
Welltower, Inc. REIT | 18,815 | 1,697 | ||||||
Rexford Industrial Realty, Inc. REIT | 28,946 | 1,624 | ||||||
Sun Hung Kai Properties, Ltd. | 146,355 | 1,575 | ||||||
Prologis, Inc. REIT | 10,708 | 1,427 | ||||||
Kimco Realty Corp. REIT | 62,930 | 1,341 | ||||||
CTP NV | 75,076 | 1,269 | ||||||
Charter Hall Group REIT | 153,613 | 1,251 | ||||||
Mindspace Business Parks REIT | 233,888 | 909 | ||||||
Digital Realty Trust, Inc. REIT | 6,331 | 852 | ||||||
POWERGRID Infrastructure Investment Trust REIT | 729,345 | 847 | ||||||
Longfor Group Holdings, Ltd. | 335,634 | 538 | ||||||
Embassy Office Parks REIT | 115,484 | 450 | ||||||
Embassy Office Parks REIT5 | 11,725 | 46 | ||||||
CubeSmart REIT | 8,847 | 410 | ||||||
60,344 |
116 | American Funds Insurance Series |
Capital Income Builder (continued)
Common stocks (continued) | Shares | Value (000) | ||||||
Consumer discretionary 3.70% | ||||||||
Home Depot, Inc. | 24,477 | $ | 8,483 | |||||
LVMH Moët Hennessy-Louis Vuitton SE | 7,279 | 5,904 | ||||||
Restaurant Brands International, Inc. | 59,974 | 4,686 | ||||||
Midea Group Co., Ltd., Class A | 554,075 | 4,266 | ||||||
YUM! Brands, Inc. | 28,665 | 3,745 | ||||||
McDonald’s Corp. | 12,174 | 3,610 | ||||||
Kering SA | 7,967 | 3,536 | ||||||
Industria de Diseño Textil, SA | 67,115 | 2,927 | ||||||
Darden Restaurants, Inc. | 10,473 | 1,721 | ||||||
NEXT PLC | 15,809 | 1,632 | ||||||
Bridgestone Corp. | 33,300 | 1,375 | ||||||
Galaxy Entertainment Group, Ltd. | 216,000 | 1,207 | ||||||
Tractor Supply Co. | 4,485 | 964 | ||||||
Hasbro, Inc. | 10,899 | 557 | ||||||
International Game Technology PLC | 15,626 | 428 | ||||||
OPAP SA | 22,896 | 389 | ||||||
Toyota Motor Corp. | 20,400 | 374 | ||||||
Inchcape PLC | 31,417 | 286 | ||||||
Kindred Group PLC (SDR) | 24,452 | 226 | ||||||
Compagnie Financière Richemont SA, Class A | 106 | 15 | ||||||
46,331 | ||||||||
Communication services 3.14% | ||||||||
Comcast Corp., Class A | 146,104 | 6,407 | ||||||
Nippon Telegraph and Telephone Corp. | 3,589,500 | 4,382 | ||||||
Verizon Communications, Inc. | 115,704 | 4,362 | ||||||
Singapore Telecommunications, Ltd. | 1,940,300 | 3,626 | ||||||
Koninklijke KPN NV | 1,038,075 | 3,574 | ||||||
América Móvil, SAB de CV, Class B (ADR) | 183,587 | 3,400 | ||||||
SoftBank Corp. | 267,100 | 3,329 | ||||||
Publicis Groupe SA | 24,050 | 2,236 | ||||||
TELUS Corp. | 92,357 | 1,643 | ||||||
Deutsche Telekom AG | 57,458 | 1,380 | ||||||
Warner Music Group Corp., Class A | 34,867 | 1,248 | ||||||
WPP PLC | 120,630 | 1,147 | ||||||
HKT Trust and HKT, Ltd., units | 873,240 | 1,045 | ||||||
Omnicom Group, Inc. | 11,563 | 1,000 | ||||||
Telkom Indonesia (Persero) Tbk PT, Class B | 2,070,000 | 531 | ||||||
39,310 | ||||||||
Materials 2.57% | ||||||||
Vale SA (ADR), ordinary nominative shares | 272,978 | 4,329 | ||||||
Vale SA, ordinary nominative shares | 180,366 | 2,860 | ||||||
Air Products and Chemicals, Inc. | 17,795 | 4,872 | ||||||
Rio Tinto PLC | 61,101 | 4,538 | ||||||
Linde PLC | 9,409 | 3,864 | ||||||
BHP Group, Ltd. (CDI) | 64,930 | 2,222 | ||||||
Evonik Industries AG | 69,687 | 1,423 | ||||||
International Flavors & Fragrances, Inc. | 17,226 | 1,395 | ||||||
UPM-Kymmene OYJ | 28,069 | 1,056 | ||||||
BASF SE | 19,170 | 1,032 | ||||||
Smurfit Kappa Group PLC | 22,439 | 885 | ||||||
Celanese Corp. | 5,602 | 870 | ||||||
Asahi Kasei Corp. | 102,400 | 758 | ||||||
WestRock Co. | 17,595 | 730 | ||||||
Gerdau SA (ADR) | 133,973 | 650 | ||||||
Fortescue, Ltd. | 28,457 | 563 | ||||||
Glencore PLC | 23,221 | 139 | ||||||
32,186 | ||||||||
Total common stocks (cost: $759,836,000) | 955,477 |
American Funds Insurance Series | 117 |
Capital Income Builder (continued)
Preferred securities 0.02% | Shares | Value (000) | ||||||
Financials 0.02% | ||||||||
Banco Bradesco SA, preferred nominative shares | 72,312 | $ | 252 | |||||
Total preferred securities (cost: $194,000) | 252 | |||||||
Convertible stocks 0.19% | ||||||||
Utilities 0.19% | ||||||||
NextEra Energy, Inc., noncumulative convertible preferred units, 6.926% 9/1/20251 | 45,239 | 1,724 | ||||||
AES Corp., convertible preferred units, 6.875% 2/15/2024 | 8,659 | 659 | ||||||
Total convertible stocks (cost: $2,926,000) | 2,383 | |||||||
Bonds, notes & other debt instruments 16.71% | Principal amount (000) | |||||||
Mortgage-backed obligations 8.29% | ||||||||
Federal agency mortgage-backed obligations 7.50% | ||||||||
Fannie Mae Pool #695412 5.00% 6/1/20336 | USD | — | 4 | — | 4 | |||
Fannie Mae Pool #AD3566 5.00% 10/1/20356 | 1 | 1 | ||||||
Fannie Mae Pool #931768 5.00% 8/1/20396 | 1 | 1 | ||||||
Fannie Mae Pool #AC0794 5.00% 10/1/20396 | 5 | 5 | ||||||
Fannie Mae Pool #932606 5.00% 2/1/20406 | 2 | 2 | ||||||
Fannie Mae Pool #AE0311 3.50% 8/1/20406 | 8 | 7 | ||||||
Fannie Mae Pool #AE1248 5.00% 6/1/20416 | 8 | 8 | ||||||
Fannie Mae Pool #AJ1873 4.00% 10/1/20416 | 6 | 6 | ||||||
Fannie Mae Pool #AE1274 5.00% 10/1/20416 | 6 | 6 | ||||||
Fannie Mae Pool #AE1277 5.00% 11/1/20416 | 3 | 4 | ||||||
Fannie Mae Pool #AE1283 5.00% 12/1/20416 | 2 | 2 | ||||||
Fannie Mae Pool #AE1290 5.00% 2/1/20426 | 4 | 4 | ||||||
Fannie Mae Pool #AT0300 3.50% 3/1/20436 | 1 | 1 | ||||||
Fannie Mae Pool #AT3954 3.50% 4/1/20436 | 2 | 2 | ||||||
Fannie Mae Pool #AY1829 3.50% 12/1/20446 | 2 | 2 | ||||||
Fannie Mae Pool #BH3122 4.00% 6/1/20476 | 1 | 1 | ||||||
Fannie Mae Pool #BJ5015 4.00% 12/1/20476 | 32 | 31 | ||||||
Fannie Mae Pool #BK5232 4.00% 5/1/20486 | 18 | 17 | ||||||
Fannie Mae Pool #BK6840 4.00% 6/1/20486 | 24 | 23 | ||||||
Fannie Mae Pool #BK9743 4.00% 8/1/20486 | 8 | 7 | ||||||
Fannie Mae Pool #BK9761 4.50% 8/1/20486 | 4 | 4 | ||||||
Fannie Mae Pool #FM3280 3.50% 5/1/20496 | 34 | 32 | ||||||
Fannie Mae Pool #FS5372 3.50% 7/1/20496 | 185 | 172 | ||||||
Fannie Mae Pool #FS5313 3.50% 1/1/20506 | 2,118 | 1,973 | ||||||
Fannie Mae Pool #CA5540 3.00% 4/1/20506 | 2,963 | 2,655 | ||||||
Fannie Mae Pool #CA6309 3.00% 7/1/20506 | 344 | 312 | ||||||
Fannie Mae Pool #CA6349 3.00% 7/1/20506 | 130 | 116 | ||||||
Fannie Mae Pool #CA6740 3.00% 8/1/20506 | 89 | 80 | ||||||
Fannie Mae Pool #CA7048 3.00% 9/1/20506 | 48 | 43 | ||||||
Fannie Mae Pool #CA7052 3.00% 9/1/20506 | 14 | 13 | ||||||
Fannie Mae Pool #CA7381 3.00% 10/1/20506 | 145 | 130 | ||||||
Fannie Mae Pool #FM5166 3.00% 12/1/20506 | 92 | 82 | ||||||
Fannie Mae Pool #BR4104 2.00% 1/1/20516 | 49 | 40 | ||||||
Fannie Mae Pool #FM5509 3.00% 1/1/20516 | 140 | 125 | ||||||
Fannie Mae Pool #CB0191 3.00% 4/1/20516 | 178 | 159 | ||||||
Fannie Mae Pool #CB0193 3.00% 4/1/20516 | 21 | 19 | ||||||
Fannie Mae Pool #FM7909 3.00% 6/1/20516 | 17 | 15 | ||||||
Fannie Mae Pool #FM8477 3.00% 8/1/20516 | 125 | 112 | ||||||
Fannie Mae Pool #CB2787 3.50% 12/1/20516 | 23 | 21 | ||||||
Fannie Mae Pool #BV0790 3.50% 1/1/20526 | 96 | 88 | ||||||
Fannie Mae Pool #FS0647 3.00% 2/1/20526 | 927 | 836 | ||||||
Fannie Mae Pool #FS0752 3.00% 3/1/20526 | 530 | 469 | ||||||
Fannie Mae Pool #CB3179 3.50% 3/1/20526 | 322 | 297 | ||||||
Fannie Mae Pool #BW1289 5.50% 10/1/20526 | 127 | 128 | ||||||
Fannie Mae Pool #BW1243 5.50% 10/1/20526 | 113 | 114 | ||||||
Fannie Mae Pool #MA4842 5.50% 12/1/20526 | 171 | 172 |
118 | American Funds Insurance Series |
Capital Income Builder (continued)
Bonds, notes & other debt instruments (continued) | Principal amount (000) | Value (000) | ||||||
Mortgage-backed obligations (continued) | ||||||||
Federal agency mortgage-backed obligations (continued) | ||||||||
Fannie Mae Pool #MA4919 5.50% 2/1/20536 | USD | 111 | $ | 111 | ||||
Fannie Mae Pool #CB5986 5.00% 3/1/20536 | 97 | 96 | ||||||
Fannie Mae Pool #BX9827 5.00% 5/1/20536 | 5,466 | 5,409 | ||||||
Fannie Mae Pool #FS4563 5.00% 5/1/20536 | 65 | 64 | ||||||
Fannie Mae Pool #MA5010 5.50% 5/1/20536 | 295 | 296 | ||||||
Fannie Mae Pool #MA5011 6.00% 5/1/20536 | 1,696 | 1,723 | ||||||
Fannie Mae Pool #MA5039 5.50% 6/1/20536 | 361 | 363 | ||||||
Fannie Mae Pool #CB6485 6.00% 6/1/20536 | 443 | 450 | ||||||
Fannie Mae Pool #CB6486 6.00% 6/1/20536 | 276 | 281 | ||||||
Fannie Mae Pool #CB6465 6.00% 6/1/20536 | 198 | 201 | ||||||
Fannie Mae Pool #MA5071 5.00% 7/1/20536 | 362 | 358 | ||||||
Fannie Mae Pool #BU4112 5.00% 7/1/20536 | 99 | 98 | ||||||
Fannie Mae Pool #MA5072 5.50% 7/1/20536 | 1,200 | 1,206 | ||||||
Fannie Mae Pool #MA5165 5.50% 10/1/20536 | 10 | 10 | ||||||
Fannie Mae Pool #MA5167 6.50% 10/1/20536 | 2,892 | 2,965 | ||||||
Fannie Mae Pool #MA5191 6.00% 11/1/20536 | 767 | 779 | ||||||
Fannie Mae Pool #BF0142 5.50% 8/1/20566 | 360 | 373 | ||||||
Fannie Mae Pool #BF0342 5.50% 1/1/20596 | 245 | 249 | ||||||
Fannie Mae Pool #BM6737 4.50% 11/1/20596 | 615 | 600 | ||||||
Fannie Mae Pool #BF0497 3.00% 7/1/20606 | 422 | 362 | ||||||
Freddie Mac Pool #SC0149 2.00% 3/1/20416 | 72 | 62 | ||||||
Freddie Mac Pool #RB0544 2.00% 6/1/20416 | 124 | 106 | ||||||
Freddie Mac Pool #Q15874 4.00% 2/1/20436 | 1 | 1 | ||||||
Freddie Mac Pool #G67711 4.00% 3/1/20486 | 211 | 204 | ||||||
Freddie Mac Pool #Q55971 4.00% 5/1/20486 | 17 | 16 | ||||||
Freddie Mac Pool #Q56175 4.00% 5/1/20486 | 15 | 14 | ||||||
Freddie Mac Pool #Q55970 4.00% 5/1/20486 | 8 | 8 | ||||||
Freddie Mac Pool #Q56599 4.00% 6/1/20486 | 24 | 23 | ||||||
Freddie Mac Pool #Q57242 4.50% 7/1/20486 | 10 | 10 | ||||||
Freddie Mac Pool #Q58411 4.50% 9/1/20486 | 46 | 45 | ||||||
Freddie Mac Pool #Q58436 4.50% 9/1/20486 | 25 | 25 | ||||||
Freddie Mac Pool #Q58378 4.50% 9/1/20486 | 17 | 17 | ||||||
Freddie Mac Pool #ZT1704 4.50% 1/1/20496 | 1,109 | 1,099 | ||||||
Freddie Mac Pool #RA3384 3.00% 8/1/20506 | 15 | 14 | ||||||
Freddie Mac Pool #RA3506 3.00% 9/1/20506 | 147 | 132 | ||||||
Freddie Mac Pool #RA5901 3.00% 9/1/20516 | 76 | 68 | ||||||
Freddie Mac Pool #RA6347 3.00% 11/1/20516 | 155 | 139 | ||||||
Freddie Mac Pool #SD8214 3.50% 5/1/20526 | 828 | 760 | ||||||
Freddie Mac Pool #QE3580 3.50% 6/1/20526 | 480 | 440 | ||||||
Freddie Mac Pool #QE4383 4.00% 6/1/20526 | 334 | 316 | ||||||
Freddie Mac Pool #RA7556 4.50% 6/1/20526 | 874 | 848 | ||||||
Freddie Mac Pool #SD1584 4.50% 9/1/20526 | 191 | 188 | ||||||
Freddie Mac Pool #QE9222 5.00% 9/1/20526 | 648 | 642 | ||||||
Freddie Mac Pool #QF0924 5.50% 9/1/20526 | 318 | 319 | ||||||
Freddie Mac Pool #SD2948 5.50% 11/1/20526 | 118 | 119 | ||||||
Freddie Mac Pool #SD2716 5.00% 4/1/20536 | 106 | 105 | ||||||
Freddie Mac Pool #SD8316 5.50% 4/1/20536 | 595 | 598 | ||||||
Freddie Mac Pool #SD8324 5.50% 5/1/20536 | 448 | 450 | ||||||
Freddie Mac Pool #SD8329 5.00% 6/1/20536 | 35 | 34 | ||||||
Freddie Mac Pool #SD8331 5.50% 6/1/20536 | 1,118 | 1,123 | ||||||
Freddie Mac Pool #SD3175 6.00% 6/1/20536 | 92 | 94 | ||||||
Freddie Mac Pool #RA9294 6.50% 6/1/20536 | 20 | 20 | ||||||
Freddie Mac Pool #RA9289 6.50% 6/1/20536 | 16 | 17 | ||||||
Freddie Mac Pool #RA9292 6.50% 6/1/20536 | 17 | 17 | ||||||
Freddie Mac Pool #RA9288 6.50% 6/1/20536 | 15 | 16 | ||||||
Freddie Mac Pool #RA9287 6.50% 6/1/20536 | 11 | 11 | ||||||
Freddie Mac Pool #RA9290 6.50% 6/1/20536 | 8 | 8 | ||||||
Freddie Mac Pool #RA9291 6.50% 6/1/20536 | 6 | 6 | ||||||
Freddie Mac Pool #RA9295 6.50% 6/1/20536 | 4 | 4 | ||||||
Freddie Mac Pool #SD8341 5.00% 7/1/20536 | 348 | 344 | ||||||
Freddie Mac Pool #SD8342 5.50% 7/1/20536 | 2,453 | 2,464 |
American Funds Insurance Series | 119 |
Capital Income Builder (continued)
Bonds, notes & other debt instruments (continued) | Principal amount (000) | Value (000) | ||||||
Mortgage-backed obligations (continued) | ||||||||
Federal agency mortgage-backed obligations (continued) | ||||||||
Freddie Mac Pool #SD8362 5.50% 9/1/20536 | USD | 19 | $ | 20 | ||||
Freddie Mac Pool #SD8367 5.50% 10/1/20536 | 29 | 30 | ||||||
Freddie Mac Pool #SD8369 6.50% 10/1/20536 | 1,703 | 1,746 | ||||||
Freddie Mac Pool #SD8372 5.50% 11/1/20536 | 89 | 89 | ||||||
Freddie Mac, Series K156, Class A2, Multi Family, 4.43% 2/25/20336,7 | 160 | 160 | ||||||
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-1, Class HA, 3.00% 1/25/20566,7 | 105 | 96 | ||||||
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-2, Class MA, 3.00% 8/25/20566 | 217 | 199 | ||||||
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-2, Class HA, 3.00% 8/25/20566,7 | 212 | 194 | ||||||
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-4, Class HT, 3.25% 6/25/20576,7 | 90 | 79 | ||||||
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-4, Class MT, 3.50% 6/25/20576 | 75 | 67 | ||||||
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2018-3, Class MA, 3.50% 8/25/20576 | 17 | 16 | ||||||
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2019-1, Class MT, 3.50% 7/25/20586 | 921 | 822 | ||||||
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2019-1, Class MA, 3.50% 7/25/20586 | 350 | 332 | ||||||
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2019-2, Class MA, 3.50% 8/25/20586 | 555 | 524 | ||||||
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2019-3, Class MA, 3.50% 10/25/20586 | 16 | 15 | ||||||
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2019-3, Class MT, 3.50% 10/25/20586 | 9 | 8 | ||||||
Freddie Mac Seasoned Loan Structured Transaction Trust, Series 2018-2, Class A1, 3.50% 11/25/20286 | 823 | 785 | ||||||
Freddie Mac Seasoned Loan Structured Transaction Trust, Series 2019-2, Class A1C, 2.75% 9/25/20296 | 1,171 | 1,082 | ||||||
Government National Mortgage Assn. 4.00% 1/1/20546,8 | 321 | 307 | ||||||
Government National Mortgage Assn. 5.50% 1/1/20546,8 | 610 | 615 | ||||||
Government National Mortgage Assn. 6.00% 1/1/20546,8 | 25 | 25 | ||||||
Government National Mortgage Assn. Pool #MA5764 4.50% 2/20/20496 | 186 | 184 | ||||||
Government National Mortgage Assn. Pool #MA8267 4.00% 9/20/20526 | 3,194 | 3,049 | ||||||
Government National Mortgage Assn. Pool #MA8947 5.00% 6/20/20536 | 430 | 427 | ||||||
Government National Mortgage Assn. Pool #MA9016 5.00% 7/20/20536 | 1,148 | 1,139 | ||||||
Government National Mortgage Assn. Pool #694836 5.75% 9/20/20596 | — | 4 | — | 4 | ||||
Government National Mortgage Assn. Pool #766525 4.70% 11/20/20626 | — | 4 | — | 4 | ||||
Government National Mortgage Assn. Pool #725893 5.20% 9/20/20646 | — | 4 | — | 4 | ||||
Uniform Mortgage-Backed Security 2.50% 1/1/20396,8 | 941 | 867 | ||||||
Uniform Mortgage-Backed Security 2.50% 2/1/20396,8 | 767 | 707 | ||||||
Uniform Mortgage-Backed Security 2.00% 1/1/20546,8 | 276 | 226 | ||||||
Uniform Mortgage-Backed Security 2.50% 1/1/20546,8 | 91 | 78 | ||||||
Uniform Mortgage-Backed Security 3.00% 1/1/20546,8 | 682 | 603 | ||||||
Uniform Mortgage-Backed Security 3.50% 1/1/20546,8 | 1,707 | 1,566 | ||||||
Uniform Mortgage-Backed Security 4.00% 1/1/20546,8 | 2,962 | 2,802 | ||||||
Uniform Mortgage-Backed Security 4.50% 1/1/20546,8 | 2,041 | 1,979 | ||||||
Uniform Mortgage-Backed Security 5.00% 1/1/20546,8 | 1,364 | 1,350 | ||||||
Uniform Mortgage-Backed Security 5.50% 1/1/20546,8 | 9,725 | 9,767 | ||||||
Uniform Mortgage-Backed Security 6.00% 1/1/20546,8 | 650 | 660 | ||||||
Uniform Mortgage-Backed Security 6.50% 1/1/20546,8 | 1,058 | 1,084 | ||||||
Uniform Mortgage-Backed Security 7.00% 1/1/20546,8 | 4,844 | 4,997 | ||||||
Uniform Mortgage-Backed Security 4.50% 2/1/20546,8 | 200 | 194 | ||||||
Uniform Mortgage-Backed Security 5.00% 2/1/20546,8 | 1,550 | 1,534 | ||||||
Uniform Mortgage-Backed Security 5.50% 2/1/20546,8 | 4,250 | 4,269 |
120 | American Funds Insurance Series |
Capital Income Builder (continued)
Bonds, notes & other debt instruments (continued) | Principal amount (000) | Value (000) | ||||||
Mortgage-backed obligations (continued) | ||||||||
Federal agency mortgage-backed obligations (continued) | ||||||||
Uniform Mortgage-Backed Security 6.00% 2/1/20546,8 | USD | 4,800 | $ | 4,874 | ||||
Uniform Mortgage-Backed Security 6.50% 2/1/20546,8 | 5,550 | 5,687 | ||||||
Uniform Mortgage-Backed Security 6.00% 3/1/20546,8 | 3,300 | 3,345 | ||||||
93,856 | ||||||||
Collateralized mortgage-backed obligations (privately originated) 0.40% | ||||||||
Arroyo Mortgage Trust, Series 2021-1R, Class A1, 1.175% 10/25/20482,6,7 | 119 | 98 | ||||||
BINOM Securitization Trust, Series 2022-RPL1, Class A1, 3.00% 2/25/20612,6,7 | 72 | 66 | ||||||
BRAVO Residential Funding Trust, Series 2022-RPL1, Class A1, 2.75% 9/25/20612,6 | 83 | 75 | ||||||
Cascade Funding Mortgage Trust, Series 2021-HB7, Class A, 1.151% 10/27/20312,6,7 | 97 | 94 | ||||||
Cascade Funding Mortgage Trust, Series 2021-HB6, Class A, 0.898% 6/25/20362,6,7 | 68 | 65 | ||||||
CIM Trust, Series 2022-R2, Class A1, 3.75% 12/25/20612,6,7 | 166 | 156 | ||||||
Citigroup Mortgage Loan Trust, Series 2020-EXP1, Class A1A, 1.804% 5/25/20602,6,7 | 9 | 8 | ||||||
Connecticut Avenue Securities Trust, Series 2021-R01, Class 1M1, (30-day Average USD-SOFR + 0.75%) 6.087% 10/25/20412,6,7 | 1 | 1 | ||||||
Connecticut Avenue Securities Trust, Series 2023-R01, Class 1M1, (30-day Average USD-SOFR + 2.40%) 7.737% 12/25/20422,6,7 | 37 | 38 | ||||||
Connecticut Avenue Securities Trust, Series 2023-R05, Class 1M1, (30-day Average USD-SOFR + 1.90%) 7.237% 6/25/20432,6,7 | 383 | 387 | ||||||
Connecticut Avenue Securities Trust, Series 2023-R06, Class 1M1, (30-day Average USD-SOFR + 1.70%) 7.037% 7/25/20432,6,7 | 139 | 140 | ||||||
Finance of America Structured Securities Trust, Series 2019-JR3, Class A 2.00% 9/25/20692,6 | 57 | 61 | ||||||
Finance of America Structured Securities Trust, Series 2019-JR4, Class A, 2.00% 11/25/20692,6 | 64 | 65 | ||||||
Flagstar Mortgage Trust, Series 2021-10INV, Class A3, 2.50% 10/25/20512,6,7 | 109 | 90 | ||||||
Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2022-DNA3, Class M1A, (30-day Average USD-SOFR + 2.00%) 7.337% 4/25/20422,6,7 | 85 | 86 | ||||||
Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2022-DNA4, Class M1A, (30-day Average USD-SOFR + 2.20%) 7.537% 5/25/20422,6,7 | 15 | 15 | ||||||
Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2022-DNA6, Class M1A, (30-day Average USD-SOFR + 2.15%) 7.487% 9/25/20422,6,7 | 25 | 25 | ||||||
Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2022-DNA6, Class M1B, (30-day Average USD-SOFR + 3.70%) 9.037% 9/25/20422,6,7 | 64 | 67 | ||||||
Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2020-DNA1, Class M2, (30-day Average USD-SOFR + 1.814%) 7.152% 1/25/20502,6,7 | 108 | 109 | ||||||
Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2020-DNA2, Class M2, (30-day Average USD-SOFR + 1.964%) 7.302% 2/25/20502,6,7 | 309 | 313 | ||||||
Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2020-DNA3, Class B1, (30-day Average USD-SOFR + 5.214%) 10.552% 6/27/20502,6,7 | 490 | 537 | ||||||
Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2020-DNA4, Class B1, (30-day Average USD-SOFR + 6.114%) 11.452% 8/25/20502,6,7 | 463 | 521 | ||||||
Home Partners of America Trust, Series 2022-1, Class A, 3.93% 4/17/20392,6 | 186 | 178 | ||||||
Legacy Mortgage Asset Trust, Series 2022-GS1, Class A1, 4.00% 2/25/2061 (7.00% on 4/25/2025)2,6,9 | 175 | 174 | ||||||
Legacy Mortgage Asset Trust, Series 2021-GS2, Class A1, 1.75% 4/25/20612,6,7 | 69 | 67 | ||||||
Legacy Mortgage Asset Trust, Series 2021-GS5, Class A1, 2.25% 7/25/2067 (5.25% on 11/25/2024)2,6,9 | 116 | 113 | ||||||
Mello Warehouse Securitization Trust, Series 2021-3, Class A, (3-month USD CME Term SOFR + 0.965%) 6.32% 11/25/20552,6,7 | 202 | 201 | ||||||
NewRez Warehouse Securitization Trust, Series 2021-1, Class A, (1-month USD CME Term SOFR + 0.865%) 6.22% 5/25/20552,6,7 | 243 | 243 | ||||||
Progress Residential Trust, Series 2022-SFR3, Class A, 3.20% 4/17/20392,6 | 99 | 93 | ||||||
Reverse Mortgage Investment Trust, Series 2021-HB1, Class A, 1.259% 11/25/20312,6,7 | 31 | 30 | ||||||
Towd Point Mortgage Trust, Series 2016-5, Class A1, 2.50% 10/25/20562,6,7 | 5 | 5 | ||||||
Towd Point Mortgage Trust, Series 2017-3, Class A1, 2.75% 7/25/20572,6,7 | 10 | 10 | ||||||
Towd Point Mortgage Trust, Series 2017-6, Class A1, 2.75% 10/25/20572,6,7 | 31 | 30 | ||||||
Towd Point Mortgage Trust, Series 2018-2, Class A1, 3.25% 3/25/20582,6,7 | 36 | 35 | ||||||
Towd Point Mortgage Trust, Series 2018-5, Class A1A, 3.25% 7/25/20582,6,7 | 19 | 18 |
American Funds Insurance Series | 121 |
Capital Income Builder (continued)
Bonds, notes & other debt instruments (continued) | Principal amount (000) | Value (000) | ||||||
Mortgage-backed obligations (continued) | ||||||||
Collateralized mortgage-backed obligations (privately originated) (continued) | ||||||||
Towd Point Mortgage Trust, Series 2020-4, Class A1, 1.75% 10/25/20602,6 | USD | 410 | $ | 362 | ||||
Treehouse Park Improvement Association No.1 9.75% 12/1/20332,3 | 100 | 93 | ||||||
Tricon Residential Trust, Series 2021-SFR1, Class A, 1.943% 7/17/20382,6 | 196 | 179 | ||||||
Tricon Residential Trust, Series 2023-SFR1, Class A, 5.10% 7/17/20402,6 | 100 | 99 | ||||||
4,947 | ||||||||
Commercial mortgage-backed securities 0.39% | ||||||||
Bank Commercial Mortgage Trust, Series 2023-5YR1, Class A3, 6.26% 3/15/20566,7 | 287 | 298 | ||||||
BOCA Commercial Mortgage Trust, Series 2022-BOCA, Class A, (1-month USD CME Term SOFR + 1.77%) 7.131% 5/15/20392,6,7 | 110 | 109 | ||||||
BPR Trust, Series 2022-OANA, Class A, (1-month USD CME Term SOFR + 1.898%) 7.26% 4/15/20372,6,7 | 329 | 325 | ||||||
BX Trust, Series 2022-CSMO, Class A, (1-month USD CME Term SOFR + 2.115%) 7.477% 6/15/20272,6,7 | 332 | 333 | ||||||
BX Trust, Series 2021-VOLT, Class A, (1-month USD CME Term SOFR + 0.814%) 6.176% 9/15/20362,6,7 | 648 | 632 | ||||||
BX Trust, Series 2021-ARIA, Class A, (1-month USD CME Term SOFR + 1.014%) 6.375% 10/15/20362,6,7 | 266 | 260 | ||||||
BX Trust, Series 2021-ARIA, Class C, (1-month USD CME Term SOFR + 1.76%) 7.122% 10/15/20362,6,7 | 100 | 97 | ||||||
BX Trust, Series 2022-IND, Class A, (1-month USD CME Term SOFR + 1.491%) 6.853% 4/15/20372,6,7 | 128 | 127 | ||||||
BX Trust, Series 2021-SOAR, Class A, (1-month USD CME Term SOFR + 0.784%) 6.146% 6/15/20382,6,7 | 162 | 159 | ||||||
BX Trust, Series 2021-SOAR, Class D, (1-month USD CME Term SOFR + 1.514%) 6.876% 6/15/20382,6,7 | 93 | 91 | ||||||
BX Trust, Series 2021-ACNT, Class C, (1-month USD CME Term SOFR + 1.614%) 6.976% 11/15/20382,6,7 | 100 | 98 | ||||||
BX Trust, Series 2022-PSB, Class A, (1-month USD CME Term SOFR + 2.451%) 7.813% 8/15/20392,6,7 | 89 | 89 | ||||||
BX Trust, Series 2023-VLT2, Class A, (1-month USD CME Term SOFR + 2.281%) 7.643% 6/15/20402,6,7 | 221 | 222 | ||||||
Citigroup Commercial Mortgage Trust, Series 2023-SMRT, Class A, 5.82% 6/10/20282,6,7 | 237 | 240 | ||||||
DATA 2023-CNTR Mortgage Trust, Series 2023-CNTR, Class A, 5.728% 8/12/20432,6,7 | 574 | 571 | ||||||
Extended Stay America Trust, Series 2021-ESH, Class A, (1-month USD CME Term SOFR + 1.194%) 6.556% 7/15/20382,6,7 | 93 | 93 | ||||||
FIVE Mortgage Trust, Series 2023-V1, Class A3, 5.668% 2/10/20566 | 73 | 74 | ||||||
FS Commercial Trust, Series 2023-4SZN, Class A, 7.066% 11/10/20392,6 | 187 | 195 | ||||||
Great Wolf Trust, Series 2019-WOLF, Class A, (1-month USD CME Term SOFR + 1.348%) 6.252% 12/15/20362,6,7 | 24 | 24 | ||||||
GS Mortgage Securities Trust, Series 2018-HULA, Class A, (1-month USD CME Term SOFR + 1.223%) 6.396% 7/15/20252,6,7 | 229 | 227 | ||||||
Hawaii Hotel Trust, Series 2019-MAUI, Class A, (1-month USD CME Term SOFR + 1.264%) 6.559% 5/17/20382,6,7 | 300 | 298 | ||||||
SREIT Trust, Series 2021-MFP, Class A, (1-month USD CME Term SOFR + 0.845%) 6.207% 11/15/20382,6,7 | 345 | 340 | ||||||
4,902 | ||||||||
Total mortgage-backed obligations | 103,705 | |||||||
U.S. Treasury bonds & notes 5.71% | ||||||||
U.S. Treasury 5.65% | ||||||||
U.S. Treasury 0.625% 10/15/2024 | 10,550 | 10,204 | ||||||
U.S. Treasury 2.125% 11/30/2024 | 1,860 | 1,815 | ||||||
U.S. Treasury 3.875% 3/31/2025 | 5,877 | 5,827 | ||||||
U.S. Treasury 4.625% 6/30/2025 | 4,793 | 4,805 | ||||||
U.S. Treasury 4.00% 2/15/2026 | 2,621 | 2,610 | ||||||
U.S. Treasury 0.75% 3/31/2026 | 1 | 1 | ||||||
U.S. Treasury 0.75% 5/31/2026 | 3,850 | 3,556 | ||||||
U.S. Treasury 1.875% 6/30/2026 | 4,855 | 4,606 |
122 | American Funds Insurance Series |
Capital Income Builder (continued)
Bonds, notes & other debt instruments (continued) | Principal amount (000) | Value (000) | ||||||
U.S. Treasury bonds & notes (continued) | ||||||||
U.S. Treasury (continued) | ||||||||
U.S. Treasury 1.125% 10/31/2026 | USD | 995 | $ | 918 | ||||
U.S. Treasury 2.00% 11/15/202610 | 2,800 | 2,648 | ||||||
U.S. Treasury 4.625% 11/15/2026 | 1,200 | 1,219 | ||||||
U.S. Treasury 4.375% 12/15/2026 | 4,500 | 4,545 | ||||||
U.S. Treasury 0.50% 4/30/2027 | 2,375 | 2,121 | ||||||
U.S. Treasury 2.625% 5/31/2027 | 80 | 77 | ||||||
U.S. Treasury 4.00% 2/29/2028 | 745 | 748 | ||||||
U.S. Treasury 1.25% 3/31/2028 | 1,350 | 1,211 | ||||||
U.S. Treasury 3.625% 3/31/2028 | 4 | 3 | ||||||
U.S. Treasury 4.375% 11/30/2028 | 12,858 | 13,161 | ||||||
U.S. Treasury 4.00% 2/28/2030 | 1,659 | 1,668 | ||||||
U.S. Treasury 6.25% 5/15/2030 | 345 | 390 | ||||||
U.S. Treasury 4.125% 11/15/2032 | 9 | 9 | ||||||
U.S. Treasury 4.50% 11/15/2033 | 1,767 | 1,856 | ||||||
U.S. Treasury 4.50% 8/15/2039 | 640 | 678 | ||||||
U.S. Treasury 1.125% 5/15/204010 | 2,400 | 1,551 | ||||||
U.S. Treasury 2.00% 11/15/2041 | 300 | 218 | ||||||
U.S. Treasury 4.75% 11/15/2043 | 514 | 552 | ||||||
U.S. Treasury 2.375% 5/15/2051 | 196 | 141 | ||||||
U.S. Treasury 4.00% 11/15/2052 | 152 | 150 | ||||||
U.S. Treasury 4.125% 8/15/205310 | 2,766 | 2,804 | ||||||
U.S. Treasury 4.75% 11/15/2053 | 595 | 669 | ||||||
70,761 | ||||||||
U.S. Treasury inflation-protected securities 0.06% | ||||||||
U.S. Treasury Inflation-Protected Security 0.50% 4/15/202411 | 742 | 733 | ||||||
Total U.S. Treasury bonds & notes | 71,494 | |||||||
Corporate bonds, notes & loans 1.84% | ||||||||
Health care 0.32% | ||||||||
Amgen, Inc. 5.507% 3/2/2026 | 30 | 30 | ||||||
Amgen, Inc. 5.15% 3/2/2028 | 55 | 56 | ||||||
Amgen, Inc. 4.05% 8/18/2029 | 100 | 98 | ||||||
Amgen, Inc. 5.25% 3/2/2030 | 124 | 128 | ||||||
Amgen, Inc. 4.20% 3/1/2033 | 133 | 127 | ||||||
Amgen, Inc. 5.25% 3/2/2033 | 71 | 73 | ||||||
Amgen, Inc. 5.60% 3/2/2043 | 105 | 109 | ||||||
Amgen, Inc. 4.20% 2/22/2052 | 19 | 16 | ||||||
Amgen, Inc. 4.875% 3/1/2053 | 25 | 23 | ||||||
Amgen, Inc. 5.65% 3/2/2053 | 37 | 39 | ||||||
Amgen, Inc. 5.75% 3/2/2063 | 85 | 89 | ||||||
AstraZeneca Finance, LLC 4.875% 3/3/2028 | 35 | 36 | ||||||
AstraZeneca PLC 3.375% 11/16/2025 | 200 | 196 | ||||||
AstraZeneca PLC 3.00% 5/28/2051 | 11 | 8 | ||||||
Baxter International, Inc. 3.132% 12/1/2051 | 25 | 17 | ||||||
Centene Corp. 4.625% 12/15/2029 | 530 | 509 | ||||||
Centene Corp. 3.375% 2/15/2030 | 179 | 161 | ||||||
Centene Corp. 2.625% 8/1/2031 | 40 | 33 | ||||||
CVS Health Corp. 5.125% 2/21/2030 | 50 | 51 | ||||||
CVS Health Corp. 5.25% 2/21/2033 | 23 | 23 | ||||||
CVS Health Corp. 5.30% 6/1/2033 | 24 | 25 | ||||||
CVS Health Corp. 5.625% 2/21/2053 | 55 | 56 | ||||||
Elevance Health, Inc. 4.75% 2/15/2033 | 16 | 16 | ||||||
Eli Lilly and Co. 5.00% 2/27/2026 | 35 | 35 | ||||||
Eli Lilly and Co. 4.875% 2/27/2053 | 23 | 24 | ||||||
Eli Lilly and Co. 4.95% 2/27/2063 | 14 | 14 | ||||||
Gilead Sciences, Inc. 1.65% 10/1/2030 | 8 | 7 | ||||||
HCA, Inc. 2.375% 7/15/2031 | 18 | 15 | ||||||
Humana, Inc. 3.70% 3/23/2029 | 12 | 12 |
American Funds Insurance Series | 123 |
Capital Income Builder (continued)
Bonds, notes & other debt instruments (continued) | Principal amount (000) | Value (000) | ||||||
Corporate bonds, notes & loans (continued) | ||||||||
Health care (continued) | ||||||||
Merck & Co., Inc. 1.70% 6/10/2027 | USD | 118 | $ | 108 | ||||
Merck & Co., Inc. 3.40% 3/7/2029 | 110 | 106 | ||||||
Merck & Co., Inc. 4.50% 5/17/2033 | 35 | 35 | ||||||
Merck & Co., Inc. 4.90% 5/17/2044 | 35 | 35 | ||||||
Merck & Co., Inc. 5.00% 5/17/2053 | 18 | 18 | ||||||
Molina Healthcare, Inc. 3.875% 5/15/20322 | 40 | 35 | ||||||
Pfizer Investment Enterprises Pte., Ltd. 4.75% 5/19/2033 | 13 | 13 | ||||||
Pfizer Investment Enterprises Pte., Ltd. 5.30% 5/19/2053 | 12 | 12 | ||||||
Regeneron Pharmaceuticals, Inc. 1.75% 9/15/2030 | 8 | 7 | ||||||
Regeneron Pharmaceuticals, Inc. 2.80% 9/15/2050 | 2 | 1 | ||||||
Shire Acquisitions Investments Ireland DAC 3.20% 9/23/2026 | 270 | 260 | ||||||
Teva Pharmaceutical Finance Netherlands III BV 6.00% 4/15/2024 | 551 | 550 | ||||||
Teva Pharmaceutical Finance Netherlands III BV 3.15% 10/1/2026 | 650 | 602 | ||||||
Teva Pharmaceutical Finance Netherlands III BV 4.10% 10/1/2046 | 300 | 203 | ||||||
Zoetis, Inc. 5.60% 11/16/2032 | 25 | 27 | ||||||
4,038 | ||||||||
Financials 0.32% | ||||||||
AerCap Ireland Capital DAC 5.75% 6/6/2028 | 150 | 154 | ||||||
AerCap Ireland Capital DAC 3.30% 1/30/2032 | 150 | 131 | ||||||
American Express Co. 4.90% 2/13/2026 | 28 | 28 | ||||||
American International Group, Inc. 5.125% 3/27/2033 | 17 | 17 | ||||||
Aon Corp. 5.35% 2/28/2033 | 21 | 21 | ||||||
Bank of America Corp. 5.819% 9/15/2029 (USD-SOFR + 1.57% on 9/15/2028)9 | 31 | 32 | ||||||
Bank of America Corp. 1.922% 10/24/2031 (USD-SOFR + 1.37% on 10/24/2030)9 | 231 | 188 | ||||||
Bank of America Corp. 5.288% 4/25/2034 (USD-SOFR + 1.91% on 4/25/2033)9 | 118 | 118 | ||||||
CaixaBank, SA 6.208% 1/18/2029 (USD-SOFR + 2.70% on 1/18/2028)2,9 | 200 | 204 | ||||||
Charles Schwab Corp. (The) 5.853% 5/19/2034 (USD-SOFR + 2.50% on 5/19/2033)9 | 15 | 15 | ||||||
Charles Schwab Corp. (The) 6.136% 8/24/2034 (USD-SOFR + 2.01% on 8/24/2033)9 | 40 | 42 | ||||||
Citigroup, Inc. 3.057% 1/25/2033 (USD-SOFR + 1.351% on 1/25/2032)9 | 35 | 30 | ||||||
Citigroup, Inc. 6.174% 5/25/2034 (USD-SOFR + 2.661% on 5/25/2033)9 | 50 | 52 | ||||||
Corebridge Financial, Inc. 3.85% 4/5/2029 | 180 | 170 | ||||||
Corebridge Financial, Inc. 3.90% 4/5/2032 | 32 | 29 | ||||||
Corebridge Financial, Inc. 4.35% 4/5/2042 | 7 | 6 | ||||||
Corebridge Financial, Inc. 4.40% 4/5/2052 | 49 | 41 | ||||||
Danske Bank AS 4.298% 4/1/2028 (1-year UST Yield Curve Rate T Note Constant Maturity + 1.75% on 4/1/2027)2,9 | 200 | 194 | ||||||
Deutsche Bank AG 6.72% 1/18/2029 (USD-SOFR + 3.18% on 1/18/2028)9 | 150 | 157 | ||||||
Deutsche Bank AG 6.819% 11/20/2029 (USD-SOFR + 2.51% on 11/20/2028)9 | 150 | 158 | ||||||
Fifth Third Bancorp 6.339% 7/27/2029 (USD-SOFR + 2.34% on 7/27/2028)9 | 5 | 5 | ||||||
Goldman Sachs Group, Inc. 3.102% 2/24/2033 (USD-SOFR + 1.41% on 2/24/2032)9 | 111 | 95 | ||||||
Intercontinental Exchange, Inc. 4.60% 3/15/2033 | 18 | 18 | ||||||
Intercontinental Exchange, Inc. 4.95% 6/15/2052 | 16 | 16 | ||||||
JPMorgan Chase & Co. 4.08% 4/26/2026 (USD-SOFR + 1.32% on 4/26/2025)9 | 78 | 77 | ||||||
JPMorgan Chase & Co. 4.851% 7/25/2028 (USD-SOFR + 1.99% on 7/25/2027)9 | 40 | 40 | ||||||
JPMorgan Chase & Co. 6.087% 10/23/2029 (USD-SOFR + 1.57% on 10/23/2028)9 | 35 | 37 | ||||||
JPMorgan Chase & Co. 1.953% 2/4/2032 (USD-SOFR + 1.065% on 2/4/2031)9 | 259 | 211 | ||||||
JPMorgan Chase & Co. 2.963% 1/25/2033 (USD-SOFR + 1.26% on 1/25/2032)9 | 17 | 15 | ||||||
JPMorgan Chase & Co. 6.254% 10/23/2034 (USD-SOFR + 1.81% on 10/23/2033)9 | 55 | 60 | ||||||
Mastercard, Inc. 4.875% 3/9/2028 | 31 | 32 | ||||||
Morgan Stanley 5.123% 2/1/2029 (USD-SOFR + 1.73% on 2/1/2028)9 | 25 | 25 | ||||||
Morgan Stanley 4.889% 7/20/2033 (USD-SOFR + 2.077% on 7/20/2032)9 | 20 | 19 | ||||||
Morgan Stanley 5.424% 7/21/2034 (USD-SOFR + 1.88% on 7/21/2033)9 | 35 | 35 | ||||||
Nasdaq, Inc. 5.35% 6/28/2028 | 20 | 21 | ||||||
Nasdaq, Inc. 5.55% 2/15/2034 | 17 | 18 | ||||||
Nasdaq, Inc. 5.95% 8/15/2053 | 8 | 9 | ||||||
Nasdaq, Inc. 6.10% 6/28/2063 | 11 | 12 | ||||||
Navient Corp. 5.00% 3/15/2027 | 150 | 145 | ||||||
New York Life Global Funding 3.00% 1/10/20282 | 150 | 141 |
124 | American Funds Insurance Series |
Capital Income Builder (continued)
Bonds, notes & other debt instruments (continued) | Principal amount (000) | Value (000) | ||||||
Corporate bonds, notes & loans (continued) | ||||||||
Financials (continued) | ||||||||
PNC Financial Services Group, Inc. 5.812% 6/12/2026 (USD-SOFR + 1.322% on 6/12/2025)9 | USD | 35 | $ | 35 | ||||
PNC Financial Services Group, Inc. 5.582% 6/12/2029 (USD-SOFR + 1.841% on 6/12/2028)9 | 50 | 51 | ||||||
PNC Financial Services Group, Inc. 6.875% 10/20/2034 (USD-SOFR + 2.284% on 10/20/2033)9 | 87 | 97 | ||||||
Royal Bank of Canada 5.00% 2/1/2033 | 30 | 30 | ||||||
State Street Corp. 4.857% 1/26/2026 (USD-SOFR + 0.604% on 1/26/2025)9 | 15 | 15 | ||||||
SVB Financial Group 4.70% junior subordinated perpetual bonds (5-year UST Yield Curve Rate T Note Constant Maturity + 3.064% on 11/15/2031)9,12 | 38 | — | 4 | |||||
Truist Financial Corp. 5.867% 6/8/2034 (USD-SOFR + 2.361% on 6/8/2033)9 | 10 | 10 | ||||||
U.S. Bancorp 5.775% 6/12/2029 (USD-SOFR + 2.02% on 6/12/2028)9 | 70 | 72 | ||||||
U.S. Bancorp 5.836% 6/12/2034 (USD-SOFR + 2.26% on 6/10/2033)9 | 17 | 17 | ||||||
UBS Group AG 6.246% 9/22/2029 (1-year UST Yield Curve Rate T Note Constant Maturity + 1.80% on 9/22/2028)2,9 | 200 | 209 | ||||||
UBS Group AG 4.194% 4/1/2031 (USD-SOFR + 3.73% on 4/1/2030)2,9 | 374 | 349 | ||||||
Wells Fargo & Co. 4.808% 7/25/2028 (USD-SOFR + 1.98% on 7/25/2027)9 | 45 | 45 | ||||||
Wells Fargo & Co. 5.557% 7/25/2034 (USD-SOFR + 1.99% on 7/25/2033)9 | 84 | 86 | ||||||
Wells Fargo & Co. 6.491% 10/23/2034 (USD-SOFR + 2.06% on 10/23/2033)9 | 104 | 113 | ||||||
3,947 | ||||||||
Consumer discretionary 0.27% | ||||||||
Advance Auto Parts, Inc. 3.90% 4/15/2030 | 18 | 16 | ||||||
Advance Auto Parts, Inc. 3.50% 3/15/2032 | 12 | 10 | ||||||
BMW US Capital, LLC 4.15% 4/9/20302 | 290 | 284 | ||||||
BMW US Capital, LLC 3.70% 4/1/20322 | 25 | 23 | ||||||
Daimler Trucks Finance North America, LLC 1.625% 12/13/20242 | 175 | 169 | ||||||
Daimler Trucks Finance North America, LLC 5.15% 1/16/20262 | 150 | 151 | ||||||
Daimler Trucks Finance North America, LLC 2.50% 12/14/20312 | 150 | 125 | ||||||
Ford Motor Co. 4.75% 1/15/2043 | 130 | 107 | ||||||
Ford Motor Co. 5.291% 12/8/2046 | 120 | 106 | ||||||
Ford Motor Credit Co., LLC 2.30% 2/10/2025 | 200 | 192 | ||||||
Ford Motor Credit Co., LLC 5.125% 6/16/2025 | 695 | 687 | ||||||
Ford Motor Credit Co., LLC 2.70% 8/10/2026 | 306 | 284 | ||||||
Ford Motor Credit Co., LLC 4.95% 5/28/2027 | 604 | 590 | ||||||
Ford Motor Credit Co., LLC 6.798% 11/7/2028 | 200 | 209 | ||||||
Grand Canyon University 4.125% 10/1/2024 | 200 | 189 | ||||||
McDonald’s Corp. 3.60% 7/1/2030 | 12 | 11 | ||||||
McDonald’s Corp. 4.60% 9/9/2032 | 3 | 3 | ||||||
McDonald’s Corp. 4.95% 8/14/2033 | 3 | 3 | ||||||
McDonald’s Corp. 5.15% 9/9/2052 | 10 | 10 | ||||||
Toyota Motor Credit Corp. 5.40% 11/10/2025 | 228 | 232 | ||||||
3,401 | ||||||||
Energy 0.23% | ||||||||
Apache Corp. 4.25% 1/15/2030 | 385 | 360 | ||||||
BP Capital Markets America, Inc. 3.633% 4/6/2030 | 360 | 345 | ||||||
Cenovus Energy, Inc. 5.40% 6/15/2047 | 44 | 42 | ||||||
Columbia Pipelines Operating Co., LLC 5.927% 8/15/20302 | 9 | 9 | ||||||
Columbia Pipelines Operating Co., LLC 6.497% 8/15/20432 | 5 | 5 | ||||||
ConocoPhillips Co. 5.30% 5/15/2053 | 25 | 26 | ||||||
Enbridge, Inc. 6.70% 11/15/2053 | 37 | 43 | ||||||
Energy Transfer, LP 6.10% 12/1/2028 | 41 | 43 | ||||||
Energy Transfer, LP 6.40% 12/1/2030 | 34 | 36 | ||||||
Energy Transfer, LP 6.55% 12/1/2033 | 30 | 33 | ||||||
Equinor ASA 2.375% 5/22/2030 | 365 | 326 | ||||||
Exxon Mobil Corp. 2.995% 8/16/2039 | 200 | 161 | ||||||
Exxon Mobil Corp. 3.452% 4/15/2051 | 25 | 20 | ||||||
Kinder Morgan, Inc. 5.20% 6/1/2033 | 27 | 27 |
American Funds Insurance Series | 125 |
Capital Income Builder (continued)
Bonds, notes & other debt instruments (continued) | Principal amount (000) | Value (000) | ||||||
Corporate bonds, notes & loans (continued) | ||||||||
Energy (continued) | ||||||||
Kinder Morgan, Inc. 5.45% 8/1/2052 | USD | 11 | $ | 10 | ||||
MPLX, LP 4.95% 9/1/2032 | 20 | 20 | ||||||
New Fortress Energy, Inc. 6.50% 9/30/20262 | 80 | 77 | ||||||
NGL Energy Operating, LLC 7.50% 2/1/20262 | 80 | 81 | ||||||
ONEOK, Inc. 5.55% 11/1/2026 | 15 | 15 | ||||||
ONEOK, Inc. 5.65% 11/1/2028 | 19 | 20 | ||||||
ONEOK, Inc. 3.10% 3/15/2030 | 42 | 38 | ||||||
ONEOK, Inc. 5.80% 11/1/2030 | 11 | 11 | ||||||
ONEOK, Inc. 6.05% 9/1/2033 | 88 | 93 | ||||||
ONEOK, Inc. 7.15% 1/15/2051 | 97 | 112 | ||||||
ONEOK, Inc. 6.625% 9/1/2053 | 91 | 102 | ||||||
Petroleos Mexicanos 6.50% 1/23/2029 | 20 | 18 | ||||||
Petroleos Mexicanos 8.75% 6/2/2029 | 177 | 172 | ||||||
Shell International Finance BV 2.00% 11/7/2024 | 420 | 409 | ||||||
TransCanada Pipelines, Ltd. 5.10% 3/15/2049 | 150 | 143 | ||||||
TransCanada Trust 5.875% 8/15/2076 (3-month USD-LIBOR + 4.64% on 8/15/2026)9,13 | 108 | 102 | ||||||
Williams Companies, Inc. 5.30% 8/15/2052 | 40 | 39 | ||||||
2,938 | ||||||||
Communication services 0.20% | ||||||||
América Móvil, SAB de CV, 8.46% 12/18/2036 | MXN | 1,300 | 66 | |||||
AT&T, Inc. 3.50% 6/1/2041 | USD | 75 | 60 | |||||
CCO Holdings, LLC 4.75% 2/1/20322 | 25 | 22 | ||||||
CCO Holdings, LLC 4.25% 1/15/20342 | 175 | 142 | ||||||
Charter Communications Operating, LLC 3.70% 4/1/2051 | 25 | 16 | ||||||
Meta Platforms, Inc. 3.85% 8/15/2032 | 135 | 129 | ||||||
Meta Platforms, Inc. 4.45% 8/15/2052 | 75 | 69 | ||||||
Netflix, Inc. 4.875% 4/15/2028 | 150 | 152 | ||||||
SBA Tower Trust 1.631% 11/15/20262 | 253 | 226 | ||||||
Sprint Capital Corp. 6.875% 11/15/2028 | 325 | 352 | ||||||
Sprint Capital Corp. 8.75% 3/15/2032 | 90 | 111 | ||||||
T-Mobile USA, Inc. 3.875% 4/15/2030 | 625 | 593 | ||||||
T-Mobile USA, Inc. 2.55% 2/15/2031 | 203 | 175 | ||||||
T-Mobile USA, Inc. 6.00% 6/15/2054 | 69 | 76 | ||||||
Verizon Communications, Inc. 1.75% 1/20/2031 | 142 | 117 | ||||||
Walt Disney Co. (The) 4.625% 3/23/2040 | 120 | 117 | ||||||
WarnerMedia Holdings, Inc. 5.05% 3/15/2042 | 47 | 41 | ||||||
WarnerMedia Holdings, Inc. 5.141% 3/15/2052 | 88 | 76 | ||||||
2,540 | ||||||||
Utilities 0.19% | ||||||||
AEP Transmission Co., LLC 3.80% 6/15/2049 | 45 | 36 | ||||||
Consumers Energy Co. 4.625% 5/15/2033 | 50 | 50 | ||||||
DTE Energy Co. 3.00% 3/1/2032 | 42 | 37 | ||||||
Duke Energy Florida, LLC 5.95% 11/15/2052 | 25 | 27 | ||||||
Edison International 4.125% 3/15/2028 | 132 | 128 | ||||||
Edison International 5.25% 11/15/2028 | 55 | 55 | ||||||
Edison International 6.95% 11/15/2029 | 25 | 27 | ||||||
Electricité de France SA 9.125% junior subordinated perpetual bonds (5-year UST Yield Curve Rate T Note Constant Maturity + 5.411% on 6/15/2033)2,9 | 200 | 224 | ||||||
FirstEnergy Corp. 2.65% 3/1/2030 | 493 | 426 | ||||||
FirstEnergy Corp. 2.25% 9/1/2030 | 107 | 90 | ||||||
Florida Power & Light Co. 5.05% 4/1/2028 | 70 | 72 | ||||||
Florida Power & Light Co. 5.10% 4/1/2033 | 35 | 36 | ||||||
NiSource, Inc. 5.40% 6/30/2033 | 25 | 26 | ||||||
Oncor Electric Delivery Co., LLC 5.65% 11/15/20332 | 25 | 27 | ||||||
Pacific Gas and Electric Co. 2.95% 3/1/2026 | 97 | 92 | ||||||
Pacific Gas and Electric Co. 3.75% 7/1/2028 | 105 | 98 |
126 | American Funds Insurance Series |
Capital Income Builder (continued)
Bonds, notes & other debt instruments (continued) | Principal amount (000) | Value (000) | ||||||
Corporate bonds, notes & loans (continued) | ||||||||
Utilities (continued) | ||||||||
Pacific Gas and Electric Co. 4.65% 8/1/2028 | USD | 284 | $ | 273 | ||||
Pacific Gas and Electric Co. 2.50% 2/1/2031 | 375 | 310 | ||||||
Pacific Gas and Electric Co. 6.40% 6/15/2033 | 50 | 53 | ||||||
PacifiCorp 5.50% 5/15/2054 | 50 | 49 | ||||||
Southern California Edison Co. 3.60% 2/1/2045 | 206 | 160 | ||||||
Union Electric Co. 3.90% 4/1/2052 | 25 | 21 | ||||||
WEC Energy Group, Inc. 5.15% 10/1/2027 | 25 | 25 | ||||||
2,342 | ||||||||
Consumer staples 0.10% | ||||||||
7-Eleven, Inc. 0.80% 2/10/20242 | 50 | 50 | ||||||
7-Eleven, Inc. 1.30% 2/10/20282 | 14 | 12 | ||||||
Altria Group, Inc. 3.70% 2/4/2051 | 5 | 3 | ||||||
BAT Capital Corp. 4.70% 4/2/2027 | 105 | 104 | ||||||
BAT Capital Corp. 6.343% 8/2/2030 | 9 | 9 | ||||||
BAT Capital Corp. 6.421% 8/2/2033 | 38 | 40 | ||||||
BAT Capital Corp. 7.079% 8/2/2043 | 31 | 33 | ||||||
BAT Capital Corp. 4.54% 8/15/2047 | 82 | 63 | ||||||
BAT Capital Corp. 4.758% 9/6/2049 | 121 | 96 | ||||||
BAT Capital Corp. 7.081% 8/2/2053 | 69 | 74 | ||||||
BAT International Finance PLC 4.448% 3/16/2028 | 150 | 148 | ||||||
Constellation Brands, Inc. 5.00% 2/2/2026 | 50 | 50 | ||||||
H.J. Heinz Co. 4.875% 10/1/2049 | 235 | 223 | ||||||
J. M. Smucker Co. (The) 6.20% 11/15/2033 | 22 | 24 | ||||||
J. M. Smucker Co. (The) 6.50% 11/15/2043 | 6 | 7 | ||||||
J. M. Smucker Co. (The) 6.50% 11/15/2053 | 21 | 24 | ||||||
Philip Morris International, Inc. 5.125% 11/17/2027 | 43 | 44 | ||||||
Philip Morris International, Inc. 5.625% 11/17/2029 | 23 | 24 | ||||||
Philip Morris International, Inc. 5.125% 2/15/2030 | 56 | 57 | ||||||
Philip Morris International, Inc. 5.50% 9/7/2030 | 70 | 73 | ||||||
Philip Morris International, Inc. 5.75% 11/17/2032 | 16 | 17 | ||||||
Philip Morris International, Inc. 5.375% 2/15/2033 | 55 | 56 | ||||||
Philip Morris International, Inc. 5.625% 9/7/2033 | 30 | 31 | ||||||
1,262 | ||||||||
Industrials 0.09% | ||||||||
Boeing Co. 2.75% 2/1/2026 | 91 | 87 | ||||||
Boeing Co. 3.625% 2/1/2031 | 280 | 260 | ||||||
Boeing Co. 5.805% 5/1/2050 | 95 | 98 | ||||||
Canadian Pacific Railway Co. 3.10% 12/2/2051 | 102 | 74 | ||||||
Carrier Global Corp. 2.722% 2/15/2030 | 9 | 8 | ||||||
Carrier Global Corp. 2.70% 2/15/2031 | 9 | 8 | ||||||
Carrier Global Corp. 5.90% 3/15/20342 | 40 | 43 | ||||||
Carrier Global Corp. 3.577% 4/5/2050 | 8 | 6 | ||||||
Carrier Global Corp. 6.20% 3/15/20542 | 49 | 57 | ||||||
CSX Corp. 4.75% 11/15/2048 | 50 | 48 | ||||||
CSX Corp. 4.50% 11/15/2052 | 35 | 33 | ||||||
L3Harris Technologies, Inc. 5.40% 7/31/2033 | 15 | 16 | ||||||
L3Harris Technologies, Inc. 5.60% 7/31/2053 | 13 | 14 | ||||||
Lockheed Martin Corp. 5.10% 11/15/2027 | 19 | 20 | ||||||
Moog, Inc. 4.25% 12/9/20272 | 55 | 52 | ||||||
Norfolk Southern Corp. 5.35% 8/1/2054 | 51 | 53 | ||||||
Northrop Grumman Corp. 4.95% 3/15/2053 | 21 | 21 | ||||||
Republic Services, Inc. 5.00% 4/1/2034 | 13 | 13 | ||||||
RTX Corp. 6.00% 3/15/2031 | 35 | 37 | ||||||
RTX Corp. 6.10% 3/15/2034 | 27 | 29 | ||||||
RTX Corp. 6.40% 3/15/2054 | 22 | 25 |
American Funds Insurance Series | 127 |
Capital Income Builder (continued)
Bonds, notes & other debt instruments (continued) | Principal amount (000) | Value (000) | ||||||
Corporate bonds, notes & loans (continued) | ||||||||
Industrials (continued) | ||||||||
Union Pacific Corp. 2.80% 2/14/2032 | USD | 17 | $ | 15 | ||||
Union Pacific Corp. 3.50% 2/14/2053 | 20 | 16 | ||||||
Waste Management, Inc. 4.625% 2/15/2030 | 60 | 61 | ||||||
1,094 | ||||||||
Information technology 0.06% | ||||||||
Broadcom, Inc. 4.00% 4/15/20292 | 3 | 3 | ||||||
Broadcom, Inc. 4.15% 4/15/20322 | 11 | 10 | ||||||
Broadcom, Inc. 3.137% 11/15/20352 | 2 | 2 | ||||||
Broadcom, Inc. 3.75% 2/15/20512 | 91 | 72 | ||||||
Lenovo Group, Ltd. 5.875% 4/24/2025 | 400 | 402 | ||||||
Oracle Corp. 3.60% 4/1/2050 | 150 | 111 | ||||||
ServiceNow, Inc. 1.40% 9/1/2030 | 130 | 107 | ||||||
707 | ||||||||
Materials 0.04% | ||||||||
BHP Billiton Finance (USA), Ltd. 4.875% 2/27/2026 | 35 | 35 | ||||||
BHP Billiton Finance (USA), Ltd. 4.75% 2/28/2028 | 35 | 36 | ||||||
BHP Billiton Finance (USA), Ltd. 4.90% 2/28/2033 | 16 | 16 | ||||||
BHP Billiton Finance (USA), Ltd. 5.25% 9/8/2033 | 7 | 7 | ||||||
BHP Billiton Finance (USA), Ltd. 5.50% 9/8/2053 | 15 | 16 | ||||||
Celanese US Holdings, LLC 6.35% 11/15/2028 | 36 | 38 | ||||||
Celanese US Holdings, LLC 6.55% 11/15/2030 | 27 | 29 | ||||||
Celanese US Holdings, LLC 6.379% 7/15/2032 | 10 | 11 | ||||||
Celanese US Holdings, LLC 6.70% 11/15/2033 | 23 | 25 | ||||||
Dow Chemical Co. (The) 3.60% 11/15/2050 | 75 | 58 | ||||||
EIDP, Inc. 4.80% 5/15/2033 | 27 | 27 | ||||||
International Flavors & Fragrances, Inc. 3.468% 12/1/20502 | 6 | 4 | ||||||
LYB International Finance III, LLC 3.625% 4/1/2051 | 102 | 74 | ||||||
NOVA Chemicals Corp. 8.50% 11/15/20282 | 10 | 11 | ||||||
Nutrien, Ltd. 5.90% 11/7/2024 | 84 | 84 | ||||||
South32 Treasury, Ltd. 4.35% 4/14/20322 | 10 | 9 | ||||||
480 | ||||||||
Real estate 0.02% | ||||||||
American Tower Corp. 4.05% 3/15/2032 | 11 | 10 | ||||||
Boston Properties, LP 2.45% 10/1/2033 | 7 | 5 | ||||||
Boston Properties, LP 6.50% 1/15/2034 | 38 | 40 | ||||||
Crown Castle, Inc. 5.00% 1/11/2028 | 54 | 54 | ||||||
Equinix, Inc. 1.55% 3/15/2028 | 25 | 22 | ||||||
Equinix, Inc. 3.20% 11/18/2029 | 144 | 133 | ||||||
Equinix, Inc. 2.50% 5/15/2031 | 47 | 40 | ||||||
304 | ||||||||
Total corporate bonds, notes & loans | 23,053 | |||||||
Asset-backed obligations 0.79% | ||||||||
ACHV ABS Trust, Series 2023-3PL, Class A, 6.60% 8/19/20302,6 | 29 | 29 | ||||||
ACHV ABS Trust, Series 2023-3PL, Class B, 7.17% 8/19/20302,6 | 100 | 100 | ||||||
Affirm Asset Securitization Trust, Series 2022-X1, Class A, 1.75% 2/15/20272,6 | 13 | 12 | ||||||
Affirm Asset Securitization Trust, Series 2023-A, Class A, 6.61% 1/18/20282,6 | 100 | 101 | ||||||
American Express Credit Account Master Trust, Series 2022-3, Class A, 3.75% 8/16/20276 | 100 | 98 | ||||||
American Homes 4 Rent, Series 2014-SFR2, Class A, 3.786% 10/17/20362,6 | 83 | 82 | ||||||
American Homes 4 Rent, Series 2015-SFR2, Class A, 3.732% 10/17/20522,6 | 85 | 83 | ||||||
American Homes 4 Rent, Series 2015-SFR2, Class B, 4.295% 10/17/20522,6 | 100 | 98 | ||||||
AmeriCredit Automobile Receivables Trust, Series 2022-2, Class A2B, (30-day Average USD-SOFR + 1.15%) 6.488% 12/18/20256,7 | 32 | 32 | ||||||
Avis Budget Rental Car Funding (AESOP), LLC, Series 2020-2, Class A, 2.02% 2/20/20272,6 | 197 | 184 |
128 | American Funds Insurance Series |
Capital Income Builder (continued)
Bonds, notes & other debt instruments (continued) | Principal amount (000) | Value (000) | ||||||
Asset-backed obligations (continued) | ||||||||
Avis Budget Rental Car Funding (AESOP), LLC, Series 2020-2A, Class B, 2.96% 2/20/20272,6 | USD | 100 | $ | 95 | ||||
Avis Budget Rental Car Funding (AESOP), LLC, Series 2023-6, Class A, 5.81% 12/20/20292,6 | 339 | 347 | ||||||
Bankers Healthcare Group Securitization Trust, Series 2022-A, Class A, 1.71% 2/20/20352,6 | 35 | 34 | ||||||
CarMax Auto Owner Trust, Series 2022-3, Class A2B, (30-day Average USD-SOFR + 0.77%) 6.108% 9/15/20256,7 | 24 | 25 | ||||||
CF Hippolyta, LLC, Series 2020-1, Class A1, 1.69% 7/15/20602,6 | 351 | 324 | ||||||
CF Hippolyta, LLC, Series 2020-1, Class A2, 1.99% 7/15/20602,6 | 87 | 75 | ||||||
CF Hippolyta, LLC, Series 2020-1, Class B1, 2.28% 7/15/20602,6 | 90 | 82 | ||||||
CF Hippolyta, LLC, Series 2020-1, Class B2, 2.60% 7/15/20602,6 | 90 | 74 | ||||||
CF Hippolyta, LLC, Series 2021-1, Class A1, 1.53% 3/15/20612,6 | 316 | 283 | ||||||
CF Hippolyta, LLC, Series 2022-1, Class A1, 5.97% 8/15/20622,6 | 489 | 481 | ||||||
CPS Auto Receivables Trust, Series 2023-A, Class A, 5.54% 3/16/20262,6 | 40 | 40 | ||||||
Discover Card Execution Note Trust, Series 2023-A1, Class A, 4.31% 3/15/20286 | 326 | 324 | ||||||
DriveTime Auto Owner Trust, Series 2023-1, Class A, 5.48% 4/15/20272,6 | 45 | 44 | ||||||
First National Master Note Trust, Series 2023-1, Class A, 5.13% 4/16/20296 | 213 | 214 | ||||||
FirstKey Homes Trust, Series 2022-SFR2, Class A, 4.145% 5/17/20392,6 | 131 | 126 | ||||||
Ford Credit Auto Owner Trust, Series 2022-B, Class A2B, (30-day Average USD-SOFR + 0.60%) 5.938% 2/15/20256,7 | 6 | 6 | ||||||
Ford Credit Auto Owner Trust, Series 2023-1, Class A, 4.85% 8/15/20352,6 | 176 | 177 | ||||||
Ford Credit Auto Owner Trust, Series 2023-2, Class A, 5.28% 2/15/20362,6 | 181 | 185 | ||||||
Ford Credit Floorplan Master Owner Trust, Series 2023-1, Class A1, 4.92% 5/15/20282,6 | 188 | 189 | ||||||
GCI Funding I, LLC, Series 2020-1, Class A, 2.82% 10/18/20452,6 | 431 | 390 | ||||||
GCI Funding I, LLC, Series 2021-1, Class A, 2.38% 6/18/20462,6 | 77 | 68 | ||||||
Global SC Finance V SRL, Series 2019-1A, Class B, 4.81% 9/17/20392,6 | 113 | 107 | ||||||
Global SC Finance V SRL, Series 2020-1A, Class A, 2.17% 10/17/20402,6 | 422 | 389 | ||||||
GM Financial Consumer Automobile Receivables Trust, Series 2022-3, Class A2B, (30-day Average USD-SOFR + 0.60%) 5.938% 9/16/20256,7 | 23 | 23 | ||||||
GM Financial Revolving Receivables Trust, Series 2023-1, Class A, 5.12% 4/11/20352,6 | 285 | 290 | ||||||
GM Financial Revolving Receivables Trust, Series 2022-1, Class A, 5.91% 10/11/20352,6 | 184 | 192 | ||||||
GM Financial Securitized Term Auto Receivables Trust, Series 2023-2, Class A3, 4.47% 2/16/20286 | 25 | 25 | ||||||
GM Financial Securitized Term Auto Receivables Trust, Series 2023-2, Class A4, 4.43% 10/16/20286 | 48 | 48 | ||||||
Hertz Vehicle Financing III, LLC, Series 2021-1A, Class A, 1.21% 12/26/20252,6 | 247 | 238 | ||||||
Hertz Vehicle Financing III, LLC, Series 2021-1A, Class B, 1.56% 12/26/20252,6 | 100 | 96 | ||||||
Hertz Vehicle Financing III, LLC, Series 2021-2A, Class A, 1.68% 12/27/20272,6 | 268 | 243 | ||||||
Hertz Vehicle Financing III, LLC, Series 2021-2A, Class B, 2.12% 12/27/20272,6 | 100 | 90 | ||||||
Hertz Vehicle Financing III, LLC, Series 2021-2A, Class C, 2.52% 12/27/20272,6 | 100 | 90 | ||||||
Hyundai Auto Receivables Trust, Series 2022-B, Class A2B, (30-day Average USD-SOFR + 0.58%) 5.918% 5/15/20256,7 | 24 | 24 | ||||||
Hyundai Auto Receivables Trust, Series 2023-A, Class A3, 4.58% 4/15/20276 | 28 | 28 | ||||||
Hyundai Auto Receivables Trust, Series 2023-A, Class A4, 4.48% 7/17/20286 | 28 | 28 | ||||||
LAD Auto Receivables Trust, Series 2023-1, Class A2, 5.68% 10/15/20262,6 | 18 | 18 | ||||||
Mission Lane Credit Card Master Trust, Series 2023-A, Class A, 7.23% 7/17/20282,6 | 70 | 70 | ||||||
Navient Student Loan Trust, Series 2021-A, Class A, 0.84% 5/15/20692,6 | 38 | 33 | ||||||
Navient Student Loan Trust, Series 2021-C, Class A, 1.06% 10/15/20692,6 | 120 | 104 | ||||||
Nelnet Student Loan Trust, Series 2021-A, Class APT1, 1.36% 4/20/20622,6 | 166 | 151 | ||||||
Nelnet Student Loan Trust, Series 2021-B, Class AFX, 1.42% 4/20/20622,6 | 332 | 301 | ||||||
Nelnet Student Loan Trust, Series 2021-C, Class AFL, (1-month USD CME Term SOFR + 0.854%) 6.212% 4/20/20622,6,7 | 169 | 166 | ||||||
New Economy Assets Phase 1 Issuer, LLC, Series 2021-1, Class A1, 1.91% 10/20/20612,6 | 935 | 820 | ||||||
OnDeck Asset Securitization Trust, LLC, Series 2021-1A, Class A, 1.59% 5/17/20272,6 | 100 | 98 | ||||||
Oportun Funding, LLC, Series 2021-B, Class A, 1.47% 5/8/20312,6 | 100 | 93 | ||||||
PFS Financing Corp., Series 2022-D, Class A, 4.27% 8/16/20272,6 | 100 | 98 |
American Funds Insurance Series | 129 |
Capital Income Builder (continued)
Bonds, notes & other debt instruments (continued) | Principal amount (000) | Value (000) | ||||||
Asset-backed obligations (continued) | ||||||||
PFS Financing Corp., Series 2023-B, Class A, 5.27% 5/15/20282,6 | USD | 175 | $ | 176 | ||||
Santander Drive Auto Receivables Trust, Series 2022-7, Class A2, 5.81% 1/15/20266 | 134 | 134 | ||||||
Santander Drive Auto Receivables Trust, Series 2023-1, Class A2, 5.36% 5/15/20266 | 21 | 21 | ||||||
SFS Auto Receivables Securitization Trust, Series 2023-1, Class A2A, 5.89% 3/22/20272,6 | 66 | 66 | ||||||
SMB Private Education Loan Trust, Series 2021-A, Class APT2, 1.07% 1/15/20532,6 | 57 | 50 | ||||||
Stonepeak Infrastructure Partners, Series 2021-1A, Class AA, 2.301% 2/28/20332,6 | 139 | 128 | ||||||
Toyota Auto Loan Extended Note Trust, Series 2021-1, Class A, 1.07% 2/27/20342,6,7 | 335 | 309 | ||||||
Toyota Auto Receivables Owner Trust, Series 2022-C, Class A2B, (30-day Average USD-SOFR + 0.57%) 5.908% 8/15/20256,7 | 10 | 11 | ||||||
Verizon Master Trust, Series 2022-7, Class A1A, 5.23% 11/22/2027 (5.98% on 11/20/2024)6,9 | 451 | 451 | ||||||
Volkswagen Auto Lease Trust, Series 2022-A, Class A2, 3.02% 10/21/20246 | 1 | 1 | ||||||
Westlake Automobile Receivables Trust, Series 2022-2A, Class A2A, 3.36% 8/15/20252,6 | 45 | 45 | ||||||
Westlake Automobile Receivables Trust, Series 2022-3, Class C, 5.49% 7/15/20262,6 | 80 | 80 | ||||||
Westlake Automobile Receivables Trust, Series 2022-3, Class B, 5.99% 12/15/20272,6 | 100 | 100 | ||||||
9,837 | ||||||||
Bonds & notes of governments & government agencies outside the U.S. 0.06% | ||||||||
Peru (Republic of) 2.783% 1/23/2031 | 190 | 166 | ||||||
Portuguese Republic 5.125% 10/15/2024 | 18 | 18 | ||||||
Qatar (State of) 4.50% 4/23/2028 | 200 | 203 | ||||||
Saudi Arabia (Kingdom of) 3.625% 3/4/2028 | 200 | 194 | ||||||
United Mexican States 3.25% 4/16/2030 | 200 | 181 | ||||||
762 | ||||||||
Municipals 0.02% | ||||||||
California 0.00% | ||||||||
Golden State Tobacco Securitization Corp., Enhanced Tobacco Settlement Asset-Backed Bonds, Series 2021-B, 2.746% 6/1/2034 | 15 | 13 | ||||||
Illinois 0.02% | ||||||||
G.O. Bonds, Pension Funding, Series 2003, 5.10% 6/1/2033 | 225 | 223 | ||||||
Total municipals | 236 | |||||||
Total bonds, notes & other debt instruments (cost: $211,777,000) | 209,087 | |||||||
Investment funds 2.80% | Shares | |||||||
Capital Group Central Corporate Bond Fund14 | 4,123,855 | 34,970 | ||||||
Total Investment funds (cost: $38,724,000) | 34,970 | |||||||
Short-term securities 8.63% | ||||||||
Money market investments 7.34% | ||||||||
Capital Group Central Cash Fund 5.44%14,15 | 917,878 | 91,779 |
130 | American Funds Insurance Series |
Capital Income Builder (continued)
Short-term securities (continued) | Shares | Value (000) | ||||||
Money market investments purchased with collateral from securities on loan 1.29% | ||||||||
State Street Institutional U.S. Government Money Market Fund, Institutional Class 5.29%15,16 | 8,238,251 | $ | 8,238 | |||||
Invesco Short-Term Investments Trust – Government & Agency Portfolio, Institutional Class 5.27%15,16 | 7,897,883 | 7,898 | ||||||
Capital Group Central Cash Fund 5.44%14,15,16 | 587 | 59 | ||||||
16,195 | ||||||||
Total short-term securities (cost: $107,970,000) | 107,974 | |||||||
Total investment securities 104.71% (cost: $1,121,427,000) | 1,310,143 | |||||||
Other assets less liabilities (4.71)% | (58,874 | ) | ||||||
Net assets 100.00% | $ | 1,251,269 |
Futures contracts
Contracts | Type | Number of contracts | Expiration date | Notional amount (000) | Value and unrealized appreciation (depreciation) at 12/31/2023 (000) | |||||||||||
2 Year U.S. Treasury Note Futures | Long | 233 | 4/3/2024 | USD | 47,978 | $ | 476 | |||||||||
5 Year U.S. Treasury Note Futures | Long | 418 | 4/3/2024 | 45,468 | 1,038 | |||||||||||
10 Year U.S. Treasury Note Futures | Long | 30 | 3/28/2024 | 3,387 | 111 | |||||||||||
10 Year Ultra U.S. Treasury Note Futures | Long | 9 | 3/28/2024 | 1,062 | 47 | |||||||||||
20 Year U.S. Treasury Bond Futures | Long | 13 | 3/28/2024 | 1,624 | 76 | |||||||||||
30 Year Ultra U.S. Treasury Bond Futures | Long | 56 | 3/28/2024 | 7,481 | 708 | |||||||||||
$ | 2,456 |
Swap contracts
Interest rate swaps
Centrally cleared interest rate swaps
Receive | Pay | Notional | Value at | Upfront premium paid | Unrealized appreciation (depreciation) | ||||||||||||||||||||||
Rate | Payment frequency | Rate | Payment frequency | Expiration date | amount (000) | 12/31/2023 (000) | (received) (000) | at 12/31/2023 (000) | |||||||||||||||||||
4.8585% | Annual | U.S. EFFR | Annual | 1/12/2024 | USD4,037 | $ | (1 | ) | $ | — | $ | (1 | ) | ||||||||||||||
4.8615% | Annual | U.S. EFFR | Annual | 1/12/2024 | USD8,100 | (2 | ) | — | (2 | ) | |||||||||||||||||
4.8674% | Annual | U.S. EFFR | Annual | 1/12/2024 | USD5,914 | (2 | ) | — | (2 | ) | |||||||||||||||||
3.52647% | Annual | U.S. EFFR | Annual | 6/16/2024 | USD5,215 | (41 | ) | — | (41 | ) | |||||||||||||||||
3.497% | Annual | U.S. EFFR | Annual | 6/16/2024 | USD5,600 | (45 | ) | — | (45 | ) | |||||||||||||||||
3.5291% | Annual | U.S. EFFR | Annual | 6/16/2024 | USD5,635 | (45 | ) | — | (45 | ) | |||||||||||||||||
3.4585% | Annual | U.S. EFFR | Annual | 6/17/2024 | USD898 | (7 | ) | — | (7 | ) | |||||||||||||||||
3.4325% | Annual | U.S. EFFR | Annual | 6/17/2024 | USD4,100 | (34 | ) | — | (34 | ) | |||||||||||||||||
SOFR | Annual | 3.055% | Annual | 4/6/2031 | USD6,700 | 183 | — | 183 | |||||||||||||||||||
SOFR | Annual | 2.91% | Annual | 9/18/2050 | USD592 | 48 | — | 48 | |||||||||||||||||||
$ | 54 | $ | — | $ | 54 |
American Funds Insurance Series | 131 |
Capital Income Builder (continued)
Swap contracts (continued)
Credit default swaps
Centrally cleared credit default swaps on credit indices — sell protection
Financing rate received | Payment frequency | Reference index | Expiration date | Notional amount (000) | 17
| Value at 12/31/2023 (000) | 18
| Upfront premium paid (received) (000) | Unrealized appreciation (depreciation) at 12/31/2023 (000) | |||||||||||||
5.00% | Quarterly | CDX.NA.HY.41 | 12/20/2028 | USD6,088 | $ | 355 | $ | (25 | ) | $ | 380 |
Investments in affiliates14
Value at 1/1/2023 (000) | Additions (000) | Reductions (000) | Net realized gain (loss) (000) | Net unrealized appreciation (depreciation) (000) | Value at 12/31/2023 (000) | Dividend or interest income (000) | ||||||||||||||||||||||||
Investment funds 2.80% | ||||||||||||||||||||||||||||||
Capital Group Central Corporate Bond Fund | $ | 28,059 | $ | 8,969 | $ | 3,252 | $ | (735 | ) | $ | 1,929 | $ | 34,970 | $ | 1,338 | |||||||||||||||
Short-term securities 7.35% | ||||||||||||||||||||||||||||||
Money market investments 7.34% | ||||||||||||||||||||||||||||||
Capital Group Central Cash Fund 5.44%15 | 77,952 | 231,552 | 217,725 | 7 | (7 | ) | 91,779 | 4,771 | ||||||||||||||||||||||
Money market investments purchased with collateral from securities on loan 0.01% | ||||||||||||||||||||||||||||||
Capital Group Central Cash Fund 5.44%15,16 | 1,712 | 1,653 | 19 | 59 | — | 20 | ||||||||||||||||||||||||
Total short-term securities | 91,838 | |||||||||||||||||||||||||||||
Total 10.15% | $ | (728 | ) | $ | 1,922 | $ | 126,808 | $ | 6,109 |
1 | All or a portion of this security was on loan. The total value of all such securities was $17,090,000, which represented 1.37% of the net assets of the fund. Refer to Note 5 for more information on securities lending. |
2 | Acquired in a transaction exempt from registration under Rule 144A or, for commercial paper, Section 4(a)(2) of the Securities Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers. The total value of all such securities was $22,845,000, which represented 1.83% of the net assets of the fund. |
3 | Value determined using significant unobservable inputs. |
4 | Amount less than one thousand. |
5 | Security did not produce income during the last 12 months. |
6 | Principal payments may be made periodically. Therefore, the effective maturity date may be earlier than the stated maturity date. |
7 | Coupon rate may change periodically. Reference rate and spread are as of the most recent information available. Some coupon rates are determined by the issuer or agent based on current market conditions; therefore, the reference rate and spread are not available. |
8 | Purchased on a TBA basis. |
9 | Step bond; coupon rate may change at a later date. |
10 | All or a portion of this security was pledged as collateral. The total value of pledged collateral was $2,208,000, which represented .18% of the net assets of the fund. |
11 | Index-linked bond whose principal amount moves with a government price index. |
12 | Scheduled interest and/or principal payment was not received. |
13 | Securities referencing LIBOR are expected to transition to an alternative reference rate by the security’s next scheduled coupon reset date. |
14 | Part of the same “group of investment companies” as the fund as defined under the Investment Company Act of 1940, as amended. |
15 | Rate represents the seven-day yield at 12/31/2023. |
16 | Security purchased with cash collateral from securities on loan. Refer to Note 5 for more information on securities lending. |
17 | The maximum potential amount the fund may pay as a protection seller should a credit event occur. |
18 | The prices and resulting values for credit default swap indices serve as an indicator of the current status of the payment/performance risk. As the value of a sell protection credit default swap increases or decreases, when compared to the notional amount of the swap, the payment/performance risk may decrease or increase, respectively. |
19 | Represents net activity. Refer to Note 5 for more information on securities lending. |
20 | Dividend income is included with securities lending income in the fund’s statement of operations and is not shown in this table. |
132 | American Funds Insurance Series |
Capital Income Builder (continued)
Key to abbreviation(s)
ADR = American Depositary Receipts
Assn. = Association
CAD = Canadian dollars
CDI = CREST Depository Interest
CME = CME Group
DAC = Designated Activity Company
EFFR = Effective Federal Funds Rate
G.O. = General Obligation
GBP = British pounds
GDR = Global Depositary Receipts
LIBOR = London Interbank Offered Rate
MXN = Mexican pesos
REIT = Real Estate Investment Trust
SDR = Swedish Depositary Receipts
SOFR = Secured Overnight Financing Rate
TBA = To be announced
USD = U.S. dollars
Refer to the notes to financial statements.
American Funds Insurance Series | 133 |
Investment portfolio December 31, 2023
Common stocks 63.95% | Shares | Value (000) | ||||||
Information technology 13.69% | ||||||||
Broadcom, Inc. | 1,116,318 | $ | 1,246,090 | |||||
Microsoft Corp. | 2,642,840 | 993,814 | ||||||
Taiwan Semiconductor Manufacturing Co., Ltd. (ADR) | 3,470,426 | 360,924 | ||||||
ASML Holding NV (ADR) | 449,711 | 340,395 | ||||||
Oracle Corp. | 1,297,246 | 136,769 | ||||||
Apple, Inc. | 604,712 | 116,425 | ||||||
TE Connectivity, Ltd. | 656,000 | 92,168 | ||||||
Salesforce, Inc.1 | 268,387 | 70,623 | ||||||
Applied Materials, Inc. | 426,300 | 69,090 | ||||||
Synopsys, Inc.1 | 90,490 | 46,594 | ||||||
MicroStrategy, Inc., Class A1 | 43,100 | 27,223 | ||||||
Diebold Nixdorf, Inc.1,2 | 532,940 | 15,429 | ||||||
3,515,544 | ||||||||
Health care 10.03% | ||||||||
UnitedHealth Group, Inc. | 1,030,396 | 542,473 | ||||||
Eli Lilly and Co. | 717,860 | 418,455 | ||||||
Vertex Pharmaceuticals, Inc.1 | 940,945 | 382,861 | ||||||
Gilead Sciences, Inc. | 4,559,000 | 369,325 | ||||||
Thermo Fisher Scientific, Inc. | 300,000 | 159,237 | ||||||
Regeneron Pharmaceuticals, Inc.1 | 150,000 | 131,743 | ||||||
Pfizer, Inc. | 3,857,635 | 111,061 | ||||||
Novo Nordisk AS, Class B | 929,600 | 96,153 | ||||||
AstraZeneca PLC | 461,000 | 62,089 | ||||||
AstraZeneca PLC (ADR) | 190,000 | 12,796 | ||||||
Alnylam Pharmaceuticals, Inc.1 | 261,834 | 50,118 | ||||||
Centene Corp.1 | 675,000 | 50,092 | ||||||
CVS Health Corp. | 506,300 | 39,977 | ||||||
Cooper Companies, Inc. | 99,300 | 37,579 | ||||||
Danaher Corp. | 95,660 | 22,130 | ||||||
Catalent, Inc.1 | 488,000 | 21,926 | ||||||
Rotech Healthcare, Inc.1,3,4 | 184,138 | 19,334 | ||||||
AbCellera Biologics, Inc.1,5 | 2,871,293 | 16,395 | ||||||
Illumina, Inc.1 | 104,134 | 14,500 | ||||||
Biogen, Inc.1 | 34,200 | 8,850 | ||||||
Zoetis, Inc., Class A | 42,300 | 8,349 | ||||||
2,575,443 | ||||||||
Financials 8.38% | ||||||||
Apollo Asset Management, Inc. | 2,630,627 | 245,148 | ||||||
Aon PLC, Class A | 735,000 | 213,900 | ||||||
JPMorgan Chase & Co. | 1,179,000 | 200,548 | ||||||
Synchrony Financial | 4,100,000 | 156,579 | ||||||
Capital One Financial Corp. | 1,070,000 | 140,298 | ||||||
Ares Management Corp., Class A | 1,015,403 | 120,752 | ||||||
Mastercard, Inc., Class A | 272,177 | 116,086 | ||||||
Blue Owl Capital, Inc., Class A | 7,085,161 | 105,569 | ||||||
Blackstone, Inc. | 737,500 | 96,553 | ||||||
Arthur J. Gallagher & Co. | 427,724 | 96,186 | ||||||
Intercontinental Exchange, Inc. | 719,487 | 92,404 | ||||||
CME Group, Inc., Class A | 361,000 | 76,027 | ||||||
Wells Fargo & Co. | 1,517,000 | 74,667 | ||||||
Discover Financial Services | 600,000 | 67,440 | ||||||
Nasdaq, Inc. | 962,300 | 55,948 | ||||||
London Stock Exchange Group PLC | 460,314 | 54,415 | ||||||
Brookfield Corp., Class A | 1,260,000 | 50,551 | ||||||
Fifth Third Bancorp | 1,217,000 | 41,974 | ||||||
Visa, Inc., Class A | 146,264 | 38,080 | ||||||
Carlyle Group, Inc. (The) | 814,688 | 33,150 | ||||||
KKR & Co., Inc. | 261,000 | 21,624 | ||||||
RenaissanceRe Holdings, Ltd. | 97,535 | 19,117 | ||||||
Fiserv, Inc.1 | 115,266 | 15,312 |
134 | American Funds Insurance Series |
Asset Allocation Fund (continued)
Common stocks (continued) | Shares | Value (000) | ||||||
Financials (continued) | ||||||||
Goldman Sachs Group, Inc. | 30,100 | $ | 11,612 | |||||
Islandsbanki hf. | 9,555,235 | 7,797 | ||||||
Sberbank of Russia PJSC3 | 8,880,000 | — | 6 | |||||
2,151,737 | ||||||||
Industrials 7.07% | ||||||||
Boeing Co.1 | 1,313,000 | 342,246 | ||||||
L3Harris Technologies, Inc. | 1,351,500 | 284,653 | ||||||
Caterpillar, Inc. | 618,000 | 182,724 | ||||||
Northrop Grumman Corp. | 310,000 | 145,123 | ||||||
Southwest Airlines Co. | 4,023,000 | 116,184 | ||||||
CSX Corp. | 2,693,817 | 93,395 | ||||||
Airbus SE, non-registered shares | 537,469 | 82,963 | ||||||
TransDigm Group, Inc. | 74,424 | 75,287 | ||||||
Huntington Ingalls Industries, Inc. | 284,500 | 73,868 | ||||||
Union Pacific Corp. | 279,386 | 68,623 | ||||||
Deere & Co. | 150,000 | 59,980 | ||||||
Republic Services, Inc. | 340,689 | 56,183 | ||||||
Safran SA | 312,100 | 55,056 | ||||||
Lockheed Martin Corp. | 91,466 | 41,456 | ||||||
Cintas Corp. | 64,200 | 38,691 | ||||||
Carrier Global Corp. | 587,000 | 33,723 | ||||||
Quanta Services, Inc. | 152,260 | 32,858 | ||||||
Copart, Inc.1 | 464,000 | 22,736 | ||||||
Veralto Corp. | 126,099 | 10,373 | ||||||
1,816,122 | ||||||||
Consumer discretionary 7.03% | ||||||||
Home Depot, Inc. | 1,607,300 | 557,010 | ||||||
Booking Holdings, Inc.1 | 107,243 | 380,415 | ||||||
LVMH Moët Hennessy-Louis Vuitton SE | 226,125 | 183,416 | ||||||
General Motors Co. | 4,000,000 | 143,680 | ||||||
D.R. Horton, Inc. | 870,000 | 132,223 | ||||||
Darden Restaurants, Inc. | 601,084 | 98,758 | ||||||
Royal Caribbean Cruises, Ltd.1 | 734,400 | 95,097 | ||||||
Tractor Supply Co. | 218,000 | 46,877 | ||||||
Compagnie Financière Richemont SA, Class A | 329,286 | 45,419 | ||||||
YUM! Brands, Inc. | 277,000 | 36,193 | ||||||
Marriott International, Inc., Class A | 112,000 | 25,257 | ||||||
Moncler SpA | 395,000 | 24,358 | ||||||
Restaurant Brands International, Inc. | 271,440 | 21,208 | ||||||
Advance Auto Parts, Inc. | 249,443 | 15,223 | ||||||
Party City Holdco, Inc.1,3 | 68,158 | 1,557 | ||||||
Party City Holdco, Inc.1,2,3 | 681 | 15 | ||||||
1,806,706 | ||||||||
Communication services 5.54% | ||||||||
Meta Platforms, Inc., Class A1 | 1,506,000 | 533,064 | ||||||
Alphabet, Inc., Class C1 | 3,009,502 | 424,129 | ||||||
Alphabet, Inc., Class A1 | 531,770 | 74,283 | ||||||
Comcast Corp., Class A | 5,301,533 | 232,472 | ||||||
Take-Two Interactive Software, Inc.1 | 550,000 | 88,523 | ||||||
Charter Communications, Inc., Class A1 | 184,000 | 71,517 | ||||||
1,423,988 | ||||||||
Consumer staples 4.15% | ||||||||
Philip Morris International, Inc. | 3,727,171 | 350,652 | ||||||
Constellation Brands, Inc., Class A | 663,689 | 160,447 | ||||||
Altria Group, Inc. | 2,838,200 | 114,493 | ||||||
Archer Daniels Midland Co. | 1,200,000 | 86,664 | ||||||
Target Corp. | 500,000 | 71,210 | ||||||
Nestlé SA | 516,000 | 59,720 |
American Funds Insurance Series | 135 |
Asset Allocation Fund (continued)
Common stocks (continued) | Shares | Value (000) | ||||||
Consumer staples (continued) | ||||||||
Costco Wholesale Corp. | 89,700 | $ | 59,209 | |||||
British American Tobacco PLC | 1,080,000 | 31,517 | ||||||
British American Tobacco PLC (ADR)5 | 882,000 | 25,834 | ||||||
Dollar Tree Stores, Inc.1 | 287,000 | 40,768 | ||||||
Mondelez International, Inc., Class A | 440,000 | 31,869 | ||||||
Dollar General Corp. | 125,000 | 16,994 | ||||||
Procter & Gamble Co. | 105,500 | 15,460 | ||||||
1,064,837 | ||||||||
Materials 3.93% | ||||||||
Royal Gold, Inc. | 1,405,000 | 169,949 | ||||||
Franco-Nevada Corp. | 1,495,000 | 165,595 | ||||||
Linde PLC | 334,791 | 137,502 | ||||||
Lundin Mining Corp. | 14,980,000 | 122,549 | ||||||
ATI, Inc.1 | 1,964,000 | 89,303 | ||||||
Wheaton Precious Metals Corp. | 1,780,000 | 87,825 | ||||||
Nucor Corp. | 500,000 | 87,020 | ||||||
Mosaic Co. | 1,381,012 | 49,344 | ||||||
First Quantum Minerals, Ltd. | 5,805,000 | 47,533 | ||||||
Celanese Corp. | 160,000 | 24,859 | ||||||
Corteva, Inc. | 511,606 | 24,516 | ||||||
Venator Materials PLC1,3 | 563,403,768 | 2,890 | ||||||
1,008,885 | ||||||||
Energy 3.41% | ||||||||
Canadian Natural Resources, Ltd. (CAD denominated) | 6,940,400 | 454,697 | ||||||
ConocoPhillips | 1,324,000 | 153,677 | ||||||
Halliburton Co. | 2,534,613 | 91,626 | ||||||
Schlumberger NV | 833,500 | 43,376 | ||||||
Noble Corp. PLC, Class A | 611,675 | 29,458 | ||||||
Exxon Mobil Corp. | 233,835 | 23,379 | ||||||
EOG Resources, Inc. | 174,000 | 21,045 | ||||||
TechnipFMC PLC | 902,000 | 18,166 | ||||||
Cenovus Energy, Inc. (CAD denominated) | 928,000 | 15,464 | ||||||
New Fortress Energy, Inc., Class A | 408,780 | 15,423 | ||||||
TC Energy Corp. (CAD denominated)5 | 205,000 | 8,008 | ||||||
Altera Infrastructure, LP1,3 | 16,130 | 1,487 | ||||||
Constellation Oil Services Holding SA, Class B-11,3 | 480,336 | 67 | ||||||
Bighorn Permian Resources, LLC3 | 4,392 | — | 6 | |||||
875,873 | ||||||||
Real estate 0.60% | ||||||||
Extra Space Storage, Inc. REIT | 655,530 | 105,101 | ||||||
Crown Castle, Inc. REIT | 435,600 | 50,177 | ||||||
155,278 | ||||||||
Utilities 0.12% | ||||||||
Constellation Energy Corp. | 138,666 | 16,209 | ||||||
FirstEnergy Corp. | 400,000 | 14,664 | ||||||
30,873 | ||||||||
Total common stocks (cost: $10,347,476,000) | 16,425,286 | |||||||
Preferred securities 0.00% | ||||||||
Industrials 0.00% | ||||||||
ACR III LSC Holdings, LLC, Series B, preferred shares1,2,3 | 450 | 697 | ||||||
Total preferred securities (cost: $465,000) | 697 |
136 | American Funds Insurance Series |
Asset Allocation Fund (continued)
Rights & warrants 0.00% | Shares | Value (000) | ||||||
Energy 0.00% | ||||||||
Constellation Oil Services Holding SA, Class D, warrants, expire 6/10/20711,3 | 4 | $ | — | 6 | ||||
Total rights & warrants (cost: $0) | — | 6 | ||||||
Convertible stocks 0.17% | ||||||||
Health care 0.17% | ||||||||
Carbon Health Technologies, Inc., Series D-2, 8.00% noncumulative convertible preferred shares3,4 | 4,955,500 | 43,608 | ||||||
Total convertible stocks (cost: $50,000,000) | 43,608 | |||||||
Convertible bonds & notes 0.01% | Principal amount (000) | |||||||
Communication services 0.01% | ||||||||
DISH Network Corp., convertible notes, 3.375% 8/15/2026 | USD | 4,000 | 2,140 | |||||
Total convertible bonds & notes (cost: $2,482,000) | 2,140 | |||||||
Bonds, notes & other debt instruments 25.97% | ||||||||
Mortgage-backed obligations 9.23% | ||||||||
Federal agency mortgage-backed obligations 8.62% | ||||||||
Fannie Mae Pool #AD7072 4.00% 6/1/20257 | 1 | 1 | ||||||
Fannie Mae Pool #AE3069 4.00% 9/1/20257 | — | 6 | — | 6 | ||||
Fannie Mae Pool #AH0829 4.00% 1/1/20267 | 1 | 1 | ||||||
Fannie Mae Pool #AH6431 4.00% 2/1/20267 | 107 | 105 | ||||||
Fannie Mae Pool #AH5618 4.00% 2/1/20267 | 1 | 1 | ||||||
Fannie Mae Pool #890329 4.00% 4/1/20267 | 14 | 14 | ||||||
Fannie Mae Pool #MA1109 4.00% 5/1/20277 | 1 | 1 | ||||||
Fannie Mae Pool #MA3653 3.00% 3/1/20297 | 10 | 10 | ||||||
Fannie Mae Pool #AL8347 4.00% 3/1/20297 | 88 | 87 | ||||||
Fannie Mae Pool #254767 5.50% 6/1/20337 | 174 | 179 | ||||||
Fannie Mae Pool #555956 5.50% 12/1/20337 | 111 | 114 | ||||||
Fannie Mae Pool #BN1085 4.00% 1/1/20347 | 355 | 351 | ||||||
Fannie Mae Pool #929185 5.50% 1/1/20367 | 352 | 362 | ||||||
Fannie Mae Pool #893641 6.00% 9/1/20367 | 559 | 582 | ||||||
Fannie Mae Pool #893688 6.00% 10/1/20367 | 142 | 149 | ||||||
Fannie Mae Pool #AS8554 3.00% 12/1/20367 | 5,393 | 5,025 | ||||||
Fannie Mae Pool #907239 6.00% 12/1/20367 | 31 | 32 | ||||||
Fannie Mae Pool #928031 6.00% 1/1/20377 | 53 | 55 | ||||||
Fannie Mae Pool #888292 6.00% 3/1/20377 | 477 | 498 | ||||||
Fannie Mae Pool #AD0249 5.50% 4/1/20377 | 92 | 95 | ||||||
Fannie Mae Pool #190379 5.50% 5/1/20377 | 48 | 49 | ||||||
Fannie Mae Pool #924952 6.00% 8/1/20377 | 705 | 736 | ||||||
Fannie Mae Pool #888637 6.00% 9/1/20377 | 8 | 9 | ||||||
Fannie Mae Pool #995674 6.00% 5/1/20387 | 273 | 286 | ||||||
Fannie Mae Pool #AD0119 6.00% 7/1/20387 | 846 | 884 | ||||||
Fannie Mae Pool #995224 6.00% 9/1/20387 | 7 | 7 | ||||||
Fannie Mae Pool #AE0021 6.00% 10/1/20387 | 260 | 271 | ||||||
Fannie Mae Pool #AL7164 6.00% 10/1/20387 | 180 | 187 | ||||||
Fannie Mae Pool #889983 6.00% 10/1/20387 | 16 | 16 | ||||||
Fannie Mae Pool #AD0095 6.00% 11/1/20387 | 600 | 627 | ||||||
Fannie Mae Pool #AB0538 6.00% 11/1/20387 | 100 | 105 | ||||||
Fannie Mae Pool #995391 6.00% 11/1/20387 | 12 | 12 | ||||||
Fannie Mae Pool #AD0833 6.00% 1/1/20397 | — | 6 | — | 6 | ||||
Fannie Mae Pool #AL0309 6.00% 1/1/20407 | 55 | 57 | ||||||
Fannie Mae Pool #AL0013 6.00% 4/1/20407 | 162 | 169 | ||||||
Fannie Mae Pool #AL7228 6.00% 4/1/20417 | 210 | 219 | ||||||
Fannie Mae Pool #AB4536 6.00% 6/1/20417 | 370 | 386 | ||||||
Fannie Mae Pool #MA4387 2.00% 7/1/20417 | 7,039 | 6,032 | ||||||
Fannie Mae Pool #MA4501 2.00% 12/1/20417 | 8,108 | 6,934 |
American Funds Insurance Series | 137 |
Asset Allocation Fund (continued)
Bonds, notes & other debt instruments (continued) | Principal amount (000) | Value (000) | ||||||
Mortgage-backed obligations (continued) | ||||||||
Federal agency mortgage-backed obligations (continued) | ||||||||
Fannie Mae Pool #FS0305 1.50% 1/1/20427 | USD | 21,193 | $ | 17,576 | ||||
Fannie Mae Pool #MA4520 2.00% 1/1/20427 | 13,781 | 11,786 | ||||||
Fannie Mae Pool #AP2131 3.50% 8/1/20427 | 2,810 | 2,648 | ||||||
Fannie Mae Pool #AU8813 4.00% 11/1/20437 | 1,942 | 1,890 | ||||||
Fannie Mae Pool #AU9348 4.00% 11/1/20437 | 1,098 | 1,069 | ||||||
Fannie Mae Pool #AU9350 4.00% 11/1/20437 | 923 | 899 | ||||||
Fannie Mae Pool #AL8773 3.50% 2/1/20457 | 4,855 | 4,587 | ||||||
Fannie Mae Pool #FM9416 3.50% 7/1/20457 | 8,026 | 7,494 | ||||||
Fannie Mae Pool #AL8354 3.50% 10/1/20457 | 1,198 | 1,122 | ||||||
Fannie Mae Pool #AL8522 3.50% 5/1/20467 | 2,526 | 2,372 | ||||||
Fannie Mae Pool #BC7611 4.00% 5/1/20467 | 111 | 106 | ||||||
Fannie Mae Pool #AS8310 3.00% 11/1/20467 | 339 | 310 | ||||||
Fannie Mae Pool #BD9307 4.00% 11/1/20467 | 1,289 | 1,243 | ||||||
Fannie Mae Pool #BD9699 3.50% 12/1/20467 | 1,442 | 1,347 | ||||||
Fannie Mae Pool #BE1290 3.50% 2/1/20477 | 1,919 | 1,792 | ||||||
Fannie Mae Pool #BM1179 3.00% 4/1/20477 | 428 | 390 | ||||||
Fannie Mae Pool #256975 7.00% 10/1/20477 | 2 | 2 | ||||||
Fannie Mae Pool #CA0770 3.50% 11/1/20477 | 1,394 | 1,302 | ||||||
Fannie Mae Pool #257036 7.00% 11/1/20477 | 6 | 6 | ||||||
Fannie Mae Pool #MA3211 4.00% 12/1/20477 | 2,408 | 2,326 | ||||||
Fannie Mae Pool #MA3277 4.00% 2/1/20487 | 10 | 9 | ||||||
Fannie Mae Pool #BK5255 4.00% 5/1/20487 | 10 | 9 | ||||||
Fannie Mae Pool #FM3278 3.50% 11/1/20487 | 15,369 | 14,349 | ||||||
Fannie Mae Pool #FM3280 3.50% 5/1/20497 | 2,090 | 1,943 | ||||||
Fannie Mae Pool #CA4756 3.00% 12/1/20497 | 1,603 | 1,445 | ||||||
Fannie Mae Pool #CA5968 2.50% 6/1/20507 | 5,176 | 4,477 | ||||||
Fannie Mae Pool #CA6593 2.50% 8/1/20507 | 11,703 | 10,129 | ||||||
Fannie Mae Pool #CA7052 3.00% 9/1/20507 | 363 | 324 | ||||||
Fannie Mae Pool #CA7737 2.50% 11/1/20507 | 9,499 | 8,114 | ||||||
Fannie Mae Pool #CA7599 2.50% 11/1/20507 | 1,481 | 1,282 | ||||||
Fannie Mae Pool #FM4897 3.00% 11/1/20507 | 13,332 | 12,090 | ||||||
Fannie Mae Pool #MA4237 2.00% 1/1/20517 | 6,339 | 5,215 | ||||||
Fannie Mae Pool #CA8828 2.50% 2/1/20517 | 3,755 | 3,238 | ||||||
Fannie Mae Pool #CB0290 2.00% 4/1/20517 | 4,564 | 3,748 | ||||||
Fannie Mae Pool #CB0191 3.00% 4/1/20517 | 5,156 | 4,606 | ||||||
Fannie Mae Pool #CB0193 3.00% 4/1/20517 | 620 | 554 | ||||||
Fannie Mae Pool #FM7909 3.00% 6/1/20517 | 485 | 433 | ||||||
Fannie Mae Pool #FM8453 3.00% 8/1/20517 | 4,511 | 4,055 | ||||||
Fannie Mae Pool #CB1304 3.00% 8/1/20517 | 81 | 73 | ||||||
Fannie Mae Pool #CB1810 3.00% 10/1/20517 | 155 | 137 | ||||||
Fannie Mae Pool #CB2078 3.00% 11/1/20517 | 9,079 | 8,101 | ||||||
Fannie Mae Pool #CB2286 2.50% 12/1/20517 | 16,170 | 13,898 | ||||||
Fannie Mae Pool #CB2375 2.50% 12/1/20517 | 7,477 | 6,426 | ||||||
Fannie Mae Pool #CB2319 2.50% 12/1/20517 | 183 | 158 | ||||||
Fannie Mae Pool #BT9483 2.50% 12/1/20517 | 88 | 76 | ||||||
Fannie Mae Pool #CB2372 2.50% 12/1/20517 | 87 | 75 | ||||||
Fannie Mae Pool #BT9510 2.50% 12/1/20517 | 87 | 75 | ||||||
Fannie Mae Pool #FS0182 3.00% 1/1/20527 | 11,836 | 10,565 | ||||||
Fannie Mae Pool #BV3076 2.00% 2/1/20527 | 8,141 | 6,665 | ||||||
Fannie Mae Pool #FS0647 3.00% 2/1/20527 | 61,935 | 55,889 | ||||||
Fannie Mae Pool #BW2918 4.50% 6/1/20527 | 5,687 | 5,517 | ||||||
Fannie Mae Pool #BW1192 4.50% 9/1/20527 | 713 | 692 | ||||||
Fannie Mae Pool #CB4852 4.50% 10/1/20527 | 11,860 | 11,504 | ||||||
Fannie Mae Pool #BX0097 4.50% 10/1/20527 | 920 | 894 | ||||||
Fannie Mae Pool #FS5554 4.50% 11/1/20527 | 3,307 | 3,208 | ||||||
Fannie Mae Pool #MA4842 5.50% 12/1/20527 | 2,737 | 2,754 | ||||||
Fannie Mae Pool #MA4919 5.50% 2/1/20537 | 1,166 | 1,172 | ||||||
Fannie Mae Pool #FS4563 5.00% 5/1/20537 | 841 | 833 | ||||||
Fannie Mae Pool #MA5010 5.50% 5/1/20537 | 199 | 200 | ||||||
Fannie Mae Pool #MA5038 5.00% 6/1/20537 | 50,001 | 49,486 | ||||||
Fannie Mae Pool #MA5039 5.50% 6/1/20537 | 708 | 711 |
138 | American Funds Insurance Series |
Asset Allocation Fund (continued)
Bonds, notes & other debt instruments (continued) | Principal amount (000) | Value (000) | ||||||
Mortgage-backed obligations (continued) | ||||||||
Federal agency mortgage-backed obligations (continued) | ||||||||
Fannie Mae Pool #CB6491 6.50% 6/1/20537 | USD | 1,655 | $ | 1,704 | ||||
Fannie Mae Pool #CB6490 6.50% 6/1/20537 | 576 | 591 | ||||||
Fannie Mae Pool #CB6468 6.50% 6/1/20537 | 416 | 428 | ||||||
Fannie Mae Pool #MA5071 5.00% 7/1/20537 | 3,838 | 3,798 | ||||||
Fannie Mae Pool #MA5072 5.50% 7/1/20537 | 2,646 | 2,658 | ||||||
Fannie Mae Pool #MA5139 6.00% 9/1/20537 | 25,023 | 25,414 | ||||||
Fannie Mae Pool #MA5165 5.50% 10/1/20537 | 2,050 | 2,059 | ||||||
Fannie Mae Pool #BM6736 4.50% 11/1/20597 | 10,738 | 10,472 | ||||||
Fannie Mae Pool #BF0497 3.00% 7/1/20607 | 3,804 | 3,266 | ||||||
Fannie Mae, Series 2002-W3, Class A5, 7.50% 11/25/20417 | 22 | 24 | ||||||
Fannie Mae, Series 2001-T10, Class A1, 7.00% 12/25/20417 | 69 | 71 | ||||||
Fannie Mae, Series 2006-43, Class JO, principal only, 0% 6/25/20367 | 33 | 28 | ||||||
Freddie Mac Pool #C91912 3.00% 2/1/20377 | 9,837 | 9,176 | ||||||
Freddie Mac Pool #G03978 5.00% 3/1/20387 | 391 | 398 | ||||||
Freddie Mac Pool #G04553 6.50% 9/1/20387 | 43 | 45 | ||||||
Freddie Mac Pool #G08347 4.50% 6/1/20397 | 59 | 59 | ||||||
Freddie Mac Pool #RB5071 2.00% 9/1/20407 | 23,264 | 20,036 | ||||||
Freddie Mac Pool #C03518 5.00% 9/1/20407 | 518 | 527 | ||||||
Freddie Mac Pool #Q05807 4.00% 1/1/20427 | 1,476 | 1,440 | ||||||
Freddie Mac Pool #Q23185 4.00% 11/1/20437 | 1,096 | 1,068 | ||||||
Freddie Mac Pool #Q23190 4.00% 11/1/20437 | 724 | 706 | ||||||
Freddie Mac Pool #760014 2.71% 8/1/20457,8 | 162 | 156 | ||||||
Freddie Mac Pool #Q37988 4.00% 12/1/20457 | 5,032 | 4,862 | ||||||
Freddie Mac Pool #G60344 4.00% 12/1/20457 | 4,426 | 4,276 | ||||||
Freddie Mac Pool #Z40130 3.00% 1/1/20467 | 3,971 | 3,657 | ||||||
Freddie Mac Pool #Q41090 4.50% 6/1/20467 | 199 | 198 | ||||||
Freddie Mac Pool #Q41909 4.50% 7/1/20467 | 203 | 202 | ||||||
Freddie Mac Pool #760015 2.597% 1/1/20477,8 | 402 | 383 | ||||||
Freddie Mac Pool #Q46021 3.50% 2/1/20477 | 1,116 | 1,044 | ||||||
Freddie Mac Pool #SI2002 4.00% 3/1/20487 | 2,112 | 2,035 | ||||||
Freddie Mac Pool #RA3384 3.00% 8/1/20507 | 393 | 351 | ||||||
Freddie Mac Pool #SD8106 2.00% 11/1/20507 | 31,091 | 25,589 | ||||||
Freddie Mac Pool #SD7528 2.00% 11/1/20507 | 16,585 | 13,813 | ||||||
Freddie Mac Pool #RA5288 2.00% 5/1/20517 | 28,629 | 23,516 | ||||||
Freddie Mac Pool #SD7544 3.00% 7/1/20517 | 385 | 346 | ||||||
Freddie Mac Pool #RA5782 2.50% 9/1/20517 | 9,569 | 8,244 | ||||||
Freddie Mac Pool #SD7545 2.50% 9/1/20517 | 6,510 | 5,621 | ||||||
Freddie Mac Pool #RA5971 3.00% 9/1/20517 | 6,330 | 5,679 | ||||||
Freddie Mac Pool #QC6456 3.00% 9/1/20517 | 679 | 601 | ||||||
Freddie Mac Pool #SD0734 3.00% 10/1/20517 | 169 | 152 | ||||||
Freddie Mac Pool #RA6483 2.50% 12/1/20517 | 6,439 | 5,534 | ||||||
Freddie Mac Pool #SD7552 2.50% 1/1/20527 | 2,249 | 1,937 | ||||||
Freddie Mac Pool #SD0813 3.00% 1/1/20527 | 321 | 287 | ||||||
Freddie Mac Pool #QD7089 3.50% 2/1/20527 | 1,025 | 945 | ||||||
Freddie Mac Pool #SD7554 2.50% 4/1/20527 | 87 | 75 | ||||||
Freddie Mac Pool #SD8214 3.50% 5/1/20527 | 51 | 47 | ||||||
Freddie Mac Pool #QE4383 4.00% 6/1/20527 | 2,297 | 2,173 | ||||||
Freddie Mac Pool #SD7556 3.00% 8/1/20527 | 1,327 | 1,188 | ||||||
Freddie Mac Pool #QE7976 4.50% 8/1/20527 | 43,571 | 42,266 | ||||||
Freddie Mac Pool #QE8579 4.50% 8/1/20527 | 192 | 186 | ||||||
Freddie Mac Pool #QF0212 4.50% 9/1/20527 | 878 | 851 | ||||||
Freddie Mac Pool #QE9497 4.50% 9/1/20527 | 219 | 212 | ||||||
Freddie Mac Pool #SD1608 4.50% 9/1/20527 | 130 | 127 | ||||||
Freddie Mac Pool #RA7938 5.00% 9/1/20527 | 1,237 | 1,227 | ||||||
Freddie Mac Pool #QF1236 4.50% 10/1/20527 | 1,278 | 1,240 | ||||||
Freddie Mac Pool #SD2465 4.50% 10/1/20527 | 87 | 84 | ||||||
Freddie Mac Pool #SD8276 5.00% 12/1/20527 | 6,472 | 6,408 | ||||||
Freddie Mac Pool #SD2716 5.00% 4/1/20537 | 1,362 | 1,349 | ||||||
Freddie Mac Pool #RA8647 4.50% 5/1/20537 | 88 | 86 | ||||||
Freddie Mac Pool #SD8329 5.00% 6/1/20537 | 438 | 434 | ||||||
Freddie Mac Pool #SD8331 5.50% 6/1/20537 | 3,133 | 3,146 |
American Funds Insurance Series | 139 |
Asset Allocation Fund (continued)
Bonds, notes & other debt instruments (continued) | Principal amount (000) | Value (000) | ||||||
Mortgage-backed obligations (continued) | ||||||||
Federal agency mortgage-backed obligations (continued) | ||||||||
Freddie Mac Pool #RA9294 6.50% 6/1/20537 | USD | 771 | $ | 793 | ||||
Freddie Mac Pool #RA9292 6.50% 6/1/20537 | 666 | 685 | ||||||
Freddie Mac Pool #RA9289 6.50% 6/1/20537 | 625 | 648 | ||||||
Freddie Mac Pool #RA9288 6.50% 6/1/20537 | 609 | 633 | ||||||
Freddie Mac Pool #RA9287 6.50% 6/1/20537 | 422 | 440 | ||||||
Freddie Mac Pool #RA9290 6.50% 6/1/20537 | 321 | 331 | ||||||
Freddie Mac Pool #RA9291 6.50% 6/1/20537 | 236 | 242 | ||||||
Freddie Mac Pool #RA9295 6.50% 6/1/20537 | 173 | 181 | ||||||
Freddie Mac Pool #SD8341 5.00% 7/1/20537 | 5,513 | 5,456 | ||||||
Freddie Mac Pool #SD8342 5.50% 7/1/20537 | 9,508 | 9,549 | ||||||
Freddie Mac Pool #SD8362 5.50% 9/1/20537 | 5,972 | 5,997 | ||||||
Freddie Mac Pool #SD8367 5.50% 10/1/20537 | 7,573 | 7,607 | ||||||
Freddie Mac Pool #SD4053 6.00% 10/1/20537 | 5,954 | 6,049 | ||||||
Freddie Mac Pool #SD8372 5.50% 11/1/20537 | 26,429 | 26,542 | ||||||
Freddie Mac, Series T041, Class 3A, 4.357% 7/25/20327,8 | 170 | 163 | ||||||
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-1, Class HA, 3.00% 1/25/20567,8 | 2,418 | 2,211 | ||||||
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-3, Class HA, 3.25% 7/25/20567,8 | 1,047 | 962 | ||||||
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-2, Class MA, 3.00% 8/25/20567 | 4,712 | 4,335 | ||||||
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-2, Class HA, 3.00% 8/25/20567,8 | 4,629 | 4,236 | ||||||
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-4, Class HT, 3.25% 6/25/20577,8 | 847 | 747 | ||||||
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-4, Class MT, 3.50% 6/25/20577 | 702 | 632 | ||||||
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2018-3, Class MA, 3.50% 8/25/20577 | 1,580 | 1,493 | ||||||
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2018-2, Class MT, 3.50% 11/25/20577 | 1,808 | 1,615 | ||||||
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2019-2, Class MA, 3.50% 8/25/20587 | 8,382 | 7,904 | ||||||
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2019-4, Class MA, 3.00% 2/25/20597 | 4,879 | 4,467 | ||||||
Freddie Mac Seasoned Loan Structured Transaction Trust, Series 2018-2, Class A1, 3.50% 11/25/20287 | 1,921 | 1,832 | ||||||
Freddie Mac Seasoned Loan Structured Transaction Trust, Series 2019-1, Class A1, 3.50% 5/25/20297 | 3,807 | 3,617 | ||||||
Freddie Mac Seasoned Loan Structured Transaction Trust, Series 2019-1, Class A2, 3.50% 5/25/20297 | 2,455 | 2,278 | ||||||
Freddie Mac Seasoned Loan Structured Transaction Trust, Series 2019-3, Class A1C, 2.75% 11/25/20297 | 2,394 | 2,207 | ||||||
Government National Mortgage Assn. 2.50% 1/1/20547,9 | 4,700 | 4,112 | ||||||
Government National Mortgage Assn. 3.00% 1/1/20547,9 | 48,057 | 43,517 | ||||||
Government National Mortgage Assn. 4.00% 1/1/20547,9 | 14,284 | 13,639 | ||||||
Government National Mortgage Assn. 2.50% 2/1/20547,9 | 9,300 | 8,157 | ||||||
Government National Mortgage Assn. 3.00% 2/1/20547,9 | 14,606 | 13,250 | ||||||
Government National Mortgage Assn. Pool #BD7245 4.00% 1/20/20487 | 427 | 409 | ||||||
Government National Mortgage Assn. Pool #MA5652 4.50% 12/20/20487 | 298 | 295 | ||||||
Government National Mortgage Assn. Pool #MA6602 4.50% 4/20/20507 | 178 | 174 | ||||||
Government National Mortgage Assn. Pool #MA6994 2.00% 11/20/20507 | 7,518 | 6,370 | ||||||
Government National Mortgage Assn. Pool #MA7051 2.00% 12/20/20507 | 75,406 | 63,891 | ||||||
Government National Mortgage Assn. Pool #MA7259 4.50% 3/20/20517 | 1,522 | 1,505 | ||||||
Government National Mortgage Assn. Pool #MA7316 4.50% 4/20/20517 | 433 | 428 | ||||||
Government National Mortgage Assn. Pool #MA7827 2.50% 1/20/20527 | 158 | 138 | ||||||
Government National Mortgage Assn. Pool #MA7881 2.50% 2/20/20527 | 13,618 | 11,911 | ||||||
Government National Mortgage Assn. Pool #MA8099 3.50% 6/20/20527 | 148 | 138 | ||||||
Government National Mortgage Assn. Pool #MA8197 2.50% 8/20/20527 | 973 | 851 | ||||||
Government National Mortgage Assn. Pool #MA8266 3.50% 9/20/20527 | 725 | 675 | ||||||
Government National Mortgage Assn. Pool #MA8346 4.00% 10/20/20527 | 1,644 | 1,569 |
140 | American Funds Insurance Series |
Asset Allocation Fund (continued)
Bonds, notes & other debt instruments (continued) | Principal amount (000) | Value (000) | ||||||
Mortgage-backed obligations (continued) | ||||||||
Federal agency mortgage-backed obligations (continued) | ||||||||
Government National Mortgage Assn. Pool #MA8425 3.50% 11/20/20527 | USD | 33,999 | $ | 31,655 | ||||
Government National Mortgage Assn. Pool #MA8485 2.50% 12/20/20527 | 2,488 | 2,178 | ||||||
Government National Mortgage Assn. Pool #MA8642 2.50% 2/20/20537 | 2,195 | 1,922 | ||||||
Government National Mortgage Assn. Pool #MA9015 4.50% 7/20/20537 | 3,224 | 3,146 | ||||||
Government National Mortgage Assn. Pool #MA9104 4.50% 8/20/20537 | 30,113 | 29,384 | ||||||
Government National Mortgage Assn., Series 2021-2, Class AH, 1.50% 6/16/20637 | 2,085 | 1,591 | ||||||
Uniform Mortgage-Backed Security 2.50% 1/1/20397,9 | 351 | 324 | ||||||
Uniform Mortgage-Backed Security 2.50% 2/1/20397,9 | 287 | 264 | ||||||
Uniform Mortgage-Backed Security 2.00% 1/1/20547,9 | 160,914 | 131,547 | ||||||
Uniform Mortgage-Backed Security 2.50% 1/1/20547,9 | 253,330 | 215,548 | ||||||
Uniform Mortgage-Backed Security 3.00% 1/1/20547,9 | 53,383 | 47,229 | ||||||
Uniform Mortgage-Backed Security 3.50% 1/1/20547,9 | 87,799 | 80,556 | ||||||
Uniform Mortgage-Backed Security 4.00% 1/1/20547,9 | 204,916 | 193,829 | ||||||
Uniform Mortgage-Backed Security 4.50% 1/1/20547,9 | 95,383 | 92,469 | ||||||
Uniform Mortgage-Backed Security 5.00% 1/1/20547,9 | 78,864 | 78,032 | ||||||
Uniform Mortgage-Backed Security 5.50% 1/1/20547,9 | 49,170 | 49,385 | ||||||
Uniform Mortgage-Backed Security 6.00% 1/1/20547,9 | 44,318 | 45,004 | ||||||
Uniform Mortgage-Backed Security 6.50% 1/1/20547,9 | 29,606 | 30,343 | ||||||
Uniform Mortgage-Backed Security 2.50% 2/1/20547,9 | 61,700 | 52,566 | ||||||
Uniform Mortgage-Backed Security 3.50% 2/1/20547,9 | 50,493 | 46,374 | ||||||
Uniform Mortgage-Backed Security 4.50% 2/1/20547,9 | 2,400 | 2,328 | ||||||
Uniform Mortgage-Backed Security 5.00% 2/1/20547,9 | 45,300 | 44,840 | ||||||
Uniform Mortgage-Backed Security 5.50% 2/1/20547,9 | 49,300 | 49,523 | ||||||
Uniform Mortgage-Backed Security 6.00% 2/1/20547,9 | 33,000 | 33,509 | ||||||
Uniform Mortgage-Backed Security 6.50% 2/1/20547,9 | 77,898 | 79,824 | ||||||
2,212,790 | ||||||||
Commercial mortgage-backed securities 0.48% | ||||||||
Bank Commercial Mortgage Trust, Series 2023-5YR4, Class A3, 6.50% 12/15/20567 | 6,201 | 6,566 | ||||||
Bank Commercial Mortgage Trust, Series 2023-5YR4, Class AS, 7.274% 12/15/20567,8 | 857 | 913 | ||||||
Bank Commercial Mortgage Trust, Series 2020-BN26, Class A4, 2.403% 3/15/20637 | 2,909 | 2,480 | ||||||
Benchmark Mortgage Trust, Series 2018-B2, Class A4, 3.615% 2/15/20517 | 1,000 | 938 | ||||||
Benchmark Mortgage Trust, Series 2020-B17, Class A5, 2.289% 3/15/20537 | 2,960 | 2,471 | ||||||
BX Trust, Series 2021-SDMF, Class A, (1-month USD CME Term SOFR + 0.703%) 6.065% 9/15/20342,7,8 | 5,711 | 5,588 | ||||||
BX Trust, Series 2021-VOLT, Class A, (1-month USD CME Term SOFR + 0.814%) 6.176% 9/15/20362,7,8 | 4,505 | 4,394 | ||||||
BX Trust, Series 2021-ARIA, Class A, (1-month USD CME Term SOFR + 1.014%) 6.375% 10/15/20362,7,8 | 7,968 | 7,797 | ||||||
BX Trust, Series 2021-ARIA, Class B, (1-month USD CME Term SOFR + 1.411%) 6.773% 10/15/20362,7,8 | 5,968 | 5,783 | ||||||
BX Trust, Series 2021-SOAR, Class A, (1-month USD CME Term SOFR + 0.784%) 6.146% 6/15/20382,7,8 | 6,998 | 6,892 | ||||||
BX Trust, Series 2021-SOAR, Class B, (1-month USD CME Term SOFR + 0.984%) 6.346% 6/15/20382,7,8 | 1,264 | 1,240 | ||||||
BX Trust, Series 2021-SOAR, Class C, (1-month USD CME Term SOFR + 1.214%) 6.576% 6/15/20382,7,8 | 1,141 | 1,119 | ||||||
BX Trust, Series 2021-ACNT, Class A, (1-month USD CME Term SOFR + 0.964%) 6.326% 11/15/20382,7,8 | 5,254 | 5,185 | ||||||
BX Trust, Series 2022-AHP, Class A, (1-month USD CME Term SOFR + 0.99%) 6.352% 2/15/20392,7,8 | 4,834 | 4,749 | ||||||
Citigroup Commercial Mortgage Trust, Series 2023-SMRT, Class A, 5.82% 6/10/20282,7,8 | 3,606 | 3,656 | ||||||
Citigroup Commercial Mortgage Trust, Series 2015-GC29, Class AAB, 2.984% 4/10/20487 | 187 | 185 | ||||||
Commercial Mortgage Trust, Series 2015-PC1, Class A5, 3.902% 7/10/20507 | 4,735 | 4,605 | ||||||
CSAIL Commercial Mortgage Trust, Series 2015-C4, Class ASB, 3.617% 11/15/20487 | 481 | 472 | ||||||
DC Commercial Mortgage Trust, Series 2023-DC, Class A, 6.314% 9/10/20402,7 | 3,677 | 3,799 | ||||||
Extended Stay America Trust, Series 2021-ESH, Class A, (1-month USD CME Term SOFR + 1.194%) 6.556% 7/15/20382,7,8 | 1,469 | 1,457 |
American Funds Insurance Series | 141 |
Asset Allocation Fund (continued)
Bonds, notes & other debt instruments (continued) | Principal amount (000) | Value (000) | ||||||
Mortgage-backed obligations (continued) | ||||||||
Commercial mortgage-backed securities (continued) | ||||||||
Extended Stay America Trust, Series 2021-ESH, Class B, (1-month USD CME Term SOFR + 1.494%) 6.856% 7/15/20382,7,8 | USD | 1,341 | $ | 1,322 | ||||
Extended Stay America Trust, Series 2021-ESH, Class C, (1-month USD CME Term SOFR + 1.814%) 7.176% 7/15/20382,7,8 | 1,401 | 1,380 | ||||||
Grace Mortgage Trust, Series 2020-GRCE, Class A, 2.347% 12/10/20402,7 | 3,795 | 3,073 | ||||||
GS Mortgage Securities Trust, Series 2023-SHIP, Class B, 4.936% 9/15/20382,7,8 | 1,355 | 1,320 | ||||||
GS Mortgage Securities Trust, Series 2020-GC47, Class A5, 2.377% 5/12/20537 | 2,489 | 2,101 | ||||||
JPMorgan Chase Commercial Mortgage Securities Trust, Series 2022-OPO, Class A, 3.024% 1/5/20392,7 | 1,964 | 1,655 | ||||||
JPMorgan Chase Commercial Mortgage Securities Trust, Series 2022-OPO, Class C, 3.377% 1/5/20392,7 | 868 | 689 | ||||||
JPMorgan Chase Commercial Mortgage Securities Trust, Series 2022-OPO, Class C, 3.45% 1/5/20392,7,8 | 100 | 67 | ||||||
JPMorgan Chase Commercial Mortgage Securities Trust, Series 2021-410T, Class A, 2.287% 3/5/20422,7 | 1,431 | 1,153 | ||||||
LUXE Commercial Mortgage Trust, Series 2021-TRIP, Class B, (1-month USD CME Term SOFR + 1.514%) 6.88% 10/15/20382,7,8 | 1,326 | 1,318 | ||||||
Manhattan West Mortgage Trust, Series 2020-1MW, Class A, 2.13% 9/10/20392,7 | 13,772 | 12,184 | ||||||
MHC Commercial Mortgage Trust, CMO, Series 2021-MHC, Class A, (1-month USD CME Term SOFR + 0.915%) 6.277% 4/15/20382,7,8 | 3,644 | 3,608 | ||||||
Morgan Stanley Bank of America Merrill Lynch Trust, Series 2015-C27, Class ASB, 3.557% 12/15/20477 | 308 | 302 | ||||||
Morgan Stanley Bank of America Merrill Lynch Trust, Series 2015-C22, Class ASB, 3.04% 4/15/20487 | 234 | 231 | ||||||
SLG Office Trust, Series 2021-OVA, Class A, 2.585% 7/15/20412,7 | 2,194 | 1,817 | ||||||
SREIT Trust, Series 2021-MFP, Class A, (1-month USD CME Term SOFR + 0.845%) 6.207% 11/15/20382,7,8 | 4,601 | 4,529 | ||||||
StorageMart Commercial Mortgage Trust, Series 2022-MINI, Class A, (1-month USD CME Term SOFR + 1.00%) 6.362% 1/15/20392,7,8 | 10,709 | 10,493 | ||||||
WMRK Commercial Mortgage Trust, Series 2022-WMRK, Class A, (1-month USD CME Term SOFR + 2.789%) 8.151% 11/15/20272,7,8 | 6,379 | 6,394 | ||||||
123,925 | ||||||||
Collateralized mortgage-backed obligations (privately originated) 0.13% | ||||||||
Arroyo Mortgage Trust, Series 2021-1R, Class A1, 1.175% 10/25/20482,7,8 | 925 | 760 | ||||||
Cascade Funding Mortgage Trust, Series 2018-RM2, Class A, 4.00% 10/25/20682,7,8 | 865 | 866 | ||||||
Connecticut Avenue Securities Trust, Series 2021-R01, Class 1M1, (30-day Average USD-SOFR + 0.75%) 6.087% 10/25/20412,7,8 | 41 | 41 | ||||||
Credit Suisse Mortgage Trust, Series 2020-NET, Class A, 2.257% 8/15/20372,7 | 4,016 | 3,718 | ||||||
CS First Boston Mortgage Securities Corp., Series 2004-5, Class IVA1, 6.00% 9/25/20347 | 137 | 133 | ||||||
Finance of America Structured Securities Trust, Series 2019-JR1, Class A, 2.00% 3/25/20692,7 | 1,975 | 2,197 | ||||||
Finance of America Structured Securities Trust, Series 2019-JR2, Class A1, 2.00% 6/25/20692,7 | 5,994 | 6,681 | ||||||
Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2015-DNA1, Class M3, (30-day Average USD-SOFR + 3.414%) 8.752% 10/25/20277,8 | 110 | 111 | ||||||
Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2022-DNA6, Class M1A, (30-day Average USD-SOFR + 2.15%) 7.487% 9/25/20422,7,8 | 738 | 745 | ||||||
Home Partners of America Trust, Series 2021-2, Class A, 1.901% 12/17/20262,7 | 4,017 | 3,634 | ||||||
Legacy Mortgage Asset Trust, Series 2019-GS7, Class A1, 3.25% 11/25/20592,7,8 | 951 | 952 | ||||||
MASTR Alternative Loan Trust, Series 2004-2, Class 2A1, 6.00% 2/25/20347 | 285 | 276 | ||||||
Mello Warehouse Securitization Trust, Series 2021-3, Class A, (3-month USD CME Term SOFR + 0.965%) 6.32% 11/25/20552,7,8 | 4,040 | 4,026 |
142 | American Funds Insurance Series |
Asset Allocation Fund (continued)
Bonds, notes & other debt instruments (continued) | Principal amount (000) | Value (000) | ||||||
Mortgage-backed obligations (continued) | ||||||||
Collateralized mortgage-backed obligations (privately originated) (continued) | ||||||||
Onslow Bay Financial Mortgage Loan Trust, Series 2022-J1, Class A2, 2.50% 2/25/20522,7,8 | USD | 2,661 | $ | 2,188 | ||||
Towd Point Mortgage Trust, Series 2023-1, Class A1, 3.75% 1/25/20632,7 | 3,101 | 2,946 | ||||||
Verus Securitization Trust, Series 2023-5, Class A5, 6.476% 6/25/2068 (7.476% on 6/1/2027)2,7,10 | 3,286 | 3,320 | ||||||
32,594 | ||||||||
Total mortgage-backed obligations | 2,369,309 | |||||||
U.S. Treasury bonds & notes 7.76% | ||||||||
U.S. Treasury 7.60% | ||||||||
U.S. Treasury 2.50% 5/15/2024 | 700 | 693 | ||||||
U.S. Treasury 2.50% 5/31/2024 | 100,000 | 98,900 | ||||||
U.S. Treasury 4.25% 9/30/2024 | 880 | 876 | ||||||
U.S. Treasury 1.00% 12/15/2024 | 10,725 | 10,346 | ||||||
U.S. Treasury 3.875% 4/30/2025 | 4,250 | 4,213 | ||||||
U.S. Treasury 4.625% 6/30/2025 | 205,260 | 205,756 | ||||||
U.S. Treasury 4.75% 7/31/2025 | 71,532 | 71,868 | ||||||
U.S. Treasury 5.00% 10/31/2025 | 158,494 | 160,325 | ||||||
U.S. Treasury 4.875% 11/30/2025 | 14,279 | 14,430 | ||||||
U.S. Treasury 0.50% 2/28/2026 | 42,515 | 39,298 | ||||||
U.S. Treasury 3.625% 5/15/2026 | 1,195 | 1,182 | ||||||
U.S. Treasury 4.375% 8/15/2026 | 5,363 | 5,401 | ||||||
U.S. Treasury 0.75% 8/31/2026 | 52 | 48 | ||||||
U.S. Treasury 0.875% 9/30/2026 | 565 | 519 | ||||||
U.S. Treasury 1.125% 10/31/2026 | 471 | 435 | ||||||
U.S. Treasury 4.625% 11/15/2026 | 7,985 | 8,113 | ||||||
U.S. Treasury 1.125% 2/28/2027 | 762 | 698 | ||||||
U.S. Treasury 2.375% 5/15/2027 | 880 | 836 | ||||||
U.S. Treasury 2.625% 5/31/2027 | 96,250 | 92,163 | ||||||
U.S. Treasury 0.50% 6/30/2027 | 36,300 | 32,250 | ||||||
U.S. Treasury 4.125% 9/30/2027 | 90,000 | 90,608 | ||||||
U.S. Treasury 4.00% 2/29/2028 | 46,200 | 46,366 | ||||||
U.S. Treasury 3.625% 3/31/2028 | 10 | 10 | ||||||
U.S. Treasury 3.50% 4/30/2028 | 5,600 | 5,513 | ||||||
U.S. Treasury 1.25% 9/30/2028 | 3,142 | 2,785 | ||||||
U.S. Treasury 4.375% 11/30/2028 | 180,005 | 184,245 | ||||||
U.S. Treasury 2.875% 4/30/2029 | 50,000 | 47,594 | ||||||
U.S. Treasury 1.50% 2/15/2030 | 26,651 | 23,233 | ||||||
U.S. Treasury 4.00% 2/28/2030 | 1,598 | 1,607 | ||||||
U.S. Treasury 0.625% 5/15/2030 | 20,225 | 16,536 | ||||||
U.S. Treasury 4.00% 7/31/2030 | 100,000 | 100,596 | ||||||
U.S. Treasury 4.875% 10/31/2030 | 60,765 | 64,311 | ||||||
U.S. Treasury 2.875% 5/15/2032 | 50,000 | 46,363 | ||||||
U.S. Treasury 4.125% 11/15/2032 | 723 | 735 | ||||||
U.S. Treasury 3.50% 2/15/2033 | 29,540 | 28,663 | ||||||
U.S. Treasury 3.875% 8/15/2033 | 122,811 | 122,734 | ||||||
U.S. Treasury 4.50% 11/15/2033 | 60,699 | 63,758 | ||||||
U.S. Treasury 1.125% 5/15/2040 | 37,775 | 24,411 | ||||||
U.S. Treasury 1.375% 11/15/2040 | 27,695 | 18,427 | ||||||
U.S. Treasury 1.75% 8/15/2041 | 37,854 | 26,388 | ||||||
U.S. Treasury 2.00% 11/15/2041 | 1,181 | 857 | ||||||
U.S. Treasury 4.75% 11/15/2043 | 23,140 | 24,867 | ||||||
U.S. Treasury 2.50% 2/15/2046 | 3,755 | 2,823 | ||||||
U.S. Treasury 3.00% 5/15/2047 | 9,355 | 7,661 | ||||||
U.S. Treasury 3.00% 2/15/2048 | 336 | 275 | ||||||
U.S. Treasury 1.375% 8/15/2050 | 12,500 | 6,986 | ||||||
U.S. Treasury 2.25% 2/15/2052 | 72,025 | 50,062 | ||||||
U.S. Treasury 4.00% 11/15/205211 | 8,369 | 8,278 |
American Funds Insurance Series | 143 |
Asset Allocation Fund (continued)
Bonds, notes & other debt instruments (continued) | Principal amount (000) | Value (000) | ||||||
U.S. Treasury bonds & notes (continued) | ||||||||
U.S. Treasury (continued) | ||||||||
U.S. Treasury 3.625% 2/15/205311 | USD | 125,000 | $ | 115,733 | ||||
U.S. Treasury 3.625% 5/15/2053 | 22,676 | 21,023 | ||||||
U.S. Treasury 4.125% 8/15/2053 | 48,194 | 48,847 | ||||||
1,950,645 | ||||||||
U.S. Treasury inflation-protected securities 0.16% | ||||||||
U.S. Treasury Inflation-Protected Security 0.25% 1/15/202512 | 25,980 | 25,225 | ||||||
U.S. Treasury Inflation-Protected Security 0.375% 7/15/202512 | 4,800 | 4,652 | ||||||
U.S. Treasury Inflation-Protected Security 0.125% 10/15/202512 | 4,032 | 3,878 | ||||||
U.S. Treasury Inflation-Protected Security 0.125% 10/15/202612 | 8,445 | 8,022 | ||||||
41,777 | ||||||||
Total U.S. Treasury bonds & notes | 1,992,422 | |||||||
Corporate bonds, notes & loans 6.61% | ||||||||
Financials 1.60% | ||||||||
AerCap Ireland Capital DAC 2.45% 10/29/2026 | 5,457 | 5,055 | ||||||
AerCap Ireland Capital DAC 5.75% 6/6/2028 | 1,371 | 1,404 | ||||||
AerCap Ireland Capital DAC 3.00% 10/29/2028 | 4,501 | 4,112 | ||||||
AerCap Ireland Capital DAC 3.30% 1/30/2032 | 1,970 | 1,715 | ||||||
AerCap Ireland Capital DAC 3.85% 10/29/2041 | 1,970 | 1,589 | ||||||
AG Issuer, LLC 6.25% 3/1/20282 | 4,470 | 4,448 | ||||||
AG TTMT Escrow Issuer, LLC 8.625% 9/30/20272 | 1,072 | 1,128 | ||||||
AIB Group PLC 7.583% 10/14/2026 (USD-SOFR + 3.456% on 10/14/2025)2,10 | 7,750 | 8,001 | ||||||
Alliant Holdings Intermediate, LLC 4.25% 10/15/20272 | 2,100 | 2,020 | ||||||
Alliant Holdings Intermediate, LLC 5.875% 11/1/20292 | 2,295 | 2,177 | ||||||
Ally Financial, Inc. 8.00% 11/1/2031 | 3,000 | 3,276 | ||||||
American Express Co. 6.338% 10/30/2026 (USD-SOFR + 1.33% on 10/30/2025)10 | 4,810 | 4,907 | ||||||
American Express Co. 6.489% 10/30/2031 (USD-SOFR + 1.94% on 10/30/2030)10 | 2,686 | 2,914 | ||||||
American International Group, Inc. 5.125% 3/27/2033 | 2,937 | 2,982 | ||||||
AmWINS Group, Inc. 4.875% 6/30/20292 | 1,348 | 1,233 | ||||||
Aretec Group, Inc. 7.50% 4/1/20292 | 1,250 | 1,127 | ||||||
Banco Santander, SA 2.746% 5/28/2025 | 1,200 | 1,159 | ||||||
Banco Santander, SA 5.147% 8/18/2025 | 1,400 | 1,392 | ||||||
Bangkok Bank Public Co., Ltd. 3.733% 9/25/2034 (5-year UST Yield Curve Rate T Note Constant Maturity + 1.90% on 9/25/2029)10 | 2,428 | 2,160 | ||||||
Bank of America Corp. 5.08% 1/20/2027 (USD-SOFR + 1.29% on 1/20/2026)10 | 2,250 | 2,246 | ||||||
Bank of America Corp. 1.734% 7/22/2027 (USD-SOFR + 0.96% on 7/22/2026)10 | 1,565 | 1,434 | ||||||
Bank of America Corp. 6.204% 11/10/2028 (USD-SOFR + 1.99% on 11/10/2027)10 | 2,500 | 2,609 | ||||||
Bank of America Corp. 5.202% 4/25/2029 (USD-SOFR + 1.63% on 4/25/2028)10 | 2,098 | 2,112 | ||||||
Bank of America Corp. 1.922% 10/24/2031 (USD-SOFR + 1.37% on 10/24/2030)10 | 1,000 | 812 | ||||||
Bank of America Corp. 5.288% 4/25/2034 (USD-SOFR + 1.91% on 4/25/2033)10 | 14,535 | 14,576 | ||||||
Berkshire Hathaway, Inc. 3.125% 3/15/2026 | 500 | 487 | ||||||
Block, Inc. 3.50% 6/1/2031 | 2,325 | 2,069 | ||||||
Blue Owl Capital Corp. 4.00% 3/30/2025 | 102 | 99 | ||||||
Blue Owl Capital Corp. 3.40% 7/15/2026 | 1,290 | 1,200 | ||||||
Blue Owl Capital Corp. II 4.625% 11/26/20242 | 512 | 507 | ||||||
Blue Owl Capital Corp. III 3.125% 4/13/2027 | 2,520 | 2,229 | ||||||
Blue Owl Credit Income Corp. 4.70% 2/8/2027 | 2,500 | 2,364 | ||||||
BNP Paribas SA 2.591% 1/20/2028 (USD-SOFR + 1.228% on 1/20/2027)2,10 | 3,062 | 2,835 | ||||||
BNP Paribas SA 2.159% 9/15/2029 (USD-SOFR + 1.218% on 9/15/2028)2,10 | 2,829 | 2,463 | ||||||
BNP Paribas SA 2.871% 4/19/2032 (USD-SOFR + 1.387% on 4/19/2031)2,10 | 400 | 339 | ||||||
BPCE SA 5.15% 7/21/20242 | 3,710 | 3,679 | ||||||
BPCE SA 1.00% 1/20/20262 | 3,000 | 2,763 | ||||||
BPCE SA 5.975% 1/18/2027 (USD-SOFR + 2.10% on 1/18/2026)2,10 | 5,000 | 5,042 | ||||||
BPCE SA 5.748% 7/19/2033 (USD-SOFR + 2.865% on 7/19/2032)2,10 | 271 | 272 | ||||||
CaixaBank, SA 6.208% 1/18/2029 (USD-SOFR + 2.70% on 1/18/2028)2,10 | 1,450 | 1,480 | ||||||
Castlelake Aviation Finance DAC 5.00% 4/15/20272 | 3,370 | 3,170 | ||||||
Chubb INA Holdings, Inc. 3.35% 5/3/2026 | 880 | 857 | ||||||
Chubb INA Holdings, Inc. 4.35% 11/3/2045 | 400 | 377 | ||||||
Citigroup, Inc. 5.61% 9/29/2026 (USD-SOFR + 1.546% on 12/29/2025)10 | 8,000 | 8,064 |
144 | American Funds Insurance Series |
Asset Allocation Fund (continued)
Bonds, notes & other debt instruments (continued) | Principal amount (000) | Value (000) | ||||||
Corporate bonds, notes & loans (continued) | ||||||||
Financials (continued) | ||||||||
Citigroup, Inc. 2.976% 11/5/2030 (USD-SOFR + 1.422% on 11/5/2029)10 | USD | 3,254 | $ | 2,900 | ||||
Citigroup, Inc. 6.174% 5/25/2034 (USD-SOFR + 2.661% on 5/25/2033)10 | 1,475 | 1,527 | ||||||
CME Group, Inc. 3.75% 6/15/2028 | 3,425 | 3,353 | ||||||
Coinbase Global, Inc. 3.375% 10/1/20282 | 2,625 | 2,218 | ||||||
Coinbase Global, Inc. 3.625% 10/1/20312 | 2,875 | 2,225 | ||||||
Compass Group Diversified Holdings, LLC 5.25% 4/15/20292 | 820 | 776 | ||||||
Compass Group Diversified Holdings, LLC 5.00% 1/15/20322 | 715 | 649 | ||||||
Cooperatieve Rabobank UA 4.375% 8/4/2025 | 4,500 | 4,422 | ||||||
Corebridge Financial, Inc. 3.50% 4/4/2025 | 642 | 626 | ||||||
Corebridge Financial, Inc. 3.65% 4/5/2027 | 914 | 880 | ||||||
Corebridge Financial, Inc. 3.85% 4/5/2029 | 621 | 586 | ||||||
Corebridge Financial, Inc. 3.90% 4/5/2032 | 351 | 318 | ||||||
Corebridge Financial, Inc. 4.35% 4/5/2042 | 203 | 172 | ||||||
Corebridge Financial, Inc. 4.40% 4/5/2052 | 489 | 411 | ||||||
Crédit Agricole SA 4.375% 3/17/20252 | 850 | 837 | ||||||
Credit Suisse AG 3.625% 9/9/2024 | 1,500 | 1,480 | ||||||
Credit Suisse AG 7.95% 1/9/2025 | 7,750 | 7,926 | ||||||
Danske Bank AS 3.773% 3/28/2025 (1-year UST Yield Curve Rate T Note Constant Maturity + 1.45% on 3/28/2024)2,10 | 6,000 | 5,970 | ||||||
Deutsche Bank AG 7.146% 7/13/2027 (USD-SOFR + 2.52% on 7/13/2026)10 | 1,338 | 1,390 | ||||||
Deutsche Bank AG 2.552% 1/7/2028 (USD-SOFR + 1.318% on 1/7/2027)10 | 6,650 | 6,108 | ||||||
Deutsche Bank AG 6.72% 1/18/2029 (USD-SOFR + 3.18% on 1/18/2028)10 | 2,250 | 2,358 | ||||||
Deutsche Bank AG 6.819% 11/20/2029 (USD-SOFR + 2.51% on 11/20/2028)10 | 750 | 790 | ||||||
Deutsche Bank AG 3.547% 9/18/2031 (USD-SOFR + 3.043% on 9/18/2030)10 | 300 | 263 | ||||||
Deutsche Bank AG 7.079% 2/10/2034 (USD-SOFR + 3.65% on 2/10/2033)10 | 1,645 | 1,693 | ||||||
DNB Bank ASA 5.896% 10/9/2026 (USD-SOFR + 1.95% on 10/9/2025)2,10 | 7,750 | 7,828 | ||||||
Fidelity National Information Services, Inc. 3.10% 3/1/2041 | 302 | 224 | ||||||
Fiserv, Inc. 3.50% 7/1/2029 | 471 | 443 | ||||||
Fiserv, Inc. 2.65% 6/1/2030 | 3,605 | 3,172 | ||||||
Goldman Sachs Group, Inc. 1.948% 10/21/2027 (USD-SOFR + 0.913% on 10/21/2026)10 | 2,198 | 2,011 | ||||||
Goldman Sachs Group, Inc. 2.64% 2/24/2028 (USD-SOFR + 1.114% on 2/24/2027)10 | 4,000 | 3,710 | ||||||
Goldman Sachs Group, Inc. 3.814% 4/23/2029 (3-month USD CME Term SOFR + 1.42% on 4/23/2028)10 | 390 | 371 | ||||||
Goldman Sachs Group, Inc. 2.615% 4/22/2032 (USD-SOFR + 1.281% on 4/22/2031)10 | 2,323 | 1,951 | ||||||
Goldman Sachs Group, Inc. 3.21% 4/22/2042 (USD-SOFR + 1.513% on 4/22/2041)10 | 2,000 | 1,533 | ||||||
GTCR W-2 Merger Sub, LLC 7.50% 1/15/20312 | 1,150 | 1,216 | ||||||
Hightower Holding, LLC 6.75% 4/15/20292 | 870 | 791 | ||||||
HSBC Holdings PLC 4.25% 3/14/2024 | 3,000 | 2,989 | ||||||
HSBC Holdings PLC 2.633% 11/7/2025 (USD-SOFR + 1.402% on 11/7/2024)10 | 625 | 610 | ||||||
HSBC Holdings PLC 3.973% 5/22/2030 (3-month USD CME Term SOFR + 1.872% on 5/22/2029)10 | 1,500 | 1,402 | ||||||
HSBC Holdings PLC 2.804% 5/24/2032 (USD-SOFR + 1.187% on 5/24/2031)10 | 1,436 | 1,199 | ||||||
HSBC Holdings PLC 2.871% 11/22/2032 (USD-SOFR + 1.41% on 11/22/2031)10 | 400 | 333 | ||||||
HSBC Holdings PLC 6.254% 3/9/2034 (USD-SOFR + 2.39% on 3/9/2033)10 | 7,800 | 8,294 | ||||||
Intercontinental Exchange, Inc. 2.65% 9/15/2040 | 7,425 | 5,544 | ||||||
Intesa Sanpaolo SpA 5.017% 6/26/20242 | 1,730 | 1,713 | ||||||
Intesa Sanpaolo SpA 3.875% 7/14/20272 | 300 | 280 | ||||||
Intesa Sanpaolo SpA 8.248% 11/21/2033 (1-year UST Yield Curve Rate T Note Constant Maturity + 4.40% on 11/21/2032)2,10 | 4,600 | 4,995 | ||||||
Intesa Sanpaolo SpA 7.778% 6/20/2054 (1-year UST Yield Curve Rate T Note Constant Maturity + 3.90% on 6/20/2053)2,10 | 6,621 | 6,835 | ||||||
JPMorgan Chase & Co. 1.04% 2/4/2027 (USD-SOFR + 0.695% on 2/4/2026)10 | 2,975 | 2,735 | ||||||
JPMorgan Chase & Co. 1.578% 4/22/2027 (USD-SOFR + 0.885% on 4/22/2026)10 | 1,017 | 939 | ||||||
JPMorgan Chase & Co. 1.47% 9/22/2027 (USD-SOFR + 0.765% on 9/22/2026)10 | 383 | 347 | ||||||
JPMorgan Chase & Co. 4.323% 4/26/2028 (USD-SOFR + 1.56% on 4/26/2027)10 | 4,000 | 3,942 | ||||||
JPMorgan Chase & Co. 4.851% 7/25/2028 (USD-SOFR + 1.99% on 7/25/2027)10 | 3,740 | 3,743 | ||||||
JPMorgan Chase & Co. 6.087% 10/23/2029 (USD-SOFR + 1.57% on 10/23/2028)10 | 4,250 | 4,471 | ||||||
JPMorgan Chase & Co. 1.953% 2/4/2032 (USD-SOFR + 1.065% on 2/4/2031)10 | 13,025 | 10,591 | ||||||
JPMorgan Chase & Co. 5.35% 6/1/2034 (USD-SOFR + 1.845% on 6/1/2033)10 | 8,134 | 8,255 |
American Funds Insurance Series | 145 |
Asset Allocation Fund (continued)
Bonds, notes & other debt instruments (continued) | Principal amount (000) | Value (000) | ||||||
Corporate bonds, notes & loans (continued) | ||||||||
Financials (continued) | ||||||||
JPMorgan Chase & Co. 6.254% 10/23/2034 (USD-SOFR + 1.81% on 10/23/2033)10 | USD | 1,452 | $ | 1,575 | ||||
Kasikornbank PCL (Hong Kong Branch) 3.343% 10/2/2031 (5-year UST Yield Curve Rate T Note Constant Maturity + 1.70% on 10/2/2026)10 | 1,222 | 1,125 | ||||||
Lloyds Banking Group PLC 1.627% 5/11/2027 (1-year UST Yield Curve Rate T Note Constant Maturity + 0.85% on 5/11/2026)10 | 800 | 734 | ||||||
Marsh & McLennan Companies, Inc. 3.875% 3/15/2024 | 820 | 817 | ||||||
Marsh & McLennan Companies, Inc. 4.375% 3/15/2029 | 1,705 | 1,698 | ||||||
Marsh & McLennan Companies, Inc. 4.90% 3/15/2049 | 719 | 698 | ||||||
Marsh & McLennan Companies, Inc. 2.90% 12/15/2051 | 920 | 622 | ||||||
Mastercard, Inc. 4.875% 3/9/2028 | 3,246 | 3,348 | ||||||
Mastercard, Inc. 4.85% 3/9/2033 | 5,758 | 5,950 | ||||||
Metropolitan Life Global Funding I 5.15% 3/28/20332 | 1,600 | 1,629 | ||||||
MGIC Investment Corp. 5.25% 8/15/2028 | 1,175 | 1,145 | ||||||
Morgan Stanley 4.679% 7/17/2026 (USD-SOFR + 1.669% on 7/17/2025)10 | 2,450 | 2,428 | ||||||
Morgan Stanley 3.125% 7/27/2026 | 325 | 311 | ||||||
Morgan Stanley 5.123% 2/1/2029 (USD-SOFR + 1.73% on 2/1/2028)10 | 425 | 427 | ||||||
Morgan Stanley 5.164% 4/20/2029 (USD-SOFR + 1.59% on 4/20/2028)10 | 4,458 | 4,486 | ||||||
Morgan Stanley 5.449% 7/20/2029 (USD-SOFR + 1.63% on 7/20/2028)10 | 4,150 | 4,231 | ||||||
Morgan Stanley 5.25% 4/21/2034 (USD-SOFR + 1.87% on 4/21/2033)10 | 2,500 | 2,501 | ||||||
Nasdaq, Inc. 5.35% 6/28/2028 | 1,926 | 1,985 | ||||||
Nasdaq, Inc. 5.55% 2/15/2034 | 4,870 | 5,062 | ||||||
Nasdaq, Inc. 5.95% 8/15/2053 | 1,938 | 2,085 | ||||||
Nasdaq, Inc. 6.10% 6/28/2063 | 411 | 445 | ||||||
Navient Corp. 5.875% 10/25/2024 | 1,005 | 1,006 | ||||||
Navient Corp. 6.75% 6/15/2026 | 300 | 305 | ||||||
Navient Corp. 5.50% 3/15/2029 | 6,480 | 5,983 | ||||||
Navient Corp. 11.50% 3/15/2031 | 4,860 | 5,328 | ||||||
New York Life Global Funding 2.35% 7/14/20262 | 590 | 556 | ||||||
New York Life Global Funding 4.55% 1/28/20332 | 1,263 | 1,246 | ||||||
Northwestern Mutual Global Funding 1.75% 1/11/20272 | 2,500 | 2,289 | ||||||
OneMain Finance Corp. 3.875% 9/15/2028 | 756 | 670 | ||||||
Onemain Finance Corp. 7.875% 3/15/2030 | 2,565 | 2,643 | ||||||
Osaic Holdings, Inc. 10.75% 8/1/20272 | 2,420 | 2,459 | ||||||
Owl Rock Capital Corp. 3.75% 7/22/2025 | 2,874 | 2,754 | ||||||
Oxford Finance, LLC 6.375% 2/1/20272 | 1,125 | 1,064 | ||||||
PayPal Holdings, Inc. 2.65% 10/1/2026 | 662 | 629 | ||||||
PayPal Holdings, Inc. 2.30% 6/1/2030 | 616 | 539 | ||||||
PNC Financial Services Group, Inc. 3.90% 4/29/2024 | 2,000 | 1,989 | ||||||
Power Finance Corp., Ltd. 5.25% 8/10/2028 | 383 | 384 | ||||||
Power Finance Corp., Ltd. 6.15% 12/6/2028 | 350 | 366 | ||||||
Power Finance Corp., Ltd. 4.50% 6/18/2029 | 554 | 537 | ||||||
Power Finance Corp., Ltd. 3.95% 4/23/2030 | 1,213 | 1,123 | ||||||
Prudential Financial, Inc. 4.35% 2/25/2050 | 2,205 | 1,958 | ||||||
Prudential Financial, Inc. 3.70% 3/13/2051 | 755 | 598 | ||||||
Rocket Mortgage, LLC 2.875% 10/15/20262 | 2,110 | 1,948 | ||||||
Rocket Mortgage, LLC 3.625% 3/1/20292 | 1,505 | 1,364 | ||||||
Royal Bank of Canada 1.15% 6/10/2025 | 4,711 | 4,468 | ||||||
Ryan Specialty Group, LLC 4.375% 2/1/20302 | 270 | 251 | ||||||
Starwood Property Trust, Inc. 4.375% 1/15/20272 | 2,180 | 2,057 | ||||||
Swiss Re Finance (Luxembourg) SA 5.00% 4/2/2049 (5-year UST Yield Curve Rate T Note Constant Maturity + 3.582% on 4/2/2029)2,10 | 1,000 | 959 | ||||||
Toronto-Dominion Bank (The) 2.65% 6/12/2024 | 625 | 617 | ||||||
Toronto-Dominion Bank (The) 0.75% 9/11/2025 | 5,375 | 5,017 | ||||||
Toronto-Dominion Bank (The) 1.25% 9/10/2026 | 2,425 | 2,216 | ||||||
Toronto-Dominion Bank (The) 1.95% 1/12/2027 | 2,500 | 2,311 | ||||||
Travelers Companies, Inc. 4.00% 5/30/2047 | 860 | 743 | ||||||
Truist Financial Corp. 7.161% 10/30/2029 (USD-SOFR + 2.446% on 10/30/2028)10 | 1,677 | 1,812 | ||||||
U.S. Bancorp 2.375% 7/22/2026 | 4,000 | 3,757 | ||||||
UBS Group AG 2.593% 9/11/2025 (USD-SOFR + 1.56% on 9/11/2024)2,10 | 1,568 | 1,534 | ||||||
UBS Group AG 4.125% 9/24/20252 | 2,750 | 2,692 | ||||||
UBS Group AG 2.193% 6/5/2026 (USD-SOFR + 2.044% on 6/5/2025)2,10 | 1,250 | 1,189 |
146 | American Funds Insurance Series |
Asset Allocation Fund (continued)
Bonds, notes & other debt instruments (continued) | Principal amount (000) | Value (000) | ||||||
Corporate bonds, notes & loans (continued) | ||||||||
Financials (continued) | ||||||||
UBS Group AG 3.869% 1/12/2029 (3-month USD-LIBOR + 1.41% on 1/12/2028)2,10,13 | USD | 800 | $ | 755 | ||||
UniCredit SpA 4.625% 4/12/20272 | 625 | 611 | ||||||
Wells Fargo & Co. 2.164% 2/11/2026 (3-month USD CME Term SOFR + 1.012% on 2/11/2025)10 | 8,000 | 7,703 | ||||||
Wells Fargo & Co. 3.526% 3/24/2028 (USD-SOFR + 1.51% on 3/24/2027)10 | 4,337 | 4,140 | ||||||
Wells Fargo & Co. 6.303% 10/23/2029 (USD-SOFR + 1.79% on 10/23/2028)10 | 8,250 | 8,700 | ||||||
Wells Fargo & Co. 5.557% 7/25/2034 (USD-SOFR + 1.99% on 7/25/2033)10 | 2,000 | 2,037 | ||||||
Wells Fargo & Co. 6.491% 10/23/2034 (USD-SOFR + 2.06% on 10/23/2033)10 | 8,250 | 8,980 | ||||||
Wells Fargo & Co. 4.611% 4/25/2053 (USD-SOFR + 2.13% on 4/25/2052)10 | 2,149 | 1,935 | ||||||
Westpac Banking Corp. 2.894% 2/4/2030 (5-year UST Yield Curve Rate T Note Constant Maturity + 1.35% on 2/4/2025)10 | 3,000 | 2,891 | ||||||
Westpac Banking Corp. 2.668% 11/15/2035 (5-year UST Yield Curve Rate T Note Constant Maturity + 1.75% on 11/15/2030)10 | 3,325 | 2,708 | ||||||
Westpac Banking Corp. 2.963% 11/16/2040 | 1,500 | 1,041 | ||||||
411,393 | ||||||||
Energy 0.75% | ||||||||
Antero Midstream Partners, LP 5.375% 6/15/20292 | 2,170 | 2,089 | ||||||
Antero Resources Corp. 7.625% 2/1/20292 | 955 | 981 | ||||||
Ascent Resources Utica Holdings, LLC 7.00% 11/1/20262 | 2,000 | 2,016 | ||||||
Ascent Resources Utica Holdings, LLC 5.875% 6/30/20292 | 1,270 | 1,183 | ||||||
Borr IHC, Ltd. 10.00% 11/15/20282 | 1,318 | 1,377 | ||||||
BP Capital Markets America, Inc. 2.772% 11/10/2050 | 681 | 456 | ||||||
Callon Petroleum Co. 7.50% 6/15/20302 | 680 | 687 | ||||||
Canadian Natural Resources, Ltd. 2.05% 7/15/2025 | 961 | 916 | ||||||
Canadian Natural Resources, Ltd. 4.95% 6/1/2047 | 1,559 | 1,411 | ||||||
Chesapeake Energy Corp. 5.875% 2/1/20292 | 2,240 | 2,198 | ||||||
Chord Energy Corp. 6.375% 6/1/20262 | 960 | 961 | ||||||
CITGO Petroleum Corp. 8.375% 1/15/20292 | 1,450 | 1,492 | ||||||
Civitas Resources, Inc. 5.00% 10/15/20262 | 480 | 466 | ||||||
Civitas Resources, Inc. 8.375% 7/1/20282 | 1,705 | 1,782 | ||||||
Civitas Resources, Inc. 8.625% 11/1/20302 | 525 | 557 | ||||||
Civitas Resources, Inc. 8.75% 7/1/20312 | 735 | 783 | ||||||
CNX Midstream Partners, LP 4.75% 4/15/20302 | 1,055 | 949 | ||||||
CNX Resources Corp. 7.25% 3/14/20272 | 1,725 | 1,743 | ||||||
CNX Resources Corp. 6.00% 1/15/20292 | 2,675 | 2,568 | ||||||
CNX Resources Corp. 7.375% 1/15/20312 | 553 | 557 | ||||||
Columbia Pipelines Holding Co., LLC 6.544% 11/15/20532 | 4,324 | 4,768 | ||||||
Columbia Pipelines Operating Co., LLC 6.036% 11/15/20332 | 1,215 | 1,273 | ||||||
Comstock Resources, Inc. 5.875% 1/15/20302 | 450 | 391 | ||||||
ConocoPhillips Co. 3.80% 3/15/2052 | 2,000 | 1,618 | ||||||
ConocoPhillips Co. 5.30% 5/15/2053 | 1,015 | 1,044 | ||||||
ConocoPhillips Co. 5.55% 3/15/2054 | 1,914 | 2,034 | ||||||
Constellation Oil Services Holding SA 13.50% 6/30/20252,3 | 1,038 | 1,038 | ||||||
Constellation Oil Services Holding SA 3.00% Cash 12/31/202614 | 445 | 324 | ||||||
Diamond Foreign Asset Co. 8.50% 10/1/20302 | 575 | 588 | ||||||
Diamondback Energy, Inc. 6.25% 3/15/2053 | 500 | 534 | ||||||
Enbridge Energy Partners, LP 7.50% 4/15/2038 | 300 | 350 | ||||||
Enbridge, Inc. 2.50% 1/15/2025 | 300 | 291 | ||||||
Enbridge, Inc. 3.70% 7/15/2027 | 62 | 60 | ||||||
Enbridge, Inc. 6.70% 11/15/2053 | 3,732 | 4,346 | ||||||
Energy Transfer, LP 4.50% 4/15/2024 | 1,210 | 1,206 | ||||||
Energy Transfer, LP 4.75% 1/15/2026 | 2,494 | 2,479 | ||||||
Energy Transfer, LP 8.00% 4/1/20292 | 4,265 | 4,441 | ||||||
Energy Transfer, LP 6.55% 12/1/2033 | 1,646 | 1,789 | ||||||
Energy Transfer, LP 5.00% 5/15/2050 | 1,869 | 1,669 | ||||||
Enterprise Products Operating, LLC 5.05% 1/10/2026 | 3,519 | 3,553 | ||||||
Enterprise Products Operating, LLC 4.90% 5/15/2046 | 500 | 478 | ||||||
EQM Midstream Partners, LP 6.50% 7/1/20272 | 1,090 | 1,111 | ||||||
EQM Midstream Partners, LP 5.50% 7/15/2028 | 3,088 | 3,062 |
American Funds Insurance Series | 147 |
Asset Allocation Fund (continued)
Bonds, notes & other debt instruments (continued) | Principal amount (000) | Value (000) | ||||||
Corporate bonds, notes & loans (continued) | ||||||||
Energy (continued) | ||||||||
EQM Midstream Partners, LP 7.50% 6/1/20302 | USD | 642 | $ | 691 | ||||
EQM Midstream Partners, LP 4.75% 1/15/20312 | 1,635 | 1,524 | ||||||
Equinor ASA 3.25% 11/10/2024 | 2,850 | 2,804 | ||||||
Equinor ASA 3.00% 4/6/2027 | 4,000 | 3,827 | ||||||
Equinor ASA 3.625% 9/10/2028 | 3,685 | 3,594 | ||||||
Equinor ASA 4.25% 11/23/2041 | 2,000 | 1,848 | ||||||
Exxon Mobil Corp. 2.019% 8/16/2024 | 643 | 631 | ||||||
Exxon Mobil Corp. 2.44% 8/16/2029 | 1,963 | 1,787 | ||||||
Exxon Mobil Corp. 3.452% 4/15/2051 | 1,000 | 785 | ||||||
Genesis Energy, LP 6.25% 5/15/2026 | 1,805 | 1,805 | ||||||
Genesis Energy, LP 8.00% 1/15/2027 | 4,612 | 4,692 | ||||||
Genesis Energy, LP 7.75% 2/1/2028 | 470 | 472 | ||||||
Genesis Energy, LP 8.25% 1/15/2029 | 720 | 741 | ||||||
Genesis Energy, LP 8.875% 4/15/2030 | 934 | 967 | ||||||
Halliburton Co. 3.80% 11/15/2025 | 6 | 6 | ||||||
Harvest Midstream I, LP 7.50% 9/1/20282 | 850 | 846 | ||||||
Hess Midstream Operations, LP 5.125% 6/15/20282 | 1,655 | 1,598 | ||||||
Hess Midstream Operations, LP 4.25% 2/15/20302 | 960 | 884 | ||||||
Hess Midstream Operations, LP 5.50% 10/15/20302 | 400 | 388 | ||||||
Hilcorp Energy I, LP 6.00% 4/15/20302 | 350 | 340 | ||||||
Hilcorp Energy I, LP 6.00% 2/1/20312 | 460 | 445 | ||||||
Hilcorp Energy I, LP 8.375% 11/1/20332 | 925 | 981 | ||||||
Jonah Energy, LLC 12.00% 11/5/20253 | 707 | 707 | ||||||
Kinder Morgan, Inc. 5.20% 6/1/2033 | 8,803 | 8,755 | ||||||
Kinder Morgan, Inc. 5.45% 8/1/2052 | 1,238 | 1,186 | ||||||
Marathon Oil Corp. 4.40% 7/15/2027 | 1,005 | 981 | ||||||
MPLX, LP 4.125% 3/1/2027 | 500 | 490 | ||||||
MPLX, LP 2.65% 8/15/2030 | 4,273 | 3,690 | ||||||
MPLX, LP 4.50% 4/15/2038 | 750 | 669 | ||||||
MPLX, LP 4.70% 4/15/2048 | 1,101 | 951 | ||||||
Nabors Industries, Inc. 9.125% 1/31/20302 | 1,020 | 1,025 | ||||||
Nabors Industries, Ltd. 7.25% 1/15/20262 | 125 | 120 | ||||||
New Fortress Energy, Inc. 6.75% 9/15/20252 | 1,460 | 1,450 | ||||||
New Fortress Energy, Inc. 6.50% 9/30/20262 | 6,840 | 6,575 | ||||||
NGL Energy Operating, LLC 7.50% 2/1/20262 | 11,590 | 11,715 | ||||||
NGL Energy Partners, LP 6.125% 3/1/2025 | 3,922 | 3,917 | ||||||
Noble Finance II, LLC 8.00% 4/15/20302 | 175 | 182 | ||||||
Northern Oil and Gas, Inc. 8.75% 6/15/20312 | 605 | 631 | ||||||
ONEOK, Inc. 5.55% 11/1/2026 | 989 | 1,007 | ||||||
ONEOK, Inc. 5.65% 11/1/2028 | 1,279 | 1,325 | ||||||
ONEOK, Inc. 5.80% 11/1/2030 | 384 | 399 | ||||||
ONEOK, Inc. 6.05% 9/1/2033 | 2,649 | 2,808 | ||||||
ONEOK, Inc. 6.625% 9/1/2053 | 4,011 | 4,494 | ||||||
Parkland Corp. 4.625% 5/1/20302 | 1,035 | 953 | ||||||
Petroleos Mexicanos 6.875% 10/16/2025 | 3,755 | 3,697 | ||||||
Petroleos Mexicanos 5.35% 2/12/2028 | 1,870 | 1,623 | ||||||
Pioneer Natural Resources Co. 2.15% 1/15/2031 | 1,669 | 1,419 | ||||||
Plains All American Pipeline, LP 3.80% 9/15/2030 | 113 | 104 | ||||||
Range Resources Corp. 8.25% 1/15/2029 | 810 | 839 | ||||||
Range Resources Corp. 4.75% 2/15/20302 | 1,670 | 1,546 | ||||||
Rockies Express Pipeline, LLC 4.95% 7/15/20292 | 2,689 | 2,574 | ||||||
Southwestern Energy Co. 5.375% 3/15/2030 | 1,945 | 1,902 | ||||||
Southwestern Energy Co. 4.75% 2/1/2032 | 960 | 889 | ||||||
Sunoco, LP 7.00% 9/15/20282 | 1,675 | 1,729 | ||||||
Sunoco, LP 4.50% 5/15/2029 | 1,050 | 977 | ||||||
Sunoco, LP 4.50% 4/30/2030 | 1,255 | 1,163 | ||||||
TotalEnergies Capital International SA 2.986% 6/29/2041 | 88 | 68 | ||||||
TransCanada Pipelines, Ltd. 4.25% 5/15/2028 | 1,090 | 1,061 | ||||||
TransCanada Pipelines, Ltd. 4.10% 4/15/2030 | 598 | 569 | ||||||
TransCanada Pipelines, Ltd. 4.75% 5/15/2038 | 2,000 | 1,857 | ||||||
TransCanada Pipelines, Ltd. 4.875% 5/15/2048 | 700 | 643 |
148 | American Funds Insurance Series |
Asset Allocation Fund (continued)
Bonds, notes & other debt instruments (continued) | Principal amount (000) | Value (000) | ||||||
Corporate bonds, notes & loans (continued) | ||||||||
Energy (continued) | ||||||||
Valero Energy Corp. 4.00% 4/1/2029 | USD | 4,000 | $ | 3,853 | ||||
Venture Global Calcasieu Pass, LLC 4.125% 8/15/20312 | 840 | 741 | ||||||
Venture Global LNG, Inc. 8.375% 6/1/20312 | 3,905 | 3,909 | ||||||
Weatherford International, Ltd. 6.50% 9/15/20282 | 1,981 | 2,052 | ||||||
Weatherford International, Ltd. 8.625% 4/30/20302 | 8,825 | 9,222 | ||||||
Williams Companies, Inc. 3.50% 11/15/2030 | 1,094 | 1,002 | ||||||
192,744 | ||||||||
Consumer discretionary 0.69% | ||||||||
Acushnet Co. 7.375% 10/15/20282 | 400 | 418 | ||||||
Advance Auto Parts, Inc. 3.90% 4/15/2030 | 813 | 730 | ||||||
Advance Auto Parts, Inc. 3.50% 3/15/2032 | 458 | 379 | ||||||
Alibaba Group Holding, Ltd. 2.125% 2/9/2031 | 501 | 415 | ||||||
Alibaba Group Holding, Ltd. 4.50% 11/28/2034 | 766 | 721 | ||||||
Alibaba Group Holding, Ltd. 4.00% 12/6/2037 | 200 | 172 | ||||||
Allied Universal Holdco, LLC 4.625% 6/1/20282 | 1,660 | 1,511 | ||||||
Amazon.com, Inc. 2.70% 6/3/2060 | 2,765 | 1,831 | ||||||
American Honda Finance Corp. 3.50% 2/15/2028 | 750 | 721 | ||||||
Asbury Automotive Group, Inc. 4.625% 11/15/20292 | 2,115 | 1,960 | ||||||
Atlas LuxCo 4 SARL 4.625% 6/1/20282 | 1,065 | 974 | ||||||
Caesars Entertainment, Inc. 6.25% 7/1/20252 | 2,815 | 2,825 | ||||||
Carnival Corp. 5.75% 3/1/20272 | 4,525 | 4,417 | ||||||
Carnival Corp. 4.00% 8/1/20282 | 3,875 | 3,605 | ||||||
Carnival Corp. 6.00% 5/1/20292 | 775 | 746 | ||||||
Carnival Corp. 7.00% 8/15/20292 | 365 | 381 | ||||||
Daimler Trucks Finance North America, LLC 5.20% 1/17/20252 | 2,437 | 2,437 | ||||||
Daimler Trucks Finance North America, LLC 3.50% 4/7/20252 | 2,000 | 1,958 | ||||||
Daimler Trucks Finance North America, LLC 5.15% 1/16/20262 | 1,783 | 1,789 | ||||||
Daimler Trucks Finance North America, LLC 2.00% 12/14/20262 | 2,400 | 2,209 | ||||||
Daimler Trucks Finance North America, LLC 3.65% 4/7/20272 | 450 | 434 | ||||||
Daimler Trucks Finance North America, LLC 5.125% 1/19/20282 | 604 | 608 | ||||||
Daimler Trucks Finance North America, LLC 2.375% 12/14/20282 | 1,350 | 1,203 | ||||||
Fertitta Entertainment, LLC 4.625% 1/15/20292 | 3,580 | 3,252 | ||||||
Fertitta Entertainment, LLC 6.75% 1/15/20302 | 1,790 | 1,574 | ||||||
Ford Motor Co. 4.75% 1/15/2043 | 7,354 | 6,079 | ||||||
Ford Motor Co. 5.291% 12/8/2046 | 5,006 | 4,416 | ||||||
Ford Motor Credit Co., LLC 6.95% 3/6/2026 | 5,165 | 5,293 | ||||||
Ford Motor Credit Co., LLC 6.80% 5/12/2028 | 2,845 | 2,974 | ||||||
Ford Motor Credit Co., LLC 6.798% 11/7/2028 | 2,111 | 2,210 | ||||||
Ford Motor Credit Co., LLC 7.20% 6/10/2030 | 15,000 | 15,992 | ||||||
Ford Motor Credit Co., LLC 4.00% 11/13/2030 | 1,915 | 1,720 | ||||||
Ford Motor Credit Co., LLC 7.122% 11/7/2033 | 1,425 | 1,536 | ||||||
Gap, Inc. 3.625% 10/1/20292 | 486 | 416 | ||||||
Gap, Inc. 3.875% 10/1/20312 | 323 | 266 | ||||||
Hanesbrands, Inc. 4.875% 5/15/20262 | 2,700 | 2,606 | ||||||
Hanesbrands, Inc. 9.00% 2/15/20312 | 370 | 363 | ||||||
Hilton Domestic Operating Co., Inc. 4.00% 5/1/20312 | 1,885 | 1,729 | ||||||
Hilton Grand Vacations Borrower, LLC 5.00% 6/1/20292 | 3,580 | 3,307 | ||||||
Home Depot, Inc. 1.50% 9/15/2028 | 3,000 | 2,662 | ||||||
Home Depot, Inc. 3.90% 12/6/2028 | 825 | 813 | ||||||
Home Depot, Inc. 2.95% 6/15/2029 | 1,174 | 1,104 | ||||||
Home Depot, Inc. 1.875% 9/15/2031 | 3,000 | 2,512 | ||||||
Home Depot, Inc. 4.25% 4/1/2046 | 2,000 | 1,809 | ||||||
Home Depot, Inc. 4.50% 12/6/2048 | 428 | 404 | ||||||
Hyundai Capital America 1.00% 9/17/20242 | 3,025 | 2,929 | ||||||
Hyundai Capital America 1.50% 6/15/20262 | 850 | 777 | ||||||
Hyundai Capital America 1.65% 9/17/20262 | 3,075 | 2,796 | ||||||
Hyundai Capital America 2.375% 10/15/20272 | 2,579 | 2,324 | ||||||
Hyundai Capital America 2.10% 9/15/20282 | 3,075 | 2,690 | ||||||
International Game Technology PLC 5.25% 1/15/20292 | 5,490 | 5,379 |
American Funds Insurance Series | 149 |
Asset Allocation Fund (continued)
Bonds, notes & other debt instruments (continued) | Principal amount (000) | Value (000) | ||||||
Corporate bonds, notes & loans (continued) | ||||||||
Consumer discretionary (continued) | ||||||||
KB Home 7.25% 7/15/2030 | USD | 1,295 | $ | 1,342 | ||||
Kontoor Brands, Inc. 4.125% 11/15/20292 | 910 | 824 | ||||||
LCM Investments Holdings II, LLC 4.875% 5/1/20292 | 590 | 549 | ||||||
LCM Investments Holdings II, LLC 8.25% 8/1/20312 | 765 | 799 | ||||||
Light and Wonder International, Inc. 7.00% 5/15/20282 | 750 | 758 | ||||||
Light and Wonder International, Inc. 7.25% 11/15/20292 | 2,240 | 2,296 | ||||||
Lindblad Expeditions, LLC 6.75% 2/15/20272 | 775 | 772 | ||||||
Lithia Motors, Inc. 3.875% 6/1/20292 | 2,900 | 2,622 | ||||||
Lithia Motors, Inc. 4.375% 1/15/20312 | 1,025 | 933 | ||||||
Marriott International, Inc. 4.90% 4/15/2029 | 1,207 | 1,216 | ||||||
Marriott International, Inc. 2.75% 10/15/2033 | 2,500 | 2,064 | ||||||
Marriott Ownership Resorts, Inc. 4.50% 6/15/20292 | 620 | 547 | ||||||
McDonald’s Corp. 4.60% 9/9/2032 | 716 | 723 | ||||||
McDonald’s Corp. 4.95% 8/14/2033 | 559 | 575 | ||||||
Melco Resorts Finance, Ltd. 5.75% 7/21/20282 | 1,710 | 1,585 | ||||||
Mercedes-Benz Finance North America, LLC 5.375% 11/26/20252 | 1,500 | 1,516 | ||||||
NCL Corp., Ltd. 5.875% 2/15/20272 | 2,450 | 2,430 | ||||||
NCL Corp., Ltd. 7.75% 2/15/20292 | 1,375 | 1,385 | ||||||
Neiman Marcus Group, Ltd., LLC 7.125% 4/1/20262 | 1,345 | 1,294 | ||||||
Party City Holdings, Inc. 12.00% PIK or 12.00% Cash 1/11/20292,14 | 1,191 | 1,164 | ||||||
Penske Automotive Group, Inc. 3.75% 6/15/2029 | 1,375 | 1,225 | ||||||
Royal Caribbean Cruises, Ltd. 4.25% 7/1/20262 | 3,120 | 3,016 | ||||||
Royal Caribbean Cruises, Ltd. 5.375% 7/15/20272 | 4,520 | 4,477 | ||||||
Royal Caribbean Cruises, Ltd. 5.50% 4/1/20282 | 650 | 642 | ||||||
Royal Caribbean Cruises, Ltd. 8.25% 1/15/20292 | 1,408 | 1,497 | ||||||
Sally Holdings, LLC 5.625% 12/1/2025 | 730 | 731 | ||||||
Sands China, Ltd. 2.55% 3/8/2027 | 2,075 | 1,888 | ||||||
Sonic Automotive, Inc. 4.625% 11/15/20292 | 3,035 | 2,766 | ||||||
Sonic Automotive, Inc. 4.875% 11/15/20312 | 1,325 | 1,183 | ||||||
Stellantis Finance US, Inc. 1.711% 1/29/20272 | 2,200 | 1,999 | ||||||
Stellantis Finance US, Inc. 5.625% 1/12/20282 | 2,500 | 2,590 | ||||||
Stellantis Finance US, Inc. 2.691% 9/15/20312 | 2,150 | 1,800 | ||||||
Stellantis Finance US, Inc. 6.375% 9/12/20322 | 2,000 | 2,157 | ||||||
Tempur Sealy International, Inc. 4.00% 4/15/20292 | 850 | 769 | ||||||
Toyota Motor Credit Corp. 0.80% 1/9/2026 | 429 | 398 | ||||||
Toyota Motor Credit Corp. 1.90% 1/13/2027 | 2,500 | 2,327 | ||||||
Travel + Leisure Co. 4.50% 12/1/20292 | 2,100 | 1,883 | ||||||
Travel + Leisure Co. 4.625% 3/1/20302 | 1,300 | 1,164 | ||||||
Volkswagen Group of America Finance, LLC 4.625% 11/13/20252 | 3,845 | 3,803 | ||||||
Wyndham Hotels & Resorts, Inc. 4.375% 8/15/20282 | 2,255 | 2,110 | ||||||
176,195 | ||||||||
Communication services 0.66% | ||||||||
Alphabet, Inc. 1.998% 8/15/2026 | 500 | 472 | ||||||
Alphabet, Inc. 1.90% 8/15/2040 | 375 | 260 | ||||||
Alphabet, Inc. 2.25% 8/15/2060 | 265 | 164 | ||||||
AT&T, Inc. 3.50% 9/15/2053 | 5,140 | 3,734 | ||||||
CCO Holdings, LLC 4.75% 3/1/20302 | 2,658 | 2,433 | ||||||
CCO Holdings, LLC 4.50% 8/15/20302 | 3,500 | 3,160 | ||||||
CCO Holdings, LLC 4.25% 2/1/20312 | 4,286 | 3,751 | ||||||
CCO Holdings, LLC 4.75% 2/1/20322 | 2,150 | 1,899 | ||||||
CCO Holdings, LLC 4.50% 5/1/2032 | 2,868 | 2,460 | ||||||
CCO Holdings, LLC 4.50% 6/1/20332 | 157 | 133 | ||||||
CCO Holdings, LLC 4.25% 1/15/20342 | 116 | 94 | ||||||
Charter Communications Operating, LLC 4.908% 7/23/2025 | 500 | 496 | ||||||
Charter Communications Operating, LLC 5.25% 4/1/2053 | 3,750 | 3,146 | ||||||
Comcast Corp. 2.35% 1/15/2027 | 4,000 | 3,757 | ||||||
Comcast Corp. 4.80% 5/15/2033 | 2,416 | 2,447 | ||||||
Comcast Corp. 2.887% 11/1/2051 | 2,571 | 1,741 | ||||||
Comcast Corp. 5.35% 5/15/2053 | 1,490 | 1,543 |
150 | American Funds Insurance Series |
Asset Allocation Fund (continued)
Bonds, notes & other debt instruments (continued) | Principal amount (000) | Value (000) | ||||||
Corporate bonds, notes & loans (continued) | ||||||||
Communication services (continued) | ||||||||
Connect Finco SARL 6.75% 10/1/20262 | USD | 1,675 | $ | 1,666 | ||||
CSC Holdings, LLC 3.375% 2/15/20312 | 1,875 | 1,370 | ||||||
DIRECTV Financing, LLC 5.875% 8/15/20272 | 3,655 | 3,437 | ||||||
DISH DBS Corp. 5.875% 11/15/2024 | 4,955 | 4,651 | ||||||
DISH Network Corp. 11.75% 11/15/20272 | 5,000 | 5,223 | ||||||
Embarq Corp. 7.995% 6/1/2036 | 7,384 | 4,624 | ||||||
Fox Corp. 4.03% 1/25/2024 | 1,120 | 1,119 | ||||||
Frontier Communications Holdings, LLC 5.875% 10/15/20272 | 1,565 | 1,513 | ||||||
Frontier Communications Holdings, LLC 5.00% 5/1/20282 | 7,210 | 6,670 | ||||||
Frontier Communications Holdings, LLC 6.75% 5/1/20292 | 4,400 | 3,939 | ||||||
Frontier Communications Holdings, LLC 5.875% 11/1/2029 | 1,850 | 1,565 | ||||||
Frontier Communications Holdings, LLC 6.00% 1/15/20302 | 1,900 | 1,623 | ||||||
Frontier Communications Holdings, LLC 8.75% 5/15/20302 | 1,100 | 1,132 | ||||||
Frontier Communications Holdings, LLC 8.625% 3/15/20312 | 1,000 | 1,020 | ||||||
Gray Escrow II, Inc. 5.375% 11/15/20312 | 4,275 | 3,230 | ||||||
Gray Television, Inc. 5.875% 7/15/20262 | 975 | 949 | ||||||
Gray Television, Inc. 4.75% 10/15/20302 | 1,850 | 1,395 | ||||||
Intelsat Jackson Holdings SA 6.50% 3/15/20302 | 5,516 | 5,268 | ||||||
Ligado Networks, LLC 15.50% PIK 11/11/20232,14,15 | 5,837 | 1,116 | ||||||
Ligado Networks, LLC, Term Loan, 17.50% PIK 11/11/20233,14,15,16 | 459 | 436 | ||||||
Midas OpCo Holdings, LLC 5.625% 8/15/20292 | 3,205 | 2,952 | ||||||
Netflix, Inc. 4.875% 4/15/2028 | 1,250 | 1,268 | ||||||
Netflix, Inc. 5.875% 11/15/2028 | 2,175 | 2,295 | ||||||
Netflix, Inc. 6.375% 5/15/2029 | 50 | 54 | ||||||
Netflix, Inc. 5.375% 11/15/20292 | 25 | 26 | ||||||
News Corp. 3.875% 5/15/20292 | 875 | 805 | ||||||
Nexstar Media, Inc. 4.75% 11/1/20282 | 3,950 | 3,643 | ||||||
SBA Tower Trust 1.631% 11/15/20262 | 8,707 | 7,783 | ||||||
Scripps Escrow II, Inc. 3.875% 1/15/20292 | 2,325 | 2,059 | ||||||
Sirius XM Radio, Inc. 4.00% 7/15/20282 | 3,575 | 3,309 | ||||||
Sirius XM Radio, Inc. 4.125% 7/1/20302 | 950 | 848 | ||||||
Sirius XM Radio, Inc. 3.875% 9/1/20312 | 3,827 | 3,279 | ||||||
Take-Two Interactive Software, Inc. 3.30% 3/28/2024 | 123 | 122 | ||||||
Take-Two Interactive Software, Inc. 4.00% 4/14/2032 | 2,438 | 2,316 | ||||||
Tencent Holdings, Ltd. 2.39% 6/3/2030 | 566 | 483 | ||||||
T-Mobile USA, Inc. 1.50% 2/15/2026 | 500 | 466 | ||||||
T-Mobile USA, Inc. 2.05% 2/15/2028 | 325 | 293 | ||||||
T-Mobile USA, Inc. 4.95% 3/15/2028 | 1,918 | 1,945 | ||||||
T-Mobile USA, Inc. 4.80% 7/15/2028 | 4,000 | 4,036 | ||||||
T-Mobile USA, Inc. 5.75% 1/15/2054 | 2,000 | 2,118 | ||||||
T-Mobile USA, Inc. 6.00% 6/15/2054 | 4,666 | 5,122 | ||||||
Univision Communications, Inc. 6.625% 6/1/20272 | 6,300 | 6,287 | ||||||
Univision Communications, Inc. 8.00% 8/15/20282 | 300 | 310 | ||||||
Univision Communications, Inc. 4.50% 5/1/20292 | 5,300 | 4,735 | ||||||
Univision Communications, Inc. 7.375% 6/30/20302 | 725 | 724 | ||||||
Verizon Communications, Inc. 2.55% 3/21/2031 | 410 | 354 | ||||||
Verizon Communications, Inc. 2.355% 3/15/2032 | 2,944 | 2,450 | ||||||
Verizon Communications, Inc. 5.05% 5/9/2033 | 3,696 | 3,772 | ||||||
Verizon Communications, Inc. 2.875% 11/20/2050 | 2,453 | 1,670 | ||||||
Virgin Media Secured Finance PLC 4.50% 8/15/20302 | 2,115 | 1,886 | ||||||
VMED O2 UK Financing I PLC 4.25% 1/31/20312 | 4,525 | 3,957 | ||||||
VMED O2 UK Financing I PLC 4.75% 7/15/20312 | 225 | 201 | ||||||
Vodafone Group PLC 4.25% 9/17/2050 | 4,350 | 3,615 | ||||||
WarnerMedia Holdings, Inc. 3.638% 3/15/2025 | 3,807 | 3,726 | ||||||
WarnerMedia Holdings, Inc. 3.755% 3/15/2027 | 1,018 | 976 | ||||||
WarnerMedia Holdings, Inc. 4.054% 3/15/2029 | 1,435 | 1,362 | ||||||
WarnerMedia Holdings, Inc. 4.279% 3/15/2032 | 1,754 | 1,606 |
American Funds Insurance Series | 151 |
Asset Allocation Fund (continued)
Bonds, notes & other debt instruments (continued) | Principal amount (000) | Value (000) | ||||||
Corporate bonds, notes & loans (continued) | ||||||||
Communication services (continued) | ||||||||
WarnerMedia Holdings, Inc. 5.05% 3/15/2042 | USD | 500 | $ | 441 | ||||
WarnerMedia Holdings, Inc. 5.141% 3/15/2052 | 1,500 | 1,288 | ||||||
Ziggo BV 4.875% 1/15/20302 | 725 | 648 | ||||||
168,866 | ||||||||
Health care 0.66% | ||||||||
AbbVie, Inc. 3.80% 3/15/2025 | 206 | 203 | ||||||
AbbVie, Inc. 2.95% 11/21/2026 | 1,445 | 1,386 | ||||||
AdaptHealth, LLC 6.125% 8/1/20282 | 645 | 557 | ||||||
AdaptHealth, LLC 4.625% 8/1/20292 | 1,870 | 1,446 | ||||||
AdaptHealth, LLC 5.125% 3/1/20302 | 1,010 | 789 | ||||||
Amgen, Inc. 5.25% 3/2/2030 | 1,244 | 1,279 | ||||||
Amgen, Inc. 5.60% 3/2/2043 | 1,500 | 1,551 | ||||||
Amgen, Inc. 5.65% 3/2/2053 | 878 | 924 | ||||||
Amgen, Inc. 4.40% 2/22/2062 | 1,697 | 1,435 | ||||||
Amgen, Inc. 5.75% 3/2/2063 | 258 | 271 | ||||||
AstraZeneca Finance, LLC 1.75% 5/28/2028 | 1,871 | 1,675 | ||||||
AstraZeneca Finance, LLC 2.25% 5/28/2031 | 742 | 640 | ||||||
AstraZeneca PLC 3.375% 11/16/2025 | 1,140 | 1,115 | ||||||
Bausch Health Companies, Inc. 5.50% 11/1/20252 | 6,275 | 5,746 | ||||||
Bausch Health Companies, Inc. 4.875% 6/1/20282 | 7,450 | 4,496 | ||||||
Baxter International, Inc. 1.322% 11/29/2024 | 7,109 | 6,849 | ||||||
Baxter International, Inc. 1.915% 2/1/2027 | 4,739 | 4,344 | ||||||
Baxter International, Inc. 2.272% 12/1/2028 | 3,180 | 2,849 | ||||||
Bayer US Finance, LLC 6.125% 11/21/20262 | 6,047 | 6,150 | ||||||
Bayer US Finance, LLC 6.25% 1/21/20292 | 3,451 | 3,530 | ||||||
Becton, Dickinson and Co. 3.363% 6/6/2024 | 198 | 196 | ||||||
Boston Scientific Corp. 3.45% 3/1/2024 | 313 | 312 | ||||||
Centene Corp. 4.25% 12/15/2027 | 565 | 545 | ||||||
Centene Corp. 4.625% 12/15/2029 | 1,265 | 1,214 | ||||||
CHS / Community Health Systems, Inc. 5.625% 3/15/20272 | 1,255 | 1,168 | ||||||
CHS / Community Health Systems, Inc. 5.25% 5/15/20302 | 3,675 | 3,079 | ||||||
CVS Health Corp. 5.00% 1/30/2029 | 3,831 | 3,903 | ||||||
CVS Health Corp. 5.30% 6/1/2033 | 4,018 | 4,125 | ||||||
CVS Health Corp. 5.875% 6/1/2053 | 1,250 | 1,316 | ||||||
Elevance Health, Inc. 2.375% 1/15/2025 | 818 | 795 | ||||||
Elevance Health, Inc. 4.90% 2/8/2026 | 1,417 | 1,414 | ||||||
Elevance Health, Inc. 4.75% 2/15/2033 | 811 | 812 | ||||||
Elevance Health, Inc. 5.125% 2/15/2053 | 344 | 345 | ||||||
Eli Lilly and Co. 3.375% 3/15/2029 | 1,353 | 1,302 | ||||||
Eli Lilly and Co. 4.70% 2/27/2033 | 1,543 | 1,583 | ||||||
Eli Lilly and Co. 4.875% 2/27/2053 | 447 | 463 | ||||||
Gilead Sciences, Inc. 5.25% 10/15/2033 | 6,142 | 6,405 | ||||||
Gilead Sciences, Inc. 5.55% 10/15/2053 | 5,288 | 5,734 | ||||||
HCA, Inc. 3.375% 3/15/2029 | 804 | 742 | ||||||
HCA, Inc. 3.625% 3/15/2032 | 1,000 | 895 | ||||||
HCA, Inc. 4.375% 3/15/2042 | 1,500 | 1,269 | ||||||
HCA, Inc. 4.625% 3/15/2052 | 1,450 | 1,235 | ||||||
Jazz Securities DAC 4.375% 1/15/20292 | 1,975 | 1,841 | ||||||
Medtronic Global Holdings S.C.A. 4.25% 3/30/2028 | 2,213 | 2,205 | ||||||
Medtronic Global Holdings S.C.A. 4.50% 3/30/2033 | 4,000 | 4,003 | ||||||
Merck & Co., Inc. 1.90% 12/10/2028 | 600 | 540 | ||||||
Merck & Co., Inc. 2.75% 12/10/2051 | 1,103 | 759 | ||||||
Molina Healthcare, Inc. 3.875% 11/15/20302 | 2,899 | 2,609 | ||||||
Molina Healthcare, Inc. 3.875% 5/15/20322 | 3,855 | 3,373 | ||||||
Novant Health, Inc. 3.168% 11/1/2051 | 3,750 | 2,628 | ||||||
Novartis Capital Corp. 1.75% 2/14/2025 | 1,250 | 1,211 | ||||||
Novartis Capital Corp. 2.00% 2/14/2027 | 2,386 | 2,236 | ||||||
Owens & Minor, Inc. 4.50% 3/31/20292 | 5,065 | 4,473 | ||||||
Owens & Minor, Inc. 6.625% 4/1/20302 | 1,495 | 1,429 |
152 | American Funds Insurance Series |
Asset Allocation Fund (continued)
Bonds, notes & other debt instruments (continued) | Principal amount (000) | Value (000) | ||||||
Corporate bonds, notes & loans (continued) | ||||||||
Health care (continued) | ||||||||
Par Pharmaceutical, Inc. 7.50% 4/1/20272 | USD | 9,648 | $ | 6,185 | ||||
Pfizer Investment Enterprises Pte., Ltd. 4.45% 5/19/2028 | 1,750 | 1,750 | ||||||
Pfizer Investment Enterprises Pte., Ltd. 4.65% 5/19/2030 | 1,750 | 1,763 | ||||||
Pfizer Investment Enterprises Pte., Ltd. 4.75% 5/19/2033 | 503 | 504 | ||||||
Pfizer Investment Enterprises Pte., Ltd. 5.11% 5/19/2043 | 1,500 | 1,496 | ||||||
Radiology Partners, Inc., Term Loan, (1-month USD CME Term SOFR + 4.25%) 10.179% 7/9/20258,16 | 3,734 | 3,021 | ||||||
RP Escrow Issuer, LLC 5.25% 12/15/20252 | 2,080 | 1,666 | ||||||
Summa Health 3.511% 11/15/2051 | 1,655 | 1,189 | ||||||
Tenet Healthcare Corp. 4.875% 1/1/2026 | 2,875 | 2,845 | ||||||
Tenet Healthcare Corp. 4.25% 6/1/2029 | 2,060 | 1,920 | ||||||
Teva Pharmaceutical Finance Netherlands III BV 6.00% 4/15/2024 | 2,253 | 2,248 | ||||||
Teva Pharmaceutical Finance Netherlands III BV 3.15% 10/1/2026 | 17,790 | 16,485 | ||||||
Teva Pharmaceutical Finance Netherlands III BV 5.125% 5/9/2029 | 11,995 | 11,469 | ||||||
Teva Pharmaceutical Finance Netherlands III BV 4.10% 10/1/2046 | 3,550 | 2,408 | ||||||
168,343 | ||||||||
Industrials 0.57% | ||||||||
AAdvantage Loyalty IP, Ltd. 5.50% 4/20/20262 | 838 | 832 | ||||||
Allison Transmission, Inc. 3.75% 1/30/20312 | 3,445 | 3,048 | ||||||
Avis Budget Car Rental, LLC 5.75% 7/15/20272 | 1,025 | 983 | ||||||
Avis Budget Car Rental, LLC 5.375% 3/1/20292 | 2,450 | 2,269 | ||||||
Avolon Holdings Funding, Ltd. 3.95% 7/1/20242 | 1,587 | 1,566 | ||||||
Avolon Holdings Funding, Ltd. 4.25% 4/15/20262 | 1,126 | 1,088 | ||||||
Avolon Holdings Funding, Ltd. 4.375% 5/1/20262 | 1,975 | 1,913 | ||||||
Boeing Co. 4.875% 5/1/2025 | 946 | 942 | ||||||
Boeing Co. 3.10% 5/1/2026 | 251 | 241 | ||||||
Boeing Co. 3.25% 2/1/2028 | 2,000 | 1,899 | ||||||
Boeing Co. 5.15% 5/1/2030 | 1,100 | 1,120 | ||||||
Boeing Co. 3.60% 5/1/2034 | 2,500 | 2,210 | ||||||
Boeing Co. 5.805% 5/1/2050 | 2,500 | 2,591 | ||||||
Bombardier, Inc. 7.125% 6/15/20262 | 3,181 | 3,169 | ||||||
Bombardier, Inc. 7.875% 4/15/20272 | 8,570 | 8,580 | ||||||
Bombardier, Inc. 7.50% 2/1/20292 | 1,025 | 1,043 | ||||||
Brink’s Co. (The) 4.625% 10/15/20272 | 2,385 | 2,276 | ||||||
BWX Technologies, Inc. 4.125% 4/15/20292 | 1,025 | 936 | ||||||
Canadian Pacific Railway Co. 1.75% 12/2/2026 | 1,385 | 1,278 | ||||||
Canadian Pacific Railway Co. 3.10% 12/2/2051 | 829 | 600 | ||||||
Carrier Global Corp. 6.20% 3/15/20542 | 328 | 380 | ||||||
Chart Industries, Inc. 7.50% 1/1/20302 | 1,347 | 1,410 | ||||||
Clarivate Science Holdings Corp. 3.875% 7/1/20282 | 590 | 557 | ||||||
Clarivate Science Holdings Corp. 4.875% 7/1/20292 | 520 | 489 | ||||||
CoreLogic, Inc. 4.50% 5/1/20282 | 6,075 | 5,328 | ||||||
Covanta Holding Corp. 4.875% 12/1/20292 | 1,035 | 906 | ||||||
CSX Corp. 4.25% 3/15/2029 | 1,062 | 1,062 | ||||||
CSX Corp. 2.50% 5/15/2051 | 1,125 | 728 | ||||||
Honeywell International, Inc. 2.30% 8/15/2024 | 2,640 | 2,594 | ||||||
Honeywell International, Inc. 1.35% 6/1/2025 | 5,947 | 5,683 | ||||||
Honeywell International, Inc. 2.70% 8/15/2029 | 1,470 | 1,360 | ||||||
Icahn Enterprises, LP 4.75% 9/15/2024 | 2,090 | 2,079 | ||||||
Icahn Enterprises, LP 5.25% 5/15/2027 | 1,185 | 1,065 | ||||||
Icahn Enterprises, LP 4.375% 2/1/2029 | 1,525 | 1,275 | ||||||
L3Harris Technologies, Inc. 5.40% 7/31/2033 | 4,530 | 4,712 | ||||||
L3Harris Technologies, Inc. 5.60% 7/31/2053 | 3,945 | 4,204 | ||||||
Lockheed Martin Corp. 5.10% 11/15/2027 | 951 | 982 | ||||||
Lockheed Martin Corp. 4.45% 5/15/2028 | 2,906 | 2,923 | ||||||
Lockheed Martin Corp. 5.25% 1/15/2033 | 4,742 | 5,032 | ||||||
Lockheed Martin Corp. 4.75% 2/15/2034 | 7,750 | 7,892 | ||||||
Lockheed Martin Corp. 5.70% 11/15/2054 | 1,849 | 2,082 | ||||||
Masco Corp. 1.50% 2/15/2028 | 774 | 678 |
American Funds Insurance Series | 153 |
Asset Allocation Fund (continued)
Bonds, notes & other debt instruments (continued) | Principal amount (000) | Value (000) | ||||||
Corporate bonds, notes & loans (continued) | ||||||||
Industrials (continued) | ||||||||
Masco Corp. 2.00% 2/15/2031 | USD | 497 | $ | 409 | ||||
Masco Corp. 3.125% 2/15/2051 | 230 | 161 | ||||||
Norfolk Southern Corp. 4.45% 3/1/2033 | 654 | 646 | ||||||
Norfolk Southern Corp. 3.05% 5/15/2050 | 2,746 | 1,956 | ||||||
Norfolk Southern Corp. 5.35% 8/1/2054 | 4,136 | 4,304 | ||||||
Northrop Grumman Corp. 2.93% 1/15/2025 | 1,820 | 1,779 | ||||||
Northrop Grumman Corp. 3.25% 1/15/2028 | 3,495 | 3,342 | ||||||
Otis Worldwide Corp. 2.293% 4/5/2027 | 2,135 | 1,991 | ||||||
Ritchie Bros. Holdings, Inc. 7.75% 3/15/20312 | 311 | 332 | ||||||
RTX Corp. 5.15% 2/27/2033 | 2,669 | 2,721 | ||||||
RTX Corp. 5.375% 2/27/2053 | 3,950 | 4,017 | ||||||
RTX Corp. 6.40% 3/15/2054 | 8,559 | 9,916 | ||||||
Spirit AeroSystems, Inc. 9.375% 11/30/20292 | 2,382 | 2,610 | ||||||
Spirit AeroSystems, Inc. 9.75% 11/15/20302 | 1,730 | 1,862 | ||||||
TK Elevator U.S. Newco, Inc. 5.25% 7/15/20272 | 2,000 | 1,966 | ||||||
TransDigm, Inc. 6.25% 3/15/20262 | 2,476 | 2,474 | ||||||
TransDigm, Inc. 5.50% 11/15/2027 | 2,200 | 2,157 | ||||||
Triumph Group, Inc. 7.75% 8/15/2025 | 2,375 | 2,369 | ||||||
Triumph Group, Inc. 9.00% 3/15/20282 | 3,227 | 3,435 | ||||||
Union Pacific Corp. 2.40% 2/5/2030 | 2,414 | 2,151 | ||||||
Union Pacific Corp. 2.95% 3/10/2052 | 1,000 | 710 | ||||||
Union Pacific Corp. 3.839% 3/20/2060 | 546 | 446 | ||||||
Union Pacific Corp. 3.799% 4/6/2071 | 545 | 431 | ||||||
United Rentals (North America), Inc. 3.875% 2/15/2031 | 2,785 | 2,534 | ||||||
United Rentals (North America), Inc. 3.75% 1/15/2032 | 215 | 190 | ||||||
XPO, Inc. 7.125% 6/1/20312 | 800 | 829 | ||||||
147,743 | ||||||||
Materials 0.44% | ||||||||
Alcoa Nederland Holding BV 4.125% 3/31/20292 | 491 | 456 | ||||||
Anglo American Capital PLC 2.25% 3/17/20282 | 484 | 432 | ||||||
Anglo American Capital PLC 2.625% 9/10/20302 | 2,500 | 2,129 | ||||||
Anglo American Capital PLC 3.95% 9/10/20502 | 1,281 | 976 | ||||||
ATI, Inc. 4.875% 10/1/2029 | 710 | 663 | ||||||
ATI, Inc. 5.125% 10/1/2031 | 1,110 | 1,031 | ||||||
Avient Corp. 7.125% 8/1/20302 | 855 | 890 | ||||||
Ball Corp. 3.125% 9/15/2031 | 3,520 | 3,039 | ||||||
BHP Billiton Finance (USA), Ltd. 5.25% 9/8/2030 | 2,250 | 2,332 | ||||||
BHP Billiton Finance (USA), Ltd. 4.90% 2/28/2033 | 1,108 | 1,134 | ||||||
BHP Billiton Finance (USA), Ltd. 5.25% 9/8/2033 | 2,752 | 2,855 | ||||||
BHP Billiton Finance (USA), Ltd. 5.50% 9/8/2053 | 2,250 | 2,457 | ||||||
CAN-PACK Spolka Akcyjna 3.875% 11/15/20292 | 935 | 802 | ||||||
Celanese US Holdings, LLC 6.165% 7/15/2027 | 3,500 | 3,591 | ||||||
Celanese US Holdings, LLC 6.55% 11/15/2030 | 4,291 | 4,541 | ||||||
Celanese US Holdings, LLC 6.70% 11/15/2033 | 2,306 | 2,502 | ||||||
Cleveland-Cliffs, Inc. 5.875% 6/1/2027 | 9,000 | 8,978 | ||||||
Cleveland-Cliffs, Inc. 4.625% 3/1/20292 | 2,525 | 2,346 | ||||||
Cleveland-Cliffs, Inc. 6.75% 4/15/20302 | 2,275 | 2,310 | ||||||
Cleveland-Cliffs, Inc. 4.875% 3/1/20312 | 775 | 702 | ||||||
CVR Partners, LP 6.125% 6/15/20282 | 745 | 696 | ||||||
Dow Chemical Co. (The) 3.60% 11/15/2050 | 1,328 | 1,028 | ||||||
First Quantum Minerals, Ltd. 7.50% 4/1/20252 | 9,554 | 9,118 | ||||||
First Quantum Minerals, Ltd. 6.875% 3/1/20262 | 4,925 | 4,415 | ||||||
First Quantum Minerals, Ltd. 6.875% 10/15/20272 | 5,940 | 5,056 | ||||||
FXI Holdings, Inc. 12.25% 11/15/20262 | 4,517 | 4,031 | ||||||
FXI Holdings, Inc. 12.25% 11/15/20262 | 2,181 | 1,957 | ||||||
Glencore Funding, LLC 4.125% 3/12/20242 | 945 | 942 | ||||||
INEOS Finance PLC 6.75% 5/15/20282 | 1,985 | 1,952 | ||||||
International Flavors & Fragrances, Inc. 1.832% 10/15/20272 | 5,400 | 4,737 | ||||||
Kaiser Aluminum Corp. 4.625% 3/1/20282 | 2,495 | 2,311 |
154 | American Funds Insurance Series |
Asset Allocation Fund (continued)
Bonds, notes & other debt instruments (continued) | Principal amount (000) | Value (000) | ||||||
Corporate bonds, notes & loans (continued) | ||||||||
Materials (continued) | ||||||||
Linde, Inc. 1.10% 8/10/2030 | USD | 2,938 | $ | 2,434 | ||||
LSB Industries, Inc. 6.25% 10/15/20282 | 860 | 817 | ||||||
LYB International Finance III, LLC 2.25% 10/1/2030 | 1,198 | 1,027 | ||||||
LYB International Finance III, LLC 4.20% 5/1/2050 | 1,186 | 947 | ||||||
LYB International Finance III, LLC 3.625% 4/1/2051 | 2,537 | 1,850 | ||||||
Methanex Corp. 5.125% 10/15/2027 | 6,305 | 6,166 | ||||||
Mineral Resources, Ltd. 9.25% 10/1/20282 | 945 | 1,006 | ||||||
Mineral Resources, Ltd. 8.50% 5/1/20302 | 1,525 | 1,592 | ||||||
Mosaic Co. 4.05% 11/15/2027 | 1,050 | 1,025 | ||||||
NOVA Chemicals Corp. 4.25% 5/15/20292 | 1,875 | 1,581 | ||||||
Novelis Corp. 3.875% 8/15/20312 | 1,115 | 984 | ||||||
SCIH Salt Holdings, Inc. 4.875% 5/1/20282 | 3,485 | 3,264 | ||||||
SCIH Salt Holdings, Inc. 6.625% 5/1/20292 | 1,230 | 1,149 | ||||||
Sherwin-Williams Co. 3.125% 6/1/2024 | 275 | 272 | ||||||
Sherwin-Williams Co. 3.80% 8/15/2049 | 5,208 | 4,186 | ||||||
South32 Treasury, Ltd. 4.35% 4/14/20322 | 1,401 | 1,264 | ||||||
Venator Finance SARL, Term Loan, (USD-SOFR + 10.00%) 8.00% PIK and 7.43% Cash 10/10/20288,14,16 | 1,124 | 1,123 | ||||||
Warrior Met Coal, Inc. 7.875% 12/1/20282 | 2,212 | 2,204 | ||||||
Westlake Corp. 4.375% 11/15/2047 | 500 | 418 | ||||||
113,718 | ||||||||
Real estate 0.36% | ||||||||
Alexandria Real Estate Equities, Inc. 3.80% 4/15/2026 | 315 | 306 | ||||||
Alexandria Real Estate Equities, Inc. 3.95% 1/15/2028 | 1,220 | 1,172 | ||||||
Alexandria Real Estate Equities, Inc. 2.75% 12/15/2029 | 1,940 | 1,708 | ||||||
Alexandria Real Estate Equities, Inc. 3.375% 8/15/2031 | 1,320 | 1,190 | ||||||
Alexandria Real Estate Equities, Inc. 1.875% 2/1/2033 | 4,095 | 3,191 | ||||||
Alexandria Real Estate Equities, Inc. 4.85% 4/15/2049 | 410 | 362 | ||||||
American Tower Corp. 1.45% 9/15/2026 | 2,369 | 2,160 | ||||||
American Tower Corp. 3.55% 7/15/2027 | 1,425 | 1,368 | ||||||
American Tower Corp. 3.60% 1/15/2028 | 1,000 | 954 | ||||||
American Tower Corp. 1.50% 1/31/2028 | 2,500 | 2,186 | ||||||
American Tower Corp. 2.30% 9/15/2031 | 1,500 | 1,241 | ||||||
American Tower Corp. 2.95% 1/15/2051 | 2,000 | 1,335 | ||||||
Anywhere Real Estate Group, LLC 5.75% 1/15/20292 | 1,265 | 984 | ||||||
Boston Properties, LP 6.50% 1/15/2034 | 2,223 | 2,347 | ||||||
Essex Portfolio, LP 3.875% 5/1/2024 | 1,000 | 994 | ||||||
Essex Portfolio, LP 3.50% 4/1/2025 | 6,825 | 6,671 | ||||||
Extra Space Storage, LP 2.35% 3/15/2032 | 1,385 | 1,130 | ||||||
GLP Capital, LP 3.35% 9/1/2024 | 1,263 | 1,247 | ||||||
Host Hotels & Resorts, LP 4.50% 2/1/2026 | 355 | 349 | ||||||
Howard Hughes Corp. (The) 5.375% 8/1/20282 | 1,450 | 1,396 | ||||||
Howard Hughes Corp. (The) 4.125% 2/1/20292 | 2,340 | 2,089 | ||||||
Howard Hughes Corp. (The) 4.375% 2/1/20312 | 3,520 | 3,059 | ||||||
Invitation Homes Operating Partnership, LP 2.00% 8/15/2031 | 2,401 | 1,912 | ||||||
Iron Mountain, Inc. 5.25% 7/15/20302 | 3,785 | 3,607 | ||||||
Iron Mountain, Inc. 4.50% 2/15/20312 | 2,650 | 2,405 | ||||||
Kennedy-Wilson, Inc. 4.75% 3/1/2029 | 4,045 | 3,382 | ||||||
Kennedy-Wilson, Inc. 4.75% 2/1/2030 | 2,520 | 2,046 | ||||||
Kennedy-Wilson, Inc. 5.00% 3/1/2031 | 2,260 | 1,798 | ||||||
Ladder Capital Finance Holdings LLLP 4.25% 2/1/20272 | 3,842 | 3,624 | ||||||
Ladder Capital Finance Holdings LLLP 4.75% 6/15/20292 | 2,205 | 1,991 | ||||||
Park Intermediate Holdings, LLC 4.875% 5/15/20292 | 2,280 | 2,113 | ||||||
Prologis, LP 4.875% 6/15/2028 | 2,357 | 2,389 | ||||||
Prologis, LP 4.75% 6/15/2033 | 4,359 | 4,421 | ||||||
Prologis, LP 5.125% 1/15/2034 | 2,000 | 2,066 | ||||||
Prologis, LP 5.25% 6/15/2053 | 1,365 | 1,427 | ||||||
Public Storage Operating Co. 1.85% 5/1/2028 | 2,490 | 2,238 | ||||||
Public Storage Operating Co. 1.95% 11/9/2028 | 2,027 | 1,809 |
American Funds Insurance Series | 155 |
Asset Allocation Fund (continued)
Bonds, notes & other debt instruments (continued) | Principal amount (000) | Value (000) | ||||||
Corporate bonds, notes & loans (continued) | ||||||||
Real estate (continued) | ||||||||
Public Storage Operating Co. 2.30% 5/1/2031 | USD | 719 | $ | 618 | ||||
RHP Hotel Properties, LP 4.50% 2/15/20292 | 1,300 | 1,210 | ||||||
RLJ Lodging Trust, LP 4.00% 9/15/20292 | 1,240 | 1,116 | ||||||
Scentre Group Trust 1 3.50% 2/12/20252 | 3,075 | 3,010 | ||||||
Scentre Group Trust 1 3.25% 10/28/20252 | 1,000 | 965 | ||||||
Scentre Group Trust 1 3.75% 3/23/20272 | 2,430 | 2,332 | ||||||
Service Properties Trust 4.50% 3/15/2025 | 1,385 | 1,354 | ||||||
Service Properties Trust 5.25% 2/15/2026 | 510 | 496 | ||||||
Service Properties Trust 4.75% 10/1/2026 | 1,265 | 1,182 | ||||||
Service Properties Trust 4.95% 2/15/2027 | 595 | 539 | ||||||
Service Properties Trust 5.50% 12/15/2027 | 655 | 600 | ||||||
Service Properties Trust 8.625% 11/15/20312 | 775 | 812 | ||||||
Sun Communities Operating, LP 2.30% 11/1/2028 | 1,845 | 1,616 | ||||||
Sun Communities Operating, LP 2.70% 7/15/2031 | 876 | 731 | ||||||
UDR, Inc. 2.95% 9/1/2026 | 760 | 722 | ||||||
91,970 | ||||||||
Information technology 0.34% | ||||||||
Adobe, Inc. 1.90% 2/1/2025 | 366 | 355 | ||||||
Analog Devices, Inc. 1.70% 10/1/2028 | 1,286 | 1,141 | ||||||
Analog Devices, Inc. 2.10% 10/1/2031 | 1,212 | �� | 1,032 | |||||
Analog Devices, Inc. 2.80% 10/1/2041 | 1,461 | 1,091 | ||||||
Analog Devices, Inc. 2.95% 10/1/2051 | 1,955 | 1,400 | ||||||
Broadcom, Inc. 1.95% 2/15/20282 | 1,407 | 1,263 | ||||||
Broadcom, Inc. 2.60% 2/15/20332 | 2,524 | 2,081 | ||||||
Broadcom, Inc. 3.469% 4/15/20342 | 193 | 168 | ||||||
Cloud Software Group, Inc. 6.50% 3/31/20292 | 2,000 | 1,907 | ||||||
Cloud Software Group, Inc., Term Loan B, (3-month USD CME Term SOFR + 4.50%) 9.948% 3/30/20298,16 | 4,588 | 4,503 | ||||||
CommScope Technologies, LLC 6.00% 6/15/20252 | 2,275 | 1,856 | ||||||
CommScope Technologies, LLC 5.00% 3/15/20272 | 2,378 | 992 | ||||||
CommScope, Inc. 6.00% 3/1/20262 | 4,290 | 3,828 | ||||||
CommScope, Inc. 8.25% 3/1/20272 | 967 | 511 | ||||||
CommScope, Inc. 7.125% 7/1/20282 | 908 | 432 | ||||||
CommScope, Inc., Term Loan B, (3-month USD CME Term SOFR + 3.25%) 8.72% 4/6/20268,16 | 2,045 | 1,831 | ||||||
Diebold Nixdorf, Inc., Term Loan, (3-month USD CME Term SOFR + 7.00%) 12.86% 8/11/20282,8,16 | 20,375 | 21,012 | ||||||
Finastra USA, Inc., Term Loan, (3-month USD CME Term SOFR + 7.25%) 12.61% 9/13/20294,8,16 | 73 | 72 | ||||||
Finastra USA, Inc., Term Loan B, (3-month USD CME Term SOFR + 7.25%) 12.713% 9/13/20294,8,16 | 2,647 | 2,607 | ||||||
Hughes Satellite Systems Corp. 5.25% 8/1/2026 | 3,750 | 3,304 | ||||||
Hughes Satellite Systems Corp. 6.625% 8/1/2026 | 3,803 | 3,002 | ||||||
Intel Corp. 5.20% 2/10/2033 | 4,750 | 4,964 | ||||||
Intel Corp. 5.70% 2/10/2053 | 3,250 | 3,517 | ||||||
Intuit, Inc. 0.95% 7/15/2025 | 1,530 | 1,442 | ||||||
Intuit, Inc. 1.35% 7/15/2027 | 1,395 | 1,259 | ||||||
Microsoft Corp. 2.921% 3/17/2052 | 4,814 | 3,557 | ||||||
NCR Atleos Corp. 9.50% 4/1/20292 | 2,694 | 2,865 | ||||||
NCR Voyix Corp. 5.125% 4/15/20292 | 1,650 | 1,570 | ||||||
Oracle Corp. 3.60% 4/1/2050 | 2,794 | 2,072 | ||||||
Oracle Corp. 5.55% 2/6/2053 | 2,556 | 2,560 | ||||||
Synaptics, Inc. 4.00% 6/15/20292 | 875 | 786 | ||||||
Unisys Corp. 6.875% 11/1/20272 | 725 | 653 | ||||||
Viasat, Inc. 5.625% 9/15/20252 | 825 | 805 | ||||||
Viasat, Inc. 5.625% 4/15/20272 | 225 | 218 |
156 | American Funds Insurance Series |
Asset Allocation Fund (continued)
Bonds, notes & other debt instruments (continued) | Principal amount (000) | Value (000) | ||||||
Corporate bonds, notes & loans (continued) | ||||||||
Information technology (continued) | ||||||||
Viasat, Inc. 6.50% 7/15/20282 | USD | 1,275 | $ | 1,049 | ||||
Viasat, Inc. 7.50% 5/30/20312 | 6,147 | 4,833 | ||||||
Viavi Solutions, Inc. 3.75% 10/1/20292 | 725 | 636 | ||||||
Wolfspeed, Inc. 9.875% 6/23/2030 (10.875% on 6/23/2026)3,4,10 | 1,005 | 1,023 | ||||||
88,197 | ||||||||
Consumer staples 0.29% | ||||||||
7-Eleven, Inc. 0.80% 2/10/20242 | 1,700 | 1,690 | ||||||
7-Eleven, Inc. 0.95% 2/10/20262 | 825 | 763 | ||||||
7-Eleven, Inc. 1.30% 2/10/20282 | 2,500 | 2,189 | ||||||
Anheuser-Busch InBev Worldwide, Inc. 4.35% 6/1/2040 | 2,500 | 2,338 | ||||||
Anheuser-Busch InBev Worldwide, Inc. 4.60% 4/15/2048 | 290 | 275 | ||||||
BAT Capital Corp. 6.343% 8/2/2030 | 1,191 | 1,251 | ||||||
BAT Capital Corp. 6.421% 8/2/2033 | 1,290 | 1,351 | ||||||
BAT Capital Corp. 7.079% 8/2/2043 | 3,825 | 4,066 | ||||||
BAT Capital Corp. 4.54% 8/15/2047 | 940 | 723 | ||||||
BAT Capital Corp. 7.081% 8/2/2053 | 4,250 | 4,548 | ||||||
BAT International Finance PLC 5.931% 2/2/2029 | 5,376 | 5,589 | ||||||
Central Garden & Pet Co. 4.125% 4/30/20312 | 1,395 | 1,234 | ||||||
Coca-Cola Co. 1.00% 3/15/2028 | 940 | 829 | ||||||
Conagra Brands, Inc. 1.375% 11/1/2027 | 4,615 | 4,053 | ||||||
Constellation Brands, Inc. 3.60% 2/15/2028 | 625 | 600 | ||||||
Constellation Brands, Inc. 2.25% 8/1/2031 | 1,487 | 1,250 | ||||||
Coty, Inc. 4.75% 1/15/20292 | 1,680 | 1,604 | ||||||
J. M. Smucker Co. (The) 5.90% 11/15/2028 | 2,662 | 2,801 | ||||||
J. M. Smucker Co. (The) 6.20% 11/15/2033 | 1,734 | 1,892 | ||||||
J. M. Smucker Co. (The) 6.50% 11/15/2043 | 256 | 286 | ||||||
J. M. Smucker Co. (The) 6.50% 11/15/2053 | 899 | 1,038 | ||||||
Kronos Acquisition Holdings, Inc. 5.00% 12/31/20262 | 2,990 | 2,918 | ||||||
Lamb Weston Holdings, Inc. 4.125% 1/31/20302 | 2,210 | 2,039 | ||||||
PepsiCo, Inc. 2.625% 10/21/2041 | 5,000 | 3,771 | ||||||
PepsiCo, Inc. 3.625% 3/19/2050 | 777 | 652 | ||||||
PepsiCo, Inc. 2.75% 10/21/2051 | 1,723 | 1,226 | ||||||
Philip Morris International, Inc. 2.875% 5/1/2024 | 788 | 781 | ||||||
Philip Morris International, Inc. 3.25% 11/10/2024 | 2,000 | 1,967 | ||||||
Philip Morris International, Inc. 5.125% 11/17/2027 | 3,073 | 3,130 | ||||||
Philip Morris International, Inc. 4.875% 2/15/2028 | 6,000 | 6,068 | ||||||
Philip Morris International, Inc. 5.625% 11/17/2029 | 1,482 | 1,555 | ||||||
Philip Morris International, Inc. 5.125% 2/15/2030 | 4,166 | 4,237 | ||||||
Post Holdings, Inc. 4.625% 4/15/20302 | 2,886 | 2,658 | ||||||
Prestige Brands, Inc. 3.75% 4/1/20312 | 1,115 | 976 | ||||||
Reynolds American, Inc. 5.85% 8/15/2045 | 2,030 | 1,904 | ||||||
Simmons Foods, Inc. 4.625% 3/1/20292 | 560 | 485 | ||||||
74,737 | ||||||||
Utilities 0.25% | ||||||||
Ameren Corp. 2.50% 9/15/2024 | 969 | 948 | ||||||
Calpine Corp. 3.75% 3/1/20312 | 1,975 | 1,735 | ||||||
Commonwealth Edison Co. 4.35% 11/15/2045 | 1,085 | 951 | ||||||
Commonwealth Edison Co. 3.85% 3/15/2052 | 2,600 | 2,106 | ||||||
Duke Energy Indiana, LLC 3.25% 10/1/2049 | 850 | 618 | ||||||
Duke Energy Progress, LLC 3.70% 10/15/2046 | 457 | 357 | ||||||
Duke Energy Progress, LLC 2.50% 8/15/2050 | 202 | 127 | ||||||
Duke Energy Progress, LLC 2.90% 8/15/2051 | 91 | 62 | ||||||
Edison International 3.55% 11/15/2024 | 2,200 | 2,161 | ||||||
EDP Finance BV 3.625% 7/15/20242 | 4,100 | 4,051 | ||||||
Electricité de France SA 6.25% 5/23/20332 | 1,275 | 1,381 | ||||||
Electricité de France SA 4.75% 10/13/20352 | 782 | 743 |
American Funds Insurance Series | 157 |
Asset Allocation Fund (continued)
Bonds, notes & other debt instruments (continued) | Principal amount (000) | Value (000) | ||||||
Corporate bonds, notes & loans (continued) | ||||||||
Utilities (continued) | ||||||||
Electricité de France SA 9.125% junior subordinated perpetual bonds (5-year UST Yield Curve Rate T Note Constant Maturity + 5.411% on 6/15/2033)2,10 | USD | 1,475 | $ | 1,650 | ||||
Emera US Finance, LP 3.55% 6/15/2026 | 320 | 308 | ||||||
Enel Américas SA 4.00% 10/25/2026 | 245 | 239 | ||||||
Entergy Corp. 2.80% 6/15/2030 | 3,325 | 2,928 | ||||||
FirstEnergy Corp. 3.40% 3/1/2050 | 2,250 | 1,588 | ||||||
FirstEnergy Transmission, LLC 2.866% 9/15/20282 | 675 | 613 | ||||||
MidAmerican Energy Co. 5.35% 1/15/2034 | 500 | 527 | ||||||
MidAmerican Energy Co. 5.85% 9/15/2054 | 875 | 970 | ||||||
NextEra Energy Capital Holdings, Inc. 6.051% 3/1/2025 | 650 | 656 | ||||||
Oncor Electric Delivery Co., LLC 5.65% 11/15/20332 | 4,950 | 5,277 | ||||||
Pacific Gas and Electric Co. 2.10% 8/1/2027 | 125 | 113 | ||||||
Pacific Gas and Electric Co. 2.50% 2/1/2031 | 2,941 | 2,429 | ||||||
Pacific Gas and Electric Co. 6.95% 3/15/2034 | 2,425 | 2,667 | ||||||
Pacific Gas and Electric Co. 3.30% 8/1/2040 | 100 | 73 | ||||||
Pacific Gas and Electric Co. 3.50% 8/1/2050 | 1,250 | 866 | ||||||
PacifiCorp 4.125% 1/15/2049 | 4,000 | 3,245 | ||||||
PG&E Corp. 5.00% 7/1/2028 | 3,750 | 3,651 | ||||||
PG&E Corp. 5.25% 7/1/2030 | 3,400 | 3,283 | ||||||
Public Service Electric and Gas Co. 3.60% 12/1/2047 | 548 | 442 | ||||||
Public Service Electric and Gas Co. 3.15% 1/1/2050 | 2,451 | 1,815 | ||||||
Southern California Edison Co. 2.85% 8/1/2029 | 4,450 | 4,060 | ||||||
Southern California Edison Co. 6.00% 1/15/2034 | 2,500 | 2,745 | ||||||
Southern California Edison Co. 5.75% 4/1/2035 | 675 | 704 | ||||||
Southern California Edison Co. 5.35% 7/15/2035 | 3,000 | 3,113 | ||||||
Southern California Edison Co. 4.00% 4/1/2047 | 264 | 216 | ||||||
Venture Global Calcasieu Pass, LLC 3.875% 8/15/20292 | 1,030 | 936 | ||||||
Virginia Electric & Power 2.40% 3/30/2032 | 2,575 | 2,169 | ||||||
Xcel Energy, Inc. 2.60% 12/1/2029 | 1,131 | 1,014 | ||||||
63,537 | ||||||||
Total corporate bonds, notes & loans | 1,697,443 | |||||||
Asset-backed obligations 2.07% | ||||||||
Affirm Asset Securitization Trust, Series 2021-Z2, Class A, 1.17% 11/16/20262,7 | 360 | 351 | ||||||
Allegro CLO, Ltd., Series 2016-1A, Class AR2, (3-month USD CME Term SOFR + 1.212%) 6.605% 1/15/20302,7,8 | 1,262 | 1,262 | ||||||
Allegro CLO, Ltd., Series 2017-1A, Class AR, (3-month USD CME Term SOFR + 1.212%) 6.605% 10/16/20302,7,8 | 1,510 | 1,509 | ||||||
American Express Credit Account Master Trust, Series 2022-3, Class A, 3.75% 8/16/20277 | 12,228 | 12,026 | ||||||
AmeriCredit Automobile Receivables Trust, Series 2023-1, Class A2A, 5.84% 10/19/20267 | 2,525 | 2,525 | ||||||
Ares CLO, Ltd., Series 2017-42A, Class AR, (3-month USD CME Term SOFR + 1.182%) 6.597% 1/22/20282,7,8 | 1,203 | 1,202 | ||||||
Avis Budget Rental Car Funding (AESOP), LLC, Series 2018-2A, Class A, 4.00% 3/20/20252,7 | 1,550 | 1,546 | ||||||
Avis Budget Rental Car Funding (AESOP), LLC, Series 2020-2, Class A, 2.02% 2/20/20272,7 | 20,244 | 18,904 | ||||||
Avis Budget Rental Car Funding (AESOP), LLC, Series 2020-2A, Class B, 2.96% 2/20/20272,7 | 138 | 131 | ||||||
Avis Budget Rental Car Funding (AESOP), LLC, Series 2021-1A, Class A, 1.38% 8/20/20272,7 | 11,617 | 10,580 | ||||||
Avis Budget Rental Car Funding (AESOP), LLC, Series 2023-5, Class A, 5.78% 4/20/20282,7 | 32,377 | 32,819 | ||||||
Avis Budget Rental Car Funding (AESOP), LLC, Series 2023-6, Class A, 5.81% 12/20/20292,7 | 5,535 | 5,664 | ||||||
BA Credit Card Trust, Series 2022-A2, Class A2, 5.00% 4/17/20287 | 6,633 | 6,676 |
158 | American Funds Insurance Series |
Asset Allocation Fund (continued)
Bonds, notes & other debt instruments (continued) | Principal amount (000) | Value (000) | ||||||
Asset-backed obligations (continued) | ||||||||
Ballyrock CLO, Ltd., Series 2019-2A, Class A1AR, (3-month USD CME Term SOFR + 1.262%) 6.629% 11/20/20302,7,8 | USD | 5,523 | $ | 5,521 | ||||
Bankers Healthcare Group Securitization Trust, Series 2021-A, Class A, 1.42% 11/17/20332,7 | 360 | 340 | ||||||
Castlelake Aircraft Securitization Trust, Series 2021-1, Class A, 2.868% 5/11/20372,7 | 4,545 | 3,946 | ||||||
Castlelake Aircraft Securitization Trust, Series 2017-1R, Class A, 2.741% 8/15/20412,7 | 416 | 378 | ||||||
Cent CLO, Ltd., Series 2014-21A, Class AR, (3-month USD CME Term SOFR + 1.231%) 6.619% 7/27/20302,7,8 | 2,775 | 2,774 | ||||||
CF Hippolyta, LLC, Series 2020-1, Class A1, 1.69% 7/15/20602,7 | 5,140 | 4,755 | ||||||
CF Hippolyta, LLC, Series 2020-1, Class A2, 1.99% 7/15/20602,7 | 1,720 | 1,469 | ||||||
CF Hippolyta, LLC, Series 2021-1, Class A1, 1.53% 3/15/20612,7 | 6,034 | 5,400 | ||||||
Citibank Credit Card Issuance Trust, Series 2017-A5, Class A5, (1-month USD CME Term SOFR + 0.734%) 6.091% 4/22/20267,8 | 4,960 | 4,966 | ||||||
Citibank Credit Card Issuance Trust, Series 2023-A1, Class A1, 5.23% 12/8/20277 | 4,553 | 4,590 | ||||||
CLI Funding VI, LLC, Series 2020-2A, Class A, 2.03% 9/15/20452,7 | 1,255 | 1,124 | ||||||
CLI Funding VI, LLC, Series 2020-1A, Class A, 2.08% 9/18/20452,7 | 4,687 | 4,193 | ||||||
CLI Funding VI, LLC, Series 2020-3A, Class A, 2.07% 10/18/20452,7 | 1,005 | 903 | ||||||
CLI Funding VIII, LLC, Series 2021-1A, Class A, 1.64% 2/18/20462,7 | 1,396 | 1,233 | ||||||
Credit Acceptance Auto Loan Trust, Series 2023-3, Class A, 6.39% 8/15/20332,7 | 1,958 | 1,987 | ||||||
DriveTime Auto Owner Trust, Series 2022-3, Class A, 6.05% 10/15/20262,7 | 2,380 | 2,381 | ||||||
DriveTime Auto Owner Trust, Series 2023-2, Class A, 5.88% 4/15/20272,7 | 2,456 | 2,458 | ||||||
Dryden Senior Loan Fund, CLO, Series 2017-47A, Class A1R, (3-month USD CME Term SOFR + 1.242%) 6.635% 4/15/20282,7,8 | 3,288 | 3,287 | ||||||
EDvestinU Private Education Loan, LLC, Series 2021-A, Class A, 1.80% 11/25/20452,7 | 302 | 267 | ||||||
Enterprise Fleet Financing, LLC, Series 2022-1, Class A2, 3.03% 1/20/20282,7 | 3,382 | 3,327 | ||||||
Enterprise Fleet Financing, LLC, Series 2022-3, Class A2, 4.38% 7/20/20292,7 | 2,500 | 2,473 | ||||||
Enterprise Fleet Financing, LLC, Series 2022-4, Class A2, 5.76% 10/22/20292,7 | 4,434 | 4,449 | ||||||
Exeter Automobile Receivables Trust, Series 2022-6, Class A2, 5.73% 11/17/20257 | 49 | 49 | ||||||
FirstKey Homes Trust, Series 2020-SFR2, Class A, 1.266% 10/19/20372,7 | 5,942 | 5,510 | ||||||
Flagship Credit Auto Trust, Series 2022-4, Class A2, 6.15% 9/15/20262,7 | 1,743 | 1,744 | ||||||
Ford Credit Auto Owner Trust, Series 2018-1, Class A, 3.52% 7/15/20302,7 | 6,000 | 5,995 | ||||||
Ford Credit Auto Owner Trust, Series 2018-1, Class A, 3.19% 7/15/20312,7 | 9,605 | 9,410 | ||||||
Ford Credit Auto Owner Trust, Series 2020-1, Class A, 2.04% 8/15/20312,7 | 8,861 | 8,565 | ||||||
Ford Credit Auto Owner Trust, Series 2023-2, Class A, 5.28% 2/15/20362,7 | 6,693 | 6,846 | ||||||
GCI Funding I, LLC, Series 2020-1, Class A, 2.82% 10/18/20452,7 | 582 | 528 | ||||||
GCI Funding I, LLC, Series 2020-1, Class B, 3.81% 10/18/20452,7 | 234 | 212 | ||||||
Global SC Finance V SRL, Series 2019-1A, Class B, 4.81% 9/17/20392,7 | 2,077 | 1,969 | ||||||
Global SC Finance V SRL, Series 2020-1A, Class A, 2.17% 10/17/20402,7 | 8,727 | 8,039 | ||||||
Global SC Finance VII SRL, Series 2020-2A, Class A, 2.26% 11/19/20402,7 | 10,941 | 10,047 | ||||||
Global SC Finance VII SRL, Series 2021-1A, Class A, 1.86% 4/17/20412,7 | 3,525 | 3,146 | ||||||
Global SC Finance VII SRL, Series 2021-2A, Class A, 1.95% 8/17/20412,7 | 5,247 | 4,712 | ||||||
Global SC Finance VII SRL, Series 2021-2A, Class B, 2.49% 8/17/20412,7 | 415 | 367 | ||||||
GM Financial Automobile Leasing Trust, Series 2023-3, Class A3, 5.38% 11/20/20267 | 1,774 | 1,787 | ||||||
GM Financial Revolving Receivables Trust, Series 2023-2, Class A, 5.77% 8/11/20362,7 | 9,657 | 10,079 | ||||||
GoldenTree Loan Opportunities XI, Ltd., CLO, Series 2015-11A, Class AR2, (3-month USD CME Term SOFR + 1.332%) 6.727% 1/18/20312,7,8 | 2,057 | 2,058 | ||||||
Hertz Vehicle Financing III, LLC, Series 2021-A, Class B, 9.44% 6/25/20252,3,7 | 5,930 | 5,930 | ||||||
Hertz Vehicle Financing III, LLC, Series 2021-1A, Class A, 1.21% 12/26/20252,7 | 8,452 | 8,162 | ||||||
Hertz Vehicle Financing III, LLC, Series 2021-1A, Class B, 1.56% 12/26/20252,7 | 634 | 611 | ||||||
Hertz Vehicle Financing III, LLC, Series 2021-1A, Class C, 2.05% 12/26/20252,7 | 405 | 390 | ||||||
Hertz Vehicle Financing III, LLC, Series 2022-1A, Class A, 1.99% 6/25/20262,7 | 8,089 | 7,734 | ||||||
Hertz Vehicle Financing III, LLC, Series 2022-4A, Class A, 3.73% 9/25/20262,7 | 8,390 | 8,176 | ||||||
Hertz Vehicle Financing III, LLC, Series 2021-2A, Class A, 1.68% 12/27/20272,7 | 5,565 | 5,047 | ||||||
Hertz Vehicle Financing III, LLC, Series 2021-2A, Class B, 2.12% 12/27/20272,7 | 685 | 620 | ||||||
Hertz Vehicle Financing III, LLC, Series 2021-2A, Class C, 2.52% 12/27/20272,7 | 429 | 385 | ||||||
Hertz Vehicle Financing III, LLC, Series 2022-2A, Class A, 2.33% 6/26/20282,7 | 4,900 | 4,463 | ||||||
Hertz Vehicle Financing III, LLC, Series 2022-5A, Class A, 3.89% 9/25/20282,7 | 4,960 | 4,734 | ||||||
Hertz Vehicle Financing III, LLC, Series 2023-4, Class A, 6.15% 3/25/20302,7 | 5,141 | 5,340 | ||||||
Honda Auto Receivables Owner Trust, Series 2023-1, Class A2, 5.22% 10/21/20257 | 944 | 943 | ||||||
Honda Auto Receivables Owner Trust, Series 2023-3, Class A2, 5.71% 3/18/20267 | 6,573 | 6,594 | ||||||
Honda Auto Receivables Owner Trust, Series 2023-1, Class A3, 5.04% 4/21/20277 | 1,141 | 1,143 |
American Funds Insurance Series | 159 |
Asset Allocation Fund (continued)
Bonds, notes & other debt instruments (continued) | Principal amount (000) | Value (000) | ||||||
Asset-backed obligations (continued) | ||||||||
LAD Auto Receivables Trust, Series 2023-4, Class A3, 6.10% 12/15/20272,7 | USD | 2,594 | $ | 2,622 | ||||
Madison Park Funding, Ltd., CLO, Series 2015-17A, Class AR2, (3-month USD CME Term SOFR + 1.262%) 6.674% 7/21/20302,7,8 | 5,309 | 5,310 | ||||||
Marathon CLO, Ltd., Series 2017-9A, Class A1AR, (3-month USD CME Term SOFR + 1.412%) 6.805% 4/15/20292,7,8 | 971 | 971 | ||||||
Mission Lane Credit Card Master Trust, Series 2022-A, Class A, 6.92% 9/15/20272,7 | 2,531 | 2,517 | ||||||
Mission Lane Credit Card Master Trust, Series 2023-A, Class A, 7.23% 7/17/20282,7 | 3,475 | 3,480 | ||||||
Navient Student Loan Trust, Series 2021-C, Class A, 1.06% 10/15/20692,7 | 4,254 | 3,691 | ||||||
Navient Student Loan Trust, Series 2021-G, Class A, 1.58% 4/15/20702,7 | 5,155 | 4,475 | ||||||
Navigator Aircraft ABS, Ltd., Series 2021-1, Class A, 2.771% 11/15/20462,7 | 5,854 | 5,120 | ||||||
Nelnet Student Loan Trust, Series 2021-C, Class AFX, 1.32% 4/20/20622,7 | 8,110 | 7,284 | ||||||
Nelnet Student Loan Trust, Series 2021-A, Class APT1, 1.36% 4/20/20622,7 | 4,640 | 4,204 | ||||||
Nelnet Student Loan Trust, Series 2021-B, Class AFX, 1.42% 4/20/20622,7 | 7,858 | 7,142 | ||||||
New Economy Assets Phase 1 Issuer, LLC, Series 2021-1, Class A1, 1.91% 10/20/20612,7 | 23,051 | 20,209 | ||||||
Newark BSL CLO 2, Ltd., Series 2017-1A, Class A1R, (3-month USD CME Term SOFR + 1.232%) 6.61% 7/25/20302,7,8 | 1,573 | 1,571 | ||||||
OCP CLO, Ltd., Series 2018-15A, Class A1, (3-month USD CME Term SOFR + 1.362%) 6.777% 7/20/20312,7,8 | 2,227 | 2,227 | ||||||
Palmer Square Loan Funding, CLO, Series 2020-4, Class A1, (3-month USD CME Term SOFR + 1.262%) 6.641% 11/25/20282,7,8 | 476 | 477 | ||||||
Palmer Square Loan Funding, CLO, Series 2021-1, Class A1, (3-month USD CME Term SOFR + 1.162%) 6.577% 4/20/20292,7,8 | 259 | 259 | ||||||
Palmer Square Loan Funding, CLO, Series 2021-4A, Class A1, (3-month USD CME Term SOFR + 1.062%) 6.455% 10/15/20292,7,8 | 6,602 | 6,587 | ||||||
Palmer Square Loan Funding, CLO, Series 2021-4A, Class A2, (3-month USD CME Term SOFR + 1.662%) 7.055% 10/15/20292,7,8 | 5,378 | 5,347 | ||||||
PFS Financing Corp., Series 2023-B, Class A, 5.27% 5/15/20282,7 | 5,912 | 5,945 | ||||||
PFS Financing Corp., Series 2023-C, Class A, 5.52% 10/16/20282,7 | 4,165 | 4,217 | ||||||
PG&E Wildfire Recovery Funding, LLC, Series 2022-A, Class A2, 4.263% 6/1/20367 | 2,725 | 2,586 | ||||||
Race Point CLO, Ltd., Series 2015-9A, Class A1A2, (3-month USD CME Term SOFR + 1.202%) 6.595% 10/15/20302,7,8 | 4,061 | 4,054 | ||||||
Santander Drive Auto Receivables Trust, Series 2020-1, Class C, 4.11% 12/15/20257 | 36 | 36 | ||||||
Santander Drive Auto Receivables Trust, Series 2022-7, Class A2, 5.81% 1/15/20267 | 462 | 462 | ||||||
Santander Drive Auto Receivables Trust, Series 2022-5, Class A3, 4.11% 8/17/20267 | 2,318 | 2,308 | ||||||
Santander Drive Auto Receivables Trust, Series 2023-4, Class A2, 6.18% 2/16/20277 | 3,234 | 3,244 | ||||||
Santander Drive Auto Receivables Trust, Series 2023-4, Class B, 5.77% 12/15/20287 | 5,062 | 5,136 | ||||||
SFS Auto Receivables Securitization Trust, Series 2023-1, Class A3, 5.47% 10/20/20282,7 | 3,573 | 3,612 | ||||||
SMB Private Education Loan Trust, Series 2021-A, Class A2A2, (1-month USD CME Term SOFR + 0.844%) 6.206% 1/15/20532,7,8 | 5,157 | 5,065 | ||||||
SOLRR Aircraft Aviation Holding, Ltd., Series 2021-1, Class A, 2.636% 10/15/20462,7 | 3,199 | 2,765 | ||||||
SPRITE, Ltd., Series 2021-1, Class A, 3.75% 11/15/20462,7 | 4,043 | 3,712 | ||||||
Stellar Jay Ireland DAC, Series 2021-1, Class A, 3.967% 10/15/20412,7 | 3,871 | 3,297 | ||||||
Stonepeak Infrastructure Partners, Series 2021-1A, Class AA, 2.301% 2/28/20332,7 | 1,637 | 1,506 | ||||||
Stonepeak Infrastructure Partners, Series 2021-1A, Class A, 2.675% 2/28/20332,7 | 1,315 | 1,200 | ||||||
Stratus Static CLO, Ltd., Series 2022-3, Class A, (3-month USD CME Term SOFR + 2.15%) 7.566% 10/20/20312,7,8 | 6,017 | 6,018 | ||||||
SuttonPark Structured Settlements, Series 2021-1, Class A, 1.95% 9/15/20752,7 | 2,396 | 2,231 | ||||||
Synchrony Card Issuance Trust, Series 2023-A, Class A, 5.54% 7/15/20297 | 3,169 | 3,230 | ||||||
TAL Advantage V, LLC, Series 2020-1A, Class A, 2.05% 9/20/20452,7 | 1,570 | 1,427 | ||||||
Textainer Marine Containers, Ltd., Series 2020-2A, Class A, 2.10% 9/20/20452,7 | 700 | 635 | ||||||
Textainer Marine Containers, Ltd., Series 2021-1A, Class A, 1.68% 2/20/20462,7 | 838 | 735 | ||||||
Textainer Marine Containers, Ltd., Series 2021-2A, Class A, 2.23% 4/20/20462,7 | 2,415 | 2,159 | ||||||
Toyota Auto Loan Extended Note Trust, Series 2019-1, Class A, 2.56% 11/25/20312,7 | 3,250 | 3,209 | ||||||
Toyota Auto Loan Extended Note Trust, Series 2020-1, Class A, 1.35% 5/25/20332,7 | 8,337 | 7,917 | ||||||
Toyota Auto Loan Extended Note Trust, Series 2021-1, Class A, 1.07% 2/27/20342,7,8 | 7,257 | 6,691 | ||||||
Toyota Auto Receivables Owner Trust, Series 2023-C, Class A3, 5.16% 4/17/20287 | 5,253 | 5,294 | ||||||
Toyota Auto Receivables Owner Trust, Series 2023-C, Class A4, 5.01% 2/15/20297 | 2,033 | 2,052 | ||||||
Toyota Lease Owner Trust, Series 2023-A, Class A2, 5.30% 8/20/20252,7 | 2,978 | 2,974 | ||||||
Triton Container Finance VIII, LLC, Series 2020-1, Class A, 2.11% 9/20/20452,7 | 9,257 | 8,240 |
160 | American Funds Insurance Series |
Asset Allocation Fund (continued)
Bonds, notes & other debt instruments (continued) | Principal amount (000) | Value (000) | ||||||
Asset-backed obligations (continued) | ||||||||
Triton Container Finance VIII, LLC, Series 2021-1, Class A, 1.86% 3/20/20462,7 | USD | 1,641 | $ | 1,432 | ||||
Verizon Master Trust, Series 2023-2, Class A, 4.89% 4/13/20287 | 8,460 | 8,438 | ||||||
Verizon Master Trust, Series 2023-1, Class A, 4.49% 1/22/2029 (5.24% on 1/20/2026)7,10 | 7,481 | 7,448 | ||||||
Verizon Master Trust, Series 2023-3, Class A, 4.73% 4/21/20312,7 | 8,981 | 9,057 | ||||||
Westlake Automobile Receivables Trust, Series 2022-3, Class A2, 5.24% 7/15/20252,7 | 1,642 | 1,641 | ||||||
Westlake Automobile Receivables Trust, Series 2023-1, Class A2A, 5.51% 6/15/20262,7 | 1,284 | 1,282 | ||||||
Westlake Automobile Receivables Trust, Series 2023-2, Class A2A, 5.87% 7/15/20262,7 | 3,642 | 3,643 | ||||||
Westlake Automobile Receivables Trust, Series 2023-2, Class A3, 5.80% 2/16/20272,7 | 3,504 | 3,516 | ||||||
Westlake Automobile Receivables Trust, Series 2023-1, Class A3, 5.21% 1/18/20282,7 | 794 | 792 | ||||||
Westlake Automobile Receivables Trust, Series 2023-3, Class B, 5.92% 9/15/20282,7 | 2,794 | 2,809 | ||||||
World Financial Network Credit Card Master Trust, Series 2023-A, Class A, 5.02% 3/15/20307 | 7,845 | 7,858 | ||||||
532,117 | ||||||||
Bonds & notes of governments & government agencies outside the U.S. 0.16% | ||||||||
CPPIB Capital, Inc. 2.75% 11/2/20272 | 6,600 | 6,256 | ||||||
European Investment Bank 0.75% 10/26/2026 | 6,194 | 5,648 | ||||||
OMERS Finance Trust 3.50% 4/19/20322 | 4,315 | 3,981 | ||||||
OMERS Finance Trust 4.00% 4/19/20522 | 4,315 | 3,552 | ||||||
Panama (Republic of) 3.298% 1/19/2033 | 4,365 | 3,459 | ||||||
Panama (Republic of) 4.50% 1/19/2063 | 1,035 | 680 | ||||||
Peru (Republic of) 1.862% 12/1/2032 | 2,525 | 1,983 | ||||||
Peru (Republic of) 2.78% 12/1/2060 | 3,775 | 2,362 | ||||||
Qatar (State of) 3.375% 3/14/20242 | 2,315 | 2,305 | ||||||
Qatar (State of) 4.00% 3/14/20292 | 745 | 740 | ||||||
Qatar (State of) 4.817% 3/14/20492 | 750 | 732 | ||||||
Swedish Export Credit Corp. 3.625% 9/3/2024 | 5,089 | 5,033 | ||||||
United Mexican States 2.659% 5/24/2031 | 2,703 | 2,292 | ||||||
United Mexican States 4.875% 5/19/2033 | 1,790 | 1,728 | ||||||
United Mexican States 3.771% 5/24/2061 | 1,528 | 1,041 | ||||||
41,792 | ||||||||
Municipals 0.14% | ||||||||
California 0.02% | ||||||||
Golden State Tobacco Securitization Corp., Enhanced Tobacco Settlement Asset-Backed Bonds, Series 2021-A-1, 2.158% 6/1/2026 | 1,200 | 1,120 | ||||||
Golden State Tobacco Securitization Corp., Enhanced Tobacco Settlement Asset-Backed Bonds, Series 2021-A-1, 2.332% 6/1/2027 | 1,660 | 1,522 | ||||||
Golden State Tobacco Securitization Corp., Enhanced Tobacco Settlement Asset-Backed Bonds, Series 2021-B, 2.746% 6/1/2034 | 495 | 418 | ||||||
Golden State Tobacco Securitization Corp., Enhanced Tobacco Settlement Asset-Backed Bonds, Series 2021-B, 3.293% 6/1/2042 | 1,170 | 916 | ||||||
Golden State Tobacco Securitization Corp., Enhanced Tobacco Settlement Asset-Backed Bonds, Series 2021-B, 3.00% 6/1/2046 | 2,205 | 2,008 | ||||||
5,984 | ||||||||
Florida 0.04% | ||||||||
Board of Administration Fin. Corp., Rev. Bonds, Series 2020-A, 1.705% 7/1/2027 | 5,335 | 4,833 | ||||||
Board of Administration Fin. Corp., Rev. Bonds, Series 2020-A, 2.154% 7/1/2030 | 5,365 | 4,582 | ||||||
9,415 |
American Funds Insurance Series | 161 |
Asset Allocation Fund (continued)
Bonds, notes & other debt instruments (continued) | Principal amount (000) | Value (000) | ||||||
Municipals (continued) | ||||||||
Guam 0.00% | ||||||||
A.B. Won Pat International Airport Auth., General Rev. Bonds, Series 2021-A, 3.839% 10/1/2036 | USD | 240 | $ | 195 | ||||
A.B. Won Pat International Airport Auth., General Rev. Bonds, Series 2021-A, 4.46% 10/1/2043 | 315 | 243 | ||||||
438 | ||||||||
Illinois 0.01% | ||||||||
G.O. Bonds, Pension Funding, Series 2003, Assured Guaranty Municipal insured, 5.10% 6/1/2033 | 4,125 | 4,082 | ||||||
Minnesota 0.00% | ||||||||
Housing Fin. Agcy., Residential Housing Fin. Bonds, Series 2014-A, 4.00% 7/1/2038 | 15 | 15 | ||||||
New York 0.03% | ||||||||
Dormitory Auth., Taxable State Personal Income Tax Rev. Bonds (General Purpose), Series 2021-C, 1.187% 3/15/2026 (escrowed to maturity) | 2,865 | 2,674 | ||||||
Dormitory Auth., Taxable State Personal Income Tax Rev. Bonds (General Purpose), Series 2021-C, 1.748% 3/15/2028 | 4,745 | 4,283 | ||||||
6,957 | ||||||||
Ohio 0.02% | ||||||||
Cleveland-Cuyahoga Port Auth., Federal Lease Rev. Bonds (VA Cleveland Health Care Center Project), Series 2021, 4.425% 5/1/2031 | 5,050 | 4,427 | ||||||
South Carolina 0.00% | ||||||||
Housing Fin. Auth., Mortgage Rev. Ref. Bonds, Series 2014, AMT, 4.00% 7/1/2041 | 5 | 5 | ||||||
Wisconsin 0.02% | ||||||||
Public Fin. Auth., Federal Lease Rev. Bonds (Fort Sam Acquisition Fncg.), Series 2022, 4.95% 3/1/2034 | 5,825 | 5,519 | ||||||
Total municipals | 36,842 | |||||||
Total bonds, notes & other debt instruments (cost: $6,781,014,000) | 6,669,925 | |||||||
Investment funds 5.47% | Shares | |||||||
Capital Group Central Corporate Bond Fund17 | 165,803,626 | 1,406,015 | ||||||
Total Investment funds (cost: $1,573,126,000) | 1,406,015 | |||||||
Short-term securities 9.42% | ||||||||
Money market investments 9.33% | ||||||||
Capital Group Central Cash Fund 5.44%17,18 | 23,958,974 | 2,395,658 |
162 | American Funds Insurance Series |
Asset Allocation Fund (continued)
Short-term securities (continued) | Shares | Value (000) | ||||||
Money market investments purchased with collateral from securities on loan 0.09% | ||||||||
State Street Institutional U.S. Government Money Market Fund, Institutional Class 5.29%18,19 | 11,357,036 | $ | 11,357 | |||||
Invesco Short-Term Investments Trust – Government & Agency Portfolio, Institutional Class 5.27%18,19 | 9,369,717 | 9,370 | ||||||
Capital Group Central Cash Fund 5.44%17,18,19 | 19,914 | 1,991 | ||||||
22,718 | ||||||||
Total short-term securities (cost: $2,418,592,000) | 2,418,376 | |||||||
Total investment securities 104.99% (cost: $21,173,155,000) | 26,966,047 | |||||||
Other assets less liabilities (4.99)% | (1,280,717 | ) | ||||||
Net assets 100.00% | $ | 25,685,330 |
Futures contracts
Contracts | Type | Number of contracts | Expiration date | Notional amount (000) | Value and unrealized appreciation (depreciation) at 12/31/2023 (000) | ||||||||||
2 Year U.S. Treasury Note Futures | Long | 10,611 | 4/3/2024 | USD | 2,184,954 | $ | 18,677 | ||||||||
5 Year U.S. Treasury Note Futures | Long | 6,817 | 4/3/2024 | 741,508 | 15,673 | ||||||||||
10 Year U.S. Treasury Note Futures | Long | 393 | 3/28/2024 | 44,366 | 676 | ||||||||||
10 Year Ultra U.S. Treasury Note Futures | Short | 4,627 | 3/28/2024 | (546,058 | ) | (24,504 | ) | ||||||||
20 Year U.S. Treasury Bond Futures | Long | 674 | 3/28/2024 | 84,208 | 2,161 | ||||||||||
30 Year Ultra U.S. Treasury Bond Futures | Short | 526 | 3/28/2024 | (70,270 | ) | (5,507 | ) | ||||||||
$ | 7,176 |
Swap contracts
Interest rate swaps
Centrally cleared interest rate swaps
Receive | Pay | Notional | Value at | Upfront premium paid | Unrealized appreciation (depreciation) | ||||||||||||||||||||
Rate | Payment frequency | Rate | Payment frequency | Expiration date | amount (000) | 12/31/2023 (000) | (received) (000) | at 12/31/2023 (000) | |||||||||||||||||
4.1645% | Annual | SOFR | Annual | 1/24/2025 | USD3,491 | $ | (20 | ) | $ | — | $ | (20 | ) | ||||||||||||
SOFR | Annual | 3.16653% | Annual | 1/24/2033 | USD48,133 | 1,160 | — | 1,160 | |||||||||||||||||
$ | 1,140 | $ | — | $ | 1,140 |
Credit default swaps
Centrally cleared credit default swaps on credit indices — sell protection
Financing rate received | Payment frequency | Reference index | Expiration date | Notional amount (000) | 20 | Value at 12/31/2023 (000) | 21 | Upfront premium paid (received) (000) | Unrealized appreciation (depreciation) at 12/31/2023 (000) | |||||||||||
1.00% | Quarterly | CDX.NA.IG.41 | 12/20/2028 | USD19,673 | $382 | $286 | $96 |
American Funds Insurance Series | 163 |
Asset Allocation Fund (continued)
Investments in affiliates17
Value at 1/1/2023 (000) | Additions (000) | Reductions (000) | Net realized gain (loss) (000) | Net unrealized appreciation (depreciation) (000) | Value at 12/31/2023 (000) | Dividend or interest income (000) | ||||||||||||||||||||||
Investment funds 5.47% | ||||||||||||||||||||||||||||
Capital Group Central Corporate Bond Fund | $ | 1,367,122 | $ | 361,863 | $ | 385,740 | $ | (79,020 | ) | $ | 141,790 | $ | 1,406,015 | $ | 49,749 | |||||||||||||
Short-term securities 9.34% | ||||||||||||||||||||||||||||
Money market investments 9.33% | ||||||||||||||||||||||||||||
Capital Group Central Cash Fund 5.44%18 | 1,639,716 | 6,257,783 | 5,501,498 | 75 | (418 | ) | 2,395,658 | 124,804 | ||||||||||||||||||||
Money market investments purchased with collateral from securities on loan 0.01% | ||||||||||||||||||||||||||||
Capital Group Central Cash Fund 5.44%18,19 | 12,622 | 10,631 | 22 | 1,991 | — | 23 | ||||||||||||||||||||||
Total short-term securities | 2,397,649 | |||||||||||||||||||||||||||
Total 14.81% | $ | (78,945 | ) | $ | 141,372 | $ | 3,803,664 | $ | 174,553 |
Restricted securities4
Acquisition date(s) | Cost (000) | Value (000) | Percent of net assets | |||||||||||
Carbon Health Technologies, Inc., Series D-2, 8.00% noncumulative convertible preferred shares3 | 7/9/2021 | $ | 50,000 | $ | 43,608 | .17 | % | |||||||
Rotech Healthcare, Inc.1,3 | 8/22/2014 | 6,949 | 19,334 | .08 | ||||||||||
Finastra USA, Inc., Term Loan B, (3-month USD CME Term SOFR + 7.25%) 12.713% 9/13/20298,16 | 9/13/2023 | 2,596 | 2,607 | .01 | ||||||||||
Finastra USA, Inc., Term Loan, (3-month USD CME Term SOFR + 7.25%) 12.61% 9/13/20298,16 | 9/13/2023-12/13/2023 | 70 | 72 | .00 | 24 | |||||||||
Wolfspeed, Inc. 9.875% 6/23/2030 (10.875% on 6/23/2026)3,10 | 6/23/2023 | 971 | 1,023 | .00 | 24 | |||||||||
Total | $ | 60,586 | $ | 66,644 | .26 | % |
164 | American Funds Insurance Series |
Asset Allocation Fund (continued)
1 | Security did not produce income during the last 12 months. |
2 | Acquired in a transaction exempt from registration under Rule 144A or, for commercial paper, Section 4(a)(2) of the Securities Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers. The total value of all such securities was $1,274,651,000, which represented 4.96% of the net assets of the fund. |
3 | Value determined using significant unobservable inputs. |
4 | Restricted security, other than Rule 144A securities or commercial paper issued pursuant to Section 4(a)(2) of the Securities Act of 1933. The total value of all such restricted securities was $66,644,000, which represented .26% of the net assets of the fund. |
5 | All or a portion of this security was on loan. The total value of all such securities was $24,156,000, which represented .09% of the net assets of the fund. Refer to Note 5 for more information on securities lending. |
6 | Amount less than one thousand. |
7 | Principal payments may be made periodically. Therefore, the effective maturity date may be earlier than the stated maturity date. |
8 | Coupon rate may change periodically. Reference rate and spread are as of the most recent information available. Some coupon rates are determined by the issuer or agent based on current market conditions; therefore, the reference rate and spread are not available. |
9 | Purchased on a TBA basis. |
10 | Step bond; coupon rate may change at a later date. |
11 | All or a portion of this security was pledged as collateral. The total value of pledged collateral was $19,019,000, which represented .07% of the net assets of the fund. |
12 | Index-linked bond whose principal amount moves with a government price index. |
13 | Securities referencing LIBOR are expected to transition to an alternative reference rate by the security’s next scheduled coupon reset date. |
14 | Payment in kind; the issuer has the option of paying additional securities in lieu of cash. Payment methods and rates are as of the most recent payment when available. |
15 | Scheduled interest and/or principal payment was not received. |
16 | Loan participations and assignments; may be subject to legal or contractual restrictions on resale. The total value of all such loans was $34,605,000, which represented .13% of the net assets of the fund. |
17 | Part of the same “group of investment companies” as the fund as defined under the Investment Company Act of 1940, as amended. |
18 | Rate represents the seven-day yield at 12/31/2023. |
19 | Security purchased with cash collateral from securities on loan. Refer to Note 5 for more information on securities lending. |
20 | The maximum potential amount the fund may pay as a protection seller should a credit event occur. |
21 | The prices and resulting values for credit default swap indices serve as an indicator of the current status of the payment/performance risk. As the value of a sell protection credit default swap increases or decreases, when compared to the notional amount of the swap, the payment/performance risk may decrease or increase, respectively. |
22 | Represents net activity. Refer to Note 5 for more information on securities lending. |
23 | Dividend income is included with securities lending income in the fund’s statement of operations and is not shown in this table. |
24 | Amount less than .01%. |
Key to abbreviation(s)
ADR = American Depositary Receipts
Agcy. = Agency
AMT = Alternative Minimum Tax
Assn. = Association
Auth. = Authority
CAD = Canadian dollars
CLO = Collateralized Loan Obligations
CME = CME Group
CMO = Collateralized Mortgage Obligations
DAC = Designated Activity Company
Fin. = Finance
Fncg. = Financing
G.O. = General Obligation
LIBOR = London Interbank Offered Rate
PIK = Payment In Kind
Ref. = Refunding
REIT = Real Estate Investment Trust
Rev. = Revenue
SOFR = Secured Overnight Financing Rate
TBA = To be announced
USD = U.S. dollars
Refer to the notes to financial statements.
