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Form NPORT-P AMERICAN FUNDS INSURANCE For: Mar 31

May 27, 2022 12:22 PM EDT

  
    NPORT-P
    false
    
      
      
        
          0000729528
          XXXXXXXX
        
      
      
      
      
        S000048970
        C000154332
        C000176253
      
      
      
    
  
  
    
      AMERICAN FUNDS INSURANCE SERIES
      811-03857
      0000729528
      5493006ZFTN01BKM5294
      333 South Hope Street
      55th Floor
      Los Angeles
      
      90071
      9499755000
      Portfolio Series - American Funds Global Growth Portfolio
      S000048970
      5493004PBOZ28RHKJE90
      2022-12-31
      2022-03-31
      N
    
    
      74775781.070000000000
      79025.660000000000
      74696755.410000000000
      0.000000000000
      0.000000000000
      0.000000000000
      0.000000000000
      0.000000000000
      0.000000000000
      0.000000000000
      0.000000000000
      0.000000000000
      0.000000000000
      0.000000000000
      0.000000000000
      0.000000000000
      13652.860000000000
      N
      
        
          
        
        
        
        
      
      
      
      
    
    
      
        AMERICAN FUNDS INSURANCE SERIES - GROWTH FUND
        N/A
        AMERICAN FUNDS INSURANCE SERIES - GROWTH FUND CL 1 (VIG CL 1)
        030372403
        
          
          
        
        130664.225000000000
        NS
        USD
        15197556.010000000000
        20.3456708750
        Long
        EC
        RF
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        AMERICAN FUNDS INSURANCE SERIES - GLOBAL GROWTH FUND
        N/A
        AMERICAN FUNDS INSURANCE SERIES - GLOBAL GROWTH FUND CL 1 (VIGL CL 1)
        030372882
        
          
        
        567155.390000000000
        NS
        USD
        22300549.930000000000
        29.8547772358
        Long
        EC
        RF
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        AMER VARIABLE INS INTERNATIONAL FD
        N/A
        AMER VARIABLE INS INTERNATIONAL FD CL 1 (VII CL 1)
        030372700
        
          
        
        362121.395000000000
        NS
        USD
        7430731.030000000000
        9.9478631826
        Long
        EC
        RF
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        AFIS CAPITAL WORLD GROWTH AND INCOME FUND
        N/A
        AFIS CAPITAL WORLD GROWTH AND INCOME FUND (VIWGI CL 1)
        030372619
        
          
          
        
        874279.341000000000
        NS
        USD
        14888977.180000000000
        19.9325621284
        Long
        EC
        RF
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        AMERICAN FUNDS INSURANCE SERIES - GLOBAL SMALL CAPITALIZATION FUND
        N/A
        AMERICAN FUNDS INSURANCE SERIES - GLOBAL SMALL CAPITALIZATION FUND CL 1 (VISC CL 1)
        030372874
        
          
          
        
        383793.818000000000
        NS
        USD
        11195265.670000000000
        14.9876197548
        Long
        EC
        RF
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        AMERICAN FUNDS INSURANCE SERIES - NEW WORLD FUND
        N/A
        AMERICAN FUNDS INSURANCE SERIES - NEW WORLD FUND CL 1 (VINWF CL 1)
        030372866
        
          
          
        
        131319.550000000000
        NS
        USD
        3745233.570000000000
        5.0139173374
        Long
        EC
        RF
        US
        N
        
        1
        
          N
          N
          N
        
      
    
    
      2022-05-26
      AMERICAN FUNDS INSURANCE SERIES
      Scott Lewis
      Scott Lewis
      Analyst
    
