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

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number

811-02224

MML Series Investment Fund
(Exact name of registrant as specified in charter)

1295 State Street, Springfield, MA 01111
(Address of principal executive offices)	(Zip code)
Paul LaPiana
1295 State Street, Springfield, MA 01111
(Name and address of agent for service)

Registrant's telephone number, including area code:

(413) 744-1000

Date of fiscal year end:

12/31/2021

Date of reporting period:

6/30/2021

Item 1. Reports to Stockholders.

Table of Contents
President’s Letter to Shareholders (Unaudited)	1
Portfolio Summaries (Unaudited)	3
Portfolio of Investments (Unaudited)
MML Conservative Allocation Fund	27
MML Balanced Allocation Fund	28
MML Moderate Allocation Fund	29
MML Growth Allocation Fund	30
MML Aggressive Allocation Fund	31
MML American Funds Growth Fund	32
MML American Funds International Fund	33
MML American Funds Core Allocation Fund	34
MML Blue Chip Growth Fund	35
MML Equity Income Fund	38
MML Equity Index Fund	42
MML Focused Equity Fund	50
MML Foreign Fund	52
MML Fundamental Equity Fund	55
MML Fundamental Value Fund	58
MML Global Fund	61
MML Growth & Income Fund	64
MML Income & Growth Fund	67
MML International Equity Fund	70
MML Large Cap Growth Fund	73
MML Managed Volatility Fund	75
MML Mid Cap Growth Fund	84
MML Mid Cap Value Fund	89
MML Small Cap Growth Equity Fund	92
MML Small Company Value Fund	97
MML Small/Mid Cap Value Fund	101
MML Total Return Bond Fund	104
Statements of Assets and Liabilities (Unaudited)	116
Statements of Operations (Unaudited)	128
Statements of Changes in Net Assets	134
Financial Highlights	148
Notes to Financial Statements (Unaudited)	175
Other Information (Unaudited)
Proxy Voting	214
Quarterly Reporting	214
Liquidity Risk Management Program	214
Trustees’ Approval of Investment Advisory Contracts	214
Fund Expenses	219

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

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

To Our Shareholders

Paul LaPiana

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

June 30, 2021

Welcome to the MML Series Investment Fund Semiannual Report, covering the six months ended June 30, 2021.

Market Highlights

●	For the reporting period from January 1, 2021 through June 30, 2021, U.S. stock prices rose, with the S&P 500^® Index up over 15%, and investors seeing an end in sight to the global economic recession brought on by the COVID-19 pandemic.

●	In the first quarter of 2021 investors embraced falling COVID-19 case counts, a faster than expected vaccination rollout, another round of fiscal stimulus, and upgrades in economic growth and corporate earnings forecasts for the 2021 calendar year.

●	The second quarter of 2021 was a continuation of the prior quarter with a meaningful percentage of the U.S. population receiving at least one vaccine dose, and widescale reopening of the economy.

●	However, concerns about inflation persisted as the sharp rise in the demand for goods, services, homes, and labor outpaced supply.

●	Foreign stocks in both developed markets and emerging markets also experienced strong gains in the reporting period, aided by increasing global economic activity offset somewhat by a stronger U.S. dollar.

●	U.S. bond investors experienced negative returns in a rising yield environment, fueled by higher economic growth expectations and strong asset flows into stocks.

Market Commentary

For the six months beginning on January 1, 2021, global stock investors experienced strong positive returns. U.S. stocks rose steadily in the period, buoyed by the widescale reopening of the global economy, a strong rebound in economic growth, the Federal Reserve Board’s (“Fed’”) commitment to low interest rates, and a strong rebound in corporate earnings growth. Concurrently, inflation came in higher than expected, with consumer prices increasing 5.4% in June from a year earlier, and the median home price reaching a record high of $350,300 in May, up 24% from a year earlier.

As a result, the broad market S&P 500^® Index* delivered a gain of 15.25% for the period. The technology-heavy NASDAQ Composite^® Index performed similarly, gaining 12.92% for the period. The more economically sensitive Dow Jones Industrial Average was up 13.79% for the period. During this period small-cap stocks outperformed their larger cap peers while value stocks outperformed their growth peers.

The continued economic recovery, additional fiscal stimulus, and heightened inflation concerns affected sectors differently. The energy and financial sectors fared the best for the six-month period as investors expected these sectors to benefit the most from the reopening of the global economy and corresponding rise in interest rates. More defensive sectors such as consumer staples and utilities significantly lagged the broader market, as the reopening of the economy favored more economically sensitive sectors. West Texas Intermediate (WTI) crude oil prices ended the period at $73.52 per barrel, up 52% for the six-month period.

* Indexes referenced, other than the MSCI Indexes, are unmanaged, do not incur fees, expenses, or taxes, and cannot be purchased directly for investment. The MSCI Indexes are unmanaged, do not incur fees or expenses, and cannot be purchased directly for investment.

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

Developed international stock markets, as measured by the MSCI EAFE^® Index, also performed well, rising 8.83% for the six-month period, aided by the global economic rebound. European stocks fared better than Japanese stocks in part due to Europe deploying COVID-19 vaccines faster than Japan. Emerging-market stock markets, as measured in the MSCI Emerging Markets^® Index, also fared well, rising 7.45% for the period. This was despite weak returns from China after their government cut back stimulus and increased regulatory oversight of technology companies in hopes to curb unfettered credit growth and rampant speculation.

The Fed continues to assert its influence on markets by remaining committed to keeping interest rates at near zero percent and letting inflation rise above target rates until employment levels return to their pre-pandemic levels. Congress also continues to play its part, delivering $1.9 trillion in stimulus in March 2021 and promising a $1 to $2 trillion infrastructure bill before the end of 2021.

Investors entered the period in the midst of a global recession that was being tempered by expectations for a stimulus and vaccination-fueled economic and corporate earnings recovery in 2021. Bond yields rose during the period, with the 10-year U.S. Treasury bond yield reaching a high of 1.74% in March before settling in to end the period at 1.45%. Since rising yields drive bond prices down, the Bloomberg Barclays U.S. Aggregate Bond Index ended the period down 1.60%. Investment-grade bond prices fared only slightly better as concerns of defaults diminished. The Bloomberg Barclays U.S. Corporate Bond Total Return Index, which tracks investment-grade corporate bonds, ended the period down 1.27%. Below investment grade bond as represented by the Bloomberg Barclays U.S. Corporate High Yield Index performed significantly better, ending the period up 3.62%, aided by strong investor demand for bonds in the energy sector in response to a sharp rise in oil prices that lessened the risk of defaults.

Review and maintain your strategy

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

Sincerely,

Paul LaPiana
President

The information provided is the opinion of MML Investment Advisers, LLC (MML Advisers) as of 7/1/21 and is subject to change without notice. It is not to be construed as tax, legal, or investment advice. Of course, past performance does not guarantee future results.

^© 2021 Massachusetts Mutual Life Insurance Company (MassMutual^®), Springfield, MA 01111-0001. All rights reserved. www.MassMutual.com Underwriter: MML Distributors, LLC. (MMLD) Member FINRA and SIPC (www.FINRA.org and www.SIPC.org), 1295 State Street, Springfield, MA 01111-0001. MMLD is a wholly-owned subsidiary of MassMutual. Investment advisory services provided to the Funds by MML Advisers, a wholly-owned subsidiary of MassMutual.

MML Allocation Series – Portfolio Summaries (Unaudited)

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

The MML Allocation Series comprises five Funds – each of which has a “fund of funds” structure. The five Funds in the Series are MML Conservative Allocation Fund, MML Balanced Allocation Fund, MML Moderate Allocation Fund, MML Growth Allocation Fund, and MML Aggressive Allocation Fund.

Each Fund seeks to achieve as high a total return over time as is considered consistent with prudent investment risk, preservation of capital, and recognition of the Fund’s stated asset allocation. Each Fund invests in a combination of U.S. domestic and international mutual funds (“MML Underlying Funds”) using an asset allocation strategy. MML Underlying Funds will include a combination of series of the MML Series Investment Fund and MML Series Investment Fund II (advised by MML Investment Advisers, LLC (MML Advisers), a wholly-owned subsidiary of Massachusetts Mutual Life Insurance Company (MassMutual)), and may also include other, non-affiliated mutual funds. The MML Underlying Funds may invest in various asset classes, including equity securities, fixed income securities, and money market instruments. The Series’ investment adviser is MML Advisers.

Each Fund will normally invest most of its assets in MML Underlying Funds advised by MML Advisers; each Fund will normally invest no more than 10% of its assets in mutual funds not advised by MML Advisers (referred to here as “non-affiliated” funds).

Each Fund’s assets are allocated to its MML Underlying Funds according to an asset allocation strategy stated below.

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

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

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

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

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

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

MML Conservative Allocation Fund Asset Allocation (% of Net Assets) on 6/30/21
Fixed Income Funds	57.6%
Equity Funds	42.5%
Total Long-Term Investments	100.1%
Other Assets & Liabilities	(0.1)%
Net Assets	100.0%

MML Moderate Allocation Fund Asset Allocation (% of Net Assets) on 6/30/21
Equity Funds	62.6%
Fixed Income Funds	37.5%
Total Long-Term Investments	100.1%
Other Assets & Liabilities	(0.1)%
Net Assets	100.0%

MML Balanced Allocation Fund Asset Allocation (% of Net Assets) on 6/30/21
Equity Funds	50.5%
Fixed Income Funds	49.6%
Total Long-Term Investments	100.1%
Other Assets & Liabilities	(0.1)%
Net Assets	100.0%

MML Growth Allocation Fund Asset Allocation (% of Net Assets) on 6/30/21
Equity Funds	75.4%
Fixed Income Funds	24.7%
Total Long-Term Investments	100.1%
Other Assets & Liabilities	(0.1)%
Net Assets	100.0%

MML Aggressive Allocation Fund Asset Allocation (% of Net Assets) on 6/30/21
Equity Funds	88.6%
Fixed Income Funds	11.5%
Total Long-Term Investments	100.1%
Other Assets & Liabilities	(0.1)%
Net Assets	100.0%

MML American Funds Growth Fund – Portfolio Summaries (Unaudited)

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

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

MML American Funds Growth Fund Asset Allocation (% of Net Assets) on 6/30/21
Equity Funds	100.1%
Total Long-Term Investments	100.1%
Other Assets & Liabilities	(0.1)%
Net Assets	100.0%

MML American Funds International Fund – Portfolio Summaries (Unaudited)

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

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

MML American Funds International Fund Asset Allocation (% of Net Assets) on 6/30/21
Mutual Funds	100.2%
Total Long-Term Investments	100.2%
Other Assets and Liabilities	(0.2)%
Net Assets	100.0%

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

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

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

MML American Funds Core Allocation Fund Asset Allocation (% of Net Assets) on 6/30/21
Equity Funds	66.7%
Fixed Income Funds	33.4%
Total Long-Term Investments	100.1%
Other Assets & Liabilities	(0.1)%
Net Assets	100.0%

MML Blue Chip Growth Fund – Portfolio Summaries (Unaudited)

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

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

MML Blue Chip Growth Fund Largest Holdings (% of Net Assets) on 6/30/21
Amazon.com, Inc.	10.9%
Facebook, Inc. Class A	7.4%
Alphabet, Inc. Class C	6.9%
Microsoft Corp.	5.8%
Apple, Inc.	4.4%
Visa, Inc. Class A	3.2%
Intuit, Inc.	2.7%
PayPal Holdings, Inc.	2.7%
ServiceNow, Inc.	2.1%
Mastercard, Inc. Class A	2.1%
	48.2%

MML Blue Chip Growth Fund Sector Table (% of Net Assets) on 6/30/21
Communications	40.4%
Technology	28.7%
Consumer, Non-cyclical	16.9%
Financial	7.1%
Consumer, Cyclical	5.6%
Industrial	0.7%
Basic Materials	0.3%
Mutual Funds	0.2%
Total Long-Term Investments	99.9%
Short-Term Investments and Other Assets and Liabilities	0.1%
Net Assets	100.0%

MML Equity Income Fund – Portfolio Summaries (Unaudited)

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

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

MML Equity Income Fund Largest Holdings (% of Net Assets) on 6/30/21
Wells Fargo & Co.	3.8%
General Electric Co.	2.9%
United Parcel Service, Inc. Class B	2.6%
QUALCOMM, Inc.	2.5%
The Southern Co.	2.3%
American International Group, Inc.	2.1%
MetLife, Inc.	2.1%
Anthem, Inc.	2.0%
International Paper Co.	1.8%
Chubb Ltd.	1.8%
	23.9%

MML Equity Income Fund Sector Table (% of Net Assets) on 6/30/21
Financial	26.9%
Consumer, Non-cyclical	22.0%
Industrial	10.6%
Utilities	8.2%
Technology	7.6%
Energy	6.2%
Communications	6.0%
Basic Materials	5.8%
Consumer, Cyclical	5.6%
Mutual Funds	0.3%
Total Long-Term Investments	99.2%
Short-Term Investments and Other Assets and Liabilities	0.8%
Net Assets	100.0%

MML Equity Index Fund – Portfolio Summaries (Unaudited)

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

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

MML Equity Index Fund Largest Holdings (% of Net Assets) on 6/30/21
Apple, Inc.	5.9%
Microsoft Corp.	5.6%
Amazon.com, Inc.	4.0%
Facebook, Inc. Class A	2.3%
Alphabet, Inc. Class A	2.0%
Alphabet, Inc. Class C	2.0%
Berkshire Hathaway, Inc. Class B	1.4%
Tesla, Inc.	1.4%
NVIDIA Corp.	1.4%
JP Morgan Chase & Co.	1.3%
	27.3%

MML Equity Index Fund Sector Table (% of Net Assets) on 6/30/21
Technology	23.0%
Consumer, Non-cyclical	19.9%
Communications	16.3%
Financial	15.1%
Consumer, Cyclical	9.4%
Industrial	8.2%
Energy	2.9%
Utilities	2.4%
Basic Materials	2.1%
Mutual Funds	0.0%
Total Long-Term Investments	99.3%
Short-Term Investments and Other Assets and Liabilities	0.7%
Net Assets	100.0%

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

MML Focused Equity Fund – Portfolio Summaries (Unaudited) (Continued)

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

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

MML Focused Equity Fund Largest Holdings (% of Net Assets) on 6/30/21
Diageo PLC	5.3%
Colgate-Palmolive Co.	5.2%
The TJX Cos., Inc.	5.2%
Marsh & McLennan Cos., Inc.	5.0%
Northrop Grumman Corp.	4.9%
Johnson & Johnson	4.9%
UnitedHealth Group, Inc.	4.8%
Medtronic PLC	4.8%
American Express Co.	4.7%
PepsiCo, Inc.	4.6%
	49.4%

MML Focused Equity Fund Sector Table (% of Net Assets) on 6/30/21
Consumer, Non-cyclical	40.8%
Financial	18.9%
Consumer, Cyclical	14.1%
Industrial	11.5%
Basic Materials	6.1%
Technology	5.5%
Total Long-Term Investments	96.9%
Short-Term Investments and Other Assets and Liabilities	3.1%
Net Assets	100.0%

MML Foreign Fund – Portfolio Summaries (Unaudited)

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

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

MML Foreign Fund Largest Holdings (% of Net Assets) on 6/30/21
Sony Group Corp.	2.7%
Nestle SA Registered	1.9%
Samsung Electronics Co. Ltd.	1.9%
Seven & i Holdings Co. Ltd.	1.9%
Toyota Industries Corp.	1.8%
Engie SA	1.8%
Siemens AG Registered	1.8%
UBS Group AG Registered	1.7%
ORIX Corp.	1.7%
Unilever PLC	1.7%
	18.9%

MML Foreign Fund Sector Table (% of Net Assets) on 6/30/21
Consumer, Non-cyclical	25.8%
Financial	18.8%
Industrial	13.6%
Consumer, Cyclical	12.8%
Technology	11.3%
Basic Materials	7.0%
Energy	3.4%
Utilities	3.2%
Communications	1.9%
Diversified	1.3%
Mutual Funds	0.8%
Total Long-Term Investments	99.9%
Short-Term Investments and Other Assets and Liabilities	0.1%
Net Assets	100.0%

MML Fundamental Equity Fund – Portfolio Summaries (Unaudited)

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

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

MML Fundamental Equity Fund Largest Holdings (% of Net Assets) on 6/30/21
Microsoft Corp.	7.5%
Amazon.com, Inc.	5.9%
Facebook, Inc. Class A	3.9%
JP Morgan Chase & Co.	3.1%
UnitedHealth Group, Inc.	2.9%
United Parcel Service, Inc. Class B	2.8%
Prologis, Inc.	2.5%
QUALCOMM, Inc.	2.5%
HCA Healthcare, Inc.	2.4%
Applied Materials, Inc.	2.2%
	35.7%

MML Fundamental Equity Fund Sector Table (% of Net Assets) on 6/30/21
Technology	23.0%
Consumer, Non-cyclical	20.1%
Communications	17.6%
Financial	15.8%
Industrial	11.5%
Consumer, Cyclical	7.6%
Utilities	1.9%
Energy	1.9%
Basic Materials	0.5%
Mutual Funds	0.0%
Total Long-Term Investments	99.9%
Short-Term Investments and Other Assets and Liabilities	0.1%
Net Assets	100.0%

MML Fundamental Value Fund – Portfolio Summaries (Unaudited)

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

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

MML Fundamental Value Fund Largest Holdings (% of Net Assets) on 6/30/21
JP Morgan Chase & Co.	3.2%
Johnson & Johnson	3.1%
Berkshire Hathaway, Inc. Class B	2.9%
Cisco Systems, Inc.	2.7%
Alphabet, Inc. Class A	2.1%
ConocoPhillips	2.1%
AutoZone, Inc.	2.0%
Cigna Corp.	2.0%
Anthem, Inc.	1.9%
Applied Materials, Inc.	1.9%
	23.9%

MML Fundamental Value Fund Sector Table (% of Net Assets) on 6/30/21
Financial	21.6%
Consumer, Non-cyclical	19.9%
Industrial	13.0%
Technology	11.3%
Consumer, Cyclical	10.8%
Communications	8.7%
Energy	7.8%
Basic Materials	4.1%
Utilities	1.6%
Total Long-Term Investments	98.8%
Short-Term Investments and Other Assets and Liabilities	1.2%
Net Assets	100.0%

MML Global Fund – Portfolio Summaries (Unaudited)

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

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

MML Global Fund Largest Holdings (% of Net Assets) on 6/30/21
Comcast Corp. Class A	3.3%
Thermo Fisher Scientific, Inc.	3.2%
Visa, Inc. Class A	3.0%
Medtronic PLC	2.8%
Schneider Electric SE	2.8%
Roche Holding AG	2.6%
LVMH Moet Hennessy Louis Vuitton SE	2.4%
Accenture PLC Class A	2.4%
Nestle SA Registered	2.4%
Diageo PLC	2.3%
	27.2%

MML Global Fund Sector Table (% of Net Assets) on 6/30/21
Consumer, Non-cyclical	35.7%
Industrial	19.2%
Financial	11.8%
Technology	9.9%
Communications	8.8%
Consumer, Cyclical	6.9%
Basic Materials	6.6%
Mutual Funds	0.2%
Total Long-Term Investments	99.1%
Short-Term Investments and Other Assets and Liabilities	0.9%
Net Assets	100.0%

MML Growth & Income Fund – Portfolio Summaries (Unaudited)

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

The Fund seeks capital appreciation and income by investing, under normal circumstances, at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in equity securities and equity-related securities, including convertible securities, preferred stocks, options, and warrants, of U.S. companies with market capitalizations at the time of purchase greater than $1 billion. The Fund’s subadviser is Massachusetts Financial Services Company (MFS).

MML Growth & Income Fund Largest Holdings (% of Net Assets) on 6/30/21
Microsoft Corp.	5.3%
Alphabet, Inc. Class A	4.9%
JP Morgan Chase & Co.	2.6%
Bank of America Corp.	2.4%
Apple, Inc.	2.3%
Visa, Inc. Class A	2.2%
Facebook, Inc. Class A	2.2%
Johnson & Johnson	2.1%
American Tower Corp.	2.1%
Honeywell International, Inc.	1.9%
	28.0%

MML Growth & Income Fund Sector Table (% of Net Assets) on 6/30/21
Consumer, Non-cyclical	24.1%
Technology	20.3%
Financial	19.8%
Communications	11.3%
Industrial	9.9%
Consumer, Cyclical	9.8%
Basic Materials	2.5%
Energy	1.1%
Utilities	0.5%
Total Long-Term Investments	99.3%
Short-Term Investments and Other Assets and Liabilities	0.7%
Net Assets	100.0%

MML Income & Growth Fund – Portfolio Summaries (Unaudited)

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

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

MML Income & Growth Fund Largest Holdings (% of Net Assets) on 6/30/21
Merck & Co., Inc.	2.8%
Wells Fargo & Co.	2.8%
JP Morgan Chase & Co.	2.5%
Hess Corp.	2.3%
International Flavors & Fragrances, Inc.	2.3%
Comcast Corp. Class A	2.3%
Phillips 66	2.3%
General Dynamics Corp.	2.3%
Raytheon Technologies Corp.	2.3%
Coca-Cola Europacific Partners PLC	2.3%
	24.2%

MML Income & Growth Fund Sector Table (% of Net Assets) on 6/30/21
Financial	26.2%
Consumer, Non-cyclical	24.4%
Industrial	13.9%
Consumer, Cyclical	9.0%
Energy	6.1%
Technology	6.0%
Basic Materials	5.1%
Utilities	4.9%
Communications	4.1%
Total Long-Term Investments	99.7%
Short-Term Investments and Other Assets and Liabilities	0.3%
Net Assets	100.0%

MML International Equity Fund – Portfolio Summaries (Unaudited)

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

The Fund seeks long-term capital growth by investing, under normal circumstances, at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in equity securities of non-U.S. companies located in non-U.S. markets throughout the world, including emerging markets. The Fund may invest a substantial portion of its assets in just one region or country and may, but does not currently intend to, invest in U.S. companies. Ordinarily, the Fund’s portfolio typically holds thirty to sixty stocks and the Fund invests in the securities of at least five countries outside the U.S. The Fund’s subadviser is Harris Associates L.P. (Harris).

MML International Equity Fund Largest Holdings (% of Net Assets) on 6/30/21
Lloyds Banking Group PLC	4.2%
Intesa Sanpaolo SpA	4.0%
Bayer AG Registered	3.8%
Bayerische Motoren Werke AG	3.7%
Daimler AG Registered	3.6%
BNP Paribas SA	3.6%
Allianz SE Registered	3.5%
Glencore PLC	3.4%
Credit Suisse Group AG Registered	3.3%
Continental AG	3.3%
	36.4%

MML International Equity Fund Sector Table (% of Net Assets) on 6/30/21
Financial	27.2%
Consumer, Cyclical	22.8%
Consumer, Non-cyclical	15.7%
Communications	12.1%
Industrial	8.4%
Basic Materials	5.9%
Technology	4.4%
Energy	1.3%
Total Long-Term Investments	97.8%
Short-Term Investments and Other Assets and Liabilities	2.2%
Net Assets	100.0%

MML Large Cap Growth Fund – Portfolio Summaries (Unaudited)

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

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

MML Large Cap Growth Fund Largest Holdings (% of Net Assets) on 6/30/21
Amazon.com, Inc.	6.8%
Facebook, Inc. Class A	6.4%
NVIDIA Corp.	6.1%
Visa, Inc. Class A	5.4%
Autodesk, Inc.	4.4%
The Boeing Co.	4.4%
Microsoft Corp.	4.2%
Alibaba Group Holding Ltd. Sponsored ADR	4.0%
Deere & Co.	3.9%
Oracle Corp.	3.9%
	49.5%

MML Large Cap Growth Fund Sector Table (% of Net Assets) on 6/30/21
Communications	30.2%
Technology	26.6%
Consumer, Non-cyclical	18.3%
Industrial	10.8%
Financial	6.8%
Consumer, Cyclical	4.6%
Energy	1.6%
Total Long-Term Investments	98.9%
Short-Term Investments and Other Assets and Liabilities	1.1%
Net Assets	100.0%

MML Managed Volatility Fund – Portfolio Summaries (Unaudited)

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

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

MML Managed Volatility Fund Largest Holdings (% of Net Assets) on 6/30/21
Apple, Inc.	5.9%
Microsoft Corp.	5.6%
Amazon.com, Inc.	4.1%
Facebook, Inc. Class A	2.3%
Alphabet, Inc. Class C	2.0%
Alphabet, Inc. Class A	2.0%
Berkshire Hathaway, Inc. Class B	1.4%
Tesla, Inc.	1.4%
NVIDIA Corp.	1.4%
JP Morgan Chase & Co.	1.3%
	27.4%

MML Managed Volatility Fund Sector Table (% of Net Assets) on 6/30/21
Technology	23.2%
Consumer, Non-cyclical	20.0%
Communications	16.4%
Financial	15.2%
Consumer, Cyclical	9.5%
Industrial	8.2%
Energy	2.9%
Utilities	2.5%
Basic Materials	2.1%
Purchased Options	0.6%
Mutual Funds	0.0%
Total Long-Term Investments	100.6%
Short-Term Investments and Other Assets and Liabilities	(0.6)%
Net Assets	100.0%

MML Mid Cap Growth Fund – Portfolio Summaries (Unaudited)

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

The Fund seeks long-term capital appreciation by investing primarily in equity securities of mid-capitalization companies that the Fund’s subadvisers believe offer the potential for above-average earnings growth. Under normal circumstances, the Fund invests at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in a broadly diversified portfolio of common stocks of mid-cap companies whose earnings the Fund’s subadvisers expect to grow at a faster rate than the average company. The Fund’s two subadvisers are T. Rowe Price Associates, Inc. (T. Rowe Price), which managed approximately 74% of the Fund’s portfolio; and Wellington Management Company LLP (Wellington Management), which managed approximately 26% of the Fund’s portfolio, as of June 30, 2021.

MML Mid Cap Growth Fund Largest Holdings (% of Net Assets) on 6/30/21
Burlington Stores, Inc.	2.2%
TransUnion	2.2%
Match Group, Inc.	1.9%
KLA Corp.	1.9%
Hologic, Inc.	1.7%
Hilton Worldwide Holdings, Inc.	1.7%
Seagen, Inc.	1.6%
Teleflex, Inc.	1.6%
Microchip Technology, Inc.	1.6%
Agilent Technologies, Inc.	1.6%
	18.0%

MML Mid Cap Growth Fund Sector Table (% of Net Assets) on 6/30/21
Consumer, Non-cyclical	31.8%
Technology	19.3%
Consumer, Cyclical	16.7%
Industrial	15.8%
Communications	7.5%
Financial	5.1%
Utilities	0.9%
Mutual Funds	0.8%
Basic Materials	0.7%
Energy	0.3%
Diversified	0.0%
Total Long-Term Investments	98.9%
Short-Term Investments and Other Assets and Liabilities	1.1%
Net Assets	100.0%

MML Mid Cap Value Fund – Portfolio Summaries (Unaudited)

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

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

MML Mid Cap Value Fund Largest Holdings (% of Net Assets) on 6/30/21
Zimmer Biomet Holdings, Inc.	3.0%
The Bank of New York Mellon Corp.	2.5%
Northern Trust Corp.	2.2%
Emerson Electric Co.	2.1%
Chubb Ltd.	2.0%
Advance Auto Parts, Inc.	2.0%
Conagra Brands, Inc.	1.9%
Cerner Corp.	1.9%
Quest Diagnostics, Inc.	1.9%
Universal Health Services, Inc. Class B	1.9%
	21.4%

MML Mid Cap Value Fund Sector Table (% of Net Assets) on 6/30/21
Financial	24.5%
Consumer, Non-cyclical	22.9%
Industrial	16.0%
Consumer, Cyclical	12.8%
Utilities	7.7%
Technology	5.1%
Energy	4.6%
Communications	3.1%
Basic Materials	2.3%
Total Long-Term Investments	99.0%
Short-Term Investments and Other Assets and Liabilities	1.0%
Net Assets	100.0%

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

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

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

MML Small Cap Growth Equity Fund Largest Holdings (% of Net Assets) on 6/30/21
Rapid7, Inc.	1.6%
Perficient, Inc.	1.5%
Ollie’s Bargain Outlet Holdings, Inc.	1.4%
Tower Semiconductor Ltd.	1.4%
Skyline Champion Corp.	1.3%
Cardlytics, Inc.	1.2%
LHC Group, Inc.	1.2%
Shutterstock, Inc.	1.1%
Calix, Inc.	1.1%
Globus Medical, Inc. Class A	1.1%
	12.9%

MML Small Cap Growth Equity Fund Sector Table (% of Net Assets) on 6/30/21
Consumer, Non-cyclical	25.7%
Financial	16.0%
Technology	16.2%
Industrial	15.7%
Consumer, Cyclical	13.1%
Communications	7.2%
Energy	2.8%
Mutual Funds	1.2%
Basic Materials	0.7%
Utilities	0.5%
Total Long-Term Investments	99.1%
Short-Term Investments and Other Assets and Liabilities	0.9%
Net Assets	100.0%

MML Small Company Value Fund – Portfolio Summaries (Unaudited)

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

The Fund seeks long-term capital appreciation by investing primarily in equity securities that the Fund’s subadviser believes are undervalued. Under normal circumstances, the Fund invests at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in the securities of companies whose market capitalizations at the time of purchase are within the market capitalization range of companies included in the Russell 2000^® Index. The Fund’s subadviser is T. Rowe Price Associates, Inc. (T. Rowe Price).

MML Small Company Value Fund Largest Holdings (% of Net Assets) on 6/30/21
Western Alliance Bancorp	1.6%
Pinnacle Financial Partners, Inc.	1.4%
Littelfuse, Inc.	1.4%
UFP Industries, Inc.	1.3%
Matador Resources Co.	1.3%
Home BancShares, Inc.	1.3%
Belden, Inc.	1.2%
Select Medical Holdings Corp.	1.2%
Chesapeake Utilities Corp.	1.2%
ChampionX Corp.	1.2%
	13.1%

MML Small Company Value Fund Sector Table (% of Net Assets) on 6/30/21
Financial	33.5%
Consumer, Non-cyclical	15.1%
Industrial	14.6%
Consumer, Cyclical	12.0%
Energy	6.0%
Basic Materials	5.4%
Utilities	4.3%
Technology	3.9%
Communications	3.6%
Mutual Funds	0.1%
Total Long-Term Investments	98.5%
Short-Term Investments and Other Assets and Liabilities	1.5%
Net Assets	100.0%

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

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

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

MML Small/Mid Cap Value Fund Largest Holdings (% of Net Assets) on 6/30/21
Robert Half International, Inc.	1.8%
PulteGroup, Inc.	1.7%
MEDNAX, Inc.	1.6%
Sealed Air Corp.	1.6%
Oshkosh Corp.	1.6%
First Citizens BancShares, Inc. Class A	1.5%
Comerica, Inc.	1.5%
Synovus Financial Corp.	1.4%
AECOM	1.4%
IDACORP, Inc.	1.4%
	15.5%

MML Small/Mid Cap Value Fund Sector Table (% of Net Assets) on 6/30/21
Financial	30.3%
Consumer, Cyclical	22.7%
Industrial	18.5%
Consumer, Non-cyclical	9.5%
Basic Materials	5.9%
Technology	5.2%
Energy	3.6%
Utilities	2.1%
Communications	1.7%
Total Long-Term Investments	99.5%
Short-Term Investments and Other Assets and Liabilities	0.5%
Net Assets	100.0%

MML Total Return Bond Fund – Portfolio Summaries (Unaudited)

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

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

MML Total Return Bond Fund Portfolio Characteristics (% of Net Assets) on 6/30/21
U.S. Treasury Obligations	39.8%
U.S. Government Agency Obligations and Instrumentalities	32.6%
Corporate Debt	22.2%
Non-U.S. Government Agency Obligations	12.9%
Bank Loans	1.6%
Municipal Obligations	1.2%
Sovereign Debt Obligations	0.9%
Mutual Funds	0.0%
Purchased Options	0.0%
Total Long-Term Investments	111.2%
Short-Term Investments and Other Assets and Liabilities	(11.2)%
Net Assets	100.0%

MML Conservative Allocation Fund – Portfolio of Investments

June 30, 2021 (Unaudited)

	Number of Shares		Value
MUTUAL FUNDS — 100.1%
Equity Funds — 42.5%
Invesco Oppenheimer V.I. International Growth Fund, Series I		88,581	$	275,486
Invesco V.I. Discovery Mid Cap Growth Fund, Series I		5,148		601,581
Invesco V.I. Global Fund, Series I		2,298		133,809
Invesco V.I. Main Street Fund, Series I		31,013		1,077,685
MML Blue Chip Growth Fund, Initial Class (a)		624,445		14,399,703
MML Equity Income Fund, Initial Class (a)		1,314,605		15,998,741
MML Equity Index Fund, Class III (a)		37,695		1,258,254
MML Focused Equity Fund, Class II (a)		2,540,396		20,196,145
MML Foreign Fund, Initial Class (a)		821,960		9,131,974
MML Fundamental Equity Fund, Class II (a)		1,032,535		12,875,710
MML Fundamental Value Fund, Class II (a)		1,141,618		16,062,559
MML Global Fund, Class I (a)		1,249,907		19,523,545
MML Income & Growth Fund, Initial Class (a)		1,199,952		14,351,429
MML International Equity Fund, Class II (a)		732,494		8,299,158
MML Large Cap Growth Fund, Initial Class (a)		324,716		5,159,734
MML Mid Cap Growth Fund, Initial Class (a)		698,630		13,825,890
MML Mid Cap Value Fund, Initial Class (a)		913,051		11,203,139
MML Small Cap Growth Equity Fund, Initial Class (a)		62,011		1,126,158
MML Small Company Value Fund, Class II (a)		233,776		4,154,191
MML Small/Mid Cap Value Fund, Initial Class (a)		264,854		3,673,520
MML Strategic Emerging Markets Fund, Class II (a)		85,012		1,313,435
				174,641,846
Fixed Income Funds — 57.6%
Invesco V.I. Global Strategic Income Fund, Series I		2,363,368		11,107,831
MML Dynamic Bond Fund, Class II (a)		4,364,147		45,518,050
MML High Yield Fund, Class II (a)		965,722		10,323,573
MML Inflation-Protected and Income Fund, Initial Class (a)		1,662,161		19,397,414
MML Managed Bond Fund, Initial Class (a)		6,065,077		82,871,902

	Number of Shares		Value
MML Short-Duration Bond Fund, Class II (a)		2,122,524	$	21,310,140
MML Total Return Bond Fund, Class II (a)		4,177,398		46,577,984
				237,106,894

TOTAL MUTUAL FUNDS (Cost $359,527,843)				411,748,740

TOTAL LONG-TERM INVESTMENTS (Cost $359,527,843)				411,748,740

TOTAL INVESTMENTS — 100.1% (Cost $359,527,843) ^(b)				411,748,740

Other Assets/(Liabilities) — (0.1)%				(328,792	)

NET ASSETS — 100.0%			$	411,419,948

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

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

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

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

MML Balanced Allocation Fund – Portfolio of Investments

June 30, 2021 (Unaudited)

	Number of Shares		Value
MUTUAL FUNDS — 100.1%
Equity Funds — 50.5%
Invesco Oppenheimer V.I. International Growth Fund, Series I		181,925	$	565,787
Invesco V.I. Discovery Mid Cap Growth Fund, Series I		4,363		509,861
Invesco V.I. Global Fund, Series I		11,937		695,086
Invesco V.I. Main Street Fund, Series I		15,693		545,337
MML Blue Chip Growth Fund, Initial Class (a)		913,635		21,068,425
MML Equity Income Fund, Initial Class (a)		1,598,949		19,459,205
MML Equity Index Fund, Class III (a)		44,798		1,495,358
MML Focused Equity Fund, Class II (a)		3,023,471		24,036,597
MML Foreign Fund, Initial Class (a)		1,245,226		13,834,458
MML Fundamental Equity Fund, Class II (a)		1,916,746		23,901,828
MML Fundamental Value Fund, Class II (a)		1,282,536		18,045,275
MML Global Fund, Class I (a)		1,643,044		25,664,354
MML Income & Growth Fund, Initial Class (a)		1,525,269		18,242,211
MML International Equity Fund, Class II (a)		1,336,641		15,144,141
MML Large Cap Growth Fund, Initial Class (a)		647,224		10,284,390
MML Mid Cap Growth Fund, Initial Class (a)		964,332		19,084,128
MML Mid Cap Value Fund, Initial Class (a)		1,279,960		15,705,103
MML Small Cap Growth Equity Fund, Initial Class (a)		99,027		1,798,402
MML Small Company Value Fund, Class II (a)		292,657		5,200,523
MML Small/Mid Cap Value Fund, Initial Class (a)		363,479		5,041,454
MML Strategic Emerging Markets Fund, Class II (a)		292,243		4,515,149
				244,837,072
Fixed Income Funds — 49.6%
Invesco V.I. Global Strategic Income Fund, Series I		2,245,948		10,555,955
MML Dynamic Bond Fund, Class II (a)		4,625,796		48,247,055
MML High Yield Fund, Class II (a)		990,409		10,587,469
MML Inflation-Protected and Income Fund, Initial Class (a)		1,701,746		19,859,373
MML Managed Bond Fund, Initial Class (a)		5,896,935		80,574,445

	Number of Shares		Value
MML Short-Duration Bond Fund, Class II (a)		2,227,264	$	22,361,735
MML Total Return Bond Fund, Class II (a)		4,308,353		48,038,140
				240,224,172

TOTAL MUTUAL FUNDS (Cost $415,527,139)				485,061,244

TOTAL LONG-TERM INVESTMENTS (Cost $415,527,139)				485,061,244

TOTAL INVESTMENTS — 100.1% (Cost $415,527,139) ^(b)				485,061,244

Other Assets/(Liabilities) — (0.1)%				(380,672	)

NET ASSETS — 100.0%			$	484,680,572

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

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

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

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

MML Moderate Allocation Fund – Portfolio of Investments

June 30, 2021 (Unaudited)

	Number of Shares		Value
MUTUAL FUNDS — 100.1%
Equity Funds — 62.6%
Invesco Oppenheimer V.I. International Growth Fund, Series I		94,194	$	292,943
Invesco V.I. Discovery Mid Cap Growth Fund, Series I		5,000		584,220
Invesco V.I. Global Fund, Series I		6,005		349,642
MML Blue Chip Growth Fund, Initial Class (a)		4,148,142		95,656,163
MML Equity Income Fund, Initial Class (a)		7,203,016		87,660,704
MML Equity Index Fund, Class III (a)		199,524		6,660,100
MML Focused Equity Fund, Class II (a)		16,411,188		130,468,941
MML Foreign Fund, Initial Class (a)		5,530,066		61,439,030
MML Fundamental Equity Fund, Class II (a)		5,498,782		68,569,816
MML Fundamental Value Fund, Class II (a)		6,239,353		87,787,702
MML Global Fund, Class I (a)		10,197,663		159,287,492
MML Income & Growth Fund, Initial Class (a)		6,914,878		82,701,939
MML International Equity Fund, Class II (a)		6,351,385		71,961,193
MML Large Cap Growth Fund, Initial Class (a)		2,352,709		37,384,547
MML Mid Cap Growth Fund, Initial Class (a)		4,557,574		90,194,387
MML Mid Cap Value Fund, Initial Class (a)		6,028,851		73,973,996
MML Small Cap Growth Equity Fund, Initial Class (a)		663,581		12,051,072
MML Small Company Value Fund, Class II (a)		1,519,668		27,004,505
MML Small/Mid Cap Value Fund, Initial Class (a)		1,552,210		21,529,157
MML Strategic Emerging Markets Fund, Class II (a)		2,387,346		36,884,499
				1,152,442,048
Fixed Income Funds — 37.5%
Invesco V.I. Global Strategic Income Fund, Series I		4,396,719		20,664,580
MML Dynamic Bond Fund, Class II (a)		14,099,961		147,062,595
MML High Yield Fund, Class II (a)		781,802		8,357,463
MML Inflation-Protected and Income Fund, Initial Class (a)		4,835,905		56,435,009
MML Managed Bond Fund, Initial Class (a)		18,423,872		251,739,809
MML Short-Duration Bond Fund, Class II (a)		6,594,967		66,213,466

	Number of Shares		Value
MML Total Return Bond Fund, Class II (a)		12,647,975	$	141,024,918
				691,497,840

TOTAL MUTUAL FUNDS (Cost $1,573,166,115)				1,843,939,888

TOTAL LONG-TERM INVESTMENTS (Cost $1,573,166,115)				1,843,939,888

TOTAL INVESTMENTS — 100.1% (Cost $1,573,166,115) ^(b)				1,843,939,888

Other Assets/(Liabilities) — (0.1)%				(1,427,723	)

NET ASSETS — 100.0%			$	1,842,512,165

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

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

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

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

MML Growth Allocation Fund – Portfolio of Investments

June 30, 2021 (Unaudited)

	Number of Shares		Value
MUTUAL FUNDS — 100.1%
Equity Funds — 75.4%
Invesco Oppenheimer V.I. International Growth Fund, Series I		165,622	$	515,084
Invesco V.I. Discovery Mid Cap Growth Fund, Series I		5,785		675,990
Invesco V.I. Global Fund, Series I		61,988		3,609,573
MML Blue Chip Growth Fund, Initial Class (a)		3,437,399		79,266,411
MML Equity Income Fund, Initial Class (a)		5,779,133		70,332,051
MML Equity Index Fund, Class III (a)		152,000		5,073,768
MML Focused Equity Fund, Class II (a)		10,607,782		84,331,865
MML Foreign Fund, Initial Class (a)		4,435,081		49,273,748
MML Fundamental Equity Fund, Class II (a)		4,103,184		51,166,699
MML Fundamental Value Fund, Class II (a)		4,668,051		65,679,481
MML Global Fund, Class I (a)		8,107,618		126,640,991
MML Income & Growth Fund, Initial Class (a)		5,742,860		68,684,610
MML International Equity Fund, Class II (a)		5,296,850		60,013,308
MML Large Cap Growth Fund, Initial Class (a)		1,787,210		28,398,770
MML Mid Cap Growth Fund, Initial Class (a)		3,758,278		74,376,331
MML Mid Cap Value Fund, Initial Class (a)		5,195,513		63,748,950
MML Small Cap Growth Equity Fund, Initial Class (a)		692,388		12,574,216
MML Small Company Value Fund, Class II (a)		1,470,052		26,122,818
MML Small/Mid Cap Value Fund, Initial Class (a)		1,547,905		21,469,440
MML Strategic Emerging Markets Fund, Class II (a)		2,689,406		41,551,328
				933,505,432
Fixed Income Funds — 24.7%
Invesco V.I. Global Strategic Income Fund, Series I		3,026,281		14,223,521
MML Dynamic Bond Fund, Class II (a)		5,158,872		53,807,037
MML High Yield Fund, Class II (a)		1,391,602		14,876,231
MML Inflation-Protected and Income Fund, Initial Class (a)		4,070,283		47,500,199
MML Managed Bond Fund, Initial Class (a)		6,980,964		95,386,381
MML Short-Duration Bond Fund, Class II (a)		3,005,041		30,170,614

	Number of Shares		Value
MML Total Return Bond Fund, Class II (a)		4,528,594	$	50,493,825
				306,457,808

TOTAL MUTUAL FUNDS (Cost $1,022,627,012)				1,239,963,240

TOTAL LONG-TERM INVESTMENTS (Cost $1,022,627,012)				1,239,963,240

TOTAL INVESTMENTS — 100.1% (Cost $1,022,627,012) ^(b)				1,239,963,240

Other Assets/(Liabilities) — (0.1)%				(834,002	)

NET ASSETS — 100.0%			$	1,239,129,238

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

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

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

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

MML Aggressive Allocation Fund – Portfolio of Investments

June 30, 2021 (Unaudited)

	Number of Shares		Value
MUTUAL FUNDS — 100.1%
Equity Funds — 88.6%
Invesco Oppenheimer V.I. International Growth Fund, Series I		59,904	$	186,303
Invesco V.I. Discovery Mid Cap Growth Fund, Series I		18,006		2,103,957
Invesco V.I. Global Fund, Series I		36,994		2,154,170
Invesco V.I. Main Street Fund, Series I		7,772		270,087
MML Blue Chip Growth Fund, Initial Class (a)		493,907		11,389,486
MML Equity Income Fund, Initial Class (a)		852,791		10,378,462
MML Equity Index Fund, Class III (a)		23,863		796,534
MML Focused Equity Fund, Class II (a)		2,016,088		16,027,899
MML Foreign Fund, Initial Class (a)		705,807		7,841,521
MML Fundamental Equity Fund, Class II (a)		679,667		8,475,444
MML Fundamental Value Fund, Class II (a)		729,422		10,262,961
MML Global Fund, Class I (a)		1,267,476		19,797,971
MML Income & Growth Fund, Initial Class (a)		927,122		11,088,381
MML International Equity Fund, Class II (a)		773,305		8,761,542
MML Large Cap Growth Fund, Initial Class (a)		247,302		3,929,631
MML Mid Cap Growth Fund, Initial Class (a)		632,616		12,519,473
MML Mid Cap Value Fund, Initial Class (a)		710,930		8,723,106
MML Small Cap Growth Equity Fund, Initial Class (a)		133,819		2,430,245
MML Small Company Value Fund, Class II (a)		233,949		4,157,279
MML Small/Mid Cap Value Fund, Initial Class (a)		209,412		2,904,543
MML Strategic Emerging Markets Fund, Class II (a)		496,776		7,675,189
				151,874,184
Fixed Income Funds — 11.5%
Invesco V.I. Global Strategic Income Fund, Series I		273,014		1,283,166
MML Dynamic Bond Fund, Class II (a)		140,691		1,467,406
MML High Yield Fund, Class II (a)		154,436		1,650,921
MML Inflation-Protected and Income Fund, Initial Class (a)		333,682		3,894,067
MML Managed Bond Fund, Initial Class (a)		253,356		3,461,807

	Number of Shares		Value
MML Short-Duration Bond Fund, Class II (a)		261,914	$	2,629,619
MML Total Return Bond Fund, Class II (a)		474,136		5,286,621
				19,673,607

TOTAL MUTUAL FUNDS (Cost $140,982,971)				171,547,791

TOTAL LONG-TERM INVESTMENTS (Cost $140,982,971)				171,547,791

TOTAL INVESTMENTS — 100.1% (Cost $140,982,971) ^(b)				171,547,791

Other Assets/(Liabilities) — (0.1)%				(128,868	)

NET ASSETS — 100.0%			$	171,418,923

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

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

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

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

MML American Funds Growth Fund – Portfolio of Investments

June 30, 2021 (Unaudited)

	Number of Shares		Value
MUTUAL FUNDS — 100.1%
Equity Funds — 100.1%
American Funds Growth Fund, Class 1		2,392,590	$	283,019,475

TOTAL MUTUAL FUNDS (Cost $192,292,027)				283,019,475

TOTAL LONG-TERM INVESTMENTS (Cost $192,292,027)				283,019,475

TOTAL INVESTMENTS — 100.1% (Cost $192,292,027) ^(a)				283,019,475

Other Assets/(Liabilities) — (0.1)%				(315,341	)

NET ASSETS — 100.0%			$	282,704,134

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

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

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

MML American Funds International Fund – Portfolio of Investments

June 30, 2021 (Unaudited)

	Number of Shares		Value
MUTUAL FUNDS — 100.2%
Equity Funds — 100.2%
American Funds International Fund, Class 1		2,537,182	$	62,769,880

TOTAL MUTUAL FUNDS (Cost $48,823,599)				62,769,880

TOTAL LONG-TERM INVESTMENTS (Cost $48,823,599)				62,769,880

TOTAL INVESTMENTS — 100.2% (Cost $48,823,599) ^(a)				62,769,880

Other Assets/(Liabilities) — (0.2)%				(95,301	)

NET ASSETS — 100.0%			$	62,674,579

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

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

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

MML American Funds Core Allocation Fund – Portfolio of Investments

June 30, 2021 (Unaudited)

	Number of Shares		Value
MUTUAL FUNDS — 100.1%
Equity Funds — 66.7%
American Funds Washington Mutual Fund, Class 1		16,050,766	$	264,195,607
American Funds Growth-Income Fund, Class 1		4,253,567		265,592,698
American Funds International Fund, Class 1		4,367,499		108,051,924
				637,840,229
Fixed Income Funds — 33.4%
American Funds The Bond Fund of America, Class 1		28,248,041		319,485,347

TOTAL MUTUAL FUNDS (Cost $804,601,154)				957,325,576

TOTAL LONG-TERM INVESTMENTS (Cost $804,601,154)				957,325,576

TOTAL INVESTMENTS — 100.1% (Cost $804,601,154) ^(a)				957,325,576

Other Assets/(Liabilities) — (0.1)%				(945,678	)

NET ASSETS — 100.0%			$	956,379,898

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

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

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

MML Blue Chip Growth Fund – Portfolio of Investments

June 30, 2021 (Unaudited)

