American Funds Insurance Series®
Global Growth Fund
Investment portfolio
September 30, 2022
unaudited
Common stocks 87.49%
Information technology 23.47% 		  Shares Value
(000)
Microsoft Corp. 1,807,800 $421,037
ASML Holding NV 458,318 190,106
ASML Holding NV (New York registered) (ADR) 227,600 94,534
Taiwan Semiconductor Manufacturing Company, Ltd. 20,131,000 264,608
Taiwan Semiconductor Manufacturing Company, Ltd. (ADR) 140,000 9,598
Adyen NV1 65,797 81,855
Applied Materials, Inc. 875,000 71,689
Broadcom, Inc. 125,300 55,634
Fiserv, Inc.1 497,600 46,560
Apple, Inc. 242,400 33,500
Samsung Electronics Co., Ltd. 785,100 28,847
MongoDB, Inc., Class A1 139,000 27,600
Hexagon AB, Class B 2,920,500 27,077
EPAM Systems, Inc.1 65,900 23,868
Keyence Corp. 69,400 23,041
NVIDIA Corp. 167,500 20,333
Mastercard, Inc., Class A 53,300 15,155
Capgemini SE 85,000 13,584
Network International Holdings PLC1 3,731,800 12,636
Visa, Inc., Class A 70,197 12,470
DocuSign, Inc.1 180,000 9,624
Shopify, Inc., Class A, subordinate voting shares1 140,000 3,772
      1,487,128
Health care 18.81%      
UnitedHealth Group, Inc. 330,000 166,663
ResMed, Inc. 423,450 92,439
Pfizer, Inc. 1,884,219 82,453
AstraZeneca PLC 748,300 82,291
DexCom, Inc.1 1,012,000 81,507
Cigna Corp. 259,119 71,898
Novo Nordisk A/S, Class B 669,390 66,721
Regeneron Pharmaceuticals, Inc.1 95,036 65,468
Merck & Co., Inc. 620,000 53,394
Eli Lilly and Company 158,300 51,186
CVS Health Corp. 371,000 35,382
Gilead Sciences, Inc. 457,317 28,212
Mettler-Toledo International, Inc.1 25,400 27,537
NovoCure, Ltd.1 340,000 25,833
Elevance Health, Inc. 53,100 24,120
Danaher Corp. 82,100 21,206
Alnylam Pharmaceuticals, Inc.1 104,200 20,857
Tandem Diabetes Care, Inc.1 379,084 18,139
Bayer AG 363,860 16,791
Zoetis, Inc., Class A 98,300 14,577
Olympus Corp. 665,800 12,814
Vertex Pharmaceuticals, Inc.1 43,700 12,653
American Funds Insurance Series — Global Growth Fund — Page 1 of 255
unaudited
Common stocks (continued)
Health care (continued) 		  Shares Value
(000)
Novartis AG 165,600 $12,624
Catalent, Inc.1 166,200 12,026
Seagen, Inc.1 83,500 11,425
Centene Corp.1 143,500 11,166
Eurofins Scientific SE, non-registered shares 182,400 10,816
Sanofi 135,000 10,303
Virbac SA 36,000 9,353
Thermo Fisher Scientific, Inc. 17,472 8,862
Genus PLC 270,000 7,795
Siemens Healthineers AG 178,000 7,710
Bachem Holding AG 101,500 6,314
Rede D’Or Sao Luiz SA 1,073,663 5,915
Dechra Pharmaceuticals PLC 91,302 2,646
Organon & Co. 62,000 1,451
Viatris, Inc. 110,678 943
EUROAPI1 5,869 98
      1,191,588
Consumer discretionary 14.03%      
Chipotle Mexican Grill, Inc.1 141,600 212,791
LVMH Moët Hennessy-Louis Vuitton SE 226,200 132,968
Amazon.com, Inc.1 583,000 65,879
Floor & Decor Holdings, Inc., Class A1 914,698 64,267
Renault SA1 1,688,781 45,358
Prosus NV, Class N 760,993 39,658
MGM China Holdings, Ltd.1 54,589,200 29,948
NIKE, Inc., Class B 352,600 29,308
Cie. Financière Richemont SA, Class A 291,500 27,352
Coupang, Inc., Class A1 1,445,604 24,098
Home Depot, Inc. 81,275 22,427
MercadoLibre, Inc.1 22,250 18,418
YUM! Brands, Inc. 166,000 17,652
Booking Holdings, Inc.1 9,900 16,268
IDP Education, Ltd.2 871,300 14,579
Domino’s Pizza Enterprises, Ltd. 430,000 14,078
Wynn Macau, Ltd.1 21,430,000 13,705
EssilorLuxottica 95,943 13,000
Dollar Tree Stores, Inc.1 95,000 12,930
Stellantis NV 1,038,800 12,275
Evolution AB 140,000 11,025
Melco Resorts & Entertainment, Ltd. (ADR)1 1,559,600 10,340
Target Corp. 60,500 8,978
Moncler SpA 217,370 8,925
Tesla, Inc.1 32,304 8,569
Entain PLC 665,250 7,989
XPeng, Inc., Class A1,2 979,200 5,836
      888,621
Consumer staples 8.44%      
British American Tobacco PLC 3,329,455 119,059
Kweichow Moutai Co., Ltd., Class A 388,821 102,274
Philip Morris International, Inc. 919,500 76,328
Keurig Dr Pepper, Inc. 1,624,000 58,172
Nestlé SA 481,100 52,093
Altria Group, Inc. 1,248,500 50,414
American Funds Insurance Series — Global Growth Fund — Page 2 of 255
unaudited
Common stocks (continued)
Consumer staples (continued) 		  Shares Value
(000)
Monster Beverage Corp.1 350,920 $30,516
Costco Wholesale Corp. 39,170 18,499
Carrefour SA, non-registered shares 842,900 11,677
Simply Good Foods Co.1 263,800 8,439
Bunge, Ltd. 85,000 7,019
      534,490
Financials 7.42%      
Tradeweb Markets, Inc., Class A 1,634,960 92,244
AIA Group, Ltd. 10,109,600 83,935
Kotak Mahindra Bank, Ltd. 2,915,200 64,525
AXA SA 1,692,893 37,065
Aon PLC, Class A 101,000 27,055
Citigroup, Inc. 497,600 20,735
Société Générale 1,011,450 20,068
Prudential PLC 1,773,082 17,421
Zurich Insurance Group AG 42,200 16,776
Ping An Insurance (Group) Company of China, Ltd., Class H 3,254,000 16,180
Wells Fargo & Company 377,200 15,171
CME Group, Inc., Class A 80,000 14,170
Banco Santander, SA 5,334,500 12,399
AU Small Finance Bank, Ltd. 1,416,725 10,665
Bank of America Corp. 320,200 9,670
HDFC Life Insurance Company, Ltd. 1,406,500 9,153
Blackstone, Inc., nonvoting shares 21,000 1,758
Jackson Financial, Inc., Class A 44,327 1,230
Moscow Exchange MICEX-RTS PJSC1,3 12,640,000 —4
      470,220
Industrials 4.77%      
Caterpillar, Inc. 231,600 38,001
MTU Aero Engines AG 167,000 25,201
Alliance Global Group, Inc. 156,400,700 21,959
Airbus SE, non-registered shares 245,400 21,201
NIBE Industrier AB, Class B 2,328,700 20,676
DSV A/S 171,230 19,847
GT Capital Holdings, Inc. 2,454,611 17,373
Safran SA 156,300 14,211
Suzhou Maxwell Technologies Co., Ltd., Class A 194,970 13,322
Carrier Global Corp. 370,900 13,189
L3Harris Technologies, Inc. 62,600 13,010
Canadian Pacific Railway, Ltd. (CAD denominated) 183,000 12,216
Daikin Industries, Ltd. 74,600 11,527
Recruit Holdings Co., Ltd. 374,200 10,801
Techtronic Industries Co., Ltd. 1,070,000 10,109
SMC Corp. 22,500 9,077
BayCurrent Consulting, Inc. 32,100 8,246
Rheinmetall AG 52,200 8,085
Nidec Corp. 143,000 8,055
Boeing Company1 51,300 6,211
      302,317
American Funds Insurance Series — Global Growth Fund — Page 3 of 255
unaudited
Common stocks (continued)
Communication services 4.41% 		  Shares Value
(000)
Alphabet, Inc., Class A1 1,496,600 $143,150
Alphabet, Inc., Class C1 780,000 74,997
Meta Platforms, Inc., Class A1 240,900 32,685
Publicis Groupe SA 273,000 12,918
Tencent Holdings, Ltd. 297,100 10,034
Sea, Ltd., Class A (ADR)1 95,851 5,372
      279,156
Energy 2.97%      
Canadian Natural Resources, Ltd. (CAD denominated) 1,168,000 54,369
Reliance Industries, Ltd. 1,601,273 46,314
Tourmaline Oil Corp. 707,000 36,743
Equinor ASA 592,000 19,526
Aker BP ASA 599,979 17,204
Gaztransport & Technigaz SA 75,000 8,298
Halliburton Company 235,128 5,789
Gazprom PJSC3,5 8,346,000 —4
LUKOIL Oil Co. PJSC1,3,5 246,300 —4
      188,243
Materials 2.87%      
Sherwin-Williams Company 445,000 91,114
Linde PLC 103,800 27,984
Vale SA, ordinary nominative shares 1,397,000 18,657
Corteva, Inc. 201,300 11,504
Shin-Etsu Chemical Co., Ltd. 113,500 11,271
First Quantum Minerals, Ltd. 624,000 10,593
Koninklijke DSM NV 93,100 10,559
      181,682
Real estate 0.16%      
Goodman Logistics (HK), Ltd. REIT 1,027,500 10,266
Utilities 0.14%      
Brookfield Infrastructure Partners, LP 247,500 8,878
Total common stocks (cost: $4,408,254,000)     5,542,589
Preferred securities 1.58%
Health care 1.32% 		     
Sartorius AG, nonvoting non-registered preferred shares 239,000 83,475
Information technology 0.26%      
Samsung Electronics Co., Ltd., nonvoting preferred shares 512,300 16,669
Total preferred securities (cost: $27,546,000)     100,144
American Funds Insurance Series — Global Growth Fund — Page 4 of 255
unaudited
Short-term securities 10.57%
Money market investments 10.57% 		  Shares Value
(000)
Capital Group Central Cash Fund 2.81%6,7 6,693,157 $669,249
Total short-term securities (cost: $669,246,000)     669,249
Total investment securities 99.64% (cost: $5,105,046,000)     6,311,982
Other assets less liabilities 0.36%     22,880
Net assets 100.00%     $6,334,862
Investments in affiliates7
  Value of
affiliates at
1/1/2022
(000) 		Additions
(000) 		Reductions
(000) 		Net
realized
loss
(000) 		  Net
unrealized
depreciation
(000) 		  Value of
affiliates at
9/30/2022
(000) 		  Dividend
income
(000)
Short-term securities 10.57%
Money market investments 10.57%                    
Capital Group Central Cash Fund 2.81%6 $376,714 $1,283,185 $990,532 $(76)   $(42)   $669,249   $4,793
Money market investments purchased with collateral
from securities on loan 0.00% 		                   
Capital Group Central Cash Fund 2.81%6,8 1,808   1,8089         —   —10
Total 10.57%       $(76)   $(42)   $669,249   $4,793
Restricted securities5
  Acquisition
date 		Cost
(000) 		  Value
(000) 		  Percent
of net
assets
Gazprom PJSC3 7/19/2022 $20,439   $—4   .00%
LUKOIL Oil Co. PJSC1,3 7/13/2022 11,915   —4   .00
Total   $32,354   $—4   .00%
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 $6,091,000, which represented .10% of the net assets of the fund.
3 Value determined using significant unobservable inputs.
4 Amount less than one thousand.
5 Restricted security subject to legal or contractual restrictions on resale. The total value of all such restricted securities was less than $1,000, which represented less than 0.01% of the net assets of the fund.
6 Rate represents the seven-day yield at 9/30/2022.
7 Part of the same “group of investment companies“ as the fund as defined under the Investment Company Act of 1940, as amended.
8 Affiliated issuer during the reporting period but no longer held at 9/30/2022.
9 Represents net activity.
10 Dividend income is included with securities lending income and is not shown in this table.
Key to abbreviations
ADR = American Depositary Receipts
CAD = Canadian dollars
REIT = Real Estate Investment Trust
American Funds Insurance Series — Global Growth Fund — Page 5 of 255
Global Small Capitalization Fund
Investment portfolio
September 30, 2022
unaudited
Common stocks 89.10%
Information technology 18.97% 		  Shares Value
(000)
Wolfspeed, Inc.1 790,681 $81,725
eMemory Technology, Inc. 821,430 29,004
Confluent, Inc., Class A1 1,124,085 26,719
PAR Technology Corp.1,2 837,615 24,735
Nordic Semiconductor ASA1 1,359,841 17,811
Net One Systems Co., Ltd. 908,156 17,500
Tanla Platforms, Ltd. 1,477,291 14,037
ALTEN SA, non-registered shares 124,108 13,588
SUMCO Corp. 1,146,200 13,318
Smartsheet, Inc., Class A1 346,627 11,910
Ceridian HCM Holding, Inc.1 211,500 11,819
Silicon Laboratories, Inc.1 95,000 11,727
Gitlab, Inc., Class A1 213,816 10,952
Euronet Worldwide, Inc.1 144,187 10,924
Extreme Networks, Inc.1 828,378 10,827
Alphawave IP Group PLC1,2 6,933,632 10,523
MACOM Technology Solutions Holdings, Inc.1 190,000 9,840
SINBON Electronics Co., Ltd. 1,142,550 9,488
Kingdee International Software Group Co., Ltd.1 7,337,224 9,487
CCC Intelligent Solutions Holdings, Inc.1 1,033,074 9,401
Pegasystems, Inc. 288,141 9,261
Keywords Studios PLC 344,606 8,788
Qorvo, Inc.1 110,518 8,776
Aspen Technology, Inc.1 36,561 8,709
SimCorp AS 139,192 7,792
SHIFT, Inc.1 59,200 7,652
Truecaller AB, Class B1,2 2,177,076 7,249
Silergy Corp. 513,320 6,729
Credo Technology Group Holding, Ltd.1,2 555,400 6,109
BE Semiconductor Industries NV 139,220 5,925
OVH Groupe SAS1,2 591,394 5,846
Marqeta, Inc., Class A1 709,532 5,052
INFICON Holding AG 7,397 4,923
Cognex Corp. 116,600 4,833
SentinelOne, Inc., Class A1 186,212 4,760
MongoDB, Inc., Class A1 23,300 4,626
ironSource, Ltd., Class A1 1,328,000 4,568
Bentley Systems, Inc., Class B 142,373 4,355
HashiCorp, Inc., Class A1 134,900 4,342
Topicus.com, Inc., subordinate voting shares1 87,540 4,209
AvidXchange Holdings, Inc.1 489,768 4,124
Kingboard Laminates Holdings, Ltd. 4,498,000 4,021
Unimicron Technology Corp. 1,016,007 3,773
Bechtle AG, non-registered shares 98,500 3,584
Globant SA1 17,730 3,317
Rapid7, Inc.1 71,250 3,057
American Funds Insurance Series — Global Small Capitalization Fund — Page 6 of 255
unaudited
Common stocks (continued)
Information technology (continued) 		  Shares Value
(000)
Softcat PLC 222,430 $2,903
Linklogis, Inc., Class B1 6,753,115 2,795
Semtech Corp.1 90,000 2,647
AppFolio, Inc., Class A1 23,643 2,476
Kingboard Holdings, Ltd. 710,000 1,995
Cvent Holding Corp.1 344,800 1,810
GlobalWafers Co., Ltd. 145,000 1,650
Yotpo, Ltd.1,3,4 678,736 1,113
SiteMinder, Ltd.1 117,232 230
      519,334
Industrials 17.68%      
International Container Terminal Services, Inc. 11,690,490 31,256
Visional, Inc.1 504,850 30,856
Stericycle, Inc.1 571,050 24,047
Japan Airport Terminal Co., Ltd.1 558,700 23,117
Cleanaway Waste Management, Ltd. 12,501,414 21,704
IMCD NV 177,337 21,046
Boyd Group Services, Inc. 155,909 19,633
Trelleborg AB, Class B 982,292 18,320
Fasadgruppen Group AB 2,370,503 18,224
Vicor Corp.1 300,876 17,794
Alfen NV1 193,373 17,762
Instalco AB 4,098,065 16,296
Interpump Group SpA 454,700 14,708
Japan Elevator Service Holdings Co., Ltd. 1,121,800 14,470
CG Power and Industrial Solutions, Ltd.1 4,880,108 14,075
Montrose Environmental Group, Inc.1 348,186 11,717
Cargotec OYJ, Class B, non-registered shares 300,450 9,045
Woodward, Inc. 105,000 8,427
Comfort Systems USA, Inc. 84,100 8,185
AirTAC International Group 355,062 8,123
Centre Testing International Group Co., Ltd. 2,684,839 7,701
Melrose Industries PLC 6,512,400 7,271
Wizz Air Holdings PLC1 402,796 7,084
Guangzhou Baiyun International Airport Co., Ltd., Class A1 3,524,879 7,083
Chart Industries, Inc.1 38,348 7,070
GVS SpA1 1,192,262 6,962
Rumo SA 2,022,100 6,927
DL E&C Co., Ltd. 287,442 6,814
Kajaria Ceramics, Ltd. 450,000 6,618
Engcon AB, Class B1 1,070,647 6,549
KEI Industries, Ltd. 357,929 6,304
SIS, Ltd.1 1,128,949 5,735
Atlas Corp.2 395,000 5,491
Harsha Engineers International, Ltd.1,4 969,570 5,256
Harsha Engineers International, Ltd.1 1,207 7
Carel Industries SpA 252,900 4,726
Addtech AB, Class B 353,050 4,605
Diploma PLC 161,300 4,136
Saia, Inc.1 21,527 4,090
First Advantage Corp.1 289,017 3,708
Controladora Vuela Compañía de Aviación, SAB de CV, Class A (ADR),
ordinary participation certificates1 		460,200 3,217
Sulzer AG 54,789 3,131
American Funds Insurance Series — Global Small Capitalization Fund — Page 7 of 255
unaudited
Common stocks (continued)
Industrials (continued) 		  Shares Value
(000)
Hensoldt AG 152,014 $3,053
The AZEK Co., Inc., Class A1 178,373 2,965
Daiseki Co., Ltd. 93,500 2,853
LIXIL Corp. 196,500 2,847
Antares Vision SpA1,2 281,100 2,001
ITM Power PLC1,2 584,711 667
Matson, Inc. 8,674 534
      484,210
Health care 15.81%      
Insulet Corp.1 337,461 77,414
Haemonetics Corp.1 1,018,080 75,368
Oak Street Health, Inc.1 1,542,490 37,822
Max Healthcare Institute, Ltd.1 5,638,226 28,209
Globus Medical, Inc., Class A1 464,688 27,681
Integra LifeSciences Holdings Corp.1 569,500 24,124
Hapvida Participações e Investimentos SA1 12,352,106 17,334
CONMED Corp. 200,920 16,108
CanSino Biologics, Inc., Class H2 2,483,400 13,951
Ocumension Therapeutics1 9,650,966 12,540
iRhythm Technologies, Inc.1 79,700 9,985
Shandong Pharmaceutical Glass Co., Ltd., Class A 2,180,508 8,881
ICON PLC1 46,061 8,465
CompuGroup Medical SE & Co. KGaA 228,815 7,930
Bachem Holding AG 112,328 6,988
Penumbra, Inc.1 36,200 6,864
New Horizon Health, Ltd.1 3,707,844 6,837
Netcare, Ltd. 8,818,088 6,633
Medmix AG 374,180 6,545
Health Catalyst, Inc.1 568,785 5,517
Ambu AS, Class B, non-registered shares 595,252 5,144
Encompass Health Corp. 90,644 4,100
Amedisys, Inc.1 38,867 3,762
Amplifon SpA 141,536 3,706
Angelalign Technology, Inc. 284,600 2,701
Amvis Holdings, Inc. 149,100 2,479
Nordhealth AS, Class A1,2 1,279,999 2,344
Gland Pharma, Ltd.1 90,000 2,308
Vaxcyte, Inc.1 39,553 949
Denali Therapeutics, Inc.1 3,503 107
      432,796
Consumer discretionary 15.70%      
Mattel, Inc.1 1,400,000 26,516
Thor Industries, Inc. 370,472 25,926
Five Below, Inc.1 165,181 22,741
NEXTAGE Co., Ltd. 997,800 21,666
Skechers USA, Inc., Class A1 650,000 20,618
Wyndham Hotels & Resorts, Inc. 332,330 20,388
Entain PLC 1,424,930 17,112
Lands’ End, Inc.1,5 2,100,000 16,212
YETI Holdings, Inc.1 522,205 14,893
Asbury Automotive Group, Inc.1 97,426 14,721
Tube Investments of India, Ltd. 415,592 13,949
Helen of Troy, Ltd.1 141,542 13,650
American Funds Insurance Series — Global Small Capitalization Fund — Page 8 of 255
unaudited
Common stocks (continued)
Consumer discretionary (continued) 		  Shares Value
(000)
Evolution AB 172,264 $13,566
Inchcape PLC 1,719,150 12,937
Light & Wonder, Inc.1 299,658 12,849
DraftKings, Inc., Class A1,2 756,364 11,451
Leslie’s, Inc.1,2 676,964 9,958
Everi Holdings, Inc.1 597,590 9,693
WH Smith PLC1 701,756 9,314
Golden Entertainment, Inc.1 256,800 8,960
Tongcheng Travel Holdings, Ltd.1 4,538,400 8,865
Kindred Group PLC (SDR) 1,164,011 8,686
Musti Group OYJ 495,800 8,588
Haichang Ocean Park Holdings, Ltd.1,2 8,713,000 8,531
Melco Resorts & Entertainment, Ltd. (ADR)1 1,259,973 8,354
Shoei Co., Ltd. 219,400 7,950
TopBuild Corp.1 47,200 7,778
Basic-Fit NV1,2 259,466 7,764
DESCENTE, Ltd. 295,025 6,708
Chervon Holdings, Ltd.2 1,635,700 6,174
Compagnie Plastic Omnium SA 369,243 4,815
Melco International Development, Ltd.1 6,130,000 4,720
Domino’s Pizza Enterprises, Ltd. 124,509 4,076
On Holding AG, Class A1,2 238,410 3,827
Zhongsheng Group Holdings, Ltd. 938,500 3,690
Persimmon PLC 255,136 3,512
Coursera, Inc.1 244,300 2,634
IDP Education, Ltd. 150,966 2,526
Elior Group SA1 999,232 1,802
Arco Platform, Ltd., Class A1,2 158,600 1,711
      429,831
Financials 9.27%      
Star Health & Allied Insurance Co., Ltd.1,4 6,037,336 48,026
Cholamandalam Investment and Finance Co., Ltd. 3,684,053 32,871
Independent Bank Group, Inc. 280,449 17,217
Eurobank Ergasias Services and Holdings SA1 19,119,028 15,817
Stifel Financial Corp. 271,050 14,070
Glacier Bancorp, Inc. 286,088 14,056
Trupanion, Inc.1,2 200,000 11,886
IIFL Wealth Management, Ltd. 513,500 11,589
Janus Henderson Group PLC 440,000 8,936
SouthState Corp. 107,550 8,509
Aavas Financiers, Ltd.1 272,734 7,460
Remgro, Ltd. 965,035 7,082
Patria Investments, Ltd., Class A 508,200 6,632
IIFL Finance, Ltd. 1,459,000 6,275
Eastern Bankshares, Inc. 278,164 5,463
SiriusPoint, Ltd.1 1,100,000 5,445
United Community Banks, Inc. 140,000 4,634
Fukuoka Financial Group, Inc. 244,700 4,342
Aptus Value Housing Finance India, Ltd.1 1,065,624 4,014
Allfunds Group PLC 470,000 3,445
East West Bancorp, Inc. 49,700 3,337
Haci Ömer Sabanci Holding AS 2,323,200 3,231
WealthNavi, Inc.1,2 278,900 2,986
AU Small Finance Bank, Ltd. 266,116 2,003
American Funds Insurance Series — Global Small Capitalization Fund — Page 9 of 255
unaudited
Common stocks (continued)
Financials (continued) 		  Shares Value
(000)
PT Bank Raya Indonesia Tbk1 48,869,896 $1,754
Bridgepoint Group PLC 740,731 1,544
Capitec Bank Holdings, Ltd. 15,161 1,300
      253,924
Materials 3.15%      
JSR Corp. 861,988 16,426
LANXESS AG 441,240 12,921
OZ Minerals, Ltd. 648,901 10,652
Navin Fluorine International, Ltd. 175,000 9,597
Perimeter Solutions SA1,2 721,454 5,779
Perimeter Solutions SA1 221,167 1,771
PI Industries, Ltd. 188,382 6,885
Nanofilm Technologies International, Ltd. 3,325,951 4,816
Livent Corp.1 130,000 3,985
Vidrala, SA, non-registered shares 61,827 3,599
MMG, Ltd.1 14,608,000 3,468
Toyo Gosei Co., Ltd.2 63,400 2,791
Recticel SA/NV 175,000 2,296
Mayr-Melnhof Karton AG, non-registered shares 10,516 1,350
      86,336
Real estate 2.16%      
Embassy Office Parks REIT 4,939,400 20,975
Altus Group, Ltd.2 475,189 15,404
JHSF Participações SA 5,073,950 6,960
Macrotech Developers, Ltd.1 582,697 6,553
Mindspace Business Parks REIT 1,250,000 5,579
ESR-Logos REIT 15,133,930 3,745
      59,216
Communication services 1.83%      
Lions Gate Entertainment Corp., Class B1 3,059,785 21,265
JCDecaux SA1 788,279 9,281
Pearson PLC 636,200 6,097
Rightmove PLC 816,439 4,331
Bandwidth, Inc., Class A1 284,506 3,386
VTEX, Class A1,2 903,006 3,341
Trustpilot Group PLC1 2,966,832 2,495
      50,196
Consumer staples 1.76%      
Grocery Outlet Holding Corp.1 521,782 17,370
Monde Nissin Corp. 49,971,450 10,359
Shop Apotheke Europe NV, non-registered shares1,2 169,500 6,882
Scandinavian Tobacco Group A/S 305,111 4,402
AAK AB 223,527 2,947
Royal Unibrew A/S 44,000 2,848
Hilton Food Group PLC 375,115 2,228
Dole PLC 98,700 720
Zur Rose Group AG1,2 9,250 272
Vector Group, Ltd. 2,700 24
      48,052
American Funds Insurance Series — Global Small Capitalization Fund — Page 10 of 255
unaudited
Common stocks (continued)
Utilities 1.43% 		  Shares Value
(000)
ENN Energy Holdings, Ltd. 1,878,900 $25,001
ACEN Corp. 105,358,300 10,075
Neoenergia SA 1,442,015 4,090
      39,166
Energy 1.34%      
Venture Global LNG, Inc., Series C1,3,4 2,760 22,280
DT Midstream, Inc. 166,383 8,634
Subsea 7 SA 703,801 5,560
Helmerich & Payne, Inc. 7,700 285
      36,759
Total common stocks (cost: $2,350,948,000)     2,439,820
Preferred securities 0.99%
Information technology 0.63% 		     
SmartHR, Inc., Series D, preferred shares1,3,4 3,006 8,509
Yotpo, Ltd., Series F, preferred shares1,3,4 2,158,609 3,540
Yotpo, Ltd., Series B, preferred shares1,3,4 287,894 472
Yotpo, Ltd., Series C, preferred shares1,3,4 274,070 449
Yotpo, Ltd., Series A-1, preferred shares1,3,4 183,819 301
Yotpo, Ltd., Series A, preferred shares1,3,4 89,605 147
Yotpo, Ltd., Series C-1, preferred shares1,3,4 75,980 125
Yotpo, Ltd., Series D, preferred shares1,3,4 42,368 70
Yotpo, Ltd., Series B-1, preferred shares1,3,4 33,838 56
Outreach Corp., Series G, preferred shares1,3,4 154,354 3,532
      17,201
Industrials 0.35%      
Azul SA (ADR), preferred nominative shares1,2 1,128,836 9,189
Azul SA, preferred nominative shares1 109,500 299
      9,488
Health care 0.01%      
PACT Pharma, Inc., Series C, 8.00% noncumulative preferred shares1,3,4 2,931,405 410
Total preferred securities (cost: $45,235,000)     27,099
Rights & warrants 0.43%
Information technology 0.43% 		     
OPT Machine Vision Tech Co., Ltd., Class A, warrants, expire 20231,6 355,879 11,696
Total rights & warrants (cost: $18,773,000)     11,696
Short-term securities 13.29%
Money market investments 10.02% 		     
Capital Group Central Cash Fund 2.81%5,7 2,743,455 274,318
Money market investments purchased with collateral from securities on loan 3.27%      
Capital Group Central Cash Fund 2.81%5,7,8 498,540 49,849
Goldman Sachs Financial Square Government Fund, Institutional Shares 2.93%7,8 7,990,042 7,990
American Funds Insurance Series — Global Small Capitalization Fund — Page 11 of 255
unaudited
Short-term securities (continued)
Money market investments purchased with collateral from securities on loan (continued) 		  Shares Value
(000)
Invesco Short-Term Investments Trust – Government & Agency Portfolio,
Institutional Class 2.88%7,8 		7,975,681 $7,976
Morgan Stanley Institutional Liquidity Funds – Government Portfolio,
Institutional Class 2.80%7,8 		7,975,681 7,976
State Street Institutional U.S. Government Money Market Fund, Institutional Class 2.91%7,8 7,975,681 7,976
BlackRock Liquidity Funds – FedFund, Institutional Shares  2.76%7,8 7,975,681 7,975
      89,742
Total short-term securities (cost: $364,052,000)     364,060
Total investment securities 103.81% (cost: $2,779,008,000)     2,842,675
Other assets less liabilities (3.81)%     (104,389)
Net assets 100.00%     $2,738,286
Investments in affiliates5
  Value of
affiliates at
1/1/2022
(000) 		Additions
(000) 		Reductions
(000) 		Net
realized
loss
(000) 		  Net
unrealized
depreciation
(000) 		  Value of
affiliates at
9/30/2022
(000) 		  Dividend
income
(000)
Common stocks 0.59%
Consumer discretionary 0.59%                    
Lands’ End, Inc.1 $41,223 $— $— $—   $(25,011)   $16,212   $—
Short-term securities 11.84%
Money market investments 10.02%                    
Capital Group Central Cash Fund 2.81%7 203,087 751,679 680,412 (25)   (11)   274,318   2,131
Money market investments purchased with collateral
from securities on loan 1.82% 		                   
Capital Group Central Cash Fund 2.81%7,8 32,260 17,5899           49,849   —10
Total short-term securities               324,167    
Total 12.43%       $(25)   $(25,022)   $340,379   $2,131
Restricted securities4
  Acquisition
date 		Cost
(000) 		Value
(000) 		Percent
of net
assets
Star Health & Allied Insurance Co., Ltd.1 3/30/2021 $40,710 $48,026 1.75%
Venture Global LNG, Inc., Series C1,3 5/1/2015 8,280 22,280 .81
SmartHR, Inc., Series D, preferred shares1,3 5/28/2021 14,344 8,509 .31
Yotpo, Ltd., Series F, preferred shares1,3 2/25/2021 4,748 3,540 .13
Yotpo, Ltd.1,3 3/16/2021 1,418 1,113 .04
Yotpo, Ltd., Series B, preferred shares1,3 3/16/2021 602 472 .02
Yotpo, Ltd., Series C, preferred shares1,3 3/16/2021 573 449 .02
Yotpo, Ltd., Series A-1, preferred shares1,3 3/16/2021 384 301 .01
Yotpo, Ltd., Series A, preferred shares1,3 3/16/2021 187 147 .01
Yotpo, Ltd., Series C-1, preferred shares1,3 3/16/2021 159 125 .00
Yotpo, Ltd., Series D, preferred shares1,3 3/16/2021 88 70 .00
Yotpo, Ltd., Series B-1, preferred shares1,3 3/16/2021 71 56 .00
Harsha Engineers International, Ltd.1 9/13/2022 4,042 5,256 .19
American Funds Insurance Series — Global Small Capitalization Fund — Page 12 of 255
unaudited
Restricted securities4  (continued)
  Acquisition
date 		Cost
(000) 		  Value
(000) 		  Percent
of net
assets
Outreach Corp., Series G, preferred shares1,3 5/27/2021 $4,517   $3,532   .13%
PACT Pharma, Inc., Series C, 8.00% noncumulative preferred shares1,3 2/7/2020 6,000   410   .02
Total   $86,123   $94,286   3.44%
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 $101,434,000, which represented 3.70% of the net assets of the fund.
3 Value determined using significant unobservable inputs.
4 Restricted security, other than Rule 144A, subject to legal or contractual restrictions on resale, including private placement securities not registered under the Securities Act of 1933. The total value of all such restricted securities was $94,286,000, which represented 3.44% of the net assets of the fund.
5 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.
6 Acquired in a transaction exempt from registration under Rule 144A of the Securities Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers. The total value of all such securities was $11,696,000, which represented .43% of the net assets of the fund.
7 Rate represents the seven-day yield at 9/30/2022.
8 Security purchased with cash collateral from securities on loan.
9 Represents net activity.
10 Dividend income is included with securities lending income and is not shown in this table.
Key to abbreviations
ADR = American Depositary Receipts
REIT = Real Estate Investment Trust
SDR = Swedish Depositary Receipts
American Funds Insurance Series — Global Small Capitalization Fund — Page 13 of 255
Growth Fund
Investment portfolio
September 30, 2022
unaudited
Common stocks 95.77%
Consumer discretionary 21.58% 		  Shares Value
(000)
Tesla, Inc.1 10,685,000 $2,834,196
Amazon.com, Inc.1 5,039,800 569,497
D.R. Horton, Inc. 5,450,144 367,067
Dollar General Corp. 1,357,120 325,519
Home Depot, Inc. 1,031,000 284,494
Dollar Tree Stores, Inc.1 1,883,915 256,401
Las Vegas Sands Corp.1 5,500,000 206,360
LVMH Moët Hennessy-Louis Vuitton SE 313,000 183,992
Chipotle Mexican Grill, Inc.1 118,500 178,077
Hermès International 94,901 111,543
Airbnb, Inc., Class A1 1,044,500 109,714
Booking Holdings, Inc.1 60,300 99,086
Royal Caribbean Cruises, Ltd.1 2,282,305 86,499
Target Corp. 545,200 80,902
Aramark 2,454,864 76,592
Burlington Stores, Inc.1 664,250 74,323
NVR, Inc.1 18,380 73,283
Etsy, Inc.1 715,997 71,693
O’Reilly Automotive, Inc.1 100,400 70,616
Darden Restaurants, Inc. 433,876 54,807
DoorDash, Inc., Class A1 850,000 42,033
NIKE, Inc., Class B 489,400 40,679
Norwegian Cruise Line Holdings, Ltd.1,2 3,076,903 34,954
Salvatore Ferragamo SpA 2,174,477 30,466
Floor & Decor Holdings, Inc., Class A1 420,000 29,509
YUM! Brands, Inc. 275,700 29,318
Polaris, Inc. 280,000 26,782
VF Corp. 872,859 26,107
adidas AG 200,959 23,321
General Motors Company 660,000 21,179
LGI Homes, Inc.1 248,150 20,192
Adient PLC1 722,000 20,036
Hilton Worldwide Holdings, Inc. 128,708 15,525
Caesars Entertainment, Inc.1 477,000 15,388
YETI Holdings, Inc.1 405,000 11,551
Toll Brothers, Inc. 248,100 10,420
Carvana Co., Class A1,2 210,400 4,271
Helen of Troy, Ltd.1 34,020 3,281
Westwing Group SE, non-registered shares1 161,536 883
      6,520,556
Information technology 19.78%      
Microsoft Corp. 6,473,733 1,507,732
Broadcom, Inc. 1,148,695 510,032
ASML Holding NV 736,108 305,331
ASML Holding NV (New York registered) (ADR) 189,937 78,891
American Funds Insurance Series — Growth Fund — Page 14 of 255
unaudited
Common stocks (continued)
Information technology (continued) 		  Shares Value
(000)
Taiwan Semiconductor Manufacturing Company, Ltd. 13,774,000 $181,049
Taiwan Semiconductor Manufacturing Company, Ltd. (ADR) 793,700 54,416
Apple, Inc. 1,694,416 234,168
Visa, Inc., Class A 1,198,388 212,894
Wolfspeed, Inc.1 1,730,005 178,813
Mastercard, Inc., Class A 551,937 156,938
Salesforce, Inc.1 960,000 138,086
Micron Technology, Inc. 2,357,529 118,112
RingCentral, Inc., Class A1 2,938,417 117,419
Motorola Solutions, Inc. 510,100 114,247
Fiserv, Inc.1 1,097,000 102,646
ServiceNow, Inc.1 269,875 101,908
Applied Materials, Inc. 1,199,328 98,261
Synopsys, Inc. (USA)1 303,000 92,570
Shopify, Inc., Class A, subordinate voting shares1 3,402,460 91,662
Tyler Technologies, Inc.1 263,200 91,462
Cloudflare, Inc., Class A1 1,514,130 83,747
FleetCor Technologies, Inc.1 469,000 82,624
NVIDIA Corp. 665,500 80,785
MicroStrategy, Inc., Class A1 358,514 76,098
Fidelity National Information Services, Inc. 884,718 66,858
Genpact, Ltd. 1,482,231 64,877
MongoDB, Inc., Class A1 324,518 64,436
Bill.com Holdings, Inc.1 471,062 62,355
Keyence Corp. 165,500 54,947
Unity Software, Inc.1,2 1,660,000 52,888
CDW Corp. 311,859 48,675
GoDaddy, Inc., Class A1 645,081 45,723
Trimble, Inc.1 840,920 45,637
Block, Inc., Class A1 749,493 41,215
Amadeus IT Group SA, Class A, non-registered shares1 886,808 41,049
Ceridian HCM Holding, Inc.1 712,011 39,787
SAP SE 477,361 39,351
SK hynix, Inc. 653,000 37,468
Flex, Ltd.1 2,234,300 37,223
Toast, Inc., Class A1 2,193,518 36,676
Concentrix Corp. 305,551 34,109
NetApp, Inc. 527,540 32,628
Intel Corp. 1,136,000 29,275
Silicon Laboratories, Inc.1 231,815 28,615
MKS Instruments, Inc. 335,705 27,743
Smartsheet, Inc., Class A1 729,700 25,073
Alteryx, Inc., Class A1 402,200 22,459
Nuvei Corp., subordinate voting shares1 806,616 21,798
VeriSign, Inc.1 110,053 19,116
Adobe, Inc.1 69,034 18,998
TE Connectivity, Ltd. 156,600 17,282
DocuSign, Inc.1 320,712 17,148
Ciena Corp.1 416,000 16,819
Intuit, Inc. 39,000 15,106
Lam Research Corp. 40,617 14,866
TELUS International (Cda), Inc., subordinate voting shares1 533,800 13,964
Enphase Energy, Inc.1 45,303 12,570
Globant SA1 57,138 10,689
American Funds Insurance Series — Growth Fund — Page 15 of 255
unaudited
Common stocks (continued)
Information technology (continued) 		  Shares Value
(000)
Kulicke and Soffa Industries, Inc. 151,860 $5,851
Stripe, Inc., Class B1,3,4 168,598 4,846
      5,978,011
Health care 16.32%      
Regeneron Pharmaceuticals, Inc.1 1,183,991 815,616
UnitedHealth Group, Inc. 1,537,251 776,373
Alnylam Pharmaceuticals, Inc.1 2,061,030 412,536
Intuitive Surgical, Inc.1 2,058,000 385,752
Centene Corp.1 4,602,430 358,115
Thermo Fisher Scientific, Inc. 532,200 269,926
Vertex Pharmaceuticals, Inc.1 879,601 254,680
Seagen, Inc.1 1,421,513 194,506
NovoCure, Ltd.1 2,388,098 181,448
Eli Lilly and Company 422,381 136,577
CVS Health Corp. 1,034,700 98,679
Moderna, Inc.1 750,000 88,687
Edwards Lifesciences Corp.1 906,411 74,897
Pfizer, Inc. 1,675,000 73,298
AstraZeneca PLC 550,784 60,570
Danaher Corp. 216,235 55,851
Gilead Sciences, Inc. 899,185 55,471
Horizon Therapeutics PLC1 823,167 50,946
Molina Healthcare, Inc.1 145,723 48,065
Verily Life Sciences, LLC1,3,4 300,178 45,222
Guardant Health, Inc.1 768,158 41,350
Abbott Laboratories 426,712 41,289
Zoetis, Inc., Class A 259,183 38,434
Karuna Therapeutics, Inc.1 170,239 38,292
Zimmer Biomet Holdings, Inc. 353,900 37,000
Inari Medical, Inc.1 502,200 36,480
Humana, Inc. 65,982 32,014
Catalent, Inc.1 409,100 29,602
Mettler-Toledo International, Inc.1 26,000 28,187
Align Technology, Inc.1 112,000 23,196
Biohaven Pharmaceutical Holding Co., Ltd.1 131,100 19,818
Oak Street Health, Inc.1 806,352 19,772
CRISPR Therapeutics AG1 262,678 17,166
R1 RCM, Inc.1 912,865 16,915
Ascendis Pharma A/S (ADR)1 140,377 14,495
DexCom, Inc.1 148,800 11,984
Exact Sciences Corp.1 341,000 11,079
Galapagos NV1 231,294 9,897
Pacific Biosciences of California, Inc.1,2 1,613,190 9,365
Fate Therapeutics, Inc.1 417,000 9,345
Ultragenyx Pharmaceutical, Inc.1 161,278 6,679
Sana Biotechnology, Inc.1,2 179,600 1,078
      4,930,652
Communication services 13.55%      
Meta Platforms, Inc., Class A1 9,713,669 1,317,951
Alphabet, Inc., Class C1 7,059,880 678,808
Alphabet, Inc., Class A1 2,232,320 213,521
Netflix, Inc.1 3,718,263 875,428
Activision Blizzard, Inc. 3,000,000 223,020
American Funds Insurance Series — Growth Fund — Page 16 of 255
unaudited
Common stocks (continued)
Communication services (continued) 		  Shares Value
(000)
Verizon Communications, Inc. 3,720,000 $141,248
Charter Communications, Inc., Class A1 395,486 119,971
Snap, Inc., Class A, nonvoting shares1 8,880,711 87,209
ZoomInfo Technologies, Inc.1 1,880,300 78,333
Frontier Communications Parent, Inc.1 3,168,010 74,226
T-Mobile US, Inc.1 447,940 60,100
Comcast Corp., Class A 1,822,263 53,447
Take-Two Interactive Software, Inc.1 405,245 44,172
Pinterest, Inc., Class A1 1,752,664 40,837
Electronic Arts, Inc. 329,981 38,182
Iridium Communications, Inc.1 604,439 26,819
Tencent Holdings, Ltd. 605,000 20,432
      4,093,704
Industrials 8.72%      
Uber Technologies, Inc.1 14,166,767 375,419
TransDigm Group, Inc. 562,400 295,159
Jacobs Solutions, Inc. 2,509,000 272,201
Carrier Global Corp. 7,599,761 270,248
Delta Air Lines, Inc.1 7,215,000 202,453
United Rentals, Inc.1 462,000 124,795
Caterpillar, Inc. 676,300 110,967
Robert Half International, Inc. 1,170,800 89,566
Ryanair Holdings PLC (ADR)1 1,500,325 87,649
Ryanair Holdings PLC1 96,554 980
Airbus SE, non-registered shares 955,893 82,582
MTU Aero Engines AG 541,769 81,755
Middleby Corp.1 449,500 57,612
United Airlines Holdings, Inc.1 1,695,914 55,168
Axon Enterprise, Inc.1 428,000 49,541
Dun & Bradstreet Holdings, Inc. 3,869,573 47,944
Boeing Company1 395,000 47,827
Northrop Grumman Corp. 98,700 46,421
Advanced Drainage Systems, Inc. 350,426 43,583
Canadian Pacific Railway, Ltd. 496,000 33,093
BWX Technologies, Inc. 607,600 30,605
Waste Connections, Inc. 222,159 30,020
AMETEK, Inc. 253,600 28,761
HEICO Corp. 195,000 28,076
Rockwell Automation 129,246 27,802
Armstrong World Industries, Inc. 326,344 25,856
ITT, Inc. 343,000 22,412
Safran SA 185,870 16,900
Old Dominion Freight Line, Inc. 65,500 16,294
Equifax, Inc. 87,100 14,932
Saia, Inc.1 75,433 14,332
L3Harris Technologies, Inc. 24,800 5,154
      2,636,107
Financials 5.74%      
Bank of America Corp. 14,780,700 446,377
First Republic Bank 1,195,501 156,073
Capital One Financial Corp. 1,399,000 128,946
KKR & Co., Inc. 2,218,594 95,400
SVB Financial Group1 246,315 82,708
American Funds Insurance Series — Growth Fund — Page 17 of 255
unaudited
Common stocks (continued)
Financials (continued) 		  Shares Value
(000)
Apollo Asset Management, Inc. 1,557,942 $72,444
Western Alliance Bancorporation 1,071,775 70,458
Wells Fargo & Company 1,735,200 69,790
T. Rowe Price Group, Inc. 642,000 67,416
MSCI, Inc. 146,390 61,746
Marsh & McLennan Companies, Inc. 403,461 60,233
Signature Bank 360,183 54,388
Blackstone, Inc., nonvoting shares 633,700 53,041
Tradeweb Markets, Inc., Class A 832,010 46,942
S&P Global, Inc. 141,000 43,054
Aon PLC, Class A 155,700 41,707
Blue Owl Capital, Inc., Class A 2,891,712 26,691
Brookfield Asset Management, Inc., Class A 585,103 23,925
CME Group, Inc., Class A 121,648 21,548
Progressive Corp. 183,732 21,351
Arch Capital Group, Ltd.1 458,700 20,889
Ares Management Corp., Class A 310,500 19,235
Trupanion, Inc.1 287,655 17,095
Morgan Stanley 201,800 15,944
Ryan Specialty Holdings, Inc., Class A1 372,600 15,135
Goosehead Insurance, Inc., Class A1 20,882 744
      1,733,280
Energy 4.40%      
Canadian Natural Resources, Ltd. (CAD denominated) 6,840,000 318,393
Halliburton Company 12,143,661 298,977
Cenovus Energy, Inc. (CAD denominated) 11,261,666 172,999
EQT Corp. 2,268,000 92,421
Tourmaline Oil Corp. 1,408,700 73,212
Pioneer Natural Resources Company 328,000 71,022
EOG Resources, Inc. 574,314 64,168
Permian Resources Corp., Class A1 7,922,828 53,875
ConocoPhillips 472,041 48,309
MEG Energy Corp.1 3,810,000 42,641
Coterra Energy, Inc. 1,275,197 33,308
Suncor Energy, Inc. 1,027,873 28,946
Range Resources Corp. 907,000 22,911
Equitrans Midstream Corp. 936,942 7,008
      1,328,190
Materials 2.86%      
Silgan Holdings, Inc. 2,835,000 119,183
Wheaton Precious Metals Corp. 3,674,000 118,891
Linde PLC 319,392 86,105
Grupo México, SAB de CV, Series B 25,356,800 85,767
CF Industries Holdings, Inc. 703,000 67,664
Barrick Gold Corp. 4,058,000 62,899
Mosaic Co. 1,160,988 56,110
Nutrien, Ltd. (CAD denominated) 665,949 55,538
ATI, Inc.1 2,070,860 55,106
Royal Gold, Inc. 517,000 48,505
Franco-Nevada Corp. 390,000 46,585
Steel Dynamics, Inc. 337,000 23,910
Sherwin-Williams Company 69,458 14,221
American Funds Insurance Series — Growth Fund — Page 18 of 255
unaudited
Common stocks (continued)
Materials (continued) 		  Shares Value
(000)
Summit Materials, Inc., Class A1 561,313 $13,449
Vale SA (ADR), ordinary nominative shares 806,772 10,746
      864,679
Consumer staples 2.23%      
Constellation Brands, Inc., Class A 521,817 119,851
Costco Wholesale Corp. 253,000 119,484
Monster Beverage Corp.1 1,219,900 106,083
British American Tobacco PLC 2,768,763 99,009
Archer Daniels Midland Company 784,800 63,137
Altria Group, Inc. 1,522,374 61,474
Estée Lauder Companies, Inc., Class A 211,111 45,579
Molson Coors Beverage Co., Class B, restricted voting shares 608,423 29,198
Philip Morris International, Inc. 201,113 16,694
Performance Food Group Co.1 338,000 14,517
      675,026
Utilities 0.49%      
PG&E Corp.1 7,077,065 88,463
AES Corp. 1,085,884 24,541
CenterPoint Energy, Inc. 855,797 24,117
Edison International 199,191 11,270
      148,391
Real estate 0.10%      
Equinix, Inc. REIT 51,784 29,457
Total common stocks (cost: $20,436,101,000)     28,938,053
Preferred securities 0.18%
Information technology 0.15% 		     
PsiQuantum Corp., Series D, preferred shares1,3,4 906,761 24,501
Samsung Electronics Co., Ltd., nonvoting preferred shares 531,000 17,278
Tipalti Solutions, Ltd., Series F, preferred shares1,3,4 406,310 3,319
Stripe, Inc., Series H, 6.00% noncumulative preferred shares1,3,4 52,656 1,513
      46,611
Industrials 0.03%      
ABL Space Systems Co., Series B2, preferred shares1,3,4 153,713 8,885
Total preferred securities (cost: $65,450,000)     55,496
Convertible stocks 0.02%
Financials 0.02% 		     
KKR & Co., Inc., Series C, convertible preferred shares, 6.00% 2023 125,800 6,846
Total convertible stocks (cost: $7,758,000)     6,846
Convertible bonds & notes 0.03%
Consumer staples 0.02% 		  Principal amount
(000) 		 
JUUL Labs, Inc., convertible notes, 7.00% PIK 20253,4,5 USD45,660 5,872
American Funds Insurance Series — Growth Fund — Page 19 of 255
unaudited
Convertible bonds & notes (continued)
Industrials 0.01% 		  Principal amount
(000) 		Value
(000)
Einride AB, convertible notes, 7.00% 20233,4 USD2,500 $3,158
Total convertible bonds & notes (cost: $45,938,000)     9,030
Bonds, notes & other debt instruments 0.05%
Corporate bonds, notes & loans 0.05%
Consumer discretionary 0.05% 		     
Royal Caribbean Cruises, Ltd. 5.50% 20286 19,060 13,396
Total bonds, notes & other debt instruments (cost: $13,989,000)     13,396
Short-term securities 3.91%
Money market investments 3.80% 		  Shares  
Capital Group Central Cash Fund 2.81%7,8 11,485,636 1,148,449
Money market investments purchased with collateral from securities on loan 0.11%      
Capital Group Central Cash Fund 2.81%7,8,9 181,954 18,193
Goldman Sachs Financial Square Government Fund, Institutional Shares 2.93%7,9 2,916,165 2,916
BlackRock Liquidity Funds – FedFund, Institutional Shares  2.76%7,9 2,910,924 2,911
Invesco Short-Term Investments Trust – Government & Agency Portfolio,
Institutional Class 2.88%7,9 		2,910,924 2,911
Morgan Stanley Institutional Liquidity Funds – Government Portfolio,
Institutional Class 2.80%7,9 		2,910,924 2,911
State Street Institutional U.S. Government Money Market Fund, Institutional Class 2.91%7,9 2,910,924 2,911
      32,753
Total short-term securities (cost: $1,180,971,000)     1,181,202
Total investment securities 99.96% (cost: $21,750,207,000)     30,204,023
Other assets less liabilities 0.04%     13,368
Net assets 100.00%     $30,217,391
American Funds Insurance Series — Growth Fund — Page 20 of 255
unaudited
Investments in affiliates8
  Value of
affiliates at
1/1/2022
(000) 		Additions
(000) 		Reductions
(000) 		Net
realized
loss
(000) 		  Net
unrealized
appreciation
(000) 		  Value of
affiliates at
9/30/2022
(000) 		  Dividend
income
(000)
Short-term securities 3.86%
Money market investments 3.80%                    
Capital Group Central Cash Fund 2.81%7 $1,610,187 $3,875,899 $4,337,285 $(388)   $36   $1,148,449   $10,906
Money market investments purchased with collateral
from securities on loan 0.06% 		                   
Capital Group Central Cash Fund 2.81%7,9 20,304   2,11110         18,193   —11
Total 3.86%       $(388)   $36   $1,166,642   $10,906
Restricted securities4
  Acquisition
date(s) 		Cost
(000) 		  Value
(000) 		  Percent
of net
assets
Verily Life Sciences, LLC1,3 12/21/2018 $37,000   $45,222   .15%
PsiQuantum Corp., Series D, preferred shares1,3 5/28/2021 23,781   24,501   .08
ABL Space Systems Co., Series B2, preferred shares1,3 10/22/2021 10,452   8,885   .03
Stripe, Inc., Class B1,3 5/6/2021 6,766   4,846   .02
Stripe, Inc., Series H, 6.00% noncumulative preferred shares1,3 3/15/2021 2,113   1,513   .00
JUUL Labs, Inc., convertible notes, 7.00% PIK 20253,5 2/3/2020-8/3/2022 43,438   5,872   .02
Tipalti Solutions, Ltd., Series F, preferred shares1,3 12/1/2021 6,956   3,319   .01
Einride AB, convertible notes, 7.00% 20233 1/7/2022 2,500   3,158   .01
Total   $133,006   $97,316   .32%
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 $35,061,000, which represented .12% of the net assets of the fund.
3 Value determined using significant unobservable inputs.
4 Restricted security, other than Rule 144A, subject to legal or contractual restrictions on resale, including private placement securities not registered under the Securities Act of 1933. The total value of all such restricted securities was $97,316,000, which represented .32% 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 Acquired in a transaction exempt from registration under Rule 144A of the Securities Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers. The total value of all such securities was $13,396,000, which represented .04% of the net assets of the fund.
7 Rate represents the seven-day yield at 9/30/2022.
8 Part of the same “group of investment companies“ as the fund as defined under the Investment Company Act of 1940, as amended.
9 Security purchased with cash collateral from securities on loan.
10 Represents net activity.
11 Dividend income is included with securities lending income and is not shown in this table.
Key to abbreviations
ADR = American Depositary Receipts
CAD = Canadian dollars
PIK = Payment In Kind
REIT = Real Estate Investment Trust
USD = U.S. dollars
American Funds Insurance Series — Growth Fund — Page 21 of 255
International Fund
Investment portfolio
September 30, 2022
unaudited
Common stocks 92.02%
Information technology 14.49% 		  Shares Value
(000)
SK hynix, Inc. 4,239,797 $243,272
Shopify, Inc., Class A, subordinate voting shares1 3,821,370 102,948
Taiwan Semiconductor Manufacturing Company, Ltd. 6,501,000 85,451
ASML Holding NV 205,218 85,123
Nice, Ltd. (ADR)1 397,150 74,760
Fujitsu, Ltd. 437,900 47,224
Atlassian Corp. PLC, Class A1 137,701 28,998
Nomura Research Institute, Ltd. 1,056,200 25,959
NXP Semiconductors NV 173,200 25,549
Samsung Electronics Co., Ltd. 631,500 23,203
Keyence Corp. 50,900 16,899
Infineon Technologies AG 728,000 16,133
Disco Corp. 65,800 14,339
TELUS International (Cda), Inc., subordinate voting shares1 499,900 13,077
Delta Electronics, Inc. 1,408,000 11,189
OBIC Co., Ltd. 83,700 11,097
Constellation Software, Inc. 7,730 10,756
Dassault Systemes SE 277,000 9,522
Hexagon AB, Class B 925,700 8,582
Suse SA1,2 576,586 8,499
ASM International NV 31,648 7,081
Kingdee International Software Group Co., Ltd.1 4,786,000 6,188
Infosys, Ltd. 329,392 5,644
PagSeguro Digital, Ltd., Class A1 426,548 5,643
Canva, Inc.1,3,4 4,819 4,998
Tata Consultancy Services, Ltd. 113,863 4,163
      896,297
Industrials 14.24%      
Recruit Holdings Co., Ltd. 7,219,989 208,392
Airbus SE, non-registered shares 1,657,958 143,235
Safran SA 579,000 52,645
Melrose Industries PLC 36,613,980 40,880
MTU Aero Engines AG 229,720 34,666
NIBE Industrier AB, Class B 3,878,804 34,440
Siemens AG 331,702 32,830
SMC Corp. 77,100 31,104
Thales SA 271,438 29,940
Ashtead Group PLC 645,000 28,797
DSV A/S 230,223 26,684
Techtronic Industries Co., Ltd. 2,718,000 25,678
ASSA ABLOY AB, Class B 1,277,644 23,876
International Container Terminal Services, Inc. 7,953,240 21,264
Shenzhen Inovance Technology Co., Ltd., Class A 2,350,967 18,990
ZTO Express (Cayman), Inc., Class A (ADR) 685,354 16,469
Brenntag SE 259,299 15,823
American Funds Insurance Series — International Fund — Page 22 of 255
unaudited
Common stocks (continued)
Industrials (continued) 		  Shares Value
(000)
Rumo SA 4,301,900 $14,737
CCR SA, ordinary nominative shares 5,580,000 12,961
Grab Holdings, Ltd., Class A1 4,227,263 11,118
Airports of Thailand PCL, foreign registered shares1 5,078,900 9,720
Diploma PLC 335,900 8,612
Kingspan Group PLC 153,796 6,872
Fluidra, SA, non-registered shares 432,985 6,455
LIXIL Corp. 441,700 6,400
Larsen & Toubro, Ltd. 282,701 6,370
BAE Systems PLC 617,024 5,421
Ryanair Holdings PLC (ADR)1 51,300 2,997
Zhejiang Sanhua Intelligent Controls Co., Ltd., Class A 846,334 2,933
      880,309
Health care 12.36%      
Daiichi Sankyo Company, Ltd. 9,259,208 257,562
Olympus Corp. 5,808,100 111,782
Novo Nordisk A/S, Class B 1,070,972 106,748
WuXi Biologics (Cayman), Inc.1 13,341,800 79,937
Bayer AG 841,261 38,822
Siemens Healthineers AG 833,668 36,112
WuXi AppTec Co., Ltd., Class A 2,367,360 23,697
WuXi AppTec Co., Ltd., Class H 312,000 2,485
Grifols, SA, Class A, non-registered shares1 2,451,598 20,989
Grifols, SA, Class B (ADR)1 793,690 4,889
HOYA Corp. 198,300 19,065
M3, Inc. 644,835 17,781
Hapvida Participações e Investimentos SA1 8,863,653 12,439
Insulet Corp.1 46,653 10,702
Alcon, Inc. 133,937 7,756
Ambu AS, Class B, non-registered shares 545,233 4,712
bioMérieux SA 58,300 4,594
CanSino Biologics, Inc., Class H2 729,200 4,096
      764,168
Financials 10.57%      
Kotak Mahindra Bank, Ltd. 8,323,107 184,223
AIA Group, Ltd. 12,210,576 101,379
ABN AMRO Bank NV 7,815,662 70,054
Aegon NV 12,263,736 48,737
HDFC Bank, Ltd. 1,989,712 34,477
HDFC Bank, Ltd. (ADR) 207,750 12,137
Nu Holdings, Ltd., Class A1 8,115,368 35,708
Bajaj Finance, Ltd. 396,342 35,372
CaixaBank, SA 8,014,191 25,825
ING Groep NV 2,331,678 19,993
Futu Holdings, Ltd. (ADR)1,2 476,806 17,780
FinecoBank SpA 1,211,135 14,886
KBC Groep NV 242,803 11,390
B3 SA-Brasil, Bolsa, Balcao 4,413,000 10,676
Allfunds Group PLC 1,266,915 9,287
Ping An Insurance (Group) Company of China, Ltd., Class A 817,263 4,774
Ping An Insurance (Group) Company of China, Ltd., Class H 898,500 4,467
American Funds Insurance Series — International Fund — Page 23 of 255
unaudited
Common stocks (continued)
Financials (continued) 		  Shares Value
(000)
Bajaj Finserv, Ltd. 325,950 $6,671
XP, Inc., Class A1 292,000 5,551
      653,387
Consumer discretionary 9.32%      
MercadoLibre, Inc.1 128,451 106,329
Evolution AB 916,701 72,192
Sony Group Corp. 920,500 59,246
Galaxy Entertainment Group, Ltd. 9,204,000 53,741
Ferrari NV (EUR denominated) 230,543 43,000
LVMH Moët Hennessy-Louis Vuitton SE 72,682 42,725
Maruti Suzuki India, Ltd. 303,300 32,852
Flutter Entertainment PLC1 299,971 32,770
Kering SA 53,565 23,687
Coupang, Inc., Class A1 1,304,214 21,741
Entain PLC 1,708,453 20,516
JD.com, Inc., Class A (ADR) 239,660 12,055
JD.com, Inc., Class A 266,775 6,736
Alibaba Group Holding, Ltd. (ADR)1 213,000 17,038
EssilorLuxottica 80,200 10,867
InterContinental Hotels Group PLC 155,468 7,459
Las Vegas Sands Corp.1 180,824 6,785
Aptiv PLC1 84,000 6,570
      576,309
Energy 9.31%      
Reliance Industries, Ltd. 9,393,560 271,693
Petróleo Brasileiro SA (Petrobras) (ADR), ordinary nominative shares 6,724,576 82,981
Neste OYJ 1,756,952 76,201
TotalEnergies SE 1,147,298 54,003
Woodside Energy Group, Ltd. 1,967,852 40,033
Canadian Natural Resources, Ltd. (CAD denominated) 701,700 32,663
Shell PLC (GBP denominated) 573,839 14,277
Cenovus Energy, Inc. (CAD denominated) 233,421 3,586
      575,437
Materials 9.12%      
First Quantum Minerals, Ltd. 10,951,800 185,919
Fortescue Metals Group, Ltd. 12,796,750 137,148
Vale SA (ADR), ordinary nominative shares 6,886,607 91,730
Vale SA, ordinary nominative shares 770,681 10,292
Shin-Etsu Chemical Co., Ltd. 395,300 39,255
JSR Corp. 1,681,700 32,047
Ivanhoe Mines, Ltd., Class A1 3,403,051 21,901
Wacker Chemie AG 147,773 15,289
Koninklijke DSM NV 93,550 10,611
Linde PLC 35,287 9,513
BASF SE 136,760 5,300
Yunnan Energy New Material Co., Ltd., Class A 196,300 4,817
      563,822
Communication services 5.75%      
Sea, Ltd., Class A (ADR)1 2,526,842 141,630
Bharti Airtel, Ltd. 12,732,125 124,353
Bharti Airtel, Ltd., interim shares 836,308 4,106
American Funds Insurance Series — International Fund — Page 24 of 255
unaudited
Common stocks (continued)
Communication services (continued) 		  Shares Value
(000)
Universal Music Group NV 1,312,633 $24,743
Informa PLC 3,630,108 20,913
Ubisoft Entertainment SA1 518,403 14,233
Singapore Telecommunications, Ltd. 5,800,500 10,676
SoftBank Group Corp. 224,200 7,616
Vivendi SE 907,392 7,033
Yandex NV, Class A1,3 313,000 —5
      355,303
Consumer staples 4.34%      
Kweichow Moutai Co., Ltd., Class A 224,223 58,979
Danone SA 878,392 41,387
Seven & i Holdings Co., Ltd. 941,000 37,799
Treasury Wine Estates, Ltd. 4,139,490 33,330
British American Tobacco PLC 911,000 32,577
Kobe Bussan Co., Ltd. 754,900 18,067
CP ALL PCL, foreign registered shares 9,053,300 13,444
Nestlé SA 78,463 8,496
Dabur India, Ltd. 933,875 6,543
Inner Mongolia Yili Industrial Group Co., Ltd., Class A 1,390,903 6,458
Shiseido Company, Ltd. 179,400 6,280
Chocoladefabriken Lindt & Sprüngli AG 49 4,858
      268,218
Utilities 1.83%      
ENN Energy Holdings, Ltd. 8,532,700 113,539
Real estate 0.69%      
ESR Group, Ltd. 14,852,600 37,464
Ayala Land, Inc. 13,552,800 5,251
      42,715
Total common stocks (cost: $5,873,415,000)     5,689,504
Preferred securities 0.93%
Energy 0.26% 		     
Petróleo Brasileiro SA (Petrobras), preferred nominative shares 2,980,131 16,463
Consumer discretionary 0.24%      
Dr. Ing. h.c. F. Porsche AG, nonvoting non-registered shares1 180,754 14,615
Health care 0.23%      
Grifols, SA, Class B, nonvoting non-registered preferred shares1 2,274,930 14,230
Financials 0.19%      
Itaú Unibanco Holding SA, preferred nominative shares 2,246,000 11,683
Information technology 0.01%      
Canva, Inc., Series A, noncumulative preferred shares1,3,4 422 437
American Funds Insurance Series — International Fund — Page 25 of 255
unaudited
Preferred securities (continued)
Information technology (continued) 		  Shares Value
(000)
Canva, Inc., Series A-3, noncumulative preferred shares1,3,4 18 $19
Canva, Inc., Series A-4, noncumulative preferred shares1,3,4 1 1
      457
Total preferred securities (cost: $85,469,000)     57,448
Rights & warrants 0.17%
Health care 0.17% 		     
WuXi AppTec Co., Ltd., Class A, warrants, expire 20221,6 1,075,200 10,763
Total rights & warrants (cost: $20,683,000)     10,763
Short-term securities 6.35%
Money market investments 6.27% 		     
Capital Group Central Cash Fund 2.81%7,8 3,879,148 387,876
Money market investments purchased with collateral from securities on loan 0.08%      
Capital Group Central Cash Fund 2.81%7,8,9 25,409 2,541
BlackRock Liquidity Funds – FedFund, Institutional Shares  2.76%7,9 406,496 407
Goldman Sachs Financial Square Government Fund, Institutional Shares 2.93%7,9 407,228 407
Invesco Short-Term Investments Trust – Government & Agency Portfolio,
Institutional Class 2.88%7,9 		406,496 407
Morgan Stanley Institutional Liquidity Funds – Government Portfolio,
Institutional Class 2.80%7,9 		406,496 406
State Street Institutional U.S. Government Money Market Fund, Institutional Class 2.91%7,9 406,496 406
      4,574
Total short-term securities (cost: $392,402,000)     392,450
Total investment securities 99.47% (cost: $6,371,969,000)     6,150,165
Other assets less liabilities 0.53%     32,643
Net assets 100.00%     $6,182,808
Investments in affiliates8
  Value of
affiliates at
1/1/2022
(000) 		Additions
(000) 		Reductions
(000) 		Net
realized
loss
(000) 		  Net
unrealized
depreciation
(000) 		  Value of
affiliates at
9/30/2022
(000) 		  Dividend
income
(000)
Short-term securities 6.31%
Money market investments 6.27%                    
Capital Group Central Cash Fund 2.81%7 $977,398 $1,230,288 $1,819,606 $(146)   $(58)   $387,876   $5,319
Money market investments purchased with collateral
from securities on loan 0.04% 		                   
Capital Group Central Cash Fund 2.81%7,9 34,059   31,51810         2,541   —11
Total 6.31%       $(146)   $(58)   $390,417   $5,319
American Funds Insurance Series — International Fund — Page 26 of 255
unaudited
Restricted securities4
  Acquisition
date(s) 		Cost
(000) 		  Value
(000) 		  Percent
of net
assets
Canva, Inc.1,3 8/26/2021-11/4/2021 $8,215   $4,998   .08%
Canva, Inc., Series A, noncumulative preferred shares1,3 11/4/2021 719   437   .01
Canva, Inc., Series A-3, noncumulative preferred shares1,3 11/4/2021 31   19   .00
Canva, Inc., Series A-4, noncumulative preferred shares1,3 11/4/2021 2   1   .00
Total   $8,967   $5,455   .09%
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 $5,738,000, which represented .09% of the net assets of the fund.
3 Value determined using significant unobservable inputs.
4 Restricted security, other than Rule 144A, subject to legal or contractual restrictions on resale, including private placement securities not registered under the Securities Act of 1933. The total value of all such restricted securities was $5,455,000, which represented .09% of the net assets of the fund.
5 Amount less than one thousand.
6 Acquired in a transaction exempt from registration under Rule 144A of the Securities Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers. The total value of all such securities was $10,763,000, which represented .17% of the net assets of the fund.
7 Rate represents the seven-day yield at 9/30/2022.
8 Part of the same “group of investment companies“ as the fund as defined under the Investment Company Act of 1940, as amended.
9 Security purchased with cash collateral from securities on loan.
10 Represents net activity.
11 Dividend income is included with securities lending income and is not shown in this table.
Key to abbreviations
ADR = American Depositary Receipts
CAD = Canadian dollars
EUR = Euros
GBP = British pounds
American Funds Insurance Series — International Fund — Page 27 of 255
New World Fund®
Investment portfolio
September 30, 2022
unaudited
Common stocks 86.47%
Information technology 15.18% 		  Shares Value
(000)
Microsoft Corp. 380,284 $88,568
Taiwan Semiconductor Manufacturing Company, Ltd. 4,009,000 52,695
Wolfspeed, Inc.1 312,731 32,324
Micron Technology, Inc. 503,863 25,244
Broadcom, Inc. 50,543 22,442
ASML Holding NV 48,549 20,138
Apple, Inc. 127,034 17,556
Mastercard, Inc., Class A 46,956 13,351
Tata Consultancy Services, Ltd. 274,160 10,025
PagSeguro Digital, Ltd., Class A1 697,280 9,225
Visa, Inc., Class A 50,508 8,973
Infosys, Ltd. (ADR) 342,942 5,820
Infosys, Ltd. 163,296 2,798
Silergy Corp. 642,376 8,420
Keyence Corp. 23,700 7,868
EPAM Systems, Inc.1 21,429 7,761
TELUS International (Cda), Inc., subordinate voting shares1 283,352 7,412
Synopsys, Inc. (USA)1 20,340 6,214
SAP SE 71,056 5,857
NVIDIA Corp. 45,974 5,581
Accenture PLC, Class A 20,570 5,293
Samsung Electronics Co., Ltd. 143,310 5,266
Network International Holdings PLC1 1,498,285 5,073
Nokia Corp. 1,131,289 4,831
Edenred SA 100,382 4,614
Nice, Ltd. (ADR)1 23,806 4,481
Tokyo Electron, Ltd. 15,200 3,763
Kingdee International Software Group Co., Ltd.1 2,808,000 3,631
Flat Glass Group Co., Ltd., Class H 1,385,000 3,359
Applied Materials, Inc. 33,492 2,744
MediaTek, Inc. 148,000 2,576
SK hynix, Inc. 41,006 2,353
ASM International NV 10,046 2,248
Trimble, Inc.1 41,404 2,247
Amadeus IT Group SA, Class A, non-registered shares1 47,823 2,214
PayPal Holdings, Inc.1 23,093 1,988
Advanced Micro Devices, Inc.1 26,479 1,678
Logitech International SA2 36,605 1,671
Cognizant Technology Solutions Corp., Class A 26,044 1,496
Euronet Worldwide, Inc.1 19,267 1,460
KLA Corp. 4,758 1,440
Globant SA1 7,665 1,434
Atlassian Corp. PLC, Class A1 6,703 1,412
FleetCor Technologies, Inc.1 7,609 1,340
Hamamatsu Photonics KK 27,200 1,168
Coforge, Ltd. 26,620 1,085
American Funds Insurance Series — New World Fund — Page 28 of 255
unaudited
Common stocks (continued)
Information technology (continued) 		  Shares Value
(000)
Hundsun Technologies, Inc., Class A 216,990 $1,036
Hexagon AB, Class B 105,226 976
Autodesk, Inc.1 4,715 881
Fabrinet, non-registered shares1 8,740 834
VeriSign, Inc.1 4,446 772
MKS Instruments, Inc. 8,486 701
ON Semiconductor Corp.1 9,471 590
StoneCo, Ltd., Class A1 58,481 557
Disco Corp. 2,100 458
Canva, Inc.1,3,4 385 399
Intel Corp. 3,575 92
      436,433
Health care 12.34%      
Novo Nordisk A/S, Class B 376,309 37,508
Thermo Fisher Scientific, Inc. 72,072 36,554
Eli Lilly and Company 106,946 34,581
Max Healthcare Institute, Ltd.1 4,462,814 22,328
Abbott Laboratories 225,195 21,790
AstraZeneca PLC 152,988 16,824
PerkinElmer, Inc. 129,395 15,570
Danaher Corp. 58,164 15,023
WuXi Biologics (Cayman), Inc.1 2,367,600 14,185
Jiangsu Hengrui Medicine Co., Ltd., Class A 2,429,388 12,013
WuXi AppTec Co., Ltd., Class A 793,659 7,944
WuXi AppTec Co., Ltd., Class H 476,900 3,799
Laurus Labs, Ltd. 1,852,870 11,627
BeiGene, Ltd. (ADR)1 62,835 8,472
BeiGene, Ltd.1 43,300 445
Hypera SA, ordinary nominative shares 992,466 8,141
CSL, Ltd. 41,111 7,454
Olympus Corp. 386,900 7,446
Pfizer, Inc. 167,628 7,335
Rede D’Or Sao Luiz SA 1,255,968 6,920
Hapvida Participações e Investimentos SA1 4,879,823 6,848
Carl Zeiss Meditec AG, non-registered shares 64,290 6,770
Zoetis, Inc., Class A 32,536 4,825
Shionogi & Co., Ltd. 90,300 4,369
Siemens Healthineers AG 100,382 4,348
CanSino Biologics, Inc., Class H 756,118 4,248
Hutchmed China, Ltd. (ADR)1 150,024 1,329
Hutchmed China, Ltd.1 796,232 1,315
Innovent Biologics, Inc.1 840,373 2,618
Legend Biotech Corp. (ADR)1 63,359 2,585
Straumann Holding AG 28,067 2,554
Teva Pharmaceutical Industries, Ltd. (ADR)1 239,668 1,934
OdontoPrev SA, ordinary nominative shares 1,000,547 1,632
Mettler-Toledo International, Inc.1 1,435 1,556
Align Technology, Inc.1 7,339 1,520
Asahi Intecc Co., Ltd. 87,200 1,380
Medtronic PLC 16,413 1,325
Piramal Pharma, Ltd.1,3 488,652 1,242
Pharmaron Beijing Co., Ltd., Class A 142,170 1,083
Pharmaron Beijing Co., Ltd., Class H 24,350 118
Genus PLC 40,970 1,183
American Funds Insurance Series — New World Fund — Page 29 of 255
unaudited
Common stocks (continued)
Health care (continued) 		  Shares Value
(000)
Merck KGaA 5,502 $898
Angelalign Technology, Inc. 85,000 807
Bayer AG 16,010 739
Hangzhou Tigermed Consulting Co., Ltd., Class A 50,871 653
Zai Lab, Ltd. (ADR)1 16,060 549
Shandong Pharmaceutical Glass Co., Ltd., Class A 66,700 272
Grifols, SA, Class A, non-registered shares1 8,562 73
      354,732
Financials 12.29%      
Kotak Mahindra Bank, Ltd. 2,784,738 61,637
AIA Group, Ltd. 4,258,600 35,357
B3 SA-Brasil, Bolsa, Balcao 9,940,686 24,049
HDFC Bank, Ltd. 1,219,608 21,133
Bajaj Finance, Ltd. 214,820 19,172
Ping An Insurance (Group) Company of China, Ltd., Class H 3,718,844 18,491
Capitec Bank Holdings, Ltd. 191,098 16,381
ICICI Bank, Ltd. 691,913 7,248
ICICI Bank, Ltd. (ADR) 290,799 6,098
AU Small Finance Bank, Ltd. 1,678,445 12,635
Industrial and Commercial Bank of China, Ltd., Class H 23,785,000 11,096
Bank Central Asia Tbk PT 16,678,000 9,310
Nu Holdings, Ltd., Class A1 1,999,299 8,797
UniCredit SpA 748,995 7,574
Bank Mandiri (Persero) Tbk PT 10,767,600 6,602
Discovery, Ltd.1 1,031,046 5,954
Bank Rakyat Indonesia (Persero) Tbk PT 19,731,300 5,804
Banco Bilbao Vizcaya Argentaria, SA 1,206,324 5,418
XP, Inc., Class A1 274,179 5,212
China Merchants Bank Co., Ltd., Class H 1,008,000 4,664
Moody’s Corp. 17,666 4,295
PB Fintech, Ltd.1 741,722 4,270
Eurobank Ergasias Services and Holdings SA1 5,095,935 4,216
Hong Kong Exchanges and Clearing, Ltd. 115,600 3,925
Bank of Baroda 2,270,540 3,656
Bajaj Finserv, Ltd. 177,320 3,629
Canara Bank 1,259,956 3,503
Alpha Services and Holdings SA1 4,264,504 3,321
Grupo Financiero Banorte, SAB de CV, Series O 473,793 3,042
East Money Information Co., Ltd., Class A 1,186,056 2,928
DBS Group Holdings, Ltd. 122,873 2,841
Aon PLC, Class A 10,455 2,801
Standard Bank Group, Ltd. 330,214 2,605
Postal Savings Bank of China Co., Ltd., Class H 3,919,000 2,294
S&P Global, Inc. 6,853 2,093
Fairfax Financial Holdings, Ltd., subordinate voting shares 4,550 2,078
China Construction Bank Corp., Class H 3,567,000 2,053
Lufax Holding, Ltd. (ADR) 778,400 1,977
National Bank of Greece SA1 482,747 1,425
Banco Santander México, SA, Institución de Banca Múltiple, Grupo Financiero Santander México, Class B 1,389,617 1,383
Piramal Enterprises, Ltd. 122,163 1,295
TISCO Financial Group PCL, foreign registered shares 343,800 840
HDFC Life Insurance Company, Ltd. 23,813 155
Sberbank of Russia PJSC1,3,4 2,662,164 —5
American Funds Insurance Series — New World Fund — Page 30 of 255
unaudited
Common stocks (continued)
Financials (continued) 		  Shares Value
(000)
Moscow Exchange MICEX-RTS PJSC1,3 438,203 $—5
TCS Group Holding PLC (GDR)1,3 78,482 —5
      353,257
Consumer discretionary 10.37%      
LVMH Moët Hennessy-Louis Vuitton SE 58,615 34,456
MercadoLibre, Inc.1 33,890 28,054
Galaxy Entertainment Group, Ltd. 3,026,000 17,668
Hermès International 13,635 16,026
Midea Group Co., Ltd., Class A 2,251,968 15,648
Li Ning Co., Ltd. 2,036,501 15,476
General Motors Company 468,039 15,019
Evolution AB 173,353 13,652
EssilorLuxottica 74,070 10,036
H World Group, Ltd. (ADR) 206,119 6,913
H World Group, Ltd. 604,820 2,060
YUM! Brands, Inc. 70,285 7,474
Trip.com Group, Ltd. (ADR)1 266,761 7,285
Astra International Tbk PT 16,351,100 7,054
Tesla, Inc.1 23,397 6,206
Kering SA 13,661 6,041
Zhongsheng Group Holdings, Ltd. 1,513,500 5,951
JD.com, Inc., Class A 231,880 5,855
Alibaba Group Holding, Ltd.1 491,872 4,934
Jumbo SA 367,791 4,904
Titan Co., Ltd. 153,168 4,867
Marriott International, Inc., Class A 32,148 4,505
NIKE, Inc., Class B 52,207 4,339
Americanas SA, ordinary nominative shares 1,356,092 4,269
Industria de Diseño Textil, SA 198,305 4,096
IDP Education, Ltd.2 212,840 3,561
Booking Holdings, Inc.1 2,122 3,487
Prosus NV, Class N 63,003 3,283
adidas AG 25,535 2,963
Airbnb, Inc., Class A1 27,022 2,838
Lear Corp. 22,412 2,683
Maruti Suzuki India, Ltd. 23,969 2,596
Magazine Luiza SA1 2,856,097 2,372
Samsonite International SA1 896,100 2,151
InterContinental Hotels Group PLC 40,738 1,954
Aptiv PLC1 24,637 1,927
Melco Resorts & Entertainment, Ltd. (ADR)1 237,753 1,576
Fast Retailing Co., Ltd. 2,700 1,435
Sands China, Ltd.1 558,400 1,383
JD Health International, Inc.1 241,200 1,375
Naspers, Ltd., Class N 10,720 1,329
Shangri-La Asia, Ltd.1 1,882,000 1,306
Levi Strauss & Co., Class A 89,390 1,294
Inchcape PLC 158,322 1,191
FSN E-Commerce Ventures, Ltd.1 64,262 1,002
Cie. Financière Richemont SA, Class A 9,543 895
Flutter Entertainment PLC1 6,950 759
Entain PLC 52,187 627
Gree Electric Appliances, Inc. of Zhuhai, Class A 132,946 608
Cyrela Brazil Realty SA, ordinary nominative shares 115,141 392
American Funds Insurance Series — New World Fund — Page 31 of 255
unaudited
Common stocks (continued)
Consumer discretionary (continued) 		  Shares Value
(000)
Jiumaojiu International Holdings, Ltd. 185,000 $302
Ozon Holdings PLC (ADR)1,3 209,599 —5
      298,077
Industrials 9.28%      
Airbus SE, non-registered shares 370,290 31,990
Larsen & Toubro, Ltd. 725,144 16,340
IMCD NV 121,585 14,430
General Electric Co. 229,973 14,238
Copa Holdings, SA, Class A1 182,369 12,221
Rumo SA 3,491,874 11,962
Safran SA 129,062 11,735
Shenzhen Inovance Technology Co., Ltd., Class A 1,423,174 11,496
DSV A/S 97,424 11,292
Carrier Global Corp. 304,513 10,828
International Container Terminal Services, Inc. 3,655,950 9,775
Grab Holdings, Ltd., Class A1 2,891,086 7,604
Daikin Industries, Ltd. 45,300 7,000
Zhejiang Sanhua Intelligent Controls Co., Ltd., Class A 2,013,724 6,979
Suzhou Maxwell Technologies Co., Ltd., Class A 96,900 6,621
Caterpillar, Inc. 38,886 6,380
ZTO Express (Cayman), Inc., Class A (ADR) 249,612 5,998
Thales SA 47,030 5,187
TransDigm Group, Inc. 9,831 5,159
CCR SA, ordinary nominative shares 1,905,054 4,425
InPost SA1 701,023 4,094
Contemporary Amperex Technology Co., Ltd., Class A 64,147 3,601
Wizz Air Holdings PLC1 188,202 3,310
Raytheon Technologies Corp. 38,950 3,188
Boeing Company1 25,256 3,058
Interpump Group SpA 88,061 2,848
SMC Corp. 7,000 2,824
Centre Testing International Group Co., Ltd. 953,496 2,735
Spirax-Sarco Engineering PLC 21,981 2,525
BAE Systems PLC 273,358 2,402
Bharat Electronics, Ltd. 1,882,575 2,324
Nidec Corp. 37,400 2,107
Havells India, Ltd. 127,229 2,104
Bureau Veritas SA 87,784 1,960
Epiroc AB, Class B 152,819 1,922
ABB, Ltd. 71,165 1,833
Grupo Aeroportuario del Pacífico, SAB de CV, Class B 138,779 1,754
AirTAC International Group 74,000 1,693
Hitachi, Ltd. 37,400 1,584
Siemens AG 14,679 1,453
Mitsui & Co., Ltd. 60,100 1,289
Atlas Copco AB, Class B 124,991 1,034
Haitian International Holdings, Ltd. 476,000 896
Experian PLC 27,683 812
Techtronic Industries Co., Ltd. 70,500 666
Vicor Corp.1 8,616 510
Hefei Meyer Optoelectronic Technology, Inc., Class A 126,100 406
Ryanair Holdings PLC (ADR)1 4,000 234
      266,826
American Funds Insurance Series — New World Fund — Page 32 of 255
unaudited
Common stocks (continued)
Materials 7.61% 		  Shares Value
(000)
Vale SA (ADR), ordinary nominative shares 1,793,401 $23,888
Vale SA, ordinary nominative shares 1,564,716 20,897
First Quantum Minerals, Ltd. 1,426,815 24,222
Albemarle Corp. 82,134 21,720
Asian Paints, Ltd. 522,903 21,448
Freeport-McMoRan, Inc. 633,791 17,322
Linde PLC 46,430 12,517
Pidilite Industries, Ltd. 359,264 11,787
Sika AG 54,120 10,837
Sociedad Química y Minera de Chile SA, Class B (ADR) 59,935 5,439
Barrick Gold Corp. 323,276 5,011
Givaudan SA 1,354 4,082
Shin-Etsu Chemical Co., Ltd. 39,900 3,962
LANXESS AG 133,996 3,924
Yunnan Energy New Material Co., Ltd., Class A 142,500 3,497
Wacker Chemie AG 33,237 3,439
Loma Negra Compania Industrial Argentina SA (ADR) 505,941 3,152
Fresnillo PLC 299,094 2,556
Shandong Sinocera Functional Material Co., Ltd., Class A 550,800 2,248
SIG Group AG 87,976 1,787
CCL Industries, Inc., Class B, nonvoting shares 34,789 1,686
Amcor PLC (CDI) 142,086 1,509
Wheaton Precious Metals Corp. 45,653 1,477
Arkema SA 18,951 1,382
OCI NV 37,480 1,378
Koninklijke DSM NV 11,275 1,279
Corteva, Inc. 19,893 1,137
Umicore SA 37,150 1,077
Grupo México, SAB de CV, Series B 308,732 1,044
Beijing Oriental Yuhong Waterproof Technology Co., Ltd., Class A 277,593 1,032
Glencore PLC 166,729 880
BASF SE 13,092 507
Navin Fluorine International, Ltd. 7,411 406
Polymetal International PLC1 76,572 167
Alrosa PJSC3 1,123,215 —5
      218,696
Consumer staples 6.84%      
Kweichow Moutai Co., Ltd., Class A 191,607 50,400
ITC, Ltd. 4,045,089 16,429
Bunge, Ltd. 149,541 12,348
Nestlé SA 92,260 9,990
Constellation Brands, Inc., Class A 42,567 9,777
Anheuser-Busch InBev SA/NV 179,571 8,123
Japan Tobacco, Inc. 453,100 7,437
Varun Beverages, Ltd. 578,800 7,404
Monster Beverage Corp.1 72,394 6,295
Pernod Ricard SA 31,930 5,836
Carlsberg A/S, Class B 47,845 5,583
Philip Morris International, Inc. 63,051 5,234
British American Tobacco PLC 144,635 5,172
Avenue Supermarts, Ltd.1 95,552 5,132
Raia Drogasil SA, ordinary nominative shares 1,191,066 5,019
Kimberly-Clark de México, SAB de CV, ordinary participation certificates, Class A 3,606,312 4,819
Dabur India, Ltd. 536,320 3,758
American Funds Insurance Series — New World Fund — Page 33 of 255
unaudited
Common stocks (continued)
Consumer staples (continued) 		  Shares Value
(000)
Wuliangye Yibin Co., Ltd., Class A 144,571 $3,433
Foshan Haitian Flavouring and Food Co., Ltd., Class A 279,496 3,249
Arca Continental, SAB de CV 387,274 2,789
Uni-Charm Corp. 66,000 2,157
Inner Mongolia Yili Industrial Group Co., Ltd., Class A 447,500 2,078
L’Oréal SA, non-registered shares 6,137 1,954
Proya Cosmetics Co., Ltd., Class A 76,920 1,766
Mondelez International, Inc. 31,135 1,707
Danone SA 34,906 1,645
Monde Nissin Corp. 7,788,000 1,614
United Spirits, Ltd.1 150,135 1,544
Unilever PLC (EUR denominated) 28,623 1,262
Reckitt Benckiser Group PLC 18,924 1,251
Ajinomoto Co., Inc. 40,600 1,106
Diageo PLC 9,646 404
X5 Retail Group NV (GDR)3 88,147 —5
      196,715
Communication services 5.21%      
Alphabet, Inc., Class C1 290,173 27,900
Alphabet, Inc., Class A1 76,238 7,292
Bharti Airtel, Ltd. 1,893,435 18,493
Bharti Airtel, Ltd., interim shares 80,154 393
Tencent Holdings, Ltd. 439,900 14,856
Sea, Ltd., Class A (ADR)1 259,026 14,518
Meta Platforms, Inc., Class A1 78,992 10,718
América Móvil, SAB de CV, Series L (ADR) 584,857 9,633
MTN Group, Ltd. 1,427,448 9,372
Netflix, Inc.1 35,813 8,432
Telefónica, SA, non-registered shares1 2,014,089 6,640
Activision Blizzard, Inc. 68,127 5,065
Vodafone Group PLC 4,493,384 5,061
NetEase, Inc. 167,200 2,539
NetEase, Inc. (ADR) 26,801 2,026
Indus Towers, Ltd. 1,674,859 4,058
Informa PLC 261,509 1,507
JCDecaux SA1 116,458 1,371
Yandex NV, Class A1,3 378,730 —5
      149,874
Energy 4.22%      
Reliance Industries, Ltd. 1,699,129 49,144
New Fortress Energy, Inc., Class A 234,986 10,271
TotalEnergies SE 201,667 9,492
Cheniere Energy, Inc. 54,716 9,078
Baker Hughes Co., Class A 387,071 8,113
BP PLC 1,438,199 6,839
Exxon Mobil Corp. 66,625 5,817
Hess Corp. 42,526 4,635
Aker BP ASA 160,241 4,595
Petróleo Brasileiro SA (Petrobras) (ADR), ordinary nominative shares 327,030 4,036
Chevron Corp. 24,968 3,587
Shell PLC (GBP denominated) 95,904 2,386
INPEX Corp. 188,000 1,764
TechnipFMC PLC1 171,215 1,449
American Funds Insurance Series — New World Fund — Page 34 of 255
unaudited
Common stocks (continued)
Energy (continued) 		  Shares Value
(000)
Gazprom PJSC3,4 945,858 $—5
Rosneft Oil Co. PJSC3,4 588,661 —5
      121,206
Utilities 1.62%      
ENN Energy Holdings, Ltd. 1,796,700 23,908
AES Corp. 467,865 10,574
Engie SA 431,524 4,951
Power Grid Corporation of India, Ltd. 1,407,075 3,641
Enel SpA 717,325 2,939
China Resources Gas Group, Ltd. 100,000 316
China Gas Holdings, Ltd. 67,400 80
      46,409
Real estate 1.51%      
Macrotech Developers, Ltd.1 892,313 10,035
American Tower Corp. REIT 40,141 8,618
ESR Group, Ltd. 2,725,200 6,874
BR Malls Participações SA, ordinary nominative shares 3,350,637 5,857
CK Asset Holdings, Ltd. 921,500 5,530
China Overseas Land & Investment, Ltd. 873,500 2,253
CTP NV 192,994 1,993
Embassy Office Parks REIT 367,228 1,559
China Vanke Co., Ltd., Class H 428,900 780
Onewo, Inc., Class H1 2,615 15
      43,514
Total common stocks (cost: $2,216,014,000)     2,485,739
Preferred securities 1.08%
Consumer discretionary 0.52% 		     
Dr. Ing. h.c. F. Porsche AG, nonvoting non-registered shares1 79,177 6,402
Getir BV, Series D, preferred shares1,3,4 7,768 4,995
Porsche Automobil Holding SE, nonvoting preferred shares 60,985 3,474
      14,871
Materials 0.24%      
Gerdau SA, preferred nominative shares 1,526,459 6,916
Real estate 0.22%      
QuintoAndar, Ltd., Series E, preferred shares1,3,4 32,657 5,038
QuintoAndar, Ltd., Series E-1, preferred shares1,3,4 8,400 1,296
      6,334
Financials 0.05%      
Itaú Unibanco Holding SA (ADR), preferred nominative shares 151,962 786
Itaú Unibanco Holding SA, preferred nominative shares 113,600 591
      1,377
Energy 0.03%      
Petróleo Brasileiro SA (Petrobras), preferred nominative shares 156,248 863
American Funds Insurance Series — New World Fund — Page 35 of 255
unaudited
Preferred securities (continued)
Health care 0.01% 		  Shares Value
(000)
Grifols, SA, Class B, nonvoting non-registered preferred shares1 70,954 $444
Industrials 0.01%      
GOL Linhas Aéreas Inteligentes SA, preferred nominative shares1 169,406 280
Information technology 0.00%      
Canva, Inc., Series A, noncumulative preferred shares1,3,4 34 35
Canva, Inc., Series A-3, noncumulative preferred shares1,3,4 1 1
      36
Total preferred securities (cost: $29,000,000)     31,121
Rights & warrants 0.01%
Materials 0.01% 		     
Shandong Sinocera Functional Material Co., Ltd., Class A, warrants, expire 20231,6 43,474 177
Consumer discretionary 0.00%      
Compagnie Financière Richemont SA, Class A, warrants, expire 20231 37,386 17
Total rights & warrants (cost: $183,000)     194
Bonds, notes & other debt instruments 3.29%
Bonds & notes of governments & government agencies outside the U.S. 2.69% 		  Principal amount
(000) 		 
Abu Dhabi (Emirate of) 2.50% 20296 USD1,000 872
Abu Dhabi (Emirate of) 1.70% 20316 885 704
Angola (Republic of) 8.25% 2028 500 395
Angola (Republic of) 8.00% 20296 1,100 831
Angola (Republic of) 8.75% 20326 480 357
Argentine Republic 1.00% 2029 32 6
Argentine Republic 0.50% 2030 (0.75% on 7/9/2023)7 5,341 1,079
Argentine Republic 1.50% 2035 (3.625% on 7/9/2023)7 2,217 404
Argentine Republic 3.875% 2038 (4.25% on 7/9/2023)7 1,318 311
Argentine Republic 3.50% 2041 (4.875% on 7/9/2029)7 5,279 1,136
Armenia (Republic of) 7.15% 2025 290 284
Bahrain (Kingdom of) 6.75% 20296 500 468
Belarus (Republic of) 6.875% 20238 915 299
Belarus (Republic of) 5.875% 20268 230 58
Belarus (Republic of) 7.625% 20278 335 80
Brazil (Federative Republic of) 6.00% 20279 BRL20,933 3,985
Brazil (Federative Republic of) 10.00% 2027 19,869 3,472
Chile (Republic of) 3.10% 2041 USD375 255
Chile (Republic of) 4.34% 2042 645 512
China (People’s Republic of), Series INBK, 2.89% 2031 CNY36,200 5,124
China (People’s Republic of), Series INBK, 3.72% 2051 34,650 5,330
Colombia (Republic of) 4.50% 2026 USD280 257
Colombia (Republic of) 3.00% 2030 213 153
Colombia (Republic of) 3.25% 2032 700 475
Colombia (Republic of) 7.375% 2037 1,090 947
Colombia (Republic of) 5.625% 2044 320 213
Colombia (Republic of) 5.20% 2049 555 344
American Funds Insurance Series — New World Fund — Page 36 of 255
unaudited
Bonds, notes & other debt instruments (continued)
Bonds & notes of governments & government agencies outside the U.S. (continued) 		  Principal amount
(000) 		Value
(000)
Colombia (Republic of) 4.125% 2051 USD350 $189
Cote d’Ivoire (Republic of) 4.875% 2032 EUR150 99
Dominican Republic 6.875% 2026 USD370 362
Dominican Republic 8.625% 20276 575 582
Dominican Republic 5.50% 20296 275 238
Dominican Republic 11.375% 2029 DOP12,800 233
Dominican Republic 6.00% 20336 USD150 122
Dominican Republic 7.45% 20446 1,125 949
Dominican Republic 7.45% 2044 1,000 844
Dominican Republic 5.875% 20606 280 186
Egypt (Arab Republic of) 5.875% 20316 365 213
Egypt (Arab Republic of) 6.375% 2031 EUR250 143
Egypt (Arab Republic of) 7.625% 20326 USD1,140 691
Egypt (Arab Republic of) 7.625% 2032 275 167
Egypt (Arab Republic of) 8.50% 2047 800 447
Egypt (Arab Republic of) 8.875% 2050 850 475
Egypt (Arab Republic of) 8.75% 2051 755 418
Egypt (Arab Republic of) 8.15% 20596 500 271
Ethiopia (Federal Democratic Republic of) 6.625% 2024 1,830 935
Export-Import Bank of India 3.25% 2030 1,180 988
Gabonese Republic 6.95% 2025 540 448
Gabonese Republic 7.00% 2031 520 344
Ghana (Republic of) 6.375% 2027 485 196
Ghana (Republic of) 7.875% 2027 200 83
Ghana (Republic of) 7.625% 2029 460 177
Ghana (Republic of) 7.75% 20296 1,125 431
Ghana (Republic of) 8.125% 2032 2,130 806
Honduras (Republic of) 6.25% 2027 1,365 1,127
Honduras (Republic of) 5.625% 2030 678 493
Honduras (Republic of) 5.625% 20306 281 204
Indonesia (Republic of) 6.625% 2037 500 519
Indonesia (Republic of) 5.25% 2042 840 763
Iraq (Republic of) 6.752% 2023 960 936
Jordan (Hashemite Kingdom of) 5.75% 20276 800 722
Kazakhstan (Republic of) 6.50% 20456 800 743
Kenya (Republic of) 8.25% 20486 2,000 1,215
Mozambique (Republic of) 5.00% 2031 (9.00% on 9/15/2023)7 880 606
Oman (Sultanate of) 4.875% 20256 565 547
Oman (Sultanate of) 5.375% 2027 750 707
Oman (Sultanate of) 6.25% 20316 600 561
Pakistan (Islamic Republic of) 5.625% 2022 850 729
Pakistan (Islamic Republic of) 8.25% 20256 410 164
Pakistan (Islamic Republic of) 6.00% 20266 380 149
Pakistan (Islamic Republic of) 6.875% 20276 1,050 403
Pakistan (Islamic Republic of) 7.875% 2036 200 74
Panama (Republic of) 3.75% 20266 1,180 1,123
Panama (Republic of) 4.50% 2047 1,155 825
Panama (Republic of) 4.50% 2050 400 280
Panama (Republic of) 4.30% 2053 400 268
Panama (Republic of) 4.50% 2063 200 133
Paraguay (Republic of) 4.70% 20276 400 379
Paraguay (Republic of) 4.95% 2031 320 286
Peru (Republic of) 3.00% 2034 425 320
Peru (Republic of) 6.55% 2037 1,070 1,100
Peru (Republic of) 3.55% 2051 370 249
American Funds Insurance Series — New World Fund — Page 37 of 255
unaudited
Bonds, notes & other debt instruments (continued)
Bonds & notes of governments & government agencies outside the U.S. (continued) 		  Principal amount
(000) 		Value
(000)
Peru (Republic of) 2.78% 2060 USD365 $199
PETRONAS Capital, Ltd. 4.55% 20506 400 358
Philippines (Republic of) 1.648% 2031 580 438
Philippines (Republic of) 6.375% 2034 820 860
Philippines (Republic of) 3.95% 2040 700 558
Philippines (Republic of) 3.70% 2041 505 387
Philippines (Republic of) 2.95% 2045 790 516
PT Indonesia Asahan Aluminium Tbk 6.757% 2048 200 175
Qatar (State of) 4.50% 20286 2,000 1,978
Qatar (State of) 4.50% 2028 600 593
Romania 2.00% 2032 EUR1,375 833
Romania 2.00% 2033 300 175
Romania 5.125% 20486 USD500 349
Russian Federation 4.25% 20278 1,000 445
Russian Federation 4.375% 20296,8 800 324
Russian Federation 5.10% 20358 1,600 648
Russian Federation 5.25% 20478 1,200 534
Senegal (Republic of) 4.75% 2028 EUR950 755
Senegal (Republic of) 6.75% 2048 USD200 125
South Africa (Republic of) 5.875% 2030 1,200 1,037
South Africa (Republic of) 5.875% 2032 400 331
Sri Lanka (Democratic Socialist Republic of) 6.125% 20258 450 126
Sri Lanka (Democratic Socialist Republic of) 6.85% 20258 1,904 513
Sri Lanka (Democratic Socialist Republic of) 6.825% 20268 1,270 334
Sri Lanka (Democratic Socialist Republic of) 7.55% 20308 471 120
Tunisia (Republic of) 6.75% 2023 EUR465 349
Tunisia (Republic of) 6.75% 2023 310 233
Tunisia (Republic of) 5.625% 2024 710 466
Tunisia (Republic of) 5.75% 2025 USD625 376
Turkey (Republic of) 6.375% 2025 200 181
Turkey (Republic of) 7.625% 2029 200 171
Turkey (Republic of) 11.875% 2030 800 855
Turkey (Republic of) 5.875% 2031 1,170 852
Turkey (Republic of) 4.875% 2043 400 227
Turkey (Republic of) 5.75% 2047 2,005 1,212
Ukraine 8.994% 20268 600 129
Ukraine 7.75% 20298 2,328 495
Ukraine 9.75% 2030 900 197
Ukraine 7.375% 20348 2,180 418
United Mexican States 4.50% 2029 300 278
United Mexican States 4.75% 2032 870 783
United Mexican States 4.75% 2044 1,090 840
United Mexican States 3.75% 2071 200 117
United Mexican States, Series M, 7.50% 2027 MXN20,360 927
Venezuela (Bolivarian Republic of) 7.00% 20188 USD64 4
Venezuela (Bolivarian Republic of) 7.75% 20198 1,149 80
Venezuela (Bolivarian Republic of) 6.00% 20208 950 67
Venezuela (Bolivarian Republic of) 12.75% 20228 85 6
Venezuela (Bolivarian Republic of) 9.00% 20238 1,383 104
Venezuela (Bolivarian Republic of) 8.25% 20248 299 22
Venezuela (Bolivarian Republic of) 7.65% 20258 129 10
Venezuela (Bolivarian Republic of) 11.75% 20268 64 5
Venezuela (Bolivarian Republic of) 9.25% 20278 170 14
Venezuela (Bolivarian Republic of) 9.25% 20288 319 26
American Funds Insurance Series — New World Fund — Page 38 of 255
unaudited
Bonds, notes & other debt instruments (continued)
Bonds & notes of governments & government agencies outside the U.S. (continued) 		  Principal amount
(000) 		Value
(000)
Venezuela (Bolivarian Republic of) 11.95% 20318 USD106 $9
Venezuela (Bolivarian Republic of) 7.00% 20388 107 8
      77,185
Corporate bonds, notes & loans 0.51%
Energy 0.17% 		     
Oleoducto Central SA 4.00% 20276 255 197
Petrobras Global Finance Co. 6.85% 2115 314 246
Petróleos Mexicanos 6.875% 2026 1,025 925
Petróleos Mexicanos 6.49% 2027 2,020 1,696
Petróleos Mexicanos 8.75% 20296 755 647
Petróleos Mexicanos 6.70% 2032 622 437
Petrorio Luxembourg SARL 6.125% 2026 200 181
Sinopec Group Overseas Development (2018), Ltd. 3.10% 20516 630 430
      4,759
Financials 0.11%      
Bangkok Bank PCL 3.733% 2034 (5-year UST Yield Curve Rate T Note Constant Maturity + 1.90% on 9/25/2029)7 1,140 938
CMB International Leasing Management, Ltd. 2.75% 2030 895 695
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 		600 488
Power Financial Corp., Ltd. 6.15% 2028 432 426
Power Financial Corp., Ltd. 4.50% 2029 273 245
Power Financial Corp., Ltd. 3.35% 2031 310 244
      3,036
Consumer discretionary 0.07%      
Alibaba Group Holding, Ltd. 4.20% 2047 600 435
Alibaba Group Holding, Ltd. 3.15% 2051 410 241
Arcos Dorados BV 6.125% 2029 450 408
Meituan Dianping 3.05% 20306 800 530
MercadoLibre, Inc. 3.125% 2031 400 291
Sands China, Ltd. 4.875% 2030 220 172
      2,077
Materials 0.06%      
Braskem Idesa SAPI 7.45% 2029 775 589
Braskem Idesa SAPI 7.45% 20296 300 228
CSN Resources SA 7.625% 2026 224 216
GC Treasury Center Co., Ltd. 4.40% 20326 230 198
Sasol Financing USA, LLC 5.875% 2024 500 486
      1,717
Communication services 0.04%      
Axiata SPV5 Labuan, Ltd. 3.064% 2050 357 237
PLDT, Inc. 2.50% 2031 210 172
Tencent Holdings, Ltd. 3.975% 2029 400 359
Tencent Holdings, Ltd. 3.24% 20506 580 354
      1,122
Consumer staples 0.02%      
Marfrig Global Foods SA 3.95% 2031 320 232
NBM US Holdings, Inc. 6.625% 20294 420 384
      616
American Funds Insurance Series — New World Fund — Page 39 of 255
unaudited
Bonds, notes & other debt instruments (continued)
Corporate bonds, notes & loans (continued)
Utilities 0.02% 		  Principal amount
(000) 		Value
(000)
AES Panama Generation Holdings SRL 4.375% 20306 USD280 $221
Empresas Publicas de Medellin ESP 4.25% 20296 412 300
      521
Industrials 0.01%      
Mexico City Airport Trust 4.25% 2026 475 423
Health care 0.01%      
Rede D’Or Finance SARL 4.50% 2030 480 390
Total corporate bonds, notes & loans     14,661
U.S. Treasury bonds & notes 0.09%
U.S. Treasury 0.09% 		     
U.S. Treasury (3-month U.S. Treasury Bill Yield - 0.015%) 3.282% 202410,11 2,730 2,729
Total U.S. Treasury bonds & notes     2,729
Total bonds, notes & other debt instruments (cost: $131,038,000)     94,575
Short-term securities 9.54%
Money market investments 9.49% 		  Shares  
Capital Group Central Cash Fund 2.81%12,13 2,727,277 272,701
Money market investments purchased with collateral from securities on loan 0.05%      
Capital Group Central Cash Fund 2.81%12,13,14 8,785 878
Goldman Sachs Financial Square Government Fund, Institutional Shares 2.93%12,14 140,787 141
Morgan Stanley Institutional Liquidity Funds – Government Portfolio,
Institutional Class 2.80%12,14 		140,534 141
State Street Institutional U.S. Government Money Market Fund, Institutional Class 2.91%12,14 140,534 141
BlackRock Liquidity Funds – FedFund, Institutional Shares  2.76%12,14 140,534 140
Invesco Short-Term Investments Trust – Government & Agency Portfolio,
Institutional Class 2.88%12,14 		140,534 140
      1,581
Total short-term securities (cost: $274,255,000)     274,282
Total investment securities 100.39% (cost: $2,650,490,000)     2,885,911
Other assets less liabilities (0.39)%     (11,217)
Net assets 100.00%     $2,874,694
American Funds Insurance Series — New World Fund — Page 40 of 255
unaudited
Futures contracts
Contracts Type Number of
contracts 		Expiration Notional
amount
(000) 		Value and
unrealized
appreciation
(depreciation)
at 9/30/2022
(000)
5 Year U.S. Treasury Note Futures Short 83 December 2022 USD(8,923) $309
10 Year Euro-Bund Futures Short 11 December 2022 (1,493) 70
10 Year Ultra U.S. Treasury Note Futures Short 41 December 2022 (4,858) 300
30 Year Ultra U.S. Treasury Bond Futures Long 44 December 2022 6,028 (548)
          $131
Forward currency contracts
Contract amount Counterparty Settlement
date 		Unrealized
appreciation
(depreciation)
at 9/30/2022
(000)
Currency purchased
(000) 		Currency sold
(000)
USD 1,880 EUR 1,885 JPMorgan Chase 10/13/2022 $31
EUR 50 USD 50 Bank of America 10/13/2022 (1)
USD 1,222 EUR 1,238 JPMorgan Chase 10/26/2022 6
            $36
Investments in affiliates13
  Value of
affiliates at
1/1/2022
(000) 		Additions
(000) 		Reductions
(000) 		Net
realized
loss
(000) 		  Net
unrealized
appreciation
(000) 		  Value of
affiliates at
9/30/2022
(000) 		  Dividend
income
(000)
Short-term securities 9.52%
Money market investments 9.49%                    
Capital Group Central Cash Fund 2.81%12 $216,764 $677,473 $621,489 $(58)   $11   $272,701   $2,211
Money market investments purchased with collateral
from securities on loan 0.03% 		                   
Capital Group Central Cash Fund 2.81%12,14 4,255   3,37715         878   —16
Total 9.52%       $(58)   $11   $273,579   $2,211
Restricted securities4
  Acquisition
date(s) 		Cost
(000) 		Value
(000) 		Percent
of net
assets
QuintoAndar, Ltd., Series E, preferred shares1,3 5/26/2021 $5,258 $5,038 .18%
QuintoAndar, Ltd., Series E-1, preferred shares1,3 12/20/2021 1,716 1,296 .04
Getir BV, Series D, preferred shares1,3 5/27/2021 3,500 4,995 .17
Canva, Inc.1,3 8/26/2021-11/4/2021 656 399 .02
Canva, Inc., Series A, noncumulative preferred shares1,3 11/4/2021 58 35 .00
Canva, Inc., Series A-3, noncumulative preferred shares1,3 11/4/2021 2 1 .00
NBM US Holdings, Inc. 6.625% 2029 7/8/2022 404 384 .01
Sberbank of Russia PJSC1,3 6/14/2022 5,929 —5 .00
American Funds Insurance Series — New World Fund — Page 41 of 255
unaudited
Restricted securities4  (continued)
  Acquisition
date(s) 		Cost
(000) 		  Value
(000) 		  Percent
of net
assets
Gazprom PJSC3 7/19/2022 $2,237   $—5   .00%
Rosneft Oil Co. PJSC3 8/2/2022 2,757   —5   .00
Total   $22,517   $12,148   .42%
1 Security did not produce income during the last 12 months.
2 All or a portion of this security was on loan. The total value of all such securities was $4,837,000, which represented .17% of the net assets of the fund.
3 Value determined using significant unobservable inputs.
4 Restricted security, other than Rule 144A, subject to legal or contractual restrictions on resale, including private placement and other securities not registered under the Securities Act of 1933. The total value of all such restricted securities was $12,148,000, which represented .42% of the net assets of the fund.
5 Amount less than one thousand.
6 Acquired in a transaction exempt from registration under Rule 144A of the Securities Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers. The total value of all such securities was $19,904,000, which represented .69% of the net assets of the fund.
7 Step bond; coupon rate may change at a later date.
8 Scheduled interest and/or principal payment was not received.
9 Index-linked bond whose principal amount moves with a government price index.
10 All or a portion of this security was pledged as collateral. The total value of pledged collateral was $56,000, which represented less than .01% of the net assets of the fund.
11 Coupon rate may change periodically. Reference rate and spread are as of the most recent information available. Some coupon rates are determined by the issuer or agent based on current market conditions; therefore, the reference rate and spread are not available.
12 Rate represents the seven-day yield at 9/30/2022.
13 Part of the same “group of investment companies“ as the fund as defined under the Investment Company Act of 1940, as amended.
14 Security purchased with cash collateral from securities on loan.
15 Represents net activity.
16 Dividend income is included with securities lending income and is not shown in this table.
Key to abbreviations
ADR = American Depositary Receipts
BRL = Brazilian reais
CDI = CREST Depository Interest
CNY = Chinese yuan
DOP = Dominican pesos
EUR = Euros
GBP = British pounds
GDR = Global Depositary Receipts
MXN = Mexican pesos
REIT = Real Estate Investment Trust
USD = U.S. dollars
American Funds Insurance Series — New World Fund — Page 42 of 255
Washington Mutual Investors Fund
Investment portfolio
September 30, 2022
unaudited
Common stocks 95.05%
Health care 22.33% 		  Shares Value
(000)
UnitedHealth Group, Inc. 787,528 $397,733
Pfizer, Inc. 4,913,849 215,030
CVS Health Corp. 2,115,431 201,749
Johnson & Johnson 1,019,885 166,608
Eli Lilly and Company 439,941 142,255
AbbVie, Inc. 855,391 114,802
Humana, Inc. 215,204 104,415
AstraZeneca PLC (ADR) 1,501,854 82,362
Elevance Health, Inc. 156,394 71,040
Gilead Sciences, Inc. 1,117,643 68,947
Abbott Laboratories 661,612 64,018
Cigna Corp. 230,426 63,936
Danaher Corp. 202,837 52,391
Bristol-Myers Squibb Company 583,500 41,481
Thermo Fisher Scientific, Inc. 39,089 19,826
Zimmer Biomet Holdings, Inc. 179,120 18,727
Regeneron Pharmaceuticals, Inc.1 26,592 18,318
Novo Nordisk A/S, Class B (ADR) 175,527 17,488
GSK PLC (ADR) 496,598 14,615
Roche Holding AG (ADR) 332,061 13,488
Molina Healthcare, Inc.1 38,989 12,860
Zoetis, Inc., Class A 53,108 7,875
Edwards Lifesciences Corp.1 85,300 7,048
Baxter International, Inc. 114,187 6,150
ResMed, Inc. 27,020 5,899
      1,929,061
Information technology 16.99%      
Microsoft Corp. 1,899,599 442,417
Broadcom, Inc. 949,499 421,587
Apple, Inc. 772,382 106,743
Intel Corp. 2,803,420 72,244
ASML Holding NV (New York registered) (ADR) 136,017 56,495
Visa, Inc., Class A 292,551 51,972
Fidelity National Information Services, Inc. 479,689 36,250
Mastercard, Inc., Class A 105,282 29,936
KLA Corp. 91,732 27,761
Paychex, Inc. 227,153 25,489
Applied Materials, Inc. 269,929 22,115
Automatic Data Processing, Inc. 93,830 21,223
SAP SE (ADR) 253,285 20,579
Motorola Solutions, Inc. 89,048 19,944
Texas Instruments, Inc. 119,302 18,466
TE Connectivity, Ltd. 165,716 18,288
NetApp, Inc. 291,087 18,004
STMicroelectronics NV 436,611 13,509
American Funds Insurance Series — Washington Mutual Investors Fund — Page 43 of 255
unaudited
Common stocks (continued)
Information technology (continued) 		  Shares Value
(000)
Synopsys, Inc. (USA)1 41,481 $12,673
QUALCOMM, Inc. 85,889 9,704
Analog Devices, Inc. 68,074 9,485
EPAM Systems, Inc.1 21,637 7,837
Micron Technology, Inc. 81,603 4,088
Ciena Corp.1 17,550 709
      1,467,518
Financials 14.80%      
Marsh & McLennan Companies, Inc. 1,348,519 201,320
CME Group, Inc., Class A 871,549 154,377
JPMorgan Chase & Co. 1,078,974 112,753
BlackRock, Inc. 172,499 94,923
Chubb, Ltd. 500,236 90,983
Wells Fargo & Company 1,835,883 73,839
Discover Financial Services 567,264 51,576
Bank of America Corp. 1,398,611 42,238
Citizens Financial Group, Inc. 1,122,426 38,567
PNC Financial Services Group, Inc. 250,917 37,492
Intercontinental Exchange, Inc. 394,483 35,641
S&P Global, Inc. 113,240 34,578
Capital One Financial Corp. 371,370 34,229
M&T Bank Corp. 179,930 31,725
Toronto-Dominion Bank 482,261 29,577
Nasdaq, Inc. 467,271 26,485
Morgan Stanley 322,081 25,448
Apollo Asset Management, Inc. 451,240 20,983
Aon PLC, Class A 76,913 20,603
KKR & Co., Inc. 468,784 20,158
Truist Financial Corp. 316,007 13,759
Fifth Third Bancorp 405,156 12,949
KeyCorp 794,869 12,734
Carlyle Group, Inc. 393,832 10,177
Arthur J. Gallagher & Co. 56,249 9,631
Bank of Nova Scotia 200,700 9,547
Canadian Imperial Bank of Commerce 192,000 8,402
Travelers Companies, Inc. 53,736 8,232
Moody’s Corp. 26,105 6,346
Blackstone, Inc., nonvoting shares 54,677 4,576
Charles Schwab Corp. 38,738 2,784
Progressive Corp. 14,654 1,703
      1,278,335
Industrials 10.64%      
Northrop Grumman Corp. 364,880 171,610
Lockheed Martin Corp. 264,457 102,157
Raytheon Technologies Corp. 937,291 76,727
L3Harris Technologies, Inc. 336,350 69,904
Caterpillar, Inc. 420,292 68,962
CSX Corp. 2,552,286 67,993
Norfolk Southern Corp. 308,507 64,678
United Parcel Service, Inc., Class B 390,914 63,148
Honeywell International, Inc. 307,047 51,268
Waste Connections, Inc. 209,975 28,374
Boeing Company1 225,576 27,313
American Funds Insurance Series — Washington Mutual Investors Fund — Page 44 of 255
unaudited
Common stocks (continued)
Industrials (continued) 		  Shares Value
(000)
ABB, Ltd. (ADR)2 769,666 $19,750
Carrier Global Corp. 317,975 11,307
Republic Services, Inc. 78,273 10,648
Huntington Ingalls Industries, Inc. 47,307 10,478
Equifax, Inc. 56,352 9,660
PACCAR, Inc. 108,835 9,108
HEICO Corp. 59,743 8,602
Rockwell Automation 37,903 8,153
Johnson Controls International PLC 161,632 7,956
BAE Systems PLC (ADR) 223,315 7,831
Cummins, Inc. 26,081 5,308
Air Lease Corp., Class A 157,245 4,876
RELX PLC (ADR) 186,041 4,523
Robert Half International, Inc. 47,894 3,664
Union Pacific Corp. 17,176 3,346
Waste Management, Inc. 11,150 1,786
      919,130
Consumer discretionary 6.89%      
Home Depot, Inc. 580,952 160,308
YUM! Brands, Inc. 662,015 70,399
Darden Restaurants, Inc. 484,263 61,172
General Motors Company 1,888,409 60,599
Target Corp. 206,360 30,622
Wynn Resorts, Ltd.1 478,148 30,138
Lennar Corp., Class A 376,581 28,074
TJX Companies, Inc. 448,449 27,857
Dollar General Corp. 105,032 25,193
VF Corp. 759,641 22,721
Starbucks Corp. 252,857 21,306
Amazon.com, Inc.1 123,804 13,990
Chipotle Mexican Grill, Inc.1 9,251 13,902
D.R. Horton, Inc. 146,593 9,873
NIKE, Inc., Class B 65,630 5,455
McDonald’s Corp. 21,948 5,064
Polaris, Inc. 52,835 5,054
Royal Caribbean Cruises, Ltd.1 108,026 4,094
      595,821
Energy 6.31%      
Pioneer Natural Resources Company 488,009 105,669
Chevron Corp. 709,136 101,882
ConocoPhillips 783,991 80,234
EOG Resources, Inc. 644,955 72,061
Baker Hughes Co., Class A 2,997,685 62,831
Exxon Mobil Corp. 480,043 41,913
TC Energy Corp. 678,590 27,340
Canadian Natural Resources, Ltd. 428,638 19,962
Coterra Energy, Inc. 572,900 14,964
Valero Energy Corp. 96,484 10,309
Enbridge, Inc. 208,235 7,725
      544,890
American Funds Insurance Series — Washington Mutual Investors Fund — Page 45 of 255
unaudited
Common stocks (continued)
Consumer staples 5.57% 		  Shares Value
(000)
Archer Daniels Midland Company 1,388,250 $111,685
Nestlé SA (ADR) 576,464 62,033
Keurig Dr Pepper, Inc. 1,547,440 55,429
Kraft Heinz Company 1,101,959 36,750
Procter & Gamble Company 270,314 34,127
Reckitt Benckiser Group PLC (ADR)2 2,220,407 29,509
Hormel Foods Corp. 601,233 27,320
General Mills, Inc. 345,460 26,466
Costco Wholesale Corp. 47,244 22,312
Mondelez International, Inc. 387,972 21,272
Unilever PLC (ADR) 283,070 12,410
Church & Dwight Co., Inc. 154,431 11,033
Walgreens Boots Alliance, Inc. 316,943 9,952
Conagra Brands, Inc. 232,207 7,577
Kimberly-Clark Corp. 59,250 6,668
Danone (ADR) 694,054 6,535
      481,078
Communication services 5.02%      
Comcast Corp., Class A 6,485,333 190,215
Alphabet, Inc., Class C1 836,159 80,397
Alphabet, Inc., Class A1 448,220 42,872
Verizon Communications, Inc. 1,475,762 56,035
Activision Blizzard, Inc. 398,372 29,615
Meta Platforms, Inc., Class A1 203,589 27,623
Electronic Arts, Inc. 36,898 4,269
Deutsche Telekom AG (ADR) 142,813 2,436
      433,462
Utilities 2.87%      
Constellation Energy Corp. 851,384 70,827
Sempra Energy 382,338 57,328
Entergy Corp. 353,733 35,596
Evergy, Inc. 394,084 23,408
CMS Energy Corp. 357,860 20,842
Public Service Enterprise Group, Inc. 235,300 13,231
NextEra Energy, Inc. 147,221 11,544
Dominion Energy, Inc. 123,750 8,552
Xcel Energy, Inc. 110,238 7,055
      248,383
Materials 2.34%      
Linde PLC 203,281 54,803
Rio Tinto PLC (ADR)2 510,165 28,090
Corteva, Inc. 428,754 24,503
Dow, Inc. 433,063 19,024
LyondellBasell Industries NV 249,234 18,762
Nucor Corp. 161,150 17,241
Air Products and Chemicals, Inc. 66,153 15,396
Huntsman Corp. 442,172 10,851
Albemarle Corp. 39,814 10,528
H.B. Fuller Co. 49,263 2,961
      202,159
American Funds Insurance Series — Washington Mutual Investors Fund — Page 46 of 255
unaudited
Common stocks (continued)
Real estate 1.29% 		  Shares Value
(000)
Extra Space Storage, Inc. REIT 302,510 $52,246
Digital Realty Trust, Inc. REIT 235,861 23,393
Equinix, Inc. REIT 22,948 13,054
Regency Centers Corp. REIT 236,484 12,735
American Tower Corp. REIT 47,490 10,196
      111,624
Total common stocks (cost: $7,527,715,000)     8,211,461
Convertible stocks 0.34%
Health care 0.21% 		     
Becton, Dickinson and Company, Series B, convertible preferred shares, 6.00% 2023 197,800 9,324
Danaher Corp., Series B, cumulative convertible preferred shares, 5.00% 20232 6,821 9,191
      18,515
Utilities 0.08%      
NextEra Energy, Inc., noncumulative convertible preferred units, 6.926% 2025 90,700 4,172
American Electric Power Company, Inc., convertible preferred units, 6.125% 2023 56,400 2,792
      6,964
Financials 0.05%      
KKR & Co., Inc., Series C, convertible preferred shares, 6.00% 2023 79,100 4,305
Total convertible stocks (cost: $30,919,000)     29,784
Short-term securities 5.01%
Money market investments 4.68% 		     
Capital Group Central Cash Fund 2.81%3,4 4,043,291 404,289
Money market investments purchased with collateral from securities on loan 0.33%      
Capital Group Central Cash Fund 2.81%3,4,5 157,452 15,744
Goldman Sachs Financial Square Government Fund, Institutional Shares 2.93%3,5 2,523,464 2,523
BlackRock Liquidity Funds – FedFund, Institutional Shares  2.76%3,5 2,518,929 2,519
Invesco Short-Term Investments Trust – Government & Agency Portfolio,
Institutional Class 2.88%3,5 		2,518,928 2,519
Morgan Stanley Institutional Liquidity Funds – Government Portfolio,
Institutional Class 2.80%3,5 		2,518,928 2,519
State Street Institutional U.S. Government Money Market Fund, Institutional Class 2.91%3,5 2,518,928 2,519
      28,343
Total short-term securities (cost: $432,585,000)     432,632
Total investment securities 100.40% (cost: $7,991,219,000)     8,673,877
Other assets less liabilities (0.40)%     (34,774)
Net assets 100.00%     $8,639,103
American Funds Insurance Series — Washington Mutual Investors Fund — Page 47 of 255
unaudited
Investments in affiliates4
  Value of
affiliates at
1/1/2022
(000) 		Additions
(000) 		Reductions
(000) 		Net
realized
loss
(000) 		  Net
unrealized
appreciation
(000) 		  Value of
affiliates at
9/30/2022
(000) 		  Dividend
income
(000)
Short-term securities 4.86%
Money market investments 4.68%                    
Capital Group Central Cash Fund 2.81%3 $321,870 $1,148,912 $1,066,429 $(69)   $5   $404,289   $3,079
Money market investments purchased with collateral
from securities on loan 0.18% 		                   
Capital Group Central Cash Fund 2.81%3,5 9,273 6,4716           15,744   —7
Total 4.86%       $(69)   $5   $420,033   $3,079
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 $30,569,000, which represented .35% of the net assets of the fund.
3 Rate represents the seven-day yield at 9/30/2022.
4 Part of the same “group of investment companies“ as the fund as defined under the Investment Company Act of 1940, as amended.
5 Security purchased with cash collateral from securities on loan.
6 Represents net activity.
7 Dividend income is included with securities lending income and is not shown in this table.
Key to abbreviations
ADR = American Depositary Receipts
REIT = Real Estate Investment Trust
American Funds Insurance Series — Washington Mutual Investors Fund — Page 48 of 255
Capital World Growth and Income Fund®
Investment portfolio
September 30, 2022
unaudited
Common stocks 90.92%
Information technology 15.89% 		  Shares Value
(000)
Microsoft Corp. 225,854 $52,601
Broadcom, Inc. 111,157 49,355
Taiwan Semiconductor Manufacturing Company, Ltd. 2,691,800 35,382
ASML Holding NV 50,341 20,881
Apple, Inc. 118,625 16,394
EPAM Systems, Inc.1 39,500 14,307
Tokyo Electron, Ltd. 40,700 10,077
Accenture PLC, Class A 25,258 6,499
Micron Technology, Inc. 122,920 6,158
Mastercard, Inc., Class A 15,851 4,507
Capgemini SE 25,431 4,064
Logitech International SA2 66,612 3,042
Delta Electronics, Inc. 337,000 2,678
Hexagon AB, Class B 268,028 2,485
OBIC Co., Ltd. 16,800 2,227
Ceridian HCM Holding, Inc.1 39,674 2,217
Synopsys, Inc. (USA)1 5,894 1,801
Worldline SA, non-registered shares1 44,297 1,732
MediaTek, Inc. 93,000 1,619
Microchip Technology, Inc. 24,738 1,510
TE Connectivity, Ltd. 13,092 1,445
Keyence Corp. 4,200 1,394
SK hynix, Inc. 24,055 1,380
Zscaler, Inc.1 7,768 1,277
DocuSign, Inc.1 23,514 1,257
ServiceNow, Inc.1 3,204 1,210
Fujitsu, Ltd. 11,000 1,186
Snowflake, Inc., Class A1 5,882 1,000
Disco Corp. 3,900 850
GlobalWafers Co., Ltd. 71,000 808
STMicroelectronics NV2 24,900 770
Nomura Research Institute, Ltd. 28,600 703
SS&C Technologies Holdings, Inc. 10,174 486
Atlassian Corp. PLC, Class A1 2,187 461
PagSeguro Digital, Ltd., Class A1 31,305 414
Infosys, Ltd. 19,228 329
      254,506
Health care 14.27%      
UnitedHealth Group, Inc. 76,738 38,756
Abbott Laboratories 250,943 24,281
Eli Lilly and Company 59,722 19,311
Thermo Fisher Scientific, Inc. 21,310 10,808
Daiichi Sankyo Company, Ltd. 354,400 9,858
Novartis AG 125,641 9,578
AstraZeneca PLC 86,963 9,563
American Funds Insurance Series — Capital World Growth and Income Fund — Page 49 of 255
unaudited
Common stocks (continued)
Health care (continued) 		  Shares Value
(000)
Pfizer, Inc. 218,115 $9,545
Gilead Sciences, Inc. 151,950 9,374
Centene Corp.1 115,474 8,985
Amgen, Inc. 31,217 7,036
Siemens Healthineers AG 161,114 6,979
Novo Nordisk A/S, Class B 61,424 6,122
Stryker Corp. 29,193 5,913
AbbVie, Inc. 36,188 4,857
PerkinElmer, Inc. 37,462 4,508
Olympus Corp. 217,800 4,192
Medtronic PLC 43,532 3,515
Vertex Pharmaceuticals, Inc.1 10,485 3,036
CVS Health Corp. 31,111 2,967
ResMed, Inc. 13,349 2,914
Shionogi & Co., Ltd. 50,500 2,443
Bayer AG 50,522 2,332
Carl Zeiss Meditec AG, non-registered shares 20,117 2,119
Insulet Corp.1 8,891 2,040
Cigna Corp. 6,794 1,885
Guardant Health, Inc.1 33,985 1,829
Zoetis, Inc., Class A 11,722 1,738
DexCom, Inc.1 19,772 1,593
Chugai Pharmaceutical Co., Ltd. 60,400 1,508
Intuitive Surgical, Inc.1 7,543 1,414
Alcon, Inc. 22,793 1,320
CSL, Ltd. 7,133 1,293
Rede D’Or Sao Luiz SA 199,176 1,097
Catalent, Inc.1 13,075 946
Edwards Lifesciences Corp.1 11,385 941
Agilon Health, Inc.1 19,961 468
BioNTech SE (ADR) 3,300 445
GSK PLC 29,625 432
Molina Healthcare, Inc.1 1,089 359
HOYA Corp. 1,300 125
EUROAPI1 2,830 47
      228,472
Financials 12.53%      
Zurich Insurance Group AG 43,662 17,357
Kotak Mahindra Bank, Ltd. 739,681 16,372
Toronto-Dominion Bank (CAD denominated) 201,444 12,355
AIA Group, Ltd. 1,327,799 11,024
CME Group, Inc., Class A 56,837 10,067
B3 SA-Brasil, Bolsa, Balcao 3,649,417 8,829
Wells Fargo & Company 178,065 7,162
DNB Bank ASA 412,457 6,530
Nasdaq, Inc. 112,554 6,380
PNC Financial Services Group, Inc. 40,785 6,094
HDFC Bank, Ltd. 293,166 5,080
HDFC Bank, Ltd. (ADR) 14,932 872
Ping An Insurance (Group) Company of China, Ltd., Class H 1,068,500 5,313
JPMorgan Chase & Co. 46,441 4,853
HDFC Life Insurance Company, Ltd. 706,242 4,596
Aon PLC, Class A 16,257 4,355
Chubb, Ltd. 23,535 4,281
American Funds Insurance Series — Capital World Growth and Income Fund — Page 50 of 255
unaudited
Common stocks (continued)
Financials (continued) 		  Shares Value
(000)
Discover Financial Services 45,843 $4,168
KBC Groep NV 85,698 4,020
DBS Group Holdings, Ltd. 167,200 3,866
American International Group, Inc. 78,624 3,733
Morgan Stanley 44,284 3,499
ING Groep NV 403,452 3,459
Blackstone, Inc., nonvoting shares 39,638 3,318
Intercontinental Exchange, Inc. 35,332 3,192
Fifth Third Bancorp 96,922 3,098
S&P Global, Inc. 8,922 2,724
Citigroup, Inc. 63,336 2,639
Hong Kong Exchanges and Clearing, Ltd. 66,400 2,254
ICICI Bank, Ltd. 176,395 1,848
AXA SA 83,122 1,820
National Bank of Canada2 28,394 1,780
Moody’s Corp. 6,912 1,680
FinecoBank SpA 134,386 1,652
Fairfax Financial Holdings, Ltd., subordinate voting shares 3,463 1,582
Apollo Asset Management, Inc. 32,705 1,521
BNP Paribas SA 35,932 1,517
Banco Santander, SA 635,398 1,477
XP, Inc., Class A1 77,173 1,467
Power Corporation of Canada, subordinate voting shares 63,342 1,427
Bajaj Finance, Ltd. 15,022 1,341
Blue Owl Capital, Inc., Class A 136,448 1,259
Postal Savings Bank of China Co., Ltd., Class H 2,145,000 1,256
Tryg A/S 57,879 1,189
Marsh & McLennan Companies, Inc. 7,839 1,170
Macquarie Group, Ltd. 12,033 1,168
Lufax Holding, Ltd. (ADR) 412,385 1,047
East Money Information Co., Ltd., Class A 379,800 937
Tradeweb Markets, Inc., Class A 14,761 833
Aegon NV 196,376 780
China Merchants Bank Co., Ltd., Class A 86,187 407
Sberbank of Russia PJSC1,3,4 3,196,952 —5
      200,648
Industrials 10.29%      
Airbus SE, non-registered shares 167,583 14,478
General Electric Co. 221,487 13,712
BAE Systems PLC 1,384,749 12,166
Raytheon Technologies Corp. 124,716 10,209
Lockheed Martin Corp. 26,079 10,074
Carrier Global Corp. 269,654 9,589
Recruit Holdings Co., Ltd. 299,050 8,632
Deere & Company 22,473 7,503
Safran SA 78,754 7,161
L3Harris Technologies, Inc. 30,044 6,244
Caterpillar, Inc. 32,616 5,352
CSX Corp. 180,184 4,800
LIXIL Corp. 293,900 4,259
RELX PLC 123,166 3,007
RELX PLC (ADR) 15,132 368
TransDigm Group, Inc. 6,130 3,217
Daikin Industries, Ltd. 20,200 3,121
American Funds Insurance Series — Capital World Growth and Income Fund — Page 51 of 255
unaudited
Common stocks (continued)
Industrials (continued) 		  Shares Value
(000)
Bureau Veritas SA 135,794 $3,033
Siemens AG 30,606 3,029
Melrose Industries PLC 2,495,048 2,786
Johnson Controls International PLC 54,870 2,701
Brenntag SE 41,159 2,512
Canadian Pacific Railway, Ltd. 32,801 2,188
Bunzl PLC 71,427 2,174
ASSA ABLOY AB, Class B 108,508 2,028
Boeing Company1 15,825 1,916
Schneider Electric SE 15,207 1,706
Compagnie de Saint-Gobain SA, non-registered shares 46,420 1,655
Thales SA 14,997 1,654
Waste Connections, Inc. 11,938 1,613
BayCurrent Consulting, Inc. 5,700 1,464
Rockwell Automation 6,529 1,404
ManpowerGroup, Inc. 20,517 1,327
VINCI SA 15,814 1,270
Nidec Corp. 21,900 1,234
SMC Corp. 2,900 1,170
Adecco Group AG 30,464 837
Rentokil Initial PLC 157,900 834
Mitsui & Co., Ltd. 35,300 757
Atlas Copco AB, Class B 89,617 741
International Consolidated Airlines Group SA (CDI)1,2 290,939 303
Honeywell International, Inc. 1,774 296
Larsen & Toubro, Ltd. 11,925 269
Ryanair Holdings PLC (ADR)1 100 6
      164,799
Consumer discretionary 8.93%      
LVMH Moët Hennessy-Louis Vuitton SE 41,736 24,534
Home Depot, Inc. 65,094 17,962
General Motors Company 369,169 11,847
Amazon.com, Inc.1 101,318 11,449
Rivian Automotive, Inc., Class A1 163,454 5,379
Flutter Entertainment PLC1 46,858 5,119
Marriott International, Inc., Class A 35,145 4,925
Booking Holdings, Inc.1 2,943 4,836
Restaurant Brands International, Inc. (CAD denominated) 72,692 3,867
Restaurant Brands International, Inc. 12,226 650
Sony Group Corp. 66,800 4,299
Cie. Financière Richemont SA, Class A 42,182 3,958
Dollar Tree Stores, Inc.1 24,811 3,377
Chipotle Mexican Grill, Inc.1 2,172 3,264
Shimano, Inc. 19,700 3,105
Tesla, Inc.1 10,338 2,742
Astra International Tbk PT 5,925,400 2,556
Industria de Diseño Textil, SA 117,993 2,437
Sands China, Ltd.1 912,400 2,259
Pan Pacific International Holdings Corp. 124,500 2,188
Evolution AB 26,167 2,061
Target Corp. 12,784 1,897
YUM! Brands, Inc. 17,358 1,846
Darden Restaurants, Inc. 14,188 1,792
Stellantis NV 150,681 1,780
American Funds Insurance Series — Capital World Growth and Income Fund — Page 52 of 255
unaudited
Common stocks (continued)
Consumer discretionary (continued) 		  Shares Value
(000)
InterContinental Hotels Group PLC 36,080 $1,731
EssilorLuxottica 12,616 1,709
NIKE, Inc., Class B 20,014 1,664
Midea Group Co., Ltd., Class A 222,600 1,547
JD.com, Inc., Class A 49,397 1,247
Li Ning Co., Ltd. 163,000 1,239
Kindred Group PLC (SDR) 136,247 1,017
Aristocrat Leisure, Ltd. 39,792 831
Royal Caribbean Cruises, Ltd.1 17,446 661
Wynn Macau, Ltd.1,2 942,000 603
Airbnb, Inc., Class A1 2,134 224
Entain PLC 17,337 208
Hermès International 105 123
      142,933
Consumer staples 7.36%      
Philip Morris International, Inc. 292,358 24,268
Nestlé SA 131,970 14,290
Keurig Dr Pepper, Inc. 340,098 12,182
British American Tobacco PLC 250,080 8,943
Kweichow Moutai Co., Ltd., Class A 31,600 8,312
Kroger Co. 177,351 7,759
Imperial Brands PLC 249,223 5,143
Ocado Group PLC1 919,645 4,775
Bunge, Ltd. 50,910 4,204
Seven & i Holdings Co., Ltd. 102,300 4,109
Danone SA 70,434 3,319
Treasury Wine Estates, Ltd. 396,969 3,196
Arca Continental, SAB de CV 443,218 3,191
Ajinomoto Co., Inc. 94,100 2,564
ITC, Ltd. 587,344 2,385
Varun Beverages, Ltd. 185,051 2,367
Inner Mongolia Yili Industrial Group Co., Ltd., Class A 502,400 2,333
Altria Group, Inc. 56,754 2,292
Constellation Brands, Inc., Class A 9,529 2,189
Haleon PLC1 37,032 114
      117,935
Materials 6.21%      
Vale SA, ordinary nominative shares 1,692,432 22,602
Vale SA (ADR), ordinary nominative shares 903,723 12,038
Fortescue Metals Group, Ltd. 1,283,035 13,751
Rio Tinto PLC 212,369 11,503
Freeport-McMoRan, Inc. 262,253 7,167
Linde PLC 18,877 5,089
BHP Group, Ltd. (CDI) 137,540 3,454
Shin-Etsu Chemical Co., Ltd. 31,800 3,158
Albemarle Corp. 11,502 3,042
Air Products and Chemicals, Inc. 9,309 2,166
Barrick Gold Corp. (CAD denominated) 127,238 1,972
Air Liquide SA, non-registered shares 17,273 1,967
CRH PLC 59,744 1,913
Dow, Inc. 42,264 1,857
Akzo Nobel NV 30,998 1,748
Amcor PLC (CDI) 154,047 1,636
American Funds Insurance Series — Capital World Growth and Income Fund — Page 53 of 255
unaudited
Common stocks (continued)
Materials (continued) 		  Shares Value
(000)
Evonik Industries AG 87,055 $1,468
First Quantum Minerals, Ltd. 70,833 1,202
HeidelbergCement AG 25,414 1,018
Lynas Rare Earths, Ltd.1 129,901 625
      99,376
Energy 5.96%      
Canadian Natural Resources, Ltd. (CAD denominated) 434,558 20,228
Baker Hughes Co., Class A 431,101 9,036
TotalEnergies SE 184,486 8,684
EOG Resources, Inc. 76,460 8,543
ConocoPhillips 55,582 5,688
Tourmaline Oil Corp. 94,911 4,933
BP PLC 972,798 4,626
Reliance Industries, Ltd. 146,289 4,231
Cameco Corp. 153,708 4,079
Shell PLC (GBP denominated) 155,703 3,874
Cenovus Energy, Inc. (CAD denominated) 215,483 3,310
Woodside Energy Group, Ltd. 120,486 2,451
Woodside Energy Group, Ltd. (CDI) 37,623 772
TC Energy Corp. (CAD denominated) 78,816 3,175
Aker BP ASA 101,330 2,906
Var Energi ASA 735,288 2,394
Halliburton Company 95,380 2,348
Suncor Energy, Inc. 82,080 2,312
Exxon Mobil Corp. 20,413 1,782
Gazprom PJSC3,4 2,248,304 —5
      95,372
Communication services 5.28%      
Alphabet, Inc., Class C1 210,093 20,200
Alphabet, Inc., Class A1 92,342 8,833
Netflix, Inc.1 31,356 7,382
Meta Platforms, Inc., Class A1 51,596 7,001
Comcast Corp., Class A 233,134 6,838
SoftBank Corp. 553,985 5,540
NetEase, Inc. 354,600 5,385
Bharti Airtel, Ltd. 366,287 3,577
Bharti Airtel, Ltd., interim shares 13,994 69
Sea, Ltd., Class A (ADR)1 59,407 3,330
Deutsche Telekom AG 167,449 2,870
Universal Music Group NV 148,872 2,806
Publicis Groupe SA 57,232 2,708
Singapore Telecommunications, Ltd. 1,354,700 2,493
Nippon Telegraph and Telephone Corp. 56,400 1,522
Omnicom Group, Inc. 22,966 1,449
Take-Two Interactive Software, Inc.1 12,130 1,322
Tencent Holdings, Ltd. 36,300 1,226
Yandex NV, Class A1,3 151,598 —5
      84,551
Utilities 2.99%      
DTE Energy Company 51,885 5,969
Iberdrola, SA, non-registered shares 510,846 4,749
NextEra Energy, Inc. 57,000 4,469
American Funds Insurance Series — Capital World Growth and Income Fund — Page 54 of 255
unaudited
Common stocks (continued)
Utilities (continued) 		  Shares Value
(000)
PG&E Corp.1 329,189 $4,115
China Resources Gas Group, Ltd. 1,188,132 3,750
E.ON SE 449,216 3,477
National Grid PLC 326,281 3,367
Engie SA 242,678 2,785
Engie SA, bonus shares 41,586 477
Edison International 53,587 3,032
Exelon Corp. 60,803 2,278
Constellation Energy Corp. 26,877 2,236
Power Grid Corporation of India, Ltd. 845,231 2,187
Enel SpA 481,516 1,973
AES Corp. 47,865 1,082
Endesa, SA 71,889 1,078
Public Service Enterprise Group, Inc. 14,569 819
      47,843
Real estate 1.21%      
Crown Castle, Inc. REIT 40,705 5,884
Longfor Group Holdings, Ltd. 1,227,000 3,477
American Tower Corp. REIT 12,889 2,767
Americold Realty Trust, Inc. REIT 65,356 1,608
W. P. Carey, Inc. REIT 22,705 1,585
VICI Properties, Inc. REIT 46,900 1,400
China Resources Mixc Lifestyle Services, Ltd. 364,600 1,397
Sun Hung Kai Properties, Ltd. 70,500 775
Iron Mountain, Inc. REIT 11,618 511
      19,404
Total common stocks (cost: $1,390,959,000)     1,455,839
Preferred securities 0.42%
Consumer discretionary 0.36% 		     
Volkswagen AG, nonvoting preferred shares 27,209 3,361
Dr. Ing. h.c. F. Porsche AG, nonvoting non-registered shares1 30,112 2,434
      5,795
Health care 0.03%      
Grifols, SA, Class B, nonvoting non-registered preferred shares1 70,967 444
Financials 0.03%      
Fannie Mae, Series S, 8.25% noncumulative preferred shares1 58,870 217
Federal Home Loan Mortgage Corp., Series Z, 8.375% noncumulative preferred shares1,2 61,516 205
      422
Total preferred securities (cost: $10,173,000)     6,661
Convertible bonds & notes 0.06%
Communication services 0.06% 		  Principal amount
(000) 		 
Sea, Ltd., convertible notes, 2.375% 2025 USD952 944
Total convertible bonds & notes (cost: $2,437,000)     944
American Funds Insurance Series — Capital World Growth and Income Fund — Page 55 of 255
unaudited
Bonds, notes & other debt instruments 0.38%
Corporate bonds, notes & loans 0.32%
Health care 0.15% 		  Principal amount
(000) 		Value
(000)
Teva Pharmaceutical Finance Co. BV 6.00% 2024 USD1,600 $1,556
Teva Pharmaceutical Finance Co. BV 3.15% 2026 1,100 904
      2,460
Consumer discretionary 0.10%      
General Motors Company 5.40% 2023 300 300
Royal Caribbean Cruises, Ltd. 11.50% 20256 647 689
Royal Caribbean Cruises, Ltd. 5.50% 20286 390 274
Royal Caribbean Cruises, Ltd. 8.25% 20296 151 147
Royal Caribbean Cruises, Ltd. 9.25% 20296 125 123
      1,533
Energy 0.04%      
TransCanada PipeLines, Ltd. 5.10% 2049 800 711
Financials 0.03%      
Lloyds Banking Group PLC 3.369% 20467 709 439
Total corporate bonds, notes & loans     5,143
Bonds & notes of governments & government agencies outside the U.S. 0.06%      
United Mexican States, Series M, 8.00% 2023 MXN20,000 964
Total bonds, notes & other debt instruments (cost: $6,906,000)     6,107
Short-term securities 8.54%
Money market investments 8.18% 		  Shares  
Capital Group Central Cash Fund 2.81%8,9 1,310,045 130,992
Money market investments purchased with collateral from securities on loan 0.36%      
Capital Group Central Cash Fund 2.81%8,9,10 31,811 3,180
Goldman Sachs Financial Square Government Fund, Institutional Shares 2.93%8,10 509,830 510
BlackRock Liquidity Funds – FedFund, Institutional Shares  2.76%8,10 508,914 509
Invesco Short-Term Investments Trust – Government & Agency Portfolio,
Institutional Class 2.88%8,10 		508,914 509
Morgan Stanley Institutional Liquidity Funds – Government Portfolio,
Institutional Class 2.80%8,10 		508,914 509
State Street Institutional U.S. Government Money Market Fund, Institutional Class 2.91%8,10 508,914 509
      5,726
Total short-term securities (cost: $136,693,000)     136,718
Total investment securities 100.32% (cost: $1,547,168,000)     1,606,269
Other assets less liabilities (0.32)%     (5,073)
Net assets 100.00%     $1,601,196
American Funds Insurance Series — Capital World Growth and Income Fund — Page 56 of 255
unaudited
Investments in affiliates9
  Value of
affiliates at
1/1/2022
(000) 		Additions
(000) 		Reductions
(000) 		Net
realized
loss
(000) 		  Net
unrealized
appreciation
(000) 		  Value of
affiliates at
9/30/2022
(000) 		  Dividend
income
(000)
Short-term securities 8.38%
Money market investments 8.18%                    
Capital Group Central Cash Fund 2.81%8 $12,989 $418,361 $300,357 $(26)   $25   $130,992   $761
Money market investments purchased with collateral
from securities on loan 0.20% 		                   
Capital Group Central Cash Fund 2.81%8,10 293 2,88711           3,180   —12
Total 8.38%       $(26)   $25   $134,172   $761
Restricted securities4
  Acquisition
date 		Cost
(000) 		  Value
(000) 		  Percent
of net
assets
Sberbank of Russia PJSC1,3 6/14/2022 $9,478   $—5   .00%
Gazprom PJSC3 7/19/2022 5,650   —5   .00
Total   $15,128   $—5   .00%
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 $6,049,000, which represented .38% of the net assets of the fund.
3 Value determined using significant unobservable inputs.
4 Restricted security, other than Rule 144A, subject to legal or contractual restrictions on resale. The total value of all such restricted securities was less than $1,000, which represented less than 0.01% of the net assets of the fund.
5 Amount less than one thousand.
6 Acquired in a transaction exempt from registration under Rule 144A of the Securities Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers. The total value of all such securities was $1,233,000, which represented .08% of the net assets of the fund.
7 Step bond; coupon rate may change at a later date.
8 Rate represents the seven-day yield at 9/30/2022.
9 Part of the same “group of investment companies“ as the fund as defined under the Investment Company Act of 1940, as amended.
10 Security purchased with cash collateral from securities on loan.
11 Represents net activity.
12 Dividend income is included with securities lending income and is not shown in this table.
Key to abbreviations
ADR = American Depositary Receipts
CAD = Canadian dollars
CDI = CREST Depository Interest
 