  
  XXXX



American Funds Insurance Series - Portfolio
SeriesSM
American Funds Global Growth PortfolioSM
Investment portfolio
March 31, 2022
unaudited
Growth funds 80.15%   Shares Value
(000)
American Funds Insurance Series - Global Growth Fund, Class 1 567,241 $22,304
American Funds Insurance Series - Growth Fund, Class 1 130,664 15,198
American Funds Insurance Series - Global Small Capitalization Fund, Class 11 383,794 11,195
American Funds Insurance Series - International Fund, Class 1 362,121 7,431
American Funds Insurance Series - New World Fund, Class 1 131,320 3,745
Total growth funds (cost: $52,403,000)     59,873
Growth-and-income funds 19.93%      
American Funds Insurance Series - Capital World Growth and Income Fund, Class 1 874,279 14,889
Total growth-and-income funds (cost: $12,042,000)     14,889
Total investment securities 100.08% (cost: $64,445,000)     74,762
Other assets less liabilities (0.08)%     (62)
Net assets 100.00%     $74,700
Investments in affiliates2

  Value of
affiliates at
1/1/2022
(000)
Additions
(000)
Reductions
(000)
Net
realized
loss
(000)
Net
unrealized
depreciation
(000)
Value of
affiliates at
3/31/2022
(000)
Dividend
income
(000)
Capital gain
distributions
received
(000)
Growth funds 80.15%
American Funds Insurance Series -
Global Growth Fund, Class 1
$25,184 $539 $4 $3 $(3,415) $22,304 $$
American Funds Insurance Series -
Growth Fund, Class 1
16,742 422 476 (54) (1,436) 15,198
American Funds Insurance Series -
Global Small Capitalization Fund, Class 11
12,680 377 5 3 (1,857) 11,195
American Funds Insurance Series -
International Fund, Class 1
8,437 29 232 (33) (770) 7,431
American Funds Insurance Series -
New World Fund, Class 1
4,217 9 43 (7) (431) 3,745
            59,873    
Growth-and-income funds 19.93%
American Funds Insurance Series -
Capital World Growth and Income Fund, Class 1
16,853 44 748 (10) (1,250) 14,889
Total 100.08%       $(104) $(9,159) $74,762 $— $—
1 Fund did not produce income during the last 12 months.
2 Part of the same “group of investment companies“ as the fund as defined under the Investment Company Act of 1940, as amended.
3 Amount less than one thousand.
American Funds Insurance Series — Portfolio Series — American Funds Global Growth Portfolio — Page 1 of 13

American Funds Growth and Income PortfolioSM
Investment portfolio
March 31, 2022
unaudited
Growth funds 10.36%   Shares Value
(000)
American Funds Insurance Series - Growth Fund, Class 1 319,011 $37,104
Total growth funds (cost: $24,589,000)     37,104
Growth-and-income funds 40.14%      
American Funds Insurance Series - Growth-Income Fund, Class 1 1,142,174 72,768
American Funds Insurance Series - Capital World Growth and Income Fund, Class 1 4,171,449 71,040
Total growth-and-income funds (cost: $121,935,000)     143,808
Asset allocation funds 9.99%      
American Funds Insurance Series - Asset Allocation Fund, Class 1 1,294,588 35,795
Total asset allocation funds (cost: $37,387,000)     35,795
Equity-income funds 9.99%      
American Funds Insurance Series - Capital Income Builder, Series 1 3,014,662 35,814
Total equity-income funds (cost: $29,330,000)     35,814
Fixed income funds 29.60%      
American Funds Insurance Series - The Bond Fund of America, Class 1 9,978,911 106,076
Total fixed income funds (cost: $112,719,000)     106,076
Total investment securities 100.08% (cost: $325,960,000)     358,597
Other assets less liabilities (0.08)%     (293)
Net assets 100.00%     $358,304
American Funds Insurance Series — Portfolio Series — American Funds Growth and Income Portfolio — Page 2 of 13