	Number of Shares		Value
EQUITIES — 99.7%
COMMON STOCK — 99.2%
Basic Materials — 0.3%
Chemicals — 0.3%
Linde PLC		4,763	$	1,376,983
The Sherwin-Williams Co.		1,395		380,068
				1,757,051
				1,757,051
Communications — 40.4%
Internet — 40.1%
Alibaba Group Holding Ltd. Sponsored ADR (a)		19,076		4,326,055
Alphabet, Inc. Class A (a)		3,545		8,656,145
Alphabet, Inc. Class C (a)		15,552		38,978,289
Amazon.com, Inc. (a)		17,977		61,843,756
Booking Holdings, Inc. (a)		1,729		3,783,208
Coupang, Inc. (a) (b)		2,935		122,742
DoorDash, Inc., Class A (a)		14,529		2,590,957
Etsy, Inc. (a)		6,900		1,420,296
Expedia Group, Inc. (a)		2,400		392,904
Facebook, Inc. Class A (a)		119,880		41,683,475
IAC/InterActiveCorp (a)		7,222		1,113,416
JD.com, Inc. ADR (a)		4,764		380,215
Match Group, Inc. (a)		37,075		5,978,344
Netflix, Inc. (a)		18,683		9,868,547
Pinduoduo, Inc. ADR (a)		660		83,833
Pinterest, Inc. Class A (a)		63,565		5,018,457
Roku, Inc. (a)		2,642		1,213,338
Sea Ltd. ADR (a)		40,485		11,117,181
Shopify, Inc. Class A (a)		2,344		3,424,537
Snap, Inc. Class A (a)		164,443		11,205,146
Spotify Technology SA (a)		8,619		2,375,310
Tencent Holdings Ltd.		140,400		10,560,767
Vimeo, Inc. (a)		8,237		403,613
Wayfair, Inc. Class A (a) (b)		200		63,142
Zendesk, Inc. (a)		674		97,285
				226,700,958
Media — 0.1%
The Walt Disney Co. (a)		3,879		681,812
Telecommunications — 0.2%
T-Mobile US, Inc. (a)		8,918		1,291,594
				228,674,364
Consumer, Cyclical — 5.2%
Apparel — 0.6%
NIKE, Inc. Class B		20,308		3,137,383
Auto Parts & Equipment — 0.1%
Aptiv PLC (a)		4,328		680,924

	Number of Shares		Value
Distribution & Wholesale — 0.1%
Copart, Inc. (a)		2,600	$	342,758
Entertainment — 0.2%
Live Nation Entertainment, Inc. (a)		14,000		1,226,260
Lodging — 0.2%
Hilton Worldwide Holdings, Inc. (a)		7,300		880,526
Marriott International, Inc. Class A (a)		2,437		332,700
				1,213,226
Retail — 4.0%
Carvana Co. (a) (b)		9,367		2,827,148
Chipotle Mexican Grill, Inc. (a)		2,510		3,891,353
Dollar General Corp.		18,668		4,039,569
Lululemon Athletica, Inc. (a)		11,848		4,324,165
McDonald’s Corp.		1,985		458,515
Ross Stores, Inc.		36,692		4,549,808
Starbucks Corp.		5,363		599,637
The TJX Cos., Inc.		13,932		939,295
Yum! Brands, Inc.		7,932		912,418
				22,541,908
				29,142,459
Consumer, Non-cyclical — 16.9%
Biotechnology — 0.3%
Exact Sciences Corp. (a)		267		33,191
Incyte Corp. (a)		12,178		1,024,535
Vertex Pharmaceuticals, Inc. (a)		1,990		401,244
				1,458,970
Commercial Services — 6.4%
Ant International Co. Ltd., Class C (Acquired 6/07/18, Cost $775,038) (a) (c) (d) (e)		138,153		973,979
Automatic Data Processing, Inc.		219		43,498
Cintas Corp.		1,756		670,792
CoStar Group, Inc. (a)		30,570		2,531,807
Equifax, Inc.		3,148		753,977
Global Payments, Inc.		52,211		9,791,651
PayPal Holdings, Inc. (a)		51,608		15,042,700
S&P Global, Inc.		11,491		4,716,481
Square, Inc. Class A (a)		2,561		624,372
TransUnion		7,514		825,112
				35,974,369
Cosmetics & Personal Care — 0.0%
The Estee Lauder Cos., Inc. Class A		700		222,656
Health Care – Products — 4.7%
Align Technology, Inc. (a)		1,274		778,414
Danaher Corp.		22,978		6,166,376
Dentsply Sirona, Inc.		23,644		1,495,720
Intuitive Surgical, Inc. (a)		9,241		8,498,393

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

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

	Number of Shares		Value
Stryker Corp.		25,829	$	6,708,566
Thermo Fisher Scientific, Inc.		5,639		2,844,706
				26,492,175
Health Care – Services — 3.5%
Anthem, Inc.		8,228		3,141,450
Centene Corp. (a)		22,907		1,670,608
HCA Healthcare, Inc.		19,904		4,114,953
Humana, Inc.		1,439		637,074
UnitedHealth Group, Inc.		26,332		10,544,386
				20,108,471
Household Products & Wares — 0.2%
Avery Dennison Corp.		4,800		1,009,152
Pharmaceuticals — 1.8%
AstraZeneca PLC Sponsored ADR (b)		21,100		1,263,890
Cigna Corp.		24,174		5,730,930
Eli Lilly & Co.		492		112,924
Zoetis, Inc.		16,059		2,992,755
				10,100,499
				95,366,292
Financial — 7.1%
Banks — 1.2%
The Goldman Sachs Group, Inc.		16,162		6,133,964
Morgan Stanley		5,936		544,272
				6,678,236
Diversified Financial Services — 5.7%
The Charles Schwab Corp.		33,993		2,475,030
Mastercard, Inc. Class A		32,579		11,894,267
Visa, Inc. Class A		77,282		18,070,077
				32,439,374
Insurance — 0.2%
Chubb Ltd.		1,110		176,424
Marsh & McLennan Cos., Inc.		7,227		1,016,694
				1,193,118
				40,310,728
Industrial — 0.7%
Electrical Components & Equipment — 0.2%
Generac Holdings, Inc. (a)		3,151		1,308,137
Electronics — 0.2%
TE Connectivity Ltd.		6,800		919,428
Miscellaneous - Manufacturing — 0.3%
General Electric Co.		141,202		1,900,579
Transportation — 0.0%
Union Pacific Corp.		104		22,873
				4,151,017

	Number of Shares		Value
Technology — 28.6%
Computers — 5.1%
Apple, Inc.		183,443	$	25,124,354
Crowdstrike Holdings, Inc. Class A (a)		3,500		879,585
Fortinet, Inc. (a)		11,100		2,643,909
				28,647,848
Semiconductors — 4.5%
Advanced Micro Devices, Inc. (a)		46,552		4,372,629
ASML Holding NV		6,614		4,569,216
Marvell Technology, Inc.		56,836		3,315,244
Maxim Integrated Products, Inc.		7,811		822,967
Microchip Technology, Inc.		7,100		1,063,154
Monolithic Power Systems, Inc.		251		93,736
NVIDIA Corp.		10,890		8,713,089
Taiwan Semiconductor Manufacturing Co. Ltd. Sponsored ADR		800		96,128
Texas Instruments, Inc.		12,754		2,452,594
				25,498,757
Software — 19.0%
Atlassian Corp. PLC Class A (a)		6,390		1,641,335
Coupa Software, Inc. (a)		4,576		1,199,415
Datadog, Inc. Class A (a)		8,900		926,312
DocuSign, Inc. (a)		12,107		3,384,754
Fidelity National Information Services, Inc.		22,385		3,171,283
Fiserv, Inc. (a)		41,578		4,444,273
Intuit, Inc.		31,607		15,492,803
Microsoft Corp.		120,955		32,766,710
MongoDB, Inc. (a)		7,616		2,753,336
MSCI, Inc.		1,004		535,212
Paycom Software, Inc. (a)		1,360		494,319
ROBLOX Corp. Class A (a)		2,400		215,952
Roper Technologies, Inc.		5,512		2,591,742
salesforce.com, Inc. (a)		42,128		10,290,607
ServiceNow, Inc. (a)		21,831		11,997,226
Snowflake, Inc. Class A (a)		1,122		271,300
Splunk, Inc. (a)		9,732		1,407,053
Synopsys, Inc. (a)		17,547		4,839,287
Twilio, Inc. Class A (a)		2,961		1,167,108
Veeva Systems, Inc. Class A (a)		5,154		1,602,636
Workday, Inc. Class A (a)		4,981		1,189,164
Zoom Video Communications, Inc. Class A (a)		12,870		4,981,076
				107,362,903
				161,509,508

TOTAL COMMON STOCK (Cost $275,961,638)				560,911,419

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

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

	Number of Shares		Value
PREFERRED STOCK — 0.5%
Consumer, Cyclical — 0.4%
Auto Manufacturers — 0.4%
Rivian Automotive, Inc., Series F (Acquired 1/19/21, Cost $1,248,073) (a) (c) (d) (e)		33,869	$	2,372,862
Technology — 0.1%
Software — 0.1%
Databricks, Inc., Series G (Acquired 2/01/21, Cost $172,224) (a) (c) (d) (e)		971		172,226

TOTAL PREFERRED STOCK (Cost $1,420,297)				2,545,088

TOTAL EQUITIES (Cost $277,381,935)				563,456,507

MUTUAL FUNDS — 0.2%
Diversified Financial Services — 0.2%
State Street Navigator Securities Lending Government Money Market Portfolio (f)		1,215,174		1,215,174

TOTAL MUTUAL FUNDS (Cost $1,215,174)				1,215,174

TOTAL LONG-TERM INVESTMENTS (Cost $278,597,109)				564,671,681

	Number of Shares		Value
SHORT-TERM INVESTMENTS — 0.7%
Mutual Fund — 0.0%
T. Rowe Price Government Reserve Investment Fund		100	$	100

	Principal Amount
Repurchase Agreement — 0.7%
Fixed Income Clearing Corp., Repurchase Agreement, dated 6/30/21, 0.000%, due 7/01/21 (g)	$	4,014,922		4,014,922

TOTAL SHORT-TERM INVESTMENTS (Cost $4,015,022)				4,015,022

TOTAL INVESTMENTS — 100.6% (Cost $282,612,131) ^(h)				568,686,703

Other Assets/(Liabilities) — (0.6)%				(3,121,713	)

NET ASSETS — 100.0%			$	565,564,990

Abbreviation Legend

ADR	American Depositary Receipt

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

(a)	Non-income producing security.

(b)

Denotes all or a portion of security on loan. The total value of securities on loan as of June 30, 2021, was $3,960,965 or 0.70% of net assets. Total securities on loan may be less than the amounts identified in the Portfolio of Investments. The Fund received $2,828,946 of non-cash collateral (U.S. Treasury and/or Agency obligations) related to securities lending activity. This amount is not reflected on either the Portfolio of Investments or the Statement of Assets and Liabilities. (Note 2).

(c)	Investment was valued using significant unobservable inputs.

(d)	This security is fair valued in good faith in accordance with procedures approved by the Board of Trustees. At June 30, 2021, these securities amounted to a value of $3,519,067 or 0.62% of net assets.

(e)	Restricted security. Certain securities are restricted as to resale. At June 30, 2021, these securities amounted to a value of $3,519,067 or 0.62% of net assets. The Fund generally bears the costs, if any, associated with the disposition of restricted securities.

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

(g)	Maturity value of $4,014,922. Collateralized by U.S. Government Agency obligations with a rate of 0.125%, maturity date of 1/31/23, and an aggregate market value, including accrued interest, of $4,095,259.

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

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

MML Equity Income Fund – Portfolio of Investments

June 30, 2021 (Unaudited)

	Number of Shares		Value
EQUITIES — 98.9%
COMMON STOCK — 97.4%
Basic Materials — 5.8%
Chemicals — 4.0%
Akzo Nobel NV		13,683	$	1,690,886
CF Industries Holdings, Inc.		158,424		8,150,915
DuPont de Nemours, Inc.		32,931		2,549,188
International Flavors & Fragrances, Inc.		33,812		5,051,513
PPG Industries, Inc.		4,669		792,656
				18,235,158
Forest Products & Paper — 1.8%
International Paper Co.		138,867		8,513,936
				26,749,094
Communications — 6.0%
Media — 4.5%
Comcast Corp. Class A		139,042		7,928,175
Fox Corp. Class B		89,806		3,161,171
News Corp. Class A		223,409		5,757,250
The Walt Disney Co. (a)		22,210		3,903,852
				20,750,448
Telecommunications — 1.5%
AT&T, Inc.		51,487		1,481,796
Cisco Systems, Inc.		81,043		4,295,279
Verizon Communications, Inc.		17,493		980,132
				6,757,207
				27,507,655
Consumer, Cyclical — 5.6%
Airlines — 0.3%
Alaska Air Group, Inc. (a)		9,657		582,414
Southwest Airlines Co. (a)		18,700		992,783
				1,575,197
Auto Manufacturers — 1.8%
Cummins, Inc.		2,100		512,001
General Motors Co. (a)		11,654		689,567
PACCAR, Inc.		18,033		1,609,446
Volkswagen AG ADR		214,778		5,378,041
				8,189,055
Lodging — 0.9%
Las Vegas Sands Corp. (a)		80,573		4,245,391
Retail — 1.9%
Kohl’s Corp.		63,490		3,498,934
McDonald’s Corp.		3,730		861,593
The TJX Cos., Inc.		38,900		2,622,638
Walmart, Inc.		14,177		1,999,240
				8,982,405

	Number of Shares		Value
Toys, Games & Hobbies — 0.7%
Mattel, Inc. (a)		150,504	$	3,025,130
				26,017,178
Consumer, Non-cyclical — 21.6%
Agriculture — 1.8%
Altria Group, Inc.		33,727		1,608,103
Bunge Ltd.		11,508		899,350
Philip Morris International, Inc.		59,253		5,872,565
				8,380,018
Beverages — 0.6%
The Coca-Cola Co.		47,682		2,580,073
Biotechnology — 0.7%
Biogen, Inc. (a)		4,500		1,558,215
Gilead Sciences, Inc.		24,832		1,709,932
				3,268,147
Commercial Services — 0.8%
Nielsen Holdings PLC		141,834		3,499,045
Food — 2.9%
Conagra Brands, Inc.		149,478		5,438,010
Mondelez International, Inc. Class A		3,900		243,516
Tyson Foods, Inc. Class A		104,450		7,704,232
				13,385,758
Health Care – Products — 2.0%
Medtronic PLC	��	57,144		7,093,285
Zimmer Biomet Holdings, Inc.		14,594		2,347,007
				9,440,292
Health Care – Services — 2.6%
Anthem, Inc.		23,844		9,103,639
Centene Corp. (a)		17,300		1,261,689
UnitedHealth Group, Inc.		4,600		1,842,024
				12,207,352
Household Products & Wares — 1.2%
Kimberly-Clark Corp.		41,737		5,583,576
Pharmaceuticals — 9.0%
AbbVie, Inc.		66,306		7,468,708
AstraZeneca PLC Sponsored ADR (b)		19,962		1,195,724
Becton Dickinson and Co.		28,077		6,828,046
Cardinal Health, Inc.		25,800		1,472,922
Cigna Corp.		10,199		2,417,877
CVS Health Corp.		70,980		5,922,571
GlaxoSmithKline PLC		41,730		819,772
Johnson & Johnson		33,985		5,598,689
Merck & Co., Inc.		28,212		2,194,047
Organon & Co. (a)		2,021		61,155
Pfizer, Inc.		105,650		4,137,254
Sanofi		25,350		2,656,316

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

MML Equity Income Fund – Portfolio of Investments (Continued)

	Number of Shares		Value
Sanofi Sponsored ADR		13,680	$	720,389
				41,493,470
				99,837,731
Energy — 6.2%
Oil & Gas — 4.7%
Chevron Corp.		9,586		1,004,038
ConocoPhillips		7,800		475,020
EOG Resources, Inc.		61,738		5,151,419
Exxon Mobil Corp.		68,343		4,311,076
Hess Corp.		5,800		506,456
Occidental Petroleum Corp.		29,895		934,817
TotalEnergies SE		174,338		7,909,252
TotalEnergies SE Sponsored ADR		34,200		1,547,892
				21,839,970
Oil & Gas Services — 0.4%
Halliburton Co.		82,130		1,898,846
Pipelines — 1.1%
Targa Resources Corp.		30,681		1,363,770
TC Energy Corp.		71,965		3,563,707
				4,927,477
				28,666,293
Financial — 26.9%
Banks — 12.2%
Bank of America Corp.		45,403		1,871,966
The Bank of New York Mellon Corp.		51,487		2,637,679
Citizens Financial Group, Inc.		44,000		2,018,280
Fifth Third Bancorp		190,500		7,282,815
The Goldman Sachs Group, Inc.		10,235		3,884,489
Huntington Bancshares, Inc.		249,400		3,558,938
JP Morgan Chase & Co.		26,603		4,137,831
Morgan Stanley		75,882		6,957,621
The PNC Financial Services Group, Inc.		21,029		4,011,492
State Street Corp.		30,340		2,496,375
Wells Fargo & Co.		385,959		17,480,083
				56,337,569
Diversified Financial Services — 1.3%
The Charles Schwab Corp.		32,200		2,344,482
Franklin Resources, Inc.		36,516		1,168,147
Raymond James Financial, Inc.		21,122		2,743,747
				6,256,376
Insurance — 9.2%
American International Group, Inc.		205,216		9,768,282
Chubb Ltd.		52,055		8,273,622
Equitable Holdings, Inc.		169,211		5,152,475
The Hartford Financial Services Group, Inc.		20,700		1,282,779

	Number of Shares		Value
Loews Corp.		130,689	$	7,142,154
Marsh & McLennan Cos., Inc.		8,686		1,221,946
MetLife, Inc.		159,963		9,573,785
				42,415,043
Real Estate Investment Trusts (REITS) — 4.2%
CyrusOne, Inc.		6,900		493,488
Equity Residential		82,559		6,357,043
Rayonier, Inc.		100,816		3,622,319
Welltower, Inc.		19,797		1,645,131
Weyerhaeuser Co.		208,160		7,164,867
				19,282,848
				124,291,836
Industrial — 10.6%
Aerospace & Defense — 2.7%
Airbus SE (a)		1,991		256,402
The Boeing Co. (a)		21,467		5,142,635
L3 Harris Technologies, Inc.		32,776		7,084,532
				12,483,569
Electronics — 0.3%
TE Connectivity Ltd.		9,661		1,306,264
Environmental Controls — 0.7%
Stericycle, Inc. (a)		43,483		3,111,209
Hand & Machine Tools — 0.6%
Snap-on, Inc.		12,780		2,855,436
Machinery – Construction & Mining — 0.2%
Caterpillar, Inc.		5,251		1,142,775
Machinery – Diversified — 0.1%
Flowserve Corp.		12,573		506,943
Miscellaneous - Manufacturing — 3.4%
3M Co.		5,087		1,010,431
General Electric Co.		997,012		13,419,781
Siemens AG Sponsored ADR		14,571		1,160,420
				15,590,632
Transportation — 2.6%
United Parcel Service, Inc. Class B		56,931		11,839,940
				48,836,768
Technology — 7.6%
Semiconductors — 5.3%
Applied Materials, Inc.		42,295		6,022,808
NXP Semiconductor NV		9,453		1,944,671
QUALCOMM, Inc.		81,746		11,683,956
Texas Instruments, Inc.		26,504		5,096,719
				24,748,154
Software — 2.3%
Citrix Systems, Inc.		34,000		3,987,180

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

MML Equity Income Fund – Portfolio of Investments (Continued)

	Number of Shares		Value
Microsoft Corp.		24,413	$	6,613,482
				10,600,662
				35,348,816
Utilities — 7.1%
Electric — 5.9%
Ameren Corp.		33,447		2,677,098
Dominion Energy, Inc.		19,500		1,434,615
Edison International		33,786		1,953,506
Entergy Corp.		13,058		1,301,883
NextEra Energy, Inc.		34,666		2,540,324
Sempra Energy		52,095		6,901,546
The Southern Co.		175,363		10,611,215
				27,420,187
Gas — 1.2%
NiSource, Inc.		228,010		5,586,245
				33,006,432

TOTAL COMMON STOCK (Cost $324,859,340)				450,261,803

PREFERRED STOCK — 1.5%
Consumer, Non-cyclical — 0.4%
Pharmaceuticals — 0.4%
Becton Dickinson and Co. Convertible 6.000% (b)		31,874		1,705,578
Utilities — 1.1%
Electric — 0.8%
NextEra Energy, Inc. Convertible 5.279%		29,376		1,438,249
Sempra Energy Convertible 6.750%		6,127		605,164
The Southern Co. Convertible 6.750%		35,696		1,807,288
				3,850,701
Gas — 0.3%
NiSource, Inc. 7.750%		13,017		1,338,017
				5,188,718

TOTAL PREFERRED STOCK (Cost $6,715,185)				6,894,296

TOTAL EQUITIES (Cost $331,574,525)				457,156,099

	Number of Shares		Value
MUTUAL FUNDS — 0.3%
Diversified Financial Services — 0.3%
State Street Navigator Securities Lending Government Money Market Portfolio (c)		1,506,852	$	1,506,852

TOTAL MUTUAL FUNDS (Cost $1,506,852)				1,506,852

TOTAL LONG-TERM INVESTMENTS (Cost $333,081,377)				458,662,951

SHORT-TERM INVESTMENTS — 1.0%
Mutual Fund — 0.0%
T. Rowe Price Government Reserve Investment Fund		1,075		1,075

	Principal Amount
Repurchase Agreement — 1.0%
Fixed Income Clearing Corp., Repurchase Agreement, dated 6/30/21, 0.000%, due 7/01/21 (d)	$	4,823,424		4,823,424

TOTAL SHORT-TERM INVESTMENTS (Cost $4,824,499)				4,824,499

TOTAL INVESTMENTS — 100.2% (Cost $337,905,876) ^(e)				463,487,450

Other Assets/(Liabilities) — (0.2)%				(1,080,308	)

NET ASSETS — 100.0%			$	462,407,142

Abbreviation Legend

ADR	American Depositary Receipt

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

MML Equity Income Fund – Portfolio of Investments (Continued)

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

(a)	Non-income producing security.

(b)

Denotes all or a portion of security on loan. The total value of securities on loan as of June 30, 2021, was $2,886,843 or 0.62% of net assets. Total securities on loan may be less than the amounts identified in the Portfolio of Investments. The Fund received $1,561,587 of non-cash collateral (U.S. Treasury and/or Agency obligations) related to securities lending activity. This amount is not reflected on either the Portfolio of Investments or the Statement of Assets and Liabilities. (Note 2).

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

(d)	Maturity value of $4,823,424. Collateralized by U.S. Government Agency obligations with a rate of 0.125%, maturity date of 1/31/23, and an aggregate market value, including accrued interest, of $4,919,948.

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

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

MML Equity Index Fund – Portfolio of Investments

June 30, 2021 (Unaudited)

	Number of Shares		Value
EQUITIES — 99.3%
COMMON STOCK — 99.3%
Basic Materials — 2.1%
Chemicals — 1.6%
Air Products & Chemicals, Inc.		4,352	$	1,251,983
Albemarle Corp.		2,297		386,953
Celanese Corp.		2,204		334,126
CF Industries Holdings, Inc.		4,187		215,421
Dow, Inc.		14,678		928,824
DuPont de Nemours, Inc.		10,439		808,083
Eastman Chemical Co.		2,673		312,073
Ecolab, Inc.		4,894		1,008,017
FMC Corp.		2,526		273,313
International Flavors & Fragrances, Inc.		4,873		728,026
Linde PLC		10,205		2,950,266
LyondellBasell Industries NV Class A		5,074		521,962
The Mosaic Co.		6,761		215,744
PPG Industries, Inc.		4,643		788,242
The Sherwin-Williams Co.		4,691		1,278,063
				12,001,096
Forest Products & Paper — 0.1%
International Paper Co.		7,671		470,309
Iron & Steel — 0.1%
Nucor Corp.		5,896		565,603
Mining — 0.3%
Freeport-McMoRan, Inc.		28,752		1,066,987
Newmont Corp.		15,757		998,679
				2,065,666
				15,102,674
Communications — 16.3%
Advertising — 0.1%
The Interpublic Group of Cos., Inc.		7,787		252,999
Omnicom Group, Inc.		4,234		338,678
				591,677
Internet — 11.8%
Alphabet, Inc. Class A (a)		5,894		14,391,910
Alphabet, Inc. Class C (a)		5,591		14,012,835
Amazon.com, Inc. (a)		8,416		28,952,387
Booking Holdings, Inc. (a)		806		1,763,600
CDW Corp.		2,764		482,733
eBay, Inc.		12,738		894,335
Etsy, Inc. (a)		2,499		514,394
Expedia Group, Inc. (a)		2,779		454,950
F5 Networks, Inc. (a)		1,174		219,139
Facebook, Inc. Class A (a)		47,044		16,357,669

	Number of Shares		Value
Netflix, Inc. (a)		8,706	$	4,598,596
NortonLifeLock, Inc.		11,358		309,165
Twitter, Inc. (a)		15,642		1,076,326
VeriSign, Inc. (a)		1,949		443,768
				84,471,807
Media — 2.1%
Charter Communications, Inc. Class A (a)		2,703		1,950,079
Comcast Corp. Class A		90,044		5,134,309
Discovery, Inc. Class A (a) (b)		3,287		100,845
Discovery, Inc. Class C (a)		5,940		172,141
DISH Network Corp. Class A (a)		4,835		202,103
Fox Corp. Class A		6,362		236,221
Fox Corp. Class B		2,941		103,523
News Corp. Class A		7,585		195,466
News Corp. Class B		2,302		56,054
ViacomCBS, Inc. Class B		11,897		537,744
The Walt Disney Co. (a)		35,675		6,270,595
				14,959,080
Telecommunications — 2.3%
Arista Networks, Inc. (a)		1,082		392,019
AT&T, Inc.		140,152		4,033,575
Cisco Systems, Inc.		82,725		4,384,425
Corning, Inc.		15,239		623,275
Juniper Networks, Inc.		6,485		177,365
Lumen Technologies, Inc.		19,676		267,397
Motorola Solutions, Inc.		3,336		723,412
T-Mobile US, Inc. (a)		11,506		1,666,414
Verizon Communications, Inc.		81,273		4,553,726
				16,821,608
				116,844,172
Consumer, Cyclical — 9.4%
Airlines — 0.3%
Alaska Air Group, Inc. (a)		2,429		146,493
American Airlines Group, Inc. (a)		12,528		265,719
Delta Air Lines, Inc. (a)		12,597		544,946
Southwest Airlines Co. (a)		11,648		618,392
United Airlines Holdings, Inc. (a)		6,338		331,414
				1,906,964
Apparel — 0.7%
Hanesbrands, Inc.		6,740		125,836
NIKE, Inc. Class B		25,043		3,868,893
PVH Corp. (a)		1,419		152,670
Ralph Lauren Corp.		929		109,446
Tapestry, Inc. (a)		5,438		236,444
Under Armour, Inc. Class A (a)		3,793		80,222
Under Armour, Inc. Class C (a)		3,979		73,890

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

MML Equity Index Fund – Portfolio of Investments (Continued)

	Number of Shares		Value
VF Corp.		6,287	$	515,785
				5,163,186
Auto Manufacturers — 2.0%
Cummins, Inc.		2,876		701,198
Ford Motor Co. (a)		76,973		1,143,819
General Motors Co. (a)		25,065		1,483,096
PACCAR, Inc.		6,797		606,632
Tesla, Inc. (a)		15,129		10,283,181
				14,217,926
Auto Parts & Equipment — 0.2%
Aptiv PLC (a)		5,319		836,838
BorgWarner, Inc.		4,740		230,080
				1,066,918
Distribution & Wholesale — 0.3%
Copart, Inc. (a)		4,103		540,899
Fastenal Co.		11,243		584,636
LKQ Corp. (a)		5,460		268,741
Pool Corp.		787		360,965
W.W. Grainger, Inc.		862		377,556
				2,132,797
Entertainment — 0.1%
Caesars Entertainment, Inc. (a)		4,104		425,790
Live Nation Entertainment, Inc. (a)		2,862		250,683
Penn National Gaming, Inc. (a)		2,910		222,586
				899,059
Home Builders — 0.3%
D.R. Horton, Inc.		6,422		580,356
Lennar Corp. Class A		5,437		540,166
NVR, Inc. (a)		67		333,211
PulteGroup, Inc.		5,229		285,347
				1,739,080
Home Furnishing — 0.1%
Leggett & Platt, Inc.		2,596		134,499
Whirlpool Corp.		1,229		267,946
				402,445
Housewares — 0.0%
Newell Brands, Inc.		7,378		202,674
Leisure Time — 0.1%
Carnival Corp. (a)		15,732		414,695
Norwegian Cruise Line Holdings Ltd. (a)		7,198		211,693
Royal Caribbean Cruises Ltd. (a)		4,313		367,813
				994,201
Lodging — 0.3%
Hilton Worldwide Holdings, Inc. (a)		5,473		660,153
Las Vegas Sands Corp. (a)		6,474		341,115
Marriott International, Inc. Class A (a)		5,245		716,048

	Number of Shares		Value
MGM Resorts International		8,012	$	341,712
Wynn Resorts Ltd. (a)		2,068		252,916
				2,311,944
Retail — 5.0%
Advance Auto Parts, Inc.		1,283		263,195
AutoZone, Inc. (a)		426		635,686
Best Buy Co., Inc.		4,386		504,302
CarMax, Inc. (a)		3,186		411,472
Chipotle Mexican Grill, Inc. (a)		552		855,788
Costco Wholesale Corp.		8,674		3,432,042
Darden Restaurants, Inc.		2,553		372,712
Dollar General Corp.		4,642		1,004,482
Dollar Tree, Inc. (a)		4,546		452,327
Domino’s Pizza, Inc.		759		354,066
The Gap, Inc.		4,049		136,249
Genuine Parts Co.		2,827		357,531
The Home Depot, Inc.		20,873		6,656,191
L Brands, Inc.		4,579		329,963
Lowe’s Cos., Inc.		13,882		2,692,691
McDonald’s Corp.		14,654		3,384,927
O’Reilly Automotive, Inc. (a)		1,366		773,443
Ross Stores, Inc.		7,015		869,860
Starbucks Corp.		23,146		2,587,954
Target Corp.		9,715		2,348,504
The TJX Cos., Inc.		23,685		1,596,843
Tractor Supply Co.		2,265		421,426
Ulta Beauty, Inc. (a)		1,077		372,394
Walgreens Boots Alliance, Inc.		14,055		739,434
Walmart, Inc.		26,958		3,801,617
Yum! Brands, Inc.		5,835		671,200
				36,026,299
Textiles — 0.0%
Mohawk Industries, Inc. (a)		1,143		219,673
Toys, Games & Hobbies — 0.0%
Hasbro, Inc.		2,498		236,111
				67,519,277
Consumer, Non-cyclical — 19.9%
Agriculture — 0.8%
Altria Group, Inc.		36,324		1,731,929
Archer-Daniels-Midland Co.		10,947		663,388
Philip Morris International, Inc.		30,611		3,033,856
				5,429,173
Beverages — 1.4%
Brown-Forman Corp. Class B		3,575		267,910
The Coca-Cola Co.		76,182		4,122,208
Constellation Brands, Inc. Class A		3,310		774,176
Molson Coors Beverage Co. Class B (a)		3,674		197,257

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

MML Equity Index Fund – Portfolio of Investments (Continued)

	Number of Shares		Value
Monster Beverage Corp. (a)		7,245	$	661,831
PepsiCo, Inc.		27,134		4,020,445
				10,043,827
Biotechnology — 1.5%
Alexion Pharmaceuticals, Inc. (a)		4,341		797,485
Amgen, Inc.		11,278		2,749,013
Bio-Rad Laboratories, Inc. Class A (a)		422		271,890
Biogen, Inc. (a)		2,956		1,023,574
Corteva, Inc.		14,474		641,922
Gilead Sciences, Inc.		24,627		1,695,815
Illumina, Inc. (a)		2,870		1,358,113
Incyte Corp. (a)		3,660		307,916
Regeneron Pharmaceuticals, Inc. (a)		2,054		1,147,241
Vertex Pharmaceuticals, Inc. (a)		5,070		1,022,264
				11,015,233
Commercial Services — 2.5%
Automatic Data Processing, Inc.		8,359		1,660,265
Cintas Corp.		1,728		660,096
Equifax, Inc.		2,381		570,273
FleetCor Technologies, Inc. (a)		1,628		416,866
Gartner, Inc. (a)		1,693		410,045
Global Payments, Inc.		5,785		1,084,919
IHS Markit Ltd.		7,365		829,741
MarketAxess Holdings, Inc.		749		347,229
Moody’s Corp.		3,167		1,147,626
Nielsen Holdings PLC		6,957		171,629
PayPal Holdings, Inc. (a)		23,065		6,722,986
Quanta Services, Inc.		2,716		245,988
Robert Half International, Inc.		2,215		197,068
Rollins, Inc.		4,290		146,718
S&P Global, Inc.		4,731		1,941,839
United Rentals, Inc. (a)		1,424		454,270
Verisk Analytics, Inc.		3,185		556,483
				17,564,041
Cosmetics & Personal Care — 1.3%
Colgate-Palmolive Co.		16,633		1,353,095
The Estee Lauder Cos., Inc. Class A		4,554		1,448,536
The Procter & Gamble Co.		48,059		6,484,601
				9,286,232
Food — 1.0%
Campbell Soup Co.		3,952		180,172
Conagra Brands, Inc.		9,443		343,536
General Mills, Inc.		11,979		729,880
The Hershey Co.		2,870		499,897
Hormel Foods Corp.		5,503		262,768
The J.M. Smucker Co.		2,155		279,223
Kellogg Co.		4,913		316,053
The Kraft Heinz Co.		12,679		517,050

	Number of Shares		Value
The Kroger Co.		14,892	$	570,513
Lamb Weston Holdings, Inc.		2,867		231,252
McCormick & Co., Inc.		4,909		433,563
Mondelez International, Inc. Class A		27,581		1,722,158
Sysco Corp.		10,065		782,554
Tyson Foods, Inc. Class A		5,778		426,185
				7,294,804
Health Care – Products — 3.9%
Abbott Laboratories		34,882		4,043,870
ABIOMED, Inc. (a)		896		279,651
Align Technology, Inc. (a)		1,411		862,121
Baxter International, Inc.		9,897		796,709
Boston Scientific Corp. (a)		27,896		1,192,833
The Cooper Cos., Inc.		963		381,608
Danaher Corp.		12,466		3,345,376
Dentsply Sirona, Inc.		4,292		271,512
Edwards Lifesciences Corp. (a)		12,185		1,262,000
Henry Schein, Inc. (a)		2,755		204,393
Hologic, Inc. (a)		5,052		337,069
IDEXX Laboratories, Inc. (a)		1,675		1,057,846
Intuitive Surgical, Inc. (a)		2,325		2,138,163
Medtronic PLC		26,416		3,279,018
PerkinElmer, Inc.		2,196		339,084
ResMed, Inc.		2,848		702,089
Steris PLC		1,913		394,652
Stryker Corp.		6,435		1,671,363
Teleflex, Inc.		915		367,638
Thermo Fisher Scientific, Inc.		7,718		3,893,500
West Pharmaceutical Services, Inc.		1,452		521,413
Zimmer Biomet Holdings, Inc.		4,105		660,166
				28,002,074
Health Care – Services — 2.1%
Anthem, Inc.		4,812		1,837,222
Catalent, Inc. (a)		3,354		362,634
Centene Corp. (a)		11,466		836,215
Charles River Laboratories International, Inc. (a)		989		365,851
DaVita, Inc. (a)		1,379		166,073
HCA Healthcare, Inc.		5,160		1,066,778
Humana, Inc.		2,537		1,123,181
IQVIA Holdings, Inc. (a)		3,769		913,304
Laboratory Corp. of America Holdings (a)		1,925		531,011
Quest Diagnostics, Inc.		2,568		338,899
UnitedHealth Group, Inc.		18,524		7,417,751
Universal Health Services, Inc. Class B		1,525		223,306
				15,182,225

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

MML Equity Index Fund – Portfolio of Investments (Continued)

	Number of Shares		Value
Household Products & Wares — 0.3%
Avery Dennison Corp.		1,634	$	343,532
Church & Dwight Co., Inc.		4,801		409,141
The Clorox Co.		2,453		441,319
Kimberly-Clark Corp.		6,629		886,828
				2,080,820
Pharmaceuticals — 5.1%
AbbVie, Inc.		34,674		3,905,679
AmerisourceBergen Corp.		2,889		330,762
Becton Dickinson and Co.		5,715		1,389,831
Bristol-Myers Squibb Co.		43,827		2,928,520
Cardinal Health, Inc.		5,672		323,814
Cigna Corp.		6,727		1,594,770
CVS Health Corp.		25,845		2,156,507
DexCom, Inc. (a)		1,899		810,873
Eli Lilly & Co.		15,627		3,586,709
Johnson & Johnson		51,692		8,515,740
McKesson Corp.		3,115		595,713
Merck & Co., Inc.		49,716		3,866,413
Organon & Co. (a)		4,957		149,999
Perrigo Co. PLC		2,613		119,806
Pfizer, Inc.		109,893		4,303,410
Viatris, Inc.		23,646		337,901
Zoetis, Inc.		9,310		1,735,012
				36,651,459
				142,549,888
Energy — 2.9%
Energy – Alternate Sources — 0.1%
Enphase Energy, Inc. (a)		2,666		489,558
Oil & Gas — 2.3%
APA Corp.		7,516		162,571
Cabot Oil & Gas Corp.		7,975		139,244
Chevron Corp.		37,936		3,973,417
ConocoPhillips		26,455		1,611,109
Devon Energy Corp.		11,653		340,151
Diamondback Energy, Inc.		3,548		333,122
EOG Resources, Inc.		11,462		956,389
Exxon Mobil Corp.		83,099		5,241,885
Hess Corp.		5,385		470,218
Marathon Oil Corp.		15,486		210,919
Marathon Petroleum Corp.		12,507		755,673
Occidental Petroleum Corp.		16,525		516,737
Phillips 66		8,619		739,683
Pioneer Natural Resources Co.		4,541		738,003
Valero Energy Corp.		8,000		624,640
				16,813,761
Oil & Gas Services — 0.2%
Baker Hughes Co.		14,327		327,659

	Number of Shares		Value
Halliburton Co.		17,454	$	403,536
Nov, Inc. (a)		7,794		119,404
Schlumberger NV		27,468		879,251
				1,729,850
Pipelines — 0.3%
Kinder Morgan, Inc.		38,180		696,021
ONEOK, Inc.		8,772		488,074
The Williams Cos., Inc.		23,771		631,120
				1,815,215
				20,848,384
Financial — 15.1%
Banks — 5.2%
Bank of America Corp.		148,091		6,105,792
The Bank of New York Mellon Corp.		15,805		809,690
Citigroup, Inc.		40,585		2,871,389
Citizens Financial Group, Inc.		8,377		384,253
Comerica, Inc.		2,711		193,403
Fifth Third Bancorp		13,790		527,192
First Republic Bank		3,448		645,362
The Goldman Sachs Group, Inc.		6,681		2,535,640
Huntington Bancshares, Inc.		28,908		412,517
JP Morgan Chase & Co.		59,432		9,244,053
KeyCorp		18,978		391,896
M&T Bank Corp.		2,522		366,472
Morgan Stanley		29,230		2,680,099
Northern Trust Corp.		4,105		474,620
The PNC Financial Services Group, Inc.		8,352		1,593,227
Regions Financial Corp.		18,828		379,949
State Street Corp.		6,836		562,466
SVB Financial Group (a)		1,069		594,824
Truist Financial Corp.		26,398		1,465,089
US Bancorp		26,634		1,517,339
Wells Fargo & Co.		81,153		3,675,419
Zions Bancorp NA		3,222		170,315
				37,601,006
Diversified Financial Services — 4.0%
American Express Co.		12,760		2,108,335
Ameriprise Financial, Inc.		2,268		564,460
BlackRock, Inc.		2,787		2,438,541
Capital One Financial Corp.		8,870		1,372,100
Cboe Global Markets, Inc.		2,081		247,743
The Charles Schwab Corp.		29,451		2,144,327
CME Group, Inc.		7,057		1,500,883
Discover Financial Services		5,969		706,073
Franklin Resources, Inc.		5,301		169,579
Intercontinental Exchange, Inc.		11,053		1,311,991
Invesco Ltd.		7,449		199,112

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

MML Equity Index Fund – Portfolio of Investments (Continued)

	Number of Shares		Value
Mastercard, Inc. Class A		17,168	$	6,267,865
Nasdaq, Inc.		2,261		397,484
Raymond James Financial, Inc.		2,403		312,150
Synchrony Financial		10,604		514,506
T. Rowe Price Group, Inc.		4,442		879,383
Visa, Inc. Class A		33,215		7,766,331
The Western Union Co.		8,058		185,092
				29,085,955
Insurance — 3.3%
Aflac, Inc.		12,431		667,047
The Allstate Corp.		5,888		768,031
American International Group, Inc.		16,849		802,012
Aon PLC Class A		4,427		1,056,990
Arthur J Gallagher & Co.		4,012		562,001
Assurant, Inc.		1,192		186,167
Berkshire Hathaway, Inc. Class B (a)		37,202		10,339,180
Chubb Ltd.		8,822		1,402,169
Cincinnati Financial Corp.		2,951		344,146
Everest Re Group Ltd.		780		196,568
Globe Life, Inc.		1,880		179,070
The Hartford Financial Services Group, Inc.		7,046		436,641
Lincoln National Corp.		3,535		222,139
Loews Corp.		4,353		237,891
Marsh & McLennan Cos., Inc.		9,989		1,405,252
MetLife, Inc.		14,631		875,665
Principal Financial Group, Inc.		4,961		313,486
The Progressive Corp.		11,479		1,127,353
Prudential Financial, Inc.		7,717		790,761
The Travelers Cos., Inc.		4,943		740,017
Unum Group		3,953		112,265
W.R. Berkley Corp.		2,745		204,310
Willis Towers Watson PLC		2,526		581,030
				23,550,191
Real Estate — 0.1%
CBRE Group, Inc. Class A (a)		6,567		562,989
Real Estate Investment Trusts (REITS) — 2.5%
Alexandria Real Estate Equities, Inc.		2,703		491,784
American Tower Corp.		8,928		2,411,810
AvalonBay Communities, Inc.		2,751		574,106
Boston Properties, Inc.		2,774		317,873
Crown Castle International Corp.		8,488		1,656,009
Digital Realty Trust, Inc.		5,538		833,247
Duke Realty Corp.		7,357		348,354
Equinix, Inc.		1,759		1,411,773
Equity Residential		6,772		521,444
Essex Property Trust, Inc.		1,280		384,013
Extra Space Storage, Inc.		2,635		431,666

	Number of Shares		Value
Federal Realty Investment Trust		1,393	$	163,218
Healthpeak Properties, Inc.		10,522		350,277
Host Hotels & Resorts, Inc. (a)		13,853		236,748
Iron Mountain, Inc. (b)		5,650		239,108
Kimco Realty Corp.		8,543		178,122
Mid-America Apartment Communities, Inc.		2,235		376,419
Prologis, Inc.		14,532		1,737,010
Public Storage		2,995		900,567
Realty Income Corp.		7,363		491,407
Regency Centers Corp.		3,076		197,079
SBA Communications Corp.		2,140		682,018
Simon Property Group, Inc.		6,436		839,769
UDR, Inc.		5,833		285,700
Ventas, Inc.		7,385		421,683
Vornado Realty Trust		3,043		142,017
Welltower, Inc.		8,174		679,259
Weyerhaeuser Co.		14,769		508,349
				17,810,829
Savings & Loans — 0.0%
People’s United Financial, Inc.		8,344		143,016
				108,753,986
Industrial — 8.2%
Aerospace & Defense — 1.5%
The Boeing Co. (a)		10,790		2,584,852
General Dynamics Corp.		4,499		846,982
Howmet Aerospace, Inc. (a)		7,667		264,282
L3 Harris Technologies, Inc.		4,029		870,868
Lockheed Martin Corp.		4,800		1,816,080
Northrop Grumman Corp.		2,940		1,068,484
Raytheon Technologies Corp.		29,719		2,535,328
Teledyne Technologies, Inc. (a)		910		381,135
TransDigm Group, Inc. (a)		1,079		698,426
				11,066,437
Building Materials — 0.5%
Carrier Global Corp.		16,017		778,426
Fortune Brands Home & Security, Inc.		2,717		270,640
Johnson Controls International PLC		14,042		963,703
Martin Marietta Materials, Inc.		1,228		432,023
Masco Corp.		4,945		291,310
Vulcan Materials Co.		2,616		455,367
				3,191,469
Electrical Components & Equipment — 0.3%
AMETEK, Inc.		4,549		607,292
Emerson Electric Co.		11,760		1,131,782
Generac Holdings, Inc. (a)		1,239		514,371
				2,253,445

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

MML Equity Index Fund – Portfolio of Investments (Continued)

	Number of Shares		Value
Electronics — 1.2%
Agilent Technologies, Inc.		5,942	$	878,287
Allegion PLC		1,762		245,447
Amphenol Corp. Class A		11,727		802,244
Fortive Corp.		6,618		461,539
Garmin Ltd.		2,957		427,700
Honeywell International, Inc.		13,629		2,989,521
Keysight Technologies, Inc. (a)		3,609		557,266
Mettler-Toledo International, Inc. (a)		458		634,486
TE Connectivity Ltd.		6,479		876,026
Trimble, Inc. (a)		4,915		402,194
Waters Corp. (a)		1,205		416,460
				8,691,170
Engineering & Construction — 0.1%
Jacobs Engineering Group, Inc.		2,549		340,087
Environmental Controls — 0.3%
Pentair PLC		3,250		219,343
Republic Services, Inc.		4,150		456,541
Waste Management, Inc.		7,626		1,068,479
				1,744,363
Hand & Machine Tools — 0.1%
Snap-on, Inc.		1,062		237,283
Stanley Black & Decker, Inc.		3,177		651,253
				888,536
Machinery – Construction & Mining — 0.3%
Caterpillar, Inc.		10,756		2,340,828
Machinery – Diversified — 0.7%
Deere & Co.		6,127		2,161,054
Dover Corp.		2,831		426,349
IDEX Corp.		1,485		326,774
Ingersoll Rand, Inc. (a)		7,302		356,411
Otis Worldwide Corp.		7,920		647,618
Rockwell Automation, Inc.		2,275		650,695
Westinghouse Air Brake Technologies Corp.		3,461		284,840
Xylem, Inc.		3,531		423,579
				5,277,320
Miscellaneous - Manufacturing — 1.3%
3M Co.		11,380		2,260,410
A.O. Smith Corp.		2,638		190,094
Eaton Corp. PLC		7,838		1,161,435
General Electric Co.		172,367		2,320,060
Illinois Tool Works, Inc.		5,645		1,261,996
Parker-Hannifin Corp.		2,530		776,988
Textron, Inc.		4,428		304,514
Trane Technologies PLC		4,702		865,826
				9,141,323

	Number of Shares		Value
Packaging & Containers — 0.2%
Amcor PLC		30,289	$	347,112
Ball Corp.		6,471		524,280
Packaging Corp. of America		1,854		251,069
Sealed Air Corp.		2,969		175,913
WestRock Co.		5,263		280,097
				1,578,471
Shipbuilding — 0.0%
Huntington Ingalls Industries, Inc.		785		165,439
Transportation — 1.7%
C.H. Robinson Worldwide, Inc.		2,604		243,917
CSX Corp.		44,595		1,430,608
Expeditors International of Washington, Inc.		3,320		420,312
FedEx Corp.		4,797		1,431,089
J.B. Hunt Transport Services, Inc.		1,638		266,912
Kansas City Southern		1,792		507,799
Norfolk Southern Corp.		4,912		1,303,694
Old Dominion Freight Line, Inc.		1,861		472,322
Union Pacific Corp.		13,035		2,866,787
United Parcel Service, Inc. Class B		14,199		2,952,966
				11,896,406
				58,575,294
Technology — 23.0%
Computers — 7.3%
Accenture PLC Class A		12,486		3,680,748
Apple, Inc.		307,958		42,177,928
Cognizant Technology Solutions Corp. Class A		10,329		715,386
DXC Technology Co. (a)		4,955		192,948
Fortinet, Inc. (a)		2,654		632,156
Hewlett Packard Enterprise Co.		25,647		373,933
HP, Inc.		23,653		714,084
International Business Machines Corp.		17,547		2,572,215
Leidos Holdings, Inc.		2,598		262,658
NetApp, Inc.		4,357		356,490
Seagate Technology Holdings PLC		3,886		341,696
Western Digital Corp. (a)		5,995		426,664
				52,446,906
Office & Business Equipment — 0.1%
Zebra Technologies Corp. Class A (a)		1,055		558,612
Semiconductors — 5.6%
Advanced Micro Devices, Inc. (a)		23,856		2,240,794
Analog Devices, Inc.		7,254		1,248,849
Applied Materials, Inc.		18,019		2,565,906
Broadcom, Inc.		8,016		3,822,349
Intel Corp.		79,273		4,450,386
IPG Photonics Corp. (a)		714		150,490

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

MML Equity Index Fund – Portfolio of Investments (Continued)

	Number of Shares		Value
KLA Corp.		3,003	$	973,603
Lam Research Corp.		2,800		1,821,960
Maxim Integrated Products, Inc.		5,286		556,933
Microchip Technology, Inc.		5,375		804,852
Micron Technology, Inc. (a)		22,023		1,871,515
Monolithic Power Systems, Inc.		844		315,192
NVIDIA Corp.		12,230		9,785,223
NXP Semiconductor NV		5,403		1,111,505
Qorvo, Inc. (a)		2,219		434,147
QUALCOMM, Inc.		22,145		3,165,185
Skyworks Solutions, Inc.		3,231		619,544
Teradyne, Inc.		3,266		437,513
Texas Instruments, Inc.		18,132		3,486,784
Xilinx, Inc.		4,813		696,152
				40,558,882
Software — 10.0%
Activision Blizzard, Inc.		15,271		1,457,464
Adobe, Inc. (a)		9,385		5,496,231
Akamai Technologies, Inc. (a)		3,197		372,770
ANSYS, Inc. (a)		1,715		595,208
Autodesk, Inc. (a)		4,327		1,263,051
Broadridge Financial Solutions, Inc.		2,268		366,350
Cadence Design Systems, Inc. (a)		5,468		748,132
Cerner Corp.		5,914		462,238
Citrix Systems, Inc.		2,422		284,028
Electronic Arts, Inc.		5,603		805,880
Fidelity National Information Services, Inc.		12,169		1,723,982
Fiserv, Inc. (a)		11,712		1,251,896
Intuit, Inc.		5,366		2,630,252
Jack Henry & Associates, Inc.		1,466		239,706
Microsoft Corp.		147,857		40,054,461
MSCI, Inc.		1,619		863,057
Oracle Corp.		35,670		2,776,553
Paychex, Inc.		6,288		674,702
Paycom Software, Inc. (a)		962		349,658
PTC, Inc. (a)		2,081		293,962
Roper Technologies, Inc.		2,068		972,374
salesforce.com, Inc. (a)		18,180		4,440,829
ServiceNow, Inc. (a)		3,879		2,131,705
Synopsys, Inc. (a)		3,003		828,197
Take-Two Interactive Software, Inc. (a)		2,271		402,012
Tyler Technologies, Inc. (a)		795		359,634
				71,844,332
				165,408,732

	Number of Shares		Value
Utilities — 2.4%
Electric — 2.2%
AES Corp.		13,103	$	341,595
Alliant Energy Corp.		4,912		273,893
Ameren Corp.		4,994		399,720
American Electric Power Co., Inc.		9,797		828,728
CenterPoint Energy, Inc.		11,404		279,626
CMS Energy Corp.		5,690		336,165
Consolidated Edison, Inc.		6,757		484,612
Dominion Energy, Inc.		15,852		1,166,232
DTE Energy Co.		3,788		490,925
Duke Energy Corp.		15,111		1,491,758
Edison International		7,480		432,494
Entergy Corp.		3,927		391,522
Evergy, Inc.		4,522		273,265
Eversource Energy		6,769		543,145
Exelon Corp.		19,229		852,037
FirstEnergy Corp.		10,642		395,989
NextEra Energy, Inc.		38,487		2,820,327
NRG Energy, Inc.		4,863		195,979
Pinnacle West Capital Corp.		2,192		179,678
PPL Corp.		15,163		424,109
Public Service Enterprise Group, Inc.		9,893		591,008
Sempra Energy		6,171		817,534
The Southern Co.		20,779		1,257,337
WEC Energy Group, Inc.		6,175		549,266
Xcel Energy, Inc.		10,597		698,130
				16,515,074
Gas — 0.1%
Atmos Energy Corp.		2,568		246,810
NiSource, Inc.		7,678		188,111
				434,921
Water — 0.1%
American Water Works Co., Inc.		3,549		547,007
				17,497,002

TOTAL COMMON STOCK (Cost $353,381,615)				713,099,409

TOTAL EQUITIES (Cost $353,381,615)				713,099,409

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

MML Equity Index Fund – Portfolio of Investments (Continued)

	Number of Shares		Value
MUTUAL FUNDS — 0.0%
Diversified Financial Services — 0.0%
State Street Navigator Securities Lending Government Money Market Portfolio (c)		97,178	$	97,178

TOTAL MUTUAL FUNDS (Cost $97,178)				97,178

TOTAL LONG-TERM INVESTMENTS (Cost $353,478,793)				713,196,587

	Principal Amount
SHORT-TERM INVESTMENTS — 0.8%
Repurchase Agreement — 0.7%
Fixed Income Clearing Corp., Repurchase Agreement, dated 6/30/21, 0.000%, due 7/01/21 (d)	$	5,147,254		5,147,254
U.S. Treasury Bill — 0.1%
U.S. Treasury Bill
0.061% 7/15/21 ^(e) ^(f)		860,000		859,986

TOTAL SHORT-TERM INVESTMENTS (Cost $6,007,234)				6,007,240

TOTAL INVESTMENTS — 100.1% (Cost $359,486,027) ^(g)				719,203,827

Other Assets/(Liabilities) — (0.1)%				(876,646	)

NET ASSETS — 100.0%			$	718,327,181

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

(a)	Non-income producing security.