GBP = British pounds
MXN = Mexican pesos
REIT = Real Estate Investment Trust
 
SDR = Swedish Depositary Receipts
USD = U.S. dollars
American Funds Insurance Series — Capital World Growth and Income Fund — Page 57 of 255
Growth-Income Fund
Investment portfolio
September 30, 2022
unaudited
Common stocks 90.90%
Information technology 20.60% 		  Shares Value
(000)
Microsoft Corp. 8,011,817 $1,865,952
Broadcom, Inc. 2,460,022 1,092,274
Apple, Inc. 3,276,479 452,809
Mastercard, Inc., Class A 1,425,952 405,455
Visa, Inc., Class A 1,346,541 239,213
Automatic Data Processing, Inc. 845,000 191,131
Taiwan Semiconductor Manufacturing Company, Ltd. 13,692,000 179,972
ASML Holding NV 290,068 120,318
ASML Holding NV (New York registered) (ADR) 137,293 57,024
Accenture PLC, Class A 625,335 160,899
Applied Materials, Inc. 1,686,100 138,142
ServiceNow, Inc.1 280,858 106,055
Global Payments, Inc. 973,628 105,201
Concentrix Corp. 904,367 100,954
GoDaddy, Inc., Class A1 1,402,444 99,405
KLA Corp. 301,000 91,092
Micron Technology, Inc. 1,565,449 78,429
FleetCor Technologies, Inc.1 420,507 74,081
Fidelity National Information Services, Inc. 958,547 72,437
QUALCOMM, Inc. 564,911 63,824
TELUS International (Cda), Inc., subordinate voting shares1 2,302,991 60,246
Analog Devices, Inc. 398,402 55,513
Fiserv, Inc.1 536,700 50,219
Texas Instruments, Inc. 309,811 47,953
Cognizant Technology Solutions Corp., Class A 760,350 43,674
MKS Instruments, Inc. 481,000 39,750
Adobe, Inc.1 143,116 39,386
Snowflake, Inc., Class A1 225,042 38,248
Intel Corp. 1,275,000 32,857
Datadog, Inc., Class A1 365,800 32,476
Atlassian Corp. PLC, Class A1 141,050 29,704
Trimble, Inc.1 443,800 24,085
Ceridian HCM Holding, Inc.1 350,352 19,578
Lam Research Corp. 50,039 18,314
Block, Inc., Class A1 301,422 16,575
Dye & Durham, Ltd. 1,322,100 16,290
Affirm Holdings, Inc., Class A1 800,000 15,008
Paychex, Inc. 127,131 14,265
VeriSign, Inc.1 61,000 10,596
Euronet Worldwide, Inc.1 27,800 2,106
      6,301,510
Health care 12.99%      
UnitedHealth Group, Inc. 2,141,821 1,081,705
Abbott Laboratories 6,014,324 581,946
AbbVie, Inc. 3,742,689 502,306
American Funds Insurance Series — Growth-Income Fund — Page 58 of 255
unaudited
Common stocks (continued)
Health care (continued) 		  Shares Value
(000)
Humana, Inc. 487,426 $236,494
Novo Nordisk A/S, Class B 2,341,449 233,382
AstraZeneca PLC 1,209,323 132,989
AstraZeneca PLC (ADR) 721,200 39,551
Elevance Health, Inc. 366,614 166,531
Thermo Fisher Scientific, Inc. 301,203 152,767
Bristol-Myers Squibb Company 1,929,278 137,152
Eli Lilly and Company 360,974 116,721
Pfizer, Inc. 2,180,169 95,404
PerkinElmer, Inc. 769,600 92,606
Medtronic PLC 764,000 61,693
Seagen, Inc.1 432,135 59,129
Royalty Pharma PLC, Class A 1,170,161 47,017
GSK PLC 3,199,840 46,673
Zoetis, Inc., Class A 267,726 39,701
Stryker Corp. 148,897 30,158
Roche Holding AG, nonvoting non-registered shares 85,502 27,879
Edwards Lifesciences Corp.1 317,059 26,198
Horizon Therapeutics PLC1 318,690 19,724
Zimmer Biomet Holdings, Inc. 171,174 17,896
NovoCure, Ltd.1 193,600 14,710
Guardant Health, Inc.1 146,925 7,909
Vir Biotechnology, Inc.1 258,400 4,982
      3,973,223
Industrials 12.84%      
Raytheon Technologies Corp. 7,634,279 624,942
General Electric Co. 5,998,742 371,382
Northrop Grumman Corp. 633,267 297,838
TFI International, Inc. 2,669,105 241,501
Carrier Global Corp. 5,749,143 204,440
Waste Connections, Inc. 1,425,463 192,623
General Dynamics Corp. 848,975 180,127
Woodward, Inc. 2,204,500 176,933
L3Harris Technologies, Inc. 786,451 163,448
TransDigm Group, Inc. 302,520 158,769
Airbus SE, non-registered shares 1,617,590 139,747
Old Dominion Freight Line, Inc. 525,000 130,604
BWX Technologies, Inc. 2,159,505 108,774
Norfolk Southern Corp. 482,759 101,210
Waste Management, Inc. 625,300 100,179
Equifax, Inc. 490,008 84,002
ITT, Inc. 1,244,379 81,308
United Rentals, Inc.1 296,000 79,956
Lockheed Martin Corp. 180,000 69,532
Honeywell International, Inc. 409,067 68,302
Air Lease Corp., Class A 2,097,300 65,037
Fortive Corp. 1,085,000 63,256
United Airlines Holdings, Inc.1 1,810,598 58,899
Safran SA 539,713 49,073
GFL Environmental, Inc., subordinate voting shares 1,600,000 40,464
CSX Corp. 1,350,000 35,964
American Funds Insurance Series — Growth-Income Fund — Page 59 of 255
unaudited
Common stocks (continued)
Industrials (continued) 		  Shares Value
(000)
Cummins, Inc. 100,000 $20,351
Otis Worldwide Corp. 268,100 17,105
      3,925,766
Consumer discretionary 8.91%      
Amazon.com, Inc.1 7,677,691 867,579
General Motors Company 8,736,000 280,338
Dollar Tree Stores, Inc.1 1,279,006 174,073
Home Depot, Inc. 606,133 167,256
Hilton Worldwide Holdings, Inc. 1,337,320 161,307
Wyndham Hotels & Resorts, Inc. 1,842,940 113,064
Royal Caribbean Cruises, Ltd.1 2,814,603 106,673
Chipotle Mexican Grill, Inc.1 70,670 106,200
Dollar General Corp. 291,102 69,824
Lear Corp. 569,068 68,112
InterContinental Hotels Group PLC 1,396,700 67,007
Starbucks Corp. 767,500 64,670
Rivian Automotive, Inc., Class A1 1,838,450 60,503
Aptiv PLC1 620,877 48,559
Kering SA 101,695 44,971
McDonald’s Corp. 186,000 42,918
CarMax, Inc.1 650,000 42,913
Burlington Stores, Inc.1 363,459 40,667
D.R. Horton, Inc. 595,751 40,124
Darden Restaurants, Inc. 296,000 37,391
Airbnb, Inc., Class A1 350,000 36,764
Norwegian Cruise Line Holdings, Ltd.1,2 2,146,087 24,380
NVR, Inc.1 5,298 21,124
YUM! Brands, Inc. 196,630 20,910
VF Corp. 555,000 16,600
      2,723,927
Financials 8.78%      
JPMorgan Chase & Co. 2,711,830 283,386
Chubb, Ltd. 1,451,726 264,040
Marsh & McLennan Companies, Inc. 1,709,201 255,167
Arthur J. Gallagher & Co. 1,189,650 203,692
Nasdaq, Inc. 2,761,260 156,508
PNC Financial Services Group, Inc. 966,314 144,387
Morgan Stanley 1,592,297 125,807
Aon PLC, Class A 442,013 118,402
BlackRock, Inc. 202,957 111,683
B3 SA-Brasil, Bolsa, Balcao 39,829,500 96,355
Signature Bank 529,521 79,958
Webster Financial Corp. 1,701,139 76,892
Berkshire Hathaway, Inc., Class B1 285,000 76,101
S&P Global, Inc. 228,138 69,662
State Street Corp. 1,077,260 65,508
Charles Schwab Corp. 879,000 63,174
American International Group, Inc. 1,272,230 60,405
Moody’s Corp. 216,306 52,586
Wells Fargo & Company 1,298,041 52,207
Power Corporation of Canada, subordinate voting shares2 2,293,100 51,677
Blue Owl Capital, Inc., Class A 4,749,165 43,835
MSCI, Inc. 98,300 41,462
American Funds Insurance Series — Growth-Income Fund — Page 60 of 255
unaudited
Common stocks (continued)
Financials (continued) 		  Shares Value
(000)
TPG, Inc., Class A2 1,347,552 $37,516
SVB Financial Group1 110,900 37,238
LPL Financial Holdings, Inc. 169,900 37,120
Western Alliance Bancorporation 486,936 32,011
Citizens Financial Group, Inc. 728,750 25,040
Bank of America Corp. 791,332 23,898
CME Group, Inc., Class A 5,500 974
      2,686,691
Communication services 8.55%      
Alphabet, Inc., Class C1 6,174,740 593,701
Alphabet, Inc., Class A1 5,373,778 514,002
Meta Platforms, Inc., Class A1 3,150,339 427,438
Netflix, Inc.1 1,665,523 392,131
Comcast Corp., Class A 11,970,266 351,088
Charter Communications, Inc., Class A1 429,912 130,414
Electronic Arts, Inc. 1,093,600 126,540
Tencent Holdings, Ltd. 1,782,100 60,185
Take-Two Interactive Software, Inc.1 178,984 19,509
      2,615,008
Consumer staples 5.10%      
Philip Morris International, Inc. 6,790,089 563,645
British American Tobacco PLC 9,433,859 337,349
Keurig Dr Pepper, Inc. 5,314,367 190,361
General Mills, Inc. 1,378,800 105,630
Molson Coors Beverage Co., Class B, restricted voting shares 1,620,313 77,759
Mondelez International, Inc. 1,332,847 73,080
Anheuser-Busch InBev SA/NV 1,339,531 60,598
Bunge, Ltd. 538,852 44,493
Archer Daniels Midland Company 540,100 43,451
Procter & Gamble Company 180,677 22,810
Constellation Brands, Inc., Class A 91,971 21,124
Kraft Heinz Company 567,200 18,916
      1,559,216
Energy 4.63%      
Chevron Corp. 2,053,300 294,997
ConocoPhillips 2,749,013 281,334
Canadian Natural Resources, Ltd. (CAD denominated) 5,452,100 253,788
EOG Resources, Inc. 1,346,800 150,478
Baker Hughes Co., Class A 7,154,624 149,961
Equitrans Midstream Corp. 10,215,807 76,414
TC Energy Corp. (CAD denominated) 1,821,019 73,350
Exxon Mobil Corp. 660,220 57,644
Suncor Energy, Inc. 1,451,133 40,865
Halliburton Company 1,563,200 38,486
      1,417,317
Utilities 3.76%      
PG&E Corp.1 24,316,996 303,962
Edison International 3,089,330 174,794
Entergy Corp. 1,304,500 131,272
Constellation Energy Corp. 1,414,838 117,700
CenterPoint Energy, Inc. 2,840,104 80,034
American Funds Insurance Series — Growth-Income Fund — Page 61 of 255
unaudited
Common stocks (continued)
Utilities (continued) 		  Shares Value
(000)
Sempra Energy 510,000 $76,469
AES Corp. 2,803,707 63,364
Enel SpA 12,931,498 52,994
DTE Energy Company 401,000 46,135
CMS Energy Corp. 729,800 42,504
NextEra Energy, Inc. 460,000 36,069
Evergy, Inc. 418,980 24,887
      1,150,184
Materials 2.80%      
Linde PLC 1,000,332 269,679
LyondellBasell Industries NV 1,735,980 130,685
Vale SA (ADR), ordinary nominative shares 5,459,475 72,720
Vale SA, ordinary nominative shares 3,404,848 45,471
Albemarle Corp. 333,004 88,060
Freeport-McMoRan, Inc. 2,382,960 65,126
Corteva, Inc. 908,750 51,935
ATI, Inc.1 1,769,447 47,085
Barrick Gold Corp. 2,373,000 36,781
Nutrien, Ltd. (CAD denominated) 323,717 26,997
Sherwin-Williams Company 101,038 20,688
      855,227
Real estate 1.94%      
VICI Properties, Inc. REIT 9,447,078 281,996
Equinix, Inc. REIT 298,158 169,604
Crown Castle, Inc. REIT 864,782 125,004
Digital Realty Trust, Inc. REIT 160,000 15,869
      592,473
Total common stocks (cost: $20,672,845,000)     27,800,542
Convertible stocks 0.86%
Health care 0.55% 		     
Danaher Corp., Series B, cumulative convertible preferred shares, 5.00% 20232 123,957 167,031
Consumer discretionary 0.12%      
Aptiv PLC, Series A, convertible preferred shares, 5.50% 2023 379,775 36,155
Financials 0.09%      
KKR & Co., Inc., Series C, convertible preferred shares, 6.00% 2023 527,700 28,717
Utilities 0.09%      
NextEra Energy, Inc., noncumulative convertible preferred units, 6.926% 2025 617,200 28,391
Industrials 0.01%      
Stanley Black & Decker, Inc., convertible preferred shares, 5.25% 2022 35,448 1,748
Total convertible stocks (cost: $287,095,000)     262,042
American Funds Insurance Series — Growth-Income Fund — Page 62 of 255
unaudited
Bonds, notes & other debt instruments 0.02%
Corporate bonds, notes & loans 0.02%
Industrials 0.02% 		  Principal amount
(000) 		Value
(000)
Boeing Company 4.875% 2025 USD4,706 $4,597
Consumer discretionary 0.00%      
General Motors Financial Co. 4.30% 2025 160 153
General Motors Financial Co. 5.25% 2026 827 806
      959
Energy 0.00%      
Weatherford International, Ltd. 11.00% 20243 531 541
Total corporate bonds, notes & loans     6,097
Total bonds, notes & other debt instruments (cost: $6,126,000)     6,097
Short-term securities 8.44%
Money market investments 7.89% 		  Shares  
Capital Group Central Cash Fund 2.81%4,5 24,129,349 2,412,693
Money market investments purchased with collateral from securities on loan 0.55%      
Capital Group Central Cash Fund 2.81%4,5,6 935,284 93,519
Goldman Sachs Financial Square Government Fund, Institutional Shares 2.93%4,6 14,989,690 14,989
BlackRock Liquidity Funds – FedFund, Institutional Shares  2.76%4,6 14,962,747 14,963
Invesco Short-Term Investments Trust – Government & Agency Portfolio,
Institutional Class 2.88%4,6 		14,962,747 14,963
Morgan Stanley Institutional Liquidity Funds – Government Portfolio,
Institutional Class 2.80%4,6 		14,962,747 14,963
State Street Institutional U.S. Government Money Market Fund, Institutional Class 2.91%4,6 14,962,747 14,963
      168,360
Total short-term securities (cost: $2,580,742,000)     2,581,053
Total investment securities 100.22% (cost: $23,546,808,000)     30,649,734
Other assets less liabilities (0.22)%     (66,407)
Net assets 100.00%     $30,583,327
Investments in affiliates5
  Value of
affiliates at
1/1/2022
(000) 		Additions
(000) 		Reductions
(000) 		Net
realized
loss
(000) 		  Net
unrealized
appreciation
(000) 		  Value of
affiliates at
9/30/2022
(000) 		  Dividend
income
(000)
Short-term securities 8.19%
Money market investments 7.89%                    
Capital Group Central Cash Fund 2.81%4 $1,220,761 $4,860,336 $3,668,224 $(295)   $115   $2,412,693   $17,468
Money market investments purchased with collateral
from securities on loan 0.30% 		                   
Capital Group Central Cash Fund 2.81%4,6 39,148 54,3717           93,519   —8
Total 8.19%       $(295)   $115   $2,506,212   $17,468
American Funds Insurance Series — Growth-Income Fund — Page 63 of 255
unaudited
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 $193,069,000, which represented .63% of the net assets of the fund.
3 Acquired in a transaction exempt from registration under Rule 144A of the Securities Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers. The total value of all such securities was $541,000, which represented less than .01% of the net assets of the fund.
4 Rate represents the seven-day yield at 9/30/2022.
5 Part of the same “group of investment companies“ as the fund as defined under the Investment Company Act of 1940, as amended.
6 Security purchased with cash collateral from securities on loan.
7 Represents net activity.
8 Dividend income is included with securities lending income and is not shown in this table.
Key to abbreviations
ADR = American Depositary Receipts
CAD = Canadian dollars
REIT = Real Estate Investment Trust
USD = U.S. dollars
American Funds Insurance Series — Growth-Income Fund — Page 64 of 255
International Growth and Income Fund
Investment portfolio
September 30, 2022
unaudited
Common stocks 89.91%
Financials 15.03% 		  Shares Value
(000)
AIA Group, Ltd. 345,400 $2,868
Ping An Insurance (Group) Company of China, Ltd., Class H 557,000 2,770
AXA SA 117,557 2,574
Zurich Insurance Group AG 5,353 2,128
Toronto-Dominion Bank (CAD denominated) 32,205 1,975
HDFC Bank, Ltd. 95,273 1,651
UniCredit SpA 160,613 1,624
Tokio Marine Holdings, Inc. 80,100 1,424
Société Générale 69,722 1,383
Euronext NV 20,007 1,266
Resona Holdings, Inc. 345,600 1,262
DNB Bank ASA 78,454 1,242
B3 SA-Brasil, Bolsa, Balcao 502,614 1,216
Aon PLC, Class A 4,240 1,136
Industrial and Commercial Bank of China, Ltd., Class H 2,293,040 1,070
London Stock Exchange Group PLC 12,472 1,052
Hang Seng Bank, Ltd. 65,500 990
Banco Bilbao Vizcaya Argentaria, SA 209,994 943
Hong Kong Exchanges and Clearing, Ltd. 26,000 883
Kotak Mahindra Bank, Ltd. 38,652 855
UBS Group AG 53,525 773
Banco Santander, SA 301,287 700
DBS Group Holdings, Ltd. 25,095 580
Postal Savings Bank of China Co., Ltd., Class H 988,000 578
XP, Inc., Class A1 29,924 569
Prudential PLC 55,499 545
Brookfield Asset Management, Inc., Class A (CAD denominated) 13,319 545
Fairfax Financial Holdings, Ltd., subordinate voting shares 1,169 534
HDFC Life Insurance Company, Ltd. 80,417 523
Discovery, Ltd.1 74,430 430
China Merchants Bank Co., Ltd., Class H 92,000 426
Islandsbanki hf. 466,167 392
ICICI Bank, Ltd. (ADR) 17,697 371
Banca Generali SpA 13,383 370
Bank Leumi le-Israel B.M. 43,299 369
Partners Group Holding AG 403 324
Skandinaviska Enskilda Banken AB, Class A 32,490 308
ICICI Securities, Ltd. 45,682 291
EQT AB 11,659 224
ING Groep NV 23,039 198
Bank of Nova Scotia (CAD denominated) 3,500 166
Sberbank of Russia PJSC1,2,3 476,388 —4
Moscow Exchange MICEX-RTS PJSC1,2 346,177 —4
      39,528
American Funds Insurance Series — International Growth and Income Fund — Page 65 of 255
unaudited
Common stocks (continued)
Consumer staples 12.19% 		  Shares Value
(000)
British American Tobacco PLC 215,155 $7,694
Philip Morris International, Inc. 56,354 4,678
Nestlé SA 32,296 3,497
Kweichow Moutai Co., Ltd., Class A 10,500 2,762
Anheuser-Busch InBev SA/NV 40,116 1,815
Carlsberg A/S, Class B 13,488 1,574
Imperial Brands PLC 67,117 1,385
Pernod Ricard SA 6,140 1,122
Japan Tobacco, Inc. 55,800 916
Foshan Haitian Flavouring and Food Co., Ltd., Class A 75,854 882
Asahi Group Holdings, Ltd. 27,200 844
Arca Continental, SAB de CV 108,031 778
Wuliangye Yibin Co., Ltd., Class A 32,100 762
Carrefour SA, non-registered shares 47,193 654
Associated British Foods PLC 39,709 553
Varun Beverages, Ltd. 42,575 545
Ocado Group PLC1 78,658 408
L’Oréal SA, non-registered shares 1,160 369
Reckitt Benckiser Group PLC 4,805 317
Danone SA 4,142 195
Haleon PLC1 60,392 187
Avenue Supermarts, Ltd.1 2,324 125
X5 Retail Group NV (GDR)2 4,521 —4
      32,062
Consumer discretionary 10.57%      
Evolution AB 43,509 3,426
LVMH Moët Hennessy-Louis Vuitton SE 5,752 3,381
Renault SA1 74,088 1,990
Restaurant Brands International, Inc. (CAD denominated) 25,821 1,373
MGM China Holdings, Ltd.1 2,267,200 1,244
InterContinental Hotels Group PLC 25,070 1,203
Galaxy Entertainment Group, Ltd. 180,000 1,051
Prosus NV, Class N 19,060 993
Li Ning Co., Ltd. 120,000 912
Stellantis NV 74,419 879
Sodexo SA 11,491 864
Wynn Macau, Ltd.1,5 1,316,400 842
OPAP SA 66,419 798
adidas AG 6,571 763
Midea Group Co., Ltd., Class A 108,100 751
B&M European Value Retail SA 203,086 690
Sands China, Ltd.1 274,000 678
Paltac Corp. 21,500 663
Nitori Holdings Co., Ltd. 7,500 628
EssilorLuxottica 4,385 594
Industria de Diseño Textil, SA 28,694 593
Valeo SA, non-registered shares 39,099 588
Coupang, Inc., Class A1 31,055 518
Americanas SA, ordinary nominative shares 149,913 472
Entain PLC 33,218 399
D’Ieteren Group 2,368 332
JD.com, Inc., Class A 9,324 235
IDP Education, Ltd.5 13,164 220
Games Workshop Group PLC 2,479 159
American Funds Insurance Series — International Growth and Income Fund — Page 66 of 255
unaudited
Common stocks (continued)
Consumer discretionary (continued) 		  Shares Value
(000)
Pan Pacific International Holdings Corp. 9,000 $158
Kering SA 287 127
Dixon Technologies (India) Ltd. 1,902 102
Balkrishna Industries, Ltd. 3,940 90
MercadoLibre, Inc.1 88 73
      27,789
Industrials 10.49%      
Airbus SE, non-registered shares 50,637 4,375
BAE Systems PLC 453,303 3,983
CCR SA, ordinary nominative shares 660,783 1,535
ABB, Ltd. 49,793 1,282
SMC Corp. 3,100 1,250
RELX PLC 45,787 1,118
Rheinmetall AG 7,197 1,115
Alliance Global Group, Inc. 7,671,200 1,077
LIXIL Corp. 69,500 1,007
Daikin Industries, Ltd. 5,700 881
Cathay Pacific Airways, Ltd.1,5 776,000 813
Brenntag SE 12,957 791
Ryanair Holdings PLC (ADR)1 13,311 778
Husqvarna AB, Class B 135,519 747
Waste Connections, Inc. (CAD denominated) 5,192 701
Safran SA 7,531 685
InPost SA1 96,719 565
TFI International, Inc. (CAD denominated) 5,833 528
Experian PLC 17,224 505
Bunzl PLC 15,343 467
Epiroc AB, Class A 19,169 274
Epiroc AB, Class B 10,197 128
Coor Service Management Holding AB 57,721 392
BELIMO Holding AG 1,068 391
Caterpillar, Inc. 2,260 371
Interpump Group SpA 9,158 296
Deutsche Post AG 9,640 293
Adecco Group AG 10,191 280
Siemens AG 2,589 256
DSV A/S 2,088 242
Wizz Air Holdings PLC1 9,714 171
SITC International Holdings Co., Ltd. 79,659 146
Hitachi, Ltd. 2,400 101
Polycab India, Ltd. 1,093 34
      27,578
Information technology 10.32%      
Taiwan Semiconductor Manufacturing Company, Ltd. 543,000 7,137
ASML Holding NV 9,805 4,067
Edenred SA 50,178 2,306
Tokyo Electron, Ltd. 8,300 2,055
Broadcom, Inc. 3,628 1,611
Samsung Electronics Co., Ltd. 40,884 1,502
MediaTek, Inc. 83,000 1,445
SAP SE 12,956 1,068
Keyence Corp. 2,700 896
Nokia Corp. 182,691 780
American Funds Insurance Series — International Growth and Income Fund — Page 67 of 255
unaudited
Common stocks (continued)
Information technology (continued) 		  Shares Value
(000)
TDK Corp. 25,100 $762
Logitech International SA5 14,144 646
Kingdee International Software Group Co., Ltd.1 436,000 564
ASM International NV 1,784 399
Vanguard International Semiconductor Corp. 181,000 366
Capgemini SE 1,725 276
Halma PLC 12,178 274
Infosys, Ltd. (ADR) 13,638 231
Amadeus IT Group SA, Class A, non-registered shares1 4,613 214
Nice, Ltd. (ADR)1 946 178
Nomura Research Institute, Ltd. 5,300 130
Fujitsu, Ltd. 1,000 108
eMemory Technology, Inc. 3,000 106
      27,121
Health care 9.07%      
AstraZeneca PLC 75,685 8,323
Novo Nordisk A/S, Class B 44,187 4,404
Sanofi 28,178 2,150
GSK PLC 103,927 1,516
Siemens Healthineers AG 34,066 1,476
Bayer AG 27,193 1,255
EUROAPI1 38,541 642
Genus PLC 20,816 601
Grifols, SA, Class B (ADR)1 88,377 544
Shionogi & Co., Ltd. 11,200 542
Lonza Group AG 925 450
Roche Holding AG, nonvoting non-registered shares 1,183 386
Novartis AG 4,335 330
Koninklijke Philips NV (EUR denominated) 21,031 325
Hypera SA, ordinary nominative shares 27,468 225
BeiGene, Ltd. (ADR)1 1,332 179
Hutchmed China, Ltd. (ADR)1 17,569 156
CanSino Biologics, Inc., Class H5 26,400 148
Sonova Holding AG 553 122
Innovent Biologics, Inc.1 27,500 86
      23,860
Energy 6.92%      
TotalEnergies SE 66,817 3,145
BP PLC 632,333 3,007
Equinor ASA 57,101 1,883
TC Energy Corp. (CAD denominated) 41,336 1,665
TechnipFMC PLC1 183,824 1,555
Aker BP ASA 53,460 1,533
Cameco Corp. 51,926 1,378
Canadian Natural Resources, Ltd. (CAD denominated) 28,025 1,305
Schlumberger, Ltd. 29,756 1,068
Tourmaline Oil Corp. 14,536 756
Reliance Industries, Ltd. 18,968 549
INPEX Corp. 23,700 222
Var Energi ASA 42,709 139
Gazprom PJSC2,3 671,150 —4
American Funds Insurance Series — International Growth and Income Fund — Page 68 of 255
unaudited
Common stocks (continued)
Energy (continued) 		  Shares Value
(000)
Sovcomflot PAO1,2 356,717 $—4
LUKOIL Oil Co. PJSC1,2,3 9,706 —4
      18,205
Communication services 5.25%      
Koninklijke KPN NV 790,321 2,141
Tencent Holdings, Ltd. 59,400 2,006
Nippon Telegraph and Telephone Corp. 58,600 1,581
Telefónica, SA, non-registered shares1 393,702 1,298
Vodafone Group PLC 1,045,268 1,177
BT Group PLC 848,896 1,148
Publicis Groupe SA 19,295 913
SoftBank Corp. 75,200 752
América Móvil, SAB de CV, Series L (ADR) 40,380 665
Indus Towers, Ltd. 242,743 588
Deutsche Telekom AG 28,506 489
Viaplay Group AB, Class B1 20,154 394
Sea, Ltd., Class A (ADR)1 5,621 315
Universal Music Group NV 9,437 178
NetEase, Inc. 10,800 164
Yandex NV, Class A1,2 5,000 —4
      13,809
Materials 5.09%      
Vale SA, ordinary nominative shares 196,473 2,624
Vale SA (ADR), ordinary nominative shares 106,545 1,419
Linde PLC 7,449 2,008
Barrick Gold Corp. 51,370 796
Barrick Gold Corp. (CAD denominated) 29,801 462
Glencore PLC 211,476 1,117
Koninklijke DSM NV 8,177 927
Sociedad Química y Minera de Chile SA, Class B (ADR) 7,581 688
Asahi Kasei Corp. 98,400 651
Rio Tinto PLC 10,464 567
Air Liquide SA, non-registered shares 4,826 549
Fortescue Metals Group, Ltd. 42,173 452
Fresnillo PLC 41,735 357
Sika AG 1,208 242
Shin-Etsu Chemical Co., Ltd. 1,900 189
Shandong Sinocera Functional Material Co., Ltd., Class A 41,300 168
Givaudan SA 52 157
Alrosa PJSC2 53,607 —4
      13,373
Utilities 2.89%      
Engie SA 189,577 2,175
Brookfield Infrastructure Partners, LP 55,442 1,989
Enel SpA 391,021 1,602
ENN Energy Holdings, Ltd. 107,300 1,428
Iberdrola, SA, non-registered shares 38,710 360
Guangdong Investment, Ltd. 40,000 32
      7,586
American Funds Insurance Series — International Growth and Income Fund — Page 69 of 255
unaudited
Common stocks (continued)
Real estate 2.09% 		  Shares Value
(000)
CK Asset Holdings, Ltd. 323,000 $1,938
Longfor Group Holdings, Ltd. 435,000 1,233
Embassy Office Parks REIT 182,141 773
Link REIT 103,300 721
Unibail-Rodamco-Westfield REIT, non-registered shares1 10,561 434
TAG Immobilien AG 48,129 388
      5,487
Total common stocks (cost: $286,066,000)     236,398
Preferred securities 0.43%
Materials 0.19% 		     
Gerdau SA, preferred nominative shares 113,023 512
Consumer discretionary 0.16%      
Volkswagen AG, nonvoting preferred shares 3,468 429
Information technology 0.08%      
Samsung Electronics Co., Ltd., nonvoting preferred shares 6,216 202
Total preferred securities (cost: $1,636,000)     1,143
Short-term securities 9.37%
Money market investments 9.13% 		     
Capital Group Central Cash Fund 2.81%6,7 240,061 24,004
Money market investments purchased with collateral from securities on loan 0.24%      
Capital Group Central Cash Fund 2.81%6,7,8 3,504 351
BlackRock Liquidity Funds – FedFund, Institutional Shares  2.76%6,8 56,055 56
Goldman Sachs Financial Square Government Fund, Institutional Shares 2.93%6,8 56,155 56
Invesco Short-Term Investments Trust – Government & Agency Portfolio,
Institutional Class 2.88%6,8 		56,054 56
Morgan Stanley Institutional Liquidity Funds – Government Portfolio,
Institutional Class 2.80%6,8 		56,054 56
State Street Institutional U.S. Government Money Market Fund, Institutional Class 2.91%6,8 56,054 56
      631
Total short-term securities (cost: $24,630,000)     24,635
Total investment securities 99.71% (cost: $312,332,000)     262,176
Other assets less liabilities 0.29%     765
Net assets 100.00%     $262,941
American Funds Insurance Series — International Growth and Income Fund — Page 70 of 255
unaudited
Forward currency contracts
Contract amount Counterparty Settlement
date 		Unrealized
appreciation
at 9/30/2022
(000)
Currency purchased
(000) 		Currency sold
(000)
USD 753 GBP 660 Goldman Sachs 10/17/2022 $16
USD 423 GBP 365 JPMorgan Chase 10/17/2022 15
            $31
Investments in affiliates7
  Value of
affiliates at
1/1/2022
(000) 		Additions
(000) 		Reductions
(000) 		Net
realized
loss
(000) 		  Net
unrealized
appreciation
(000) 		  Value of
affiliates at
9/30/2022
(000) 		  Dividend
income
(000)
Short-term securities 9.26%
Money market investments 9.13%                    
Capital Group Central Cash Fund 2.81%6 $21,699 $67,108 $64,798 $(5)   $—4   $24,004   $183
Money market investments purchased with collateral
from securities on loan 0.13% 		                   
Capital Group Central Cash Fund 2.81%6,8 — 3519           351   —10
Total 9.26%       $(5)   $—   $24,355   $183
Restricted securities3
  Acquisition
date(s) 		Cost
(000) 		  Value
(000) 		  Percent
of net
assets
Sberbank of Russia PJSC1,2 6/14/2022 $1,203   $—4   .00%
Gazprom PJSC2 7/19/2022 3,074   —4   .00
LUKOIL Oil Co. PJSC1,2 7/13/2022-9/16/2022 872   —4   .00
Total   $5,149   $—4   .00%
1 Security did not produce income during the last 12 months.
2 Value determined using significant unobservable inputs.
3 Restricted security, other than Rule 144A, subject to legal or contractual restrictions on resale. The total value of all such restricted securities was less than $1,000, which represented less than 0.01% of the net assets of the fund.
4 Amount less than one thousand.
5 All or a portion of this security was on loan. The total value of all such securities was $1,285,000, which represented .49% of the net assets of the fund.
6 Rate represents the seven-day yield at 9/30/2022.
7 Part of the same “group of investment companies“ as the fund as defined under the Investment Company Act of 1940, as amended.
8 Security purchased with cash collateral from securities on loan.
9 Represents net activity.
10 Dividend income is included with securities lending income and is not shown in this table.
Key to abbreviations
ADR = American Depositary Receipts
CAD = Canadian dollars
EUR = Euros
GBP = British pounds
GDR = Global Depositary Receipts
REIT = Real Estate Investment Trust
USD = U.S. dollars
American Funds Insurance Series — International Growth and Income Fund — Page 71 of 255
Capital Income Builder®
Investment portfolio
September 30, 2022
unaudited
Common stocks 71.08%
Financials 12.85% 		  Shares Value
(000)
Zurich Insurance Group AG 39,791 $15,818
Toronto-Dominion Bank (CAD denominated) 159,862 9,805
CME Group, Inc., Class A 46,175 8,179
PNC Financial Services Group, Inc. 53,108 7,935
Morgan Stanley 88,286 6,975
DBS Group Holdings, Ltd. 300,006 6,936
Münchener Rückversicherungs-Gesellschaft AG 23,813 5,760
JPMorgan Chase & Co. 53,817 5,624
DNB Bank ASA 301,733 4,777
Power Corporation of Canada, subordinate voting shares 184,971 4,168
BlackRock, Inc. 5,848 3,218
Principal Financial Group, Inc. 42,620 3,075
Webster Financial Corp. 65,763 2,972
Tryg A/S 138,234 2,841
Blackstone, Inc., nonvoting shares 33,387 2,794
American International Group, Inc. 55,598 2,640
B3 SA-Brasil, Bolsa, Balcao 1,074,313 2,599
Ping An Insurance (Group) Company of China, Ltd., Class H 457,500 2,275
Ping An Insurance (Group) Company of China, Ltd., Class A 36,057 210
KBC Groep NV 45,573 2,138
AIA Group, Ltd. 250,000 2,076
East West Bancorp, Inc. 29,501 1,981
Travelers Companies, Inc. 11,182 1,713
Kaspi.kz JSC1 22,264 1,281
Kaspi.kz JSC (GDR) 4,869 280
State Street Corp. 25,515 1,552
China Pacific Insurance (Group) Co., Ltd., Class H 809,950 1,485
National Bank of Canada2 22,809 1,430
Citizens Financial Group, Inc. 41,457 1,424
ING Groep NV 157,320 1,349
KeyCorp 74,840 1,199
Swedbank AB, Class A 88,691 1,160
Wells Fargo & Company 28,797 1,158
OneMain Holdings, Inc. 37,485 1,107
Truist Financial Corp. 23,131 1,007
EFG International AG 117,970 932
Franklin Resources, Inc. 42,738 920
Corebridge Financial, Inc.2 44,617 878
Bank Central Asia Tbk PT 1,423,700 795
Hang Seng Bank, Ltd. 52,200 789
BNP Paribas SA 17,927 757
Great-West Lifeco, Inc. 34,966 755
TPG, Inc., Class A2 26,945 750
Euronext NV 11,304 715
Citigroup, Inc. 16,200 675
Hong Kong Exchanges and Clearing, Ltd. 18,300 621
American Funds Insurance Series — Capital Income Builder — Page 72 of 255
unaudited
Common stocks (continued)
Financials (continued) 		  Shares Value
(000)
Patria Investments, Ltd., Class A 46,633 $609
Banco Santander, SA 201,758 469
Cullen/Frost Bankers, Inc. 3,514 465
Vontobel Holding AG 8,314 446
China Merchants Bank Co., Ltd., Class H 94,500 437
Macquarie Group, Ltd. 3,979 386
IIFL Wealth Management, Ltd. 8,122 183
SouthState Corp. 2,202 174
UniCredit SpA 12,643 128
Moscow Exchange MICEX-RTS PJSC3,4 875,002 —5
Sberbank of Russia PJSC3,4,6 204,176 —5
      132,825
Consumer staples 10.08%      
Philip Morris International, Inc. 258,107 21,426
British American Tobacco PLC 464,782 16,620
Nestlé SA 89,420 9,682
General Mills, Inc. 112,776 8,640
PepsiCo, Inc. 48,820 7,970
Altria Group, Inc. 165,624 6,688
Kimberly-Clark Corp. 43,146 4,856
ITC, Ltd. 1,164,406 4,729
Imperial Brands PLC 207,379 4,279
Unilever PLC (GBP denominated) 74,612 3,283
Carlsberg A/S, Class B 19,656 2,294
Danone SA 48,454 2,283
Keurig Dr Pepper, Inc. 57,431 2,057
Anheuser-Busch InBev SA/NV 37,488 1,696
Coca-Cola Company 22,073 1,237
Kraft Heinz Company 32,392 1,080
Procter & Gamble Company 6,587 832
Mondelez International, Inc. 14,725 807
Seven & i Holdings Co., Ltd. 19,700 791
Vector Group, Ltd. 73,463 647
Viscofan, SA, non-registered shares 9,124 498
Reckitt Benckiser Group PLC 6,554 433
Wuliangye Yibin Co., Ltd., Class A 17,100 406
Scandinavian Tobacco Group A/S 21,667 313
Hilton Food Group PLC 33,354 198
Kimberly-Clark de México, SAB de CV, ordinary participation certificates, Class A 136,106 182
Coca-Cola HBC AG (CDI) 8,418 177
Haleon PLC4 35,370 110
      104,214
Health care 8.79%      
AbbVie, Inc. 171,659 23,037
Amgen, Inc. 53,090 11,967
Gilead Sciences, Inc. 155,670 9,603
Medtronic PLC 80,786 6,523
Abbott Laboratories 66,951 6,478
AstraZeneca PLC 54,869 6,034
Novartis AG 74,581 5,686
Bristol-Myers Squibb Company 73,688 5,239
Pfizer, Inc. 88,689 3,881
Roche Holding AG, nonvoting non-registered shares 9,975 3,252
American Funds Insurance Series — Capital Income Builder — Page 73 of 255
unaudited
Common stocks (continued)
Health care (continued) 		  Shares Value
(000)
UnitedHealth Group, Inc. 5,461 $2,758
GSK PLC 137,193 2,001
Royalty Pharma PLC, Class A 42,309 1,700
CVS Health Corp. 7,829 747
Merck & Co., Inc. 7,825 674
EBOS Group, Ltd. 29,378 616
Bayer AG 12,564 580
Koninklijke Philips NV (EUR denominated) 2,878 44
Organon & Co. 662 16
      90,836
Information technology 7.44%      
Broadcom, Inc. 66,691 29,611
Microsoft Corp. 70,682 16,462
Taiwan Semiconductor Manufacturing Company, Ltd. 635,800 8,357
Automatic Data Processing, Inc. 16,392 3,708
Texas Instruments, Inc. 13,384 2,072
KLA Corp. 6,485 1,962
Paychex, Inc. 16,988 1,906
Apple, Inc. 13,148 1,817
NetApp, Inc. 20,711 1,281
Vanguard International Semiconductor Corp. 618,700 1,251
QUALCOMM, Inc. 11,066 1,250
GlobalWafers Co., Ltd. 105,938 1,206
MediaTek, Inc. 64,000 1,114
Western Union Company 66,602 899
Tokyo Electron, Ltd. 3,500 867
SAP SE 8,870 731
Analog Devices, Inc. 4,820 672
Intel Corp. 17,746 457
Tripod Technology Corp. 142,000 416
SINBON Electronics Co., Ltd. 48,446 402
International Business Machines Corp. 2,617 311
BE Semiconductor Industries NV 3,388 144
      76,896
Real estate 6.55%      
Crown Castle, Inc. REIT 140,442 20,301
VICI Properties, Inc. REIT 595,168 17,766
Equinix, Inc. REIT 7,659 4,357
Gaming and Leisure Properties, Inc. REIT 92,838 4,107
Link REIT 363,466 2,537
Federal Realty Investment Trust REIT 27,985 2,522
Digital Realty Trust, Inc. REIT 25,050 2,484
CK Asset Holdings, Ltd. 318,000 1,908
American Tower Corp. REIT 7,856 1,687
POWERGRID Infrastructure Investment Trust 681,036 1,160
Americold Realty Trust, Inc. REIT 43,220 1,063
Charter Hall Group REIT 145,504 1,053
Embassy Office Parks REIT 245,585 1,043
Extra Space Storage, Inc. REIT 5,810 1,003
Mindspace Business Parks REIT 214,689 958
Longfor Group Holdings, Ltd. 288,000 816
CTP NV 68,103 703
Sun Hung Kai Properties, Ltd. 61,255 674
American Funds Insurance Series — Capital Income Builder — Page 74 of 255
unaudited
Common stocks (continued)
Real estate (continued) 		  Shares Value
(000)
Kimco Realty Corp. REIT 31,388 $578
TAG Immobilien AG 49,398 398
CubeSmart REIT 8,847 354
PSP Swiss Property AG 1,851 185
Douglas Elliman, Inc. 29,146 120
      67,777
Utilities 6.30%      
Dominion Energy, Inc. 131,225 9,069
DTE Energy Company 54,577 6,279
Power Grid Corporation of India, Ltd. 2,010,898 5,204
The Southern Co. 65,646 4,464
Iberdrola, SA, non-registered shares 470,820 4,377
National Grid PLC 408,404 4,215
E.ON SE 540,652 4,184
Engie SA 257,687 2,957
Engie SA, bonus shares 36,900 423
Edison International 54,970 3,110
Duke Energy Corp. 27,288 2,538
Evergy, Inc. 41,923 2,490
AES Corp. 107,301 2,425
Entergy Corp. 23,545 2,369
Public Service Enterprise Group, Inc. 28,665 1,612
Sempra Energy 9,762 1,464
CenterPoint Energy, Inc. 49,943 1,407
Exelon Corp. 36,653 1,373
SSE PLC 74,781 1,268
Enel SpA 306,577 1,256
NextEra Energy, Inc. 13,478 1,057
ENN Energy Holdings, Ltd. 55,000 732
Power Assets Holdings, Ltd. 106,500 532
CMS Energy Corp. 3,992 233
American Electric Power Company, Inc. 1,512 131
      65,169
Industrials 5.91%      
Raytheon Technologies Corp. 228,916 18,739
Lockheed Martin Corp. 13,654 5,274
BAE Systems PLC 553,357 4,862
Honeywell International, Inc. 21,162 3,533
L3Harris Technologies, Inc. 13,876 2,884
Kone OYJ, Class B 71,780 2,764
RELX PLC 98,945 2,415
RELX PLC (ADR) 7,965 194
VINCI SA 26,226 2,107
Singapore Technologies Engineering, Ltd. 843,200 2,090
Siemens AG 20,861 2,065
Deutsche Post AG 59,701 1,817
BOC Aviation, Ltd. 253,200 1,785
Trinity Industries, Inc. 72,684 1,552
ABB, Ltd. 40,069 1,032
Trelleborg AB, Class B 47,577 887
Grupo Aeroportuario del Pacífico, SAB de CV, Class B 66,797 844
Ventia Services Group Pty, Ltd. 490,862 810
LIXIL Corp. 54,600 791
American Funds Insurance Series — Capital Income Builder — Page 75 of 255
unaudited
Common stocks (continued)
Industrials (continued) 		  Shares Value
(000)
CCR SA, ordinary nominative shares 335,561 $780
United Parcel Service, Inc., Class B 4,455 720
Waste Management, Inc. 4,339 695
Compañia de Distribución Integral Logista Holdings, SA, non-registered shares 34,094 620
General Dynamics Corp. 2,526 536
Illinois Tool Works, Inc. 2,897 523
Airbus SE, non-registered shares 3,671 317
Sulzer AG 4,629 265
Norfolk Southern Corp. 1,084 227
Melrose Industries PLC 19,700 22
      61,150
Energy 5.06%      
TC Energy Corp. (CAD denominated) 186,837 7,526
TC Energy Corp. 15,330 617
Canadian Natural Resources, Ltd. (CAD denominated) 147,096 6,847
Chevron Corp. 46,926 6,742
Exxon Mobil Corp. 47,888 4,181
TotalEnergies SE 88,547 4,168
BP PLC 798,820 3,799
Shell PLC (GBP denominated) 119,819 2,981
Shell PLC (ADR) 8,467 421
EOG Resources, Inc. 27,609 3,085
ConocoPhillips 26,506 2,713
Enbridge, Inc. (CAD denominated) 49,520 1,836
Equitrans Midstream Corp. 213,059 1,594
Schlumberger, Ltd. 36,843 1,323
Pioneer Natural Resources Company 5,876 1,272
Woodside Energy Group, Ltd. 36,417 741
Woodside Energy Group, Ltd. (CDI) 23,081 474
Baker Hughes Co., Class A 52,596 1,102
DT Midstream, Inc. 13,716 712
Galp Energia, SGPS, SA, Class B 11,022 106
Diamond Offshore Drilling, Inc.4 5,031 33
Gazprom PJSC3,6 880,428 —5
      52,273
Communication services 2.77%      
Comcast Corp., Class A 222,398 6,523
Verizon Communications, Inc. 108,484 4,119
SoftBank Corp. 381,400 3,814
BCE, Inc.2 62,512 2,621
Koninklijke KPN NV 930,999 2,523
Nippon Telegraph and Telephone Corp. 69,000 1,861
HKT Trust and HKT, Ltd., units 1,376,240 1,610
Singapore Telecommunications, Ltd. 789,900 1,454
Pearson PLC 106,351 1,019
Warner Music Group Corp., Class A 33,470 777
WPP PLC 80,995 670
Omnicom Group, Inc. 10,162 641
Indus Towers, Ltd. 211,665 513
ProSiebenSat.1 Media SE 40,927 294
Vodafone Group PLC 144,892 163
      28,602
American Funds Insurance Series — Capital Income Builder — Page 76 of 255
unaudited
Common stocks (continued)
Consumer discretionary 2.77% 		  Shares Value
(000)
McDonald’s Corp. 20,341 $4,694
Home Depot, Inc. 12,854 3,547
Starbucks Corp. 40,676 3,427
Industria de Diseño Textil, SA 149,319 3,084
Midea Group Co., Ltd., Class A 397,675 2,763
Kering SA 5,619 2,485
LVMH Moët Hennessy-Louis Vuitton SE 2,860 1,681
Galaxy Entertainment Group, Ltd. 196,000 1,145
YUM! Brands, Inc. 10,281 1,093
Darden Restaurants, Inc. 7,867 994
Restaurant Brands International, Inc. 15,817 841
VF Corp. 25,455 761
Cie. Financière Richemont SA, Class A 7,642 717
Hasbro, Inc. 7,651 516
OPAP SA 27,844 335
Inchcape PLC 26,460 199
Thule Group AB 8,654 172
Kindred Group PLC (SDR) 19,169 143
      28,597
Materials 2.56%      
Vale SA (ADR), ordinary nominative shares 353,760 4,712
Vale SA, ordinary nominative shares 219,491 2,931
Rio Tinto PLC 79,287 4,295
Linde PLC 8,444 2,276
BHP Group, Ltd. (CDI) 82,385 2,069
Air Products and Chemicals, Inc. 8,503 1,979
International Flavors & Fragrances, Inc. 18,792 1,707
LyondellBasell Industries NV 20,898 1,573
Sociedad Química y Minera de Chile SA, Class B (ADR) 10,514 954
Evonik Industries AG 56,185 947
BASF SE 21,232 823
Asahi Kasei Corp. 96,900 641
UPM-Kymmene Oyj 19,277 613
Nexa Resources SA2 51,286 265
Fortescue Metals Group, Ltd. 24,079 258
WestRock Co. 7,448 230
Shin-Etsu Chemical Co., Ltd. 1,900 189
      26,462
Total common stocks (cost: $700,799,000)     734,801
Preferred securities 0.04%
Information technology 0.04% 		     
Samsung Electronics Co., Ltd., nonvoting preferred shares 12,647 411
Total preferred securities (cost: $420,000)     411
Rights & warrants 0.00%
Consumer discretionary 0.00% 		     
Compagnie Financière Richemont SA, Class A, warrants, expire 20234 7,130 3
Total rights & warrants (cost: $0)     3
American Funds Insurance Series — Capital Income Builder — Page 77 of 255
unaudited
Convertible stocks 0.45%
Utilities 0.28% 		  Shares Value
(000)
NextEra Energy, Inc., noncumulative convertible preferred units, 6.926% 2025 35,900 $1,652
AES Corp., convertible preferred units, 6.875% 2024 8,659 765
American Electric Power Company, Inc., convertible preferred units, 6.125% 2023 9,704 480
      2,897
Health care 0.11%      
Danaher Corp., Series B, cumulative convertible preferred shares, 5.00% 20232 841 1,133
Consumer discretionary 0.06%      
Aptiv PLC, Series A, convertible preferred shares, 5.50% 2023 6,948 661
Total convertible stocks (cost: $4,679,000)     4,691
Investment funds 2.84%      
Capital Group Central Corporate Bond Fund7 3,676,125 29,299
Total investment funds (cost: $36,151,000)     29,299
Bonds, notes & other debt instruments 20.56%
U.S. Treasury bonds & notes 9.94%
U.S. Treasury 6.89% 		  Principal amount
(000) 		 
U.S. Treasury 0.125% 2022 USD1,625 1,611
U.S. Treasury 0.125% 2023 2,200 2,173
U.S. Treasury 0.375% 2023 875 839
U.S. Treasury 0.625% 2024 11,050 10,270
U.S. Treasury 0.75% 2024 5,965 5,541
U.S. Treasury 2.50% 2024 5,424 5,273
U.S. Treasury 3.25% 2024 554 544
U.S. Treasury 0.75% 2026 4,903 4,342
U.S. Treasury 0.75% 2026 3,850 3,400
U.S. Treasury 0.75% 2026 1 1
U.S. Treasury 1.125% 2026 995 882
U.S. Treasury 1.875% 2026 6,300 5,801
U.S. Treasury 2.00% 20268 2,800 2,572
U.S. Treasury 0.50% 2027 2,900 2,467
U.S. Treasury 2.50% 2027 1,440 1,345
U.S. Treasury 3.125% 2027 12,929 12,396
U.S. Treasury 6.125% 2027 950 1,036
U.S. Treasury 1.25% 2028 1,350 1,164
U.S. Treasury 6.25% 2030 890 1,025
U.S. Treasury 2.75% 2032 1,899 1,736
U.S. Treasury 1.125% 20408 2,400 1,503
U.S. Treasury 2.00% 2041 300 215
U.S. Treasury 3.375% 2042 167 151
U.S. Treasury 2.375% 2051 196 147
U.S. Treasury 2.875% 20528 4,338 3,639
U.S. Treasury 3.00% 2052 1,275 1,102
      71,175
American Funds Insurance Series — Capital Income Builder — Page 78 of 255
unaudited
Bonds, notes & other debt instruments (continued)
U.S. Treasury bonds & notes (continued)
U.S. Treasury inflation-protected securities 3.05% 		  Principal amount
(000) 		Value
(000)
U.S. Treasury Inflation-Protected Security 0.125% 20239 USD2,595 $2,568
U.S. Treasury Inflation-Protected Security 0.375% 20239 1,808 1,777
U.S. Treasury Inflation-Protected Security 0.625% 20239 3,381 3,329
U.S. Treasury Inflation-Protected Security 0.125% 20249 6,275 6,057
U.S. Treasury Inflation-Protected Security 0.125% 20249 2,736 2,631
U.S. Treasury Inflation-Protected Security 0.50% 20249 2,553 2,479
U.S. Treasury Inflation-Protected Security 0.625% 20249 3,061 2,987
U.S. Treasury Inflation-Protected Security 0.125% 20259 1,262 1,196
U.S. Treasury Inflation-Protected Security 0.125% 20259 228 216
U.S. Treasury Inflation-Protected Security 0.25% 20259 536 513
U.S. Treasury Inflation-Protected Security 0.375% 20259 375 358
U.S. Treasury Inflation-Protected Security 0.125% 20269 2,375 2,218
U.S. Treasury Inflation-Protected Security 0.50% 20289 240 223
U.S. Treasury Inflation-Protected Security 0.125% 20309 2,130 1,884
U.S. Treasury Inflation-Protected Security 0.125% 20319 1,821 1,591
U.S. Treasury Inflation-Protected Security 0.125% 20319 138 121
U.S. Treasury Inflation-Protected Security 1.00% 20499 200 163
U.S. Treasury Inflation-Protected Security 0.125% 20518,9 2,020 1,270
      31,581
Total U.S. Treasury bonds & notes     102,756
Mortgage-backed obligations 7.84%
Federal agency mortgage-backed obligations 6.98% 		     
Fannie Mae Pool #695412 5.00% 203310 —5 —5
Fannie Mae Pool #AD3566 5.00% 203510 2 2
Fannie Mae Pool #AC0794 5.00% 203910 5 5
Fannie Mae Pool #931768 5.00% 203910 1 1
Fannie Mae Pool #AE0311 3.50% 204010 9 8
Fannie Mae Pool #932606 5.00% 204010 2 2
Fannie Mae Pool #AJ1873 4.00% 204110 7 6
Fannie Mae Pool #AE1248 5.00% 204110 9 9
Fannie Mae Pool #AE1274 5.00% 204110 7 7
Fannie Mae Pool #AE1277 5.00% 204110 5 5
Fannie Mae Pool #AE1283 5.00% 204110 2 2
Fannie Mae Pool #AE1290 5.00% 204210 4 4
Fannie Mae Pool #AT0300 3.50% 204310 2 2
Fannie Mae Pool #AT3954 3.50% 204310 2 2
Fannie Mae Pool #AY1829 3.50% 204410 2 2
Fannie Mae Pool #FM9416 3.50% 204510 154 141
Fannie Mae Pool #BJ5015 4.00% 204710 40 38
Fannie Mae Pool #BH3122 4.00% 204710 1 1
Fannie Mae Pool #BK6840 4.00% 204810 27 26
Fannie Mae Pool #BK5232 4.00% 204810 20 19
Fannie Mae Pool #BK9743 4.00% 204810 8 7
Fannie Mae Pool #BK9761 4.50% 204810 5 5
Fannie Mae Pool #FM3280 3.50% 204910 39 36
Fannie Mae Pool #CA5540 3.00% 205010 3,293 2,897
Fannie Mae Pool #CA6309 3.00% 205010 388 344
Fannie Mae Pool #FS0647 3.00% 205210 1,041 923
Fannie Mae Pool #BF0142 5.50% 205610 402 413
Fannie Mae Pool #BF0342 5.50% 205910 275 281
Fannie Mae Pool #BF0497 3.00% 206010 473 412
Freddie Mac Pool #Q15874 4.00% 204310 1 1
American Funds Insurance Series — Capital Income Builder — Page 79 of 255
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Bonds, notes & other debt instruments (continued)
Mortgage-backed obligations (continued)
Federal agency mortgage-backed obligations (continued) 		  Principal amount
(000) 		Value
(000)
Freddie Mac Pool #G67711 4.00% 204810 USD242 $229
Freddie Mac Pool #Q56599 4.00% 204810 29 27
Freddie Mac Pool #Q55971 4.00% 204810 20 19
Freddie Mac Pool #Q56175 4.00% 204810 19 18
Freddie Mac Pool #Q55970 4.00% 204810 10 9
Freddie Mac Pool #Q58411 4.50% 204810 55 54
Freddie Mac Pool #Q58436 4.50% 204810 28 28
Freddie Mac Pool #Q58378 4.50% 204810 21 20
Freddie Mac Pool #Q57242 4.50% 204810 14 14
Freddie Mac Pool #ZT1704 4.50% 204910 1,275 1,244
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-2, Class MA, 3.00% 205610 242 227
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-2, Class HA, 3.00% 205610,11 238 224
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-1, Class HA, 3.00% 205610,11 118 111
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-4, Class HT, 3.25% 205710,11 100 92
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-4, Class MT, 3.50% 205710 82 76
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2018-3, Class MA, 3.50% 205710 21 20
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2019-1, Class MT, 3.50% 205810 1,022 943
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2019-2, Class MA, 3.50% 205810 650 620
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2019-1, Class MA, 3.50% 205810 424 405
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2019-3, Class MA, 3.50% 205810 19 18
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2019-3, Class MT, 3.50% 205810 10 9
Freddie Mac Seasoned Loan Structured Transaction Trust, Series 2018-2, Class A1, 3.50% 202810 953 910
Freddie Mac Seasoned Loan Structured Transaction Trust, Series 2019-2, Class A1C, 2.75% 202910 1,334 1,233
Government National Mortgage Assn. 4.00% 205210,12 6,312 5,896
Government National Mortgage Assn. 4.50% 205210,12 1,245 1,192
Government National Mortgage Assn. 5.00% 205210,12 9,111 8,920
Government National Mortgage Assn. 5.50% 205210,12 917 916
Government National Mortgage Assn. 5.50% 205210,12 100 100
Government National Mortgage Assn. Pool #MA5764 4.50% 204910 470 458
Government National Mortgage Assn. Pool #694836 5.665% 205910 1 1
Government National Mortgage Assn. Pool #765152 4.14% 206110 —5 —5
Government National Mortgage Assn. Pool #766525 4.70% 206210 —5 —5
Government National Mortgage Assn. Pool #725893 5.20% 206410 —5 —5
Government National Mortgage Assn. Pool #AA7554 6.64% 206410 1 1
Uniform Mortgage-Backed Security 2.50% 203710,12 1,608 1,456
Uniform Mortgage-Backed Security 3.00% 205210,12 2,055 1,789
Uniform Mortgage-Backed Security 3.50% 205210,12 1,727 1,555
Uniform Mortgage-Backed Security 4.00% 205210,12 2,838 2,634
Uniform Mortgage-Backed Security 4.50% 205210,12 12,901 12,294
Uniform Mortgage-Backed Security 5.00% 205210,12 9,376 9,136
Uniform Mortgage-Backed Security 5.50% 205210,12 13,320 13,243
Uniform Mortgage-Backed Security 6.00% 205210,12 470 478
      72,220
Collateralized mortgage-backed obligations (privately originated) 0.50%      
Arroyo Mortgage Trust, Series 2021-1R, Class A1, 1.175% 20481,10,11 149 128
Binom Securitization Trust, Series 2022-RPL1, Class A1, 3.00% 20611,10,11 87 78
BRAVO Residential Funding Trust, Series 2022-RPL1, Class A1, 2.75% 20611,10 92 83
Cascade Funding Mortgage Trust, Series 2020-HB4, Class A, 0.946% 20301,10,11 81 79
Cascade Funding Mortgage Trust, Series 2021-HB7, Class A, 1.151% 20311,10,11 144 136
Cascade Funding Mortgage Trust, Series 2021-HB6, Class A, 0.898% 20361,10,11 112 106
CIM Trust, Series 2022-R2, Class A1, 3.75% 20611,10,11 192 182
Citigroup Mortgage Loan Trust, Inc., Series 2020-EXP1, Class A1A, 1.804% 20601,10,11 11 10
American Funds Insurance Series — Capital Income Builder — Page 80 of 255
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Bonds, notes & other debt instruments (continued)
Mortgage-backed obligations (continued)
Collateralized mortgage-backed obligations (privately originated) (continued) 		  Principal amount
(000) 		Value
(000)
Connecticut Avenue Securities, Series 2021-R01, Class 1M1,
(30-day Average USD-SOFR + 0.75%) 3.031% 20411,10,11 		USD10 $10
Connecticut Avenue Securities, Series 2022-R04, Class 1M1,
(30-day Average USD-SOFR + 2.00%) 4.281% 20421,10,11 		147 145
Finance of America Structured Securities Trust, Series 2019-JR4, Class A, 2.00% 20691,10 67 66
Finance of America Structured Securities Trust, Series 2019-JR3, Class A, 2.00% 20691,10 60 61
Flagstar Mortgage Trust, Series 2021-10INV, Class A3, 2.50% 20511,10,11 119 95
Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2015-DNA3, Class M3,
(1-month USD-LIBOR + 4.70%) 7.784% 202810,11 		269 276
Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2022-DNA3, Class M1A,
(30-day Average USD-SOFR + 2.00%) 4.281% 20421,10,11 		159 158
Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2022-DNA6, Class M1A,
(30-day Average USD-SOFR + 2.15%) 4.435% 20421,10,11 		36 36
Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2022-DNA4, Class M1A,
(30-day Average USD-SOFR + 2.20%) 4.481% 20421,10,11 		91 90
Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2022-DNA6, Class M1B,
(30-day Average USD-SOFR + 3.70%) 5.985% 20421,10,11 		64 62
Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2020-DNA1, Class M2,
(1-month USD-LIBOR + 1.70%) 4.784% 20501,10,11 		210 208
Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2020-DNA2, Class M2,
(1-month USD-LIBOR + 1.85%) 4.934% 20501,10,11 		437 430
Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2020-DNA3, Class B1,
(1-month USD-LIBOR + 5.10%) 8.184% 20501,10,11 		112 114
Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2020-DNA4, Class B1,
(1-month USD-LIBOR + 6.00%) 9.084% 20501,10,11 		175 181
Home Partners of America Trust, Series 2022-1, Class A, 3.93% 20391,10 199 187
Legacy Mortgage Asset Trust, Series 2021-GS2, Class A1, 1.75% 20611,10,11 80 75
Legacy Mortgage Asset Trust, Series 2022-GS1, Class A1, 4.00% 2061 (7.00% on 4/25/2025)1,10,13 204 194
Legacy Mortgage Asset Trust, Series 2021-GS5, Class A1, 2.25% 2067 (5.25% on 11/25/2024)1,10,13 136 126
Mello Warehouse Securitization Trust, Series 2021-3, Class A, (1-month USD-LIBOR + 0.85%) 3.934% 20551,10,11 202 195
MRA Issuance Trust, Series 2020-10, Class A3, (1-month USD-LIBOR + 1.30%) 3.864% 20221,10,11 353 338
NewRez Warehouse Securitization Trust, Series 2021-1, Class A,
(1-month USD-LIBOR + 0.75%) 3.834% 20551,10,11 		281 275
Progress Residential Trust, Series 2022-SFR3, Class A, 3.20% 20391,10 100 91
Reverse Mortgage Investment Trust, Series 2021-HB1, Class A, 1.259% 20311,10,11 75 72
Towd Point Mortgage Trust, Series 2016-5, Class A1, 2.50% 20561,10,11 24 24
Towd Point Mortgage Trust, Series 2017-6, Class A1, 2.75% 20571,10,11 43 42
Towd Point Mortgage Trust, Series 2017-3, Class A1, 2.75% 20571,10,11 22 21
Towd Point Mortgage Trust, Series 2018-2, Class A1, 3.25% 20581,10,11 52 50
Towd Point Mortgage Trust, Series 2018-5, Class A1A, 3.25% 20581,10,11 26 25
Towd Point Mortgage Trust, Series 2020-4, Class A1, 1.75% 20601,10 490 439
Treehouse Park Improvement Association No.1 - Anleihen 9.75% 20331,3 100 89
Tricon Residential Trust, Series 2021-SFR1, Class A, 1.943% 20381,10 196 172
      5,149
Commercial mortgage-backed securities 0.36%      
Boca Commercial Mortgage Trust, Series 2022-BOCA, Class A,
(1-month USD CME Term SOFR + 1.77%) 4.615% 20391,10,11 		110 108
BPR Trust, Series 2022-OANA, Class A, (1-month USD CME Term SOFR + 1.898%) 4.743% 20371,10,11 329 325
BX Trust, Series 2022-CSMO, Class A, (1-month USD CME Term SOFR + 2.115%) 4.96% 20271,10,11 332 329
BX Trust, Series 2021-VOLT, Class A, (1-month USD-LIBOR + 0.70%) 3.518% 20361,10,11 548 524
BX Trust, Series 2021-ARIA, Class A, (1-month USD-LIBOR + 0.899%) 3.717% 20361,10,11 266 253
BX Trust, Series 2021-ARIA, Class C, (1-month USD-LIBOR + 1.646%) 4.464% 20361,10,11 100 93
BX Trust, Series 2022-IND, Class A, (1-month USD CME Term SOFR + 1.491%) 4.336% 20371,10,11 166 162
American Funds Insurance Series — Capital Income Builder — Page 81 of 255
unaudited
Bonds, notes & other debt instruments (continued)
Mortgage-backed obligations (continued)
Commercial mortgage-backed securities (continued) 		  Principal amount
(000) 		Value
(000)
BX Trust, Series 2021-SOAR, Class A, (1-month USD-LIBOR + 0.67%) 3.488% 20381,10,11 USD173 $165
BX Trust, Series 2021-SOAR, Class D, (1-month USD-LIBOR + 1.40%) 4.218% 20381,10,11 99 93
BX Trust, Series 2021-ACNT, Class C, (1-month USD-LIBOR + 1.50%) 4.318% 20381,10,11 100 95
BX Trust, Series 2022-PSB, Class A, (1-month USD CME Term SOFR + 2.451%) 5.296% 20391,10,11 100 100
Extended Stay America Trust, Series 2021-ESH, Class A, (1-month USD-LIBOR + 1.08%) 3.898% 20381,10,11 99 96
GS Mortgage Securities Trust, Series 2018-HULA, Class A, 3.738% 20251,10,11 229 222
Hawaii Hotel Trust, Series 2019-MAUI, Class A, (1-month USD-LIBOR + 1.15%) 3.968% 20381,10,11 300 293
JPMorgan Chase Commercial Mortgage Securities Trust, Series 2022-OPO, Class C, 3.565% 20391,10,11 100 83
La Quinta Mortgage Trust, Series 2022-LAQ, Class A,
(1-month USD CME Term SOFR + 1.724%) 4.569% 20391,10,11 		124 120
LUXE Commercial Mortgage Trust, Series 2021-TRIP, Class A, (1-month USD-LIBOR + 1.05%) 3.868% 20381,10,11 179 173
Multi Family Connecticut Avenue Securities, Series 2019-1, Class M10,
(1-month USD-LIBOR + 3.25%) 6.334% 20491,10,11 		146 139
SREIT Trust, Series 2021-MFP, Class A, (1-month USD-LIBOR + 0.731%) 3.549% 20381,10,11 361 345
      3,718
Total mortgage-backed obligations     81,087
Corporate bonds, notes & loans 1.88%
Energy 0.33% 		     
Apache Corp. 4.25% 2030 385 337
Baker Hughes Co. 2.061% 2026 8 7
BP Capital Markets America, Inc. 3.633% 2030 360 324
Cenovus Energy, Inc. 5.40% 2047 75 64
Diamondback Energy, Inc. 4.25% 2052 57 42
Energy Transfer Operating, LP 5.00% 2050 35 27
Energy Transfer Partners, LP 5.30% 2047 10 8
EQT Corp. 5.00% 2029 35 33
EQT Corp. 3.625% 20311 20 17
Equinor ASA 2.375% 2030 365 304
Exxon Mobil Corp. 2.995% 2039 200 149
Exxon Mobil Corp. 3.452% 2051 25 19
Kinder Morgan, Inc. 5.45% 2052 11 10
MPLX, LP 4.95% 2032 20 18
MPLX, LP 5.50% 2049 357 304
MPLX, LP 4.95% 2052 20 16
New Fortress Energy, Inc. 6.50% 20261 80 74
NGL Energy Operating, LLC 7.50% 20261 80 71
ONEOK, Inc. 3.10% 2030 42 34
ONEOK, Inc. 4.95% 2047 51 39
ONEOK, Inc. 7.15% 2051 97 93
Pemex Project Funding Master Trust, Series 13, 6.625% 2035 150 96
Petróleos Mexicanos 6.50% 2029 20 15
Petróleos Mexicanos 8.75% 20291 177 151
Sabine Pass Liquefaction, LLC 4.50% 2030 142 130
Shell International Finance BV 2.00% 2024 420 399
TransCanada Corp. 5.875% 2076 (3-month USD-LIBOR + 4.64% on 8/15/2026)13 540 504
TransCanada PipeLines, Ltd. 5.10% 2049 150 133
Williams Companies, Inc. 5.30% 2052 40 35
      3,453
American Funds Insurance Series — Capital Income Builder — Page 82 of 255
unaudited
Bonds, notes & other debt instruments (continued)
Corporate bonds, notes & loans (continued)
Health care 0.30% 		  Principal amount
(000) 		Value
(000)
AbbVie, Inc. 3.20% 2029 USD25 $22
AbbVie, Inc. 4.25% 2049 39 31
Amgen, Inc. 4.05% 2029 145 133
Amgen, Inc. 3.35% 2032 37 32
Amgen, Inc. 4.20% 2033 100 91
Amgen, Inc. 4.20% 2052 19 15
Amgen, Inc. 4.875% 2053 45 40
AstraZeneca PLC 3.375% 2025 200 191
AstraZeneca PLC 3.00% 2051 11 8
Centene Corp. 4.625% 2029 530 477
Centene Corp. 3.375% 2030 179 147
Centene Corp. 2.625% 2031 40 30
Gilead Sciences, Inc. 1.65% 2030 8 6
HCA, Inc. 2.375% 2031 18 13
Humana, Inc. 3.70% 2029 12 11
Merck & Co., Inc. 1.70% 2027 118 103
Merck & Co., Inc. 3.40% 2029 110 101
Regeneron Pharmaceuticals, Inc. 1.75% 2030 8 6
Regeneron Pharmaceuticals, Inc. 2.80% 2050 2 1
Shire PLC 3.20% 2026 270 249
Teva Pharmaceutical Finance Co. BV 6.00% 2024 700 681
Teva Pharmaceutical Finance Co. BV 3.15% 2026 650 534
Teva Pharmaceutical Finance Co. BV 4.10% 2046 300 180
      3,102
Communication services 0.26%      
América Móvil, SAB de CV, 8.46% 2036 MXN1,300 54
AT&T, Inc. 3.50% 2041 USD75 54
CCO Holdings, LLC and CCO Holdings Capital Corp. 4.25% 20311 360 277
CCO Holdings, LLC and CCO Holdings Capital Corp. 4.75% 20321 25 19
CCO Holdings, LLC and CCO Holdings Capital Corp. 4.25% 20341 175 126
CCO Holdings, LLC and CCO Holdings Capital Corp. 3.70% 2051 25 15
Magallanes, Inc. 4.279% 20321 56 46
Magallanes, Inc. 5.05% 20421 47 35
Magallanes, Inc. 5.141% 20521 88 64
Meta Platforms, Inc. 3.85% 20321 160 141
Meta Platforms, Inc. 4.45% 20521 95 78
Netflix, Inc. 4.875% 2028 150 141
SBA Tower Trust 1.631% 20261 253 216
Sprint Corp. 6.875% 2028 325 334
Sprint Corp. 8.75% 2032 143 166
T-Mobile US, Inc. 3.875% 2030 625 555
T-Mobile US, Inc. 2.55% 2031 253 201
Verizon Communications, Inc. 1.75% 2031 142 107
Walt Disney Company 4.625% 2040 120 108
      2,737
Utilities 0.25%      
AEP Transmission Co., LLC 3.80% 2049 45 34
Edison International 4.125% 2028 132 118
FirstEnergy Corp. 2.25% 2030 107 83
FirstEnergy Corp. 2.65% 2030 493 399
ITC Holdings Corp. 4.95% 20271 25 24
Pacific Gas and Electric Co. 3.25% 2024 1,025 990
American Funds Insurance Series — Capital Income Builder — Page 83 of 255
unaudited
Bonds, notes & other debt instruments (continued)
Corporate bonds, notes & loans (continued)
Utilities (continued) 		  Principal amount
(000) 		Value
(000)
Pacific Gas and Electric Co. 2.95% 2026 USD97 $86
Pacific Gas and Electric Co. 3.75% 2028 105 89
Pacific Gas and Electric Co. 4.65% 2028 284 251
Pacific Gas and Electric Co. 2.50% 2031 375 273
Southern California Edison Co., Series C, 3.60% 2045 206 141
Union Electric Co. 3.90% 2052 25 20
WEC Energy Group, Inc. 5.15% 2027 25 25
      2,533
Consumer discretionary 0.21%      
Bayerische Motoren Werke AG 3.45% 20271 25 23
Bayerische Motoren Werke AG 4.15% 20301 290 268
Bayerische Motoren Werke AG 3.70% 20321 25 22
Daimler Trucks Finance North America, LLC 1.125% 20231 495 472
Daimler Trucks Finance North America, LLC 1.625% 20241 175 162
Daimler Trucks Finance North America, LLC 2.375% 20281 150 123
Daimler Trucks Finance North America, LLC 2.50% 20311 150 114
Ford Motor Co. 2.30% 2025 200 177
Ford Motor Credit Company, LLC 5.125% 2025 200 189
Grand Canyon University 4.125% 2024 200 185
Lowe’s Companies, Inc. 5.625% 2053 35 32
McDonald’s Corp. 4.60% 2032 15 14
McDonald’s Corp. 5.15% 2052 10 9
Royal Caribbean Cruises, Ltd. 10.875% 20231 250 256
Royal Caribbean Cruises, Ltd. 11.50% 20251 160 170
      2,216
Financials 0.18%      
AerCap Ireland Capital, Ltd. / AerCap Global Aviation Trust 3.30% 2032 150 113
American Express Co. 4.42% 2033 (USD-SOFR + 1.76% on 8/3/2032)13 82 75
Bank of America Corp. 4.948% 2028 (USD-SOFR + 2.04% on 7/22/2027)13 40 39
Bank of America Corp. 1.922% 2031 (USD-SOFR + 1.37% on 10/24/2030)13 231 171
Bank of America Corp. 5.015% 2033 (USD-SOFR + 2.16% on 7/22/2032)13 84 78
Charles Schwab Corp. 2.45% 2027 25 23
Citigroup, Inc. 3.057% 2033 (USD-SOFR + 1.351% on 1/25/2032)13 35 28
CME Group, Inc. 2.65% 2032 50 41
Corebridge Financial, Inc. 3.85% 20291 180 159
Corebridge Financial, Inc. 3.90% 20321 32 27
Corebridge Financial, Inc. 4.35% 20421 7 5
Corebridge Financial, Inc. 4.40% 20521 49 37
Danske Bank AS 4.298% 2028
(1-year UST Yield Curve Rate T Note Constant Maturity + 1.75% on 4/1/2027)1,13 		200 178
Goldman Sachs Group, Inc. 2.65% 2032 (USD-SOFR + 1.264% on 10/21/2031)13 75 58
Goldman Sachs Group, Inc. 3.102% 2033 (USD-SOFR + 1.41% on 2/24/2032)13 40 32
Intercontinental Exchange, Inc. 4.60% 2033 18 17
Intercontinental Exchange, Inc. 4.95% 2052 16 14
JPMorgan Chase & Co. 4.851% 2028 (USD-SOFR + 1.99% on 7/25/2027)13 40 38
JPMorgan Chase & Co. 1.953% 2032 (USD-SOFR + 1.065% on 2/4/2031)13 227 168
JPMorgan Chase & Co. 2.963% 2033 (USD-SOFR + 1.26% on 1/25/2032)13 17 13
JPMorgan Chase & Co. 4.912% 2033 (USD-SOFR + 2.08% on 7/25/2032)13 25 23
JPMorgan Chase & Co., Series I, (3-month USD-LIBOR + 3.47%) 6.276% junior subordinated perpetual bonds11 105 105
Morgan Stanley 4.889% 2033 (USD-SOFR + 2.077% on 7/20/2032)13 20 19
Navient Corp. 5.00% 2027 150 123
New York Life Global Funding 3.00% 20281 150 137
American Funds Insurance Series — Capital Income Builder — Page 84 of 255
unaudited
Bonds, notes & other debt instruments (continued)
Corporate bonds, notes & loans (continued)
Financials (continued) 		  Principal amount
(000) 		Value
(000)
SVB Financial Group 4.70% junior subordinated perpetual bonds
(5-year UST Yield Curve Rate T Note Constant Maturity + 3.064% on 11/15/2031)13 		USD38 $28
Wells Fargo & Company 4.808% 2028 (USD-SOFR + 1.98% on 7/25/2027)13 45 43
Wells Fargo & Company 3.35% 2033 (USD-SOFR + 1.50% on 3/2/2032)13 105 85
Wells Fargo & Company 4.897% 2033 (USD-SOFR + 4.897% on 7/25/2032)13 35 32
      1,909
Industrials 0.11%      
Ashtead Capital, Inc. 5.50% 20321 200 186
Boeing Company 4.508% 2023 270 269
Boeing Company 2.75% 2026 91 83
Boeing Company 3.625% 2031 280 233
Boeing Company 5.805% 2050 95 83
Canadian Pacific Railway, Ltd. 2.45% 2031 78 63
Canadian Pacific Railway, Ltd. 3.10% 2051 102 67
CSX Corp. 4.75% 2048 50 44
CSX Corp. 4.50% 2052 35 29
Masco Corp. 3.125% 2051 10 6
Union Pacific Corp. 2.80% 2032 17 14
Union Pacific Corp. 3.50% 2053 20 15
      1,092
Consumer staples 0.11%      
7-Eleven, Inc. 0.80% 20241 50 47
7-Eleven, Inc. 0.95% 20261 60 52
7-Eleven, Inc. 1.30% 20281 45 36
7-Eleven, Inc. 1.80% 20311 325 242
Altria Group, Inc. 3.875% 2046 22 14
Altria Group, Inc. 3.70% 2051 28 17
Anheuser-Busch InBev NV 4.50% 2050 20 17
British American Tobacco PLC 4.70% 2027 105 98
British American Tobacco PLC 4.448% 2028 150 134
British American Tobacco PLC 4.54% 2047 82 54
British American Tobacco PLC 4.758% 2049 121 83
Kraft Heinz Company 3.00% 2026 93 86
Kraft Heinz Company 4.875% 2049 170 140
Kraft Heinz Company 5.50% 2050 75 68
      1,088
Information technology 0.08%      
Apple, Inc. 3.35% 2032 20 18
Apple, Inc. 3.95% 2052 20 17
Broadcom, Inc. 4.00% 20291 3 3
Broadcom, Inc. 4.15% 20321 11 9
Broadcom, Inc. 3.137% 20351 2 1
Broadcom, Inc. 3.75% 20511 91 60
Lenovo Group, Ltd. 5.875% 2025 400 396
Oracle Corp. 2.875% 2031 140 110
Oracle Corp. 3.60% 2050 150 94
ServiceNow, Inc. 1.40% 2030 130 96
      804
American Funds Insurance Series — Capital Income Builder — Page 85 of 255
unaudited
Bonds, notes & other debt instruments (continued)
Corporate bonds, notes & loans (continued)
Materials 0.03% 		  Principal amount
(000) 		Value
(000)
Celanese US Holdings, LLC 6.379% 2032 USD10 $9
Dow Chemical Co. 3.60% 2050 75 51
International Flavors & Fragrances, Inc. 1.832% 20271 100 82
International Flavors & Fragrances, Inc. 3.468% 20501 10 7
LYB International Finance III, LLC 4.20% 2050 49 35
LYB International Finance III, LLC 3.625% 2051 102 67
South32 Treasury (USA), Ltd. 4.35% 20321 10 9
      260
Real estate 0.02%      
American Tower Corp. 4.05% 2032 11 10
Equinix, Inc. 1.55% 2028 25 20
Equinix, Inc. 3.20% 2029 144 122
Equinix, Inc. 2.50% 2031 47 36
      188
Total corporate bonds, notes & loans     19,382
Asset-backed obligations 0.81%      
Aesop Funding, LLC, Series 2020-2, Class A, 2.02% 20271,10 197 176
Aesop Funding, LLC, Series 2020-2A, Class B, 2.96% 20271,10 100 90
Affirm Asset Securitization Trust, Series 2022-X1, Class A, 1.75% 20271,10 134 130
American Express Credit Account Master Trust, Series 2022-3, Class A, 3.75% 202710 100 98
American Homes 4 Rent, Series 2014-SFR2, Class A, 3.786% 20361,10 86 83
American Homes 4 Rent, Series 2015-SFR2, Class A, 3.732% 20521,10 88 84
American Homes 4 Rent, Series 2015-SFR2, Class B, 4.295% 20521,10 100 96
AmeriCredit Automobile Receivables Trust, Series 2022-2, Class A2B,
(30-day Average USD-SOFR + 1.15%) 3.434% 202510,11 		150 150
Bankers Healthcare Group Securitization Trust, Series 2022-A, Class A, 1.71% 20351,10 77 72
CarMaxAuto Owner Trust, Series 2022-3, Class A2B, (30-day Average USD-SOFR + 0.77%) 3.055% 202510,11 103 103
CF Hippolyta, LLC, Series 2020-1, Class A1, 1.69% 20601,10 359 319
CF Hippolyta, LLC, Series 2020-1, Class A2, 1.99% 20601,10 90 75
CF Hippolyta, LLC, Series 2020-1, Class B1, 2.28% 20601,10 92 81
CF Hippolyta, LLC, Series 2020-1, Class B2, 2.60% 20601,10 92 75
CF Hippolyta, LLC, Series 2021-1, Class A1, 1.53% 20611,10 323 278
CF Hippolyta, LLC, Series 2022-1, Class A1, 5.97% 20621,10 500 481
Exeter Automobile Receivables Trust, Series 2022-3A, Class A2, 3.45% 202410 60 60
Exeter Automobile Receivables Trust, Series 2022-4A, Class A2, 3.99% 202410 49 49
FirstKey Homes Trust, Series 2022-SFR2, Class A, 4.145% 20391,10 131 124
Ford Credit Auto Owner Trust, Series 2022-B, Class A2B, (30-day Average USD-SOFR + 0.60%) 2.885% 202510,11 73 73
Freedom Financial, Series 2022-1FP, Class A, 0.94% 20291,10 36 36
GCI Funding I, LLC, Series 2020-1, Class A, 2.82% 20451,10 547 485
GCI Funding I, LLC, Series 2021-1, Class A, 2.38% 20461,10 89 76
Global SC Finance V SRL, Series 2019-1A, Class B, 4.81% 20391,10 138 129
GM Financial Automobile Leasing Trust, Series 2022-3, Class A2B,
(30-day Average USD-SOFR + 0.71%) 2.994% 202410,11 		76 76
GM Financial Consumer Automobile Receivables Trust, Series 2022-3, Class A2B,
(30-day Average USD-SOFR + 0.60%) 2.885% 202510,11 		78 78
Hertz Vehicle Financing III, LLC, Series 2021-1A, Class A, 1.21% 20251,10 247 226
Hertz Vehicle Financing III, LLC, Series 2021-1A, Class B, 1.56% 20251,10 100 92
Hertz Vehicle Financing III, LLC, Series 2021-2A, Class A, 1.68% 20271,10 268 230
Hertz Vehicle Financing III, LLC, Series 2021-2A, Class B, 2.12% 20271,10 100 86
Hertz Vehicle Financing III, LLC, Series 2021-2A, Class C, 2.52% 20271,10 100 84
American Funds Insurance Series — Capital Income Builder — Page 86 of 255
unaudited
Bonds, notes & other debt instruments (continued)
Asset-backed obligations (continued) 		  Principal amount
(000) 		Value
(000)
Hyundai Auto Receivables Trust, Series 2022-B, Class A2B,
(30-day Average USD-SOFR + 0.58%) 2.865% 202510,11 		USD100 $100
Navient Student Loan Trust, Series 2021-A, Class A, 0.84% 20691,10 49 43
Navient Student Loan Trust, Series 2021-C, Class A, 1.06% 20691,10 149 128
Nelnet Student Loan Trust, Series 2021-A, Class APT1, 1.36% 20621,10 223 197
Nelnet Student Loan Trust, Series 2021-B, Class AFX, 1.42% 20621,10 446 398
Nelnet Student Loan Trust, Series 2021-C, Class AFL,
(1-month USD-LIBOR + 0.74%) 3.733% 20621,10,11 		233 225
New Economy Assets Phase 1 Issuer, LLC, Series 2021-1, Class A1, 1.91% 20611,10 935 793
Nissan Auto Lease Trust, Series 2021-A, Class A3, 0.52% 202410 199 193
Nissan Auto Lease Trust, Series 2022-A, Class A2B, (30-day Average USD-SOFR + 0.68%) 2.965% 202410,11 250 250
OnDeck Asset Securitization Trust, LLC, Series 2021-1A, Class A, 1.59% 20271,10 100 92
Oportun Funding, LLC, Series 2021-B, Class A, 1.47% 20311,10 100 89
PFS Financing Corp., Series 2022-D, Class A, 4.27% 20271,10 100 97
Santander Drive Auto Receivables Trust, Series 2022-4, Class A2, 4.05% 202510 180 179
SMB Private Education Loan Trust, Series 2021-A, Class APT2, 1.07% 20531,10 78 66
Stonepeak Infrastructure Partners, Series 2021-1A, Class AA, 2.301% 20331,10 217 193
Toyota Auto Loan Extended Note Trust, Series 2021-1, Class A, 1.07% 20341,10,11 335 295
Toyota Auto Receivables Owner Trust, Series 2022-C, Class A2B, (1-month USD-SOFR + 0.57%) 2.855% 202510,11 27 27
Verizon Master Trust, Series 2022-3, Class A, 3.01% 2027 (3.76% on 11/20/2023)10,13 160 157
Volkswagen Auto Lease Trust, Series 2022-A, Class A2, 3.02% 202410 110 109
Westlake Automobile Receivables Trust, Series 2022-2A, Class A2A, 3.36% 20251,10 494 489
      8,415
Bonds & notes of governments & government agencies outside the U.S. 0.07%      
Peru (Republic of) 2.783% 2031 190 151
Portuguese Republic 5.125% 2024 18 18
Qatar (State of) 4.50% 2028 200 198
Saudi Arabia (Kingdom of) 3.625% 2028 200 190
United Mexican States 3.25% 2030 200 167
      724
Municipals 0.02%
California 0.00% 		     
Golden State Tobacco Securitization Corp., Enhanced Tobacco Settlement Asset-Backed Bonds, Series 2021-B, 2.746% 2034 15 12
Illinois 0.02%      
G.O. Bonds, Pension Funding, Series 2003, 5.10% 2033 225 214
Total municipals     226
Total bonds, notes & other debt instruments (cost: $229,364,000)     212,590
Short-term securities 11.41%
Money market investments 10.79% 		  Shares  
Capital Group Central Cash Fund 2.81%7,14 1,115,094 111,499
Money market investments purchased with collateral from securities on loan 0.62%      
Capital Group Central Cash Fund 2.81%7,14,15 35,832 3,583
Goldman Sachs Financial Square Government Fund, Institutional Shares 2.93%14,15 574,276 575
BlackRock Liquidity Funds – FedFund, Institutional Shares  2.76%14,15 573,244 573
American Funds Insurance Series — Capital Income Builder — Page 87 of 255
unaudited
Short-term securities (continued)
Money market investments purchased with collateral from securities on loan (continued) 		  Shares Value
(000)
Invesco Short-Term Investments Trust – Government & Agency Portfolio,
Institutional Class 2.88%14,15 		573,244 $573
Morgan Stanley Institutional Liquidity Funds – Government Portfolio,
Institutional Class 2.80%14,15 		573,244 573
State Street Institutional U.S. Government Money Market Fund, Institutional Class 2.91%14,15 573,244 573
      6,450
Total short-term securities (cost: $117,940,000)     117,949
Total investment securities 106.38% (cost: $1,089,353,000)     1,099,744
Other assets less liabilities (6.38)%     (65,970)
Net assets 100.00%     $1,033,774
Futures contracts
Contracts Type Number of
contracts 		Expiration Notional
amount
(000) 		Value and
unrealized
(depreciation)
appreciation
at 9/30/2022
(000)
2 Year U.S. Treasury Note Futures Long 226 December 2022 USD46,418 $(395)
5 Year U.S. Treasury Note Futures Long 239 December 2022 25,694 (844)
10 Year Ultra U.S. Treasury Note Futures Long 1 December 2022 119 (4)
10 Year U.S. Treasury Note Futures Short 7 December 2022 (784) 4
20 Year U.S. Treasury Bond Futures Long 12 December 2022 1,517 (109)
30 Year Ultra U.S. Treasury Bond Futures Long 70 December 2022 9,590 (834)
          $(2,182)
Swap contracts
Interest rate swaps
Centrally cleared interest rate swaps
Receive Pay Expiration
date 		Notional
amount
(000) 		Value at
9/30/2022
(000) 		  Upfront
premium
paid
(000) 		  Unrealized
(depreciation)
appreciation
at 9/30/2022
(000)
Rate Payment
frequency 		Rate Payment
frequency
3.52647% Annual U.S. EFFR Annual 6/16/2024 USD5,215 $(64)   $—   $(64)
3.5291% Annual U.S. EFFR Annual 6/16/2024 5,635 (68)   —   (68)
3.497% Annual U.S. EFFR Annual 6/16/2024 5,600 (71)   —   (71)
3.4585% Annual U.S. EFFR Annual 6/17/2024 898 (12)   —   (12)
3.4325% Annual U.S. EFFR Annual 6/17/2024 4,100 (56)   —   (56)
3-month USD-LIBOR Quarterly 0.5935% Semi-annual 5/18/2030 7,200 1,570   —   1,570
3-month USD-LIBOR Quarterly 0.807% Semi-annual 5/18/2050 805 374   —   374
            $1,673   $—   $1,673
Credit default swaps
Centrally cleared credit default swaps on credit indices — sell protection
Financing
rate received 		Payment
frequency 		Reference
index 		Expiration
date 		Notional
amount16
(000) 		Value at
9/30/202217
(000) 		Upfront
premium
paid
(000) 		Unrealized
depreciation
at 9/30/2022
(000)
5.00% Quarterly CDX.NA.HY.38 6/20/2027 USD6,138 $(145) $175 $(320)
American Funds Insurance Series — Capital Income Builder — Page 88 of 255
unaudited
Investments in affiliates7
  Value of
affiliates at
1/1/2022
(000) 		Additions
(000) 		Reductions
(000) 		Net
realized
loss
(000) 		  Net
unrealized
(depreciation)
appreciation
(000) 		  Value of
affiliates at
9/30/2022
(000) 		  Dividend
income
(000)
Investment funds 2.84%
Capital Group Central Corporate Bond Fund $30,304 $6,451 $943 $(143)   $(6,370)   $29,299   $642
Short-term securities 11.13%
Money market investments 10.78%                    
Capital Group Central Cash Fund 2.81%14 42,892 215,207 146,591 (14)   5   111,499   777
Money market investments purchased with collateral
from securities on loan 0.35% 		                   
Capital Group Central Cash Fund 2.81%14,15 1,954 1,62918           3,583   —19
Total short-term securities               115,082    
Total 13.97%       $(157)   $(6,365)   $144,381   $1,419
Restricted securities6
  Acquisition
date 		Cost
(000) 		  Value
(000) 		  Percent
of net
assets
Sberbank of Russia PJSC3,4 6/14/2022 $598   $—5   .00%
Gazprom PJSC3 7/19/2022 2,557   —5   .00
Total   $3,155   $—5   .00%
1 Acquired in a transaction exempt from registration under Rule 144A of the Securities Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers. The total value of all such securities was $20,811,000, which represented 2.01% of the net assets of the fund.
2 All or a portion of this security was on loan. The total value of all such securities was $6,867,000, which represented .66% of the net assets of the fund.
3 Value determined using significant unobservable inputs.
4 Security did not produce income during the last 12 months.
5 Amount less than one thousand.
6 Restricted security, other than Rule 144A, subject to legal or contractual restrictions on resale. The total value of all such restricted securities was less than $1,000, which represented less than 0.01% of the net assets of the fund.
7 Part of the same “group of investment companies“ as the fund as defined under the Investment Company Act of 1940, as amended.
8 All or a portion of this security was pledged as collateral. The total value of pledged collateral was $2,184,000, which represented .21% of the net assets of the fund.
9 Index-linked bond whose principal amount moves with a government price index.
10 Principal payments may be made periodically. Therefore, the effective maturity date may be earlier than the stated maturity date.
11 Coupon rate may change periodically. Reference rate and spread are as of the most recent information available. Some coupon rates are determined by the issuer or agent based on current market conditions; therefore, the reference rate and spread are not available.
12 Purchased on a TBA basis.
13 Step bond; coupon rate may change at a later date.
14 Rate represents the seven-day yield at 9/30/2022.
15 Security purchased with cash collateral from securities on loan.
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.
18 Represents net activity.
19 Dividend income is included with securities lending income and is not shown in this table.
American Funds Insurance Series — Capital Income Builder — Page 89 of 255
unaudited
Key to abbreviations
ADR = American Depositary Receipts
Assn. = Association
CAD = Canadian dollars
CDI = CREST Depository Interest
CME = CME Group
EFFR = Effective Federal Funds Rate
EUR = Euros
G.O. = General Obligation
GBP = British pounds
 