American Funds Insurance Series | 165 |
American Funds Global Balanced Fund
Investment portfolio December 31, 2023
Common stocks 61.63% | Shares | Value (000) | ||||||
Information technology 11.56% | ||||||||
Broadcom, Inc. | 13,043 | $ | 14,559 | |||||
Microsoft Corp. | 31,994 | 12,031 | ||||||
Accenture PLC, Class A | 8,209 | 2,881 | ||||||
Texas Instruments, Inc. | 16,895 | 2,880 | ||||||
GlobalWafers Co., Ltd. | 101,000 | 1,927 | ||||||
ServiceNow, Inc.1 | 2,692 | 1,902 | ||||||
Taiwan Semiconductor Manufacturing Co., Ltd. | 87,000 | 1,674 | ||||||
Marvell Technology, Inc. | 24,527 | 1,479 | ||||||
Cognizant Technology Solutions Corp., Class A | 18,178 | 1,373 | ||||||
Intel Corp. | 26,751 | 1,344 | ||||||
TDK Corp. | 18,600 | 882 | ||||||
Apple, Inc. | 3,844 | 740 | ||||||
SK hynix, Inc. | 6,055 | 661 | ||||||
Seagate Technology Holdings PLC | 3,768 | 322 | ||||||
Infineon Technologies AG | 6,896 | 288 | ||||||
44,943 | ||||||||
Health care 9.22% | ||||||||
Abbott Laboratories | 58,998 | 6,494 | ||||||
Sanofi | 51,879 | 5,143 | ||||||
Gilead Sciences, Inc. | 42,602 | 3,451 | ||||||
Novo Nordisk AS, Class B | 27,643 | 2,859 | ||||||
UnitedHealth Group, Inc. | 4,895 | 2,577 | ||||||
AstraZeneca PLC | 15,545 | 2,094 | ||||||
Takeda Pharmaceutical Co., Ltd. | 50,900 | 1,461 | ||||||
Eli Lilly and Co. | 2,380 | 1,387 | ||||||
Molina Healthcare, Inc.1 | 3,701 | 1,337 | ||||||
Eurofins Scientific SE, non-registered shares | 17,767 | 1,163 | ||||||
Stryker Corp. | 3,652 | 1,094 | ||||||
Medtronic PLC | 12,398 | 1,021 | ||||||
AbbVie, Inc. | 5,825 | 903 | ||||||
Thermo Fisher Scientific, Inc. | 1,595 | 847 | ||||||
Novartis AG | 8,363 | 844 | ||||||
GE HealthCare Technologies, Inc. | 9,521 | 736 | ||||||
BioMarin Pharmaceutical, Inc.1 | 6,101 | 588 | ||||||
Merck KGaA | 3,462 | 551 | ||||||
Danaher Corp. | 2,224 | 515 | ||||||
Humana, Inc. | 1,074 | 492 | ||||||
Vertex Pharmaceuticals, Inc.1 | 752 | 306 | ||||||
35,863 | ||||||||
Industrials 8.40% | ||||||||
RTX Corp. | 65,310 | 5,495 | ||||||
Carrier Global Corp. | 72,631 | 4,173 | ||||||
General Electric Co. | 30,743 | 3,924 | ||||||
Thales SA | 18,350 | 2,714 | ||||||
Safran SA | 12,512 | 2,207 | ||||||
Siemens AG | 10,596 | 1,988 | ||||||
General Dynamics Corp. | 7,609 | 1,976 | ||||||
BAE Systems PLC | 137,641 | 1,947 | ||||||
Honeywell International, Inc. | 5,909 | 1,239 | ||||||
CSX Corp. | 34,575 | 1,199 | ||||||
Melrose Industries PLC | 110,742 | 800 | ||||||
DHL Group | 15,557 | 771 | ||||||
Boeing Co.1 | 2,721 | 709 | ||||||
United Rentals, Inc. | 916 | 525 | ||||||
Grupo Aeroportuario del Pacífico, SAB de CV, Class B | 26,859 | 469 | ||||||
Grupo Aeroportuario del Pacífico, SAB de CV, Class B (ADR) | 13 | 2 | ||||||
L3Harris Technologies, Inc. | 2,038 | 429 | ||||||
Singapore Technologies Engineering, Ltd. | 124,000 | 365 | ||||||
Airbus SE, non-registered shares | 2,299 | 355 | ||||||
Caterpillar, Inc. | 1,174 | 347 |
166 | American Funds Insurance Series |
American Funds Global Balanced Fund (continued)
Common stocks (continued) | Shares | Value (000) | ||||||
Industrials (continued) | ||||||||
Waste Management, Inc. | 1,847 | $ | 331 | |||||
Astra International Tbk PT | 894,600 | 328 | ||||||
Element Fleet Management Corp. | 18,337 | 298 | ||||||
Trelleborg AB, Class B | 1,639 | 55 | ||||||
32,646 | ||||||||
Financials 7.90% | ||||||||
B3 SA - Brasil, Bolsa, Balcao | 1,504,867 | 4,475 | ||||||
ING Groep NV | 221,402 | 3,314 | ||||||
Zurich Insurance Group AG | 5,617 | 2,937 | ||||||
HDFC Bank, Ltd. (ADR) | 28,148 | 1,889 | ||||||
HDFC Bank, Ltd. | 48,162 | 988 | ||||||
AIA Group, Ltd. | 263,400 | 2,288 | ||||||
BlackRock, Inc. | 2,648 | 2,150 | ||||||
Kotak Mahindra Bank, Ltd. | 71,295 | 1,634 | ||||||
DBS Group Holdings, Ltd. | 59,900 | 1,513 | ||||||
Citigroup, Inc. | 27,497 | 1,414 | ||||||
JPMorgan Chase & Co. | 4,864 | 827 | ||||||
BNP Paribas SA | 11,441 | 793 | ||||||
Münchener Rückversicherungs-Gesellschaft AG | 1,737 | 719 | ||||||
Banco Santander, SA | 157,435 | 657 | ||||||
Aegon, Ltd. | 112,560 | 653 | ||||||
Banco Bilbao Vizcaya Argentaria, SA | 69,231 | 631 | ||||||
Bank Central Asia Tbk PT | 1,028,600 | 627 | ||||||
Great-West Lifeco, Inc. | 17,824 | 590 | ||||||
Capital One Financial Corp. | 4,263 | 559 | ||||||
KBC Groep NV | 8,217 | 533 | ||||||
Fairfax Financial Holdings, Ltd., subordinate voting shares | 473 | 436 | ||||||
FinecoBank SpA | 28,790 | 433 | ||||||
Ping An Insurance (Group) Company of China, Ltd., Class H | 59,000 | 267 | ||||||
Ping An Insurance (Group) Company of China, Ltd., Class A | 11,400 | 65 | ||||||
Mastercard, Inc., Class A | 770 | 328 | ||||||
30,720 | ||||||||
Consumer staples 5.61% | ||||||||
Philip Morris International, Inc. | 37,932 | 3,569 | ||||||
ITC, Ltd. | 619,592 | 3,436 | ||||||
Seven & i Holdings Co., Ltd. | 69,400 | 2,749 | ||||||
Imperial Brands PLC | 115,025 | 2,643 | ||||||
Nestlé SA | 17,951 | 2,078 | ||||||
Ajinomoto Co., Inc. | 48,150 | 1,861 | ||||||
British American Tobacco PLC | 60,310 | 1,760 | ||||||
Kao Corp. | 31,600 | 1,298 | ||||||
Pernod Ricard SA | 4,980 | 881 | ||||||
Heineken NV | 6,766 | 688 | ||||||
Alimentation Couche-Tard, Inc. | 7,156 | 421 | ||||||
Kweichow Moutai Co., Ltd., Class A | 921 | 224 | ||||||
Monster Beverage Corp.1 | 3,869 | 223 | ||||||
21,831 | ||||||||
Materials 4.57% | ||||||||
Freeport-McMoRan, Inc. | 91,591 | 3,899 | ||||||
Linde PLC | 7,564 | 3,107 | ||||||
Air Products and Chemicals, Inc. | 9,426 | 2,581 | ||||||
Fortescue, Ltd. | 113,507 | 2,245 | ||||||
BHP Group, Ltd. (CDI) | 55,722 | 1,906 | ||||||
Evonik Industries AG | 77,260 | 1,577 | ||||||
Vale SA (ADR), ordinary nominative shares | 57,603 | 914 |
American Funds Insurance Series | 167 |
American Funds Global Balanced Fund (continued)
Common stocks (continued) | Shares | Value (000) | ||||||
Materials (continued) | ||||||||
Celanese Corp. | 4,587 | $ | 713 | |||||
Air Liquide SA | 2,397 | 466 | ||||||
Sherwin-Williams Co. | 1,150 | 359 | ||||||
17,767 | ||||||||
Energy 3.70% | ||||||||
Canadian Natural Resources, Ltd. (CAD denominated) | 113,969 | 7,466 | ||||||
Shell PLC (GBP denominated) | 48,992 | 1,592 | ||||||
Neste OYJ | 41,287 | 1,467 | ||||||
TC Energy Corp. (CAD denominated) | 32,426 | 1,267 | ||||||
Chevron Corp. | 7,285 | 1,087 | ||||||
BP PLC | 165,370 | 977 | ||||||
Baker Hughes Co., Class A | 9,285 | 317 | ||||||
Woodside Energy Group, Ltd. (CDI) | 9,976 | 211 | ||||||
14,384 | ||||||||
Communication services 3.47% | ||||||||
Meta Platforms, Inc., Class A1 | 13,044 | 4,617 | ||||||
Alphabet, Inc., Class A1 | 19,578 | 2,735 | ||||||
Alphabet, Inc., Class C1 | 7,383 | 1,040 | ||||||
Singapore Telecommunications, Ltd. | 703,500 | 1,315 | ||||||
Netflix, Inc.1 | 2,684 | 1,307 | ||||||
TELUS Corp. | 46,990 | 836 | ||||||
Omnicom Group, Inc. | 9,504 | 822 | ||||||
Comcast Corp., Class A | 18,675 | 819 | ||||||
13,491 | ||||||||
Consumer discretionary 3.23% | ||||||||
LVMH Moët Hennessy-Louis Vuitton SE | 2,325 | 1,886 | ||||||
Home Depot, Inc. | 4,682 | 1,623 | ||||||
Ferrari NV | 3,600 | 1,218 | ||||||
Ferrari NV (EUR denominated) | 1,201 | 405 | ||||||
Compagnie Financière Richemont SA, Class A | 7,729 | 1,066 | ||||||
Amazon.com, Inc.1 | 6,696 | 1,017 | ||||||
InterContinental Hotels Group PLC | 11,004 | 994 | ||||||
Royal Caribbean Cruises, Ltd.1 | 7,483 | 969 | ||||||
Sony Group Corp. | 6,100 | 578 | ||||||
Hasbro, Inc. | 11,264 | 575 | ||||||
Restaurant Brands International, Inc. | 6,229 | 487 | ||||||
General Motors Co. | 10,806 | 388 | ||||||
Hilton Worldwide Holdings, Inc. | 2,083 | 379 | ||||||
adidas AG | 1,644 | 334 | ||||||
Airbnb, Inc., Class A1 | 2,358 | 321 | ||||||
Zhongsheng Group Holdings, Ltd. | 74,000 | 179 | ||||||
Dowlais Group PLC | 103,349 | 140 | ||||||
12,559 | ||||||||
Utilities 2.74% | ||||||||
DTE Energy Co. | 26,895 | 2,965 | ||||||
E.ON SE | 141,436 | 1,897 | ||||||
Duke Energy Corp. | 14,950 | 1,451 | ||||||
Constellation Energy Corp. | 11,857 | 1,386 | ||||||
SembCorp Industries, Ltd. | 271,100 | 1,088 | ||||||
National Grid PLC | 57,946 | 782 | ||||||
Dominion Energy, Inc. | 12,866 | 605 | ||||||
ENN Energy Holdings, Ltd. | 57,100 | 420 | ||||||
Power Grid Corporation of India, Ltd. | 14,958 | 43 | ||||||
10,637 |
168 | American Funds Insurance Series |
American Funds Global Balanced Fund (continued)
Common stocks (continued) | Shares | Value (000) | ||||||
Real estate 1.23% | ||||||||
CTP NV | 96,081 | $ | 1,624 | |||||
Equinix, Inc. REIT | 1,833 | 1,476 | ||||||
Embassy Office Parks REIT | 310,600 | 1,212 | ||||||
Sun Hung Kai Properties, Ltd. | 42,500 | 457 | ||||||
4,769 | ||||||||
Total common stocks (cost: $184,602,000) | 239,610 | |||||||
Preferred securities 0.11% | ||||||||
Consumer discretionary 0.10% | ||||||||
Dr. Ing. h.c. F. Porsche AG, nonvoting non-registered preferred shares | 4,221 | 372 | ||||||
Financials 0.01% | ||||||||
Federal Home Loan Mortgage Corp., Series Z, 8.375% noncumulative preferred shares1 | 17,204 | 50 | ||||||
Total preferred securities (cost: $408,000) | 422 | |||||||
Convertible stocks 0.27% | ||||||||
Utilities 0.27% | ||||||||
NextEra Energy, Inc., noncumulative convertible preferred units, 6.926% 9/1/20252 | 27,300 | 1,041 | ||||||
Total convertible stocks (cost: $1,321,000) | 1,041 | |||||||
Bonds, notes & other debt instruments 31.04% | Principal amount (000) | |||||||
Bonds & notes of governments & government agencies outside the U.S. 14.75% | ||||||||
Agricultural Development Bank of China 3.75% 1/25/2029 | CNY | 550 | 82 | |||||
Asian Development Bank 1.125% 6/10/2025 | GBP | 100 | 122 | |||||
Australia (Commonwealth of), Series 152, 2.75% 11/21/2028 | AUD | 310 | 203 | |||||
Australia (Commonwealth of), Series 157, 1.50% 6/21/2031 | 1,055 | 611 | ||||||
Australia (Commonwealth of), Series 163, 1.00% 11/21/2031 | 150 | 82 | ||||||
Australia (Commonwealth of), Series 166, 3.00% 11/21/2033 | 2,020 | 1,270 | ||||||
Austria (Republic of) 0% 2/20/2031 | EUR | 660 | 613 | |||||
Belgium (Kingdom of), Series 97, 3.00% 6/22/2033 | 270 | 308 | ||||||
Brazil (Federative Republic of) 10.00% 1/1/2025 | BRL | 900 | 185 | |||||
Brazil (Federative Republic of) 10.00% 1/1/2031 | 5,999 | 1,221 | ||||||
Brazil (Federative Republic of) 10.00% 1/1/2033 | 6,221 | 1,262 | ||||||
Brazil (Federative Republic of) 6.00% 8/15/20403 | 209 | 46 | ||||||
Brazil (Federative Republic of) 6.00% 8/15/20503 | 1,510 | 335 | ||||||
Brazil (Federative Republic of) 6.00% 8/15/20603 | 209 | 47 | ||||||
Bulgaria (Republic of) 4.50% 1/27/2033 | EUR | 120 | 139 | |||||
Canada 3.00% 11/1/2024 | CAD | 320 | 238 | |||||
Canada 2.25% 6/1/2025 | 1,400 | 1,030 | ||||||
Canada 0.25% 3/1/2026 | 246 | 173 | ||||||
Canada 3.50% 3/1/2028 | 1,009 | 769 | ||||||
Chile (Republic of) 5.80% 6/1/2024 | CLP | 230,000 | 260 | |||||
Chile (Republic of) 4.70% 9/1/2030 | 55,000 | 60 | ||||||
China (People’s Republic of) 2.62% 6/25/2030 | CNY | 1,970 | 279 | |||||
China (People’s Republic of), Series INBK, 2.64% 1/15/2028 | 9,650 | 1,374 | ||||||
China (People’s Republic of), Series INBK, 2.88% 2/25/2033 | 10,270 | 1,484 | ||||||
China (People’s Republic of), Series INBK, 3.81% 9/14/2050 | 5,050 | 833 | ||||||
China (People’s Republic of), Series INBK, 3.12% 10/25/2052 | 8,450 | 1,243 | ||||||
China Development Bank Corp., Series 2008, 2.89% 6/22/2025 | 3,240 | 461 | ||||||
China Development Bank Corp., Series 2004, 3.43% 1/14/2027 | 1,060 | 154 | ||||||
China Development Bank Corp., Series 2009, 3.39% 7/10/2027 | 8,580 | 1,247 | ||||||
China Development Bank Corp., Series 1805, 4.88% 2/9/2028 | 2,040 | 314 | ||||||
Colombia (Republic of), Series B, 5.75% 11/3/2027 | COP | 1,872,100 | 428 |
American Funds Insurance Series | 169 |
American Funds Global Balanced Fund (continued)
Bonds, notes & other debt instruments (continued) | Principal amount (000) | Value (000) | ||||||
Bonds & notes of governments & government agencies outside the U.S. (continued) | ||||||||
Colombia (Republic of), Series B, 7.00% 3/26/2031 | COP | 218,300 | $ | 49 | ||||
European Investment Bank 0.375% 9/15/2027 | EUR | 110 | 113 | |||||
European Investment Bank 0.25% 1/20/2032 | 860 | 795 | ||||||
European Union 0% 7/6/2026 | 100 | 104 | ||||||
European Union 0.25% 10/22/2026 | 50 | 52 | ||||||
French Republic O.A.T. 0.75% 2/25/2028 | 640 | 666 | ||||||
French Republic O.A.T. 0% 11/25/2030 | 1,320 | 1,246 | ||||||
French Republic O.A.T. 2.00% 11/25/2032 | 610 | 649 | ||||||
French Republic O.A.T. 3.25% 5/25/2045 | 160 | 185 | ||||||
Germany (Federal Republic of) 2.50% 3/13/2025 | 845 | 929 | ||||||
Germany (Federal Republic of) 0% 4/16/2027 | 950 | 982 | ||||||
Germany (Federal Republic of) 0% 8/15/2031 | 780 | 746 | ||||||
Germany (Federal Republic of) 0% 2/15/2032 | 540 | 510 | ||||||
Germany (Federal Republic of) 1.70% 8/15/2032 | 674 | 729 | ||||||
Germany (Federal Republic of) 2.30% 2/15/2033 | 510 | 578 | ||||||
Germany (Federal Republic of) 1.00% 5/15/2038 | 280 | 263 | ||||||
Germany (Federal Republic of) 0% 8/15/2050 | 380 | 234 | ||||||
Germany (Federal Republic of) 0% 8/15/2052 | 20 | 12 | ||||||
Greece (Hellenic Republic of) 3.45% 4/2/2024 | 110 | 122 | ||||||
Greece (Hellenic Republic of) 3.375% 2/15/2025 | 50 | 56 | ||||||
Greece (Hellenic Republic of) 3.875% 6/15/2028 | 640 | 747 | ||||||
Greece (Hellenic Republic of) 1.50% 6/18/2030 | 190 | 194 | ||||||
Greece (Hellenic Republic of) 1.75% 6/18/2032 | 790 | 795 | ||||||
Greece (Hellenic Republic of) 4.25% 6/15/2033 | 535 | 648 | ||||||
Greece (Hellenic Republic of) 1.875% 1/24/2052 | 636 | 504 | ||||||
India (Republic of) 5.22% 6/15/2025 | INR | 12,720 | 149 | |||||
India (Republic of) 5.15% 11/9/2025 | 8,000 | 93 | ||||||
Indonesia (Republic of), Series 64, 6.125% 5/15/2028 | IDR | 1,165,000 | 75 | |||||
Indonesia (Republic of), Series 95, 6.375% 8/15/2028 | 1,767,000 | 115 | ||||||
Indonesia (Republic of), Series 71, 9.00% 3/15/2029 | 1,201,000 | 86 | ||||||
Indonesia (Republic of), Series 78, 8.25% 5/15/2029 | 3,301,000 | 231 | ||||||
Indonesia (Republic of), Series 87, 6.50% 2/15/2031 | 1,253,000 | 81 | ||||||
Indonesia (Republic of), Series 96, 7.00% 2/15/2033 | 4,446,000 | 299 | ||||||
Ireland (Republic of) 3.00% 10/18/2043 | EUR | 150 | 172 | |||||
Israel (State of) 2.875% 1/29/2024 | 200 | 221 | ||||||
Israel (State of) 4.50% 1/17/2033 | USD | 200 | 190 | |||||
Italy (Republic of) 1.35% 4/1/2030 | EUR | 550 | 545 | |||||
Italy (Republic of) 4.40% 5/1/2033 | 1,200 | 1,412 | ||||||
Italy (Republic of) 4.35% 11/1/2033 | 740 | 865 | ||||||
Japan, Series 18, 0.10% 3/10/20243 | JPY | 22,300 | 160 | |||||
Japan, Series 19, 0.10% 9/10/20243 | 32,520 | 234 | ||||||
Japan, Series 150, 0.005% 12/20/2026 | 84,950 | 602 | ||||||
Japan, Series 346, 0.10% 3/20/2027 | 134,150 | 953 | ||||||
Japan, Series 363, 0.10% 6/20/2031 | 56,000 | 388 | ||||||
Japan, Series 365, 0.10% 12/20/2031 | 317,600 | 2,187 | ||||||
Japan, Series 145, 1.70% 6/20/2033 | 59,800 | 467 | ||||||
Japan, Series 152, 1.20% 3/20/2035 | 264,400 | 1,965 | ||||||
Japan, Series 179, 0.50% 12/20/2041 | 50,500 | 312 | ||||||
Japan, Series 42, 1.70% 3/20/2044 | 50,150 | 374 | ||||||
Japan, Series 37, 0.60% 6/20/2050 | 26,950 | 150 | ||||||
Japan, Series 74, 1.00% 3/20/2052 | 161,500 | 982 | ||||||
Japan, Series 76, 1.40% 9/20/2052 | 80,350 | 538 | ||||||
KfW 1.125% 7/4/2025 | GBP | 95 | 115 | |||||
Magyar Export-Import Bank 6.00% 5/16/2029 | EUR | 100 | 117 | |||||
Morocco (Kingdom of) 3.50% 6/19/2024 | 100 | 110 | ||||||
Netherlands (Kingdom of the) 5.50% 1/15/2028 | 100 | 124 | ||||||
Nova Scotia (Province of) 3.15% 12/1/2051 | CAD | 170 | 109 | |||||
Peru (Republic of) 2.392% 1/23/2026 | USD | 90 | 86 | |||||
Philippines (Republic of) 0.001% 4/12/2024 | JPY | 100,000 | 708 | |||||
Philippines (Republic of) 0.25% 4/28/2025 | EUR | 100 | 105 | |||||
Philippines (Republic of) 1.648% 6/10/2031 | USD | 200 | 165 |
170 | American Funds Insurance Series |
American Funds Global Balanced Fund (continued)
Bonds, notes & other debt instruments (continued) | Principal amount (000) | Value (000) | ||||||
Bonds & notes of governments & government agencies outside the U.S. (continued) | ||||||||
Poland (Republic of), Series 1029, 2.75% 10/25/2029 | PLN | 410 | $ | 93 | ||||
Portuguese Republic 0.475% 10/18/2030 | EUR | 230 | 223 | |||||
Portuguese Republic 3.50% 6/18/2038 | 230 | 266 | ||||||
Romania 2.125% 3/7/2028 | 130 | 131 | ||||||
Serbia (Republic of) 3.125% 5/15/2027 | 215 | 228 | ||||||
Serbia (Republic of) 2.05% 9/23/2036 | 185 | 143 | ||||||
South Africa (Republic of), Series R-2030, 8.00% 1/31/2030 | ZAR | 3,000 | 151 | |||||
South Africa (Republic of), Series R-214, 6.50% 2/28/2041 | 4,235 | 140 | ||||||
South Africa (Republic of), Series R-2048, 8.75% 2/28/2048 | 11,100 | 448 | ||||||
South Korea (Republic of), Series 2712, 2.375% 12/10/2027 | KRW | 348,590 | 263 | |||||
South Korea (Republic of), Series 3212, 4.25% 12/10/2032 | 1,831,500 | 1,537 | ||||||
Spain (Kingdom of) 0% 1/31/2027 | EUR | 335 | 342 | |||||
Spain (Kingdom of) 0.80% 7/30/2027 | 490 | 510 | ||||||
Spain (Kingdom of) 0.50% 10/31/2031 | 165 | 153 | ||||||
Spain (Kingdom of) 3.15% 4/30/2033 | 317 | 356 | ||||||
Spain (Kingdom of) 3.55% 10/31/2033 | 550 | 637 | ||||||
Tunisia (Republic of) 5.625% 2/17/2024 | 290 | 310 | ||||||
Ukraine 6.876% 5/21/20314,5 | USD | 250 | 58 | |||||
Ukraine 6.876% 5/21/20314 | 200 | 47 | ||||||
United Kingdom 2.75% 9/7/2024 | GBP | 50 | 63 | |||||
United Kingdom 1.25% 7/22/2027 | 410 | 485 | ||||||
United Kingdom 0.375% 10/22/2030 | 490 | 512 | ||||||
United Kingdom 0.25% 7/31/2031 | 160 | 161 | ||||||
United Kingdom 1.00% 1/31/2032 | 920 | 972 | ||||||
United Kingdom 4.25% 6/7/2032 | 1,165 | 1,573 | ||||||
United Kingdom 3.25% 1/22/2044 | 174 | 196 | ||||||
United Kingdom 1.25% 7/31/2051 | 413 | 280 | ||||||
United Mexican States, Series M, 5.75% 3/5/2026 | MXN | 12,150 | 662 | |||||
United Mexican States, Series M, 7.75% 11/23/2034 | 6,500 | 350 | ||||||
United Mexican States, Series M, 8.00% 11/7/2047 | 5,120 | 270 | ||||||
United Mexican States, Series M, 8.00% 7/31/2053 | 28,580 | 1,495 | ||||||
57,321 | ||||||||
Mortgage-backed obligations 5.47% | ||||||||
Federal agency mortgage-backed obligations 4.95% | ||||||||
Fannie Mae Pool #FM6293 3.00% 1/1/20516 | USD | 2 | 1 | |||||
Fannie Mae Pool #MA5071 5.00% 7/1/20536 | 27 | 27 | ||||||
Freddie Mac Pool #RB5071 2.00% 9/1/20406 | 745 | 641 | ||||||
Freddie Mac Pool #QD3310 3.00% 12/1/20516 | 1 | 1 | ||||||
Freddie Mac Pool #SD8276 5.00% 12/1/20526 | 476 | 471 | ||||||
Freddie Mac Pool #SD8341 5.00% 7/1/20536 | 16 | 16 | ||||||
Freddie Mac, Series K153, Class A2, Multi Family, 3.82% 1/25/20336 | 580 | 554 | ||||||
Government National Mortgage Assn. 6.50% 1/1/20546,7 | 1,175 | 1,203 | ||||||
Government National Mortgage Assn. Pool #785607 2.50% 8/20/20516 | 302 | 260 | ||||||
Government National Mortgage Assn. Pool #785659 2.50% 10/20/20516 | 108 | 93 | ||||||
Government National Mortgage Assn. Pool #785813 2.50% 12/20/20516 | 143 | 123 | ||||||
Uniform Mortgage-Backed Security 2.00% 1/1/20546,7 | 800 | 654 | ||||||
Uniform Mortgage-Backed Security 2.50% 1/1/20546,7 | 3,384 | 2,879 | ||||||
Uniform Mortgage-Backed Security 3.50% 1/1/20546,7 | 729 | 669 | ||||||
Uniform Mortgage-Backed Security 4.00% 1/1/20546,7 | 1,049 | 992 | ||||||
Uniform Mortgage-Backed Security 4.50% 1/1/20546,7 | 2,525 | 2,448 | ||||||
Uniform Mortgage-Backed Security 5.00% 1/1/20546,7 | 2,791 | 2,762 | ||||||
Uniform Mortgage-Backed Security 5.50% 1/1/20546,7 | 600 | 603 | ||||||
Uniform Mortgage-Backed Security 6.00% 1/1/20546,7 | 950 | 965 | ||||||
Uniform Mortgage-Backed Security 6.50% 1/1/20546,7 | 580 | 594 | ||||||
Uniform Mortgage-Backed Security 7.00% 1/1/20546,7 | 1,140 | 1,176 | ||||||
Uniform Mortgage-Backed Security 3.50% 2/1/20546,7 | 1,480 | 1,360 | ||||||
Uniform Mortgage-Backed Security 6.00% 2/1/20546,7 | 750 | 762 | ||||||
19,254 |
American Funds Insurance Series | 171 |
American Funds Global Balanced Fund (continued)
Bonds, notes & other debt instruments (continued) | Principal amount (000) | Value (000) | ||||||
Mortgage-backed obligations (continued) | ||||||||
Other mortgage-backed securities 0.26% | ||||||||
Nykredit Realkredit AS, Series 01E, 1.50% 10/1/20376 | DKK | 468 | $ | 63 | ||||
Nykredit Realkredit AS, Series 01E, 1.50% 10/1/20406 | 1,206 | 160 | ||||||
Nykredit Realkredit AS, Series 01E, 0.50% 10/1/20436 | 5,550 | 666 | ||||||
Nykredit Realkredit AS, Series 01E, 0.50% 10/1/20506 | 474 | 52 | ||||||
Nykredit Realkredit AS, Series CCE, 1.00% 10/1/20506 | 569 | 66 | ||||||
Realkredit Danmark AS 1.00% 10/1/20536 | 188 | 21 | ||||||
1,028 | ||||||||
Collateralized mortgage-backed obligations (privately originated) 0.13% | ||||||||
Connecticut Avenue Securities Trust, Series 2023-R04, Class 1M1, (30-day Average USD-SOFR + 2.30%) 7.637% 5/25/20435,6,8 | USD | 196 | 200 | |||||
Connecticut Avenue Securities Trust, Series 2023-R05, Class 1M1, (30-day Average USD-SOFR + 1.90%) 7.237% 6/25/20435,6,8 | 113 | 114 | ||||||
Connecticut Avenue Securities Trust, Series 2023-R06, Class 1M1, (30-day Average USD-SOFR + 1.70%) 7.037% 7/25/20435,6,8 | 83 | 83 | ||||||
Tricon Residential Trust, Series 2023-SFR1, Class A, 5.10% 7/17/20405,6 | 108 | 107 | ||||||
504 | ||||||||
Commercial mortgage-backed securities 0.13% | ||||||||
BX Trust, Series 2021-VOLT, Class A, (1-month USD CME Term SOFR + 0.814%) 6.176% 9/15/20365,6,8 | 150 | 146 | ||||||
BX Trust, Series 2021-ARIA, Class A, (1-month USD CME Term SOFR + 1.014%) 6.375% 10/15/20365,6,8 | 110 | 108 | ||||||
Citigroup Commercial Mortgage Trust, Series 2023-SMRT, Class A, 5.82% 6/10/20285,6,8 | 135 | 137 | ||||||
Citigroup Commercial Mortgage Trust, Series 2023-PRM3, Class A, 6.36% 7/10/20285,6,8 | 100 | 103 | ||||||
494 | ||||||||
Total mortgage-backed obligations | 21,280 | |||||||
U.S. Treasury bonds & notes 5.47% | ||||||||
U.S. Treasury 4.11% | ||||||||
U.S. Treasury 2.125% 11/30/2024 | 1,200 | 1,171 | ||||||
U.S. Treasury 1.75% 3/15/2025 | 98 | 95 | ||||||
U.S. Treasury 3.00% 7/15/2025 | 916 | 896 | ||||||
U.S. Treasury 3.125% 8/15/2025 | 18 | 18 | ||||||
U.S. Treasury 4.50% 11/15/2025 | 178 | 179 | ||||||
U.S. Treasury 0.375% 11/30/2025 | 50 | 46 | ||||||
U.S. Treasury 3.75% 4/15/2026 | 76 | 75 | ||||||
U.S. Treasury 2.75% 4/30/2027 | 432 | 416 | ||||||
U.S. Treasury 2.75% 7/31/2027 | 46 | 44 | ||||||
U.S. Treasury 4.125% 9/30/2027 | 268 | 270 | ||||||
U.S. Treasury 4.125% 10/31/2027 | 357 | 359 | ||||||
U.S. Treasury 4.00% 2/29/2028 | 570 | 572 | ||||||
U.S. Treasury 4.00% 6/30/2028 | 4,263 | 4,284 | ||||||
U.S. Treasury 4.375% 8/31/2028 | 1,170 | 1,195 | ||||||
U.S. Treasury 4.625% 9/30/2028 | 1,783 | 1,841 | ||||||
U.S. Treasury 4.375% 11/30/2028 | 119 | 122 | ||||||
U.S. Treasury 1.375% 11/15/2031 | 752 | 624 | ||||||
U.S. Treasury 2.875% 5/15/2032 | 284 | 263 | ||||||
U.S. Treasury 1.875% 2/15/20419 | 920 | 663 | ||||||
U.S. Treasury 2.25% 5/15/20419 | 525 | 401 | ||||||
U.S. Treasury 3.875% 5/15/2043 | 175 | 167 | ||||||
U.S. Treasury 2.875% 11/15/2046 | 400 | 321 | ||||||
U.S. Treasury 1.25% 5/15/2050 | 630 | 341 | ||||||
U.S. Treasury 1.375% 8/15/2050 | 400 | 224 | ||||||
U.S. Treasury 2.375% 5/15/20519 | 490 | 351 | ||||||
U.S. Treasury 2.00% 8/15/20519 | 560 | 367 |
172 | American Funds Insurance Series |
American Funds Global Balanced Fund (continued)
Bonds, notes & other debt instruments (continued) | Principal amount (000) | Value (000) | ||||||
U.S. Treasury bonds & notes (continued) | ||||||||
U.S. Treasury (continued) | ||||||||
U.S. Treasury 2.25% 2/15/2052 | USD | 180 | $ | 125 | ||||
U.S. Treasury 4.00% 11/15/2052 | 270 | 267 | ||||||
U.S. Treasury 3.625% 2/15/2053 | 299 | 277 | ||||||
15,974 | ||||||||
U.S. Treasury inflation-protected securities 1.36% | ||||||||
U.S. Treasury Inflation-Protected Security 0.125% 7/15/20243 | 772 | 759 | ||||||
U.S. Treasury Inflation-Protected Security 0.125% 10/15/20243 | 516 | 505 | ||||||
U.S. Treasury Inflation-Protected Security 0.375% 7/15/20273 | 354 | 337 | ||||||
U.S. Treasury Inflation-Protected Security 2.375% 10/15/20283 | 2,076 | 2,139 | ||||||
U.S. Treasury Inflation-Protected Security 1.375% 7/15/20333 | 709 | 688 | ||||||
U.S. Treasury Inflation-Protected Security 1.00% 2/15/20493 | 257 | 207 | ||||||
U.S. Treasury Inflation-Protected Security 1.50% 2/15/20533,9 | 724 | 660 | ||||||
5,295 | ||||||||
Total U.S. Treasury bonds & notes | 21,269 | |||||||
Corporate bonds, notes & loans 5.00% | ||||||||
Financials 1.80% | ||||||||
AIA Group, Ltd. 0.88% 9/9/2033 (5-year EUR Mid-Swap + 1.10% on 9/9/2028)10 | EUR | 200 | 189 | |||||
AIB Group PLC 7.583% 10/14/2026 (USD-SOFR + 3.456% on 10/14/2025)5,10 | USD | 200 | 207 | |||||
Banco de Sabadell, SA 5.25% 2/7/2029 (1-year EUR Mid-Swap + 2.40% on 2/7/2028)10 | EUR | 200 | 228 | |||||
Bank of America Corp. 0.976% 4/22/2025 (USD-SOFR + 0.69% on 4/22/2024)10 | USD | 200 | 197 | |||||
Bank of America Corp. 1.319% 6/19/2026 (USD-SOFR + 1.15% on 6/19/2025)10 | 500 | 471 | ||||||
Bank of America Corp. 5.202% 4/25/2029 (USD-SOFR + 1.63% on 4/25/2028)10 | 161 | 162 | ||||||
Barclays PLC 5.304% 8/9/2026 (1-year UST Yield Curve Rate T Note Constant Maturity + 2.30% on 8/9/2025)10 | 475 | 473 | ||||||
BPCE SA 4.50% 1/13/2033 | EUR | 100 | 116 | |||||
CaixaBank, SA 6.208% 1/18/2029 (USD-SOFR + 2.70% on 1/18/2028)5,10 | USD | 200 | 204 | |||||
Chubb INA Holdings, Inc. 3.35% 5/3/2026 | 10 | 10 | ||||||
Chubb INA Holdings, Inc. 4.35% 11/3/2045 | 20 | 19 | ||||||
Citigroup, Inc. 0.981% 5/1/2025 (USD-SOFR + 0.669% on 5/1/2024)10 | 103 | 101 | ||||||
Citigroup, Inc. 3.07% 2/24/2028 (USD-SOFR + 1.28% on 2/24/2027)10 | 110 | 104 | ||||||
Citigroup, Inc. 4.91% 5/24/2033 (USD-SOFR + 2.086% on 5/24/2032)10 | 29 | 28 | ||||||
Commonwealth Bank of Australia 2.688% 3/11/20315 | 225 | 185 | ||||||
Corebridge Financial, Inc. 3.90% 4/5/2032 | 59 | 53 | ||||||
Deutsche Bank AG 1.75% 11/19/2030 (3-month EUR-EURIBOR + 2.05% on 11/19/2029)10 | EUR | 200 | 192 | |||||
Deutsche Bank AG 4.00% 6/24/2032 (3-month EUR-EURIBOR + 3.30% on 6/24/2027)10 | 100 | 107 | ||||||
Deutsche Bank AG 2.311% 11/16/2027 (USD-SOFR + 1.219% on 11/16/2026)10 | USD | 160 | 146 | |||||
Goldman Sachs Group, Inc. 4.017% 10/31/2038 (3-month USD CME Term SOFR + 1.635% on 10/31/2037)10 | 78 | 68 | ||||||
HSBC Holdings PLC 4.292% 9/12/2026 (3-month USD CME Term SOFR + 1.609% on 9/12/2025)10 | 200 | 196 | ||||||
HSBC Holdings PLC 7.39% 11/03/2028 (USD-SOFR + 7.39% on 11/3/2027)10 | 360 | 386 | ||||||
HSBC Holdings PLC 7.399% 11/13/2034 (USD-SOFR + 3.02% on 11/13/2033)10 | 290 | 318 | ||||||
ING Groep NV 5.25% 11/14/2033 (3-month EUR-EURIBOR + 2.15% on 11/14/2032)10 | EUR | 100 | 122 | |||||
JPMorgan Chase & Co. 1.578% 4/22/2027 (USD-SOFR + 0.885% on 4/22/2026)10 | USD | 186 | 172 | |||||
JPMorgan Chase & Co. 4.493% 3/24/2031 (USD-SOFR + 3.79% on 3/24/2030)10 | 160 | 156 | ||||||
Mastercard, Inc. 2.00% 11/18/2031 | 102 | 86 | ||||||
Morgan Stanley 0.985% 12/10/2026 (USD-SOFR + 0.72% on 12/10/2025)10 | 200 | 184 | ||||||
Morgan Stanley 1.593% 5/4/2027 (USD-SOFR + 0.879% on 5/4/2026)10 | 126 | 116 | ||||||
Morgan Stanley 2.699% 1/22/2031 (USD-SOFR + 1.143% on 1/22/2030)10 | 72 | 63 | ||||||
Morgan Stanley 2.95% 5/7/2032 (3-month EUR-EURIBOR + 1.245% on 5/7/2031)10 | EUR | 280 | 293 | |||||
NatWest Group PLC 0.78% 2/26/2030 (3-month EUR-EURIBOR + 0.949% on 2/26/2029)10 | 175 | 167 | ||||||
New York Life Insurance Co. 3.75% 5/15/20505 | USD | 23 | 18 | |||||
Nordea Bank ABP 3.60% 6/6/20255 | 200 | 196 | ||||||
Royal Bank of Canada 1.20% 4/27/2026 | 175 | 162 |
American Funds Insurance Series | 173 |
American Funds Global Balanced Fund (continued)
Bonds, notes & other debt instruments (continued) | Principal amount (000) | Value (000) | ||||||
Corporate bonds, notes & loans (continued) | ||||||||
Financials (continued) | ||||||||
UBS Group AG 4.49% 8/5/2025 (1-year UST Yield Curve Rate T Note Constant Maturity + 1.60% on 8/5/2024)5,10 | USD | 450 | $ | 447 | ||||
Wells Fargo & Co. 3.526% 3/24/2028 (USD-SOFR + 1.51% on 3/24/2027)10 | 210 | 201 | ||||||
Wells Fargo & Co. 2.393% 6/2/2028 (USD-SOFR + 2.10% on 6/2/2027)10 | 400 | 367 | ||||||
Wells Fargo & Co. 4.611% 4/25/2053 (USD-SOFR + 2.13% on 4/25/2052)10 | 100 | 90 | ||||||
7,000 | ||||||||
Utilities 0.86% | ||||||||
Alabama Power Co. 3.00% 3/15/2052 | 250 | 175 | ||||||
Cleveland Electric Illuminating Co. (The) 3.50% 4/1/20285 | 35 | 33 | ||||||
CMS Energy Corp. 3.00% 5/15/2026 | 80 | 76 | ||||||
Consumers Energy Co. 3.60% 8/15/2032 | 250 | 232 | ||||||
Duke Energy Progress, LLC 3.70% 9/1/2028 | 75 | 73 | ||||||
E.ON SE 1.625% 3/29/2031 | EUR | 240 | 240 | |||||
Edison International 4.125% 3/15/2028 | USD | 160 | 155 | |||||
Enel Américas SA 4.00% 10/25/2026 | 35 | 34 | ||||||
Enel Finance International NV 1.875% 7/12/20285 | 200 | 175 | ||||||
Entergy Louisiana, LLC 4.75% 9/15/2052 | 100 | 92 | ||||||
Exelon Corp. 3.40% 4/15/2026 | 150 | 145 | ||||||
Interstate Power and Light Co. 2.30% 6/1/2030 | 50 | 43 | ||||||
NextEra Energy Operating Partners, LP 7.25% 1/15/20295 | 550 | 576 | ||||||
Niagara Mohawk Power Corp. 3.508% 10/1/20245 | 85 | 83 | ||||||
Pacific Gas and Electric Co. 2.95% 3/1/2026 | 25 | 24 | ||||||
Pacific Gas and Electric Co. 2.10% 8/1/2027 | 100 | 90 | ||||||
Pacific Gas and Electric Co. 3.00% 6/15/2028 | 140 | 128 | ||||||
Pacific Gas and Electric Co. 4.65% 8/1/2028 | 114 | 110 | ||||||
Pacific Gas and Electric Co. 4.55% 7/1/2030 | 31 | 30 | ||||||
Pacific Gas and Electric Co. 2.50% 2/1/2031 | 600 | 495 | ||||||
Pacific Gas and Electric Co. 3.25% 6/1/2031 | 50 | 43 | ||||||
Pacific Gas and Electric Co. 3.50% 8/1/2050 | 137 | 95 | ||||||
Xcel Energy, Inc. 3.35% 12/1/2026 | 216 | 208 | ||||||
3,355 | ||||||||
Communication services 0.51% | ||||||||
América Móvil, SAB de CV, 9.50% 1/27/2031 | MXN | 12,420 | 712 | |||||
AT&T, Inc. 2.75% 6/1/2031 | USD | 165 | 145 | |||||
AT&T, Inc. 2.55% 12/1/2033 | 64 | 52 | ||||||
AT&T, Inc. 4.30% 11/18/2034 | EUR | 100 | 117 | |||||
Comcast Corp. 0% 9/14/2026 | 100 | 102 | ||||||
Deutsche Telekom International Finance BV 9.25% 6/1/2032 | USD | 45 | 58 | |||||
Orange 9.00% 3/1/203110 | 65 | 80 | ||||||
Tencent Holdings, Ltd. 3.925% 1/19/2038 | 200 | 170 | ||||||
T-Mobile USA, Inc. 2.05% 2/15/2028 | 200 | 181 | ||||||
Verizon Communications, Inc. 0.375% 3/22/2029 | EUR | 140 | 134 | |||||
Verizon Communications, Inc. 0.75% 3/22/2032 | 100 | 91 | ||||||
WarnerMedia Holdings, Inc. 5.05% 3/15/2042 | USD | 168 | 148 | |||||
1,990 | ||||||||
Health care 0.46% | ||||||||
Amgen, Inc. 1.90% 2/21/2025 | 40 | 39 | ||||||
Amgen, Inc. 2.20% 2/21/2027 | 30 | 28 | ||||||
Amgen, Inc. 4.20% 3/1/2033 | 280 | 266 | ||||||
Amgen, Inc. 5.65% 3/2/2053 | 61 | 64 | ||||||
AstraZeneca Finance, LLC 2.25% 5/28/2031 | 69 | 60 | ||||||
Becton, Dickinson and Co. 3.734% 12/15/2024 | 10 | 10 | ||||||
Becton, Dickinson and Co. 3.70% 6/6/2027 | 43 | 42 | ||||||
Becton, Dickinson and Co. 4.298% 8/22/2032 | 320 | 309 | ||||||
Cigna Group (The) 4.125% 11/15/2025 | 80 | 79 | ||||||
EMD Finance, LLC 3.25% 3/19/20255 | 250 | 244 | ||||||
Pfizer Investment Enterprises Pte., Ltd. 4.75% 5/19/2033 | 197 | 198 |
174 | American Funds Insurance Series |
American Funds Global Balanced Fund (continued)
Bonds, notes & other debt instruments (continued) | Principal amount (000) | Value (000) | ||||||
Corporate bonds, notes & loans (continued) | ||||||||
Health care (continued) | ||||||||
Pfizer Investment Enterprises Pte., Ltd. 5.30% 5/19/2053 | USD | 21 | $ | 21 | ||||
Stryker Corp. 0.75% 3/1/2029 | EUR | 210 | 206 | |||||
Takeda Pharmaceutical Co., Ltd. 2.25% 11/21/2026 | 100 | 108 | ||||||
UnitedHealth Group, Inc. 4.00% 5/15/2029 | USD | 135 | 133 | |||||
1,807 | ||||||||
Energy 0.41% | ||||||||
Ecopetrol SA 6.875% 4/29/2030 | 160 | 159 | ||||||
Equinor ASA 3.70% 3/1/2024 | 50 | 50 | ||||||
Halliburton Co. 3.80% 11/15/2025 | 2 | 2 | ||||||
Kinder Morgan, Inc. 4.30% 6/1/2025 | 165 | 163 | ||||||
ONEOK, Inc. 5.80% 11/1/2030 | 7 | 7 | ||||||
ONEOK, Inc. 6.05% 9/1/2033 | 53 | 56 | ||||||
Petroleos Mexicanos 4.875% 1/18/2024 | 10 | 10 | ||||||
Petroleos Mexicanos 7.19% 9/12/2024 | MXN | 6,179 | 348 | |||||
Petroleos Mexicanos 4.25% 1/15/2025 | USD | 57 | 56 | |||||
Petroleos Mexicanos 6.875% 8/4/2026 | 211 | 205 | ||||||
Petroleos Mexicanos 6.49% 1/23/2027 | 273 | 256 | ||||||
Qatar Energy 3.125% 7/12/20415 | 270 | 208 | ||||||
TransCanada Trust 5.875% 8/15/2076 (3-month USD-LIBOR + 4.64% on 8/15/2026)10,11 | 58 | 55 | ||||||
1,575 | ||||||||
Consumer discretionary 0.28% | ||||||||
Amazon.com, Inc. 2.80% 8/22/2024 | 45 | 44 | ||||||
BMW US Capital, LLC 3.90% 4/9/20255 | 70 | 69 | ||||||
Daimler Trucks Finance North America, LLC 3.65% 4/7/20275 | 150 | 145 | ||||||
Hyundai Capital America 1.50% 6/15/20265 | 250 | 228 | ||||||
Hyundai Capital America 2.375% 10/15/20275 | 109 | 98 | ||||||
Royal Caribbean Cruises, Ltd. 5.50% 4/1/20285 | 185 | 183 | ||||||
Royal Caribbean Cruises, Ltd. 8.25% 1/15/20295 | 70 | 74 | ||||||
Royal Caribbean Cruises, Ltd. 9.25% 1/15/20295 | 59 | 64 | ||||||
Stellantis Finance US, Inc. 2.691% 9/15/20315 | 200 | 168 | ||||||
Toyota Motor Credit Corp. 3.375% 4/1/2030 | 33 | 31 | ||||||
1,104 | ||||||||
Consumer staples 0.21% | ||||||||
Altria Group, Inc. 2.20% 6/15/2027 | EUR | 270 | 288 | |||||
Anheuser-Busch InBev Worldwide, Inc. 4.00% 4/13/2028 | USD | 100 | 99 | |||||
BAT Capital Corp. 3.215% 9/6/2026 | 62 | 59 | ||||||
BAT Capital Corp. 4.70% 4/2/2027 | 67 | 66 | ||||||
BAT Capital Corp. 3.557% 8/15/2027 | 105 | 100 | ||||||
BAT Capital Corp. 3.462% 9/6/2029 | 75 | 69 | ||||||
Philip Morris International, Inc. 5.75% 11/17/2032 | 110 | 116 | ||||||
797 | ||||||||
Industrials 0.16% | ||||||||
Canadian Pacific Railway Co. 3.10% 12/2/2051 | 164 | 119 | ||||||
Carrier Global Corp. 2.242% 2/15/2025 | 6 | 6 | ||||||
Carrier Global Corp. 2.493% 2/15/2027 | 7 | 6 | ||||||
CSX Corp. 3.80% 4/15/2050 | 6 | 5 | ||||||
CSX Corp. 2.50% 5/15/2051 | 75 | 48 | ||||||
Lima Metro Line 2 Finance, Ltd. 5.875% 7/5/20345 | 89 | 88 | ||||||
MISC Capital Two (Labuan), Ltd. 3.75% 4/6/20275 | 200 | 193 | ||||||
RTX Corp. 4.125% 11/16/2028 | 170 | 166 | ||||||
631 |
American Funds Insurance Series | 175 |
American Funds Global Balanced Fund (continued)
Bonds, notes & other debt instruments (continued) | Principal amount (000) | Value (000) | ||||||
Corporate bonds, notes & loans (continued) | ||||||||
Information technology 0.16% | ||||||||
Broadcom, Inc. 4.00% 4/15/20295 | USD | 21 | $ | 20 | ||||
Broadcom, Inc. 4.15% 11/15/2030 | 70 | 67 | ||||||
Broadcom, Inc. 3.419% 4/15/20335 | 53 | 47 | ||||||
Broadcom, Inc. 3.137% 11/15/20355 | 15 | 12 | ||||||
Lenovo Group, Ltd. 5.875% 4/24/2025 | 269 | 270 | ||||||
Oracle Corp. 2.65% 7/15/2026 | 216 | 205 | ||||||
621 | ||||||||
Real estate 0.11% | ||||||||
American Tower Corp. 0.875% 5/21/2029 | EUR | 130 | 126 | |||||
Equinix, Inc. 2.15% 7/15/2030 | USD | 176 | 149 | |||||
Essex Portfolio, LP 3.50% 4/1/2025 | 120 | 117 | ||||||
Essex Portfolio, LP 3.375% 4/15/2026 | 40 | 39 | ||||||
431 | ||||||||
Materials 0.04% | ||||||||
Celanese US Holdings, LLC 6.379% 7/15/2032 | 50 | 53 | ||||||
Vale Overseas, Ltd. 3.75% 7/8/2030 | 94 | 87 | ||||||
140 | ||||||||
Total corporate bonds, notes & loans | 19,451 | |||||||
Asset-backed obligations 0.24% | ||||||||
ACHV ABS Trust, Series 2023-4CP, Class B, 7.24% 11/25/20305,6 | 100 | 101 | ||||||
Affirm, Inc., Series 2023-X1, Class A, 7.11% 11/15/20285,6 | 100 | 100 | ||||||
American Credit Acceptance Receivables Trust, Series 2022-3, Class C, 4.86% 10/13/20285,6 | 26 | 26 | ||||||
AmeriCredit Automobile Receivables Trust, Series 2022-2, Class A2B, (30-day Average USD-SOFR + 1.15%) 6.488% 12/18/20256,8 | 48 | 49 | ||||||
Avis Budget Rental Car Funding (AESOP), LLC, Series 2023-2, Class A, 5.20% 10/20/20275,6 | 125 | 125 | ||||||
Avis Budget Rental Car Funding (AESOP), LLC, Series 2023-6, Class A, 5.81% 12/20/20295,6 | 148 | 152 | ||||||
CarMax Auto Owner Trust, Series 2022-3, Class A2B, (30-day Average USD-SOFR + 0.77%) 6.108% 9/15/20256,8 | 31 | 31 | ||||||
Ford Credit Auto Owner Trust, Series 2022-B, Class A2B, (30-day Average USD-SOFR + 0.60%) 5.938% 2/15/20256,8 | 9 | 9 | ||||||
GM Financial Consumer Automobile Receivables Trust, Series 2022-3, Class A2B, (30-day Average USD-SOFR + 0.60%) 5.938% 9/16/20256,8 | 36 | 36 | ||||||
Hyundai Auto Receivables Trust, Series 2022-B, Class A2B, (30-day Average USD-SOFR + 0.58%) 5.918% 5/15/20256,8 | 29 | 29 | ||||||
Prestige Auto Receivables Trust, Series 2023-1, Class A2, 5.88% 3/16/20265,6 | 57 | 57 | ||||||
SMB Private Education Loan Trust, Series 2023-C, Class A1B, (30-day Average USD-SOFR + 1.55%) 6.888% 11/15/20525,6,8 | 94 | 94 | ||||||
Toyota Auto Receivables Owner Trust, Series 2022-C, Class A2B, (30-day Average USD-SOFR + 0.57%) 5.908% 8/15/20256,8 | 16 | 16 | ||||||
Volkswagen Auto Lease Trust, Series 2022-A, Class A2, 3.02% 10/21/20246 | 1 | 1 | ||||||
Westlake Automobile Receivables Trust, Series 2022-2A, Class A2A, 3.36% 8/15/20255,6 | 17 | 17 | ||||||
Westlake Automobile Receivables Trust, Series 2023-1, Class A2A, 5.51% 6/15/20265,6 | 76 | 75 | ||||||
Westlake Automobile Receivables Trust, Series 2023-1, Class A3, 5.21% 1/18/20285,6 | 19 | 19 | ||||||
937 | ||||||||
Federal agency bonds & notes 0.07% | ||||||||
Korea Development Bank 4.375% 2/15/2033 | 270 | 265 |
176 | American Funds Insurance Series |
American Funds Global Balanced Fund (continued)
Bonds, notes & other debt instruments (continued) | Principal amount (000) | Value (000) | ||||||
Municipals 0.04% | ||||||||
Ohio 0.02% | ||||||||
Turnpike and Infrastructure Commission, Turnpike Rev. Ref. Bonds (Infrastructure Projects), Series 2020-A, 3.216% 2/15/2048 | USD | 100 | $ | 76 | ||||
Texas 0.02% | ||||||||
Grand Parkway Transportation Corp., Grand Parkway System Toll Rev. Ref. Bonds, Series 2020-B, 3.236% 10/1/2052 | 80 | 60 | ||||||
Total municipals | 136 | |||||||
Total bonds, notes & other debt instruments (cost: $124,493,000) | 120,659 | |||||||
Investment funds 2.14% | Shares | |||||||
Capital Group Central Corporate Bond Fund12 | 983,660 | 8,341 | ||||||
Total Investment funds (cost: $7,862,000) | 8,341 |
Short-term securities 8.84% | Weighted average yield at acquisition | Principal amount (000) | ||||||||||
Bills & notes of governments & government agencies outside the U.S. 3.45% | ||||||||||||
Denmark (Kingdom of) 1/8/2024 | 5.149 | % | USD | 7,000 | 6,990 | |||||||
Japan Treasury 2/20/2024 | (0.103 | ) | JPY | 230,900 | 1,638 | |||||||
KfW 1/3/20245 | 4.902 | USD | 3,000 | 2,998 | ||||||||
Québec (Province of) 1/16/20245 | 4.821 | 1,800 | 1,795 | |||||||||
13,421 | ||||||||||||
Shares | ||||||||||||
Money market investments 3.34% | ||||||||||||
Capital Group Central Cash Fund 5.44%12,13 | 129,760 | 12,974 | ||||||||||
Principal amount (000) | ||||||||||||
Commercial paper 1.80% | ||||||||||||
DNB Bank ASA 1/5/20245 | 5.123 | USD | 7,000 | 6,993 | ||||||||
Shares | ||||||||||||
Money market investments purchased with collateral from securities on loan 0.25% | ||||||||||||
State Street Institutional U.S. Government Money Market Fund, Institutional Class 5.29%13,14 | 498,946 | 499 | ||||||||||
Invesco Short-Term Investments Trust – Government & Agency Portfolio, Institutional Class 5.27%13,14 | 463,125 | 463 | ||||||||||
962 | ||||||||||||
Total short-term securities (cost: $34,443,000) | 34,350 | |||||||||||
Total investment securities 104.03% (cost: $353,129,000) | 404,423 | |||||||||||
Other assets less liabilities (4.03)% | (15,659 | ) | ||||||||||
Net assets 100.00% | $ | 388,764 |
American Funds Insurance Series | 177 |
American Funds Global Balanced Fund (continued)
Futures contracts
Contracts | Type | Number of contracts | Expiration date | Notional amount (000) | Value and unrealized appreciation (depreciation) at 12/31/2023 (000) | ||||||||||
10 Year Australian Government Bond Futures | Long | 4 | 3/15/2024 | USD | 318 | $ | 10 | ||||||||
2 Year Euro-Schatz Futures | Long | 12 | 3/11/2024 | 1,411 | 6 | ||||||||||
2 Year U.S. Treasury Note Futures | Long | 51 | 4/3/2024 | 10,502 | 98 | ||||||||||
5 Year Euro-Bobl Futures | Long | 40 | 3/11/2024 | 5,267 | 90 | ||||||||||
5 Year U.S. Treasury Note Futures | Long | 74 | 4/3/2024 | 8,049 | 124 | ||||||||||
10 Year French Government Bond Futures | Long | 10 | 3/11/2024 | 1,452 | 51 | ||||||||||
10 Year Italy Government Bond Futures | Short | 2 | 3/11/2024 | (263 | ) | (9 | ) | ||||||||
10 Year Euro-Bund Futures | Short | 4 | 3/11/2024 | (606 | ) | (18 | ) | ||||||||
10 Year Japanese Government Bond Futures | Short | 6 | 3/20/2024 | (6,243 | ) | (20 | ) | ||||||||
10 Year U.S. Treasury Note Futures | Long | 24 | 3/28/2024 | 2,709 | 51 | ||||||||||
10 Year UK Gilt Futures | Long | 13 | 3/28/2024 | 1,701 | 86 | ||||||||||
10 Year Canadian Government Bond Futures | Long | 17 | 3/28/2024 | 1,593 | 1 | ||||||||||
10 Year Ultra U.S. Treasury Note Futures | Short | 20 | 3/28/2024 | (2,360 | ) | (102 | ) | ||||||||
20 Year U.S. Treasury Bond Futures | Long | 3 | 3/28/2024 | 375 | 28 | ||||||||||
30 Year Euro-Buxl Futures | Short | 5 | 3/11/2024 | (782 | ) | (50 | ) | ||||||||
30 Year Ultra U.S. Treasury Bond Futures | Short | 2 | 3/28/2024 | (267 | ) | 1 | |||||||||
$ | 347 |
Forward currency contracts
Contract amount | Unrealized appreciation (depreciation) | ||||||||||||||
Currency purchased (000) | Currency sold (000) | Counterparty | Settlement date | at 12/31/2023 (000) | |||||||||||
EUR | 1,455 | USD | 1,579 | Morgan Stanley | 1/8/2024 | $ | 28 | ||||||||
SGD | 160 | USD | 120 | BNP Paribas | 1/8/2024 | 1 | |||||||||
CZK | 2,000 | USD | 89 | BNP Paribas | 1/8/2024 | — | 15 | ||||||||
USD | 133 | EUR | 120 | Goldman Sachs | 1/8/2024 | — | 15 | ||||||||
USD | 208 | EUR | 190 | Citibank | 1/8/2024 | (2 | ) | ||||||||
USD | 378 | MXN | 6,580 | Goldman Sachs | 1/8/2024 | (8 | ) | ||||||||
CNH | 1,950 | USD | 272 | BNP Paribas | 1/9/2024 | 1 | |||||||||
HUF | 106,090 | USD | 304 | JPMorgan Chase | 1/9/2024 | 1 | |||||||||
PLN | 1,200 | USD | 303 | JPMorgan Chase | 1/9/2024 | 1 | |||||||||
ZAR | 5,500 | USD | 300 | Morgan Stanley | 1/9/2024 | 1 | |||||||||
CNH | 1,700 | USD | 239 | UBS AG | 1/9/2024 | — | 15 | ||||||||
USD | 93 | CNH | 660 | Goldman Sachs | 1/9/2024 | — | 15 | ||||||||
USD | 324 | ZAR | 6,130 | UBS AG | 1/9/2024 | (11 | ) | ||||||||
EUR | 610 | USD | 659 | Morgan Stanley | 1/11/2024 | 15 | |||||||||
JPY | 43,220 | USD | 304 | Citibank | 1/12/2024 | 4 | |||||||||
USD | 241 | CLP | 210,000 | Morgan Stanley | 1/12/2024 | 3 | |||||||||
USD | 292 | IDR | 4,500,000 | Citibank | 1/12/2024 | (1 | ) | ||||||||
USD | 59 | COP | 235,990 | Morgan Stanley | 1/12/2024 | (2 | ) | ||||||||
USD | 114 | JPY | 16,280 | Standard Chartered Bank | 1/12/2024 | (2 | ) | ||||||||
USD | 524 | BRL | 2,569 | Standard Chartered Bank | 1/12/2024 | (5 | ) | ||||||||
USD | 293 | COP | 1,187,960 | Standard Chartered Bank | 1/12/2024 | (12 | ) | ||||||||
ILS | 200 | USD | 55 | BNP Paribas | 1/18/2024 | 1 | |||||||||
USD | 594 | AUD | 905 | BNP Paribas | 1/18/2024 | (23 | ) | ||||||||
EUR | 1,210 | USD | 1,302 | Goldman Sachs | 1/19/2024 | 35 | |||||||||
THB | 23,940 | USD | 671 | Citibank | 1/19/2024 | 26 | |||||||||
MYR | 800 | USD | 172 | HSBC Bank | 1/19/2024 | 3 | |||||||||
EUR | 450 | USD | 495 | BNP Paribas | 1/19/2024 | 2 | |||||||||
GBP | 50 | USD | 63 | Morgan Stanley | 1/19/2024 | 1 |
178 | American Funds Insurance Series |
American Funds Global Balanced Fund (continued)
Forward currency contracts (continued)
Contract amount | Unrealized appreciation (depreciation) | ||||||||||||||
Currency purchased (000) | Currency sold (000) | Counterparty | Settlement date | at 12/31/2023 (000) | |||||||||||
GBP | 100 | USD | 128 | HSBC Bank | 1/19/2024 | $ | — | 15 | |||||||
USD | 115 | GBP | 90 | Goldman Sachs | 1/19/2024 | — | 15 | ||||||||
JPY | 183,389 | USD | 1,257 | Morgan Stanley | 1/22/2024 | 49 | |||||||||
CHF | 270 | USD | 313 | Morgan Stanley | 1/22/2024 | 9 | |||||||||
EUR | 670 | USD | 733 | Bank of America | 1/22/2024 | 7 | |||||||||
CAD | 580 | USD | 432 | BNP Paribas | 1/22/2024 | 6 | |||||||||
SEK | 3,570 | USD | 351 | Bank of America | 1/22/2024 | 4 | |||||||||
EUR | 160 | USD | 176 | HSBC Bank | 1/22/2024 | 1 | |||||||||
IDR | 6,500,000 | USD | 421 | UBS AG | 1/22/2024 | 1 | |||||||||
USD | 370 | KRW | 477,420 | Bank of America | 1/22/2024 | 1 | |||||||||
PLN | 720 | USD | 182 | Citibank | 1/22/2024 | 1 | |||||||||
USD | 46 | PLN | 180 | BNP Paribas | 1/22/2024 | — | 15 | ||||||||
EUR | 203 | CAD | 300 | HSBC Bank | 1/22/2024 | (2 | ) | ||||||||
USD | 145 | MXN | 2,500 | Standard Chartered Bank | 1/22/2024 | (2 | ) | ||||||||
USD | 252 | ZAR | 4,660 | UBS AG | 1/22/2024 | (2 | ) | ||||||||
USD | 709 | BRL | 3,489 | Citibank | 1/22/2024 | (8 | ) | ||||||||
USD | 925 | MXN | 16,083 | JPMorgan Chase | 1/22/2024 | (18 | ) | ||||||||
THB | 17,850 | USD | 511 | UBS AG | 1/23/2024 | 9 | |||||||||
DKK | 800 | USD | 118 | Citibank | 1/23/2024 | 1 | |||||||||
JPY | 22,000 | USD | 156 | Bank of New York Mellon | 1/23/2024 | 1 | |||||||||
CNH | 900 | USD | 127 | Citibank | 1/23/2024 | — | 15 | ||||||||
EUR | 396 | DKK | 2,950 | Citibank | 1/23/2024 | — | 15 | ||||||||
CNH | 13,200 | USD | 1,856 | Goldman Sachs | 1/23/2024 | (1 | ) | ||||||||
USD | 262 | MXN | 4,500 | Standard Chartered Bank | 1/23/2024 | (2 | ) | ||||||||
NZD | 280 | USD | 174 | Standard Chartered Bank | 1/25/2024 | 3 | |||||||||
USD | 483 | JPY | 68,000 | HSBC Bank | 1/26/2024 | (1 | ) | ||||||||
JPY | 593,150 | USD | 4,153 | Morgan Stanley | 2/9/2024 | 82 | |||||||||
USD | 1,341 | JPY | 199,000 | JPMorgan Chase | 2/9/2024 | (79 | ) | ||||||||
MXN | 15,470 | USD | 860 | Goldman Sachs | 2/14/2024 | 43 | |||||||||
USD | 1,823 | JPY | 230,900 | HSBC Bank | 2/16/2024 | 173 | |||||||||
JPY | 230,900 | USD | 1,808 | HSBC Bank | 2/16/2024 | (158 | ) | ||||||||
USD | 1,809 | JPY | 230,900 | HSBC Bank | 2/20/2024 | 158 | |||||||||
USD | 483 | BRL | 2,410 | Citibank | 2/20/2024 | (11 | ) | ||||||||
USD | 610 | BRL | 3,000 | Bank of America | 2/29/2024 | (4 | ) | ||||||||
$ | 318 |
Swap contracts
Interest rate swaps
Centrally cleared interest rate swaps
Receive | Pay | Notional | Value at | Upfront premium paid | Unrealized appreciation (depreciation) | ||||||||||||||||||
Rate | Payment frequency | Rate | Payment frequency | Expiration date | amount (000) | 12/31/2023 (000) | (received) (000) | at 12/31/2023 (000) | |||||||||||||||
3.79165% | Annual | SOFR | Annual | 1/13/2026 | USD | 865 | $ | (5 | ) | $ | — | $ | (5 | ) | |||||||||
6.59% | 28-day | 28-day MXN-TIIE | 28-day | 6/25/2026 | MXN | 2,000 | (7 | ) | — | (7 | ) | ||||||||||||
6.585% | 28-day | 28-day MXN-TIIE | 28-day | 6/25/2026 | MXN | 2,600 | (9 | ) | — | (9 | ) | ||||||||||||
6.64% | 28-day | 28-day MXN-TIIE | 28-day | 6/25/2026 | MXN | 3,200 | (11 | ) | — | (11 | ) | ||||||||||||
6.6175% | 28-day | 28-day MXN-TIIE | 28-day | 6/25/2026 | MXN | 8,600 | (31 | ) | — | (31 | ) | ||||||||||||
6.633% | 28-day | 28-day MXN-TIIE | 28-day | 6/25/2026 | MXN | 8,900 | (32 | ) | — | (32 | ) | ||||||||||||
6.58% | 28-day | 28-day MXN-TIIE | 28-day | 6/25/2026 | MXN | 11,300 | (41 | ) | — | (41 | ) | ||||||||||||
7.59% | 28-day | 28-day MXN-TIIE | 28-day | 10/29/2026 | MXN | 2,500 | (6 | ) | — | (6 | ) |
American Funds Insurance Series | 179 |
American Funds Global Balanced Fund (continued)
Swap contracts (continued)
Interest rate swaps (continued)
Centrally cleared interest rate swaps (continued)
Receive | Pay | Notional | Value at | Upfront premium paid | Unrealized appreciation (depreciation) | ||||||||||||||||||
Rate | Payment frequency | Rate | Payment frequency | Expiration date | amount (000) | 12/31/2023 (000) | (received) (000) | at 12/31/2023 (000) | |||||||||||||||
7.62% | 28-day | 28-day MXN-TIIE | 28-day | 10/29/2026 | MXN | 3,701 | $ | (8 | ) | $ | — | $ | (8 | ) | |||||||||
7.52% | 28-day | 28-day MXN-TIIE | 28-day | 10/30/2026 | MXN | 7,639 | (19 | ) | — | (19 | ) | ||||||||||||
9.07% | 28-day | 28-day MXN-TIIE | 28-day | 4/28/2027 | MXN | 20,400 | 4 | — | 4 | ||||||||||||||
4.98038% | Annual | SONIA | Annual | 6/21/2028 | GBP | 1,715 | 137 | — | 137 | ||||||||||||||
4.96048% | Annual | SONIA | Annual | 6/21/2028 | GBP | 850 | 67 | — | 67 | ||||||||||||||
SOFR | Annual | 3.29015% | Annual | 1/13/2030 | USD | 2,870 | 33 | — | 33 | ||||||||||||||
SONIA | Annual | 4.34948% | Annual | 6/21/2033 | GBP | 460 | (50 | ) | — | (50 | ) | ||||||||||||
SONIA | Annual | 4.36738% | Annual | 6/21/2033 | GBP | 930 | (103 | ) | — | (103 | ) | ||||||||||||
$ | (81 | ) | $ | — | $ | (81 | ) |
Credit default swaps
Centrally cleared credit default swaps on credit indices — buy protection
Reference index | Financing rate paid | Payment frequency | Expiration date | Notional amount (000) | Value at 12/31/2023 (000) | Upfront premium paid (received) (000) | Unrealized appreciation (depreciation) at 12/31/2023 (000) | ||||||||||||||||||
CDX.NA.IG.41 | 1.00% | Quarterly | 12/20/2028 | USD | 50 | $ | (1) | $ | — | 15 | $ | (1 | ) | ||||||||||||
Centrally cleared credit default swaps on credit indices — sell protection | |||||||||||||||||||||||||
Financing rate received | Payment frequency | Reference index | Expiration date | Notional amount (000) | 16 | Value at 12/31/2023 (000) | 17 | Upfront premium paid (received) (000) | Unrealized appreciation (depreciation) at 12/31/2023 (000) | ||||||||||||||||
1.00% | Quarterly | ITRX.EUR.IG.40 | 12/20/2028 | EUR5,235 | $113 | $ | 102 | $ | 11 |
Investments in affiliates12
Value at 1/1/2023 (000) | Additions (000) | Reductions (000) | Net realized gain (loss) (000) | Net unrealized appreciation (depreciation) (000) | Value at 12/31/2023 (000) | Dividend or interest income (000) | ||||||||||||||||||||||
Investment funds 2.14% | ||||||||||||||||||||||||||||
Capital Group Central Corporate Bond Fund | $ | 5,532 | $ | 3,667 | $ | 1,209 | $ | (77 | ) | $ | 428 | $ | 8,341 | $ | 219 | |||||||||||||
Short-term securities 3.34% | ||||||||||||||||||||||||||||
Money market investments 3.34% | ||||||||||||||||||||||||||||
Capital Group Central Cash Fund 5.44%13 | 3,928 | 106,063 | 97,017 | 2 | (2 | ) | 12,974 | 1,251 | ||||||||||||||||||||
Total 5.48% | $ | (75 | ) | $ | 426 | $ | 21,315 | $ | 1,470 |
180 | American Funds Insurance Series |
American Funds Global Balanced Fund (continued)
1 | Security did not produce income during the last 12 months. |
2 | All or a portion of this security was on loan. The total value of all such securities was $1,039,000, which represented .27% of the net assets of the fund. Refer to Note 5 for more information on securities lending. |
3 | Index-linked bond whose principal amount moves with a government price index. |
4 | Scheduled interest and/or principal payment was not received. |
5 | Acquired in a transaction exempt from registration under Rule 144A or, for commercial paper, Section 4(a)(2) of the Securities Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers. The total value of all such securities was $17,573,000, which represented 4.52% of the net assets of the fund. |
6 | Principal payments may be made periodically. Therefore, the effective maturity date may be earlier than the stated maturity date. |
7 | Purchased on a TBA basis. |
8 | Coupon rate may change periodically. Reference rate and spread are as of the most recent information available. Some coupon rates are determined by the issuer or agent based on current market conditions; therefore, the reference rate and spread are not available. |
9 | All or a portion of this security was pledged as collateral. The total value of pledged collateral was $860,000, which represented .22% of the net assets of the fund. |
10 | Step bond; coupon rate may change at a later date. |
11 | Securities referencing LIBOR are expected to transition to an alternative reference rate by the security’s next scheduled coupon reset date. |
12 | Part of the same “group of investment companies” as the fund as defined under the Investment Company Act of 1940, as amended. |
13 | Rate represents the seven-day yield at 12/31/2023. |
14 | Security purchased with cash collateral from securities on loan. Refer to Note 5 for more information on securities lending. |
15 | Amount less than one thousand. |
16 | The maximum potential amount the fund may pay as a protection seller should a credit event occur. |
17 | The prices and resulting values for credit default swap indices serve as an indicator of the current status of the payment/performance risk. As the value of a sell protection credit default swap increases or decreases, when compared to the notional amount of the swap, the payment/performance risk may decrease or increase, respectively. |
Key to abbreviation(s)
ADR = American Depositary Receipts
Assn. = Association
AUD = Australian dollars
BRL = Brazilian reais
CAD = Canadian dollars
CDI = CREST Depository Interest
CHF = Swiss francs
CLP = Chilean pesos
CME = CME Group
CNH = Chinese yuan renminbi
CNY = Chinese yuan
COP = Colombian pesos
CZK = Czech korunas
DKK = Danish kroner
EUR = Euros
EURIBOR = Euro Interbank Offered Rate
GBP = British pounds
HUF = Hungarian forints
IDR = Indonesian rupiah
ILS = Israeli shekels
INR = Indian rupees
JPY = Japanese yen
KRW = South Korean won
LIBOR = London Interbank Offered Rate
MXN = Mexican pesos
MYR = Malaysian ringgits
NZD = New Zealand dollars
PLN = Polish zloty
Ref. = Refunding
REIT = Real Estate Investment Trust
Rev. = Revenue
SEK = Swedish kronor
SGD = Singapore dollars
SOFR = Secured Overnight Financing Rate
SONIA = Sterling Overnight Interbank Average Rate
TBA = To be announced
THB = Thai baht
TIIE = Equilibrium Interbank Interest Rate
USD = U.S. dollars
ZAR = South African rand
Refer to the notes to financial statements.
American Funds Insurance Series | 181 |
Investment portfolio December 31, 2023
Bonds, notes & other debt instruments 96.16% | Principal amount (000) | Value (000) | ||||||
Mortgage-backed obligations 40.41% | ||||||||
Federal agency mortgage-backed obligations 37.67% | ||||||||
Fannie Mae Pool #AB1068 4.50% 5/1/20251 | USD | 15 | $ | 15 | ||||
Fannie Mae Pool #256133 4.50% 1/1/20261 | 18 | 18 | ||||||
Fannie Mae Pool #AR3058 3.00% 1/1/20281 | 57 | 55 | ||||||
Fannie Mae Pool #AS8018 3.00% 9/1/20311 | 36 | 35 | ||||||
Fannie Mae Pool #BM4741 3.00% 4/1/20321 | 21 | 21 | ||||||
Fannie Mae Pool #913966 6.00% 2/1/20371 | 33 | 34 | ||||||
Fannie Mae Pool #945680 6.00% 9/1/20371 | 366 | 383 | ||||||
Fannie Mae Pool #924866 4.765% 10/1/20371,2 | 138 | 135 | ||||||
Fannie Mae Pool #988588 5.50% 8/1/20381 | 175 | 180 | ||||||
Fannie Mae Pool #889982 5.50% 11/1/20381 | 788 | 812 | ||||||
Fannie Mae Pool #AB1297 5.00% 8/1/20401 | 180 | 183 | ||||||
Fannie Mae Pool #AH8144 5.00% 4/1/20411 | 775 | 779 | ||||||
Fannie Mae Pool #AH9479 5.00% 4/1/20411 | 725 | 736 | ||||||
Fannie Mae Pool #FM7365 2.00% 5/1/20411 | 153,419 | 131,585 | ||||||
Fannie Mae Pool #AI1862 5.00% 5/1/20411 | 813 | 826 | ||||||
Fannie Mae Pool #AI3510 5.00% 6/1/20411 | 445 | 452 | ||||||
Fannie Mae Pool #AJ0704 5.00% 9/1/20411 | 374 | 380 | ||||||
Fannie Mae Pool #AJ5391 5.00% 11/1/20411 | 255 | 259 | ||||||
Fannie Mae Pool #MA4501 2.00% 12/1/20411 | 9,218 | 7,883 | ||||||
Fannie Mae Pool #MA4540 2.00% 2/1/20421 | 2,424 | 2,071 | ||||||
Fannie Mae Pool #AZ3904 4.00% 5/1/20451 | 40 | 39 | ||||||
Fannie Mae Pool #FM9416 3.50% 7/1/20451 | 1,866 | 1,742 | ||||||
Fannie Mae Pool #AL8522 3.50% 5/1/20461 | 807 | 757 | ||||||
Fannie Mae Pool #BD1968 4.00% 7/1/20461 | 771 | 742 | ||||||
Fannie Mae Pool #BD5477 4.00% 7/1/20461 | 132 | 127 | ||||||
Fannie Mae Pool #BM5148 4.00% 10/1/20461 | 5,076 | 4,883 | ||||||
Fannie Mae Pool #BE0592 4.00% 11/1/20461 | 305 | 290 | ||||||
Fannie Mae Pool #BE8885 4.00% 3/1/20471 | 873 | 840 | ||||||
Fannie Mae Pool #MA3058 4.00% 7/1/20471 | 38 | 37 | ||||||
Fannie Mae Pool #CA0770 3.50% 11/1/20471 | 4,301 | 4,016 | ||||||
Fannie Mae Pool #BJ1515 4.00% 11/1/20471 | 2,375 | 2,291 | ||||||
Fannie Mae Pool #CA0706 4.00% 11/1/20471 | 82 | 79 | ||||||
Fannie Mae Pool #BM4413 4.50% 12/1/20471 | 2,456 | 2,425 | ||||||
Fannie Mae Pool #CA1189 3.50% 2/1/20481 | 1,284 | 1,201 | ||||||
Fannie Mae Pool #BJ5749 4.00% 5/1/20481 | 16 | 15 | ||||||
Fannie Mae Pool #BF0293 3.00% 7/1/20481 | 6,279 | 5,685 | ||||||
Fannie Mae Pool #BF0318 3.50% 8/1/20481 | 5,045 | 4,690 | ||||||
Fannie Mae Pool #BM5349 4.00% 9/1/20481 | 20,996 | 20,259 | ||||||
Fannie Mae Pool #FM4891 3.50% 10/1/20481 | 19,101 | 17,834 | ||||||
Fannie Mae Pool #BM4676 4.00% 10/1/20481 | 11 | 11 | ||||||
Fannie Mae Pool #FM3280 3.50% 5/1/20491 | 487 | 453 | ||||||
Fannie Mae Pool #CA3807 3.00% 7/1/20491 | 1,294 | 1,167 | ||||||
Fannie Mae Pool #CA3806 3.00% 7/1/20491 | 838 | 760 | ||||||
Fannie Mae Pool #FS5372 3.50% 7/1/20491 | 2,486 | 2,321 | ||||||
Fannie Mae Pool #FM1262 4.00% 7/1/20491 | 20,647 | 19,845 | ||||||
Fannie Mae Pool #FM0007 3.50% 9/1/20491 | 13,713 | 12,769 | ||||||
Fannie Mae Pool #FM1589 3.50% 9/1/20491 | 3,846 | 3,581 | ||||||
Fannie Mae Pool #FM1954 3.50% 11/1/20491 | 6,075 | 5,656 | ||||||
Fannie Mae Pool #FS5313 3.50% 1/1/20501 | 28,571 | 26,613 | ||||||
Fannie Mae Pool #CA5968 2.50% 6/1/20501 | 5,637 | 4,876 | ||||||
Fannie Mae Pool #FM5507 3.00% 7/1/20501 | 16,520 | 14,897 | ||||||
Fannie Mae Pool #CA6309 3.00% 7/1/20501 | 6,100 | 5,528 | ||||||
Fannie Mae Pool #CA6349 3.00% 7/1/20501 | 1,909 | 1,705 | ||||||
Fannie Mae Pool #CA6740 3.00% 8/1/20501 | 1,113 | 994 | ||||||
Fannie Mae Pool #BQ1226 2.00% 9/1/20501 | 4,194 | 3,449 | ||||||
Fannie Mae Pool #BP6715 2.00% 9/1/20501 | 1 | 1 | ||||||
Fannie Mae Pool #FM4256 2.50% 9/1/20501 | 3,029 | 2,626 | ||||||
Fannie Mae Pool #CA7028 2.50% 9/1/20501 | 1,023 | 887 | ||||||
Fannie Mae Pool #CA7052 3.00% 9/1/20501 | 366 | 327 | ||||||
Fannie Mae Pool #CA7325 2.00% 10/1/20501 | 4,782 | 3,991 | ||||||
Fannie Mae Pool #FP0051 2.00% 10/1/20501 | 2,579 | 2,124 |
182 | American Funds Insurance Series |
The Bond Fund of America (continued)
Bonds, notes & other debt instruments (continued) | Principal amount (000) | Value (000) | ||||||
Mortgage-backed obligations (continued) | ||||||||
Federal agency mortgage-backed obligations (continued) | ||||||||
Fannie Mae Pool #CA7257 2.50% 10/1/20501 | USD | 285 | $ | 247 | ||||
Fannie Mae Pool #CA7381 3.00% 10/1/20501 | 1,694 | 1,513 | ||||||
Fannie Mae Pool #CA7599 2.50% 11/1/20501 | 6,875 | 5,954 | ||||||
Fannie Mae Pool #FM4897 3.00% 11/1/20501 | 17,342 | 15,727 | ||||||
Fannie Mae Pool #MA4208 2.00% 12/1/20501 | 1,151 | 947 | ||||||
Fannie Mae Pool #FM5166 3.00% 12/1/20501 | 1,150 | 1,027 | ||||||
Fannie Mae Pool #MA4237 2.00% 1/1/20511 | 7,227 | 5,945 | ||||||
Fannie Mae Pool #BR4104 2.00% 1/1/20511 | 5,747 | 4,726 | ||||||
Fannie Mae Pool #FM6113 2.50% 1/1/20511 | 24,386 | 20,830 | ||||||
Fannie Mae Pool #FM6293 3.00% 1/1/20511 | 72 | 64 | ||||||
Fannie Mae Pool #BR2666 2.00% 2/1/20511 | 440 | 366 | ||||||
Fannie Mae Pool #CA8828 2.50% 2/1/20511 | 5,886 | 5,076 | ||||||
Fannie Mae Pool #FM6548 2.00% 3/1/20511 | 4,755 | 3,964 | ||||||
Fannie Mae Pool #MA4282 2.50% 3/1/20511 | 1,431 | 1,225 | ||||||
Fannie Mae Pool #MA4305 2.00% 4/1/20511 | 31 | 26 | ||||||
Fannie Mae Pool #BR6309 2.50% 4/1/20511 | 4,497 | 3,837 | ||||||
Fannie Mae Pool #MA4306 2.50% 4/1/20511 | 4,065 | 3,481 | ||||||
Fannie Mae Pool #CB0191 3.00% 4/1/20511 | 3,452 | 3,084 | ||||||
Fannie Mae Pool #CB0193 3.00% 4/1/20511 | 416 | 371 | ||||||
Fannie Mae Pool #BR1035 2.00% 5/1/20511 | 18 | 15 | ||||||
Fannie Mae Pool #FM7803 2.00% 6/1/20511 | 570 | 475 | ||||||
Fannie Mae Pool #FM7909 3.00% 6/1/20511 | 324 | 289 | ||||||
Fannie Mae Pool #FM7510 3.00% 6/1/20511 | 224 | 200 | ||||||
Fannie Mae Pool #FM7957 2.50% 7/1/20511 | 17,109 | 14,724 | ||||||
Fannie Mae Pool #CB0988 2.50% 7/1/20511 | 14,957 | 12,868 | ||||||
Fannie Mae Pool #FM7900 2.50% 7/1/20511 | 496 | 428 | ||||||
Fannie Mae Pool #FM8442 2.50% 8/1/20511 | 8,656 | 7,389 | ||||||
Fannie Mae Pool #FS1057 2.50% 8/1/20511 | 171 | 146 | ||||||
Fannie Mae Pool #CB1304 3.00% 8/1/20511 | 1,541 | 1,382 | ||||||
Fannie Mae Pool #CB1527 2.50% 9/1/20511 | 1,181 | 1,011 | ||||||
Fannie Mae Pool #FS4628 3.00% 10/1/20511 | 3,657 | 3,264 | ||||||
Fannie Mae Pool #FS0965 2.00% 11/1/20511 | 145 | 119 | ||||||
Fannie Mae Pool #FM9810 3.00% 11/1/20511 | 1,092 | 974 | ||||||
Fannie Mae Pool #MA4493 2.50% 12/1/20511 | 433 | 368 | ||||||
Fannie Mae Pool #CB2787 3.50% 12/1/20511 | 26 | 24 | ||||||
Fannie Mae Pool #FS0454 3.00% 1/1/20521 | 1,116 | 996 | ||||||
Fannie Mae Pool #BV3076 2.00% 2/1/20521 | 19,707 | 16,135 | ||||||
Fannie Mae Pool #BV3023 2.00% 2/1/20521 | 12,616 | 10,325 | ||||||
Fannie Mae Pool #CB2765 2.00% 2/1/20521 | 6,461 | 5,316 | ||||||
Fannie Mae Pool #BV3083 2.00% 2/1/20521 | 815 | 667 | ||||||
Fannie Mae Pool #FS0647 3.00% 2/1/20521 | 37,582 | 33,914 | ||||||
Fannie Mae Pool #BV4172 2.00% 3/1/20521 | 4,095 | 3,349 | ||||||
Fannie Mae Pool #BV4128 2.00% 3/1/20521 | 4,069 | 3,331 | ||||||
Fannie Mae Pool #BV3101 2.00% 3/1/20521 | 2,240 | 1,833 | ||||||
Fannie Mae Pool #BV4118 2.00% 3/1/20521 | 1,245 | 1,018 | ||||||
Fannie Mae Pool #BV4169 2.00% 3/1/20521 | 932 | 763 | ||||||
Fannie Mae Pool #FS1655 4.00% 4/1/20521 | 312 | 296 | ||||||
Fannie Mae Pool #CB3597 3.50% 5/1/20521 | 480 | 441 | ||||||
Fannie Mae Pool #BW1931 5.00% 6/1/20521 | 3,392 | 3,360 | ||||||
Fannie Mae Pool #BT8262 5.00% 6/1/20521 | 1,421 | 1,408 | ||||||
Fannie Mae Pool #FS3539 3.50% 7/1/20521 | 1,914 | 1,757 | ||||||
Fannie Mae Pool #BW0959 5.00% 7/1/20521 | 3,197 | 3,165 | ||||||
Fannie Mae Pool #MA4731 3.50% 9/1/20521 | 9,436 | 8,664 | ||||||
Fannie Mae Pool #BW1192 4.50% 9/1/20521 | 289 | 280 | ||||||
Fannie Mae Pool #BW8497 4.50% 9/1/20521 | 62 | 60 | ||||||
Fannie Mae Pool #CB4852 4.50% 10/1/20521 | 56,256 | 54,571 | ||||||
Fannie Mae Pool #BX0097 4.50% 10/1/20521 | 2,761 | 2,681 | ||||||
Fannie Mae Pool #BW1289 5.50% 10/1/20521 | 3,312 | 3,335 | ||||||
Fannie Mae Pool #BW1243 5.50% 10/1/20521 | 2,947 | 2,969 | ||||||
Fannie Mae Pool #MA4820 6.50% 10/1/20521 | 236 | 243 | ||||||
Fannie Mae Pool #BX1132 4.50% 11/1/20521 | 952 | 924 |
American Funds Insurance Series | 183 |
The Bond Fund of America (continued)
Bonds, notes & other debt instruments (continued) | Principal amount (000) | Value (000) | ||||||
Mortgage-backed obligations (continued) | ||||||||
Federal agency mortgage-backed obligations (continued) | ||||||||
Fannie Mae Pool #BX5673 5.00% 12/1/20521 | USD | 136 | $ | 134 | ||||
Fannie Mae Pool #MA4842 5.50% 12/1/20521 | 5,695 | 5,732 | ||||||
Fannie Mae Pool #CB5778 6.00% 12/1/20521 | 46 | 47 | ||||||
Fannie Mae Pool #BX5927 4.00% 1/1/20531 | 315 | 298 | ||||||
Fannie Mae Pool #MA4918 5.00% 2/1/20531 | 677 | 670 | ||||||
Fannie Mae Pool #MA4919 5.50% 2/1/20531 | 8,818 | 8,861 | ||||||
Fannie Mae Pool #BW5268 4.00% 3/1/20531 | 418 | 395 | ||||||
Fannie Mae Pool #CB5986 5.00% 3/1/20531 | 162 | 160 | ||||||
Fannie Mae Pool #BX7779 5.50% 3/1/20531 | 4,662 | 4,691 | ||||||
Fannie Mae Pool #BX7949 6.00% 3/1/20531 | 1,022 | 1,038 | ||||||
Fannie Mae Pool #MA4977 4.50% 4/1/20531 | 731 | 709 | ||||||
Fannie Mae Pool #BX9041 5.00% 4/1/20531 | 96 | 95 | ||||||
Fannie Mae Pool #BY0130 5.50% 4/1/20531 | 993 | 999 | ||||||
Fannie Mae Pool #CB6033 6.00% 4/1/20531 | 22,229 | 22,623 | ||||||
Fannie Mae Pool #FS4919 2.50% 5/1/20531 | 1,933 | 1,646 | ||||||
Fannie Mae Pool #BX9827 5.00% 5/1/20531 | 64,824 | 64,153 | ||||||
Fannie Mae Pool #FS4563 5.00% 5/1/20531 | 3,187 | 3,157 | ||||||
Fannie Mae Pool #MA5010 5.50% 5/1/20531 | 6,876 | 6,906 | ||||||
Fannie Mae Pool #BY1592 5.50% 5/1/20531 | 987 | 993 | ||||||
Fannie Mae Pool #MA5011 6.00% 5/1/20531 | 8,693 | 8,830 | ||||||
Fannie Mae Pool #MA5039 5.50% 6/1/20531 | 12,111 | 12,165 | ||||||
Fannie Mae Pool #FS5192 5.50% 6/1/20531 | 7,842 | 7,893 | ||||||
Fannie Mae Pool #CB6485 6.00% 6/1/20531 | 4,603 | 4,676 | ||||||
Fannie Mae Pool #CB6486 6.00% 6/1/20531 | 2,863 | 2,914 | ||||||
Fannie Mae Pool #CB6465 6.00% 6/1/20531 | 2,054 | 2,090 | ||||||
Fannie Mae Pool #MA5071 5.00% 7/1/20531 | 51,368 | 50,831 | ||||||
Fannie Mae Pool #BY4459 5.00% 7/1/20531 | 675 | 668 | ||||||
Fannie Mae Pool #BU4112 5.00% 7/1/20531 | 99 | 98 | ||||||
Fannie Mae Pool #MA5072 5.50% 7/1/20531 | 9,141 | 9,183 | ||||||
Fannie Mae Pool #FS5749 6.50% 9/1/20531 | 20,790 | 21,312 | ||||||
Fannie Mae Pool #MA5165 5.50% 10/1/20531 | 494 | 496 | ||||||
Fannie Mae Pool #MA5166 6.00% 10/1/20531 | 176 | 178 | ||||||
Fannie Mae Pool #MA5167 6.50% 10/1/20531 | 21,213 | 21,746 | ||||||
Fannie Mae Pool #MA5190 5.50% 11/1/20531 | 5,502 | 5,526 | ||||||
Fannie Mae Pool #MA5191 6.00% 11/1/20531 | 99,368 | 100,918 | ||||||
Fannie Mae Pool #MA5192 6.50% 11/1/20531 | 26,581 | 27,248 | ||||||
Fannie Mae Pool #BF0145 3.50% 3/1/20571 | 10,787 | 9,799 | ||||||
Fannie Mae Pool #BF0264 3.50% 5/1/20581 | 8,204 | 7,452 | ||||||
Fannie Mae Pool #BF0332 3.00% 1/1/20591 | 17,627 | 15,537 | ||||||
Fannie Mae Pool #BF0497 3.00% 7/1/20601 | 20,676 | 17,746 | ||||||
Fannie Mae Pool #BF0585 4.50% 12/1/20611 | 1,219 | 1,185 | ||||||
Fannie Mae, Series 2001-4, Class GA, 9.00% 4/17/20251,2 | — | 3 | — | 3 | ||||
Fannie Mae, Series 2001-50, Class BA, 7.00% 10/25/20411 | 5 | 5 | ||||||
Fannie Mae, Series 2002-W3, Class A5, 7.50% 11/25/20411 | 16 | 17 | ||||||
Fannie Mae, Series 2002-W1, Class 2A, 4.68% 2/25/20421,2 | 19 | 18 | ||||||
Freddie Mac Pool #ZS8507 3.00% 11/1/20281 | 84 | 81 | ||||||
Freddie Mac Pool #ZK7590 3.00% 1/1/20291 | 1,738 | 1,684 | ||||||
Freddie Mac Pool #A15120 5.50% 10/1/20331 | 46 | 48 | ||||||
Freddie Mac Pool #QN1073 3.00% 12/1/20341 | 35 | 33 | ||||||
Freddie Mac Pool #G05196 5.50% 10/1/20381 | 44 | 46 | ||||||
Freddie Mac Pool #G05267 5.50% 12/1/20381 | 33 | 34 | ||||||
Freddie Mac Pool #G06020 5.50% 12/1/20391 | 63 | 65 | ||||||
Freddie Mac Pool #G05860 5.50% 2/1/20401 | 230 | 238 | ||||||
Freddie Mac Pool #RB5071 2.00% 9/1/20401 | 2,071 | 1,783 | ||||||
Freddie Mac Pool #A93948 4.50% 9/1/20401 | 147 | 147 | ||||||
Freddie Mac Pool #SC0149 2.00% 3/1/20411 | 6,177 | 5,314 | ||||||
Freddie Mac Pool #G06868 4.50% 4/1/20411 | 157 | 157 | ||||||
Freddie Mac Pool #RB0544 2.00% 6/1/20411 | 10,691 | 9,167 | ||||||
Freddie Mac Pool #G06841 5.50% 6/1/20411 | 367 | 379 | ||||||
Freddie Mac Pool #RB5138 2.00% 12/1/20411 | 2,423 | 2,072 | ||||||
Freddie Mac Pool #RB5145 2.00% 2/1/20421 | 2,379 | 2,032 |
184 | American Funds Insurance Series |
The Bond Fund of America (continued)
Bonds, notes & other debt instruments (continued) | Principal amount (000) | Value (000) | ||||||
Mortgage-backed obligations (continued) | ||||||||
Federal agency mortgage-backed obligations (continued) | ||||||||
Freddie Mac Pool #RB5148 2.00% 3/1/20421 | USD | 5,100 | $ | 4,356 | ||||
Freddie Mac Pool #Z40130 3.00% 1/1/20461 | 18,530 | 17,065 | ||||||
Freddie Mac Pool #ZT2100 3.00% 4/1/20471 | 101 | 92 | ||||||
Freddie Mac Pool #SD0470 4.00% 11/1/20471 | 920 | 884 | ||||||
Freddie Mac Pool #G08789 4.00% 11/1/20471 | 563 | 545 | ||||||
Freddie Mac Pool #G61733 3.00% 12/1/20471 | 4,714 | 4,287 | ||||||
Freddie Mac Pool #G67709 3.50% 3/1/20481 | 12,138 | 11,406 | ||||||
Freddie Mac Pool #ZT2265 4.00% 8/1/20481 | 891 | 855 | ||||||
Freddie Mac Pool #G61628 3.50% 9/1/20481 | 290 | 272 | ||||||
Freddie Mac Pool #Q58494 4.00% 9/1/20481 | 1,238 | 1,193 | ||||||
Freddie Mac Pool #ZN4842 3.50% 4/1/20491 | 697 | 650 | ||||||
Freddie Mac Pool #RA1369 3.50% 9/1/20491 | 1,805 | 1,680 | ||||||
Freddie Mac Pool #SD7508 3.50% 10/1/20491 | 9,887 | 9,222 | ||||||
Freddie Mac Pool #QA4673 3.00% 11/1/20491 | 27,054 | 24,397 | ||||||
Freddie Mac Pool #QB1368 2.50% 7/1/20501 | 5,424 | 4,702 | ||||||
Freddie Mac Pool #RA3384 3.00% 8/1/20501 | 396 | 354 | ||||||
Freddie Mac Pool #SI2077 2.00% 9/1/20501 | 2,081 | 1,715 | ||||||
Freddie Mac Pool #SD8090 2.00% 9/1/20501 | 1,283 | 1,056 | ||||||
Freddie Mac Pool #RA3506 3.00% 9/1/20501 | 1,915 | 1,710 | ||||||
Freddie Mac Pool #SD7525 2.50% 10/1/20501 | 6,796 | 5,891 | ||||||
Freddie Mac Pool #SD8106 2.00% 11/1/20501 | 1,326 | 1,091 | ||||||
Freddie Mac Pool #RA3987 2.50% 11/1/20501 | 12,145 | 10,403 | ||||||
Freddie Mac Pool #QB8605 2.00% 2/1/20511 | 477 | 397 | ||||||
Freddie Mac Pool #SD8128 2.00% 2/1/20511 | 108 | 89 | ||||||
Freddie Mac Pool #SD8134 2.00% 3/1/20511 | 78,386 | 64,383 | ||||||
Freddie Mac Pool #RA5288 2.00% 5/1/20511 | 1,381 | 1,135 | ||||||
Freddie Mac Pool #RA5267 3.00% 5/1/20511 | 1,244 | 1,106 | ||||||
Freddie Mac Pool #SD1852 2.50% 6/1/20511 | 13,009 | 11,104 | ||||||
Freddie Mac Pool #QC2817 2.50% 6/1/20511 | 2,624 | 2,257 | ||||||
Freddie Mac Pool #SD7544 3.00% 7/1/20511 | 6,619 | 5,949 | ||||||
Freddie Mac Pool #RA5836 2.50% 9/1/20511 | 18,045 | 15,505 | ||||||
Freddie Mac Pool #RA5901 3.00% 9/1/20511 | 1,213 | 1,083 | ||||||
Freddie Mac Pool #SD2880 3.00% 10/1/20511 | 7,324 | 6,535 | ||||||
Freddie Mac Pool #SD0734 3.00% 10/1/20511 | 2,029 | 1,820 | ||||||
Freddie Mac Pool #SD1385 2.50% 11/1/20511 | 1,541 | 1,328 | ||||||
Freddie Mac Pool #RA6347 3.00% 11/1/20511 | 1,398 | 1,248 | ||||||
Freddie Mac Pool #QD2025 3.50% 11/1/20511 | 1,112 | 1,020 | ||||||
Freddie Mac Pool #QD3310 3.00% 12/1/20511 | 20 | 18 | ||||||
Freddie Mac Pool #SD7552 2.50% 1/1/20521 | 10,186 | 8,774 | ||||||
Freddie Mac Pool #SD0855 2.50% 1/1/20521 | 4,234 | 3,605 | ||||||
Freddie Mac Pool #SD0813 3.00% 1/1/20521 | 4,475 | 4,013 | ||||||
Freddie Mac Pool #QD7089 3.50% 2/1/20521 | 743 | 686 | ||||||
Freddie Mac Pool #QD8207 2.00% 3/1/20521 | 2,691 | 2,203 | ||||||
Freddie Mac Pool #QD8010 2.00% 3/1/20521 | 98 | 80 | ||||||
Freddie Mac Pool #QD7603 2.00% 3/1/20521 | 6 | 5 | ||||||
Freddie Mac Pool #SD8214 3.50% 5/1/20521 | 15,685 | 14,397 | ||||||
Freddie Mac Pool #QE4855 3.50% 6/1/20521 | 67 | 61 | ||||||
Freddie Mac Pool #QE4084 6.50% 6/1/20521 | 286 | 296 | ||||||
Freddie Mac Pool #QE5698 5.00% 7/1/20521 | 2,103 | 2,084 | ||||||
Freddie Mac Pool #SD7556 3.00% 8/1/20521 | 638 | 571 | ||||||
Freddie Mac Pool #QE8579 4.50% 8/1/20521 | 78 | 76 | ||||||
Freddie Mac Pool #QF0212 4.50% 9/1/20521 | 354 | 344 | ||||||
Freddie Mac Pool #QF1205 4.50% 9/1/20521 | 293 | 284 | ||||||
Freddie Mac Pool #QE9497 4.50% 9/1/20521 | 89 | 86 | ||||||
Freddie Mac Pool #SD1608 4.50% 9/1/20521 | 53 | 51 | ||||||
Freddie Mac Pool #SD2465 4.50% 10/1/20521 | 35 | 34 | ||||||
Freddie Mac Pool #RA8059 5.50% 10/1/20521 | 6,689 | 6,736 | ||||||
Freddie Mac Pool #SD1896 4.00% 11/1/20521 | 18,953 | 18,217 | ||||||
Freddie Mac Pool #SD1894 4.00% 11/1/20521 | 6,509 | 6,260 | ||||||
Freddie Mac Pool #QF2926 5.00% 11/1/20521 | 12,919 | 12,803 | ||||||
Freddie Mac Pool #QF2692 5.00% 11/1/20521 | 3,602 | 3,569 |
American Funds Insurance Series | 185 |
The Bond Fund of America (continued)
Bonds, notes & other debt instruments (continued) | Principal amount (000) | Value (000) | ||||||
Mortgage-backed obligations (continued) | ||||||||
Federal agency mortgage-backed obligations (continued) | ||||||||
Freddie Mac Pool #SD2948 5.50% 11/1/20521 | USD | 2,347 | $ | 2,362 | ||||
Freddie Mac Pool #QF2862 6.50% 11/1/20521 | 62 | 64 | ||||||
Freddie Mac Pool #SD8280 6.50% 11/1/20521 | 48 | 49 | ||||||
Freddie Mac Pool #SD2065 4.00% 12/1/20521 | 1,079 | 1,021 | ||||||
Freddie Mac Pool #RA8200 4.00% 12/1/20521 | 688 | 651 | ||||||
Freddie Mac Pool #SD8288 5.00% 1/1/20531 | 217 | 215 | ||||||
Freddie Mac Pool #SD8298 4.50% 2/1/20531 | 16,569 | 16,073 | ||||||
Freddie Mac Pool #QF7144 5.50% 2/1/20531 | 4,883 | 4,915 | ||||||
Freddie Mac Pool #SD8314 4.50% 4/1/20531 | 213 | 206 | ||||||
Freddie Mac Pool #SD2716 5.00% 4/1/20531 | 5,164 | 5,117 | ||||||
Freddie Mac Pool #QG1268 5.00% 4/1/20531 | 665 | 658 | ||||||
Freddie Mac Pool #SD8315 5.00% 4/1/20531 | 605 | 599 | ||||||
Freddie Mac Pool #SD8316 5.50% 4/1/20531 | 12,989 | 13,049 | ||||||
Freddie Mac Pool #QG1023 5.50% 4/1/20531 | 4,684 | 4,713 | ||||||
Freddie Mac Pool #QG2977 4.00% 5/1/20531 | 211 | 200 | ||||||
Freddie Mac Pool #RA8647 4.50% 5/1/20531 | 36 | 35 | ||||||
Freddie Mac Pool #SD8324 5.50% 5/1/20531 | 9,582 | 9,624 | ||||||
Freddie Mac Pool #QG3365 5.50% 5/1/20531 | 4,965 | 4,988 | ||||||
Freddie Mac Pool #SD3369 5.50% 5/1/20531 | 2,775 | 2,792 | ||||||
Freddie Mac Pool #QG5002 4.00% 6/1/20531 | 595 | 563 | ||||||
Freddie Mac Pool #SD8329 5.00% 6/1/20531 | 1,661 | 1,644 | ||||||
Freddie Mac Pool #SD8331 5.50% 6/1/20531 | 25,348 | 25,460 | ||||||
Freddie Mac Pool #SD3083 6.00% 6/1/20531 | 3,386 | 3,443 | ||||||
Freddie Mac Pool #RA9294 6.50% 6/1/20531 | 876 | 901 | ||||||
Freddie Mac Pool #RA9292 6.50% 6/1/20531 | 756 | 778 | ||||||
Freddie Mac Pool #RA9289 6.50% 6/1/20531 | 711 | 737 | ||||||
Freddie Mac Pool #RA9288 6.50% 6/1/20531 | 692 | 720 | ||||||
Freddie Mac Pool #RA9287 6.50% 6/1/20531 | 480 | 500 | ||||||
Freddie Mac Pool #RA9290 6.50% 6/1/20531 | 365 | 377 | ||||||
Freddie Mac Pool #RA9291 6.50% 6/1/20531 | 268 | 274 | ||||||
Freddie Mac Pool #RA9295 6.50% 6/1/20531 | 197 | 206 | ||||||
Freddie Mac Pool #QG6067 4.00% 7/1/20531 | 555 | 524 | ||||||
Freddie Mac Pool #QG7958 4.00% 7/1/20531 | 67 | 64 | ||||||
Freddie Mac Pool #SD8341 5.00% 7/1/20531 | 40,419 | 39,997 | ||||||
Freddie Mac Pool #SD8342 5.50% 7/1/20531 | 57,146 | 57,390 | ||||||
Freddie Mac Pool #QG8958 4.00% 8/1/20531 | 496 | 469 | ||||||
Freddie Mac Pool #QG9629 4.00% 8/1/20531 | 407 | 384 | ||||||
Freddie Mac Pool #SD8362 5.50% 9/1/20531 | 1,447 | 1,453 | ||||||
Freddie Mac Pool #QH0474 6.00% 9/1/20531 | 30,265 | 30,737 | ||||||
Freddie Mac Pool #QH1059 6.00% 9/1/20531 | 23,160 | 23,532 | ||||||
Freddie Mac Pool #QH1296 6.00% 9/1/20531 | 17,404 | 17,680 | ||||||
Freddie Mac Pool #QH0851 6.00% 9/1/20531 | 15,802 | 16,053 | ||||||
Freddie Mac Pool #SD3825 6.50% 9/1/20531 | 314,121 | 322,008 | ||||||
Freddie Mac Pool #SD8367 5.50% 10/1/20531 | 1,832 | 1,840 | ||||||
Freddie Mac Pool #SD8368 6.00% 10/1/20531 | 29,800 | 30,265 | ||||||
Freddie Mac Pool #SD8369 6.50% 10/1/20531 | 5,120 | 5,249 | ||||||
Freddie Mac Pool #SD8372 5.50% 11/1/20531 | 6,368 | 6,395 | ||||||
Freddie Mac Pool #SD8373 6.00% 11/1/20531 | 12,925 | 13,126 | ||||||
Freddie Mac Pool #SD8385 6.50% 12/1/20531 | 6,399 | 6,560 | ||||||
Freddie Mac Pool #SD8395 5.50% 1/1/20541 | 5,410 | 5,433 | ||||||
Freddie Mac Pool #SD8396 6.00% 1/1/20541 | 16,744 | 17,006 | ||||||
Freddie Mac, Series 3061, Class PN, 5.50% 11/15/20351 | 48 | 48 | ||||||
Freddie Mac, Series 3318, Class JT, 5.50% 5/15/20371 | 114 | 116 | ||||||
Freddie Mac, Series K156, Class A2, Multi Family, 4.43% 2/25/20331,2 | 3,461 | 3,458 | ||||||
Freddie Mac, Series 3146, Class PO, principal only, 0% 4/15/20361 | 108 | 92 | ||||||
Freddie Mac, Series 3156, Class PO, principal only, 0% 5/15/20361 | 98 | 84 | ||||||
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2018-3, Class MA, 3.50% 8/25/20571 | 7,249 | 6,850 | ||||||
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2019-2, Class MA, 3.50% 8/25/20581 | 1,703 | 1,606 |
186 | American Funds Insurance Series |
The Bond Fund of America (continued)
Bonds, notes & other debt instruments (continued) | Principal amount (000) | Value (000) | ||||||
Mortgage-backed obligations (continued) | ||||||||
Federal agency mortgage-backed obligations (continued) | ||||||||
Freddie Mac Seasoned Loan Structured Transaction Trust, Series 2022-1, Class A1, 3.50% 5/25/20321 | USD | 9,590 | $ | 9,072 | ||||
Government National Mortgage Assn. 3.00% 1/1/20541,4 | 411 | 372 | ||||||
Government National Mortgage Assn. 4.00% 1/1/20541,4 | 4,000 | 3,819 | ||||||
Government National Mortgage Assn. 5.50% 1/1/20541,4 | 53,595 | 53,988 | ||||||
Government National Mortgage Assn. 6.00% 1/1/20541,4 | 25 | 25 | ||||||
Government National Mortgage Assn. Pool #MA5817 4.00% 3/20/20491 | 10,853 | 10,468 | ||||||
Government National Mortgage Assn. Pool #MA6042 5.00% 7/20/20491 | 30 | 30 | ||||||
Government National Mortgage Assn. Pool #MA6221 4.50% 10/20/20491 | 4,564 | 4,511 | ||||||
Government National Mortgage Assn. Pool #MA6600 3.50% 4/20/20501 | 10,089 | 9,485 | ||||||
Government National Mortgage Assn. Pool #MA6994 2.00% 11/20/20501 | 2,182 | 1,849 | ||||||
Government National Mortgage Assn. Pool #MA7051 2.00% 12/20/20501 | 3,795 | 3,216 | ||||||
Government National Mortgage Assn. Pool #785607 2.50% 8/20/20511 | 9,007 | 7,765 | ||||||
Government National Mortgage Assn. Pool #785575 2.50% 8/20/20511 | 3,263 | 2,807 | ||||||
Government National Mortgage Assn. Pool #785659 2.50% 10/20/20511 | 3,239 | 2,777 | ||||||
Government National Mortgage Assn. Pool #785813 2.50% 12/20/20511 | 4,995 | 4,318 | ||||||
Government National Mortgage Assn. Pool #MA7881 2.50% 2/20/20521 | 4,621 | 4,041 | ||||||
Government National Mortgage Assn. Pool #785998 2.50% 3/20/20521 | 3,753 | 3,228 | ||||||
Government National Mortgage Assn. Pool #MA8148 3.00% 7/20/20521 | 5,618 | 5,087 | ||||||
Government National Mortgage Assn. Pool #MA8266 3.50% 9/20/20521 | 24,576 | 22,882 | ||||||
Government National Mortgage Assn. Pool #MA8267 4.00% 9/20/20521 | 8,710 | 8,314 | ||||||
Government National Mortgage Assn. Pool #MA8346 4.00% 10/20/20521 | 3,826 | 3,652 | ||||||
Government National Mortgage Assn. Pool #MA8799 4.50% 4/20/20531 | 3,843 | 3,750 | ||||||
Government National Mortgage Assn. Pool #MA9015 4.50% 7/20/20531 | 20,238 | 19,747 | ||||||
Government National Mortgage Assn. Pool #MA9016 5.00% 7/20/20531 | 3,516 | 3,491 | ||||||
Government National Mortgage Assn. Pool #MA9104 4.50% 8/20/20531 | 8,423 | 8,219 | ||||||
Government National Mortgage Assn. Pool #MA9169 4.50% 9/20/20531 | 13,750 | 13,417 | ||||||
Government National Mortgage Assn., Series 2021-2, Class AH, 1.50% 6/16/20631 | 1,517 | 1,157 | ||||||
Uniform Mortgage-Backed Security 2.00% 1/1/20391,4 | 3,499 | 3,138 | ||||||
Uniform Mortgage-Backed Security 2.50% 1/1/20391,4 | 4,156 | 3,830 | ||||||
Uniform Mortgage-Backed Security 2.00% 2/1/20391,4 | 2,346 | 2,090 | ||||||
Uniform Mortgage-Backed Security 2.50% 2/1/20391,4 | 3,389 | 3,124 | ||||||
Uniform Mortgage-Backed Security 2.00% 1/1/20541,4 | 100,436 | 82,107 | ||||||
Uniform Mortgage-Backed Security 2.50% 1/1/20541,4 | 212,594 | 180,887 | ||||||
Uniform Mortgage-Backed Security 3.00% 1/1/20541,4 | 87,960 | 77,821 | ||||||
Uniform Mortgage-Backed Security 3.50% 1/1/20541,4 | 66,858 | 61,342 | ||||||
Uniform Mortgage-Backed Security 4.00% 1/1/20541,4 | 154,909 | 146,528 | ||||||
Uniform Mortgage-Backed Security 4.50% 1/1/20541,4 | 228,894 | 221,902 | ||||||
Uniform Mortgage-Backed Security 5.00% 1/1/20541,4 | 22,426 | 22,189 | ||||||
Uniform Mortgage-Backed Security 5.50% 1/1/20541,4 | 113,139 | 113,634 | ||||||
Uniform Mortgage-Backed Security 6.00% 1/1/20541,4 | 17,798 | 18,073 | ||||||
Uniform Mortgage-Backed Security 7.00% 1/1/20541,4 | 82,390 | 84,994 | ||||||
Uniform Mortgage-Backed Security 3.50% 2/1/20541,4 | 26,140 | 24,008 | ||||||
Uniform Mortgage-Backed Security 4.00% 2/1/20541,4 | 70,855 | 67,083 | ||||||
Uniform Mortgage-Backed Security 4.50% 2/1/20541,4 | 44,700 | 43,361 | ||||||
Uniform Mortgage-Backed Security 5.00% 2/1/20541,4 | 113,650 | 112,496 | ||||||
Uniform Mortgage-Backed Security 5.50% 2/1/20541,4 | 51,000 | 51,231 | ||||||
Uniform Mortgage-Backed Security 6.00% 2/1/20541,4 | 299,110 | 303,725 | ||||||
Uniform Mortgage-Backed Security 6.50% 2/1/20541,4 | 3,500 | 3,587 | ||||||
Uniform Mortgage-Backed Security 6.00% 3/1/20541,4 | 201,300 | 204,060 | ||||||
4,146,468 | ||||||||
Commercial mortgage-backed securities 1.72% | ||||||||
AMSR Trust, Series 2023-SFR2, Class A, 3.95% 6/17/20401,5 | 389 | 367 | ||||||
Bank Commercial Mortgage Trust, Series 2019-BN16, Class A4, 4.005% 2/15/20521 | 770 | 732 | ||||||
Bank Commercial Mortgage Trust, Series 2019-BN17, Class A4, 3.714% 4/15/20521 | 100 | 94 | ||||||
Bank Commercial Mortgage Trust, Series 2023-5YR1, Class A3, 6.26% 3/15/20561,2 | 3,500 | 3,633 | ||||||
Bank Commercial Mortgage Trust, Series 2023-5YR3, Class AS, 7.315% 9/15/20561,2 | 684 | 723 | ||||||
Bank Commercial Mortgage Trust, Series 2023-5YR4, Class AS, 7.274% 12/15/20561,2 | 500 | 532 | ||||||
Bank Commercial Mortgage Trust, Series 2018-BN10, Class A5, 3.688% 2/15/20611 | 205 | 194 |
American Funds Insurance Series | 187 |
The Bond Fund of America (continued)
Bonds, notes & other debt instruments (continued) | Principal amount (000) | Value (000) | ||||||
Mortgage-backed obligations (continued) | ||||||||
Commercial mortgage-backed securities (continued) | ||||||||
Bank Commercial Mortgage Trust, Series 2018-BN10, Class A4, 3.428% 2/17/20611 | USD | 126 | $ | 119 | ||||
Bank Commercial Mortgage Trust, Series 2018-BN12, Class A4, 4.255% 5/15/20611,2 | 2,444 | 2,362 | ||||||
Bank Commercial Mortgage Trust, Series 2019-BN19, Class A3, 3.183% 8/15/20611 | 1,018 | 892 | ||||||
Bank Commercial Mortgage Trust, Series 2020-BN26, Class A4, 2.403% 3/15/20631 | 295 | 252 | ||||||
Benchmark Mortgage Trust, Series 2018-B8, Class A5, 4.232% 1/15/20521 | 2,541 | 2,402 | ||||||
Benchmark Mortgage Trust, Series 2018-B7, Class A4, 4.51% 5/15/20531,2 | 781 | 751 | ||||||
BOCA Commercial Mortgage Trust, Series 2022-BOCA, Class A, (1-month USD CME Term SOFR + 1.77%) 7.131% 5/15/20391,2,5 | 8,575 | 8,539 | ||||||
BPR Trust, Series 2022-OANA, Class A, (1-month USD CME Term SOFR + 1.898%) 7.26% 4/15/20371,2,5 | 3,822 | 3,773 | ||||||
BX Trust, Series 2022-CSMO, Class A, (1-month USD CME Term SOFR + 2.115%) 7.477% 6/15/20271,2,5 | 8,476 | 8,505 | ||||||
BX Trust, Series 2021-VOLT, Class A, (1-month USD CME Term SOFR + 0.814%) 6.176% 9/15/20361,2,5 | 14,727 | 14,364 | ||||||
BX Trust, Series 2021-VOLT, Class B, (1-month USD CME Term SOFR + 1.064%) 6.426% 9/15/20361,2,5 | 570 | 556 | ||||||
BX Trust, Series 2021-ARIA, Class A, (1-month USD CME Term SOFR + 1.014%) 6.375% 10/15/20361,2,5 | 5,292 | 5,179 | ||||||
BX Trust, Series 2021-ARIA, Class B, (1-month USD CME Term SOFR + 1.411%) 6.773% 10/15/20361,2,5 | 995 | 964 | ||||||
BX Trust, Series 2021-ARIA, Class C, (1-month USD CME Term SOFR + 1.76%) 7.122% 10/15/20361,2,5 | 996 | 964 | ||||||
BX Trust, Series 2021-RISE, Class A, (1-month USD CME Term SOFR + 0.862%) 6.224% 11/15/20361,2,5 | 11,575 | 11,397 | ||||||
BX Trust, Series 2022-IND, Class A, (1-month USD CME Term SOFR + 1.491%) 6.853% 4/15/20371,2,5 | 4,505 | 4,477 | ||||||
BX Trust, Series 2021-SOAR, Class A, (1-month USD CME Term SOFR + 0.784%) 6.146% 6/15/20381,2,5 | 3,499 | 3,446 | ||||||
BX Trust, Series 2021-SOAR, Class B, (1-month USD CME Term SOFR + 0.984%) 6.346% 6/15/20381,2,5 | 405 | 397 | ||||||
BX Trust, Series 2021-SOAR, Class C, (1-month USD CME Term SOFR + 1.214%) 6.576% 6/15/20381,2,5 | 274 | 269 | ||||||
BX Trust, Series 2021-SOAR, Class D, (1-month USD CME Term SOFR + 1.514%) 6.876% 6/15/20381,2,5 | 693 | 678 | ||||||
BX Trust, Series 2021-ACNT, Class A, (1-month USD CME Term SOFR + 0.964%) 6.326% 11/15/20381,2,5 | 9,979 | 9,848 | ||||||
BX Trust, Series 2021-ACNT, Class B, (1-month USD CME Term SOFR + 1.364%) 6.726% 11/15/20381,2,5 | 339 | 334 | ||||||
BX Trust, Series 2021-ACNT, Class C, (1-month USD CME Term SOFR + 1.614%) 6.976% 11/15/20381,2,5 | 100 | 98 | ||||||
BX Trust, Series 2021-ACNT, Class D, (1-month USD CME Term SOFR + 1.964%) 7.326% 11/15/20381,2,5 | 151 | 148 | ||||||
BX Trust, Series 2022-GPA, Class A, (1-month USD CME Term SOFR + 2.165%) 7.532% 10/15/20391,2,5 | 3,198 | 3,206 | ||||||
BX Trust, Series 2023-VLT2, Class A, (1-month USD CME Term SOFR + 2.281%) 7.643% 6/15/20401,2,5 | 3,891 | 3,903 | ||||||
Citigroup Commercial Mortgage Trust, Series 2023-SMRT, Class A, 5.82% 6/10/20281,2,5 | 19,044 | 19,310 | ||||||
Citigroup Commercial Mortgage Trust, Series 2016-GC36, Class A5, 3.616% 2/10/20491 | 610 | 582 | ||||||
Commercial Mortgage Trust, Series 2014-LC15, Class AM, 4.198% 4/10/20471 | 350 | 346 | ||||||
CSAIL Commercial Mortgage Trust, Series 2015-C2, Class A3, 3.231% 6/15/20571 | 1,137 | 1,108 | ||||||
DATA 2023-CNTR Mortgage Trust, Series 2023-CNTR, Class A, 5.728% 8/12/20431,2,5 | 8,924 | 8,874 | ||||||
DC Commercial Mortgage Trust, Series 2023-DC, Class A, 6.314% 9/10/20401,5 | 966 | 998 | ||||||
DC Commercial Mortgage Trust, Series 2023-DC, Class B, 6.804% 9/10/20401,5 | 1,121 | 1,154 | ||||||
DC Commercial Mortgage Trust, Series 2023-DC, Class C, 7.14% 9/10/20401,2,5 | 862 | 886 | ||||||
Deutsche Bank Commercial Mortgage Trust, Series 2016-C1, Class AM, 3.539% 5/10/20491 | 200 | 186 | ||||||
Extended Stay America Trust, Series 2021-ESH, Class A, (1-month USD CME Term SOFR + 1.194%) 6.556% 7/15/20381,2,5 | 2,688 | 2,666 |
188 | American Funds Insurance Series |
The Bond Fund of America (continued)
Bonds, notes & other debt instruments (continued) | Principal amount (000) | Value (000) | ||||||
Mortgage-backed obligations (continued) | ||||||||
Commercial mortgage-backed securities (continued) | ||||||||
Extended Stay America Trust, Series 2021-ESH, Class B, (1-month USD CME Term SOFR + 1.494%) 6.856% 7/15/20381,2,5 | USD | 613 | $ | 604 | ||||
Extended Stay America Trust, Series 2021-ESH, Class C, (1-month USD CME Term SOFR + 1.814%) 7.176% 7/15/20381,2,5 | 836 | 824 | ||||||
Extended Stay America Trust, Series 2021-ESH, Class D, (1-month USD CME Term SOFR + 2.364%) 7.726% 7/15/20381,2,5 | 640 | 630 | ||||||
FIVE Mortgage Trust, Series 2023-V1, Class A3, 5.668% 2/10/20561 | 2,432 | 2,474 | ||||||
Fontainebleau Miami Beach Trust, CMO, Series 2019-FBLU, Class A, 3.144% 12/10/20361,5 | 449 | 435 | ||||||
FS Commercial Trust, Series 2023-4SZN, Class A, 7.066% 11/10/20391,5 | 1,212 | 1,261 | ||||||
Grace Mortgage Trust, Series 2020-GRCE, Class A, 2.347% 12/10/20401,5 | 1,897 | 1,536 | ||||||
Great Wolf Trust, Series 2019-WOLF, Class A, (1-month USD CME Term SOFR + 1.348%) 6.252% 12/15/20361,2,5 | 3,894 | 3,881 | ||||||
GS Mortgage Securities Trust, Series 2017-GS7, Class A4, 3.43% 8/10/20501 | 400 | 369 | ||||||
GS Mortgage Securities Trust, Series 2019-GC38, Class A4, 3.968% 2/10/20521 | 100 | 94 | ||||||
GS Mortgage Securities Trust, Series 2020-GC47, Class A5, 2.377% 5/12/20531 | 1,536 | 1,296 | ||||||
JPMBB Commercial Mortgage Securities Trust, Series 2014-C18, Class A5, 4.079% 2/15/20471 | 2,107 | 2,095 | ||||||
JPMDB Commercial Mortgage Securities Trust, Series 2017-C5, Class A5, 3.694% 3/15/20501 | 640 | 600 | ||||||
JPMDB Commercial Mortgage Securities Trust, Series 2017-C7, Class A5, 3.409% 10/15/20501 | 240 | 223 | ||||||
JPMorgan Chase Commercial Mortgage Securities Trust, Series 2022-OPO, Class A, 3.024% 1/5/20391,5 | 7,867 | 6,630 | ||||||
JPMorgan Chase Commercial Mortgage Securities Trust, Series 2016-JP4, Class A4, 3.648% 12/15/20491,2 | 2,040 | 1,920 | ||||||
MHC Commercial Mortgage Trust, CMO, Series 2021-MHC, Class A, (1-month USD CME Term SOFR + 0.915%) 6.277% 4/15/20381,2,5 | 142 | 141 | ||||||
Morgan Stanley Bank of America Merrill Lynch Trust, Series 2014-C17, Class A5, 3.741% 8/15/20471 | 5,166 | 5,098 | ||||||
Morgan Stanley Bank of America Merrill Lynch Trust, Series 2015-C22, Class A-4, 3.306% 4/15/20481 | 410 | 396 | ||||||
Morgan Stanley Bank of America Merrill Lynch Trust, Series 2016-C32, Class A-4, 3.72% 12/15/20491 | 245 | 233 | ||||||
Morgan Stanley Capital I Trust, Series 2015-UBS8, Class AS, 4.114% 12/15/20481 | 730 | 683 | ||||||
SLG Office Trust, Series 2021-OVA, Class A, 2.585% 7/15/20411,5 | 4,065 | 3,367 | ||||||
SREIT Trust, Series 2021-FLWR, Class A, (1-month USD CME Term SOFR + 0.691%) 6.053% 7/15/20361,2,5 | 9,351 | 9,186 | ||||||
SREIT Trust, Series 2021-FLWR, Class B, (1-month USD CME Term SOFR + 1.04%) 6.402% 7/15/20361,2,5 | 1,000 | 981 | ||||||
SREIT Trust, Series 2021-MFP, Class A, (1-month USD CME Term SOFR + 0.845%) 6.207% 11/15/20381,2,5 | 8,362 | 8,231 | ||||||
SREIT Trust, Series 2021-MFP, Class B, (1-month USD CME Term SOFR + 1.194%) 6.556% 11/15/20381,2,5 | 252 | 247 | ||||||
SREIT Trust, Series 2021-MFP, Class C, (1-month USD CME Term SOFR + 1.443%) 6.805% 11/15/20381,2,5 | 135 | 132 | ||||||
Wells Fargo Commercial Mortgage Trust, Series 2015-SG1, Class A4, 3.789% 9/15/20481 | 2,373 | 2,300 | ||||||
Wells Fargo Commercial Mortgage Trust, Series 2016-C37, Class A5, 3.794% 12/15/20491 | 2,550 | 2,444 | ||||||
Wells Fargo Commercial Mortgage Trust, Series 2019-C54, Class A4, 3.146% 12/15/20521 | 1,019 | 916 | ||||||
Wells Fargo Commercial Mortgage Trust, Series 2017-RC1, Class A4, 3.631% 1/15/20601 | 205 | 195 | ||||||
189,630 |
American Funds Insurance Series | 189 |
The Bond Fund of America (continued)
Bonds, notes & other debt instruments (continued) | Principal amount (000) | Value (000) | ||||||
Mortgage-backed obligations (continued) | ||||||||
Collateralized mortgage-backed obligations (privately originated) 1.02% | ||||||||
Arroyo Mortgage Trust, Series 2021-1R, Class A1, 1.175% 10/25/20481,2,5 | USD | 2,406 | $ | 1,976 | ||||
Arroyo Mortgage Trust, Series 2020-1, Class A1A, 1.662% 3/25/20551,5 | 112 | 104 | ||||||
Arroyo Mortgage Trust, Series 2022-1, Class A1A, 2.495% 12/25/2056 (3.495% on 2/25/2026)1,5,6 | 5,355 | 4,965 | ||||||
BRAVO Residential Funding Trust, Series 2020-RPL2, Class A1, 2.00% 5/25/20591,2,5 | 791 | 716 | ||||||
BRAVO Residential Funding Trust, Series 2020-RPL1, Class A1, 2.50% 5/26/20591,2,5 | 443 | 423 | ||||||
BRAVO Residential Funding Trust, Series 2022-RPL1, Class A1, 2.75% 9/25/20611,5 | 4,470 | 4,054 | ||||||
Cascade Funding Mortgage Trust, Series 2021-HB7, Class A, 1.151% 10/27/20311,2,5 | 2,149 | 2,081 | ||||||
Cascade Funding Mortgage Trust, Series 2023-HB12, Class A, 4.25% 4/25/20331,2,5 | 445 | 432 | ||||||
Cascade Funding Mortgage Trust, Series 2021-HB6, Class A, 0.898% 6/25/20361,2,5 | 1,102 | 1,056 | ||||||
CIM Trust, Series 2022-R2, Class A1, 3.75% 12/25/20611,2,5 | 6,182 | 5,812 | ||||||
Citigroup Mortgage Loan Trust, Series 2020-EXP1, Class A1A, 1.804% 5/25/20601,2,5 | 182 | 166 | ||||||
COLT Mortgage Loan Trust, Series 2021-5, Class A1, 1.726% 11/26/20661,2,5 | 1,411 | 1,202 | ||||||
Connecticut Avenue Securities Trust, Series 2022-R06, Class 1M1, (30-day Average USD-SOFR + 2.75%) 8.087% 5/25/20421,2,5 | 262 | 270 | ||||||
Connecticut Avenue Securities Trust, Series 2023-R01, Class 1M1, (30-day Average USD-SOFR + 2.40%) 7.737% 12/25/20421,2,5 | 609 | 621 | ||||||
Connecticut Avenue Securities Trust, Series 2023-R04, Class 1M1, (30-day Average USD-SOFR + 2.30%) 7.637% 5/25/20431,2,5 | 3,254 | 3,325 | ||||||
Connecticut Avenue Securities Trust, Series 2023-R05, Class 1M1, (30-day Average USD-SOFR + 1.90%) 7.237% 6/25/20431,2,5 | 2,224 | 2,241 | ||||||
Connecticut Avenue Securities Trust, Series 2023-R06, Class 1M1, (30-day Average USD-SOFR + 1.70%) 7.037% 7/25/20431,2,5 | 1,243 | 1,248 | ||||||
Credit Suisse Mortgage Trust, Series 2020-NET, Class A, 2.257% 8/15/20371,5 | 1,545 | 1,430 | ||||||
Finance of America Structured Securities Trust, Series 2019-JR1, Class A, 2.00% 3/25/20691,5 | 1,975 | 2,197 | ||||||
Finance of America Structured Securities Trust, Series 2019-JR2, Class A1, 2.00% 6/25/20691,5 | 2,498 | 2,784 | ||||||
Flagstar Mortgage Trust, Series 2021-5INV, Class A2, 2.50% 7/25/20511,2,5 | 1,950 | 1,606 | ||||||
Flagstar Mortgage Trust, Series 2021-6INV, Class A4, 2.50% 8/25/20511,2,5 | 1,817 | 1,495 | ||||||
Flagstar Mortgage Trust, Series 2021-8INV, Class A3, 2.50% 9/25/20511,2,5 | 1,910 | 1,576 | ||||||
Flagstar Mortgage Trust, Series 2021-10INV, Class A3, 2.50% 10/25/20511,2,5 | 2,985 | 2,459 | ||||||
Flagstar Mortgage Trust, Series 2021-11INV, Class A4, 2.50% 11/25/20511,2,5 | 2,085 | 1,715 | ||||||
Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2022-DNA3, Class M1A, (30-day Average USD-SOFR + 2.00%) 7.337% 4/25/20421,2,5 | 1,199 | 1,211 | ||||||
Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2022-DNA4, Class M1A, (30-day Average USD-SOFR + 2.20%) 7.537% 5/25/20421,2,5 | 58 | 58 | ||||||
Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2022-DNA5, Class M1A, (30-day Average USD-SOFR + 2.95%) 8.287% 6/25/20421,2,5 | 219 | 225 | ||||||
Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2022-DNA6, Class M1A, (30-day Average USD-SOFR + 2.15%) 7.487% 9/25/20421,2,5 | 452 | 457 | ||||||
Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2022-DNA6, Class M1B, (30-day Average USD-SOFR + 3.70%) 9.037% 9/25/20421,2,5 | 1,519 | 1,601 | ||||||
Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2020-DNA2, Class M2, (30-day Average USD-SOFR + 1.964%) 7.302% 2/25/20501,2,5 | 2,274 | 2,310 | ||||||
Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2020-DNA4, Class B1, (30-day Average USD-SOFR + 6.114%) 11.452% 8/25/20501,2,5 | 814 | 916 | ||||||
GCAT Trust, Series 2021-NQM6, Class A1, 1.855% 8/25/20661,2,5 | 3,050 | 2,652 | ||||||
Home Partners of America Trust, Series 2021-2, Class A, 1.901% 12/17/20261,5 | 5,021 | 4,542 | ||||||
Hundred Acre Wood Trust, Series 2021-INV1, Class A3, 2.50% 7/25/20511,2,5 | 833 | 686 | ||||||
Legacy Mortgage Asset Trust, Series 2022-GS1, Class A1, 4.00% 2/25/2061 (7.00% on 4/25/2025)1,5,6 | 3,090 | 3,072 | ||||||
Legacy Mortgage Asset Trust, Series 2021-GS2, Class A1, 1.75% 4/25/20611,2,5 | 759 | 735 | ||||||
Legacy Mortgage Asset Trust, Series 2021-GS5, Class A1, 2.25% 7/25/2067 (5.25% on 11/25/2024)1,5,6 | 2,327 | 2,254 | ||||||
Mello Warehouse Securitization Trust, Series 2021-3, Class A, (3-month USD CME Term SOFR + 0.965%) 6.32% 11/25/20551,2,5 | 16,160 | 16,103 | ||||||
MFRA Trust, Series 2021-RPL1, Class A1, 1.131% 7/25/20601,2,5 | 2,663 | 2,364 | ||||||
PRKCM Trust, Series 2021-AFC2, Class A1, 2.071% 11/25/20561,2,5 | 3,280 | 2,750 | ||||||
Progress Residential Trust, Series 2022-SFR3, Class A, 3.20% 4/17/20391,5 | 1,120 | 1,047 |
190 | American Funds Insurance Series |
The Bond Fund of America (continued)
Bonds, notes & other debt instruments (continued) | Principal amount (000) | Value (000) | ||||||
Mortgage-backed obligations (continued) | ||||||||
Collateralized mortgage-backed obligations (privately originated) (continued) | ||||||||
Reverse Mortgage Investment Trust, Series 2021-HB1, Class A, 1.259% 11/25/20311,2,5 | USD | 1,555 | $ | 1,502 | ||||
Towd Point Mortgage Trust, Series 2020-4, Class A1, 1.75% 10/25/20601,5 | 9,310 | 8,233 | ||||||
Treehouse Park Improvement Association No.1 9.75% 12/1/20335,7 | 1,680 | 1,561 | ||||||
Tricon Residential Trust, Series 2023-SFR2, Class A, 5.00% 12/17/20281,5 | 4,722 | 4,662 | ||||||
Tricon Residential Trust, Series 2021-SFR1, Class A, 1.943% 7/17/20381,5 | 5,033 | 4,595 | ||||||
Tricon Residential Trust, Series 2023-SFR1, Class A, 5.10% 7/17/20401,5 | 2,227 | 2,202 | ||||||
111,692 | ||||||||
Total mortgage-backed obligations | 4,447,790 | |||||||
Corporate bonds, notes & loans 31.70% Financials 9.85% | ||||||||
AerCap Ireland Capital DAC 1.65% 10/29/2024 | 1,568 | 1,514 | ||||||
AerCap Ireland Capital DAC 6.50% 7/15/2025 | 1,798 | 1,822 | ||||||
AerCap Ireland Capital DAC 1.75% 1/30/2026 | 2,841 | 2,640 | ||||||
AerCap Ireland Capital DAC 2.45% 10/29/2026 | 10,289 | 9,531 | ||||||
AerCap Ireland Capital DAC 6.45% 4/15/20275 | 3,994 | 4,138 | ||||||
AerCap Ireland Capital DAC 5.75% 6/6/2028 | 4,065 | 4,164 | ||||||
AerCap Ireland Capital DAC 3.00% 10/29/2028 | 9,124 | 8,335 | ||||||
AerCap Ireland Capital DAC 3.30% 1/30/2032 | 7,869 | 6,851 | ||||||
AerCap Ireland Capital DAC 3.40% 10/29/2033 | 3,939 | 3,385 | ||||||
AIB Group PLC 6.608% 9/13/2029 (USD-SOFR + 2.33% on 9/13/2028)5,6 | 1,597 | 1,684 | ||||||
Ally Financial, Inc. 5.125% 9/30/2024 | 1,500 | 1,489 | ||||||
Ally Financial, Inc. 8.00% 11/1/2031 | 6,872 | 7,504 | ||||||
American Express Co. 6.338% 10/30/2026 (USD-SOFR + 1.33% on 10/30/2025)6 | 604 | 616 | ||||||
American Express Co. 6.489% 10/30/2031 (USD-SOFR + 1.94% on 10/30/2030)6 | 359 | 390 | ||||||
American Express Co. 5.043% 5/1/2034 (USD-SOFR + 1.835% on 5/1/2033)6 | 4,565 | 4,559 | ||||||
American International Group, Inc. 5.125% 3/27/2033 | 2,749 | 2,792 | ||||||
Aon Corp. 5.35% 2/28/2033 | 1,083 | 1,111 | ||||||
Banco Santander, SA 5.147% 8/18/2025 | 4,000 | 3,978 | ||||||
Banco Santander, SA 1.722% 9/14/2027 (1-year UST Yield Curve Rate T Note Constant Maturity + 0.90% on 9/14/2026)6 | 1,400 | 1,267 | ||||||
Bank of America Corp. 1.53% 12/6/2025 (USD-SOFR + 0.65% on 12/6/2024)6 | 1,970 | 1,894 | ||||||
Bank of America Corp. 5.08% 1/20/2027 (USD-SOFR + 1.29% on 1/20/2026)6 | 2,507 | 2,503 | ||||||
Bank of America Corp. 1.734% 7/22/2027 (USD-SOFR + 0.96% on 7/22/2026)6 | 1,487 | 1,363 | ||||||
Bank of America Corp. 2.551% 2/4/2028 (USD-SOFR + 1.05% on 2/4/2027)6 | 4,295 | 3,981 | ||||||
Bank of America Corp. 4.376% 4/27/2028 (USD-SOFR + 1.58% on 4/27/2027)6 | 2,635 | 2,577 | ||||||
Bank of America Corp. 5.202% 4/25/2029 (USD-SOFR + 1.63% on 4/25/2028)6 | 9,480 | 9,545 | ||||||
Bank of America Corp. 2.087% 6/14/2029 (USD-SOFR + 1.06% on 6/14/2028)6 | 2,773 | 2,445 | ||||||
Bank of America Corp. 2.592% 4/29/2031 (USD-SOFR + 2.15% on 4/29/2030)6 | 4,902 | 4,227 | ||||||
Bank of America Corp. 1.922% 10/24/2031 (USD-SOFR + 1.37% on 10/24/2030)6 | 21,177 | 17,204 | ||||||
Bank of America Corp. 2.299% 7/21/2032 (USD-SOFR + 1.22% on 7/21/2031)6 | 36,155 | 29,536 | ||||||
Bank of America Corp. 5.288% 4/25/2034 (USD-SOFR + 1.91% on 4/25/2033)6 | 11,270 | 11,302 | ||||||
Bank of America Corp. 5.872% 9/15/2034 (USD-SOFR + 1.84% on 9/15/2033)6 | 4,855 | 5,085 | ||||||
Bank of Ireland Group PLC 6.253% 9/16/2026 (1-year UST Yield Curve Rate T Note Constant Maturity + 2.65% on 9/16/2025)5,6 | 4,850 | 4,907 | ||||||
Bank of Montreal 5.30% 6/5/2026 | 1,370 | 1,384 | ||||||
Bank of Nova Scotia (The) 5.25% 6/12/2028 | 1,370 | 1,392 | ||||||
Barclays PLC 5.304% 8/9/2026 (1-year UST Yield Curve Rate T Note Constant Maturity + 2.30% on 8/9/2025)6 | 4,525 | 4,509 | ||||||
Barclays PLC 5.829% 5/9/2027 (USD-SOFR + 2.21% on 5/9/2026)6 | 2,085 | 2,104 | ||||||
Barclays PLC 6.49% 9/13/2029 (USD-SOFR + 2.22% on 9/13/2028)6 | 980 | 1,021 | ||||||
Barclays PLC 6.224% 5/9/2034 (USD-SOFR + 2.98% on 5/9/2033)6 | 3,530 | 3,663 | ||||||
Barclays PLC 6.692% 9/13/2034 (USD-SOFR + 2.62% on 9/13/2033)6 | 420 | 449 | ||||||
Block, Inc. 2.75% 6/1/2026 | 1,975 | 1,864 | ||||||
Block, Inc. 3.50% 6/1/2031 | 825 | 734 | ||||||
BNP Paribas SA 1.675% 6/30/2027 (USD-SOFR + 0.912% on 6/30/2026)5,6 | 3,200 | 2,933 | ||||||
BNP Paribas SA 2.591% 1/20/2028 (USD-SOFR + 1.228% on 1/20/2027)5,6 | 13,134 | 12,158 | ||||||
BNP Paribas SA 2.159% 9/15/2029 (USD-SOFR + 1.218% on 9/15/2028)5,6 | 3,594 | 3,129 | ||||||
BNP Paribas SA 2.871% 4/19/2032 (USD-SOFR + 1.387% on 4/19/2031)5,6 | 5,650 | 4,783 |
American Funds Insurance Series | 191 |
The Bond Fund of America (continued)
Bonds, notes & other debt instruments (continued) | Principal amount (000) | Value (000) | ||||||
Corporate bonds, notes & loans (continued) | ||||||||
Financials (continued) | ||||||||
BPCE SA 5.15% 7/21/20245 | USD | 5,481 | $ | 5,435 | ||||
BPCE SA 1.625% 1/14/20255 | 2,980 | 2,872 | ||||||
BPCE SA 1.652% 10/6/2026 (USD-SOFR + 1.52% on 10/6/2025)5,6 | 4,729 | 4,404 | ||||||
BPCE SA 5.975% 1/18/2027 (USD-SOFR + 2.10% on 1/18/2026)5,6 | 2,150 | 2,168 | ||||||
BPCE SA 6.714% 10/19/2029 (USD-SOFR + 2.27% on 10/19/2028)5,6 | 5,640 | 5,945 | ||||||
BPCE SA 2.277% 1/20/2032 (USD-SOFR + 1.312% on 1/20/2031)5,6 | 250 | 200 | ||||||
BPCE SA 5.748% 7/19/2033 (USD-SOFR + 2.865% on 7/19/2032)5,6 | 6,195 | 6,226 | ||||||
CaixaBank, SA 6.684% 9/13/2027 (USD-SOFR + 2.08% on 9/13/2026)5,6 | 980 | 1,005 | ||||||
CaixaBank, SA 6.208% 1/18/2029 (USD-SOFR + 2.70% on 1/18/2028)5,6 | 3,650 | 3,726 | ||||||
CaixaBank, SA 6.84% 9/13/2034 (USD-SOFR + 2.77% on 9/13/2033)5,6 | 700 | 740 | ||||||
Capital One Financial Corp. 4.985% 7/24/2026 (USD-SOFR + 2.16% on 7/24/2025)6 | 2,430 | 2,403 | ||||||
Capital One Financial Corp. 5.468% 2/1/2029 (USD-SOFR + 2.08% on 2/1/2028)6 | 515 | 514 | ||||||
Charles Schwab Corp. (The) 5.643% 5/19/2029 (USD-SOFR + 2.21% on 5/19/2028)6 | 2,445 | 2,509 | ||||||
Charles Schwab Corp. (The) 6.196% 11/17/2029 (USD-SOFR + 1.878% on 11/17/2028)6 | 2,180 | 2,287 | ||||||
Charles Schwab Corp. (The) 5.853% 5/19/2034 (USD-SOFR + 2.50% on 5/19/2033)6 | 1,776 | 1,834 | ||||||
Charles Schwab Corp. (The) 6.136% 8/24/2034 (USD-SOFR + 2.01% on 8/24/2033)6 | 4,795 | 5,056 | ||||||
China Ping An Insurance Overseas (Holdings), Ltd. 2.85% 8/12/2031 | 526 | 427 | ||||||
Chubb INA Holdings, Inc. 3.35% 5/3/2026 | 2,020 | 1,967 | ||||||
Chubb INA Holdings, Inc. 4.35% 11/3/2045 | 2,015 | 1,896 | ||||||
Citibank, NA 5.803% 9/29/2028 | 4,100 | 4,284 | ||||||
Citigroup, Inc. 4.60% 3/9/2026 | 1,800 | 1,778 | ||||||
Citigroup, Inc. 1.462% 6/9/2027 (USD-SOFR + 0.67% on 6/9/2026)6 | 6,304 | 5,771 | ||||||
Citigroup, Inc. 3.07% 2/24/2028 (USD-SOFR + 1.28% on 2/24/2027)6 | 13,528 | 12,753 | ||||||
Citigroup, Inc. 3.057% 1/25/2033 (USD-SOFR + 1.351% on 1/25/2032)6 | 1,030 | 879 | ||||||
Citigroup, Inc. 3.785% 3/17/2033 (USD-SOFR + 1.939% on 3/17/2032)6 | 3,090 | 2,780 | ||||||
Citigroup, Inc. 6.27% 11/17/2033 (USD-SOFR + 2.338% on 11/17/2032)6 | 995 | 1,065 | ||||||
Citigroup, Inc. 6.174% 5/25/2034 (USD-SOFR + 2.661% on 5/25/2033)6 | 140 | 145 | ||||||
Corebridge Financial, Inc. 3.50% 4/4/2025 | 239 | 233 | ||||||
Corebridge Financial, Inc. 3.65% 4/5/2027 | 3,913 | 3,766 | ||||||
Corebridge Financial, Inc. 3.85% 4/5/2029 | 5,794 | 5,465 | ||||||
Corebridge Financial, Inc. 3.90% 4/5/2032 | 3,964 | 3,586 | ||||||
Corebridge Financial, Inc. 4.35% 4/5/2042 | 361 | 307 | ||||||
Corebridge Financial, Inc. 4.40% 4/5/2052 | 651 | 547 | ||||||
Crédit Agricole SA 1.907% 6/16/2026 (USD-SOFR + 1.676% on 6/16/2025)5,6 | 4,450 | 4,224 | ||||||
Crédit Agricole SA 1.247% 1/26/2027 (USD-SOFR + 0.892% on 1/26/2026)5,6 | 2,450 | 2,257 | ||||||
Credit Suisse AG 7.50% 2/15/2028 | 2,445 | 2,679 | ||||||
Danske Bank AS 1.549% 9/10/2027 (1-year UST Yield Curve Rate T Note Constant Maturity + 0.73% on 9/10/2026)5,6 | 2,990 | 2,699 | ||||||
Danske Bank AS 4.298% 4/1/2028 (1-year UST Yield Curve Rate T Note Constant Maturity + 1.75% on 4/1/2027)5,6 | 2,975 | 2,885 | ||||||
Deutsche Bank AG 0.898% 5/28/2024 | 2,500 | 2,456 | ||||||
Deutsche Bank AG 3.70% 5/30/2024 | 5,150 | 5,098 | ||||||
Deutsche Bank AG 3.961% 11/26/2025 (USD-SOFR + 2.581% on 11/26/2024)6 | 3,673 | 3,614 | ||||||
Deutsche Bank AG 4.10% 1/13/2026 | 7,305 | 7,106 | ||||||
Deutsche Bank AG 4.10% 1/13/2026 | 857 | 841 | ||||||
Deutsche Bank AG 2.129% 11/24/2026 (USD-SOFR + 1.87% on 11/24/2025)6 | 27,047 | 25,368 | ||||||
Deutsche Bank AG 2.311% 11/16/2027 (USD-SOFR + 1.219% on 11/16/2026)6 | 7,536 | 6,895 | ||||||
Deutsche Bank AG 2.552% 1/7/2028 (USD-SOFR + 1.318% on 1/7/2027)6 | 10,418 | 9,569 | ||||||
Deutsche Bank AG 6.72% 1/18/2029 (USD-SOFR + 3.18% on 1/18/2028)6 | 8,853 | 9,276 | ||||||
Deutsche Bank AG 6.819% 11/20/2029 (USD-SOFR + 2.51% on 11/20/2028)6 | 4,775 | 5,030 | ||||||
Deutsche Bank AG 3.547% 9/18/2031 (USD-SOFR + 3.043% on 9/18/2030)6 | 4,550 | 3,996 | ||||||
Deutsche Bank AG 3.729% 1/14/2032 (USD-SOFR + 2.757% on 1/14/2031)6 | 3,235 | 2,713 | ||||||
Discover Financial Services 7.964% 11/2/2034 (USD-SOFR Index + 3.37% on 11/2/2033)6 | 1,015 | 1,130 | ||||||
DNB Bank ASA 1.535% 5/25/2027 (5-year UST Yield Curve Rate T Note Constant Maturity + 0.72% on 5/25/2026)5,6 | 1,200 | 1,095 | ||||||
Eurobank SA 2.00% 5/5/2027 (1-year EUR Mid-Swap + 2.398% on 5/5/2026)6 | EUR | 1,080 | 1,132 | |||||
Eurobank SA 2.25% 3/14/2028 (1-year EUR Mid-Swap + 2.634% on 3/14/2027)6 | 1,440 | 1,482 | ||||||
Eurobank SA 7.00% 1/26/2029 (1-year EUR Mid-Swap + 4.418% on 1/26/2028)6 | 3,210 | 3,830 | ||||||
Fifth Third Bancorp 6.339% 7/27/2029 (USD-SOFR + 2.34% on 7/27/2028)6 | USD | 205 | 214 |
192 | American Funds Insurance Series |
The Bond Fund of America (continued)
Bonds, notes & other debt instruments (continued) | Principal amount (000) | Value (000) | ||||||
Corporate bonds, notes & loans (continued) | ||||||||
Financials (continued) | ||||||||
Five Corners Funding Trust III 5.791% 2/15/20335 | USD | 942 | $ | 1,001 | ||||
Five Corners Funding Trust IV 5.997% 2/15/20535 | 360 | 390 | ||||||
Goldman Sachs Group, Inc. 1.431% 3/9/2027 (USD-SOFR + 0.795% on 3/9/2026)6 | 3,030 | 2,795 | ||||||
Goldman Sachs Group, Inc. 1.542% 9/10/2027 (USD-SOFR + 0.818% on 9/10/2026)6 | 13,275 | 12,046 | ||||||
Goldman Sachs Group, Inc. 1.948% 10/21/2027 (USD-SOFR + 0.913% on 10/21/2026)6 | 12,997 | 11,894 | ||||||
Goldman Sachs Group, Inc. 2.64% 2/24/2028 (USD-SOFR + 1.114% on 2/24/2027)6 | 3,703 | 3,434 | ||||||
Goldman Sachs Group, Inc. 3.615% 3/15/2028 (USD-SOFR + 1.846% on 3/15/2027)6 | 5,534 | 5,310 | ||||||
Goldman Sachs Group, Inc. 4.482% 8/23/2028 (USD-SOFR + 1.725% on 8/23/2027)6 | 5,114 | 5,026 | ||||||
Goldman Sachs Group, Inc. 3.814% 4/23/2029 (3-month USD CME Term SOFR + 1.42% on 4/23/2028)6 | 7,324 | 6,958 | ||||||
Goldman Sachs Group, Inc. 6.484% 10/24/2029 (USD-SOFR + 1.77% on 10/24/2028)6 | 1,950 | 2,070 | ||||||
Goldman Sachs Group, Inc. 3.102% 2/24/2033 (USD-SOFR + 1.41% on 2/24/2032)6 | 10,662 | 9,156 | ||||||
Goldman Sachs Group, Inc. 2.908% 7/21/2042 (USD-SOFR + 1.40% on 7/21/2041)6 | 3,160 | 2,307 | ||||||
Goldman Sachs Group, Inc. 5.30% junior subordinated perpetual bonds (3-month USD CME Term SOFR + 4.096% on 11/10/2026)6 | 1,750 | 1,714 | ||||||
HSBC Holdings PLC 2.251% 11/22/2027 (USD-SOFR + 1.10% on 11/22/2026)6 | 5,270 | 4,839 | ||||||
HSBC Holdings PLC 2.206% 8/17/2029 (USD-SOFR + 1.285% on 8/17/2028)6 | 14,232 | 12,433 | ||||||
HSBC Holdings PLC 2.804% 5/24/2032 (USD-SOFR + 1.187% on 5/24/2031)6 | 5,250 | 4,385 | ||||||
HSBC Holdings PLC 2.871% 11/22/2032 (USD-SOFR + 1.41% on 11/22/2031)6 | 4,463 | 3,710 | ||||||
HSBC Holdings PLC 6.254% 3/9/2034 (USD-SOFR + 2.39% on 3/9/2033)6 | 2,100 | 2,233 | ||||||
Huarong Finance 2017 Co., Ltd. 4.75% 4/27/2027 | 269 | 253 | ||||||
Huarong Finance 2017 Co., Ltd. 4.25% 11/7/2027 | 3,206 | 2,931 | ||||||
ING Groep NV 6.083% 9/11/2027 (USD-SOFR + 1.56% on 9/11/2026)6 | 1,680 | 1,716 | ||||||
ING Groep NV 6.114% 9/11/2034 (USD-SOFR + 1.85% on 9/11/2033)6 | 840 | 882 | ||||||
Intercontinental Exchange, Inc. 4.35% 6/15/2029 | 8,710 | 8,692 | ||||||
Intercontinental Exchange, Inc. 4.60% 3/15/2033 | 4,601 | 4,583 | ||||||
Intercontinental Exchange, Inc. 4.95% 6/15/2052 | 5,327 | 5,327 | ||||||
Intesa Sanpaolo SpA 5.017% 6/26/20245 | 68,143 | 67,459 | ||||||
Intesa Sanpaolo SpA 3.25% 9/23/20245 | 770 | 756 | ||||||
Intesa Sanpaolo SpA 5.71% 1/15/20265 | 15,400 | 15,334 | ||||||
Intesa Sanpaolo SpA 3.875% 7/14/20275 | 6,250 | 5,824 | ||||||
Intesa Sanpaolo SpA 3.875% 1/12/20285 | 1,986 | 1,845 | ||||||
Intesa Sanpaolo SpA 7.20% 11/28/20335 | 2,755 | 2,939 | ||||||
Intesa Sanpaolo SpA 7.778% 6/20/2054 (1-year UST Yield Curve Rate T Note Constant Maturity + 3.90% on 6/20/2053)5,6 | 5,100 | 5,265 | ||||||
Iron Mountain Information Management Services, Inc. 5.00% 7/15/20325 | 705 | 647 | ||||||
JPMorgan Chase & Co. 0.969% 6/23/2025 (USD-SOFR + 0.58% on 6/23/2024)6 | 5,870 | 5,734 | ||||||
JPMorgan Chase & Co. 1.561% 12/10/2025 (USD-SOFR + 0.605% on 12/10/2024)6 | 2,435 | 2,345 | ||||||
JPMorgan Chase & Co. 4.08% 4/26/2026 (USD-SOFR + 1.32% on 4/26/2025)6 | 3,272 | 3,220 | ||||||
JPMorgan Chase & Co. 1.04% 2/4/2027 (USD-SOFR + 0.695% on 2/4/2026)6 | 323 | 297 | ||||||
JPMorgan Chase & Co. 1.578% 4/22/2027 (USD-SOFR + 0.885% on 4/22/2026)6 | 2,813 | 2,597 | ||||||
JPMorgan Chase & Co. 1.47% 9/22/2027 (USD-SOFR + 0.765% on 9/22/2026)6 | 5,965 | 5,407 | ||||||
JPMorgan Chase & Co. 6.07% 10/22/2027 (USD-SOFR + 1.33% on 10/22/2026)6 | 1,400 | 1,441 | ||||||
JPMorgan Chase & Co. 2.947% 2/24/2028 (USD-SOFR + 1.17% on 2/24/2027)6 | 9,282 | 8,737 | ||||||
JPMorgan Chase & Co. 4.851% 7/25/2028 (USD-SOFR + 1.99% on 7/25/2027)6 | 14,951 | 14,963 | ||||||
JPMorgan Chase & Co. 3.509% 1/23/2029 (3-month USD CME Term SOFR + 1.207% on 1/23/2028)6 | 9,600 | 9,103 | ||||||
JPMorgan Chase & Co. 4.203% 7/23/2029 (3-month USD CME Term SOFR + 1.522% on 7/23/2028)6 | 11,980 | 11,650 | ||||||
JPMorgan Chase & Co. 5.299% 7/24/2029 (USD-SOFR + 1.45% on 7/24/2028)6 | 2,240 | 2,274 | ||||||
JPMorgan Chase & Co. 6.087% 10/23/2029 (USD-SOFR + 1.57% on 10/23/2028)6 | 55 | 58 | ||||||
JPMorgan Chase & Co. 1.953% 2/4/2032 (USD-SOFR + 1.065% on 2/4/2031)6 | 1,126 | 916 | ||||||
JPMorgan Chase & Co. 2.58% 4/22/2032 (USD-SOFR + 1.25% on 4/22/2031)6 | 3,727 | 3,154 | ||||||
JPMorgan Chase & Co. 2.545% 11/8/2032 (USD-SOFR + 1.18% on 11/8/2031)6 | 5,313 | 4,435 | ||||||
JPMorgan Chase & Co. 2.963% 1/25/2033 (USD-SOFR + 1.26% on 1/25/2032)6 | 553 | 474 | ||||||
JPMorgan Chase & Co. 5.35% 6/1/2034 (USD-SOFR + 1.845% on 6/1/2033)6 | 1,145 | 1,162 | ||||||
JPMorgan Chase & Co. 6.254% 10/23/2034 (USD-SOFR + 1.81% on 10/23/2033)6 | 4,470 | 4,848 | ||||||
Kasikornbank PCL (Hong Kong Branch) 3.343% 10/2/2031 (5-year UST Yield Curve Rate T Note Constant Maturity + 1.70% on 10/2/2026)6 | 2,415 | 2,223 |
American Funds Insurance Series | 193 |
The Bond Fund of America (continued)
Bonds, notes & other debt instruments (continued) | Principal amount (000) | Value (000) | ||||||
Corporate bonds, notes & loans (continued) | ||||||||
Financials (continued) | ||||||||
KBC Groep NV 5.796% 1/19/2029 (1-year UST Yield Curve Rate T Note Constant Maturity + 2.10% on 1/19/2028)5,6 | USD | 1,375 | $ | 1,399 | ||||
KBC Groep NV 6.324% 9/21/2034 (1-year UST Yield Curve Rate T Note Constant Maturity + 2.05% on 9/21/2033)5,6 | 5,875 | 6,213 | ||||||
Korea Exchange Bank 3.25% 3/30/20275 | 1,315 | 1,258 | ||||||
Lloyds Banking Group PLC 2.438% 2/5/2026 (1-year UST Yield Curve Rate T Note Constant Maturity + 1.00% on 2/5/2025)6 | 2,675 | 2,582 | ||||||
Lloyds Banking Group PLC 5.985% 8/7/2027 (1-year UST Yield Curve Rate T Note Constant Maturity + 1.48% on 8/7/2026)6 | 1,625 | 1,655 | ||||||
Lloyds Banking Group PLC 5.871% 3/6/2029 (1-year UST Yield Curve Rate T Note Constant Maturity + 1.70% on 3/6/2028)6 | 2,705 | 2,773 | ||||||
LPL Holdings, Inc. 6.75% 11/17/2028 | 3,646 | 3,889 | ||||||
Marsh & McLennan Companies, Inc. 5.40% 9/15/2033 | 490 | 516 | ||||||
Marsh & McLennan Companies, Inc. 5.70% 9/15/2053 | 222 | 242 | ||||||
Mastercard, Inc. 4.85% 3/9/2033 | 287 | 297 | ||||||
MetLife Capital Trust IV, junior subordinated, 7.875% 12/15/2067 (3-month USD-LIBOR + 3.96% on 12/1/2037)5,6,8 | 1,405 | 1,513 | ||||||
MetLife, Inc. 3.60% 11/13/2025 | 3,490 | 3,429 | ||||||
MetLife, Inc. 5.375% 7/15/2033 | 1,279 | 1,334 | ||||||
Metropolitan Life Global Funding I 5.40% 9/12/20285 | 840 | 863 | ||||||
Metropolitan Life Global Funding I 5.15% 3/28/20335 | 619 | 630 | ||||||
Mitsubishi UFJ Financial Group, Inc. 0.962% 10/11/2025 (1-year UST Yield Curve Rate T Note Constant Maturity + 0.45% on 10/11/2024)6 | 2,960 | 2,855 | ||||||
Mitsubishi UFJ Financial Group, Inc. 1.538% 7/20/2027 (1-year UST Yield Curve Rate T Note Constant Maturity + 0.75% on 7/20/2026)6 | 6,200 | 5,668 | ||||||
Mitsubishi UFJ Financial Group, Inc. 1.64% 10/13/2027 (1-year UST Yield Curve Rate T Note Constant Maturity + 0.67% on 10/13/2026)6 | 2,225 | 2,027 | ||||||
Mitsubishi UFJ Financial Group, Inc. 2.341% 1/19/2028 (1-year UST Yield Curve Rate T Note Constant Maturity + 0.83% on 1/19/2027)6 | 2,970 | 2,750 | ||||||
Mitsubishi UFJ Financial Group, Inc. 4.08% 4/19/2028 (1-year UST Yield Curve Rate T Note Constant Maturity + 1.30% on 4/19/2027)6 | 2,945 | 2,865 | ||||||
Mitsubishi UFJ Financial Group, Inc. 5.422% 2/22/2029 (1-year UST Yield Curve Rate T Note Constant Maturity + 1.38% on 2/22/2028)6 | 1,430 | 1,457 | ||||||
Mitsubishi UFJ Financial Group, Inc. 5.133% 7/20/2033 (1-year UST Yield Curve Rate T Note Constant Maturity + 2.125% on 7/20/2032)6 | 763 | 775 | ||||||
Mizuho Financial Group, Inc. 1.554% 7/9/2027 (1-year UST Yield Curve Rate T Note Constant Maturity + 0.75% on 7/9/2026)6 | 4,615 | 4,219 | ||||||
Mizuho Financial Group, Inc. 5.778% 7/6/2029 (1-year UST Yield Curve Rate T Note Constant Maturity + 1.65% on 7/6/2028)6 | 1,701 | 1,751 | ||||||
Mizuho Financial Group, Inc. 5.669% 9/13/2033 (1-year UST Yield Curve Rate T Note Constant Maturity + 2.40% on 9/13/2032)6 | 2,390 | 2,469 | ||||||
Morgan Stanley 0.791% 1/22/2025 (USD-SOFR + 0.509% on 1/22/2024)6 | 3,065 | 3,056 | ||||||
Morgan Stanley 2.72% 7/22/2025 (USD-SOFR + 1.152% on 7/22/2024)6 | 2,300 | 2,262 | ||||||
Morgan Stanley 1.512% 7/20/2027 (USD-SOFR + 0.858% on 7/20/2026)6 | 13,336 | 12,187 | ||||||
Morgan Stanley 5.123% 2/1/2029 (USD-SOFR + 1.73% on 2/1/2028)6 | 9,403 | 9,451 | ||||||
Morgan Stanley 5.164% 4/20/2029 (USD-SOFR + 1.59% on 4/20/2028)6 | 21,869 | 22,007 | ||||||
Morgan Stanley 1.794% 2/13/2032 (USD-SOFR + 1.034% on 2/13/2031)6 | 85 | 68 | ||||||
Morgan Stanley 2.239% 7/21/2032 (USD-SOFR + 1.178% on 7/21/2031)6 | 11,777 | 9,617 | ||||||
Morgan Stanley 2.511% 10/20/2032 (USD-SOFR + 1.20% on 10/20/2031)6 | 2,670 | 2,212 | ||||||
Morgan Stanley 5.424% 7/21/2034 (USD-SOFR + 1.88% on 7/21/2033)6 | 11,543 | 11,720 | ||||||
Morgan Stanley Bank, N.A. 5.882% 10/30/2026 | 2,775 | 2,855 | ||||||
MSCI, Inc. 3.25% 8/15/20335 | 2,750 | 2,302 | ||||||
Nasdaq, Inc. 5.35% 6/28/2028 | 553 | 570 | ||||||
Nasdaq, Inc. 5.55% 2/15/2034 | 1,178 | 1,225 | ||||||
Nasdaq, Inc. 5.95% 8/15/2053 | 307 | 330 | ||||||
Nasdaq, Inc. 6.10% 6/28/2063 | 100 | 108 | ||||||
NatWest Group PLC 5.847% 3/2/2027 (1-year UST Yield Curve Rate T Note Constant Maturity + 1.35% on 3/2/2026)6 | 3,555 | 3,588 | ||||||
NatWest Group PLC 6.016% 3/2/2034 (1-year UST Yield Curve Rate T Note Constant Maturity + 2.10% on 3/2/2033)6 | 1,140 | 1,198 | ||||||
Navient Corp. 6.75% 6/25/2025 | 425 | 430 |
194 | American Funds Insurance Series |
The Bond Fund of America (continued)
Bonds, notes & other debt instruments (continued) | Principal amount (000) | Value (000) | ||||||
Corporate bonds, notes & loans (continued) | ||||||||
Financials (continued) | ||||||||
Northwestern Mutual Life Insurance Co. (The) 4.90% 6/12/20285 | USD | 2,090 | $ | 2,101 | ||||
Onemain Finance Corp. 7.125% 3/15/2026 | 250 | 255 | ||||||
PayPal Holdings, Inc. 5.05% 6/1/2052 | 1,031 | 1,041 | ||||||
PNC Financial Services Group, Inc. 5.582% 6/12/2029 (USD-SOFR + 1.841% on 6/12/2028)6 | 4,896 | 5,004 | ||||||
PNC Financial Services Group, Inc. 6.875% 10/20/2034 (USD-SOFR + 2.284% on 10/20/2033)6 | 7,232 | 8,032 | ||||||
Royal Bank of Canada 4.90% 1/12/2028 | 360 | 364 | ||||||
Royal Bank of Canada 5.00% 2/1/2033 | 3,591 | 3,654 | ||||||
Santander Holdings USA, Inc. 3.50% 6/7/2024 | 8,325 | 8,239 | ||||||
Santander Holdings USA, Inc. 6.499% 3/9/2029 (USD-SOFR + 2.356% on 3/9/2028)6 | 5,100 | 5,274 | ||||||
SMBC Aviation Capital Finance DAC 5.70% 7/25/20335 | 1,120 | 1,133 | ||||||
Standard Chartered PLC 6.296% 7/6/2034 (1-year UST Yield Curve Rate T Note Constant Maturity + 2.58% on 7/6/2033)5,6 | 562 | 591 | ||||||
State Street Corp. 4.164% 8/4/2033 (USD-SOFR + 1.726% on 8/4/2032)6 | 1,640 | 1,547 | ||||||
State Street Corp. 5.159% 5/18/2034 (USD-SOFR + 1.89% on 5/18/2033)6 | 6,337 | 6,386 | ||||||
Sumitomo Mitsui Financial Group, Inc. 5.88% 7/13/2026 | 1,429 | 1,462 | ||||||
Sumitomo Mitsui Financial Group, Inc. 2.174% 1/14/2027 | 1,100 | 1,017 | ||||||
Sumitomo Mitsui Financial Group, Inc. 5.80% 7/13/2028 | 1,045 | 1,082 | ||||||
Sumitomo Mitsui Financial Group, Inc. 5.766% 1/13/2033 | 373 | 394 | ||||||
Sumitomo Mitsui Trust Bank, Ltd. 5.55% 9/14/20285 | 1,400 | 1,441 | ||||||
SVB Financial Group 4.70% junior subordinated perpetual bonds (5-year UST Yield Curve Rate T Note Constant Maturity + 3.064% on 11/15/2031)6,9 | 1,530 | 21 | ||||||
Swedbank AB 6.136% 9/12/20265 | 2,100 | 2,143 | ||||||
Synchrony Financial 4.375% 3/19/2024 | 3,640 | 3,628 | ||||||
Toronto-Dominion Bank (The) 1.95% 1/12/2027 | 1,060 | 980 | ||||||
Toronto-Dominion Bank (The) 5.156% 1/10/2028 | 7,520 | 7,639 | ||||||
Toronto-Dominion Bank (The) 5.523% 7/17/2028 | 3,480 | 3,585 | ||||||
Travelers Companies, Inc. 2.55% 4/27/2050 | 623 | 410 | ||||||
Travelers Companies, Inc. 5.45% 5/25/2053 | 163 | 176 | ||||||
Truist Financial Corp. 6.047% 6/8/2027 (USD-SOFR + 2.05% on 6/8/2026)6 | 1,370 | 1,395 | ||||||
Truist Financial Corp. 4.873% 1/26/2029 (USD-SOFR + 1.435% on 1/26/2028)6 | 2,605 | 2,568 | ||||||
Truist Financial Corp. 7.161% 10/30/2029 (USD-SOFR + 2.446% on 10/30/2028)6 | 2,396 | 2,589 | ||||||
Truist Financial Corp. 5.122% 1/26/2034 (USD-SOFR + 1.60% on 1/26/2033)6 | 2,750 | 2,665 | ||||||
Truist Financial Corp. 5.867% 6/8/2034 (USD-SOFR + 2.361% on 6/8/2033)6 | 1,223 | 1,248 | ||||||
U.S. Bancorp 4.548% 7/22/2028 (USD-SOFR + 1.66% on 7/27/2027)6 | 2,440 | 2,405 | ||||||
U.S. Bancorp 4.839% 2/1/2034 (USD-SOFR + 1.60% on 2/1/2033)6 | 3,119 | 2,989 | ||||||
U.S. Bancorp 5.836% 6/12/2034 (USD-SOFR + 2.26% on 6/10/2033)6 | 2,662 | 2,747 | ||||||
UBS Group AG 2.593% 9/11/2025 (USD-SOFR + 1.56% on 9/11/2024)5,6 | 850 | 832 | ||||||
UBS Group AG 2.193% 6/5/2026 (USD-SOFR + 2.044% on 6/5/2025)5,6 | 7,609 | 7,240 | ||||||
UBS Group AG 1.305% 2/2/2027 (USD-SOFR + 0.98% on 2/2/2026)5,6 | 11,200 | 10,279 | ||||||
UBS Group AG 1.494% 8/10/2027 (1-year UST Yield Curve Rate T Note Constant Maturity + 0.85% on 8/10/2026)5,6 | 6,623 | 5,987 | ||||||
UBS Group AG 6.442% 8/11/2028 (USD-SOFR + 3.70% on 8/11/2027)5,6 | 1,265 | 1,315 | ||||||
UBS Group AG 6.246% 9/22/2029 (1-year UST Yield Curve Rate T Note Constant Maturity + 1.80% on 9/22/2028)5,6 | 2,655 | 2,772 | ||||||
UBS Group AG 3.126% 8/13/2030 (3-month USD-LIBOR + 1.468% on 8/13/2029)5,6,8 | 1,202 | 1,074 | ||||||
UBS Group AG 4.194% 4/1/2031 (USD-SOFR + 3.73% on 4/1/2030)5,6 | 9,636 | 8,981 | ||||||
UBS Group AG 2.095% 2/11/2032 (1-year UST Yield Curve Rate T Note Constant Maturity + 1.00% on 2/11/2031)5,6 | 1,392 | 1,111 | ||||||
UBS Group AG 3.091% 5/14/2032 (USD-SOFR + 1.73% on 5/14/2031)5,6 | 7,869 | 6,706 | ||||||
UBS Group AG 2.746% 2/11/2033 (1-year UST Yield Curve Rate T Note Constant Maturity + 1.10% on 2/11/2032)5,6 | 4,038 | 3,315 | ||||||
UBS Group AG 6.537% 8/12/2033 (USD-SOFR + 3.92% on 8/12/2032)5,6 | 9,662 | 10,317 | ||||||
UBS Group AG 9.016% 11/15/2033 (USD-SOFR + 5.02% on 11/15/2032)5,6 | 5,000 | 6,150 | ||||||
UniCredit SpA 4.625% 4/12/20275 | 1,395 | 1,364 | ||||||
UniCredit SpA 5.861% 6/19/2032 (5-year USD-ICE Swap + 3.703% on 6/19/2027)5,6 | 16,130 | 15,798 | ||||||
Vigorous Champion International, Ltd. 4.25% 5/28/2029 | 462 | 426 | ||||||
Wells Fargo & Co. 3.908% 4/25/2026 (USD-SOFR + 1.32% on 4/25/2025)6 | 3,524 | 3,456 | ||||||
Wells Fargo & Co. 3.526% 3/24/2028 (USD-SOFR + 1.51% on 3/24/2027)6 | 6,615 | 6,314 |
American Funds Insurance Series | 195 |
The Bond Fund of America (continued)
Bonds, notes & other debt instruments (continued) | Principal amount (000) | Value (000) | ||||||
Corporate bonds, notes & loans (continued) | ||||||||
Financials (continued) | ||||||||
Wells Fargo & Co. 2.393% 6/2/2028 (USD-SOFR + 2.10% on 6/2/2027)6 | USD | 678 | $ | 621 | ||||
Wells Fargo & Co. 4.808% 7/25/2028 (USD-SOFR + 1.98% on 7/25/2027)6 | 13,490 | 13,398 | ||||||
Wells Fargo & Co. 5.574% 7/25/2029 (USD-SOFR + 1.74% on 7/25/2028)6 | 2,545 | 2,600 | ||||||
Wells Fargo & Co. 6.303% 10/23/2029 (USD-SOFR + 1.79% on 10/23/2028)6 | 5,785 | 6,101 | ||||||
Wells Fargo & Co. 5.389% 4/24/2034 (USD-SOFR + 2.02% on 4/24/2033)6 | 19,316 | 19,411 | ||||||
Wells Fargo & Co. 5.557% 7/25/2034 (USD-SOFR + 1.99% on 7/25/2033)6 | 188 | 192 | ||||||
Wells Fargo & Co. 6.491% 10/23/2034 (USD-SOFR + 2.06% on 10/23/2033)6 | 8,217 | 8,944 | ||||||
Wells Fargo & Co. 4.611% 4/25/2053 (USD-SOFR + 2.13% on 4/25/2052)6 | 5,719 | 5,148 | ||||||
Willis North America, Inc. 4.65% 6/15/2027 | 930 | 921 | ||||||
1,083,809 | ||||||||
Health care 4.05% | ||||||||
Amgen, Inc. 5.507% 3/2/2026 | 725 | 725 | ||||||
Amgen, Inc. 5.15% 3/2/2028 | 5,326 | 5,455 | ||||||
Amgen, Inc. 4.05% 8/18/2029 | 7,429 | 7,277 | ||||||
Amgen, Inc. 2.45% 2/21/2030 | 5,131 | 4,552 | ||||||
Amgen, Inc. 5.25% 3/2/2030 | 2,854 | 2,935 | ||||||
Amgen, Inc. 4.20% 3/1/2033 | 8,502 | 8,092 | ||||||
Amgen, Inc. 5.25% 3/2/2033 | 7,992 | 8,197 | ||||||
Amgen, Inc. 4.875% 3/1/2053 | 3,360 | 3,143 | ||||||
Amgen, Inc. 4.40% 2/22/2062 | 196 | 166 | ||||||
AstraZeneca Finance, LLC 1.75% 5/28/2028 | 897 | 803 | ||||||
AstraZeneca Finance, LLC 4.90% 3/3/2030 | 66 | 68 | ||||||
AstraZeneca Finance, LLC 2.25% 5/28/2031 | 1,159 | 1,000 | ||||||
AstraZeneca Finance, LLC 4.875% 3/3/2033 | 2,520 | 2,607 | ||||||
AstraZeneca PLC 4.00% 1/17/2029 | 5,920 | 5,848 | ||||||
Bausch Health Companies, Inc. 4.875% 6/1/20285 | 830 | 501 | ||||||
Baxter International, Inc. 2.539% 2/1/2032 | 3,906 | 3,277 | ||||||
Bayer US Finance, LLC 6.25% 1/21/20295 | 2,302 | 2,355 | ||||||
Bayer US Finance, LLC 6.375% 11/21/20305 | 4,478 | 4,611 | ||||||
Bayer US Finance, LLC 6.50% 11/21/20335 | 1,395 | 1,443 | ||||||
Bayer US Finance, LLC 6.875% 11/21/20535 | 578 | 616 | ||||||
Bristol-Myers Squibb Co. 5.90% 11/15/2033 | 4,402 | 4,798 | ||||||
Bristol-Myers Squibb Co. 2.55% 11/13/2050 | 2,113 | 1,341 | ||||||
Bristol-Myers Squibb Co. 3.70% 3/15/2052 | 2,197 | 1,728 | ||||||
Bristol-Myers Squibb Co. 6.25% 11/15/2053 | 1,740 | 1,993 | ||||||
Centene Corp. 4.25% 12/15/2027 | 14,860 | 14,330 | ||||||
Centene Corp. 2.45% 7/15/2028 | 12,410 | 11,062 | ||||||
Centene Corp. 4.625% 12/15/2029 | 14,945 | 14,347 | ||||||
Centene Corp. 3.375% 2/15/2030 | 15,718 | 14,122 | ||||||
Centene Corp. 2.50% 3/1/2031 | 8,550 | 7,135 | ||||||
Centene Corp. 2.625% 8/1/2031 | 2,510 | 2,085 | ||||||
CVS Health Corp. 5.125% 2/21/2030 | 1,720 | 1,748 | ||||||
CVS Health Corp. 5.25% 1/30/2031 | 960 | 985 | ||||||
CVS Health Corp. 5.25% 2/21/2033 | 2,122 | 2,170 | ||||||
CVS Health Corp. 5.30% 6/1/2033 | 2,393 | 2,457 | ||||||
CVS Health Corp. 5.625% 2/21/2053 | 40 | 41 | ||||||
CVS Health Corp. 5.875% 6/1/2053 | 4,897 | 5,157 | ||||||
CVS Health Corp. 6.00% 6/1/2063 | 1,344 | 1,428 | ||||||
Elevance Health, Inc. 2.375% 1/15/2025 | 1,534 | 1,490 | ||||||
Elevance Health, Inc. 4.10% 5/15/2032 | 6,161 | 5,887 | ||||||
Elevance Health, Inc. 4.75% 2/15/2033 | 887 | 888 | ||||||
Elevance Health, Inc. 4.55% 5/15/2052 | 271 | 248 | ||||||
Elevance Health, Inc. 5.125% 2/15/2053 | 784 | 786 | ||||||
Eli Lilly and Co. 3.375% 3/15/2029 | 1,035 | 996 | ||||||
Eli Lilly and Co. 4.70% 2/27/2033 | 5,162 | 5,296 | ||||||
Eli Lilly and Co. 4.875% 2/27/2053 | 4,603 | 4,765 | ||||||
Eli Lilly and Co. 4.95% 2/27/2063 | 144 | 149 | ||||||
GE HealthCare Technologies, Inc. 5.65% 11/15/2027 | 4,895 | 5,069 | ||||||
GE HealthCare Technologies, Inc. 5.857% 3/15/2030 | 207 | 218 |
196 | American Funds Insurance Series |
The Bond Fund of America (continued)
Bonds, notes & other debt instruments (continued) | Principal amount (000) | Value (000) | ||||||
Corporate bonds, notes & loans (continued) | ||||||||
Health care (continued) | ||||||||
GE HealthCare Technologies, Inc. 5.905% 11/22/2032 | USD | 7,896 | $ | 8,426 | ||||
GE HealthCare Technologies, Inc. 6.377% 11/22/2052 | 215 | 250 | ||||||
Gilead Sciences, Inc. 5.25% 10/15/2033 | 3,340 | 3,483 | ||||||
Gilead Sciences, Inc. 5.55% 10/15/2053 | 4,978 | 5,398 | ||||||
HCA, Inc. 5.20% 6/1/2028 | 4,165 | 4,210 | ||||||
HCA, Inc. 2.375% 7/15/2031 | 2,233 | 1,841 | ||||||
HCA, Inc. 3.625% 3/15/2032 | 2,400 | 2,147 | ||||||
HCA, Inc. 4.625% 3/15/2052 | 226 | 192 | ||||||
Johnson & Johnson 0.95% 9/1/2027 | 12,708 | 11,345 | ||||||
Johnson & Johnson 2.10% 9/1/2040 | 670 | 477 | ||||||
Johnson & Johnson 2.25% 9/1/2050 | 1,758 | 1,165 | ||||||
Laboratory Corporation of America Holdings 1.55% 6/1/2026 | 773 | 714 | ||||||
Laboratory Corporation of America Holdings 4.70% 2/1/2045 | 3,975 | 3,673 | ||||||
Medtronic Global Holdings S.C.A. 4.50% 3/30/2033 | 1,485 | 1,486 | ||||||
Merck & Co., Inc. 1.70% 6/10/2027 | 3,093 | 2,837 | ||||||
Merck & Co., Inc. 4.90% 5/17/2044 | 380 | 385 | ||||||
Merck & Co., Inc. 2.75% 12/10/2051 | 808 | 556 | ||||||
Merck & Co., Inc. 5.00% 5/17/2053 | 895 | 921 | ||||||
Merck & Co., Inc. 5.15% 5/17/2063 | 208 | 217 | ||||||
Pfizer Investment Enterprises Pte., Ltd. 4.45% 5/19/2028 | 1,375 | 1,375 | ||||||
Pfizer Investment Enterprises Pte., Ltd. 4.75% 5/19/2033 | 4,442 | 4,454 | ||||||
Pfizer Investment Enterprises Pte., Ltd. 5.30% 5/19/2053 | 3,747 | 3,828 | ||||||
Regeneron Pharmaceuticals, Inc. 1.75% 9/15/2030 | 1,558 | 1,282 | ||||||
Roche Holdings, Inc. 1.93% 12/13/20285 | 7,545 | 6,741 | ||||||
Roche Holdings, Inc. 2.076% 12/13/20315 | 9,309 | 7,842 | ||||||
Roche Holdings, Inc. 2.607% 12/13/20515 | 645 | 434 | ||||||
Shire Acquisitions Investments Ireland DAC 3.20% 9/23/2026 | 13,390 | 12,886 | ||||||
Teva Pharmaceutical Finance Netherlands III BV 7.125% 1/31/2025 | 45,000 | 45,427 | ||||||
Teva Pharmaceutical Finance Netherlands III BV 3.15% 10/1/2026 | 68,853 | 63,802 | ||||||
Teva Pharmaceutical Finance Netherlands III BV 6.75% 3/1/2028 | 26,824 | 27,441 | ||||||
Teva Pharmaceutical Finance Netherlands III BV 4.10% 10/1/2046 | 46,666 | 31,653 | ||||||
Thermo Fisher Scientific, Inc. 5.086% 8/10/2033 | 985 | 1,027 | ||||||
UnitedHealth Group, Inc. 3.75% 7/15/2025 | 5,410 | 5,334 | ||||||
UnitedHealth Group, Inc. 2.00% 5/15/2030 | 466 | 403 | ||||||
UnitedHealth Group, Inc. 4.20% 5/15/2032 | 1,664 | 1,629 | ||||||
UnitedHealth Group, Inc. 3.05% 5/15/2041 | 1,300 | 1,017 | ||||||
UnitedHealth Group, Inc. 4.25% 6/15/2048 | 960 | 859 | ||||||
UnitedHealth Group, Inc. 3.25% 5/15/2051 | 572 | 434 | ||||||
UnitedHealth Group, Inc. 4.95% 5/15/2062 | 69 | 68 | ||||||
Zoetis, Inc. 5.60% 11/16/2032 | 1,063 | 1,140 | ||||||
445,189 | ||||||||
Utilities 4.03% | ||||||||
AEP Texas, Inc. 3.45% 5/15/2051 | 1,380 | 990 | ||||||
Alabama Power Co. 3.00% 3/15/2052 | 3,219 | 2,253 | ||||||
Alfa Desarrollo SpA 4.55% 9/27/20515 | 999 | 781 | ||||||
Baltimore Gas and Electric Co. 4.55% 6/1/2052 | 525 | 482 | ||||||
Berkshire Hathaway Energy Co. 4.50% 2/1/2045 | 5,895 | 5,465 | ||||||
Berkshire Hathaway Energy Co. 4.60% 5/1/2053 | 1,017 | 908 | ||||||
Cleveland Electric Illuminating Co. (The) 3.50% 4/1/20285 | 2,400 | 2,250 | ||||||
Comision Federal de Electricidad 4.688% 5/15/20295 | 3,655 | 3,444 | ||||||
Connecticut Light and Power Co. (The) 2.05% 7/1/2031 | 1,775 | 1,474 | ||||||
Consumers Energy Co. 4.625% 5/15/2033 | 3,500 | 3,496 | ||||||
Consumers Energy Co. 3.10% 8/15/2050 | 939 | 692 | ||||||
DTE Energy Co. 3.00% 3/1/2032 | 259 | 230 | ||||||
Duke Energy Carolinas, LLC 5.35% 1/15/2053 | 332 | 341 | ||||||
Duke Energy Corp. 3.75% 4/15/2024 | 3,826 | 3,806 | ||||||
Duke Energy Florida, LLC 5.875% 11/15/2033 | 370 | 399 | ||||||
Duke Energy Florida, LLC 3.40% 10/1/2046 | 5,669 | 4,259 | ||||||
Duke Energy Florida, LLC 3.00% 12/15/2051 | 293 | 200 |
American Funds Insurance Series | 197 |
The Bond Fund of America (continued)
Bonds, notes & other debt instruments (continued) | Principal amount (000) | Value (000) | ||||||
Corporate bonds, notes & loans (continued) | ||||||||
Utilities (continued) | ||||||||
Duke Energy Florida, LLC 5.95% 11/15/2052 | USD | 575 | $ | 630 | ||||
Duke Energy Progress, LLC 3.70% 9/1/2028 | 3,750 | 3,644 | ||||||
Duke Energy Progress, LLC 2.00% 8/15/2031 | 1,775 | 1,467 | ||||||
Duke Energy Progress, LLC 2.50% 8/15/2050 | 644 | 406 | ||||||
Edison International 4.95% 4/15/2025 | 175 | 174 | ||||||
Edison International 5.75% 6/15/2027 | 3,181 | 3,251 | ||||||
Edison International 4.125% 3/15/2028 | 4,219 | 4,079 | ||||||
Edison International 5.25% 11/15/2028 | 4,350 | 4,381 | ||||||
Edison International 6.95% 11/15/2029 | 2,425 | 2,634 | ||||||
Electricité de France SA 5.70% 5/23/20285 | 675 | 699 | ||||||
Electricité de France SA 2.625% junior subordinated perpetual bonds (5-year EUR Mid-Swap + 2.86% on 6/1/2028)6 | EUR | 2,800 | 2,757 | |||||
Electricité de France SA 9.125% junior subordinated perpetual bonds (5-year UST Yield Curve Rate T Note Constant Maturity + 5.411% on 6/15/2033)5,6 | USD | 1,025 | 1,147 | |||||
Emera US Finance, LP 0.833% 6/15/2024 | 600 | 585 | ||||||
Emera US Finance, LP 2.639% 6/15/2031 | 4,400 | 3,615 | ||||||
ENN Clean Energy International Investment, Ltd. 3.375% 5/12/20265 | 1,310 | 1,229 | ||||||
Entergy Louisiana, LLC 4.20% 9/1/2048 | 6,325 | 5,268 | ||||||
Entergy Louisiana, LLC 4.75% 9/15/2052 | 395 | 364 | ||||||
FirstEnergy Corp. 1.60% 1/15/2026 | 20,066 | 18,678 | ||||||
FirstEnergy Corp. 2.65% 3/1/2030 | 12,524 | 10,834 | ||||||
FirstEnergy Corp. 2.25% 9/1/2030 | 12,602 | 10,629 | ||||||
FirstEnergy Corp., Series B, 4.15% 7/15/2027 | 12,178 | 11,720 | ||||||
FirstEnergy Transmission, LLC 2.866% 9/15/20285 | 4,000 | 3,631 | ||||||
Florida Power & Light Co. 5.05% 4/1/2028 | 1,511 | 1,546 | ||||||
Florida Power & Light Co. 4.40% 5/15/2028 | 1,655 | 1,659 | ||||||
Florida Power & Light Co. 2.45% 2/3/2032 | 1,844 | 1,585 | ||||||
Florida Power & Light Co. 5.10% 4/1/2033 | 7,431 | 7,675 | ||||||
Florida Power & Light Co. 4.80% 5/15/2033 | 1,085 | 1,098 | ||||||
Florida Power & Light Co. 5.30% 4/1/2053 | 1,255 | 1,315 | ||||||
Georgia Power Co. 4.65% 5/16/2028 | 1,050 | 1,059 | ||||||
Georgia Power Co. 4.95% 5/17/2033 | 1,845 | 1,861 | ||||||
Georgia Power Co. 3.70% 1/30/2050 | 190 | 150 | ||||||
Israel Electric Corp., Ltd. 4.25% 8/14/20285 | 10,190 | 9,563 | ||||||
Israel Electric Corp., Ltd. 3.75% 2/22/20325 | 340 | 290 | ||||||
Jersey Central Power & Light Co. 2.75% 3/1/20325 | 525 | 444 | ||||||
Mid-Atlantic Interstate Transmission, LLC 4.10% 5/15/20285 | 425 | 411 | ||||||
Mississippi Power Co. 4.25% 3/15/2042 | 5,020 | 4,289 | ||||||
Monongahela Power Co. 3.55% 5/15/20275 | 1,700 | 1,629 | ||||||
NextEra Energy Capital Holdings, Inc. 5.25% 2/28/2053 | 1,440 | 1,417 | ||||||
NiSource, Inc. 5.40% 6/30/2033 | 650 | 671 | ||||||
Oncor Electric Delivery Co., LLC 4.55% 9/15/2032 | 205 | 203 | ||||||
Oncor Electric Delivery Co., LLC 5.65% 11/15/20335 | 2,650 | 2,825 | ||||||
Pacific Gas and Electric Co. 3.40% 8/15/2024 | 2,000 | 1,967 | ||||||
Pacific Gas and Electric Co. 3.15% 1/1/2026 | 27,543 | 26,430 | ||||||
Pacific Gas and Electric Co. 2.95% 3/1/2026 | 10,850 | 10,284 | ||||||
Pacific Gas and Electric Co. 3.30% 3/15/2027 | 5,645 | 5,282 | ||||||
Pacific Gas and Electric Co. 3.30% 12/1/2027 | 9,512 | 8,886 | ||||||
Pacific Gas and Electric Co. 3.00% 6/15/2028 | 2,542 | 2,319 | ||||||
Pacific Gas and Electric Co. 3.75% 7/1/2028 | 13,075 | 12,258 | ||||||
Pacific Gas and Electric Co. 4.65% 8/1/2028 | 7,900 | 7,592 | ||||||
Pacific Gas and Electric Co. 6.10% 1/15/2029 | 3,760 | 3,894 | ||||||
Pacific Gas and Electric Co. 4.55% 7/1/2030 | 35,449 | 33,794 | ||||||
Pacific Gas and Electric Co. 2.50% 2/1/2031 | 21,597 | 17,836 | ||||||
Pacific Gas and Electric Co. 6.15% 1/15/2033 | 518 | 538 | ||||||
Pacific Gas and Electric Co. 6.40% 6/15/2033 | 11,554 | 12,169 | ||||||
Pacific Gas and Electric Co. 6.95% 3/15/2034 | 1,582 | 1,740 | ||||||
Pacific Gas and Electric Co. 3.30% 8/1/2040 | 9,898 | 7,260 | ||||||
Pacific Gas and Electric Co. 3.75% 8/15/2042 | 106 | 79 | ||||||
Pacific Gas and Electric Co. 4.75% 2/15/2044 | 336 | 281 |
198 | American Funds Insurance Series |
The Bond Fund of America (continued)
Bonds, notes & other debt instruments (continued) | Principal amount (000) | Value (000) | ||||||
Corporate bonds, notes & loans (continued) | ||||||||
Utilities (continued) | ||||||||
Pacific Gas and Electric Co. 4.95% 7/1/2050 | USD | 540 | $ | 462 | ||||
Pacific Gas and Electric Co. 3.50% 8/1/2050 | 14,919 | 10,331 | ||||||
Pacific Gas and Electric Co. 6.75% 1/15/2053 | 185 | 202 | ||||||
PacifiCorp 4.15% 2/15/2050 | 475 | 386 | ||||||
PacifiCorp 3.30% 3/15/2051 | 325 | 226 | ||||||
PacifiCorp 2.90% 6/15/2052 | 111 | 72 | ||||||
PacifiCorp 5.35% 12/1/2053 | 1,748 | 1,684 | ||||||
PacifiCorp 5.50% 5/15/2054 | 4,363 | 4,291 | ||||||
Public Service Company of Colorado 2.70% 1/15/2051 | 2,472 | 1,559 | ||||||
Public Service Electric and Gas Co. 3.20% 5/15/2029 | 6,000 | 5,605 | ||||||
Public Service Electric and Gas Co. 5.20% 8/1/2033 | 1,200 | 1,246 | ||||||
Public Service Electric and Gas Co. 5.45% 8/1/2053 | 175 | 189 | ||||||
Puget Energy, Inc. 3.65% 5/15/2025 | 300 | 293 | ||||||
Southern California Edison Co. 4.90% 6/1/2026 | 1,375 | 1,382 | ||||||
Southern California Edison Co. 4.20% 3/1/2029 | 10,726 | 10,526 | ||||||
Southern California Edison Co. 2.85% 8/1/2029 | 6,945 | 6,336 | ||||||
Southern California Edison Co. 2.50% 6/1/2031 | 5,044 | 4,325 | ||||||
Southern California Edison Co. 5.95% 11/1/2032 | 1,100 | 1,182 | ||||||
Southern California Edison Co. 5.75% 4/1/2035 | 4,549 | 4,747 | ||||||
Southern California Edison Co. 5.35% 7/15/2035 | 6,450 | 6,692 | ||||||
Southern California Edison Co. 5.625% 2/1/2036 | 7,051 | 7,198 | ||||||
Southern California Edison Co. 5.55% 1/15/2037 | 3,844 | 3,858 | ||||||
Southern California Edison Co. 5.95% 2/1/2038 | 5,121 | 5,378 | ||||||
Southern California Edison Co. 3.60% 2/1/2045 | 2,417 | 1,882 | ||||||
Southern California Edison Co. 4.00% 4/1/2047 | 9,334 | 7,629 | ||||||
Southern California Edison Co. 3.65% 2/1/2050 | 14,600 | 11,323 | ||||||
Southern California Edison Co. 3.65% 6/1/2051 | 623 | 470 | ||||||
Southern California Edison Co. 3.45% 2/1/2052 | 515 | 376 | ||||||
Southwestern Electric Power Co. 1.65% 3/15/2026 | 3,550 | 3,307 | ||||||
Southwestern Electric Power Co. 3.25% 11/1/2051 | 2,270 | 1,534 | ||||||
Union Electric Co. 2.15% 3/15/2032 | 3,175 | 2,634 | ||||||
Virginia Electric & Power 2.30% 11/15/2031 | 1,700 | 1,430 | ||||||
Virginia Electric & Power 2.40% 3/30/2032 | 2,575 | 2,169 | ||||||
WEC Energy Group, Inc. 5.60% 9/12/2026 | 400 | 407 | ||||||
Wisconsin Power and Light Co. 1.95% 9/16/2031 | 525 | 427 | ||||||
Wisconsin Power and Light Co. 3.65% 4/1/2050 | 1,075 | 829 | ||||||
Wisconsin Public Service Corp. 2.85% 12/1/2051 | 375 | 248 | ||||||
Xcel Energy, Inc. 3.30% 6/1/2025 | 5,650 | 5,516 | ||||||
Xcel Energy, Inc. 1.75% 3/15/2027 | 4,363 | 3,981 | ||||||
Xcel Energy, Inc. 2.60% 12/1/2029 | 1,725 | 1,547 | ||||||
Xcel Energy, Inc. 4.60% 6/1/2032 | 4,600 | 4,488 | ||||||
443,958 | ||||||||
Consumer discretionary 3.49% | ||||||||
Alibaba Group Holding, Ltd. 4.00% 12/6/2037 | 200 | 172 | ||||||
Allied Universal Holdco, LLC 4.625% 6/1/20285 | 335 | 305 | ||||||
Amazon.com, Inc. 1.65% 5/12/2028 | 3,860 | 3,477 | ||||||
Amazon.com, Inc. 3.45% 4/13/2029 | 600 | 582 | ||||||
Amazon.com, Inc. 2.875% 5/12/2041 | 650 | 511 | ||||||
Amazon.com, Inc. 3.10% 5/12/2051 | 5,705 | 4,246 | ||||||
Amazon.com, Inc. 3.95% 4/13/2052 | 1,635 | 1,432 | ||||||
Amazon.com, Inc. 3.25% 5/12/2061 | 4,100 | 3,012 | ||||||
Amazon.com, Inc. 4.10% 4/13/2062 | 470 | 416 | ||||||
Atlas LuxCo 4 SARL 4.625% 6/1/20285 | 255 | 233 | ||||||
Bath & Body Works, Inc. 6.875% 11/1/2035 | 740 | 750 | ||||||
BMW US Capital, LLC 3.45% 4/1/20275 | 1,075 | 1,035 | ||||||
BMW US Capital, LLC 5.05% 8/11/20285 | 1,890 | 1,926 | ||||||
BMW US Capital, LLC 3.70% 4/1/20325 | 1,350 | 1,259 | ||||||
Daimler Trucks Finance North America, LLC 1.625% 12/13/20245 | 4,950 | 4,772 | ||||||
Daimler Trucks Finance North America, LLC 3.65% 4/7/20275 | 3,567 | 3,440 |
American Funds Insurance Series | 199 |
The Bond Fund of America (continued)
Bonds, notes & other debt instruments (continued) | Principal amount (000) | Value (000) | ||||||
Corporate bonds, notes & loans (continued) | ||||||||
Consumer discretionary (continued) | ||||||||
Daimler Trucks Finance North America, LLC 5.40% 9/20/20285 | USD | 832 | $ | 849 | ||||
Daimler Trucks Finance North America, LLC 2.375% 12/14/20285 | 3,230 | 2,879 | ||||||
Daimler Trucks Finance North America, LLC 2.50% 12/14/20315 | 8,174 | 6,787 | ||||||
Daimler Trucks Finance North America, LLC 5.50% 9/20/20335 | 691 | 705 | ||||||
Ford Motor Co. 3.25% 2/12/2032 | 620 | 516 | ||||||
Ford Motor Credit Co., LLC 5.125% 6/16/2025 | 3,870 | 3,823 | ||||||
Ford Motor Credit Co., LLC 6.95% 3/6/2026 | 855 | 876 | ||||||
Ford Motor Credit Co., LLC 6.95% 6/10/2026 | 755 | 775 | ||||||
Ford Motor Credit Co., LLC 2.70% 8/10/2026 | 200 | 185 | ||||||
Ford Motor Credit Co., LLC 4.271% 1/9/2027 | 18,742 | 17,986 | ||||||
Ford Motor Credit Co., LLC 4.95% 5/28/2027 | 485 | 474 | ||||||
Ford Motor Credit Co., LLC 4.125% 8/17/2027 | 39,480 | 37,409 | ||||||
Ford Motor Credit Co., LLC 3.815% 11/2/2027 | 3,990 | 3,728 | ||||||
Ford Motor Credit Co., LLC 7.35% 11/4/2027 | 7,549 | 7,966 | ||||||
Ford Motor Credit Co., LLC 6.80% 5/12/2028 | 2,030 | 2,122 | ||||||
Ford Motor Credit Co., LLC 6.798% 11/7/2028 | 762 | 798 | ||||||
Ford Motor Credit Co., LLC 2.90% 2/10/2029 | 1,065 | 934 | ||||||
Ford Motor Credit Co., LLC 5.113% 5/3/2029 | 9,854 | 9,591 | ||||||
Ford Motor Credit Co., LLC 7.35% 3/6/2030 | 10,668 | 11,469 | ||||||
Ford Motor Credit Co., LLC 7.20% 6/10/2030 | 1,015 | 1,082 | ||||||
Ford Motor Credit Co., LLC 7.122% 11/7/2033 | 688 | 742 | ||||||
General Motors Co. 6.125% 10/1/2025 | 22,221 | 22,526 | ||||||
General Motors Co. 5.40% 10/15/2029 | 781 | 795 | ||||||
General Motors Co. 5.40% 4/1/2048 | 5,200 | 4,758 | ||||||
General Motors Financial Co., Inc. 1.05% 3/8/2024 | 4,200 | 4,163 | ||||||
General Motors Financial Co., Inc. 4.35% 4/9/2025 | 11,358 | 11,196 | ||||||
General Motors Financial Co., Inc. 1.50% 6/10/2026 | 6,712 | 6,153 | ||||||
General Motors Financial Co., Inc. 2.35% 2/26/2027 | 9,771 | 9,000 | ||||||
General Motors Financial Co., Inc. 2.40% 4/10/2028 | 13,909 | 12,489 | ||||||
General Motors Financial Co., Inc. 5.80% 6/23/2028 | 2,595 | 2,668 | ||||||
General Motors Financial Co., Inc. 2.40% 10/15/2028 | 464 | 412 | ||||||
General Motors Financial Co., Inc. 3.60% 6/21/2030 | 465 | 422 | ||||||
General Motors Financial Co., Inc. 2.35% 1/8/2031 | 4,351 | 3,599 | ||||||
General Motors Financial Co., Inc. 2.70% 6/10/2031 | 3,980 | 3,339 | ||||||
General Motors Financial Co., Inc. 6.40% 1/9/2033 | 2,389 | 2,544 | ||||||
Grand Canyon University 4.125% 10/1/2024 | 4,190 | 3,960 | ||||||
Hanesbrands, Inc. 9.00% 2/15/20315 | 528 | 518 | ||||||
Home Depot, Inc. 2.95% 6/15/2029 | 4,641 | 4,365 | ||||||
Home Depot, Inc. 4.50% 12/6/2048 | 1,915 | 1,808 | ||||||
Hyundai Capital America 3.40% 6/20/20245 | 8,180 | 8,084 | ||||||
Hyundai Capital America 1.00% 9/17/20245 | 605 | 586 | ||||||
Hyundai Capital America 2.65% 2/10/20255 | 11,383 | 11,051 | ||||||
Hyundai Capital America 1.80% 10/15/20255 | 13,274 | 12,481 | ||||||
Hyundai Capital America 6.25% 11/3/20255 | 825 | 838 | ||||||
Hyundai Capital America 1.30% 1/8/20265 | 6,000 | 5,542 | ||||||
Hyundai Capital America 5.50% 3/30/20265 | 705 | 709 | ||||||
Hyundai Capital America 1.50% 6/15/20265 | 7,475 | 6,829 | ||||||
Hyundai Capital America 1.65% 9/17/20265 | 7,275 | 6,615 | ||||||
Hyundai Capital America 3.00% 2/10/20275 | 9,000 | 8,415 | ||||||
Hyundai Capital America 2.375% 10/15/20275 | 7,543 | 6,798 | ||||||
Hyundai Capital America 1.80% 1/10/20285 | 5,965 | 5,234 | ||||||
Hyundai Capital America 5.60% 3/30/20285 | 1,385 | 1,407 | ||||||
Hyundai Capital America 2.00% 6/15/20285 | 5,775 | 5,048 | ||||||
Hyundai Capital America 5.68% 6/26/20285 | 2,590 | 2,642 | ||||||
Hyundai Capital America 2.10% 9/15/20285 | 3,010 | 2,633 | ||||||
Hyundai Capital America 6.10% 9/21/20285 | 2,655 | 2,761 | ||||||
Hyundai Capital America 6.50% 1/16/20295 | 1,427 | 1,508 | ||||||
Hyundai Capital America 5.80% 4/1/20305 | 2,398 | 2,472 | ||||||
Hyundai Capital America 5.70% 6/26/20305 | 1,555 | 1,593 | ||||||
Hyundai Capital Services, Inc. 1.25% 2/8/20265 | 3,695 | 3,397 | ||||||
KIA Corp. 2.375% 2/14/20255 | 210 | 203 |
200 | American Funds Insurance Series |
The Bond Fund of America (continued)
Bonds, notes & other debt instruments (continued) | Principal amount (000) | Value (000) | ||||||
Corporate bonds, notes & loans (continued) | ||||||||
Consumer discretionary (continued) | ||||||||
Marriott International, Inc. 5.75% 5/1/2025 | USD | 190 | $ | 191 | ||||
Marriott International, Inc. 5.00% 10/15/2027 | 4,470 | 4,526 | ||||||
Marriott International, Inc. 4.90% 4/15/2029 | 653 | 658 | ||||||
McDonald’s Corp. 2.125% 3/1/2030 | 2,482 | 2,170 | ||||||
McDonald’s Corp. 3.60% 7/1/2030 | 1,014 | 962 | ||||||
McDonald’s Corp. 4.60% 9/9/2032 | 304 | 307 | ||||||
McDonald’s Corp. 4.95% 8/14/2033 | 238 | 245 | ||||||
McDonald’s Corp. 4.45% 3/1/2047 | 3,535 | 3,238 | ||||||
McDonald’s Corp. 3.625% 9/1/2049 | 2,938 | 2,358 | ||||||
McDonald’s Corp. 5.15% 9/9/2052 | 509 | 518 | ||||||
Nissan Motor Acceptance Co., LLC 2.75% 3/9/20285 | 3,167 | 2,797 | ||||||
Sands China, Ltd. 2.55% 3/8/2027 | 2,368 | 2,154 | ||||||
Stellantis Finance US, Inc. 1.711% 1/29/20275 | 5,486 | 4,985 | ||||||
Stellantis Finance US, Inc. 5.625% 1/12/20285 | 825 | 855 | ||||||
Stellantis Finance US, Inc. 2.691% 9/15/20315 | 5,119 | 4,286 | ||||||
Stellantis Finance US, Inc. 6.375% 9/12/20325 | 8,490 | 9,156 | ||||||
Toyota Motor Credit Corp. 3.375% 4/1/2030 | 4,954 | 4,658 | ||||||
Toyota Motor Credit Corp. 4.55% 5/17/2030 | 1,625 | 1,636 | ||||||
Toyota Motor Credit Corp. 5.55% 11/20/2030 | 690 | 727 | ||||||
Travel + Leisure Co. 6.625% 7/31/20265 | 675 | 682 | ||||||
Volkswagen Group of America Finance, LLC 2.85% 9/26/20245 | 546 | 535 | ||||||
Volkswagen Group of America Finance, LLC 6.45% 11/16/20305 | 5,190 | 5,529 | ||||||
Wynn Resorts Finance, LLC 5.125% 10/1/20295 | 410 | 387 | ||||||
384,385 | ||||||||
Industrials 2.68% | ||||||||
ADT Security Corp. 4.125% 8/1/20295 | 510 | 470 | ||||||
Air Lease Corp. 0.80% 8/18/2024 | 3,175 | 3,079 | ||||||
Air Lease Corp. 2.875% 1/15/2026 | 10,172 | 9,695 | ||||||
Air Lease Corp. 2.20% 1/15/2027 | 4,341 | 3,978 | ||||||
Air Lease Corp. 5.30% 2/1/2028 | 3,725 | 3,769 | ||||||
Air Lease Corp. 2.10% 9/1/2028 | 2,450 | 2,147 | ||||||
Avolon Holdings Funding, Ltd. 3.95% 7/1/20245 | 12,514 | 12,350 | ||||||
Avolon Holdings Funding, Ltd. 2.125% 2/21/20265 | 5,005 | 4,641 | ||||||
Avolon Holdings Funding, Ltd. 3.25% 2/15/20275 | 4,594 | 4,252 | ||||||
BNSF Funding Trust I, junior subordinated, 6.613% 12/15/2055 (3-month USD-LIBOR + 2.35% on 1/15/2026)6,8 | 1,680 | 1,644 | ||||||
Boeing Co. 1.95% 2/1/2024 | 5,206 | 5,189 | ||||||
Boeing Co. 2.80% 3/1/2024 | 500 | 497 | ||||||
Boeing Co. 4.875% 5/1/2025 | 31,869 | 31,736 | ||||||
Boeing Co. 2.75% 2/1/2026 | 17,237 | 16,504 | ||||||
Boeing Co. 2.196% 2/4/2026 | 17,876 | 16,894 | ||||||
Boeing Co. 2.70% 2/1/2027 | 6,473 | 6,107 | ||||||
Boeing Co. 5.04% 5/1/2027 | 14,350 | 14,483 | ||||||
Boeing Co. 3.25% 2/1/2028 | 10,757 | 10,212 | ||||||
Boeing Co. 3.25% 3/1/2028 | 1,925 | 1,809 | ||||||
Boeing Co. 5.15% 5/1/2030 | 33,299 | 33,918 | ||||||
Boeing Co. 3.625% 2/1/2031 | 3,677 | 3,417 | ||||||
Boeing Co. 3.90% 5/1/2049 | 1,411 | 1,119 | ||||||
Boeing Co. 5.805% 5/1/2050 | 986 | 1,022 | ||||||
Canadian National Railway Co. 5.85% 11/1/2033 | 465 | 511 | ||||||
Canadian National Railway Co. 6.125% 11/1/2053 | 137 | 164 | ||||||
Canadian Pacific Railway Co. 1.75% 12/2/2026 | 1,066 | 984 | ||||||
Canadian Pacific Railway Co. 3.10% 12/2/2051 | 2,286 | 1,654 | ||||||
Carrier Global Corp. 5.80% 11/30/20255 | 240 | 243 | ||||||
Carrier Global Corp. 2.722% 2/15/2030 | 292 | 261 | ||||||
Carrier Global Corp. 2.70% 2/15/2031 | 292 | 255 | ||||||
Carrier Global Corp. 5.90% 3/15/20345 | 1,345 | 1,455 | ||||||
Carrier Global Corp. 3.377% 4/5/2040 | 14,710 | 11,847 | ||||||
Carrier Global Corp. 3.577% 4/5/2050 | 138 | 108 |
American Funds Insurance Series | 201 |
The Bond Fund of America (continued)
Bonds, notes & other debt instruments (continued) | Principal amount (000) | Value (000) | ||||||
Corporate bonds, notes & loans (continued) | ||||||||
Industrials (continued) | ||||||||
Carrier Global Corp. 6.20% 3/15/20545 | USD | 827 | $ | 957 | ||||
CK Hutchison International (23), Ltd. 4.75% 4/21/20285 | 1,260 | 1,263 | ||||||
CSX Corp. 4.10% 11/15/2032 | 1,886 | 1,835 | ||||||
CSX Corp. 5.20% 11/15/2033 | 1,333 | 1,391 | ||||||
CSX Corp. 4.50% 11/15/2052 | 4,470 | 4,154 | ||||||
Dun & Bradstreet Corp. (The) 5.00% 12/15/20295 | 978 | 913 | ||||||
General Dynamics Corp. 3.75% 5/15/2028 | 479 | 471 | ||||||
General Dynamics Corp. 3.625% 4/1/2030 | 387 | 372 | ||||||
Ingersoll-Rand, Inc. 5.40% 8/14/2028 | 801 | 826 | ||||||
Ingersoll-Rand, Inc. 5.70% 8/14/2033 | 946 | 1,001 | ||||||
L3Harris Technologies, Inc. 5.40% 7/31/2033 | 1,126 | 1,171 | ||||||
MISC Capital Two (Labuan), Ltd. 3.75% 4/6/20275 | 2,690 | 2,592 | ||||||
Norfolk Southern Corp. 5.05% 8/1/2030 | 1,734 | 1,777 | ||||||