(b)

Denotes all or a portion of security on loan. The total value of securities on loan as of June 30, 2021, was $331,344 or 0.05% of net assets. Total securities on loan may be less than the amounts identified in the Portfolio of Investments. The Fund received $241,449 of non-cash collateral (U.S. Treasury and/or Agency obligations) related to securities lending activity. This amount is not reflected on either the Portfolio of Investments or the Statement of Assets and Liabilities. (Note 2).

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

(d)	Maturity value of $5,147,254. Collateralized by U.S. Government Agency obligations with rates ranging from 0.125% - 0.375%, maturity dates ranging from 4/15/25 - 7/15/25, and an aggregate market value, including accrued interest, of $5,250,262.

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

(f)	A portion of this security is pledged/held as collateral for open derivatives. (Note 2).

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

Futures contracts

	Expiration Date		Number of Contracts		Notional Amount		Value/ Net Unrealized Appreciation/ (Depreciation)
Long
S&P 500 E Mini Index		9/17/21		28	$	5,918,076	$	85,964

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

MML Focused Equity Fund – Portfolio of Investments

June 30, 2021 (Unaudited)

	Number of Shares		Value
EQUITIES — 96.9%
COMMON STOCK — 96.9%
Basic Materials — 6.1%
Chemicals — 6.1%
Ecolab, Inc.		41,557	$	8,559,495
Linde PLC		32,547		9,409,338
				17,968,833
Consumer, Cyclical — 14.1%
Apparel — 4.5%
NIKE, Inc. Class B		85,744		13,246,591
Retail — 9.6%
McDonald’s Corp.		57,364		13,250,510
The TJX Cos., Inc.		227,619		15,346,073
				28,596,583
				41,843,174
Consumer, Non-cyclical — 40.8%
Beverages — 13.6%
The Coca-Cola Co.		205,948		11,143,846
Diageo PLC		325,449		15,596,657
PepsiCo, Inc.		92,549		13,712,985
				40,453,488
Cosmetics & Personal Care — 8.5%
Colgate-Palmolive Co.		191,247		15,557,943
The Procter & Gamble Co.		71,331		9,624,692
				25,182,635
Health Care – Products — 9.0%
Baxter International, Inc.		103,683		8,346,482
Danaher Corp.		14,477		3,885,048
Medtronic PLC		115,550		14,343,221
				26,574,751
Health Care – Services — 4.8%
UnitedHealth Group, Inc.		35,839		14,351,369
Pharmaceuticals — 4.9%
Johnson & Johnson		88,833		14,634,349
				121,196,592
Financial — 18.9%
Diversified Financial Services — 6.7%
American Express Co.		84,119		13,898,982
Visa, Inc. Class A		25,794		6,031,153
				19,930,135
Insurance — 8.9%
Chubb Ltd.		72,130		11,464,342
Marsh & McLennan Cos., Inc.		106,380		14,965,539
				26,429,881

	Number of Shares		Value
Real Estate Investment Trusts (REITS) — 3.3%
American Tower Corp.		15,120	$	4,084,517
Public Storage		18,895		5,681,537
				9,766,054
				56,126,070
Industrial — 11.5%
Aerospace & Defense — 8.1%
Lockheed Martin Corp.		24,925		9,430,374
Northrop Grumman Corp.		40,386		14,677,484
				24,107,858
Transportation — 3.4%
Union Pacific Corp.		45,659		10,041,784
				34,149,642
Technology — 5.5%
Computers — 2.3%
Accenture PLC Class A		23,105		6,811,123
Software — 3.2%
Microsoft Corp.		35,574		9,636,996
				16,448,119

TOTAL COMMON STOCK (Cost $227,922,718)				287,732,430

TOTAL EQUITIES (Cost $227,922,718)				287,732,430

TOTAL LONG-TERM INVESTMENTS (Cost $227,922,718)				287,732,430

	Principal Amount
SHORT-TERM INVESTMENTS — 3.1%
Repurchase Agreement — 3.1%
Fixed Income Clearing Corp., Repurchase Agreement, dated 6/30/21, 0.000%, due 7/01/21 (a)	$	9,143,962		9,143,962

TOTAL SHORT-TERM INVESTMENTS (Cost $9,143,962)				9,143,962

TOTAL INVESTMENTS — 100.0% (Cost $237,066,680) ^(b)				296,876,392

Other Assets/(Liabilities) — (0.0)%				(116,604	)

NET ASSETS — 100.0%			$	296,759,788

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

MML Focused Equity Fund – Portfolio of Investments (Continued)

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

(a)	Maturity value of $9,143,962. Collateralized by U.S. Government Agency obligations with a rate of 0.125%, maturity date of 1/31/23, and an aggregate market value, including accrued interest, of $9,326,853.

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

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

United States	77.4	%
Ireland	10.3	%
United Kingdom	5.3	%
Switzerland	3.9	%
Total Long-Term Investments	96.9	%
Short-Term Investments and Other Assets and Liabilities	3.1	%
Net Assets	100.0	%

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

MML Foreign Fund – Portfolio of Investments

June 30, 2021 (Unaudited)

	Number of Shares		Value
EQUITIES — 99.1%
COMMON STOCK — 99.1%
Australia — 2.6%
Lendlease Corp Ltd.		181,200	$	1,557,628
Macquarie Group Ltd.		28,600		3,354,449
Santos Ltd.		415,500		2,216,434
				7,128,511
Austria — 0.2%
ams AG (a)		30,700		616,002
Belgium — 2.6%
Anheuser-Busch InBev SA		21,700		1,562,709
Groupe Bruxelles Lambert SA		18,600		2,080,396
KBC Group NV		47,600		3,625,838
				7,268,943
Cayman Islands — 2.3%
CK Asset Holdings Ltd.		371,500		2,564,610
CK Hutchison Holdings Ltd.		479,500		3,736,299
				6,300,909
Denmark — 0.4%
AP Moller - Maersk A/S Class B		400		1,150,320
France — 9.1%
Amundi SA (b)		9,100		801,723
Arkema SA		14,600		1,833,055
Capgemini SE		16,000		3,076,655
Dassault Aviation SA		900		1,059,519
Engie SA		365,800		5,014,835
Rexel SA (a)		41,900		876,897
Sanofi		42,400		4,442,912
TotalEnergies SE		57,600		2,613,159
Ubisoft Entertainment SA (a)		24,600		1,722,402
Veolia Environnement SA		129,800		3,921,728
				25,362,885
Germany — 13.6%
Allianz SE Registered		10,500		2,618,029
BASF SE		43,400		3,420,005
Bayer AG Registered		11,700		710,678
Deutsche Boerse AG		19,100		3,333,930
Deutsche Post AG Registered		55,800		3,796,685
Fresenius SE & Co. KGaA		88,900		4,638,845
HeidelbergCement AG		47,400		4,066,793
Infineon Technologies AG		81,700		3,276,241
SAP SE		24,900		3,513,327
Siemens AG Registered		30,900		4,896,102
Siemens Energy AG (a)		80,300		2,421,066
Talanx AG (a)		25,900		1,059,091
				37,750,792

	Number of Shares		Value
Ireland — 4.4%
AIB Group PLC (a)		608,700	$	1,566,198
DCC PLC		36,800		3,014,482
Linde PLC		9,500		2,746,450
Ryanair Holdings PLC Sponsored ADR (a)		5,900		638,439
Smurfit Kappa Group PLC		81,700		4,432,444
				12,398,013
Israel — 1.0%
Check Point Software Technologies Ltd. (a)		23,000		2,670,990
Italy — 1.0%
Mediobanca Banca di Credito Finanziario SpA (a)		115,400		1,346,802
Prysmian SpA		40,600		1,456,202
				2,803,004
Japan — 23.8%
Astellas Pharma, Inc.		235,500		4,099,492
Denka Co. Ltd.		60,100		1,997,946
FANUC Corp.		13,100		3,157,759
Fujitsu Ltd.		15,800		2,959,405
Hitachi Ltd.		64,900		3,714,282
Japan Airlines Co. Ltd. (a)		58,400		1,263,509
Kirin Holdings Co. Ltd. (c)		112,100		2,185,124
Kyocera Corp.		42,000		2,595,413
Matsumotokiyoshi Holdings Co. Ltd.		7,900		348,697
Nintendo Co. Ltd.		7,000		4,072,880
Olympus Corp.		169,300		3,363,566
ORIX Corp.		279,000		4,694,602
Rakuten Group, Inc. (c)		290,600		3,278,563
Sega Sammy Holdings, Inc.		118,400		1,554,363
Seven & i Holdings Co. Ltd.		112,300		5,353,228
Sony Group Corp.		78,000		7,570,140
Square Enix Holdings Co. Ltd.		29,800		1,478,483
Sumitomo Mitsui Financial Group, Inc.		114,400		3,937,046
Toshiba Corp. (c)		84,800		3,669,197
Toyota Industries Corp.		58,200		5,032,515
				66,326,210
Luxembourg — 1.0%
ArcelorMittal SA		87,000		2,670,730
Netherlands — 6.1%
Airbus SE (a)		5,500		708,293
ASML Holding NV		6,100		4,199,859
EXOR NV		15,000		1,200,574
Heineken Holding NV		42,700		4,301,806
Koninklijke Philips NV		80,879		4,009,520

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

MML Foreign Fund – Portfolio of Investments (Continued)

	Number of Shares		Value
NXP Semiconductor NV		12,800	$	2,633,216
				17,053,268
Norway — 1.0%
Mowi ASA		105,600		2,686,287
Republic of Korea — 1.9%
Samsung Electronics Co. Ltd.		75,100		5,382,818
Singapore — 1.3%
DBS Group Holdings, Ltd.		167,000		3,705,892
Spain — 0.4%
Siemens Gamesa Renewable Energy SA (a)		31,600		1,054,991
Sweden — 2.3%
Essity AB Class B		41,700		1,382,693
Investor AB Class B		103,700		2,388,935
Lundin Energy AB (c)		12,400		439,966
Volvo AB Class B (c)		92,598		2,228,872
				6,440,466
Switzerland — 9.8%
ABB Ltd. Registered		106,900		3,628,666
Alcon, Inc.		43,400		3,040,033
Cie Financiere Richemont SA Registered		17,500		2,118,762
Nestle SA Registered		43,600		5,429,742
Novartis AG Registered		48,200		4,393,179
Roche Holding AG		10,600		3,994,828
UBS Group AG Registered		313,700		4,803,213
				27,408,423
United Kingdom — 14.3%
Ashtead Group PLC		29,800		2,213,426
Aviva PLC		388,200		2,182,951
Barratt Developments PLC		119,900		1,155,079
BHP Group PLC ADR		13,800		823,722
The British Land Co. PLC		417,000		2,859,135
Bunzl PLC		54,800		1,812,057
Entain PLC (a)		80,500		1,945,279
Glencore PLC (a)		384,200		1,645,289
IG Group Holdings PLC		46,000		538,623
Imperial Brands PLC		106,600		2,297,175
Inchcape PLC		130,500		1,388,183
Informa PLC (a)		236,100		1,641,181
Kingfisher PLC		175,000		882,931
Liberty Global PLC Class C (a)		9,300		251,472
Lloyds Banking Group PLC		3,815,600		2,468,350
Melrose Industries PLC		633,400		1,362,883
Persimmon PLC		67,500		2,766,993
Reckitt Benckiser Group PLC		12,900		1,141,666
Savills PLC		13,800		219,560
Smith & Nephew PLC		97,500		2,112,909

	Number of Shares		Value
Tesco PLC		1,124,605	$	3,471,607
Unilever PLC		79,600		4,655,721
				39,836,192

TOTAL COMMON STOCK (Cost $237,575,146)				276,015,646

TOTAL EQUITIES (Cost $237,575,146)				276,015,646

MUTUAL FUNDS — 0.8%
United States — 0.8%
State Street Navigator Securities Lending Government Money Market Portfolio (d)		2,291,337		2,291,337

TOTAL MUTUAL FUNDS (Cost $2,291,337)				2,291,337

TOTAL LONG-TERM INVESTMENTS (Cost $239,866,483)				278,306,983

TOTAL INVESTMENTS — 99.9% (Cost $239,866,483) ^(e)				278,306,983

Other Assets/(Liabilities) — 0.1%				186,323

NET ASSETS — 100.0%			$	278,493,306

Abbreviation Legend

ADR	American Depositary Receipt

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

(a)	Non-income producing security.

(b)

Security is exempt from registration under Regulation S or Rule 144A of the Securities Act of 1933. These securities are considered restricted and may be resold in transactions exempt from registration. At June 30, 2021, the aggregate market value of these securities amounted to $801,723 or 0.29% of net assets.

(c)

Denotes all or a portion of security on loan. The total value of securities on loan as of June 30, 2021, was $11,587,150 or 4.16% of net assets. Total securities on loan may be less than the amounts identified in the Portfolio of Investments. The Fund received $9,909,196 of non-cash collateral (U.S. Treasury and/or Agency obligations) related to securities lending activity. This amount is not reflected on either the Portfolio of Investments or the Statement of Assets and Liabilities. (Note 2).

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

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

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

MML Foreign Fund – Portfolio of Investments (Continued)

Notes to Portfolio of Investments (Continued)

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

Consumer, Non-cyclical	25.8	%
Financial	18.8	%
Industrial	13.6	%
Consumer, Cyclical	12.8	%
Technology	11.3	%
Basic Materials	7.0	%
Energy	3.4	%
Utilities	3.2	%
Communications	1.9	%
Diversified	1.3	%
Mutual Funds	0.8	%
Total Long-Term Investments	99.9	%
Short-Term Investments and Other Assets and Liabilities	0.1	%
Net Assets	100.0	%

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

MML Fundamental Equity Fund – Portfolio of Investments

June 30, 2021 (Unaudited)

	Number of Shares		Value
EQUITIES — 99.9%
COMMON STOCK — 99.9%
Basic Materials — 0.5%
Chemicals — 0.5%
Valvoline, Inc.		29,779	$	966,626
Communications — 17.6%
Internet — 12.7%
Airbnb, Inc. Class A (a)		7,812		1,196,330
Amazon.com, Inc. (a)		3,261		11,218,362
Booking Holdings, Inc. (a)		364		796,465
Facebook, Inc. Class A (a)		20,985		7,296,694
Netflix, Inc. (a)		4,766		2,517,449
Snap, Inc. Class A (a)		12,704		865,650
				23,890,950
Media — 1.7%
Comcast Corp. Class A		56,793		3,238,337
Telecommunications — 3.2%
Motorola Solutions, Inc.		12,622		2,737,081
Verizon Communications, Inc.		59,433		3,330,031
				6,067,112
				33,196,399
Consumer, Cyclical — 7.6%
Auto Manufacturers — 1.2%
General Motors Co. (a)		39,186		2,318,636
Entertainment — 0.3%
Warner Music Group Corp. Class A (b)		14,269		514,255
Home Builders — 0.9%
D.R. Horton, Inc.		18,223		1,646,812
Retail — 5.2%
CarMax, Inc. (a)		14,654		1,892,564
The Home Depot, Inc.		11,840		3,775,657
O’Reilly Automotive, Inc. (a)		3,060		1,732,603
Target Corp.		10,488		2,535,369
				9,936,193
				14,415,896
Consumer, Non-cyclical — 20.1%
Beverages — 1.5%
Constellation Brands, Inc. Class A		12,165		2,845,272
Biotechnology — 0.4%
Seagen, Inc. (a)		4,256		671,937
Cosmetics & Personal Care — 2.0%
The Procter & Gamble Co.		27,580		3,721,369
Food — 2.3%
The a2 Milk Co. Ltd. (a) (b)		45,223		203,461
Mondelez International, Inc. Class A		34,967		2,183,340

	Number of Shares		Value
Sysco Corp.		24,591	$	1,911,950
				4,298,751
Health Care – Products — 1.7%
Alcon, Inc.		5,201		365,422
Avantor, Inc. (a)		35,838		1,272,608
The Cooper Cos., Inc.		2,755		1,091,724
Thermo Fisher Scientific, Inc.		1,113		561,475
				3,291,229
Health Care – Services — 5.4%
HCA Healthcare, Inc.		22,358		4,622,293
UnitedHealth Group, Inc.		13,846		5,544,492
				10,166,785
Household Products & Wares — 0.3%
Reckitt Benckiser Group PLC		7,066		625,349
Pharmaceuticals — 6.5%
AstraZeneca PLC Sponsored ADR (b)		68,875		4,125,613
Bayer AG Registered		7,210		437,948
CVS Health Corp.		42,572		3,552,208
Eli Lilly & Co.		16,187		3,715,240
Neurocrine Biosciences, Inc. (a)		4,464		434,436
				12,265,445
				37,886,137
Energy — 1.9%
Oil & Gas — 1.2%
Cabot Oil & Gas Corp.		66,656		1,163,814
Valero Energy Corp.		13,767		1,074,927
				2,238,741
Pipelines — 0.7%
Magellan Midstream Partners LP (c)		25,659		1,254,982
				3,493,723
Financial — 15.8%
Banks — 3.7%
CIT Group, Inc.		21,265		1,097,062
JP Morgan Chase & Co.		37,732		5,868,835
				6,965,897
Diversified Financial Services — 5.9%
Capital One Financial Corp.		26,708		4,131,460
Intercontinental Exchange, Inc.		26,866		3,188,994
Mastercard, Inc. Class A		7,821		2,855,369
Rocket Cos., Inc. Class A		51,217		991,049
				11,166,872
Insurance — 3.7%
The Allstate Corp.		11,852		1,545,975
Equitable Holdings, Inc.		120,298		3,663,074
The Progressive Corp.		17,808		1,748,924
				6,957,973

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

MML Fundamental Equity Fund – Portfolio of Investments (Continued)

	Number of Shares		Value
Real Estate Investment Trusts (REITS) — 2.5%
Prologis, Inc.		39,950	$	4,775,223
				29,865,965
Industrial — 11.5%
Aerospace & Defense — 1.8%
Raytheon Technologies Corp.		39,537		3,372,902
Building Materials — 1.2%
Vulcan Materials Co.		12,478		2,172,045
Electronics — 0.5%
Hubbell, Inc.		5,052		943,916
Environmental Controls — 0.7%
Waste Connections, Inc.		11,406		1,362,219
Machinery – Construction & Mining — 0.9%
Caterpillar, Inc.		8,137		1,770,855
Machinery – Diversified — 2.5%
Otis Worldwide Corp.		38,968		3,186,413
Rockwell Automation, Inc.		5,234		1,497,029
				4,683,442
Transportation — 3.9%
Union Pacific Corp.		9,738		2,141,678
United Parcel Service, Inc. Class B		25,174		5,235,437
				7,377,115
				21,682,494
Technology — 23.0%
Computers — 3.8%
Accenture PLC Class A		9,792		2,886,584
Amdocs Ltd.		14,706		1,137,656
Apple, Inc.		23,587		3,230,475
				7,254,715
Semiconductors — 6.6%
Applied Materials, Inc.		29,754		4,236,970
QUALCOMM, Inc.		32,992		4,715,546
Texas Instruments, Inc.		17,809		3,424,671
				12,377,187
Software — 12.6%
Fiserv, Inc. (a)		24,103		2,576,370
Manhattan Associates, Inc. (a)		1,301		188,437
Microsoft Corp.		52,553		14,236,608
Snowflake, Inc. Class A (a)		2,659		642,946
VMware, Inc. Class A (a)		11,882		1,900,764
Workday, Inc. Class A (a)		10,106		2,412,706
Zynga, Inc. Class A (a)		168,756		1,793,876
				23,751,707
				43,383,609

	Number of Shares		Value
Utilities — 1.9%
Electric — 1.5%
FirstEnergy Corp.		73,663	$	2,741,000
Water — 0.4%
American Water Works Co., Inc.		5,375		828,449
				3,569,449

TOTAL COMMON STOCK (Cost $140,103,834)				188,460,298

TOTAL EQUITIES (Cost $140,103,834)				188,460,298

MUTUAL FUNDS — 0.0%
Diversified Financial Services — 0.0%
State Street Navigator Securities Lending Government Money Market Portfolio (d)		13,353		13,353

TOTAL MUTUAL FUNDS (Cost $13,353)				13,353

TOTAL LONG-TERM INVESTMENTS (Cost $140,117,187)				188,473,651

	Principal Amount
SHORT-TERM INVESTMENTS — 0.3%
Repurchase Agreement — 0.3%
Fixed Income Clearing Corp., Repurchase Agreement, dated 6/30/21, 0.000%, due 7/01/21 (e)	$	579,678		579,678

TOTAL SHORT-TERM INVESTMENTS (Cost $579,678)				579,678

TOTAL INVESTMENTS — 100.2% (Cost $140,696,865) ^(f)				189,053,329

Other Assets/(Liabilities) — (0.2)%				(319,638	)

NET ASSETS — 100.0%			$	188,733,691

Abbreviation Legend

ADR	American Depositary Receipt

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

MML Fundamental Equity Fund – Portfolio of Investments (Continued)

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

(a)	Non-income producing security.

(b)

Denotes all or a portion of security on loan. The total value of securities on loan as of June 30, 2021, was $4,758,693 or 2.52% of net assets. Total securities on loan may be less than the amounts identified in the Portfolio of Investments. The Fund received $4,859,167 of non-cash collateral (U.S. Treasury and/or Agency obligations) related to securities lending activity. This amount is not reflected on either the Portfolio of Investments or the Statement of Assets and Liabilities. (Note 2).

(c)	Security is a Master Limited Partnership.

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

(e)	Maturity value of $579,678. Collateralized by U.S. Government Agency obligations with a rate of 0.125%, maturity date of 1/31/23, and an aggregate market value, including accrued interest, of $591,305.

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

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

MML Fundamental Value Fund – Portfolio of Investments

June 30, 2021 (Unaudited)

	Number of Shares		Value
EQUITIES — 98.8%
COMMON STOCK — 98.8%
Basic Materials — 4.1%
Chemicals — 3.2%
Axalta Coating Systems Ltd. (a)		35,000	$	1,067,151
DuPont de Nemours, Inc.		49,467		3,829,240
FMC Corp.		9,348		1,011,454
PPG Industries, Inc.		5,858		994,513
				6,902,358
Mining — 0.9%
Kinross Gold Corp.		118,905		755,047
Newmont Corp.		19,498		1,235,783
				1,990,830
				8,893,188
Communications — 8.7%
Internet — 3.9%
Alphabet, Inc. Class A (a)		1,874		4,575,914
Facebook, Inc. Class A (a)		8,121		2,823,753
NortonLifeLock, Inc.		42,830		1,165,833
				8,565,500
Media — 1.0%
Charter Communications, Inc. Class A (a)		2,859		2,062,626
Telecommunications — 3.8%
Cisco Systems, Inc.		110,079		5,834,187
T-Mobile US, Inc. (a)		16,468		2,385,060
				8,219,247
				18,847,373
Consumer, Cyclical — 10.8%
Apparel — 1.1%
Tapestry, Inc. (a)		56,241		2,445,359
Auto Parts & Equipment — 0.7%
Allison Transmission Holdings, Inc.		17,670		702,206
Lear Corp.		4,408		772,634
				1,474,840
Distribution & Wholesale — 0.8%
LKQ Corp. (a)		35,328		1,738,844
Home Builders — 0.6%
Lennar Corp. Class A		13,423		1,333,575
Home Furnishing — 1.0%
Sony Group Corp. Sponsored ADR		22,774		2,214,088
Leisure Time — 1.2%
Harley-Davidson, Inc.		33,993		1,557,559
Polaris, Inc.		6,763		926,261
				2,483,820

	Number of Shares		Value
Lodging — 0.7%
Las Vegas Sands Corp. (a)		28,747	$	1,514,679
Retail — 3.7%
AutoZone, Inc. (a)		2,950		4,402,049
Kohl’s Corp.		20,256		1,116,308
Lowe’s Cos., Inc.		6,672		1,294,168
The TJX Cos., Inc.		19,088		1,286,913
				8,099,438
Textiles — 1.0%
Mohawk Industries, Inc. (a)		11,092		2,131,772
				23,436,415
Consumer, Non-cyclical — 19.9%
Beverages — 1.0%
Coca-Cola Europacific Partners PLC		36,182		2,146,316
Commercial Services — 1.1%
United Rentals, Inc. (a)		7,550		2,408,526
Food — 0.6%
US Foods Holding Corp. (a)		33,979		1,303,435
Health Care – Products — 1.3%
Avantor, Inc. (a)		77,502		2,752,096
Health Care – Services — 4.9%
Anthem, Inc.		10,886		4,156,275
Centene Corp. (a)		34,710		2,531,400
UnitedHealth Group, Inc.		9,755		3,906,292
				10,593,967
Pharmaceuticals — 11.0%
AbbVie, Inc.		18,594		2,094,428
AmerisourceBergen Corp.		13,519		1,547,790
Cigna Corp.		18,083		4,286,937
CVS Health Corp.		24,874		2,075,487
Johnson & Johnson		40,376		6,651,542
McKesson Corp.		8,487		1,623,054
Novartis AG Sponsored ADR		35,118		3,204,166
Pfizer, Inc.		62,093		2,431,562
				23,914,966
				43,119,306
Energy — 7.8%
Oil & Gas — 6.8%
BP PLC Sponsored ADR		34,865		921,133
Canadian Natural Resources Ltd.		53,415		1,937,896
ConocoPhillips		74,023		4,508,001
EOG Resources, Inc.		8,721		727,680
HollyFrontier Corp.		30,885		1,016,117
Marathon Petroleum Corp.		52,657		3,181,536
Pioneer Natural Resources Co.		14,710		2,390,669
				14,683,032

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

MML Fundamental Value Fund – Portfolio of Investments (Continued)

	Number of Shares		Value
Oil & Gas Services — 1.0%
Schlumberger NV		68,108	$	2,180,137
				16,863,169
Financial — 21.6%
Banks — 11.7%
Bank of America Corp.		95,308		3,929,549
Citigroup, Inc.		47,696		3,374,492
Fifth Third Bancorp		40,282		1,539,981
The Goldman Sachs Group, Inc.		7,846		2,977,792
JP Morgan Chase & Co.		44,203		6,875,335
Truist Financial Corp.		68,366		3,794,313
Wells Fargo & Co.		63,309		2,867,264
				25,358,726
Diversified Financial Services — 2.5%
Capital One Financial Corp.		16,359		2,530,574
The Charles Schwab Corp.		40,149		2,923,249
				5,453,823
Insurance — 7.4%
Aflac, Inc.		17,336		930,250
American International Group, Inc.		32,349		1,539,812
Berkshire Hathaway, Inc. Class B (a)		22,260		6,186,499
Chubb Ltd.		21,384		3,398,773
Everest Re Group Ltd.		6,906		1,740,381
The Progressive Corp.		23,671		2,324,729
				16,120,444
				46,932,993
Industrial — 13.0%
Aerospace & Defense — 3.4%
The Boeing Co. (a)		8,139		1,949,779
General Dynamics Corp.		13,146		2,474,866
Howmet Aerospace, Inc. (a)		58,471		2,015,495
Northrop Grumman Corp.		2,681		974,356
				7,414,496
Building Materials — 1.2%
CRH PLC Sponsored ADR		28,893		1,468,920
Owens Corning		11,792		1,154,437
				2,623,357
Electronics — 0.3%
Allegion PLC		5,335		743,166
Machinery – Construction & Mining — 1.8%
Caterpillar, Inc.		13,349		2,905,143
Vertiv Holdings Co.		34,557		943,406
				3,848,549
Machinery – Diversified — 4.1%
Deere & Co.		10,987		3,875,225

	Number of Shares		Value
Dover Corp.		9,879	$	1,487,777
Otis Worldwide Corp.		25,117		2,053,817
Westinghouse Air Brake Technologies Corp.		17,866		1,470,372
				8,887,191
Miscellaneous - Manufacturing — 1.5%
Eaton Corp. PLC		21,485		3,183,647
Transportation — 0.7%
Union Pacific Corp.		6,594		1,450,218
				28,150,624
Technology — 11.3%
Computers — 0.4%
NetApp, Inc.		10,658		872,037
Semiconductors — 8.0%
Applied Materials, Inc.		29,099		4,143,698
KLA Corp.		4,214		1,366,221
Lam Research Corp.		3,409		2,218,236
Micron Technology, Inc. (a)		43,755		3,718,300
NXP Semiconductor NV		10,960		2,254,691
Qorvo, Inc. (a)		9,495		1,857,697
QUALCOMM, Inc.		12,966		1,853,230
				17,412,073
Software — 2.9%
Fidelity National Information Services, Inc.		16,307		2,310,213
Oracle Corp.		31,042		2,416,309
SS&C Technologies Holdings, Inc		21,247		1,531,059
				6,257,581
				24,541,691
Utilities — 1.6%
Electric — 1.6%
CenterPoint Energy, Inc.		73,610		1,804,917
Dominion Energy, Inc.		23,469		1,726,614
				3,531,531
				3,531,531

TOTAL COMMON STOCK (Cost $157,854,146)				214,316,290

TOTAL EQUITIES (Cost $157,854,146)				214,316,290

TOTAL LONG-TERM INVESTMENTS (Cost $157,854,146)				214,316,290

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

MML Fundamental Value Fund – Portfolio of Investments (Continued)

	Principal Amount		Value
SHORT-TERM INVESTMENTS — 1.2%
Repurchase Agreement — 1.2%
Fixed Income Clearing Corp., Repurchase Agreement, dated 6/30/21, 0.000%, due 7/01/21 (b)	$	2,658,417	$	2,658,417

TOTAL SHORT-TERM INVESTMENTS (Cost $2,658,417)				2,658,417

TOTAL INVESTMENTS — 100.0% (Cost $160,512,563) ^(c)				216,974,707

Other Assets/(Liabilities) — (0.0)%				(71,522	)

NET ASSETS — 100.0%			$	216,903,185

Abbreviation Legend

ADR	American Depositary Receipt

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

(a)	Non-income producing security.

(b)	Maturity value of $2,658,417. Collateralized by U.S. Government Agency obligations with a rate of 0.125%, maturity date of 1/31/23, and an aggregate market value, including accrued interest, of $2,711,649.

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

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

MML Global Fund – Portfolio of Investments

June 30, 2021 (Unaudited)

	Number of Shares		Value
EQUITIES — 98.9%
COMMON STOCK — 98.9%
Austria — 0.3%
Erste Group Bank AG		29,926	$	1,097,003
Canada — 2.6%
Canadian National Railway Co. (a)		62,840		6,630,877
Canadian Pacific Railway Ltd.		46,515		3,577,469
				10,208,346
Denmark — 0.6%
Carlsberg A/S Class B		12,249		2,286,735
France — 11.3%
Air Liquide SA		20,625		3,613,997
Danone SA		99,724		7,023,352
EssilorLuxottica SA		8,400		1,551,039
Hermes International		959		1,398,267
Legrand SA		43,676		4,625,458
LVMH Moet Hennessy Louis Vuitton SE		12,256		9,623,006
Pernod Ricard SA		27,237		6,045,482
Schneider Electric SE		69,280		10,905,679
				44,786,280
Germany — 3.9%
Bayer AG Registered		70,794		4,300,148
Brenntag SE		22,370		2,080,408
Deutsche Boerse AG		10,936		1,908,893
Merck KGaA		26,572		5,101,024
MTU Aero Engines AG		7,577		1,877,354
				15,267,827
Ireland — 9.1%
Accenture PLC Class A		32,471		9,572,126
Aon PLC Class A		18,003		4,298,396
Linde PLC (b)		23,871		6,897,227
Linde PLC		6,297		1,820,463
Medtronic PLC		90,881		11,281,059
Willis Towers Watson PLC		9,063		2,084,671
				35,953,942
Israel — 0.9%
Check Point Software Technologies Ltd. (b)		31,903		3,704,895
Japan — 2.0%
Hoya Corp.		15,700		2,080,860
Kubota Corp. (a)		214,700		4,340,762
Olympus Corp.		71,000		1,410,592
				7,832,214
Mexico — 0.2%
Grupo Financiero Banorte SAB de CV Class O		135,204		870,612

	Number of Shares		Value
Netherlands — 3.1%
Akzo Nobel NV		41,975	$	5,187,089
Heineken NV (a)		54,446		6,600,433
Wolters Kluwer NV		6,146		617,720
				12,405,242
Republic of Korea — 1.0%
Samsung Electronics Co. Ltd.		55,322		3,965,223
Spain — 0.8%
Aena SME SA (b) (c)		20,378		3,341,365
Sweden — 1.7%
Essity AB Class B		203,057		6,732,988
Switzerland — 8.1%
Adecco Group AG Registered		24,209		1,645,474
Cie Financiere Richemont SA Registered		41,408		5,013,354
Julius Baer Group Ltd.		25,739		1,678,718
Nestle SA Registered		75,395		9,389,343
Roche Holding AG		26,854		10,120,483
Sonova Holding AG Registered		3,540		1,332,107
UBS Group AG Registered		202,663		3,103,072
				32,282,551
United Kingdom — 7.4%
Aptiv PLC (b)		13,573		2,135,440
Burberry Group PLC (b)		89,195		2,554,638
Compass Group PLC (b)		124,831		2,632,819
Diageo PLC		192,825		9,240,850
Reckitt Benckiser Group PLC		66,625		5,896,393
Rolls-Royce Holdings PLC (b)		1,412,006		1,937,118
Whitbread PLC (b)		42,073		1,820,785
WPP PLC		218,988		2,964,639
				29,182,682
United States — 45.9%
3M Co.		28,846		5,729,681
Abbott Laboratories		48,448		5,616,577
American Express Co.		30,778		5,085,449
Amphenol Corp. Class A		32,052		2,192,677
The Bank of New York Mellon Corp.		20,260		1,037,920
Boston Scientific Corp. (b)		124,806		5,336,705
Carrier Global Corp.		21,923		1,065,458
The Charles Schwab Corp.		78,751		5,733,860
Cisco Systems, Inc.		29,445		1,560,585
Cognizant Technology Solutions Corp. Class A		48,519		3,360,426
Colgate-Palmolive Co.		41,907		3,409,134
Comcast Corp. Class A		230,746		13,157,137
The Cooper Cos., Inc.		9,503		3,765,754
eBay, Inc.		59,810		4,199,260
Equifax, Inc.		20,520		4,914,745

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

MML Global Fund – Portfolio of Investments (Continued)

	Number of Shares		Value
Fidelity National Information Services, Inc.		38,123	$	5,400,885
Fiserv, Inc. (b)		46,550		4,975,729
The Goldman Sachs Group, Inc.		17,426		6,613,690
Honeywell International, Inc.		39,392		8,640,635
International Flavors & Fragrances, Inc.		13,888		2,074,867
Kansas City Southern		18,554		5,257,647
Liberty Broadband Corp. Class C (b)		24,867		4,318,403
Marriott International, Inc. Class A (b)		15,233		2,079,609
Microchip Technology, Inc.		13,100		1,961,594
Omnicom Group, Inc.		12,363		988,916
Oracle Corp.		77,957		6,068,173
Otis Worldwide Corp.		25,381		2,075,404
PayPal Holdings, Inc. (b)		17,739		5,170,564
PPG Industries, Inc.		26,875		4,562,569
State Street Corp.		17,177		1,413,324
Stryker Corp.		26,109		6,781,291
Thermo Fisher Scientific, Inc.		25,166		12,695,492
Union Pacific Corp.		15,225		3,348,434
United Parcel Service, Inc. Class B		21,064		4,380,680
Visa, Inc. Class A		50,241		11,747,351
The Walt Disney Co. (b)		40,844		7,179,150
Waters Corp. (b)		11,346		3,921,291
Zimmer Biomet Holdings, Inc.		23,211		3,732,793
				181,553,859

TOTAL COMMON STOCK (Cost $282,714,433)				391,471,764

TOTAL EQUITIES (Cost $282,714,433)				391,471,764

MUTUAL FUNDS — 0.2%
United States — 0.2%
State Street Navigator Securities Lending Government Money Market Portfolio (d)		970,869		970,869

TOTAL MUTUAL FUNDS (Cost $970,869)				970,869

	Number of Shares		Value
WARRANTS — 0.0%
Switzerland — 0.0%
Cie Financiere Richemont SA, Expires 11/22/23, Strike 67.00 (b)		105,484	$	70,684

TOTAL WARRANTS (Cost $0)				70,684

TOTAL LONG-TERM INVESTMENTS (Cost $283,685,302)				392,513,317

	Principal Amount
SHORT-TERM INVESTMENTS — 1.1%
Repurchase Agreement — 1.1%
Fixed Income Clearing Corp., Repurchase Agreement, dated 6/30/21, 0.000%, due 7/01/21 (e)	$	4,152,178		4,152,178

TOTAL SHORT-TERM INVESTMENTS (Cost $4,152,178)				4,152,178


TOTAL INVESTMENTS — 100.2% (Cost $287,837,480) ^(f)				396,665,495

Other Assets/(Liabilities) — (0.2)%				(771,567	)

NET ASSETS — 100.0%			$	395,893,928

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

(a)

Denotes all or a portion of security on loan. The total value of securities on loan as of June 30, 2021, was $5,179,070 or 1.31% of net assets. Total securities on loan may be less than the amounts identified in the Portfolio of Investments. The Fund received $4,473,446 of non-cash collateral (U.S. Treasury and/or Agency obligations) related to securities lending activity. This amount is not reflected on either the Portfolio of Investments or the Statement of Assets and Liabilities. (Note 2).

(b)	Non-income producing security.

(c)

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

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

MML Global Fund – Portfolio of Investments (Continued)

Notes to Portfolio of Investments (Continued)

(e)	Maturity value of $4,152,178. Collateralized by U.S. Government Agency obligations with a rate of 0.125%, maturity date of 1/31/23, and an aggregate market value, including accrued interest, of $4,235,290.

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

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

Consumer, Non-cyclical	35.7	%
Industrial	19.2	%
Financial	11.8	%
Technology	9.9	%
Communications	8.8	%
Consumer, Cyclical	6.9	%
Basic Materials	6.6	%
Mutual Funds	0.2	%
Total Long-Term Investments	99.1	%
Short-Term Investments and Other Assets and Liabilities	0.9	%
Net Assets	100.0	%

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

MML Growth & Income Fund – Portfolio of Investments

June 30, 2021 (Unaudited)

	Number of Shares		Value
EQUITIES — 99.3%
COMMON STOCK — 99.3%
Basic Materials — 2.5%
Chemicals — 2.5%
DuPont de Nemours, Inc.		17,584	$	1,361,177
PPG Industries, Inc.		6,702		1,137,799
The Sherwin-Williams Co.		6,478		1,764,931
				4,263,907
Communications — 11.3%
Internet — 8.9%
Alphabet, Inc. Class A (a)		3,435		8,387,549
Alphabet, Inc. Class C (a)		1,197		3,000,065
Facebook, Inc. Class A (a)		10,770		3,744,837
				15,132,451
Media — 2.4%
Cable One, Inc.		508		971,707
Comcast Corp. Class A		55,940		3,189,699
				4,161,406
				19,293,857
Consumer, Cyclical — 9.8%
Apparel — 2.4%
LVMH Moet Hennessy Louis Vuitton SE		3,216		2,525,097
NIKE, Inc. Class B		10,685		1,650,725
				4,175,822
Retail — 7.4%
Costco Wholesale Corp.		4,604		1,821,665
Dollar General Corp.		8,793		1,902,717
The Home Depot, Inc.		7,940		2,531,987
Starbucks Corp.		10,502		1,174,229
Target Corp.		12,490		3,019,332
Tractor Supply Co.		11,446		2,129,643
				12,579,573
				16,755,395
Consumer, Non-cyclical — 24.1%
Beverages — 2.5%
Diageo PLC		46,654		2,235,823
Pernod Ricard SA		8,984		1,994,075
				4,229,898
Biotechnology — 1.9%
Illumina, Inc. (a)		3,008		1,423,415
Vertex Pharmaceuticals, Inc. (a)		9,346		1,884,434
				3,307,849
Cosmetics & Personal Care — 1.6%
Colgate-Palmolive Co.		20,464		1,664,746

	Number of Shares		Value
The Estee Lauder Cos., Inc. Class A		3,227	$	1,026,444
				2,691,190
Food — 1.8%
Danone SA		26,307		1,852,747
Mondelez International, Inc. Class A		19,659		1,227,508
				3,080,255
Health Care – Products — 5.2%
Danaher Corp.		9,268		2,487,160
Medtronic PLC		26,508		3,290,438
Thermo Fisher Scientific, Inc.		6,182		3,118,634
				8,896,232
Health Care – Services — 0.6%
ICON PLC (a) (b)		4,532		936,810
Household Products & Wares — 0.8%
Kimberly-Clark Corp.		10,087		1,349,439
Pharmaceuticals — 9.7%
Becton Dickinson and Co.		11,230		2,731,024
Cigna Corp.		6,167		1,462,011
Eli Lilly & Co.		10,207		2,342,711
Johnson & Johnson		22,042		3,631,199
Merck & Co., Inc.		31,307		2,434,745
PRA Health Sciences, Inc. (a)		14,750		2,436,847
Zoetis, Inc.		8,750		1,630,650
				16,669,187
				41,160,860
Energy — 1.1%
Oil & Gas — 0.8%
ConocoPhillips		23,398		1,424,938
Pipelines — 0.3%
Enterprise Products Partners LP (c)		20,754		500,794
				1,925,732
Financial — 19.8%
Banks — 7.9%
Bank of America Corp.		100,357		4,137,719
The Goldman Sachs Group, Inc.		7,906		3,000,564
JP Morgan Chase & Co.		29,017		4,513,305
Truist Financial Corp.		34,202		1,898,211
				13,549,799
Diversified Financial Services — 6.5%
The Charles Schwab Corp.		18,311		1,333,224
Mastercard, Inc. Class A		8,776		3,204,030
Nasdaq, Inc.		15,464		2,718,571
Visa, Inc. Class A		16,225		3,793,729
				11,049,554
Insurance — 0.9%
Chubb Ltd.		9,696		1,541,082

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

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

	Number of Shares		Value
Private Equity — 0.8%
The Blackstone Group, Inc.		15,061	$	1,463,026
Real Estate Investment Trusts (REITS) — 3.7%
American Tower Corp.		13,267		3,583,947
Equinix, Inc.		2,805		2,251,293
Rayonier, Inc.		13,351		479,702
				6,314,942
				33,918,403
Industrial — 9.9%
Aerospace & Defense — 1.1%
Howmet Aerospace, Inc. (a)		14,499		499,781
Raytheon Technologies Corp.		15,936		1,359,500
				1,859,281
Building Materials — 1.5%
Johnson Controls International PLC		22,715		1,558,930
Masco Corp.		16,082		947,391
				2,506,321
Electrical Components & Equipment — 0.9%
AMETEK, Inc.		11,661		1,556,743
Electronics — 3.7%
Fortive Corp.		18,879		1,316,622
Honeywell International, Inc.		15,160		3,325,346
TE Connectivity Ltd.		12,477		1,687,015
				6,328,983
Packaging & Containers — 1.2%
Crown Holdings, Inc.		20,039		2,048,186
Transportation — 1.5%
Canadian National Railway Co.		20,260		2,137,835
Old Dominion Freight Line, Inc.		1,671		424,100
				2,561,935
				16,861,449
Technology — 20.3%
Computers — 4.6%
Accenture PLC Class A		7,024		2,070,605
Amdocs Ltd.		24,505		1,895,707
Apple, Inc.		28,533		3,907,879
				7,874,191
Semiconductors — 3.4%
Analog Devices, Inc.		10,863		1,870,174
Applied Materials, Inc.		7,761		1,105,167
Texas Instruments, Inc.		15,160		2,915,268
				5,890,609
Software — 12.3%
Adobe, Inc. (a)		5,214		3,053,527
Electronic Arts, Inc.		17,822		2,563,338

	Number of Shares		Value
Fidelity National Information Services, Inc.		20,462	$	2,898,852
Fiserv, Inc. (a)		11,926		1,274,770
Microsoft Corp.		33,650		9,115,785
salesforce.com, Inc. (a)		8,542		2,086,554
				20,992,826
				34,757,626
Utilities — 0.5%
Electric — 0.5%
American Electric Power Co., Inc.		11,091		938,188

TOTAL COMMON STOCK (Cost $86,031,344)				169,875,417

TOTAL EQUITIES (Cost $86,031,344)				169,875,417

TOTAL LONG-TERM INVESTMENTS (Cost $86,031,344)				169,875,417

	Principal Amount
SHORT-TERM INVESTMENTS — 0.8%
Repurchase Agreement — 0.8%
Fixed Income Clearing Corp., Repurchase Agreement, dated 6/30/21, 0.000%, due 7/01/21 (d)	$	1,412,391		1,412,391

TOTAL SHORT-TERM INVESTMENTS (Cost $1,412,391)				1,412,391

TOTAL INVESTMENTS — 100.1% (Cost $87,443,735) ^(e)				171,287,808

Other Assets/(Liabilities) — (0.1)%				(215,923	)

NET ASSETS — 100.0%			$	171,071,885

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

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

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

(a)	Non-income producing security.