GDR = Global Depositary Receipts
LIBOR = London Interbank Offered Rate
MXN = Mexican pesos
REIT = Real Estate Investment Trust
SDR = Swedish Depositary Receipts
SOFR = Secured Overnight Financing Rate
TBA = To be announced
USD = U.S. dollars
 
American Funds Insurance Series — Capital Income Builder — Page 90 of 255
Asset Allocation Fund
Investment portfolio
September 30, 2022
unaudited
Common stocks 66.26%
Health care 12.89% 		  Shares Value
(000)
UnitedHealth Group, Inc. 1,022,800 $516,555
Johnson & Johnson 2,030,000 331,621
Humana, Inc. 500,000 242,595
Cigna Corp. 775,000 215,039
Pfizer, Inc. 4,584,556 200,620
Gilead Sciences, Inc. 2,665,000 164,404
AbbVie, Inc. 1,221,978 164,002
CVS Health Corp. 1,653,000 157,647
Abbott Laboratories 1,600,000 154,816
Regeneron Pharmaceuticals, Inc.1 214,600 147,831
Vertex Pharmaceuticals, Inc.1 505,500 146,362
Eli Lilly and Company 400,469 129,492
Bristol-Myers Squibb Company 1,374,818 97,736
Centene Corp.1 818,015 63,650
Thermo Fisher Scientific, Inc. 116,000 58,834
Alnylam Pharmaceuticals, Inc.1 261,834 52,409
AbCellera Biologics, Inc.1,2 2,871,293 28,397
Novo Nordisk A/S, Class B 240,499 23,971
Rotech Healthcare, Inc.1,3,4 184,138 19,703
Elevance Health, Inc. 37,542 17,053
Zoetis, Inc., Class A 95,618 14,179
AstraZeneca PLC (ADR) 249,881 13,703
Karuna Therapeutics, Inc.1 57,100 12,843
Horizon Therapeutics PLC1 192,328 11,903
Ultragenyx Pharmaceutical, Inc.1 217,400 9,003
      2,994,368
Financials 9.66%      
Aon PLC, Class A 807,600 216,332
Apollo Asset Management, Inc. 3,886,410 180,718
Chubb, Ltd. 800,000 145,504
CME Group, Inc., Class A 789,700 139,880
First Republic Bank 1,000,000 130,550
Synchrony Financial 4,100,000 115,579
Toronto-Dominion Bank (CAD denominated) 1,665,727 102,161
JPMorgan Chase & Co. 973,100 101,689
Bank of America Corp. 3,200,000 96,640
KKR & Co., Inc. 2,091,468 89,933
Capital One Financial Corp. 875,000 80,649
Western Alliance Bancorporation 1,182,849 77,760
M&T Bank Corp. 375,000 66,120
Wells Fargo & Company 1,570,000 63,145
Ares Management Corp., Class A 1,015,403 62,904
Nasdaq, Inc. 1,098,300 62,252
Blue Owl Capital, Inc., Class A 6,623,054 61,131
Discover Financial Services 600,000 54,552
American Funds Insurance Series — Asset Allocation Fund — Page 91 of 255
unaudited
Common stocks (continued)
Financials (continued) 		  Shares Value
(000)
Brookfield Asset Management, Inc., Class A 1,260,000 $51,521
Intercontinental Exchange, Inc. 538,487 48,652
SLM Corp. 3,345,000 46,796
Fifth Third Bancorp 1,191,000 38,064
The Bank of N.T. Butterfield & Son, Ltd. 1,120,585 36,374
S&P Global, Inc. 118,700 36,245
EQT AB 1,446,647 27,831
Antin Infrastructure Partners SA 1,243,300 25,847
Blackstone, Inc., nonvoting shares 237,500 19,879
Arthur J. Gallagher & Co. 95,624 16,373
Progressive Corp. 105,000 12,202
Bridgepoint Group PLC 5,809,554 12,107
OneMain Holdings, Inc. 300,000 8,856
Islandsbanki hf. 9,555,235 8,026
Hong Kong Exchanges and Clearing, Ltd. 170,000 5,772
Jonah Energy Parent, LLC3 32,117 2,291
Sberbank of Russia PJSC1,3,4 8,880,000 —5
      2,244,335
Information technology 9.36%      
Microsoft Corp. 3,855,454 897,935
Broadcom, Inc. 1,284,321 570,252
ASML Holding NV (New York registered) (ADR) 341,764 141,952
Taiwan Semiconductor Manufacturing Company, Ltd. (ADR) 2,020,000 138,491
MKS Instruments, Inc. 1,600,000 132,224
Mastercard, Inc., Class A 195,977 55,724
MicroStrategy, Inc., Class A1 203,897 43,279
NVIDIA Corp. 332,696 40,386
MediaTek, Inc. 1,463,000 25,462
DocuSign, Inc.1 440,000 23,527
Paychex, Inc. 205,595 23,070
Apple, Inc. 150,000 20,730
GoDaddy, Inc., Class A1 281,000 19,917
KLA Corp. 49,000 14,829
Snowflake, Inc., Class A1 85,810 14,584
Applied Materials, Inc. 135,000 11,061
      2,173,423
Consumer discretionary 8.71%      
Aramark 11,375,152 354,905
Home Depot, Inc. 1,226,200 338,358
Amazon.com, Inc.1 2,371,740 268,007
General Motors Company 6,325,000 202,969
Dollar General Corp. 612,848 146,998
LVMH Moët Hennessy-Louis Vuitton SE 224,596 132,025
Booking Holdings, Inc.1 72,045 118,385
Target Corp. 750,000 111,293
Etsy, Inc.1 840,578 84,167
Lennar Corp., Class A 1,000,000 74,550
D.R. Horton, Inc. 870,000 58,595
Royal Caribbean Cruises, Ltd.1 1,470,324 55,725
YUM! Brands, Inc. 277,000 29,456
Darden Restaurants, Inc. 142,000 17,937
Chipotle Mexican Grill, Inc.1 9,709 14,590
American Funds Insurance Series — Asset Allocation Fund — Page 92 of 255
unaudited
Common stocks (continued)
Consumer discretionary (continued) 		  Shares Value
(000)
Xpeng, Inc., Class A (ADR)1 703,800 $8,410
Dr. Martens PLC 2,375,000 5,820
      2,022,190
Consumer staples 5.95%      
Philip Morris International, Inc. 8,992,421 746,461
Nestlé SA 1,954,200 211,600
Archer Daniels Midland Company 1,880,000 151,246
British American Tobacco PLC (ADR) 2,634,146 93,512
British American Tobacco PLC 1,400,000 50,063
Altria Group, Inc. 1,570,000 63,397
Avenue Supermarts, Ltd.1 970,539 52,122
Costco Wholesale Corp. 26,000 12,279
      1,380,680
Industrials 5.88%      
Northrop Grumman Corp. 853,553 401,443
Lockheed Martin Corp. 594,500 229,649
L3Harris Technologies, Inc. 1,094,000 227,366
Boeing Company1 1,716,206 207,798
Caterpillar, Inc. 618,000 101,402
CSX Corp. 2,628,369 70,020
Raytheon Technologies Corp. 395,000 32,335
Huntington Ingalls Industries, Inc. 100,000 22,150
General Electric Co. 288,000 17,830
AMETEK, Inc. 140,000 15,877
Storskogen Group AB, Class B 18,392,361 14,742
Chart Industries, Inc.1 68,000 12,536
Copart, Inc.1 116,000 12,342
      1,365,490
Communication services 4.79%      
Alphabet, Inc., Class C1 3,655,160 351,443
Alphabet, Inc., Class A1 1,269,460 121,424
Charter Communications, Inc., Class A1 821,000 249,050
Meta Platforms, Inc., Class A1 1,383,348 187,693
Netflix, Inc.1 384,527 90,533
Comcast Corp., Class A 2,874,400 84,306
Activision Blizzard, Inc. 320,000 23,789
Electronic Arts, Inc. 35,000 4,050
      1,112,288
Energy 3.80%      
Canadian Natural Resources, Ltd. (CAD denominated) 7,565,100 352,145
Pioneer Natural Resources Company 782,000 169,327
ConocoPhillips 1,252,000 128,130
Cenovus Energy, Inc. (CAD denominated) 7,500,000 115,213
Hess Corp. 400,000 43,596
Chevron Corp. 270,000 38,791
TC Energy Corp. 631,700 25,451
Equitrans Midstream Corp. 718,490 5,374
Diamond Offshore Drilling, Inc.1,2 333,458 2,211
Chesapeake Energy Corp. 22,089 2,081
Earthstone Energy, Inc., Class A1 2,033 25
McDermott International, Ltd.1 40,219 18
American Funds Insurance Series — Asset Allocation Fund — Page 93 of 255
unaudited
Common stocks (continued)
Energy (continued) 		  Shares Value
(000)
Constellation Oil Services Holding SA, Class B-11,3 480,336 $—5
Bighorn Permian Resources, LLC1,3 4,392 —5
      882,362
Materials 3.32%      
Corteva, Inc. 3,900,000 222,885
Mosaic Co. 1,940,000 93,760
Nucor Corp. 700,000 74,893
Royal Gold, Inc. 700,000 65,674
Wheaton Precious Metals Corp. 1,785,000 57,763
First Quantum Minerals, Ltd. 3,220,000 54,663
Linde PLC 168,541 45,437
Franco-Nevada Corp. 347,089 41,459
ATI, Inc.1 1,350,000 35,924
Nutrien, Ltd. (CAD denominated) 400,272 33,381
Vale SA, ordinary nominative shares 1,750,000 23,371
Sherwin-Williams Company 54,700 11,200
Newmont Corp. 258,158 10,850
      771,260
Real estate 1.29%      
VICI Properties, Inc. REIT 5,818,585 173,685
Gaming and Leisure Properties, Inc. REIT 1,593,566 70,499
Equinix, Inc. REIT 53,245 30,288
Crown Castle, Inc. REIT 166,000 23,995
      298,467
Utilities 0.61%      
CenterPoint Energy, Inc. 1,474,892 41,563
Exelon Corp. 779,231 29,190
AES Corp. 983,067 22,217
Sempra Energy 132,039 19,798
Evergy, Inc. 298,000 17,701
Constellation Energy Corp. 138,666 11,536
      142,005
Total common stocks (cost: $12,158,093,000)     15,386,868
Preferred securities 0.00%
Industrials 0.00% 		     
ACR III LSC Holdings, LLC, Series B, preferred shares1,3,6 450 144
Total preferred securities (cost: $466,000)     144
Rights & warrants 0.00%
Energy 0.00% 		     
Constellation Oil Services Holding SA, Class D, warrants, expire 20711,3 4 —5
Total rights & warrants (cost: $0)     —5
American Funds Insurance Series — Asset Allocation Fund — Page 94 of 255
unaudited
Convertible stocks 0.21%
Health care 0.21% 		  Shares Value
(000)
Carbon Health Technologies, Inc., convertible preferred shares, 1.00% 20243,4 50,000 $50,000
Total convertible stocks (cost: $50,000,000)     50,000
Investment funds 5.88%      
Capital Group Central Corporate Bond Fund7 171,201,501 1,364,476
Total investment funds (cost: $1,713,942,000)     1,364,476
Bonds, notes & other debt instruments 23.33%
Mortgage-backed obligations 7.78%
Federal agency mortgage-backed obligations 7.16% 		  Principal amount
(000) 		 
Fannie Mae Pool #AD7072 4.00% 20258 USD2 2
Fannie Mae Pool #AE2321 4.00% 20258 1 1
Fannie Mae Pool #AE3069 4.00% 20258 1 1
Fannie Mae Pool #AH6431 4.00% 20268 197 191
Fannie Mae Pool #890329 4.00% 20268 31 30
Fannie Mae Pool #AH5618 4.00% 20268 2 2
Fannie Mae Pool #AH0829 4.00% 20268 1 1
Fannie Mae Pool #MA1109 4.00% 20278 3 2
Fannie Mae Pool #MA3653 3.00% 20298 14 13
Fannie Mae Pool #AL8347 4.00% 20298 213 206
Fannie Mae Pool #254767 5.50% 20338 214 220
Fannie Mae Pool #555956 5.50% 20338 137 141
Fannie Mae Pool #BN1085 4.00% 20348 421 409
Fannie Mae Pool #BN3172 4.00% 20348 164 159
Fannie Mae Pool #AS8554 3.00% 20368 6,166 5,642
Fannie Mae Pool #929185 5.50% 20368 390 403
Fannie Mae Pool #893641 6.00% 20368 786 827
Fannie Mae Pool #893688 6.00% 20368 166 175
Fannie Mae Pool #907239 6.00% 20368 55 58
Fannie Mae Pool #AD0249 5.50% 20378 115 118
Fannie Mae Pool #190379 5.50% 20378 57 59
Fannie Mae Pool #924952 6.00% 20378 876 922
Fannie Mae Pool #888292 6.00% 20378 590 621
Fannie Mae Pool #928031 6.00% 20378 68 71
Fannie Mae Pool #888637 6.00% 20378 10 11
Fannie Mae Pool #AD0119 6.00% 20388 960 1,011
Fannie Mae Pool #AD0095 6.00% 20388 715 754
Fannie Mae Pool #995674 6.00% 20388 320 337
Fannie Mae Pool #AE0021 6.00% 20388 292 309
Fannie Mae Pool #AL7164 6.00% 20388 199 205
Fannie Mae Pool #AB0538 6.00% 20388 112 118
Fannie Mae Pool #889983 6.00% 20388 19 20
Fannie Mae Pool #995391 6.00% 20388 15 15
Fannie Mae Pool #995224 6.00% 20388 8 9
Fannie Mae Pool #AD0833 6.00% 20398 —5 —5
Fannie Mae Pool #AL0013 6.00% 20408 192 202
Fannie Mae Pool #AL0309 6.00% 20408 66 70
Fannie Mae Pool #MA4501 2.00% 20418 8,971 7,519
Fannie Mae Pool #MA4387 2.00% 20418 7,810 6,553
Fannie Mae Pool #AB4536 6.00% 20418 451 471
Fannie Mae Pool #AL7228 6.00% 20418 253 261
American Funds Insurance Series — Asset Allocation Fund — Page 95 of 255
unaudited
Bonds, notes & other debt instruments (continued)
Mortgage-backed obligations (continued)
Federal agency mortgage-backed obligations (continued) 		  Principal amount
(000) 		Value
(000)
Fannie Mae Pool #FS0305 1.50% 20428 USD23,229 $18,608
Fannie Mae Pool #MA4520 2.00% 20428 15,207 12,746
Fannie Mae Pool #AP2131 3.50% 20428 3,214 2,948
Fannie Mae Pool #AU8813 4.00% 20438 2,266 2,155
Fannie Mae Pool #AU9348 4.00% 20438 1,318 1,256
Fannie Mae Pool #AU9350 4.00% 20438 1,063 1,011
Fannie Mae Pool #FM9416 3.50% 20458 9,116 8,341
Fannie Mae Pool #AL8773 3.50% 20458 5,425 4,989
Fannie Mae Pool #AL8354 3.50% 20458 1,359 1,250
Fannie Mae Pool #AS8310 3.00% 20468 385 342
Fannie Mae Pool #AL8522 3.50% 20468 2,875 2,645
Fannie Mae Pool #BD9699 3.50% 20468 1,491 1,364
Fannie Mae Pool #BD9307 4.00% 20468 1,329 1,261
Fannie Mae Pool #BC7611 4.00% 20468 114 108
Fannie Mae Pool #BM1179 3.00% 20478 494 440
Fannie Mae Pool #BE1290 3.50% 20478 2,174 1,989
Fannie Mae Pool #CA0770 3.50% 20478 1,585 1,453
Fannie Mae Pool #MA3211 4.00% 20478 2,738 2,598
Fannie Mae Pool #257036 7.00% 20478 6 6
Fannie Mae Pool #256975 7.00% 20478 2 2
Fannie Mae Pool #FM3278 3.50% 20488 17,330 15,868
Fannie Mae Pool #BK5255 4.00% 20488 12 12
Fannie Mae Pool #MA3277 4.00% 20488 11 11
Fannie Mae Pool #CA4756 3.00% 20498 1,793 1,584
Fannie Mae Pool #FM3280 3.50% 20498 2,382 2,180
Fannie Mae Pool #CA5968 2.50% 20508 5,808 4,962
Fannie Mae Pool #CA7599 2.50% 20508 1,648 1,397
Fannie Mae Pool #FM4897 3.00% 20508 15,109 13,413
Fannie Mae Pool #CB2375 2.50% 20518 8,140 6,894
Fannie Mae Pool #CA8828 2.50% 20518 4,105 3,497
Fannie Mae Pool #CB2319 2.50% 20518 200 169
Fannie Mae Pool #BT9510 2.50% 20518 96 81
Fannie Mae Pool #BT9483 2.50% 20518 96 81
Fannie Mae Pool #CB2372 2.50% 20518 95 80
Fannie Mae Pool #FM8453 3.00% 20518 5,016 4,425
Fannie Mae Pool #FS0647 3.00% 20528 69,580 61,691
Fannie Mae Pool #BF0497 3.00% 20608 4,272 3,716
Fannie Mae, Series 2001-T10, Class A1, 7.00% 20418 88 90
Fannie Mae, Series 2002-W3, Class A5, 7.50% 20418 25 27
Fannie Mae, Series 2014-M1, Class A2, Multi Family, 3.343% 20238,9 2,102 2,081
Fannie Mae, Series 2014-M2, Class A2, Multi Family, 3.513% 20238,9 2,215 2,187
Fannie Mae, Series 2014-M9, Class A2, Multi Family, 3.103% 20248,9 3,867 3,762
Fannie Mae, Series 2014-M3, Class A2, Multi Family, 3.501% 20248,9 1,624 1,599
Fannie Mae, Series 2017-M3, Class A2, Multi Family, 2.554% 20268,9 7,429 6,824
Fannie Mae, Series 2017-M7, Class A2, Multi Family, 2.961% 20278,9 2,653 2,491
Fannie Mae, Series 2006-43, Class JO, principal only, 0% 20368 42 35
Freddie Mac Pool #C91912 3.00% 20378 11,354 10,407
Freddie Mac Pool #G03978 5.00% 20388 441 445
Freddie Mac Pool #G04553 6.50% 20388 52 54
Freddie Mac Pool #G08347 4.50% 20398 69 68
Freddie Mac Pool #C03518 5.00% 20408 577 583
Freddie Mac Pool #Q05807 4.00% 20428 1,699 1,614
Freddie Mac Pool #Q23185 4.00% 20438 1,339 1,277
Freddie Mac Pool #Q23190 4.00% 20438 800 764
American Funds Insurance Series — Asset Allocation Fund — Page 96 of 255
unaudited
Bonds, notes & other debt instruments (continued)
Mortgage-backed obligations (continued)
Federal agency mortgage-backed obligations (continued) 		  Principal amount
(000) 		Value
(000)
Freddie Mac Pool #760014 2.77% 20458,9 USD185 $181
Freddie Mac Pool #Q37988 4.00% 20458 6,038 5,723
Freddie Mac Pool #G60344 4.00% 20458 5,089 4,858
Freddie Mac Pool #Z40130 3.00% 20468 4,598 4,129
Freddie Mac Pool #Q41909 4.50% 20468 244 236
Freddie Mac Pool #Q41090 4.50% 20468 205 198
Freddie Mac Pool #760015 2.546% 20478,9 455 439
Freddie Mac Pool #Q46021 3.50% 20478 1,158 1,060
Freddie Mac Pool #SI2002 4.00% 20488 2,435 2,307
Freddie Mac Pool #SD7528 2.00% 20508 18,408 15,033
Freddie Mac Pool #SD7545 2.50% 20518 7,217 6,115
Freddie Mac Pool #RA6483 2.50% 20518 7,110 6,016
Freddie Mac Pool #RA5971 3.00% 20518 7,019 6,174
Freddie Mac Pool #SD7554 2.50% 20528 95 81
Freddie Mac Pool #RA7938 5.00% 20528 1,330 1,299
Freddie Mac, Series T041, Class 3A, 4.461% 20328,9 192 185
Freddie Mac, Series K733, Class A2, Multi Family, 3.75% 20258,9 9,778 9,535
Freddie Mac, Series K734, Class A2, Multi Family, 3.208% 20268 7,370 7,054
Freddie Mac, Series K076, Class A2, Multi Family, 3.90% 20288 3,237 3,137
Freddie Mac, Series K143, Class A2, Multi Family, 2.35% 20328 19,961 16,662
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-2, Class MA, 3.00% 20568 5,262 4,944
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-2, Class HA, 3.00% 20568,9 5,195 4,885
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-1, Class HA, 3.00% 20568,9 2,717 2,557
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-3, Class HA, 3.25% 20568,9 1,185 1,123
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-4, Class HT, 3.25% 20578,9 938 867
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2018-2, Class MT, 3.50% 20578 1,984 1,832
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2018-3, Class MA, 3.50% 20578 1,893 1,810
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-4, Class MT, 3.50% 20578 773 715
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2019-2, Class MA, 3.50% 20588 9,813 9,365
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2019-4, Class MA, 3.00% 20598 5,703 5,350
Freddie Mac Seasoned Loan Structured Transaction Trust, Series 2018-2, Class A1, 3.50% 20288 2,226 2,125
Freddie Mac Seasoned Loan Structured Transaction Trust, Series 2019-3, Class A1C, 2.75% 20298 2,790 2,576
Freddie Mac Seasoned Loan Structured Transaction Trust, Series 2019-1, Class A1, 3.50% 20298 4,390 4,185
Freddie Mac Seasoned Loan Structured Transaction Trust, Series 2019-1, Class A2, 3.50% 20298 2,455 2,276
Government National Mortgage Assn. 2.00% 20528,10 68,784 57,300
Government National Mortgage Assn. 2.50% 20528,10 5,866 5,042
Government National Mortgage Assn. 3.00% 20528,10 98,663 87,228
Government National Mortgage Assn. 3.50% 20528,10 16,452 14,969
Government National Mortgage Assn. 4.00% 20528,10 10,004 9,339
Government National Mortgage Assn. 4.00% 20528,10 6,023 5,626
Government National Mortgage Assn. 4.50% 20528,10 33,456 32,033
Government National Mortgage Assn. Pool #BD7245 4.00% 20488 439 412
Government National Mortgage Assn. Pool #MA5652 4.50% 20488 357 347
Government National Mortgage Assn. Pool #MA6602 4.50% 20508 214 207
Government National Mortgage Assn. Pool #MA7259 4.50% 20518 1,826 1,776
Government National Mortgage Assn. Pool #MA7316 4.50% 20518 511 497
Uniform Mortgage-Backed Security 1.50% 20378,10 25,420 21,803
Uniform Mortgage-Backed Security 2.00% 20378,10 27,169 23,948
Uniform Mortgage-Backed Security 2.50% 20378,10 638 578
Uniform Mortgage-Backed Security 2.00% 20528,10 182,092 147,481
Uniform Mortgage-Backed Security 2.50% 20528,10 158,500 132,704
Uniform Mortgage-Backed Security 2.50% 20528,10 85,659 71,891
Uniform Mortgage-Backed Security 3.00% 20528,10 150,791 131,288
Uniform Mortgage-Backed Security 3.50% 20528,10 80,692 72,641
American Funds Insurance Series — Asset Allocation Fund — Page 97 of 255
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Bonds, notes & other debt instruments (continued)
Mortgage-backed obligations (continued)
Federal agency mortgage-backed obligations (continued) 		  Principal amount
(000) 		Value
(000)
Uniform Mortgage-Backed Security 3.50% 20528,10 USD38,132 $34,308
Uniform Mortgage-Backed Security 4.00% 20528,10 104,800 97,194
Uniform Mortgage-Backed Security 4.00% 20528,10 27,294 25,333
Uniform Mortgage-Backed Security 4.50% 20528,10 148,534 141,537
Uniform Mortgage-Backed Security 5.00% 20528,10 104,000 101,206
Uniform Mortgage-Backed Security 5.00% 20528,10 20,065 19,551
Uniform Mortgage-Backed Security 5.50% 20528,10 40,080 39,767
Uniform Mortgage-Backed Security 5.50% 20528,10 2,710 2,694
      1,661,752
Commercial mortgage-backed securities 0.48%      
Bank Commercial Mortgage Trust, Series 2020-BN26, Class A4, 2.403% 20638 2,909 2,402
Bank Commercial Mortgage Trust, Series 2022-BNK40, Class A4, 3.507% 20648,9 2,550 2,221
Barclays Commercial Mortgage Securities, LLC, Series 2017-DELC, Class A, 3.793% 20366,8,9 2,000 1,957
Benchmark Mortgage Trust, Series 2018-B2, Class A4, 3.615% 20518 1,000 923
Benchmark Mortgage Trust, Series 2020-B17, Class A5, 2.289% 20538 2,960 2,420
Benchmark Mortgage Trust, Series 2022-B35, Class A5, 4.594% 20558,9 6,337 6,008
BX Trust, Series 2021-SDMF, Class A, (1-month USD-LIBOR + 0.589%) 3.407% 20346,8,9 5,954 5,669
BX Trust, Series 2021-VOLT, Class A, (1-month USD-LIBOR + 0.70%) 3.518% 20366,8,9 4,505 4,308
BX Trust, Series 2021-ARIA, Class A, (1-month USD-LIBOR + 0.899%) 3.717% 20366,8,9 7,968 7,574
BX Trust, Series 2021-ARIA, Class B, (1-month USD-LIBOR + 1.297%) 4.115% 20366,8,9 5,968 5,580
BX Trust, Series 2021-SOAR, Class A, (1-month USD-LIBOR + 0.67%) 3.488% 20386,8,9 7,481 7,165
BX Trust, Series 2021-ACNT, Class A, (1-month USD-LIBOR + 0.85%) 3.668% 20386,8,9 5,254 5,053
BX Trust, Series 2021-SOAR, Class B, (1-month USD-LIBOR + 0.87%) 3.688% 20386,8,9 1,351 1,286
BX Trust, Series 2021-SOAR, Class C, (1-month USD-LIBOR + 1.10%) 3.918% 20386,8,9 1,220 1,152
Citigroup Commercial Mortgage Trust, Series 2015-GC29, Class AAB, 2.984% 20488 539 528
Commercial Mortgage Trust, Series 2015-PC1, Class A5, 3.902% 20508 4,735 4,561
CSAIL Commercial Mortgage Trust, Series 2015-C4, Class ASB, 3.617% 20488 853 833
Extended Stay America Trust, Series 2021-ESH, Class A, (1-month USD-LIBOR + 1.08%) 3.898% 20386,8,9 1,564 1,518
Extended Stay America Trust, Series 2021-ESH, Class B, (1-month USD-LIBOR + 1.38%) 4.198% 20386,8,9 1,428 1,377
Extended Stay America Trust, Series 2021-ESH, Class C, (1-month USD-LIBOR + 1.70%) 4.518% 20386,8,9 1,492 1,437
Grace Mortgage Trust, Series 2020-GRCE, Class A, 2.347% 20406,8 3,795 2,926
GS Mortgage Securities Trust, Series 2020-GC47, Class A5, 2.377% 20538 2,489 2,040
JPMorgan Chase Commercial Mortgage Securities Trust, Series 2022-OPO, Class A, 3.024% 20396,8 1,964 1,702
JPMorgan Chase Commercial Mortgage Securities Trust, Series 2022-OPO, Class C, 3.377% 20396,8 868 740
JPMorgan Chase Commercial Mortgage Securities Trust, Series 2022-OPO, Class C, 3.565% 20396,8,9 523 432
JPMorgan Chase Commercial Mortgage Securities Trust, Series 2021-410T, Class A, 2.287% 20426,8 1,431 1,191
LUXE Commercial Mortgage Trust, Series 2021-TRIP, Class A, (1-month USD-LIBOR + 1.05%) 3.868% 20386,8,9 3,572 3,458
LUXE Commercial Mortgage Trust, Series 2021-TRIP, Class B, (1-month USD-LIBOR + 1.40%) 4.218% 20386,8,9 1,904 1,830
Manhattan West Mortgage Trust, Series 2020-1MW, Class A, 2.13% 20396,8 13,772 11,679
MHC Commercial Mortgage Trust, CMO, Series 2021-MHC, Class A,
(1-month USD-LIBOR + 0.801%) 3.619% 20266,8,9 		3,950 3,808
Morgan Stanley Bank of America Merrill Lynch Trust, Series 2015-C27, Class ASB, 3.557% 20478 610 596
Morgan Stanley Bank of America Merrill Lynch Trust, Series 2015-C22, Class ASB, 3.04% 20488 525 513
SLG Office Trust, Series 2021-OVA, Class A, 2.585% 20416,8 2,194 1,763
SREIT Trust, Series 2021-MFP, Class A, (1-month USD-LIBOR + 0.731%) 3.549% 20386,8,9 4,808 4,595
StorageMart Commercial Mortgage Trust, Series 2022-MINI, Class A,
(1-month USD CME Term SOFR + 1.00%) 3.846% 20396,8,9 		10,709 10,291
      111,536
Collateralized mortgage-backed obligations (privately originated) 0.14%      
Arroyo Mortgage Trust, Series 2021-1R, Class A1, 1.175% 20486,8,9 1,158 997
Bellemeade Re, Ltd., Series 2019-3A, Class M1B, (1-month USD-LIBOR + 1.60%) 4.684% 20296,8,9 946 946
Cascade Funding Mortgage Trust, Series 2018-RM2, Class A, 4.00% 20686,8,9 1,231 1,191
American Funds Insurance Series — Asset Allocation Fund — Page 98 of 255
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Bonds, notes & other debt instruments (continued)
Mortgage-backed obligations (continued)
Collateralized mortgage-backed obligations (privately originated) (continued) 		  Principal amount
(000) 		Value
(000)
Connecticut Avenue Securities, Series 2021-R01, Class 1M1,
(30-day Average USD-SOFR + 0.75%) 3.031% 20416,8,9 		USD486 $481
Credit Suisse Mortgage Trust, Series 2020-NET, Class A, 2.257% 20376,8 4,102 3,717
Credit Suisse Mortgage Trust, Series 2017-RPL3, Class A1, 2.00% 20606,8,9 2,134 1,862
CS First Boston Mortgage Securities Corp., Series 2004-5, Class IVA1, 6.00% 20348 149 140
Finance of America Structured Securities Trust, Series 2019-JR2, Class A1, 2.00% 20696,8 6,298 6,524
Finance of America Structured Securities Trust, Series 2019-JR1, Class A, 2.00% 20696,8 2,070 2,211
Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2015-DNA1, Class M3,
(1-month USD-LIBOR + 3.30%) 6.384% 20278,9 		272 274
Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2022-DNA6, Class M1A,
(30-day Average USD-SOFR + 2.15%) 4.435% 20426,8,9 		1,070 1,065
Home Partners of America Trust, Series 2021-2, Class A, 1.901% 20266,8 4,318 3,752
Legacy Mortgage Asset Trust, Series 2019-GS7, Class A1, 3.25% 20596,8,9 1,078 1,078
MASTR Alternative Loan Trust, Series 2004-2, Class 2A1, 6.00% 20348 320 302
Mello Warehouse Securitization Trust, Series 2021-3, Class A, (1-month USD-LIBOR + 0.85%) 3.934% 20556,8,9 4,040 3,893
MRA Issuance Trust, Series 2020-10, Class A3, (1-month USD-LIBOR + 1.30%) 3.864% 20226,8,9 1,745 1,669
Onslow Bay Financial Mortgage Loan Trust, Series 2022-J1, Class A2, 2.50% 20526,8,9 2,812 2,246
RMF Proprietary Issuance Trust, Series 2019-1, Class A, 2.75% 20636,8,9 375 365
      32,713
Total mortgage-backed obligations     1,806,001
U.S. Treasury bonds & notes 7.45%
U.S. Treasury 4.91% 		     
U.S. Treasury 1.375% 2022 280 280
U.S. Treasury 1.625% 2022 94 94
U.S. Treasury 0.125% 2023 44,825 44,141
U.S. Treasury 1.00% 2024 10,725 9,993
U.S. Treasury 1.50% 2024 907 860
U.S. Treasury 2.50% 202411 200,000 194,168
U.S. Treasury 2.50% 2024 700 680
U.S. Treasury 3.25% 2024 22,613 22,199
U.S. Treasury 2.75% 2025 3,229 3,103
U.S. Treasury 3.00% 2025 10,000 9,643
U.S. Treasury 3.50% 2025 36,530 35,769
U.S. Treasury 0.375% 2026 45,000 39,628
U.S. Treasury 0.50% 2026 42,515 37,506
U.S. Treasury 0.75% 2026 52 46
U.S. Treasury 0.875% 2026 565 497
U.S. Treasury 1.125% 2026 471 418
U.S. Treasury 1.50% 2026 500 452
U.S. Treasury 1.625% 2026 7,000 6,431
U.S. Treasury 1.625% 2026 1,500 1,371
U.S. Treasury 0.50% 2027 36,300 30,722
U.S. Treasury 0.625% 2027 7,109 5,961
U.S. Treasury 1.125% 2027 762 671
U.S. Treasury 2.375% 2027 880 816
U.S. Treasury 2.625% 2027 96,250 90,318
U.S. Treasury 3.125% 2027 37,388 35,847
U.S. Treasury 1.25% 2028 3,142 2,675
U.S. Treasury 1.375% 2028 10,900 9,326
U.S. Treasury 1.50% 2028 50,000 43,095
U.S. Treasury 2.875% 2028 5,217 4,902
U.S. Treasury 2.875% 2029 50,000 46,678
American Funds Insurance Series — Asset Allocation Fund — Page 99 of 255
unaudited
Bonds, notes & other debt instruments (continued)
U.S. Treasury bonds & notes (continued)
U.S. Treasury (continued) 		  Principal amount
(000) 		Value
(000)
U.S. Treasury 0.625% 2030 USD20,225 $15,932
U.S. Treasury 1.50% 2030 36,651 31,105
U.S. Treasury 2.75% 2032 108,968 99,633
U.S. Treasury 2.875% 2032 50,000 46,242
U.S. Treasury 1.125% 2040 62,775 39,301
U.S. Treasury 1.375% 204011 52,695 34,107
U.S. Treasury 1.75% 2041 47,854 32,758
U.S. Treasury 2.00% 2041 1,181 846
U.S. Treasury 3.375% 2042 16,326 14,790
U.S. Treasury 2.50% 2046 3,755 2,854
U.S. Treasury 3.00% 2047 9,355 7,836
U.S. Treasury 3.00% 2048 336 283
U.S. Treasury 2.25% 2049 15,000 10,976
U.S. Treasury 1.375% 2050 12,500 7,244
U.S. Treasury 2.00% 2050 13,825 9,504
U.S. Treasury 2.00% 2051 1,356 927
U.S. Treasury 2.375% 2051 4,758 3,562
U.S. Treasury 2.25% 205211 72,025 52,339
U.S. Treasury 2.875% 205211 59,107 49,588
U.S. Treasury 3.00% 2052 2,883 2,490
      1,140,607
U.S. Treasury inflation-protected securities 2.54%      
U.S. Treasury Inflation-Protected Security 0.125% 202412 121,252 116,581
U.S. Treasury Inflation-Protected Security 0.125% 202412 84,101 81,183
U.S. Treasury Inflation-Protected Security 0.50% 202412 21,942 21,308
U.S. Treasury Inflation-Protected Security 0.625% 202412 99,537 97,141
U.S. Treasury Inflation-Protected Security 0.125% 202512 26,381 25,011
U.S. Treasury Inflation-Protected Security 0.125% 202512 3,882 3,668
U.S. Treasury Inflation-Protected Security 0.25% 202512 25,018 23,924
U.S. Treasury Inflation-Protected Security 0.375% 202512 4,623 4,414
U.S. Treasury Inflation-Protected Security 0.125% 202612 43,326 40,457
U.S. Treasury Inflation-Protected Security 0.125% 202612 15,179 14,138
U.S. Treasury Inflation-Protected Security 0.75% 202812 20,655 19,415
U.S. Treasury Inflation-Protected Security 0.875% 202912 23,285 21,900
U.S. Treasury Inflation-Protected Security 0.125% 203112 26,917 23,520
U.S. Treasury Inflation-Protected Security 0.125% 203212 60,201 52,119
U.S. Treasury Inflation-Protected Security 1.00% 204912 54,844 44,722
      589,501
Total U.S. Treasury bonds & notes     1,730,108
Corporate bonds, notes & loans 6.11%
Financials 1.38% 		     
ACE INA Holdings, Inc. 2.875% 2022 3,880 3,876
ACE INA Holdings, Inc. 3.35% 2026 880 833
ACE INA Holdings, Inc. 4.35% 2045 400 339
Advisor Group Holdings, LLC 6.25% 20286 4,470 3,873
AerCap Ireland Capital, Ltd. / AerCap Global Aviation Trust 2.45% 2026 5,457 4,610
AerCap Ireland Capital, Ltd. / AerCap Global Aviation Trust 3.00% 2028 4,501 3,614
AerCap Ireland Capital, Ltd. / AerCap Global Aviation Trust 3.30% 2032 2,838 2,138
AerCap Ireland Capital, Ltd. / AerCap Global Aviation Trust 3.40% 2033 1,781 1,295
AerCap Ireland Capital, Ltd. / AerCap Global Aviation Trust 3.85% 2041 1,970 1,312
AG Merger Sub II, Inc. 10.75% 20276 2,420 2,375
American Funds Insurance Series — Asset Allocation Fund — Page 100 of 255
unaudited
Bonds, notes & other debt instruments (continued)
Corporate bonds, notes & loans (continued)
Financials (continued) 		  Principal amount
(000) 		Value
(000)
AG TTMT Escrow Issuer, LLC 8.625% 20276 USD497 $470
Alliant Holdings Intermediate, LLC / Alliant Holdings 4.25% 20276 2,100 1,798
Alliant Holdings Intermediate, LLC / Alliant Holdings 5.875% 20296 2,295 1,869
Ally Financial, Inc. 8.00% 2031 3,000 3,138
American International Group, Inc. 2.50% 2025 15,800 14,756
AmWINS Group, Inc. 4.875% 20296 1,348 1,122
Aretec Escrow Issuer, Inc. 7.50% 20296 1,000 839
Banco Santander, SA 5.147% 2025 2,400 2,330
Bangkok Bank PCL 3.733% 2034 (5-year UST Yield Curve Rate T Note Constant Maturity + 1.90% on 9/25/2029)13 2,428 1,998
Bank of America Corp. 3.55% 2024 (3-month USD-LIBOR + 0.78% on 3/5/2023)13 6,000 5,954
Bank of America Corp. 1.197% 2026 (USD-SOFR + 1.01% on 10/24/2025)13 2,500 2,183
Bank of America Corp. 1.734% 2027 (USD-SOFR + 0.96% on 7/22/2026)13 1,565 1,344
Bank of America Corp. 3.419% 2028 (3-month USD-LIBOR + 1.04% on 12/20/2027)13 2,345 2,085
Bank of America Corp. 1.922% 2031 (USD-SOFR + 1.37% on 10/24/2030)13 1,000 741
Bank of America Corp. 5.015% 2033 (USD-SOFR + 2.16% on 7/22/2032)13 4,351 4,042
Bank of Nova Scotia 1.625% 2023 5,000 4,920
Berkshire Hathaway, Inc. 2.75% 2023 1,615 1,607
Berkshire Hathaway, Inc. 3.125% 2026 500 475
Blackstone Private Credit Fund 7.05% 20256 2,510 2,481
BNP Paribas 2.159% 2029 (USD-SOFR + 1.218% on 9/15/2028)6,13 2,400 1,880
Castlelake Aviation Finance DAC 5.00% 20276 3,370 2,870
Citigroup, Inc. 5.61% 2026 (USD-SOFR + 1.546% on 12/29/2025)13 8,000 7,961
Citigroup, Inc. 2.976% 2030 (USD-SOFR + 1.422% on 11/5/2029)13 3,254 2,678
CME Group, Inc. 3.75% 2028 3,425 3,237
Coinbase Global, Inc. 3.375% 20286 2,625 1,647
Coinbase Global, Inc. 3.625% 20316 2,875 1,600
Commonwealth Bank of Australia 3.35% 2024 1,225 1,198
Commonwealth Bank of Australia 3.35% 20246 1,000 978
Commonwealth Bank of Australia 2.688% 20316 4,575 3,441
Compass Diversified Holdings 5.25% 20296 820 645
Compass Diversified Holdings 5.00% 20326 715 526
Corebridge Financial, Inc. 3.50% 20256 642 611
Corebridge Financial, Inc. 3.65% 20276 914 836
Corebridge Financial, Inc. 3.85% 20296 621 548
Corebridge Financial, Inc. 3.90% 20326 351 297
Corebridge Financial, Inc. 4.35% 20426 203 157
Corebridge Financial, Inc. 4.40% 20526 489 373
Crédit Agricole SA 4.375% 20256 850 817
Credit Suisse Group AG 3.80% 2023 1,625 1,600
Credit Suisse Group AG 3.869% 2029 (3-month USD-LIBOR + 1.41% on 1/12/2028)6,13 800 654
Danske Bank AS 3.773% 2025
(1-year UST Yield Curve Rate T Note Constant Maturity + 1.45% on 3/28/2024)6,13 		6,000 5,774
Deutsche Bank AG 2.129% 2026 (USD-SOFR + 1.87% on 11/24/2025)13 2,212 1,880
Deutsche Bank AG 2.311% 2027 (USD-SOFR + 1.219% on 11/16/2026)13 2,788 2,265
Deutsche Bank AG 2.552% 2028 (USD-SOFR + 1.318% on 1/7/2027)13 5,000 4,065
Digital Currency Group, Inc., Term Loan, (3-month USD-LIBOR + 7.00%) 8.00% 20263,9,14 816 734
Digital Currency Group, Inc., Term Loan, 8.75% 20263,14 1,089 905
FS Energy and Power Fund 7.50% 20236 1,995 1,996
Goldman Sachs Group, Inc. 1.948% 2027 (USD-SOFR + 0.913% on 10/21/2026)13 2,198 1,882
Goldman Sachs Group, Inc. 2.64% 2028 (USD-SOFR + 1.114% on 2/24/2027)13 4,000 3,475
Goldman Sachs Group, Inc. 3.814% 2029 (3-month USD-LIBOR + 1.158% on 4/23/2028)13 390 346
Goldman Sachs Group, Inc. 2.615% 2032 (USD-SOFR + 1.281% on 4/22/2031)13 2,323 1,803
Goldman Sachs Group, Inc. 3.21% 2042 (USD-SOFR + 1.513% on 4/22/2041)13 2,000 1,361
Groupe BPCE SA 2.75% 20236 600 597
American Funds Insurance Series — Asset Allocation Fund — Page 101 of 255
unaudited
Bonds, notes & other debt instruments (continued)
Corporate bonds, notes & loans (continued)
Financials (continued) 		  Principal amount
(000) 		Value
(000)
Groupe BPCE SA 5.70% 20236 USD2,250 $2,226
Groupe BPCE SA 5.15% 20246 3,710 3,620
Groupe BPCE SA 1.00% 20266 3,000 2,595
Hightower Holding, LLC 6.75% 20296 870 711
HSBC Holdings PLC 4.25% 2024 3,000 2,939
HSBC Holdings PLC 2.633% 2025 (3-month USD-LIBOR + 1.14% on 11/7/2024)13 625 581
HSBC Holdings PLC 2.099% 2026 (USD-SOFR + 1.929% on 6/4/2025)13 3,000 2,689
HSBC Holdings PLC 3.973% 2030 (3-month USD-LIBOR + 1.61% on 5/22/2029)13 1,500 1,271
Icahn Enterprises Finance Corp. 5.25% 2027 1,185 1,040
Icahn Enterprises Finance Corp. 4.375% 2029 1,525 1,231
Intercontinental Exchange, Inc. 2.65% 2040 7,425 5,016
Intesa Sanpaolo SpA 3.375% 20236 750 746
Intesa Sanpaolo SpA 3.25% 20246 750 707
Intesa Sanpaolo SpA 5.017% 20246 1,730 1,614
Intesa Sanpaolo SpA 3.875% 20276 300 261
JPMorgan Chase & Co. 3.559% 2024 (3-month USD-LIBOR + 0.73% on 4/23/2023)13 4,725 4,678
JPMorgan Chase & Co. 4.08% 2026 (USD-SOFR + 1.32% on 4/26/2025)13 6,000 5,781
JPMorgan Chase & Co. 4.323% 2028 (USD-SOFR + 1.56% on 4/26/2027)13 4,000 3,752
JPMorgan Chase & Co. 4.851% 2028 (USD-SOFR + 1.99% on 7/25/2027)13 3,740 3,595
JPMorgan Chase & Co. 4.586% 2033 (USD-SOFR + 1.80% on 4/26/2032)13 299 270
JPMorgan Chase & Co. 4.912% 2033 (USD-SOFR + 2.08% on 7/25/2032)13 3,982 3,677
Kasikornbank PCL HK 3.343% 2031
(5-year UST Yield Curve Rate T Note Constant Maturity + 1.70% on 10/2/2026)13 		1,222 1,065
Ladder Capital Corp. 4.25% 20276 3,757 3,031
Lloyds Banking Group PLC 2.907% 2023 (3-month USD-LIBOR + 0.81% on 11/7/2022)13 750 748
Lloyds Banking Group PLC 4.05% 2023 2,000 1,979
Lloyds Banking Group PLC 1.627% 2027
(1-year UST Yield Curve Rate T Note Constant Maturity + 0.85% on 5/11/2026)13 		800 680
Lloyds Banking Group PLC 4.375% 2028 2,150 1,958
LPL Holdings, Inc. 4.625% 20276 2,700 2,452
LPL Holdings, Inc. 4.375% 20316 1,805 1,501
Marsh & McLennan Companies, Inc. 3.875% 2024 820 809
Marsh & McLennan Companies, Inc. 4.375% 2029 1,705 1,622
Marsh & McLennan Companies, Inc. 4.90% 2049 719 640
Marsh & McLennan Companies, Inc. 2.90% 2051 920 572
MGIC Investment Corp. 5.25% 2028 1,175 1,052
Mitsubishi UFJ Financial Group, Inc. 2.801% 2024 1,610 1,546
Morgan Stanley 3.737% 2024 (3-month USD-LIBOR + 0.847% on 4/24/2023)13 300 297
Morgan Stanley 3.125% 2026 325 300
Morgan Stanley 4.679% 2026 (USD-SOFR + 1.669% on 7/17/2025)13 2,450 2,387
Morgan Stanley 2.699% 2031 (USD-SOFR + 1.143% on 1/22/2030)13 2,000 1,624
Morgan Stanley 3.217% 2042 (USD-SOFR + 1.485% on 4/22/2041)13 856 598
MSCI, Inc. 3.625% 20316 2,225 1,788
National Australia Bank, Ltd. 1.887% 20276 5,000 4,421
Navient Corp. 5.50% 2023 1,594 1,587
Navient Corp. 5.875% 2024 1,005 954
Navient Corp. 6.125% 2024 8,030 7,831
Navient Corp. 6.75% 2026 300 273
Navient Corp. 5.50% 2029 5,980 4,554
New York Life Global Funding 2.35% 20266 590 538
Northwestern Mutual Global Funding 1.75% 20276 9,400 8,164
Onemain Finance Corp. 3.875% 2028 756 558
Owl Rock Capital Corp. 3.75% 2025 2,874 2,642
Owl Rock Capital Corp. 4.00% 2025 102 96
American Funds Insurance Series — Asset Allocation Fund — Page 102 of 255
unaudited
Bonds, notes & other debt instruments (continued)
Corporate bonds, notes & loans (continued)
Financials (continued) 		  Principal amount
(000) 		Value
(000)
Owl Rock Capital Corp. 3.40% 2026 USD1,290 $1,108
Owl Rock Capital Corp. II 4.625% 20246 2,305 2,173
Owl Rock Capital Corp. III 3.125% 20276 2,520 2,045
Owl Rock Core Income Corp. 4.70% 2027 2,500 2,193
Oxford Finance, LLC / Oxford Finance Co-Issuer II, Inc. 6.375% 20276 1,125 1,055
PNC Financial Services Group, Inc. 2.854% 202213 1,445 1,444
PNC Financial Services Group, Inc. 3.90% 2024 2,000 1,972
Power Financial Corp., Ltd. 5.25% 2028 383 363
Power Financial Corp., Ltd. 6.15% 2028 350 345
Power Financial Corp., Ltd. 4.50% 2029 554 497
Power Financial Corp., Ltd. 3.95% 2030 1,213 1,024
Prudential Financial, Inc. 4.35% 2050 2,205 1,825
Prudential Financial, Inc. 3.70% 2051 755 558
Quicken Loans, LLC 3.625% 20296 1,505 1,162
Rabobank Nederland 4.375% 2025 4,500 4,304
Rocket Mortgage / Rocket Mortgage Co-Issuer, Inc. 2.875% 20266 2,110 1,733
Royal Bank of Canada 1.15% 2025 4,711 4,256
Ryan Specialty Group, LLC 4.375% 20306 270 229
Springleaf Finance Corp. 6.125% 2024 2,550 2,460
Starwood Property Trust, Inc. 5.50% 20236 1,160 1,142
Starwood Property Trust, Inc. 4.375% 20276 1,540 1,315
Swiss Re Finance (Luxembourg) SA 5.00% 2049
(5-year UST Yield Curve Rate T Note Constant Maturity + 3.582% on 4/2/2029)6,13 		2,800 2,462
Toronto-Dominion Bank 2.65% 2024 625 601
Toronto-Dominion Bank 0.75% 2025 5,375 4,744
Toronto-Dominion Bank 1.25% 2026 2,425 2,079
Toronto-Dominion Bank 1.95% 2027 2,500 2,178
Toronto-Dominion Bank 2.45% 2032 1,500 1,157
Travelers Companies, Inc. 4.00% 2047 860 697
U.S. Bancorp 2.375% 2026 4,000 3,660
UBS Group AG 4.125% 20256 2,750 2,628
UniCredit SpA 4.625% 20276 625 564
Wells Fargo & Company 2.164% 2026 (3-month USD-LIBOR + 0.75% on 2/11/2025)13 8,000 7,371
Wells Fargo & Company 3.526% 2028 (USD-SOFR + 1.51% on 3/24/2027)13 4,337 3,932
Wells Fargo & Company 2.879% 2030 (3-month USD-LIBOR + 1.17% on 10/30/2029)13 729 600
Westpac Banking Corp. 2.75% 2023 1,750 1,743
Westpac Banking Corp. 2.894% 2030
(5-year UST Yield Curve Rate T Note Constant Maturity + 1.35% on 2/4/2025)13 		3,000 2,761
Westpac Banking Corp. 2.668% 2035
(5-year UST Yield Curve Rate T Note Constant Maturity + 1.75% on 11/15/2030)13 		3,325 2,451
Westpac Banking Corp. 2.963% 2040 1,500 960
      321,112
Energy 0.70%      
Antero Midstream Partners, LP 5.375% 20296 2,170 1,920
Antero Resources Corp. 7.625% 20296 955 955
Ascent Resources - Utica, LLC 7.00% 20266 2,000 1,930
Ascent Resources - Utica, LLC 5.875% 20296 1,270 1,133
Bonanza Creek Energy, Inc. 5.00% 20266 480 437
BP Capital Markets America, Inc. 2.772% 2050 681 424
Canadian Natural Resources, Ltd. 2.95% 2023 1,935 1,926
Canadian Natural Resources, Ltd. 2.05% 2025 961 877
Canadian Natural Resources, Ltd. 4.95% 2047 1,559 1,330
Cheniere Energy Partners, LP 4.50% 2029 1,085 958
American Funds Insurance Series — Asset Allocation Fund — Page 103 of 255
unaudited
Bonds, notes & other debt instruments (continued)
Corporate bonds, notes & loans (continued)
Energy (continued) 		  Principal amount
(000) 		Value
(000)
Cheniere Energy Partners, LP 4.00% 2031 USD4,485 $3,770
Cheniere Energy Partners, LP 3.25% 2032 998 768
Cheniere Energy, Inc. 4.625% 2028 4,645 4,272
Chesapeake Energy Corp. 4.875% 202215 7,225 199
Chesapeake Energy Corp. 5.50% 20266 685 657
Chesapeake Energy Corp. 5.875% 20296 2,240 2,080
CNX Midstream Partners, LP 4.75% 20306 1,055 830
CNX Resources Corp. 7.25% 20276 1,725 1,682
CNX Resources Corp. 6.00% 20296 2,675 2,447
CNX Resources Corp. 7.375% 20316 553 542
Comstock Resources, Inc. 5.875% 20306 450 393
Constellation Oil Services Holding SA 13.50% 20253,6 1,121 1,120
Constellation Oil Services Holding SA 4.00% PIK 202616 428 353
Diamond Foreign Asset Co. / Diamond Finance, LLC 9.00% Cash 20276,9,16 204 189
Diamond Foreign Asset Co. / Diamond Finance, LLC 9.00% Cash 202716 185 171
Diamondback Energy, Inc. 4.40% 2051 1,555 1,175
DT Midstream, Inc. 4.375% 20316 1,680 1,388
Enbridge Energy Partners, LP, Series B, 7.50% 2038 300 324
Enbridge, Inc. 4.00% 2023 278 276
Enbridge, Inc. 2.50% 2025 300 282
Enbridge, Inc. 3.70% 2027 62 58
Energy Transfer Operating, LP 5.00% 2050 1,869 1,465
Energy Transfer Partners, LP 4.50% 2024 1,210 1,192
Energy Transfer Partners, LP 4.75% 2026 2,494 2,406
Energy Transfer Partners, LP 6.25% 2049 643 572
Enterprise Products Operating, LLC 4.90% 2046 500 426
EQM Midstream Partners, LP 4.125% 2026 686 583
EQM Midstream Partners, LP 6.50% 20276 1,690 1,564
EQM Midstream Partners, LP 5.50% 2028 3,088 2,646
EQM Midstream Partners, LP 7.50% 20306 642 608
EQM Midstream Partners, LP 4.75% 20316 1,635 1,302
EQT Corp. 5.00% 2029 340 318
EQT Corp. 7.25% 203013 1,110 1,148
EQT Corp. 3.625% 20316 400 334
Equinor ASA 3.00% 2027 4,000 3,696
Equinor ASA 3.625% 2028 3,685 3,438
Exxon Mobil Corp. 2.019% 2024 643 614
Exxon Mobil Corp. 2.44% 2029 1,963 1,689
Exxon Mobil Corp. 3.452% 2051 1,000 747
Genesis Energy, LP 6.50% 2025 4,280 3,874
Genesis Energy, LP 6.25% 2026 1,805 1,570
Genesis Energy, LP 8.00% 2027 4,612 4,053
Genesis Energy, LP 7.75% 2028 470 409
Halliburton Company 3.80% 2025 6 6
Harvest Midstream I, LP 7.50% 20286 850 796
Hess Midstream Operations, LP 4.25% 20306 960 777
Hess Midstream Operations, LP 5.50% 20306 400 344
Hess Midstream Partners, LP 5.125% 20286 2,155 1,890
Hilcorp Energy I, LP 6.00% 20306 350 306
Hilcorp Energy I, LP 6.00% 20316 460 400
Holly Energy Partners, LP / Holly Energy Finance Corp. 6.375% 20276 545 521
Kinder Morgan, Inc. 5.45% 2052 1,238 1,075
Marathon Oil Corp. 4.40% 2027 1,005 940
MPLX, LP 4.125% 2027 500 467
American Funds Insurance Series — Asset Allocation Fund — Page 104 of 255
unaudited
Bonds, notes & other debt instruments (continued)
Corporate bonds, notes & loans (continued)
Energy (continued) 		  Principal amount
(000) 		Value
(000)
MPLX, LP 2.65% 2030 USD4,273 $3,354
MPLX, LP 4.50% 2038 750 605
MPLX, LP 4.70% 2048 1,101 842
MPLX, LP 5.50% 2049 2,566 2,185
New Fortress Energy, Inc. 6.75% 20256 1,065 1,011
New Fortress Energy, Inc. 6.50% 20266 2,435 2,253
NGL Energy Operating, LLC 7.50% 20266 13,390 11,931
NGL Energy Partners, LP 6.125% 2025 3,422 2,743
Oasis Midstream Partners, LP / OMP Finance Corp. 8.00% 20296 4,265 4,114
Oasis Petroleum, Inc. 6.375% 20266 1,945 1,857
ONEOK, Inc. 5.85% 2026 1,702 1,708
ONEOK, Inc. 5.20% 2048 1,576 1,259
Parkland Corp. 4.625% 20306 1,035 841
Petróleos Mexicanos 6.875% 2025 3,755 3,537
Petróleos Mexicanos 5.35% 2028 1,870 1,426
Petróleos Mexicanos 6.75% 2047 1,996 1,116
Pioneer Natural Resources Company 2.15% 2031 1,669 1,288
Plains All American Pipeline, LP 3.80% 2030 113 95
Range Resources Corp. 8.25% 2029 1,040 1,060
Range Resources Corp. 4.75% 20306 1,670 1,452
Rockies Express Pipeline, LLC 4.95% 20296 2,689 2,312
Schlumberger BV 3.75% 20246 495 486
Schlumberger BV 4.00% 20256 70 68
Southwestern Energy Co. 7.75% 2027 2,450 2,496
Southwestern Energy Co. 8.375% 2028 395 410
Southwestern Energy Co. 5.375% 2029 1,355 1,232
Southwestern Energy Co. 5.375% 2030 1,945 1,757
Southwestern Energy Co. 4.75% 2032 960 807
Statoil ASA 3.25% 2024 2,850 2,770
Statoil ASA 4.25% 2041 2,000 1,725
Sunoco, LP 4.50% 2029 1,050 873
Sunoco, LP 4.50% 2030 1,255 1,028
Targa Resources Partners, LP 5.50% 2030 2,260 2,033
Teekay Offshore Partners, LP 8.50% 20233,6,15 3,550 887
Total SE 2.986% 2041 88 63
TransCanada PipeLines, Ltd. 4.25% 2028 1,090 1,011
TransCanada PipeLines, Ltd. 4.10% 2030 598 536
TransCanada PipeLines, Ltd. 4.75% 2038 2,000 1,744
TransCanada PipeLines, Ltd. 4.875% 2048 700 605
Valero Energy Corp. 4.00% 2029 4,000 3,664
Venture Global Calcasieu Pass, LLC 4.125% 20316 840 699
Weatherford International, Ltd. 11.00% 20246 996 1,015
Weatherford International, Ltd. 6.50% 20286 2,380 2,145
Weatherford International, Ltd. 8.625% 20306 7,355 6,422
Western Gas Partners, LP 4.50% 2028 3,018 2,736
Western Midstream Operating, LP 4.30% 203013 1,125 965
Williams Companies, Inc. 3.50% 2030 1,094 930
      163,138
Health care 0.68%      
AbbVie, Inc. 3.80% 2025 206 200
AbbVie, Inc. 2.95% 2026 1,445 1,325
AdaptHealth, LLC 5.125% 20306 830 686
AmerisourceBergen Corp. 0.737% 2023 1,291 1,270
American Funds Insurance Series — Asset Allocation Fund — Page 105 of 255
unaudited
Bonds, notes & other debt instruments (continued)
Corporate bonds, notes & loans (continued)
Health care (continued) 		  Principal amount
(000) 		Value
(000)
Amgen, Inc. 4.20% 2052 USD875 $689
Amgen, Inc. 4.40% 2062 1,697 1,330
Anthem, Inc. 2.375% 2025 818 773
AstraZeneca Finance, LLC 1.20% 2026 3,786 3,322
AstraZeneca Finance, LLC 1.75% 2028 1,871 1,575
AstraZeneca Finance, LLC 2.25% 2031 742 604
AstraZeneca PLC 3.375% 2025 1,140 1,088
Bausch Health Companies, Inc. 4.875% 20286 5,775 3,733
Bausch Health Companies, Inc. 5.00% 20286 1,735 642
Bausch Health Companies, Inc. 5.00% 20296 1,000 390
Baxter International, Inc. 1.322% 2024 7,109 6,569
Baxter International, Inc. 1.915% 2027 4,739 4,130
Baxter International, Inc. 2.272% 2028 3,180 2,629
Bayer US Finance II, LLC 3.875% 20236 1,685 1,654
Becton, Dickinson and Company 3.363% 2024 198 192
Boston Scientific Corp. 3.45% 2024 313 306
Centene Corp. 4.25% 2027 565 518
Centene Corp. 2.45% 2028 1,325 1,081
Centene Corp. 4.625% 2029 1,265 1,140
Centene Corp. 3.00% 2030 5,365 4,260
Cigna Corp. 3.75% 2023 245 243
Cigna Corp. 4.80% 2038 2,692 2,393
Community Health Systems, Inc. 5.625% 20276 1,960 1,512
Community Health Systems, Inc. 5.25% 20306 3,675 2,567
Eli Lilly and Company 3.375% 2029 1,353 1,254
GlaxoSmithKline PLC 3.625% 2025 2,825 2,750
HCA, Inc. 3.375% 20296 804 682
HCA, Inc. 3.50% 2030 4,050 3,353
HCA, Inc. 3.625% 20326 1,000 810
HCA, Inc. 4.375% 20426 1,500 1,124
HCA, Inc. 4.625% 20526 1,450 1,092
Jazz Securities DAC 4.375% 20296 1,975 1,710
Merck & Co., Inc. 1.90% 2028 1,055 886
Merck & Co., Inc. 2.75% 2051 1,103 722
Molina Healthcare, Inc. 4.375% 20286 440 398
Molina Healthcare, Inc. 3.875% 20306 2,899 2,437
Molina Healthcare, Inc. 3.875% 20326 3,855 3,163
Novant Health, Inc. 3.168% 2051 3,750 2,602
Novartis Capital Corp. 1.75% 2025 1,250 1,173
Novartis Capital Corp. 2.00% 2027 2,386 2,143
Owens & Minor, Inc. 4.375% 2024 5,615 5,464
Owens & Minor, Inc. 4.50% 20296 3,685 2,898
Par Pharmaceutical, Inc. 7.50% 20276 6,678 5,291
Pfizer, Inc. 2.95% 2024 675 661
Shire PLC 2.875% 2023 1,365 1,336
Summa Health 3.511% 2051 1,655 1,133
Tenet Healthcare Corp. 4.875% 20266 11,225 10,446
Tenet Healthcare Corp. 4.25% 20296 2,060 1,709
Tenet Healthcare Corp. 4.375% 20306 1,925 1,611
Teva Pharmaceutical Finance Co. BV 6.00% 2024 7,016 6,821
Teva Pharmaceutical Finance Co. BV 7.125% 2025 935 912
Teva Pharmaceutical Finance Co. BV 3.15% 2026 17,790 14,621
Teva Pharmaceutical Finance Co. BV 5.125% 2029 7,495 6,201
Teva Pharmaceutical Finance Co. BV 4.10% 2046 3,550 2,127
American Funds Insurance Series — Asset Allocation Fund — Page 106 of 255
unaudited
Bonds, notes & other debt instruments (continued)
Corporate bonds, notes & loans (continued)
Health care (continued) 		  Principal amount
(000) 		Value
(000)
UnitedHealth Group, Inc. 1.15% 2026 USD2,610 $2,313
UnitedHealth Group, Inc. 4.00% 2029 3,541 3,303
UnitedHealth Group, Inc. 2.00% 2030 974 785
UnitedHealth Group, Inc. 2.30% 2031 1,312 1,058
UnitedHealth Group, Inc. 4.20% 2032 767 713
UnitedHealth Group, Inc. 3.05% 2041 3,875 2,824
UnitedHealth Group, Inc. 3.25% 2051 2,504 1,745
UnitedHealth Group, Inc. 4.75% 2052 7,505 6,729
Valeant Pharmaceuticals International, Inc. 5.50% 20256 4,775 3,801
      157,622
Consumer discretionary 0.64%      
Allied Universal Holdco, LLC 4.625% 20286 1,660 1,282
Amazon.com, Inc. 2.70% 2060 2,765 1,640
American Honda Finance Corp. 3.50% 2028 750 691
Asbury Automotive Group, Inc. 4.625% 20296 2,115 1,696
Atlas LuxCo 4 SARL 4.625% 20286 1,065 806
Bayerische Motoren Werke AG 2.25% 20236 300 293
Caesars Entertainment, Inc. 6.25% 20256 2,815 2,718
Carnival Corp. 4.00% 20286 3,875 3,132
Carvana Co. 5.50% 20276 3,661 2,002
Carvana Co. 5.875% 20286 3,474 1,769
Carvana Co. 4.875% 20296 2,055 1,005
Daimler Trucks Finance North America, LLC 3.50% 20256 2,000 1,901
Daimler Trucks Finance North America, LLC 2.00% 20266 2,400 2,068
Daimler Trucks Finance North America, LLC 3.65% 20276 450 412
Daimler Trucks Finance North America, LLC 2.375% 20286 1,350 1,103
Fertitta Entertainment, Inc. 4.625% 20296 3,580 2,968
Fertitta Entertainment, Inc. 6.75% 20306 1,790 1,364
First Student Bidco, Inc. / First Transit Parent, Inc. 4.00% 20296 1,300 1,056
Ford Motor Credit Company, LLC 5.125% 2025 3,855 3,644
Ford Motor Credit Company, LLC 2.70% 2026 2,110 1,753
Ford Motor Credit Company, LLC 4.542% 2026 2,455 2,189
General Motors Financial Co. 2.35% 2027 783 665
Hanesbrands, Inc. 4.875% 20266 2,700 2,431
Hilton Grand Vacations Borrower 5.00% 20296 3,580 2,895
Hilton Worldwide Holdings, Inc. 4.00% 20316 1,885 1,527
Home Depot, Inc. 1.50% 2028 3,000 2,489
Home Depot, Inc. 3.90% 2028 825 785
Home Depot, Inc. 2.95% 2029 4,000 3,551
Home Depot, Inc. 1.875% 2031 3,000 2,328
Home Depot, Inc. 4.25% 2046 2,000 1,696
Home Depot, Inc. 4.50% 2048 428 376
Hyundai Capital America 1.00% 20246 3,025 2,766
Hyundai Capital America 1.50% 20266 850 723
Hyundai Capital America 1.65% 20266 3,075 2,595
Hyundai Capital America 2.375% 20276 2,579 2,157
Hyundai Capital America 2.10% 20286 3,075 2,418
International Game Technology PLC 6.50% 20256 1,880 1,878
International Game Technology PLC 5.25% 20296 6,490 5,762
KB Home 7.25% 2030 1,295 1,177
Kontoor Brands, Inc. 4.125% 20296 910 726
Lindblad Expeditions, LLC 6.75% 20276 775 683
Lithia Motors, Inc. 3.875% 20296 1,425 1,146
American Funds Insurance Series — Asset Allocation Fund — Page 107 of 255
unaudited
Bonds, notes & other debt instruments (continued)
Corporate bonds, notes & loans (continued)
Consumer discretionary (continued) 		  Principal amount
(000) 		Value
(000)
Lithia Motors, Inc. 4.375% 20316 USD1,025 $841
Marriott International, Inc. 2.75% 2033 2,500 1,819
McDonald’s Corp. 4.60% 2032 1,275 1,219
Melco International Development, Ltd. 5.75% 20286 1,710 1,103
NCL Corp., Ltd. 5.875% 20276 1,375 1,147
NCL Corp., Ltd. 7.75% 20296 1,375 1,039
Neiman Marcus Group, LLC 7.125% 20266 1,345 1,238
Party City Holdings, Inc. 8.75% 20266 3,375 1,962
Penske Automotive Group, Inc. 3.75% 2029 1,375 1,096
Premier Entertainment Sub, LLC 5.625% 20296 1,690 1,172
Premier Entertainment Sub, LLC 5.875% 20316 1,690 1,143
QVC, Inc. 4.75% 2027 220 165
QVC, Inc. 4.375% 2028 1,704 1,159
Real Hero Merger Sub 2, Inc. 6.25% 20296 715 517
Royal Caribbean Cruises, Ltd. 11.50% 20256 2,423 2,578
Royal Caribbean Cruises, Ltd. 4.25% 20266 3,120 2,299
Royal Caribbean Cruises, Ltd. 5.375% 20276 2,520 1,857
Royal Caribbean Cruises, Ltd. 8.25% 20296 1,408 1,373
Sally Holdings, LLC and Sally Capital, Inc. 5.625% 2025 2,705 2,567
Sands China, Ltd. 5.625% 2025 1,302 1,181
Sands China, Ltd. 2.80% 202713 2,075 1,652
Scientific Games Corp. 7.00% 20286 750 709
Scientific Games Corp. 7.25% 20296 2,240 2,088
Sonic Automotive, Inc. 4.625% 20296 3,035 2,386
Sonic Automotive, Inc. 4.875% 20316 1,325 1,006
Stellantis Finance US, Inc. 1.711% 20276 2,200 1,834
Stellantis Finance US, Inc. 5.625% 20286 2,500 2,412
Stellantis Finance US, Inc. 2.691% 20316 2,150 1,537
Stellantis Finance US, Inc. 6.375% 20326 2,000 1,853
Tempur Sealy International, Inc. 4.00% 20296 1,010 798
The Gap, Inc. 3.625% 20296 486 317
The Gap, Inc. 3.875% 20316 323 206
Toyota Motor Credit Corp. 0.80% 2026 429 378
Toyota Motor Credit Corp. 1.90% 2027 2,500 2,207
Travel + Leisure Co. 4.50% 20296 2,100 1,632
VICI Properties, LP 4.625% 20296 995 865
VICI Properties, LP / VICI Note Co., Inc. 3.50% 20256 1,100 1,018
VICI Properties, LP / VICI Note Co., Inc. 3.875% 20296 2,225 1,871
VICI Properties, LP / VICI Note Co., Inc. 4.125% 20306 3,185 2,667
Volkswagen Group of America Finance, LLC 4.25% 20236 3,770 3,733
Volkswagen Group of America Finance, LLC 4.625% 20256 3,845 3,763
Volkswagen Group of America Finance, LLC 3.20% 20266 3,201 2,937
Wheel Pros, Inc. 6.50% 20296 1,750 804
Wyndham Destinations, Inc. 4.625% 20306 1,300 1,030
Wyndham Worldwide Corp. 4.375% 20286 2,255 1,985
Wynn Las Vegas, LLC and Wynn Capital Corp. 4.25% 20236 2,193 2,151
      147,580
Communication services 0.58%      
Alphabet, Inc. 1.998% 2026 3,000 2,741
Alphabet, Inc. 1.90% 2040 1,375 885
Alphabet, Inc. 2.25% 2060 1,265 716
AT&T, Inc. 3.50% 2053 5,140 3,433
CCO Holdings, LLC and CCO Holdings Capital Corp. 4.908% 2025 500 488
American Funds Insurance Series — Asset Allocation Fund — Page 108 of 255
unaudited
Bonds, notes & other debt instruments (continued)
Corporate bonds, notes & loans (continued)
Communication services (continued) 		  Principal amount
(000) 		Value
(000)
CCO Holdings, LLC and CCO Holdings Capital Corp. 4.50% 20306 USD3,500 $2,777
CCO Holdings, LLC and CCO Holdings Capital Corp. 4.75% 20306 2,500 2,034
CCO Holdings, LLC and CCO Holdings Capital Corp. 4.25% 20316 3,875 2,979
CCO Holdings, LLC and CCO Holdings Capital Corp. 4.50% 2032 2,710 2,072
CCO Holdings, LLC and CCO Holdings Capital Corp. 4.75% 20326 2,150 1,678
CCO Holdings, LLC and CCO Holdings Capital Corp. 3.70% 2051 4,000 2,435
CCO Holdings, LLC and CCO Holdings Capital Corp. 3.90% 2052 3,000 1,864
Comcast Corp. 2.35% 2027 4,000 3,593
Comcast Corp. 3.20% 2036 375 291
Comcast Corp. 3.90% 2038 250 204
Comcast Corp. 2.80% 2051 791 487
Comcast Corp. 2.887% 2051 2,571 1,614
CSC Holdings, LLC 3.375% 20316 1,875 1,325
DIRECTV Holdings, LLC and DIRECTV Financing Co., Inc. 5.875% 20276 3,655 3,159
Embarq Corp. 7.995% 2036 3,450 1,733
Fox Corp. 4.03% 2024 1,120 1,107
Frontier Communications Corp. 5.875% 20276 2,225 1,999
Frontier Communications Corp. 5.00% 20286 5,550 4,772
Frontier Communications Corp. 6.75% 20296 4,400 3,640
Frontier Communications Holdings, LLC 5.875% 2029 1,850 1,473
Frontier Communications Holdings, LLC 6.00% 20306 1,900 1,497
Frontier Communications Holdings, LLC 8.75% 20306 1,100 1,102
Gray Escrow II, Inc. 5.375% 20316 900 708
iHeartCommunications, Inc. 5.25% 20276 3,093 2,648
Intelsat Jackson Holding Co. 6.50% 20306 2,891 2,465
Ligado Networks, LLC 15.50% PIK 20236,16 2,783 1,294
Live Nation Entertainment, Inc. 3.75% 20286 1,350 1,148
Magallanes, Inc. 3.638% 20256 3,807 3,609
Magallanes, Inc. 3.755% 20276 1,018 912
Magallanes, Inc. 4.054% 20296 1,435 1,241
Magallanes, Inc. 4.279% 20326 2,903 2,392
Magallanes, Inc. 5.05% 20426 2,500 1,875
Magallanes, Inc. 5.141% 20526 1,500 1,093
Meta Platforms, Inc. 4.45% 20526 3,565 2,915
Midas OpCo Holdings, LLC 5.625% 20296 3,205 2,642
Netflix, Inc. 4.875% 2028 1,250 1,173
Netflix, Inc. 5.875% 2028 2,175 2,128
Netflix, Inc. 5.375% 20296 25 24
Netflix, Inc. 6.375% 2029 50 50
News Corp. 3.875% 20296 875 745
News Corp. 5.125% 20326 550 484
Nexstar Broadcasting, Inc. 4.75% 20286 3,175 2,705
SBA Tower Trust 1.631% 20266 8,707 7,433
Scripps Escrow II, Inc. 3.875% 20296 2,325 1,857
Sinclair Television Group, Inc. 4.125% 20306 1,175 886
Sirius XM Radio, Inc. 4.00% 20286 3,575 3,048
Sirius XM Radio, Inc. 4.125% 20306 950 774
Sirius XM Radio, Inc. 3.875% 20316 1,975 1,536
Sprint Corp. 6.875% 2028 4,675 4,812
Take-Two Interactive Software, Inc. 3.30% 2024 3,175 3,096
Take-Two Interactive Software, Inc. 4.00% 2032 2,438 2,120
TEGNA, Inc. 5.00% 2029 1,500 1,384
T-Mobile US, Inc. 1.50% 2026 500 439
T-Mobile US, Inc. 2.05% 2028 325 270
American Funds Insurance Series — Asset Allocation Fund — Page 109 of 255
unaudited
Bonds, notes & other debt instruments (continued)
Corporate bonds, notes & loans (continued)
Communication services (continued) 		  Principal amount
(000) 		Value
(000)
Univision Communications, Inc. 6.625% 20276 USD5,800 $5,487
Univision Communications, Inc. 4.50% 20296 3,475 2,842
Univision Communications, Inc. 7.375% 20306 225 215
Verizon Communications, Inc. 2.875% 2050 2,453 1,507
Verizon Communications, Inc. 3.55% 2051 1,100 776
Virgin Media O2 4.25% 20316 4,525 3,439
Virgin Media Secured Finance PLC 4.50% 20306 2,115 1,654
VMED O2 UK Financing I PLC 4.75% 20316 225 174
Vodafone Group PLC 4.375% 2028 350 330
Vodafone Group PLC 5.25% 2048 500 415
Vodafone Group PLC 4.25% 2050 4,350 3,126
Ziggo Bond Co. BV 5.125% 20306 1,775 1,272
Ziggo Bond Finance BV 4.875% 20306 725 574
      133,815
Industrials 0.50%      
AAdvantage Loyalty IP, Ltd. 5.50% 20266 1,005 946
ADT Security Corp. 4.125% 20296 1,540 1,281
Allison Transmission Holdings, Inc. 3.75% 20316 3,445 2,648
Avis Budget Car Rental, LLC 5.75% 20276 1,025 904
Avis Budget Group, Inc. 5.375% 20296 2,450 2,015
Avolon Holdings Funding, Ltd. 3.95% 20246 1,587 1,502
Avolon Holdings Funding, Ltd. 4.25% 20266 1,126 1,011
Avolon Holdings Funding, Ltd. 4.375% 20266 1,975 1,769
Boeing Company 4.875% 2025 1,555 1,519
Boeing Company 3.10% 2026 251 229
Boeing Company 3.25% 2028 4,000 3,495
Boeing Company 5.15% 2030 1,100 1,019
Boeing Company 3.60% 2034 6,250 4,696
Boeing Company 5.805% 2050 4,000 3,485
Bombardier, Inc. 7.50% 20246 260 259
Bombardier, Inc. 7.125% 20266 4,100 3,766
Bombardier, Inc. 7.875% 20276 7,245 6,682
Bombardier, Inc. 6.00% 20286 1,010 847
BWX Technologies, Inc. 4.125% 20296 1,025 889
Canadian Pacific Railway, Ltd. 1.75% 2026 1,385 1,214
Canadian Pacific Railway, Ltd. 2.45% 2031 1,738 1,393
Canadian Pacific Railway, Ltd. 3.10% 2051 829 547
Clarivate Science Holdings Corp. 3.875% 20286 590 488
Clarivate Science Holdings Corp. 4.875% 20296 520 408
CoreLogic, Inc. 4.50% 20286 6,075 4,140
Covanta Holding Corp. 4.875% 20296 1,035 838
CSX Corp. 4.25% 2029 1,062 1,002
CSX Corp. 2.50% 2051 1,125 676
General Electric Capital Corp. 4.418% 2035 649 582
Honeywell International, Inc. 2.30% 2024 2,640 2,536
Honeywell International, Inc. 1.35% 2025 5,947 5,480
Honeywell International, Inc. 2.70% 2029 1,470 1,288
Icahn Enterprises Finance Corp. 4.75% 2024 2,090 1,959
L3Harris Technologies, Inc. 1.80% 2031 2,625 1,967
LSC Communications, Inc. 8.75% 20233,6,15 4,063 39
Masco Corp. 1.50% 2028 774 625
Masco Corp. 2.00% 2031 497 373
Masco Corp. 3.125% 2051 230 139
American Funds Insurance Series — Asset Allocation Fund — Page 110 of 255
unaudited
Bonds, notes & other debt instruments (continued)
Corporate bonds, notes & loans (continued)
Industrials (continued) 		  Principal amount
(000) 		Value
(000)
MasTec, Inc. 4.50% 20286 USD1,425 $1,246
Norfolk Southern Corp. 3.05% 2050 2,746 1,797
Northrop Grumman Corp. 2.93% 2025 1,820 1,737
Northrop Grumman Corp. 3.25% 2028 3,495 3,184
Otis Worldwide Corp. 2.293% 2027 2,135 1,895
Roller Bearing Company of America, Inc. 4.375% 20296 195 165
Rolls-Royce PLC 5.75% 20276 765 666
Siemens AG 1.20% 20266 3,887 3,394
Siemens AG 1.70% 20286 3,700 3,106
SkyMiles IP, Ltd. 4.75% 20286 2,950 2,752
The Brink’s Co. 4.625% 20276 2,385 2,124
TransDigm, Inc. 6.25% 20266 3,476 3,378
TransDigm, Inc. 5.50% 2027 2,200 1,918
Triumph Group, Inc. 6.25% 20246 4,015 3,665
Triumph Group, Inc. 8.875% 20246 1,877 1,856
Triumph Group, Inc. 7.75% 2025 3,950 3,023
Union Pacific Corp. 2.40% 2030 2,414 2,021
Union Pacific Corp. 2.95% 2052 1,000 662
Union Pacific Corp. 3.839% 2060 546 407
Union Pacific Corp. 3.799% 2071 545 385
United Airlines Holdings, Inc. 6.50% 20276 2,090 2,050
United Airlines, Inc. 4.375% 20266 975 872
United Airlines, Inc. 4.625% 20296 2,225 1,847
United Rentals, Inc. 3.875% 2031 2,050 1,672
United Technologies Corp. 3.65% 2023 52 52
United Technologies Corp. 3.95% 2025 3,155 3,082
United Technologies Corp. 4.125% 2028 1,075 1,005
Vertical U.S. Newco, Inc. 5.25% 20276 2,000 1,705
      116,322
Materials 0.43%      
Alcoa Nederland Holding BV 4.125% 20296 1,175 988
Allegheny Technologies, Inc. 4.875% 2029 710 591
Allegheny Technologies, Inc. 5.125% 2031 1,110 909
Anglo American Capital PLC 2.25% 20286 484 398
Anglo American Capital PLC 2.625% 20306 2,500 1,927
Anglo American Capital PLC 3.95% 20506 1,281 875
Arconic Rolled Products Corp. 6.125% 20286 750 664
Avient Corp. 7.125% 20306 855 791
Ball Corp. 3.125% 2031 3,520 2,661
Can-Pack SA / Canpack US, LLC 3.875% 20296 935 732
Celanese US Holdings, LLC 6.165% 2027 3,500 3,317
Celanese US Holdings, LLC 6.33% 2029 3,000 2,799
Celanese US Holdings, LLC 6.379% 2032 990 921
Chevron Phillips Chemical Co., LLC 3.30% 20236 595 590
Cleveland-Cliffs, Inc. 5.875% 2027 9,000 8,119
Cleveland-Cliffs, Inc. 4.625% 20296 1,825 1,537
Cleveland-Cliffs, Inc. 4.875% 20316 1,351 1,118
CVR Partners, LP 6.125% 20286 745 650
Dow Chemical Co. 3.60% 2050 1,328 910
First Quantum Minerals, Ltd. 6.50% 20246 2,204 2,163
First Quantum Minerals, Ltd. 7.50% 20256 11,350 10,939
First Quantum Minerals, Ltd. 6.875% 20266 3,625 3,349
First Quantum Minerals, Ltd. 6.875% 20276 4,240 3,826
American Funds Insurance Series — Asset Allocation Fund — Page 111 of 255
unaudited
Bonds, notes & other debt instruments (continued)
Corporate bonds, notes & loans (continued)
Materials (continued) 		  Principal amount
(000) 		Value
(000)
FXI Holdings, Inc. 7.875% 20246 USD1,721 $1,361
FXI Holdings, Inc. 12.25% 20266 4,392 3,486
Glencore Funding, LLC 4.125% 20246 945 929
International Flavors & Fragrances, Inc. 1.832% 20276 5,400 4,430
Kaiser Aluminum Corp. 4.625% 20286 1,620 1,325
LSB Industries, Inc. 6.25% 20286 860 739
LYB International Finance III, LLC 2.25% 2030 1,198 933
LYB International Finance III, LLC 3.625% 2051 2,537 1,661
LYB International Finance III, LLC 3.80% 2060 1,186 752
Methanex Corp. 5.125% 2027 6,180 5,202
Mineral Resources, Ltd. 8.50% 20306 1,525 1,477
Mosaic Co. 3.25% 2022 1,125 1,124
Mosaic Co. 4.05% 2027 1,050 979
Nova Chemicals Corp. 4.25% 20296 1,875 1,467
Novelis Corp. 3.875% 20316 1,115 834
Praxair, Inc. 1.10% 2030 2,938 2,224
Rio Tinto Finance (USA), Ltd. 2.75% 2051 1,837 1,194
SCIH Salt Holdings, Inc. 4.875% 20286 3,485 2,885
SCIH Salt Holdings, Inc. 6.625% 20296 1,230 947
Sherwin-Williams Company 3.125% 2024 275 267
Sherwin-Williams Company 3.80% 2049 5,208 3,757
South32 Treasury (USA), Ltd. 4.35% 20326 1,527 1,316
Venator Materials Corp. 5.75% 20256 5,845 3,957
Venator Materials Corp. 9.50% 20256 1,700 1,637
Warrior Met Coal, Inc. 7.875% 20286 3,400 3,309
Westlake Chemical Corp. 4.375% 2047 500 380
      99,346
Utilities 0.37%      
Ameren Corp. 2.50% 2024 969 921
American Electric Power Company, Inc. 2.95% 2022 3,020 3,010
Calpine Corp. 3.75% 20316 1,975 1,549
Commonwealth Edison Co. 4.35% 2045 1,085 906
Commonwealth Edison Co. 3.85% 2052 2,600 2,031
Dominion Resources, Inc., junior subordinated, 3.071% 202413 1,775 1,704
Duke Energy Carolinas, LLC 3.95% 2028 1,250 1,172
Duke Energy Corp. 4.50% 2032 2,000 1,811
Duke Energy Corp. 3.50% 2051 2,000 1,350
Duke Energy Florida, LLC 3.20% 2027 1,445 1,357
Duke Energy Indiana, Inc. 3.25% 2049 1,225 834
Duke Energy Progress, LLC 3.70% 2046 457 346
Duke Energy Progress, LLC 2.50% 2050 202 120
Duke Energy Progress, LLC 2.90% 2051 91 59
Edison International 3.55% 2024 2,200 2,114
EDP Finance BV 3.625% 20246 4,100 3,960
Electricité de France SA 4.75% 20356 1,250 1,070
Electricité de France SA 4.875% 20386 2,750 2,268
Electricité de France SA 5.60% 2040 525 455
Emera US Finance, LP 3.55% 2026 320 298
Enersis Américas SA 4.00% 2026 245 232
Entergy Corp. 2.80% 2030 3,325 2,698
Eversource Energy 3.80% 2023 2,730 2,698
FirstEnergy Corp. 3.40% 2050 2,250 1,477
FirstEnergy Transmission, LLC 2.866% 20286 675 574
American Funds Insurance Series — Asset Allocation Fund — Page 112 of 255
unaudited
Bonds, notes & other debt instruments (continued)
Corporate bonds, notes & loans (continued)
Utilities (continued) 		  Principal amount
(000) 		Value
(000)
NRG Energy, Inc. 3.625% 20316 USD2,600 $2,034
Pacific Gas and Electric Co. 2.10% 2027 125 101
Pacific Gas and Electric Co. 2.50% 2031 2,941 2,144
Pacific Gas and Electric Co. 3.30% 2040 100 64
Pacific Gas and Electric Co. 4.20% 2041 4,100 2,824
Pacific Gas and Electric Co. 3.50% 2050 1,250 764
PacifiCorp, First Mortgage Bonds, 4.125% 2049 4,000 3,187
PG&E Corp. 5.00% 2028 3,750 3,234
PG&E Corp. 5.25% 2030 3,400 2,901
Public Service Electric and Gas Co. 3.60% 2047 548 411
Public Service Electric and Gas Co. 3.15% 2050 2,451 1,694
Public Service Enterprise Group, Inc. 2.65% 2022 1,900 1,897
Southern California Edison Co. 2.85% 2029 4,450 3,759
Southern California Edison Co. 6.00% 2034 2,500 2,489
Southern California Edison Co. 5.35% 2035 3,000 2,757
Southern California Edison Co. 5.75% 2035 675 643
Southern California Edison Co. 4.00% 2047 264 193
Southern California Edison Co. 3.45% 2052 2,200 1,485
Talen Energy Corp. 7.25% 20276 8,334 8,540
Talen Energy Corp., Term Loan B, (3-month USD-LIBOR + 3.75%) 6.274% 20269,14 2,815 2,856
Talen Energy Supply, LLC 7.625% 20286 1,180 1,220
Venture Global Calcasieu Pass, LLC 3.875% 20296 1,030 886
Virginia Electric and Power Co. 2.40% 2032 2,575 2,056
Virginia Electric and Power Co. 4.60% 2048 2,650 2,298
Xcel Energy, Inc. 2.60% 2029 1,950 1,622
      87,073
Information technology 0.30%      
Adobe, Inc. 1.90% 2025 366 344
Almonde, Inc., Term Loan, (3-month USD-LIBOR + 7.25%) 10.621% 20259,14 4,150 3,416
Analog Devices, Inc. 1.70% 2028 1,286 1,075
Analog Devices, Inc. 2.10% 2031 1,212 962
Analog Devices, Inc. 2.80% 2041 2,961 2,100
Analog Devices, Inc. 2.95% 2051 1,955 1,308
Apple, Inc. 3.00% 2024 625 614
Apple, Inc. 3.35% 2027 40 38
Apple, Inc. 1.20% 2028 5,000 4,191
Apple, Inc. 3.95% 2052 3,500 2,930
Block, Inc. 3.50% 2031 2,325 1,807
Booz Allen Hamilton, Inc. 4.00% 20296 1,000 858
Broadcom, Inc. 1.95% 20286 1,407 1,155