Norfolk Southern Corp. 5.35% 8/1/2054 | 1,458 | 1,517 | ||||||
Northrop Grumman Corp. 3.25% 1/15/2028 | 10,845 | 10,370 | ||||||
Northrop Grumman Corp. 4.70% 3/15/2033 | 4,259 | 4,298 | ||||||
Northrop Grumman Corp. 4.95% 3/15/2053 | 2,459 | 2,439 | ||||||
Republic Services, Inc. 2.375% 3/15/2033 | 1,635 | 1,368 | ||||||
Republic Services, Inc. 5.00% 4/1/2034 | 15 | 15 | ||||||
RTX Corp. 5.75% 11/8/2026 | 550 | 565 | ||||||
RTX Corp. 3.125% 5/4/2027 | 4,551 | 4,330 | ||||||
RTX Corp. 4.125% 11/16/2028 | 4,974 | 4,864 | ||||||
RTX Corp. 5.75% 1/15/2029 | 410 | 429 | ||||||
RTX Corp. 6.00% 3/15/2031 | 550 | 586 | ||||||
RTX Corp. 2.375% 3/15/2032 | 451 | 376 | ||||||
RTX Corp. 6.10% 3/15/2034 | 401 | 435 | ||||||
RTX Corp. 2.82% 9/1/2051 | 665 | 440 | ||||||
RTX Corp. 3.03% 3/15/2052 | 1,190 | 822 | ||||||
RTX Corp. 6.40% 3/15/2054 | 1,006 | 1,166 | ||||||
Summit Digitel Infrastructure Pvt, Ltd. 2.875% 8/12/20315 | 2,550 | 2,094 | ||||||
Triton Container International, Ltd. 1.15% 6/7/20245 | 1,609 | 1,570 | ||||||
Triton Container International, Ltd. 3.15% 6/15/20315 | 2,482 | 1,977 | ||||||
Union Pacific Corp. 2.15% 2/5/2027 | 2,213 | 2,067 | ||||||
Union Pacific Corp. 2.40% 2/5/2030 | 4,454 | 3,969 | ||||||
Union Pacific Corp. 2.375% 5/20/2031 | 2,298 | 1,999 | ||||||
Union Pacific Corp. 2.80% 2/14/2032 | 5,244 | 4,655 | ||||||
Union Pacific Corp. 3.25% 2/5/2050 | 7,000 | 5,368 | ||||||
Union Pacific Corp. 2.95% 3/10/2052 | 1,405 | 998 | ||||||
United Rentals (North America), Inc. 5.50% 5/15/2027 | 2,500 | 2,507 | ||||||
Veralto Corp. 5.50% 9/18/20265 | 350 | 355 | ||||||
Veralto Corp. 5.35% 9/18/20285 | 2,450 | 2,509 | ||||||
Veralto Corp. 5.45% 9/18/20335 | 1,680 | 1,741 | ||||||
Waste Management, Inc. 1.50% 3/15/2031 | 419 | 343 | ||||||
Waste Management, Inc. 4.15% 4/15/2032 | 688 | 672 | ||||||
Waste Management, Inc. 4.875% 2/15/2034 | 2,830 | 2,888 | ||||||
294,869 | ||||||||
Energy 2.45% | ||||||||
Antero Resources Corp. 5.375% 3/1/20305 | 280 | 269 | ||||||
Apache Corp. 4.625% 11/15/2025 | 645 | 630 | ||||||
Apache Corp. 4.25% 1/15/2030 | 2,465 | 2,306 | ||||||
Baker Hughes Holdings, LLC 2.061% 12/15/2026 | 1,136 | 1,064 | ||||||
BP Capital Markets America, Inc. 4.893% 9/11/2033 | 3,701 | 3,767 | ||||||
BP Capital Markets America, Inc. 3.001% 3/17/2052 | 710 | 499 | ||||||
Canadian Natural Resources, Ltd. 2.05% 7/15/2025 | 754 | 719 | ||||||
Cenovus Energy, Inc. 5.375% 7/15/2025 | 2,763 | 2,769 | ||||||
Cenovus Energy, Inc. 4.25% 4/15/2027 | 13,613 | 13,315 | ||||||
Cenovus Energy, Inc. 2.65% 1/15/2032 | 2,969 | 2,462 | ||||||
Cenovus Energy, Inc. 5.25% 6/15/2037 | 289 | 277 | ||||||
Cenovus Energy, Inc. 5.40% 6/15/2047 | 8,809 | 8,336 | ||||||
202 | American Funds Insurance Series |
The Bond Fund of America (continued)
Bonds, notes & other debt instruments (continued) | Principal amount (000) | Value (000) | ||||||
Corporate bonds, notes & loans (continued) | ||||||||
Energy (continued) | ||||||||
Cenovus Energy, Inc. 3.75% 2/15/2052 | USD | 19 | $ | 14 | ||||
Cheniere Energy Partners, LP 3.25% 1/31/2032 | 937 | 800 | ||||||
Chevron Corp. 2.954% 5/16/2026 | 3,365 | 3,256 | ||||||
Chevron Corp. 3.078% 5/11/2050 | 692 | 523 | ||||||
Civitas Resources, Inc. 8.75% 7/1/20315 | 1,400 | 1,492 | ||||||
Columbia Pipelines Holding Co., LLC 6.544% 11/15/20535 | 1,152 | 1,270 | ||||||
Columbia Pipelines Operating Co., LLC 5.927% 8/15/20305 | 268 | 277 | ||||||
Columbia Pipelines Operating Co., LLC 6.036% 11/15/20335 | 813 | 852 | ||||||
Columbia Pipelines Operating Co., LLC 6.497% 8/15/20435 | 546 | 586 | ||||||
ConocoPhillips Co. 3.80% 3/15/2052 | 15 | 12 | ||||||
ConocoPhillips Co. 5.30% 5/15/2053 | 6,279 | 6,459 | ||||||
ConocoPhillips Co. 5.55% 3/15/2054 | 1,708 | 1,815 | ||||||
Devon Energy Corp. 4.50% 1/15/2030 | 5,197 | 4,994 | ||||||
DT Midstream, Inc. 4.125% 6/15/20295 | 555 | 511 | ||||||
Ecopetrol SA 4.625% 11/2/2031 | 270 | 229 | ||||||
Ecopetrol SA 8.875% 1/13/2033 | 15,110 | 16,434 | ||||||
Enbridge, Inc. 6.20% 11/15/2030 | 1,650 | 1,766 | ||||||
Enbridge, Inc. 6.70% 11/15/2053 | 3,722 | 4,334 | ||||||
Energy Transfer, LP 6.40% 12/1/2030 | 479 | 513 | ||||||
Energy Transfer, LP 6.55% 12/1/2033 | 1,641 | 1,783 | ||||||
Energy Transfer, LP 6.625% junior subordinated perpetual bonds (3-month USD-LIBOR + 4.155% on 2/15/2028)6,8 | 500 | 419 | ||||||
Energy Transfer, LP (3-month USD CME Term SOFR + 4.29%) 9.669% junior subordinated perpetual bonds2 | 7,850 | 7,548 | ||||||
EQT Corp. 5.70% 4/1/2028 | 1,223 | 1,242 | ||||||
EQT Corp. 7.25% 2/1/20306 | 7,500 | 8,058 | ||||||
Equinor ASA 3.625% 9/10/2028 | 4,928 | 4,807 | ||||||
Equinor ASA 3.125% 4/6/2030 | 20,000 | 18,790 | ||||||
Equinor ASA 3.25% 11/18/2049 | 5,687 | 4,316 | ||||||
Exxon Mobil Corp. 3.043% 3/1/2026 | 4,625 | 4,494 | ||||||
Exxon Mobil Corp. 2.61% 10/15/2030 | 1,040 | 931 | ||||||
Kinder Morgan, Inc. 5.20% 6/1/2033 | 871 | 866 | ||||||
Occidental Petroleum Corp. 8.875% 7/15/2030 | 4,345 | 5,090 | ||||||
Occidental Petroleum Corp. 6.60% 3/15/2046 | 478 | 518 | ||||||
Odebrecht Drilling Services, LLC 7.50% 6/15/20305 | 6 | 6 | ||||||
Odebrecht Oil & Gas Finance, Ltd. 0% perpetual bonds5 | 1,150 | 40 | ||||||
Oleoducto Central SA 4.00% 7/14/20275 | 1,715 | 1,595 | ||||||
Oleoducto Central SA 4.00% 7/14/2027 | 350 | 326 | ||||||
ONEOK, Inc. 5.55% 11/1/2026 | 736 | 749 | ||||||
ONEOK, Inc. 5.65% 11/1/2028 | 467 | 484 | ||||||
ONEOK, Inc. 5.80% 11/1/2030 | 681 | 708 | ||||||
ONEOK, Inc. 6.05% 9/1/2033 | 5,781 | 6,128 | ||||||
ONEOK, Inc. 6.625% 9/1/2053 | 5,607 | 6,282 | ||||||
Petroleos Mexicanos 4.875% 1/18/2024 | 1,563 | 1,560 | ||||||
Petroleos Mexicanos 6.875% 10/16/2025 | 5,000 | 4,923 | ||||||
Petroleos Mexicanos 6.49% 1/23/2027 | 20,653 | 19,393 | ||||||
Petroleos Mexicanos 6.50% 3/13/2027 | 31,829 | 29,691 | ||||||
Petroleos Mexicanos 6.50% 1/23/2029 | 2,404 | 2,123 | ||||||
Petroleos Mexicanos 8.75% 6/2/2029 | 5,805 | 5,647 | ||||||
Petroleos Mexicanos 5.95% 1/28/2031 | 648 | 518 | ||||||
Petroleos Mexicanos 6.70% 2/16/2032 | 7,876 | 6,545 | ||||||
Qatar Energy 2.25% 7/12/20315 | 22,020 | 18,773 | ||||||
Qatar Energy 3.30% 7/12/20515 | 2,185 | 1,601 | ||||||
Sabine Pass Liquefaction, LLC 5.75% 5/15/2024 | 856 | 856 | ||||||
Shell International Finance BV 3.875% 11/13/2028 | 9,410 | 9,269 | ||||||
Shell International Finance BV 2.75% 4/6/2030 | 377 | 345 | ||||||
Southwestern Energy Co. 5.70% 1/23/20256 | 495 | 493 | ||||||
TotalEnergies Capital International SA 3.455% 2/19/2029 | 885 | 854 | ||||||
TransCanada Pipelines, Ltd. 4.10% 4/15/2030 | 1,578 | 1,502 | ||||||
Western Midstream Operating, LP 3.10% 2/1/20256 | 2,782 | 2,709 |
American Funds Insurance Series | 203 |
The Bond Fund of America (continued)
Bonds, notes & other debt instruments (continued) | Principal amount (000) | Value (000) | ||||||
Corporate bonds, notes & loans (continued) | ||||||||
Energy (continued) | ||||||||
Western Midstream Operating, LP 4.05% 2/1/20306 | USD | 2,202 | $ | 2,062 | ||||
Western Midstream Operating, LP 5.25% 2/1/20506 | 3,079 | 2,764 | ||||||
Williams Companies, Inc. 4.30% 3/4/2024 | 595 | 594 | ||||||
269,952 | ||||||||
Communication services 2.21% | ||||||||
AT&T, Inc. 1.70% 3/25/2026 | 18,834 | 17,625 | ||||||
AT&T, Inc. 1.65% 2/1/2028 | 4,700 | 4,187 | ||||||
AT&T, Inc. 4.30% 2/15/2030 | 15,940 | 15,622 | ||||||
AT&T, Inc. 2.55% 12/1/2033 | 12,748 | 10,397 | ||||||
AT&T, Inc. 5.40% 2/15/2034 | 629 | 649 | ||||||
CCO Holdings, LLC 5.125% 5/1/20275 | 4,800 | 4,641 | ||||||
CCO Holdings, LLC 4.75% 2/1/20325 | 1,265 | 1,117 | ||||||
CCO Holdings, LLC 4.25% 1/15/20345 | 3,875 | 3,154 | ||||||
Charter Communications Operating, LLC 2.80% 4/1/2031 | 6,057 | 5,113 | ||||||
Charter Communications Operating, LLC 4.40% 4/1/2033 | 1,092 | 1,009 | ||||||
Charter Communications Operating, LLC 5.75% 4/1/2048 | 5,000 | 4,444 | ||||||
Charter Communications Operating, LLC 5.25% 4/1/2053 | 835 | 700 | ||||||
Comcast Corp. 3.15% 2/15/2028 | 7,200 | 6,867 | ||||||
Comcast Corp. 4.55% 1/15/2029 | 1,610 | 1,618 | ||||||
Comcast Corp. 4.80% 5/15/2033 | 4,508 | 4,566 | ||||||
Comcast Corp. 2.887% 11/1/2051 | 18 | 12 | ||||||
Comcast Corp. 5.35% 5/15/2053 | 4,840 | 5,011 | ||||||
Comcast Corp. 5.50% 5/15/2064 | 250 | 263 | ||||||
Lumen Technologies, Inc. 4.00% 2/15/20275 | 6,756 | 4,366 | ||||||
Netflix, Inc. 4.875% 4/15/2028 | 16,341 | 16,570 | ||||||
Netflix, Inc. 5.875% 11/15/2028 | 14,365 | 15,159 | ||||||
Netflix, Inc. 6.375% 5/15/2029 | 3,592 | 3,909 | ||||||
Netflix, Inc. 5.375% 11/15/20295 | 12,140 | 12,555 | ||||||
News Corp. 5.125% 2/15/20325 | 1,300 | 1,235 | ||||||
SBA Tower Trust 1.631% 11/15/20265 | 6,741 | 6,026 | ||||||
Sirius XM Radio, Inc. 4.00% 7/15/20285 | 675 | 625 | ||||||
Sprint, LLC 7.625% 2/15/2025 | 1,305 | 1,329 | ||||||
Tencent Holdings, Ltd. 2.39% 6/3/20305 | 10,000 | 8,527 | ||||||
T-Mobile USA, Inc. 3.50% 4/15/2025 | 3,275 | 3,208 | ||||||
T-Mobile USA, Inc. 2.25% 2/15/2026 | 2,388 | 2,264 | ||||||
T-Mobile USA, Inc. 2.625% 4/15/2026 | 6,421 | 6,111 | ||||||
T-Mobile USA, Inc. 3.75% 4/15/2027 | 5,000 | 4,851 | ||||||
T-Mobile USA, Inc. 4.95% 3/15/2028 | 705 | 715 | ||||||
T-Mobile USA, Inc. 4.80% 7/15/2028 | 175 | 177 | ||||||
T-Mobile USA, Inc. 2.625% 2/15/2029 | 1,718 | 1,548 | ||||||
T-Mobile USA, Inc. 2.40% 3/15/2029 | 1,058 | 950 | ||||||
T-Mobile USA, Inc. 3.875% 4/15/2030 | 4,500 | 4,269 | ||||||
T-Mobile USA, Inc. 2.875% 2/15/2031 | 15,783 | 13,924 | ||||||
T-Mobile USA, Inc. 5.05% 7/15/2033 | 2,137 | 2,154 | ||||||
T-Mobile USA, Inc. 5.75% 1/15/2034 | 730 | 775 | ||||||
T-Mobile USA, Inc. 3.00% 2/15/2041 | 2,100 | 1,573 | ||||||
T-Mobile USA, Inc. 6.00% 6/15/2054 | 1,520 | 1,669 | ||||||
Verizon Communications, Inc. 4.329% 9/21/2028 | 1,539 | 1,523 | ||||||
Verizon Communications, Inc. 1.75% 1/20/2031 | 9,144 | 7,525 | ||||||
Verizon Communications, Inc. 2.55% 3/21/2031 | 5,047 | 4,353 | ||||||
Verizon Communications, Inc. 2.355% 3/15/2032 | 2,775 | 2,309 | ||||||
Verizon Communications, Inc. 3.40% 3/22/2041 | 1,085 | 864 | ||||||
Verizon Communications, Inc. 3.55% 3/22/2051 | 1,520 | 1,172 | ||||||
Verizon Communications, Inc. 3.875% 3/1/2052 | 3,155 | 2,559 | ||||||
Vodafone Group PLC 4.25% 9/17/2050 | 3,050 | 2,534 | ||||||
WarnerMedia Holdings, Inc. 3.428% 3/15/2024 | 6,552 | 6,518 | ||||||
WarnerMedia Holdings, Inc. 3.638% 3/15/2025 | 3,056 | 2,991 | ||||||
WarnerMedia Holdings, Inc. 3.755% 3/15/2027 | 3,685 | 3,532 | ||||||
WarnerMedia Holdings, Inc. 4.054% 3/15/2029 | 596 | 566 |
204 | American Funds Insurance Series |
The Bond Fund of America (continued)
Bonds, notes & other debt instruments (continued) | Principal amount (000) | Value (000) | ||||||
Corporate bonds, notes & loans (continued) | ||||||||
Communication services (continued) | ||||||||
WarnerMedia Holdings, Inc. 4.279% 3/15/2032 | USD | 112 | $ | 103 | ||||
WarnerMedia Holdings, Inc. 5.05% 3/15/2042 | 719 | 634 | ||||||
WarnerMedia Holdings, Inc. 5.141% 3/15/2052 | 5,408 | 4,645 | ||||||
ZipRecruiter, Inc. 5.00% 1/15/20305 | 490 | 428 | ||||||
243,740 | ||||||||
Consumer staples 1.55% | ||||||||
7-Eleven, Inc. 1.80% 2/10/20315 | 2,923 | 2,377 | ||||||
7-Eleven, Inc. 2.80% 2/10/20515 | 5,000 | 3,221 | ||||||
Altria Group, Inc. 4.40% 2/14/2026 | 4,585 | 4,545 | ||||||
Altria Group, Inc. 4.50% 5/2/2043 | 1,585 | 1,325 | ||||||
Altria Group, Inc. 5.95% 2/14/2049 | 3,184 | 3,250 | ||||||
Anheuser-Busch InBev Worldwide, Inc. 4.75% 1/23/2029 | 7,500 | 7,624 | ||||||
Anheuser-Busch InBev Worldwide, Inc. 5.55% 1/23/2049 | 4,715 | 5,074 | ||||||
BAT Capital Corp. 3.557% 8/15/2027 | 9,271 | 8,854 | ||||||
BAT Capital Corp. 2.259% 3/25/2028 | 2,353 | 2,107 | ||||||
BAT Capital Corp. 6.343% 8/2/2030 | 2,210 | 2,322 | ||||||
BAT Capital Corp. 4.742% 3/16/2032 | 2,675 | 2,568 | ||||||
BAT Capital Corp. 6.421% 8/2/2033 | 6,375 | 6,676 | ||||||
BAT Capital Corp. 4.39% 8/15/2037 | 812 | 681 | ||||||
BAT Capital Corp. 7.079% 8/2/2043 | 1,323 | 1,406 | ||||||
BAT Capital Corp. 4.54% 8/15/2047 | 10,760 | 8,279 | ||||||
BAT Capital Corp. 4.758% 9/6/2049 | 15,972 | 12,684 | ||||||
BAT Capital Corp. 5.65% 3/16/2052 | 120 | 108 | ||||||
BAT Capital Corp. 7.081% 8/2/2053 | 3,769 | 4,033 | ||||||
BAT International Finance PLC 3.95% 6/15/20255 | 16,879 | 16,540 | ||||||
BAT International Finance PLC 1.668% 3/25/2026 | 4,070 | 3,782 | ||||||
BAT International Finance PLC 4.448% 3/16/2028 | 2,925 | 2,879 | ||||||
Conagra Brands, Inc. 5.30% 11/1/2038 | 436 | 427 | ||||||
Conagra Brands, Inc. 5.40% 11/1/2048 | 37 | 36 | ||||||
Constellation Brands, Inc. 3.50% 5/9/2027 | 7,500 | 7,230 | ||||||
Constellation Brands, Inc. 4.35% 5/9/2027 | 890 | 883 | ||||||
Constellation Brands, Inc. 2.25% 8/1/2031 | 1,487 | 1,250 | ||||||
Constellation Brands, Inc. 4.75% 5/9/2032 | 1,978 | 1,972 | ||||||
Constellation Brands, Inc. 4.90% 5/1/2033 | 2,807 | 2,826 | ||||||
H.J. Heinz Co. 4.875% 10/1/2049 | 2,725 | 2,586 | ||||||
Indofood CBP Sukses Makmur Tbk PT 3.398% 6/9/2031 | 3,110 | 2,695 | ||||||
Indofood CBP Sukses Makmur Tbk PT 4.745% 6/9/2051 | 685 | 557 | ||||||
J. M. Smucker Co. (The) 6.20% 11/15/2033 | 701 | 765 | ||||||
J. M. Smucker Co. (The) 6.50% 11/15/2053 | 310 | 358 | ||||||
JBS USA Lux SA 2.50% 1/15/2027 | 3,000 | 2,763 | ||||||
JBS USA Lux SA 3.00% 2/2/2029 | 2,709 | 2,385 | ||||||
JBS USA Lux SA 5.50% 1/15/2030 | 435 | 428 | ||||||
JBS USA Lux SA 3.625% 1/15/2032 | 1,286 | 1,104 | ||||||
JBS USA Lux SA 3.00% 5/15/2032 | 2,872 | 2,341 | ||||||
JBS USA Lux SA 5.75% 4/1/2033 | 523 | 519 | ||||||
PepsiCo, Inc. 1.95% 10/21/2031 | 4,763 | 4,047 | ||||||
Philip Morris International, Inc. 4.875% 2/13/2026 | 2,508 | 2,517 | ||||||
Philip Morris International, Inc. 5.25% 9/7/2028 | 2,800 | 2,882 | ||||||
Philip Morris International, Inc. 5.125% 2/15/2030 | 982 | 999 | ||||||
Philip Morris International, Inc. 5.50% 9/7/2030 | 4,565 | 4,735 | ||||||
Philip Morris International, Inc. 5.375% 2/15/2033 | 1,644 | 1,687 | ||||||
Philip Morris International, Inc. 4.875% 11/15/2043 | 4,407 | 4,145 | ||||||
Reynolds American, Inc. 4.45% 6/12/2025 | 14,570 | 14,415 | ||||||
Reynolds American, Inc. 5.85% 8/15/2045 | 1,395 | 1,308 | ||||||
Walmart, Inc. 4.10% 4/15/2033 | 1,479 | 1,466 | ||||||
Walmart, Inc. 4.50% 4/15/2053 | 1,277 | 1,242 | ||||||
170,903 |
American Funds Insurance Series | 205 |
The Bond Fund of America (continued)
Bonds, notes & other debt instruments (continued) | Principal amount (000) | Value (000) | ||||||
Corporate bonds, notes & loans (continued) | ||||||||
Real estate 0.82% | ||||||||
American Tower Corp. 3.65% 3/15/2027 | USD | 1,375 | $ | 1,324 | ||||
Boston Properties, LP 2.90% 3/15/2030 | 955 | 818 | ||||||
Boston Properties, LP 3.25% 1/30/2031 | 463 | 398 | ||||||
Boston Properties, LP 2.55% 4/1/2032 | 1,674 | 1,334 | ||||||
Boston Properties, LP 2.45% 10/1/2033 | 1,335 | 1,017 | ||||||
Boston Properties, LP 6.50% 1/15/2034 | 10,849 | 11,457 | ||||||
Corp. Inmobiliaria Vesta, SAB de CV 3.625% 5/13/20315 | 395 | 340 | ||||||
Corporate Office Properties, LP 2.00% 1/15/2029 | 1,139 | 950 | ||||||
Corporate Office Properties, LP 2.75% 4/15/2031 | 1,547 | 1,252 | ||||||
Corporate Office Properties, LP 2.90% 12/1/2033 | 564 | 441 | ||||||
Crown Castle, Inc. 5.00% 1/11/2028 | 4,874 | 4,859 | ||||||
Equinix, Inc. 2.90% 11/18/2026 | 2,762 | 2,625 | ||||||
Equinix, Inc. 3.20% 11/18/2029 | 2,146 | 1,973 | ||||||
Equinix, Inc. 2.50% 5/15/2031 | 3,390 | 2,880 | ||||||
Equinix, Inc. 3.90% 4/15/2032 | 1,155 | 1,073 | ||||||
Equinix, Inc. 3.40% 2/15/2052 | 436 | 320 | ||||||
FibraSOMA 4.375% 7/22/20315 | 1,475 | 1,119 | ||||||
Howard Hughes Corp. (The) 5.375% 8/1/20285 | 420 | 404 | ||||||
Howard Hughes Corp. (The) 4.125% 2/1/20295 | 2,430 | 2,170 | ||||||
Howard Hughes Corp. (The) 4.375% 2/1/20315 | 3,135 | 2,724 | ||||||
Invitation Homes Operating Partnership, LP 2.30% 11/15/2028 | 767 | 681 | ||||||
Invitation Homes Operating Partnership, LP 2.00% 8/15/2031 | 1,333 | 1,062 | ||||||
Iron Mountain, Inc. 5.25% 3/15/20285 | 3,020 | 2,938 | ||||||
Iron Mountain, Inc. 5.25% 7/15/20305 | 675 | 643 | ||||||
Prologis, LP 4.875% 6/15/2028 | 1,040 | 1,054 | ||||||
Prologis, LP 4.75% 6/15/2033 | 1,409 | 1,429 | ||||||
Prologis, LP 5.125% 1/15/2034 | 6,175 | 6,378 | ||||||
Prologis, LP 5.25% 6/15/2053 | 117 | 122 | ||||||
Public Storage Operating Co. 2.30% 5/1/2031 | 2,920 | 2,511 | ||||||
Scentre Group Trust 1 3.50% 2/12/20255 | 4,015 | 3,930 | ||||||
Service Properties Trust 4.50% 3/15/2025 | 855 | 836 | ||||||
Service Properties Trust 3.95% 1/15/2028 | 1,710 | 1,403 | ||||||
Service Properties Trust 8.625% 11/15/20315 | 3,040 | 3,187 | ||||||
VICI Properties, LP 4.375% 5/15/2025 | 670 | 659 | ||||||
VICI Properties, LP 4.75% 2/15/2028 | 6,844 | 6,704 | ||||||
VICI Properties, LP 4.95% 2/15/2030 | 5,515 | 5,357 | ||||||
VICI Properties, LP 5.125% 5/15/2032 | 11,766 | 11,483 | ||||||
VICI Properties, LP 5.625% 5/15/2052 | 550 | 528 | ||||||
90,383 | ||||||||
Information technology 0.33% | ||||||||
Analog Devices, Inc. 2.10% 10/1/2031 | 270 | 230 | ||||||
Analog Devices, Inc. 2.80% 10/1/2041 | 521 | 389 | ||||||
Broadcom Corp. 3.875% 1/15/2027 | 5,966 | 5,825 | ||||||
Broadcom, Inc. 4.00% 4/15/20295 | 609 | 588 | ||||||
Broadcom, Inc. 4.15% 4/15/20325 | 630 | 594 | ||||||
Broadcom, Inc. 3.469% 4/15/20345 | 9,934 | 8,647 | ||||||
Broadcom, Inc. 3.137% 11/15/20355 | 847 | 696 | ||||||
Broadcom, Inc. 4.926% 5/15/20375 | 2,879 | 2,788 | ||||||
Oracle Corp. 1.65% 3/25/2026 | 4,867 | 4,541 | ||||||
Oracle Corp. 3.60% 4/1/2050 | 75 | 56 | ||||||
Oracle Corp. 3.95% 3/25/2051 | 4,064 | 3,188 | ||||||
Oracle Corp. 5.55% 2/6/2053 | 1,684 | 1,686 | ||||||
Salesforce, Inc. 1.95% 7/15/2031 | 4,590 | 3,923 | ||||||
Salesforce, Inc. 2.70% 7/15/2041 | 414 | 317 | ||||||
Salesforce, Inc. 2.90% 7/15/2051 | 2,442 | 1,748 | ||||||
ServiceNow, Inc. 1.40% 9/1/2030 | 1,760 | 1,448 | ||||||
36,664 | ||||||||
206 | American Funds Insurance Series |
The Bond Fund of America (continued)
Bonds, notes & other debt instruments (continued) | Principal amount (000) | Value (000) | ||||||
Corporate bonds, notes & loans (continued) | ||||||||
Materials 0.23% | ||||||||
Air Products and Chemicals, Inc. 2.70% 5/15/2040 | USD | 2,911 | $ | 2,221 | ||||
BHP Billiton Finance (USA), Ltd. 4.875% 2/27/2026 | 1,225 | 1,232 | ||||||
BHP Billiton Finance (USA), Ltd. 4.75% 2/28/2028 | 1,307 | 1,321 | ||||||
BHP Billiton Finance (USA), Ltd. 4.90% 2/28/2033 | 303 | 310 | ||||||
BHP Billiton Finance (USA), Ltd. 5.25% 9/8/2033 | 138 | 143 | ||||||
BHP Billiton Finance (USA), Ltd. 5.50% 9/8/2053 | 911 | 995 | ||||||
Braskem Netherlands Finance BV 7.25% 2/13/20335 | 700 | 590 | ||||||
Celanese US Holdings, LLC 6.165% 7/15/2027 | 2,875 | 2,949 | ||||||
Celanese US Holdings, LLC 6.35% 11/15/2028 | 495 | 520 | ||||||
Celanese US Holdings, LLC 6.33% 7/15/2029 | 297 | 312 | ||||||
Celanese US Holdings, LLC 6.55% 11/15/2030 | 465 | 492 | ||||||
Celanese US Holdings, LLC 6.379% 7/15/2032 | 800 | 846 | ||||||
Celanese US Holdings, LLC 6.70% 11/15/2033 | 1,031 | 1,119 | ||||||
EIDP, Inc. 4.50% 5/15/2026 | 1,494 | 1,489 | ||||||
EIDP, Inc. 4.80% 5/15/2033 | 4,070 | 4,116 | ||||||
Methanex Corp. 5.125% 10/15/2027 | 510 | 499 | ||||||
NOVA Chemicals Corp. 8.50% 11/15/20285 | 205 | 215 | ||||||
NOVA Chemicals Corp. 4.25% 5/15/20295 | 425 | 358 | ||||||
Nutrien, Ltd. 4.90% 3/27/2028 | 567 | 573 | ||||||
Nutrien, Ltd. 5.80% 3/27/2053 | 402 | 431 | ||||||
OCI NV 6.70% 3/16/20335 | 1,150 | 1,176 | ||||||
POSCO 5.75% 1/17/20285 | 745 | 765 | ||||||
Rio Tinto Finance (USA) PLC 5.00% 3/9/2033 | 440 | 457 | ||||||
Rio Tinto Finance (USA) PLC 5.125% 3/9/2053 | 470 | 489 | ||||||
South32 Treasury, Ltd. 4.35% 4/14/20325 | 1,271 | 1,147 | ||||||
24,765 | ||||||||
Municipals 0.01% | ||||||||
Aeropuerto Internacional de Tocumen, SA 4.00% 8/11/20415 | 730 | 550 | ||||||
Aeropuerto Internacional de Tocumen, SA 5.125% 8/11/20615 | 565 | 431 | ||||||
981 | ||||||||
Total corporate bonds, notes & loans | 3,489,598 | |||||||
U.S. Treasury bonds & notes 16.55% | ||||||||
U.S. Treasury 15.75% | ||||||||
U.S. Treasury 1.50% 2/29/2024 | 407 | 404 | ||||||
U.S. Treasury 2.125% 2/29/2024 | 7,655 | 7,617 | ||||||
U.S. Treasury 3.875% 3/31/2025 | 25,252 | 25,035 | ||||||
U.S. Treasury 4.625% 6/30/2025 | 67,785 | 67,949 | ||||||
U.S. Treasury 3.00% 7/15/2025 | 97,643 | 95,547 | ||||||
U.S. Treasury 5.00% 9/30/2025 | 34,410 | 34,766 | ||||||
U.S. Treasury 5.00% 10/31/2025 | 27,980 | 28,303 | ||||||
U.S. Treasury 2.25% 11/15/2025 | 6,785 | 6,537 | ||||||
U.S. Treasury 4.00% 12/15/2025 | 42,800 | 42,583 | ||||||
U.S. Treasury 3.625% 5/15/2026 | 1,926 | 1,904 | ||||||
U.S. Treasury 4.125% 6/15/2026 | 205 | 205 | ||||||
U.S. Treasury 4.375% 8/15/2026 | 265 | 267 | ||||||
U.S. Treasury 0.75% 8/31/2026 | 8,871 | 8,138 | ||||||
U.S. Treasury 4.625% 11/15/2026 | 3,589 | 3,647 | ||||||
U.S. Treasury 4.375% 12/15/2026 | 1,510 | 1,525 | ||||||
U.S. Treasury 1.875% 2/28/2027 | 4,000 | 3,752 | ||||||
U.S. Treasury 2.625% 5/31/2027 | 43,530 | 41,682 | ||||||
U.S. Treasury 2.25% 11/15/2027 | 105,830 | 99,534 | ||||||
U.S. Treasury 6.125% 11/15/2027 | 24,000 | 25,890 | ||||||
U.S. Treasury 1.125% 2/29/2028 | 9,895 | 8,850 | ||||||
U.S. Treasury 4.00% 2/29/2028 | 4,750 | 4,767 | ||||||
U.S. Treasury 3.625% 3/31/2028 | 13 | 13 | ||||||
U.S. Treasury 1.00% 7/31/2028 | 5,630 | 4,953 | ||||||
U.S. Treasury 1.125% 8/31/2028 | 13,555 | 11,971 | ||||||
U.S. Treasury 5.25% 11/15/2028 | 5,700 | 6,044 |
American Funds Insurance Series | 207 |
The Bond Fund of America (continued)
Bonds, notes & other debt instruments (continued) | Principal amount (000) | Value (000) | ||||||
U.S. Treasury bonds & notes (continued) | ||||||||
U.S. Treasury (continued) | ||||||||
U.S. Treasury 4.375% 11/30/2028 | USD | 257,605 | $ | 263,673 | ||||
U.S. Treasury 2.375% 5/15/2029 | 4,070 | 3,776 | ||||||
U.S. Treasury 3.875% 12/31/2029 | 44,049 | 43,995 | ||||||
U.S. Treasury 4.00% 2/28/2030 | 38,255 | 38,464 | ||||||
U.S. Treasury 3.75% 5/31/2030 | 13,300 | 13,188 | ||||||
U.S. Treasury 4.125% 8/31/2030 | 11,215 | 11,361 | ||||||
U.S. Treasury 4.875% 10/31/2030 | 119,598 | 126,578 | ||||||
U.S. Treasury 4.375% 11/30/2030 | 201 | 207 | ||||||
U.S. Treasury 1.625% 5/15/2031 | 1,630 | 1,399 | ||||||
U.S. Treasury 4.125% 11/15/2032 | 114 | 116 | ||||||
U.S. Treasury 4.50% 11/15/2033 | 25,599 | 26,889 | ||||||
U.S. Treasury 4.25% 5/15/203910 | 102,285 | 105,523 | ||||||
U.S. Treasury 1.125% 5/15/204010 | 103,968 | 67,187 | ||||||
U.S. Treasury 1.375% 11/15/2040 | 24,540 | 16,328 | ||||||
U.S. Treasury 1.875% 2/15/2041 | 36,900 | 26,585 | ||||||
U.S. Treasury 2.00% 11/15/2041 | 57 | 41 | ||||||
U.S. Treasury 2.375% 2/15/2042 | 2,701 | 2,077 | ||||||
U.S. Treasury 4.75% 11/15/2043 | 37,304 | 40,087 | ||||||
U.S. Treasury 3.00% 2/15/2049 | 105,455 | 86,053 | ||||||
U.S. Treasury 2.875% 5/15/2049 | 290 | 231 | ||||||
U.S. Treasury 2.875% 5/15/2052 | 990 | 790 | ||||||
U.S. Treasury 4.00% 11/15/2052 | 13,243 | 13,099 | ||||||
U.S. Treasury 4.125% 8/15/205310 | 286,044 | 289,918 | ||||||
U.S. Treasury 4.75% 11/15/2053 | 22,160 | 24,920 | ||||||
1,734,368 | ||||||||
U.S. Treasury inflation-protected securities 0.80% | ||||||||
U.S. Treasury Inflation-Protected Security 0.50% 4/15/202411 | — | 3 | — | 3 | ||||
U.S. Treasury Inflation-Protected Security 0.125% 7/15/202411 | 23,422 | 23,032 | ||||||
U.S. Treasury Inflation-Protected Security 0.25% 1/15/202511 | 2,927 | 2,842 | ||||||
U.S. Treasury Inflation-Protected Security 0.375% 7/15/202511 | 5,270 | 5,108 | ||||||
U.S. Treasury Inflation-Protected Security 0.125% 10/15/202611 | 5,798 | 5,508 | ||||||
U.S. Treasury Inflation-Protected Security 0.375% 7/15/202711 | 49,653 | 47,200 | ||||||
U.S. Treasury Inflation-Protected Security 0.50% 1/15/202810,11 | 4,054 | 3,838 | ||||||
U.S. Treasury Inflation-Protected Security 0.125% 2/15/205111 | 1 | 1 | ||||||
U.S. Treasury Inflation-Protected Security 0.125% 2/15/205211 | 188 | 116 | ||||||
U.S. Treasury Inflation-Protected Security 1.50% 2/15/205311 | 60 | 54 | ||||||
87,699 | ||||||||
Total U.S. Treasury bonds & notes | 1,822,067 | |||||||
Asset-backed obligations 5.02% | ||||||||
ACHV ABS Trust, Series 2023-4CP, Class A, 6.81% 11/25/20301,5 | 542 | 543 | ||||||
ACHV ABS Trust, Series 2023-4CP, Class B, 7.24% 11/25/20301,5 | 347 | 350 | ||||||
Affirm Asset Securitization Trust, Series 2021-Z2, Class A, 1.17% 11/16/20261,5 | 231 | 224 | ||||||
Affirm Asset Securitization Trust, Series 2022-X1, Class A, 1.75% 2/15/20271,5 | 102 | 100 | ||||||
Affirm, Inc., Series 2023-X1, Class A, 7.11% 11/15/20281,5 | 2,761 | 2,770 | ||||||
Ally Auto Receivables Trust, Series 2023-1, Class A3, 5.46% 5/15/20281 | 505 | 511 | ||||||
American Credit Acceptance Receivables Trust, Series 2020-3, Class D, 2.40% 6/15/20261,5 | 1,773 | 1,766 | ||||||
American Credit Acceptance Receivables Trust, Series 2022-3, Class B, 4.55% 10/13/20261,5 | 210 | 210 | ||||||
American Credit Acceptance Receivables Trust, Series 2023-2, Class A, 5.89% 10/13/20261,5 | 683 | 683 | ||||||
American Credit Acceptance Receivables Trust, Series 2021-1, Class C, 0.83% 3/15/20271,5 | 40 | 40 | ||||||
American Credit Acceptance Receivables Trust, Series 2021-1, Class D, 1.14% 3/15/20271,5 | 806 | 792 | ||||||
American Credit Acceptance Receivables Trust, Series 2023-4, Class B, 6.63% 2/14/20281,5 | 4,033 | 4,085 |
208 | American Funds Insurance Series |
The Bond Fund of America (continued)
Bonds, notes & other debt instruments (continued) | Principal amount (000) | Value (000) | ||||||
Asset-backed obligations (continued) | ||||||||
American Homes 4 Rent, Series 2014-SFR2, Class A, 3.786% 10/17/20361,5 | USD | 1,108 | $ | 1,091 | ||||
American Homes 4 Rent, Series 2015-SFR2, Class A, 3.732% 10/17/20521,5 | 2,719 | 2,637 | ||||||
American Homes 4 Rent, Series 2015-SFR2, Class B, 4.295% 10/17/20521,5 | 396 | 387 | ||||||
AmeriCredit Automobile Receivables Trust, Series 2023-1, Class A2A, 5.84% 10/19/20261 | 1,076 | 1,076 | ||||||
AmeriCredit Automobile Receivables Trust, Series 2021-2, Class B, 0.69% 1/19/20271 | 997 | 963 | ||||||
AmeriCredit Automobile Receivables Trust, Series 2021-2, Class C, 1.01% 1/19/20271 | 1,109 | 1,039 | ||||||
AmeriCredit Automobile Receivables Trust, Series 2021-2, Class D, 1.29% 6/18/20271 | 2,613 | 2,415 | ||||||
Avis Budget Rental Car Funding (AESOP), LLC, Series 2018-2A, Class A, 4.00% 3/20/20251,5 | 1,378 | 1,374 | ||||||
Avis Budget Rental Car Funding (AESOP), LLC, Series 2019-2A, Class A, 3.35% 9/22/20251,5 | 2,210 | 2,184 | ||||||
Avis Budget Rental Car Funding (AESOP), LLC, Series 2020-1A, Class A, 2.33% 8/20/20261,5 | 7,689 | 7,356 | ||||||
Avis Budget Rental Car Funding (AESOP), LLC, Series 2020-2, Class A, 2.02% 2/20/20271,5 | 2,427 | 2,266 | ||||||
Avis Budget Rental Car Funding (AESOP), LLC, Series 2020-2A, Class B, 2.96% 2/20/20271,5 | 623 | 590 | ||||||
Avis Budget Rental Car Funding (AESOP), LLC, Series 2020-2, Class C, 4.25% 2/20/20271,5 | 1,279 | 1,217 | ||||||
Avis Budget Rental Car Funding (AESOP), LLC, Series 2021-1A, Class A, 1.38% 8/20/20271,5 | 3,445 | 3,137 | ||||||
Avis Budget Rental Car Funding (AESOP), LLC, Series 2021-1A, Class B, 1.63% 8/20/20271,5 | 531 | 480 | ||||||
Avis Budget Rental Car Funding (AESOP), LLC, Series 2021-1A, Class C, 2.13% 8/20/20271,5 | 193 | 173 | ||||||
Avis Budget Rental Car Funding (AESOP), LLC, Series 2023-5, Class A, 5.78% 4/20/20281,5 | 6,724 | 6,816 | ||||||
Avis Budget Rental Car Funding (AESOP), LLC, Series 2023-6, Class A, 5.81% 12/20/20291,5 | 5,059 | 5,177 | ||||||
Ballyrock CLO, Ltd., Series 2019-2A, Class A1AR, (3-month USD CME Term SOFR + 1.262%) 6.629% 11/20/20301,2,5 | 407 | 406 | ||||||
Bankers Healthcare Group Securitization Trust, Series 2021-B, Class A, 0.90% 10/17/20341,5 | 90 | 87 | ||||||
Bankers Healthcare Group Securitization Trust, Series 2021-B, Class B, 1.67% 10/17/20341,5 | 269 | 246 | ||||||
Blackbird Capital II Aircraft Lease, Ltd. / Blackbird Capital II Aircraft Lease US, LLC, Series 2021-1, Class A, 2.443% 7/15/20461,5 | 3,553 | 3,070 | ||||||
Blackbird Capital II Aircraft Lease, Ltd. / Blackbird Capital II Aircraft Lease US, LLC, Series 2021-1, Class B, 3.446% 7/15/20461,5 | 412 | 343 | ||||||
BMW Vehicle Owner Trust, Series 2023-A, Class A3, 5.47% 2/25/20281 | 213 | 215 | ||||||
Bridgecrest Lending Auto Securitization Trust, Series 2023-1, Class A3, 6.51% 11/15/20271 | 881 | 892 | ||||||
Bridgecrest Lending Auto Securitization Trust, Series 2023-1, Class B, 6.80% 8/15/20291 | 1,400 | 1,428 | ||||||
CarMax Auto Owner Trust, Series 2023-2, Class A2A, 5.50% 6/15/20261 | 619 | 619 | ||||||
CarMax Auto Owner Trust, Series 2021-1, Class C, 0.94% 12/15/20261 | 210 | 198 | ||||||
CarMax Auto Owner Trust, Series 2021-1, Class D, 1.28% 7/15/20271 | 206 | 194 | ||||||
Carvana Auto Receivables Trust, Series 2023-N3, Class A, 6.41% 9/10/20271,5 | 242 | 243 | ||||||
Carvana Auto Receivables Trust, Series 2023-P3, Class A3, 5.82% 8/10/20281,5 | 469 | 475 | ||||||
Carvana Auto Receivables Trust, Series 2021-N4, Class C, 1.72% 9/11/20281 | 130 | 122 | ||||||
Carvana Auto Receivables Trust, Series 2023-P3, Class A4, 5.71% 7/10/20291,5 | 172 | 175 | ||||||
Castlelake Aircraft Securitization Trust, Series 2021-1, Class A, 2.868% 5/11/20371,5 | 15,083 | 13,093 | ||||||
Castlelake Aircraft Securitization Trust, Series 2021-1, Class C, 3.464% 5/11/20371,5 | 5,863 | 4,911 | ||||||
Castlelake Aircraft Securitization Trust, Series 2021-1, Class C, 6.171% 5/11/20371,5 | 643 | 513 | ||||||
Castlelake Aircraft Securitization Trust, Series 2017-1R, Class A, 2.741% 8/15/20411,5 | 502 | 456 | ||||||
CF Hippolyta, LLC, Series 2020-1, Class A1, 1.69% 7/15/20601,5 | 18,497 | 17,110 | ||||||
CF Hippolyta, LLC, Series 2020-1, Class A2, 1.99% 7/15/20601,5 | 1,921 | 1,641 | ||||||
CF Hippolyta, LLC, Series 2020-1, Class B1, 2.28% 7/15/20601,5 | 3,362 | 3,081 | ||||||
CF Hippolyta, LLC, Series 2020-1, Class B2, 2.60% 7/15/20601,5 | 364 | 298 | ||||||
CF Hippolyta, LLC, Series 2021-1, Class A1, 1.53% 3/15/20611,5 | 5,994 | 5,365 |
American Funds Insurance Series | 209 |
The Bond Fund of America (continued)
Bonds, notes & other debt instruments (continued) | Principal amount (000) | Value (000) | ||||||
Asset-backed obligations (continued) | ||||||||
CF Hippolyta, LLC, Series 2021-1, Class B1, 1.98% 3/15/20611,5 | USD | 1,898 | $ | 1,614 | ||||
CF Hippolyta, LLC, Series 2022-1, Class A1, 5.97% 8/15/20621,5 | 14,984 | 14,763 | ||||||
CF Hippolyta, LLC, Series 2022-1, Class A2, 6.11% 8/15/20621,5 | 6,572 | 6,436 | ||||||
Chesapeake Funding II, LLC, Series 2023-2, Class A1, 6.16% 10/15/20351,5 | 1,169 | 1,182 | ||||||
Citizens Auto Receivables Trust, Series 2023-2, Class A3, 5.83% 2/15/20281,5 | 1,635 | 1,659 | ||||||
Citizens Auto Receivables Trust, Series 2023-2, Class A4, 5.74% 10/15/20301,5 | 799 | 817 | ||||||
CLI Funding VI, LLC, Series 2020-2A, Class A, 2.03% 9/15/20451,5 | 1,994 | 1,786 | ||||||
CLI Funding VI, LLC, Series 2020-3A, Class A, 2.07% 10/18/20451,5 | 4,124 | 3,705 | ||||||
CLI Funding VIII, LLC, Series 2021-1A, Class A, 2.38% 2/18/20461,5 | 378 | 331 | ||||||
CPS Auto Receivables Trust, Series 2022-B, Class A, 2.88% 6/15/20261,5 | 419 | 417 | ||||||
CPS Auto Receivables Trust, Series 2023-C, Class A, 6.13% 9/15/20261,5 | 456 | 457 | ||||||
CPS Auto Receivables Trust, Series 2021-A, Class D, 1.16% 12/15/20261,5 | 451 | 441 | ||||||
CPS Auto Receivables Trust, Series 2023-B, Class A, 5.91% 8/16/20271,5 | 929 | 930 | ||||||
CPS Auto Receivables Trust, Series 2022-B, Class B, 3.88% 8/15/20281,5 | 2,111 | 2,083 | ||||||
CPS Auto Receivables Trust, Series 2022-B, Class C, 4.33% 8/15/20281,5 | 2,797 | 2,740 | ||||||
CPS Auto Trust, Series 2023-D, Class A, 6.40% 6/15/20271,5 | 1,785 | 1,791 | ||||||
Discover Card Execution Note Trust, Series 2023-A1, Class A, 4.31% 3/15/20281 | 8,396 | 8,343 | ||||||
Drive Auto Receivables Trust, Series 2021-1, Class C, 1.02% 6/15/20271 | 976 | 971 | ||||||
Drive Auto Receivables Trust, Series 2021-1, Class D, 1.45% 1/16/20291 | 4,053 | 3,889 | ||||||
DriveTime Auto Owner Trust, Series 2020-3A, Class C, 1.47% 6/15/20261,5 | 248 | 245 | ||||||
DriveTime Auto Owner Trust, Series 2021-1A, Class C, 0.84% 10/15/20261,5 | 353 | 349 | ||||||
DriveTime Auto Owner Trust, Series 2021-1A, Class D, 1.16% 11/16/20261,5 | 449 | 430 | ||||||
DriveTime Auto Owner Trust, Series 2021-2A, Class C, 1.10% 2/16/20271,5 | 887 | 875 | ||||||
DriveTime Auto Owner Trust, Series 2021-2A, Class D, 1.50% 2/16/20271,5 | 832 | 793 | ||||||
DriveTime Auto Owner Trust, Series 2023-2, Class A, 5.88% 4/15/20271,5 | 430 | 430 | ||||||
DriveTime Auto Owner Trust, Series 2023-3, Class C, 6.40% 5/15/20291,5 | 819 | 828 | ||||||
DriveTime Auto Owner Trust, Series 2023-3, Class D, 7.12% 5/15/20291,5 | 846 | 861 | ||||||
EDvestinU Private Education Loan, LLC, Series 2021-A, Class A, 1.80% 11/25/20451,5 | 368 | 326 | ||||||
Enterprise Fleet Financing, LLC, Series 2022-3, Class A3, 4.29% 7/20/20291,5 | 897 | 880 | ||||||
Enterprise Fleet Financing, LLC, Series 2022-3, Class A2, 4.38% 7/20/20291,5 | 1,057 | 1,046 | ||||||
Exeter Automobile Receivables Trust, Series 2019-2A, Class D, 3.71% 3/17/20251,5 | 475 | 475 | ||||||
Exeter Automobile Receivables Trust, Series 2023-1, Class A2, 5.61% 6/16/20251 | 63 | 63 | ||||||
Exeter Automobile Receivables Trust, Series 2019-3A, Class D, 3.11% 8/15/20251,5 | 843 | 838 | ||||||
Exeter Automobile Receivables Trust, Series 2023-3, Class A2, 6.11% 9/15/20251 | 164 | 164 | ||||||
Exeter Automobile Receivables Trust, Series 2022-6, Class A2, 5.73% 11/17/20251 | 26 | 26 | ||||||
Exeter Automobile Receivables Trust, Series 2020-1A, Class D, 2.73% 12/15/20251,5 | 352 | 347 | ||||||
Exeter Automobile Receivables Trust, Series 2021-2, Class C, 0.98% 6/15/20261 | 697 | 688 | ||||||
Exeter Automobile Receivables Trust, Series 2020-3A, Class D, 1.73% 7/15/20261 | 577 | 570 | ||||||
Exeter Automobile Receivables Trust, Series 2023-3, Class A3, 6.04% 7/15/20261 | 100 | 100 | ||||||
Exeter Automobile Receivables Trust, Series 2022-2A, Class B, 3.65% 10/15/20261 | 2,470 | 2,458 | ||||||
Exeter Automobile Receivables Trust, Series 2022-4A, Class B, 4.57% 1/15/20271 | 568 | 565 | ||||||
Exeter Automobile Receivables Trust, Series 2023-5, Class A3, 6.32% 3/15/20271 | 1,709 | 1,725 | ||||||
Exeter Automobile Receivables Trust, Series 2021-2, Class D, 1.40% 4/15/20271 | 2,612 | 2,467 | ||||||
Exeter Automobile Receivables Trust, Series 2023-3, Class B, 6.11% 9/15/20271 | 232 | 233 | ||||||
Exeter Automobile Receivables Trust, Series 2023-5, Class B, 6.58% 4/17/20281 | 5,028 | 5,095 | ||||||
Exeter Automobile Receivables Trust, Series 2023-3, Class C, 6.21% 6/15/20281 | 418 | 422 | ||||||
Exeter Automobile Receivables Trust, Series 2022-2A, Class D, 4.56% 7/17/20281 | 271 | 263 | ||||||
Exeter Automobile Receivables Trust, Series 2023-3, Class D, 6.68% 4/16/20291 | 758 | 766 | ||||||
Exeter Automobile Receivables Trust, Series 2023-1, Class D, 6.69% 6/15/20291 | 462 | 466 | ||||||
Exeter Automobile Receivables Trust, Series 2023-3, Class E, 9.98% 1/15/20311,5 | 1,014 | 1,051 | ||||||
First National Master Note Trust, Series 2023-1, Class A, 5.13% 4/16/20291 | 1,184 | 1,189 | ||||||
FirstKey Homes Trust, Series 2020-SFR2, Class A, 1.266% 10/19/20371,5 | 17,789 | 16,497 | ||||||
FirstKey Homes Trust, Series 2021-SFR3, Class A, 2.135% 12/17/20381,5 | 1,378 | 1,254 | ||||||
FirstKey Homes Trust, Series 2022-SFR2, Class A, 4.145% 5/17/20391,5 | 1,731 | 1,664 | ||||||
Flagship Credit Auto Trust, Series 2023-3, Class A3, 5.44% 4/17/20281,5 | 561 | 563 | ||||||
Flagship Credit Auto Trust, Series 2023-3, Class B, 5.64% 7/16/20291,5 | 312 | 314 | ||||||
Flagship Credit Auto Trust, Series 2023-3, Class C, 6.01% 7/16/20291,5 | 454 | 456 | ||||||
Flagship Credit Auto Trust, Series 2023-3, Class D, 6.58% 8/15/20291,5 | 307 | 306 | ||||||
Ford Credit Auto Owner Trust, Series 2023-A, Class A2A, 5.14% 3/15/20261 | 1,954 | 1,950 | ||||||
Ford Credit Auto Owner Trust, Series 2023-B, Class A3, 5.23% 5/15/20281 | 765 | 772 | ||||||
Ford Credit Auto Owner Trust, Series 2023-B, Class A4, 5.06% 2/15/20291 | 597 | 605 |
210 | American Funds Insurance Series |
The Bond Fund of America (continued)
Bonds, notes & other debt instruments (continued) | Principal amount (000) | Value (000) | ||||||
Asset-backed obligations (continued) | ||||||||
Ford Credit Auto Owner Trust, Series 2018-1, Class A, 3.52% 7/15/20301,5 | USD | 2,180 | $ | 2,178 | ||||
Ford Credit Auto Owner Trust, Series 2018-1, Class A, 3.19% 7/15/20311,5 | 30,070 | 29,459 | ||||||
Ford Credit Auto Owner Trust, Series 2020-1, Class A, 2.04% 8/15/20311,5 | 1,619 | 1,565 | ||||||
Ford Credit Auto Owner Trust, Series 2023-1, Class A, 4.85% 8/15/20351,5 | 4,218 | 4,236 | ||||||
Ford Credit Floorplan Master Owner Trust, Series 2023-1, Class A1, 4.92% 5/15/20281,5 | 5,833 | 5,852 | ||||||
GCI Funding I, LLC, Series 2020-1, Class A, 2.82% 10/18/20451,5 | 1,760 | 1,595 | ||||||
GCI Funding I, LLC, Series 2021-1, Class A, 2.38% 6/18/20461,5 | 1,288 | 1,134 | ||||||
GCI Funding I, LLC, Series 2021-1, Class B, 3.04% 6/18/20461,5 | 143 | 120 | ||||||
Global SC Finance VII SRL, Series 2020-2A, Class A, 2.26% 11/19/20401,5 | 2,446 | 2,246 | ||||||
Global SC Finance VII SRL, Series 2021-1A, Class A, 1.86% 4/17/20411,5 | 8,588 | 7,666 | ||||||
Global SC Finance VII SRL, Series 2021-2A, Class A, 1.95% 8/17/20411,5 | 2,399 | 2,154 | ||||||
Global SC Finance VII SRL, Series 2021-2A, Class B, 2.49% 8/17/20411,5 | 187 | 166 | ||||||
GLS Auto Receivables Trust, Series 2023-2, Class A2, 5.70% 1/15/20271,5 | 560 | 559 | ||||||
GLS Auto Receivables Trust, Series 2023-4, Class A3, 6.42% 6/15/20271,5 | 4,751 | 4,798 | ||||||
GLS Auto Receivables Trust, Series 2023-3, Class B, 5.89% 1/18/20281,5 | 1,175 | 1,181 | ||||||
GLS Auto Receivables Trust, Series 2023-3, Class C, 6.01% 5/15/20291,5 | 561 | 567 | ||||||
GLS Auto Receivables Trust, Series 2023-3, Class D, 6.44% 5/15/20291,5 | 507 | 509 | ||||||
GM Financial Automobile Leasing Trust, Series 2023-3, Class A3, 5.38% 11/20/20261 | 807 | 813 | ||||||
GM Financial Automobile Leasing Trust, Series 2023-3, Class A4, 5.44% 8/20/20271 | 101 | 102 | ||||||
GM Financial Consumer Automobile Receivables Trust, Series 2023-3, Class A3, 5.45% 6/16/20281 | 483 | 491 | ||||||
GM Financial Consumer Automobile Receivables Trust, Series 2023-3, Class A4, 5.34% 12/18/20281 | 320 | 326 | ||||||
GM Financial Revolving Receivables Trust, Series 2023-1, Class A, 5.12% 4/11/20351,5 | 4,815 | 4,902 | ||||||
GM Financial Revolving Receivables Trust, Series 2022-1, Class A, 5.91% 10/11/20351,5 | 2,703 | 2,815 | ||||||
GM Financial Revolving Receivables Trust, Series 2023-2, Class A, 5.77% 8/11/20361,5 | 3,984 | 4,158 | ||||||
GMF Floorplan Owner Revolving Trust, Series 2023-1, Class A1, 5.34% 6/15/20281,5 | 1,600 | 1,621 | ||||||
GMF Floorplan Owner Revolving Trust, Series 2023-1, Class A, 5.34% 6/17/20301,5 | 948 | 970 | ||||||
Hertz Vehicle Financing III, LLC, Series 2021-A, Class B, 9.44% 6/25/20251,5,7 | 8,590 | 8,590 | ||||||
Hertz Vehicle Financing III, LLC, Series 2021-1A, Class A, 1.21% 12/26/20251,5 | 12,703 | 12,267 | ||||||
Hertz Vehicle Financing III, LLC, Series 2021-1A, Class B, 1.56% 12/26/20251,5 | 1,171 | 1,128 | ||||||
Hertz Vehicle Financing III, LLC, Series 2021-1A, Class C, 2.05% 12/26/20251,5 | 810 | 780 | ||||||
Hertz Vehicle Financing III, LLC, Series 2023-1, Class 1D, 9.13% 6/25/20271,5 | 330 | 332 | ||||||
Hertz Vehicle Financing III, LLC, Series 2021-2A, Class A, 1.68% 12/27/20271,5 | 17,770 | 16,117 | ||||||
Hertz Vehicle Financing III, LLC, Series 2021-2A, Class B, 2.12% 12/27/20271,5 | 1,264 | 1,143 | ||||||
Hertz Vehicle Financing III, LLC, Series 2021-2A, Class C, 2.52% 12/27/20271,5 | 859 | 771 | ||||||
Hertz Vehicle Financing III, LLC, Series 2023-3, Class B, 6.53% 2/25/20281,5 | 396 | 404 | ||||||
Hertz Vehicle Financing III, LLC, Series 2023-3, Class C, 7.26% 2/25/20281,5 | 585 | 595 | ||||||
Hertz Vehicle Financing III, LLC, Series 2022-2, Class D, 5.16% 6/26/20281,5 | 1,174 | 1,056 | ||||||
Hertz Vehicle Financing III, LLC, Series 2022-5, Class D, 6.78% 9/25/20281,5 | 881 | 829 | ||||||
Hertz Vehicle Financing III, LLC, Series 2023-4, Class B, 6.73% 3/25/20301,5 | 454 | 470 | ||||||
Hertz Vehicle Financing III, LLC, Series 2023-4, Class C, 7.51% 3/25/20301,5 | 289 | 300 | ||||||
Honda Auto Receivables Owner Trust, Series 2023-1, Class A3, 5.04% 4/21/20271 | 342 | 343 | ||||||
Honda Auto Receivables Owner Trust, Series 2023-1, Class A4, 4.38% 6/21/20291 | 188 | 190 | ||||||
Hyundai Auto Receivables Trust, Series 2023-B, Class A3, 5.48% 4/17/20281 | 160 | 163 | ||||||
Hyundai Auto Receivables Trust, Series 2023-B, Class A4, 5.31% 8/15/20291 | 160 | 163 | ||||||
LAD Auto Receivables Trust, Series 2021-1A, Class A, 1.30% 8/17/20261,5 | 270 | 266 | ||||||
LAD Auto Receivables Trust, Series 2023-1, Class A2, 5.68% 10/15/20261,5 | 1,135 | 1,134 | ||||||
LAD Auto Receivables Trust, Series 2021-1A, Class B, 1.94% 11/16/20261,5 | 304 | 295 | ||||||
LAD Auto Receivables Trust, Series 2022-1, Class A, 5.21% 6/15/20271,5 | 654 | 650 | ||||||
LAD Auto Receivables Trust, Series 2023-1, Class A3, 5.48% 6/15/20271,5 | 706 | 706 | ||||||
LAD Auto Receivables Trust, Series 2023-2, Class A2, 5.93% 6/15/20271,5 | 1,733 | 1,735 | ||||||
LAD Auto Receivables Trust, Series 2022-1, Class B, 5.87% 9/15/20271,5 | 438 | 439 | ||||||
LAD Auto Receivables Trust, Series 2023-4, Class A3, 6.10% 12/15/20271,5 | 1,622 | 1,640 | ||||||
LAD Auto Receivables Trust, Series 2023-2, Class A3, 5.42% 2/15/20281,5 | 861 | 862 | ||||||
LAD Auto Receivables Trust, Series 2023-2, Class B, 5.45% 4/15/20281,5 | 615 | 614 | ||||||
LAD Auto Receivables Trust, Series 2023-3, Class B, 6.09% 6/15/20281,5 | 848 | 860 | ||||||
LAD Auto Receivables Trust, Series 2023-2, Class C, 5.58% 9/15/20281,5 | 1,361 | 1,359 |
American Funds Insurance Series | 211 |
The Bond Fund of America (continued)
Bonds, notes & other debt instruments (continued) | Principal amount (000) | Value (000) | ||||||
Asset-backed obligations (continued) | ||||||||
LAD Auto Receivables Trust, Series 2023-4, Class B, 6.39% 10/16/20281,5 | USD | 3,223 | $ | 3,281 | ||||
LAD Auto Receivables Trust, Series 2023-3, Class C, 6.43% 12/15/20281,5 | 714 | 727 | ||||||
LAD Auto Receivables Trust, Series 2022-1, Class C, 6.85% 4/15/20301,5 | 623 | 626 | ||||||
LAD Auto Receivables Trust, Series 2023-3, Class D, 6.92% 12/16/20301,5 | 483 | 491 | ||||||
LAD Auto Receivables Trust, Series 2023-2, Class D, 6.30% 2/15/20311,5 | 123 | 122 | ||||||
Madison Park Funding, Ltd., CLO, Series 2015-17A, Class AR2, (3-month USD CME Term SOFR + 1.262%) 6.674% 7/21/20301,2,5 | 862 | 862 | ||||||
Marathon CLO, Ltd., Series 2017-9A, Class A1AR, (3-month USD CME Term SOFR + 1.412%) 6.805% 4/15/20291,2,5 | 241 | 241 | ||||||
Mercedes-Benz Auto Receivables Trust, Series 2023-2, Class A3, 5.95% 11/15/20281 | 1,050 | 1,080 | ||||||
Merchants Fleet Funding, LLC, Series 2023-1, Class A, 7.21% 5/20/20361,5 | 1,398 | 1,413 | ||||||
Mission Lane Credit Card Master Trust, Series 2022-B, Class A1, 8.25% 1/15/20281,7,12 | 1,006 | 1,009 | ||||||
Mission Lane Credit Card Master Trust, Series 2022-B, Class A2, 8.73% 1/15/20281,7,12 | 150 | 150 | ||||||
Mission Lane Credit Card Master Trust, Series 2023-A, Class A, 7.23% 7/17/20281,5 | 3,155 | 3,160 | ||||||
Navient Student Loan Trust, Series 2021-C, Class A, 1.06% 10/15/20691,5 | 3,390 | 2,942 | ||||||
Navient Student Loan Trust, Series 2021-EA, Class A, 0.97% 12/16/20691,5 | 2,139 | 1,845 | ||||||
Navient Student Loan Trust, Series 2021-G, Class A, 1.58% 4/15/20701,5 | 773 | 671 | ||||||
Navigator Aircraft ABS, Ltd., Series 2021-1, Class A, 2.771% 11/15/20461,5 | 4,056 | 3,548 | ||||||
Nelnet Student Loan Trust, Series 2021-C, Class AFX, 1.32% 4/20/20621,5 | 243 | 219 | ||||||
Nelnet Student Loan Trust, Series 2021-A, Class APT1, 1.36% 4/20/20621,5 | 4,235 | 3,838 | ||||||
Nelnet Student Loan Trust, Series 2021-B, Class AFX, 1.42% 4/20/20621,5 | 9,668 | 8,787 | ||||||
Nelnet Student Loan Trust, Series 2021-C, Class AFL, (1-month USD CME Term SOFR + 0.854%) 6.212% 4/20/20621,2,5 | 3,126 | 3,077 | ||||||
New Economy Assets Phase 1 Issuer, LLC, Series 2021-1, Class A1, 1.91% 10/20/20611,5 | 50,765 | 44,506 | ||||||
Newark BSL CLO 2, Ltd., Series 2017-1A, Class A1R, (3-month USD CME Term SOFR + 1.232%) 6.61% 7/25/20301,2,5 | 245 | 245 | ||||||
Nissan Auto Receivables Owner Trust, Series 2023-B, Class A3, 5.93% 3/15/20281 | 598 | 613 | ||||||
Oportun Funding, LLC, Series 2021-A, Class A, 1.21% 3/8/20281,5 | 122 | 117 | ||||||
Palmer Square Loan Funding, CLO, Series 2021-1, Class A1, (3-month USD CME Term SOFR + 1.162%) 6.577% 4/20/20291,2,5 | 151 | 151 | ||||||
PFS Financing Corp., Series 2021-B, Class A, 0.775% 8/17/20261,5 | 7,884 | 7,640 | ||||||
PFS Financing Corp., Series 2022-D, Class A, 4.27% 8/16/20271,5 | 1,721 | 1,692 | ||||||
PFS Financing Corp., Series 2023-D, Class A, (30-day Average USD-SOFR + 1.15%) 6.488% 8/16/20271,2,5 | 1,393 | 1,394 | ||||||
PFS Financing Corp., Series 2023-A, Class A, 5.80% 3/15/20281,5 | 1,710 | 1,736 | ||||||
PFS Financing Corp., Series 2023-B, Class A, 5.27% 5/15/20281,5 | 4,558 | 4,583 | ||||||
PFS Financing Corp., Series 2023-C, Class A, 5.52% 10/16/20281,5 | 909 | 920 | ||||||
Prestige Auto Receivables Trust, Series 2019-1A, Class D, 3.01% 8/15/20251,5 | 915 | 911 | ||||||
Prestige Auto Receivables Trust, Series 2023-1, Class A2, 5.88% 3/16/20261,5 | 204 | 204 | ||||||
Prestige Auto Receivables Trust, Series 2023-2, Class B, 6.64% 12/15/20271,5 | 5,088 | 5,165 | ||||||
Prodigy Finance DAC, Series 2021-1A, Class A, (1-month USD CME Term SOFR + 1.364%) 6.72% 7/25/20511,2,5 | 324 | 322 | ||||||
Santander Drive Auto Receivables Trust, Series 2023-2, Class A2, 5.87% 3/16/20261 | 238 | 238 | ||||||
Santander Drive Auto Receivables Trust, Series 2021-2, Class C, 0.90% 6/15/20261 | 377 | 375 | ||||||
Santander Drive Auto Receivables Trust, Series 2020-3, Class D, 1.64% 11/16/20261 | 1,274 | 1,252 | ||||||
Santander Drive Auto Receivables Trust, Series 2022-5, Class B, 4.43% 3/15/20271 | 917 | 906 | ||||||
Santander Drive Auto Receivables Trust, Series 2021-2, Class D, 1.35% 7/15/20271 | 1,802 | 1,736 | ||||||
Santander Drive Auto Receivables Trust, Series 2021-3, Class C, 0.95% 9/15/20271 | 672 | 666 | ||||||
Santander Drive Auto Receivables Trust, Series 2021-3, Class D, 1.33% 9/15/20271 | 2,236 | 2,137 | ||||||
Santander Drive Auto Receivables Trust, Series 2022-5, Class C, 4.74% 10/15/20281 | 856 | 843 | ||||||
Santander Drive Auto Receivables Trust, Series 2023-4, Class B, 5.77% 12/15/20281 | 700 | 710 | ||||||
SFS Auto Receivables Securitization Trust, Series 2023-1, Class A2A, 5.89% 3/22/20271,5 | 1,845 | 1,848 | ||||||
SFS Auto Receivables Securitization Trust, Series 2023-1, Class A3, 5.47% 10/20/20281,5 | 624 | 631 | ||||||
SFS Auto Receivables Securitization Trust, Series 2023-1, Class A4, 5.47% 12/20/20291,5 | 361 | 366 | ||||||
SLAM, Ltd., Series 2021-1, Class A, 2.434% 6/15/20461,5 | 2,459 | 2,130 | ||||||
SLAM, Ltd., Series 2021-1, Class B, 3.422% 6/15/20461,5 | 453 | 382 | ||||||
SMB Private Education Loan Trust, Series 2023-C, Class A1A, 5.67% 11/15/20521,5 | 865 | 871 |
212 | American Funds Insurance Series |
The Bond Fund of America (continued)
Bonds, notes & other debt instruments (continued) | Principal amount (000) | Value (000) | ||||||
Asset-backed obligations (continued) | ||||||||
SMB Private Education Loan Trust, Series 2023-C, Class A1B, (30-day Average USD-SOFR + 1.55%) 6.888% 11/15/20521,2,5 | USD | 956 | $ | 958 | ||||
SOLRR Aircraft Aviation Holding, Ltd., Series 2021-1, Class A, 2.636% 10/15/20461,5 | 2,217 | 1,916 | ||||||
SPRITE, Ltd., Series 2021-1, Class A, 3.75% 11/15/20461,5 | 2,712 | 2,489 | ||||||
Stellar Jay Ireland DAC, Series 2021-1, Class A, 3.967% 10/15/20411,5 | 365 | 311 | ||||||
Stonepeak Infrastructure Partners, Series 2021-1A, Class AA, 2.301% 2/28/20331,5 | 821 | 755 | ||||||
Stonepeak Infrastructure Partners, Series 2021-1A, Class A, 2.675% 2/28/20331,5 | 925 | 844 | ||||||
SuttonPark Structured Settlements, Series 2021-1, Class A, 1.95% 9/15/20751,5 | 1,677 | 1,562 | ||||||
Synchrony Card Issuance Trust, Series 2023-A, Class A, 5.54% 7/15/20291 | 6,025 | 6,141 | ||||||
TAL Advantage V, LLC, Series 2020-1A, Class A, 2.05% 9/20/20451,5 | 2,563 | 2,329 | ||||||
Textainer Marine Containers, Ltd., Series 2020-1A, Class A, 2.73% 8/21/20451,5 | 1,056 | 987 | ||||||
Textainer Marine Containers, Ltd., Series 2020-2A, Class A, 2.10% 9/20/20451,5 | 1,944 | 1,762 | ||||||
Textainer Marine Containers, Ltd., Series 2021-1A, Class A, 1.68% 2/20/20461,5 | 5,610 | 4,926 | ||||||
Textainer Marine Containers, Ltd., Series 2021-1A, Class B, 2.52% 2/20/20461,5 | 313 | 273 | ||||||
Textainer Marine Containers, Ltd., Series 2021-2A, Class A, 2.23% 4/20/20461,5 | 4,720 | 4,220 | ||||||
TIF Funding II, LLC, Series 2020-1A, Class A, 2.09% 8/20/20451,5 | 3,932 | 3,534 | ||||||
TIF Funding II, LLC, Series 2021-1A, Class B, 2.54% 2/20/20461,5 | 118 | 100 | ||||||
Toyota Auto Loan Extended Note Trust, Series 2019-1, Class A, 2.56% 11/25/20311,5 | 6,000 | 5,925 | ||||||
Triton Container Finance VIII, LLC, Series 2020-1, Class A, 2.11% 9/20/20451,5 | 9,323 | 8,298 | ||||||
Triton Container Finance VIII, LLC, Series 2021-1, Class A, 1.86% 3/20/20461,5 | 3,208 | 2,799 | ||||||
Triton Container Finance VIII, LLC, Series 2021-1A, Class B, 2.58% 3/20/20461,5 | 312 | 269 | ||||||
Verizon Master Trust, Series 2023-2, Class A, 4.89% 4/13/20281 | 1,215 | 1,212 | ||||||
Verizon Master Trust, Series 2023-3, Class A, 4.73% 4/21/20311,5 | 5,380 | 5,425 | ||||||
Westlake Automobile Receivables Trust, Series 2020-3A, Class C, 1.24% 11/17/20251,5 | 40 | 40 | ||||||
Westlake Automobile Receivables Trust, Series 2020-3A, Class D, 1.65% 2/17/20261,5 | 3,023 | 2,975 | ||||||
Westlake Automobile Receivables Trust, Series 2021-2, Class B, 0.62% 7/15/20261,5 | 18 | 18 | ||||||
Westlake Automobile Receivables Trust, Series 2021-2, Class C, 0.89% 7/15/20261,5 | 2,181 | 2,143 | ||||||
Westlake Automobile Receivables Trust, Series 2023-2, Class A2A, 5.87% 7/15/20261,5 | 136 | 136 | ||||||
Westlake Automobile Receivables Trust, Series 2021-2, Class D, 1.23% 12/15/20261,5 | 1,446 | 1,376 | ||||||
Westlake Automobile Receivables Trust, Series 2023-2, Class A3, 5.80% 2/16/20271,5 | 1,799 | 1,805 | ||||||
Westlake Automobile Receivables Trust, Series 2023-3, Class A3, 5.82% 5/17/20271,5 | 3,420 | 3,439 | ||||||
Westlake Automobile Receivables Trust, Series 2023-4, Class A3, 6.24% 7/15/20271,5 | 3,052 | 3,088 | ||||||
Westlake Automobile Receivables Trust, Series 2023-3, Class B, 5.92% 9/15/20281,5 | 1,175 | 1,181 | ||||||
Westlake Automobile Receivables Trust, Series 2023-3, Class C, 6.02% 9/15/20281,5 | 2,219 | 2,228 | ||||||
Westlake Automobile Receivables Trust, Series 2023-3, Class D, 6.47% 3/15/20291,5 | 1,236 | 1,238 | ||||||
World Omni Auto Receivables Trust, Series 2023-C, Class A3, 5.15% 11/15/20281 | 290 | 293 | ||||||
World Omni Auto Receivables Trust, Series 2023-C, Class A4, 5.03% 11/15/20291 | 232 | 234 | ||||||
552,395 | ||||||||
Municipals 1.42% | ||||||||
California 0.02% | ||||||||
G.O. Bonds, Series 2009, 7.50% 4/1/2034 | 2,100 | 2,552 | ||||||
Golden State Tobacco Securitization Corp., Enhanced Tobacco Settlement Asset-Backed Bonds, Series 2021-B, 2.746% 6/1/2034 | 450 | 380 | ||||||
2,932 | ||||||||
Illinois 1.33% | ||||||||
City of Chicago, Board of Education, Unlimited Tax G.O. Bonds (Dedicated Rev.), Series 2010-C, 6.319% 11/1/2029 | 65 | 65 | ||||||
City of Chicago, Board of Education, Unlimited Tax G.O. Bonds (Dedicated Rev.), Series 2009-E, 6.138% 12/1/2039 | 31,050 | 29,426 | ||||||
City of Chicago, Board of Education, Unlimited Tax G.O. Bonds (Dedicated Rev.), Series 2010-D, 6.519% 12/1/2040 | 8,945 | 8,579 | ||||||
City of Chicago, Board of Education, Unlimited Tax G.O. Bonds (Qualified School Construction Bonds), Series 2009-G, 1.75% 12/15/2025 | 2,500 | 2,300 | ||||||
G.O. Bonds, Pension Funding, Series 2003, 5.10% 6/1/2033 | 107,000 | 105,974 | ||||||
146,344 |
American Funds Insurance Series | 213 |
The Bond Fund of America (continued)
Bonds, notes & other debt instruments (continued) | Principal amount (000) | Value (000) | ||||||
Municipals (continued) | ||||||||
Texas 0.03% | ||||||||
Grand Parkway Transportation Corp., Grand Parkway System Toll Rev. Ref. Bonds, Series 2020-B, 3.236% 10/1/2052 | USD | 4,075 | $ | 3,071 | ||||
Wisconsin 0.04% | ||||||||
Public Fin. Auth., Federal Lease Rev. Bonds (Fort Sam Acquisition Fncg.), Series 2022, 4.95% 3/1/2034 | 4,560 | 4,320 | ||||||
Total municipals | 156,667 | |||||||
Bonds & notes of governments & government agencies outside the U.S. 0.96% | ||||||||
Chile (Republic of) 4.00% 1/31/2052 | 580 | 478 | ||||||
Colombia (Republic of) 7.50% 2/2/2034 | 2,530 | 2,677 | ||||||
Dominican Republic 5.95% 1/25/20275 | 8,100 | 8,147 | ||||||
Dominican Republic 7.05% 2/3/20315 | 680 | 716 | ||||||
Greece (Hellenic Republic of) 1.50% 6/18/2030 | EUR | 10,830 | 11,050 | |||||
Greece (Hellenic Republic of) 0.75% 6/18/2031 | 9,600 | 9,078 | ||||||
Greece (Hellenic Republic of) 4.25% 6/15/2033 | 23,825 | 28,874 | ||||||
Indonesia (Republic of) 6.625% 2/15/2034 | IDR | 11,783,000 | 766 | |||||
Indonesia (Republic of), Series 96, 7.00% 2/15/2033 | 43,391,000 | 2,922 | ||||||
Indonesia (Republic of), Series 68, 8.375% 3/15/2034 | 53,026,000 | 3,852 | ||||||
Indonesia Asahan Aluminium (Persero) PT 5.80% 5/15/20505 | USD | 1,150 | 1,119 | |||||
Paraguay (Republic of) 5.00% 4/15/2026 | 960 | 954 | ||||||
Poland (Republic of) 5.75% 11/16/2032 | 555 | 600 | ||||||
Poland (Republic of) 4.875% 10/4/2033 | 830 | 844 | ||||||
Portuguese Republic 5.125% 10/15/2024 | 24,775 | 24,753 | ||||||
Qatar (State of) 4.50% 4/23/20285 | 5,100 | 5,167 | ||||||
Qatar (State of) 5.103% 4/23/20485 | 3,400 | 3,450 | ||||||
105,447 | ||||||||
Federal agency bonds & notes 0.10% | ||||||||
Fannie Mae 2.125% 4/24/2026 | 11,910 | 11,385 | ||||||
Total bonds, notes & other debt instruments (cost: $10,781,545,000) | 10,585,349 | |||||||
Common stocks 0.00% | Shares | |||||||
Energy 0.00% | ||||||||
FORESEA Holding SA, Class C, nonvoting shares5,13 | 555 | 14 | ||||||
FORESEA Holding SA, Class B5,13 | 61 | 1 | ||||||
Total common stocks (cost: $8,000) | 15 | |||||||
Short-term securities 19.70% | ||||||||
Money market investments 19.70% | ||||||||
Capital Group Central Cash Fund 5.44%14,15 | 21,685,475 | 2,168,331 | ||||||
Total short-term securities (cost: $2,168,297,000) | 2,168,331 | |||||||
Total investment securities 115.86% (cost: $12,949,850,000) | 12,753,695 | |||||||
Other assets less liabilities (15.86)% | (1,745,781 | ) | ||||||
Net assets 100.00% | $ | 11,007,914 |
214 | American Funds Insurance Series |
The Bond Fund of America (continued)
Futures contracts
Contracts | Type | Number of contracts | Expiration date | Notional amount (000) | Value and unrealized appreciation (depreciation) at 12/31/2023 (000) | ||||||||||
30 Day Federal Funds Futures | Long | 1 | 5/1/2024 | USD | 396 | $ | 1 | ||||||||
3 Month SOFR Futures | Short | 4,914 | 3/20/2024 | (1,162,683 | ) | 222 | |||||||||
3 Month SOFR Futures | Short | 13 | 9/18/2024 | (3,103 | ) | (11 | ) | ||||||||
2 Year U.S. Treasury Note Futures | Long | 8,681 | 4/3/2024 | 1,787,540 | 15,145 | ||||||||||
5 Year U.S. Treasury Note Futures | Long | 14,104 | 4/3/2024 | 1,534,141 | 29,630 | ||||||||||
10 Year French Government Bond Futures | Long | 448 | 3/11/2024 | 65,041 | 2,271 | ||||||||||
10 Year Euro-Bund Futures | Short | 427 | 3/11/2024 | (64,684 | ) | (1,914 | ) | ||||||||
10 Year Japanese Government Bond Futures | Short | 106 | 3/20/2024 | (110,293 | ) | (388 | ) | ||||||||
10 Year U.S. Treasury Note Futures | Long | 8,749 | 3/28/2024 | 987,680 | 25,113 | ||||||||||
10 Year Ultra U.S. Treasury Note Futures | Short | 417 | 3/28/2024 | (49,213 | ) | 56 | |||||||||
20 Year U.S. Treasury Bond Futures | Short | 5,626 | 3/28/2024 | (702,898 | ) | (48,703 | ) | ||||||||
30 Year Ultra U.S. Treasury Bond Futures | Long | 3,092 | 3/28/2024 | 413,072 | 36,848 | ||||||||||
$ | 58,270 |
Forward currency contracts
Unrealized | ||||||||||||||
appreciation | ||||||||||||||
Contract amount | (depreciation) | |||||||||||||
Currency purchased (000) | Currency sold (000) | Counterparty | Settlement date | at 12/31/2023 (000) | ||||||||||
USD | 4,190 | EUR | 3,861 | Morgan Stanley | 1/8/2024 | $ | (74 | ) | ||||||
USD | 12,682 | EUR | 11,740 | Citibank | 1/9/2024 | (285 | ) | |||||||
EUR | 1,418 | USD | 1,531 | Morgan Stanley | 1/11/2024 | 35 | ||||||||
USD | 56,925 | EUR | 52,030 | Bank of America | 1/22/2024 | (572 | ) | |||||||
$ | (896 | ) |
Swap contracts
Interest rate swaps
Centrally cleared interest rate swaps
Upfront | Unrealized | |||||||||||||||||||||
premium | appreciation | |||||||||||||||||||||
Receive | Pay | Notional | Value at | paid | (depreciation) | |||||||||||||||||
Rate | Payment frequency | Rate | Payment frequency | Expiration date | amount (000) | 12/31/2023 (000) | (received) (000) | at 12/31/2023 (000) | ||||||||||||||
4.8585% | Annual | U.S. EFFR | Annual | 1/12/2024 | USD65,416 | $ (17 | ) | $ | — | $(17 | ) | |||||||||||
4.8674% | Annual | U.S. EFFR | Annual | 1/12/2024 | USD95,844 | (24 | ) | — | (24 | ) | ||||||||||||
4.8615% | Annual | U.S. EFFR | Annual | 1/12/2024 | USD130,900 | (34 | ) | — | (34 | ) | ||||||||||||
3.497% | Annual | U.S. EFFR | Annual | 6/16/2024 | USD27,000 | (218 | ) | — | (218 | ) | ||||||||||||
3.52647% | Annual | U.S. EFFR | Annual | 6/16/2024 | USD72,532 | (575 | ) | — | (575 | ) | ||||||||||||
3.5291% | Annual | U.S. EFFR | Annual | 6/16/2024 | USD78,378 | (621 | ) | — | (621 | ) | ||||||||||||
3.4585% | Annual | U.S. EFFR | Annual | 6/17/2024 | USD4,154 | (34 | ) | — | (34 | ) | ||||||||||||
3.4325% | Annual | U.S. EFFR | Annual | 6/17/2024 | USD19,800 | (165 | ) | — | (165 | ) | ||||||||||||
4.8195% | Annual | SOFR | Annual | 9/1/2025 | USD42,100 | 363 | — | 363 | ||||||||||||||
4.9035% | Annual | SOFR | Annual | 9/14/2025 | USD42,065 | 444 | — | 444 | ||||||||||||||
4.4555% | Annual | SOFR | Annual | 12/6/2025 | USD95,750 | 601 | — | 601 | ||||||||||||||
3.998% | Annual | SOFR | Annual | 12/4/2028 | USD40,040 | 811 | — | 811 | ||||||||||||||
SOFR | Annual | 3.8275% | Annual | 9/1/2033 | USD9,600 | (270 | ) | — | (270 | ) |
American Funds Insurance Series | 215 |
The Bond Fund of America (continued)
Swap contracts (continued)
Interest rate swaps (continued)
Centrally cleared interest rate swaps (continued)
Upfront | Unrealized | ||||||||||||||||||||||
premium | appreciation | ||||||||||||||||||||||
Receive | Pay | Notional | Value at | paid | (depreciation) | ||||||||||||||||||
Rate | Payment frequency | Rate | Payment frequency | Expiration date | amount (000) | 12/31/2023 (000) | (received) (000) | at 12/31/2023 (000) | |||||||||||||||
SOFR | Annual | 3.997% | Annual | 9/14/2033 | USD | 9,615 | $ | (405 | ) | $ | — | $ | (405 | ) | |||||||||
SOFR | Annual | 3.2975% | Annual | 3/8/2051 | USD | 39,095 | 499 | — | 499 | ||||||||||||||
$ | 355 | $ | — | $ | 355 |
Credit default swaps
Centrally cleared credit default swaps on credit indices — buy protection
Reference index | Financing rate paid | Payment frequency | Expiration date | Notional amount (000) | Value at 12/31/2023 (000) | Upfront premium paid (received) (000) | Unrealized appreciation (depreciation) at 12/31/2023 (000) | |||||||||||||
CDX.NA.IG.41 | 1.00% | Quarterly | 12/20/2028 | USD4,979 | $ | (97 | ) | $ | (59 | ) | $ | (38 | ) | |||||||
CDX.NA.HY.41 | 5.00% | Quarterly | 12/20/2028 | 50,708 | (2,958 | ) | (1,527 | ) | (1,431 | ) | ||||||||||
$ | (3,055 | ) | $ | (1,586 | ) | $ | (1,469 | ) |
Investments in affiliates15
Value at 1/1/2023 (000) | Additions (000) | Reductions (000) | Net realized gain (loss) (000) | Net unrealized appreciation (depreciation) (000) | Value at 12/31/2023 (000) | Dividend or interest income (000) | ||||||||||||||||||||||
Short-term securities 19.70% | ||||||||||||||||||||||||||||
Money market investments 19.70% | ||||||||||||||||||||||||||||
Capital Group Central Cash Fund 5.44%14 | $ | 1,425,720 | $ | 5,625,174 | $ | 4,882,543 | $ | 145 | $ | (165 | ) | $ | 2,168,331 | $ | 103,521 |
Restricted securities12
Acquisition date(s) | Cost (000) | Value (000) | Percent of net assets | |||||||||||
Mission Lane Credit Card Master Trust, Series 2022-B, Class A1, 8.25% 1/15/20281,7 | 12/6/2022 | $ | 1,006 | $ | 1,009 | .01 | % | |||||||
Mission Lane Credit Card Master Trust, Series 2022-B, Class A2, 8.73% 1/15/20281,7 | 12/6/2022 | 150 | 150 | .00 | 16 | |||||||||
Total | $ | 1,156 | $ | 1,159 | .01 | % |
216 | American Funds Insurance Series |
The Bond Fund of America (continued)
1 | Principal payments may be made periodically. Therefore, the effective maturity date may be earlier than the stated maturity date. |
2 | Coupon rate may change periodically. Reference rate and spread are as of the most recent information available. Some coupon rates are determined by the issuer or agent based on current market conditions; therefore, the reference rate and spread are not available. |
3 | Amount less than one thousand. |
4 | Purchased on a TBA basis. |
5 | Acquired in a transaction exempt from registration under Rule 144A or, for commercial paper, Section 4(a)(2) of the Securities Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers. The total value of all such securities was $1,427,458,000, which represented 12.97% of the net assets of the fund. |
6 | Step bond; coupon rate may change at a later date. |
7 | Value determined using significant unobservable inputs. |
8 | Securities referencing LIBOR are expected to transition to an alternative reference rate by the security’s next scheduled coupon reset date. |
9 | Scheduled interest and/or principal payment was not received. |
10 | All or a portion of this security was pledged as collateral. The total value of pledged collateral was $63,649,000, which represented .58% of the net assets of the fund. |
11 | Index-linked bond whose principal amount moves with a government price index. |
12 | Restricted security, other than Rule 144A securities or commercial paper issued pursuant to Section 4(a)(2) of the Securities Act of 1933. The total value of all such restricted securities was $1,159,000, which represented .01% of the net assets of the fund. |
13 | Security did not produce income during the last 12 months. |
14 | Rate represents the seven-day yield at 12/31/2023. |
15 | Part of the same “group of investment companies” as the fund as defined under the Investment Company Act of 1940, as amended. |
16 | Amount less than .01%. |
Key to abbreviation(s)
Assn. = Association
Auth. = Authority
CLO = Collateralized Loan Obligations
CME = CME Group
CMO = Collateralized Mortgage Obligations
DAC = Designated Activity Company
EFFR = Effective Federal Funds Rate
EUR = Euros
Fin. = Finance
Fncg. = Financing
G.O. = General Obligation
ICE = Intercontinental Exchange, Inc.
IDR = Indonesian rupiah
LIBOR = London Interbank Offered Rate
Ref. = Refunding
Rev. = Revenue
SOFR = Secured Overnight Financing Rate
TBA = To be announced
USD = U.S. dollars
Refer to the notes to financial statements.
American Funds Insurance Series | 217 |
Investment portfolio December 31, 2023
Bonds, notes & other debt instruments 92.41% | Principal amount (000) | Value (000) | ||||||
Euros 22.02% | ||||||||
AIA Group, Ltd. 0.88% 9/9/2033 (5-year EUR Mid-Swap + 1.10% on 9/9/2028)1 | EUR | 2,800 | $ | 2,640 | ||||
Albania (Republic of) 5.90% 6/9/2028 | 800 | 905 | ||||||
Alpha Bank SA 5.50% 6/11/2031 (5-year EUR Mid-Swap + 5.823% on 6/11/2026)1 | 680 | 732 | ||||||
Altria Group, Inc. 3.125% 6/15/2031 | 800 | 803 | ||||||
American Honda Finance Corp. 1.95% 10/18/2024 | 560 | 609 | ||||||
American Tower Corp. 0.45% 1/15/2027 | 2,525 | 2,552 | ||||||
American Tower Corp. 0.875% 5/21/2029 | 1,470 | 1,417 | ||||||
Anheuser-Busch InBev SA/NV 1.125% 7/1/2027 | 2,000 | 2,087 | ||||||
AT&T, Inc. 1.60% 5/19/2028 | 2,350 | 2,439 | ||||||
AT&T, Inc. 4.30% 11/18/2034 | 260 | 304 | ||||||
Banco de Sabadell, SA 5.25% 2/7/2029 (1-year EUR Mid-Swap + 2.40% on 2/7/2028)1 | 2,100 | 2,397 | ||||||
Banco de Sabadell, SA 5.50% 9/8/2029 (1-year EUR-ICE Swap EURIBOR + 2.40% on 9/8/2028)1 | 700 | 805 | ||||||
Bank of America Corp. 3.648% 3/31/2029 (3-month EUR-EURIBOR + 3.67% on 3/31/2028)1,2 | 5,000 | 5,563 | ||||||
Banque Federative du Credit Mutuel 3.875% 6/16/2032 (5-year EUR Mid-Swap + 2.20% on 6/16/2027)1 | 2,800 | 3,059 | ||||||
Baxter International, Inc. 1.30% 5/15/2029 | 2,000 | 1,987 | ||||||
Belgium (Kingdom of), Series 97, 3.00% 6/22/2033 | 1,530 | 1,745 | ||||||
Belgium (Kingdom of) 3.30% 6/22/2054 | 880 | 992 | ||||||
BPCE SA 1.00% 4/1/2025 | 2,900 | 3,104 | ||||||
BPCE SA 4.50% 1/13/2033 | 1,400 | 1,628 | ||||||
British American Tobacco PLC 3.00% subordinated perpetual bonds (5-year EUR Mid-Swap + 3.372% on 12/27/2026)1 | 2,400 | 2,375 | ||||||
Bulgaria (Republic of) 4.375% 5/13/2031 | 900 | 1,046 | ||||||
Bulgaria (Republic of) 4.50% 1/27/2033 | 865 | 1,005 | ||||||
CaixaBank, SA 2.25% 4/17/2030 (5-year EUR Annual (vs. 6-month EUR-EURIBOR) + 1.68% on 4/17/2025)1 | 3,800 | 4,054 | ||||||
Celanese US Holdings, LLC 4.777% 7/19/2026 | 235 | 264 | ||||||
Deutsche Bank AG 1.75% 11/19/2030 (3-month EUR-EURIBOR + 2.05% on 11/19/2029)1 | 2,100 | 2,018 | ||||||
Deutsche Bank AG 4.00% 6/24/2032 (3-month EUR-EURIBOR + 3.30% on 6/24/2027)1 | 700 | 745 | ||||||
Deutsche Telekom International Finance BV 7.50% 1/24/2033 | 200 | 297 | ||||||
Dow Chemical Co. (The) 0.50% 3/15/2027 | 1,110 | 1,123 | ||||||
E.ON SE 1.625% 3/29/2031 | 810 | 809 | ||||||
Egypt (Arab Republic of) 5.625% 4/16/2030 | 300 | 212 | ||||||
Electricité de France SA 2.625% junior subordinated perpetual bonds (5-year EUR Mid-Swap + 2.86% on 6/1/2028)1 | 1,400 | 1,379 | ||||||
Equinor ASA 1.375% 5/22/2032 | 3,650 | 3,565 | ||||||
Eurobank Ergasias Services and Holdings SA 10.00% 12/6/2032 (5-year EUR Mid-Swap + 7.588% on 12/6/2027)1 | 1,240 | 1,537 | ||||||
Eurobank SA 2.25% 3/14/2028 (1-year EUR Mid-Swap + 2.634% on 3/14/2027)1 | 100 | 103 | ||||||
Eurobank SA 7.00% 1/26/2029 (1-year EUR Mid-Swap + 4.418% on 1/26/2028)1 | 420 | 501 | ||||||
European Investment Bank 0.25% 1/20/2032 | 4,900 | 4,531 | ||||||
European Investment Bank 1.50% 6/15/2032 | 1,000 | 1,018 | ||||||
European Investment Bank 2.875% 1/12/2033 | 4,500 | 5,079 | ||||||
European Union 0.25% 10/22/2026 | 610 | 635 | ||||||
European Union 0% 7/4/2031 | 705 | 646 | ||||||
European Union 0% 7/4/2035 | 220 | 177 | ||||||
European Union 0.20% 6/4/2036 | 1,500 | 1,207 | ||||||
European Union 0.70% 7/6/2051 | 3,000 | 1,889 | ||||||
Finland (Republic of) 3.00% 9/15/2033 | 2,740 | 3,139 | ||||||
Finland (Republic of) 2.75% 4/15/2038 | 380 | 419 | ||||||
French Republic O.A.T. 0.75% 2/25/2028 | 4,500 | 4,682 | ||||||
French Republic O.A.T. 0% 11/25/2030 | 19,550 | 18,459 | ||||||
French Republic O.A.T. 0% 5/25/2032 | 2,120 | 1,917 | ||||||
French Republic O.A.T. 2.00% 11/25/2032 | 4,260 | 4,535 | ||||||
French Republic O.A.T. 3.00% 5/25/2033 | 1,920 | 2,206 | ||||||
French Republic O.A.T. 0.50% 5/25/2040 | 2,080 | 1,593 | ||||||
French Republic O.A.T. 0.75% 5/25/2052 | 2,850 | 1,807 |
218 | American Funds Insurance Series |
Capital World Bond Fund (continued)
Bonds, notes & other debt instruments (continued) | Principal amount (000) | Value (000) | ||||||
Euros (continued) | ||||||||
French Republic O.A.T. 3.00% 5/25/2054 | EUR | 2,140 | $ | 2,323 | ||||
Germany (Federal Republic of) 2.50% 3/13/2025 | 6,245 | 6,868 | ||||||
Germany (Federal Republic of) 0% 4/11/2025 | 2,100 | 2,240 | ||||||
Germany (Federal Republic of) 0% 10/9/2026 | 6,060 | 6,313 | ||||||
Germany (Federal Republic of) 0% 4/16/2027 | 32,700 | 33,811 | ||||||
Germany (Federal Republic of) 1.30% 10/15/2027 | 6,380 | 6,876 | ||||||
Germany (Federal Republic of) 0% 2/15/2030 | 13,340 | 13,143 | ||||||
Germany (Federal Republic of) 0% 8/15/2030 | 6,285 | 6,135 | ||||||
Germany (Federal Republic of) 0% 8/15/2031 | 12,600 | 12,045 | ||||||
Germany (Federal Republic of) 1.70% 8/15/2032 | 2,381 | 2,575 | ||||||
Germany (Federal Republic of) 1.00% 5/15/2038 | 1,175 | 1,104 | ||||||
Germany (Federal Republic of) 0% 8/15/2050 | 1,200 | 739 | ||||||
Goldman Sachs Group, Inc. 3.375% 3/27/20252 | 5,000 | 5,511 | ||||||
Greece (Hellenic Republic of) 3.875% 6/15/2028 | 11,590 | 13,531 | ||||||
Greece (Hellenic Republic of) 1.50% 6/18/2030 | 2,020 | 2,061 | ||||||
Greece (Hellenic Republic of) 0.75% 6/18/2031 | 700 | 662 | ||||||
Greece (Hellenic Republic of) 1.75% 6/18/2032 | 4,730 | 4,762 | ||||||
Greece (Hellenic Republic of) 3.90% 1/30/2033 | 3,200 | 3,767 | ||||||
Greece (Hellenic Republic of) 4.25% 6/15/2033 | 985 | 1,194 | ||||||
Greece (Hellenic Republic of) 4.375% 7/18/2038 | 2,330 | 2,836 | ||||||
Greece (Hellenic Republic of) 1.875% 1/24/2052 | 7,918 | 6,280 | ||||||
ING Groep NV 5.25% 11/14/2033 (3-month EUR-EURIBOR + 2.15% on 11/14/2032)1 | 1,200 | 1,459 | ||||||
Ireland (Republic of) 3.00% 10/18/2043 | 2,010 | 2,310 | ||||||
Israel (State of) 2.875% 1/29/2024 | 1,180 | 1,303 | ||||||
Italy (Republic of) 1.85% 7/1/2025 | 17,700 | 19,212 | ||||||
Italy (Republic of) 1.35% 4/1/2030 | 7 | 7 | ||||||
JPMorgan Chase & Co. 0.389% 2/24/2028 (3-month EUR-EURIBOR + 0.65% on 2/24/2027)1,2 | 3,208 | 3,229 | ||||||
KfW 0.125% 6/30/2025 | 590 | 626 | ||||||
Magyar Export-Import Bank 6.00% 5/16/2029 | 1,430 | 1,679 | ||||||
Metropolitan Life Global Funding I 0.55% 6/16/20272 | 2,000 | 2,030 | ||||||
Morgan Stanley 2.103% 5/8/2026 (3-month EUR-EURIBOR + 0.904% on 5/8/2025)1 | 580 | 626 | ||||||
Morgan Stanley 2.95% 5/7/2032 (3-month EUR-EURIBOR + 1.245% on 5/7/2031)1 | 1,535 | 1,607 | ||||||
Morocco (Kingdom of) 3.50% 6/19/2024 | 1,400 | 1,543 | ||||||
Morocco (Kingdom of) 1.50% 11/27/2031 | 1,920 | 1,701 | ||||||
National Bank of Greece SA 8.00% 1/3/2034 (5-year EUR-ICE Swap EURIBOR + 4.646% on 1/3/2029)1 | 600 | 708 | ||||||
NatWest Group PLC 0.78% 2/26/2030 (3-month EUR-EURIBOR + 0.949% on 2/26/2029)1 | 2,725 | 2,596 | ||||||
PepsiCo, Inc. 0.75% 10/14/2033 | 2,000 | 1,811 | ||||||
Philippines (Republic of) 0.25% 4/28/2025 | 875 | 922 | ||||||
Portuguese Republic 0.475% 10/18/2030 | 1,610 | 1,564 | ||||||
Portuguese Republic 3.50% 6/18/2038 | 3,140 | 3,638 | ||||||
Quebec (Province of) 0.25% 5/5/2031 | 920 | 849 | ||||||
Quebec (Province of) 0.50% 1/25/2032 | 1,155 | 1,066 | ||||||
Romania 2.125% 3/7/2028 | 1,440 | 1,447 | ||||||
Romania 3.75% 2/7/2034 | 530 | 506 | ||||||
Serbia (Republic of) 1.50% 6/26/2029 | 2,363 | 2,209 | ||||||
Shell International Finance BV 1.50% 4/7/2028 | 2,000 | 2,091 | ||||||
Spain (Kingdom of) 1.45% 4/30/2029 | 1,890 | 1,972 | ||||||
Spain (Kingdom of) 1.25% 10/31/2030 | 1,295 | 1,302 | ||||||
Spain (Kingdom of) 0.50% 10/31/2031 | 1,247 | 1,160 | ||||||
Spain (Kingdom of) 3.15% 4/30/2033 | 3,647 | 4,098 | ||||||
Spain (Kingdom of) 3.55% 10/31/2033 | 8,440 | 9,770 | ||||||
Spain (Kingdom of) 3.90% 7/30/2039 | 530 | 621 | ||||||
Spain (Kingdom of) 1.90% 10/31/2052 | 1,010 | 773 | ||||||
State Grid Overseas Investment (2016), Ltd. 1.375% 5/2/2025 | 441 | 471 | ||||||
State Grid Overseas Investment (2016), Ltd. 2.125% 5/2/2030 | 200 | 197 | ||||||
Stryker Corp. 0.25% 12/3/2024 | 480 | 513 | ||||||
Stryker Corp. 0.75% 3/1/2029 | 980 | 964 | ||||||
Stryker Corp. 1.00% 12/3/2031 | 450 | 421 |
American Funds Insurance Series | 219 |
Capital World Bond Fund (continued)
Bonds, notes & other debt instruments (continued) | Principal amount (000) | Value (000) | ||||||
Euros (continued) | ||||||||
TotalEnergies SE 1.75% junior subordinated perpetual bonds (5-year EUR-EURIBOR + 1.765% on 4/4/2024)1 | EUR | 2,000 | $ | 2,190 | ||||
Toyota Motor Credit Corp. 0.125% 11/5/2027 | 1,850 | 1,835 | ||||||
Tunisia (Republic of) 5.625% 2/17/2024 | 8,219 | 8,779 | ||||||
Ukraine 6.75% 6/20/20283 | 3,119 | 851 | ||||||
Ukraine 6.75% 6/20/20283 | 1,225 | 334 | ||||||
Ukraine 4.375% 1/27/20323 | 2,705 | 627 | ||||||
339,133 | ||||||||
Japanese yen 6.54% | ||||||||
Japan, Series 18, 0.10% 3/10/20244 | JPY | 1,095,934 | 7,839 | |||||
Japan, Series 19, 0.10% 9/10/20244 | 477,068 | 3,437 | ||||||
Japan, Series 346, 0.10% 3/20/2027 | 777,900 | 5,523 | ||||||
Japan, Series 352, 0.10% 9/20/2028 | 1,006,900 | 7,104 | ||||||
Japan, Series 356, 0.10% 9/20/2029 | 2,220,800 | 15,621 | ||||||
Japan, Series 116, 2.20% 3/20/2030 | 576,100 | 4,570 | ||||||
Japan, Series 362, 0.10% 3/20/2031 | 737,200 | 5,122 | ||||||
Japan, Series 152, 1.20% 3/20/2035 | 608,450 | 4,523 | ||||||
Japan, Series 21, 2.30% 12/20/2035 | 720,000 | 5,962 | ||||||
Japan, Series 162, 0.60% 9/20/2037 | 1,966,150 | 13,276 | ||||||
Japan, Series 179, 0.50% 12/20/2041 | 196,950 | 1,218 | ||||||
Japan, Series 182, 1.10% 9/20/2042 | 619,850 | 4,226 | ||||||
Japan, Series 37, 0.60% 6/20/2050 | 694,500 | 3,862 | ||||||
Japan, Series 73, 0.70% 12/20/2051 | 1,568,700 | 8,813 | ||||||
Japan, Series 74, 1.00% 3/20/2052 | 246,100 | 1,496 | ||||||
Japan, Series 79, 1.20% 6/20/2053 | 274,400 | 1,743 | ||||||
Philippines (Republic of) 0.001% 4/12/2024 | 900,000 | 6,371 | ||||||
100,706 | ||||||||
British pounds 4.62% | ||||||||
American Honda Finance Corp. 0.75% 11/25/2026 | GBP | 1,420 | 1,638 | |||||
Asian Development Bank 1.125% 6/10/2025 | 740 | 899 | ||||||
KfW 1.125% 7/4/2025 | 1,165 | 1,413 | ||||||
Lloyds Bank PLC 7.625% 4/22/2025 | 655 | 856 | ||||||
Quebec (Province of) 2.25% 9/15/2026 | 1,870 | 2,268 | ||||||
United Kingdom 0.125% 1/30/2026 | 425 | 504 | ||||||
United Kingdom 1.25% 7/22/2027 | 3,060 | 3,622 | ||||||
United Kingdom 4.25% 12/7/2027 | 5,910 | 7,767 | ||||||
United Kingdom 1.625% 10/22/2028 | 8,070 | 9,526 | ||||||
United Kingdom 4.75% 12/7/2030 | 6,920 | 9,553 | ||||||
United Kingdom 0.25% 7/31/2031 | 11,850 | 11,944 | ||||||
United Kingdom 1.00% 1/31/2032 | 7,120 | 7,523 | ||||||
United Kingdom 4.25% 6/7/2032 | 3,010 | 4,063 | ||||||
United Kingdom 0.625% 7/31/2035 | 210 | 190 | ||||||
United Kingdom 3.75% 1/29/2038 | 3,015 | 3,772 | ||||||
United Kingdom 0.875% 1/31/2046 | 4,917 | 3,351 | ||||||
United Kingdom 3.75% 10/22/2053 | 1,870 | 2,226 | ||||||
71,115 | ||||||||
Chinese yuan renminbi 3.78% | ||||||||
China (People’s Republic of), Series INBK, 2.44% 10/15/2027 | CNY | 38,940 | 5,506 | |||||
China (People’s Republic of), Series INBK, 2.75% 2/17/2032 | 59,810 | 8,545 | ||||||
China (People’s Republic of), Series INBK, 2.88% 2/25/2033 | 22,240 | 3,212 | ||||||
China (People’s Republic of), Series 1910, 3.86% 7/22/2049 | 81,080 | 13,395 | ||||||
China (People’s Republic of), Series INBK, 3.81% 9/14/2050 | 66,960 | 11,040 | ||||||
China (People’s Republic of), Series INBK, 3.53% 10/18/2051 | 45,510 | 7,172 | ||||||
China (People’s Republic of), Series INBK, 3.12% 10/25/2052 | 42,610 | 6,267 | ||||||
China Development Bank Corp., Series 1814, 4.15% 10/26/2025 | 20,900 | 3,047 | ||||||
58,184 |
220 | American Funds Insurance Series |
Capital World Bond Fund (continued)
Bonds, notes & other debt instruments (continued) | Principal amount (000) | Value (000) | ||||||
Brazilian reais 2.72% | ||||||||
Brazil (Federative Republic of) 6.00% 8/15/20244 | BRL | 14,095 | $ | 2,893 | ||||
Brazil (Federative Republic of) 10.00% 1/1/2025 | 1,700 | 350 | ||||||
Brazil (Federative Republic of) 10.00% 1/1/2029 | 12,400 | 2,548 | ||||||
Brazil (Federative Republic of) 10.00% 1/1/2031 | 52,681 | 10,718 | ||||||
Brazil (Federative Republic of) 10.00% 1/1/2033 | 94,878 | 19,254 | ||||||
Brazil (Federative Republic of) 6.00% 8/15/20404 | 1,966 | 432 | ||||||
Brazil (Federative Republic of) 6.00% 8/15/20504 | 23,510 | 5,211 | ||||||
Brazil (Federative Republic of) 6.00% 8/15/20604 | 1,966 | 437 | ||||||
41,843 | ||||||||
Mexican pesos 2.36% | ||||||||
América Móvil, SAB de CV, 9.50% 1/27/2031 | MXN | 115,680 | 6,630 | |||||
Petroleos Mexicanos 7.19% 9/12/2024 | 66,159 | 3,726 | ||||||
United Mexican States, Series M, 7.50% 6/3/2027 | 251,720 | 14,049 | ||||||
United Mexican States, Series M30, 8.50% 11/18/2038 | 21,100 | 1,186 | ||||||
United Mexican States, Series M, 8.00% 11/7/2047 | 7,830 | 412 | ||||||
United Mexican States, Series M, 8.00% 7/31/2053 | 198,770 | 10,397 | ||||||
36,400 | ||||||||
Canadian dollars 2.17% | ||||||||
Canada 3.50% 3/1/2028 | CAD | 25,228 | 19,239 | |||||
Canada 3.25% 12/1/2033 | 15,230 | 11,630 | ||||||
Canada 2.75% 12/1/2048 | 3,500 | 2,500 | ||||||
33,369 | ||||||||
South Korean won 1.93% | ||||||||
South Korea (Republic of), Series 2503, 1.50% 3/10/2025 | KRW | 5,183,670 | 3,940 | |||||
South Korea (Republic of), Series 2709, 3.125% 9/10/2027 | 4,513,500 | 3,499 | ||||||
South Korea (Republic of), Series 2712, 2.375% 12/10/2027 | 5,158,930 | 3,889 | ||||||
South Korea (Republic of), Series 2803, 3.25% 3/10/2028 | 3,998,100 | 3,113 | ||||||
South Korea (Republic of), Series 3106, 2.00% 6/10/2031 | 2,131,440 | 1,525 | ||||||
South Korea (Republic of), Series 3212, 4.25% 12/10/2032 | 16,434,880 | 13,794 | ||||||
29,760 | ||||||||
Australian dollars 1.82% | ||||||||
Australia (Commonwealth of), Series 157, 1.50% 6/21/2031 | AUD | 6,610 | 3,826 | |||||
Australia (Commonwealth of), Series 163, 1.00% 11/21/2031 | 5,789 | 3,182 | ||||||
Australia (Commonwealth of), Series 166, 3.00% 11/21/2033 | 9,735 | 6,120 | ||||||
Australia (Commonwealth of), Series 167, 3.75% 5/21/2034 | 14,605 | 9,770 | ||||||
Australia (Commonwealth of), Series 168, 3.50% 12/21/2034 | 7,810 | 5,095 | ||||||
27,993 | ||||||||
Indonesian rupiah 1.49% | ||||||||
Indonesia (Republic of), Series 84, 7.25% 2/15/2026 | IDR | 22,733,000 | 1,497 | |||||
Indonesia (Republic of), Series 64, 6.125% 5/15/2028 | 20,866,000 | 1,339 | ||||||
Indonesia (Republic of), Series 95, 6.375% 8/15/2028 | 92,831,000 | 6,019 | ||||||
Indonesia (Republic of), Series 71, 9.00% 3/15/2029 | 26,010,000 | 1,869 | ||||||
Indonesia (Republic of), Series 82, 7.00% 9/15/2030 | 2,930,000 | 195 | ||||||
Indonesia (Republic of), Series 96, 7.00% 2/15/2033 | 148,811,000 | 10,022 | ||||||
Indonesia (Republic of), Series 68, 8.375% 3/15/2034 | 27,353,000 | 1,987 | ||||||
22,928 | ||||||||
South African rand 0.59% | ||||||||
South Africa (Republic of), Series R-2030, 8.00% 1/31/2030 | ZAR | 30,120 | 1,518 | |||||
South Africa (Republic of), Series R-214, 6.50% 2/28/2041 | 49,100 | 1,624 | ||||||
South Africa (Republic of), Series R-2048, 8.75% 2/28/2048 | 147,415 | 5,945 | ||||||
9,087 |
American Funds Insurance Series | 221 |
Capital World Bond Fund (continued)
Bonds, notes & other debt instruments (continued) | Principal amount (000) | Value (000) | ||||||
Danish kroner 0.43% | ||||||||
Nykredit Realkredit AS, Series 01E, 0.50% 10/1/20435 | DKK | 52,535 | $ | 6,306 | ||||
Realkredit Danmark AS 1.00% 10/1/20535 | 2,630 | 302 | ||||||
6,608 | ||||||||
New Zealand dollars 0.42% | ||||||||
New Zealand 4.50% 5/15/2030 | NZD | 10,208 | 6,559 | |||||
Malaysian ringgits 0.14% | ||||||||
Malaysia (Federation of), Series 0519, 3.757% 5/22/2040 | MYR | 10,588 | 2,207 | |||||
Chilean pesos 0.13% | ||||||||
Chile (Republic of) 1.50% 3/1/20264 | CLP | 846,536 | 936 | |||||
Chile (Republic of) 5.00% 10/1/2028 | 955,000 | 1,065 | ||||||
2,001 | ||||||||
Colombian pesos 0.10% | ||||||||
Colombia (Republic of), Series B, 7.00% 3/26/2031 | COP | 1,185,800 | 264 | |||||
Colombia (Republic of), Series B, 7.25% 10/26/2050 | 7,150,600 | 1,345 | ||||||
1,609 | ||||||||
Indian rupees 0.07% | ||||||||
India (Republic of) 5.15% 11/9/2025 | INR | 96,010 | 1,116 | |||||
Polish zloty 0.07% | ||||||||
Poland (Republic of), Series 1029, 2.75% 10/25/2029 | PLN | 4,900 | 1,112 | |||||
Romanian leu 0.07% | ||||||||
Romania 4.75% 2/24/2025 | RON | 5,000 | 1,094 | |||||
Norwegian kroner 0.04% | ||||||||
Norway (Kingdom of) 2.125% 5/18/2032 | NOK | 6,615 | 598 | |||||
Ukrainian hryvnia 0.01% | ||||||||
Ukraine 15.50% 10/2/2024 | UAH | 3,848 | 83 | |||||
Ukraine 19.50% 1/15/2025 | 1,954 | 42 | ||||||
125 | ||||||||
U.S. dollars 40.89% | ||||||||
7-Eleven, Inc. 0.95% 2/10/20266 | USD | 520 | 481 | |||||
7-Eleven, Inc. 1.30% 2/10/20286 | 2,180 | 1,909 | ||||||
ACHV ABS Trust, Series 2023-4CP, Class B, 7.24% 11/25/20305,6 | 763 | 770 | ||||||
Advance Auto Parts, Inc. 5.95% 3/9/2028 | 45 | 45 | ||||||
AerCap Ireland Capital DAC 2.45% 10/29/2026 | 2,102 | 1,947 | ||||||
Aeropuerto Internacional de Tocumen, SA 5.125% 8/11/20616 | 660 | 503 | ||||||
Affirm, Inc., Series 2023-X1, Class A, 7.11% 11/15/20285,6 | 344 | 345 | ||||||
AG Issuer, LLC 6.25% 3/1/20286 | 295 | 294 | ||||||
AG TTMT Escrow Issuer, LLC 8.625% 9/30/20276 | 103 | 108 | ||||||
AIB Group PLC 6.608% 9/13/2029 (USD-SOFR + 2.33% on 9/13/2028)1,6 | 1,147 | 1,210 | ||||||
Alabama Power Co. 3.00% 3/15/2052 | 980 | 686 | ||||||
Albertsons Companies, Inc. 3.50% 3/15/20296 | 140 | 127 | ||||||
Alcoa Nederland Holding BV 4.125% 3/31/20296 | 75 | 70 | ||||||
Alfa Desarrollo SpA 4.55% 9/27/2051 | 476 | 372 | ||||||
Alliant Holdings Intermediate, LLC 6.75% 10/15/20276 | 290 | 289 | ||||||
Alliant Holdings Intermediate, LLC 5.875% 11/1/20296 | 120 | 114 | ||||||
Alliant Holdings Intermediate, LLC 7.00% 1/15/20316 | 70 | 74 |
222 | American Funds Insurance Series |
Capital World Bond Fund (continued)
Bonds, notes & other debt instruments (continued) | Principal amount (000) | Value (000) | ||||||
U.S. dollars (continued) | ||||||||
Allied Universal Holdco, LLC 9.75% 7/15/20276 | USD | 155 | $ | 152 | ||||
Allied Universal Holdco, LLC 6.00% 6/1/20296 | 300 | 245 | ||||||
Allwyn Entertainment Financing (UK) PLC 7.875% 4/30/20296 | 200 | 204 | ||||||
Amazon.com, Inc. 1.50% 6/3/2030 | 2,040 | 1,729 | ||||||
American Credit Acceptance Receivables Trust, Series 2022-3, Class C, 4.86% 10/13/20285,6 | 241 | 239 | ||||||
American Electric Power Co., Inc. 1.00% 11/1/2025 | 250 | 232 | ||||||
American Express Co. 3.375% 5/3/2024 | 4,202 | 4,171 | ||||||
Amgen, Inc. 2.20% 2/21/2027 | 445 | 414 | ||||||
Amgen, Inc. 5.25% 3/2/2030 | 981 | 1,009 | ||||||
Amgen, Inc. 5.25% 3/2/2033 | 2,687 | 2,756 | ||||||
Amgen, Inc. 5.65% 3/2/2053 | 1,284 | 1,352 | ||||||
AmWINS Group, Inc. 4.875% 6/30/20296 | 135 | 123 | ||||||
Anglo American Capital PLC 3.95% 9/10/20506 | 521 | 397 | ||||||
Angola (Republic of) 9.50% 11/12/2025 | 1,610 | 1,584 | ||||||
Anywhere Real Estate Group, LLC 5.75% 1/15/20296 | 110 | 86 | ||||||
Anywhere Real Estate Group, LLC 5.25% 4/15/20306 | 115 | 86 | ||||||
ARD Finance SA 6.50% Cash 6/30/20276,7 | 210 | 98 | ||||||
Aretec Group, Inc. 7.50% 4/1/20296 | 245 | 221 | ||||||
Aretec Group, Inc. 10.00% 8/15/20306 | 50 | 53 | ||||||
Argentine Republic 0.75% 7/9/2030 (1.75% on 7/9/2027)1 | 1,921 | 775 | ||||||
Argentine Republic 3.625% 7/9/2035 (4.125% on 7/9/2024)1 | 3,025 | 1,045 | ||||||
Asbury Automotive Group, Inc. 5.00% 2/15/20326 | 55 | 50 | ||||||
Ascensus, Inc., Term Loan, (1-month USD CME Term SOFR + 6.50%) 12.176% 8/2/20298,9 | 120 | 116 | ||||||
Ascent Resources Utica Holdings, LLC 8.25% 12/31/20286 | 160 | 161 | ||||||
Ascent Resources Utica Holdings, LLC 5.875% 6/30/20296 | 55 | 51 | ||||||
AssuredPartners, Inc. 7.00% 8/15/20256 | 120 | 120 | ||||||
AssuredPartners, Inc. 5.625% 1/15/20296 | 365 | 341 | ||||||
AT&T, Inc. 3.50% 9/15/2053 | 2,070 | 1,504 | ||||||
ATI, Inc. 7.25% 8/15/2030 | 60 | 62 | ||||||
Atkore, Inc. 4.25% 6/1/20316 | 25 | 22 | ||||||
Atlantic Aviation FBO, Inc., Term Loan, (3-month USD CME Term SOFR + 2.75%) 8.22% 9/22/20288,9 | 147 | 147 | ||||||
Avis Budget Rental Car Funding (AESOP), LLC, Series 2023-2, Class A, 5.20% 10/20/20275,6 | 1,817 | 1,822 | ||||||
Avis Budget Rental Car Funding (AESOP), LLC, Series 2023-6, Class A, 5.81% 12/20/20295,6 | 996 | 1,019 | ||||||
B&G Foods, Inc. 5.25% 4/1/2025 | 23 | 23 | ||||||
B&G Foods, Inc. 5.25% 9/15/2027 | 210 | 191 | ||||||
B&G Foods, Inc. 8.00% 9/15/20286 | 25 | 26 | ||||||
Bank Commercial Mortgage Trust, Series 2023-5YR4, Class AS, 7.274% 12/15/20565,9 | 219 | 233 | ||||||
Bank of America Corp. 2.456% 10/22/2025 (3-month USD CME Term SOFR + 1.132% on 10/22/2024)1 | 847 | 825 | ||||||
Bank of America Corp. 1.53% 12/6/2025 (USD-SOFR + 0.65% on 12/6/2024)1 | 6,260 | 6,020 | ||||||
Bank of America Corp. 1.734% 7/22/2027 (USD-SOFR + 0.96% on 7/22/2026)1 | 2,695 | 2,470 | ||||||
Bank of America Corp. 2.299% 7/21/2032 (USD-SOFR + 1.22% on 7/21/2031)1 | 4,040 | 3,300 | ||||||
Barclays PLC 5.304% 8/9/2026 (1-year UST Yield Curve Rate T Note Constant Maturity + 2.30% on 8/9/2025)1 | 1,390 | 1,385 | ||||||
BAT Capital Corp. 2.789% 9/6/2024 | 1,150 | 1,127 | ||||||
BAT Capital Corp. 3.215% 9/6/2026 | 955 | 914 | ||||||
BAT Capital Corp. 3.557% 8/15/2027 | 1,545 | 1,475 | ||||||
BAT Capital Corp. 3.462% 9/6/2029 | 1,150 | 1,060 | ||||||
Bath & Body Works, Inc. 6.625% 10/1/20306 | 120 | 123 | ||||||
Bath & Body Works, Inc. 6.875% 11/1/2035 | 75 | 76 | ||||||
Bausch Health Americas, Inc. 9.25% 4/1/20266 | 80 | 73 | ||||||
Bausch Health Companies, Inc. 5.50% 11/1/20256 | 75 | 69 | ||||||
Bausch Health Companies, Inc. 5.25% 2/15/20316 | 114 | 50 | ||||||
Beasley Mezzanine Holdings, LLC 8.625% 2/1/20266 | 30 | 20 | ||||||
Becton, Dickinson and Co. 4.298% 8/22/2032 | 320 | 309 | ||||||
Berkshire Hathaway Energy Co. 4.60% 5/1/2053 | 117 | 104 | ||||||
Bidvest Group (UK) PLC 3.625% 9/23/2026 | 500 | 465 |
American Funds Insurance Series | 223 |
Capital World Bond Fund (continued)
Bonds, notes & other debt instruments (continued) | Principal amount (000) | Value (000) | ||||||
U.S. dollars (continued) | ||||||||
BIP-V Chinook Holdco, LLC 5.50% 6/15/20316 | USD | 400 | $ | 380 | ||||
Blue Racer Midstream, LLC 7.625% 12/15/20256 | 65 | 66 | ||||||
BMC Software, Inc., Term Loan, (1-month USD CME Term SOFR + 5.50%) 10.97% 2/27/20268,9 | 25 | 25 | ||||||
BMW US Capital, LLC 3.90% 4/9/20256 | 900 | 890 | ||||||
BMW US Capital, LLC 4.15% 4/9/20306 | 900 | 883 | ||||||
BNP Paribas SA 2.159% 9/15/2029 (USD-SOFR + 1.218% on 9/15/2028)1,6 | 700 | 609 | ||||||
BNP Paribas SA 2.871% 4/19/2032 (USD-SOFR + 1.387% on 4/19/2031)1,6 | 1,275 | 1,079 | ||||||
Boeing Co. 5.15% 5/1/2030 | 2,855 | 2,908 | ||||||
Boeing Co. 3.625% 2/1/2031 | 1,127 | 1,047 | ||||||
Bombardier, Inc. 7.125% 6/15/20266 | 47 | 47 | ||||||
Bombardier, Inc. 6.00% 2/15/20286 | 50 | 49 | ||||||
Boxer Parent Co., Inc. 9.125% 3/1/20266 | 160 | 161 | ||||||
Boyd Gaming Corp. 4.75% 6/15/20316 | 45 | 41 | ||||||
Boyne USA, Inc. 4.75% 5/15/20296 | 107 | 101 | ||||||
BPCE SA 5.15% 7/21/20246 | 1,800 | 1,785 | ||||||
Braskem Netherlands Finance BV 4.50% 1/31/2030 | 721 | 560 | ||||||
Braskem Netherlands Finance BV 8.50% 1/12/20316 | 525 | 489 | ||||||
Braskem Netherlands Finance BV 8.50% 1/12/2031 | 509 | 474 | ||||||
British Columbia (Province of) 4.20% 7/6/2033 | 1,240 | 1,225 | ||||||
Broadcom, Inc. 4.00% 4/15/20296 | 250 | 241 | ||||||
Broadcom, Inc. 3.419% 4/15/20336 | 698 | 613 | ||||||
Broadcom, Inc. 3.469% 4/15/20346 | 48 | 42 | ||||||
Broadcom, Inc. 3.137% 11/15/20356 | 185 | 152 | ||||||
Broadcom, Inc. 3.75% 2/15/20516 | 926 | 729 | ||||||
Brookfield Property REIT, Inc. 5.75% 5/15/20266 | 95 | 92 | ||||||
Brookfield Property REIT, Inc. 4.50% 4/1/20276 | 50 | 45 | ||||||
BWX Technologies, Inc. 4.125% 4/15/20296 | 175 | 160 | ||||||
BX Trust, Series 2021-VOLT, Class A, (1-month USD CME Term SOFR + 0.814%) 6.176% 9/15/20365,6,9 | 1,310 | 1,278 | ||||||
BX Trust, Series 2021-ARIA, Class A, (1-month USD CME Term SOFR + 1.014%) 6.375% 10/15/20365,6,9 | 989 | 968 | ||||||
Caesars Entertainment, Inc. 4.625% 10/15/20296 | 15 | 14 | ||||||
Caesars Entertainment, Inc. 7.00% 2/15/20306 | 74 | 76 | ||||||
CaixaBank, SA 6.208% 1/18/2029 (USD-SOFR + 2.70% on 1/18/2028)1,6 | 2,150 | 2,195 | ||||||
California Resources Corp. 7.125% 2/1/20266 | 100 | 101 | ||||||
Callon Petroleum Co. 7.50% 6/15/20306 | 15 | 15 | ||||||
Canadian Pacific Railway Co. 3.10% 12/2/2051 | 1,378 | 997 | ||||||
CAN-PACK Spolka Akcyjna 3.875% 11/15/20296 | 90 | 77 | ||||||
Carnival Corp. 6.00% 5/1/20296 | 100 | 96 | ||||||
CCO Holdings, LLC 5.125% 5/1/20276 | 125 | 121 | ||||||
CCO Holdings, LLC 4.75% 3/1/20306 | 135 | 124 | ||||||
CCO Holdings, LLC 4.50% 8/15/20306 | 255 | 230 | ||||||
CCO Holdings, LLC 4.25% 2/1/20316 | 155 | 136 | ||||||
CCO Holdings, LLC 4.50% 6/1/20336 | 162 | 137 | ||||||
CCO Holdings, LLC 4.25% 1/15/20346 | 70 | 57 | ||||||
Centene Corp. 2.45% 7/15/2028 | 40 | 36 | ||||||
Centene Corp. 4.625% 12/15/2029 | 195 | 187 | ||||||
Centene Corp. 2.50% 3/1/2031 | 65 | 54 | ||||||
Central Garden & Pet Co. 4.125% 10/15/2030 | 74 | 67 | ||||||
Central Garden & Pet Co. 4.125% 4/30/20316 | 110 | 97 | ||||||
CFG Investments, Ltd., Series 2023-1, Class A, 8.56% 7/25/20345,6 | 925 | 937 | ||||||
Charter Communications Operating, LLC 3.75% 2/15/2028 | 2,650 | 2,504 | ||||||
Cheniere Energy Partners, LP 3.25% 1/31/2032 | 26 | 22 | ||||||
Chesapeake Energy Corp. 5.875% 2/1/20296 | 115 | 113 | ||||||
Chesapeake Energy Corp. 6.75% 4/15/20296 | 30 | 30 | ||||||
Chubb INA Holdings, Inc. 3.35% 5/3/2026 | 195 | 190 | ||||||
Chubb INA Holdings, Inc. 4.35% 11/3/2045 | 425 | 400 | ||||||
Citigroup Commercial Mortgage Trust, Series 2023-SMRT, Class A, 5.82% 6/10/20285,6,9 | 1,240 | 1,257 | ||||||
Citigroup Commercial Mortgage Trust, Series 2023-PRM3, Class A, 6.36% 7/10/20285,6,9 | 805 | 829 |
224 | American Funds Insurance Series |
Capital World Bond Fund (continued)
Bonds, notes & other debt instruments (continued) | Principal amount (000) | Value (000) | ||||||
U.S. dollars (continued) | ||||||||
Civitas Resources, Inc. 8.75% 7/1/20316 | USD | 90 | $ | 96 | ||||
Clarios Global, LP 6.25% 5/15/20266 | 44 | 44 | ||||||
Clarios Global, LP 8.50% 5/15/20276 | 90 | 90 | ||||||
Clarivate Science Holdings Corp. 3.875% 7/1/20286 | 45 | 42 | ||||||
Clarivate Science Holdings Corp. 4.875% 7/1/20296 | 5 | 5 | ||||||
Cleveland-Cliffs, Inc. 4.875% 3/1/20316 | 100 | 91 | ||||||
Cloud Software Group, Inc. 6.50% 3/31/20296 | 235 | 224 | ||||||
Cloud Software Group, Inc. 9.00% 9/30/20296 | 175 | 166 | ||||||
Cloud Software Group, Inc., Term Loan B, (3-month USD CME Term SOFR + 4.50%) 9.948% 3/30/20298,9 | 100 | 98 | ||||||
CMS Energy Corp. 3.875% 3/1/2024 | 100 | 100 | ||||||
CMS Energy Corp. 3.00% 5/15/2026 | 1,200 | 1,148 | ||||||
CNX Resources Corp. 7.25% 3/14/20276 | 240 | 243 | ||||||
Coinbase Global, Inc. 3.375% 10/1/20286 | 55 | 46 | ||||||
Coinbase Global, Inc. 3.625% 10/1/20316 | 85 | 66 | ||||||
Colombia (Republic of) 3.875% 4/25/2027 | 350 | 335 | ||||||
Colombia (Republic of) 8.00% 11/14/2035 | 445 | 488 | ||||||
Comcast Corp. 4.80% 5/15/2033 | 4,100 | 4,153 | ||||||
Commonwealth Bank of Australia 2.688% 3/11/20316 | 4,650 | 3,828 | ||||||
CommScope Technologies, LLC 6.00% 6/15/20256 | 160 | 131 | ||||||
CommScope, Inc. 6.00% 3/1/20266 | 53 | 47 | ||||||
CommScope, Inc., Term Loan B, (3-month USD CME Term SOFR + 3.25%) 8.72% 4/6/20268,9 | 25 | 22 | ||||||
Compass Group Diversified Holdings, LLC 5.25% 4/15/20296 | 307 | 290 | ||||||
Compass Group Diversified Holdings, LLC 5.00% 1/15/20326 | 65 | 59 | ||||||
Comstock Resources, Inc. 6.75% 3/1/20296 | 95 | 87 | ||||||
Comstock Resources, Inc. 5.875% 1/15/20306 | 65 | 56 | ||||||
Connecticut Avenue Securities Trust, Series 2023-R04, Class 1M1, (30-day Average USD-SOFR + 2.30%) 7.637% 5/25/20435,6,9 | 1,656 | 1,692 | ||||||
Connecticut Avenue Securities Trust, Series 2023-R04, Class 1M2, (30-day Average USD-SOFR + 3.55%) 8.887% 5/25/20435,6,9 | 804 | 857 | ||||||
Connecticut Avenue Securities Trust, Series 2023-R05, Class 1M1, (30-day Average USD-SOFR + 1.90%) 7.237% 6/25/20435,6,9 | 1,034 | 1,042 | ||||||
Connecticut Avenue Securities Trust, Series 2023-R05, Class 1M2, (30-day Average USD-SOFR + 3.10%) 8.437% 6/25/20435,6,9 | 305 | 319 | ||||||
Connecticut Avenue Securities Trust, Series 2023-R06, Class 1M1, (30-day Average USD-SOFR + 1.70%) 7.037% 7/25/20435,6,9 | 784 | 788 | ||||||
ConocoPhillips Co. 5.30% 5/15/2053 | 761 | 783 | ||||||
Constellation Oil Services Holding SA 3.00% Cash 12/31/20267 | 1,127 | 820 | ||||||
Constellium SE 3.75% 4/15/20296 | 125 | 114 | ||||||
Consumers Energy Co. 3.60% 8/15/2032 | 1,600 | 1,484 | ||||||
Corebridge Financial, Inc. 3.90% 4/5/2032 | 748 | 677 | ||||||
CoreLogic, Inc. 4.50% 5/1/20286 | 339 | 297 | ||||||
CoreLogic, Inc., Term Loan, (3-month USD CME Term SOFR + 6.50%) 11.97% 6/4/20298,9 | 65 | 59 | ||||||
Corporate Office Properties, LP 2.75% 4/15/2031 | 1,212 | 981 | ||||||
Coty, Inc. 4.75% 1/15/20296 | 125 | 119 | ||||||
Coty, Inc. 6.625% 7/15/20306 | 95 | 98 | ||||||
Covanta Holding Corp. 4.875% 12/1/20296 | 25 | 22 | ||||||
CPS Auto Receivables Trust, Series 2022-C, Class B, 4.88% 4/15/20305,6 | 333 | 330 | ||||||
Crédit Agricole SA 4.375% 3/17/20256 | 1,100 | 1,083 | ||||||
Crédit Agricole SA 1.907% 6/16/2026 (USD-SOFR + 1.676% on 6/16/2025)1,6 | 2,675 | 2,539 | ||||||
Crescent Energy Finance, LLC 9.25% 2/15/20286 | 178 | 185 | ||||||
Crown Castle, Inc. 2.50% 7/15/2031 | 767 | 640 | ||||||
CSX Corp. 3.80% 4/15/2050 | 75 | 61 | ||||||
CVR Partners, LP 6.125% 6/15/20286 | 65 | 61 | ||||||
Daimler Trucks Finance North America, LLC 3.65% 4/7/20276 | 725 | 699 | ||||||
Darling Ingredients, Inc. 6.00% 6/15/20306 | 165 | 165 | ||||||
Deluxe Corp. 8.00% 6/1/20296 | 20 | 18 | ||||||
Deutsche Bank AG 2.129% 11/24/2026 (USD-SOFR + 1.87% on 11/24/2025)1 | 850 | 797 | ||||||
Deutsche Bank AG 2.311% 11/16/2027 (USD-SOFR + 1.219% on 11/16/2026)1 | 1,160 | 1,061 | ||||||
Deutsche Telekom International Finance BV 9.25% 6/1/2032 | 930 | 1,207 |
American Funds Insurance Series | 225 |
Capital World Bond Fund (continued)
Bonds, notes & other debt instruments (continued) | Principal amount (000) | Value (000) | ||||||
U.S. dollars (continued) | ||||||||
Diamond Sports Group, LLC 6.625% 8/15/20273,6 | USD | 310 | $ | 16 | ||||
Diebold Nixdorf, Inc., Term Loan, (3-month USD CME Term SOFR + 7.00%) 12.86% 8/11/20286,8,9 | 326 | 337 | ||||||
DIRECTV Financing, LLC 5.875% 8/15/20276 | 50 | 47 | ||||||
DIRECTV Financing, LLC, Term Loan, (3-month USD CME Term SOFR + 5.00%) 10.65% 8/2/20278,9 | 92 | 92 | ||||||
DISH DBS Corp. 5.25% 12/1/20266 | 15 | 13 | ||||||
DISH Network Corp. 11.75% 11/15/20276 | 260 | 272 | ||||||
Dominican Republic 5.50% 1/27/20256 | 1,375 | 1,370 | ||||||
Dominican Republic 8.625% 4/20/20276 | 225 | 236 | ||||||
Dominican Republic 6.40% 6/5/20496 | 813 | 768 | ||||||
Dun & Bradstreet Corp. (The) 5.00% 12/15/20296 | 47 | 44 | ||||||
Ecopetrol SA 6.875% 4/29/2030 | 1,445 | 1,434 | ||||||
Edison International 4.125% 3/15/2028 | 2,390 | 2,311 | ||||||
Edison International 5.25% 11/15/2028 | 1,522 | 1,533 | ||||||
Edison International 5.00% junior subordinated perpetual bonds (5-year UST Yield Curve Rate T Note Constant Maturity + 3.901% on 3/15/2027)1 | 100 | 93 | ||||||
Electricité de France SA 4.875% 9/21/20386 | 795 | 737 | ||||||
Electricité de France SA 9.125% junior subordinated perpetual bonds (5-year UST Yield Curve Rate T Note Constant Maturity + 5.411% on 6/15/2033)1,6 | 300 | 336 | ||||||
Element Solutions, Inc. 3.875% 9/1/20286 | 105 | 97 | ||||||
Endo Luxembourg Finance Co. I SARL 6.125% 4/1/20296 | 205 | 131 | ||||||
Enel Finance International NV 1.375% 7/12/20266 | 1,248 | 1,137 | ||||||
Enel Finance International NV 1.875% 7/12/20286 | 1,227 | 1,072 | ||||||
Energy Transfer, LP 8.00% 4/1/20296 | 98 | 102 | ||||||
Enfragen Energia Sur SA 5.375% 12/30/2030 | 1,329 | 1,039 | ||||||
Entergy Corp. 0.90% 9/15/2025 | 750 | 698 | ||||||
Entergy Louisiana, LLC 4.75% 9/15/2052 | 1,275 | 1,174 | ||||||
Enviri Corp. 5.75% 7/31/20276 | 145 | 135 | ||||||
EQM Midstream Partners, LP 6.50% 7/1/20276 | 225 | 229 | ||||||
EQM Midstream Partners, LP 7.50% 6/1/20306 | 45 | 48 | ||||||
EQM Midstream Partners, LP 6.50% 7/15/2048 | 40 | 41 | ||||||
Equinix, Inc. 1.80% 7/15/2027 | 1,145 | 1,037 | ||||||
Equinix, Inc. 2.15% 7/15/2030 | 3,216 | 2,727 | ||||||
EquipmentShare.com, Inc. 9.00% 5/15/20286 | 90 | 93 | ||||||
Exeter Automobile Receivables Trust, Series 2023-5, Class B, 6.58% 4/17/20285 | 78 | 79 | ||||||
Export-Import Bank of Korea 5.125% 1/11/2033 | 1,175 | 1,222 | ||||||
Fair Isaac Corp. 4.00% 6/15/20286 | 15 | 14 | ||||||
Fannie Mae Pool #FM6293 3.00% 1/1/20515 | 69 | 61 | ||||||
Fannie Mae Pool #CB0046 3.00% 4/1/20515 | 1,786 | 1,585 | ||||||
Fannie Mae Pool #CB4852 4.50% 10/1/20525 | 7,668 | 7,438 | ||||||
Fannie Mae Pool #MA4919 5.50% 2/1/20535 | 110 | 111 | ||||||
Fannie Mae Pool #MA5010 5.50% 5/1/20535 | 19 | 19 | ||||||
Fannie Mae Pool #MA5039 5.50% 6/1/20535 | 67 | 67 | ||||||
Fannie Mae Pool #MA5071 5.00% 7/1/20535 | 5,542 | 5,484 | ||||||
Fannie Mae Pool #MA5072 5.50% 7/1/20535 | 250 | 251 | ||||||
Fannie Mae Pool #MA5165 5.50% 10/1/20535 | 968 | 973 | ||||||
Fertitta Entertainment, LLC 4.625% 1/15/20296 | 25 | 23 | ||||||
Fertitta Entertainment, LLC 6.75% 1/15/20306 | 25 | 22 | ||||||
Finastra USA, Inc., Term Loan B, (3-month USD CME Term SOFR + 7.25%) 12.713% 9/13/20292,8,9 | 97 | 95 | ||||||
Finastra USA, Inc., Term Loan, (3-month USD CME Term SOFR + 7.25%) 12.61% 9/13/20292,8,9 | 3 | 3 | ||||||
First Quantum Minerals, Ltd. 6.875% 3/1/20266 | 325 | 291 | ||||||
First Quantum Minerals, Ltd. 6.875% 10/15/20276 | 1,795 | 1,528 | ||||||
First Quantum Minerals, Ltd. 8.625% 6/1/20316 | 775 | 658 | ||||||
First Student Bidco, Inc. 4.00% 7/31/20296 | 45 | 39 | ||||||
FirstEnergy Corp., Series B, 4.15% 7/15/2027 | 1,800 | 1,732 |
226 | American Funds Insurance Series |
Capital World Bond Fund (continued)
Bonds, notes & other debt instruments (continued) | Principal amount (000) | Value (000) | ||||||
U.S. dollars (continued) | ||||||||
FirstEnergy Transmission, LLC 2.866% 9/15/20286 | USD | 2,325 | $ | 2,110 | ||||
Ford Motor Co. 6.10% 8/19/2032 | 30 | 30 | ||||||
Ford Motor Credit Co., LLC 3.81% 1/9/2024 | 290 | 290 | ||||||
Ford Motor Credit Co., LLC 4.95% 5/28/2027 | 300 | 293 | ||||||
Ford Motor Credit Co., LLC 3.815% 11/2/2027 | 200 | 187 | ||||||
Ford Motor Credit Co., LLC 7.35% 11/4/2027 | 200 | 211 | ||||||
Ford Motor Credit Co., LLC 2.90% 2/16/2028 | 200 | 180 | ||||||
Ford Motor Credit Co., LLC 4.00% 11/13/2030 | 125 | 112 | ||||||
Freddie Mac, Series K153, Class A2, Multi Family, 3.82% 1/25/20335 | 3,975 | 3,795 | ||||||
Freddie Mac Pool #RB5071 2.00% 9/1/20405 | 3,835 | 3,303 | ||||||
Freddie Mac Pool #RB5111 2.00% 5/1/20415 | 6,067 | 5,202 | ||||||
Freddie Mac Pool #QD3310 3.00% 12/1/20515 | 19 | 17 | ||||||
Freddie Mac Pool #SD8214 3.50% 5/1/20525 | 5,026 | 4,613 | ||||||
Freddie Mac Pool #QE6084 5.00% 7/1/20525 | 1,120 | 1,110 | ||||||
Freddie Mac Pool #SD8276 5.00% 12/1/20525 | 3,687 | 3,650 | ||||||
Freddie Mac Pool #SD8331 5.50% 6/1/20535 | 296 | 297 | ||||||
Freddie Mac Pool #SD8341 5.00% 7/1/20535 | 3,203 | 3,170 | ||||||
Freddie Mac Pool #SD8342 5.50% 7/1/20535 | 786 | 789 | ||||||
Freddie Mac Pool #SD8362 5.50% 9/1/20535 | 2,835 | 2,847 | ||||||
Freddie Mac Pool #SD8367 5.50% 10/1/20535 | 3,586 | 3,602 | ||||||
Freddie Mac Pool #SD8372 5.50% 11/1/20535 | 12,518 | 12,571 | ||||||
Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2022-DNA3, Class M1B, (30-day Average USD-SOFR + 2.90%) 8.237% 4/25/20425,6,9 | 441 | 454 | ||||||
FXI Holdings, Inc. 12.25% 11/15/20266 | 497 | 444 | ||||||
Gartner, Inc. 3.75% 10/1/20306 | 70 | 62 | ||||||
General Motors Financial Co., Inc. 1.05% 3/8/2024 | 725 | 719 | ||||||
Genesis Energy, LP 8.00% 1/15/2027 | 125 | 127 | ||||||
Genesis Energy, LP 8.25% 1/15/2029 | 25 | 26 | ||||||
Genesis Energy, LP 8.875% 4/15/2030 | 38 | 39 | ||||||
GeoPark, Ltd. 5.50% 1/17/2027 | 2,780 | 2,464 | ||||||
Georgia (Republic of) 2.75% 4/22/20266 | 400 | 376 | ||||||
Gilead Sciences, Inc. 5.25% 10/15/2033 | 1,342 | 1,399 | ||||||
Gilead Sciences, Inc. 5.55% 10/15/2053 | 1,155 | 1,252 | ||||||
Go Daddy Operating Co., LLC 3.50% 3/1/20296 | 65 | 59 | ||||||
Goldman Sachs Group, Inc. 1.542% 9/10/2027 (USD-SOFR + 0.818% on 9/10/2026)1 | 1,080 | 980 | ||||||
Goldman Sachs Group, Inc. 1.992% 1/27/2032 (USD-SOFR + 1.09% on 1/27/2031)1 | 769 | 622 | ||||||
Government National Mortgage Assn. Pool #785607 2.50% 8/20/20515 | 2,766 | 2,384 | ||||||
Government National Mortgage Assn. Pool #785659 2.50% 10/20/20515 | 995 | 853 | ||||||
Government National Mortgage Assn. Pool #785813 2.50% 12/20/20515 | 4,812 | 4,160 | ||||||
Government National Mortgage Assn. 6.50% 1/1/20545,10 | 10,325 | 10,571 | ||||||
Government National Mortgage Assn., Series 2021-2, Class AH, 1.50% 6/16/20635 | 777 | 593 | ||||||
State of Texas, Grand Parkway Transportation Corp., Grand Parkway System Toll Rev. Ref. Bonds, Series 2020-B, 3.236% 10/1/2052 | 1,780 | 1,341 | ||||||
Gray Escrow II, Inc. 5.375% 11/15/20316 | 30 | 23 | ||||||
Group 1 Automotive, Inc. 4.00% 8/15/20286 | 115 | 107 | ||||||
Grupo Energia Bogota SA ESP 4.875% 5/15/20306 | 660 | 625 | ||||||
GTCR W-2 Merger Sub, LLC 7.50% 1/15/20316 | 25 | 26 | ||||||
Hanesbrands, Inc., Term Loan B, (3-month USD CME Term SOFR + 3.75%) 9.106% 3/8/20308,9 | 39 | 39 | ||||||
Harvest Midstream I, LP 7.50% 9/1/20286 | 25 | 25 | ||||||
HCA, Inc. 5.625% 9/1/2028 | 120 | 123 | ||||||
HealthEquity, Inc. 4.50% 10/1/20296 | 80 | 74 | ||||||
Hess Midstream Operations, LP 5.50% 10/15/20306 | 14 | 14 | ||||||
Hightower Holding, LLC 6.75% 4/15/20296 | 235 | 214 | ||||||
Hilcorp Energy I, LP 6.00% 4/15/20306 | 105 | 102 | ||||||
Hilcorp Energy I, LP 6.00% 2/1/20316 | 25 | 24 | ||||||
Hilton Domestic Operating Co., Inc. 4.875% 1/15/2030 | 25 | 24 | ||||||
Hilton Domestic Operating Co., Inc. 4.00% 5/1/20316 | 115 | 105 | ||||||
Honduras (Republic of) 6.25% 1/19/2027 | 653 | 628 | ||||||
Howard Hughes Corp. (The) 5.375% 8/1/20286 | 275 | 265 | ||||||
Howard Hughes Corp. (The) 4.125% 2/1/20296 | 195 | 174 | ||||||
Howard Hughes Corp. (The) 4.375% 2/1/20316 | 120 | 104 |
American Funds Insurance Series | 227 |
Capital World Bond Fund (continued)
Bonds, notes & other debt instruments (continued) | Principal amount (000) | Value (000) | ||||||
U.S. dollars (continued) | ||||||||
Howmet Aerospace, Inc. 5.95% 2/1/2037 | USD | 95 | $ | 99 | ||||
HSBC Holdings PLC 2.633% 11/7/2025 (USD-SOFR + 1.402% on 11/7/2024)1 | 305 | 297 | ||||||
HSBC Holdings PLC 4.292% 9/12/2026 (3-month USD CME Term SOFR + 1.609% on 9/12/2025)1 | 4,172 | 4,088 | ||||||
HSBC Holdings PLC 4.755% 6/9/2028 (USD-SOFR + 2.11% on 6/9/2027)1 | 1,700 | 1,676 | ||||||
HSBC Holdings PLC 2.871% 11/22/2032 (USD-SOFR + 1.41% on 11/22/2031)1 | 921 | 766 | ||||||
HSBC Holdings PLC 7.399% 11/13/2034 (USD-SOFR + 3.02% on 11/13/2033)1 | 2,000 | 2,195 | ||||||
HSBC Holdings PLC 6.332% 3/9/2044 (USD-SOFR + 2.65% on 3/9/2043)1 | 1,200 | 1,295 | ||||||
HUB International, Ltd. 7.00% 5/1/20266 | 304 | 306 | ||||||
HUB International, Ltd., Term Loan B, (3-month USD CME Term SOFR + 4.25%) 9.662% 6/20/20308,9 | 19 | 19 | ||||||
Hyundai Capital America 0.875% 6/14/20246 | 1,200 | 1,173 | ||||||
Hyundai Capital America 1.50% 6/15/20266 | 2,375 | 2,170 | ||||||
Hyundai Capital America 1.65% 9/17/20266 | 269 | 245 | ||||||
Hyundai Capital America 2.00% 6/15/20286 | 600 | 524 | ||||||
Hyundai Capital America 6.50% 1/16/20296 | 132 | 139 | ||||||
Icahn Enterprises, LP 6.375% 12/15/2025 | 35 | 34 | ||||||
Indonesia Asahan Aluminium (Persero) PT 5.45% 5/15/20306 | 500 | 505 | ||||||
Ingles Markets, Inc. 4.00% 6/15/20316 | 190 | 168 | ||||||
Intesa Sanpaolo SpA 5.017% 6/26/20246 | 3,270 | 3,237 | ||||||
Intesa Sanpaolo SpA 7.00% 11/21/20256 | 225 | 231 | ||||||
Iron Mountain Information Management Services, Inc. 5.00% 7/15/20326 | 55 | 50 | ||||||
Iron Mountain, Inc. 5.25% 7/15/20306 | 235 | 224 | ||||||
Israel (State of) 3.375% 1/15/2050 | 1,470 | 1,048 | ||||||
Israel (State of) 3.875% 7/3/2050 | 795 | 617 | ||||||
JPMorgan Chase & Co. 1.04% 2/4/2027 (USD-SOFR + 0.695% on 2/4/2026)1 | 1,243 | 1,143 | ||||||
JPMorgan Chase & Co. 1.953% 2/4/2032 (USD-SOFR + 1.065% on 2/4/2031)1 | 58 | 47 | ||||||
Kantar Group, LLC, Term Loan B2, (6-month USD CME Term SOFR + 4.50%) 10.108% 12/4/20268,9 | 64 | 63 | ||||||
KB Home 6.875% 6/15/2027 | 50 | 52 | ||||||
Kennedy-Wilson, Inc. 4.75% 3/1/2029 | 110 | 92 | ||||||
Kennedy-Wilson, Inc. 4.75% 2/1/2030 | 245 | 199 | ||||||
Korea Development Bank 4.375% 2/15/2028 | 2,100 | 2,091 | ||||||
Korea Development Bank 4.375% 2/15/2033 | 2,010 | 1,973 | ||||||
Korea Electric Power Corp. 5.375% 7/31/20266 | 1,290 | 1,305 | ||||||
Kronos Acquisition Holdings, Inc. 5.00% 12/31/20266 | 85 | 83 | ||||||
Kronos Acquisition Holdings, Inc. 7.00% 12/31/20276 | 125 | 119 | ||||||
LAD Auto Receivables Trust, Series 2023-1, Class A2, 5.68% 10/15/20265,6 | 157 | 157 | ||||||
LAD Auto Receivables Trust, Series 2023-1, Class A3, 5.48% 6/15/20275,6 | 651 | 651 | ||||||
LAD Auto Receivables Trust, Series 2023-4, Class B, 6.39% 10/16/20285,6 | 194 | 197 | ||||||
Lamar Media Corp. 3.75% 2/15/2028 | 135 | 127 | ||||||
Lamb Weston Holdings, Inc. 4.125% 1/31/20306 | 140 | 129 | ||||||
Lamb Weston Holdings, Inc. 4.375% 1/31/20326 | 30 | 27 | ||||||
LCM Investments Holdings II, LLC 4.875% 5/1/20296 | 110 | 102 | ||||||
LCM Investments Holdings II, LLC 8.25% 8/1/20316 | 40 | 42 | ||||||
Levi Strauss & Co. 3.50% 3/1/20316 | 115 | 100 | ||||||
LGI Homes, Inc. 8.75% 12/15/20286 | 155 | 165 | ||||||
Light and Wonder International, Inc. 7.00% 5/15/20286 | 20 | 20 | ||||||
Lindblad Expeditions, LLC 6.75% 2/15/20276 | 5 | 5 | ||||||
Live Nation Entertainment, Inc. 4.75% 10/15/20276 | 130 | 125 | ||||||
Lloyds Banking Group PLC 1.627% 5/11/2027 (1-year UST Yield Curve Rate T Note Constant Maturity + 0.85% on 5/11/2026)1 | 7,000 | 6,419 | ||||||
LSB Industries, Inc. 6.25% 10/15/20286 | 140 | 133 | ||||||
Marriott International, Inc. 2.75% 10/15/2033 | 5 | 4 | ||||||
Marriott Ownership Resorts, Inc. 4.50% 6/15/20296 | 45 | 40 | ||||||
Marsh & McLennan Companies, Inc. 5.70% 9/15/2053 | 282 | 307 | ||||||
Mastercard, Inc. 2.00% 11/18/2031 | 600 | 506 | ||||||
Medline Borrower, LP 5.25% 10/1/20296 | 40 | 38 | ||||||
Medline Borrower, LP, Term Loan, (3-month USD CME Term SOFR + 3.00%) 8.47% 10/23/20288,9 | 54 | 55 | ||||||
Meituan 2.125% 10/28/2025 | 1,730 | 1,628 | ||||||
Methanex Corp. 5.125% 10/15/2027 | 55 | 54 |
228 | American Funds Insurance Series |
Capital World Bond Fund (continued)
Bonds, notes & other debt instruments (continued) | Principal amount (000) | Value (000) | ||||||
U.S. dollars (continued) | ||||||||
Methanex Corp. 5.25% 12/15/2029 | USD | 5 | $ | 5 | ||||
MGM Resorts International 5.50% 4/15/2027 | 90 | 89 | ||||||
Midas OpCo Holdings, LLC 5.625% 8/15/20296 | 115 | 106 | ||||||
Mileage Plus Holdings, LLC 6.50% 6/20/20276 | 73 | 74 | ||||||
Mineral Resources, Ltd. 8.00% 11/1/20276 | 155 | 159 | ||||||
Mineral Resources, Ltd. 9.25% 10/1/20286 | 85 | 91 | ||||||
Minerva Luxembourg SA 8.875% 9/13/2033 | 2,575 | 2,727 | ||||||
MISC Capital Two (Labuan), Ltd. 3.75% 4/6/20276 | 1,736 | 1,673 | ||||||
Mission Lane Credit Card Master Trust, Series 2023-A, Class A, 7.23% 7/17/20285,6 | 761 | 762 | ||||||
Mission Lane Credit Card Master Trust, Series 2023-A, Class B, 8.15% 7/17/20285,6 | 225 | 225 | ||||||
Molina Healthcare, Inc. 4.375% 6/15/20286 | 80 | 76 | ||||||
Molina Healthcare, Inc. 3.875% 11/15/20306 | 75 | 67 | ||||||
Morgan Stanley 1.593% 5/4/2027 (USD-SOFR + 0.879% on 5/4/2026)1 | 2,164 | 1,995 | ||||||
Morgan Stanley 1.794% 2/13/2032 (USD-SOFR + 1.034% on 2/13/2031)1 | 1,433 | 1,145 | ||||||
Mozambique (Republic of) 9.00% 9/15/2031 | 940 | 803 | ||||||
MSCI, Inc. 3.875% 2/15/20316 | 125 | 114 | ||||||
MSCI, Inc. 3.625% 11/1/20316 | 210 | 185 | ||||||
MSCI, Inc. 3.25% 8/15/20336 | 33 | 28 | ||||||
MSWF Commercial Mortgage Trust, Series 2023-2, Class A5, 6.014% 12/15/20565,9 | 336 | 363 | ||||||
MTN (Mauritius) Investments, Ltd. 6.50% 10/13/2026 | 460 | 465 | ||||||
Murphy Oil USA, Inc. 4.75% 9/15/2029 | 48 | 46 | ||||||
MV24 Capital BV 6.748% 6/1/2034 | 1,129 | 1,058 | ||||||
Nabors Industries, Inc. 7.375% 5/15/20276 | 55 | 54 | ||||||
Nabors Industries, Inc. 9.125% 1/31/20306 | 160 | 161 | ||||||
Nasdaq, Inc. 5.95% 8/15/2053 | 113 | 122 | ||||||
Nationstar Mortgage Holdings, Inc. 5.125% 12/15/20306 | 135 | 122 | ||||||
Navient Corp. 5.00% 3/15/2027 | 45 | 43 | ||||||
Navient Corp. 4.875% 3/15/2028 | 145 | 135 | ||||||
NBM US Holdings, Inc. 7.00% 5/14/20262 | 1,525 | 1,543 | ||||||
NCR Atleos, LLC, Term Loan B, (3-month USD CME Term SOFR + 4.75%) 10.206% 3/27/20298,9 | 50 | 50 | ||||||
NCR Voyix Corp. 5.25% 10/1/20306 | 15 | 14 | ||||||
Neiman Marcus Group, Ltd., LLC 7.125% 4/1/20266 | 85 | 82 | ||||||
Netflix, Inc. 4.875% 4/15/2028 | 45 | 46 | ||||||
Netflix, Inc. 4.875% 6/15/20306 | 225 | 228 | ||||||
New Fortress Energy, Inc. 6.75% 9/15/20256 | 50 | 50 | ||||||
New Fortress Energy, Inc. 6.50% 9/30/20266 | 255 | 245 | ||||||
New York Life Global Funding 1.20% 8/7/20306 | 2,725 | 2,188 | ||||||
Newell Brands, Inc. 5.20% 4/1/2026 | 80 | 79 | ||||||
Nexstar Media, Inc. 4.75% 11/1/20286 | 165 | 152 | ||||||
NFP Corp. 6.875% 8/15/20286 | 105 | 107 | ||||||
NGL Energy Operating, LLC 7.50% 2/1/20266 | 215 | 217 | ||||||
Niagara Mohawk Power Corp. 3.508% 10/1/20246 | 180 | 177 | ||||||
Norfolk Southern Corp. 5.35% 8/1/2054 | 496 | 516 | ||||||
Northern Oil and Gas, Inc. 8.125% 3/1/20286 | 150 | 152 | ||||||
NorthRiver Midstream Finance, LP 5.625% 2/15/20266 | 105 | 102 | ||||||
NOVA Chemicals Corp. 5.25% 6/1/20276 | 20 | 19 | ||||||
Novelis Corp. 4.75% 1/30/20306 | 80 | 75 | ||||||
Novelis Corp. 3.875% 8/15/20316 | 20 | 18 | ||||||
NuStar Logistics, LP 5.625% 4/28/2027 | 80 | 80 | ||||||
Occidental Petroleum Corp. 6.375% 9/1/2028 | 194 | 204 | ||||||
OCP SA 3.75% 6/23/2031 | 500 | 431 | ||||||
Oleoducto Central SA 4.00% 7/14/2027 | 630 | 586 | ||||||
ONEOK, Inc. 5.80% 11/1/2030 | 69 | 72 | ||||||
ONEOK, Inc. 6.05% 9/1/2033 | 514 | 545 | ||||||
ONEOK, Inc. 6.625% 9/1/2053 | 290 | 325 | ||||||
Open Text Corp. 3.875% 2/15/20286 | 25 | 23 | ||||||
Option Care Health, Inc. 4.375% 10/31/20296 | 25 | 23 | ||||||
Oracle Corp. 2.65% 7/15/2026 | 2,327 | 2,207 | ||||||
Oracle Corp. 3.25% 11/15/2027 | 1,880 | 1,786 | ||||||
Oracle Corp. 3.95% 3/25/2051 | 22 | 17 | ||||||
Orange 9.00% 3/1/20311 | 2,434 | 3,004 |
American Funds Insurance Series | 229 |
Capital World Bond Fund (continued)
Bonds, notes & other debt instruments (continued) | Principal amount (000) | Value (000) | ||||||
U.S. dollars (continued) | ||||||||
Osaic Holdings, Inc. 10.75% 8/1/20276 | USD | 256 | $ | 260 | ||||
Pacific Gas and Electric Co. 3.15% 1/1/2026 | 3,000 | 2,879 | ||||||
Pacific Gas and Electric Co. 4.65% 8/1/2028 | 542 | 521 | ||||||
Pacific Gas and Electric Co. 6.40% 6/15/2033 | 1,500 | 1,580 | ||||||
Pacific Gas and Electric Co. 3.30% 8/1/2040 | 6,850 | 5,025 | ||||||
PacifiCorp 4.15% 2/15/2050 | 225 | 183 | ||||||
PacifiCorp 3.30% 3/15/2051 | 150 | 104 | ||||||
PacifiCorp 2.90% 6/15/2052 | 55 | 35 | ||||||
PacifiCorp 5.35% 12/1/2053 | 525 | 506 | ||||||
PacifiCorp 5.50% 5/15/2054 | 680 | 669 | ||||||
Panama (Republic of) 3.75% 4/17/2026 | 465 | 438 | ||||||
Panama (Republic of) 6.40% 2/14/2035 | 850 | 832 | ||||||
Park Intermediate Holdings, LLC 4.875% 5/15/20296 | 65 | 60 | ||||||
Party City Holdings, Inc. 12.00% PIK or 12.00% Cash 1/11/20296,7 | 1 | 1 | ||||||
Performance Food Group, Inc. 5.50% 10/15/20276 | 11 | 11 | ||||||
Permian Resources Operating, LLC 7.00% 1/15/20326 | 25 | 26 | ||||||
Peru (Republic of) 2.392% 1/23/2026 | 500 | 477 | ||||||
Petroleos Mexicanos 4.875% 1/18/2024 | 1,776 | 1,773 | ||||||
Petroleos Mexicanos 4.25% 1/15/2025 | 261 | 255 | ||||||
Petroleos Mexicanos 6.875% 10/16/2025 | 660 | 650 | ||||||
Petroleos Mexicanos 6.875% 8/4/2026 | 638 | 620 | ||||||
Petroleos Mexicanos 6.49% 1/23/2027 | 3,219 | 3,023 | ||||||
Petroleos Mexicanos 6.84% 1/23/2030 | 681 | 591 | ||||||
Petroleos Mexicanos 6.70% 2/16/2032 | 779 | 647 | ||||||
Petrorio Luxembourg SARL 6.125% 6/9/2026 | 910 | 894 | ||||||
Pfizer Investment Enterprises Pte., Ltd. 4.75% 5/19/2033 | 2,128 | 2,134 | ||||||
Pfizer Investment Enterprises Pte., Ltd. 5.30% 5/19/2053 | 188 | 192 | ||||||
PG&E Corp. 5.00% 7/1/2028 | 145 | 141 | ||||||
PG&E Corp. 5.25% 7/1/2030 | 175 | 169 | ||||||
Philip Morris International, Inc. 5.125% 11/17/2027 | 315 | 321 | ||||||
Philip Morris International, Inc. 5.625% 11/17/2029 | 420 | 441 | ||||||
Philip Morris International, Inc. 2.10% 5/1/2030 | 634 | 544 | ||||||
Philip Morris International, Inc. 5.75% 11/17/2032 | 1,554 | 1,632 | ||||||
Philip Morris International, Inc. 5.375% 2/15/2033 | 1,382 | 1,418 | ||||||
Post Holdings, Inc. 5.625% 1/15/20286 | 85 | 84 | ||||||
Post Holdings, Inc. 5.50% 12/15/20296 | 80 | 77 | ||||||
Post Holdings, Inc. 4.625% 4/15/20306 | 444 | 409 | ||||||
Prestige Auto Receivables Trust, Series 2023-1, Class A2, 5.88% 3/16/20265,6 | 526 | 525 | ||||||
Procter & Gamble Co. 3.00% 3/25/2030 | 338 | 317 | ||||||
PT Bank Negara Indonesia (Persero) Tbk 4.30% junior subordinated perpetual bonds (5-year UST Yield Curve Rate T Note Constant Maturity + 3.466% on 3/24/2027)1 | 1,535 | 1,364 | ||||||
Qatar Energy 3.125% 7/12/20416 | 2,895 | 2,231 | ||||||
Qatar Energy 3.30% 7/12/20516 | 2,942 | 2,155 | ||||||
Radiology Partners, Inc. 9.25% 2/1/20286 | 245 | 126 | ||||||
Radiology Partners, Inc., Term Loan, (1-month USD CME Term SOFR + 4.25%) 10.179% 7/9/20258,9 | 10 | 8 | ||||||
Range Resources Corp. 4.75% 2/15/20306 | 145 | 134 | ||||||
Real Hero Merger Sub 2, Inc. 6.25% 2/1/20296 | 25 | 22 | ||||||
RHP Hotel Properties, LP 7.25% 7/15/20286 | 80 | 83 | ||||||
RHP Hotel Properties, LP 4.50% 2/15/20296 | 90 | 84 | ||||||
RLJ Lodging Trust, LP 4.00% 9/15/20296 | 25 | 22 | ||||||
Roller Bearing Company of America, Inc. 4.375% 10/15/20296 | 20 | 19 | ||||||
Royal Caribbean Cruises, Ltd. 5.375% 7/15/20276 | 40 | 40 | ||||||
Royal Caribbean Cruises, Ltd. 5.50% 4/1/20286 | 75 | 74 | ||||||
Royal Caribbean Cruises, Ltd. 9.25% 1/15/20296 | 160 | 172 | ||||||
Royal Caribbean Cruises, Ltd. 7.25% 1/15/20306 | 4 | 4 | ||||||
RP Escrow Issuer, LLC 5.25% 12/15/20256 | 190 | 152 | ||||||
Ryan Specialty Group, LLC 4.375% 2/1/20306 | 45 | 42 | ||||||
Sands China, Ltd. 3.50% 8/8/2031 | 495 | 415 | ||||||
Santander Holdings USA, Inc. 3.244% 10/5/2026 | 3,750 | 3,535 | ||||||
Sasol Financing USA, LLC 5.875% 3/27/2024 | 6,165 | 6,133 | ||||||
Sasol Financing USA, LLC 4.375% 9/18/2026 | 1,085 | 1,012 |
230 | American Funds Insurance Series |
Capital World Bond Fund (continued)
Bonds, notes & other debt instruments (continued) | Principal amount (000) | Value (000) | ||||||
U.S. dollars (continued) | ||||||||
Sasol Financing USA, LLC 8.75% 5/3/20292 | USD | 310 | $ | 317 | ||||
Scentre Group Trust 1 3.50% 2/12/20256 | 210 | 206 | ||||||
Scentre Group Trust 1 3.75% 3/23/20276 | 110 | 106 | ||||||
Scientific Games Holdings, LP 6.625% 3/1/20306 | 46 | 44 | ||||||
SCIH Salt Holdings, Inc. 4.875% 5/1/20286 | 115 | 108 | ||||||
Sealed Air Corp. 6.125% 2/1/20286 | 180 | 182 | ||||||
Serbia (Republic of) 6.25% 5/26/20286 | 740 | 759 | ||||||
Service Properties Trust 8.625% 11/15/20316 | 60 | 63 | ||||||
ServiceNow, Inc. 1.40% 9/1/2030 | 1,830 | 1,505 | ||||||
Simmons Foods, Inc. 4.625% 3/1/20296 | 160 | 139 | ||||||
Sirius XM Radio, Inc. 3.125% 9/1/20266 | 50 | 47 | ||||||
Sirius XM Radio, Inc. 4.00% 7/15/20286 | 195 | 180 | ||||||
Sirius XM Radio, Inc. 4.125% 7/1/20306 | 39 | 35 | ||||||
Sirius XM Radio, Inc. 3.875% 9/1/20316 | 111 | 95 | ||||||
SK hynix, Inc. 3.00% 9/17/2024 | 1,602 | 1,575 | ||||||
SK hynix, Inc. 1.50% 1/19/2026 | 563 | 519 | ||||||
SM Energy Co. 6.50% 7/15/2028 | 45 | 45 | ||||||
SMB Private Education Loan Trust, Series 2023-C, Class A1B, (30-day Average USD-SOFR + 1.55%) 6.888% 11/15/20525,6,9 | 733 | 735 | ||||||
Sonic Automotive, Inc. 4.625% 11/15/20296 | 45 | 41 | ||||||
Sonic Automotive, Inc. 4.875% 11/15/20316 | 20 | 18 | ||||||
Southern California Edison Co. 2.85% 8/1/2029 | 200 | 182 | ||||||
Southern California Edison Co. 3.65% 2/1/2050 | 1,700 | 1,318 | ||||||
Southwestern Energy Co. 5.375% 3/15/2030 | 120 | 117 | ||||||
Southwestern Energy Co. 4.75% 2/1/2032 | 90 | 83 | ||||||
Spirit AeroSystems, Inc. 9.375% 11/30/20296 | 17 | 19 | ||||||
Spirit AeroSystems, Inc. 9.75% 11/15/20306 | 60 | 65 | ||||||
Sprint, LLC 7.625% 3/1/2026 | 130 | 136 | ||||||
Stellantis Finance US, Inc. 1.711% 1/29/20276 | 1,500 | 1,363 | ||||||
Stellantis Finance US, Inc. 5.625% 1/12/20286 | 2,560 | 2,652 | ||||||
Stellantis Finance US, Inc. 2.691% 9/15/20316 | 453 | 379 | ||||||
Stericycle, Inc. 3.875% 1/15/20296 | 110 | 100 | ||||||
Sunoco, LP 4.50% 5/15/2029 | 290 | 270 | ||||||
Sunoco, LP 4.50% 4/30/2030 | 35 | 32 | ||||||
Surgery Center Holdings, Inc. 10.00% 4/15/20276 | 103 | 104 | ||||||
SVB Financial Group 4.70% junior subordinated perpetual bonds (5-year UST Yield Curve Rate T Note Constant Maturity + 3.064% on 11/15/2031)1,3 | 12 | — | 11 | |||||
Swiss Re Finance (Luxembourg) SA 5.00% 4/2/2049 (5-year UST Yield Curve Rate T Note Constant Maturity + 3.582% on 4/2/2029)1,6 | 400 | 384 | ||||||
Talen Energy Supply, LLC 8.625% 6/1/20306 | 94 | 100 | ||||||
Talen Energy Supply, LLC, Term Loan B, (3-month USD CME Term SOFR + 4.50%) 9.869% 5/17/20308,9 | 45 | 45 | ||||||
Tencent Holdings, Ltd. 3.24% 6/3/20506 | 3,450 | 2,304 | ||||||
Tenet Healthcare Corp. 6.125% 10/1/2028 | 25 | 25 | ||||||
Teva Pharmaceutical Finance Netherlands III BV 6.00% 4/15/2024 | 2,789 | 2,782 | ||||||
Tibco Software, Inc., Term Loan A, (3-month USD CME Term SOFR + 4.50%) 9.948% 9/29/20288,9 | 243 | 238 | ||||||
Tierra Mojada Luxembourg II SARL 5.75% 12/1/2040 | 465 | 420 | ||||||
T-Mobile USA, Inc. 2.40% 3/15/2029 | 1,079 | 969 | ||||||
T-Mobile USA, Inc. 5.65% 1/15/2053 | 1,400 | 1,459 | ||||||
Toyota Motor Credit Corp. 3.375% 4/1/2030 | 453 | 426 | ||||||
TransDigm, Inc. 6.25% 3/15/20266 | 65 | 65 | ||||||
TransDigm, Inc. 5.50% 11/15/2027 | 45 | 44 | ||||||
TransDigm, Inc. 4.875% 5/1/2029 | 80 | 75 | ||||||
TransDigm, Inc. 6.875% 12/15/20306 | 85 | 88 | ||||||
Transocean Poseidon, Ltd. 6.875% 2/1/20276 | 56 | 56 | ||||||
Transocean Titan Financing, Ltd. 8.375% 2/1/20286 | 102 | 106 | ||||||
Transocean, Inc. 8.75% 2/15/20306 | 38 | 40 | ||||||
Transocean, Inc. 6.80% 3/15/2038 | 35 | 28 | ||||||
Treehouse Park Improvement Association No.1 9.75% 12/1/20336,12 | 100 | 93 | ||||||
Tricon Residential Trust, Series 2023-SFR1, Class A, 5.10% 7/17/20405,6 | 379 | 374 |
American Funds Insurance Series | 231 |
Capital World Bond Fund (continued)
Bonds, notes & other debt instruments (continued) | Principal amount (000) | Value (000) | ||||||
U.S. dollars (continued) | ||||||||
Tricon Residential Trust, Series 2023-SFR1, Class B, 5.10% 7/17/20405,6 | USD | 251 | $ | 245 | ||||
Tricon Residential Trust, Series 2023-SFR1, Class C, 5.10% 7/17/20405,6 | 100 | 97 | ||||||
Triumph Group, Inc. 9.00% 3/15/20286 | 71 | 76 | ||||||
State of Ohio, Turnpike and Infrastructure Commission, Turnpike Rev. Ref. Bonds (Infrastructure Projects), Series 2020-A, 3.216% 2/15/2048 | 1,410 | 1,064 | ||||||
U.S. Treasury 3.625% 3/31/2028 | 20 | 20 | ||||||
U.S. Treasury 4.375% 11/30/2028 | 6,800 | 6,960 | ||||||
U.S. Treasury 4.50% 11/15/2033 | 10,782 | 11,325 | ||||||
U.S. Treasury 1.125% 5/15/204013 | 6,190 | 4,000 | ||||||
U.S. Treasury 1.75% 8/15/204113 | 4,650 | 3,242 | ||||||
U.S. Treasury 4.75% 11/15/2043 | 1,425 | 1,531 | ||||||
U.S. Treasury 3.00% 8/15/204813 | 5,045 | 4,118 | ||||||
U.S. Treasury 4.125% 8/15/205313 | 19,558 | 19,823 | ||||||
U.S. Treasury Inflation-Protected Security 2.375% 10/15/20284,13 | 18,013 | 18,560 | ||||||
U.S. Treasury Inflation-Protected Security 1.375% 7/15/20334 | 6,321 | 6,137 | ||||||
U.S. Treasury Inflation-Protected Security 0.125% 2/15/20514 | 3,344 | 2,084 | ||||||
U.S. Treasury Inflation-Protected Security 1.50% 2/15/20534 | 6,371 | 5,801 | ||||||
UBS Group AG 4.49% 8/5/2025 (1-year UST Yield Curve Rate T Note Constant Maturity + 1.60% on 8/5/2024)1,6 | 2,265 | 2,249 | ||||||
UKG, Inc., Term Loan, (3-month USD CME Term SOFR + 4.50%) 9.988% 5/4/20268,9 | 75 | 75 | ||||||
UKG, Inc., Term Loan, (3-month USD CME Term SOFR + 5.25%) 10.764% 5/3/20278,9 | 75 | 75 | ||||||
Ukraine 7.75% 9/1/20243 | 6,210 | 1,938 | ||||||
Ukraine 6.876% 5/21/20313 | 1,269 | 296 | ||||||
Uniform Mortgage-Backed Security 2.00% 1/1/20395,10 | 1,841 | 1,651 | ||||||
Uniform Mortgage-Backed Security 2.00% 2/1/20395,10 | 1,234 | 1,100 | ||||||
Uniform Mortgage-Backed Security 2.00% 1/1/20545,10 | 2,470 | 2,019 | ||||||
Uniform Mortgage-Backed Security 2.50% 1/1/20545,10 | 24,460 | 20,812 | ||||||
Uniform Mortgage-Backed Security 3.00% 1/1/20545,10 | 5,222 | 4,620 | ||||||
Uniform Mortgage-Backed Security 3.50% 1/1/20545,10 | 9,033 | 8,288 | ||||||
Uniform Mortgage-Backed Security 4.00% 1/1/20545,10 | 8,840 | 8,362 | ||||||
Uniform Mortgage-Backed Security 4.50% 1/1/20545,10 | 16,943 | 16,425 | ||||||
Uniform Mortgage-Backed Security 5.00% 1/1/20545,10 | 19,966 | 19,755 | ||||||
Uniform Mortgage-Backed Security 5.50% 1/1/20545,10 | 10,146 | 10,190 | ||||||
Uniform Mortgage-Backed Security 6.00% 1/1/20545,10 | 10,805 | 10,972 | ||||||
Uniform Mortgage-Backed Security 6.50% 1/1/20545,10 | 6,655 | 6,821 | ||||||
Uniform Mortgage-Backed Security 7.00% 1/1/20545,10 | 13,150 | 13,566 | ||||||
Uniform Mortgage-Backed Security 3.50% 2/1/20545,10 | 18,339 | 16,843 | ||||||
Uniform Mortgage-Backed Security 6.00% 2/1/20545,10 | 6,750 | 6,854 | ||||||
United Mexican States 6.338% 5/4/2053 | 425 | 434 | ||||||
United Natural Foods, Inc. 6.75% 10/15/20286 | 85 | 69 | ||||||
United Rentals (North America), Inc. 3.875% 2/15/2031 | 130 | 118 | ||||||
Univision Communications, Inc. 4.50% 5/1/20296 | 250 | 223 | ||||||
US Foods, Inc. 4.625% 6/1/20306 | 35 | 33 | ||||||
Vail Resorts, Inc. 6.25% 5/15/20256 | 120 | 119 | ||||||
Valvoline, Inc. 3.625% 6/15/20316 | 85 | 73 | ||||||
Venator Finance SARL, Term Loan, (USD-SOFR + 10.00%) 8.00% PIK and 7.43% Cash 10/10/20287,8,9 | 48 | 48 | ||||||
Venture Global Calcasieu Pass, LLC 3.875% 8/15/20296 | 35 | 32 | ||||||
Venture Global Calcasieu Pass, LLC 6.25% 1/15/20306 | 31 | 31 | ||||||
Venture Global Calcasieu Pass, LLC 4.125% 8/15/20316 | 110 | 97 | ||||||
Venture Global LNG, Inc. 8.125% 6/1/20286 | 80 | 81 | ||||||
Veralto Corp. 5.35% 9/18/20286 | 2,900 | 2,970 | ||||||
VICI Properties, LP 4.375% 5/15/2025 | 1,563 | 1,537 | ||||||
Vital Energy, Inc. 9.75% 10/15/2030 | 40 | 41 | ||||||
VZ Secured Financing BV 5.00% 1/15/20326 | 200 | 171 | ||||||
W&T Offshore, Inc. 11.75% 2/1/20266 | 55 | 57 | ||||||
WarnerMedia Holdings, Inc. 5.05% 3/15/2042 | 1,928 | 1,701 | ||||||
Warrior Met Coal, Inc. 7.875% 12/1/20286 | 71 | 71 | ||||||
WASH Multifamily Acquisition, Inc. 5.75% 4/15/20266 | 320 | 308 | ||||||
WEA Finance, LLC 3.75% 9/17/20246 | 535 | 526 | ||||||
Weatherford International, Ltd. 6.50% 9/15/20286 | 38 | 39 | ||||||
Weatherford International, Ltd. 8.625% 4/30/20306 | 93 | 97 |
232 | American Funds Insurance Series |
Capital World Bond Fund (continued)
Bonds, notes & other debt instruments (continued) | Principal amount (000) | Value (000) | ||||||
U.S. dollars (continued) | ||||||||
Wells Fargo & Co. 3.526% 3/24/2028 (USD-SOFR + 1.51% on 3/24/2027)1 | USD | 5,788 | $ | 5,525 | ||||
Wells Fargo & Co. 4.611% 4/25/2053 (USD-SOFR + 2.13% on 4/25/2052)1 | 1,600 | 1,440 | ||||||
WESCO Distribution, Inc. 7.125% 6/15/20256 | 180 | 181 | ||||||
WESCO Distribution, Inc. 7.25% 6/15/20286 | 200 | 206 | ||||||
Western Midstream Operating, LP 3.10% 2/1/20251 | 85 | 83 | ||||||
Western Midstream Operating, LP 5.25% 2/1/20501 | 80 | 72 | ||||||
Westlake Automobile Receivables Trust, Series 2023-1, Class A2A, 5.51% 6/15/20265,6 | 992 | 991 | ||||||
Westlake Automobile Receivables Trust, Series 2023-1, Class A3, 5.21% 1/18/20285,6 | 278 | 277 | ||||||
Westlake Automobile Receivables Trust, Series 2023-1, Class B, 5.41% 1/18/20285,6 | 60 | 60 | ||||||
Westpac Banking Corp. 2.894% 2/4/2030 (5-year UST Yield Curve Rate T Note Constant Maturity + 1.35% on 2/4/2025)1 | 1,250 | 1,205 | ||||||
WeWork Companies, LLC 6.00% PIK and 5.00% Cash 8/15/20273,6,7 | 37 | 8 | ||||||
WeWork Companies, LLC 8.00% PIK and 7.00% Cash 8/15/20273,6,7 | 31 | 11 | ||||||
WMG Acquisition Corp. 3.75% 12/1/20296 | 110 | 100 | ||||||
WMG Acquisition Corp. 3.875% 7/15/20306 | 135 | 122 | ||||||
WMG Acquisition Corp. 3.00% 2/15/20316 | 80 | 69 | ||||||
Wolfspeed, Inc. 9.875% 6/23/2030 (10.875% on 6/23/2026)1,2,12 | 105 | 107 | ||||||
Wynn Las Vegas, LLC 5.50% 3/1/20256 | 110 | 109 | ||||||
Wynn Resorts Finance, LLC 7.125% 2/15/20316 | 43 | 45 | ||||||
Yahoo Holdings, Inc., Term Loan B, (3-month USD CME Term SOFR + 5.50%) 10.97% 9/1/20278,9 | 95 | 93 | ||||||
Ziggo Bond Co. BV 5.125% 2/28/20306 | 200 | 167 | ||||||
Ziggo BV 4.875% 1/15/20306 | 300 | 268 | ||||||
629,873 | ||||||||
Total bonds, notes & other debt instruments (cost: $1,470,776,000) | 1,423,420 | |||||||
Convertible bonds & notes 0.08% | ||||||||
U.S. dollars 0.08% | ||||||||
Abu Dhabi National Oil Co., convertible notes, 0.70% 6/4/2024 | 1,200 | 1,173 | ||||||
Total convertible bonds & notes (cost: $1,171,000) | 1,173 | |||||||
Preferred securities 0.00% | Shares | |||||||
U.S. dollars 0.00% | ||||||||
ACR III LSC Holdings, LLC, Series B, preferred shares6,12,14 | 48 | 74 | ||||||
Total preferred securities (cost: $50,000) | 74 | |||||||
Common stocks 0.05% | ||||||||
U.S. dollars 0.05% | ||||||||
Diebold Nixdorf, Inc.6,14 | 8,912 | 258 | ||||||
Constellation Oil Services Holding SA, Class B-112,14 | 1,214,969 | 170 | ||||||
Venator Materials PLC12,14 | 31,972,955 | 164 | ||||||
Altera Infrastructure, LP12,14 | 1,441 | 133 | ||||||
Party City Holdco, Inc.12,14 | 80 | 2 | ||||||
Party City Holdco, Inc.6,12,14 | 1 | — | 11 | |||||
Bighorn Permian Resources, LLC12 | 531 | — | 11 | |||||
Total common stocks (cost: $1,438,000) | 727 | |||||||
Investment funds 3.42% | ||||||||
Capital Group Central Corporate Bond Fund15 | 6,213,739 | 52,692 | ||||||
Total investment funds (cost: $49,062,000) | 52,692 |
American Funds Insurance Series | 233 |
Capital World Bond Fund (continued)
Short-term securities 13.02% | Shares | Value (000) | ||||||||
Money market investments 11.51% | ||||||||||
Capital Group Central Cash Fund 5.44%15,16 | 1,773,180 | $ | 177,300 | |||||||
Weighted average yield at acquisition | Principal amount (000) | |||||||||
Bills & notes of governments & government agencies outside the U.S. 1.51% | ||||||||||
Japan Treasury 2/20/2024 | (0.103) | % | JPY | 3,277,100 | 23,247 | |||||
Total short-term securities (cost: $201,752,000) | 200,547 | |||||||||
Total investment securities 108.98% (cost: $1,724,249,000) | 1,678,633 | |||||||||
Other assets less liabilities (8.98)% | (138,292 | ) | ||||||||
Net assets 100.00% | $ | 1,540,341 |
Futures contracts
Contracts | Type | Number of contracts | Expiration date | Notional amount (000) | Value and unrealized appreciation (depreciation) at 12/31/2023 (000) | ||||||||||
10 Year Australian Government Bond Futures | Long | 30 | 3/15/2024 | USD2,385 | $ | 73 | |||||||||
3 Year Australian Government Bond Futures | Short | 1 | 3/18/2024 | (73 | ) | (1 | ) | ||||||||
2 Year Euro-Schatz Futures | Long | 26 | 3/11/2024 | 3,058 | 13 | ||||||||||
2 Year U.S. Treasury Note Futures | Long | 1,259 | 4/3/2024 | 259,246 | 2,109 | ||||||||||
5 Year Euro-Bobl Futures | Short | 61 | 3/11/2024 | (8,032 | ) | (20 | ) | ||||||||
5 Year U.S. Treasury Note Futures | Long | 1,305 | 4/3/2024 | 141,949 | 3,201 | ||||||||||
10 Year Italy Government Bond Futures | Long | 88 | 3/11/2024 | 11,575 | 365 | ||||||||||
10 Year French Government Bond Futures | Long | 58 | 3/11/2024 | 8,420 | 294 | ||||||||||
10 Year Euro-Bund Futures | Short | 89 | 3/11/2024 | (13,482 | ) | (339 | ) | ||||||||
10 Year Japanese Government Bond Futures | Short | 30 | 3/20/2024 | (31,215 | ) | (107 | ) | ||||||||
10 Year UK Gilt Futures | Long | 189 | 3/28/2024 | 24,729 | 1,251 | ||||||||||
10 Year Ultra U.S. Treasury Note Futures | Short | 193 | 3/28/2024 | (22,777 | ) | (1,021 | ) | ||||||||
10 Year U.S. Treasury Note Futures | Short | 301 | 3/28/2024 | (33,980 | ) | (786 | ) | ||||||||
20 Year U.S. Treasury Bond Futures | Long | 39 | 3/28/2024 | 4,873 | 370 | ||||||||||
30 Year Euro-Buxl Futures | Long | 26 | 3/11/2024 | 4,068 | 324 | ||||||||||
30 Year Ultra U.S. Treasury Bond Futures | Long | 31 | 3/28/2024 | 4,141 | 176 | ||||||||||
$ | 5,902 |
Forward currency contracts
Contract amount | Unrealized appreciation (depreciation) | ||||||||||||||
Currency purchased (000) | Currency sold (000) | Counterparty | Settlement date | at 12/31/2023 (000) | |||||||||||
CHF | 2,790 | USD | 3,200 | Standard Chartered Bank | 1/8/2024 | $ | 121 | ||||||||
SGD | 1,400 | USD | 1,050 | BNP Paribas | 1/8/2024 | 11 | |||||||||
CZK | 18,000 | USD | 803 | BNP Paribas | 1/8/2024 | 1 | |||||||||
PLN | 18,110 | EUR | 4,175 | Bank of New York Mellon | 1/8/2024 | (9 | ) | ||||||||
CZK | 47,290 | EUR | 1,923 | Citibank | 1/8/2024 | (10 | ) | ||||||||
USD | 735 | NOK | 7,930 | Citibank | 1/8/2024 | (45 | ) | ||||||||
USD | 6,366 | GBP | 5,040 | UBS AG | 1/8/2024 | (59 | ) | ||||||||
USD | 20,322 | MXN | 353,363 | Goldman Sachs | 1/8/2024 | (453 | ) |
234 | American Funds Insurance Series |
Capital World Bond Fund (continued)
Forward currency contracts (continued)
Contract amount | Unrealized appreciation (depreciation) | ||||||||||||||
Currency purchased (000) | Currency sold (000) | Counterparty | Settlement date | at 12/31/2023 (000) | |||||||||||
CNH | 194,180 | USD | 27,128 | BNP Paribas | 1/9/2024 | $ | 146 | ||||||||
CNH | 19,260 | USD | 2,682 | Citibank | 1/9/2024 | 24 | |||||||||
PLN | 11,105 | USD | 2,808 | JPMorgan Chase | 1/9/2024 | 14 | |||||||||
HUF | 981,675 | USD | 2,817 | JPMorgan Chase | 1/9/2024 | 8 | |||||||||
ZAR | 54,000 | USD | 2,941 | Morgan Stanley | 1/9/2024 | 8 | |||||||||
EUR | 7,361 | PLN | 31,970 | HSBC Bank | 1/9/2024 | 6 | |||||||||
DKK | 46,980 | EUR | 6,303 | Citibank | 1/9/2024 | (1 | ) | ||||||||
USD | 2,583 | ZAR | 48,870 | UBS AG | 1/9/2024 | (86 | ) | ||||||||
USD | 14,529 | DKK | 100,190 | BNP Paribas | 1/9/2024 | (317 | ) | ||||||||
EUR | 380 | USD | 410 | Morgan Stanley | 1/11/2024 | 9 | |||||||||
USD | 994 | GBP | 790 | Goldman Sachs | 1/11/2024 | (13 | ) | ||||||||
JPY | 2,411,633 | USD | 16,447 | HSBC Bank | 1/12/2024 | 696 | |||||||||
COP | 13,562,304 | USD | 3,379 | Morgan Stanley | 1/12/2024 | 110 | |||||||||
USD | 9,836 | KRW | 12,642,244 | Citibank | 1/12/2024 | 77 | |||||||||
BRL | 24,165 | USD | 4,914 | Citibank | 1/12/2024 | 55 | |||||||||
JPY | 399,890 | USD | 2,810 | Citibank | 1/12/2024 | 33 | |||||||||
COP | 2,800,000 | USD | 689 | Standard Chartered Bank | 1/12/2024 | 31 | |||||||||
USD | 304 | CLP | 264,710 | Morgan Stanley | 1/12/2024 | 4 | |||||||||
USD | 10,273 | IDR | 158,602,850 | Citibank | 1/12/2024 | (30 | ) | ||||||||
USD | 4,434 | KRW | 5,846,230 | Citibank | 1/12/2024 | (79 | ) | ||||||||
USD | 8,795 | BRL | 43,165 | Standard Chartered Bank | 1/12/2024 | (82 | ) | ||||||||
USD | 3,347 | COP | 13,562,304 | Morgan Stanley | 1/12/2024 | (142 | ) | ||||||||
ILS | 4,200 | USD | 1,131 | Citibank | 1/18/2024 | 29 | |||||||||
AUD | 1,830 | USD | 1,250 | Citibank | 1/18/2024 | (2 | ) | ||||||||
HUF | 1,284,310 | EUR | 3,343 | Goldman Sachs | 1/18/2024 | (2 | ) | ||||||||
USD | 3,464 | AUD | 5,150 | Goldman Sachs | 1/18/2024 | (49 | ) | ||||||||
USD | 2,293 | HUF | 818,090 | BNP Paribas | 1/18/2024 | (58 | ) | ||||||||
USD | 7,302 | AUD | 11,120 | BNP Paribas | 1/18/2024 | (280 | ) | ||||||||
THB | 360,570 | USD | 10,106 | Citibank | 1/19/2024 | 398 | |||||||||
EUR | 8,610 | USD | 9,267 | Goldman Sachs | 1/19/2024 | 247 | |||||||||
JPY | 600,980 | USD | 4,131 | Citibank | 1/19/2024 | 146 | |||||||||
JPY | 849,560 | USD | 5,912 | HSBC Bank | 1/19/2024 | 134 | |||||||||
MYR | 2,580 | USD | 554 | HSBC Bank | 1/19/2024 | 10 | |||||||||
THB | 37,000 | USD | 1,084 | Citibank | 1/19/2024 | (6 | ) | ||||||||
USD | 936 | NZD | 1,530 | UBS AG | 1/19/2024 | (32 | ) | ||||||||
USD | 4,020 | NZD | 6,561 | Standard Chartered Bank | 1/19/2024 | (128 | ) | ||||||||
EUR | 15,550 | USD | 17,013 | Bank of America | 1/22/2024 | 171 | |||||||||
CAD | 11,563 | USD | 8,616 | BNP Paribas | 1/22/2024 | 113 | |||||||||
EUR | 7,700 | USD | 8,457 | Standard Chartered Bank | 1/22/2024 | 52 | |||||||||
SEK | 45,500 | USD | 4,467 | Bank of America | 1/22/2024 | 49 | |||||||||
MXN | 27,010 | USD | 1,553 | JPMorgan Chase | 1/22/2024 | 31 | |||||||||
IDR | 95,556,480 | USD | 6,192 | UBS AG | 1/22/2024 | 15 | |||||||||
PLN | 4,740 | USD | 1,198 | Citibank | 1/22/2024 | 6 | |||||||||
PLN | 20,540 | EUR | 4,727 | UBS AG | 1/22/2024 | (6 | ) | ||||||||
INR | 438,850 | USD | 5,276 | HSBC Bank | 1/22/2024 | (9 | ) | ||||||||
USD | 1,550 | ZAR | 28,640 | UBS AG | 1/22/2024 | (12 | ) | ||||||||
USD | 2,655 | BRL | 13,000 | JPMorgan Chase | 1/22/2024 | (17 | ) | ||||||||
USD | 3,352 | MXN | 58,010 | Standard Chartered Bank | 1/22/2024 | (49 | ) | ||||||||
EUR | 5,100 | CAD | 7,531 | HSBC Bank | 1/22/2024 | (50 | ) | ||||||||
USD | 6,363 | BRL | 31,307 | Citibank | 1/22/2024 | (72 | ) | ||||||||
THB | 262,300 | USD | 7,508 | UBS AG | 1/23/2024 | 135 | |||||||||
DKK | 27,100 | USD | 3,979 | Citibank | 1/23/2024 | 39 | |||||||||
USD | 2,816 | GBP | 2,210 | Citibank | 1/23/2024 | (2 | ) | ||||||||
CNH | 269,257 | USD | 37,868 | Goldman Sachs | 1/23/2024 | (13 | ) | ||||||||
USD | 5,551 | JPY | 781,000 | HSBC Bank | 1/26/2024 | (13 | ) | ||||||||
JPY | 9,051,388 | USD | 63,378 | Morgan Stanley | 2/9/2024 | 1,246 | |||||||||
USD | 12,322 | JPY | 1,828,000 | JPMorgan Chase | 2/9/2024 | (729 | ) |
American Funds Insurance Series | 235 |
Capital World Bond Fund (continued)
Forward currency contracts (continued)
Contract amount | Unrealized appreciation (depreciation) | ||||||||||||||
Currency purchased (000) | Currency sold (000) | Counterparty | Settlement date | at 12/31/2023 (000) | |||||||||||
MXN | 112,690 | USD | 6,267 | Goldman Sachs | 2/14/2024 | $ | 316 | ||||||||
USD | 25,879 | JPY | 3,277,100 | HSBC Bank | 2/16/2024 | 2,457 | |||||||||
JPY | 3,277,100 | USD | 25,661 | HSBC Bank | 2/16/2024 | (2,239 | ) | ||||||||
USD | 25,676 | JPY | 3,277,100 | HSBC Bank | 2/20/2024 | 2,240 | |||||||||
USD | 5,303 | BRL | 26,176 | Bank of America | 2/20/2024 | (58 | ) | ||||||||
USD | 4,334 | BRL | 21,630 | Citibank | 2/20/2024 | (96 | ) | ||||||||
USD | 5,344 | BRL | 26,300 | Bank of America | 2/29/2024 | (37 | ) | ||||||||
USD | 2,680 | BRL | 13,400 | Citibank | 3/7/2024 | (60 | ) | ||||||||
TRY | 36,550 | USD | 1,168 | BNP Paribas | 3/11/2024 | (10 | ) | ||||||||
$ | 3,833 |
Swap contracts
Interest rate swaps
Centrally cleared interest rate swaps
Receive | Pay | Notional | Value at | Upfront premium paid | Unrealized appreciation (depreciation) | |||||||||||||||||||||
Rate | Payment frequency | Rate | Payment frequency | Expiration date | amount (000) | 12/31/2023 (000) | (received) (000) | at 12/31/2023 (000) | ||||||||||||||||||
2.628% | Annual | SONIA | Annual | 7/28/2024 | GBP | 21,600 | $ | (390 | ) | $ | — | $ | (390 | ) | ||||||||||||
6.255% | 28-day | 28-day MXN-TIIE | 28-day | 5/22/2026 | MXN | 47,800 | (192 | ) | — | (192 | ) | |||||||||||||||
6.19% | 28-day | 28-day MXN-TIIE | 28-day | 5/22/2026 | MXN | 48,400 | (197 | ) | — | (197 | ) | |||||||||||||||
6.16% | 28-day | 28-day MXN-TIIE | 28-day | 6/9/2026 | MXN | 58,800 | (244 | ) | — | (244 | ) | |||||||||||||||
6.5375% | 28-day | 28-day MXN-TIIE | 28-day | 6/17/2026 | MXN | 14,000 | (51 | ) | — | (51 | ) | |||||||||||||||
6.50% | 28-day | 28-day MXN-TIIE | 28-day | 6/17/2026 | MXN | 13,900 | (52 | ) | — | (52 | ) | |||||||||||||||
6.47% | 28-day | 28-day MXN-TIIE | 28-day | 6/17/2026 | MXN | 14,200 | (53 | ) | — | (53 | ) | |||||||||||||||
6.55% | 28-day | 28-day MXN-TIIE | 28-day | 6/17/2026 | MXN | 43,000 | (157 | ) | — | (157 | ) | |||||||||||||||
6.55% | 28-day | 28-day MXN-TIIE | 28-day | 6/18/2026 | MXN | 14,100 | (52 | ) | — | (52 | ) | |||||||||||||||
6.50% | 28-day | 28-day MXN-TIIE | 28-day | 6/18/2026 | MXN | 27,800 | (104 | ) | — | (104 | ) | |||||||||||||||
6.64% | 28-day | 28-day MXN-TIIE | 28-day | 6/25/2026 | MXN | 62,600 | (223 | ) | — | (223 | ) | |||||||||||||||
6.633% | 28-day | 28-day MXN-TIIE | 28-day | 6/25/2026 | MXN | 172,500 | (615 | ) | — | (615 | ) | |||||||||||||||
7.59% | 28-day | 28-day MXN-TIIE | 28-day | 10/29/2026 | MXN | 28,900 | (67 | ) | — | (67 | ) | |||||||||||||||
7.62% | 28-day | 28-day MXN-TIIE | 28-day | 10/29/2026 | MXN | 43,375 | (99 | ) | — | (99 | ) | |||||||||||||||
7.52% | 28-day | 28-day MXN-TIIE | 28-day | 10/30/2026 | MXN | 89,445 | (216 | ) | — | (216 | ) | |||||||||||||||
9.40% | 28-day | 28-day MXN-TIIE | 28-day | 2/16/2028 | MXN | 259,800 | 368 | — | 368 | |||||||||||||||||
4.98038% | Annual | SONIA | Annual | 6/21/2028 | GBP | 15,850 | 1,263 | — | 1,263 | |||||||||||||||||
4.96048% | Annual | SONIA | Annual | 6/21/2028 | GBP | 7,810 | 614 | — | 614 | |||||||||||||||||
4.1239% | Annual | SONIA | Annual | 12/5/2028 | GBP | 13,165 | 551 | — | 551 | |||||||||||||||||
SOFR | Annual | 3.29015% | Annual | 1/13/2030 | USD | 11,280 | 131 | — | 131 | |||||||||||||||||
SOFR | Annual | 3.4705% | Annual | 2/10/2030 | USD | 16,910 | 31 | — | 31 | |||||||||||||||||
SONIA | Annual | 4.34948% | Annual | 6/21/2033 | GBP | 4,240 | (460 | ) | — | (460 | ) | |||||||||||||||
SONIA | Annual | 4.36738% | Annual | 6/21/2033 | GBP | 8,600 | (949 | ) | — | (949 | ) | |||||||||||||||
$ | (1,163 | ) | $ | — | $ | (1,163 | ) |
236 | American Funds Insurance Series |
Capital World Bond Fund (continued)
Swap contracts (continued)
Interest rate swaps (continued)
Bilateral interest rate swaps
Receive | Pay | Notional | Value at | Upfront premium paid | Unrealized appreciation (depreciation) | |||||||||||||||||||
Rate | Payment frequency | Rate | Payment frequency | Counterparty | Expiration date | amount (000) | 12/31/2023 (000) | (received) (000) | at 12/31/2023 (000) | |||||||||||||||
11.18% | At maturity | BZDIOVER | At maturity | Goldman Sachs | 1/4/2027 | BRL30,865 | $278 | $— | $278 |
Centrally cleared credit default swaps on credit indices — sell protection
Financing rate received | Payment frequency | Reference index | Expiration date | Notional amount (000) | 17 | Value at 12/31/2023 (000) | 18 | Upfront premium paid (received) (000) | Unrealized appreciation (depreciation) at 12/31/2023 (000) | ||||||||||||||||
1.00% | Quarterly | CDX.NA.IG.41 | 12/20/2028 | USD42,427 | $ | 824 | $ | 585 | $ | 239 | |||||||||||||||
5.00% | Quarterly | CDX.NA.HY.41 | 12/20/2028 | 19,325 | 1,128 | 915 | 213 | ||||||||||||||||||
1.00% | Quarterly | ITRX.EUR.IG.40 | 12/20/2028 | EUR32,310 | 696 | 630 | 66 | ||||||||||||||||||
$ | 2,648 | $ | 2,130 | $ | 518 |
Investments in affiliates15
Value at 1/1/2023 (000) | Additions (000) | Reductions (000) | Net realized gain (loss) (000) | Net unrealized appreciation (depreciation) (000) | Value at 12/31/2023 (000) | Dividend or interest income (000) | ||||||||||||||||||||||||||
Investment funds 3.42% | ||||||||||||||||||||||||||||||||
Capital Group Central Corporate Bond Fund | $ | 48,676 | $ | 1,983 | $ | — | $ | — | $ | 2,033 | $ | 52,692 | $ | 1,983 | ||||||||||||||||||
Short-term securities 11.51% | ||||||||||||||||||||||||||||||||
Money market investments 11.51% | ||||||||||||||||||||||||||||||||
Capital Group Central Cash Fund 5.44%16 | 167 | 876,837 | 699,695 | 6 | (15 | ) | 177,300 | 7,090 | ||||||||||||||||||||||||
Total 14.93% | $ | 6 | $ | 2,018 | $ | 229,992 | $ | 9,073 |
Restricted securities2
Acquisition date(s) | Cost (000) | Value (000) | Percent of net assets | |||||||||||
Bank of America Corp. 3.648% 3/31/2029 (3-month EUR-EURIBOR + 3.67% on 3/31/2028)1 | 5/19/2020 | $ | 5,937 | $ | 5,563 | .36 | % | |||||||
Goldman Sachs Group, Inc. 3.375% 3/27/2025 | 5/19/2020 | 5,585 | 5,511 | .36 | ||||||||||
JPMorgan Chase & Co. 0.389% 2/24/2028 (3-month EUR-EURIBOR + 0.65% on 2/24/2027)1 | 5/19/2020 | 3,404 | 3,229 | .21 | ||||||||||
Metropolitan Life Global Funding I 0.55% 6/16/2027 | 12/11/2023 | 1,957 | 2,030 | .13 | ||||||||||
NBM US Holdings, Inc. 7.00% 5/14/2026 | 5/17/2023-5/19/2023 | 1,476 | 1,543 | .10 | ||||||||||
Sasol Financing USA, LLC 8.75% 5/3/2029 | 7/18/2023 | 309 | 317 | .02 | ||||||||||
Wolfspeed, Inc. 9.875% 6/23/2030 (10.875% on 6/23/2026)1,12 | 6/23/2023 | 101 | 107 | .01 |
American Funds Insurance Series | 237 |
Capital World Bond Fund (continued)
Restricted securities2 (continued)
Acquisition date(s) | Cost (000) | Value (000) | Percent of net assets | ||||||||||||
Finastra USA, Inc., Term Loan B, (3-month USD CME Term SOFR + 7.25%) 12.713% 9/13/20298,9 | 9/13/2023 | $ | 95 | $ | 95 | .00 | %19 | ||||||||
Finastra USA, Inc., Term Loan, (3-month USD CME Term SOFR + 7.25%) 12.61% 9/13/20298,9 | 9/13/2023-12/13/2023 | 3 | 3 | .00 | 19 | ||||||||||
Total | $ | 18,867 | $ | 18,398 | 1.19 | % |
1 | Step bond; coupon rate may change at a later date. |
2 | Restricted security, other than Rule 144A securities or commercial paper issued pursuant to Section 4(a)(2) of the Securities Act of 1933. The total value of all such restricted securities was $18,398,000, which represented 1.19% of the net assets of the fund. |
3 | Scheduled interest and/or principal payment was not received. |
4 | Index-linked bond whose principal amount moves with a government price index. |
5 | Principal payments may be made periodically. Therefore, the effective maturity date may be earlier than the stated maturity date. |
6 | Acquired in a transaction exempt from registration under Rule 144A or, for commercial paper, Section 4(a)(2) of the Securities Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers. The total value of all such securities was $109,560,000, which represented 7.11% of the net assets of the fund. |
7 | Payment in kind; the issuer has the option of paying additional securities in lieu of cash. Payment methods and rates are as of the most recent payment when available. |
8 | Loan participations and assignments; may be subject to legal or contractual restrictions on resale. The total value of all such loans was $1,802,000, which represented .12% of the net assets of the fund. |
9 | Coupon rate may change periodically. Reference rate and spread are as of the most recent information available. Some coupon rates are determined by the issuer or agent based on current market conditions; therefore, the reference rate and spread are not available. |
10 | Purchased on a TBA basis. |
11 | Amount less than one thousand. |
12 | Value determined using significant unobservable inputs. |
13 | All or a portion of this security was pledged as collateral. The total value of pledged collateral was $12,774,000, which represented .83% of the net assets of the fund. |
14 | Security did not produce income during the last 12 months. |
15 | Part of the same “group of investment companies” as the fund as defined under the Investment Company Act of 1940, as amended. |
16 | Rate represents the seven-day yield at 12/31/2023. |
17 | The maximum potential amount the fund may pay as a protection seller should a credit event occur. |
18 | The prices and resulting values for credit default swap indices serve as an indicator of the current status of the payment/performance risk. As the value of a sell protection credit default swap increases or decreases, when compared to the notional amount of the swap, the payment/performance risk may decrease or increase, respectively. |
19 | Amount less than .01%. |
Key to abbreviation(s)
Assn. = Association
AUD = Australian dollars
BRL = Brazilian reais
BZDIOVER = Overnight Brazilian Interbank Deposit Rate
CAD = Canadian dollars
CHF = Swiss francs
CLP = Chilean pesos
CME = CME Group
CNH = Chinese yuan renminbi
CNY = Chinese yuan
COP = Colombian pesos
CZK = Czech korunas
DAC = Designated Activity Company
DKK = Danish kroner
EUR = Euros
EURIBOR = Euro Interbank Offered Rate
GBP = British pounds
HUF = Hungarian forints
ICE = Intercontinental Exchange, Inc.