(b)

Denotes all or a portion of security on loan. The total value of securities on loan as of June 30, 2021, was $960,183 or 0.56% of net assets. Total securities on loan may be less than the amounts identified in the Portfolio of Investments. The Fund received $990,519 of non-cash collateral (U.S. Treasury and/or Agency obligations) related to securities lending activity. This amount is not reflected on either the Portfolio of Investments or the Statement of Assets and Liabilities. (Note 2).

(c)	Security is a Master Limited Partnership.

(d)	Maturity value of $1,412,391. Collateralized by U.S. Government Agency obligations with a rate of 0.125%, maturity date of 1/31/23, and an aggregate market value, including accrued interest, of $1,440,682.

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

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

MML Income & Growth Fund – Portfolio of Investments

June 30, 2021 (Unaudited)

	Number of Shares		Value
EQUITIES — 99.7%
COMMON STOCK — 99.7%
Basic Materials — 5.1%
Chemicals — 5.1%
Atotech Ltd. (a)		102,352	$	2,613,047
Element Solutions, Inc.		112,657		2,633,921
International Flavors & Fragrances, Inc.		43,705		6,529,527
Linde PLC		8,395		2,426,994
				14,203,489
Communications — 4.1%
Media — 3.2%
Altice USA, Inc. Class A (a)		69,422		2,370,067
Comcast Corp. Class A		113,932		6,496,403
				8,866,470
Telecommunications — 0.9%
T-Mobile US, Inc. (a)		17,163		2,485,717
				11,352,187
Consumer, Cyclical — 9.0%
Apparel — 0.7%
Ralph Lauren Corp.		17,667		2,081,349
Entertainment — 1.8%
Marriott Vacations Worldwide Corp. (a)		14,321		2,281,335
SeaWorld Entertainment, Inc. (a)		53,873		2,690,418
				4,971,753
Food Services — 0.5%
Aramark		40,645		1,514,026
Home Builders — 1.1%
Lennar Corp. Class A		30,162		2,996,595
Lodging — 1.7%
Las Vegas Sands Corp. (a)		37,747		1,988,890
MGM Resorts International		66,377		2,830,979
				4,819,869
Retail — 3.2%
Advance Auto Parts, Inc.		18,913		3,879,813
Lowe’s Cos., Inc.		25,826		5,009,469
				8,889,282
				25,272,874
Consumer, Non-cyclical — 24.4%
Agriculture — 1.9%
Altria Group, Inc.		39,544		1,885,458
Philip Morris International, Inc.		34,441		3,413,447
				5,298,905
Beverages — 3.1%
Coca-Cola Europacific Partners PLC		106,841		6,337,808

	Number of Shares		Value
Molson Coors Beverage Co. Class B (a)		40,981	$	2,200,270
				8,538,078
Biotechnology — 1.5%
Corteva, Inc.		94,830		4,205,710
Commercial Services — 0.9%
PROG Holdings, Inc.		24,167		1,163,158
Quanta Services, Inc.		16,169		1,464,426
				2,627,584
Cosmetics & Personal Care — 1.4%
The Procter & Gamble Co.		28,804		3,886,524
Health Care – Products — 3.6%
Envista Holdings Corp. (a)		34,738		1,501,029
Hologic, Inc. (a)		13,538		903,255
LivaNova PLC (a)		24,792		2,085,255
Medtronic PLC		43,683		5,422,371
				9,911,910
Health Care – Services — 3.6%
Anthem, Inc.		6,427		2,453,829
Humana, Inc.		3,389		1,500,378
UnitedHealth Group, Inc.		15,164		6,072,272
				10,026,479
Pharmaceuticals — 8.4%
Becton Dickinson and Co.		7,914		1,924,606
Cigna Corp.		18,389		4,359,480
CVS Health Corp.		72,279		6,030,960
Johnson & Johnson		20,281		3,341,092
Merck & Co., Inc.		101,795		7,916,597
				23,572,735
				68,067,925
Energy — 6.1%
Oil & Gas — 6.1%
Hess Corp.		75,141		6,561,312
Phillips 66		75,064		6,441,992
Pioneer Natural Resources Co.		14,809		2,406,759
Valero Energy Corp.		21,523		1,680,516
				17,090,579
Financial — 26.2%
Banks — 11.0%
Citigroup, Inc.		20,267		1,433,890
The Goldman Sachs Group, Inc.		8,003		3,037,379
JP Morgan Chase & Co.		45,704		7,108,800
Northern Trust Corp.		44,599		5,156,536
US Bancorp		108,547		6,183,923
Wells Fargo & Co.		171,146		7,751,202
				30,671,730

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

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

	Number of Shares		Value
Diversified Financial Services — 4.8%
AerCap Holdings NV (a)		28,978	$	1,483,963
American Express Co.		32,094		5,302,892
Discover Financial Services		20,564		2,432,515
Navient Corp.		66,211		1,279,859
SLM Corp.		138,068		2,891,144
				13,390,373
Insurance — 6.1%
American International Group, Inc.		40,608		1,932,941
Aon PLC Class A		14,777		3,528,156
Assurant, Inc.		13,754		2,148,100
Axis Capital Holdings Ltd.		21,504		1,053,911
Chubb Ltd.		29,756		4,729,419
Fidelity National Financial, Inc.		33,317		1,447,957
Willis Towers Watson PLC		9,016		2,073,860
				16,914,344
Real Estate — 0.7%
The Howard Hughes Corp. (a)		21,353		2,081,063
Real Estate Investment Trusts (REITS) — 3.6%
American Campus Communities, Inc.		42,762		1,997,841
Corporate Office Properties Trust		94,672		2,649,869
MGM Growth Properties LLC Class A		83,744		3,066,705
VICI Properties, Inc. (b)		75,728		2,349,083
				10,063,498
				73,121,008
Industrial — 13.9%
Aerospace & Defense — 4.6%
General Dynamics Corp.		34,097		6,419,101
Raytheon Technologies Corp.		74,615		6,365,406
				12,784,507
Building Materials — 0.4%
Owens Corning		11,719		1,147,290
Electrical Components & Equipment — 0.5%
Emerson Electric Co.		15,679		1,508,947
Engineering & Construction — 1.5%
AECOM (a)		39,523		2,502,597
Jacobs Engineering Group, Inc.		12,062		1,609,312
				4,111,909
Hand & Machine Tools — 1.8%
Stanley Black & Decker, Inc.		25,218		5,169,438
Machinery – Construction & Mining — 1.6%
BWX Technologies, Inc.		24,925		1,448,641
Vertiv Holdings Co.		110,394		3,013,756
				4,462,397

	Number of Shares		Value
Machinery – Diversified — 2.7%
Deere & Co.		17,553	$	6,191,119
Westinghouse Air Brake Technologies Corp.		15,885		1,307,335
				7,498,454
Transportation — 0.8%
J.B. Hunt Transport Services, Inc.		14,093		2,296,454
				38,979,396
Technology — 6.0%
Computers — 1.4%
Cognizant Technology Solutions Corp. Class A		58,736		4,068,055
Semiconductors — 2.7%
Broadcom, Inc.		5,695		2,715,604
Microchip Technology, Inc.		14,868		2,226,334
QUALCOMM, Inc.		12,119		1,732,169
Texas Instruments, Inc.		4,347		835,928
				7,510,035
Software — 1.9%
Oracle Corp.		68,689		5,346,752
				16,924,842
Utilities — 4.9%
Electric — 4.9%
CenterPoint Energy, Inc.		214,976		5,271,212
Edison International		27,777		1,606,066
Entergy Corp.		25,866		2,578,840
Exelon Corp.		96,691		4,284,378
				13,740,496

TOTAL COMMON STOCK (Cost $202,982,369)				278,752,796

TOTAL EQUITIES (Cost $202,982,369)				278,752,796

TOTAL LONG-TERM INVESTMENTS (Cost $202,982,369)				278,752,796

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

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

	Principal Amount		Value
SHORT-TERM INVESTMENTS — 0.3%
Repurchase Agreement — 0.3%
Fixed Income Clearing Corp., Repurchase Agreement, dated 6/30/21, 0.000%, due 7/01/21 (c)	$	795,735	$	795,735
		��
TOTAL SHORT-TERM INVESTMENTS (Cost $795,735)				795,735

TOTAL INVESTMENTS — 100.0% (Cost $203,778,104) ^(d)				279,548,531

Other Assets/(Liabilities) — (0.0)%				(110,293	)

NET ASSETS — 100.0%			$	279,438,238

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

(a)	Non-income producing security.

(b)

Denotes all or a portion of security on loan. The total value of securities on loan as of June 30, 2021, was $2,327,069 or 0.83% of net assets. Total securities on loan may be less than the amounts identified in the Portfolio of Investments. The Fund received $2,373,824 of non-cash collateral (U.S. Treasury and/or Agency obligations) related to securities lending activity. This amount is not reflected on either the Portfolio of Investments or the Statement of Assets and Liabilities. (Note 2).

(c)	Maturity value of $795,735. Collateralized by U.S. Government Agency obligations with a rate of 0.125%, maturity date of 1/31/23, and an aggregate market value, including accrued interest, of $811,696.

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

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

MML International Equity Fund – Portfolio of Investments

June 30, 2021 (Unaudited)

	Number of Shares		Value
EQUITIES — 97.5%
COMMON STOCK — 97.3%
Australia — 2.6%
AMP Ltd.		1,189,994	$	1,007,142
Brambles Ltd.		167,300		1,435,133
Orica Ltd.		211,762		2,109,988
				4,552,263
Belgium — 1.3%
Anheuser-Busch InBev SA		30,700		2,210,837
Canada — 3.3%
Cenovus Energy, Inc.		238,515		2,282,017
Open Text Corp.		47,212		2,397,544
Restaurant Brands International, Inc.		16,900		1,089,036
				5,768,597
Cayman Islands — 1.9%
Alibaba Group Holding Ltd. (a)		57,160		1,619,503
Alibaba Group Holding Ltd. Sponsored ADR (a)		7,080		1,605,602
				3,225,105
Finland — 0.8%
UPM-Kymmene OYJ		37,600		1,422,439
France — 11.2%
Accor SA (a)		97,900		3,658,132
BNP Paribas SA		98,876		6,192,020
Capgemini SE		10,530		2,024,823
Danone SA		23,200		1,633,927
Danone SA		3,800		266,914
EssilorLuxottica SA		5,048		932,100
Publicis Groupe SA		38,405		2,457,649
Valeo SA		72,010		2,168,807
				19,334,372
Germany — 24.9%
Allianz SE Registered		24,000		5,984,066
Bayer AG Registered		106,594		6,474,700
Bayer AG Registered		500		30,436
Bayerische Motoren Werke AG		60,850		6,446,179
Continental AG (a)		38,255		5,625,517
Daimler AG Registered		70,103		6,262,321
Fresenius Medical Care AG & Co. KGaA		49,000		4,070,367
Fresenius SE & Co. KGaA		20,900		1,090,572
Henkel AG & Co. KGaA		9,900		911,517
SAP SE		21,800		3,075,924
thyssenkrupp AG (a)		500		5,191
thyssenkrupp AG (a)		271,574		2,830,600
				42,807,390

	Number of Shares		Value
India — 1.5%
Axis Bank Ltd. (a)		248,642	$	2,508,229
Indonesia — 0.5%
Bank Mandiri Persero Tbk PT		2,017,700		819,351
Ireland — 1.2%
Ryanair Holdings PLC Sponsored ADR (a)		19,510		2,111,177
Italy — 4.0%
Intesa Sanpaolo SpA		2,495,100		6,886,614
Japan — 2.2%
Komatsu Ltd.		44,700		1,110,608
Toyota Motor Corp.		30,400		2,653,847
				3,764,455
Mexico — 1.4%
Grupo Televisa SAB Sponsored ADR		174,600		2,493,288
Netherlands — 4.8%
CNH Industrial NV		308,653		5,099,791
EXOR NV		39,000		3,121,494
				8,221,285
Republic of Korea — 1.4%
NAVER Corp.		6,175		2,289,809
Samsung Electronics Co. Ltd.		1,050		75,259
				2,365,068
South Africa — 2.6%
Naspers Ltd.		21,335		4,481,920
Spain — 1.3%
Amadeus IT Group SA (a)		31,800		2,236,377
Sweden — 3.7%
Hennes & Mauritz AB Class B (a)		110,618		2,624,993
SKF AB Class B		72,491		1,846,733
Volvo AB Class B (b)		78,970		1,900,840
				6,372,566
Switzerland — 9.3%
Cie Financiere Richemont SA Registered		11,940		1,445,601
Credit Suisse Group AG Registered		540,109		5,652,904
Holcim Ltd.		39,159		2,349,403
Novartis AG Registered		31,500		2,871,061
Roche Holding AG		6,495		2,447,775
The Swatch Group AG		3,775		1,295,677
				16,062,421
United Kingdom — 17.4%
Bunzl PLC		17,900		591,895
Compass Group PLC (a)		68,300		1,440,520
Glencore PLC		1,364,044		5,841,349
Liberty Global PLC Class C (a)		6,400		173,056
Liberty Global PLC Series A (a)		125,000		3,395,000

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

MML International Equity Fund – Portfolio of Investments (Continued)

	Number of Shares		Value
Lloyds Banking Group PLC		11,173,000	$	7,227,925
Natwest Group PLC		984,400		2,766,049
Prudential PLC		111,000		2,106,096
Rolls-Royce Holdings PLC (a)		690,380		947,126
Schroders PLC		46,200		2,247,960
Smiths Group PLC		41,600		916,570
WPP PLC		165,692		2,243,123
				29,896,669

TOTAL COMMON STOCK (Cost $133,821,477)				167,540,423

PREFERRED STOCK — 0.2%
Germany — 0.2%
Henkel AG & Co. KGaA 2.130%		3,300		348,412

TOTAL PREFERRED STOCK (Cost $326,253)				348,412

TOTAL EQUITIES (Cost $134,147,730)				167,888,835

	Principal Amount
BONDS & NOTES — 0.3%
CORPORATE DEBT — 0.3%
United Kingdom — 0.3%
Credit Suisse Group Guernsey VII Ltd.
Convertible, 3.000% 11/12/21 CHF ^(c) ^(d)	$	200,000		241,773
Convertible, 3.000% 11/12/21 CHF ^(c) ^(d)		198,000		239,697
				481,470

TOTAL CORPORATE DEBT (Cost $437,024)				481,470

TOTAL BONDS & NOTES (Cost $437,024)				481,470

TOTAL LONG-TERM INVESTMENTS (Cost $134,584,754)				168,370,305

	Principal Amount		Value
SHORT-TERM INVESTMENTS — 1.8%
Repurchase Agreement — 1.8%
Fixed Income Clearing Corp., Repurchase Agreement, dated 6/30/21, 0.000%, due 7/01/21 (e)	$	3,087,109	$	3,087,109

TOTAL SHORT-TERM INVESTMENTS (Cost $3,087,109)				3,087,109

TOTAL INVESTMENTS — 99.6% (Cost $137,671,863) ^(f)				171,457,414

Other Assets/(Liabilities) — 0.4%				707,721

NET ASSETS — 100.0%			$	172,165,135

Abbreviation Legend

ADR	American Depositary Receipt

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

(a)	Non-income producing security.

(b)

Denotes all or a portion of security on loan. The total value of securities on loan as of June 30, 2021, was $2,041,650 or 1.19% of net assets. Total securities on loan may be less than the amounts identified in the Portfolio of Investments. The Fund received $2,146,132 of non-cash collateral (U.S. Treasury and/or Agency obligations) related to securities lending activity. This amount is not reflected on either the Portfolio of Investments or the Statement of Assets and Liabilities. (Note 2).

(c)

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

(e)	Maturity value of $3,087,109. Collateralized by U.S. Government Agency obligations with a rate of 0.125%, maturity date of 1/31/23, and an aggregate market value, including accrued interest, of $3,148,931.

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

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

MML International Equity Fund – Portfolio of Investments (Continued)

Notes to Portfolio of Investments (Continued)

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

Financial	27.2	%
Consumer, Cyclical	22.8	%
Consumer, Non-cyclical	15.7	%
Communications	12.1	%
Industrial	8.4	%
Basic Materials	5.9	%
Technology	4.4	%
Energy	1.3	%
Total Long-Term Investments	97.8	%
Short-Term Investments and Other Assets and Liabilities	2.2	%
Net Assets	100.0	%

Forward contracts

Counterparty

Settlement
Date

Currency Purchased

Currency Sold

Unrealized
Appreciation
(Depreciation)

State Street Bank and Trust Co*

12/15/21

USD

2,139,997

CHF

1,915,000

60,628

* Contracts are subject to a Master Netting Agreement.

Currency Legend

CHF	Swiss Franc

USD	U.S. Dollar

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

MML Large Cap Growth Fund – Portfolio of Investments

June 30, 2021 (Unaudited)

	Number of Shares		Value
EQUITIES — 98.9%
COMMON STOCK — 98.9%
Communications — 30.2%
Internet — 24.1%
Alibaba Group Holding Ltd. Sponsored ADR (a)		26,286	$	5,961,139
Alphabet, Inc. Class A (a)		2,080		5,078,923
Alphabet, Inc. Class C (a)		2,090		5,238,209
Amazon.com, Inc. (a)		2,955		10,165,673
Facebook, Inc. Class A (a)		27,506		9,564,111
				36,008,055
Media — 4.5%
FactSet Research Systems, Inc.		5,500		1,845,855
The Walt Disney Co. (a)		27,453		4,825,414
				6,671,269
Telecommunications — 1.6%
Cisco Systems, Inc.		46,525		2,465,825
				45,145,149
Consumer, Cyclical — 4.6%
Retail — 4.6%
Starbucks Corp.		34,011		3,802,770
Yum China Holdings, Inc.		21,762		1,441,732
Yum! Brands, Inc.		14,691		1,689,906
				6,934,408
				6,934,408
Consumer, Non-cyclical — 18.3%
Beverages — 3.0%
Monster Beverage Corp. (a)		49,156		4,490,401
Biotechnology — 5.8%
Illumina, Inc. (a)		8,176		3,868,965
Regeneron Pharmaceuticals, Inc. (a)		6,659		3,719,318
Vertex Pharmaceuticals, Inc. (a)		5,103		1,028,918
				8,617,201
Commercial Services — 0.6%
Automatic Data Processing, Inc.		5,001		993,299
Cosmetics & Personal Care — 1.3%
Colgate-Palmolive Co.		23,449		1,907,576
Health Care – Products — 1.3%
Intuitive Surgical, Inc. (a)		2,071		1,904,574
Pharmaceuticals — 6.3%
Novartis AG Sponsored ADR		48,527		4,427,604
Novo Nordisk A/S Sponsored ADR		16,511		1,383,126
Roche Holding AG Sponsored ADR		77,410		3,637,496
				9,448,226
				27,361,277

	Number of Shares		Value
Energy — 1.6%
Oil & Gas Services — 1.6%
Schlumberger NV		76,230	$	2,440,122
Financial — 6.8%
Diversified Financial Services — 6.8%
SEI Investments Co.		31,556		1,955,525
Visa, Inc. Class A		34,768		8,129,454
				10,084,979
				10,084,979
Industrial — 10.8%
Aerospace & Defense — 4.4%
The Boeing Co. (a)		27,176		6,510,283
Machinery – Diversified — 3.9%
Deere & Co.		16,606		5,857,102
Transportation — 2.5%
Expeditors International of Washington, Inc.		29,093		3,683,174
				16,050,559
Technology — 26.6%
Semiconductors — 8.0%
NVIDIA Corp.		11,386		9,109,938
QUALCOMM, Inc.		20,232		2,891,760
				12,001,698
Software — 18.6%
Autodesk, Inc. (a)		22,517		6,572,712
Cerner Corp.		23,435		1,831,680
Microsoft Corp.		23,156		6,272,961
Oracle Corp.		74,704		5,814,959
salesforce.com, Inc. (a)		21,856		5,338,765
Workday, Inc. Class A (a)		7,793		1,860,501
				27,691,578
				39,693,276

TOTAL COMMON STOCK (Cost $75,252,162)				147,709,770

TOTAL EQUITIES (Cost $75,252,162)				147,709,770

TOTAL LONG-TERM INVESTMENTS (Cost $75,252,162)				147,709,770

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

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

	Principal Amount		Value
SHORT-TERM INVESTMENTS — 1.2%
Repurchase Agreement — 1.2%
Fixed Income Clearing Corp., Repurchase Agreement, dated 6/30/21, 0.000%, due 7/01/21 (b)	$	1,755,770	$	1,755,770

TOTAL SHORT-TERM INVESTMENTS (Cost $1,755,770)				1,755,770

TOTAL INVESTMENTS — 100.1% (Cost $77,007,932) ^(c)				149,465,540

Other Assets/(Liabilities) — (0.1)%				(114,419	)

NET ASSETS — 100.0%			$	149,351,121

Abbreviation Legend

ADR	American Depositary Receipt

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

(a)	Non-income producing security.

(b)	Maturity value of $1,755,770. Collateralized by U.S. Government Agency obligations with a rate of 0.125%, maturity date of 1/31/23, and an aggregate market value, including accrued interest, of $1,790,908.

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

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

United States	87.0	%
Switzerland	5.4	%
Cayman Islands	4.0	%
Netherlands	1.6	%
Denmark	0.9	%
Total Long-Term Investments	98.9	%
Short-Term Investments and Other Assets and Liabilities	1.1	%
Net Assets	100.0	%

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

MML Managed Volatility Fund – Portfolio of Investments

June 30, 2021 (Unaudited)

	Number of Shares		Value
EQUITIES — 100.0%
COMMON STOCK — 100.0%
Basic Materials — 2.1%
Chemicals — 1.6%
Air Products & Chemicals, Inc. (a)		875	$	251,719
Albemarle Corp. (a)		476		80,187
Celanese Corp. (a)		464		70,342
CF Industries Holdings, Inc. (a)		811		41,726
Dow, Inc. (a)		2,977		188,385
DuPont de Nemours, Inc. (a)		2,117		163,877
Eastman Chemical Co. (a)		508		59,309
Ecolab, Inc. (a)		993		204,528
FMC Corp. (a)		489		52,910
International Flavors & Fragrances, Inc. (a)		974		145,516
Linde PLC (a)		2,034		588,029
LyondellBasell Industries NV Class A (a)		973		100,092
The Mosaic Co. (a)		1,337		42,664
PPG Industries, Inc. (a)		950		161,281
The Sherwin-Williams Co. (a)		927		252,561
				2,403,126
Forest Products & Paper — 0.1%
International Paper Co. (a)		1,539		94,356
Iron & Steel — 0.1%
Nucor Corp. (a)		1,156		110,895
Mining — 0.3%
Freeport-McMoRan, Inc. (a)		5,766		213,976
Newmont Corp. (a)		3,193		202,373
				416,349
				3,024,726
Communications — 16.4%
Advertising — 0.1%
The Interpublic Group of Cos., Inc. (a)		1,592		51,724
Omnicom Group, Inc. (a)		814		65,112
				116,836
Internet — 11.8%
Alphabet, Inc. Class A (a) (b)		1,155		2,820,268
Alphabet, Inc. Class C (a) (b)		1,146		2,872,243
Amazon.com, Inc. (a) (b)		1,686		5,800,110
Booking Holdings, Inc. (a) (b)		162		354,471
CDW Corp. (a)		553		96,581
eBay, Inc. (a)		2,579		181,072
Etsy, Inc. (a) (b)		505		103,949
Expedia Group, Inc. (a) (b)		552		90,368
F5 Networks, Inc. (a) (b)		252		47,038
Facebook, Inc. Class A (a) (b)		9,420		3,275,428

	Number of Shares		Value
Netflix, Inc. (a) (b)		1,743	$	920,670
NortonLifeLock, Inc. (a)		2,333		63,504
Twitter, Inc. (a) (b)		3,158		217,302
VeriSign, Inc. (a) (b)		393		89,482
				16,932,486
Media — 2.1%
Charter Communications, Inc. Class A (a) (b)		540		389,583
Comcast Corp. Class A (a)		18,014		1,027,158
Discovery, Inc. Class A (a) (b) (c)		885		27,152
Discovery, Inc. Class C (a) (b)		931		26,980
DISH Network Corp. Class A (a) (b)		1,002		41,883
Fox Corp. Class A (a)		962		35,719
Fox Corp. Class B (a)		954		33,581
News Corp. Class A (a)		1,097		28,270
News Corp. Class B (a)		1,016		24,740
ViacomCBS, Inc. Class B (a)		2,355		106,446
The Walt Disney Co. (a) (b)		7,142		1,255,349
				2,996,861
Telecommunications — 2.4%
Arista Networks, Inc. (a) (b)		213		77,172
AT&T, Inc. (a)		27,995		805,696
Cisco Systems, Inc. (a)		16,524		875,772
Corning, Inc. (a)		3,036		124,172
Juniper Networks, Inc. (a)		1,295		35,418
Lumen Technologies, Inc. (a)		4,030		54,768
Motorola Solutions, Inc. (a)		661		143,338
T-Mobile US, Inc. (a) (b)		2,310		334,557
Verizon Communications, Inc. (a)		16,384		917,996
				3,368,889
				23,415,072
Consumer, Cyclical — 9.5%
Airlines — 0.3%
Alaska Air Group, Inc. (a) (b)		549		33,110
American Airlines Group, Inc. (a) (b)		2,517		53,386
Delta Air Lines, Inc. (a) (b)		2,498		108,064
Southwest Airlines Co. (a) (b)		2,338		124,124
United Airlines Holdings, Inc. (a) (b)		1,229		64,264
				382,948
Apparel — 0.7%
Hanesbrands, Inc. (a)		1,324		24,719
NIKE, Inc. Class B (a)		5,044		779,248
PVH Corp. (a) (b)		272		29,264
Ralph Lauren Corp. (a)		181		21,324
Tapestry, Inc. (a) (b)		1,175		51,089
Under Armour, Inc. Class A (a) (b)		604		12,775
Under Armour, Inc. Class C (a) (b)		911		16,917

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

MML Managed Volatility Fund – Portfolio of Investments (Continued)

	Number of Shares		Value
VF Corp. (a)		1,262	$	103,534
				1,038,870
Auto Manufacturers — 2.0%
Cummins, Inc. (a)		589		143,604
Ford Motor Co. (a) (b)		15,450		229,587
General Motors Co. (a) (b)		5,027		297,448
PACCAR, Inc. (a)		1,364		121,737
Tesla, Inc. (a) (b)		3,030		2,059,491
				2,851,867
Auto Parts & Equipment — 0.2%
Aptiv PLC (a) (b)		1,062		167,085
BorgWarner, Inc. (a)		902		43,783
				210,868
Distribution & Wholesale — 0.3%
Copart, Inc. (a) (b)		794		104,673
Fastenal Co. (a)		2,236		116,272
LKQ Corp. (a) (b)		1,157		56,948
Pool Corp. (a)		155		71,092
W.W. Grainger, Inc. (a)		179		78,402
				427,387
Entertainment — 0.1%
Caesars Entertainment, Inc. (a) (b)		814		84,453
Live Nation Entertainment, Inc. (a) (b)		544		47,649
Penn National Gaming, Inc. (a) (b)		582		44,517
				176,619
Home Builders — 0.3%
D.R. Horton, Inc. (a)		1,282		115,854
Lennar Corp. Class A (a)		1,086		107,894
NVR, Inc. (a) (b)		13		64,653
PulteGroup, Inc. (a)		996		54,352
				342,753
Home Furnishing — 0.1%
Leggett & Platt, Inc. (a)		541		28,029
Whirlpool Corp. (a)		261		56,903
				84,932
Housewares — 0.0%
Newell Brands, Inc. (a)		1,579		43,375
Leisure Time — 0.1%
Carnival Corp. (a) (b)		3,099		81,689
Norwegian Cruise Line Holdings Ltd. (a) (b)		1,470		43,233
Royal Caribbean Cruises Ltd. (a) (b)		854		72,829
				197,751
Lodging — 0.3%
Hilton Worldwide Holdings, Inc. (a) (b)		1,105		133,285
Las Vegas Sands Corp. (a) (b)		1,273		67,075

	Number of Shares		Value
Marriott International, Inc. Class A (a) (b)		1,064	$	145,257
MGM Resorts International (a)		1,657		70,671
Wynn Resorts Ltd. (a) (b)		437		53,445
				469,733
Retail — 5.1%
Advance Auto Parts, Inc. (a)		253		51,900
AutoZone, Inc. (a) (b)		83		123,854
Best Buy Co., Inc. (a)		859		98,768
CarMax, Inc. (a) (b)		636		82,139
Chipotle Mexican Grill, Inc. (a) (b)		109		168,987
Costco Wholesale Corp. (a)		1,731		684,905
Darden Restaurants, Inc. (a)		500		72,995
Dollar General Corp. (a)		914		197,780
Dollar Tree, Inc. (a) (b)		947		94,227
Domino’s Pizza, Inc. (a)		153		71,373
The Gap, Inc. (a)		800		26,920
Genuine Parts Co. (a)		547		69,179
The Home Depot, Inc. (a)		4,178		1,332,322
L Brands, Inc. (a)		924		66,583
Lowe’s Cos., Inc. (a)		2,773		537,879
McDonald’s Corp. (a)		2,925		675,646
O’Reilly Automotive, Inc. (a) (b)		283		160,237
Ross Stores, Inc. (a)		1,405		174,220
Starbucks Corp. (a)		4,658		520,811
Target Corp. (a)		1,934		467,525
The TJX Cos., Inc. (a)		4,756		320,650
Tractor Supply Co. (a)		460		85,588
Ulta Beauty, Inc. (a) (b)		211		72,958
Walgreens Boots Alliance, Inc. (a)		2,868		150,886
Walmart, Inc. (a)		5,389		759,957
Yum! Brands, Inc. (a)		1,203		138,381
				7,206,670
Textiles — 0.0%
Mohawk Industries, Inc. (a) (b)		231		44,396
Toys, Games & Hobbies — 0.0%
Hasbro, Inc. (a)		500		47,260
				13,525,429
Consumer, Non-cyclical — 20.0%
Agriculture — 0.8%
Altria Group, Inc. (a)		7,294		347,778
Archer-Daniels-Midland Co. (a)		2,232		135,259
Philip Morris International, Inc. (a)		6,162		610,716
				1,093,753
Beverages — 1.4%
Brown-Forman Corp. Class B (a)		746		55,905
The Coca-Cola Co. (a)		15,156		820,091
Constellation Brands, Inc. Class A (a)		664		155,303

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

MML Managed Volatility Fund – Portfolio of Investments (Continued)

	Number of Shares		Value
Molson Coors Beverage Co. Class B (a) (b)		776	$	41,664
Monster Beverage Corp. (a) (b)		1,485		135,655
PepsiCo, Inc. (a)		5,458		808,712
				2,017,330
Biotechnology — 1.6%
Alexion Pharmaceuticals, Inc. (a) (b)		866		159,093
Amgen, Inc. (a)		2,250		548,437
Bio-Rad Laboratories, Inc. Class A (a) (b)		83		53,476
Biogen, Inc. (a) (b)		588		203,607
Corteva, Inc. (a)		2,933		130,078
Gilead Sciences, Inc. (a)		4,981		342,992
Illumina, Inc. (a) (b)		579		273,989
Incyte Corp. (a) (b)		723		60,826
Regeneron Pharmaceuticals, Inc. (a) (b)		419		234,028
Vertex Pharmaceuticals, Inc. (a) (b)		1,027		207,074
				2,213,600
Commercial Services — 2.5%
Automatic Data Processing, Inc. (a)		1,694		336,462
Cintas Corp. (a)		342		130,644
Equifax, Inc. (a)		488		116,881
FleetCor Technologies, Inc. (a) (b)		325		83,220
Gartner, Inc. (a) (b)		330		79,926
Global Payments, Inc. (a)		1,165		218,484
IHS Markit Ltd. (a)		1,457		164,146
MarketAxess Holdings, Inc. (a)		153		70,929
Moody’s Corp. (a)		636		230,467
Nielsen Holdings PLC (a)		1,326		32,712
PayPal Holdings, Inc. (a) (b)		4,615		1,345,180
Quanta Services, Inc. (a)		540		48,908
Robert Half International, Inc. (a)		469		41,727
Rollins, Inc. (a)		946		32,353
S&P Global, Inc. (a)		955		391,980
United Rentals, Inc. (a) (b)		297		94,746
Verisk Analytics, Inc. (a)		630		110,074
				3,528,839
Cosmetics & Personal Care — 1.3%
Colgate-Palmolive Co. (a)		3,387		275,533
The Estee Lauder Cos., Inc. Class A (a)		913		290,407
The Procter & Gamble Co. (a)		9,609		1,296,542
				1,862,482
Food — 1.0%
Campbell Soup Co. (a)		877		39,983
Conagra Brands, Inc. (a)		1,893		68,867
General Mills, Inc. (a)		2,294		139,773
The Hershey Co. (a)		551		95,973

	Number of Shares		Value
Hormel Foods Corp. (a)		1,112	$	53,098
The J.M. Smucker Co. (a)		405		52,476
Kellogg Co. (a)		987		63,494
The Kraft Heinz Co. (a)		2,596		105,865
The Kroger Co. (a)		2,958		113,321
Lamb Weston Holdings, Inc. (a)		596		48,073
McCormick & Co., Inc. (a)		976		86,200
Mondelez International, Inc. Class A (a)		5,508		343,920
Sysco Corp. (a)		2,001		155,578
Tyson Foods, Inc. Class A (a)		1,186		87,479
				1,454,100
Health Care – Products — 3.9%
Abbott Laboratories (a)		6,971		808,148
ABIOMED, Inc. (a) (b)		175		54,619
Align Technology, Inc. (a) (b)		285		174,135
Baxter International, Inc. (a)		1,987		159,953
Boston Scientific Corp. (a) (b)		5,596		239,285
The Cooper Cos., Inc. (a)		201		79,650
Danaher Corp. (a)		2,488		667,680
Dentsply Sirona, Inc. (a)		858		54,277
Edwards Lifesciences Corp. (a) (b)		2,422		250,847
Henry Schein, Inc. (a) (b)		573		42,511
Hologic, Inc. (a) (b)		1,041		69,456
IDEXX Laboratories, Inc. (a) (b)		337		212,832
Intuitive Surgical, Inc. (a) (b)		466		428,552
Medtronic PLC (a)		5,270		654,165
PerkinElmer, Inc. (a)		454		70,102
ResMed, Inc. (a)		571		140,763
Steris PLC (a)		346		71,380
Stryker Corp. (a)		1,295		336,350
Teleflex, Inc. (a)		182		73,126
Thermo Fisher Scientific, Inc. (a)		1,538		775,875
West Pharmaceutical Services, Inc. (a)		299		107,371
Zimmer Biomet Holdings, Inc. (a)		811		130,425
				5,601,502
Health Care – Services — 2.1%
Anthem, Inc. (a)		969		369,964
Catalent, Inc. (a) (b)		662		71,576
Centene Corp. (a) (b)		2,324		169,489
Charles River Laboratories International, Inc. (a) (b)		198		73,244
DaVita, Inc. (a) (b)		301		36,249
HCA Healthcare, Inc. (a)		1,020		210,875
Humana, Inc. (a)		506		224,016
IQVIA Holdings, Inc. (a) (b)		756		183,194
Laboratory Corp. of America Holdings (a) (b)		392		108,133
Quest Diagnostics, Inc. (a)		533		70,340

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

MML Managed Volatility Fund – Portfolio of Investments (Continued)

	Number of Shares		Value
UnitedHealth Group, Inc. (a)		3,704	$	1,483,230
Universal Health Services, Inc. Class B (a)		322		47,151
				3,047,461
Household Products & Wares — 0.3%
Avery Dennison Corp. (a)		318		66,856
Church & Dwight Co., Inc. (a)		937		79,851
The Clorox Co. (a)		466		83,838
Kimberly-Clark Corp. (a)		1,296		173,379
				403,924
Pharmaceuticals — 5.1%
AbbVie, Inc. (a)		6,927		780,257
AmerisourceBergen Corp. (a)		564		64,572
Becton Dickinson and Co. (a)		1,151		279,912
Bristol-Myers Squibb Co. (a)		8,745		584,341
Cardinal Health, Inc. (a)		1,102		62,913
Cigna Corp. (a)		1,343		318,385
CVS Health Corp. (a)		5,185		432,636
DexCom, Inc. (a) (b)		385		164,395
Eli Lilly & Co. (a)		3,125		717,250
Johnson & Johnson (a)		10,342		1,703,741
McKesson Corp. (a)		616		117,804
Merck & Co., Inc. (a)		9,916		771,167
Organon & Co. (a) (b)		1,004		30,381
Perrigo Co. PLC (a)		538		24,667
Pfizer, Inc. (a)		22,099		865,397
Viatris, Inc. (a)		4,878		69,707
Zoetis, Inc. (a)		1,879		350,171
				7,337,696
				28,560,687
Energy — 2.9%
Energy – Alternate Sources — 0.1%
Enphase Energy, Inc. (a) (b)		509		93,468
Oil & Gas — 2.4%
APA Corp. (a)		1,548		33,483
Cabot Oil & Gas Corp. (a)		1,649		28,792
Chevron Corp. (a)		7,586		794,558
ConocoPhillips (a)		5,266		320,699
Devon Energy Corp. (a)		2,389		69,735
Diamondback Energy, Inc. (a)		707		66,380
EOG Resources, Inc. (a)		2,307		192,496
Exxon Mobil Corp. (a)		16,620		1,048,390
Hess Corp. (a)		1,070		93,432
Marathon Oil Corp. (a)		3,114		42,413
Marathon Petroleum Corp. (a)		2,582		156,004
Occidental Petroleum Corp. (a)		3,328		104,067
Phillips 66 (a)		1,725		148,039
Pioneer Natural Resources Co. (a)		901		146,431

	Number of Shares		Value
Valero Energy Corp. (a)		1,613	$	125,943
				3,370,862
Oil & Gas Services — 0.2%
Baker Hughes Co. (a)		2,922		66,826
Halliburton Co. (a)		3,468		80,180
Nov, Inc. (a) (b)		1,341		20,544
Schlumberger NV (a)		5,613		179,672
				347,222
Pipelines — 0.2%
Kinder Morgan, Inc. (a)		7,691		140,207
ONEOK, Inc. (a)		1,749		97,314
The Williams Cos., Inc. (a)		4,780		126,909
				364,430
				4,175,982
Financial — 15.2%
Banks — 5.2%
Bank of America Corp. (a)		29,634		1,221,810
The Bank of New York Mellon Corp. (a)		3,180		162,911
Citigroup, Inc. (a)		8,128		575,056
Citizens Financial Group, Inc. (a)		1,623		74,447
Comerica, Inc. (a)		530		37,810
Fifth Third Bancorp (a)		2,713		103,718
First Republic Bank (a)		691		129,334
The Goldman Sachs Group, Inc. (a)		1,331		505,154
Huntington Bancshares, Inc. (a)		5,647		80,583
JP Morgan Chase & Co. (a)		11,903		1,851,393
KeyCorp (a)		3,658		75,538
M&T Bank Corp. (a)		518		75,271
Morgan Stanley (a)		5,825		534,094
Northern Trust Corp. (a)		822		95,040
The PNC Financial Services Group, Inc. (a)		1,681		320,668
Regions Financial Corp. (a)		3,619		73,031
State Street Corp. (a)		1,410		116,015
SVB Financial Group (a) (b)		213		118,520
Truist Financial Corp. (a)		5,339		296,314
US Bancorp (a)		5,416		308,549
Wells Fargo & Co. (a)		16,248		735,872
Zions Bancorp NA (a)		599		31,663
				7,522,791
Diversified Financial Services — 4.1%
American Express Co. (a)		2,587		427,450
Ameriprise Financial, Inc. (a)		456		113,489
BlackRock, Inc. (a)		563		492,608
Capital One Financial Corp. (a)		1,755		271,481
Cboe Global Markets, Inc. (a)		416		49,525
The Charles Schwab Corp. (a)		5,944		432,783

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

MML Managed Volatility Fund – Portfolio of Investments (Continued)

	Number of Shares		Value
CME Group, Inc. (a)		1,425	$	303,069
Discover Financial Services (a)		1,175		138,991
Franklin Resources, Inc. (a)		1,127		36,053
Intercontinental Exchange, Inc. (a)		2,224		263,989
Invesco Ltd. (a)		1,516		40,523
Mastercard, Inc. Class A (a)		3,435		1,254,084
Nasdaq, Inc. (a)		468		82,274
Raymond James Financial, Inc. (a)		465		60,403
Synchrony Financial (a)		2,072		100,533
T. Rowe Price Group, Inc. (a)		871		172,432
Visa, Inc. Class A (a)		6,643		1,553,266
The Western Union Co. (a)		1,764		40,519
				5,833,472
Insurance — 3.3%
Aflac, Inc. (a)		2,437		130,770
The Allstate Corp. (a)		1,148		149,745
American International Group, Inc. (a)		3,389		161,316
Aon PLC Class A (a)		904		215,839
Arthur J Gallagher & Co. (a)		789		110,523
Assurant, Inc. (a)		240		37,483
Berkshire Hathaway, Inc. Class B (a) (b)		7,445		2,069,115
Chubb Ltd. (a)		1,777		282,436
Cincinnati Financial Corp. (a)		578		67,406
Everest Re Group Ltd. (a)		169		42,590
Globe Life, Inc. (a)		335		31,909
The Hartford Financial Services Group, Inc. (a)		1,427		88,431
Lincoln National Corp. (a)		706		44,365
Loews Corp. (a)		816		44,594
Marsh & McLennan Cos., Inc. (a)		2,031		285,721
MetLife, Inc. (a)		2,859		171,111
Principal Financial Group, Inc. (a)		1,021		64,517
The Progressive Corp. (a)		2,342		230,008
Prudential Financial, Inc. (a)		1,593		163,235
The Travelers Cos., Inc. (a)		978		146,416
Unum Group (a)		818		23,231
W.R. Berkley Corp. (a)		571		42,500
Willis Towers Watson PLC (a)		502		115,470
				4,718,731
Real Estate — 0.1%
CBRE Group, Inc. Class A (a) (b)		1,316		112,821
Real Estate Investment Trusts (REITS) — 2.5%
Alexandria Real Estate Equities, Inc. (a)		504		91,698
American Tower Corp. (a)		1,759		475,176
AvalonBay Communities, Inc. (a)		540		112,693
Boston Properties, Inc. (a)		593		67,952

	Number of Shares		Value
Crown Castle International Corp. (a)		1,702	$	332,060
Digital Realty Trust, Inc. (a)		1,106		166,409
Duke Realty Corp. (a)		1,584		75,002
Equinix, Inc. (a)		352		282,515
Equity Residential (a)		1,416		109,032
Essex Property Trust, Inc. (a)		263		78,903
Extra Space Storage, Inc. (a)		503		82,401
Federal Realty Investment Trust (a)		250		29,293
Healthpeak Properties, Inc. (a)		2,187		72,805
Host Hotels & Resorts, Inc. (a) (b)		2,716		46,416
Iron Mountain, Inc. (a) (c)		1,189		50,319
Kimco Realty Corp. (a)		1,695		35,341
Mid-America Apartment Communities, Inc. (a)		431		72,589
Prologis, Inc. (a)		2,961		353,928
Public Storage (a)		595		178,911
Realty Income Corp. (a)		1,519		101,378
Regency Centers Corp. (a)		610		39,083
SBA Communications Corp. (a)		426		135,766
Simon Property Group, Inc. (a)		1,284		167,536
UDR, Inc. (a)		1,165		57,062
Ventas, Inc. (a)		1,458		83,252
Vornado Realty Trust (a)		587		27,395
Welltower, Inc. (a)		1,636		135,952
Weyerhaeuser Co. (a)		2,920		100,506
				3,561,373
Savings & Loans — 0.0%
People’s United Financial, Inc. (a)		1,555		26,653
				21,775,841
Industrial — 8.2%
Aerospace & Defense — 1.6%
The Boeing Co. (a) (b)		2,178		521,762
General Dynamics Corp. (a)		931		175,270
Howmet Aerospace, Inc. (a) (b)		1,505		51,877
L3 Harris Technologies, Inc. (a)		815		176,162
Lockheed Martin Corp. (a)		952		360,189
Northrop Grumman Corp. (a)		579		210,426
Raytheon Technologies Corp. (a)		5,939		506,656
Teledyne Technologies, Inc. (a) (b)		181		75,808
TransDigm Group, Inc. (a) (b)		215		139,168
				2,217,318
Building Materials — 0.4%
Carrier Global Corp. (a)		3,229		156,930
Fortune Brands Home & Security, Inc. (a)		507		50,502
Johnson Controls International PLC (a)		2,843		195,115
Martin Marietta Materials, Inc. (a)		241		84,786

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

MML Managed Volatility Fund – Portfolio of Investments (Continued)

	Number of Shares		Value
Masco Corp. (a)		975	$	57,437
Vulcan Materials Co. (a)		541		94,172
				638,942
Electrical Components & Equipment — 0.3%
AMETEK, Inc. (a)		932		124,422
Emerson Electric Co. (a)		2,370		228,089
Generac Holdings, Inc. (a) (b)		247		102,542
				455,053
Electronics — 1.2%
Agilent Technologies, Inc. (a)		1,201		177,520
Allegion PLC (a)		333		46,387
Amphenol Corp. Class A (a)		2,262		154,743
Fortive Corp. (a)		1,322		92,196
Garmin Ltd. (a)		608		87,941
Honeywell International, Inc. (a)		2,705		593,342
Keysight Technologies, Inc. (a) (b)		723		111,639
Mettler-Toledo International, Inc. (a) (b)		92		127,451
TE Connectivity Ltd. (a)		1,283		173,475
Trimble, Inc. (a) (b)		1,023		83,712
Waters Corp. (a) (b)		241		83,292
				1,731,698
Engineering & Construction — 0.1%
Jacobs Engineering Group, Inc. (a)		527		70,312
Environmental Controls — 0.3%
Pentair PLC (a)		699		47,176
Republic Services, Inc. (a)		821		90,318
Waste Management, Inc. (a)		1,546		216,610
				354,104
Hand & Machine Tools — 0.1%
Snap-on, Inc. (a)		227		50,719
Stanley Black & Decker, Inc. (a)		650		133,243
				183,962
Machinery – Construction & Mining — 0.3%
Caterpillar, Inc. (a)		2,165		471,169
Machinery – Diversified — 0.7%
Deere & Co. (a)		1,219		429,953
Dover Corp. (a)		542		81,625
IDEX Corp. (a)		286		62,934
Ingersoll Rand, Inc. (a) (b)		1,450		70,775
Otis Worldwide Corp. (a)		1,554		127,071
Rockwell Automation, Inc. (a)		456		130,425
Westinghouse Air Brake Technologies Corp. (a)		684		56,293
Xylem, Inc. (a)		687		82,413
				1,041,489

	Number of Shares		Value
Miscellaneous - Manufacturing — 1.3%
3M Co. (a)		2,296	$	456,054
A.O. Smith Corp. (a)		560		40,354
Eaton Corp. PLC (a)		1,572		232,939
General Electric Co. (a)		34,383		462,795
Illinois Tool Works, Inc. (a)		1,141		255,082
Parker-Hannifin Corp. (a)		492		151,098
Textron, Inc. (a)		832		57,217
Trane Technologies PLC (a)		942		173,460
				1,828,999
Packaging & Containers — 0.2%
Amcor PLC (a)		6,206		71,121
Ball Corp. (a)		1,243		100,708
Packaging Corp. of America (a)		392		53,084
Sealed Air Corp. (a)		641		37,979
WestRock Co. (a)		1,018		54,178
				317,070
Shipbuilding — 0.0%
Huntington Ingalls Industries, Inc. (a)		173		36,460
Transportation — 1.7%
C.H. Robinson Worldwide, Inc. (a)		510		47,772
CSX Corp. (a)		8,778		281,598
Expeditors International of Washington, Inc. (a)		660		83,556
FedEx Corp. (a)		966		288,187
J.B. Hunt Transport Services, Inc. (a)		318		51,818
Kansas City Southern (a)		363		102,863
Norfolk Southern Corp. (a)		994		263,818
Old Dominion Freight Line, Inc. (a)		387		98,221
Union Pacific Corp. (a)		2,594		570,498
United Parcel Service, Inc. Class B (a)		2,862		595,210
				2,383,541
				11,730,117
Technology — 23.2%
Computers — 7.3%
Accenture PLC Class A (a)		2,519		742,576
Apple, Inc. (a)		61,693		8,449,473
Cognizant Technology Solutions Corp. Class A (a)		2,086		144,476
DXC Technology Co. (a) (b)		1,025		39,914
Fortinet, Inc. (a) (b)		541		128,861
Hewlett Packard Enterprise Co. (a)		5,249		76,530
HP, Inc. (a)		4,630		139,780
International Business Machines Corp. (a)		3,541		519,075
Leidos Holdings, Inc. (a)		521		52,673
NetApp, Inc. (a)		865		70,774
Seagate Technology Holdings PLC (a)		763		67,091

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

MML Managed Volatility Fund – Portfolio of Investments (Continued)

	Number of Shares		Value
Western Digital Corp. (a) (b)		1,227	$	87,326
				10,518,549
Office & Business Equipment — 0.1%
Zebra Technologies Corp. Class A (a) (b)		211		111,722
Semiconductors — 5.7%
Advanced Micro Devices, Inc. (a) (b)		4,805		451,334
Analog Devices, Inc. (a)		1,447		249,116
Applied Materials, Inc. (a)		3,591		511,358
Broadcom, Inc. (a)		1,600		762,944
Intel Corp. (a)		15,866		890,717
IPG Photonics Corp. (a) (b)		153		32,248
KLA Corp. (a)		594		192,581
Lam Research Corp. (a)		566		368,296
Maxim Integrated Products, Inc. (a)		1,072		112,946
Microchip Technology, Inc. (a)		1,054		157,826
Micron Technology, Inc. (a) (b)		4,436		376,971
Monolithic Power Systems, Inc. (a)		173		64,607
NVIDIA Corp. (a)		2,449		1,959,445
NXP Semiconductor NV (a)		1,101		226,498
Qorvo, Inc. (a) (b)		439		85,890
QUALCOMM, Inc. (a)		4,426		632,608
Skyworks Solutions, Inc. (a)		663		127,130
Teradyne, Inc. (a)		670		89,753
Texas Instruments, Inc. (a)		3,638		699,587
Xilinx, Inc. (a)		965		139,578
				8,131,433
Software — 10.1%
Activision Blizzard, Inc. (a)		3,057		291,760
Adobe, Inc. (a) (b)		1,873		1,096,904
Akamai Technologies, Inc. (a) (b)		659		76,839
ANSYS, Inc. (a) (b)		345		119,736
Autodesk, Inc. (a) (b)		876		255,704
Broadridge Financial Solutions, Inc. (a)		478		77,211
Cadence Design Systems, Inc. (a) (b)		1,092		149,407
Cerner Corp. (a)		1,211		94,652
Citrix Systems, Inc. (a)		497		58,283
Electronic Arts, Inc. (a)		1,127		162,096
Fidelity National Information Services, Inc. (a)		2,462		348,792
Fiserv, Inc. (a) (b)		2,277		243,389
Intuit, Inc. (a)		1,083		530,854
Jack Henry & Associates, Inc. (a)		289		47,254
Microsoft Corp. (a)		29,615		8,022,704
MSCI, Inc. (a)		326		173,784

	Number of Shares		Value
Oracle Corp. (a)		7,126	$	554,688
Paychex, Inc. (a)		1,289		138,310
Paycom Software, Inc. (a) (b)		187		67,969
PTC, Inc. (a) (b)		418		59,047
Roper Technologies, Inc. (a)		413		194,193
salesforce.com, Inc. (a) (b)		3,638		888,654
ServiceNow, Inc. (a) (b)		776		426,451
Synopsys, Inc. (a) (b)		594		163,819
Take-Two Interactive Software, Inc. (a) (b)		463		81,960
Tyler Technologies, Inc. (a) (b)		157		71,022
				14,395,482
				33,157,186
Utilities — 2.5%
Electric — 2.3%
AES Corp. (a)		2,707		70,571
Alliant Energy Corp. (a)		942		52,526
Ameren Corp. (a)		1,083		86,683
American Electric Power Co., Inc. (a)		1,986		167,996
CenterPoint Energy, Inc. (a)		2,318		56,837
CMS Energy Corp. (a)		1,110		65,579
Consolidated Edison, Inc. (a)		1,312		94,097
Dominion Energy, Inc. (a)		3,187		234,468
DTE Energy Co. (a)		754		97,718
Duke Energy Corp. (a)		3,030		299,122
Edison International (a)		1,455		84,128
Entergy Corp. (a)		835		83,250
Evergy, Inc. (a)		861		52,030
Eversource Energy (a)		1,395		111,935
Exelon Corp. (a)		3,944		174,759
FirstEnergy Corp. (a)		2,220		82,606
NextEra Energy, Inc. (a)		7,774		569,679
NRG Energy, Inc. (a)		924		37,237
Pinnacle West Capital Corp. (a)		482		39,510
PPL Corp. (a)		3,050		85,308
Public Service Enterprise Group, Inc. (a)		2,014		120,316
Sempra Energy (a)		1,184		156,856
The Southern Co. (a)		4,011		242,706
WEC Energy Group, Inc. (a)		1,230		109,408
Xcel Energy, Inc. (a)		2,164		142,564
				3,317,889
Gas — 0.1%
Atmos Energy Corp. (a)		483		46,421
NiSource, Inc. (a)		1,431		35,060
				81,481

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

MML Managed Volatility Fund – Portfolio of Investments (Continued)

	Number of Shares		Value
Water — 0.1%
American Water Works Co., Inc. (a)		704	$	108,508
				3,507,878

TOTAL COMMON STOCK (Cost $77,536,861)				142,872,918

TOTAL EQUITIES (Cost $77,536,861)				142,872,918

	Principal Amount
BONDS & NOTES — 0.0%
CORPORATE DEBT — 0.0%
Forest Products & Paper — 0.0%
Sino Forest Corp. 5.000% 8/01/49 (d) (e)	$	359,000		—

TOTAL CORPORATE DEBT (Cost $0)				—

TOTAL BONDS & NOTES (Cost $0)				—

	Number of Shares
MUTUAL FUNDS — 0.0%
Diversified Financial Services — 0.0%
State Street Navigator Securities Lending Government Money Market Portfolio (f)		17,483		17,483

TOTAL MUTUAL FUNDS (Cost $17,483)				17,483

TOTAL PURCHASED OPTIONS (#) — 0.6% (Cost $1,502,505)				850,482

TOTAL LONG-TERM INVESTMENTS (Cost $79,056,849)				143,740,883

	Principal Amount		Value
SHORT-TERM INVESTMENTS — 0.7%
Repurchase Agreement — 0.7%
Fixed Income Clearing Corp., Repurchase Agreement, dated 6/30/21, 0.000%, due 7/01/21 (g)	$	1,011,049	$	1,011,049

TOTAL SHORT-TERM INVESTMENTS (Cost $1,011,049)				1,011,049

TOTAL INVESTMENTS — 101.3% (Cost $80,067,898) ^(h)				144,751,932

Other Assets/(Liabilities) — (1.3)%				(1,798,055	)

NET ASSETS — 100.0%			$	142,953,877

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

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

(b)	Non-income producing security.