Broadcom, Inc. 4.15% 20326 2,811 2,357
Broadcom, Inc. 2.60% 20336 2,524 1,807
Broadcom, Inc. 3.469% 20346 1,771 1,332
CommScope Finance, LLC 6.00% 20266 1,600 1,476
Diebold Nixdorf AG, Term Loan B, (3-month USD-LIBOR + 2.75%) 5.50% 20239,14 5,376 4,417
Diebold Nixdorf, Inc. 8.50% 2024 6,790 3,719
Diebold Nixdorf, Inc. 9.375% 20256 10,131 7,725
Fidelity National Information Services, Inc. 3.10% 2041 302 201
Fiserv, Inc. 3.50% 2029 471 410
Fiserv, Inc. 2.65% 2030 3,605 2,926
Gartner, Inc. 4.50% 20286 650 582
Intuit, Inc. 0.95% 2025 1,530 1,380
Intuit, Inc. 1.35% 2027 1,395 1,184
American Funds Insurance Series — Asset Allocation Fund — Page 113 of 255
unaudited
Bonds, notes & other debt instruments (continued)
Corporate bonds, notes & loans (continued)
Information technology (continued) 		  Principal amount
(000) 		Value
(000)
Intuit, Inc. 1.65% 2030 USD1,845 $1,440
Mastercard, Inc. 2.00% 2031 3,874 3,071
Microsoft Corp. 2.921% 2052 4,814 3,406
NCR Corp. 5.125% 20296 1,650 1,241
PayPal Holdings, Inc. 2.65% 2026 2,364 2,172
PayPal Holdings, Inc. 2.30% 2030 2,200 1,792
Sabre GLBL, Inc. 7.375% 20256 728 653
Sabre Holdings Corp. 9.25% 20256 1,197 1,148
Synaptics, Inc. 4.00% 20296 875 707
Unisys Corp. 6.875% 20276 725 567
VeriSign, Inc. 2.70% 2031 625 486
Veritas Holdings, Ltd. 7.50% 20256 835 641
Viavi Solutions, Inc. 3.75% 20296 725 581
Xerox Corp. 5.00% 20256 702 633
      68,852
Real estate 0.28%      
Alexandria Real Estate Equities, Inc. 3.80% 2026 315 300
Alexandria Real Estate Equities, Inc. 3.95% 2028 1,220 1,129
Alexandria Real Estate Equities, Inc. 2.75% 2029 1,940 1,608
Alexandria Real Estate Equities, Inc. 3.375% 2031 1,320 1,109
Alexandria Real Estate Equities, Inc. 1.875% 2033 4,095 2,883
Alexandria Real Estate Equities, Inc. 4.85% 2049 410 345
American Tower Corp. 1.45% 2026 2,369 2,022
American Tower Corp. 1.60% 2026 2,347 2,048
American Tower Corp. 3.55% 2027 1,425 1,289
American Tower Corp. 1.50% 2028 2,500 2,003
American Tower Corp. 3.60% 2028 1,000 889
American Tower Corp. 2.30% 2031 1,500 1,125
American Tower Corp. 2.95% 2051 2,000 1,204
Brandywine Operating Partnership, LP 3.95% 2023 1,070 1,065
Brookfield Property REIT, Inc. 5.75% 20266 930 842
Diversified Healthcare Trust 4.375% 2031 750 487
Essex Portfolio, LP 3.875% 2024 1,000 979
Essex Portfolio, LP 3.50% 2025 6,825 6,553
Extra Space Storage, Inc. 2.35% 2032 1,385 1,023
Gaming and Leisure Properties, Inc. 3.35% 2024 1,263 1,199
Host Hotels & Resorts, LP 4.50% 2026 355 337
Howard Hughes Corp. 5.375% 20286 1,450 1,205
Howard Hughes Corp. 4.125% 20296 1,860 1,441
Howard Hughes Corp. 4.375% 20316 2,615 1,882
Invitation Homes Operating Partnership, LP 2.00% 2031 2,401 1,725
Iron Mountain, Inc. 5.25% 20306 3,785 3,140
Iron Mountain, Inc. 4.50% 20316 2,650 2,054
Kennedy-Wilson Holdings, Inc. 4.75% 2029 2,645 2,025
Kennedy-Wilson Holdings, Inc. 4.75% 2030 1,140 848
Kennedy-Wilson Holdings, Inc. 5.00% 2031 2,260 1,644
Park Intermediate Holdings, LLC 4.875% 20296 2,280 1,850
Public Storage 1.85% 2028 2,490 2,101
Public Storage 1.95% 2028 2,027 1,690
Public Storage 2.30% 2031 719 577
Realogy Corp. 5.75% 20296 2,260 1,633
RHP Hotel Properties, LP / RHP Finance Corp. 4.50% 20296 1,300 1,080
RLJ Lodging Trust, LP 4.00% 20296 1,240 974
American Funds Insurance Series — Asset Allocation Fund — Page 114 of 255
unaudited
Bonds, notes & other debt instruments (continued)
Corporate bonds, notes & loans (continued)
Real estate (continued) 		  Principal amount
(000) 		Value
(000)
Scentre Group 3.25% 20256 USD1,000 $928
Scentre Group 3.50% 20256 3,075 2,927
Scentre Group 3.75% 20276 2,430 2,216
Sun Communities Operating, LP 2.30% 2028 1,845 1,483
Sun Communities Operating, LP 2.70% 2031 876 663
UDR, Inc. 2.95% 2026 760 691
      65,216
Consumer staples 0.25%      
7-Eleven, Inc. 0.80% 20246 1,700 1,608
7-Eleven, Inc. 0.95% 20266 825 712
7-Eleven, Inc. 1.30% 20286 2,500 2,017
Albertsons Companies, Inc. 3.50% 20296 1,860 1,503
Altria Group, Inc. 2.45% 2032 125 88
Altria Group, Inc. 5.80% 2039 2,820 2,469
Altria Group, Inc. 3.40% 2041 1,500 949
Altria Group, Inc. 4.50% 2043 3,000 2,121
Altria Group, Inc. 3.70% 2051 1,395 845
Anheuser-Busch InBev NV 4.00% 2028 845 804
Anheuser-Busch InBev NV 4.35% 2040 2,500 2,124
Anheuser-Busch InBev NV 4.60% 2048 1,500 1,247
British American Tobacco PLC 3.222% 2024 2,826 2,722
British American Tobacco PLC 3.215% 2026 3,323 2,973
British American Tobacco PLC 4.54% 2047 940 625
Central Garden & Pet Co. 4.125% 20316 1,395 1,100
Coca-Cola Company 1.00% 2028 940 775
Conagra Brands, Inc. 1.375% 2027 4,615 3,729
Constellation Brands, Inc. 3.60% 2028 625 573
Constellation Brands, Inc. 2.25% 2031 1,487 1,144
Coty, Inc. 4.75% 20296 1,460 1,238
Imperial Tobacco Finance PLC 6.125% 20276 845 834
Kronos Acquisition Holdings, Inc. 5.00% 20266 2,990 2,628
Lamb Weston Holdings, Inc. 4.125% 20306 2,210 1,874
PepsiCo, Inc. 1.95% 2031 3,001 2,392
PepsiCo, Inc. 2.625% 2041 5,000 3,531
PepsiCo, Inc. 3.625% 2050 777 637
PepsiCo, Inc. 2.75% 2051 1,723 1,176
Philip Morris International, Inc. 2.875% 2024 788 763
Philip Morris International, Inc. 3.25% 2024 2,000 1,935
Philip Morris International, Inc. 0.875% 2026 2,990 2,572
Philip Morris International, Inc. 3.375% 2029 788 673
Philip Morris International, Inc. 1.75% 2030 2,956 2,164
Post Holdings, Inc. 4.625% 20306 2,886 2,377
Prestige Brands International, Inc. 3.75% 20316 1,115 867
Reynolds American, Inc. 5.85% 2045 2,030 1,597
Simmons Foods, Inc. 4.625% 20296 560 459
      57,845
Total corporate bonds, notes & loans     1,417,921
Asset-backed obligations 1.66%      
Aesop Funding, LLC, Series 2017-2A, Class A, 2.97% 20246,8 1,920 1,912
Aesop Funding, LLC, Series 2018-1A, Class A, 3.70% 20246,8 1,114 1,105
Aesop Funding, LLC, Series 2018-2A, Class A, 4.00% 20256,8 3,100 3,048
American Funds Insurance Series — Asset Allocation Fund — Page 115 of 255
unaudited
Bonds, notes & other debt instruments (continued)
Asset-backed obligations (continued) 		  Principal amount
(000) 		Value
(000)
Aesop Funding, LLC, Series 2021-1A, Class A, 1.38% 20276,8 USD11,617 $10,021
Aesop Funding, LLC, Series 2020-2, Class A, 2.02% 20276,8 539 481
Aesop Funding, LLC, Series 2020-2A, Class B, 2.96% 20276,8 138 124
Affirm Asset Securitization Trust, Series 2021-Z2, Class A, 1.17% 20266,8 1,283 1,236
Allegro CLO, Ltd., Series 2016-1A, Class AR2, (3-month USD-LIBOR + 0.95%) 3.462% 20306,8,9 2,313 2,281
Allegro CLO, Ltd., Series 2017-1A, Class AR, (3-month USD-LIBOR + 0.95%) 3.69% 20306,8,9 1,639 1,608
American Express Credit Account Master Trust, Series 2018-9, Class A,
(1-month USD-LIBOR + 0.38%) 3.198% 20268,9 		9,000 9,004
Ares CLO, Ltd., Series 2017-42A, Class AR, (3-month USD-LIBOR + 0.92%) 3.679% 20286,8,9 2,827 2,783
Ballyrock CLO, Ltd., Series 2019-2A, Class A1AR, (3-month USD-LIBOR + 1.00%) 3.984% 20306,8,9 3,660 3,593
Bankers Healthcare Group Securitization Trust, Series 2021-A, Class A, 1.42% 20336,8 582 542
Castlelake Aircraft Securitization Trust, Series 2021-1, Class A, 2.868% 20376,8 4,872 4,130
Castlelake Aircraft Securitization Trust, Series 2017-1R, Class A, 2.741% 20416,8 707 629
Cent CLO, Ltd., Series 2014-21A, Class AR, (3-month USD-LIBOR + 0.97%) 3.739% 20306,8,9 5,185 5,094
CF Hippolyta, LLC, Series 2020-1, Class A1, 1.69% 20606,8 5,261 4,679
CF Hippolyta, LLC, Series 2020-1, Class A2, 1.99% 20606,8 1,771 1,479
CF Hippolyta, LLC, Series 2021-1, Class A1, 1.53% 20616,8 6,175 5,320
Citibank Credit Card Issuance Trust, Series 2017-A5, Class A5, (1-month USD-LIBOR + 0.62%) 3.672% 20268,9 4,960 4,962
CLI Funding VI, LLC, Series 2020-2A, Class A, 2.03% 20456,8 1,494 1,296
CLI Funding VI, LLC, Series 2020-3A, Class A, 2.07% 20456,8 1,214 1,058
CLI Funding VI, LLC, Series 2020-1A, Class A, 2.08% 20456,8 5,556 4,834
CLI Funding VIII, LLC, Series 2021-1A, Class A, 1.64% 20466,8 1,660 1,424
Cloud Pass-Through Trust, Series 2019-1A, Class CLOU, 3.554% 20226,8,9 3 3
Credit Acceptance Auto Loan Trust, Series 2020-1A, Class A, 2.01% 20296,8 477 477
Discover Card Execution Note Trust, Series 2018-A6, Class A6, (1-month USD-LIBOR + 0.39%) 3.208% 20268,9 11,400 11,396
Drive Auto Receivables Trust, Series 2019-3, Class C, 2.90% 20258 111 111
Drive Auto Receivables Trust, Series 2020-1, Class C, 2.36% 20268 719 717
Dryden Senior Loan Fund, CLO, Series 2017-47A, Class A1R, (3-month USD-LIBOR + 0.98%) 3.492% 20286,8,9 5,337 5,266
EDvestinU Private Education Loan, LLC, Series 2021-A, Class A, 1.80% 20456,8 365 313
Enterprise Fleet Financing, LLC, Series 2022-1, Class A2, 3.03% 20286,8 6,605 6,430
Enterprise Fleet Financing, LLC, Series 2022-3, Class A2, 4.38% 20296,8 3,263 3,219
FirstKey Homes Trust, Series 2020-SFR2, Class A, 1.266% 20376,8 6,017 5,395
Ford Credit Auto Owner Trust, Series 2018-2, Class A, 3.47% 20306,8 4,825 4,780
Ford Credit Auto Owner Trust, Series 2018-1, Class A, 3.52% 20306,8 6,000 5,907
Ford Credit Auto Owner Trust, Series 2020-1, Class A, 2.04% 20316,8 8,861 8,246
Ford Credit Auto Owner Trust, Series 2018-1, Class A, 3.19% 20316,8 9,605 9,241
GCI Funding I, LLC, Series 2020-1, Class A, 2.82% 20456,8 739 655
GCI Funding I, LLC, Series 2020-1, Class B, 3.81% 20456,8 297 263
Global SC Finance V SRL, Series 2019-1A, Class B, 4.81% 20396,8 2,535 2,361
Global SC Finance V SRL, Series 2020-1A, Class A, 2.17% 20406,8 10,650 9,526
Global SC Finance VII SRL, Series 2020-2A, Class A, 2.26% 20406,8 13,309 11,851
Global SC Finance VII SRL, Series 2021-1A, Class A, 1.86% 20416,8 4,151 3,570
Global SC Finance VII SRL, Series 2021-2A, Class A, 1.95% 20416,8 6,184 5,352
Global SC Finance VII SRL, Series 2021-2A, Class B, 2.49% 20416,8 489 414
Hertz Vehicle Financing III, LLC, Series 2021-A, Class B, 3.65% 20233,6,8 5,930 5,704
Hertz Vehicle Financing III, LLC, Series 2021-1A, Class A, 1.21% 20256,8 8,452 7,744
Hertz Vehicle Financing III, LLC, Series 2021-1A, Class B, 1.56% 20256,8 634 580
Hertz Vehicle Financing III, LLC, Series 2021-1A, Class C, 2.05% 20256,8 405 365
Hertz Vehicle Financing III, LLC, Series 2022-4A, Class A, 3.73% 20266,8 8,390 8,052
Hertz Vehicle Financing III, LLC, Series 2021-2A, Class A, 1.68% 20276,8 6,269 5,373
Hertz Vehicle Financing III, LLC, Series 2021-2A, Class B, 2.12% 20276,8 685 586
Hertz Vehicle Financing III, LLC, Series 2021-2A, Class C, 2.52% 20276,8 429 360
Hertz Vehicle Financing III, LLC, Series 2022-2A, Class A, 2.33% 20286,8 8,400 7,361
Hertz Vehicle Financing III, LLC, Series 2022-5A, Class A, 3.89% 20286,8 8,750 8,124
Longfellow Place CLO, Ltd., Series 2013-1A, Class AR3, (3-month USD-LIBOR + 1.00%) 3.512% 20296,8,9 1,393 1,384
American Funds Insurance Series — Asset Allocation Fund — Page 116 of 255
unaudited
Bonds, notes & other debt instruments (continued)
Asset-backed obligations (continued) 		  Principal amount
(000) 		Value
(000)
Madison Park Funding, Ltd., CLO, Series 2015-17A, Class AR2, (3-month USD-LIBOR + 1.00%) 3.732% 20306,8,9 USD5,545 $5,465
Marathon CLO, Ltd., Series 2017-9A, Class A1AR, (3-month USD-LIBOR + 1.15%) 3.662% 20296,8,9 2,360 2,334
Mercury Financial Credit Card Master Trust, Series 2021-1A, Class A, 1.54% 20266,8 4,700 4,467
Mission Lane Credit Card Master Trust, Series 2021-A, Class A, 1.59% 20266,8 1,900 1,833
Mission Lane Credit Card Master Trust, Series 2022-A, Class A, 6.92% 20276,8 2,531 2,477
Navient Student Loan Trust, Series 2021-C, Class A, 1.06% 20696,8 5,304 4,555
Navient Student Loan Trust, Series 2021-G, Class A, 1.58% 20706,8 6,180 5,327
Navigator Aircraft ABS, Ltd., Series 2021-1, Class A, 2.771% 20466,8 6,465 5,508
Nelnet Student Loan Trust, Series 2021-C, Class AFX, 1.32% 20626,8 11,180 9,989
Nelnet Student Loan Trust, Series 2021-A, Class APT1, 1.36% 20626,8 6,228 5,491
Nelnet Student Loan Trust, Series 2021-B, Class AFX, 1.42% 20626,8 10,562 9,430
New Economy Assets Phase 1 Issuer, LLC, Series 2021-1, Class A1, 1.91% 20616,8 23,051 19,545
Newark BSL CLO 2, Ltd., Series 2017-1A, Class A1R,
(3-month USD-LIBOR + 0.97%) 3.753% 20306,8,9 		1,765 1,735
Palmer Square Loan Funding, CLO, Series 2020-4, Class A1,
(3-month USD-LIBOR + 1.00%) 3.997% 20286,8,9 		1,533 1,516
Palmer Square Loan Funding, CLO, Series 2021-4A, Class A1,
(3-month USD-LIBOR + 0.80%) 3.312% 20296,8,9 		8,705 8,550
Palmer Square Loan Funding, CLO, Series 2021-1, Class A1,
(3-month USD-LIBOR + 0.90%) 3.61% 20296,8,9 		469 462
Palmer Square Loan Funding, CLO, Series 2021-4A, Class A2,
(3-month USD-LIBOR + 1.40%) 3.912% 20296,8,9 		5,378 5,119
Palmer Square Loan Funding, CLO, Series 2022-5, Class A1,
(3-month USD CME Term SOFR + 1.56%) 4.084% 20316,8,9 		5,871 5,815
PG&E Wildfire Recovery Funding, LLC, Series 2022-A, Class A2, 4.263% 20368 2,725 2,475
Race Point CLO, Ltd., Series 2015-9A, Class A1A2, (3-month USD-LIBOR + 0.94%) 3.452% 20306,8,9 4,634 4,554
Santander Drive Auto Receivables Trust, Series 2022-5, Class A2, 3.98% 20258 4,359 4,333
Santander Drive Auto Receivables Trust, Series 2020-1, Class C, 4.11% 20258 859 857
Santander Drive Auto Receivables Trust, Series 2022-5, Class A3, 4.11% 20268 4,101 4,057
SMB Private Education Loan Trust, Series 2021-A, Class A2A2, (1-month USD-LIBOR + 0.73%) 3.548% 20536,8,9 7,004 6,732
SOLRR Aircraft Aviation Holding, Ltd., Series 2021-1, Class A, 2.636% 20466,8 3,514 2,909
Sound Point CLO, Ltd., Series 2015-1RA, Class AR,
(3-month USD-LIBOR + 1.08%) 3.592% 20306,8,9 		2,985 2,939
Sprite, Ltd., Series 2021-1, Class A, 3.75% 20466,8 4,942 4,182
Stellar Jay Ireland DAC, Series 2021-1, Class A, 3.967% 20416,8 4,803 4,122
Stonepeak Infrastructure Partners, Series 2021-1A, Class AA, 2.301% 20336,8 2,551 2,267
Stonepeak Infrastructure Partners, Series 2021-1A, Class A, 2.675% 20336,8 2,100 1,842
SuttonPark Structured Settlements, Series 2021-1, Class A, 1.95% 20756,8 3,454 3,135
TAL Advantage V, LLC, Series 2020-1A, Class A, 2.05% 20456,8 1,883 1,652
Textainer Marine Containers, Ltd., Series 2020-2A, Class A, 2.10% 20456,8 826 712
Textainer Marine Containers, Ltd., Series 2021-1A, Class A, 1.68% 20466,8 946 802
Textainer Marine Containers, Ltd., Series 2021-2A, Class A, 2.23% 20466,8 2,722 2,342
Toyota Auto Loan Extended Note Trust, Series 2019-1, Class A, 2.56% 20316,8 3,250 3,133
Toyota Auto Loan Extended Note Trust, Series 2020-1, Class A, 1.35% 20336,8 889 812
Toyota Auto Loan Extended Note Trust, Series 2021-1, Class A, 1.07% 20346,8,9 7,257 6,401
Triton Container Finance VIII, LLC, Series 2020-1, Class A, 2.11% 20456,8 10,617 9,157
Triton Container Finance VIII, LLC, Series 2021-1, Class A, 1.86% 20466,8 2,871 2,416
      385,218
Bonds & notes of governments & government agencies outside the U.S. 0.18%      
CPPIB Capital, Inc. 2.75% 20276 6,600 6,077
European Investment Bank 0.75% 2026 6,194 5,384
OMERS Finance Trust 3.50% 20326 4,315 3,937
OMERS Finance Trust 4.00% 20526 4,315 3,625
Panama (Republic of) 3.298% 2033 4,365 3,376
American Funds Insurance Series — Asset Allocation Fund — Page 117 of 255
unaudited
Bonds, notes & other debt instruments (continued)
Bonds & notes of governments & government agencies outside the U.S. (continued) 		  Principal amount
(000) 		Value
(000)
Panama (Republic of) 4.50% 2063 USD1,035 $686
Peru (Republic of) 1.862% 2032 2,525 1,779
Peru (Republic of) 2.78% 2060 3,775 2,062
Qatar (State of) 3.375% 20246 2,315 2,270
Qatar (State of) 4.00% 20296 745 715
Qatar (State of) 4.817% 20496 750 696
Saudi Arabia (Kingdom of) 3.25% 20306 1,750 1,577
Saudi Arabia (Kingdom of) 5.25% 20506 1,000 939
Swedish Export Credit Corp. 3.625% 2024 5,089 5,013
United Mexican States 2.659% 2031 2,703 2,079
United Mexican States 4.875% 2033 1,790 1,577
United Mexican States 3.771% 2061 1,528 907
      42,699
Municipals 0.15%
California 0.02% 		     
Golden State Tobacco Securitization Corp., Enhanced Tobacco Settlement Asset-Backed Bonds, Series 2021-A-1, 2.158% 2026 1,200 1,074
Golden State Tobacco Securitization Corp., Enhanced Tobacco Settlement Asset-Backed Bonds, Series 2021-A-1, 2.332% 2027 1,660 1,445
Golden State Tobacco Securitization Corp., Enhanced Tobacco Settlement Asset-Backed Bonds, Series 2021-B, 2.746% 2034 495 390
Golden State Tobacco Securitization Corp., Enhanced Tobacco Settlement Asset-Backed Bonds, Series 2021-B, 3.293% 2042 1,170 842
Golden State Tobacco Securitization Corp., Enhanced Tobacco Settlement Asset-Backed Bonds, Series 2021-B, 3.00% 2046 2,470 2,139
      5,890
Connecticut 0.00%      
Housing Fin. Auth., Housing Mortgage Fin. Program Bonds, Series 2014-C-1, 4.00% 2044 10 10
Housing Fin. Auth., Housing Mortgage Fin. Program Bonds, Series 2014-A-1, 4.00% 2044 5 5
      15
Florida 0.04%      
Board of Administration Fin. Corp., Rev. Bonds, Series 2020-A, 1.705% 2027 5,335 4,567
Board of Administration Fin. Corp., Rev. Bonds, Series 2020-A, 2.154% 2030 5,365 4,313
      8,880
Guam 0.00%      
A.B. Won Pat International Airport Auth., General Rev. Bonds, Series 2021-A, 3.839% 2036 240 198
A.B. Won Pat International Airport Auth., General Rev. Bonds, Series 2021-A, 4.46% 2043 315 254
      452
Illinois 0.02%      
G.O. Bonds, Pension Funding, Series 2003, Assured Guaranty Municipal insured, 5.10% 2033 4,125 3,972
Maryland 0.00%      
Community Dev. Administration, Dept. of Housing and Community Dev., Residential Rev. Ref. Bonds,
Series 2014-E, 2.857% 2040 		10 10
Minnesota 0.00%      
Housing Fin. Agcy., Residential Housing Fin. Bonds, Series 2014-A, 4.00% 2038 35 35
American Funds Insurance Series — Asset Allocation Fund — Page 118 of 255
unaudited
Bonds, notes & other debt instruments (continued)
Municipals (continued)
New York 0.03% 		  Principal amount
(000) 		Value
(000)
Dormitory Auth., Taxable State Personal Income Tax Rev. Bonds (General Purpose), Series 2021-C,
1.187% 2026 (escrowed to maturity) 		USD2,865 $2,558
Dormitory Auth., Taxable State Personal Income Tax Rev. Bonds (General Purpose), Series 2021-C,
1.748% 2028 		4,745 4,043
      6,601
Ohio 0.02%      
Cleveland-Cuyahoga Port Auth., Federal Lease Rev. Bonds (VA Cleveland Health Care Center Project),
Series 2021, 4.425% 2031 		5,125 4,524
South Carolina 0.00%      
Housing Fin. Auth., Mortgage Rev. Ref. Bonds, Series 2014, AMT, 4.00% 2041 10 10
South Dakota 0.00%      
Housing Dev. Auth., Homeownership Mortgage Bonds, Series 2014-F, 4.00% 2034 5 5
Tennessee 0.00%      
Housing Dev. Agcy., Residential Fin. Program Bonds, Series 2013-2-A, AMT, 4.00% 2043 5 5
Wisconsin 0.02%      
Public Fin. Auth., Federal Lease Rev. Bonds (Fort Sam Acquisition Fncg.), Series 2022, 4.95% 2034 5,875 5,246
Total municipals     35,645
Total bonds, notes & other debt instruments (cost: $6,019,794,000)     5,417,592
Short-term securities 9.72%
Money market investments 9.61% 		  Shares  
Capital Group Central Cash Fund 2.81%7,17 22,308,121 2,230,589
Money market investments purchased with collateral from securities on loan 0.11%      
Capital Group Central Cash Fund 2.81%7,17,18 147,630 14,761
Goldman Sachs Financial Square Government Fund, Institutional Shares 2.93%17,18 2,366,051 2,366
BlackRock Liquidity Funds – FedFund, Institutional Shares  2.76%17,18 2,361,798 2,362
Invesco Short-Term Investments Trust – Government & Agency Portfolio,
Institutional Class 2.88%17,18 		2,361,798 2,362
Morgan Stanley Institutional Liquidity Funds – Government Portfolio,
Institutional Class 2.80%17,18 		2,361,798 2,362
State Street Institutional U.S. Government Money Market Fund, Institutional Class 2.91%17,18 2,361,798 2,362
      26,575
Total short-term securities (cost: $2,256,995,000)     2,257,164
Total investment securities 105.40% (cost: $22,199,290,000)     24,476,244
Other assets less liabilities (5.40)%     (1,254,512)
Net assets 100.00%     $23,221,732
American Funds Insurance Series — Asset Allocation Fund — Page 119 of 255
unaudited
Futures contracts
Contracts Type Number of
contracts 		Expiration Notional
amount
(000) 		Value and
unrealized
appreciation
(depreciation)
at 9/30/2022
(000)
30 Day Federal Funds Futures Long 2,784 December 2022 USD1,117,112 $645
2 Year U.S. Treasury Note Futures Long 1,434 December 2022 294,530 (4,770)
5 Year U.S. Treasury Note Futures Short 179 December 2022 (19,244) 250
10 Year U.S. Treasury Note Futures Long 500 December 2022 56,031 (1,964)
10 Year Ultra U.S. Treasury Note Futures Short 2,903 December 2022 (343,960) 21,067
20 Year U.S. Treasury Bond Futures Long 1,460 December 2022 184,553 (14,592)
30 Year Ultra U.S. Treasury Bond Futures Short 64 December 2022 (8,768) 834
          $1,470
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
9/30/2022
(000) 		Upfront
premium
received
(000) 		Unrealized
appreciation
at 9/30/2022
(000)
CDX.NA.IG.39 1.00% Quarterly 12/20/2027 USD238,057 $845 $(280) $1,125
Investments in affiliates7
  Value of
affiliates at
1/1/2022
(000) 		Additions
(000) 		Reductions
(000) 		Net
realized
loss
(000) 		  Net
unrealized
appreciation
(depreciation)
(000) 		  Value of
affiliates at
9/30/2022
(000) 		  Dividend
income
(000)
Common stocks 0.00%
Health care 0.00%                    
NuCana PLC (ADR)19 $7,086 $— $2,674 $(14,288)   $9,876   $—   $—
Investment funds 5.88%
Capital Group Central Corporate Bond Fund 1,617,261 70,935 — —   (323,720)   1,364,476   31,623
Short-term securities 9.67%
Money market investments 9.61%                    
Capital Group Central Cash Fund 2.81%17 1,417,334 3,413,801 2,600,123 (307)   (116)   2,230,589   16,532
Money market investments purchased with collateral
from securities on loan 0.06% 		                   
Capital Group Central Cash Fund 2.81%17,18 8,492 6,26920           14,761   —21
Total short-term securities               2,245,350    
Total 15.55%       $(14,595)   $(313,960)   $3,609,826   $48,155
American Funds Insurance Series — Asset Allocation Fund — Page 120 of 255
unaudited
Restricted securities4
  Acquisition
date 		Cost
(000) 		  Value
(000) 		  Percent
of net
assets
Carbon Health Technologies, Inc., convertible preferred shares, 1.00% 20243 7/9/2021 $50,000   $50,000   .22%
Rotech Healthcare, Inc.1,3 8/22/2014 6,949   19,703   .08
Sberbank of Russia PJSC1,3 6/8/2022 29,668   —5   .00
Total   $86,617   $69,703   .30%
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 $28,369,000, which represented .12% of the net assets of the fund.
3 Value determined using significant unobservable inputs.
4 Restricted security, other than Rule 144A, subject to legal or contractual restrictions on resale, including private placement securities not registered under the Securities Act of 1933. The total value of all such restricted securities was $69,703,000, which represented .30% of the net assets of the fund.
5 Amount less than one thousand.
6 Acquired in a transaction exempt from registration under Rule 144A of the Securities Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers. The total value of all such securities was $1,095,188,000, which represented 4.72% of the net assets of the fund.
7 Part of the same “group of investment companies“ as the fund as defined under the Investment Company Act of 1940, as amended.
8 Principal payments may be made periodically. Therefore, the effective maturity date may be earlier than the stated maturity date.
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 All or a portion of this security was pledged as collateral. The total value of pledged collateral was $50,719,000, which represented .22% of the net assets of the fund.
12 Index-linked bond whose principal amount moves with a government price index.
13 Step bond; coupon rate may change at a later date.
14 Loan participations and assignments; may be subject to legal or contractual restrictions on resale. The total value of all such loans was $12,328,000, which represented .05% of the net assets of the fund.
15 Scheduled interest and/or principal payment was not received.
16 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.
17 Rate represents the seven-day yield at 9/30/2022.
18 Security purchased with cash collateral from securities on loan.
19 Affiliated issuer during the reporting period but no longer held at 9/30/2022.
20 Represents net activity.
21 Dividend income is included with securities lending income and is not shown in this table.
Key to abbreviations
ADR = American Depositary Receipts
Agcy. = Agency
AMT = Alternative Minimum Tax
Assn. = Association
Auth. = Authority
CAD = Canadian dollars
CLO = Collateralized Loan Obligations
CME = CME Group
CMO = Collateralized Mortgage Obligations
DAC = Designated Activity Company
Dept. = Department
Dev. = Development
 
Fin. = Finance
Fncg. = Financing
G.O. = General Obligation
LIBOR = London Interbank Offered Rate
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
 
American Funds Insurance Series — Asset Allocation Fund — Page 121 of 255
American Funds Global Balanced Fund
Investment portfolio
September 30, 2022
unaudited
Common stocks 56.25%
Financials 9.60% 		  Shares Value
(000)
B3 SA-Brasil, Bolsa, Balcao 2,105,840 $5,095
Zurich Insurance Group AG 10,695 4,252
DNB Bank ASA 157,915 2,500
Toronto-Dominion Bank (CAD denominated) 32,574 1,998
PNC Financial Services Group, Inc. 12,258 1,832
Kotak Mahindra Bank, Ltd. 80,217 1,776
Housing Development Finance Corp., Ltd. 56,653 1,578
Citigroup, Inc. 31,584 1,316
DBS Group Holdings, Ltd. 56,200 1,299
HDFC Bank, Ltd. 69,274 1,200
Tradeweb Markets, Inc., Class A 20,260 1,143
BlackRock, Inc. 1,965 1,081
AIA Group, Ltd. 128,200 1,064
ING Groep NV 100,216 859
Nasdaq, Inc. 12,318 698
Bank Central Asia Tbk PT 1,148,600 641
JPMorgan Chase & Co. 5,542 579
BNP Paribas SA 13,097 553
Tryg A/S 25,226 518
Aegon NV 127,104 505
Münchener Rückversicherungs-Gesellschaft AG 1,924 465
Banco Santander, SA 184,976 430
CME Group, Inc., Class A 2,292 406
Ping An Insurance (Group) Company of China, Ltd., Class H 66,500 331
Ping An Insurance (Group) Company of China, Ltd., Class A 11,400 66
KBC Groep NV 8,010 376
FinecoBank SpA 28,159 346
Fairfax Financial Holdings, Ltd., subordinate voting shares 552 252
Allfunds Group PLC 18,078 133
Lufax Holding, Ltd. (ADR) 47,602 121
      33,413
Industrials 7.83%      
Raytheon Technologies Corp. 73,529 6,019
General Electric Co. 40,999 2,538
BAE Systems PLC 271,343 2,384
Thales SA 20,571 2,269
General Dynamics Corp. 8,750 1,857
Carrier Global Corp. 50,687 1,802
Siemens AG 13,844 1,370
VINCI SA 16,178 1,300
RELX PLC 48,380 1,181
Honeywell International, Inc. 6,804 1,136
CSX Corp. 39,207 1,045
SMC Corp. 2,100 847
LIXIL Corp. 56,000 812
American Funds Insurance Series — American Funds Global Balanced Fund — Page 122 of 255
unaudited
Common stocks (continued)
Industrials (continued) 		  Shares Value
(000)
L3Harris Technologies, Inc. 2,346 $488
Safran SA 4,525 411
Deutsche Post AG 10,330 314
NIBE Industrier AB, Class B 31,544 280
Airbus SE, non-registered shares 2,836 245
Brenntag SE 3,756 229
Trelleborg AB, Class B 11,334 211
Bureau Veritas SA 8,207 183
Melrose Industries PLC 156,807 175
DSV A/S 1,312 152
Ryanair Holdings PLC (ADR)1 100 6
      27,254
Health care 7.32%      
Abbott Laboratories 61,554 5,956
Siemens Healthineers AG 55,527 2,405
UnitedHealth Group, Inc. 4,669 2,358
Novartis AG 29,723 2,266
Gilead Sciences, Inc. 28,411 1,753
Thermo Fisher Scientific, Inc. 3,420 1,735
AstraZeneca PLC 12,992 1,429
Merck KGaA 8,425 1,375
PerkinElmer, Inc. 8,861 1,066
AbbVie, Inc. 7,266 975
Medtronic PLC 11,536 932
Stryker Corp. 4,201 851
Amgen, Inc. 3,541 798
Humana, Inc. 1,210 587
BioMarin Pharmaceutical, Inc.1 6,854 581
Bayer AG 8,827 407
      25,474
Information technology 6.85%      
Broadcom, Inc. 17,172 7,625
Microsoft Corp. 32,599 7,592
Micron Technology, Inc. 45,811 2,295
Apple, Inc. 15,009 2,074
Taiwan Semiconductor Manufacturing Company, Ltd. 101,000 1,328
GlobalWafers Co., Ltd. 90,000 1,024
ServiceNow, Inc.1 2,241 846
Accenture PLC, Class A 3,103 799
Applied Materials, Inc. 2,383 195
Texas Instruments, Inc. 380 59
      23,837
Consumer staples 5.41%      
Nestlé SA 36,894 3,995
ITC, Ltd. 931,338 3,783
Philip Morris International, Inc. 37,027 3,074
Imperial Brands PLC 98,956 2,042
Seven & i Holdings Co., Ltd. 32,400 1,301
Pernod Ricard SA 5,817 1,063
British American Tobacco PLC 28,637 1,024
Heineken NV 7,770 681
Altria Group, Inc. 14,836 599
American Funds Insurance Series — American Funds Global Balanced Fund — Page 123 of 255
unaudited
Common stocks (continued)
Consumer staples (continued) 		  Shares Value
(000)
Inner Mongolia Yili Industrial Group Co., Ltd., Class A 104,700 $486
Treasury Wine Estates, Ltd. 39,933 321
Kweichow Moutai Co., Ltd., Class A 1,021 269
Davide Campari-Milano NV 21,508 191
      18,829
Utilities 4.89%      
DTE Energy Company 30,715 3,534
Power Grid Corporation of India, Ltd. 1,043,680 2,701
NextEra Energy, Inc. 29,117 2,283
Duke Energy Corp. 17,404 1,619
National Grid PLC 131,956 1,362
Public Service Enterprise Group, Inc. 22,759 1,280
E.ON SE 162,912 1,261
Dominion Energy, Inc. 14,972 1,034
ENN Energy Holdings, Ltd. 65,800 875
Iberdrola, SA, non-registered shares 79,584 740
Enel SpA 82,920 340
      17,029
Materials 3.60%      
Freeport-McMoRan, Inc. 89,735 2,452
Linde PLC 6,697 1,805
BHP Group, Ltd. (CDI) 63,965 1,607
Evonik Industries AG 90,277 1,522
Fortescue Metals Group, Ltd. 108,522 1,163
Shin-Etsu Chemical Co., Ltd. 11,500 1,142
Rio Tinto PLC 20,899 1,132
Vale SA (ADR), ordinary nominative shares 67,128 894
UPM-Kymmene Oyj 15,029 478
Air Liquide SA, non-registered shares 2,914 332
      12,527
Energy 3.37%      
Canadian Natural Resources, Ltd. (CAD denominated) 104,108 4,846
Neste OYJ 43,838 1,901
Shell PLC (GBP denominated) 55,612 1,384
Chevron Corp. 8,302 1,193
BP PLC 192,450 915
TC Energy Corp. (CAD denominated) 12,366 498
DT Midstream, Inc. 7,614 395
Baker Hughes Co., Class A 17,643 370
Woodside Energy Group, Ltd. (CDI) 11,841 243
      11,745
Communication services 3.28%      
Alphabet, Inc., Class A1 26,007 2,488
Alphabet, Inc., Class C1 8,509 818
Netflix, Inc.1 8,277 1,949
Comcast Corp., Class A 44,046 1,292
Singapore Telecommunications, Ltd. 625,700 1,152
BCE, Inc.2 22,896 960
Omnicom Group, Inc. 10,932 690
Universal Music Group NV 32,072 604
SoftBank Corp. 56,600 566
American Funds Insurance Series — American Funds Global Balanced Fund — Page 124 of 255
unaudited
Common stocks (continued)
Communication services (continued) 		  Shares Value
(000)
Electronic Arts, Inc. 4,021 $465
Meta Platforms, Inc., Class A1 3,161 429
      11,413
Consumer discretionary 2.34%      
LVMH Moët Hennessy-Louis Vuitton SE 2,496 1,467
Ferrari NV 4,104 759
Ferrari NV (EUR denominated) 1,623 303
Tesla, Inc.1 3,606 957
General Motors Company 28,932 929
Cie. Financière Richemont SA, Class A 8,744 821
InterContinental Hotels Group PLC 12,713 610
Amazon.com, Inc.1 4,755 537
Astra International Tbk PT 1,050,300 453
Starbucks Corp. 4,844 408
Royal Caribbean Cruises, Ltd.1 8,761 332
Airbnb, Inc., Class A1 2,679 281
Aptiv PLC1 2,744 215
D.R. Horton, Inc. 865 58
JD.com, Inc., Class A 1,200 30
      8,160
Real estate 1.76%      
Crown Castle, Inc. REIT 10,746 1,553
Embassy Office Parks REIT 353,699 1,502
Equinix, Inc. REIT 2,099 1,194
CTP NV 106,119 1,096
Digital Realty Trust, Inc. REIT 4,684 465
Americold Realty Trust, Inc. REIT 13,585 334
      6,144
Total common stocks (cost: $202,822,000)     195,825
Preferred securities 0.72%
Financials 0.42% 		     
Fannie Mae, Series S, 8.25% noncumulative preferred shares1 223,000 821
Federal Home Loan Mortgage Corp., Series Z, 8.375% noncumulative preferred shares1 192,000 641
      1,462
Consumer discretionary 0.30%      
Dr. Ing. h.c. F. Porsche AG, nonvoting non-registered shares1 13,113 1,060
Total preferred securities (cost: $2,599,000)     2,522
Convertible stocks 0.33%
Utilities 0.22% 		     
NextEra Energy, Inc., noncumulative convertible preferred units, 6.926% 2025 16,500 759
Health care 0.11%      
Danaher Corp., Series B, cumulative convertible preferred shares, 5.00% 20232 300 404
Total convertible stocks (cost: $1,214,000)     1,163
American Funds Insurance Series — American Funds Global Balanced Fund — Page 125 of 255
unaudited
Investment funds 0.48%   Shares Value
(000)
Capital Group Central Corporate Bond Fund3 209,799 $1,672
Total investment funds (cost: $1,816,000)     1,672
Bonds, notes & other debt instruments 35.57%
U.S. Treasury bonds & notes 14.00%
U.S. Treasury 13.46% 		  Principal amount
(000) 		 
U.S. Treasury 2.50% 2023 USD1,182 1,174
U.S. Treasury 2.75% 2023 1,485 1,474
U.S. Treasury 1.00% 2024 1,880 1,752
U.S. Treasury 1.50% 2024 5,058 4,863
U.S. Treasury 1.50% 2024 1,300 1,229
U.S. Treasury 2.50% 2024 995 967
U.S. Treasury 3.25% 2024 706 693
U.S. Treasury 0.25% 2025 1,004 894
U.S. Treasury 0.375% 2025 50 44
U.S. Treasury 1.75% 2025 440 414
U.S. Treasury 2.875% 2025 1,031 994
U.S. Treasury 3.125% 2025 18 17
U.S. Treasury 0.50% 2026 500 441
U.S. Treasury 0.625% 2026 500 437
U.S. Treasury 0.75% 2026 2,075 1,842
U.S. Treasury 0.875% 2026 500 440
U.S. Treasury 0.875% 2026 454 402
U.S. Treasury 1.125% 2026 320 284
U.S. Treasury 1.875% 2027 6,696 6,097
U.S. Treasury 2.25% 2027 298 275
U.S. Treasury 2.50% 2027 1,325 1,237
U.S. Treasury 2.75% 2027 6,460 6,095
U.S. Treasury 2.75% 2027 46 43
U.S. Treasury 3.125% 2027 3,620 3,471
U.S. Treasury 2.875% 2028 1,275 1,198
U.S. Treasury 2.875% 2028 557 523
U.S. Treasury 0.625% 2030 823 648
U.S. Treasury 0.625% 2030 650 509
U.S. Treasury 1.25% 2031 575 465
U.S. Treasury 1.375% 2031 834 678
U.S. Treasury 1.625% 2031 375 315
U.S. Treasury 1.875% 2032 2,909 2,466
U.S. Treasury 2.75% 2032 53 49
U.S. Treasury 2.875% 2032 640 592
U.S. Treasury 1.875% 20414 920 653
U.S. Treasury 2.25% 2041 525 397
U.S. Treasury 2.875% 2046 400 327
U.S. Treasury 1.25% 2050 140 78
U.S. Treasury 1.875% 20514 1,316 871
U.S. Treasury 2.00% 2051 560 383
U.S. Treasury 2.375% 2051 490 367
U.S. Treasury 2.25% 2052 765 556
U.S. Treasury 2.875% 2052 217 182
      46,836
American Funds Insurance Series — American Funds Global Balanced Fund — Page 126 of 255
unaudited
Bonds, notes & other debt instruments (continued)
U.S. Treasury bonds & notes (continued)
U.S. Treasury inflation-protected securities 0.54% 		  Principal amount
(000) 		Value
(000)
U.S. Treasury Inflation-Protected Security 0.125% 20245 USD824 $795
U.S. Treasury Inflation-Protected Security 0.125% 20245 572 550
U.S. Treasury Inflation-Protected Security 0.375% 20275 366 341
U.S. Treasury Inflation-Protected Security 1.00% 20495 247 202
      1,888
Total U.S. Treasury bonds & notes     48,724
Bonds & notes of governments & government agencies outside the U.S. 12.44%      
Abu Dhabi (Emirate of) 2.50% 20226 200 200
Abu Dhabi (Emirate of) 0.75% 20236 275 266
Agricultural Development Bank of China 3.75% 2029 CNY550 81
Asian Development Bank 1.125% 2025 GBP100 101
Australia (Commonwealth of), Series 152, 2.75% 2028 AUD310 188
Australia (Commonwealth of), Series 163, 1.00% 2031 150 75
Australia (Commonwealth of), Series 157, 1.50% 2031 1,055 557
Australia (Commonwealth of), Series 166, 3.00% 2033 2,250 1,320
Austria (Republic of) 0% 2031 EUR660 517
Brazil (Federative Republic of) 10.00% 2023 BRL600 110
Brazil (Federative Republic of) 0% 2024 1,700 272
Brazil (Federative Republic of) 10.00% 2025 900 162
Canada 0.75% 2024 CAD1,125 768
Canada 2.25% 2025 1,400 979
Canada 0.25% 2026 570 369
Canada 2.25% 2029 855 583
Chile (Republic of) 5.80% 2024 CLP85,000 83
Chile (Republic of) 4.50% 2026 5,000 5
Chile (Republic of) 5.00% 2028 60,000 57
Chile (Republic of) 4.70% 2030 355,000 321
China (People’s Republic of), Series 1910, 3.86% 2049 CNY2,110 331
China (People’s Republic of), Series INBK, 3.39% 2050 1,600 232
China (People’s Republic of), Series INBK, 3.81% 2050 10,290 1,604
China Development Bank Corp., Series 2008, 2.89% 2025 3,240 463
China Development Bank Corp., Series 2009, 3.39% 2027 8,580 1,247
China Development Bank Corp., Series 2004, 3.43% 2027 1,060 154
China Development Bank Corp., Series 1805, 4.88% 2028 2,040 317
Colombia (Republic of), Series B, 5.75% 2027 COP2,331,300 382
Colombia (Republic of), Series B, 7.00% 2031 5,308,700 820
European Investment Bank 0.375% 2027 EUR110 97
European Investment Bank 0.25% 2032 860 661
European Union 0% 2026 100 89
European Union 0.25% 2026 50 45
French Republic O.A.T. 0.75% 2028 640 577
French Republic O.A.T. 0% 2030 1,320 1,061
French Republic O.A.T. 0% 2032 650 494
French Republic O.A.T. 2.00% 2032 610 559
French Republic O.A.T. 3.25% 2045 160 163
Germany (Federal Republic of) 0% 2027 950 854
Germany (Federal Republic of) 0% 2031 2,600 2,130
Germany (Federal Republic of) 0% 2032 540 436
Germany (Federal Republic of) 1.00% 2038 640 525
Germany (Federal Republic of) 0% 2050 200 110
Greece (Hellenic Republic of) 3.45% 2024 110 109
Greece (Hellenic Republic of) 3.375% 2025 300 294
American Funds Insurance Series — American Funds Global Balanced Fund — Page 127 of 255
unaudited
Bonds, notes & other debt instruments (continued)
Bonds & notes of governments & government agencies outside the U.S. (continued) 		  Principal amount
(000) 		Value
(000)
Greece (Hellenic Republic of) 1.75% 2032 EUR790 $593
Hungary (Republic of) 2.125% 20316 USD460 316
Hungary (Republic of) 3.125% 20516 200 107
India (Republic of) 5.15% 2025 INR8,000 93
Indonesia (Republic of), Series 78, 8.25% 2029 IDR1,833,000 126
Indonesia (Republic of), Series 87, 6.50% 2031 1,253,000 78
Israel (State of) 2.875% 2024 EUR200 195
Israel (State of) 1.50% 2027 100 90
Italy (Republic of) 1.35% 2030 660 533
Japan, Series 17, 0.10% 20235 JPY10,770 76
Japan, Series 19, 0.10% 20245 31,260 223
Japan, Series 18, 0.10% 20245 21,420 152
Japan, Series 150, 0.005% 2026 84,950 586
Japan, Series 346, 0.10% 2027 134,150 930
Japan, Series 22, 0.10% 20275 26,142 191
Japan, Series 365, 0.10% 2031 317,600 2,166
Japan, Series 363, 0.10% 2031 56,000 381
Japan, Series 152, 1.20% 2035 264,400 1,973
Japan, Series 179, 0.50% 2041 71,600 454
Japan, Series 42, 1.70% 2044 50,150 388
Japan, Series 37, 0.60% 2050 26,950 154
Japan, Series 74, 1.00% 2052 93,200 587
KfW 1.125% 2025 GBP95 95
Malaysia (Federation of), Series 0119, 3.906% 2026 MYR1,380 296
Malaysia (Federation of), Series 0219, 3.885% 2029 620 130
Malaysia (Federation of), Series 0519, 3.757% 2040 270 50
Morocco (Kingdom of) 3.50% 2024 EUR100 97
Morocco (Kingdom of) 1.50% 2031 100 65
Netherlands (Kingdom of the) 5.50% 2028 100 114
Nova Scotia (Province of) 3.15% 2051 CAD170 102
Peru (Republic of) 2.392% 2026 USD90 82
Philippines (Republic of) 0.001% 2024 JPY100,000 683
Philippines (Republic of) 0.25% 2025 EUR100 90
Philippines (Republic of) 1.648% 2031 USD200 151
Poland (Republic of), Series 1029, 2.75% 2029 PLN410 63
Portuguese Republic 0.475% 2030 EUR230 186
Romania 2.125% 2028 130 99
Romania 3.624% 2030 532 394
Romania 2.00% 2032 100 61
Romania 2.00% 2033 200 117
Romania 3.375% 2038 80 49
Romania 4.625% 2049 39 25
Romania 3.375% 2050 73 37
Russian Federation 7.00% 20237 RUB16,600 68
Russian Federation 2.875% 2025 EUR200 77
Russian Federation 4.25% 20277 USD200 89
Russian Federation 4.375% 20297 200 81
Russian Federation 6.90% 20297 RUB28,250 115
Russian Federation 7.65% 20307 38,320 156
Russian Federation 5.90% 20317 5,620 23
Russian Federation 6.90% 20317 18,200 74
Russian Federation 8.50% 20317 5,530 22
Russian Federation 7.70% 20337 23,030 88
Russian Federation 7.25% 20347 8,140 31
Serbia (Republic of) 3.125% 2027 EUR685 549
American Funds Insurance Series — American Funds Global Balanced Fund — Page 128 of 255
unaudited
Bonds, notes & other debt instruments (continued)
Bonds & notes of governments & government agencies outside the U.S. (continued) 		  Principal amount
(000) 		Value
(000)
Serbia (Republic of) 3.125% 2027 EUR640 $513
Serbia (Republic of) 2.05% 2036 185 96
South Africa (Republic of), Series R-2030, 8.00% 2030 ZAR3,000 142
Spain (Kingdom of) 0% 2027 EUR335 293
Spain (Kingdom of) 0.80% 2027 490 440
Spain (Kingdom of) 0.50% 2031 395 307
Spain (Kingdom of) 0.70% 2032 830 647
Tunisia (Republic of) 6.75% 2023 260 195
Tunisia (Republic of) 6.75% 2023 150 113
Ukraine 6.876% 20316 USD250 47
Ukraine 6.876% 2031 200 37
United Kingdom 2.75% 2024 GBP50 54
United Kingdom 1.25% 2027 410 396
United Kingdom 0.375% 2030 490 407
United Kingdom 0.25% 2031 160 127
United Kingdom 4.25% 2032 1,395 1,579
United Kingdom 3.25% 2044 174 175
United Kingdom 1.25% 2051 200 125
United Mexican States, Series M, 5.75% 2026 MXN18,200 794
United Mexican States, Series M, 7.50% 2027 1,950 89
United Mexican States, Series M, 7.75% 2031 5,000 221
United Mexican States, Series M, 8.00% 2047 5,120 215
United Mexican States, Series M, 8.00% 2053 18,880 791
      43,322
Corporate bonds, notes & loans 6.10%
Financials 1.93% 		     
ACE INA Holdings, Inc. 2.875% 2022 USD10 10
ACE INA Holdings, Inc. 3.35% 2026 10 9
ACE INA Holdings, Inc. 4.35% 2045 20 17
AIA Group, Ltd. 0.88% 2033 (5-year EUR Annual Swap + 1.10% on 9/9/2028)8 EUR200 151
Allianz SE 4.75% perpetual bonds (3-month EUR-EURIBOR + 3.60% on 10/24/2023)8 100 97
Banco Santander, SA 5.147% 2025 USD200 194
Bank of America Corp. 0.976% 2025 (USD-SOFR + 0.69% on 4/22/2024)8 200 186
Bank of America Corp. 1.319% 2026 (USD-SOFR + 1.15% on 6/19/2025)8 500 444
Bank of America Corp. 1.734% 2027 (USD-SOFR + 0.96% on 7/22/2026)8 160 137
Bank of America Corp. 3.419% 2028 (3-month USD-LIBOR + 1.04% on 12/20/2027)8 236 210
Bank of America Corp. 2.496% 2031 (3-month USD-LIBOR + 0.99% on 2/13/2030)8 20 16
Barclays Bank PLC 5.304% 2026
(1-year UST Yield Curve Rate T Note Constant Maturity + 2.30% on 8/9/2025)8 		475 457
Citigroup, Inc. 0.981% 2025 (USD-SOFR + 0.669% on 5/1/2024)8 103 96
Citigroup, Inc. 3.106% 2026 (USD-SOFR + 2.842% on 3/8/2026)8 175 164
Citigroup, Inc. 1.462% 2027 (USD-SOFR + 0.67% on 6/9/2026)8 310 264
Citigroup, Inc. 3.07% 2028 (USD-SOFR + 1.28% on 2/24/2027)8 110 98
Citigroup, Inc. 4.91% 2033 (USD-SOFR + 2.086% on 5/24/2032)8 29 27
Commonwealth Bank of Australia 2.688% 20316 225 169
Corebridge Financial, Inc. 3.90% 20326 59 50
Goldman Sachs Group, Inc. 3.50% 2025 207 198
Goldman Sachs Group, Inc. 1.00% 20339 EUR210 143
Goldman Sachs Group, Inc. 4.017% 2038 (3-month USD-LIBOR + 1.373% on 10/31/2037)8 USD78 62
Groupe BPCE SA 5.70% 20236 200 198
Groupe BPCE SA 1.00% 2025 EUR100 92
HSBC Holdings PLC 4.292% 2026 (3-month USD-LIBOR + 1.348% on 9/12/2025)8 USD200 189
Intercontinental Exchange, Inc. 4.00% 2027 390 371
JPMorgan Chase & Co. 1.578% 2027 (USD-SOFR + 0.885% on 4/22/2026)8 186 161
American Funds Insurance Series — American Funds Global Balanced Fund — Page 129 of 255
unaudited
Bonds, notes & other debt instruments (continued)
Corporate bonds, notes & loans (continued)
Financials (continued) 		  Principal amount
(000) 		Value
(000)
JPMorgan Chase & Co. 4.493% 2031 (USD-SOFR + 3.79% on 3/24/2030)8 USD160 $146
Morgan Stanley 0.985% 2026 (USD-SOFR + 0.72% on 12/10/2025)8 200 173
Morgan Stanley 3.125% 2026 110 101
Morgan Stanley 1.593% 2027 (USD-SOFR + 0.879% on 5/4/2026)8 126 109
Morgan Stanley 2.699% 2031 (USD-SOFR + 1.143% on 1/22/2030)8 72 58
Morgan Stanley 2.95% 2032 (3-month EUR-EURIBOR + 1.245% on 5/7/2031)8 EUR510 442
New York Life Insurance Company 3.75% 20506 USD23 17
Nordea Bank AB 3.60% 20256 200 191
PNC Financial Services Group, Inc. 2.854% 20228 100 100
Royal Bank of Canada 1.20% 2026 175 153
UBS Group AG 4.49% 2025
(1-year UST Yield Curve Rate T Note Constant Maturity + 1.60% on 8/5/2024)6,8 		450 439
Wells Fargo & Company 2.393% 2028 (USD-SOFR + 2.10% on 6/2/2027)8 400 344
Wells Fargo & Company 3.526% 2028 (USD-SOFR + 1.51% on 3/24/2027)8 210 190
Wells Fargo & Company 4.611% 2053 (USD-SOFR + 2.13% on 4/25/2052)8 62 50
      6,723
Utilities 0.91%      
Alabama Power Co. 3.00% 2052 250 164
CMS Energy Corp. 3.00% 2026 150 139
Consumers Energy Co. 3.60% 2032 250 223
Duke Energy Carolinas, LLC 3.05% 2023 280 278
Duke Energy Progress, LLC 3.70% 2028 75 70
E.On SE 1.625% 2031 EUR240 192
Edison International 4.125% 2028 USD160 143
Enel Finance International SA 1.875% 20286 200 156
Enersis Américas SA 4.00% 2026 35 33
Entergy Louisiana, LLC 4.75% 2052 100 87
Exelon Corp. 3.40% 2026 150 141
FirstEnergy Corp. 3.50% 20286 35 32
Florida Power & Light Company 2.875% 2051 120 79
Interstate Power and Light Co. 2.30% 2030 50 40
NextEra Energy Capital Holdings, Inc. 2.75% 2029 232 195
Niagara Mohawk Power Corp. 3.508% 20246 85 82
Pacific Gas and Electric Co. 2.95% 2026 25 22
Pacific Gas and Electric Co. 2.10% 2027 100 81
Pacific Gas and Electric Co. 3.00% 2028 140 116
Pacific Gas and Electric Co. 4.65% 2028 114 101
Pacific Gas and Electric Co. 4.55% 2030 31 27
Pacific Gas and Electric Co. 2.50% 2031 600 437
Pacific Gas and Electric Co. 3.25% 2031 50 38
Pacific Gas and Electric Co. 3.50% 2050 137 84
Xcel Energy, Inc. 3.35% 2026 216 201
      3,161
Consumer discretionary 0.76%      
Amazon.com, Inc. 2.80% 2024 45 44
Bayerische Motoren Werke AG 3.90% 20256 70 68
Bayerische Motoren Werke AG 4.15% 20306 70 65
Daimler Trucks Finance North America, LLC 3.65% 20276 150 137
General Motors Financial Co. 1.05% 2024 116 109
General Motors Financial Co. 2.40% 2028 150 120
Hyundai Capital America 1.50% 20266 250 213
Hyundai Capital America 2.375% 20276 109 91
American Funds Insurance Series — American Funds Global Balanced Fund — Page 130 of 255
unaudited
Bonds, notes & other debt instruments (continued)
Corporate bonds, notes & loans (continued)
Consumer discretionary (continued) 		  Principal amount
(000) 		Value
(000)
Hyundai Capital Services, Inc. 3.75% 20236 USD250 $248
Royal Caribbean Cruises, Ltd. 11.50% 20256 222 236
Royal Caribbean Cruises, Ltd. 5.50% 20286 185 130
Royal Caribbean Cruises, Ltd. 8.25% 20296 70 68
Royal Caribbean Cruises, Ltd. 9.25% 20296 59 58
Stellantis Finance US, Inc. 5.625% 20286 400 386
Stellantis Finance US, Inc. 2.691% 20316 200 143
Stellantis NV 1.25% 2033 EUR500 328
Toyota Motor Credit Corp. 3.375% 2030 USD33 30
Volkswagen International Finance NV 4.375% junior subordinated perpetual bonds
(9-year EUR Mid-Swap + 3.36% on 3/28/2031)8 		EUR200 154
      2,628
Health care 0.46%      
Aetna, Inc. 2.80% 2023 USD10 10
Amgen, Inc. 1.90% 2025 40 37
Amgen, Inc. 2.20% 2027 30 27
Amgen, Inc. 4.20% 2033 280 254
AstraZeneca Finance, LLC 2.25% 2031 69 56
AstraZeneca PLC 3.50% 2023 150 149
Becton, Dickinson and Company 3.734% 2024 10 9
Becton, Dickinson and Company 3.70% 2027 43 40
Becton, Dickinson and Company 2.823% 2030 28 23
Becton, Dickinson and Company 4.298% 2032 320 292
Cigna Corp. 4.125% 2025 80 78
EMD Finance, LLC 3.25% 20256 250 239
Stryker Corp. 0.75% 2029 EUR210 169
Takeda Pharmaceutical Company, Ltd. 2.25% 2026 100 94
UnitedHealth Group, Inc. 4.00% 2029 USD135 126
      1,603
Communication services 0.42%      
AT&T, Inc. 2.75% 2031 375 301
AT&T, Inc. 2.55% 2033 64 48
Comcast Corp. 0% 2026 EUR100 86
Deutsche Telekom International Finance BV 9.25% 2032 USD45 55
Magallanes, Inc. 5.05% 20426 168 126
Netflix, Inc. 3.875% 20299 EUR200 173
Orange SA 9.00% 20318 USD65 78
T-Mobile US, Inc. 2.05% 2028 200 166
Verizon Communications, Inc. 0.375% 2029 EUR140 111
Verizon Communications, Inc. 2.55% 2031 USD325 260
Verizon Communications, Inc. 0.75% 2032 EUR100 73
      1,477
Information technology 0.42%      
Apple, Inc. 3.35% 2032 USD580 517
Broadcom, Inc. 4.00% 20296 21 18
Broadcom, Inc. 4.15% 2030 70 61
Broadcom, Inc. 3.419% 20336 53 41
Broadcom, Inc. 3.137% 20356 15 11
Lenovo Group, Ltd. 5.875% 2025 269 266
Mastercard, Inc. 2.00% 2031 102 81
Microsoft Corp. 2.40% 2026 187 173
American Funds Insurance Series — American Funds Global Balanced Fund — Page 131 of 255
unaudited
Bonds, notes & other debt instruments (continued)
Corporate bonds, notes & loans (continued)
Information technology (continued) 		  Principal amount
(000) 		Value
(000)
Oracle Corp. 2.65% 2026 USD216 $195
PayPal Holdings, Inc. 4.40% 2032 99 92
      1,455
Industrials 0.39%      
Boeing Company 4.508% 2023 400 399
Canadian Pacific Railway, Ltd. 3.10% 2051 164 108
Carrier Global Corp. 2.242% 2025 6 6
Carrier Global Corp. 2.493% 2027 7 6
CSX Corp. 3.80% 2050 6 5
CSX Corp. 2.50% 2051 75 45
General Electric Capital Corp. 4.418% 2035 200 179
Lima Metro Line 2 Finance, Ltd. 5.875% 20346 96 91
MISC Capital Two (Labuan), Ltd. 3.75% 20276 200 181
Singapore Airlines, Ltd. 3.375% 2029 200 175
United Technologies Corp. 4.125% 2028 170 159
      1,354
Energy 0.33%      
Canadian Natural Resources, Ltd. 2.95% 2030 161 133
Energy Transfer Operating, LP 5.00% 2050 71 56
Halliburton Company 3.80% 2025 2 2
Kinder Morgan, Inc. 4.30% 2025 165 161
MPLX, LP 5.50% 2049 123 105
Petróleos Mexicanos 5.95% 2031 161 109
Petróleos Mexicanos 6.75% 2047 107 60
Qatar Petroleum 3.125% 20416 270 197
Statoil ASA 3.70% 2024 50 49
TransCanada Corp. 5.875% 2076 (3-month USD-LIBOR + 4.64% on 8/15/2026)8 288 269
      1,141
Consumer staples 0.23%      
Altria Group, Inc. 2.20% 2027 EUR270 234
Anheuser-Busch InBev NV 4.00% 2028 USD100 95
Anheuser-Busch InBev NV 4.75% 2029 220 215
British American Tobacco PLC 3.215% 2026 62 55
British American Tobacco PLC 3.557% 2027 105 92
British American Tobacco PLC 4.70% 2027 67 63
British American Tobacco PLC 3.462% 2029 75 61
      815
Real estate 0.14%      
American Tower Corp. 0.875% 2029 EUR250 192
Equinix, Inc. 2.15% 2030 USD197 151
Essex Portfolio, LP 3.50% 2025 120 115
Essex Portfolio, LP 3.375% 2026 40 37
      495
American Funds Insurance Series — American Funds Global Balanced Fund — Page 132 of 255
unaudited
Bonds, notes & other debt instruments (continued)
Corporate bonds, notes & loans (continued)
Materials 0.11% 		  Principal amount
(000) 		Value
(000)
Celanese US Holdings, LLC 5.337% 2029 EUR300 $266
Celanese US Holdings, LLC 6.379% 2032 USD50 47
Vale Overseas, Ltd. 3.75% 2030 94 76
      389
Total corporate bonds, notes & loans     21,241
Mortgage-backed obligations 2.29%
Federal agency mortgage-backed obligations 1.34% 		     
Fannie Mae Pool #FM7100 3.50% 205010 363 331
Government National Mortgage Assn. 3.50% 205210,11 1,300 1,183
Uniform Mortgage-Backed Security 2.50% 205210,11 590 495
Uniform Mortgage-Backed Security 2.50% 205210,11 400 335
Uniform Mortgage-Backed Security 4.00% 205210,11 1,145 1,063
Uniform Mortgage-Backed Security 4.50% 205210,11 1,300 1,239
      4,646
Other mortgage-backed securities 0.95%      
Nordea Kredit 0.50% 204010 DKK1,640 159
Nykredit Realkredit AS, Series 01E, 1.50% 203710 511 56
Nykredit Realkredit AS, Series 01E, 0.50% 204010 7,338 712
Nykredit Realkredit AS, Series 01E, 1.50% 204010 1,299 141
Nykredit Realkredit AS, Series 01E, 0.50% 204310 20,719 1,987
Nykredit Realkredit AS, Series 01E, 0.50% 205010 1,378 118
Nykredit Realkredit AS, Series CCE, 1.00% 205010 595 54
Nykredit Realkredit AS, Series 01E, 1.00% 205310 869 78
Realkredit Danmark AS 1.00% 205310 195 18
      3,323
Total mortgage-backed obligations     7,969
Asset-backed obligations 0.70%      
AmeriCredit Automobile Receivables Trust, Series 2022-2, Class A2B,
(30-day Average USD-SOFR + 1.15%) 3.434% 202510,12 		USD230 230
CarMaxAuto Owner Trust, Series 2022-3, Class A2B, (30-day Average USD-SOFR + 0.77%) 3.055% 202510,12 128 128
Exeter Automobile Receivables Trust, Series 2022-3A, Class A2, 3.45% 202410 94 94
Exeter Automobile Receivables Trust, Series 2022-4A, Class A2, 3.99% 202410 73 73
Ford Credit Auto Owner Trust, Series 2022-B, Class A2B, (30-day Average USD-SOFR + 0.60%) 2.885% 202510,12 116 116
GM Financial Automobile Leasing Trust, Series 2022-3, Class A2B,
(30-day Average USD-SOFR + 0.71%) 2.994% 202410,12 		110 110
GM Financial Consumer Automobile Receivables Trust, Series 2022-3, Class A2B,
(30-day Average USD-SOFR + 0.60%) 2.885% 202510,12 		121 121
Hyundai Auto Receivables Trust, Series 2022-B, Class A2B,
(30-day Average USD-SOFR + 0.58%) 2.865% 202510,12 		120 120
Nissan Auto Lease Trust, Series 2021-A, Class A3, 0.52% 202410 302 293
Nissan Auto Lease Trust, Series 2022-A, Class A2B, (30-day Average USD-SOFR + 0.68%) 2.965% 202410,12 300 300
Santander Drive Auto Receivables Trust, Series 2022-4, Class A2, 4.05% 202510 220 219
Toyota Auto Receivables Owner Trust, Series 2022-C, Class A2B, (1-month USD-SOFR + 0.57%) 2.855% 202510,12 40 40
Verizon Master Trust, Series 2022-3, Class A, 3.01% 2027 (3.76% on 11/20/2023)8,10 250 245
Volkswagen Auto Lease Trust, Series 2022-A, Class A2, 3.02% 202410 167 165
Westlake Automobile Receivables Trust, Series 2022-2A, Class A2A, 3.36% 20256,10 182 180
      2,434
American Funds Insurance Series — American Funds Global Balanced Fund — Page 133 of 255
unaudited
Bonds, notes & other debt instruments (continued)
Municipals 0.04%
Ohio 0.02% 		  Principal amount
(000) 		Value
(000)
Turnpike and Infrastructure Commission, Turnpike Rev. Ref. Bonds
(Infrastructure Projects), Series 2020-A, 3.216% 2048 		USD100 $73
Texas 0.02%      
State of Texas, Grand Parkway Transportation Corp., Grand Parkway System Toll Rev. Ref. Bonds,
Series 2020-B, 3.236% 2052 		80 56
Total municipals     129
Total bonds, notes & other debt instruments (cost: $145,307,000)     123,819
Short-term securities 8.13%
Money market investments 7.76% 		  Shares  
Capital Group Central Cash Fund 2.81%3,13 270,056 27,003
Money market investments purchased with collateral from securities on loan 0.37%      
Capital Group Central Cash Fund 2.81%3,13,14 7,215 722
BlackRock Liquidity Funds – FedFund, Institutional Shares  2.76%13,14 115,427 116
Goldman Sachs Financial Square Government Fund, Institutional Shares 2.93%13,14 115,634 116
Invesco Short-Term Investments Trust – Government & Agency Portfolio,
Institutional Class 2.88%13,14 		115,426 115
Morgan Stanley Institutional Liquidity Funds – Government Portfolio,
Institutional Class 2.80%13,14 		115,426 115
State Street Institutional U.S. Government Money Market Fund, Institutional Class 2.91%13,14 115,426 115
      1,299
Total short-term securities (cost: $28,297,000)     28,302
Total investment securities 101.48% (cost: $382,055,000)     353,303
Other assets less liabilities (1.48)%     (5,167)
Net assets 100.00%     $348,136
Futures contracts
Contracts Type Number of
contracts 		Expiration Notional
amount
(000) 		Value and
unrealized
appreciation
(depreciation)
at 9/30/2022
(000)
2 Year U.S. Treasury Note Futures Short 1 December 2022 USD(205) $3
5 Year Euro-Bobl Futures Long 3 December 2022 352 (9)
5 Year U.S. Treasury Note Futures Long 57 December 2022 6,128 (147)
10 Year Italy Government Bond Futures Short 1 December 2022 (110) 5
10 Year Euro-Bund Futures Short 11 December 2022 (1,493) 1
10 Year Japanese Government Bond Futures Short 2 December 2022 (2,049) 6
10 Year Australian Treasury Bond Futures Long 4 December 2022 300 (7)
10 Year Ultra U.S. Treasury Note Futures Short 1 December 2022 (119) 7
10 Year U.S. Treasury Note Futures Short 8 December 2022 (897) 46
10 Year UK Gilt Futures Short 3 December 2022 (323) 37
20 Year U.S. Treasury Bond Futures Long 2 December 2022 253 (20)
American Funds Insurance Series — American Funds Global Balanced Fund — Page 134 of 255
unaudited
Futures contracts  (continued)
Contracts Type Number of
contracts 		Expiration Notional
amount
(000) 		Value and
unrealized
appreciation
(depreciation)
at 9/30/2022
(000)
30 Year Euro-Buxl Futures Long 2 December 2022 USD287 $(26)
30 Year Ultra U.S. Treasury Bond Futures Short 8 December 2022 (1,096) 97
          $(7)
Forward currency contracts
Contract amount Counterparty Settlement
date 		Unrealized
(depreciation)
appreciation
at 9/30/2022
(000)
Currency purchased
(000) 		Currency sold
(000)
JPY 93,270 USD 654 Standard Chartered Bank 10/5/2022 $(10)
JPY 44,570 USD 328 Morgan Stanley 10/5/2022 (20)
USD 643 KRW 894,770 Standard Chartered Bank 10/6/2022 20
USD 296 COP 1,337,640 Bank of America 10/7/2022 7
USD 503 AUD 750 Standard Chartered Bank 10/11/2022 24
USD 193 NZD 320 JPMorgan Chase 10/13/2022 14
USD 135 AUD 200 Bank of America 10/13/2022 7
USD 138 GBP 120 Standard Chartered Bank 10/13/2022 4
EUR 130 USD 125 UBS AG 10/13/2022 2
GBP 40 USD 43 Morgan Stanley 10/13/2022 2
USD 439 MXN 8,853 JPMorgan Chase 10/13/2022 —15
EUR 2,560 DKK 19,040 JPMorgan Chase 10/13/2022 (1)
USD 225 EUR 230 Standard Chartered Bank 10/13/2022 (1)
SEK 1,270 USD 118 Bank of America 10/13/2022 (4)
EUR 270 USD 274 UBS AG 10/13/2022 (9)
EUR 540 USD 542 JPMorgan Chase 10/13/2022 (12)
KRW 500,000 USD 364 Standard Chartered Bank 10/13/2022 (16)
CAD 530 USD 403 HSBC Bank 10/13/2022 (19)
EUR 4,202 USD 4,192 JPMorgan Chase 10/13/2022 (70)
KRW 1,261,900 USD 911 Citibank 10/14/2022 (33)
USD 178 MYR 800 Standard Chartered Bank 10/17/2022 6
USD 314 MYR 1,450 Standard Chartered Bank 10/17/2022 4
NZD 470 USD 284 UBS AG 10/17/2022 (21)
JPY 909,550 USD 6,333 UBS AG 10/17/2022 (38)
USD 564 CAD 760 JPMorgan Chase 10/26/2022 14
GBP 140 USD 150 JPMorgan Chase 10/26/2022 6
USD 327 GBP 290 Citibank 10/26/2022 3
USD 2,410 MXN 48,790 Morgan Stanley 10/26/2022 —15
MXN 6,900 USD 344 Morgan Stanley 10/26/2022 (3)
USD 587 GBP 530 Standard Chartered Bank 10/26/2022 (5)
JPY 123,180 USD 922 Bank of America 11/1/2022 (69)
JPY 82,873 AUD 890 JPMorgan Chase 11/10/2022 5
USD 420 PLN 1,940 Citibank 2/2/2023 37
USD 245 PLN 1,150 UBS AG 2/2/2023 18
PLN 4,260 USD 922 Citibank 2/2/2023 (81)
PLN 1,940 USD 468 BNP Paribas 2/2/2023 (85)
            $(324)
American Funds Insurance Series — American Funds Global Balanced Fund — Page 135 of 255
unaudited
Swap contracts
Interest rate swaps
Centrally cleared interest rate swaps
Receive Pay Expiration
date 		Notional
amount
(000) 		Value at
9/30/2022
(000) 		Upfront
premium
paid
(000) 		Unrealized
(depreciation)
appreciation
at 9/30/2022
(000)
Rate Payment
frequency 		Rate Payment
frequency
1.2475% Semi-annual 3-month NZD-BBR-FRA Quarterly 8/20/2023 NZD375 $(6) $— $(6)
1.234974% Semi-annual 3-month NZD-BBR-FRA Quarterly 8/20/2023 3,197 (50) — (50)
1.2375% Semi-annual 3-month NZD-BBR-FRA Quarterly 8/26/2023 1,178 (19) — (19)
1.264% Semi-annual 3-month NZD-BBR-FRA Quarterly 8/27/2023 2,945 (47) — (47)
1.26% Semi-annual 3-month NZD-BBR-FRA Quarterly 8/30/2023 486 (8) — (8)
1.28% Semi-annual 3-month NZD-BBR-FRA Quarterly 8/31/2023 486 (8) — (8)
1.30% Semi-annual 3-month NZD-BBR-FRA Quarterly 9/3/2023 533 (9) — (9)
1.4975% Semi-annual 3-month NZD-BBR-FRA Quarterly 9/21/2023 1,001 (16) — (16)
1.445% Semi-annual 3-month NZD-BBR-FRA Quarterly 9/28/2023 1,000 (17) — (17)
1.4475% Semi-annual 3-month NZD-BBR-FRA Quarterly 9/29/2023 1,019 (17) — (17)
1.4475% Semi-annual 3-month NZD-BBR-FRA Quarterly 9/30/2023 1,023 (18) — (18)
1.5125% Semi-annual 3-month NZD-BBR-FRA Quarterly 10/14/2023 904 (16) — (16)
1.53% Semi-annual 3-month NZD-BBR-FRA Quarterly 10/14/2023 1,031 (18) — (18)
1.5625% Semi-annual 3-month NZD-BBR-FRA Quarterly 10/15/2023 1,029 (18) — (18)
1.59% Semi-annual 3-month NZD-BBR-FRA Quarterly 10/18/2023 1,029 (18) — (18)
1.62% Semi-annual 3-month NZD-BBR-FRA Quarterly 10/19/2023 1,144 (19) — (19)
American Funds Insurance Series — American Funds Global Balanced Fund — Page 136 of 255
unaudited
Swap contracts  (continued)
Interest rate swaps  (continued)
Centrally cleared interest rate swaps  (continued)
Receive Pay Expiration
date 		Notional
amount
(000) 		Value at
9/30/2022
(000) 		  Upfront
premium
paid
(000) 		  Unrealized
(depreciation)
appreciation
at 9/30/2022
(000)
Rate Payment
frequency 		Rate Payment
frequency
3.7697% Semi-annual 3-month NZD-BBR-FRA Quarterly 11/6/2023 NZD5,500 $(28)   $—   $(28)
2.24% Semi-annual 3-month NZD-BBR-FRA Quarterly 11/8/2023 1,463 (21)   —   (21)
2.2525% Semi-annual 3-month NZD-BBR-FRA Quarterly 11/8/2023 1,463 (21)   —   (21)
2.20% Semi-annual 3-month NZD-BBR-FRA Quarterly 11/9/2023 123 (2)   —   (2)
2.495% Annual SONIA Annual 5/5/2024 GBP3,050 (106)   —   (106)
2.42% Annual SONIA Annual 5/5/2024 6,100 (218)   —   (218)
2.9588% Annual SONIA Annual 6/9/2024 4,180 (124)   —   (124)
SONIA Annual 5.6325% Annual 9/25/2024 7,720 10   —   10
6.59% 28-day 28-day MXN-TIIE 28-day 6/25/2026 MXN2,000 (9)   —   (9)
6.585% 28-day 28-day MXN-TIIE 28-day 6/25/2026 2,600 (11)   —   (11)
6.64% 28-day 28-day MXN-TIIE 28-day 6/25/2026 3,200 (14)   —   (14)
6.6175% 28-day 28-day MXN-TIIE 28-day 6/25/2026 8,600 (37)   —   (37)
6.633% 28-day 28-day MXN-TIIE 28-day 6/25/2026 8,900 (38)   —   (38)
6.58% 28-day 28-day MXN-TIIE 28-day 6/25/2026 11,300 (50)   —   (50)
7.59% 28-day 28-day MXN-TIIE 28-day 10/29/2026 2,500 (7)   —   (7)
7.62% 28-day 28-day MXN-TIIE 28-day 10/29/2026 3,701 (11)   —   (11)
7.66% 28-day 28-day MXN-TIIE 28-day 10/29/2026 6,100 (17)   —   (17)
7.64% 28-day 28-day MXN-TIIE 28-day 10/29/2026 6,000 (17)   —   (17)
7.52% 28-day 28-day MXN-TIIE 28-day 10/30/2026 7,639 (24)   —   (24)
9.07% 28-day 28-day MXN-TIIE 28-day 4/28/2027 20,400 (9)   —   (9)
            $(1,058)   $—   $(1,058)
Credit default swaps
Centrally cleared credit default swaps on credit indices — sell protection
Financing
rate received 		Payment
frequency 		Reference
index 		Expiration
date 		Notional
amount16
(000) 		Value at
9/30/202217
(000) 		Upfront
premium
paid
(000) 		Unrealized
depreciation
at 9/30/2022
(000)
1.00% Quarterly CDX.NA.IG.39 12/20/2027 USD6,195 $(22) $10 $(32)
American Funds Insurance Series — American Funds Global Balanced Fund — Page 137 of 255
unaudited
Investments in affiliates3
  Value of
affiliates at
1/1/2022
(000) 		Additions
(000) 		Reductions
(000) 		Net
realized
loss
(000) 		  Net
unrealized
(depreciation)
appreciation
(000) 		  Value of
affiliates at
9/30/2022
(000) 		  Dividend
income
(000)
Investment funds 0.48%
Capital Group Central Corporate Bond Fund $— $1,816 $— $—   $(144)   $1,672   $8
Short-term securities 7.97%
Money market investments 7.76%                    
Capital Group Central Cash Fund 2.81%13 1,127 128,563 102,690 (2)   5   27,003   147
Money market investments purchased with collateral
from securities on loan 0.21% 		                   
Capital Group Central Cash Fund 2.81%13,14 — 72218           722   —19
Total short-term securities               27,725    
Total 8.45%       $(2)   $(139)   $29,397   $155
Restricted securities9
  Acquisition
date(s) 		Cost
(000) 		  Value
(000) 		  Percent
of net
assets
Netflix, Inc. 3.875% 2029 7/11/2022-7/12/2022 $191   $173   .05%
Goldman Sachs Group, Inc. 1.00% 2033 5/19/2021 251   143   .04
Total   $442   $316   .09%
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 $1,385,000, which represented .40% of the net assets of the fund.
3 Part of the same “group of investment companies“ as the fund as defined under the Investment Company Act of 1940, as amended.
4 All or a portion of this security was pledged as collateral. The total value of pledged collateral was $655,000, which represented .19% of the net assets of the fund.
5 Index-linked bond whose principal amount moves with a government price index.
6 Acquired in a transaction exempt from registration under Rule 144A of the Securities Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers. The total value of all such securities was $5,197,000, which represented 1.49% of the net assets of the fund.
7 Scheduled interest and/or principal payment was not received.
8 Step bond; coupon rate may change at a later date.
9 Restricted security, other than Rule 144A, subject to legal or contractual restrictions on resale, including securities not registered under the Securities Act of 1933. The total value of all such restricted securities was $316,000, which represented .09% of the net assets of the fund.
10 Principal payments may be made periodically. Therefore, the effective maturity date may be earlier than the stated maturity date.
11 Purchased on a TBA basis.
12 Coupon rate may change periodically. Reference rate and spread are as of the most recent information available. Some coupon rates are determined by the issuer or agent based on current market conditions; therefore, the reference rate and spread are not available.
13 Rate represents the seven-day yield at 9/30/2022.
14 Security purchased with cash collateral from securities on loan.
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.
18 Represents net activity.
19 Dividend income is included with securities lending income and is not shown in this table.
American Funds Insurance Series — American Funds Global Balanced Fund — Page 138 of 255
unaudited
Key to abbreviations
ADR = American Depositary Receipts
Assn. = Association
AUD = Australian dollars
BBR = Bank Base Rate
BRL = Brazilian reais
CAD = Canadian dollars
CDI = CREST Depository Interest
CLP = Chilean pesos
CNY = Chinese yuan
COP = Colombian pesos
DKK = Danish kroner
EUR = Euros
EURIBOR = Euro Interbank Offered Rate
FRA = Forward Rate Agreement
GBP = British pounds
IDR = Indonesian rupiah
INR = Indian rupees
JPY = Japanese yen
 