unaudited
Investments in affiliates1

  Value of
affiliates at
1/1/2022
(000)
Additions
(000)
Reductions
(000)
Net
realized
(loss) gain
(000)
Net
unrealized
depreciation
(000)
Value of
affiliates at
3/31/2022
(000)
Dividend
income
(000)
Capital gain
distributions
received
(000)
Growth funds 10.36%
American Funds Insurance Series -
Growth Fund, Class 1
$37,645 $2,958 $255 $(24) $(3,220) $37,104 $$
Growth-and-income funds 40.14%
American Funds Insurance Series -
Growth-Income Fund, Class 1
75,346 1,744 289 (16) (4,017) 72,768
American Funds Insurance Series -
Capital World Growth and Income Fund, Class 1
75,361 1,359 37 (2) (5,641) 71,040
            143,808    
Asset allocation funds 9.99%
American Funds Insurance Series -
Asset Allocation Fund, Class 1
37,647 (1,852) 35,795
Equity-income funds 9.99%
American Funds Insurance Series -
Capital Income Builder, Series 1
37,800 202 1,328 18 (878) 35,814 201
Fixed income funds 29.60%
American Funds Insurance Series -
The Bond Fund of America, Class 1
113,219 2,247 3,602 (190) (5,598) 106,076
Total 100.08%       $(214) $(21,206) $358,597 $201 $—
1 Part of the same “group of investment companies“ as the fund as defined under the Investment Company Act of 1940, as amended.
American Funds Insurance Series — Portfolio Series — American Funds Growth and Income Portfolio — Page 3 of 13

American Funds Managed Risk Growth PortfolioSM
Investment portfolio
March 31, 2022
unaudited
Growth funds 54.21%   Shares Value
(000)
American Funds Insurance Series – Growth Fund, Class 1 4,638,674 $539,524
American Funds Insurance Series – Global Growth Fund, Class 1 6,893,169 271,039
American Funds Insurance Series – Global Small Capitalization Fund, Class 11 6,185,412 180,429
Total growth funds (cost: $986,493,000)     990,992
Growth-and-income funds 19.85%      
American Funds Insurance Series – Growth-Income Fund, Class 1 4,269,048 271,981
American Funds Insurance Series – Washington Mutual Investors Fund, Class 1 5,124,853 90,864
Total growth-and-income funds (cost: $284,336,000)     362,845
Fixed income funds 20.20%      
American Funds Insurance Series – The Bond Fund of America, Class 1 34,746,489 369,355
Total fixed income funds (cost: $400,682,000)     369,355
Short-term securities 3.14%      
State Street Institutional U.S. Government Money Market Fund, Premier Class 0.25%2 57,410,887 57,411
Total short-term securities (cost: $57,411,000)     57,411
Options purchased 0.16%      
Options purchased*     2,877
Total options purchased (cost: $10,522,000)     2,877
Total investment securities 97.56% (cost: $1,739,444,000)     1,783,480
Other assets less liabilities 2.44%     44,628
Net assets 100.00%     $1,828,108
*Options purchased

Put
Description Number of
contracts
Notional
amount
(000)
Exercise
price
Expiration
date
Value at
3/31/2022
(000)
S&P 500 Index 10 $4,530 $2,750.00 6/17/2022 $5
S&P 500 Index 86 38,962 2,800.00 6/17/2022 44
S&P 500 Index 75 33,978 2,900.00 6/17/2022 45
S&P 500 Index 320 144,973 2,925.00 6/17/2022 185
S&P 500 Index 31 14,044 3,000.00 6/17/2022 21
S&P 500 Index 10 4,530 3,050.00 6/17/2022 7
American Funds Insurance Series — Portfolio Series — American Funds Managed Risk Growth Portfolio — Page 4 of 13

unaudited
*Options purchased  (continued)

Put  (continued)
Description Number of
contracts
Notional
amount
(000)
Exercise
price
Expiration
date
Value at
3/31/2022
(000)
S&P 500 Index 60 $27,183 $3,075.00 6/17/2022 $43
S&P 500 Index 2,554 1,157,067 3,100.00 6/17/2022 2,010
S&P 500 Index 150 67,956 2,950.00 9/16/2022 339
S&P 500 Index 69 31,260 3,025.00 9/16/2022 178
          $2,877
Futures contracts