(c)

Denotes all or a portion of security on loan. The total value of securities on loan as of June 30, 2021, was $33,405 or 0.02% of net assets. Total securities on loan may be less than the amounts identified in the Portfolio of Investments. The Fund received $16,707 of non-cash collateral (U.S. Treasury and/or Agency obligations) related to securities lending activity. This amount is not reflected on either the Portfolio of Investments or the Statement of Assets and Liabilities. (Note 2).

(d)	Investment was valued using significant unobservable inputs.

(e)	This security is fair valued in good faith in accordance with procedures approved by the Board of Trustees. At June 30, 2021, these securities amounted to a value of $0 or 0.00% of net assets.

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

(g)	Maturity value of $1,011,049. Collateralized by U.S. Government Agency obligations with a rate of 0.125%, maturity date of 1/31/23, and an aggregate market value, including accrued interest, of $1,031,286.

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

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

MML Managed Volatility Fund – Portfolio of Investments (Continued)

(#) Exchange-Traded Options Purchased

Description	Expiration Date		Exercise Price		No. of Contracts		Notional Amount			Value		Premiums Paid (Received)		Unrealized Appreciation/ (Depreciation)
Put
S&P 500 Index		8/20/21		3,725.00		50		USD	18,625,000	$	55,800	$	241,175	$	(185,375	)
S&P 500 Index		8/20/21		3,800.00		36		USD	13,680,000		49,644		98,325		(48,681	)
S&P 500 Index		9/17/21		3,725.00		50		USD	18,625,000		119,500		270,825		(151,325	)
S&P 500 Index		9/17/21		3,750.00		51		USD	19,125,000		129,438		255,382		(125,944	)
S&P 500 Index		9/17/21		3,775.00		44		USD	16,610,000		118,800		176,198		(57,398	)
S&P 500 Index		9/17/21		3,800.00		50		USD	19,000,000		143,300		235,075		(91,775	)
S&P 500 Index		10/15/21		3,825.00		50		USD	19,125,000		234,000		225,525		8,475
										$	850,482	$	1,502,505	$	(652,023	)

Exchange-Traded Options Written

Description	Expiration Date		Exercise Price		No. of Contracts		Notional Amount			Value			Premiums Paid (Received)			Unrealized Appreciation/ (Depreciation)
Call
S&P 500 Index		7/16/21		4,275.00		37		USD	15,817,500	$	(176,379	)	$	(271,229	)	$	94,850
S&P 500 Index		7/16/21		4,300.00		37		USD	15,910,000		(122,840	)		(235,598	)		112,758
S&P 500 Index		7/30/21		4,300.00		37		USD	15,910,000		(199,800	)		(150,682	)		(49,118	)
S&P 500 Index		8/20/21		4,225.00		37		USD	15,632,500		(451,030	)		(383,856	)		(67,174	)
S&P 500 Index		8/20/21		4,250.00		37		USD	15,725,000		(395,345	)		(346,694	)		(48,651	)
S&P 500 Index		8/20/21		4,300.00		37		USD	15,910,000		(271,136	)		(230,528	)		(40,608	)
S&P 500 Index		9/17/21		4,275.00		36		USD	15,390,000		(426,096	)		(313,866	)		(112,230	)
S&P 500 Index		9/17/21		4,300.00		36		USD	15,480,000		(368,280	)		(337,338	)		(30,942	)
S&P 500 Index		9/17/21		4,350.00		37		USD	16,095,000		(265,475	)		(261,239	)		(4,236	)
										$	(2,676,381	)	$	(2,531,030	)	$	(145,351	)

Currency Legend

USD	U.S. Dollar

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

MML Mid Cap Growth Fund — Portfolio of Investments

June 30, 2021 (Unaudited)

	Number of Shares		Value
EQUITIES — 98.1%
COMMON STOCK — 96.4%
Basic Materials — 0.7%
Chemicals — 0.3%
RPM International, Inc.		20,000	$	1,773,600
Mining — 0.4%
Kirkland Lake Gold Ltd. (a)		47,000		1,810,910
				3,584,510
Communications — 7.5%
Internet — 6.4%
Bright Health Group, Inc. (b)		18,013		309,103
CDW Corp.		31,970		5,583,561
Deliveroo Holdings PLC., Lockup Shares (Acquired 9/12/17-5/16/19, Cost $697,983) (b) (c) (d)		393,000		1,489,456
Dragoneer Growth Opportunities Corp. (Acquired 3/15/21, Cost $131,560) (b) (c) (d) ^(g)		13,156		117,930
Etsy, Inc. (b)		38,751		7,976,506
Farfetch Ltd. Class A (b)		25,424		1,280,353
IAC/InterActiveCorp (b)		13,000		2,004,210
Match Group, Inc. (b)		64,313		10,370,471
Pinterest, Inc. Class A (b)		16,000		1,263,200
Spotify Technology SA (b)		11,000		3,031,490
Squarespace, Inc. Class A (b)		1,358		80,679
Vimeo, Inc. (b)		28,229		1,383,221
				34,890,180
Media — 0.4%
Liberty Media Corp-Liberty Formula One Class C (b)		41,000		1,976,610
Telecommunications — 0.7%
Corning, Inc.		78,000		3,190,200
Gores Holdings V Inc. (Acquired 3/15/21, Cost $471,370) (b) (c) (d) ^(g)		47,137		428,475
				3,618,675
				40,485,465
Consumer, Cyclical — 15.3%
Airlines — 0.7%
Alaska Air Group, Inc. (b)		28,000		1,688,680
Southwest Airlines Co. (b)		41,000		2,176,690
				3,865,370
Apparel — 0.3%
VF Corp.		18,000		1,476,720
Auto Parts & Equipment — 0.8%
Aptiv PLC (b)		28,000		4,405,240

	Number of Shares		Value
Entertainment — 1.4%
DraftKings, Inc. Class A (a) (b)		101,178	$	5,278,456
Vail Resorts, Inc. (b)		8,000		2,532,160
				7,810,616
Lodging — 2.1%
Hilton Worldwide Holdings, Inc. (b)		75,230		9,074,243
MGM Resorts International		57,000		2,431,050
				11,505,293
Retail — 10.0%
Burlington Stores, Inc. (b)		36,985		11,908,800
Casey’s General Stores, Inc.		21,000		4,087,440
Chipotle Mexican Grill, Inc. (b)		2,400		3,720,816
Dollar General Corp.		22,000		4,760,580
Dollar Tree, Inc. (b)		33,000		3,283,500
Domino’s Pizza, Inc.		12,286		5,731,296
Five Below, Inc. (b)		6,000		1,159,620
Freshpet, Inc. (b)		19,519		3,180,816
JAND, Inc., Class A (Acquired 11/19/20, Cost $21,141) (b) (c) (d) (e)		860		21,096
Lululemon Athletica, Inc. (b)		19,428		7,090,637
O’Reilly Automotive, Inc. (b)		7,000		3,963,470
Ross Stores, Inc.		17,000		2,108,000
Wingstop, Inc.		19,606		3,090,494
				54,106,565
				83,169,804
Consumer, Non-cyclical — 31.6%
Beverages — 0.3%
The Boston Beer Co., Inc. Class A (b)		1,637		1,671,050
Biotechnology — 4.8%
Abcam PLC Sponsored ADR (b)		13,374		254,641
Alnylam Pharmaceuticals, Inc. (b)		13,000		2,203,760
Argenx SE ADR (b)		6,500		1,956,955
Ascendis Pharma A/S ADR (b)		3,000		394,650
Exact Sciences Corp. (b)		15,000		1,864,650
Exelixis, Inc. (b)		24,000		437,280
Incyte Corp. (b)		83,180		6,997,933
Ionis Pharmaceuticals, Inc. (b)		39,000		1,555,710
Kodiak Sciences, Inc. (a) (b)		3,000		279,000
Seagen, Inc. (b)		56,303		8,889,118
Ultragenyx Pharmaceutical, Inc. (b)		10,000		953,500
				25,787,197
Commercial Services — 10.5%
Avalara, Inc. (b)		31,248		5,055,926
Bright Horizons Family Solutions, Inc. (b)		10,000		1,471,100
Chegg, Inc. (b)		43,338		3,601,821
CoStar Group, Inc. (b)		50,000		4,141,000

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

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

	Number of Shares		Value
Equifax, Inc.		21,000	$	5,029,710
FleetCor Technologies, Inc. (b)		17,600		4,506,656
Legalzoom.com Inc. (b)		2,666		100,908
MarketAxess Holdings, Inc.		14,223		6,593,641
Multiplan Corp. (a) (b)		156,000		1,485,120
Repay Holdings Corp. (b)		125,362		3,013,703
Shift4 Payments, Inc. Class A (b)		42,660		3,998,095
Terminix Global Holdings, Inc. (b)		70,000		3,339,700
TransUnion		106,179		11,659,516
Verisk Analytics, Inc.		15,000		2,620,800
				56,617,696
Food — 0.3%
TreeHouse Foods, Inc. (b)		36,000		1,602,720
Health Care – Products — 10.2%
ABIOMED, Inc. (b)		11,772		3,674,159
Alcon, Inc. (a)		32,000		2,248,320
Avantor, Inc. (b)		150,000		5,326,500
Bruker Corp.		98,000		7,446,040
The Cooper Cos., Inc.		16,600		6,578,082
Dentsply Sirona, Inc.		17,000		1,075,420
Hologic, Inc. (b)		138,000		9,207,360
ICU Medical, Inc. (b)		8,000		1,646,400
Omnicell, Inc. (b)		30,541		4,625,434
Quidel Corp. (a) (b)		18,000		2,306,160
Teleflex, Inc.		22,000		8,839,380
West Pharmaceutical Services, Inc.		7,000		2,513,700
				55,486,955
Health Care – Services — 2.9%
Acadia Healthcare Co., Inc. (a) (b)		53,000		3,325,750
agilon health, Inc. (b)		14,056		570,252
Catalent, Inc. (b)		76,000		8,217,120
Molina Healthcare, Inc. (b)		5,000		1,265,300
Ortho Clinical Diagnostics Holdings PLC Class H (b)		49,000		1,049,090
PPD, Inc. (b)		31,000		1,428,790
				15,856,302
Household Products & Wares — 0.9%
Avery Dennison Corp.		18,000		3,784,320
Reynolds Consumer Products, Inc.		40,000		1,214,000
				4,998,320
Pharmaceuticals — 1.7%
Alkermes PLC (b)		71,000		1,740,920
Elanco Animal Health, Inc. (b)		85,000		2,948,650
Neurocrine Biosciences, Inc. (b)		15,000		1,459,800
Perrigo Co. PLC		71,000		3,255,350
				9,404,720
				171,424,960

	Number of Shares		Value
Diversified — 0.0%
Holding Company – Diversified — 0.0%
Dragoneer Growth Opportunities Corp. (a) (b)		13,000	$	129,480
Energy — 0.3%
Energy – Alternate Sources — 0.2%
Array Technologies, Inc. (b)		15,783		246,215
Shoals Technologies Group, Inc. Class A (b)		20,000		710,000
				956,215
Oil & Gas — 0.1%
Venture Global LNG, Inc., Series B (Acquired 3/08/18, Cost $63,420) (b) (c) (d) (e)		21		96,392
Venture Global LNG, Inc., Series C (Acquired 10/16/17-3/08/18, Cost $530,257) (b) (c) (d) (e)		144		660,973
				757,365
				1,713,580
Financial — 5.1%
Banks — 0.3%
Webster Financial Corp.		30,000		1,600,200
Diversified Financial Services — 2.8%
Cboe Global Markets, Inc.		33,400		3,976,270
Hamilton Lane, Inc. Class A		57,245		5,216,164
Raymond James Financial, Inc.		8,000		1,039,201
SoFi Technologies, Inc., Lockup Shares (Acquired 12/30/20, Cost $813,659) (b) (c) (d)		79,761		1,452,567
Tradeweb Markets, Inc. Class A		44,000		3,720,641
				15,404,843
Insurance — 1.2%
Assurant, Inc.		20,000		3,123,600
Axis Capital Holdings Ltd.		37,000		1,813,370
GoHealth, Inc. Class A (b)		27,000		302,670
Kemper Corp.		12,000		886,800
Selectquote, Inc. (b)		16,000		308,160
				6,434,600
Private Equity — 0.8%
KKR & Co., Inc.		71,000		4,206,040
				27,645,683
Industrial — 15.7%
Aerospace & Defense — 0.7%
Hexcel Corp. (b)		62,324		3,889,018
Building Materials — 1.4%
Fortune Brands Home & Security, Inc.		59,481		5,924,902
Martin Marietta Materials, Inc.		5,460		1,920,883
				7,845,785

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

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

	Number of Shares		Value
Electronics — 3.9%
Agilent Technologies, Inc.		58,000	$	8,572,980
Amphenol Corp. Class A		25,000		1,710,250
Fortive Corp.		48,000		3,347,520
Keysight Technologies, Inc. (b)		33,000		5,095,530
National Instruments Corp.		62,000		2,621,360
				21,347,640
Environmental Controls — 0.4%
Waste Connections, Inc.		16,000		1,910,880
Machinery – Construction & Mining — 1.4%
BWX Technologies, Inc.		127,738		7,424,132
Machinery – Diversified — 3.0%
Cognex Corp.		12,000		1,008,600
Colfax Corp. (b)		90,000		4,122,900
IDEX Corp.		20,000		4,401,000
Ingersoll Rand, Inc. (b)		142,000		6,931,020
				16,463,520
Miscellaneous - Manufacturing — 1.6%
Textron, Inc.		122,000		8,389,940
Packaging & Containers — 2.3%
Ball Corp.		97,000		7,858,940
Packaging Corp. of America		10,000		1,354,200
Sealed Air Corp.		55,000		3,258,750
				12,471,890
Transportation — 1.0%
J.B. Hunt Transport Services, Inc.		32,000		5,214,400
				84,957,205
Technology — 19.3%
Computers — 2.2%
Crowdstrike Holdings, Inc. Class A (b)		9,000		2,261,790
Fortinet, Inc. (b)		13,000		3,096,470
Leidos Holdings, Inc.		9,000		909,900
Varonis Systems, Inc. (b)		101,654		5,857,303
				12,125,463
Semiconductors — 6.2%
Entegris, Inc.		31,000		3,812,070
KLA Corp.		31,942		10,355,916
Lattice Semiconductor Corp. (b)		12,000		674,160
Marvell Technology, Inc.		112,000		6,532,960
Microchip Technology, Inc.		59,000		8,834,660
Skyworks Solutions, Inc.		18,000		3,451,500
				33,661,266
Software — 10.9%
Atlassian Corp. PLC Class A (b)		12,400		3,185,064
Bill.com Holdings, Inc. (b)		6,000		1,099,080
Black Knight, Inc. (b)		39,000		3,041,220
Broadridge Financial Solutions, Inc.		10,000		1,615,300

	Number of Shares		Value
Ceridian HCM Holding, Inc. (b)		40,000	$	3,836,800
Citrix Systems, Inc.		18,000		2,110,860
Clarivate PLC (b)		180,982		4,982,434
Clear Secure Inc. (b)		5,393		215,720
Confluent, Inc. (a) (b)		4,918		233,605
DocuSign, Inc. (b)		20,000		5,591,400
Doximity, Inc. (b)		7,800		453,960
Five9, Inc. (b)		6,000		1,100,340
Guidewire Software, Inc. (b)		44,088		4,969,599
Jack Henry & Associates, Inc.		5,000		817,550
nCino, Inc. (b)		10,000		599,200
Playtika Holding Corp. (b)		28,337		675,554
Procore Technologies, Inc. (b)		1,634		155,148
Procore Technologies, Inc., Lockup Shares (Acquired 7/15/20-12/09/20, Cost $175,884) (b) (c) (d)		3,269		294,872
PTC, Inc. (b)		14,000		1,977,640
Roper Technologies, Inc.		8,000		3,761,600
SentinelOne Inc. (b)		6,731		286,068
Splunk, Inc. (b)		11,365		1,643,152
Take-Two Interactive Software, Inc. (b)		14,138		2,502,709
Veeva Systems, Inc. Class A (b)		15,000		4,664,251
ZoomInfo Technologies, Inc. Class A (a) (b)		121,589		6,343,298
Zynga, Inc. Class A (b)		246,000		2,614,980
				58,771,404
				104,558,133
Utilities — 0.9%
Electric — 0.9%
Ameren Corp.		18,000		1,440,718
Eversource Energy		9,000		722,160
Sempra Energy		22,000		2,914,561
				5,077,439

TOTAL COMMON STOCK (Cost $353,887,178)				522,746,259

PREFERRED STOCK — 1.7%
Consumer, Cyclical — 1.4%
Auto Manufacturers — 1.4%
Rivian Automotive, Inc., Series D (Acquired 12/23/19, Cost $900,713) (b) (c) (d) (e)		83,834		5,873,410
Rivian Automotive, Inc., Series E (Acquired 7/10/20, Cost $379,954) (b) (c) (d) (e)		24,529		1,718,502
				7,591,912

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

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

	Number of Shares		Value
Retail — 0.0%
JAND, Inc., Series AA (Acquired 11/19/20, Cost $43,758) (b) (c) (d) (e)		1,781	$	43,689
JAND, Inc., Series B (Acquired 11/19/20, Cost $49) (b) (c) (d) (e)		2		49
				43,738
				7,635,650
Consumer, Non-cyclical — 0.2%
Commercial Services — 0.1%
Redwood Materials, Inc., Series C (Acquired 5/28/21, Cost $200,090) (b) (c) (d) (e)		4,221		200,090
Wework Companies, Inc., Series D-1 (Acquired 12/09/14, Cost $369,606) (b) (c) (d) (e)		22,197		189,994
Wework Companies, Inc., Series D-2 (Acquired 12/09/14, Cost $290,396) (b) (c) (d) (e)		9,401		80,467
				470,551
Health Care – Services — 0.1%
Caris Life Sciences, Inc., Series D (Acquired 5/11/21, Cost $271,366) (b) (c) (d) (e)		33,502		271,366
				741,917
Financial — 0.0%
Investment Companies — 0.0%
Maplebear, Inc., Series I (Acquired 2/26/21, Cost $95,750) (b) (c) (d) (e)		766		95,750
Industrial — 0.1%
Electrical Components & Equipment — 0.1%
Sila Nanotechnologies, Inc., Series F (Acquired 1/07/21, Cost $407,982) (b) (c) (d) (e)		9,885		407,982
Technology — 0.0%
Software — 0.0%
Databricks, Inc., Series G (Acquired 2/01/21, Cost $133,381) (b) (c) (d) (e)		752		133,382

TOTAL PREFERRED STOCK (Cost $2,959,186)				9,014,681

TOTAL EQUITIES (Cost $356,846,364)				531,760,940

	Number of Shares		Value
WARRANTS — 0.0%
Diversified — 0.0%
Holding Company – Diversified — 0.0%
Pershing Square Tontine Holdings Ltd., Expires 7/24/25 (b)		4,983	$	31,393

TOTAL WARRANTS (Cost $28,347)				31,393

MUTUAL FUNDS — 0.8%
Diversified Financial Services — 0.8%
State Street Navigator Securities Lending Government Money Market Portfolio (f)		4,208,771		4,208,771

TOTAL MUTUAL FUNDS (Cost $4,208,771)				4,208,771

TOTAL LONG-TERM INVESTMENTS (Cost $361,083,482)				536,001,104

SHORT-TERM INVESTMENTS — 2.2%
Mutual Fund — 0.0%
T. Rowe Price Treasury Reserve Fund		372		372

	Principal Amount
Repurchase Agreement — 2.2%
Fixed Income Clearing Corp., Repurchase Agreement, dated 6/30/21, 0.000%, due 7/01/21 (h)	$	12,046,770		12,046,770

TOTAL SHORT-TERM INVESTMENTS (Cost $12,047,142)				12,047,142

TOTAL INVESTMENTS — 101.1% (Cost $373,130,624) ⁽ⁱ⁾				548,048,246

Other Assets/(Liabilities) — (1.1)%				(5,998,057	)

NET ASSETS — 100.0%			$	542,050,189

Abbreviation Legend

ADR	American Depositary Receipt

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

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

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

(a)

Denotes all or a portion of security on loan. The total value of securities on loan as of June 30, 2021, was $14,361,614 or 2.65% of net assets. Total securities on loan may be less than the amounts identified in the Portfolio of Investments. The Fund received $10,457,399 of non-cash collateral (U.S. Treasury and/or Agency obligations) related to securities lending activity. This amount is not reflected on either the Portfolio of Investments or the Statement of Assets and Liabilities. (Note 2).

(b)	Non-income producing security.

(c)	This security is fair valued in good faith in accordance with procedures approved by the Board of Trustees. At June 30, 2021, these securities amounted to a value of $13,576,442 or 2.50% of net assets.

(d)	Restricted security. Certain securities are restricted as to resale. At June 30, 2021, these securities amounted to a value of $13,576,442 or 2.50% of net assets. The Fund generally bears the costs, if any, associated with the disposition of restricted securities.

(e)	Investment was valued using significant unobservable inputs.

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

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

(h)	Maturity value of $12,046,770. Collateralized by U.S. Government Agency obligations with a rate of 0.125%, maturity date of 1/31/23, and an aggregate market value, including accrued interest, of $12,287,777.

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

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

MML Mid Cap Value Fund — Portfolio of Investments

June 30, 2021 (Unaudited)

	Number of Shares		Value
EQUITIES — 99.0%
COMMON STOCK — 99.0%
Basic Materials — 2.3%
Chemicals — 0.8%
Axalta Coating Systems Ltd. (a)		116,452	$	3,550,622
Forest Products & Paper — 1.5%
Mondi PLC		234,050		6,166,711
				9,717,333
Communications — 3.1%
Internet — 1.0%
F5 Networks, Inc. (a)		23,160		4,323,046
Media — 1.4%
Fox Corp. Class B		164,442		5,788,358
Telecommunications — 0.7%
Juniper Networks, Inc.		101,880		2,786,418
				12,897,822
Consumer, Cyclical — 12.8%
Airlines — 1.6%
Southwest Airlines Co. (a)		127,881		6,789,202
Auto Manufacturers — 2.3%
Cummins, Inc.		9,128		2,225,498
Honda Motor Co. Ltd. Sponsored ADR (b)		132,575		4,266,263
PACCAR, Inc.		33,768		3,013,794
				9,505,555
Auto Parts & Equipment — 1.7%
BorgWarner, Inc.		96,766		4,697,022
Bridgestone Corp. (b)		46,700		2,124,049
				6,821,071
Food Services — 1.0%
Sodexo SA (a)		45,283		4,228,380
Leisure Time — 0.7%
Polaris, Inc.		20,225		2,770,016
Retail — 5.5%
Advance Auto Parts, Inc.		39,959		8,197,189
Beacon Roofing Supply, Inc. (a)		24,711		1,315,861
Dollar Tree, Inc. (a)		55,960		5,568,020
Genuine Parts Co.		12,642		1,598,834
MSC Industrial Direct Co., Inc. Class A		68,219		6,121,291
				22,801,195
				52,915,419
Consumer, Non-cyclical — 22.9%
Commercial Services — 0.4%
Euronet Worldwide, Inc. (a)		12,792		1,731,397
Food — 7.2%
Conagra Brands, Inc.		220,257		8,012,949

	Number of Shares		Value
General Mills, Inc.		40,555	$	2,471,016
The J.M. Smucker Co.		26,638		3,451,486
Kellogg Co.		42,680		2,745,604
Koninklijke Ahold Delhaize NV		256,205		7,617,514
Orkla ASA		307,175		3,129,116
Sysco Corp.		29,137		2,265,402
				29,693,087
Health Care – Products — 6.0%
Baxter International, Inc.		27,576		2,219,868
Envista Holdings Corp. (a)		48,001		2,074,123
Henry Schein, Inc. (a)		82,981		6,156,360
Koninklijke Philips NV Sponsored ADR		36,232		1,800,731
Zimmer Biomet Holdings, Inc.		77,746		12,503,112
				24,754,194
Health Care – Services — 4.5%
Centene Corp. (a)		42,202		3,077,792
Quest Diagnostics, Inc.		59,570		7,861,453
Universal Health Services, Inc. Class B		53,250		7,797,397
				18,736,642
Household Products & Wares — 0.9%
Kimberly-Clark Corp.		27,737		3,710,656
Pharmaceuticals — 3.9%
Becton Dickinson and Co.		18,498		4,498,529
Cardinal Health, Inc.		119,925		6,846,518
McKesson Corp.		26,266		5,023,110
				16,368,157
				94,994,133
Energy — 4.6%
Oil & Gas — 3.8%
Cimarex Energy Co.		27,516		1,993,534
ConocoPhillips		122,306		7,448,435
Devon Energy Corp.		74,161		2,164,760
Pioneer Natural Resources Co.		24,821		4,033,909
				15,640,638
Oil & Gas Services — 0.8%
Baker Hughes Co.		146,508		3,350,638
				18,991,276
Financial — 24.5%
Banks — 9.8%
The Bank of New York Mellon Corp.		204,846		10,494,261
Commerce Bancshares, Inc.		14,119		1,052,713
Eastern Bankshares, Inc.		23,954		492,734
First Hawaiian, Inc.		78,038		2,211,597
M&T Bank Corp.		27,576		4,007,068
Northern Trust Corp.		78,350		9,058,827
Prosperity Bancshares, Inc.		31,576		2,267,157

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

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

	Number of Shares		Value
State Street Corp.		33,319	$	2,741,487
Truist Financial Corp.		98,836		5,485,398
Westamerica Bancorp.		44,213		2,565,680
				40,376,922
Diversified Financial Services — 2.4%
Ameriprise Financial, Inc.		20,905		5,202,837
T. Rowe Price Group, Inc.		24,522		4,854,620
				10,057,457
Insurance — 6.9%
Aflac, Inc.		125,255		6,721,183
The Allstate Corp.		26,109		3,405,658
Arthur J Gallagher & Co.		11,724		1,642,298
Chubb Ltd.		52,378		8,324,959
The Hartford Financial Services Group, Inc.		32,594		2,019,850
Reinsurance Group of America, Inc.		55,264		6,300,096
				28,414,044
Real Estate Investment Trusts (REITS) — 5.1%
Equinix, Inc.		3,708		2,976,041
Essex Property Trust, Inc.		12,718		3,815,527
Healthcare Trust of America, Inc. Class A		127,971		3,416,826
Healthpeak Properties, Inc.		159,564		5,311,886
MGM Growth Properties LLC Class A		121,341		4,443,507
Weyerhaeuser Co.		38,193		1,314,603
				21,278,390
Savings & Loans — 0.3%
Capitol Federal Financial, Inc.		114,051		1,343,521
				101,470,334
Industrial — 16.0%
Aerospace & Defense — 2.4%
BAE Systems PLC		602,965		4,359,191
General Dynamics Corp.		29,848		5,619,184
				9,978,375
Building Materials — 0.6%
Johnson Controls International PLC		35,083		2,407,746
Electrical Components & Equipment — 2.1%
Emerson Electric Co.		90,606		8,719,921
Electronics — 3.6%
Hubbell, Inc.		28,772		5,375,761
nVent Electric PLC		238,125		7,439,025
TE Connectivity Ltd.		15,901		2,149,974
				14,964,760
Environmental Controls — 1.3%
Republic Services, Inc.		48,072		5,288,401
Machinery – Construction & Mining — 0.9%
Oshkosh Corp.		28,790		3,588,386
Machinery – Diversified — 1.1%
Crane Co.		27,788		2,566,778

	Number of Shares		Value
IMI PLC		85,687	$	2,039,154
				4,605,932
Miscellaneous - Manufacturing — 0.3%
Textron, Inc.		20,255		1,392,936
Packaging & Containers — 3.0%
Amcor PLC		182,393		2,090,224
Packaging Corp. of America		20,385		2,760,537
Sonoco Products Co.		114,359		7,650,617
				12,501,378
Transportation — 0.7%
Heartland Express, Inc.		169,715		2,907,218
				66,355,053
Technology — 5.1%
Computers — 1.7%
Amdocs Ltd.		30,793		2,382,146
HP, Inc.		162,105		4,893,950
				7,276,096
Software — 3.4%
CDK Global, Inc.		52,340		2,600,775
Cerner Corp.		101,416		7,926,674
Open Text Corp.		69,577		3,534,512
				14,061,961
				21,338,057
Utilities — 7.7%
Electric — 6.1%
Edison International		122,896		7,105,847
Evergy, Inc.		37,553		2,269,328
Eversource Energy		30,495		2,446,919
NorthWestern Corp.		98,121		5,908,846
Pinnacle West Capital Corp.		81,028		6,641,865
Xcel Energy, Inc.		16,269		1,071,802
				25,444,607
Gas — 1.6%
Atmos Energy Corp.		34,029		3,270,527
Spire, Inc.		44,392		3,208,210
				6,478,737
				31,923,344

TOTAL COMMON STOCK (Cost $337,442,211)				410,602,771

TOTAL EQUITIES (Cost $337,442,211)				410,602,771

TOTAL LONG-TERM INVESTMENTS (Cost $337,442,211)				410,602,771

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

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

	Principal Amount		Value
SHORT-TERM INVESTMENTS — 0.5%
Repurchase Agreement — 0.5%
Fixed Income Clearing Corp., Repurchase Agreement, dated 6/30/21, 0.000%, due 7/01/21 (c)	$	2,148,173	$	2,148,173

TOTAL SHORT-TERM INVESTMENTS (Cost $2,148,173)				2,148,173

TOTAL INVESTMENTS — 99.5% (Cost $339,590,384) ^(d)				412,750,944

Other Assets/(Liabilities) — 0.5%				2,237,602

NET ASSETS — 100.0%			$	414,988,546

Abbreviation Legend

ADR	American Depositary Receipt

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

(a)	Non-income producing security.

(b)

Denotes all or a portion of security on loan. The total value of securities on loan as of June 30, 2021, was $6,358,659 or 1.53% of net assets. Total securities on loan may be less than the amounts identified in the Portfolio of Investments. The Fund received $6,575,299 of non-cash collateral (U.S. Treasury and/or Agency obligations) related to securities lending activity. This amount is not reflected on either the Portfolio of Investments or the Statement of Assets and Liabilities. (Note 2).

(c)	Maturity value of $2,148,173. Collateralized by U.S. Government Agency obligations with a rate of 0.125%, maturity date of 1/31/23, and an aggregate market value, including accrued interest, of $2,191,208.

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

Forward contracts

Counterparty	Settlement Date		Currency Purchased			Currency Sold			Unrealized Appreciation (Depreciation)
Bank of America N.A.*		9/30/21		USD	3,913,851		JPY	432,864,101	$	14,529
Credit Suisse International*		9/30/21		USD	11,325,127		EUR	9,494,971		45,765
JP Morgan Chase Bank N.A.*		9/30/21		GBP	230,140		USD	320,605		(2,188	)
JP Morgan Chase Bank N.A.*		9/30/21		USD	11,207,971		GBP	8,052,051		67,336
UBS AG*		9/30/21		NOK	562,189		USD	66,209		(894	)
UBS AG*		9/30/21		USD	2,792,300		NOK	23,968,082		7,702
									$	132,250

* Contracts are subject to a Master Netting Agreement.

Currency Legend

EUR

Euro

GBP	British Pound

JPY	Japanese Yen

NOK	Norwegian Krone

USD	U.S. Dollar

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

MML Small Cap Growth Equity Fund — Portfolio of Investments

June 30, 2021 (Unaudited)

	Number of Shares		Value
EQUITIES — 97.9%
COMMON STOCK — 97.9%
Basic Materials — 0.7%
Chemicals — 0.7%
Cabot Corp.		10,855	$	617,975
Methanex Corp.		26,760		884,953
				1,502,928
Communications — 7.2%
Internet — 4.8%
Criteo SA Sponsored ADR (a)		23,558		1,065,528
Mimecast Ltd. (a)		19,106		1,013,573
Perficient, Inc. (a)		38,914		3,129,464
RealReal, Inc. (a)		89,707		1,772,610
Shutterstock, Inc.		22,838		2,242,007
Squarespace, Inc. Class A (a)		10,100		600,041
The Honest Company, Inc., Lockup Shares (Acquired 8/03/15, Cost $184,255) (a) (b) (c)		8,512		133,128
				9,956,351
Media — 0.4%
The New York Times Co. Class A		15,481		674,197
Telecommunications — 2.0%
Calix, Inc. (a)		46,300		2,199,250
Ciena Corp. (a)		15,452		879,064
Viavi Solutions, Inc. (a)		62,207		1,098,576
				4,176,890
				14,807,438
Consumer, Cyclical — 13.1%
Apparel — 1.7%
Carter’s, Inc.		10,175		1,049,755
Deckers Outdoor Corp. (a)		1,630		626,034
Steven Madden Ltd.		26,282		1,150,100
Wolverine World Wide, Inc.		21,834		734,496
				3,560,385
Entertainment — 0.8%
Cinemark Holdings, Inc. (a)		49,969		1,096,820
Penn National Gaming, Inc. (a)		6,468		494,737
				1,591,557
Home Builders — 1.7%
Cavco Industries, Inc. (a)		4,217		936,975
Skyline Champion Corp. (a)		49,408		2,633,447
				3,570,422
Leisure Time — 2.5%
Acushnet Holdings Corp.		23,336		1,152,798
Planet Fitness, Inc. Class A (a)		23,036		1,733,459
Polaris, Inc.		5,634		771,633

	Number of Shares		Value
YETI Holdings, Inc. (a)		17,222	$	1,581,324
				5,239,214
Lodging — 0.4%
Boyd Gaming Corp. (a)		12,187		749,379
Retail — 6.0%
BJ’s Restaurants, Inc. (a)		17,096		840,097
Denny’s Corp. (a)		51,252		845,146
FirstCash, Inc.		16,651		1,272,802
Five Below, Inc. (a)		8,519		1,646,467
Floor & Decor Holdings, Inc. Class A (a)		10,581		1,118,412
La-Z-Boy, Inc.		15,851		587,121
Nu Skin Enterprises, Inc. Class A		20,541		1,163,648
Ollie’s Bargain Outlet Holdings, Inc. (a) (d)		35,485		2,985,353
Rush Enterprises, Inc. Class A		20,593		890,441
Wingstop, Inc.		6,786		1,069,677
				12,419,164
				27,130,121
Consumer, Non-cyclical — 25.7%
Beverages — 0.6%
The Boston Beer Co., Inc. Class A (a)		1,158		1,182,086
Biotechnology — 9.3%
Acceleron Pharma, Inc. (a)		3,869		485,521
Akero Therapeutics, Inc. (a) (d)		13,867		344,040
Allakos, Inc. (a)		5,260		449,046
ALX Oncology Holdings, Inc. (a)		18,780		1,026,890
Amicus Therapeutics, Inc. (a)		76,004		732,679
Apellis Pharmaceuticals, Inc. (a)		19,269		1,217,801
Arena Pharmaceuticals, Inc. (a)		17,473		1,191,659
Arrowhead Pharmaceuticals, Inc. (a)		5,379		445,489
Ascendis Pharma A/S ADR (a)		3,853		506,862
BioAtla, Inc. (a)		16,349		692,871
Blueprint Medicines Corp. (a)		6,877		604,901
Dicerna Pharmaceuticals, Inc. (a)		14,112		526,660
Freeline Therapeutics Holdings PLC (a)		9,119		74,320
ImmunoGen, Inc. (a)		48,719		321,058
Karuna Therapeutics, Inc. (a)		2,690		306,633
Kodiak Sciences, Inc. (a) (d)		12,552		1,167,336
Mersana Therapeutics, Inc. (a)		48,404		657,326
NeoGenomics, Inc. (a)		19,350		874,040
PTC Therapeutics, Inc. (a)		10,145		428,829
RAPT Therapeutics, Inc. (a)		10,755		341,901
Revolution Medicines, Inc. (a)		22,524		714,912
Rocket Pharmaceuticals, Inc. (a)		18,908		837,435
Sage Therapeutics, Inc. (a)		6,184		351,313
TCR2 Therapeutics, Inc. (a)		39,497		648,146
TG Therapeutics, Inc. (a) (d)		28,755		1,115,407

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

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

	Number of Shares		Value
Theravance Biopharma, Inc. (a) (d)		24,091	$	349,801
Turning Point Therapeutics, Inc. (a)		13,620		1,062,632
UroGen Pharma Ltd. (a) (d)		20,726		316,486
Veracyte, Inc. (a)		9,743		389,525
Y-mAbs Therapeutics, Inc. (a)		34,494		1,165,897
				19,347,416
Commercial Services — 4.5%
2U, Inc. (a) (d)		29,141		1,214,306
Chegg, Inc. (a)		21,473		1,784,621
Cross Country Healthcare, Inc. (a)		38,519		635,949
Green Dot Corp. Class A (a)		19,684		922,195
HealthEquity, Inc. (a)		4,700		378,256
Legalzoom.com Inc. (a)		1,400		52,990
LiveRamp Holdings, Inc. (a)		18,411		862,555
Multiplan Corp. (a)		115,504		1,099,598
Repay Holdings Corp. (a)		41,017		986,049
TriNet Group, Inc. (a)		20,711		1,501,133
				9,437,652
Food — 1.6%
BellRing Brands, Inc. Class A (a)		35,113		1,100,441
Performance Food Group Co. (a)		20,474		992,784
Sanderson Farms, Inc.		6,213		1,167,858
				3,261,083
Health Care – Products — 4.4%
Avanos Medical, Inc. (a)		24,343		885,355
Glaukos Corp. (a)		6,094		516,954
Globus Medical, Inc. Class A (a)		28,057		2,175,259
Haemonetics Corp. (a)		13,691		912,368
Hill-Rom Holdings, Inc.		8,292		941,888
Integra LifeSciences Holdings Corp. (a)		15,602		1,064,681
NanoString Technologies, Inc. (a)		7,662		496,421
Omnicell, Inc. (a)		13,434		2,034,580
				9,027,506
Health Care – Services — 3.8%
Acadia Healthcare Co., Inc. (a)		20,619		1,293,842
Accolade, Inc. (a) (d)		22,971		1,247,555
Amedisys, Inc. (a)		2,671		654,208
LHC Group, Inc. (a)		12,702		2,543,702
Medpace Holdings, Inc. (a)		6,406		1,131,492
Oak Street Health, Inc. (a) (d)		16,701		978,178
				7,848,977
Pharmaceuticals — 1.5%
Heron Therapeutics, Inc. (a) (d)		38,550		598,296
Intellia Therapeutics, Inc. (a)		3,051		493,987
KalVista Pharmaceuticals, Inc. (a)		15,805		378,688
Kura Oncology, Inc. (a)		13,352		278,389
Myovant Sciences Ltd. (a) (d)		18,146		413,185

	Number of Shares		Value
Owens & Minor, Inc.		15,100	$	639,183
Reata Pharmaceuticals, Inc. Class A (a) (d)		2,071		293,109
				3,094,837
				53,199,557
Energy — 2.8%
Energy – Alternate Sources — 1.9%
Atlantica Sustainable Infrastructure PLC (d)		30,973		1,152,815
First Solar, Inc. (a)		12,793		1,157,895
Maxeon Solar Technologies Ltd. (a)		59,835		1,282,264
SunPower Corp. (a)		9,520		278,174
				3,871,148
Oil & Gas — 0.9%
Delek US Holdings, Inc.		23,799		514,534
Viper Energy Partners LP (e)		46,716		879,662
Whiting Petroleum Corp. (a)		10,408		567,757
				1,961,953
				5,833,101
Financial — 16.0%
Banks — 5.1%
Ameris Bancorp		39,751		2,012,593
Atlantic Union Bankshares Corp.		34,058		1,233,581
BancorpSouth Bank		35,853		1,015,716
First Interstate BancSystem, Inc. Class A		22,993		961,797
Great Western Bancorp, Inc.		32,381		1,061,773
National Bank Holdings Corp. Class A		32,889		1,241,231
Seacoast Banking Corp. of Florida		34,679		1,184,288
Simmons First National Corp. Class A		39,115		1,147,634
Western Alliance Bancorp		8,158		757,470
				10,616,083
Diversified Financial Services — 2.2%
Air Lease Corp.		23,225		969,412
Hamilton Lane, Inc. Class A		4,729		430,906
Hannon Armstrong Sustainable Infrastructure Capital, Inc. (d)		32,556		1,828,019
PRA Group, Inc. (a)		29,046		1,117,400
StepStone Group, Inc. Class A		2,500		86,000
				4,431,737
Insurance — 2.6%
Assured Guaranty Ltd.		25,157		1,194,454
Kemper Corp.		10,732		793,095
MGIC Investment Corp.		83,926		1,141,394
Selective Insurance Group, Inc.		16,079		1,304,811
SiriusPoint Ltd. (a)		83,777		843,634
				5,277,388

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

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

	Number of Shares		Value
Real Estate — 0.8%
McGrath RentCorp		14,865	$	1,212,538
Redfin Corp. (a) (d)		7,949		504,046
				1,716,584
Real Estate Investment Trusts (REITS) — 4.4%
Essential Properties Realty Trust, Inc.		76,906		2,079,538
JBG SMITH Properties		31,815		1,002,491
Life Storage, Inc.		10,218		1,096,902
PotlatchDeltic Corp.		17,712		941,393
PS Business Parks, Inc.		6,796		1,006,352
Ryman Hospitality Properties, Inc. (a)		12,632		997,423
Xenia Hotels & Resorts, Inc. (a)		105,232		1,970,995
				9,095,094
Savings & Loans — 0.9%
Sterling Bancorp		76,898		1,906,301
				33,043,187
Industrial — 15.7%
Aerospace & Defense — 0.8%
Mercury Systems, Inc. (a)		10,300		682,684
Spirit AeroSystems Holdings, Inc. Class A		21,320		1,006,091
				1,688,775
Building Materials — 1.9%
Builders FirstSource, Inc. (a)		24,403		1,041,032
Gibraltar Industries, Inc. (a)		12,407		946,778
Louisiana-Pacific Corp.		16,908		1,019,383
Patrick Industries, Inc.		13,557		989,661
				3,996,854
Electrical Components & Equipment — 1.0%
EnerSys		12,864		1,257,199
Novanta, Inc. (a)		6,686		901,005
				2,158,204
Electronics — 0.8%
II-VI, Inc. (a) (d)		24,129		1,751,524
Engineering & Construction — 0.8%
Fluor Corp. (a) (d)		91,515		1,619,815
Environmental Controls — 0.6%
Clean Harbors, Inc. (a)		12,731		1,185,765
Hand & Machine Tools — 0.6%
Kennametal, Inc.		32,984		1,184,785
Machinery – Construction & Mining — 0.1%
Argan, Inc.		4,964		237,230
Machinery – Diversified — 5.0%
Albany International Corp. Class A		11,700		1,044,342
Altra Industrial Motion Corp.		20,559		1,336,746
Applied Industrial Technologies, Inc.		14,776		1,345,503
Chart Industries, Inc. (a)		6,677		976,979

	Number of Shares		Value
Colfax Corp. (a)		19,220	$	880,468
Curtiss-Wright Corp.		7,861		933,572
Hydrofarm Holdings Group, Inc. (a)		11,200		662,032
Kornit Digital Ltd. (a)		4,194		521,440
The Middleby Corp. (a)		6,521		1,129,829
SPX FLOW, Inc.		24,076		1,570,718
				10,401,629
Metal Fabricate & Hardware — 1.3%
Helios Technologies, Inc.		14,818		1,156,545
Rexnord Corp.		31,032		1,552,841
				2,709,386
Miscellaneous - Manufacturing — 1.0%
Enerpac Tool Group Corp.		40,859		1,087,667
John Bean Technologies Corp.		6,181		881,534
				1,969,201
Packaging & Containers — 0.6%
Graphic Packaging Holding Co.		65,208		1,182,873
Transportation — 0.7%
Kirby Corp. (a)		15,511		940,587
Saia, Inc. (a)		2,585		541,532
				1,482,119
Trucking & Leasing — 0.5%
GATX Corp.		11,206		991,395
				32,559,555
Technology — 16.2%
Computers — 3.6%
PAR Technology Corp. (a) (d)		16,136		1,128,552
Rapid7, Inc. (a)		35,368		3,346,874
Telos Corp. (a)		28,456		967,788
Varonis Systems, Inc. (a)		33,687		1,941,045
				7,384,259
Semiconductors — 4.3%
ACM Research, Inc. Class A (a) (d)		8,183		836,466
FormFactor, Inc. (a)		28,181		1,027,479
Lattice Semiconductor Corp. (a)		9,750		547,755
MKS Instruments, Inc.		11,233		1,998,913
Power Integrations, Inc.		10,572		867,538
Synaptics, Inc. (a)		4,500		700,110
Tower Semiconductor Ltd. (a)		96,393		2,836,846
				8,815,107
Software — 8.3%
Bandwidth, Inc. Class A (a)		12,013		1,656,833
Cardlytics, Inc. (a) (d)		20,292		2,575,663
Clear Secure Inc. (a)		900		36,000
Cloudera, Inc. (a)		89,852		1,425,053
Digital Turbine, Inc. (a)		23,572		1,792,179
Health Catalyst, Inc. (a)		16,933		939,951

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

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

	Number of Shares		Value
j2 Global, Inc. (a)		9,460	$	1,301,223
Jamf Holding Corp. (a)		27,976		939,154
Latch, Inc., Lockup Shares (Acquired 6/04/21, Cost $628,400) ) (a) (b) (c)		62,840		737,742
Manhattan Associates, Inc. (a)		9,011		1,305,153
MarkLogic Corp. (Escrow Shares) (Acquired 11/11/20, Cost $7,680) (a) (b) (c) (f)		22,966		299
Momentive Global, Inc. (a)		49,630		1,045,704
New Relic, Inc. (a)		13,094		876,905
Payoneer Global, Inc., Lockup Shares (Acquired 2/03/21, Cost $109,000) (a) (b) (c)		10,900		107,521
Porch Group, Inc. (a)		10,900		210,806
Porch Group, Inc. (Acquired 12/23/20, Cost $337,700) (a) (b) (c)		33,770		644,332
SentinelOne Inc. (a)		900		38,250
Sprout Social, Inc. Class A (a)		5,175		462,748
Verra Mobility Corp. (a)		72,508		1,114,448
				17,209,964
				33,409,330
Utilities — 0.5%
Electric — 0.5%
Portland General Electric Co.		23,694		1,091,820

TOTAL COMMON STOCK (Cost $161,815,587)				202,577,037

TOTAL EQUITIES (Cost $161,815,587)				202,577,037

RIGHTS — 0.0%
Financial — 0.0%
Diversified Financial Services — 0.0%
Decarbonization Plus Acquisition Corp. (Acquired 2/09/21, Cost $0) (a) (b) (c) (f)		27,900		—
One (Acquired 2/24/21, Cost $0) (a) (b) (c) (f)		74,800		—

TOTAL RIGHTS (Cost $0)				—

	Number of Shares		Value
MUTUAL FUNDS — 1.2%
Diversified Financial Services — 1.2%
iShares Russell 2000 ETF (d)		4,876	$	1,118,408
State Street Navigator Securities Lending Government Money Market Portfolio (g)		1,448,551		1,448,551

TOTAL MUTUAL FUNDS (Cost $2,558,667)				2,566,959

TOTAL LONG-TERM INVESTMENTS (Cost $164,374,254)				205,143,996

	Principal Amount
SHORT-TERM INVESTMENTS — 0.8%
Repurchase Agreement — 0.8%
Fixed Income Clearing Corp., Repurchase Agreement, dated 6/30/21, 0.000%, due 7/01/21 (h)	$	1,641,023		1,641,023

TOTAL SHORT-TERM INVESTMENTS (Cost $1,641,023)				1,641,023

TOTAL INVESTMENTS — 99.9% (Cost $166,015,277) ⁽ⁱ⁾				206,785,019

Other Assets/(Liabilities) — 0.1%				208,163

NET ASSETS — 100.0%			$	206,993,182

Abbreviation Legend

ADR	American Depositary Receipt

ETF	Exchange-Traded Fund

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

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

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

(a)	Non-income producing security.