KRW = South Korean won
LIBOR = London Interbank Offered Rate
MXN = Mexican pesos
MYR = Malaysian ringgits
NZD = New Zealand dollars
PLN = Polish zloty
Ref. = Refunding
REIT = Real Estate Investment Trust
Rev. = Revenue
RUB = Russian rubles
SEK = Swedish kronor
SOFR = Secured Overnight Financing Rate
SONIA = Sterling Overnight Interbank Average Rate
TBA = To be announced
TIIE = Equilibrium Interbank Interest Rate
USD = U.S. dollars
ZAR = South African rand
 
American Funds Insurance Series — American Funds Global Balanced Fund — Page 139 of 255
The Bond Fund of America®
Investment portfolio
September 30, 2022
unaudited
Bonds, notes & other debt instruments 99.27%
Corporate bonds, notes & loans 35.36%
Financials 9.95% 		  Principal amount
(000) 		Value
(000)
ACE INA Holdings, Inc. 2.875% 2022 USD3,625 $3,621
ACE INA Holdings, Inc. 3.35% 2026 2,025 1,916
ACE INA Holdings, Inc. 4.35% 2045 2,220 1,882
AerCap Holdings NV 6.50% 2025 1,798 1,796
AerCap Ireland Capital, Ltd. / AerCap Global Aviation Trust 1.15% 2023 3,130 2,975
AerCap Ireland Capital, Ltd. / AerCap Global Aviation Trust 1.65% 2024 5,996 5,483
AerCap Ireland Capital, Ltd. / AerCap Global Aviation Trust 2.45% 2026 10,289 8,693
AerCap Ireland Capital, Ltd. / AerCap Global Aviation Trust 3.00% 2028 12,359 9,922
AerCap Ireland Capital, Ltd. / AerCap Global Aviation Trust 3.30% 2032 12,595 9,488
AerCap Ireland Capital, Ltd. / AerCap Global Aviation Trust 3.40% 2033 5,120 3,722
AerCap Ireland Capital, Ltd. / AerCap Global Aviation Trust 3.85% 2041 1,254 835
Ally Financial, Inc. 5.125% 2024 1,500 1,492
Ally Financial, Inc. 8.00% 2031 8,479 8,869
Ally Financial, Inc. 8.00% 2031 7,070 7,423
American Express Co. 4.42% 2033 (USD-SOFR + 1.76% on 8/3/2032)1 4,501 4,098
Arthur J. Gallagher & Co. 3.50% 2051 1,073 732
Banco Santander, SA 5.147% 2025 4,000 3,884
Banco Santander, SA 1.722% 2027
(1-year UST Yield Curve Rate T Note Constant Maturity + 0.90% on 9/14/2026)1 		1,400 1,160
Banco Santander, SA 5.294% 2027 2,800 2,641
Bank of America Corp. 1.53% 2025 (USD-SOFR + 0.65% on 12/6/2024)1 1,970 1,803
Bank of America Corp. 1.658% 2027 (USD-SOFR + 0.91% on 3/11/2026)1 981 851
Bank of America Corp. 1.734% 2027 (USD-SOFR + 0.96% on 7/22/2026)1 7,989 6,862
Bank of America Corp. 3.419% 2028 (3-month USD-LIBOR + 1.04% on 12/20/2027)1 10,129 9,007
Bank of America Corp. 4.376% 2028 (USD-SOFR + 1.58% on 4/27/2027)1 2,635 2,472
Bank of America Corp. 4.948% 2028 (USD-SOFR + 2.04% on 7/22/2027)1 11,107 10,684
Bank of America Corp. 2.087% 2029 (USD-SOFR + 1.06% on 6/14/2028)1 2,773 2,256
Bank of America Corp. 1.922% 2031 (USD-SOFR + 1.37% on 10/24/2030)1 21,177 15,695
Bank of America Corp. 2.299% 2032 (USD-SOFR + 1.22% on 7/21/2031)1 36,155 27,066
Bank of America Corp. 2.572% 2032 (USD-SOFR + 1.21% on 10/20/2031)1 2,613 2,001
Bank of America Corp. 2.687% 2032 (USD-SOFR + 1.32% on 4/22/2031)1 8,343 6,523
Bank of America Corp. 2.972% 2033 (USD-SOFR + 1.33% on 2/4/2032)1 4,089 3,202
Bank of America Corp. 4.571% 2033 (USD-SOFR + 1.83% on 4/27/2032)1 11,965 10,733
Bank of America Corp. 5.015% 2033 (USD-SOFR + 2.16% on 7/22/2032)1 7,947 7,383
Bank of Ireland Group PLC 6.253% 2026
(1-year UST Yield Curve Rate T Note Constant Maturity + 2.65% on 9/16/2025)1,2 		4,850 4,749
Bank of Nova Scotia 2.45% 2032 900 686
Barclays Bank PLC 5.304% 2026
(1-year UST Yield Curve Rate T Note Constant Maturity + 2.30% on 8/9/2025)1 		4,525 4,351
BNP Paribas 1.323% 2027 (USD-SOFR + 1.004% on 1/13/2026)1,2 7,581 6,469
BNP Paribas 2.591% 2028 (USD-SOFR + 1.228% on 1/20/2027)1,2 13,134 11,230
BNP Paribas 2.159% 2029 (USD-SOFR + 1.218% on 9/15/2028)1,2 3,594 2,815
BNP Paribas 2.871% 2032 (USD-SOFR + 1.387% on 4/19/2031)1,2 4,177 3,164
Canadian Imperial Bank of Commerce (CIBC) 3.60% 2032 2,372 2,009
Capital One Financial Corp. 1.343% 2024 (USD-SOFR + 0.69% on 12/6/2023)1 4,525 4,300
American Funds Insurance Series — The Bond Fund of America — Page 140 of 255
unaudited
Bonds, notes & other debt instruments (continued)
Corporate bonds, notes & loans (continued)
Financials (continued) 		  Principal amount
(000) 		Value
(000)
Capital One Financial Corp. 4.985% 2026 (USD-SOFR + 2.16% on 7/24/2025)1 USD2,430 $2,377
Capital One Financial Corp. 4.927% 2028 (USD-SOFR + 2.057% on 5/10/2027)1 4,650 4,435
China Ping An Insurance Overseas (Holdings), Ltd. 2.85% 2031 1,126 825
CIT Group, Inc. 3.929% 2024 (USD-SOFR + 3.827% on 6/19/2023)1 5,410 5,339
Citigroup, Inc. 4.60% 2026 1,800 1,757
Citigroup, Inc. 1.462% 2027 (USD-SOFR + 0.67% on 6/9/2026)1 8,740 7,450
Citigroup, Inc. 3.07% 2028 (USD-SOFR + 1.28% on 2/24/2027)1 5,520 4,926
Citigroup, Inc. 4.658% 2028 (USD-SOFR + 1.887% on 5/24/2027)1 3,386 3,221
Citigroup, Inc. 3.057% 2033 (USD-SOFR + 1.351% on 1/25/2032)1 2,110 1,664
Citigroup, Inc. 3.785% 2033 (USD-SOFR + 1.939% on 3/17/2032)1 5,350 4,492
Citigroup, Inc. 4.91% 2033 (USD-SOFR + 2.086% on 5/24/2032)1 2,373 2,187
Corebridge Financial, Inc. 3.50% 20252 1,439 1,369
Corebridge Financial, Inc. 3.65% 20272 4,493 4,110
Corebridge Financial, Inc. 3.85% 20292 5,794 5,114
Corebridge Financial, Inc. 3.90% 20322 5,959 5,040
Corebridge Financial, Inc. 4.35% 20422 361 279
Corebridge Financial, Inc. 4.40% 20522 1,352 1,032
Crédit Agricole SA 1.907% 2026 (USD-SOFR + 1.676% on 6/16/2025)1,2 4,450 3,982
Crédit Agricole SA 1.247% 2027 (USD-SOFR + 0.892% on 1/26/2026)1,2 2,450 2,088
Credit Suisse Group AG 2.997% 2023 (3-month USD-LIBOR + 1.20% on 12/14/2022)1,2 12,000 11,908
Credit Suisse Group AG 3.80% 2023 12,925 12,724
Credit Suisse Group AG 2.593% 2025 (USD-SOFR + 1.56% on 9/11/2024)1,2 850 774
Credit Suisse Group AG 2.193% 2026 (USD-SOFR + 2.044% on 6/5/2025)1,2 5,750 5,004
Credit Suisse Group AG 1.305% 2027 (USD-SOFR + 0.98% on 2/2/2026)1,2 11,200 9,121
Credit Suisse Group AG 4.194% 2031 (USD-SOFR + 3.73% on 4/1/2030)1,2 3,096 2,439
Credit Suisse Group AG 3.091% 2032 (USD-SOFR + 1.73% on 5/14/2031)1,2 7,369 5,182
Danske Bank AS 1.549% 2027
(1-year UST Yield Curve Rate T Note Constant Maturity + 0.73% on 9/10/2026)1,2 		2,990 2,511
Danske Bank AS 4.298% 2028
(1-year UST Yield Curve Rate T Note Constant Maturity + 1.75% on 4/1/2027)1,2 		2,975 2,652
Deutsche Bank AG 3.30% 2022 2,695 2,688
Deutsche Bank AG 3.95% 2023 6,350 6,322
Deutsche Bank AG 0.898% 2024 2,500 2,311
Deutsche Bank AG 2.222% 2024 (USD-SOFR + 2.159% on 9/18/2023)1 10,475 9,981
Deutsche Bank AG 3.70% 2024 5,150 4,977
Deutsche Bank AG 3.961% 2025 (USD-SOFR + 2.581% on 11/26/2024)1 8,008 7,482
Deutsche Bank AG 2.129% 2026 (USD-SOFR + 1.87% on 11/24/2025)1 42,264 35,927
Deutsche Bank AG 4.10% 2026 7,305 6,913
Deutsche Bank AG 4.10% 2026 857 809
Deutsche Bank AG 2.311% 2027 (USD-SOFR + 1.219% on 11/16/2026)1 2,410 1,958
Deutsche Bank AG 2.552% 2028 (USD-SOFR + 1.318% on 1/7/2027)1 6,135 4,988
Deutsche Bank AG 3.547% 2031 (USD-SOFR + 3.043% on 9/18/2030)1 2,900 2,215
DNB Bank ASA 1.535% 2027
(5-year UST Yield Curve Rate T Note Constant Maturity + 0.72% on 5/25/2026)1,2 		1,200 1,033
GE Capital Funding, LLC 4.55% 2032 1,815 1,684
Goldman Sachs Group, Inc. 1.431% 2027 (USD-SOFR + 0.795% on 3/9/2026)1 3,030 2,608
Goldman Sachs Group, Inc. 1.542% 2027 (USD-SOFR + 0.818% on 9/10/2026)1 13,275 11,229
Goldman Sachs Group, Inc. 1.948% 2027 (USD-SOFR + 0.913% on 10/21/2026)1 13,961 11,957
Goldman Sachs Group, Inc. 2.64% 2028 (USD-SOFR + 1.114% on 2/24/2027)1 1,235 1,073
Goldman Sachs Group, Inc. 3.615% 2028 (USD-SOFR + 1.846% on 3/15/2027)1 7,403 6,745
Goldman Sachs Group, Inc. 3.814% 2029 (3-month USD-LIBOR + 1.158% on 4/23/2028)1 9,600 8,525
Goldman Sachs Group, Inc. 2.383% 2032 (USD-SOFR + 1.248% on 7/21/2031)1 14,860 11,221
Goldman Sachs Group, Inc. 2.65% 2032 (USD-SOFR + 1.264% on 10/21/2031)1 2,858 2,194
Goldman Sachs Group, Inc. 3.102% 2033 (USD-SOFR + 1.41% on 2/24/2032)1 10,422 8,290
American Funds Insurance Series — The Bond Fund of America — Page 141 of 255
unaudited
Bonds, notes & other debt instruments (continued)
Corporate bonds, notes & loans (continued)
Financials (continued) 		  Principal amount
(000) 		Value
(000)
Goldman Sachs Group, Inc. 2.908% 2042 (USD-SOFR + 1.40% on 7/21/2041)1 USD3,160 $2,039
Goldman Sachs Group, Inc. 5.30% junior subordinated perpetual bonds
(3-month USD-LIBOR + 3.834% on 11/10/2026)1 		1,750 1,628
Groupe BPCE SA 2.75% 20232 6,875 6,845
Groupe BPCE SA 5.70% 20232 28,166 27,863
Groupe BPCE SA 5.15% 20242 5,481 5,348
Groupe BPCE SA 1.625% 20252 2,980 2,738
Groupe BPCE SA 1.652% 2026 (USD-SOFR + 1.52% on 10/6/2025)1,2 6,350 5,520
Groupe BPCE SA 5.748% 2033 (USD-SOFR + 2.865% on 7/19/2032)1,2 6,195 5,720
HSBC Holdings PLC 2.251% 2027 (USD-SOFR + 1.10% on 11/22/2026)1 5,270 4,434
HSBC Holdings PLC 4.755% 2028 (USD-SOFR + 2.11% on 6/9/2027)1 6,610 6,082
HSBC Holdings PLC 2.206% 2029 (USD-SOFR + 1.285% on 8/17/2028)1 5,917 4,585
HSBC Holdings PLC 4.583% 2029 (3-month USD-LIBOR + 1.535% on 6/19/2028)1 6,410 5,723
HSBC Holdings PLC 2.804% 2032 (USD-SOFR + 1.187% on 5/24/2031)1 6,490 4,779
Huarong Finance 2017 Co., Ltd. 4.25% 2027 6,335 4,807
Huarong Finance 2017 Co., Ltd. 4.75% 2027 669 529
Huarong Finance 2019 Co., Ltd. (3-month USD-LIBOR + 1.125%) 4.105% 20233 2,750 2,705
Huarong Finance 2019 Co., Ltd. (3-month USD-LIBOR + 1.25%) 4.23% 20253 397 342
Huarong Finance II Co., Ltd. 5.00% 2025 480 410
Huarong Finance II Co., Ltd. 5.50% 2025 6,669 6,010
Huarong Finance II Co., Ltd. 4.625% 2026 200 168
Huarong Finance II Co., Ltd. 4.875% 2026 2,106 1,719
Intercontinental Exchange, Inc. 4.35% 2029 8,710 8,250
Intercontinental Exchange, Inc. 4.60% 2033 4,601 4,294
Intercontinental Exchange, Inc. 4.95% 2052 5,327 4,746
Intesa Sanpaolo SpA 3.375% 20232 10,035 9,981
Intesa Sanpaolo SpA 3.25% 20242 770 726
Intesa Sanpaolo SpA 5.017% 20242 68,143 63,588
Intesa Sanpaolo SpA 5.71% 20262 15,400 14,023
Intesa Sanpaolo SpA 3.875% 20272 6,250 5,435
Intesa Sanpaolo SpA 3.875% 20282 1,986 1,718
Iron Mountain Information Management Services, Inc. 5.00% 20322 2,060 1,598
JPMorgan Chase & Co. 0.969% 2025 (USD-SOFR + 0.58% on 6/23/2024)1 5,870 5,434
JPMorgan Chase & Co. 1.561% 2025 (USD-SOFR + 0.605% on 12/10/2024)1 11,105 10,191
JPMorgan Chase & Co. 4.08% 2026 (USD-SOFR + 1.32% on 4/26/2025)1 3,620 3,488
JPMorgan Chase & Co. 1.47% 2027 (USD-SOFR + 0.765% on 9/22/2026)1 5,965 5,051
JPMorgan Chase & Co. 1.578% 2027 (USD-SOFR + 0.885% on 4/22/2026)1 1,832 1,584
JPMorgan Chase & Co. 2.947% 2028 (USD-SOFR + 1.17% on 2/24/2027)1 4,350 3,851
JPMorgan Chase & Co. 4.323% 2028 (USD-SOFR + 1.56% on 4/26/2027)1 12,080 11,331
JPMorgan Chase & Co. 4.851% 2028 (USD-SOFR + 1.99% on 7/25/2027)1 7,703 7,404
JPMorgan Chase & Co. 2.069% 2029 (USD-SOFR + 1.015% on 6/1/2028)1 2,453 1,991
JPMorgan Chase & Co. 3.509% 2029 (3-month USD-LIBOR + 0.945% on 1/23/2028)1 9,600 8,505
JPMorgan Chase & Co. 4.203% 2029 (3-month USD-LIBOR + 1.26% on 7/23/2028)1 11,980 10,919
JPMorgan Chase & Co. 2.522% 2031 (USD-SOFR + 2.04% on 4/22/2030)1 1,766 1,398
JPMorgan Chase & Co. 2.545% 2032 (USD-SOFR + 1.18% on 11/8/2031)1 5,313 4,038
JPMorgan Chase & Co. 2.58% 2032 (USD-SOFR + 1.25% on 4/22/2031)1 4,802 3,727
JPMorgan Chase & Co. 2.963% 2033 (USD-SOFR + 1.26% on 1/25/2032)1 553 435
JPMorgan Chase & Co. 4.586% 2033 (USD-SOFR + 1.80% on 4/26/2032)1 1,907 1,719
JPMorgan Chase & Co. 4.912% 2033 (USD-SOFR + 2.08% on 7/25/2032)1 5,475 5,056
Kasikornbank PCL HK 3.343% 2031
(5-year UST Yield Curve Rate T Note Constant Maturity + 1.70% on 10/2/2026)1 		2,415 2,105
Keb Hana Bank 3.25% 20272 1,315 1,224
Lloyds Banking Group PLC 2.438% 2026
(1-year UST Yield Curve Rate T Note Constant Maturity + 1.00% on 2/5/2025)1 		2,675 2,460
American Funds Insurance Series — The Bond Fund of America — Page 142 of 255
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Bonds, notes & other debt instruments (continued)
Corporate bonds, notes & loans (continued)
Financials (continued) 		  Principal amount
(000) 		Value
(000)
Lloyds Banking Group PLC 4.375% 2028 USD8,825 $8,035
Marsh & McLennan Companies, Inc. 2.375% 2031 367 289
Marsh & McLennan Companies, Inc. 2.90% 2051 505 314
MetLife Capital Trust IV, junior subordinated, 7.875% 2067
(3-month USD-LIBOR + 3.96% on 12/1/2037)1,2 		1,405 1,503
MetLife, Inc. 3.60% 2025 3,490 3,363
MetLife, Inc. 5.00% 2052 165 151
Mitsubishi UFJ Financial Group, Inc. 0.962% 2025
(1-year UST Yield Curve Rate T Note Constant Maturity + 0.45% on 10/11/2024)1 		2,960 2,697
Mitsubishi UFJ Financial Group, Inc. 1.538% 2027
(1-year UST Yield Curve Rate T Note Constant Maturity + 0.75% on 7/20/2026)1 		6,200 5,289
Mitsubishi UFJ Financial Group, Inc. 1.64% 2027
(1-year UST Yield Curve Rate T Note Constant Maturity + 0.67% on 10/13/2026)1 		2,225 1,888
Mitsubishi UFJ Financial Group, Inc. 2.341% 2028
(1-year UST Yield Curve Rate T Note Constant Maturity + 0.83% on 1/19/2027)1 		2,970 2,570
Mitsubishi UFJ Financial Group, Inc. 4.08% 2028
(1-year UST Yield Curve Rate T Note Constant Maturity + 1.30% on 4/19/2027)1 		2,945 2,745
Mitsubishi UFJ Financial Group, Inc. 5.133% 2033
(1-year UST Yield Curve Rate T Note Constant Maturity + 2.125% on 7/20/2032)1 		1,197 1,120
Mizuho Financial Group, Inc. 1.554% 2027
(1-year UST Yield Curve Rate T Note Constant Maturity + 0.75% on 7/9/2026)1 		4,615 3,929
Mizuho Financial Group, Inc. 5.669% 2033
(1-year UST Yield Curve Rate T Note Constant Maturity + 2.40% on 9/13/2032)1 		2,390 2,302
Morgan Stanley 0.791% 2025 (USD-SOFR + 0.509% on 1/22/2024)1 3,065 2,873
Morgan Stanley 2.72% 2025 (USD-SOFR + 1.152% on 7/22/2024)1 2,300 2,183
Morgan Stanley 2.63% 2026 (USD-SOFR + 0.94% on 2/18/2025)1 2,680 2,499
Morgan Stanley 1.512% 2027 (USD-SOFR + 0.858% on 7/20/2026)1 10,488 8,945
Morgan Stanley 4.21% 2028 (USD-SOFR + 1.61% on 4/20/2027)1 3,671 3,438
Morgan Stanley 2.239% 2032 (USD-SOFR + 1.178% on 7/21/2031)1 30,007 22,572
Morgan Stanley 2.511% 2032 (USD-SOFR + 1.20% on 10/20/2031)1 2,813 2,153
Morgan Stanley 2.943% 2033 (USD-SOFR + 1.29% on 1/21/2032)1 6,616 5,238
Morgan Stanley 4.889% 2033 (USD-SOFR + 2.077% on 7/20/2032)1 3,375 3,130
Morgan Stanley 5.297% 2037 (USD-SOFR + 2.62% on 4/20/2032)1 2,286 2,057
MSCI, Inc. 3.25% 20332 2,750 2,128
Navient Corp. 6.75% 2025 425 398
OneMain Holdings, Inc. 7.125% 2026 250 226
PNC Financial Services Group, Inc. 2.854% 20221 5,850 5,845
Rede D’Or Finance SARL 4.50% 20302 1,572 1,276
Santander Holdings USA, Inc. 3.50% 2024 8,325 8,074
Santander Holdings USA, Inc. 2.49% 20281 3,625 3,028
State Street Corp. 4.164% 2033 (USD-SOFR + 1.726% on 8/4/2032)1 1,640 1,482
Sumitomo Mitsui Banking Corp. 2.174% 2027 1,100 960
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 		1,530 1,122
Synchrony Financial 4.375% 2024 3,640 3,577
Toronto-Dominion Bank 1.95% 2027 1,060 923
Toronto-Dominion Bank 2.00% 2031 3,510 2,624
Travelers Companies, Inc. 2.55% 2050 768 476
U.S. Bancorp 4.548% 2028 (USD-SOFR + 1.66% on 7/27/2027)1 2,440 2,353
UBS Group AG 1.494% 2027
(1-year UST Yield Curve Rate T Note Constant Maturity + 0.85% on 8/10/2026)1,2 		4,000 3,365
UniCredit SpA 4.625% 20272 1,395 1,258
UniCredit SpA 5.861% 2032 (5-year USD-ICE Swap + 3.703% on 6/19/2027)1,2 16,130 13,304
Vigorous Champion International, Ltd. 4.25% 2029 462 395
American Funds Insurance Series — The Bond Fund of America — Page 143 of 255
unaudited
Bonds, notes & other debt instruments (continued)
Corporate bonds, notes & loans (continued)
Financials (continued) 		  Principal amount
(000) 		Value
(000)
Wells Fargo & Company 2.406% 2025 (3-month USD-LIBOR + 0.825% on 10/30/2024)1 USD20,480 $19,134
Wells Fargo & Company 3.908% 2026 (USD-SOFR + 1.32% on 4/25/2025)1 3,524 3,371
Wells Fargo & Company 3.526% 2028 (USD-SOFR + 1.51% on 3/24/2027)1 9,236 8,374
Wells Fargo & Company 4.808% 2028 (USD-SOFR + 1.98% on 7/25/2027)1 7,450 7,113
Wells Fargo & Company 3.35% 2033 (USD-SOFR + 1.50% on 3/2/2032)1 7,665 6,226
Wells Fargo & Company 4.897% 2033 (USD-SOFR + 4.897% on 7/25/2032)1 4,300 3,970
Wells Fargo & Company 4.611% 2053 (USD-SOFR + 2.13% on 4/25/2052)1 14,070 11,452
Willis North America, Inc. 4.65% 2027 1,290 1,227
      1,005,303
Utilities 4.41%      
AEP Texas, Inc. 3.45% 2051 1,475 1,014
Alabama Power Co. 3.00% 2052 3,880 2,544
Alfa Desarrollo SpA 4.55% 20512 1,001 663
Ameren Corp. 4.50% 2049 2,875 2,463
Baltimore Gas & Electric 4.55% 2052 525 452
Berkshire Hathaway Energy Company 4.50% 2045 5,895 4,934
Comisión Federal de Electricidad 4.688% 20292 3,655 3,065
Comisión Federal de Electricidad 3.875% 20332 1,340 937
Connecticut Light and Power Co. 2.05% 2031 1,775 1,403
Consumers Energy Co. 4.05% 2048 1,413 1,149
Consumers Energy Co. 3.10% 2050 4,123 2,795
Consumers Energy Co. 3.75% 2050 5,625 4,355
Consumers Energy Co. 3.50% 2051 235 174
Duke Energy Corp. 3.75% 2024 3,826 3,759
Duke Energy Corp. 4.50% 2032 9,305 8,427
Duke Energy Corp. 5.00% 2052 955 816
Duke Energy Florida, LLC 3.40% 2046 5,669 4,010
Duke Energy Florida, LLC 3.00% 2051 711 470
Duke Energy Progress, LLC 3.70% 2028 3,750 3,493
Duke Energy Progress, LLC 2.00% 2031 1,775 1,375
Duke Energy Progress, LLC 2.50% 2050 644 383
Edison International 3.125% 2022 2,900 2,895
Edison International 3.55% 2024 6,850 6,583
Edison International 4.95% 2025 175 172
Edison International 5.75% 2027 3,181 3,120
Edison International 4.125% 2028 3,644 3,257
Electricité de France SA 2.625% junior subordinated perpetual bonds
(5-year EUR Mid-Swap + 2.86% on 6/1/2028)1 		EUR2,800 1,938
Emera US Finance, LP 0.833% 2024 USD600 556
Emera US Finance, LP 2.639% 2031 4,400 3,431
Enel Società per Azioni 8.75% 2073
(USD Semi Annual 30/360 (vs. 3-month USD-LIBOR) + 5.88% on 9/24/2023)1,2 		1,000 1,000
ENN Clean Energy International Investment, Ltd. 3.375% 20262 1,310 1,124
Entergy Louisiana, LLC 4.20% 2048 6,325 5,105
Entergy Louisiana, LLC 4.75% 2052 1,525 1,331
Eversource Energy 3.80% 2023 5,000 4,941
FirstEnergy Corp. 1.60% 2026 20,066 17,368
FirstEnergy Corp. 3.50% 20282 2,400 2,165
FirstEnergy Corp. 4.10% 20282 425 394
FirstEnergy Corp. 2.25% 2030 13,707 10,587
FirstEnergy Corp. 2.65% 2030 12,524 10,129
FirstEnergy Corp., Series B, 4.40% 2027 (4.15% on 1/15/2023)1 12,178 11,327
FirstEnergy Transmission, LLC 2.866% 20282 4,000 3,404
American Funds Insurance Series — The Bond Fund of America — Page 144 of 255
unaudited
Bonds, notes & other debt instruments (continued)
Corporate bonds, notes & loans (continued)
Utilities (continued) 		  Principal amount
(000) 		Value
(000)
Florida Power & Light Company 2.45% 2032 USD6,025 $4,901
Florida Power & Light Company 2.875% 2051 9,334 6,184
Georgia Power Co. 3.70% 2050 275 200
Interchile SA 4.50% 20562 465 342
Israel Electric Corp., Ltd. 4.25% 20282 10,190 9,474
Israel Electric Corp., Ltd. 3.75% 20322 340 293
ITC Holdings Corp. 4.95% 20272 1,100 1,075
Jersey Central Power & Light Co. 2.75% 20322 525 417
Mississippi Power Co. 4.25% 2042 5,020 4,030
Monongahela Power Co. 3.55% 20272 1,700 1,568
NextEra Energy Capital Holdings, Inc. 1.875% 2027 3,000 2,607
NextEra Energy Capital Holdings, Inc. 2.44% 2032 2,765 2,156
NiSource Finance Corp. 5.00% 2052 2,150 1,883
Northern States Power Co. 4.50% 2052 3,328 2,936
Oncor Electric Delivery Company, LLC 4.55% 20322 975 939
Pacific Gas and Electric Co. 3.25% 2023 5,615 5,540
Pacific Gas and Electric Co. 3.40% 2024 2,000 1,905
Pacific Gas and Electric Co. 2.95% 2026 10,850 9,584
Pacific Gas and Electric Co. 3.15% 2026 27,543 24,773
Pacific Gas and Electric Co. 3.30% 2027 12,289 10,372
Pacific Gas and Electric Co. 3.30% 2027 5,850 5,075
Pacific Gas and Electric Co. 3.75% 2028 13,075 11,030
Pacific Gas and Electric Co. 4.65% 2028 7,900 6,980
Pacific Gas and Electric Co. 4.55% 2030 35,299 30,290
Pacific Gas and Electric Co. 2.50% 2031 19,695 14,355
Pacific Gas and Electric Co. 3.25% 2031 1,300 994
Pacific Gas and Electric Co. 3.30% 2040 8,898 5,715
Pacific Gas and Electric Co. 3.75% 2042 9,466 6,021
Pacific Gas and Electric Co. 4.75% 2044 336 241
Pacific Gas and Electric Co. 3.50% 2050 6,836 4,177
Public Service Electric and Gas Co. 3.20% 2029 6,000 5,392
Public Service Electric and Gas Co. 1.90% 2031 775 607
Public Service Electric and Gas Co. 3.10% 2032 7,500 6,401
Puget Energy, Inc. 3.65% 2025 300 284
Southern California Edison Co. 2.85% 2029 8,200 6,926
Southern California Edison Co. 4.20% 2029 11,000 10,187
Southern California Edison Co. 2.50% 2031 5,149 4,072
Southern California Edison Co. 5.35% 2035 6,450 5,927
Southern California Edison Co. 5.75% 2035 4,549 4,332
Southern California Edison Co. 5.625% 2036 7,051 6,549
Southern California Edison Co. 5.55% 2037 3,844 3,507
Southern California Edison Co. 5.95% 2038 5,121 4,922
Southern California Edison Co. 4.00% 2047 9,402 6,876
Southern California Edison Co. 4.125% 2048 8,048 6,003
Southern California Edison Co. 4.875% 2049 916 769
Southern California Edison Co. 3.65% 2050 5,353 3,678
Southern California Edison Co. 3.65% 2051 6,978 4,875
Southern California Edison Co., Series C, 3.60% 2045 2,717 1,866
Southwestern Electric Power Co. 1.65% 2026 3,550 3,134
Southwestern Electric Power Co. 3.25% 2051 2,270 1,448
Union Electric Co. 2.15% 2032 3,175 2,457
Virginia Electric and Power Co. 2.30% 2031 2,425 1,926
Virginia Electric and Power Co. 2.40% 2032 5,795 4,627
WEC Energy Group, Inc. 2.20% 2028 1,575 1,303
American Funds Insurance Series — The Bond Fund of America — Page 145 of 255
unaudited
Bonds, notes & other debt instruments (continued)
Corporate bonds, notes & loans (continued)
Utilities (continued) 		  Principal amount
(000) 		Value
(000)
Wisconsin Electric Power Co. 2.85% 2051 USD375 $242
Wisconsin Power and Light Co. 1.95% 2031 525 411
Wisconsin Power and Light Co. 3.65% 2050 1,075 788
Xcel Energy, Inc. 3.30% 2025 5,650 5,420
Xcel Energy, Inc. 1.75% 2027 5,660 4,898
Xcel Energy, Inc. 2.60% 2029 2,925 2,434
Xcel Energy, Inc. 2.35% 2031 8,500 6,587
Xcel Energy, Inc. 4.60% 2032 11,675 10,840
      445,253
Consumer discretionary 4.22%      
Allied Universal Holdco, LLC 4.625% 20282 335 259
Amazon.com, Inc. 3.30% 2027 1,760 1,664
Amazon.com, Inc. 1.65% 2028 3,860 3,284
Amazon.com, Inc. 3.45% 2029 1,305 1,207
Amazon.com, Inc. 3.60% 2032 6,830 6,217
Amazon.com, Inc. 2.875% 2041 650 477
Amazon.com, Inc. 3.10% 2051 9,380 6,596
Amazon.com, Inc. 3.95% 2052 1,635 1,345
Amazon.com, Inc. 3.25% 2061 4,100 2,768
Amazon.com, Inc. 4.10% 2062 470 376
Atlas LuxCo 4 SARL 4.625% 20282 255 193
Bath & Body Works, Inc. 6.875% 2035 740 620
Bayerische Motoren Werke AG 1.25% 20262 100 87
Bayerische Motoren Werke AG 3.45% 20272 1,075 1,002
Bayerische Motoren Werke AG 1.95% 20312 620 474
Bayerische Motoren Werke AG 3.70% 20322 1,350 1,184
Daimler Trucks Finance North America, LLC 1.125% 20232 3,015 2,873
Daimler Trucks Finance North America, LLC 1.625% 20242 4,950 4,570
Daimler Trucks Finance North America, LLC 3.50% 20252 1,750 1,663
Daimler Trucks Finance North America, LLC 3.65% 20272 4,140 3,793
Daimler Trucks Finance North America, LLC 2.375% 20282 3,975 3,247
Daimler Trucks Finance North America, LLC 2.50% 20312 9,625 7,304
DaimlerChrysler North America Holding Corp. 1.75% 20232 8,000 7,899
DaimlerChrysler North America Holding Corp. 3.35% 20232 2,000 1,991
Ford Motor Credit Company, LLC 5.125% 2025 3,870 3,658
Ford Motor Credit Company, LLC 3.815% 2027 3,790 3,189
Ford Motor Credit Company, LLC 4.125% 2027 39,080 33,721
Ford Motor Credit Company, LLC 4.271% 2027 18,542 16,250
Ford Motor Credit Company, LLC 5.113% 2029 4,205 3,658
General Motors Company 4.35% 2025 11,358 10,980
General Motors Company 6.125% 2025 23,743 23,775
General Motors Company 5.40% 2029 781 721
General Motors Company 5.40% 2048 7,200 5,636
General Motors Financial Co. 3.25% 2023 964 959
General Motors Financial Co. 1.05% 2024 4,200 3,939
General Motors Financial Co. 1.50% 2026 6,712 5,712
General Motors Financial Co. 2.35% 2027 9,771 8,304
General Motors Financial Co. 2.40% 2028 13,909 11,144
General Motors Financial Co. 2.40% 2028 464 367
General Motors Financial Co. 3.60% 2030 465 377
General Motors Financial Co. 2.35% 2031 6,075 4,417
General Motors Financial Co. 2.70% 2031 6,075 4,469
Grand Canyon University 4.125% 2024 4,190 3,869
American Funds Insurance Series — The Bond Fund of America — Page 146 of 255
unaudited
Bonds, notes & other debt instruments (continued)
Corporate bonds, notes & loans (continued)
Consumer discretionary (continued) 		  Principal amount
(000) 		Value
(000)
Home Depot, Inc. 2.95% 2029 USD6,081 $5,398
Home Depot, Inc. 4.50% 2048 1,915 1,681
Hyundai Capital America 2.85% 20222 4,118 4,112
Hyundai Capital America 1.25% 20232 3,150 3,031
Hyundai Capital America 2.375% 20232 9,977 9,891
Hyundai Capital America 0.875% 20242 2,780 2,570
Hyundai Capital America 1.00% 20242 2,750 2,515
Hyundai Capital America 3.40% 20242 8,180 7,883
Hyundai Capital America 1.80% 20252 13,274 11,819
Hyundai Capital America 2.65% 20252 12,372 11,541
Hyundai Capital America 1.30% 20262 6,000 5,196
Hyundai Capital America 1.50% 20262 8,310 7,067
Hyundai Capital America 1.65% 20262 7,275 6,138
Hyundai Capital America 2.375% 20272 7,543 6,308
Hyundai Capital America 3.00% 20272 9,000 8,006
Hyundai Capital America 1.80% 20282 6,000 4,788
Hyundai Capital America 2.00% 20282 5,775 4,606
Hyundai Capital America 2.10% 20282 4,010 3,154
Hyundai Capital Services, Inc. 1.25% 20262 3,695 3,216
KIA Corp. 2.375% 20252 1,580 1,470
Lowe’s Companies, Inc. 5.00% 2033 955 903
Lowe’s Companies, Inc. 5.625% 2053 1,030 955
Marriott International, Inc. 5.75% 2025 330 334
Marriott International, Inc. 3.125% 2026 410 379
Marriott International, Inc. 5.00% 2027 4,470 4,324
Marriott International, Inc. 2.75% 2033 2,226 1,619
McDonald’s Corp. 2.125% 2030 2,482 2,025
McDonald’s Corp. 4.60% 2032 1,765 1,688
McDonald’s Corp. 4.45% 2047 3,535 2,973
McDonald’s Corp. 3.625% 2049 2,938 2,145
McDonald’s Corp. 5.15% 2052 730 680
Meituan Dianping 3.05% 20302 3,200 2,119
Nissan Motor Co., Ltd. 3.043% 20232 240 233
Nissan Motor Co., Ltd. 3.522% 20252 800 737
Nissan Motor Co., Ltd. 2.00% 20262 12,000 10,161
Nissan Motor Co., Ltd. 4.345% 20272 1,790 1,545
Nissan Motor Co., Ltd. 2.75% 20282 11,200 8,833
Nissan Motor Co., Ltd. 4.81% 20302 17,533 14,228
Sands China, Ltd. 2.80% 20271 2,368 1,885
Starbucks Corp. 3.75% 2047 3,785 2,796
Stellantis Finance US, Inc. 1.711% 20272 3,500 2,918
Stellantis Finance US, Inc. 5.625% 20282 6,695 6,459
Stellantis Finance US, Inc. 2.691% 20312 4,280 3,059
Stellantis Finance US, Inc. 6.375% 20322 12,065 11,179
Toyota Motor Credit Corp. 3.375% 2030 4,954 4,432
VICI Properties, LP / VICI Note Co., Inc. 4.125% 20302 425 356
Volkswagen Group of America Finance, LLC 4.25% 20232 15,000 14,851
Volkswagen Group of America Finance, LLC 2.85% 20242 546 523
Volkswagen Group of America Finance, LLC 3.35% 20252 2,636 2,503
Volkswagen Group of America Finance, LLC 4.35% 20272 2,550 2,398
Wyndham Destinations, Inc. 6.625% 20262 675 633
Wynn Resorts Finance, LLC 5.125% 20292 410 332
      426,833
American Funds Insurance Series — The Bond Fund of America — Page 147 of 255
unaudited
Bonds, notes & other debt instruments (continued)
Corporate bonds, notes & loans (continued)
Health care 3.60% 		  Principal amount
(000) 		Value
(000)
AbbVie, Inc. 3.20% 2029 USD8,482 $7,432
AbbVie, Inc. 4.25% 2049 8 6
Amgen, Inc. 3.00% 2029 325 284
Amgen, Inc. 4.05% 2029 8,400 7,738
Amgen, Inc. 2.45% 2030 5,131 4,239
Amgen, Inc. 3.35% 2032 499 427
Amgen, Inc. 4.20% 2033 9,075 8,225
Amgen, Inc. 4.875% 2053 4,975 4,384
Amgen, Inc. 4.40% 2062 196 154
Anthem, Inc. 2.375% 2025 1,534 1,449
Anthem, Inc. 4.10% 2032 8,711 7,882
Anthem, Inc. 4.55% 2052 1,721 1,457
AstraZeneca Finance, LLC 1.75% 2028 1,429 1,203
AstraZeneca Finance, LLC 2.25% 2031 2,087 1,699
AstraZeneca PLC 4.00% 2029 5,920 5,605
Bausch Health Companies, Inc. 4.875% 20282 830 537
Baxter International, Inc. 2.539% 2032 3,906 3,043
Bayer US Finance II, LLC 4.25% 20252 17,570 16,830
Centene Corp. 4.25% 2027 14,860 13,624
Centene Corp. 2.45% 2028 12,410 10,125
Centene Corp. 4.625% 2029 14,945 13,465
Centene Corp. 3.375% 2030 15,718 12,884
Centene Corp. 2.50% 2031 8,550 6,463
Centene Corp. 2.625% 2031 2,510 1,897
Danaher Corp. 2.80% 2051 1,090 704
Eli Lilly and Company 3.375% 2029 1,255 1,163
Gilead Sciences, Inc. 1.65% 2030 1,570 1,206
HCA, Inc. 3.125% 20272 755 669
HCA, Inc. 2.375% 2031 2,318 1,718
HCA, Inc. 3.625% 20322 5,000 4,052
HCA, Inc. 4.625% 20522 390 294
Johnson & Johnson 0.95% 2027 12,753 10,810
Johnson & Johnson 2.10% 2040 825 551
Johnson & Johnson 2.25% 2050 1,933 1,198
Laboratory Corporation of America Holdings 1.55% 2026 1,058 928
Laboratory Corporation of America Holdings 4.70% 2045 4,160 3,451
Merck & Co., Inc. 1.70% 2027 3,093 2,705
Merck & Co., Inc. 2.75% 2051 808 529
Regeneron Pharmaceuticals, Inc. 1.75% 2030 1,918 1,455
Roche Holdings, Inc. 1.93% 20282 7,845 6,602
Roche Holdings, Inc. 2.076% 20312 13,787 11,063
Roche Holdings, Inc. 2.607% 20512 645 423
Shire PLC 3.20% 2026 14,406 13,301
Teva Pharmaceutical Finance Co. BV 7.125% 2025 45,000 43,877
Teva Pharmaceutical Finance Co. BV 3.15% 2026 68,853 56,586
Teva Pharmaceutical Finance Co. BV 6.75% 2028 26,824 24,680
Teva Pharmaceutical Finance Co. BV 4.10% 2046 46,666 27,955
UnitedHealth Group, Inc. 3.75% 2025 5,410 5,264
UnitedHealth Group, Inc. 3.70% 2027 1,184 1,128
UnitedHealth Group, Inc. 4.00% 2029 2,231 2,081
UnitedHealth Group, Inc. 2.00% 2030 855 689
UnitedHealth Group, Inc. 4.20% 2032 3,169 2,946
UnitedHealth Group, Inc. 3.05% 2041 1,300 947
UnitedHealth Group, Inc. 4.25% 2048 960 798
American Funds Insurance Series — The Bond Fund of America — Page 148 of 255
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Bonds, notes & other debt instruments (continued)
Corporate bonds, notes & loans (continued)
Health care (continued) 		  Principal amount
(000) 		Value
(000)
UnitedHealth Group, Inc. 3.25% 2051 USD927 $646
UnitedHealth Group, Inc. 4.75% 2052 1,400 1,255
UnitedHealth Group, Inc. 4.95% 2062 550 492
      363,218
Communication services 3.34%      
AT&T, Inc. 1.70% 2026 19,000 16,914
AT&T, Inc. 1.65% 2028 4,700 3,869
AT&T, Inc. 4.30% 2030 15,940 14,582
AT&T, Inc. 2.55% 2033 15,003 11,122
AT&T, Inc. 3.50% 2053 19,935 13,316
CCO Holdings, LLC and CCO Holdings Capital Corp. 5.125% 20272 4,800 4,340
CCO Holdings, LLC and CCO Holdings Capital Corp. 2.25% 2029 1,351 1,059
CCO Holdings, LLC and CCO Holdings Capital Corp. 2.80% 2031 8,212 6,222
CCO Holdings, LLC and CCO Holdings Capital Corp. 4.75% 20322 1,265 987
CCO Holdings, LLC and CCO Holdings Capital Corp. 4.40% 2033 2,642 2,192
CCO Holdings, LLC and CCO Holdings Capital Corp. 4.25% 20342 3,875 2,783
CCO Holdings, LLC and CCO Holdings Capital Corp. 5.75% 2048 5,000 4,049
CCO Holdings, LLC and CCO Holdings Capital Corp. 5.25% 2053 1,240 953
CenturyLink, Inc. 4.00% 20272 17,646 14,857
Comcast Corp. 3.15% 2028 7,200 6,538
Comcast Corp. 4.00% 2048 5,000 3,859
Magallanes, Inc. 3.428% 20242 6,552 6,334
Magallanes, Inc. 3.638% 20252 3,056 2,897
Magallanes, Inc. 3.755% 20272 9,501 8,512
Magallanes, Inc. 4.054% 20292 1,316 1,138
Magallanes, Inc. 4.279% 20322 4,932 4,064
Magallanes, Inc. 5.05% 20422 3,147 2,360
Magallanes, Inc. 5.141% 20522 11,141 8,119
Magallanes, Inc. 5.391% 20622 2,802 2,037
Meta Platforms, Inc. 4.45% 20522 3,775 3,087
Netflix, Inc. 4.875% 2028 23,119 21,688
Netflix, Inc. 5.875% 2028 27,296 26,703
Netflix, Inc. 5.375% 20292 12,700 11,965
Netflix, Inc. 6.375% 2029 3,355 3,339
Netflix, Inc. 4.875% 20302 14,775 13,535
News Corp. 5.125% 20322 1,300 1,143
SBA Tower Trust 1.631% 20262 6,741 5,755
Sirius XM Radio, Inc. 4.00% 20282 675 576
Sprint Corp. 7.625% 2025 6,665 6,844
Tencent Holdings, Ltd. 2.39% 20302 10,000 7,855
T-Mobile US, Inc. 3.50% 2025 3,275 3,133
T-Mobile US, Inc. 2.25% 2026 2,388 2,140
T-Mobile US, Inc. 2.625% 2026 9,691 8,794
T-Mobile US, Inc. 3.75% 2027 5,000 4,621
T-Mobile US, Inc. 2.40% 2029 1,224 1,000
T-Mobile US, Inc. 2.625% 2029 3,117 2,580
T-Mobile US, Inc. 3.875% 2030 4,500 3,994
T-Mobile US, Inc. 2.875% 2031 13,367 10,790
T-Mobile US, Inc. 3.50% 2031 4,402 3,706
T-Mobile US, Inc. 3.00% 2041 2,100 1,407
T-Mobile US, Inc. 3.40% 2052 12,280 8,128
Verizon Communications, Inc. 4.329% 2028 1,539 1,449
Verizon Communications, Inc. 1.75% 2031 15,450 11,612
American Funds Insurance Series — The Bond Fund of America — Page 149 of 255
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Bonds, notes & other debt instruments (continued)
Corporate bonds, notes & loans (continued)
Communication services (continued) 		  Principal amount
(000) 		Value
(000)
Verizon Communications, Inc. 2.55% 2031 USD7,535 $6,024
Verizon Communications, Inc. 2.355% 2032 2,815 2,161
Verizon Communications, Inc. 3.40% 2041 2,050 1,502
Verizon Communications, Inc. 2.875% 2050 3,000 1,843
Verizon Communications, Inc. 3.55% 2051 1,975 1,393
Verizon Communications, Inc. 3.875% 2052 3,155 2,356
Vodafone Group PLC 4.375% 2028 10,000 9,425
Vodafone Group PLC 4.25% 2050 3,050 2,191
ZipRecruiter, Inc. 5.00% 20302 1,500 1,214
      337,056
Energy 3.22%      
Antero Resources Corp. 5.375% 20302 280 252
Apache Corp. 4.625% 2025 645 622
Apache Corp. 4.25% 2030 2,465 2,161
Apache Corp. 5.35% 2049 800 631
Baker Hughes Co. 2.061% 2026 1,136 1,000
Canadian Natural Resources, Ltd. 2.05% 2025 754 688
Canadian Natural Resources, Ltd. 3.85% 2027 1,151 1,065
Cenovus Energy, Inc. 5.375% 2025 2,763 2,777
Cenovus Energy, Inc. 4.25% 2027 18,067 17,065
Cenovus Energy, Inc. 2.65% 2032 2,969 2,293
Cenovus Energy, Inc. 5.25% 2037 770 677
Cenovus Energy, Inc. 5.40% 2047 15,180 13,040
Cheniere Energy Partners, LP 3.25% 2032 937 721
Cheniere Energy, Inc. 7.00% 2024 410 417
Chevron Corp. 2.954% 2026 3,365 3,170
Chevron Corp. 3.078% 2050 692 492
Devon Energy Corp. 4.50% 2030 5,197 4,737
Diamondback Energy, Inc. 4.40% 2051 2,016 1,524
Diamondback Energy, Inc. 4.25% 2052 1,522 1,115
DT Midstream, Inc. 4.125% 20292 555 470
Ecopetrol SA 5.875% 2045 452 274
Enbridge, Inc. 4.00% 2023 1,500 1,488
Energy Transfer Operating, LP 5.875% 2024 294 295
Energy Transfer Operating, LP 5.00% 2050 7,778 6,097
Energy Transfer Partners, LP 4.20% 2023 2,860 2,831
Energy Transfer Partners, LP 4.50% 2024 4,915 4,841
Energy Transfer Partners, LP 5.30% 2047 5,870 4,699
Energy Transfer Partners, LP 6.25% junior subordinated perpetual bonds
(3-month USD-LIBOR + 4.028% on 2/15/2023)1 		7,850 6,447
Energy Transfer Partners, LP 6.625% junior subordinated perpetual bonds
(3-month USD-LIBOR + 4.155% on 2/15/2028)1 		500 367
EQT Corp. 5.70% 2028 1,223 1,201
EQT Corp. 7.25% 20301 7,500 7,758
Equinor ASA 3.625% 2028 4,928 4,598
Equinor ASA 3.125% 2030 20,000 17,564
Equinor ASA 3.25% 2049 5,687 4,094
Exxon Mobil Corp. 3.043% 2026 4,625 4,375
Exxon Mobil Corp. 2.61% 2030 1,040 883
Kinder Morgan, Inc. 5.45% 2052 1,061 922
MPLX, LP 4.00% 2028 4,665 4,257
MPLX, LP 5.50% 2049 4,618 3,932
Odebrecht Drilling Norbe 7.35% PIK 20262,4 40 23
American Funds Insurance Series — The Bond Fund of America — Page 150 of 255
unaudited
Bonds, notes & other debt instruments (continued)
Corporate bonds, notes & loans (continued)
Energy (continued) 		  Principal amount
(000) 		Value
(000)
Odebrecht Drilling Norbe 0% perpetual bonds2 USD1,150 $2
Oleoducto Central SA 4.00% 20272 1,715 1,326
Oleoducto Central SA 4.00% 2027 350 271
ONEOK, Inc. 4.55% 2028 1,610 1,476
ONEOK, Inc. 6.35% 2031 984 966
ONEOK, Inc. 5.20% 2048 5,900 4,713
ONEOK, Inc. 7.15% 2051 3,275 3,137
Petróleos Mexicanos 3.50% 2023 1,500 1,482
Petróleos Mexicanos 6.875% 2025 5,000 4,710
Petróleos Mexicanos 6.875% 2026 24,984 22,534
Petróleos Mexicanos 6.49% 2027 20,574 17,273
Petróleos Mexicanos 6.50% 2027 31,829 26,709
Petróleos Mexicanos 6.50% 2029 3,409 2,632
Petróleos Mexicanos 8.75% 20292 5,805 4,976
Petróleos Mexicanos 6.70% 2032 18,129 12,747
Qatar Petroleum 2.25% 20312 22,020 17,787
Qatar Petroleum 3.125% 20412 7,310 5,348
Qatar Petroleum 3.30% 20512 2,185 1,557
SA Global Sukuk, Ltd. 1.602% 20262 7,645 6,789
Sabine Pass Liquefaction, LLC 5.625% 20231 1,000 1,001
Sabine Pass Liquefaction, LLC 5.75% 2024 8,000 8,034
Sabine Pass Liquefaction, LLC 5.625% 2025 10,000 10,001
Sabine Pass Liquefaction, LLC 5.875% 2026 15,700 15,726
Shell International Finance BV 3.875% 2028 9,410 8,810
Shell International Finance BV 2.75% 2030 1,186 1,014
Southwestern Energy Co. 5.95% 20251 495 485
Total Capital Canada, Ltd. 2.75% 2023 2,140 2,109
Total Capital International 3.455% 2029 885 808
TransCanada PipeLines, Ltd. 4.10% 2030 1,578 1,414
Western Midstream Operating, LP 3.35% 20251 2,782 2,597
Western Midstream Operating, LP 4.30% 20301 2,202 1,888
Western Midstream Operating, LP 5.50% 20501 3,079 2,491
Williams Partners, LP 4.50% 2023 500 498
Williams Partners, LP 4.30% 2024 595 587
      325,761
Industrials 3.15%      
ADT Security Corp. 4.125% 20292 510 424
AerCap Ireland Capital, Ltd. / AerCap Global Aviation Trust 1.75% 2026 2,841 2,433
Air Lease Corp. 0.80% 2024 3,175 2,895
Air Lease Corp. 2.875% 2026 11,453 10,263
Air Lease Corp. 2.20% 2027 3,060 2,595
Air Lease Corp. 2.10% 2028 2,450 1,912
Avolon Holdings Funding, Ltd. 3.95% 20242 12,514 11,848
Avolon Holdings Funding, Ltd. 2.125% 20262 8,333 7,012
Avolon Holdings Funding, Ltd. 4.25% 20262 3,302 2,964
Avolon Holdings Funding, Ltd. 2.528% 20272 2,142 1,679
Avolon Holdings Funding, Ltd. 3.25% 20272 8,000 6,710
BNSF Funding Trust I, junior subordinated, 6.613% 2055
(3-month USD-LIBOR + 2.35% on 1/15/2026)1 		1,680 1,581
Boeing Company 4.508% 2023 11,358 11,322
Boeing Company 1.95% 2024 5,646 5,421
Boeing Company 2.80% 2024 500 483
Boeing Company 4.875% 2025 34,682 33,875
American Funds Insurance Series — The Bond Fund of America — Page 151 of 255
unaudited
Bonds, notes & other debt instruments (continued)
Corporate bonds, notes & loans (continued)
Industrials (continued) 		  Principal amount
(000) 		Value
(000)
Boeing Company 2.196% 2026 USD18,411 $16,355
Boeing Company 2.75% 2026 16,588 15,035
Boeing Company 3.10% 2026 649 593
Boeing Company 2.70% 2027 6,473 5,623
Boeing Company 5.04% 2027 14,350 13,844
Boeing Company 3.25% 2028 11,379 9,944
Boeing Company 3.25% 2028 1,925 1,670
Boeing Company 5.15% 2030 42,874 39,711
Boeing Company 3.625% 2031 1,602 1,332
Boeing Company 3.90% 2049 1,411 925
Boeing Company 5.805% 2050 4,122 3,591
Canadian Pacific Railway, Ltd. 1.75% 2026 1,982 1,737
Canadian Pacific Railway, Ltd. 2.45% 2031 3,131 2,510
Canadian Pacific Railway, Ltd. 3.00% 2041 1,677 1,192
Canadian Pacific Railway, Ltd. 3.10% 2051 3,111 2,051
Carrier Global Corp. 3.377% 2040 15,000 10,870
CSX Corp. 4.10% 2032 8,010 7,279
CSX Corp. 4.50% 2052 6,670 5,614
Dun & Bradstreet Corp. 5.00% 20292 2,798 2,314
Eaton Corp. 4.15% 2033 1,518 1,374
Eaton Corp. 4.70% 2052 535 471
General Dynamics Corp. 3.625% 2030 675 619
General Electric Capital Corp. 4.418% 2035 5,977 5,363
General Electric Capital Corp., Series A, 6.75% 2032 675 730
Mexico City Airport Trust 5.50% 2046 1,959 1,238
Mexico City Airport Trust 5.50% 2047 5,909 3,700
Mexico City Airport Trust 5.50% 20472 1,132 709
MISC Capital Two (Labuan), Ltd. 3.75% 20272 2,690 2,438
Norfolk Southern Corp. 4.55% 2053 1,188 1,009
Northrop Grumman Corp. 3.25% 2028 10,845 9,881
Raytheon Technologies Corp. 1.90% 2031 3,087 2,361
Raytheon Technologies Corp. 2.375% 2032 1,321 1,040
Raytheon Technologies Corp. 2.82% 2051 665 419
Raytheon Technologies Corp. 3.03% 2052 1,190 780
Republic Services, Inc. 2.375% 2033 1,635 1,256
Summit Digitel Infrastructure Private, Ltd. 2.875% 20312 2,550 1,854
Triton Container International, Ltd. 1.15% 20242 1,609 1,467
Triton Container International, Ltd. 3.15% 20312 2,482 1,821
Union Pacific Corp. 2.15% 2027 2,213 1,978
Union Pacific Corp. 2.40% 2030 4,454 3,729
Union Pacific Corp. 2.375% 2031 3,938 3,208
Union Pacific Corp. 2.80% 2032 6,734 5,618
Union Pacific Corp. 3.375% 2042 530 404
Union Pacific Corp. 3.25% 2050 7,000 4,956
Union Pacific Corp. 2.95% 2052 1,405 930
United Rentals, Inc. 5.50% 2027 2,500 2,421
United Technologies Corp. 3.125% 2027 4,551 4,181
United Technologies Corp. 4.125% 2028 4,974 4,651
Waste Management, Inc. 4.15% 2032 2,155 1,996
      318,209
American Funds Insurance Series — The Bond Fund of America — Page 152 of 255
unaudited
Bonds, notes & other debt instruments (continued)
Corporate bonds, notes & loans (continued)
Consumer staples 1.62% 		  Principal amount
(000) 		Value
(000)
7-Eleven, Inc. 1.80% 20312 USD7,278 $5,418
7-Eleven, Inc. 2.80% 20512 5,000 2,927
Altria Group, Inc. 4.40% 2026 4,585 4,417
Altria Group, Inc. 4.50% 2043 1,585 1,120
Altria Group, Inc. 5.95% 2049 9,039 7,509
Anheuser-Busch InBev NV 4.75% 2029 7,500 7,314
Anheuser-Busch InBev NV 5.55% 2049 5,000 4,716
Anheuser-Busch InBev NV 4.50% 2050 1,355 1,119
British American Tobacco International Finance PLC 3.95% 20252 16,879 16,111
British American Tobacco International Finance PLC 1.668% 2026 4,070 3,523
British American Tobacco PLC 3.557% 2027 10,991 9,667
British American Tobacco PLC 2.259% 2028 4,348 3,465
British American Tobacco PLC 4.448% 2028 3,065 2,737
British American Tobacco PLC 4.742% 2032 2,675 2,242
British American Tobacco PLC 4.39% 2037 1,500 1,072
British American Tobacco PLC 4.54% 2047 14,400 9,573
British American Tobacco PLC 4.758% 2049 22,045 15,076
British American Tobacco PLC 5.65% 2052 610 466
Conagra Brands, Inc. 5.30% 2038 436 384
Conagra Brands, Inc. 5.40% 2048 57 49
Constellation Brands, Inc. 3.50% 2027 7,500 6,942
Constellation Brands, Inc. 4.35% 2027 890 855
Constellation Brands, Inc. 2.875% 2030 620 515
Constellation Brands, Inc. 2.25% 2031 1,487 1,144
Constellation Brands, Inc. 4.75% 2032 2,284 2,140
Imperial Tobacco Finance PLC 6.125% 20272 1,810 1,786
JBS USA Lux SA 2.50% 20272 3,880 3,323
JBS USA Lux SA 3.00% 20292 2,709 2,220
JBS USA Lux SA 5.50% 20302 435 403
JBS USA Lux SA 3.00% 20322 3,430 2,540
JBS USA Lux SA 3.625% 20322 1,430 1,120
JBS USA Lux SA 5.75% 20332 7,368 6,673
Kraft Heinz Company 4.875% 2049 1,270 1,050
Kraft Heinz Company 5.50% 2050 2,725 2,457
PepsiCo, Inc. 1.95% 2031 6,979 5,563
Philip Morris International, Inc. 4.125% 2043 4,117 2,873
Philip Morris International, Inc. 4.875% 2043 5,433 4,162
PT Indofood CBP Sukses Makmur Tbk 3.398% 2031 3,110 2,333
PT Indofood CBP Sukses Makmur Tbk 4.745% 2051 685 438
Reynolds American, Inc. 4.45% 2025 14,570 14,093
Reynolds American, Inc. 5.85% 2045 1,970 1,550
Wal-Mart Stores, Inc. 4.15% 2032 570 547
Wal-Mart Stores, Inc. 4.50% 2052 480 451
      164,083
Information technology 0.90%      
Analog Devices, Inc. 2.80% 2041 521 370
Apple, Inc. 2.70% 2051 7,080 4,688
Apple, Inc. 3.95% 2052 1,805 1,511
Block, Inc. 2.75% 2026 1,975 1,700
Block, Inc. 3.50% 2031 825 641
Broadcom Corp. / Broadcom Cayman Finance, Ltd. 3.875% 2027 7,027 6,474
Broadcom, Inc. 4.00% 20292 1,470 1,297
Broadcom, Inc. 4.15% 20322 2,270 1,903
American Funds Insurance Series — The Bond Fund of America — Page 153 of 255
unaudited
Bonds, notes & other debt instruments (continued)
Corporate bonds, notes & loans (continued)
Information technology (continued) 		  Principal amount
(000) 		Value
(000)
Broadcom, Inc. 3.469% 20342 USD33,872 $25,474
Broadcom, Inc. 3.137% 20352 2,149 1,510
Broadcom, Inc. 3.187% 20362 4,803 3,295
Broadcom, Inc. 4.926% 20372 4,049 3,346
Global Payments, Inc. 2.90% 2031 1,005 770
Oracle Corp. 1.65% 2026 4,867 4,269
Oracle Corp. 2.30% 2028 6,875 5,753
Oracle Corp. 2.875% 2031 7,393 5,839
Oracle Corp. 3.95% 2051 4,869 3,238
PayPal Holdings, Inc. 3.90% 2027 1,233 1,183
PayPal Holdings, Inc. 2.30% 2030 330 269
PayPal Holdings, Inc. 4.40% 2032 6,461 6,028
PayPal Holdings, Inc. 5.05% 2052 3,775 3,374
salesforce.com, inc. 1.95% 2031 3,775 2,978
salesforce.com, inc. 2.70% 2041 875 605
salesforce.com, inc. 2.90% 2051 5,140 3,405
salesforce.com, inc. 3.05% 2061 265 166
VeriSign, Inc. 2.70% 2031 1,494 1,161
      91,247
Real estate 0.73%      
American Tower Corp. 1.45% 2026 657 561
American Tower Corp. 3.65% 2027 5,390 4,936
American Tower Corp. 2.30% 2031 1,180 885
American Tower Corp. 2.70% 2031 1,100 865
American Tower Corp. 4.05% 2032 1,278 1,103
Corporacion Inmobiliaria Vesta, SAB de CV, 3.625% 20312 395 297
Corporate Office Properties, LP 2.00% 2029 1,139 859
Corporate Office Properties, LP 2.75% 2031 1,547 1,139
Corporate Office Properties, LP 2.90% 2033 564 392
Equinix, Inc. 2.90% 2026 3,287 2,953
Equinix, Inc. 3.20% 2029 3,846 3,257
Equinix, Inc. 2.50% 2031 7,760 5,987
Equinix, Inc. 3.90% 2032 1,155 983
Equinix, Inc. 3.40% 2052 1,201 794
Extra Space Storage, Inc. 2.35% 2032 698 515
FibraSOMA 4.375% 20312 1,475 1,041
Hospitality Properties Trust 4.50% 2025 855 716
Hospitality Properties Trust 3.95% 2028 1,710 1,166
Howard Hughes Corp. 4.375% 20312 675 486
Invitation Homes Operating Partnership, LP 2.30% 2028 767 615
Invitation Homes Operating Partnership, LP 2.00% 2031 2,048 1,471
Invitation Homes Operating Partnership, LP 2.70% 2034 660 467
Iron Mountain, Inc. 4.875% 20272 1,605 1,440
Iron Mountain, Inc. 5.25% 20282 3,500 3,075
Iron Mountain, Inc. 5.25% 20302 675 560
Omega Healthcare Investors, Inc. 4.375% 2023 186 185
Piedmont Operating Partnership, LP 4.45% 2024 1,000 985
Public Storage 1.95% 2028 993 828
Public Storage 2.30% 2031 3,195 2,562
Scentre Group 3.50% 20252 4,565 4,345
Sun Communities Operating, LP 2.30% 2028 1,026 825
Sun Communities Operating, LP 2.70% 2031 3,877 2,935
VICI Properties, LP 4.375% 2025 670 639
American Funds Insurance Series — The Bond Fund of America — Page 154 of 255
unaudited
Bonds, notes & other debt instruments (continued)
Corporate bonds, notes & loans (continued)
Real estate (continued) 		  Principal amount
(000) 		Value
(000)
VICI Properties, LP 4.75% 2028 USD6,844 $6,308
VICI Properties, LP 4.95% 2030 5,515 4,996
VICI Properties, LP 5.125% 2032 11,766 10,455
VICI Properties, LP 5.625% 2052 2,695 2,236
      73,862
Materials 0.21%      
Air Products and Chemicals, Inc. 2.70% 2040 2,911 2,099
Celanese US Holdings, LLC 6.05% 2025 195 191
Celanese US Holdings, LLC 6.165% 2027 2,875 2,725
Celanese US Holdings, LLC 6.33% 2029 775 723
Celanese US Holdings, LLC 6.379% 2032 2,055 1,912
Ecolab, Inc. 1.65% 2027 835 734
Ecolab, Inc. 2.125% 2032 2,580 2,041
Ecolab, Inc. 2.70% 2051 335 214
Glencore Funding, LLC 2.625% 20312 790 593
Glencore Funding, LLC 3.375% 20512 370 226
International Flavors & Fragrances, Inc. 2.30% 20302 3,536 2,719
LYB International Finance III, LLC 2.25% 2030 3,802 2,962
LYB International Finance III, LLC 3.625% 2051 2,617 1,713
Methanex Corp. 5.125% 2027 510 429
Nova Chemicals Corp. 4.25% 20292 425 333
South32 Treasury (USA), Ltd. 4.35% 20322 1,384 1,193
      20,807
Municipals 0.01%      
Aeropuerto International de Tocume SA 4.00% 20412 730 542
Aeropuerto International de Tocume SA 5.125% 20612 565 405
      947
Total corporate bonds, notes & loans     3,572,579
U.S. Treasury bonds & notes 28.37%
U.S. Treasury 15.69% 		     
U.S. Treasury 0.125% 2023 39,035 38,023
U.S. Treasury 0.375% 2024 42,000 39,206
U.S. Treasury 0.375% 2024 15,740 14,597
U.S. Treasury 2.125% 2024 72,100 69,180
U.S. Treasury 2.50% 2024 22,390 21,764
U.S. Treasury 3.25% 2024 47,760 46,886
U.S. Treasury 0.375% 2025 44,080 38,971
U.S. Treasury 2.875% 20255 96,200 92,682
U.S. Treasury 2.875% 2025 72,100 69,642
U.S. Treasury 2.875% 2025 6,866 6,620
U.S. Treasury 3.50% 2025 33,318 32,624
U.S. Treasury 0.375% 2026 40,000 35,225
U.S. Treasury 0.75% 2026 26,766 23,474
U.S. Treasury 0.75% 2026 20,625 18,216
U.S. Treasury 1.375% 20265 45,000 40,505
U.S. Treasury 0.50% 2027 90,625 77,090
U.S. Treasury 2.25% 20275 120,200 109,962
U.S. Treasury 2.75% 2027 11,500 10,850
U.S. Treasury 3.125% 2027 1,581 1,516
U.S. Treasury 6.125% 2027 24,000 26,179
American Funds Insurance Series — The Bond Fund of America — Page 155 of 255
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Bonds, notes & other debt instruments (continued)
U.S. Treasury bonds & notes (continued)
U.S. Treasury (continued) 		  Principal amount
(000) 		Value
(000)
U.S. Treasury 1.25% 2028 USD79,480 $68,219
U.S. Treasury 3.125% 2029 8,092 7,678
U.S. Treasury 1.625% 2031 1,630 1,369
U.S. Treasury 2.75% 2032 3,710 3,392
U.S. Treasury 1.125% 2040 124,213 77,765
U.S. Treasury 1.375% 2040 40,000 25,890
U.S. Treasury 1.875% 2041 46,900 33,265
U.S. Treasury 2.00% 2041 247 177
U.S. Treasury 2.375% 2042 3,271 2,507
U.S. Treasury 3.375% 2042 694 629
U.S. Treasury 3.00% 2049 123,340 105,268
U.S. Treasury 1.25% 20505 21,285 11,926
U.S. Treasury 1.875% 2051 4,670 3,090
U.S. Treasury 2.00% 2051 1,587 1,084
U.S. Treasury 2.875% 20525 512,917 430,311
      1,585,782
U.S. Treasury inflation-protected securities 12.68%      
U.S. Treasury Inflation-Protected Security 0.125% 20236 205,070 202,898
U.S. Treasury Inflation-Protected Security 0.375% 20236 6,537 6,427
U.S. Treasury Inflation-Protected Security 0.625% 20236 85,438 84,143
U.S. Treasury Inflation-Protected Security 0.125% 20246 248,971 240,334
U.S. Treasury Inflation-Protected Security 0.125% 20246 76,155 73,221
U.S. Treasury Inflation-Protected Security 0.50% 20246 47,738 46,359
U.S. Treasury Inflation-Protected Security 0.625% 20246 231,746 226,167
U.S. Treasury Inflation-Protected Security 0.125% 20256 28,463 26,985
U.S. Treasury Inflation-Protected Security 0.25% 20256 26,767 25,597
U.S. Treasury Inflation-Protected Security 0.375% 20256 70,598 67,417
U.S. Treasury Inflation-Protected Security 0.125% 20266 13,292 12,380
U.S. Treasury Inflation-Protected Security 0.625% 20266 3,281 3,131
U.S. Treasury Inflation-Protected Security 0.125% 20276 66,255 61,067
U.S. Treasury Inflation-Protected Security 0.375% 20275,6 85,364 79,620
U.S. Treasury Inflation-Protected Security 0.50% 20285,6 90,085 83,643
U.S. Treasury Inflation-Protected Security 0.125% 20316 20,094 17,558
U.S. Treasury Inflation-Protected Security 0.125% 20316 13,309 11,607
U.S. Treasury Inflation-Protected Security 0.125% 20516 6,083 3,825
U.S. Treasury Inflation-Protected Security 0.125% 20526 13,485 8,546
      1,280,925
Total U.S. Treasury bonds & notes     2,866,707
Mortgage-backed obligations 27.70%
Federal agency mortgage-backed obligations 24.85% 		     
Fannie Mae Pool #976945 5.50% 20237 2 2
Fannie Mae Pool #AB1068 4.50% 20257 44 44
Fannie Mae Pool #256133 4.50% 20267 43 41
Fannie Mae Pool #AR3058 3.00% 20287 79 76
Fannie Mae Pool #AS8018 3.00% 20317 46 44
Fannie Mae Pool #BM4741 3.00% 20327 30 28
Fannie Mae Pool #924866 2.765% 20373,7 425 420
Fannie Mae Pool #945680 6.00% 20377 437 460
Fannie Mae Pool #913966 6.00% 20377 35 36
Fannie Mae Pool #889982 5.50% 20387 955 987
Fannie Mae Pool #988588 5.50% 20387 188 194
American Funds Insurance Series — The Bond Fund of America — Page 156 of 255
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Bonds, notes & other debt instruments (continued)
Mortgage-backed obligations (continued)
Federal agency mortgage-backed obligations (continued) 		  Principal amount
(000) 		Value
(000)
Fannie Mae Pool #AB1297 5.00% 20407 USD194 $195
Fannie Mae Pool #MA4501 2.00% 20417 10,198 8,548
Fannie Mae Pool #AI1862 5.00% 20417 980 986
Fannie Mae Pool #AH8144 5.00% 20417 813 812
Fannie Mae Pool #AH9479 5.00% 20417 761 766
Fannie Mae Pool #AI3510 5.00% 20417 567 570
Fannie Mae Pool #AJ0704 5.00% 20417 473 477
Fannie Mae Pool #AJ5391 5.00% 20417 346 350
Fannie Mae Pool #MA4540 2.00% 20427 2,677 2,241
Fannie Mae Pool #FM9416 3.50% 20457 2,905 2,658
Fannie Mae Pool #AZ3904 4.00% 20457 42 39
Fannie Mae Pool #AL8522 3.50% 20467 918 844
Fannie Mae Pool #BD1968 4.00% 20467 948 898
Fannie Mae Pool #BE0592 4.00% 20467 315 294
Fannie Mae Pool #BD5477 4.00% 20467 138 130
Fannie Mae Pool #CA0770 3.50% 20477 4,889 4,482
Fannie Mae Pool #CA0706 4.00% 20477 94 90
Fannie Mae Pool #MA3058 4.00% 20477 43 41
Fannie Mae Pool #BM4413 4.50% 20477 2,929 2,846
Fannie Mae Pool #BF0293 3.00% 20487 7,152 6,313
Fannie Mae Pool #FM4891 3.50% 20487 21,374 19,661
Fannie Mae Pool #BF0318 3.50% 20487 5,845 5,342
Fannie Mae Pool #CA1189 3.50% 20487 1,413 1,294
Fannie Mae Pool #BJ5749 4.00% 20487 17 16
Fannie Mae Pool #BM4676 4.00% 20487 13 12
Fannie Mae Pool #CA3807 3.00% 20497 1,444 1,280
Fannie Mae Pool #CA3806 3.00% 20497 934 831
Fannie Mae Pool #FM0007 3.50% 20497 16,457 14,990
Fannie Mae Pool #FM1954 3.50% 20497 6,938 6,319
Fannie Mae Pool #FM1589 3.50% 20497 4,426 4,032
Fannie Mae Pool #FM3280 3.50% 20497 760 696
Fannie Mae Pool #FM1262 4.00% 20497 23,601 22,320
Fannie Mae Pool #CA7599 2.50% 20507 7,654 6,486
Fannie Mae Pool #CA5968 2.50% 20507 6,325 5,403
Fannie Mae Pool #FM4897 3.00% 20507 19,654 17,448
Fannie Mae Pool #FM5507 3.00% 20507 18,860 16,773
Fannie Mae Pool #CA6309 3.00% 20507 6,875 6,093
Fannie Mae Pool #CA8828 2.50% 20517 6,436 5,482
Fannie Mae Pool #CB2765 2.00% 20527 6,983 5,722
Fannie Mae Pool #FS0647 3.00% 20527 42,221 37,434
Fannie Mae Pool #BF0145 3.50% 20577 12,241 11,133
Fannie Mae Pool #BF0264 3.50% 20587 9,262 8,423
Fannie Mae Pool #BF0332 3.00% 20597 20,083 17,578
Fannie Mae Pool #BF0497 3.00% 20607 23,215 20,194
Fannie Mae, Series 2001-4, Class GA, 9.00% 20253,7 —8 —8
Fannie Mae, Series 2001-50, Class BA, 7.00% 20417 7 7
Fannie Mae, Series 2002-W3, Class A5, 7.50% 20417 18 20
Fannie Mae, Series 2002-W1, Class 2A, 4.97% 20423,7 22 22
Freddie Mac Pool #ZS8507 3.00% 20287 121 116
Freddie Mac Pool #ZK7590 3.00% 20297 2,658 2,567
Freddie Mac Pool #A15120 5.50% 20337 53 53
Freddie Mac Pool #QN1073 3.00% 20347 49 46
Freddie Mac Pool #G05196 5.50% 20387 52 54
Freddie Mac Pool #G05267 5.50% 20387 38 39
American Funds Insurance Series — The Bond Fund of America — Page 157 of 255
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Bonds, notes & other debt instruments (continued)
Mortgage-backed obligations (continued)
Federal agency mortgage-backed obligations (continued) 		  Principal amount
(000) 		Value
(000)
Freddie Mac Pool #G06020 5.50% 20397 USD75 $78
Freddie Mac Pool #A93948 4.50% 20407 160 157
Freddie Mac Pool #G05860 5.50% 20407 275 284
Freddie Mac Pool #RB5138 2.00% 20417 2,687 2,252
Freddie Mac Pool #G06868 4.50% 20417 183 180
Freddie Mac Pool #G06841 5.50% 20417 439 455
Freddie Mac Pool #RB5148 2.00% 20427 5,596 4,684
Freddie Mac Pool #RB5145 2.00% 20427 2,614 2,188
Freddie Mac Pool #Z40130 3.00% 20467 21,459 19,270
Freddie Mac Pool #G61733 3.00% 20477 5,329 4,743
Freddie Mac Pool #ZT2100 3.00% 20477 111 99
Freddie Mac Pool #G08789 4.00% 20477 650 618
Freddie Mac Pool #G67709 3.50% 20487 13,911 12,786
Freddie Mac Pool #G61628 3.50% 20487 334 305
Freddie Mac Pool #Q58494 4.00% 20487 1,281 1,213
Freddie Mac Pool #QA4673 3.00% 20497 30,588 27,083
Freddie Mac Pool #SD7508 3.50% 20497 11,323 10,240
Freddie Mac Pool #RA1369 3.50% 20497 2,068 1,883
Freddie Mac Pool #ZN4842 3.50% 20497 755 688
Freddie Mac, Series 3061, Class PN, 5.50% 20357 60 61
Freddie Mac, Series 3318, Class JT, 5.50% 20377 134 136
Freddie Mac, Series 3156, Class PO, principal only, 0% 20367 125 104
Freddie Mac, Series 3146, Class PO, principal only, 0% 20367 125 102
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2018-3, Class MA, 3.50% 20577 8,682 8,304
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2019-2, Class MA, 3.50% 20587 1,994 1,902
Freddie Mac Seasoned Loan Structured Transaction Trust, Series 2022-1, Class A1, 3.50% 20327 10,925 10,423
Government National Mortgage Assn. 2.00% 20527,9 14,785 12,317
Government National Mortgage Assn. 3.00% 20527,9 11,283 9,975
Government National Mortgage Assn. 3.50% 20527,9 49,980 45,472
Government National Mortgage Assn. 4.00% 20527,9 88,542 82,707
Government National Mortgage Assn. 4.50% 20527,9 74,738 71,559
Government National Mortgage Assn. 5.00% 20527,9 118,241 115,757
Government National Mortgage Assn. 5.00% 20527,9 67,500 65,997
Government National Mortgage Assn. 5.50% 20527,9 40,547 40,528
Government National Mortgage Assn. 5.50% 20527,9 6,600 6,577
Government National Mortgage Assn. Pool #MA5817 4.00% 20497 12,850 12,155
Government National Mortgage Assn. Pool #MA6221 4.50% 20497 5,385 5,200
Government National Mortgage Assn. Pool #MA6042 5.00% 20497 36 36
Uniform Mortgage-Backed Security 1.50% 20377,9 3,950 3,388
Uniform Mortgage-Backed Security 2.50% 20377,9 7,545 6,830
Uniform Mortgage-Backed Security 3.00% 20377,9 4,006 3,719
Uniform Mortgage-Backed Security 2.00% 20527,9 227,900 184,581
Uniform Mortgage-Backed Security 2.00% 20527,9 4,177 3,383
Uniform Mortgage-Backed Security 2.50% 20527,9 123,466 103,623
Uniform Mortgage-Backed Security 2.50% 20527,9 29,930 25,059
Uniform Mortgage-Backed Security 3.00% 20527,9 99,704 86,809
Uniform Mortgage-Backed Security 3.50% 20527,9 29,999 27,006
Uniform Mortgage-Backed Security 3.50% 20527,9 11,198 10,075
Uniform Mortgage-Backed Security 4.00% 20527,9 181,634 168,586
Uniform Mortgage-Backed Security 4.00% 20527,9 13,969 12,955
Uniform Mortgage-Backed Security 4.50% 20527,9 462,015 440,250
Uniform Mortgage-Backed Security 4.50% 20527,9 9,810 9,338
Uniform Mortgage-Backed Security 5.00% 20527,9 147,555 143,775
Uniform Mortgage-Backed Security 5.00% 20527,9 5,750 5,595
American Funds Insurance Series — The Bond Fund of America — Page 158 of 255
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Bonds, notes & other debt instruments (continued)
Mortgage-backed obligations (continued)
Federal agency mortgage-backed obligations (continued) 		  Principal amount
(000) 		Value
(000)
Uniform Mortgage-Backed Security 5.50% 20527,9 USD376,213 $374,038
Uniform Mortgage-Backed Security 5.50% 20527,9 49,755 49,366
      2,510,692
Commercial mortgage-backed securities 1.63%      
Bank Commercial Mortgage Trust, Series 2019-BN17, Class A4, 3.714% 20527 100 91
Bank Commercial Mortgage Trust, Series 2019-BN16, Class A4, 4.005% 20527 770 716
Bank Commercial Mortgage Trust, Series 2022-BNK43, Class A5, 4.399% 20557 4,205 3,959
Bank Commercial Mortgage Trust, Series 2019-BN19, Class A3, 3.183% 20617 1,018 894
Bank Commercial Mortgage Trust, Series 2018-BN10, Class A4, 3.428% 20617 130 120
Bank Commercial Mortgage Trust, Series 2018-BN10, Class A5, 3.688% 20617 205 190
Bank Commercial Mortgage Trust, Series 2018-BN12, Class A4, 4.255% 20613,7 2,444 2,317
Bank Commercial Mortgage Trust, Series 2020-BN26, Class A4, 2.403% 20637 295 244
Benchmark Mortgage Trust, Series 2018-B8, Class A5, 4.232% 20527 2,541 2,395
Benchmark Mortgage Trust, Series 2018-B7, Class A4, 4.51% 20533,7 781 747
Benchmark Mortgage Trust, Series 2022-B36, Class A5, 4.47% 20553,7 5,032 4,754
Boca Commercial Mortgage Trust, Series 2022-BOCA, Class A,
(1-month USD CME Term SOFR + 1.77%) 4.615% 20392,3,7 		8,575 8,412
BPR Trust, Series 2022-OANA, Class A, (1-month USD CME Term SOFR + 1.898%) 4.743% 20372,3,7 3,822 3,773
BX Trust, Series 2022-CSMO, Class A, (1-month USD CME Term SOFR + 2.115%) 4.96% 20272,3,7 8,476 8,391
BX Trust, Series 2021-VOLT, Class A, (1-month USD-LIBOR + 0.70%) 3.518% 20362,3,7 14,727 14,083
BX Trust, Series 2021-RISE, Class A, (1-month USD-LIBOR + 0.74%) 3.565% 20362,3,7 12,622 12,071
BX Trust, Series 2021-ARIA, Class A, (1-month USD-LIBOR + 0.899%) 3.717% 20362,3,7 5,292 5,031
BX Trust, Series 2021-VOLT, Class B, (1-month USD-LIBOR + 0.95%) 3.768% 20362,3,7 570 536
BX Trust, Series 2021-ARIA, Class B, (1-month USD-LIBOR + 1.297%) 4.115% 20362,3,7 995 930
BX Trust, Series 2021-ARIA, Class C, (1-month USD-LIBOR + 1.646%) 4.464% 20362,3,7 996 929
BX Trust, Series 2022-IND, Class A, (1-month USD CME Term SOFR + 1.491%) 4.336% 20372,3,7 5,828 5,671
BX Trust, Series 2021-SOAR, Class A, (1-month USD-LIBOR + 0.67%) 3.488% 20382,3,7 3,741 3,583
BX Trust, Series 2021-ACNT, Class A, (1-month USD-LIBOR + 0.85%) 3.668% 20382,3,7 9,979 9,596
BX Trust, Series 2021-SOAR, Class B, (1-month USD-LIBOR + 0.87%) 3.688% 20382,3,7 433 412
BX Trust, Series 2021-SOAR, Class C, (1-month USD-LIBOR + 1.10%) 3.918% 20382,3,7 293 276
BX Trust, Series 2021-ACNT, Class B, (1-month USD-LIBOR + 1.25%) 4.068% 20382,3,7 339 324
BX Trust, Series 2021-SOAR, Class D, (1-month USD-LIBOR + 1.40%) 4.218% 20382,3,7 740 698
BX Trust, Series 2021-ACNT, Class C, (1-month USD-LIBOR + 1.50%) 4.318% 20382,3,7 100 95
BX Trust, Series 2021-ACNT, Class D, (1-month USD-LIBOR + 1.85%) 4.668% 20382,3,7 151 143
BX Trust, Series 2022-GPA, Class A, (1-month USD CME Term SOFR + 2.165%) 4.665% 20392,3,7 3,198 3,187
Citigroup Commercial Mortgage Trust, Series 2016-GC36, Class A5, 3.616% 20497 610 575
Commercial Mortgage Trust, Series 2013-LC13, Class B, 5.009% 20462,3,7 312 308
Commercial Mortgage Trust, Series 2014-LC15, Class AM, 4.198% 20477 350 341
CSAIL Commercial Mortgage Trust, Series 2015-C4, Class C, 4.711% 20483,7 204 189
CSAIL Commercial Mortgage Trust, Series 2015-C2, Class A3, 3.231% 20577 1,137 1,080
Deutsche Bank Commercial Mortgage Trust, Series 2016-C1, Class AM, 3.539% 20497 200 184
Extended Stay America Trust, Series 2021-ESH, Class A, (1-month USD-LIBOR + 1.08%) 3.898% 20382,3,7 2,862 2,777
Extended Stay America Trust, Series 2021-ESH, Class B, (1-month USD-LIBOR + 1.38%) 4.198% 20382,3,7 653 630
Extended Stay America Trust, Series 2021-ESH, Class C, (1-month USD-LIBOR + 1.70%) 4.518% 20382,3,7 891 858
Extended Stay America Trust, Series 2021-ESH, Class D, (1-month USD-LIBOR + 2.25%) 5.068% 20382,3,7 682 655
Fontainebleau Miami Beach Trust, CMO, Series 2019-FBLU, Class A, 3.144% 20362,7 304 284
Grace Mortgage Trust, Series 2020-GRCE, Class A, 2.347% 20402,7 1,897 1,462
GS Mortgage Securities Trust, Series 2022-SHIP, Class A,
(1-month USD CME Term SOFR + 0.731%) 3.576% 20242,3,7 		1,317 1,296
GS Mortgage Securities Trust, Series 2017-GS7, Class A4, 3.43% 20507 400 368
GS Mortgage Securities Trust, Series 2019-GC38, Class A4, 3.968% 20527 100 93
GS Mortgage Securities Trust, Series 2020-GC47, Class A5, 2.377% 20537 1,536 1,259
American Funds Insurance Series — The Bond Fund of America — Page 159 of 255
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Bonds, notes & other debt instruments (continued)
Mortgage-backed obligations (continued)
Commercial mortgage-backed securities (continued) 		  Principal amount
(000) 		Value
(000)
ILPT Commercial Mortgage Pass-through Certificates, Series 2022-LPF2, Class A,
(1-month USD CME Term SOFR + 2.245%) 4.495% 20392,3,7 		USD3,391 $3,389
JPMBB Commercial Mortgage Securities Trust, Series 2014-C18, Class A5, 4.079% 20477 3,280 3,229
JPMDB Commercial Mortgage Securities Trust, Series 2017-C7, Class A5, 3.409% 20507 240 220
JPMDB Commercial Mortgage Securities Trust, Series 2017-C5, Class A5, 3.694% 20507 640 599
JPMorgan Chase Commercial Mortgage Securities Trust, Series 2022-OPO, Class A, 3.024% 20392,7 7,867 6,817
JPMorgan Chase Commercial Mortgage Securities Trust, Series 2016-JP4, Class A4, 3.648% 20493,7 2,040 1,911
La Quinta Mortgage Trust, Series 2022-LAQ, Class A,
(1-month USD CME Term SOFR + 1.724%) 4.569% 20392,3,7 		2,088 2,030
LUXE Commercial Mortgage Trust, Series 2021-TRIP, Class A, (1-month USD-LIBOR + 1.05%) 3.868% 20382,3,7 4,555 4,410
MHC Commercial Mortgage Trust, CMO, Series 2021-MHC, Class A,
(1-month USD-LIBOR + 0.801%) 3.619% 20262,3,7 		154 148
Morgan Stanley Bank of America Merrill Lynch Trust, Series 2014-C17, Class A5, 3.741% 20477 5,446 5,303
Morgan Stanley Bank of America Merrill Lynch Trust, Series 2015-C22, Class A-4, 3.306% 20487 410 390
Morgan Stanley Bank of America Merrill Lynch Trust, Series 2016-C32, Class A-4, 3.72% 20497 245 230
Morgan Stanley Capital I Trust, Series 2015-UBS8, Class AS, 4.114% 20487 730 685
Morgan Stanley Capital I Trust, Series 2016-UBS9, Class C, 4.749% 20493,7 208 189
SLG Office Trust, Series 2021-OVA, Class A, 2.585% 20412,7 4,065 3,267
SREIT Trust, Series 2021-FLWR, Class A, (1-month USD-LIBOR + 0.577%) 3.394% 20362,3,7 9,351 8,921
SREIT Trust, Series 2021-FLWR, Class B, (1-month USD-LIBOR + 0.926%) 3.744% 20362,3,7 1,000 949
SREIT Trust, Series 2021-MFP, Class A, (1-month USD-LIBOR + 0.731%) 3.549% 20382,3,7 8,739 8,352
SREIT Trust, Series 2021-MFP, Class B, (1-month USD-LIBOR + 1.079%) 3.898% 20382,3,7 263 250
SREIT Trust, Series 2021-MFP, Class C, (1-month USD-LIBOR + 1.329%) 4.147% 20382,3,7 141 134
Wells Fargo Commercial Mortgage Trust, Series 2015-SG1, Class A-4, 3.789% 20487 2,373 2,250
Wells Fargo Commercial Mortgage Trust, Series 2015-C28, Class C, 4.219% 20483,7 220 202
Wells Fargo Commercial Mortgage Trust, Series 2016-C37, Class A5, 3.794% 20497 2,550 2,403
Wells Fargo Commercial Mortgage Trust, Series 2019-C54, Class A4, 3.146% 20527 1,019 884
Wells Fargo Commercial Mortgage Trust, Series 2016-NXS5, Class AS, 3.988% 20597 250 232
Wells Fargo Commercial Mortgage Trust, Series 2017-RC1, Class A4, 3.631% 20607 205 190
      164,511
Collateralized mortgage-backed obligations (privately originated) 1.22%      
Arroyo Mortgage Trust, Series 2021-1R, Class A1, 1.175% 20482,3,7 3,012 2,591
Arroyo Mortgage Trust, Series 2020-1, Class A1A, 1.662% 20552,7 136 129
Arroyo Mortgage Trust, Series 2022-1, Class A1A, 2.495% 2056 (3.495% on 2/25/2026)1,2,7 6,176 5,666
Bellemeade Re, Ltd., Series 2019-3A, Class M1B, (1-month USD-LIBOR + 1.60%) 4.684% 20292,3,7 789 788
BRAVO Residential Funding Trust, Series 2020-RPL2, Class A1, 2.00% 20592,3,7 959 874
BRAVO Residential Funding Trust, Series 2020-RPL1, Class A1, 2.50% 20592,3,7 617 588
BRAVO Residential Funding Trust, Series 2022-RPL1, Class A1, 2.75% 20612,7 4,959 4,458
Cascade Funding Mortgage Trust, Series 2020-HB4, Class A, 0.946% 20302,3,7 486 472
Cascade Funding Mortgage Trust, Series 2021-HB7, Class A, 1.151% 20312,3,7 3,203 3,024
Cascade Funding Mortgage Trust, Series 2021-HB6, Class A, 0.898% 20362,3,7 1,817 1,733
CIM Trust, Series 2022-R2, Class A1, 3.75% 20612,3,7 7,143 6,769
Citigroup Mortgage Loan Trust, Inc., Series 2020-EXP1, Class A1A, 1.804% 20602,3,7 221 204
COLT Funding, LLC, Series 2021-5, Class A1, 1.726% 20662,3,7 1,705 1,450
Connecticut Avenue Securities, Series 2022-R04, Class 1M1,
(30-day Average USD-SOFR + 2.00%) 4.281% 20422,3,7 		1,396 1,380
Connecticut Avenue Securities, Series 2022-R06, Class 1M1,
(30-day Average USD-SOFR + 2.75%) 5.031% 20422,3,7 		345 345
Credit Suisse Mortgage Trust, Series 2020-NET, Class A, 2.257% 20372,7 1,578 1,430
Credit Suisse Mortgage Trust, Series 2017-RPL3, Class A1, 2.00% 20602,3,7 1,652 1,442
Finance of America Structured Securities Trust, Series 2019-JR2, Class A1, 2.00% 20692,7 2,624 2,718
Finance of America Structured Securities Trust, Series 2019-JR1, Class A, 2.00% 20692,7 2,070 2,211
Flagstar Mortgage Trust, Series 2021-10INV, Class A3, 2.50% 20512,3,7 3,255 2,601
American Funds Insurance Series — The Bond Fund of America — Page 160 of 255
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Bonds, notes & other debt instruments (continued)
Mortgage-backed obligations (continued)
Collateralized mortgage-backed obligations (privately originated) (continued) 		  Principal amount
(000) 		Value
(000)
Flagstar Mortgage Trust, Series 2021-11INV, Class A4, 2.50% 20512,3,7 USD2,249 $1,797
Flagstar Mortgage Trust, Series 2021-5INV, Class A2, 2.50% 20512,3,7 2,109 1,685
Flagstar Mortgage Trust, Series 2021-8INV, Class A3, 2.50% 20512,3,7 2,077 1,660
Flagstar Mortgage Trust, Series 2021-6INV, Class A4, 2.50% 20512,3,7 1,971 1,575
Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2015-DNA3, Class M3,
(1-month USD-LIBOR + 4.70%) 7.784% 20283,7 		1,598 1,640
Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2021-DNA5, Class M2,
(30-day Average USD-SOFR + 1.65%) 3.931% 20342,3,7 		215 210
Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2022-DNA3, Class M1A,
(30-day Average USD-SOFR + 2.00%) 4.281% 20422,3,7 		2,250 2,228
Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2022-DNA6, Class M1A,
(30-day Average USD-SOFR + 2.15%) 4.435% 20422,3,7 		656 653
Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2022-DNA4, Class M1A,
(30-day Average USD-SOFR + 2.20%) 4.481% 20422,3,7 		347 344
Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2022-DNA5, Class M1A,
(30-day Average USD-SOFR + 2.95%) 5.231% 20422,3,7 		293 293
Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2022-DNA6, Class M1B,
(30-day Average USD-SOFR + 3.70%) 5.985% 20422,3,7 		1,519 1,477
Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2020-DNA2, Class M2,
(1-month USD-LIBOR + 1.85%) 4.934% 20502,3,7 		3,220 3,172
GCAT, Series 2021-NQM6, Class A1, 1.855% 20662,3,7 3,575 3,098
Home Partners of America Trust, Series 2021-2, Class A, 1.901% 20262,7 5,397 4,690
Hundred Acre Wood Trust, Series 2021-INV1, Class A3, 2.50% 20512,3,7 894 714
Legacy Mortgage Asset Trust, Series 2021-GS2, Class A1, 1.75% 20612,3,7 878 819
Legacy Mortgage Asset Trust, Series 2022-GS1, Class A1, 4.00% 2061 (7.00% on 4/25/2025)1,2,7 3,603 3,427
Legacy Mortgage Asset Trust, Series 2021-GS5, Class A1, 2.25% 2067 (5.25% on 11/25/2024)1,2,7 2,733 2,517
Mello Warehouse Securitization Trust, Series 2021-3, Class A, (1-month USD-LIBOR + 0.85%) 3.934% 20552,3,7 16,160 15,571
MFRA Trust, Series 2021-RPL1, Class A1, 1.131% 20602,3,7 3,205 2,863
MRA Issuance Trust, Series 2020-10, Class A3, (1-month USD-LIBOR + 1.30%) 3.864% 20222,3,7 8,555 8,183
PRKCM Trust, Series 2021-AFC2, Class A1, 2.071% 20562,3,7 3,651 3,031
Progress Residential Trust, Series 2022-SFR3, Class A, 3.20% 20392,7 1,132 1,028
Reverse Mortgage Investment Trust, Series 2021-HB1, Class A, 1.259% 20312,3,7 3,797 3,630
Towd Point Mortgage Trust, Series 2020-4, Class A1, 1.75% 20602,7 11,149 9,985
Treehouse Park Improvement Association No.1 - Anleihen 9.75% 20332,10 1,680 1,490
Tricon Residential Trust, Series 2021-SFR1, Class A, 1.943% 20382,7 5,033 4,425
      123,078
Total mortgage-backed obligations     2,798,281
Asset-backed obligations 4.82%      
Aesop Funding, LLC, Series 2019-2A, Class A, 3.35% 20252,7 2,210 2,125
Aesop Funding, LLC, Series 2018-2A, Class A, 4.00% 20252,7 2,755 2,709
Aesop Funding, LLC, Series 2020-1A, Class A, 2.33% 20262,7 7,689 7,084
Aesop Funding, LLC, Series 2021-1A, Class A, 1.38% 20272,7 3,445 2,972
Aesop Funding, LLC, Series 2021-1A, Class B, 1.63% 20272,7 531 453
Aesop Funding, LLC, Series 2020-2, Class A, 2.02% 20272,7 2,427 2,167
Aesop Funding, LLC, Series 2021-1A, Class C, 2.13% 20272,7 193 162
Aesop Funding, LLC, Series 2020-2A, Class B, 2.96% 20272,7 623 560
Aesop Funding, LLC, Series 2020-2A, Class C, 4.25% 20272,7 1,279 1,157
Affirm Asset Securitization Trust, Series 2021-B, Class A, 1.03% 20262,7 701 662
Affirm Asset Securitization Trust, Series 2021-Z2, Class A, 1.17% 20262,7 821 791
Affirm Asset Securitization Trust, Series 2022-X1, Class A, 1.75% 20272,7 1,070 1,043
AGL CLO, Ltd., Series 2022-18A, Class A1, (3-month USD CME Term SOFR + 1.32%) 2.438% 20312,3,7 8,585 8,465
American Credit Acceptance Receivables Trust, Series 2020-3, Class C, 1.85% 20262,7 1,709 1,696
American Funds Insurance Series — The Bond Fund of America — Page 161 of 255
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Bonds, notes & other debt instruments (continued)
Asset-backed obligations (continued) 		  Principal amount
(000) 		Value
(000)
American Credit Acceptance Receivables Trust, Series 2020-3, Class D, 2.40% 20262,7 USD2,500 $2,439
American Credit Acceptance Receivables Trust, Series 2022-3, Class B, 4.55% 20262,7 360 355
American Credit Acceptance Receivables Trust, Series 2021-1, Class C, 0.83% 20272,7 1,424 1,403
American Credit Acceptance Receivables Trust, Series 2021-1, Class D, 1.14% 20272,7 806 770
American Homes 4 Rent, Series 2014-SFR2, Class A, 3.786% 20362,7 1,141 1,103
American Homes 4 Rent, Series 2015-SFR2, Class A, 3.732% 20522,7 2,795 2,662
American Homes 4 Rent, Series 2015-SFR2, Class B, 4.295% 20522,7 396 382
AmeriCredit Automobile Receivables Trust, Series 2021-2, Class B, 0.69% 20277 997 937
AmeriCredit Automobile Receivables Trust, Series 2021-2, Class C, 1.01% 20277 1,109 1,012
AmeriCredit Automobile Receivables Trust, Series 2021-2, Class D, 1.29% 20277 2,613 2,356
Ballyrock CLO, Ltd., Series 2019-2A, Class A1AR, (3-month USD-LIBOR + 1.00%) 3.984% 20302,3,7 575 564
Bankers Healthcare Group Securitization Trust, Series 2021-B, Class A, 0.90% 20342,7 204 193
Bankers Healthcare Group Securitization Trust, Series 2021-B, Class B, 1.67% 20342,7 269 235
Blackbird Capital II Aircraft Lease, Ltd. / Blackbird Capital II Aircraft Lease US, LLC, Series 2021-1, Class A, 2.443% 20462,7 4,082 3,303
Blackbird Capital II Aircraft Lease, Ltd. / Blackbird Capital II Aircraft Lease US, LLC, Series 2021-1, Class B, 3.446% 20462,7 497 374
CarMaxAuto Owner Trust, Series 2019-2, Class C, 3.16% 20257 400 396
CarMaxAuto Owner Trust, Series 2021-1, Class C, 0.94% 20267 210 187
CarMaxAuto Owner Trust, Series 2021-1, Class D, 1.28% 20277 206 182
Carvana Auto Receivables Trust, Series 2021-N4, Class C, 1.72% 20287 538 515
Carvana Auto Receivables Trust, Series 2021-N4, Class A2, 1.80% 20287 884 804
Castlelake Aircraft Securitization Trust, Series 2021-1, Class A, 2.868% 20372,7 16,166 13,703
Castlelake Aircraft Securitization Trust, Series 2021-1, Class C, 3.464% 20372,7 6,264 5,367
Castlelake Aircraft Securitization Trust, Series 2021-1, Class C, 6.171% 20372,7 678 554
Castlelake Aircraft Securitization Trust, Series 2017-1R, Class A, 2.741% 20412,7 852 758
CF Hippolyta, LLC, Series 2020-1, Class A1, 1.69% 20602,7 18,930 16,836
CF Hippolyta, LLC, Series 2020-1, Class A2, 1.99% 20602,7 1,979 1,652
CF Hippolyta, LLC, Series 2020-1, Class B1, 2.28% 20602,7 3,441 3,015
CF Hippolyta, LLC, Series 2020-1, Class B2, 2.60% 20602,7 373 303
CF Hippolyta, LLC, Series 2021-1, Class A1, 1.53% 20612,7 6,134 5,286
CF Hippolyta, LLC, Series 2021-1, Class B1, 1.98% 20612,7 1,943 1,637
CF Hippolyta, LLC, Series 2022-1, Class A1, 5.97% 20622,7 15,335 14,762
CF Hippolyta, LLC, Series 2022-1, Class A2, 6.11% 20622,7 6,726 6,523
CLI Funding VI, LLC, Series 2020-2A, Class A, 2.03% 20452,7 2,374 2,059
CLI Funding VI, LLC, Series 2020-3A, Class A, 2.07% 20452,7 4,983 4,342
CLI Funding VIII, LLC, Series 2021-1A, Class A, 2.38% 20462,7 450 381
CPS Auto Receivables Trust, Series 2019-C, Class D, 3.17% 20252,7 642 640
CPS Auto Receivables Trust, Series 2019-B, Class D, 3.69% 20252,7 875 874
CPS Auto Receivables Trust, Series 2021-A, Class C, 0.83% 20262,7 694 682
CPS Auto Receivables Trust, Series 2021-A, Class D, 1.16% 20262,7 590 559
CPS Auto Receivables Trust, Series 2022-B, Class A, 2.88% 20262,7 2,277 2,238
CPS Auto Receivables Trust, Series 2022-B, Class B, 3.88% 20282,7 2,111 2,029