Contracts Type Number of
contracts
Expiration Notional
amount
(000)
Value and
unrealized
appreciation
(depreciation)
at 3/31/2022
(000)
5 Year U.S. Treasury Note Futures Long 1,106 June 2022 $126,844 $412
Japanese Yen Currency Contracts Short 55 June 2022 (5,663) 271
Nikkei 225 Index Contracts Short 26 June 2022 (5,886) (561)
FTSE 100 Index Contracts Short 119 June 2022 (11,642) (663)
British Pound Currency Contracts Short 151 June 2022 (12,392) 11
Russell 2000 Mini Index Contracts Short 207 June 2022 (21,387) (615)
S&P Mid 400 E-mini Index Contracts Short 130 June 2022 (34,960) (1,376)
Mini MSCI Emerging Market Index Contracts Short 673 June 2022 (37,873) (1,973)
Euro Stoxx 50 Index Contracts Short 953 June 2022 (40,043) (2,081)
Euro Currency Contracts Short 311 June 2022 (43,147) (317)
S&P 500 E-mini Index Contracts Short 1,447 June 2022 (327,800) (19,488)
          $(26,380)
Investments in affiliates3

  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
3/31/2022
(000)
Dividend
income
(000)
Capital gain
distributions
received
(000)
Growth funds 54.21%
American Funds Insurance Series –
Growth Fund, Class 1
$594,971 $109,805 $115,375 $41,697 $(91,574) $539,524 $$
American Funds Insurance Series –
Global Growth Fund, Class 1
298,430 43,329 30,664 (4,258) (35,798) 271,039
American Funds Insurance Series –
Global Small Capitalization Fund, Class 11
198,324 35,045 24,271 8,799 (37,468) 180,429
            990,992    
Growth-and-income funds 19.85%
American Funds Insurance Series –
Growth-Income Fund, Class 1
298,430 19,167 29,834 11,369 (27,151) 271,981
American Funds Insurance Series –
Washington Mutual Investors Fund, Class 1
100,106 3,869 11,126 3,119 (5,104) 90,864
            362,845    
American Funds Insurance Series — Portfolio Series — American Funds Managed Risk Growth Portfolio — Page 5 of 13

unaudited
Investments in affiliates3  (continued)

  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
3/31/2022
(000)
Dividend
income
(000)
Capital gain
distributions
received
(000)
Fixed income funds 20.20%
American Funds Insurance Series –
The Bond Fund of America, Class 1
$398,536 $51,645 $61,232 $(4,363) $(15,231) $369,355 $$
Total 94.26%       $56,363 $(212,326) $1,723,192 $— $—
1 Fund did not produce income during the last 12 months.
2 Rate represents the seven-day yield at 3/31/2022.
3 Part of the same “group of investment companies“ as the fund as defined under the Investment Company Act of 1940, as amended.
American Funds Insurance Series — Portfolio Series — American Funds Managed Risk Growth Portfolio — Page 6 of 13

American Funds Managed Risk Growth and Income PortfolioSM
Investment portfolio
March 31, 2022
unaudited
Growth funds 9.81%   Shares Value
(000)
American Funds Insurance Series – Growth Fund, Class 1 1,197,456 $139,276
Total growth funds (cost: $135,531,000)     139,276
Growth-and-income funds 49.39%      
American Funds Insurance Series – Capital World Growth and Income Fund, Class 1 20,627,087 351,279
American Funds Insurance Series – Growth-Income Fund, Class 1 5,495,457 350,115
Total growth-and-income funds (cost: $605,756,000)     701,394
Asset allocation funds 5.00%      
American Funds Insurance Series – Asset Allocation Fund, Class 1 2,570,662 71,079
Total asset allocation funds (cost: $74,057,000)     71,079
Equity-income funds 14.99%      
American Funds Insurance Series – Capital Income Builder Fund, Class 1 17,918,401 212,871
Total equity-income funds (cost: $183,714,000)     212,871
Fixed income funds 15.12%      
American Funds Insurance Series – The Bond Fund of America, Class 1 20,206,582 214,796
Total fixed income funds (cost: $232,687,000)     214,796
Short-term securities 3.18%      
State Street Institutional U.S. Government Money Market Fund, Premier Class 0.25%1 45,082,589 45,083
Total short-term securities (cost: $45,083,000)     45,083
Options purchased 0.18%      
Options purchased*     2,565
Total options purchased (cost: $9,061,000)     2,565
Total investment securities 97.67% (cost: $1,285,889,000)     1,387,064
Other assets less liabilities 2.33%     33,096
Net assets 100.00%     $1,420,160
American Funds Insurance Series — Portfolio Series — American Funds Managed Risk Growth and Income Portfolio — Page 7 of 13