IDR = Indonesian rupiah
ILS = Israeli shekels
INR = Indian rupees
JPY = Japanese yen
KRW = South Korean won
MXN = Mexican pesos
MYR = Malaysian ringgits
NOK = Norwegian kroner
NZD = New Zealand dollars
PIK = Payment In Kind
PLN = Polish zloty
Ref. = Refunding
REIT = Real Estate Investment Trust
Rev. = Revenue
RON = Romanian leu
SEK = Swedish kronor
SGD = Singapore dollars
SOFR = Secured Overnight Financing Rate
SONIA = Sterling Overnight Interbank Average Rate
TBA = To be announced
THB = Thai baht
TIIE = Equilibrium Interbank Interest Rate
TRY = Turkish lira
UAH = Ukrainian hryvnia
USD = U.S. dollars
ZAR = South African rand
Refer to the notes to financial statements.
238 | American Funds Insurance Series |
Investment portfolio December 31, 2023
Bonds, notes & other debt instruments 88.89% | Principal amount (000) | Value (000) | ||||||
Corporate bonds, notes & loans 88.47% | ||||||||
Energy 15.14% | ||||||||
Aethon United BR, LP 8.25% 2/15/20261 | USD | 435 | $ | 438 | ||||
Antero Midstream Partners, LP 5.375% 6/15/20291 | 570 | 549 | ||||||
Antero Resources Corp. 7.625% 2/1/20291 | 244 | 251 | ||||||
Antero Resources Corp. 5.375% 3/1/20301 | 130 | 125 | ||||||
Ascent Resources Utica Holdings, LLC 7.00% 11/1/20261 | 2,040 | 2,056 | ||||||
Ascent Resources Utica Holdings, LLC 9.00% 11/1/20271 | 170 | 214 | ||||||
Ascent Resources Utica Holdings, LLC 8.25% 12/31/20281 | 271 | 273 | ||||||
Ascent Resources Utica Holdings, LLC 5.875% 6/30/20291 | 1,385 | 1,290 | ||||||
BIP-V Chinook Holdco, LLC 5.50% 6/15/20311 | 1,210 | 1,148 | ||||||
Blue Racer Midstream, LLC 7.625% 12/15/20251 | 496 | 503 | ||||||
Borr IHC, Ltd. 10.00% 11/15/20281 | 1,970 | 2,059 | ||||||
Borr IHC, Ltd. 10.375% 11/15/20301 | 545 | 564 | ||||||
California Resources Corp. 7.125% 2/1/20261 | 390 | 396 | ||||||
Callon Petroleum Co. 7.50% 6/15/20301 | 1,665 | 1,681 | ||||||
Cheniere Energy Partners, LP 4.50% 10/1/2029 | 58 | 56 | ||||||
Cheniere Energy, Inc. 4.625% 10/15/2028 | 1,041 | 1,017 | ||||||
Chesapeake Energy Corp. 5.50% 2/1/20261 | 790 | 784 | ||||||
Chesapeake Energy Corp. 5.875% 2/1/20291 | 2,055 | 2,016 | ||||||
Chesapeake Energy Corp. 6.75% 4/15/20291 | 755 | 763 | ||||||
Chord Energy Corp. 6.375% 6/1/20261 | 190 | 190 | ||||||
CITGO Petroleum Corp. 6.375% 6/15/20261 | 375 | 374 | ||||||
CITGO Petroleum Corp. 8.375% 1/15/20291 | 1,410 | 1,451 | ||||||
Civitas Resources, Inc. 5.00% 10/15/20261 | 905 | 879 | ||||||
Civitas Resources, Inc. 8.375% 7/1/20281 | 530 | 554 | ||||||
Civitas Resources, Inc. 8.625% 11/1/20301 | 730 | 775 | ||||||
Civitas Resources, Inc. 8.75% 7/1/20311 | 2,987 | 3,184 | ||||||
CNX Midstream Partners, LP 4.75% 4/15/20301 | 280 | 252 | ||||||
CNX Resources Corp. 7.25% 3/14/20271 | 1,168 | 1,180 | ||||||
CNX Resources Corp. 6.00% 1/15/20291 | 1,804 | 1,732 | ||||||
CNX Resources Corp. 7.375% 1/15/20311 | 911 | 918 | ||||||
Comstock Resources, Inc. 6.75% 3/1/20291 | 805 | 737 | ||||||
Comstock Resources, Inc. 5.875% 1/15/20301 | 1,130 | 982 | ||||||
Constellation Oil Services Holding SA 3.00% Cash 12/31/20262 | 3,201 | 2,328 | ||||||
Continental Resources, Inc. 5.75% 1/15/20311 | 365 | 364 | ||||||
Crescent Energy Finance, LLC 7.25% 5/1/20261 | 500 | 504 | ||||||
Crescent Energy Finance, LLC 9.25% 2/15/20281 | 1,498 | 1,555 | ||||||
Devon Energy Corp. 5.875% 6/15/2028 | 202 | 204 | ||||||
Devon Energy Corp. 4.50% 1/15/2030 | 493 | 474 | ||||||
DT Midstream, Inc. 4.125% 6/15/20291 | 1,408 | 1,297 | ||||||
DT Midstream, Inc. 4.375% 6/15/20311 | 307 | 277 | ||||||
Encino Acquisition Partners Holdings, LLC 8.50% 5/1/20281 | 250 | 247 | ||||||
Energean Israel Finance, Ltd. 5.875% 3/30/20311 | 1,025 | 868 | ||||||
Energy Transfer, LP 6.00% 2/1/20291 | 55 | 56 | ||||||
Energy Transfer, LP 8.00% 4/1/20291 | 1,295 | 1,348 | ||||||
EQM Midstream Partners, LP 4.125% 12/1/2026 | 87 | 84 | ||||||
EQM Midstream Partners, LP 7.50% 6/1/20271 | 270 | 278 | ||||||
EQM Midstream Partners, LP 6.50% 7/1/20271 | 1,910 | 1,946 | ||||||
EQM Midstream Partners, LP 5.50% 7/15/2028 | 881 | 873 | ||||||
EQM Midstream Partners, LP 4.50% 1/15/20291 | 835 | 790 | ||||||
EQM Midstream Partners, LP 7.50% 6/1/20301 | 338 | 364 | ||||||
EQM Midstream Partners, LP 4.75% 1/15/20311 | 1,690 | 1,575 | ||||||
EQM Midstream Partners, LP 6.50% 7/15/2048 | 1,115 | 1,144 | ||||||
EQT Corp. 5.00% 1/15/2029 | 170 | 169 | ||||||
EQT Corp. 3.625% 5/15/20311 | 290 | 259 | ||||||
Genesis Energy, LP 6.25% 5/15/2026 | 320 | 320 | ||||||
Genesis Energy, LP 8.00% 1/15/2027 | 3,115 | 3,169 | ||||||
Genesis Energy, LP 7.75% 2/1/2028 | 87 | 87 | ||||||
Genesis Energy, LP 8.25% 1/15/2029 | 1,480 | 1,524 | ||||||
Genesis Energy, LP 8.875% 4/15/2030 | 1,110 | 1,149 | ||||||
Harbour Energy PLC 5.50% 10/15/20261 | 1,545 | 1,512 | ||||||
Harvest Midstream I, LP 7.50% 9/1/20281 | 1,717 | 1,709 |
American Funds Insurance Series | 239 |
American High-Income Trust (continued)
Bonds, notes & other debt instruments (continued) | Principal amount (000) | Value (000) | ||||||
Corporate bonds, notes & loans (continued) | ||||||||
Energy (continued) | ||||||||
Hess Midstream Operations, LP 5.125% 6/15/20281 | USD | 156 | $ | 151 | ||||
Hess Midstream Operations, LP 4.25% 2/15/20301 | 1,430 | 1,317 | ||||||
Hess Midstream Operations, LP 5.50% 10/15/20301 | 400 | 388 | ||||||
Hilcorp Energy I, LP 6.25% 11/1/20281 | 145 | 145 | ||||||
Hilcorp Energy I, LP 5.75% 2/1/20291 | 985 | 952 | ||||||
Hilcorp Energy I, LP 6.00% 4/15/20301 | 922 | 895 | ||||||
Hilcorp Energy I, LP 6.00% 2/1/20311 | 938 | 908 | ||||||
Hilcorp Energy I, LP 6.25% 4/15/20321 | 935 | 901 | ||||||
Hilcorp Energy I, LP 8.375% 11/1/20331 | 2,238 | 2,374 | ||||||
Jonah Energy, LLC 12.00% 11/5/20253 | 852 | 852 | ||||||
Matador Resources Co. 6.875% 4/15/20281 | 425 | 431 | ||||||
Mesquite Energy, Inc. 7.25% 2/15/20231,4 | 739 | 59 | ||||||
Murphy Oil Corp. 6.375% 7/15/2028 | 243 | 244 | ||||||
Murphy Oil USA, Inc. 3.75% 2/15/20311 | 820 | 715 | ||||||
Nabors Industries, Inc. 7.375% 5/15/20271 | 1,615 | 1,584 | ||||||
Nabors Industries, Inc. 9.125% 1/31/20301 | 1,275 | 1,281 | ||||||
Nabors Industries, Ltd. 7.25% 1/15/20261 | 350 | 337 | ||||||
Neptune Energy Bondco PLC 6.625% 5/15/20251 | 1,250 | 1,240 | ||||||
New Fortress Energy, Inc. 6.75% 9/15/20251 | 1,720 | 1,708 | ||||||
New Fortress Energy, Inc. 6.50% 9/30/20261 | 5,155 | 4,956 | ||||||
New Fortress Energy, Inc., Term Loan, (3-month USD CME Term SOFR + 5.00%) 10.39% 10/30/20285,6 | 270 | 267 | ||||||
NGL Energy Operating, LLC 7.50% 2/1/20261 | 8,280 | 8,369 | ||||||
NGL Energy Partners, LP 6.125% 3/1/2025 | 1,964 | 1,962 | ||||||
NGL Energy Partners, LP 7.50% 4/15/2026 | 875 | 871 | ||||||
Noble Finance II, LLC 8.00% 4/15/20301 | 485 | 505 | ||||||
Northern Oil and Gas, Inc. 8.125% 3/1/20281 | 1,985 | 2,012 | ||||||
Northern Oil and Gas, Inc. 8.75% 6/15/20311 | 1,215 | 1,267 | ||||||
NuStar Logistics, LP 6.00% 6/1/2026 | 286 | 286 | ||||||
Occidental Petroleum Corp. 6.625% 9/1/2030 | 390 | 415 | ||||||
Occidental Petroleum Corp. 6.125% 1/1/2031 | 465 | 483 | ||||||
Occidental Petroleum Corp. 6.45% 9/15/2036 | 245 | 260 | ||||||
Occidental Petroleum Corp. 6.20% 3/15/2040 | 290 | 300 | ||||||
Occidental Petroleum Corp. 6.60% 3/15/2046 | 305 | 331 | ||||||
Parkland Corp. 4.625% 5/1/20301 | 440 | 405 | ||||||
PDC Energy, Inc. 5.75% 5/15/2026 | 600 | 599 | ||||||
Permian Resources Operating, LLC 6.875% 4/1/20271 | 455 | 455 | ||||||
Permian Resources Operating, LLC 8.00% 4/15/20271 | 58 | 60 | ||||||
Permian Resources Operating, LLC 9.875% 7/15/20311 | 1,030 | 1,146 | ||||||
Permian Resources Operating, LLC 7.00% 1/15/20321 | 395 | 408 | ||||||
Petroleos Mexicanos 4.875% 1/18/2024 | 223 | 223 | ||||||
Petroleos Mexicanos 6.875% 10/16/2025 | 350 | 345 | ||||||
Petroleos Mexicanos 8.75% 6/2/2029 | 732 | 712 | ||||||
Petrorio Luxembourg SARL 6.125% 6/9/20261 | 320 | 314 | ||||||
Range Resources Corp. 4.875% 5/15/2025 | 362 | 358 | ||||||
Range Resources Corp. 8.25% 1/15/2029 | 825 | 855 | ||||||
Range Resources Corp. 4.75% 2/15/20301 | 970 | 898 | ||||||
Rockies Express Pipeline, LLC 4.95% 7/15/20291 | 375 | 359 | ||||||
Seadrill Finance, Ltd. 8.375% 8/1/20301 | 930 | 971 | ||||||
Sitio Royalties Operating Partnership, LP 7.875% 11/1/20281 | 350 | 363 | ||||||
Southwestern Energy Co. 5.375% 3/15/2030 | 1,690 | 1,652 | ||||||
Southwestern Energy Co. 4.75% 2/1/2032 | 570 | 528 | ||||||
Suburban Propane Partners, LP 5.00% 6/1/20311 | 335 | 304 | ||||||
Sunoco, LP 6.00% 4/15/2027 | 547 | 549 | ||||||
Sunoco, LP 5.875% 3/15/2028 | 290 | 290 | ||||||
Sunoco, LP 7.00% 9/15/20281 | 1,645 | 1,698 | ||||||
Sunoco, LP 4.50% 5/15/2029 | 1,970 | 1,832 | ||||||
Sunoco, LP 4.50% 4/30/2030 | 1,955 | 1,812 | ||||||
Tallgrass Energy Partners, LP 7.50% 10/1/20251 | 85 | 85 | ||||||
Targa Resources Partners, LP 6.50% 7/15/2027 | 133 | 135 | ||||||
Targa Resources Partners, LP 6.875% 1/15/2029 | 915 | 946 |
240 | American Funds Insurance Series |
American High-Income Trust (continued)
Bonds, notes & other debt instruments (continued) | Principal amount (000) | Value (000) | ||||||
Corporate bonds, notes & loans (continued) | ||||||||
Energy (continued) | ||||||||
Targa Resources Partners, LP 5.50% 3/1/2030 | USD | 327 | $ | 327 | ||||
Targa Resources Partners, LP 4.875% 2/1/2031 | 695 | 676 | ||||||
Transocean Aquila, Ltd. 8.00% 9/30/20281 | 575 | 584 | ||||||
Transocean Poseidon, Ltd. 6.875% 2/1/20271 | 527 | 525 | ||||||
Transocean Titan Financing, Ltd. 8.375% 2/1/20281 | 1,032 | 1,071 | ||||||
Transocean, Inc. 11.50% 1/30/20271 | 245 | 256 | ||||||
Transocean, Inc. 8.75% 2/15/20301 | 503 | 525 | ||||||
Transocean, Inc. 6.80% 3/15/2038 | 540 | 434 | ||||||
USA Compression Partners, LP 6.875% 4/1/2026 | 646 | 644 | ||||||
USA Compression Partners, LP 6.875% 9/1/2027 | 247 | 244 | ||||||
Valaris, Ltd. 8.375% 4/30/20301 | 450 | 461 | ||||||
Venture Global Calcasieu Pass, LLC 6.25% 1/15/20301 | 195 | 194 | ||||||
Venture Global Calcasieu Pass, LLC 4.125% 8/15/20311 | 2,250 | 1,985 | ||||||
Venture Global Calcasieu Pass, LLC 3.875% 11/1/20331 | 1,690 | 1,434 | ||||||
Venture Global LNG, Inc. 8.125% 6/1/20281 | 710 | 718 | ||||||
Venture Global LNG, Inc. 9.50% 2/1/20291 | 405 | 429 | ||||||
Venture Global LNG, Inc. 8.375% 6/1/20311 | 1,000 | 1,001 | ||||||
Vital Energy, Inc. 10.125% 1/15/2028 | 250 | 257 | ||||||
Vital Energy, Inc. 9.75% 10/15/2030 | 555 | 576 | ||||||
W&T Offshore, Inc. 11.75% 2/1/20261 | 355 | 365 | ||||||
Weatherford International, Ltd. 6.50% 9/15/20281 | 1,486 | 1,539 | ||||||
Weatherford International, Ltd. 8.625% 4/30/20301 | 3,721 | 3,888 | ||||||
Western Midstream Operating, LP 3.10% 2/1/20257 | 450 | 438 | ||||||
Western Midstream Operating, LP 3.95% 6/1/2025 | 65 | 63 | ||||||
Western Midstream Operating, LP 4.50% 3/1/2028 | 239 | 231 | ||||||
Western Midstream Operating, LP 5.25% 2/1/20507 | 545 | 489 | ||||||
132,287 | ||||||||
Consumer discretionary 11.71% | ||||||||
Acushnet Co. 7.375% 10/15/20281 | 470 | 491 | ||||||
Advance Auto Parts, Inc. 1.75% 10/1/2027 | 199 | 171 | ||||||
Advance Auto Parts, Inc. 5.95% 3/9/2028 | 345 | 344 | ||||||
Advance Auto Parts, Inc. 3.90% 4/15/2030 | 1,076 | 966 | ||||||
Advance Auto Parts, Inc. 3.50% 3/15/2032 | 593 | 491 | ||||||
Allied Universal Holdco, LLC 6.625% 7/15/20261 | 8 | 8 | ||||||
Allied Universal Holdco, LLC 9.75% 7/15/20271 | 731 | 717 | ||||||
Allied Universal Holdco, LLC 4.625% 6/1/20281 | 1,190 | 1,083 | ||||||
Allied Universal Holdco, LLC 6.00% 6/1/20291 | 1,310 | 1,069 | ||||||
Allwyn Entertainment Financing (UK) PLC 7.875% 4/30/20291 | 904 | 924 | ||||||
Asbury Automotive Group, Inc. 4.625% 11/15/20291 | 1,545 | 1,432 | ||||||
Asbury Automotive Group, Inc. 5.00% 2/15/20321 | 1,310 | 1,192 | ||||||
Atlas LuxCo 4 SARL 4.625% 6/1/20281 | 280 | 256 | ||||||
Bath & Body Works, Inc. 6.875% 11/1/2035 | 1,306 | 1,324 | ||||||
Bath & Body Works, Inc. 6.75% 7/1/2036 | 875 | 882 | ||||||
Boyd Gaming Corp. 4.75% 12/1/2027 | 441 | 425 | ||||||
Boyd Gaming Corp. 4.75% 6/15/20311 | 345 | 317 | ||||||
Boyne USA, Inc. 4.75% 5/15/20291 | 650 | 612 | ||||||
Caesars Entertainment, Inc. 6.25% 7/1/20251 | 1,085 | 1,089 | ||||||
Caesars Entertainment, Inc. 4.625% 10/15/20291 | 499 | 451 | ||||||
Caesars Entertainment, Inc. 7.00% 2/15/20301 | 1,065 | 1,093 | ||||||
Caesars Resort Collection, LLC 5.75% 7/1/20251 | 345 | 345 | ||||||
Carnival Corp. 5.75% 3/1/20271 | 1,445 | 1,411 | ||||||
Carnival Corp. 4.00% 8/1/20281 | 3,425 | 3,187 | ||||||
Carnival Corp. 6.00% 5/1/20291 | 4,636 | 4,464 | ||||||
Carnival Corp. 7.00% 8/15/20291 | 635 | 663 | ||||||
Carnival Corp. 10.50% 6/1/20301 | 1,564 | 1,712 | ||||||
Carvana Co. 12.00% PIK 12/1/20281,2 | 125 | 106 | ||||||
Clarios Global, LP 6.25% 5/15/20261 | 140 | 140 | ||||||
Clarios Global, LP 8.50% 5/15/20271 | 315 | 317 | ||||||
Dana, Inc. 4.50% 2/15/2032 | 120 | 105 |
American Funds Insurance Series | 241 |
American High-Income Trust (continued)
Bonds, notes & other debt instruments (continued) | Principal amount (000) | Value (000) | ||||||
Corporate bonds, notes & loans (continued) | ||||||||
Consumer discretionary (continued) | ||||||||
Everi Holdings, Inc. 5.00% 7/15/20291 | USD | 95 | $ | 86 | ||||
Fertitta Entertainment, LLC 4.625% 1/15/20291 | 1,405 | 1,276 | ||||||
Fertitta Entertainment, LLC 6.75% 1/15/20301 | 3,870 | 3,402 | ||||||
First Student Bidco, Inc. 4.00% 7/31/20291 | 1,365 | 1,185 | ||||||
First Student Bidco, Inc., Term Loan B, (3-month USD CME Term SOFR + 3.00%) 8.61% 7/21/20285,6 | 218 | 217 | ||||||
Ford Motor Co. 3.25% 2/12/2032 | 210 | 175 | ||||||
Ford Motor Co. 6.10% 8/19/2032 | 600 | 605 | ||||||
Ford Motor Credit Co., LLC 2.30% 2/10/2025 | 280 | 269 | ||||||
Ford Motor Credit Co., LLC 3.375% 11/13/2025 | 665 | 637 | ||||||
Ford Motor Credit Co., LLC 6.95% 6/10/2026 | 1,319 | 1,354 | ||||||
Ford Motor Credit Co., LLC 4.542% 8/1/2026 | 660 | 639 | ||||||
Ford Motor Credit Co., LLC 2.70% 8/10/2026 | 390 | 361 | ||||||
Ford Motor Credit Co., LLC 4.271% 1/9/2027 | 900 | 864 | ||||||
Ford Motor Credit Co., LLC 4.125% 8/17/2027 | 200 | 190 | ||||||
Ford Motor Credit Co., LLC 3.815% 11/2/2027 | 880 | 822 | ||||||
Ford Motor Credit Co., LLC 2.90% 2/16/2028 | 300 | 270 | ||||||
Ford Motor Credit Co., LLC 6.80% 5/12/2028 | 330 | 345 | ||||||
Ford Motor Credit Co., LLC 5.113% 5/3/2029 | 300 | 292 | ||||||
Ford Motor Credit Co., LLC 7.20% 6/10/2030 | 700 | 746 | ||||||
Ford Motor Credit Co., LLC 4.00% 11/13/2030 | 770 | 691 | ||||||
Ford Motor Credit Co., LLC 7.122% 11/7/2033 | 815 | 879 | ||||||
Gap, Inc. 3.625% 10/1/20291 | 170 | 146 | ||||||
Gap, Inc. 3.875% 10/1/20311 | 108 | 89 | ||||||
Group 1 Automotive, Inc. 4.00% 8/15/20281 | 380 | 353 | ||||||
Hanesbrands, Inc. 4.875% 5/15/20261 | 714 | 689 | ||||||
Hanesbrands, Inc. 9.00% 2/15/20311 | 1,375 | 1,349 | ||||||
Hanesbrands, Inc., Term Loan B, (3-month USD CME Term SOFR + 3.75%) 9.106% 3/8/20305,6 | 990 | 990 | ||||||
Hilton Domestic Operating Co., Inc. 4.875% 1/15/2030 | 408 | 396 | ||||||
Hilton Domestic Operating Co., Inc. 4.00% 5/1/20311 | 1,045 | 958 | ||||||
Hilton Grand Vacations Borrower, LLC 5.00% 6/1/20291 | 591 | 546 | ||||||
Hyundai Capital America 1.65% 9/17/20261 | 70 | 64 | ||||||
International Game Technology PLC 6.50% 2/15/20251 | 201 | 201 | ||||||
International Game Technology PLC 4.125% 4/15/20261 | 465 | 452 | ||||||
International Game Technology PLC 5.25% 1/15/20291 | 2,620 | 2,567 | ||||||
KB Home 6.875% 6/15/2027 | 330 | 343 | ||||||
KB Home 7.25% 7/15/2030 | 330 | 342 | ||||||
Kontoor Brands, Inc. 4.125% 11/15/20291 | 370 | 335 | ||||||
LCM Investments Holdings II, LLC 4.875% 5/1/20291 | 4,735 | 4,404 | ||||||
LCM Investments Holdings II, LLC 8.25% 8/1/20311 | 1,835 | 1,917 | ||||||
Levi Strauss & Co. 3.50% 3/1/20311 | 830 | 720 | ||||||
LGI Homes, Inc. 8.75% 12/15/20281 | 445 | 474 | ||||||
Light and Wonder International, Inc. 7.00% 5/15/20281 | 735 | 743 | ||||||
Light and Wonder International, Inc. 7.25% 11/15/20291 | 960 | 984 | ||||||
Light and Wonder International, Inc. 7.50% 9/1/20311 | 445 | 464 | ||||||
Lindblad Expeditions, LLC 6.75% 2/15/20271 | 205 | 204 | ||||||
Lithia Motors, Inc. 3.875% 6/1/20291 | 1,090 | 986 | ||||||
Lithia Motors, Inc. 4.375% 1/15/20311 | 830 | 755 | ||||||
M.D.C. Holdings, Inc. 6.00% 1/15/2043 | 573 | 534 | ||||||
Marriott Ownership Resorts, Inc. 4.50% 6/15/20291 | 1,370 | 1,209 | ||||||
Melco Resorts Finance, Ltd. 5.75% 7/21/20281 | 595 | 552 | ||||||
Merlin Entertainments PLC 5.75% 6/15/20261 | 492 | 487 | ||||||
MGM Resorts International 5.50% 4/15/2027 | 200 | 199 | ||||||
Motel 6 Operating, LP, Term Loan B, (3-month USD CME Term SOFR + 5.00%) 10.465% 9/9/20265,6 | 227 | 227 | ||||||
NCL Corp., Ltd. 3.625% 12/15/20241 | 300 | 292 | ||||||
NCL Corp., Ltd. 5.875% 3/15/20261 | 405 | 396 | ||||||
NCL Corp., Ltd. 5.875% 2/15/20271 | 830 | 823 | ||||||
NCL Corp., Ltd. 7.75% 2/15/20291 | 360 | 363 | ||||||
Neiman Marcus Group, Ltd., LLC 7.125% 4/1/20261 | 1,650 | 1,587 |
242 | American Funds Insurance Series |
American High-Income Trust (continued)
Bonds, notes & other debt instruments (continued) | Principal amount (000) | Value (000) | ||||||
Corporate bonds, notes & loans (continued) | ||||||||
Consumer discretionary (continued) | ||||||||
Ontario Gaming GTA, LP, Term Loan B, (3-month USD CME Term SOFR + 4.25%) 9.598% 8/1/20305,6 | USD | 425 | $ | 427 | ||||
Party City Holdings, Inc. 0% 10/12/20283 | 500 | — | 8 | |||||
Party City Holdings, Inc. 12.00% PIK or 12.00% Cash 1/11/20291,2 | 2,206 | 2,156 | ||||||
PENN Entertainment, Inc. 5.625% 1/15/20271 | 660 | 640 | ||||||
PENN Entertainment, Inc. 4.125% 7/1/20291 | 15 | 13 | ||||||
Premier Entertainment Sub, LLC 5.625% 9/1/20291 | 200 | 160 | ||||||
QVC, Inc. 4.85% 4/1/2024 | 1,935 | 1,917 | ||||||
QVC, Inc. 4.45% 2/15/2025 | 580 | 545 | ||||||
Raising Canes Restaurants, LLC 9.375% 5/1/20291 | 335 | 358 | ||||||
Resorts World Las Vegas, LLC 4.625% 4/16/20299 | 300 | 262 | ||||||
RHP Hotel Properties, LP 7.25% 7/15/20281 | 492 | 512 | ||||||
Royal Caribbean Cruises, Ltd. 4.25% 7/1/20261 | 1,090 | 1,053 | ||||||
Royal Caribbean Cruises, Ltd. 5.50% 8/31/20261 | 715 | 708 | ||||||
Royal Caribbean Cruises, Ltd. 5.375% 7/15/20271 | 1,365 | 1,352 | ||||||
Royal Caribbean Cruises, Ltd. 3.70% 3/15/2028 | 1,700 | 1,569 | ||||||
Royal Caribbean Cruises, Ltd. 5.50% 4/1/20281 | 795 | 785 | ||||||
Royal Caribbean Cruises, Ltd. 8.25% 1/15/20291 | 1,775 | 1,887 | ||||||
Royal Caribbean Cruises, Ltd. 9.25% 1/15/20291 | 1,010 | 1,087 | ||||||
Royal Caribbean Cruises, Ltd. 7.25% 1/15/20301 | 553 | 578 | ||||||
Sally Holdings, LLC 5.625% 12/1/2025 | 935 | 936 | ||||||
Scientific Games Holdings, LP 6.625% 3/1/20301 | 805 | 762 | ||||||
Scientific Games Holdings, LP, Term Loan B, (3-month USD CME Term SOFR + 3.50%) 8.914% 4/4/20295,6 | 499 | 499 | ||||||
Service Corp. International 4.00% 5/15/2031 | 170 | 152 | ||||||
Sonic Automotive, Inc. 4.625% 11/15/20291 | 1,735 | 1,581 | ||||||
Sonic Automotive, Inc. 4.875% 11/15/20311 | 2,525 | 2,253 | ||||||
Tempur Sealy International, Inc. 4.00% 4/15/20291 | 95 | 86 | ||||||
Travel + Leisure Co. 4.50% 12/1/20291 | 490 | 439 | ||||||
Universal Entertainment Corp. 8.75% 12/11/20241 | 3,510 | 3,778 | ||||||
Vail Resorts, Inc. 6.25% 5/15/20251 | 367 | 366 | ||||||
Valvoline, Inc. 4.25% 2/15/20301 | 353 | 351 | ||||||
Valvoline, Inc. 3.625% 6/15/20311 | 600 | 513 | ||||||
WASH Multifamily Acquisition, Inc. 5.75% 4/15/20261 | 1,245 | 1,199 | ||||||
Wyndham Hotels & Resorts, Inc. 4.375% 8/15/20281 | 910 | 852 | ||||||
Wynn Resorts Finance, LLC 5.125% 10/1/20291 | 482 | 455 | ||||||
Wynn Resorts Finance, LLC 7.125% 2/15/20311 | 247 | 258 | ||||||
ZF North America Capital, Inc. 4.75% 4/29/20251 | 300 | 297 | ||||||
ZF North America Capital, Inc. 7.125% 4/14/20301 | 250 | 267 | ||||||
102,285 | ||||||||
Communication services 11.47% | ||||||||
Altice France Holding SA 10.50% 5/15/20271 | 880 | 571 | ||||||
Altice France SA 5.125% 7/15/20291 | 1,677 | 1,307 | ||||||
CCO Holdings, LLC 5.50% 5/1/20261 | 102 | 101 | ||||||
CCO Holdings, LLC 5.00% 2/1/20281 | 786 | 753 | ||||||
CCO Holdings, LLC 5.375% 6/1/20291 | 360 | 340 | ||||||
CCO Holdings, LLC 6.375% 9/1/20291 | 300 | 296 | ||||||
CCO Holdings, LLC 4.75% 3/1/20301 | 3,521 | 3,222 | ||||||
CCO Holdings, LLC 4.50% 8/15/20301 | 3,029 | 2,735 | ||||||
CCO Holdings, LLC 4.25% 2/1/20311 | 3,093 | 2,707 | ||||||
CCO Holdings, LLC 4.75% 2/1/20321 | 2,504 | 2,211 | ||||||
CCO Holdings, LLC 4.50% 5/1/2032 | 878 | 753 | ||||||
CCO Holdings, LLC 4.50% 6/1/20331 | 1,543 | 1,308 | ||||||
CCO Holdings, LLC 4.25% 1/15/20341 | 2,321 | 1,889 | ||||||
Charter Communications Operating, LLC 5.25% 4/1/2053 | 400 | 336 | ||||||
Clear Channel Outdoor Holdings, Inc. 7.75% 4/15/20281 | 570 | 492 | ||||||
Clear Channel Outdoor Holdings, Inc. 7.50% 6/1/20291 | 315 | 262 | ||||||
Cogent Communications Group, Inc. 3.50% 5/1/20261 | 690 | 661 | ||||||
Connect Finco SARL 6.75% 10/1/20261 | 1,100 | 1,094 |
American Funds Insurance Series | 243 |
American High-Income Trust (continued)
Bonds, notes & other debt instruments (continued) | Principal amount (000) | Value (000) | ||||||
Corporate bonds, notes & loans (continued) | ||||||||
Communication services (continued) | ||||||||
Consolidated Communications, Inc. 5.00% 10/1/20281 | USD | 225 | $ | 185 | ||||
CSC Holdings, LLC 6.50% 2/1/20291 | 600 | 530 | ||||||
Diamond Sports Group, LLC 5.375% 8/15/20261,4 | 503 | 26 | ||||||
Diamond Sports Group, LLC 6.625% 8/15/20271,4 | 1,056 | 55 | ||||||
DIRECTV Financing, LLC 5.875% 8/15/20271 | 3,021 | 2,841 | ||||||
DIRECTV Financing, LLC, Term Loan, (3-month USD CME Term SOFR + 5.00%) 10.65% 8/2/20275,6 | 1,487 | 1,493 | ||||||
DISH DBS Corp. 5.875% 11/15/2024 | 7,815 | 7,335 | ||||||
DISH DBS Corp. 7.75% 7/1/2026 | 1,365 | 952 | ||||||
DISH Network Corp. 11.75% 11/15/20271 | 5,840 | 6,101 | ||||||
Embarq Corp. 7.995% 6/1/2036 | 3,624 | 2,269 | ||||||
Frontier Communications Holdings, LLC 5.875% 10/15/20271 | 985 | 952 | ||||||
Frontier Communications Holdings, LLC 5.00% 5/1/20281 | 2,960 | 2,738 | ||||||
Frontier Communications Holdings, LLC 6.75% 5/1/20291 | 3,070 | 2,748 | ||||||
Frontier Communications Holdings, LLC 5.875% 11/1/2029 | 725 | 614 | ||||||
Frontier Communications Holdings, LLC 6.00% 1/15/20301 | 750 | 641 | ||||||
Frontier Communications Holdings, LLC 8.75% 5/15/20301 | 710 | 731 | ||||||
Frontier Communications Holdings, LLC 8.625% 3/15/20311 | 185 | 189 | ||||||
Gray Escrow II, Inc. 5.375% 11/15/20311 | 2,240 | 1,693 | ||||||
Gray Television, Inc. 5.875% 7/15/20261 | 1,988 | 1,936 | ||||||
Gray Television, Inc. 7.00% 5/15/20271 | 1,873 | 1,782 | ||||||
Gray Television, Inc. 4.75% 10/15/20301 | 717 | 541 | ||||||
iHeartCommunications, Inc. 5.25% 8/15/20271 | 640 | 509 | ||||||
iHeartCommunications, Inc. 4.75% 1/15/20281 | 250 | 193 | ||||||
Intelsat Jackson Holdings SA 6.50% 3/15/20301 | 645 | 616 | ||||||
Lamar Media Corp. 3.75% 2/15/2028 | 61 | 57 | ||||||
Lamar Media Corp. 4.875% 1/15/2029 | 300 | 291 | ||||||
Lamar Media Corp. 4.00% 2/15/2030 | 260 | 239 | ||||||
Lamar Media Corp. 3.625% 1/15/2031 | 160 | 142 | ||||||
Level 3 Financing, Inc. 3.75% 7/15/20291 | 550 | 234 | ||||||
Ligado Networks, LLC 15.50% PIK 11/11/20231,2,4 | 2,558 | 489 | ||||||
Ligado Networks, LLC, Term Loan, 17.50% PIK 11/11/20232,3,4,5 | 281 | 267 | ||||||
Likewize Corp. 9.75% 10/15/20251 | 140 | 142 | ||||||
Midas OpCo Holdings, LLC 5.625% 8/15/20291 | 2,880 | 2,652 | ||||||
News Corp. 3.875% 5/15/20291 | 1,495 | 1,376 | ||||||
Nexstar Media, Inc. 5.625% 7/15/20271 | 324 | 314 | ||||||
Nexstar Media, Inc. 4.75% 11/1/20281 | 3,355 | 3,094 | ||||||
Scripps Escrow II, Inc. 3.875% 1/15/20291 | 680 | 602 | ||||||
Sirius XM Radio, Inc. 3.125% 9/1/20261 | 2,080 | 1,956 | ||||||
Sirius XM Radio, Inc. 4.00% 7/15/20281 | 2,885 | 2,670 | ||||||
Sirius XM Radio, Inc. 5.50% 7/1/20291 | 95 | 92 | ||||||
Sirius XM Radio, Inc. 4.125% 7/1/20301 | 1,322 | 1,180 | ||||||
Sirius XM Radio, Inc. 3.875% 9/1/20311 | 3,433 | 2,941 | ||||||
Sprint Capital Corp. 6.875% 11/15/2028 | 316 | 343 | ||||||
Sprint Capital Corp. 8.75% 3/15/2032 | 716 | 885 | ||||||
Sprint, LLC 7.625% 3/1/2026 | 480 | 502 | ||||||
TEGNA, Inc. 5.00% 9/15/2029 | 366 | 336 | ||||||
T-Mobile USA, Inc. 3.375% 4/15/2029 | 860 | 800 | ||||||
Univision Communications, Inc. 5.125% 2/15/20251 | 740 | 738 | ||||||
Univision Communications, Inc. 6.625% 6/1/20271 | 3,335 | 3,328 | ||||||
Univision Communications, Inc. 8.00% 8/15/20281 | 2,235 | 2,307 | ||||||
Univision Communications, Inc. 4.50% 5/1/20291 | 5,262 | 4,701 | ||||||
Univision Communications, Inc. 7.375% 6/30/20301 | 2,235 | 2,231 | ||||||
Univision Communications, Inc., Term Loan, (3-month USD CME Term SOFR + 4.25%) 9.598% 6/24/20295,6 | 69 | 69 | ||||||
UPC Broadband Finco BV 4.875% 7/15/20311 | 430 | 379 | ||||||
Virgin Media Secured Finance PLC 4.50% 8/15/20301 | 590 | 526 | ||||||
VMED O2 UK Financing I PLC 4.25% 1/31/20311 | 2,375 | 2,077 | ||||||
VZ Secured Financing BV 5.00% 1/15/20321 | 600 | 513 | ||||||
WMG Acquisition Corp. 3.75% 12/1/20291 | 1,450 | 1,322 |
244 | American Funds Insurance Series |
American High-Income Trust (continued)
Bonds, notes & other debt instruments (continued) | Principal amount (000) | Value (000) | ||||||
Corporate bonds, notes & loans (continued) | ||||||||
Communication services (continued) | ||||||||
WMG Acquisition Corp. 3.875% 7/15/20301 | USD | 580 | $ | 525 | ||||
WMG Acquisition Corp. 3.00% 2/15/20311 | 225 | 193 | ||||||
Ziggo BV 4.875% 1/15/20301 | 1,150 | 1,027 | ||||||
100,248 | ||||||||
Materials 8.89% | ||||||||
Alcoa Nederland Holding BV 5.50% 12/15/20271 | 510 | 498 | ||||||
ArcelorMittal SA 6.80% 11/29/2032 | 315 | 341 | ||||||
ArcelorMittal SA 7.00% 10/15/2039 | 488 | 529 | ||||||
ArcelorMittal SA 6.75% 3/1/2041 | 755 | 801 | ||||||
ARD Finance SA 6.50% Cash 6/30/20271,2 | 422 | 198 | ||||||
Ardagh Metal Packaging Finance PLC 4.00% 9/1/20291 | 1,290 | 1,094 | ||||||
Ardagh Packaging Finance PLC 5.25% 8/15/20271 | 700 | 545 | ||||||
Arsenal AIC Parent, LLC 8.00% 10/1/20301 | 355 | 371 | ||||||
Arsenal AIC Parent, LLC, Term Loan B, (3-month USD CME Term SOFR + 4.50%) 9.856% 8/18/20305,6 | 354 | 356 | ||||||
ATI, Inc. 4.875% 10/1/2029 | 690 | 644 | ||||||
ATI, Inc. 7.25% 8/15/2030 | 375 | 391 | ||||||
ATI, Inc. 5.125% 10/1/2031 | 1,110 | 1,031 | ||||||
Avient Corp. 7.125% 8/1/20301 | 335 | 349 | ||||||
Axalta Coating Systems Dutch Holding B BV 7.25% 2/15/20311 | 240 | 252 | ||||||
Axalta Coating Systems, LLC 4.75% 6/15/20271 | 460 | 447 | ||||||
Ball Corp. 6.875% 3/15/2028 | 465 | 483 | ||||||
Ball Corp. 6.00% 6/15/2029 | 350 | 358 | ||||||
Ball Corp. 2.875% 8/15/2030 | 160 | 137 | ||||||
Ball Corp. 3.125% 9/15/2031 | 1,320 | 1,140 | ||||||
CAN-PACK Spolka Akcyjna 3.875% 11/15/20291 | 1,300 | 1,116 | ||||||
Cleveland-Cliffs, Inc. 6.75% 3/15/20261 | 372 | 374 | ||||||
Cleveland-Cliffs, Inc. 7.00% 3/15/2027 | 297 | 298 | ||||||
Cleveland-Cliffs, Inc. 5.875% 6/1/2027 | 2,563 | 2,557 | ||||||
Cleveland-Cliffs, Inc. 4.625% 3/1/20291 | 1,906 | 1,771 | ||||||
Cleveland-Cliffs, Inc. 6.75% 4/15/20301 | 550 | 558 | ||||||
Cleveland-Cliffs, Inc. 4.875% 3/1/20311 | 2,240 | 2,028 | ||||||
Consolidated Energy Finance SA 5.625% 10/15/20281 | 355 | 301 | ||||||
CSN Resources SA 8.875% 12/5/20301 | 400 | 417 | ||||||
CVR Partners, LP 6.125% 6/15/20281 | 1,480 | 1,382 | ||||||
Element Solutions, Inc. 3.875% 9/1/20281 | 410 | 378 | ||||||
First Quantum Minerals, Ltd. 7.50% 4/1/20251 | 3,283 | 3,133 | ||||||
First Quantum Minerals, Ltd. 6.875% 3/1/20261 | 3,061 | 2,744 | ||||||
First Quantum Minerals, Ltd. 6.875% 10/15/20271 | 6,525 | 5,554 | ||||||
First Quantum Minerals, Ltd. 8.625% 6/1/20311 | 400 | 340 | ||||||
Freeport-McMoRan, Inc. 4.25% 3/1/2030 | 437 | 411 | ||||||
Freeport-McMoRan, Inc. 5.45% 3/15/2043 | 411 | 401 | ||||||
FXI Holdings, Inc. 12.25% 11/15/20261 | 9,072 | 8,097 | ||||||
FXI Holdings, Inc. 12.25% 11/15/20261 | 5,873 | 5,271 | ||||||
INEOS Finance PLC 6.75% 5/15/20281 | 500 | 492 | ||||||
Kaiser Aluminum Corp. 4.625% 3/1/20281 | 638 | 591 | ||||||
LABL, Inc. 10.50% 7/15/20271 | 655 | 629 | ||||||
LABL, Inc. 5.875% 11/1/20281 | 730 | 663 | ||||||
LABL, Inc. 9.50% 11/1/20281 | 162 | 164 | ||||||
LABL, Inc. 8.25% 11/1/20291 | 715 | 604 | ||||||
LSB Industries, Inc. 6.25% 10/15/20281 | 2,145 | 2,037 | ||||||
Mauser Packaging Solutions Holding Co. 7.875% 8/15/20261 | 382 | 389 | ||||||
Mauser Packaging Solutions Holding Co. 9.25% 4/15/20271 | 625 | 614 | ||||||
Methanex Corp. 5.125% 10/15/2027 | 2,710 | 2,650 | ||||||
Methanex Corp. 5.25% 12/15/2029 | 462 | 445 | ||||||
Methanex Corp. 5.65% 12/1/2044 | 465 | 407 | ||||||
Mineral Resources, Ltd. 8.125% 5/1/20271 | 138 | 140 | ||||||
Mineral Resources, Ltd. 8.00% 11/1/20271 | 1,674 | 1,719 | ||||||
Mineral Resources, Ltd. 9.25% 10/1/20281 | 1,960 | 2,087 |
American Funds Insurance Series | 245 |
American High-Income Trust (continued)
Bonds, notes & other debt instruments (continued) | Principal amount (000) | Value (000) | ||||||
Corporate bonds, notes & loans (continued) | ||||||||
Materials (continued) | ||||||||
Mineral Resources, Ltd. 8.50% 5/1/20301 | USD | 630 | $ | 658 | ||||
NOVA Chemicals Corp. 4.875% 6/1/20241 | 760 | 754 | ||||||
NOVA Chemicals Corp. 5.25% 6/1/20271 | 1,431 | 1,343 | ||||||
NOVA Chemicals Corp. 8.50% 11/15/20281 | 630 | 661 | ||||||
NOVA Chemicals Corp. 4.25% 5/15/20291 | 1,555 | 1,311 | ||||||
Novelis Corp. 3.25% 11/15/20261 | 690 | 650 | ||||||
Novelis Corp. 4.75% 1/30/20301 | 478 | 450 | ||||||
Novelis Corp. 3.875% 8/15/20311 | 987 | 871 | ||||||
Olin Corp. 5.625% 8/1/2029 | 200 | 197 | ||||||
Olin Corp. 5.00% 2/1/2030 | 180 | 172 | ||||||
Olympus Water US Holding Corp. 9.75% 11/15/20281 | 1,225 | 1,302 | ||||||
Owens-Brockway Glass Container, Inc. 6.375% 8/15/20251 | 265 | 267 | ||||||
Rain Carbon, Inc. 12.25% 9/1/20291 | 128 | 125 | ||||||
SCIH Salt Holdings, Inc. 4.875% 5/1/20281 | 660 | 618 | ||||||
SCIH Salt Holdings, Inc. 6.625% 5/1/20291 | 1,085 | 1,014 | ||||||
Scotts Miracle-Gro Co. 4.50% 10/15/2029 | 184 | 164 | ||||||
Scotts Miracle-Gro Co. 4.375% 2/1/2032 | 415 | 351 | ||||||
Smyrna Ready Mix Concrete, LLC 8.875% 11/15/20311 | 275 | 289 | ||||||
Summit Materials, LLC 6.50% 3/15/20271 | 360 | 360 | ||||||
Summit Materials, LLC 5.25% 1/15/20291 | 755 | 731 | ||||||
Summit Materials, LLC 7.25% 1/15/20311 | 385 | 406 | ||||||
Trident TPI Holdings, Inc. 12.75% 12/31/20281 | 470 | 503 | ||||||
Trivium Packaging Finance BV 5.50% 8/15/20261 | 330 | 324 | ||||||
Trivium Packaging Finance BV 8.50% 8/15/20271 | 1,113 | 1,093 | ||||||
Tronox, Inc. 4.625% 3/15/20291 | 1,090 | 966 | ||||||
Venator Finance SARL, Term Loan, (USD-SOFR + 10.00%) 8.00% PIK and 7.43% Cash 10/10/20282,5,6 | 793 | 792 | ||||||
Warrior Met Coal, Inc. 7.875% 12/1/20281 | 623 | 621 | ||||||
77,720 | ||||||||
Health care 8.63% | ||||||||
AdaptHealth, LLC 6.125% 8/1/20281 | 535 | 462 | ||||||
AdaptHealth, LLC 4.625% 8/1/20291 | 985 | 761 | ||||||
AdaptHealth, LLC 5.125% 3/1/20301 | 1,105 | 863 | ||||||
AthenaHealth Group, Inc. 6.50% 2/15/20301 | 640 | 581 | ||||||
Avantor Funding, Inc. 4.625% 7/15/20281 | 1,930 | 1,867 | ||||||
Bausch + Lomb Corp., Term Loan B, (3-month USD CME Term SOFR + 3.25%) 8.71% 5/10/20275,6 | 454 | 450 | ||||||
Bausch Health Americas, Inc. 9.25% 4/1/20261 | 809 | 741 | ||||||
Bausch Health Americas, Inc. 8.50% 1/31/20271 | 501 | 276 | ||||||
Bausch Health Companies, Inc. 5.50% 11/1/20251 | 4,520 | 4,139 | ||||||
Bausch Health Companies, Inc. 9.00% 12/15/20251 | 1,256 | 1,175 | ||||||
Bausch Health Companies, Inc. 6.125% 2/1/20271 | 245 | 166 | ||||||
Bausch Health Companies, Inc. 5.75% 8/15/20271 | 1,095 | 707 | ||||||
Bausch Health Companies, Inc. 5.00% 1/30/20281 | 982 | 446 | ||||||
Bausch Health Companies, Inc. 4.875% 6/1/20281 | 3,390 | 2,046 | ||||||
Bausch Health Companies, Inc. 7.25% 5/30/20291 | 340 | 156 | ||||||
Bausch Health Companies, Inc. 5.25% 1/30/20301 | 1,732 | 800 | ||||||
Bausch Health Companies, Inc. 5.25% 2/15/20311 | 3,682 | 1,608 | ||||||
Bausch Health Companies, Inc., Term Loan, (3-month USD CME Term SOFR + 5.25%) 10.706% 2/1/20275,6 | 360 | 295 | ||||||
Catalent Pharma Solutions, Inc. 5.00% 7/15/20271 | 290 | 280 | ||||||
Catalent Pharma Solutions, Inc. 3.125% 2/15/20291 | 340 | 298 | ||||||
Catalent Pharma Solutions, Inc. 3.50% 4/1/20301 | 1,248 | 1,087 | ||||||
Catalent Pharma Solutions, Inc., Term Loan B4, (1-month USD CME Term SOFR + 3.50%) 8.36% 2/22/20285,6 | 332 | 332 | ||||||
Centene Corp. 4.25% 12/15/2027 | 344 | 332 | ||||||
Centene Corp. 2.45% 7/15/2028 | 595 | 530 | ||||||
Centene Corp. 4.625% 12/15/2029 | 1,785 | 1,714 | ||||||
Centene Corp. 3.375% 2/15/2030 | 217 | 195 |
246 | American Funds Insurance Series |
American High-Income Trust (continued)
Bonds, notes & other debt instruments (continued) | Principal amount (000) | Value (000) | ||||||
Corporate bonds, notes & loans (continued) | ||||||||
Health care (continued) | ||||||||
Centene Corp. 3.00% 10/15/2030 | USD | 295 | $ | 256 | ||||
Centene Corp. 2.50% 3/1/2031 | 1,125 | 939 | ||||||
Centene Corp. 2.625% 8/1/2031 | 825 | 685 | ||||||
Charles River Laboratories International, Inc. 4.25% 5/1/20281 | 186 | 177 | ||||||
Charles River Laboratories International, Inc. 3.75% 3/15/20291 | 680 | 623 | ||||||
CHS / Community Health Systems, Inc. 5.625% 3/15/20271 | 1,140 | 1,061 | ||||||
CHS / Community Health Systems, Inc. 5.25% 5/15/20301 | 1,620 | 1,357 | ||||||
CHS / Community Health Systems, Inc. 4.75% 2/15/20311 | 1,020 | 803 | ||||||
CHS / Community Health Systems, Inc. 10.875% 1/15/20321 | 185 | 194 | ||||||
Endo DAC 6.875% 10/15/20241 | 520 | 334 | ||||||
Endo DAC 9.50% 7/31/20271,4 | 311 | 22 | ||||||
Endo DAC 6.00% 6/30/20281,4 | 2,313 | 165 | ||||||
Endo Luxembourg Finance Co. I SARL 6.125% 4/1/20291 | 525 | 336 | ||||||
Fortrea Holdings, Inc., Term Loan B, (3-month USD CME Term SOFR + 3.75%) 9.106% 7/1/20305,6 | 985 | 985 | ||||||
Grifols SA 4.75% 10/15/20281 | 630 | 572 | ||||||
HCA, Inc. 5.625% 9/1/2028 | 1,300 | 1,331 | ||||||
HCA, Inc. 3.50% 9/1/2030 | 180 | 163 | ||||||
HCA, Inc. 4.625% 3/15/2052 | 233 | 198 | ||||||
HCA, Inc. 7.50% 11/15/2095 | 250 | 283 | ||||||
Hologic, Inc. 3.25% 2/15/20291 | 415 | 377 | ||||||
IQVIA, Inc. 5.00% 10/15/20261 | 823 | 816 | ||||||
IQVIA, Inc. 6.50% 5/15/20301 | 555 | 570 | ||||||
Jazz Securities DAC 4.375% 1/15/20291 | 261 | 243 | ||||||
Mallinckrodt International Finance SA 14.75% 11/14/20281 | 284 | 310 | ||||||
Medline Borrower, LP 3.875% 4/1/20291 | 340 | 308 | ||||||
Medline Borrower, LP 5.25% 10/1/20291 | 1,760 | 1,661 | ||||||
Medline Borrower, LP, Term Loan, (3-month USD CME Term SOFR + 3.00%) 8.47% 10/23/20285,6 | 421 | 423 | ||||||
Molina Healthcare, Inc. 4.375% 6/15/20281 | 1,055 | 999 | ||||||
Molina Healthcare, Inc. 3.875% 11/15/20301 | 3,034 | 2,731 | ||||||
Molina Healthcare, Inc. 3.875% 5/15/20321 | 2,400 | 2,100 | ||||||
Option Care Health, Inc. 4.375% 10/31/20291 | 290 | 262 | ||||||
Owens & Minor, Inc. 4.50% 3/31/20291 | 1,495 | 1,320 | ||||||
Owens & Minor, Inc. 6.625% 4/1/20301 | 1,950 | 1,864 | ||||||
Par Pharmaceutical, Inc. 7.50% 4/1/20271 | 5,505 | 3,529 | ||||||
Radiology Partners, Inc. 9.25% 2/1/20281 | 1,873 | 963 | ||||||
Radiology Partners, Inc., Term Loan, (1-month USD CME Term SOFR + 4.25%) 10.179% 7/9/20255,6 | 1,827 | 1,478 | ||||||
RP Escrow Issuer, LLC 5.25% 12/15/20251 | 1,711 | 1,371 | ||||||
Select Medical Corp. 6.25% 8/15/20261 | 554 | 557 | ||||||
Star Parent, Inc. 9.00% 10/1/20301 | 560 | 591 | ||||||
Surgery Center Holdings, Inc. 10.00% 4/15/20271 | 244 | 247 | ||||||
Team Health Holdings, Inc. 6.375% 2/1/20251 | 244 | 205 | ||||||
Team Health Holdings, Inc., Term Loan B, (3-month USD CME Term SOFR + 5.25%) 10.633% 3/2/20275,6 | 273 | 209 | ||||||
Tenet Healthcare Corp. 4.875% 1/1/2026 | 2,155 | 2,132 | ||||||
Tenet Healthcare Corp. 6.25% 2/1/2027 | 500 | 503 | ||||||
Tenet Healthcare Corp. 5.125% 11/1/2027 | 265 | 259 | ||||||
Tenet Healthcare Corp. 4.625% 6/15/2028 | 435 | 415 | ||||||
Tenet Healthcare Corp. 6.125% 10/1/2028 | 885 | 883 | ||||||
Tenet Healthcare Corp. 4.25% 6/1/2029 | 1,765 | 1,645 | ||||||
Tenet Healthcare Corp. 4.375% 1/15/2030 | 1,045 | 970 | ||||||
Tenet Healthcare Corp. 6.125% 6/15/2030 | 25 | 25 | ||||||
Tenet Healthcare Corp. 6.75% 5/15/20311 | 1,270 | 1,300 | ||||||
Tenet Healthcare Corp. 6.875% 11/15/2031 | 100 | 103 | ||||||
Teva Pharmaceutical Finance Netherlands III BV 6.00% 4/15/2024 | 627 | 625 | ||||||
Teva Pharmaceutical Finance Netherlands III BV 3.15% 10/1/2026 | 2,169 | 2,010 | ||||||
Teva Pharmaceutical Finance Netherlands III BV 4.75% 5/9/2027 | 945 | 906 | ||||||
Teva Pharmaceutical Finance Netherlands III BV 6.75% 3/1/2028 | 813 | 832 | ||||||
Teva Pharmaceutical Finance Netherlands III BV 5.125% 5/9/2029 | 5,640 | 5,393 |
American Funds Insurance Series | 247 |
American High-Income Trust (continued)
Bonds, notes & other debt instruments (continued) | Principal amount (000) | Value (000) | ||||||
Corporate bonds, notes & loans (continued) | ||||||||
Health care (continued) | ||||||||
Teva Pharmaceutical Finance Netherlands III BV 7.875% 9/15/2029 | USD | 400 | $ | 432 | ||||
Teva Pharmaceutical Finance Netherlands III BV 8.125% 9/15/2031 | 554 | 605 | ||||||
Teva Pharmaceutical Finance Netherlands III BV 4.10% 10/1/2046 | 602 | 408 | ||||||
75,371 | ||||||||
Financials 7.96% | ||||||||
AG Issuer, LLC 6.25% 3/1/20281 | 2,431 | 2,419 | ||||||
AG TTMT Escrow Issuer, LLC 8.625% 9/30/20271 | 1,317 | 1,386 | ||||||
Alliant Holdings Intermediate, LLC 4.25% 10/15/20271 | 660 | 635 | ||||||
Alliant Holdings Intermediate, LLC 6.75% 10/15/20271 | 1,801 | 1,796 | ||||||
Alliant Holdings Intermediate, LLC 5.875% 11/1/20291 | 1,590 | 1,508 | ||||||
Alliant Holdings Intermediate, LLC 7.00% 1/15/20311 | 660 | 697 | ||||||
AmWINS Group, Inc. 4.875% 6/30/20291 | 1,380 | 1,262 | ||||||
Aretec Group, Inc. 7.50% 4/1/20291 | 3,168 | 2,855 | ||||||
Aretec Group, Inc. 10.00% 8/15/20301 | 985 | 1,048 | ||||||
Ascensus, Inc., Term Loan, (1-month USD CME Term SOFR + 6.50%) 12.176% 8/2/20295,6 | 1,245 | 1,202 | ||||||
AssuredPartners, Inc. 5.625% 1/15/20291 | 365 | 341 | ||||||
Block, Inc. 2.75% 6/1/2026 | 1,760 | 1,661 | ||||||
Block, Inc. 3.50% 6/1/2031 | 1,740 | 1,548 | ||||||
Blue Owl Capital Corp. 3.40% 7/15/2026 | 290 | 270 | ||||||
Blue Owl Capital Corp. III 3.125% 4/13/2027 | 600 | 531 | ||||||
Blue Owl Credit Income Corp. 4.70% 2/8/2027 | 800 | 756 | ||||||
Bread Financial Holdings, Inc. 9.75% 3/15/20291 | 215 | 223 | ||||||
BroadStreet Partners, Inc. 5.875% 4/15/20291 | 575 | 537 | ||||||
Castlelake Aviation Finance DAC 5.00% 4/15/20271 | 835 | 785 | ||||||
Coinbase Global, Inc. 3.375% 10/1/20281 | 1,895 | 1,601 | ||||||
Coinbase Global, Inc. 3.625% 10/1/20311 | 1,825 | 1,413 | ||||||
Compass Group Diversified Holdings, LLC 5.25% 4/15/20291 | 4,260 | 4,029 | ||||||
Compass Group Diversified Holdings, LLC 5.00% 1/15/20321 | 1,230 | 1,116 | ||||||
Credit Acceptance Corp. 9.25% 12/15/20281 | 285 | 304 | ||||||
Enova International, Inc. 11.25% 12/15/20281 | 285 | 294 | ||||||
GTCR (AP) Finance, Inc. 8.00% 5/15/20271 | 607 | 614 | ||||||
GTCR W Merger Sub, LLC, Term Loan B, (1-month USD CME Term SOFR + 3.00%) 8.334% 9/20/20305,6 | 475 | 477 | ||||||
GTCR W-2 Merger Sub, LLC 7.50% 1/15/20311 | 2,055 | 2,173 | ||||||
Hightower Holding, LLC 6.75% 4/15/20291 | 1,280 | 1,164 | ||||||
HUB International, Ltd. 7.00% 5/1/20261 | 1,745 | 1,754 | ||||||
HUB International, Ltd. 5.625% 12/1/20291 | 240 | 229 | ||||||
HUB International, Ltd. 7.25% 6/15/20301 | 997 | 1,054 | ||||||
HUB International, Ltd., Term Loan B, (3-month USD CME Term SOFR + 4.25%) 9.662% 6/20/20305,6 | 647 | 651 | ||||||
Iron Mountain Information Management Services, Inc. 5.00% 7/15/20321 | 1,035 | 950 | ||||||
JPMorgan Chase & Co. 2.956% 5/13/2031 (USD-SOFR + 2.515% on 5/13/2030)7 | 160 | 141 | ||||||
LPL Holdings, Inc. 4.375% 5/15/20311 | 715 | 648 | ||||||
Macquarie Airfinance Holdings, Ltd. 8.125% 3/30/20291 | 355 | 371 | ||||||
MGIC Investment Corp. 5.25% 8/15/2028 | 525 | 512 | ||||||
MSCI, Inc. 4.00% 11/15/20291 | 555 | 522 | ||||||
MSCI, Inc. 3.875% 2/15/20311 | 1,260 | 1,153 | ||||||
MSCI, Inc. 3.625% 11/1/20311 | 1,066 | 939 | ||||||
MSCI, Inc. 3.25% 8/15/20331 | 959 | 803 | ||||||
Navient Corp. 5.875% 10/25/2024 | 1,295 | 1,296 | ||||||
Navient Corp. 6.75% 6/25/2025 | 550 | 557 | ||||||
Navient Corp. 6.75% 6/15/2026 | 640 | 651 | ||||||
Navient Corp. 5.00% 3/15/2027 | 2,883 | 2,786 | ||||||
Navient Corp. 4.875% 3/15/2028 | 550 | 512 | ||||||
Navient Corp. 5.50% 3/15/2029 | 2,280 | 2,105 | ||||||
Navient Corp. 9.375% 7/25/2030 | 300 | 315 | ||||||
Navient Corp. 11.50% 3/15/2031 | 2,540 | 2,784 | ||||||
Navient Corp. 5.625% 8/1/2033 | 1,478 | 1,215 |
248 | American Funds Insurance Series |
American High-Income Trust (continued)
Bonds, notes & other debt instruments (continued) | Principal amount (000) | Value (000) | ||||||
Corporate bonds, notes & loans (continued) | ||||||||
Financials (continued) | ||||||||
NFP Corp. 6.875% 8/15/20281 | USD | 1,170 | $ | 1,190 | ||||
Onemain Finance Corp. 7.125% 3/15/2026 | 1,335 | 1,361 | ||||||
Onemain Finance Corp. 5.375% 11/15/2029 | 120 | 112 | ||||||
Onemain Finance Corp. 7.875% 3/15/2030 | 915 | 943 | ||||||
Osaic Holdings, Inc. 10.75% 8/1/20271 | 4,111 | 4,177 | ||||||
Osaic Holdings, Inc., Term Loan B, (3-month USD CME Term SOFR + 4.50%) 9.856% 8/17/20285,6 | 355 | 357 | ||||||
Owl Rock Capital Corp. 3.75% 7/22/2025 | 600 | 575 | ||||||
Oxford Finance, LLC 6.375% 2/1/20271 | 1,753 | 1,659 | ||||||
PennyMac Financial Services, Inc. 7.875% 12/15/20291 | 355 | 366 | ||||||
Rocket Mortgage, LLC 2.875% 10/15/20261 | 520 | 480 | ||||||
Ryan Specialty Group, LLC 4.375% 2/1/20301 | 815 | 757 | ||||||
Starwood Property Trust, Inc. 4.375% 1/15/20271 | 660 | 623 | ||||||
USI, Inc. 7.50% 1/15/20321 | 320 | 328 | ||||||
69,521 | ||||||||
Industrials 7.56% | ||||||||
AAdvantage Loyalty IP, Ltd. 5.50% 4/20/20261 | 629 | 625 | ||||||
ADT Security Corp. 4.125% 8/1/20291 | 200 | 184 | ||||||
Allison Transmission, Inc. 3.75% 1/30/20311 | 1,235 | 1,092 | ||||||
American Airlines, Inc. 8.50% 5/15/20291 | 415 | 438 | ||||||
Aramark Services, Inc. 5.00% 4/1/20251 | 140 | 139 | ||||||
Ashtead Capital, Inc. 5.50% 8/11/20321 | 400 | 395 | ||||||
Atkore, Inc. 4.25% 6/1/20311 | 820 | 733 | ||||||
Avis Budget Car Rental, LLC 5.75% 7/15/20271 | 885 | 849 | ||||||
Avis Budget Car Rental, LLC 5.375% 3/1/20291 | 1,325 | 1,227 | ||||||
Avolon Holdings Funding, Ltd. 5.25% 5/15/20241 | 660 | 657 | ||||||
Avolon Holdings Funding, Ltd. 2.528% 11/18/20271 | 2,098 | 1,861 | ||||||
Bombardier, Inc. 7.125% 6/15/20261 | 2,254 | 2,245 | ||||||
Bombardier, Inc. 7.875% 4/15/20271 | 2,297 | 2,300 | ||||||
Bombardier, Inc. 6.00% 2/15/20281 | 910 | 888 | ||||||
Bombardier, Inc. 7.50% 2/1/20291 | 1,212 | 1,233 | ||||||
Bombardier, Inc. 8.75% 11/15/20301 | 690 | 735 | ||||||
Bombardier, Inc. 7.45% 5/1/20341 | 115 | 131 | ||||||
Brand Industrial Services, Inc. 10.375% 8/1/20301 | 430 | 455 | ||||||
Brand Industrial Services, Inc., Term Loan B, (3-month USD CME Term SOFR + 5.50%) 10.877% 8/1/20305,6 | 229 | 229 | ||||||
Brink’s Co. (The) 4.625% 10/15/20271 | 719 | 686 | ||||||
BWX Technologies, Inc. 4.125% 6/30/20281 | 165 | 153 | ||||||
BWX Technologies, Inc. 4.125% 4/15/20291 | 630 | 576 | ||||||
Chart Industries, Inc. 7.50% 1/1/20301 | 523 | 547 | ||||||
Clarivate Science Holdings Corp. 3.875% 7/1/20281 | 1,070 | 1,010 | ||||||
Clarivate Science Holdings Corp. 4.875% 7/1/20291 | 985 | 925 | ||||||
Clean Harbors, Inc. 4.875% 7/15/20271 | 766 | 751 | ||||||
Clean Harbors, Inc. 6.375% 2/1/20311 | 116 | 118 | ||||||
CoreLogic, Inc. 4.50% 5/1/20281 | 4,369 | 3,832 | ||||||
CoreLogic, Inc., Term Loan, (3-month USD CME Term SOFR + 6.50%) 11.97% 6/4/20295,6 | 660 | 594 | ||||||
Covanta Holding Corp. 4.875% 12/1/20291 | 1,105 | 967 | ||||||
Covanta Holding Corp. 5.00% 9/1/2030 | 1,455 | 1,242 | ||||||
Covanta Holding Corp., Term Loan B, (3-month USD CME Term SOFR + 3.00%) 8.36% 11/30/20285,6 | 230 | 231 | ||||||
Covanta Holding Corp., Term Loan C, (3-month USD CME Term SOFR + 3.00%) 8.36% 11/30/20285,6 | 14 | 14 | ||||||
Dun & Bradstreet Corp. (The) 5.00% 12/15/20291 | 1,235 | 1,153 | ||||||
Enviri Corp. 5.75% 7/31/20271 | 395 | 369 | ||||||
EquipmentShare.com, Inc. 9.00% 5/15/20281 | 2,060 | 2,122 | ||||||
Herc Holdings, Inc. 5.50% 7/15/20271 | 200 | 198 | ||||||
Hertz Corp. (The) 5.00% 12/1/20291 | 820 | 674 | ||||||
Icahn Enterprises, LP 4.75% 9/15/2024 | 1,195 | 1,188 |
American Funds Insurance Series | 249 |
American High-Income Trust (continued)
Bonds, notes & other debt instruments (continued) | Principal amount (000) | Value (000) | ||||||
Corporate bonds, notes & loans (continued) | ||||||||
Industrials (continued) | ||||||||
Icahn Enterprises, LP 6.375% 12/15/2025 | USD | 461 | $ | 453 | ||||
Icahn Enterprises, LP 6.25% 5/15/2026 | 662 | 632 | ||||||
Icahn Enterprises, LP 5.25% 5/15/2027 | 579 | 521 | ||||||
Icahn Enterprises, LP 9.75% 1/15/20291 | 415 | 424 | ||||||
Icahn Enterprises, LP 4.375% 2/1/2029 | 675 | 564 | ||||||
Masonite International Corp. 3.50% 2/15/20301 | 530 | 460 | ||||||
Maxim Crane Works Holdings Capital, LLC 11.50% 9/1/20281 | 450 | 467 | ||||||
Mileage Plus Holdings, LLC 6.50% 6/20/20271 | 2,300 | 2,308 | ||||||
Moog, Inc. 4.25% 12/9/20271 | 395 | 373 | ||||||
Mueller Water Products, Inc. 4.00% 6/15/20291 | 275 | 251 | ||||||
PGT Innovations, Inc. 4.375% 10/1/20291 | 450 | 449 | ||||||
Pike Corp. 8.625% 1/31/20311 | 350 | 368 | ||||||
Pitney Bowes, Inc. 6.875% 3/15/20271 | 600 | 561 | ||||||
PM General Purchaser, LLC 9.50% 10/1/20281 | 1,360 | 1,381 | ||||||
Prime Security Services Borrower, LLC 3.375% 8/31/20271 | 475 | 441 | ||||||
Ritchie Bros. Holdings, Inc. 6.75% 3/15/20281 | 581 | 599 | ||||||
Ritchie Bros. Holdings, Inc. 7.75% 3/15/20311 | 1,053 | 1,124 | ||||||
Roller Bearing Company of America, Inc. 4.375% 10/15/20291 | 110 | 102 | ||||||
Sabre GLBL, Inc. 8.625% 6/1/20271 | 50 | 46 | ||||||
Seagate HDD Cayman 8.25% 12/15/20291 | 190 | 205 | ||||||
Seagate HDD Cayman 8.50% 7/15/20311 | 455 | 494 | ||||||
Sensata Technologies, Inc. 3.75% 2/15/20311 | 500 | 441 | ||||||
SkyMiles IP, Ltd. 4.75% 10/20/20281 | 440 | 433 | ||||||
Spirit AeroSystems, Inc. 4.60% 6/15/2028 | 2,068 | 1,832 | ||||||
Spirit AeroSystems, Inc. 9.375% 11/30/20291 | 981 | 1,075 | ||||||
Spirit AeroSystems, Inc. 9.75% 11/15/20301 | 1,930 | 2,077 | ||||||
Spirit AeroSystems, Inc., Term Loan, (3-month CME Term SOFR + 4.25%) 9.633% 1/15/20275,6 | 613 | 616 | ||||||
SRS Distribution, Inc. 4.625% 7/1/20281 | 480 | 456 | ||||||
Stericycle, Inc. 5.375% 7/15/20241 | 585 | 584 | ||||||
Stericycle, Inc. 3.875% 1/15/20291 | 615 | 559 | ||||||
Titan International, Inc. 7.00% 4/30/2028 | 750 | 751 | ||||||
TK Elevator Holdco GmbH 7.625% 7/15/20281 | 470 | 462 | ||||||
TK Elevator U.S. Newco, Inc. 5.25% 7/15/20271 | 1,495 | 1,470 | ||||||
TransDigm, Inc. 5.50% 11/15/2027 | 1,030 | 1,010 | ||||||
TransDigm, Inc. 6.75% 8/15/20281 | 575 | 589 | ||||||
TransDigm, Inc. 6.875% 12/15/20301 | 355 | 366 | ||||||
Triumph Group, Inc. 7.75% 8/15/2025 | 390 | 389 | ||||||
Triumph Group, Inc. 9.00% 3/15/20281 | 3,429 | 3,650 | ||||||
United Rentals (North America), Inc. 6.00% 12/15/20291 | 115 | 117 | ||||||
United Rentals (North America), Inc. 3.875% 2/15/2031 | 720 | 655 | ||||||
United Rentals (North America), Inc. 3.75% 1/15/2032 | 505 | 447 | ||||||
WESCO Distribution, Inc. 7.25% 6/15/20281 | 580 | 597 | ||||||
XPO, Inc. 7.125% 6/1/20311 | 533 | 552 | ||||||
XPO, Inc. 7.125% 2/1/20321 | 925 | 955 | ||||||
66,072 | ||||||||
Information technology 5.84% | ||||||||
Black Knight InfoServ, LLC 3.625% 9/1/20281 | 410 | 389 | ||||||
BMC Software, Inc., Term Loan, (1-month USD CME Term SOFR + 5.50%) 10.97% 2/27/20265,6 | 720 | 721 | ||||||
Booz Allen Hamilton, Inc. 3.875% 9/1/20281 | 60 | 57 | ||||||
Booz Allen Hamilton, Inc. 4.00% 7/1/20291 | 580 | 544 | ||||||
Boxer Parent Co., Inc. 7.125% 10/2/20251 | 180 | 181 | ||||||
Boxer Parent Co., Inc. 9.125% 3/1/20261 | 240 | 241 | ||||||
Cloud Software Group, Inc. 6.50% 3/31/20291 | 1,205 | 1,149 | ||||||
Cloud Software Group, Inc. 9.00% 9/30/20291 | 4,325 | 4,114 | ||||||
Cloud Software Group, Inc., Term Loan B, (3-month USD CME Term SOFR + 4.50%) 9.948% 3/30/20295,6 | 1,027 | 1,008 | ||||||
CommScope Technologies, LLC 6.00% 6/15/20251 | 2,239 | 1,827 |
250 | American Funds Insurance Series |
American High-Income Trust (continued)
Bonds, notes & other debt instruments (continued) | Principal amount (000) | Value (000) | ||||||
Corporate bonds, notes & loans (continued) | ||||||||
Information technology (continued) | ||||||||
CommScope Technologies, LLC 5.00% 3/15/20271 | USD | 750 | $ | 313 | ||||
CommScope, Inc. 6.00% 3/1/20261 | 1,518 | 1,354 | ||||||
CommScope, Inc. 8.25% 3/1/20271 | 652 | 345 | ||||||
CommScope, Inc. 7.125% 7/1/20281 | 309 | 147 | ||||||
CommScope, Inc. 4.75% 9/1/20291 | 110 | 74 | ||||||
CommScope, Inc., Term Loan B, (3-month USD CME Term SOFR + 3.25%) 8.72% 4/6/20265,6 | 578 | 518 | ||||||
Diebold Nixdorf, Inc., Term Loan, (3-month USD CME Term SOFR + 7.00%)12.86% 8/11/20281,5,6 | 10,385 | 10,709 | ||||||
Entegris Escrow Corp. 4.75% 4/15/20291 | 370 | 357 | ||||||
Fair Isaac Corp. 4.00% 6/15/20281 | 855 | 810 | ||||||
Finastra USA, Inc., Term Loan, (3-month USD CME Term SOFR + 7.25%) 12.61%9/13/20295,6,9 | 100 | 99 | ||||||
Finastra USA, Inc., Term Loan B, (3-month USD CME Term SOFR + 7.25%) 12.713%9/13/20295,6,9 | 3,656 | 3,601 | ||||||
Gartner, Inc. 4.50% 7/1/20281 | 1,253 | 1,189 | ||||||
Gartner, Inc. 3.625% 6/15/20291 | 19 | 17 | ||||||
Gartner, Inc. 3.75% 10/1/20301 | 776 | 687 | ||||||
Go Daddy Operating Co., LLC 5.25% 12/1/20271 | 245 | 240 | ||||||
Go Daddy Operating Co., LLC 3.50% 3/1/20291 | 345 | 313 | ||||||
Hughes Satellite Systems Corp. 5.25% 8/1/2026 | 770 | 678 | ||||||
Hughes Satellite Systems Corp. 6.625% 8/1/2026 | 1,000 | 789 | ||||||
Imola Merger Corp. 4.75% 5/15/20291 | 300 | 285 | ||||||
McAfee Corp. 7.375% 2/15/20301 | 865 | 791 | ||||||
MicroStrategy, Inc. 6.125% 6/15/20281 | 325 | 316 | ||||||
NCR Atleos Corp. 9.50% 4/1/20291 | 2,120 | 2,254 | ||||||
NCR Atleos, LLC, Term Loan B, (3-month USD CME Term SOFR + 4.75%) 10.206% 3/27/20295,6 | 355 | 355 | ||||||
NCR Voyix Corp. 5.125% 4/15/20291 | 1,759 | 1,674 | ||||||
Open Text Corp. 3.875% 2/15/20281 | 645 | 600 | ||||||
Open Text Corp. 3.875% 12/1/20291 | 610 | 548 | ||||||
Oracle Corp. 5.55% 2/6/2053 | 390 | 391 | ||||||
RingCentral, Inc. 8.50% 8/15/20301 | 215 | 220 | ||||||
Rocket Software, Inc. 6.50% 2/15/20291 | 455 | 396 | ||||||
Synaptics, Inc. 4.00% 6/15/20291 | 375 | 337 | ||||||
Tibco Software, Inc., Term Loan A, (3-month USD CME Term SOFR + 4.50%) 9.948% 9/29/20285,6 | 1,244 | 1,219 | ||||||
UKG, Inc., Term Loan B, (3-month USD CME Term SOFR + 3.25%) 8.764% 5/4/20265,6 | 461 | 462 | ||||||
UKG, Inc., Term Loan, (3-month USD CME Term SOFR + 4.50%) 9.988% 5/4/20265,6 | 672 | 676 | ||||||
UKG, Inc., Term Loan, (3-month USD CME Term SOFR + 5.25%) 10.764% 5/3/20275,6 | 590 | 593 | ||||||
Unisys Corp. 6.875% 11/1/20271 | 975 | 879 | ||||||
Viasat, Inc. 5.625% 9/15/20251 | 745 | 727 | ||||||
Viasat, Inc. 5.625% 4/15/20271 | 50 | 48 | ||||||
Viasat, Inc. 6.50% 7/15/20281 | 735 | 604 | ||||||
Viasat, Inc. 7.50% 5/30/20311 | 1,859 | 1,462 | ||||||
Viavi Solutions, Inc. 3.75% 10/1/20291 | 230 | 202 | ||||||
Wolfspeed, Inc. 9.875% 6/23/2030 (10.875% on 6/23/2026)3,7,9 | 3,110 | 3,164 | ||||||
Xerox Holdings Corp. 5.50% 8/15/20281 | 435 | 393 | ||||||
51,067 | ||||||||
Real estate 4.97% | ||||||||
Anywhere Real Estate Group, LLC 5.75% 1/15/20291 | 1,008 | 784 | ||||||
Anywhere Real Estate Group, LLC 5.25% 4/15/20301 | 977 | 730 | ||||||
Brookfield Property REIT, Inc. 5.75% 5/15/20261 | 1,574 | 1,529 | ||||||
Brookfield Property REIT, Inc. 4.50% 4/1/20271 | 574 | 517 | ||||||
Cushman & Wakefield U.S. Borrower, LLC 8.875% 9/1/20311 | 360 | 382 |
American Funds Insurance Series | 251 |
American High-Income Trust (continued)
Bonds, notes & other debt instruments (continued) | Principal amount (000) | Value (000) | ||||||
Corporate bonds, notes & loans (continued) | ||||||||
Real estate (continued) | ||||||||
Cushman & Wakefield U.S. Borrower, LLC, Term Loan B, (3-month USD CME Term SOFR + 4.00%) 9.356% 1/31/20305,6 | USD | 295 | $ | 295 | ||||
Forestar Group, Inc. 3.85% 5/15/20261 | 465 | 443 | ||||||
Forestar Group, Inc. 5.00% 3/1/20281 | 92 | 89 | ||||||
Greystar Real Estate Partners, LLC 7.75% 9/1/20301 | 425 | 446 | ||||||
HAT Holdings I, LLC 8.00% 6/15/20271 | 425 | 443 | ||||||
Howard Hughes Corp. (The) 5.375% 8/1/20281 | 1,327 | 1,277 | ||||||
Howard Hughes Corp. (The) 4.125% 2/1/20291 | 2,478 | 2,212 | ||||||
Howard Hughes Corp. (The) 4.375% 2/1/20311 | 2,788 | 2,423 | ||||||
Iron Mountain, Inc. 4.875% 9/15/20271 | 1,616 | 1,578 | ||||||
Iron Mountain, Inc. 5.25% 3/15/20281 | 1,214 | 1,181 | ||||||
Iron Mountain, Inc. 5.00% 7/15/20281 | 367 | 353 | ||||||
Iron Mountain, Inc. 7.00% 2/15/20291 | 210 | 216 | ||||||
Iron Mountain, Inc. 5.25% 7/15/20301 | 2,630 | 2,506 | ||||||
Iron Mountain, Inc. 4.50% 2/15/20311 | 1,535 | 1,393 | ||||||
Kennedy-Wilson, Inc. 4.75% 3/1/2029 | 2,240 | 1,873 | ||||||
Kennedy-Wilson, Inc. 4.75% 2/1/2030 | 2,695 | 2,188 | ||||||
Kennedy-Wilson, Inc. 5.00% 3/1/2031 | 1,970 | 1,567 | ||||||
Ladder Capital Finance Holdings LLLP 5.25% 10/1/20251 | 650 | 642 | ||||||
Ladder Capital Finance Holdings LLLP 4.25% 2/1/20271 | 1,410 | 1,330 | ||||||
Ladder Capital Finance Holdings LLLP 4.75% 6/15/20291 | 765 | 691 | ||||||
MPT Operating Partnership, LP 5.00% 10/15/2027 | 1,198 | 980 | ||||||
MPT Operating Partnership, LP 3.50% 3/15/2031 | 239 | 150 | ||||||
Park Intermediate Holdings, LLC 4.875% 5/15/20291 | 820 | 760 | ||||||
RHP Hotel Properties, LP 4.50% 2/15/20291 | 660 | 614 | ||||||
RLJ Lodging Trust, LP 3.75% 7/1/20261 | 160 | 152 | ||||||
RLJ Lodging Trust, LP 4.00% 9/15/20291 | 800 | 720 | ||||||
Service Properties Trust 4.50% 3/15/2025 | 420 | 410 | ||||||
Service Properties Trust 5.25% 2/15/2026 | 117 | 114 | ||||||
Service Properties Trust 4.75% 10/1/2026 | 945 | 883 | ||||||
Service Properties Trust 4.95% 2/15/2027 | 1,134 | 1,028 | ||||||
Service Properties Trust 5.50% 12/15/2027 | 350 | 321 | ||||||
Service Properties Trust 3.95% 1/15/2028 | 1,560 | 1,280 | ||||||
Service Properties Trust 4.95% 10/1/2029 | 2,029 | 1,682 | ||||||
Service Properties Trust 4.375% 2/15/2030 | 415 | 323 | ||||||
Service Properties Trust 8.625% 11/15/20311 | 3,185 | 3,339 | ||||||
VICI Properties, LP 5.625% 5/1/20241 | 447 | 446 | ||||||
VICI Properties, LP 3.50% 2/15/20251 | 261 | 254 | ||||||
VICI Properties, LP 4.625% 6/15/20251 | 620 | 609 | ||||||
VICI Properties, LP 4.25% 12/1/20261 | 462 | 445 | ||||||
VICI Properties, LP 3.875% 2/15/20291 | 650 | 598 | ||||||
VICI Properties, LP 4.625% 12/1/20291 | 90 | 85 | ||||||
VICI Properties, LP 4.125% 8/15/20301 | 93 | 85 | ||||||
WeWork Companies, LLC 6.00% PIK and 5.00% Cash 8/15/20271,2,4 | 2,239 | 470 | ||||||
WeWork Companies, LLC 8.00% PIK and 7.00% Cash 8/15/20271,2,4 | 1,784 | 616 | ||||||
43,452 | ||||||||
Consumer staples 4.24% | ||||||||
Albertsons Companies, Inc. 3.25% 3/15/20261 | 240 | 227 | ||||||
Albertsons Companies, Inc. 4.625% 1/15/20271 | 900 | 875 | ||||||
Albertsons Companies, Inc. 3.50% 3/15/20291 | 2,113 | 1,921 | ||||||
Albertsons Companies, Inc. 4.875% 2/15/20301 | 465 | 446 | ||||||
B&G Foods, Inc. 5.25% 4/1/2025 | 183 | 180 | ||||||
B&G Foods, Inc. 5.25% 9/15/2027 | 1,383 | 1,258 | ||||||
B&G Foods, Inc. 8.00% 9/15/20281 | 655 | 689 | ||||||
BJ’s Wholesale Club, Term Loan B, (3-month USD CME Term SOFR + 2.00%) 7.36% 2/5/20295,6 | 222 | 224 | ||||||
Central Garden & Pet Co. 4.125% 10/15/2030 | 915 | 833 | ||||||
Central Garden & Pet Co. 4.125% 4/30/20311 | 880 | 779 | ||||||
Coty, Inc. 5.00% 4/15/20261 | 700 | 689 |
252 | American Funds Insurance Series |
American High-Income Trust (continued)
Bonds, notes & other debt instruments (continued) | Principal amount (000) | Value (000) | ||||||
Corporate bonds, notes & loans (continued) | ||||||||
Consumer staples (continued) | ||||||||
Coty, Inc. 6.50% 4/15/20261 | USD | 460 | $ | 460 | ||||
Coty, Inc. 4.75% 1/15/20291 | 2,310 | 2,205 | ||||||
Coty, Inc. 6.625% 7/15/20301 | 1,135 | 1,167 | ||||||
Darling Ingredients, Inc. 6.00% 6/15/20301 | 1,570 | 1,572 | ||||||
Energizer Holdings, Inc. 4.375% 3/31/20291 | 815 | 730 | ||||||
H.J. Heinz Co. 3.875% 5/15/2027 | 275 | 270 | ||||||
H.J. Heinz Co. 4.375% 6/1/2046 | 26 | 23 | ||||||
Ingles Markets, Inc. 4.00% 6/15/20311 | 990 | 875 | ||||||
Kronos Acquisition Holdings, Inc. 5.00% 12/31/20261 | 2,293 | 2,238 | ||||||
Kronos Acquisition Holdings, Inc. 7.00% 12/31/20271 | 3,275 | 3,131 | ||||||
Lamb Weston Holdings, Inc. 4.125% 1/31/20301 | 2,280 | 2,104 | ||||||
Lamb Weston Holdings, Inc. 4.375% 1/31/20321 | 305 | 279 | ||||||
Nestle Skin Health SA, Term Loan B3, (1-month USD CME Term SOFR + 3.50%) 8.948% 10/1/20265,6 | 776 | 781 | ||||||
Performance Food Group, Inc. 5.50% 10/15/20271 | 705 | 695 | ||||||
Performance Food Group, Inc. 4.25% 8/1/20291 | 483 | 443 | ||||||
Post Holdings, Inc. 5.625% 1/15/20281 | 1,199 | 1,189 | ||||||
Post Holdings, Inc. 5.50% 12/15/20291 | 451 | 435 | ||||||
Post Holdings, Inc. 4.625% 4/15/20301 | 3,355 | 3,090 | ||||||
Post Holdings, Inc. 4.50% 9/15/20311 | 1,145 | 1,028 | ||||||
Prestige Brands, Inc. 5.125% 1/15/20281 | 778 | 756 | ||||||
Prestige Brands, Inc. 3.75% 4/1/20311 | 1,275 | 1,116 | ||||||
Simmons Foods, Inc. 4.625% 3/1/20291 | 693 | 600 | ||||||
TreeHouse Foods, Inc. 4.00% 9/1/2028 | 1,600 | 1,418 | ||||||
United Natural Foods, Inc. 6.75% 10/15/20281 | 2,333 | 1,892 | ||||||
US Foods, Inc. 4.625% 6/1/20301 | 510 | 476 | ||||||
37,094 | ||||||||
Utilities 2.06% | ||||||||
AmeriGas Partners, LP 5.75% 5/20/2027 | 302 | 294 | ||||||
Calpine Corp. 4.50% 2/15/20281 | 150 | 143 | ||||||
Calpine Corp. 5.125% 3/15/20281 | 518 | 497 | ||||||
Calpine Corp. 3.75% 3/1/20311 | 500 | 439 | ||||||
DPL, Inc. 4.125% 7/1/2025 | 555 | 542 | ||||||
Emera, Inc. 6.75% 6/15/2076 (3-month USD-LIBOR + 5.44% on 6/15/2026)7,10 | 1,155 | 1,135 | ||||||
Enfragen Energia Sur SA 5.375% 12/30/2030 | 200 | 156 | ||||||
FirstEnergy Corp. 2.25% 9/1/2030 | 980 | 827 | ||||||
FirstEnergy Corp. 7.375% 11/15/2031 | 337 | 398 | ||||||
FirstEnergy Corp. 3.40% 3/1/2050 | 530 | 374 | ||||||
FirstEnergy Corp. 5.10% 7/15/2047 | 185 | 170 | ||||||
FirstEnergy Transmission, LLC 4.55% 4/1/20491 | 100 | 87 | ||||||
NextEra Energy Operating Partners, LP 4.25% 7/15/20241 | 122 | 121 | ||||||
NRG Energy, Inc. 3.625% 2/15/20311 | 110 | 95 | ||||||
Pacific Gas and Electric Co. 3.45% 7/1/2025 | 300 | 290 | ||||||
Pacific Gas and Electric Co. 3.30% 3/15/2027 | 195 | 182 | ||||||
Pacific Gas and Electric Co. 5.45% 6/15/2027 | 335 | 338 | ||||||
Pacific Gas and Electric Co. 3.75% 7/1/2028 | 10 | 9 | ||||||
Pacific Gas and Electric Co. 4.55% 7/1/2030 | 213 | 203 | ||||||
Pacific Gas and Electric Co. 2.50% 2/1/2031 | 393 | 325 | ||||||
Pacific Gas and Electric Co. 3.25% 6/1/2031 | 107 | 93 | ||||||
Pacific Gas and Electric Co. 3.30% 8/1/2040 | 280 | 205 | ||||||
Pacific Gas and Electric Co. 3.50% 8/1/2050 | 1,220 | 845 | ||||||
PG&E Corp. 5.00% 7/1/2028 | 2,755 | 2,682 | ||||||
PG&E Corp. 5.25% 7/1/2030 | 3,580 | 3,457 | ||||||
Talen Energy Supply, LLC 8.625% 6/1/20301 | 2,327 | 2,474 |
American Funds Insurance Series | 253 |
American High-Income Trust (continued)
Bonds, notes & other debt instruments (continued) | Principal amount (000) | Value (000) | ||||||
Corporate bonds, notes & loans (continued) | ||||||||
Utilities (continued) | ||||||||
Talen Energy Supply, LLC, Term Loan B, (3-month USD CME Term SOFR + 4.50%) 9.869% 5/17/20305,6 | USD | 284 | $ | 286 | ||||
Venture Global Calcasieu Pass, LLC 3.875% 8/15/20291 | 1,190 | 1,081 | ||||||
Vistra Operations Co., LLC 3.55% 7/15/20241 | 231 | 228 | ||||||
17,976 | ||||||||
Total corporate bonds, notes & loans | 773,093 | |||||||
U.S. Treasury bonds & notes 0.31% | ||||||||
U.S. Treasury 0.31% | ||||||||
U.S. Treasury 3.875% 8/15/2033 | 925 | 924 | ||||||
U.S. Treasury 3.625% 5/15/205311 | 315 | 292 | ||||||
U.S. Treasury 4.125% 8/15/205311 | 1,470 | 1,490 | ||||||
Total U.S. Treasury bonds & notes | 2,706 | |||||||
Mortgage-backed obligations 0.08% | ||||||||
Collateralized mortgage-backed obligations 0.08% | ||||||||
Treehouse Park Improvement Association No.1 9.75% 12/1/20331,3 | 712 | 661 | ||||||
Bonds & notes of governments & government agencies outside the U.S. 0.03% | ||||||||
Argentine Republic 1.00% 7/9/2029 | 310 | 125 | ||||||
Argentine Republic 0.75% 7/9/2030 (1.75% on 7/9/2027)7 | 410 | 165 | ||||||
290 | ||||||||
Total bonds, notes & other debt instruments (cost: $800,280,000) | 776,750 | |||||||
Convertible bonds & notes 0.06% | ||||||||
Communication services 0.06% | ||||||||
DISH Network Corp., convertible notes, 3.375% 8/15/2026 | 925 | 495 | ||||||
Total convertible bonds & notes (cost: $816,000) | 495 | |||||||
Common stocks 6.02% | Shares | |||||||
Health care 2.44% | ||||||||
Rotech Healthcare, Inc.3,9,12 | 201,793 | 21,188 | ||||||
Mallinckrodt PLC12 | 3,631 | 140 | ||||||
21,328 | ||||||||
Energy 0.94% | ||||||||
Chesapeake Energy Corp. | 29,829 | 2,295 | ||||||
Ascent Resources - Utica, LLC, Class A3,9 | 62,978 | 2,161 | ||||||
Weatherford International12 | 10,059 | 984 | ||||||
California Resources Corp. | 17,202 | 941 | ||||||
Altera Infrastructure, LP3,12 | 9,127 | 841 | ||||||
Constellation Oil Services Holding SA, Class B-13,12 | 3,449,949 | 483 | ||||||
Mesquite Energy, Inc.3,12 | 3,558 | 201 | ||||||
Diamond Offshore Drilling, Inc.12 | 13,372 | 174 | ||||||
Exxon Mobil Corp. | 739 | 74 | ||||||
Bighorn Permian Resources, LLC3 | 2,894 | — | 8 | |||||
8,154 | ||||||||
Information technology 0.93% | ||||||||
Diebold Nixdorf, Inc.1,12 | 281,243 | 8,142 |
254 | American Funds Insurance Series |
American High-Income Trust (continued)
Common stocks (continued) | Shares | Value (000) | ||||||
Utilities 0.86% | ||||||||
Talen Energy Corp.12 | 109,720 | $ | 7,022 | |||||
PG&E Corp. | 28,786 | 519 | ||||||
7,541 | ||||||||
Consumer discretionary 0.51% | ||||||||
Party City Holdco, Inc.3,12 | 126,254 | 2,883 | ||||||
Party City Holdco, Inc.1,3,12 | 1,260 | 29 | ||||||
NMG Parent, LLC12 | 9,965 | 1,096 | ||||||
MYT Holding Co., Class B3,12 | 608,846 | 457 | ||||||
4,465 | ||||||||
Materials 0.26% | ||||||||
Venator Materials PLC3,12 | 444,512,082 | 2,280 | ||||||
Financials 0.04% | ||||||||
Navient Corp. | 20,000 | 372 | ||||||
Communication services 0.04% | ||||||||
Intelsat SA12 | 8,182 | 235 | ||||||
iHeartMedia, Inc., Class A12 | 22,639 | 61 | ||||||
296 | ||||||||
Total common stocks (cost: $37,300,000) | 52,578 | |||||||
Preferred securities 0.34% | ||||||||
Industrials 0.18% | ||||||||
ACR III LSC Holdings, LLC, Series B, preferred shares1,3,12 | 1,022 | 1,582 | ||||||
Consumer discretionary 0.16% | ||||||||
MYT Holdings, LLC, Series A, 10.00% preferred shares12 | 2,095,904 | 1,363 | ||||||
Total preferred securities (cost: $2,933,000) | 2,945 | |||||||
Rights & warrants 0.02% | ||||||||
Consumer discretionary 0.02% | ||||||||
NMG Parent, LLC, warrants, expire 9/24/202712 | 27,111 | 217 | ||||||
Total rights & warrants (cost: $164,000) | 217 | |||||||
Short-term securities 3.10% | ||||||||
Money market investments 3.10% | ||||||||
Capital Group Central Cash Fund 5.44%13,14 | 271,165 | 27,114 | ||||||
Total short-term securities (cost: $27,116,000) | 27,114 | |||||||
Total investment securities 98.43% (cost: $868,609,000) | 860,099 | |||||||
Other assets less liabilities 1.57% | 13,746 | |||||||
Net assets 100.00% | $ | 873,845 |
American Funds Insurance Series | 255 |
American High-Income Trust (continued)
Futures contracts
Contracts | Type | Number of contracts | Expiration date | Notional amount (000) | Value and unrealized appreciation (depreciation) at 12/31/2023 (000) | ||||||||||
2 Year U.S. Treasury Note Futures | Long | 27 | 4/3/2024 | USD | 5,560 | $ | 55 | ||||||||
5 Year U.S. Treasury Note Futures | Long | 23 | 4/3/2024 | 2,502 | 59 | ||||||||||
10 Year Ultra U.S. Treasury Note Futures | Short | 8 | 3/28/2024 | (944 | ) | (42 | ) | ||||||||
10 Year U.S. Treasury Note Futures | Short | 14 | 3/28/2024 | (1,581 | ) | (51 | ) | ||||||||
30 Year Ultra U.S. Treasury Bond Futures | Short | 1 | 3/28/2024 | (134 | ) | (12 | ) | ||||||||
$ | 9 |
Swap contracts
Credit default swaps
Centrally cleared credit default swaps on credit indices — buy protection
Reference index | Financing rate paid | Payment frequency | Expiration date | Notional amount (000) | Value at 12/31/2023 (000) | Upfront premium paid (received) (000) | Unrealized appreciation (depreciation) at 12/31/2023 (000) | |||||||||||||||||
CDX.NA.HY.41 | 5.00% | Quarterly | 12/20/2028 | USD | 12,563 | $ | (733 | ) | $ | (753 | ) | $ | 20 |
Investments in affiliates14
Value at 1/1/2023 (000) | Additions (000) | Reductions (000) | Net realized gain (loss) (000) | Net unrealized appreciation (depreciation) (000) | Value at 12/31/2023 (000) | Dividend or interest income (000) | ||||||||||||||||||||||
Short-term securities 3.10% | ||||||||||||||||||||||||||||
Money market investments 3.10% | ||||||||||||||||||||||||||||
Capital Group Central Cash Fund 5.44%13 | $ | 38,565 | $ | 197,949 | $ | 209,399 | $ | 8 | $ | (9 | ) | $ | 27,114 | $ | 1,630 |
Restricted securities9
Acquisition date(s) | Cost (000) | Value (000) | Percent of net assets | ||||||||||||
Rotech Healthcare, Inc.3,12 | 9/26/2013 | $ | 4,331 | $ | 21,188 | 2.43 | % | ||||||||
Finastra USA, Inc., Term Loan B, (3-month USD CME Term SOFR + 7.25%) 12.713% 9/13/20295,6 | 9/13/2023 | 3,585 | 3,601 | .41 | |||||||||||
Finastra USA, Inc., Term Loan, (3-month USD CME Term SOFR + 7.25%) 12.61% 9/13/20295,6 | 9/13/2023-12/13/2023 | 97 | 99 | .01 | |||||||||||
Wolfspeed, Inc. 9.875% 6/23/2030 (10.875% on 6/23/2026)3,7 | 6/23/2023 | 3,005 | 3,164 | .36 | |||||||||||
Ascent Resources - Utica, LLC, Class A3 | 11/15/2016 | 302 | 2,161 | .25 | |||||||||||
Resorts World Las Vegas, LLC 4.625% 4/16/2029 | 8/11/2023 | 254 | 262 | .03 | |||||||||||
Total | $ | 11,574 | $ | 30,475 | 3.49 | % |
256 | American Funds Insurance Series |
American High-Income Trust (continued)
1 | Acquired in a transaction exempt from registration under Rule 144A or, for commercial paper, Section 4(a)(2) of the Securities Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers. The total value of all such securities was $584,486,000, which represented 66.89% of the net assets of the fund. |
2 | 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. |
3 | Value determined using significant unobservable inputs. |
4 | Scheduled interest and/or principal payment was not received. |
5 | Loan participations and assignments; may be subject to legal or contractual restrictions on resale. The total value of all such loans was $35,694,000, which represented 4.08% of the net assets of the fund. |
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 | Step bond; coupon rate may change at a later date. |
8 | Amount less than one thousand. |
9 | Restricted security, other than Rule 144A securities or commercial paper issued pursuant to Section 4(a)(2) of the Securities Act of 1933. The total value of all such restricted securities was $30,475,000, which represented 3.49% of the net assets of the fund. |
10 | Securities referencing LIBOR are expected to transition to an alternative reference rate by the security’s next scheduled coupon reset date. |
11 | All or a portion of this security was pledged as collateral. The total value of pledged collateral was $539,000, which represented .06% of the net assets of the fund. |
12 | Security did not produce income during the last 12 months. |
13 | Rate represents the seven-day yield at 12/31/2023. |
14 | Part of the same “group of investment companies” as the fund as defined under the Investment Company Act of 1940, as amended. |
Key to abbreviation(s)
CME = CME Group
DAC = Designated Activity Company
LIBOR = London Interbank Offered Rate
PIK = Payment In Kind
REIT = Real Estate Investment Trust
SOFR = Secured Overnight Financing Rate
USD = U.S. dollars
Refer to the notes to financial statements.
American Funds Insurance Series | 257 |
Investment portfolio December 31, 2023
Bonds, notes & other debt instruments 94.93% | Principal amount (000) | Value (000) | ||||||
Mortgage-backed obligations 91.57% | ||||||||
Federal agency mortgage-backed obligations 89.10% | ||||||||
Fannie Mae Pool #695412 5.00% 6/1/20331 | USD | — | 2 | $ | — | 2 | ||
Fannie Mae Pool #AD3566 5.00% 10/1/20351 | 1 | 1 | ||||||
Fannie Mae Pool #256583 5.00% 12/1/20361 | 30 | 30 | ||||||
Fannie Mae Pool #931768 5.00% 8/1/20391 | 1 | 1 | ||||||
Fannie Mae Pool #AC0794 5.00% 10/1/20391 | 5 | 5 | ||||||
Fannie Mae Pool #932606 5.00% 2/1/20401 | 2 | 2 | ||||||
Fannie Mae Pool #MA4232 2.00% 1/1/20411 | 144 | 124 | ||||||
Fannie Mae Pool #BQ7816 1.50% 4/1/20411 | 247 | 205 | ||||||
Fannie Mae Pool #BR0986 1.50% 5/1/20411 | 327 | 271 | ||||||
Fannie Mae Pool #AE1248 5.00% 6/1/20411 | 8 | 8 | ||||||
Fannie Mae Pool #MA4387 2.00% 7/1/20411 | 18 | 15 | ||||||
Fannie Mae Pool #MA4388 2.50% 7/1/20411 | 82 | 73 | ||||||
Fannie Mae Pool #MA4447 2.50% 10/1/20411 | 174 | 155 | ||||||
Fannie Mae Pool #FM9117 2.50% 10/1/20411 | 99 | 88 | ||||||
Fannie Mae Pool #AJ1873 4.00% 10/1/20411 | 6 | 6 | ||||||
Fannie Mae Pool #AE1274 5.00% 10/1/20411 | 6 | 6 | ||||||
Fannie Mae Pool #AE1277 5.00% 11/1/20411 | 3 | 4 | ||||||
Fannie Mae Pool #MA4501 2.00% 12/1/20411 | 341 | 292 | ||||||
Fannie Mae Pool #MA4502 2.50% 12/1/20411 | 196 | 174 | ||||||
Fannie Mae Pool #AE1283 5.00% 12/1/20411 | 2 | 2 | ||||||
Fannie Mae Pool #MA4521 2.50% 1/1/20421 | 246 | 219 | ||||||
Fannie Mae Pool #MA4540 2.00% 2/1/20421 | 489 | 418 | ||||||
Fannie Mae Pool #AE1290 5.00% 2/1/20421 | 4 | 4 | ||||||
Fannie Mae Pool #MA4570 2.00% 3/1/20421 | 111 | 95 | ||||||
Fannie Mae Pool #AT0300 3.50% 3/1/20431 | 1 | 1 | ||||||
Fannie Mae Pool #AT3954 3.50% 4/1/20431 | 2 | 2 | ||||||
Fannie Mae Pool #AY1829 3.50% 12/1/20441 | 2 | 2 | ||||||
Fannie Mae Pool #FM9416 3.50% 7/1/20451 | 339 | 317 | ||||||
Fannie Mae Pool #FS3767 2.00% 4/1/20471 | 28 | 23 | ||||||
Fannie Mae Pool #BH3122 4.00% 6/1/20471 | 1 | 1 | ||||||
Fannie Mae Pool #BJ5015 4.00% 12/1/20471 | 32 | 30 | ||||||
Fannie Mae Pool #BK5232 4.00% 5/1/20481 | 18 | 17 | ||||||
Fannie Mae Pool #BK6840 4.00% 6/1/20481 | 24 | 23 | ||||||
Fannie Mae Pool #BK9743 4.00% 8/1/20481 | 8 | 7 | ||||||
Fannie Mae Pool #BK9761 4.50% 8/1/20481 | 4 | 4 | ||||||
Fannie Mae Pool #FM3280 3.50% 5/1/20491 | 89 | 83 | ||||||
Fannie Mae Pool #CA5496 3.00% 4/1/20501 | 1,118 | 1,009 | ||||||
Fannie Mae Pool #CA5968 2.50% 6/1/20501 | 49 | 42 | ||||||
Fannie Mae Pool #FS3745 2.00% 8/1/20501 | 19 | 16 | ||||||
Fannie Mae Pool #CA6593 2.50% 8/1/20501 | 281 | 244 | ||||||
Fannie Mae Pool #FM4256 2.50% 9/1/20501 | 367 | 318 | ||||||
Fannie Mae Pool #CA7052 3.00% 9/1/20501 | 5 | 4 | ||||||
Fannie Mae Pool #CA7257 2.50% 10/1/20501 | 115 | 99 | ||||||
Fannie Mae Pool #BQ3005 2.50% 10/1/20501 | 72 | 62 | ||||||
Fannie Mae Pool #CA8108 2.00% 12/1/20501 | 146 | 121 | ||||||
Fannie Mae Pool #MA4208 2.00% 12/1/20501 | 12 | 10 | ||||||
Fannie Mae Pool #FM6113 2.50% 1/1/20511 | 1,595 | 1,362 | ||||||
Fannie Mae Pool #FM5940 2.00% 2/1/20511 | 1,668 | 1,371 | ||||||
Fannie Mae Pool #CA8820 2.00% 2/1/20511 | 377 | 311 | ||||||
Fannie Mae Pool #CB0290 2.00% 4/1/20511 | 110 | 90 | ||||||
Fannie Mae Pool #MA4305 2.00% 4/1/20511 | 1 | 1 | ||||||
Fannie Mae Pool #CB0041 3.00% 4/1/20511 | 196 | 176 | ||||||
Fannie Mae Pool #FM7687 3.00% 6/1/20511 | 249 | 223 | ||||||
Fannie Mae Pool #FS3744 2.00% 7/1/20511 | 56 | 46 | ||||||
Fannie Mae Pool #FM7957 2.50% 7/1/20511 | 167 | 143 | ||||||
Fannie Mae Pool #FM7900 2.50% 7/1/20511 | 26 | 22 | ||||||
Fannie Mae Pool #FM8038 3.00% 7/1/20511 | 296 | 265 | ||||||
Fannie Mae Pool #FM8247 2.50% 8/1/20511 | 238 | 205 | ||||||
Fannie Mae Pool #CB1527 2.50% 9/1/20511 | 420 | 360 | ||||||
Fannie Mae Pool #FS0965 2.00% 11/1/20511 | 3 | 2 | ||||||
Fannie Mae Pool #FM9492 2.50% 11/1/20511 | 434 | 374 |
258 | American Funds Insurance Series |
American Funds Mortgage Fund (continued)
Bonds, notes & other debt instruments (continued) | Principal amount (000) | Value (000) | ||||||
Mortgage-backed obligations (continued) | ||||||||
Federal agency mortgage-backed obligations (continued) | ||||||||
Fannie Mae Pool #FM9694 2.50% 11/1/20511 | USD | 211 | $ | 182 | ||||
Fannie Mae Pool #FM9810 3.00% 11/1/20511 | 84 | 75 | ||||||
Fannie Mae Pool #CB2286 2.50% 12/1/20511 | 391 | 336 | ||||||
Fannie Mae Pool #FM9804 2.50% 12/1/20511 | 228 | 196 | ||||||
Fannie Mae Pool #FM9976 3.00% 12/1/20511 | 91 | 82 | ||||||
Fannie Mae Pool #CB2544 3.00% 1/1/20521 | 263 | 234 | ||||||
Fannie Mae Pool #FS0454 3.00% 1/1/20521 | 86 | 77 | ||||||
Fannie Mae Pool #BV3080 2.00% 2/1/20521 | 421 | 344 | ||||||
Fannie Mae Pool #BV3076 2.00% 2/1/20521 | 136 | 111 | ||||||
Fannie Mae Pool #FS5851 4.00% 7/1/20521 | 1,195 | 1,131 | ||||||
Fannie Mae Pool #BW1289 5.50% 10/1/20521 | 42 | 42 | ||||||
Fannie Mae Pool #BW1243 5.50% 10/1/20521 | 37 | 38 | ||||||
Fannie Mae Pool #MA4840 4.50% 12/1/20521 | 474 | 459 | ||||||
Fannie Mae Pool #BX5673 5.00% 12/1/20521 | 99 | 98 | ||||||
Fannie Mae Pool #MA4919 5.50% 2/1/20531 | 94 | 94 | ||||||
Fannie Mae Pool #FS3759 6.00% 2/1/20531 | 118 | 122 | ||||||
Fannie Mae Pool #MA4978 5.00% 4/1/20531 | 6,911 | 6,840 | ||||||
Fannie Mae Pool #CB6106 6.50% 4/1/20531 | 78 | 81 | ||||||
Fannie Mae Pool #MA5008 4.50% 5/1/20531 | 46 | 45 | ||||||
Fannie Mae Pool #FS4563 5.00% 5/1/20531 | 53 | 53 | ||||||
Fannie Mae Pool #MA5010 5.50% 5/1/20531 | 62 | 62 | ||||||
Fannie Mae Pool #MA5011 6.00% 5/1/20531 | 315 | 320 | ||||||
Fannie Mae Pool #MA5038 5.00% 6/1/20531 | 549 | 543 | ||||||
Fannie Mae Pool #FS5192 5.50% 6/1/20531 | 941 | 947 | ||||||
Fannie Mae Pool #MA5039 5.50% 6/1/20531 | 69 | 70 | ||||||
Fannie Mae Pool #MA5040 6.00% 6/1/20531 | 436 | 443 | ||||||
Fannie Mae Pool #MA5071 5.00% 7/1/20531 | 404 | 400 | ||||||
Fannie Mae Pool #MA5072 5.50% 7/1/20531 | 181 | 182 | ||||||
Fannie Mae Pool #CB6853 4.50% 8/1/20531 | 98 | 95 | ||||||
Fannie Mae Pool #MA5136 4.50% 9/1/20531 | 583 | 566 | ||||||
Fannie Mae Pool #MA5139 6.00% 9/1/20531 | 4,319 | 4,387 | ||||||
Fannie Mae Pool #MA5165 5.50% 10/1/20531 | 1,972 | 1,981 | ||||||
Fannie Mae Pool #MA5166 6.00% 10/1/20531 | 429 | 436 | ||||||
Fannie Mae Pool #MA5191 6.00% 11/1/20531 | 1,824 | 1,853 | ||||||
Fannie Mae Pool #MA5249 7.00% 1/1/20541 | 65 | 67 | ||||||
Fannie Mae Pool #BF0379 3.50% 4/1/20591 | 133 | 120 | ||||||
Fannie Mae Pool #BF0481 3.50% 6/1/20601 | 149 | 136 | ||||||
Fannie Mae Pool #BF0497 3.00% 7/1/20601 | 49 | 42 | ||||||
Fannie Mae Pool #BF0585 4.50% 12/1/20611 | 51 | 50 | ||||||
Freddie Mac Pool #ZA1922 5.00% 2/1/20261 | 1 | 1 | ||||||
Freddie Mac Pool #ZS8950 5.00% 10/1/20291 | 2 | 1 | ||||||
Freddie Mac Pool #A18781 5.00% 3/1/20341 | 556 | 566 | ||||||
Freddie Mac Pool #RB5113 1.50% 6/1/20411 | 2,206 | 1,829 | ||||||
Freddie Mac Pool #RB5115 2.50% 6/1/20411 | 313 | 279 | ||||||
Freddie Mac Pool #RB5122 2.50% 8/1/20411 | 862 | 768 | ||||||
Freddie Mac Pool #RB5138 2.00% 12/1/20411 | 94 | 80 | ||||||
Freddie Mac Pool #RB5145 2.00% 2/1/20421 | 87 | 74 | ||||||
Freddie Mac Pool #RB5148 2.00% 3/1/20421 | 553 | 472 | ||||||
Freddie Mac Pool #Q15874 4.00% 2/1/20431 | 1 | 1 | ||||||
Freddie Mac Pool #760014 2.71% 8/1/20451,3 | 287 | 277 | ||||||
Freddie Mac Pool #Q47615 3.50% 4/1/20471 | 17 | 15 | ||||||
Freddie Mac Pool #Q52069 3.50% 11/1/20471 | 25 | 23 | ||||||
Freddie Mac Pool #Q55971 4.00% 5/1/20481 | 17 | 16 | ||||||
Freddie Mac Pool #Q56175 4.00% 5/1/20481 | 15 | 14 | ||||||
Freddie Mac Pool #Q55970 4.00% 5/1/20481 | 8 | 8 | ||||||
Freddie Mac Pool #Q56599 4.00% 6/1/20481 | 24 | 23 | ||||||
Freddie Mac Pool #Q58411 4.50% 9/1/20481 | 46 | 45 | ||||||
Freddie Mac Pool #Q58436 4.50% 9/1/20481 | 25 | 25 | ||||||
Freddie Mac Pool #Q58378 4.50% 9/1/20481 | 17 | 17 | ||||||
Freddie Mac Pool #RA1339 3.00% 9/1/20491,4 | 1,408 | 1,264 | ||||||
Freddie Mac Pool #QA2748 3.50% 9/1/20491 | 17 | 16 |
American Funds Insurance Series | 259 |
American Funds Mortgage Fund (continued)
Bonds, notes & other debt instruments (continued) | Principal amount (000) | Value (000) | ||||||
Mortgage-backed obligations (continued) | ||||||||
Federal agency mortgage-backed obligations (continued) | ||||||||
Freddie Mac Pool #SD7512 3.00% 2/1/20501 | USD | 147 | $ | 132 | ||||
Freddie Mac Pool #QB1368 2.50% 7/1/20501 | 447 | 388 | ||||||
Freddie Mac Pool #RA3384 3.00% 8/1/20501 | 5 | 5 | ||||||
Freddie Mac Pool #SI2062 2.00% 9/1/20501 | 188 | 154 | ||||||
Freddie Mac Pool #SI2080 2.00% 10/1/20501 | 196 | 161 | ||||||
Freddie Mac Pool #SD8106 2.00% 11/1/20501 | 535 | 440 | ||||||
Freddie Mac Pool #RA3987 2.50% 11/1/20501 | 204 | 175 | ||||||
Freddie Mac Pool #RA4352 2.00% 1/1/20511 | 329 | 272 | ||||||
Freddie Mac Pool #SD8128 2.00% 2/1/20511 | 2 | 2 | ||||||
Freddie Mac Pool #SD8134 2.00% 3/1/20511 | 3 | 3 | ||||||
Freddie Mac Pool #RA5288 2.00% 5/1/20511 | 305 | 251 | ||||||
Freddie Mac Pool #SD7544 3.00% 7/1/20511 | 77 | 69 | ||||||
Freddie Mac Pool #QC7626 3.00% 9/1/20511 | 238 | 213 | ||||||
Freddie Mac Pool #SD0734 3.00% 10/1/20511 | 85 | 76 | ||||||
Freddie Mac Pool #RA6406 2.00% 11/1/20511 | 76 | 62 | ||||||
Freddie Mac Pool #SD1385 2.50% 11/1/20511 | 62 | 54 | ||||||
Freddie Mac Pool #SD7552 2.50% 1/1/20521 | 41 | 35 | ||||||
Freddie Mac Pool #SD0813 3.00% 1/1/20521 | 18 | 16 | ||||||
Freddie Mac Pool #RA6598 3.50% 1/1/20521 | 183 | 169 | ||||||
Freddie Mac Pool #SD7550 3.00% 2/1/20521 | 371 | 334 | ||||||
Freddie Mac Pool #SD0873 3.50% 2/1/20521,4 | 1,079 | 1,006 | ||||||
Freddie Mac Pool #QD7089 3.50% 2/1/20521 | 8 | 7 | ||||||
Freddie Mac Pool #SD1450 2.50% 3/1/20521,4 | 3,162 | 2,725 | ||||||
Freddie Mac Pool #SD7553 3.00% 3/1/20521 | 300 | 269 | ||||||
Freddie Mac Pool #SD8214 3.50% 5/1/20521 | 383 | 352 | ||||||
Freddie Mac Pool #QF0213 4.50% 9/1/20521 | 1,204 | 1,168 | ||||||
Freddie Mac Pool #RA7938 5.00% 9/1/20521 | 670 | 664 | ||||||
Freddie Mac Pool #QF0924 5.50% 9/1/20521 | 238 | 240 | ||||||
Freddie Mac Pool #RA8059 5.50% 10/1/20521 | 112 | 113 | ||||||
Freddie Mac Pool #SD1895 4.50% 11/1/20521 | 376 | 372 | ||||||
Freddie Mac Pool #SD8280 6.50% 11/1/20521 | 824 | 847 | ||||||
Freddie Mac Pool #SD8288 5.00% 1/1/20531 | 44 | 44 | ||||||
Freddie Mac Pool #SD8315 5.00% 4/1/20531 | 124 | 123 | ||||||
Freddie Mac Pool #SD2716 5.00% 4/1/20531 | 88 | 87 | ||||||
Freddie Mac Pool #SD8316 5.50% 4/1/20531 | 99 | 99 | ||||||
Freddie Mac Pool #SD8322 4.50% 5/1/20531 | 244 | 236 | ||||||
Freddie Mac Pool #SD8324 5.50% 5/1/20531 | 88 | 89 | ||||||
Freddie Mac Pool #SD8329 5.00% 6/1/20531 | 28 | 28 | ||||||
Freddie Mac Pool #SD8331 5.50% 6/1/20531 | 376 | 377 | ||||||
Freddie Mac Pool #RA9279 6.00% 6/1/20531 | 69 | 70 | ||||||
Freddie Mac Pool #RA9283 6.00% 6/1/20531 | 64 | 66 | ||||||
Freddie Mac Pool #RA9281 6.00% 6/1/20531 | 42 | 43 | ||||||
Freddie Mac Pool #RA9284 6.00% 6/1/20531 | 30 | 31 | ||||||
Freddie Mac Pool #SD8341 5.00% 7/1/20531 | 234 | 231 | ||||||
Freddie Mac Pool #SD8342 5.50% 7/1/20531 | 1,175 | 1,180 | ||||||
Freddie Mac Pool #SD8350 6.00% 8/1/20531,4 | 6,212 | 6,309 | ||||||
Freddie Mac Pool #RA9857 6.00% 9/1/20531 | 1,073 | 1,090 | ||||||
Freddie Mac Pool #SD4053 6.00% 10/1/20531 | 732 | 744 | ||||||
Freddie Mac Pool #SD8368 6.00% 10/1/20531 | 518 | 526 | ||||||
Freddie Mac Pool #SD8369 6.50% 10/1/20531 | 145 | 149 | ||||||
Freddie Mac Pool #SD8373 6.00% 11/1/20531 | 769 | 781 | ||||||
Freddie Mac Pool #SD8395 5.50% 1/1/20541 | 495 | 497 | ||||||
Freddie Mac, Series K751, Class A2, Multi Family, 4.412% 3/25/20301 | 300 | 300 | ||||||
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-1, Class HA, 3.00% 1/25/20561,3 | 93 | 85 | ||||||
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-3, Class HT, 3.25% 7/25/20561 | 86 | 72 | ||||||
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-2, Class MA, 3.00% 8/25/20561 | 176 | 162 | ||||||
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-2, Class HA, 3.00% 8/25/20561,3 | 125 | 115 |
260 | American Funds Insurance Series |
American Funds Mortgage Fund (continued)
Bonds, notes & other debt instruments (continued) | Principal amount (000) | Value (000) | ||||||
Mortgage-backed obligations (continued) | ||||||||
Federal agency mortgage-backed obligations (continued) | ||||||||
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2018-1, Class HT, 3.00% 5/25/20571 | USD | 22 | $ | 19 | ||||
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2018-3, Class MA, 3.50% 8/25/20571 | 103 | 97 | ||||||
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2019-2, Class MT, 3.50% 8/26/20581 | 29 | 26 | ||||||
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2019-3, Class MT, 3.50% 10/25/20581 | 17 | 15 | ||||||
Freddie Mac Seasoned Loan Structured Transaction Trust, Series 2018-1, Class A1, 3.50% 6/25/20281 | 237 | 227 | ||||||
Freddie Mac Seasoned Loan Structured Transaction Trust, Series 2018-2, Class A1, 3.50% 11/25/20281 | 13 | 12 | ||||||
Freddie Mac Seasoned Loan Structured Transaction Trust, Series 20-3, Class AC, 2.00% 11/25/20301 | 326 | 282 | ||||||
Freddie Mac Seasoned Loan Structured Transaction Trust, Series 21-1, Class AC, 2.25% 5/26/20311 | 339 | 299 | ||||||
Freddie Mac Seasoned Loan Structured Transaction Trust, Series 21-2, Class AD, 2.00% 7/25/20311 | 283 | 245 | ||||||
Freddie Mac Seasoned Loan Structured Transaction Trust, Series 2022-1, Class A1, 3.50% 5/25/20321 | 310 | 294 | ||||||
Freddie Mac Seasoned Loan Structured Transaction Trust, Series 20-2, Class AC, 2.00% 9/27/20601 | 336 | 292 | ||||||
Government National Mortgage Assn. 3.00% 1/1/20541,5 | 113 | 102 | ||||||
Government National Mortgage Assn. 4.00% 1/1/20541,5 | 334 | 319 | ||||||
Government National Mortgage Assn. 5.50% 1/1/20541,5 | 274 | 276 | ||||||
Government National Mortgage Assn. 6.00% 1/1/20541,5 | 10 | 10 | ||||||
Government National Mortgage Assn. 6.50% 1/1/20541,5 | 310 | 317 | ||||||
Government National Mortgage Assn. Pool #AH5894 3.75% 5/20/20341 | 649 | 628 | ||||||
Government National Mortgage Assn. Pool #AD0028 3.75% 7/20/20381 | 255 | 246 | ||||||
Government National Mortgage Assn. Pool #004410 4.00% 4/20/20391 | 51 | 50 | ||||||
Government National Mortgage Assn. Pool #AH5897 3.75% 7/20/20391 | 507 | 489 | ||||||
Government National Mortgage Assn. Pool #783690 6.00% 9/20/20391 | 74 | 78 | ||||||
Government National Mortgage Assn. Pool #004823 4.00% 10/20/20401 | 79 | 77 | ||||||
Government National Mortgage Assn. Pool #005104 5.00% 6/20/20411 | 163 | 164 | ||||||
Government National Mortgage Assn. Pool #005142 4.50% 8/20/20411 | 11 | 11 | ||||||
Government National Mortgage Assn. Pool #005165 6.50% 8/20/20411 | 81 | 81 | ||||||
Government National Mortgage Assn. Pool #AA5326 3.50% 5/20/20421 | 124 | 114 | ||||||
Government National Mortgage Assn. Pool #MA0366 3.50% 6/20/20421 | 191 | 180 | ||||||
Government National Mortgage Assn. Pool #AD4360 3.50% 7/20/20431 | 87 | 83 | ||||||
Government National Mortgage Assn. Pool #AH5884 4.25% 7/20/20441 | 895 | 868 | ||||||
Government National Mortgage Assn. Pool #MA6994 2.00% 11/20/20501 | 94 | 80 | ||||||
Government National Mortgage Assn. Pool #BZ3978 2.50% 11/20/20501 | 39 | 34 | ||||||
Government National Mortgage Assn. Pool #MA7051 2.00% 12/20/20501 | 84 | 71 | ||||||
Government National Mortgage Assn. Pool #785575 2.50% 8/20/20511 | 1,021 | 878 | ||||||
Government National Mortgage Assn. Pool #785659 2.50% 10/20/20511 | 89 | 77 | ||||||
Government National Mortgage Assn. Pool #786706 2.50% 12/20/20511 | 560 | 493 | ||||||
Government National Mortgage Assn. Pool #786502 2.50% 2/20/20521 | 348 | 303 | ||||||
Government National Mortgage Assn. Pool #786647 2.50% 3/20/20521 | 191 | 167 | ||||||
Government National Mortgage Assn. Pool #786701 2.50% 3/20/20521 | 165 | 144 | ||||||
Government National Mortgage Assn. Pool #MA7987 2.50% 4/20/20521 | 250 | 219 | ||||||
Government National Mortgage Assn. Pool #MA8266 3.50% 9/20/20521 | 5 | 5 | ||||||
Government National Mortgage Assn. Pool #MA9015 4.50% 7/20/20531 | 470 | 459 | ||||||
Government National Mortgage Assn. Pool #MA9016 5.00% 7/20/20531 | 15 | 15 | ||||||
Government National Mortgage Assn. Pool #AN1825 4.595% 6/20/20651 | 97 | 96 | ||||||
Government National Mortgage Assn. Pool #AO0461 4.617% 8/20/20651 | 33 | 33 | ||||||
Government National Mortgage Assn. Pool #AO0409 4.588% 12/20/20651 | 56 | 55 | ||||||
Government National Mortgage Assn. Pool #AO0385 4.468% 1/20/20661 | 362 | 356 | ||||||
Government National Mortgage Assn. Pool #725897 5.20% 1/20/20661 | 1 | 1 | ||||||
Government National Mortgage Assn., Series 2021-2, Class AH, 1.50% 6/16/20631 | 210 | 160 | ||||||
Uniform Mortgage-Backed Security 2.50% 1/1/20391,5 | 193 | 178 | ||||||
Uniform Mortgage-Backed Security 2.50% 2/1/20391,5 | 157 | 145 |
American Funds Insurance Series | 261 |
American Funds Mortgage Fund (continued)
Bonds, notes & other debt instruments (continued) | Principal amount (000) | Value (000) | ||||||
Mortgage-backed obligations (continued) | ||||||||
Federal agency mortgage-backed obligations (continued) | ||||||||
Uniform Mortgage-Backed Security 4.00% 2/1/20391,5 | USD | 125 | $ | 123 | ||||
Uniform Mortgage-Backed Security 2.50% 1/1/20541,5 | 3,249 | 2,764 | ||||||
Uniform Mortgage-Backed Security 3.00% 1/1/20541,5 | 1,900 | 1,681 | ||||||
Uniform Mortgage-Backed Security 3.50% 1/1/20541,5 | 2,602 | 2,387 | ||||||
Uniform Mortgage-Backed Security 4.00% 1/1/20541,5 | 1,300 | 1,230 | ||||||
Uniform Mortgage-Backed Security 4.50% 1/1/20541,5 | 4,652 | 4,510 | ||||||
Uniform Mortgage-Backed Security 5.00% 1/1/20541,5 | 630 | 624 | ||||||
Uniform Mortgage-Backed Security 5.50% 1/1/20541,5 | 728 | 731 | ||||||
Uniform Mortgage-Backed Security 6.00% 1/1/20541,5 | 355 | 360 | ||||||
Uniform Mortgage-Backed Security 6.50% 1/1/20541,5 | 3,570 | 3,659 | ||||||
Uniform Mortgage-Backed Security 7.00% 1/1/20541,5 | 1,155 | 1,191 | ||||||
Uniform Mortgage-Backed Security 4.50% 2/1/20541,5 | 600 | 582 | ||||||
Uniform Mortgage-Backed Security 5.00% 2/1/20541,5 | 900 | 891 | ||||||
Uniform Mortgage-Backed Security 5.50% 2/1/20541,5 | 250 | 251 | ||||||
Uniform Mortgage-Backed Security 6.00% 2/1/20541,5 | 1,100 | 1,117 | ||||||
Uniform Mortgage-Backed Security 6.50% 2/1/20541,5 | 1,000 | 1,025 | ||||||
96,042 | ||||||||
Commercial mortgage-backed securities 1.65% | ||||||||
BOCA Commercial Mortgage Trust, Series 2022-BOCA, Class A, (1-month USD CME Term SOFR + 1.77%) 7.131% 5/15/20391,3,6 | 100 | 100 | ||||||
BX Trust, Series 2022-CSMO, Class A, (1-month USD CME Term SOFR + 2.115%) 7.477% 6/15/20271,3,6 | 100 | 100 | ||||||
BX Trust, Series 2021-ARIA, Class A, (1-month USD CME Term SOFR + 1.014%) 6.375% 10/15/20361,3,6 | 891 | 872 | ||||||
BX Trust, Series 2022-IND, Class A, (1-month USD CME Term SOFR + 1.491%) 6.853% 4/15/20371,3,6 | 128 | 127 | ||||||
Citigroup Commercial Mortgage Trust, Series 2023-SMRT, Class A, 5.82% 6/10/20281,3,6 | 379 | 384 | ||||||
Extended Stay America Trust, Series 2021-ESH, Class A, (1-month USD CME Term SOFR + 1.194%) 6.556% 7/15/20381,3,6 | 93 | 93 | ||||||
Intown 2022-Stay Mortgage Trust, Series 2022-STAY, Class A, (1-month USD CME Term SOFR + 2.489%) 7.812% 8/15/20391,3 | 100 | 100 | ||||||
1,776 | ||||||||
Collateralized mortgage-backed obligations (privately originated) 0.82% | ||||||||
Cascade Funding Mortgage Trust, Series 2021-HB7, Class A, 1.151% 10/27/20311,3,6 | 67 | 65 | ||||||
Cascade Funding Mortgage Trust, Series 2021-HB6, Class A, 0.898% 6/25/20361,3,6 | 106 | 101 | ||||||
CIM Trust, Series 2022-R2, Class A1, 3.75% 12/25/20611,3,6 | 162 | 152 | ||||||
COLT Mortgage Loan Trust, Series 2021-5, Class A1, 1.726% 11/26/20661,3,6 | 74 | 63 | ||||||
GCAT Trust, Series 2021-NQM6, Class A1, 1.855% 8/25/20661,3,6 | 25 | 22 | ||||||
GS Mortgage-Backed Securities Trust, Series 2022-PJ5, Class A4, 2.50% 10/25/20521,3,6 | 203 | 167 | ||||||
Legacy Mortgage Asset Trust, Series 2020-GS5, Class A1, 6.25% 6/25/2060 (7.25% on 8/26/2024)1,6,7 | 98 | 98 | ||||||
Mill City Mortgage Trust, Series 15-1, Class M2, 3.72% 6/25/20561,3,6 | 9 | 9 | ||||||
Onslow Bay Financial Mortgage Loan Trust, Series 2022-J1, Class A2, 2.50% 2/25/20521,3,6 | 131 | 108 | ||||||
Reverse Mortgage Investment Trust, Series 2021-HB1, Class A, 1.259% 11/25/20311,3,6 | 44 | 42 | ||||||
Towd Point Mortgage Trust, Series 2015-4, Class M2, 3.75% 4/25/20551,3,6 | 59 | 58 | ||||||
885 | ||||||||
Total mortgage-backed obligations | 98,703 | |||||||
U.S. Treasury bonds & notes 1.89% | ||||||||
U.S. Treasury 1.60% | ||||||||
U.S. Treasury 0.125% 1/15/2024 | 75 | 75 | ||||||
U.S. Treasury 4.25% 5/31/2025 | 25 | 25 | ||||||
U.S. Treasury 4.00% 2/15/2026 | 50 | 50 | ||||||
U.S. Treasury 4.125% 7/31/2028 | 1,250 | 1,263 |
262 | American Funds Insurance Series |
American Funds Mortgage Fund (continued)
Bonds, notes & other debt instruments (continued) | Principal amount (000) | Value (000) | |||||||||
U.S. Treasury bonds & notes (continued) | |||||||||||
U.S. Treasury (continued) | |||||||||||
U.S. Treasury 1.875% 2/15/2032 | USD | 10 | $ | 9 | |||||||
U.S. Treasury 1.875% 2/15/2041 | 365 | 263 | |||||||||
U.S. Treasury 1.875% 11/15/2051 | 65 | 41 | |||||||||
1,726 | |||||||||||
U.S. Treasury inflation-protected securities 0.29% | |||||||||||
U.S. Treasury Inflation-Protected Security 0.50% 4/15/20248 | 315 | 311 | |||||||||
Total U.S. Treasury bonds & notes | 2,037 | ||||||||||
Asset-backed obligations 1.47% | |||||||||||
Citizens Auto Receivables Trust, Series 2023-2, Class A2A, 6.09% 10/15/20261,6 | 84 | 84 | |||||||||
Ford Credit Auto Owner Trust, Series 2023-2, Class A, 5.28% 2/15/20361,6 | 257 | 263 | |||||||||
Hertz Vehicle Financing III, LLC, Series 2021-1A, Class A, 1.21% 12/26/20251,6 | 86 | 83 | |||||||||
LAD Auto Receivables Trust, Series 2023-2, Class A2, 5.93% 6/15/20271,6 | 96 | 96 | |||||||||
Navient Student Loan Trust, Series 2021-A, Class A, 0.84% 5/15/20691,6 | 95 | 83 | |||||||||
Navient Student Loan Trust, Series 2021-C, Class A, 1.06% 10/15/20691,6 | 180 | 156 | |||||||||
Nelnet Student Loan Trust, Series 2021-A, Class APT1, 1.36% 4/20/20621,6 | 152 | 138 | |||||||||
Nelnet Student Loan Trust, Series 2021-C, Class AFL, (1-month USD CME Term SOFR + 0.854%) 6.212% 4/20/20621,3,6 | 124 | 122 | |||||||||
New Economy Assets Phase 1 Issuer, LLC, Series 2021-1, Class A1, 1.91% 10/20/20611,6 | 100 | 88 | |||||||||
Synchrony Card Issuance Trust, Series 2023-A, Class A, 5.54% 7/15/20291 | 122 | 124 | |||||||||
Toyota Auto Loan Extended Note Trust, Series 2023-1, Class A, 4.93% 6/25/20361,6 | 100 | 101 | |||||||||
Toyota Auto Receivables Owner Trust, Series 2023-C, Class A3, 5.16% 4/17/20281 | 243 | 245 | |||||||||
1,583 | |||||||||||
Total bonds, notes & other debt instruments (cost: $102,205,000) | 102,323 | ||||||||||
Short-term securities 21.64% | Weighted average yield at acquisition | ||||||||||
Commercial paper 14.53% | |||||||||||
Atlantic Asset Securitization, LLC 1/2/20246 | 5.310 | % | 700 | 700 | |||||||
Cisco Systems, Inc. 1/8/20246 | 5.320 | 2,000 | 1,997 | ||||||||
Coca-Cola Co. 1/11/20246 | 5.300 | 1,800 | 1,797 | ||||||||
Eli Lilly and Co. 1/16/20246 | 5.360 | 1,300 | 1,296 | ||||||||
Honeywell International, Inc. 1/11/20246 | 5.300 | 1,400 | 1,397 | ||||||||
Microsoft Corp. 1/10/20246 | 5.370 | 2,000 | 1,996 | ||||||||
Nestlé Finance International, Ltd. 1/18/20246 | 5.300 | 1,100 | 1,097 | ||||||||
Paccar Financial Corp. 1/18/2024 | 5.390 | 2,000 | 1,994 | ||||||||
Prudential Funding, LLC 1/22/2024 | 5.340 | 1,400 | 1,395 | ||||||||
Wal-Mart Stores, Inc. 1/8/20246 | 5.031 | 2,000 | 1,997 | ||||||||
15,666 |
American Funds Insurance Series | 263 |
American Funds Mortgage Fund (continued)
Short-term securities (continued) | Weighted average yield at acquisition | Principal amount (000) | Value (000) | |||||||||
Federal agency bills & notes 7.11% | ||||||||||||
Federal Home Loan Bank 1/5/2024 | 5.352 | % | USD | 2,500 | $ | 2,499 | ||||||
Federal Home Loan Bank 1/19/2024 | 5.340 | 2,000 | 1,995 | |||||||||
Federal Home Loan Bank 3/15/2024 | 5.245 | 1,200 | 1,187 | |||||||||
Federal Home Loan Bank 2/16/2024 | 5.203 | 2,000 | 1,986 | |||||||||
Total short-term securities (cost: $23,340,000) | 23,333 | |||||||||||
Total investment securities 116.57% (cost: $125,545,000) | 125,656 | |||||||||||
Other assets less liabilities (16.57)% | (17,865 | ) | ||||||||||
Net assets 100.00% | $ | 107,791 |
Futures contracts
Contracts | Type | Number of contracts | Expiration date | Notional amount (000) | Value and unrealized appreciation (depreciation) at 12/31/2023 (000) | |||||||||
2 Year U.S. Treasury Note Futures | Long | 266 | 4/3/2024 | USD | 54,773 | $ | 514 | |||||||
5 Year U.S. Treasury Note Futures | Long | 134 | 4/3/2024 | 14,576 | 296 | |||||||||
10 Year U.S. Treasury Note Futures | Long | 134 | 3/28/2024 | 15,127 | 493 | |||||||||
10 Year Ultra U.S. Treasury Note Futures | Long | 9 | 3/28/2024 | 1,062 | 46 | |||||||||
20 Year U.S. Treasury Bond Futures | Short | 59 | 3/28/2024 | (7,371 | ) | (564 | ) | |||||||
30 Year Ultra U.S. Treasury Bond Futures | Long | 17 | 3/28/2024 | 2,271 | 215 | |||||||||
$ | 1,000 |
Swap contracts
Interest rate swaps
Centrally cleared interest rate swaps
Receive | Pay | Notional | Value at | Upfront premium paid | Unrealized appreciation (depreciation) | ||||||||||||||||||||
Rate | Payment frequency | Rate | Payment frequency | Expiration date | amount (000) | 12/31/2023 (000) | (received) (000) | at 12/31/2023 (000) | |||||||||||||||||
4.8585% | Annual | U.S. EFFR | Annual | 1/12/2024 | USD1,156 | $ | — | 2 | $ | — | $ | — | 2 | ||||||||||||
4.8615% | Annual | U.S. EFFR | Annual | 1/12/2024 | USD2,400 | (1 | ) | — | (1 | ) | |||||||||||||||
4.8674% | Annual | U.S. EFFR | Annual | 1/12/2024 | USD1,694 | (1 | ) | — | (1 | ) | |||||||||||||||
SOFR | Annual | 3.41% | Annual | 7/28/2045 | USD1,300 | 12 | — | 12 | |||||||||||||||||
$ | 10 | $ | — | $ | 10 |
264 | American Funds Insurance Series |
American Funds Mortgage Fund (continued)
1 | Principal payments may be made periodically. Therefore, the effective maturity date may be earlier than the stated maturity date. |
2 | Amount less than one thousand. |
3 | Coupon rate may change periodically. Reference rate and spread are as of the most recent information available. Some coupon rates are determined by the issuer or agent based on current market conditions; therefore, the reference rate and spread are not available. For short-term securities, the date of the next scheduled coupon rate change is considered to be the maturity date. |
4 | All or a portion of this security was pledged as collateral. The total value of pledged collateral was $929,000, which represented .86% of the net assets of the fund. |
5 | Purchased on a TBA basis. |
6 | Acquired in a transaction exempt from registration under Rule 144A or, for commercial paper, Section 4(a)(2) of the Securities Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers. The total value of all such securities was $16,052,000, which represented 14.89% of the net assets of the fund. |
7 | Step bond; coupon rate may change at a later date. |
8 | Index-linked bond whose principal amount moves with a government price index. |
Key to abbreviation(s)
Assn. = Association
CME = CME Group
EFFR = Effective Federal Funds Rate
SOFR = Secured Overnight Financing Rate
TBA = To be announced
USD = U.S. dollars
Refer to the notes to financial statements.
American Funds Insurance Series | 265 |
Investment portfolio December 31, 2023
Short-term securities 103.53% | Weighted average yield at acquisition | Principal amount (000) | Value (000) | |||||||||
Commercial paper 78.02% | ||||||||||||
Alberta (Province of) 2/21/20241 | 5.453 | % | USD | 10,000 | $ | 9,920 | ||||||
British Columbia (Province of) 1/11/2024 | 5.324 | 9,800 | 9,781 | |||||||||
British Columbia (Province of) 1/19/2024 | 5.340 | 1,450 | 1,446 | |||||||||
Cabot Trail Funding, LLC. 1/2/20241 | 5.350 | 4,200 | 4,198 | |||||||||
Canadian Imperial Bank of Commerce 1/25/20241 | 5.390 | 8,600 | 8,565 | |||||||||
Chariot Funding, LLC 1/2/20241 | 5.430 | 8,000 | 7,995 | |||||||||
Chariot Funding, LLC 1/8/20241 | 5.390 | 4,000 | 3,994 | |||||||||
CHARTA, LLC 1/16/20241 | 5.500 | 9,000 | 8,976 | |||||||||
Cisco Systems, Inc. 1/8/20241 | 5.320 | 12,600 | 12,582 | |||||||||
Coca-Cola Co. 1/11/20241 | 5.300 | 10,100 | 10,081 | |||||||||
DBS Bank, Ltd. 1/17/20241 | 5.444 | 12,350 | 12,315 | |||||||||
Eli Lilly and Co. 1/16/20241 | 5.370 | 5,000 | 4,987 | |||||||||
Eli Lilly and Co. 1/23/20241 | 5.350 | 3,000 | 2,989 | |||||||||
Eli Lilly and Co. 2/6/20241 | 5.370 | 5,000 | 4,971 | |||||||||
Estée Lauder Companies, Inc. 1/22/20241 | 5.390 | 8,800 | 8,769 | |||||||||
Export Development Canada 2/12/2024 | 5.419 | 12,000 | 11,920 | |||||||||
FMS Wertmanagement 1/22/20241 | 5.320 | 8,300 | 8,271 | |||||||||
Honeywell International, Inc. 1/11/20241 | 5.300 | 11,300 | 11,278 | |||||||||
Linde, Inc. 1/5/2024 | 5.310 | 5,200 | 5,195 | |||||||||
Microsoft Corp. 1/10/20241 | 5.370 | 10,000 | 9,982 | |||||||||
Microsoft Corp. 1/29/20241 | 5.330 | 4,000 | 3,982 | |||||||||
National Bank of Canada 1/30/20241 | 5.520 | 5,100 | 5,076 | |||||||||
Nestlé Finance International, Ltd. 1/18/20241 | 5.300 | 4,000 | 3,988 | |||||||||
Novartis Finance Corp. 1/8/20241 | 5.310 | 12,000 | 11,982 | |||||||||
Oesterreich Kontrollbank 1/22/2024 | 5.400 | 12,000 | 11,957 | |||||||||
Ontario (Province of) 2/1/2024 | 5.350 | 2,400 | 2,388 | |||||||||
Ontario (Province of) 1/30/2024 | 5.340 | 10,000 | 9,953 | |||||||||
Oversea-Chinese Banking Corp., Ltd. 1/24/20241 | 5.484 | 10,000 | 9,961 | |||||||||
Paccar Financial Corp. 1/4/2024 | 5.400 | 12,000 | 11,989 | |||||||||
Paccar Financial Corp. 1/18/2024 | 5.390 | 2,000 | 1,994 | |||||||||
Pfizer, Inc. 2/27/20241 | 5.370 | 8,300 | 8,226 | |||||||||
Pfizer, Inc. 3/5/20241 | 5.360 | 2,000 | 1,980 | |||||||||
Procter & Gamble Co. 1/2/20241 | 5.350 | 11,300 | 11,293 | |||||||||
Prudential Funding, LLC 1/22/2024 | 5.340 | 4,000 | 3,986 | |||||||||
Starbird Funding Corp. 2/13/20241 | 5.540 | 12,000 | 11,917 | |||||||||
The Netherlands (State of) 1/24/20241 | 5.400 | 12,000 | 11,954 | |||||||||
Wal-Mart Stores, Inc. 1/8/20241 | 5.031 | 10,000 | 9,985 | |||||||||
290,826 | ||||||||||||
U.S. Treasury bills 17.33% | ||||||||||||
U.S. Treasury 1/2/2024 | 5.290 | 20,000 | 20,000 | |||||||||
U.S. Treasury 2/27/2024 | 4.925 | 25,000 | 24,795 | |||||||||
U.S. Treasury 3/5/2024 | 5.114 | 20,000 | 19,818 | |||||||||
64,613 |
266 | American Funds Insurance Series |
Ultra-Short Bond Fund (continued)
Short-term securities (continued) | Weighted average yield at acquisition | Principal amount (000) | Value (000) | |||||||||
Federal agency bills & notes 8.18% | ||||||||||||
Federal Farm Credit Banks 1/26/2024 | 5.280 | % | USD | 6,400 | $ | 6,377 | ||||||
Federal Home Loan Bank 1/5/2024 | 5.352 | 5,500 | 5,497 | |||||||||
Federal Home Loan Bank 1/19/2024 | 5.282 | 10,000 | 9,974 | |||||||||
Federal Home Loan Bank 2/16/2024 | 5.203 | 5,000 | 4,966 | |||||||||
Federal Home Loan Bank 2/21/2024 | 5.261 | 3,700 | 3,672 | |||||||||
30,486 | ||||||||||||
Total short-term securities (cost: $386,032,000) | 385,925 | |||||||||||
Total investment securities 103.53% (cost: $386,032,000) | 385,925 | |||||||||||
Other assets less liabilities (3.53)% | (13,171 | ) | ||||||||||
Net assets 100.00% | $ | 372,754 |
1 | Acquired in a transaction exempt from registration under Rule 144A or, for commercial paper, Section 4(a)(2) of the Securities Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers. The total value of all such securities was $220,218,000, which represented 59.08% of the net assets of the fund. |
Key to abbreviation(s)
USD = U.S. dollars
Refer to the notes to financial statements.
American Funds Insurance Series | 267 |
U.S. Government Securities Fund
Investment portfolio December 31, 2023
Bonds, notes & other debt instruments 95.68% | Principal amount (000) | Value (000) | ||||||
Mortgage-backed obligations 64.26% | ||||||||
Federal agency mortgage-backed obligations 64.26% | ||||||||
Fannie Mae Pool #406607 6.50% 8/1/20241 | USD | 1 | $ | 1 | ||||
Fannie Mae Pool #735070 6.50% 10/1/20241 | — | 2 | — | 2 | ||||
Fannie Mae Pool #745316 6.50% 2/1/20261 | 26 | 27 | ||||||
Fannie Mae Pool #AL9870 6.50% 2/1/20281 | 28 | 29 | ||||||
Fannie Mae Pool #257431 6.50% 10/1/20281 | 1 | 1 | ||||||
Fannie Mae Pool #695412 5.00% 6/1/20331 | — | 2 | — | 2 | ||||
Fannie Mae Pool #AD3566 5.00% 10/1/20351 | 3 | 3 | ||||||
Fannie Mae Pool #MA2588 4.00% 4/1/20361 | 571 | 559 | ||||||
Fannie Mae Pool #MA2746 4.00% 9/1/20361 | 1,240 | 1,213 | ||||||
Fannie Mae Pool #940890 6.50% 6/1/20371 | — | 2 | — | 2 | ||||
Fannie Mae Pool #256828 7.00% 7/1/20371 | 3 | 3 | ||||||
Fannie Mae Pool #256860 6.50% 8/1/20371 | 10 | 11 | ||||||
Fannie Mae Pool #888698 7.00% 10/1/20371 | 12 | 13 | ||||||
Fannie Mae Pool #970343 6.00% 2/1/20381 | 13 | 13 | ||||||
Fannie Mae Pool #931768 5.00% 8/1/20391 | 5 | 5 | ||||||
Fannie Mae Pool #AC0794 5.00% 10/1/20391 | 19 | 19 | ||||||
Fannie Mae Pool #932606 5.00% 2/1/20401 | 8 | 8 | ||||||
Fannie Mae Pool #MA4204 2.00% 12/1/20401 | 5,253 | 4,525 | ||||||
Fannie Mae Pool #FM7365 2.00% 5/1/20411 | 31,097 | 26,672 | ||||||
Fannie Mae Pool #AI1862 5.00% 5/1/20411 | 318 | 323 | ||||||
Fannie Mae Pool #AI3510 5.00% 6/1/20411 | 174 | 177 | ||||||
Fannie Mae Pool #AE1248 5.00% 6/1/20411 | 32 | 32 | ||||||
Fannie Mae Pool #AJ0704 5.00% 9/1/20411 | 146 | 148 | ||||||
Fannie Mae Pool #AJ1873 4.00% 10/1/20411 | 24 | 23 | ||||||
Fannie Mae Pool #AJ5391 5.00% 11/1/20411 | 100 | 101 | ||||||
Fannie Mae Pool #AE1277 5.00% 11/1/20411 | 14 | 14 | ||||||
Fannie Mae Pool #MA4501 2.00% 12/1/20411 | 2,731 | 2,336 | ||||||
Fannie Mae Pool #AE1283 5.00% 12/1/20411 | 9 | 9 | ||||||
Fannie Mae Pool #MA4540 2.00% 2/1/20421 | 1,260 | 1,077 | ||||||
Fannie Mae Pool #AE1290 5.00% 2/1/20421 | 17 | 17 | ||||||
Fannie Mae Pool #MA4570 2.00% 3/1/20421 | 819 | 699 | ||||||
Fannie Mae Pool #AT0300 3.50% 3/1/20431 | 5 | 4 | ||||||
Fannie Mae Pool #AT3954 3.50% 4/1/20431 | 8 | 7 | ||||||
Fannie Mae Pool #AT7161 3.50% 6/1/20431 | 35 | 33 | ||||||
Fannie Mae Pool #AY1829 3.50% 12/1/20441 | 7 | 7 | ||||||
Fannie Mae Pool #BE5017 3.50% 2/1/20451 | 59 | 55 | ||||||
Fannie Mae Pool #FM9416 3.50% 7/1/20451 | 4,071 | 3,801 | ||||||
Fannie Mae Pool #BE8740 3.50% 5/1/20471 | 49 | 46 | ||||||
Fannie Mae Pool #BE8742 3.50% 5/1/20471 | 16 | 15 | ||||||
Fannie Mae Pool #BH2846 3.50% 5/1/20471 | 8 | 7 | ||||||
Fannie Mae Pool #BH2848 3.50% 5/1/20471 | 6 | 6 | ||||||
Fannie Mae Pool #BH2847 3.50% 5/1/20471 | 3 | 3 | ||||||
Fannie Mae Pool #BH3122 4.00% 6/1/20471 | 5 | 5 | ||||||
Fannie Mae Pool #BJ5015 4.00% 12/1/20471 | 126 | 122 | ||||||
Fannie Mae Pool #BM3788 3.50% 3/1/20481 | 2,923 | 2,742 | ||||||
Fannie Mae Pool #BJ4901 3.50% 3/1/20481 | 37 | 35 | ||||||
Fannie Mae Pool #BK5232 4.00% 5/1/20481 | 71 | 69 | ||||||
Fannie Mae Pool #BK6840 4.00% 6/1/20481 | 96 | 93 | ||||||
Fannie Mae Pool #BK9743 4.00% 8/1/20481 | 31 | 30 | ||||||
Fannie Mae Pool #BK9761 4.50% 8/1/20481 | 15 | 15 | ||||||
Fannie Mae Pool #FM3280 3.50% 5/1/20491 | 1,057 | 983 | ||||||
Fannie Mae Pool #FM1062 3.50% 6/1/20491 | 401 | 376 | ||||||
Fannie Mae Pool #BJ8411 3.50% 8/1/20491 | 100 | 94 | ||||||
Fannie Mae Pool #CA4151 3.50% 9/1/20491 | 520 | 489 | ||||||
Fannie Mae Pool #FM1443 3.50% 9/1/20491 | 297 | 277 | ||||||
Fannie Mae Pool #FM2179 3.00% 1/1/20501 | 3,292 | 2,966 | ||||||
Fannie Mae Pool #CA6349 3.00% 7/1/20501 | 391 | 349 | ||||||
Fannie Mae Pool #CA6593 2.50% 8/1/20501 | 848 | 734 | ||||||
Fannie Mae Pool #CA6740 3.00% 8/1/20501 | 223 | 199 | ||||||
Fannie Mae Pool #CA7052 3.00% 9/1/20501 | 30 | 27 | ||||||
Fannie Mae Pool #BQ3005 2.50% 10/1/20501 | 534 | 456 |
268 | American Funds Insurance Series |
U.S. Government Securities Fund (continued)
Bonds, notes & other debt instruments (continued) | Principal amount (000) | Value (000) | ||||||
Mortgage-backed obligations (continued) | ||||||||
Federal agency mortgage-backed obligations (continued) | ||||||||
Fannie Mae Pool #CA7257 2.50% 10/1/20501 | USD | 177 | $ | 154 | ||||
Fannie Mae Pool #CA7381 3.00% 10/1/20501 | 339 | 303 | ||||||
Fannie Mae Pool #CA7739 2.50% 11/1/20501 | 1,780 | 1,534 | ||||||
Fannie Mae Pool #MA4208 2.00% 12/1/20501 | 214 | 176 | ||||||
Fannie Mae Pool #FM5166 3.00% 12/1/20501 | 230 | 205 | ||||||
Fannie Mae Pool #MA4237 2.00% 1/1/20511 | 75 | 62 | ||||||
Fannie Mae Pool #FM6548 2.00% 3/1/20511 | 1,015 | 847 | ||||||
Fannie Mae Pool #CB0290 2.00% 4/1/20511 | 876 | 720 | ||||||
Fannie Mae Pool #MA4305 2.00% 4/1/20511 | 10 | 8 | ||||||
Fannie Mae Pool #BR1035 2.00% 5/1/20511 | 6 | 5 | ||||||
Fannie Mae Pool #FM7687 3.00% 6/1/20511 | 5,141 | 4,617 | ||||||
Fannie Mae Pool #BR2095 2.50% 7/1/20511 | 1,524 | 1,303 | ||||||
Fannie Mae Pool #FM7900 2.50% 7/1/20511 | 181 | 156 | ||||||
Fannie Mae Pool #CB1527 2.50% 9/1/20511 | 655 | 561 | ||||||
Fannie Mae Pool #FS0965 2.00% 11/1/20511 | 47 | 39 | ||||||
Fannie Mae Pool #FM9810 3.00% 11/1/20511 | 336 | 300 | ||||||
Fannie Mae Pool #CB2286 2.50% 12/1/20511 | 1,180 | 1,014 | ||||||
Fannie Mae Pool #FM9976 3.00% 12/1/20511 | 769 | 694 | ||||||
Fannie Mae Pool #CB2544 3.00% 1/1/20521 | 2,212 | 1,975 | ||||||
Fannie Mae Pool #FS0454 3.00% 1/1/20521 | 343 | 306 | ||||||
Fannie Mae Pool #BV3076 2.00% 2/1/20521 | 717 | 587 | ||||||
Fannie Mae Pool #FS0523 2.50% 2/1/20521 | 188 | 162 | ||||||
Fannie Mae Pool #FS0647 3.00% 2/1/20521 | 3,539 | 3,194 | ||||||
Fannie Mae Pool #CB3774 4.00% 6/1/20521 | 3,034 | 2,871 | ||||||
Fannie Mae Pool #FS2159 5.00% 6/1/20521 | 60 | 59 | ||||||
Fannie Mae Pool #BV2558 5.00% 6/1/20521 | 52 | 51 | ||||||
Fannie Mae Pool #FS3539 3.50% 7/1/20521 | 1,914 | 1,757 | ||||||
Fannie Mae Pool #BW7327 4.50% 8/1/20521 | 2,992 | 2,902 | ||||||
Fannie Mae Pool #FS2489 5.00% 8/1/20521 | 56 | 55 | ||||||
Fannie Mae Pool #BW1192 4.50% 9/1/20521 | 736 | 714 | ||||||
Fannie Mae Pool #FS4611 5.00% 9/1/20521 | 9,574 | 9,488 | ||||||
Fannie Mae Pool #BW9458 4.50% 10/1/20521 | 984 | 955 | ||||||
Fannie Mae Pool #BX0097 4.50% 10/1/20521 | 920 | 894 | ||||||
Fannie Mae Pool #FS5994 5.00% 10/1/20521 | 9,369 | 9,284 | ||||||
Fannie Mae Pool #BX1004 5.00% 10/1/20521 | 5,201 | 5,153 | ||||||
Fannie Mae Pool #BW1289 5.50% 10/1/20521 | 713 | 718 | ||||||
Fannie Mae Pool #BW1243 5.50% 10/1/20521 | 634 | 639 | ||||||
Fannie Mae Pool #CB4917 5.50% 10/1/20521 | 100 | 101 | ||||||
Fannie Mae Pool #MA4820 6.50% 10/1/20521 | 241 | 247 | ||||||
Fannie Mae Pool #MA4840 4.50% 12/1/20521 | 2,847 | 2,762 | ||||||
Fannie Mae Pool #BX6121 6.00% 1/1/20531 | 2,544 | 2,586 | ||||||
Fannie Mae Pool #MA4919 5.50% 2/1/20531 | 404 | 406 | ||||||
Fannie Mae Pool #FS3759 6.00% 2/1/20531 | 887 | 920 | ||||||
Fannie Mae Pool #BX6803 6.00% 3/1/20531 | 997 | 1,013 | ||||||
Fannie Mae Pool #CB5919 6.00% 3/1/20531 | 968 | 984 | ||||||
Fannie Mae Pool #MA4979 5.50% 4/1/20531 | 3,057 | 3,075 | ||||||
Fannie Mae Pool #CB6106 6.50% 4/1/20531 | 458 | 475 | ||||||
Fannie Mae Pool #MA5010 5.50% 5/1/20531 | 531 | 534 | ||||||
Fannie Mae Pool #MA5011 6.00% 5/1/20531 | 2,214 | 2,248 | ||||||
Fannie Mae Pool #MA5039 5.50% 6/1/20531 | 4,434 | 4,454 | ||||||
Fannie Mae Pool #FS5192 5.50% 6/1/20531 | 3,278 | 3,299 | ||||||
Fannie Mae Pool #CB6485 6.00% 6/1/20531 | 3,424 | 3,479 | ||||||
Fannie Mae Pool #FS4933 6.00% 6/1/20531 | 2,331 | 2,371 | ||||||
Fannie Mae Pool #CB6486 6.00% 6/1/20531 | 2,130 | 2,168 | ||||||
Fannie Mae Pool #MA5040 6.00% 6/1/20531 | 1,783 | 1,811 | ||||||
Fannie Mae Pool #CB6465 6.00% 6/1/20531 | 1,528 | 1,555 | ||||||
Fannie Mae Pool #MA5070 4.50% 7/1/20531 | 3,121 | 3,027 | ||||||
Fannie Mae Pool #CB6719 4.50% 7/1/20531 | 395 | 384 | ||||||
Fannie Mae Pool #MA5072 5.50% 7/1/20531 | 13,941 | 14,006 | ||||||
Fannie Mae Pool #MA5073 6.00% 7/1/20531 | 2,043 | 2,075 | ||||||
Fannie Mae Pool #CB6853 4.50% 8/1/20531 | 492 | 477 |
American Funds Insurance Series | 269 |
U.S. Government Securities Fund (continued)
Bonds, notes & other debt instruments (continued) | Principal amount (000) | Value (000) | ||||||
Mortgage-backed obligations (continued) | ||||||||
Federal agency mortgage-backed obligations (continued) | ||||||||
Fannie Mae Pool #MA5139 6.00% 9/1/20531 | USD | 73,874 | $ | 75,026 | ||||
Fannie Mae Pool #FS5749 6.50% 9/1/20531 | 8,508 | 8,722 | ||||||
Fannie Mae Pool #MA5165 5.50% 10/1/20531 | 24,975 | 25,084 | ||||||
Fannie Mae Pool #MA5191 6.00% 11/1/20531 | 16,841 | 17,104 | ||||||
Fannie Mae Pool #MA5192 6.50% 11/1/20531 | 24,222 | 24,830 | ||||||
Fannie Mae Pool #MA5249 7.00% 1/1/20541 | 1,535 | 1,584 | ||||||
Fannie Mae Pool #BF0497 3.00% 7/1/20601 | 1,316 | 1,130 | ||||||
Fannie Mae Pool #BF0585 4.50% 12/1/20611 | 422 | 410 | ||||||
Fannie Mae, Series 2001-4, Class GA, 9.00% 4/17/20251,3 | — | 2 | — | 2 | ||||
Fannie Mae, Series 2001-4, Class NA, 9.00% 10/25/20251,3 | — | 2 | — | 2 | ||||
Fannie Mae, Series 2014-M3, Class A2, Multi Family, 3.501% 1/25/20241,3 | 62 | 61 | ||||||
Freddie Mac Pool #ZS8907 6.50% 10/1/20261 | 1 | 1 | ||||||
Freddie Mac Pool #ZA2024 6.50% 9/1/20271 | 1 | 1 | ||||||
Freddie Mac Pool #1H1354 6.328% 11/1/20361,3 | 41 | 42 | ||||||
Freddie Mac Pool #C03518 5.00% 9/1/20401 | 253 | 257 | ||||||
Freddie Mac Pool #G06459 5.00% 5/1/20411 | 568 | 578 | ||||||
Freddie Mac Pool #RB5138 2.00% 12/1/20411 | 731 | 625 | ||||||
Freddie Mac Pool #RB5145 2.00% 2/1/20421 | 715 | 610 | ||||||
Freddie Mac Pool #RB5148 2.00% 3/1/20421 | 1,690 | 1,443 | ||||||
Freddie Mac Pool #RB5154 2.50% 4/1/20421 | 10,298 | 9,161 | ||||||
Freddie Mac Pool #Q15874 4.00% 2/1/20431 | 3 | 3 | ||||||
Freddie Mac Pool #Q17696 3.50% 4/1/20431 | 25 | 23 | ||||||
Freddie Mac Pool #Q19133 3.50% 6/1/20431 | 28 | 27 | ||||||
Freddie Mac Pool #Q23190 4.00% 11/1/20431 | 139 | 135 | ||||||
Freddie Mac Pool #Q28558 3.50% 9/1/20441 | 180 | 169 | ||||||
Freddie Mac Pool #760014 2.71% 8/1/20451,3 | 243 | 235 | ||||||
Freddie Mac Pool #Q47615 3.50% 4/1/20471 | 45 | 42 | ||||||
Freddie Mac Pool #Q52069 3.50% 11/1/20471 | 68 | 64 | ||||||
Freddie Mac Pool #SD0470 4.00% 11/1/20471 | 6,600 | 6,345 | ||||||
Freddie Mac Pool #Q54701 3.50% 3/1/20481 | 48 | 45 | ||||||
Freddie Mac Pool #Q54709 3.50% 3/1/20481 | 48 | 45 | ||||||
Freddie Mac Pool #Q54700 3.50% 3/1/20481 | 36 | 34 | ||||||
Freddie Mac Pool #Q54781 3.50% 3/1/20481 | 34 | 32 | ||||||
Freddie Mac Pool #Q54782 3.50% 3/1/20481 | 27 | 25 | ||||||
Freddie Mac Pool #Q54699 3.50% 3/1/20481 | 20 | 19 | ||||||
Freddie Mac Pool #Q54831 3.50% 3/1/20481 | 14 | 13 | ||||||
Freddie Mac Pool #Q54698 3.50% 3/1/20481 | 14 | 13 | ||||||
Freddie Mac Pool #G67711 4.00% 3/1/20481 | 1,265 | 1,223 | ||||||
Freddie Mac Pool #Q55971 4.00% 5/1/20481 | 66 | 64 | ||||||
Freddie Mac Pool #Q56175 4.00% 5/1/20481 | 60 | 58 | ||||||
Freddie Mac Pool #Q56590 3.50% 6/1/20481 | 25 | 23 | ||||||
Freddie Mac Pool #Q56589 3.50% 6/1/20481 | 16 | 15 | ||||||
Freddie Mac Pool #Q56599 4.00% 6/1/20481 | 96 | 93 | ||||||
Freddie Mac Pool #ZT2265 4.00% 8/1/20481 | 6,317 | 6,062 | ||||||
Freddie Mac Pool #Q58411 4.50% 9/1/20481 | 183 | 181 | ||||||
Freddie Mac Pool #Q58436 4.50% 9/1/20481 | 101 | 99 | ||||||
Freddie Mac Pool #Q58378 4.50% 9/1/20481 | 68 | 67 | ||||||
Freddie Mac Pool #ZT0522 4.50% 9/1/20481 | 19 | 19 | ||||||
Freddie Mac Pool #QA0284 3.50% 6/1/20491 | 164 | 154 | ||||||
Freddie Mac Pool #QA2748 3.50% 9/1/20491 | 47 | 44 | ||||||
Freddie Mac Pool #RA1463 3.50% 10/1/20491 | 357 | 335 | ||||||
Freddie Mac Pool #RA1580 3.50% 10/1/20491 | 184 | 173 | ||||||
Freddie Mac Pool #RA3384 3.00% 8/1/20501 | 32 | 29 | ||||||
Freddie Mac Pool #RA3506 3.00% 9/1/20501 | 393 | 351 | ||||||
Freddie Mac Pool #SD8106 2.00% 11/1/20501 | 2,106 | 1,733 | ||||||
Freddie Mac Pool #RA3987 2.50% 11/1/20501 | 2,042 | 1,749 | ||||||
Freddie Mac Pool #SD8128 2.00% 2/1/20511 | 35 | 29 | ||||||
Freddie Mac Pool #SD8134 2.00% 3/1/20511 | 58 | 48 | ||||||
Freddie Mac Pool #RA5288 2.00% 5/1/20511 | 2,237 | 1,837 | ||||||
Freddie Mac Pool #RA5267 3.00% 5/1/20511 | 276 | 246 | ||||||
Freddie Mac Pool #SD7544 3.00% 7/1/20511 | 154 | 138 |
270 | American Funds Insurance Series |
U.S. Government Securities Fund (continued)
Bonds, notes & other debt instruments (continued) | Principal amount (000) | Value (000) | ||||||
Mortgage-backed obligations (continued) | ||||||||
Federal agency mortgage-backed obligations (continued) | ||||||||
Freddie Mac Pool #QC7626 3.00% 9/1/20511 | USD | 2,078 | $ | 1,855 | ||||
Freddie Mac Pool #RA5901 3.00% 9/1/20511 | 227 | 203 | ||||||
Freddie Mac Pool #SD0726 2.50% 10/1/20511 | 9,473 | 8,173 | ||||||
Freddie Mac Pool #RA6406 2.00% 11/1/20511 | 463 | 379 | ||||||
Freddie Mac Pool #SD1385 2.50% 11/1/20511 | 490 | 422 | ||||||
Freddie Mac Pool #RA6347 3.00% 11/1/20511 | 311 | 277 | ||||||
Freddie Mac Pool #SD7552 2.50% 1/1/20521 | 308 | 265 | ||||||
Freddie Mac Pool #SD0813 3.00% 1/1/20521 | 145 | 130 | ||||||
Freddie Mac Pool #SD7550 3.00% 2/1/20521 | 3,117 | 2,808 | ||||||
Freddie Mac Pool #SD0873 3.50% 2/1/20521 | 12,612 | 11,758 | ||||||
Freddie Mac Pool #QD7089 3.50% 2/1/20521 | 185 | 171 | ||||||
Freddie Mac Pool #8D0226 2.546% 5/1/20521,3 | 472 | 421 | ||||||
Freddie Mac Pool #SD8214 3.50% 5/1/20521 | 8,218 | 7,543 | ||||||
Freddie Mac Pool #QE8579 4.50% 8/1/20521 | 198 | 192 | ||||||
Freddie Mac Pool #QE8282 5.00% 8/1/20521 | 806 | 799 | ||||||
Freddie Mac Pool #QE7647 5.00% 8/1/20521 | 54 | 53 | ||||||
Freddie Mac Pool #SD1496 5.00% 8/1/20521 | 49 | 49 | ||||||
Freddie Mac Pool #QF0212 4.50% 9/1/20521 | 906 | 879 | ||||||
Freddie Mac Pool #QE9497 4.50% 9/1/20521 | 226 | 219 | ||||||
Freddie Mac Pool #SD1608 4.50% 9/1/20521 | 134 | 130 | ||||||
Freddie Mac Pool #RA7938 5.00% 9/1/20521 | 11,114 | 11,025 | ||||||
Freddie Mac Pool #SD3782 4.50% 10/1/20521 | 3,566 | 3,459 | ||||||
Freddie Mac Pool #SD8257 4.50% 10/1/20521 | 3,453 | 3,349 | ||||||
Freddie Mac Pool #SD2465 4.50% 10/1/20521 | 90 | 87 | ||||||
Freddie Mac Pool #SD1895 4.50% 11/1/20521 | 1,174 | 1,161 | ||||||
Freddie Mac Pool #QF2560 4.50% 11/1/20521 | 983 | 954 | ||||||
Freddie Mac Pool #SD2948 5.50% 11/1/20521 | 2,193 | 2,207 | ||||||
Freddie Mac Pool #SD8281 6.50% 12/1/20521 | 5,255 | 5,398 | ||||||
Freddie Mac Pool #SD8316 5.50% 4/1/20531 | 996 | 1,001 | ||||||
Freddie Mac Pool #QG1653 6.00% 4/1/20531 | 966 | 982 | ||||||
Freddie Mac Pool #QG0259 6.00% 4/1/20531 | 479 | 486 | ||||||
Freddie Mac Pool #RA8647 4.50% 5/1/20531 | 91 | 89 | ||||||
Freddie Mac Pool #SD8324 5.50% 5/1/20531 | 1,084 | 1,089 | ||||||
Freddie Mac Pool #SD3369 5.50% 5/1/20531 | 628 | 632 | ||||||
Freddie Mac Pool #SD8325 6.00% 5/1/20531 | 8,647 | 8,785 | ||||||
Freddie Mac Pool #QG3763 6.00% 5/1/20531 | 2,003 | 2,035 | ||||||
Freddie Mac Pool #SD2979 6.50% 5/1/20531 | 307 | 318 | ||||||
Freddie Mac Pool #SD8331 5.50% 6/1/20531 | 2,875 | 2,888 | ||||||
Freddie Mac Pool #SD8332 6.00% 6/1/20531 | 17,450 | 17,725 | ||||||
Freddie Mac Pool #SD3175 6.00% 6/1/20531 | 4,431 | 4,503 | ||||||
Freddie Mac Pool #SD3083 6.00% 6/1/20531 | 2,216 | 2,253 | ||||||
Freddie Mac Pool #QG5227 6.00% 6/1/20531 | 946 | 961 | ||||||
Freddie Mac Pool #RA9279 6.00% 6/1/20531 | 482 | 491 | ||||||
Freddie Mac Pool #RA9283 6.00% 6/1/20531 | 452 | 461 | ||||||
Freddie Mac Pool #RA9281 6.00% 6/1/20531 | 297 | 301 | ||||||
Freddie Mac Pool #RA9284 6.00% 6/1/20531 | 208 | 216 | ||||||
Freddie Mac Pool #RA9294 6.50% 6/1/20531 | 2,606 | 2,680 | ||||||
Freddie Mac Pool #RA9292 6.50% 6/1/20531 | 2,251 | 2,314 | ||||||
Freddie Mac Pool #RA9289 6.50% 6/1/20531 | 2,114 | 2,190 | ||||||
Freddie Mac Pool #RA9288 6.50% 6/1/20531 | 2,059 | 2,140 | ||||||
Freddie Mac Pool #RA9287 6.50% 6/1/20531 | 1,426 | 1,486 | ||||||
Freddie Mac Pool #RA9290 6.50% 6/1/20531 | 1,085 | 1,120 | ||||||
Freddie Mac Pool #RA9291 6.50% 6/1/20531 | 795 | 815 | ||||||
Freddie Mac Pool #RA9295 6.50% 6/1/20531 | 586 | 613 | ||||||
Freddie Mac Pool #SD8342 5.50% 7/1/20531 | 25,511 | 25,620 | ||||||
Freddie Mac Pool #SD8343 6.00% 7/1/20531 | 28,170 | 28,609 | ||||||
Freddie Mac Pool #SD8350 6.00% 8/1/20531 | 24,225 | 24,603 | ||||||
Freddie Mac Pool #SD8362 5.50% 9/1/20531 | 818 | 822 | ||||||
Freddie Mac Pool #SD3857 6.00% 9/1/20531 | 44,159 | 44,867 | ||||||
Freddie Mac Pool #RA9857 6.00% 9/1/20531 | 2,444 | 2,484 | ||||||
Freddie Mac Pool #SD3825 6.50% 9/1/20531 | 116 | 119 |
American Funds Insurance Series | 271 |
U.S. Government Securities Fund (continued)
Bonds, notes & other debt instruments (continued) | Principal amount (000) | Value (000) | ||||||
Mortgage-backed obligations (continued) | ||||||||
Federal agency mortgage-backed obligations (continued) | ||||||||
Freddie Mac Pool #SD8366 5.00% 10/1/20531 | USD | 15,824 | $ | 15,658 | ||||
Freddie Mac Pool #SD8367 5.50% 10/1/20531 | 1,029 | 1,033 | ||||||
Freddie Mac Pool #SD4053 6.00% 10/1/20531 | 5,760 | 5,852 | ||||||
Freddie Mac Pool #SD8369 6.50% 10/1/20531 | 15,824 | 16,223 | ||||||
Freddie Mac Pool #SD8370 4.50% 11/1/20531 | 766 | 743 | ||||||
Freddie Mac Pool #SD8372 5.50% 11/1/20531 | 3,606 | 3,622 | ||||||
Freddie Mac Pool #SD8381 4.50% 12/1/20531 | 850 | 825 | ||||||
Freddie Mac Pool #SD8393 4.50% 1/1/20541 | 180 | 175 | ||||||
Freddie Mac Pool #SD8395 5.50% 1/1/20541 | 2,251 | 2,261 | ||||||
Freddie Mac, Series K040, Class A2, Multi Family, 3.241% 9/25/20241 | 1,363 | 1,343 | ||||||
Freddie Mac, Series K751, Class A2, Multi Family, 4.412% 3/25/20301 | 3,875 | 3,877 | ||||||
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-1, Class HA, 3.00% 1/25/20561,3 | 4,135 | 3,781 | ||||||
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-3, Class MT, 3.00% 7/25/20561 | 780 | 668 | ||||||
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-3, Class HT, 3.25% 7/25/20561 | 317 | 266 | ||||||
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-2, Class MA, 3.00% 8/25/20561 | 4,164 | 3,830 | ||||||
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-2, Class HA, 3.00% 8/25/20561,3 | 3,772 | 3,451 | ||||||
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2018-1, Class HT, 3.00% 5/25/20571 | 856 | 728 | ||||||
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-4, Class HT, 3.25% 6/25/20571,3 | 1,220 | 1,075 | ||||||
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2018-3, Class MA, 3.50% 8/25/20571 | 442 | 417 | ||||||
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2018-2, Class MT, 3.50% 11/25/20571 | 3,861 | 3,449 | ||||||
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2018-2, Class MA, 3.50% 11/26/20571 | 216 | 205 | ||||||
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2019-1, Class MT, 3.50% 7/25/20581 | 702 | 626 | ||||||
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2019-1, Class MA, 3.50% 7/25/20581 | 504 | 477 | ||||||
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2019-2, Class MA, 3.50% 8/25/20581 | 1,895 | 1,787 | ||||||
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2019-2, Class MT, 3.50% 8/26/20581 | 680 | 606 | ||||||
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2019-3, Class MT, 3.50% 10/25/20581 | 366 | 327 | ||||||
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2019-4, Class MA, 3.00% 2/25/20591 | 1,629 | 1,491 | ||||||
Freddie Mac Seasoned Loan Structured Transaction Trust, Series 2018-1, Class A1, 3.50% 6/25/20281 | 3,815 | 3,667 | ||||||
Freddie Mac Seasoned Loan Structured Transaction Trust, Series 2018-2, Class A1, 3.50% 11/25/20281 | 16,486 | 15,722 | ||||||
Freddie Mac Seasoned Loan Structured Transaction Trust, Series 2019-3, Class A1C, 2.75% 11/25/20291 | 4,271 | 3,938 | ||||||
Freddie Mac Seasoned Loan Structured Transaction Trust, Series 2020-1, Class A1D, 2.00% 7/25/20301 | 1,199 | 1,066 | ||||||
Freddie Mac Seasoned Loan Structured Transaction Trust, Series 2020-1, Class A2D, 2.00% 7/25/20301 | 435 | 358 | ||||||
Freddie Mac Seasoned Loan Structured Transaction Trust, Series 2022-1, Class A1, 3.50% 5/25/20321 | 4,176 | 3,950 | ||||||
Government National Mortgage Assn. 3.00% 1/1/20541,4 | 435 | 394 | ||||||
Government National Mortgage Assn. 4.00% 1/1/20541,4 | 9,190 | 8,775 | ||||||
Government National Mortgage Assn. 5.50% 1/1/20541,4 | 1,905 | 1,919 | ||||||
Government National Mortgage Assn. 6.00% 1/1/20541,4 | 20 | 20 | ||||||
Government National Mortgage Assn. Pool #782365 6.00% 7/15/20381 | 72 | 75 | ||||||
Government National Mortgage Assn. Pool #700778 5.50% 10/15/20381 | 17 | 17 |
272 | American Funds Insurance Series |
U.S. Government Securities Fund (continued)
Bonds, notes & other debt instruments (continued) | Principal amount (000) | Value (000) | ||||||
Mortgage-backed obligations (continued) | ||||||||
Federal agency mortgage-backed obligations (continued) | ||||||||
Government National Mortgage Assn. Pool #004269 6.50% 10/20/20381 | USD | 145 | $ | 155 | ||||
Government National Mortgage Assn. Pool #698668 5.50% 11/15/20381 | 27 | 28 | ||||||
Government National Mortgage Assn. Pool #698406 5.00% 7/15/20391 | 172 | 174 | ||||||
Government National Mortgage Assn. Pool #783690 6.00% 9/20/20391 | 74 | 78 | ||||||
Government National Mortgage Assn. Pool #783689 5.50% 2/20/20401 | 2,191 | 2,261 | ||||||
Government National Mortgage Assn. Pool #783688 5.00% 6/20/20411 | 758 | 780 | ||||||
Government National Mortgage Assn. Pool #783687 4.50% 12/20/20411 | 514 | 509 | ||||||
Government National Mortgage Assn. Pool #MA0533 3.00% 11/20/20421 | 17 | 16 | ||||||
Government National Mortgage Assn. Pool #MA6994 2.00% 11/20/20501 | 868 | 736 | ||||||
Government National Mortgage Assn. Pool #MA7051 2.00% 12/20/20501 | 763 | 646 | ||||||
Government National Mortgage Assn. Pool #785575 2.50% 8/20/20511 | 5,178 | 4,454 | ||||||
Government National Mortgage Assn. Pool #MA7534 2.50% 8/20/20511 | 2,241 | 1,961 | ||||||
Government National Mortgage Assn. Pool #785659 2.50% 10/20/20511 | 732 | 628 | ||||||
Government National Mortgage Assn. Pool #786706 2.50% 12/20/20511 | 3,980 | 3,499 | ||||||
Government National Mortgage Assn. Pool #MA7827 2.50% 1/20/20521 | 93 | 82 | ||||||
Government National Mortgage Assn. Pool #786502 2.50% 2/20/20521 | 3,370 | 2,937 | ||||||
Government National Mortgage Assn. Pool #786647 2.50% 3/20/20521 | 1,826 | 1,593 | ||||||
Government National Mortgage Assn. Pool #786701 2.50% 3/20/20521 | 1,175 | 1,024 | ||||||
Government National Mortgage Assn. Pool #785998 2.50% 3/20/20521 | 803 | 690 | ||||||
Government National Mortgage Assn. Pool #MA7987 2.50% 4/20/20521 | 1,000 | 875 | ||||||
Government National Mortgage Assn. Pool #MA8266 3.50% 9/20/20521 | 3,000 | 2,793 | ||||||
Government National Mortgage Assn. Pool #MA8947 5.00% 6/20/20531 | 60 | 60 | ||||||
Government National Mortgage Assn. Pool #MA9015 4.50% 7/20/20531 | 6,682 | 6,520 | ||||||
Government National Mortgage Assn. Pool #MA9104 4.50% 8/20/20531 | 2,999 | 2,927 | ||||||
Government National Mortgage Assn. Pool #MA9169 4.50% 9/20/20531 | 1,247 | 1,216 | ||||||
Government National Mortgage Assn., Series 2021-2, Class AH, 1.50% 6/16/20631 | 437 | 334 | ||||||
Uniform Mortgage-Backed Security 2.00% 1/1/20391,4 | 668 | 599 | ||||||
Uniform Mortgage-Backed Security 2.50% 1/1/20391,4 | 1,253 | 1,155 | ||||||
Uniform Mortgage-Backed Security 5.00% 1/1/20391,4 | 780 | 785 | ||||||
Uniform Mortgage-Backed Security 2.00% 2/1/20391,4 | 448 | 399 | ||||||
Uniform Mortgage-Backed Security 2.50% 2/1/20391,4 | 1,022 | 942 | ||||||
Uniform Mortgage-Backed Security 4.00% 2/1/20391,4 | 920 | 903 | ||||||
Uniform Mortgage-Backed Security 2.00% 1/1/20541,4 | 3,607 | 2,949 | ||||||
Uniform Mortgage-Backed Security 2.50% 1/1/20541,4 | 7,886 | 6,710 | ||||||
Uniform Mortgage-Backed Security 3.00% 1/1/20541,4 | 4,728 | 4,183 | ||||||
Uniform Mortgage-Backed Security 3.50% 1/1/20541,4 | 42,426 | 38,926 | ||||||
Uniform Mortgage-Backed Security 4.00% 1/1/20541,4 | 19,928 | 18,850 | ||||||
Uniform Mortgage-Backed Security 4.50% 1/1/20541,4 | 18,542 | 17,975 | ||||||
Uniform Mortgage-Backed Security 5.00% 1/1/20541,4 | 11,694 | 11,570 | ||||||
Uniform Mortgage-Backed Security 5.50% 1/1/20541,4 | 944 | 948 | ||||||
Uniform Mortgage-Backed Security 6.00% 1/1/20541,4 | 145 | 147 | ||||||
Uniform Mortgage-Backed Security 6.50% 1/1/20541,4 | 3,996 | 4,095 | ||||||
Uniform Mortgage-Backed Security 7.00% 1/1/20541,4 | 19,822 | 20,448 | ||||||
Uniform Mortgage-Backed Security 4.50% 2/1/20541,4 | 2,400 | 2,328 | ||||||
Uniform Mortgage-Backed Security 5.00% 2/1/20541,4 | 13,550 | 13,412 | ||||||
Uniform Mortgage-Backed Security 5.50% 2/1/20541,4 | 1,250 | 1,256 | ||||||
Uniform Mortgage-Backed Security 6.50% 2/1/20541,4 | 77,359 | 79,272 | ||||||
Total mortgage-backed obligations | 979,319 | |||||||
U.S. Treasury bonds & notes 26.35% | ||||||||
U.S. Treasury 24.27% | ||||||||
U.S. Treasury 1.75% 7/31/2024 | 12,875 | 12,632 | ||||||
U.S. Treasury 3.00% 7/31/2024 | 1,470 | 1,453 | ||||||
U.S. Treasury 4.125% 1/31/2025 | 2,906 | 2,888 | ||||||
U.S. Treasury 2.00% 2/15/2025 | 890 | 864 | ||||||
U.S. Treasury 4.625% 2/28/2025 | 30,265 | 30,251 | ||||||
U.S. Treasury 3.875% 3/31/2025 | 4,970 | 4,927 | ||||||
U.S. Treasury 3.875% 4/30/2025 | 4,615 | 4,574 | ||||||
U.S. Treasury 2.75% 5/15/2025 | 7,459 | 7,283 | ||||||
U.S. Treasury 4.625% 6/30/2025 | 2,150 | 2,155 | ||||||
U.S. Treasury 3.125% 8/15/2025 | 390 | 382 |
American Funds Insurance Series | 273 |
U.S. Government Securities Fund (continued)
Bonds, notes & other debt instruments (continued) | Principal amount (000) | Value (000) | ||||||
U.S. Treasury bonds & notes (continued) | ||||||||
U.S. Treasury (continued) | ||||||||
U.S. Treasury 3.50% 9/15/2025 | USD | 28,000 | $ | 27,597 | ||||
U.S. Treasury 3.00% 9/30/2025 | 2,235 | 2,184 | ||||||
U.S. Treasury 4.625% 3/15/2026 | 11,050 | 11,149 | ||||||
U.S. Treasury 4.50% 7/15/2026 | 10,366 | 10,465 | ||||||
U.S. Treasury 4.625% 9/15/2026 | 10,209 | 10,352 | ||||||
U.S. Treasury 4.375% 12/15/2026 | 8,511 | 8,596 | ||||||
U.S. Treasury 1.25% 12/31/2026 | 8,665 | 8,003 | ||||||
U.S. Treasury 0.50% 4/30/2027 | 3,700 | 3,305 | ||||||
U.S. Treasury 3.625% 5/31/2028 | 20,650 | 20,438 | ||||||
U.S. Treasury 4.00% 6/30/2028 | 6,907 | 6,941 | ||||||
U.S. Treasury 1.00% 7/31/2028 | 970 | 853 | ||||||
U.S. Treasury 4.125% 7/31/2028 | 17,685 | 17,870 | ||||||
U.S. Treasury 4.375% 11/30/2028 | 16,020 | 16,397 | ||||||
U.S. Treasury 2.625% 7/31/2029 | 9,309 | 8,723 | ||||||
U.S. Treasury 3.75% 6/30/2030 | 32,030 | 31,760 | ||||||
U.S. Treasury 4.125% 8/31/2030 | 670 | 679 | ||||||
U.S. Treasury 4.625% 9/30/2030 | 1,290 | 1,345 | ||||||
U.S. Treasury 2.75% 8/15/2032 | 8,095 | 7,418 | ||||||
U.S. Treasury 3.50% 2/15/2033 | 14,341 | 13,915 | ||||||
U.S. Treasury 3.875% 8/15/2033 | 14,670 | 14,661 | ||||||
U.S. Treasury 4.50% 8/15/20395 | 13,655 | 14,466 | ||||||
U.S. Treasury 4.625% 2/15/2040 | 90 | 96 | ||||||
U.S. Treasury 1.125% 5/15/2040 | 3,350 | 2,165 | ||||||
U.S. Treasury 3.875% 5/15/2043 | 820 | 784 | ||||||
U.S. Treasury 2.50% 2/15/2045 | 4,850 | 3,680 | ||||||
U.S. Treasury 2.50% 2/15/2046 | 3,900 | 2,932 | ||||||
U.S. Treasury 2.50% 5/15/2046 | 1,585 | 1,189 | ||||||
U.S. Treasury 2.875% 11/15/2046 | 2,700 | 2,167 | ||||||
U.S. Treasury 3.00% 2/15/2049 | 300 | 245 | ||||||
U.S. Treasury 1.25% 5/15/20505 | 18,640 | 10,082 | ||||||
U.S. Treasury 1.375% 8/15/2050 | 4,330 | 2,420 | ||||||
U.S. Treasury 1.625% 11/15/20505 | 26,165 | 15,635 | ||||||
U.S. Treasury 1.875% 2/15/2051 | 5,892 | 3,749 | ||||||
U.S. Treasury 2.375% 5/15/2051 | 6,280 | 4,496 | ||||||
U.S. Treasury 2.00% 8/15/2051 | 5,226 | 3,423 | ||||||
U.S. Treasury 1.875% 11/15/2051 | 3,164 | 2,006 | ||||||
U.S. Treasury 3.00% 8/15/2052 | 895 | 734 | ||||||
U.S. Treasury 4.00% 11/15/2052 | 1,199 | 1,186 | ||||||
U.S. Treasury 4.75% 11/15/2053 | 7,450 | 8,378 | ||||||
369,893 | ||||||||
U.S. Treasury inflation-protected securities 2.08% | ||||||||
U.S. Treasury Inflation-Protected Security 0.50% 4/15/20246 | 3,528 | 3,485 | ||||||
U.S. Treasury Inflation-Protected Security 0.125% 4/15/20256 | 2,221 | 2,143 | ||||||
U.S. Treasury Inflation-Protected Security 0.375% 7/15/20256 | 2,300 | 2,230 | ||||||
U.S. Treasury Inflation-Protected Security 0.125% 10/15/20266 | 10,802 | 10,261 | ||||||
U.S. Treasury Inflation-Protected Security 0.125% 4/15/20276 | 2,797 | 2,629 | ||||||
U.S. Treasury Inflation-Protected Security 0.125% 7/15/20316 | 1,033 | 920 | ||||||
U.S. Treasury Inflation-Protected Security 0.125% 1/15/20326 | 3,212 | 2,825 | ||||||
U.S. Treasury Inflation-Protected Security 2.125% 2/15/20416 | 133 | 138 | ||||||
U.S. Treasury Inflation-Protected Security 0.75% 2/15/20425,6 | 1,423 | 1,158 | ||||||
U.S. Treasury Inflation-Protected Security 0.625% 2/15/20436 | 1,659 | 1,301 | ||||||
U.S. Treasury Inflation-Protected Security 1.00% 2/15/20496 | 306 | 247 | ||||||
U.S. Treasury Inflation-Protected Security 0.125% 2/15/20506 | 348 | 228 | ||||||
U.S. Treasury Inflation-Protected Security 0.125% 2/15/20516 | 5,046 | 3,144 | ||||||
U.S. Treasury Inflation-Protected Security 0.125% 2/15/20526 | 1,507 | 930 | ||||||
31,639 | ||||||||
Total U.S. Treasury bonds & notes | 401,532 |
274 | American Funds Insurance Series |
U.S. Government Securities Fund (continued)
Bonds, notes & other debt instruments (continued) | Principal amount (000) | Value (000) | ||||||
Federal agency bonds & notes 5.07% | ||||||||
Export-Import Bank of the United States-Guaranteed, Ethiopian Leasing 2012, LLC 2.646% 5/12/2026 | USD | 223 | $ | 216 | ||||
Fannie Mae 7.125% 1/15/2030 | 2,000 | 2,326 | ||||||
Federal Home Loan Bank 3.25% 11/16/2028 | 6,500 | 6,335 | ||||||
Federal Home Loan Bank 5.50% 7/15/2036 | 300 | 337 | ||||||
Private Export Funding Corp. 3.55% 1/15/2024 | 3,190 | 3,187 | ||||||
Private Export Funding Corp. 1.40% 7/15/2028 | 3,000 | 2,677 | ||||||
Tennessee Valley Authority 0.75% 5/15/2025 | 3,700 | 3,514 | ||||||
Tennessee Valley Authority 2.875% 2/1/2027 | 5,000 | 4,820 | ||||||
Tennessee Valley Authority 4.65% 6/15/2035 | 1,780 | 1,816 | ||||||
Tennessee Valley Authority 5.88% 4/1/2036 | 875 | 1,000 | ||||||
Tennessee Valley Authority, Series A, 4.625% 9/15/2060 | 250 | 246 | ||||||
Tennessee Valley Authority, Southaven Combined Cycle Generation, LLC, 3.846% 8/15/2033 | 796 | 742 | ||||||
U.S. Agency for International Development, Jordan (Kingdom of) 3.00% 6/30/2025 | 14,779 | 14,373 | ||||||
U.S. Agency for International Development, Morocco (Kingdom of) 7.55% 7/15/2026 | 1,597 | 1,656 | ||||||
U.S. Department of Housing and Urban Development, Series 2015-A-10, 2.85% 8/1/2024 | 2,250 | 2,219 | ||||||
U.S. Department of Housing and Urban Development, Series 2015-A-11, 2.95% 8/1/2025 | 2,640 | 2,574 | ||||||
U.S. Department of Housing and Urban Development, Series 2015-A-12, 3.10% 8/1/2026 | 2,625 | 2,543 | ||||||
U.S. Department of Housing and Urban Development, Series 2015-A-13, 3.15% 8/1/2027 | 11,482 | 11,050 | ||||||
U.S. Department of Housing and Urban Development, Series 2015-A-14, 3.25% 8/1/2028 | 3,856 | 3,688 | ||||||
U.S. Department of Housing and Urban Development, Series 2015-A-15, 3.35% 8/1/2029 | 2,650 | 2,515 | ||||||
U.S. Department of Housing and Urban Development, Series 2015-A-16, 3.50% 8/1/2030 | 2,482 | 2,365 | ||||||
U.S. Department of Housing and Urban Development, Series 2015-A-17, 3.55% 8/1/2031 | 2,475 | 2,350 | ||||||
U.S. Department of Housing and Urban Development, Series 2015-A-18, 3.60% 8/1/2032 | 2,377 | 2,198 | ||||||
U.S. Department of Housing and Urban Development, Series 2015-A-19, 3.65% 8/1/2033 | 2,059 | 1,938 | ||||||
U.S. Department of Housing and Urban Development, Series 2015-A-20, 3.70% 8/1/2034 | 651 | 612 | ||||||
77,297 | ||||||||
Total bonds, notes & other debt instruments (cost: $1,485,170,000) | 1,458,148 |
Short-term securities 16.21% | Weighted average yield at acquisition | |||||||||||
Commercial paper 14.25% | ||||||||||||
Atlantic Asset Securitization, LLC 1/2/20247 | 5.310 | % | 7,800 | 7,796 | ||||||||
Canadian Imperial Bank of Commerce 1/25/20247 | 5.380 | 4,400 | 4,382 | |||||||||
Chariot Funding, LLC 1/2/20247 | 5.430 | 18,000 | 17,989 | |||||||||
CRC Funding, LLC 1/17/20247 | 5.510 | 30,000 | 29,915 | |||||||||
Eli Lilly and Co. 1/10/20247 | 5.380 | 6,600 | 6,589 | |||||||||
Eli Lilly and Co. 1/16/20247 | 5.360 | 15,000 | 14,960 | |||||||||
Honeywell International, Inc. 1/11/20247 | 5.300 | 10,800 | 10,779 | |||||||||
Kaiser Foundation Hospitals 1/3/2024 | 5.450 | 15,000 | 14,989 | |||||||||
Microsoft Corp. 1/10/20247 | 5.370 | 18,000 | 17,968 | |||||||||
Microsoft Corp. 1/29/20247 | 5.330 | 10,000 | 9,955 | |||||||||
Nestlé Finance International, Ltd. 1/18/20247 | 5.300 | 2,700 | 2,692 | |||||||||
Ontario (Province of) 2/1/2024 | 5.350 | 2,200 | 2,189 | |||||||||
Paccar Financial Corp. 1/4/2024 | 5.310 | 3,000 | 2,997 |
American Funds Insurance Series | 275 |
U.S. Government Securities Fund (continued)
Short-term securities (continued) | Weighted average yield at acquisition | Principal amount (000) | Value (000) | |||||||||
Commercial paper (continued) | ||||||||||||
Paccar Financial Corp. 1/5/2024 | 5.410 | % | USD | 10,000 | $ | 9,990 | ||||||
Paccar Financial Corp. 1/18/2024 | 5.390 | 10,000 | 9,970 | |||||||||
Pfizer, Inc. 2/27/20247 | 5.370 | 13,900 | 13,776 | |||||||||
Procter & Gamble Co. 1/22/20247 | 5.380 | 15,000 | 14,947 | |||||||||
Prudential Funding, LLC 1/22/2024 | 5.340 | 5,500 | 5,481 | |||||||||
Thunder Bay Funding, LLC 2/6/20247 | 5.466 | 20,000 | 19,884 | |||||||||
217,248 | ||||||||||||
Federal agency bills & notes 1.96% | ||||||||||||
Federal Home Loan Bank 1/26/2024 | 5.320 | 15,000 | 14,945 | |||||||||
Federal Home Loan Bank 2/16/2024 | 5.203 | 15,000 | 14,899 | |||||||||
Total short-term securities (cost: $247,180,000) | 247,092 | |||||||||||
Options purchased (equity style) 0.04% | ||||||||||||
Options purchased (equity style)* | 577 | |||||||||||
Total options purchased (equity style) (cost: $321,000) | 577 | |||||||||||
Total investment securities 111.93% (cost: $1,732,671,000) | 1,705,817 | |||||||||||
Total options written (0.06)%† | (824 | ) | ||||||||||
Other assets less liabilities (11.87)% | (180,964 | ) | ||||||||||
Net assets 100.00% | $ | 1,524,029 |
* Options purchased (equity style)
Options on futures
Description | Number of contracts | Notional amount (000) | Exercise price | Expiration date | Value at 12/31/2023 (000) | |||||||||||
Call | ||||||||||||||||
3 Month SOFR Futures Option | 261 | USD | 65,250 | USD | 96.00 | 6/14/2024 | $ | 576 | ||||||||
Put | ||||||||||||||||
3 Month SOFR Futures Option | 140 | USD | 35,000 | USD | 94.31 | 3/15/2024 | 1 | |||||||||
3 Month SOFR Futures Option | 75 | 18,750 | 94.38 | 3/15/2024 | — | 2 | ||||||||||
$ | 1 | |||||||||||||||
$ | 577 |
276 | American Funds Insurance Series |
U.S. Government Securities Fund (continued)
† Options written (equity style)
Options on futures
Description | Number of contracts | Notional amount (000) | Exercise price | Expiration date | Value at 12/31/2023 (000) | |||||||||||
Call | ||||||||||||||||
3 Month SOFR Futures Option | 261 | USD | (65,250 | ) | USD | 96.00 | 6/14/2024 | $ | (632 | ) | ||||||
5 Year U.S. Treasury Note Futures Option | 42 | (4,200 | ) | 106.50 | 2/23/2024 | (102 | ) | |||||||||
5 Year U.S. Treasury Note Futures Option | 23 | (2,300 | ) | 107.00 | 2/23/2024 | (47 | ) | |||||||||
10 Year U.S. Treasury Note Futures Option | 15 | (1,500 | ) | 113.25 | 1/26/2024 | (11 | ) | |||||||||
$ | (792 | ) | ||||||||||||||
Put | ||||||||||||||||
3 Month SOFR Futures Option | 140 | USD | (35,000 | ) | USD | 94.06 | 3/15/2024 | (1 | ) | |||||||
3 Month SOFR Futures Option | 75 | (18,750 | ) | 94.13 | 3/15/2024 | — | 2 | |||||||||
5 Year U.S. Treasury Note Futures Option | 42 | (4,200 | ) | 106.50 | 2/23/2024 | (8 | ) | |||||||||
5 Year U.S. Treasury Note Futures Option | 23 | (2,300 | ) | 107.00 | 2/23/2024 | (6 | ) | |||||||||
10 Year U.S. Treasury Note Futures Option | 15 | (1,500 | ) | 113.25 | 1/26/2024 | (17 | ) | |||||||||
$ | (32 | ) | ||||||||||||||
$ | (824 | ) |
Futures contracts
Contracts | Type | Number of contracts | Expiration date | Notional amount (000) | Value and unrealized appreciation (depreciation) at 12/31/2023 (000) | |||||||||||
30 Day Federal Funds Futures | Short | 592 | 2/1/2024 | USD | (233,544 | ) | $ | (171 | ) | |||||||
3 Month SOFR Futures | Short | 529 | 3/20/2024 | (125,165 | ) | 5,889 | ||||||||||
3 Month SOFR Futures | Short | 256 | 3/19/2025 | (61,613 | ) | 1,563 | ||||||||||
2 Year U.S. Treasury Note Futures | Long | 4,163 | 4/3/2024 | 857,220 | 7,984 | |||||||||||
5 Year U.S. Treasury Note Futures | Long | 2,683 | 4/3/2024 | 291,839 | 6,513 | |||||||||||
10 Year U.S. Treasury Note Futures | Long | 1,339 | 3/28/2024 | 151,161 | 4,426 | |||||||||||
10 Year Ultra U.S. Treasury Note Futures | Short | 431 | 3/28/2024 | (50,865 | ) | (1,919 | ) | |||||||||
20 Year U.S. Treasury Bond Futures | Short | 827 | 3/28/2024 | (103,323 | ) | (7,200 | ) | |||||||||
30 Year Ultra U.S. Treasury Bond Futures | Long | 153 | 3/28/2024 | 20,440 | 1,733 | |||||||||||
$ | 18,818 |
Swap contracts
Interest rate swaps
Centrally cleared interest rate swaps
Receive | Pay | Notional | Value at | Upfront premium paid | Unrealized appreciation (depreciation) | |||||||||||||||||||||
Rate | Payment frequency | Rate | Payment frequency | Expiration date | amount (000) | 12/31/2023 (000) | (received) (000) | at 12/31/2023 (000) | ||||||||||||||||||
4.8585% | Annual | U.S. EFFR | Annual | 1/12/2024 | USD17,898 | $ | (5 | ) | $ | — | $ | (5 | ) | |||||||||||||
4.8674% | Annual | U.S. EFFR | Annual | 1/12/2024 | USD26,222 | (7 | ) | — | (7 | ) | ||||||||||||||||
4.8615% | Annual | U.S. EFFR | Annual | 1/12/2024 | USD35,800 | (9 | ) | — | (9 | ) | ||||||||||||||||
0.241% | Annual | U.S. EFFR | Annual | 3/1/2024 | USD119,400 | (1,033 | ) | — | (1,033 | ) | ||||||||||||||||
U.S. EFFR | Annual | 0.11% | Annual | 5/18/2024 | USD97,600 | 1,926 | — | 1,926 |
American Funds Insurance Series | 277 |
U.S. Government Securities Fund (continued)
Swap contracts (continued)
Interest rate swaps (continued)
Centrally cleared interest rate swaps (continued)
Receive | Pay | Notional | Value at | Upfront premium paid | Unrealized appreciation (depreciation) | |||||||||||||||||||||
Rate | Payment frequency | Rate | Payment frequency | Expiration date | amount (000) | 12/31/2023 (000) | (received) (000) | at 12/31/2023 (000) | ||||||||||||||||||
3.497% | Annual | U.S. EFFR | Annual | 6/16/2024 | USD24,000 | $ | (194 | ) | $ | — | $ | (194 | ) | |||||||||||||
3.4585% | Annual | U.S. EFFR | Annual | 6/17/2024 | USD3,698 | (30 | ) | — | (30 | ) | ||||||||||||||||
3.4325% | Annual | U.S. EFFR | Annual | 6/17/2024 | USD17,700 | (148 | ) | — | (148 | ) | ||||||||||||||||
U.S. EFFR | Annual | 0.126% | Annual | 6/25/2025 | USD20,100 | 1,211 | — | 1,211 | ||||||||||||||||||
U.S. EFFR | Annual | 0.1275% | Annual | 6/25/2025 | USD20,100 | 1,210 | — | 1,210 | ||||||||||||||||||
U.S. EFFR | Annual | 0.106% | Annual | 6/30/2025 | USD22,492 | 1,370 | — | 1,370 | ||||||||||||||||||
SOFR | Annual | 3.916% | Annual | 7/11/2025 | USD46,800 | 316 | — | 316 | ||||||||||||||||||
4.912% | Annual | SOFR | Annual | 8/24/2025 | USD14,030 | 137 | — | 137 | ||||||||||||||||||
4.8189% | Annual | SOFR | Annual | 8/25/2025 | USD14,010 | 116 | — | 116 | ||||||||||||||||||
4.8195% | Annual | SOFR | Annual | 9/1/2025 | USD10,300 | 89 | — | 89 | ||||||||||||||||||
4.27% | Annual | SOFR | Annual | 2/16/2026 | USD9,620 | 47 | — | 47 | ||||||||||||||||||
4.265% | Annual | SOFR | Annual | 2/16/2026 | USD4,777 | 23 | — | 23 | ||||||||||||||||||
4.3035% | Annual | SOFR | Annual | 2/17/2026 | USD2,874 | 16 | — | 16 | ||||||||||||||||||
4.2515% | Annual | SOFR | Annual | 2/17/2026 | USD2,847 | 13 | — | 13 | ||||||||||||||||||
4.2675% | Annual | SOFR | Annual | 2/17/2026 | USD2,771 | 13 | — | 13 | ||||||||||||||||||
4.3005% | Annual | SOFR | Annual | 2/17/2026 | USD1,989 | 11 | — | 11 | ||||||||||||||||||
4.288% | Annual | SOFR | Annual | 2/17/2026 | USD2,021 | 11 | — | 11 | ||||||||||||||||||
3.45% | Annual | SOFR | Annual | 2/1/2028 | USD12,500 | (72 | ) | — | (72 | ) | ||||||||||||||||
3.47% | Annual | SOFR | Annual | 2/2/2028 | USD11,600 | (58 | ) | — | (58 | ) | ||||||||||||||||
4.28% | Annual | SOFR | Annual | 2/29/2028 | USD1,660 | 44 | — | 44 | ||||||||||||||||||
4.269% | Annual | SOFR | Annual | 2/29/2028 | USD1,700 | 44 | — | 44 | ||||||||||||||||||
U.S. EFFR | Annual | 0.5385% | Annual | 3/26/2030 | USD49,000 | 7,909 | — | 7,909 | ||||||||||||||||||
3.18% | Annual | SOFR | Annual | 4/17/2030 | USD2,600 | (47 | ) | — | (47 | ) | ||||||||||||||||
3.275% | Annual | SOFR | Annual | 4/18/2030 | USD2,600 | (33 | ) | — | (33 | ) | ||||||||||||||||
3.353% | Annual | SOFR | Annual | 4/19/2030 | USD2,600 | (22 | ) | — | (22 | ) | ||||||||||||||||
3.342% | Annual | SOFR | Annual | 4/19/2030 | USD2,600 | (23 | ) | — | (23 | ) | ||||||||||||||||
3.344% | Annual | SOFR | Annual | 4/20/2030 | USD2,600 | (23 | ) | — | (23 | ) | ||||||||||||||||
3.128% | Annual | SOFR | Annual | 4/28/2030 | USD2,600 | (55 | ) | — | (55 | ) | ||||||||||||||||
3.285% | Annual | SOFR | Annual | 5/1/2030 | USD2,500 | (30 | ) | — | (30 | ) | ||||||||||||||||
3.259% | Annual | SOFR | Annual | 5/1/2030 | USD2,600 | (35 | ) | — | (35 | ) | ||||||||||||||||
3.186% | Annual | SOFR | Annual | 5/9/2030 | USD2,600 | (46 | ) | — | (46 | ) | ||||||||||||||||
3.215% | Annual | SOFR | Annual | 5/10/2030 | USD2,500 | (40 | ) | — | (40 | ) | ||||||||||||||||
3.29% | Annual | SOFR | Annual | 5/19/2030 | USD3,100 | (37 | ) | — | (37 | ) | ||||||||||||||||
3.31% | Annual | SOFR | Annual | 6/9/2030 | USD26,800 | (290 | ) | — | (290 | ) | ||||||||||||||||
U.S. EFFR | Annual | 0.666% | Annual | 11/19/2030 | USD15,500 | 2,604 | — | 2,604 | ||||||||||||||||||
SOFR | Annual | 4.1615% | Annual | 5/15/2033 | USD800 | (43 | ) | — | (43 | ) | ||||||||||||||||
SOFR | Annual | 4.15% | Annual | 5/15/2033 | USD880 | (47 | ) | — | (47 | ) | ||||||||||||||||
4.0135% | Annual | SOFR | Annual | 8/21/2033 | USD1,185 | 51 | — | 51 | ||||||||||||||||||
SOFR | Annual | 4.061% | Annual | 8/24/2033 | USD3,230 | (152 | ) | — | (152 | ) | ||||||||||||||||
SOFR | Annual | 3.9519% | Annual | 8/25/2033 | USD3,225 | (123 | ) | — | (123 | ) | ||||||||||||||||
SOFR | Annual | 3.8275% | Annual | 9/1/2033 | USD2,300 | (65 | ) | — | (65 | ) | ||||||||||||||||
SOFR | Annual | 3.175% | Annual | 2/1/2038 | USD16,000 | 333 | — | 333 | ||||||||||||||||||
3.065% | Annual | SOFR | Annual | 4/7/2040 | USD12,300 | (684 | ) | — | (684 | ) | ||||||||||||||||
SOFR | Annual | 3.045% | Annual | 7/27/2050 | USD3,600 | 209 | — | 209 | ||||||||||||||||||
SOFR | Annual | 2.85282% | Annual | 12/6/2052 | USD540 | 48 | — | 48 | ||||||||||||||||||
SOFR | Annual | 2.93542% | Annual | 12/6/2052 | USD550 | 41 | — | 41 | ||||||||||||||||||
SOFR | Annual | 3.01413% | Annual | 1/12/2053 | USD1,402 | 83 | — | 83 | ||||||||||||||||||
SOFR | Annual | 3.02% | Annual | 1/12/2053 | USD1,400 | 81 | — | 81 | ||||||||||||||||||
SOFR | Annual | 2.974% | Annual | 4/17/2053 | USD800 | 53 | — | 53 | ||||||||||||||||||
SOFR | Annual | 3.044% | Annual | 4/18/2053 | USD800 | 43 | — | 43 | ||||||||||||||||||
SOFR | Annual | 3.0875% | Annual | 4/19/2053 | USD800 | 36 | — | 36 | ||||||||||||||||||
SOFR | Annual | 3.1035% | Annual | 4/19/2053 | USD800 | 34 | — | 34 | ||||||||||||||||||
SOFR | Annual | 3.0895% | Annual | 4/20/2053 | USD800 | 36 | — | 36 |
278 | American Funds Insurance Series |
U.S. Government Securities Fund (continued)
Swap contracts (continued)
Interest rate swaps (continued)
Centrally cleared interest rate swaps (continued)
Receive | Pay | Notional | Value at | Upfront premium paid | Unrealized appreciation (depreciation) | |||||||||||||||||||||
Rate | Payment frequency | Rate | Payment frequency | Expiration date | amount (000) | 12/31/2023 (000) | (received) (000) | at 12/31/2023 (000) | ||||||||||||||||||
SOFR | Annual | 2.9405% | Annual | 4/28/2053 | USD800 | $ | 58 | $ | — | $ | 58 | |||||||||||||||
SOFR | Annual | 3.0535% | Annual | 5/1/2053 | USD1,600 | 83 | — | 83 | ||||||||||||||||||
SOFR | Annual | 3.085% | Annual | 5/9/2053 | USD900 | 41 | — | 41 | ||||||||||||||||||
SOFR | Annual | 3.1135% | Annual | 5/10/2053 | USD800 | 32 | — | 32 | ||||||||||||||||||
SOFR | Annual | 3.1605% | Annual | 5/19/2053 | USD1,000 | 32 | — | 32 | ||||||||||||||||||
$ | 15,053 | $ | — | $ | 15,053 |
1 | Principal payments may be made periodically. Therefore, the effective maturity date may be earlier than the stated maturity date. |
2 | Amount less than one thousand. |
3 | Coupon rate may change periodically. Reference rate and spread are as of the most recent information available. Some coupon rates are determined by the issuer or agent based on current market conditions; therefore, the reference rate and spread are not available. For short-term securities, the date of the next scheduled coupon rate change is considered to be the maturity date. |
4 | Purchased on a TBA basis. |
5 | All or a portion of this security was pledged as collateral. The total value of pledged collateral was $11,225,000, which represented .74% of the net assets of the fund. |
6 | Index-linked bond whose principal amount moves with a government price index. |
7 | Acquired in a transaction exempt from registration under Rule 144A or, for commercial paper, Section 4(a)(2) of the Securities Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers. The total value of all such securities was $171,631,000, which represented 11.26% of the net assets of the fund. |
Key to abbreviation(s)
Assn. = Association
EFFR = Effective Federal Funds Rate
SOFR = Secured Overnight Financing Rate
TBA = To be announced
USD = U.S. dollars
Refer to the notes to financial statements.