CPS Auto Receivables Trust, Series 2022-B, Class C, 4.33% 20282,7 2,797 2,657
Credit Acceptance Auto Loan Trust, Series 2020-1A, Class A, 2.01% 20292,7 1,194 1,192
Drive Auto Receivables Trust, Series 2021-1, Class B, 0.65% 20257 1,193 1,189
Drive Auto Receivables Trust, Series 2019-3, Class C, 2.90% 20257 667 666
Drive Auto Receivables Trust, Series 2019-3, Class D, 3.18% 20267 4,020 3,972
Drive Auto Receivables Trust, Series 2021-1, Class C, 1.02% 20277 5,369 5,200
Drive Auto Receivables Trust, Series 2021-1, Class D, 1.45% 20297 4,053 3,771
Drivetime Auto Owner Trust, Series 2019-3, Class D, 2.96% 20252,7 1,806 1,781
Drivetime Auto Owner Trust, Series 2019-2A, Class D, 3.48% 20252,7 3,254 3,239
Drivetime Auto Owner Trust, Series 2021-1A, Class C, 0.84% 20262,7 825 791
Drivetime Auto Owner Trust, Series 2021-1A, Class D, 1.16% 20262,7 449 415
Drivetime Auto Owner Trust, Series 2020-3A, Class C, 1.47% 20262,7 817 794
American Funds Insurance Series — The Bond Fund of America — Page 162 of 255
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Bonds, notes & other debt instruments (continued)
Asset-backed obligations (continued) 		  Principal amount
(000) 		Value
(000)
Drivetime Auto Owner Trust, Series 2021-2A, Class B, 0.81% 20272,7 USD1,179 $1,150
Drivetime Auto Owner Trust, Series 2021-2A, Class C, 1.10% 20272,7 1,231 1,174
Drivetime Auto Owner Trust, Series 2021-2A, Class D, 1.50% 20272,7 832 771
EDvestinU Private Education Loan, LLC, Series 2021-A, Class A, 1.80% 20452,7 445 381
Enterprise Fleet Financing, LLC, Series 2022-3, Class A3, 4.29% 20292,7 897 867
Enterprise Fleet Financing, LLC, Series 2022-3, Class A2, 4.38% 20292,7 1,380 1,362
Exeter Automobile Receivables Trust, Series 2021-2, Class B, 0.57% 20257 1,369 1,357
Exeter Automobile Receivables Trust, Series 2020-3A, Class C, 1.32% 20257 597 590
Exeter Automobile Receivables Trust, Series 2020-1A, Class D, 2.73% 20252,7 900 886
Exeter Automobile Receivables Trust, Series 2022-2A, Class A3, 2.80% 20257 1,162 1,146
Exeter Automobile Receivables Trust, Series 2019-3A, Class D, 3.11% 20252,7 4,216 4,171
Exeter Automobile Receivables Trust, Series 2019-2A, Class D, 3.71% 20252,7 4,170 4,138
Exeter Automobile Receivables Trust, Series 2021-2, Class C, 0.98% 20267 1,807 1,741
Exeter Automobile Receivables Trust, Series 2020-3A, Class D, 1.73% 20267 1,012 979
Exeter Automobile Receivables Trust, Series 2022-2A, Class B, 3.65% 20267 3,047 2,986
Exeter Automobile Receivables Trust, Series 2021-2, Class D, 1.40% 20277 2,612 2,385
Exeter Automobile Receivables Trust, Series 2022-4A, Class B, 4.57% 20277 568 558
Exeter Automobile Receivables Trust, Series 2022-2A, Class D, 4.56% 20287 1,201 1,131
FirstKey Homes Trust, Series 2020-SFR2, Class A, 1.266% 20372,7 18,014 16,151
FirstKey Homes Trust, Series 2021-SFR3, Class A, 2.135% 20382,7 1,389 1,218
FirstKey Homes Trust, Series 2022-SFR2, Class A, 4.145% 20392,7 1,738 1,643
Ford Credit Auto Owner Trust, Series 2018-2, Class A, 3.47% 20302,7 17,675 17,510
Ford Credit Auto Owner Trust, Series 2018-1, Class A, 3.19% 20312,7 30,070 28,930
GCI Funding I, LLC, Series 2020-1, Class A, 2.82% 20452,7 2,234 1,981
GCI Funding I, LLC, Series 2021-1, Class A, 2.38% 20462,7 1,483 1,268
GCI Funding I, LLC, Series 2021-1, Class B, 3.04% 20462,7 165 139
Global SC Finance VII SRL, Series 2020-2A, Class A, 2.26% 20402,7 2,975 2,649
Global SC Finance VII SRL, Series 2021-1A, Class A, 1.86% 20412,7 10,114 8,698
Global SC Finance VII SRL, Series 2021-2A, Class A, 1.95% 20412,7 2,827 2,447
Global SC Finance VII SRL, Series 2021-2A, Class B, 2.49% 20412,7 221 187
GM Financial Automobile Leasing Trust, Series 2020-2, Class C, 2.56% 20247 301 299
GM Financial Automobile Leasing Trust, Series 2020-2, Class D, 3.21% 20247 425 422
Hertz Vehicle Financing III, LLC, Series 2021-A, Class B, 3.65% 20232,7,10 8,590 8,263
Hertz Vehicle Financing III, LLC, Series 2021-1A, Class A, 1.21% 20252,7 12,703 11,638
Hertz Vehicle Financing III, LLC, Series 2021-1A, Class B, 1.56% 20252,7 1,171 1,072
Hertz Vehicle Financing III, LLC, Series 2021-1A, Class C, 2.05% 20252,7 810 730
Hertz Vehicle Financing III, LLC, Series 2021-2A, Class A, 1.68% 20272,7 17,770 15,230
Hertz Vehicle Financing III, LLC, Series 2021-2A, Class B, 2.12% 20272,7 1,264 1,082
Hertz Vehicle Financing III, LLC, Series 2021-2A, Class C, 2.52% 20272,7 859 720
LAD Auto Receivables Trust, Series 2021-1A, Class A, 1.30% 20262,7 1,070 1,032
LAD Auto Receivables Trust, Series 2021-1A, Class B, 1.94% 20262,7 304 283
LAD Auto Receivables Trust, Series 2022-1, Class A, 5.21% 20272,7 1,368 1,351
LAD Auto Receivables Trust, Series 2022-1, Class B, 5.87% 20272,7 438 423
LAD Auto Receivables Trust, Series 2022-1, Class C, 6.85% 20302,7 623 600
Madison Park Funding, Ltd., CLO, Series 2015-17A, Class AR2, (3-month USD-LIBOR + 1.00%) 3.732% 20302,3,7 900 887
Marathon CLO, Ltd., Series 2017-9A, Class A1AR, (3-month USD-LIBOR + 1.15%) 3.662% 20292,3,7 586 579
Mission Lane Credit Card Master Trust, Series 2021-A, Class A, 1.59% 20262,7 1,242 1,198
Mission Lane Credit Card Master Trust, Series 2021-A, Class B, 2.24% 20262,7 230 222
Navient Student Loan Trust, Series 2021-EA, Class A, 0.97% 20692,7 2,614 2,193
Navient Student Loan Trust, Series 2021-C, Class A, 1.06% 20692,7 4,227 3,631
Navient Student Loan Trust, Series 2021-G, Class A, 1.58% 20702,7 927 799
Navigator Aircraft ABS, Ltd., Series 2021-1, Class A, 2.771% 20462,7 4,480 3,817
Nelnet Student Loan Trust, Series 2021-C, Class AFX, 1.32% 20622,7 336 300
Nelnet Student Loan Trust, Series 2021-A, Class APT1, 1.36% 20622,7 5,685 5,013
Nelnet Student Loan Trust, Series 2021-B, Class AFX, 1.42% 20622,7 12,994 11,602
American Funds Insurance Series — The Bond Fund of America — Page 163 of 255
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Bonds, notes & other debt instruments (continued)
Asset-backed obligations (continued) 		  Principal amount
(000) 		Value
(000)
Nelnet Student Loan Trust, Series 2021-C, Class AFL,
(1-month USD-LIBOR + 0.74%) 3.733% 20622,3,7 		USD4,310 $4,174
New Economy Assets Phase 1 Issuer, LLC, Series 2021-1, Class A1, 1.91% 20612,7 50,765 43,043
Newark BSL CLO 2, Ltd., Series 2017-1A, Class A1R,
(3-month USD-LIBOR + 0.97%) 3.753% 20302,3,7 		275 270
Oportun Funding, LLC, Series 2021-A, Class A, 1.21% 20282,7 240 223
Palmer Square Loan Funding, CLO, Series 2020-4, Class A1,
(3-month USD-LIBOR + 1.00%) 3.997% 20282,3,7 		1,263 1,248
Palmer Square Loan Funding, CLO, Series 2021-1, Class A1,
(3-month USD-LIBOR + 0.90%) 3.61% 20292,3,7 		274 271
PFS Financing Corp., Series 2021-B, Class A, 0.775% 20262,7 7,884 7,252
PFS Financing Corp., Series 2022-D, Class A, 4.27% 20272,7 1,721 1,669
Prestige Auto Receivables Trust, Series 2019-1A, Class C, 2.70% 20242,7 1,249 1,245
Prestige Auto Receivables Trust, Series 2019-1A, Class D, 3.01% 20252,7 1,355 1,342
Prodigy Finance DAC, Series 2021-1A, Class A, (1-month USD-LIBOR + 1.25%) 4.334% 20512,3,7 678 662
Santander Drive Auto Receivables Trust, Series 2021-2, Class B, 0.59% 20257 1,440 1,433
Santander Drive Auto Receivables Trust, Series 2019-2, Class D, 3.22% 20257 2,201 2,189
Santander Drive Auto Receivables Trust, Series 2021-2, Class C, 0.90% 20267 2,812 2,740
Santander Drive Auto Receivables Trust, Series 2020-3, Class C, 1.12% 20267 2,386 2,369
Santander Drive Auto Receivables Trust, Series 2020-3, Class D, 1.64% 20267 2,211 2,141
Santander Drive Auto Receivables Trust, Series 2021-3, Class C, 0.95% 20277 1,677 1,620
Santander Drive Auto Receivables Trust, Series 2021-3, Class D, 1.33% 20277 2,236 2,101
Santander Drive Auto Receivables Trust, Series 2021-2, Class D, 1.35% 20277 1,802 1,699
Santander Drive Auto Receivables Trust, Series 2022-5, Class B, 4.43% 20277 917 898
Santander Drive Auto Receivables Trust, Series 2022-5, Class C, 4.74% 20287 856 834
Slam, Ltd., Series 2021-1, Class A, 2.434% 20462,7 2,686 2,209
Slam, Ltd., Series 2021-1, Class B, 3.422% 20462,7 495 394
SOLRR Aircraft Aviation Holding, Ltd., Series 2021-1, Class A, 2.636% 20462,7 2,435 2,016
Sound Point CLO, Ltd., Series 2015-1RA, Class AR,
(3-month USD-LIBOR + 1.08%) 3.592% 20302,3,7 		475 468
Sprite, Ltd., Series 2021-1, Class A, 3.75% 20462,7 3,314 2,805
Stellar Jay Ireland DAC, Series 2021-1, Class A, 3.967% 20412,7 453 389
Stonepeak Infrastructure Partners, Series 2021-1A, Class AA, 2.301% 20332,7 1,279 1,137
Stonepeak Infrastructure Partners, Series 2021-1A, Class A, 2.675% 20332,7 1,478 1,296
SuttonPark Structured Settlements, Series 2021-1, Class A, 1.95% 20752,7 2,417 2,194
TAL Advantage V, LLC, Series 2020-1A, Class A, 2.05% 20452,7 3,073 2,696
Textainer Marine Containers, Ltd., Series 2020-2A, Class A, 2.10% 20452,7 2,294 1,976
Textainer Marine Containers, Ltd., Series 2020-1A, Class A, 2.73% 20452,7 1,301 1,176
Textainer Marine Containers, Ltd., Series 2021-1A, Class A, 1.68% 20462,7 6,335 5,370
Textainer Marine Containers, Ltd., Series 2021-2A, Class A, 2.23% 20462,7 5,320 4,576
Textainer Marine Containers, Ltd., Series 2021-1A, Class B, 2.52% 20462,7 354 297
TIF Funding II, LLC, Series 2020-1A, Class A, 2.09% 20452,7 4,464 3,869
TIF Funding II, LLC, Series 2021-1A, Class B, 2.54% 20462,7 133 110
Toyota Auto Loan Extended Note Trust, Series 2019-1, Class A, 2.56% 20312,7 6,000 5,785
Triton Container Finance VIII, LLC, Series 2020-1, Class A, 2.11% 20452,7 10,691 9,222
Triton Container Finance VIII, LLC, Series 2021-1, Class A, 1.86% 20462,7 4,307 3,623
Triton Container Finance VIII, LLC, Series 2021-1A, Class B, 2.58% 20462,7 355 296
Westlake Automobile Receivables Trust, Series 2020-3A, Class C, 1.24% 20252,7 1,557 1,515
Westlake Automobile Receivables Trust, Series 2021-2, Class B, 0.62% 20262,7 1,690 1,633
Westlake Automobile Receivables Trust, Series 2021-2, Class C, 0.89% 20262,7 2,181 2,062
Westlake Automobile Receivables Trust, Series 2021-2, Class D, 1.23% 20262,7 1,446 1,335
Westlake Automobile Receivables Trust, Series 2020-3A, Class D, 1.65% 20262,7 3,023 2,878
      486,815
American Funds Insurance Series — The Bond Fund of America — Page 164 of 255
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Bonds, notes & other debt instruments (continued)
Municipals 1.63%
California 0.03% 		  Principal amount
(000) 		Value
(000)
G.O. Bonds, Series 2009, 7.50% 2034 USD2,100 $2,504
Golden State Tobacco Securitization Corp., Enhanced Tobacco Settlement Asset-Backed Bonds, Series 2021-B, 2.746% 2034 650 512
      3,016
Illinois 1.49%      
City of Chicago, Board of Education, Unlimited Tax G.O. Bonds (Dedicated Rev.), Series 2010-C, 6.319% 2029 65 62
City of Chicago, Board of Education, Unlimited Tax G.O. Bonds (Dedicated Rev.), Series 2009-E, 6.138% 2039 30,835 26,776
City of Chicago, Board of Education, Unlimited Tax G.O. Bonds (Dedicated Rev.), Series 2010-D, 6.519% 2040 8,945 7,790
City of Chicago, Board of Education, Unlimited Tax G.O. Bonds (Qualified School Construction Bonds),
Series 2009-G, 1.75% 2025 		2,500 2,145
G.O. Bonds, Series 2013-B, 4.31% 2023 2,125 2,118
G.O. Bonds, Pension Funding, Series 2003, 4.95% 2023 6,228 6,227
G.O. Bonds, Pension Funding, Series 2003, 5.10% 2033 107,000 102,041
G.O. Bonds, Taxable Build America Bonds, Series 2010-2, 5.95% 2023 3,210 3,224
      150,383
New York 0.04%      
Dormitory Auth., Taxable State Personal Income Tax Rev. Bonds (General Purpose), Series 2021-C, 2.202% 2034 6,390 4,855
Texas 0.03%      
Grand Parkway Transportation Corp., Grand Parkway System Toll Rev. Ref. Bonds, Series 2020-B,
3.236% 2052 		4,075 2,851
Wisconsin 0.04%      
Public Fin. Auth., Federal Lease Rev. Bonds (Fort Sam Acquisition Fncg.), Series 2022, 4.95% 2034 4,590 4,098
Total municipals     165,203
Bonds & notes of governments & government agencies outside the U.S. 1.28%      
Chile (Republic of) 3.50% 2034 600 491
Chile (Republic of) 3.10% 2041 2,340 1,591
Chile (Republic of) 4.34% 2042 1,320 1,049
Chile (Republic of) 4.00% 2052 580 424
Colombia (Republic of) 4.125% 2051 3,120 1,683
Colombia (Republic of), Series B, 5.75% 2027 COP24,813,800 4,068
Dominican Republic 5.95% 20272 USD8,100 7,558
Indonesia (Republic of) 4.65% 2032 2,690 2,530
Indonesia (Republic of) 3.35% 2071 1,660 1,025
Indonesia (Republic of), Series 91, 6.375% 2032 IDR31,265,000 1,914
Israel (State of) 1.00% 2030 ILS11,800 2,796
Israel (State of) 3.375% 2050 USD4,750 3,530
Israel (State of) 3.875% 2050 4,775 3,866
Malaysia (Federation of), Series 0219, 3.885% 2029 MYR11,040 2,313
Panama (Republic of) 3.362% 2031 USD15,625 13,633
Panama (Republic of) 3.87% 2060 7,500 4,480
Panama (Republic of) 4.50% 2063 395 262
Paraguay (Republic of) 5.00% 2026 1,250 1,208
Peru (Republic of) 6.35% 2028 PEN5,840 1,334
Peru (Republic of) 5.94% 2029 6,005 1,320
Peru (Republic of) 2.783% 2031 USD2,155 1,712
Peru (Republic of) 6.15% 2032 PEN12,950 2,686
Peru (Republic of) 3.60% 2072 USD7,640 4,640
American Funds Insurance Series — The Bond Fund of America — Page 165 of 255
unaudited
Bonds, notes & other debt instruments (continued)
Bonds & notes of governments & government agencies outside the U.S. (continued) 		  Principal amount
(000) 		Value
(000)
Philippines (Republic of) 3.229% 2027 USD475 $443
Philippines (Republic of) 3.20% 2046 4,900 3,279
Philippines (Republic of) 4.20% 2047 272 212
Portuguese Republic 5.125% 2024 24,775 24,922
PT Indonesia Asahan Aluminium Tbk 5.71% 20232 1,020 1,020
PT Indonesia Asahan Aluminium Tbk 4.75% 20252 1,270 1,241
PT Indonesia Asahan Aluminium Tbk 5.45% 20302 340 305
PT Indonesia Asahan Aluminium Tbk 5.80% 20502 1,150 869
Qatar (State of) 4.50% 20282 5,100 5,044
Qatar (State of) 5.103% 20482 3,400 3,302
Romania 3.75% 2034 EUR5,625 3,824
Saudi Arabia (Kingdom of) 3.628% 20272 USD5,000 4,806
Saudi Arabia (Kingdom of) 3.625% 20282 11,435 10,834
United Mexican States 4.875% 2033 2,175 1,916
United Mexican States 3.50% 2034 1,030 785
United Mexican States 4.40% 2052 440 305
      129,220
Federal agency bonds & notes 0.11%      
Fannie Mae 2.125% 20265 11,910 11,102
Total bonds, notes & other debt instruments (cost: $11,161,923,000)     10,029,907
Short-term securities 22.46%
Money market investments 22.46% 		  Shares  
Capital Group Central Cash Fund 2.81%11,12 22,697,945 2,269,568
Total short-term securities (cost: $2,269,460,000)     2,269,568
Total investment securities 121.73% (cost: $13,431,383,000)     12,299,475
Other assets less liabilities (21.73)%     (2,195,830)
Net assets 100.00%     $10,103,645
Futures contracts
Contracts Type Number of
contracts 		Expiration Notional
amount
(000) 		Value and
unrealized
(depreciation)
appreciation
at 9/30/2022
(000)
30 Day Federal Funds Futures Short 44 November 2022 USD(17,769) $(7)
30 Day Federal Funds Futures Long 1,732 December 2022 694,984 81
3 Month SOFR Futures Short 658 June 2023 (157,229) 1,884
2 Year U.S. Treasury Note Futures Short 2,259 December 2022 (463,977) 5,108
5 Year Euro-Bobl Futures Long 1 December 2022 117 (3)
5 Year U.S. Treasury Note Futures Long 12,298 December 2022 1,322,131 (42,065)
10 Year Euro-Bund Futures Short 52 December 2022 (7,058) 332
10 Year Japanese Government Bond Futures Short 77 December 2022 (78,899) (89)
10 Year U.S. Treasury Note Futures Long 1,290 December 2022 144,561 (6,895)
10 Year Ultra U.S. Treasury Note Futures Short 1,571 December 2022 (186,139) 2,304
20 Year U.S. Treasury Bond Futures Long 1,689 December 2022 213,500 (16,699)
30 Year Ultra U.S. Treasury Bond Futures Long 565 December 2022 77,405 (3,795)
          $(59,844)
American Funds Insurance Series — The Bond Fund of America — Page 166 of 255
unaudited
Forward currency contracts
Contract amount Counterparty Settlement
date 		Unrealized
appreciation
at 9/30/2022
(000)
Currency purchased
(000) 		Currency sold
(000)
USD 5,127 COP 22,893,650 Standard Chartered Bank 10/7/2022 $168
USD 2,924 PEN 11,415 Citibank 10/7/2022 62
USD 585 EUR 582 Citibank 10/17/2022 14
USD 1,182 EUR 1,180 JPMorgan Chase 10/19/2022 24
USD 2,952 PEN 11,470 Goldman Sachs 10/20/2022 80
USD 5,554 EUR 5,628 JPMorgan Chase 10/26/2022 28
USD 3,201 ILS 10,725 UBS AG 11/3/2022 185
USD 2,509 MYR 11,150 JPMorgan Chase 11/7/2022 120
USD 2,050 IDR 30,407,000 JPMorgan Chase 11/14/2022 68
            $749
Swap contracts
Interest rate swaps
Centrally cleared interest rate swaps
Receive Pay Expiration
date 		Notional
amount
(000) 		Value at
9/30/2022
(000) 		  Upfront
premium
paid
(000) 		  Unrealized
appreciation
(depreciation)
at 9/30/2022
(000)
Rate Payment
frequency 		Rate Payment
frequency
SOFR Annual 0.471% Annual 10/26/2023 USD87,775 $3,436   $—   $3,436
0.45801% Annual SOFR Annual 10/26/2023 85,775 (3,369)   —   (3,369)
3.497% Annual U.S. EFFR Annual 6/16/2024 27,000 (343)   —   (343)
3.52647% Annual U.S. EFFR Annual 6/16/2024 72,532 (886)   —   (886)
3.5291% Annual U.S. EFFR Annual 6/16/2024 78,378 (954)   —   (954)
3.4585% Annual U.S. EFFR Annual 6/17/2024 4,154 (56)   —   (56)
3.4325% Annual U.S. EFFR Annual 6/17/2024 19,800 (272)   —   (272)
3-month USD-LIBOR Quarterly 1.972% Semi-annual 4/26/2051 23,200 6,001   —   6,001
3-month USD-LIBOR Quarterly 1.9855% Semi-annual 4/26/2051 8,580 2,198   —   2,198
3-month USD-LIBOR Quarterly 1.9778% Semi-annual 4/28/2051 13,500 3,477   —   3,477
            $9,232   $—   $9,232
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
9/30/2022
(000) 		  Upfront
premium
(received)
paid
(000) 		  Unrealized
appreciation
(depreciation)
at 9/30/2022
(000)
CDX.NA.HY.38 5.00% Quarterly 6/20/2027 USD29,051 $686   $(251)   $937
CDX.NA.IG.39 1.00% Quarterly 12/20/2027 41,376 146   (49)   195
CDX.NA.HY.39 5.00% Quarterly 12/20/2027 211,250 8,855   9,586   (731)
          $9,687   $9,286   $401
American Funds Insurance Series — The Bond Fund of America — Page 167 of 255
unaudited
Investments in affiliates12
  Value of
affiliate at
1/1/2022
(000) 		Additions
(000) 		Reductions
(000) 		Net
realized
loss
(000) 		Net
unrealized
depreciation
(000) 		Value of
affiliate at
9/30/2022
(000) 		Dividend
income
(000)
Short-term securities 22.46%
Money market investments 22.46%              
Capital Group Central Cash Fund 2.81%11 $1,311,257 $3,150,342 $2,191,803 $(213) $(15) $2,269,568 $15,685
1 Step bond; coupon rate may change at a later date.
2 Acquired in a transaction exempt from registration under Rule 144A of the Securities Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers. The total value of all such securities was $1,552,907,000, which represented 15.37% of the net assets of the fund.
3 Coupon rate may change periodically. Reference rate and spread are as of the most recent information available. Some coupon rates are determined by the issuer or agent based on current market conditions; therefore, the reference rate and spread are not available.
4 Payment in kind; the issuer has the option of paying additional securities in lieu of cash. Payment methods and rates are as of the most recent payment when available.
5 All or a portion of this security was pledged as collateral. The total value of pledged collateral was $106,686,000, which represented 1.06% of the net assets of the fund.
6 Index-linked bond whose principal amount moves with a government price index.
7 Principal payments may be made periodically. Therefore, the effective maturity date may be earlier than the stated maturity date.
8 Amount less than one thousand.
9 Purchased on a TBA basis.
10 Value determined using significant unobservable inputs.
11 Rate represents the seven-day yield at 9/30/2022.
12 Part of the same “group of investment companies“ as the fund as defined under the Investment Company Act of 1940, as amended.
Key to abbreviations
Assn. = Association
Auth. = Authority
CLO = Collateralized Loan Obligations
CME = CME Group
CMO = Collateralized Mortgage Obligations
COP = Colombian pesos
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
ILS = Israeli shekels
LIBOR = London Interbank Offered Rate
MYR = Malaysian ringgits
PEN = Peruvian nuevos soles
PIK = Payment In Kind
Ref. = Refunding
Rev. = Revenue
SOFR = Secured Overnight Financing Rate
TBA = To be announced
USD = U.S. dollars
American Funds Insurance Series — The Bond Fund of America — Page 168 of 255
Capital World Bond Fund®
Investment portfolio
September 30, 2022
unaudited
Bonds, notes & other debt instruments 91.41%
Euros 17.69% 		  Principal amount
(000) 		Value
(000)
AIA Group, Ltd. 0.88% 2033 (5-year EUR Annual Swap + 1.10% on 9/9/2028)1 EUR2,800 $2,116
Allianz SE 4.75% perpetual bonds (3-month EUR-EURIBOR + 3.60% on 10/24/2023)1 4,200 4,060
Altria Group, Inc. 1.00% 2023 1,020 994
Altria Group, Inc. 1.70% 2025 1,600 1,473
Altria Group, Inc. 2.20% 2027 2,900 2,509
American Honda Finance Corp. 1.95% 2024 560 537
American Tower Corp. 0.45% 2027 2,525 2,100
American Tower Corp. 0.875% 2029 1,470 1,126
AT&T, Inc. 1.60% 2028 2,350 2,051
Austria (Republic of) 0% 2031 6,900 5,401
Bank of America Corp. 3.648% 2029 (3-month EUR-EURIBOR + 3.67% on 3/31/2028)1,2 5,000 4,729
CaixaBank, SA 2.25% 2030 (5-year EUR Annual (vs. 6-month EUR-EURIBOR) + 1.68% on 4/17/2025)1 2,400 2,103
Celanese US Holdings, LLC 4.777% 2026 235 218
Deutsche Telekom International Finance BV 7.50% 2033 200 253
Dow Chemical Co. 0.50% 2027 1,110 919
E.On SE 1.625% 2031 810 650
Egypt (Arab Republic of) 5.625% 2030 300 172
Equinor ASA 1.375% 2032 2,550 2,055
European Investment Bank 0.25% 2032 4,900 3,769
European Investment Bank 1.50% 2032 1,000 863
European Union 0% 2026 1,600 1,426
European Union 0.25% 2026 610 545
European Union 0% 2031 705 539
European Union 0% 2035 220 146
European Union 0.20% 2036 1,500 1,001
Finland (Republic of) 1.50% 2032 3,380 2,951
French Republic O.A.T. 0.75% 2028 4,500 4,059
French Republic O.A.T. 0% 2030 19,550 15,708
French Republic O.A.T. 0% 2032 2,120 1,612
French Republic O.A.T. 2.00% 2032 4,260 3,907
French Republic O.A.T. 0.50% 2040 2,080 1,338
French Republic O.A.T. 0.75% 2052 5,930 3,298
Germany (Federal Republic of) 0% 2025 2,100 1,971
Germany (Federal Republic of) 0% 2026 6,060 5,509
Germany (Federal Republic of) 0% 2027 24,740 22,232
Germany (Federal Republic of) 0% 2030 17,650 14,799
Germany (Federal Republic of) 0% 2030 13,340 11,309
Germany (Federal Republic of) 0% 2031 12,600 10,320
Germany (Federal Republic of) 1.00% 2038 4,470 3,666
Germany (Federal Republic of) 0% 2050 1,200 661
Goldman Sachs Group, Inc. 3.375% 20252 5,000 4,877
Goldman Sachs Group, Inc. 1.00% 20332 2,705 1,842
Greece (Hellenic Republic of) 3.375% 2025 5,825 5,715
Greece (Hellenic Republic of) 1.75% 2032 5,970 4,479
Groupe BPCE SA 4.625% 2023 1,200 1,186
Groupe BPCE SA 1.00% 2025 2,900 2,660
American Funds Insurance Series — Capital World Bond Fund — Page 169 of 255
unaudited
Bonds, notes & other debt instruments (continued)
Euros (continued) 		  Principal amount
(000) 		Value
(000)
Highland Holdings SARL 0.318% 2026 EUR205 $173
Intesa Sanpaolo SpA 6.625% 2023 510 511
Israel (State of) 2.875% 2024 1,180 1,149
Italy (Republic of) 1.85% 2025 17,700 16,688
Italy (Republic of) 1.35% 2030 7 6
JPMorgan Chase & Co. 0.389% 2028 (3-month EUR-EURIBOR + 0.65% on 2/24/2027)1,2 3,208 2,667
KfW 0.125% 2025 590 545
Lloyds Banking Group PLC 1.75% 2028 (5-year EUR-EURIBOR + 1.30% on 9/7/2023)1 2,400 2,254
Morgan Stanley 2.103% 2026 (3-month EUR-EURIBOR + 0.904% on 5/8/2025)1 580 542
Morgan Stanley 2.95% 2032 (3-month EUR-EURIBOR + 1.245% on 5/7/2031)1 1,535 1,331
Morocco (Kingdom of) 3.50% 2024 1,400 1,354
Morocco (Kingdom of) 1.50% 2031 4,100 2,647
Philippines (Republic of) 0.25% 2025 875 787
Portuguese Republic 0.475% 2030 1,610 1,303
Quebec (Province of) 0.25% 2031 920 701
Quebec (Province of) 0.50% 2032 1,155 882
Romania 2.125% 2028 1,440 1,100
Romania 1.75% 2030 2,560 1,632
Romania 3.624% 2030 2,720 2,014
Romania 2.00% 2032 1,605 972
Romania 2.00% 2033 2,900 1,693
Romania 3.75% 2034 530 360
Russian Federation 2.875% 2025 3,000 1,153
Russian Federation 2.875% 2025 1,500 577
Serbia (Republic of) 3.125% 2027 9,387 7,527
Serbia (Republic of) 1.00% 2028 420 276
Serbia (Republic of) 1.50% 2029 4,153 2,706
Spain (Kingdom of) 0% 2027 2,325 2,035
Spain (Kingdom of) 0.80% 2027 8,970 8,062
Spain (Kingdom of) 1.45% 2029 1,890 1,699
Spain (Kingdom of) 1.25% 2030 1,295 1,110
Spain (Kingdom of) 0.50% 2031 4,645 3,612
Spain (Kingdom of) 0.70% 2032 4,785 3,727
Spain (Kingdom of) 1.90% 2052 1,010 666
State Grid Overseas Investment, Ltd. 1.375% 2025 441 409
State Grid Overseas Investment, Ltd. 2.125% 2030 200 166
Stryker Corp. 0.25% 2024 480 441
Stryker Corp. 0.75% 2029 980 788
Stryker Corp. 1.00% 2031 450 335
TOTAL SA 1.75% junior subordinated perpetual bonds (5-year EUR-EURIBOR + 1.765% on 4/4/2024)1 2,000 1,810
Toyota Motor Credit Corp. 0.125% 2027 1,850 1,514
Tunisia (Republic of) 6.75% 2023 5,209 3,908
Tunisia (Republic of) 6.75% 2023 1,295 972
Ukraine 6.75% 2028 3,119 599
Ukraine 6.75% 2028 1,225 235
Ukraine 4.375% 2032 2,705 510
Volkswagen International Finance NV 4.375% junior subordinated perpetual bonds
(9-year EUR Mid-Swap + 3.36% on 3/28/2031)1 		1,300 999
      253,001
Japanese yen 6.37%      
Japan, Series 18, 0.10% 20243 JPY10,526,859 7,484
Japan, Series 19, 0.10% 20243 458,584 3,272
Japan, Series 346, 0.10% 2027 777,900 5,391
Japan, Series 356, 0.10% 2029 1,720,800 11,812
American Funds Insurance Series — Capital World Bond Fund — Page 170 of 255
unaudited
Bonds, notes & other debt instruments (continued)
Japanese yen (continued) 		  Principal amount
(000) 		Value
(000)
Japan, Series 116, 2.20% 2030 JPY576,100 $4,558
Japan, Series 26, 0.005% 20313 521,271 3,825
Japan, Series 365, 0.10% 2031 940,450 6,414
Japan, Series 362, 0.10% 2031 737,200 5,018
Japan, Series 363, 0.10% 2031 180,000 1,224
Japan, Series 145, 1.70% 2033 742,700 5,841
Japan, Series 152, 1.20% 2035 987,100 7,367
Japan, Series 21, 2.30% 2035 720,000 6,057
Japan, Series 179, 0.50% 2041 196,950 1,248
Japan, Series 37, 0.60% 2050 694,500 3,981
Japan, Series 73, 0.70% 2051 1,268,700 7,398
Japan, Series 70, 0.70% 2051 689,500 4,035
Philippines (Republic of) 0.001% 2024 900,000 6,151
      91,076
Chinese yuan renminbi 3.28%      
China (People’s Republic of), Series INBK, 2.75% 2032 CNY25,660 3,593
China (People’s Republic of), Series 1910, 3.86% 2049 103,240 16,198
China (People’s Republic of), Series INBK, 3.39% 2050 26,230 3,809
China (People’s Republic of), Series INBK, 3.81% 2050 80,870 12,604
China (People’s Republic of), Series INBK, 3.53% 2051 50,810 7,607
China Development Bank Corp., Series 1814, 4.15% 2025 20,900 3,098
      46,909
British pounds 3.02%      
American Honda Finance Corp. 0.75% 2026 GBP1,420 1,267
Asian Development Bank 1.125% 2025 1,240 1,249
France Télécom 5.375% 2050 300 319
KfW 1.125% 2025 1,165 1,171
Lloyds Banking Group PLC 7.625% 2025 655 736
Quebec (Province of) 2.25% 2026 1,870 1,855
United Kingdom 0.125% 2026 425 412
United Kingdom 4.25% 2027 5,910 6,550
United Kingdom 4.75% 2030 8,230 9,601
United Kingdom 0.25% 2031 13,820 11,013
United Kingdom 4.25% 2032 3,010 3,406
United Kingdom 0.625% 2035 210 152
United Kingdom 0.875% 2046 4,917 2,966
United Kingdom 0.625% 2050 1,588 817
United Kingdom 1.25% 2051 2,423 1,511
United Kingdom 1.125% 2073 225 125
      43,150
Canadian dollars 2.09%      
Canada 0.75% 2024 CAD14,570 9,948
Canada 0.25% 2026 5,800 3,757
Canada 2.25% 2029 20,354 13,881
Canada 2.75% 2048 3,500 2,359
      29,945
Mexican pesos 2.07%      
Petróleos Mexicanos 7.19% 2024 MXN42,534 1,913
United Mexican States 4.50% 20253 16,296 803
United Mexican States, Series M, 5.75% 2026 44,700 1,950
United Mexican States, Series M, 7.50% 2027 251,720 11,456
American Funds Insurance Series — Capital World Bond Fund — Page 171 of 255
unaudited
Bonds, notes & other debt instruments (continued)
Mexican pesos (continued) 		  Principal amount
(000) 		Value
(000)
United Mexican States, Series M20, 8.50% 2029 MXN140,400 $6,573
United Mexican States, Series M30, 8.50% 2038 21,100 946
United Mexican States, Series M, 8.00% 2047 7,830 328
United Mexican States, Series M, 8.00% 2053 133,170 5,582
      29,551
Danish kroner 1.60%      
Nordea Kredit 0.50% 20404 DKK17,746 1,725
Nykredit Realkredit AS, Series 01E, 0.50% 20404 92,274 8,948
Nykredit Realkredit AS, Series 01E, 0.50% 20434 124,474 11,936
Realkredit Danmark AS 1.00% 20534 2,735 246
      22,855
Australian dollars 1.54%      
Australia (Commonwealth of), Series 155, 2.50% 2030 AUD3,328 1,943
Australia (Commonwealth of), Series 163, 1.00% 2031 21,864 10,909
Australia (Commonwealth of), Series 157, 1.50% 2031 3,730 1,970
Australia (Commonwealth of), Series 166, 3.00% 2033 12,355 7,250
      22,072
Russian rubles 0.83%      
Russian Federation 7.00% 20235 RUB430,300 1,751
Russian Federation 6.90% 20295 403,750 1,643
Russian Federation 7.65% 20305 712,330 2,899
Russian Federation 5.90% 20315 79,600 324
Russian Federation 6.90% 20315 212,995 867
Russian Federation 8.50% 20315 695,165 2,829
Russian Federation 7.70% 20335 295,840 1,130
Russian Federation 7.25% 20345 121,920 466
      11,909
Colombian pesos 0.73%      
Colombia (Republic of), Series B, 5.75% 2027 COP17,890,000 2,933
Colombia (Republic of), Series B, 7.00% 2031 31,310,800 4,834
Colombia (Republic of), Series B, 7.25% 2050 21,884,200 2,753
      10,520
Indonesian rupiah 0.58%      
Indonesia (Republic of), Series 84, 7.25% 2026 IDR22,733,000 1,523
Indonesia (Republic of), Series 56, 8.375% 2026 6,725,000 464
Indonesia (Republic of), Series 59, 7.00% 2027 51,565,000 3,388
Indonesia (Republic of), Series 78, 8.25% 2029 12,397,000 855
Indonesia (Republic of), Series 82, 7.00% 2030 2,930,000 189
Indonesia (Republic of), Series 68, 8.375% 2034 27,353,000 1,909
      8,328
Brazilian reais 0.53%      
Brazil (Federative Republic of) 10.00% 2023 BRL6,780 1,244
Brazil (Federative Republic of) 0% 2024 8,440 1,349
Brazil (Federative Republic of) 6.00% 20243 13,310 2,444
Brazil (Federative Republic of) 10.00% 2025 14,300 2,573
      7,610
American Funds Insurance Series — Capital World Bond Fund — Page 172 of 255
unaudited
Bonds, notes & other debt instruments (continued)
Chilean pesos 0.50% 		  Principal amount
(000) 		Value
(000)
Chile (Republic of) 4.00% 2023 CLP2,300,000 $2,311
Chile (Republic of) 5.80% 2024 1,270,000 1,244
Chile (Republic of) 1.50% 20263 788,879 768
Chile (Republic of) 4.50% 2026 50,000 47
Chile (Republic of) 5.00% 2028 955,000 908
Chile (Republic of) 4.70% 2030 2,120,000 1,916
      7,194
South Korean won 0.47%      
South Korea (Republic of), Series 2503, 1.50% 2025 KRW5,183,670 3,399
South Korea (Republic of), Series 2712, 2.375% 2027 5,158,930 3,298
      6,697
South African rand 0.19%      
South Africa (Republic of), Series R-2030, 8.00% 2030 ZAR30,120 1,425
South Africa (Republic of), Series R-2048, 8.75% 2048 30,850 1,289
      2,714
Malaysian ringgits 0.14%      
Malaysia (Federation of), Series 0519, 3.757% 2040 MYR10,588 1,977
Indian rupees 0.08%      
India (Republic of) 5.15% 2025 INR96,010 1,118
Romanian leu 0.06%      
Romania 4.75% 2025 RON5,000 912
Polish zloty 0.05%      
Poland (Republic of), Series 1029, 2.75% 2029 PLN4,900 749
Norwegian kroner 0.04%      
Norway (Kingdom of) 2.125% 2032 NOK6,615 550
Ukrainian hryvnia 0.03%      
Ukraine 15.97% 2023 UAH78,370 399
U.S. dollars 49.52%      
1375209 BC, Ltd. 9.00% 20286 USD30 30
7-Eleven, Inc. 0.95% 20266 520 449
7-Eleven, Inc. 1.30% 20286 2,180 1,759
7-Eleven, Inc. 1.80% 20316 2,015 1,500
AbbVie, Inc. 2.90% 2022 1,170 1,168
ACE INA Holdings, Inc. 2.875% 2022 195 195
ACE INA Holdings, Inc. 3.35% 2026 195 184
ACE INA Holdings, Inc. 4.35% 2045 425 360
Advisor Group Holdings, LLC 6.25% 20286 295 256
AerCap Ireland Capital, Ltd. / AerCap Global Aviation Trust 2.45% 2026 2,102 1,776
Aeropuerto International de Tocume SA 5.125% 20616 660 473
Aetna, Inc. 2.80% 2023 340 336
American Funds Insurance Series — Capital World Bond Fund — Page 173 of 255
unaudited
Bonds, notes & other debt instruments (continued)
U.S. dollars (continued) 		  Principal amount
(000) 		Value
(000)
AG Merger Sub II, Inc. 10.75% 20276 USD256 $251
AG TTMT Escrow Issuer, LLC 8.625% 20276 53 50
Alabama Power Co. 3.00% 2052 980 643
Albertsons Companies, Inc. 4.625% 20276 125 112
Albertsons Companies, Inc. 3.50% 20296 140 113
Alcoa Nederland Holding BV 4.125% 20296 75 63
Allegheny Technologies, Inc. 4.875% 2029 25 21
Allegheny Technologies, Inc. 5.125% 2031 45 37
Allegiant Travel Co. 7.25% 20276 25 24
Alliant Holdings Intermediate, LLC 6.75% 20276 265 229
Alliant Holdings Intermediate, LLC / Alliant Holdings 5.875% 20296 65 53
Allied Universal Holdco, LLC 9.75% 20276 135 111
Allied Universal Holdco, LLC 6.00% 20296 300 194
Almonde, Inc., Term Loan, (3-month USD-LIBOR + 7.25%) 10.621% 20257,8 570 469
Altria Group, Inc. 5.95% 2049 131 109
Amazon.com, Inc. 1.50% 2030 2,040 1,612
American Electric Power Company, Inc. 1.00% 2025 250 219
American Express Co. 3.375% 2024 4,202 4,100
Amgen, Inc. 2.20% 2027 445 396
AmWINS Group, Inc. 4.875% 20296 30 25
Anglo American Capital PLC 3.95% 20506 521 356
Angola (Republic of) 9.50% 2025 3,580 3,355
Apple, Inc. 3.35% 2032 1,600 1,427
Ardagh Group SA 6.50% Cash 20276,9 210 144
Aretec Escrow Issuer, Inc. 7.50% 20296 180 151
Argentine Republic 0.50% 2030 (0.75% on 7/9/2023)1 1,921 388
Argentine Republic 1.50% 2035 (3.625% on 7/9/2023)1 3,025 551
Ascensus, Inc., Term Loan, (3-month USD-LIBOR + 6.50%) 8.813% 20297,8 120 108
Ascent Resources - Utica, LLC 8.25% 20286 140 135
Ascent Resources - Utica, LLC 5.875% 20296 55 49
AssuredPartners, Inc. 7.00% 20256 120 111
AssuredPartners, Inc. 5.625% 20296 205 160
AstraZeneca PLC 3.50% 2023 2,700 2,679
AT&T, Inc. 3.50% 2053 2,070 1,383
Atkore, Inc. 4.25% 20316 25 20
Atlantic Aviation FBO, Inc., Term Loan, (3-month USD-LIBOR + 2.75%) 5.865% 20287,8 149 143
Avantor Funding, Inc. 4.625% 20286 45 40
Avantor Funding, Inc. 3.875% 20296 90 73
Avient Corp. 7.125% 20306 10 9
B&G Foods, Inc. 5.25% 2025 5 4
B&G Foods, Inc. 5.25% 2027 140 114
Banco Santander, SA 5.147% 2025 1,200 1,165
Bank of America Corp. 1.53% 2025 (USD-SOFR + 0.65% on 12/6/2024)1 6,260 5,731
Bank of America Corp. 2.456% 2025 (3-month USD-LIBOR + 0.87% on 10/22/2024)1 847 793
Bank of America Corp. 1.734% 2027 (USD-SOFR + 0.96% on 7/22/2026)1 3,745 3,217
Bank of America Corp. 2.299% 2032 (USD-SOFR + 1.22% on 7/21/2031)1 4,780 3,578
Bank of Nova Scotia 2.45% 2032 2,100 1,601
Barclays Bank PLC 5.304% 2026
(1-year UST Yield Curve Rate T Note Constant Maturity + 2.30% on 8/9/2025)1 		2,350 2,259
Barclays PLC 5.501% 2028
(1-year UST Yield Curve Rate T Note Constant Maturity + 2.65% on 8/5/2027)1 		1,290 1,211
Bath & Body Works, Inc. 6.625% 20306 70 61
Bath & Body Works, Inc. 6.875% 2035 75 63
Bausch Health Companies, Inc. 5.75% 20276 140 96
Bayer AG 3.375% 20246 840 810
American Funds Insurance Series — Capital World Bond Fund — Page 174 of 255
unaudited
Bonds, notes & other debt instruments (continued)
U.S. dollars (continued) 		  Principal amount
(000) 		Value
(000)
Bayer US Finance II, LLC 4.25% 20256 USD203 $194
Bayerische Motoren Werke AG 3.90% 20256 900 874
Bayerische Motoren Werke AG 4.15% 20306 900 831
Beasley Mezzanine Holdings, LLC 8.625% 20266 30 23
Becton, Dickinson and Company 4.298% 2032 320 292
Belarus (Republic of) 6.875% 20235 4,955 1,617
Belarus (Republic of) 7.625% 20275 2,100 504
Berkshire Hathaway Energy Company 2.85% 2051 300 185
Blue Racer Midstream, LLC and Blue Racer Finance Corp. 7.625% 20256 65 62
BMC Software, Inc., Term Loan, (3-month USD-LIBOR + 5.50%) 6.128% 20267,8 25 23
BNP Paribas 2.159% 2029 (USD-SOFR + 1.218% on 9/15/2028)1,6 700 548
BNP Paribas 2.871% 2032 (USD-SOFR + 1.387% on 4/19/2031)1,6 1,275 966
Boeing Company 5.15% 2030 2,855 2,644
Boeing Company 3.625% 2031 1,127 937
Bombardier, Inc. 7.50% 20246 85 85
Bombardier, Inc. 7.875% 20276 20 18
Bombardier, Inc. 6.00% 20286 65 54
Bombardier, Inc. 7.45% 20346 125 117
Booz Allen Hamilton, Inc. 3.875% 20286 43 37
Booz Allen Hamilton, Inc. 4.00% 20296 27 23
Boyd Gaming Corp. 4.75% 2027 120 106
Boyne USA, Inc. 4.75% 20296 7 6
Brandywine Operating Partnership, LP 3.95% 2023 190 189
Braskem Netherlands Finance BV 4.50% 20306 745 603
British American Tobacco PLC 2.789% 2024 1,150 1,094
British American Tobacco PLC 3.215% 2026 955 854
British American Tobacco PLC 3.557% 2027 1,545 1,359
British American Tobacco PLC 3.462% 2029 1,150 938
British American Tobacco PLC 4.54% 2047 61 41
British American Tobacco PLC 4.758% 2049 833 570
Broadcom, Inc. 4.00% 20296 250 221
Broadcom, Inc. 3.419% 20336 698 534
Broadcom, Inc. 3.469% 20346 48 36
Broadcom, Inc. 3.137% 20356 185 130
Broadcom, Inc. 3.75% 20516 926 609
BWX Technologies, Inc. 4.125% 20296 195 169
Caesars Entertainment, Inc. 6.25% 20256 35 34
Caesars Entertainment, Inc. 4.625% 20296 15 11
California Resources Corp. 7.125% 20266 65 61
Callon Petroleum Co. 7.50% 20306 30 26
Canadian Pacific Railway, Ltd. 2.45% 2031 798 640
Canadian Pacific Railway, Ltd. 3.10% 2051 1,378 909
Can-Pack SA / Canpack US, LLC 3.875% 20296 90 70
Carnival Corp. 6.00% 20296 100 66
CCO Holdings, LLC and CCO Holdings Capital Corp. 3.75% 2028 2,650 2,346
CCO Holdings, LLC and CCO Holdings Capital Corp. 4.50% 20306 255 202
CCO Holdings, LLC and CCO Holdings Capital Corp. 4.75% 20306 135 110
CCO Holdings, LLC and CCO Holdings Capital Corp. 4.25% 20316 155 119
CCO Holdings, LLC and CCO Holdings Capital Corp. 4.50% 20336 162 120
CCO Holdings, LLC and CCO Holdings Capital Corp. 4.25% 20346 70 50
CDI Escrow Issuer, Inc. 5.75% 20306 70 61
CDK Global, Inc. 7.25% 20296 55 52
Centene Corp. 2.45% 2028 40 33
Centene Corp. 4.625% 2029 325 293
Centene Corp. 2.50% 2031 155 117
American Funds Insurance Series — Capital World Bond Fund — Page 175 of 255
unaudited
Bonds, notes & other debt instruments (continued)
U.S. dollars (continued) 		  Principal amount
(000) 		Value
(000)
Central Garden & Pet Co. 4.125% 2030 USD74 $59
Central Garden & Pet Co. 4.125% 20316 110 87
Charles River Laboratories International, Inc. 4.25% 20286 35 31
Charles River Laboratories International, Inc. 4.00% 20316 70 57
Cheniere Energy Partners, LP 4.50% 2029 160 141
Cheniere Energy Partners, LP 4.00% 2031 75 63
Cheniere Energy Partners, LP 3.25% 2032 56 43
Chesapeake Energy Corp. 4.875% 20225 915 25
Chesapeake Energy Corp. 5.875% 20296 45 42
Chesapeake Energy Corp. 6.75% 20296 30 29
Cigna Corp. 2.375% 2031 375 299
Citigroup, Inc. 0.981% 2025 (USD-SOFR + 0.669% on 5/1/2024)1 808 749
Citigroup, Inc. 2.014% 2026 (USD-SOFR + 0.694% on 1/25/2025)1 421 387
Citigroup, Inc. 3.106% 2026 (USD-SOFR + 2.842% on 3/8/2026)1 4,500 4,221
Clarivate Science Holdings Corp. 3.875% 20286 45 37
Cleveland-Cliffs, Inc. 4.875% 20316 130 108
CMS Energy Corp. 3.875% 2024 100 98
CMS Energy Corp. 3.00% 2026 1,200 1,109
CNX Resources Corp. 7.25% 20276 175 171
Coinbase Global, Inc. 3.375% 20286 100 63
Coinbase Global, Inc. 3.625% 20316 85 47
Colombia (Republic of) 3.875% 2027 350 298
Commonwealth Bank of Australia 2.688% 20316 4,650 3,498
Compass Diversified Holdings 5.25% 20296 177 139
Compass Diversified Holdings 5.00% 20326 65 48
Comstock Resources, Inc. 6.75% 20296 110 102
Comstock Resources, Inc. 5.875% 20306 65 57
Constellation Oil Services Holding SA 4.00% PIK 20269 1,084 894
Constellium SE 3.75% 20296 125 91
Consumers Energy Co. 3.375% 2023 345 342
Consumers Energy Co. 3.60% 2032 1,600 1,429
Corebridge Financial, Inc. 3.90% 20326 748 633
CoreLogic, Inc. 4.50% 20286 284 194
CoreLogic, Inc., Term Loan, (3-month USD-LIBOR + 6.50%) 9.625% 20297,8 65 49
Corporate Office Properties, LP 2.75% 2031 1,212 893
Covanta Holding Corp. 4.875% 20296 25 20
CQP Holdco, LP / BIP-V Chinook Holdco, LLC 5.50% 20316 400 339
Crédit Agricole SA 4.375% 20256 1,100 1,057
Crédit Agricole SA 1.907% 2026 (USD-SOFR + 1.676% on 6/16/2025)1,6 2,675 2,394
Credit Suisse Group AG 3.091% 2032 (USD-SOFR + 1.73% on 5/14/2031)1,6 1,000 703
Crestwood Midstream Partners, LP 6.00% 20296 85 76
Crown Castle International Corp. 2.50% 2031 767 592
CSX Corp. 3.80% 2050 75 57
CVR Partners, LP 6.125% 20286 100 87
Daimler Trucks Finance North America, LLC 3.65% 20276 725 664
Danske Bank AS 3.875% 20236 1,675 1,649
Darling Ingredients, Inc. 6.00% 20306 185 176
DaVita, Inc. 4.625% 20306 65 50
Deluxe Corp. 8.00% 20296 20 16
Deutsche Bank AG 2.129% 2026 (USD-SOFR + 1.87% on 11/24/2025)1 850 723
Deutsche Telekom International Finance BV 9.25% 2032 930 1,143
Development Bank of Mongolia, LLC 7.25% 2023 1,980 1,901
Diamond Foreign Asset Co. / Diamond Finance, LLC 9.00% Cash 20276,8,9 25 23
Diamond Foreign Asset Co. / Diamond Finance, LLC 9.00% Cash 20279 22 21
Diamond Sports Group, LLC 6.625% 20276 310 23
American Funds Insurance Series — Capital World Bond Fund — Page 176 of 255
unaudited
Bonds, notes & other debt instruments (continued)
U.S. dollars (continued) 		  Principal amount
(000) 		Value
(000)
Diebold Nixdorf AG, Term Loan B, (3-month USD-LIBOR + 2.75%) 5.50% 20237,8 USD106 $87
Diebold Nixdorf, Inc. 9.375% 20256 300 229
Digital Currency Group, Inc., Term Loan, (3-month USD-LIBOR + 7.00%) 8.00% 20267,8,10 19 17
Digital Currency Group, Inc., Term Loan, 8.75% 20267,10 26 21
DIRECTV Financing, LLC, Term Loan, (3-month USD-LIBOR + 5.00%) 8.115% 20277,8 105 98
DIRECTV Holdings, LLC and DIRECTV Financing Co., Inc. 5.875% 20276 110 95
Discovery Communications, Inc. 3.625% 2030 468 385
DISH DBS Corp. 5.25% 20266 15 12
Dominican Republic 5.50% 20256 1,375 1,338
Dominican Republic 8.625% 20276 225 228
Dominican Republic 5.50% 20296 350 303
Dominican Republic 6.40% 20496 813 588
Duke Energy Progress, LLC 2.00% 2031 2,360 1,828
Dun & Bradstreet Corp. 5.00% 20296 42 35
Edison International 4.125% 2028 2,390 2,136
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 79
Electricité de France SA 4.875% 20386 795 656
Empresas Publicas de Medellin ESP 4.25% 20296 1,030 749
Enbridge, Inc. 4.00% 2023 600 595
Endo Luxembourg Finance Co. I SARL / Endo U.S., Inc. 6.125% 20296 205 162
Enel Finance International SA 1.375% 20266 1,248 1,056
Enel Finance International SA 1.875% 20286 1,227 955
Energy Transfer Operating, LP 5.00% 2050 1,054 826
Entegris Escrow Corp. 4.75% 20296 45 40
Entergy Corp. 0.90% 2025 750 661
Entergy Louisiana, LLC 4.75% 2052 1,275 1,113
EQM Midstream Partners, LP 6.50% 20276 170 157
EQM Midstream Partners, LP 7.50% 20306 45 43
EQM Midstream Partners, LP 6.50% 2048 40 31
EQT Corp. 7.25% 20301 40 41
Equinix, Inc. 1.80% 2027 1,145 959
Equinix, Inc. 2.15% 2030 3,600 2,765
Ethiopia (Federal Democratic Republic of) 6.625% 2024 5,750 2,939
Export-Import Bank of India 3.25% 2030 3,489 2,921
Fair Isaac Corp. 4.00% 20286 120 102
Fannie Mae Pool #MA2754 3.00% 20264 65 63
Fannie Mae Pool #AP7888 3.50% 20424 351 323
Fannie Mae Pool #AQ0770 3.50% 20424 134 123
Fannie Mae Pool #AO4151 3.50% 20424 111 102
Fannie Mae Pool #FS0647 3.00% 20524 2,935 2,602
Fannie Mae, Series 2012-M17, Class A2, Multi Family, 2.184% 20224 136 135
Fertitta Entertainment, Inc. 4.625% 20296 25 21
Fertitta Entertainment, Inc. 6.75% 20306 25 19
First Quantum Minerals, Ltd. 6.875% 20266 325 300
First Quantum Minerals, Ltd. 6.875% 20276 240 217
First Student Bidco, Inc. / First Transit Parent, Inc. 4.00% 20296 85 69
FirstEnergy Corp., Series B, 4.40% 2027 (4.15% on 1/15/2023)1 1,800 1,674
FirstEnergy Transmission, LLC 2.866% 20286 2,325 1,979
Florida Power & Light Company 2.875% 2051 1,465 971
FMG Resources 4.375% 20316 130 100
Ford Motor Co. 3.25% 2032 20 14
Ford Motor Credit Company, LLC 3.81% 2024 290 281
Ford Motor Credit Company, LLC 2.90% 2028 200 157
Ford Motor Credit Company, LLC 4.00% 2030 125 98
American Funds Insurance Series — Capital World Bond Fund — Page 177 of 255
unaudited
Bonds, notes & other debt instruments (continued)
U.S. dollars (continued) 		  Principal amount
(000) 		Value
(000)
Freddie Mac Pool #ZS8588 3.00% 20304 USD50 $47
Fresnillo PLC 4.25% 20506 973 671
Frontier Communications Corp. 5.875% 20276 100 90
Frontier Communications Corp. 5.00% 20286 65 56
Frontier Communications Holdings, LLC 5.875% 2029 250 199
FS Energy and Power Fund 7.50% 20236 150 150
FXI Holdings, Inc. 12.25% 20266 497 394
General Motors Financial Co. 1.05% 2024 725 680
Genesis Energy, LP 8.00% 2027 125 110
Georgia (Republic of) 2.75% 20266 400 342
Goldman Sachs Group, Inc. 1.542% 2027 (USD-SOFR + 0.818% on 9/10/2026)1 1,080 914
Goldman Sachs Group, Inc. 2.383% 2032 (USD-SOFR + 1.248% on 7/21/2031)1 726 548
Government National Mortgage Assn. 3.50% 20524,11 7,440 6,769
GPC Merger Sub, Inc. 7.125% 20286 55 44
Gray Escrow II, Inc. 5.375% 20316 30 24
Group 1 Automotive, Inc. 4.00% 20286 145 117
Groupe BPCE SA 5.15% 20246 1,800 1,756
Grupo Energia Bogota SA ESP 4.875% 20306 660 567
Hanesbrands, Inc. 4.875% 20266 100 90
Harsco Corp. 5.75% 20276 200 125
Harvest Midstream I, LP 7.50% 20286 25 23
HCA, Inc. 5.625% 2028 120 115
Hess Midstream Operations, LP 5.50% 20306 25 21
Hightower Holding, LLC 6.75% 20296 235 192
Hilcorp Energy I, LP 6.00% 20316 115 100
Hilton Worldwide Holdings, Inc. 4.875% 2030 25 22
Hilton Worldwide Holdings, Inc. 4.00% 20316 55 45
Honduras (Republic of) 6.25% 2027 2,083 1,719
Honduras (Republic of) 5.625% 2030 958 697
Howard Hughes Corp. 5.375% 20286 275 229
Howard Hughes Corp. 4.125% 20296 195 151
Howard Hughes Corp. 4.375% 20316 120 86
Howard Midstream Energy Partners, LLC 6.75% 20276 60 54
HSBC Holdings PLC 3.033% 2023 (3-month USD-LIBOR + 0.923% on 11/12/2022)1 430 428
HSBC Holdings PLC 2.633% 2025 (3-month USD-LIBOR + 1.14% on 11/7/2024)1 305 283
HSBC Holdings PLC 4.292% 2026 (3-month USD-LIBOR + 1.348% on 9/12/2025)1 4,172 3,938
HSBC Holdings PLC 2.871% 2032 (USD-SOFR + 1.41% on 11/22/2031)1 921 672
Huarong Finance 2019 Co., Ltd. (3-month USD-LIBOR + 1.125%) 4.105% 20238 3,326 3,272
Huarong Finance 2019 Co., Ltd. (3-month USD-LIBOR + 1.25%) 4.23% 20258 363 313
Huarong Finance II Co., Ltd. 5.00% 2025 1,007 861
Huarong Finance II Co., Ltd. 5.50% 2025 880 793
HUB International, Ltd. 7.00% 20266 205 195
Hungary (Republic of) 2.125% 20316 2,910 1,998
Hungary (Republic of) 3.125% 20516 1,255 669
Hyundai Capital America 0.875% 20246 1,200 1,109
Hyundai Capital America 1.50% 20266 2,375 2,020
Hyundai Capital America 1.65% 20266 269 227
Hyundai Capital America 2.00% 20286 600 479
Hyundai Capital Services, Inc. 3.75% 20236 2,450 2,433
Ingles Markets, Inc. 4.00% 20316 140 115
Intercontinental Exchange, Inc. 4.00% 2027 1,810 1,720
Intesa Sanpaolo SpA 5.017% 20246 3,270 3,051
Iraq (Republic of) 6.752% 20236 545 531
Iron Mountain Information Management Services, Inc. 5.00% 20326 55 43
Iron Mountain, Inc. 5.25% 20306 155 129
American Funds Insurance Series — Capital World Bond Fund — Page 178 of 255
unaudited
Bonds, notes & other debt instruments (continued)
U.S. dollars (continued) 		  Principal amount
(000) 		Value
(000)
Israel (State of) 3.375% 2050 USD1,470 $1,092
Israel (State of) 3.875% 2050 795 644
Jacobs Entertainment, Inc. 6.75% 20296 25 21
JPMorgan Chase & Co. 1.045% 2026 (USD-SOFR + 0.80% on 11/19/2025)1 6,710 5,811
Kantar Group, LLC, Term Loan B2, (3-month USD-LIBOR + 4.50%) 8.174% 20267,8 64 61
KB Home 6.875% 2027 50 47
Keb Hana Bank 3.25% 20276 1,370 1,275
Kennedy-Wilson Holdings, Inc. 4.75% 2029 110 84
Kennedy-Wilson Holdings, Inc. 4.75% 2030 85 63
Kinetik Holdings, LP 5.875% 20306 50 46
Kronos Acquisition Holdings, Inc. 5.00% 20266 85 75
Kronos Acquisition Holdings, Inc. 7.00% 20276 140 107
Labl Escrow Issuer, LLC 10.50% 20276 45 38
Lamb Weston Holdings, Inc. 4.125% 20306 110 93
Lamb Weston Holdings, Inc. 4.375% 20326 60 50
Las Vegas Sands Corp. 3.20% 2024 25 24
LCM Investments Holdings II, LLC 4.875% 20296 65 50
Ligado Networks, LLC 15.50% PIK 20236,9 245 114
Lindblad Expeditions, LLC 6.75% 20276 5 4
Lloyds Banking Group PLC 1.627% 2027
(1-year UST Yield Curve Rate T Note Constant Maturity + 0.85% on 5/11/2026)1 		7,000 5,954
LPL Holdings, Inc. 4.625% 20276 210 191
LPL Holdings, Inc. 4.00% 20296 25 21
LSB Industries, Inc. 6.25% 20286 85 73
LSC Communications, Inc. 8.75% 20235,6,10 430 4
Magallanes, Inc. 4.279% 20326 917 756
Magallanes, Inc. 5.05% 20426 1,928 1,446
Mallinckrodt PLC 10.00% 20256 440 401
Mastercard, Inc. 2.00% 2031 600 476
Meituan Dianping 2.125% 2025 1,730 1,481
Meituan Dianping 3.05% 20306 3,095 2,049
Mercer International, Inc. 5.125% 2029 105 84
Methanex Corp. 5.125% 2027 55 46
Mexico City Airport Trust 5.50% 2047 432 271
Midas OpCo Holdings, LLC 5.625% 20296 145 120
Mineral Resources, Ltd. 8.00% 20276 75 72
Mineral Resources, Ltd. 8.50% 20306 25 24
MISC Capital Two (Labuan), Ltd. 3.75% 20276 3,236 2,933
Mohegan Gaming & Entertainment 8.00% 20266 135 113
Molina Healthcare, Inc. 3.875% 20306 75 63
MoneyGram International, Inc. 5.375% 20266 50 49
Morgan Stanley 1.593% 2027 (USD-SOFR + 0.879% on 5/4/2026)1 2,164 1,872
Morgan Stanley 1.928% 2032 (USD-SOFR + 1.02% on 4/28/2031)1 1,396 1,021
Mozart Debt Merger Sub, Inc. 5.25% 20296 155 117
MPLX, LP 5.50% 2049 1,086 925
MSCI, Inc. 3.625% 20316 150 121
MSCI, Inc. 3.875% 20316 215 181
Murphy Oil USA, Inc. 4.75% 2029 48 43
Nabors Industries, Inc. 7.375% 20276 55 51
National Financial Partners Corp. 6.875% 20286 105 82
Nationstar Mortgage Holdings, Inc. 5.125% 20306 135 98
Navient Corp. 5.00% 2027 45 37
Navient Corp. 4.875% 2028 145 111
NCL Corp., Ltd. 5.875% 20276 80 67
NCR Corp. 5.125% 20296 160 120
American Funds Insurance Series — Capital World Bond Fund — Page 179 of 255
unaudited
Bonds, notes & other debt instruments (continued)
U.S. dollars (continued) 		  Principal amount
(000) 		Value
(000)
NCR Corp. 5.25% 20306 USD15 $11
Neiman Marcus Group, LLC 7.125% 20266 170 156
Netflix, Inc. 4.875% 2028 45 42
Netflix, Inc. 4.875% 20306 225 206
New Fortress Energy, Inc. 6.75% 20256 50 47
New Fortress Energy, Inc. 6.50% 20266 205 190
New York Life Global Funding 1.20% 20306 2,725 2,037
Newell Rubbermaid, Inc. 4.70% 2026 80 74
Nexstar Broadcasting, Inc. 4.75% 20286 95 81
Nexstar Escrow Corp. 5.625% 20276 115 106
NGL Energy Operating, LLC 7.50% 20266 165 147
NGL Energy Partners, LP 7.50% 2023 200 194
Niagara Mohawk Power Corp. 3.508% 20246 180 173
Nielsen Finance, LLC and Nielsen Finance Co. 5.625% 20286 180 179
Nielsen Finance, LLC and Nielsen Finance Co. 4.75% 20316 50 49
Northern Oil and Gas, Inc. 8.125% 20286 190 179
NorthRiver Midstream Finance, LP 5.625% 20266 105 98
Nova Chemicals Corp. 5.25% 20276 20 17
Novelis Corp. 4.75% 20306 115 95
Novelis Corp. 3.875% 20316 20 15
NuStar Logistics, LP 5.625% 2027 80 70
Oasis Midstream Partners, LP / OMP Finance Corp. 8.00% 20296 100 96
Oasis Petroleum, Inc. 6.375% 20266 35 33
Occidental Petroleum Corp. 6.375% 2028 194 194
Occidental Petroleum Corp. 6.625% 2030 45 46
Occidental Petroleum Corp. 8.875% 2030 25 28
Occidental Petroleum Corp. 6.125% 2031 65 64
State of Ohio, Turnpike and Infrastructure Commission, Turnpike Rev. Ref. Bonds
(Infrastructure Projects), Series 2020-A, 3.216% 2048 		1,410 1,027
Oleoducto Central SA 4.00% 20276 2,535 1,960
Oleoducto Central SA 4.00% 2027 630 487
ONEOK, Inc. 5.20% 2048 541 432
Open Text Corp. 3.875% 20286 25 21
Option Care Health, Inc. 4.375% 20296 25 21
Oracle Corp. 2.65% 2026 2,327 2,096
Oracle Corp. 3.25% 2027 1,880 1,678
Oracle Corp. 3.60% 2050 980 615
Oracle Corp. 3.95% 2051 22 15
Orange SA 9.00% 20311 2,434 2,922
Oxford Finance, LLC / Oxford Finance Co-Issuer II, Inc. 6.375% 20276 30 28
Pacific Gas and Electric Co. 2.10% 2027 8,705 7,049
Pacific Gas and Electric Co. 4.65% 2028 542 479
Pacific Gas and Electric Co. 3.30% 2040 6,850 4,399
Pakistan (Islamic Republic of) 5.625% 2022 5,525 4,738
Panama (Republic of) 3.75% 20266 465 443
Panther BF Aggregator 2, LP 6.25% 20266 44 42
Panther BF Aggregator 2, LP 8.50% 20276 85 81
Park Intermediate Holdings, LLC 4.875% 20296 65 53
Party City Holdings, Inc. 8.75% 20266 5 3
Performance Food Group, Inc. 5.50% 20276 11 10
Peru (Republic of) 2.392% 2026 500 454
Petrobras Global Finance Co. 6.75% 2050 29 24
Petrobras Global Finance Co. 5.50% 2051 21 15
Petróleos Mexicanos 4.625% 2023 714 695
Petróleos Mexicanos 6.875% 2025 660 622
American Funds Insurance Series — Capital World Bond Fund — Page 180 of 255
unaudited
Bonds, notes & other debt instruments (continued)
U.S. dollars (continued) 		  Principal amount
(000) 		Value
(000)
Petróleos Mexicanos 6.875% 2026 USD875 $789
Petróleos Mexicanos 6.49% 2027 395 332
Petróleos Mexicanos 6.50% 2027 1,493 1,253
Petróleos Mexicanos 6.84% 2030 681 509
Petróleos Mexicanos 5.95% 2031 2,443 1,654
Petróleos Mexicanos 6.70% 2032 779 548
Petróleos Mexicanos 6.75% 2047 346 193
Petróleos Mexicanos 7.69% 2050 55 34
Petróleos Mexicanos 6.95% 2060 201 112
PG&E Corp. 5.00% 2028 15 13
PG&E Corp. 5.25% 2030 125 107
PGT Innovations, Inc. 4.375% 20296 5 4
Philip Morris International, Inc. 2.10% 2030 634 482
Pilgrim’s Pride Corp. 5.875% 20276 25 24
Post Holdings, Inc. 5.625% 20286 5 5
Post Holdings, Inc. 4.625% 20306 444 366
Power Financial Corp., Ltd. 3.35% 2031 1,870 1,473
Procter & Gamble Company 3.00% 2030 338 303
PT Indonesia Asahan Aluminium Tbk 5.71% 2023 960 960
PT Indonesia Asahan Aluminium Tbk 5.45% 20306 500 448
Qatar Petroleum 3.125% 20416 2,895 2,118
Radiology Partners, Inc. 9.25% 20286 190 124
Range Resources Corp. 4.75% 20306 65 57
Raptor Acquisition Corp. 4.875% 20266 180 155
Real Hero Merger Sub 2, Inc. 6.25% 20296 25 18
Realogy Corp. 5.75% 20296 160 116
Realogy Corp. 5.25% 20306 130 88
RLJ Lodging Trust, LP 4.00% 20296 25 20
Roller Bearing Company of America, Inc. 4.375% 20296 20 17
Royal Caribbean Cruises, Ltd. 11.50% 20256 57 61
Royal Caribbean Cruises, Ltd. 5.375% 20276 40 29
RP Escrow Issuer, LLC 5.25% 20256 95 79
Russian Federation 4.25% 20275 1,400 623
Ryan Specialty Group, LLC 4.375% 20306 45 38
Sally Holdings, LLC and Sally Capital, Inc. 5.625% 2025 33 31
Santander Holdings USA, Inc. 3.244% 2026 3,750 3,360
Scentre Group 3.50% 20256 210 200
Scentre Group 3.75% 20276 110 100
Scientific Games Corp. 7.00% 20286 20 19
Scientific Games Corp. 7.25% 20296 75 70
Scientific Games Holdings, LP 6.625% 20306 46 37
SCIH Salt Holdings, Inc. 4.875% 20286 115 95
Scotts Miracle-Gro Co. 4.50% 2029 90 65
Scotts Miracle-Gro Co. 4.375% 2032 55 39
Sealed Air Corp. 5.00% 20296 40 36
ServiceNow, Inc. 1.40% 2030 1,830 1,350
Silgan Holdings, Inc. 4.125% 2028 80 71
Simmons Foods, Inc. 4.625% 20296 160 131
Singapore Airlines, Ltd. 3.375% 2029 3,710 3,237
Sirius XM Radio, Inc. 4.00% 20286 50 43
Sirius XM Radio, Inc. 3.875% 20316 90 70
SkyMiles IP, Ltd. 4.75% 20286 25 23
SM Energy Co. 6.50% 2028 45 43
Sonic Automotive, Inc. 4.625% 20296 45 35
Sonic Automotive, Inc. 4.875% 20316 20 15
American Funds Insurance Series — Capital World Bond Fund — Page 181 of 255
unaudited
Bonds, notes & other debt instruments (continued)
U.S. dollars (continued) 		  Principal amount
(000) 		Value
(000)
Southern California Edison Co. 2.85% 2029 USD200 $169
Southwestern Energy Co. 5.95% 20251 110 108
Southwestern Energy Co. 7.75% 2027 20 20
Southwestern Energy Co. 8.375% 2028 30 31
Southwestern Energy Co. 5.375% 2030 135 122
Southwestern Energy Co. 4.75% 2032 25 21
Sprint Corp. 7.625% 2026 130 135
Sri Lanka (Democratic Socialist Republic of) 5.75% 20235 2,890 753
Stellantis Finance US, Inc. 1.711% 20276 1,500 1,250
Stellantis Finance US, Inc. 5.625% 20286 2,560 2,470
Stellantis Finance US, Inc. 2.691% 20316 453 324
Stericycle, Inc. 3.875% 20296 180 149
Studio City Finance, Ltd. 6.00% 20256 200 112
Sunoco, LP 4.50% 2029 120 100
Sunoco, LP 4.50% 2030 35 29
Surgery Center Holdings 10.00% 20276 175 170
SVB Financial Group 4.70% junior subordinated perpetual bonds
(5-year UST Yield Curve Rate T Note Constant Maturity + 3.064% on 11/15/2031)1 		12 9
Swiss Re Finance (Luxembourg) SA 5.00% 2049
(5-year UST Yield Curve Rate T Note Constant Maturity + 3.582% on 4/2/2029)1,6 		800 703
Talen Energy Corp. 7.25% 20276 205 210
Teekay Offshore Partners, LP 8.50% 20235,6,10 555 139
Tencent Holdings, Ltd. 3.24% 20506 3,450 2,104
Tenet Healthcare Corp. 4.875% 20266 245 228
Tenet Healthcare Corp. 6.125% 20286 25 22
Tenet Healthcare Corp. 6.125% 20306 15 14
Teva Pharmaceutical Finance Co. BV 6.00% 2024 4,600 4,472
Teva Pharmaceutical Finance Co. BV 7.125% 2025 3,710 3,617
State of Texas, Grand Parkway Transportation Corp., Grand Parkway System Toll Rev. Ref. Bonds,
Series 2020-B, 3.236% 2052 		1,780 1,246
T-Mobile US, Inc. 2.40% 2029 1,079 882
Toronto-Dominion Bank 1.25% 2026 2,836 2,431
Toyota Motor Credit Corp. 3.375% 2030 453 405
TransDigm, Inc. 6.25% 20266 65 63
TransDigm, Inc. 5.50% 2027 35 31
Transocean Guardian, Ltd. 5.875% 20246 26 25
Transocean Poseidon, Ltd. 6.875% 20276 66 60
Treehouse Park Improvement Association No.1 - Anleihen 9.75% 20336,10 100 89
Triumph Group, Inc. 6.25% 20246 35 32
Turkey (Republic of) 6.35% 2024 2,220 2,135
Twitter, Inc. 5.00% 20306 8 8
U.S. Treasury 0.125% 2022 12,340 12,302
U.S. Treasury 0.125% 2023 12,320 12,171
U.S. Treasury 2.625% 2023 6,900 6,866
U.S. Treasury 1.875% 2024 4,515 4,317
U.S. Treasury 3.25% 2024 1,065 1,046
U.S. Treasury 0.25% 2025 30,740 27,377
U.S. Treasury 2.875% 2025 5,400 5,182
U.S. Treasury 3.50% 2025 2,435 2,384
U.S. Treasury 0.375% 2026 28,740 25,309
U.S. Treasury 0.50% 2026 7,453 6,575
U.S. Treasury 0.75% 2026 4,361 3,825
U.S. Treasury 0.875% 2026 11,098 9,764
U.S. Treasury 1.125% 2026 1,698 1,506
U.S. Treasury 2.50% 2027 9,560 8,927
American Funds Insurance Series — Capital World Bond Fund — Page 182 of 255
unaudited
Bonds, notes & other debt instruments (continued)
U.S. dollars (continued) 		  Principal amount
(000) 		Value
(000)
U.S. Treasury 3.125% 202712 USD68,056 $65,251
U.S. Treasury 1.625% 2029 10,760 9,279
U.S. Treasury 1.375% 203112 44,893 36,492
U.S. Treasury 1.875% 2032 2,000 1,695
U.S. Treasury 2.75% 2032 1,005 919
U.S. Treasury 1.125% 2040 9,170 5,741
U.S. Treasury 1.75% 2041 6,050 4,142
U.S. Treasury 1.875% 204112 18,740 13,292
U.S. Treasury 2.375% 2042 2,872 2,202
U.S. Treasury 3.00% 2048 5,045 4,267
U.S. Treasury 2.00% 2051 13,505 9,228
U.S. Treasury 2.875% 205212 25,501 21,394
U.S. Treasury Inflation-Protected Security 0.125% 20513 3,221 2,025
UBS Group AG 1.008% 2024
(5-year UST Yield Curve Rate T Note Constant Maturity + 0.83% on 7/30/2023)1,6 		1,950 1,882
UBS Group AG 4.49% 2025
(1-year UST Yield Curve Rate T Note Constant Maturity + 1.60% on 8/5/2024)1,6 		2,265 2,211
UKG, Inc., Term Loan, (3-month USD-LIBOR + 5.25%) 7.535% 20277,8 75 71
Ukraine 7.75% 20245 6,210 1,782
Ukraine 7.75% 20265 1,570 332
Ukraine 6.876% 2031 1,269 238
Uniform Mortgage-Backed Security 2.50% 20524,11 12,787 10,706
Uniform Mortgage-Backed Security 2.50% 20524,11 243 204
Uniform Mortgage-Backed Security 3.50% 20524,11 6,612 5,949
Uniform Mortgage-Backed Security 3.50% 20524,11 838 755
Uniform Mortgage-Backed Security 4.00% 20524,11 7,105 6,595
Uniform Mortgage-Backed Security 4.50% 20524,11 33,760 32,170
Uniform Mortgage-Backed Security 5.00% 20524,11 28,360 27,633
Uniform Mortgage-Backed Security 5.50% 20524,11 9,130 9,059
Uniform Mortgage-Backed Security 5.50% 20524,11 1,170 1,163
Unisys Corp. 6.875% 20276 35 27
United Airlines Holdings, Inc. 6.50% 20276 14 14
United Rentals, Inc. 4.875% 2028 30 28
Univision Communications, Inc. 4.50% 20296 150 123
Univision Communications, Inc. 7.375% 20306 145 139
US Foods, Inc. 4.625% 20306 35 29
Valeant Pharmaceuticals International, Inc. 5.50% 20256 75 60
Valvoline, Inc. 3.625% 20316 85 63
Venator Materials Corp. 5.75% 20256 140 95
Venator Materials Corp. 9.50% 20256 185 178
Venture Global Calcasieu Pass, LLC 3.875% 20296 35 30
Venture Global Calcasieu Pass, LLC 4.125% 20316 125 104
Venture Global Calcasieu Pass, LLC 3.875% 20336 65 51
Verizon Communications, Inc. 3.15% 2030 575 490
Verizon Communications, Inc. 2.55% 2031 2,100 1,679
VICI Properties, LP 4.375% 2025 1,563 1,490
VICI Properties, LP 4.625% 20296 15 13
VICI Properties, LP / VICI Note Co., Inc. 4.125% 20306 375 314
VZ Secured Financing BV 5.00% 20326 200 150
W. R. Grace Holdings, LLC 5.625% 20296 20 15
Warner Music Group 3.75% 20296 95 79
Warrior Met Coal, Inc. 7.875% 20286 140 136
WASH Multifamily Acquisition, Inc. 5.75% 20266 195 180
WEA Finance, LLC 3.75% 20246 535 506
Weatherford International, Ltd. 11.00% 20246 10 10
American Funds Insurance Series — Capital World Bond Fund — Page 183 of 255
unaudited
Bonds, notes & other debt instruments (continued)
U.S. dollars (continued) 		  Principal amount
(000) 		Value
(000)
Weatherford International, Ltd. 6.50% 20286 USD65 $59
Weatherford International, Ltd. 8.625% 20306 65 57
Wells Fargo & Company 3.526% 2028 (USD-SOFR + 1.51% on 3/24/2027)1 5,788 5,248
Wells Fargo & Company 4.611% 2053 (USD-SOFR + 2.13% on 4/25/2052)1 997 811
WESCO Distribution, Inc. 7.125% 20256 180 180
WESCO Distribution, Inc. 7.25% 20286 245 240
Western Global Airlines, LLC 10.375% 20256 15 13
Western Midstream Operating, LP 3.35% 20251 85 79
Western Midstream Operating, LP 4.75% 2028 65 59
Western Midstream Operating, LP 5.50% 20501 25 20
Westpac Banking Corp. 2.894% 2030
(5-year UST Yield Curve Rate T Note Constant Maturity + 1.35% on 2/4/2025)1 		1,250 1,150
WeWork Companies, LLC 5.00% 20256 50 29
Wyndham Destinations, Inc. 6.625% 20266 65 61
Wynn Las Vegas, LLC and Wynn Capital Corp. 4.25% 20236 38 37
Wynn Resorts Finance, LLC 5.125% 20296 45 36
Yahoo Holdings, Inc., Term Loan B, (1-month USD-LIBOR + 5.50%) 8.615% 20277,8 130 122
Ziggo Bond Co. BV 5.125% 20306 200 143
Ziggo Bond Finance BV 4.875% 20306 300 237
      708,416
Total bonds, notes & other debt instruments (cost: $1,622,816,000)     1,307,652
Preferred securities 0.00%
U.S. dollars 0.00% 		  Shares  
ACR III LSC Holdings, LLC, Series B, preferred shares6,10,13 48 15
Total preferred securities (cost: $49,000)     15
Common stocks 0.03%
U.S. dollars 0.03% 		     
Diamond Offshore Drilling, Inc.13 49,038 325
Earthstone Energy, Inc., Class A13 246 3
Constellation Oil Services Holding SA, Class B-110,13 1,214,969 —14
Bighorn Permian Resources, LLC10,13 531 —14
Total common stocks (cost: $727,000)     328
Short-term securities 15.79%
Money market investments 15.79% 		     
Capital Group Central Cash Fund 2.81%15,16 2,259,546 225,932
Total short-term securities (cost: $225,896,000)     225,932
Total investment securities 107.23% (cost: $1,849,488,000)     1,533,927
Other assets less liabilities (7.23)%     (103,370)
Net assets 100.00%     $1,430,557
American Funds Insurance Series — Capital World Bond Fund — Page 184 of 255
unaudited
Futures contracts
Contracts Type Number of
contracts 		Expiration Notional
amount
(000) 		Value and
unrealized
(depreciation)
appreciation
at 9/30/2022
(000)
90 Day Eurodollar Futures Long 47 December 2022 USD11,199 $(451)
2 Year Euro-Schatz Futures Long 68 December 2022 7,142 (64)
2 Year U.S. Treasury Note Futures Long 148 December 2022 30,398 (495)
5 Year U.S. Treasury Note Futures Long 635 December 2022 68,267 (1,803)
10 Year Italy Government Bond Futures Short 24 December 2022 (2,634) 113
10 Year Euro-Bund Futures Short 23 December 2022 (3,122) 1
10 Year Japanese Government Bond Futures Short 10 December 2022 (10,247) 26
10 Year U.S. Treasury Note Futures Long 312 December 2022 34,964 (1,753)
10 Year Ultra U.S. Treasury Note Futures Short 258 December 2022 (30,569) 1,315
10 Year UK Gilt Futures Short 47 December 2022 (5,059) 642
20 Year U.S. Treasury Bond Futures Long 172 December 2022 21,742 (1,719)
30 Year Euro-Buxl Futures Long 57 December 2022 8,192 (732)
30 Year Ultra U.S. Treasury Bond Futures Short 122 December 2022 (16,714) 1,466
          $(3,454)
Forward currency contracts
Contract amount Counterparty Settlement
date 		Unrealized
appreciation
(depreciation)
at 9/30/2022
(000)
Currency purchased
(000) 		Currency sold
(000)
USD 1,432 JPY 207,040 Standard Chartered Bank 10/5/2022 $1
JPY 10,043,138 USD 73,891 Morgan Stanley 10/5/2022 (4,467)
USD 4,466 KRW 6,218,130 Standard Chartered Bank 10/6/2022 137
USD 4,539 IDR 67,615,193 Citibank 10/6/2022 117
KRW 10,664,650 USD 7,879 Citibank 10/6/2022 (454)
USD 3,752 AUD 5,590 Standard Chartered Bank 10/11/2022 176
USD 2,050 HUF 818,090 UBS AG 10/13/2022 162
USD 3,211 AUD 4,770 Bank of America 10/13/2022 160
DKK 17,400 USD 2,338 Goldman Sachs 10/13/2022 (42)
PLN 7,420 USD 1,565 Bank of New York Mellon 10/13/2022 (72)
SEK 23,400 USD 2,181 Bank of America 10/13/2022 (72)
PLN 20,540 EUR 4,336 UBS AG 10/13/2022 (118)
HUF 1,284,310 EUR 3,210 Standard Chartered Bank 10/13/2022 (185)
USD 13,515 DKK 100,190 Morgan Stanley 10/17/2022 293
NZD 1,070 USD 647 UBS AG 10/17/2022 (48)
USD 6,474 EUR 6,720 JPMorgan Chase 10/17/2022 (120)
JPY 3,715,610 USD 25,871 UBS AG 10/17/2022 (157)
EUR 6,720 USD 6,756 Citibank 10/17/2022 (162)
CAD 9,413 USD 7,180 JPMorgan Chase 10/17/2022 (366)
CZK 47,290 EUR 1,920 Citibank 10/19/2022 (4)
THB 84,660 USD 2,295 Standard Chartered Bank 10/19/2022 (55)
CNH 45,140 USD 6,396 UBS AG 10/19/2022 (72)
CNH 115,757 USD 16,519 UBS AG 10/19/2022 (300)
EUR 6,719 PLN 31,970 HSBC Bank 10/24/2022 173
USD 2,923 EUR 2,990 Standard Chartered Bank 10/24/2022 (13)
EUR 30,840 USD 30,891 JPMorgan Chase 10/24/2022 (615)
USD 16,227 MXN 325,183 Morgan Stanley 10/26/2022 160
USD 4,851 CAD 6,540 JPMorgan Chase 10/26/2022 117
American Funds Insurance Series — Capital World Bond Fund — Page 185 of 255
unaudited
Forward currency contracts  (continued)
Contract amount Counterparty Settlement
date 		Unrealized
appreciation
(depreciation)
at 9/30/2022
(000)
Currency purchased
(000) 		Currency sold
(000)
USD 7,250 GBP 6,430 Citibank 10/26/2022 $66
GBP 1,190 USD 1,277 JPMorgan Chase 10/26/2022 53
USD 760 NOK 7,930 Bank of New York Mellon 10/26/2022 32
USD 7,754 MXN 156,940 Morgan Stanley 10/26/2022 (1)
USD 7,754 MXN 156,940 Morgan Stanley 10/26/2022 (1)
EUR 9,475 DKK 70,470 Goldman Sachs 10/26/2022 (3)
CHF 800 USD 818 Bank of America 10/26/2022 (6)
USD 3,764 GBP 3,400 Standard Chartered Bank 10/26/2022 (34)
PLN 18,110 EUR 3,776 Barclays Bank PLC 10/26/2022 (70)
CNH 87,990 USD 12,428 JPMorgan Chase 10/26/2022 (99)
USD 2,247 COP 10,038,860 Morgan Stanley 10/27/2022 82
JPY 732,380 USD 5,151 Standard Chartered Bank 11/1/2022 (75)
JPY 866,530 USD 6,487 Bank of America 11/1/2022 (482)
EUR 4,660 USD 4,681 JPMorgan Chase 11/2/2022 (103)
EUR 4,400 USD 4,527 Citibank 11/2/2022 (204)
JPY 584,764 AUD 6,280 JPMorgan Chase 11/10/2022 38
USD 5,044 HUF 1,807,090 Bank of America 1/20/2023 985
USD 5,215 CZK 124,020 Morgan Stanley 1/20/2023 311
CZK 124,020 USD 5,572 Goldman Sachs 1/20/2023 (669)
HUF 1,807,090 USD 5,518 Bank of America 1/20/2023 (1,459)
PLN 24,520 USD 5,913 BNP Paribas 2/2/2023 (1,069)
            $(8,534)
Swap contracts
Interest rate swaps
Centrally cleared interest rate swaps
Receive Pay Expiration
date 		Notional
amount
(000) 		Value at
9/30/2022
(000) 		Upfront
premium
paid
(000) 		Unrealized
(depreciation)
appreciation
at 9/30/2022
(000)
Rate Payment
frequency 		Rate Payment
frequency
1.2475% Semi-annual 3-month NZD-BBR-FRA Quarterly 8/20/2023 NZD4,428 $(69) $— $(69)
1.234974% Semi-annual 3-month NZD-BBR-FRA Quarterly 8/20/2023 37,736 (593) — (593)
1.2375% Semi-annual 3-month NZD-BBR-FRA Quarterly 8/26/2023 13,908 (224) — (224)
1.264% Semi-annual 3-month NZD-BBR-FRA Quarterly 8/27/2023 34,764 (556) — (556)
1.26% Semi-annual 3-month NZD-BBR-FRA Quarterly 8/30/2023 5,734 (92) — (92)
1.28% Semi-annual 3-month NZD-BBR-FRA Quarterly 8/31/2023 5,734 (92) — (92)
American Funds Insurance Series — Capital World Bond Fund — Page 186 of 255
unaudited
Swap contracts  (continued)
Interest rate swaps  (continued)
Centrally cleared interest rate swaps  (continued)
Receive Pay Expiration
date 		Notional
amount
(000) 		Value at
9/30/2022
(000) 		Upfront
premium
paid
(000) 		Unrealized
(depreciation)
appreciation
at 9/30/2022
(000)
Rate Payment
frequency 		Rate Payment
frequency
1.30% Semi-annual 3-month NZD-BBR-FRA Quarterly 9/3/2023 NZD6,295 $(102) $— $(102)
1.4975% Semi-annual 3-month NZD-BBR-FRA Quarterly 9/21/2023 11,830 (193) — (193)
1.445% Semi-annual 3-month NZD-BBR-FRA Quarterly 9/28/2023 11,817 (202) — (202)
1.4475% Semi-annual 3-month NZD-BBR-FRA Quarterly 9/29/2023 12,043 (206) — (206)
1.4475% Semi-annual 3-month NZD-BBR-FRA Quarterly 9/30/2023 12,093 (207) — (207)
1.5125% Semi-annual 3-month NZD-BBR-FRA Quarterly 10/14/2023 10,675 (187) — (187)
1.53% Semi-annual 3-month NZD-BBR-FRA Quarterly 10/14/2023 12,176 (212) — (212)
1.5625% Semi-annual 3-month NZD-BBR-FRA Quarterly 10/15/2023 12,163 (209) — (209)
1.59% Semi-annual 3-month NZD-BBR-FRA Quarterly 10/18/2023 12,163 (209) — (209)
1.62% Semi-annual 3-month NZD-BBR-FRA Quarterly 10/19/2023 13,521 (230) — (230)
2.2525% Semi-annual 3-month NZD-BBR-FRA Quarterly 11/8/2023 17,111 (242) — (242)
2.24% Semi-annual 3-month NZD-BBR-FRA Quarterly 11/8/2023 17,111 (243) — (243)
2.20% Semi-annual 3-month NZD-BBR-FRA Quarterly 11/9/2023 1,440 (21) — (21)
2.495% Annual SONIA Annual 5/5/2024 GBP7,210 (252) — (252)
2.42% Annual SONIA Annual 5/5/2024 42,400 (1,513) — (1,513)
2.363% Annual SONIA Annual 5/11/2024 40,870 (1,480) — (1,480)
2.628% Annual SONIA Annual 7/28/2024 40,530 (2,144) — (2,144)
SONIA Annual 5.6325% Annual 9/25/2024 41,140 52 — 52
6.255% 28-day 28-day MXN-TIIE 28-day 5/22/2026 MXN47,800 (232) — (232)
6.19% 28-day 28-day MXN-TIIE 28-day 5/22/2026 48,400 (239) — (239)
American Funds Insurance Series — Capital World Bond Fund — Page 187 of 255
unaudited
Swap contracts  (continued)
Interest rate swaps  (continued)
Centrally cleared interest rate swaps  (continued)
Receive Pay Expiration
date 		Notional
amount
(000) 		Value at
9/30/2022
(000) 		  Upfront
premium
paid
(000) 		  Unrealized
(depreciation)
appreciation
at 9/30/2022
(000)
Rate Payment
frequency 		Rate Payment
frequency
6.16% 28-day 28-day MXN-TIIE 28-day 6/9/2026 MXN58,800 $(297)   $—   $(297)
6.5375% 28-day 28-day MXN-TIIE 28-day 6/17/2026 14,000 (63)   —   (63)
6.50% 28-day 28-day MXN-TIIE 28-day 6/17/2026 13,900 (63)   —   (63)
6.47% 28-day 28-day MXN-TIIE 28-day 6/17/2026 14,200 (65)   —   (65)
6.55% 28-day 28-day MXN-TIIE 28-day 6/17/2026 43,000 (191)   —   (191)
6.55% 28-day 28-day MXN-TIIE 28-day 6/18/2026 14,100 (63)   —   (63)
6.50% 28-day 28-day MXN-TIIE 28-day 6/18/2026 27,800 (126)   —   (126)
6.64% 28-day 28-day MXN-TIIE 28-day 6/25/2026 62,600 (270)   —   (270)
6.633% 28-day 28-day MXN-TIIE 28-day 6/25/2026 172,500 (747)   —   (747)
7.59% 28-day 28-day MXN-TIIE 28-day 10/29/2026 28,900 (86)   —   (86)
7.62% 28-day 28-day MXN-TIIE 28-day 10/29/2026 43,375 (127)   —   (127)
7.66% 28-day 28-day MXN-TIIE 28-day 10/29/2026 70,800 (202)   —   (202)
7.52% 28-day 28-day MXN-TIIE 28-day 10/30/2026 89,445 (276)   —   (276)
7.805% 28-day 28-day MXN-TIIE 28-day 2/23/2027 41,200 (112)   —   (112)
7.82% 28-day 28-day MXN-TIIE 28-day 2/24/2027 41,600 (112)   —   (112)
            $(12,697)   $—   $(12,697)
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
9/30/2022
(000) 		  Upfront
premium
(received)
paid
(000) 		  Unrealized
appreciation
(depreciation)
at 9/30/2022
(000)
CDX.NA.HY.38 5.00% Quarterly 6/20/2027 USD5,392 $128   $(130)   $258
CDX.EM.38 1.00% Quarterly 12/20/2027 59,160 5,892   4,963   929
ITRX.EUR.IG.38 1.00% Quarterly 12/20/2027 EUR23,820 363   221   142
CDX.NA.IG.39 1.00% Quarterly 12/20/2027 USD18,353 65   (22)   87
CDX.NA.HY.39 5.00% Quarterly 12/20/2027 39,275 1,646   1,782   (136)
          $8,094   $6,814   $1,280
American Funds Insurance Series — Capital World Bond Fund — Page 188 of 255
unaudited
Investments in affiliates16
  Value of
affiliate at
1/1/2022
(000) 		Additions
(000) 		Reductions
(000) 		Net
realized
loss
(000) 		Net
unrealized
appreciation
(000) 		Value of
affiliate at
9/30/2022
(000) 		Dividend
income
(000)
Short-term securities 15.79%
Money market investments 15.79%              
Capital Group Central Cash Fund 2.81%15 $144,080 $765,284 $683,422 $(35) $25 $225,932 $1,486
Restricted securities2
  Acquisition
date 		Cost
(000) 		  Value
(000) 		  Percent
of net
assets
Goldman Sachs Group, Inc. 3.375% 2025 5/19/2020 $5,714   $4,877   .34%
Goldman Sachs Group, Inc. 1.00% 2033 5/19/2021 3,238   1,842   .13
Bank of America Corp. 3.648% 2029
(3-month EUR-EURIBOR + 3.67% on 3/31/2028)1 		5/19/2020 6,071   4,729   .33
JPMorgan Chase & Co. 0.389% 2028
(3-month EUR-EURIBOR + 0.65% on 2/24/2027)1 		5/19/2020 3,375   2,667   .19
Total   $18,398   $14,115   .99%
1 Step bond; coupon rate may change at a later date.
2 Restricted security, other than Rule 144A, subject to legal or contractual restrictions on resale, including securities not registered under the Securities Act of 1933. The total value of all such restricted securities was $14,115,000, which represented .99% of the net assets of the fund.
3 Index-linked bond whose principal amount moves with a government price index.
4 Principal payments may be made periodically. Therefore, the effective maturity date may be earlier than the stated maturity date.
5 Scheduled interest and/or principal payment was not received.
6 Acquired in a transaction exempt from registration under Rule 144A of the Securities Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers. The total value of all such securities was $93,450,000, which represented 6.53% of the net assets of the fund.
7 Loan participations and assignments; may be subject to legal or contractual restrictions on resale. The total value of all such loans was $1,269,000, which represented .09% of the net assets of the fund.
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 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.
10 Value determined using significant unobservable inputs.
11 Purchased on a TBA basis.
12 All or a portion of this security was pledged as collateral. The total value of pledged collateral was $22,676,000, which represented 1.59% of the net assets of the fund.
13 Security did not produce income during the last 12 months.
14 Amount less than one thousand.
15 Rate represents the seven-day yield at 9/30/2022.
16 Part of the same “group of investment companies“ as the fund as defined under the Investment Company Act of 1940, as amended.
Key to abbreviations
Assn. = Association
AUD = Australian dollars
BBR = Bank Base Rate
BRL = Brazilian reais
CAD = Canadian dollars
CHF = Swiss francs
CLP = Chilean pesos
CNH = Chinese yuan renminbi
CNY = Chinese yuan
COP = Colombian pesos
CZK = Czech korunas
DKK = Danish kroner
 