unaudited
*Options purchased

Put
Description Number of
contracts
Notional
amount
(000)
Exercise
price
Expiration
date
Value at
3/31/2022
(000)
S&P 500 Index 65 $29,448 $2,800.00 6/17/2022 $34
S&P 500 Index 80 36,243 2,925.00 6/17/2022 46
S&P 500 Index 169 76,564 2,950.00 6/17/2022 107
S&P 500 Index 57 25,823 3,000.00 6/17/2022 39
S&P 500 Index 15 6,796 3,050.00 6/17/2022 11
S&P 500 Index 44 19,934 3,075.00 6/17/2022 31
S&P 500 Index 2,278 1,032,027 3,100.00 6/17/2022 1,793
S&P 500 Index 20 9,061 2,950.00 9/16/2022 45
S&P 500 Index 178 80,641 3,025.00 9/16/2022 459
          $2,565
Futures contracts

Contracts Type Number of
contracts
Expiration Notional
amount
(000)
Value and
unrealized
appreciation
(depreciation)
at 3/31/2022
(000)
5 Year U.S. Treasury Note Futures Long 1,633 June 2022 $187,285 $167
Russell 2000 Mini Index Contracts Short 40 June 2022 (4,133) (119)
Japanese Yen Currency Contracts Short 72 June 2022 (7,414) 338
Nikkei 225 Index Contracts Short 33 June 2022 (7,470) (688)
FTSE 100 Index Contracts Short 155 June 2022 (15,164) (843)
British Pound Currency Contracts Short 198 June 2022 (16,250) 16
S&P Mid 400 E-mini Index Contracts Short 83 June 2022 (22,320) (878)
Mini MSCI Emerging Market Index Contracts Short 496 June 2022 (27,913) (1,417)
Euro Stoxx 50 Index Contracts Short 835 June 2022 (35,085) (1,924)
Euro Currency Contracts Short 273 June 2022 (37,875) (264)
S&P 500 E-mini Index Contracts Short 979 June 2022 (221,780) (13,284)
          $(18,896)
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
3/31/2022
(000)
Dividend
income
(000)
Capital gain
distributions
received
(000)
Growth funds 9.81%
American Funds Insurance Series –
Growth Fund, Class 1
$152,822 $35,832 $36,561 $7,811 $(20,628) $139,276 $$
Growth-and-income funds 49.39%
American Funds Insurance Series –
Capital World Growth and Income Fund, Class 1
382,784 45,051 48,622 12,967 (40,901) 351,279
American Funds Insurance Series –
Growth-Income Fund, Class 1
382,784 45,553 58,094 17,588 (37,716) 350,115
            701,394    
American Funds Insurance Series — Portfolio Series — American Funds Managed Risk Growth and Income Portfolio — Page 8 of 13

unaudited
Investments in affiliates2  (continued)

  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
3/31/2022
(000)
Dividend
income
(000)
Capital gain
distributions
received
(000)
Asset allocation funds 5.00%
American Funds Insurance Series –
Asset Allocation Fund, Class 1
$77,139 $2,124 $4,443 $(211) $(3,530) $71,079 $$
Equity-income funds 14.99%
American Funds Insurance Series –
Capital Income Builder Fund, Class 1
229,961 12,777 24,732 6,495 (11,630) 212,871 1,214
Fixed income funds 15.12%
American Funds Insurance Series –
The Bond Fund of America, Class 1
229,961 27,987 31,671 (2,669) (8,812) 214,796
Total 94.31%       $41,981 $(123,217) $1,339,416 $1,214 $—
1 Rate represents the seven-day yield at 3/31/2022.
2 Part of the same “group of investment companies“ as the fund as defined under the Investment Company Act of 1940, as amended.
American Funds Insurance Series — Portfolio Series — American Funds Managed Risk Growth and Income Portfolio — Page 9 of 13