American Funds Insurance Series | 279 |
Investment portfolio December 31, 2023
Growth funds 84.94% | Shares | Value (000) | ||||||
American Funds Insurance Series – Growth Fund, Class 1 | 4,336,234 | $ | 431,195 | |||||
Total growth funds (cost: $347,460,000) | 431,195 | |||||||
Fixed income funds 10.00% | ||||||||
American Funds Insurance Series – The Bond Fund of America, Class 1 | 5,319,568 | 50,749 | ||||||
Total fixed income funds (cost: $50,860,000) | 50,749 | |||||||
Short-term securities 4.81% | ||||||||
State Street Institutional U.S. Government Money Market Fund, Premier Class 5.32%1 | 24,428,666 | 24,429 | ||||||
Total short-term securities (cost: $24,429,000) | 24,429 | |||||||
Options purchased (equity style) 0.19% | ||||||||
Options purchased (equity style)* | 968 | |||||||
Total options purchased (cost: $2,305,000) | 968 | |||||||
Total investment securities 99.94% (cost: $425,054,000) | 507,341 | |||||||
Other assets less liabilities 0.06% | 294 | |||||||
Net assets 100.00% | $ | 507,635 |
*Options purchased (equity style)
Equity index options
Description | Number of contracts | Notional amount (000) | Exercise price | Expiration date | Value at 12/31/2023 (000) | ||||||||||||
Put | |||||||||||||||||
S&P 500 Index | 90 | USD | 42,928 | USD | 3,225.00 | 3/15/2024 | $ | 15 | |||||||||
S&P 500 Index | 75 | 35,774 | 3,250.00 | 3/15/2024 | 14 | ||||||||||||
S&P 500 Index | 30 | 14,310 | 3,275.00 | 3/15/2024 | 6 | ||||||||||||
S&P 500 Index | 40 | 19,079 | 3,300.00 | 3/15/2024 | 8 | ||||||||||||
S&P 500 Index | 45 | 21,464 | 3,325.00 | 3/15/2024 | 9 | ||||||||||||
S&P 500 Index | 35 | 16,694 | 3,350.00 | 3/15/2024 | 8 | ||||||||||||
S&P 500 Index | 195 | 93,012 | 3,300.00 | 6/21/2024 | 203 | ||||||||||||
S&P 500 Index | 30 | 14,309 | 3,325.00 | 6/21/2024 | 31 | ||||||||||||
S&P 500 Index | 135 | 64,393 | 3,375.00 | 6/21/2024 | 151 | ||||||||||||
S&P 500 Index | 10 | 4,770 | 3,400.00 | 6/21/2024 | 11 | ||||||||||||
S&P 500 Index | 130 | 62,008 | 3,450.00 | 6/21/2024 | 161 | ||||||||||||
S&P 500 Index | 110 | 52,468 | 3,475.00 | 6/21/2024 | 141 | ||||||||||||
S&P 500 Index | 25 | 11,925 | 3,500.00 | 6/21/2024 | 33 | ||||||||||||
S&P 500 Index | 40 | 19,079 | 3,625.00 | 6/21/2024 | 64 | ||||||||||||
S&P 500 Index | 40 | 19,079 | 3,675.00 | 6/21/2024 | 69 | ||||||||||||
S&P 500 Index | 25 | 11,925 | 3,700.00 | 6/21/2024 | 44 | ||||||||||||
$ | 968 |
280 | American Funds Insurance Series |
Managed Risk Growth Fund (continued)
Futures contracts
Contracts | Type | Number of contracts | Expiration date | Notional amount (000) | Value and unrealized appreciation (depreciation) at 12/31/2023 (000) | ||||||||||
S&P 500 E-mini Index Futures | Long | 54 | 3/1/2024 | USD | 13,014 | $ | 390 | ||||||||
5 Year U.S. Treasury Note Futures | Long | 38 | 3/1/2024 | 4,133 | 91 | ||||||||||
$ | 481 |
Investments in affiliates2
Value at 1/1/2023 (000) | Additions (000) | Reductions (000) | Net realized gain (loss) (000) | Net unrealized appreciation (depreciation) (000) | Value at 12/31/2023 (000) | Dividend income (000) | Capital gain distributions received (000) | |||||||||||||||||||||||||
Growth funds 84.94% | ||||||||||||||||||||||||||||||||
American Funds Insurance Series – Growth Fund, Class 1 | $ | 387,467 | $ | 115,721 | $ | 182,699 | $ | (24,865 | ) | $ | 135,571 | $ | 431,195 | $ | 2,382 | $ | 22,902 | |||||||||||||||
Fixed income funds 10.00% | ||||||||||||||||||||||||||||||||
American Funds Insurance Series – The Bond Fund of America, Class 1 | 34,197 | 47,522 | 31,210 | (1,135 | ) | 1,375 | 50,749 | 1,775 | — | |||||||||||||||||||||||
Total 94.94% | $ | (26,000 | ) | $ | 136,946 | $ | 481,944 | $ | 4,157 | $ | 22,902 |
1 | Rate represents the seven-day yield at 12/31/2023. |
2 | Part of the same “group of investment companies” as the fund as defined under the Investment Company Act of 1940, as amended. |
Key to abbreviation
USD = U.S. dollars
Refer to the notes to financial statements.
American Funds Insurance Series | 281 |
Managed Risk International Fund
Investment portfolio December 31, 2023
Growth funds 84.89% | Shares | Value (000) | ||||||
American Funds Insurance Series – International Fund, Class 1 | 6,023,958 | $ | 105,419 | |||||
Total growth funds (cost: $94,553,000) | 105,419 | |||||||
Fixed income funds 9.99% | ||||||||
American Funds Insurance Series – The Bond Fund of America, Class 1 | 1,300,536 | 12,408 | ||||||
Total fixed income funds (cost: $12,401,000) | 12,408 | |||||||
Short-term securities 4.89% | ||||||||
State Street Institutional U.S. Government Money Market Fund, Premier Class 5.32%1 | 6,067,219 | 6,067 | ||||||
Total short-term securities (cost: $6,067,000) | 6,067 | |||||||
Options purchased (equity style) 0.26% | ||||||||
Options purchased (equity style)* | 324 | |||||||
Total options purchased (cost: $514,000) | 324 | |||||||
Total investment securities 100.03% (cost: $113,535,000) | 124,218 | |||||||
Other assets less liabilities (0.03)% | (36 | ) | ||||||
Net assets 100.00% | $ | 124,182 |
*Options purchased (equity style)
Equity index options
Description | Number of contracts | Notional amount (000) | Exercise price | Expiration date | Value at 12/31/2023 (000) | ||||||||||||
Put | |||||||||||||||||
iShares MSCI EAFE ETF | 1,200 | USD | 9,042 | USD | 54.00 | 3/15/2024 | $ | 18 | |||||||||
iShares MSCI EAFE ETF | 400 | 3,014 | 56.00 | 3/15/2024 | 7 | ||||||||||||
iShares MSCI EAFE ETF | 2,600 | 19,591 | 52.00 | 6/21/2024 | 38 | ||||||||||||
iShares MSCI EAFE ETF | 140 | 1,055 | 53.00 | 6/21/2024 | 2 | ||||||||||||
iShares MSCI EAFE ETF | 1,330 | 10,022 | 54.00 | 6/21/2024 | 27 | ||||||||||||
iShares MSCI EAFE ETF | 1,200 | 9,042 | 55.00 | 6/21/2024 | 28 | ||||||||||||
iShares MSCI EAFE ETF | 1,590 | 11,981 | 56.00 | 6/21/2024 | 42 | ||||||||||||
iShares MSCI EAFE ETF | 750 | 5,651 | 57.00 | 6/21/2024 | 23 | ||||||||||||
iShares MSCI EAFE ETF | 2,100 | 15,823 | 59.00 | 6/21/2024 | 63 | ||||||||||||
iShares MSCI EAFE ETF | 1,500 | 11,302 | 60.00 | 9/20/2024 | 76 | ||||||||||||
$ | 324 |
282 | American Funds Insurance Series |
Managed Risk International Fund (continued)
Futures contracts
Contracts | Type | Number of contracts | Expiration date | Notional amount (000) | Value and unrealized appreciation (depreciation) at 12/31/2023 (000) | ||||||||||
MSCI EAFE Index Futures | Long | 21 | 3/1/2024 | USD | 2,365 | $ | (2 | ) | |||||||
5 Year U.S. Treasury Note Futures | Long | 11 | 3/1/2024 | 1,197 | 26 | ||||||||||
S&P 500 E-mini Index Futures | Short | 3 | 3/1/2024 | (723 | ) | (24 | ) | ||||||||
Mini MSCI Emerging Market Index Futures | Short | 17 | 3/1/2024 | (879 | ) | (39 | ) | ||||||||
$ | (39 | ) |
Investments in affiliates2
Value at 1/1/2023 (000) | Additions (000) | Reductions (000) | Net realized gain (loss) (000) | Net unrealized appreciation (depreciation) (000) | Value at 12/31/2023 (000) | Dividend income (000) | Capital gain distributions received (000) | |||||||||||||||||||||||||
Growth funds 84.89% | ||||||||||||||||||||||||||||||||
American Funds Insurance Series – International Fund, Class 1 | $ | 106,435 | $ | 22,843 | $ | 38,620 | $ | (9,073 | ) | $ | 23,834 | $ | 105,419 | $ | 1,596 | $ | — | |||||||||||||||
Fixed income funds 9.99% | ||||||||||||||||||||||||||||||||
American Funds Insurance Series – The Bond Fund of America, Class 1 | 12,527 | 6,151 | 6,443 | (560 | ) | 733 | 12,408 | 440 | — | |||||||||||||||||||||||
Total 94.88% | $ | (9,633 | ) | $ | 24,567 | $ | 117,827 | $ | 2,036 | $ | — |
1 | Rate represents the seven-day yield at 12/31/2023. |
2 | Part of the same “group of investment companies” as the fund as defined under the Investment Company Act of 1940, as amended. |
Key to abbreviation
USD = U.S. dollars
Refer to the notes to financial statements.
American Funds Insurance Series | 283 |
Managed Risk Washington Mutual Investors Fund
Investment portfolio December 31, 2023
Growth-and-income funds 84.94% | Shares | Value (000) | ||||||
American Funds Insurance Series – Washington Mutual Investors Fund, Class 1 | 19,004,155 | $ | 275,370 | |||||
Total growth-and-income funds (cost: $252,721,000) | 275,370 | |||||||
Fixed income funds 10.00% | ||||||||
American Funds Insurance Series – U.S. Government Securities Fund, Class 1 | 3,270,350 | 32,409 | ||||||
Total fixed income funds (cost: $33,482,000) | 32,409 | |||||||
Short-term securities 4.86% | ||||||||
State Street Institutional U.S. Government Money Market Fund, Premier Class 5.32%1 | 15,763,506 | 15,764 | ||||||
Total short-term securities (cost: $15,764,000) | 15,764 | |||||||
Options purchased (equity style) 0.15% | ||||||||
Options purchased (equity style)* | 482 | |||||||
Total options purchased (cost: $1,510,000) | 482 | |||||||
Total investment securities 99.95% (cost: $303,477,000) | 324,025 | |||||||
Other assets less liabilities 0.05% | 166 | |||||||
Net assets 100.00% | $ | 324,191 |
*Options purchased (equity style)
Equity index options
Description | Number of contracts | Notional amount (000) | Exercise price | Expiration date | Value at 12/31/2023 (000) | ||||||||||||
Put | |||||||||||||||||
S&P 500 Index | 245 | USD | 116,861 | USD | 3,250.00 | 3/15/2024 | $ | 45 | |||||||||
S&P 500 Index | 30 | 14,309 | 3,325.00 | 3/15/2024 | 6 | ||||||||||||
S&P 500 Index | 15 | 7,155 | 3,350.00 | 3/15/2024 | 3 | ||||||||||||
S&P 500 Index | 20 | 9,540 | 3,375.00 | 3/15/2024 | 4 | ||||||||||||
S&P 500 Index | 150 | 71,547 | 3,300.00 | 6/21/2024 | 156 | ||||||||||||
S&P 500 Index | 20 | 9,540 | 3,325.00 | 6/21/2024 | 21 | ||||||||||||
S&P 500 Index | 100 | 47,698 | 3,375.00 | 6/21/2024 | 111 | ||||||||||||
S&P 500 Index | 20 | 9,540 | 3,400.00 | 6/21/2024 | 23 | ||||||||||||
S&P 500 Index | 20 | 9,540 | 3,450.00 | 6/21/2024 | 25 | ||||||||||||
S&P 500 Index | 10 | 4,770 | 3,525.00 | 6/21/2024 | 14 | ||||||||||||
S&P 500 Index | 10 | 4,770 | 3,575.00 | 6/21/2024 | 15 | ||||||||||||
S&P 500 Index | 10 | 4,770 | 3,625.00 | 6/21/2024 | 16 | ||||||||||||
S&P 500 Index | 25 | 11,924 | 3,675.00 | 6/21/2024 | 43 | ||||||||||||
$ | 482 |
284 | American Funds Insurance Series |
Managed Risk Washington Mutual Investors Fund (continued)
Futures contracts
Contracts | Type | Number of contracts | Expiration date | Notional amount (000) | Value and unrealized appreciation (depreciation) at 12/31/2023 (000) | ||||||||||
S&P 500 E-mini Index Futures | Long | 32 | 3/1/2024 | USD | 7,712 | $ | 256 | ||||||||
5 Year U.S. Treasury Note Futures | Long | 27 | 3/1/2024 | 2,937 | 65 | ||||||||||
$ | 321 |
Investments in affiliates2
Value at 1/1/2023 (000) | Additions (000) | Reductions (000) | Net realized gain (loss) (000) | Net unrealized appreciation (depreciation) (000) | Value at 12/31/2023 (000) | Dividend income (000) | Capital gain distributions received (000) | |||||||||||||||||||||||||
Growth-and-income funds 84.94% | ||||||||||||||||||||||||||||||||
American Funds Insurance Series – Washington Mutual Investors Fund, Class 1 | $ | 274,603 | $ | 39,245 | $ | 74,805 | $ | (11,248 | ) | $ | 47,575 | $ | 275,370 | $ | 5,506 | $ | 2,476 | |||||||||||||||
Fixed income funds 10.00% | ||||||||||||||||||||||||||||||||
American Funds Insurance Series – U.S. Government Securities Fund, Class 1 | 32,319 | 13,964 | 13,647 | (1,563 | ) | 1,336 | 32,409 | 1,234 | — | |||||||||||||||||||||||
Total 94.94% | $ | (12,811 | ) | $ | 48,911 | $ | 307,779 | $ | 6,740 | $ | 2,476 |
1 | Rate represents the seven-day yield at 12/31/2023. |
2 | Part of the same “group of investment companies” as the fund as defined under the Investment Company Act of 1940, as amended. |
Key to abbreviation
USD = U.S. dollars
Refer to the notes to financial statements.
American Funds Insurance Series | 285 |
Managed Risk Growth-Income Fund
Investment portfolio December 31, 2023
Growth-and-income funds 79.99% | Shares | Value (000) | ||||||
American Funds Insurance Series – Growth-Income Fund, Class 1 | 29,524,557 | $ | 1,749,625 | |||||
Total growth-and-income funds (cost: $1,578,467,000) | 1,749,625 | |||||||
Fixed income funds 15.00% | ||||||||
American Funds Insurance Series – The Bond Fund of America, Class 1 | 34,388,650 | 328,068 | ||||||
Total fixed income funds (cost: $336,782,000) | 328,068 | |||||||
Short-term securities 4.72% | ||||||||
State Street Institutional U.S. Government Money Market Fund, Premier Class 5.32%1 | 103,209,305 | 103,209 | ||||||
Total short-term securities (cost: $103,209,000) | 103,209 | |||||||
Options purchased (equity style) 0.21% | ||||||||
Options purchased (equity style)* | 4,657 | |||||||
Total options purchased (cost: $16,130,000) | 4,657 | |||||||
Total investment securities 99.92% (cost: $2,034,588,000) | 2,185,559 | |||||||
Other assets less liabilities 0.08% | 1,697 | |||||||
Net assets 100.00% | $ | 2,187,256 |
*Options purchased (equity style)
Equity index options
Description | Number of contracts | Notional amount (000) | Exercise price | Expiration date | Value at 12/31/2023 (000) | ||||||||||||
Put | |||||||||||||||||
S&P 500 Index | 3,030 | USD | 1,445,259 | USD | 3,250.00 | 3/15/2024 | $ | 553 | |||||||||
S&P 500 Index | 75 | 35,774 | 3,300.00 | 3/15/2024 | 15 | ||||||||||||
S&P 500 Index | 335 | 159,789 | 3,325.00 | 3/15/2024 | 69 | ||||||||||||
S&P 500 Index | 145 | 69,163 | 3,350.00 | 3/15/2024 | 32 | ||||||||||||
S&P 500 Index | 90 | 42,929 | 3,375.00 | 3/15/2024 | 20 | ||||||||||||
S&P 500 Index | 1,600 | 763,173 | 3,300.00 | 6/21/2024 | 1,664 | ||||||||||||
S&P 500 Index | 330 | 157,404 | 3,325.00 | 6/21/2024 | 342 | ||||||||||||
S&P 500 Index | 990 | 472,213 | 3,375.00 | 6/21/2024 | 1,104 | ||||||||||||
S&P 500 Index | 120 | 57,238 | 3,450.00 | 6/21/2024 | 149 | ||||||||||||
S&P 500 Index | 15 | 7,155 | 3,475.00 | 6/21/2024 | 19 | ||||||||||||
S&P 500 Index | 90 | 42,928 | 3,525.00 | 6/21/2024 | 123 | ||||||||||||
S&P 500 Index | 40 | 19,079 | 3,575.00 | 6/21/2024 | 59 | ||||||||||||
S&P 500 Index | 40 | 19,079 | 3,625.00 | 6/21/2024 | 64 | ||||||||||||
S&P 500 Index | 165 | 78,702 | 3,675.00 | 6/21/2024 | 284 | ||||||||||||
S&P 500 Index | 90 | 42,928 | 3,700.00 | 6/21/2024 | 160 | ||||||||||||
$ | 4,657 |
286 | American Funds Insurance Series |
Managed Risk Growth-Income Fund (continued)
Futures contracts
Contracts | Type | Number of contracts | Expiration date | Notional amount (000) | Value and unrealized appreciation (depreciation) at 12/31/2023 (000) | ||||||||||
S&P 500 E-mini Index Futures | Long | 276 | 3/1/2024 | USD | 66,516 | $ | 1,908 | ||||||||
5 Year U.S. Treasury Note Futures | Long | 58 | 3/1/2024 | 6,309 | 140 | ||||||||||
$ | 2,048 |
Investments in affiliates2
Value at 1/1/2023 (000) | Additions (000) | Reductions (000) | Net realized gain (loss) (000) | Net unrealized appreciation (depreciation) (000) | Value at 12/31/2023 (000) | Dividend income (000) | Capital gain distributions received (000) | |||||||||||||||||||||||||
Growth-and-income funds 79.99% | ||||||||||||||||||||||||||||||||
American Funds Insurance Series – Growth-Income Fund, Class 1 | $ | 1,677,875 | $ | 268,733 | $ | 484,598 | $ | 37,121 | $ | 250,494 | $ | 1,749,625 | $ | 26,154 | $ | 89,386 | ||||||||||||||||
Fixed income funds 15.00% | ||||||||||||||||||||||||||||||||
American Funds Insurance Series – The Bond Fund of America, Class 1 | 314,614 | 120,092 | 110,905 | (20,722 | ) | 24,989 | 328,068 | 11,642 | — | |||||||||||||||||||||||
Total 94.99% | $ | 16,399 | $ | 275,483 | $ | 2,077,693 | $ | 37,796 | $ | 89,386 |
1 | Rate represents the seven-day yield at 12/31/2023. |
2 | Part of the same “group of investment companies” as the fund as defined under the Investment Company Act of 1940, as amended. |
Key to abbreviation
USD = U.S. dollars
Refer to the notes to financial statements.
American Funds Insurance Series | 287 |
Managed Risk Asset Allocation Fund
Investment portfolio December 31, 2023
Asset allocation funds 95.07% | Shares | Value (000) | ||||||
American Funds Insurance Series – Asset Allocation Fund, Class 1 | 83,800,992 | $ | 1,999,492 | |||||
Total asset allocation funds (cost: $1,962,465,000) | 1,999,492 | |||||||
Short-term securities 4.92% | ||||||||
State Street Institutional U.S. Government Money Market Fund, Premier Class 5.32%1 | 103,363,250 | 103,363 | ||||||
Total short-term securities (cost: $103,363,000) | 103,363 | |||||||
Options purchased (equity style) 0.03% | ||||||||
Options purchased (equity style)* | 693 | |||||||
Total options purchased (cost: $1,504,000) | 693 | |||||||
Total investment securities 100.02% (cost: $2,067,332,000) | 2,103,548 | |||||||
Other assets less liabilities (0.02)% | (352 | ) | ||||||
Net assets 100.00% | $ | 2,103,196 |
*Options purchased (equity style)
Equity index options
Description | Number of contracts | Notional amount (000) | Exercise price | Expiration date | Value at 12/31/2023 (000) | ||||||||||||
Put | |||||||||||||||||
S&P 500 Index | 90 | USD | 42,928 | USD | 3,250.00 | 3/15/2024 | $ | 17 | |||||||||
S&P 500 Index | 50 | 23,849 | 3,425.00 | 3/15/2024 | 12 | ||||||||||||
S&P 500 Index | 150 | 71,547 | 3,300.00 | 6/21/2024 | 156 | ||||||||||||
S&P 500 Index | 30 | 14,310 | 3,325.00 | 6/21/2024 | 31 | ||||||||||||
S&P 500 Index | 140 | 66,778 | 3,375.00 | 6/21/2024 | 156 | ||||||||||||
S&P 500 Index | 20 | 9,540 | 3,400.00 | 6/21/2024 | 23 | ||||||||||||
S&P 500 Index | 155 | 73,932 | 3,450.00 | 6/21/2024 | 192 | ||||||||||||
S&P 500 Index | 15 | 7,155 | 3,575.00 | 6/21/2024 | 22 | ||||||||||||
S&P 500 Index | 15 | 7,155 | 3,625.00 | 6/21/2024 | 24 | ||||||||||||
S&P 500 Index | 35 | 16,694 | 3,675.00 | 6/21/2024 | 60 | ||||||||||||
$ | 693 |
Futures contracts
Contracts | Type | Number of contracts | Expiration date | Notional amount (000) | Value and unrealized appreciation (depreciation) at 12/31/2023 (000) | ||||||||||
5 Year U.S. Treasury Note Futures | Long | 420 | 3/1/2024 | USD | 45,685 | $ | 1,013 | ||||||||
S&P 500 E-mini Index Futures | Long | 49 | 3/1/2024 | 11,809 | 392 | ||||||||||
$ | 1,405 |
288 | American Funds Insurance Series |
Managed Risk Asset Allocation Fund (continued)
Investments in affiliates2
Value at 1/1/2023 (000) | Additions (000) | Reductions (000) | Net realized gain (loss) (000) | Net unrealized appreciation (depreciation) (000) | Value at 12/31/2023 (000) | Dividend income (000) | Capital gain distributions received (000) | |||||||||||||||||||||||||
Asset allocation funds 95.07% | ||||||||||||||||||||||||||||||||
American Funds Insurance Series – Asset Allocation Fund, Class 1 | $ | 2,084,270 | $ | 231,311 | $ | 463,691 | $ | 19,951 | $ | 127,651 | $ | 1,999,492 | $ | 47,446 | $ | 77,368 |
1 | Rate represents the seven-day yield at 12/31/2023. |
2 | Part of the same “group of investment companies” as the fund as defined under the Investment Company Act of 1940, as amended. |
Key to abbreviation
USD = U.S. dollars
Refer to the notes to financial statements.
American Funds Insurance Series | 289 |
Financial statements | |
Statements of assets and liabilities at December 31, 2023 | (dollars in thousands) |
Global Growth Fund | Global Small Capitalization Fund | Growth Fund | International Fund | New World Fund | ||||||||||||||||
Assets: | ||||||||||||||||||||
Investment securities, at value: | ||||||||||||||||||||
Unaffiliated issuers | $ | 7,410,185 | $ | 3,077,136 | $ | 38,790,440 | $ | 7,014,573 | $ | 3,261,346 | ||||||||||
Affiliated issuers | 295,088 | 137,455 | 593,305 | 202,073 | 135,440 | |||||||||||||||
Cash | 677 | 210 | 902 | 98 | 1,309 | |||||||||||||||
Cash collateral received for securities on loan | — | 853 | 2,189 | 9 | 112 | |||||||||||||||
Cash collateral pledged for futures contracts | — | — | — | — | 227 | |||||||||||||||
Cash collateral pledged for swap contracts | — | — | — | — | 167 | |||||||||||||||
Cash denominated in currencies other than U.S. dollars | 206 | 282 | 710 | 635 | 667 | |||||||||||||||
Unrealized appreciation on open forward currency contracts | — | — | — | — | 100 | |||||||||||||||
Bilateral swaps, at value | — | — | — | — | 95 | |||||||||||||||
Receivables for: | ||||||||||||||||||||
Sales of investments | 490 | 1,938 | 11,650 | 102 | 1,982 | |||||||||||||||
Sales of fund’s shares | 1,109 | 301 | 13,300 | 2,290 | 1,338 | |||||||||||||||
Dividends and interest | 9,191 | 2,212 | 19,399 | 10,700 | 6,539 | |||||||||||||||
Closed forward currency contracts | — | — | — | — | 18 | |||||||||||||||
Variation margin on futures contracts | — | — | — | — | 45 | |||||||||||||||
Variation margin on centrally cleared swap contracts | — | — | — | — | 3 | |||||||||||||||
Securities lending income | 6 | 125 | 16 | 3 | 3 | |||||||||||||||
Other | 206 | 47 | 117 | 291 | 113 | |||||||||||||||
7,717,158 | 3,220,559 | 39,432,028 | 7,230,774 | 3,409,504 | ||||||||||||||||
Liabilities: | ||||||||||||||||||||
Collateral for securities on loan | — | 8,535 | 21,892 | 86 | 1,117 | |||||||||||||||
Unrealized depreciation on open forward currency contracts | — | — | — | — | 213 | |||||||||||||||
Unrealized depreciation on unfunded commitments* | — | — | — | — | — | |||||||||||||||
Options written, at value | — | — | — | — | — | |||||||||||||||
Payables for: | ||||||||||||||||||||
Purchases of investments | 1,406 | 1,449 | 9,048 | 11,405 | 5,680 | |||||||||||||||
Repurchases of fund’s shares | 17,952 | 5,291 | 83,137 | 6,860 | 4,039 | |||||||||||||||
Investment advisory services | 2,338 | 1,568 | 10,122 | 2,837 | 1,421 | |||||||||||||||
Insurance administrative fees | 433 | 171 | 2,147 | 250 | 467 | |||||||||||||||
Services provided by related parties | 1,072 | 530 | 5,410 | 966 | 410 | |||||||||||||||
Trustees’ deferred compensation | 95 | 59 | 527 | 179 | 45 | |||||||||||||||
Closed forward currency contracts | — | — | — | — | 114 | |||||||||||||||
Variation margin on futures contracts | — | — | — | — | 2 | |||||||||||||||
Variation margin on centrally cleared swap contracts | — | — | — | — | 4 | |||||||||||||||
Non-U.S. taxes | 3,614 | 18,354 | 887 | 29,059 | 17,629 | |||||||||||||||
Other | 66 | 46 | 48 | 120 | 76 | |||||||||||||||
26,976 | 36,003 | 133,218 | 51,762 | 31,217 | ||||||||||||||||
Commitments and contingencies* | ||||||||||||||||||||
Net assets at December 31, 2023 | $ | 7,690,182 | $ | 3,184,556 | $ | 39,298,810 | $ | 7,179,012 | $ | 3,378,287 | ||||||||||
Net assets consist of: | ||||||||||||||||||||
Capital paid in on shares of beneficial interest | $ | 4,420,294 | $ | 2,408,999 | $ | 19,227,288 | $ | 5,986,970 | $ | 2,440,206 | ||||||||||
Total distributable earnings (accumulated loss) | 3,269,888 | 775,557 | 20,071,522 | 1,192,042 | 938,081 | |||||||||||||||
Net assets at December 31, 2023 | $ | 7,690,182 | $ | 3,184,556 | $ | 39,298,810 | $ | 7,179,012 | $ | 3,378,287 | ||||||||||
Investment securities on loan, at value | $ | 19,320 | $ | 30,423 | $ | 21,365 | $ | 82 | $ | 1,705 | ||||||||||
Investment securities, at cost | ||||||||||||||||||||
Unaffiliated issuers | 4,384,591 | 2,387,792 | 19,733,033 | 5,250,234 | 2,307,420 | |||||||||||||||
Affiliated issuers | 295,100 | 132,190 | 593,293 | 202,072 | 135,431 | |||||||||||||||
Cash denominated in currencies other than U.S. dollars, at cost | 206 | 279 | 710 | 636 | 668 | |||||||||||||||
Premiums received on options written | — | — | — | — | — |
Refer to the end of the statements of assets and liabilities for footnotes.
Refer to the notes to financial statements.
290 | American Funds Insurance Series |
Financial statements (continued) | |
Statements of assets and liabilities at December 31, 2023 (continued) | (dollars in thousands) |
Washington Mutual Investors Fund | Capital World Growth and Income Fund | Growth- Income Fund | International Growth and Income Fund | Capital Income Builder | ||||||||||||||||
Assets: | ||||||||||||||||||||
Investment securities, at value: | ||||||||||||||||||||
Unaffiliated issuers | $ | 9,950,599 | $ | 1,819,186 | $ | 36,115,540 | $ | 319,735 | $ | 1,183,335 | ||||||||||
Affiliated issuers | 330,479 | 44,944 | 1,430,798 | 10,070 | 126,808 | |||||||||||||||
Cash | 492 | 629 | 14,851 | 68 | 596 | |||||||||||||||
Cash collateral received for securities on loan | 1,088 | 715 | 11,533 | 225 | 1,799 | |||||||||||||||
Cash collateral pledged for futures contracts | — | — | — | — | — | |||||||||||||||
Cash collateral pledged for swap contracts | — | — | — | — | — | |||||||||||||||
Cash denominated in currencies other than U.S. dollars | — | 577 | 2 | 106 | 332 | |||||||||||||||
Unrealized appreciation on open forward currency contracts | — | — | — | — | — | |||||||||||||||
Bilateral swaps, at value | — | — | — | — | — | |||||||||||||||
Receivables for: | ||||||||||||||||||||
Sales of investments | 10,876 | 4,727 | 42,645 | 5 | 24,257 | |||||||||||||||
Sales of fund’s shares | 2,609 | 366 | 3,768 | 94 | 1,091 | |||||||||||||||
Dividends and interest | 15,645 | 3,455 | 51,289 | 1,175 | 5,199 | |||||||||||||||
Closed forward currency contracts | — | — | — | — | — | |||||||||||||||
Variation margin on futures contracts | — | — | — | — | 65 | |||||||||||||||
Variation margin on centrally cleared swap contracts | — | — | — | — | 29 | |||||||||||||||
Securities lending income | 14 | 4 | 22 | 1 | 6 | |||||||||||||||
Other | 17 | 108 | 291 | 5 | 77 | |||||||||||||||
10,311,819 | 1,874,711 | 37,670,739 | 331,484 | 1,343,594 | ||||||||||||||||
Liabilities: | ||||||||||||||||||||
Collateral for securities on loan | 10,881 | 7,147 | 115,333 | 2,250 | 17,994 | |||||||||||||||
Unrealized depreciation on open forward currency contracts | — | — | — | — | — | |||||||||||||||
Unrealized depreciation on unfunded commitments* | — | — | — | — | — | |||||||||||||||
Options written, at value | — | — | — | — | — | |||||||||||||||
Payables for: | ||||||||||||||||||||
Purchases of investments | 2,814 | 1,470 | 34,091 | 81 | 71,213 | |||||||||||||||
Repurchases of fund’s shares | 7,503 | 2,876 | 54,035 | 98 | 1,650 | |||||||||||||||
Investment advisory services | 2,009 | 566 | 7,889 | 127 | 227 | |||||||||||||||
Insurance administrative fees | 794 | 140 | 1,207 | 86 | 342 | |||||||||||||||
Services provided by related parties | 1,135 | 313 | 4,058 | 72 | 150 | |||||||||||||||
Trustees’ deferred compensation | 114 | 27 | 574 | 14 | 9 | |||||||||||||||
Closed forward currency contracts | — | — | — | — | — | |||||||||||||||
Variation margin on futures contracts | — | — | — | — | 33 | |||||||||||||||
Variation margin on centrally cleared swap contracts | — | — | — | — | 25 | |||||||||||||||
Non-U.S. taxes | 224 | 819 | 1,508 | 170 | 674 | |||||||||||||||
Other | 4 | 18 | 68 | 6 | 8 | |||||||||||||||
25,478 | 13,376 | 218,763 | 2,904 | 92,325 | ||||||||||||||||
Commitments and contingencies* | ||||||||||||||||||||
Net assets at December 31, 2023 | $ | 10,286,341 | $ | 1,861,335 | $ | 37,451,976 | $ | 328,580 | $ | 1,251,269 | ||||||||||
Net assets consist of: | ||||||||||||||||||||
Capital paid in on shares of beneficial interest | $ | 7,170,355 | $ | 1,361,420 | $ | 19,460,384 | $ | 311,613 | $ | 1,075,724 | ||||||||||
Total distributable earnings (accumulated loss) | 3,115,986 | 499,915 | 17,991,592 | 16,967 | 175,545 | |||||||||||||||
Net assets at December 31, 2023 | $ | 10,286,341 | $ | 1,861,335 | $ | 37,451,976 | $ | 328,580 | $ | 1,251,269 | ||||||||||
Investment securities on loan, at value | $ | 10,510 | $ | 7,091 | $ | 110,228 | $ | 2,296 | $ | 17,090 | ||||||||||
Investment securities, at cost | ||||||||||||||||||||
Unaffiliated issuers | 6,941,713 | 1,244,974 | 20,029,188 | 278,300 | 990,869 | |||||||||||||||
Affiliated issuers | 330,455 | 44,948 | 1,430,636 | 10,069 | 130,558 | |||||||||||||||
Cash denominated in currencies other than U.S. dollars, at cost | — | 578 | 2 | 106 | 332 | |||||||||||||||
Premiums received on options written | — | — | — | — | — |
Refer to the end of the statements of assets and liabilities for footnotes.
Refer to the notes to financial statements.
American Funds Insurance Series | 291 |
Financial statements (continued) | |
Statements of assets and liabilities at December 31, 2023 (continued) | (dollars in thousands) |
Asset Allocation Fund | American Funds Global Balanced Fund | The Bond Fund of America | Capital World Bond Fund | American High-Income Trust | ||||||||||||||||
Assets: | ||||||||||||||||||||
Investment securities, at value: | ||||||||||||||||||||
Unaffiliated issuers | $ | 23,162,383 | $ | 383,108 | $ | 10,585,364 | $ | 1,448,641 | $ | 832,985 | ||||||||||
Affiliated issuers | 3,803,664 | 21,315 | 2,168,331 | 229,992 | 27,114 | |||||||||||||||
Cash | 1,820 | 160 | 157 | 123 | 676 | |||||||||||||||
Cash collateral received for securities on loan | 2,524 | 107 | — | — | — | |||||||||||||||
Cash collateral pledged for futures contracts | — | — | — | — | 92 | |||||||||||||||
Cash collateral pledged for swap contracts | — | — | — | — | 151 | |||||||||||||||
Cash denominated in currencies other than U.S. dollars | 1,427 | 76 | 1 | 119 | 949 | |||||||||||||||
Unrealized appreciation on open forward currency contracts | — | 672 | 35 | 9,188 | — | |||||||||||||||
Bilateral swaps, at value | — | — | — | 278 | — | |||||||||||||||
Receivables for: | ||||||||||||||||||||
Sales of investments | 402,570 | 2,867 | 1,363,779 | 30,804 | 730 | |||||||||||||||
Sales of fund’s shares | 1,187 | 102 | 4,887 | 1,290 | 219 | |||||||||||||||
Dividends and interest | 91,759 | 1,794 | 83,411 | 14,611 | 12,832 | |||||||||||||||
Closed forward currency contracts | — | 27 | — | 213 | — | |||||||||||||||
Variation margin on futures contracts | 2,625 | 66 | 4,317 | 547 | 6 | |||||||||||||||
Variation margin on centrally cleared swap contracts | 90 | 27 | 687 | 282 | 11 | |||||||||||||||
Securities lending income | 25 | 2 | — | — | — | |||||||||||||||
Other | 437 | 32 | 26 | 238 | 2 | |||||||||||||||
27,470,511 | 410,355 | 14,210,995 | 1,736,326 | 875,767 | ||||||||||||||||
Liabilities: | ||||||||||||||||||||
Collateral for securities on loan | 25,242 | 1,069 | — | — | — | |||||||||||||||
Unrealized depreciation on open forward currency contracts | — | 354 | 931 | 5,355 | — | |||||||||||||||
Unrealized depreciation on unfunded commitments* | 3 | — | — | — | † | 4 | ||||||||||||||
Options written, at value | — | — | — | — | — | |||||||||||||||
Payables for: | ||||||||||||||||||||
Purchases of investments | 1,727,865 | 18,832 | 3,187,501 | 185,688 | 1,214 | |||||||||||||||
Repurchases of fund’s shares | 18,513 | 553 | 8,205 | 1,175 | 255 | |||||||||||||||
Investment advisory services | 5,715 | 141 | 1,494 | 549 | 193 | |||||||||||||||
Insurance administrative fees | 3,441 | 77 | 712 | 34 | 60 | |||||||||||||||
Services provided by related parties | 2,733 | 69 | 1,083 | 220 | 157 | |||||||||||||||
Trustees’ deferred compensation | 340 | 4 | 140 | 28 | 32 | |||||||||||||||
Closed forward currency contracts | — | 174 | — | 1,748 | — | |||||||||||||||
Variation margin on futures contracts | 127 | 76 | 2,624 | 761 | — | |||||||||||||||
Variation margin on centrally cleared swap contracts | 21 | 18 | 367 | 284 | 7 | |||||||||||||||
Non-U.S. taxes | 1,159 | 217 | 18 | 79 | — | |||||||||||||||
Other | 22 | 7 | 6 | 64 | — | |||||||||||||||
1,785,181 | 21,591 | 3,203,081 | 195,985 | 1,922 | ||||||||||||||||
Commitments and contingencies* | ||||||||||||||||||||
Net assets at December 31, 2023 | $ | 25,685,330 | $ | 388,764 | $ | 11,007,914 | $ | 1,540,341 | $ | 873,845 | ||||||||||
Net assets consist of: | ||||||||||||||||||||
Capital paid in on shares of beneficial interest | $ | 18,661,978 | $ | 340,521 | $ | 12,500,028 | $ | 1,776,957 | $ | 1,206,031 | ||||||||||
Total distributable earnings (accumulated loss) | 7,023,352 | 48,243 | (1,492,114 | ) | (236,616 | ) | (332,186 | ) | ||||||||||||
Net assets at December 31, 2023 | $ | 25,685,330 | $ | 388,764 | $ | 11,007,914 | $ | 1,540,341 | $ | 873,845 | ||||||||||
Investment securities on loan, at value | $ | 24,156 | $ | 1,039 | $ | — | $ | — | $ | — | ||||||||||
Investment securities, at cost | ||||||||||||||||||||
Unaffiliated issuers | 17,202,164 | 332,291 | 10,781,553 | 1,497,871 | 841,494 | |||||||||||||||
Affiliated issuers | 3,970,991 | 20,838 | 2,168,297 | 226,378 | 27,115 | |||||||||||||||
Cash denominated in currencies other than U.S. dollars, at cost | 1,416 | 76 | 1 | 119 | 923 | |||||||||||||||
Premiums received on options written | — | — | — | — | — |
Refer to the end of the statements of assets and liabilities for footnotes.
Refer to the notes to financial statements.
292 | American Funds Insurance Series |
Financial statements (continued) | |
Statements of assets and liabilities at December 31, 2023 (continued) | (dollars in thousands) |
American Funds Mortgage Fund | Ultra-Short Bond Fund | U.S. Government Securities Fund | Managed Risk Growth Fund | Managed Risk International Fund | ||||||||||||||||
Assets: | ||||||||||||||||||||
Investment securities, at value: | ||||||||||||||||||||
Unaffiliated issuers | $ | 125,656 | $ | 385,925 | $ | 1,705,817 | $ | 25,397 | $ | 6,391 | ||||||||||
Affiliated issuers | — | — | — | 481,944 | 117,827 | |||||||||||||||
Cash | 2,653 | 9,121 | 40,117 | — | — | |||||||||||||||
Cash collateral received for securities on loan | — | — | — | — | — | |||||||||||||||
Cash collateral pledged for futures contracts | — | — | — | 690 | 71 | |||||||||||||||
Cash collateral pledged for swap contracts | — | — | — | — | — | |||||||||||||||
Cash denominated in currencies other than U.S. dollars | — | — | — | — | — | |||||||||||||||
Unrealized appreciation on open forward currency contracts | — | — | — | — | — | |||||||||||||||
Bilateral swaps, at value | — | — | — | — | — | |||||||||||||||
Receivables for: | ||||||||||||||||||||
Sales of investments | 12,583 | — | 119,306 | 592 | 78 | |||||||||||||||
Sales of fund’s shares | 85 | 2,904 | 491 | — | 10 | |||||||||||||||
Dividends and interest | 373 | 39 | 8,842 | 111 | 25 | |||||||||||||||
Closed forward currency contracts | — | — | — | — | — | |||||||||||||||
Variation margin on futures contracts | 56 | — | 953 | 3 | 22 | |||||||||||||||
Variation margin on centrally cleared swap contracts | 9 | — | 477 | — | — | |||||||||||||||
Securities lending income | — | — | — | — | — | |||||||||||||||
Other | 1 | — | — | — | — | |||||||||||||||
141,416 | 397,989 | 1,876,003 | 508,737 | 124,424 | ||||||||||||||||
Liabilities: | ||||||||||||||||||||
Collateral for securities on loan | — | — | — | — | — | |||||||||||||||
Unrealized depreciation on open forward currency contracts | — | — | — | — | — | |||||||||||||||
Unrealized depreciation on unfunded commitments* | — | — | — | — | — | |||||||||||||||
Options written, at value | — | — | 824 | — | — | |||||||||||||||
Payables for: | ||||||||||||||||||||
Purchases of investments | 33,520 | 24,795 | 349,161 | 44 | 86 | |||||||||||||||
Repurchases of fund’s shares | 24 | 230 | 850 | 577 | 23 | |||||||||||||||
Investment advisory services | 16 | 82 | 224 | 42 | 10 | |||||||||||||||
Insurance administrative fees | 28 | 36 | 113 | 300 | 75 | |||||||||||||||
Services provided by related parties | 21 | 80 | 306 | 101 | 25 | |||||||||||||||
Trustees’ deferred compensation | 3 | 12 | 45 | 5 | 2 | |||||||||||||||
Closed forward currency contracts | — | — | — | — | — | |||||||||||||||
Variation margin on futures contracts | 10 | — | 110 | 33 | 21 | |||||||||||||||
Variation margin on centrally cleared swap contracts | 3 | — | 340 | — | — | |||||||||||||||
Non-U.S. taxes | — | — | — | — | — | |||||||||||||||
Other | — | — | * | 1 | — | — | ||||||||||||||
33,625 | 25,235 | 351,974 | 1,102 | 242 | ||||||||||||||||
Commitments and contingencies* | ||||||||||||||||||||
Net assets at December 31, 2023 | $ | 107,791 | $ | 372,754 | $ | 1,524,029 | $ | 507,635 | $ | 124,182 | ||||||||||
Net assets consist of: | ||||||||||||||||||||
Capital paid in on shares of beneficial interest | $ | 118,822 | $ | 369,575 | $ | 1,779,673 | $ | 535,193 | $ | 150,466 | ||||||||||
Total distributable earnings (accumulated loss) | (11,031 | ) | 3,179 | (255,644 | ) | (27,558 | ) | (26,284 | ) | |||||||||||
Net assets at December 31, 2023 | $ | 107,791 | $ | 372,754 | $ | 1,524,029 | $ | 507,635 | $ | 124,182 | ||||||||||
Investment securities on loan, at value | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||
Investment securities, at cost | ||||||||||||||||||||
Unaffiliated issuers | 125,545 | 386,032 | 1,732,671 | 26,734 | 6,581 | |||||||||||||||
Affiliated issuers | — | — | — | 398,320 | 106,954 | |||||||||||||||
Cash denominated in currencies other than U.S. dollars, at cost | — | — | — | — | — | |||||||||||||||
Premiums received on options written | — | — | 481 | — | — |
Refer to the end of the statements of assets and liabilities for footnotes.
Refer to the notes to financial statements.
American Funds Insurance Series | 293 |
Financial statements (continued) | |
Statements of assets and liabilities at December 31, 2023 (continued) | (dollars in thousands) |
Managed Risk Washington Mutual Investors Fund | Managed Risk Growth- Income Fund | Managed Risk Asset Allocation Fund | ||||||||||
Assets: | ||||||||||||
Investment securities, at value: | ||||||||||||
Unaffiliated issuers | $ | 16,246 | $ | 107,866 | $ | 104,056 | ||||||
Affiliated issuers | 307,779 | 2,077,693 | 1,999,492 | |||||||||
Cash | — | — | — | |||||||||
Cash collateral received for securities on loan | — | — | — | |||||||||
Cash collateral pledged for futures contracts | 415 | 3,338 | 1,166 | |||||||||
Cash collateral pledged for swap contracts | — | — | — | |||||||||
Cash denominated in currencies other than U.S. dollars | — | — | — | |||||||||
Unrealized appreciation on open forward currency contracts | — | — | — | |||||||||
Bilateral swaps, at value | — | — | — | |||||||||
Receivables for: | ||||||||||||
Sales of investments | 253 | 7,481 | 1,313 | |||||||||
Sales of fund’s shares | 1 | 13 | 161 | |||||||||
Dividends and interest | 71 | 472 | 468 | |||||||||
Closed forward currency contracts | — | — | — | |||||||||
Variation margin on futures contracts | 2 | 5 | 36 | |||||||||
Variation margin on centrally cleared swap contracts | — | — | — | |||||||||
Securities lending income | — | — | — | |||||||||
Other | — | — | — | |||||||||
324,767 | 2,196,868 | 2,106,692 | ||||||||||
Liabilities: | ||||||||||||
Collateral for securities on loan | — | — | — | |||||||||
Unrealized depreciation on open forward currency contracts | — | — | — | |||||||||
Unrealized depreciation on unfunded commitments* | — | — | — | |||||||||
Options written, at value | — | — | — | |||||||||
Payables for: | ||||||||||||
Purchases of investments | 24 | — | — | |||||||||
Repurchases of fund’s shares | 242 | 7,887 | 1,543 | |||||||||
Investment advisory services | 27 | 183 | 177 | |||||||||
Insurance administrative fees | 194 | 1,298 | 1,279 | |||||||||
Services provided by related parties | 66 | 57 | 436 | |||||||||
Trustees’ deferred compensation | 4 | 18 | 31 | |||||||||
Closed forward currency contracts | — | — | — | |||||||||
Variation margin on futures contracts | 19 | 169 | 30 | |||||||||
Variation margin on centrally cleared swap contracts | — | — | — | |||||||||
Non-U.S. taxes | — | — | — | |||||||||
Other | — | — | — | |||||||||
576 | 9,612 | 3,496 | ||||||||||
Commitments and contingencies* | ||||||||||||
Net assets at December 31, 2023 | $ | 324,191 | $ | 2,187,256 | $ | 2,103,196 | ||||||
Net assets consist of: | ||||||||||||
Capital paid in on shares of beneficial interest | $ | 340,685 | $ | 2,029,898 | $ | 2,032,231 | ||||||
Total distributable earnings (accumulated loss) | (16,494 | ) | 157,358 | 70,965 | ||||||||
Net assets at December 31, 2023 | $ | 324,191 | $ | 2,187,256 | $ | 2,103,196 | ||||||
Investment securities on loan, at value | $ | — | $ | — | $ | — | ||||||
Investment securities, at cost | ||||||||||||
Unaffiliated issuers | 17,274 | 119,339 | 104,867 | |||||||||
Affiliated issuers | 286,203 | 1,915,249 | 1,962,465 | |||||||||
Cash denominated in currencies other than U.S. dollars, at cost | — | — | — | |||||||||
Premiums received on options written | — | — | — |
Refer to the end of the statements of assets and liabilities for footnotes.
Refer to the notes to financial statements.
294 | American Funds Insurance Series |
Financial statements (continued) | |
Statements of assets and liabilities at December 31, 2023 (continued) | (dollars and shares in thousands, except per-share amounts) |
Global Growth Fund | Global Small Capitalization Fund | Growth Fund | International Fund | New World Fund | ||||||||||||||||||
Shares of beneficial interest issued and outstanding (no stated par value) — unlimited shares authorized | ||||||||||||||||||||||
Class 1: | Net assets | $ | 3,418,477 | $ | 1,001,137 | $ | 17,382,394 | $ | 3,353,223 | $ | 1,778,087 | |||||||||||
Shares outstanding | 100,780 | 53,924 | 174,798 | 191,642 | 69,772 | |||||||||||||||||
Net asset value per share | $ | 33.92 | $ | 18.57 | $ | 99.44 | $ | 17.50 | $ | 25.48 | ||||||||||||
Class 1A: | Net assets | $ | 17,621 | $ | 5,224 | $ | 279,413 | $ | 12,159 | $ | 10,382 | |||||||||||
Shares outstanding | 522 | 285 | 2,838 | 698 | 409 | |||||||||||||||||
Net asset value per share | $ | 33.74 | $ | 18.31 | $ | 98.46 | $ | 17.41 | $ | 25.36 | ||||||||||||
Class 2: | Net assets | $ | 3,522,408 | $ | 1,878,462 | $ | 17,878,990 | $ | 3,381,831 | $ | 802,751 | |||||||||||
Shares outstanding | 105,326 | 107,368 | 182,074 | 194,242 | 31,897 | |||||||||||||||||
Net asset value per share | $ | 33.44 | $ | 17.50 | $ | 98.20 | $ | 17.41 | $ | 25.17 | ||||||||||||
Class 3: | Net assets | $ | 236,105 | $ | 16,515 | |||||||||||||||||
Shares outstanding | Not applicable | Not applicable | 2,348 | 941 | Not applicable | |||||||||||||||||
Net asset value per share | $ | 100.54 | $ | 17.56 | ||||||||||||||||||
Class 4: | Net assets | $ | 731,676 | $ | 299,733 | $ | 3,521,908 | $ | 415,284 | $ | 787,067 | |||||||||||
Shares outstanding | 22,118 | 17,164 | 36,803 | 24,239 | 31,546 | |||||||||||||||||
Net asset value per share | $ | 33.08 | $ | 17.46 | $ | 95.70 | $ | 17.13 | $ | 24.95 | ||||||||||||
Washington Mutual Investors Fund | Capital World Growth and Income Fund | Growth- Income Fund | International Growth and Income Fund | Capital Income Builder | ||||||||||||||||||
Shares of beneficial interest issued and outstanding (no stated par value) — unlimited shares authorized | ||||||||||||||||||||||
Class 1: | Net assets | $ | 6,020,084 | $ | 579,605 | $ | 22,318,720 | $ | 15,315 | $ | 659,875 | |||||||||||
Shares outstanding | 415,494 | 41,845 | 376,644 | 1,516 | 56,740 | |||||||||||||||||
Net asset value per share | $ | 14.49 | $ | 13.85 | $ | 59.26 | $ | 10.10 | $ | 11.63 | ||||||||||||
Class 1A: | Net assets | $ | 23,218 | $ | 7,099 | $ | 35,564 | $ | 6,265 | $ | 10,418 | |||||||||||
Shares outstanding | 1,609 | 515 | 604 | 638 | 897 | |||||||||||||||||
Net asset value per share | $ | 14.43 | $ | 13.77 | $ | 58.88 | $ | 9.83 | $ | 11.62 | ||||||||||||
Class 2: | Net assets | $ | 2,898,715 | $ | 1,039,966 | $ | 12,894,253 | $ | 164,333 | $ | 14,935 | |||||||||||
Shares outstanding | 203,946 | 75,301 | 221,178 | 16,727 | 1,285 | |||||||||||||||||
Net asset value per share | $ | 14.21 | $ | 13.81 | $ | 58.30 | $ | 9.82 | $ | 11.62 | ||||||||||||
Class 3: | Net assets | $ | 141,816 | |||||||||||||||||||
Shares outstanding | Not applicable | Not applicable | 2,387 | Not applicable | Not applicable | |||||||||||||||||
Net asset value per share | $ | 59.40 | ||||||||||||||||||||
Class 4: | Net assets | $ | 1,344,324 | $ | 234,665 | $ | 2,061,623 | $ | 142,667 | $ | 566,041 | |||||||||||
Shares outstanding | 95,611 | 17,438 | 35,957 | 14,760 | 48,785 | |||||||||||||||||
Net asset value per share | $ | 14.06 | $ | 13.46 | $ | 57.34 | $ | 9.67 | $ | 11.60 |
Refer to the end of the statements of assets and liabilities for footnotes.
Refer to the notes to financial statements.
American Funds Insurance Series | 295 |
Financial statements (continued) | |
Statements of assets and liabilities at December 31, 2023 (continued) | (dollars and shares in thousands, except per-share amounts) |
Asset Allocation Fund | American Funds Global Balanced Fund | The Bond Fund of America | Capital World Bond Fund | American High-Income Trust | ||||||||||||||||||
Shares of beneficial interest issued and outstanding (no stated par value) — unlimited shares authorized | ||||||||||||||||||||||
Class 1: | Net assets | $ | 15,555,068 | $ | 97,560 | $ | 6,907,965 | $ | 665,253 | $ | 223,148 | |||||||||||
Shares outstanding | 651,900 | 7,887 | 724,190 | 65,462 | 24,966 | |||||||||||||||||
Net asset value per share | $ | 23.86 | $ | 12.37 | $ | 9.54 | $ | 10.16 | $ | 8.94 | ||||||||||||
Class 1A: | Net assets | $ | 32,203 | $ | 2,759 | $ | 258,248 | $ | 1,464 | $ | 2,613 | |||||||||||
Shares outstanding | 1,357 | 224 | 27,264 | 145 | 294 | |||||||||||||||||
Net asset value per share | $ | 23.74 | $ | 12.30 | $ | 9.47 | $ | 10.08 | $ | 8.90 | ||||||||||||
Class 2: | Net assets | $ | 4,260,925 | $ | 160,175 | $ | 2,879,288 | $ | 817,156 | $ | 532,796 | |||||||||||
Shares outstanding | 181,115 | 13,016 | 306,439 | 81,456 | 61,048 | |||||||||||||||||
Net asset value per share | $ | 23.53 | $ | 12.31 | $ | 9.40 | $ | 10.03 | $ | 8.73 | ||||||||||||
Class 3: | Net assets | $ | 29,979 | $ | 8,335 | |||||||||||||||||
Shares outstanding | 1,255 | Not applicable | Not applicable | Not applicable | 927 | |||||||||||||||||
Net asset value per share | $ | 23.90 | $ | 8.99 | ||||||||||||||||||
Class 4: | Net assets | $ | 5,807,155 | $ | 128,270 | $ | 962,413 | $ | 56,468 | $ | 106,953 | |||||||||||
Shares outstanding | 248,834 | 10,598 | 102,937 | 5,718 | 10,972 | |||||||||||||||||
Net asset value per share | $ | 23.34 | $ | 12.10 | $ | 9.35 | $ | 9.88 | $ | 9.75 | ||||||||||||
American Funds Mortgage Fund | Ultra-Short Bond Fund | U.S. Government Securities Fund | Managed Risk Growth Fund | Managed Risk International Fund | ||||||||||||||||||
Shares of beneficial interest issued and outstanding (no stated par value) — unlimited shares authorized | ||||||||||||||||||||||
Class 1: | Net assets | $ | 16,797 | $ | 40,359 | $ | 257,469 | |||||||||||||||
Shares outstanding | 1,780 | 3,556 | 25,987 | Not applicable | Not applicable | |||||||||||||||||
Net asset value per share | $ | 9.44 | $ | 11.35 | $ | 9.91 | ||||||||||||||||
Class 1A: | Net assets | $ | 1,877 | $ | 119 | $ | 4,825 | |||||||||||||||
Shares outstanding | 201 | 10 | 489 | Not applicable | Not applicable | |||||||||||||||||
Net asset value per share | $ | 9.32 | $ | 11.35 | $ | 9.87 | ||||||||||||||||
Class 2: | Net assets | $ | 43,847 | $ | 272,475 | $ | 1,073,139 | |||||||||||||||
Shares outstanding | 4,693 | 24,818 | 109,738 | Not applicable | Not applicable | |||||||||||||||||
Net asset value per share | $ | 9.34 | $ | 10.98 | $ | 9.78 | ||||||||||||||||
Class 3: | Net assets | $ | 4,266 | $ | 5,896 | |||||||||||||||||
Shares outstanding | Not applicable | 383 | 593 | Not applicable | Not applicable | |||||||||||||||||
Net asset value per share | $ | 11.13 | $ | 9.94 | ||||||||||||||||||
Class 4: | Net assets | $ | 45,270 | $ | 55,535 | $ | 182,700 | |||||||||||||||
Shares outstanding | 4,907 | 5,027 | 18,699 | Not applicable | Not applicable | |||||||||||||||||
Net asset value per share | $ | 9.23 | $ | 11.05 | $ | 9.77 | ||||||||||||||||
Class P1: | Net assets | $ | 12,545 | $ | 1,934 | |||||||||||||||||
Shares outstanding | Not applicable | Not applicable | Not applicable | 1,155 | 231 | |||||||||||||||||
Net asset value per share | $ | 10.86 | $ | 8.36 | ||||||||||||||||||
Class P2: | Net assets | $ | 495,090 | $ | 122,248 | |||||||||||||||||
Shares outstanding | Not applicable | Not applicable | Not applicable | 46,151 | 14,699 | |||||||||||||||||
Net asset value per share | $ | 10.73 | $ | 8.32 |
Refer to the end of the statements of assets and liabilities for footnotes.
Refer to the notes to financial statements.
296 | American Funds Insurance Series |
Financial statements (continued) | |
Statements of assets and liabilities at December 31, 2023 (continued) | (dollars and shares in thousands, except per-share amounts) |
Managed Risk Washington Mutual Investors Fund | Managed Risk Growth- Income Fund | Managed Risk Asset Allocation Fund | ||||||||||||
Shares of beneficial interest issued and outstanding (no stated par value) — unlimited shares authorized | ||||||||||||||
Class P1: | Net assets | $ | 2,681 | $ | 1,909,950 | $ | 10,061 | |||||||
Shares outstanding | 255 | 152,381 | 846 | |||||||||||
Net asset value per share | $ | 10.50 | $ | 12.53 | $ | 11.90 | ||||||||
Class P2: | Net assets | $ | 321,510 | $ | 277,306 | $ | 2,093,135 | |||||||
Shares outstanding | 30,820 | 22,271 | 181,595 | |||||||||||
Net asset value per share | $ | 10.43 | $ | 12.45 | $ | 11.53 |
* | Refer to Note 5 for further information on unfunded commitments. |
† | Amount less than one thousand. |
Refer to the notes to financial statements.
American Funds Insurance Series | 297 |
Financial statements (continued)
Statements of operations for the year ended December 31, 2023 | (dollars in thousands) |
Global Growth Fund | Global Small Capitalization Fund | Growth Fund | International Fund | New World Fund | ||||||||||||||||
Investment income: | ||||||||||||||||||||
Income (net of non-U.S. taxes*): | ||||||||||||||||||||
Dividends: | ||||||||||||||||||||
Unaffiliated issuers | $ | 95,291 | $ | 30,245 | $ | 295,616 | $ | 113,636 | $ | 54,024 | ||||||||||
Affiliated issuers | 14,357 | 7,198 | 52,082 | 14,923 | 8,436 | |||||||||||||||
109,648 | 37,443 | 347,698 | 128,559 | 62,460 | ||||||||||||||||
Interest from unaffiliated issuers | 412 | 20 | 1,471 | 35 | 8,977 | |||||||||||||||
European Union withholding tax reclaims | 695 | — | 386 | 11,142 | 269 | |||||||||||||||
Interest from European Union withholding tax reclaims | 144 | — | 17 | 649 | — | |||||||||||||||
Securities lending income (net of fees) | 179 | 1,244 | 652 | 160 | 63 | |||||||||||||||
111,078 | 38,707 | 350,224 | 140,545 | 71,769 | ||||||||||||||||
Fees and expenses*: | ||||||||||||||||||||
Investment advisory services | 34,394 | 19,616 | 109,748 | 33,259 | 18,755 | |||||||||||||||
Distribution services | 10,078 | 5,182 | 48,375 | 9,193 | 3,822 | |||||||||||||||
Insurance administrative services | 1,672 | 705 | 7,920 | 1,011 | 1,881 | |||||||||||||||
Transfer agent services | 2 | 1 | 8 | 2 | 1 | |||||||||||||||
Administrative services | 2,172 | 910 | 10,528 | 2,087 | 975 | |||||||||||||||
Accounting and administrative services | — | — | — | — | — | |||||||||||||||
Reports to shareholders | 89 | 38 | 423 | 88 | 40 | |||||||||||||||
Registration statement and prospectus | 30 | 11 | 153 | 33 | 16 | |||||||||||||||
Trustees’ compensation | 29 | 13 | 141 | 27 | 13 | |||||||||||||||
Auditing and legal | 95 | 104 | 116 | 108 | 126 | |||||||||||||||
Custodian | 490 | 429 | 372 | 929 | 699 | |||||||||||||||
Other | 5 | 44 | 19 | 6 | 47 | |||||||||||||||
Total fees and expenses before waivers/reimbursement | 49,056 | 27,053 | 177,803 | 46,743 | 26,375 | |||||||||||||||
Less waivers/reimbursement of fees and expenses: | ||||||||||||||||||||
Investment advisory services waivers | 7,965 | 1,516 | — | — | 2,275 | |||||||||||||||
Miscellaneous fee reimbursement | — | — | — | — | — | |||||||||||||||
Total waivers/reimbursement of fees and expenses | 7,965 | 1,516 | — | — | 2,275 | |||||||||||||||
Total fees and expenses after waivers/reimbursement | 41,091 | 25,537 | 177,803 | 46,743 | 24,100 | |||||||||||||||
Net investment income | 69,987 | 13,170 | 172,421 | 93,802 | 47,669 | |||||||||||||||
Net realized gain (loss) and unrealized appreciation (depreciation): | ||||||||||||||||||||
Net realized gain (loss)* on: | ||||||||||||||||||||
Investments in: | ||||||||||||||||||||
Unaffiliated issuers | 229,370 | 110,287 | 1,076,133 | (163,688 | ) | 20,228 | ||||||||||||||
Affiliated issuers | 90 | 34 | 315 | 57 | 17 | |||||||||||||||
Options written | — | — | — | — | — | |||||||||||||||
Futures contracts | — | — | — | — | 461 | |||||||||||||||
Forward currency contracts | — | — | — | — | (182 | ) | ||||||||||||||
Swap contracts | — | — | — | — | 92 | |||||||||||||||
Currency transactions | 395 | (209 | ) | (771 | ) | (2,626 | ) | (6 | ) | |||||||||||
Capital gain distributions received from affiliated issuers | — | — | — | — | — | |||||||||||||||
229,855 | 110,112 | 1,075,677 | (166,257 | ) | 20,610 | |||||||||||||||
Net unrealized appreciation (depreciation)* on: | ||||||||||||||||||||
Investments in: | ||||||||||||||||||||
Unaffiliated issuers | 1,184,453 | 335,037 | 10,184,610 | 1,105,976 | 413,899 | |||||||||||||||
Affiliated issuers | (38 | ) | 4,113 | (206 | ) | (47 | ) | (12 | ) | |||||||||||
Options written | — | — | — | — | — | |||||||||||||||
Futures contracts | — | — | — | — | (114 | ) | ||||||||||||||
Forward currency contracts | — | — | — | — | (63 | ) | ||||||||||||||
Swap contracts | — | — | — | — | 93 | |||||||||||||||
Currency translations | (669 | ) | 51 | 153 | 217 | 33 | ||||||||||||||
1,183,746 | 339,201 | 10,184,557 | 1,106,146 | 413,836 | ||||||||||||||||
Net realized gain (loss) and unrealized appreciation (depreciation) | 1,413,601 | 449,313 | 11,260,234 | 939,889 | 434,446 | |||||||||||||||
Net increase (decrease) in net assets resulting from operations | $ | 1,483,588 | $ | 462,483 | $ | 11,432,655 | $ | 1,033,691 | $ | 482,115 |
Refer to the end of the statements of operations for footnotes.
Refer to the notes to financial statements.
298 | American Funds Insurance Series |
Financial statements (continued)
Statements of operations for the year ended December 31, 2023 (continued) | (dollars in thousands) |
Washington Mutual Investors Fund | Capital World Growth and Income Fund | Growth- Income Fund | International Growth and Income Fund | Capital Income Builder | ||||||||||||||||
Investment income: | ||||||||||||||||||||
Income (net of non-U.S. taxes*): | ||||||||||||||||||||
Dividends: | ||||||||||||||||||||
Unaffiliated issuers | $ | 208,224 | $ | 39,884 | $ | 553,651 | $ | 9,317 | $ | 34,076 | ||||||||||
Affiliated issuers | 18,395 | 3,253 | 99,540 | 658 | 6,109 | |||||||||||||||
226,619 | 43,137 | 653,191 | 9,975 | 40,185 | ||||||||||||||||
Interest from unaffiliated issuers | 13 | 839 | 343 | 80 | 5,886 | |||||||||||||||
European Union withholding tax reclaims | — | 212 | 266 | 397 | — | |||||||||||||||
Interest from European Union withholding tax reclaims | — | 12 | 14 | 25 | — | |||||||||||||||
Securities lending income (net of fees) | 485 | 51 | 537 | 24 | 115 | |||||||||||||||
227,117 | 44,251 | 654,351 | 10,501 | 46,186 | ||||||||||||||||
Fees and expenses*: | ||||||||||||||||||||
Investment advisory services | 36,236 | 8,437 | 88,400 | 1,504 | 4,183 | |||||||||||||||
Distribution services | 9,924 | 3,024 | 34,945 | 736 | 1,389 | |||||||||||||||
Insurance administrative services | 3,057 | 531 | 4,588 | 344 | 1,379 | |||||||||||||||
Transfer agent services | 2 | — | † | 8 | — | † | — | † | ||||||||||||
Administrative services | 2,907 | 533 | 10,406 | 94 | 352 | |||||||||||||||
Accounting and administrative services | — | — | — | — | — | |||||||||||||||
Reports to shareholders | 90 | 19 | 412 | 7 | 15 | |||||||||||||||
Registration statement and prospectus | 103 | 8 | 154 | 2 | 9 | |||||||||||||||
Trustees’ compensation | 39 | 7 | 138 | 1 | 4 | |||||||||||||||
Auditing and legal | 64 | 85 | 119 | 81 | 78 | |||||||||||||||
Custodian | 269 | 137 | 437 | 64 | 91 | |||||||||||||||
Other | 5 | 3 | 18 | — | † | 2 | ||||||||||||||
Total fees and expenses before waivers/reimbursement | 52,696 | 12,784 | 139,625 | 2,833 | 7,502 | |||||||||||||||
Less waivers/reimbursement of fees and expenses: | ||||||||||||||||||||
Investment advisory services waivers | 13,564 | 1,954 | — | 31 | 1,640 | |||||||||||||||
Miscellaneous fee reimbursement | — | — | — | — | — | |||||||||||||||
Total waivers/reimbursement of fees and expenses | 13,564 | 1,954 | — | 31 | 1,640 | |||||||||||||||
Total fees and expenses after waivers/reimbursement | 39,132 | 10,830 | 139,625 | 2,802 | 5,862 | |||||||||||||||
Net investment income | 187,985 | 33,421 | 514,726 | 7,699 | 40,324 | |||||||||||||||
Net realized gain (loss) and unrealized appreciation (depreciation): | ||||||||||||||||||||
Net realized gain (loss)* on: | ||||||||||||||||||||
Investments in: | ||||||||||||||||||||
Unaffiliated issuers | 89,681 | 5,344 | 1,802,577 | (111 | ) | 3,435 | ||||||||||||||
Affiliated issuers | 18 | (2 | ) | 244 | 2 | (728 | ) | |||||||||||||
Options written | — | — | — | — | — | |||||||||||||||
Futures contracts | — | — | — | — | (4,166 | ) | ||||||||||||||
Forward currency contracts | — | — | — | 2 | — | |||||||||||||||
Swap contracts | — | — | — | — | 1,572 | |||||||||||||||
Currency transactions | 10 | (20 | ) | (670 | ) | 97 | 129 | |||||||||||||
Capital gain distributions received from affiliated issuers | — | — | — | — | — | |||||||||||||||
89,709 | 5,322 | 1,802,151 | (10 | ) | 242 | |||||||||||||||
Net unrealized appreciation (depreciation)* on: | ||||||||||||||||||||
Investments in: | ||||||||||||||||||||
Unaffiliated issuers | 1,300,468 | 302,302 | 5,849,541 | 38,269 | 59,943 | |||||||||||||||
Affiliated issuers | (27 | ) | (4 | ) | (165 | ) | (2 | ) | 1,922 | |||||||||||
Options written | — | — | — | — | — | |||||||||||||||
Futures contracts | — | — | — | — | 2,535 | |||||||||||||||
Forward currency contracts | — | — | — | (5 | ) | — | ||||||||||||||
Swap contracts | — | — | — | — | (1,039 | ) | ||||||||||||||
Currency translations | 14 | (118 | ) | 309 | (64 | ) | (14 | ) | ||||||||||||
1,300,455 | 302,180 | 5,849,685 | 38,198 | 63,347 | ||||||||||||||||
Net realized gain (loss) and unrealized appreciation (depreciation) | 1,390,164 | 307,502 | 7,651,836 | 38,188 | 63,589 | |||||||||||||||
Net increase (decrease) in net assets resulting from operations | $ | 1,578,149 | $ | 340,923 | $ | 8,166,562 | $ | 45,887 | $ | 103,913 |
Refer to the end of the statements of operations for footnotes.
Refer to the notes to financial statements.
American Funds Insurance Series | 299 |
Financial statements (continued)
Statements of operations for the year ended December 31, 2023 (continued) | (dollars in thousands) |
Asset Allocation Fund | American Funds Global Balanced Fund | The Bond Fund of America | Capital World Bond Fund | American High-Income Trust | ||||||||||||||||
Investment income: | ||||||||||||||||||||
Income (net of non-U.S. taxes*): | ||||||||||||||||||||
Dividends: | ||||||||||||||||||||
Unaffiliated issuers | $ | 296,325 | $ | 6,464 | $ | — | $ | 19 | $ | 1,073 | ||||||||||
Affiliated issuers | 174,553 | 1,470 | 103,521 | 9,073 | 1,630 | |||||||||||||||
470,878 | 7,934 | 103,521 | 9,092 | 2,703 | ||||||||||||||||
Interest from unaffiliated issuers | 220,351 | 3,983 | 355,169 | 46,607 | 59,401 | |||||||||||||||
European Union withholding tax reclaims | 313 | 8 | — | — | — | |||||||||||||||
Interest from European Union withholding tax reclaims | 18 | — | † | — | — | — | ||||||||||||||
Securities lending income (net of fees) | 407 | 13 | — | — | — | |||||||||||||||
691,967 | 11,938 | 458,690 | 55,699 | 62,104 | ||||||||||||||||
Fees and expenses*: | ||||||||||||||||||||
Investment advisory services | 66,138 | 1,670 | 37,190 | 6,294 | 3,387 | |||||||||||||||
Distribution services | 24,242 | 690 | 9,241 | 2,019 | 1,539 | |||||||||||||||
Insurance administrative services | 13,816 | 303 | 2,730 | 136 | 227 | |||||||||||||||
Transfer agent services | 6 | — | † | 2 | — | † | — | † | ||||||||||||
Administrative services | 7,440 | 112 | 3,170 | 438 | 252 | |||||||||||||||
Accounting and administrative services | — | — | — | — | — | |||||||||||||||
Reports to shareholders | 278 | 8 | 128 | 20 | 14 | |||||||||||||||
Registration statement and prospectus | 110 | 2 | 46 | 4 | 4 | |||||||||||||||
Trustees’ compensation | 100 | 2 | 42 | 6 | 3 | |||||||||||||||
Auditing and legal | 94 | 70 | 61 | 55 | 56 | |||||||||||||||
Custodian | 236 | 106 | 126 | 241 | 25 | |||||||||||||||
Other | 15 | 3 | 6 | 1 | 11 | |||||||||||||||
Total fees and expenses before waivers/reimbursement | 112,475 | 2,966 | 52,742 | 9,214 | 5,518 | |||||||||||||||
Less waivers/reimbursement of fees and expenses: | ||||||||||||||||||||
Investment advisory services waivers | — | 37 | 20,074 | — | 1,174 | |||||||||||||||
Miscellaneous fee reimbursement | — | — | — | — | — | |||||||||||||||
Total waivers/reimbursement of fees and expenses | — | 37 | 20,074 | — | 1,174 | |||||||||||||||
Total fees and expenses after waivers/reimbursement | 112,475 | 2,929 | 32,668 | 9,214 | 4,344 | |||||||||||||||
Net investment income | 579,492 | 9,009 | 426,022 | 46,485 | 57,760 | |||||||||||||||
Net realized gain (loss) and unrealized appreciation (depreciation): | ||||||||||||||||||||
Net realized gain (loss)* on: | ||||||||||||||||||||
Investments in: | ||||||||||||||||||||
Unaffiliated issuers | 1,319,289 | (5,022 | ) | (381,455 | ) | (73,895 | ) | (32,546 | ) | |||||||||||
Affiliated issuers | (78,945 | ) | (75 | ) | 145 | 6 | 8 | |||||||||||||
Options written | — | — | — | — | — | |||||||||||||||
Futures contracts | (72,113 | ) | (107 | ) | (169,252 | ) | (3,487 | ) | 105 | |||||||||||
Forward currency contracts | — | (1,387 | ) | 1,833 | (19,300 | ) | — | |||||||||||||
Swap contracts | (5,784 | ) | (1,041 | ) | (5,695 | ) | (8,570 | ) | (813 | ) | ||||||||||
Currency transactions | 591 | (82 | ) | (240 | ) | (471 | ) | (46 | ) | |||||||||||
Capital gain distributions received from affiliated issuers | — | — | — | — | — | |||||||||||||||
1,163,038 | (7,714 | ) | (554,664 | ) | (105,717 | ) | (33,292 | ) | ||||||||||||
Net unrealized appreciation (depreciation)* on: | ||||||||||||||||||||
Investments in: | ||||||||||||||||||||
Unaffiliated issuers | 1,452,482 | 45,246 | 596,287 | 128,248 | 72,998 | |||||||||||||||
Affiliated issuers | 141,372 | 426 | (165 | ) | 2,018 | (9 | ) | |||||||||||||
Options written | — | — | — | — | — | |||||||||||||||
Futures contracts | 8,342 | 720 | 65,223 | 9,889 | 97 | |||||||||||||||
Forward currency contracts | — | (218 | ) | (4,543 | ) | (720 | ) | — | ||||||||||||
Swap contracts | 2,859 | 938 | (3,181 | ) | 10,132 | 174 | ||||||||||||||
Currency translations | 371 | 14 | (44 | ) | (193 | ) | 57 | |||||||||||||
1,605,426 | 47,126 | 653,577 | 149,374 | 73,317 | ||||||||||||||||
Net realized gain (loss) and unrealized appreciation (depreciation) | 2,768,464 | 39,412 | 98,913 | 43,657 | 40,025 | |||||||||||||||
Net increase (decrease) in net assets resulting from operations | $ | 3,347,956 | $ | 48,421 | $ | 524,935 | $ | 90,142 | $ | 97,785 |
Refer to the end of the statements of operations for footnotes.
Refer to the notes to financial statements.
300 | American Funds Insurance Series |
Financial statements (continued)
Statements of operations for the year ended December 31, 2023 (continued) | (dollars in thousands) |
American Funds Mortgage Fund | Ultra-Short Bond Fund | U.S. Government Securities Fund | Managed Risk Growth Fund | Managed Risk International Fund | ||||||||||||||||
Investment income: | ||||||||||||||||||||
Income (net of non-U.S. taxes*): | ||||||||||||||||||||
Dividends: | ||||||||||||||||||||
Unaffiliated issuers | $ | — | $ | — | $ | — | $ | 899 | $ | 245 | ||||||||||
Affiliated issuers | — | — | — | 4,157 | 2,036 | |||||||||||||||
— | — | — | 5,056 | 2,281 | ||||||||||||||||
Interest from unaffiliated issuers | 5,050 | 20,383 | 63,997 | — | — | |||||||||||||||
European Union withholding tax reclaims | — | — | — | — | — | |||||||||||||||
Interest from European Union withholding tax reclaims | — | — | — | — | — | |||||||||||||||
Securities lending income (net of fees) | — | — | — | — | — | |||||||||||||||
5,050 | 20,383 | 63,997 | 5,056 | 2,281 | ||||||||||||||||
Fees and expenses*: | ||||||||||||||||||||
Investment advisory services | 303 | 1,026 | 4,432 | 720 | 186 | |||||||||||||||
Distribution services | 218 | 888 | 3,125 | 1,174 | 305 | |||||||||||||||
Insurance administrative services | 112 | 167 | 472 | 1,200 | 309 | |||||||||||||||
Transfer agent services | — | † | — | † | — | † | — | † | — | † | ||||||||||
Administrative services | 31 | 120 | 451 | — | — | |||||||||||||||
Accounting and administrative services | — | — | — | 32 | 27 | |||||||||||||||
Reports to shareholders | 6 | 9 | 21 | — | — | |||||||||||||||
Registration statement and prospectus | 2 | 3 | 7 | 8 | 6 | |||||||||||||||
Trustees’ compensation | — | † | 2 | 6 | 2 | — | † | |||||||||||||
Auditing and legal | 47 | 45 | 49 | 17 | 17 | |||||||||||||||
Custodian | 19 | 1 | 37 | 51 | 46 | |||||||||||||||
Other | — | † | — | † | 1 | 9 | — | † | ||||||||||||
Total fees and expenses before waivers/reimbursement | 738 | 2,261 | 8,601 | 3,213 | 896 | |||||||||||||||
Less waivers/reimbursement of fees and expenses: | ||||||||||||||||||||
Investment advisory services waivers | 123 | — | 1,803 | 240 | 62 | |||||||||||||||
Miscellaneous fee reimbursement | — | — | — | — | 59 | |||||||||||||||
Total waivers/reimbursement of fees and expenses | 123 | — | 1,803 | 240 | 121 | |||||||||||||||
Total fees and expenses after waivers/reimbursement | 615 | 2,261 | 6,798 | 2,973 | 775 | |||||||||||||||
Net investment income | 4,435 | 18,122 | 57,199 | 2,083 | 1,506 | |||||||||||||||
Net realized gain (loss) and unrealized appreciation (depreciation): | ||||||||||||||||||||
Net realized gain (loss)* on: | ||||||||||||||||||||
Investments in: | ||||||||||||||||||||
Unaffiliated issuers | (2,757 | ) | — | (48,985 | ) | (3,861 | ) | (1,109 | ) | |||||||||||
Affiliated issuers | — | — | — | (26,000 | ) | (9,633 | ) | |||||||||||||
Options written | — | — | 19 | — | — | |||||||||||||||
Futures contracts | (1,723 | ) | — | (42,489 | ) | (23,442 | ) | (6,868 | ) | |||||||||||
Forward currency contracts | — | — | — | — | — | |||||||||||||||
Swap contracts | 802 | — | (4,725 | ) | — | — | ||||||||||||||
Currency transactions | — | — | — | 342 | 56 | |||||||||||||||
Capital gain distributions received from affiliated issuers | — | — | — | 22,902 | — | |||||||||||||||
(3,678 | ) | — | (96,180 | ) | (30,059 | ) | (17,554 | ) | ||||||||||||
Net unrealized appreciation (depreciation)* on: | ||||||||||||||||||||
Investments in: | ||||||||||||||||||||
Unaffiliated issuers | 2,715 | (50 | ) | 53,554 | (326 | ) | 40 | |||||||||||||
Affiliated issuers | — | — | — | 136,946 | 24,567 | |||||||||||||||
Options written | — | — | (343 | ) | — | — | ||||||||||||||
Futures contracts | 1,075 | — | 21,994 | (7,004 | ) | (1,050 | ) | |||||||||||||
Forward currency contracts | — | — | — | — | — | |||||||||||||||
Swap contracts | (780 | ) | — | 6,257 | — | — | ||||||||||||||
Currency translations | — | — | — | — | — | |||||||||||||||
3,010 | (50 | ) | 81,462 | 129,616 | 23,557 | |||||||||||||||
Net realized gain (loss) and unrealized appreciation (depreciation) | (668 | ) | (50 | ) | (14,718 | ) | 99,557 | 6,003 | ||||||||||||
Net increase (decrease) in net assets resulting from operations | $ | 3,767 | $ | 18,072 | $ | 42,481 | $ | 101,640 | $ | 7,509 |
Refer to the end of the statements of operations for footnotes.
Refer to the notes to financial statements.
American Funds Insurance Series | 301 |
Financial statements (continued)
Statements of operations for the year ended December 31, 2023 (continued) | (dollars in thousands) |
Managed Risk Washington Mutual Investors Fund | Managed Risk Growth- Income Fund | Managed Risk Asset Allocation Fund | ||||||||||
Investment income: | ||||||||||||
Income (net of non-U.S. taxes*): | ||||||||||||
Dividends: | ||||||||||||
Unaffiliated issuers | $ | 670 | $ | 4,559 | $ | 4,694 | ||||||
Affiliated issuers | 6,740 | 37,796 | 47,446 | |||||||||
7,410 | 42,355 | 52,140 | ||||||||||
Interest from unaffiliated issuers | — | — | — | |||||||||
European Union withholding tax reclaims | — | — | — | |||||||||
Interest from European Union withholding tax reclaims | — | — | — | |||||||||
Securities lending income (net of fees) | — | — | — | |||||||||
7,410 | 42,355 | 52,140 | ||||||||||
Fees and expenses*: | ||||||||||||
Investment advisory services | 476 | 3,185 | 3,163 | |||||||||
Distribution services | 786 | 673 | 5,253 | |||||||||
Insurance administrative services | 793 | 5,308 | 5,272 | |||||||||
Transfer agent services | — | † | — | † | — | † | ||||||
Administrative services | — | — | — | |||||||||
Accounting and administrative services | 29 | 50 | 47 | |||||||||
Reports to shareholders | — | — | — | |||||||||
Registration statement and prospectus | 7 | 20 | 24 | |||||||||
Trustees’ compensation | 1 | 9 | 9 | |||||||||
Auditing and legal | 17 | 19 | 20 | |||||||||
Custodian | 50 | 75 | 76 | |||||||||
Other | — | † | 1 | 1 | ||||||||
Total fees and expenses before waivers/reimbursement | 2,159 | 9,340 | 13,865 | |||||||||
Less waivers/reimbursement of fees and expenses: | ||||||||||||
Investment advisory services waivers | 159 | 1,062 | 1,054 | |||||||||
Miscellaneous fee reimbursement | 8 | — | — | |||||||||
Total waivers/reimbursement of fees and expenses | 167 | 1,062 | 1,054 | |||||||||
Total fees and expenses after waivers/reimbursement | 1,992 | 8,278 | 12,811 | |||||||||
Net investment income | 5,418 | 34,077 | 39,329 | |||||||||
Net realized gain (loss) and unrealized appreciation (depreciation): | ||||||||||||
Net realized gain (loss)* on: | ||||||||||||
Investments in: | ||||||||||||
Unaffiliated issuers | (3,516 | ) | (37,878 | ) | (4,444 | ) | ||||||
Affiliated issuers | (12,811 | ) | 16,399 | 19,951 | ||||||||
Options written | — | — | — | |||||||||
Futures contracts | (8,790 | ) | (43,903 | ) | (46,392 | ) | ||||||
Forward currency contracts | — | — | — | |||||||||
Swap contracts | — | — | — | |||||||||
Currency transactions | 113 | 743 | 557 | |||||||||
Capital gain distributions received from affiliated issuers | 2,476 | 89,386 | 77,368 | |||||||||
(22,528 | ) | 24,747 | 47,040 | |||||||||
Net unrealized appreciation (depreciation)* on: | ||||||||||||
Investments in: | ||||||||||||
Unaffiliated issuers | (48 | ) | (497 | ) | 693 | |||||||
Affiliated issuers | 48,911 | 275,483 | 127,651 | |||||||||
Options written | — | — | — | |||||||||
Futures contracts | (2,281 | ) | (14,603 | ) | (12,177 | ) | ||||||
Forward currency contracts | — | — | — | |||||||||
Swap contracts | — | — | — | |||||||||
Currency translations | — | — | — | |||||||||
46,582 | 260,383 | 116,167 | ||||||||||
Net realized gain (loss) and unrealized appreciation (depreciation) | 24,054 | 285,130 | 163,207 | |||||||||
Net increase (decrease) in net assets resulting from operations | $ | 29,472 | $ | 319,207 | $ | 202,536 |
* | Additional information related to non-U.S. taxes and class-specific fees and expenses is included in the notes to financial statements. |
† | Amount less than one thousand. |
Refer to the notes to financial statements.
302 | American Funds Insurance Series |
Financial statements (continued)
Statements of changes in net assets | (dollars in thousands) |
Global Growth Fund | Global Small Capitalization Fund | Growth Fund | ||||||||||||||||||||||
Year ended December 31, | Year ended December 31, | Year ended December 31, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||
Operations: | ||||||||||||||||||||||||
Net investment income (loss) | $ | 69,987 | $ | 63,824 | $ | 13,170 | $ | 1,656 | $ | 172,421 | $ | 165,240 | ||||||||||||
Net realized gain (loss) | 229,855 | 553,121 | 110,112 | 25,952 | 1,075,677 | 1,854,075 | ||||||||||||||||||
Net unrealized appreciation (depreciation) | 1,183,746 | (2,976,944 | ) | 339,201 | (1,292,504 | ) | 10,184,557 | (15,238,596 | ) | |||||||||||||||
Net increase (decrease) in net assets resulting from operations | 1,483,588 | (2,359,999 | ) | 462,483 | (1,264,896 | ) | 11,432,655 | (13,219,281 | ) | |||||||||||||||
Distributions paid to shareholders | (620,422 | ) | (892,563 | ) | (48,426 | ) | (1,091,116 | ) | (2,137,413 | ) | (5,140,514 | ) | ||||||||||||
Net capital share transactions | (108,638 | ) | 597,636 | (172,404 | ) | 721,994 | (892,780 | ) | 3,850,397 | |||||||||||||||
Total increase (decrease) in net assets | 754,528 | (2,654,926 | ) | 241,653 | (1,634,018 | ) | 8,402,462 | (14,509,398 | ) | |||||||||||||||
Net assets: | ||||||||||||||||||||||||
Beginning of year | 6,935,654 | 9,590,580 | 2,942,903 | 4,576,921 | 30,896,348 | 45,405,746 | ||||||||||||||||||
End of year | $ | 7,690,182 | $ | 6,935,654 | $ | 3,184,556 | $ | 2,942,903 | $ | 39,298,810 | $ | 30,896,348 | ||||||||||||
International Fund | New World Fund | Washington Mutual Investors Fund | ||||||||||||||||||||||
Year ended December 31, | Year ended December 31, | Year ended December 31, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||
Operations: | ||||||||||||||||||||||||
Net investment income (loss) | $ | 93,802 | $ | 132,306 | $ | 47,669 | $ | 44,512 | $ | 187,985 | $ | 197,559 | ||||||||||||
Net realized gain (loss) | (166,257 | ) | (377,954 | ) | 20,610 | (3,390 | ) | 89,709 | 73,811 | |||||||||||||||
Net unrealized appreciation (depreciation) | 1,106,146 | (1,582,846 | ) | 413,836 | (970,379 | ) | 1,300,455 | (1,207,065 | ) | |||||||||||||||
Net increase (decrease) in net assets resulting from operations | 1,033,691 | (1,828,494 | ) | 482,115 | (929,257 | ) | 1,578,149 | (935,695 | ) | |||||||||||||||
Distributions paid to shareholders | (97,498 | ) | (1,146,487 | ) | (49,443 | ) | (357,382 | ) | (280,747 | ) | (2,416,808 | ) | ||||||||||||
Net capital share transactions | (476,762 | ) | 265,209 | (138,169 | ) | (77,021 | ) | (454,761 | ) | 1,331,066 | ||||||||||||||
Total increase (decrease) in net assets | 459,431 | (2,709,772 | ) | 294,503 | (1,363,660 | ) | 842,641 | (2,021,437 | ) | |||||||||||||||
Net assets: | ||||||||||||||||||||||||
Beginning of year | 6,719,581 | 9,429,353 | 3,083,784 | 4,447,444 | 9,443,700 | 11,465,137 | ||||||||||||||||||
End of year | $ | 7,179,012 | $ | 6,719,581 | $ | 3,378,287 | $ | 3,083,784 | $ | 10,286,341 | $ | 9,443,700 |
Refer to the end of the statements of changes in net assets for footnote.
Refer to the notes to financial statements.
American Funds Insurance Series | 303 |
Financial statements (continued)
Statements of changes in net assets (continued) | (dollars in thousands) |
Capital World Growth and Income Fund | Growth-Income Fund | International Growth and Income Fund | ||||||||||||||||||||||
Year ended December 31, | Year ended December 31, | Year ended December 31, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||
Operations: | ||||||||||||||||||||||||
Net investment income (loss) | $ | 33,421 | $ | 40,174 | $ | 514,726 | $ | 505,414 | $ | 7,699 | $ | 9,759 | ||||||||||||
Net realized gain (loss) | 5,322 | (82,728 | ) | 1,802,151 | 1,820,825 | (10 | ) | (25,298 | ) | |||||||||||||||
Net unrealized appreciation (depreciation) | 302,180 | (336,781 | ) | 5,849,685 | (9,143,503 | ) | 38,198 | (40,719 | ) | |||||||||||||||
Net increase (decrease) in net assets resulting from operations | 340,923 | (379,335 | ) | 8,166,562 | (6,817,264 | ) | 45,887 | (56,258 | ) | |||||||||||||||
Distributions paid to shareholders | (33,998 | ) | (454,298 | ) | (2,341,589 | ) | (3,956,410 | ) | (7,633 | ) | (154,047 | ) | ||||||||||||
Net capital share transactions | (170,988 | ) | 175,376 | (1,355,964 | ) | 804,156 | (10,671 | ) | 132,760 | |||||||||||||||
Total increase (decrease) in net assets | 135,937 | (658,257 | ) | 4,469,009 | (9,969,518 | ) | 27,583 | (77,545 | ) | |||||||||||||||
Net assets: | ||||||||||||||||||||||||
Beginning of year | 1,725,398 | 2,383,655 | 32,982,967 | 42,952,485 | 300,997 | 378,542 | ||||||||||||||||||
End of year | $ | 1,861,335 | $ | 1,725,398 | $ | 37,451,976 | $ | 32,982,967 | $ | 328,580 | $ | 300,997 |
Capital Income Builder | Asset Allocation Fund | American Funds Global Balanced Fund | ||||||||||||||||||||||
Year ended December 31, | Year ended December 31, | Year ended December 31, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||
Operations: | ||||||||||||||||||||||||
Net investment income (loss) | $ | 40,324 | $ | 34,471 | $ | 579,492 | $ | 529,656 | $ | 9,009 | $ | 6,810 | ||||||||||||
Net realized gain (loss) | 242 | (7,752 | ) | 1,163,038 | 911,950 | (7,714 | ) | 40,249 | ||||||||||||||||
Net unrealized appreciation (depreciation) | 63,347 | (109,594 | ) | 1,605,426 | (5,491,758 | ) | 47,126 | (113,780 | ) | |||||||||||||||
Net increase (decrease) in net assets resulting from operations | 103,913 | (82,875 | ) | 3,347,956 | (4,050,152 | ) | 48,421 | (66,721 | ) | |||||||||||||||
Distributions paid to shareholders | (34,911 | ) | (31,988 | ) | (1,526,238 | ) | (3,253,724 | ) | (50,940 | ) | (2,232 | ) | ||||||||||||
Net capital share transactions | 43,201 | 109,402 | (936,962 | ) | 1,398,530 | 23,523 | (30,663 | ) | ||||||||||||||||
Total increase (decrease) in net assets | 112,203 | (5,461 | ) | 884,756 | (5,905,346 | ) | 21,004 | (99,616 | ) | |||||||||||||||
Net assets: | ||||||||||||||||||||||||
Beginning of year | 1,139,066 | 1,144,527 | 24,800,574 | 30,705,920 | 367,760 | 467,376 | ||||||||||||||||||
End of year | $ | 1,251,269 | $ | 1,139,066 | $ | 25,685,330 | $ | 24,800,574 | $ | 388,764 | $ | 367,760 |
Refer to the end of the statements of changes in net assets for footnote.
Refer to the notes to financial statements.
304 | American Funds Insurance Series |
Financial statements (continued)
Statements of changes in net assets (continued) | (dollars in thousands) |
The Bond Fund of America | Capital World Bond Fund | American High-Income Trust | ||||||||||||||||||||||
Year ended December 31, | Year ended December 31, | Year ended December 31, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||
Operations: | ||||||||||||||||||||||||
Net investment income (loss) | $ | 426,022 | $ | 331,906 | $ | 46,485 | $ | 37,525 | $ | 57,760 | $ | 51,837 | ||||||||||||
Net realized gain (loss) | (554,664 | ) | (826,910 | ) | (105,717 | ) | (191,130 | ) | (33,292 | ) | (26,443 | ) | ||||||||||||
Net unrealized appreciation (depreciation) | 653,577 | (1,048,389 | ) | 149,374 | (188,581 | ) | 73,317 | (118,693 | ) | |||||||||||||||
Net increase (decrease) in net assets resulting from operations | 524,935 | (1,543,393 | ) | 90,142 | (342,186 | ) | 97,785 | (93,299 | ) | |||||||||||||||
Distributions paid to shareholders | (382,616 | ) | (462,954 | ) | — | (30,830 | ) | (58,266 | ) | (67,772 | ) | |||||||||||||
Net capital share transactions | 644,513 | (959,150 | ) | (31,695 | ) | (230,098 | ) | 2,772 | (59,810 | ) | ||||||||||||||
Total increase (decrease) in net assets | 786,832 | (2,965,497 | ) | 58,447 | (603,114 | ) | 42,291 | (220,881 | ) | |||||||||||||||
Net assets: | ||||||||||||||||||||||||
Beginning of year | 10,221,082 | 13,186,579 | 1,481,894 | 2,085,008 | 831,554 | 1,052,435 | ||||||||||||||||||
End of year | $ | 11,007,914 | $ | 10,221,082 | $ | 1,540,341 | $ | 1,481,894 | $ | 873,845 | $ | 831,554 | ||||||||||||
American Funds Mortgage Fund | Ultra-Short Bond Fund | U.S. Government Securities Fund | ||||||||||||||||||||||
Year ended December 31, | Year ended December 31, | Year ended December 31, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||
Operations: | ||||||||||||||||||||||||
Net investment income (loss) | $ | 4,435 | $ | 1,712 | $ | 18,122 | $ | 4,946 | $ | 57,199 | $ | 45,209 | ||||||||||||
Net realized gain (loss) | (3,678 | ) | (8,753 | ) | — | * | — | * | (96,180 | ) | (136,848 | ) | ||||||||||||
Net unrealized appreciation (depreciation) | 3,010 | (5,029 | ) | (50 | ) | (59 | ) | 81,462 | (110,189 | ) | ||||||||||||||
Net increase (decrease) in net assets resulting from operations | 3,767 | (12,070 | ) | 18,072 | 4,887 | 42,481 | (201,828 | ) | ||||||||||||||||
Distributions paid to shareholders | (3,960 | ) | (1,793 | ) | (17,531 | ) | (2,237 | ) | (55,687 | ) | (60,476 | ) | ||||||||||||
Net capital share transactions | 18,941 | (231,492 | ) | (60,048 | ) | 96,950 | 36,513 | (402,273 | ) | |||||||||||||||
Total increase (decrease) in net assets | 18,748 | (245,355 | ) | (59,507 | ) | 99,600 | 23,307 | (664,577 | ) | |||||||||||||||
Net assets: | ||||||||||||||||||||||||
Beginning of year | 89,043 | 334,398 | 432,261 | 332,661 | 1,500,722 | 2,165,299 | ||||||||||||||||||
End of year | $ | 107,791 | $ | 89,043 | $ | 372,754 | $ | 432,261 | $ | 1,524,029 | $ | 1,500,722 |
Refer to the end of the statements of changes in net assets for footnote.
Refer to the notes to financial statements.
American Funds Insurance Series | 305 |
Financial statements (continued)
Statements of changes in net assets (continued) | (dollars in thousands) |
Managed Risk Growth Fund | Managed Risk International Fund | Managed Risk Washington Mutual Investors Fund | ||||||||||||||||||||||
Year ended December 31, | Year ended December 31, | Year ended December 31, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||
Operations: | ||||||||||||||||||||||||
Net investment income (loss) | $ | 2,083 | $ | 1,038 | $ | 1,506 | $ | 1,885 | $ | 5,418 | $ | 5,383 | ||||||||||||
Net realized gain (loss) | (30,059 | ) | 31,786 | (17,554 | ) | 9,474 | (22,528 | ) | 86,734 | |||||||||||||||
Net unrealized appreciation (depreciation) | 129,616 | (181,950 | ) | 23,557 | (36,471 | ) | 46,582 | (125,509 | ) | |||||||||||||||
Net increase (decrease) in net assets resulting from operations | 101,640 | (149,126 | ) | 7,509 | (25,112 | ) | 29,472 | (33,392 | ) | |||||||||||||||
Distributions paid to shareholders | (111,683 | ) | (90,246 | ) | (10,852 | ) | (4,275 | ) | (47,987 | ) | (14,671 | ) | ||||||||||||
Net capital share transactions | 63,436 | 97,021 | 1,591 | (6,014 | ) | 19,234 | (1,502 | ) | ||||||||||||||||
Total increase (decrease) in net assets | 53,393 | (142,351 | ) | (1,752 | ) | (35,401 | ) | 719 | (49,565 | ) | ||||||||||||||
Net assets: | ||||||||||||||||||||||||
Beginning of year | 454,242 | 596,593 | 125,934 | 161,335 | 323,472 | 373,037 | ||||||||||||||||||
End of year | $ | 507,635 | $ | 454,242 | $ | 124,182 | $ | 125,934 | $ | 324,191 | $ | 323,472 | ||||||||||||
Managed Risk Growth-Income Fund | Managed Risk Asset Allocation Fund | |||||||||||||||||||||||
Year ended December 31, | Year ended December 31, | |||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||
Operations: | ||||||||||||||||||||||||
Net investment income (loss) | $ | 34,077 | $ | 29,534 | $ | 39,329 | $ | 33,407 | ||||||||||||||||
Net realized gain (loss) | 24,747 | 246,288 | 47,040 | 232,971 | ||||||||||||||||||||
Net unrealized appreciation (depreciation) | 260,383 | (718,267 | ) | 116,167 | (652,457 | ) | ||||||||||||||||||
Net increase (decrease) in net assets resulting from operations | 319,207 | (442,445 | ) | 202,536 | (386,079 | ) | ||||||||||||||||||
Distributions paid to shareholders | (297,374 | ) | (99,803 | ) | (287,115 | ) | (138,964 | ) | ||||||||||||||||
Net capital share transactions | 63,979 | (23,880 | ) | (1,697 | ) | (104,505 | ) | |||||||||||||||||
Total increase (decrease) in net assets | 85,812 | (566,128 | ) | (86,276 | ) | (629,548 | ) | |||||||||||||||||
Net assets: | ||||||||||||||||||||||||
Beginning of year | 2,101,444 | 2,667,572 | 2,189,472 | 2,819,020 | ||||||||||||||||||||
End of year | $ | 2,187,256 | $ | 2,101,444 | $ | 2,103,196 | $ | 2,189,472 |
* | Amount less than one thousand. |
Refer to the notes to financial statements.
306 | American Funds Insurance Series |
Notes to financial statements
1. Organization
American Funds Insurance Series (the “series”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end, diversified management investment company with 40 different funds (“the funds”), including 23 funds in the series covered in this report. The other 17 funds in the series are covered in separate reports. Twelve funds in the series are covered in the American Funds Insurance Series - Target Date Series report and five funds in the series are covered in the American Funds Insurance Series - Portfolio Series report. The assets of each fund are segregated, with each fund accounted for separately. Capital Research and Management Company (“CRMC”) is the series’ investment adviser. Milliman Financial Risk Management LLC (“Milliman FRM”) is the subadviser for the risk management strategy for eight of the funds (the “managed risk funds”), five of which are covered in this report.
The managed risk funds covered in this report are Managed Risk Growth Fund, Managed Risk International Fund, Managed Risk Washington Mutual Investors Fund, Managed Risk Growth-Income Fund and Managed Risk Asset Allocation Fund. The managed risk funds invest in other funds within the series (the “underlying funds”) and employ Milliman FRM to implement the risk management strategy, which consists of using hedging instruments — primarily exchange-traded options and futures contracts — to attempt to stabilize the volatility of the funds around target volatility levels and reduce the downside exposure of the funds during periods of significant market declines.
Shareholders approved a proposal to reorganize the series from a Massachusetts business trust to a Delaware statutory trust. The series reserved the right to delay implementing the reorganization and has elected to do so.
The investment objective(s) for each fund covered in this report are as follows:
Global Growth Fund — To provide long-term growth of capital.
Global Small Capitalization Fund — To provide long-term growth of capital.
Growth Fund — To provide growth of capital.
International Fund — To provide long-term growth of capital.
New World Fund — To provide long-term capital appreciation.
Washington Mutual Investors Fund — To produce income exceeding the average yield on U.S. stocks generally and to provide an opportunity for growth of principal consistent with sound common stock investing.
Capital World Growth and Income Fund — To provide long-term growth of capital while providing current income.
Growth-Income Fund — To achieve long-term growth of capital and income.
International Growth and Income Fund — To provide long-term growth of capital while providing current income.
Capital Income Builder — The two primary objectives are (1) to provide a level of current income that exceeds the average yield on U.S. stocks generally and (2) to provide a growing stream of income over the years. The secondary objective is to provide growth of capital.
Asset Allocation Fund — To provide high total return (including income and capital gains) consistent with preservation of capital over the long term.
American Funds Global Balanced Fund — Seeks the balanced accomplishment of three objectives: long-term growth of capital, conservation of principal and current income.
The Bond Fund of America — To provide as high a level of current income as is consistent with the preservation of capital.
Capital World Bond Fund — To provide, over the long term, a high level of total return consistent with prudent investment management.
American High-Income Trust — The primary objective is to provide a high level of current income. The secondary objective is capital appreciation.
American Funds Insurance Series | 307 |
American Funds Mortgage Fund — To provide current income and preservation of capital.
Ultra-Short Bond Fund — To provide current income, consistent with the maturity and quality standards applicable to the fund, and preservation of capital and liquidity.
U.S. Government Securities Fund— To provide a high level of current income consistent with prudent investment risk and preservation of capital.
Managed Risk Growth Fund — To provide growth of capital while seeking to manage volatility and provide downside protection.
Managed Risk International Fund — To provide long-term growth of capital while seeking to manage volatility and provide downside protection.
Managed Risk Washington Mutual Investors Fund — To produce income exceeding the average yield on U.S. stocks generally and to provide an opportunity for growth of principal consistent with sound common stock investing, in each case while seeking to manage volatility and provide downside protection.
Managed Risk Growth-Income Fund — To achieve long-term growth of capital and income while seeking to manage volatility and provide downside protection.
Managed Risk Asset Allocation Fund — To provide high total return (including income and capital gains) consistent with preservation of capital over the long term while seeking to manage volatility and provide downside protection.
Each fund in the series, except the managed risk funds, offers either four or five share classes (Classes 1, 1A, 2, 3 or 4); the managed risk funds offer two share classes (Classes P1 and P2). Holders of all share classes of each fund have equal pro rata rights to assets, dividends and liquidation proceeds of each fund held. Each share class of each fund has identical voting rights, except for the exclusive right to vote on matters affecting only its class. Share classes have different fees and expenses (“class-specific fees and expenses”), primarily due to different arrangements for certain distribution expenses. Differences in class-specific fees and expenses will result in differences in net investment income and, therefore, the payment of different per-share dividends by each class of each fund.
2. Significant accounting policies
Each fund is an investment company that applies the accounting and reporting guidance issued in Topic 946 by the U.S. Financial Accounting Standards Board. Each fund’s financial statements have been prepared to comply with U.S. generally accepted accounting principles (“U.S. GAAP”). These principles require the series’ investment adviser to make estimates and assumptions that affect reported amounts and disclosures. Actual results could differ from those estimates. Subsequent events, if any, have been evaluated through the date of issuance in the preparation of the financial statements. The funds follow the significant accounting policies described in this section, as well as the valuation policies described in the next section on valuation.
Cash — Cash may include amounts held in an interest bearing deposit facility.
Security transactions and related investment income — Security transactions are recorded by each fund as of the date the trades are executed with brokers. Realized gains and losses from security transactions are determined based on the specific identified cost of the securities. In the event a security is purchased with a delayed payment date, each fund will segregate liquid assets sufficient to meet their payment obligations. Dividend income is recognized on the ex-dividend date and interest income is recognized on an accrual basis. Market discounts, premiums and original issue discounts on fixed-income securities are amortized daily over the expected life of the security.
Fees and expenses — The fees and expenses of the underlying funds held by the managed risk funds are not included in the fees and expenses reported for each of the managed risk funds; however, they are indirectly reflected in the valuation of each of the underlying funds. These fees are included in the unaudited net effective expense ratios that are provided as additional information in the financial highlights tables.
308 | American Funds Insurance Series |
Class allocations — Income, fees and expenses (other than class-specific fees and expenses), realized gains and losses and unrealized appreciation and depreciation are allocated daily among the various share classes of each fund based on their relative net assets. Class-specific fees and expenses, such as distribution expenses, are accrued daily and charged directly to the respective share class of each fund.
Distributions paid to shareholders — Income dividends and capital gain distributions are recorded on each fund’s ex-dividend date.
Currency translation — Assets and liabilities, including investment securities, denominated in currencies other than U.S. dollars are translated into U.S. dollars at the exchange rates supplied by one or more pricing vendors on the valuation date. Purchases and sales of investment securities and income and expenses are translated into U.S. dollars at the exchange rates on the dates of such transactions. The effects of changes in exchange rates on investment securities are included with the net realized gain or loss and net unrealized appreciation or depreciation on investments in the funds’ statements of operations. The realized gain or loss and unrealized appreciation or depreciation resulting from all other transactions denominated in currencies other than U.S. dollars are disclosed separately.
3. Valuation
CRMC, the series’ investment adviser, values the funds’ investments at fair value as defined by U.S. GAAP. The net asset value per share is calculated once daily as of the close of regular trading on the New York Stock Exchange, normally 4 p.m. New York time, each day the New York Stock Exchange is open.
Methods and inputs — The series’ investment adviser uses the following methods and inputs to establish the fair value of each fund’s assets and liabilities. Use of particular methods and inputs may vary over time based on availability and relevance as market and economic conditions evolve.
Equity securities, including depositary receipts, are generally valued at the official closing price of, or the last reported sale price on, the exchange or market on which such securities are traded, as of the close of business on the day the securities are being valued or, lacking any sales, at the last available bid price. Prices for each security are taken from the principal exchange or market on which the security trades. The value of an underlying fund is based on its reported net asset value.
Fixed-income securities, including short-term securities, are generally valued at evaluated prices obtained from third-party pricing vendors. Vendors value such securities based on one or more of the inputs described in the following table. The table provides examples of inputs that are commonly relevant for valuing particular classes of fixed-income securities in which the funds are authorized to invest. However, these classifications are not exclusive and any of the inputs may be used to value any other class of fixed-income security.
Fixed-income class | Examples of standard inputs |
All | Benchmark yields, transactions, bids, offers, quotations from dealers and trading systems, new issues, spreads and other relationships observed in the markets among comparable securities; and proprietary pricing models such as yield measures calculated using factors such as cash flows, financial or collateral performance and other reference data (collectively referred to as “standard inputs”) |
Corporate bonds, notes & loans; convertible securities | Standard inputs and underlying equity of the issuer |
Bonds & notes of governments & government agencies | Standard inputs and interest rate volatilities |
Mortgage-backed; asset-backed obligations | Standard inputs and cash flows, prepayment information, default rates, delinquency and loss assumptions, collateral characteristics, credit enhancements and specific deal information |
Municipal securities | Standard inputs and, for certain distressed securities, cash flows or liquidation values using a net present value calculation based on inputs that include, but are not limited to, financial statements and debt contracts |
American Funds Insurance Series | 309 |
Securities with both fixed-income and equity characteristics, or equity securities traded principally among fixed-income dealers, are generally valued in the manner described for either equity or fixed-income securities, depending on which method is deemed most appropriate by the series’ investment adviser. The Capital Group Central Corporate Bond Fund (“CCBF”), a fund within the Capital Group Central Fund Series II, and Capital Group Central Cash Fund (“CCF”), a fund within the Capital Group Central Fund Series (collectively the “Central Funds”), are each valued based upon a floating net asset value, which fluctuates with changes in the value of each fund’s portfolio securities. The underlying securities are valued based on the policies and procedures in the Central Funds’ statements of additional information. The State Street Institutional U.S. Government Money Market Fund held by the managed risk funds is managed to maintain a $1.00 net asset value per share. The net asset value of each share class of each managed risk fund is calculated based on the reported net asset values of the underlying funds in which each fund invests.
Exchange-traded options and futures are generally valued at the official closing price for options and official settlement price for futures of the exchange or market on which such instruments are traded, as of the close of business on the day such instruments are being valued. Forward currency contracts are valued based on the spot and forward exchange rates obtained from a third-party pricing vendor. Swaps are generally valued using evaluated prices obtained from third-party pricing vendors who calculate these values based on market inputs that may include the yields of the indices referenced in the instrument and the relevant curve, dealer quotes, default probabilities and recovery rates, other reference data, and terms of the contract.
Securities and other assets for which representative market quotations are not readily available or are considered unreliable by the series’ investment adviser are fair valued as determined in good faith under fair value guidelines adopted by the series’ investment adviser and approved by the board of trustees as further described. The investment adviser follows fair valuation guidelines, consistent with U.S. Securities and Exchange Commission rules and guidance, to consider relevant principles and factors when making fair value determinations. The investment adviser considers relevant indications of value that are reasonably and timely available to it in determining the fair value to be assigned to a particular security, such as the type and cost of the security, restrictions on resale of the security, relevant financial or business developments of the issuer, actively traded similar or related securities, dealer or broker quotes, conversion or exchange rights on the security, related corporate actions, significant events occurring after the close of trading in the security, and changes in overall market conditions. In addition, the closing prices of equity securities and futures that trade in markets outside U.S. time zones may be adjusted to reflect significant events that occur after the close of local trading but before the net asset value of each share class of each fund is determined. Fair valuations of investments that are not actively trading involve judgment and may differ materially from valuations that would have been used had greater market activity occurred.
Processes and structure — The series’ board of trustees has designated the series’ investment adviser to make fair value determinations, subject to board oversight. The investment adviser has established a Joint Fair Valuation Committee (the “Committee”) to administer, implement and oversee the fair valuation process, and to make fair value decisions. The Committee regularly reviews its own fair value decisions, as well as decisions made under its standing instructions to the investment adviser’s valuation team. The Committee reviews changes in fair value measurements from period to period, pricing vendor information and market data, and may, as deemed appropriate, update the fair valuation guidelines to better reflect the results of back testing and address new or evolving issues. Pricing decisions, processes and controls over security valuation are also subject to additional internal reviews facilitated by the investment adviser’s global risk management group. The Committee reports changes to the fair valuation guidelines to the board of trustees. The series’ board and audit committee also regularly review reports that describe fair value determinations and methods.
Classifications — The series’ investment adviser classifies the funds’ assets and liabilities into three levels based on the inputs used to value the assets or liabilities. Level 1 values are based on quoted prices in active markets for identical securities. Level 2 values are based on significant observable market inputs, such as quoted prices for similar securities and quoted prices in inactive markets. Certain securities trading outside the U.S. may transfer between Level 1 and Level 2 due to valuation adjustments resulting from significant market movements following the close of local trading. Level 3 values are based on significant unobservable inputs that reflect the investment adviser’s determination of assumptions that market participants might reasonably use in valuing the securities.
The valuation levels are not necessarily an indication of the risk or liquidity associated with the underlying investment. For example, U.S. government securities are reflected as Level 2 because the inputs used to determine fair value may not always be quoted prices in an active market. The tables on the following pages present the funds’ valuation levels as of December 31, 2023 (dollars in thousands):
310 | American Funds Insurance Series |
Global Growth Fund | ||||||||||||||||
Investment securities | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Assets: | ||||||||||||||||
Common stocks: | ||||||||||||||||
Information technology | $ | 1,419,560 | $ | 716,633 | $ | — | $ | 2,136,193 | ||||||||
Health care | 677,242 | 553,206 | — | 1,230,448 | ||||||||||||
Consumer discretionary | 692,051 | 451,489 | — | 1,143,540 | ||||||||||||
Financials | 395,032 | 461,732 | — | * | 856,764 | |||||||||||
Industrials | 190,481 | 426,357 | — | 616,838 | ||||||||||||
Consumer staples | 246,873 | 133,308 | — | 380,181 | ||||||||||||
Communication services | 259,923 | 79,590 | — | 339,513 | ||||||||||||
Materials | 220,874 | 106,904 | — | 327,778 | ||||||||||||
Energy | 180,544 | 74,490 | — | * | 255,034 | |||||||||||
Utilities | 15,330 | — | — | 15,330 | ||||||||||||
Real estate | 4,940 | — | — | 4,940 | ||||||||||||
Preferred securities | — | 103,626 | — | 103,626 | ||||||||||||
Short-term securities | 295,088 | — | — | 295,088 | ||||||||||||
Total | $ | 4,597,938 | $ | 3,107,335 | $ | — | * | $ | 7,705,273 |
* | Amount less than one thousand. |
Global Small Capitalization Fund | ||||||||||||||||
Investment securities | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Assets: | ||||||||||||||||
Common stocks: | ||||||||||||||||
Industrials | $ | 202,893 | $ | 480,073 | $ | — | $ | 682,966 | ||||||||
Consumer discretionary | 396,692 | 155,297 | — | 551,989 | ||||||||||||
Information technology | 304,784 | 200,995 | 991 | 506,770 | ||||||||||||
Health care | 330,649 | 161,010 | — | 491,659 | ||||||||||||
Financials | 109,152 | 211,218 | — | 320,370 | ||||||||||||
Materials | 45,145 | 113,681 | — | 158,826 | ||||||||||||
Communication services | 52,354 | 60,173 | — | 112,527 | ||||||||||||
Real estate | 42,927 | 68,801 | — | 111,728 | ||||||||||||
Energy | 32,978 | 23,384 | — | 56,362 | ||||||||||||
Utilities | 14,810 | 29,350 | — | 44,160 | ||||||||||||
Consumer staples | 17,479 | 13,221 | — | 30,700 | ||||||||||||
Preferred securities | — | — | 22,521 | 22,521 | ||||||||||||
Rights & warrants | — | 3,878 | — | 3,878 | ||||||||||||
Short-term securities | 120,135 | — | — | 120,135 | ||||||||||||
Total | $ | 1,669,998 | $ | 1,521,081 | $ | 23,512 | $ | 3,214,591 |
American Funds Insurance Series | 311 |
Growth Fund | ||||||||||||||||
Investment securities | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Assets: | ||||||||||||||||
Common stocks: | ||||||||||||||||
Information technology | $ | 7,847,400 | $ | 390,278 | $ | 4,303 | $ | 8,241,981 | ||||||||
Communication services | 7,074,099 | — | — | 7,074,099 | ||||||||||||
Consumer discretionary | 5,416,269 | 494,678 | — | 5,910,947 | ||||||||||||
Health care | 5,289,688 | 227,851 | 31,351 | 5,548,890 | ||||||||||||
Industrials | 4,144,154 | 290,562 | 2,674 | 4,437,390 | ||||||||||||
Financials | 2,931,955 | 47,675 | — | 2,979,630 | ||||||||||||
Energy | 1,638,573 | — | — | 1,638,573 | ||||||||||||
Consumer staples | 1,460,783 | 12,548 | 2,901 | 1,476,232 | ||||||||||||
Materials | 889,323 | 31,646 | — | 920,969 | ||||||||||||
Utilities | 266,939 | — | — | 266,939 | ||||||||||||
Real estate | 160,301 | — | — | 160,301 | ||||||||||||
Preferred securities | — | — | 114,310 | 114,310 | ||||||||||||
Rights & warrants | — | — | — | * | — | * | ||||||||||
Bonds, notes & other debt instruments | — | 5,508 | — | 5,508 | ||||||||||||
Short-term securities | 607,976 | — | — | 607,976 | ||||||||||||
Total | $ | 37,727,460 | $ | 1,500,746 | $ | 155,539 | $ | 39,383,745 |
* | Amount less than one thousand. |
International Fund | ||||||||||||||||
Investment securities | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Assets: | ||||||||||||||||
Common stocks: | ||||||||||||||||
Industrials | $ | 26,764 | $ | 1,227,008 | $ | — | $ | 1,253,772 | ||||||||
Information technology | 423,363 | 605,671 | 5,140 | 1,034,174 | ||||||||||||
Health care | 19,298 | 843,587 | — | 862,885 | ||||||||||||
Materials | 211,640 | 633,237 | — | 844,877 | ||||||||||||
Consumer discretionary | 174,706 | 639,232 | — | 813,938 | ||||||||||||
Financials | 115,668 | 696,800 | — | 812,468 | ||||||||||||
Energy | 215,588 | 339,488 | — | 555,076 | ||||||||||||
Communication services | — | 340,975 | — | 340,975 | ||||||||||||
Consumer staples | — | 322,178 | — | 322,178 | ||||||||||||
Utilities | — | 89,318 | — | 89,318 | ||||||||||||
Real estate | — | 39,777 | — | 39,777 | ||||||||||||
Preferred securities | — | 44,635 | 470 | 45,105 | ||||||||||||
Rights & warrants | — | — | — | * | — | * | ||||||||||
Short-term securities | 202,103 | — | — | 202,103 | ||||||||||||
Total | $ | 1,389,130 | $ | 5,821,906 | $ | 5,610 | $ | 7,216,646 |
* | Amount less than one thousand. |
312 | American Funds Insurance Series |
New World Fund | ||||||||||||||||
Investment securities | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Assets: | ||||||||||||||||
Common stocks: | ||||||||||||||||
Financials | $ | 99,031 | $ | 418,226 | $ | — | * | $ | 517,257 | |||||||
Information technology | 268,018 | 237,621 | 411 | 506,050 | ||||||||||||
Industrials | 109,530 | 321,304 | — | 430,834 | ||||||||||||
Health care | 152,605 | 247,392 | — | 399,997 | ||||||||||||
Consumer discretionary | 113,807 | 239,969 | — | 353,776 | ||||||||||||
Materials | 113,091 | 120,585 | — | * | 233,676 | |||||||||||
Communication services | 90,913 | 132,924 | 1,985 | 225,822 | ||||||||||||
Consumer staples | 58,232 | 164,992 | — | * | 223,224 | |||||||||||
Energy | 42,137 | 62,981 | — | * | 105,118 | |||||||||||
Real estate | 18,133 | 48,519 | — | 66,652 | ||||||||||||
Utilities | 11,924 | 28,167 | — | 40,091 | ||||||||||||
Preferred securities | 3,123 | 12,433 | 6,905 | 22,461 | ||||||||||||
Rights & warrants | — | 1,838 | — | 1,838 | ||||||||||||
Convertible bonds & notes | — | 195 | — | 195 | ||||||||||||
Bonds, notes & other debt instruments | — | 133,350 | — | 133,350 | ||||||||||||
Short-term securities | 136,445 | — | — | 136,445 | ||||||||||||
Total | $ | 1,216,989 | $ | 2,170,496 | $ | 9,301 | $ | 3,396,786 |
Other investments† | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Assets: | ||||||||||||||||
Unrealized appreciation on futures contracts | $ | 244 | $ | — | $ | — | $ | 244 | ||||||||
Unrealized appreciation on open forward currency contracts | — | 100 | — | 100 | ||||||||||||
Unrealized appreciation on bilateral interest rate swaps | — | 95 | — | 95 | ||||||||||||
Liabilities: | ||||||||||||||||
Unrealized depreciation on futures contracts | (265 | ) | — | — | (265 | ) | ||||||||||
Unrealized depreciation on open forward currency contracts | — | (213 | ) | — | (213 | ) | ||||||||||
Unrealized depreciation on centrally cleared interest rate swaps | — | — | — | — | ||||||||||||
Unrealized depreciation on bilateral interest rate swaps | — | — | — | — | ||||||||||||
Total | $ | (21 | ) | $ | (18 | ) | $ | — | $ | (39 | ) |
* | Amount less than one thousand. |
† | Futures contracts, forward currency contracts and interest rate swaps are not included in the fund’s investment portfolio. |
Washington Mutual Investors Fund
As of December 31, 2023, all of the fund’s investment securities were classified as Level 1.
American Funds Insurance Series | 313 |
Capital World Growth and Income Fund | ||||||||||||||||
Investment securities | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Assets: | ||||||||||||||||
Common stocks: | ||||||||||||||||
Information technology | $ | 261,166 | $ | 118,220 | $ | — | $ | 379,386 | ||||||||
Health care | 189,214 | 84,072 | — | 273,286 | ||||||||||||
Industrials | 110,918 | 154,342 | — | 265,260 | ||||||||||||
Financials | 79,038 | 109,523 | — | * | 188,561 | |||||||||||
Consumer discretionary | 99,626 | 77,085 | — | 176,711 | ||||||||||||
Consumer staples | 63,152 | 66,044 | — | 129,196 | ||||||||||||
Materials | 43,108 | 82,579 | — | 125,687 | ||||||||||||
Communication services | 62,943 | 38,583 | — | 101,526 | ||||||||||||
Energy | 76,856 | 22,891 | — | * | 99,747 | |||||||||||
Utilities | 25,826 | 17,317 | — | 43,143 | ||||||||||||
Real estate | 4,930 | 2,268 | — | 7,198 | ||||||||||||
Preferred securities | 16 | 861 | — | 877 | ||||||||||||
Convertible bonds & notes | — | 1,731 | — | 1,731 | ||||||||||||
Bonds, notes & other debt instruments | — | 3,989 | — | 3,989 | ||||||||||||
Short-term securities | 51,376 | 16,456 | — | 67,832 | ||||||||||||
Total | $ | 1,068,169 | $ | 795,961 | $ | — | * | $ | 1,864,130 |
* | Amount less than one thousand. |
Growth-Income Fund | ||||||||||||||||
Investment securities | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Assets: | ||||||||||||||||
Common stocks: | ||||||||||||||||
Information technology | $ | 7,952,167 | $ | 499,308 | $ | — | $ | 8,451,475 | ||||||||
Industrials | 5,399,143 | 480,725 | — | 5,879,868 | ||||||||||||
Health care | 4,440,836 | 321,365 | — | 4,762,201 | ||||||||||||
Financials | 4,251,335 | 148,669 | — | 4,400,004 | ||||||||||||
Communication services | 3,335,977 | — | — | 3,335,977 | ||||||||||||
Consumer discretionary | 2,893,219 | 358,159 | — | 3,251,378 | ||||||||||||
Consumer staples | 1,622,254 | 366,801 | — | 1,989,055 | ||||||||||||
Energy | 1,259,751 | — | — | 1,259,751 | ||||||||||||
Utilities | 1,121,619 | 92,095 | — | 1,213,714 | ||||||||||||
Materials | 1,029,759 | 34,885 | — | 1,064,644 | ||||||||||||
Real estate | 374,474 | — | — | 374,474 | ||||||||||||
Convertible stocks | 23,528 | — | — | 23,528 | ||||||||||||
Bonds, notes & other debt instruments | — | 5,671 | — | 5,671 | ||||||||||||
Short-term securities | 1,534,598 | — | — | 1,534,598 | ||||||||||||
Total | $ | 35,238,660 | $ | 2,307,678 | $ | — | $ | 37,546,338 |
314 | American Funds Insurance Series |
International Growth and Income Fund | ||||||||||||||||
Investment securities | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Assets: | ||||||||||||||||
Common stocks: | ||||||||||||||||
Financials | $ | 3,728 | $ | 58,079 | $ | —* | $ | 61,807 | ||||||||
Industrials | 5,793 | 40,513 | — | 46,306 | ||||||||||||
Information technology | 3,791 | 39,684 | — | 43,475 | ||||||||||||
Consumer discretionary | 3,302 | 29,633 | — | 32,935 | ||||||||||||
Consumer staples | 6,761 | 23,449 | — | 30,210 | ||||||||||||
Health care | 1,561 | 27,428 | — | 28,989 | ||||||||||||
Communication services | 2,190 | 18,917 | — | 21,107 | ||||||||||||
Energy | 6,302 | 12,381 | — | * | 18,683 | |||||||||||
Materials | 7,353 | 10,788 | — | * | 18,141 | |||||||||||
Utilities | 1,109 | 6,909 | — | 8,018 | ||||||||||||
Real estate | 1,795 | 4,562 | — | 6,357 | ||||||||||||
Preferred securities | — | 607 | — | 607 | ||||||||||||
Bonds, notes & other debt instruments | — | 1,075 | — | 1,075 | ||||||||||||
Short-term securities | 12,095 | — | — | 12,095 | ||||||||||||
Total | $ | 55,780 | $ | 274,025 | $ | — | * | $ | 329,805 |
* | Amount less than one thousand. |
Capital Income Builder | ||||||||||||||||
Investment securities | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Assets: | ||||||||||||||||
Common stocks: | ||||||||||||||||
Financials | $ | 93,718 | $ | 72,657 | $ | — | * | $ | 166,375 | |||||||
Health care | 91,451 | 31,918 | — | 123,369 | ||||||||||||
Information technology | 93,893 | 23,107 | — | 117,000 | ||||||||||||
Consumer staples | 59,646 | 54,867 | — | 114,513 | ||||||||||||
Industrials | 58,513 | 45,922 | — | 104,435 | ||||||||||||
Energy | 54,906 | 22,411 | — | * | 77,317 | |||||||||||
Utilities | 38,726 | 35,571 | — | 74,297 | ||||||||||||
Real estate | 49,660 | 10,684 | — | 60,344 | ||||||||||||
Consumer discretionary | 24,194 | 22,137 | — | 46,331 | ||||||||||||
Communication services | 18,060 | 21,250 | — | 39,310 | ||||||||||||
Materials | 16,710 | 15,476 | — | 32,186 | ||||||||||||
Preferred securities | — | 252 | — | 252 | ||||||||||||
Convertible stocks | 2,383 | — | — | 2,383 | ||||||||||||
Bonds, notes & other debt instruments: | ||||||||||||||||
Mortgage-backed obligations | — | 103,612 | 93 | 103,705 | ||||||||||||
U.S. Treasury bonds & notes | — | 71,494 | — | 71,494 | ||||||||||||
Corporate bonds, notes & loans | — | 23,053 | — | 23,053 | ||||||||||||
Asset-backed obligations | — | 9,837 | — | 9,837 | ||||||||||||
Bonds & notes of governments & government agencies outside the U.S. | — | 762 | — | 762 | ||||||||||||
Municipals | — | 236 | — | 236 | ||||||||||||
Investment funds | 34,970 | — | — | 34,970 | ||||||||||||
Short-term securities | 107,974 | — | — | 107,974 | ||||||||||||
Total | $ | 744,804 | $ | 565,246 | $ | 93 | $ | 1,310,143 |
Refer to the end of the tables for footnotes.
American Funds Insurance Series | 315 |
Other investments† | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Assets: | ||||||||||||||||
Unrealized appreciation on futures contracts | $ | 2,456 | $ | — | $ | — | $ | 2,456 | ||||||||
Unrealized appreciation on centrally cleared interest rate swaps | — | 231 | — | 231 | ||||||||||||
Unrealized appreciation on centrally cleared credit default swaps | — | 380 | — | 380 | ||||||||||||
Liabilities: | ||||||||||||||||
Unrealized depreciation on centrally cleared interest rate swaps | — | (177 | ) | — | (177 | ) | ||||||||||
Total | $ | 2,456 | $ | 434 | $ | — | $ | 2,890 |
* | Amount less than one thousand. |
† | Futures contracts, interest rate swaps and credit default swaps are not included in the fund’s investment portfolio. |
Asset Allocation Fund | ||||||||||||||||
Investment securities | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Assets: | ||||||||||||||||
Common stocks: | ||||||||||||||||
Information technology | $ | 3,515,544 | $ | — | $ | — | $ | 3,515,544 | ||||||||
Health care | 2,397,867 | 158,242 | 19,334 | 2,575,443 | ||||||||||||
Financials | 2,089,525 | 62,212 | — | * | 2,151,737 | |||||||||||
Industrials | 1,678,103 | 138,019 | — | 1,816,122 | ||||||||||||
Consumer discretionary | 1,551,941 | 253,193 | 1,572 | 1,806,706 | ||||||||||||
Communication services | 1,423,988 | — | — | 1,423,988 | ||||||||||||
Consumer staples | 973,600 | 91,237 | — | 1,064,837 | ||||||||||||
Materials | 1,005,995 | — | 2,890 | 1,008,885 | ||||||||||||
Energy | 874,319 | — | 1,554 | 875,873 | ||||||||||||
Real estate | 155,278 | — | — | 155,278 | ||||||||||||
Utilities | 30,873 | — | — | 30,873 | ||||||||||||
Preferred securities | — | — | 697 | 697 | ||||||||||||
Rights & warrants | — | — | — | * | — | * | ||||||||||
Convertible stocks | — | — | 43,608 | 43,608 | ||||||||||||
Convertible bonds & notes | — | 2,140 | — | 2,140 | ||||||||||||
Bonds, notes & other debt instruments: | ||||||||||||||||
Mortgage-backed obligations | — | 2,369,309 | — | 2,369,309 | ||||||||||||
U.S. Treasury bonds & notes | — | 1,992,422 | — | 1,992,422 | ||||||||||||
Corporate bonds, notes & loans | — | 1,694,239 | 3,204 | 1,697,443 | ||||||||||||
Asset-backed obligations | — | 526,187 | 5,930 | 532,117 | ||||||||||||
Bonds & notes of governments & government agencies outside the U.S. | — | 41,792 | — | 41,792 | ||||||||||||
Municipals | — | 36,842 | — | 36,842 | ||||||||||||
Investment funds | 1,406,015 | — | — | 1,406,015 | ||||||||||||
Short-term securities | 2,418,376 | — | — | 2,418,376 | ||||||||||||
Total | $ | 19,521,424 | $ | 7,365,834 | $ | 78,789 | $ | 26,966,047 |
Other investments† | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Assets: | ||||||||||||||||
Unrealized appreciation on futures contracts | $ | 37,187 | $ | — | $ | — | $ | 37,187 | ||||||||
Unrealized appreciation on centrally cleared interest rate swaps | — | 1,160 | — | 1,160 | ||||||||||||
Unrealized appreciation on centrally cleared credit default swaps | — | 96 | — | 96 | ||||||||||||
Liabilities: | ||||||||||||||||
Unrealized depreciation on futures contracts | (30,011 | ) | — | — | (30,011 | ) | ||||||||||
Unrealized depreciation on centrally cleared interest rate swaps | — | (20 | ) | — | (20 | ) | ||||||||||
Total | $ | 7,176 | $ | 1,236 | $ | — | $ | 8,412 |
* | Amount less than one thousand. |
† | Futures contracts, interest rate swaps and credit default swaps are not included in the fund’s investment portfolio. |
316 | American Funds Insurance Series |
American Funds Global Balanced Fund | ||||||||||||||||
Investment securities | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Assets: | ||||||||||||||||
Common stocks: | ||||||||||||||||
Information technology | $ | 39,511 | $ | 5,432 | $ | — | $ | 44,943 | ||||||||
Health care | 21,748 | 14,115 | — | 35,863 | ||||||||||||
Industrials | 21,116 | 11,530 | — | 32,646 | ||||||||||||
Financials | 8,193 | 22,527 | — | 30,720 | ||||||||||||
Consumer staples | 4,213 | 17,618 | — | 21,831 | ||||||||||||
Materials | 11,573 | 6,194 | — | 17,767 | ||||||||||||
Energy | 10,137 | 4,247 | — | 14,384 | ||||||||||||
Communication services | 12,176 | 1,315 | — | 13,491 | ||||||||||||
Consumer discretionary | 6,977 | 5,582 | — | 12,559 | ||||||||||||
Utilities | 6,407 | 4,230 | — | 10,637 | ||||||||||||
Real estate | 1,476 | 3,293 | — | 4,769 | ||||||||||||
Preferred securities | 50 | 372 | — | 422 | ||||||||||||
Convertible stocks | 1,041 | — | — | 1,041 | ||||||||||||
Bonds, notes & other debt instruments: | ||||||||||||||||
Bonds & notes of governments & government agencies outside the U.S. | — | 57,321 | — | 57,321 | ||||||||||||
Mortgage-backed obligations | — | 21,280 | — | 21,280 | ||||||||||||
U.S. Treasury bonds & notes | — | 21,269 | — | 21,269 | ||||||||||||
Corporate bonds, notes & loans | — | 19,451 | — | 19,451 | ||||||||||||
Asset-backed obligations | — | 937 | — | 937 | ||||||||||||
Federal agency bonds & notes | — | 265 | — | 265 | ||||||||||||
Municipals | — | 136 | — | 136 | ||||||||||||
Investment funds | 8,341 | — | — | 8,341 | ||||||||||||
Short-term securities | 13,936 | 20,414 | — | 34,350 | ||||||||||||
Total | $ | 166,895 | $ | 237,528 | $ | — | $ | 404,423 |
Other investments* | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Assets: | ||||||||||||||||
Unrealized appreciation on futures contracts | $ | 546 | $ | — | $ | — | $ | 546 | ||||||||
Unrealized appreciation on open forward currency contracts | — | 672 | — | 672 | ||||||||||||
Unrealized appreciation on centrally cleared interest rate swaps | — | 241 | — | 241 | ||||||||||||
Unrealized appreciation on centrally cleared credit default swaps | — | 11 | — | 11 | ||||||||||||
Liabilities: | ||||||||||||||||
Unrealized depreciation on futures contracts | (199 | ) | — | — | (199 | ) | ||||||||||
Unrealized depreciation on open forward currency contracts | — | (354 | ) | — | (354 | ) | ||||||||||
Unrealized depreciation on centrally cleared interest rate swaps | — | (322 | ) | — | (322 | ) | ||||||||||
Unrealized depreciation on centrally cleared credit default swaps | — | (1 | ) | — | (1 | ) | ||||||||||
Total | $ | 347 | $ | 247 | $ | — | $ | 594 |
* | Futures contracts, forward currency contracts, interest rate swaps and credit default swaps are not included in the fund’s investment portfolio. |
American Funds Insurance Series | 317 |
The Bond Fund of America | ||||||||||||||||
Investment securities | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Assets: | ||||||||||||||||
Bonds, notes & other debt instruments: | ||||||||||||||||
Mortgage-backed obligations | $ | — | $ | 4,446,229 | $ | 1,561 | $ | 4,447,790 | ||||||||
Corporate bonds, notes & loans | — | 3,489,598 | — | 3,489,598 | ||||||||||||
U.S. Treasury bonds & notes | — | 1,822,067 | — | 1,822,067 | ||||||||||||
Asset-backed obligations | — | 542,646 | 9,749 | 552,395 | ||||||||||||
Municipals | — | 156,667 | — | 156,667 | ||||||||||||
Bonds & notes of governments & government agencies outside the U.S. | — | 105,447 | — | 105,447 | ||||||||||||
Federal agency bonds & notes | — | 11,385 | — | 11,385 | ||||||||||||
Common stocks | — | 15 | — | 15 | ||||||||||||
Short-term securities | 2,168,331 | — | — | 2,168,331 | ||||||||||||
Total | $ | 2,168,331 | $ | 10,574,054 | $ | 11,310 | $ | 12,753,695 |
Other investments* | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Assets: | ||||||||||||||||
Unrealized appreciation on futures contracts | $ | 109,286 | $ | — | $ | — | $ | 109,286 | ||||||||
Unrealized appreciation on open forward currency contracts | — | 35 | — | 35 | ||||||||||||
Unrealized appreciation on centrally cleared interest rate swaps | — | 2,718 | — | 2,718 | ||||||||||||
Liabilities: | ||||||||||||||||
Unrealized depreciation on futures contracts | (51,016 | ) | — | — | (51,016 | ) | ||||||||||
Unrealized depreciation on open forward currency contracts | — | (931 | ) | — | (931 | ) | ||||||||||
Unrealized depreciation on centrally cleared interest rate swaps | — | (2,363 | ) | — | (2,363 | ) | ||||||||||
Unrealized depreciation on centrally cleared credit default swaps | — | (1,469 | ) | — | (1,469 | ) | ||||||||||
Total | $ | 58,270 | $ | (2,010 | ) | $ | — | $ | 56,260 |
* | Futures contracts, forward currency contracts, interest rate swaps and credit default swaps are not included in the fund’s investment portfolio. |
318 | American Funds Insurance Series |
Capital World Bond Fund | ||||||||||||||||
Investment securities | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Assets: | ||||||||||||||||
Bonds, notes & other debt instruments: | ||||||||||||||||
Euros | $ | — | $ | 339,133 | $ | — | $ | 339,133 | ||||||||
Japanese yen | — | 100,706 | — | 100,706 | ||||||||||||
British pounds | — | 71,115 | — | 71,115 | ||||||||||||
Chinese yuan renminbi | — | 58,184 | — | 58,184 | ||||||||||||
Brazilian reais | — | 41,843 | — | 41,843 | ||||||||||||
Mexican pesos | — | 36,400 | — | 36,400 | ||||||||||||
Canadian dollars | — | 33,369 | — | 33,369 | ||||||||||||
South Korean won | — | 29,760 | — | 29,760 | ||||||||||||
Australian dollars | — | 27,993 | — | 27,993 | ||||||||||||
Indonesian rupiah | — | 22,928 | — | 22,928 | ||||||||||||
South African rand | — | 9,087 | — | 9,087 | ||||||||||||
Danish kroner | — | 6,608 | — | 6,608 | ||||||||||||
New Zealand dollars | — | 6,559 | — | 6,559 | ||||||||||||
Malaysian ringgits | — | 2,207 | — | 2,207 | ||||||||||||
Chilean pesos | — | 2,001 | — | 2,001 | ||||||||||||
Colombian pesos | — | 1,609 | — | 1,609 | ||||||||||||
Indian rupees | — | 1,116 | — | 1,116 | ||||||||||||
Polish zloty | — | 1,112 | — | 1,112 | ||||||||||||
Romanian leu | — | 1,094 | — | 1,094 | ||||||||||||
Norwegian kroner | — | 598 | — | 598 | ||||||||||||
Ukrainian hryvnia | — | 125 | — | 125 | ||||||||||||
U.S. dollars | — | 629,673 | 200 | 629,873 | ||||||||||||
Convertible bonds & notes | — | 1,173 | — | 1,173 | ||||||||||||
Preferred securities | — | — | 74 | 74 | ||||||||||||
Common stocks | 258 | — | 469 | 727 | ||||||||||||
Investment funds | 52,692 | — | — | 52,692 | ||||||||||||
Short-term securities | 177,300 | 23,247 | — | 200,547 | ||||||||||||
Total | $ | 230,250 | $ | 1,447,640 | $ | 743 | $ | 1,678,633 |
Other investments* | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Assets: | ||||||||||||||||
Unrealized appreciation on futures contracts | $ | 8,176 | $ | — | $ | — | $ | 8,176 | ||||||||
Unrealized appreciation on open forward currency contracts | — | 9,188 | — | 9,188 | ||||||||||||
Unrealized appreciation on centrally cleared interest rate swaps | — | 2,958 | — | 2,958 | ||||||||||||
Unrealized appreciation on bilateral interest rate swaps | — | 278 | — | 278 | ||||||||||||
Unrealized appreciation on centrally cleared credit default swaps | — | 518 | — | 518 | ||||||||||||
Liabilities: | ||||||||||||||||
Unrealized depreciation on futures contracts | (2,274 | ) | — | — | (2,274 | ) | ||||||||||
Unrealized depreciation on open forward currency contracts | — | (5,355 | ) | — | (5,355 | ) | ||||||||||
Unrealized depreciation on centrally cleared interest rate swaps | — | (4,121 | ) | — | (4,121 | ) | ||||||||||
Total | $ | 5,902 | $ | 3,466 | $ | — | $ | 9,368 |
* | Futures contracts, forward currency contracts, interest rate swaps and credit default swaps are not included in the fund’s investment portfolio. |
American Funds Insurance Series | 319 |
American High-Income Trust | ||||||||||||||||
Investment securities | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Assets: | ||||||||||||||||
Bonds, notes & other debt instruments: | ||||||||||||||||
Corporate bonds, notes & loans | $ | — | $ | 768,810 | $ | 4,283 | $ | 773,093 | ||||||||
U.S. Treasury bonds & notes | — | 2,706 | — | 2,706 | ||||||||||||
Mortgage-backed obligations | — | — | 661 | 661 | ||||||||||||
Bonds & notes of governments & government agencies outside the U.S. | — | 290 | — | 290 | ||||||||||||
Convertible bonds & notes | — | 495 | — | 495 | ||||||||||||
Common stocks | 20,584 | 1,471 | 30,523 | 52,578 | ||||||||||||
Preferred securities | — | 1,363 | 1,582 | 2,945 | ||||||||||||
Rights & warrants | — | 217 | — | 217 | ||||||||||||
Short-term securities | 27,114 | — | — | 27,114 | ||||||||||||
Total | $ | 47,698 | $ | 775,352 | $ | 37,049 | $ | 860,099 |
Other investments1 | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Assets: | ||||||||||||||||
Unrealized appreciation on futures contracts | $ | 114 | $ | — | $ | — | $ | 114 | ||||||||
Unrealized appreciation on centrally cleared credit default swaps | — | 20 | — | 20 | ||||||||||||
Liabilities: | ||||||||||||||||
Unrealized depreciation on futures contracts | (105 | ) | — | — | (105 | ) | ||||||||||
Total | $ | 9 | $ | 20 | $ | — | $ | 29 |
1 | Futures contracts and credit default swaps are not included in the investment portfolio. |
The following table reconciles the valuation of the fund’s Level 3 investment securities and related transactions for the year ended December 31, 2023 (dollars in thousands):
Beginning value at 1/1/2023 | Transfers into Level 32 | Purchases | Sales | Net realized loss3 | Unrealized appreciation3 | Transfers out of Level 32 | Ending value at 12/31/2023 | |||||||||||||||||||||||||
Investment securities | $ | 34,480 | $ | 457 | $ | 13,803 | $ | (5,838 | ) | $ | (7,424 | ) | $ | 6,257 | $ | (4,686 | ) | $ | 37,049 | |||||||||||||
Net unrealized depreciation during the period on Level 3 investment securities held at December 31, 2023 | $ | (2,129 | ) |
2 | Transfers into or out of Level 3 are based on the beginning market value of the quarter in which they occurred. These transfers are the result of changes in the availability of pricing sources and/or in the observability of significant inputs used in valuing the securities. |
3 | Net realized gain and unrealized depreciation are included in the related amounts on investments in the fund’s statement of operations. |
320 | American Funds Insurance Series |
Unobservable inputs — Valuation of the fund’s Level 3 securities is based on significant unobservable inputs that reflect the investment adviser’s determination of assumptions that market participants might reasonably use in valuing the securities. The following table provides additional information used by the fund’s investment adviser to fair value the fund’s Level 3 securities (dollars in thousands):
Value at 12/31/2023 | Valuation techniques | Unobservable inputs | Range (if applicable) | Weighted average* | Impact to valuation from an increase in input† | ||||||||
Bonds, notes & other debt instruments | $ 4,944 | Estimated recovery value | Expected proceeds | Not applicable | Not applicable | Not applicable | |||||||
Discount for uncertainty | 5% | 5% | Decrease | ||||||||||
Transaction | Transaction price | Not applicable | Not applicable | Not applicable | |||||||||
Net adjustment (decrease) based on movement of market comparables | 5% | 5% | Decrease | ||||||||||
Expected proceeds | Expected proceeds | Not applicable | Not applicable | Not applicable | |||||||||
Yield Analysis | Yield | 10.1% | 10.1% | Decrease | |||||||||
Common stocks | 30,523 | Estimated recovery value | Expected proceeds | Not applicable | Not applicable | Not applicable | |||||||
Discount for uncertainty | 20% | 20% | Decrease | ||||||||||
Vendor price | Not applicable | Not applicable | Not applicable | ||||||||||
Market comparable companies | EV/EBITDA multiple | 5.7x - 8.0x | 6.8x | Increase | |||||||||
Discount to EV/EBITDA multiple | 11% | 11% | Decrease | ||||||||||
EV/EBITDA less CapEx multiple | 10.5x | 10.5x | Increase | ||||||||||
Price/Book Value multiple | 0.6x | 0.6x | Increase | ||||||||||
DLOM | 13% - 17% | 15% | Decrease | ||||||||||
Indicative market quotation | Broker quote | Not applicable | Not applicable | Not applicable | |||||||||
Preferred securities | 1,582 | Market comparable companies | EV/EBITDA multiple | 4.0x | 4.0x | Increase | |||||||
DLOM | 15% | 15% | Decrease | ||||||||||
Total | $37,049 |
* | Weighted average is by relative fair value. |
† | This column represents the directional change in fair value of the Level 3 securities that would result in an increase from the corresponding input. Significant increases and decreases in these inputs in isolation could result in significantly higher or lower fair value measurements. |
Key to abbreviations and symbols
CapEx = Capital expenditures
DLOM = Discount for lack of marketability
EBITDA = Earnings before income taxes, depreciation and amortization
EV = Enterprise value
American Funds Mortgage Fund | ||||||||||||||||
Investment securities | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Assets: | ||||||||||||||||
Bonds, notes & other debt instruments: | ||||||||||||||||
Mortgage-backed obligations | $ | — | $ | 98,703 | $ | — | $ | 98,703 | ||||||||
U.S. Treasury bonds & notes | — | 2,037 | — | 2,037 | ||||||||||||
Asset-backed obligations | — | 1,583 | — | 1,583 | ||||||||||||
Short-term securities | — | 23,333 | — | 23,333 | ||||||||||||
Total | $ | — | $ | 125,656 | $ | — | $ | 125,656 |
American Funds Insurance Series | 321 |
Other investments* | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Assets: | ||||||||||||||||
Unrealized appreciation on futures contracts | $ | 1,564 | $ | — | $ | — | $ | 1,564 | ||||||||
Unrealized appreciation on centrally cleared interest rate swaps | — | 12 | — | 12 | ||||||||||||
Liabilities: | ||||||||||||||||
Unrealized depreciation on futures contracts | (564 | ) | — | — | (564 | ) | ||||||||||
Unrealized depreciation on centrally cleared interest rate swaps | — | (2 | ) | — | (2 | ) | ||||||||||
Total | $ | 1,000 | $ | 10 | $ | — | $ | 1,010 |
* | Futures contracts and interest rate swaps are not included in the fund’s investment portfolio. |
Ultra-Short Bond Fund
As of December 31, 2023, all of the fund’s investment securities were classified as Level 2.
U.S. Government Securities Fund | ||||||||||||||||
Investment securities | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Assets: | ||||||||||||||||
Bonds, notes & other debt instruments: | ||||||||||||||||
Mortgage-backed obligations | $ | — | $ | 979,319 | $ | — | $ | 979,319 | ||||||||
U.S. Treasury bonds & notes | — | 401,532 | — | 401,532 | ||||||||||||
Federal agency bonds & notes | — | 77,297 | — | 77,297 | ||||||||||||
Short-term securities | — | 247,092 | — | 247,092 | ||||||||||||
Options purchased on futures (equity style) | 577 | — | — | 577 | ||||||||||||
Total | $ | 577 | $ | 1,705,240 | $ | — | $ | 1,705,817 | ||||||||
Other investments* | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Assets: | ||||||||||||||||
Unrealized appreciation on futures contracts | $ | 28,108 | $ | — | $ | — | $ | 28,108 | ||||||||
Unrealized appreciation on centrally cleared interest rate swaps | — | 18,404 | — | 18,404 | ||||||||||||
Liabilities: | ||||||||||||||||
Value of options written | (824 | ) | — | — | (824 | ) | ||||||||||
Unrealized depreciation on futures contracts | (9,290 | ) | — | — | (9,290 | ) | ||||||||||
Unrealized depreciation on centrally cleared interest rate swaps | — | (3,351 | ) | — | (3,351 | ) | ||||||||||
Total | $ | 17,994 | $ | 15,053 | $ | — | $ | 33,047 |
* | Options written, futures contracts and interest rate swaps are not included in the fund’s investment portfolio. |
Managed Risk Growth Fund
As of December 31, 2023, all of the fund’s investments were classified as Level 1.
Managed Risk International Fund | ||||||||||||||||
Investment securities | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Assets | ||||||||||||||||
Growth funds | $ | 105,419 | $ | — | $ | — | $ | 105,419 | ||||||||
Fixed income funds | 12,408 | — | — | 12,408 | ||||||||||||
Short-term securities | 6,067 | — | — | 6,067 | ||||||||||||
Options purchased (equity style) | 299 | 25 | — | 324 | ||||||||||||
Total | $ | 124,193 | $ | 25 | $ | — | $ | 124,218 |
322 | American Funds Insurance Series |
Other investments* | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Assets: | ||||||||||||||||
Unrealized appreciation on futures contracts | $ | 26 | $ | — | $ | — | $ | 26 | ||||||||
Liabilities: | ||||||||||||||||
Unrealized depreciation on futures contracts | (65 | ) | — | — | (65 | ) | ||||||||||
Total | $ | (39 | ) | $ | — | $ | — | $ | (39 | ) |
* | Futures contracts are not included in the fund’s investment portfolio. |
Managed Risk Washington Mutual Investors Fund
As of December 31, 2023, all of the fund’s investments were classified as Level 1.
Managed Risk Growth-Income Fund
As of December 31, 2023, all of the fund’s investments were classified as Level 1.
Managed Risk Asset Allocation Fund
As of December 31, 2023, all of the fund’s investments were classified as Level 1.
4. Risk factors
Investing in the funds may involve certain risks including, but not limited to, those described below.
Market conditions — The prices of, and the income generated by, the common stocks, bonds and other securities held by a fund may decline — sometimes rapidly or unpredictably — due to various factors, including events or conditions affecting the general economy or particular industries or companies; overall market changes; local, regional or global political, social or economic instability; governmental, governmental agency or central bank responses to economic conditions; changes in inflation rates; and currency exchange rate, interest rate and commodity price fluctuations. These risks may be heightened in the case of smaller capitalization stocks.
Economies and financial markets throughout the world are highly interconnected. Economic, financial or political events, trading and tariff arrangements, wars, terrorism, cybersecurity events, natural disasters, public health emergencies (such as the spread of infectious disease), bank failures and other circumstances in one country or region, including actions taken by governmental or quasi-governmental authorities in response to any of the foregoing, could have impacts on global economies or markets. As a result, whether or not a fund invests in securities of issuers located in or with significant exposure to the countries affected, the value and liquidity of a fund’s investments may be negatively affected by developments in other countries and regions.
Issuer risks — The prices of, and the income generated by, securities held by a fund may decline in response to various factors directly related to the issuers of such securities, including reduced demand for an issuer’s goods or services, poor management performance, major litigation, investigations or other controversies related to the issuer, changes in the issuer’s financial condition or credit rating, changes in government regulations affecting the issuer or its competitive environment and strategic initiatives such as mergers, acquisitions or dispositions and the market response to any such initiatives. An individual security may also be affected by factors relating to the industry or sector of the issuer or the securities markets as a whole, and conversely an industry or sector or the securities markets may be affected by a change in financial condition or other event affecting a single issuer.
Investing in income-oriented stocks — The value of a fund’s securities and income provided by a fund may be reduced by changes in the dividend policies of, and the capital resources available for dividend payments at, the companies in which the fund invests.
Investing in growth-oriented stocks — Growth-oriented common stocks and other equity-type securities (such as preferred stocks, convertible preferred stocks and convertible bonds) may involve larger price swings and greater potential for loss than other types of investments. These risks may be even greater in the case of smaller capitalization stocks.
American Funds Insurance Series | 323 |
Investing in small companies — Investing in smaller companies may pose additional risks. For example, it is often more difficult to value or dispose of small company stocks and more difficult to obtain information about smaller companies than about larger companies. Furthermore, smaller companies often have limited product lines, operating histories, markets and/or financial resources, may be dependent on one or a few key persons for management, and can be more susceptible to losses. Moreover, the prices of their stocks may be more volatile than stocks of larger, more established companies, particularly during times of market turmoil.
Investing outside the U.S. — Securities of issuers domiciled outside the U.S. or with significant operations or revenues outside the U.S., and securities tied economically to countries outside the U.S., may lose value because of adverse political, social, economic or market developments (including social instability, regional conflicts, terrorism and war) in the countries or regions in which the issuers are domiciled, operate or generate revenue or to which the securities are tied economically. These securities may also lose value due to changes in foreign currency exchange rates against the U.S. dollar and/or currencies of other countries. Issuers of these securities may be more susceptible to actions of foreign governments, such as nationalization, currency blockage or the imposition of price controls, sanctions, or punitive taxes, each of which could adversely impact the value of these securities. Securities markets in certain countries may be more volatile and/or less liquid than those in the U.S. Investments outside the U.S. may also be subject to different regulatory, legal, accounting, auditing, financial reporting and recordkeeping requirements, and may be more difficult to value, than those in the U.S. In addition, the value of investments outside the U.S. may be reduced by foreign taxes, including foreign withholding taxes on interest and dividends. Further, there may be increased risks of delayed settlement of securities purchased or sold by the fund, which could impact the liquidity of the fund’s portfolio. The risks of investing outside the U.S. may be heightened in connection with investments in emerging markets.
Investing in developing countries — Investing in countries with developing economies and/or markets may involve risks in addition to and greater than those generally associated with investing in developed countries. For instance, developing countries tend to have less developed political, economic and legal systems than those in developed countries. Accordingly, the governments of these countries may be less stable and more likely to intervene in the market economy, for example, by imposing capital controls, nationalizing a company or industry, placing restrictions on foreign ownership and on withdrawing sale proceeds of securities from the country, and/or imposing punitive taxes that could adversely affect the prices of securities. Information regarding issuers in developing countries may be limited, incomplete or inaccurate, and such issuers may not be subject to regulatory, accounting, auditing, and financial reporting and recordkeeping standards comparable to those to which issuers in developed countries are subject. A fund’s rights with respect to its investments in developing countries, if any, will generally be governed by local law, which may make it difficult or impossible for the fund to pursue legal remedies or to obtain and enforce judgments in local courts. In addition, the economies of these countries may be dependent on relatively few industries, may have limited access to capital and may be more susceptible to changes in local and global trade conditions and downturns in the world economy. Securities markets in these countries can also be relatively small and have substantially lower trading volumes. As a result, securities issued in these countries may be more volatile and less liquid, more vulnerable to market manipulation, and more difficult to value, than securities issued in countries with more developed economies and/or markets. Less certainty with respect to security valuations may lead to additional challenges and risks in calculating a fund’s net asset value. Additionally, developing countries are more likely to experience problems with the clearing and settling of trades and the holding of securities by banks, agents and depositories that are less established than those in developed countries.
Investing in emerging markets — Investing in emerging markets may involve risks in addition to and greater than those generally associated with investing in the securities markets of developed countries. For instance, emerging market countries tend to have less developed political, economic and legal systems than those in developed countries. Accordingly, the governments of these countries may be less stable and more likely to intervene in the market economy, for example, by imposing capital controls, nationalizing a company or industry, placing restrictions on foreign ownership and on withdrawing sale proceeds of securities from the country, and/or imposing punitive taxes that could adversely affect the prices of securities. Information regarding issuers in emerging markets may be limited, incomplete or inaccurate, and such issuers may not be subject to regulatory, accounting, auditing, and financial reporting and recordkeeping standards comparable to those to which issuers in more developed markets are subject. A fund’s rights with respect to its investments in emerging markets, if any, will generally be governed by local law, which may make it difficult or impossible for the fund to pursue legal remedies or to obtain and enforce judgments in local courts. In addition, the economies of these countries may be dependent on relatively few industries, may have limited access to capital and may be more susceptible to changes in local and global trade conditions and downturns in the world economy. Securities markets in these countries can also be relatively small and have substantially lower trading volumes. As a result, securities issued in these countries may be more volatile and less liquid, more vulnerable to market manipulation, and more difficult to value, than securities issued in countries with more developed economies and/or markets. Less certainty with respect to security valuations may lead to additional challenges and risks in calculating a fund’s net asset value. Additionally, emerging markets are more likely to experience problems with the clearing and settling of trades and the holding of securities by banks, agents and depositories that are less established than those in developed countries.
324 | American Funds Insurance Series |
Investing in debt instruments — The prices of, and the income generated by, bonds and other debt securities held by a fund may be affected by factors such as the interest rates, maturities and credit quality of these securities.
Rising interest rates will generally cause the prices of bonds and other debt securities to fall. Also, when interest rates rise, issuers of debt securities that may be prepaid at any time, such as mortgage-or other asset-backed securities, are less likely to refinance existing debt securities, causing the average life of such securities to extend. A general change in interest rates may cause investors to sell debt securities on a large scale, which could also adversely affect the price and liquidity of debt securities and could also result in increased redemptions from a fund. Falling interest rates may cause an issuer to redeem, call or refinance a debt security before its stated maturity, which may result in a fund having to reinvest the proceeds in lower yielding securities. Longer maturity debt securities generally have greater sensitivity to changes in interest rates and may be subject to greater price fluctuations than shorter maturity debt securities.
Bonds and other debt securities are also subject to credit risk, which is the possibility that the credit strength of an issuer or guarantor will weaken or be perceived to be weaker, and/or an issuer of a debt security will fail to make timely payments of principal or interest and the security will go into default. Changes in actual or perceived creditworthiness may occur quickly. A downgrade or default affecting any of a fund’s securities could cause the value of a fund’s shares to decrease. Lower quality debt securities generally have higher rates of interest and may be subject to greater price fluctuations than higher quality debt securities. Credit risk is gauged, in part, by the credit ratings of the debt securities in which a fund invests. However, ratings are only the opinions of the rating agencies issuing them and are not guarantees as to credit quality or an evaluation of market risk. The fund’s investment adviser relies on its own credit analysts to research issuers and issues in assessing credit and default risks.
Investing in lower rated debt instruments — Lower rated bonds and other lower rated debt securities generally have higher rates of interest and involve greater risk of default or price declines due to changes in the issuer’s creditworthiness than those of higher quality debt securities. The market prices of these securities may fluctuate more than the prices of higher quality debt securities and may decline significantly in periods of general economic difficulty. These risks may be increased with respect to investments in junk bonds.
Investing in derivatives — The use of derivatives involves a variety of risks, which may be different from, or greater than, the risks associated with investing in traditional securities, such as stocks and bonds. Changes in the value of a derivative may not correlate perfectly with, and may be more sensitive to market events than, the underlying asset, rate or index, and a derivative instrument may cause a fund to lose significantly more than its initial investment. Derivatives may be difficult to value, difficult for a fund to buy or sell at an opportune time or price and difficult, or even impossible, to terminate or otherwise offset. A fund’s use of derivatives may result in losses to the fund, and investing in derivatives may reduce a fund’s returns and increase a fund’s price volatility. A fund’s counterparty to a derivative transaction (including, if applicable, the fund’s clearing broker, the derivatives exchange or the clearinghouse) may be unable or unwilling to honor its financial obligations in respect of the transaction. In certain cases, the fund may be hindered or delayed in exercising remedies against or closing out derivative instruments with a counterparty, which may result in additional losses. Derivatives are also subject to operational risk (such as documentation issues, settlement issues and systems failures) and legal risk (such as insufficient documentation, insufficient capacity or authority of a counterparty, and issues with the legality or enforceability of a contract).
Currency — The prices of, and the income generated by, many debt securities held by a fund may also be affected by changes in relative currency values. If the U.S. dollar appreciates against foreign currencies, the value in U.S. dollars of a fund’s securities denominated in such currencies would generally fall and vice versa.
Investing in mortgage-related and other asset-backed securities — Mortgage-related securities, such as mortgage-backed securities, and other asset-backed securities, include debt obligations that represent interests in pools of mortgages or other income-bearing assets, such as residential mortgage loans, home equity loans, mortgages on commercial buildings, consumer loans or receivables and equipment leases. While such securities are subject to the risks associated with investments in debt instruments generally (for example, credit, extension and interest rate risks), they are also subject to other and different risks. Mortgage-backed and other asset-backed securities are subject to changes in the payment patterns of borrowers of the underlying debt, potentially increasing the volatility of the securities and a fund’s net asset value. When interest rates fall, borrowers are more likely to refinance or prepay their debt before its stated maturity. This may result in a fund having to reinvest the proceeds in lower yielding securities, effectively reducing a fund’s income. Conversely, if interest rates rise and borrowers repay their debt more slowly than expected, the time in which the mortgage-backed and other asset-backed securities are paid off could be extended, reducing a fund’s cash available for reinvestment in higher yielding securities. Mortgage-backed securities are also subject to the risk that underlying borrowers will be unable to meet their obligations and the value of property that secures the mortgages may decline in value and be insufficient, upon foreclosure, to repay the associated loans. Investments in asset-backed securities are subject to similar risks.
American Funds Insurance Series | 325 |
Investing in future delivery contracts — A fund may enter into contracts, such as to-be-announced contracts and mortgage dollar rolls, that involve a fund selling mortgage-related securities and simultaneously contracting to repurchase similar securities for delivery at a future date at a predetermined price. This can increase a fund’s market exposure, and the market price of the securities that the fund contracts to repurchase could drop below their purchase price. While a fund can preserve and generate capital through the use of such contracts by, for example, realizing the difference between the sale price and the future purchase price, the income generated by the fund may be reduced by engaging in such transactions. In addition, these transactions increase the turnover rate of a fund.
Investing in inflation-linked bonds — The values of inflation-linked bonds generally fluctuate in response to changes in real interest rates — i.e., rates of interest after factoring in inflation. A rise in real interest rates may cause the prices of inflation-linked securities to fall, while a decline in real interest rates may cause the prices to increase. Inflation-linked bonds may experience greater losses than other debt securities with similar durations when real interest rates rise faster than nominal interest rates. There can be no assurance that the value of an inflation-linked security will be directly correlated to changes in interest rates; for example, if interest rates rise for reasons other than inflation, the increase may not be reflected in the security’s inflation measure.
Investing in inflation-linked bonds may also reduce a fund’s distributable income during periods of deflation. If prices for goods and services decline throughout the economy, the principal and income on inflation-linked securities may decline and result in losses to a fund.
Investing in securities backed by the U.S. government — Securities backed by the U.S. Treasury or the full faith and credit of the U.S. government are guaranteed only as to the timely payment of interest and principal when held to maturity. Accordingly, the current market values for these securities will fluctuate with changes in interest rates and the credit rating of the U.S. government. Notwithstanding that these securities are backed by the full faith and credit of the U.S. government, circumstances could arise that would prevent or delay the payment of interest or principal on these securities, which could adversely affect their value and cause the fund to suffer losses. Such an event could lead to significant disruptions in U.S. and global markets.Securities issued by U.S. government-sponsored entities and federal agencies and instrumentalities that are not backed by the full faith and credit of the U.S. government are neither issued nor guaranteed by the U.S. government. U.S. government securities are subject to market risk, interest rate risk and credit risk.
Investing in repurchase agreements — Upon entering into a repurchase agreement, a fund purchases a security from a bank or broker-dealer, which simultaneously commits to repurchase the security within a specified time at the fund’s cost with interest. The security purchased by the fund constitutes collateral for the seller’s repurchase obligation. If the party agreeing to repurchase should default, the fund may seek to sell the security it holds as collateral. The fund may incur a loss if the value of the collateral securing the repurchase obligation falls below the repurchase price. The fund may also incur disposition costs and encounter procedural delays in connection with liquidating the collateral.
Interest rate risk — The values and liquidity of the securities held by a fund may be affected by changing interest rates. For example, the values of these securities may decline when interest rates rise and increase when interest rates fall. Longer maturity debt securities generally have greater sensitivity to changes in interest rates and may be subject to greater price fluctuations than shorter maturity debt securities. A fund may invest in variable and floating rate securities. When a fund holds variable or floating rate securities, a decrease in market interest rates will adversely affect the income received from such securities and the net asset value of a fund’s shares. Although the values of such securities are generally less sensitive to interest rate changes than those of other debt securities, the value of variable and floating rate securities may decline if their interest rates do not rise as quickly, or as much, as market interest rates. Conversely, floating rate securities will not generally increase in value if interest rates decline. During periods of extremely low short-term interest rates, a fund may not be able to maintain a positive yield or total return and, in relatively low interest rate environments, there are heightened risks associated with rising interest rates.
Credit and liquidity support — Changes in the credit quality of banks and financial institutions providing credit and liquidity support features with respect to securities held by a fund could cause the values of these securities to decline.
Asset allocation — A fund’s percentage allocation to equity securities, debt securities and money market instruments could cause the fund to underperform relative to relevant benchmarks and other funds with similar investment objectives.
Liquidity risk — Certain fund holdings may be or may become difficult or impossible to sell, particularly during times of market turmoil. Liquidity may be impacted by the lack of an active market for a holding, legal or contractual restrictions on resale, or the reduced number and capacity of market participants to make a market in such holding. Market prices for less liquid or illiquid holdings may be volatile or difficult to determine, and reduced liquidity may have an adverse impact on the market price of such holdings. Additionally,
326 | American Funds Insurance Series |
the sale of less liquid or illiquid holdings may involve substantial delays (including delays in settlement) and additional costs and the fund may be unable to sell such holdings when necessary to meet its liquidity needs, or to try to limit losses, or may be forced to sell at a loss.
Management — The investment adviser to the funds actively manages the funds’ investments. Consequently, the funds are subject to the risk that the methods and analyses, including models, tools and data, employed by the investment adviser in this process may be flawed or incorrect and may not produce the desired results. This could cause the funds to lose value or their investment results to lag relevant benchmarks or other funds with similar objectives.
Investing in the managed risk funds may involve additional risks including, but not limited to, those described below.
Fund structure — The managed risk funds invest in underlying funds and incur expenses related to those underlying funds. In addition, investors in the managed risk funds will incur fees to pay for certain expenses related to the operations of the managed risk funds. An investor holding the underlying fund directly would incur lower overall expenses but would not receive the benefit of the managed risk strategy. Additionally, in accordance with an exemption under the Investment Company Act of 1940, as amended, the investment adviser considers only proprietary funds when selecting underlying investment options and allocations. This means that the fund’s investment adviser does not, nor does it expect to, consider any unaffiliated funds as underlying investment options for the fund. This strategy could raise certain conflicts of interest when determining the overall asset allocation of the fund or choosing underlying investments for the fund, including the selection of funds that result in greater compensation to the adviser or funds with relatively lower historical investment results. The investment adviser has policies and procedures designed to mitigate material conflicts of interest that may arise in connection with its management of the fund.
Management — The managed risk funds are subject to the risk that the managed risk strategy or the methods employed by the subadviser in implementing the managed risk strategy may not produce the desired results. This could cause the managed risk funds to lose value or their investment results to lag relevant benchmarks or other funds with similar objectives.
Underlying fund risks — Because the managed risk funds’ investments consist of investments in underlying funds, the managed risk funds’ risks are directly related to the risks of the respective underlying fund in which each managed risk fund invests. For this reason, it is important to understand the risks associated with investing both in the managed risk fund and in each of the underlying funds.
Investing in options and futures contracts — In addition to the risks generally associated with investing in derivative instruments, options and futures contracts are subject to the creditworthiness of the clearing organizations, exchanges and, in the case of futures, futures commission merchants with which a fund transacts. While both options and futures contracts are generally liquid instruments, under certain market conditions, options and futures may be deemed to be illiquid. For example, a fund may be temporarily prohibited from closing out its position in an options or futures contract if intraday price change limits or limits on trading volume imposed by the applicable exchange are triggered. If a fund is unable to close out a position on an options or futures contract, the fund would remain subject to the risk of adverse price movements until the fund is able to close out the position in question. The ability of a fund to successfully utilize options and futures contracts may depend in part upon the ability of the fund’s investment adviser or subadviser to accurately forecast interest rates and other economic factors and to assess and predict the impact of such economic factors on the options and futures in which the fund invests. If the investment adviser or subadviser incorrectly forecasts economic developments or incorrectly predicts the impact of such developments on the options and futures in which it invests, a fund could suffer losses. Whereas the risk of loss on a put option purchased by the fund is limited to the initial cost of the option, the amount of a potential loss on a futures contract could greatly exceed the relatively small initial amount invested in entering the futures position.
Hedging — There may be imperfect or even negative correlation between the prices of the options and futures contracts in which a fund invests and the prices of the underlying securities or indexes which the fund seeks to hedge. For example, options and futures contracts may not provide an effective hedge because changes in options and futures contract prices may not track those of the underlying securities or indexes they are intended to hedge. In addition, there are significant differences between the securities market, on the one hand, and the options and futures markets, on the other, that could result in an imperfect correlation between the markets, causing a given hedge not to achieve its objectives. The degree of imperfection of correlation depends on circumstances such as variations in speculative market demand for options and futures, including technical influences in options and futures trading, and differences between the financial instruments being hedged and the instruments underlying the standard contracts available for trading. A decision as to whether, when and how to hedge involves the exercise of skill and judgment, and even a well-conceived hedge may be unsuccessful to some degree because of market behavior or unexpected interest rate trends. In addition, the fund’s investment in exchange-traded options and futures and their resulting costs could limit the fund’s gains in rising markets relative to those of the underlying funds, or to those of unhedged funds in general.
American Funds Insurance Series | 327 |
Short positions — The fund may suffer losses from short positions in futures contracts. Losses from short positions in futures contracts occur when the underlying index increases in value. As the underlying index increases in value, the holder of the short position in the corresponding futures contract is required to pay the difference in value of the futures contract resulting from the increase in the index on a daily basis. Losses from a short position in an index futures contract could potentially be very large if the value of the underlying index rises dramatically in a short period of time.
Nondiversification risk — As nondiversified funds, the managed risk funds have the ability to invest a larger percentage of their assets in the securities of a smaller number of issuers than diversified funds. To the extent that a managed risk fund invests a larger percentage of its assets in securities of one or more issuers, poor performance by these securities could have a greater adverse impact on the fund’s investment results.
5. Certain investment techniques
Securities lending — Some of the funds have entered into securities lending transactions in which the funds earn income by lending investment securities to brokers, dealers or other institutions. Each transaction involves three parties: the fund, acting as the lender of the securities, a borrower, and a lending agent that acts as an intermediary.
Securities lending transactions are entered into by the fund under the securities lending agreement with the lending agent. The lending agent facilitates the exchange of securities between the lender and the borrower, generally provides protection from borrower default, marks to market the value of collateral daily, secures additional collateral from the borrower if it falls below preset terms, and may reinvest the collateral on behalf of the fund according to agreed parameters. The lending agent has indemnified the fund against losses resulting from borrower default. Although risk is mitigated by the collateral and indemnification, the fund could experience a delay in recovering its securities and a potential loss of income or value if the borrower fails to return the securities, collateral investments decline in value or the lending agent fails to perform.
The borrower is required to post highly liquid assets, such as cash or U.S. government securities, as collateral for the loan in an amount at least equal to the value of the securities loaned. Investments made with cash collateral are recognized as assets in the fund’s investment portfolio. The same amount is recorded as a liability in the fund’s statement of assets and liabilities. While securities are on loan, the fund will continue to receive the equivalent of the interest, dividends or other distributions paid by the issuer, as well as a portion of the interest on the investment of the collateral. Additionally, although the fund does not have the right to vote on securities while they are on loan, the fund has a right to consent on corporate actions and a right to recall loaned securities to vote on proposals affecting them. The borrower is obligated to return the loaned security at the conclusion of the loan or, during the pendency of the loan, on demand from the fund.
The following table presents the value of the securities on loan, the type and value of collateral received and the value of the investment securities purchased, if any, from the cash collateral received by each fund (dollars in thousands):
Collateral received | ||||||||||||||||
Funds | Value of investment securities on loan | Cash | U.S. government securities | Value of investment securities purchased | ||||||||||||
Global Growth Fund | $ | 19,320 | $ | — | $ | 21,524 | $ | — | ||||||||
Global Small Capitalization Fund | 30,423 | 8,535 | 23,751 | 7,682 | ||||||||||||
Growth Fund | 21,365 | 21,892 | — | 19,703 | ||||||||||||
International Fund | 82 | 86 | — | 77 | ||||||||||||
New World Fund | 1,705 | 1,117 | 656 | 1,005 | ||||||||||||
Washington Mutual Investors Fund | 10,510 | 10,881 | — | 9,793 | ||||||||||||
Capital World Growth and Income Fund | 7,091 | 7,147 | 501 | 6,432 | ||||||||||||
Growth-Income Fund | 110,228 | 115,333 | — | 103,800 | ||||||||||||
International Growth and Income Fund | 2,296 | 2,250 | 225 | 2,025 | ||||||||||||
Capital Income Builder | 17,090 | 17,994 | — | 16,195 | ||||||||||||
Asset Allocation Fund | 24,156 | 25,242 | — | 22,718 | ||||||||||||
American Funds Global Balanced Fund | 1,039 | 1,069 | — | 962 |
328 | American Funds Insurance Series |
Investment securities purchased from cash collateral are disclosed in the investment portfolio as short-term securities. Securities received as collateral, if any, are not recognized as fund assets. The contractual maturity of collateral received under the securities lending agreement is classified as overnight and continuous.
Index-linked bonds — Some of the funds have invested in index-linked bonds, which are fixed-income securities whose principal value is periodically adjusted to a government price index. Over the life of an index-linked bond, interest is paid on the adjusted principal value. Increases or decreases in the principal value of index-linked bonds are recorded as interest income in the fund’s statement of operations.
Mortgage dollar rolls — Some of the funds have entered into mortgage dollar roll transactions of TBA securities in which the fund sells a TBA mortgage-backed security to a counterparty and simultaneously enters into an agreement with the same counterparty to buy back a similar TBA security on a specific future date at a predetermined price. Mortgage dollar rolls are accounted for as purchase and sale transactions and may result in an increase to the fund’s portfolio turnover rate. Portfolio turnover rates excluding and including mortgage dollar rolls are presented at the end of the financial highlights tables.
Loan transactions — Some of the funds have entered into loan transactions in which the fund acquires a loan either through an agent, by assignment from another holder, or as a participation interest in another holder’s portion of a loan. The loan is often administered by a financial institution that acts as agent for the holders of the loan, and the fund may be required to receive approval from the agent and/or borrower prior to the sale of the investment. The loan’s interest rate and maturity date may change based on the terms of the loan, including potential early payments of principal.
Short-term securities — The managed risk funds hold shares of State Street Institutional U.S. Government Money Market Fund, a cash management vehicle offered and managed by State Street Bank and Trust Company.
Unfunded commitments — Asset Allocation Fund, Capital World Bond Fund and American High-Income Trust have participated in transactions that involve unfunded commitments, which may obligate each fund to purchase new or additional bonds and/or purchase additional shares of the applicable issuer if certain contingencies are met. As of December 31, 2023, the maximum exposure from these unfunded commitments for Asset Allocation Fund, Capital World Bond Fund and American High-Income Trust was $1,303,000, $31,000 and $1,032,000, respectively, which would represent less than 0.01% for Asset Allocation Fund and Capital World Bond Fund and 0.12% for American High-Income Trust, respectively, of the net assets of each fund should such commitments become due. Unrealized depreciation on these unfunded commitments for Asset Allocation Fund, Capital World Bond Fund and American High-Income Trust of $3,000, less than $1,000 and $4,000, respectively, is disclosed as unrealized depreciation on unfunded commitments in each fund’s statement of assets and liabilities. Unrealized depreciation is included in net unrealized appreciation (depreciation) on investments in unaffiliated issuers in each fund’s statement of operations.
Option contracts — Some of the funds have entered into option contracts, which give the purchaser of the option, in return for a premium payment, the right to buy from (in the case of a call) or sell to (in the case of a put) the writer of the option the reference instrument underlying the option (or the cash value of the instrument or index underlying the option) at a specified exercise price. The writer of an option has the obligation, upon exercise of the option, to cash settle or deliver the underlying instrument or index upon payment of the exercise price (in the case of a call) or to cash settle or take delivery of the underlying instrument or index and pay the exercise price (in the case of a put).
By purchasing a put option, the fund obtains the right (but not the obligation) to sell the instrument underlying the option (or to deliver the cash value of the instrument or index underlying the option) at a specified exercise price. In return for this right, the fund pays the current market price, or the option premium, for the option. The fund may terminate its position in a put option by allowing the option to expire or by exercising the option. If the option is allowed to expire, the fund will lose the entire amount of the premium paid. If the option is exercised, the fund completes the sale of the underlying instrument (or delivers the cash value of the index underlying the option) at the exercise price. The fund may also terminate a put option position by entering into opposing close-out transactions in advance of the option expiration date.
The features of call options are essentially the same as those of put options, except that the purchaser of a call option obtains the right (but not the obligation) to purchase, rather than sell, the underlying instrument (or the cash value of the index underlying the option) at the specified exercise price. The buyer of a call option typically attempts to participate in potential price increases of the underlying instrument or index with risk limited to the cost of the option if the price of the underlying instrument or index falls. At the same time, the call option buyer can expect to suffer a loss if the price of the underlying instrument or index does not rise sufficiently to offset the cost of the option.
American Funds Insurance Series | 329 |
The writer of a put or call option takes the opposite side of the transaction from the option purchaser. In return for receipt of the option premium, the writer assumes the obligation to pay or receive the exercise price for the option’s underlying instrument or index if the other party to the option chooses to exercise it. The writer may seek to terminate a position in a put option before exercise by entering into opposing close-out transactions in advance of the option expiration date. If the market for the relevant put option is not liquid, however, the writer must be prepared to pay the exercise price while the option is outstanding, regardless of price changes. Writing a call option obligates the writer to, upon exercise of the option, deliver the option’s underlying instrument in return for the exercise price or to make a net cash settlement payment, as applicable. The characteristics of writing call options are similar to those of writing put options, except that writing call options is generally a profitable strategy if prices remain the same or fall. The potential gain for the option seller in such a transaction would be capped at the premium received.
Option contracts can be either equity style (premium is paid in full when the option is opened) or futures style (premium moves as part of variation margin over the life of the option, and is paid in full when the option is closed). For equity style options, premiums paid on options purchased, as well as the daily fluctuation in market value, are included in investment securities from unaffiliated issuers in each fund’s statement of asset and liabilities, and premiums received on options written, as well as the daily fluctuation in market value, are included in options written at value in each fund’s statement of assets and liabilities. For futures style options, on a daily basis for both purchased and written options, the fund pays or receives variation margin based on the premium paid and the daily fluctuation in market value, and records variation margin in the statement of assets and liabilities. Realized gains or losses are recorded at the time the option contract is closed or expires. For purchased options, the net realized gains or losses and net unrealized appreciation or depreciation from equity style options are recorded in investments in unaffiliated issuers in each fund’s statement of operations, and from futures style options are recorded in options purchased (futures style) in each fund’s statement of operations. For written options, the net realized gains or losses and net unrealized appreciation or depreciation are recorded in options written in each fund’s statement of operations.
Option contracts can take different forms. Some of the funds have entered into the following types of options contracts:
Options on equity indexes — As part of their managed risk strategy, the managed risk funds will at times purchase put options on equity indexes in standardized contracts traded on foreign or domestic securities exchanges, boards of trade, or similar entities.
Options on futures — One of the funds has entered into options on future contracts to seek to manage the fund’s interest rate sensitivity by increasing or decreasing the duration of the fund or a portion of the fund’s portfolio. An option on a futures contract gives the purchaser of the option the right to buy or sell a position in a futures contract from or to the writer of the option, at a specified price on or before the specified expiration date.
Futures contracts — Some of the funds have entered into futures contracts, which provide for the future sale by one party and purchase by another party of a specified amount of a specific financial instrument for a specified price, date, time and place designated at the time the contract is made. Futures contracts are used to strategically manage the fund’s interest rate sensitivity by increasing or decreasing the duration of the fund or a portion of the fund’s portfolio. For the managed risk funds, futures contracts are used to strategically manage portfolio volatility and downside equity risk.
Upon entering into futures contracts, and to maintain the fund’s open positions in futures contracts, the fund is required to deposit with a futures broker, known as a futures commission merchant (“FCM”), in a segregated account in the name of the FCM an amount of cash, U.S. government securities or other liquid securities, known as initial margin. The margin required for a particular futures contract is set by the exchange on which the contract is traded to serve as collateral, and may be significantly modified from time to time by the exchange during the term of the contract.
On a daily basis, each fund pays or receives variation margin based on the increase or decrease in the value of the futures contracts and records variation margin on futures contracts in each fund’s statement of assets and liabilities. Futures contracts may involve a risk of loss in excess of the variation margin shown on each fund’s statement of assets and liabilities. Each fund records realized gains or losses at the time the futures contract is closed or expires. Net realized gains or losses and net unrealized appreciation or depreciation from futures contracts are recorded in each fund’s statement of operations.
Forward currency contracts — Some of the funds have entered into forward currency contracts, which represent agreements to exchange currencies on specific future dates at predetermined rates. The series’ investment adviser uses forward currency contracts to manage the fund’s exposure to changes in exchange rates. Upon entering into these contracts, risks may arise from the potential inability of counterparties to meet the terms of their contracts and from possible movements in exchange rates.
330 | American Funds Insurance Series |
On a daily basis, the series’ investment adviser values forward currency contracts based on the applicable exchange rates and records unrealized appreciation or depreciation for open forward currency contracts in each fund’s statement of assets and liabilities. Realized gains or losses are recorded at the time the forward contract is closed or offset by another contract with the same broker for the same settlement date and currency. Closed forward currency contracts that have not reached their settlement date are included in the respective receivables or payables for closed forward currency contracts in each fund’s statement of assets and liabilities. Net realized gains or losses from closed forward currency contracts and net unrealized appreciation or depreciation from open forward currency contracts are recorded in each fund’s statement of operations.
Swap contracts — Some of the funds have entered into swap agreements, which are two-party contracts entered into primarily by institutional investors for a specified time period. In a typical swap transaction, two parties agree to exchange the returns earned or realized from one or more underlying assets or rates of return. Swap agreements can be traded on a swap execution facility (SEF) and cleared through a central clearinghouse (cleared), traded over-the-counter (OTC) and cleared, or traded bilaterally and not cleared. Because clearing interposes a central clearinghouse as the ultimate counterparty to each participant’s swap, and margin is required to be exchanged under the rules of the clearinghouse, central clearing is intended to decrease (but not eliminate) counterparty risk relative to uncleared bilateral swaps. To the extent the funds enter into bilaterally negotiated swap transactions, the funds will enter into swap agreements only with counterparties that meet certain credit standards and subject to agreed collateralized procedures. The term of a swap can be days, months or years and certain swaps may be less liquid than others.