(b)	This security is fair valued in good faith in accordance with procedures approved by the Board of Trustees. At June 30, 2021, these securities amounted to a value of $1,623,022 or 0.78% of net assets.

(c)	Restricted security. Certain securities are restricted as to resale. At June 30, 2021, these securities amounted to a value of $1,623,022 or 0.78% of net assets. The Fund generally bears the costs, if any, associated with the disposition of restricted securities.

(d)

Denotes all or a portion of security on loan. The total value of securities on loan as of June 30, 2021, was $18,641,536 or 9.01% of net assets. Total securities on loan may be less than the amounts identified in the Portfolio of Investments. The Fund received $17,608,593 of non-cash collateral (U.S. Treasury and/or Agency obligations) related to securities lending activity. This amount is not reflected on either the Portfolio of Investments or the Statement of Assets and Liabilities. (Note 2).

(e)	Security is a Master Limited Partnership.

(f)	Investment was valued using significant unobservable inputs.

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

(h)	Maturity value of $1,641,023. Collateralized by U.S. Government Agency obligations with a rate of 0.125%, maturity date of 1/31/23, and an aggregate market value, including accrued interest, of $1,673,966.

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

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

MML Small Company Value Fund — Portfolio of Investments

June 30, 2021 (Unaudited)

	Number of Shares		Value
EQUITIES — 98.4%
COMMON STOCK — 98.4%
Basic Materials — 5.4%
Chemicals — 2.6%
American Vanguard Corp.		14,994	$	262,545
Atotech Ltd. (a) (b)		21,404		546,444
Minerals Technologies, Inc.		7,154		562,805
Orion Engineered Carbons SA (a)		30,759		584,113
Quaker Chemical Corp. (b)		2,335		553,839
				2,509,746
Forest Products & Paper — 0.5%
Clearwater Paper Corp. (a)		16,262		471,110
Iron & Steel — 1.2%
Carpenter Technology Corp.		15,123		608,247
Reliance Steel & Aluminum Co.		3,325		501,743
				1,109,990
Mining — 1.1%
Alcoa Corp. (a)		3,147		115,935
Constellium SE (a)		50,960		965,692
				1,081,627
				5,172,473
Communications — 3.6%
Advertising — 0.9%
Advantage Solutions, Inc. (a)		33,916		365,954
Boston Omaha Corp. Class A (a) (b)		16,831		533,711
				899,665
Internet — 0.3%
Figs, Inc. Class A (a)		802		40,180
Poshmark, Inc. Class A (a)		4,662		222,564
				262,744
Media — 1.5%
Cable One, Inc.		371		709,653
Scholastic Corp.		11,348		429,976
Thryv Holdings, Inc. (a)		9,564		342,104
				1,481,733
Telecommunications — 0.9%
Harmonic, Inc. (a)		100,020		852,170
				3,496,312
Consumer, Cyclical — 12.0%
Airlines — 0.2%
Allegiant Travel Co. (a)		1,139		220,966
Apparel — 1.2%
Hanesbrands, Inc.		21,814		407,267
Steven Madden Ltd.		17,847		780,985
				1,188,252

	Number of Shares		Value
Auto Manufacturers — 0.4%
Blue Bird Corp. (a)		14,654	$	364,298
Auto Parts & Equipment — 1.4%
Dorman Products, Inc. (a)		5,317		551,214
The Goodyear Tire & Rubber Co. (a)		14,000		240,100
Visteon Corp. (a)		4,344		525,363
				1,316,677
Distribution & Wholesale — 1.5%
Pool Corp.		1,252		574,242
Resideo Technologies, Inc. (a)		11,433		342,990
Univar Solutions, Inc. (a)		20,991		511,761
				1,428,993
Entertainment — 0.8%
Bally’s Corp. (a)		2,448		132,461
Marriott Vacations Worldwide Corp. (a)		3,932		626,368
				758,829
Home Builders — 1.9%
Cavco Industries, Inc. (a)		3,474		771,888
LCI Industries		4,006		526,468
Meritage Home Corp. (a)		5,219		491,004
				1,789,360
Leisure Time — 0.3%
Planet Fitness, Inc. Class A (a)		4,536		341,334
Retail — 4.0%
Beacon Roofing Supply, Inc. (a)		16,103		857,485
BJ’s Restaurants, Inc. (a)		11,113		546,093
Hibbett, Inc. (a)		5,251		470,647
Lumber Liquidators Holdings, Inc. (a)		21,682		457,490
Papa John’s International, Inc.		5,441		568,258
Petco Health & Wellness Co., Inc. (a) (b)		15,614		349,910
Red Robin Gourmet Burgers, Inc. (a)		11,740		388,711
Rush Enterprises, Inc. Class A		6,158		266,272
				3,904,866
Textiles — 0.3%
UniFirst Corp.		1,082		253,881
				11,567,456
Consumer, Non-cyclical — 15.1%
Beverages — 0.6%
Coca-Cola Consolidated, Inc.		1,514		608,825
Biotechnology — 2.4%
Acceleron Pharma, Inc. (a)		2,546		319,498
Blueprint Medicines Corp. (a)		2,602		228,872
C4 Therapeutics, Inc. (a)		5,051		191,130
Insmed, Inc. (a)		7,666		218,174
Karuna Therapeutics, Inc. (a)		1,295		147,617
Kodiak Sciences, Inc. (a) (b)		2,107		195,951

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

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

		Number of Shares		Value
Kymera Therapeutics, Inc. (a)			2,300	$	111,550
Replimune Group, Inc. (a)			6,861		263,600
Turning Point Therapeutics, Inc. (a)			2,200		171,644
Ultragenyx Pharmaceutical, Inc. (a)			3,352		319,613
Xencor, Inc. (a) (b)			5,090		175,554
					2,343,203
Commercial Services — 4.4%
The Aaron’s Co., Inc.			7,511		240,277
ABM Industries, Inc.			5,400		239,490
FTI Consulting, Inc. (a)	��		1,890		258,193
Green Dot Corp. Class A (a)			9,856		461,754
Kelly Services, Inc. Class A (a)			7,804		187,062
Korn Ferry			10,588		768,159
Monro, Inc.			8,144		517,225
Multiplan Corp. (a) (b)			6,115		58,215
PROG Holdings, Inc.			13,561		652,691
Strategic Education, Inc.			11,120		845,787
					4,228,853
Food — 2.4%
Grocery Outlet Holding Corp. (a)			10,215		354,052
Nomad Foods Ltd. (a)			34,556		976,898
Post Holdings, Inc. (a)			5,176		561,440
The Simply Good Foods Co. (a)			12,629		461,085
					2,353,475
Health Care – Products — 1.5%
Atrion Corp.			1,029		638,937
Envista Holdings Corp. (a)			14,237		615,181
Quidel Corp. (a) (b)			1,119		143,366
					1,397,484
Health Care – Services — 3.0%
Agiliti, Inc. (a)			14,608		319,477
The Ensign Group, Inc.			6,908		598,716
Molina Healthcare, Inc. (a)			701		177,395
Ortho Clinical Diagnostics Holdings PLC Class H (a)			10,583		226,582
The Pennant Group, Inc. (a)			8,963		366,587
Select Medical Holdings Corp.			27,877		1,178,082
					2,866,839
Pharmaceuticals — 0.8%
Arvinas, Inc. (a)			2,389		183,953
Option Care Health, Inc. (a)			28,471		622,661
					806,614
					14,605,293
Energy — 6.0%
Energy – Alternate Sources — 0.9%
REX American Resources Corp. (a)			5,143		463,796

	Number of Shares		Value
Shoals Technologies Group, Inc. Class A (a)		10,802	$	383,471
				847,267
Oil & Gas — 3.2%
Devon Energy Corp.		35,221		1,028,101
Magnolia Oil & Gas Corp. Class A (a)		51,348		802,569
Matador Resources Co.		33,932		1,221,891
				3,052,561
Oil & Gas Services — 1.9%
ChampionX Corp. (a)		44,135		1,132,063
Liberty Oilfield Services, Inc. Class A (a)		52,383		741,743
				1,873,806
				5,773,634
Financial — 33.5%
Banks — 16.1%
Atlantic Capital Bancshares, Inc. (a)		7,600		193,496
BankUnited, Inc.		26,100		1,114,209
Columbia Banking System, Inc.		17,961		692,576
CrossFirst Bankshares, Inc. (a)		24,813		341,179
Eastern Bankshares, Inc.		20,217		415,864
FB Financial Corp.		18,039		673,215
Glacier Bancorp, Inc.		13,098		721,438
HarborOne Bancorp, Inc.		41,078		589,059
Heritage Financial Corp.		10,184		254,804
Home BancShares, Inc.		49,400		1,219,192
Howard Bancorp, Inc. (a)		30,116		485,771
Independent Bank Corp.		5,056		381,728
Live Oak Bancshares, Inc.		15,768		930,312
National Bank Holdings Corp. Class A		16,771		632,938
Origin Bancorp, Inc.		14,021		595,332
PCSB Financial Corp.		11,279		204,939
Pinnacle Financial Partners, Inc.		15,174		1,339,712
Popular, Inc.		9,890		742,244
Southern First Bancshares, Inc. (a)		10,104		516,921
Towne Bank		25,524		776,440
Walker & Dunlop, Inc.		3,806		397,270
Webster Financial Corp.		13,333		711,182
Western Alliance Bancorp		17,068		1,584,764
				15,514,585
Diversified Financial Services — 3.3%
Air Lease Corp.		5,939		247,894
Houlihan Lokey, Inc.		9,276		758,684
I3 Verticals, Inc. Class A (a)		12,067		364,665
PennyMac Financial Services, Inc.		8,732		538,939
PRA Group, Inc. (a)		5,495		211,393
StepStone Group, Inc. Class A		5,048		173,651

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

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

	Number of Shares		Value
Virtus Investment Partners, Inc.		3,164	$	878,864
				3,174,090
Insurance — 2.9%
BRP Group, Inc. Class A (a)		20,105		535,798
James River Group Holdings Ltd.		13,167		494,026
Palomar Holdings, Inc. (a)		4,704		354,964
ProAssurance Corp.		18,419		419,032
Radian Group, Inc.		31,782		707,150
State Auto Financial Corp.		17,352		297,066
				2,808,036
Real Estate — 1.6%
McGrath RentCorp		7,590		619,116
The St. Joe Co.		20,907		932,661
				1,551,777
Real Estate Investment Trusts (REITS) — 7.9%
American Campus Communities, Inc.		9,222		430,852
Apartment Investment and Management Co. Class A (b)		35,096		235,494
EastGroup Properties, Inc.		4,934		811,396
Essential Properties Realty Trust, Inc.		11,186		302,470
Healthcare Realty Trust, Inc.		18,732		565,706
JBG SMITH Properties		22,963		723,564
PotlatchDeltic Corp.		14,114		750,159
PS Business Parks, Inc.		3,705		548,636
Safehold, Inc. (b)		4,913		385,671
Saul Centers, Inc.		14,055		638,800
Sunstone Hotel Investors, Inc. (a)		69,986		869,226
Terreno Realty Corp.		15,410		994,253
Washington Real Estate Investment Trust		16,721		384,583
				7,640,810
Savings & Loans — 1.7%
Meridian Bancorp, Inc.		27,711		566,967
WSFS Financial Corp.		23,049		1,073,853
				1,640,820
				32,330,118
Industrial — 14.6%
Aerospace & Defense — 1.0%
Triumph Group, Inc. (a)		46,312		960,974
Building Materials — 2.3%
JELD-WEN Holding, Inc. (a)		14,176		372,262
SPX Corp. (a)		9,196		561,691
UFP Industries, Inc.		16,594		1,233,598
				2,167,551
Electrical Components & Equipment — 2.6%
Belden, Inc.		23,452		1,185,967

	Number of Shares		Value
Littelfuse, Inc.		5,153	$	1,312,933
				2,498,900
Electronics — 0.7%
Brady Corp. Class A		9,895		554,516
Knowles Corp. (a)		3,828		75,564
				630,080
Environmental Controls — 0.7%
Stericycle, Inc. (a)		10,001		715,572
Hand & Machine Tools — 0.5%
MSA Safety, Inc.		3,103		513,795
Machinery – Diversified — 2.1%
Alamo Group, Inc.		1,931		294,825
Cactus, Inc. Class A		21,515		790,031
Chart Industries, Inc. (a)		1,598		233,820
CIRCOR International, Inc. (a)		12,622		411,477
Thermon Group Holdings, Inc. (a)		18,503		315,291
				2,045,444
Metal Fabricate & Hardware — 1.4%
Helios Technologies, Inc.		10,872		848,560
The Timken Co.		5,479		441,553
Xometry, Inc. Class A (a)		883		77,165
				1,367,278
Miscellaneous - Manufacturing — 1.7%
Enerpac Tool Group Corp.		19,399		516,401
ESCO Technologies, Inc.		7,545		707,797
Myers Industries, Inc.		20,238		424,998
				1,649,196
Transportation — 1.6%
International Seaways, Inc.		15,170		290,961
Landstar System, Inc.		4,163		657,837
Matson, Inc.		4,836		309,504
Ryder System, Inc.		4,104		305,050
				1,563,352
				14,112,142
Technology — 3.9%
Computers — 0.5%
Integral Ad Science Holding Corp. (a)		4,702		96,767
Parsons Corp. (a)		8,658		340,779
				437,546
Semiconductors — 1.7%
Entegris, Inc.		4,864		598,126
MaxLinear, Inc. (a)		10,731		455,960
Onto Innovation, Inc. (a)		4,003		292,379
Semtech Corp. (a)		4,128		284,007
				1,630,472

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

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

	Number of Shares		Value
Software — 1.7%
Ceridian HCM Holding, Inc. (a)		6,681	$	640,842
DoubleVerify Holdings, Inc. (a)		1,263		53,475
nCino, Inc. (a)		3,696		221,464
Phreesia, Inc. (a)		7,147		438,111
Workiva, Inc. (a) (b)		2,660		296,138
				1,650,030
				3,718,048
Utilities — 4.3%
Electric — 1.8%
Ameresco, Inc. Class A (a)		3,881		243,416
IDACORP, Inc.		5,592		545,220
MGE Energy, Inc.		8,726		649,564
NorthWestern Corp.		4,827		290,682
				1,728,882
Gas — 1.9%
Chesapeake Utilities Corp.		9,444		1,136,396
ONE Gas, Inc.		9,371		694,579
				1,830,975
Water — 0.6%
California Water Service Group (b)		10,358		575,283
				4,135,140

TOTAL COMMON STOCK (Cost $63,122,106)				94,910,616

TOTAL EQUITIES (Cost $63,122,106)				94,910,616

WARRANTS — 0.0%
Communications — 0.0%
Advertising — 0.0%
Advantage Solutions, Inc., Expires 10/28/25 (a)		3,471		8,643

TOTAL WARRANTS (Cost $4,568)				8,643

MUTUAL FUNDS — 0.1%
Diversified Financial Services — 0.1%
State Street Navigator Securities Lending Government Money Market Portfolio (c)		108,809		108,809

TOTAL MUTUAL FUNDS (Cost $108,809)				108,809

TOTAL LONG-TERM INVESTMENTS (Cost $63,235,483)				95,028,068

	Number of Shares		Value
SHORT-TERM INVESTMENTS — 1.7%
Mutual Fund — 0.0%
T. Rowe Price Government Reserve Investment Fund		100	$	100

	Principal Amount
Repurchase Agreement — 1.7%
Fixed Income Clearing Corp., Repurchase Agreement, dated 6/30/21, 0.000%, due 7/01/21 (d)	$	1,672,638		1,672,638

TOTAL SHORT-TERM INVESTMENTS (Cost $1,672,738)				1,672,738

TOTAL INVESTMENTS — 100.2% (Cost $64,908,221) ^(e)				96,700,806

Other Assets/(Liabilities) — (0.2)%				(195,390	)

NET ASSETS — 100.0%			$	96,505,416

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

(a)	Non-income producing security.

(b)

Denotes all or a portion of security on loan. The total value of securities on loan as of June 30, 2021, was $1,790,928 or 1.86% of net assets. Total securities on loan may be less than the amounts identified in the Portfolio of Investments. The Fund received $1,718,912 of non-cash collateral (U.S. Treasury and/or Agency obligations) related to securities lending activity. This amount is not reflected on either the Portfolio of Investments or the Statement of Assets and Liabilities. (Note 2).

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

(d)	Maturity value of $1,672,638. Collateralized by U.S. Government Agency obligations with a rate of 0.125%, maturity date of 1/31/23, and an aggregate market value, including accrued interest, of $1,706,150.

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

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

100

MML Small/Mid Cap Value Fund – Portfolio of Investments

June 30, 2021 (Unaudited)

	Number of Shares		Value
EQUITIES — 99.5%
COMMON STOCK — 99.5%
Basic Materials — 5.9%
Chemicals — 2.1%
GCP Applied Technologies, Inc. (a)		66,939	$	1,557,001
Innospec, Inc.		12,823		1,161,892
Orion Engineered Carbons SA (a)		80,250		1,523,948
				4,242,841
Iron & Steel — 3.8%
Carpenter Technology Corp.		60,475		2,432,305
Commercial Metals Co.		71,170		2,186,342
Reliance Steel & Aluminum Co.		18,785		2,834,656
				7,453,303
				11,696,144
Communications — 1.7%
Internet — 1.1%
Criteo SA Sponsored ADR (a)		46,601		2,107,763
Media — 0.6%
Houghton Mifflin Harcourt Co. (a)		107,490		1,186,690
				3,294,453
Consumer, Cyclical — 22.7%
Airlines — 1.9%
Alaska Air Group, Inc. (a)		30,972		1,867,921
SkyWest, Inc. (a)		45,257		1,949,219
				3,817,140
Apparel — 5.2%
Carter’s, Inc.		22,180		2,288,311
Kontoor Brands, Inc.		33,790		1,906,094
Ralph Lauren Corp.		21,520		2,535,271
Steven Madden Ltd.		34,120		1,493,091
Tapestry, Inc. (a)		49,870		2,168,348
				10,391,115
Auto Parts & Equipment — 2.8%
Dana, Inc.		57,226		1,359,690
The Goodyear Tire & Rubber Co. (a)		145,790		2,500,298
Lear Corp.		9,850		1,726,508
				5,586,496
Entertainment — 1.3%
Scientific Games Corp. Class A (a)		34,350		2,660,064
Home Builders — 3.4%
KB Home		50,460		2,054,731
PulteGroup, Inc.		61,140		3,336,410
Taylor Morrison Home Corp. (a)		51,994		1,373,682
				6,764,823
Home Furnishing — 1.4%
Herman Miller, Inc.		57,510		2,711,021

	Number of Shares		Value
Leisure Time — 0.9%
Brunswick Corp.		17,261	$	1,719,541
Lodging — 0.8%
Hilton Grand Vacations, Inc. (a)		39,820		1,648,150
Retail — 5.0%
Dine Brands Global, Inc. (a)		21,631		1,930,567
Foot Locker, Inc.		29,313		1,806,560
Papa John’s International, Inc.		19,591		2,046,084
Sally Beauty Holdings, Inc. (a)		105,040		2,318,233
Williams-Sonoma, Inc.		11,881		1,896,801
				9,998,245
				45,296,595
Consumer, Non-cyclical — 9.5%
Commercial Services — 5.1%
ADT, Inc.		187,410		2,022,154
Herc Holdings, Inc. (a)		17,040		1,909,673
Korn Ferry		38,080		2,762,704
Robert Half International, Inc.		39,378		3,503,460
				10,197,991
Food — 2.7%
The Hain Celestial Group, Inc. (a) (b)		69,715		2,796,966
Nomad Foods Ltd. (a)		91,137		2,576,443
				5,373,409
Health Care – Services — 1.7%
MEDNAX, Inc. (a)		107,640		3,245,346
				18,816,746
Energy — 3.6%
Oil & Gas — 2.2%
Cimarex Energy Co.		30,994		2,245,515
HollyFrontier Corp.		65,145		2,143,271
				4,388,786
Oil & Gas Services — 1.4%
Dril-Quip, Inc. (a)		39,752		1,344,810
MRC Global, Inc. (a)		161,805		1,520,967
				2,865,777
				7,254,563
Financial — 30.3%
Banks — 11.9%
BankUnited, Inc.		55,519		2,370,106
Comerica, Inc.		42,050		2,999,847
First Citizens BancShares, Inc. Class A		3,699		3,080,305
First Hawaiian, Inc.		42,540		1,205,584
Synovus Financial Corp.		65,154		2,858,958
Texas Capital Bancshares, Inc. (a)		40,488		2,570,583
Umpqua Holdings Corp.		87,368		1,611,940
Webster Financial Corp.		46,159		2,462,121
Wintrust Financial Corp.		34,100		2,578,983

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

101

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

	Number of Shares		Value
Zions Bancorp NA		38,448	$	2,032,361
				23,770,788
Diversified Financial Services — 3.0%
Moelis & Co. Class A		30,651		1,743,735
OneMain Holdings, Inc.		25,584		1,532,738
Stifel Financial Corp.		42,320		2,744,875
				6,021,348
Insurance — 5.0%
American Financial Group, Inc.		18,778		2,341,992
Everest Re Group Ltd.		9,171		2,311,184
The Hanover Insurance Group, Inc.		14,008		1,900,045
Selective Insurance Group, Inc.		18,437		1,496,163
Voya Financial, Inc.		29,968		1,843,032
				9,892,416
Real Estate Investment Trusts (REITS) — 9.1%
American Campus Communities, Inc.		35,502		1,658,653
Camden Property Trust		18,028		2,391,775
Cousins Properties, Inc.		47,480		1,746,314
CubeSmart		50,974		2,361,116
MGM Growth Properties LLC Class A		67,729		2,480,236
Physicians Realty Trust		142,753		2,636,648
RLJ Lodging Trust		137,096		2,087,972
STAG Industrial, Inc.		75,742		2,835,023
				18,197,737
Savings & Loans — 1.3%
Sterling Bancorp		102,152		2,532,348
				60,414,637
Industrial — 18.5%
Aerospace & Defense — 1.3%
AAR Corp. (a)		1,349		52,274
Spirit AeroSystems Holdings, Inc. Class A		52,860		2,494,463
				2,546,737
Building Materials — 1.1%
Masonite International Corp. (a)		19,891		2,223,615
Electrical Components & Equipment — 1.0%
Belden, Inc.		41,144		2,080,652
Electronics — 1.2%
Avnet, Inc.		62,720		2,513,818
Engineering & Construction — 1.4%
AECOM (a)		45,090		2,855,099
Hand & Machine Tools — 1.5%
Kennametal, Inc.		4,838		173,781

	Number of Shares		Value
Regal Beloit Corp.		20,872	$	2,786,621
				2,960,402
Machinery – Construction & Mining — 2.5%
Oshkosh Corp.		24,791		3,089,950
Vertiv Holdings Co.		70,600		1,927,380
				5,017,330
Machinery – Diversified — 1.0%
Crane Co.		20,984		1,938,292
Metal Fabricate & Hardware — 1.1%
The Timken Co.		26,790		2,159,006
Miscellaneous - Manufacturing — 1.6%
Hillenbrand, Inc.		32,940		1,451,995
Trinseo SA		29,973		1,793,584
				3,245,579
Packaging & Containers — 1.6%
Sealed Air Corp.		52,800		3,128,400
Transportation — 2.4%
Knight-Swift Transportation Holdings, Inc.		59,833		2,720,008
XPO Logistics, Inc. (a)		14,469		2,024,068
				4,744,076
Trucking & Leasing — 0.8%
GATX Corp.		17,280		1,528,762
				36,941,768
Technology — 5.2%
Computers — 2.8%
Amdocs Ltd.		18,424		1,425,281
Genpact Ltd.		31,450		1,428,773
Lumentum Holdings, Inc. (a)		17,220		1,412,557
NCR Corp. (a)		30,795		1,404,560
				5,671,171
Semiconductors — 1.6%
Kulicke & Soffa Industries, Inc.		32,372		1,981,166
MaxLinear, Inc. (a)		28,469		1,209,648
				3,190,814
Software — 0.8%
CommVault Systems, Inc. (a)		19,626		1,534,164
				10,396,149
Utilities — 2.1%
Electric — 1.4%
IDACORP, Inc.		29,091		2,836,373

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

102

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

	Number of Shares		Value
Gas — 0.7%
Southwest Gas Holdings, Inc.		20,010	$	1,324,462
				4,160,835

TOTAL COMMON STOCK (Cost $146,975,706)				198,271,890

TOTAL EQUITIES (Cost $146,975,706)				198,271,890

TOTAL LONG-TERM INVESTMENTS (Cost $146,975,706)				198,271,890

	Principal Amount
SHORT-TERM INVESTMENTS — 0.4%
Repurchase Agreement — 0.4%
Fixed Income Clearing Corp., Repurchase Agreement, dated 6/30/21, 0.000%, due 7/01/21 (c)	$	755,942		755,942

TOTAL SHORT-TERM INVESTMENTS (Cost $755,942)				755,942

TOTAL INVESTMENTS — 99.9% (Cost $147,731,648) ^(d)				199,027,832

Other Assets/(Liabilities) — 0.1%				252,848

NET ASSETS — 100.0%			$	199,280,680

Abbreviation Legend

ADR	American Depositary Receipt

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

(a)	Non-income producing security.

(b)

Denotes all or a portion of security on loan. The total value of securities on loan as of June 30, 2021, was $1,941,700 or 0.97% of net assets. Total securities on loan may be less than the amounts identified in the Portfolio of Investments. The Fund received $1,980,689 of non-cash collateral (U.S. Treasury and/or Agency obligations) related to securities lending activity. This amount is not reflected on either the Portfolio of Investments or the Statement of Assets and Liabilities. (Note 2).

(c)	Maturity value of $755,942. Collateralized by U.S. Government Agency obligations with a rate of 0.125%, maturity date of 1/31/23, and an aggregate market value, including accrued interest, of $771,116.

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

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

103

MML Total Return Bond Fund – Portfolio of Investments

June 30, 2021 (Unaudited)

	Principal Amount		Value
BONDS & NOTES — 111.2%
BANK LOANS — 1.6%
Aerospace & Defense — 0.0%
TransDigm, Inc., 2020 Term Loan E, 1 mo. USD LIBOR + 2.250%
2.354% VRN 5/30/25	$	49,250	$	48,520
Airlines — 0.0%
American Airlines, Inc., 2017 1st Lien Term Loan, 1 mo. USD LIBOR + 1.750%
1.846% VRN 1/29/27		34,500		32,936
Auto Parts & Equipment — 0.1%
Clarios Global LP, 2021 USD Term Loan B, 1 mo. USD LIBOR + 3.250%
3.354% VRN 4/30/26		209,539		207,444
Chemicals — 0.1%
Zep, Inc., 2017 1st Lien Term Loan, 3 mo. USD LIBOR + 4.000%
5.000% VRN 8/12/24		254,341		250,389
Commercial Services — 0.0%
Spin Holdco, Inc., 2021 Term Loan, 3 mo. USD LIBOR + 4.000%
4.750% VRN 3/01/28		100,000		100,013
Environmental Controls — 0.0%
GFL Environmental, Inc., 2020 Term Loan, 1 mo. USD LIBOR + 3.000%
3.500% VRN 5/30/25		67,816		67,826
Food — 0.0%
Hostess Brands LLC, 2019 Term Loan, 1 mo. USD LIBOR + 2.250%, 3 mo. USD LIBOR + 2.250%
3.000% VRN 8/03/25		128,045		127,405
Health Care – Products — 0.1%
Avantor Funding, Inc., 2020 Incremental Term Loan B4, 1 mo. USD LIBOR + 2.250%
3.250% VRN 11/08/27		248,750		248,645
Health Care – Services — 0.1%
Gentiva Health Services, Inc., 2020 Term Loan, 1 mo. USD LIBOR + 2.750%
2.875% VRN 7/02/25		227,613		226,973
Icon Luxembourg Sarl
Term Loan B,
0.000% 6/16/28 ^(a)		136,092		136,285
1st Lien Term Loan B,
0.000% 6/16/28 ^(a)		33,908		33,955
				397,213

	Principal Amount		Value
Insurance — 0.1%
AmWINS Group, Inc., 2021 Term Loan B, 1 mo. USD LIBOR + 2.250%
3.000% VRN 2/19/28	$	437,800	$	434,880
Lodging — 0.0%
Caesars Resort Collection LLC, 2017 1st Lien Term Loan B, 1 mo. USD LIBOR + 2.750%
2.854% VRN 12/23/24		95,582		94,712
Media — 0.1%
Diamond Sports Group LLC, Term Loan, 1 mo. USD LIBOR + 3.250%
3.360% VRN 8/24/26		64,835		38,828
Sinclair Television Group, Inc., 2021 Term Loan B3, 1 mo. USD LIBOR + 3.000%
3.110% VRN 4/01/28		150,000		148,500
Virgin Media Bristol LLC, USD Term Loan N, 1 mo. USD LIBOR + 2.500%
2.573% VRN 1/31/28		275,000		272,404
				459,732
Packaging & Containers — 0.1%
Berry Global, Inc., 2021 Term Loan Z, 1 mo. USD LIBOR + 1.750%
1.827% VRN 7/01/26		151,015		149,772
Pharmaceuticals — 0.5%
Change Healthcare Holdings LLC, 2017 Term Loan B, 1 mo. USD LIBOR + 2.500%
3.500% VRN 3/01/24		45,864		45,805
Elanco Animal Health, Inc., Term Loan B, 1 mo. USD LIBOR + 1.750%
1.842% VRN 8/02/27		412,632		406,100
Grifols Worldwide Operations USA, Inc., USD 2019 Term Loan B, 1 Week USD LIBOR + 2.000%
2.088% VRN 11/15/27		297,987		294,933
Horizon Therapeutics USA, Inc., 2021 Term Loan B, 1 mo. USD LIBOR + 2.000%
2.500% VRN 3/15/28		375,000		372,304
Jazz Financing Lux S.a.r.l., USD Term Loan, 1 mo. USD LIBOR + 3.500%
4.000% VRN 4/21/28		150,000		150,421
Organon & Co, USD Term Loan, 3 mo. USD LIBOR + 3.000%
3.500% VRN 6/02/28		275,000		275,173
				1,544,736

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

104

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

	Principal Amount		Value
Real Estate Investment Trusts (REITS) — 0.0%
VICI Properties 1 LLC, Replacement Term Loan B, 1 mo. USD LIBOR + 1.750%
1.841% VRN 12/20/24	$	50,000	$	49,557
Retail — 0.1%
Michaels Cos., Inc., 2021 Term Loan B, 3 mo. USD LIBOR + 4.250%
5.000% VRN 4/15/28		240,000		240,874
Telecommunications — 0.3%
Level 3 Financing, Inc., 2019 Term Loan B, 1 mo. USD LIBOR + 1.750%
1.854% VRN 3/01/27		600,000		590,436
Zayo Group Holdings, Inc., USD Term Loan, 1 mo. USD LIBOR + 3.000%
3.104% VRN 3/09/27		350,428		346,513
				936,949

TOTAL BANK LOANS (Cost $5,363,438)				5,391,603

CORPORATE DEBT — 22.2%
Aerospace & Defense — 0.2%
The Boeing Co.
1.167% 2/04/23		660,000		663,054
Agriculture — 0.6%
BAT Capital Corp.
4.390% 8/15/37		400,000		431,635
4.540% 8/15/47		800,000		851,311
Imperial Brands Finance PLC
3.125% 7/26/24 ^(b)		320,000		336,867
Reynolds American, Inc.
5.850% 8/15/45		315,000		385,937
				2,005,750
Airlines — 0.0%
Northwest Airlines Pass-Through Trust
7.041% 10/01/23		107,908		107,901
Auto Manufacturers — 1.1%
Ford Motor Credit Co. LLC
3 mo. USD LIBOR + .880% 1.068% FRN 10/12/21		405,000		404,483
3 mo. USD LIBOR + 1.270% 1.416% FRN 3/28/22		90,000		89,783
3.219% 1/09/22		100,000		101,070
3.813% 10/12/21		185,000		186,388
5.596% 1/07/22		1,400,000		1,428,728

	Principal Amount		Value
General Motors Financial Co., Inc.
3.150% 6/30/22	$	550,000	$	563,161
3.450% 4/10/22		105,000		106,931
4.200% 11/06/21		675,000		683,836
4.375% 9/25/21		85,000		85,786
				3,650,166
Banks — 4.4%
Bank of America Corp.
SOFR + .910% 1.658% VRN 3/11/27		715,000		720,993
SOFR + .960% 1.734% VRN 7/22/27		700,000		705,696
SOFR + 1.060% 2.087% VRN 6/14/29		685,000		690,932
Citigroup, Inc. SOFR + .770%
1.462% VRN 6/09/27		515,000		513,226
Credit Suisse Group AG
SOFR + .980% 1.305% VRN 2/02/27 ^(b)		260,000		254,657
SOFR + 2.044% 2.193% VRN 6/05/26 ^(b)		495,000		506,947
SOFR + 1.560% 2.593% VRN 9/11/25 ^(b)		95,000		98,812
SOFR + 1.730% 3.091% VRN 5/14/32 ^(b)		305,000		313,461
4.282% 1/09/28 ^(b)		65,000		72,340
4.550% 4/17/26		375,000		424,907
The Goldman Sachs Group, Inc.
SOFR + .798% 1.431% VRN 3/09/27		500,000		498,807
SOFR + .818% 1.542% VRN 9/10/27		1,040,000		1,037,754
HSBC Holdings PLC
SOFR + .708% 0.976% VRN 5/24/25		505,000		504,614
SOFR + 1.290% 1.589% VRN 5/24/27		310,000		310,738
SOFR + 1.732% 2.013% VRN 9/22/28		870,000		870,823
JP Morgan Chase & Co.
SOFR + .580% 0.969% VRN 6/23/25		420,000		420,529
SOFR + .885% 1.578% VRN 4/22/27		500,000		502,813
SOFR + 1.850% 2.083% VRN 4/22/26		165,000		170,677
2.950% 10/01/26		895,000		964,281
Lloyds Banking Group PLC
1 year CMT + .850% 1.627% VRN 5/11/27		515,000		515,497

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

105

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

	Principal Amount		Value
3 mo. USD LIBOR + 1.249% 2.858% VRN 3/17/23	$	430,000	$	437,337
1 year CMT + 3.500% 3.870% VRN 7/09/25		220,000		238,460
Macquarie Group Ltd. SOFR + .910%
1.629% VRN 9/23/27 ^(b)		515,000		512,935
Morgan Stanley SOFR + .879%
1.593% VRN 5/04/27		505,000		508,366
Santander UK Group Holdings PLC
SOFR + .787% 1.089% VRN 3/15/25		540,000		541,779
3 mo. USD LIBOR + 1.080% 3.373% VRN 1/05/24		645,000		671,165
Santander UK PLC
5.000% 11/07/23 ^(b)		435,000		474,228
Wells Fargo & Co.
3 mo. USD LIBOR + .750% 2.164% VRN 2/11/26		655,000		680,061
SOFR + 2.100% 2.393% VRN 6/02/28		400,000		415,058
SOFR + 1.432% 2.879% VRN 10/30/30		490,000		519,415
				15,097,308
Beverages — 0.4%
Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc.
4.900% 2/01/46		880,000		1,110,581
Bacardi Ltd.
5.300% 5/15/48 ^(b)		130,000		169,599
				1,280,180
Chemicals — 0.1%
International Flavors & Fragrances, Inc.
5.000% 9/26/48		380,000		491,778
Commercial Services — 0.3%
IHS Markit Ltd.
4.000% 3/01/26 ^(b)		253,000		280,451
4.750% 2/15/25 ^(b)		255,000		285,447
4.750% 8/01/28		385,000		453,722
				1,019,620
Diversified Financial Services — 1.1%
Air Lease Corp.
3.500% 1/15/22		575,000		584,497
Avolon Holdings Funding Ltd.
2.875% 2/15/25 ^(b)		335,000		345,028
3.950% 7/01/24 ^(b)		130,000		138,667
5.125% 10/01/23 ^(b)		40,000		43,239
5.250% 5/15/24 ^(b)		35,000		38,499

	Principal Amount		Value
GE Capital Funding LLC
4.400% 5/15/30	$	330,000	$	384,940
GE Capital International Funding Co. Unlimited Co.
4.418% 11/15/35		1,305,000		1,566,345
Park Aerospace Holdings Ltd.
4.500% 3/15/23 ^(b)		320,000		336,341
5.250% 8/15/22 ^(b)		95,000		99,403
5.500% 2/15/24 ^(b)		290,000		318,818
				3,855,777
Electric — 1.7%
Duke Energy Carolinas LLC
4.000% 9/30/42		1,000,000		1,179,305
Jersey Central Power & Light Co.
4.700% 4/01/24 ^(b)		800,000		870,437
6.400% 5/15/36		425,000		562,713
LG&E & KU Energy LLC
4.375% 10/01/21		1,200,000		1,200,000
MidAmerican Energy Co.
4.800% 9/15/43		1,400,000		1,822,017
				5,634,472
Engineering & Construction — 0.0%
PowerTeam Services LLC
9.033% 12/04/25 ^(b)		95,000		104,500
Environmental Controls — 0.1%
GFL Environmental, Inc.
4.750% 6/15/29 ^(b)		175,000		180,941
5.125% 12/15/26 ^(b)		164,000		173,499
				354,440
Food — 0.4%
Kraft Heinz Foods Co.
4.875% 10/01/49		480,000		582,347
5.000% 6/04/42		110,000		134,252
6.875% 1/26/39		250,000		359,057
Pilgrim’s Pride Corp.
5.875% 9/30/27 ^(b)		30,000		31,950
Post Holdings, Inc.
5.750% 3/01/27 ^(b)		150,000		156,938
				1,264,544
Gas — 0.2%
CenterPoint Energy Resources Corp.
6.250% 2/01/37		595,000		777,390
Health Care – Products — 0.1%
Hologic, Inc.
4.625% 2/01/28 ^(b)		160,000		168,000
Health Care – Services — 1.3%
Aetna, Inc.
2.800% 6/15/23		485,000		504,719

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

106

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

	Principal Amount		Value
Centene Corp.
2.450% 7/15/28 ^(c)	$	123,000	$	124,660
3.000% 10/15/30		453,000		465,358
4.250% 12/15/27		165,000		173,869
5.375% 8/15/26 ^(b)		155,000		161,975
CommonSpirit Health
2.782% 10/01/30		495,000		514,202
Fresenius Medical Care US Finance III, Inc.
1.875% 12/01/26 ^(b)		340,000		340,176
HCA, Inc.
4.125% 6/15/29		345,000		388,847
5.000% 3/15/24		647,000		714,935
5.250% 6/15/49		525,000		674,068
Molina Healthcare, Inc.
3.875% 11/15/30 ^(b)		90,000		93,713
5.375% STEP 11/15/22		225,000		235,406
				4,391,928
Household Products & Wares — 0.0%
Central Garden & Pet Co.
5.125% 2/01/28		123,000		129,951
Insurance — 0.7%
Athene Global Funding SOFR + .700%
0.739% FRN 5/24/24 ^(b)		505,000		509,075
Farmers Exchange Capital 3 mo. USD LIBOR + 3.454%
5.454% VRN 10/15/54 ^(b)		970,000		1,215,516
Teachers Insurance & Annuity Association of America
3.300% 5/15/50 ^(b)		500,000		516,179
4.270% 5/15/47 ^(b)		130,000		155,529
				2,396,299
Internet — 0.1%
Tencent Holdings Ltd.
3.680% 4/22/41 ^(b)		335,000		358,883
Media — 0.6%
Charter Communications Operating LLC/Charter Communications Operating Capital
3.750% 2/15/28		92,000		101,541
4.800% 3/01/50		230,000		264,354
4.908% 7/23/25		205,000		232,325
5.375% 5/01/47		95,000		116,490
5.750% 4/01/48		200,000		254,715
CSC Holdings LLC
5.375% 2/01/28 ^(b)		30,000		31,727
Diamond Sports Group LLC/Diamond Sports Finance Co.
5.375% 8/15/26 ^(b)		465,000		301,646

	Principal Amount		Value
Virgin Media Secured Finance PLC
5.500% 5/15/29 ^(b)	$	255,000	$	274,049
The Walt Disney Co.
3.600% 1/13/51		320,000		363,019
				1,939,866
Mining — 0.1%
Indonesia Asahan Aluminium Persero PT
6.530% 11/15/28 ^(b)		200,000		245,000
Miscellaneous - Manufacturing — 0.1%
General Electric Co.
6.750% 3/15/32		300,000		416,691
Oil & Gas — 0.8%
Antero Resources Corp.
8.375% 7/15/26 ^(b)		50,000		56,875
Exxon Mobil Corp.
3.452% 4/15/51		393,000		428,080
4.327% 3/19/50		22,000		27,328
KazMunayGas National Co. JSC
3.500% 4/14/33 ^(b)		200,000		207,330
Pertamina Persero PT
3.100% 8/27/30 ^(b)		200,000		205,060
Petroleos Mexicanos
5.950% 1/28/31		395,000		383,742
6.625% 6/15/35		900,000		869,850
7.690% 1/23/50		115,000		110,687
Saudi Arabian Oil Co.
1.625% 11/24/25 ^(b)		200,000		201,900
Transocean Guardian Ltd.
5.875% 1/15/24 ^(b)		110,200		107,170
Transocean Pontus Ltd.
6.125% 8/01/25 ^(b)		125,425		126,894
Transocean Poseidon Ltd.
6.875% 2/01/27 ^(b)		98,000		98,000
				2,822,916
Oil & Gas Services — 0.1%
Transocean Proteus Ltd.
6.250% 12/01/24 ^(b)		45,650		46,106
USA Compression Partners LP/USA Compression Finance Corp.
6.875% 4/01/26		30,000		31,425
6.875% 9/01/27		96,000		102,555
				180,086
Packaging & Containers — 0.4%
Amcor Finance USA, Inc.
3.625% 4/28/26		650,000		712,731
Berry Global, Inc.
1.570% 1/15/26 ^(b)		410,000		410,123

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

107

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

	Principal Amount		Value
4.875% 7/15/26 ^(b)	$	90,000	$	95,234
Graphic Packaging International LLC
4.125% 8/15/24		200,000		214,500
Mauser Packaging Solutions Holding Co.
5.500% 4/15/24 ^(b)		30,000		30,300
Sealed Air Corp.
4.000% 12/01/27 ^(b)		30,000		31,820
				1,494,708
Pharmaceuticals — 1.6%
AbbVie, Inc.
4.250% 11/21/49		140,000		168,274
4.450% 5/14/46		400,000		485,041
4.500% 5/14/35		165,000		198,565
Bayer US Finance II LLC
4.250% 12/15/25 ^(b)		75,000		83,582
4.375% 12/15/28 ^(b)		850,000		974,634
4.625% 6/25/38 ^(b)		635,000		753,843
4.875% 6/25/48 ^(b)		370,000		464,896
Cigna Corp.
4.125% 11/15/25		800,000		896,847
CVS Health Corp.
5.050% 3/25/48		1,150,000		1,494,166
Organon & Co. / Organon Foreign Debt Co-Issuer BV
4.125% 4/30/28 ^(b)		110,000		112,178
				5,632,026
Pipelines — 1.0%
Energy Transfer LP
4.950% 6/15/28		300,000		346,885
5.000% 5/15/50		130,000		150,361
5.150% 3/15/45		400,000		462,914
5.350% 5/15/45		50,000		57,874
5.400% 10/01/47		394,000		467,055
5.500% 6/01/27		254,000		298,043
Galaxy Pipeline Assets Bidco Ltd.
2.160% 3/31/34 ^(b)		400,000		392,520
Plains All American Pipeline LP/PAA Finance Corp.
3.800% 9/15/30		300,000		321,200
Rockies Express Pipeline LLC
4.800% 5/15/30 ^(b)		250,000		250,478
4.950% 7/15/29 ^(b)		200,000		206,545
Ruby Pipeline LLC
8.000% STEP 4/01/22 ^(b)		431,818		393,203
TransMontaigne Partners LP/TLP Finance Corp.
6.125% 2/15/26		81,000		82,823
				3,429,901