American Funds Managed Risk Global Allocation PortfolioSM
Investment portfolio
March 31, 2022
unaudited
Growth funds 24.55%   Shares Value
(000)
American Funds Insurance Series – Global Growth Fund, Class 1 2,712,509 $106,656
Total growth funds (cost: $110,784,000)     106,656
Growth-and-income funds 19.84%      
American Funds Insurance Series – Capital World Growth and Income Fund, Class 1 5,058,988 86,155
Total growth-and-income funds (cost: $70,926,000)     86,155
Asset allocation funds 9.91%      
American Funds Insurance Series – Asset Allocation Fund, Class 1 1,556,182 43,028
Total asset allocation funds (cost: $37,090,000)     43,028
Balanced funds 24.98%      
American Funds Insurance Series – Global Balanced Fund, Class 1 7,839,995 108,506
Total balanced funds (cost: $103,242,000)     108,506
Fixed income funds 15.15%      
American Funds Insurance Series – Capital World Bond Fund, Class 1 6,094,277 65,818
Total fixed income funds (cost: $74,057,000)     65,818
Short-term securities 3.39%      
State Street Institutional U.S. Government Money Market Fund, Premier Class 0.25%1 14,752,946 14,753
Total short-term securities (cost: $14,753,000)     14,753
Options purchased 0.17%      
Options purchased*     727
Total options purchased (cost: $2,474,000)     727
Total investment securities 97.99% (cost: $413,326,000)     425,643
Other assets less liabilities 2.01%     8,711
Net assets 100.00%     $434,354
American Funds Insurance Series — Portfolio Series — American Funds Managed Risk Global Allocation Portfolio — Page 10 of 13

unaudited
*Options purchased

Put
Description Number of
contracts
Notional
amount
(000)
Exercise
price
Expiration
date
Value at
3/31/2022
(000)
S&P 500 Index 50 $22,652 $2,800.00 6/17/2022 $26
S&P 500 Index 15 6,796 2,900.00 6/17/2022 9
S&P 500 Index 7 3,171 2,950.00 6/17/2022 4
S&P 500 Index 11 4,983 3,000.00 6/17/2022 7
S&P 500 Index 5 2,265 3,050.00 6/17/2022 4
S&P 500 Index 36 16,310 3,075.00 6/17/2022 26
S&P 500 Index 576 260,952 3,100.00 6/17/2022 453
S&P 500 Index 50 22,652 2,950.00 9/16/2022 113
S&P 500 Index 30 13,591 3,000.00 9/16/2022 75
S&P 500 Index 4 1,812 3,025.00 9/16/2022 10
          $727
Futures contracts

Contracts Type Number of
contracts
Expiration Notional
amount
(000)
Value and
unrealized
(depreciation)
appreciation
at 3/31/2022
(000)
5 Year U.S. Treasury Note Futures Long 351 June 2022 $40,255 $(33)
Russell 2000 Mini Index Contracts Short 12 June 2022 (1,240) (36)
Japanese Yen Currency Contracts Short 29 June 2022 (2,986) 140
Nikkei 225 Index Contracts Short 14 June 2022 (3,169) (290)
S&P Mid 400 E-mini Index Contracts Short 14 June 2022 (3,765) (135)
FTSE 100 Index Contracts Short 53 June 2022 (5,185) (295)
British Pound Currency Contracts Short 68 June 2022 (5,581) 6
Mini MSCI Emerging Market Index Contracts Short 208 June 2022 (11,705) (590)
Euro Stoxx 50 Index Contracts Short 364 June 2022 (15,294) (832)
Euro Currency Contracts Short 119 June 2022 (16,510) (114)
S&P 500 E-mini Index Contracts Short 195 June 2022 (44,175) (2,610)
          $(4,789)
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
3/31/2022
(000)
Dividend
income
(000)
Capital gain
distributions
received
(000)
Growth funds 24.55%
American Funds Insurance Series –
Global Growth Fund, Class 1
$120,215 $21,553 $18,883 $5,578 $(21,807) $106,656 $$
Growth-and-income funds 19.84%
American Funds Insurance Series –
Capital World Growth and Income Fund, Class 1
96,446 7,573 10,796 1,340 (8,408) 86,155
Asset allocation funds 9.91%
American Funds Insurance Series –
Asset Allocation Fund, Class 1
47,995 1,382 4,010 554 (2,893) 43,028
American Funds Insurance Series — Portfolio Series — American Funds Managed Risk Global Allocation Portfolio — Page 11 of 13

unaudited
Investments in affiliates2  (continued)