Upon entering into a centrally cleared swap contract, the funds are required to deposit cash, U.S. government securities or other liquid securities, which is known as initial margin. Generally, the initial margin required for a particular swap is set and held as collateral by the clearinghouse on which the contract is cleared. The amount of initial margin required may be significantly modified from time to time by the clearinghouse during the term of the contract.
On a daily basis, interest accruals related to the exchange of future payments are recorded as a receivable and payable in the funds’ statement of assets and liabilities for centrally cleared swaps and as unrealized appreciation or depreciation in the funds’ statement of assets and liabilities for bilateral swaps. For centrally cleared swaps, the fund also pays or receives a variation margin based on the increase or decrease in the value of the swaps, including accrued interest as applicable, and records variation margin in the statement of assets and liabilities. The funds record realized gains and losses on both the net accrued interest and any gain or loss recognized at the time the swap is closed or expires. Net realized gains or losses, as well as any net unrealized appreciation or depreciation, from swaps are recorded in the funds’ statement of operations.
Swap agreements can take different forms. Some of the funds have entered into the following types of swap agreements:
Interest rate swaps — Some of the funds have entered into interest rate swaps, which seek to manage the interest rate sensitivity of the fund by increasing or decreasing the duration of the funds or a portion of the funds’ portfolio. An interest rate swap is an agreement between two parties to exchange or swap payments based on changes in an interest rate or rates. Typically, one interest rate is fixed and the other is variable based on a designated short-term interest rate such as the Secured Overnight Financing Rate (SOFR), prime rate or other benchmark. In other types of interest rate swaps, known as basis swaps, the parties agree to swap variable interest rates based on different designated short-term interest rates. Interest rate swaps generally do not involve the delivery of securities or other principal amounts. Rather, cash payments are exchanged by the parties based on the application of the designated interest rates to a notional amount, which is the predetermined dollar principal of the trade upon which payment obligations are computed. Accordingly, the funds’ current obligation or right under the swap agreement is generally equal to the net amount to be paid or received under the swap agreement based on the relative value of the position held by each party.
Credit default swap indices — Some of the funds have entered into centrally cleared credit default swap indices, including CDX and iTraxx indices (collectively referred to as “CDSIs”), in order to assume exposure to a diversified portfolio of credits or to hedge against existing credit risks. A CDSI is based on a portfolio of credit default swaps with similar characteristics, such as credit default swaps on high-yield bonds. In a typical CDSI transaction, one party (the protection buyer) is obligated to pay the other party (the protection seller) a stream of periodic payments over the term of the contract. If a credit event, such as a default or restructuring, occurs with respect to any of the underlying reference obligations, the protection seller must pay the protection buyer the loss on those credits.
American Funds Insurance Series | 331 |
The funds may enter into a CDSI transaction as either protection buyer or protection seller. If the funds are protection buyers, they would pay the counterparty a periodic stream of payments over the term of the contract and would not recover any of those payments if no credit events were to occur with respect to any of the underlying reference obligations. However, if a credit event did occur, the funds, as protection buyers, would have the right to deliver the referenced debt obligations or a specified amount of cash, depending on the terms of the applicable agreement, and to receive the par value of such debt obligations from the counterparty protection seller. As protection sellers, the funds would receive fixed payments throughout the term of the contract if no credit events were to occur with respect to any of the underlying reference obligations. If a credit event were to occur, however, the value of any deliverable obligation received by the funds, coupled with the periodic payments previously received by the funds, may be less than the full notional value that the funds, as a protection seller, pays to the counterparty protection buyer, effectively resulting in a loss of value to the funds. Furthermore, as protection sellers, the funds would effectively add leverage to their portfolio because it would have investment exposure to the notional amount of the swap transaction.
The following table presents the average month-end notional amounts of options contracts purchased, futures contracts, forward currency contracts, interest rate swaps and credit default swaps while held for each fund (dollars in thousands):
Options on futures | Options on equity indexes | Futures contracts | Forward currency contracts | Interest rate swaps | Credit default swaps | ||||||||
New World Fund | Not applicable | Not applicable | $28,095 | $15,017 | $ 4,663 | 2,230 | 1 | ||||||
Capital Income Builder | Not applicable | Not applicable | 108,346 | Not applicable | 46,969 | 6,193 | |||||||
Asset Allocation Fund | Not applicable | Not applicable | 3,357,201 | Not applicable | 396,718 | 28,501 | |||||||
Global Balanced Fund | Not applicable | Not applicable | 40,168 | 36,810 | 30,526 | 1,936 | |||||||
The Bond Fund of America | Not applicable | Not applicable | 6,797,857 | 94,777 | 797,750 | 126,431 | |||||||
Capital World Bond Fund | Not applicable | Not applicable | 597,982 | 530,575 | 315,943 | 68,094 | |||||||
American High-Income Trust | Not applicable | Not applicable | 10,724 | Not applicable | Not applicable | 11,361 | |||||||
American Funds Mortgage Fund | Not applicable | Not applicable | 76,325 | Not applicable | 6,633 | Not applicable | |||||||
U.S. Government Securities Fund | $140,800 | Not applicable | 2,329,186 | Not applicable | 761,456 | Not applicable | |||||||
Managed Risk Growth Fund | Not applicable | 382,855 | 81,657 | Not applicable | Not applicable | Not applicable | |||||||
Managed Risk International Fund | Not applicable | 81,835 | 8,782 | Not applicable | Not applicable | Not applicable | |||||||
Managed Risk Washington Mutual Investors Fund | Not applicable | 314,374 | 16,284 | Not applicable | Not applicable | Not applicable | |||||||
Managed Risk Growth-Income Fund | Not applicable | 3,388,886 | 163,141 | Not applicable | Not applicable | Not applicable | |||||||
Managed Risk Asset Allocation Fund | Not applicable | 333,293 | 115,565 | Not applicable | Not applicable | Not applicable |
1 | No contracts were held at the end of the reporting period; amount represents the average month-end notional amount of contracts while they were held. |
The following tables identify the location and fair value amounts on each fund’s statement of assets and liabilities and/or the effect on each fund’s statement of operations resulting from each fund’s use of options, futures contracts, forward currency contracts, interest rate swaps and/or credit default swaps as of, or for the year ended, December 31, 2023 (dollars in thousands):
New World Fund
Assets | Liabilities | |||||||||||||
Contracts | Risk type | Location on statement of assets and liabilities | Value | Location on statement of assets and liabilities | Value | |||||||||
Futures | Interest | Unrealized appreciation2 | $ | 244 | Unrealized depreciation2 | $ | 265 | |||||||
Forward currency | Currency | Unrealized appreciation on open forward currency contracts | 100 | Unrealized depreciation on open forward currency contracts | 213 | |||||||||
Forward currency | Currency | Receivables for closed forward currency contracts | 18 | Payables for closed forward currency contracts | 114 | |||||||||
Swap (bilateral) | Interest | Bilateral swaps, at value | 95 | Bilateral swaps, at value | — | |||||||||
$ | 457 | $ | 592 |
Refer to the end of the tables for footnotes.
332 | American Funds Insurance Series |
Net realized gain (loss) | Net unrealized appreciation (depreciation) | |||||||||||||
Contracts | Risk type | Location on statement of operations | Value | Location on statement of operations | Value | |||||||||
Futures | Interest | Net realized gain on futures contracts | $ | 461 | Net unrealized depreciation on futures contracts | $ | (114 | ) | ||||||
Forward currency | Currency | Net realized loss on forward currency contracts | (182 | ) | Net unrealized depreciation on forward currency contracts | (63 | ) | |||||||
Swap | Interest | Net realized gain on swap contracts | 95 | Net unrealized appreciation on swap contracts | 95 | |||||||||
Swap | Credit | Net realized loss on swap contracts | (3 | ) | Net unrealized depreciation on swap contracts | (2 | ) | |||||||
$ | 371 | $ | (84 | ) | ||||||||||
International Growth and Income Fund | ||||||||||||||
Net realized gain (loss) | Net unrealized appreciation (depreciation) | |||||||||||||
Contracts | Risk type | Location on statement of operations | Value | Location on statement of operations | Value | |||||||||
Forward currency | Currency | Net realized gain on forward currency contracts | $ | 2 | Net unrealized depreciation on forward currency contracts | $ | (5 | ) | ||||||
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 appreciation2 | $ | 2,456 | Unrealized depreciation2 | $ | — | |||||||
Swap (centrally cleared) | Interest | Unrealized appreciation2 | 231 | Unrealized depreciation2 | 177 | |||||||||
Swap (centrally cleared) | Credit | Unrealized appreciation2 | 380 | Unrealized depreciation2 | — | |||||||||
$ | 3,067 | $ | 177 | |||||||||||
Net realized gain (loss) | Net unrealized appreciation (depreciation) | |||||||||||||
Contracts | Risk type | Location on statement of operations | Value | Location on statement of operations | Value | |||||||||
Futures | Interest | Net realized loss on futures contracts | $ | (4,166 | ) | Net unrealized appreciation on futures contracts | $ | 2,535 | ||||||
Swap | Interest | Net realized gain on swap contracts | 1,408 | Net unrealized depreciation on swap contracts | (1,466 | ) | ||||||||
Swap | Credit | Net realized gain on swap contracts | 164 | Net unrealized appreciation on swap contracts | 427 | |||||||||
$ | (2,594 | ) | $ | 1,496 |
Refer to the end of the tables for footnotes.
American Funds Insurance Series | 333 |
Asset Allocation Fund | ||||||||||||||
Assets | Liabilities | |||||||||||||
Contracts | Risk type | Location on statement of assets and liabilities | Value | Location on statement of assets and liabilities | Value | |||||||||
Futures | Interest | Unrealized appreciation2 | $ | 37,187 | Unrealized depreciation2 | $ | 30,011 | |||||||
Swap (centrally cleared) | Interest | Unrealized appreciation2 | 1,160 | Unrealized depreciation2 | 20 | |||||||||
Swap (centrally cleared) | Credit | Unrealized appreciation2 | 96 | Unrealized depreciation2 | — | |||||||||
$ | 38,443 | $ | 30,031 | |||||||||||
Net realized gain (loss) | Net unrealized appreciation (depreciation) | |||||||||||||
Contracts | Risk type | Location on statement of operations | Value | Location on statement of operations | Value | |||||||||
Futures | Interest | Net realized loss on futures contracts | $ | (72,113 | ) | Net unrealized appreciation on futures contracts | $ | 8,342 | ||||||
Swap | Interest | Net realized loss on swap contracts | (3,172 | ) | Net unrealized appreciation on swap contracts | 1,140 | ||||||||
Swap | Credit | Net realized loss on swap contracts | (2,612 | ) | Net unrealized appreciation on swap contracts | 1,719 | ||||||||
$ | (77,897 | ) | $ | 11,201 | ||||||||||
American Funds Global Balanced Fund | ||||||||||||||
Assets | Liabilities | |||||||||||||
Contracts | Risk type | Location on statement of assets and liabilities | Value | Location on statement of assets and liabilities | Value | |||||||||
Futures | Interest | Unrealized appreciation2 | $ | 546 | Unrealized depreciation2 | $ | 199 | |||||||
Forward currency | Currency | Unrealized appreciation on open forward currency contracts | 672 | Unrealized depreciation on open forward currency contracts | 354 | |||||||||
Forward currency | Currency | Receivables for closed forward currency contracts | 27 | Payables for closed forward currency contracts | 174 | |||||||||
Swap (centrally cleared) | Interest | Unrealized appreciation2 | 241 | Unrealized depreciation2 | 322 | |||||||||
Swap (centrally cleared) | Credit | Unrealized appreciation2 | 11 | Unrealized depreciation2 | 1 | |||||||||
$ | 1,497 | $ | 1,050 | |||||||||||
Net realized gain (loss) | Net unrealized appreciation (depreciation) | |||||||||||||
Contracts | Risk type | Location on statement of operations | Value | Location on statement of operations | Value | |||||||||
Futures | Interest | Net realized loss on futures contracts | $ | (107 | ) | Net unrealized appreciation on futures contracts | $ | 720 | ||||||
Forward currency | Currency | Net realized loss on forward currency contracts | (1,387 | ) | Net unrealized depreciation on forward currency contracts | (218 | ) | |||||||
Swap | Interest | Net realized loss on swap contracts | (992 | ) | Net unrealized appreciation on swap contracts | 935 | ||||||||
Swap | Credit | Net realized loss on swap contracts | (49 | ) | Net unrealized appreciation on swap contracts | 3 | ||||||||
$ | (2,535 | ) | $ | 1,440 |
Refer to the end of the tables for footnotes.
334 | American Funds Insurance Series |
The Bond Fund of America | ||||||||||||||
Assets | Liabilities | |||||||||||||
Contracts | Risk type | Location on statement of assets and liabilities | Value | Location on statement of assets and liabilities | Value | |||||||||
Futures | Interest | Unrealized appreciation2 | $ | 109,286 | Unrealized depreciation2 | $ | 51,016 | |||||||
Forward currency | Currency | Unrealized appreciation on open forward currency contracts | 35 | Unrealized depreciation on open forward currency contracts | 931 | |||||||||
Swap (centrally cleared) | Interest | Unrealized appreciation2 | 2,718 | Unrealized depreciation2 | 2,363 | |||||||||
Swap (centrally cleared) | Credit | Unrealized appreciation2 | — | Unrealized depreciation2 | 1,469 | |||||||||
$ | 112,039 | $ | 55,779 | |||||||||||
Net realized gain (loss) | Net unrealized appreciation (depreciation) | |||||||||||||
Contracts | Risk type | Location on statement of operations | Value | Location on statement of operations | Value | |||||||||
Futures | Interest | Net realized loss on futures contracts | $ | (169,252 | ) | Net unrealized appreciation on futures contracts | $ | 65,223 | ||||||
Forward currency | Currency | Net realized gain on forward currency contracts | 1,833 | Net unrealized depreciation on forward currency contracts | (4,543 | ) | ||||||||
Swap | Interest | Net realized gain on swap contracts | 9,818 | Net unrealized depreciation on swap contracts | (8,721 | ) | ||||||||
Swap | Credit | Net realized loss on swap contracts | (15,513 | ) | Net unrealized appreciation on swap contracts | 5,540 | ||||||||
$ | (173,114 | ) | $ | 57,499 | ||||||||||
Capital World Bond Fund | ||||||||||||||
Assets | Liabilities | |||||||||||||
Contracts | Risk type | Location on statement of assets and liabilities | Value | Location on statement of assets and liabilities | Value | |||||||||
Futures | Interest | Unrealized appreciation2 | $ | 8,176 | Unrealized depreciation2 | $ | 2,274 | |||||||
Forward currency | Currency | Unrealized appreciation on open forward currency contracts | 9,188 | Unrealized depreciation on open forward currency contracts | 5,355 | |||||||||
Forward currency | Currency | Receivables for closed forward currency contracts | 213 | Payables for closed forward currency contracts | 1,748 | |||||||||
Swap (centrally cleared) | Interest | Unrealized appreciation2 | 2,958 | Unrealized depreciation2 | 4,121 | |||||||||
Swap (bilateral) | Interest | Bilateral swaps, at value | 278 | Bilateral swaps, at value | — | |||||||||
Swap (centrally cleared) | Credit | Unrealized appreciation2 | 518 | Unrealized depreciation2 | — | |||||||||
$ | 21,331 | $ | 13,498 |
Refer to the end of the tables for footnotes.
American Funds Insurance Series | 335 |
Net realized gain (loss) | Net unrealized appreciation (depreciation) | |||||||||||||
Contracts | Risk type | Location on statement of operations | Value | Location on statement of operations | Value | |||||||||
Futures | Interest | Net realized loss on futures contracts | $ | (3,487 | ) | Net unrealized appreciation on futures contracts | $ | 9,889 | ||||||
Forward currency | Currency | Net realized loss on forward currency contracts | (19,300 | ) | Net unrealized depreciation on forward currency contracts | (720 | ) | |||||||
Swap | Interest | Net realized loss on swap contracts | (9,887 | ) | Net unrealized appreciation on swap contracts | 10,081 | ||||||||
Swap | Credit | Net realized gain on swap contracts | 1,317 | Net unrealized appreciation on swap contracts | 51 | |||||||||
$ | (31,357 | ) | $ | 19,301 | ||||||||||
American High-Income Trust | ||||||||||||||
Assets | Liabilities | |||||||||||||
Contracts | Risk type | Location on statement of assets and liabilities | Value | Location on statement of assets and liabilities | Value | |||||||||
Futures | Interest | Unrealized appreciation2 | $ | 114 | Unrealized depreciation2 | $ | 105 | |||||||
Swap (centrally cleared) | Credit | Unrealized appreciation2 | 20 | Unrealized depreciation2 | — | |||||||||
$ | 134 | $ | 105 | |||||||||||
Net realized gain (loss) | Net unrealized appreciation (depreciation) | |||||||||||||
Contracts | Risk type | Location on statement of operations | Value | Location on statement of operations | Value | |||||||||
Futures | Interest | Net realized gain on futures contracts | $ | 105 | Net unrealized appreciation on futures contracts | $ | 97 | |||||||
Swap | Credit | Net realized loss on swap contracts | (813 | ) | Net unrealized appreciation on swap contracts | 174 | ||||||||
$ | (708 | ) | $ | 271 | ||||||||||
American Funds Mortgage Fund | ||||||||||||||
Assets | Liabilities | |||||||||||||
Contracts | Risk type | Location on statement of assets and liabilities | Value | Location on statement of assets and liabilities | Value | |||||||||
Futures | Interest | Unrealized appreciation2 | $ | 1,564 | Unrealized depreciation2 | $ | 564 | |||||||
Swap (centrally cleared) | Interest | Unrealized appreciation2 | 12 | Unrealized depreciation2 | 2 | |||||||||
$ | 1,576 | $ | 566 | |||||||||||
Net realized gain (loss) | Net unrealized appreciation (depreciation) | |||||||||||||
Contracts | Risk type | Location on statement of operations | Value | Location on statement of operations | Value | |||||||||
Futures | Interest | Net realized loss on futures contracts | $ | (1,723 | ) | Net unrealized appreciation on futures contracts | $ | 1,075 | ||||||
Swap | Interest | Net realized gain on swap contracts | 802 | Net unrealized depreciation on swap contracts | (780 | ) | ||||||||
$ | (921 | ) | $ | 295 |
Refer to the end of the tables for footnotes.
336 | American Funds Insurance Series |
U.S. Government Securities Fund | ||||||||||||||
Assets | Liabilities | |||||||||||||
Contracts | Risk type | Location on statement of assets and liabilities | Value | Location on statement of assets and liabilities | Value | |||||||||
Options purchased (equity style) | Interest | Investment securities from unaffiliated issuers | $ | 577 | Investment securities from unaffiliated issuers | $ | — | |||||||
Options written (equity style) | Interest | Options written, at value | — | Options written, at value | 824 | |||||||||
Futures | Interest | Unrealized appreciation2 | 28,108 | Unrealized depreciation2 | 9,290 | |||||||||
Swap (centrally cleared) | Interest | Unrealized appreciation2 | 18,404 | Unrealized depreciation2 | 3,351 | |||||||||
$ | 47,089 | $ | 13,465 | |||||||||||
Net realized gain (loss) | Net unrealized appreciation (depreciation) | |||||||||||||
Contracts | Risk type | Location on statement of operations | Value | Location on statement of operations | Value | |||||||||
Options purchased (equity style) | Interest | Net realized gain on investments in unaffiliated issuers | $ | 46 | Net unrealized appreciation on investments in unaffiliated issuers | $ | 256 | |||||||
Options written | Interest | Net realized gain on options written | 19 | Net unrealized depreciation on options written | (343 | ) | ||||||||
Futures | Interest | Net realized loss on futures contracts | (42,489 | ) | Net unrealized appreciation on futures contracts | 21,994 | ||||||||
Swap | Interest | Net realized loss on swap contracts | (4,725 | ) | Net unrealized appreciation on swap contracts | 6,257 | ||||||||
$ | (47,149 | ) | $ | 28,164 | ||||||||||
Managed Risk Growth Fund | ||||||||||||||
Assets | Liabilities | |||||||||||||
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 | $ | 968 | Investment securities from unaffiliated issuers3 | $ | — | |||||||
Futures | Equity | Unrealized appreciation2 | 390 | Unrealized depreciation2 | — | |||||||||
Futures | Interest | Unrealized appreciation2 | 91 | Unrealized depreciation2 | — | |||||||||
1,449 | — | |||||||||||||
Net realized gain (loss) | Net unrealized appreciation (depreciation) | |||||||||||||
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 | $ | (3,861 | ) | Net unrealized depreciation on investments in unaffiliated issuers | $ | (326 | ) | |||||
Futures | Currency | Net realized loss on futures contracts | (246 | ) | Net realized appreciation on futures contracts | 14 | ||||||||
Futures | Equity | Net realized loss on futures contracts | (19,054 | ) | Net realized depreciation on futures contracts | (7,156 | ) | |||||||
Futures | Interest | Net realized loss on futures contracts | (4,142 | ) | Net realized appreciation on futures contracts | 138 | ||||||||
(27,303 | ) | (7,330 | ) |
Refer to the end of the tables for footnotes.
American Funds Insurance Series | 337 |
Managed Risk International Fund | ||||||||||||||
Assets | Liabilities | |||||||||||||
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 | $ | 324 | Investment securities from unaffiliated issuers3 | $ | — | |||||||
Futures | Equity | Unrealized appreciation2 | — | Unrealized depreciation2 | 65 | |||||||||
Futures | Interest | Unrealized appreciation2 | 26 | Unrealized depreciation2 | — | |||||||||
$ | 350 | $ | 65 | |||||||||||
Net realized gain (loss) | Net unrealized appreciation (depreciation) | |||||||||||||
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 | $ | (1,109 | ) | Net unrealized appreciation on investments in unaffiliated issuers | $ | 40 | ||||||
Futures | Equity | Net realized loss on futures contracts | (6,136 | ) | Net realized depreciation on futures contracts | (1,089 | ) | |||||||
Futures | Interest | Net realized loss on futures contracts | (732 | ) | Net realized appreciation on futures contracts | 39 | ||||||||
$ | (7,977 | ) | $ | (1,010 | ) | |||||||||
Managed Risk Washington Mutual Investors Fund | ||||||||||||||
Assets | Liabilities | |||||||||||||
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 | $ | 482 | Investment securities from unaffiliated issuers3 | $ | — | |||||||
Futures | Equity | Unrealized appreciation2 | 256 | Unrealized depreciation2 | — | |||||||||
Futures | Interest | Unrealized appreciation2 | 65 | Unrealized depreciation2 | — | |||||||||
$ | 803 | $ | — | |||||||||||
Net realized gain (loss) | Net unrealized appreciation (depreciation) | |||||||||||||
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 | $ | (3,516 | ) | Net unrealized depreciation on investments in unaffiliated issuers | $ | (48 | ) | |||||
Futures | Currency | Net realized loss on futures contracts | (106 | ) | Net realized depreciation on futures contracts | (63 | ) | |||||||
Futures | Equity | Net realized loss on futures contracts | (7,724 | ) | Net realized depreciation on futures contracts | (2,364 | ) | |||||||
Futures | Interest | Net realized loss on futures contracts | (960 | ) | Net realized appreciation on futures contracts | 146 | ||||||||
$ | (12,306 | ) | $ | (2,329 | ) |
Refer to the end of the tables for footnotes.
338 | American Funds Insurance Series |
Managed Risk Growth-Income Fund | ||||||||||||||
Assets | Liabilities | |||||||||||||
Contracts | Risk type | Location on statement of assets and liabilities | Value | Location on statement of assets and liabilities | Value | |||||||||
Options purchased | Equity | Investment securities from unaffiliated issuers3 | $ | 4,657 | Investment securities from unaffiliated issuers3 | $ | — | |||||||
Futures | Equity | Unrealized appreciation2 | 1,908 | Unrealized depreciation2 | — | |||||||||
Futures | Interest | Unrealized appreciation2 | 140 | Unrealized depreciation2 | — | |||||||||
$ | 6,705 | $ | — | |||||||||||
Net realized gain (loss) | Net unrealized appreciation (depreciation) | |||||||||||||
Contracts | Risk type | Location on statement of operations | Value | Location on statement of operations | Value | |||||||||
Options purchased | Equity | Net realized loss on investments in unaffiliated issuers | $ | (37,878 | ) | Net unrealized depreciation on investments in unaffiliated issuers | $ | (497 | ) | |||||
Futures | Currency | Net realized loss on futures contracts | (1,110 | ) | Net realized depreciation on futures contracts | (359 | ) | |||||||
Futures | Equity | Net realized loss on futures contracts | (38,266 | ) | Net realized depreciation on futures contracts | (14,561 | ) | |||||||
Futures | Interest | Net realized loss on futures contracts | (4,527 | ) | Net realized appreciation on futures contracts | 317 | ||||||||
$ | (81,771 | ) | $ | (15,100 | ) | |||||||||
Managed Risk Asset Allocation Fund | ||||||||||||||
Assets | Liabilities | |||||||||||||
Contracts | Risk type | Location on statement of assets and liabilities | Value | Location on statement of assets and liabilities | Value | |||||||||
Options purchased | Equity | Investment securities from unaffiliated issuers3 | $ | 693 | Investment securities from unaffiliated issuers3 | $ | — | |||||||
Futures | Equity | Unrealized appreciation2 | 392 | Unrealized depreciation2 | — | |||||||||
Futures | Interest | Unrealized appreciation2 | 1,013 | Unrealized depreciation2 | — | |||||||||
$ | 2,098 | $ | — | |||||||||||
Net realized gain (loss) | Net unrealized appreciation (depreciation) | |||||||||||||
Contracts | Risk type | Location on statement of operations | Value | Location on statement of operations | Value | |||||||||
Options purchased | Equity | Net realized loss on investments in unaffiliated issuers | $ | (4,444 | ) | Net unrealized appreciation on investments in unaffiliated issuers | $ | 693 | ||||||
Futures | Currency | Net realized loss on futures contracts | (765 | ) | Net realized depreciation on futures contracts | (149 | ) | |||||||
Futures | Equity | Net realized loss on futures contracts | (40,978 | ) | Net realized depreciation on futures contracts | (13,203 | ) | |||||||
Futures | Interest | Net realized loss on futures contracts | (4,649 | ) | Net realized appreciation on futures contracts | 1,175 | ||||||||
$ | (50,836 | ) | $ | (11,484 | ) |
2 | Includes cumulative appreciation/depreciation on futures contracts, centrally cleared interest rate swaps and/or centrally cleared credit default swaps as reported in the applicable table following each fund’s investment portfolio. Only current day’s variation margin is reported within each fund’s statement of assets and liabilities. |
3 | Includes options purchased as reported in each fund’s investment portfolio. |
American Funds Insurance Series | 339 |
Collateral — Some funds either receive or pledge highly liquid assets, such as cash or U.S. government securities, as collateral due to securities lending and/or their use of option contracts, futures contracts, forward currency contracts, interest rate swaps, credit default swaps and/or future delivery contracts. For securities lending, each participating fund receives collateral in exchange for lending investment securities. The lending agent may reinvest collateral from securities lending transactions according to agreed parameters. For options on equity indexes, options on futures, futures contracts, centrally cleared interest rate swaps and centrally cleared credit default swaps, the program calls for each participating fund to pledge collateral for initial and variation margin by contract. For forward currency contracts and bilateral swaps, the program calls for each participating fund to either receive or pledge collateral based on the net gain or loss on unsettled contracts by counterparty. For future delivery contracts, the program calls for each participating fund to either receive or pledge collateral based on the net gain or loss on unsettled contracts by certain counterparties. The purpose of the collateral is to cover potential losses that could occur in the event that either party cannot meet its contractual obligation. Non-cash collateral pledged by each participating fund, if any, is disclosed in each fund’s investment portfolio, and cash collateral pledged by each participating fund, if any, is held in a segregated account with the fund’s custodian, which is reflected as pledged cash collateral in each fund’s statement of assets and liabilities.
Rights of offset — Funds that hold forward currency contracts and bilateral swaps have enforceable master netting agreements with certain counterparties, where amounts payable by each party to the other in the same currency (with the same settlement date and with the same counterparty) are settled net of each party’s payment obligation. If an early termination date occurs under these agreements following an event of default or termination event, all obligations of each party to its counterparty are settled net through a single payment in a single currency (“close-out netting”). For financial reporting purposes, the funds do not offset financial assets and financial liabilities that are subject to these master netting arrangements in the statements of assets and liabilities.
The tables on the following pages present each fund’s forward currency contracts and bilateral swaps by counterparty that are subject to master netting agreements but that are not offset in the funds’ statements of assets and liabilities. The net amount column shows the impact of offsetting on the funds’ statement of assets and liabilities as of December 31, 2023, if close-out netting was exercised (dollars in thousands):
New World Fund
Gross amounts recognized in the | Gross amounts not offset in the statement of assets and liabilities and subject to a master netting agreement | |||||||||||||||||||
Counterparty | statement of assets and liabilities | Available to offset | Non-cash collateral* | Cash collateral* | Net amount | |||||||||||||||
Assets: | ||||||||||||||||||||
Bank of America | $ | 59 | $ | — | $ | — | $ | — | $ | 59 | ||||||||||
Barclays Bank PLC | 53 | (2 | ) | — | — | 51 | ||||||||||||||
Citibank | 52 | (52 | ) | — | — | — | ||||||||||||||
JPMorgan Chase | 40 | — | — | — | 40 | |||||||||||||||
Morgan Stanley | 8 | (8 | ) | — | — | — | ||||||||||||||
Standard Chartered Bank | 1 | — | — | — | 1 | |||||||||||||||
Total | $ | 213 | $ | (62 | ) | $ | — | $ | — | $ | 151 | |||||||||
Liabilities: | ||||||||||||||||||||
Barclays Bank PLC | $ | 2 | $ | (2 | ) | $ | — | $ | — | $ | — | |||||||||
Citibank | 165 | (52 | ) | — | — | 113 | ||||||||||||||
Goldman Sachs | 28 | — | — | — | 28 | |||||||||||||||
HSBC Bank | 82 | — | — | — | 82 | |||||||||||||||
Morgan Stanley | 50 | (8 | ) | — | — | 42 | ||||||||||||||
Total | $ | 327 | $ | (62 | ) | $ | — | $ | — | $ | 265 |
Refer to the end of the tables for footnote.
340 | American Funds Insurance Series |
American Funds Global Balanced Fund
Gross amounts recognized in the | Gross amounts not offset in the statement of assets and liabilities and subject to a master netting agreement | |||||||||||||||||||
Counterparty | statement of assets and liabilities | Available to offset | Non-cash collateral* | Cash collateral* | Net amount | |||||||||||||||
Assets: | ||||||||||||||||||||
Bank of America | $ | 29 | $ | (11 | ) | $ | — | $ | — | $ | 18 | |||||||||
Bank of New York Mellon | 1 | — | — | — | 1 | |||||||||||||||
BNP Paribas | 11 | (11 | ) | — | — | — | ||||||||||||||
Citibank | 42 | (42 | ) | — | — | — | ||||||||||||||
Goldman Sachs | 78 | (9 | ) | — | — | 69 | ||||||||||||||
HSBC Bank | 335 | (161 | ) | (174 | ) | — | — | |||||||||||||
JPMorgan Chase | 2 | (2 | ) | — | — | — | ||||||||||||||
Morgan Stanley | 188 | (2 | ) | — | — | 186 | ||||||||||||||
Standard Chartered Bank | 3 | (3 | ) | — | — | — | ||||||||||||||
UBS AG | 10 | (10 | ) | — | — | — | ||||||||||||||
Total | $ | 699 | $ | (251 | ) | $ | (174 | ) | $ | — | $ | 274 | ||||||||
Liabilities: | ||||||||||||||||||||
Bank of America | $ | 11 | $ | (11 | ) | $ | — | $ | — | $ | — | |||||||||
BNP Paribas | 23 | (11 | ) | — | — | 12 | ||||||||||||||
Citibank | 189 | (42 | ) | — | — | 147 | ||||||||||||||
Goldman Sachs | 9 | (9 | ) | — | — | — | ||||||||||||||
HSBC Bank | 161 | (161 | ) | — | — | — | ||||||||||||||
JPMorgan Chase | 97 | (2 | ) | — | — | 95 | ||||||||||||||
Morgan Stanley | 2 | (2 | ) | — | — | — | ||||||||||||||
Standard Chartered Bank | 23 | (3 | ) | — | — | 20 | ||||||||||||||
UBS AG | 13 | (10 | ) | — | — | 3 | ||||||||||||||
Total | $ | 528 | $ | (251 | ) | $ | — | $ | — | $ | 277 | |||||||||
The Bond Fund of America | ||||||||||||||||||||
Gross amounts recognized in the | Gross amounts not offset in the statement of assets and liabilities and subject to a master netting agreement | |||||||||||||||||||
Counterparty | statement of assets and liabilities | Available to offset | Non-cash collateral* | Cash collateral* | Net amount | |||||||||||||||
Assets: | ||||||||||||||||||||
Morgan Stanley | $ | 35 | $ | (35 | ) | $ | — | $ | — | $ | — | |||||||||
Liabilities: | ||||||||||||||||||||
Bank of America | $ | 572 | $ | — | $ | (572 | ) | $ | — | $ | — | |||||||||
Citibank | 285 | — | (261 | ) | — | 24 | ||||||||||||||
Morgan Stanley | 74 | (35 | ) | — | — | 39 | ||||||||||||||
Total | $ | 931 | $ | (35 | ) | $ | (833 | ) | $ | — | $ | 63 |
Refer to the end of the tables for footnote.
American Funds Insurance Series | 341 |
Capital World Bond Fund
Gross amounts recognized in the | Gross amounts not offset in the statement of assets and liabilities and subject to a master netting agreement | |||||||||||||||||||
Counterparty | statement of assets and liabilities | Available to offset | Non-cash collateral* | Cash collateral* | Net amount | |||||||||||||||
Assets: | ||||||||||||||||||||
Bank of America | $ | 345 | $ | (95 | ) | $ | (250 | ) | $ | — | $ | — | ||||||||
BNP Paribas | 271 | (271 | ) | — | — | — | ||||||||||||||
Citibank | 895 | (895 | ) | — | — | — | ||||||||||||||
Goldman Sachs | 841 | (530 | ) | — | (310 | ) | 1 | |||||||||||||
HSBC Bank | 5,543 | (2,311 | ) | — | (3,230 | ) | 2 | |||||||||||||
JPMorgan Chase | 53 | (53 | ) | — | — | — | ||||||||||||||
Morgan Stanley | 1,377 | (142 | ) | — | (740 | ) | 495 | |||||||||||||
Standard Chartered Bank | 204 | (204 | ) | — | — | — | ||||||||||||||
UBS AG | 150 | (150 | ) | — | — | — | ||||||||||||||
Total | $ | 9,679 | $ | (4,651 | ) | $ | (250 | ) | $ | (4,280 | ) | $ | 498 | |||||||
Liabilities: | ||||||||||||||||||||
Bank of America | $ | 95 | $ | (95 | ) | $ | — | $ | — | $ | — | |||||||||
Bank of New York Mellon | 9 | — | — | — | 9 | |||||||||||||||
BNP Paribas | 665 | (271 | ) | (394 | ) | — | — | |||||||||||||
Citibank | 2,151 | (895 | ) | (1,256 | ) | — | — | |||||||||||||
Goldman Sachs | 530 | (530 | ) | — | — | — | ||||||||||||||
HSBC Bank | 2,311 | (2,311 | ) | — | — | — | ||||||||||||||
JPMorgan Chase | 746 | (53 | ) | (520 | ) | — | 173 | |||||||||||||
Morgan Stanley | 142 | (142 | ) | — | — | — | ||||||||||||||
Standard Chartered Bank | 259 | (204 | ) | — | — | 55 | ||||||||||||||
UBS AG | 195 | (150 | ) | — | — | 45 | ||||||||||||||
Total | $ | 7,103 | $ | (4,651 | ) | $ | (2,170 | ) | $ | — | $ | 282 |
* | Collateral is shown on a settlement basis. |
6. Taxation and distributions
Federal income taxation — Each fund complies with the requirements under Subchapter M of the Internal Revenue Code applicable to regulated investment companies and intends to distribute substantially all of its net taxable income and net capital gains each year. The funds are not subject to income taxes to the extent such distributions are made. Therefore, no federal income tax provision is required.
As of and during the year ended December 31, 2023, none of the funds had a liability for any unrecognized tax benefits. Each fund recognizes interest and penalties, if any, related to unrecognized tax benefits as income tax expense in their respective statements of operations. During the year, none of the funds incurred any significant interest or penalties.
Each fund’s tax returns are generally not subject to examination by federal, state and, if applicable, non-U.S. tax authorities after the expiration of each jurisdiction’s statute of limitations, which is typically three years after the date of filing but can be extended in certain jurisdictions.
342 | American Funds Insurance Series |
Non-U.S. taxation — Dividend and interest income, if any, are recorded net of non-U.S. taxes paid. The funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. As a result of rulings from European courts, the funds filed for additional reclaims related to prior years. These reclaims are recorded when the amount is known and there are no significant uncertainties on collectability. During the year ended December 31, 2023, some of the funds recognized reclaims (net of fees and the effect of realized gain or loss from currency translations) and interest related to European court rulings as follows (dollars in thousands):
Fund | Reclaims | Fees | Interest | |||||||||
Global Growth Fund | $ | 695 | $ | 23 | $ | 144 | ||||||
Growth Fund | 386 | 3 | 16 | |||||||||
International Fund | 11,142 | 52 | 649 | |||||||||
New World Fund | 269 | 3 | — | |||||||||
Capital World Growth and Income Fund | 212 | 6 | 12 | |||||||||
Growth-Income Fund | 266 | 15 | 14 | |||||||||
International Growth and Income Fund | 397 | 2 | 25 | |||||||||
Asset Allocation Fund | 313 | 2 | 18 | |||||||||
American Funds Global Balanced Fund | 8 | — | — | * |
* | Amount less than one thousand. |
The reclaims and interest are included in dividend income and interest income, respectively, in each fund’s statements of operations. Gains realized by the funds on the sale of securities in certain countries, if any, may be subject to non-U.S. taxes. The funds generally record an estimated deferred tax liability based on unrealized gains to provide for potential non-U.S. taxes payable upon the sale of these securities.
Distributions — Distributions determined on a tax basis may differ from net investment income and net realized gains for financial reporting purposes. These differences are due primarily to different treatment for items such as currency gains and losses; short-term capital gains and losses; capital losses related to sales of certain securities within 30 days of purchase; unrealized appreciation of certain investments in securities outside the U.S.; deferred expenses; cost of investments sold; paydowns on fixed-income securities; net capital losses; non-U.S. taxes on capital gains; amortization of premiums and discounts and income on certain investments. The fiscal year in which amounts are distributed may differ from the year in which the net investment income and net realized gains are recorded by the funds for financial reporting purposes.
Additional tax basis disclosures for each fund as of December 31, 2023, were as follows (dollars in thousands):
Global Growth Fund | Global Small Capitalization Fund | Growth Fund | International Fund | New World Fund | Washington Mutual Investors Fund | |||||||||||||||||||
Undistributed ordinary income | $ | 49,194 | $ | 64,690 | $ | 95,057 | $ | 16,271 | $ | 12,831 | $ | 41,555 | ||||||||||||
Undistributed long-term capital gains | 226,821 | 72,052 | 977,737 | — | 15,882 | 87,738 | ||||||||||||||||||
Capital loss carryforward* | — | — | — | (540,672 | ) | — | — | |||||||||||||||||
Gross unrealized appreciation on investments | 3,208,984 | 843,921 | 19,851,835 | 2,080,435 | 1,058,231 | 3,148,891 | ||||||||||||||||||
Gross unrealized depreciation on investments | (212,187 | ) | (185,767 | ) | (852,697 | ) | (335,527 | ) | (130,381 | ) | (162,104 | ) | ||||||||||||
Net unrealized appreciation (depreciation) on investments | 2,996,797 | 658,154 | 18,999,138 | 1,744,908 | 927,850 | 2,986,787 | ||||||||||||||||||
Cost of investments | 4,708,476 | 2,556,437 | 20,384,607 | 5,471,738 | 2,468,897 | 7,294,291 | ||||||||||||||||||
Reclassification from (to) total distributable earnings/accumulated loss to (from) capital paid in on shares of beneficial interest | 1 | (2 | ) | 13 | — | — | — |
Refer to the end of the tables for footnote.
American Funds Insurance Series | 343 |
Capital World Growth and Income Fund | Growth- Income Fund | International Growth and Income Fund | Capital Income Builder | Asset Allocation Fund | American Funds Global Balanced Fund | |||||||||||||||||||
Undistributed ordinary income | $ | 7,472 | $ | 158,609 | $ | 1,604 | $ | 16,757 | $ | 128,322 | $ | 1,794 | ||||||||||||
Undistributed long-term capital gains | — | 1,734,565 | — | — | 1,145,873 | — | ||||||||||||||||||
Capital loss carryforward* | (69,742 | ) | — | (23,775 | ) | (25,818 | ) | — | (3,502 | ) | ||||||||||||||
Capital loss carryforward utilized | 2,434 | — | 53 | 2,422 | — | — | ||||||||||||||||||
Gross unrealized appreciation on investments | 626,444 | 16,595,947 | 62,303 | 223,042 | 6,602,025 | 64,172 | ||||||||||||||||||
Gross unrealized depreciation on investments | (63,664 | ) | (497,248 | ) | (23,030 | ) | (37,893 | ) | (833,010 | ) | (13,761 | ) | ||||||||||||
Net unrealized appreciation (depreciation) on investments | 562,780 | 16,098,699 | 39,273 | 185,149 | 5,769,015 | 50,411 | ||||||||||||||||||
Cost of investments | 1,301,350 | 21,447,639 | 290,532 | 1,127,909 | 21,205,158 | 354,511 | ||||||||||||||||||
Reclassification from (to) total distributable earnings/accumulated loss to (from) capital paid in on shares of beneficial interest | (1 | ) | (1 | ) | — | (11 | ) | (2 | ) | 1 | ||||||||||||||
The Bond Fund of America | Capital World Bond Fund | American High-Income Trust | American Funds Mortgage Fund | Ultra-Short Bond Fund | U.S. Government Securities Fund | |||||||||||||||||||
Undistributed ordinary income | $ | 75,445 | $ | 2,620 | $ | 9,868 | $ | 855 | $ | 3,298 | $ | 11,745 | ||||||||||||
Capital loss carryforward* | (1,359,397 | ) | (186,363 | ) | (331,897 | ) | (11,994 | ) | (1 | ) | (254,504 | ) | ||||||||||||
Gross unrealized appreciation on investments | 241,914 | 53,290 | 43,905 | 2,347 | 10 | 46,896 | ||||||||||||||||||
Gross unrealized depreciation on investments | (439,016 | ) | (99,954 | ) | (53,417 | ) | (2,237 | ) | (117 | ) | (59,327 | ) | ||||||||||||
Net unrealized appreciation (depreciation) on investments | (197,102 | ) | (46,664 | ) | (9,512 | ) | 110 | (107 | ) | (12,431 | ) | |||||||||||||
Cost of investments | 13,008,643 | 1,732,535 | 870,393 | 126,556 | 386,032 | 1,751,296 | ||||||||||||||||||
Reclassification from (to) total distributable earnings/accumulated loss to (from) capital paid in on shares of beneficial interest | 1 | (36 | ) | 1 | — | — | — | |||||||||||||||||
Managed Risk Growth Fund | Managed Risk International Fund | Managed Risk Washington Mutual Investors Fund | Managed Risk Growth- Income Fund | Managed Risk Asset Allocation Fund | ||||||||||||||||||||
Undistributed ordinary income | $ | 2,419 | $ | 1,560 | $ | 5,147 | $ | 30,091 | $ | 36,425 | ||||||||||||||
Undistributed long-term capital gains | — | — | — | 28,787 | 28,917 | |||||||||||||||||||
Capital loss carryforward* | (12,281 | ) | (13,949 | ) | (17,511 | ) | — | — | ||||||||||||||||
Gross unrealized appreciation on investments | 85,072 | 11,102 | 23,676 | 182,631 | 38,432 | |||||||||||||||||||
Gross unrealized depreciation on investments | (102,768 | ) | (24,997 | ) | (27,806 | ) | (84,152 | ) | (32,809 | ) | ||||||||||||||
Net unrealized appreciation (depreciation) on investments | (17,696 | ) | (13,895 | ) | (4,130 | ) | 98,479 | 5,623 | ||||||||||||||||
Cost of investments | 525,518 | 138,074 | 328,476 | 2,089,128 | 2,099,330 |
* | Each fund’s capital loss carryforward will be used to offset any capital gains realized by the fund in future years. Funds with a capital loss carryforward will not make distributions from capital gains while a capital loss carryforward remains. |
344 | American Funds Insurance Series |
Distributions paid by each fund were characterized for tax purposes as follows (dollars in thousands):
Global Growth Fund
Year ended December 31, 2023 | Year ended December 31, 2022 | |||||||||||||||||||||||
Share class | Ordinary income | Long-term capital gains | Total distributions paid | Ordinary income | Long-term capital gains | Total distributions paid | ||||||||||||||||||
Class 1 | $ | 36,245 | $ | 238,315 | $ | 274,560 | $ | 39,498 | $ | 361,119 | $ | 400,617 | ||||||||||||
Class 1A | 148 | 1,195 | 1,343 | 141 | 1,617 | 1,758 | ||||||||||||||||||
Class 2 | 30,048 | 259,863 | 289,911 | 32,689 | 386,947 | 419,636 | ||||||||||||||||||
Class 4 | 4,681 | 49,927 | 54,608 | 4,312 | 66,240 | 70,552 | ||||||||||||||||||
Total | $ | 71,122 | $ | 549,300 | $ | 620,422 | $ | 76,640 | $ | 815,923 | $ | 892,563 | ||||||||||||
Global Small Capitalization Fund | ||||||||||||||||||||||||
Year ended December 31, 2023 | Year ended December 31, 2022 | |||||||||||||||||||||||
Share class | Ordinary income | Long-term capital gains | Total distributions paid | Ordinary income | Long-term capital gains | Total distributions paid | ||||||||||||||||||
Class 1 | $ | 4,595 | $ | 11,794 | $ | 16,389 | $ | 47,544 | $ | 285,173 | $ | 332,717 | ||||||||||||
Class 1A | 12 | 59 | 71 | 209 | 1,252 | 1,461 | ||||||||||||||||||
Class 2 | 4,713 | 23,554 | 28,267 | 94,748 | 568,298 | 663,046 | ||||||||||||||||||
Class 4 | 76 | 3,623 | 3,699 | 13,417 | 80,475 | 93,892 | ||||||||||||||||||
Total | $ | 9,396 | $ | 39,030 | $ | 48,426 | $ | 155,918 | $ | 935,198 | $ | 1,091,116 | ||||||||||||
Growth Fund | ||||||||||||||||||||||||
Year ended December 31, 2023 | Year ended December 31, 2022 | |||||||||||||||||||||||
Share class | Ordinary income | Long-term capital gains | Total distributions paid | Ordinary income | Long-term capital gains | Total distributions paid | ||||||||||||||||||
Class 1 | $ | 93,186 | $ | 861,352 | $ | 954,538 | $ | 319,915 | $ | 1,912,725 | $ | 2,232,640 | ||||||||||||
Class 1A | 926 | 13,243 | 14,169 | 3,677 | 23,411 | 27,088 | ||||||||||||||||||
Class 2 | 58,531 | 924,799 | 983,330 | 311,929 | 2,152,577 | 2,464,506 | ||||||||||||||||||
Class 3 | 883 | 11,837 | 12,720 | 4,207 | 28,163 | 32,370 | ||||||||||||||||||
Class 4 | 5,132 | 167,524 | 172,656 | 43,665 | 340,245 | 383,910 | ||||||||||||||||||
Total | $ | 158,658 | $ | 1,978,755 | $ | 2,137,413 | $ | 683,393 | $ | 4,457,121 | $ | 5,140,514 | ||||||||||||
International Fund | ||||||||||||||||||||||||
Year ended December 31, 2023 | Year ended December 31, 2022 | |||||||||||||||||||||||
Share class | Ordinary income | Long-term capital gains | Total distributions paid | Ordinary income | Long-term capital gains | Total distributions paid | ||||||||||||||||||
Class 1 | $ | 50,154 | $ | — | $ | 50,154 | $ | 94,903 | $ | 448,918 | $ | 543,821 | ||||||||||||
Class 1A | 150 | — | 150 | 281 | 1,398 | 1,679 | ||||||||||||||||||
Class 2 | 42,608 | — | 42,608 | 86,539 | 450,228 | 536,767 | ||||||||||||||||||
Class 3 | 219 | — | 219 | 431 | 2,195 | 2,626 | ||||||||||||||||||
Class 4 | 4,367 | — | 4,367 | 9,244 | 52,350 | 61,594 | ||||||||||||||||||
Total | $ | 97,498 | $ | — | $ | 97,498 | $ | 191,398 | $ | 955,089 | $ | 1,146,487 |
American Funds Insurance Series | 345 |
New World Fund
Year ended December 31, 2023 | Year ended December 31, 2022 | |||||||||||||||||||||||
Share class | Ordinary income | Long-term capital gains | Total distributions paid | Ordinary income | Long-term capital gains | Total distributions paid | ||||||||||||||||||
Class 1 | $ | 28,772 | $ | — | $ | 28,772 | $ | 60,201 | $ | 129,123 | $ | 189,324 | ||||||||||||
Class 1A | 146 | — | 146 | 317 | 724 | 1,041 | ||||||||||||||||||
Class 2 | 11,303 | — | 11,303 | 26,575 | 61,661 | 88,236 | ||||||||||||||||||
Class 4 | 9,222 | — | 9,222 | 22,718 | 56,063 | 78,781 | ||||||||||||||||||
Total | $ | 49,443 | $ | — | $ | 49,443 | $ | 109,811 | $ | 247,571 | $ | 357,382 | ||||||||||||
Washington Mutual Investors Fund | ||||||||||||||||||||||||
Year ended December 31, 2023 | Year ended December 31, 2022 | |||||||||||||||||||||||
Share class | Ordinary income | Long-term capital gains | Total distributions paid | Ordinary income | Long-term capital gains | Total distributions paid | ||||||||||||||||||
Class 1 | $ | 118,356 | $ | 52,370 | $ | 170,726 | $ | 351,097 | $ | 1,068,126 | $ | 1,419,223 | ||||||||||||
Class 1A | 338 | 194 | 532 | 3,359 | 10,665 | 14,024 | ||||||||||||||||||
Class 2 | 51,574 | 26,108 | 77,682 | 173,751 | 551,636 | 725,387 | ||||||||||||||||||
Class 4 | 20,772 | 11,035 | 31,807 | 61,406 | 196,768 | 258,174 | ||||||||||||||||||
Total | $ | 191,040 | $ | 89,707 | $ | 280,747 | $ | 589,613 | $ | 1,827,195 | $ | 2,416,808 | ||||||||||||
Capital World Growth and Income Fund | ||||||||||||||||||||||||
Year ended December 31, 2023 | Year ended December 31, 2022 | |||||||||||||||||||||||
Share class | Ordinary income | Long-term capital gains | Total distributions paid | Ordinary income | Long-term capital gains | Total distributions paid | ||||||||||||||||||
Class 1 | $ | 11,646 | $ | — | $ | 11,646 | $ | 32,166 | $ | 109,599 | $ | 141,765 | ||||||||||||
Class 1A | 125 | — | 125 | 337 | 1,188 | 1,525 | ||||||||||||||||||
Class 2 | 18,495 | — | 18,495 | 57,060 | 205,827 | 262,887 | ||||||||||||||||||
Class 4 | 3,732 | — | 3,732 | 10,246 | 37,875 | 48,121 | ||||||||||||||||||
Total | $ | 33,998 | $ | — | $ | 33,998 | $ | 99,809 | $ | 354,489 | $ | 454,298 | ||||||||||||
Growth-Income Fund | ||||||||||||||||||||||||
Year ended December 31, 2023 | Year ended December 31, 2022 | |||||||||||||||||||||||
Share class | Ordinary income | Long-term capital gains | Total distributions paid | Ordinary income | Long-term capital gains | Total distributions paid | ||||||||||||||||||
Class 1 | $ | 327,645 | $ | 1,077,919 | $ | 1,405,564 | $ | 597,601 | $ | 1,754,172 | $ | 2,351,773 | ||||||||||||
Class 1A | 440 | 1,649 | 2,089 | 784 | 2,464 | 3,248 | ||||||||||||||||||
Class 2 | 164,035 | 642,837 | 806,872 | 328,556 | 1,071,265 | 1,399,821 | ||||||||||||||||||
Class 3 | 1,848 | 6,857 | 8,705 | 3,597 | 11,428 | 15,025 | ||||||||||||||||||
Class 4 | 22,003 | 96,356 | 118,359 | 41,526 | 145,017 | 186,543 | ||||||||||||||||||
Total | $ | 515,971 | $ | 1,825,618 | $ | 2,341,589 | $ | 972,064 | $ | 2,984,346 | $ | 3,956,410 | ||||||||||||
International Growth and Income Fund | ||||||||||||||||||||||||
Year ended December 31, 2023 | Year ended December 31, 2022 | |||||||||||||||||||||||
Share class | Ordinary income | Long-term capital gains | Total distributions paid | Ordinary income | Long-term capital gains | Total distributions paid | ||||||||||||||||||
Class 1 | $ | 394 | $ | — | $ | 394 | $ | 397 | $ | 6,104 | $ | 6,501 | ||||||||||||
Class 1A | 151 | — | 151 | 147 | 2,108 | 2,255 | ||||||||||||||||||
Class 2 | 3,949 | — | 3,949 | 4,951 | 81,276 | 86,227 | ||||||||||||||||||
Class 4 | 3,139 | — | 3,139 | 3,387 | 55,677 | 59,064 | ||||||||||||||||||
Total | $ | 7,633 | $ | — | $ | 7,633 | $ | 8,882 | $ | 145,165 | $ | 154,047 |
346 | American Funds Insurance Series |
Capital Income Builder
Year ended December 31, 2023 | Year ended December 31, 2022 | |||||||||||||||||||||||
Share class | Ordinary income | Long-term capital gains | Total distributions paid | Ordinary income | Long-term capital gains | Total distributions paid | ||||||||||||||||||
Class 1 | $ | 19,561 | $ | — | $ | 19,561 | $ | 17,636 | $ | — | $ | 17,636 | ||||||||||||
Class 1A | 290 | — | 290 | 270 | — | 270 | ||||||||||||||||||
Class 2 | 410 | — | 410 | 354 | — | 354 | ||||||||||||||||||
Class 4 | 14,650 | — | 14,650 | 13,728 | — | 13,728 | ||||||||||||||||||
Total | $ | 34,911 | $ | — | $ | 34,911 | $ | 31,988 | $ | — | $ | 31,988 | ||||||||||||
Asset Allocation Fund | ||||||||||||||||||||||||
Year ended December 31, 2023 | Year ended December 31, 2022 | |||||||||||||||||||||||
Share class | Ordinary income | Long-term capital gains | Total distributions paid | Ordinary income | Long-term capital gains | Total distributions paid | ||||||||||||||||||
Class 1 | $ | 364,001 | $ | 578,217 | $ | 942,218 | $ | 476,426 | $ | 1,525,081 | $ | 2,001,507 | ||||||||||||
Class 1A | 663 | 1,038 | 1,701 | 708 | 2,098 | 2,806 | ||||||||||||||||||
Class 2 | 91,196 | 163,182 | 254,378 | 124,332 | 440,697 | 565,029 | ||||||||||||||||||
Class 3 | 644 | 1,097 | 1,741 | 845 | 2,914 | 3,759 | ||||||||||||||||||
Class 4 | 111,055 | 215,145 | 326,200 | 142,374 | 538,249 | 680,623 | ||||||||||||||||||
Total | $ | 567,559 | $ | 958,679 | $ | 1,526,238 | $ | 744,685 | $ | 2,509,039 | $ | 3,253,724 | ||||||||||||
American Funds Global Balanced Fund | ||||||||||||||||||||||||
Year ended December 31, 2023 | Year ended December 31, 2022 | |||||||||||||||||||||||
Share class | Ordinary income | Long-term capital gains | Total distributions paid | Ordinary income | Long-term capital gains | Total distributions paid | ||||||||||||||||||
Class 1 | $ | 1,780 | $ | 11,386 | $ | 13,166 | $ | 72 | $ | 498 | $ | 570 | ||||||||||||
Class 1A | 43 | 310 | 353 | 2 | 13 | 15 | ||||||||||||||||||
Class 2 | 2,558 | 18,886 | 21,444 | 123 | 850 | 973 | ||||||||||||||||||
Class 4 | 1,750 | 14,227 | 15,977 | 85 | 589 | 674 | ||||||||||||||||||
Total | $ | 6,131 | $ | 44,809 | $ | 50,940 | $ | 282 | $ | 1,950 | $ | 2,232 | ||||||||||||
The Bond Fund of America | ||||||||||||||||||||||||
Year ended December 31, 2023 | Year ended December 31, 2022 | |||||||||||||||||||||||
Share class | Ordinary income | Long-term capital gains | Total distributions paid | Ordinary income | Long-term capital gains | Total distributions paid | ||||||||||||||||||
Class 1 | $ | 246,119 | $ | — | $ | 246,119 | $ | 235,158 | $ | 60,668 | $ | 295,826 | ||||||||||||
Class 1A | 8,577 | — | 8,577 | 7,470 | 1,700 | 9,170 | ||||||||||||||||||
Class 2 | 97,823 | — | 97,823 | 98,333 | 27,763 | 126,096 | ||||||||||||||||||
Class 4 | 30,097 | — | 30,097 | 24,749 | 7,113 | 31,862 | ||||||||||||||||||
Total | $ | 382,616 | $ | — | $ | 382,616 | $ | 365,710 | $ | 97,244 | $ | 462,954 | ||||||||||||
Capital World Bond Fund | ||||||||||||||||||||||||
Year ended December 31, 2023 | Year ended December 31, 2022 | |||||||||||||||||||||||
Share class | Ordinary income | Long-term capital gains | Total distributions paid | Ordinary income | Long-term capital gains | Total distributions paid | ||||||||||||||||||
Class 1 | $ | — | $ | — | $ | — | $ | 2,151 | $ | 11,752 | $ | 13,903 | ||||||||||||
Class 1A | — | — | — | 3 | 20 | 23 | ||||||||||||||||||
Class 2 | — | — | — | 2,087 | 13,752 | 15,839 | ||||||||||||||||||
Class 4 | — | — | — | 120 | 945 | 1,065 | ||||||||||||||||||
Total | $ | — | $ | — | $ | — | $ | 4,361 | $ | 26,469 | $ | 30,830 |
American Funds Insurance Series | 347 |
American High-Income Trust
Year ended December 31, 2023 | Year ended December 31, 2022 | |||||||||||||||||||||||
Share class | Ordinary income | Long-term capital gains | Total distributions paid | Ordinary income | Long-term capital gains | Total distributions paid | ||||||||||||||||||
Class 1 | $ | 15,308 | $ | — | $ | 15,308 | $ | 18,444 | $ | — | $ | 18,444 | ||||||||||||
Class 1A | 171 | — | 171 | 100 | — | 100 | ||||||||||||||||||
Class 2 | 36,274 | — | 36,274 | 42,707 | — | 42,707 | ||||||||||||||||||
Class 3 | 556 | — | 556 | 694 | — | 694 | ||||||||||||||||||
Class 4 | 5,957 | — | 5,957 | 5,827 | — | 5,827 | ||||||||||||||||||
Total | $ | 58,266 | $ | — | $ | 58,266 | $ | 67,772 | $ | — | $ | 67,772 | ||||||||||||
American Funds Mortgage Fund | ||||||||||||||||||||||||
Year ended December 31, 2023 | Year ended December 31, 2022 | |||||||||||||||||||||||
Share class | Ordinary income | Long-term capital gains | Total distributions paid | Ordinary income | Long-term capital gains | Total distributions paid | ||||||||||||||||||
Class 1 | $ | 656 | $ | — | $ | 656 | $ | 15 | $ | — | $ | 15 | ||||||||||||
Class 1A | 71 | — | 71 | 37 | — | 37 | ||||||||||||||||||
Class 2 | 1,633 | — | 1,633 | 995 | — | 995 | ||||||||||||||||||
Class 4 | 1,600 | — | 1,600 | 746 | — | 746 | ||||||||||||||||||
Total | $ | 3,960 | $ | — | $ | 3,960 | $ | 1,793 | $ | — | $ | 1,793 | ||||||||||||
Ultra-Short Bond Fund | ||||||||||||||||||||||||
Year ended December 31, 2023 | Year ended December 31, 2022 | |||||||||||||||||||||||
Share class | Ordinary income | Long-term capital gains | Total distributions paid | Ordinary income | Long-term capital gains | Total distributions paid | ||||||||||||||||||
Class 1 | $ | 1,981 | $ | — | $ | 1,981 | $ | 348 | $ | — | $ | 348 | ||||||||||||
Class 1A | 5 | — | 5 | — | † | — | — | † | ||||||||||||||||
Class 2 | 12,823 | — | 12,823 | 1,570 | — | 1,570 | ||||||||||||||||||
Class 3 | 198 | — | 198 | 26 | — | 26 | ||||||||||||||||||
Class 4 | 2,524 | — | 2,524 | 293 | — | 293 | ||||||||||||||||||
Total | $ | 17,531 | $ | — | $ | 17,531 | $ | 2,237 | $ | — | $ | 2,237 | ||||||||||||
U.S. Government Securities Fund | ||||||||||||||||||||||||
Year ended December 31, 2023 | Year ended December 31, 2022 | |||||||||||||||||||||||
Share class | Ordinary income | Long-term capital gains | Total distributions paid | Ordinary income | Long-term capital gains | Total distributions paid | ||||||||||||||||||
Class 1 | $ | 9,817 | $ | — | $ | 9,817 | $ | 10,360 | $ | — | $ | 10,360 | ||||||||||||
Class 1A | 171 | — | 171 | 153 | — | 153 | ||||||||||||||||||
Class 2 | 39,205 | — | 39,205 | 42,631 | — | 42,631 | ||||||||||||||||||
Class 3 | 219 | — | 219 | 292 | — | 292 | ||||||||||||||||||
Class 4 | 6,275 | — | 6,275 | 7,040 | — | 7,040 | ||||||||||||||||||
Total | $ | 55,687 | $ | — | $ | 55,687 | $ | 60,476 | $ | — | $ | 60,476 |
Refer to the end of the tables for footnote.
348 | American Funds Insurance Series |
Managed Risk Growth Fund
Year ended December 31, 2023 | Year ended December 31, 2022 | |||||||||||||||||||||||
Share class | Ordinary income | Long-term capital gains | Total distributions paid | Ordinary income | Long-term capital gains | Total distributions paid | ||||||||||||||||||
Class P1 | $ | 129 | $ | 2,315 | $ | 2,444 | $ | 162 | $ | 1,634 | $ | 1,796 | ||||||||||||
Class P2 | 5,596 | 103,643 | 109,239 | 6,629 | 81,821 | 88,450 | ||||||||||||||||||
Total | $ | 5,725 | $ | 105,958 | $ | 111,683 | $ | 6,791 | $ | 83,455 | $ | 90,246 | ||||||||||||
Managed Risk International Fund | ||||||||||||||||||||||||
Year ended December 31, 2023 | Year ended December 31, 2022 | |||||||||||||||||||||||
Share class | Ordinary income | Long-term capital gains | Total distributions paid | Ordinary income | Long-term capital gains | Total distributions paid | ||||||||||||||||||
Class P1 | $ | 29 | $ | 127 | $ | 156 | $ | 69 | $ | — | $ | 69 | ||||||||||||
Class P2 | 1,939 | 8,757 | 10,696 | 4,206 | — | 4,206 | ||||||||||||||||||
Total | $ | 1,968 | $ | 8,884 | $ | 10,852 | $ | 4,275 | $ | — | $ | 4,275 | ||||||||||||
Managed Risk Washington Mutual Investors Fund | ||||||||||||||||||||||||
Year ended December 31, 2023 | Year ended December 31, 2022 | |||||||||||||||||||||||
Share class | Ordinary income | Long-term capital gains | Total distributions paid | Ordinary income | Long-term capital gains | Total distributions paid | ||||||||||||||||||
Class P1 | $ | 58 | $ | 363 | $ | 421 | $ | 127 | $ | — | $ | 127 | ||||||||||||
Class P2 | 5,936 | 41,630 | 47,566 | 14,544 | — | 14,544 | ||||||||||||||||||
Total | $ | 5,994 | $ | 41,993 | $ | 47,987 | $ | 14,671 | $ | — | $ | 14,671 | ||||||||||||
Managed Risk Growth-Income Fund | ||||||||||||||||||||||||
Year ended December 31, 2023 | Year ended December 31, 2022 | |||||||||||||||||||||||
Share class | Ordinary income | Long-term capital gains | Total distributions paid | Ordinary income | Long-term capital gains | Total distributions paid | ||||||||||||||||||
Class P1 | $ | 30,230 | $ | 230,056 | $ | 260,286 | $ | 43,232 | $ | 44,484 | $ | 87,716 | ||||||||||||
Class P2 | 3,723 | 33,365 | 37,088 | 5,626 | 6,461 | 12,087 | ||||||||||||||||||
Total | $ | 33,953 | $ | 263,421 | $ | 297,374 | $ | 48,858 | $ | 50,945 | $ | 99,803 | ||||||||||||
Managed Risk Asset Allocation Fund | ||||||||||||||||||||||||
Year ended December 31, 2023 | Year ended December 31, 2022 | |||||||||||||||||||||||
Share class | Ordinary income | Long-term capital gains | Total distributions paid | Ordinary income | Long-term capital gains | Total distributions paid | ||||||||||||||||||
Class P1 | $ | 164 | $ | 851 | $ | 1,015 | $ | 176 | $ | 254 | $ | 430 | ||||||||||||
Class P2 | 38,569 | 247,531 | 286,100 | 51,616 | 86,918 | 138,534 | ||||||||||||||||||
Total | $ | 38,733 | $ | 248,382 | $ | 287,115 | $ | 51,792 | $ | 87,172 | $ | 138,964 |
† | Amount less than one thousand. |
7. Fees and transactions
CRMC, the series’ investment adviser, is the parent company of American Funds Distributors®, Inc. (“AFD”), the distributor of the series’ shares, and American Funds Service Company® (“AFS”), the series’ transfer agent. CRMC, AFD and AFS are considered related parties to the series.
American Funds Insurance Series | 349 |
Investment advisory services — The series has an investment advisory and service agreement with CRMC that provides for monthly fees accrued daily. These fees are based on annual rates that generally decrease as net asset levels increase. CRMC receives investment advisory fees from the underlying funds held by the managed risk funds, which are included in the unaudited net effective expense ratios that are provided as additional information in the financial highlights tables. Subadvisory fees for the managed risk funds are paid by CRMC to Milliman FRM. The managed risk funds are not responsible for paying any subadvisory fees.
Investment advisory services waivers — CRMC is waiving a portion of its investment advisory services fees for some of the funds. For the year ended December 31, 2023, total investment advisory services fees waived by CRMC were $54,733,000. CRMC does not intend to recoup these waivers. Investment advisory fees in each fund’s statement of operations are presented gross of any waivers from CRMC.
The range of rates, net asset levels and the current annualized rates of average daily net assets for each fund before and after any investment advisory services waivers, if applicable, are as follows:
Rates | Net asset level (in billions) | For the year ended December 31, | For the year ended December 31, | |||||||||||||||||||||
Fund | Beginning with | Ending with | Up to | In excess of | 2023, before waiver | 2023, after waiver | ||||||||||||||||||
Global Growth Fund | .475 | % | .435 | % | $ | 15.0 | $ | 15.0 | .475 | % | .365 | % | ||||||||||||
Global Small Capitalization Fund | .647 | .615 | 15.0 | 15.0 | .647 | .597 | ||||||||||||||||||
Growth Fund | .500 | .275 | .6 | 44.0 | .313 | .313 | ||||||||||||||||||
International Fund | .478 | .430 | 15.0 | 21.0 | .478 | .478 | ||||||||||||||||||
New World Fund | .577 | .510 | 15.0 | 15.0 | .577 | .507 | ||||||||||||||||||
Washington Mutual Investors Fund | .374 | .350 | 15.0 | 15.0 | .374 | .234 | ||||||||||||||||||
Capital World Growth and Income Fund | .475 | .435 | 15.0 | 15.0 | .475 | .365 | ||||||||||||||||||
Growth-Income Fund | .500 | .217 | .6 | 44.0 | .255 | .255 | ||||||||||||||||||
International Growth and Income Fund | .478 | .450 | 15.0 | 15.0 | .478 | .468 | ||||||||||||||||||
Capital Income Builder | .357 | .330 | 15.0 | 15.0 | .357 | .217 | ||||||||||||||||||
Asset Allocation Fund | .500 | .236 | .6 | 34.0 | .267 | .267 | ||||||||||||||||||
American Funds Global Balanced Fund | .446 | .420 | 15.0 | 15.0 | .446 | .436 | ||||||||||||||||||
The Bond Fund of America | .352 | .320 | 15.0 | 15.0 | .352 | .162 | ||||||||||||||||||
Capital World Bond Fund | .431 | .360 | 15.0 | 15.0 | .431 | .431 | ||||||||||||||||||
American High-Income Trust | .404 | .386 | 15.0 | 15.0 | .404 | .264 | ||||||||||||||||||
American Funds Mortgage Fund | .295 | .280 | 15.0 | 15.0 | .295 | .175 | ||||||||||||||||||
Ultra-Short Bond Fund | .257 | .242 | 15.0 | 15.0 | .257 | .257 | ||||||||||||||||||
U.S. Government Securities Fund | .295 | .280 | 15.0 | 15.0 | .295 | .175 | ||||||||||||||||||
Managed Risk Growth Fund | .150 | all | .150 | .100 | ||||||||||||||||||||
Managed Risk International Fund | .150 | all | .150 | .100 | ||||||||||||||||||||
Managed Risk Washington Mutual Investors Fund | .150 | all | .150 | .100 | ||||||||||||||||||||
Managed Risk Growth-Income Fund | .150 | all | .150 | .100 | ||||||||||||||||||||
Managed Risk Asset Allocation Fund | .150 | all | .150 | .100 |
Class-specific fees and expenses — Expenses that are specific to individual share classes are accrued directly to the respective share class. The principal class-specific fees and expenses are further described below:
Distribution services — The series has plans of distribution for all share classes except Class 1. Under the plans, the board of trustees approves certain categories of expenses that are used to finance activities primarily intended to sell fund shares. The plans provide for payments to pay service fees to firms that have entered into agreements with the series. These payments, based on an annualized percentage of average daily net assets, range from 0.18% to 0.50% as noted in the table below. In some cases, the board of trustees has limited the amounts that may be paid to less than the maximum allowed by the plans.
Share class | Currently approved limits | Plan limits | ||||||
Class 1A | 0.00 | % | 0.25 | % | ||||
Class 2 | 0.25 | 0.25 | ||||||
Class 3 | 0.18 | 0.18 | ||||||
Class 4 | 0.25 | 0.25 | ||||||
Class P1 | 0.00 | 0.25 | ||||||
Class P2 | 0.25 | 0.50 |
350 | American Funds Insurance Series |
Insurance administrative services — The series has an insurance administrative services plan for Class 1A, 4, P1 and P2 shares. Under the plan, these share classes pay 0.25% of each insurance company’s respective average daily net assets in each share class to compensate the insurance companies for services provided to their separate accounts and contractholders for which the shares of the fund are beneficially owned as underlying investments of such contractholders’ annuities. These services include, but are not limited to, maintenance, shareholder communications and transactional services. The insurance companies are not related parties to the series.
Transfer agent services — The series has a shareholder services agreement with AFS under which the funds compensate AFS for providing transfer agent services to all of the funds’ share classes. These services include recordkeeping, shareholder communications and transaction processing. In addition, the managed risk funds reimburse AFS for amounts paid to third parties for performing transfer agent services on behalf of fund shareholders.
Administrative services — The series has an administrative services agreement with CRMC under which each fund compensates CRMC for providing administrative services to all of the funds’ share classes except Class P1 and P2 shares. Administrative services are provided by CRMC and its affiliates to help assist third parties providing non-distribution services to fund shareholders. These services include providing in-depth information on each fund and market developments that impact fund investments. Administrative services also include, but are not limited to, coordinating, monitoring and overseeing third parties that provide services to fund shareholders. The agreement provides each fund, other than the managed risk funds, the ability to charge an administrative services fee at the annual rate of 0.05% of average daily net assets attributable to each share class. Currently each fund, other than the managed-risk funds, pays CRMC an administrative services fee at the annual rate of 0.03% of average daily net assets of each share class for CRMC’s provision of administrative services. For the managed risk funds, CRMC receives administrative services fees at an annual rate of 0.03% of average daily net assets from Class 1 shares of the underlying funds for administrative services provided to the series.
Accounting and administrative services — The managed risk funds have a subadministration agreement with Bank of New York Mellon (“BNY Mellon”) under which the fund compensates BNY Mellon for providing accounting and administrative services to each of the managed risk funds’ share classes. These services include, but are not limited to, fund accounting (including calculation of net asset value), financial reporting and tax services. BNY Mellon is not a related party to the managed risk funds.
Class-specific expenses under the agreements described above were as follows (dollars in thousands):
Global Growth Fund | ||||||||||||
Share class | Distribution services | Insurance administrative services | Administrative services | |||||||||
Class 1 | Not applicable | Not applicable | $958 | |||||||||
Class 1A | $— | $40 | 5 | |||||||||
Class 2 | 8,446 | Not applicable | 1,013 | |||||||||
Class 4 | 1,632 | 1,632 | 196 | |||||||||
Total class-specific expenses | $10,078 | $1,672 | $2,172 | |||||||||
Global Small Capitalization Fund | ||||||||||||
Share class | Distribution services | Insurance administrative services | Administrative services | |||||||||
Class 1 | Not applicable | Not applicable | $286 | |||||||||
Class 1A | $— | $12 | 2 | |||||||||
Class 2 | 4,489 | Not applicable | 539 | |||||||||
Class 4 | 693 | 693 | 83 | |||||||||
Total class-specific expenses | $5,182 | $705 | $910 | |||||||||
Growth Fund | ||||||||||||
Share class | Distribution services | Insurance administrative services | Administrative services | |||||||||
Class 1 | Not applicable | Not applicable | $4,634 | |||||||||
Class 1A | $— | $592 | 71 | |||||||||
Class 2 | 40,663 | Not applicable | 4,880 | |||||||||
Class 3 | 384 | Not applicable | 64 | |||||||||
Class 4 | 7,328 | 7,328 | 879 | |||||||||
Total class-specific expenses | $48,375 | $7,920 | $10,528 | |||||||||
International Fund | ||||||||||||
Share class | Distribution services | Insurance administrative services | Administrative services | |||||||||
Class 1 | Not applicable | Not applicable | $979 | |||||||||
Class 1A | $— | $28 | 3 | |||||||||
Class 2 | 8,181 | Not applicable | 982 | |||||||||
Class 3 | 29 | Not applicable | 5 | |||||||||
Class 4 | 983 | 983 | 118 | |||||||||
Total class-specific expenses | $9,193 | $1,011 | $2,087 |
American Funds Insurance Series | 351 |
New World Fund | ||||||||||||
Share class | Distribution services | Insurance administrative services | Administrative services | |||||||||
Class 1 | Not applicable | Not applicable | $513 | |||||||||
Class 1A | $— | $24 | 3 | |||||||||
Class 2 | 1,965 | Not applicable | 236 | |||||||||
Class 4 | 1,857 | 1,857 | 223 | |||||||||
Total class-specific expenses | $3,822 | $1,881 | $975 | |||||||||
Washington Mutual Investors Fund | ||||||||||||
Share class | Distribution services | Insurance administrative services | Administrative services | |||||||||
Class 1 | Not applicable | Not applicable | $1,704 | |||||||||
Class 1A | $— | $95 | 12 | |||||||||
Class 2 | 6,962 | Not applicable | 836 | |||||||||
Class 4 | 2,962 | 2,962 | 355 | |||||||||
Total class-specific expenses | $9,924 | $3,057 | $2,907 | |||||||||
Capital World Growth and Income Fund | ||||||||||||
Share class | Distribution services | Insurance administrative services | Administrative services | |||||||||
Class 1 | Not applicable | Not applicable | $168 | |||||||||
Class 1A | $— | $16 | 2 | |||||||||
Class 2 | 2,509 | Not applicable | 301 | |||||||||
Class 4 | 515 | 515 | 62 | |||||||||
Total class-specific expenses | $3,024 | $531 | $533 | |||||||||
Growth-Income Fund | ||||||||||||
Share class | Distribution services | Insurance administrative services | Administrative services | |||||||||
Class 1 | Not applicable | Not applicable | $6,192 | |||||||||
Class 1A | $— | $79 | 9 | |||||||||
Class 2 | 30,198 | Not applicable | 3,624 | |||||||||
Class 3 | 238 | Not applicable | 40 | |||||||||
Class 4 | 4,509 | 4,509 | 541 | |||||||||
Total class-specific expenses | $34,945 | $4,588 | $10,406 | |||||||||
International Growth and Income Fund | ||||||||||||
Share class | Distribution services | Insurance administrative services | Administrative services | |||||||||
Class 1 | Not applicable | Not applicable | $4 | |||||||||
Class 1A | $— | $14 | 2 | |||||||||
Class 2 | 406 | Not applicable | 49 | |||||||||
Class 4 | 330 | 330 | 39 | |||||||||
Total class-specific expenses | $736 | $344 | $94 | |||||||||
Capital Income Builder | ||||||||||||
Share class | Distribution services | Insurance administrative services | Administrative services | |||||||||
Class 1 | Not applicable | Not applicable | $182 | |||||||||
Class 1A | $— | $25 | 3 | |||||||||
Class 2 | 35 | Not applicable | 4 | |||||||||
Class 4 | 1,354 | 1,354 | 163 | |||||||||
Total class-specific expenses | $1,389 | $1,379 | $352 | |||||||||
Asset Allocation Fund | ||||||||||||
Share class | Distribution services | Insurance administrative services | Administrative services | |||||||||
Class 1 | Not applicable | Not applicable | $4,520 | |||||||||
Class 1A | $— | $71 | 9 | |||||||||
Class 2 | 10,446 | Not applicable | 1,253 | |||||||||
Class 3 | 51 | Not applicable | 9 | |||||||||
Class 4 | 13,745 | 13,745 | 1,649 | |||||||||
Total class-specific expenses | $24,242 | $13,816 | $7,440 | |||||||||
American Funds Global Balanced Fund | ||||||||||||
Share class | Distribution services | Insurance administrative services | Administrative services | |||||||||
Class 1 | Not applicable | Not applicable | $29 | |||||||||
Class 1A | $— | $7 | 1 | |||||||||
Class 2 | 394 | Not applicable | 47 | |||||||||
Class 4 | 296 | 296 | 35 | |||||||||
Total class-specific expenses | $690 | $303 | $112 | |||||||||
The Bond Fund of America | ||||||||||||
Share class | Distribution services | Insurance administrative services | Administrative services | |||||||||
Class 1 | Not applicable | Not applicable | $1,990 | |||||||||
Class 1A | $— | $594 | 71 | |||||||||
Class 2 | 7,105 | Not applicable | 853 | |||||||||
Class 4 | 2,136 | 2,136 | 256 | |||||||||
Total class-specific expenses | $9,241 | $2,730 | $3,170 | |||||||||
Capital World Bond Fund | ||||||||||||
Share class | Distribution services | Insurance administrative services | Administrative services | |||||||||
Class 1 | Not applicable | Not applicable | $196 | |||||||||
Class 1A | $— | $3 | — | * | ||||||||
Class 2 | 1,886 | Not applicable | 226 | |||||||||
Class 4 | 133 | 133 | 16 | |||||||||
Total class-specific expenses | $2,019 | $136 | $438 |
Refer to the end of the tables for footnote.
352 | American Funds Insurance Series |
American High-Income Trust | ||||||||||||
Share class | Distribution services | Insurance administrative services | Administrative services | |||||||||
Class 1 | Not applicable | Not applicable | $66 | |||||||||
Class 1A | $— | $6 | 1 | |||||||||
Class 2 | 1,303 | Not applicable | 156 | |||||||||
Class 3 | 15 | Not applicable | 2 | |||||||||
Class 4 | 221 | 221 | 27 | |||||||||
Total class-specific expenses | $1,539 | $227 | $252 | |||||||||
American Funds Mortgage Fund | ||||||||||||
Share class | Distribution services | Insurance administrative services | Administrative services | |||||||||
Class 1 | Not applicable | Not applicable | $4 | |||||||||
Class 1A | $— | $4 | 1 | |||||||||
Class 2 | 111 | Not applicable | 13 | |||||||||
Class 4 | 107 | 108 | 13 | |||||||||
Total class-specific expenses | $218 | $112 | $31 | |||||||||
Ultra-Short Bond Fund | ||||||||||||
Share class | Distribution services | Insurance administrative services | Administrative services | |||||||||
Class 1 | Not applicable | Not applicable | $13 | |||||||||
Class 1A | $— | $— | * | — | * | |||||||
Class 2 | 713 | Not applicable | 86 | |||||||||
Class 3 | 8 | Not applicable | 1 | |||||||||
Class 4 | 167 | 167 | 20 | |||||||||
Total class-specific expenses | $888 | $167 | $120 | |||||||||
U.S. Government Securities Fund | ||||||||||||
Share class | Distribution services | Insurance administrative services | Administrative services | |||||||||
Class 1 | Not applicable | Not applicable | $74 | |||||||||
Class 1A | $— | $11 | 1 | |||||||||
Class 2 | 2,652 | Not applicable | 318 | |||||||||
Class 3 | 11 | Not applicable | 2 | |||||||||
Class 4 | 462 | 461 | 56 | |||||||||
Total class-specific expenses | $3,125 | $472 | $451 |
Managed Risk Growth Fund | ||||||||||||
Share class | Distribution services | Insurance administrative services | ||||||||||
Class P1 | Not applicable | $26 | ||||||||||
Class P2 | $1,174 | 1,174 | ||||||||||
Total class-specific expenses | $1,174 | $1,200 | ||||||||||
Managed Risk International Fund | ||||||||||||
Share class | Distribution services | Insurance administrative services | ||||||||||
Class P1 | Not applicable | $4 | ||||||||||
Class P2 | $305 | 305 | ||||||||||
Total class-specific expenses | $305 | $309 | ||||||||||
Managed Risk Washington Mutual Investors Fund | ||||||||||||
Share class | Distribution services | Insurance administrative services | ||||||||||
Class P1 | Not applicable | $7 | ||||||||||
Class P2 | $786 | 786 | ||||||||||
Total class-specific expenses | $786 | $793 | ||||||||||
Managed Risk Growth-Income Fund | ||||||||||||
Share class | Distribution services | Insurance administrative services | ||||||||||
Class P1 | Not applicable | $4,635 | ||||||||||
Class P2 | $673 | 673 | ||||||||||
Total class-specific expenses | $673 | $5,308 | ||||||||||
Managed Risk Asset Allocation Fund | ||||||||||||
Share class | Distribution services | Insurance administrative services | ||||||||||
Class P1 | Not applicable | $19 | ||||||||||
Class P2 | $5,253 | 5,253 | ||||||||||
Total class-specific expenses | $5,253 | $5,272 |
* | Amount less than one thousand. |
American Funds Insurance Series | 353 |
Miscellaneous fee reimbursements — CRMC reimbursed a portion of miscellaneous fees and expenses for Managed Risk International Fund and Managed Risk Washington Mutual Investors Fund. These reimbursements may be adjusted or discontinued by CRMC, subject to any restrictions in the series’ prospectus. For the year ended December 31, 2023, total fees and expenses reimbursed by CRMC were $67,000. CRMC does not intend to recoup these reimbursements. Fees and expenses in each fund’s statement of operations are presented gross of any reimbursements from CRMC.
Trustees’ deferred compensation — Trustees who are unaffiliated with CRMC may elect to defer the cash payment of part or all of their compensation. These deferred amounts, which remain as liabilities of the funds, are treated as if invested in one or more of the American Funds. These amounts represent general, unsecured liabilities of the funds and vary according to the total returns of the selected funds. Trustees’ compensation, shown on the accompanying financial statements, reflects current fees (either paid in cash or deferred) and a net increase in the value of the deferred amounts as follows (dollars in thousands):
Fund | Current fees | Increase in value of deferred amounts | Total trustees compensation | |||||||||
Global Growth Fund | $ | 20 | $ | 9 | $ | 29 | ||||||
Global Small Capitalization Fund | 9 | 4 | 13 | |||||||||
Growth Fund | 96 | 45 | 141 | |||||||||
International Fund | 19 | 8 | 27 | |||||||||
New World Fund | 9 | 4 | 13 | |||||||||
Washington Mutual Investors Fund | 27 | 12 | 39 | |||||||||
Capital World Growth and Income Fund | 5 | 2 | 7 | |||||||||
Growth-Income Fund | 96 | 42 | 138 | |||||||||
International Growth and Income Fund | 1 | — | * | 1 | ||||||||
Capital Income Builder | 3 | 1 | 4 | |||||||||
Asset Allocation Fund | 70 | 30 | 100 | |||||||||
American Funds Global Balanced Fund | 2 | — | * | 2 | ||||||||
The Bond Fund of America | 29 | 13 | 42 | |||||||||
Capital World Bond Fund | 4 | 2 | 6 | |||||||||
American High-Income Trust | 2 | 1 | 3 | |||||||||
American Funds Mortgage Fund | — | * | — | * | — | * | ||||||
Ultra-Short Bond Fund | 1 | 1 | 2 | |||||||||
U.S. Government Securities Fund | 4 | 2 | 6 | |||||||||
Managed Risk Growth Fund | 1 | 1 | 2 | |||||||||
Managed Risk International Fund | — | * | — | * | — | * | ||||||
Managed Risk Washington Mutual Investors Fund | 1 | — | * | 1 | ||||||||
Managed Risk Growth-Income Fund | 6 | 3 | 9 | |||||||||
Managed Risk Asset Allocation Fund | 6 | 3 | 9 |
* | Amount less than one thousand. |
Affiliated officers and trustees — Officers and certain trustees of the series are or may be considered to be affiliated with CRMC, AFD and AFS. No affiliated officers or trustees received any compensation directly from any fund in the series.
Investments in CCBF and CCF — Some of the funds hold shares of CCBF, a corporate bond fund, and/or CCF, an institutional prime money market fund ,which are both managed by CRMC. CCBF seeks to provide maximum total return consistent with capital preservation and prudent risk management by investing primarily in corporate debt instruments. CCBF is used as an investment vehicle for some of the funds’ corporate bond investments. CCF invests in high-quality, short-term money market instruments. CCF is used as the primary investment vehicle for some of the funds’ short-term investments. Both CCBF and CCF shares are only available for purchase by CRMC, its affiliates, and other funds managed by CRMC or its affiliates, and are not available to the public. CRMC does not receive an investment advisory services fee from either CCBF or CCF.
Security transactions with related funds — The funds may purchase from, or sell securities to, other CRMC-managed funds (or funds managed by certain affiliates of CRMC) under procedures adopted by the fund’s board of trustees. The funds involved in such transactions are considered related by virtue of having a common investment adviser (or affiliated investment advisers), common trustees and/or common officers. When such transactions occur, each transaction is executed at the current market price of the security and no brokerage commissions or fees are paid in accordance with Rule 17a-7 of the 1940 Act.
354 | American Funds Insurance Series |
The following table presents purchase and sale transactions between each fund and related funds, and net realized gain or loss from such sales, if any, as of December 31, 2023 (dollars in thousands):
Fund | Purchases | Sales | Net realized gain (loss) | |||||||||
Global Growth Fund | $ | 143,889 | $ | 87,197 | $ | 9,634 | ||||||
Global Small Capitalization Fund | 9,942 | 11,693 | 8,672 | |||||||||
Growth Fund | 166,584 | 358,497 | 10,310 | |||||||||
International Fund | 73,650 | 21,674 | (3,753 | ) | ||||||||
New World Fund | 16,926 | 33,734 | 1,554 | |||||||||
Washington Mutual Investors Fund | 116,301 | 58,777 | 5,903 | |||||||||
Capital World Growth and Income Fund | 21,985 | 18,869 | 1,020 | |||||||||
Growth-Income Fund | 423,580 | 508,767 | 105,610 | |||||||||
International Growth and Income Fund | 4,805 | 6,338 | 607 | |||||||||
Capital Income Builder | 9,847 | 11,526 | 127 | |||||||||
Asset Allocation Fund | 214,958 | 673,480 | 132,916 | |||||||||
American Funds Global Balanced Fund | 4,519 | 1,414 | (220 | ) | ||||||||
American High-Income Trust | — | 398 | 270 |
8. Indemnifications
The series’ organizational documents provide board members and officers with indemnification against certain liabilities or expenses in connection with the performance of their duties to the series. In the normal course of business, the series may also enter into contracts that provide general indemnifications. Each fund’s maximum exposure under these arrangements is unknown since it is dependent on future claims that may be made against the series. The risk of material loss from such claims is considered remote. Insurance policies are also available to the series’ board members and officers.
9. Committed line of credit
Global Small Capitalization Fund, New World Fund and American High-Income Trust participate with other funds managed by CRMC in a $1.5 billion credit facility (the “line of credit”) to be utilized for temporary purposes to fund shareholder redemptions. Each fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which are reflected in other expenses in each fund’s statement of operations. None of the funds borrowed on this line of credit at any time during the year ended December 31, 2023.
American Funds Insurance Series | 355 |
10. Capital share transactions
Capital share transactions in each fund were as follows (dollars and shares in thousands):
Global Growth Fund | ||||||||||||||||||||||||||||||||
Sales* | Reinvestments of distributions | Repurchases* | Net increase (decrease) | |||||||||||||||||||||||||||||
Share class | Amount | Shares | Amount | Shares | Amount | Shares | Amount | Shares | ||||||||||||||||||||||||
Year ended December 31, 2023 | ||||||||||||||||||||||||||||||||
Class 1 | $ | 192,718 | 6,033 | $ | 274,560 | 8,748 | $ | (540,248 | ) | (16,855 | ) | $ | (72,970 | ) | (2,074 | ) | ||||||||||||||||
Class 1A | 2,158 | 68 | 1,343 | 43 | (2,107 | ) | (66 | ) | 1,394 | 45 | ||||||||||||||||||||||
Class 2 | 39,498 | 1,245 | 289,912 | 9,380 | (438,910 | ) | (13,838 | ) | (109,500 | ) | (3,213 | ) | ||||||||||||||||||||
Class 4 | 95,674 | 3,056 | 54,608 | 1,787 | (77,844 | ) | (2,499 | ) | 72,438 | 2,344 | ||||||||||||||||||||||
Total net increase (decrease) | $ | 330,048 | 10,402 | $ | 620,423 | 19,958 | $ | (1,059,109 | ) | (33,258 | ) | $ | (108,638 | ) | (2,898 | ) | ||||||||||||||||
Year ended December 31, 2022 | ||||||||||||||||||||||||||||||||
Class 1 | $ | 434,070 | 13,042 | $ | 400,617 | 12,733 | $ | (553,744 | ) | (16,845 | ) | $ | 280,943 | 8,930 | ||||||||||||||||||
Class 1A | 2,997 | 91 | 1,758 | 56 | (2,085 | ) | (65 | ) | 2,670 | 82 | ||||||||||||||||||||||
Class 2 | 92,048 | 2,700 | 419,636 | 13,511 | (295,933 | ) | (9,100 | ) | 215,751 | 7,111 | ||||||||||||||||||||||
Class 4 | 99,092 | 2,978 | 70,552 | 2,294 | (71,372 | ) | (2,195 | ) | 98,272 | 3,077 | ||||||||||||||||||||||
Total net increase (decrease) | $ | 628,207 | 18,811 | $ | 892,563 | 28,594 | $ | (923,134 | ) | (28,205 | ) | $ | 597,636 | 19,200 | ||||||||||||||||||
Global Small Capitalization Fund | ||||||||||||||||||||||||||||||||
Sales* | Reinvestments of distributions | Repurchases* | Net increase (decrease) | |||||||||||||||||||||||||||||
Share class | Amount | Shares | Amount | Shares | Amount | Shares | Amount | Shares | ||||||||||||||||||||||||
Year ended December 31, 2023 | ||||||||||||||||||||||||||||||||
Class 1 | $ | 91,477 | 5,345 | $ | 16,333 | 935 | $ | (152,565 | ) | (8,792 | ) | $ | (44,755 | ) | (2,512 | ) | ||||||||||||||||
Class 1A | 781 | 46 | 71 | 4 | (530 | ) | (31 | ) | 322 | 19 | ||||||||||||||||||||||
Class 2 | 39,394 | 2,481 | 28,267 | 1,715 | (197,235 | ) | (11,995 | ) | (129,574 | ) | (7,799 | ) | ||||||||||||||||||||
Class 4 | 34,683 | 2,137 | 3,699 | 225 | (36,779 | ) | (2,285 | ) | 1,603 | 77 | ||||||||||||||||||||||
Total net increase (decrease) | $ | 166,335 | 10,009 | $ | 48,370 | 2,879 | $ | (387,109 | ) | (23,103 | ) | $ | (172,404 | ) | (10,215 | ) | ||||||||||||||||
Year ended December 31, 2022 | ||||||||||||||||||||||||||||||||
Class 1 | $ | 187,481 | 9,235 | $ | 331,498 | 19,030 | $ | (570,697 | ) | (21,774 | ) | $ | (51,718 | ) | 6,491 | |||||||||||||||||
Class 1A | 989 | 43 | 1,461 | 85 | (276 | ) | (15 | ) | 2,174 | 113 | ||||||||||||||||||||||
Class 2 | 111,019 | 5,043 | 663,046 | 40,307 | (118,512 | ) | (6,722 | ) | 655,553 | 38,628 | ||||||||||||||||||||||
Class 4 | 56,480 | 2,653 | 93,892 | 5,707 | (34,387 | ) | (1,715 | ) | 115,985 | 6,645 | ||||||||||||||||||||||
Total net increase (decrease) | $ | 355,969 | 16,974 | $ | 1,089,897 | 65,129 | $ | (723,872 | ) | (30,226 | ) | $ | 721,994 | 51,877 |
Refer to the end of the tables for footnotes.
356 | American Funds Insurance Series |
Growth Fund | ||||||||||||||||||||||||||||||||
Sales* | Reinvestments of distributions | Repurchases* | Net increase (decrease) | |||||||||||||||||||||||||||||
Share class | Amount | Shares | Amount | Shares | Amount | Shares | Amount | Shares | ||||||||||||||||||||||||
Year ended December 31, 2023 | ||||||||||||||||||||||||||||||||
Class 1 | $ | 1,126,344 | 13,031 | $ | 952,995 | 11,055 | $ | (2,473,911 | ) | (28,345 | ) | $ | (394,572 | ) | (4,259 | ) | ||||||||||||||||
Class 1A | 39,167 | 473 | 14,169 | 166 | (24,617 | ) | (280 | ) | 28,719 | 359 | ||||||||||||||||||||||
Class 2 | 378,332 | 4,358 | 983,331 | 11,587 | (2,226,251 | ) | (25,522 | ) | (864,588 | ) | (9,577 | ) | ||||||||||||||||||||
Class 3 | 2,841 | 32 | 12,720 | 146 | (23,828 | ) | (268 | ) | (8,267 | ) | (90 | ) | ||||||||||||||||||||
Class 4 | 479,958 | 5,642 | 172,656 | 2,092 | (306,686 | ) | (3,644 | ) | 345,928 | 4,090 | ||||||||||||||||||||||
Total net increase (decrease) | $ | 2,026,642 | 23,536 | $ | 2,135,871 | 25,046 | $ | (5,055,293 | ) | (58,059 | ) | $ | (892,780 | ) | (9,477 | ) | ||||||||||||||||
Year ended December 31, 2022 | ||||||||||||||||||||||||||||||||
Class 1 | $ | 2,593,666 | 29,149 | $ | 2,228,505 | 26,120 | $ | (3,051,097 | ) | (31,275 | ) | $ | 1,771,074 | 23,994 | ||||||||||||||||||
Class 1A | 133,124 | 1,387 | 27,088 | 320 | (15,271 | ) | (181 | ) | 144,941 | 1,526 | ||||||||||||||||||||||
Class 2 | 520,092 | 5,686 | 2,464,507 | 29,214 | (1,621,163 | ) | (17,346 | ) | 1,363,436 | 17,554 | ||||||||||||||||||||||
Class 3 | 1,224 | 14 | 32,371 | 376 | (28,004 | ) | (296 | ) | 5,591 | 94 | ||||||||||||||||||||||
Class 4 | 409,323 | 4,647 | 383,909 | 4,657 | (227,877 | ) | (2,558 | ) | 565,355 | 6,746 | ||||||||||||||||||||||
Total net increase (decrease) | $ | 3,657,429 | 40,883 | $ | 5,136,380 | 60,687 | $ | (4,943,412 | ) | (51,656 | ) | $ | 3,850,397 | 49,914 |
International Fund | ||||||||||||||||||||||||||||||||
Sales* | Reinvestments of distributions | Repurchases* | Net increase (decrease) | |||||||||||||||||||||||||||||
Share class | Amount | Shares | Amount | Shares | Amount | Shares | Amount | Shares | ||||||||||||||||||||||||
Year ended December 31, 2023 | ||||||||||||||||||||||||||||||||
Class 1 | $ | 116,405 | 7,036 | $ | 50,154 | 3,024 | $ | (410,379 | ) | (24,700 | ) | $ | (243,820 | ) | (14,640 | ) | ||||||||||||||||
Class 1A | 1,488 | 90 | 150 | 9 | (1,420 | ) | (86 | ) | 218 | 13 | ||||||||||||||||||||||
Class 2 | 132,534 | 7,999 | 42,608 | 2,582 | (397,669 | ) | (24,084 | ) | (222,527 | ) | (13,503 | ) | ||||||||||||||||||||
Class 3 | 199 | 12 | 219 | 13 | (1,551 | ) | (92 | ) | (1,133 | ) | (67 | ) | ||||||||||||||||||||
Class 4 | 41,507 | 2,540 | 4,367 | 269 | (55,374 | ) | (3,413 | ) | (9,500 | ) | (604 | ) | ||||||||||||||||||||
Total net increase (decrease) | $ | 292,133 | 17,677 | $ | 97,498 | 5,897 | $ | (866,393 | ) | (52,375 | ) | $ | (476,762 | ) | (28,801 | ) | ||||||||||||||||
Year ended December 31, 2022 | ||||||||||||||||||||||||||||||||
Class 1 | $ | 280,536 | 15,960 | $ | 543,821 | 32,473 | $ | (1,015,741 | ) | (51,244 | ) | $ | (191,384 | ) | (2,811 | ) | ||||||||||||||||
Class 1A | 2,247 | 127 | 1,679 | 101 | (1,009 | ) | (63 | ) | 2,917 | 165 | ||||||||||||||||||||||
Class 2 | 189,379 | 10,637 | 536,766 | 32,189 | (347,301 | ) | (20,471 | ) | 378,844 | 22,355 | ||||||||||||||||||||||
Class 3 | 87 | 5 | 2,627 | 156 | (1,366 | ) | (79 | ) | 1,348 | 82 | ||||||||||||||||||||||
Class 4 | 65,571 | 3,703 | 61,594 | 3,751 | (53,681 | ) | (3,200 | ) | 73,484 | 4,254 | ||||||||||||||||||||||
Total net increase (decrease) | $ | 537,820 | 30,432 | $ | 1,146,487 | 68,670 | $ | (1,419,098 | ) | (75,057 | ) | $ | 265,209 | 24,045 |
Refer to the end of the tables for footnotes.
American Funds Insurance Series | 357 |
New World Fund | ||||||||||||||||||||||||||||||||
Sales* | Reinvestments of distributions | Repurchases* | Net increase (decrease) | |||||||||||||||||||||||||||||
Share class | Amount | Shares | Amount | Shares | Amount | Shares | Amount | Shares | ||||||||||||||||||||||||
Year ended December 31, 2023 | ||||||||||||||||||||||||||||||||
Class 1 | $ | 86,114 | 3,585 | $ | 28,772 | 1,188 | $ | (174,819 | ) | (7,226 | ) | $ | (59,933 | ) | (2,453 | ) | ||||||||||||||||
Class 1A | 1,115 | 47 | 146 | 6 | (1,025 | ) | (43 | ) | 236 | 10 | ||||||||||||||||||||||
Class 2 | 59,693 | 2,497 | 11,303 | 473 | (136,698 | ) | (5,745 | ) | (65,702 | ) | (2,775 | ) | ||||||||||||||||||||
Class 4 | 71,676 | 3,024 | 9,222 | 389 | (93,668 | ) | (3,971 | ) | (12,770 | ) | (558 | ) | ||||||||||||||||||||
Total net increase (decrease) | $ | 218,598 | 9,153 | $ | 49,443 | 2,056 | $ | (406,210 | ) | (16,985 | ) | $ | (138,169 | ) | (5,776 | ) | ||||||||||||||||
Year ended December 31, 2022 | ||||||||||||||||||||||||||||||||
Class 1 | $ | 91,026 | 3,688 | $ | 189,325 | 7,939 | $ | (434,293 | ) | (16,140 | ) | $ | (153,942 | ) | (4,513 | ) | ||||||||||||||||
Class 1A | 1,549 | 60 | 1,040 | 44 | (1,769 | ) | (76 | ) | 820 | 28 | ||||||||||||||||||||||
Class 2 | 72,626 | 2,937 | 88,236 | 3,744 | (163,288 | ) | (6,534 | ) | (2,426 | ) | 147 | |||||||||||||||||||||
Class 4 | 133,209 | 5,310 | 78,780 | 3,371 | (133,462 | ) | (5,583 | ) | 78,527 | 3,098 | ||||||||||||||||||||||
Total net increase (decrease) | $ | 298,410 | 11,995 | $ | 357,381 | 15,098 | $ | (732,812 | ) | (28,333 | ) | $ | (77,021 | ) | (1,240 | ) | ||||||||||||||||
Washington Mutual Investors Fund | ||||||||||||||||||||||||||||||||
Sales* | Reinvestments of distributions | Repurchases* | Net increase (decrease) | |||||||||||||||||||||||||||||
Share class | Amount | Shares | Amount | Shares | Amount | Shares | Amount | Shares | ||||||||||||||||||||||||
Year ended December 31, 2023 | ||||||||||||||||||||||||||||||||
Class 1 | $ | 277,677 | 21,465 | $ | 170,023 | 12,648 | $ | (697,429 | ) | (52,419 | ) | $ | (249,729 | ) | (18,306 | ) | ||||||||||||||||
Class 1A | 9,396 | 729 | 532 | 40 | (54,463 | ) | (4,239 | ) | (44,535 | ) | (3,470 | ) | ||||||||||||||||||||
Class 2 | 33,904 | 2,614 | 77,682 | 5,899 | (358,013 | ) | (27,290 | ) | (246,427 | ) | (18,777 | ) | ||||||||||||||||||||
Class 4 | 156,923 | 12,161 | 31,807 | 2,442 | (102,800 | ) | (7,983 | ) | 85,930 | 6,620 | ||||||||||||||||||||||
Total net increase (decrease) | $ | 477,900 | 36,969 | $ | 280,044 | 21,029 | $ | (1,212,705 | ) | (91,931 | ) | $ | (454,761 | ) | (33,933 | ) | ||||||||||||||||
Year ended December 31, 2022 | ||||||||||||||||||||||||||||||||
Class 1 | $ | 311,628 | 22,333 | $ | 1,412,614 | 106,476 | $ | (1,024,832 | ) | (69,053 | ) | $ | 699,410 | 59,756 | ||||||||||||||||||
Class 1A | 33,907 | 2,321 | 14,025 | 1,066 | (125,110 | ) | (7,699 | ) | (77,178 | ) | (4,312 | ) | ||||||||||||||||||||
Class 2 | 48,719 | 3,523 | 725,386 | 55,707 | (414,058 | ) | (28,659 | ) | 360,047 | 30,571 | ||||||||||||||||||||||
Class 4 | 238,615 | 16,711 | 258,174 | 20,025 | (148,002 | ) | (10,093 | ) | 348,787 | 26,643 | ||||||||||||||||||||||
Total net increase (decrease) | $ | 632,869 | 44,888 | $ | 2,410,199 | 183,274 | $ | (1,712,002 | ) | (115,504 | ) | $ | 1,331,066 | 112,658 | ||||||||||||||||||
Capital World Growth and Income Fund | ||||||||||||||||||||||||||||||||
Sales* | Reinvestments of distributions | Repurchases* | Net increase (decrease) | |||||||||||||||||||||||||||||
Share class | Amount | Shares | Amount | Shares | Amount | Shares | Amount | Shares | ||||||||||||||||||||||||
Year ended December 31, 2023 | ||||||||||||||||||||||||||||||||
Class 1 | $ | 65,556 | 5,277 | $ | 11,348 | 873 | $ | (143,262 | ) | (11,299 | ) | $ | (66,358 | ) | (5,149 | ) | ||||||||||||||||
Class 1A | 755 | 60 | 126 | 9 | (615 | ) | (50 | ) | 266 | 19 | ||||||||||||||||||||||
Class 2 | 13,750 | 1,078 | 18,495 | 1,427 | (147,991 | ) | (11,668 | ) | (115,746 | ) | (9,163 | ) | ||||||||||||||||||||
Class 4 | 31,436 | 2,536 | 3,732 | 296 | (24,318 | ) | (1,970 | ) | 10,850 | 862 | ||||||||||||||||||||||
Total net increase (decrease) | $ | 111,497 | 8,951 | $ | 33,701 | 2,605 | $ | (316,186 | ) | (24,987 | ) | $ | (170,988 | ) | (13,431 | ) | ||||||||||||||||
Year ended December 31, 2022 | ||||||||||||||||||||||||||||||||
Class 1 | $ | 286,528 | 22,239 | $ | 137,343 | 10,946 | $ | (434,782 | ) | (30,278 | ) | $ | (10,911 | ) | 2,907 | |||||||||||||||||
Class 1A | 1,618 | 116 | 1,525 | 122 | (1,079 | ) | (91 | ) | 2,064 | 147 | ||||||||||||||||||||||
Class 2 | 15,274 | 1,157 | 262,887 | 21,001 | (144,703 | ) | (10,617 | ) | 133,458 | 11,541 | ||||||||||||||||||||||
Class 4 | 25,643 | 1,909 | 48,121 | 3,940 | (22,999 | ) | (1,756 | ) | 50,765 | 4,093 | ||||||||||||||||||||||
Total net increase (decrease) | $ | 329,063 | 25,421 | $ | 449,876 | 36,009 | $ | (603,563 | ) | (42,742 | ) | $ | 175,376 | 18,688 |
Refer to the end of the tables for footnotes.
358 | American Funds Insurance Series |
Growth-Income Fund | ||||||||||||||||||||||||||||||||
Sales* | Reinvestments of distributions | Repurchases* | Net increase (decrease) | |||||||||||||||||||||||||||||
Share class | Amount | Shares | Amount | Shares | Amount | Shares | Amount | Shares | ||||||||||||||||||||||||
Year ended December 31, 2023 | ||||||||||||||||||||||||||||||||
Class 1 | $ | 479,730 | 9,041 | $ | 1,404,035 | 26,362 | $ | (2,739,803 | ) | (50,914 | ) | $ | (856,038 | ) | (15,511 | ) | ||||||||||||||||
Class 1A | 4,149 | 77 | 2,090 | 40 | (4,268 | ) | (80 | ) | 1,971 | 37 | ||||||||||||||||||||||
Class 2 | 112,392 | 2,119 | 806,872 | 15,426 | (1,545,914 | ) | (29,027 | ) | (626,650 | ) | (11,482 | ) | ||||||||||||||||||||
Class 3 | 280 | 5 | 8,705 | 163 | (14,068 | ) | (259 | ) | (5,083 | ) | (91 | ) | ||||||||||||||||||||
Class 4 | 187,357 | 3,563 | 118,358 | 2,303 | (175,879 | ) | (3,369 | ) | 129,836 | 2,497 | ||||||||||||||||||||||
Total net increase (decrease) | $ | 783,908 | 14,805 | $ | 2,340,060 | 44,294 | $ | (4,479,932 | ) | (83,649 | ) | $ | (1,355,964 | ) | (24,550 | ) | ||||||||||||||||
Year ended December 31, 2022 | ||||||||||||||||||||||||||||||||
Class 1 | $ | 2,026,623 | 38,323 | $ | 2,348,918 | 43,972 | $ | (3,853,406 | ) | (68,861 | ) | $ | 522,135 | 13,434 | ||||||||||||||||||
Class 1A | 4,813 | 89 | 3,248 | 61 | (3,333 | ) | (64 | ) | 4,728 | 86 | ||||||||||||||||||||||
Class 2 | 119,436 | 2,219 | 1,399,821 | 26,589 | (1,455,432 | ) | (26,710 | ) | 63,825 | 2,098 | ||||||||||||||||||||||
Class 3 | 766 | 15 | 15,025 | 280 | (15,511 | ) | (279 | ) | 280 | 16 | ||||||||||||||||||||||
Class 4 | 180,173 | 3,342 | 186,543 | 3,596 | (153,528 | ) | (2,879 | ) | 213,188 | 4,059 | ||||||||||||||||||||||
Total net increase (decrease) | $ | 2,331,811 | 43,988 | $ | 3,953,555 | 74,498 | $ | (5,481,210 | ) | (98,793 | ) | $ | 804,156 | 19,693 | ||||||||||||||||||
International Growth and Income Fund | ||||||||||||||||||||||||||||||||
Sales* | Reinvestments of distributions | Repurchases* | Net increase (decrease) | |||||||||||||||||||||||||||||
Share class | Amount | Shares | Amount | Shares | Amount | Shares | Amount | Shares | ||||||||||||||||||||||||
Year ended December 31, 2023 | ||||||||||||||||||||||||||||||||
Class 1 | $ | 3,526 | 363 | $ | 394 | 41 | $ | (3,717 | ) | (387 | ) | $ | 203 | 17 | ||||||||||||||||||
Class 1A | 1,556 | 164 | 151 | 17 | (992 | ) | (105 | ) | 715 | 76 | ||||||||||||||||||||||
Class 2 | 3,978 | 424 | 3,950 | 423 | (25,662 | ) | (2,748 | ) | (17,734 | ) | (1,901 | ) | ||||||||||||||||||||
Class 4 | 24,171 | 2,625 | 3,138 | 342 | (21,164 | ) | (2,297 | ) | 6,145 | 670 | ||||||||||||||||||||||
Total net increase (decrease) | $ | 33,231 | 3,576 | $ | 7,633 | 823 | $ | (51,535 | ) | (5,537 | ) | $ | (10,671 | ) | (1,138 | ) | ||||||||||||||||
Year ended December 31, 2022 | ||||||||||||||||||||||||||||||||
Class 1 | $ | 2,793 | 220 | $ | 6,501 | 686 | $ | (16,761 | ) | (946 | ) | $ | (7,467 | ) | (40 | ) | ||||||||||||||||
Class 1A | 1,041 | 92 | 2,255 | 244 | (921 | ) | (61 | ) | 2,375 | 275 | ||||||||||||||||||||||
Class 2 | 7,743 | 664 | 86,227 | 9,344 | (24,550 | ) | (2,262 | ) | 69,420 | 7,746 | ||||||||||||||||||||||
Class 4 | 23,335 | 2,027 | 59,065 | 6,499 | (13,968 | ) | (1,295 | ) | 68,432 | 7,231 | ||||||||||||||||||||||
Total net increase (decrease) | $ | 34,912 | 3,003 | $ | 154,048 | 16,773 | $ | (56,200 | ) | (4,564 | ) | $ | 132,760 | 15,212 |
Refer to the end of the tables for footnotes.
American Funds Insurance Series | 359 |
Capital Income Builder | ||||||||||||||||||||||||||||||||
Sales* | Reinvestments of distributions | Repurchases* | Net increase (decrease) | |||||||||||||||||||||||||||||
Share class | Amount | Shares | Amount | Shares | Amount | Shares | Amount | Shares | ||||||||||||||||||||||||
Year ended December 31, 2023 | ||||||||||||||||||||||||||||||||
Class 1 | $ | 77,581 | 6,983 | $ | 19,561 | 1,773 | $ | (60,168 | ) | (5,393 | ) | $ | 36,974 | 3,363 | ||||||||||||||||||
Class 1A | 524 | 47 | 290 | 26 | (737 | ) | (66 | ) | 77 | 7 | ||||||||||||||||||||||
Class 2 | 1,719 | 155 | 410 | 37 | (1,019 | ) | (92 | ) | 1,110 | 100 | ||||||||||||||||||||||
Class 4 | 50,560 | 4,553 | 14,650 | 1,330 | (60,170 | ) | (5,412 | ) | 5,040 | 471 | ||||||||||||||||||||||
Total net increase (decrease) | $ | 130,384 | 11,738 | $ | 34,911 | 3,166 | $ | (122,094 | ) | (10,963 | ) | $ | 43,201 | 3,941 | ||||||||||||||||||
Year ended December 31, 2022 | ||||||||||||||||||||||||||||||||
Class 1 | $ | 177,351 | 15,800 | $ | 17,636 | 1,573 | $ | (114,944 | ) | (10,289 | ) | $ | 80,043 | 7,084 | ||||||||||||||||||
Class 1A | 2,218 | 196 | 270 | 24 | (1,259 | ) | (111 | ) | 1,229 | 109 | ||||||||||||||||||||||
Class 2 | 2,390 | 211 | 355 | 32 | (1,006 | ) | (88 | ) | 1,739 | 155 | ||||||||||||||||||||||
Class 4 | 94,517 | 8,303 | 13,728 | 1,228 | (81,854 | ) | (7,293 | ) | 26,391 | 2,238 | ||||||||||||||||||||||
Total net increase (decrease) | $ | 276,476 | 24,510 | $ | 31,989 | 2,857 | $ | (199,063 | ) | (17,781 | ) | $ | 109,402 | 9,586 | ||||||||||||||||||
Asset Allocation Fund | ||||||||||||||||||||||||||||||||
Sales* | Reinvestments of distributions | Repurchases* | Net increase (decrease) | |||||||||||||||||||||||||||||
Share class | Amount | Shares | Amount | Shares | Amount | Shares | Amount | Shares | ||||||||||||||||||||||||
Year ended December 31, 2023 | ||||||||||||||||||||||||||||||||
Class 1 | $ | 315,966 | 14,009 | $ | 942,218 | 42,101 | $ | (1,956,417 | ) | (86,110 | ) | $ | (698,233 | ) | (30,000 | ) | ||||||||||||||||
Class 1A | 6,331 | 281 | 1,702 | 77 | (4,607 | ) | (204 | ) | 3,426 | 154 | ||||||||||||||||||||||
Class 2 | 42,695 | 1,904 | 254,377 | 11,536 | (565,941 | ) | (25,320 | ) | (268,869 | ) | (11,880 | ) | ||||||||||||||||||||
Class 3 | 436 | 19 | 1,741 | 78 | (2,528 | ) | (111 | ) | (351 | ) | (14 | ) | ||||||||||||||||||||
Class 4 | 217,843 | 9,818 | 326,200 | 14,919 | (516,978 | ) | (23,318 | ) | 27,065 | 1,419 | ||||||||||||||||||||||
Total net increase (decrease) | $ | 583,271 | 26,031 | $ | 1,526,238 | 68,711 | $ | (3,046,471 | ) | (135,063 | ) | $ | (936,962 | ) | (40,321 | ) | ||||||||||||||||
Year ended December 31, 2022 | ||||||||||||||||||||||||||||||||
Class 1 | $ | 1,365,105 | 57,634 | $ | 2,001,507 | 85,450 | $ | (2,607,782 | ) | (108,817 | ) | $ | 758,830 | 34,267 | ||||||||||||||||||
Class 1A | 8,603 | 375 | 2,806 | 121 | (2,839 | ) | (126 | ) | 8,570 | 370 | ||||||||||||||||||||||
Class 2 | 58,248 | 2,413 | 565,030 | 24,435 | (581,503 | ) | (24,252 | ) | 41,775 | 2,596 | ||||||||||||||||||||||
Class 3 | 126 | 5 | 3,759 | 160 | (3,377 | ) | (141 | ) | 508 | 24 | ||||||||||||||||||||||
Class 4 | 332,209 | 13,862 | 680,622 | 29,650 | (423,984 | ) | (17,975 | ) | 588,847 | 25,537 | ||||||||||||||||||||||
Total net increase (decrease) | $ | 1,764,291 | 74,289 | $ | 3,253,724 | 139,816 | $ | (3,619,485 | ) | (151,311 | ) | $ | 1,398,530 | 62,794 |
Refer to the end of the tables for footnotes.
360 | American Funds Insurance Series |
American Funds Global Balanced Fund | ||||||||||||||||||||||||||||||||
Sales* | Reinvestments of distributions | Repurchases* | Net increase (decrease) | |||||||||||||||||||||||||||||
Share class | Amount | Shares | Amount | Shares | Amount | Shares | Amount | Shares | ||||||||||||||||||||||||
Year ended December 31, 2023 | ||||||||||||||||||||||||||||||||
Class 1 | $ | 24,292 | 2,019 | $ | 13,166 | 1,134 | $ | (35,782 | ) | (2,948 | ) | $ | 1,676 | 205 | ||||||||||||||||||
Class 1A | 85 | 7 | 353 | 31 | (220 | ) | (18 | ) | 218 | 20 | ||||||||||||||||||||||
Class 2 | 4,268 | 348 | 21,444 | 1,856 | (22,190 | ) | (1,820 | ) | 3,522 | 384 | ||||||||||||||||||||||
Class 4 | 14,257 | 1,202 | 15,977 | 1,406 | (12,127 | ) | (1,019 | ) | 18,107 | 1,589 | ||||||||||||||||||||||
Total net increase (decrease) | $ | 42,902 | 3,576 | $ | 50,940 | 4,427 | $ | (70,319 | ) | (5,805 | ) | $ | 23,523 | 2,198 | ||||||||||||||||||
Year ended December 31, 2022 | ||||||||||||||||||||||||||||||||
Class 1 | $ | 37,857 | 3,046 | $ | 570 | 44 | $ | (45,473 | ) | (3,593 | ) | $ | (7,046 | ) | (503 | ) | ||||||||||||||||
Class 1A | 160 | 12 | 15 | 1 | (857 | ) | (63 | ) | (682 | ) | (50 | ) | ||||||||||||||||||||
Class 2 | 3,979 | 308 | 974 | 74 | (24,238 | ) | (1,876 | ) | (19,285 | ) | (1,494 | ) | ||||||||||||||||||||
Class 4 | 9,992 | 779 | 674 | 52 | (14,316 | ) | (1,139 | ) | (3,650 | ) | (308 | ) | ||||||||||||||||||||
Total net increase (decrease) | $ | 51,988 | 4,145 | $ | 2,233 | 171 | $ | (84,884 | ) | (6,671 | ) | $ | (30,663 | ) | (2,355 | ) | ||||||||||||||||
The Bond Fund of America | ||||||||||||||||||||||||||||||||
Sales* | Reinvestments of distributions | Repurchases* | Net increase (decrease) | |||||||||||||||||||||||||||||
Share class | Amount | Shares | Amount | Shares | Amount | Shares | Amount | Shares | ||||||||||||||||||||||||
Year ended December 31, 2023 | ||||||||||||||||||||||||||||||||
Class 1 | $ | 988,201 | 104,121 | $ | 244,526 | 26,118 | $ | (784,964 | ) | (82,958 | ) | $ | 447,763 | 47,281 | ||||||||||||||||||
Class 1A | 47,994 | 5,083 | 8,577 | 923 | (22,212 | ) | (2,334 | ) | 34,359 | 3,672 | ||||||||||||||||||||||
Class 2 | 129,127 | 13,768 | 97,823 | 10,606 | (228,846 | ) | (24,571 | ) | (1,896 | ) | (197 | ) | ||||||||||||||||||||
Class 4 | 200,494 | 21,589 | 30,097 | 3,279 | (66,304 | ) | (7,144 | ) | 164,287 | 17,724 | ||||||||||||||||||||||
Total net increase (decrease) | $ | 1,365,816 | 144,561 | $ | 381,023 | 40,926 | $ | (1,102,326 | ) | (117,007 | ) | $ | 644,513 | 68,480 | ||||||||||||||||||
Year ended December 31, 2022 | ||||||||||||||||||||||||||||||||
Class 1 | $ | 1,045,629 | 102,870 | $ | 293,730 | 29,996 | $ | (2,254,686 | ) | (218,872 | ) | $ | (915,327 | ) | (86,006 | ) | ||||||||||||||||
Class 1A | 222,556 | 22,066 | 9,170 | 944 | (5,163 | ) | (515 | ) | 226,563 | 22,495 | ||||||||||||||||||||||
Class 2 | 49,800 | 5,005 | 126,095 | 13,059 | (487,579 | ) | (48,690 | ) | (311,684 | ) | (30,626 | ) | ||||||||||||||||||||
Class 4 | 123,107 | 12,517 | 31,861 | 3,314 | (113,670 | ) | (11,505 | ) | 41,298 | 4,326 | ||||||||||||||||||||||
Total net increase (decrease) | $ | 1,441,092 | 142,458 | $ | 460,856 | 47,313 | $ | (2,861,098 | ) | (279,582 | ) | $ | (959,150 | ) | (89,811 | ) | ||||||||||||||||
Capital World Bond Fund | ||||||||||||||||||||||||||||||||
Sales* | Reinvestments of distributions | Repurchases* | Net increase (decrease) | |||||||||||||||||||||||||||||
Share class | Amount | Shares | Amount | Shares | Amount | Shares | Amount | Shares | ||||||||||||||||||||||||
Year ended December 31, 2023 | ||||||||||||||||||||||||||||||||
Class 1 | $ | 41,684 | 4,293 | $ | — | — | $ | (80,001 | ) | (8,267 | ) | $ | (38,317 | ) | (3,974 | ) | ||||||||||||||||
Class 1A | 206 | 21 | — | — | (169 | ) | (17 | ) | 37 | 4 | ||||||||||||||||||||||
Class 2 | 88,520 | 9,189 | — | — | (82,729 | ) | (8,647 | ) | 5,791 | 542 | ||||||||||||||||||||||
Class 4 | 7,131 | 757 | — | — | (6,337 | ) | (672 | ) | 794 | 85 | ||||||||||||||||||||||
Total net increase (decrease) | $ | 137,541 | 14,260 | $ | — | — | $ | (169,236 | ) | (17,603 | ) | $ | (31,695 | ) | (3,343 | ) | ||||||||||||||||
Year ended December 31, 2022 | ||||||||||||||||||||||||||||||||
Class 1 | $ | 63,069 | 6,354 | $ | 13,903 | 1,398 | $ | (234,228 | ) | (22,105 | ) | $ | (157,256 | ) | (14,353 | ) | ||||||||||||||||
Class 1A | 470 | 46 | 24 | 2 | (371 | ) | (38 | ) | 123 | 10 | ||||||||||||||||||||||
Class 2 | 32,696 | 3,225 | 15,838 | 1,606 | (121,387 | ) | (11,954 | ) | (72,853 | ) | (7,123 | ) | ||||||||||||||||||||
Class 4 | 7,078 | 688 | 1,065 | 109 | (8,255 | ) | (838 | ) | (112 | ) | (41 | ) | ||||||||||||||||||||
Total net increase (decrease) | $ | 103,313 | 10,313 | $ | 30,830 | 3,115 | $ | (364,241 | ) | (34,935 | ) | $ | (230,098 | ) | (21,507 | ) |
Refer to the end of the tables for footnotes.
American Funds Insurance Series | 361 |
American High-Income Trust | ||||||||||||||||||||||||||||||||
Sales* | Reinvestments of distributions | Repurchases* | Net increase (decrease) | |||||||||||||||||||||||||||||
Share class | Amount | Shares | Amount | Shares | Amount | Shares | Amount | Shares | ||||||||||||||||||||||||
Year ended December 31, 2023 | ||||||||||||||||||||||||||||||||
Class 1 | $ | 4,239 | 480 | $ | 15,199 | 1,751 | $ | (30,729 | ) | (3,495 | ) | $ | (11,291 | ) | (1,264 | ) | ||||||||||||||||
Class 1A | 1,264 | 146 | 171 | 20 | (180 | ) | (20 | ) | 1,255 | 146 | ||||||||||||||||||||||
Class 2 | 12,480 | 1,448 | 36,273 | 4,277 | (61,378 | ) | (7,129 | ) | (12,625 | ) | (1,404 | ) | ||||||||||||||||||||
Class 3 | 178 | 20 | 556 | 64 | (1,269 | ) | (144 | ) | (535 | ) | (60 | ) | ||||||||||||||||||||
Class 4 | 55,861 | 5,819 | 5,958 | 629 | (35,851 | ) | (3,767 | ) | 25,968 | 2,681 | ||||||||||||||||||||||
Total net increase (decrease) | $ | 74,022 | 7,913 | $ | 58,157 | 6,741 | $ | (129,407 | ) | (14,555 | ) | $ | 2,772 | 99 | ||||||||||||||||||
Year ended December 31, 2022 | ||||||||||||||||||||||||||||||||
Class 1 | $ | 29,406 | 3,042 | $ | 17,917 | 2,062 | $ | (58,971 | ) | (6,116 | ) | $ | (11,648 | ) | (1,012 | ) | ||||||||||||||||
Class 1A | 362 | 39 | 100 | 11 | (426 | ) | (45 | ) | 36 | 5 | ||||||||||||||||||||||
Class 2 | 7,171 | 758 | 42,707 | 5,019 | (98,679 | ) | (10,782 | ) | (48,801 | ) | (5,005 | ) | ||||||||||||||||||||
Class 3 | 432 | 46 | 695 | 79 | (1,385 | ) | (149 | ) | (258 | ) | (24 | ) | ||||||||||||||||||||
Class 4 | 65,309 | 6,490 | 5,827 | 619 | (70,275 | ) | (6,997 | ) | 861 | 112 | ||||||||||||||||||||||
Total net increase (decrease) | $ | 102,680 | 10,375 | $ | 67,246 | 7,790 | $ | (229,736 | ) | (24,089 | ) | $ | (59,810 | ) | (5,924 | ) | ||||||||||||||||
American Funds Mortgage Fund | ||||||||||||||||||||||||||||||||
Sales* | Reinvestments of distributions | Repurchases* | Net increase (decrease) | |||||||||||||||||||||||||||||
Share class | Amount | Shares | Amount | Shares | Amount | Shares | Amount | Shares | ||||||||||||||||||||||||
Year ended December 31, 2023 | ||||||||||||||||||||||||||||||||
Class 1 | $ | 15,434 | 1,633 | $ | 656 | 71 | $ | (274 | ) | (29 | ) | $ | 15,816 | 1,675 | ||||||||||||||||||
Class 1A | 494 | 53 | 71 | 8 | (343 | ) | (37 | ) | 222 | 24 | ||||||||||||||||||||||
Class 2 | 1,572 | 168 | 1,634 | 178 | (5,679 | ) | (604 | ) | (2,473 | ) | (258 | ) | ||||||||||||||||||||
Class 4 | 11,209 | 1,208 | 1,600 | 177 | (7,433 | ) | (812 | ) | 5,376 | 573 | ||||||||||||||||||||||
Total net increase (decrease) | $ | 28,709 | 3,062 | $ | 3,961 | 434 | $ | (13,729 | ) | (1,482 | ) | $ | 18,941 | 2,014 | ||||||||||||||||||
Year ended December 31, 2022 | ||||||||||||||||||||||||||||||||
Class 1 | $ | 784 | 78 | $ | 15 | 2 | $ | (229,165 | ) | (21,726 | ) | $ | (228,366 | ) | (21,646 | ) | ||||||||||||||||
Class 1A | 662 | 67 | 37 | 4 | (1,033 | ) | (103 | ) | (334 | ) | (32 | ) | ||||||||||||||||||||
Class 2 | 3,214 | 326 | 995 | 103 | (9,402 | ) | (951 | ) | (5,193 | ) | (522 | ) | ||||||||||||||||||||
Class 4 | 10,671 | 1,091 | 746 | 78 | (9,016 | ) | (920 | ) | 2,401 | 249 | ||||||||||||||||||||||
Total net increase (decrease) | $ | 15,331 | 1,562 | $ | 1,793 | 187 | $ | (248,616 | ) | (23,700 | ) | $ | (231,492 | ) | (21,951 | ) |
Refer to the end of the tables for footnotes.
362 | American Funds Insurance Series |
Ultra-Short Bond Fund | ||||||||||||||||||||||||||||||||
Sales* | Reinvestments of distributions | Repurchases* | Net increase (decrease) | |||||||||||||||||||||||||||||
Share class | Amount | Shares | Amount | Shares | Amount | Shares | Amount | Shares | ||||||||||||||||||||||||
Year ended December 31, 2023 | ||||||||||||||||||||||||||||||||
Class 1 | $ | 15,301 | 1,322 | $ | 1,981 | 175 | $ | (27,332 | ) | (2,377 | ) | $ | (10,050 | ) | (880 | ) | ||||||||||||||||
Class 1A | 104 | 9 | 5 | — | † | — | — | 109 | 9 | |||||||||||||||||||||||
Class 2 | 49,580 | 4,448 | 12,823 | 1,169 | (87,341 | ) | (7,830 | ) | (24,938 | ) | (2,213 | ) | ||||||||||||||||||||
Class 3 | 319 | 28 | 198 | 17 | (579 | ) | (51 | ) | (62 | ) | (6 | ) | ||||||||||||||||||||
Class 4 | 32,945 | 2,924 | 2,524 | 229 | (60,576 | ) | (5,393 | ) | (25,107 | ) | (2,240 | ) | ||||||||||||||||||||
Total net increase (decrease) | $ | 98,249 | 8,731 | $ | 17,531 | 1,590 | $ | (175,828 | ) | (15,651 | ) | $ | (60,048 | ) | (5,330 | ) | ||||||||||||||||
Year ended December 31, 2022 | ||||||||||||||||||||||||||||||||
Class 1 | $ | 33,573 | 2,975 | $ | 348 | 31 | $ | (20,904 | ) | (1,853 | ) | $ | 13,017 | 1,153 | ||||||||||||||||||
Class 1A | — | — | — | † | — | † | — | — | — | † | — | † | ||||||||||||||||||||
Class 2 | 117,586 | 10,755 | 1,569 | 143 | (68,709 | ) | (6,275 | ) | 50,446 | 4,623 | ||||||||||||||||||||||
Class 3 | 735 | 67 | 26 | 2 | (1,082 | ) | (97 | ) | (321 | ) | (28 | ) | ||||||||||||||||||||
Class 4 | 84,873 | 7,721 | 293 | 27 | (51,358 | ) | (4,671 | ) | 33,808 | 3,077 | ||||||||||||||||||||||
Total net increase (decrease) | $ | 236,767 | 21,518 | $ | 2,236 | 203 | $ | (142,053 | ) | (12,896 | ) | $ | 96,950 | 8,825 | ||||||||||||||||||
U.S. Government Securities Fund | ||||||||||||||||||||||||||||||||
Sales* | Reinvestments of distributions | Repurchases* | Net increase (decrease) | |||||||||||||||||||||||||||||
Share class | Amount | Shares | Amount | Shares | Amount | Shares | Amount | Shares | ||||||||||||||||||||||||
Year ended December 31, 2023 | ||||||||||||||||||||||||||||||||
Class 1 | $ | 55,970 | 5,604 | $ | 9,373 | 959 | $ | (47,478 | ) | (4,765 | ) | $ | 17,865 | 1,798 | ||||||||||||||||||
Class 1A | 1,646 | 166 | 171 | 18 | (905 | ) | (92 | ) | 912 | 92 | ||||||||||||||||||||||
Class 2 | 89,575 | 9,065 | 39,206 | 4,068 | (104,906 | ) | (10,680 | ) | 23,875 | 2,453 | ||||||||||||||||||||||
Class 3 | 185 | 19 | 219 | 22 | (967 | ) | (97 | ) | (563 | ) | (56 | ) | ||||||||||||||||||||
Class 4 | 58,408 | 5,912 | 6,275 | 651 | (70,259 | ) | (7,138 | ) | (5,576 | ) | (575 | ) | ||||||||||||||||||||
Total net increase (decrease) | $ | 205,784 | 20,766 | $ | 55,244 | 5,718 | $ | (224,515 | ) | (22,772 | ) | $ | 36,513 | 3,712 | ||||||||||||||||||
Year ended December 31, 2022 | ||||||||||||||||||||||||||||||||
Class 1 | $ | 69,422 | 6,446 | $ | 10,134 | 987 | $ | (316,401 | ) | (27,982 | ) | $ | (236,845 | ) | (20,549 | ) | ||||||||||||||||
Class 1A | 2,902 | 273 | 153 | 15 | (3,237 | ) | (300 | ) | (182 | ) | (12 | ) | ||||||||||||||||||||
Class 2 | 43,941 | 4,115 | 42,631 | 4,200 | (233,844 | ) | (21,667 | ) | (147,272 | ) | (13,352 | ) | ||||||||||||||||||||
Class 3 | 308 | 28 | 292 | 28 | (2,508 | ) | (236 | ) | (1,908 | ) | (180 | ) | ||||||||||||||||||||
Class 4 | 67,334 | 6,331 | 7,040 | 695 | (90,440 | ) | (8,406 | ) | (16,066 | ) | (1,380 | ) | ||||||||||||||||||||
Total net increase (decrease) | $ | 183,907 | 17,193 | $ | 60,250 | 5,925 | $ | (646,430 | ) | (58,591 | ) | $ | (402,273 | ) | (35,473 | ) | ||||||||||||||||
Managed Risk Growth Fund | ||||||||||||||||||||||||||||||||
Sales | Reinvestments of distributions | Repurchases | Net increase (decrease) | |||||||||||||||||||||||||||||
Share class | Amount | Shares | Amount | Shares | Amount | Shares | Amount | Shares | ||||||||||||||||||||||||
Year ended December 31, 2023 | ||||||||||||||||||||||||||||||||
Class P1 | $ | 2,318 | 221 | $ | 2,445 | 252 | $ | (1,380 | ) | (131 | ) | $ | 3,383 | 342 | ||||||||||||||||||
Class P2 | 15,188 | 1,407 | 109,238 | 11,379 | (64,373 | ) | (6,069 | ) | 60,053 | 6,717 | ||||||||||||||||||||||
Total net increase (decrease) | $ | 17,506 | 1,628 | $ | 111,683 | 11,631 | $ | (65,753 | ) | (6,200 | ) | $ | 63,436 | 7,059 | ||||||||||||||||||
Year ended December 31, 2022 | ||||||||||||||||||||||||||||||||
Class P1 | $ | 1,679 | 122 | $ | 1,796 | 147 | $ | (2,034 | ) | (134 | ) | $ | 1,441 | 135 | ||||||||||||||||||
Class P2 | 37,760 | 2,684 | 88,450 | 7,291 | (30,630 | ) | (2,253 | ) | 95,580 | 7,722 | ||||||||||||||||||||||
Total net increase (decrease) | $ | 39,439 | 2,806 | $ | 90,246 | 7,438 | $ | (32,664 | ) | (2,387 | ) | $ | 97,021 | 7,857 |
Refer to the end of the tables for footnotes.
American Funds Insurance Series | 363 |
Managed Risk International Fund | ||||||||||||||||||||||||||||||||
Sales | Reinvestments of distributions | Repurchases | Net increase (decrease) | |||||||||||||||||||||||||||||
Share class | Amount | Shares | Amount | Shares | Amount | Shares | Amount | Shares | ||||||||||||||||||||||||
Year ended December 31, 2023 | ||||||||||||||||||||||||||||||||
Class P1 | $ | 282 | 34 | $ | 156 | 19 | $ | (230 | ) | (27 | ) | $ | 208 | 26 | ||||||||||||||||||
Class P2 | 3,795 | 459 | 10,696 | 1,309 | (13,108 | ) | (1,539 | ) | 1,383 | 229 | ||||||||||||||||||||||
Total net increase (decrease) | $ | 4,077 | 493 | $ | 10,852 | 1,328 | $ | (13,338 | ) | (1,566 | ) | $ | 1,591 | 255 | ||||||||||||||||||
Year ended December 31, 2022 | ||||||||||||||||||||||||||||||||
Class P1 | $ | 578 | 62 | $ | 69 | 8 | $ | (323 | ) | (37 | ) | $ | 324 | 33 | ||||||||||||||||||
Class P2 | 5,403 | 564 | 4,206 | 470 | (15,947 | ) | (1,788 | ) | (6,338 | ) | (754 | ) | ||||||||||||||||||||
Total net increase (decrease) | $ | 5,981 | 626 | $ | 4,275 | 478 | $ | (16,270 | ) | (1,825 | ) | $ | (6,014 | ) | (721 | ) | ||||||||||||||||
Managed Risk Washington Mutual Investors Fund | ||||||||||||||||||||||||||||||||
Sales | Reinvestments of distributions | Repurchases | Net increase (decrease) | |||||||||||||||||||||||||||||
Share class | Amount | Shares | Amount | Shares | Amount | Shares | Amount | Shares | ||||||||||||||||||||||||
Year ended December 31, 2023 | ||||||||||||||||||||||||||||||||
Class P1 | $ | 158 | 15 | $ | 422 | 43 | $ | (478 | ) | (47 | ) | $ | 102 | 11 | ||||||||||||||||||
Class P2 | 12,514 | 1,194 | 47,565 | 4,928 | (40,947 | ) | (3,988 | ) | 19,132 | 2,134 | ||||||||||||||||||||||
Total net increase (decrease) | $ | 12,672 | 1,209 | $ | 47,987 | 4,971 | $ | (41,425 | ) | (4,035 | ) | $ | 19,234 | 2,145 | ||||||||||||||||||
Year ended December 31, 2022 | ||||||||||||||||||||||||||||||||
Class P1 | $ | 1,026 | 86 | $ | 127 | 11 | $ | (498 | ) | (43 | ) | $ | 655 | 54 | ||||||||||||||||||
Class P2 | 22,662 | 1,947 | 14,544 | 1,281 | (39,363 | ) | (3,307 | ) | (2,157 | ) | (79 | ) | ||||||||||||||||||||
Total net increase (decrease) | $ | 23,688 | 2,033 | $ | 14,671 | 1,292 | $ | (39,861 | ) | (3,350 | ) | $ | (1,502 | ) | (25 | ) | ||||||||||||||||
Managed Risk Growth-Income Fund | ||||||||||||||||||||||||||||||||
Sales | Reinvestments of distributions | Repurchases | Net increase (decrease) | |||||||||||||||||||||||||||||
Share class | Amount | Shares | Amount | Shares | Amount | Shares | Amount | Shares | ||||||||||||||||||||||||
Year ended December 31, 2023 | ||||||||||||||||||||||||||||||||
Class P1 | $ | 30,902 | 2,476 | $ | 260,286 | 22,694 | $ | (233,754 | ) | (19,325 | ) | $ | 57,434 | 5,845 | ||||||||||||||||||
Class P2 | 7,934 | 662 | 37,088 | 3,259 | (38,477 | ) | (3,190 | ) | 6,545 | 731 | ||||||||||||||||||||||
Total net increase (decrease) | $ | 38,836 | 3,138 | $ | 297,374 | 25,953 | $ | (272,231 | ) | (22,515 | ) | $ | 63,979 | 6,576 | ||||||||||||||||||
Year ended December 31, 2022 | ||||||||||||||||||||||||||||||||
Class P1 | $ | 49,558 | 3,678 | $ | 87,716 | 6,731 | $ | (157,932 | ) | (11,880 | ) | $ | (20,658 | ) | (1,471 | ) | ||||||||||||||||
Class P2 | 13,539 | 1,010 | 12,087 | 932 | (28,848 | ) | (2,135 | ) | (3,222 | ) | (193 | ) | ||||||||||||||||||||
Total net increase (decrease) | $ | 63,097 | 4,688 | $ | 99,803 | 7,663 | $ | (186,780 | ) | (14,015 | ) | $ | (23,880 | ) | (1,664 | ) |
Refer to the end of the tables for footnotes.
364 | American Funds Insurance Series |
Managed Risk Asset Allocation Fund
Sales | Reinvestments of distributions | Repurchases | Net increase (decrease) | |||||||||||||||||||||||||||||
Share class | Amount | Shares | Amount | Shares | Amount | Shares | Amount | Shares | ||||||||||||||||||||||||
Year ended December 31, 2023 | ||||||||||||||||||||||||||||||||
Class P1 | $ | 3,002 | 267 | $ | 1,016 | 92 | $ | (1,021 | ) | (88 | ) | $ | 2,997 | 271 | ||||||||||||||||||
Class P2 | 18,885 | 1,651 | 286,099 | 26,654 | (309,678 | ) | (27,225 | ) | (4,694 | ) | 1,080 | |||||||||||||||||||||
Total net increase (decrease) | $ | 21,887 | 1,918 | $ | 287,115 | 26,746 | $ | (310,699 | ) | (27,313 | ) | $ | (1,697 | ) | 1,351 | |||||||||||||||||
Year ended December 31, 2022 | ||||||||||||||||||||||||||||||||
Class P1 | $ | 1,649 | 120 | $ | 430 | 34 | $ | (675 | ) | (52 | ) | $ | 1,404 | 102 | ||||||||||||||||||
Class P2 | 38,665 | 2,998 | 138,534 | 11,152 | (283,108 | ) | (22,026 | ) | (105,909 | ) | (7,876 | ) | ||||||||||||||||||||
Total net increase (decrease) | $ | 40,314 | 3,118 | $ | 138,964 | 11,186 | $ | (283,783 | ) | (22,078 | ) | $ | (104,505 | ) | (7,774 | ) |
* | Includes exchanges between share classes of the fund. |
† | Amount less than one thousand. |
11. Ownership concentration
At December 31, 2023, American Funds Insurance Series - Portfolio Series - Managed Risk Growth and Income Portfolio held 18% and 16% of the outstanding shares of American Funds Insurance Series - Capital World Growth and Income Fund and American Funds Insurance Series - Capital Income Builder, respectively. In addition, American Funds Insurance Series - Portfolio Series - Managed Risk Global Allocation Portfolio held 19% of the outstanding shares of American Funds Insurance Series - American Funds Global Balanced Fund.
12. Investment transactions and other disclosures
The following tables present additional information for each fund for the year ended December 31, 2023 (dollars in thousands):
Global Growth Fund | Global Small Capitalization Fund | Growth Fund | International Fund | New World Fund | Washington Mutual Investors Fund | |||||||||||||||||||
Purchases of investment securities* | $ | 2,041,318 | $ | 1,037,010 | $ | 7,688,452 | $ | 1,852,081 | $ | 1,098,366 | $ | 2,745,722 | ||||||||||||
Sales of investment securities* | 2,714,602 | 1,264,868 | 9,960,001 | 2,232,740 | 1,207,581 | 3,224,191 | ||||||||||||||||||
Non-U.S. taxes paid on dividend income | 5,618 | 1,841 | 7,240 | 7,965 | 4,897 | 1,532 | ||||||||||||||||||
Non-U.S. taxes paid on interest income | — | — | — | — | 56 | — | ||||||||||||||||||
Non-U.S. taxes paid (refunded) on realized gains | 2,565 | 3,485 | — | 7,086 | 3,729 | — | ||||||||||||||||||
Non-U.S. taxes provided on unrealized appreciation | 3,034 | 19,329 | — | 28,578 | 17,416 | — | ||||||||||||||||||
Capital World Growth and Income Fund | Growth- Income Fund | International Growth and Income Fund | Capital Income Builder | Asset Allocation Fund | American Funds Global Balanced Fund | |||||||||||||||||||
Purchases of investment securities* | $ | 491,865 | $ | 8,645,420 | $ | 113,162 | $ | 1,437,820 | $ | 33,439,898 | $ | 342,317 | ||||||||||||
Sales of investment securities* | 656,676 | 10,727,201 | 126,104 | 1,353,129 | 35,747,744 | 338,990 | ||||||||||||||||||
Non-U.S. taxes paid on dividend income | 2,246 | 8,682 | 721 | 1,585 | 6,504 | 419 | ||||||||||||||||||
Non-U.S. taxes paid on interest income | — | — | — | — | † | — | 8 | |||||||||||||||||
Non-U.S. taxes paid (refunded) on realized gains | 547 | — | 46 | 332 | 2,160 | 129 | ||||||||||||||||||
Non-U.S. taxes provided on unrealized appreciation | 676 | — | 126 | 556 | — | 191 |
Refer to the end of the tables for footnotes.
American Funds Insurance Series | 365 |
The Bond Fund of America | Capital World Bond Fund | American High-Income Trust | American Funds Mortgage Fund | Ultra-Short Bond Fund | U.S. Government Securities Fund | |||||||||||||||||||
Purchases of investment securities* | $ | 47,551,731 | $ | 3,062,821 | $ | 303,911 | $ | 1,032,074 | $ | — | $ | 9,720,267 | ||||||||||||
Sales of investment securities* | 45,967,967 | 2,845,562 | 321,979 | 1,005,972 | — | 9,479,577 | ||||||||||||||||||
Non-U.S. taxes paid on interest income | 21 | 110 | — | — | — | — | ||||||||||||||||||
Non-U.S. taxes paid (refunded) on realized gains | 17 | (7 | ) | — | — | — | — | |||||||||||||||||
Non-U.S. taxes provided on unrealized appreciation | — | 116 | — | — | — | — | ||||||||||||||||||
Managed Risk Growth Fund | Managed Risk International Fund | Managed Risk Washington Mutual Investors Fund | Managed Risk Growth- Income Fund | Managed Risk Asset Allocation Fund | ||||||||||||||||||||
Purchases of investment securities* | $ | 163,243 | $ | 28,994 | $ | 53,209 | $ | 388,825 | $ | 231,311 | ||||||||||||||
Sales of investment securities* | 213,909 | 45,063 | 88,452 | 595,503 | 463,691 |
* | Excludes short-term securities and U.S. government obligations, if any. |
† | Amount less than one thousand. |
366 | American Funds Insurance Series |
Financial highlights
Income (loss) from investment operations1 | Dividends and distributions | |||||||||||||||||||||||||||||||||||||||||||||||||||
Year ended | Net asset value, beginning of year | Net investment income | Net gains (losses) on securities (both realized and unrealized) | Total from investment operations | Dividends (from net investment income) | Distributions (from capital gains) | Total dividends and distributions | Net asset value, end of year | Total return2 | Net assets, end of year (in millions) | Ratio of expenses to average net assets before waivers3 | Ratio of expenses to average net assets after waivers2,3 | Ratio of net income to average net assets2 | |||||||||||||||||||||||||||||||||||||||
Global Growth Fund | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Class 1: | ||||||||||||||||||||||||||||||||||||||||||||||||||||
12/31/2023 | $ | 30.18 | $ | .36 | $ | 6.30 | $ | 6.66 | $ | (.37 | ) | $ | (2.55 | ) | $ | (2.92 | ) | $ | 33.92 | 22.91 | % | $ | 3,418 | .52 | % | .41 | % | 1.13 | % | |||||||||||||||||||||||
12/31/2022 | 45.46 | .34 | (11.34 | ) | (11.00 | ) | (.31 | ) | (3.97 | ) | (4.28 | ) | 30.18 | (24.54 | ) | 3,104 | .53 | .46 | 1.01 | |||||||||||||||||||||||||||||||||
12/31/2021 | 41.16 | .25 | 6.48 | 6.73 | (.26 | ) | (2.17 | ) | (2.43 | ) | 45.46 | 16.72 | 4,270 | .55 | .54 | .56 | ||||||||||||||||||||||||||||||||||||
12/31/2020 | 32.57 | .20 | 9.56 | 9.76 | (.21 | ) | (.96 | ) | (1.17 | ) | 41.16 | 30.79 | 3,309 | .56 | .56 | .59 | ||||||||||||||||||||||||||||||||||||
12/31/2019 | 25.74 | .32 | 8.60 | 8.92 | (.41 | ) | (1.68 | ) | (2.09 | ) | 32.57 | 35.61 | 2,515 | .56 | .56 | 1.07 | ||||||||||||||||||||||||||||||||||||
Class 1A: | ||||||||||||||||||||||||||||||||||||||||||||||||||||
12/31/2023 | 30.04 | .28 | 6.26 | 6.54 | (.29 | ) | (2.55 | ) | (2.84 | ) | 33.74 | 22.60 | 18 | .77 | .66 | .88 | ||||||||||||||||||||||||||||||||||||
12/31/2022 | 45.28 | .26 | (11.31 | ) | (11.05 | ) | (.22 | ) | (3.97 | ) | (4.19 | ) | 30.04 | (24.73 | ) | 14 | .78 | .71 | .78 | |||||||||||||||||||||||||||||||||
12/31/2021 | 41.02 | .14 | 6.46 | 6.60 | (.17 | ) | (2.17 | ) | (2.34 | ) | 45.28 | 16.45 | 18 | .80 | .79 | .33 | ||||||||||||||||||||||||||||||||||||
12/31/2020 | 32.47 | .12 | 9.52 | 9.64 | (.13 | ) | (.96 | ) | (1.09 | ) | 41.02 | 30.49 | 12 | .81 | .81 | .34 | ||||||||||||||||||||||||||||||||||||
12/31/2019 | 25.69 | .25 | 8.55 | 8.80 | (.34 | ) | (1.68 | ) | (2.02 | ) | 32.47 | 35.22 | 8 | .81 | .81 | .83 | ||||||||||||||||||||||||||||||||||||
Class 2: | ||||||||||||||||||||||||||||||||||||||||||||||||||||
12/31/2023 | 29.79 | .28 | 6.21 | 6.49 | (.29 | ) | (2.55 | ) | (2.84 | ) | 33.44 | 22.60 | 3,522 | .77 | .66 | .88 | ||||||||||||||||||||||||||||||||||||
12/31/2022 | 44.94 | .25 | (11.21 | ) | (10.96 | ) | (.22 | ) | (3.97 | ) | (4.19 | ) | 29.79 | (24.74 | ) | 3,234 | .78 | .71 | .76 | |||||||||||||||||||||||||||||||||
12/31/2021 | 40.72 | .13 | 6.41 | 6.54 | (.15 | ) | (2.17 | ) | (2.32 | ) | 44.94 | 16.42 | 4,559 | .80 | .80 | .30 | ||||||||||||||||||||||||||||||||||||
12/31/2020 | 32.24 | .12 | 9.44 | 9.56 | (.12 | ) | (.96 | ) | (1.08 | ) | 40.72 | 30.47 | 4,387 | .81 | .81 | .34 | ||||||||||||||||||||||||||||||||||||
12/31/2019 | 25.50 | .24 | 8.51 | 8.75 | (.33 | ) | (1.68 | ) | (2.01 | ) | 32.24 | 35.28 | 3,895 | .81 | .81 | .83 | ||||||||||||||||||||||||||||||||||||
Class 4: | ||||||||||||||||||||||||||||||||||||||||||||||||||||
12/31/2023 | 29.51 | .20 | 6.14 | 6.34 | (.22 | ) | (2.55 | ) | (2.77 | ) | 33.08 | 22.29 | 732 | 1.02 | .91 | .63 | ||||||||||||||||||||||||||||||||||||
12/31/2022 | 44.57 | .17 | (11.12 | ) | (10.95 | ) | (.14 | ) | (3.97 | ) | (4.11 | ) | 29.51 | (24.92 | ) | 584 | 1.03 | .96 | .52 | |||||||||||||||||||||||||||||||||
12/31/2021 | 40.45 | .03 | 6.35 | 6.38 | (.09 | ) | (2.17 | ) | (2.26 | ) | 44.57 | 16.14 | 744 | 1.05 | 1.04 | .07 | ||||||||||||||||||||||||||||||||||||
12/31/2020 | 32.05 | .03 | 9.38 | 9.41 | (.05 | ) | (.96 | ) | (1.01 | ) | 40.45 | 30.17 | 533 | 1.06 | 1.06 | .09 | ||||||||||||||||||||||||||||||||||||
12/31/2019 | 25.39 | .17 | 8.45 | 8.62 | (.28 | ) | (1.68 | ) | (1.96 | ) | 32.05 | 34.87 | 382 | 1.06 | 1.06 | .57 |
Refer to the end of the tables for footnotes.
American Funds Insurance Series | 367 |
Financial highlights (continued)
Income (loss) from investment operations1 | Dividends and distributions | |||||||||||||||||||||||||||||||||||||||||||||||||||
Year ended | Net asset value, beginning of year | Net investment income (loss) | Net gains (losses) on securities (both realized and unrealized) | Total from investment operations | Dividends (from net investment income) | Distributions (from capital gains) | Total dividends and distributions | Net asset value, end of year | Total return2 | Net assets, end of year (in millions) | Ratio of expenses to average net assets before waivers3 | Ratio of expenses to average net assets after waivers2,3 | Ratio of net income (loss) to average net assets2 | |||||||||||||||||||||||||||||||||||||||
Global Small Capitalization Fund | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Class 1: | ||||||||||||||||||||||||||||||||||||||||||||||||||||
12/31/2023 | $ | 16.22 | $ | .11 | $ | 2.53 | $ | 2.64 | $ | (.08 | ) | $ | (.21 | ) | $ | (.29 | ) | $ | 18.57 | 16.45 | % | $ | 1,001 | .70 | % | .65 | % | .63 | % | |||||||||||||||||||||||
12/31/2022 | 34.17 | .05 | (9.50 | ) | (9.45 | ) | — | (8.50 | ) | (8.50 | ) | 16.22 | (29.37 | ) | 916 | .72 | .69 | .24 | ||||||||||||||||||||||||||||||||||
12/31/2021 | 32.64 | (.02 | ) | 2.32 | 2.30 | — | (.77 | ) | (.77 | ) | 34.17 | 6.98 | 1,707 | .74 | .74 | (.07 | ) | |||||||||||||||||||||||||||||||||||
12/31/2020 | 26.80 | (.01 | ) | 7.49 | 7.48 | (.05 | ) | (1.59 | ) | (1.64 | ) | 32.64 | 30.04 | 2,391 | .75 | .75 | (.06 | ) | ||||||||||||||||||||||||||||||||||
12/31/2019 | 21.75 | .12 | 6.61 | 6.73 | (.10 | ) | (1.58 | ) | (1.68 | ) | 26.80 | 31.84 | 2,050 | .75 | .75 | .48 | ||||||||||||||||||||||||||||||||||||
Class 1A: | ||||||||||||||||||||||||||||||||||||||||||||||||||||
12/31/2023 | 16.00 | .06 | 2.50 | 2.56 | (.04 | ) | (.21 | ) | (.25 | ) | 18.31 | 16.15 | 5 | .95 | .90 | .38 | ||||||||||||||||||||||||||||||||||||
12/31/2022 | 33.93 | — | 4 | (9.43 | ) | (9.43 | ) | — | (8.50 | ) | (8.50 | ) | 16.00 | (29.54 | ) | 4 | .97 | .94 | — | 5 | ||||||||||||||||||||||||||||||||
12/31/2021 | 32.49 | (.07 | ) | 2.28 | 2.21 | — | (.77 | ) | (.77 | ) | 33.93 | 6.73 | 5 | .99 | .99 | (.21 | ) | |||||||||||||||||||||||||||||||||||
12/31/2020 | 26.74 | (.09 | ) | 7.48 | 7.39 | (.05 | ) | (1.59 | ) | (1.64 | ) | 32.49 | 29.72 | 1 | .99 | .99 | (.33 | ) | ||||||||||||||||||||||||||||||||||
12/31/2019 | 21.71 | .05 | 6.61 | 6.66 | (.05 | ) | (1.58 | ) | (1.63 | ) | 26.74 | 31.56 | 1 | .99 | .99 | .22 | ||||||||||||||||||||||||||||||||||||
Class 2: | ||||||||||||||||||||||||||||||||||||||||||||||||||||
12/31/2023 | 15.30 | .06 | 2.39 | 2.45 | (.04 | ) | (.21 | ) | (.25 | ) | 17.50 | 16.17 | 1,879 | .95 | .90 | .38 | ||||||||||||||||||||||||||||||||||||
12/31/2022 | 32.94 | — | 4 | (9.14 | ) | (9.14 | ) | — | (8.50 | ) | (8.50 | ) | 15.30 | (29.55 | ) | 1,762 | .97 | .94 | — | 5 | ||||||||||||||||||||||||||||||||
12/31/2021 | 31.56 | (.10 | ) | 2.25 | 2.15 | — | (.77 | ) | (.77 | ) | 32.94 | 6.74 | 2,521 | .99 | .99 | (.30 | ) | |||||||||||||||||||||||||||||||||||
12/31/2020 | 26.02 | (.08 | ) | 7.25 | 7.17 | (.04 | ) | (1.59 | ) | (1.63 | ) | 31.56 | 29.72 | 2,653 | 1.00 | 1.00 | (.31 | ) | ||||||||||||||||||||||||||||||||||
12/31/2019 | 21.16 | .05 | 6.43 | 6.48 | (.04 | ) | (1.58 | ) | (1.62 | ) | 26.02 | 31.52 | 2,363 | 1.00 | 1.00 | .22 | ||||||||||||||||||||||||||||||||||||
Class 4: | ||||||||||||||||||||||||||||||||||||||||||||||||||||
12/31/2023 | 15.28 | .02 | 2.37 | 2.39 | — | 4 | (.21 | ) | (.21 | ) | 17.46 | 15.79 | 300 | 1.20 | 1.15 | .13 | ||||||||||||||||||||||||||||||||||||
12/31/2022 | 32.96 | (.05 | ) | (9.13 | ) | (9.18 | ) | — | (8.50 | ) | (8.50 | ) | 15.28 | (29.69 | ) | 261 | 1.22 | 1.19 | (.25 | ) | ||||||||||||||||||||||||||||||||
12/31/2021 | 31.67 | (.18 | ) | 2.24 | 2.06 | — | (.77 | ) | (.77 | ) | 32.96 | 6.43 | 344 | 1.24 | 1.24 | (.53 | ) | |||||||||||||||||||||||||||||||||||
12/31/2020 | 26.16 | (.14 | ) | 7.27 | 7.13 | (.03 | ) | (1.59 | ) | (1.62 | ) | 31.67 | 29.39 | 268 | 1.25 | 1.25 | (.56 | ) | ||||||||||||||||||||||||||||||||||
12/31/2019 | 21.28 | (.01 | ) | 6.47 | 6.46 | — | 4 | (1.58 | ) | (1.58 | ) | 26.16 | 31.24 | 206 | 1.25 | 1.25 | (.04 | ) |
Refer to the end of the tables for footnotes.
368 | American Funds Insurance Series |
Financial highlights (continued)
Income (loss) from investment operations1 | Dividends and distributions | |||||||||||||||||||||||||||||||||||||||||||||||
Year ended | Net asset value, beginning of year | Net investment income (loss) | Net gains (losses) on securities (both realized and unrealized) | Total from investment operations | Dividends (from net investment income) | Distributions (from capital gains) | Total dividends and distributions | Net asset value, end of year | Total return | Net assets, end of year (in millions) | Ratio of expenses to average net assets3 | Ratio of net income (loss) to average net assets | ||||||||||||||||||||||||||||||||||||
Growth Fund | ||||||||||||||||||||||||||||||||||||||||||||||||
Class 1: | ||||||||||||||||||||||||||||||||||||||||||||||||
12/31/2023 | $ | 76.29 | $ | .57 | $ | 28.16 | $ | 28.73 | $ | (.54 | ) | $ | (5.04 | ) | $ | (5.58 | ) | $ | 99.44 | 38.81 | % | $ | 17,382 | .35 | % | .65 | % | |||||||||||||||||||||
12/31/2022 | 127.58 | .58 | (37.03 | ) | (36.45 | ) | (.53 | ) | (14.31 | ) | (14.84 | ) | 76.29 | (29.75 | ) | 13,660 | .35 | .64 | ||||||||||||||||||||||||||||||
12/31/2021 | 120.22 | .46 | 24.29 | 24.75 | (.58 | ) | (16.81 | ) | (17.39 | ) | 127.58 | 22.30 | 19,783 | .34 | .37 | |||||||||||||||||||||||||||||||||
12/31/2020 | 81.22 | .43 | 41.28 | 41.71 | (.53 | ) | (2.18 | ) | (2.71 | ) | 120.22 | 52.45 | 15,644 | .35 | .46 | |||||||||||||||||||||||||||||||||
12/31/2019 | 69.96 | .83 | 19.63 | 20.46 | (.76 | ) | (8.44 | ) | (9.20 | ) | 81.22 | 31.11 | 10,841 | .35 | 1.09 | |||||||||||||||||||||||||||||||||
Class 1A: | ||||||||||||||||||||||||||||||||||||||||||||||||
12/31/2023 | 75.61 | .35 | 27.88 | 28.23 | (.34 | ) | (5.04 | ) | (5.38 | ) | 98.46 | 38.47 | 280 | .60 | .40 | |||||||||||||||||||||||||||||||||
12/31/2022 | 126.70 | .39 | (36.79 | ) | (36.40 | ) | (.38 | ) | (14.31 | ) | (14.69 | ) | 75.61 | (29.93 | ) | 187 | .60 | .45 | ||||||||||||||||||||||||||||||
12/31/2021 | 119.59 | .16 | 24.11 | 24.27 | (.35 | ) | (16.81 | ) | (17.16 | ) | 126.70 | 21.97 | 121 | .59 | .13 | |||||||||||||||||||||||||||||||||
12/31/2020 | 80.92 | .20 | 41.05 | 41.25 | (.40 | ) | (2.18 | ) | (2.58 | ) | 119.59 | 52.07 | 60 | .60 | .21 | |||||||||||||||||||||||||||||||||
12/31/2019 | 69.77 | .65 | 19.55 | 20.20 | (.61 | ) | (8.44 | ) | (9.05 | ) | 80.92 | 30.79 | 18 | .60 | .85 | |||||||||||||||||||||||||||||||||
Class 2: | ||||||||||||||||||||||||||||||||||||||||||||||||
12/31/2023 | 75.41 | .35 | 27.80 | 28.15 | (.32 | ) | (5.04 | ) | (5.36 | ) | 98.20 | 38.49 | 17,879 | .60 | .40 | |||||||||||||||||||||||||||||||||
12/31/2022 | 126.28 | .35 | (36.62 | ) | (36.27 | ) | (.29 | ) | (14.31 | ) | (14.60 | ) | 75.41 | (29.94 | ) | 14,452 | .60 | .38 | ||||||||||||||||||||||||||||||
12/31/2021 | 119.18 | .15 | 24.03 | 24.18 | (.27 | ) | (16.81 | ) | (17.08 | ) | 126.28 | 21.97 | 21,986 | .59 | .12 | |||||||||||||||||||||||||||||||||
12/31/2020 | 80.57 | .19 | 40.89 | 41.08 | (.29 | ) | (2.18 | ) | (2.47 | ) | 119.18 | 52.10 | 20,594 | .60 | .21 | |||||||||||||||||||||||||||||||||
12/31/2019 | 69.48 | .63 | 19.47 | 20.10 | (.57 | ) | (8.44 | ) | (9.01 | ) | 80.57 | 30.77 | 15,885 | .60 | .83 | |||||||||||||||||||||||||||||||||
Class 3: | ||||||||||||||||||||||||||||||||||||||||||||||||
12/31/2023 | 77.09 | .42 | 28.45 | 28.87 | (.38 | ) | (5.04 | ) | (5.42 | ) | 100.54 | 38.56 | 236 | .53 | .47 | |||||||||||||||||||||||||||||||||
12/31/2022 | 128.68 | .42 | (37.35 | ) | (36.93 | ) | (.35 | ) | (14.31 | ) | (14.66 | ) | 77.09 | (29.89 | ) | 188 | .53 | .45 | ||||||||||||||||||||||||||||||
12/31/2021 | 121.13 | .24 | 24.47 | 24.71 | (.35 | ) | (16.81 | ) | (17.16 | ) | 128.68 | 22.07 | 302 | .52 | .19 | |||||||||||||||||||||||||||||||||
12/31/2020 | 81.84 | .26 | 41.56 | 41.82 | (.35 | ) | (2.18 | ) | (2.53 | ) | 121.13 | 52.20 | 279 | .53 | .28 | |||||||||||||||||||||||||||||||||
12/31/2019 | 70.44 | .69 | 19.77 | 20.46 | (.62 | ) | (8.44 | ) | (9.06 | ) | 81.84 | 30.86 | 213 | .53 | .90 | |||||||||||||||||||||||||||||||||
Class 4: | ||||||||||||||||||||||||||||||||||||||||||||||||
12/31/2023 | 73.64 | .13 | 27.12 | 27.25 | (.15 | ) | (5.04 | ) | (5.19 | ) | 95.70 | 38.13 | 3,522 | .85 | .15 | |||||||||||||||||||||||||||||||||
12/31/2022 | 123.79 | .12 | (35.87 | ) | (35.75 | ) | (.09 | ) | (14.31 | ) | (14.40 | ) | 73.64 | (30.11 | ) | 2,409 | .85 | .14 | ||||||||||||||||||||||||||||||
12/31/2021 | 117.24 | (.15 | ) | 23.59 | 23.44 | (.08 | ) | (16.81 | ) | (16.89 | ) | 123.79 | 21.69 | 3,214 | .84 | (.13 | ) | |||||||||||||||||||||||||||||||
12/31/2020 | 79.41 | (.04 | ) | 40.24 | 40.20 | (.19 | ) | (2.18 | ) | (2.37 | ) | 117.24 | 51.71 | 2,347 | .85 | (.04 | ) | |||||||||||||||||||||||||||||||
12/31/2019 | 68.64 | .44 | 19.19 | 19.63 | (.42 | ) | (8.44 | ) | (8.86 | ) | 79.41 | 30.44 | 1,513 | .85 | .59 |
Refer to the end of the tables for footnotes.
American Funds Insurance Series | 369 |
Financial highlights (continued)
Income (loss) from investment operations1 | Dividends and distributions | |||||||||||||||||||||||||||||||||||||||||||||||
Year ended | Net asset value, beginning of year | Net investment income | Net gains (losses) on securities (both realized and unrealized) | Total from investment operations | Dividends (from net investment income) | Distributions (from capital gains) | Total dividends and distributions | Net asset value, end of year | Total return | Net assets, end of year (in millions) | Ratio of expenses to average net assets3 | Ratio of net income to average net assets | ||||||||||||||||||||||||||||||||||||
International Fund | ||||||||||||||||||||||||||||||||||||||||||||||||
Class 1: | ||||||||||||||||||||||||||||||||||||||||||||||||
12/31/2023 | $ | 15.31 | $ | .25 | $ | 2.20 | $ | 2.45 | $ | (.26 | ) | $ | — | $ | (.26 | ) | $ | 17.50 | 16.12 | % | $ | 3,353 | .53 | % | 1.50 | % | ||||||||||||||||||||||
12/31/2022 | 22.70 | .34 | (4.79 | ) | (4.45 | ) | (.34 | ) | (2.60 | ) | (2.94 | ) | 15.31 | (20.57 | ) | 3,157 | .54 | 1.95 | ||||||||||||||||||||||||||||||
12/31/2021 | 23.64 | .38 | (.67 | ) | (.29 | ) | (.65 | ) | — | (.65 | ) | 22.70 | (1.23 | ) | 4,747 | .55 | 1.57 | |||||||||||||||||||||||||||||||
12/31/2020 | 20.86 | .14 | 2.82 | 2.96 | (.18 | ) | — | (.18 | ) | 23.64 | 14.28 | 5,652 | .55 | .71 | ||||||||||||||||||||||||||||||||||
12/31/2019 | 17.66 | .30 | 3.74 | 4.04 | (.34 | ) | (.50 | ) | (.84 | ) | 20.86 | 23.21 | 5,353 | .54 | 1.54 | |||||||||||||||||||||||||||||||||
Class 1A: | ||||||||||||||||||||||||||||||||||||||||||||||||
12/31/2023 | 15.23 | .21 | 2.19 | 2.40 | (.22 | ) | — | (.22 | ) | 17.41 | 15.85 | 12 | .78 | 1.24 | ||||||||||||||||||||||||||||||||||
12/31/2022 | 22.61 | .30 | (4.78 | ) | (4.48 | ) | (.30 | ) | (2.60 | ) | (2.90 | ) | 15.23 | (20.80 | ) | 10 | .79 | 1.73 | ||||||||||||||||||||||||||||||
12/31/2021 | 23.55 | .33 | (.67 | ) | (.34 | ) | (.60 | ) | — | (.60 | ) | 22.61 | (1.47 | ) | 12 | .80 | 1.39 | |||||||||||||||||||||||||||||||
12/31/2020 | 20.80 | .08 | 2.81 | 2.89 | (.14 | ) | — | (.14 | ) | 23.55 | 13.96 | 10 | .80 | .43 | ||||||||||||||||||||||||||||||||||
12/31/2019 | 17.62 | .25 | 3.72 | 3.97 | (.29 | ) | (.50 | ) | (.79 | ) | 20.80 | 22.90 | 7 | .79 | 1.27 | |||||||||||||||||||||||||||||||||
Class 2: | ||||||||||||||||||||||||||||||||||||||||||||||||
12/31/2023 | 15.23 | .21 | 2.19 | 2.40 | (.22 | ) | — | (.22 | ) | 17.41 | 15.84 | 3,382 | .78 | 1.24 | ||||||||||||||||||||||||||||||||||
12/31/2022 | 22.60 | .29 | (4.76 | ) | (4.47 | ) | (.30 | ) | (2.60 | ) | (2.90 | ) | 15.23 | (20.79 | ) | 3,164 | .79 | 1.71 | ||||||||||||||||||||||||||||||
12/31/2021 | 23.54 | .33 | (.68 | ) | (.35 | ) | (.59 | ) | — | (.59 | ) | 22.60 | (1.49 | ) | 4,190 | .80 | 1.35 | |||||||||||||||||||||||||||||||
12/31/2020 | 20.78 | .09 | 2.80 | 2.89 | (.13 | ) | — | (.13 | ) | 23.54 | 13.97 | 4,481 | .80 | .46 | ||||||||||||||||||||||||||||||||||
12/31/2019 | 17.60 | .25 | 3.72 | 3.97 | (.29 | ) | (.50 | ) | (.79 | ) | 20.78 | 22.88 | 4,311 | .79 | 1.29 | |||||||||||||||||||||||||||||||||
Class 3: | ||||||||||||||||||||||||||||||||||||||||||||||||
12/31/2023 | 15.35 | .22 | 2.22 | 2.44 | (.23 | ) | — | (.23 | ) | 17.56 | 15.99 | 17 | .71 | 1.32 | ||||||||||||||||||||||||||||||||||
12/31/2022 | 22.76 | .31 | (4.81 | ) | (4.50 | ) | (.31 | ) | (2.60 | ) | (2.91 | ) | 15.35 | (20.76 | ) | 16 | .72 | 1.78 | ||||||||||||||||||||||||||||||
12/31/2021 | 23.69 | .34 | (.67 | ) | (.33 | ) | (.60 | ) | — | (.60 | ) | 22.76 | (1.39 | ) | 21 | .73 | 1.41 | |||||||||||||||||||||||||||||||
12/31/2020 | 20.92 | .10 | 2.81 | 2.91 | (.14 | ) | — | (.14 | ) | 23.69 | 14.00 | 25 | .73 | .53 | ||||||||||||||||||||||||||||||||||
12/31/2019 | 17.70 | .27 | 3.75 | 4.02 | (.30 | ) | (.50 | ) | (.80 | ) | 20.92 | 23.05 | 25 | .72 | 1.37 | |||||||||||||||||||||||||||||||||
Class 4: | ||||||||||||||||||||||||||||||||||||||||||||||||
12/31/2023 | 14.99 | .16 | 2.16 | 2.32 | (.18 | ) | — | (.18 | ) | 17.13 | 15.56 | 415 | 1.03 | .99 | ||||||||||||||||||||||||||||||||||
12/31/2022 | 22.31 | .25 | (4.71 | ) | (4.46 | ) | (.26 | ) | (2.60 | ) | (2.86 | ) | 14.99 | (21.02 | ) | 373 | 1.04 | 1.47 | ||||||||||||||||||||||||||||||
12/31/2021 | 23.25 | .27 | (.67 | ) | (.40 | ) | (.54 | ) | — | (.54 | ) | 22.31 | (1.71 | ) | 459 | 1.05 | 1.13 | |||||||||||||||||||||||||||||||
12/31/2020 | 20.54 | .04 | 2.76 | 2.80 | (.09 | ) | — | (.09 | ) | 23.25 | 13.66 | 423 | 1.05 | .21 | ||||||||||||||||||||||||||||||||||
12/31/2019 | 17.40 | .20 | 3.69 | 3.89 | (.25 | ) | (.50 | ) | (.75 | ) | 20.54 | 22.67 | 379 | 1.04 | 1.03 |
Refer to the end of the tables for footnotes.
370 | American Funds Insurance Series |
Financial highlights (continued)
Income (loss) from investment operations1 | Dividends and distributions | |||||||||||||||||||||||||||||||||||||||||||||||||||
Year ended | Net asset value, beginning of year | Net investment income | Net gains (losses) on securities (both realized and unrealized) | Total from investment operations | Dividends (from net investment income) | Distributions (from capital gains) | Total dividends and distributions | Net asset value, end of year | Total return2 | Net assets, end of year (in millions) | Ratio of expenses to average net assets before waivers3 | Ratio of expenses to average net assets after waivers2,3 | Ratio of net income to average net assets2 | |||||||||||||||||||||||||||||||||||||||
New World Fund | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Class 1: | ||||||||||||||||||||||||||||||||||||||||||||||||||||
12/31/2023 | $ | 22.30 | $ | .40 | $ | 3.19 | $ | 3.59 | $ | (.41 | ) | $ | — | $ | (.41 | ) | $ | 25.48 | 16.22 | % | $ | 1,778 | .64 | % | .57 | % | 1.64 | % | ||||||||||||||||||||||||
12/31/2022 | 31.83 | .37 | (7.17 | ) | (6.80 | ) | (.39 | ) | (2.34 | ) | (2.73 | ) | 22.30 | (21.86 | ) | 1,610 | .68 | .57 | 1.48 | |||||||||||||||||||||||||||||||||
12/31/2021 | 31.59 | .29 | 1.38 | 1.67 | (.36 | ) | (1.07 | ) | (1.43 | ) | 31.83 | 5.16 | 2,443 | .74 | .56 | .88 | ||||||||||||||||||||||||||||||||||||
12/31/2020 | 25.84 | .15 | 5.93 | 6.08 | (.06 | ) | (.27 | ) | (.33 | ) | 31.59 | 23.89 | 2,309 | .76 | .64 | .58 | ||||||||||||||||||||||||||||||||||||
12/31/2019 | 20.98 | .28 | 5.79 | 6.07 | (.29 | ) | (.92 | ) | (1.21 | ) | 25.84 | 29.47 | 2,129 | .76 | .76 | 1.18 | ||||||||||||||||||||||||||||||||||||
Class 1A: | ||||||||||||||||||||||||||||||||||||||||||||||||||||
12/31/2023 | 22.19 | .33 | 3.20 | 3.53 | (.36 | ) | — | (.36 | ) | 25.36 | 15.98 | 10 | .89 | .82 | 1.38 | |||||||||||||||||||||||||||||||||||||
12/31/2022 | 31.70 | .30 | (7.15 | ) | (6.85 | ) | (.32 | ) | (2.34 | ) | (2.66 | ) | 22.19 | (22.09 | ) | 9 | .93 | .82 | 1.24 | |||||||||||||||||||||||||||||||||
12/31/2021 | 31.43 | .17 | 1.41 | 1.58 | (.24 | ) | (1.07 | ) | (1.31 | ) | 31.70 | 4.90 | 12 | .99 | .81 | .54 | ||||||||||||||||||||||||||||||||||||
12/31/2020 | 25.74 | .07 | 5.92 | 5.99 | (.03 | ) | (.27 | ) | (.30 | ) | 31.43 | 23.63 | 18 | 1.01 | .87 | .26 | ||||||||||||||||||||||||||||||||||||
12/31/2019 | 20.92 | .22 | 5.76 | 5.98 | (.24 | ) | (.92 | ) | (1.16 | ) | 25.74 | 29.11 | 4 | 1.01 | 1.01 | .92 | ||||||||||||||||||||||||||||||||||||
Class 2: | ||||||||||||||||||||||||||||||||||||||||||||||||||||
12/31/2023 | 22.02 | .33 | 3.17 | 3.50 | (.35 | ) | — | (.35 | ) | 25.17 | 15.99 | 803 | .89 | .82 | 1.39 | |||||||||||||||||||||||||||||||||||||
12/31/2022 | 31.48 | .30 | (7.10 | ) | (6.80 | ) | (.32 | ) | (2.34 | ) | (2.66 | ) | 22.02 | (22.10 | ) | 764 | .93 | .82 | 1.24 | |||||||||||||||||||||||||||||||||
12/31/2021 | 31.25 | .20 | 1.38 | 1.58 | (.28 | ) | (1.07 | ) | (1.35 | ) | 31.48 | 4.92 | 1,086 | .99 | .81 | .63 | ||||||||||||||||||||||||||||||||||||
12/31/2020 | 25.59 | .08 | 5.87 | 5.95 | (.02 | ) | (.27 | ) | (.29 | ) | 31.25 | 23.58 | 1,109 | 1.01 | .89 | .34 | ||||||||||||||||||||||||||||||||||||
12/31/2019 | 20.79 | .22 | 5.73 | 5.95 | (.23 | ) | (.92 | ) | (1.15 | ) | 25.59 | 29.15 | 981 | 1.01 | 1.01 | .93 | ||||||||||||||||||||||||||||||||||||
Class 4: | ||||||||||||||||||||||||||||||||||||||||||||||||||||
12/31/2023 | 21.84 | .27 | 3.14 | 3.41 | (.30 | ) | — | (.30 | ) | 24.95 | 15.67 | 787 | 1.14 | 1.07 | 1.14 | |||||||||||||||||||||||||||||||||||||
12/31/2022 | 31.24 | .24 | (7.03 | ) | (6.79 | ) | (.27 | ) | (2.34 | ) | (2.61 | ) | 21.84 | (22.25 | ) | 701 | 1.18 | 1.07 | .99 | |||||||||||||||||||||||||||||||||
12/31/2021 | 31.04 | .12 | 1.36 | 1.48 | (.21 | ) | (1.07 | ) | (1.28 | ) | 31.24 | 4.63 | 906 | 1.24 | 1.06 | .38 | ||||||||||||||||||||||||||||||||||||
12/31/2020 | 25.47 | .02 | 5.83 | 5.85 | (.01 | ) | (.27 | ) | (.28 | ) | 31.04 | 23.29 | 807 | 1.26 | 1.14 | .08 | ||||||||||||||||||||||||||||||||||||
12/31/2019 | 20.71 | .16 | 5.70 | 5.86 | (.18 | ) | (.92 | ) | (1.10 | ) | 25.47 | 28.82 | 646 | 1.26 | 1.26 | .67 |
Refer to the end of the tables for footnotes.
American Funds Insurance Series | 371 |
Financial highlights (continued)
Income (loss) from investment operations1 | Dividends and distributions | |||||||||||||||||||||||||||||||||||||||||||||||||||
Year ended | Net asset value, beginning of year | Net investment income | Net gains (losses) on securities (both realized and unrealized) | Total from investment operations | Dividends (from net investment income) | Distributions (from capital gains) | Total dividends and distributions | Net asset value, end of year | Total return2 | Net assets, end of year (in millions) | Ratio of expenses to average net assets before waivers3 | Ratio of expenses to average net assets after waivers2,3 | Ratio of net income to average net assets2 | |||||||||||||||||||||||||||||||||||||||
Washington Mutual Investors Fund | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Class 1: | ||||||||||||||||||||||||||||||||||||||||||||||||||||
12/31/2023 | $ | 12.69 | $ | .28 | $ | 1.92 | $ | 2.20 | $ | (.28 | ) | $ | (.12 | ) | $ | (.40 | ) | $ | 14.49 | 17.66 | % | $ | 6,020 | .41 | % | .27 | % | 2.07 | % | |||||||||||||||||||||||
12/31/2022 | 18.09 | .31 | (1.69 | ) | (1.38 | ) | (.30 | ) | (3.72 | ) | (4.02 | ) | 12.69 | (8.28 | ) | 5,507 | .41 | .26 | 2.13 | |||||||||||||||||||||||||||||||||
12/31/2021 | 14.35 | .29 | 3.73 | 4.02 | (.28 | ) | — | (.28 | ) | 18.09 | 28.12 | 6,766 | .42 | .31 | 1.79 | |||||||||||||||||||||||||||||||||||||
12/31/2020 | 13.56 | .25 | .95 | 1.20 | (.26 | ) | (.15 | ) | (.41 | ) | 14.35 | 9.04 | 5,684 | .43 | .43 | 2.00 | ||||||||||||||||||||||||||||||||||||
12/31/2019 | 12.38 | .30 | 2.25 | 2.55 | (.30 | ) | (1.07 | ) | (1.37 | ) | 13.56 | 21.66 | 5,559 | .42 | .42 | 2.28 | ||||||||||||||||||||||||||||||||||||
Class 1A: | ||||||||||||||||||||||||||||||||||||||||||||||||||||
12/31/2023 | 12.61 | .23 | 1.92 | 2.15 | (.21 | ) | (.12 | ) | (.33 | ) | 14.43 | 17.29 | 23 | .66 | .52 | 1.77 | ||||||||||||||||||||||||||||||||||||
12/31/2022 | 17.96 | .27 | (1.67 | ) | (1.40 | ) | (.23 | ) | (3.72 | ) | (3.95 | ) | 12.61 | (8.45 | ) | 64 | .66 | .51 | 1.76 | |||||||||||||||||||||||||||||||||
12/31/2021 | 14.28 | .27 | 3.67 | 3.94 | (.26 | ) | — | (.26 | ) | 17.96 | 27.70 | 169 | .67 | .53 | 1.62 | |||||||||||||||||||||||||||||||||||||
12/31/2020 | 13.51 | .23 | .93 | 1.16 | (.24 | ) | (.15 | ) | (.39 | ) | 14.28 | 8.79 | 25 | .67 | .67 | 1.78 | ||||||||||||||||||||||||||||||||||||
12/31/2019 | 12.35 | .26 | 2.24 | 2.50 | (.27 | ) | (1.07 | ) | (1.34 | ) | 13.51 | 21.35 | 9 | .67 | .67 | 2.03 | ||||||||||||||||||||||||||||||||||||
Class 2: | ||||||||||||||||||||||||||||||||||||||||||||||||||||
12/31/2023 | 12.46 | .24 | 1.88 | 2.12 | (.25 | ) | (.12 | ) | (.37 | ) | 14.21 | 17.29 | 2,899 | .66 | .52 | 1.82 | ||||||||||||||||||||||||||||||||||||
12/31/2022 | 17.83 | .26 | (1.65 | ) | (1.39 | ) | (.26 | ) | (3.72 | ) | (3.98 | ) | 12.46 | (8.45 | ) | 2,775 | .66 | .51 | 1.88 | |||||||||||||||||||||||||||||||||
12/31/2021 | 14.15 | .25 | 3.67 | 3.92 | (.24 | ) | — | (.24 | ) | 17.83 | 27.78 | 3,426 | .67 | .56 | 1.54 | |||||||||||||||||||||||||||||||||||||
12/31/2020 | 13.39 | .22 | .91 | 1.13 | (.22 | ) | (.15 | ) | (.37 | ) | 14.15 | 8.68 | 3,082 | .68 | .68 | 1.75 | ||||||||||||||||||||||||||||||||||||
12/31/2019 | 12.24 | .26 | 2.22 | 2.48 | (.26 | ) | (1.07 | ) | (1.33 | ) | 13.39 | 21.38 | 3,093 | .67 | .67 | 2.03 | ||||||||||||||||||||||||||||||||||||
Class 4: | ||||||||||||||||||||||||||||||||||||||||||||||||||||
12/31/2023 | 12.34 | .20 | 1.86 | 2.06 | (.22 | ) | (.12 | ) | (.34 | ) | 14.06 | 16.97 | 1,344 | .91 | .77 | 1.58 | ||||||||||||||||||||||||||||||||||||
12/31/2022 | 17.71 | .23 | (1.64 | ) | (1.41 | ) | (.24 | ) | (3.72 | ) | (3.96 | ) | 12.34 | (8.69 | ) | 1,098 | .91 | .77 | 1.64 | |||||||||||||||||||||||||||||||||
12/31/2021 | 14.06 | .21 | 3.65 | 3.86 | (.21 | ) | — | (.21 | ) | 17.71 | 27.51 | 1,104 | .92 | .81 | 1.30 | |||||||||||||||||||||||||||||||||||||
12/31/2020 | 13.31 | .19 | .91 | 1.10 | (.20 | ) | (.15 | ) | (.35 | ) | 14.06 | 8.47 | 788 | .93 | .93 | 1.51 | ||||||||||||||||||||||||||||||||||||
12/31/2019 | 12.19 | .23 | 2.20 | 2.43 | (.24 | ) | (1.07 | ) | (1.31 | ) | 13.31 | 21.03 | 621 | .92 | .92 | 1.78 |
Refer to the end of the tables for footnotes.
372 | American Funds Insurance Series |
Financial highlights (continued)
Income (loss) from investment operations1 | Dividends and distributions | |||||||||||||||||||||||||||||||||||||||||||||||||||
Year ended | Net asset value, beginning of year | Net investment income | Net gains (losses) on securities (both realized and unrealized) | Total from investment operations | Dividends (from net investment income) | Distributions (from capital gains) | Total dividends and distributions | Net asset value, end of year | Total return2 | Net assets, end of year (in millions) | Ratio of expenses to average net assets before waivers3 | Ratio of expenses to average net assets after waivers2,3 | Ratio of net income to average net assets2 | |||||||||||||||||||||||||||||||||||||||
Capital World Growth and Income Fund | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Class 1: | ||||||||||||||||||||||||||||||||||||||||||||||||||||
12/31/2023 | $ | 11.67 | $ | .27 | $ | 2.19 | $ | 2.46 | $ | (.28 | ) | $ | — | $ | (.28 | ) | $ | 13.85 | 21.22 | % | $ | 579 | .52 | % | .41 | % | 2.08 | % | ||||||||||||||||||||||||
12/31/2022 | 18.42 | .32 | (3.28 | ) | (2.96 | ) | (.34 | ) | (3.45 | ) | (3.79 | ) | 11.67 | (17.13 | ) | 548 | .57 | .41 | 2.36 | |||||||||||||||||||||||||||||||||
12/31/2021 | 16.67 | .38 | 2.10 | 2.48 | (.33 | ) | (.40 | ) | (.73 | ) | 18.42 | 15.03 | 812 | .63 | .47 | 2.14 | ||||||||||||||||||||||||||||||||||||
12/31/2020 | 15.92 | .22 | 1.14 | 1.36 | (.23 | ) | (.38 | ) | (.61 | ) | 16.67 | 9.03 | 657 | .66 | .66 | 1.49 | ||||||||||||||||||||||||||||||||||||
12/31/2019 | 13.02 | .31 | 3.67 | 3.98 | (.32 | ) | (.76 | ) | (1.08 | ) | 15.92 | 31.39 | 625 | .65 | .65 | 2.08 | ||||||||||||||||||||||||||||||||||||
Class 1A: | ||||||||||||||||||||||||||||||||||||||||||||||||||||
12/31/2023 | 11.61 | .23 | 2.18 | 2.41 | (.25 | ) | — | (.25 | ) | 13.77 | 20.87 | 7 | .77 | .66 | 1.83 | |||||||||||||||||||||||||||||||||||||
12/31/2022 | 18.34 | .28 | (3.25 | ) | (2.97 | ) | (.31 | ) | (3.45 | ) | (3.76 | ) | 11.61 | (17.29 | ) | 6 | .82 | .66 | 2.13 | |||||||||||||||||||||||||||||||||
12/31/2021 | 16.62 | .37 | 2.06 | 2.43 | (.31 | ) | (.40 | ) | (.71 | ) | 18.34 | 14.71 | 7 | .88 | .70 | 2.08 | ||||||||||||||||||||||||||||||||||||
12/31/2020 | 15.88 | .18 | 1.13 | 1.31 | (.19 | ) | (.38 | ) | (.57 | ) | 16.62 | 8.78 | 2 | .90 | .90 | 1.23 | ||||||||||||||||||||||||||||||||||||
12/31/2019 | 13.00 | .26 | 3.68 | 3.94 | (.30 | ) | (.76 | ) | (1.06 | ) | 15.88 | 31.04 | 2 | .90 | .90 | 1.77 | ||||||||||||||||||||||||||||||||||||
Class 2: | ||||||||||||||||||||||||||||||||||||||||||||||||||||
12/31/2023 | 11.64 | .23 | 2.18 | 2.41 | (.24 | ) | — | (.24 | ) | 13.81 | 20.88 | 1,040 | .77 | .66 | 1.83 | |||||||||||||||||||||||||||||||||||||
12/31/2022 | 18.38 | .28 | (3.26 | ) | (2.98 | ) | (.31 | ) | (3.45 | ) | (3.76 | ) | 11.64 | (17.33 | ) | 983 | .82 | .66 | 2.11 | |||||||||||||||||||||||||||||||||
12/31/2021 | 16.63 | .33 | 2.11 | 2.44 | (.29 | ) | (.40 | ) | (.69 | ) | 18.38 | 14.78 | 1,340 | .88 | .73 | 1.85 | ||||||||||||||||||||||||||||||||||||
12/31/2020 | 15.89 | .18 | 1.13 | 1.31 | (.19 | ) | (.38 | ) | (.57 | ) | 16.63 | 8.73 | 1,349 | .91 | .91 | 1.23 | ||||||||||||||||||||||||||||||||||||
12/31/2019 | 12.99 | .27 | 3.68 | 3.95 | (.29 | ) | (.76 | ) | (1.05 | ) | 15.89 | 31.14 | 1,366 | .90 | .90 | 1.84 | ||||||||||||||||||||||||||||||||||||
Class 4: | ||||||||||||||||||||||||||||||||||||||||||||||||||||
12/31/2023 | 11.35 | .19 | 2.14 | 2.33 | (.22 | ) | — | (.22 | ) | 13.46 | 20.65 | 235 | 1.02 | .91 | 1.57 | |||||||||||||||||||||||||||||||||||||
12/31/2022 | 18.04 | .24 | (3.20 | ) | (2.96 | ) | (.28 | ) | (3.45 | ) | (3.73 | ) | 11.35 | (17.57 | ) | 188 | 1.07 | .91 | 1.86 | |||||||||||||||||||||||||||||||||
12/31/2021 | 16.35 | .29 | 2.06 | 2.35 | (.26 | ) | (.40 | ) | (.66 | ) | 18.04 | 14.46 | 225 | 1.13 | .97 | 1.65 | ||||||||||||||||||||||||||||||||||||
12/31/2020 | 15.63 | .14 | 1.12 | 1.26 | (.16 | ) | (.38 | ) | (.54 | ) | 16.35 | 8.55 | 166 | 1.16 | 1.16 | .97 | ||||||||||||||||||||||||||||||||||||
12/31/2019 | 12.81 | .23 | 3.61 | 3.84 | (.26 | ) | (.76 | ) | (1.02 | ) | 15.63 | 30.73 | 145 | 1.15 | 1.15 | 1.56 |
Refer to the end of the tables for footnotes.
American Funds Insurance Series | 373 |
Financial highlights (continued)
Income (loss) from investment operations1 | Dividends and distributions | |||||||||||||||||||||||||||||||||||||||||||||||
Year ended | Net asset value, beginning of year | Net investment income | Net gains (losses) on securities (both realized and unrealized) | Total from investment operations | Dividends (from net investment income) | Distributions (from capital gains) | Total dividends and distributions | Net asset value, end of year | Total return | Net assets, end of year (in millions) | Ratio of expenses to average net assets3 | Ratio of net income to average net assets | ||||||||||||||||||||||||||||||||||||
Growth-Income Fund | ||||||||||||||||||||||||||||||||||||||||||||||||
Class 1: | ||||||||||||||||||||||||||||||||||||||||||||||||
12/31/2023 | $ | 50.21 | $ | .86 | $ | 11.96 | $ | 12.82 | $ | (.88 | ) | $ | (2.89 | ) | $ | (3.77 | ) | $ | 59.26 | 26.47 | % | $ | 22,319 | .29 | % | 1.60 | % | |||||||||||||||||||||
12/31/2022 | 67.35 | .85 | (11.50 | ) | (10.65 | ) | (.83 | ) | (5.66 | ) | (6.49 | ) | 50.21 | (16.28 | ) | 19,692 | .29 | 1.54 | ||||||||||||||||||||||||||||||
12/31/2021 | 55.38 | .79 | 12.64 | 13.43 | (.86 | ) | (.60 | ) | (1.46 | ) | 67.35 | 24.42 | 25,507 | .29 | 1.28 | |||||||||||||||||||||||||||||||||
12/31/2020 | 50.71 | .75 | 6.02 | 6.77 | (.80 | ) | (1.30 | ) | (2.10 | ) | 55.38 | 13.81 | 22,903 | .29 | 1.52 | |||||||||||||||||||||||||||||||||
12/31/2019 | 45.39 | 1.00 | 10.40 | 11.40 | (.92 | ) | (5.16 | ) | (6.08 | ) | 50.71 | 26.46 | 21,057 | .29 | 2.05 | |||||||||||||||||||||||||||||||||
Class 1A: | ||||||||||||||||||||||||||||||||||||||||||||||||
12/31/2023 | 49.93 | .72 | 11.87 | 12.59 | (.75 | ) | (2.89 | ) | (3.64 | ) | 58.88 | 26.12 | 35 | .54 | 1.35 | |||||||||||||||||||||||||||||||||
12/31/2022 | 67.02 | .71 | (11.44 | ) | (10.73 | ) | (.70 | ) | (5.66 | ) | (6.36 | ) | 49.93 | (16.48 | ) | 28 | .54 | 1.30 | ||||||||||||||||||||||||||||||
12/31/2021 | 55.16 | .65 | 12.55 | 13.20 | (.74 | ) | (.60 | ) | (1.34 | ) | 67.02 | 24.08 | 32 | .53 | 1.04 | |||||||||||||||||||||||||||||||||
12/31/2020 | 50.54 | .63 | 5.99 | 6.62 | (.70 | ) | (1.30 | ) | (2.00 | ) | 55.16 | 13.55 | 16 | .54 | 1.28 | |||||||||||||||||||||||||||||||||
12/31/2019 | 45.28 | .89 | 10.36 | 11.25 | (.83 | ) | (5.16 | ) | (5.99 | ) | 50.54 | 26.14 | 11 | .54 | 1.82 | |||||||||||||||||||||||||||||||||
Class 2: | ||||||||||||||||||||||||||||||||||||||||||||||||
12/31/2023 | 49.46 | .72 | 11.75 | 12.47 | (.74 | ) | (2.89 | ) | (3.63 | ) | 58.30 | 26.14 | 12,894 | .54 | 1.35 | |||||||||||||||||||||||||||||||||
12/31/2022 | 66.44 | .70 | (11.33 | ) | (10.63 | ) | (.69 | ) | (5.66 | ) | (6.35 | ) | 49.46 | (16.50 | ) | 11,508 | .54 | 1.29 | ||||||||||||||||||||||||||||||
12/31/2021 | 54.66 | .63 | 12.45 | 13.08 | (.70 | ) | (.60 | ) | (1.30 | ) | 66.44 | 24.10 | 15,319 | .54 | 1.03 | |||||||||||||||||||||||||||||||||
12/31/2020 | 50.08 | .62 | 5.93 | 6.55 | (.67 | ) | (1.30 | ) | (1.97 | ) | 54.66 | 13.54 | 14,012 | .54 | 1.27 | |||||||||||||||||||||||||||||||||
12/31/2019 | 44.90 | .87 | 10.27 | 11.14 | (.80 | ) | (5.16 | ) | (5.96 | ) | 50.08 | 26.14 | 13,586 | .53 | 1.80 | |||||||||||||||||||||||||||||||||
Class 3: | ||||||||||||||||||||||||||||||||||||||||||||||||
12/31/2023 | 50.33 | .77 | 11.97 | 12.74 | (.78 | ) | (2.89 | ) | (3.67 | ) | 59.40 | 26.23 | 142 | .47 | 1.42 | |||||||||||||||||||||||||||||||||
12/31/2022 | 67.48 | .75 | (11.51 | ) | (10.76 | ) | (.73 | ) | (5.66 | ) | (6.39 | ) | 50.33 | (16.43 | ) | 125 | .47 | 1.36 | ||||||||||||||||||||||||||||||
12/31/2021 | 55.49 | .68 | 12.65 | 13.33 | (.74 | ) | (.60 | ) | (1.34 | ) | 67.48 | 24.18 | 166 | .47 | 1.10 | |||||||||||||||||||||||||||||||||
12/31/2020 | 50.81 | .66 | 6.02 | 6.68 | (.70 | ) | (1.30 | ) | (2.00 | ) | 55.49 | 13.60 | 154 | .47 | 1.34 | |||||||||||||||||||||||||||||||||
12/31/2019 | 45.47 | .91 | 10.43 | 11.34 | (.84 | ) | (5.16 | ) | (6.00 | ) | 50.81 | 26.24 | 156 | .46 | 1.87 | |||||||||||||||||||||||||||||||||
Class 4: | ||||||||||||||||||||||||||||||||||||||||||||||||
12/31/2023 | 48.72 | .57 | 11.57 | 12.14 | (.63 | ) | (2.89 | ) | (3.52 | ) | 57.34 | 25.82 | 2,062 | .79 | 1.10 | |||||||||||||||||||||||||||||||||
12/31/2022 | 65.57 | .56 | (11.18 | ) | (10.62 | ) | (.57 | ) | (5.66 | ) | (6.23 | ) | 48.72 | (16.70 | ) | 1,630 | .79 | 1.05 | ||||||||||||||||||||||||||||||
12/31/2021 | 53.99 | .48 | 12.28 | 12.76 | (.58 | ) | (.60 | ) | (1.18 | ) | 65.57 | 23.80 | 1,928 | .79 | .79 | |||||||||||||||||||||||||||||||||
12/31/2020 | 49.52 | .49 | 5.85 | 6.34 | (.57 | ) | (1.30 | ) | (1.87 | ) | 53.99 | 13.25 | 1,407 | .79 | 1.02 | |||||||||||||||||||||||||||||||||
12/31/2019 | 44.47 | .74 | 10.18 | 10.92 | (.71 | ) | (5.16 | ) | (5.87 | ) | 49.52 | 25.86 | 1,216 | .79 | 1.56 |
Refer to the end of the tables for footnotes.
374 | American Funds Insurance Series |
Financial highlights (continued)
Income (loss) from investment operations1 | Dividends and distributions | |||||||||||||||||||||||||||||||||||||||||||||||||||
Year ended | Net asset value, beginning of year | Net investment income | Net gains (losses) on securities (both realized and unrealized) | Total from investment operations | Dividends (from net investment income) | Distributions (from capital gains) | Total dividends and distributions | Net asset value, end of year | Total return2 | Net assets, end of year (in millions) | Ratio of expenses to average net assets before waivers3 | Ratio of expenses to average net assets after waivers2,3 | Ratio of net income to average net assets2 | |||||||||||||||||||||||||||||||||||||||
International Growth and Income Fund | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Class 1: | ||||||||||||||||||||||||||||||||||||||||||||||||||||
12/31/2023 | $ | 8.94 | $ | .27 | $ | 1.15 | $ | 1.42 | $ | (.26 | ) | $ | — | $ | (.26 | ) | $ | 10.10 | 16.08 | % | $ | 15 | .56 | % | .55 | % | 2.82 | % | ||||||||||||||||||||||||
12/31/2022 | 19.62 | .39 | (3.09 | ) | (2.70 | ) | (.28 | ) | (7.70 | ) | (7.98 | ) | 8.94 | (15.00 | ) | 13 | .64 | .54 | 3.29 | |||||||||||||||||||||||||||||||||
12/31/2021 | 19.01 | .54 | .53 | 1.07 | (.46 | ) | — | (.46 | ) | 19.62 | 5.64 | 30 | .67 | .67 | 2.70 | |||||||||||||||||||||||||||||||||||||
12/31/2020 | 18.18 | .27 | .85 | 1.12 | (.29 | ) | — | (.29 | ) | 19.01 | 6.24 | 1,120 | .68 | .68 | 1.70 | |||||||||||||||||||||||||||||||||||||
12/31/2019 | 15.35 | .46 | 3.03 | 3.49 | (.47 | ) | (.19 | ) | (.66 | ) | 18.18 | 23.06 | 1,140 | .66 | .66 | 2.73 | ||||||||||||||||||||||||||||||||||||
Class 1A: | ||||||||||||||||||||||||||||||||||||||||||||||||||||
12/31/2023 | 8.70 | .24 | 1.13 | 1.37 | (.24 | ) | — | (.24 | ) | 9.83 | 15.92 | 6 | .81 | .80 | 2.54 | |||||||||||||||||||||||||||||||||||||
12/31/2022 | 19.39 | .35 | (3.05 | ) | (2.70 | ) | (.29 | ) | (7.70 | ) | (7.99 | ) | 8.70 | (15.31 | ) | 5 | .88 | .79 | 3.15 | |||||||||||||||||||||||||||||||||
12/31/2021 | 18.97 | .50 | .52 | 1.02 | (.60 | ) | — | (.60 | ) | 19.39 | 5.39 | 6 | .94 | .92 | 2.50 | |||||||||||||||||||||||||||||||||||||
12/31/2020 | 18.15 | .22 | .85 | 1.07 | (.25 | ) | — | (.25 | ) | 18.97 | 5.98 | 3 | .93 | .93 | 1.38 | |||||||||||||||||||||||||||||||||||||
12/31/2019 | 15.33 | .41 | 3.04 | 3.45 | (.44 | ) | (.19 | ) | (.63 | ) | 18.15 | 22.76 | 2 | .91 | .91 | 2.41 | ||||||||||||||||||||||||||||||||||||
Class 2: | ||||||||||||||||||||||||||||||||||||||||||||||||||||
12/31/2023 | 8.70 | .24 | 1.12 | 1.36 | (.24 | ) | — | (.24 | ) | 9.82 | 15.76 | 165 | .81 | .80 | 2.54 | |||||||||||||||||||||||||||||||||||||
12/31/2022 | 19.38 | .36 | (3.05 | ) | (2.69 | ) | (.29 | ) | (7.70 | ) | (7.99 | ) | 8.70 | (15.25 | ) | 162 | .88 | .78 | 3.24 | |||||||||||||||||||||||||||||||||
12/31/2021 | 18.95 | .48 | .53 | 1.01 | (.58 | ) | — | (.58 | ) | 19.38 | 5.37 | 211 | .93 | .92 | 2.44 | |||||||||||||||||||||||||||||||||||||
12/31/2020 | 18.12 | .23 | .85 | 1.08 | (.25 | ) | — | (.25 | ) | 18.95 | 6.01 | 221 | .93 | .93 | 1.43 | |||||||||||||||||||||||||||||||||||||
12/31/2019 | 15.30 | .42 | 3.02 | 3.44 | (.43 | ) | (.19 | ) | (.62 | ) | 18.12 | 22.76 | 257 | .91 | .91 | 2.49 | ||||||||||||||||||||||||||||||||||||
Class 4: | ||||||||||||||||||||||||||||||||||||||||||||||||||||
12/31/2023 | 8.56 | .21 | 1.12 | 1.33 | (.22 | ) | — | (.22 | ) | 9.67 | 15.66 | 143 | 1.06 | 1.05 | 2.29 | |||||||||||||||||||||||||||||||||||||
12/31/2022 | 19.23 | .33 | (3.04 | ) | (2.71 | ) | (.26 | ) | (7.70 | ) | (7.96 | ) | 8.56 | (15.52 | ) | 121 | 1.13 | 1.04 | 3.01 | |||||||||||||||||||||||||||||||||
12/31/2021 | 18.82 | .44 | .51 | .95 | (.54 | ) | — | (.54 | ) | 19.23 | 5.09 | 132 | 1.18 | 1.17 | 2.21 | |||||||||||||||||||||||||||||||||||||
12/31/2020 | 18.01 | .19 | .83 | 1.02 | (.21 | ) | — | (.21 | ) | 18.82 | 5.73 | 112 | 1.18 | 1.18 | 1.19 | |||||||||||||||||||||||||||||||||||||
12/31/2019 | 15.22 | .37 | 3.01 | 3.38 | (.40 | ) | (.19 | ) | (.59 | ) | 18.01 | 22.47 | 101 | 1.16 | 1.16 | 2.18 |
Refer to the end of the tables for footnotes.
American Funds Insurance Series | 375 |
Financial highlights (continued)
Income (loss) from investment operations1 | Dividends and distributions | |||||||||||||||||||||||||||||||||||||||||||||||||||
Year ended | Net asset value, beginning of year | Net investment income | Net gains (losses) on securities (both realized and unrealized) | Total from investment operations | Dividends (from net investment income) | Distributions (from capital gains) | Total dividends and distributions | Net asset value, end of year | Total return2 | Net assets, end of year (in millions) | Ratio of expenses to average net assets before waivers3 | Ratio of expenses to average net assets after waivers2,3 | Ratio of net income to average net assets2 | |||||||||||||||||||||||||||||||||||||||
Capital Income Builder | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Class 1: | ||||||||||||||||||||||||||||||||||||||||||||||||||||
12/31/2023 | $ | 10.99 | $ | .41 | $ | .59 | $ | 1.00 | $ | (.36 | ) | $ | — | $ | (.36 | ) | $ | 11.63 | 9.28 | % | $ | 660 | .40 | % | .26 | % | 3.68 | % | ||||||||||||||||||||||||
12/31/2022 | 12.17 | .37 | (1.21 | ) | (.84 | ) | (.34 | ) | — | (.34 | ) | 10.99 | (6.90 | ) | 586 | .44 | .26 | 3.31 | ||||||||||||||||||||||||||||||||||
12/31/2021 | 10.87 | .37 | 1.28 | 1.65 | (.35 | ) | — | (.35 | ) | 12.17 | 15.31 | 563 | .53 | .27 | 3.19 | |||||||||||||||||||||||||||||||||||||
12/31/2020 | 10.73 | .31 | .15 | .46 | (.32 | ) | — | (.32 | ) | 10.87 | 4.64 | 621 | .53 | .35 | 3.07 | |||||||||||||||||||||||||||||||||||||
12/31/2019 | 9.37 | .32 | 1.36 | 1.68 | (.32 | ) | — | (.32 | ) | 10.73 | 18.16 | 533 | .53 | .53 | 3.17 | |||||||||||||||||||||||||||||||||||||
Class 1A: | ||||||||||||||||||||||||||||||||||||||||||||||||||||
12/31/2023 | 10.98 | .38 | .59 | .97 | (.33 | ) | — | (.33 | ) | 11.62 | 9.01 | 10 | .65 | .51 | 3.42 | |||||||||||||||||||||||||||||||||||||
12/31/2022 | 12.15 | .34 | (1.19 | ) | (.85 | ) | (.32 | ) | — | (.32 | ) | 10.98 | (7.06 | ) | 10 | .69 | .52 | 3.06 | ||||||||||||||||||||||||||||||||||
12/31/2021 | 10.86 | .34 | 1.27 | 1.61 | (.32 | ) | — | (.32 | ) | 12.15 | 14.95 | 10 | .78 | .52 | 2.94 | |||||||||||||||||||||||||||||||||||||
12/31/2020 | 10.72 | .28 | .16 | .44 | (.30 | ) | — | (.30 | ) | 10.86 | 4.38 | 6 | .78 | .60 | 2.81 | |||||||||||||||||||||||||||||||||||||
12/31/2019 | 9.36 | .29 | 1.37 | 1.66 | (.30 | ) | — | (.30 | ) | 10.72 | 17.90 | 6 | .78 | .78 | 2.84 | |||||||||||||||||||||||||||||||||||||
Class 2: | ||||||||||||||||||||||||||||||||||||||||||||||||||||
12/31/2023 | 10.98 | .38 | .59 | .97 | (.33 | ) | — | (.33 | ) | 11.62 | 9.01 | 15 | .65 | .51 | 3.43 | |||||||||||||||||||||||||||||||||||||
12/31/2022 | 12.16 | .34 | (1.20 | ) | (.86 | ) | (.32 | ) | — | (.32 | ) | 10.98 | (7.13 | ) | 13 | .69 | .51 | 3.06 | ||||||||||||||||||||||||||||||||||
12/31/2021 | 10.87 | .34 | 1.27 | 1.61 | (.32 | ) | — | (.32 | ) | 12.16 | 14.94 | 13 | .78 | .52 | 2.93 | |||||||||||||||||||||||||||||||||||||
12/31/2020 | 10.72 | .29 | .16 | .45 | (.30 | ) | — | (.30 | ) | 10.87 | 4.48 | 8 | .78 | .60 | 2.83 | |||||||||||||||||||||||||||||||||||||
12/31/2019 | 9.36 | .30 | 1.35 | 1.65 | (.29 | ) | — | (.29 | ) | 10.72 | 17.89 | 6 | .78 | .78 | 2.91 | |||||||||||||||||||||||||||||||||||||
Class 4: | ||||||||||||||||||||||||||||||||||||||||||||||||||||
12/31/2023 | 10.96 | .35 | .59 | .94 | (.30 | ) | — | (.30 | ) | 11.60 | 8.75 | 566 | .90 | .76 | 3.18 | |||||||||||||||||||||||||||||||||||||
12/31/2022 | 12.14 | .31 | (1.20 | ) | (.89 | ) | (.29 | ) | — | (.29 | ) | 10.96 | (7.37 | ) | 530 | .94 | .76 | 2.81 | ||||||||||||||||||||||||||||||||||
12/31/2021 | 10.85 | .31 | 1.27 | 1.58 | (.29 | ) | — | (.29 | ) | 12.14 | 14.68 | 559 | 1.03 | .77 | 2.69 | |||||||||||||||||||||||||||||||||||||
12/31/2020 | 10.71 | .26 | .15 | .41 | (.27 | ) | — | (.27 | ) | 10.85 | 4.11 | 462 | 1.03 | .85 | 2.55 | |||||||||||||||||||||||||||||||||||||
12/31/2019 | 9.35 | .27 | 1.36 | 1.63 | (.27 | ) | — | (.27 | ) | 10.71 | 17.62 | 454 | 1.03 | 1.03 | 2.68 |
Refer to the end of the tables for footnotes.
376 | American Funds Insurance Series |
Financial highlights (continued)
Income (loss) from investment operations1 | Dividends and distributions | |||||||||||||||||||||||||||||||||||||||||||||||
Year ended | Net asset value, beginning of year | Net investment income | Net gains (losses) on securities (both realized and unrealized) | Total from investment operations | Dividends (from net investment income) | Distributions (from capital gains) | Total dividends and distributions | Net asset value, end of year | Total return | Net assets, end of year (in millions) | Ratio of expenses to average net assets3 | Ratio of net income to average net assets | ||||||||||||||||||||||||||||||||||||
Asset Allocation Fund | ||||||||||||||||||||||||||||||||||||||||||||||||
Class 1: | ||||||||||||||||||||||||||||||||||||||||||||||||
12/31/2023 | $ | 22.20 | $ | .57 | $ | 2.54 | $ | 3.11 | $ | (.56 | ) | $ | (.89 | ) | $ | (1.45 | ) | $ | 23.86 | 14.55 | % | $ | 15,555 | .30 | % | 2.49 | % | |||||||||||||||||||||
12/31/2022 | 29.08 | .52 | (4.24 | ) | (3.72 | ) | (.51 | ) | (2.65 | ) | (3.16 | ) | 22.20 | (13.19 | ) | 15,138 | .30 | 2.15 | ||||||||||||||||||||||||||||||
12/31/2021 | 26.50 | .48 | 3.54 | 4.02 | (.50 | ) | (.94 | ) | (1.44 | ) | 29.08 | 15.40 | 18,836 | .30 | 1.71 | |||||||||||||||||||||||||||||||||
12/31/2020 | 24.05 | .43 | 2.59 | 3.02 | (.46 | ) | (.11 | ) | (.57 | ) | 26.50 | 12.71 | 19,238 | .30 | 1.80 | |||||||||||||||||||||||||||||||||
12/31/2019 | 21.29 | .51 | 3.94 | 4.45 | (.50 | ) | (1.19 | ) | (1.69 | ) | 24.05 | 21.54 | 17,730 | .29 | 2.21 | |||||||||||||||||||||||||||||||||
Class 1A: | ||||||||||||||||||||||||||||||||||||||||||||||||
12/31/2023 | 22.10 | .51 | 2.53 | 3.04 | (.51 | ) | (.89 | ) | (1.40 | ) | 23.74 | 14.32 | 32 | .55 | 2.25 | |||||||||||||||||||||||||||||||||
12/31/2022 | 28.97 | .46 | (4.22 | ) | (3.76 | ) | (.46 | ) | (2.65 | ) | (3.11 | ) | 22.10 | (13.43 | ) | 27 | .55 | 1.95 | ||||||||||||||||||||||||||||||
12/31/2021 | 26.42 | .42 | 3.52 | 3.94 | (.45 | ) | (.94 | ) | (1.39 | ) | 28.97 | 15.13 | 24 | .55 | 1.49 | |||||||||||||||||||||||||||||||||
12/31/2020 | 23.99 | .37 | 2.58 | 2.95 | (.41 | ) | (.11 | ) | (.52 | ) | 26.42 | 12.43 | 14 | .55 | 1.56 | |||||||||||||||||||||||||||||||||
12/31/2019 | 21.26 | .45 | 3.92 | 4.37 | (.45 | ) | (1.19 | ) | (1.64 | ) | 23.99 | 21.19 | 11 | .54 | 1.95 | |||||||||||||||||||||||||||||||||
Class 2: | ||||||||||||||||||||||||||||||||||||||||||||||||
12/31/2023 | 21.91 | .50 | 2.52 | 3.02 | (.51 | ) | (.89 | ) | (1.40 | ) | 23.53 | 14.27 | 4,261 | .55 | 2.24 | |||||||||||||||||||||||||||||||||
12/31/2022 | 28.74 | .46 | (4.19 | ) | (3.73 | ) | (.45 | ) | (2.65 | ) | (3.10 | ) | 21.91 | (13.41 | ) | 4,228 | .55 | 1.90 | ||||||||||||||||||||||||||||||
12/31/2021 | 26.21 | .41 | 3.49 | 3.90 | (.43 | ) | (.94 | ) | (1.37 | ) | 28.74 | 15.10 | 5,473 | .55 | 1.46 | |||||||||||||||||||||||||||||||||
12/31/2020 | 23.79 | .37 | 2.56 | 2.93 | (.40 | ) | (.11 | ) | (.51 | ) | 26.21 | 12.46 | 5,242 | .55 | 1.55 | |||||||||||||||||||||||||||||||||
12/31/2019 | 21.08 | .45 | 3.89 | 4.34 | (.44 | ) | (1.19 | ) | (1.63 | ) | 23.79 | 21.23 | 5,154 | .54 | 1.96 | |||||||||||||||||||||||||||||||||
Class 3: | ||||||||||||||||||||||||||||||||||||||||||||||||
12/31/2023 | 22.23 | .53 | 2.55 | 3.08 | (.52 | ) | (.89 | ) | (1.41 | ) | 23.90 | 14.37 | 30 | .48 | 2.31 | |||||||||||||||||||||||||||||||||
12/31/2022 | 29.12 | .48 | (4.25 | ) | (3.77 | ) | (.47 | ) | (2.65 | ) | (3.12 | ) | 22.23 | (13.37 | ) | 28 | .48 | 1.97 | ||||||||||||||||||||||||||||||
12/31/2021 | 26.53 | .43 | 3.55 | 3.98 | (.45 | ) | (.94 | ) | (1.39 | ) | 29.12 | 15.22 | 36 | .48 | 1.53 | |||||||||||||||||||||||||||||||||
12/31/2020 | 24.08 | .39 | 2.59 | 2.98 | (.42 | ) | (.11 | ) | (.53 | ) | 26.53 | 12.50 | 33 | .48 | 1.62 | |||||||||||||||||||||||||||||||||
12/31/2019 | 21.32 | .47 | 3.93 | 4.40 | (.45 | ) | (1.19 | ) | (1.64 | ) | 24.08 | 21.30 | 32 | .47 | 2.02 | |||||||||||||||||||||||||||||||||
Class 4: | ||||||||||||||||||||||||||||||||||||||||||||||||
12/31/2023 | 21.75 | .44 | 2.49 | 2.93 | (.45 | ) | (.89 | ) | (1.34 | ) | 23.34 | 14.02 | 5,807 | .80 | 1.99 | |||||||||||||||||||||||||||||||||
12/31/2022 | 28.56 | .39 | (4.16 | ) | (3.77 | ) | (.39 | ) | (2.65 | ) | (3.04 | ) | 21.75 | (13.66 | ) | 5,380 | .80 | 1.66 | ||||||||||||||||||||||||||||||
12/31/2021 | 26.06 | .34 | 3.47 | 3.81 | (.37 | ) | (.94 | ) | (1.31 | ) | 28.56 | 14.84 | 6,337 | .80 | 1.22 | |||||||||||||||||||||||||||||||||
12/31/2020 | 23.67 | .31 | 2.54 | 2.85 | (.35 | ) | (.11 | ) | (.46 | ) | 26.06 | 12.16 | 5,131 | .80 | 1.30 | |||||||||||||||||||||||||||||||||
12/31/2019 | 20.99 | .39 | 3.87 | 4.26 | (.39 | ) | (1.19 | ) | (1.58 | ) | 23.67 | 20.92 | 4,493 | .79 | 1.71 |
Refer to the end of the tables for footnotes.