	Principal Amount		Value
Real Estate Investment Trusts (REITS) — 1.4%
American Campus Communities Operating Partnership LP
3.750% 4/15/23	$	650,000	$	681,005
CyrusOne LP/CyrusOne Finance Corp.
2.150% 11/01/30		345,000		327,307
GLP Capital LP/GLP Financing II, Inc.
4.000% 1/15/30		35,000		37,566
5.250% 6/01/25		230,000		258,899
5.300% 1/15/29		310,000		361,150
5.375% 4/15/26		695,000		799,952
SBA Communications Corp.
4.875% 9/01/24		98,000		99,715
SL Green Operating Partnership LP
3.250% 10/15/22		500,000		514,600
Ventas Realty LP
3.500% 2/01/25		1,500,000		1,619,261
				4,699,455
Retail — 0.1%
Magic Mergeco, Inc.
5.250% 5/01/28 ^(b)		170,000		174,408
Savings & Loans — 0.2%
Nationwide Building Society
3 mo. USD LIBOR + 1.181% 3.622% VRN 4/26/23 ^(b)		270,000		276,853
3 mo. USD LIBOR + 1.064% 3.766% VRN 3/08/24 ^(b)		375,000		393,744
				670,597
Semiconductors — 0.2%
Intel Corp.
4.750% 3/25/50		500,000		664,712
Software — 0.3%
Change Healthcare Holdings LLC/Change Healthcare Finance, Inc.
5.750% 3/01/25 ^(b)		144,000		146,340
Oracle Corp.
2.875% 3/25/31		315,000		328,158
3.950% 3/25/51		505,000		552,773
				1,027,271
Telecommunications — 2.5%
AT&T, Inc.
2.550% 12/01/33 ^(b)		634,000		628,965
3.800% 12/01/57 ^(b)		1,692,000		1,764,397
4.750% 5/15/46		310,000		376,756
5.250% 3/01/37		270,000		340,386
Intelsat Jackson Holdings SA
8.500% 10/15/24 ^(b) ^(d)		171,000		100,890
9.750% 7/15/25 ^(b) ^(d)		585,000		340,763

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

108

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

	Principal Amount		Value
Lumen Technologies, Inc.
4.000% 2/15/27 ^(b)	$	76,000	$	77,520
Sprint Corp.
7.875% 9/15/23		33,000		37,491
Sprint Spectrum Co. LLC/Sprint Spectrum Co. II LLC/Sprint Spectrum Co. III LLC
3.360% STEP 3/20/23 ^(b)		72,188		72,548
4.738% 9/20/29 ^(b)		1,321,875		1,418,187
T-Mobile USA, Inc.
2.550% 2/15/31		155,000		156,607
3.750% 4/15/27		375,000		414,375
3.875% 4/15/30		270,000		301,466
4.375% 4/15/40		290,000		338,897
4.500% 2/01/26		104,000		105,989
4.750% 2/01/28		119,000		127,479
Verizon Communications, Inc.
2.100% 3/22/28		170,000		173,641
2.550% 3/21/31		510,000		521,875
Vodafone Group PLC
4.875% 6/19/49		1,052,000		1,327,755
				8,625,987

TOTAL CORPORATE DEBT (Cost $71,049,779)				75,775,565

MUNICIPAL OBLIGATIONS — 1.2%
City of New York NY, General Obligation
5.206% 10/01/31		750,000		919,207
Jersey City Municipal Utilities Authority, Revenue Bond
5.470% 5/15/27		745,000		862,861
Los Angeles Unified School District, General Obligation
5.755% 7/01/29		1,000,000		1,252,868
New York State Dormitory Authority, Revenue Bond
5.289% 3/15/33		750,000		913,581
Regents of the University of California Medical Center Pooled, Revenue Bond
3.256% 5/15/60		255,000		270,893
				4,219,410

TOTAL MUNICIPAL OBLIGATIONS (Cost $4,109,634)				4,219,410

	Principal Amount		Value
NON-U.S. GOVERNMENT AGENCY OBLIGATIONS — 12.9%
Commercial Mortgage-Backed Securities — 1.8%
BAMLL Commercial Mortgage Securities Trust, Series 2018-PARK, Class A,
4.227% VRN 8/10/38 ^(b) ^(e)	$	620,000	$	711,936
BX Trust, Series 2019-OC11, Class A
3.202% 12/09/41 ^(b)		180,000		194,011
CALI Mortgage Trust, Series 2019-101C, Class A
3.957% 3/10/39 ^(b)		415,000		473,815
CPT Mortgage Trust, Series 2019-CPT, Class A
2.865% 11/13/39 ^(b)		355,000		379,063
DC Office Trust, Series 2019-MTC, Class A
2.965% 9/15/45 ^(b)		375,000		401,437
Hudson Yards Mortgage Trust
Series 2019-55HY, Class A, 3.041% VRN 12/10/41 ^(b) ^(e)		375,000		404,742
Series 2019-30HY, Class A, 3.228% 7/10/39 ^(b)		385,000		420,251
JP Morgan Chase Commercial Mortgage Securities Trust, Series 2019-OSB, Class A
3.397% 6/05/39 ^(b)		385,000		425,363
MKT Mortgage Trust, Series 2020-525M, Class A
2.694% 2/12/40 ^(b)		465,000		488,148
Natixis Commercial Mortgage Securities Trust, Series 2020-2PAC, Class A
2.966% 12/15/38 ^(b)		375,000		392,247
One Bryant Park Trust, Series 2019-OBP, Class A
2.516% 9/15/54 ^(b)		490,000		508,464
RBS Commercial Funding, Inc. Trust, Series 2013-GSP, Class A,
3.961% VRN 1/15/32 ^(b) ^(e)		670,000		714,224
SFAVE Commercial Mortgage Securities Trust, Series 2015-5AVE, Class A1,
3.872% VRN 1/05/43 ^(b) ^(e)		655,000		677,907
				6,191,608
Home Equity Asset-Backed Securities — 0.8%
Citigroup Mortgage Loan Trust, Series 2006-HE2, Class M1, 1 mo. USD LIBOR + .290%
0.382% FRN 8/25/36		1,767,184		1,751,596

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

109

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

	Principal Amount		Value
Wells Fargo Home Equity Trust, Series 2004-2, Class M3, 1 mo. USD LIBOR + 1.050%
1.142% FRN 10/25/34	$	825,670	$	821,036
				2,572,632
Other Asset-Backed Securities — 3.6%
Aimco CLO Ltd., Series 2020-11A, Class A1, 3 mo. USD LIBOR + 1.380%
1.564% FRN 10/15/31 ^(b)		750,000		751,365
Allegro CLO XII Ltd., Series 2020-1A, Class A1, 3 mo. USD LIBOR + 1.250%
1.466% FRN 1/21/32 ^(b)		850,000		850,284
BSPRT Issuer Ltd.
Series 2018-FL4, Class A, 1 mo. USD LIBOR + 1.050% 1.123% FRN 9/15/35 ^(b)		383,794		383,794
Series 2018-FL3, Class A, 1 mo. USD LIBOR + 1.350% 1.423% FRN 3/15/28 ^(b)		877,000		876,726
Cedar Funding XIV CLO Ltd., Series 2021-14A, Class A, 3 mo. USD LIBOR + 1.100%
1.260% FRN 7/15/33 ^(b)		800,000		800,333
Countrywide Asset-Backed Certificates, Series 2006-15, Class A3,
4.471% VRN 10/25/46 ^(e)		122,302		122,778
Dryden Senior Loan Fund, Series 2013-26A, Class AR, 3 mo. USD LIBOR + .900%
1.084% FRN 4/15/29 ^(b)		975,000		972,855
Flatiron CLO 21 Ltd., Series 2021-1A, Class B, 3 mo. USD LIBOR + 1.600%
1.731% FRN 7/19/34 ^(b)		850,000		850,084
LCM LP, Series 21A, Class AR, 3 mo. USD LIBOR + .880%
1.068% FRN 4/20/28 ^(b)		471,298		471,313
Magnetite Ltd., Series 2012-7A, Class A1R2, 3 mo. USD LIBOR + .800%
0.984% FRN 1/15/28 ^(b)		992,863		992,924
Morgan Stanley Capital, Inc. Trust, Series 2006-HE1, Class A4, 1 mo. USD LIBOR + .580%
0.672% FRN 1/25/36		1,371,679		1,334,640
Rockford Tower CLO 2021-1 Ltd., Series 2021-1A, Class A1, 3 mo. USD LIBOR + 1.170%
1.253% FRN 7/20/34 ^(b)		850,000		851,263

	Principal Amount		Value
Saxon Asset Securities Trust
Series 2007-2, Class A2C, 1 mo. USD LIBOR + .240% 0.332% FRN 5/25/47	$	1,835,583	$	1,584,080
Series 2005-1, Class M1, 1 mo. USD LIBOR + .690% 0.782% FRN 5/25/35		101,346		101,362
TCI-Flatiron CLO Ltd., Series 2016-1A, Class AR2, 3 mo. USD LIBOR + 1.150%
1.340% FRN 1/17/32 ^(b)		500,000		500,139
Tricon American Homes 2017-SFR1 Trust, Series 2017-SFR1, Class A
2.716% 9/17/34 ^(b)		981,901		984,831
				12,428,771
Student Loans Asset-Backed Securities — 3.1%
Access Group, Inc., Series 2015-1, Class A, 1 mo. USD LIBOR + .700%
0.792% FRN 7/25/56 ^(b)		462,349		465,378
Collegiate Funding Services Education Loan Trust, Series 2005-A, Class A4, 3 mo. USD LIBOR + .200%
0.346% FRN 3/28/35		1,439,719		1,419,544
Nelnet Student Loan Trust, Series 2015-1A, Class A, 1 mo. USD LIBOR + .590%
0.682% FRN 4/25/46 ^(b)		879,844		872,526
SLM Student Loan Trust
Series 2007-7, Class A4, 3 mo. USD LIBOR + .330% 0.506% FRN 1/25/22		714,035		700,092
Series 2012-7, Class A3, 1 mo. USD LIBOR + .650% 0.742% FRN 5/26/26		737,038		744,618
Series 2012-2, Class A, 1 mo. USD LIBOR + .700% 0.792% FRN 1/25/29		859,291		841,905
Series 2008-1, Class A4, 3 mo. USD LIBOR + .650% 0.826% FRN 1/25/22		691,765		685,760
Series 2012-1, Class A3, 1 mo. USD LIBOR + .950% 1.042% FRN 9/25/28		724,268		729,737
Series 2008-6, Class A4, 3 mo. USD LIBOR + 1.100% 1.276% FRN 7/25/23		1,052,803		1,055,434
Series 2008-9, Class A, 3 mo. USD LIBOR + 1.500% 1.676% FRN 4/25/23		783,183		789,612

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

110

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

	Principal Amount		Value
Series 2008-5, Class B, 3 mo. USD LIBOR + 1.850% 2.026% FRN 7/25/73	$	700,000	$	700,568
Series 2008-9, Class B, 3 mo. USD LIBOR + 2.250% 2.426% FRN 10/25/83		1,430,000		1,440,279
				10,445,453
Whole Loan Collateral Collateralized Mortgage Obligations — 3.6%
American Home Mortgage Investment Trust, Series 2005-1, Class 6A, 6 mo. USD LIBOR + 2.000%
2.179% FRN 6/25/45		642,725		643,963
Banc of America Funding Trust, Series 2016-R1, Class A1,
2.500% VRN 3/25/40 ^(b) ^(e)		180,756		180,609
Chase Mortgage Finance Trust, Series 2007-A1, Class 11A4,
3.067% VRN 3/25/37 ^(e)		296,622		288,926
Citigroup Mortgage Loan Trust, Series 2005-11, Class A2A, 1 year CMT + 2.400%
2.530% FRN 10/25/35		233,287		237,781
Countrywide Alternative Loan Trust
Series 2006-OA6, Class 1A2, 1 mo. USD LIBOR + .210% 0.302% FRN 7/25/46		1,104,673		1,053,671
Series 2005-31, Class 2A1, 1 mo. USD LIBOR + .600% 0.692% FRN 8/25/35		1,129,121		1,063,438
Credit Suisse Mortgage Trust, Series 2018-RPL9, Class A,
3.850% VRN 9/25/57 ^(b) ^(e)		1,170,470		1,234,629
First Horizon Mortgage Pass-Through Trust, Series 2005-AR5, Class 2A1,
2.709% VRN 11/25/35 ^(e)		257,402		217,023
GS Mortgage-Backed Securities Trust, Series 2018-RPL1, Class A1A
3.750% 10/25/57 ^(b)		1,106,470		1,127,320
HarborView Mortgage Loan Trust, Series 2006-10, Class 1A1A, 1 mo. USD LIBOR + .200%
0.293% FRN 11/19/36		1,479,257		1,256,610
Impac CMB Trust, Series 2005-1, Class 1A1, 1 mo. USD LIBOR + .520%
0.612% FRN 4/25/35		680,836		657,591
IndyMac Index Mortgage Loan Trust
Series 2006-AR27, Class 1A3, 1 mo. USD LIBOR + .270% 0.362% FRN 10/25/36		1,494,786		896,184

	Principal Amount		Value
Series 2005-AR19, Class A1, 2.790% VRN 10/25/35 ^(e)	$	786,880	$	723,232
Morgan Stanley Resecuritization Trust, Series 2014-R9, Class 3A, 12 mo. MTA + .840%
0.968% FRN 11/26/46 ^(b)		154,510		152,518
Nomura Asset Acceptance Corp. Alternative Loan Trust, Series 2005-AR1, Class M1, 1 mo. USD LIBOR + 1.070%
1.162% FRN 2/25/35		991,664		982,685
Washington Mutual Mortgage Pass-Through Certificates
Series 2005-AR13, Class A1A1, 1 mo. USD LIBOR + .580% 0.672% FRN 10/25/45		489,022		483,713
Series 2005-AR2, Class 2A21, 1 mo. USD LIBOR + .660% 0.752% FRN 1/25/45		480,251		477,396
Series 2006-1 Class 3A2, 5.750% 2/25/36		651,248		633,687
				12,310,976

TOTAL NON-U.S. GOVERNMENT AGENCY OBLIGATIONS (Cost $43,218,733)				43,949,440

SOVEREIGN DEBT OBLIGATIONS — 0.9%
Abu Dhabi Government International Bond
2.500% 9/30/29 ^(b)		200,000		208,828
Brazilian Government International Bond
3.875% 6/12/30		400,000		403,772
Chile Government International Bond
2.550% 1/27/32		200,000		204,500
Colombia Government International Bond
3.000% 1/30/30		200,000		196,126
Dominican Republic International Bond
4.500% 1/30/30 ^(b)		200,000		204,502
Mexico Government International Bond
2.659% 5/24/31 ^(f)		638,000		623,894
Panama Government International Bond
2.252% 9/29/32		200,000		191,902
3.160% 1/23/30		200,000		209,740
3.875% 3/17/28		200,000		219,592
Qatar Government International Bond
4.500% 4/23/28 ^(b)		200,000		236,000

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

111

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

	Principal Amount		Value
Republic of South Africa Government International Bond
4.850% 9/30/29 ^(f)	$	250,000	$	265,100
Romanian Government International Bond
3.000% 2/14/31 ^(b)		110,000		113,896
				3,077,852

TOTAL SOVEREIGN DEBT OBLIGATIONS (Cost $3,103,808)				3,077,852

U.S. GOVERNMENT AGENCY OBLIGATIONS AND INSTRUMENTALITIES — 32.6%
Collateralized Mortgage Obligations — 1.2%
Federal Home Loan Mortgage Corp. REMICS
Series 4818, Class CA, 3.000% 4/15/48		269,451		284,512
Series 4639, Class HZ, 3.250% STEP 4/15/53		1,536,898		1,650,030
Series 4846, Class PA, 4.000% 6/15/47		259,544		271,572
Federal National Mortgage Association REMICS
Series 2018-43, Class CT, 3.000% 6/25/48		485,959		512,806
Series 2018-57, Class QA, 3.500% 5/25/46		378,379		385,198
Series 2018-55, Class PA, 3.500% 1/25/47		234,697		242,558
Government National Mortgage Association
Series 2018-124, Class NW, 3.500% 9/20/48		433,775		463,956
Series 2019-15, Class GT, 3.500% 2/20/49		310,192		331,932
				4,142,564
Pass-Through Securities — 31.4%
Federal Home Loan Mortgage Corp.
Pool #G18592 3.000% 3/01/31		272,077		287,137
Pool #G18627 3.000% 1/01/32		809,134		853,698
Pool #G08710 3.000% 6/01/46		153,674		161,744
Pool #ZM1779 3.000% 9/01/46		772,196		812,457
Pool #G08726 3.000% 10/01/46		1,143,367		1,203,414
Pool #G08732 3.000% 11/01/46		414,859		436,646
Pool #G08741 3.000% 1/01/47		1,110,556		1,168,532
Pool #G07848 3.500% 4/01/44		1,619,298		1,770,141
Pool #G60023 3.500% 4/01/45		1,584,891		1,730,053
Pool #G08711 3.500% 6/01/46		544,413		579,964
Pool #G08716 3.500% 8/01/46		777,524		828,268

	Principal Amount		Value
Pool #G67700 3.500% 8/01/46	$	783,885	$	845,638
Pool #G08722 3.500% 9/01/46		134,926		143,732
Pool #G08742 3.500% 1/01/47		595,028		633,489
Pool #G08757 3.500% 4/01/47		156,593		166,665
Pool #G67703 3.500% 4/01/47		1,138,186		1,227,139
Pool #G67706 3.500% 12/01/47		1,048,557		1,129,441
Pool #ZA5103 3.500% 12/01/47		7,326		7,730
Pool #G67707 3.500% 1/01/48		2,763,531		3,001,749
Pool #G08800 3.500% 2/01/48		58,259		61,429
Pool #G67708 3.500% 3/01/48		262,502		281,315
Pool #G67710 3.500% 3/01/48		1,394,504		1,487,420
Pool #G08816 3.500% 6/01/48		465,629		490,379
Pool #G61556 3.500% 8/01/48		760,311		814,327
Pool #G60344 4.000% 12/01/45		874,762		958,375
Pool #G67711 4.000% 3/01/48		994,202		1,087,367
Pool #G67713 4.000% 6/01/48		4,269		4,632
Pool #G08843 4.500% 10/01/48		258,104		277,910
Pool #G08833 5.000% 7/01/48		190,559		209,135
Pool #G08844 5.000% 10/01/48		161,542		176,425
Federal National Mortgage Association
Pool #MA4152 2.000% 10/01/40		1,031,297		1,052,256
Pool #MA4176 2.000% 11/01/40		2,022,380		2,064,113
Pool #MA4333 2.000% 5/01/41		223,225		228,110
Pool #BL6060 2.455% 4/01/40		570,000		594,692
Pool #AM2808 2.700% 3/01/23		375,000		386,157
Pool #MA1607 3.000% 10/01/33		412,700		436,539
Pool #MA3811 3.000% 10/01/49		401,583		413,485
Pool #FN0039 3.182% VRN 9/01/27 ^(e)		633,310		698,281
Pool #AB4262 3.500% 1/01/32		357,346		380,752
Pool #MA1512 3.500% 7/01/33		183,804		196,705
Pool #MA1148 3.500% 8/01/42		1,155,722		1,246,590
Pool #CA0996 3.500% 1/01/48		192,118		205,557
Pool #MA3305 3.500% 3/01/48		42,693		44,972
Pool #BL1132 3.730% 1/01/29		920,000		1,061,455
Pool #MA1146 4.000% 8/01/42		459,515		503,229
Pool #AS9830 4.000% 6/01/47		246,604		264,823
Pool #MA3027 4.000% 6/01/47		332,353		356,907
Pool #AS9972 4.000% 7/01/47		242,392		260,299
Pool #931504 4.500% 7/01/39		54,087		60,152
Pool #CA1710 4.500% 5/01/48		792,738		853,161
Pool #CA1711 4.500% 5/01/48		268,769		290,531
Pool #CA2208 4.500% 8/01/48		529,228		569,930
Pool #AD6374 5.000% 5/01/40		13,245		15,052
Pool #AI2733 5.000% 5/01/41		88,544		100,619
Pool #977014 5.500% 5/01/38		18,119		21,125
Pool #985524 5.500% 6/01/38		17,153		19,960
Pool #988578 5.500% 8/01/38		113,671		132,335
Pool #995482 5.500% 1/01/39		85,667		99,808

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

112

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

	Principal Amount		Value
Government National Mortgage Association II
Pool #MA4126 3.000% 12/20/46	$	979,133	$	1,031,956
Pool #MA4718 3.000% 9/20/47		110,458		116,425
Pool #MA4836 3.000% 11/20/47		396,241		417,432
Pool #MA6209 3.000% 10/20/49		423,543		434,745
Pool #MA3521 3.500% 3/20/46		388,913		413,066
Pool #MA3597 3.500% 4/20/46		121,359		128,896
Pool #MA3663 3.500% 5/20/46		180,629		191,847
Pool #MA3937 3.500% 9/20/46		150,327		159,615
Pool #MA4127 3.500% 12/20/46		529,885		562,626
Pool #MA4262 3.500% 2/20/47		546,671		580,279
Pool #MA4382 3.500% 4/20/47		143,901		152,748
Pool #MA4719 3.500% 9/20/47		187,010		198,083
Pool #MA4837 3.500% 11/20/47		384,950		407,382
Pool #MA4900 3.500% 12/20/47		1,398,627		1,480,131
Pool #MA4653 4.000% 8/20/47		74,163		79,273
Pool #MA4838 4.000% 11/20/47		316,347		337,998
Pool #MA4901 4.000% 12/20/47		138,492		147,916
Pool #MA5078 4.000% 3/20/48		501,195		534,321
Pool #MA5466 4.000% 9/20/48		540,926		574,397
Pool #MA5399 4.500% 8/20/48		1,049,797		1,132,131
Pool #MA3666 5.000% 5/20/46		126,868		142,735
Pool #MA4199 5.000% 1/20/47		135,617		152,620
Pool #MA4454 5.000% 5/20/47		240,257		265,049
Pool #MA4722 5.000% 9/20/47		292,208		320,487
Government National Mortgage Association TBA
2.000% 8/19/51 ^(c)		3,325,000		3,383,057
2.500% 8/19/51 ^(c)		4,425,000		4,573,480
Uniform Mortgage Backed Securities TBA
1.500% 8/17/36 ^(c)		4,050,000		4,092,715
2.000% 8/17/36 ^(c)		5,525,000		5,693,124
2.000% 8/12/51 ^(c)		21,850,000		22,045,455
2.500% 8/12/51 ^(c)		21,500,000		22,207,148
				107,351,083

TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS AND INSTRUMENTALITIES (Cost $109,346,323)				111,493,647

U.S. TREASURY OBLIGATIONS — 39.8%
U.S. Treasury Bonds & Notes — 39.8%
U.S. Treasury Bond
1.875% 2/15/41		4,017,000		3,936,632
1.875% 2/15/51 ^(f)		4,356,000		4,159,604
2.375% 5/15/51		15,825,000		16,909,579

	Principal Amount		Value
U.S. Treasury Note
0.125% 4/30/23	$	23,610,000	$	23,567,653
0.125% 5/31/23		32,465,000		32,395,282
0.125% 6/30/23		11,140,000		11,112,580
0.750% 4/30/26		13,400,000		13,337,494
0.750% 5/31/26		15,130,000		15,050,903
0.875% 6/30/26		11,005,000		11,005,024
1.625% 5/15/31		4,605,000		4,681,203
				136,155,954

TOTAL U.S. TREASURY OBLIGATIONS (Cost $135,286,153)				136,155,954

TOTAL BONDS & NOTES (Cost $371,477,868)				380,063,471

TOTAL PURCHASED OPTIONS (#) — 0.0% (Cost $39,825)				45,981

	Number of Shares
MUTUAL FUNDS — 0.0%
Diversified Financial Services — 0.0%
State Street Navigator Securities Lending Government Money Market Portfolio (g)		76,650		76,650

TOTAL MUTUAL FUNDS (Cost $76,650)				76,650

TOTAL LONG-TERM INVESTMENTS (Cost $371,594,343)				380,186,102

	Principal Amount
SHORT-TERM INVESTMENTS — 6.7%
Repurchase Agreement — 0.9%
Fixed Income Clearing Corp., Repurchase Agreement, dated 6/30/21, 0.000%, due 7/01/21 (h)	$	2,963,113		2,963,113
U.S. Treasury Bill — 5.8%
U.S. Treasury Bill
0.012% 8/19/21 ⁽ⁱ⁾		1,015,000		1,014,937
0.013% 8/19/21 ⁽ⁱ⁾		1,555,000		1,554,904
0.013% 7/15/21 ⁽ⁱ⁾		1,895,000		1,894,969
0.013% 7/29/21 ⁽ⁱ⁾		3,295,000		3,294,881

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

113

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

	Principal Amount		Value
0.015% 8/26/21 ⁽ⁱ⁾	$	1,410,000	$	1,409,907
0.018% 11/04/21 ⁽ⁱ⁾		1,855,000		1,854,659
0.041% 7/20/21 ⁽ⁱ⁾		1,725,000		1,724,958
0.041% 8/19/21 ⁽ⁱ⁾		2,980,000		2,979,816
0.042% 8/05/21 ⁽ⁱ⁾		1,420,000		1,419,939
United States Cash Management Bill
0.000% 10/05/21		2,845,000		2,844,659
				19,993,629

TOTAL SHORT-TERM INVESTMENTS (Cost $22,957,459)				22,956,742

TOTAL INVESTMENTS — 117.9% (Cost $394,551,802) ^(j)				403,142,844

Other Assets/(Liabilities) — (17.9)%				(61,175,026	)

NET ASSETS — 100.0%			$	341,967,818

Abbreviation Legend

CLO	Collateralized Loan Obligation

FRN	Floating Rate Note

REMICS

Real Estate Mortgage Investment Conduits

STEP	Step Up Bond

TBA	To Be Announced

VRN	Variable Rate Note

Notes to Portfolio of Investments

Percentages are stated as a percent of net assets.

(a)	All or a portion of the security represents unsettled loan commitments at June 30, 2021 where the rate will be determined at time of settlement.

(b)

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

(d)	Security is currently in default due to bankruptcy or failure to make payment of principal or interest of the issuer. Income is not being accrued. At June 30, 2021, these securities amounted to a value of $441,653 or 0.13% of net assets.

(e)

Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description above. The rates shown are the current interest rates at June 30, 2021.

(f)

Denotes all or a portion of security on loan. The total value of securities on loan as of June 30, 2021, was $2,771,145 or 0.81% of net assets. Total securities on loan may be less than the amounts identified in the Portfolio of Investments. The Fund received $2,752,782 of non-cash collateral (U.S. Treasury and/or Agency obligations) related to securities lending activity. This amount is not reflected on either the Portfolio of Investments or the Statement of Assets and Liabilities. (Note 2).

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

(h)	Maturity value of $2,963,113. Collateralized by U.S. Government Agency obligations with a rate of 0.125%, maturity date of 1/31/23, and an aggregate market value, including accrued interest, of $3,022,394.

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

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

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

114

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

(#) Interest Rate Swaptions Purchased

Paid by Fund

Received by Fund

Description

Counterparty

Expiration
Date

Rate

Frequency

Rate

Frequency

Notional
Amount

Value

Premium
Paid
(Received)

Unrealized
Appreciation/
(Depreciation)

Put

30-Year Interest Rate Swap, 1/23/54

Goldman Sachs & Co.*

1/19/24

2.75%

Semi-Annually

3-Month USD LIBOR BBA

Quarterly

USD

1,350,000

45,981

39,825

6,156

Futures contracts

	Expiration Date		Number of Contracts		Notional Amount			Value/ Net Unrealized Appreciation/ (Depreciation)
Long
U.S. Treasury Ultra Bond		9/21/21		1	$	184,377		$	8,311

Short
U.S. Treasury Note 2 Year		9/30/21		19	$	(4,193,619	)	$	7,533

* Contracts are subject to a Master Netting Agreement.

Currency Legend

USD	U.S. Dollar

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

115

MML Series Investment Fund – Financial Statements
Statements of Assets and Liabilities June 30, 2021 (Unaudited)

	MML Conservative Allocation Fund		MML Balanced Allocation Fund
Assets:
Investments, at value - unaffiliated issuers (Note 2) ^(a)	$	13,196,392	$	12,872,026
Investments, at value - affiliated issuers (Notes 2 & 7) ^(b)		398,552,348		472,189,218
Repurchase agreements, at value (Note 2) ^(c)		—		—
Other short-term investments, at value (Note 2) ^(d)		—		—
Total investments ^(e)		411,748,740		485,061,244
Receivables from:
Investments sold
Regular delivery		335,609		123,040
Fund shares sold		—		4,836
Investment adviser (Note 3)		—		—
Dividends		—		—
Total assets		412,084,349		485,189,120
Liabilities:
Payables for:
Investments purchased
Regular delivery		—		—
Fund shares repurchased		333,176		125,032
Collateral held for securities on loan (Note 2) ^(f)		—		—
Trustees’ fees and expenses (Note 3)		42,852		51,708
Affiliates (Note 3):
Administration fees		—		—
Investment advisory fees		37,393		43,812
Service fees		202,021		235,129
Accrued expense and other liabilities		48,959		52,867
Total liabilities		664,401		508,548
Net assets	$	411,419,948	$	484,680,572
Net assets consist of:
Paid-in capital	$	348,620,711	$	404,352,101
Accumulated Gain (Loss)		62,799,237		80,328,471
Net assets	$	411,419,948	$	484,680,572

^(a)	Cost of investments - unaffiliated issuers:	$	13,252,519	$	12,706,617
^(b)	Cost of investments - affiliated issuers:	$	346,275,324	$	402,820,522
^(c)	Cost of repurchase agreements:	$	—	$	—
^(d)	Cost of other short-term investments:	$	—	$	—
^(e)	Securities on loan with market value of:	$	—	$	—
^(f)	Non-cash collateral is not included.

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

116

MML Moderate Allocation Fund		MML Growth Allocation Fund		MML Aggressive Allocation Fund		MML American Funds Growth Fund		MML American Funds International Fund		MML American Funds Core Allocation Fund		MML Blue Chip Growth Fund

$	21,891,385	$	19,024,168	$	5,997,683	$	283,019,475	$	62,769,880	$	957,325,576	$	564,671,681
	1,822,048,503		1,220,939,072		165,550,108		—		—		—		—
	—		—		—		—		—		—		4,014,922
	—		—		—		—		—		—		100
	1,843,939,888		1,239,963,240		171,547,791		283,019,475		62,769,880		957,325,576		568,686,703


	1,057,204		276,083		14,430		1,601,367		51,407		57,846		603,785
	13,188		4,525		7,757		4,680		10,532		161,302		671,592
	—		—		—		—		—		165,420		—
	—		—		—		—		—		—		40,260
	1,845,010,280		1,240,243,848		171,569,978		284,625,522		62,831,819		957,710,144		570,002,340



	—		—		—		—		—		—		1,922,253
	1,059,500		273,342		21,190		1,604,450		61,576		213,547		669,462
	—		—		—		—		—		—		1,215,174
	193,377		152,488		12,283		13,991		5,587		79,239		42,339

	—		—		—		62,650		14,356		216,320		—
	167,791		112,590		15,512		37,590		8,613		168,377		365,224
	974,636		491,770		61,463		171,251		38,773		596,916		119,240
	102,811		84,420		40,607		31,456		28,335		55,847		103,658
	2,498,115		1,114,610		151,055		1,921,388		157,240		1,330,246		4,437,350
$	1,842,512,165	$	1,239,129,238	$	171,418,923	$	282,704,134	$	62,674,579	$	956,379,898	$	565,564,990

$	1,513,034,877	$	955,255,165	$	134,407,755	$	134,113,045	$	47,317,603	$	744,698,253	$	172,369,018
	329,477,288		283,874,073		37,011,168		148,591,089		15,356,976		211,681,645		393,195,972
$	1,842,512,165	$	1,239,129,238	$	171,418,923	$	282,704,134	$	62,674,579	$	956,379,898	$	565,564,990

$	22,272,968	$	18,186,277	$	4,623,127	$	192,292,027	$	48,823,599	$	804,601,154	$	278,597,109
$	1,550,893,147	$	1,004,440,735	$	136,359,844	$	—	$	—	$	—	$	—
$	—	$	—	$	—	$	—	$	—	$	—	$	4,014,922
$	—	$	—	$	—	$	—	$	—	$	—	$	100
$	—	$	—	$	—	$	—	$	—	$	—	$	3,960,965

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

117

MML Series Investment Fund – Financial Statements (Continued)

Statements of Assets and Liabilities
June 30, 2021 (Unaudited)

	MML Conservative Allocation Fund		MML Balanced Allocation Fund
Initial Class shares:
Net assets	$	91,500,542	$	109,756,450
Shares outstanding ^(a)		8,330,692		9,914,873
Net asset value, offering price and redemption price per share	$	10.98	$	11.07
Service Class shares:
Net assets	$	319,919,406	$	374,924,122
Shares outstanding ^(a)		29,501,984		34,258,934
Net asset value, offering price and redemption price per share	$	10.84	$	10.94
Service Class I shares:
Net assets	$	—	$	—
Shares outstanding ^(a)		—		—
Net asset value, offering price and redemption price per share	$	—	$	—

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

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

118

MML Moderate Allocation Fund		MML Growth Allocation Fund		MML Aggressive Allocation Fund		MML American Funds Growth Fund		MML American Funds International Fund		MML American Funds Core Allocation Fund		MML Blue Chip Growth Fund

$	294,919,526	$	453,640,060	$	72,433,323	$	—	$	—	$	—	$	364,363,682
	25,050,784		43,800,101		6,114,549		—		—		—		15,798,275
$	11.77	$	10.36	$	11.85	$	—	$	—	$	—	$	23.06

$	1,547,592,639	$	785,489,178	$	98,985,600	$	—	$	—	$	—	$	201,201,308
	133,290,854		76,701,379		8,516,471		—		—		—		9,233,209
$	11.61	$	10.24	$	11.62	$	—	$	—	$	—	$	21.79

$	—	$	—	$	—	$	282,704,134	$	62,674,579	$	956,379,898	$	—
	—		—		—		12,832,072		5,551,588		72,853,321		—
$	—	$	—	$	—	$	22.03	$	11.29	$	13.13	$	—

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

119

MML Series Investment Fund – Financial Statements (Continued)

Statements of Assets and Liabilities
June 30, 2021 (Unaudited)

	MML Equity Income Fund		MML Equity Index Fund
Assets:
Investments, at value (Note 2) ^(a)	$	458,662,951	$	713,196,587
Repurchase agreements, at value (Note 2) ^(b)		4,823,424		5,147,254
Other short-term investments, at value (Note 2) ^(c)		1,075		859,986
Total investments ^(d)		463,487,450		719,203,827
Cash		—		—
Foreign currency, at value ^(e)		—		—
Receivables from:
Investments sold
Regular delivery		729,371		—
Fund shares sold		765,556		28,059
Variation margin on open derivative instruments (Note 2)		—		9,269
Interest and dividends		660,971		413,904
Foreign taxes withheld		19,069		—
Total assets		465,662,417		719,655,059
Liabilities:
Payables for:
Investments purchased
Regular delivery		812,821		—
Fund shares repurchased		425,412		894,092
Collateral held for securities on loan (Note 2) ^(f)		1,506,852		97,178
Trustees’ fees and expenses (Note 3)		58,567		77,204
Affiliates (Note 3):
Administration fees		—		66,829
Investment advisory fees		318,818		60,317
Service fees		56,749		29,621
Due to custodian		—		—
Commitment and Contingent Liabilities (Note 10)		—		—
Accrued expense and other liabilities		76,056		102,637
Total liabilities		3,255,275		1,327,878
Net assets	$	462,407,142	$	718,327,181
Net assets consist of:
Paid-in capital	$	284,383,513	$	294,618,165
Accumulated Gain (Loss)		178,023,629		423,709,016
Net assets	$	462,407,142	$	718,327,181

^(a)	Cost of investments:	$	333,081,377	$	353,478,793
^(b)	Cost of repurchase agreements:	$	4,823,424	$	5,147,254
^(c)	Cost of other short-term investments:	$	1,075	$	859,980
^(d)	Securities on loan with market value of:	$	2,886,843	$	331,344
^(e)	Cost of foreign currency:	$	—	$	—
^(f)	Non-cash collateral is not included.

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

120

MML Focused Equity Fund		MML Foreign Fund		MML Fundamental Equity Fund		MML Fundamental Value Fund		MML Global Fund		MML Growth & Income Fund		MML Income & Growth Fund

$	287,732,430	$	278,306,983	$	188,473,651	$	214,316,290	$	392,513,317	$	169,875,417	$	278,752,796
	9,143,962		—		579,678		2,658,417		4,152,178		1,412,391		795,735
	—		—		—		—		—		—		—
	296,876,392		278,306,983		189,053,329		216,974,707		396,665,495		171,287,808		279,548,531
	—		—		—		3,039		26,712		8,594		—
	—		241,852		10,205		59,676		—		—		—


	—		565,952		192,384		825,687		—		—		2,044,824
	14,988		1,280,538		52		287		5		480		483
	—		—		—		—		—		—		—
	311,561		522,206		36,024		89,824		212,605		101,067		465,599
	—		893,597		238		24,005		681,170		1,782		—
	297,202,941		281,811,128		189,292,232		217,977,225		397,585,987		171,399,731		282,059,437



	—		120,756		251,528		762,845		—		—		1,950,893
	122,376		91,020		87,963		72,563		286,394		149,087		189,464
	—		2,291,337		13,353		—		970,869		—		—
	13,184		41,621		15,535		20,622		23,312		19,665		27,439

	40,310		—		25,437		29,709		54,176		—		—
	183,839		220,989		101,749		118,837		216,701		76,551		166,608
	13,124		5,404		13,802		11,765		12,075		34,200		19,112
	—		456,699		—		—		—		—		200,310
	—		—		—		—		—		—		—
	70,320		89,996		49,174		57,699		128,532		48,343		67,373
	443,153		3,317,822		558,541		1,074,040		1,692,059		327,846		2,621,199
$	296,759,788	$	278,493,306	$	188,733,691	$	216,903,185	$	395,893,928	$	171,071,885	$	279,438,238

$	203,142,260	$	228,720,953	$	108,015,487	$	145,414,022	$	223,481,567	$	67,817,612	$	195,685,048
	93,617,528		49,772,353		80,718,204		71,489,163		172,412,361		103,254,273		83,753,190
$	296,759,788	$	278,493,306	$	188,733,691	$	216,903,185	$	395,893,928	$	171,071,885	$	279,438,238

$	227,922,718	$	239,866,483	$	140,117,187	$	157,854,146	$	283,685,302	$	86,031,344	$	202,982,369
$	9,143,962	$	—	$	579,678	$	2,658,417	$	4,152,178	$	1,412,391	$	795,735
$	—	$	—	$	—	$	—	$	—	$	—	$	—
$	—	$	11,587,150	$	4,758,693	$	—	$	5,179,070	$	960,183	$	2,327,069
$	—	$	241,916	$	10,415	$	59,103	$	—	$	—	$	—

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

121

MML Series Investment Fund – Financial Statements (Continued)

Statements of Assets and Liabilities
June 30, 2021 (Unaudited)

	MML Equity Income Fund		MML Equity Index Fund
Initial Class shares:
Net assets	$	373,301,521	$	—
Shares outstanding ^(a)		30,665,438		—
Net asset value, offering price and redemption price per share	$	12.17	$	—
Class I shares:
Net assets	$	—	$	61,809,200
Shares outstanding ^(a)		—		1,848,485
Net asset value, offering price and redemption price per share	$	—	$	33.44
Class II shares:
Net assets	$	—	$	270,236,059
Shares outstanding ^(a)		—		8,083,336
Net asset value, offering price and redemption price per share	$	—	$	33.43
Class III shares:
Net assets	$	—	$	334,284,883
Shares outstanding ^(a)		—		10,014,339
Net asset value, offering price and redemption price per share	$	—	$	33.38
Service Class shares:
Net assets	$	89,105,621	$	—
Shares outstanding ^(a)		7,434,732		—
Net asset value, offering price and redemption price per share	$	11.99	$	—
Service Class I shares:
Net assets	$	—	$	51,997,039
Shares outstanding ^(a)		—		1,630,366
Net asset value, offering price and redemption price per share	$	—	$	31.89

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

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

122

MML Focused Equity Fund		MML Foreign Fund		MML Fundamental Equity Fund		MML Fundamental Value Fund		MML Global Fund		MML Growth & Income Fund		MML Income & Growth Fund

$	—	$	270,009,516	$	—	$	—	$	—	$	114,313,639	$	248,866,008
	—		24,307,470		—		—		—		4,794,509		20,816,135
$	—	$	11.11	$	—	$	—	$	—	$	23.84	$	11.96

$	—	$	—	$	—	$	—	$	356,089,444	$	—	$	—
	—		—		—		—		22,797,354		—		—
$	—	$	—	$	—	$	—	$	15.62	$	—	$	—

$	275,617,126	$	—	$	166,030,619	$	197,992,278	$	20,009,032	$	—	$	—
	34,653,162		—		13,316,964		14,068,730		1,249,381		—		—
$	7.95	$	—	$	12.47	$	14.07	$	16.02	$	—	$	—

$	—	$	—	$	—	$	—	$	—	$	—	$	—
	—		—		—		—		—		—		—
$	—	$	—	$	—	$	—	$	—	$	—	$	—

$	—	$	8,483,790	$	—	$	—	$	—	$	56,758,246	$	30,572,230
	—		769,353		—		—		—		2,407,211		2,602,585
$	—	$	11.03	$	—	$	—	$	—	$	23.58	$	11.75

$	21,142,662	$	—	$	22,703,072	$	18,910,907	$	19,795,452	$	—	$	—
	2,765,594		—		1,896,361		1,377,040		1,286,740		—		—
$	7.64	$	—	$	11.97	$	13.73	$	15.38	$	—	$	—

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

123

MML Series Investment Fund – Financial Statements (Continued)

Statements of Assets and Liabilities
June 30, 2021 (Unaudited)

	MML International Equity Fund		MML Large Cap Growth Fund
Assets:
Investments, at value (Note 2) ^(a)	$	168,370,305	$	147,709,770
Repurchase agreements, at value (Note 2) ^(b)		3,087,109		1,755,770
Other short-term investments, at value (Note 2) ^(c)		—		—
Total investments ^(d)		171,457,414		149,465,540
Cash		—		—
Foreign currency, at value ^(e)		28,507		—
Receivables from:
Investments sold
Regular delivery		327,936		401,333
Delayed delivery		—		—
Open forward contracts (Note 2)		60,628		—
Fund shares sold		—		499
Collateral pledged for open futures contracts (Note 2)		—		—
Investment adviser (Note 3)		10,795		—
Variation margin on open derivative instruments (Note 2)		—		—
Interest and dividends		275,491		37,944
Interest tax reclaim		—		—
Foreign taxes withheld		698,380		110,138
Total assets		172,859,151		150,015,454
Liabilities:
Payables for:
Investments purchased
Regular delivery		204,430		406,882
Delayed delivery		—		—
Written options outstanding, at value (Note 2) ^(f)		—		—
Open forward contracts (Note 2)		—		—
Fund shares repurchased		67,869		88,029
Premium on purchased options		—		—
Collateral held for securities on loan (Note 2) ^(g)		—		—
Trustees’ fees and expenses (Note 3)		13,177		17,046
Affiliates (Note 3):
Administration fees		24,232		—
Investment advisory fees		129,241		86,666
Service fees		4,995		15,147
Accrued expense and other liabilities		250,072		50,563
Total liabilities		694,016		664,333
Net assets	$	172,165,135	$	149,351,121
Net assets consist of:
Paid-in capital	$	146,364,924	$	52,566,045
Accumulated Gain (Loss)		25,800,211		96,785,076
Net assets	$	172,165,135	$	149,351,121

^(a)	Cost of investments:	$	134,584,754	$	75,252,162
^(b)	Cost of repurchase agreements:	$	3,087,109	$	1,755,770
^(c)	Cost of other short-term investments:	$	—	$	—
^(d)	Securities on loan with market value of:	$	2,041,650	$	—
^(e)	Cost of foreign currency:	$	28,499	$	—
^(f)	Premiums on written options:	$	—	$	—
^(g)	Non-cash collateral is not included.