  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
3/31/2022
(000)
Dividend
income
(000)
Capital gain
distributions
received
(000)
Balanced funds 24.98%
American Funds Insurance Series –
Global Balanced Fund, Class 1
$120,215 $3,382 $7,906 $578 $(7,763) $108,506 $$
Fixed income funds 15.15%
American Funds Insurance Series –
Capital World Bond Fund, Class 1
72,221 6,436 7,011 (226) (5,602) 65,818
Total 94.43%       $7,824 $(46,473) $410,163 $— $—
1 Rate represents the seven-day yield at 3/31/2022.
2 Part of the same “group of investment companies“ as the fund as defined under the Investment Company Act of 1940, as amended.
American Funds Insurance Series — Portfolio Series — American Funds Managed Risk Global Allocation Portfolio — Page 12 of 13

unaudited
Valuation disclosures

Security valuation — The net asset value of each share class of each fund is calculated based on the reported net asset values of the underlying funds in which each fund invests. The net asset value of each underlying fund is calculated based on the policies and procedures of the underlying fund contained in each underlying fund’s statement of additional information. The net asset value per share of each fund and each underlying fund is calculated once daily as of the close of regular trading on the New York Stock Exchange, normally 4 p.m. New York time, each day the New York Stock Exchange is open. State Street Institutional U.S. Government Money Market Fund held by the managed risk funds is managed to maintain a $1.00 net asset value per share. Exchange-traded options and futures are generally valued at the official closing price for options and official settlement price for futures of the exchange or market on which such instruments are traded, as of the close of business on the day such instruments are being valued. The average month-end notional amount of option contracts while held by Managed Risk Growth Portfolio, Managed Risk Growth and Income Portfolio and Managed Risk Global Allocation Portfolio was $1,569,906,000, $1,374,252,000 and $356,466,000, respectively. The average month-end notional amount of futures contracts while held by Managed Risk Growth Portfolio, Managed Risk Growth and Income Portfolio and Managed Risk Global Allocation Portfolio was $341,069,000, $379,813,000 and $130,365,000, respectively.
Processes and structure — The series’ board of trustees has delegated authority to the series’ investment adviser to make fair value determinations, subject to board oversight. The investment adviser has established a Joint Fair Valuation Committee (the “Fair Valuation Committee”) to administer, implement and oversee the fair valuation process, and to make fair value decisions. The Fair Valuation Committee regularly reviews its own fair value decisions, as well as decisions made under its standing instructions to the investment adviser’s valuation teams. The Fair Valuation Committee reviews changes in fair value measurements from period to period and may, as deemed appropriate, update the fair valuation guidelines to better reflect the results of back testing and address new or evolving issues. The Fair Valuation Committee reports any changes to the fair valuation guidelines to the board of trustees. The series’ board and audit committee also regularly review reports that describe fair value determinations and methods. Pricing decisions, processes and controls over security valuation are also subject to additional internal reviews facilitated by the investment adviser’s global risk management group.
Classifications — The series’ investment adviser classifies each fund’s assets and liabilities into three levels based on the method used to value the assets or liabilities. Level 1 values are based on quoted prices in active markets for identical securities. Level 2 values are based on significant observable market inputs, such as quoted prices for similar securities and quoted prices in inactive markets. Level 3 values are based on significant unobservable inputs that reflect the investment adviser’s determination of assumptions that market participants might reasonably use in valuing the securities. The valuation levels are not necessarily an indication of the risk or liquidity associated with the underlying investment.
At March 31, 2022, all of the investments held by each fund 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.
INGEFP1-875-0522O-S85386 American Funds Insurance Series — Portfolio Series — Page 13 of 13


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