American Funds Insurance Series | 377 |
Financial highlights (continued)
Income (loss) from investment operations1 | Dividends and distributions | |||||||||||||||||||||||||||||||||||||||||||||||||||
Year ended | Net asset value, beginning of year | Net investment income | Net gains (losses) on securities (both realized and unrealized) | Total from investment operations | Dividends (from net investment income) | Distributions (from capital gains) | Total dividends and distributions | Net asset value, end of year | Total return2 | Net assets, end of year (in millions) | Ratio of expenses to average net assets before waivers3 | Ratio of expenses to average net assets after waivers2,3 | Ratio of net income to average net assets2 | |||||||||||||||||||||||||||||||||||||||
American Funds Global Balanced Fund | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Class 1: | ||||||||||||||||||||||||||||||||||||||||||||||||||||
12/31/2023 | $ | 12.55 | $ | .33 | $ | 1.29 | $ | 1.62 | $ | (.23 | ) | $ | (1.57 | ) | $ | (1.80 | ) | $ | 12.37 | 14.05 | % | $ | 98 | .53 | % | .52 | % | 2.67 | % | |||||||||||||||||||||||
12/31/2022 | 14.73 | .26 | (2.37 | ) | (2.11 | ) | — | (.07 | ) | (.07 | ) | 12.55 | (14.33 | ) | 96 | .59 | .58 | 1.99 | ||||||||||||||||||||||||||||||||||
12/31/2021 | 14.19 | .18 | 1.37 | 1.55 | (.19 | ) | (.82 | ) | (1.01 | ) | 14.73 | 11.05 | 120 | .73 | .73 | 1.24 | ||||||||||||||||||||||||||||||||||||
12/31/2020 | 13.51 | .17 | 1.24 | 1.41 | (.19 | ) | (.54 | ) | (.73 | ) | 14.19 | 10.53 | 139 | .72 | .72 | 1.29 | ||||||||||||||||||||||||||||||||||||
12/31/2019 | 11.67 | .24 | 2.17 | 2.41 | (.20 | ) | (.37 | ) | (.57 | ) | 13.51 | 20.79 | 134 | .72 | .72 | 1.88 | ||||||||||||||||||||||||||||||||||||
Class 1A: | ||||||||||||||||||||||||||||||||||||||||||||||||||||
12/31/2023 | 12.49 | .29 | 1.30 | 1.59 | (.21 | ) | (1.57 | ) | (1.78 | ) | 12.30 | 13.77 | 3 | .78 | .77 | 2.42 | ||||||||||||||||||||||||||||||||||||
12/31/2022 | 14.70 | .22 | (2.36 | ) | (2.14 | ) | — | (.07 | ) | (.07 | ) | 12.49 | (14.56 | ) | 3 | .84 | .84 | 1.71 | ||||||||||||||||||||||||||||||||||
12/31/2021 | 14.16 | .15 | 1.36 | 1.51 | (.15 | ) | (.82 | ) | (.97 | ) | 14.70 | 10.83 | 4 | .98 | .98 | 1.02 | ||||||||||||||||||||||||||||||||||||
12/31/2020 | 13.49 | .14 | 1.23 | 1.37 | (.16 | ) | (.54 | ) | (.70 | ) | 14.16 | 10.25 | 3 | .97 | .97 | 1.03 | ||||||||||||||||||||||||||||||||||||
12/31/2019 | 11.65 | .21 | 2.17 | 2.38 | (.17 | ) | (.37 | ) | (.54 | ) | 13.49 | 20.54 | 2 | .97 | .97 | 1.63 | ||||||||||||||||||||||||||||||||||||
Class 2: | ||||||||||||||||||||||||||||||||||||||||||||||||||||
12/31/2023 | 12.49 | .30 | 1.29 | 1.59 | (.20 | ) | (1.57 | ) | (1.77 | ) | 12.31 | 13.83 | 160 | .78 | .77 | 2.42 | ||||||||||||||||||||||||||||||||||||
12/31/2022 | 14.70 | .22 | (2.36 | ) | (2.14 | ) | — | (.07 | ) | (.07 | ) | 12.49 | (14.56 | ) | 158 | .84 | .83 | 1.73 | ||||||||||||||||||||||||||||||||||
12/31/2021 | 14.16 | .15 | 1.36 | 1.51 | (.15 | ) | (.82 | ) | (.97 | ) | 14.70 | 10.79 | 208 | .98 | .98 | 1.01 | ||||||||||||||||||||||||||||||||||||
12/31/2020 | 13.48 | .14 | 1.23 | 1.37 | (.15 | ) | (.54 | ) | (.69 | ) | 14.16 | 10.30 | 208 | .97 | .97 | 1.03 | ||||||||||||||||||||||||||||||||||||
12/31/2019 | 11.65 | .21 | 2.16 | 2.37 | (.17 | ) | (.37 | ) | (.54 | ) | 13.48 | 20.44 | 207 | .97 | .97 | 1.64 | ||||||||||||||||||||||||||||||||||||
Class 4: | ||||||||||||||||||||||||||||||||||||||||||||||||||||
12/31/2023 | 12.32 | .26 | 1.27 | 1.53 | (.18 | ) | (1.57 | ) | (1.75 | ) | 12.10 | 13.45 | 128 | 1.03 | 1.02 | 2.17 | ||||||||||||||||||||||||||||||||||||
12/31/2022 | 14.53 | .19 | (2.33 | ) | (2.14 | ) | — | (.07 | ) | (.07 | ) | 12.32 | (14.73 | ) | 111 | 1.09 | 1.08 | 1.49 | ||||||||||||||||||||||||||||||||||
12/31/2021 | 14.02 | .11 | 1.34 | 1.45 | (.12 | ) | (.82 | ) | (.94 | ) | 14.53 | 10.46 | 135 | 1.23 | 1.23 | .77 | ||||||||||||||||||||||||||||||||||||
12/31/2020 | 13.36 | .10 | 1.22 | 1.32 | (.12 | ) | (.54 | ) | (.66 | ) | 14.02 | 10.00 | 105 | 1.22 | 1.22 | .78 | ||||||||||||||||||||||||||||||||||||
12/31/2019 | 11.55 | .18 | 2.14 | 2.32 | (.14 | ) | (.37 | ) | (.51 | ) | 13.36 | 20.21 | 94 | 1.22 | 1.22 | 1.37 |
Refer to the end of the tables for footnotes.
378 | American Funds Insurance Series |
Financial highlights (continued)
Income (loss) from investment operations1 | Dividends and distributions | |||||||||||||||||||||||||||||||||||||||||||||||||||
Year ended | Net asset value, beginning of year | Net investment income | Net gains (losses) on securities (both realized and unrealized) | Total from investment operations | Dividends (from net investment income) | Distributions (from capital gains) | Total dividends and distributions | Net asset value, end of year | Total return2 | Net assets, end of year (in millions) | Ratio of expenses to average net assets before waivers3 | Ratio of expenses to average net assets after waivers2,3 | Ratio of net income to average net assets2 | |||||||||||||||||||||||||||||||||||||||
The Bond Fund of America | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Class 1: | ||||||||||||||||||||||||||||||||||||||||||||||||||||
12/31/2023 | $ | 9.41 | $ | .39 | $ | .09 | $ | .48 | $ | (.35 | ) | $ | — | $ | (.35 | ) | $ | 9.54 | 5.21 | % | $ | 6,908 | .39 | % | .20 | % | 4.15 | % | ||||||||||||||||||||||||
12/31/2022 | 11.21 | .31 | (1.67 | ) | (1.36 | ) | (.32 | ) | (.12 | ) | (.44 | ) | 9.41 | (12.26 | ) | 6,370 | .39 | .20 | 3.09 | |||||||||||||||||||||||||||||||||
12/31/2021 | 11.89 | .21 | (.23 | ) | (.02 | ) | (.19 | ) | (.47 | ) | (.66 | ) | 11.21 | (.14 | ) | 8,555 | .39 | .26 | 1.84 | |||||||||||||||||||||||||||||||||
12/31/2020 | 11.17 | .23 | .87 | 1.10 | (.27 | ) | (.11 | ) | (.38 | ) | 11.89 | 9.96 | 6,844 | .40 | .40 | 2.00 | ||||||||||||||||||||||||||||||||||||
12/31/2019 | 10.47 | .30 | .71 | 1.01 | (.31 | ) | — | (.31 | ) | 11.17 | 9.70 | 6,481 | .39 | .39 | 2.76 | |||||||||||||||||||||||||||||||||||||
Class 1A: | ||||||||||||||||||||||||||||||||||||||||||||||||||||
12/31/2023 | 9.35 | .37 | .08 | .45 | (.33 | ) | — | (.33 | ) | 9.47 | 4.89 | 258 | .64 | .45 | 3.90 | |||||||||||||||||||||||||||||||||||||
12/31/2022 | 11.16 | .31 | (1.69 | ) | (1.38 | ) | (.31 | ) | (.12 | ) | (.43 | ) | 9.35 | (12.49 | ) | 220 | .64 | .45 | 3.15 | |||||||||||||||||||||||||||||||||
12/31/2021 | 11.84 | .18 | (.23 | ) | (.05 | ) | (.16 | ) | (.47 | ) | (.63 | ) | 11.16 | (.36 | ) | 12 | .64 | .51 | 1.59 | |||||||||||||||||||||||||||||||||
12/31/2020 | 11.13 | .20 | .87 | 1.07 | (.25 | ) | (.11 | ) | (.36 | ) | 11.84 | 9.68 | 9 | .65 | .65 | 1.74 | ||||||||||||||||||||||||||||||||||||
12/31/2019 | 10.45 | .27 | .71 | .98 | (.30 | ) | — | (.30 | ) | 11.13 | 9.36 | 7 | .64 | .64 | 2.48 | |||||||||||||||||||||||||||||||||||||
Class 2: | ||||||||||||||||||||||||||||||||||||||||||||||||||||
12/31/2023 | 9.27 | .36 | .10 | .46 | (.33 | ) | — | (.33 | ) | 9.40 | 5.02 | 2,879 | .64 | .45 | 3.89 | |||||||||||||||||||||||||||||||||||||
12/31/2022 | 11.06 | .28 | (1.66 | ) | (1.38 | ) | (.29 | ) | (.12 | ) | (.41 | ) | 9.27 | (12.58 | ) | 2,844 | .64 | .45 | 2.84 | |||||||||||||||||||||||||||||||||
12/31/2021 | 11.73 | .18 | (.22 | ) | (.04 | ) | (.16 | ) | (.47 | ) | (.63 | ) | 11.06 | (.31 | ) | 3,729 | .64 | .52 | 1.57 | |||||||||||||||||||||||||||||||||
12/31/2020 | 11.02 | .20 | .86 | 1.06 | (.24 | ) | (.11 | ) | (.35 | ) | 11.73 | 9.73 | 3,840 | .65 | .65 | 1.75 | ||||||||||||||||||||||||||||||||||||
12/31/2019 | 10.34 | .27 | .70 | .97 | (.29 | ) | — | (.29 | ) | 11.02 | 9.36 | 3,561 | .64 | .64 | 2.51 | |||||||||||||||||||||||||||||||||||||
Class 4: | ||||||||||||||||||||||||||||||||||||||||||||||||||||
12/31/2023 | 9.23 | .34 | .09 | .43 | (.31 | ) | — | (.31 | ) | 9.35 | 4.72 | 963 | .89 | .70 | 3.66 | |||||||||||||||||||||||||||||||||||||
12/31/2022 | 11.01 | .26 | (1.65 | ) | (1.39 | ) | (.27 | ) | (.12 | ) | (.39 | ) | 9.23 | (12.75 | ) | 787 | .89 | .70 | 2.61 | |||||||||||||||||||||||||||||||||
12/31/2021 | 11.69 | .15 | (.22 | ) | (.07 | ) | (.14 | ) | (.47 | ) | (.61 | ) | 11.01 | (.59 | ) | 891 | .89 | .76 | 1.34 | |||||||||||||||||||||||||||||||||
12/31/2020 | 11.00 | .17 | .85 | 1.02 | (.22 | ) | (.11 | ) | (.33 | ) | 11.69 | 9.38 | 714 | .90 | .90 | 1.48 | ||||||||||||||||||||||||||||||||||||
12/31/2019 | 10.33 | .24 | .70 | .94 | (.27 | ) | — | (.27 | ) | 11.00 | 9.08 | 502 | .89 | .89 | 2.25 |
Refer to the end of the tables for footnotes.
American Funds Insurance Series | 379 |
Financial highlights (continued)
Income (loss) from investment operations1 | Dividends and distributions | |||||||||||||||||||||||||||||||||||||||||||||||||||
Year ended | Net asset value, beginning of year | Net investment income | Net gains (losses) on securities (both realized and unrealized) | Total from investment operations | Dividends (from net investment income) | Distributions (from capital gains) | Total dividends and distributions | Net asset value, end of year | Total return2 | Net assets, end of year (in millions) | Ratio of expenses to average net assets before waivers3 | Ratio of expenses to average net assets after waivers2,3 | Ratio of net income to average net assets2 | |||||||||||||||||||||||||||||||||||||||
Capital World Bond Fund | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Class 1: | ||||||||||||||||||||||||||||||||||||||||||||||||||||
12/31/2023 | $ | 9.55 | $ | .32 | $ | .29 | $ | .61 | $ | — | $ | — | $ | — | $ | 10.16 | 6.39 | % | $ | 665 | .48 | % | .48 | % | 3.33 | % | ||||||||||||||||||||||||||
12/31/2022 | 11.79 | .25 | (2.30 | ) | (2.05 | ) | (.03 | ) | (.16 | ) | (.19 | ) | 9.55 | (17.43 | ) | 663 | .51 | .48 | 2.43 | |||||||||||||||||||||||||||||||||
12/31/2021 | 12.94 | .25 | (.85 | ) | (.60 | ) | (.24 | ) | (.31 | ) | (.55 | ) | 11.79 | (4.73 | ) | 988 | .60 | .50 | 2.06 | |||||||||||||||||||||||||||||||||
12/31/2020 | 12.12 | .26 | .95 | 1.21 | (.18 | ) | (.21 | ) | (.39 | ) | 12.94 | 10.17 | 1,219 | .59 | .52 | 2.08 | ||||||||||||||||||||||||||||||||||||
12/31/2019 | 11.42 | .31 | .61 | .92 | (.22 | ) | — | (.22 | ) | 12.12 | 8.08 | 1,077 | .58 | .58 | 2.60 | |||||||||||||||||||||||||||||||||||||
Class 1A: | ||||||||||||||||||||||||||||||||||||||||||||||||||||
12/31/2023 | 9.50 | .30 | .28 | .58 | — | — | — | 10.08 | 6.11 | 1 | .73 | .73 | 3.08 | |||||||||||||||||||||||||||||||||||||||
12/31/2022 | 11.76 | .22 | (2.30 | ) | (2.08 | ) | (.02 | ) | (.16 | ) | (.18 | ) | 9.50 | (17.69 | ) | 1 | .76 | .73 | 2.19 | |||||||||||||||||||||||||||||||||
12/31/2021 | 12.91 | .23 | (.85 | ) | (.62 | ) | (.22 | ) | (.31 | ) | (.53 | ) | 11.76 | (4.88 | ) | 1 | .85 | .75 | 1.85 | |||||||||||||||||||||||||||||||||
12/31/2020 | 12.10 | .23 | .95 | 1.18 | (.16 | ) | (.21 | ) | (.37 | ) | 12.91 | 9.89 | 1 | .83 | .76 | 1.83 | ||||||||||||||||||||||||||||||||||||
12/31/2019 | 11.41 | .28 | .60 | .88 | (.19 | ) | — | (.19 | ) | 12.10 | 7.75 | 1 | .83 | .83 | 2.35 | |||||||||||||||||||||||||||||||||||||
Class 2: | ||||||||||||||||||||||||||||||||||||||||||||||||||||
12/31/2023 | 9.45 | .29 | .29 | .58 | — | — | — | 10.03 | 6.14 | 817 | .73 | .73 | 3.08 | |||||||||||||||||||||||||||||||||||||||
12/31/2022 | 11.70 | .22 | (2.29 | ) | (2.07 | ) | (.02 | ) | (.16 | ) | (.18 | ) | 9.45 | (17.70 | ) | 765 | .76 | .73 | 2.18 | |||||||||||||||||||||||||||||||||
12/31/2021 | 12.84 | .22 | (.84 | ) | (.62 | ) | (.21 | ) | (.31 | ) | (.52 | ) | 11.70 | (4.92 | ) | 1,030 | .85 | .75 | 1.82 | |||||||||||||||||||||||||||||||||
12/31/2020 | 12.03 | .22 | .95 | 1.17 | (.15 | ) | (.21 | ) | (.36 | ) | 12.84 | 9.90 | 1,058 | .84 | .77 | 1.83 | ||||||||||||||||||||||||||||||||||||
12/31/2019 | 11.34 | .28 | .60 | .88 | (.19 | ) | — | (.19 | ) | 12.03 | 7.77 | 1,002 | .83 | .83 | 2.35 | |||||||||||||||||||||||||||||||||||||
Class 4: | ||||||||||||||||||||||||||||||||||||||||||||||||||||
12/31/2023 | 9.33 | .27 | .28 | .55 | — | — | — | 9.88 | 5.89 | 57 | .98 | .98 | 2.84 | |||||||||||||||||||||||||||||||||||||||
12/31/2022 | 11.57 | .19 | (2.25 | ) | (2.06 | ) | (.02 | ) | (.16 | ) | (.18 | ) | 9.33 | (17.84 | ) | 53 | 1.01 | .98 | 1.94 | |||||||||||||||||||||||||||||||||
12/31/2021 | 12.71 | .19 | (.84 | ) | (.65 | ) | (.18 | ) | (.31 | ) | (.49 | ) | 11.57 | (5.18 | ) | 66 | 1.10 | 1.00 | 1.57 | |||||||||||||||||||||||||||||||||
12/31/2020 | 11.92 | .19 | .94 | 1.13 | (.13 | ) | (.21 | ) | (.34 | ) | 12.71 | 9.62 | 61 | 1.09 | 1.02 | 1.58 | ||||||||||||||||||||||||||||||||||||
12/31/2019 | 11.24 | .24 | .60 | .84 | (.16 | ) | — | (.16 | ) | 11.92 | 7.54 | 49 | 1.08 | 1.08 | 2.09 |
Refer to the end of the tables for footnotes.
380 | American Funds Insurance Series |
Financial highlights (continued)
Income (loss) from investment operations1 | Dividends and distributions | |||||||||||||||||||||||||||||||||||||||||||||||||||
Year ended | Net asset value, beginning of year | Net investment income | Net gains (losses) on securities (both realized and unrealized) | Total from investment operations | Dividends (from net investment income) | Distributions (from capital gains) | Total dividends and distributions | Net asset value, end of year | Total return2 | Net assets, end of year (in millions) | Ratio of expenses to average net assets before waivers3 | Ratio of expenses to average net assets after waivers2,3 | Ratio of net income to average net assets2 | |||||||||||||||||||||||||||||||||||||||
American High-Income Trust | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Class 1: | ||||||||||||||||||||||||||||||||||||||||||||||||||||
12/31/2023 | $ | 8.53 | $ | .63 | $ | .43 | $ | 1.06 | $ | (.65 | ) | $ | — | $ | (.65 | ) | $ | 8.94 | 12.69 | % | $ | 223 | .45 | % | .31 | % | 7.10 | % | ||||||||||||||||||||||||
12/31/2022 | 10.19 | .56 | (1.47 | ) | (.91 | ) | (.75 | ) | — | (.75 | ) | 8.53 | (9.01 | ) | 224 | .47 | .32 | 5.95 | ||||||||||||||||||||||||||||||||||
12/31/2021 | 9.80 | .51 | .34 | .85 | (.46 | ) | — | (.46 | ) | 10.19 | 8.74 | 278 | .53 | .37 | 4.95 | |||||||||||||||||||||||||||||||||||||
12/31/2020 | 9.87 | .61 | .17 | .78 | (.85 | ) | — | (.85 | ) | 9.80 | 8.21 | 123 | .52 | .52 | 6.46 | |||||||||||||||||||||||||||||||||||||
12/31/2019 | 9.34 | .67 | .52 | 1.19 | (.66 | ) | — | (.66 | ) | 9.87 | 12.85 | 525 | .51 | .51 | 6.71 | |||||||||||||||||||||||||||||||||||||
Class 1A: | ||||||||||||||||||||||||||||||||||||||||||||||||||||
12/31/2023 | 8.51 | .61 | .41 | 1.02 | (.63 | ) | — | (.63 | ) | 8.90 | 12.40 | 3 | .70 | .56 | 6.90 | |||||||||||||||||||||||||||||||||||||
12/31/2022 | 10.16 | .53 | (1.46 | ) | (.93 | ) | (.72 | ) | — | (.72 | ) | 8.51 | (9.29 | ) | 1 | .72 | .57 | 5.70 | ||||||||||||||||||||||||||||||||||
12/31/2021 | 9.78 | .49 | .33 | .82 | (.44 | ) | — | (.44 | ) | 10.16 | 8.42 | 1 | .78 | .64 | 4.75 | |||||||||||||||||||||||||||||||||||||
12/31/2020 | 9.86 | .56 | .20 | .76 | (.84 | ) | — | (.84 | ) | 9.78 | 7.94 | 1 | .78 | .78 | 5.85 | |||||||||||||||||||||||||||||||||||||
12/31/2019 | 9.33 | .65 | .51 | 1.16 | (.63 | ) | — | (.63 | ) | 9.86 | 12.61 | 1 | .75 | .75 | 6.47 | |||||||||||||||||||||||||||||||||||||
Class 2: | ||||||||||||||||||||||||||||||||||||||||||||||||||||
12/31/2023 | 8.35 | .59 | .41 | 1.00 | (.62 | ) | — | (.62 | ) | 8.73 | 12.45 | 533 | .70 | .56 | 6.85 | |||||||||||||||||||||||||||||||||||||
12/31/2022 | 9.98 | .52 | (1.43 | ) | (.91 | ) | (.72 | ) | — | (.72 | ) | 8.35 | (9.26 | ) | 521 | .72 | .57 | 5.68 | ||||||||||||||||||||||||||||||||||
12/31/2021 | 9.61 | .48 | .33 | .81 | (.44 | ) | — | (.44 | ) | 9.98 | 8.42 | 673 | .78 | .65 | 4.80 | |||||||||||||||||||||||||||||||||||||
12/31/2020 | 9.70 | .55 | .19 | .74 | (.83 | ) | — | (.83 | ) | 9.61 | 7.94 | 665 | .78 | .78 | 5.88 | |||||||||||||||||||||||||||||||||||||
12/31/2019 | 9.19 | .64 | .50 | 1.14 | (.63 | ) | — | (.63 | ) | 9.70 | 12.55 | 667 | .76 | .76 | 6.45 | |||||||||||||||||||||||||||||||||||||
Class 3: | ||||||||||||||||||||||||||||||||||||||||||||||||||||
12/31/2023 | 8.58 | .61 | .43 | 1.04 | (.63 | ) | — | (.63 | ) | 8.99 | 12.54 | 8 | .63 | .49 | 6.91 | |||||||||||||||||||||||||||||||||||||
12/31/2022 | 10.24 | .54 | (1.47 | ) | (.93 | ) | (.73 | ) | — | (.73 | ) | 8.58 | (9.25 | ) | 9 | .65 | .50 | 5.76 | ||||||||||||||||||||||||||||||||||
12/31/2021 | 9.84 | .50 | .34 | .84 | (.44 | ) | — | (.44 | ) | 10.24 | 8.60 | 10 | .71 | .58 | 4.86 | |||||||||||||||||||||||||||||||||||||
12/31/2020 | 9.92 | .57 | .19 | .76 | (.84 | ) | — | (.84 | ) | 9.84 | 7.93 | 10 | .71 | .71 | 5.94 | |||||||||||||||||||||||||||||||||||||
12/31/2019 | 9.38 | .66 | .52 | 1.18 | (.64 | ) | — | (.64 | ) | 9.92 | 12.70 | 10 | .69 | .69 | 6.52 | |||||||||||||||||||||||||||||||||||||
Class 4: | ||||||||||||||||||||||||||||||||||||||||||||||||||||
12/31/2023 | 9.26 | .63 | .46 | 1.09 | (.60 | ) | — | (.60 | ) | 9.75 | 12.18 | 107 | .95 | .81 | 6.62 | |||||||||||||||||||||||||||||||||||||
12/31/2022 | 10.99 | .55 | (1.58 | ) | (1.03 | ) | (.70 | ) | — | (.70 | ) | 9.26 | (9.53 | ) | 77 | .97 | .82 | 5.44 | ||||||||||||||||||||||||||||||||||
12/31/2021 | 10.54 | .50 | .36 | .86 | (.41 | ) | — | (.41 | ) | 10.99 | 8.18 | 90 | 1.03 | .89 | 4.52 | |||||||||||||||||||||||||||||||||||||
12/31/2020 | 10.56 | .57 | .22 | .79 | (.81 | ) | — | (.81 | ) | 10.54 | 7.74 | 69 | 1.03 | 1.03 | 5.58 | |||||||||||||||||||||||||||||||||||||
12/31/2019 | 9.96 | .67 | .54 | 1.21 | (.61 | ) | — | (.61 | ) | 10.56 | 12.27 | 63 | 1.01 | 1.01 | 6.21 |
Refer to the end of the tables for footnotes.
American Funds Insurance Series | 381 |
Financial highlights (continued)
Income (loss) from investment operations1 | Dividends and distributions | |||||||||||||||||||||||||||||||||||||||||||||||||||
Year ended | Net asset value, beginning of year | Net investment income | Net (losses) gains on securities (both realized and unrealized) | Total from investment operations | Dividends (from net investment income) | Distributions (from capital gains) | Total dividends and distributions | Net asset value, end of year | Total return2 | Net assets, end of year (in millions) | Ratio of expenses to average net assets before waivers | Ratio of expenses to average net assets after waivers2 | Ratio of net income to average net assets2 | |||||||||||||||||||||||||||||||||||||||
American Funds Mortgage Fund | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Class 1: | ||||||||||||||||||||||||||||||||||||||||||||||||||||
12/31/2023 | $ | 9.45 | $ | .45 | $ | (.08 | ) | $ | .37 | $ | (.38 | ) | $ | — | $ | (.38 | ) | $ | 9.44 | 4.03 | % | $ | 17 | .41 | % | .29 | % | 4.76 | % | |||||||||||||||||||||||
12/31/2022 | 10.63 | .07 | (1.10 | ) | (1.03 | ) | (.15 | ) | — | (.15 | ) | 9.45 | (9.76 | ) | 1 | .45 | .25 | .70 | ||||||||||||||||||||||||||||||||||
12/31/2021 | 11.11 | .06 | (.09 | ) | (.03 | ) | (.08 | ) | (.37 | ) | (.45 | ) | 10.63 | (.32 | ) | 231 | .49 | .29 | .58 | |||||||||||||||||||||||||||||||||
12/31/2020 | 10.56 | .10 | .64 | .74 | (.17 | ) | (.02 | ) | (.19 | ) | 11.11 | 6.98 | 224 | .48 | .36 | .93 | ||||||||||||||||||||||||||||||||||||
12/31/2019 | 10.30 | .24 | .30 | .54 | (.28 | ) | — | (.28 | ) | 10.56 | 5.30 | 210 | .47 | .47 | 2.26 | |||||||||||||||||||||||||||||||||||||
Class 1A: | ||||||||||||||||||||||||||||||||||||||||||||||||||||
12/31/2023 | 9.34 | .41 | (.07 | ) | .34 | (.36 | ) | — | (.36 | ) | 9.32 | 3.72 | 2 | .65 | .53 | 4.38 | ||||||||||||||||||||||||||||||||||||
12/31/2022 | 10.59 | .19 | (1.24 | ) | (1.05 | ) | (.20 | ) | — | (.20 | ) | 9.34 | (10.03 | ) | 2 | .69 | .54 | 1.91 | ||||||||||||||||||||||||||||||||||
12/31/2021 | 11.08 | .04 | (.10 | ) | (.06 | ) | (.06 | ) | (.37 | ) | (.43 | ) | 10.59 | (.47 | ) | 2 | .74 | .54 | .33 | |||||||||||||||||||||||||||||||||
12/31/2020 | 10.55 | .07 | .63 | .70 | (.15 | ) | (.02 | ) | (.17 | ) | 11.08 | 6.63 | 1 | .73 | .59 | .61 | ||||||||||||||||||||||||||||||||||||
12/31/2019 | 10.28 | .22 | .30 | .52 | (.25 | ) | — | (.25 | ) | 10.55 | 5.09 | 1 | .71 | .71 | 2.04 | |||||||||||||||||||||||||||||||||||||
Class 2: | ||||||||||||||||||||||||||||||||||||||||||||||||||||
12/31/2023 | 9.36 | .41 | (.07 | ) | .34 | (.36 | ) | — | (.36 | ) | 9.34 | 3.68 | 44 | .64 | .52 | 4.35 | ||||||||||||||||||||||||||||||||||||
12/31/2022 | 10.61 | .18 | (1.23 | ) | (1.05 | ) | (.20 | ) | — | (.20 | ) | 9.36 | (9.94 | ) | 46 | .69 | .54 | 1.87 | ||||||||||||||||||||||||||||||||||
12/31/2021 | 11.09 | .04 | (.10 | ) | (.06 | ) | (.05 | ) | (.37 | ) | (.42 | ) | 10.61 | (.57 | ) | 58 | .74 | .54 | .33 | |||||||||||||||||||||||||||||||||
12/31/2020 | 10.54 | .08 | .63 | .71 | (.14 | ) | (.02 | ) | (.16 | ) | 11.09 | 6.72 | 58 | .73 | .60 | .68 | ||||||||||||||||||||||||||||||||||||
12/31/2019 | 10.28 | .21 | .31 | .52 | (.26 | ) | — | (.26 | ) | 10.54 | 5.04 | 56 | .72 | .72 | 2.01 | |||||||||||||||||||||||||||||||||||||
Class 4: | ||||||||||||||||||||||||||||||||||||||||||||||||||||
12/31/2023 | 9.25 | .38 | (.06 | ) | .32 | (.34 | ) | — | (.34 | ) | 9.23 | 3.51 | 45 | .90 | .78 | 4.12 | ||||||||||||||||||||||||||||||||||||
12/31/2022 | 10.49 | .16 | (1.22 | ) | (1.06 | ) | (.18 | ) | — | (.18 | ) | 9.25 | (10.16 | ) | 40 | .94 | .79 | 1.66 | ||||||||||||||||||||||||||||||||||
12/31/2021 | 10.97 | .01 | (.09 | ) | (.08 | ) | (.03 | ) | (.37 | ) | (.40 | ) | 10.49 | (.78 | ) | 43 | .99 | .79 | .08 | |||||||||||||||||||||||||||||||||
12/31/2020 | 10.44 | .04 | .63 | .67 | (.12 | ) | (.02 | ) | (.14 | ) | 10.97 | 6.38 | 37 | .98 | .85 | .41 | ||||||||||||||||||||||||||||||||||||
12/31/2019 | 10.19 | .18 | .31 | .49 | (.24 | ) | — | (.24 | ) | 10.44 | 4.80 | 28 | .97 | .97 | 1.71 |
Refer to the end of the tables for footnotes.
382 | American Funds Insurance Series |
Financial highlights (continued)
Income (loss) from investment operations1 | Dividends and distributions | |||||||||||||||||||||||||||||||||||||||||||||||
Year ended | Net asset value, beginning of year | Net investment income (loss) | Net gains (losses) on securities (both realized and unrealized) | Total from investment operations | Dividends (from net investment income) | Distributions (from capital gains) | Total dividends and distributions | Net asset value, end of year | Total return | Net assets, end of year (in millions) | Ratio of expenses to average net assets | Ratio of net income (loss) to average net assets | ||||||||||||||||||||||||||||||||||||
Ultra-Short Bond Fund | ||||||||||||||||||||||||||||||||||||||||||||||||
Class 1: | ||||||||||||||||||||||||||||||||||||||||||||||||
12/31/2023 | $ | 11.35 | $ | .55 | $ | .01 | $ | .56 | $ | (.56 | ) | $ | — | $ | (.56 | ) | $ | 11.35 | 4.94 | % | $ | 40 | .30 | % | 4.81 | % | ||||||||||||||||||||||
12/31/2022 | 11.27 | .17 | (.01 | ) | .16 | (.08 | ) | — | (.08 | ) | 11.35 | 1.42 | 51 | .32 | 1.48 | |||||||||||||||||||||||||||||||||
12/31/2021 | 11.31 | (.03 | ) | (.01 | ) | (.04 | ) | — | — | — | 11.27 | (.35 | ) | 37 | .37 | (.28 | ) | |||||||||||||||||||||||||||||||
12/31/2020 | 11.30 | .02 | .02 | .04 | (.03 | ) | — | (.03 | ) | 11.31 | .34 | 44 | .37 | .16 | ||||||||||||||||||||||||||||||||||
12/31/2019 | 11.31 | .22 | — | 4 | .22 | (.23 | ) | — | (.23 | ) | 11.30 | 1.92 | 30 | .36 | 1.92 | |||||||||||||||||||||||||||||||||
Class 1A: | ||||||||||||||||||||||||||||||||||||||||||||||||
12/31/2023 | 11.35 | .54 | — | .54 | (.54 | ) | — | (.54 | ) | 11.35 | 4.79 | — | 6 | .53 | 4.69 | |||||||||||||||||||||||||||||||||
12/31/2022 | 11.28 | .16 | (.01 | ) | .15 | (.08 | ) | — | (.08 | ) | 11.35 | 1.32 | — | 6 | .31 | 1.40 | ||||||||||||||||||||||||||||||||
12/31/2021 | 11.31 | (.03 | ) | — | 4 | (.03 | ) | — | — | — | 11.28 | (.27 | ) | — | 6 | .36 | (.28 | ) | ||||||||||||||||||||||||||||||
12/31/2020 | 11.30 | .03 | .01 | .04 | (.03 | ) | — | (.03 | ) | 11.31 | .32 | — | 6 | .35 | .26 | |||||||||||||||||||||||||||||||||
12/31/2019 | 11.31 | .22 | — | 4 | .22 | (.23 | ) | — | (.23 | ) | 11.30 | 1.92 | — | 6 | .37 | 1.90 | ||||||||||||||||||||||||||||||||
Class 2: | ||||||||||||||||||||||||||||||||||||||||||||||||
12/31/2023 | 11.00 | .51 | — | 4 | .51 | (.53 | ) | — | (.53 | ) | 10.98 | 4.64 | 273 | .55 | 4.56 | |||||||||||||||||||||||||||||||||
12/31/2022 | 10.93 | .13 | — | 4 | .13 | (.06 | ) | — | (.06 | ) | 11.00 | 1.17 | 297 | .57 | 1.23 | |||||||||||||||||||||||||||||||||
12/31/2021 | 10.99 | (.06 | ) | — | 4 | (.06 | ) | — | — | — | 10.93 | (.55 | ) | 245 | .62 | (.53 | ) | |||||||||||||||||||||||||||||||
12/31/2020 | 11.01 | — | 4 | — | 4 | — | 4 | (.02 | ) | — | (.02 | ) | 10.99 | .03 | 288 | .62 | (.05 | ) | ||||||||||||||||||||||||||||||
12/31/2019 | 11.03 | .18 | — | 4 | .18 | (.20 | ) | — | (.20 | ) | 11.01 | 1.62 | 230 | .61 | 1.66 | |||||||||||||||||||||||||||||||||
Class 3: | ||||||||||||||||||||||||||||||||||||||||||||||||
12/31/2023 | 11.14 | .52 | .01 | .53 | (.54 | ) | — | (.54 | ) | 11.13 | 4.75 | 4 | .48 | 4.64 | ||||||||||||||||||||||||||||||||||
12/31/2022 | 11.07 | .13 | — | 4 | .13 | (.06 | ) | — | (.06 | ) | 11.14 | 1.19 | 4 | .50 | 1.19 | |||||||||||||||||||||||||||||||||
12/31/2021 | 11.12 | (.05 | ) | — | 4 | (.05 | ) | — | — | — | 11.07 | (.45 | ) | 5 | .55 | (.46 | ) | |||||||||||||||||||||||||||||||
12/31/2020 | 11.13 | — | 4 | .02 | .02 | (.03 | ) | — | (.03 | ) | 11.12 | .13 | 4 | .55 | .03 | |||||||||||||||||||||||||||||||||
12/31/2019 | 11.14 | .20 | — | 4 | .20 | (.21 | ) | — | (.21 | ) | 11.13 | 1.76 | 3 | .54 | 1.74 | |||||||||||||||||||||||||||||||||
Class 4: | ||||||||||||||||||||||||||||||||||||||||||||||||
12/31/2023 | 11.05 | .48 | .01 | .49 | (.49 | ) | — | (.49 | ) | 11.05 | 4.44 | 56 | .80 | 4.28 | ||||||||||||||||||||||||||||||||||
12/31/2022 | 11.00 | .12 | (.03 | ) | .09 | (.04 | ) | — | (.04 | ) | 11.05 | .83 | 80 | .82 | 1.05 | |||||||||||||||||||||||||||||||||
12/31/2021 | 11.08 | (.09 | ) | .01 | (.08 | ) | — | — | — | 11.00 | (.72 | ) | 46 | .87 | (.79 | ) | ||||||||||||||||||||||||||||||||
12/31/2020 | 11.13 | (.04 | ) | .01 | (.03 | ) | (.02 | ) | — | (.02 | ) | 11.08 | (.25 | ) | 40 | .87 | (.35 | ) | ||||||||||||||||||||||||||||||
12/31/2019 | 11.15 | .16 | — | 4 | .16 | (.18 | ) | — | (.18 | ) | 11.13 | 1.40 | 22 | .86 | 1.40 |
Refer to the end of the tables for footnotes.
American Funds Insurance Series | 383 |
Financial highlights (continued)
Income (loss) from investment operations1 | Dividends and distributions | |||||||||||||||||||||||||||||||||||||||||||||||||||
Year ended | Net asset value, beginning of year | Net investment income | Net (losses) gains on securities (both realized and unrealized) | Total from investment operations | Dividends (from net investment income) | Distributions (from capital gains) | Total dividends and distributions | Net asset value, end of year | Total return2 | Net assets, end of year (in millions) | Ratio of expenses to average net assets before waivers | Ratio of expenses to average net assets after waivers2 | Ratio of net income to average net assets2 | |||||||||||||||||||||||||||||||||||||||
U.S. Government Securities Fund | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Class 1: | ||||||||||||||||||||||||||||||||||||||||||||||||||||
12/31/2023 | $ | 9.99 | $ | .40 | $ | (.09 | ) | $ | .31 | $ | (.39 | ) | $ | — | $ | (.39 | ) | $ | 9.91 | 3.21 | % | $ | 257 | .33 | % | .21 | % | 4.05 | % | |||||||||||||||||||||||
12/31/2022 | 11.67 | .32 | (1.56 | ) | (1.24 | ) | (.44 | ) | — | (.44 | ) | 9.99 | (10.75 | ) | 242 | .36 | .22 | 2.90 | ||||||||||||||||||||||||||||||||||
12/31/2021 | 13.04 | .18 | (.26 | ) | (.08 | ) | (.18 | ) | (1.11 | ) | (1.29 | ) | 11.67 | (.44 | ) | 522 | .39 | .29 | 1.50 | |||||||||||||||||||||||||||||||||
12/31/2020 | 12.34 | .16 | 1.07 | 1.23 | (.26 | ) | (.27 | ) | (.53 | ) | 13.04 | 10.09 | 429 | .38 | .38 | 1.21 | ||||||||||||||||||||||||||||||||||||
12/31/2019 | 11.94 | .25 | .43 | .68 | (.28 | ) | — | (.28 | ) | 12.34 | 5.69 | 1,418 | .37 | .37 | 2.07 | |||||||||||||||||||||||||||||||||||||
Class 1A: | ||||||||||||||||||||||||||||||||||||||||||||||||||||
12/31/2023 | 9.96 | .38 | (.10 | ) | .28 | (.37 | ) | — | (.37 | ) | 9.87 | 2.88 | 5 | .58 | .46 | 3.83 | ||||||||||||||||||||||||||||||||||||
12/31/2022 | 11.63 | .29 | (1.55 | ) | (1.26 | ) | (.41 | ) | — | (.41 | ) | 9.96 | (10.93 | ) | 4 | .60 | .47 | 2.70 | ||||||||||||||||||||||||||||||||||
12/31/2021 | 13.00 | .16 | (.26 | ) | (.10 | ) | (.16 | ) | (1.11 | ) | (1.27 | ) | 11.63 | (.65 | ) | 5 | .64 | .53 | 1.28 | |||||||||||||||||||||||||||||||||
12/31/2020 | 12.32 | .09 | 1.10 | 1.19 | (.24 | ) | (.27 | ) | (.51 | ) | 13.00 | 9.75 | 4 | .64 | .64 | .69 | ||||||||||||||||||||||||||||||||||||
12/31/2019 | 11.93 | .22 | .43 | .65 | (.26 | ) | — | (.26 | ) | 12.32 | 5.42 | 2 | .62 | .62 | 1.82 | |||||||||||||||||||||||||||||||||||||
Class 2: | ||||||||||||||||||||||||||||||||||||||||||||||||||||
12/31/2023 | 9.87 | .37 | (.09 | ) | .28 | (.37 | ) | — | (.37 | ) | 9.78 | 2.89 | 1,073 | .58 | .46 | 3.80 | ||||||||||||||||||||||||||||||||||||
12/31/2022 | 11.53 | .29 | (1.54 | ) | (1.25 | ) | (.41 | ) | — | (.41 | ) | 9.87 | (10.95 | ) | 1,059 | .61 | .47 | 2.69 | ||||||||||||||||||||||||||||||||||
12/31/2021 | 12.89 | .15 | (.25 | ) | (.10 | ) | (.15 | ) | (1.11 | ) | (1.26 | ) | 11.53 | (.62 | ) | 1,391 | .64 | .54 | 1.24 | |||||||||||||||||||||||||||||||||
12/31/2020 | 12.21 | .09 | 1.10 | 1.19 | (.24 | ) | (.27 | ) | (.51 | ) | 12.89 | 9.80 | 1,439 | .64 | .64 | .73 | ||||||||||||||||||||||||||||||||||||
12/31/2019 | 11.82 | .22 | .42 | .64 | (.25 | ) | — | (.25 | ) | 12.21 | 5.31 | 1,343 | .62 | .62 | 1.82 | |||||||||||||||||||||||||||||||||||||
Class 3: | ||||||||||||||||||||||||||||||||||||||||||||||||||||
12/31/2023 | 10.02 | .39 | (.10 | ) | .29 | (.37 | ) | — | (.37 | ) | 9.94 | 3.00 | 6 | .51 | .39 | 3.85 | ||||||||||||||||||||||||||||||||||||
12/31/2022 | 11.70 | .30 | (1.57 | ) | (1.27 | ) | (.41 | ) | — | (.41 | ) | 10.02 | (10.90 | ) | 6 | .54 | .40 | 2.76 | ||||||||||||||||||||||||||||||||||
12/31/2021 | 13.07 | .16 | (.26 | ) | (.10 | ) | (.16 | ) | (1.11 | ) | (1.27 | ) | 11.70 | (.62 | ) | 9 | .57 | .47 | 1.31 | |||||||||||||||||||||||||||||||||
12/31/2020 | 12.37 | .10 | 1.12 | 1.22 | (.25 | ) | (.27 | ) | (.52 | ) | 13.07 | 9.91 | 10 | .57 | .57 | .78 | ||||||||||||||||||||||||||||||||||||
12/31/2019 | 11.97 | .23 | .43 | .66 | (.26 | ) | — | (.26 | ) | 12.37 | 5.49 | 9 | .55 | .55 | 1.88 | |||||||||||||||||||||||||||||||||||||
Class 4: | ||||||||||||||||||||||||||||||||||||||||||||||||||||
12/31/2023 | 9.86 | .35 | (.10 | ) | .25 | (.34 | ) | — | (.34 | ) | 9.77 | 2.62 | 183 | .83 | .71 | 3.54 | ||||||||||||||||||||||||||||||||||||
12/31/2022 | 11.52 | .26 | (1.54 | ) | (1.28 | ) | (.38 | ) | — | (.38 | ) | 9.86 | (11.19 | ) | 190 | .85 | .72 | 2.45 | ||||||||||||||||||||||||||||||||||
12/31/2021 | 12.88 | .12 | (.25 | ) | (.13 | ) | (.12 | ) | (1.11 | ) | (1.23 | ) | 11.52 | (.88 | ) | 238 | .89 | .79 | .98 | |||||||||||||||||||||||||||||||||
12/31/2020 | 12.22 | .05 | 1.10 | 1.15 | (.22 | ) | (.27 | ) | (.49 | ) | 12.88 | 9.48 | 272 | .89 | .89 | .42 | ||||||||||||||||||||||||||||||||||||
12/31/2019 | 11.84 | .19 | .42 | .61 | (.23 | ) | — | (.23 | ) | 12.22 | 5.14 | 124 | .87 | .87 | 1.56 |
Refer to the end of the tables for footnotes.
384 | American Funds Insurance Series |
Financial highlights (continued)
Income (loss) from investment operations1 | Dividends and distributions | Ratio of expenses | Ratio of expenses | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Year ended | Net asset value, beginning of year | Net investment income (loss) | Net gains (losses) on securities (both realized and unrealized) | Total from investment operations | Dividends (from net investment income) | Distributions (from capital gains) | Total dividends and distributions | Net asset value, end of year | Total return2 | Net assets, end of year (in millions) | to average net assets before waivers/ reimburse- ments7 | to average net assets after waivers/ reimburse- ments2,7 | Net effective expense ratio2,8,9 | Ratio of net income (loss) to average net assets2 | ||||||||||||||||||||||||||||||||||||||||||
Managed Risk Growth Fund | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class P1: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
12/31/2023 | $ | 11.37 | $ | .08 | $ | 2.28 | $ | 2.36 | $ | (.08 | ) | $ | (2.79 | ) | $ | (2.87 | ) | $ | 10.86 | 23.77 | % | $ | 13 | .42 | % | .37 | % | .72 | % | .77 | % | |||||||||||||||||||||||||
12/31/2022 | 18.53 | .06 | (4.46 | ) | (4.40 | ) | (.22 | ) | (2.54 | ) | (2.76 | ) | 11.37 | (24.62 | ) | 9 | .41 | .36 | .69 | .47 | ||||||||||||||||||||||||||||||||||||
12/31/2021 | 17.25 | .04 | 2.16 | 2.20 | (.18 | ) | (.74 | ) | (.92 | ) | 18.53 | 13.08 | 13 | .41 | .36 | .69 | .19 | |||||||||||||||||||||||||||||||||||||||
12/31/2020 | 13.78 | .07 | 4.20 | 4.27 | (.12 | ) | (.68 | ) | (.80 | ) | 17.25 | 32.45 | 11 | .42 | .37 | .72 | .49 | |||||||||||||||||||||||||||||||||||||||
12/31/2019 | 12.30 | .15 | 2.44 | 2.59 | (.19 | ) | (.92 | ) | (1.11 | ) | 13.78 | 22.01 | 6 | .42 | .37 | .73 | 1.19 | |||||||||||||||||||||||||||||||||||||||
Class P2: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
12/31/2023 | 11.28 | .05 | 2.26 | 2.31 | (.07 | ) | (2.79 | ) | (2.86 | ) | 10.73 | 23.50 | 495 | .67 | .62 | .97 | .43 | |||||||||||||||||||||||||||||||||||||||
12/31/2022 | 18.42 | .03 | (4.45 | ) | (4.42 | ) | (.18 | ) | (2.54 | ) | (2.72 | ) | 11.28 | (24.88 | ) | 445 | .67 | .62 | .95 | .20 | ||||||||||||||||||||||||||||||||||||
12/31/2021 | 17.11 | (.01 | ) | 2.16 | 2.15 | (.10 | ) | (.74 | ) | (.84 | ) | 18.42 | 12.89 | 584 | .67 | .62 | .95 | (.07 | ) | |||||||||||||||||||||||||||||||||||||
12/31/2020 | 13.71 | .03 | 4.16 | 4.19 | (.11 | ) | (.68 | ) | (.79 | ) | 17.11 | 32.03 | 554 | .67 | .62 | .97 | .20 | |||||||||||||||||||||||||||||||||||||||
12/31/2019 | 12.21 | .09 | 2.45 | 2.54 | (.12 | ) | (.92 | ) | (1.04 | ) | 13.71 | 21.74 | 434 | .68 | .63 | .99 | .73 | |||||||||||||||||||||||||||||||||||||||
Managed Risk International Fund | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class P1: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
12/31/2023 | $ | 8.61 | $ | .13 | $ | .41 | $ | .54 | $ | (.15 | ) | $ | (.64 | ) | $ | (.79 | ) | $ | 8.36 | 6.36 | % | $ | 2 | .46 | % | .36 | % | .86 | % | 1.60 | % | |||||||||||||||||||||||||
12/31/2022 | 10.55 | .15 | (1.75 | ) | (1.60 | ) | (.34 | ) | — | (.34 | ) | 8.61 | (15.27 | )10 | 2 | .44 | 10 | .37 | 10 | .87 | 10 | 1.70 | 10 | |||||||||||||||||||||||||||||||||
12/31/2021 | 11.07 | .24 | (.67 | ) | (.43 | ) | (.09 | ) | — | (.09 | ) | 10.55 | (3.92 | )10 | 2 | .44 | 10 | .36 | 10 | .87 | 10 | 2.12 | 10 | |||||||||||||||||||||||||||||||||
12/31/2020 | 11.01 | .08 | .22 | .30 | (.16 | ) | (.08 | ) | (.24 | ) | 11.07 | 3.13 | 10 | 2 | .43 | 10 | .35 | 10 | .86 | 10 | .82 | 10 | ||||||||||||||||||||||||||||||||||
12/31/2019 | 9.82 | .17 | 1.54 | 1.71 | (.20 | ) | (.32 | ) | (.52 | ) | 11.01 | 17.91 | 10 | 1 | .41 | 10 | .33 | 10 | .84 | 10 | 1.64 | 10 | ||||||||||||||||||||||||||||||||||
Class P2: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
12/31/2023 | 8.58 | .10 | .42 | .52 | (.14 | ) | (.64 | ) | (.78 | ) | 8.32 | 6.22 | 122 | .73 | .63 | 1.13 | 1.21 | |||||||||||||||||||||||||||||||||||||||
12/31/2022 | 10.48 | .12 | (1.74 | ) | (1.62 | ) | (.28 | ) | — | (.28 | ) | 8.58 | (15.54 | ) | 124 | .70 | .63 | 1.13 | 1.36 | |||||||||||||||||||||||||||||||||||||
12/31/2021 | 10.99 | .20 | (.65 | ) | (.45 | ) | (.06 | ) | — | (.06 | ) | 10.48 | (4.13 | ) | 160 | .71 | .63 | 1.14 | 1.79 | |||||||||||||||||||||||||||||||||||||
12/31/2020 | 10.92 | .04 | .23 | .27 | (.12 | ) | (.08 | ) | (.20 | ) | 10.99 | 2.80 | 168 | .71 | .63 | 1.14 | .42 | |||||||||||||||||||||||||||||||||||||||
12/31/2019 | 9.76 | .13 | 1.55 | 1.68 | (.20 | ) | (.32 | ) | (.52 | ) | 10.92 | 17.64 | 165 | .71 | .63 | 1.14 | 1.21 | |||||||||||||||||||||||||||||||||||||||
Managed Risk Washington Mutual Investors Fund | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class P1: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
12/31/2023 | $ | 11.24 | $ | .20 | $ | .79 | $ | .99 | $ | (.24 | ) | $ | (1.49 | ) | $ | (1.73 | ) | $ | 10.50 | 10.04 | % | $ | 3 | .42 | % | .37 | % | .76 | % | 1.91 | % | |||||||||||||||||||||||||
12/31/2022 | 12.95 | .23 | (1.38 | ) | (1.15 | ) | (.56 | ) | — | (.56 | ) | 11.24 | (8.92 | )10 | 3 | .41 | 10 | .36 | 10 | .75 | 10 | 1.96 | 10 | |||||||||||||||||||||||||||||||||
12/31/2021 | 11.24 | .16 | 1.79 | 1.95 | (.24 | ) | — | (.24 | ) | 12.95 | 17.46 | 10 | 2 | .41 | 10 | .36 | 10 | .77 | 10 | 1.33 | 10 | |||||||||||||||||||||||||||||||||||
12/31/2020 | 12.01 | .18 | (.35 | ) | (.17 | ) | (.26 | ) | (.34 | ) | (.60 | ) | 11.24 | (.93 | )10 | 2 | .40 | 10 | .35 | 10 | .76 | 10 | 1.66 | 10 | ||||||||||||||||||||||||||||||||
12/31/2019 | 11.28 | .25 | 1.28 | 1.53 | (.20 | ) | (.60 | ) | (.80 | ) | 12.01 | 14.14 | 10 | 1 | .38 | 10 | .33 | 10 | .74 | 10 | 2.14 | 10 | ||||||||||||||||||||||||||||||||||
Class P2: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
12/31/2023 | 11.18 | .18 | .77 | .95 | (.21 | ) | (1.49 | ) | (1.70 | ) | 10.43 | 9.73 | 322 | .68 | .63 | 1.02 | 1.71 | |||||||||||||||||||||||||||||||||||||||
12/31/2022 | 12.88 | .19 | (1.37 | ) | (1.18 | ) | (.52 | ) | — | (.52 | ) | 11.18 | (9.16 | ) | 321 | .67 | .62 | 1.01 | 1.62 | |||||||||||||||||||||||||||||||||||||
12/31/2021 | 11.18 | .11 | 1.79 | 1.90 | (.20 | ) | — | (.20 | ) | 12.88 | 17.11 | 371 | .68 | .62 | 1.03 | .91 | ||||||||||||||||||||||||||||||||||||||||
12/31/2020 | 11.91 | .13 | (.33 | ) | (.20 | ) | (.19 | ) | (.34 | ) | (.53 | ) | 11.18 | (1.25 | ) | 355 | .68 | .63 | 1.04 | 1.18 | ||||||||||||||||||||||||||||||||||||
12/31/2019 | 11.21 | .18 | 1.31 | 1.49 | (.19 | ) | (.60 | ) | (.79 | ) | 11.91 | 13.88 | 365 | .68 | .63 | 1.04 | 1.62 |
Refer to the end of the tables for footnotes.
American Funds Insurance Series | 385 |
Financial highlights (continued)
Income (loss) from investment operations1 | Dividends and distributions | Ratio of expense | Ratio of expenses | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Year ended | Net asset value, beginning of year | Net investment income (loss) | Net gains (losses) on securities (both realized and unrealized) | Total from investment operations | Dividends (from net investment income) | Distributions (from capital gains) | Total dividends and distributions | Net asset value, end of year | Total return2 | Net assets, end of year (in millions) | to average net assets before waivers/ reimburse- ments7 | to average net assets after waivers/ reimburse- ments2,7 | Net effective expense ratio2,8,9 | Ratio of net income (loss) to average net assets2 | ||||||||||||||||||||||||||||||||||||||||||
Managed Risk Growth-Income Fund | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class P1: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
12/31/2023 | $ | 12.51 | $ | .20 | $ | 1.65 | $ | 1.85 | $ | (.21 | ) | $ | (1.62 | ) | $ | (1.83 | ) | $ | 12.53 | 16.17 | % | $ | 1,910 | .41 | % | .36 | % | .66 | % | 1.64 | % | |||||||||||||||||||||||||
12/31/2022 | 15.73 | .18 | (2.79 | ) | (2.61 | ) | (.30 | ) | (.31 | ) | (.61 | ) | 12.51 | (16.74 | ) | 1,833 | .41 | .36 | .65 | 1.33 | ||||||||||||||||||||||||||||||||||||
12/31/2021 | 14.01 | .14 | 1.99 | 2.13 | (.21 | ) | (.20 | ) | (.41 | ) | 15.73 | 15.32 | 2,328 | .41 | .36 | .66 | .96 | |||||||||||||||||||||||||||||||||||||||
12/31/2020 | 13.76 | .17 | 1.08 | 1.25 | (.26 | ) | (.74 | ) | (1.00 | ) | 14.01 | 9.85 | 2,120 | .41 | .36 | .66 | 1.24 | |||||||||||||||||||||||||||||||||||||||
12/31/2019 | 11.73 | .22 | 2.01 | 2.23 | (.10 | ) | (.10 | ) | (.20 | ) | 13.76 | 19.14 | 1,987 | .42 | .37 | .67 | 1.71 | |||||||||||||||||||||||||||||||||||||||
Class P2: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
12/31/2023 | 12.44 | .17 | 1.64 | 1.81 | (.18 | ) | (1.62 | ) | (1.80 | ) | 12.45 | 15.90 | 277 | .66 | .61 | .91 | 1.39 | |||||||||||||||||||||||||||||||||||||||
12/31/2022 | 15.64 | .15 | (2.78 | ) | (2.63 | ) | (.26 | ) | (.31 | ) | (.57 | ) | 12.44 | (16.93 | ) | 268 | .66 | .61 | .90 | 1.10 | ||||||||||||||||||||||||||||||||||||
12/31/2021 | 13.93 | .10 | 1.98 | 2.08 | (.17 | ) | (.20 | ) | (.37 | ) | 15.64 | 15.05 | 340 | .66 | .61 | .91 | .70 | |||||||||||||||||||||||||||||||||||||||
12/31/2020 | 13.69 | .14 | 1.07 | 1.21 | (.23 | ) | (.74 | ) | (.97 | ) | 13.93 | 9.58 | 315 | .66 | .61 | .91 | 1.02 | |||||||||||||||||||||||||||||||||||||||
12/31/2019 | 11.67 | .19 | 2.00 | 2.19 | (.07 | ) | (.10 | ) | (.17 | ) | 13.69 | 18.84 | 283 | .67 | .62 | .92 | 1.47 | |||||||||||||||||||||||||||||||||||||||
Managed Risk Asset Allocation Fund | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class P1: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
12/31/2023 | $ | 12.43 | $ | .31 | $ | .87 | $ | 1.18 | $ | (.26 | ) | $ | (1.45 | ) | $ | (1.71 | ) | $ | 11.90 | 10.51 | % | $ | 10 | .41 | % | .36 | % | .65 | % | 2.61 | % | |||||||||||||||||||||||||
12/31/2022 | 15.33 | .24 | (2.34 | ) | (2.10 | ) | (.32 | ) | (.48 | ) | (.80 | ) | 12.43 | (13.75 | ) | 7 | .41 | .36 | .64 | 1.80 | ||||||||||||||||||||||||||||||||||||
12/31/2021 | 13.84 | .21 | 1.55 | 1.76 | (.27 | ) | — | (.27 | ) | 15.33 | 12.82 | 7 | .41 | .36 | .66 | 1.43 | ||||||||||||||||||||||||||||||||||||||||
12/31/2020 | 13.81 | .25 | .51 | .76 | (.21 | ) | (.52 | ) | (.73 | ) | 13.84 | 6.10 | 5 | .41 | .36 | .66 | 1.91 | |||||||||||||||||||||||||||||||||||||||
12/31/2019 | 12.23 | .26 | 1.92 | 2.18 | (.03 | ) | (.57 | ) | (.60 | ) | 13.81 | 18.25 | 2 | .41 | .36 | .65 | 2.01 | |||||||||||||||||||||||||||||||||||||||
Class P2: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
12/31/2023 | 12.09 | .21 | .90 | 1.11 | (.22 | ) | (1.45 | ) | (1.67 | ) | 11.53 | 10.23 | 2,093 | .66 | .61 | .90 | 1.86 | |||||||||||||||||||||||||||||||||||||||
12/31/2022 | 14.93 | .18 | (2.25 | ) | (2.07 | ) | (.29 | ) | (.48 | ) | (.77 | ) | 12.09 | (13.97 | ) | 2,182 | .66 | .61 | .89 | 1.40 | ||||||||||||||||||||||||||||||||||||
12/31/2021 | 13.45 | .15 | 1.53 | 1.68 | (.20 | ) | — | (.20 | ) | 14.93 | 12.50 | 2,812 | .66 | .61 | .91 | 1.03 | ||||||||||||||||||||||||||||||||||||||||
12/31/2020 | 13.46 | .15 | .56 | .71 | (.20 | ) | (.52 | ) | (.72 | ) | 13.45 | 5.88 | 2,773 | .66 | .61 | .91 | 1.15 | |||||||||||||||||||||||||||||||||||||||
12/31/2019 | 12.22 | .19 | 1.93 | 2.12 | (.31 | ) | (.57 | ) | (.88 | ) | 13.46 | 17.98 | 2,830 | .66 | .61 | .90 | 1.51 |
Refer to the end of the tables for footnotes.
386 | American Funds Insurance Series |
Financial highlights (continued)
Portfolio turnover rate for all share classes | Year ended December 31, | |||||||||||||||||||
excluding mortgage dollar roll transactions11,12 | 2023 | 2022 | 2021 | 2020 | 2019 | |||||||||||||||
Capital Income Builder | 59 | % | 48 | % | 60 | % | 110 | % | 44 | % | ||||||||||
Asset Allocation Fund | 54 | 42 | 45 | 49 | 47 | |||||||||||||||
American Funds Global Balanced Fund | 43 | 111 | 36 | 68 | 60 | |||||||||||||||
The Bond Fund of America | 129 | 77 | 87 | 72 | 146 | |||||||||||||||
Capital World Bond Fund | 110 | 114 | 64 | 88 | 110 | |||||||||||||||
American Funds Mortgage Fund | 85 | 56 | 38 | 123 | 84 | |||||||||||||||
U.S. Government Securities Fund | 113 | 77 | 126 | 112 | 103 | |||||||||||||||
Portfolio turnover rate for all share classes | Year ended December 31, | |||||||||||||||||||
including mortgage dollar roll transactions11,12 | 2023 | 2022 | 2021 | 2020 | 2019 | |||||||||||||||
Global Growth Fund | 29 | % | 29 | % | 18 | % | 17 | % | 14 | % | ||||||||||
Global Small Capitalization Fund | 36 | 40 | 29 | 38 | 50 | |||||||||||||||
Growth Fund | 23 | 29 | 25 | 32 | 21 | |||||||||||||||
International Fund | 28 | 42 | 44 | 40 | 32 | |||||||||||||||
New World Fund | 36 | 40 | 43 | 70 | 38 | |||||||||||||||
Washington Mutual Investors Fund | 29 | 30 | 90 | 40 | 37 | |||||||||||||||
Capital World Growth and Income Fund | 29 | 42 | 85 | 36 | 29 | |||||||||||||||
Growth-Income Fund | 26 | 25 | 24 | 33 | 27 | |||||||||||||||
International Growth and Income Fund | 38 | 48 | 41 | 56 | 28 | |||||||||||||||
Capital Income Builder | 149 | 126 | 93 | 184 | 72 | |||||||||||||||
Asset Allocation Fund | 159 | 118 | 124 | 145 | 79 | |||||||||||||||
American Funds Global Balanced Fund | 103 | 126 | 39 | 86 | 74 | |||||||||||||||
The Bond Fund of America | 545 | 415 | 456 | 461 | 373 | |||||||||||||||
Capital World Bond Fund | 286 | 188 | 91 | 145 | 159 | |||||||||||||||
American High-Income Trust | 40 | 34 | 56 | 78 | 58 | |||||||||||||||
American Funds Mortgage Fund | 1053 | 1141 | 975 | 1143 | 350 | |||||||||||||||
U.S. Government Securities Fund | 744 | 695 | 433 | 867 | 277 | |||||||||||||||
Ultra-Short Bond Fund | — | 13 | — | 13 | — | 13 | — | 13 | — | 13 | ||||||||||
Managed Risk Growth Fund | 39 | 97 | 32 | 80 | 10 | |||||||||||||||
Managed Risk International Fund | 27 | 82 | 24 | 71 | 8 | |||||||||||||||
Managed Risk Washington Mutual Investors Fund | 19 | 70 | 16 | 101 | 13 | |||||||||||||||
Managed Risk Growth-Income Fund | 21 | 67 | 13 | 38 | 6 | |||||||||||||||
Managed Risk Asset Allocation Fund | 13 | 48 | 5 | 30 | 8 |
1 | Based on average shares outstanding. |
2 | This column reflects the impact of certain waivers/reimbursements from CRMC. During some of the years shown, CRMC waived a portion of investment advisory services fees on some funds, including each of the managed risk funds. In addition, during some of the years shown, CRMC reimbursed a portion of miscellaneous fees and expenses for some of the managed risk funds. |
3 | Ratios do not include expenses of any Central Funds. The fund indirectly bears its proportionate share of the expenses of any Central Funds, if applicable. |
4 | Amount less than $.01. |
5 | Amount less than .01%. |
6 | Amount less than $1 million. |
7 | This column does not include expenses of the underlying funds in which each fund invests. |
8 | This column reflects the net effective expense ratios for each fund and class, which include each class’s expense ratio combined with the weighted average net expense ratio of the underlying funds for the periods presented. Refer to the expense example for further information regarding fees and expenses. |
9 | Unaudited. |
10 | All or a significant portion of assets in this class consisted of seed capital invested by CRMC and/or its affiliates. Certain fees (including, where applicable, fees for distribution services) are not charged or accrued on these seed capital assets. If such fees were paid by the fund on seed capital assets, fund expenses would have been higher and net income and total return would have been lower. |
11 | Refer to Note 5 for further information on mortgage dollar rolls. |
12 | Rates do not include the fund’s portfolio activity with respect to any Central Funds, if applicable. |
13 | Amount is either less than 1% or there is no turnover. |
Refer to the notes to financial statements.
American Funds Insurance Series | 387 |
Report of Independent Registered Public Accounting Firm
To the Board of Trustees of American Funds Insurance Series and Shareholders of Global Growth Fund, Global Small Capitalization Fund, Growth Fund, International Fund, New World Fund, Washington Mutual Investors Fund, Capital World Growth and Income Fund, Growth-Income Fund, International Growth and Income Fund, Capital Income Builder, Asset Allocation Fund, American Funds Global Balanced Fund, The Bond Fund of America, Capital World Bond Fund, American High-Income Trust, American Funds Mortgage Fund, Ultra-Short Bond Fund, U.S. Government Securities Fund, Managed Risk Growth Fund, Managed Risk International Fund, Managed Risk Washington Mutual Investors Fund, Managed Risk Growth-Income Fund and Managed Risk Asset Allocation Fund
Opinions on the Financial Statements
We have audited the accompanying statements of assets and liabilities, including the investment portfolios, of Global Growth Fund, Global Small Capitalization Fund, Growth Fund, International Fund, New World Fund, Washington Mutual Investors Fund, Capital World Growth and Income Fund, Growth-Income Fund, International Growth and Income Fund, Capital Income Builder, Asset Allocation Fund, American Funds Global Balanced Fund (formerly Global Balanced Fund), The Bond Fund of America, Capital World Bond Fund, American High-Income Trust, American Funds Mortgage Fund, Ultra-Short Bond Fund, U.S. Government Securities Fund, Managed Risk Growth Fund, Managed Risk International Fund, Managed Risk Washington Mutual Investors Fund, Managed Risk Growth-Income Fund and Managed Risk Asset Allocation Fund (twenty-three of the funds constituting American Funds Insurance Series, hereafter collectively referred to as the “Funds”) as of December 31, 2023, the related statements of operations for the year ended December 31, 2023, the statements of changes in net assets for each of the two years in the period ended December 31, 2023, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2023 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of December 31, 2023, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended December 31, 2023 and each of the financial highlights for each of the five years in the period ended December 31, 2023 in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinions
These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2023 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.
/s/PricewaterhouseCoopers LLP
Los Angeles, California
February 12, 2024
We have served as the auditor of one or more investment companies in The Capital Group group of investment companies since 1934.
388 | American Funds Insurance Series |
Expense example | unaudited |
The funds in American Funds Insurance Series serve as the underlying investment vehicle for various insurance products. As an owner of an insurance contract that invests in one of the funds in the series, you incur two types of costs: (1) transaction costs, such as initial sales charges on purchase payments and contingent deferred sales charges on redemptions (loads), and (2) ongoing costs, including management fees, distribution and service (12b-1) fees, and other expenses. Additional fees are charged by the insurance companies related to the various benefits they provide. This example is intended to help you understand your ongoing costs (in dollars) of investing in the underlying funds so you can compare these costs with the ongoing costs of investing in other mutual funds that serve a similar function in other annuity products. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire six-month period (July 1, 2023, through December 31, 2023).
Actual expenses:
The first line of each share class in the tables on the following pages provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading titled “Expenses paid during period” to estimate the expenses you paid on your account during this period.
Hypothetical example for comparison purposes:
The second line of each share class in the tables on the following pages provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio for the share class and an assumed rate of return of 5.00% per year before expenses, which is not the actual return of the share class. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the fund and other funds. To do so, compare this 5.00% hypothetical example with the 5.00% hypothetical examples that appear in the shareholder reports of the other funds.
Notes:
Additional fees are charged by the insurance companies related to the various benefits they provide. You can estimate the impact of these fees by adding the amount of the fees to the total estimated expenses you paid on your account during the period as calculated above. In addition, your ending account value would be lower by the amount of these fees.
Note that the expenses shown in the tables on the following pages are meant to highlight your ongoing costs only and do not reflect any transactional costs. Therefore, the second line of each share class in the tables is useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
American Funds Insurance Series | 389 |
Expense example (continued)
Beginning account value 7/1/2023 | Ending account value 12/31/2023 | Expenses paid during period1 | Annualized expense ratio | |||||||||||||
Global Growth Fund | ||||||||||||||||
Class 1 – actual return | $ | 1,000.00 | $ | 1,065.36 | $ | 2.13 | .41 | % | ||||||||
Class 1 – assumed 5% return | 1,000.00 | 1,023.14 | 2.09 | .41 | ||||||||||||
Class 1A – actual return | 1,000.00 | 1,063.96 | 3.43 | .66 | ||||||||||||
Class 1A – assumed 5% return | 1,000.00 | 1,021.88 | 3.36 | .66 | ||||||||||||
Class 2 – actual return | 1,000.00 | 1,063.79 | 3.43 | .66 | ||||||||||||
Class 2 – assumed 5% return | 1,000.00 | 1,021.88 | 3.36 | .66 | ||||||||||||
Class 4 – actual return | 1,000.00 | 1,062.63 | 4.73 | .91 | ||||||||||||
Class 4 – assumed 5% return | 1,000.00 | 1,020.62 | 4.63 | .91 | ||||||||||||
Global Small Capitalization Fund | ||||||||||||||||
Class 1 – actual return | $ | 1,000.00 | $ | 1,043.89 | $ | 3.35 | .65 | % | ||||||||
Class 1 – assumed 5% return | 1,000.00 | 1,021.93 | 3.31 | .65 | ||||||||||||
Class 1A – actual return | 1,000.00 | 1,042.39 | 4.63 | .90 | ||||||||||||
Class 1A – assumed 5% return | 1,000.00 | 1,020.67 | 4.58 | .90 | ||||||||||||
Class 2 – actual return | 1,000.00 | 1,042.62 | 4.63 | .90 | ||||||||||||
Class 2 – assumed 5% return | 1,000.00 | 1,020.67 | 4.58 | .90 | ||||||||||||
Class 4 – actual return | 1,000.00 | 1,041.23 | 5.92 | 1.15 | ||||||||||||
Class 4 – assumed 5% return | 1,000.00 | 1,019.41 | 5.85 | 1.15 | ||||||||||||
Growth Fund | ||||||||||||||||
Class 1 – actual return | $ | 1,000.00 | $ | 1,110.35 | $ | 1.86 | .35 | % | ||||||||
Class 1 – assumed 5% return | 1,000.00 | 1,023.44 | 1.79 | .35 | ||||||||||||
Class 1A – actual return | 1,000.00 | 1,109.05 | 3.19 | .60 | ||||||||||||
Class 1A – assumed 5% return | 1,000.00 | 1,022.18 | 3.06 | .60 | ||||||||||||
Class 2 – actual return | 1,000.00 | 1,108.97 | 3.19 | .60 | ||||||||||||
Class 2 – assumed 5% return | 1,000.00 | 1,022.18 | 3.06 | .60 | ||||||||||||
Class 3 – actual return | 1,000.00 | 1,109.36 | 2.82 | .53 | ||||||||||||
Class 3 – assumed 5% return | 1,000.00 | 1,022.53 | 2.70 | .53 | ||||||||||||
Class 4 – actual return | 1,000.00 | 1,107.63 | 4.52 | .85 | ||||||||||||
Class 4 – assumed 5% return | 1,000.00 | 1,020.92 | 4.33 | .85 | ||||||||||||
International Fund | ||||||||||||||||
Class 1 – actual return | $ | 1,000.00 | $ | 1,032.27 | $ | 2.71 | .53 | % | ||||||||
Class 1 – assumed 5% return | 1,000.00 | 1,022.53 | 2.70 | .53 | ||||||||||||
Class 1A – actual return | 1,000.00 | 1,030.90 | 3.99 | .78 | ||||||||||||
Class 1A – assumed 5% return | 1,000.00 | 1,021.27 | 3.97 | .78 | ||||||||||||
Class 2 – actual return | 1,000.00 | 1,030.85 | 3.99 | .78 | ||||||||||||
Class 2 – assumed 5% return | 1,000.00 | 1,021.27 | 3.97 | .78 | ||||||||||||
Class 3 – actual return | 1,000.00 | 1,031.76 | 3.64 | .71 | ||||||||||||
Class 3 – assumed 5% return | 1,000.00 | 1,021.63 | 3.62 | .71 | ||||||||||||
Class 4 – actual return | 1,000.00 | 1,029.32 | 5.27 | 1.03 | ||||||||||||
Class 4 – assumed 5% return | 1,000.00 | 1,020.01 | 5.24 | 1.03 | ||||||||||||
New World Fund | ||||||||||||||||
Class 1 – actual return | $ | 1,000.00 | $ | 1,037.95 | $ | 2.93 | .57 | % | ||||||||
Class 1 – assumed 5% return | 1,000.00 | 1,022.33 | 2.91 | .57 | ||||||||||||
Class 1A – actual return | 1,000.00 | 1,036.92 | 4.21 | .82 | ||||||||||||
Class 1A – assumed 5% return | 1,000.00 | 1,021.07 | 4.18 | .82 | ||||||||||||
Class 2 – actual return | 1,000.00 | 1,037.05 | 4.21 | .82 | ||||||||||||
Class 2 – assumed 5% return | 1,000.00 | 1,021.07 | 4.18 | .82 | ||||||||||||
Class 4 – actual return | 1,000.00 | 1,035.33 | 5.49 | 1.07 | ||||||||||||
Class 4 – assumed 5% return | 1,000.00 | 1,019.81 | 5.45 | 1.07 |
Refer to the end of the tables for footnotes.
390 | American Funds Insurance Series |
Expense example (continued)
Beginning account value 7/1/2023 | Ending account value 12/31/2023 | Expenses paid during period1 | Annualized expense ratio | |||||||||||||
Washington Mutual Investors Fund | ||||||||||||||||
Class 1 – actual return | $ | 1,000.00 | $ | 1,090.53 | $ | 1.42 | .27 | % | ||||||||
Class 1 – assumed 5% return | 1,000.00 | 1,023.84 | 1.38 | .27 | ||||||||||||
Class 1A – actual return | 1,000.00 | 1,088.93 | 2.74 | .52 | ||||||||||||
Class 1A – assumed 5% return | 1,000.00 | 1,022.58 | 2.65 | .52 | ||||||||||||
Class 2 – actual return | 1,000.00 | 1,089.35 | 2.74 | .52 | ||||||||||||
Class 2 – assumed 5% return | 1,000.00 | 1,022.58 | 2.65 | .52 | ||||||||||||
Class 4 – actual return | 1,000.00 | 1,087.70 | 4.05 | .77 | ||||||||||||
Class 4 – assumed 5% return | 1,000.00 | 1,021.32 | 3.92 | .77 | ||||||||||||
Capital World Growth and Income Fund | ||||||||||||||||
Class 1 – actual return | $ | 1,000.00 | $ | 1,077.11 | $ | 2.15 | .41 | % | ||||||||
Class 1 – assumed 5% return | 1,000.00 | 1,023.14 | 2.09 | .41 | ||||||||||||
Class 1A – actual return | 1,000.00 | 1,075.48 | 3.45 | .66 | ||||||||||||
Class 1A – assumed 5% return | 1,000.00 | 1,021.88 | 3.36 | .66 | ||||||||||||
Class 2 – actual return | 1,000.00 | 1,075.07 | 3.45 | .66 | ||||||||||||
Class 2 – assumed 5% return | 1,000.00 | 1,021.88 | 3.36 | .66 | ||||||||||||
Class 4 – actual return | 1,000.00 | 1,074.58 | 4.76 | .91 | ||||||||||||
Class 4 – assumed 5% return | 1,000.00 | 1,020.62 | 4.63 | .91 | ||||||||||||
Growth-Income Fund | ||||||||||||||||
Class 1 – actual return | $ | 1,000.00 | $ | 1,101.17 | $ | 1.54 | .29 | % | ||||||||
Class 1 – assumed 5% return | 1,000.00 | 1,023.74 | 1.48 | .29 | ||||||||||||
Class 1A – actual return | 1,000.00 | 1,099.76 | 2.86 | .54 | ||||||||||||
Class 1A – assumed 5% return | 1,000.00 | 1,022.48 | 2.75 | .54 | ||||||||||||
Class 2 – actual return | 1,000.00 | 1,099.71 | 2.86 | .54 | ||||||||||||
Class 2 – assumed 5% return | 1,000.00 | 1,022.48 | 2.75 | .54 | ||||||||||||
Class 3 – actual return | 1,000.00 | 1,100.09 | 2.49 | .47 | ||||||||||||
Class 3 – assumed 5% return | 1,000.00 | 1,022.84 | 2.40 | .47 | ||||||||||||
Class 4 – actual return | 1,000.00 | 1,098.41 | 4.18 | .79 | ||||||||||||
Class 4 – assumed 5% return | 1,000.00 | 1,021.22 | 4.02 | .79 | ||||||||||||
International Growth and Income Fund | ||||||||||||||||
Class 1 – actual return | $ | 1,000.00 | $ | 1,052.31 | $ | 2.90 | .56 | % | ||||||||
Class 1 – assumed 5% return | 1,000.00 | 1,022.38 | 2.85 | .56 | ||||||||||||
Class 1A – actual return | 1,000.00 | 1,051.85 | 4.19 | .81 | ||||||||||||
Class 1A – assumed 5% return | 1,000.00 | 1,021.12 | 4.13 | .81 | ||||||||||||
Class 2 – actual return | 1,000.00 | 1,050.45 | 4.19 | .81 | ||||||||||||
Class 2 – assumed 5% return | 1,000.00 | 1,021.12 | 4.13 | .81 | ||||||||||||
Class 4 – actual return | 1,000.00 | 1,050.48 | 5.48 | 1.06 | ||||||||||||
Class 4 – assumed 5% return | 1,000.00 | 1,019.86 | 5.40 | 1.06 | ||||||||||||
Capital Income Builder | ||||||||||||||||
Class 1 – actual return | $ | 1,000.00 | $ | 1,054.07 | $ | 1.40 | .27 | % | ||||||||
Class 1 – assumed 5% return | 1,000.00 | 1,023.84 | 1.38 | .27 | ||||||||||||
Class 1A – actual return | 1,000.00 | 1,052.81 | 2.69 | .52 | ||||||||||||
Class 1A – assumed 5% return | 1,000.00 | 1,022.58 | 2.65 | .52 | ||||||||||||
Class 2 – actual return | 1,000.00 | 1,052.82 | 2.69 | .52 | ||||||||||||
Class 2 – assumed 5% return | 1,000.00 | 1,022.58 | 2.65 | .52 | ||||||||||||
Class 4 – actual return | 1,000.00 | 1,050.64 | 3.98 | .77 | ||||||||||||
Class 4 – assumed 5% return | 1,000.00 | 1,021.32 | 3.92 | .77 |
Refer to the end of the tables for footnotes.
American Funds Insurance Series | 391 |
Expense example (continued)
Beginning account value 7/1/2023 | Ending account value 12/31/2023 | Expenses paid during period1 | Annualized expense ratio | |||||||||||||
Asset Allocation Fund | ||||||||||||||||
Class 1 – actual return | $ | 1,000.00 | $ | 1,069.81 | $ | 1.57 | .30 | % | ||||||||
Class 1 – assumed 5% return | 1,000.00 | 1,023.69 | 1.53 | .30 | ||||||||||||
Class 1A – actual return | 1,000.00 | 1,068.68 | 2.87 | .55 | ||||||||||||
Class 1A – assumed 5% return | 1,000.00 | 1,022.43 | 2.80 | .55 | ||||||||||||
Class 2 – actual return | 1,000.00 | 1,069.06 | 2.87 | .55 | ||||||||||||
Class 2 – assumed 5% return | 1,000.00 | 1,022.43 | 2.80 | .55 | ||||||||||||
Class 3 – actual return | 1,000.00 | 1,069.05 | 2.50 | .48 | ||||||||||||
Class 3 – assumed 5% return | 1,000.00 | 1,022.79 | 2.45 | .48 | ||||||||||||
Class 4 – actual return | 1,000.00 | 1,067.57 | 4.17 | .80 | ||||||||||||
Class 4 – assumed 5% return | 1,000.00 | 1,021.17 | 4.08 | .80 | ||||||||||||
American Funds Global Balanced Fund | ||||||||||||||||
Class 1 – actual return | $ | 1,000.00 | $ | 1,058.55 | $ | 2.75 | .53 | % | ||||||||
Class 1 – assumed 5% return | 1,000.00 | 1,022.53 | 2.70 | .53 | ||||||||||||
Class 1A – actual return | 1,000.00 | 1,056.75 | 4.04 | .78 | ||||||||||||
Class 1A – assumed 5% return | 1,000.00 | 1,021.27 | 3.97 | .78 | ||||||||||||
Class 2 – actual return | 1,000.00 | 1,057.49 | 4.05 | .78 | ||||||||||||
Class 2 – assumed 5% return | 1,000.00 | 1,021.27 | 3.97 | .78 | ||||||||||||
Class 4 – actual return | 1,000.00 | 1,054.83 | 5.33 | 1.03 | ||||||||||||
Class 4 – assumed 5% return | 1,000.00 | 1,020.01 | 5.24 | 1.03 | ||||||||||||
The Bond Fund of America | ||||||||||||||||
Class 1 – actual return | $ | 1,000.00 | $ | 1,035.95 | $ | 1.03 | .20 | % | ||||||||
Class 1 – assumed 5% return | 1,000.00 | 1,024.20 | 1.02 | .20 | ||||||||||||
Class 1A – actual return | 1,000.00 | 1,034.23 | 2.31 | .45 | ||||||||||||
Class 1A – assumed 5% return | 1,000.00 | 1,022.94 | 2.29 | .45 | ||||||||||||
Class 2 – actual return | 1,000.00 | 1,034.32 | 2.31 | .45 | ||||||||||||
Class 2 – assumed 5% return | 1,000.00 | 1,022.94 | 2.29 | .45 | ||||||||||||
Class 4 – actual return | 1,000.00 | 1,032.80 | 3.59 | .70 | ||||||||||||
Class 4 – assumed 5% return | 1,000.00 | 1,021.68 | 3.57 | .70 | ||||||||||||
Capital World Bond Fund | ||||||||||||||||
Class 1 – actual return | $ | 1,000.00 | $ | 1,047.42 | $ | 2.53 | .49 | % | ||||||||
Class 1 – assumed 5% return | 1,000.00 | 1,022.74 | 2.50 | .49 | ||||||||||||
Class 1A – actual return | 1,000.00 | 1,045.64 | 3.82 | .74 | ||||||||||||
Class 1A – assumed 5% return | 1,000.00 | 1,021.48 | 3.77 | .74 | ||||||||||||
Class 2 – actual return | 1,000.00 | 1,045.88 | 3.82 | .74 | ||||||||||||
Class 2 – assumed 5% return | 1,000.00 | 1,021.48 | 3.77 | .74 | ||||||||||||
Class 4 – actual return | 1,000.00 | 1,045.50 | 5.10 | .99 | ||||||||||||
Class 4 – assumed 5% return | 1,000.00 | 1,020.21 | 5.04 | .99 | ||||||||||||
American High-Income Trust | ||||||||||||||||
Class 1 – actual return | $ | 1,000.00 | $ | 1,079.71 | $ | 1.63 | .31 | % | ||||||||
Class 1 – assumed 5% return | 1,000.00 | 1,023.64 | 1.58 | .31 | ||||||||||||
Class 1A – actual return | 1,000.00 | 1,077.06 | 2.93 | .56 | ||||||||||||
Class 1A – assumed 5% return | 1,000.00 | 1,022.38 | 2.85 | .56 | ||||||||||||
Class 2 – actual return | 1,000.00 | 1,078.12 | 2.93 | .56 | ||||||||||||
Class 2 – assumed 5% return | 1,000.00 | 1,022.38 | 2.85 | .56 | ||||||||||||
Class 3 – actual return | 1,000.00 | 1,077.60 | 2.57 | .49 | ||||||||||||
Class 3 – assumed 5% return | 1,000.00 | 1,022.74 | 2.50 | .49 | ||||||||||||
Class 4 – actual return | 1,000.00 | 1,076.97 | 4.24 | .81 | ||||||||||||
Class 4 – assumed 5% return | 1,000.00 | 1,021.12 | 4.13 | .81 |
Refer to the end of the tables for footnotes.
392 | American Funds Insurance Series |
Expense example (continued)
Beginning account value 7/1/2023 | Ending account value 12/31/2023 | Expenses paid during period1 | Annualized expense ratio | |||||||||||||
American Funds Mortgage Fund | ||||||||||||||||
Class 1 – actual return | $ | 1,000.00 | $ | 1,030.27 | $ | 1.64 | .32 | % | ||||||||
Class 1 – assumed 5% return | 1,000.00 | 1,023.59 | 1.63 | .32 | ||||||||||||
Class 1A – actual return | 1,000.00 | 1,028.66 | 2.91 | .57 | ||||||||||||
Class 1A – assumed 5% return | 1,000.00 | 1,022.33 | 2.91 | .57 | ||||||||||||
Class 2 – actual return | 1,000.00 | 1,028.30 | 2.91 | .57 | ||||||||||||
Class 2 – assumed 5% return | 1,000.00 | 1,022.33 | 2.91 | .57 | ||||||||||||
Class 4 – actual return | 1,000.00 | 1,027.90 | 4.19 | .82 | ||||||||||||
Class 4 – assumed 5% return | 1,000.00 | 1,021.07 | 4.18 | .82 | ||||||||||||
Ultra-Short Bond Fund | ||||||||||||||||
Class 1 – actual return | $ | 1,000.00 | $ | 1,025.81 | $ | 1.58 | .31 | % | ||||||||
Class 1 – assumed 5% return | 1,000.00 | 1,023.64 | 1.58 | .31 | ||||||||||||
Class 1A – actual return | 1,000.00 | 1,025.21 | 2.76 | .54 | ||||||||||||
Class 1A – assumed 5% return | 1,000.00 | 1,022.48 | 2.75 | .54 | ||||||||||||
Class 2 – actual return | 1,000.00 | 1,024.44 | 2.86 | .56 | ||||||||||||
Class 2 – assumed 5% return | 1,000.00 | 1,022.38 | 2.85 | .56 | ||||||||||||
Class 3 – actual return | 1,000.00 | 1,024.77 | 2.50 | .49 | ||||||||||||
Class 3 – assumed 5% return | 1,000.00 | 1,022.74 | 2.50 | .49 | ||||||||||||
Class 4 – actual return | 1,000.00 | 1,023.20 | 4.13 | .81 | ||||||||||||
Class 4 – assumed 5% return | 1,000.00 | 1,021.12 | 4.13 | .81 | ||||||||||||
U.S. Government Securities Fund | ||||||||||||||||
Class 1 – actual return | $ | 1,000.00 | $ | 1,028.15 | $ | 1.12 | .22 | % | ||||||||
Class 1 – assumed 5% return | 1,000.00 | 1,024.10 | 1.12 | .22 | ||||||||||||
Class 1A – actual return | 1,000.00 | 1,027.35 | 2.40 | .47 | ||||||||||||
Class 1A – assumed 5% return | 1,000.00 | 1,022.84 | 2.40 | .47 | ||||||||||||
Class 2 – actual return | 1,000.00 | 1,027.41 | 2.40 | .47 | ||||||||||||
Class 2 – assumed 5% return | 1,000.00 | 1,022.84 | 2.40 | .47 | ||||||||||||
Class 3 – actual return | 1,000.00 | 1,027.43 | 2.04 | .40 | ||||||||||||
Class 3 – assumed 5% return | 1,000.00 | 1,023.19 | 2.04 | .40 | ||||||||||||
Class 4 – actual return | 1,000.00 | 1,025.17 | 3.68 | .72 | ||||||||||||
Class 4 – assumed 5% return | 1,000.00 | 1,021.58 | 3.67 | .72 |
Refer to the end of the tables for footnotes.
American Funds Insurance Series | 393 |
Expense example (continued)
Beginning account value 7/1/2023 | Ending account value 12/31/2023 | Expenses paid during period1,2 | Annualized expense ratio2 | Effective expenses paid during period3 | Effective annualized expense ratio4 | |||||||||||||||||||
Managed Risk Growth Fund | ||||||||||||||||||||||||
Class P1 – actual return | $ | 1,000.00 | $ | 1,083.83 | $ | 2.05 | .39 | % | $ | 3.78 | .72 | % | ||||||||||||
Class P1 – assumed 5% return | 1,000.00 | 1,023.24 | 1.99 | .39 | 3.67 | .72 | ||||||||||||||||||
Class P2 – actual return | 1,000.00 | 1,082.74 | 3.31 | .63 | 5.09 | .97 | ||||||||||||||||||
Class P2 – assumed 5% return | 1,000.00 | 1,022.03 | 3.21 | .63 | 4.94 | .97 | ||||||||||||||||||
Managed Risk International Fund | ||||||||||||||||||||||||
Class P1 – actual return | $ | 1,000.00 | $ | 1,014.56 | $ | 1.78 | .35 | % | $ | 4.37 | .86 | % | ||||||||||||
Class P1 – assumed 5% return | 1,000.00 | 1,023.44 | 1.79 | .35 | 4.38 | .86 | ||||||||||||||||||
Class P2 – actual return | 1,000.00 | 1,013.40 | 3.04 | .60 | 5.73 | 1.13 | ||||||||||||||||||
Class P2 – assumed 5% return | 1,000.00 | 1,022.18 | 3.06 | .60 | 5.75 | 1.13 | ||||||||||||||||||
Managed Risk Washington Mutual Investors Fund | ||||||||||||||||||||||||
Class P1 – actual return | $ | 1,000.00 | $ | 1,064.10 | $ | 1.92 | .37 | % | $ | 3.95 | .76 | % | ||||||||||||
Class P1 – assumed 5% return | 1,000.00 | 1,023.34 | 1.89 | .37 | 3.87 | .76 | ||||||||||||||||||
Class P2 – actual return | 1,000.00 | 1,062.31 | 3.27 | .63 | 5.30 | 1.02 | ||||||||||||||||||
Class P2 – assumed 5% return | 1,000.00 | 1,022.03 | 3.21 | .63 | 5.19 | 1.02 | ||||||||||||||||||
Managed Risk Growth-Income Fund | ||||||||||||||||||||||||
Class P1 – actual return | $ | 1,000.00 | $ | 1,069.03 | $ | 1.88 | .36 | % | $ | 3.44 | .66 | % | ||||||||||||
Class P1 – assumed 5% return | 1,000.00 | 1,023.39 | 1.84 | .36 | 3.36 | .66 | ||||||||||||||||||
Class P2 – actual return | 1,000.00 | 1,068.22 | 3.18 | .61 | 4.74 | .91 | ||||||||||||||||||
Class P2 – assumed 5% return | 1,000.00 | 1,022.13 | 3.11 | .61 | 4.63 | .91 | ||||||||||||||||||
Managed Risk Asset Allocation Fund | ||||||||||||||||||||||||
Class P1 – actual return | $ | 1,000.00 | $ | 1,058.48 | $ | 1.97 | .38 | % | $ | 3.37 | .65 | % | ||||||||||||
Class P1 – assumed 5% return | 1,000.00 | 1,023.29 | 1.94 | .38 | 3.31 | .65 | ||||||||||||||||||
Class P2 – actual return | 1,000.00 | 1,056.67 | 3.11 | .60 | 4.67 | .90 | ||||||||||||||||||
Class P2 – assumed 5% return | 1,000.00 | 1,022.18 | 3.06 | .60 | 4.58 | .90 |
1 | The “expenses paid during period” are equal to the “annualized expense ratio,” multiplied by the average account value over the period, multiplied by the number of days in the period, and divided by 365 (to reflect the one-half year period). |
2 | The “expenses paid during period” and “annualized expense ratio” do not include the expenses of the underlying funds in which each fund invests. |
3 | The “effective expenses paid during period” are equal to the “effective annualized expense ratio,” multiplied by the average account value over the period, multiplied by the number of days in the period, and divided by 365 (to reflect the period). |
4 | The “effective annualized expense ratio” reflects the net annualized expense ratio of the class plus the class’s pro-rata share of the weighted average expense ratio of the underlying funds in which it invests. |
394 | American Funds Insurance Series |
Liquidity Risk Management Program | unaudited |
The series has adopted a liquidity risk management program (the “program”). The series’ board has designated Capital Research and Management Company (“CRMC”) as the administrator of the program. Personnel of CRMC or its affiliates conduct the day-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, 2022, through September 30, 2023. No significant liquidity events impacting any of the funds were noted in the report. In addition, CRMC provided its assessment that the program had been effective in managing each fund’s liquidity risk.
American Funds Insurance Series | 395 |
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396 | American Funds Insurance Series |
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American Funds Insurance Series | 397 |
Board of trustees and other officers
Independent trustees1
Name and year of birth | Year first elected 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 | 88 | None | ||||
Nariman Farvardin, 1956 | 2018 | President, Stevens Institute of Technology | 93 | None | ||||
Jennifer C. Feikin, 1968 | 2022 | Business Advisor; previously held positions at Google, AOL, 20th Century Fox and McKinsey & Company; Trustee, The Nature Conservancy of Utah; former Trustee, The Nature Conservancy of California | 102 | Hertz Global Holdings, Inc. | ||||
Leslie Stone Heisz, 1961 | 2022 | Former Managing Director, Lazard (retired, 2010); Director, Kaiser Permanente (California public benefit corporation); former Lecturer, UCLA Anderson School of Management | 102 | Edwards Lifesciences; Public Storage, Inc. | ||||
Mary Davis Holt, 1950 | 2015–2016; 2017 | Principal, Mary Davis Holt Enterprises, LLC (leadership development consulting); former COO, Time Life Inc. (1993–2003) | 89 | None | ||||
Merit E. Janow, 1958 | 2007 | Dean Emerita and Professor of Practice, International Economic Law & International Affairs, Columbia University, School of International and Public Affairs | 99 | Aptiv (autonomous and green vehicle technology); Mastercard Incorporated | ||||
Margaret Spellings, 1957 Chair of the Board (Independent and Non-Executive) | 2010 | President and CEO, Bipartisan Policy Center; former President and CEO, Texas 2036; former President, Margaret Spellings & Company (public policy and strategic consulting); former President, The University of North Carolina | 93 | None | ||||
Alexandra Trower, 1964 | 2018 | Former Executive Vice President, Global Communications and Corporate Officer, The Estée Lauder Companies | 88 | None | ||||
Paul S. Williams, 1959 | 2020 | Former Partner/Managing Director, Major, Lindsey & Africa (executive recruiting firm) | 88 | Air Transport Services Group, Inc. (aircraft leasing and air cargo transportation); Public Storage, Inc. | ||||
Interested trustees4,5 | ||||||||
Name, year of birth and position with series | Year first elected a trustee or officer of the series2 | Principal occupation(s) during past five years and positions held with affiliated entities or the principal underwriter of the series | Number of portfolios in fund complex overseen by trustee | Other directorships3 held by trustee | ||||
Donald D. O’Neal, 1960 Co-President | 1998 | Partner — Capital International Investors, Capital Research and Management Company; Partner — Capital International Investors, Capital Bank and Trust Company6 | 35 | None | ||||
Michael C. Gitlin, 1970 | 2019 | Partner — Capital Fixed Income Investors, Capital Research and Management Company; President, Chief Executive Officer and Director, The Capital Group Companies, Inc.6; Vice Chairman and Director, Capital Research and Management Company | 88 | None |
The series statement of additional information includes further details about the series trustees and is available without charge upon request by calling American Funds Service Company at (800) 421-4225 or by visiting the Capital Group website at capitalgroup.com/afis. The address for all trustees and officers of the series is 333 South Hope Street, Los Angeles, CA 90071. Attention: Secretary.
398 | American Funds Insurance Series |
Other officers5
Name, year of birth and position with series | Year first elected an officer of the series2 | Principal occupation(s) during past five years and positions held with affiliated entities or the principal underwriter of the series | ||
Alan N. Berro, 1960 Co-President | 1998 | Partner — Capital World Investors, Capital Research and Management Company; Partner — Capital World Investors, Capital Bank and Trust Company6; Director, The Capital Group Companies, Inc.6 | ||
Maria Manotok, 1974 Principal Executive Officer | 2012 | Senior Vice President and Senior Counsel — Fund Business Management Group, Capital Research and Management Company; Chair, Senior Vice President, Senior Counsel and Director, Capital International, Inc.6; Senior Vice President, Secretary and Director, Capital Group Companies Global6; Senior Vice President, Secretary and Director, Capital Group International, Inc.6 | ||
Michael W. Stockton, 1967 Executive Vice President | 2021 | Senior Vice President — Fund Business Management Group, Capital Research and Management Company | ||
Patrice Collette, 1967 Senior Vice President | 2022 | Partner — Capital World Investors, Capital International, Inc.6 | ||
Irfan M. Furniturewala, 1971 Senior Vice President | 2022 | Partner — Capital International Investors, Capital Research and Management Company; Director, Capital Strategy Research, Inc.6 | ||
Sung Lee, 1966 Senior Vice President | 2008 | Partner — Capital Research Global Investors, Capital Group Investment Management Pte. Ltd.6; Director, The Capital Group Companies, Inc.6 | ||
Keiko McKibben, 1969 Senior Vice President | 2010 | Partner — Capital Research Global Investors, Capital Research and Management Company | ||
Carlos A. Schonfeld, 1971 Senior Vice President | 2022 | Partner — Capital International Investors, Capital Research and Management Company; Director, Capital International Limited6 | ||
Alan J. Wilson, 1961 Senior Vice President | 2022 | Partner — Capital World Investors, Capital Research and Management Company; Director, Capital Research and Management Company | ||
Courtney R. Taylor, 1975 Secretary | 2010-2014; 2023 | Assistant Vice President – Fund Business Management Group, Capital Research and Management Company | ||
Gregory F. Niland, 1971 Treasurer | 2008 | Vice President — Investment Operations, Capital Research and Management Company | ||
Susan K. Countess, 1966 Assistant Secretary | 2014 | Associate — Fund Business Management Group, Capital Research and Management Company | ||
Sandra Chuon, 1972 Assistant Treasurer | 2019 | Vice President — Investment Operations, Capital Research and Management Company | ||
Brian C. Janssen, 1972 Assistant Treasurer | 2015 | Senior Vice President — Investment Operations, Capital Research and Management Company |
1 | The term independent trustee refers to a trustee who is not an “interested person” of the series within the meaning of the Investment Company Act of 1940. |
2 | Trustees and officers of the series serve until their resignation, removal or retirement. |
3 | This includes all directorships/trusteeships (other than those in the American Funds or other funds managed by Capital Research and Management Company or its affiliates) that are held by each trustee as a trustee or director of a public company or a registered investment company. |
4 | The term interested trustee refers to a trustee who is an “interested person” within the meaning of the Investment Company Act of 1940, on the basis of their affiliation with the series investment adviser, Capital Research and Management Company, or affiliated entities (including the series principal underwriter). |
5 | All of the trustees and/or officers listed are officers and/or directors/trustees of one or more of the other funds for which Capital Research and Management Company serves as investment adviser. |
6 | Company affiliated with Capital Research and Management Company. |
American Funds Insurance Series | 399 |
Office of the series
333 South Hope Street
Los Angeles, CA 90071-1406
Investment adviser
Capital Research and Management Company
333 South Hope Street
Los Angeles, CA 90071-1406
Investment subadviser
Milliman Financial Risk Management LLC
(Managed Risk Funds only)
71 South Wacker Drive, 31st Floor
Chicago, IL 60606-4637
Custodian of assets
State Street Bank and Trust Company
One Lincoln Street
Boston, MA 02111-2900
Counsel
Morgan, Lewis & Bockius LLP
One Federal Street
Boston, MA 02110-1726
Independent registered public accounting firm
PricewaterhouseCoopers LLP
601 South Figueroa Street
Los Angeles, CA 90017-3874
400 | American Funds Insurance Series |
Investors should carefully consider investment objectives, risks, charges and expenses. This and other important information is contained in the series prospectuses and summary prospectuses, which can be obtained from your financial professional and should be read carefully before investing. You may also call American Funds Service Company (AFS) at (800) 421-4225 or visit the Capital Group website at capitalgroup.com/afis.
“American Funds Proxy Voting Procedures and Principles” — which describes how we vote proxies relating to portfolio securities — is available on the Capital Group website or upon request by calling AFS. The series files its proxy voting record with the U.S. Securities and Exchange Commission (SEC) for the 12 months ended June 30 by August 31. The proxy voting record is available free of charge on the SEC website at sec.gov and on the Capital Group website.
American Funds Insurance Series files a complete list of its portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form NPORT-P. This filing is available free of charge on the SEC website and our website.
This report is for the information of American Funds Insurance Series investors, but it also may be used as sales literature when preceded or accompanied by the current prospectuses or summary prospectuses for American Funds Insurance Series and the prospectus for the applicable insurance contract, which give details about charges, expenses, investment objectives and operating policies of the series. If used as sales material after March 31, 2024, this report must be accompanied by a statistical update for the most recently completed calendar quarter.
Fund attribution data was produced using FactSet, a third-party software system, based on daily portfolios. Securities in their initial period of acquisition may not be included in this analysis. The analysis includes equity investments only and excludes forward contracts and fixed income investments, if applicable. It does not account for buy-and-sell transactions that might have occurred intraday. As a result, average portfolio weight percentages are approximate, and the actual average portfolio weight percentages might be higher or lower. Data elements, such as pricing, income, market cap, etc., were provided by FactSet. The indexes provided for attribution are based on FactSet’s methodology. The indexes are broad-based market benchmarks and may not be used by Capital Group® as the sole comparative index for the funds. Capital Group believes the software and information from FactSet to be reliable. However, Capital Group cannot be responsible for inaccuracies, incomplete information or updating of information by FactSet.
Hedge instruments, including exchange-traded futures contracts and exchange-traded put options, may not provide an effective hedge of the underlying securities because changes in the prices of such instruments may not track those of the securities they are intended to hedge. In addition, the managed risk strategy may not effectively protect the funds from market declines and will limit the funds’ participation in market gains. The use of the managed risk strategy could cause the funds’ returns to lag those of the applicable underlying funds in certain rising market conditions.
BLOOMBERG® is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively “Bloomberg”). Bloomberg or Bloomberg’s licensors own all proprietary rights in the Bloomberg Indices. Neither Bloomberg nor Bloomberg’s licensors approves or endorses this material, or guarantees the accuracy or completeness of any information herein, or makes any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith.
MSCI has not approved, reviewed or produced this report, makes no express or implied warranties or representations and is not liable whatsoever for any data in the report. You may not redistribute the MSCI data or use it as a basis for other indices or investment products.
The S&P 500 Index is a product of S&P Dow Jones Indices LLC and/or its affiliates and has been licensed for use by Capital Group. Copyright © 2024 S&P Dow Jones Indices LLC, a division of S&P Global, and/or its affiliates. All rights reserved. Redistribution or reproduction in whole or in part is prohibited without written permission of S&P Dow Jones Indices LLC.
American Funds Distributors, Inc.
The Capital Advantage®
Since 1931, Capital Group, home of American Funds, has helped investors pursue long-term investment success. Our consistent approach — in combination with The Capital SystemTM — has resulted in superior outcomes.
Aligned with investor success
We base our decisions on a long-term perspective, which we believe aligns our goals with the interests of our clients. American Funds Insurance Series portfolio managers average 28 years of investment industry experience, including 23 years at our company, reflecting a career commitment to our long-term approach.1
The Capital System
The Capital System combines individual accountability with teamwork. Funds using The Capital System are divided into portions that are managed independently by investment professionals with diverse backgrounds, ages and investment approaches. An extensive global research effort is the backbone of our system.
American Funds Insurance Series’ superior outcomes
American Funds Insurance Series equity-focused funds have beaten their comparable Lipper indexes in 88% of 10-year periods and 100% of 20-year periods.2 Our fixed income funds have helped investors achieve diversification through attention to correlation between bonds and equities.3 We strive to keep management fees competitive. Over the past 20 years, most funds’ fees have been below industry averages.4
1 | Portfolio manager experience as of the American Funds Insurance Series prospectus dated May 1, 2023. | |
2 | Based on Class 1 share results for rolling calendar-year periods starting the first full calendar year after each fund’s inception through December 31, 2022. Periods covered are the shorter of the fund’s lifetime or since the inception date of the comparable Lipper index or average. The comparable Lipper indexes are: Global Funds Index (Global Growth Fund, Capital World Growth and Income Fund), Growth Funds Index (Growth Fund), International Funds Index (International Fund, International Growth and Income Fund), Emerging Markets Funds Index (New World Fund), Growth & Income Funds Index (Washington Mutual Investors Fund, Growth and Income Fund) and Balanced Funds Index (Asset Allocation Fund). The Lipper Global Small-/Mid-Cap Funds Average was used for Global Small Capitalization Fund. Lipper source: Refinitiv Lipper. There have been periods when the fund has lagged the index. | |
3 | Based on Class 1 share results as of December 31, 2022. Four of our five fixed income American Funds that have been in existence for the three year period showed a three-year correlation lower than their respective Morningstar peer group averages. S&P 500 Index was used as an equity market proxy. Correlation based on monthly total returns. Correlation is a statistical measure of how two securities move in relation to each other. A correlation ranges from –1 to 1. A positive correlation close to 1 implies that as one security moves, either up or down, the other security will move in “lockstep,” in the same direction. A negative correlation close to –1 indicates that the securities have moved in the opposite direction. | |
4 | Based on management fees for the 20-year period ended December 31, 2022, versus comparable Lipper categories, excluding funds of funds. |
All Capital Group trademarks mentioned are owned by The Capital Group Companies, Inc., an affiliated company or fund. All other company and product names mentioned are the property of their respective companies.
American Funds Insurance Series®
Annual report |
Portfolios that invest
in global companies
for the long term
The Securities and Exchange Commission has adopted new regulations that will change the content and design of annual and semi-annual shareholder reports beginning in July 2024. Certain types of information, including investment portfolio and financial statements, will not be included in the shareholder reports but will be available online, delivered free of charge upon request, and filed on a semi-annual basis on Form N-CSR.
If you would like to receive shareholder reports and other communications from the fund electronically, you may update your mailing preferences with your financial intermediary or enroll in e-delivery at capitalgroup.com (for accounts held directly with the fund).
American Funds Insurance Series — Portfolio Series, from Capital Group, serves as an underlying investment vehicle for variable annuities and insurance products. For over 90 years, Capital has invested with a long-term focus based on thorough research and attention to risk.
American Funds® Global Growth Portfolio seeks to provide long-term growth of capital.
American Funds® Growth and Income Portfolio seeks to provide long-term growth of capital while providing current income.
American Funds® Managed Risk Growth Portfolio seeks to provide long-term growth of capital while seeking to manage volatility and provide downside protection.
American Funds® 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.
American Funds® 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.
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, refer to 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, 2023. Also shown are the estimated gross and net expense ratios as of the series prospectus dated May 1, 2024 (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 | 23.03 | % | 11.36 | % | 8.03 | % | 0.97 | % | 0.97 | % | ||||||||||
American Funds Growth and Income Portfolio, Class 4 | 15.86 | 8.53 | 6.43 | 0.80 | 0.80 | |||||||||||||||
American Funds Managed Risk Growth Portfolio, Class P2 | 15.57 | 6.73 | 5.16 | 0.99 | 0.94 | |||||||||||||||
American Funds Managed Risk Growth and Income Portfolio, Class P2 | 11.71 | 5.66 | 4.24 | 0.96 | 0.91 | |||||||||||||||
American Funds Managed Risk Global Allocation Portfolio, Class P2 | 10.52 | 4.56 | 3.13 | 1.09 | 1.04 |
* | 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, 2024, 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 instruments, including exchange-traded futures contracts and exchange-traded put options, may not provide an effective hedge of the underlying securities because changes in the prices of such instruments may not track those of the securities they are intended to hedge. In addition, the managed risk strategy may not effectively protect the funds from market declines and will limit the funds’ participation in market gains. The use of the managed risk strategy could cause the funds’ returns to lag those of the underlying funds in certain market conditions. Refer to the funds’ prospectuses and the Risk Factors section of this report for more information on these and other risks associated with investing in the funds.
Investments are not FDIC-insured, nor are they deposits of or guaranteed by a bank or any other entity, so they may lose value.
Contents
It is our pleasure 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 in 2023, bouncing back from the severe losses of 2022. Stocks advanced in nearly all major developed markets, led by the U.S., Europe and Japan. Many emerging markets also posted solid gains, particularly Brazil and India, even as stocks in China fell sharply. Markets moved higher despite rising geopolitical risks, including ongoing conflicts in Ukraine and the Middle East.
All sectors in the MSCI All Country World Index (ACWI)1 rose, boosted by signs of falling inflation and indications that many of the world’s central banks are likely done raising interest rates. Information technology stocks enjoyed the largest gains, fueled in part by rapid advancements in artificial intelligence. Consumer staples, health care and utilities stocks lagged the overall market.
Despite market jitters over a major banking crisis and wars in Ukraine and the Middle East, U.S. equities advanced amid strong economic growth, moderating inflation and a slowdown in the pace of Federal Reserve interest rate hikes. The information technology, consumer discretionary and communication services sectors led as growth stocks significantly outpaced value.
The S&P 500 Index2, a market capitalization-weighted index based on the results of approximately 500 widely held common stocks, advanced 26.29%. The Bloomberg U.S. Aggregate Index3, which measures investment-grade U.S. bonds (rated BBB/Baa and above), returned 5.53%.
American Funds Global Growth Portfolio returned 23.03%. Its benchmark, the MSCI ACWI1,4, a free float-adjusted, market capitalization-weighted index designed to measure the results of more than 40 developed and emerging equity markets, advanced 22.20%. The Morningstar U.S. Insurance Global Large-Stock Growth Category Average5, 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, returned 25.77%.
American Funds Growth and Income Portfolio returned 15.86%. It’s benchmark, the AFIS Growth and Income Portfolio Series Custom Index6, advanced 15.64%. The Morningstar U.S. Insurance Allocation — 50% to 70% Equity Category Average5, 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 14.84%.
American Funds Managed Risk Growth Portfolio returned 15.57%. The S&P 500 Managed Risk Index — Moderate7 returned 16.81%.
American Funds Managed Risk Growth and Income Portfolio returned 11.71%. The S&P 500 Managed Risk Index — Moderate7 returned 16.81%.
Past results are not predictive of results in future periods.
Refer to page 2 for footnotes.
American Funds Insurance Series – Portfolio Series | 1 |
American Funds Managed Risk Global Allocation Portfolio returned 10.52%. The S&P Global LargeMidCap Managed Risk Index — Moderate7 advanced 16.21%.
The strong stock market returns of 2023, after a rough 2022, were a surprise to many. While the likelihood of recession may have diminished for now, we are mindful that downside risks remain prevalent, as slowing growth, softening labor markets, rising geopolitical tensions and the 2024 presidential election all have the potential to impact markets. We strive to construct portfolios we believe will decline less than the market during periods of correction. It is 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. We continue to utilize The Capital SystemTM of investment management, where our portfolio managers and analysts, aided by world-class research and robust internal debate, focus on their highest conviction ideas. This is our time-tested process, and we believe it will allow us to continue to achieve excellent risk-adjusted returns for our shareholders.
Thank you for continuing to trust us with your investment in American Funds Insurance Series — Portfolio Series. We look forward to reporting back to you in six months.
Sincerely,
Donald D. O’Neal
Co-President
Alan N. Berro
Co-President
February 16, 2024
The market indexes are unmanaged and, therefore, have no expenses. Investors cannot invest directly in an index. Bond ratings, which typically range from AAA/Aaa (highest) to D (lowest) are assigned by credit agencies such as Standard & Poor’s, Moody’s and/or Finch as an indication of an issuer’s creditworthiness.
Past results are not predictive of results in future periods.
1 | Source: MSCI. |
2 | Source: S&P Dow Jones Indices LLC. |
3 | Source: Bloomberg Index Services Ltd. |
4 | MSCI index results reflect dividends net of withholding taxes. Source: MSCI. |
5 | Source: Morningstar, Inc. © 2024 All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; (3) does not constitute investment advice offered by Morningstar; and (4) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from this information. Past performance is no guarantee of future results. |
6 | The AFIS Growth and Income Portfolio Series Custom Index is a composite of the cumulative total returns for the following indexes with their respective weightings: 40% S&P 500 Index/20% MSCI All Country World Index ex USA/40% Bloomberg U.S. Aggregate Index. The blend is rebalanced monthly. The MSCI ACWI ex USA is a free float-adjusted, market capitalization-weighted index designed to measure equity market results in the global developed and emerging markets, excluding the United States. The MSCI index results reflect dividends net of withholding taxes. Source: MSCI. |
7 | Source: S&P Dow Jones Indices LLC. The S&P 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 S&P 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, 2023, 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) | 23.03 | % | 11.36 | % | 8.03 | % | ||||||
MSCI ACWI (All Country World Index)1 | 22.20 | 11.72 | 7.99 | |||||||||
Morningstar U.S. Insurance Global Large-Stock Growth Category Average2 | 25.77 | 12.63 | 8.59 | |||||||||
American Funds Growth and Income Portfolio (Class 4) | 15.86 | 8.53 | 6.43 | |||||||||
AFIS Growth and Income Portfolio Series Custom Index3 | 15.64 | 8.31 | 6.28 | |||||||||
Morningstar U.S. Insurance — 50% to 70% Equity Allocation Category Average4 | 14.84 | 7.75 | 5.55 | |||||||||
American Funds Managed Risk Growth Portfolio (Class P2) | 15.57 | 6.73 | 5.16 | |||||||||
S&P 500 Managed Risk Index — Moderate5 | 16.81 | 8.77 | 6.94 | |||||||||
American Funds Managed Risk Growth and Income Portfolio (Class P2) | 11.71 | 5.66 | 4.24 | |||||||||
S&P 500 Managed Risk Index — Moderate5 | 16.81 | 8.77 | 6.94 | |||||||||
American Funds Managed Risk Global Allocation Portfolio (Class P2) | 10.52 | 4.56 | 3.13 | |||||||||
S&P Global LargeMidCap Managed Risk Index — Moderate5 | 16.21 | 7.37 | 4.93 | |||||||||
S&P 500 Index3 | 26.29 | 15.69 | 11.94 | |||||||||
Bloomberg U.S. Aggregate Index3 | 5.53 | 1.10 | 1.30 | |||||||||
Bloomberg Global Aggregate Index6 | 5.72 | –0.32 | 0.51 |
Past results are not predictive of results in future periods.
The market indexes shown are unmanaged and, therefore, have no expenses. Investors cannot invest directly in an index.
1 | MSCI All Country World Index is a free float-adjusted, market capitalization-weighted index that is designed to measure equity market results in the global developed and emerging markets, consisting of more than 40 developed and emerging market country indexes. Index results reflect dividends net of withholding taxes. Source: MSCI. |
2 | The Morningstar U.S. Insurance Global Large-Stock Growth Category Average is 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.). Source: Morningstar, Inc. |
3 | The AFIS Growth and Income Portfolio Series Custom Index is a composite of the cumulative total returns for the following indexes with their respective weightings: 40% S&P 500 Index/20% MSCI All Country World Index ex USA/40% Bloomberg U.S. Aggregate Index. The blend is rebalanced monthly. The S&P 500 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 All Country World Index ex USA is a free float-adjusted, market capitalization-weighted index designed to measure equity market results in the global developed and emerging markets, excluding the United States. The MSCI index 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. |
4 | The Morningstar U.S. Insurance — 50% to 70% Equity Allocation Category Average is 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. Source: Morningstar, Inc. |
5 | The S&P 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. Source: S&P Dow Jones Indices LLC. These indices are generated and published under agreements between S&P Dow Jones Indices and Milliman Financial Risk Management LLC. |
6 | Bloomberg Global Aggregate Index represents the global investment-grade fixed-rate bond market. Source: Bloomberg Index Services Ltd. |
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 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, 2023, 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, 2023) | ||||||
1 year | 5 years | Lifetime (since 5/1/15) | ||||
Class 4 shares | 23.03% | 11.36% | 8.03% |
Growth and Income Portfolio
Average annual total returns5 based on a $1,000 investment (for the year ended December 31, 2023) | ||||||
1 year | 5 years | Lifetime (since 5/1/15) | ||||
Class 4 shares | 15.86% | 8.53% | 6.43% |
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, 2023) | ||||||
1 year | 5 years | Lifetime (since 5/1/15) | ||||
Class P2 shares | 15.57% | 6.73% | 5.16% |
Managed Risk Growth and Income Portfolio
Average annual total returns5 based on a $1,000 investment (for the year ended December 31, 2023) | ||||||
1 year | 5 years | Lifetime (since 5/1/15) | ||||
Class P2 shares | 11.71% | 5.66% | 4.24% |
Managed Risk Global Allocation Portfolio
Average annual total returns5 based on a $1,000 investment (for the year ended December 31, 2023) | ||||||
1 year | 5 years | Lifetime (since 5/1/15) | ||||
Class P2 shares | 10.52% | 4.56% | 3.13% |
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 AFIS Growth and Income Portfolio Series Custom Index is a composite of the cumulative total returns for the following indexes with their respective weightings: 40% S&P 500 Index/20% MSCI ACWI ex USA/40% Bloomberg U.S. Aggregate Index. The blend is rebalanced monthly. MSCI index results reflect dividends net of withholding taxes. |
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, 2024, 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. The S&P 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 S&P 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 12/31/23: | ||
30.1% | Global Growth Fund | |
19.9% | Growth Fund | |
15.0% | 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, 2023, the fund’s shares rose 23.03%. All the underlying funds had positive returns.
American Funds Growth and Income Portfolio
Underlying allocations as of 12/31/23: | ||
10.0% | Growth Fund | |
20.1% | Capital World Growth and Income Fund | |
10.0% | Growth-Income Fund | |
5.0% | Asset Allocation Fund | |
10.0% | Capital Income Builder Fund | |
29.9% | The Bond Fund of America | |
10.0% | Washington Mutual Investors Fund | |
5.0% | Global Balanced Fund |
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, 2023, the fund’s shares rose 15.86%. All the underlying funds had positive returns.
American Funds Managed Risk Growth Portfolio
Underlying allocations as of 12/31/23: | ||
30.1% | Growth Fund | |
15.0% | Global Growth Fund | |
10.0% | Global Small Capitalization Fund | |
15.0% | Growth-Income Fund | |
5.0% | Washington Mutual Investors Fund | |
20.0% | The Bond Fund of America | |
4.9% | 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, 2023, the fund’s shares rose 15.57%. All the underlying funds had positive returns.
6 | American Funds Insurance Series – Portfolio Series |
American Funds Managed Risk Growth and Income Portfolio
Underlying allocations as of 12/31/23: | ||
10.0% | Growth Fund | |
25.0% | Capital World Growth and Income Fund | |
15.0% | Growth-Income Fund | |
10.0% | Washington Mutual Investors Fund | |
5.0% | Asset Allocation Fund | |
15.0% | Capital Income Builder Fund | |
15.0% | The Bond Fund of America | |
5.0% | 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, 2023, the fund’s shares rose 11.71%. All the underlying funds had positive returns.
American Funds Managed Risk Global Allocation Portfolio
Underlying allocations as of 12/31/23: | ||
25.0% | Global Growth Fund | |
20.0% | Capital World Growth and Income Fund | |
10.0% | Asset Allocation Fund | |
20.0% | Global Balanced Fund | |
5.0% | Capital Income Builder Fund | |
15.0% | Capital World Bond Fund | |
5.0% | 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, 2023, the fund’s shares rose 10.52%. All the underlying funds had positive returns.
* | 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. |
The Portfolio Series funds are actively monitored; allocations and funds may change.
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 2023. 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, 2023
Growth funds 80.05% | Shares | Value (000) | ||||||
American Funds Insurance Series - Global Growth Fund, Class 1 | 620,710 | $ | 21,055 | |||||
American Funds Insurance Series - Growth Fund, Class 1 | 140,521 | 13,973 | ||||||
American Funds Insurance Series - Global Small Capitalization Fund, Class 1 | 567,105 | 10,531 | ||||||
American Funds Insurance Series - International Fund, Class 1 | 401,487 | 7,026 | ||||||
American Funds Insurance Series - New World Fund, Class 1 | 138,030 | 3,517 | ||||||
Total growth funds (cost: $54,308,000) | 56,102 | |||||||
Growth-and-income funds 20.03% | ||||||||
American Funds Insurance Series - Capital World Growth and Income Fund, Class 1 | 1,013,736 | 14,040 | ||||||
Total growth-and-income funds (cost: $13,348,000) | 14,040 | |||||||
Total investment securities 100.08% (cost: $67,656,000) | 70,142 | |||||||
Other assets less liabilities (0.08)% | (55 | ) | ||||||
Net assets 100.00% | $ | 70,087 |
Investments in affiliates1
Value at 1/1/2023 (000) | Additions (000) | Reductions (000) | Net realized gain (loss) (000) | Net unrealized appreciation (depreciation) (000) | Value at 12/31/2023 (000) | Dividend income (000) | Capital gain distributions received (000) | |||||||||||||||||||||||||
Growth funds 80.05% | ||||||||||||||||||||||||||||||||
American Funds Insurance Series - Global Growth Fund, Class 1 | $ | 18,388 | $ | 3,344 | $ | 2,955 | $ | (369 | ) | $ | 2,647 | $ | 21,055 | $ | 224 | $ | 1,499 | |||||||||||||||
American Funds Insurance Series - Growth Fund, Class 1 | 12,224 | 1,761 | 3,547 | (1,306 | ) | 4,841 | 13,973 | 77 | 742 | |||||||||||||||||||||||
American Funds Insurance Series - Global Small Capitalization Fund, Class 1 | 9,237 | 1,436 | 1,501 | (936 | ) | 2,295 | 10,531 | 49 | 123 | |||||||||||||||||||||||
American Funds Insurance Series - International Fund, Class 1 | 6,153 | 838 | 836 | (302 | ) | 1,173 | 7,026 | 104 | — | |||||||||||||||||||||||
American Funds Insurance Series - New World Fund, Class 1 | 3,097 | 293 | 307 | (26 | ) | 460 | 3,517 | 56 | — | |||||||||||||||||||||||
56,102 | ||||||||||||||||||||||||||||||||
Growth-and-income funds 20.03% | ||||||||||||||||||||||||||||||||
American Funds Insurance Series - Capital World Growth and Income Fund, Class 1 | 12,279 | 1,380 | 1,858 | (153 | ) | 2,392 | 14,040 | 279 | — | |||||||||||||||||||||||
Total 100.08% | $ | (3,092 | ) | $ | 13,808 | $ | 70,142 | $ | 789 | $ | 2,364 |
1 | Part of the same “group of investment companies” as the fund as defined under the Investment Company Act of 1940, as amended. |
Refer to the notes to financial statements.
8 | American Funds Insurance Series – Portfolio Series |
American Funds Growth and Income Portfolio
Investment portfolio December 31, 2023
Growth funds 10.00% | Shares | Value (000) | ||||||
American Funds Insurance Series - Growth Fund, Class 1 | 359,894 | $ | 35,788 | |||||
Total growth funds (cost: $26,008,000) | 35,788 | |||||||
Growth-and-income funds 40.12% | ||||||||
American Funds Insurance Series - Capital World Growth and Income Fund, Class 1 | 5,180,471 | 71,749 | ||||||
American Funds Insurance Series - Washington Mutual Investors Fund, Class 1 | 2,479,423 | 35,927 | ||||||
American Funds Insurance Series - Growth-Income Fund, Class 1 | 606,152 | 35,921 | ||||||
Total growth-and-income funds (cost: $134,984,000) | 143,597 | |||||||
Asset allocation funds 5.03% | ||||||||
American Funds Insurance Series - Asset Allocation Fund, Class 1 | 755,251 | 18,020 | ||||||
Total asset allocation funds (cost: $20,222,000) | 18,020 | |||||||
Equity-income funds 10.04% | ||||||||
American Funds Insurance Series - Capital Income Builder, Class 1 | 3,089,152 | 35,927 | ||||||
Total equity-income funds (cost: $30,086,000) | 35,927 | |||||||
Balanced funds 5.03% | ||||||||
American Funds Insurance Series - American Funds Global Balanced Fund, Class 1 | 1,457,082 | 18,024 | ||||||
Total balanced funds (cost: $17,381,000) | 18,024 | |||||||
Fixed income funds 29.86% | ||||||||
American Funds Insurance Series - The Bond Fund of America, Class 1 | 11,202,405 | 106,871 | ||||||
Total fixed income funds (cost: $122,668,000) | 106,871 | |||||||
Total investment securities 100.08% (cost: $351,349,000) | 358,227 | |||||||
Other assets less liabilities (0.08)% | (286 | ) | ||||||
Net assets 100.00% | $ | 357,941 |
American Funds Insurance Series – Portfolio Series | 9 |
American Funds Growth and Income Portfolio (continued)
Investments in affiliates1
Value at 1/1/2023 (000) | Additions (000) | Reductions (000) | Net realized gain (loss) (000) | Net unrealized appreciation (depreciation) (000) | Value at 12/31/2023 (000) | Dividend income (000) | Capital gain distributions received (000) | |||||||||||||||||||||||||
Growth funds 10.00% | ||||||||||||||||||||||||||||||||
American Funds Insurance Series - Growth Fund, Class 1 | $ | 32,068 | $ | 3,049 | $ | 8,544 | $ | (1,031 | ) | $ | 10,246 | $ | 35,788 | $ | 198 | $ | 1,909 | |||||||||||||||
Growth-and-income funds 40.12% | ||||||||||||||||||||||||||||||||
American Funds Insurance Series - Capital World Growth and Income Fund, Class 1 | 65,384 | 2,588 | 8,049 | (3,083 | ) | 14,909 | 71,749 | 1,436 | — | |||||||||||||||||||||||
American Funds Insurance Series - Washington Mutual Investors Fund, Class 1 | — | 34,981 | 3,099 | 121 | 3,924 | 35,927 | 706 | 314 | ||||||||||||||||||||||||
American Funds Insurance Series - Growth-Income Fund, Class 1 | 65,332 | 2,855 | 39,732 | 1,975 | 5,491 | 35,921 | 532 | 1,784 | ||||||||||||||||||||||||
143,597 | ||||||||||||||||||||||||||||||||
Asset allocation funds 5.03% | ||||||||||||||||||||||||||||||||
American Funds Insurance Series - Asset Allocation Fund, Class 1 | 32,555 | 2,337 | 18,777 | (4,713 | ) | 6,618 | 18,020 | 506 | 1,313 | |||||||||||||||||||||||
Equity-income funds 10.04% | ||||||||||||||||||||||||||||||||
American Funds Insurance Series - Capital Income Builder, Class 1 | 32,842 | 2,212 | 1,099 | (18 | ) | 1,990 | 35,927 | 1,084 | — | |||||||||||||||||||||||
Balanced funds 5.03% | ||||||||||||||||||||||||||||||||
American Funds Insurance Series - American Funds Global Balanced Fund, Class 1 | — | 17,385 | 4 | — | 2 | 643 | 18,024 | 194 | — | |||||||||||||||||||||||
Fixed income funds 29.86% | ||||||||||||||||||||||||||||||||
American Funds Insurance Series - The Bond Fund of America, Class 1 | 97,317 | 15,995 | 7,805 | (705 | ) | 2,069 | 106,871 | 3,770 | — | |||||||||||||||||||||||
Total 100.08% | $ | (7,454 | ) | $ | 45,890 | $ | 358,227 | $ | 8,426 | $ | 5,320 |
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. |
Refer to the notes to financial statements.
10 | American Funds Insurance Series – Portfolio Series |
American Funds Managed Risk Growth Portfolio
Investment portfolio December 31, 2023
Growth funds 55.08% | Shares | Value (000) | ||||||
American Funds Insurance Series – Growth Fund, Class 1 | 5,225,372 | $ | 519,611 | |||||
American Funds Insurance Series – Global Growth Fund, Class 1 | 7,659,361 | 259,806 | ||||||
American Funds Insurance Series – Global Small Capitalization Fund, Class 1 | 9,330,023 | 173,258 | ||||||
Total growth funds (cost: $813,436,000) | 952,675 | |||||||
Growth-and-income funds 20.02% | ||||||||
American Funds Insurance Series – Growth-Income Fund, Class 1 | 4,384,163 | 259,806 | ||||||
American Funds Insurance Series – Washington Mutual Investors Fund, Class 1 | 5,972,877 | 86,547 | ||||||
Total growth-and-income funds (cost: $311,208,000) | 346,353 | |||||||
Fixed income funds 20.02% | ||||||||
American Funds Insurance Series – The Bond Fund of America, Class 1 | 36,305,294 | 346,352 | ||||||
Total fixed income funds (cost: $351,681,000) | 346,352 | |||||||
Short-term securities 4.66% | ||||||||
State Street Institutional U.S. Government Money Market Fund, Premier Class 5.32%1 | 80,653,816 | 80,654 | ||||||
Total short-term securities (cost: $80,654,000) | 80,654 | |||||||
Options purchased (equity style) 0.17% | ||||||||
Options purchased (equity style)* | 2,907 | |||||||
Total options purchased (cost: $6,419,000) | 2,907 | |||||||
Total investment securities 99.95% (cost: $1,563,398,000) | 1,728,941 | |||||||
Other assets less liabilities 0.05% | 883 | |||||||
Net assets 100.00% | $ | 1,729,824 |
*Options purchased (equity style)
Equity index options
Description | Number of contracts | Notional amount (000) | Exercise price | Expiration date | Value at 12/31/2023 (000) | |||||||||||
Put | ||||||||||||||||
S&P 500 Index | 415 | USD | 197,948 | USD | 3,250.00 | 3/15/2024 | $ | 76 | ||||||||
S&P 500 Index | 45 | 21,464 | 3,300.00 | 3/15/2024 | 9 | |||||||||||
S&P 500 Index | 145 | 69,163 | 3,325.00 | 3/15/2024 | 30 | |||||||||||
S&P 500 Index | 55 | 26,234 | 3,350.00 | 3/15/2024 | 12 | |||||||||||
S&P 500 Index | 815 | 388,741 | 3,300.00 | 6/21/2024 | 848 | |||||||||||
S&P 500 Index | 90 | 42,928 | 3,325.00 | 6/21/2024 | 93 | |||||||||||
S&P 500 Index | 295 | 140,710 | 3,375.00 | 6/21/2024 | 329 | |||||||||||
S&P 500 Index | 50 | 23,849 | 3,400.00 | 6/21/2024 | 58 | |||||||||||
S&P 500 Index | 410 | 195,563 | 3,450.00 | 6/21/2024 | 508 | |||||||||||
S&P 500 Index | 295 | 140,710 | 3,475.00 | 6/21/2024 | 379 | |||||||||||
S&P 500 Index | 10 | 4,770 | 3,500.00 | 6/21/2024 | 13 | |||||||||||
S&P 500 Index | 35 | 16,694 | 3,525.00 | 6/21/2024 | 48 | |||||||||||
S&P 500 Index | 50 | 23,849 | 3,575.00 | 6/21/2024 | 74 | |||||||||||
S&P 500 Index | 25 | 11,925 | 3,625.00 | 6/21/2024 | 40 | |||||||||||
S&P 500 Index | 130 | 62,008 | 3,675.00 | 6/21/2024 | 224 |
American Funds Insurance Series – Portfolio Series | 11 |
American Funds Managed Risk Growth Portfolio (continued)
*Options purchased (equity style) (continued)
Equity index options (continued)
Description | Number of contracts | Notional amount (000) | Exercise price | Expiration date | Value at 12/31/2023 (000) | |||||||||||
S&P 500 Index | 80 | USD | 38,159 | USD | 3,700.00 | 6/21/2024 | $ | 142 | ||||||||
S&P 500 Index | 10 | 4,770 | 3,450.00 | 9/20/2024 | 24 | |||||||||||
$ | 2,907 |
Futures contracts
Contracts | Type | Number of contracts | Expiration date | Notional amount (000) | Value and unrealized appreciation (depreciation) at 12/31/2023 (000) | ||||||||||
S&P 500 E-mini Index Futures | Long | 162 | 3/1/2024 | USD39,042 | $ | 1,134 | |||||||||
5 Year U.S. Treasury Note Futures | Long | 36 | 3/1/2024 | 3,916 | 87 | ||||||||||
$ | 1,221 |
Investments in affiliates2
Value at 1/1/2023 (000) | Additions (000) | Reductions (000) | Net realized gain (loss) (000) | Net unrealized appreciation (depreciation) (000) | Value at 12/31/2023 (000) | Dividend income (000) | Capital gain distributions received (000) | |||||||||||||||||||||||||
Growth funds 55.08% | ||||||||||||||||||||||||||||||||
American Funds Insurance Series – Growth Fund, Class 1 | $ | 471,472 | $ | 160,586 | $ | 246,629 | $ | (21,262 | ) | $ | 155,444 | $ | 519,611 | $ | 2,849 | $ | 27,320 | |||||||||||||||
American Funds Insurance Series – Global Growth Fund, Class 1 | 235,810 | 63,118 | 68,970 | (24,188 | ) | 54,036 | 259,806 | 2,760 | 18,466 | |||||||||||||||||||||||
American Funds Insurance Series – Global Small Capitalization Fund, Class 1 | 157,207 | 52,056 | 59,569 | (16,334 | ) | 39,898 | 173,258 | 805 | 1,999 | |||||||||||||||||||||||
952,675 | ||||||||||||||||||||||||||||||||
Growth-and-income funds 20.02% | ||||||||||||||||||||||||||||||||
American Funds Insurance Series – Growth-Income Fund, Class 1 | 235,810 | 52,905 | 70,654 | (2,927 | ) | 44,672 | 259,806 | 3,819 | 12,786 | |||||||||||||||||||||||
American Funds Insurance Series – Washington Mutual Investors Fund, Class 1 | 78,603 | 16,668 | 19,896 | (3,316 | ) | 14,488 | 86,547 | 1,688 | 749 | |||||||||||||||||||||||
346,353 | ||||||||||||||||||||||||||||||||
Fixed income funds 20.02% | ||||||||||||||||||||||||||||||||
American Funds Insurance Series – The Bond Fund of America, Class 1 | 298,604 | 152,757 | 108,792 | (17,131 | ) | 20,914 | 346,352 | 12,110 | — | |||||||||||||||||||||||
Total 95.12% | $ | (85,158 | ) | $ | 329,452 | $ | 1,645,380 | $ | 24,031 | $ | 61,320 |
1 | Rate represents the seven-day yield at 12/31/2023. |
2 | Part of the same “group of investment companies” as the fund as defined under the Investment Company Act of 1940, as amended. |
Key to abbreviation(s)
USD = U.S. dollars
Refer to the notes to financial statements.
12 | American Funds Insurance Series – Portfolio Series |
American Funds Managed Risk Growth and Income Portfolio
Investment portfolio December 31, 2023
Growth funds 10.01% | Shares | Value (000) | ||||||
American Funds Insurance Series – Growth Fund, Class 1 | 1,349,297 | $ | 134,174 | |||||
Total growth funds (cost: $109,044,000) | 134,174 | |||||||
Growth-and-income funds 50.05% | ||||||||
American Funds Insurance Series – Capital World Growth and Income Fund, Class 1 | 24,205,343 | 335,244 | ||||||
American Funds Insurance Series – Growth-Income Fund, Class 1 | 3,395,163 | 201,197 | ||||||
American Funds Insurance Series – Washington Mutual Investors Fund, Class 1 | 9,259,769 | 134,174 | ||||||
Total growth-and-income funds (cost: $584,178,000) | 670,615 | |||||||
Asset allocation funds 5.00% | ||||||||
American Funds Insurance Series – Asset Allocation Fund, Class 1 | 2,809,024 | 67,023 | ||||||
Total asset allocation funds (cost: $70,312,000) | 67,023 | |||||||
Equity-income funds 15.02% | ||||||||
American Funds Insurance Series – Capital Income Builder Fund, Class 1 | 17,299,860 | 201,197 | ||||||
Total equity-income funds (cost: $189,621,000) | 201,197 | |||||||
Fixed income funds 15.02% | ||||||||
American Funds Insurance Series – The Bond Fund of America, Class 1 | 21,089,871 | 201,198 | ||||||
Total fixed income funds (cost: $205,200,000) | 201,198 | |||||||
Short-term securities 4.69% | ||||||||
State Street Institutional U.S. Government Money Market Fund, Premier Class 5.32%1 | 62,795,507 | 62,796 | ||||||
Total short-term securities (cost: $62,796,000) | 62,796 | |||||||
Options purchased (equity style) 0.16% | ||||||||
Options purchased (equity style)* | 2,136 | |||||||
Total options purchased (cost: $4,948,000) | 2,136 | |||||||
Total investment securities 99.95% (cost: $1,226,099,000) | 1,339,139 | |||||||
Other assets less liabilities 0.05% | 650 | |||||||
Net assets 100.00% | $ | 1,339,789 |
*Options purchased (equity style)
Equity index options
Description | Number of contracts | Notional amount (000) | Exercise price | Expiration date | Value at 12/31/2023 (000) | |||||||||||
Put | ||||||||||||||||
S&P 500 Index | 440 | USD209,873 | USD3,250.00 | 3/15/2024 | $ | 80 | ||||||||||
S&P 500 Index | 30 | 14,309 | 3,300.00 | 3/15/2024 | 6 | |||||||||||
S&P 500 Index | 105 | 50,083 | 3,325.00 | 3/15/2024 | 22 |
American Funds Insurance Series – Portfolio Series | 13 |
American Funds Managed Risk Growth and Income Portfolio (continued)
*Options purchased (equity style) (continued)
Equity index options (continued)
Description | Number of contracts | Notional amount (000) | Exercise price | Expiration date | Value at 12/31/2023 (000) | |||||||||||
S&P 500 Index | 35 | USD16,694 | USD3,350.00 | 3/15/2024 | $ | 8 | ||||||||||
S&P 500 Index | 35 | 16,694 | 3,375.00 | 3/15/2024 | 8 | |||||||||||
S&P 500 Index | 480 | 228,952 | 3,300.00 | 6/21/2024 | 499 | |||||||||||
S&P 500 Index | 70 | 33,389 | 3,325.00 | 6/21/2024 | 72 | |||||||||||
S&P 500 Index | 235 | 112,091 | 3,375.00 | 6/21/2024 | 262 | |||||||||||
S&P 500 Index | 50 | 23,849 | 3,400.00 | 6/21/2024 | 57 | |||||||||||
S&P 500 Index | 320 | 152,635 | 3,450.00 | 6/21/2024 | 397 | |||||||||||
S&P 500 Index | 200 | 95,397 | 3,475.00 | 6/21/2024 | 257 | |||||||||||
S&P 500 Index | 40 | 19,079 | 3,575.00 | 6/21/2024 | 59 | |||||||||||
S&P 500 Index | 15 | 7,155 | 3,625.00 | 6/21/2024 | 24 | |||||||||||
S&P 500 Index | 90 | 42,928 | 3,675.00 | 6/21/2024 | 155 | |||||||||||
S&P 500 Index | 65 | 31,004 | 3,700.00 | 6/21/2024 | 116 | |||||||||||
S&P 500 Index | 20 | 9,540 | 3,450.00 | 9/20/2024 | 48 | |||||||||||
S&P 500 Index | 25 | 11,925 | 3,500.00 | 9/20/2024 | 66 | |||||||||||
$ | 2,136 |
Futures contracts
Contracts | Type | Number of contracts | Expiration date | Notional amount (000) | Value and unrealized appreciation (depreciation) at 12/31/2023 (000) | ||||||||||
S&P 500 E-mini Index Futures | Long | 110 | 3/1/2024 | USD26,510 | $ | 741 | |||||||||
5 Year U.S. Treasury Note Futures | Long | 132 | 3/1/2024 | 14,358 | 319 | ||||||||||
$ | 1,060 |
14 | American Funds Insurance Series – Portfolio Series |
American Funds Managed Risk Growth and Income Portfolio (continued)
Investments in affiliates2
Value at 1/1/2023 (000) | Additions (000) | Reductions (000) | Net realized gain (loss) (000) | Net unrealized appreciation (depreciation) (000) | Value at 12/31/2023 (000) | Dividend income (000) | Capital gain distributions received (000) | |||||||||||||||||||||||||
Growth funds 10.01% | ||||||||||||||||||||||||||||||||
American Funds Insurance Series – Growth Fund, Class 1 | $ | 126,842 | $ | 41,262 | $ | 69,330 | $ | (2,008 | ) | $ | 37,408 | $ | 134,174 | $ | 746 | $ | 7,216 | |||||||||||||||
Growth-and-income funds 50.05% | ||||||||||||||||||||||||||||||||
American Funds Insurance Series – Capital World Growth and Income Fund, Class 1 | 317,226 | 53,324 | 91,771 | (33,723 | ) | 90,188 | 335,244 | 6,730 | — | |||||||||||||||||||||||
American Funds Insurance Series – Growth-Income Fund, Class 1 | 317,226 | 45,348 | 200,864 | (20,694 | ) | 60,181 | 201,197 | 2,993 | 10,119 | |||||||||||||||||||||||
American Funds Insurance Series – Washington Mutual Investors Fund, Class 1 | — | 142,299 | 23,514 | 795 | 14,594 | 134,174 | 2,648 | 1,187 | ||||||||||||||||||||||||
670,615 | ||||||||||||||||||||||||||||||||
Asset allocation funds 5.00% | ||||||||||||||||||||||||||||||||
American Funds Insurance Series – Asset Allocation Fund, Class 1 | 63,421 | 9,924 | 11,134 | (3,049 | ) | 7,861 | 67,023 | 1,568 | 2,490 | |||||||||||||||||||||||
Equity-income funds 15.02% | ||||||||||||||||||||||||||||||||
American Funds Insurance Series – Capital Income Builder Fund, Class 1 | 190,263 | 34,263 | 34,703 | 3,647 | 7,727 | 201,197 | 6,155 | — | ||||||||||||||||||||||||
Fixed income funds 15.02% | ||||||||||||||||||||||||||||||||
American Funds Insurance Series – The Bond Fund of America, Class 1 | 183,909 | 72,677 | 57,914 | (9,891 | ) | 12,417 | 201,198 | 7,092 | — | |||||||||||||||||||||||
Total 95.10% | $ | (64,923 | ) | $ | 230,376 | $ | 1,274,207 | $ | 27,932 | $ | 21,012 |
1 | Rate represents the seven-day yield at 12/31/2023. |
2 | Part of the same “group of investment companies” as the fund as defined under the Investment Company Act of 1940, as amended. |
Key to abbreviation(s)
USD = U.S. dollars
Refer to the notes to financial statements.
American Funds Insurance Series – Portfolio Series | 15 |
American Funds Managed Risk Global Allocation Portfolio
Investment portfolio December 31, 2023
Growth funds 25.01% | Shares | Value (000) | ||||||
American Funds Insurance Series – Global Growth Fund, Class 1 | 2,811,106 | $ | 95,353 | |||||
Total growth funds (cost: $84,717,000) | 95,353 | |||||||
Growth-and-income funds 20.00% | ||||||||
American Funds Insurance Series – Capital World Growth and Income Fund, Class 1 | 5,506,169 | 76,260 | ||||||
Total growth-and-income funds (cost: $66,337,000) | 76,260 | |||||||
Asset allocation funds 10.01% | ||||||||
American Funds Insurance Series – Asset Allocation Fund, Class 1 | 1,598,840 | 38,148 | ||||||
Total asset allocation funds (cost: $38,204,000) | 38,148 | |||||||
Equity-income funds 5.00% | ||||||||
American Funds Insurance Series – Capital Income Builder Fund, Class 1 | 1,638,525 | 19,056 | ||||||
Total equity-income funds (cost: $18,335,000) | 19,056 | |||||||
Balanced funds 20.01% | ||||||||
American Funds Insurance Series – American Funds Global Balanced Fund, Class 1 | 6,164,950 | 76,261 | ||||||
Total balanced funds (cost: $79,202,000) | 76,261 | |||||||
Fixed income funds 15.01% | ||||||||
American Funds Insurance Series – Capital World Bond Fund, Class 11 | 5,630,353 | 57,204 | ||||||
Total fixed income funds (cost: $54,163,000) | 57,204 | |||||||
Short-term securities 4.83% | ||||||||
State Street Institutional U.S. Government Money Market Fund, Premier Class 5.32%2 | 18,387,750 | 18,388 | ||||||
Total short-term securities (cost: $18,388,000) | 18,388 | |||||||
Options purchased (equity style) 0.11% | ||||||||
Options purchased (equity style)* | 427 | |||||||
Total options purchased (cost: $1,282,000) | 427 | |||||||
Total investment securities 99.98% (cost: $360,628,000) | 381,097 | |||||||
Other assets less liabilities 0.02% | 87 | |||||||
Net assets 100.00% | $ | 381,184 | ||||||
16 | American Funds Insurance Series – Portfolio Series |
American Funds Managed Risk Global Allocation Portfolio (continued)
*Options purchased (equity style)
Equity index options
Description | Number of contracts | Notional amount (000) | Exercise price | Expiration date | Value at 12/31/2023 (000) | |||||||||||
Put | ||||||||||||||||
S&P 500 Index | 245 | USD116,861 | USD3,250.00 | 3/15/2024 | $ | 45 | ||||||||||
S&P 500 Index | 10 | 4,770 | 3,300.00 | 3/15/2024 | 2 | |||||||||||
S&P 500 Index | 10 | 4,770 | 3,325.00 | 3/15/2024 | 2 | |||||||||||
S&P 500 Index | 10 | 4,770 | 3,350.00 | 3/15/2024 | 2 | |||||||||||
S&P 500 Index | 15 | 7,155 | 3,375.00 | 3/15/2024 | 3 | |||||||||||
S&P 500 Index | 25 | 11,924 | 3,300.00 | 6/21/2024 | 26 | |||||||||||
S&P 500 Index | 20 | 9,539 | 3,325.00 | 6/21/2024 | 21 | |||||||||||
S&P 500 Index | 60 | 28,619 | 3,375.00 | 6/21/2024 | 67 | |||||||||||
S&P 500 Index | 15 | 7,155 | 3,400.00 | 6/21/2024 | 17 | |||||||||||
S&P 500 Index | 85 | 40,543 | 3,450.00 | 6/21/2024 | 105 | |||||||||||
S&P 500 Index | 10 | 4,770 | 3,525.00 | 6/21/2024 | 14 | |||||||||||
S&P 500 Index | 10 | 4,770 | 3,575.00 | 6/21/2024 | 15 | |||||||||||
S&P 500 Index | 10 | 4,770 | 3,625.00 | 6/21/2024 | 16 | |||||||||||
S&P 500 Index | 20 | 9,539 | 3,675.00 | 6/21/2024 | 34 | |||||||||||
S&P 500 Index | 10 | 4,770 | 3,700.00 | 6/21/2024 | 18 | |||||||||||
S&P 500 Index | 15 | 7,155 | 3,500.00 | 9/20/2024 | 40 | |||||||||||
$ | 427 |
Futures contracts
Contracts | Type | Number of contracts | Expiration date | Notional amount (000) | Value and unrealized appreciation (depreciation) at 12/31/2023 (000) | ||||||||||
5 Year U.S. Treasury Note Futures | Long | 51 | 3/1/2024 | USD5,547 | $ | 123 | |||||||||
S&P 500 E-mini Index Futures | Long | 22 | 3/1/2024 | 5,302 | 149 | ||||||||||
$ | 272 |
American Funds Insurance Series – Portfolio Series | 17 |
American Funds Managed Risk Global Allocation Portfolio (continued)
Investments in affiliates3
Value at 1/1/2023 (000) | Additions (000) | Reductions (000) | Net realized gain (loss) (000) | Net unrealized appreciation (depreciation) (000) | Value at 12/31/2023 (000) | Dividend income (000) | Capital gain distributions received (000) | |||||||||||||||||||||||||
Growth funds 25.01% | ||||||||||||||||||||||||||||||||
American Funds Insurance Series – Global Growth Fund, Class 1 | $ | 93,020 | $ | 26,860 | $ | 36,124 | $ | (5,652 | ) | $ | 17,249 | $ | 95,353 | $ | 1,030 | $ | 6,960 | |||||||||||||||
Growth-and-income funds 20.00% | ||||||||||||||||||||||||||||||||
American Funds Insurance Series – Capital World Growth and Income Fund, Class 1 | 74,423 | 14,266 | 25,456 | (7,936 | ) | 20,963 | 76,260 | 1,538 | — | |||||||||||||||||||||||
Asset allocation funds 10.01% | ||||||||||||||||||||||||||||||||
American Funds Insurance Series – Asset Allocation Fund, Class 1 | 37,229 | 5,738 | 7,608 | 308 | 2,481 | 38,148 | 894 | 1,424 | ||||||||||||||||||||||||
Equity-income funds 5.00% | ||||||||||||||||||||||||||||||||
American Funds Insurance Series – Capital Income Builder Fund, Class 1 | — | 18,685 | 358 | 8 | 721 | 19,056 | 239 | — | ||||||||||||||||||||||||
Balanced funds 20.01% | ||||||||||||||||||||||||||||||||
American Funds Insurance Series – American Funds Global Balanced Fund, Class 1 | 93,020 | 19,440 | 35,055 | (1,755 | ) | 611 | 76,261 | 1,524 | 10,988 | |||||||||||||||||||||||
Fixed income funds 15.01% | ||||||||||||||||||||||||||||||||
American Funds Insurance Series – Capital World Bond Fund, Class 11 | 55,826 | 15,132 | 17,190 | (3,495 | ) | 6,931 | 57,204 | — | — | |||||||||||||||||||||||
Total 95.04% | $ | (18,522 | ) | $ | 48,956 | $ | 362,282 | $ | 5,225 | $ | 19,372 |
1 | Fund did not produce income during the last 12 months. |
2 | Rate represents the seven-day yield at 12/31/2023. |
3 | Part of the same “group of investment companies” as the fund as defined under the Investment Company Act of 1940, as amended. |
Key to abbreviation(s)
USD = U.S. dollars
Refer to the notes to financial statements.
18 | American Funds Insurance Series – Portfolio Series |
Statements of assets and liabilities at December 31, 2023 | (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 | $ | — | $ | — | $ | 83,561 | $ | 64,932 | $ | 18,815 | ||||||||||||
Affiliated issuers | 70,142 | 358,227 | 1,645,380 | 1,274,207 | 362,282 | |||||||||||||||||
Cash collateral pledged for futures contracts | — | — | 2,158 | 1,631 | 364 | |||||||||||||||||
Receivables for: | ||||||||||||||||||||||
Sales of investments | 82 | 627 | 2,161 | 1,133 | 267 | |||||||||||||||||
Sales of fund’s shares | — | * | — | * | — | — | 9 | |||||||||||||||
Dividends | — | — | 372 | 290 | 83 | |||||||||||||||||
Variation margin on futures contracts | — | — | 3 | 11 | 4 | |||||||||||||||||
70,224 | 358,854 | 1,733,635 | 1,342,204 | 381,824 | ||||||||||||||||||
Liabilities: | ||||||||||||||||||||||
Payables for: | ||||||||||||||||||||||
Purchases of investments | — | — | 1,672 | 708 | 43 | |||||||||||||||||
Repurchases of fund’s shares | 82 | 627 | 515 | 447 | 245 | |||||||||||||||||
Investment advisory services | — | — | 144 | 112 | 32 | |||||||||||||||||
Insurance administrative fees | 41 | 211 | 1,017 | 797 | 226 | |||||||||||||||||
Services provided by related parties | 14 | 72 | 350 | 272 | 77 | |||||||||||||||||
Trustees’ deferred compensation | — | * | 3 | 14 | 12 | 4 | ||||||||||||||||
Variation margin on futures contracts | — | — | 99 | 67 | 13 | |||||||||||||||||
137 | 913 | 3,811 | 2,415 | 640 | ||||||||||||||||||
Net assets at December 31, 2023 | $ | 70,087 | $ | 357,941 | $ | 1,729,824 | $ | 1,339,789 | $ | 381,184 | ||||||||||||
Net assets consist of: | ||||||||||||||||||||||
Capital paid in on shares of beneficial interest | $ | 68,579 | $ | 349,802 | $ | 1,956,041 | $ | 1,439,561 | $ | 416,154 | ||||||||||||
Total distributable earnings (accumulated loss) | 1,508 | 8,139 | (226,217 | ) | (99,772 | ) | (34,970 | ) | ||||||||||||||
Net assets at December 31, 2023 | $ | 70,087 | $ | 357,941 | $ | 1,729,824 | $ | 1,339,789 | $ | 381,184 | ||||||||||||
Investment securities, at cost: | ||||||||||||||||||||||
Unaffiliated issuers | $ | — | $ | — | $ | 87,073 | $ | 67,744 | $ | 19,670 | ||||||||||||
Affiliated issuers | 67,656 | 351,349 | 1,476,325 | 1,158,355 | 340,958 | |||||||||||||||||
Shares of beneficial interest issued and outstanding (no stated par value) — unlimited shares authorized | ||||||||||||||||||||||
Class 4: | Net assets | $ | 70,087 | $ | 357,941 | |||||||||||||||||
Shares outstanding | 5,969 | 31,278 | Not applicable | Not applicable | Not applicable | |||||||||||||||||
Net asset value per share | $ | 11.74 | $ | 11.44 | ||||||||||||||||||
Class P2: | Net assets | $ | 1,729,824 | $ | 1,339,789 | $ | 381,184 | |||||||||||||||
Shares outstanding | Not applicable | Not applicable | 195,534 | 144,021 | 41,058 | |||||||||||||||||
Net asset value per share | $ | 8.85 | $ | 9.30 | $ | 9.28 |
* | Amount less than one thousand. |
Refer to the notes to financial statements.
American Funds Insurance Series – Portfolio Series | 19 |
Financial statements (continued)
Statements of operations for the year ended December 31, 2023 | (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 | $ | — | $ | — | $ | 3,258 | $ | 2,609 | $ | 796 | ||||||||||
Affiliated issuers | 789 | 8,426 | 24,031 | 27,932 | 5,225 | |||||||||||||||
789 | 8,426 | 27,289 | 30,541 | 6,021 | ||||||||||||||||
Fees and expenses: | ||||||||||||||||||||
Investment advisory services | — | — | 2,450 | 1,935 | 556 | |||||||||||||||
Distribution services | 166 | 848 | 4,083 | 3,225 | 926 | |||||||||||||||
Insurance administrative services | 166 | 848 | 4,083 | 3,225 | 926 | |||||||||||||||
Transfer agent services | — | * | — | * | — | * | — | * | — | * | ||||||||||
Accounting and administrative services | — | — | 47 | 40 | 21 | |||||||||||||||
Reports to shareholders | 1 | 5 | — | — | — | |||||||||||||||
Registration statement and prospectus | 1 | 6 | 25 | 20 | 6 | |||||||||||||||
Trustees’ compensation | — | * | 2 | 7 | 5 | 2 | ||||||||||||||
Auditing and legal | 2 | 9 | 44 | 35 | 10 | |||||||||||||||
Custodian | 5 | 26 | 74 | 59 | 26 | |||||||||||||||
Other | — | * | — | * | 28 | 9 | 2 | |||||||||||||
Total fees and expenses before waivers | 341 | 1,744 | 10,841 | 8,553 | 2,475 | |||||||||||||||
Less waivers of fees and expenses: | ||||||||||||||||||||
Investment advisory services waivers | — | — | 817 | 645 | 185 | |||||||||||||||
Total fees and expenses after waivers | 341 | 1,744 | 10,024 | 7,908 | 2,290 | |||||||||||||||
Net investment income | 448 | 6,682 | 17,265 | 22,633 | 3,731 | |||||||||||||||
Net realized gain (loss) and unrealized appreciation (depreciation): | ||||||||||||||||||||
Net realized gain (loss) on: | ||||||||||||||||||||
Investments in: | ||||||||||||||||||||
Unaffiliated issuers | — | — | (13,676 | ) | (10,247 | ) | (2,895 | ) | ||||||||||||
Affiliated issuers | (3,092 | ) | (7,454 | ) | (85,158 | ) | (64,923 | ) | (18,522 | ) | ||||||||||
Futures contracts | — | — | (55,086 | ) | (44,230 | ) | (10,565 | ) | ||||||||||||
Currency transactions | — | — | 169 | 164 | 83 | |||||||||||||||
Capital gain distributions received from affiliated issuers | 2,364 | 5,320 | 61,320 | 21,012 | 19,372 | |||||||||||||||
(728 | ) | (2,134 | ) | (92,431 | ) | (98,224 | ) | (12,527 | ) | |||||||||||
Net unrealized appreciation (depreciation) on: | ||||||||||||||||||||
Investments in: | ||||||||||||||||||||
Unaffiliated issuers | — | — | 243 | (242 | ) | (1 | ) | |||||||||||||
Affiliated issuers | 13,808 | 45,890 | 329,452 | 230,376 | 48,956 | |||||||||||||||
Futures contracts | — | — | (17,301 | ) | (10,750 | ) | (2,627 | ) | ||||||||||||
13,808 | 45,890 | 312,394 | 219,384 | 46,328 | ||||||||||||||||
Net realized gain (loss) and unrealized appreciation (depreciation) | 13,080 | 43,756 | 219,963 | 121,160 | 33,801 | |||||||||||||||
Net increase (decrease) in net assets resulting from operations | $ | 13,528 | $ | 50,438 | $ | 237,228 | $ | 143,793 | $ | 37,532 |
* | Amount less than one thousand. |
Refer to the notes to financial statements.
20 | American Funds Insurance Series – Portfolio Series |
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, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||
Operations: | ||||||||||||||||||||||||
Net investment income | $ | 448 | $ | 444 | $ | 6,682 | $ | 6,302 | $ | 17,265 | $ | 11,756 | ||||||||||||
Net realized gain (loss) | (728 | ) | 9,493 | (2,134 | ) | 27,007 | (92,431 | ) | (15,369 | ) | ||||||||||||||
Net unrealized appreciation (depreciation) | 13,808 | (30,798 | ) | 45,890 | (92,853 | ) | 312,394 | (404,570 | ) | |||||||||||||||
Net increase (decrease) in net assets resulting from operations | 13,528 | (20,861 | ) | 50,438 | (59,544 | ) | 237,228 | (408,183 | ) | |||||||||||||||
Distributions paid to shareholders | (9,339 | ) | (9,974 | ) | (31,696 | ) | (35,419 | ) | (289,873 | ) | (259,110 | ) | ||||||||||||
Net capital share transactions | 4,571 | 8,118 | 13,971 | 43,477 | 207,441 | 248,176 | ||||||||||||||||||
Total increase (decrease) in net assets | 8,760 | (22,717 | ) | 32,713 | (51,486 | ) | 154,796 | (419,117 | ) | |||||||||||||||
Net assets: | ||||||||||||||||||||||||
Beginning of year | 61,327 | 84,044 | 325,228 | 376,714 | 1,575,028 | 1,994,145 | ||||||||||||||||||
End of year | $ | 70,087 | $ | 61,327 | $ | 357,941 | $ | 325,228 | $ | 1,729,824 | $ | 1,575,028 | ||||||||||||
Managed Risk Growth and Income Portfolio | Managed Risk Global Allocation Portfolio | |||||||||||||||||||||||
Year ended December 31, | Year ended December 31, | |||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||
Operations: | ||||||||||||||||||||||||
Net investment income | $ | 22,633 | $ | 20,542 | $ | 3,731 | $ | 1,648 | ||||||||||||||||
Net realized gain (loss) | (98,224 | ) | 80,775 | (12,527 | ) | (4,500 | ) | |||||||||||||||||
Net unrealized appreciation (depreciation) | 219,384 | (331,790 | ) | 46,328 | (85,383 | ) | ||||||||||||||||||
Net increase (decrease) in net assets resulting from operations | 143,793 | (230,473 | ) | 37,532 | (88,235 | ) | ||||||||||||||||||
Distributions paid to shareholders | (205,353 | ) | (112,305 | ) | (37,928 | ) | (40,195 | ) | ||||||||||||||||
Net capital share transactions | 130,568 | 79,014 | 8,683 | 18,917 | ||||||||||||||||||||
Total increase (decrease) in net assets | 69,008 | (263,764 | ) | 8,287 | (109,513 | ) | ||||||||||||||||||
Net assets: | ||||||||||||||||||||||||
Beginning of year | 1,270,781 | 1,534,545 | 372,897 | 482,410 | ||||||||||||||||||||
End of year | $ | 1,339,789 | $ | 1,270,781 | $ | 381,184 | $ | 372,897 |
Refer to the notes to financial statements.
American Funds Insurance Series – Portfolio 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 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 each fund as of the date the trades are executed with brokers. Realized gains and losses from security transactions are determined based on the specific identified cost of the securities. In the event a security is purchased with a delayed payment date, each fund will segregate liquid assets sufficient to meet their payment obligations. Dividend income is recognized on the ex-dividend date and interest income is recognized on an accrual basis.
22 | American Funds Insurance Series – Portfolio Series |
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 each 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 designated the series’ investment adviser to make fair value determinations, subject to board oversight. The investment adviser has established a Joint Fair Valuation Committee (the “Committee”) to administer, implement and oversee the fair valuation process, and to make fair value decisions. The Committee regularly reviews its own fair value decisions, as well as decisions made under its standing instructions to the investment adviser’s valuation team. The Committee reviews changes in fair value measurements from period to period, pricing vendor information and market data, and may, as deemed appropriate, update the fair valuation guidelines to better reflect the results of back testing and address new or evolving issues. Pricing decisions, processes and controls over security valuation are also subject to additional internal reviews facilitated by the investment adviser’s global risk management group. The Committee reports changes to the fair valuation guidelines to the board of trustees. The series’ board and audit committee also regularly review reports that describe fair value determinations and methods.
Classifications — The series’ investment adviser classifies 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. As of December 31, 2023, 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 each fund are subject to risks related to the investment adviser’s allocation choices. The selection of the underlying funds and the allocation of each fund’s assets could cause each 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.
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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 does 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 determining the overall asset allocation of each fund or 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 each fund’s investments consist of underlying funds, each 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 each 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 or companies; overall market changes; local, regional or global political, social or economic instability; governmental, governmental agency or central bank responses to economic conditions; changes in inflation rates; and currency exchange rate, interest rate and commodity price fluctuations.
Economies and financial markets throughout the world are highly interconnected. Economic, financial or political events, trading and tariff arrangements, wars, terrorism, cybersecurity events, natural disasters, public health emergencies (such as the spread of infectious disease), bank failures and other circumstances in one country or region, including actions taken by governmental or quasi-governmental authorities in response to any of the foregoing, could have impacts on global economies or markets. As a result, whether or not 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 the issuer’s financial condition or credit rating, changes in government regulations affecting the issuer or its competitive environment and strategic initiatives such as mergers, acquisitions or dispositions and the market response to any such initiatives. An individual security may also be affected by factors relating to the industry or sector of the issuer or the securities markets as a whole, and conversely an industry or sector or the securities markets may be affected by a change in financial condition or other event affecting a single issuer.
Investing in 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.
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Investing outside the U.S. — Securities of issuers domiciled outside the U.S. or with significant operations or revenues outside the U.S., and securities tied economically to countries outside the U.S., may lose value because of adverse political, social, economic or market developments (including social instability, regional conflicts, terrorism and war) in the countries or regions in which the issuers are domiciled, operate or generate revenue or to which the securities are tied economically. These securities may also lose value due to changes in foreign currency exchange rates against the U.S. dollar and/or currencies of other countries. Issuers of these securities may be more susceptible to actions of foreign governments, such as nationalization, currency blockage or the imposition of price controls, sanctions, or punitive taxes, each of which could adversely impact the value of these securities. Securities markets in certain countries may be more volatile and/or less liquid than those in the U.S. Investments outside the U.S. may also be subject to different regulatory, legal, accounting, auditing, financial reporting and recordkeeping requirements, and may be more difficult to value, than those in the U.S. In addition, the value of investments outside the U.S. may be reduced by foreign taxes, including foreign withholding taxes on interest and dividends. Further, there may be increased risks of delayed settlement of securities purchased or sold by the underlying funds, which could impact the liquidity of the funds’ portfolios. The risks of investing outside the U.S. may be heightened in connection with investments in emerging markets.
Investing in emerging markets — Investing in emerging markets may involve risks in addition to and greater than those generally associated with investing in the securities markets of developed countries. For instance, emerging market countries tend to have less developed political, economic and legal systems than those in developed countries. Accordingly, the governments of these countries may be less stable and more likely to intervene in the market economy, for example, by imposing capital controls, nationalizing a company or industry, placing restrictions on foreign ownership and on withdrawing sale proceeds of securities from the country, and/or imposing punitive taxes that could adversely affect the prices of securities. Information regarding issuers in emerging markets may be limited, incomplete or inaccurate, and such issuers may not be subject to regulatory, accounting, auditing, and financial reporting and recordkeeping standards comparable to those to which issuers in more developed markets are subject. The underlying funds’ rights with respect to its investments in emerging markets, if any, will generally be governed by local law, which may make it difficult or impossible for the underlying fund to pursue legal remedies or to obtain and enforce judgments in local courts. In addition, the economies of these countries may be dependent on relatively few industries, may have limited access to capital and may be more susceptible to changes in local and global trade conditions and downturns in the world economy. Securities markets in these countries can also be relatively small and have substantially lower trading volumes. As a result, securities issued in these countries may be more volatile and less liquid, more vulnerable to market manipulation, and more difficult to value, than securities issued in countries with more developed economies and/or markets. Less certainty with respect to security valuations may lead to additional challenges and risks in calculating 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 quality of these securities.
Rising interest rates will generally cause the prices of bonds and other debt securities to fall. Also, when interest rates rise, issuers of debt securities that may be prepaid at any time, such as mortgage- or other asset-backed securities, are less likely to refinance existing debt securities, causing the average life of such securities to extend. A general change in interest rates may cause investors to sell debt securities on a large scale, which could also adversely affect the price and liquidity of debt securities and could also result in increased redemptions from 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 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.
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Bonds and other debt securities are also subject to credit risk, which is the possibility that the credit strength of an issuer or guarantor will weaken or be perceived to be weaker, and/or an issuer of a debt security will fail to make timely payments of principal or interest and the security will go into default. Changes in actual or perceived creditworthiness may occur quickly. A downgrade or default affecting any of 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 assessing credit and default risks.
Investing in lower rated debt instruments — Lower rated bonds and other lower rated debt securities generally have higher rates of interest and involve greater risk of default or price declines due to changes in the issuer’s creditworthiness than those of higher quality debt securities. The market prices of these securities may fluctuate more than the prices of higher quality debt securities and may decline significantly in periods of general economic difficulty. These risks may be increased with respect to investments in junk bonds.
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 or difficult to determine, and reduced liquidity may have an adverse impact on the market price of such holdings. Additionally, the sale of less liquid or illiquid holdings may involve substantial delays (including delays in settlement) and additional costs and the underlying fund may be unable to sell such holdings when necessary to meet its liquidity needs, or to try to limit losses or may be forced to sell at a loss.
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 suffer losses. Whereas the risk of loss on a put option purchased by the fund is limited to the initial cost of the option, the amount of a potential loss on a futures contract could greatly exceed the relatively small initial amount invested in entering the futures position.
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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.
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. Notwithstanding that these securities are backed by the full faith and credit of the U.S. government, circumstances could arise that would prevent or delay the payment of interest or principal on these securities, which could adversely affect their value and cause each fund to suffer losses. Such an event could lead to significant disruptions in U.S. and global markets. Securities issued by U.S. government-sponsored entities and federal agencies and instrumentalities that are not backed by the full faith and credit of the U.S. government are neither issued nor guaranteed by the U.S. government. U.S. government securities are subject to market risk, interest rate risk and credit risk.
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.
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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 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 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. The occurrence of either or both of these events 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
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 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 $1,202,455,000, $944,212,000 and $260,005,000, respectively.
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. 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 $640,289,000, $704,553,000 and $166,358,000, respectively.
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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, 2023 (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* | $ | 2,907 | Investment securities from unaffiliated issuers* | $ | — | |||||||
Futures | Equity | Unrealized appreciation† | 1,134 | Unrealized depreciation† | — | |||||||||
Futures | Interest | Unrealized appreciation† | 87 | Unrealized depreciation† | — | |||||||||
$ | 4,128 | $ | — | |||||||||||
Net realized gain (loss) | Net unrealized appreciation (depreciation) | |||||||||||||
Contracts | Risk type | Location on statement of operations | Value | Location on statement of operations | Value | |||||||||
Options purchased | Equity | Net realized loss on investments in unaffiliated issuers | $ | (13,676 | ) | Net unrealized appreciation on investments in unaffiliated issuers | $ | 243 | ||||||
Futures | Currency | Net realized loss on futures contracts | (2,344 | ) | Net realized appreciation on futures contracts | 252 | ||||||||
Futures | Equity | Net realized loss on futures contracts | (46,670 | ) | Net realized depreciation on futures contracts | (18,272 | ) | |||||||
Futures | Interest | Net realized loss on futures contracts | (6,072 | ) | Net realized appreciation on futures contracts | 719 | ||||||||
$ | (68,762 | ) | $ | (17,058 | ) | |||||||||
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* | $ | 2,136 | Investment securities from unaffiliated issuers* | $ | — | |||||||
Futures | Equity | Unrealized appreciation† | 741 | Unrealized depreciation† | — | |||||||||
Futures | Interest | Unrealized appreciation† | 319 | Unrealized depreciation† | — | |||||||||
$ | 3,196 | $ | — |
Refer to the end of the tables for footnotes.
American Funds Insurance Series – Portfolio Series | 29 |
Net realized gain (loss) | Net unrealized appreciation (depreciation) | |||||||||||||
Contracts | Risk type | Location on statement of operations | Value | Location on statement of operations | Value | |||||||||
Options purchased | Equity | Net realized loss on investments in unaffiliated issuers | $ | (10,247 | ) | Net unrealized depreciation on investments in unaffiliated issuers | $ | (242 | ) | |||||
Futures | Currency | Net realized loss on futures contracts | (2,233 | ) | Net realized appreciation on futures contracts | 202 | ||||||||
Futures | Equity | Net realized loss on futures contracts | (37,346 | ) | Net realized depreciation on futures contracts | (11,522 | ) | |||||||
Futures | Interest | Net realized loss on futures contracts | (4,651 | ) | Net realized appreciation on futures contracts | 570 | ||||||||
$ | (54,477 | ) | $ | (10,992 | ) | |||||||||
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* | $ | 427 | Investment securities from unaffiliated issuers* | $ | — | |||||||
Futures | Equity | Unrealized appreciation† | 149 | Unrealized depreciation† | — | |||||||||
Futures | Interest | Unrealized appreciation† | 123 | Unrealized depreciation† | — | |||||||||
$ | 699 | $ | — | |||||||||||
Net realized gain (loss) | Net unrealized appreciation (depreciation) | |||||||||||||
Contracts | Risk type | Location on statement of operations | Value | Location on statement of operations | Value | |||||||||
Options purchased | Equity | Net realized loss on investments in unaffiliated issuers | $ | (2,895 | ) | Net unrealized depreciation on investments in unaffiliated issuers | $ | (1 | ) | |||||
Futures | Currency | Net realized loss on futures contracts | (1,210 | ) | Net unrealized appreciation on futures contracts | 84 | ||||||||
Futures | Equity | Net realized loss on futures contracts | (8,804 | ) | Net unrealized depreciation on futures contracts | (2,866 | ) | |||||||
Futures | Interest | Net realized loss on futures contracts | (551 | ) | Net unrealized appreciation on futures contracts | 155 | ||||||||
$ | (13,460 | ) | $ | (2,628 | ) |
* | 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. |
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.
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As of and during the year ended December 31, 2023, none of the funds had a liability for any unrecognized tax benefits. Each fund recognizes interest and penalties, if any, related to unrecognized tax benefits as income tax expense in their respective statements of operations. During the 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, net capital 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, 2023, 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 | $ | 448 | $ | 6,085 | $ | 17,408 | $ | 19,248 | $ | 3,627 | ||||||||||
Undistributed long-term capital gains | 271 | — | — | — | — | |||||||||||||||
Capital loss carryforward* | — | (1,448 | ) | (36,572 | ) | (68,751 | ) | (4,691 | ) | |||||||||||
Gross unrealized appreciation on investments | 5,545 | 28,769 | 177,896 | 125,959 | 25,178 | |||||||||||||||
Gross unrealized depreciation on investments | (4,755 | ) | (25,264 | ) | (384,949 | ) | (176,229 | ) | (59,084 | ) | ||||||||||
Net unrealized appreciation (depreciation) on investments | 790 | 3,505 | (207,053 | ) | (50,270 | ) | (33,906 | ) | ||||||||||||
Cost of investments | 69,352 | 354,722 | 1,937,215 | 1,390,469 | 415,275 |
* | Each fund’s capital loss carryforwards will be used to offset any capital gains realized by each fund in future years. Each fund will not make distributions from capital gains while a capital loss carryforward remains. |
Distributions paid by each fund were characterized for tax purposes as follows (dollars in thousands):
Global Growth Portfolio
Year ended December 31, 2023 | Year ended December 31, 2022 | |||||||||||||||||||||||
Share class | Ordinary income | Long-term capital gains | Total distributions paid | Ordinary income | Long-term capital gains | Total distributions paid | ||||||||||||||||||
Class 4 | $ | 538 | $ | 8,801 | $ | 9,339 | $ | 1,799 | $ | 8,175 | $ | 9,974 |
Growth and Income Portfolio
Year ended December 31, 2023 | Year ended December 31, 2022 | |||||||||||||||||||||||
Share class | Ordinary income | Long-term capital gains | Total distributions paid | Ordinary income | Long-term capital gains | Total distributions paid | ||||||||||||||||||
Class 4 | $ | 6,344 | $ | 25,352 | $ | 31,696 | $ | 10,097 | $ | 25,322 | $ | 35,419 |
Managed Risk Growth Portfolio
Year ended December 31, 2023 | Year ended December 31, 2022 | |||||||||||||||||||||||
Share class | Ordinary income | Long-term capital gains | Total distributions paid | Ordinary income | Long-term capital gains | Total distributions paid | ||||||||||||||||||
Class P2 | $ | 17,089 | $ | 272,784 | $ | 289,873 | $ | 29,570 | $ | 229,540 | $ | 259,110 |
American Funds Insurance Series – Portfolio Series | 31 |
Managed Risk Growth and Income Portfolio
Year ended December 31, 2023 | Year ended December 31, 2022 | |||||||||||||||||||||||
Share class | Ordinary income | Long-term capital gains | Total distributions paid | Ordinary income | Long-term capital gains | Total distributions paid | ||||||||||||||||||
Class P2 | $ | 22,880 | $ | 182,473 | $ | 205,353 | $ | 34,140 | $ | 78,165 | $ | 112,305 | ||||||||||||
Managed Risk Global Allocation Portfolio | ||||||||||||||||||||||||
Year ended December 31, 2023 | Year ended December 31, 2022 | |||||||||||||||||||||||
Share class | Ordinary income | Long-term capital gains | Total distributions paid | Ordinary income | Long-term capital gains | Total distributions paid | ||||||||||||||||||
Class P2 | $ | 2,994 | $ | 34,934 | $ | 37,928 | $ | 6,466 | $ | 33,729 | $ | 40,195 |
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, 2023, total investment advisory services fees waived by CRMC were $1,647,000. 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.
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.
32 | American Funds Insurance Series – Portfolio Series |
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. These fees are included in the net effective expense ratios that are provided as supplementary information in the financial highlights tables.
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.
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.
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 each fund were as follows (dollars and shares in thousands):
Global Growth Portfolio
Sales | Reinvestments of distributions | Repurchases | Net increase (decrease) | |||||||||||||||||||||||||||||
Share class | Amount | Shares | Amount | Shares | Amount | Shares | Amount | Shares | ||||||||||||||||||||||||
Year ended December 31, 2023 | ||||||||||||||||||||||||||||||||
Class 4 | $ | 6,159 | 543 | $ | 9,339 | 871 | $ | (10,927 | ) | (972 | ) | $ | 4,571 | 442 | ||||||||||||||||||
Year ended December 31, 2022 | ||||||||||||||||||||||||||||||||
Class 4 | $ | 6,416 | 505 | $ | 9,974 | 853 | $ | (8,272 | ) | (678 | ) | $ | 8,118 | 680 |
American Funds Insurance Series – Portfolio Series | 33 |
Growth and Income Portfolio
Sales | Reinvestments of distributions | Repurchases | Net increase (decrease) | |||||||||||||||||||||||||||||
Share class | Amount | Shares | Amount | Shares | Amount | Shares | Amount | Shares | ||||||||||||||||||||||||
Year ended December 31, 2023 | ||||||||||||||||||||||||||||||||
Class 4 | $ | 15,328 | 1,393 | $ | 31,696 | 2,997 | $ | (33,053 | ) | (3,015 | ) | $ | 13,971 | 1,375 | ||||||||||||||||||
Year ended December 31, 2022 | ||||||||||||||||||||||||||||||||
Class 4 | $ | 32,757 | 2,764 | $ | 35,420 | 3,125 | $ | (24,700 | ) | (2,083 | ) | $ | 43,477 | 3,806 | ||||||||||||||||||
Managed Risk Growth Portfolio | ||||||||||||||||||||||||||||||||
Sales | Reinvestments of distributions | Repurchases | Net increase (decrease) | |||||||||||||||||||||||||||||
Share class | Amount | Shares | Amount | Shares | Amount | Shares | Amount | Shares | ||||||||||||||||||||||||
Year ended December 31, 2023 | ||||||||||||||||||||||||||||||||
Class P2 | $ | 36,782 | 4,216 | $ | 289,873 | 35,480 | $ | (119,214 | ) | (13,524 | ) | $ | 207,441 | 26,172 | ||||||||||||||||||
Year ended December 31, 2022 | ||||||||||||||||||||||||||||||||
Class P2 | $ | 66,751 | 6,086 | $ | 259,110 | 26,420 | $ | (77,685 | ) | (7,596 | ) | $ | 248,176 | 24,910 | ||||||||||||||||||
Managed Risk Growth and Income Portfolio | ||||||||||||||||||||||||||||||||
Sales | Reinvestments of distributions | Repurchases | Net increase (decrease) | |||||||||||||||||||||||||||||
Share class | Amount | Shares | Amount | Shares | Amount | Shares | Amount | Shares | ||||||||||||||||||||||||
Year ended December 31, 2023 | ||||||||||||||||||||||||||||||||
Class P2 | $ | 28,905 | 3,036 | $ | 205,353 | 23,620 | $ | (103,690 | ) | (11,238 | ) | $ | 130,568 | 15,418 | ||||||||||||||||||
Year ended December 31, 2022 | ||||||||||||||||||||||||||||||||
Class P2 | $ | 48,413 | 4,527 | $ | 112,305 | 10,888 | $ | (81,704 | ) | (7,614 | ) | $ | 79,014 | 7,801 | ||||||||||||||||||
Managed Risk Global Allocation Portfolio | ||||||||||||||||||||||||||||||||
Sales | Reinvestments of distributions | Repurchases | Net increase (decrease) | |||||||||||||||||||||||||||||
Share class | Amount | Shares | Amount | Shares | Amount | Shares | Amount | Shares | ||||||||||||||||||||||||
Year ended December 31, 2023 | ||||||||||||||||||||||||||||||||
Class P2 | $ | 6,437 | 713 | $ | 37,928 | 4,344 | $ | (35,682 | ) | (3,895 | ) | $ | 8,683 | 1,162 | ||||||||||||||||||
Year ended December 31, 2022 | ||||||||||||||||||||||||||||||||
Class P2 | $ | 12,516 | 1,158 | $ | 40,195 | 4,150 | $ | (33,794 | ) | (3,420 | ) | $ | 18,917 | 1,888 |
10. Ownership concentration
At December 31, 2023, Managed Risk Growth and Income Portfolio held 18% and 16% of the outstanding shares of American Funds Insurance Series - Capital World Growth and Income Fund and American Funds Insurance Series - Capital Income Builder, respectively. In addition, Managed Risk Global Allocation Portfolio held 19% of the outstanding shares of American Funds Insurance Series -American Funds Global Balanced Fund.
34 | American Funds Insurance Series – Portfolio Series |
11. Investment transactions
Each fund engaged in purchases and sales of investment securities during the year ended December 31, 2023, 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* | $ | 9,053 | $ | 81,403 | $ | 498,090 | $ | 399,097 | $ | 100,121 | ||||||||||
Sales of investment securities* | 11,005 | 87,109 | 574,510 | 489,230 | 121,791 |
* | 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: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
12/31/2023 | $ | 11.09 | $ | .08 | $ | 2.31 | $ | 2.39 | $ | (.10 | ) | $ | (1.64 | ) | $ | (1.74 | ) | $ | 11.74 | 23.03 | % | $ | 70 | .51 | % | .51 | % | .96 | % | .68 | % | |||||||||||||||||||||||||
12/31/2022 | 17.34 | .08 | (4.30 | ) | (4.22 | ) | (.31 | ) | (1.72 | ) | (2.03 | ) | 11.09 | (24.75 | ) | 61 | .51 | .51 | .98 | .66 | ||||||||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||||||||
Growth and Income Portfolio | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class 4: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
12/31/2023 | $ | 10.88 | $ | .22 | $ | 1.41 | $ | 1.63 | $ | (.21 | ) | $ | (.86 | ) | $ | (1.07 | ) | $ | 11.44 | 15.86 | % | $ | 358 | .51 | % | .51 | % | .80 | % | 1.97 | % | |||||||||||||||||||||||||
12/31/2022 | 14.44 | .22 | (2.46 | ) | (2.24 | ) | (.31 | ) | (1.01 | ) | (1.32 | ) | 10.88 | (15.74 | ) | 325 | .51 | .51 | .80 | 1.88 | ||||||||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||||||||
Managed Risk Growth Portfolio | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class P2: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
12/31/2023 | $ | 9.30 | $ | .09 | $ | 1.21 | $ | 1.30 | $ | (.10 | ) | $ | (1.65 | ) | $ | (1.75 | ) | $ | 8.85 | 15.57 | % | $ | 1,730 | .66 | % | .61 | % | 1.02 | % | 1.06 | % | |||||||||||||||||||||||||
12/31/2022 | 13.80 | .07 | (2.80 | ) | (2.73 | ) | (.19 | ) | (1.58 | ) | (1.77 | ) | 9.30 | (20.36 | ) | 1,575 | .66 | .61 | .99 | .69 | ||||||||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||||||||
Managed Risk Growth and Income Portfolio | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class P2: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
12/31/2023 | $ | 9.88 | $ | .16 | $ | .88 | $ | 1.04 | $ | (.18 | ) | $ | (1.44 | ) | $ | (1.62 | ) | $ | 9.30 | 11.71 | % | $ | 1,340 | .66 | % | .61 | % | 1.01 | % | 1.75 | % | |||||||||||||||||||||||||
12/31/2022 | 12.70 | .16 | (2.05 | ) | (1.89 | ) | (.28 | ) | (.65 | ) | (.93 | ) | 9.88 | (15.10 | ) | 1,271 | .66 | .61 | .99 | 1.53 | ||||||||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||||||||
Managed Risk Global Allocation Portfolio | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class P2: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
12/31/2023 | $ | 9.35 | $ | .09 | $ | .83 | $ | .92 | $ | (.08 | ) | $ | (.91 | ) | $ | (.99 | ) | $ | 9.28 | 10.52 | % | $ | 381 | .67 | % | .62 | % | 1.09 | % | 1.01 | % | |||||||||||||||||||||||||
12/31/2022 | 12.69 | .04 | (2.32 | ) | (2.28 | ) | (.17 | ) | (.89 | ) | (1.06 | ) | 9.35 | (18.25 | ) | 373 | .66 | .61 | 1.11 | .40 | ||||||||||||||||||||||||||||||||||||
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 |
Refer to the next page for footnotes.
36 | American Funds Insurance Series – Portfolio Series |
Financial highlights (continued)
Year ended December 31, | ||||||||||||||||||||
Portfolio turnover rate | 2023 | 2022 | 2021 | 2020 | 2019 | |||||||||||||||
Global Growth Portfolio | 14 | % | 13 | % | 36 | % | 14 | % | 14 | % | ||||||||||
Growth and Income Portfolio | 24 | 7 | 36 | 7 | 6 | |||||||||||||||
Managed Risk Growth Portfolio | 35 | 80 | 46 | 80 | 6 | |||||||||||||||
Managed Risk Growth and Income Portfolio | 35 | 72 | 44 | 73 | 5 | |||||||||||||||
Managed Risk Global Allocation Portfolio | 31 | 66 | 29 | 49 | 6 |
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. Refer to the 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, 2023, the related statements of operations for the year ended December 31, 2023, the statements of changes in net assets for each of the two years in the period ended December 31, 2023, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2023 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of December 31, 2023, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended December 31, 2023 and each of the financial highlights for each of the five years in the period ended December 31, 2023 in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinions
These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2023 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.
/s/ PricewaterhouseCoopers LLP
Los Angeles, California
February 16, 2024
We have served as the auditor of one or more investment companies in The Capital Group group of investment companies 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, 2023, through December 31, 2023).
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 7/1/2023 | Ending account value 12/31/2023 | 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 | $ | 1,066.31 | $ | 2.71 | .52 | % | $ | 5.05 | .97 | % | ||||||||||||
Class 4 – assumed 5% return | 1,000.00 | 1,022.58 | 2.65 | .52 | 4.94 | .97 | ||||||||||||||||||
Growth and Income Portfolio | ||||||||||||||||||||||||
Class 4 – actual return | $ | 1,000.00 | $ | 1,066.02 | $ | 2.71 | .52 | % | $ | 4.22 | .81 | % | ||||||||||||
Class 4 – assumed 5% return | 1,000.00 | 1,022.58 | 2.65 | .52 | 4.13 | .81 | ||||||||||||||||||
Managed Risk Growth Portfolio | ||||||||||||||||||||||||
Class P2 – actual return | $ | 1,000.00 | $ | 1,058.61 | $ | 3.22 | .62 | % | $ | 5.29 | 1.02 | % | ||||||||||||
Class P2 – assumed 5% return | 1,000.00 | 1,022.08 | 3.16 | .62 | 5.19 | 1.02 | ||||||||||||||||||
Managed Risk Growth and Income Portfolio | ||||||||||||||||||||||||
Class P2 – actual return | $ | 1,000.00 | $ | 1,054.92 | $ | 3.21 | .62 | % | $ | 5.23 | 1.01 | % | ||||||||||||
Class P2 – assumed 5% return | 1,000.00 | 1,022.08 | 3.16 | .62 | 5.14 | 1.01 | ||||||||||||||||||
Managed Risk Global Allocation Portfolio | ||||||||||||||||||||||||
Class P2 – actual return | $ | 1,000.00 | $ | 1,045.57 | $ | 3.15 | .61 | % | $ | 5.62 | 1.09 | % | ||||||||||||
Class P2 – assumed 5% return | 1,000.00 | 1,022.13 | 3.11 | .61 | 5.55 | 1.09 |
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 | unaudited |
The series has adopted a liquidity risk management program (the “program”). The series’ board has designated Capital Research and Management Company (“CRMC”) as the administrator of the program. Personnel of CRMC or its affiliates conduct the day-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, 2022, through September 30, 2023. No significant liquidity events impacting any of the funds were noted in the report. In addition, CRMC provided its assessment that the program had been effective in managing each fund’s liquidity risk.
American Funds Insurance Series – 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 | 88 | None | ||||
Nariman Farvardin, 1956 | 2018 | President, Stevens Institute of Technology | 93 | None | ||||
Jennifer C. Feikin, 1968 | 2022 | Business Advisor; previously held positions at Google, AOL, 20th Century Fox and McKinsey & Company; Trustee, The Nature Conservancy of Utah; former Trustee, The Nature Conservancy of California | 102 | Hertz Global Holdings, Inc. | ||||
Leslie Stone Heisz, 1961 | 2022 | Former Managing Director, Lazard (retired, 2010); Director, Kaiser Permanente (California public benefit corporation); former Lecturer, UCLA Anderson School of Management | 102 | Edwards Lifesciences; Public Storage, Inc. | ||||
Mary Davis Holt, 1950 | 2015-2016; 2017 | Principal, Mary Davis Holt Enterprises, LLC (leadership development consulting); former COO, Time Life Inc. (1993–2003) | 89 | None | ||||
Merit E. Janow, 1958 | 2007 | Dean Emerita and Professor of Practice, International Economic Law & International Affairs, Columbia University, School of International and Public Affairs | 99 | Aptiv (autonomous and green vehicle technology); Mastercard Incorporated | ||||
Margaret Spellings, 1957 Chair of the Board (Independent and Non-Executive) | 2010 | President and CEO, Bipartisan Policy Center; former President and CEO, Texas 2036; former President, Margaret Spellings & Company (public policy and strategic consulting); former President, The University of North Carolina | 93 | None | ||||
Alexandra Trower, 1964 | 2018 | Former Executive Vice President, Global Communications and Corporate Officer, The Estée Lauder Companies | 88 | None | ||||
Paul S. Williams, 1959 | 2020 | Former Partner/Managing Director, Major, Lindsey & Africa (executive recruiting firm) | 88 | Air Transport Services Group, Inc. (aircraft leasing and air cargo transportation); Public Storage, Inc. |
Interested trustees4,5
Name, year of birth and position with series | Year first elected a trustee or officer of the series2 | Principal occupation(s) during past five years and positions held with affiliated entities or the principal underwriter of the series | Number of portfolios in fund complex overseen by trustee | Other directorships3 held by trustee | ||||
Donald D. O’Neal, 1960 Co-President | 1998 | Partner — Capital International Investors, Capital Research and Management Company; Partner — Capital International Investors, Capital Bank and Trust Company6 | 35 | None | ||||
Michael C. Gitlin, 1970 | 2019 | Partner — Capital Fixed Income Investors, Capital Research and Management Company; President, Chief Executive Officer and Director, The Capital Group Companies, Inc.6; Vice Chairman and Director, Capital Research and Management Company | 88 | None |
The series statement of additional information includes further details about the series trustees and is available without charge upon request by calling American Funds Service Company at (800) 421-4225 or by visiting the Capital Group website at capitalgroup.com/afis. The address for all trustees and officers of the series is 333 South Hope Street, Los Angeles, CA 90071. Attention: Secretary.
See next page for footnotes.
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, Secretary and Director, Capital Group Companies Global6; Senior Vice President, Secretary and Director, Capital Group International, Inc.6 | ||
Michael W. Stockton, 1967 Executive Vice President | 2021 | Senior Vice President — Fund Business Management Group, Capital Research and Management Company | ||
Patrice Collette, 1967 Senior Vice President | 2022 | Partner — Capital World Investors, Capital International, Inc.6 | ||
Irfan M. Furniturewala, 1971 Senior Vice President | 2022 | Partner — Capital International Investors, Capital Research and Management Company; Director, Capital Strategy Research, Inc.6 | ||
Sung Lee, 1966 Senior Vice President | 2008 | Partner — Capital Research Global Investors, Capital Group Investment Management Pte. Ltd.6; Director, The Capital Group Companies, Inc.6 | ||
Keiko McKibben, 1969 Senior Vice President | 2010 | Partner — Capital Research Global Investors, Capital Research and Management Company | ||
Carlos A. Schonfeld, 1971 Senior Vice President | 2022 | Partner — Capital International Investors, Capital Research and Management Company; Director, Capital International Limited6 | ||
Alan J. Wilson, 1961 Senior Vice President | 2022 | Partner — Capital World Investors, Capital Research and Management Company; Director, Capital Research and Management Company | ||
Courtney R. Taylor, 1975 Secretary | 2010-2014; 2023 | Assistant Vice President – Fund Business Management Group, Capital Research and Management Company | ||
Gregory F. Niland, 1971 Treasurer | 2008 | Vice President — Investment Operations, Capital Research and Management Company | ||
Susan K. Countess, 1966 Assistant Secretary | 2014 | Associate — Fund Business Management Group, Capital Research and Management Company | ||
Sandra Chuon, 1972 Assistant Treasurer | 2019 | Vice President — Investment Operations, Capital Research and Management Company | ||
Brian C. Janssen, 1972 Assistant Treasurer | 2015 | Senior Vice President — Investment Operations, Capital Research and Management Company |
1 | The term independent trustee refers to a trustee who is not an “interested person” of the series within the meaning of the Investment Company Act of 1940. |
2 | Trustees and officers of the series serve until their resignation, removal or retirement. |
3 | This includes all directorships/trusteeships (other than those in the American Funds or other funds managed by Capital Research and Management Company or its affiliates) that are held by each trustee as a trustee or director of a public company or a registered investment company. |
4 | The term interested trustee refers to a trustee who is an “interested person” within the meaning of the Investment Company Act of 1940, on the basis of their affiliation with the series investment adviser, Capital Research and Management Company, or affiliated entities (including the series principal underwriter). |
5 | All of the trustees and/or officers listed are officers and/or directors/trustees of one or more of the other funds for which Capital Research and Management Company serves as investment adviser. |
6 | Company affiliated with Capital Research and Management Company. |
American Funds Insurance Series – 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 60606-4637
Custodian of assets
State Street Bank and Trust Company
One Lincoln Street
Boston, MA 02111-2900
Counsel
Morgan, Lewis & Bockius LLP
One Federal Street
Boston, MA 02110-1726
Independent registered public accounting firm
PricewaterhouseCoopers LLP
601 South Figueroa Street
Los Angeles, CA 90017-3874
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 refer to 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, 2024, 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.
©2024 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.
The S&P 500 Indexes are a product of S&P Dow Jones Indices LLC and/or its affiliates and has been licensed for use by Capital Group. Copyright © 2024 S&P Dow Jones Indices LLC, a division of S&P Global, and/or its affiliates. All rights reserved. Redistribution or reproduction in whole or in part is prohibited without written permission of S&P Dow Jones Indices LLC.
American Funds Distributors, Inc.
44 | American Funds Insurance Series – Portfolio Series |
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 SystemTM — has resulted in superior outcomes.
Aligned with investor success
We base our decisions on a long-term perspective, which we believe aligns our goals with the interests of our clients. American Funds Insurance Series portfolio managers average 28 years of investment industry experience, including 23 years at our company, reflecting a career commitment to our long-term approach.1
The Capital System
The Capital System combines individual accountability with teamwork. Funds using The Capital System are divided into portions that are managed independently by investment professionals with diverse backgrounds, ages and investment approaches. An extensive global research effort is the backbone of our system.
American Funds Insurance Series’ superior outcomes
American Funds Insurance Series equity-focused funds have beaten their comparable Lipper indexes in 88% of 10-year periods and 100% of 20-year periods.2 Our fixed income funds have helped investors achieve diversification through attention to correlation between bonds and equities.3 We strive to keep management fees competitive. Over the past 20 years, most funds’ fees have been below industry averages.4
1 | Portfolio manager experience as of the American Funds Insurance Series prospectus dated May 1, 2023. | |
2 | Based on Class 1 share results for rolling calendar-year periods starting the first full calendar year after each fund’s inception through December 31, 2022. Periods covered are the shorter of the fund’s lifetime or since the inception date of the comparable Lipper index or average. The comparable Lipper indexes are: Global Funds Index (Global Growth Fund, Capital World Growth and Income Fund), Growth Funds Index (Growth Fund), International Funds Index (International Fund), Emerging Markets Funds Index (New World Fund), Growth & Income Funds Index (Washington Mutual Investors Fund, Growth and Income Fund) and Balanced Funds Index (Asset Allocation Fund). The Lipper Global Small-/Mid-Cap Funds Average was used for Global Small Capitalization Fund. Lipper source: Refinitiv Lipper. There have been periods when the fund has lagged the index. | |
3 | Based on Class 1 share results as of December 31, 2022. Four of our five fixed income American Funds that have been in existence for the three year period showed a three-year correlation lower than their respective Morningstar peer group averages. S&P 500 Index was used as an equity market proxy. Correlation based on monthly total returns. Correlation is a statistical measure of how two securities move in relation to each other. A correlation ranges from –1 to 1. A positive correlation close to 1 implies that as one security moves, either up or down, the other security will move in “lockstep,” in the same direction. A negative correlation close to –1 indicates that the securities have moved in the opposite direction. | |
4 | Based on management fees for the 20-year period ended December 31, 2022, versus comparable Lipper categories, excluding funds of funds. |
All Capital Group trademarks mentioned are owned by The Capital Group Companies, Inc., an affiliated company or fund. All other company and product names mentioned are the property of their respective companies.
American Funds Insurance Series®
Annual report |
Offering variable
annuity investors
a balanced approach
to building and
preserving wealth
through retirement
The Securities and Exchange Commission has adopted new regulations that will change the content and design of annual and semi-annual shareholder reports beginning in July 2024. Certain types of information, including investment portfolio and financial statements, will not be included in the shareholder reports but will be available online, delivered free of charge upon request, and filed on a semi-annual basis on Form N-CSR.
If you would like to receive shareholder reports and other communications from the fund electronically, you may update your mailing preferences with your financial intermediary or enroll in e-delivery at capitalgroup.com (for accounts held directly with the fund).
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.
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
We are pleased to present the annual report for American Funds Insurance Series® — Target Date Series for the year ended December 31, 2023.
All 12 of the funds rose amid a wide market rally. However, half the funds trailed their respective S&P Target Date Index¹ (as shown in the table on page 4). 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. 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, Jessica C. Spaly, Samir Mathur, Wesley K. Phoa 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, bouncing back from the severe losses of 2022. Stocks advanced in nearly all major developed markets, led by the U.S., Europe and Japan. Many emerging markets also posted solid gains, particularly Brazil and India, even as stocks in China fell sharply. Markets moved higher despite rising geopolitical risks, including ongoing conflicts in Ukraine and the Middle East.
All sectors rose in the MSCI All Country World Index,2 boosted by signs of falling inflation and indications that many of the world’s central banks may be done raising interest rates. Information technology stocks enjoyed the largest gains, fueled in part by rapid advancements in artificial intelligence. Consumer staples, health care and utilities stocks lagged the overall market.
U.S. equities advanced amid strong economic growth, moderating inflation and a slowdown in the pace of U.S. Federal Reserve interest rate hikes. Despite market jitters over a major banking crisis and wars in Ukraine and the Middle East, the S&P 500 Index3 climbed 26.29%. The information technology, consumer discretionary and communication services sectors led as growth stocks significantly outpaced value.
See page 3 for footnotes.
Past results are not predictive of results in future periods.
American Funds Insurance Series – Target Date Series | 1 |
Bond markets also rebounded, rallying on expectations that the Fed, the European Central Bank and others are not only done with rate hikes but are planning rate cuts in 2024. Virtually all segments of the bond market generated strong returns in contrast to the severe downturn in 2022. The U.S. Treasury yield curve4 steepened modestly as the two-year yield fell 18 basis points (bps) to end at 4.25% while the 10-year yield ended unchanged at 3.88%. All major U.S. fixed income sectors posted positive returns.
For the fiscal year, MSCI All Country World Index ex USA5 returned 15.62%. The Bloomberg U.S. Aggregate Index6 advanced 5.53%, while the Bloomberg Global Aggregate Index7 returned 5.72%.
Inside the series
As of May 1, 2023, six new vintages — 2040 through 2065 — were added to the series. Although they do not have a full year of returns available to report on, cumulative returns for all funds through the end of the year outpaced their respective S&P Target Date Indexes.
Over the 12-months ended December 31, 2023, the 2010 through 2035 vintages moderately lagged their respective S&P Target Date Indexes. This was partly due to sector selection in some underlying funds. For instance, The Income Fund of America® held smaller positions in information technology stocks than its benchmark, the S&P 500, as the sector rallied during the year.
All underlying funds in the series produced positive returns for the year. Of note, The Growth Fund of America® outpaced its benchmark, the S&P 500, by 11.36 percentage points, returning 37.65% for the year, and AMCAP Fund® returned 31.41% for the year, outpacing the S&P 500 by 5.12 percentage points. On the fixed income side, Capital World Bond Fund® returned 6.42%, versus a 5.72% return for its benchmark, the Bloomberg Global Aggregate Index. Despite a strong return for American High-Income Trust®, the fixed income fund trailed its benchmark, the Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index,8 by –0.95 percentage points. The Bond Fund of America® lagged its benchmark, the Bloomberg U.S. Aggregate Index, by –0.44 percentage points.
Looking ahead
The strong stock market returns of 2023, after a rough 2022, were a surprise to many. It is testimony to the power of factors such as interest rates and the economy, as well as prospects for individual stocks (for example, the potential positive impact of artificial intelligence), over the persistent negative headlines we read in the media. That is good news for investors like us, who focus on the long run.
Going forward into 2024, big questions remain. One question is certainly inflation and its impact on interest rates. From a starting point of 3% to 4%, many market participants expect U.S. inflation to soon drop into the 2% to 3% range and put downward pressure on interest rates. While that may happen, we would not be surprised to see inflation remain a bit more persistent than these expectations.
Another question is geopolitical risk. The market digested the ongoing conflicts in Ukraine and the Middle East with no real issues in 2023, but the possibility of further spread remains. We hope for peace but must prepare for any outcome.
A final question to mention is the U.S. election. Elections often have an impact on markets, and that’s especially true when the outcome is as uncertain as it is this year. It is currently difficult to handicap how many candidates will draw meaningful votes, much less predict the winner.
All in all, it is likely that stock markets in 2024 will not be as strong as they were in 2023, but that doesn’t mean investors should worry. Less positive does not mean negative, and that has been especially true for returns in the long run. As investors, we (like you) know the value of holding companies that have good fundamentals and reasonable valuation, which can offer superior outcomes over time. This has been a successful long term investment strategy, one that we have employed since the inception of our firm.
We will continue to conduct world-class research and to utilize The Capital SystemTM of investment management. Armed with deep knowledge and aided by robust internal debate, our portfolio managers and investment analysts focus on their highest conviction ideas. This is the time-tested process we use to pursue favorable risk-adjusted returns for our shareholders. We thank you for your continued support of our efforts and look forward to reporting back to you in six months.
Sincerely,
Donald D. O’Neal
Co-President
Alan N. Berro
Co-President
February 16, 2024
See page 3 for footnotes.
Past results are not predictive of results in future periods.
2 | American Funds Insurance Series – Target Date Series |
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. 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. |
2 | Source: MSCI. MSCI ACWI is a free float-adjusted market capitalization-weighted index that is designed to measure equity market results in the global developed and emerging markets, consisting of more than 40 developed and emerging market country indexes. Results reflect dividends net of withholding taxes. |
3 | Source: S&P Dow Jones Indices LLC. S&P 500 Index is a market capitalization-weighted index based on the results of approximately 500 widely held common stocks. |
4 | Yield curves plot interest rates of bonds of equal credit and different maturities. They include normal, inverted and flat. Normal curves point to economic expansion, and downward-sloping curves point to economic recession. (Source: Investopedia.com.) |
5 | Source: MSCI. MSCI All Country World ex USA Index is a free float-adjusted market capitalization weighted index that is designed to measure equity market results in the global developed and emerging markets, excluding the United States. The index consists of more than 40 developed and emerging market country indexes. Results reflect dividends net of withholding taxes. |
6 | Source: Bloomberg Index Services Ltd. Bloomberg U.S. Aggregate Index represents the U.S. investment-grade (rated BBB/Baa and above) fixed-rate bond market. 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. |
7 | Source: Bloomberg Index Services Ltd. Bloomberg Global Aggregate Index represents the global investment-grade fixed income markets. |
8 | Source: Bloomberg Index Services Ltd. Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index covers the universe of fixed-rate, non-investment-grade debt. The index limits the maximum exposure of any one issuer to 2%. |
American Funds Insurance Series – Target Date Series | 3 |
Results at a glance
For periods ended December 31, 2023, with all distributions reinvested
Cumulative | Average annual | |||||||||||||||||||||||
total returns | total returns* | Expense | ||||||||||||||||||||||
Class 4 shares | Inception date | 6 months | 1 year | 3 years | Lifetime | ratio | ||||||||||||||||||
American Funds IS 2065 Target Date Fund | 5/1/23 | 7.94 | % | — | — | 13.02 | % | 0.90 | % | |||||||||||||||
S&P Target Date 2065+ Index | 7.07 | — | — | 11.34 | ||||||||||||||||||||
American Funds IS 2060 Target Date Fund | 5/1/23 | 7.94 | — | — | 13.02 | 0.90 | ||||||||||||||||||
S&P Target Date 2060 Index | 6.99 | — | — | 11.15 | ||||||||||||||||||||
American Funds IS 2055 Target Date Fund | 5/1/23 | 7.76 | — | — | 12.83 | 0.90 | ||||||||||||||||||
S&P Target Date 2055 Index | 6.99 | — | — | 11.10 | ||||||||||||||||||||
American Funds IS 2050 Target Date Fund | 5/1/23 | 7.74 | — | — | 12.48 | 0.89 | ||||||||||||||||||
S&P Target Date 2050 Index | 6.98 | — | — | 11.10 | ||||||||||||||||||||
American Funds IS 2045 Target Date Fund | 5/1/23 | 7.62 | — | — | 12.14 | 0.88 | ||||||||||||||||||
S&P Target Date 2045 Index | 6.85 | — | — | 10.80 | ||||||||||||||||||||
American Funds IS 2040 Target Date Fund | 5/1/23 | 7.47 | — | — | 11.66 | 0.88 | ||||||||||||||||||
S&P Target Date 2040 Index | 6.63 | — | — | 10.26 | ||||||||||||||||||||
American Funds IS 2035 Target Date Fund | 12/6/19 | 6.64 | 16.51 | % | 3.69 | % | 7.22 | 0.88 | ||||||||||||||||
S&P Target Date 2035 Index | 6.24 | 16.63 | 4.45 | 6.95 | ||||||||||||||||||||
American Funds IS 2030 Target Date Fund | 12/6/19 | 5.88 | 13.79 | 2.92 | 5.94 | 0.86 | ||||||||||||||||||
S&P Target Date 2030 Index | 5.77 | 14.80 | 3.61 | 6.04 | ||||||||||||||||||||
American Funds IS 2025 Target Date Fund | 12/6/19 | 5.44 | 11.40 | 2.30 | 5.16 | 0.85 | ||||||||||||||||||
S&P Target Date 2025 Index | 5.24 | 12.99 | 2.80 | 5.19 | ||||||||||||||||||||
American Funds IS 2020 Target Date Fund | 12/6/19 | 5.20 | 9.87 | 2.29 | 4.56 | 0.84 | ||||||||||||||||||
S&P Target Date 2020 Index | 5.09 | 12.32 | 2.12 | 4.39 | ||||||||||||||||||||
American Funds IS 2015 Target Date Fund | 12/6/19 | 5.02 | 9.01 | 2.25 | 4.31 | 0.83 | ||||||||||||||||||
S&P Target Date 2015 Index | 4.81 | 11.38 | 1.86 | 4.16 | ||||||||||||||||||||
American Funds IS 2010 Target Date Fund | 12/6/19 | 4.78 | 8.08 | 2.06 | 3.97 | 0.82 | ||||||||||||||||||
S&P Target Date 2010 Index | 4.60 | 10.78 | 1.49 | 3.77 | ||||||||||||||||||||
S&P 500 Index (lifetime from 5/1/23) | 8.04 | 26.29 | 10.00 | 15.72 | ||||||||||||||||||||
S&P 500 Index (lifetime from 12/6/19) | 8.04 | 26.29 | 10.00 | 12.59 | ||||||||||||||||||||
MSCI All Country World Index (ACWI) ex USA (lifetime from 5/1/23) | 5.61 | 15.62 | 1.55 | 6.49 | ||||||||||||||||||||
MSCI All Country World Index (ACWI) ex USA (lifetime from 12/6/19) | 5.61 | 15.62 | 1.55 | 4.65 | ||||||||||||||||||||
Bloomberg U.S. Aggregate Index (lifetime from 5/1/23) | 3.37 | 5.53 | –3.31 | 2.87 | ||||||||||||||||||||
Bloomberg U.S. Aggregate Index (lifetime from 12/6/19) | 3.37 | 5.53 | –3.31 | –0.67 |
* | Cumulative total returns for funds 2040 through 2065. |
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, investment results reflect fee waivers and/or expense reimbursements, without which they would have been lower. Expense ratios are as of the series prospectus dated May 1, 2024 (unaudited). Refer to capitalgroup.com/afis for more information.
Past results are not predictive of results in future periods.
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. Source: S&P Dow Jones Indices LLC.
S&P 500 Index is a market capitalization-weighted index based on the results of approximately 500 widely held common stocks. Source: S&P Dow Jones Indices LLC.
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.
Bloomberg U.S. Aggregate Index represents the U.S. investment-grade fixed-rate bond market. Source: Bloomberg Index Services Ltd.
4 | American Funds Insurance Series – Target Date Series |
The value of a $10,000 investment
(for periods ended December 31, 2023, 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.
2065 Fund
Total returns2 based on a $1,000 investment
(for the period ended December 31, 2023)3
Lifetime | ||||
6 months | 1 year | (since 5/1/23) | Expense ratio | |
Class 4 shares | 7.94% | — | 13.02% | 0.90% |
2060 Fund
Total returns2 based on a $1,000 investment
(for the period ended December 31, 2023)3
Lifetime | ||||
6 months | 1 year | (since 5/1/23) | Expense ratio | |
Class 4 shares | 7.94% | — | 13.02% | 0.90% |
2055 Fund
Total returns2 based on a $1,000 investment
(for the period ended December 31, 2023)3
Lifetime | ||||
6 months | 1 year | (since 5/1/23) | Expense ratio | |
Class 4 shares | 7.76% | — | 12.83% | 0.90% |
2050 Fund
Total returns2 based on a $1,000 investment
(for the period ended December 31, 2023)3
Lifetime | ||||
6 months | 1 year | (since 5/1/23) | Expense ratio | |
Class 4 shares | 7.74% | — | 12.48% | 0.89% |
Refer to page 7 for footnotes.
American Funds Insurance Series – Target Date Series | 5 |
2045 Fund
Total returns2 based on a $1,000 investment
(for the period ended December 31, 2023)3
Lifetime | ||||
6 months | 1 year | (since 5/1/23) | Expense ratio | |
Class 4 shares | 7.62% | — | 12.14% | 0.88% |
2040 Fund
Total returns2 based on a $1,000 investment
(for the period ended December 31, 2023)3
Lifetime | ||||
6 months | 1 year | (since 5/1/23) | Expense ratio | |
Class 4 shares | 7.47% | — | 11.66% | 0.88% |
2035 Fund
Total returns2 based on a $1,000 investment
(for the period ended December 31, 2023)3
Lifetime | ||||
6 months | 1 year | (since 12/6/19) | Expense ratio | |
Class 4 shares | 6.64% | 16.51% | 7.22% | 0.88% |
2030 Fund
Total returns2 based on a $1,000 investment
(for the period ended December 31, 2023)3
Lifetime | ||||
6 months | 1 year | (since 12/6/19) | Expense ratio | |
Class 4 shares | 5.88% | 13.79% | 5.94% | 0.86% |
6 | American Funds Insurance Series – Target Date Series |
2025 Fund
Total returns2 based on a $1,000 investment
(for the period ended December 31, 2023)3
Lifetime | ||||
6 months | 1 year | (since 12/6/19) | Expense ratio | |
Class 4 shares | 5.44% | 11.40% | 5.16% | 0.85% |
2020 Fund
Total returns2 based on a $1,000 investment
(for the period ended December 31, 2023)3
Lifetime | ||||
6 months | 1 year | (since 12/6/19) | Expense ratio | |
Class 4 shares | 5.20% | 9.87% | 4.56% | 0.84% |
2015 Fund
Total returns2 based on a $1,000 investment
(for the period ended December 31, 2023)3
Lifetime | ||||
6 months | 1 year | (since 12/6/19) | Expense ratio | |
Class 4 shares | 5.02% | 9.01% | 4.31% | 0.83% |
2010 Fund
Total returns2 based on a $1,000 investment
(for the period ended December 31, 2023)3
Lifetime | ||||
6 months | 1 year | (since 12/6/19) | Expense ratio | |
Class 4 shares | 4.78% | 8.08% | 3.97% | 0.82% |
Past results are not predictive of results in future periods.
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. Source: S&P Dow Jones Indices LLC. |
2 | Investment results assume all distributions are reinvested and reflect applicable fees and expenses. When applicable, investment results reflect fee waivers and/ or expense reimbursements, without which they would have been lower. Expense ratios are as of the series prospectus dated May 1, 2024 (unaudited). Refer to capitalgroup.com/afis for more information. |
3 | Periods greater than one year are annualized. |
The results shown are before taxes on fund distributions and sale of fund shares.
American Funds Insurance Series – Target Date Series | 7 |
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. Even in 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 May 1, 2023.
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.