EUR = Euros
EURIBOR = Euro Interbank Offered Rate
FRA = Forward Rate Agreement
GBP = British pounds
HUF = Hungarian forints
IDR = Indonesian rupiah
INR = Indian rupees
JPY = Japanese yen
KRW = South Korean won
LIBOR = London Interbank Offered Rate
MXN = Mexican pesos
MYR = Malaysian ringgits
 
American Funds Insurance Series — Capital World Bond Fund — Page 189 of 255
unaudited
 
NOK = Norwegian kroner
NZD = New Zealand dollars
PIK = Payment In Kind
PLN = Polish zloty
Ref. = Refunding
Rev. = Revenue
RON = Romanian leu
RUB = Russian rubles
SEK = Swedish kronor
 
SOFR = Secured Overnight Financing Rate
SONIA = Sterling Overnight Interbank Average Rate
TBA = To be announced
THB = Thai baht
TIIE = Equilibrium Interbank Interest Rate
UAH = Ukrainian hryvnia
USD = U.S. dollars
ZAR = South African rand
 
American Funds Insurance Series — Capital World Bond Fund — Page 190 of 255
American High-Income Trust®
Investment portfolio
September 30, 2022
unaudited
Bonds, notes & other debt instruments 89.60%
Corporate bonds, notes & loans 89.52%
Energy 14.46% 		  Principal amount
(000) 		Value
(000)
Aethon United BR, LP / Aethon United Finance Corp. 8.25% 20261 USD295 $285
Antero Midstream Partners, LP 5.375% 20291 570 504
Antero Resources Corp. 7.625% 20291 244 244
Antero Resources Corp. 5.375% 20301 420 379
Apache Corp. 6.00% 2037 165 148
Apache Corp. 5.10% 2040 695 563
Apache Corp. 4.75% 2043 265 198
Ascent Resources - Utica, LLC 7.00% 20261 2,040 1,969
Ascent Resources - Utica, LLC 9.00% 20271 170 208
Ascent Resources - Utica, LLC 8.25% 20281 271 261
Ascent Resources - Utica, LLC 5.875% 20291 1,245 1,110
Ascent Resources - Utica, LLC, Term Loan,
(3-month USD-LIBOR + 9.00%) 10.00% 20251,2,3 		228 239
Blue Racer Midstream, LLC and Blue Racer Finance Corp. 7.625% 20251 496 477
Bonanza Creek Energy, Inc. 5.00% 20261 685 623
California Resources Corp. 7.125% 20261 390 367
Callon Petroleum Co. 7.50% 20301 515 452
Centennial Resource Production, LLC 6.875% 20271 440 427
Cheniere Energy Partners, LP 4.50% 2029 938 828
Cheniere Energy Partners, LP 4.00% 2031 1,523 1,280
Cheniere Energy Partners, LP 3.25% 2032 1,335 1,028
Cheniere Energy, Inc. 4.625% 2028 3,831 3,523
Chesapeake Energy Corp. 4.875% 20224 4,300 118
Chesapeake Energy Corp. 5.50% 20261 1,000 959
Chesapeake Energy Corp. 5.875% 20291 1,170 1,087
Chesapeake Energy Corp. 6.75% 20291 380 365
CNX Midstream Partners, LP 4.75% 20301 280 220
CNX Resources Corp. 7.25% 20271 1,878 1,831
CNX Resources Corp. 6.00% 20291 1,540 1,409
CNX Resources Corp. 7.375% 20311 936 918
Comstock Resources, Inc. 6.75% 20291 785 726
Comstock Resources, Inc. 5.875% 20301 770 672
Constellation Oil Services Holding SA 4.00% PIK 20265 3,077 2,538
Continental Resources, Inc. 5.75% 20311 365 331
CQP Holdco, LP / BIP-V Chinook Holdco, LLC 5.50% 20311 2,860 2,425
Crestwood Midstream Partners, LP 5.75% 2025 250 238
Crestwood Midstream Partners, LP 5.625% 20271 290 263
Crestwood Midstream Partners, LP 6.00% 20291 575 515
Devon Energy Corp. 5.875% 2028 202 202
Devon Energy Corp. 4.50% 2030 493 449
Diamond Foreign Asset Co. / Diamond Finance, LLC 9.00% Cash 20271,3,5 68 63
Diamond Foreign Asset Co. / Diamond Finance, LLC 9.00% Cash 20275 62 57
DT Midstream, Inc. 4.125% 20291 1,355 1,148
DT Midstream, Inc. 4.375% 20311 785 649
Energean Israel Finance, Ltd. 4.50% 20241 945 891
American Funds Insurance Series — American High-Income Trust — Page 191 of 255
unaudited
Bonds, notes & other debt instruments (continued)
Corporate bonds, notes & loans (continued)
Energy (continued) 		  Principal amount
(000) 		Value
(000)
Energean Israel Finance, Ltd. 4.875% 20261 USD1,080 $958
Energean Israel Finance, Ltd. 5.875% 20311 80 66
Energean PLC 6.50% 20271 380 335
EnLink Midstream Partners, LLC 5.625% 20281 660 618
EQM Midstream Partners, LP 4.125% 2026 127 108
EQM Midstream Partners, LP 6.50% 20271 2,345 2,170
EQM Midstream Partners, LP 7.50% 20271 845 807
EQM Midstream Partners, LP 5.50% 2028 881 755
EQM Midstream Partners, LP 4.50% 20291 835 674
EQM Midstream Partners, LP 7.50% 20301 828 784
EQM Midstream Partners, LP 4.75% 20311 1,645 1,310
EQM Midstream Partners, LP 6.50% 2048 490 375
EQT Corp. 6.375% 20256 250 251
EQT Corp. 5.00% 2029 290 271
EQT Corp. 7.25% 20306 300 310
EQT Corp. 3.625% 20311 500 418
Genesis Energy, LP 5.625% 2024 120 113
Genesis Energy, LP 6.50% 2025 1,886 1,707
Genesis Energy, LP 6.25% 2026 320 278
Genesis Energy, LP 8.00% 2027 2,825 2,482
Genesis Energy, LP 7.75% 2028 87 76
Harbour Energy PLC 5.50% 20261 1,545 1,386
Harvest Midstream I, LP 7.50% 20281 1,947 1,825
Hess Midstream Operations, LP 4.25% 20301 1,300 1,053
Hess Midstream Operations, LP 5.50% 20301 580 499
Hess Midstream Partners, LP 5.125% 20281 687 602
Hilcorp Energy I, LP 6.25% 20281 145 134
Hilcorp Energy I, LP 5.75% 20291 985 863
Hilcorp Energy I, LP 6.00% 20301 752 657
Hilcorp Energy I, LP 6.00% 20311 728 633
Hilcorp Energy I, LP 6.25% 20321 755 670
Holly Energy Partners, LP / Holly Energy Finance Corp. 6.375% 20271 220 210
Holly Energy Partners, LP / Holly Energy Finance Corp. 5.00% 20281 260 230
Howard Midstream Energy Partners, LLC 6.75% 20271 460 411
Independence Energy Finance, LLC 7.25% 20261 500 450
Kinetik Holdings, LP 5.875% 20301 500 459
Lealand Finance Co. BV, Term Loan,
(3-month USD-LIBOR + 3.00%) 5.524% 20242,3 		12 7
Lealand Finance Co. BV, Term Loan,
(3-month USD-LIBOR + 1.00%) 3.00% PIK and 3.52% Cash 20252,3,5 		155 79
Murphy Oil Corp. 5.75% 2025 250 241
Murphy Oil Corp. 6.375% 2028 415 393
Murphy Oil USA, Inc. 4.75% 2029 820 727
Murphy Oil USA, Inc. 3.75% 20311 1,065 858
Nabors Industries, Inc. 7.375% 20271 1,470 1,360
Nabors Industries, Ltd. 7.25% 20261 228 199
Neptune Energy Group Holdings, Ltd. 6.625% 20251 1,250 1,162
New Fortress Energy, Inc. 6.75% 20251 1,625 1,542
New Fortress Energy, Inc. 6.50% 20261 4,175 3,864
NGL Energy Operating, LLC 7.50% 20261 8,640 7,698
NGL Energy Partners, LP 6.125% 2025 2,054 1,647
Northern Oil and Gas, Inc. 8.125% 20281 1,700 1,597
NorthRiver Midstream Finance, LP 5.625% 20261 625 583
NuStar Logistics, LP 6.00% 2026 286 262
American Funds Insurance Series — American High-Income Trust — Page 192 of 255
unaudited
Bonds, notes & other debt instruments (continued)
Corporate bonds, notes & loans (continued)
Energy (continued) 		  Principal amount
(000) 		Value
(000)
Oasis Midstream Partners, LP / OMP Finance Corp. 8.00% 20291 USD1,675 $1,616
Oasis Petroleum, Inc. 6.375% 20261 1,065 1,017
Occidental Petroleum Corp. 5.875% 2025 710 713
Occidental Petroleum Corp. 8.00% 2025 600 637
Occidental Petroleum Corp. 6.375% 2028 225 225
Occidental Petroleum Corp. 6.625% 2030 990 1,007
Occidental Petroleum Corp. 8.875% 2030 650 725
Occidental Petroleum Corp. 6.125% 2031 640 632
Occidental Petroleum Corp. 4.20% 2048 165 132
Parkland Corp. 4.625% 20301 835 678
PDC Energy, Inc. 5.75% 2026 600 556
Petrobras Global Finance Co. 6.75% 2050 288 235
Petrobras Global Finance Co. 5.50% 2051 202 144
Petróleos Mexicanos 6.875% 2025 350 330
Petróleos Mexicanos 8.75% 20291 732 628
Petrorio Luxembourg SARL 6.125% 20261 320 289
Range Resources Corp. 4.875% 2025 362 342
Range Resources Corp. 8.25% 2029 900 918
Range Resources Corp. 4.75% 20301 970 843
Rattler Midstream Partners, LP 5.625% 20251 955 968
Rockcliff Energy II, LLC 5.50% 20291 120 105
Rockies Express Pipeline, LLC 4.95% 20291 550 473
Sabine Pass Liquefaction, LLC 4.50% 2030 586 535
Sanchez Energy Corp. 7.25% 20231,4 739 7
SM Energy Co. 5.625% 2025 430 413
Southwestern Energy Co. 5.95% 20256 215 211
Southwestern Energy Co. 7.75% 2027 272 277
Southwestern Energy Co. 8.375% 2028 565 586
Southwestern Energy Co. 5.375% 2029 340 309
Southwestern Energy Co. 5.375% 2030 2,470 2,231
Southwestern Energy Co. 4.75% 2032 1,225 1,029
Suburban Propane Partners, LP / Suburban Energy Finance Corp. 5.00% 20311 335 275
Summit Midstream Holdings / Summit Midstream Finance Corp. 8.50% 20261 90 85
Sunoco, LP 6.00% 2027 547 522
Sunoco, LP 5.875% 2028 290 264
Sunoco, LP 4.50% 2029 1,680 1,397
Sunoco, LP 4.50% 2030 1,680 1,376
Tallgrass Energy Partners, LP 7.50% 20251 230 226
Targa Resources Partners, LP 6.50% 2027 133 132
Targa Resources Partners, LP 6.875% 2029 915 901
Targa Resources Partners, LP 5.50% 2030 802 722
Targa Resources Partners, LP 4.875% 2031 695 599
Teekay Offshore Partners, LP 8.50% 20231,4,7 2,009 502
Transocean Guardian, Ltd. 5.875% 20241 258 243
Transocean Poseidon, Ltd. 6.875% 20271 337 309
Transocean, Inc. 6.125% 20251 178 166
Transocean, Inc. 7.25% 20251 500 384
Transocean, Inc. 11.50% 20271 95 88
USA Compression Partners, LP 6.875% 2026 669 617
USA Compression Partners, LP 6.875% 2027 247 225
Venture Global Calcasieu Pass, LLC 4.125% 20311 2,795 2,324
Venture Global Calcasieu Pass, LLC 3.875% 20331 650 507
Weatherford International, Ltd. 11.00% 20241 371 378
Weatherford International, Ltd. 6.50% 20281 2,130 1,920
American Funds Insurance Series — American High-Income Trust — Page 193 of 255
unaudited
Bonds, notes & other debt instruments (continued)
Corporate bonds, notes & loans (continued)
Energy (continued) 		  Principal amount
(000) 		Value
(000)
Weatherford International, Ltd. 8.625% 20301 USD3,370 $2,942
Western Gas Partners, LP 4.50% 2028 979 887
Western Midstream Operating, LP 3.35% 20256 369 344
Western Midstream Operating, LP 4.75% 2028 160 146
Western Midstream Operating, LP 4.30% 20306 480 412
Western Midstream Operating, LP 5.50% 20506 540 437
      118,495
Consumer discretionary 13.69%      
Adient Global Holdings, Ltd. 4.875% 20261 525 461
Affinity Gaming 6.875% 20271 1,040 850
Allied Universal Holdco, LLC 6.625% 20261 508 454
Allied Universal Holdco, LLC 9.75% 20271 716 589
Allied Universal Holdco, LLC 4.625% 20281 490 378
Allied Universal Holdco, LLC 6.00% 20291 2,790 1,806
Asbury Automotive Group, Inc. 4.50% 2028 250 212
Asbury Automotive Group, Inc. 4.625% 20291 1,545 1,239
Asbury Automotive Group, Inc. 5.00% 20321 355 274
Atlas LuxCo 4 SARL 4.625% 20281 280 212
Bath & Body Works, Inc. 6.625% 20301 370 323
Bath & Body Works, Inc. 6.875% 2035 1,316 1,103
Bath & Body Works, Inc. 6.75% 2036 655 541
Beazer Homes USA, Inc. 5.875% 2027 540 418
Boyd Gaming Corp. 4.75% 2027 441 391
Boyd Gaming Corp. 4.75% 20311 245 199
Boyne USA, Inc. 4.75% 20291 410 344
Caesars Entertainment, Inc. 6.25% 20251 1,085 1,047
Caesars Entertainment, Inc. 8.125% 20271 665 637
Caesars Entertainment, Inc. 4.625% 20291 560 429
Caesars Resort Collection, LLC 5.75% 20251 345 333
Carnival Corp. 7.625% 20261 1,415 1,078
Carnival Corp. 10.50% 20261 1,405 1,392
Carnival Corp. 4.00% 20281 3,000 2,425
Carnival Corp. 6.00% 20291 655 431
Carnival Corp. 10.50% 20301 850 681
Carvana Co. 5.625% 20251 165 116
Carvana Co. 5.50% 20271 1,091 597
Carvana Co. 5.875% 20281 754 384
Carvana Co. 4.875% 20291 1,070 524
CDI Escrow Issuer, Inc. 5.75% 20301 615 538
CEC Entertainment, Inc. 6.75% 20261 320 288
Dana, Inc. 4.25% 2030 200 147
Dana, Inc. 4.50% 2032 375 268
Dave & Buster’s, Inc. 7.625% 20251 340 335
Empire Communities Corp. 7.00% 20251 475 395
Empire Resorts, Inc. 7.75% 20261 670 564
Everi Holdings, Inc. 5.00% 20291 95 78
Fertitta Entertainment, Inc. 4.625% 20291 1,260 1,045
Fertitta Entertainment, Inc. 6.75% 20301 4,000 3,047
First Student Bidco, Inc. / First Transit Parent, Inc. 4.00% 20291 2,135 1,734
Ford Motor Co. 5.291% 2046 70 49
Ford Motor Credit Company, LLC 3.375% 2025 465 411
Ford Motor Credit Company, LLC 5.125% 2025 2,415 2,283
Ford Motor Credit Company, LLC 2.70% 2026 350 291
American Funds Insurance Series — American High-Income Trust — Page 194 of 255
unaudited
Bonds, notes & other debt instruments (continued)
Corporate bonds, notes & loans (continued)
Consumer discretionary (continued) 		  Principal amount
(000) 		Value
(000)
Ford Motor Credit Company, LLC 4.542% 2026 USD1,460 $1,302
Ford Motor Credit Company, LLC 3.815% 2027 1,130 951
Ford Motor Credit Company, LLC 4.125% 2027 835 720
Ford Motor Credit Company, LLC 4.271% 2027 525 460
Ford Motor Credit Company, LLC 4.95% 2027 370 331
Ford Motor Credit Company, LLC 2.90% 2028 300 236
Ford Motor Credit Company, LLC 5.113% 2029 200 174
Ford Motor Credit Company, LLC 4.00% 2030 570 446
Group 1 Automotive, Inc. 4.00% 20281 615 497
Hanesbrands, Inc. 4.625% 20241 1,945 1,857
Hanesbrands, Inc. 4.875% 20261 1,624 1,462
Hilton Grand Vacations Borrower 5.00% 20291 591 478
Hilton Worldwide Holdings, Inc. 3.75% 20291 200 166
Hilton Worldwide Holdings, Inc. 4.875% 2030 408 356
Hilton Worldwide Holdings, Inc. 4.00% 20311 1,010 818
International Game Technology PLC 6.50% 20251 911 910
International Game Technology PLC 4.125% 20261 1,165 1,066
International Game Technology PLC 5.25% 20291 3,320 2,948
Jacobs Entertainment, Inc. 6.75% 20291 505 433
KB Home 6.875% 2027 330 313
KB Home 7.25% 2030 330 300
Kontoor Brands, Inc. 4.125% 20291 370 295
Las Vegas Sands Corp. 3.20% 2024 635 599
Las Vegas Sands Corp. 3.90% 2029 100 83
LCM Investments Holdings II, LLC 4.875% 20291 2,035 1,579
Levi Strauss & Co. 3.50% 20311 430 336
Lindblad Expeditions, LLC 6.75% 20271 205 181
Lithia Motors, Inc. 4.625% 20271 270 235
Lithia Motors, Inc. 3.875% 20291 785 631
Lithia Motors, Inc. 4.375% 20311 315 258
LSF9 Atlantis Holdings, LLC / Victra Finance Corp. 7.75% 20261 335 299
M.D.C. Holdings, Inc. 6.00% 2043 573 431
Macy’s Retail Holdings, LLC 5.875% 20301 145 115
Marriott Ownership Resorts, Inc. 4.50% 20291 370 293
Melco International Development, Ltd. 4.875% 20251 440 327
Melco International Development, Ltd. 5.75% 20281 1,710 1,103
Melco International Development, Ltd. 5.375% 20291 1,446 881
Melco Resorts Finance, Ltd. 5.25% 20261 300 211
Merlin Entertainment 5.75% 20261 492 459
MGM China Holdings, Ltd. 4.75% 20271 1,390 1,083
MGM Resorts International 6.00% 2023 281 281
MGM Resorts International 5.50% 2027 401 361
Mohegan Gaming & Entertainment 8.00% 20261 645 539
Motel 6 Operating, LP, Term Loan B, (1-month USD-LIBOR + 5.00%) 8.052% 20262,3 559 552
NCL Corp., Ltd. 3.625% 20241 300 253
NCL Corp., Ltd. 5.875% 20261 405 309
NCL Corp., Ltd. 5.875% 20271 1,230 1,027
NCL Corp., Ltd. 7.75% 20291 360 272
Neiman Marcus Group, LLC 7.125% 20261 2,255 2,075
Newell Rubbermaid, Inc. 4.875% 2025 445 431
Panther BF Aggregator 2, LP 6.25% 20261 140 134
Panther BF Aggregator 2, LP 8.50% 20271 455 435
Party City Holdings, Inc. 6.625% 20261 500 227
Party City Holdings, Inc. 8.75% 20261 4,950 2,878
American Funds Insurance Series — American High-Income Trust — Page 195 of 255
unaudited
Bonds, notes & other debt instruments (continued)
Corporate bonds, notes & loans (continued)
Consumer discretionary (continued) 		  Principal amount
(000) 		Value
(000)
Penske Automotive Group, Inc. 3.75% 2029 USD340 $271
PetSmart, Inc. 4.75% 20281 710 609
PetSmart, Inc. 7.75% 20291 1,190 1,066
Premier Entertainment Sub, LLC 5.625% 20291 1,065 739
Premier Entertainment Sub, LLC 5.875% 20311 375 254
QVC, Inc. 4.85% 2024 75 71
QVC, Inc. 4.75% 2027 52 39
QVC, Inc. 4.375% 2028 601 409
Raptor Acquisition Corp. 4.875% 20261 1,225 1,055
Real Hero Merger Sub 2, Inc. 6.25% 20291 480 347
Royal Caribbean Cruises, Ltd. 10.875% 20231 325 332
Royal Caribbean Cruises, Ltd. 11.50% 20251 2,681 2,853
Royal Caribbean Cruises, Ltd. 4.25% 20261 1,820 1,341
Royal Caribbean Cruises, Ltd. 5.50% 20261 715 548
Royal Caribbean Cruises, Ltd. 5.375% 20271 1,035 763
Royal Caribbean Cruises, Ltd. 5.50% 20281 70 49
Royal Caribbean Cruises, Ltd. 8.25% 20291 1,580 1,541
Royal Caribbean Cruises, Ltd. 9.25% 20291 1,010 997
Sally Holdings, LLC and Sally Capital, Inc. 5.625% 2025 280 266
Sands China, Ltd. 5.625% 2025 275 250
Sands China, Ltd. 2.80% 20276 350 279
Sands China, Ltd. 5.90% 2028 200 169
Sands China, Ltd. 3.35% 20296 239 178
Sands China, Ltd. 4.875% 2030 550 431
Sands China, Ltd. 3.75% 20316 1,360 978
Scientific Games Corp. 8.625% 20251 1,215 1,245
Scientific Games Corp. 7.00% 20281 1,363 1,288
Scientific Games Corp. 7.25% 20291 2,360 2,200
Scientific Games Holdings, LP 6.625% 20301 1,515 1,217
Sonic Automotive, Inc. 4.625% 20291 1,565 1,230
Sonic Automotive, Inc. 4.875% 20311 2,180 1,655
Staples, Inc. 7.50% 20261 421 354
Studio City Co., Ltd. 7.00% 20271 235 197
Studio City Finance, Ltd. 6.00% 20251 690 386
Studio City Finance, Ltd. 5.00% 20291 1,000 446
Tempur Sealy International, Inc. 4.00% 20291 515 407
The Gap, Inc. 3.625% 20291 170 111
The Gap, Inc. 3.875% 20311 108 69
The Home Co., Inc. 7.25% 20251 940 763
Travel + Leisure Co. 6.60% 20256 50 49
Travel + Leisure Co. 6.00% 2027 205 185
Travel + Leisure Co. 4.50% 20291 1,280 994
Universal Entertainment Corp. 8.50% 20241 2,945 2,714
Vail Resorts, Inc. 6.25% 20251 315 311
VICI Properties, LP 4.25% 20261 462 418
VICI Properties, LP 4.625% 20291 265 230
VICI Properties, LP / VICI Note Co., Inc. 5.625% 20241 447 440
VICI Properties, LP / VICI Note Co., Inc. 3.50% 20251 711 658
VICI Properties, LP / VICI Note Co., Inc. 4.625% 20251 620 584
VICI Properties, LP / VICI Note Co., Inc. 3.75% 20271 494 434
VICI Properties, LP / VICI Note Co., Inc. 3.875% 20291 1,400 1,177
VICI Properties, LP / VICI Note Co., Inc. 4.125% 20301 873 731
WASH Multifamily Acquisition, Inc. 5.75% 20261 1,245 1,149
Wheel Pros, Inc. 6.50% 20291 1,280 588
American Funds Insurance Series — American High-Income Trust — Page 196 of 255
unaudited
Bonds, notes & other debt instruments (continued)
Corporate bonds, notes & loans (continued)
Consumer discretionary (continued) 		  Principal amount
(000) 		Value
(000)
Wheel Pros, Inc., Term Loan, (3-month USD-LIBOR + 4.50%) 7.552% 20282,3 USD953 $708
Wyndham Destinations, Inc. 6.625% 20261 695 652
Wyndham Destinations, Inc. 4.625% 20301 400 317
Wyndham Worldwide Corp. 4.375% 20281 835 735
Wynn Las Vegas, LLC and Wynn Capital Corp. 4.25% 20231 861 845
Wynn Macau, Ltd. 5.625% 20281 900 601
Wynn Macau, Ltd. 5.125% 20291 950 619
Wynn Resorts Finance, LLC 7.75% 20251 494 483
Wynn Resorts Finance, LLC 5.125% 20291 2,222 1,801
Yahoo Holdings, Inc., Term Loan B, (1-month USD-LIBOR + 5.50%) 8.615% 20272,3 705 659
      112,223
Communication services 10.62%      
Altice France Holding SA 10.50% 20271 1,650 1,296
Altice France SA 5.125% 20291 1,677 1,257
Brightstar Escrow Corp. 9.75% 20251 140 130
Cablevision Systems Corp. 5.375% 20281 457 400
CCO Holdings, LLC and CCO Holdings Capital Corp. 5.50% 20261 102 97
CCO Holdings, LLC and CCO Holdings Capital Corp. 5.00% 20281 586 506
CCO Holdings, LLC and CCO Holdings Capital Corp. 5.375% 20291 360 316
CCO Holdings, LLC and CCO Holdings Capital Corp. 6.375% 20291 300 276
CCO Holdings, LLC and CCO Holdings Capital Corp. 4.50% 20301 3,029 2,403
CCO Holdings, LLC and CCO Holdings Capital Corp. 4.75% 20301 3,437 2,797
CCO Holdings, LLC and CCO Holdings Capital Corp. 2.80% 2031 140 106
CCO Holdings, LLC and CCO Holdings Capital Corp. 4.25% 20311 3,065 2,356
CCO Holdings, LLC and CCO Holdings Capital Corp. 4.50% 2032 1,024 783
CCO Holdings, LLC and CCO Holdings Capital Corp. 4.75% 20321 1,225 956
CCO Holdings, LLC and CCO Holdings Capital Corp. 4.50% 20331 1,330 986
CCO Holdings, LLC and CCO Holdings Capital Corp. 4.25% 20341 2,040 1,465
Centerfield Media Parent, Inc. 6.625% 20261 960 761
CenturyLink, Inc. 6.75% 2023 1,480 1,510
Cinemark USA, Inc. 5.875% 20261 278 233
Clear Channel Worldwide Holdings, Inc. 7.75% 20281 570 431
Clear Channel Worldwide Holdings, Inc. 7.50% 20291 315 229
Cogent Communications Group, Inc. 3.50% 20261 700 618
Consolidated Communications, Inc. 5.00% 20281 225 157
CSC Holdings, LLC 6.50% 20291 600 531
CSC Holdings, LLC 3.375% 20311 700 495
Diamond Sports Group, LLC 5.375% 20261 503 101
Diamond Sports Group, LLC 6.625% 20271 1,056 78
DIRECTV Financing, LLC, Term Loan, (3-month USD-LIBOR + 5.00%) 8.115% 20272,3 1,697 1,586
DIRECTV Holdings, LLC and DIRECTV Financing Co., Inc. 5.875% 20271 3,010 2,602
Embarq Corp. 7.995% 2036 1,637 822
Epicor Software Corp., Term Loan, (3-month USD-LIBOR + 7.75%) 10.865% 20282,3 465 455
Frontier Communications Corp. 5.875% 20271 1,455 1,307
Frontier Communications Corp. 5.00% 20281 3,780 3,250
Frontier Communications Corp. 6.75% 20291 1,990 1,646
Frontier Communications Holdings, LLC 5.875% 2029 1,390 1,107
Frontier Communications Holdings, LLC 6.00% 20301 750 591
Frontier Communications Holdings, LLC 8.75% 20301 970 972
Gray Escrow II, Inc. 5.375% 20311 925 728
Gray Television, Inc. 5.875% 20261 203 188
Gray Television, Inc. 7.00% 20271 828 781
Gray Television, Inc. 4.75% 20301 397 298
American Funds Insurance Series — American High-Income Trust — Page 197 of 255
unaudited
Bonds, notes & other debt instruments (continued)
Corporate bonds, notes & loans (continued)
Communication services (continued) 		  Principal amount
(000) 		Value
(000)
iHeartCommunications, Inc. 5.25% 20271 USD1,995 $1,708
iHeartCommunications, Inc. 4.75% 20281 250 209
Iliad Holding SAS 6.50% 20261 1,120 981
Inmarsat PLC 6.75% 20261 725 635
Kantar Group, LLC, Term Loan B2, (3-month USD-LIBOR + 4.50%) 8.174% 20262,3 386 364
Lamar Media Corp. 3.75% 2028 61 53
Lamar Media Corp. 4.875% 2029 300 268
Lamar Media Corp. 4.00% 2030 260 218
Level 3 Financing, Inc. 3.75% 20291 550 404
Ligado Networks, LLC 15.50% PIK 20231,5 1,727 803
Live Nation Entertainment, Inc. 3.75% 20281 425 361
Magallanes, Inc. 4.279% 20321 298 246
Match Group, Inc. 4.625% 20281 308 270
McGraw-Hill Education, Inc. 5.75% 20281 520 435
Midas OpCo Holdings, LLC 5.625% 20291 3,110 2,564
Netflix, Inc. 4.875% 2028 310 291
News Corp. 3.875% 20291 1,620 1,379
News Corp. 5.125% 20321 1,760 1,548
Nexstar Broadcasting, Inc. 4.75% 20281 2,790 2,377
Nexstar Escrow Corp. 5.625% 20271 324 299
Nielsen Finance, LLC and Nielsen Finance Co. 4.50% 20291 49 49
Qwest Capital Funding, Inc. 6.875% 2028 500 438
Scripps Escrow II, Inc. 3.875% 20291 750 599
Sinclair Television Group, Inc. 5.125% 20271 195 162
Sinclair Television Group, Inc. 4.125% 20301 710 535
Sirius XM Radio, Inc. 3.125% 20261 1,600 1,407
Sirius XM Radio, Inc. 4.00% 20281 2,385 2,034
Sirius XM Radio, Inc. 4.125% 20301 445 363
Sirius XM Radio, Inc. 3.875% 20311 2,590 2,014
Sprint Corp. 7.625% 2026 480 497
Sprint Corp. 6.875% 2028 2,400 2,470
Sprint Corp. 8.75% 2032 2,516 2,921
Summer (BC) BidCo B, LLC 5.50% 20261 365 300
TEGNA, Inc. 4.625% 2028 478 442
TEGNA, Inc. 5.00% 2029 686 633
T-Mobile US, Inc. 3.375% 2029 860 744
Twitter, Inc. 5.00% 20301 640 615
Univision Communications, Inc. 5.125% 20251 3,195 3,038
Univision Communications, Inc. 6.625% 20271 3,050 2,885
Univision Communications, Inc. 4.50% 20291 4,500 3,680
Univision Communications, Inc. 7.375% 20301 935 894
Univision Communications, Inc., Term Loan,
(3-month USD CME Term + 4.50%) 6.25% 20292,3 		150 147
UPC Broadband Finco BV 4.875% 20311 430 334
Virgin Media O2 4.25% 20311 1,975 1,501
Virgin Media Secured Finance PLC 4.50% 20301 990 774
VZ Secured Financing BV 5.00% 20321 1,660 1,243
Warner Music Group 3.75% 20291 1,350 1,123
Warner Music Group 3.875% 20301 780 641
Ziggo Bond Co. BV 5.125% 20301 419 300
Ziggo Bond Finance BV 4.875% 20301 1,550 1,227
      87,030
American Funds Insurance Series — American High-Income Trust — Page 198 of 255
unaudited
Bonds, notes & other debt instruments (continued)
Corporate bonds, notes & loans (continued)
Health care 9.90% 		  Principal amount
(000) 		Value
(000)
1375209 BC, Ltd. 9.00% 20281 USD260 $259
AdaptHealth, LLC 5.125% 20301 875 723
Avantor Funding, Inc. 4.625% 20281 2,380 2,123
Avantor Funding, Inc. 3.875% 20291 500 407
Bausch Health Americas, Inc. 9.25% 20261 1,104 656
Bausch Health Americas, Inc. 8.50% 20271 252 108
Bausch Health Companies, Inc. 9.00% 20251 1,591 1,012
Bausch Health Companies, Inc. 5.75% 20271 865 591
Bausch Health Companies, Inc. 6.125% 20271 245 170
Bausch Health Companies, Inc. 4.875% 20281 2,490 1,609
Bausch Health Companies, Inc. 5.00% 20281 1,297 480
Bausch Health Companies, Inc. 7.00% 20281 413 158
Bausch Health Companies, Inc. 5.00% 20291 305 119
Bausch Health Companies, Inc. 5.25% 20301 1,362 511
Bausch Health Companies, Inc. 5.25% 20311 3,672 1,388
Catalent Pharma Solutions, Inc. 3.125% 20291 285 220
Catalent Pharma Solutions, Inc. 3.50% 20301 720 567
Centene Corp. 4.25% 2027 389 357
Centene Corp. 2.45% 2028 3,240 2,643
Centene Corp. 4.625% 2029 2,895 2,608
Centene Corp. 3.00% 2030 2,020 1,604
Centene Corp. 3.375% 2030 642 526
Centene Corp. 2.50% 2031 1,485 1,123
Centene Corp. 2.625% 2031 430 325
Charles River Laboratories International, Inc. 4.25% 20281 561 490
Charles River Laboratories International, Inc. 3.75% 20291 680 567
Charles River Laboratories International, Inc. 4.00% 20311 650 525
Community Health Systems, Inc. 8.00% 20261 390 338
Community Health Systems, Inc. 5.625% 20271 1,645 1,269
Community Health Systems, Inc. 6.00% 20291 653 481
Community Health Systems, Inc. 6.875% 20291 240 116
Community Health Systems, Inc. 5.25% 20301 1,670 1,167
Community Health Systems, Inc. 4.75% 20311 100 67
DaVita, Inc. 4.625% 20301 850 660
Encompass Health Corp. 4.50% 2028 496 426
Encompass Health Corp. 4.75% 2030 285 235
Endo DAC / Endo Finance, LLC / Endo Finco 9.50% 20271,4 311 47
Endo DAC / Endo Finance, LLC / Endo Finco 6.00% 20281,4 2,313 133
Endo International PLC 5.875% 20241 520 428
Endo Luxembourg Finance Co. I SARL / Endo U.S., Inc. 6.125% 20291 660 522
Grifols Escrow Issuer SA 4.75% 20281 630 488
HCA, Inc. 5.875% 2026 321 317
HCA, Inc. 5.625% 2028 1,300 1,241
HCA, Inc. 5.875% 2029 255 248
HCA, Inc. 3.50% 2030 1,215 1,006
HCA, Inc. 4.625% 20521 233 175
HCA, Inc. 7.50% 2095 250 252
HealthEquity, Inc. 4.50% 20291 480 406
IMS Health Holdings, Inc. 5.00% 20261 823 785
Jazz Securities DAC 4.375% 20291 896 776
Mallinckrodt PLC 10.00% 20251 939 856
Minerva Merger Sub, Inc. 6.50% 20301 640 507
Molina Healthcare, Inc. 4.375% 20281 1,055 954
Molina Healthcare, Inc. 3.875% 20301 2,309 1,941
American Funds Insurance Series — American High-Income Trust — Page 199 of 255
unaudited
Bonds, notes & other debt instruments (continued)
Corporate bonds, notes & loans (continued)
Health care (continued) 		  Principal amount
(000) 		Value
(000)
Molina Healthcare, Inc. 3.875% 20321 USD2,115 $1,735
Mozart Debt Merger Sub, Inc. 3.875% 20291 220 177
Mozart Debt Merger Sub, Inc. 5.25% 20291 1,705 1,291
Option Care Health, Inc. 4.375% 20291 290 246
Organon Finance 1, LLC 4.125% 20281 535 459
Organon Finance 1, LLC 5.125% 20311 240 197
Owens & Minor, Inc. 4.375% 2024 1,185 1,153
Owens & Minor, Inc. 4.50% 20291 990 778
Owens & Minor, Inc. 6.625% 20301 1,075 949
Par Pharmaceutical, Inc. 7.50% 20271 4,505 3,570
Radiology Partners, Inc. 9.25% 20281 1,503 983
RP Escrow Issuer, LLC 5.25% 20251 1,015 840
Select Medical Holdings Corp. 6.25% 20261 554 522
Surgery Center Holdings 10.00% 20271 416 405
Syneos Health, Inc. 3.625% 20291 530 423
Team Health Holdings, Inc. 6.375% 20251 704 523
Team Health Holdings, Inc., Term Loan B,
(3-month USD CME Term SOFR + 5.25%) 8.284% 20272,3 		277 238
Tenet Healthcare Corp. 4.625% 2024 130 126
Tenet Healthcare Corp. 4.875% 20261 5,130 4,774
Tenet Healthcare Corp. 5.125% 20271 710 639
Tenet Healthcare Corp. 6.25% 20271 500 468
Tenet Healthcare Corp. 4.625% 20281 890 779
Tenet Healthcare Corp. 6.125% 20281 640 562
Tenet Healthcare Corp. 4.25% 20291 990 821
Tenet Healthcare Corp. 4.375% 20301 1,340 1,121
Tenet Healthcare Corp. 6.125% 20301 610 560
Tenet Healthcare Corp. 6.875% 2031 100 89
Teva Pharmaceutical Finance Co. BV 6.00% 2024 3,379 3,285
Teva Pharmaceutical Finance Co. BV 7.125% 2025 1,984 1,934
Teva Pharmaceutical Finance Co. BV 3.15% 2026 3,314 2,724
Teva Pharmaceutical Finance Co. BV 4.75% 2027 570 485
Teva Pharmaceutical Finance Co. BV 6.75% 2028 1,888 1,737
Teva Pharmaceutical Finance Co. BV 5.125% 2029 6,865 5,680
Teva Pharmaceutical Finance Co. BV 4.10% 2046 212 127
Valeant Pharmaceuticals International, Inc. 5.50% 20251 3,830 3,049
      81,159
Materials 9.52%      
Alcoa Nederland Holding BV 5.50% 20271 510 477
Alcoa Nederland Holding BV 4.125% 20291 430 362
Allegheny Technologies, Inc. 5.875% 2027 282 257
Allegheny Technologies, Inc. 4.875% 2029 1,575 1,312
Allegheny Technologies, Inc. 5.125% 2031 1,170 958
ArcelorMittal 7.00% 2039 488 460
ArcelorMittal 6.75% 2041 755 693
Arconic Corp. 6.00% 20251 360 347
Arconic Rolled Products Corp. 6.125% 20281 200 177
Ardagh Group SA 6.50% Cash 20271,5 422 290
Ardagh Metal Packaging Finance USA, LLC 3.25% 20281 500 409
Ardagh Metal Packaging Finance USA, LLC 6.00% 20271 750 708
Ardagh Metal Packaging Finance USA, LLC 4.00% 20291 350 257
Ardagh Packaging Finance 4.125% 20261 900 750
Avient Corp. 7.125% 20301 515 476
American Funds Insurance Series — American High-Income Trust — Page 200 of 255
unaudited
Bonds, notes & other debt instruments (continued)
Corporate bonds, notes & loans (continued)
Materials (continued) 		  Principal amount
(000) 		Value
(000)
Axalta Coating Systems, LLC 4.75% 20271 USD460 $411
Ball Corp. 2.875% 2030 160 123
Ball Corp. 3.125% 2031 1,615 1,221
BWAY Parent Co., Inc. 5.50% 20241 1,329 1,265
Can-Pack SA / Canpack US, LLC 3.875% 20291 1,960 1,535
Cleveland-Cliffs, Inc. 6.75% 20261 262 258
Cleveland-Cliffs, Inc. 5.875% 2027 3,030 2,733
Cleveland-Cliffs, Inc. 7.00% 2027 297 263
Cleveland-Cliffs, Inc. 4.625% 20291 1,791 1,508
Cleveland-Cliffs, Inc. 4.875% 20311 2,815 2,329
Crown Holdings, Inc. 5.25% 20301 240 216
CVR Partners, LP 6.125% 20281 1,125 981
Diamond (BC) BV 4.625% 20291 205 143
Element Solutions, Inc. 3.875% 20281 410 331
First Quantum Minerals, Ltd. 7.50% 20251 3,893 3,752
First Quantum Minerals, Ltd. 6.875% 20261 2,726 2,519
First Quantum Minerals, Ltd. 6.875% 20271 7,410 6,686
FMG Resources 4.375% 20311 585 450
Freeport-McMoRan, Inc. 4.25% 2030 437 374
Freeport-McMoRan, Inc. 5.45% 2043 411 344
FXI Holdings, Inc. 7.875% 20241 5,496 4,347
FXI Holdings, Inc. 12.25% 20261 6,410 5,088
GPC Merger Sub, Inc. 7.125% 20281 534 430
Graphic Packaging International, LLC 3.75% 20301 790 653
Hexion, Inc., Term Loan, (3-month USD CME Term SOFR + 4.50%) 7.413% 20292,3 454 389
Kaiser Aluminum Corp. 4.625% 20281 478 391
Labl, Inc. 5.875% 20281 630 511
Labl, Inc. 8.25% 20291 490 357
LSB Industries, Inc. 6.25% 20281 1,620 1,393
Mercer International, Inc. 5.125% 2029 400 319
Methanex Corp. 5.125% 2027 3,740 3,148
Methanex Corp. 5.25% 2029 710 566
Methanex Corp. 5.65% 2044 465 314
Mineral Resources, Ltd. 8.00% 20271 1,442 1,390
Mineral Resources, Ltd. 8.50% 20301 1,270 1,230
Neon Holdings, Inc. 10.125% 20261 840 767
Nova Chemicals Corp. 4.875% 20241 675 635
Nova Chemicals Corp. 5.25% 20271 2,036 1,735
Nova Chemicals Corp. 4.25% 20291 2,330 1,823
Novelis Corp. 3.25% 20261 425 355
Novelis Corp. 4.75% 20301 803 660
Novelis Corp. 3.875% 20311 1,322 989
Olin Corp. 5.625% 2029 200 178
Olin Corp. 5.00% 2030 180 150
Owens-Illinois, Inc. 5.875% 20231 191 189
Owens-Illinois, Inc. 6.375% 20251 265 250
Reynolds Group, Inc. 4.00% 20271 770 647
S.P.C.M. SA 3.375% 20301 200 157
SCIH Salt Holdings, Inc. 4.875% 20281 2,185 1,809
SCIH Salt Holdings, Inc. 6.625% 20291 1,225 943
SCIL IV, LLC 5.375% 20261 500 387
Scotts Miracle-Gro Co. 4.50% 2029 379 276
Scotts Miracle-Gro Co. 4.375% 2032 455 324
Sealed Air Corp. 4.00% 20271 316 274
American Funds Insurance Series — American High-Income Trust — Page 201 of 255
unaudited
Bonds, notes & other debt instruments (continued)
Corporate bonds, notes & loans (continued)
Materials (continued) 		  Principal amount
(000) 		Value
(000)
Sealed Air Corp. 5.00% 20291 USD440 $393
Silgan Holdings, Inc. 4.125% 2028 377 335
Summit Materials, Inc. 6.50% 20271 360 346
Summit Materials, Inc. 5.25% 20291 755 665
Trivium Packaging BV 5.50% 20261 330 296
Trivium Packaging BV 8.50% 20271 403 357
Tronox, Ltd. 4.625% 20291 730 542
Valvoline, Inc. 4.25% 20301 353 334
Valvoline, Inc. 3.625% 20311 410 303
Venator Materials Corp. 5.75% 20251 3,501 2,370
Venator Materials Corp. 9.50% 20251 1,155 1,112
W. R. Grace Holdings, LLC 4.875% 20271 655 564
W. R. Grace Holdings, LLC 5.625% 20291 440 331
Warrior Met Coal, Inc. 7.875% 20281 1,680 1,635
      78,032
Industrials 9.07%      
AAdvantage Loyalty IP, Ltd. 5.50% 20261 990 931
ADT Security Corp. 4.125% 20291 705 587
Allegiant Travel Co. 7.25% 20271 410 387
Allison Transmission Holdings, Inc. 3.75% 20311 1,235 949
Ashtead Capital, Inc. 5.50% 20321 600 558
Atkore, Inc. 4.25% 20311 385 308
Atlantic Aviation FBO, Inc., Term Loan, (3-month USD-LIBOR + 5.75%) 8.865% 20292,3 2,180 2,087
ATS Automation Tooling Systems, Inc. 4.125% 20281 275 229
Avis Budget Car Rental, LLC 5.75% 20271 885 781
Avis Budget Group, Inc. 5.375% 20291 1,020 839
Avolon Holdings Funding, Ltd. 5.25% 20241 660 641
Avolon Holdings Funding, Ltd. 2.528% 20271 2,098 1,644
BlueLinx Holdings, Inc. 6.00% 20291 500 393
Bohai Financial Investment Holding Co., Ltd. 4.50% 20231 132 131
Bombardier, Inc. 7.50% 20241 274 273
Bombardier, Inc. 7.50% 20251 742 723
Bombardier, Inc. 7.125% 20261 4,065 3,734
Bombardier, Inc. 7.875% 20271 6,043 5,573
Bombardier, Inc. 6.00% 20281 2,355 1,974
Bombardier, Inc. 7.45% 20341 450 422
Builders FirstSource, Inc. 4.25% 20321 815 627
BWX Technologies, Inc. 4.125% 20281 515 451
BWX Technologies, Inc. 4.125% 20291 1,005 871
Clarivate Science Holdings Corp. 3.875% 20281 1,595 1,319
Clarivate Science Holdings Corp. 4.875% 20291 1,265 992
Clean Harbors, Inc. 4.875% 20271 766 700
CoreLogic, Inc. 4.50% 20281 4,279 2,916
CoreLogic, Inc., Term Loan, (3-month USD-LIBOR + 6.50%) 9.625% 20292,3 660 498
Covanta Holding Corp. 4.875% 20291 1,295 1,049
Covanta Holding Corp. 5.00% 2030 1,590 1,250
Dun & Bradstreet Corp. 5.00% 20291 1,585 1,311
Garda World Security Corp. 6.00% 20291 150 110
GFL Environmental, Inc. 3.50% 20281 1,000 845
Harsco Corp. 5.75% 20271 700 439
Herc Holdings, Inc. 5.50% 20271 200 180
Howmet Aerospace, Inc. 5.95% 2037 150 136
Icahn Enterprises Finance Corp. 4.75% 2024 1,080 1,012
American Funds Insurance Series — American High-Income Trust — Page 202 of 255
unaudited
Bonds, notes & other debt instruments (continued)
Corporate bonds, notes & loans (continued)
Industrials (continued) 		  Principal amount
(000) 		Value
(000)
JELD-WEN Holding, Inc. 4.875% 20271 USD543 $389
Labl Escrow Issuer, LLC 6.75% 20261 450 409
Labl Escrow Issuer, LLC 10.50% 20271 1,170 997
LSC Communications, Inc. 8.75% 20231,4,7 8,933 87
LSC Communications, Inc., Term Loan B, (USD Prime Rate + 4.50%) 7.75% 20222,3,7 301 3
Masonite International Corp. 3.50% 20301 530 406
MasTec, Inc. 4.50% 20281 460 402
Mueller Water Products, Inc. 4.00% 20291 275 235
Nielsen Finance, LLC and Nielsen Finance Co. 5.625% 20281 250 249
Nielsen Finance, LLC and Nielsen Finance Co. 5.875% 20301 1,100 1,098
Nielsen Finance, LLC and Nielsen Finance Co. 4.75% 20311 511 502
Park River Holdings, Inc. 5.625% 20291 775 504
PGT Innovations, Inc. 4.375% 20291 1,125 925
Pitney Bowes, Inc. 6.875% 20271 600 369
PM General Purchaser, LLC 9.50% 20281 2,198 1,843
Prime Security Services Borrower, LLC 3.375% 20271 475 400
Prime Security Services Borrower, LLC 6.25% 20281 627 536
R.R. Donnelley & Sons Co. 6.125% 20261 375 339
Roller Bearing Company of America, Inc. 4.375% 20291 170 144
Sensata Technologies, Inc. 3.75% 20311 500 395
SkyMiles IP, Ltd. 4.75% 20281 1,975 1,842
Spirit AeroSystems, Inc. 4.60% 2028 1,120 811
SRS Distribution, Inc. 4.625% 20281 480 413
Stericycle, Inc. 5.375% 20241 1,135 1,093
Stericycle, Inc. 3.875% 20291 1,360 1,128
The Brink’s Co. 4.625% 20271 719 640
The Hertz Corp. 5.00% 20291 250 186
Titan International, Inc. 7.00% 2028 750 682
TK Elevator Holdco GmbH 7.625% 20281 635 533
TransDigm, Inc. 6.25% 20261 1,638 1,592
TransDigm, Inc. 6.375% 2026 240 227
TransDigm, Inc. 6.875% 2026 460 437
TransDigm, Inc. 5.50% 2027 855 745
TransDigm, Inc. 4.625% 2029 155 125
TransDigm, Inc. 4.875% 2029 220 178
Triumph Group, Inc. 6.25% 20241 4,527 4,132
Triumph Group, Inc. 8.875% 20241 536 530
Triumph Group, Inc. 7.75% 2025 1,160 888
Uber Technologies, Inc. 8.00% 20261 498 498
United Airlines Holdings, Inc. 6.50% 20271 3,739 3,667
United Airlines, Inc. 4.375% 20261 285 255
United Airlines, Inc. 4.625% 20291 542 450
United Rentals, Inc. 4.875% 2028 680 625
United Rentals, Inc. 3.875% 2031 525 428
United Rentals, Inc. 3.75% 2032 450 354
Vertical U.S. Newco, Inc. 5.25% 20271 2,055 1,752
WESCO Distribution, Inc. 7.125% 20251 675 676
WESCO Distribution, Inc. 7.25% 20281 825 810
Western Global Airlines, LLC 10.375% 20251 475 427
XPO Logistics, Inc. 6.25% 20251 136 137
      74,363
American Funds Insurance Series — American High-Income Trust — Page 203 of 255
unaudited
Bonds, notes & other debt instruments (continued)
Corporate bonds, notes & loans (continued)
Financials 7.38% 		  Principal amount
(000) 		Value
(000)
Advisor Group Holdings, LLC 6.25% 20281 USD2,191 $1,898
AG Merger Sub II, Inc. 10.75% 20271 3,800 3,729
AG TTMT Escrow Issuer, LLC 8.625% 20271 988 934
Alliant Holdings Intermediate, LLC 6.75% 20271 1,741 1,504
Alliant Holdings Intermediate, LLC / Alliant Holdings 4.25% 20271 890 762
Alliant Holdings Intermediate, LLC / Alliant Holdings 5.875% 20291 1,560 1,270
AmWINS Group, Inc. 4.875% 20291 1,260 1,049
Aretec Escrow Issuer, Inc. 7.50% 20291 2,375 1,992
Ascensus, Inc., Term Loan, (3-month USD-LIBOR + 6.50%) 8.813% 20292,3 1,245 1,121
AssuredPartners, Inc. 8.00% 20271 437 403
AssuredPartners, Inc. 5.625% 20291 365 284
Blackstone Private Credit Fund 7.05% 20251 640 633
BroadStreet Partners, Inc. 5.875% 20291 575 454
Castlelake Aviation Finance DAC 5.00% 20271 1,840 1,567
Coinbase Global, Inc. 3.375% 20281 1,605 1,007
Coinbase Global, Inc. 3.625% 20311 1,090 607
Compass Diversified Holdings 5.25% 20291 4,150 3,262
Compass Diversified Holdings 5.00% 20321 1,230 905
Credit Acceptance Corp. 5.125% 20241 275 257
Digital Currency Group, Inc., Term Loan, (3-month USD-LIBOR + 7.00%) 8.00% 20262,3,7 947 852
Digital Currency Group, Inc., Term Loan, 8.75% 20262,7 1,263 1,050
FS Energy and Power Fund 7.50% 20231 2,784 2,785
Hightower Holding, LLC 6.75% 20291 905 740
HUB International, Ltd. 7.00% 20261 2,080 1,976
HUB International, Ltd. 5.625% 20291 240 201
Icahn Enterprises Finance Corp. 5.25% 2027 277 243
Icahn Enterprises Finance Corp. 4.375% 2029 675 545
Iron Mountain Information Management Services, Inc. 5.00% 20321 725 562
Ladder Capital Corp. 4.25% 20271 1,429 1,153
LPL Holdings, Inc. 4.625% 20271 1,592 1,446
LPL Holdings, Inc. 4.00% 20291 1,570 1,350
LPL Holdings, Inc. 4.375% 20311 1,135 944
MGIC Investment Corp. 5.25% 2028 525 470
MidCap Financial Issuer Trust 6.50% 20281 380 325
MSCI, Inc. 4.00% 20291 900 779
MSCI, Inc. 3.625% 20301 66 54
MSCI, Inc. 3.625% 20311 1,325 1,065
MSCI, Inc. 3.875% 20311 1,450 1,224
MSCI, Inc. 3.25% 20331 945 731
National Financial Partners Corp. 6.875% 20281 739 578
Navient Corp. 5.50% 2023 684 681
Navient Corp. 5.875% 2024 1,450 1,376
Navient Corp. 6.125% 2024 1,147 1,119
Navient Corp. 6.75% 2025 550 516
Navient Corp. 6.75% 2026 640 582
Navient Corp. 5.00% 2027 2,883 2,362
Navient Corp. 4.875% 2028 320 245
Navient Corp. 5.50% 2029 2,280 1,736
Navient Corp. 5.625% 2033 1,478 996
Onemain Finance Corp. 3.875% 2028 206 152
OneMain Holdings, Inc. 7.125% 2026 1,335 1,205
Owl Rock Capital Corp. 3.75% 2025 600 551
Owl Rock Capital Corp. 3.40% 2026 290 249
Owl Rock Capital Corp. II 4.625% 20241 450 424
American Funds Insurance Series — American High-Income Trust — Page 204 of 255
unaudited
Bonds, notes & other debt instruments (continued)
Corporate bonds, notes & loans (continued)
Financials (continued) 		  Principal amount
(000) 		Value
(000)
Owl Rock Capital Corp. III 3.125% 20271 USD600 $487
Owl Rock Core Income Corp. 4.70% 2027 800 702
Oxford Finance, LLC / Oxford Finance Co-Issuer II, Inc. 6.375% 20271 1,893 1,775
Quicken Loans, LLC 3.625% 20291 455 351
Rocket Mortgage / Rocket Mortgage Co-Issuer, Inc. 2.875% 20261 520 427
Ryan Specialty Group, LLC 4.375% 20301 615 522
Springleaf Finance Corp. 6.125% 2024 367 354
Springleaf Finance Corp. 6.625% 2028 340 293
Springleaf Finance Corp. 5.375% 2029 183 142
Starwood Property Trust, Inc. 4.375% 20271 570 487
      60,445
Information technology 4.50%      
Almonde, Inc., Term Loan, (3-month USD-LIBOR + 7.25%) 10.621% 20252,3 3,674 3,024
Applied Systems, Inc., Term Loan, (3-month USD-LIBOR + 5.50%) 9.174% 20252,3 607 599
Black Knight, Inc. 3.625% 20281 410 351
Block, Inc. 2.75% 2026 1,455 1,252
Block, Inc. 3.50% 2031 1,675 1,302
BMC Software, Inc. 7.125% 20251 180 177
BMC Software, Inc. 9.125% 20261 240 231
BMC Software, Inc., Term Loan, (3-month USD-LIBOR + 5.50%) 6.128% 20262,3 1,220 1,143
Booz Allen Hamilton, Inc. 3.875% 20281 920 793
Booz Allen Hamilton, Inc. 4.00% 20291 880 755
CDK Global, Inc. 7.25% 20291 1,550 1,477
Ciena Corp. 4.00% 20301 440 368
CommScope Finance, LLC 6.00% 20261 430 397
CommScope Finance, LLC 8.25% 20271 310 257
CommScope Technologies, LLC 6.00% 20251 380 338
CommScope Technologies, LLC 5.00% 20271 220 166
Condor Merger Sub, Inc. 7.375% 20301 560 459
Diebold Nixdorf AG, Term Loan B, (3-month USD-LIBOR + 2.75%) 5.50% 20232,3 1,626 1,336
Diebold Nixdorf, Inc. 8.50% 2024 1,301 712
Diebold Nixdorf, Inc. 9.375% 20251 7,304 5,569
Diebold Nixdorf, Inc., Term Loan B, (3-month EUR-EURIBOR + 3.00%) 3.438% 20232,3 EUR698 563
Elastic NV 4.125% 20291 USD350 277
Entegris Escrow Corp. 4.75% 20291 790 698
Fair Isaac Corp. 4.00% 20281 1,445 1,234
Gartner, Inc. 4.50% 20281 2,098 1,879
Gartner, Inc. 3.75% 20301 345 283
GoDaddy Operating Co. 5.25% 20271 390 360
GoDaddy Operating Co. 3.50% 20291 210 172
Imola Merger Corp. 4.75% 20291 300 254
MicroStrategy, Inc. 6.125% 20281 385 318
MoneyGram International, Inc. 5.375% 20261 875 859
NCR Corp. 5.00% 20281 105 83
NCR Corp. 5.125% 20291 3,109 2,338
Picard Midco, Inc. 6.50% 20291 730 618
Rocket Software, Inc. 6.50% 20291 785 582
Sabre GLBL, Inc. 7.375% 20251 48 43
Sabre Holdings Corp. 9.25% 20251 338 324
Synaptics, Inc. 4.00% 20291 375 303
UKG, Inc., Term Loan B, (3-month USD-LIBOR + 3.25%) 5.535% 20262,3 466 442
UKG, Inc., Term Loan, (3-month USD-LIBOR + 5.25%) 7.535% 20272,3 2,220 2,103
Unisys Corp. 6.875% 20271 1,795 1,404
American Funds Insurance Series — American High-Income Trust — Page 205 of 255
unaudited
Bonds, notes & other debt instruments (continued)
Corporate bonds, notes & loans (continued)
Information technology (continued) 		  Principal amount
(000) 		Value
(000)
VeriSign, Inc. 5.25% 2025 USD132 $132
Veritas Holdings, Ltd. 7.50% 20251 285 219
Viavi Solutions, Inc. 3.75% 20291 230 184
Xerox Corp. 5.00% 20251 162 146
Xerox Corp. 5.50% 20281 435 348
      36,872
Consumer staples 4.12%      
Albertsons Companies, Inc. 4.625% 20271 1,060 950
Albertsons Companies, Inc. 5.875% 20281 190 176
Albertsons Companies, Inc. 3.50% 20291 2,968 2,399
Albertsons Companies, Inc. 4.875% 20301 335 284
B&G Foods, Inc. 5.25% 2025 1,377 1,200
B&G Foods, Inc. 5.25% 2027 1,893 1,537
Central Garden & Pet Co. 4.125% 2030 1,060 846
Central Garden & Pet Co. 4.125% 20311 1,005 792
Coty, Inc. 5.00% 20261 700 638
Coty, Inc. 6.50% 20261 320 295
Coty, Inc. 4.75% 20291 1,070 907
Darling Ingredients, Inc. 5.25% 20271 329 311
Darling Ingredients, Inc. 6.00% 20301 1,445 1,378
Edgewell Personal Care Co. 5.50% 20281 275 246
Energizer Holdings, Inc. 4.375% 20291 545 406
Ingles Markets, Inc. 4.00% 20311 345 282
Kraft Heinz Company 3.875% 2027 275 257
Kraft Heinz Company 4.375% 2046 306 239
Kraft Heinz Company 5.50% 2050 440 397
Kronos Acquisition Holdings, Inc. 5.00% 20261 1,953 1,716
Kronos Acquisition Holdings, Inc. 7.00% 20271 2,800 2,148
Lamb Weston Holdings, Inc. 4.875% 20281 260 236
Lamb Weston Holdings, Inc. 4.125% 20301 2,500 2,120
Lamb Weston Holdings, Inc. 4.375% 20321 810 671
Nestle Skin Health SA, Term Loan B3, (3-month USD-LIBOR + 3.75%) 7.424% 20262,3 786 734
Performance Food Group, Inc. 5.50% 20271 680 620
Performance Food Group, Inc. 4.25% 20291 483 403
Pilgrim’s Pride Corp. 5.875% 20271 720 702
Post Holdings, Inc. 5.625% 20281 1,449 1,325
Post Holdings, Inc. 5.50% 20291 811 702
Post Holdings, Inc. 4.625% 20301 3,355 2,763
Post Holdings, Inc. 4.50% 20311 1,350 1,090
Prestige Brands International, Inc. 5.125% 20281 103 93
Prestige Brands International, Inc. 3.75% 20311 1,275 992
Simmons Foods, Inc. 4.625% 20291 993 814
TreeHouse Foods, Inc. 4.00% 2028 1,415 1,130
United Natural Foods, Inc. 6.75% 20281 1,700 1,558
US Foods, Inc. 4.625% 20301 460 382
      33,739
Utilities 3.35%      
AmeriGas Partners, LP 5.875% 2026 275 250
AmeriGas Partners, LP 5.75% 2027 352 317
Calpine Corp. 4.50% 20281 150 132
Calpine Corp. 5.125% 20281 518 446
Calpine Corp. 3.75% 20311 500 392
American Funds Insurance Series — American High-Income Trust — Page 206 of 255
unaudited
Bonds, notes & other debt instruments (continued)
Corporate bonds, notes & loans (continued)
Utilities (continued) 		  Principal amount
(000) 		Value
(000)
DPL, Inc. 4.125% 2025 USD555 $511
Emera, Inc. 6.75% 2076 (3-month USD-LIBOR + 5.44% on 6/15/2026)6 1,155 1,100
FirstEnergy Corp. 2.25% 2030 980 757
FirstEnergy Corp. 2.65% 2030 624 505
FirstEnergy Corp. 7.375% 2031 337 371
FirstEnergy Corp. 3.40% 2050 470 308
FirstEnergy Corp., Series C, 5.35% 20476 475 402
FirstEnergy Transmission, LLC 2.866% 20281 265 226
FirstEnergy Transmission, LLC 4.55% 20491 100 78
NextEra Energy Partners, LP 4.25% 20241 122 117
NGL Energy Partners, LP 7.50% 2026 650 497
NRG Energy, Inc. 3.625% 20311 1,130 884
Pacific Gas and Electric Co. 4.55% 2030 203 174
Pacific Gas and Electric Co. 3.95% 2047 500 319
Pacific Gas and Electric Co. 3.50% 2050 400 244
PG&E Corp. 5.00% 2028 3,205 2,764
PG&E Corp. 5.25% 2030 3,040 2,594
Talen Energy Corp. 10.50% 20261,4 2,987 2,455
Talen Energy Corp. 7.25% 20271 5,189 5,318
Talen Energy Corp. 6.625% 20281 130 132
Talen Energy Corp., Term Loan,
(3-month USD CME Term SOFR + 4.75%) 7.48% 20232,3 		3,085 3,097
Talen Energy Corp., Term Loan B, (3-month USD-LIBOR + 3.75%) 6.274% 20262,3 500 507
Talen Energy Supply, LLC 7.625% 20281 489 506
Targa Resources Partners, LP 4.00% 2032 190 157
Venture Global Calcasieu Pass, LLC 3.875% 20291 1,190 1,023
Vistra Operations Co., LLC 3.55% 20241 231 220
Vistra Operations Co., LLC 5.625% 20271 725 680
      27,483
Real estate 2.91%      
Brookfield Property REIT, Inc. 5.75% 20261 1,659 1,502
Brookfield Property REIT, Inc. 4.50% 20271 194 159
Diversified Healthcare Trust 4.375% 2031 200 130
Forestar Group, Inc. 3.85% 20261 465 384
Forestar Group, Inc. 5.00% 20281 92 74
Howard Hughes Corp. 5.375% 20281 1,447 1,203
Howard Hughes Corp. 4.125% 20291 2,043 1,583
Howard Hughes Corp. 4.375% 20311 2,218 1,597
Iron Mountain, Inc. 4.875% 20271 1,616 1,450
Iron Mountain, Inc. 5.00% 20281 367 316
Iron Mountain, Inc. 5.25% 20281 1,214 1,067
Iron Mountain, Inc. 5.25% 20301 2,680 2,223
Iron Mountain, Inc. 4.50% 20311 950 736
Kennedy-Wilson Holdings, Inc. 4.75% 2029 2,505 1,918
Kennedy-Wilson Holdings, Inc. 4.75% 2030 2,315 1,722
Kennedy-Wilson Holdings, Inc. 5.00% 2031 2,265 1,647
Ladder Capital Corp. 5.25% 20251 740 682
Ladder Capital Corp. 4.75% 20291 100 75
Medical Properties Trust, Inc. 5.00% 2027 638 552
Medical Properties Trust, Inc. 3.50% 2031 239 167
Park Intermediate Holdings, LLC 4.875% 20291 820 665
Realogy Corp. 4.875% 20231 205 200
Realogy Corp. 5.75% 20291 2,128 1,538
American Funds Insurance Series — American High-Income Trust — Page 207 of 255
unaudited
Bonds, notes & other debt instruments (continued)
Corporate bonds, notes & loans (continued)
Real estate (continued) 		  Principal amount
(000) 		Value
(000)
Realogy Corp. 5.25% 20301 USD922 $628
RHP Hotel Properties, LP / RHP Finance Corp. 4.50% 20291 535 445
RLJ Lodging Trust, LP 4.00% 20291 800 628
WeWork Companies, LLC 5.00% 20251 1,020 594
      23,885
Total corporate bonds, notes & loans     733,726
Mortgage-backed obligations 0.08%
Collateralized mortgage-backed obligations 0.08% 		     
Treehouse Park Improvement Association No.1 - Anleihen 9.75% 20331,7 712 631
Total bonds, notes & other debt instruments (cost: $867,299,000)     734,357
Convertible bonds & notes 0.06%
Communication services 0.05% 		     
DISH DBS Corp., convertible notes, 3.375% 2026 635 438
Energy 0.01%      
Mesquite Energy, Inc., convertible notes, 13.14% Cash 20231,5,7 79 79
Total convertible bonds & notes (cost: $720,000)     517
Convertible stocks 0.10%
Financials 0.05% 		  Shares  
2020 Cash Mandatory Exchangeable Trust, convertible preferred shares, 5.25% 20231 411 463
Utilities 0.05%      
PG&E Corp., convertible preferred units, 5.50% 2023 3,350 383
Total convertible stocks (cost: $667,000)     846
Common stocks 4.69%
Health care 2.64% 		     
Rotech Healthcare, Inc.7,8,9 201,793 21,592
Energy 1.23%      
Chesapeake Energy Corp. 46,557 4,386
Ascent Resources - Utica, LLC, Class A7,8,9 6,297,894 1,511
Denbury, Inc.8 16,380 1,413
Weatherford International8 40,159 1,297
Diamond Offshore Drilling, Inc.8 110,972 736
California Resources Corp. 17,202 661
McDermott International, Ltd.8 107,875 49
Mesquite Energy, Inc.7,8 3,557 21
Earthstone Energy, Inc., Class A8 1,340 16
Constellation Oil Services Holding SA, Class B-17,8 3,449,949 —10
Bighorn Permian Resources, LLC7,8 2,894 —10
      10,090
American Funds Insurance Series — American High-Income Trust — Page 208 of 255
unaudited
Common stocks (continued)
Financials 0.37% 		  Shares Value
(000)
Jonah Energy Parent, LLC7 38,716 $2,761
Navient Corp. 20,000 294
      3,055
Consumer discretionary 0.35%      
NMG Parent, LLC8 9,965 1,819
MYT Holding Co., Class B7,8 608,846 1,065
      2,884
Information technology 0.05%      
MoneyGram International, Inc.8 41,400 431
Communication services 0.05%      
Intelsat SA7,8 8,164 229
iHeartMedia, Inc., Class A8 22,639 166
      395
Total common stocks (cost: $13,871,000)     38,447
Preferred securities 0.32%
Consumer discretionary 0.28% 		     
MYT Holdings, LLC, Series A, preferred shares, 10.00% 20297,8 2,095,904 2,295
Industrials 0.04%      
ACR III LSC Holdings, LLC, Series B, preferred shares1,7,8 1,022 326
Total preferred securities (cost: $2,933,000)     2,621
Rights & warrants 0.22%
Consumer discretionary 0.17% 		     
NMG Parent, LLC, warrants, expire 20278 27,111 1,362
Energy 0.05%      
Chesapeake Energy Corp., Class B, warrants, expire 20268 2,867 227
Chesapeake Energy Corp., Class A, warrants, expire 20268 1,440 115
Chesapeake Energy Corp., Class C, warrants, expire 20268 1,102 79
      421
Communication services 0.00%      
Intelsat Jackson Holdings SA (CVR), Series A7,8 855 5
Intelsat Jackson Holdings SA (CVR), Series B7,8 855 5
      10
Total rights & warrants (cost: $699,000)     1,793
American Funds Insurance Series — American High-Income Trust — Page 209 of 255
unaudited
Short-term securities 3.57%
Money market investments 3.57% 		  Shares Value
(000)
Capital Group Central Cash Fund 2.81%11,12 292,580 $29,255
Total short-term securities (cost: $29,246,000)     29,255
Total investment securities 98.56% (cost: $915,435,000)     807,836
Other assets less liabilities 1.44%     11,763
Net assets 100.00%     $819,599
Futures contracts
Contracts Type Number of
contracts 		Expiration Notional
amount
(000) 		Value and
unrealized
appreciation
at 9/30/2022
(000)
5 Year U.S. Treasury Note Futures Short 12 December 2022 USD(1,290) $45
10 Year U.S. Treasury Note Futures Short 14 December 2022 (1,569) 78
30 Year Ultra U.S. Treasury Bond Futures Short 1 December 2022 (137) 12
          $135
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
9/30/2022
(000) 		  Upfront
premium
(received)
paid
(000) 		  Unrealized
appreciation
(depreciation)
at 9/30/2022
(000)
CDX.NA.HY.38 5.00% Quarterly 6/20/2027 USD1,856 $44   $(14)   $58
CDX.NA.HY.39 5.00% Quarterly 12/20/2027 13,425 563   609   (46)
          $607   $595   $12
Centrally cleared credit default swaps on credit indices — sell protection
Financing
rate received 		Payment
frequency 		Reference
index 		Expiration
date 		Notional
amount13
(000) 		Value at
9/30/202214
(000) 		Upfront
premium
paid
(000) 		Unrealized
depreciation
at 9/30/2022
(000)
5.00% Quarterly CDX.NA.HY.37 12/20/2026 USD4,109 $(41) $27 $(68)
Investments in affiliates12
  Value of
affiliate at
1/1/2022
(000) 		Additions
(000) 		Reductions
(000) 		Net
realized
loss
(000) 		Net
unrealized
appreciation
(000) 		Value of
affiliate at
9/30/2022
(000) 		Dividend
income
(000)
Short-term securities 3.57%
Money market investments 3.57%              
Capital Group Central Cash Fund 2.81%11 $17,238 $174,413 $162,393 $(9) $6 $29,255 $267
American Funds Insurance Series — American High-Income Trust — Page 210 of 255
unaudited
Restricted securities9
  Acquisition
date 		Cost
(000) 		  Value
(000) 		  Percent
of net
assets
Rotech Healthcare, Inc.7,8 9/26/2013 $4,331   $21,592   2.64%
Ascent Resources - Utica, LLC, Class A7,8 11/15/2016 302   1,511   .18
Total   $4,633   $23,103   2.82%
1 Acquired in a transaction exempt from registration under Rule 144A of the Securities Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers. The total value of all such securities was $544,355,000, which represented 66.42% of the net assets of the fund.
2 Loan participations and assignments; may be subject to legal or contractual restrictions on resale. The total value of all such loans was $24,582,000, which represented 3.00% of the net assets of the fund.
3 Coupon rate may change periodically. Reference rate and spread are as of the most recent information available. Some coupon rates are determined by the issuer or agent based on current market conditions; therefore, the reference rate and spread are not available.
4 Scheduled interest and/or principal payment was not received.
5 Payment in kind; the issuer has the option of paying additional securities in lieu of cash. Payment methods and rates are as of the most recent payment when available.
6 Step bond; coupon rate may change at a later date.
7 Value determined using significant unobservable inputs.
8 Security did not produce income during the last 12 months.
9 Restricted security, other than Rule 144A, subject to legal or contractual restrictions on resale, including private placement securities not registered under the Securities Act of 1933. The total value of all such restricted securities was $23,103,000, which represented 2.82% of the net assets of the fund.
10 Amount less than one thousand.
11 Rate represents the seven-day yield at 9/30/2022.
12 Part of the same “group of investment companies“ as the fund as defined under the Investment Company Act of 1940, as amended.
13 The maximum potential amount the fund may pay as a protection seller should a credit event occur.
14 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 abbreviations
CME = CME Group
CVR = Contingent Value Rights
DAC = Designated Activity Company
EUR = Euros
EURIBOR = Euro Interbank Offered Rate
LIBOR = London Interbank Offered Rate
PIK = Payment In Kind
REIT = Real Estate Investment Trust
SOFR = Secured Overnight Financing Rate
USD = U.S. dollars
American Funds Insurance Series — American High-Income Trust — Page 211 of 255
American Funds Mortgage Fund®
Investment portfolio
September 30, 2022
unaudited
Bonds, notes & other debt instruments 98.31%
Mortgage-backed obligations 75.64%
Federal agency mortgage-backed obligations 71.82% 		  Principal amount
(000) 		Value
(000)
Fannie Mae Pool #695412 5.00% 20331 USD—2 $—2
Fannie Mae Pool #AD3566 5.00% 20351 2 2
Fannie Mae Pool #256583 5.00% 20361 33 32
Fannie Mae Pool #AC0794 5.00% 20391 5 5
Fannie Mae Pool #931768 5.00% 20391 1 1
Fannie Mae Pool #932606 5.00% 20401 2 2
Fannie Mae Pool #MA4501 2.00% 20411 378 317
Fannie Mae Pool #MA4387 2.00% 20411 19 16
Fannie Mae Pool #AJ1873 4.00% 20411 7 6
Fannie Mae Pool #AE1248 5.00% 20411 9 9
Fannie Mae Pool #AE1274 5.00% 20411 7 7
Fannie Mae Pool #AE1277 5.00% 20411 5 5
Fannie Mae Pool #AE1283 5.00% 20411 2 2
Fannie Mae Pool #MA4540 2.00% 20421 540 452
Fannie Mae Pool #MA4570 2.00% 20421 122 102
Fannie Mae Pool #AE1290 5.00% 20421 4 4
Fannie Mae Pool #AT0300 3.50% 20431 2 2
Fannie Mae Pool #AT3954 3.50% 20431 2 2
Fannie Mae Pool #AY1829 3.50% 20441 2 2
Fannie Mae Pool #FM9416 3.50% 20451 385 353
Fannie Mae Pool #BJ5015 4.00% 20471 40 38
Fannie Mae Pool #BH3122 4.00% 20471 1 1
Fannie Mae Pool #BK6840 4.00% 20481 27 26
Fannie Mae Pool #BK5232 4.00% 20481 20 19
Fannie Mae Pool #BK9743 4.00% 20481 8 7
Fannie Mae Pool #BK9761 4.50% 20481 5 5
Fannie Mae Pool #FM3280 3.50% 20491 101 93
Fannie Mae Pool #CA5968 2.50% 20501 55 47
Fannie Mae Pool #CA5496 3.00% 20501,3 1,247 1,104
Fannie Mae Pool #FM9492 2.50% 20511 473 401
Fannie Mae Pool #FM9804 2.50% 20511 254 216
Fannie Mae Pool #FM9694 2.50% 20511 236 201
Fannie Mae Pool #FM7687 3.00% 20511 284 250
Fannie Mae Pool #CB0041 3.00% 20511 216 190
Fannie Mae Pool #FM9976 3.00% 20511 102 91
Fannie Mae Pool #CB2544 3.00% 20521 288 252
Fannie Mae Pool #BF0379 3.50% 20591 151 137
Fannie Mae Pool #BF0497 3.00% 20601 55 48
Fannie Mae Pool #BF0481 3.50% 20601 180 163
Freddie Mac Pool #A18781 5.00% 20341,3 639 644
Freddie Mac Pool #RB5138 2.00% 20411 104 87
Freddie Mac Pool #RB5148 2.00% 20421 607 508
Freddie Mac Pool #RB5145 2.00% 20421 96 80
Freddie Mac Pool #Q15874 4.00% 20431 1 1
Freddie Mac Pool #760014 2.77% 20451,4 347 339
American Funds Insurance Series — American Funds Mortgage Fund — Page 212 of 255
unaudited
Bonds, notes & other debt instruments (continued)
Mortgage-backed obligations (continued)
Federal agency mortgage-backed obligations (continued) 		  Principal amount
(000) 		Value
(000)
Freddie Mac Pool #760012 3.113% 20451,4 USD40 $39
Freddie Mac Pool #760013 3.202% 20451,4 24 24
Freddie Mac Pool #760015 2.546% 20471,4 65 63
Freddie Mac Pool #Q52069 3.50% 20471 31 28
Freddie Mac Pool #Q47615 3.50% 20471 18 17
Freddie Mac Pool #Q56599 4.00% 20481 29 27
Freddie Mac Pool #Q55971 4.00% 20481 20 19
Freddie Mac Pool #Q56175 4.00% 20481 19 18
Freddie Mac Pool #Q55970 4.00% 20481 10 9
Freddie Mac Pool #Q58411 4.50% 20481 55 54
Freddie Mac Pool #Q58436 4.50% 20481 29 28
Freddie Mac Pool #Q58378 4.50% 20481 21 20
Freddie Mac Pool #RA1339 3.00% 20491,3 1,563 1,378
Freddie Mac Pool #QA2748 3.50% 20491 20 18
Freddie Mac Pool #RA6406 2.00% 20511 81 66
Freddie Mac Pool #SD7550 3.00% 20521 414 367
Freddie Mac Pool #SD0873 3.50% 20521,3 1,238 1,128
Freddie Mac Pool #RA7938 5.00% 20521 720 703
Freddie Mac, Series K749, Class A2, Multi Family, 2.12% 20291 131 114
Freddie Mac, Series K143, Class A2, Multi Family, 2.35% 20321 275 230
Freddie Mac, Series K144, Class A2, Multi Family, 2.45% 20321 100 84
Freddie Mac, Series K151, Class A2, Multi Family, 3.80% 20321 100 93
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-2, Class MA, 3.00% 20561 215 202
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-2, Class HA, 3.00% 20561,4 159 149
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-1, Class HA, 3.00% 20561,4 138 130
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-3, Class HT, 3.25% 20561 103 94
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2018-1, Class HT, 3.00% 20571 114 102
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-4, Class HT, 3.25% 20571,4 99 91
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2018-3, Class MA, 3.50% 20571 153 146
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2019-2, Class MT, 3.50% 20581 31 29
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2019-3, Class MT, 3.50% 20581 19 17
Freddie Mac Seasoned Loan Structured Transaction Trust, Series 2018-1, Class A1, 3.50% 20281 317 303
Freddie Mac Seasoned Loan Structured Transaction Trust, Series 2018-2, Class A1, 3.50% 20281 15 14
Freddie Mac Seasoned Loan Structured Transaction Trust, Series 2022-1, Class A1, 3.50% 20321 478 456
Government National Mortgage Assn. 2.00% 20521,5 175 146
Government National Mortgage Assn. 2.50% 20521,5 207 178
Government National Mortgage Assn. 3.00% 20521,5 658 582
Government National Mortgage Assn. 3.50% 20521,5 298 271
Government National Mortgage Assn. 4.50% 20521,5 2,837 2,716
Government National Mortgage Assn. 5.00% 20521,5 9,340 9,144
Government National Mortgage Assn. 5.50% 20521,5 388 388
Government National Mortgage Assn. 5.50% 20521,5 185 184
Government National Mortgage Assn. Pool #AH5894 3.75% 20341 703 682
Government National Mortgage Assn. Pool #AD0028 3.75% 20381 544 516
Government National Mortgage Assn. Pool #AH5897 3.75% 20391 530 502
Government National Mortgage Assn. Pool #004410 4.00% 20391 55 50
Government National Mortgage Assn. Pool #783690 6.00% 20391 88 93
Government National Mortgage Assn. Pool #004823 4.00% 20401 83 76
Government National Mortgage Assn. Pool #005142 4.50% 20411 12 11
Government National Mortgage Assn. Pool #005104 5.00% 20411 171 170
Government National Mortgage Assn. Pool #005165 6.50% 20411 84 85
Government National Mortgage Assn. Pool #MA0366 3.50% 20421 199 178
Government National Mortgage Assn. Pool #AA5326 3.50% 20421 133 120
Government National Mortgage Assn. Pool #AD4360 3.50% 20431 91 83
American Funds Insurance Series — American Funds Mortgage Fund — Page 213 of 255
unaudited
Bonds, notes & other debt instruments (continued)
Mortgage-backed obligations (continued)
Federal agency mortgage-backed obligations (continued) 		  Principal amount
(000) 		Value
(000)
Government National Mortgage Assn. Pool #AH5884 4.25% 20441,3 USD1,114 $1,060
Government National Mortgage Assn. Pool #AO0409 4.62% 20651 136 134
Government National Mortgage Assn. Pool #AN1825 4.631% 20651 230 228
Government National Mortgage Assn. Pool #AO0461 4.632% 20651 68 68
Government National Mortgage Assn. Pool #AO0385 4.503% 20661 539 532
Government National Mortgage Assn. Pool #725897 5.20% 20661 1 1
Uniform Mortgage-Backed Security 4.00% 20371,5 125 121
Uniform Mortgage-Backed Security 2.00% 20521,5 3,616 2,929
Uniform Mortgage-Backed Security 2.50% 20521,5 3,081 2,585
Uniform Mortgage-Backed Security 2.50% 20521,5 700 586
Uniform Mortgage-Backed Security 3.50% 20521,5 1,278 1,150
Uniform Mortgage-Backed Security 3.50% 20521,5 610 549
Uniform Mortgage-Backed Security 4.00% 20521,5 5,800 5,379
Uniform Mortgage-Backed Security 4.00% 20521,5 3,066 2,845
Uniform Mortgage-Backed Security 4.50% 20521,5 4,880 4,650
Uniform Mortgage-Backed Security 4.50% 20521,5 425 405
Uniform Mortgage-Backed Security 5.00% 20521,5 2,485 2,421
Uniform Mortgage-Backed Security 5.50% 20521,5 7,903 7,858
Uniform Mortgage-Backed Security 5.50% 20521,5 639 634
Uniform Mortgage-Backed Security 6.00% 20521,5 185 188
      63,027
Collateralized mortgage-backed obligations (privately originated) 2.01%      
Cascade Funding Mortgage Trust, Series 2020-HB4, Class A, 0.946% 20301,4,6 84 82
Cascade Funding Mortgage Trust, Series 2021-HB7, Class A, 1.151% 20311,4,6 100 94
Cascade Funding Mortgage Trust, Series 2021-HB6, Class A, 0.898% 20361,4,6 327 312
CIM Trust, Series 2022-R2, Class A1, 3.75% 20611,4,6 187 177
COLT Funding, LLC, Series 2021-5, Class A1, 1.726% 20661,4,6 90 76
Credit Suisse Mortgage Trust, Series 2017-RPL3, Class A1, 2.00% 20601,4,6 163 143
GCAT, Series 2021-NQM6, Class A1, 1.855% 20661,4,6 100 87
GS Mortgage-Backed Securities Trust, Series 2022-PJ5, Class A4, 2.50% 20521,4,6 215 180
Mello Warehouse Securitization Trust, Series 2021-3, Class A, (1-month USD-LIBOR + 0.85%) 3.934% 20551,4,6 175 169
Mill City Mortgage Trust, Series 15-1, Class M2, 3.643% 20561,4,6 48 47
Onslow Bay Financial Mortgage Loan Trust, Series 2022-J1, Class A2, 2.50% 20521,4,6 139 111
Reverse Mortgage Investment Trust, Series 2021-HB1, Class A, 1.259% 20311,4,6 107 103
Towd Point Mortgage Trust, Series 2015-4, Class M2, 3.75% 20551,4,6 100 99
Towd Point Mortgage Trust, Series 2015-4, Class M1, 3.75% 20551,4,6 24 24
Towd Point Mortgage Trust, Series 2016-5, Class A1, 2.50% 20561,4,6 51 50
Towd Point Mortgage Trust, Series 2017-5, Class A1, 3.684% 20571,4,6 11 11
      1,765
Commercial mortgage-backed securities 1.81%      
Boca Commercial Mortgage Trust, Series 2022-BOCA, Class A,
(1-month USD CME Term SOFR + 1.77%) 4.615% 20391,4,6 		100 98
BX Trust, Series 2022-CSMO, Class A, (1-month USD CME Term SOFR + 2.115%) 4.96% 20271,4,6 100 99
BX Trust, Series 2021-VOLT, Class A, (1-month USD-LIBOR + 0.70%) 3.518% 20361,4,6 100 96
BX Trust, Series 2021-ARIA, Class A, (1-month USD-LIBOR + 0.899%) 3.717% 20361,4,6 606 576
LUXE Commercial Mortgage Trust, Series 2021-TRIP, Class A, (1-month USD-LIBOR + 1.05%) 3.868% 20381,4,6 475 460
MHC Commercial Mortgage Trust, CMO, Series 2021-MHC, Class A,
(1-month USD-LIBOR + 0.801%) 3.619% 20261,4,6 		273 263
      1,592
Total mortgage-backed obligations     66,384
American Funds Insurance Series — American Funds Mortgage Fund — Page 214 of 255
unaudited
Bonds, notes & other debt instruments (continued)
U.S. Treasury bonds & notes 17.42%
U.S. Treasury inflation-protected securities 14.24% 		  Principal amount
(000) 		Value
(000)
U.S. Treasury Inflation-Protected Security 0.125% 20237 USD710 $703
U.S. Treasury Inflation-Protected Security 0.375% 20237 519 510
U.S. Treasury Inflation-Protected Security 0.625% 20237 353 348
U.S. Treasury Inflation-Protected Security 0.125% 20247 654 631
U.S. Treasury Inflation-Protected Security 0.125% 20247 107 103
U.S. Treasury Inflation-Protected Security 0.50% 20247 2,013 1,954
U.S. Treasury Inflation-Protected Security 0.625% 20243,7 6,527 6,370
U.S. Treasury Inflation-Protected Security 0.125% 20257 126 119
U.S. Treasury Inflation-Protected Security 0.125% 20267 65 61
U.S. Treasury Inflation-Protected Security 0.125% 20317 1,195 1,044
U.S. Treasury Inflation-Protected Security 0.75% 20427 424 341
U.S. Treasury Inflation-Protected Security 1.00% 20497 383 312
      12,496
U.S. Treasury 3.18%      
U.S. Treasury 0.875% 2024 10 10
U.S. Treasury 3.00% 2024 505 494
U.S. Treasury 1.25% 2028 415 356
U.S. Treasury 1.50% 2028 150 129
U.S. Treasury 1.25% 2031 443 358
U.S. Treasury 1.875% 2032 10 8
U.S. Treasury 1.875% 20413 775 550
U.S. Treasury 2.375% 20423 150 115
U.S. Treasury 3.25% 20423 60 53
U.S. Treasury 1.625% 20503 620 385
U.S. Treasury 1.875% 20513 505 334
      2,792
Total U.S. Treasury bonds & notes     15,288
Asset-backed obligations 4.42%      
Ballyrock CLO, Ltd., Series 2019-2A, Class A1AR, (3-month USD-LIBOR + 1.00%) 3.984% 20301,4,6 250 246
Bankers Healthcare Group Securitization Trust, Series 2021-A, Class A, 1.42% 20331,6 59 55
Bankers Healthcare Group Securitization Trust, Series 2021-B, Class A, 0.90% 20341,6 61 58
CF Hippolyta, LLC, Series 2020-1, Class A1, 1.69% 20601,6 290 258
CF Hippolyta, LLC, Series 2021-1, Class A1, 1.53% 20611,6 426 367
CPS Auto Receivables Trust, Series 2022-B, Class A, 2.88% 20261,6 82 80
Discover Card Execution Note Trust, Series 2022-A3, Class A3, 3.56% 20271 56 55
FirstKey Homes Trust, Series 2022-SFR2, Class A, 4.145% 20391,6 100 94
Hertz Vehicle Financing III, LLC, Series 2021-1A, Class A, 1.21% 20251,6 86 79
Navient Student Loan Trust, Series 2021-A, Class A, 0.84% 20691,6 123 108
Navient Student Loan Trust, Series 2021-C, Class A, 1.06% 20691,6 224 193
Navient Student Loan Trust, Series 2021-FA, Class A, 1.11% 20701,6 207 175
Nelnet Student Loan Trust, Series 2021-A, Class APT1, 1.36% 20621,6 204 180
Nelnet Student Loan Trust, Series 2021-B, Class AFX, 1.42% 20621,6 742 662
Nelnet Student Loan Trust, Series 2021-C, Class AFL,
(1-month USD-LIBOR + 0.74%) 3.733% 20621,4,6 		556 538
New Economy Assets Phase 1 Issuer, LLC, Series 2021-1, Class A1, 1.91% 20611,6 530 450
Santander Drive Auto Receivables Trust, Series 2022-6, Class A2, 4.37% 20251 35 35
Sound Point CLO, Ltd., Series 2015-1RA, Class AR,
(3-month USD-LIBOR + 1.08%) 3.592% 20301,4,6 		250 246
      3,879
American Funds Insurance Series — American Funds Mortgage Fund — Page 215 of 255
unaudited
Bonds, notes & other debt instruments (continued)
Bonds & notes of governments & government agencies outside the U.S. 0.56% 		  Principal amount
(000) 		Value
(000)
CPPIB Capital, Inc. 0.875% 20266 USD320 $277
Ontario Teachers’ Finance Trust 0.875% 20266 250 216
      493
Federal agency bonds & notes 0.27%      
Fannie Mae 0.875% 2030 300 235
Total bonds, notes & other debt instruments (cost: $91,754,000)     86,279
Short-term securities 53.14%
Federal agency bills & notes 25.61% 		Weighted
average yield
at acquisition 		   
Fannie Mae 10/19/2022 2.544% 4,250 4,245
Federal Farm Credit Banks 11/8/2022 2.230 1,500 1,496
Federal Home Loan Bank 10/5/2022 2.102 4,800 4,799
Federal Home Loan Bank 10/7/2022 2.360 1,000 1,000
Federal Home Loan Bank 10/31/2022 2.520 1,000 998
Federal Home Loan Bank 12/12/2022 3.085 10,000 9,939
      22,477
Commercial paper 15.00%      
Amazon.com, Inc. 12/14/20226 3.520 2,000 1,986
Apple, Inc. 11/2/20226 3.050 1,000 997
Apple, Inc. 11/9/20226 3.100 1,000 997
Chariot Funding, LLC 10/11/20226 2.680 1,000 999
Honeywell International, Inc. 10/17/20226 2.050 2,000 1,997
Paccar Financial Corp. 10/6/2022 2.560 500 500
Paccar Financial Corp. 10/12/2022 2.700 1,000 999
Procter & Gamble Co. 11/9/20226 2.570 1,500 1,495
Starbird Funding Corp. 10/3/20226 3.000 2,200 2,199
Wal-Mart Stores, Inc. 10/31/20226 2.987 1,000 997
      13,166
U.S. Treasury bills 12.53%      
U.S. Treasury 10/4/2022 2.326 1,000 1,000
U.S. Treasury 10/11/2022 2.387 7,000 6,996
U.S. Treasury 10/18/2022 2.482 3,000 2,997
      10,993
Total short-term securities (cost: $46,636,000)     46,636
Total investment securities 151.45% (cost: $138,390,000)     132,915
Other assets less liabilities (51.45)%     (45,151)
Net assets 100.00%     $87,764
American Funds Insurance Series — American Funds Mortgage Fund — Page 216 of 255
unaudited
Futures contracts
Contracts Type Number of
contracts 		Expiration Notional
amount
(000) 		Value and
unrealized
appreciation
(depreciation)
at 9/30/2022
(000)
30 Day Federal Funds Futures Long 68 December 2022 USD27,286 $3
3 Month SOFR Futures Short 12 June 2023 (2,867) 35
2 Year U.S. Treasury Note Futures Short 15 December 2022 (3,081) 49
5 Year U.S. Treasury Note Futures Long 159 December 2022 17,094 (574)
10 Year Ultra U.S. Treasury Note Futures Long 61 December 2022 7,227 (450)
10 Year U.S. Treasury Note Futures Long 9 December 2022 1,008 (50)
20 Year U.S. Treasury Bond Futures Long 15 December 2022 1,896 (120)
30 Year Ultra U.S. Treasury Bond Futures Long 4 December 2022 548 (26)
          $(1,133)
Swap contracts
Interest rate swaps
Centrally cleared interest rate swaps
Receive Pay Expiration
date 		Notional
amount
(000) 		Value at
9/30/2022
(000) 		Upfront
premium
paid
(000) 		Unrealized
appreciation
at 9/30/2022
(000)
Rate Payment
frequency 		Rate Payment
frequency
3-month USD-LIBOR Quarterly 0.81% Semi-annual 7/28/2045 USD1,800 $775 $5 $770
1 Principal payments may be made periodically. Therefore, the effective maturity date may be earlier than the stated maturity date.
2 Amount less than one thousand.
3 All or a portion of this security was pledged as collateral. The total value of pledged collateral was $1,798,000, which represented 2.05% of the net assets of the fund.
4 Coupon rate may change periodically. Reference rate and spread are as of the most recent information available. Some coupon rates are determined by the issuer or agent based on current market conditions; therefore, the reference rate and spread are not available. For short-term securities, the date of the next scheduled coupon rate change is considered to be the maturity date.
5 Purchased on a TBA basis.
6 Acquired in a transaction exempt from registration under Rule 144A or Section 4(2) of the Securities Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers. The total value of all such securities was $19,306,000, which represented 22.00% of the net assets of the fund.
7 Index-linked bond whose principal amount moves with a government price index.
Key to abbreviations
Assn. = Association
CLO = Collateralized Loan Obligations
CME = CME Group
CMO = Collateralized Mortgage Obligations
LIBOR = London Interbank Offered Rate
SOFR = Secured Overnight Financing Rate
TBA = To be announced
USD = U.S. dollars
American Funds Insurance Series — American Funds Mortgage Fund — Page 217 of 255
Ultra-Short Bond Fund
Investment portfolio
September 30, 2022
unaudited
Short-term securities 97.30%
Commercial paper 77.52% 		Weighted
average yield
at acquisition 		Principal amount
(000) 		Value
(000)
Amazon.com, Inc. 12/14/20221 3.520% USD10,000 $9,929
Apple, Inc. 11/2/20221 3.050 5,000 4,986
Apple, Inc. 11/9/20221 3.100 9,000 8,969
Australia & New Zealand Banking Group, Ltd. 11/10/20221 2.769 8,000 7,971
Bank of Montreal 10/17/20221 2.470 10,000 9,985
BNG Bank NV 10/11/20221 2.223 10,000 9,991
Chariot Funding, LLC 10/11/20221 2.680 10,000 9,991
DBS Bank, Ltd. 11/21/20221 3.300 10,000 9,952
EssilorLuxottica 10/24/20221 3.055 10,000 9,980
European Investment Bank 10/11/2022 2.187 8,000 7,993
Gotham Funding Corp. 10/13/20221 2.730 8,200 8,191
Henkel of America, Inc. 12/27/20221 3.550 10,000 9,914
ING (U.S.) Funding, LLC 10/31/20221 3.050 10,350 10,322
International Bank for Reconstruction and Development 10/24/2022 2.474 5,000 4,991
KfW 12/8/20221 3.350 12,000 11,929
LMA-Americas, LLC 10/3/20221 3.000 3,007 3,006
LMA-Americas, LLC 10/7/20221 2.960 10,000 9,994
L’Oréal USA, Inc. 11/16/20221 3.160 12,750 12,697
Manhattan Asset Funding Company, LLC 10/6/20221 2.700 4,250 4,248
Manhattan Asset Funding Company, LLC 12/15/20221 3.650 5,141 5,102
Mizuho Bank, Ltd. 10/18/20221 2.715 10,000 9,985
Nestlé Finance International, Ltd. 10/13/20221 2.850 7,550 7,542
Nordea Bank AB 10/26/20221 2.735 6,700 6,685
Novartis Finance Corp. 10/11/20221 3.000 10,000 9,991
Novartis Finance Corp. 10/24/20221 3.060 5,000 4,990
NRW.Bank 10/13/20221 2.540 10,000 9,989
Oesterreich Kontrollbank 11/21/2022 3.280 8,000 7,962
Old Line Funding, LLC 10/14/20221 2.660 5,657 5,650
Old Line Funding, LLC 11/15/20221 3.234 7,000 6,970
Ontario (Province of) 10/24/2022 3.050 10,000 9,980
Procter & Gamble Co. 10/14/20221 2.450 10,400 10,388
Québec (Province of) 10/27/20221 3.080 10,000 9,978
Sumitomo Mitsui Trust Bank, Ltd. 10/24/20221 3.080 10,000 9,979
Svenska Handelsbanken AB 10/27/20221 2.700 10,000 9,977
Toronto-Dominion Bank 10/28/20221 3.050 10,000 9,976
TotalEnergies Capital Canada, Ltd. 10/21/20221 3.060 10,000 9,981
Toyota Industries Commercial Finance, Inc. 10/20/20221 2.600 7,000 6,988
Toyota Motor Credit Corp. 10/17/2022 2.660 6,800 6,790
Victory Receivables Corp. 12/1/20221 3.600 5,000 4,968
Wal-Mart Stores, Inc. 10/11/20221 2.950 10,000 9,991
      338,901
Federal agency bills & notes 17.50%      
Federal Home Loan Bank 10/12/2022 2.245 10,000 9,993
Federal Home Loan Bank 10/13/2022 1.907 5,000 4,996
Federal Home Loan Bank 10/26/2022 3.005 8,500 8,485
American Funds Insurance Series — Ultra-Short Bond Fund — Page 218 of 255
unaudited
Short-term securities (continued)
Federal agency bills & notes (continued) 		Weighted
average yield
at acquisition 		Principal amount
(000) 		Value
(000)
Federal Home Loan Bank 11/2/2022 2.468% USD15,000 $14,966
Federal Home Loan Bank 11/8/2022 3.080 9,300 9,274
Federal Home Loan Bank 12/5/2022 3.300 5,000 4,973
Federal Home Loan Bank 12/23/2022 3.432 10,000 9,928
Federal Home Loan Bank 12/28/2022 3.480 14,000 13,888
      76,503
U.S. Treasury bills 2.28%      
U.S. Treasury 10/18/2022 1.936 10,000 9,990
Total short-term securities (cost: $425,420,000)     425,394
Total investment securities 97.30% (cost: $425,420,000)     425,394
Other assets less liabilities 2.70%     11,787
Net assets 100.00%     $437,181
1 Acquired in a transaction exempt from registration under Rule 144A or Section 4(2) of the Securities Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers. The total value of all such securities was $301,186,000, which represented 68.89% of the net assets of the fund.
Key to abbreviation
USD = U.S. dollars
American Funds Insurance Series — Ultra-Short Bond Fund — Page 219 of 255
U.S. Government Securities Fund®
Investment portfolio
September 30, 2022
unaudited
Bonds, notes & other debt instruments 96.61%
Mortgage-backed obligations 49.36%
Federal agency mortgage-backed obligations 49.36% 		  Principal amount
(000) 		Value
(000)
Fannie Mae Pool #695412 5.00% 20331 USD1 $1
Fannie Mae Pool #AD3566 5.00% 20351 6 6
Fannie Mae Pool #MA2746 4.00% 20361 1,441 1,376
Fannie Mae Pool #MA2588 4.00% 20361 702 670
Fannie Mae Pool #256860 6.50% 20371 11 11
Fannie Mae Pool #888698 7.00% 20371 13 14
Fannie Mae Pool #256828 7.00% 20371 3 3
Fannie Mae Pool #970343 6.00% 20381 14 14
Fannie Mae Pool #AC0794 5.00% 20391 20 20
Fannie Mae Pool #931768 5.00% 20391 6 6
Fannie Mae Pool #932606 5.00% 20401 9 9
Fannie Mae Pool #MA4501 2.00% 20411 3,022 2,533
Fannie Mae Pool #AJ1873 4.00% 20411 26 25
Fannie Mae Pool #AI1862 5.00% 20411 383 385
Fannie Mae Pool #AI3510 5.00% 20411 222 223
Fannie Mae Pool #AJ0704 5.00% 20411 185 186
Fannie Mae Pool #AJ5391 5.00% 20411 135 136
Fannie Mae Pool #AE1248 5.00% 20411 36 36
Fannie Mae Pool #AE1277 5.00% 20411 18 18
Fannie Mae Pool #AE1283 5.00% 20411 10 10
Fannie Mae Pool #MA4540 2.00% 20421 1,392 1,165
Fannie Mae Pool #MA4570 2.00% 20421 898 752
Fannie Mae Pool #AE1290 5.00% 20421 18 18
Fannie Mae Pool #AT7161 3.50% 20431 45 42
Fannie Mae Pool #AT3954 3.50% 20431 8 7
Fannie Mae Pool #AT0300 3.50% 20431 7 6
Fannie Mae Pool #AY1829 3.50% 20441 8 7
Fannie Mae Pool #FM9416 3.50% 20451 4,623 4,230
Fannie Mae Pool #BE5017 3.50% 20451 64 58
Fannie Mae Pool #BE8740 3.50% 20471 60 55
Fannie Mae Pool #BE8742 3.50% 20471 17 15
Fannie Mae Pool #BH2846 3.50% 20471 8 7
Fannie Mae Pool #BH2848 3.50% 20471 7 6
Fannie Mae Pool #BH2847 3.50% 20471 5 5
Fannie Mae Pool #BJ5015 4.00% 20471 162 153
Fannie Mae Pool #BH3122 4.00% 20471 5 5
Fannie Mae Pool #BM3788 3.50% 20481 3,334 3,050
Fannie Mae Pool #BJ4901 3.50% 20481 43 40
Fannie Mae Pool #BK6840 4.00% 20481 109 103
Fannie Mae Pool #BK5232 4.00% 20481 79 75
Fannie Mae Pool #BK9743 4.00% 20481 32 30
Fannie Mae Pool #BK9761 4.50% 20481 20 20
Fannie Mae Pool #FM3280 3.50% 20491 1,204 1,102
Fannie Mae Pool #CA4151 3.50% 20491 594 545
Fannie Mae Pool #FM1062 3.50% 20491 447 409
American Funds Insurance Series — U.S. Government Securities Fund — Page 220 of 255
unaudited
Bonds, notes & other debt instruments (continued)
Mortgage-backed obligations (continued)
Federal agency mortgage-backed obligations (continued) 		  Principal amount
(000) 		Value
(000)
Fannie Mae Pool #FM1443 3.50% 20491 USD332 $303
Fannie Mae Pool #BJ8411 3.50% 20491 116 105
Fannie Mae Pool #FM2179 3.00% 20501 3,820 3,373
Fannie Mae Pool #FM7687 3.00% 20511 5,864 5,164
Fannie Mae Pool #FM9976 3.00% 20511 866 769
Fannie Mae Pool #FS0647 3.00% 20521 3,976 3,525
Fannie Mae Pool #CB2544 3.00% 20521 2,422 2,125
Fannie Mae Pool #BF0497 3.00% 20601 1,478 1,285
Fannie Mae, Series 2001-4, Class GA, 9.00% 20251,2 —3 —3
Fannie Mae, Series 2001-4, Class NA, 9.00% 20251,2 —3 —3
Fannie Mae, Series 2014-M1, Class A2, Multi Family, 3.343% 20231,2 236 234
Fannie Mae, Series 2014-M3, Class A2, Multi Family, 3.501% 20241,2 447 440
Freddie Mac Pool #1H1354 2.54% 20361,2 54 55
Freddie Mac Pool #C03518 5.00% 20401 281 284
Freddie Mac Pool #RB5138 2.00% 20411 811 680
Freddie Mac Pool #G06459 5.00% 20411 680 687
Freddie Mac Pool #RB5148 2.00% 20421 1,854 1,552
Freddie Mac Pool #RB5145 2.00% 20421 785 657
Freddie Mac Pool #Q19133 3.50% 20431 32 29
Freddie Mac Pool #Q17696 3.50% 20431 30 28
Freddie Mac Pool #Q23190 4.00% 20431 153 146
Freddie Mac Pool #Q15874 4.00% 20431 3 3
Freddie Mac Pool #Q28558 3.50% 20441 210 193
Freddie Mac Pool #760014 2.77% 20451,2 278 271
Freddie Mac Pool #Q52069 3.50% 20471 85 77
Freddie Mac Pool #Q47615 3.50% 20471 50 46
Freddie Mac Pool #Q54701 3.50% 20481 58 53
Freddie Mac Pool #Q54709 3.50% 20481 57 52
Freddie Mac Pool #Q54700 3.50% 20481 43 39
Freddie Mac Pool #Q54782 3.50% 20481 36 33
Freddie Mac Pool #Q54781 3.50% 20481 35 32
Freddie Mac Pool #Q56590 3.50% 20481 28 25
Freddie Mac Pool #Q54699 3.50% 20481 25 23
Freddie Mac Pool #Q54831 3.50% 20481 17 16
Freddie Mac Pool #Q56589 3.50% 20481 17 16
Freddie Mac Pool #Q54698 3.50% 20481 15 13
Freddie Mac Pool #G67711 4.00% 20481 1,452 1,376
Freddie Mac Pool #Q56599 4.00% 20481 114 108
Freddie Mac Pool #Q55971 4.00% 20481 79 75
Freddie Mac Pool #Q56175 4.00% 20481 75 71
Freddie Mac Pool #Q58411 4.50% 20481 222 217
Freddie Mac Pool #Q58436 4.50% 20481 114 111
Freddie Mac Pool #Q58378 4.50% 20481 83 80
Freddie Mac Pool #ZT0522 4.50% 20481 22 21
Freddie Mac Pool #RA1463 3.50% 20491 408 374
Freddie Mac Pool #RA1580 3.50% 20491 210 192
Freddie Mac Pool #QA0284 3.50% 20491 202 184
Freddie Mac Pool #QA2748 3.50% 20491 53 49
Freddie Mac Pool #RA6406 2.00% 20511 494 404
Freddie Mac Pool #SD0726 2.50% 20511 14,756 12,500
Freddie Mac Pool #8D0226 2.521% 20521,2 516 466
Freddie Mac Pool #SD7550 3.00% 20521 3,479 3,086
Freddie Mac Pool #SD7553 3.00% 20521 912 803
Freddie Mac Pool #SD0873 3.50% 20521 14,467 13,191
American Funds Insurance Series — U.S. Government Securities Fund — Page 221 of 255
unaudited
Bonds, notes & other debt instruments (continued)
Mortgage-backed obligations (continued)
Federal agency mortgage-backed obligations (continued) 		  Principal amount
(000) 		Value
(000)
Freddie Mac Pool #RA7938 5.00% 20521 USD11,950 $11,675
Freddie Mac, Series 1567, Class A, (1-month USD-LIBOR + 0.40%) 2.547% 20231,2 1 1
Freddie Mac, Series KS01, Class A2, Multi Family, 2.522% 20231 174 173
Freddie Mac, Series K029, Class A2, Multi Family, 3.32% 20231 186 186
Freddie Mac, Series K035, Class A2, Multi Family, 3.458% 20231,2 2,544 2,522
Freddie Mac, Series K040, Class A2, Multi Family, 3.241% 20241 1,363 1,330
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-1, Class HA, 3.00% 20561,2 4,646 4,373
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-2, Class MA, 3.00% 20561 4,649 4,368
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-2, Class HA, 3.00% 20561,2 4,233 3,980
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-3, Class MT, 3.00% 20561 835 752
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-3, Class HT, 3.25% 20561 338 310
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2018-1, Class HT, 3.00% 20571 928 831
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-4, Class HT, 3.25% 20571,2 1,351 1,248
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2018-2, Class MT, 3.50% 20571 4,236 3,913
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2018-3, Class MA, 3.50% 20571 529 506
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2018-2, Class MA, 3.50% 20571 263 253
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2019-2, Class MA, 3.50% 20581 2,219 2,117
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2019-1, Class MT, 3.50% 20581 779 719
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2019-2, Class MT, 3.50% 20581 745 688
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2019-1, Class MA, 3.50% 20581 610 584
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2019-3, Class MT, 3.50% 20581 405 374
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2019-4, Class MA, 3.00% 20591 1,904 1,786
Freddie Mac Seasoned Loan Structured Transaction Trust, Series 2018-2, Class A1, 3.50% 20281 19,099 18,238
Freddie Mac Seasoned Loan Structured Transaction Trust, Series 2018-1, Class A1, 3.50% 20281 4,408 4,210
Freddie Mac Seasoned Loan Structured Transaction Trust, Series 2019-3, Class A1C, 2.75% 20291 4,977 4,596
Freddie Mac Seasoned Loan Structured Transaction Trust, Series 2020-1, Class A1D, 2.00% 20301 1,440 1,297
Freddie Mac Seasoned Loan Structured Transaction Trust, Series 2020-1, Class A2D, 2.00% 20301 435 359
Freddie Mac Seasoned Loan Structured Transaction Trust, Series 2022-1, Class A1, 3.50% 20321 4,757 4,538
Government National Mortgage Assn. 2.00% 20521,4 1,395 1,162
Government National Mortgage Assn. 2.50% 20521,4 2,486 2,137
Government National Mortgage Assn. 3.00% 20521,4 2,335 2,064
Government National Mortgage Assn. 3.50% 20521,4 4,005 3,644
Government National Mortgage Assn. 4.00% 20521,4 31,390 29,321
Government National Mortgage Assn. 4.50% 20521,4 47,208 45,200
Government National Mortgage Assn. 5.00% 20521,4 58,073 56,853
Government National Mortgage Assn. 5.50% 20521,4 8,921 8,917
Government National Mortgage Assn. 5.50% 20521,4 1,605 1,599
Government National Mortgage Assn. Pool #698668 5.50% 20381 29 29
Government National Mortgage Assn. Pool #700778 5.50% 20381 21 22
Government National Mortgage Assn. Pool #782365 6.00% 20381 86 92
Government National Mortgage Assn. Pool #004269 6.50% 20381 170 180
Government National Mortgage Assn. Pool #698406 5.00% 20391 190 192
Government National Mortgage Assn. Pool #783690 6.00% 20391 88 93
Government National Mortgage Assn. Pool #783689 5.50% 20401 2,695 2,846
Government National Mortgage Assn. Pool #783687 4.50% 20411 580 565
Government National Mortgage Assn. Pool #783688 5.00% 20411 891 905
Government National Mortgage Assn. Pool #MA0533 3.00% 20421 20 18
Uniform Mortgage-Backed Security 2.00% 20371,4 1,115 983
Uniform Mortgage-Backed Security 2.50% 20371,4 2,245 2,032
Uniform Mortgage-Backed Security 4.00% 20371,4 920 888
Uniform Mortgage-Backed Security 2.00% 20521,4 22,021 17,835
Uniform Mortgage-Backed Security 2.50% 20521,4 2,745 2,304
Uniform Mortgage-Backed Security 3.00% 20521,4 6,058 5,275
Uniform Mortgage-Backed Security 3.50% 20521,4 21,815 19,628
American Funds Insurance Series — U.S. Government Securities Fund — Page 222 of 255
unaudited
Bonds, notes & other debt instruments (continued)
Mortgage-backed obligations (continued)
Federal agency mortgage-backed obligations (continued) 		  Principal amount
(000) 		Value
(000)
Uniform Mortgage-Backed Security 3.50% 20521,4 USD14,592 $13,136
Uniform Mortgage-Backed Security 4.00% 20521,4 42,200 39,137
Uniform Mortgage-Backed Security 4.00% 20521,4 21,757 20,194
Uniform Mortgage-Backed Security 4.50% 20521,4 121,066 115,362
Uniform Mortgage-Backed Security 4.50% 20521,4 3,135 2,984
Uniform Mortgage-Backed Security 5.00% 20521,4 25,700 25,042
Uniform Mortgage-Backed Security 5.00% 20521,4 1,230 1,197
Uniform Mortgage-Backed Security 5.50% 20521,4 149,197 148,335
Uniform Mortgage-Backed Security 5.50% 20521,4 19,272 19,121
Uniform Mortgage-Backed Security 6.00% 20521,4 2,040 2,073
Total mortgage-backed obligations     740,520
U.S. Treasury bonds & notes 41.25%
U.S. Treasury inflation-protected securities 29.44% 		     
U.S. Treasury Inflation-Protected Security 0.125% 20235 21,849 21,617
U.S. Treasury Inflation-Protected Security 0.375% 20235 21,733 21,367
U.S. Treasury Inflation-Protected Security 0.625% 20235 30,938 30,470
U.S. Treasury Inflation-Protected Security 0.125% 20245 71,928 69,432
U.S. Treasury Inflation-Protected Security 0.125% 20245 34,211 32,893
U.S. Treasury Inflation-Protected Security 0.50% 20245 22,792 22,134
U.S. Treasury Inflation-Protected Security 0.625% 20245 75,109 73,301
U.S. Treasury Inflation-Protected Security 0.125% 20255 8,373 7,938
U.S. Treasury Inflation-Protected Security 0.125% 20255 7,761 7,332
U.S. Treasury Inflation-Protected Security 0.375% 20255 57,474 54,885
U.S. Treasury Inflation-Protected Security 0.125% 20265 34,022 31,688
U.S. Treasury Inflation-Protected Security 0.125% 20265 5,718 5,339
U.S. Treasury Inflation-Protected Security 0.625% 20265 3,360 3,207
U.S. Treasury Inflation-Protected Security 0.125% 20275 18,573 17,119
U.S. Treasury Inflation-Protected Security 0.125% 20305 7,251 6,385
U.S. Treasury Inflation-Protected Security 0.125% 20315 9,684 8,462
U.S. Treasury Inflation-Protected Security 0.125% 20315 995 868
U.S. Treasury Inflation-Protected Security 0.125% 20325 4,387 3,798
U.S. Treasury Inflation-Protected Security 2.125% 20415 419 433
U.S. Treasury Inflation-Protected Security 0.75% 20425,6 9,427 7,593
U.S. Treasury Inflation-Protected Security 0.625% 20435 4,497 3,464
U.S. Treasury Inflation-Protected Security 1.00% 20495 4,886 3,985
U.S. Treasury Inflation-Protected Security 0.25% 20505 335 220
U.S. Treasury Inflation-Protected Security 0.125% 20515 5,997 3,771
U.S. Treasury Inflation-Protected Security 0.125% 20525 6,155 3,901
      441,602
U.S. Treasury 11.81%      
U.S. Treasury 2.125% 2023 —3 —3
U.S. Treasury 3.00% 2024 3,685 3,602
U.S. Treasury 2.75% 2025 7,459 7,176
U.S. Treasury 3.125% 2025 390 378
U.S. Treasury 3.50% 2025 28,000 27,417
U.S. Treasury 2.75% 2027 4,115 3,882
U.S. Treasury 2.625% 2029 19,809 18,200
U.S. Treasury 2.875% 2029 5,500 5,135
U.S. Treasury 3.125% 2029 22,521 21,370
U.S. Treasury 2.75% 2032 10,500 9,601
U.S. Treasury 1.125% 2040 7,000 4,382
U.S. Treasury 1.75% 2041 2,555 1,749
American Funds Insurance Series — U.S. Government Securities Fund — Page 223 of 255
unaudited
Bonds, notes & other debt instruments (continued)
U.S. Treasury bonds & notes (continued)
U.S. Treasury (continued) 		  Principal amount
(000) 		Value
(000)
U.S. Treasury 2.25% 2041 USD900 $681
U.S. Treasury 3.25% 2042 3,495 3,102
U.S. Treasury 2.50% 2045 4,850 3,700
U.S. Treasury 2.50% 2046 5,400 4,097
U.S. Treasury 2.50% 2046 3,900 2,964
U.S. Treasury 2.875% 2046 2,700 2,207
U.S. Treasury 2.25% 2049 1,635 1,196
U.S. Treasury 2.875% 20496 6,300 5,252
U.S. Treasury 1.25% 20506 19,460 10,904
U.S. Treasury 1.625% 20506 26,165 16,240
U.S. Treasury 1.875% 20516 15,220 10,083
U.S. Treasury 1.875% 2051 3,164 2,093
U.S. Treasury 2.00% 2051 5,546 3,789
U.S. Treasury 2.875% 2052 350 294
U.S. Treasury 3.00% 20526 8,900 7,688
      177,182
Total U.S. Treasury bonds & notes     618,784
Federal agency bonds & notes 6.00%      
Export-Import Bank of the United States-Guaranteed, Ethiopian Leasing 2012, LLC 2.646% 2026 329 317
Fannie Mae 0.75% 2027 2,900 2,464
Fannie Mae 0.875% 20306 8,600 6,727
Fannie Mae 7.125% 2030 2,000 2,367
Federal Home Loan Bank 3.25% 2028 6,500 6,225
Federal Home Loan Bank 5.50% 2036 300 336
Private Export Funding Corp. 3.55% 2024 3,190 3,162
Private Export Funding Corp. 1.40% 2028 3,000 2,567
Tennessee Valley Authority 0.75% 2025 3,700 3,369
Tennessee Valley Authority 2.875% 2027 5,000 4,760
Tennessee Valley Authority 4.65% 2035 1,780 1,793
Tennessee Valley Authority 5.88% 2036 875 986
Tennessee Valley Authority, Series A, 4.625% 2060 250 240
TVA Southaven 3.846% 2033 887 823
U.S. Agency for International Development, Israel (State of), Class 1A, 5.50% 2023 1,250 1,262
U.S. Agency for International Development, Jordan (Kingdom of) 3.00% 2025 14,779 14,224
U.S. Agency for International Development, Morocco (Kingdom of) 7.55% 2026 1,909 2,001
U.S. Department of Housing and Urban Development, Series 2015-A-9, 2.80% 2023 1,500 1,481
U.S. Department of Housing and Urban Development, Series 2015-A-10, 2.85% 2024 2,250 2,193
U.S. Department of Housing and Urban Development, Series 2015-A-11, 2.95% 2025 2,640 2,538
U.S. Department of Housing and Urban Development, Series 2015-A-12, 3.10% 2026 2,625 2,505
U.S. Department of Housing and Urban Development, Series 2015-A-13, 3.15% 2027 11,482 10,902
U.S. Department of Housing and Urban Development, Series 2015-A-14, 3.25% 2028 3,856 3,608
U.S. Department of Housing and Urban Development, Series 2015-A-15, 3.35% 2029 2,650 2,468
U.S. Department of Housing and Urban Development, Series 2015-A-16, 3.50% 2030 2,482 2,371
U.S. Department of Housing and Urban Development, Series 2015-A-17, 3.55% 2031 2,475 2,362
U.S. Department of Housing and Urban Development, Series 2015-A-18, 3.60% 2032 2,377 2,177
U.S. Department of Housing and Urban Development, Series 2015-A-19, 3.65% 2033 2,059 1,876
U.S. Department of Housing and Urban Development, Series 2015-A-20, 3.70% 2034 651 592
U.S. Government-Guaranteed Certificates of Participation, Overseas Private Investment Corp. 3.82% 2032 768 737
U.S. Government-Guaranteed Certificates of Participation, Overseas Private Investment Corp. 3.938% 2032 628 611
      90,044
Total bonds, notes & other debt instruments (cost: $1,565,472,000)     1,449,348
American Funds Insurance Series — U.S. Government Securities Fund — Page 224 of 255
unaudited
Short-term securities 41.30%
Commercial paper 17.88% 		Weighted
average yield
at acquisition 		Principal amount
(000) 		Value
(000)
Amazon.com, Inc. 11/29/20227 3.250% USD8,000 $7,957
Amazon.com, Inc. 12/14/20227 3.520 8,000 7,944
Amazon.com, Inc. 12/27/20227 3.520 20,000 19,828
Apple, Inc. 11/2/20227 3.050 9,000 8,975
Apple, Inc. 11/7/20227 3.090 20,000 19,935
CAFCO, LLC 10/4/20227 2.290 13,000 12,996
Chariot Funding, LLC 10/11/20227 2.680 9,000 8,991
Chariot Funding, LLC 10/14/20227 2.520 15,000 14,982
CHARTA, LLC 1/11/20237 3.900 5,680 5,617
Coca-Cola Co. 11/2/20227 3.100 1,100 1,097
CRC Funding, LLC 10/17/20227 3.060 10,000 9,985
Henkel of America, Inc. 12/27/20227 3.550 20,000 19,828
Johnson & Johnson 10/17/20227 1.480 5,000 4,993
LMA-Americas, LLC 11/29/20227 3.500 9,200 9,146
Novartis Finance Corp. 10/24/20227 3.060 15,000 14,969
Paccar Financial Corp. 10/6/2022 2.560 9,500 9,495
Procter & Gamble Co. 11/8/20227 2.610 20,000 19,933
Procter & Gamble Co. 11/9/20227 2.570 18,500 18,436
Starbird Funding Corp. 10/3/20227 3.000 17,800 17,795
Wal-Mart Stores, Inc. 10/17/20227 3.050 6,380 6,371
Wal-Mart Stores, Inc. 10/24/20227 3.020 5,000 4,990
Wal-Mart Stores, Inc. 10/31/20227 3.064 24,000 23,937
      268,200
U.S. Treasury bills 12.10%      
U.S. Treasury 10/4/2022 2.299 65,400 65,395
U.S. Treasury 10/11/2022 2.387 13,000 12,993
U.S. Treasury 10/13/2022 2.269 20,000 19,985
U.S. Treasury 10/18/2022 2.482 66,750 66,680
U.S. Treasury 10/20/2022 2.423 16,500 16,480
      181,533
Federal agency bills & notes 11.32%      
Fannie Mae 10/19/2022 2.585 6,500 6,492
Federal Farm Credit Banks 11/8/2022 2.230 20,000 19,943
Federal Home Loan Bank 10/5/2022 2.256 9,450 9,449
Federal Home Loan Bank 10/31/2022 2.606 59,000 58,875
Federal Home Loan Bank 11/9/2022 2.560 19,400 19,344
Federal Home Loan Bank 11/23/2022 3.210 25,000 24,893
Federal Home Loan Bank 12/5/2022 3.300 25,000 24,864
Federal Home Loan Bank 12/28/2022 3.480 6,000 5,952
      169,812
Total short-term securities (cost: $619,554,000)     619,545
Total investment securities 137.91% (cost: $2,185,026,000)     2,068,893
Other assets less liabilities (37.91)%     (568,716)
Net assets 100.00%     $1,500,177
American Funds Insurance Series — U.S. Government Securities Fund — Page 225 of 255
unaudited
Futures contracts
Contracts Type Number of
contracts 		Expiration Notional
amount
(000) 		Value and
unrealized
(depreciation)
appreciation
at 9/30/2022
(000)
30 Day Federal Funds Futures Long 259 November 2022 USD104,596 $(57)
30 Day Federal Funds Futures Long 1,245 December 2022 499,570 (335)
30 Day Federal Funds Futures Short 32 February 2023 (12,772) 127
90 Day Eurodollar Futures Long 353 December 2022 84,111 (3,241)
3 Month SOFR Futures Short 225 June 2023 (53,764) 644
90 Day Eurodollar Futures Long 1,495 September 2023 356,632 (13,881)
90 Day Eurodollar Futures Short 923 December 2023 (220,389) 8,113
90 Day Eurodollar Futures Short 885 December 2024 (212,522) 5,302
2 Year U.S. Treasury Note Futures Short 141 December 2022 (28,960) 40
5 Year U.S. Treasury Note Futures Long 3,860 December 2022 414,980 (14,107)
10 Year U.S. Treasury Note Futures Long 603 December 2022 67,574 (3,165)
10 Year Ultra U.S. Treasury Note Futures Long 112 December 2022 13,270 (798)
20 Year U.S. Treasury Bond Futures Long 396 December 2022 50,057 (3,919)
30 Year Ultra U.S. Treasury Bond Futures Short 59 December 2022 (8,083) 457
          $(24,820)
Swap contracts
Interest rate swaps
Centrally cleared interest rate swaps
Receive Pay Expiration
date 		Notional
amount
(000) 		Value at
9/30/2022
(000) 		Upfront
premium
paid
(000) 		Unrealized
appreciation
(depreciation)
at 9/30/2022
(000)
Rate Payment
frequency 		Rate Payment
frequency
SOFR Annual 0.471% Annual 10/26/2023 USD30,500 $1,194 $— $1,194
0.45801% Annual SOFR Annual 10/26/2023 30,500 (1,198) — (1,198)
0.241% Annual U.S. EFFR Annual 3/1/2024 119,400 (6,598) — (6,598)
U.S. EFFR Annual 0.11% Annual 5/18/2024 97,600 3,945 — 3,945
3.497% Annual U.S. EFFR Annual 6/16/2024 24,000 (305) — (305)
3.4585% Annual U.S. EFFR Annual 6/17/2024 3,697 (49) — (49)
3.4325% Annual U.S. EFFR Annual 6/17/2024 17,700 (243) — (243)
4.345% Annual U.S. EFFR Annual 9/29/2024 19,000 45 — 45
4.197% Annual U.S. EFFR Annual 9/30/2024 19,000 (9) — (9)
4.1735% Annual U.S. EFFR Annual 9/30/2024 19,400 (17) — (17)
U.S. EFFR Annual 0.126% Annual 6/25/2025 20,100 2,044 — 2,044
U.S. EFFR Annual 0.1275% Annual 6/25/2025 20,100 2,043 — 2,043
U.S. EFFR Annual 0.106% Annual 6/30/2025 22,492 2,308 — 2,308
3-month USD-LIBOR Quarterly 1.867% Semi-annual 7/11/2025 49,400 3,171 — 3,171
2.925% Semi-annual 3-month USD-LIBOR Quarterly 2/1/2028 12,800 (648) — (648)
2.92% Semi-annual 3-month USD-LIBOR Quarterly 2/2/2028 12,200 (620) — (620)
U.S. EFFR Annual 0.5385% Annual 3/26/2030 49,000 9,947 — 9,947
0.913% Semi-annual 3-month USD-LIBOR Quarterly 6/9/2030 31,000 (6,144) — (6,144)
U.S. EFFR Annual 0.666% Annual 11/19/2030 15,500 3,209 — 3,209
3-month USD-LIBOR Quarterly 2.963% Semi-annual 2/1/2038 9,800 419 — 419
3-month USD-LIBOR Quarterly 2.986% Semi-annual 2/1/2038 7,800 321 — 321
American Funds Insurance Series — U.S. Government Securities Fund — Page 226 of 255
unaudited
Swap contracts  (continued)
Interest rate swaps  (continued)
Centrally cleared interest rate swaps  (continued)
Receive Pay Expiration
date 		Notional
amount
(000) 		Value at
9/30/2022
(000) 		  Upfront
premium
paid
(000) 		  Unrealized
appreciation
(depreciation)
at 9/30/2022
(000)
Rate Payment
frequency 		Rate Payment
frequency
0.833% Semi-annual 3-month USD-LIBOR Quarterly 4/3/2040 USD15,800 $(5,917)   $—   $(5,917)
3-month USD-LIBOR Quarterly 0.811% Semi-annual 7/27/2050 5,110 2,380   —   2,380
            $9,278   $—   $9,278
American Funds Insurance Series — U.S. Government Securities Fund — Page 227 of 255
unaudited
1 Principal payments may be made periodically. Therefore, the effective maturity date may be earlier than the stated maturity date.
2 Coupon rate may change periodically. Reference rate and spread are as of the most recent information available. Some coupon rates are determined by the issuer or agent based on current market conditions; therefore, the reference rate and spread are not available. For short-term securities, the date of the next scheduled coupon rate change is considered to be the maturity date.
3 Amount less than one thousand.
4 Purchased on a TBA basis.
5 Index-linked bond whose principal amount moves with a government price index.
6 All or a portion of this security was pledged as collateral. The total value of pledged collateral was $27,715,000, which represented 1.85% of the net assets of the fund.
7 Acquired in a transaction exempt from registration under Rule 144A or Section 4(2) of the Securities Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers. The total value of all such securities was $258,705,000, which represented 17.24% of the net assets of the fund.
Key to abbreviations
Assn. = Association
EFFR = Effective Federal Funds Rate
LIBOR = London Interbank Offered Rate
SOFR = Secured Overnight Financing Rate
TBA = To be announced
USD = U.S. dollars
American Funds Insurance Series — U.S. Government Securities Fund — Page 228 of 255
Managed Risk Growth Fund
Investment portfolio
September 30, 2022
unaudited
Growth funds 83.92%   Shares Value
(000)
American Funds Insurance Series – Growth Fund, Class 1 5,218,180 $390,059
Total growth funds (cost: $509,739,000)     390,059
Fixed income funds 7.90%      
American Funds Insurance Series – The Bond Fund of America, Class 1 3,875,543 36,701
Total fixed income funds (cost: $39,007,000)     36,701
Short-term securities 4.84%      
State Street Institutional U.S. Government Money Market Fund, Premier Class 2.94%1 22,510,604 22,511
Total short-term securities (cost: $22,511,000)     22,511
Options purchased 0.52%      
Options purchased*     2,428
Total options purchased (cost: $1,627,000)     2,428
Total investment securities 97.18% (cost: $572,884,000)     451,699
Other assets less liabilities 2.82%     13,095
Net assets 100.00%     $464,794
*Options purchased
Put
Description Number of
contracts 		Notional
amount
(000) 		Exercise
price 		Expiration
date 		Value at
9/30/2022
(000)
S&P 500 Index 25 USD8,964 USD2,375.00 12/16/2022 $25
S&P 500 Index 15 5,379 2,600.00 12/16/2022 23
S&P 500 Index 25 8,964 2,650.00 12/16/2022 43
S&P 500 Index 70 25,099 2,675.00 12/16/2022 128
S&P 500 Index 35 12,550 2,600.00 3/17/2023 140
S&P 500 Index 70 25,099 2,700.00 3/17/2023 328
S&P 500 Index 175 62,748 2,800.00 3/17/2023 983
S&P 500 Index 5 1,793 2,850.00 3/17/2023 31
S&P 500 Index 110 39,442 2,900.00 3/17/2023 727
          $2,428
American Funds Insurance Series — Managed Risk Growth Fund — Page 229 of 255
unaudited
Futures contracts
Contracts Type Number of
contracts 		Expiration Notional
amount
(000) 		Value and
unrealized
(depreciation)
appreciation
at 9/30/2022
(000)
5 Year U.S. Treasury Note Futures Long 319 December 2022 USD34,295 $(1,148)
Nikkei 225 Index Contracts Short 3 December 2022 (537) 23
Japanese Yen Currency Contracts Short 7 December 2022 (609) 4
FTSE 100 Index Contracts Short 21 December 2022 (1,604) 134
British Pound Currency Contracts Short 25 December 2022 (1,747) 44
Mini MSCI Emerging Market Index Contracts Short 98 December 2022 (4,270) 472
Russell 2000 Mini Index Contracts Short 88 December 2022 (7,347) 723
Euro Stoxx 50 Index Contracts Short 288 December 2022 (9,265) 873
Euro Currency Contracts Short 84 December 2022 (10,355) 163
S&P Mid 400 E-mini Index Contracts Short 93 December 2022 (20,536) 2,156
S&P 500 E-mini Index Contracts Short 1,259 December 2022 (226,715) 24,699
          $28,143
Investments in affiliates2
  Value of
affiliates at
1/1/2022
(000) 		Additions
(000) 		Reductions
(000) 		Net
realized
gain (loss)
(000) 		  Net
unrealized
depreciation
(000) 		  Value of
affiliates at
9/30/2022
(000) 		  Dividend
income
(000) 		  Capital gain
distributions
received
(000)
Growth funds 83.92%
American Funds Insurance Series –
Growth Fund, Class 1 		$504,914 $360,167 $255,526 $40,295   $(259,791)   $390,059   $619   $60,090
Fixed income funds 7.90%
American Funds Insurance Series –
The Bond Fund of America, Class 1 		59,236 55,179 69,412 (8,256)   (46)   36,701   225   443
Total 91.82%       $32,039   $(259,837)   $426,760   $844   $60,533
1 Rate represents the seven-day yield at 9/30/2022.
2 Part of the same “group of investment companies“ as the fund as defined under the Investment Company Act of 1940, as amended.
Key to abbreviation
USD = U.S. dollars
American Funds Insurance Series — Managed Risk Growth Fund — Page 230 of 255
Managed Risk International Fund
Investment portfolio
September 30, 2022
unaudited
Growth funds 84.22%   Shares Value
(000)
American Funds Insurance Series – International Fund, Class 1 7,767,501 $107,269
Total growth funds (cost: $142,997,000)     107,269
Fixed income funds 9.41%      
American Funds Insurance Series – The Bond Fund of America, Class 1 1,265,581 11,985
Total fixed income funds (cost: $13,292,000)     11,985
Short-term securities 3.86%      
State Street Institutional U.S. Government Money Market Fund, Premier Class 2.94%1 4,918,848 4,919
Total short-term securities (cost: $4,919,000)     4,919
Options purchased 0.65%      
Options purchased*     825
Total options purchased (cost: $395,000)     825
Total investment securities 98.14% (cost: $161,603,000)     124,998
Other assets less liabilities 1.86%     2,373
Net assets 100.00%     $127,371
*Options purchased
Put
Description Number of
contracts 		Notional
amount
(000) 		Exercise
price 		Expiration
date 		Value at
9/30/2022
(000)
iShares MSCI EAFE ETF 2,050 USD11,482 USD45.00 12/16/2022 $90
iShares MSCI EAFE ETF 780 4,369 50.00 12/16/2022 81
iShares MSCI EAFE ETF 120 672 53.00 12/16/2022 21
iShares MSCI EAFE ETF 50 280 47.00 3/17/2023 6
iShares MSCI EAFE ETF 1,700 9,522 48.00 3/17/2023 510
iShares MSCI EAFE ETF 450 2,520 55.00 3/17/2023 117
          $825
American Funds Insurance Series — Managed Risk International Fund — Page 231 of 255
unaudited
Futures contracts
Contracts Type Number of
contracts 		Expiration Notional
amount
(000) 		Value and
unrealized
(depreciation)
appreciation
at 9/30/2022
(000)
5 Year U.S. Treasury Note Futures Long 95 December 2022 USD10,213 $(287)
S&P 500 E-mini Index Contracts Short 86 December 2022 (15,486) 1,636
Mini MSCI Emerging Market Index Contracts Short 700 December 2022 (30,503) 3,209
MSCI EAFE Index Contracts Short 405 December 2022 (33,627) 3,374
          $7,932
Investments in affiliates2
  Value of
affiliates at
1/1/2022
(000) 		Additions
(000) 		Reductions
(000) 		Net
realized
gain (loss)
(000) 		  Net
unrealized
depreciation
(000) 		  Value of
affiliates at
9/30/2022
(000) 		  Dividend
income
(000) 		  Capital gain
distributions
received
(000)
Growth funds 84.22%
American Funds Insurance Series –
International Fund, Class 1 		$136,987 $89,062 $61,583 $3,695   $(60,892)   $107,269   $570   $16,110
Fixed income funds 9.41%
American Funds Insurance Series –
The Bond Fund of America, Class 1 		16,071 10,001 11,691 (1,755)   (641)   11,985   82   160
Total 93.63%       $1,940   $(61,533)   $119,254   $652   $16,270
1 Rate represents the seven-day yield at 9/30/2022.
2 Part of the same “group of investment companies“ as the fund as defined under the Investment Company Act of 1940, as amended.
Key to abbreviation
USD = U.S. dollars
American Funds Insurance Series — Managed Risk International Fund — Page 232 of 255
Managed Risk Washington
Mutual Investors Fund
Investment portfolio
September 30, 2022
unaudited
Growth-and-income funds 84.26%   Shares Value
(000)
American Funds Insurance Series – Washington Mutual Investors Fund, Class 1 22,602,840 $260,385
Total growth-and-income funds (cost: $311,492,000)     260,385
Fixed income funds 9.41%      
American Funds Insurance Series – U.S. Government Securities Fund, Class 1 2,841,060 29,092
Total fixed income funds (cost: $31,627,000)     29,092
Short-term securities 3.39%      
State Street Institutional U.S. Government Money Market Fund, Premier Class 2.94%1 10,465,036 10,465
Total short-term securities (cost: $10,465,000)     10,465
Options purchased 0.84%      
Options purchased*     2,615
Total options purchased (cost: $2,055,000)     2,615
Total investment securities 97.90% (cost: $355,639,000)     302,557
Other assets less liabilities 2.10%     6,491
Net assets 100.00%     $309,048
*Options purchased
Put
Description Number of
contracts 		Notional
amount
(000) 		Exercise
price 		Expiration
date 		Value at
9/30/2022
(000)
S&P 500 Index 175 USD62,748 USD2,500.00 12/16/2022 $228
S&P 500 Index 15 5,379 2,650.00 12/16/2022 26
S&P 500 Index 45 16,135 2,675.00 12/16/2022 82
S&P 500 Index 45 16,135 2,725.00 12/16/2022 91
S&P 500 Index 15 5,379 2,500.00 3/17/2023 53
S&P 500 Index 15 5,379 2,600.00 3/17/2023 60
S&P 500 Index 80 28,685 2,700.00 3/17/2023 374
S&P 500 Index 130 46,613 2,800.00 3/17/2023 731
S&P 500 Index 45 16,135 2,850.00 3/17/2023 276
S&P 500 Index 105 37,649 2,900.00 3/17/2023 694
          $2,615
American Funds Insurance Series — Managed Risk Washington Mutual Investors Fund — Page 233 of 255
unaudited
Futures contracts
Contracts Type Number of
contracts 		Expiration Notional
amount
(000) 		Value and
unrealized
(depreciation)
appreciation
at 9/30/2022
(000)
5 Year U.S. Treasury Note Futures Long 189 December 2022 USD20,319 $(696)
S&P Mid 400 E-mini Index Contracts Short 11 December 2022 (2,429) 253
Euro Stoxx 50 Index Contracts Short 91 December 2022 (2,928) 250
Euro Currency Contracts Short 26 December 2022 (3,205) 44
FTSE 100 Index Contracts Short 42 December 2022 (3,209) 250
British Pound Currency Contracts Short 50 December 2022 (3,494) 78
S&P 500 E-mini Index Contracts Short 672 December 2022 (121,010) 12,805
          $12,984
Investments in affiliates2
  Value of
affiliates at
1/1/2022
(000) 		Additions
(000) 		Reductions
(000) 		Net
realized
gain (loss)
(000) 		  Net
unrealized
(depreciation)
appreciation
(000) 		  Value of
affiliates at
9/30/2022
(000) 		  Dividend
income
(000) 		  Capital gain
distributions
received
(000)
Growth-and-income funds 84.26%
American Funds Insurance Series –
Washington Mutual Investors Fund, Class 1 		$315,947 $193,500 $132,032 $38,118   $(155,148)   $260,385   $1,303   $61,850
Fixed income funds 9.41%
American Funds Insurance Series –
U.S. Government Securities Fund, Class 1 		37,066 23,976 27,567 (4,960)   577   29,092   156   —
Total 93.67%       $33,158   $(154,571)   $289,477   $1,459   $61,850
1 Rate represents the seven-day yield at 9/30/2022.
2 Part of the same “group of investment companies“ as the fund as defined under the Investment Company Act of 1940, as amended.
Key to abbreviation
USD = U.S. dollars
American Funds Insurance Series — Managed Risk Washington Mutual Investors Fund — Page 234 of 255
Managed Risk Growth-Income Fund
Investment portfolio
September 30, 2022
unaudited
Growth-and-income funds 78.31%   Shares Value
(000)
American Funds Insurance Series – Growth-Income Fund, Class 1 34,964,909 $1,609,784
Total growth-and-income funds (cost: $1,787,842,000)     1,609,784
Fixed income funds 14.69%      
American Funds Insurance Series – The Bond Fund of America, Class 1 31,873,973 301,847
Total fixed income funds (cost: $343,003,000)     301,847
Short-term securities 3.53%      
State Street Institutional U.S. Government Money Market Fund, Premier Class 2.94%1 72,492,953 72,493
Total short-term securities (cost: $72,493,000)     72,493
Options purchased 1.58%      
Options purchased*     32,538
Total options purchased (cost: $20,979,000)     32,538
Total investment securities 98.11% (cost: $2,224,317,000)     2,016,662
Other assets less liabilities 1.89%     38,887
Net assets 100.00%     $2,055,549
*Options purchased
Put
Description Number of
contracts 		Notional
amount
(000) 		Exercise
price 		Expiration
date 		Value at
9/30/2022
(000)
S&P 500 Index 100 USD35,856 USD2,650.00 12/16/2022 $174
S&P 500 Index 500 179,281 2,675.00 12/16/2022 915
S&P 500 Index 440 157,767 2,725.00 12/16/2022 884
S&P 500 Index 325 116,533 2,800.00 12/16/2022 767
S&P 500 Index 100 35,856 2,825.00 12/16/2022 244
S&P 500 Index 200 71,713 2,850.00 12/16/2022 524
S&P 500 Index 450 161,353 2,875.00 12/16/2022 1,251
S&P 500 Index 200 71,712 2,900.00 12/16/2022 603
S&P 500 Index 420 150,596 2,700.00 3/17/2023 1,966
S&P 500 Index 1,500 537,843 2,800.00 3/17/2023 8,430
S&P 500 Index 1,575 564,735 2,850.00 3/17/2023 9,639
S&P 500 Index 1,080 387,247 2,900.00 3/17/2023 7,141
          $32,538
American Funds Insurance Series — Managed Risk Growth-Income Fund — Page 235 of 255
unaudited
Futures contracts
Contracts Type Number of
contracts 		Expiration Notional
amount
(000) 		Value and
unrealized
(depreciation)
appreciation
at 9/30/2022
(000)
5 Year U.S. Treasury Note Futures Long 1,250 December 2022 USD134,385 $(4,611)
Russell 2000 Mini Index Contracts Short 65 December 2022 (5,427) 552
Mini MSCI Emerging Market Index Contracts Short 386 December 2022 (16,820) 1,668
FTSE 100 Index Contracts Short 305 December 2022 (23,300) 1,792
British Pound Currency Contracts Short 350 December 2022 (24,459) 560
Euro Stoxx 50 Index Contracts Short 846 December 2022 (27,216) 2,227
Euro Currency Contracts Short 235 December 2022 (28,968) 422
S&P Mid 400 E-mini Index Contracts Short 288 December 2022 (63,596) 6,499
S&P 500 E-mini Index Contracts Short 3,621 December 2022 (652,052) 69,380
          $78,489
Investments in affiliates2
  Value of
affiliates at
1/1/2022
(000) 		Additions
(000) 		Reductions
(000) 		Net
realized
gain (loss)
(000) 		  Net
unrealized
depreciation
(000) 		  Value of
affiliates at
9/30/2022
(000) 		  Dividend
income
(000) 		  Capital gain
distributions
received
(000)
Growth-and-income funds 78.31%
American Funds Insurance Series –
Growth-Income Fund, Class 1 		$2,125,192 $998,427 $840,522 $149,432   $(822,745)   $1,609,784   $5,619   $175,737
Fixed income funds 14.69%
American Funds Insurance Series –
The Bond Fund of America, Class 1 		398,789 180,648 218,598 (32,244)   (26,748)   301,847   1,982   3,897
Total 93.00%       $117,188   $(849,493)   $1,911,631   $7,601   $179,634
1 Rate represents the seven-day yield at 9/30/2022.
2 Part of the same “group of investment companies“ as the fund as defined under the Investment Company Act of 1940, as amended.
Key to abbreviation
USD = U.S. dollars
American Funds Insurance Series — Managed Risk Growth-Income Fund — Page 236 of 255
Managed Risk Asset Allocation Fund
Investment portfolio
September 30, 2022
unaudited
Asset allocation funds 94.43%   Shares Value
(000)
American Funds Insurance Series – Asset Allocation Fund, Class 1 97,313,291 $2,015,358
Total asset allocation funds (cost: $2,253,143,000)     2,015,358
Short-term securities 3.67%      
State Street Institutional U.S. Government Money Market Fund, Premier Class 2.94%1 78,279,159 78,279
Total short-term securities (cost: $78,279,000)     78,279
Options purchased 0.19%      
Options purchased*     4,129
Total options purchased (cost: $1,887,000)     4,129
Total investment securities 98.29% (cost: $2,333,309,000)     2,097,766
Other assets less liabilities 1.71%     36,586
Net assets 100.00%     $2,134,352
*Options purchased
Put
Description Number of
contracts 		Notional
amount
(000) 		Exercise
price 		Expiration
date 		Value at
9/30/2022
(000)
S&P 500 Index 410 USD147,010 USD2,850.00 3/17/2023 $2,509
S&P 500 Index 245 87,848 2,900.00 3/17/2023 1,620
          $4,129
Futures contracts
Contracts Type Number of
contracts 		Expiration Notional
amount
(000) 		Value and
unrealized
(depreciation)
appreciation
at 9/30/2022
(000)
5 Year U.S. Treasury Note Futures Long 1,108 December 2022 USD119,119 $(3,335)
FTSE 100 Index Contracts Short 54 December 2022 (4,125) 335
British Pound Currency Contracts Short 65 December 2022 (4,542) 106
Russell 2000 Mini Index Contracts Short 154 December 2022 (12,858) 1,193
Mini MSCI Emerging Market Index Contracts Short 318 December 2022 (13,857) 1,426
Euro Stoxx 50 Index Contracts Short 693 December 2022 (22,294) 1,756
Euro Currency Contracts Short 192 December 2022 (23,668) 309
American Funds Insurance Series — Managed Risk Asset Allocation Fund — Page 237 of 255
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Futures contracts  (continued)
Contracts Type Number of
contracts 		Expiration Notional
amount
(000) 		Value and
unrealized
(depreciation)
appreciation
at 9/30/2022
(000)
S&P Mid 400 E-mini Index Contracts Short 260 December 2022 USD(57,413) $5,768
S&P 500 E-mini Index Contracts Short 3,587 December 2022 (645,929) 64,425
          $71,983
Investments in affiliates2
  Value of
affiliate at
1/1/2022
(000) 		Additions
(000) 		Reductions
(000) 		Net
realized
gain
(000) 		Net
unrealized
depreciation
(000) 		Value of
affiliate at
9/30/2022
(000) 		Dividend
income
(000) 		Capital gain
distributions
received
(000)
Asset allocation funds 94.43%
American Funds Insurance Series –
Asset Allocation Fund, Class 1 		$2,678,055 $886,381 $791,966 $56,725 $(813,837) $2,015,358 $9,909 $231,217
1 Rate represents the seven-day yield at 9/30/2022.
2 Part of the same “group of investment companies“ as the fund as defined under the Investment Company Act of 1940, as amended.
Key to abbreviation
USD = U.S. dollars
American Funds Insurance Series — Managed Risk Asset Allocation Fund — Page 238 of 255
unaudited
Valuation disclosures
Capital Research and Management Company (“CRMC”), the series’ investment adviser, values the funds’ investments at fair value as defined by U.S. generally accepted accounting principles. 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. Security transactions are recorded by the funds as of the date the trades are executed with brokers. 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.
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
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 values of each share class of each managed risk fund are 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 the 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.
American Funds Insurance Series — Page 239 of 255
unaudited
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 for each fund while held (dollars in thousands):
  Options
contracts
purchased 		Futures
contracts 		Forward
currency
contracts 		Interest
rate
swaps 		Credit
default
swaps
New World Fund Not applicable $26,412 $4,537 Not applicable Not applicable
International Growth and Income Fund Not applicable Not applicable 628 Not applicable Not applicable
Capital Income Builder Not applicable 71,828 96* $23,526 $4,854
Asset Allocation Fund Not applicable 2,029,074 Not applicable Not applicable 147,253
American Funds Global Balanced Fund Not applicable 15,450 26,473 31,134 4,671
The Bond Fund of America Not applicable 3,394,646 108,629 477,735 151,893
Capital World Bond Fund Not applicable 324,590 481,762 382,799 85,907
American High-Income Trust Not applicable 13,799 Not applicable Not applicable 10,713
American Funds Mortgage Fund Not applicable 31,972 Not applicable 15,000 Not applicable
U.S. Government Securities Fund Not applicable 2,453,427 Not applicable 1,353,588 Not applicable
Managed Risk Growth Fund $384,672 154,471 Not applicable Not applicable Not applicable
Managed Risk International Fund 93,172 14,391 Not applicable Not applicable Not applicable
Managed Risk Washington Mutual Investors Fund 304,145 39,740 Not applicable Not applicable Not applicable
Managed Risk Growth-Income Fund 3,101,386 260,994 Not applicable Not applicable Not applicable
Managed Risk Asset Allocation Fund 540,873 292,513 Not applicable Not applicable Not applicable
* No contracts were held at the end of the reporting period; amount represents the average month-end notional amount of contracts while they were held.
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 below. The investment adviser follows fair valuation guidelines, consistent with U.S. Securities and Exchange Commission rules and guidance, to consider relevant principles and factors when making fair value determinations. The investment adviser considers relevant indications of value that are reasonably and timely available to it in determining the fair value to be assigned to a particular security, such as the type and cost of the security, contractual or legal restrictions on resale of the security, relevant financial or business developments of the issuer, actively traded similar or related securities, 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 “Fair Valuation Committee”) to administer, implement and oversee the fair valuation process, and to make fair value decisions. The Fair Valuation Committee regularly reviews its own fair value decisions, as well as decisions made under its standing instructions to the investment adviser’s valuation team. The Fair Valuation Committee reviews changes in fair value measurements from period to period and may, as deemed appropriate, update the fair valuation guidelines to better reflect the results of back testing and address new or evolving issues. The Fair Valuation Committee reports any changes to the fair valuation guidelines to the board of trustees. The series’ board and audit committee also regularly review reports that describe fair value determinations and methods.
The series’ investment adviser has also established a Fixed-Income Pricing Review Group to administer and oversee the fixed-income valuation process, including the use of fixed-income pricing vendors. This group regularly reviews pricing vendor information and market data. Pricing decisions, processes and controls over security valuation are also subject to additional internal reviews facilitated by the investment adviser’s global risk management group.
American Funds Insurance Series — Page 240 of 255
unaudited
Classifications — The series’ investment adviser classifies the funds’ assets and liabilities into three levels based on the inputs used to value the assets or liabilities. Level 1 values are based on quoted prices in active markets for identical securities. Level 2 values are based on significant observable market inputs, such as quoted prices for similar securities and quoted prices in inactive markets. Certain securities trading outside the U.S. may transfer between Level 1 and Level 2 due to valuation adjustments resulting from significant market movements following the close of local trading. Level 3 values are based on significant unobservable inputs that reflect the investment adviser’s determination of assumptions that market participants might reasonably use in valuing the securities. The valuation levels are not necessarily an indication of the risk or liquidity associated with the underlying investment. For example, U.S. government securities are reflected as Level 2 because the inputs used to determine fair value may not always be quoted prices in an active market. The following tables present the funds’ valuation levels as of September 30, 2022 (dollars in thousands):
Global Growth Fund
  Investment securities
  Level 1   Level 2   Level 3   Total
Assets:              
Common stocks:              
Information technology $845,374   $641,754   $—   $1,487,128
Health care 945,312   246,276   —   1,191,588
Consumer discretionary 511,925   376,696   —   888,621
Consumer staples 249,387   285,103   —   534,490
Financials 182,033   288,187   —*   470,220
Industrials 82,627   219,690   —   302,317
Communication services 256,204   22,952   —   279,156
Energy 96,901   91,342   —*   188,243
Materials 159,852   21,830   —   181,682
Real estate —   10,266   —   10,266
Utilities 8,878   —   —   8,878
Preferred securities —   100,144   —   100,144
Short-term securities 669,249   —   —   669,249
Total $4,007,742   $2,304,240   $—*   $6,311,982
* Amount less than one thousand.
Global Small Capitalization Fund
  Investment securities
  Level 1   Level 2   Level 3   Total
Assets:              
Common stocks:              
Information technology $307,610   $210,611   $1,113   $519,334
Industrials 123,805   360,405   —   484,210
Health care 315,600   117,196   —   432,796
Consumer discretionary 252,880   176,951   —   429,831
Financials 100,185   153,739   —   253,924
Materials 11,535   74,801   —   86,336
Real estate 22,364   36,852   —   59,216
Communication services 27,992   22,204   —   50,196
Consumer staples 18,114   29,938   —   48,052
Utilities 4,090   35,076   —   39,166
Energy 8,919   5,560   22,280   36,759
Preferred securities 9,488   —   17,611   27,099
Rights & warrants —   11,696   —   11,696
Short-term securities 364,060   —   —   364,060
Total $1,566,642   $1,235,029   $41,004   $2,842,675
American Funds Insurance Series — Page 241 of 255
unaudited
The following table reconciles the valuation of the fund’s Level 3 investment securities and related transactions for the  nine months ended September 30, 2022 (dollars in thousands):
  Beginning
value at
1/1/2022 		Transfers
into
Level 3* 		Purchases Sales Net
realized
gain 		Unrealized
depreciation 		Transfers
out of
Level 3* 		Ending
value at
9/30/2022
Investment securities $44,963 $— $— $— $— $(3,959) $— $41,004
Net unrealized depreciation during the period on Level 3 investment securities held at September 30, 2022 $(3,959)
* 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.
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
9/30/2022 		Valuation
techniques 		Unobservable
inputs 		Range
(if applicable) 		Weighted
average* 		Impact to
valuation from
an increase in
input†
Common stocks $23,393 Market comparable companies Price/Cash flow multiple 6.8x 6.8x Increase
EV/Sales multiple 7.8x 7.8x Increase
DLOM 16% 16% Decrease
Risk discount 25% 25% Decrease
Preferred securities 17,611 Transaction price N/A N/A N/A N/A
Market comparable companies EV/Sales multiple 7.8x - 12.8x 10.7x Increase
DLOM 10% 10% Decrease
Total $41,004          
* Weighted average is by relative fair value.
† This column represents the directional change in fair value of the Level 3 securities that would result in an increase from the corresponding input. A decrease to the unobservable input would have the opposite effect. Significant increases and decreases in these inputs in isolation could result in significantly higher or lower fair value measurements.
   