8 | American Funds Insurance Series – Target Date Series |
American Funds® IS 2065 Target Date Fund
Investment portfolio December 31, 2023
Growth funds 44.44% | Shares | Value (000) | ||||||
New Perspective Fund, Class R-6 | 80 | $ | 5 | |||||
SMALLCAP World Fund, Inc., Class R-6 | 65 | 4 | ||||||
AMCAP Fund, Class R-6 | 85 | 3 | ||||||
The Growth Fund of America, Class R-6 | 54 | 3 | ||||||
New World Fund, Inc., Class R-6 | 23 | 2 | ||||||
The New Economy Fund, Class R-6 | 43 | 2 | ||||||
EuroPacific Growth Fund, Class R-6 | 15 | 1 | ||||||
Total growth funds (cost: $19,000) | 20 | |||||||
Growth-and-income funds 37.78% | ||||||||
Capital World Growth and Income Fund, Class R-6 | 67 | 4 | ||||||
Fundamental Investors, Class R-6 | 59 | 4 | ||||||
Washington Mutual Investors Fund, Class R-6 | 64 | 4 | ||||||
The Investment Company of America, Class R-6 | 66 | 3 | ||||||
American Mutual Fund, Class R-6 | 42 | 2 | ||||||
Total growth-and-income funds (cost: $16,000) | 17 | |||||||
Balanced funds 13.33% | ||||||||
American Balanced Fund, Class R-6 | 83 | 3 | ||||||
American Funds Global Balanced Fund, Class R-6 | 71 | 3 | ||||||
Total balanced funds (cost: $5,000) | 6 | |||||||
Fixed income funds 4.45% | ||||||||
U.S. Government Securities Fund, Class R-6 | 166 | 2 | ||||||
Total fixed income funds (cost: $2,000) | 2 | |||||||
Total investment securities 100.00% (cost: $42,000) | 45 | |||||||
Other assets less liabilities 0.00% | — | |||||||
Net assets 100.00% | $ | 45 |
American Funds Insurance Series – Target Date Series | 9 |
American Funds® IS 2065 Target Date Fund (continued)
Investments in affiliates1
Value at 1/1/2023 (000) | Additions (000) | Reductions (000) | Net realized gain (loss) (000) | Net unrealized appreciation (depreciation) (000) | Value at 12/31/2023 (000) | Dividend income (000) | Capital gain distributions received (000) | |||||||||||||||||||||||||
Growth funds 44.44% | ||||||||||||||||||||||||||||||||
New Perspective Fund, Class R-6 | $ | — | $ | 4 | $ | — | $ | — | $ | 1 | $ | 5 | $ | — | 2 | $ | — | 2 | ||||||||||||||
SMALLCAP World Fund, Inc., Class R-6 | — | 4 | — | — | — | 2 | 4 | — | 2 | — | ||||||||||||||||||||||
AMCAP Fund, Class R-6 | — | 3 | — | — | — | 2 | 3 | — | 2 | — | 2 | |||||||||||||||||||||
The Growth Fund of America, Class R-6 | — | 3 | — | 2 | — | 2 | — | 2 | 3 | — | 2 | 1 | ||||||||||||||||||||
New World Fund, Inc., Class R-6 | — | 2 | — | — | — | 2 | 2 | — | 2 | — | 2 | |||||||||||||||||||||
The New Economy Fund, Class R-6 | — | 2 | — | — | — | 2 | 2 | — | 2 | — | 2 | |||||||||||||||||||||
EuroPacific Growth Fund, Class R-6 | — | 1 | — | — | — | 2 | 1 | — | 2 | — | 2 | |||||||||||||||||||||
20 | ||||||||||||||||||||||||||||||||
Growth-and-income funds 37.78% | ||||||||||||||||||||||||||||||||
Capital World Growth and Income Fund, Class R-6 | — | 4 | — | — | — | 2 | 4 | 1 | — | 2 | ||||||||||||||||||||||
Fundamental Investors, Class R-6 | — | 4 | — | — | — | 2 | 4 | — | 2 | — | 2 | |||||||||||||||||||||
Washington Mutual Investors Fund, Class R-6 | — | 3 | — | — | 1 | 4 | — | 2 | — | 2 | ||||||||||||||||||||||
The Investment Company of America, Class R-6 | — | 3 | — | 2 | — | 2 | — | 2 | 3 | — | 2 | — | 2 | |||||||||||||||||||
American Mutual Fund, Class R-6 | — | 2 | — | — | — | 2 | 2 | — | 2 | — | 2 | |||||||||||||||||||||
17 | ||||||||||||||||||||||||||||||||
Balanced funds 13.33% | ||||||||||||||||||||||||||||||||
American Balanced Fund, Class R-6 | — | 2 | — | — | 1 | 3 | — | 2 | — | |||||||||||||||||||||||
American Funds Global Balanced Fund, Class R-6 | — | 3 | — | — | — | 2 | 3 | — | 2 | — | ||||||||||||||||||||||
6 | ||||||||||||||||||||||||||||||||
Fixed income funds 4.45% | ||||||||||||||||||||||||||||||||
U.S. Government Securities Fund, Class R-6 | — | 2 | — | — | — | 2 | 2 | — | 2 | — | ||||||||||||||||||||||
Total 100.00% | $ | — | 2 | $ | 3 | $ | 45 | $ | 1 | $ | 1 |
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. |
Refer to the notes to financial statements.
10 | American Funds Insurance Series – Target Date Series |
American Funds® IS 2060 Target Date Fund
Investment portfolio December 31, 2023
Growth funds 44.44% | Shares | Value (000) | ||||||
New Perspective Fund, Class R-6 | 80 | $ | 5 | |||||
SMALLCAP World Fund, Inc., Class R-6 | 65 | 4 | ||||||
AMCAP Fund, Class R-6 | 85 | 3 | ||||||
The Growth Fund of America, Class R-6 | 54 | 3 | ||||||
New World Fund, Inc., Class R-6 | 23 | 2 | ||||||
The New Economy Fund, Class R-6 | 43 | 2 | ||||||
EuroPacific Growth Fund, Class R-6 | 15 | 1 | ||||||
Total growth funds (cost: $19,000) | 20 | |||||||
Growth-and-income funds 37.78% | ||||||||
Capital World Growth and Income Fund, Class R-6 | 67 | 4 | ||||||
Fundamental Investors, Class R-6 | 59 | 4 | ||||||
Washington Mutual Investors Fund, Class R-6 | 64 | 4 | ||||||
The Investment Company of America, Class R-6 | 66 | 3 | ||||||
American Mutual Fund, Class R-6 | 42 | 2 | ||||||
Total growth-and-income funds (cost: $16,000) | 17 | |||||||
Balanced funds 13.33% | ||||||||
American Balanced Fund, Class R-6 | 83 | 3 | ||||||
American Funds Global Balanced Fund, Class R-6 | 71 | 3 | ||||||
Total balanced funds (cost: $5,000) | 6 | |||||||
Fixed income funds 4.45% | ||||||||
U.S. Government Securities Fund, Class R-6 | 166 | 2 | ||||||
Total fixed income funds (cost: $2,000) | 2 | |||||||
Total investment securities 100.00% (cost: $42,000) | 45 | |||||||
Other assets less liabilities 0.00% | — | |||||||
Net assets 100.00% | $ | 45 |
American Funds Insurance Series – Target Date Series | 11 |
American Funds® IS 2060 Target Date Fund (continued)
Investments in affiliates1
Value at 1/1/2023 (000) | Additions (000) | Reductions (000) | Net realized gain (loss) (000) | Net unrealized appreciation (depreciation) (000) | Value at 12/31/2023 (000) | Dividend income (000) | Capital gain distributions received (000) | |||||||||||||||||||||||||
Growth funds 44.44% | ||||||||||||||||||||||||||||||||
New Perspective Fund, Class R-6 | $ | — | $ | 4 | $ | — | $ | — | $ | 1 | $ | 5 | $ | — | 2 | $ | — | 2 | ||||||||||||||
SMALLCAP World Fund, Inc., Class R-6 | — | 4 | — | — | — | 2 | 4 | — | 2 | — | ||||||||||||||||||||||
AMCAP Fund, Class R-6 | — | 3 | — | — | — | 2 | 3 | — | 2 | — | 2 | |||||||||||||||||||||
The Growth Fund of America, Class R-6 | — | 3 | — | 2 | — | 2 | — | 2 | 3 | — | 2 | 1 | ||||||||||||||||||||
New World Fund, Inc., Class R-6 | — | 2 | — | — | — | 2 | 2 | — | 2 | — | 2 | |||||||||||||||||||||
The New Economy Fund, Class R-6 | — | 2 | — | — | — | 2 | 2 | — | 2 | — | 2 | |||||||||||||||||||||
EuroPacific Growth Fund, Class R-6 | — | 1 | — | — | — | 2 | 1 | — | 2 | — | 2 | |||||||||||||||||||||
20 | ||||||||||||||||||||||||||||||||
Growth-and-income funds 37.78% | ||||||||||||||||||||||||||||||||
Capital World Growth and Income Fund, Class R-6 | — | 4 | — | — | — | 2 | 4 | 1 | — | 2 | ||||||||||||||||||||||
Fundamental Investors, Class R-6 | — | 4 | — | — | — | 2 | 4 | — | 2 | — | 2 | |||||||||||||||||||||
Washington Mutual Investors Fund, Class R-6 | — | 3 | — | — | 1 | 4 | — | 2 | — | 2 | ||||||||||||||||||||||
The Investment Company of America, Class R-6 | — | 3 | — | 2 | — | 2 | — | 2 | 3 | — | 2 | — | 2 | |||||||||||||||||||
American Mutual Fund, Class R-6 | — | 2 | — | — | — | 2 | 2 | — | 2 | — | 2 | |||||||||||||||||||||
17 | ||||||||||||||||||||||||||||||||
Balanced funds 13.33% | ||||||||||||||||||||||||||||||||
American Balanced Fund, Class R-6 | — | 3 | — | — | — | 2 | 3 | — | 2 | — | ||||||||||||||||||||||
American Funds Global Balanced Fund, Class R-6 | — | 2 | — | — | 1 | 3 | — | 2 | — | |||||||||||||||||||||||
6 | ||||||||||||||||||||||||||||||||
Fixed income funds 4.45% | ||||||||||||||||||||||||||||||||
U.S. Government Securities Fund, Class R-6 | — | 2 | — | — | — | 2 | 2 | — | 2 | — | ||||||||||||||||||||||
Total 100.00% | $ | — | 2 | $ | 3 | $ | 45 | $ | 1 | $ | 1 |
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. |
Refer to the notes to financial statements.
12 | American Funds Insurance Series – Target Date Series |
American Funds® IS 2055 Target Date Fund
Investment portfolio December 31, 2023
Growth funds 44.44% | Shares | Value (000) | ||||||
New Perspective Fund, Class R-6 | 75 | $ | 4 | |||||
SMALLCAP World Fund, Inc., Class R-6 | 60 | 4 | ||||||
AMCAP Fund, Class R-6 | 85 | 3 | ||||||
The Growth Fund of America, Class R-6 | 54 | 3 | ||||||
New World Fund, Inc., Class R-6 | 23 | 2 | ||||||
The New Economy Fund, Class R-6 | 43 | 2 | ||||||
American Funds Global Insight Fund, Class R-6 | 28 | 1 | ||||||
EuroPacific Growth Fund, Class R-6 | 15 | 1 | ||||||
Total growth funds (cost: $20,000) | 20 | |||||||
Growth-and-income funds 37.78% | ||||||||
Capital World Growth and Income Fund, Class R-6 | 67 | 4 | ||||||
Fundamental Investors, Class R-6 | 59 | 4 | ||||||
Washington Mutual Investors Fund, Class R-6 | 64 | 4 | ||||||
The Investment Company of America, Class R-6 | 59 | 3 | ||||||
American Mutual Fund, Class R-6 | 48 | 2 | ||||||
Total growth-and-income funds (cost: $16,000) | 17 | |||||||
Balanced funds 13.33% | ||||||||
American Balanced Fund, Class R-6 | 83 | 3 | ||||||
American Funds Global Balanced Fund, Class R-6 | 71 | 3 | ||||||
Total balanced funds (cost: $4,000) | 6 | |||||||
Fixed income funds 4.45% | ||||||||
U.S. Government Securities Fund, Class R-6 | 166 | 2 | ||||||
Total fixed income funds (cost: $2,000) | 2 | |||||||
Total investment securities 100.00% (cost: $42,000) | 45 | |||||||
Other assets less liabilities 0.00% | — | |||||||
Net assets 100.00% | $ | 45 |
American Funds Insurance Series – Target Date Series | 13 |
American Funds® IS 2055 Target Date Fund (continued)
Investments in affiliates1
Value at 1/1/2023 (000) | Additions (000) | Reductions (000) | Net realized gain (loss) (000) | Net unrealized appreciation (depreciation) (000) | Value at 12/31/2023 (000) | Dividend income (000) | Capital gain distributions received (000) | |||||||||||||||||||||||||
Growth funds 44.44% | ||||||||||||||||||||||||||||||||
New Perspective Fund, Class R-6 | $ | — | $ | 4 | $ | — | $ | — | $ | — | 2 | $ | 4 | $ | — | 2 | $ | — | 2 | |||||||||||||
SMALLCAP World Fund, Inc., Class R-6 | — | 4 | — | — | — | 2 | 4 | — | 2 | — | ||||||||||||||||||||||
AMCAP Fund, Class R-6 | — | 3 | — | — | — | 2 | 3 | — | 2 | — | 2 | |||||||||||||||||||||
The Growth Fund of America, Class R-6 | — | 3 | — | 2 | — | 2 | — | 2 | 3 | — | 2 | 1 | ||||||||||||||||||||
New World Fund, Inc., Class R-6 | — | 2 | — | — | — | 2 | 2 | — | 2 | — | 2 | |||||||||||||||||||||
The New Economy Fund, Class R-6 | — | 2 | — | — | — | 2 | 2 | — | 2 | — | 2 | |||||||||||||||||||||
American Funds Global Insight Fund, Class R-6 | — | 1 | — | — | — | 2 | 1 | — | 2 | — | 2 | |||||||||||||||||||||
EuroPacific Growth Fund, Class R-6 | — | 1 | — | — | — | 2 | 1 | — | 2 | — | 2 | |||||||||||||||||||||
20 | ||||||||||||||||||||||||||||||||
Growth-and-income funds 37.78% | ||||||||||||||||||||||||||||||||
Capital World Growth and Income Fund, Class R-6 | — | 4 | — | — | — | 2 | 4 | 1 | — | 2 | ||||||||||||||||||||||
Fundamental Investors, Class R-6 | — | 4 | — | — | — | 2 | 4 | — | 2 | — | 2 | |||||||||||||||||||||
Washington Mutual Investors Fund, Class R-6 | — | 3 | — | — | 1 | 4 | — | 2 | — | 2 | ||||||||||||||||||||||
The Investment Company of America, Class R-6 | — | 3 | — | 2 | — | 2 | — | 2 | 3 | — | 2 | — | 2 | |||||||||||||||||||
American Mutual Fund, Class R-6 | — | 2 | — | — | — | 2 | 2 | — | 2 | — | 2 | |||||||||||||||||||||
17 | ||||||||||||||||||||||||||||||||
Balanced funds 13.33% | ||||||||||||||||||||||||||||||||
American Balanced Fund, Class R-6 | — | 2 | — | — | 1 | 3 | — | 2 | — | |||||||||||||||||||||||
American Funds Global Balanced Fund, Class R-6 | — | 2 | — | — | 1 | 3 | — | 2 | — | |||||||||||||||||||||||
6 | ||||||||||||||||||||||||||||||||
Fixed income funds 4.45% | ||||||||||||||||||||||||||||||||
U.S. Government Securities Fund, Class R-6 | — | 2 | — | — | — | 2 | 2 | — | 2 | — | ||||||||||||||||||||||
Total 100.00% | $ | — | 2 | $ | 3 | $ | 45 | $ | 1 | $ | 1 |
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. |
Refer to the notes to financial statements.
14 | American Funds Insurance Series – Target Date Series |
American Funds® IS 2050 Target Date Fund
Investment portfolio December 31, 2023
Growth funds 42.22% | Shares | Value (000) | ||||||
New Perspective Fund, Class R-6 | 72 | $ | 4 | |||||
SMALLCAP World Fund, Inc., Class R-6 | 54 | 4 | ||||||
AMCAP Fund, Class R-6 | 85 | 3 | ||||||
The Growth Fund of America, Class R-6 | 54 | 3 | ||||||
The New Economy Fund, Class R-6 | 37 | 2 | ||||||
American Funds Global Insight Fund, Class R-6 | 55 | 1 | ||||||
EuroPacific Growth Fund, Class R-6 | 15 | 1 | ||||||
New World Fund, Inc., Class R-6 | 19 | 1 | ||||||
Total growth funds (cost: $18,000) | 19 | |||||||
Growth-and-income funds 37.78% | ||||||||
Capital World Growth and Income Fund, Class R-6 | 62 | 4 | ||||||
Fundamental Investors, Class R-6 | 54 | 4 | ||||||
Washington Mutual Investors Fund, Class R-6 | 64 | 4 | ||||||
American Mutual Fund, Class R-6 | 56 | 3 | ||||||
The Investment Company of America, Class R-6 | 50 | 2 | ||||||
Total growth-and-income funds (cost: $15,000) | 17 | |||||||
Equity-income funds 4.44% | ||||||||
Capital Income Builder, Class R-6 | 9 | 1 | ||||||
The Income Fund of America, Class R-6 | 25 | 1 | ||||||
Total equity-income funds (cost: $2,000) | 2 | |||||||
Balanced funds 11.11% | ||||||||
American Balanced Fund, Class R-6 | 92 | 3 | ||||||
American Funds Global Balanced Fund, Class R-6 | 63 | 2 | ||||||
Total balanced funds (cost: $5,000) | 5 | |||||||
Fixed income funds 4.45% | ||||||||
U.S. Government Securities Fund, Class R-6 | 166 | 2 | ||||||
Total fixed income funds (cost: $2,000) | 2 | |||||||
Total investment securities 100.00% (cost: $42,000) | 45 | |||||||
Other assets less liabilities 0.00% | — | |||||||
Net assets 100.00% | $ | 45 |
American Funds Insurance Series – Target Date Series | 15 |
American Funds® IS 2050 Target Date Fund (continued)
Investments in affiliates1
Value at 1/1/2023 (000) | Additions (000) | Reductions (000) | Net realized gain (loss) (000) | Net unrealized appreciation (depreciation) (000) | Value at 12/31/2023 (000) | Dividend income (000) | Capital gain distributions received (000) | |||||||||||||||||||||||||
Growth funds 42.22% | ||||||||||||||||||||||||||||||||
New Perspective Fund, Class R-6 | $ | — | $ | 4 | $ | — | $ | — | $ | — | 2 | $ | 4 | $ | — | 2 | $ | — | 2 | |||||||||||||
SMALLCAP World Fund, Inc., Class R-6 | — | 3 | — | — | 1 | 4 | — | 2 | — | |||||||||||||||||||||||
AMCAP Fund, Class R-6 | — | 3 | — | — | — | 2 | 3 | — | 2 | — | 2 | |||||||||||||||||||||
The Growth Fund of America, Class R-6 | — | 3 | — | 2 | — | 2 | — | 2 | 3 | — | 2 | 1 | ||||||||||||||||||||
The New Economy Fund, Class R-6 | — | 2 | — | — | — | 2 | 2 | — | 2 | — | 2 | |||||||||||||||||||||
American Funds Global Insight Fund, Class R-6 | — | 1 | — | — | — | 2 | 1 | — | 2 | — | ||||||||||||||||||||||
EuroPacific Growth Fund, Class R-6 | — | 1 | — | — | — | 2 | 1 | — | 2 | — | 2 | |||||||||||||||||||||
New World Fund, Inc., Class R-6 | — | 1 | — | — | — | 2 | 1 | — | 2 | — | 2 | |||||||||||||||||||||
19 | ||||||||||||||||||||||||||||||||
Growth-and-income funds 37.78% | ||||||||||||||||||||||||||||||||
Capital World Growth and Income Fund, Class R-6 | — | 3 | — | — | 1 | 4 | — | 2 | — | 2 | ||||||||||||||||||||||
Fundamental Investors, Class R-6 | — | 4 | — | 2 | — | 2 | — | 2 | 4 | — | 2 | — | 2 | |||||||||||||||||||
Washington Mutual Investors Fund, Class R-6 | — | 3 | — | — | 1 | 4 | — | 2 | — | 2 | ||||||||||||||||||||||
American Mutual Fund, Class R-6 | — | 3 | — | — | — | 2 | 3 | — | 2 | — | 2 | |||||||||||||||||||||
The Investment Company of America, Class R-6 | — | 2 | — | — | — | 2 | 2 | — | 2 | — | 2 | |||||||||||||||||||||
17 | ||||||||||||||||||||||||||||||||
Equity-income funds 4.44% | ||||||||||||||||||||||||||||||||
Capital Income Builder, Class R-6 | — | 1 | — | — | — | 2 | 1 | — | 2 | — | 2 | |||||||||||||||||||||
The Income Fund of America, Class R-6 | — | 1 | — | — | — | 2 | 1 | — | 2 | — | ||||||||||||||||||||||
2 | ||||||||||||||||||||||||||||||||
Balanced funds 11.11% | ||||||||||||||||||||||||||||||||
American Balanced Fund, Class R-6 | — | 3 | — | — | — | 2 | 3 | 1 | — | |||||||||||||||||||||||
American Funds Global Balanced Fund, Class R-6 | — | 2 | — | — | — | 2 | 2 | — | 2 | — | ||||||||||||||||||||||
5 | ||||||||||||||||||||||||||||||||
Fixed income funds 4.45% | ||||||||||||||||||||||||||||||||
U.S. Government Securities Fund, Class R-6 | — | 2 | — | — | — | 2 | 2 | — | 2 | — | ||||||||||||||||||||||
Total 100.00% | $ | — | 2 | $ | 3 | $ | 45 | $ | 1 | $ | 1 |
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. |
Refer to the notes to financial statements.
16 | American Funds Insurance Series – Target Date Series |
American Funds® IS 2045 Target Date Fund
Investment portfolio December 31, 2023
Growth funds 42.22% | Shares | Value (000) | ||||||
The Growth Fund of America, Class R-6 | 54 | $ | 4 | |||||
AMCAP Fund, Class R-6 | 85 | 3 | ||||||
New Perspective Fund, Class R-6 | 61 | 3 | ||||||
SMALLCAP World Fund, Inc., Class R-6 | 47 | 3 | ||||||
American Funds Global Insight Fund, Class R-6 | 75 | 2 | ||||||
The New Economy Fund, Class R-6 | 35 | 2 | ||||||
EuroPacific Growth Fund, Class R-6 | 15 | 1 | ||||||
New World Fund, Inc., Class R-6 | 17 | 1 | ||||||
Total growth funds (cost: $18,000) | 19 | |||||||
Growth-and-income funds 35.56% | ||||||||
Capital World Growth and Income Fund, Class R-6 | 60 | 4 | ||||||
Fundamental Investors, Class R-6 | 52 | 4 | ||||||
American Mutual Fund, Class R-6 | 59 | 3 | ||||||
Washington Mutual Investors Fund, Class R-6 | 58 | 3 | ||||||
The Investment Company of America, Class R-6 | 40 | 2 | ||||||
Total growth-and-income funds (cost: $15,000) | 16 | |||||||
Equity-income funds 6.67% | ||||||||
The Income Fund of America, Class R-6 | 61 | 2 | ||||||
Capital Income Builder, Class R-6 | 17 | 1 | ||||||
Total equity-income funds (cost: $2,000) | 3 | |||||||
Balanced funds 11.11% | ||||||||
American Balanced Fund, Class R-6 | 106 | 3 | ||||||
American Funds Global Balanced Fund, Class R-6 | 60 | 2 | ||||||
Total balanced funds (cost: $5,000) | 5 | |||||||
Fixed income funds 4.44% | ||||||||
U.S. Government Securities Fund, Class R-6 | 166 | 2 | ||||||
Total fixed income funds (cost: $2,000) | 2 | |||||||
Total investment securities 100.00% (cost: $42,000) | 45 | |||||||
Other assets less liabilities 0.00% | — | |||||||
Net assets 100.00% | $ | 45 |
American Funds Insurance Series – Target Date Series | 17 |
American Funds® IS 2045 Target Date Fund (continued)
Investments in affiliates1
Value at 1/1/2023 (000) | Additions (000) | Reductions (000) | Net realized gain (loss) (000) | Net unrealized appreciation (depreciation) (000) | Value at 12/31/2023 (000) | Dividend income (000) | Capital gain distributions received (000) | |||||||||||||||||||||||||
Growth funds 42.22% | ||||||||||||||||||||||||||||||||
The Growth Fund of America, Class R-6 | $ | — | $ | 3 | $ | — | 2 | $ | — | 2 | $ | 1 | $ | 4 | $ | — | 2 | $ | 1 | |||||||||||||
AMCAP Fund, Class R-6 | — | 3 | — | — | — | 2 | 3 | — | 2 | — | 2 | |||||||||||||||||||||
New Perspective Fund, Class R-6 | — | 3 | — | — | — | 2 | 3 | — | 2 | — | 2 | |||||||||||||||||||||
SMALLCAP World Fund, Inc., Class R-6 | — | 3 | — | — | — | 2 | 3 | — | 2 | — | ||||||||||||||||||||||
American Funds Global Insight Fund, Class R-6 | — | 2 | — | — | — | 2 | 2 | — | 2 | — | ||||||||||||||||||||||
The New Economy Fund, Class R-6 | — | 2 | — | — | — | 2 | 2 | — | 2 | — | 2 | |||||||||||||||||||||
EuroPacific Growth Fund, Class R-6 | — | 1 | — | — | — | 2 | 1 | — | 2 | — | 2 | |||||||||||||||||||||
New World Fund, Inc., Class R-6 | — | 1 | — | — | — | 2 | 1 | — | 2 | — | 2 | |||||||||||||||||||||
19 | ||||||||||||||||||||||||||||||||
Growth-and-income funds 35.56% | ||||||||||||||||||||||||||||||||
Capital World Growth and Income Fund, Class R-6 | — | 3 | — | — | 1 | 4 | — | 2 | — | 2 | ||||||||||||||||||||||
Fundamental Investors, Class R-6 | — | 3 | — | 2 | — | 2 | 1 | 4 | — | 2 | — | 2 | ||||||||||||||||||||
American Mutual Fund, Class R-6 | — | 3 | — | — | — | 2 | 3 | — | 2 | — | 2 | |||||||||||||||||||||
Washington Mutual Investors Fund, Class R-6 | — | 3 | — | 2 | — | 2 | — | 2 | 3 | — | 2 | — | 2 | |||||||||||||||||||
The Investment Company of America, Class R-6 | — | 2 | — | 2 | — | 2 | — | 2 | 2 | — | 2 | — | 2 | |||||||||||||||||||
16 | ||||||||||||||||||||||||||||||||
Equity-income funds 6.67% | ||||||||||||||||||||||||||||||||
The Income Fund of America, Class R-6 | — | 2 | — | — | — | 2 | 2 | — | 2 | — | ||||||||||||||||||||||
Capital Income Builder, Class R-6 | — | 1 | — | — | — | 2 | 1 | — | 2 | — | 2 | |||||||||||||||||||||
3 | ||||||||||||||||||||||||||||||||
Balanced funds 11.11% | ||||||||||||||||||||||||||||||||
American Balanced Fund, Class R-6 | — | 3 | — | — | — | 2 | 3 | 1 | — | |||||||||||||||||||||||
American Funds Global Balanced Fund, Class R-6 | — | 2 | — | — | — | 2 | 2 | — | 2 | — | ||||||||||||||||||||||
5 | ||||||||||||||||||||||||||||||||
Fixed income funds 4.44% | ||||||||||||||||||||||||||||||||
U.S. Government Securities Fund, Class R-6 | — | 2 | — | — | — | 2 | 2 | — | 2 | — | ||||||||||||||||||||||
Total 100.00% | $ | — | 2 | $ | 3 | $ | 45 | $ | 1 | $ | 1 |
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. |
Refer to the notes to financial statements.
18 | American Funds Insurance Series – Target Date Series |
American Funds® IS 2040 Target Date Fund
Investment portfolio December 31, 2023
Growth funds 37.78% | Shares | Value (000) | ||||||
AMCAP Fund, Class R-6 | 85 | $ | 3 | |||||
New Perspective Fund, Class R-6 | 56 | 3 | ||||||
SMALLCAP World Fund, Inc., Class R-6 | 41 | 3 | ||||||
The Growth Fund of America, Class R-6 | 54 | 3 | ||||||
American Funds Global Insight Fund, Class R-6 | 81 | 2 | ||||||
The New Economy Fund, Class R-6 | 34 | 2 | ||||||
New World Fund, Inc., Class R-6 | 13 | 1 | ||||||
EuroPacific Growth Fund, Class R-6 | 5 | — | 1 | |||||
Total growth funds (cost: $16,000) | 17 | |||||||
Growth-and-income funds 33.33% | ||||||||
American Mutual Fund, Class R-6 | 59 | 3 | ||||||
Capital World Growth and Income Fund, Class R-6 | 55 | 3 | ||||||
Fundamental Investors, Class R-6 | 48 | 3 | ||||||
Washington Mutual Investors Fund, Class R-6 | 50 | 3 | ||||||
The Investment Company of America, Class R-6 | 38 | 2 | ||||||
International Growth and Income Fund, Class R-6 | 16 | 1 | ||||||
Total growth-and-income funds (cost: $14,000) | 15 | |||||||
Equity-income funds 6.67% | ||||||||
The Income Fund of America, Class R-6 | 72 | 2 | ||||||
Capital Income Builder, Class R-6 | 19 | 1 | ||||||
Total equity-income funds (cost: $3,000) | 3 | |||||||
Balanced funds 13.33% | ||||||||
American Balanced Fund, Class R-6 | 110 | 4 | ||||||
American Funds Global Balanced Fund, Class R-6 | 59 | 2 | ||||||
Total balanced funds (cost: $5,000) | 6 | |||||||
Fixed income funds 8.89% | ||||||||
U.S. Government Securities Fund, Class R-6 | 166 | 2 | ||||||
American Funds Inflation Linked Bond Fund, Class R-6 | 91 | 1 | ||||||
American Funds Multi-Sector Income Fund, Class R-6 | 65 | 1 | ||||||
Total fixed income funds (cost: $4,000) | 4 | |||||||
Total investment securities 100.00% (cost: $42,000) | 45 | |||||||
Other assets less liabilities 0.00% | — | |||||||
Net assets 100.00% | $ | 45 |
American Funds Insurance Series – Target Date Series | 19 |
American Funds® IS 2040 Target Date Fund (continued)
Investments in affiliates2
Value at 1/1/2023 (000) | Additions (000) | Reductions (000) | Net realized gain (loss) (000) | Net unrealized appreciation (depreciation) (000) | Value at 12/31/2023 (000) | Dividend income (000) | Capital gain distributions received (000) | |||||||||||||||||||||||||
Growth funds 37.78% | ||||||||||||||||||||||||||||||||
AMCAP Fund, Class R-6 | $ | — | $ | 2 | $ | — | $ | — | $ | 1 | $ | 3 | $ | — | 1 | $ | — | 1 | ||||||||||||||
New Perspective Fund, Class R-6 | — | 3 | — | — | — | 1 | 3 | — | 1 | — | 1 | |||||||||||||||||||||
SMALLCAP World Fund, Inc., Class R-6 | — | 2 | — | — | 1 | 3 | — | 1 | — | |||||||||||||||||||||||
The Growth Fund of America, Class R-6 | — | 3 | — | 1 | — | 1 | — | 1 | 3 | — | 1 | 1 | ||||||||||||||||||||
American Funds Global Insight Fund, Class R-6 | — | 2 | — | — | — | 1 | 2 | — | 1 | — | ||||||||||||||||||||||
The New Economy Fund, Class R-6 | — | 2 | — | — | — | 1 | 2 | — | 1 | — | 1 | |||||||||||||||||||||
New World Fund, Inc., Class R-6 | — | 1 | — | — | — | 1 | 1 | — | 1 | — | 1 | |||||||||||||||||||||
EuroPacific Growth Fund, Class R-6 | — | — | 1 | — | — | — | 1 | — | 1 | — | 1 | — | 1 | |||||||||||||||||||
17 | ||||||||||||||||||||||||||||||||
Growth-and-income funds 33.33% | ||||||||||||||||||||||||||||||||
American Mutual Fund, Class R-6 | — | 3 | — | — | — | 1 | 3 | — | 1 | — | 1 | |||||||||||||||||||||
Capital World Growth and Income Fund, Class R-6 | — | 3 | — | — | — | 1 | 3 | — | 1 | — | 1 | |||||||||||||||||||||
Fundamental Investors, Class R-6 | — | 3 | — | — | — | 1 | 3 | — | 1 | — | 1 | |||||||||||||||||||||
Washington Mutual Investors Fund, Class R-6 | — | 3 | — | — | — | 1 | 3 | — | 1 | — | 1 | |||||||||||||||||||||
The Investment Company of America, Class R-6 | — | 2 | — | — | — | 1 | 2 | — | 1 | — | 1 | |||||||||||||||||||||
International Growth and Income Fund, Class R-6 | — | 1 | — | — | — | 1 | 1 | — | 1 | — | ||||||||||||||||||||||
15 | ||||||||||||||||||||||||||||||||
Equity-income funds 6.67% | ||||||||||||||||||||||||||||||||
The Income Fund of America, Class R-6 | — | 2 | — | — | — | 1 | 2 | — | 1 | — | ||||||||||||||||||||||
Capital Income Builder, Class R-6 | — | 1 | — | — | — | 1 | 1 | — | 1 | — | 1 | |||||||||||||||||||||
3 | ||||||||||||||||||||||||||||||||
Balanced funds 13.33% | ||||||||||||||||||||||||||||||||
American Balanced Fund, Class R-6 | — | 3 | — | — | 1 | 4 | 1 | — | ||||||||||||||||||||||||
American Funds Global Balanced Fund, Class R-6 | — | 2 | — | — | — | 1 | 2 | — | 1 | — | ||||||||||||||||||||||
6 | ||||||||||||||||||||||||||||||||
Fixed income funds 8.89% | ||||||||||||||||||||||||||||||||
U.S. Government Securities Fund, Class R-6 | — | 2 | — | — | — | 1 | 2 | — | 1 | — | ||||||||||||||||||||||
American Funds Inflation Linked Bond Fund, Class R-6 | — | 1 | — | — | — | 1 | 1 | — | 1 | — | ||||||||||||||||||||||
American Funds Multi-Sector Income Fund, Class R-6 | — | 1 | — | — | — | 1 | 1 | — | 1 | — | ||||||||||||||||||||||
4 | ||||||||||||||||||||||||||||||||
Total 100.00% | $ | — | 1 | $ | 3 | $ | 45 | $ | 1 | $ | 1 |
1 | Amount less than one thousand. |
2 | Part of the same “group of investment companies” as the fund as defined under the Investment Company Act of 1940, as amended. |
Refer to the notes to financial statements.
20 | American Funds Insurance Series – Target Date Series |
American Funds® IS 2035 Target Date Fund
Investment portfolio December 31, 2023
Growth funds 25.84% | Shares | Value (000) | ||||||
AMCAP Fund, Class R-6 | 3,841 | $ | 150 | |||||
The Growth Fund of America, Class R-6 | 2,367 | 150 | ||||||
SMALLCAP World Fund, Inc., Class R-6 | 1,543 | 106 | ||||||
American Funds Global Insight Fund, Class R-6 | 4,504 | 96 | ||||||
New Perspective Fund, Class R-6 | 1,640 | 92 | ||||||
The New Economy Fund, Class R-6 | 355 | 19 | ||||||
New World Fund, Inc., Class R-6 | 129 | 10 | ||||||
Total growth funds (cost: $529,000) | 623 | |||||||
Growth-and-income funds 31.40% | ||||||||
American Mutual Fund, Class R-6 | 3,312 | 169 | ||||||
Capital World Growth and Income Fund, Class R-6 | 2,811 | 169 | ||||||
Fundamental Investors, Class R-6 | 2,093 | 150 | ||||||
Washington Mutual Investors Fund, Class R-6 | 2,193 | 125 | ||||||
The Investment Company of America, Class R-6 | 1,916 | 96 | ||||||
International Growth and Income Fund, Class R-6 | 1,346 | 48 | ||||||
Total growth-and-income funds (cost: $674,000) | 757 | |||||||
Equity-income funds 7.80% | ||||||||
The Income Fund of America, Class R-6 | 4,118 | 96 | ||||||
Capital Income Builder, Class R-6 | 1,386 | 92 | ||||||
Total equity-income funds (cost: $180,000) | 188 | |||||||
Balanced funds 13.02% | ||||||||
American Balanced Fund, Class R-6 | 6,033 | 193 | ||||||
American Funds Global Balanced Fund, Class R-6 | 3,321 | 121 | ||||||
Total balanced funds (cost: $283,000) | 314 | |||||||
Fixed income funds 22.02% | ||||||||
U.S. Government Securities Fund, Class R-6 | 9,915 | 121 | ||||||
American Funds Inflation Linked Bond Fund, Class R-6 | 12,119 | 111 | ||||||
American Funds Mortgage Fund, Class R-6 | 10,786 | 96 | ||||||
American Funds Multi-Sector Income Fund, Class R-6 | 7,250 | 67 | ||||||
Intermediate Bond Fund of America, Class R-6 | 4,615 | 58 | ||||||
American Funds Strategic Bond Fund, Class R-6 | 4,152 | 39 | ||||||
Capital World Bond Fund, Class R-6 | 2,322 | 39 | ||||||
Total fixed income funds (cost: $533,000) | 531 | |||||||
Total investment securities 100.08% (cost: $2,199,000) | 2,413 | |||||||
Other assets less liabilities (0.08)% | (2 | ) | ||||||
Net assets 100.00% | $ | 2,411 |
American Funds Insurance Series – Target Date Series | 21 |
American Funds® IS 2035 Target Date Fund (continued)
Investments in affiliates1
Value at 1/1/2023 (000) | Additions (000) | Reductions (000) | Net realized gain (loss) (000) | Net unrealized appreciation (depreciation) (000) | Value at 12/31/2023 (000) | Dividend income (000) | Capital gain distributions received (000) | |||||||||||||||||||||||||
Growth funds 25.84% | ||||||||||||||||||||||||||||||||
AMCAP Fund, Class R-6 | $ | 57 | $ | 82 | $ | 15 | $ | 1 | $ | 25 | $ | 150 | $ | 2 | $ | 4 | ||||||||||||||||
The Growth Fund of America, Class R-6 | 57 | 88 | 22 | 2 | 25 | 150 | 1 | 10 | ||||||||||||||||||||||||
SMALLCAP World Fund, Inc., Class R-6 | 43 | 57 | 8 | 1 | 13 | 106 | 1 | — | ||||||||||||||||||||||||
American Funds Global Insight Fund, Class R-6 | 36 | 51 | — | 2 | — | 2 | 9 | 96 | 1 | — | ||||||||||||||||||||||
New Perspective Fund, Class R-6 | 41 | 55 | 15 | 1 | 10 | 92 | 1 | 4 | ||||||||||||||||||||||||
The New Economy Fund, Class R-6 | 14 | 13 | 12 | 1 | 3 | 19 | — | 2 | 1 | |||||||||||||||||||||||
New World Fund, Inc., Class R-6 | 7 | 6 | 4 | — | 2 | 1 | 10 | — | 2 | — | 2 | |||||||||||||||||||||
623 | ||||||||||||||||||||||||||||||||
Growth-and-income funds 31.40% | ||||||||||||||||||||||||||||||||
American Mutual Fund, Class R-6 | 62 | 100 | — | — | 7 | 169 | 3 | 3 | ||||||||||||||||||||||||
Capital World Growth and Income Fund, Class R-6 | 62 | 93 | 4 | — | 2 | 18 | 169 | 3 | 3 | |||||||||||||||||||||||
Fundamental Investors, Class R-6 | 57 | 87 | 14 | 1 | 19 | 150 | 2 | 7 | ||||||||||||||||||||||||
Washington Mutual Investors Fund, Class R-6 | 48 | 75 | 8 | — | 2 | 10 | 125 | 2 | 6 | |||||||||||||||||||||||
The Investment Company of America, Class R-6 | 36 | 55 | 9 | 1 | 13 | 96 | 2 | 4 | ||||||||||||||||||||||||
International Growth and Income Fund, Class R-6 | 18 | 27 | — | — | 3 | 48 | 1 | — | ||||||||||||||||||||||||
757 | ||||||||||||||||||||||||||||||||
Equity-income funds 7.80% | ||||||||||||||||||||||||||||||||
The Income Fund of America, Class R-6 | 36 | 58 | — | — | 2 | 96 | 3 | — | ||||||||||||||||||||||||
Capital Income Builder, Class R-6 | 32 | 57 | — | — | 3 | 92 | 3 | — | 2 | |||||||||||||||||||||||
188 | ||||||||||||||||||||||||||||||||
Balanced funds 13.02% | ||||||||||||||||||||||||||||||||
American Balanced Fund, Class R-6 | 71 | 108 | 2 | — | 2 | 16 | 193 | 6 | — | |||||||||||||||||||||||
American Funds Global Balanced Fund, Class R-6 | 45 | 67 | — | — | 9 | 121 | 2 | — | ||||||||||||||||||||||||
314 | ||||||||||||||||||||||||||||||||
Fixed income funds 22.02% | ||||||||||||||||||||||||||||||||
U.S. Government Securities Fund, Class R-6 | 44 | 80 | 1 | — | 2 | (2 | ) | 121 | 4 | — | ||||||||||||||||||||||
American Funds Inflation Linked Bond Fund, Class R-6 | 37 | 75 | — | 2 | — | 2 | (1 | ) | 111 | 1 | — | |||||||||||||||||||||
American Funds Mortgage Fund, Class R-6 | 27 | 70 | — | 2 | — | 2 | (1 | ) | 96 | 3 | — | |||||||||||||||||||||
American Funds Multi-Sector Income Fund, Class R-6 | 23 | 42 | — | — | 2 | 67 | 3 | — | ||||||||||||||||||||||||
Intermediate Bond Fund of America, Class R-6 | 16 | 42 | — | 2 | — | 2 | — | 2 | 58 | 1 | — | |||||||||||||||||||||
American Funds Strategic Bond Fund, Class R-63 | 11 | 29 | — | 2 | — | 2 | (1 | ) | 39 | 1 | — | |||||||||||||||||||||
Capital World Bond Fund, Class R-63 | 11 | 27 | — | 2 | — | 2 | 1 | 39 | 1 | — | ||||||||||||||||||||||
531 | ||||||||||||||||||||||||||||||||
Total 100.08% | $ | 8 | $ | 184 | $ | 2,413 | $ | 47 | $ | 42 |
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. |
3 | A portion of the fund’s income dividends and/or capital gains distribution was deemed a return of capital for tax purposes. The net realized gain and dividend income amounts reflect the return of capital distribution. |
Refer to the notes to financial statements.
22 | American Funds Insurance Series – Target Date Series |
American Funds® IS 2030 Target Date Fund
Investment portfolio December 31, 2023
Growth funds 18.31% | Shares | Value (000) | ||||||
AMCAP Fund, Class R-6 | 772 | $ | 30 | |||||
The Growth Fund of America, Class R-6 | 350 | 22 | ||||||
American Funds Global Insight Fund, Class R-6 | 742 | 16 | ||||||
SMALLCAP World Fund, Inc., Class R-6 | 177 | 12 | ||||||
New Perspective Fund, Class R-6 | 197 | 11 | ||||||
Total growth funds (cost: $83,000) | 91 | |||||||
Growth-and-income funds 27.97% | ||||||||
American Mutual Fund, Class R-6 | 680 | 35 | ||||||
Capital World Growth and Income Fund, Class R-6 | 585 | 35 | ||||||
Washington Mutual Investors Fund, Class R-6 | 435 | 25 | ||||||
Fundamental Investors, Class R-6 | 254 | 18 | ||||||
The Investment Company of America, Class R-6 | 319 | 16 | ||||||
International Growth and Income Fund, Class R-6 | 279 | 10 | ||||||
Total growth-and-income funds (cost: $127,000) | 139 | |||||||
Equity-income funds 8.05% | ||||||||
Capital Income Builder, Class R-6 | 301 | 20 | ||||||
The Income Fund of America, Class R-6 | 851 | 20 | ||||||
Total equity-income funds (cost: $39,000) | 40 | |||||||
Balanced funds 13.08% | ||||||||
American Balanced Fund, Class R-6 | 1,245 | 40 | ||||||
American Funds Global Balanced Fund, Class R-6 | 687 | 25 | ||||||
Total balanced funds (cost: $62,000) | 65 | |||||||
Fixed income funds 32.59% | ||||||||
American Funds Inflation Linked Bond Fund, Class R-6 | 3,088 | 28 | ||||||
The Bond Fund of America, Class R-6 | 2,398 | 28 | ||||||
American Funds Mortgage Fund, Class R-6 | 2,750 | 25 | ||||||
U.S. Government Securities Fund, Class R-6 | 2,016 | 24 | ||||||
Intermediate Bond Fund of America, Class R-6 | 1,790 | 22 | ||||||
American Funds Multi-Sector Income Fund, Class R-6 | 1,589 | 15 | ||||||
American Funds Strategic Bond Fund, Class R-6 | 1,054 | 10 | ||||||
Capital World Bond Fund, Class R-6 | 598 | 10 | ||||||
Total fixed income funds (cost: $168,000) | 162 | |||||||
Total investment securities 100.00% (cost: $479,000) | 497 | |||||||
Other assets less liabilities 0.00% | — | |||||||
Net assets 100.00% | $ | 497 |
American Funds Insurance Series – Target Date Series | 23 |
American Funds® IS 2030 Target Date Fund (continued)
Investments in affiliates1
Value at 1/1/2023 (000) | Additions (000) | Reductions (000) | Net realized gain (loss) (000) | Net unrealized appreciation (depreciation) (000) | Value at 12/31/2023 (000) | Dividend income (000) | Capital gain distributions received (000) | |||||||||||||||||||||||||
Growth funds 18.31% | ||||||||||||||||||||||||||||||||
AMCAP Fund, Class R-6 | $ | 29 | $ | 4 | $ | 11 | $ | (1 | ) | $ | 9 | $ | 30 | $ | — | 2 | $ | — | 2 | |||||||||||||
The Growth Fund of America, Class R-6 | 23 | 4 | 11 | (1 | ) | 7 | 22 | — | 2 | 1 | ||||||||||||||||||||||
American Funds Global Insight Fund, Class R-6 | 17 | 2 | 6 | — | 2 | 3 | 16 | — | 2 | — | ||||||||||||||||||||||
SMALLCAP World Fund, Inc., Class R-6 | 13 | 2 | 5 | (1 | ) | 3 | 12 | — | 2 | — | ||||||||||||||||||||||
New Perspective Fund, Class R-6 | 12 | 2 | 5 | — | 2 | 2 | 11 | — | 2 | — | 2 | |||||||||||||||||||||
91 | ||||||||||||||||||||||||||||||||
Growth-and-income funds 27.97% | ||||||||||||||||||||||||||||||||
American Mutual Fund, Class R-6 | 35 | 6 | 8 | — | 2 | 2 | 35 | 1 | 1 | |||||||||||||||||||||||
Capital World Growth and Income Fund, Class R-6 | 34 | 5 | 10 | — | 2 | 6 | 35 | 1 | 1 | |||||||||||||||||||||||
Washington Mutual Investors Fund, Class R-6 | 25 | 4 | 6 | — | 2 | 2 | 25 | — | 2 | 1 | ||||||||||||||||||||||
Fundamental Investors, Class R-6 | 21 | 3 | 9 | — | 2 | 3 | 18 | — | 2 | 1 | ||||||||||||||||||||||
The Investment Company of America, Class R-6 | 17 | 2 | 7 | — | 2 | 4 | 16 | — | 2 | 1 | ||||||||||||||||||||||
International Growth and Income Fund, Class R-6 | 10 | 2 | 3 | — | 2 | 1 | 10 | — | 2 | — | ||||||||||||||||||||||
139 | ||||||||||||||||||||||||||||||||
Equity-income funds 8.05% | ||||||||||||||||||||||||||||||||
Capital Income Builder, Class R-6 | 20 | 3 | 4 | — | 2 | 1 | 20 | 1 | — | 2 | ||||||||||||||||||||||
The Income Fund of America, Class R-6 | 20 | 4 | 5 | — | 2 | 1 | 20 | 1 | — | |||||||||||||||||||||||
40 | ||||||||||||||||||||||||||||||||
Balanced funds 13.08% | ||||||||||||||||||||||||||||||||
American Balanced Fund, Class R-6 | 39 | 6 | 10 | — | 2 | 5 | 40 | 2 | — | |||||||||||||||||||||||
American Funds Global Balanced Fund, Class R-6 | 25 | 3 | 6 | — | 2 | 3 | 25 | — | 2 | — | ||||||||||||||||||||||
65 | ||||||||||||||||||||||||||||||||
Fixed income funds 32.59% | ||||||||||||||||||||||||||||||||
American Funds Inflation Linked Bond Fund, Class R-6 | 27 | 7 | 5 | (2 | ) | 1 | 28 | — | 2 | — | ||||||||||||||||||||||
The Bond Fund of America, Class R-6 | 21 | 13 | 6 | (1 | ) | 1 | 28 | 1 | — | |||||||||||||||||||||||
American Funds Mortgage Fund, Class R-6 | 25 | 5 | 5 | (1 | ) | 1 | 25 | 2 | — | |||||||||||||||||||||||
U.S. Government Securities Fund, Class R-6 | 25 | 6 | 6 | (1 | ) | — | 2 | 24 | 1 | — | ||||||||||||||||||||||
Intermediate Bond Fund of America, Class R-6 | 21 | 6 | 6 | — | 2 | 1 | 22 | 1 | — | |||||||||||||||||||||||
American Funds Multi-Sector Income Fund, Class R-6 | 15 | 3 | 4 | — | 2 | 1 | 15 | 1 | — | |||||||||||||||||||||||
American Funds Strategic Bond Fund, Class R-63 | 10 | 2 | 2 | — | 2 | — | 2 | 10 | — | 2 | — | |||||||||||||||||||||
Capital World Bond Fund, Class R-63 | 10 | 2 | 3 | — | 2 | 1 | 10 | — | 2 | — | ||||||||||||||||||||||
162 | ||||||||||||||||||||||||||||||||
Total 100.00% | $ | (8 | ) | $ | 58 | $ | 497 | $ | 12 | $ | 6 |
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. |
3 | A portion of the fund’s income dividends and/or capital gains distribution was deemed a return of capital for tax purposes. The net realized gain and dividend income amounts reflect the return of capital distribution. |
Refer to the notes to financial statements.
24 | American Funds Insurance Series – Target Date Series |
American Funds® IS 2025 Target Date Fund
Investment portfolio December 31, 2023
Growth funds 8.31% | Shares | Value (000) | ||||||
AMCAP Fund, Class R-6 | 1,720 | $ | 67 | |||||
American Funds Global Insight Fund, Class R-6 | 2,568 | 55 | ||||||
The Growth Fund of America, Class R-6 | 235 | 15 | ||||||
SMALLCAP World Fund, Inc., Class R-6 | 110 | 8 | ||||||
New Perspective Fund, Class R-6 | 132 | 7 | ||||||
Total growth funds (cost: $142,000) | 152 | |||||||
Growth-and-income funds 24.77% | ||||||||
Capital World Growth and Income Fund, Class R-6 | 1,901 | 114 | ||||||
American Mutual Fund, Class R-6 | 2,222 | 113 | ||||||
Washington Mutual Investors Fund, Class R-6 | 1,607 | 92 | ||||||
Fundamental Investors, Class R-6 | 779 | 56 | ||||||
The Investment Company of America, Class R-6 | 1,105 | 56 | ||||||
International Growth and Income Fund, Class R-6 | 620 | 22 | ||||||
Total growth-and-income funds (cost: $413,000) | 453 | |||||||
Equity-income funds 12.08% | ||||||||
The Income Fund of America, Class R-6 | 5,660 | 133 | ||||||
Capital Income Builder, Class R-6 | 1,336 | 88 | ||||||
Total equity-income funds (cost: $218,000) | 221 | |||||||
Balanced funds 12.25% | ||||||||
American Balanced Fund, Class R-6 | 4,598 | 147 | ||||||
American Funds Global Balanced Fund, Class R-6 | 2,132 | 77 | ||||||
Total balanced funds (cost: $217,000) | 224 | |||||||
Fixed income funds 42.70% | ||||||||
The Bond Fund of America, Class R-6 | 12,323 | 142 | ||||||
American Funds Inflation Linked Bond Fund, Class R-6 | 14,950 | 137 | ||||||
American Funds Mortgage Fund, Class R-6 | 11,789 | 105 | ||||||
Intermediate Bond Fund of America, Class R-6 | 8,329 | 105 | ||||||
U.S. Government Securities Fund, Class R-6 | 7,450 | 91 | ||||||
American Funds Multi-Sector Income Fund, Class R-6 | 7,441 | 69 | ||||||
American Funds Strategic Bond Fund, Class R-6 | 5,454 | 51 | ||||||
American High-Income Trust, Class R-6 | 4,613 | 44 | ||||||
Capital World Bond Fund, Class R-6 | 2,213 | 37 | ||||||
Total fixed income funds (cost: $835,000) | 781 | |||||||
Total investment securities 100.11% (cost: $1,825,000) | 1,831 | |||||||
Other assets less liabilities (0.11)% | (2 | ) | ||||||
Net assets 100.00% | $ | 1,829 |
American Funds Insurance Series – Target Date Series | 25 |
American Funds® IS 2025 Target Date Fund (continued)
Investments in affiliates1
Value at 1/1/2023 (000) | Additions (000) | Reductions (000) | Net realized gain (loss) (000) | Net unrealized appreciation (depreciation) (000) | Value at 12/31/2023 (000) | Dividend income (000) | Capital gain distributions received (000) | |||||||||||||||||||||||||
Growth funds 8.31% | ||||||||||||||||||||||||||||||||
AMCAP Fund, Class R-6 | $ | 57 | $ | 11 | $ | 14 | $ | (4 | ) | $ | 17 | $ | 67 | $ | 1 | $ | 2 | |||||||||||||||
American Funds Global Insight Fund, Class R-6 | 42 | 9 | 3 | — | 2 | 7 | 55 | 1 | — | |||||||||||||||||||||||
The Growth Fund of America, Class R-6 | 22 | 2 | 14 | (1 | ) | 6 | 15 | — | 2 | 1 | ||||||||||||||||||||||
SMALLCAP World Fund, Inc., Class R-6 | 12 | — | 2 | 6 | (2 | ) | 4 | 8 | — | 2 | — | |||||||||||||||||||||
New Perspective Fund, Class R-6 | 12 | 1 | 8 | — | 2 | 2 | 7 | — | 2 | — | 2 | |||||||||||||||||||||
152 | ||||||||||||||||||||||||||||||||
Growth-and-income funds 24.77% | ||||||||||||||||||||||||||||||||
Capital World Growth and Income Fund, Class R-6 | 88 | 26 | 15 | (1 | ) | 16 | 114 | 2 | 2 | |||||||||||||||||||||||
American Mutual Fund, Class R-6 | 88 | 28 | 8 | — | 2 | 5 | 113 | 2 | 2 | |||||||||||||||||||||||
Washington Mutual Investors Fund, Class R-6 | 69 | 22 | 7 | — | 2 | 8 | 92 | 2 | 4 | |||||||||||||||||||||||
Fundamental Investors, Class R-6 | 42 | 11 | 5 | — | 2 | 8 | 56 | 1 | 2 | |||||||||||||||||||||||
The Investment Company of America, Class R-6 | 42 | 11 | 7 | — | 2 | 10 | 56 | 1 | 2 | |||||||||||||||||||||||
International Growth and Income Fund, Class R-6 | 20 | 3 | 3 | (1 | ) | 3 | 22 | 1 | — | |||||||||||||||||||||||
453 | ||||||||||||||||||||||||||||||||
Equity-income funds 12.08% | ||||||||||||||||||||||||||||||||
The Income Fund of America, Class R-6 | 87 | 44 | 3 | — | 2 | 5 | 133 | 4 | — | |||||||||||||||||||||||
Capital Income Builder, Class R-6 | 64 | 23 | 3 | — | 2 | 4 | 88 | 3 | — | 2 | ||||||||||||||||||||||
221 | ||||||||||||||||||||||||||||||||
Balanced funds 12.25% | ||||||||||||||||||||||||||||||||
American Balanced Fund, Class R-6 | 110 | 31 | 8 | (1 | ) | 15 | 147 | 4 | — | |||||||||||||||||||||||
American Funds Global Balanced Fund, Class R-6 | 62 | 13 | 5 | (1 | ) | 8 | 77 | 1 | — | |||||||||||||||||||||||
224 | ||||||||||||||||||||||||||||||||
Fixed income funds 42.70% | ||||||||||||||||||||||||||||||||
The Bond Fund of America, Class R-6 | 101 | 45 | 6 | (1 | ) | 3 | 142 | 4 | — | |||||||||||||||||||||||
American Funds Inflation Linked Bond Fund, Class R-6 | 93 | 48 | 5 | (1 | ) | 2 | 137 | 2 | — | |||||||||||||||||||||||
American Funds Mortgage Fund, Class R-6 | 74 | 34 | 3 | (1 | ) | 1 | 105 | 4 | — | |||||||||||||||||||||||
Intermediate Bond Fund of America, Class R-6 | 75 | 33 | 4 | (1 | ) | 2 | 105 | 3 | — | |||||||||||||||||||||||
U.S. Government Securities Fund, Class R-6 | 66 | 28 | 3 | (1 | ) | 1 | 91 | 3 | — | |||||||||||||||||||||||
American Funds Multi-Sector Income Fund, Class R-6 | 49 | 21 | 4 | — | 2 | 3 | 69 | 4 | — | |||||||||||||||||||||||
American Funds Strategic Bond Fund, Class R-63 | 34 | 18 | 1 | — | 2 | — | 2 | 51 | 1 | — | ||||||||||||||||||||||
American High-Income Trust, Class R-6 | 23 | 19 | — | 2 | — | 2 | 2 | 44 | 2 | — | ||||||||||||||||||||||
Capital World Bond Fund, Class R-63 | 27 | 10 | 2 | — | 2 | 2 | 37 | — | 2 | — | ||||||||||||||||||||||
781 | ||||||||||||||||||||||||||||||||
Total 100.11% | $ | (16 | ) | $ | 134 | $ | 1,831 | $ | 46 | $ | 15 |
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. |
3 | A portion of the fund’s income dividends and/or capital gains distribution was deemed a return of capital for tax purposes. The net realized gain and dividend income amounts reflect the return of capital distribution. |
Refer to the notes to financial statements.
26 | American Funds Insurance Series – Target Date Series |
American Funds® IS 2020 Target Date Fund
Investment portfolio December 31, 2023
Growth funds 3.61% | Shares | Value (000) | ||||||
American Funds Global Insight Fund, Class R-6 | 4,135 | $ | 89 | |||||
AMCAP Fund, Class R-6 | 1,443 | 56 | ||||||
Total growth funds (cost: $138,000) | 145 | |||||||
Growth-and-income funds 22.44% | ||||||||
American Mutual Fund, Class R-6 | 4,736 | 242 | ||||||
Capital World Growth and Income Fund, Class R-6 | 3,485 | 209 | ||||||
Washington Mutual Investors Fund, Class R-6 | 3,513 | 201 | ||||||
Fundamental Investors, Class R-6 | 1,688 | 121 | ||||||
The Investment Company of America, Class R-6 | 2,395 | 121 | ||||||
International Growth and Income Fund, Class R-6 | 226 | 8 | ||||||
Total growth-and-income funds (cost: $821,000) | 902 | |||||||
Equity-income funds 17.04% | ||||||||
The Income Fund of America, Class R-6 | 19,229 | 451 | ||||||
Capital Income Builder, Class R-6 | 3,528 | 234 | ||||||
Total equity-income funds (cost: $668,000) | 685 | |||||||
Balanced funds 12.01% | ||||||||
American Balanced Fund, Class R-6 | 10,053 | 322 | ||||||
American Funds Global Balanced Fund, Class R-6 | 4,432 | 161 | ||||||
Total balanced funds (cost: $467,000) | 483 | |||||||
Fixed income funds 44.97% | ||||||||
The Bond Fund of America, Class R-6 | 28,047 | 322 | ||||||
American Funds Inflation Linked Bond Fund, Class R-6 | 34,927 | 320 | ||||||
American Funds Mortgage Fund, Class R-6 | 26,970 | 241 | ||||||
Intermediate Bond Fund of America, Class R-6 | 19,236 | 241 | ||||||
U.S. Government Securities Fund, Class R-6 | 16,534 | 201 | ||||||
American Funds Multi-Sector Income Fund, Class R-6 | 17,312 | 161 | ||||||
American Funds Strategic Bond Fund, Class R-6 | 12,956 | 121 | ||||||
American High-Income Trust, Class R-6 | 12,748 | 121 | ||||||
Capital World Bond Fund, Class R-6 | 4,838 | 80 | ||||||
Total fixed income funds (cost: $1,915,000) | 1,808 | |||||||
Total investment securities 100.07% (cost: $4,009,000) | 4,023 | |||||||
Other assets less liabilities (0.07)% | (3 | ) | ||||||
Net assets 100.00% | $ | 4,020 |
American Funds Insurance Series – Target Date Series | 27 |
American Funds® IS 2020 Target Date Fund (continued)
Investments in affiliates1
Value at 1/1/2023 (000) | Additions (000) | Reductions (000) | Net realized gain (loss) (000) | Net unrealized appreciation (depreciation) (000) | Value at 12/31/2023 (000) | Dividend income (000) | Capital gain distributions received (000) | |||||||||||||||||||||||||
Growth funds 3.61% | ||||||||||||||||||||||||||||||||
American Funds Global Insight Fund, Class R-6 | $ | 65 | $ | 37 | $ | 26 | $ | (1 | ) | $ | 14 | $ | 89 | $ | 1 | $ | — | |||||||||||||||
AMCAP Fund, Class R-6 | 46 | 25 | 29 | (4 | ) | 18 | 56 | 1 | 2 | |||||||||||||||||||||||
145 | ||||||||||||||||||||||||||||||||
Growth-and-income funds 22.44% | ||||||||||||||||||||||||||||||||
American Mutual Fund, Class R-6 | 155 | 123 | 49 | (1 | ) | 14 | 242 | 6 | 4 | |||||||||||||||||||||||
Capital World Growth and Income Fund, Class R-6 | 139 | 104 | 63 | (6 | ) | 35 | 209 | 5 | 3 | |||||||||||||||||||||||
Washington Mutual Investors Fund, Class R-6 | 129 | 107 | 54 | (1 | ) | 20 | 201 | 4 | 8 | |||||||||||||||||||||||
Fundamental Investors, Class R-6 | 77 | 62 | 37 | (3 | ) | 22 | 121 | 2 | 6 | |||||||||||||||||||||||
The Investment Company of America, Class R-6 | 78 | 60 | 39 | (2 | ) | 24 | 121 | 2 | 4 | |||||||||||||||||||||||
International Growth and Income Fund, Class R-6 | 11 | 5 | 9 | (1 | ) | 2 | 8 | — | 2 | — | ||||||||||||||||||||||
902 | ||||||||||||||||||||||||||||||||
Equity-income funds 17.04% | ||||||||||||||||||||||||||||||||
The Income Fund of America, Class R-6 | 270 | 252 | 87 | (9 | ) | 25 | 451 | 17 | — | |||||||||||||||||||||||
Capital Income Builder, Class R-6 | 147 | 122 | 46 | (2 | ) | 13 | 234 | 8 | — | 2 | ||||||||||||||||||||||
685 | ||||||||||||||||||||||||||||||||
Balanced funds 12.01% | ||||||||||||||||||||||||||||||||
American Balanced Fund, Class R-6 | 208 | 150 | 69 | (3 | ) | 36 | 322 | 8 | — | |||||||||||||||||||||||
American Funds Global Balanced Fund, Class R-6 | 105 | 72 | 33 | (3 | ) | 20 | 161 | 3 | — | |||||||||||||||||||||||
483 | ||||||||||||||||||||||||||||||||
Fixed income funds 44.97% | ||||||||||||||||||||||||||||||||
The Bond Fund of America, Class R-6 | 203 | 179 | 62 | (8 | ) | 10 | 322 | 12 | — | |||||||||||||||||||||||
American Funds Inflation Linked Bond Fund, Class R-6 | 199 | 181 | 61 | (13 | ) | 14 | 320 | 4 | — | |||||||||||||||||||||||
American Funds Mortgage Fund, Class R-6 | 153 | 135 | 47 | (6 | ) | 6 | 241 | 9 | — | |||||||||||||||||||||||
Intermediate Bond Fund of America, Class R-6 | 151 | 133 | 45 | (5 | ) | 7 | 241 | 8 | — | |||||||||||||||||||||||
U.S. Government Securities Fund, Class R-6 | 127 | 112 | 37 | (5 | ) | 4 | 201 | 6 | — | |||||||||||||||||||||||
American Funds Multi-Sector Income Fund, Class R-6 | 103 | 84 | 32 | — | 2 | 6 | 161 | 9 | — | |||||||||||||||||||||||
American Funds Strategic Bond Fund, Class R-63 | 76 | 67 | 20 | (2 | ) | — | 2 | 121 | 4 | — | ||||||||||||||||||||||
American High-Income Trust, Class R-6 | 77 | 62 | 23 | (2 | ) | 7 | 121 | 8 | — | |||||||||||||||||||||||
Capital World Bond Fund, Class R-63 | 52 | 41 | 16 | (3 | ) | 6 | 80 | 1 | — | |||||||||||||||||||||||
1,808 | ||||||||||||||||||||||||||||||||
Total 100.07% | $ | (80 | ) | $ | 303 | $ | 4,023 | $ | 118 | $ | 27 |
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. |
3 | A portion of the fund’s income dividends and/or capital gains distribution was deemed a return of capital for tax purposes. The net realized gain and dividend income amounts reflect the return of capital distribution. |
Refer to the notes to financial statements.
28 | American Funds Insurance Series – Target Date Series |
American Funds® IS 2015 Target Date Fund
Investment portfolio December 31, 2023
Growth funds 0.60% | Shares | Value (000) | ||||||
American Funds Global Insight Fund, Class R-6 | 7,419 | $ | 159 | |||||
AMCAP Fund, Class R-6 | 2,041 | 80 | ||||||
Total growth funds (cost: $232,000) | 239 | |||||||
Growth-and-income funds 20.42% | ||||||||
American Mutual Fund, Class R-6 | 46,707 | 2,383 | ||||||
Capital World Growth and Income Fund, Class R-6 | 33,053 | 1,986 | ||||||
Washington Mutual Investors Fund, Class R-6 | 29,100 | 1,665 | ||||||
The Investment Company of America, Class R-6 | 23,654 | 1,191 | ||||||
Fundamental Investors, Class R-6 | 12,233 | 874 | ||||||
Total growth-and-income funds (cost: $7,208,000) | 8,099 | |||||||
Equity-income funds 18.79% | ||||||||
The Income Fund of America, Class R-6 | 216,473 | 5,074 | ||||||
Capital Income Builder, Class R-6 | 35,962 | 2,380 | ||||||
Total equity-income funds (cost: $7,202,000) | 7,454 | |||||||
Balanced funds 11.18% | ||||||||
American Balanced Fund, Class R-6 | 89,136 | 2,852 | ||||||
American Funds Global Balanced Fund, Class R-6 | 43,620 | 1,585 | ||||||
Total balanced funds (cost: $4,252,000) | 4,437 | |||||||
Fixed income funds 49.09% | ||||||||
The Bond Fund of America, Class R-6 | 304,112 | 3,494 | ||||||
Intermediate Bond Fund of America, Class R-6 | 266,243 | 3,341 | ||||||
American Funds Inflation Linked Bond Fund, Class R-6 | 345,934 | 3,169 | ||||||
American Funds Mortgage Fund, Class R-6 | 266,204 | 2,383 | ||||||
American Funds Multi-Sector Income Fund, Class R-6 | 171,083 | 1,595 | ||||||
Short-Term Bond Fund of America, Class R-6 | 167,676 | 1,595 | ||||||
American Funds Strategic Bond Fund, Class R-6 | 162,186 | 1,508 | ||||||
American High-Income Trust, Class R-6 | 126,066 | 1,198 | ||||||
Capital World Bond Fund, Class R-6 | 47,608 | 792 | ||||||
U.S. Government Securities Fund, Class R-6 | 32,643 | 397 | ||||||
Total fixed income funds (cost: $20,504,000) | 19,472 | |||||||
Total investment securities 100.08% (cost: $39,398,000) | 39,701 | |||||||
Other assets less liabilities (0.08)% | (31 | ) | ||||||
Net assets 100.00% | $ | 39,670 |
American Funds Insurance Series – Target Date Series | 29 |
American Funds® IS 2015 Target Date Fund (continued)
Investments in affiliates1
Value at 1/1/2023 (000) | Additions (000) | Reductions (000) | Net realized gain (loss) (000) | Net unrealized appreciation (depreciation) (000) | Value at 12/31/2023 (000) | Dividend income (000) | Capital gain distributions received (000) | |||||||||||||||||||||||||
Growth funds 0.60% | ||||||||||||||||||||||||||||||||
American Funds Global Insight Fund, Class R-6 | $ | 205 | $ | 37 | $ | 110 | $ | (7 | ) | $ | 34 | $ | 159 | $ | 2 | $ | — | |||||||||||||||
AMCAP Fund, Class R-6 | 102 | 14 | 57 | (12 | ) | 33 | 80 | 1 | 2 | |||||||||||||||||||||||
239 | ||||||||||||||||||||||||||||||||
Growth-and-income funds 20.42% | ||||||||||||||||||||||||||||||||
American Mutual Fund, Class R-6 | 1,529 | 842 | 101 | — | 2 | 113 | 2,383 | 50 | 37 | |||||||||||||||||||||||
Capital World Growth and Income Fund, Class R-6 | 1,275 | 646 | 183 | (8 | ) | 256 | 1,986 | 38 | 30 | |||||||||||||||||||||||
Washington Mutual Investors Fund, Class R-6 | 1,124 | 559 | 158 | (3 | ) | 143 | 1,665 | 29 | 67 | |||||||||||||||||||||||
The Investment Company of America, Class R-6 | 768 | 329 | 100 | — | 2 | 194 | 1,191 | 17 | 39 | |||||||||||||||||||||||
Fundamental Investors, Class R-6 | 613 | 242 | 105 | (2 | ) | 126 | 874 | 12 | 38 | |||||||||||||||||||||||
8,099 | ||||||||||||||||||||||||||||||||
Equity-income funds 18.79% | ||||||||||||||||||||||||||||||||
The Income Fund of America, Class R-6 | 3,206 | 1,772 | 83 | (2 | ) | 181 | 5,074 | 174 | — | |||||||||||||||||||||||
Capital Income Builder, Class R-6 | 1,531 | 768 | 28 | — | 2 | 109 | 2,380 | 76 | 3 | |||||||||||||||||||||||
7,454 | ||||||||||||||||||||||||||||||||
Balanced funds 11.18% | ||||||||||||||||||||||||||||||||
American Balanced Fund, Class R-6 | 1,881 | 806 | 90 | (5 | ) | 260 | 2,852 | 69 | — | |||||||||||||||||||||||
American Funds Global Balanced Fund, Class R-6 | 1,020 | 460 | 42 | (2 | ) | 149 | 1,585 | 27 | — | |||||||||||||||||||||||
4,437 | ||||||||||||||||||||||||||||||||
Fixed income funds 49.09% | ||||||||||||||||||||||||||||||||
The Bond Fund of America, Class R-6 | 2,152 | 1,443 | 137 | (17 | ) | 53 | 3,494 | 112 | — | |||||||||||||||||||||||
Intermediate Bond Fund of America, Class R-6 | 1,968 | 1,488 | 147 | (3 | ) | 35 | 3,341 | 99 | — | |||||||||||||||||||||||
American Funds Inflation Linked Bond Fund, Class R-6 | 2,020 | 1,279 | 136 | (10 | ) | 16 | 3,169 | 39 | — | |||||||||||||||||||||||
American Funds Mortgage Fund, Class R-6 | 1,502 | 961 | 78 | (10 | ) | 8 | 2,383 | 84 | — | |||||||||||||||||||||||
American Funds Multi-Sector Income Fund, Class R-6 | 1,007 | 573 | 42 | (2 | ) | 59 | 1,595 | 82 | — | |||||||||||||||||||||||
Short-Term Bond Fund of America, Class R-6 | 762 | 866 | 43 | — | 2 | 10 | 1,595 | 43 | — | |||||||||||||||||||||||
American Funds Strategic Bond Fund, Class R-63 | 903 | 644 | 24 | (1 | ) | (14 | ) | 1,508 | 41 | — | ||||||||||||||||||||||
American High-Income Trust, Class R-6 | 758 | 422 | 32 | (1 | ) | 51 | 1,198 | 68 | — | |||||||||||||||||||||||
Capital World Bond Fund, Class R-63 | 505 | 276 | 21 | 2 | 30 | 792 | 12 | — | ||||||||||||||||||||||||
U.S. Government Securities Fund, Class R-6 | 501 | 128 | 224 | (47 | ) | 39 | 397 | 17 | — | |||||||||||||||||||||||
19,472 | ||||||||||||||||||||||||||||||||
Total 100.08% | $ | (130 | ) | $ | 1,885 | $ | 39,701 | $ | 1,092 | $ | 216 |
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. |
3 | A portion of the fund’s income dividends and/or capital gains distribution was deemed a return of capital for tax purposes. The net realized gain and dividend income amounts reflect the return of capital distribution. |
Refer to the notes to financial statements.
30 | American Funds Insurance Series – Target Date Series |
American Funds® IS 2010 Target Date Fund
Investment portfolio December 31, 2023
Growth-and-income funds 16.78% | Shares | Value (000) | ||||||
American Mutual Fund, Class R-6 | 557,448 | $ | 28,435 | |||||
Washington Mutual Investors Fund, Class R-6 | 382,194 | 21,873 | ||||||
Capital World Growth and Income Fund, Class R-6 | 310,515 | 18,662 | ||||||
The Investment Company of America, Class R-6 | 326,420 | 16,442 | ||||||
Fundamental Investors, Class R-6 | 92,927 | 6,643 | ||||||
Total growth-and-income funds (cost: $83,180,000) | 92,055 | |||||||
Equity-income funds 23.78% | ||||||||
The Income Fund of America, Class R-6 | 3,974,602 | 93,165 | ||||||
Capital Income Builder, Class R-6 | 563,382 | 37,290 | ||||||
Total equity-income funds (cost: $129,153,000) | 130,455 | |||||||
Balanced funds 9.39% | ||||||||
American Balanced Fund, Class R-6 | 1,198,542 | 38,353 | ||||||
American Funds Global Balanced Fund, Class R-6 | 361,998 | 13,151 | ||||||
Total balanced funds (cost: $50,090,000) | 51,504 | |||||||
Fixed income funds 50.13% | ||||||||
Intermediate Bond Fund of America, Class R-6 | 4,645,754 | 58,304 | ||||||
The Bond Fund of America, Class R-6 | 4,691,729 | 53,908 | ||||||
Short-Term Bond Fund of America, Class R-6 | 4,283,356 | 40,735 | ||||||
American Funds Inflation Linked Bond Fund, Class R-6 | 4,312,074 | 39,499 | ||||||
American Funds Mortgage Fund, Class R-6 | 4,179,001 | 37,402 | ||||||
American Funds Strategic Bond Fund, Class R-6 | 2,361,395 | 21,961 | ||||||
American Funds Multi-Sector Income Fund, Class R-6 | 1,890,653 | 17,621 | ||||||
American High-Income Trust, Class R-6 | 351,722 | 3,341 | ||||||
Capital World Bond Fund, Class R-6 | 136,010 | 2,262 | ||||||
Total fixed income funds (cost: $293,929,000) | 275,033 | |||||||
Total investment securities 100.08% (cost: $556,352,000) | 549,047 | |||||||
Other assets less liabilities (0.08)% | (442 | ) | ||||||
Net assets 100.00% | $ | 548,605 |
American Funds Insurance Series – Target Date Series | 31 |
American Funds® IS 2010 Target Date Fund (continued)
Investments in affiliates1
Value at 1/1/2023 (000) | Additions (000) | Reductions (000) | Net realized gain (loss) (000) | Net unrealized appreciation (depreciation) (000) | Value at 12/31/2023 (000) | Dividend income (000) | Capital gain distributions received (000) | |||||||||||||||||||||||||
Growth-and-income funds 16.78% | ||||||||||||||||||||||||||||||||
American Mutual Fund, Class R-6 | $ | 23,276 | $ | 5,282 | $ | 1,582 | $ | (44 | ) | $ | 1,503 | $ | 28,435 | $ | 661 | $ | 452 | |||||||||||||||
Washington Mutual Investors Fund, Class R-6 | 17,289 | 4,498 | 1,917 | (66 | ) | 2,069 | 21,873 | 411 | 936 | |||||||||||||||||||||||
Capital World Growth and Income Fund, Class R-6 | 16,422 | 3,019 | 3,501 | (183 | ) | 2,905 | 18,662 | 407 | 290 | |||||||||||||||||||||||
The Investment Company of America, Class R-6 | 13,000 | 2,634 | 2,193 | (37 | ) | 3,038 | 16,442 | 276 | 564 | |||||||||||||||||||||||
Fundamental Investors, Class R-6 | 6,054 | 824 | 1,327 | (103 | ) | 1,195 | 6,643 | 98 | 301 | |||||||||||||||||||||||
92,055 | ||||||||||||||||||||||||||||||||
Equity-income funds 23.78% | ||||||||||||||||||||||||||||||||
The Income Fund of America, Class R-6 | 68,833 | 22,872 | 1,963 | (231 | ) | 3,654 | 93,165 | 3,432 | — | |||||||||||||||||||||||
Capital Income Builder, Class R-6 | 28,411 | 7,668 | 567 | (27 | ) | 1,805 | 37,290 | 1,291 | 41 | |||||||||||||||||||||||
130,455 | ||||||||||||||||||||||||||||||||
Balanced funds 9.39% | ||||||||||||||||||||||||||||||||
American Balanced Fund, Class R-6 | 30,145 | 4,714 | 243 | (20 | ) | 3,757 | 38,353 | 991 | — | |||||||||||||||||||||||
American Funds Global Balanced Fund, Class R-6 | 12,067 | 884 | 1,222 | (130 | ) | 1,552 | 13,151 | 261 | — | |||||||||||||||||||||||
51,504 | ||||||||||||||||||||||||||||||||
Fixed income funds 50.13% | ||||||||||||||||||||||||||||||||
Intermediate Bond Fund of America, Class R-6 | 43,894 | 15,369 | 1,484 | (17 | ) | 542 | 58,304 | 1,938 | — | |||||||||||||||||||||||
The Bond Fund of America, Class R-6 | 41,301 | 12,672 | 575 | (50 | ) | 560 | 53,908 | 1,922 | — | |||||||||||||||||||||||
Short-Term Bond Fund of America, Class R-6 | 29,252 | 12,230 | 984 | (8 | ) | 245 | 40,735 | 1,279 | — | |||||||||||||||||||||||
American Funds Inflation Linked Bond Fund, Class R-6 | 31,827 | 8,023 | 476 | (42 | ) | 167 | 39,499 | 484 | — | |||||||||||||||||||||||
American Funds Mortgage Fund, Class R-6 | 28,382 | 9,281 | 157 | (14 | ) | (90 | ) | 37,402 | 1,447 | — | ||||||||||||||||||||||
American Funds Strategic Bond Fund, Class R-62 | 17,185 | 5,088 | 38 | (5 | ) | (269 | ) | 21,961 | 649 | — | ||||||||||||||||||||||
American Funds Multi-Sector Income Fund, Class R-6 | 14,619 | 2,595 | 272 | (1 | ) | 680 | 17,621 | 1,034 | — | |||||||||||||||||||||||
American High-Income Trust, Class R-6 | 5,132 | 311 | 2,272 | (148 | ) | 318 | 3,341 | 303 | — | |||||||||||||||||||||||
Capital World Bond Fund, Class R-62 | 3,541 | 111 | 1,543 | (256 | ) | 409 | 2,262 | 13 | — | |||||||||||||||||||||||
275,033 | ||||||||||||||||||||||||||||||||
Total 100.08% | $ | (1,382 | ) | $ | 24,040 | $ | 549,047 | $ | 16,897 | $ | 2,584 |
1 | Part of the same “group of investment companies” as the fund as defined under the Investment Company Act of 1940, as amended. |
2 | A portion of the fund’s income dividends and/or capital gains distribution was deemed a return of capital for tax purposes. The net realized gain and dividend income amounts reflect the return of capital distribution. |
Refer to the notes to financial statements.
32 | American Funds Insurance Series – Target Date Series |
Statements of assets and liabilities at December 31, 2023 | (dollars and shares in thousands, except per-share amounts) |
IS 2065 Fund | IS 2060 Fund | IS 2055 Fund | IS 2050 Fund | IS 2045 Fund | ||||||||||||||||||
Assets: | ||||||||||||||||||||||
Investment securities of affiliated issuers, at value | $ | 45 | $ | 45 | $ | 45 | $ | 45 | $ | 45 | ||||||||||||
Cash | — | — | — | — | — | |||||||||||||||||
Receivables for: | ||||||||||||||||||||||
Sales of investments | — | — | — | — | — | |||||||||||||||||
Sales of fund’s shares | — | — | — | — | — | |||||||||||||||||
Dividends and capital gain distributions | — | * | — | * | — | * | — | * | — | * | ||||||||||||
Total assets | 45 | 45 | 45 | 45 | 45 | |||||||||||||||||
Liabilities: | ||||||||||||||||||||||
Payables for: | ||||||||||||||||||||||
Purchases of investments | — | * | — | * | — | * | — | * | — | * | ||||||||||||
Repurchases of fund’s shares | — | — | — | — | — | |||||||||||||||||
Insurance administrative fees | — | — | — | — | — | |||||||||||||||||
Services provided by related parties | — | — | — | — | — | |||||||||||||||||
Total liabilities | — | * | — | * | — | * | — | * | — | * | ||||||||||||
Net assets at December 31, 2023 | $ | 45 | $ | 45 | $ | 45 | $ | 45 | $ | 45 | ||||||||||||
Net assets consist of: | ||||||||||||||||||||||
Capital paid in on shares of beneficial interest | $ | 41 | $ | 41 | $ | 41 | $ | 41 | $ | 41 | ||||||||||||
Total distributable earnings (accumulated loss) | 4 | 4 | 4 | 4 | 4 | |||||||||||||||||
Net assets at December 31, 2023 | $ | 45 | $ | 45 | $ | 45 | $ | 45 | $ | 45 | ||||||||||||
Investment securities from affiliated issuers, at cost | $ | 42 | $ | 42 | $ | 42 | $ | 42 | $ | 42 | ||||||||||||
Shares of beneficial interest issued and outstanding (no stated par value) — unlimited shares authorized | ||||||||||||||||||||||
Class 1: | Net assets | $ | 11 | $ | 11 | $ | 11 | $ | 12 | $ | 11 | |||||||||||
Shares outstanding | 1 | 1 | 1 | 1 | 1 | |||||||||||||||||
Net asset value per share | $ | 11.12 | $ | 11.12 | $ | 11.10 | $ | 11.06 | $ | 11.02 | ||||||||||||
Class 1A: | Net assets | $ | 11 | $ | 11 | $ | 11 | $ | 11 | $ | 11 | |||||||||||
Shares outstanding | 1 | 1 | 1 | 1 | 1 | |||||||||||||||||
Net asset value per share | $ | 11.12 | $ | 11.12 | $ | 11.10 | $ | 11.06 | $ | 11.02 | ||||||||||||
Class 2: | Net assets | $ | 12 | $ | 12 | $ | 12 | $ | 11 | $ | 11 | |||||||||||
Shares outstanding | 1 | 1 | 1 | 1 | 1 | |||||||||||||||||
Net asset value per share | $ | 11.12 | $ | 11.12 | $ | 11.10 | $ | 11.06 | $ | 11.02 | ||||||||||||
Class 4: | Net assets | $ | 11 | $ | 11 | $ | 11 | $ | 11 | $ | 12 | |||||||||||
Shares outstanding | 1 | 1 | 1 | 1 | 1 | |||||||||||||||||
Net asset value per share | $ | 11.12 | $ | 11.12 | $ | 11.10 | $ | 11.06 | $ | 11.02 |
Refer to the end of the statements of assets and liabilities for footnote.
Refer to the notes to financial statements.
American Funds Insurance Series – Target Date Series | 33 |
Financial statements (continued)
Statements of assets and liabilities at December 31, 2023 (continued) | (dollars and shares in thousands, except per-share amounts) |
IS 2040 Fund | IS 2035 Fund | IS 2030 Fund | IS 2025 Fund | IS 2020 Fund | ||||||||||||||||||
Assets: | ||||||||||||||||||||||
Investment securities of affiliated issuers, at value | $ | 45 | $ | 2,413 | $ | 497 | $ | 1,831 | $ | 4,023 | ||||||||||||
Cash | — | — | * | — | * | — | * | — | * | |||||||||||||
Receivables for: | ||||||||||||||||||||||
Sales of investments | — | 87 | — | * | — | * | 1 | |||||||||||||||
Sales of fund’s shares | — | — | — | — | — | |||||||||||||||||
Dividends and capital gain distributions | — | * | 1 | 1 | 2 | 5 | ||||||||||||||||
Total assets | 45 | 2,501 | 498 | 1,833 | 4,029 | |||||||||||||||||
Liabilities: | ||||||||||||||||||||||
Payables for: | ||||||||||||||||||||||
Purchases of investments | — | * | 88 | 1 | 2 | 5 | ||||||||||||||||
Repurchases of fund’s shares | — | — | * | — | * | — | * | 1 | ||||||||||||||
Insurance administrative fees | — | 1 | — | * | 1 | 2 | ||||||||||||||||
Services provided by related parties | — | 1 | — | * | 1 | 1 | ||||||||||||||||
Total liabilities | — | * | 90 | 1 | 4 | 9 | ||||||||||||||||
Net assets at December 31, 2023 | $ | 45 | $ | 2,411 | $ | 497 | $ | 1,829 | $ | 4,020 | ||||||||||||
Net assets consist of: | ||||||||||||||||||||||
Capital paid in on shares of beneficial interest | $ | 41 | $ | 2,138 | $ | 480 | $ | 1,821 | $ | 4,047 | ||||||||||||
Total distributable earnings (accumulated loss) | 4 | 273 | 17 | 8 | (27 | ) | ||||||||||||||||
Net assets at December 31, 2023 | $ | 45 | $ | 2,411 | $ | 497 | $ | 1,829 | $ | 4,020 | ||||||||||||
Investment securities from affiliated issuers, at cost | $ | 42 | $ | 2,199 | $ | 479 | $ | 1,825 | $ | 4,009 | ||||||||||||
Shares of beneficial interest issued and outstanding (no stated par value) — unlimited shares authorized | ||||||||||||||||||||||
Class 1: | Net assets | $ | 11 | $ | 14 | $ | 13 | $ | 13 | $ | 12 | |||||||||||
Shares outstanding | 1 | 1 | 1 | 1 | 1 | |||||||||||||||||
Net asset value per share | $ | 10.97 | $ | 11.43 | $ | 11.08 | $ | 11.08 | $ | 10.80 | ||||||||||||
Class 1A: | Net assets | $ | 11 | $ | 13 | $ | 13 | $ | 12 | $ | 13 | |||||||||||
Shares outstanding | 1 | 1 | 1 | 1 | 1 | |||||||||||||||||
Net asset value per share | $ | 10.97 | $ | 11.43 | $ | 11.08 | $ | 11.08 | $ | 10.80 | ||||||||||||
Class 2: | Net assets | $ | 11 | $ | 13 | $ | 13 | $ | 12 | $ | 12 | |||||||||||
Shares outstanding | 1 | 1 | 1 | 1 | 1 | |||||||||||||||||
Net asset value per share | $ | 10.97 | $ | 11.43 | $ | 11.08 | $ | 11.08 | $ | 10.80 | ||||||||||||
Class 4: | Net assets | $ | 12 | $ | 2,371 | $ | 458 | $ | 1,792 | $ | 3,983 | |||||||||||
Shares outstanding | 1 | 209 | 42 | 163 | 371 | |||||||||||||||||
Net asset value per share | $ | 10.97 | $ | 11.36 | $ | 11.04 | $ | 11.03 | $ | 10.74 |
Refer to the end of the statements of assets and liabilities for footnote.
Refer to the notes to financial statements.
34 | American Funds Insurance Series – Target Date Series |
Financial statements (continued)
Statements of assets and liabilities at December 31, 2023 (continued) | (dollars and shares in thousands, except per-share amounts) |
IS 2015 Fund | IS 2010 Fund | |||||||||||||||||||||
Assets: | ||||||||||||||||||||||
Investment securities of affiliated issuers, at value | $ | 39,701 | $ | 549,047 | ||||||||||||||||||
Cash | 3 | — | ||||||||||||||||||||
Receivables for: | ||||||||||||||||||||||
Sales of investments | 7 | 139 | ||||||||||||||||||||
Sales of fund’s shares | — | — | ||||||||||||||||||||
Dividends and capital gain distributions | 55 | 779 | ||||||||||||||||||||
Total assets | 39,766 | 549,965 | ||||||||||||||||||||
Liabilities: | ||||||||||||||||||||||
Payables for: | ||||||||||||||||||||||
Purchases of investments | 55 | 779 | ||||||||||||||||||||
Repurchases of fund’s shares | 10 | 139 | ||||||||||||||||||||
Insurance administrative fees | 22 | 322 | ||||||||||||||||||||
Services provided by related parties | 9 | 120 | ||||||||||||||||||||
Total liabilities | 96 | 1,360 | ||||||||||||||||||||
Net assets at December 31, 2023 | $ | 39,670 | $ | 548,605 | ||||||||||||||||||
Net assets consist of: | ||||||||||||||||||||||
Capital paid in on shares of beneficial interest | $ | 39,041 | $ | 550,763 | ||||||||||||||||||
Total distributable earnings (accumulated loss) | 629 | (2,158 | ) | |||||||||||||||||||
Net assets at December 31, 2023 | $ | 39,670 | $ | 548,605 | ||||||||||||||||||
Investment securities from affiliated issuers, at cost | $ | 39,398 | $ | 556,352 | ||||||||||||||||||
Shares of beneficial interest issued and outstanding (no stated par value) — unlimited shares authorized | ||||||||||||||||||||||
Class 1: | Net assets | $ | 12 | $ | 12 | |||||||||||||||||
Shares outstanding | 1 | 1 | ||||||||||||||||||||
Net asset value per share | $ | 10.74 | $ | 10.70 | ||||||||||||||||||
Class 1A: | Net assets | $ | 12 | $ | 12 | |||||||||||||||||
Shares outstanding | 1 | 1 | ||||||||||||||||||||
Net asset value per share | $ | 10.74 | $ | 10.70 | ||||||||||||||||||
Class 2: | Net assets | $ | 12 | $ | 12 | |||||||||||||||||
Shares outstanding | 1 | 1 | ||||||||||||||||||||
Net asset value per share | $ | 10.74 | $ | 10.70 | ||||||||||||||||||
Class 4: | Net assets | $ | 39,634 | $ | 548,569 | |||||||||||||||||
Shares outstanding | 3,712 | 51,601 | ||||||||||||||||||||
Net asset value per share | $ | 10.68 | $ | 10.63 |
* | Amount less than one thousand. |
Refer to the notes to financial statements.
American Funds Insurance Series – Target Date Series | 35 |
Financial statements (continued)
Statements of operations for the year ended December 31, 2023 | (dollars in thousands) |
IS 2065 Fund1 | IS 2060 Fund1 | IS 2055 Fund1 | IS 2050 Fund1 | IS 2045 Fund1 | ||||||||||||||||
Investment income: | ||||||||||||||||||||
Income: | ||||||||||||||||||||
Dividends from affiliated issuers | $ | 1 | $ | 1 | $ | 1 | $ | 1 | $ | 1 | ||||||||||
Fees and expenses2: | ||||||||||||||||||||
Distribution services | — | — | — | — | — | |||||||||||||||
Insurance administrative services | — | — | — | — | — | |||||||||||||||
Transfer agent services | — | — | — | — | — | |||||||||||||||
Reports to shareholders | — | 3 | — | 3 | — | 3 | — | 3 | — | 3 | ||||||||||
Registration statement and prospectus | — | — | — | — | — | |||||||||||||||
Trustees’ compensation | — | — | — | — | — | |||||||||||||||
Auditing and legal | — | 3 | — | 3 | — | 3 | — | 3 | — | 3 | ||||||||||
Custodian | — | 3 | — | 3 | — | 3 | — | 3 | — | 3 | ||||||||||
Other | — | 3 | — | 3 | — | 3 | — | 3 | — | 3 | ||||||||||
Total fees and expenses | — | 3 | — | 3 | — | 3 | — | 3 | — | 3 | ||||||||||
Net investment income | 1 | 1 | 1 | 1 | 1 | |||||||||||||||
Net realized gain (loss) and unrealized appreciation (depreciation): | ||||||||||||||||||||
Net realized gain (loss) on investments in affiliated issuers | — | — | — | — | — | |||||||||||||||
Capital gain distributions received from affiliated issuers | 1 | 1 | 1 | 1 | 1 | |||||||||||||||
1 | 1 | 1 | 1 | 1 | ||||||||||||||||
Net unrealized appreciation (depreciation) on investments in affiliated issuers | 3 | 3 | 3 | 3 | 3 | |||||||||||||||
Net realized gain (loss) and unrealized appreciation (depreciation) | 4 | 4 | 4 | 4 | 4 | |||||||||||||||
Net increase (decrease) in net assets resulting from operations | $ | 5 | $ | 5 | $ | 5 | $ | 5 | $ | 5 |
Refer to the end of the statements of operations for footnotes.
Refer to the notes to financial statements.
36 | American Funds Insurance Series – Target Date Series |
Financial statements (continued)
Statements of operations for the year ended December 31, 2023 (continued) | (dollars in thousands) |
IS 2040 Fund1 | IS 2035 Fund | IS 2030 Fund | IS 2025 Fund | IS 2020 Fund | ||||||||||||||||
Investment income: | ||||||||||||||||||||
Income: | ||||||||||||||||||||
Dividends from affiliated issuers | $ | 1 | $ | 47 | $ | 12 | $ | 46 | $ | 118 | ||||||||||
Fees and expenses2: | ||||||||||||||||||||
Distribution services | — | 5 | 1 | 4 | 9 | |||||||||||||||
Insurance administrative services | — | 5 | 1 | 4 | 9 | |||||||||||||||
Transfer agent services | — | — | 3 | — | 3 | — | 3 | — | 3 | |||||||||||
Reports to shareholders | — | 3 | — | 3 | — | 3 | — | 3 | — | 3 | ||||||||||
Registration statement and prospectus | — | — | 3 | — | 3 | — | 3 | — | 3 | |||||||||||
Trustees’ compensation | — | — | 3 | — | 3 | — | 3 | — | 3 | |||||||||||
Auditing and legal | — | 3 | — | 3 | — | 3 | — | 3 | 1 | |||||||||||
Custodian | — | 3 | — | 3 | — | 3 | — | 3 | — | 3 | ||||||||||
Other | — | 3 | — | 3 | — | 3 | — | 3 | — | 3 | ||||||||||
Total fees and expenses | — | 3 | 10 | 2 | 8 | 19 | ||||||||||||||
Net investment income | 1 | 37 | 10 | 38 | 99 | |||||||||||||||
Net realized gain (loss) and unrealized appreciation (depreciation): | ||||||||||||||||||||
Net realized gain (loss) on investments in affiliated issuers | — | 8 | (8 | ) | (16 | ) | (80 | ) | ||||||||||||
Capital gain distributions received from affiliated issuers | 1 | 42 | 6 | 15 | 27 | |||||||||||||||
1 | 50 | (2 | ) | (1 | ) | (53 | ) | |||||||||||||
Net unrealized appreciation (depreciation) on investments in affiliated issuers | 3 | 184 | 58 | 134 | 303 | |||||||||||||||
Net realized gain (loss) and unrealized appreciation (depreciation) | 4 | 234 | 56 | 133 | 250 | |||||||||||||||
Net increase (decrease) in net assets resulting from operations | $ | 5 | $ | 271 | $ | 66 | $ | 171 | $ | 349 |
Refer to the end of the statements of operations for footnotes.
Refer to the notes to financial statements.
American Funds Insurance Series – Target Date Series | 37 |
Financial statements (continued)
Statements of operations for the year ended December 31, 2023 (continued) | (dollars in thousands) |
IS 2015 Fund | IS 2010 Fund | |||||||
Investment income: | ||||||||
Income: | ||||||||
Dividends from affiliated issuers | $ | 1,092 | $ | 16,897 | ||||
Fees and expenses2: | ||||||||
Distribution services | 79 | 1,227 | ||||||
Insurance administrative services | 79 | 1,227 | ||||||
Transfer agent services | — | 3 | — | 3 | ||||
Reports to shareholders | 3 | 42 | ||||||
Registration statement and prospectus | 1 | 18 | ||||||
Trustees’ compensation | — | 3 | 1 | |||||
Auditing and legal | 5 | 81 | ||||||
Custodian | 3 | 44 | ||||||
Other | 1 | 11 | ||||||
Total fees and expenses | 171 | 2,651 | ||||||
Net investment income | 921 | 14,246 | ||||||
Net realized gain (loss) and unrealized appreciation (depreciation): | ||||||||
Net realized gain (loss) on investments in affiliated issuers | (130 | ) | (1,382 | ) | ||||
Capital gain distributions received from affiliated issuers | 216 | 2,584 | ||||||
86 | 1,202 | |||||||
Net unrealized appreciation (depreciation) on investments in affiliated issuers | 1,885 | 24,040 | ||||||
Net realized gain (loss) and unrealized appreciation (depreciation) | 1,971 | 25,242 | ||||||
Net increase (decrease) in net assets resulting from operations | $ | 2,892 | $ | 39,488 |
1 | For the period May 1, 2023, commencement of operations, through December 31, 2023. |
2 | Additional information related to class-specific fees and expenses is included in the notes to financial statements. |
3 | Amount less than one thousand. |
Refer to the notes to financial statements.
38 | American Funds Insurance Series – Target Date Series |
Financial statements (continued)
Statements of changes in net assets | (dollars in thousands) |
IS 2065 Fund | IS 2060 Fund | IS 2055 Fund | ||||||||||
Period ended December 31, 2023* | Period ended December 31, 2023* | Period ended December 31, 2023* | ||||||||||
Operations: | ||||||||||||
Net investment income | $ | 1 | $ | 1 | $ | 1 | ||||||
Net realized gain (loss) | 1 | 1 | 1 | |||||||||
Net unrealized appreciation (depreciation) | 3 | 3 | 3 | |||||||||
Net increase (decrease) in net assets resulting from operations | 5 | 5 | 5 | |||||||||
Distributions paid to shareholders | (1 | ) | (1 | ) | (1 | ) | ||||||
Net capital share transactions | 41 | 41 | 41 | |||||||||
Total increase (decrease) in net assets | 45 | 45 | 45 | |||||||||
Net assets: | ||||||||||||
Beginning of year | — | — | — | |||||||||
End of year | $ | 45 | $ | 45 | $ | 45 |
IS 2050 Fund | IS 2045 Fund | IS 2040 Fund | ||||||||||
Period ended December 31, 2023* | Period ended December 31, 2023* | Period ended December 31, 2023* | ||||||||||
Operations: | ||||||||||||
Net investment income | $ | 1 | $ | 1 | $ | 1 | ||||||
Net realized gain (loss) | 1 | 1 | 1 | |||||||||
Net unrealized appreciation (depreciation) | 3 | 3 | 3 | |||||||||
Net increase (decrease) in net assets resulting from operations | 5 | 5 | 5 | |||||||||
Distributions paid to shareholders | (1 | ) | (1 | ) | (1 | ) | ||||||
Net capital share transactions | 41 | 41 | 41 | |||||||||
Total increase (decrease) in net assets | 45 | 45 | 45 | |||||||||
Net assets: | ||||||||||||
Beginning of year | — | — | — | |||||||||
End of year | $ | 45 | $ | 45 | $ | 45 |
Refer to the end of the statements of changes in net assets for footnote.
Refer to the notes to financial statements.
American Funds Insurance Series – Target Date Series | 39 |
Financial statements (continued)
Statements of changes in net assets (continued) | (dollars in thousands) |
IS 2035 Fund | IS 2030 Fund | IS 2025 Fund | ||||||||||||||||||||||
Year ended December 31, | Year ended December 31, | Year ended December 31, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||
Operations: | ||||||||||||||||||||||||
Net investment income | $ | 37 | $ | 7 | $ | 10 | $ | 7 | $ | 38 | $ | 30 | ||||||||||||
Net realized gain (loss) | 50 | 1 | (2 | ) | (2 | ) | (1 | ) | (13 | ) | ||||||||||||||
Net unrealized appreciation (depreciation) | 184 | 16 | 58 | (58 | ) | 134 | (193 | ) | ||||||||||||||||
Net increase (decrease) in net assets resulting from operations | 271 | 24 | 66 | (53 | ) | 171 | (176 | ) | ||||||||||||||||
Distributions paid to shareholders | (35 | ) | (10 | ) | (12 | ) | (20 | ) | (37 | ) | (61 | ) | ||||||||||||
Net capital share transactions | 1,285 | 734 | (50 | ) | 290 | 337 | 451 | |||||||||||||||||
Total increase (decrease) in net assets | 1,521 | 748 | 4 | 217 | 471 | 214 | ||||||||||||||||||
Net assets: | ||||||||||||||||||||||||
Beginning of year | 890 | 142 | 493 | 276 | 1,358 | 1,144 | ||||||||||||||||||
End of year | $ | 2,411 | $ | 890 | $ | 497 | $ | 493 | $ | 1,829 | $ | 1,358 |
IS 2020 Fund | IS 2015 Fund | IS 2010 Fund | ||||||||||||||||||||||
Year ended December 31, | Year ended December 31, | Year ended December 31, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||
Operations: | ||||||||||||||||||||||||
Net investment income | $ | 99 | $ | 65 | $ | 921 | $ | 595 | $ | 14,246 | $ | 10,099 | ||||||||||||
Net realized gain (loss) | (53 | ) | (19 | ) | 86 | (95 | ) | 1,202 | (584 | ) | ||||||||||||||
Net unrealized appreciation (depreciation) | 303 | (392 | ) | 1,885 | (2,793 | ) | 24,040 | (45,132 | ) | |||||||||||||||
Net increase (decrease) in net assets resulting from operations | 349 | (346 | ) | 2,892 | (2,293 | ) | 39,488 | (35,617 | ) | |||||||||||||||
Distributions paid to shareholders | (93 | ) | (132 | ) | (875 | ) | (964 | ) | (14,760 | ) | (13,384 | ) | ||||||||||||
Net capital share transactions | 1,195 | 66 | 12,342 | 9,434 | 93,599 | 163,880 | ||||||||||||||||||
Total increase (decrease) in net assets | 1,451 | (412 | ) | 14,359 | 6,177 | 118,327 | 114,879 | |||||||||||||||||
Net assets: | ||||||||||||||||||||||||
Beginning of year | 2,569 | 2,981 | 25,311 | 19,134 | 430,278 | 315,399 | ||||||||||||||||||
End of year | $ | 4,020 | $ | 2,569 | $ | 39,670 | $ | 25,311 | $ | 548,605 | $ | 430,278 |
* | For the period May 1, 2023, commencement of operations, through December 31, 2023. |
Refer to the notes to financial statements.
40 | American Funds Insurance Series – Target Date Series |
Notes to financial statements
1. Organization
American Funds Insurance Series (the “series”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end, diversified management investment company with 40 different funds (the “funds”), including twelve 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 each fund as of the date the trades are executed with brokers. Realized gains and losses from security transactions are determined based on the specific identified cost of the securities. In the event a security is purchased with a delayed payment date, each fund will segregate liquid assets sufficient to meet their payment obligations. Dividend income is recognized on the ex-dividend date and interest income is recognized on an accrual basis.
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.
American Funds Insurance Series – Target Date Series | 41 |
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 designated the series’ investment adviser to make fair value determinations, subject to board oversight. The investment adviser has established a Joint Fair Valuation Committee (the “Committee”) to administer, implement and oversee the fair valuation process, and to make fair value decisions. The Committee regularly reviews its own fair value decisions, as well as decisions made under its standing instructions to the investment adviser’s valuation team. The Committee reviews changes in fair value measurements from period to period, pricing vendor information and market data, and may, as deemed appropriate, update the fair valuation guidelines to better reflect the results of back testing and address new or evolving issues. Pricing decisions, processes and controls over security valuation are also subject to additional internal reviews facilitated by the investment adviser’s global risk management group. The Committee reports changes to the fair valuation guidelines to the board of trustees. The series’ board and audit committee also regularly review reports that describe fair value determinations and methods.
Classifications — The series’ investment adviser classifies 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. As of December 31, 2023, 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 each fund are subject to risks related to the investment adviser’s allocation choices. The selection of the underlying funds and the allocation of each fund’s assets could cause each 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, each 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 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 does 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 determining the overall asset allocation of the fund or 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.
42 | American Funds Insurance Series – Target Date Series |
Underlying fund risks — Because each fund’s investments consist of underlying funds, each 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 each 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 or companies; overall market changes; local, regional or global political, social or economic instability; governmental, governmental agency or central bank responses to economic conditions; changes in inflation rates; and currency exchange rate, interest rate and commodity price fluctuations.
Economies and financial markets throughout the world are highly interconnected. Economic, financial or political events, trading and tariff arrangements, wars, terrorism, cybersecurity events, natural disasters, public health emergencies (such as the spread of infectious disease), bank failures and other circumstances in one country or region, including actions taken by governmental or quasi-governmental authorities in response to any of the foregoing, could have impacts on global economies or markets. As a result, whether or not 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 the issuer’s financial condition or credit rating, changes in government regulations affecting the issuer or its competitive environment and strategic initiatives such as mergers, acquisitions or dispositions and the market response to any such initiatives. An individual security may also be affected by factors relating to the industry or sector of the issuer or the securities markets as a whole, and conversely an industry or sector or the securities markets may be affected by a change in financial condition or other event affecting a single issuer.
Investing in 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., and securities tied economically to countries outside the U.S., may lose value because of adverse political, social, economic or market developments (including social instability, regional conflicts, terrorism and war) in the countries or regions in which the issuers are domiciled, operate or generate revenue or to which the securities are tied economically. These securities may also lose value due to changes in foreign currency exchange rates against the U.S. dollar and/or currencies of other countries. Issuers of these securities may be more susceptible to actions of foreign governments, such as nationalization, currency blockage or the imposition of price controls, sanctions, or punitive taxes, each of which could adversely impact the value of these securities. Securities markets in certain countries may be more volatile and/or less liquid than those in the U.S. Investments outside the U.S. may also be subject to different regulatory, legal, accounting, auditing, financial reporting, and recordkeeping requirements, and may be more difficult to value, than those in the U.S. In addition, the value of investments outside the U.S. may be reduced by foreign taxes, including foreign withholding taxes on interest and dividends. Further, there may be increased risks of delayed settlement of securities purchased or sold by the underlying funds, which could impact the liquidity of the funds’ portfolios. The risks of investing outside the U.S. may be heightened in connection with investments in emerging markets.
American Funds Insurance Series – Target Date Series | 43 |
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 quality of these securities.
Rising interest rates will generally cause the prices of bonds and other debt securities to fall. Also, when interest rates rise, issuers of debt securities which may be prepaid at any time, such as mortgage- or other asset-backed securities, are less likely to refinance existing debt securities, causing the average life of such securities to extend. A general change in interest rates may cause investors to sell debt securities on a large scale, which could also adversely affect the price and liquidity of debt securities and could also result in increased redemptions from 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 having to reinvest the proceeds in lower yielding securities. Longer maturity debt securities generally have greater sensitivity to changes in interest rates and may be subject to greater price fluctuations than shorter maturity debt securities.
Bonds and other debt securities are also subject to credit risk, which is the possibility that the credit strength of an issuer or guarantor will weaken or be perceived to be weaker, and/or an issuer of a debt security will fail to make timely payments of principal or interest and the security will go into default. Changes in actual or perceived creditworthiness may occur quickly. A downgrade or default affecting any of 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 assessing 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. Notwithstanding that these securities are backed by the full faith and credit of the U.S. government, circumstances could arise that would prevent or delay the payment of interest or principal on these securities, which could adversely affect their value and cause the fund to suffer losses. Such an event could lead to significant disruptions in U.S. and global markets. Securities issued by U.S. government-sponsored entities and federal agencies and instrumentalities that are not backed by the full faith and credit of the U.S. government are neither issued nor guaranteed by the U.S. government. U.S. government securities are subject to market risk, interest rate risk, and credit risk.
44 | American Funds Insurance Series – Target Date 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 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.
Investing in derivatives — The use of derivatives involves a variety of risks, which may be different from, or greater than, the risks associated with investing in traditional securities, such as stocks and bonds. Changes in the value of a derivative may not correlate perfectly with, and may be more sensitive to market events than, the underlying asset, rate or index, and a derivative instrument may cause the underlying fund to lose significantly more than 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. Derivatives are also subject to operational risk (such as documentation issues, settlement issues and system failures) and legal risk (such as insufficient documentation, insufficient capacity or authority of a counterparty, and issues with the legality or enforceability of a contract).
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 or total return and, in relatively low interest rate environments, there are heightened risks associated with rising interest rates.
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 or difficult to determine, and reduced liquidity may have an adverse impact on the market price of such holdings. Additionally, the sale of less liquid or illiquid holdings may involve substantial delays (including delays in settlement) and additional costs and the underlying fund may be unable to sell such holdings when necessary to meet its liquidity needs, or try to limit losses, 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.
American Funds Insurance Series – Target Date Series | 45 |
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 year ended December 31, 2023, none of the funds had a liability for any unrecognized tax benefits. Each fund recognizes interest and penalties, if any, related to unrecognized tax benefits as income tax expense in their respective statements of operations. During the year, none of the funds incurred any significant interest or penalties.
Each fund’s tax returns are generally not subject to examination by federal, state and, if applicable, non-U.S. tax authorities after the expiration of each jurisdiction’s statute of limitations, which is typically three years after the date of filing but can be extended in certain jurisdictions.
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, capital losses related to sales of certain securities within 30 days of purchase, and net capital losses. The fiscal year in which amounts are distributed may differ from the year in which the net investment income and net realized gains are recorded by the funds for financial reporting purposes.
Additional tax basis disclosures for each fund as of December 31, 2023, were as follows (dollars in thousands):
IS 2065 Fund | IS 2060 Fund | IS 2055 Fund | IS 2050 Fund | IS 2045 Fund | IS 2040 Fund | |||||||||||||||||||
Undistributed long-term capital gains | $ | 1 | $ | 1 | $ | 1 | $ | 1 | $ | 1 | $ | 1 | ||||||||||||
Gross unrealized appreciation on investments | 3 | 3 | 3 | 3 | 3 | 3 | ||||||||||||||||||
Net unrealized appreciation (depreciation) on investments | 3 | 3 | 3 | 3 | 3 | 3 | ||||||||||||||||||
Cost of investments | 42 | 42 | 42 | 42 | 42 | 42 |
IS 2035 Fund | IS 2030 Fund | IS 2025 Fund | IS 2020 Fund | IS 2015 Fund | IS 2010 Fund | |||||||||||||||||||
Undistributed ordinary income | $ | 24 | $ | 4 | $ | 16 | $ | 36 | $ | 349 | $ | 5,051 | ||||||||||||
Undistributed long-term capital gains | 39 | — | — | — | 127 | 1,763 | ||||||||||||||||||
Capital loss carryforward* | — | (3 | ) | (11 | ) | (28 | ) | — | — | |||||||||||||||
Capital loss carryforward utilized | — | — | — | † | — | 25 | — | |||||||||||||||||
Gross unrealized appreciation on investments | 216 | 25 | 60 | 104 | 1,323 | 11,771 | ||||||||||||||||||
Gross unrealized depreciation on investments | (6 | ) | (9 | ) | (57 | ) | (139 | ) | (1,170 | ) | (20,742 | ) | ||||||||||||
Net unrealized appreciation (depreciation) on investments | 210 | 16 | 3 | (35 | ) | 153 | (8,971 | ) | ||||||||||||||||
Cost of investments | 2,203 | 481 | 1,828 | 4,058 | 39,548 | 558,018 | ||||||||||||||||||
Reclassification from (to) total distributable earnings/accumulated loss to (from) capital paid in on shares of beneficial interest | — | — | — | — | 1 | 1 |
* | 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. |
† | Amount less than one thousand. |
46 | American Funds Insurance Series – Target Date Series |
Distributions paid by each fund were characterized for tax purposes as follows (dollars in thousands):
IS 2065 Fund | ||||||||||||||||||||||||
For the period May 1, 2023* through December 31, 2023 | ||||||||||||||||||||||||
Share class | Ordinary income | Long-term capital gains | Total distributions paid | |||||||||||||||||||||
Class 1 | $ | 1 | $ | — | † | $ | 1 | |||||||||||||||||
Class 1A | — | † | — | † | — | † | ||||||||||||||||||
Class 2 | — | † | — | † | — | † | ||||||||||||||||||
Class 4 | — | † | — | † | — | † | ||||||||||||||||||
Total | $ | 1 | $ | — | † | $ | 1 | |||||||||||||||||
IS 2060 Fund | ||||||||||||||||||||||||
For the period May 1, 2023* through December 31, 2023 | ||||||||||||||||||||||||
Share class | Ordinary income | Long-term capital gains | Total distributions paid | |||||||||||||||||||||
Class 1 | $ | 1 | $ | — | † | $ | 1 | |||||||||||||||||
Class 1A | — | † | — | † | — | † | ||||||||||||||||||
Class 2 | — | † | — | † | — | † | ||||||||||||||||||
Class 4 | — | † | — | † | — | † | ||||||||||||||||||
Total | $ | 1 | $ | — | † | $ | 1 | |||||||||||||||||
IS 2055 Fund | ||||||||||||||||||||||||
For the period May 1, 2023* through December 31, 2023 | ||||||||||||||||||||||||
Share class | Ordinary income | Long-term capital gains | Total distributions paid | |||||||||||||||||||||
Class 1 | $ | 1 | $ | — | † | $ | 1 | |||||||||||||||||
Class 1A | — | † | — | † | — | † | ||||||||||||||||||
Class 2 | — | † | — | † | — | † | ||||||||||||||||||
Class 4 | — | † | — | † | — | † | ||||||||||||||||||
Total | $ | 1 | $ | — | † | $ | 1 | |||||||||||||||||
IS 2050 Fund | ||||||||||||||||||||||||
For the period May 1, 2023* through December 31, 2023 | ||||||||||||||||||||||||
Share class | Ordinary income | Long-term capital gains | Total distributions paid | |||||||||||||||||||||
Class 1 | $ | 1 | $ | — | † | $ | 1 | |||||||||||||||||
Class 1A | — | † | — | † | — | † | ||||||||||||||||||
Class 2 | — | † | — | † | — | † | ||||||||||||||||||
Class 4 | — | † | — | † | — | † | ||||||||||||||||||
Total | $ | 1 | $ | — | † | $ | 1 |
Refer to the end of the tables for footnotes.
American Funds Insurance Series – Target Date Series | 47 |
IS 2045 Fund | ||||||||||||||||||||||||
For the period May 1, 2023* through December 31, 2023 | ||||||||||||||||||||||||
Share class | Ordinary income | Long-term capital gains | Total distributions paid | |||||||||||||||||||||
Class 1 | $ | 1 | $ | — | † | $ | 1 | |||||||||||||||||
Class 1A | — | † | — | † | — | † | ||||||||||||||||||
Class 2 | — | † | — | † | — | † | ||||||||||||||||||
Class 4 | — | † | — | † | — | † | ||||||||||||||||||
Total | $ | 1 | $ | — | † | $ | 1 | |||||||||||||||||
IS 2040 Fund | ||||||||||||||||||||||||
For the period May 1, 2023* through December 31, 2023 | ||||||||||||||||||||||||
Share class | Ordinary income | Long-term capital gains | Total distributions paid | |||||||||||||||||||||
Class 1 | $ | 1 | $ | — | † | $ | 1 | |||||||||||||||||
Class 1A | — | † | — | † | — | † | ||||||||||||||||||
Class 2 | — | † | — | † | — | † | ||||||||||||||||||
Class 4 | — | † | — | † | — | † | ||||||||||||||||||
Total | $ | 1 | $ | — | † | $ | 1 | |||||||||||||||||
IS 2035 Fund | ||||||||||||||||||||||||
Year ended December 31, 2023 | Year ended December 31, 2022 | |||||||||||||||||||||||
Share class | Ordinary income | Long-term capital gains | Total distributions paid | Ordinary income | Long-term capital gains | Total distributions paid | ||||||||||||||||||
Class 1 | $ | — | † | $ | — | † | $ | — | † | $ | — | † | $ | — | † | $ | — | † | ||||||
Class 1A | — | † | — | † | — | † | — | † | — | † | — | † | ||||||||||||
Class 2 | — | † | — | † | — | † | — | † | — | † | — | † | ||||||||||||
Class 4 | 28 | 7 | 35 | 3 | 7 | 10 | ||||||||||||||||||
Total | $ | 28 | $ | 7 | $ | 35 | $ | 3 | $ | 7 | $ | 10 | ||||||||||||
IS 2030 Fund | ||||||||||||||||||||||||
Year ended December 31, 2023 | Year ended December 31, 2022 | |||||||||||||||||||||||
Share class | Ordinary income | Long-term capital gains | Total distributions paid | Ordinary income | Long-term capital gains | Total distributions paid | ||||||||||||||||||
Class 1 | $ | — | † | $ | — | † | $ | — | † | $ | — | † | $ | — | † | $ | — | † | ||||||
Class 1A | — | † | — | † | — | † | — | † | — | † | — | † | ||||||||||||
Class 2 | — | † | — | † | — | † | — | † | — | † | — | † | ||||||||||||
Class 4 | 11 | 1 | 12 | 10 | 10 | 20 | ||||||||||||||||||
Total | $ | 11 | $ | 1 | $ | 12 | $ | 10 | $ | 10 | $ | 20 |
Refer to the end of the tables for footnotes.
48 | American Funds Insurance Series – Target Date Series |
IS 2025 Fund | ||||||||||||||||||||||||
Year ended December 31, 2023 | Year ended December 31, 2022 | |||||||||||||||||||||||
Share class | Ordinary income | Long-term capital gains | Total distributions paid | Ordinary income | Long-term capital gains | Total distributions paid | ||||||||||||||||||
Class 1 | $ | — | † | $ | — | $ | — | † | $ | — | † | $ | — | † | $ | — | † | |||||||
Class 1A | — | † | — | — | † | — | † | — | † | — | † | |||||||||||||
Class 2 | — | † | — | — | † | — | † | — | † | — | † | |||||||||||||
Class 4 | 37 | — | 37 | 32 | 29 | 61 | ||||||||||||||||||
Total | $ | 37 | $ | — | $ | 37 | $ | 32 | $ | 29 | $ | 61 | ||||||||||||
IS 2020 Fund | ||||||||||||||||||||||||
Year ended December 31, 2023 | Year ended December 31, 2022 | |||||||||||||||||||||||
Share class | Ordinary income | Long-term capital gains | Total distributions paid | Ordinary income | Long-term capital gains | Total distributions paid | ||||||||||||||||||
Class 1 | $ | — | † | $ | — | $ | — | † | $ | — | † | $ | — | † | $ | — | † | |||||||
Class 1A | — | † | — | — | † | — | † | — | † | — | † | |||||||||||||
Class 2 | — | † | — | — | † | — | † | — | † | — | † | |||||||||||||
Class 4 | 93 | — | 93 | 74 | 58 | 132 | ||||||||||||||||||
Total | $ | 93 | $ | — | $ | 93 | $ | 74 | $ | 58 | $ | 132 | ||||||||||||
IS 2015 Fund | ||||||||||||||||||||||||
Year ended December 31, 2023 | Year ended December 31, 2022 | |||||||||||||||||||||||
Share class | Ordinary income | Long-term capital gains | Total distributions paid | Ordinary income | Long-term capital gains | Total distributions paid | ||||||||||||||||||
Class 1 | $ | — | † | $ | — | $ | — | † | $ | — | † | $ | — | † | $ | — | † | |||||||
Class 1A | — | † | — | — | † | — | † | — | † | — | † | |||||||||||||
Class 2 | — | † | — | — | † | — | † | — | † | — | † | |||||||||||||
Class 4 | 875 | — | 875 | 580 | 384 | 964 | ||||||||||||||||||
Total | $ | 875 | $ | — | $ | 875 | $ | 580 | $ | 384 | $ | 964 | ||||||||||||
IS 2010 Fund | ||||||||||||||||||||||||
Year ended December 31, 2023 | Year ended December 31, 2022 | |||||||||||||||||||||||
Share class | Ordinary income | Long-term capital gains | Total distributions paid | Ordinary income | Long-term capital gains | Total distributions paid | ||||||||||||||||||
Class 1 | $ | — | † | $ | — | † | $ | — | † | $ | — | † | $ | — | † | $ | — | † | ||||||
Class 1A | — | † | — | † | — | † | — | † | — | † | — | † | ||||||||||||
Class 2 | — | † | — | † | — | † | — | † | — | † | — | † | ||||||||||||
Class 4 | 14,277 | 483 | 14,760 | 7,953 | 5,431 | 13,384 | ||||||||||||||||||
Total | $ | 14,277 | $ | 483 | $ | 14,760 | $ | 7,953 | $ | 5,431 | $ | 13,384 |
* | Commencement of operations. |
† | Amount less than one thousand. |
American Funds Insurance Series – Target Date Series | 49 |
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.
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.
50 | American Funds Insurance Series – Target Date Series |
Administrative services — The series has an administrative services agreement with CRMC under which each fund compensates CRMC for providing administrative services to all of the funds’ share classes. 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.
Class-specific expenses under the agreements described above were as follows (dollars in thousands):
IS 2065 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 2060 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 2055 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 2050 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 2045 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 2040 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 | $— | $— |
Refer to the next page for footnote.
American Funds Insurance Series – Target Date Series | 51 |
IS 2035 Fund
Share class | Distribution services | Insurance administrative services | ||||||
Class 1 | Not applicable | Not applicable | ||||||
Class 1A | $— | $— | ||||||
Class 2 | — | Not applicable | ||||||
Class 4 | 5 | 5 | ||||||
Total class-specific expenses | $5 | $5 |
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 | 1 | ||||||
Total class-specific expenses | $1 | $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 | 4 | 4 | ||||||
Total class-specific expenses | $4 | $4 |
IS 2020 Fund
Share class | Distribution services | Insurance administrative services | ||||||
Class 1 | Not applicable | Not applicable | ||||||
Class 1A | $— | $— | ||||||
Class 2 | — | Not applicable | ||||||
Class 4 | 9 | 9 | ||||||
Total class-specific expenses | $9 | $9 |
IS 2015 Fund
Share class | Distribution services | Insurance administrative services | ||||||
Class 1 | Not applicable | Not applicable | ||||||
Class 1A | $— | $— | ||||||
Class 2 | — | Not applicable | ||||||
Class 4 | 79 | 79 | ||||||
Total class-specific expenses | $79 | $79 |
IS 2010 Fund
Share class | Distribution services | Insurance administrative services | ||||||
Class 1 | Not applicable | Not applicable | ||||||
Class 1A | $— | $— | ||||||
Class 2 | — | Not applicable | ||||||
Class 4 | 1,227 | 1,227 | ||||||
Total class-specific expenses | $1,227 | $1,227 |
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.
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.
52 | American Funds Insurance Series – Target Date Series |
8. Capital share transactions
Capital share transactions in each fund were as follows (dollars and shares in thousands):
IS 2065 Fund
Sales | Reinvestments of distributions | Repurchases | Net increase (decrease) | |||||||||||||||||||||||||||||
Share class | Amount | Shares | Amount | Shares | Amount | Shares | Amount | Shares | ||||||||||||||||||||||||
For the period May 1, 2023* through December 31, 2023 | ||||||||||||||||||||||||||||||||
Class 1 | $ | 10 | 1 | $ | 1 | — | † | $ | — | — | $ | 11 | 1 | |||||||||||||||||||
Class 1A | 10 | 1 | — | † | — | † | — | — | 10 | 1 | ||||||||||||||||||||||
Class 2 | 10 | 1 | — | † | — | † | — | — | 10 | 1 | ||||||||||||||||||||||
Class 4 | 10 | 1 | — | † | — | † | — | — | 10 | 1 | ||||||||||||||||||||||
Total net increase (decrease) | $ | 40 | 4 | $ | 1 | — | † | $ | — | — | $ | 41 | 4 |
IS 2060 Fund
Sales | Reinvestments of distributions | Repurchases | Net increase (decrease) | |||||||||||||||||||||||||||||
Share class | Amount | Shares | Amount | Shares | Amount | Shares | Amount | Shares | ||||||||||||||||||||||||
For the period May 1, 2023* through December 31, 2023 | ||||||||||||||||||||||||||||||||
Class 1 | $ | 10 | 1 | $ | 1 | — | † | $ | — | — | $ | 11 | 1 | |||||||||||||||||||
Class 1A | 10 | 1 | — | † | — | † | — | — | 10 | 1 | ||||||||||||||||||||||
Class 2 | 10 | 1 | — | † | — | † | — | — | 10 | 1 | ||||||||||||||||||||||
Class 4 | 10 | 1 | — | † | — | † | — | — | 10 | 1 | ||||||||||||||||||||||
Total net increase (decrease) | $ | 40 | 4 | $ | 1 | — | † | $ | — | — | $ | 41 | 4 |
IS 2055 Fund
Sales | Reinvestments of distributions | Repurchases | Net increase (decrease) | |||||||||||||||||||||||||||||
Share class | Amount | Shares | Amount | Shares | Amount | Shares | Amount | Shares | ||||||||||||||||||||||||
For the period May 1, 2023* through December 31, 2023 | ||||||||||||||||||||||||||||||||
Class 1 | $ | 10 | 1 | $ | 1 | — | † | $ | — | — | $ | 11 | 1 | |||||||||||||||||||
Class 1A | 10 | 1 | — | † | — | † | — | — | 10 | 1 | ||||||||||||||||||||||
Class 2 | 10 | 1 | — | † | — | † | — | — | 10 | 1 | ||||||||||||||||||||||
Class 4 | 10 | 1 | — | † | — | † | — | — | 10 | 1 | ||||||||||||||||||||||
Total net increase (decrease) | $ | 40 | 4 | $ | 1 | — | † | $ | — | — | $ | 41 | 4 |
IS 2050 Fund
Sales | Reinvestments of distributions | Repurchases | Net increase (decrease) | |||||||||||||||||||||||||||||
Share class | Amount | Shares | Amount | Shares | Amount | Shares | Amount | Shares | ||||||||||||||||||||||||
For the period May 1, 2023* through December 31, 2023 | ||||||||||||||||||||||||||||||||
Class 1 | $ | 10 | 1 | $ | 1 | — | † | $ | — | — | $ | 11 | 1 | |||||||||||||||||||
Class 1A | 10 | 1 | — | † | — | † | — | — | 10 | 1 | ||||||||||||||||||||||
Class 2 | 10 | 1 | — | † | — | † | — | — | 10 | 1 | ||||||||||||||||||||||
Class 4 | 10 | 1 | — | † | — | † | — | — | 10 | 1 | ||||||||||||||||||||||
Total net increase (decrease) | $ | 40 | 4 | $ | 1 | — | † | $ | — | — | $ | 41 | 4 |
Refer to the end of the tables for footnotes.
American Funds Insurance Series – Target Date Series | 53 |
IS 2045 Fund
Sales | Reinvestments of distributions | Repurchases | Net increase (decrease) | |||||||||||||||||||||||||||||
Share class | Amount | Shares | Amount | Shares | Amount | Shares | Amount | Shares | ||||||||||||||||||||||||
For the period May 1, 2023* through December 31, 2023 | ||||||||||||||||||||||||||||||||
Class 1 | $ | 10 | 1 | $ | 1 | — | † | $ | — | — | $ | 11 | 1 | |||||||||||||||||||
Class 1A | 10 | 1 | — | † | — | † | — | — | 10 | 1 | ||||||||||||||||||||||
Class 2 | 10 | 1 | — | † | — | † | — | — | 10 | 1 | ||||||||||||||||||||||
Class 4 | 10 | 1 | — | † | — | † | — | — | 10 | 1 | ||||||||||||||||||||||
Total net increase (decrease) | $ | 40 | 4 | $ | 1 | — | † | $ | — | — | $ | 41 | 4 |
IS 2040 Fund
Sales | Reinvestments of distributions | Repurchases | Net increase (decrease) | |||||||||||||||||||||||||||||
Share class | Amount | Shares | Amount | Shares | Amount | Shares | Amount | Shares | ||||||||||||||||||||||||
For the period May 1, 2023* through December 31, 2023 | ||||||||||||||||||||||||||||||||
Class 1 | $ | 10 | 1 | $ | 1 | — | † | $ | — | — | $ | 11 | 1 | |||||||||||||||||||
Class 1A | 10 | 1 | — | † | — | † | — | — | 10 | 1 | ||||||||||||||||||||||
Class 2 | 10 | 1 | — | † | — | † | — | — | 10 | 1 | ||||||||||||||||||||||
Class 4 | 10 | 1 | — | † | — | † | — | — | 10 | 1 | ||||||||||||||||||||||
Total net increase (decrease) | $ | 40 | 4 | $ | 1 | — | † | $ | — | — | $ | 41 | 4 |
IS 2035 Fund
Sales | Reinvestments of distributions | Repurchases | Net increase (decrease) | |||||||||||||||||||||||||||||
Share class | Amount | Shares | Amount | Shares | Amount | Shares | Amount | Shares | ||||||||||||||||||||||||
Year ended December 31, 2023 | ||||||||||||||||||||||||||||||||
Class 1 | $ | — | — | $ | — | † | — | † | $ | — | — | $ | — | † | — | † | ||||||||||||||||
Class 1A | — | — | — | † | — | † | — | — | — | † | — | † | ||||||||||||||||||||
Class 2 | — | — | — | † | — | † | — | — | — | † | — | † | ||||||||||||||||||||
Class 4 | 1,270 | 121 | 35 | 3 | (20 | ) | (2 | ) | 1,285 | 122 | ||||||||||||||||||||||
Total net increase (decrease) | $ | 1,270 | 121 | $ | 35 | 3 | $ | (20 | ) | (2 | ) | $ | 1,285 | 122 | ||||||||||||||||||
Year ended December 31, 2022 | ||||||||||||||||||||||||||||||||
Class 1 | $ | — | — | $ | 1 | — | † | $ | — | — | $ | 1 | — | † | ||||||||||||||||||
Class 1A | — | — | 1 | — | † | — | — | 1 | — | † | ||||||||||||||||||||||
Class 2 | — | — | 1 | — | † | — | — | 1 | — | † | ||||||||||||||||||||||
Class 4 | 956 | 101 | 7 | 1 | (232 | ) | (23 | ) | 731 | 79 | ||||||||||||||||||||||
Total net increase (decrease) | $ | 956 | 101 | $ | 10 | 1 | $ | (232 | ) | (23 | ) | $ | 734 | 79 |
Refer to the end of the tables for footnotes.
54 | American Funds Insurance Series – Target Date Series |
IS 2030 Fund
Sales | Reinvestments of distributions | Repurchases | Net increase (decrease) | |||||||||||||||||||||||||||||
Share class | Amount | Shares | Amount | Shares | Amount | Shares | Amount | Shares | ||||||||||||||||||||||||
Year ended December 31, 2023 | ||||||||||||||||||||||||||||||||
Class 1 | $ | — | — | $ | — | † | — | † | $ | — | — | $ | — | † | — | † | ||||||||||||||||
Class 1A | — | — | — | † | — | † | — | — | — | † | — | † | ||||||||||||||||||||
Class 2 | — | — | — | † | — | † | — | — | — | † | — | † | ||||||||||||||||||||
Class 4 | 60 | 5 | 11 | 1 | (121 | ) | (11 | ) | (50 | ) | (5 | ) | ||||||||||||||||||||
Total net increase (decrease) | $ | 60 | 5 | $ | 11 | 1 | $ | (121 | ) | (11 | ) | $ | (50 | ) | (5 | ) | ||||||||||||||||
Year ended December 31, 2022 | ||||||||||||||||||||||||||||||||
Class 1 | $ | — | — | $ | 1 | — | † | $ | — | — | $ | 1 | — | † | ||||||||||||||||||
Class 1A | — | — | 1 | — | † | — | — | 1 | — | † | ||||||||||||||||||||||
Class 2 | — | — | 1 | — | † | — | — | 1 | — | † | ||||||||||||||||||||||
Class 4 | 309 | 30 | 18 | 2 | (40 | ) | (4 | ) | 287 | 28 | ||||||||||||||||||||||
Total net increase (decrease) | $ | 309 | 30 | $ | 21 | 2 | $ | (40 | ) | (4 | ) | $ | 290 | 28 |
IS 2025 Fund
Sales | Reinvestments of distributions | Repurchases | Net increase (decrease) | |||||||||||||||||||||||||||||
Share class | Amount | Shares | Amount | Shares | Amount | Shares | Amount | Shares | ||||||||||||||||||||||||
Year ended December 31, 2023 | ||||||||||||||||||||||||||||||||
Class 1 | $ | — | — | $ | — | † | — | † | $ | — | — | $ | — | † | — | † | ||||||||||||||||
Class 1A | — | — | — | † | — | † | — | — | — | † | — | † | ||||||||||||||||||||
Class 2 | — | — | — | † | — | † | — | — | — | † | — | † | ||||||||||||||||||||
Class 4 | 430 | 41 | 37 | 3 | (130 | ) | (12 | ) | 337 | 32 | ||||||||||||||||||||||
Total net increase (decrease) | $ | 430 | 41 | $ | 37 | 3 | $ | (130 | ) | (12 | ) | $ | 337 | 32 | ||||||||||||||||||
Year ended December 31, 2022 | ||||||||||||||||||||||||||||||||
Class 1 | $ | — | — | $ | 1 | — | † | $ | — | — | $ | 1 | — | † | ||||||||||||||||||
Class 1A | — | — | 1 | — | † | — | — | 1 | — | † | ||||||||||||||||||||||
Class 2 | — | — | 1 | — | † | — | — | 1 | — | † | ||||||||||||||||||||||
Class 4 | 456 | 40 | 58 | 6 | (66 | ) | (6 | ) | 448 | 40 | ||||||||||||||||||||||
Total net increase (decrease) | $ | 456 | 40 | $ | 61 | 6 | $ | (66 | ) | (6 | ) | $ | 451 | 40 |
IS 2020 Fund
Sales | Reinvestments of distributions | Repurchases | Net increase (decrease) | |||||||||||||||||||||||||||||
Share class | Amount | Shares | Amount | Shares | Amount | Shares | Amount | Shares | ||||||||||||||||||||||||
Year ended December 31, 2023 | ||||||||||||||||||||||||||||||||
Class 1 | $ | — | — | $ | — | † | — | † | $ | — | — | $ | — | † | — | † | ||||||||||||||||
Class 1A | — | — | — | † | — | † | — | — | — | † | — | † | ||||||||||||||||||||
Class 2 | — | — | — | † | — | † | — | — | — | † | — | † | ||||||||||||||||||||
Class 4 | 1,966 | 191 | 93 | 8 | (864 | ) | (82 | ) | 1,195 | 117 | ||||||||||||||||||||||
Total net increase (decrease) | $ | 1,966 | 191 | $ | 93 | 8 | $ | (864 | ) | (82 | ) | $ | 1,195 | 117 | ||||||||||||||||||
Year ended December 31, 2022 | ||||||||||||||||||||||||||||||||
Class 1 | $ | — | — | $ | 1 | — | † | $ | — | — | $ | 1 | — | † | ||||||||||||||||||
Class 1A | — | — | 1 | — | † | — | — | 1 | — | † | ||||||||||||||||||||||
Class 2 | — | — | 1 | — | † | — | — | 1 | — | † | ||||||||||||||||||||||
Class 4 | 57 | 5 | 130 | 13 | (124 | ) | (11 | ) | 63 | 7 | ||||||||||||||||||||||
Total net increase (decrease) | $ | 57 | 5 | $ | 133 | 13 | $ | (124 | ) | (11 | ) | $ | 66 | 7 |
Refer to the end of the tables for footnotes.
American Funds Insurance Series – Target Date Series | 55 |
IS 2015 Fund
Sales | Reinvestments of distributions | Repurchases | Net increase (decrease) | |||||||||||||||||||||||||||||
Share class | Amount | Shares | Amount | Shares | Amount | Shares | Amount | Shares | ||||||||||||||||||||||||
Year ended December 31, 2023 | ||||||||||||||||||||||||||||||||
Class 1 | $ | — | — | $ | — | † | — | † | $ | — | — | $ | — | † | — | † | ||||||||||||||||
Class 1A | — | — | — | † | — | † | — | — | — | † | — | † | ||||||||||||||||||||
Class 2 | — | — | — | † | — | † | — | — | — | † | — | † | ||||||||||||||||||||
Class 4 | 13,424 | 1,303 | 875 | 83 | (1,957 | ) | (193 | ) | 12,342 | 1,193 | ||||||||||||||||||||||
Total net increase (decrease) | $ | 13,424 | 1,303 | $ | 875 | 83 | $ | (1,957 | ) | (193 | ) | $ | 12,342 | 1,193 | ||||||||||||||||||
Year ended December 31, 2022 | ||||||||||||||||||||||||||||||||
Class 1 | $ | — | — | $ | 1 | — | † | $ | — | — | $ | 1 | — | † | ||||||||||||||||||
Class 1A | — | — | 1 | — | † | — | — | 1 | — | † | ||||||||||||||||||||||
Class 2 | — | — | 1 | — | † | — | — | 1 | — | † | ||||||||||||||||||||||
Class 4 | 9,603 | 905 | 961 | 96 | (1,133 | ) | (108 | ) | 9,431 | 893 | ||||||||||||||||||||||
Total net increase (decrease) | $ | 9,603 | 905 | $ | 964 | 96 | $ | (1,133 | ) | (108 | ) | $ | 9,434 | 893 |
IS 2010 Fund
Sales | Reinvestments of distributions | Repurchases | Net increase (decrease) | |||||||||||||||||||||||||||||
Share class | Amount | Shares | Amount | Shares | Amount | Shares | Amount | Shares | ||||||||||||||||||||||||
Year ended December 31, 2023 | ||||||||||||||||||||||||||||||||
Class 1 | $ | — | — | $ | — | † | — | † | $ | — | — | $ | — | † | — | † | ||||||||||||||||
Class 1A | — | — | — | † | — | † | — | — | — | † | — | † | ||||||||||||||||||||
Class 2 | — | — | — | † | — | † | — | — | — | † | — | † | ||||||||||||||||||||
Class 4 | 102,587 | 9,950 | 14,760 | 1,411 | (23,748 | ) | (2,296 | ) | 93,599 | 9,065 | ||||||||||||||||||||||
Total net increase (decrease) | $ | 102,587 | 9,950 | $ | 14,760 | 1,411 | $ | (23,748 | ) | (2,296 | ) | $ | 93,599 | 9,065 | ||||||||||||||||||
Year ended December 31, 2022 | ||||||||||||||||||||||||||||||||
Class 1 | $ | — | — | $ | 1 | — | † | $ | — | — | $ | 1 | — | † | ||||||||||||||||||
Class 1A | — | — | — | † | — | † | — | — | — | † | — | † | ||||||||||||||||||||
Class 2 | — | — | — | † | — | † | — | — | — | † | — | † | ||||||||||||||||||||
Class 4 | 163,223 | 15,214 | 13,384 | 1,321 | (12,728 | ) | (1,232 | ) | 163,879 | 15,303 | ||||||||||||||||||||||
Total net increase (decrease) | $ | 163,223 | 15,214 | $ | 13,385 | 1,321 | $ | (12,728 | ) | (1,232 | ) | $ | 163,880 | 15,303 |
* | Commencement of operations. |
† | Amount less than one thousand. |
9. Ownership concentration
At December 31, 2023, CRMC held aggregate ownership of 10% of the outstanding shares of IS 2030 Fund, and 100% of each of the outstanding shares of IS 2040 Fund, IS 2045 Fund, IS 2050 Fund, IS 2055 Fund, IS 2060 Fund, and IS 2065 Fund. The ownership percentages represent the seed money invested in the funds when they began operations. IS 2030 Fund began operations on December 6, 2019. IS 2040 Fund, IS 2045 Fund, IS 2050 Fund, IS 2055 Fund, IS 2060 Fund and IS 2065 Fund began operations on May 1, 2023.
56 | American Funds Insurance Series – Target Date Series |
10. Investment transactions
Each fund engaged in purchases and sales of investment securities of affiliated issuers during the year ended December 31, 2023, as follows (dollars in thousands):
IS 2065 Fund | IS 2060 Fund | IS 2055 Fund | IS 2050 Fund | IS 2045 Fund | IS 2040 Fund | |||||||||||||||||||
Purchases of investment securities* | $ | 42 | $ | 42 | $ | 42 | $ | 42 | $ | 42 | $ | 42 | ||||||||||||
Sales of investment securities* | — | — | — | — | — | — | ||||||||||||||||||
IS 2035 Fund | IS 2030 Fund | IS 2025 Fund | IS 2020 Fund | IS 2015 Fund | IS 2010 Fund | |||||||||||||||||||
Purchases of investment securities* | $ | 1,445 | $ | 95 | $ | 491 | $ | 2,111 | $ | 14,551 | $ | 118,078 | ||||||||||||
Sales of investment securities* | 115 | 140 | 137 | 881 | 1,927 | 22,236 |
* | Excludes short-term securities and U.S. government obligations, if any. |
American Funds Insurance Series – Target Date Series | 57 |
Financial highlights
Income 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 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 return2,3 | Net assets, end of period (in millions) | to average net assets before reimburse- ments4 | to average net assets after reimburse- ments4 | Net effective expense ratio3,5,6 | Ratio of net income to average net assets3 | ||||||||||||||||||||||||||||||||||||||||||
IS 2065 Fund | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class 1: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
12/31/20237,8 | $ | 10.00 | $ | .15 | $ | 1.15 | $ | 1.30 | $ | (.15 | ) | $ | (.03 | ) | $ | (.18 | ) | $ | 11.12 | 13.02 | %9 | $ | — | 10 | .03 | %11 | .03 | %11 | .41 | %11 | 2.21 | %11 | ||||||||||||||||||||||||
Class 1A: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
12/31/20237,8 | 10.00 | .15 | 1.15 | 1.30 | (.15 | ) | (.03 | ) | (.18 | ) | 11.12 | 13.02 | 9 | — | 10 | .03 | 11 | .03 | 11 | .41 | 11 | 2.21 | 11 | |||||||||||||||||||||||||||||||||
Class 2: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
12/31/20237,8 | 10.00 | .15 | 1.15 | 1.30 | (.15 | ) | (.03 | ) | (.18 | ) | 11.12 | 13.02 | 9,12 | — | 10 | .03 | 11 | .03 | 11 | .41 | 11,12 | 2.22 | 11,12 | |||||||||||||||||||||||||||||||||
Class 4: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
12/31/20237,8 | 10.00 | .15 | 1.15 | 1.30 | (.15 | ) | (.03 | ) | (.18 | ) | 11.12 | 13.02 | 9,12 | — | 10 | .03 | 11 | .03 | 11 | .41 | 11,12 | 2.21 | 11,12 | |||||||||||||||||||||||||||||||||
IS 2060 Fund | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class 1: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
12/31/20237,8 | $ | 10.00 | $ | .15 | $ | 1.15 | $ | 1.30 | $ | (.15 | ) | $ | (.03 | ) | $ | (.18 | ) | $ | 11.12 | 13.02 | %9 | $ | — | 10 | .03 | %11 | .03 | %11 | .41 | %11 | 2.21 | %11 | ||||||||||||||||||||||||
Class 1A: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
12/31/20237,8 | 10.00 | .15 | 1.15 | 1.30 | (.15 | ) | (.03 | ) | (.18 | ) | 11.12 | 13.02 | 9 | — | 10 | .03 | 11 | .03 | 11 | .41 | 11 | 2.21 | 11 | |||||||||||||||||||||||||||||||||
Class 2: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
12/31/20237,8 | 10.00 | .15 | 1.15 | 1.30 | (.15 | ) | (.03 | ) | (.18 | ) | 11.12 | 13.02 | 9,12 | — | 10 | .03 | 11 | .03 | 11 | .41 | 11,12 | 2.22 | 11,12 | |||||||||||||||||||||||||||||||||
Class 4: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
12/31/20237,8 | 10.00 | .15 | 1.15 | 1.30 | (.15 | ) | (.03 | ) | (.18 | ) | 11.12 | 13.02 | 9,12 | — | 10 | .03 | 11 | .03 | 11 | .41 | 11,12 | 2.21 | 11,12 | |||||||||||||||||||||||||||||||||
IS 2055 Fund | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class 1: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
12/31/20237,8 | $ | 10.00 | $ | .15 | $ | 1.13 | $ | 1.28 | $ | (.15 | ) | $ | (.03 | ) | $ | (.18 | ) | $ | 11.10 | 12.83 | %9 | $ | — | 10 | .03 | %11 | .03 | %11 | .41 | %11 | 2.23 | %11 | ||||||||||||||||||||||||
Class 1A: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
12/31/20237,8 | 10.00 | .15 | 1.13 | 1.28 | (.15 | ) | (.03 | ) | (.18 | ) | 11.10 | 12.83 | 9 | — | 10 | .03 | 11 | .03 | 11 | .41 | 11 | 2.23 | 11 | |||||||||||||||||||||||||||||||||
Class 2: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
12/31/20237,8 | 10.00 | .16 | 1.12 | 1.28 | (.15 | ) | (.03 | ) | (.18 | ) | 11.10 | 12.83 | 9,12 | — | 10 | .03 | 11 | .03 | 11 | .41 | 11,12 | 2.24 | 11,12 | |||||||||||||||||||||||||||||||||
Class 4: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
12/31/20237,8 | 10.00 | .15 | 1.13 | 1.28 | (.15 | ) | (.03 | ) | (.18 | ) | 11.10 | 12.83 | 9,12 | — | 10 | .03 | 11 | .03 | 11 | .41 | 11,12 | 2.23 | 11,12 | |||||||||||||||||||||||||||||||||
IS 2050 Fund | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class 1: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
12/31/20237,8 | $ | 10.00 | $ | .16 | $ | 1.09 | $ | 1.25 | $ | (.16 | ) | $ | (.03 | ) | $ | (.19 | ) | $ | 11.06 | 12.48 | %9 | $ | — | 10 | .03 | %11 | .03 | %11 | .40 | %11 | 2.34 | %11 | ||||||||||||||||||||||||
Class 1A: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
12/31/20237,8 | 10.00 | .16 | 1.09 | 1.25 | (.16 | ) | (.03 | ) | (.19 | ) | 11.06 | 12.48 | 9 | — | 10 | .03 | 11 | .03 | 11 | .40 | 11 | 2.33 | 11 | |||||||||||||||||||||||||||||||||
Class 2: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
12/31/20237,8 | 10.00 | .16 | 1.09 | 1.25 | (.16 | ) | (.03 | ) | (.19 | ) | 11.06 | 12.48 | 9,12 | — | 10 | .03 | 11 | .03 | 11 | .40 | 11,12 | 2.33 | 11,12 | |||||||||||||||||||||||||||||||||
Class 4: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
12/31/20237,8 | 10.00 | .16 | 1.09 | 1.25 | (.16 | ) | (.03 | ) | (.19 | ) | 11.06 | 12.48 | 9,12 | — | 10 | .03 | 11 | .03 | 11 | .40 | 11,12 | 2.33 | 11,12 | |||||||||||||||||||||||||||||||||
IS 2045 Fund | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class 1: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
12/31/20237,8 | $ | 10.00 | $ | .17 | $ | 1.05 | $ | 1.22 | $ | (.17 | ) | $ | (.03 | ) | $ | (.20 | ) | $ | 11.02 | 12.14 | %9 | $ | — | 10 | .03 | %11 | .03 | %11 | .39 | %11 | 2.44 | %11 | ||||||||||||||||||||||||
Class 1A: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
12/31/20237,8 | 10.00 | .17 | 1.05 | 1.22 | (.17 | ) | (.03 | ) | (.20 | ) | 11.02 | 12.14 | 9 | — | 10 | .03 | 11 | .03 | 11 | .39 | 11 | 2.44 | 11 | |||||||||||||||||||||||||||||||||
Class 2: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
12/31/20237,8 | 10.00 | .17 | 1.05 | 1.22 | (.17 | ) | (.03 | ) | (.20 | ) | 11.02 | 12.14 | 9,12 | — | 10 | .03 | 11 | .03 | 11 | .39 | 11,12 | 2.44 | 11,12 | |||||||||||||||||||||||||||||||||
Class 4: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
12/31/20237,8 | 10.00 | .17 | 1.05 | 1.22 | (.17 | ) | (.03 | ) | (.20 | ) | 11.02 | 12.14 | 9,12 | — | 10 | .03 | 11 | .03 | 11 | .39 | 11,12 | 2.45 | 11,12 |
58 | American Funds Insurance Series – Target Date Series |
Financial highlights (continued)
Income 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 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 return2,3 | Net assets, end of period (in millions) | to average net assets before reimburse- ments4 | to average net assets after reimburse- ments4 | Net effective expense ratio3,5,6 | Ratio of net income to average net assets3 | ||||||||||||||||||||||||||||||||||||||||||
IS 2040 Fund | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class 1: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
12/31/20237,8 | $ | 10.00 | $ | .17 | $ | .99 | $ | 1.16 | $ | (.17 | ) | $ | (.02 | ) | $ | (.19 | ) | $ | 10.97 | 11.66 | %9 | $ | — | 10 | .03 | %11 | .03 | %11 | .39 | %11 | 2.53 | %11 | ||||||||||||||||||||||||
Class 1A: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
12/31/20237,8 | 10.00 | .17 | .99 | 1.16 | (.17 | ) | (.02 | ) | (.19 | ) | 10.97 | 11.66 | 9 | — | 10 | .03 | 11 | .03 | 11 | .39 | 11 | 2.53 | 11 | |||||||||||||||||||||||||||||||||
Class 2: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
12/31/20237,8 | 10.00 | .17 | .99 | 1.16 | (.17 | ) | (.02 | ) | (.19 | ) | 10.97 | 11.66 | 9,12 | — | 10 | .03 | 11 | .03 | 11 | .39 | 11,12 | 2.53 | 11,12 | |||||||||||||||||||||||||||||||||
Class 4: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
12/31/20237,8 | 10.00 | .17 | .99 | 1.16 | (.17 | ) | (.02 | ) | (.19 | ) | 10.97 | 11.66 | 9,12 | — | 10 | .03 | 11 | .03 | 11 | .39 | 11,12 | 2.54 | 11,12 |
Refer to the end of the tables for footnotes.
American Funds Insurance Series – Target Date Series | 59 |
Financial highlights (continued)
Income (loss) from investment operations1 | Dividends and distributions | Ratio of | Ratio of | |||||||||||||||||||||||||||||||||||||||||||||||||||||
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 return2,3 | Net assets, end of year (in millions) | expenses to average net assets before reimburse- ments4 | expenses to average net assets after reimburse- ments4 | Net effective expense ratio3,5,6 | Ratio of net income to average net assets3 | ||||||||||||||||||||||||||||||||||||||||||
IS 2035 Fund | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class 1: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
12/31/2023 | $ | 9.95 | $ | .24 | $ | 1.45 | $ | 1.69 | $ | (.15 | ) | $ | (.06 | ) | $ | (.21 | ) | $ | 11.43 | 17.01 | % | $ | — | 10 | .04 | % | .04 | % | .38 | % | 2.31 | % | ||||||||||||||||||||||||
12/31/2022 | 12.93 | .22 | (2.35 | ) | (2.13 | ) | (.09 | ) | (.76 | ) | (.85 | ) | 9.95 | (16.33 | ) | — | 10 | .03 | .03 | .37 | 2.04 | |||||||||||||||||||||||||||||||||||
12/31/2021 | 11.39 | .17 | 1.58 | 1.75 | (.10 | ) | (.11 | ) | (.21 | ) | 12.93 | 15.46 | — | 10 | 4.86 | .06 | .40 | 1.40 | ||||||||||||||||||||||||||||||||||||||
12/31/2020 | 10.19 | .15 | 1.43 | 1.58 | (.12 | ) | (.26 | ) | (.38 | ) | 11.39 | 16.03 | — | 10 | 46.43 | .06 | .42 | 1.52 | ||||||||||||||||||||||||||||||||||||||
12/31/20197,13 | 10.00 | .08 | .19 | .27 | (.08 | ) | — | (.08 | ) | 10.19 | 2.70 | 9 | — | 10 | — | 9 | — | 9 | .37 | 11 | .75 | 9 | ||||||||||||||||||||||||||||||||||
Class 1A: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
12/31/2023 | 9.95 | .24 | 1.45 | 1.69 | (.15 | ) | (.06 | ) | (.21 | ) | 11.43 | 17.01 | — | 10 | .04 | .04 | .38 | 2.31 | ||||||||||||||||||||||||||||||||||||||
12/31/2022 | 12.93 | .22 | (2.35 | ) | (2.13 | ) | (.09 | ) | (.76 | ) | (.85 | ) | 9.95 | (16.33 | ) | — | 10 | .03 | .03 | .37 | 2.04 | |||||||||||||||||||||||||||||||||||
12/31/2021 | 11.38 | .17 | 1.59 | 1.76 | (.10 | ) | (.11 | ) | (.21 | ) | 12.93 | 15.56 | — | 10 | 4.86 | .06 | .40 | 1.40 | ||||||||||||||||||||||||||||||||||||||
12/31/2020 | 10.19 | .15 | 1.42 | 1.57 | (.12 | ) | (.26 | ) | (.38 | ) | 11.38 | 15.93 | — | 10 | 46.43 | .06 | .42 | 1.51 | ||||||||||||||||||||||||||||||||||||||
12/31/20197,13 | 10.00 | .08 | .19 | .27 | (.08 | ) | — | (.08 | ) | 10.19 | 2.70 | 9 | — | 10 | — | 9 | — | 9 | .37 | 11 | .75 | 9 | ||||||||||||||||||||||||||||||||||
Class 2: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
12/31/2023 | 9.95 | .24 | 1.45 | 1.69 | (.15 | ) | (.06 | ) | (.21 | ) | 11.43 | 17.01 | 12 | — | 10 | .04 | 12 | .04 | 12 | .38 | 12 | 2.31 | 12 | |||||||||||||||||||||||||||||||||
12/31/2022 | 12.93 | .22 | (2.35 | ) | (2.13 | ) | (.09 | ) | (.76 | ) | (.85 | ) | 9.95 | (16.33 | )12 | — | 10 | .03 | 12 | .03 | 12 | .37 | 12 | 2.04 | 12 | |||||||||||||||||||||||||||||||
12/31/2021 | 11.38 | .17 | 1.59 | 1.76 | (.10 | ) | (.11 | ) | (.21 | ) | 12.93 | 15.56 | 12 | — | 10 | 4.86 | 12 | .06 | 12 | .40 | 12 | 1.40 | 12 | |||||||||||||||||||||||||||||||||
12/31/2020 | 10.19 | .15 | 1.42 | 1.57 | (.12 | ) | (.26 | ) | (.38 | ) | 11.38 | 15.93 | 12 | — | 10 | 46.43 | 12 | .06 | 12 | .42 | 12 | 1.51 | 12 | |||||||||||||||||||||||||||||||||
12/31/20197,13 | 10.00 | .08 | .19 | .27 | (.08 | ) | — | (.08 | ) | 10.19 | 2.70 | 9,12 | — | 10 | — | 9,12 | — | 9,12 | .37 | 11,12 | .75 | 9,12 | ||||||||||||||||||||||||||||||||||
Class 4: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
12/31/2023 | 9.90 | .21 | 1.42 | 1.63 | (.11 | ) | (.06 | ) | (.17 | ) | 11.36 | 16.51 | 2 | .54 | .54 | .88 | 2.00 | |||||||||||||||||||||||||||||||||||||||
12/31/2022 | 12.92 | .28 | (2.47 | ) | (2.19 | ) | (.07 | ) | (.76 | ) | (.83 | ) | 9.90 | (16.79 | ) | 1 | .50 | .50 | .84 | 2.70 | ||||||||||||||||||||||||||||||||||||
12/31/2021 | 11.39 | .12 | 1.58 | 1.70 | (.06 | ) | (.11 | ) | (.17 | ) | 12.92 | 14.99 | — | 10 | 5.31 | .49 | .83 | .97 | ||||||||||||||||||||||||||||||||||||||
12/31/2020 | 10.19 | .35 | 1.22 | 1.57 | (.11 | ) | (.26 | ) | (.37 | ) | 11.39 | 16.01 | — | 10 | 52.83 | .18 | .54 | 3.35 | ||||||||||||||||||||||||||||||||||||||
12/31/20197,13 | 10.00 | .08 | .19 | .27 | (.08 | ) | — | (.08 | ) | 10.19 | 2.70 | 9 | — | 10 | — | 9 | — | 9 | .37 | 11 | .75 | 9 | ||||||||||||||||||||||||||||||||||
IS 2030 Fund | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class 1: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
12/31/2023 | $ | 9.95 | $ | .27 | $ | 1.15 | $ | 1.42 | $ | (.28 | ) | $ | (.01 | ) | $ | (.29 | ) | $ | 11.08 | 14.37 | % | $ | — | 10 | .04 | % | .04 | % | .37 | % | 2.58 | % | ||||||||||||||||||||||||
12/31/2022 | 12.41 | .24 | (2.04 | ) | (1.80 | ) | (.14 | ) | (.52 | ) | (.66 | ) | 9.95 | (14.44 | ) | — | 10 | .04 | .04 | .36 | 2.29 | |||||||||||||||||||||||||||||||||||
12/31/2021 | 11.14 | .19 | 1.27 | 1.46 | (.12 | ) | (.07 | ) | (.19 | ) | 12.41 | 13.07 | — | 10 | 2.53 | .06 | .38 | 1.59 | ||||||||||||||||||||||||||||||||||||||
12/31/2020 | 10.15 | .17 | 1.16 | 1.33 | (.13 | ) | (.21 | ) | (.34 | ) | 11.14 | 13.41 | — | 10 | 45.36 | .06 | .41 | 1.71 | ||||||||||||||||||||||||||||||||||||||
12/31/20197,13 | 10.00 | .07 | .16 | .23 | (.08 | ) | — | (.08 | ) | 10.15 | 2.28 | 9 | — | 10 | — | 9 | — | 9 | .35 | 11 | .69 | 9 | ||||||||||||||||||||||||||||||||||
Class 1A: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
12/31/2023 | 9.95 | .27 | 1.15 | 1.42 | (.28 | ) | (.01 | ) | (.29 | ) | 11.08 | 14.37 | — | 10 | .04 | .04 | .37 | 2.58 | ||||||||||||||||||||||||||||||||||||||
12/31/2022 | 12.41 | .24 | (2.04 | ) | (1.80 | ) | (.14 | ) | (.52 | ) | (.66 | ) | 9.95 | (14.44 | ) | — | 10 | .04 | .04 | .36 | 2.29 | |||||||||||||||||||||||||||||||||||
12/31/2021 | 11.14 | .19 | 1.27 | 1.46 | (.12 | ) | (.07 | ) | (.19 | ) | 12.41 | 13.07 | — | 10 | 2.53 | .06 | .38 | 1.59 | ||||||||||||||||||||||||||||||||||||||
12/31/2020 | 10.15 | .17 | 1.16 | 1.33 | (.13 | ) | (.21 | ) | (.34 | ) | 11.14 | 13.41 | — | 10 | 45.36 | .06 | .41 | 1.71 | ||||||||||||||||||||||||||||||||||||||
12/31/20197,13 | 10.00 | .07 | .16 | .23 | (.08 | ) | — | (.08 | ) | 10.15 | 2.28 | 9 | — | 10 | — | 9 | — | 9 | .35 | 11 | .69 | 9 | ||||||||||||||||||||||||||||||||||
Class 2: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
12/31/2023 | 9.95 | .27 | 1.15 | 1.42 | (.28 | ) | (.01 | ) | (.29 | ) | 11.08 | 14.37 | 12 | — | 10 | .04 | 12 | .04 | 12 | .37 | 12 | 2.58 | 12 | |||||||||||||||||||||||||||||||||
12/31/2022 | 12.41 | .24 | (2.04 | ) | (1.80 | ) | (.14 | ) | (.52 | ) | (.66 | ) | 9.95 | (14.44 | )12 | — | 10 | .04 | 12 | .04 | 12 | .36 | 12 | 2.29 | 12 | |||||||||||||||||||||||||||||||
12/31/2021 | 11.14 | .19 | 1.27 | 1.46 | (.12 | ) | (.07 | ) | (.19 | ) | 12.41 | 13.07 | 12 | — | 10 | 2.53 | 12 | .06 | 12 | .38 | 12 | 1.59 | 12 | |||||||||||||||||||||||||||||||||
12/31/2020 | 10.15 | .17 | 1.16 | 1.33 | (.13 | ) | (.21 | ) | (.34 | ) | 11.14 | 13.41 | 12 | — | 10 | 45.36 | 12 | .06 | 12 | .41 | 12 | 1.72 | 12 | |||||||||||||||||||||||||||||||||
12/31/20197,13 | 10.00 | .07 | .16 | .23 | (.08 | ) | — | (.08 | ) | 10.15 | 2.28 | 9,12 | — | 10 | — | 9,12 | — | 9,12 | .35 | 11,12 | .69 | 9,12 | ||||||||||||||||||||||||||||||||||
Class 4: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
12/31/2023 | 9.92 | .22 | 1.14 | 1.36 | (.23 | ) | (.01 | ) | (.24 | ) | 11.04 | 13.79 | — | 10 | .53 | .53 | .86 | 2.08 | ||||||||||||||||||||||||||||||||||||||
12/31/2022 | 12.40 | .25 | (2.10 | ) | (1.85 | ) | (.11 | ) | (.52 | ) | (.63 | ) | 9.92 | (14.87 | ) | — | 10 | .52 | .52 | .84 | 2.38 | |||||||||||||||||||||||||||||||||||
12/31/2021 | 11.14 | .13 | 1.27 | 1.40 | (.07 | ) | (.07 | ) | (.14 | ) | 12.40 | 12.55 | — | 10 | 2.93 | .53 | .85 | 1.10 | ||||||||||||||||||||||||||||||||||||||
12/31/2020 | 10.15 | .46 | .87 | 1.33 | (.13 | ) | (.21 | ) | (.34 | ) | 11.14 | 13.39 | — | 10 | 44.54 | .25 | .60 | 4.38 | ||||||||||||||||||||||||||||||||||||||
12/31/20197,13 | 10.00 | .07 | .16 | .23 | (.08 | ) | — | (.08 | ) | 10.15 | 2.28 | 9 | — | 10 | — | 9 | — | 9 | .35 | 11 | .69 | 9 |
Refer to the end of the tables for footnotes.
60 | American Funds Insurance Series – Target Date Series |
Financial highlights (continued)
Income (loss) from investment operations1 | Dividends and distributions | Ratio of | Ratio of | |||||||||||||||||||||||||||||||||||||||||||||||||||||
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 return2,3 | Net assets, end of year (in millions) | expenses to average net assets before reimburse- ments4 | expenses to average net assets after reimburse- ments4 | Net effective expense ratio3,5,6 | Ratio of net income to average net assets3 | ||||||||||||||||||||||||||||||||||||||||||
IS 2025 Fund | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class 1: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
12/31/2023 | $ | 10.17 | $ | .31 | $ | .89 | $ | 1.20 | $ | (.29 | ) | $ | — | $ | (.29 | ) | $ | 11.08 | 11.90 | % | $ | — | 10 | .04 | % | .04 | % | .35 | % | 2.95 | % | |||||||||||||||||||||||||
12/31/2022 | 12.27 | .28 | (1.87 | ) | (1.59 | ) | (.21 | ) | (.30 | ) | (.51 | ) | 10.17 | (12.87 | ) | — | 10 | .04 | .04 | .35 | 2.63 | |||||||||||||||||||||||||||||||||||
12/31/2021 | 11.17 | .21 | 1.06 | 1.27 | (.09 | ) | (.08 | ) | (.17 | ) | 12.27 | 11.42 | — | 10 | 1.26 | .06 | .37 | 1.77 | ||||||||||||||||||||||||||||||||||||||
12/31/2020 | 10.12 | .19 | 1.10 | 1.29 | (.19 | ) | (.05 | ) | (.24 | ) | 11.17 | 12.75 | — | 10 | 20.72 | .06 | .38 | 1.85 | ||||||||||||||||||||||||||||||||||||||
12/31/20197,13 | 10.00 | .07 | .13 | .20 | (.08 | ) | — | (.08 | ) | 10.12 | 1.98 | 9 | — | 10 | — | 9 | — | 9 | .33 | 11 | .66 | 9 | ||||||||||||||||||||||||||||||||||
Class 1A: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
12/31/2023 | 10.17 | .31 | .89 | 1.20 | (.29 | ) | — | (.29 | ) | 11.08 | 11.90 | — | 10 | .04 | .04 | .35 | 2.95 | |||||||||||||||||||||||||||||||||||||||
12/31/2022 | 12.27 | .28 | (1.87 | ) | (1.59 | ) | (.21 | ) | (.30 | ) | (.51 | ) | 10.17 | (12.87 | ) | — | 10 | .04 | .04 | .35 | 2.63 | |||||||||||||||||||||||||||||||||||
12/31/2021 | 11.17 | .21 | 1.06 | 1.27 | (.09 | ) | (.08 | ) | (.17 | ) | 12.27 | 11.42 | — | 10 | 1.26 | .06 | .37 | 1.77 | ||||||||||||||||||||||||||||||||||||||
12/31/2020 | 10.12 | .19 | 1.10 | 1.29 | (.19 | ) | (.05 | ) | (.24 | ) | 11.17 | 12.75 | — | 10 | 20.72 | .06 | .38 | 1.85 | ||||||||||||||||||||||||||||||||||||||
12/31/20197,13 | 10.00 | .07 | .13 | .20 | (.08 | ) | — | (.08 | ) | 10.12 | 1.98 | 9 | — | 10 | — | 9 | — | 9 | .33 | 11 | .66 | 9 | ||||||||||||||||||||||||||||||||||
Class 2: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
12/31/2023 | 10.17 | .31 | .89 | 1.20 | (.29 | ) | — | (.29 | ) | 11.08 | 11.90 | 12 | — | 10 | .04 | 12 | .04 | 12 | .35 | 12 | 2.95 | 12 | ||||||||||||||||||||||||||||||||||
12/31/2022 | 12.27 | .28 | (1.87 | ) | (1.59 | ) | (.21 | ) | (.30 | ) | (.51 | ) | 10.17 | (12.87 | )12 | — | 10 | .04 | 12 | .04 | 12 | .35 | 12 | 2.63 | 12 | |||||||||||||||||||||||||||||||
12/31/2021 | 11.17 | .21 | 1.06 | 1.27 | (.09 | ) | (.08 | ) | (.17 | ) | 12.27 | 11.42 | 12 | — | 10 | 1.26 | 12 | .06 | 12 | .37 | 12 | 1.77 | 12 | |||||||||||||||||||||||||||||||||
12/31/2020 | 10.12 | .19 | 1.10 | 1.29 | (.19 | ) | (.05 | ) | (.24 | ) | 11.17 | 12.75 | 12 | — | 10 | 20.72 | 12 | .06 | 12 | .38 | 12 | 1.85 | 12 | |||||||||||||||||||||||||||||||||
12/31/20197,13 | 10.00 | .07 | .13 | .20 | (.08 | ) | — | (.08 | ) | 10.12 | 1.98 | 9,12 | — | 10 | — | 9,12 | — | 9,12 | .33 | 11,12 | .66 | 9,12 | ||||||||||||||||||||||||||||||||||
Class 4: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
12/31/2023 | 10.13 | .27 | .88 | 1.15 | (.25 | ) | — | (.25 | ) | 11.03 | 11.40 | 2 | .54 | .54 | .85 | 2.57 | ||||||||||||||||||||||||||||||||||||||||
12/31/2022 | 12.22 | .24 | (1.87 | ) | (1.63 | ) | (.16 | ) | (.30 | ) | (.46 | ) | 10.13 | (13.25 | ) | 1 | .54 | .54 | .85 | 2.21 | ||||||||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||||||||
12/31/20197,13 | 10.00 | .07 | .13 | .20 | (.08 | ) | — | (.08 | ) | 10.12 | 1.98 | 9 | — | 10 | — | 9 | — | 9 | .33 | 11 | .66 | 9 | ||||||||||||||||||||||||||||||||||
IS 2020 Fund | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class 1: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
12/31/2023 | $ | 10.06 | $ | .33 | $ | .71 | $ | 1.04 | $ | (.30 | ) | $ | — | $ | (.30 | ) | $ | 10.80 | 10.38 | % | $ | — | 10 | .04 | % | .04 | % | .34 | % | 3.19 | % | |||||||||||||||||||||||||
12/31/2022 | 11.97 | .31 | (1.64 | ) | (1.33 | ) | (.27 | ) | (.31 | ) | (.58 | ) | 10.06 | (11.08 | ) | — | 10 | .05 | .05 | .34 | 2.94 | |||||||||||||||||||||||||||||||||||
12/31/2021 | 10.94 | .24 | .93 | 1.17 | (.09 | ) | (.05 | ) | (.14 | ) | 11.97 | 10.68 | — | 10 | .68 | .06 | .35 | 2.09 | ||||||||||||||||||||||||||||||||||||||
12/31/2020 | 10.09 | .25 | .81 | 1.06 | (.19 | ) | (.02 | ) | (.21 | ) | 10.94 | 10.52 | — | 10 | 14.67 | .06 | .36 | 2.41 | ||||||||||||||||||||||||||||||||||||||
12/31/20197,13 | 10.00 | .07 | .10 | .17 | (.08 | ) | — | (.08 | ) | 10.09 | 1.68 | 9 | — | 10 | — | 9 | — | 9 | .31 | 11 | .65 | 9 | ||||||||||||||||||||||||||||||||||
Class 1A: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
12/31/2023 | 10.06 | .33 | .71 | 1.04 | (.30 | ) | — | (.30 | ) | 10.80 | 10.38 | — | 10 | .04 | .04 | .34 | 3.19 | |||||||||||||||||||||||||||||||||||||||
12/31/2022 | 11.97 | .31 | (1.64 | ) | (1.33 | ) | (.27 | ) | (.31 | ) | (.58 | ) | 10.06 | (11.08 | ) | — | 10 | .05 | .05 | .34 | 2.94 | |||||||||||||||||||||||||||||||||||
12/31/2021 | 10.95 | .24 | .92 | 1.16 | (.09 | ) | (.05 | ) | (.14 | ) | 11.97 | 10.58 | — | 10 | .68 | .06 | .35 | 2.09 | ||||||||||||||||||||||||||||||||||||||
12/31/2020 | 10.09 | .25 | .82 | 1.07 | (.19 | ) | (.02 | ) | (.21 | ) | 10.95 | 10.62 | — | 10 | 14.67 | .06 | .36 | 2.41 | ||||||||||||||||||||||||||||||||||||||
12/31/20197,13 | 10.00 | .07 | .10 | .17 | (.08 | ) | — | (.08 | ) | 10.09 | 1.68 | 9 | — | 10 | — | 9 | — | 9 | .31 | 11 | .65 | 9 | ||||||||||||||||||||||||||||||||||
Class 2: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
12/31/2023 | 10.06 | .33 | .71 | 1.04 | (.30 | ) | — | (.30 | ) | 10.80 | 10.38 | 12 | — | 10 | .04 | 12 | .04 | 12 | .34 | 12 | 3.19 | 12 | ||||||||||||||||||||||||||||||||||
12/31/2022 | 11.97 | .31 | (1.64 | ) | (1.33 | ) | (.27 | ) | (.31 | ) | (.58 | ) | 10.06 | (11.08 | )12 | — | 10 | .05 | 12 | .05 | 12 | .34 | 12 | 2.94 | 12 | |||||||||||||||||||||||||||||||
12/31/2021 | 10.94 | .24 | .93 | 1.17 | (.09 | ) | (.05 | ) | (.14 | ) | 11.97 | 10.68 | 12 | — | 10 | .68 | 12 | .06 | 12 | .35 | 12 | 2.09 | 12 | |||||||||||||||||||||||||||||||||
12/31/2020 | 10.09 | .25 | .81 | 1.06 | (.19 | ) | (.02 | ) | (.21 | ) | 10.94 | 10.52 | 12 | — | 10 | 14.67 | 12 | .06 | 12 | .36 | 12 | 2.41 | 12 | |||||||||||||||||||||||||||||||||
12/31/20197,13 | 10.00 | .07 | .10 | .17 | (.08 | ) | — | (.08 | ) | 10.09 | 1.68 | 9,12 | — | 10 | — | 9,12 | — | 9,12 | .31 | 11,12 | .65 | 9,12 | ||||||||||||||||||||||||||||||||||
Class 4: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
12/31/2023 | 10.01 | .28 | .70 | .98 | (.25 | ) | — | (.25 | ) | 10.74 | 9.87 | 4 | .53 | .53 | .83 | 2.75 | ||||||||||||||||||||||||||||||||||||||||
12/31/2022 | 11.91 | .26 | (1.63 | ) | (1.37 | ) | (.22 | ) | (.31 | ) | (.53 | ) | 10.01 | (11.51 | ) | 3 | .55 | .55 | .84 | 2.42 | ||||||||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||||||||
12/31/20197,13 | 10.00 | .07 | .10 | .17 | (.08 | ) | — | (.08 | ) | 10.09 | 1.68 | 9 | — | 10 | — | 9 | — | 9 | .31 | 11 | .65 | 9 |
Refer to the end of the tables for footnotes.
American Funds Insurance Series – Target Date Series | 61 |
Financial highlights (continued)
Income (loss) from investment operations1 | Dividends and distributions | Ratio of | Ratio of | |||||||||||||||||||||||||||||||||||||||||||||||||||||
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 return2,3 | Net assets, end of year (in millions) | expenses to average net assets before reimburse- ments4 | expenses to average net assets after reimburse- ments4 | Net effective expense ratio3,5,6 | Ratio of net income to average net assets3 | ||||||||||||||||||||||||||||||||||||||||||
IS 2015 Fund | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class 1: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
12/31/2023 | $ | 10.09 | $ | .34 | $ | .61 | $ | .95 | $ | (.30 | ) | $ | — | $ | (.30 | ) | $ | 10.74 | 9.49 | % | $ | — | 10 | .04 | % | .04 | % | .33 | % | 3.29 | % | |||||||||||||||||||||||||
12/31/2022 | 11.79 | .32 | (1.52 | ) | (1.20 | ) | (.23 | ) | (.27 | ) | (.50 | ) | 10.09 | (10.13 | ) | — | 10 | .04 | .04 | .33 | 3.03 | |||||||||||||||||||||||||||||||||||
12/31/2021 | 10.85 | .25 | .86 | 1.11 | (.13 | ) | (.04 | ) | (.17 | ) | 11.79 | 10.26 | — | 10 | .12 | .06 | .34 | 2.16 | ||||||||||||||||||||||||||||||||||||||
12/31/2020 | 10.09 | .76 | .20 | .96 | (.20 | ) | — | 14 | (.20 | ) | 10.85 | 9.62 | — | 10 | 7.60 | .06 | .35 | 7.46 | ||||||||||||||||||||||||||||||||||||||
12/31/20197,13 | 10.00 | .07 | .10 | .17 | (.08 | ) | — | (.08 | ) | 10.09 | 1.69 | 9 | — | 10 | — | 9 | — | 9 | .30 | 11 | .65 | 9 | ||||||||||||||||||||||||||||||||||
Class 1A: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
12/31/2023 | 10.08 | .34 | .62 | .96 | (.30 | ) | — | (.30 | ) | 10.74 | 9.49 | — | 10 | .04 | .04 | .33 | 3.29 | |||||||||||||||||||||||||||||||||||||||
12/31/2022 | 11.79 | .32 | (1.53 | ) | (1.21 | ) | (.23 | ) | (.27 | ) | (.50 | ) | 10.08 | (10.13 | ) | — | 10 | .04 | .04 | .33 | 3.03 | |||||||||||||||||||||||||||||||||||
12/31/2021 | 10.85 | .25 | .86 | 1.11 | (.13 | ) | (.04 | ) | (.17 | ) | 11.79 | 10.26 | — | 10 | .12 | .06 | .34 | 2.16 | ||||||||||||||||||||||||||||||||||||||
12/31/2020 | 10.09 | .76 | .20 | .96 | (.20 | ) | — | 14 | (.20 | ) | 10.85 | 9.62 | — | 10 | 7.60 | .06 | .35 | 7.46 | ||||||||||||||||||||||||||||||||||||||
12/31/20197,13 | 10.00 | .07 | .10 | .17 | (.08 | ) | — | (.08 | ) | 10.09 | 1.69 | 9 | — | 10 | — | 9 | — | 9 | .30 | 11 | .65 | 9 | ||||||||||||||||||||||||||||||||||
Class 2: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
12/31/2023 | 10.08 | .34 | .62 | .96 | (.30 | ) | — | (.30 | ) | 10.74 | 9.49 | 12 | — | 10 | .04 | 12 | .04 | 12 | .33 | 12 | 3.29 | 12 | ||||||||||||||||||||||||||||||||||
12/31/2022 | 11.79 | .32 | (1.53 | ) | (1.21 | ) | (.23 | ) | (.27 | ) | (.50 | ) | 10.08 | (10.13 | )12 | — | 10 | .04 | 12 | .04 | 12 | .33 | 12 | 3.03 | 12 | |||||||||||||||||||||||||||||||
12/31/2021 | 10.85 | .25 | .86 | 1.11 | (.13 | ) | (.04 | ) | (.17 | ) | 11.79 | 10.26 | 12 | — | 10 | .12 | 12 | .06 | 12 | .34 | 12 | 2.16 | 12 | |||||||||||||||||||||||||||||||||
12/31/2020 | 10.09 | .76 | .20 | .96 | (.20 | ) | — | 14 | (.20 | ) | 10.85 | 9.62 | 12 | — | 10 | 7.60 | 12 | .06 | 12 | .35 | 12 | 7.46 | 12 | |||||||||||||||||||||||||||||||||
12/31/20197,13 | 10.00 | .07 | .10 | .17 | (.08 | ) | — | (.08 | ) | 10.09 | 1.69 | 9,12 | — | 10 | — | 9,12 | — | 9,12 | .30 | 11,12 | .65 | 9,12 | ||||||||||||||||||||||||||||||||||
Class 4: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
12/31/2023 | 10.04 | .30 | .60 | .90 | (.26 | ) | — | (.26 | ) | 10.68 | 9.01 | 40 | .54 | .54 | .83 | 2.90 | ||||||||||||||||||||||||||||||||||||||||
12/31/2022 | 11.75 | .29 | (1.55 | ) | (1.26 | ) | (.18 | ) | (.27 | ) | (.45 | ) | 10.04 | (10.63 | ) | 25 | .54 | .54 | .83 | 2.71 | ||||||||||||||||||||||||||||||||||||
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 | ) | — | 14 | (.18 | ) | 10.83 | 9.20 | 12 | .93 | .56 | .85 | 2.58 | |||||||||||||||||||||||||||||||||||||||
12/31/20197,13 | 10.00 | .07 | .10 | .17 | (.08 | ) | — | (.08 | ) | 10.09 | 1.69 | 9 | — | 10 | — | 9 | — | 9 | .30 | 11 | .65 | 9 | ||||||||||||||||||||||||||||||||||
IS 2010 Fund | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Class 1: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
12/31/2023 | $ | 10.17 | $ | .35 | $ | .53 | $ | .88 | $ | (.34 | ) | $ | (.01 | ) | $ | (.35 | ) | $ | 10.70 | 8.71 | % | $ | — | 10 | .04 | % | .04 | % | .32 | % | 3.36 | % | ||||||||||||||||||||||||
12/31/2022 | 11.63 | .32 | (1.38 | ) | (1.06 | ) | (.22 | ) | (.18 | ) | (.40 | ) | 10.17 | (9.15 | ) | — | 10 | .04 | .04 | .32 | 3.00 | |||||||||||||||||||||||||||||||||||
12/31/2021 | 10.76 | .23 | .76 | .99 | (.09 | ) | (.03 | ) | (.12 | ) | 11.63 | 9.28 | — | 10 | .08 | .06 | .33 | 2.07 | ||||||||||||||||||||||||||||||||||||||
12/31/2020 | 10.08 | .25 | .65 | .90 | (.22 | ) | — | 14 | (.22 | ) | 10.76 | 9.02 | — | 10 | .10 | .08 | .37 | 2.51 | ||||||||||||||||||||||||||||||||||||||
12/31/20197,13 | 10.00 | .06 | .09 | .15 | (.07 | ) | — | (.07 | ) | 10.08 | 1.54 | 9 | — | 10 | — | 9 | — | 9 | .30 | 11 | .62 | 9 | ||||||||||||||||||||||||||||||||||
Class 1A: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
12/31/2023 | 10.17 | .35 | .53 | .88 | (.34 | ) | (.01 | ) | (.35 | ) | 10.70 | 8.71 | — | 10 | .04 | .04 | .32 | 3.36 | ||||||||||||||||||||||||||||||||||||||
12/31/2022 | 11.63 | .32 | (1.38 | ) | (1.06 | ) | (.22 | ) | (.18 | ) | (.40 | ) | 10.17 | (9.15 | ) | — | 10 | .04 | .04 | .32 | 3.00 | |||||||||||||||||||||||||||||||||||
12/31/2021 | 10.76 | .23 | .76 | .99 | (.09 | ) | (.03 | ) | (.12 | ) | 11.63 | 9.28 | — | 10 | .08 | .06 | .33 | 2.07 | ||||||||||||||||||||||||||||||||||||||
12/31/2020 | 10.08 | .26 | .64 | .90 | (.22 | ) | — | 14 | (.22 | ) | 10.76 | 9.02 | — | 10 | .10 | .08 | .37 | 2.51 | ||||||||||||||||||||||||||||||||||||||
12/31/20197,13 | 10.00 | .06 | .09 | .15 | (.07 | ) | — | (.07 | ) | 10.08 | 1.54 | 9 | — | 10 | — | 9 | — | 9 | .30 | 11 | .62 | 9 | ||||||||||||||||||||||||||||||||||
Class 2: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
12/31/2023 | 10.17 | .35 | .53 | .88 | (.34 | ) | (.01 | ) | (.35 | ) | 10.70 | 8.71 | 12 | — | 10 | .04 | 12 | .04 | 12 | .32 | 12 | 3.36 | 12 | |||||||||||||||||||||||||||||||||
12/31/2022 | 11.63 | .32 | (1.38 | ) | (1.06 | ) | (.22 | ) | (.18 | ) | (.40 | ) | 10.17 | (9.15 | )12 | — | 10 | .04 | 12 | .04 | 12 | .32 | 12 | 3.00 | 12 | |||||||||||||||||||||||||||||||
12/31/2021 | 10.76 | .23 | .76 | .99 | (.09 | ) | (.03 | ) | (.12 | ) | 11.63 | 9.28 | 12 | — | 10 | .08 | 12 | .06 | 12 | .33 | 12 | 2.07 | 12 | |||||||||||||||||||||||||||||||||
12/31/2020 | 10.08 | .25 | .65 | .90 | (.22 | ) | — | 14 | (.22 | ) | 10.76 | 9.02 | 12 | — | 10 | .10 | 12 | .08 | 12 | .37 | 12 | 2.51 | 12 | |||||||||||||||||||||||||||||||||
12/31/20197,13 | 10.00 | .06 | .09 | .15 | (.07 | ) | — | (.07 | ) | 10.08 | 1.54 | 9,12 | — | 10 | — | 9,12 | — | 9,12 | .30 | 11,12 | .62 | 9,12 | ||||||||||||||||||||||||||||||||||
Class 4: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
12/31/2023 | 10.11 | .30 | .52 | .82 | (.29 | ) | (.01 | ) | (.30 | ) | 10.63 | 8.08 | 549 | .54 | .54 | .82 | 2.90 | |||||||||||||||||||||||||||||||||||||||
12/31/2022 | 11.58 | .28 | (1.40 | ) | (1.12 | ) | (.17 | ) | (.18 | ) | (.35 | ) | 10.11 | (9.56 | ) | 430 | .55 | .55 | .83 | 2.67 | ||||||||||||||||||||||||||||||||||||
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 | ) | — | 14 | (.20 | ) | 10.74 | 8.55 | 126 | .55 | .55 | .84 | 2.36 | |||||||||||||||||||||||||||||||||||||||
12/31/20197,13 | 10.00 | .06 | .09 | .15 | (.07 | ) | — | (.07 | ) | 10.08 | 1.54 | 9 | — | 10 | — | 9 | — | 9 | .30 | 11 | .62 | 9 |
Refer to the end of the tables for footnotes.
62 | American Funds Insurance Series – Target Date Series |
Financial highlights (continued)
Year ended 2023, | ||||||||||||||||||||
Portfolio turnover rate for all share classes | 2023 | 2022 | 2021 | 2020 | 2019 | |||||||||||||||
IS 2065 Fund | — | %8,15 | ||||||||||||||||||
IS 2060 Fund | — | %8,15 | ||||||||||||||||||
IS 2055 Fund | — | %8,15 | ||||||||||||||||||
IS 2050 Fund | — | %8,15 | ||||||||||||||||||
IS 2045 Fund | — | %8,15 | ||||||||||||||||||
IS 2040 Fund | — | %8,15 | ||||||||||||||||||
IS 2035 Fund | 6 | 88 | % | 18 | % | 48 | % | — | %13,15 | |||||||||||
IS 2030 Fund | 20 | 21 | 60 | 45 | — | %13,15 | ||||||||||||||
IS 2025 Fund | 9 | 14 | 10 | 10 | — | %13,15 | ||||||||||||||
IS 2020 Fund | 25 | 14 | 30 | 15 | — | %13,15 | ||||||||||||||
IS 2015 Fund | 6 | 14 | 15 | 5 | — | %13,15 | ||||||||||||||
IS 2010 Fund | 5 | 12 | 7 | 1 | — | %13,15 |
1 | Based on average shares outstanding. |
2 | Total returns exclude any applicable sales charges, including contingent deferred sales charges. |
3 | This column reflects the impact of certain reimbursements from CRMC. During some of the years shown, CRMC reimbursed a portion of miscellaneous fees and expenses for each of the funds. No expenses were accrued on IS 2010 Fund, IS 2015 Fund, IS 2020 Fund, IS 2025 Fund, IS 2030 Fund and IS 2035 Fund during the period December 6, 2019, commencement of operations, through December 31, 2019. |
4 | This column does not include expenses of the underlying funds in which each fund invests. |
5 | This column reflects the net effective expense ratios for each fund and class, which include each class’s expense ratio combined with the weighted average net expense ratio of the underlying funds for the periods presented. Refer to the expense example for further information regarding fees and expenses. |
6 | Unaudited. |
7 | Based on operations for a period that is less than a full year. |
8 | For the period May 1, 2023, commencement of operations, through December 31, 2023. |
9 | Not annualized. |
10 | Amount less than $1 million. |
11 | Annualized. |
12 | 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. |
13 | For the period December 6, 2019, commencement of operations, through December 31, 2019. |
14 | Amount less than $.01. |
15 | Amount is either less than 1% or there is no turnover. |
American Funds Insurance Series – Target Date Series | 63 |
Report of Independent Registered Public Accounting Firm
To the Board of Trustees of American Funds Insurance Series and Shareholders of American Funds IS 2065 Target Date Fund, American Funds IS 2060 Target Date Fund, American Funds IS 2055 Target Date Fund, American Funds IS 2050 Target Date Fund, American Funds IS 2045 Target Date Fund, American Funds IS 2040 Target Date Fund, 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 each of the funds listed in the table below (twelve of the funds constituting American Funds Insurance Series, hereafter collectively referred to as the “Funds”) as of December 31, 2023, the related statements of operations and of changes in net assets for each of the periods indicated in the table below, including the related notes, and the financial highlights for each of the periods indicated in the table below (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of December 31, 2023, the results of each of their operations, the changes in each of their net assets, and each of the financial highlights for each of the periods indicated in the table below, in conformity with accounting principles generally accepted in the United States of America.
Funds
American Funds IS 2065 Target Date Fund (1) American Funds IS 2035 Target Date Fund (2)
American Funds IS 2060 Target Date Fund (1) American Funds IS 2030 Target Date Fund (2)
American Funds IS 2055 Target Date Fund (1) American Funds IS 2025 Target Date Fund (2)
American Funds IS 2050 Target Date Fund (1) American Funds IS 2020 Target Date Fund (2)
American Funds IS 2045 Target Date Fund (1) American Funds IS 2015 Target Date Fund (2)
American Funds IS 2040 Target Date Fund (1) American Funds IS 2010 Target Date Fund (2)
(1) | Statement of operations, statement of changes in net assets, and financial highlights for the period May 1, 2023 (commencement of operations) through December 31, 2023 |
(2) | Statement of operations for the year ended December 31, 2023, statement of changes in net assets for each of the two years in the period ended December 31, 2023, and financial highlights each of the four years in the period ended December 31, 2023, and the period from December 6, 2019 (commencement of operations) through December 31, 2019 |
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 and the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2023, 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 16, 2024
We have served as the auditor of one or more investment companies in The Capital Group group of investment companies since 1934.
64 | American Funds Insurance Series – Target Date Series |
Expense example | unaudited |
The funds in American Funds Insurance Series serve as the underlying investment vehicle for various insurance products. As an owner of an insurance contract that invests in one of the funds in the series, you incur two types of costs: (1) transaction costs, such as initial sales charges on purchase payments and contingent deferred sales charges on redemptions (loads), and (2) ongoing costs, including management fees, distribution and service (12b-1) fees, and other expenses. Additional fees are charged by the insurance companies related to the various benefits they provide. This example is intended to help you understand your ongoing costs (in dollars) of investing in the underlying funds so you can compare these costs with the ongoing costs of investing in other mutual funds that serve a similar function in other annuity products. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire six-month period (July 1, 2023, through December 31, 2023).
Actual expenses:
The first line of each share class in the tables on the following pages provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading titled “Expenses paid during period” to estimate the expenses you paid on your account during this period.
Hypothetical example for comparison purposes:
The second line of each share class in the tables on the following pages provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio for the share class and an assumed rate of return of 5.00% per year before expenses, which is not the actual return of the share class. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the fund and other funds. To do so, compare this 5.00% hypothetical example with the 5.00% hypothetical examples that appear in the shareholder reports of the other funds.
Notes:
Additional fees are charged by the insurance companies related to the various benefits they provide. You can estimate the impact of these fees by adding the amount of the fees to the total estimated expenses you paid on your account during the period as calculated above. In addition, your ending account value would be lower by the amount of these fees.
Note that the expenses shown in the tables on the following pages are meant to highlight your ongoing costs only and do not reflect any transactional costs. Therefore, the second line of each share class in the tables is useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
American Funds Insurance Series – Target Date Series | 65 |
Expense example (continued)
Beginning account value 7/1/2023 | Ending account value 12/31/2023 | Expenses paid during period1,2 | Annualized expense ratio2 | Effective expenses paid during period3 | Effective annualized expense ratio4 | |||||||||||||||||||
IS 2065 Fund | ||||||||||||||||||||||||
Class 1 – actual return5 | $ | 1,000.00 | $ | 1,079.43 | $ | .21 | .04 | % | $ | 2.20 | .42 | % | ||||||||||||
Class 1 – assumed 5% return5 | 1,000.00 | 1,025.00 | .20 | .04 | 2.14 | .42 | ||||||||||||||||||
Class 1A – actual return5 | 1,000.00 | 1,079.43 | .21 | .04 | 2.20 | .42 | ||||||||||||||||||
Class 1A – assumed 5% return5 | 1,000.00 | 1,025.00 | .20 | .04 | 2.14 | .42 | ||||||||||||||||||
Class 2 – actual return5 | 1,000.00 | 1,079.43 | .21 | .04 | 2.20 | .42 | ||||||||||||||||||
Class 2 – assumed 5% return5 | 1,000.00 | 1,025.00 | .20 | .04 | 2.14 | .42 | ||||||||||||||||||
Class 4 – actual return5 | 1,000.00 | 1,079.43 | .21 | .04 | 2.20 | .42 | ||||||||||||||||||
Class 4 – assumed 5% return5 | 1,000.00 | 1,025.00 | .20 | .04 | 2.14 | .42 | ||||||||||||||||||
IS 2060 Fund | ||||||||||||||||||||||||
Class 1 – actual return5 | $ | 1,000.00 | $ | 1,079.43 | $ | .21 | .04 | % | $ | 2.20 | .42 | % | ||||||||||||
Class 1 – assumed 5% return5 | 1,000.00 | 1,025.00 | .20 | .04 | 2.14 | .42 | ||||||||||||||||||
Class 1A – actual return5 | 1,000.00 | 1,079.43 | .21 | .04 | 2.20 | .42 | ||||||||||||||||||
Class 1A – assumed 5% return5 | 1,000.00 | 1,025.00 | .20 | .04 | 2.14 | .42 | ||||||||||||||||||
Class 2 – actual return5 | 1,000.00 | 1,079.43 | .21 | .04 | 2.20 | .42 | ||||||||||||||||||
Class 2 – assumed 5% return5 | 1,000.00 | 1,025.00 | .20 | .04 | 2.14 | .42 | ||||||||||||||||||
Class 4 – actual return5 | 1,000.00 | 1,079.43 | .21 | .04 | 2.20 | .42 | ||||||||||||||||||
Class 4 – assumed 5% return5 | 1,000.00 | 1,025.00 | .20 | .04 | 2.14 | .42 | ||||||||||||||||||
IS 2055 Fund | ||||||||||||||||||||||||
Class 1 – actual return5 | $ | 1,000.00 | $ | 1,077.61 | $ | .21 | .04 | % | $ | 2.20 | .42 | % | ||||||||||||
Class 1 – assumed 5% return5 | 1,000.00 | 1,025.00 | .20 | .04 | 2.14 | .42 | ||||||||||||||||||
Class 1A – actual return5 | 1,000.00 | 1,077.61 | .21 | .04 | 2.20 | .42 | ||||||||||||||||||
Class 1A – assumed 5% return5 | 1,000.00 | 1,025.00 | .20 | .04 | 2.14 | .42 | ||||||||||||||||||
Class 2 – actual return5 | 1,000.00 | 1,077.61 | .21 | .04 | 2.20 | .42 | ||||||||||||||||||
Class 2 – assumed 5% return5 | 1,000.00 | 1,025.00 | .20 | .04 | 2.14 | .42 | ||||||||||||||||||
Class 4 – actual return5 | 1,000.00 | 1,077.61 | .21 | .04 | 2.20 | .42 | ||||||||||||||||||
Class 4 – assumed 5% return5 | 1,000.00 | 1,025.00 | .20 | .04 | 2.14 | .42 | ||||||||||||||||||
IS 2050 Fund | ||||||||||||||||||||||||
Class 1 – actual return5 | $ | 1,000.00 | $ | 1,077.42 | $ | .21 | .04 | % | $ | 2.15 | .41 | % | ||||||||||||
Class 1 – assumed 5% return5 | 1,000.00 | 1,025.00 | .20 | .04 | 2.09 | .41 | ||||||||||||||||||
Class 1A – actual return5 | 1,000.00 | 1,077.42 | .21 | .04 | 2.15 | .41 | ||||||||||||||||||
Class 1A – assumed 5% return5 | 1,000.00 | 1,025.00 | .20 | .04 | 2.09 | .41 | ||||||||||||||||||
Class 2 – actual return5 | 1,000.00 | 1,077.42 | .21 | .04 | 2.15 | .41 | ||||||||||||||||||
Class 2 – assumed 5% return5 | 1,000.00 | 1,025.00 | .20 | .04 | 2.09 | .41 | ||||||||||||||||||
Class 4 – actual return5 | 1,000.00 | 1,077.42 | .21 | .04 | 2.15 | .41 | ||||||||||||||||||
Class 4 – assumed 5% return5 | 1,000.00 | 1,025.00 | .20 | .04 | 2.09 | .41 | ||||||||||||||||||
IS 2045 Fund | ||||||||||||||||||||||||
Class 1 – actual return5 | $ | 1,000.00 | $ | 1,076.17 | $ | .21 | .04 | % | $ | 2.09 | .40 | % | ||||||||||||
Class 1 – assumed 5% return5 | 1,000.00 | 1,025.00 | .20 | .04 | 2.04 | .40 | ||||||||||||||||||
Class 1A – actual return5 | 1,000.00 | 1,076.17 | .21 | .04 | 2.09 | .40 | ||||||||||||||||||
Class 1A – assumed 5% return5 | 1,000.00 | 1,025.00 | .20 | .04 | 2.04 | .40 | ||||||||||||||||||
Class 2 – actual return5 | 1,000.00 | 1,076.17 | .21 | .04 | 2.09 | .40 | ||||||||||||||||||
Class 2 – assumed 5% return5 | 1,000.00 | 1,025.00 | .20 | .04 | 2.04 | .40 | ||||||||||||||||||
Class 4 – actual return5 | 1,000.00 | 1,076.17 | .21 | .04 | 2.09 | .40 | ||||||||||||||||||
Class 4 – assumed 5% return5 | 1,000.00 | 1,025.00 | .20 | .04 | 2.04 | .40 |
Refer to the end of the tables for footnotes.
66 | American Funds Insurance Series – Target Date Series |
Expense example (continued)
Beginning account value 7/1/2023 | Ending account value 12/31/2023 | Expenses paid during period1,2 | Annualized expense ratio2 | Effective expenses paid during period3 | Effective annualized expense ratio4 | |||||||||||||||||||
IS 2040 Fund | ||||||||||||||||||||||||
Class 1 – actual return5 | $ | 1,000.00 | $ | 1,074.71 | $ | .21 | .04 | % | $ | 2.09 | .40 | % | ||||||||||||
Class 1 – assumed 5% return5 | 1,000.00 | 1,025.00 | .20 | .04 | 2.04 | .40 | ||||||||||||||||||
Class 1A – actual return5 | 1,000.00 | 1,074.71 | .21 | .04 | 2.09 | .40 | ||||||||||||||||||
Class 1A – assumed 5% return5 | 1,000.00 | 1,025.00 | .20 | .04 | 2.04 | .40 | ||||||||||||||||||
Class 2 – actual return5 | 1,000.00 | 1,074.71 | .21 | .04 | 2.09 | .40 | ||||||||||||||||||
Class 2 – assumed 5% return5 | 1,000.00 | 1,025.00 | .20 | .04 | 2.04 | .40 | ||||||||||||||||||
Class 4 – actual return5 | 1,000.00 | 1,074.71 | .21 | .04 | 2.09 | .40 | ||||||||||||||||||
Class 4 – assumed 5% return5 | 1,000.00 | 1,025.00 | .20 | .04 | 2.04 | .40 | ||||||||||||||||||
IS 2035 Fund | ||||||||||||||||||||||||
Class 1 – actual return | $ | 1,000.00 | $ | 1,069.19 | $ | .26 | .05 | % | $ | 2.03 | .39 | % | ||||||||||||
Class 1 – assumed 5% return | 1,000.00 | 1,024.95 | .26 | .05 | 1.99 | .39 | ||||||||||||||||||
Class 1A – actual return | 1,000.00 | 1,069.19 | .26 | .05 | 2.03 | .39 | ||||||||||||||||||
Class 1A – assumed 5% return | 1,000.00 | 1,024.95 | .26 | .05 | 1.99 | .39 | ||||||||||||||||||
Class 2 – actual return | 1,000.00 | 1,069.19 | .26 | .05 | 2.03 | .39 | ||||||||||||||||||
Class 2 – assumed 5% return | 1,000.00 | 1,024.95 | .26 | .05 | 1.99 | .39 | ||||||||||||||||||
Class 4 – actual return | 1,000.00 | 1,066.41 | 2.86 | .55 | 4.64 | .89 | ||||||||||||||||||
Class 4 – assumed 5% return | 1,000.00 | 1,022.43 | 2.80 | .55 | 4.53 | .89 | ||||||||||||||||||
IS 2030 Fund | ||||||||||||||||||||||||
Class 1 – actual return | $ | 1,000.00 | $ | 1,061.71 | $ | .31 | .06 | % | $ | 2.03 | .39 | % | ||||||||||||
Class 1 – assumed 5% return | 1,000.00 | 1,024.90 | .31 | .06 | 1.99 | .39 | ||||||||||||||||||
Class 1A – actual return | 1,000.00 | 1,061.71 | .31 | .06 | 2.03 | .39 | ||||||||||||||||||
Class 1A – assumed 5% return | 1,000.00 | 1,024.90 | .31 | .06 | 1.99 | .39 | ||||||||||||||||||
Class 2 – actual return | 1,000.00 | 1,061.71 | .31 | .06 | 2.03 | .39 | ||||||||||||||||||
Class 2 – assumed 5% return | 1,000.00 | 1,024.90 | .31 | .06 | 1.99 | .39 | ||||||||||||||||||
Class 4 – actual return | 1,000.00 | 1,058.80 | 2.80 | .54 | 4.51 | .87 | ||||||||||||||||||
Class 4 – assumed 5% return | 1,000.00 | 1,022.48 | 2.75 | .54 | 4.43 | .87 | ||||||||||||||||||
IS 2025 Fund | ||||||||||||||||||||||||
Class 1 – actual return | $ | 1,000.00 | $ | 1,056.54 | $ | .26 | .05 | % | $ | 1.87 | .36 | % | ||||||||||||
Class 1 – assumed 5% return | 1,000.00 | 1,024.95 | .26 | .05 | 1.84 | .36 | ||||||||||||||||||
Class 1A – actual return | 1,000.00 | 1,056.54 | .26 | .05 | 1.87 | .36 | ||||||||||||||||||
Class 1A – assumed 5% return | 1,000.00 | 1,024.95 | .26 | .05 | 1.84 | .36 | ||||||||||||||||||
Class 2 – actual return | 1,000.00 | 1,056.54 | .26 | .05 | 1.87 | .36 | ||||||||||||||||||
Class 2 – assumed 5% return | 1,000.00 | 1,024.95 | .26 | .05 | 1.84 | .36 | ||||||||||||||||||
Class 4 – actual return | 1,000.00 | 1,054.40 | 2.85 | .55 | 4.45 | .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 | $ | 1,054.54 | $ | .26 | .05 | % | $ | 1.81 | .35 | % | ||||||||||||
Class 1 – assumed 5% return | 1,000.00 | 1,024.95 | .26 | .05 | 1.79 | .35 | ||||||||||||||||||
Class 1A – actual return | 1,000.00 | 1,054.54 | .26 | .05 | 1.81 | .35 | ||||||||||||||||||
Class 1A – assumed 5% return | 1,000.00 | 1,024.95 | .26 | .05 | 1.79 | .35 | ||||||||||||||||||
Class 2 – actual return | 1,000.00 | 1,054.54 | .26 | .05 | 1.81 | .35 | ||||||||||||||||||
Class 2 – assumed 5% return | 1,000.00 | 1,024.95 | .26 | .05 | 1.79 | .35 | ||||||||||||||||||
Class 4 – actual return | 1,000.00 | 1,052.04 | 2.84 | .55 | 4.40 | .85 | ||||||||||||||||||
Class 4 – assumed 5% return | 1,000.00 | 1,022.43 | 2.80 | .55 | 4.33 | .85 |
Refer to the end of the tables for footnotes.
American Funds Insurance Series – Target Date Series | 67 |
Expense example (continued)
Beginning account value 7/1/2023 | Ending account value 12/31/2023 | Expenses paid during | Annualized expense ratio2 | Effective expenses paid during period3 | Effective annualized expense ratio4 | |||||||||||||||||||
IS 2015 Fund | ||||||||||||||||||||||||
Class 1 – actual return | $ | 1,000.00 | $ | 1,052.23 | $ | .26 | .05 | % | $ | 1.76 | .34 | % | ||||||||||||
Class 1 – assumed 5% return | 1,000.00 | 1,024.95 | .26 | .05 | 1.73 | .34 | ||||||||||||||||||
Class 1A – actual return | 1,000.00 | 1,052.23 | .26 | .05 | 1.76 | .34 | ||||||||||||||||||
Class 1A – assumed 5% return | 1,000.00 | 1,024.95 | .26 | .05 | 1.73 | .34 | ||||||||||||||||||
Class 2 – actual return | 1,000.00 | 1,052.23 | .26 | .05 | 1.76 | .34 | ||||||||||||||||||
Class 2 – assumed 5% return | 1,000.00 | 1,024.95 | .26 | .05 | 1.73 | .34 | ||||||||||||||||||
Class 4 – actual return | 1,000.00 | 1,050.15 | 2.84 | .55 | 4.34 | .84 | ||||||||||||||||||
Class 4 – assumed 5% return | 1,000.00 | 1,022.43 | 2.80 | .55 | 4.28 | .84 | ||||||||||||||||||
IS 2010 Fund | ||||||||||||||||||||||||
Class 1 – actual return | $ | 1,000.00 | $ | 1,050.32 | $ | .26 | .05 | % | $ | 1.71 | .33 | % | ||||||||||||
Class 1 – assumed 5% return | 1,000.00 | 1,024.95 | .26 | .05 | 1.68 | .33 | ||||||||||||||||||
Class 1A – actual return | 1,000.00 | 1,050.32 | .26 | .05 | 1.71 | .33 | ||||||||||||||||||
Class 1A – assumed 5% return | 1,000.00 | 1,024.95 | .26 | .05 | 1.68 | .33 | ||||||||||||||||||
Class 2 – actual return | 1,000.00 | 1,050.32 | .26 | .05 | 1.71 | .33 | ||||||||||||||||||
Class 2 – assumed 5% return | 1,000.00 | 1,024.95 | .26 | .05 | 1.68 | .33 | ||||||||||||||||||
Class 4 – actual return | 1,000.00 | 1,047.78 | 2.84 | .55 | 4.28 | .83 | ||||||||||||||||||
Class 4 – assumed 5% return | 1,000.00 | 1,022.43 | 2.80 | .55 | 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. |
5 | The period for the “annualized expense ratio”, the “effective annualized expense ratio” and the “actual return” line is based on the number of days since the initial sale of the share class on May 1, 2023. The “assumed 5% return” line is based on 365 days. |
68 | American Funds Insurance Series – Target Date Series |
Liquidity Risk Management Program | unaudited |
The series has adopted a liquidity risk management program (the “program”). The series’ board has designated Capital Research and Management Company (“CRMC”) as the administrator of the program. Personnel of CRMC or its affiliates conduct the day-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, 2022, through September 30, 2023. No significant liquidity events impacting any of the funds were noted in the report. In addition, CRMC provided its assessment that the program had been effective in managing each fund’s liquidity risk.
American Funds Insurance Series – Target Date Series | 69 |
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 | 88 | None | ||||
Nariman Farvardin, 1956 | 2018 | President, Stevens Institute of Technology | 93 | None | ||||
Jennifer C. Feikin, 1968 | 2022 | Business Advisor; previously held positions at Google, AOL, 20th Century Fox and McKinsey & Company; Trustee, The Nature Conservancy of Utah; former Trustee, The Nature Conservancy of California | 102 | Hertz Global Holdings, Inc. | ||||
Leslie Stone Heisz, 1961 | 2022 | Former Managing Director, Lazard (retired, 2010); Director, Kaiser Permanente (California public benefit corporation); former Lecturer, UCLA Anderson School of Management | 102 | Edwards Lifesciences; Public Storage, Inc. | ||||
Mary Davis Holt, 1950 | 2015-2016; 2017 | Principal, Mary Davis Holt Enterprises, LLC (leadership development consulting); former COO, Time Life Inc. (1993–2003) | 89 | None | ||||
Merit E. Janow, 1958 | 2007 | Dean Emerita and Professor of Practice, International Economic Law & International Affairs, Columbia University, School of International and Public Affairs | 99 | Aptiv (autonomous and green vehicle technology); Mastercard Incorporated | ||||
Margaret Spellings, 1957 Chair of the Board (Independent and Non-Executive) | 2010 | President and CEO, Bipartisan Policy Center; former President and CEO, Texas 2036; former President, Margaret Spellings & Company (public policy and strategic consulting); former President, The University of North Carolina | 93 | None | ||||
Alexandra Trower, 1964 | 2018 | Former Executive Vice President, Global Communications and Corporate Officer, The Estée Lauder Companies | 88 | None | ||||
Paul S. Williams, 1959 | 2020 | Former Partner/Managing Director, Major, Lindsey & Africa (executive recruiting firm) | 88 | Air Transport Services Group, Inc. (aircraft leasing and air cargo transportation); Public Storage, Inc. |
Interested trustees4,5
Name, year of birth and position with series | Year first elected a trustee or officer of the series2 | Principal occupation(s) during past five years and positions held with affiliated entities or the principal underwriter of the series | Number of portfolios in fund complex overseen by trustee | Other directorships3 held by trustee | ||||
Donald D. O’Neal, 1960 Co-President | 1998 | Partner — Capital International Investors, Capital Research and Management Company; Partner — Capital International Investors, Capital Bank and Trust Company6 | 35 | None | ||||
Michael C. Gitlin, 1970 | 2019 | Partner — Capital Fixed Income Investors, Capital Research and Management Company; President, Chief Executive Officer and Director, The Capital Group Companies, Inc.6; Vice Chairman and Director, Capital Research and Management Company | 88 | None |
The series statement of additional information includes further details about the series trustees and is available without charge upon request by calling American Funds Service Company at (800) 421-4225 or by visiting the Capital Group website at capitalgroup.com/afis. The address for all trustees and officers of the series is 333 South Hope Street, Los Angeles, CA 90071. Attention: Secretary.
70 | 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, Secretary and Director, Capital Group Companies Global6; Senior Vice President, Secretary and Director, Capital Group International, Inc.6 | ||
Michael W. Stockton, 1967 Executive Vice President | 2021 | Senior Vice President — Fund Business Management Group, Capital Research and Management Company | ||
Patrice Collette, 1967 Senior Vice President | 2022 | Partner — Capital World Investors, Capital International, Inc.6 | ||
Irfan M. Furniturewala, 1971 Senior Vice President | 2022 | Partner — Capital International Investors, Capital Research and Management Company; Director, Capital Strategy Research, Inc.6 | ||
Sung Lee, 1966 Senior Vice President | 2008 | Partner — Capital Research Global Investors, Capital Group Investment Management Pte. Ltd.6; Director, The Capital Group Companies, Inc.6 | ||
Keiko McKibben, 1969 Senior Vice President | 2010 | Partner — Capital Research Global Investors, Capital Research and Management Company | ||
Carlos A. Schonfeld, 1971 Senior Vice President | 2022 | Partner — Capital International Investors, Capital Research and Management Company; Director, Capital International Limited6 | ||
Alan J. Wilson, 1961 Senior Vice President | 2022 | Partner — Capital World Investors, Capital Research and Management Company; Director, Capital Research and Management Company | ||
Courtney R. Taylor, 1975 Secretary | 2010-2014; 2023 | Assistant Vice President – Fund Business Management Group, Capital Research and Management Company | ||
Gregory F. Niland, 1971 Treasurer | 2008 | Vice President — Investment Operations, Capital Research and Management Company | ||
Susan K. Countess, 1966 Assistant Secretary | 2014 | Associate — Fund Business Management Group, Capital Research and Management Company | ||
Sandra Chuon, 1972 Assistant Treasurer | 2019 | Vice President — Investment Operations, Capital Research and Management Company | ||
Brian C. Janssen, 1972 Assistant Treasurer | 2015 | Senior Vice President — Investment Operations, Capital Research and Management Company |
1 | The term independent trustee refers to a trustee who is not an “interested person” of the series within the meaning of the Investment Company Act of 1940. |
2 | Trustees and officers of the series serve until their resignation, removal or retirement. |
3 | This includes all directorships/trusteeships (other than those in the American Funds or other funds managed by Capital Research and Management Company or its affiliates) that are held by each trustee as a trustee or director of a public company or a registered investment company. |
4 | The term interested trustee refers to a trustee who is an “interested person” within the meaning of the Investment Company Act of 1940, on the basis of their affiliation with the series investment adviser, Capital Research and Management Company, or affiliated entities (including the series principal underwriter). |
5 | All of the trustees and/or officers listed are officers and/or directors/trustees of one or more of the other funds for which Capital Research and Management Company serves as investment adviser. |
6 | Company affiliated with Capital Research and Management Company. |
American Funds Insurance Series – Target Date Series | 71 |
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 02111-2900
Counsel
Morgan, Lewis & Bockius LLP
One Federal Street
Boston, MA 02110-1726
Independent registered public accounting firm
PricewaterhouseCoopers LLP
601 South Figueroa Street
Los Angeles, CA 90017-3874
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, 2024, 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.
S&P 500 Index is a product of S&P Dow Jones Indices LLC and/or its affiliates and has been licensed for use by Capital Group. Copyright © 2024 S&P Dow Jones Indices LLC, a division of S&P Global, and/or its affiliates. All rights reserved. Redistribution or reproduction in whole or in part is prohibited without written permission of S&P Dow Jones Indices LLC.
American Funds Distributors, Inc.
The Capital Advantage®
Since 1931, Capital Group, home of American Funds, has helped investors pursue long-term investment success. Our consistent approach — in combination with The Capital SystemTM — has resulted in superior outcomes.
Aligned with investor success
We base our decisions on a long-term perspective, which we believe aligns our goals with the interests of our clients. American Funds Insurance Series portfolio managers average 28 years of investment industry experience, including 23 years at our company, reflecting a career commitment to our long-term approach.1
The Capital System
The Capital System combines individual accountability with teamwork. Funds using The Capital System are divided into portions that are managed independently by investment professionals with diverse backgrounds, ages and investment approaches. An extensive global research effort is the backbone of our system.
American Funds Insurance Series’ superior outcomes
American Funds Insurance Series equity-focused funds have beaten their comparable Lipper indexes in 88% of 10-year periods and 100% of 20-year periods.2 Our fixed income funds have helped investors achieve diversification through attention to correlation between bonds and equities.3 We strive to keep management fees competitive. Over the past 20 years, most funds’ fees have been below industry averages.4
1 | Portfolio manager experience as of the American Funds Insurance Series prospectus dated May 1, 2023. | |
2 | Based on Class 1 share results for rolling calendar-year periods starting the first full calendar year after each fund’s inception through December 31, 2022. Periods covered are the shorter of the fund’s lifetime or since the inception date of the comparable Lipper index or average. The comparable Lipper indexes are: Global Funds Index (Global Growth Fund, Capital World Growth and Income Fund), Growth Funds Index (Growth Fund), International Funds Index (International Fund, International Growth and Income Fund), Emerging Markets Funds Index (New World Fund), Growth & Income Funds Index (Washington Mutual Investors Fund, Growth and Income Fund) and Balanced Funds Index (Asset Allocation Fund). The Lipper Global Small-/Mid-Cap Funds Average was used for Global Small Capitalization Fund. Lipper source: Refinitiv Lipper. There have been periods when the fund has lagged the index. | |
3 | Based on Class 1 share results as of December 31, 2022. Four of our five fixed income American Funds that have been in existence for the three year period showed a three-year correlation lower than their respective Morningstar peer group averages. S&P 500 Index was used as an equity market proxy. Correlation based on monthly total returns. Correlation is a statistical measure of how two securities move in relation to each other. A correlation ranges from –1 to 1. A positive correlation close to 1 implies that as one security moves, either up or down, the other security will move in “lockstep,” in the same direction. A negative correlation close to –1 indicates that the securities have moved in the opposite direction. | |
4 | Based on management fees for the 20-year period ended December 31, 2022, versus comparable Lipper categories, excluding funds of funds. |
All Capital Group trademarks mentioned are owned by The Capital Group Companies, Inc., an affiliated company or fund. All other company and product names mentioned are the property of their respective companies.
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 Paul S. Williams, 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 | 2022 | 853,000 |
2023 | 908,000 | |
b) Audit-Related Fees: | ||
2022 | None | |
2023 | None | |
c) Tax Fees: | ||
2022 | 208,000 | |
2023 | 214,000 | |
The tax fees consist of professional services relating to the preparation of the Registrant’s tax returns. | ||
d) All Other Fees: | ||
2022 | None | |
2023 | 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: | ||
2022 | None | |
2023 | 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: | ||
2022 | None | |
2023 | None |
The tax fees consist of consulting services relating to the Registrant’s investments. | ||
d) All Other Fees: | ||
2022 | None | |
2023 | 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 $208,000 for fiscal year 2022 and $214,000 for fiscal year 2023. 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 29, 2024 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.
By _ /s/ Maria Manotok_____________ |
Maria Manotok, Principal Executive Officer |
Date: February 29, 2024 |
By ___/s/ Gregory F. Niland__________________ |
Gregory F. Niland, Treasurer and Principal Financial Officer |
Date: February 29, 2024 |