Key to abbreviations
DLOM = Discount for lack of marketability
EV = Enterprise value
American Funds Insurance Series — Page 242 of 255
unaudited
Growth Fund
  Investment securities
  Level 1   Level 2   Level 3   Total
Assets:              
Common stocks:              
Consumer discretionary $6,170,351   $350,205   $—   $6,520,556
Information technology 5,313,970   659,195   4,846   5,978,011
Health care 4,814,963   70,467   45,222   4,930,652
Communication services 4,073,272   20,432   —   4,093,704
Industrials 2,453,890   182,217   —   2,636,107
Financials 1,733,280   —   —   1,733,280
Energy 1,328,190   —   —   1,328,190
Materials 864,679   —   —   864,679
Consumer staples 576,017   99,009   —   675,026
Utilities 148,391   —   —   148,391
Real estate 29,457   —   —   29,457
Preferred securities —   17,278   38,218   55,496
Convertible stocks 6,846   —   —   6,846
Convertible bonds & notes —   —   9,030   9,030
Bonds, notes & other debt instruments —   13,396   —   13,396
Short-term securities 1,181,202   —   —   1,181,202
Total $28,694,508   $1,412,199   $97,316   $30,204,023
International Fund
  Investment securities
  Level 1   Level 2   Level 3   Total
Assets:              
Common stocks:              
Information technology $261,731   $629,568   $4,998   $896,297
Industrials 58,282   822,027   —   880,309
Health care 28,030   736,138   —   764,168
Financials 81,852   571,535   —   653,387
Consumer discretionary 170,518   405,791   —   576,309
Energy 119,230   456,207   —   575,437
Materials 319,355   244,467   —   563,822
Communication services 141,630   213,673   —*   355,303
Consumer staples —   268,218   —   268,218
Utilities —   113,539   —   113,539
Real estate —   42,715   —   42,715
Preferred securities 28,146   28,845   457   57,448
Rights & warrants —   10,763   —   10,763
Short-term securities 392,450   —   —   392,450
Total $1,601,224   $4,543,486   $5,455   $6,150,165
* Amount less than one thousand.
American Funds Insurance Series — Page 243 of 255
unaudited
New World Fund
  Investment securities
  Level 1   Level 2   Level 3   Total
Assets:              
Common stocks:              
Information technology $281,911   $154,123   $399   $436,433
Health care 178,489   175,001   1,242   354,732
Financials 61,825   291,432   —*   353,257
Consumer discretionary 100,633   197,444   —*   298,077
Industrials 87,559   179,267   —   266,826
Materials 139,512   79,184   —*   218,696
Consumer staples 47,988   148,727   —*   196,715
Communication services 85,584   64,290   —*   149,874
Energy 46,986   74,220   —*   121,206
Utilities 10,574   35,835   —   46,409
Real estate 14,475   29,039   —   43,514
Preferred securities 9,436   10,320   11,365   31,121
Rights & warrants 17   177   —   194
Bonds, notes & other debt instruments —   94,575   —   94,575
Short-term securities 274,282   —   —   274,282
Total $1,339,271   $1,533,634   $13,006   $2,885,911
    
  Other investments†
  Level 1   Level 2   Level 3   Total
Assets:              
Unrealized appreciation on futures contracts $679   $—   $—   $679
Unrealized appreciation on open forward currency contracts —   37   —   37
Liabilities:              
Unrealized depreciation on futures contracts (548)   —   —   (548)
Unrealized depreciation on open forward currency contracts —   (1)   —   (1)
Total $131   $36   $—   $167
* Amount less than one thousand.
† Futures contracts and forward currency contracts are not included in the fund’s investment portfolio.
Washington Mutual Investors Fund
At September 30, 2022, all of the fund’s investment securities were classified as Level 1.
American Funds Insurance Series — Page 244 of 255
unaudited
Capital World Growth and Income Fund
  Investment securities
  Level 1   Level 2   Level 3   Total
Assets:              
Common stocks:              
Information technology $163,669   $90,837   $—   $254,506
Health care 170,561   57,911   —   228,472
Financials 105,385   95,263   —*   200,648
Industrials 82,519   82,280   —   164,799
Consumer discretionary 78,382   64,551   —   142,933
Consumer staples 56,085   61,850   —   117,935
Materials 57,135   42,241   —   99,376
Energy 65,434   29,938   —*   95,372
Communication services 56,355   28,196   —*   84,551
Utilities 24,000   23,843   —   47,843
Real estate 13,755   5,649   —   19,404
Preferred securities 422   6,239   —   6,661
Convertible bonds & notes —   944   —   944
Bonds, notes & other debt instruments —   6,107   —   6,107
Short-term securities 136,718   —   —   136,718
Total $1,010,420   $595,849   $—*   $1,606,269
* Amount less than one thousand.
Growth-Income Fund
  Investment securities
  Level 1   Level 2   Level 3   Total
Assets:              
Common stocks:              
Information technology $6,001,220   $300,290   $—   $6,301,510
Health care 3,532,300   440,923   —   3,973,223
Industrials 3,736,946   188,820   —   3,925,766
Consumer discretionary 2,611,949   111,978   —   2,723,927
Financials 2,686,691   —   —   2,686,691
Communication services 2,554,823   60,185   —   2,615,008
Consumer staples 1,161,269   397,947   —   1,559,216
Energy 1,417,317   —   —   1,417,317
Utilities 1,097,190   52,994   —   1,150,184
Materials 855,227   —   —   855,227
Real estate 592,473   —   —   592,473
Convertible stocks 262,042   —   —   262,042
Bonds, notes & other debt instruments —   6,097   —   6,097
Short-term securities 2,581,053   —   —   2,581,053
Total $29,090,500   $1,559,234   $—   $30,649,734
American Funds Insurance Series — Page 245 of 255
unaudited
International Growth and Income Fund
  Investment securities
  Level 1   Level 2   Level 3   Total
Assets:              
Common stocks:              
Financials $6,512   $33,016   $—*   $39,528
Consumer staples 5,456   26,606   —*   32,062
Consumer discretionary 2,436   25,353   —   27,789
Industrials 3,913   23,665   —   27,578
Information technology 2,020   25,101   —   27,121
Health care 1,104   22,756   —   23,860
Energy 7,727   10,478   —*   18,205
Communication services 980   12,829   —*   13,809
Materials 7,997   5,376   —*   13,373
Utilities 1,989   5,597   —   7,586
Real estate —   5,487   —   5,487
Preferred securities 512   631   —   1,143
Short-term securities 24,635   —   —   24,635
Total $65,281   $196,895   $—*   $262,176
    
  Other investments†
  Level 1 Level 2 Level 3 Total
Assets:        
Unrealized appreciation on open forward currency contracts $— $31 $— $31
* Amount less than one thousand.
† Forward currency contracts are not included in the fund’s investment portfolio.
American Funds Insurance Series — Page 246 of 255
unaudited
Capital Income Builder
  Investment securities
  Level 1   Level 2   Level 3   Total
Assets:              
Common stocks:              
Financials $77,781   $55,044   $—*   $132,825
Consumer staples 56,422   47,792   —   104,214
Health care 72,623   18,213   —   90,836
Information technology 62,408   14,488   —   76,896
Real estate 56,342   11,435   —   67,777
Utilities 40,021   25,148   —   65,169
Industrials 36,501   24,649   —   61,150
Energy 40,004   12,269   —*   52,273
Communication services 14,681   13,921   —   28,602
Consumer discretionary 15,873   12,724   —   28,597
Materials 16,627   9,835   —   26,462
Preferred securities —   411   —   411
Rights & warrants 3   —   —   3
Convertible stocks 4,691   —   —   4,691
Investment funds 29,299   —   —   29,299
Bonds, notes & other debt instruments:              
U.S. Treasury bonds & notes —   102,756   —   102,756
Mortgage-backed obligations —   80,998   89   81,087
Corporate bonds, notes & loans —   19,382   —   19,382
Asset-backed obligations —   8,415   —   8,415
Bonds & notes of governments & government agencies outside the U.S. —   724   —   724
Municipals —   226   —   226
Short-term securities 117,949   —   —   117,949
Total $641,225   $458,430   $89   $1,099,744
    
  Other investments†
  Level 1   Level 2   Level 3   Total
Assets:              
Unrealized appreciation on futures contracts $4   $—   $—   $4
Unrealized appreciation on centrally cleared interest rate swaps —   1,944   —   1,944
Liabilities:              
Unrealized depreciation on futures contracts (2,186)   —   —   (2,186)
Unrealized depreciation on centrally cleared interest rate swaps —   (271)   —   (271)
Unrealized depreciation on centrally cleared credit default swaps —   (320)   —   (320)
Total $(2,182)   $1,353   $—   $(829)
* Amount less than one thousand.
† Futures contracts, interest rate swaps and credit default swaps are not included in the fund’s investment portfolio.
American Funds Insurance Series — Page 247 of 255
unaudited
Asset Allocation Fund
  Investment securities
  Level 1   Level 2   Level 3   Total
Assets:              
Common stocks:              
Health care $2,950,694   $23,971   $19,703   $2,994,368
Financials 2,162,461   79,583   2,291   2,244,335
Information technology 2,147,961   25,462   —   2,173,423
Consumer discretionary 1,884,345   137,845   —   2,022,190
Consumer staples 1,066,895   313,785   —   1,380,680
Industrials 1,350,748   14,742   —   1,365,490
Communication services 1,112,288   —   —   1,112,288
Energy 882,362   —   —*   882,362
Materials 771,260   —   —   771,260
Real estate 298,467   —   —   298,467
Utilities 142,005   —   —   142,005
Preferred securities —   —   144   144
Rights & warrants —   —   —*   —*
Convertible stocks —   —   50,000   50,000
Investment funds 1,364,476   —   —   1,364,476
Bonds, notes & other debt instruments:              
Mortgage-backed obligations —   1,806,001   —   1,806,001
U.S. Treasury bonds & notes —   1,730,108   —   1,730,108
Corporate bonds, notes & loans —   1,414,236   3,685   1,417,921
Asset-backed obligations —   379,514   5,704   385,218
Bonds & notes of governments & government agencies outside the U.S. —   42,699   —   42,699
Municipals —   35,645   —   35,645
Short-term securities 2,257,164   —   —   2,257,164
Total $18,391,126   $6,003,591   $81,527   $24,476,244
    
  Other investments†
  Level 1   Level 2   Level 3   Total
Assets:              
Unrealized appreciation on futures contracts $22,796   $—   $—   $22,796
Unrealized appreciation on centrally cleared credit default swaps —   1,125   —   1,125
Liabilities:              
Unrealized depreciation on futures contracts (21,326)   —   —   (21,326)
Total $1,470   $1,125   $—   $2,595
* Amount less than one thousand.
† Futures contracts and credit default swaps are not included in the fund’s investment portfolio.
American Funds Insurance Series — Page 248 of 255
unaudited
American Funds Global Balanced Fund
  Investment securities
  Level 1   Level 2   Level 3   Total
Assets:              
Common stocks:              
Financials $14,521   $18,892   $—   $33,413
Industrials 14,891   12,363   —   27,254
Health care 17,592   7,882   —   25,474
Information technology 21,485   2,352   —   23,837
Consumer staples 3,673   15,156   —   18,829
Utilities 9,750   7,279   —   17,029
Materials 5,151   7,376   —   12,527
Energy 7,302   4,443   —   11,745
Communication services 9,091   2,322   —   11,413
Consumer discretionary 4,476   3,684   —   8,160
Real estate 3,546   2,598   —   6,144
Preferred securities 1,462   1,060   —   2,522
Convertible stocks 1,163   —   —   1,163
Investment funds 1,672   —   —   1,672
Bonds, notes & other debt instruments:              
U.S. Treasury bonds & notes —   48,724   —   48,724
Bonds & notes of governments & government agencies outside the U.S. —   43,322   —   43,322
Corporate bonds, notes & loans —   21,241   —   21,241
Mortgage-backed obligations —   7,969   —   7,969
Asset-backed obligations —   2,434   —   2,434
Municipals —   129   —   129
Short-term securities 28,302   —   —   28,302
Total $144,077   $209,226   $—   $353,303
    
  Other investments*
  Level 1   Level 2   Level 3   Total
Assets:              
Unrealized appreciation on futures contracts $202   $—   $—   $202
Unrealized appreciation on open forward currency contracts —   173   —   173
Unrealized appreciation on centrally cleared interest rate swaps —   10   —   10
Liabilities:              
Unrealized depreciation on futures contracts (209)   —   —   (209)
Unrealized depreciation on open forward currency contracts —   (497)   —   (497)
Unrealized depreciation on centrally cleared interest rate swaps —   (1,068)   —   (1,068)
Unrealized depreciation on centrally cleared credit default swaps —   (32)   —   (32)
Total $(7)   $(1,414)   $—   $(1,421)
* 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 — Page 249 of 255
unaudited
The Bond Fund of America
  Investment securities
  Level 1   Level 2   Level 3   Total
Assets:              
Bonds, notes & other debt instruments:              
Corporate bonds, notes & loans $—   $3,572,579   $—   $3,572,579
U.S. Treasury bonds & notes —   2,866,707   —   2,866,707
Mortgage-backed obligations —   2,796,791   1,490   2,798,281
Asset-backed obligations —   478,552   8,263   486,815
Municipals —   165,203   —   165,203
Bonds & notes of governments & government agencies outside the U.S. —   129,220   —   129,220
Federal agency bonds & notes —   11,102   —   11,102
Short-term securities 2,269,568   —   —   2,269,568
Total $2,269,568   $10,020,154   $9,753   $12,299,475
    
  Other investments*
  Level 1   Level 2   Level 3   Total
Assets:              
Unrealized appreciation on futures contracts $9,709   $—   $—   $9,709
Unrealized appreciation on open forward currency contracts —   749   —   749
Unrealized appreciation on centrally cleared interest rate swaps —   15,112   —   15,112
Unrealized appreciation on centrally cleared credit default swaps —   1,132   —   1,132
Liabilities:              
Unrealized depreciation on futures contracts (69,553)   —   —   (69,553)
Unrealized depreciation on centrally cleared interest rate swaps —   (5,880)   —   (5,880)
Unrealized depreciation on centrally cleared credit default swaps —   (731)   —   (731)
Total $(59,844)   $10,382   $—   $(49,462)
* 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 — Page 250 of 255
unaudited
Capital World Bond Fund
  Investment securities
  Level 1   Level 2   Level 3   Total
Assets:              
Bonds, notes & other debt instruments:              
Euros $—   $253,001   $—   $253,001
Japanese yen —   91,076   —   91,076
Chinese yuan renminbi —   46,909   —   46,909
British pounds —   43,150   —   43,150
Canadian dollars —   29,945   —   29,945
Mexican pesos —   29,551   —   29,551
Danish kroner —   22,855   —   22,855
Australian dollars —   22,072   —   22,072
Russian rubles —   11,909   —   11,909
Colombian pesos —   10,520   —   10,520
Indonesian rupiah —   8,328   —   8,328
Brazilian reais —   7,610   —   7,610
Chilean pesos —   7,194   —   7,194
South Korean won —   6,697   —   6,697
South African rand —   2,714   —   2,714
Malaysian ringgits —   1,977   —   1,977
Indian rupees —   1,118   —   1,118
Romanian leu —   912   —   912
Polish zloty —   749   —   749
Norwegian kroner —   550   —   550
Ukrainian hryvnia —   399   —   399
U.S. dollars —   708,146   270   708,416
Preferred securities —   —   15   15
Common stocks 328   —   —*   328
Short-term securities 225,932   —   —   225,932
Total $226,260   $1,307,382   $285   $1,533,927
    
  Other investments†
  Level 1   Level 2   Level 3   Total
Assets:              
Unrealized appreciation on futures contracts $3,563   $—   $—   $3,563
Unrealized appreciation on open forward currency contracts —   3,063   —   3,063
Unrealized appreciation on centrally cleared interest rate swaps —   52   —   52
Unrealized appreciation on centrally cleared credit default swaps —   1,416   —   1,416
Liabilities:              
Unrealized depreciation on futures contracts (7,017)   —   —   (7,017)
Unrealized depreciation on open forward currency contracts —   (11,597)   —   (11,597)
Unrealized depreciation on centrally cleared interest rate swaps —   (12,749)   —   (12,749)
Unrealized depreciation on centrally cleared credit default swaps —   (136)   —   (136)
Total $(3,454)   $(19,951)   $—   $(23,405)
* Amount less than one thousand.
† Futures contracts, forward currency contracts, interest rate swaps and credit default swaps are not included in the fund’s investment portfolio.
American Funds Insurance Series — Page 251 of 255
unaudited
American High-Income Trust
  Investment securities
  Level 1   Level 2   Level 3   Total
Assets:              
Bonds, notes & other debt instruments:              
Corporate bonds, notes & loans $—   $731,232   $2,494   $733,726
Mortgage-backed obligations —   —   631   631
Convertible bonds & notes —   438   79   517
Convertible stocks 383   463   —   846
Common stocks 9,449   1,819   27,179   38,447
Preferred securities —   —   2,621   2,621
Rights & warrants 421   1,362   10   1,793
Short-term securities 29,255   —   —   29,255
Total $39,508   $735,314   $33,014   $807,836
    
  Other investments*
  Level 1   Level 2   Level 3   Total
Assets:              
Unrealized appreciation on futures contracts $135   $—   $—   $135
Unrealized appreciation on centrally cleared credit default swaps —   58   —   58
Liabilities:              
Unrealized depreciation on centrally cleared credit default swaps —   (114)   —   (114)
Total $135   $(56)   $—   $79
* Futures contracts and credit default swaps are not included in the fund’s investment portfolio.
The following table reconciles the valuation of the fund’s Level 3 investment securities and related transactions for the  nine months ended September 30, 2022 (dollars in thousands):
  Beginning
value at
1/1/2022 		Transfers
into
Level 3† 		Purchases Sales Net
realized
gain 		Unrealized
depreciation 		Transfers
out of
Level 3† 		Ending
value at
9/30/2022
Investment securities $40,411 $3,988 $939 $(11,069) $879 $(2,072) $(62) $33,014
Net unrealized depreciation during the period on Level 3 investment securities held at September 30, 2022 $(454)
†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.
American Funds Insurance Series — Page 252 of 255
unaudited
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
9/30/2022 		Valuation
techniques 		Unobservable
inputs 		Range
(if applicable) 		Weighted
average* 		Impact to
valuation from
an increase in
input†
Bonds, notes & other debt instruments $3,125 Estimated recovery value Expected proceeds N/A N/A N/A
Par value N/A N/A N/A
Risk discount 75% 75% Decrease
Yield analysis Yield 13.8% - 14.4% 14% Decrease
Transaction price N/A N/A N/A N/A
Net adjustment based on market comparables movement (decrease) 10% 10% Decrease
Convertible bonds & notes 79 Transaction price N/A N/A N/A N/A
Common stocks 27,179 Estimated recovery value Expected proceeds N/A N/A N/A
Exchange terms N/A N/A N/A
Risk discount 90% 90% Decrease
Net adjustment based on market comparables (decrease) 20% 20% Decrease
Market comparable companies EV/EBITDA multiple 2.0x - 4.5x 2.9x Increase
EV/EBITDA less CapEx multiple 10.5x 10.5x Increase
DLOM 18% 18% Decrease
Recent market information Broker quote N/A N/A N/A
Preferred securities 2,621 Market comparable companies EV/EBITDA multiple 3.5x 3.5x Increase
DLOM 30% 30% Decrease
Recent market information Broker quote N/A N/A N/A
Rights & warrants 10 Recent market information Broker quote N/A N/A N/A
Total $33,014          
* Weighted average is by relative fair value.
† This column represents the directional change in fair value of the Level 3 securities that would result in an increase from the corresponding input. A decrease to the unobservable input would have the opposite effect. Significant increases and decreases in these inputs in isolation could result in significantly higher or lower fair value measurements.
   
Key to abbreviations
CapEx = Capital expenditures
DLOM = Discount for lack of marketability
EBITDA = Earnings before income taxes, depreciation and amortization
EV = Enterprise value
American Funds Insurance Series — Page 253 of 255
unaudited
American Funds Mortgage Fund
  Investment securities
  Level 1   Level 2   Level 3   Total
Assets:              
Bonds, notes & other debt instruments:              
Mortgage-backed obligations $—   $66,384   $—   $66,384
U.S. Treasury bonds & notes —   15,288   —   15,288
Asset-backed obligations —   3,879   —   3,879
Bonds & notes of governments & government agencies outside the U.S. —   493   —   493
Federal agency bonds & notes —   235   —   235
Short-term securities —   46,636   —   46,636
Total $—   $132,915   $—   $132,915
    
  Other investments*
  Level 1   Level 2   Level 3   Total
Assets:              
Unrealized appreciation on futures contracts $87   $—   $—   $87
Unrealized appreciation on centrally cleared interest rate swaps —   770   —   770
Liabilities:              
Unrealized depreciation on futures contracts (1,220)   —   —   (1,220)
Total $(1,133)   $770   $—   $(363)
* Futures contracts and interest rate swaps are not included in the fund’s investment portfolio.
Ultra-Short Bond Fund
At September 30, 2022, all of the fund’s investment securities were classified as Level 2.
U.S. Government Securities Fund
  Investment securities
  Level 1   Level 2   Level 3   Total
Assets:              
Bonds, notes & other debt instruments:              
Mortgage-backed obligations $—   $740,520   $—   $740,520
U.S. Treasury bonds & notes —   618,784   —   618,784
Federal agency bonds & notes —   90,044   —   90,044
Short-term securities —   619,545   —   619,545
Total $—   $2,068,893   $—   $2,068,893
American Funds Insurance Series — Page 254 of 255
unaudited
  Other investments*
  Level 1   Level 2   Level 3   Total
Assets:              
Unrealized appreciation on futures contracts $14,683   $—   $—   $14,683
Unrealized appreciation on centrally cleared interest rate swaps —   31,026   —   31,026
Liabilities:              
Unrealized depreciation on futures contracts (39,503)   —   —   (39,503)
Unrealized depreciation on centrally cleared interest rate swaps —   (21,748)   —   (21,748)
Total $(24,820)   $9,278   $—   $(15,542)
* Futures contracts and interest rate swaps are not included in the fund’s investment portfolio.
Managed Risk Growth Fund
At September 30, 2022, all of the fund’s investments were classified as Level 1.
Managed Risk International Fund
At September 30, 2022, all of the fund’s investments were classified as Level 1.
Managed Risk Washington Mutual Investors Fund
At September 30, 2022, all of the fund’s investments were classified as Level 1.
Managed Risk Growth-Income Fund
At September 30, 2022, all of the fund’s investments were classified as Level 1.
Managed Risk Asset Allocation Fund
At September 30, 2022, all of the fund’s investments were classified as Level 1.
Investments are not FDIC-insured, nor are they deposits of or guaranteed by a bank or any other entity, so they may lose value.
Investors should carefully consider investment objectives, risks, charges and expenses. This and other important information is contained in the series prospectus and summary prospectuses, which can be obtained from your financial professional and should be read carefully before investing. You may also call American Funds Service Company (AFS) at (800) 421-4225 or visit the American Funds website at capitalgroup.com. Fund shares offered through American Funds Distributors, Inc.
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 Distributors, Inc., member FINRA.
© 2022 Capital Group. All rights reserved.
INGEFP3-998-1122O-S89799 American Funds Insurance Series — Page 255 of 255