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

124

MML Managed Volatility Fund		MML Mid Cap Growth Fund		MML Mid Cap Value Fund		MML Small Cap Growth Equity Fund		MML Small Company Value Fund		MML Small/Mid Cap Value Fund		MML Total Return Bond Fund

$	143,740,883	$	536,001,104	$	410,602,771	$	205,143,996	$	95,028,068	$	198,271,890	$	380,186,102
	1,011,049		12,046,770		2,148,173		1,641,023		1,672,638		755,942		2,963,113
	—		372		—		—		100		—		19,993,629
	144,751,932		548,048,246		412,750,944		206,785,019		96,700,806		199,027,832		403,142,844
	139		—		—		—		—		2,758		—
	30,685		—		61		12		—		—		1


	—		441,227		557,833		897,336		414,019		1,650,627		2,004,581
	—		—		—		—		—		—		66,994,449
	—		—		135,332		—		—		—		—
	1,226,565		12,685		1,740,209		2,071,420		17,996		520,465		2,259
	—		—		—		—		—		—		530,997
	—		—		—		—		—		—		—
	—		—		—		—		—		—		694
	83,026		72,366		740,327		72,215		42,900		190,945		1,096,606
	—		—		—		—		—		—		967
	—		700		8,145		—		—		—		—
	146,092,347		548,575,224		415,932,851		209,826,002		97,175,721		201,392,627		473,773,398



	—		632,304		318,498		1,073,624		363,352		1,799,466		2,225,998
	—		602,930		—		—		—		—		128,904,252
	2,676,381		—		—		—		—		—		—
	—		—		3,082		—		—		—		—
	56,990		475,989		111,580		18,420		32,792		67,019		184,971
	—		—		—		—		—		—		39,825
	17,483		4,208,771		—		1,448,551		108,809		—		76,650
	30,778		49,136		53,402		31,980		10,715		25,732		35,930

	—		—		—		—		13,315		—		46,436
	96,026		369,255		318,939		191,392		71,013		138,021		123,830
	16,613		73,200		34,991		20,123		18,515		17,278		31,080
	244,199		113,450		103,813		48,730		51,794		64,431		136,608
	3,138,470		6,525,035		944,305		2,832,820		670,305		2,111,947		131,805,580
$	142,953,877	$	542,050,189	$	414,988,546	$	206,993,182	$	96,505,416	$	199,280,680	$	341,967,818

$	81,874,499	$	217,811,044	$	290,095,895	$	97,134,491	$	50,875,681	$	125,236,309	$	309,899,252
	61,079,378		324,239,145		124,892,651		109,858,691		45,629,735		74,044,371		32,068,566
$	142,953,877	$	542,050,189	$	414,988,546	$	206,993,182	$	96,505,416	$	199,280,680	$	341,967,818

$	79,056,849	$	361,083,482	$	337,442,211	$	164,374,254	$	63,235,483	$	146,975,706	$	371,594,343
$	1,011,049	$	12,046,770	$	2,148,173	$	1,641,023	$	1,672,638	$	755,942	$	2,963,113
$	—	$	372	$	—	$	—	$	100	$	—	$	19,994,346
$	33,405	$	14,361,614	$	6,358,659	$	18,641,536	$	1,790,928	$	1,941,700	$	2,771,145
$	28,943	$	—	$	61	$	11	$	—	$	—	$	1
$	2,531,030	$	—	$	—	$	—	$	—	$	—	$	—

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

125

MML Series Investment Fund – Financial Statements (Continued)

Statements of Assets and Liabilities
June 30, 2021 (Unaudited)

	MML International Equity Fund		MML Large Cap Growth Fund
Initial Class shares:
Net assets	$	—	$	123,916,438
Shares outstanding ^(a)		—		7,797,996
Net asset value, offering price and redemption price per share	$	—	$	15.89
Class II shares:
Net assets	$	164,213,296	$	—
Shares outstanding ^(a)		14,496,928		—
Net asset value, offering price and redemption price per share	$	11.33	$	—
Service Class shares:
Net assets	$	—	$	25,434,683
Shares outstanding ^(a)		—		1,671,234
Net asset value, offering price and redemption price per share	$	—	$	15.22
Service Class I shares:
Net assets	$	7,951,839	$	—
Shares outstanding ^(a)		709,687		—
Net asset value, offering price and redemption price per share	$	11.20	$	—

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

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

126

MML Managed Volatility Fund		MML Mid Cap Growth Fund		MML Mid Cap Value Fund		MML Small Cap Growth Equity Fund		MML Small Company Value Fund		MML Small/Mid Cap Value Fund		MML Total Return Bond Fund

$	116,471,866	$	422,522,114	$	359,897,002	$	174,167,822	$	—	$	171,226,026	$	—
	7,872,470		21,343,142		29,326,023		9,588,180		—		12,344,218		—
$	14.79	$	19.80	$	12.27	$	18.16	$	—	$	13.87	$	—

$	—	$	—	$	—	$	—	$	66,974,348	$	—	$	291,434,709
	—		—		—		—		3,767,188		—		26,145,428
$	—	$	—	$	—	$	—	$	17.78	$	—	$	11.15

$	26,482,011	$	119,528,075	$	55,091,544	$	32,825,360	$	—	$	28,054,654	$	—
	1,807,090		6,401,324		4,587,316		1,971,113		—		2,051,603		—
$	14.65	$	18.67	$	12.01	$	16.65	$	—	$	13.67	$	—

$	—	$	—	$	—	$	—	$	29,531,068	$	—	$	50,533,109
	—		—		—		—		1,730,066		—		4,599,191
$	—	$	—	$	—	$	—	$	17.07	$	—	$	10.99

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

127

MML Series Investment Fund – Financial Statements (Continued)
Statements of Operations For the Six Months Ended June 30, 2021 (Unaudited)

	MML Conservative Allocation Fund			MML Balanced Allocation Fund
Investment income (Note 2):
Dividends ^(a)	$	—		$	—
Securities lending net income		—			—
Total investment income		—			—
Expenses (Note 3):
Investment advisory fees		207,553			239,588
Custody fees		10,190			10,160
Audit fees		16,034			16,082
Legal fees		4,762			5,735
Proxy fees		353			353
Shareholder reporting fees		9,645			10,626
Trustees’ fees		14,722			16,804
		263,259			299,348
Administration fees:
Service Class I		—			—
Distribution and Service fees:
Service Class		405,632			464,511
Service Class I		—			—
Total expenses		668,891			763,859
Expenses waived (Note 3):
Service Class I fees reimbursed by adviser		—			—
Net expenses:		668,891			763,859
Net investment income (loss)		(668,891	)		(763,859	)
Realized and unrealized gain (loss):
Net realized gain (loss) on:
Investment transactions - unaffiliated issuers		1,432,160			2,218,430
Investment transactions - affiliated issuers (Note 7)		7,142,649			2,554,176
Foreign currency transactions		—			—
Realized gain distributions - unaffiliated issuers		—			—
Net realized gain (loss)		8,574,809			4,772,606
Net change in unrealized appreciation (depreciation) on:
Investment transactions - unaffiliated issuers		(1,160,932	)		(1,777,762	)
Investment transactions - affiliated issuers (Note 7)		18,093,260			31,008,723
Translation of assets and liabilities in foreign currencies		—			—
Net change in unrealized appreciation (depreciation)		16,932,328			29,230,961
Net realized gain (loss) and change in unrealized appreciation (depreciation)		25,507,137			34,003,567
Net increase (decrease) in net assets resulting from operations	$	24,838,246		$	33,239,708

^(a)

Net of foreign withholding tax of:

—

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

128

MML Moderate Allocation Fund			MML Growth Allocation Fund			MML Aggressive Allocation Fund			MML American Funds Growth Fund			MML American Funds International Fund			MML American Funds Core Allocation Fund			MML Blue Chip Growth Fund

$	—		$	—		$	—		$	340,662		$	35,984		$	2,860,284		$	940,231
	—			—			—			—			—			—			3,115
	—			—			—			340,662			35,984			2,860,284			943,346

	921,900			611,783			83,060			200,961			45,649			919,284			1,960,215
	10,190			10,106			10,122			407			406			2,688			23,011
	17,382			16,854			15,773			15,852			15,666			16,516			19,104
	22,123			15,958			1,717			2,044			527			8,615			4,920
	353			353			353			393			393			393			353
	29,489			21,571			6,316			8,150			5,666			16,332			27,259
	65,690			44,374			5,540			9,002			2,090			32,833			18,238
	1,067,127			720,999			122,881			236,809			70,397			996,661			2,053,100

	—			—			—			334,935			76,082			1,180,434			—

	1,937,116			971,701			120,242			—			—			—			232,153
	—			—			—			334,935			76,082			1,180,434			—
	3,004,243			1,692,700			243,123			906,679			222,561			3,357,529			2,285,253

	—			—			—			—			—			(165,420	)		—
	3,004,243			1,692,700			243,123			906,679			222,561			3,192,109			2,285,253
	(3,004,243	)		(1,692,700	)		(243,123	)		(566,017	)		(186,577	)		(331,825	)		(1,341,907	)


	954,298			6,991,499			1,236,147			8,084,802			722,629			20,218,175			49,589,288
	22,432,604			15,751,509			2,540,942			—			—			—			—
	—			—			—			—			—			—			219
	—			—			—			35,261,824			—			15,337,629			—
	23,386,902			22,743,008			3,777,089			43,346,626			722,629			35,555,804			49,589,507

	(1,241,562	)		(5,838,085	)		(685,548	)		(10,568,293	)		2,140,854			37,224,555			15,099,218
	132,589,846			105,267,521			15,894,374			—			—			—			—
	—			—			—			—			—			—			(1	)
	131,348,284			99,429,436			15,208,826			(10,568,293	)		2,140,854			37,224,555			15,099,217
	154,735,186			122,172,444			18,985,915			32,778,333			2,863,483			72,780,359			64,688,724
$	151,730,943		$	120,479,744		$	18,742,792		$	32,212,316		$	2,676,906		$	72,448,534		$	63,346,817

—

1,756

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

129

MML Series Investment Fund – Financial Statements (Continued)

Statements of Operations
For the Six Months Ended June 30, 2021 (Unaudited)

	MML Equity Income Fund			MML Equity Index Fund
Investment income (Note 2):
Dividends ^(a)	$	5,571,885		$	4,954,368
Interest		28,453			292
Securities lending net income		7,627			1,530
Total investment income		5,607,965			4,956,190
Expenses (Note 3):
Investment advisory fees		1,732,749			320,791
Custody fees		16,970			26,521
Audit fees		18,673			19,195
Legal fees		5,370			7,267
Proxy fees		353			353
Shareholder reporting fees		25,245			33,320
Trustees’ fees		15,452			22,109
		1,814,812			429,556
Administration fees:
Class I		—			94,586
Class II		—			189,429
Service Class I		—			68,486
Distribution and Service fees:
Service Class		109,789			—
Service Class I		—			57,071
Total expenses		1,924,601			839,128
Expenses waived (Note 3):
Initial Class advisory fees waived		(56,128	)		—
Class II advisory fees waived		—			—
Service Class advisory fees waived		(13,182	)		—
Service Class I advisory fees waived		—			—
Net expenses:		1,855,291			839,128
Net investment income (loss)		3,752,674			4,117,062
Realized and unrealized gain (loss):
Net realized gain (loss) on:
Investment transactions		31,772,132			23,492,219
Futures contracts		—			809,607
Foreign currency transactions		3,441			—
Net realized gain (loss)		31,775,573			24,301,826
Net change in unrealized appreciation (depreciation) on:
Investment transactions		42,294,107			68,005,319
Futures contracts		—			(18,852	)
Translation of assets and liabilities in foreign currencies		(1,714	)		—
Net change in unrealized appreciation (depreciation)		42,292,393			67,986,467
Net realized gain (loss) and change in unrealized appreciation (depreciation)		74,067,966			92,288,293
Net increase (decrease) in net assets resulting from operations	$	77,820,640		$	96,405,355

^(a)

Net of foreign withholding tax of:

146,613

458

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

130

MML Focused Equity Fund			MML Foreign Fund			MML Fundamental Equity Fund			MML Fundamental Value Fund			MML Global Fund			MML Growth & Income Fund			MML Income & Growth Fund

$	2,557,927		$	5,864,186		$	1,530,298		$	1,784,108		$	3,556,987		$	1,116,354		$	2,714,558
	—			—			—			—			—			—			—
	317			15,831			75,170			299			13,167			1,232			10,784
	2,558,244			5,880,017			1,605,468			1,784,407			3,570,154			1,117,586			2,725,342
		��
	989,674			1,194,226			548,048			626,812			1,180,132			403,478			895,417
	12,152			38,786			10,222			14,351			43,414			11,424			12,859
	18,544			21,237			18,441			18,442			21,616			18,404			18,854
	3,068			2,765			1,588			1,982			4,099			1,449			3,291
	353			353			353			353			353			353			353
	17,412			19,062			13,414			13,534			23,020			11,470			17,106
	10,212			9,516			6,211			6,894			13,818			5,350			9,258
	1,051,415			1,285,945			598,277			682,368			1,286,452			451,928			957,138

	—			—			—			—			266,775			—			—
	201,273			—			121,136			143,390			14,320			—			—
	15,153			—			15,876			13,313			13,938			—			—

	—			10,618			—			—			—			65,737			36,343
	25,255			—			26,461			22,188			23,229			—			—
	1,293,096			1,296,563			761,750			861,259			1,604,714			517,665			993,481

	—			(26,923	)		—			—			—			—			—
	—			—			—			(19,118	)		—			—			—
	—			(850	)		—			—			—			—			—
	—			—			—			(1,776	)		—			—			—
	1,293,096			1,268,790			761,750			840,365			1,604,714			517,665			993,481
	1,265,148			4,611,227			843,718			944,042			1,965,440			599,921			1,731,861


	12,618,978			8,885,200			12,766,391			14,867,356			25,495,171			8,053,112			13,577,416
	—			—			—			—			—			—			—
	(6,037	)		(2,811	)		119			51			(6,789	)		(1,317	)		—
	12,612,941			8,882,389			12,766,510			14,867,407			25,488,382			8,051,795			13,577,416

	12,716,158			15,435,435			14,009,707			23,807,694			17,239,307			15,590,326			33,705,179
	—			—			—			—			—			—			—
	123			(38,914	)		(212	)		(2,889	)		(26,477	)		13			—
	12,716,281			15,396,521			14,009,495			23,804,805			17,212,830			15,590,339			33,705,179
	25,329,222			24,278,910			26,776,005			38,672,212			42,701,212			23,642,134			47,282,595
$	26,594,370		$	28,890,137		$	27,619,723		$	39,616,254		$	44,666,652		$	24,242,055		$	49,014,456

4,933

587,152

977

24,852

347,189

14,805

—

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

131

MML Series Investment Fund – Financial Statements (Continued)

Statements of Operations
For the Six Months Ended June 30, 2021 (Unaudited)

	MML International Equity Fund			MML Large Cap Growth Fund
Investment income (Note 2):
Dividends ^(a)	$	2,379,186		$	590,539
Interest		3,422			—
Securities lending net income		16,114			22
Total investment income		2,398,722			590,561
Expenses (Note 3):
Investment advisory fees		689,025			461,170
Custody fees		54,958			9,762
Audit fees		23,588			18,397
Legal fees		1,593			1,319
Proxy fees		353			353
Shareholder reporting fees		12,349			10,410
Trustees’ fees		5,706			4,858
		787,572			506,269
Administration fees:
Class II		123,492			—
Service Class I		5,700			—
Distribution and Service fees:
Service Class		—			29,027
Service Class I		9,501			—
Total expenses		926,265			535,296
Expenses waived (Note 3):
Class II fees reimbursed by adviser		(53,013	)		—
Service Class I fees reimbursed by adviser		(2,469	)		—
Initial Class advisory fees waived		—			—
Class II advisory fees waived		—			—
Service Class advisory fees waived		—			—
Service Class I advisory fees waived		—			—
Net expenses:		870,783			535,296
Net investment income (loss)		1,527,939			55,265
Realized and unrealized gain (loss):
Net realized gain (loss) on:
Investment transactions		7,572,637			6,978,741
Futures contracts		—			—
Written options		—			—
Foreign currency transactions		8,127			—
Forward contracts		32,698			—
Net realized gain (loss)		7,613,462			6,978,741
Net change in unrealized appreciation (depreciation) on:
Investment transactions		12,594,090	*		11,349,440
Futures contracts		—			—
Written options		—			—
Translation of assets and liabilities in foreign currencies		(30,837	)		—
Forward contracts		63,544			—
Net change in unrealized appreciation (depreciation)		12,626,797			11,349,440
Net realized gain (loss) and change in unrealized appreciation (depreciation)		20,240,259			18,328,181
Net increase (decrease) in net assets resulting from operations	$	21,768,198		$	18,383,446

^(a)	Net of foreign withholding tax of:					$	311,265			$	37,015
*	Net of net increase (decrease) in accrued foreign capital gains tax of:					$	1,740			$	—

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

132

MML Managed Volatility Fund			MML Mid Cap Growth Fund			MML Mid Cap Value Fund			MML Small Cap Growth Equity Fund			MML Small Company Value Fund			MML Small/Mid Cap Value Fund		MML Total Return Bond Fund

$	1,029,500		$	1,144,694		$	4,706,286		$	582,115		$	499,263		$	1,844,585	$	—
	—			—			—			—			—			—		2,981,184
	95			13,975			15,039			18,942			6,189			1,779		519
	1,029,595			1,158,669			4,721,325			601,057			505,452			1,846,364		2,981,703

	526,801			2,057,882			1,733,502			1,092,590			387,613			753,537		668,055
	150,364			30,486			29,416			17,140			16,994			17,198		48,780
	18,394			19,112			19,506			19,844			18,691			18,438		22,732
	1,750			5,174			4,933			1,885			875			1,789		6,675
	353			353			353			353			353			353		353
	13,808			31,492			23,197			13,824			8,694			13,070		25,627
	4,840			19,122			13,877			7,335			3,185			6,511		11,639
	716,310			2,163,621			1,824,784			1,152,971			436,405			810,896		783,861

	—			—			—			—			51,219			—		213,037
	—			—			—			—			21,459			—		37,484

	33,057			146,538			67,617			40,221			—			32,308		—
	—			—			—			—			35,764			—		62,473
	749,367			2,310,159			1,892,401			1,193,192			544,847			843,204		1,096,855

	—			—			—			—			—			—		—
	—			—			—			—			—			—		—
	—			—			—			(26,755	)		—			—		—
	—			—			—			—			(17,071	)		—		—
	—			—			—			(4,833	)		—			—		—
	—			—			—			—			(7,155	)		—		—
	749,367			2,310,159			1,892,401			1,161,604			520,621			843,204		1,096,855
	280,228			(1,151,490	)		2,828,924			(560,547	)		(15,169	)		1,003,160		1,884,848


	3,591,726			55,848,414			42,532,516			38,779,700			8,335,355			26,261,015		(2,313,283	)
	—			—			—			—			—			—		(21,034	)
	(5,070,678	)		—			—			—			—			—		—
	—			(2	)		7,124			18			—			—		(37	)
	—			—			16,340			—			—			—		160,258
	(1,478,952	)		55,848,412			42,555,980			38,779,718			8,335,355			26,261,015		(2,174,096	)

	10,484,119			(5,794,969	)		14,854,736			(22,372,057	)		6,421,442			20,032,843		(4,006,413	)
	—			—			—			—			—			—		15,453
	731,389			—			—			—			—			—		—
	803			—			(542	)		—			—			—		(25	)
	—			—			335,464			—			—			—		30,073
	11,216,311			(5,794,969	)		15,189,658			(22,372,057	)		6,421,442			20,032,843		(3,960,912	)
	9,737,359			50,053,443			57,745,638			16,407,661			14,756,797			46,293,858		(6,135,008	)
$	10,017,587		$	48,901,953		$	60,574,562		$	15,847,114		$	14,741,628		$	47,297,018	$	(4,250,160	)

	$	95			$	4,168			$	58,068			$	151			$	870			$	910			$	—
	$	—			$	—			$	—			$	—			$	—			$	—			$	—

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

133

MML Series Investment Fund – Financial Statements (Continued)
Statements of Changes in Net Assets

	MML Conservative Allocation Fund
	Six Months Ended June 30, 2021 (Unaudited)			Year Ended December 31, 2020
Increase (Decrease) in Net Assets:
Operations:
Net investment income (loss)	$	(668,891	)	$	3,187,586
Net realized gain (loss)		8,574,809			9,699,334
Net change in unrealized appreciation (depreciation)		16,932,328			28,195,210
Net increase (decrease) in net assets resulting from operations		24,838,246			41,082,130
Distributions to shareholders (Note 2):
Initial Class		—			(5,143,809	)
Service Class		—			(17,167,168	)
Total distributions		—			(22,310,977	)
Net fund share transactions (Note 5):
Initial Class		(10,668,721	)		(3,006,178	)
Service Class		(37,580,151	)		11,117,616
Increase (decrease) in net assets from fund share transactions		(48,248,872	)		8,111,438
Total increase (decrease) in net assets		(23,410,626	)		26,882,591
Net assets
Beginning of period		434,830,574			407,947,983
End of period	$	411,419,948		$	434,830,574

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

134

MML Balanced Allocation Fund						MML Moderate Allocation Fund						MML Growth Allocation Fund
Six Months Ended June 30, 2021 (Unaudited)			Year Ended December 31, 2020			Six Months Ended June 30, 2021 (Unaudited)			Year Ended December 31, 2020			Six Months Ended June 30, 2021 (Unaudited)			Year Ended December 31, 2020


$	(763,859	)	$	3,891,693		$	(3,004,243	)	$	15,556,930		$	(1,692,700	)	$	12,655,150
	4,772,606			12,501,594			23,386,902			58,786,001			22,743,008			53,333,242
	29,230,961			32,014,482			131,348,284			100,254,024			99,429,436			84,655,586
	33,239,708			48,407,769			151,730,943			174,596,955			120,479,744			150,643,978

	—			(7,252,946	)		—			(24,418,984	)		—			(43,790,723	)
	—			(22,625,157	)		—			(108,694,392	)		—			(72,284,951	)
	—			(29,878,103	)		—			(133,113,376	)		—			(116,075,674	)

	(7,736,269	)		(19,721,783	)		(32,619,190	)		(80,376,454	)		(47,500,350	)		(128,925,894	)
	(23,891,127	)		(50,072,660	)		(155,441,184	)		(211,957,239	)		(79,294,584	)		(211,691,232	)
	(31,627,396	)		(69,794,443	)		(188,060,374	)		(292,333,693	)		(126,794,934	)		(340,617,126	)
	1,612,312			(51,264,777	)		(36,329,431	)		(250,850,114	)		(6,315,190	)		(306,048,822	)

	483,068,260			534,333,037			1,878,841,596			2,129,691,710			1,245,444,428			1,551,493,250
$	484,680,572		$	483,068,260		$	1,842,512,165		$	1,878,841,596		$	1,239,129,238		$	1,245,444,428

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

135

MML Series Investment Fund – Financial Statements (Continued)

Statements of Changes in Net Assets

	MML Aggressive Allocation Fund
	Six Months Ended June 30, 2021 (Unaudited)			Year Ended December 31, 2020
Increase (Decrease) in Net Assets:
Operations:
Net investment income (loss)	$	(243,123	)	$	1,368,390
Net realized gain (loss)		3,777,089			5,782,030
Net change in unrealized appreciation (depreciation)		15,208,826			11,310,912
Net increase (decrease) in net assets resulting from operations		18,742,792			18,461,332
Distributions to shareholders (Note 2):
Initial Class		—			(5,424,704	)
Service Class		—			(7,141,143	)
Service Class I		—			—
Total distributions		—			(12,565,847	)
Net fund share transactions (Note 5):
Initial Class		(2,156,361	)		(3,763,403	)
Service Class		(5,442,885	)		(5,252,856	)
Service Class I		—			—
Increase (decrease) in net assets from fund share transactions		(7,599,246	)		(9,016,259	)
Total increase (decrease) in net assets		11,143,546			(3,120,774	)
Net assets
Beginning of period		160,275,377			163,396,151
End of period	$	171,418,923		$	160,275,377

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

136

MML American Funds Growth Fund						MML American Funds International Fund						MML American Funds Core Allocation Fund
Six Months Ended June 30, 2021 (Unaudited)			Year Ended December 31, 2020			Six Months Ended June 30, 2021 (Unaudited)			Year Ended December 31, 2020			Six Months Ended June 30, 2021 (Unaudited)			Year Ended December 31, 2020


$	(566,017	)	$	(260,822	)	$	(186,577	)	$	79,022		$	(331,825	)	$	10,072,247
	43,346,626			15,092,009			722,629			874,130			35,555,804			19,033,913
	(10,568,293	)		79,479,443			2,140,854			6,485,352			37,224,555			69,309,779
	32,212,316			94,310,630			2,676,906			7,438,504			72,448,534			98,415,939

	—			—			—			—			—			—
	—			—			—			—			—			—
	—			(24,143,106	)		—			(3,830,988	)		—			(66,435,525	)
	—			(24,143,106	)		—			(3,830,988	)		—			(66,435,525	)

	—			—			—			—			—			—
	—			—			—			—			—			—
	(6,972,357	)		(9,739,042	)		(1,032,892	)		(6,520,093	)		(59,796,164	)		(89,664,279	)
	(6,972,357	)		(9,739,042	)		(1,032,892	)		(6,520,093	)		(59,796,164	)		(89,664,279	)
	25,239,959			60,428,482			1,644,014			(2,912,577	)		12,652,370			(57,683,865	)

	257,464,175			197,035,693			61,030,565			63,943,142			943,727,528			1,001,411,393
$	282,704,134		$	257,464,175		$	62,674,579		$	61,030,565		$	956,379,898		$	943,727,528

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

137

MML Series Investment Fund – Financial Statements (Continued)

Statements of Changes in Net Assets

	MML Blue Chip Growth Fund
	Six Months Ended June 30, 2021 (Unaudited)			Year Ended December 31, 2020
Increase (Decrease) in Net Assets:
Operations:
Net investment income (loss)	$	(1,341,907	)	$	(2,095,694	)
Net realized gain (loss)		49,589,507			60,385,496
Net change in unrealized appreciation (depreciation)		15,099,217			91,947,457
Net increase (decrease) in net assets resulting from operations		63,346,817			150,237,259
Distributions to shareholders (Note 2):
Initial Class		—			(28,187,061	)
Class I		—			—
Class II		—			—
Class III		—			—
Service Class		—			(14,108,057	)
Service Class I		—			—
Total distributions		—			(42,295,118	)
Net fund share transactions (Note 5):
Initial Class		(28,325,758	)		(28,085,143	)
Class I		—			—
Class II		—			—
Class III		—			—
Service Class		(2,687,343	)		11,700,654
Service Class I		—			—
Increase (decrease) in net assets from fund share transactions		(31,013,101	)		(16,384,489	)
Total increase (decrease) in net assets		32,333,716			91,557,652
Net assets
Beginning of period		533,231,274			441,673,622
End of period	$	565,564,990		$	533,231,274

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

138

MML Equity Income Fund						MML Equity Index Fund						MML Focused Equity Fund
Six Months Ended June 30, 2021 (Unaudited)			Year Ended December 31, 2020			Six Months Ended June 30, 2021 (Unaudited)			Year Ended December 31, 2020			Six Months Ended June 30, 2021 (Unaudited)			Year Ended December 31, 2020


$	3,752,674		$	9,702,831		$	4,117,062		$	9,195,073		$	1,265,148		$	3,280,575
	31,775,573			7,687,006			24,301,826			31,583,164			12,612,941			16,891,787
	42,292,393			(10,566,603	)		67,986,467			62,968,813			12,716,281			16,223,813
	77,820,640			6,823,234			96,405,355			103,747,050			26,594,370			36,396,175

	—			(33,362,820	)		—			—			—			—
	—			—			—			(14,127,801	)		—			—
	—			—			—			(55,432,137	)		—			(15,078,907	)
	—			—			—			(72,635,801	)		—			—
	—			(6,937,635	)		—			—			—			—
	—			—			—			(11,098,783	)		—			(965,147	)
	—			(40,300,455	)		—			(153,294,522	)		—			(16,044,054	)

	(55,328,243	)		(3,989,422	)		—			—			—			—
	—			—			(8,103,310	)		7,721,363			—			—
	—			—			(5,496,886	)		47,903,400			(26,468,803	)		(38,935,605	)
	—			—			(18,577,567	)		62,143,583			—			—
	(8,137,726	)		1,860,902			—			—			—			—
	—			—			1,257,809			2,542,609			(421,611	)		(146,693	)
	(63,465,969	)		(2,128,520	)		(30,919,954	)		120,310,955			(26,890,414	)		(39,082,298	)
	14,354,671			(35,605,741	)		65,485,401			70,763,483			(296,044	)		(18,730,177	)

	448,052,471			483,658,212			652,841,780			582,078,297			297,055,832			315,786,009
$	462,407,142		$	448,052,471		$	718,327,181		$	652,841,780		$	296,759,788		$	297,055,832

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

139

MML Series Investment Fund – Financial Statements (Continued)

Statements of Changes in Net Assets

	MML Foreign Fund
	Six Months Ended June 30, 2021 (Unaudited)			Year Ended December 31, 2020
Increase (Decrease) in Net Assets:
Operations:
Net investment income (loss)	$	4,611,227		$	4,355,681
Net realized gain (loss)		8,882,389			(6,410,939	)
Net change in unrealized appreciation (depreciation)		15,396,521			15,339,394
Net increase (decrease) in net assets resulting from operations		28,890,137			13,284,136
Distributions to shareholders (Note 2):
Initial Class		—			(17,462,978	)
Class I		—			—
Class II		—			—
Service Class		—			(543,157	)
Service Class I		—			—
Total distributions		—			(18,006,135	)
Net fund share transactions (Note 5):
Initial Class		(24,513,564	)		(36,310,172	)
Class I		—			—
Class II		—			—
Service Class		(711,998	)		(1,326,175	)
Service Class I		—			—
Increase (decrease) in net assets from fund share transactions		(25,225,562	)		(37,636,347	)
Total increase (decrease) in net assets		3,664,575			(42,358,346	)
Net assets
Beginning of period		274,828,731			317,187,077
End of period	$	278,493,306		$	274,828,731

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

140

MML Fundamental Equity Fund						MML Fundamental Value Fund						MML Global Fund
Six Months Ended June 30, 2021 (Unaudited)			Year Ended December 31, 2020			Six Months Ended June 30, 2021 (Unaudited)			Year Ended December 31, 2020			Six Months Ended June 30, 2021 (Unaudited)			Year Ended December 31, 2020


$	843,718		$	1,085,703		$	944,042		$	3,302,860		$	1,965,440		$	3,500,316
	12,766,510			17,940,416			14,867,407			(3,921,432	)		25,488,382			33,379,554
	14,009,495			15,353,809			23,804,805			5,434,642			17,212,830			13,729,452
	27,619,723			34,379,928			39,616,254			4,816,070			44,666,652			50,609,322

	—			—			—			—			—			—
	—			—			—			—			—			(18,839,748	)
	—			(19,054,687	)		—			(25,483,413	)		—			(790,380	)
	—			—			—			—			—			—
	—			(2,117,974	)		—			(1,948,736	)		—			(805,077	)
	—			(21,172,661	)		—			(27,432,149	)		—			(20,435,205	)

	—			—			—			—			—			—
	—			—			—			—			(45,982,358	)		(76,941,427	)
	(19,913,713	)		47,483,118			(17,253,423	)		5,991,538			(621,095	)		(819,659	)
	—			—			—			—			—			—
	(399,196	)		3,342,612			(368,517	)		1,366,155			(376,613	)		(383,206	)
	(20,312,909	)		50,825,730			(17,621,940	)		7,357,693			(46,980,066	)		(78,144,292	)
	7,306,814			64,032,997			21,994,314			(15,258,386	)		(2,313,414	)		(47,970,175	)

	181,426,877			117,393,880			194,908,871			210,167,257			398,207,342			446,177,517
$	188,733,691		$	181,426,877		$	216,903,185		$	194,908,871		$	395,893,928		$	398,207,342

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

141

MML Series Investment Fund – Financial Statements (Continued)

Statements of Changes in Net Assets

	MML Growth & Income Fund
	Six Months Ended June 30, 2021 (Unaudited)			Year Ended December 31, 2020
Increase (Decrease) in Net Assets:
Operations:
Net investment income (loss)	$	599,921		$	1,362,309
Net realized gain (loss)		8,051,795			9,112,888
Net change in unrealized appreciation (depreciation)		15,590,339			9,054,134
Net increase (decrease) in net assets resulting from operations		24,242,055			19,529,331
Distributions to shareholders (Note 2):
Initial Class		—			(7,969,735	)
Class II		—			—
Service Class		—			(3,654,039	)
Service Class I		—			—
Total distributions		—			(11,623,774	)
Net fund share transactions (Note 5):
Initial Class		(7,653,350	)		(6,641,960	)
Class II		—			—
Service Class		(875,801	)		1,144,590
Service Class I		—			—
Increase (decrease) in net assets from fund share transactions		(8,529,151	)		(5,497,370	)
Total increase (decrease) in net assets		15,712,904			2,408,187
Net assets
Beginning of period		155,358,981			152,950,794
End of period	$	171,071,885		$	155,358,981

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

142

MML Income & Growth Fund						MML International Equity Fund						MML Large Cap Growth Fund
Six Months Ended June 30, 2021 (Unaudited)			Year Ended December 31, 2020			Six Months Ended June 30, 2021 (Unaudited)			Year Ended December 31, 2020			Six Months Ended June 30, 2021 (Unaudited)			Year Ended December 31, 2020


$	1,731,861		$	4,532,650		$	1,527,939		$	593,135		$	55,265		$	89,097
	13,577,416			(11,849,121	)		7,613,462			(15,095,258	)		6,978,741			17,606,300
	33,705,179			11,417,007			12,626,797			22,572,592			11,349,440			20,787,845
	49,014,456			4,100,536			21,768,198			8,070,469			18,383,446			38,483,242

	—			(5,619,340	)		—			—			—			(5,597,296	)
	—			—			—			(9,804,482	)		—			—
	—			(526,027	)		—			—			—			(908,084	)
	—			—			—			(359,225	)		—			—
	—			(6,145,367	)		—			(10,163,707	)		—			(6,505,380	)

	(36,491,381	)		(30,951,611	)		—			—			(11,905,664	)		(2,445,427	)
	—			—			(16,324,952	)		(16,570,534	)		—			—
	(1,524,070	)		(2,290,359	)		—			—			183,757			1,491,809
	—			—			6,172			160,875			—			—
	(38,015,451	)		(33,241,970	)		(16,318,780	)		(16,409,659	)		(11,721,907	)		(953,618	)
	10,999,005			(35,286,801	)		5,449,418			(18,502,897	)		6,661,539			31,024,244

	268,439,233			303,726,034			166,715,717			185,218,614			142,689,582			111,665,338
$	279,438,238		$	268,439,233		$	172,165,135		$	166,715,717		$	149,351,121		$	142,689,582

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

143

MML Series Investment Fund – Financial Statements (Continued)

Statements of Changes in Net Assets

	MML Managed Volatility Fund
	Six Months Ended June 30, 2021 (Unaudited)			Year Ended December 31, 2020
Increase (Decrease) in Net Assets:
Operations:
Net investment income (loss)	$	280,228		$	1,021,303
Net realized gain (loss)		(1,478,952	)		10,739,126
Net change in unrealized appreciation (depreciation)		11,216,311			(3,897,174	)
Net increase (decrease) in net assets resulting from operations		10,017,587			7,863,255
Distributions to shareholders (Note 2):
Initial Class		—			(1,569,290	)
Service Class		—			(317,733	)
Total distributions		—			(1,887,023	)
Net fund share transactions (Note 5):
Initial Class		(8,380,269	)		(12,572,220	)
Service Class		(2,278,777	)		(4,945,193	)
Increase (decrease) in net assets from fund share transactions		(10,659,046	)		(17,517,413	)
Total increase (decrease) in net assets		(641,459	)		(11,541,181	)
Net assets
Beginning of period		143,595,336			155,136,517
End of period	$	142,953,877		$	143,595,336

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

144

MML Mid Cap Growth Fund						MML Mid Cap Value Fund						MML Small Cap Growth Equity Fund
Six Months Ended June 30, 2021 (Unaudited)			Year Ended December 31, 2020			Six Months Ended June 30, 2021 (Unaudited)			Year Ended December 31, 2020			Six Months Ended June 30, 2021 (Unaudited)			Year Ended December 31, 2020


$	(1,151,490	)	$	(1,205,368	)	$	2,828,924		$	6,228,558		$	(560,547	)	$	(554,127	)
	55,848,412			96,918,382			42,555,980			4,873,775			38,779,718			32,029,792
	(5,794,969	)		31,264,718			15,189,658			(1,883,956	)		(22,372,057	)		30,418,601
	48,901,953			126,977,732			60,574,562			9,218,377			15,847,114			61,894,266

	—			(39,651,202	)		—			(6,322,018	)		—			(19,885,569	)
	—			(10,615,548	)		—			(737,517	)		—			(3,402,966	)
	—			(50,266,750	)		—			(7,059,535	)		—			(23,288,535	)

	(50,680,913	)		(34,986,822	)		(41,462,982	)		(42,695,740	)		(19,394,213	)		(24,000,920	)
	(8,808,358	)		(5,231,458	)		(4,005,624	)		(1,944,447	)		(671,640	)		154,503
	(59,489,271	)		(40,218,280	)		(45,468,606	)		(44,640,187	)		(20,065,853	)		(23,846,417	)
	(10,587,318	)		36,492,702			15,105,956			(42,481,345	)		(4,218,739	)		14,759,314

	552,637,507			516,144,805			399,882,590			442,363,935			211,211,921			196,452,607
$	542,050,189		$	552,637,507		$	414,988,546		$	399,882,590		$	206,993,182		$	211,211,921

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

145

MML Series Investment Fund – Financial Statements (Continued)

Statements of Changes in Net Assets

	MML Small Company Value Fund
	Six Months Ended June 30, 2021 (Unaudited)			Year Ended December 31, 2020
Increase (Decrease) in Net Assets:
Operations:
Net investment income (loss)	$	(15,169	)	$	220,327
Net realized gain (loss)		8,335,355			5,638,218
Net change in unrealized appreciation (depreciation)		6,421,442			774,734
Net increase (decrease) in net assets resulting from operations		14,741,628			6,633,279
Distributions to shareholders (Note 2):
Initial Class		—			—
Class II		—			(3,344,244	)
Service Class		—			—
Service Class I		—			(1,232,924	)
Total distributions		—			(4,577,168	)
Net fund share transactions (Note 5):
Initial Class		—			—
Class II		(9,465,157	)		(9,870,059	)
Service Class		—			—
Service Class I		(1,193,676	)		(254,063	)
Increase (decrease) in net assets from fund share transactions		(10,658,833	)		(10,124,122	)
Total increase (decrease) in net assets		4,082,795			(8,068,011	)
Net assets
Beginning of period		92,422,621			100,490,632
End of period	$	96,505,416		$	92,422,621

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

146

MML Small/Mid Cap Value Fund						MML Total Return Bond Fund
Six Months Ended June 30, 2021 (Unaudited)			Year Ended December 31, 2020			Six Months Ended June 30, 2021 (Unaudited)			Year Ended December 31, 2020


$	1,003,160		$	1,659,426		$	1,884,848		$	6,027,698
	26,261,015			(5,515,350	)		(2,174,096	)		18,576,470
	20,032,843			15,147,890			(3,960,912	)		5,106,709
	47,297,018			11,291,966			(4,250,160	)		29,710,877

	—			(8,658,051	)		—			—
	—			—			—			(10,430,481	)
	—			(1,079,794	)		—			—
	—			—			—			(1,499,979	)
	—			(9,737,845	)		—			(11,930,460	)

	(34,402,438	)		(16,891,084	)		—			—
	—			—			6,964,861			(69,935,507	)
	(61,045	)		(1,013,863	)		—			—
	—			—			(3,987	)		15,399,108
	(34,463,483	)		(17,904,947	)		6,960,874			(54,536,399	)
	12,833,535			(16,350,826	)		2,710,714			(36,755,982	)

	186,447,145			202,797,971			339,257,104			376,013,086
$	199,280,680		$	186,447,145		$	341,967,818		$	339,257,104

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

147

MML Series Investment Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

MML Conservative Allocation Fund

		Income (loss) from investment operations			Less distributions to shareholders					Ratios / Supplemental Data
	Net asset value, beginning of period	Net investment income (loss)^c	Net realized and unrealized gain (loss) on investments	Total income (loss) from investment operations	From net investment income	From net realized gains	Total distributions	Net asset value, end of the period	Total return^m	Net assets, end of the period (000’s)	Ratio of expenses to average daily net assets^w	Net investment income (loss) to average daily net assets
Initial Class
6/30/21^r	$ 10.34	$ (0.01)	$ 0.65	$ 0.64	$ —	$ —	$ —	$ 10.98	6.19%^b	$ 91,501	0.13%^a	(0.13%)^a
12/31/20	9.95	0.09	0.86	0.95	(0.27)	(0.29)	(0.56)	10.34	9.93%	96,649	0.12%	0.95%
12/31/19	9.23	0.25	1.13	1.38	(0.28)	(0.38)	(0.66)	9.95	15.20%	95,290	0.13%	2.55%
12/31/18	10.01	0.22	(0.55)	(0.33)	(0.25)	(0.20)	(0.45)	9.23	(3.50%)	90,797	0.12%	2.22%
12/31/17	9.63	0.22	0.70	0.92	(0.23)	(0.31)	(0.54)	10.01	9.62%	107,294	0.12%	2.23%
12/31/16	9.83	0.20	0.37	0.57	(0.24)	(0.53)	(0.77)	9.63	5.78%	112,989	0.12%	2.01%
Service Class
6/30/21^r	$ 10.22	$ (0.02)	$ 0.64	$ 0.62	$ —	$ —	$ —	$ 10.84	6.07%^b	$ 319,919	0.38%^a	(0.38%)^a
12/31/20	9.84	0.07	0.85	0.92	(0.25)	(0.29)	(0.54)	10.22	9.67%	338,181	0.37%	0.72%
12/31/19	9.13	0.22	1.12	1.34	(0.25)	(0.38)	(0.63)	9.84	14.93%	312,658	0.38%	2.31%
12/31/18	9.90	0.19	(0.53)	(0.34)	(0.23)	(0.20)	(0.43)	9.13	(3.70%)	306,230	0.37%	1.94%
12/31/17	9.53	0.20	0.68	0.88	(0.20)	(0.31)	(0.51)	9.90	9.33%	368,843	0.37%	2.00%
12/31/16	9.74	0.18	0.35	0.53	(0.21)	(0.53)	(0.74)	9.53	5.48%	364,364	0.37%	1.80%

	Six months ended June 30, 2021^b,r	Year ended December 31
	Six months ended June 30, 2021^b,r	2020	2019	2018	2017	2016
Portfolio turnover rate^x	8%	43%	29%	18%	14%	24%

a	Annualized.

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

c	Per share amount calculated on the average shares method.

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

r	Unaudited.

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

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

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

148

MML Series Investment Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

MML Balanced Allocation Fund

		Income (loss) from investment operations			Less distributions to shareholders					Ratios / Supplemental Data
	Net asset value, beginning of period	Net investment income (loss)^c	Net realized and unrealized gain (loss) on investments	Total income (loss) from investment operations	From net investment income	From net realized gains	Total distributions	Net asset value, end of the period	Total return^m	Net assets, end of the period (000’s)	Ratio of expenses to average daily net assets^w	Net investment income (loss) to average daily net assets
Initial Class
6/30/21^r	$ 10.32	$ (0.01)	$ 0.76	$ 0.75	$ —	$ —	$ —	$ 11.07	7.27%^b	$ 109,756	0.12%^a	(0.12%)^a
12/31/20	9.89	0.09	0.94	1.03	(0.26)	(0.34)	(0.60)	10.32	10.93%	109,924	0.12%	0.97%
12/31/19	9.12	0.23	1.27	1.50	(0.26)	(0.47)	(0.73)	9.89	16.75%	125,465	0.12%	2.32%
12/31/18	10.16	0.20	(0.61)	(0.41)	(0.24)	(0.39)	(0.63)	9.12	(4.47%)	116,177	0.12%	2.00%
12/31/17	9.70	0.21	0.88	1.09	(0.20)	(0.43)	(0.63)	10.16	11.48%	139,773	0.12%	2.06%
12/31/16	10.05	0.18	0.43	0.61	(0.24)	(0.72)	(0.96)	9.70	6.15%	134,716	0.12%	1.84%
Service Class
6/30/21^r	$ 10.22	$ (0.02)	$ 0.74	$ 0.72	$ —	$ —	$ —	$ 10.94	7.05%^b	$ 374,924	0.37%^a	(0.37%)^a
12/31/20	9.80	0.07	0.92	0.99	(0.23)	(0.34)	(0.57)	10.22	10.65%	373,144	0.37%	0.72%
12/31/19	9.03	0.20	1.27	1.47	(0.23)	(0.47)	(0.70)	9.80	16.61%	408,868	0.37%	2.07%
12/31/18	10.07	0.17	(0.61)	(0.44)	(0.21)	(0.39)	(0.60)	9.03	(4.76%)	391,230	0.37%	1.76%
12/31/17	9.62	0.18	0.88	1.06	(0.18)	(0.43)	(0.61)	10.07	11.21%	459,581	0.37%	1.82%
12/31/16	9.98	0.16	0.42	0.58	(0.22)	(0.72)	(0.94)	9.62	5.82%	438,996	0.37%	1.62%

	Six months ended June 30, 2021^b,r	Year ended December 31
	Six months ended June 30, 2021^b,r	2020	2019	2018	2017	2016
Portfolio turnover rate^x	5%	22%	28%	17%	15%	18%

a	Annualized.

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

c	Per share amount calculated on the average shares method.

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

r	Unaudited.

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

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

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

149

MML Series Investment Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

MML Moderate Allocation Fund

		Income (loss) from investment operations			Less distributions to shareholders					Ratios / Supplemental Data
	Net asset value, beginning of period	Net investment income (loss)^c	Net realized and unrealized gain (loss) on investments	Total income (loss) from investment operations	From net investment income	From net realized gains	Total distributions	Net asset value, end of the period	Total return^m	Net assets, end of the period (000’s)	Ratio of expenses to average daily net assets^w	Net investment income (loss) to average daily net assets
Initial Class
6/30/21^r	$ 10.84	$ (0.01)	$ 0.94	$ 0.93	$ —	$ —	$ —	$ 11.77	8.58%^b	$ 294,920	0.12%^a	(0.12%)^a
12/31/20	10.53	0.10	0.95	1.05	(0.26)	(0.48)	(0.74)	10.84	10.54%	303,037	0.11%	1.04%
12/31/19	9.71	0.21	1.54	1.75	(0.28)	(0.65)	(0.93)	10.53	18.58%	378,044	0.12%	2.05%
12/31/18	11.00	0.19	(0.73)	(0.54)	(0.24)	(0.51)	(0.75)	9.71	(5.48%)	349,719	0.11%	1.79%
12/31/17	10.38	0.20	1.15	1.35	(0.20)	(0.53)	(0.73)	11.00	13.33%	417,670	0.11%	1.84%
12/31/16	10.66	0.18	0.54	0.72	(0.23)	(0.77)	(1.00)	10.38	6.89%	411,730	0.11%	1.69%
Service Class
6/30/21^r	$ 10.70	$ (0.02)	$ 0.93	$ 0.91	$ —	$ —	$ —	$ 11.61	8.50%^b	$ 1,547,593	0.37%^a	(0.37%)^a
12/31/20	10.41	0.08	0.92	1.00	(0.23)	(0.48)	(0.71)	10.70	10.16%	1,575,805	0.36%	0.76%
12/31/19	9.60	0.18	1.53	1.71	(0.25)	(0.65)	(0.90)	10.41	18.36%	1,751,648	0.37%	1.78%
12/31/18	10.88	0.16	(0.72)	(0.56)	(0.21)	(0.51)	(0.72)	9.60	(5.70%)	1,690,215	0.36%	1.54%
12/31/17	10.28	0.17	1.14	1.31	(0.18)	(0.53)	(0.71)	10.88	12.99%	2,047,202	0.36%	1.60%
12/31/16	10.57	0.15	0.53	0.68	(0.20)	(0.77)	(0.97)	10.28	6.59%	1,968,981	0.36%	1.45%

	Six months ended June 30, 2021^b,r	Year ended December 31
	Six months ended June 30, 2021^b,r	2020	2019	2018	2017	2016
Portfolio turnover rate^x	3%	19%	28%	15%	13%	14%

a	Annualized.

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

c	Per share amount calculated on the average shares method.

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

r	Unaudited.

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

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

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

150

MML Series Investment Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

MML Growth Allocation Fund

		Income (loss) from investment operations			Less distributions to shareholders					Ratios / Supplemental Data
	Net asset value, beginning of period	Net investment income (loss)^c	Net realized and unrealized gain (loss) on investments	Total income (loss) from investment operations	From net investment income	From net realized gains	Total distributions	Net asset value, end of the period	Total return^m	Net assets, end of the period (000’s)	Ratio of expenses to average daily net assets^w	Net investment income (loss) to average daily net assets
Initial Class
6/30/21^r	$ 9.38	$ (0.01)	$ 0.99	$ 0.98	$ —	$ —	$ —	$ 10.36	10.45%^b	$ 453,640	0.12%^a	(0.12%)^a
12/31/20	9.04	0.09	0.98	1.07	(0.18)	(0.55)	(0.73)	9.38	12.76%	456,817	0.11%	1.07%
12/31/19	8.35	0.15	1.55	1.70	(0.22)	(0.79)	(1.01)	9.04	21.21%	573,104	0.12%	1.64%
12/31/18	9.75	0.14	(0.73)	(0.59)	(0.18)	(0.63)	(0.81)	8.35	(6.90%)	536,767	0.11%	1.47%
12/31/17	9.16	0.15	1.28	1.43	(0.15)	(0.69)	(0.84)	9.75	16.07%	647,613	0.11%	1.53%
12/31/16	9.69	0.13	0.58	0.71	(0.19)	(1.05)	(1.24)	9.16	7.57%	607,088	0.11%	1.38%
Service Class
6/30/21^r	$ 9.29	$ (0.02)	$ 0.97	$ 0.95	$ —	$ —	$ —	$ 10.24	10.23%^b	$ 785,489	0.37%^a	(0.37%)^a
12/31/20	8.96	0.07	0.97	1.04	(0.16)	(0.55)	(0.71)	9.29	12.47%	788,627	0.36%	0.82%
12/31/19	8.28	0.12	1.54	1.66	(0.19)	(0.79)	(0.98)	8.96	20.93%	978,390	0.37%	1.40%
12/31/18	9.67	0.12	(0.73)	(0.61)	(0.15)	(0.63)	(0.78)	8.28	(7.10%)	915,318	0.36%	1.22%
12/31/17	9.09	0.12	1.28	1.40	(0.13)	(0.69)	(0.82)	9.67	15.81%	1,080,728	0.36%	1.27%
12/31/16	9.63	0.11	0.56	0.67	(0.16)	(1.05)	(1.21)	9.09	7.23%	1,001,718	0.36%	1.13%

	Six months ended June 30, 2021^b,r	Year ended December 31
	Six months ended June 30, 2021^b,r	2020	2019	2018	2017	2016
Portfolio turnover rate^x	3%	18%	29%	17%	16%	17%

a	Annualized.

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

c	Per share amount calculated on the average shares method.

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

r	Unaudited.

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

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

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

151

MML Series Investment Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

MML Aggressive Allocation Fund

		Income (loss) from investment operations			Less distributions to shareholders					Ratios / Supplemental Data
	Net asset value, beginning of period	Net investment income (loss)^c	Net realized and unrealized gain (loss) on investments	Total income (loss) from investment operations	From net investment income	From net realized gains	Total distributions	Net asset value, end of the period	Total return^m	Net assets, end of the period (000’s)	Ratio of expenses to average daily net assets^w	Net investment income (loss) to average daily net assets
Initial Class
6/30/21^r	$ 10.58	$ (0.01)	$ 1.28	$ 1.27	$ —	$ —	$ —	$ 11.85	12.00%^b	$ 72,433	0.15%^a	(0.15%)^a
12/31/20	10.16	0.10	1.15	1.25	(0.16)	(0.67)	(0.83)	10.58	13.35%	66,655	0.15%	1.08%
12/31/19	9.20	0.12	1.99	2.11	(0.21)	(0.94)	(1.15)	10.16	23.93%	67,730	0.15%	1.24%
12/31/18	10.68	0.12	(0.90)	(0.78)	(0.15)	(0.55)	(0.70)	9.20	(8.12%)	56,195	0.15%	1.10%
12/31/17	9.67	0.12	1.65	1.77	(0.12)	(0.64)	(0.76)	10.68	18.77%	66,517	0.15%	1.17%
12/31/16	10.10	0.11	0.72	0.83	(0.16)	(1.10)	(1.26)	9.67	8.54%	58,438	0.15%	1.09%
Service Class
6/30/21^r	$ 10.39	$ (0.02)	$ 1.25	$ 1.23	$ —	$ —	$ —	$ 11.62	11.84%^b	$ 98,986	0.40%^a	(0.40%)^a
12/31/20	9.99	0.07	1.13	1.20	(0.13)	(0.67)	(0.80)	10.39	13.08%	93,621	0.40%	0.80%
12/31/19	9.06	0.09	1.96	2.05	(0.18)	(0.94)	(1.12)	9.99	23.65%	95,667	0.40%	0.95%
12/31/18	10.54	0.09	(0.90)	(0.81)	(0.12)	(0.55)	(0.67)	9.06	(8.44%)	83,212	0.40%	0.87%
12/31/17	9.56	0.10	1.62	1.72	(0.10)	(0.64)	(0.74)	10.54	18.44%	90,246	0.40%	0.95%
12/31/16	10.00	0.08	0.72	0.80	(0.14)	(1.10)	(1.24)	9.56	8.28%	73,617	0.40%	0.84%

	Six months ended June 30, 2021^b,r	Year ended December 31
	Six months ended June 30, 2021^b,r	2020	2019	2018	2017	2016
Portfolio turnover rate^x	6%	17%	32%	19%	20%	19%

a	Annualized.

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

c	Per share amount calculated on the average shares method.

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

r	Unaudited.

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

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

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

152

MML Series Investment Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

MML American Funds Growth Fund

		Income (loss) from investment operations			Less distributions to shareholders					Ratios / Supplemental Data
	Net asset value, beginning of period	Net investment income (loss)^c,j	Net realized and unrealized gain (loss) on investments	Total income (loss) from investment operations	From net investment income	From net realized gains	Total distributions	Net asset value, end of the period	Total return^m	Net assets, end of the period (000’s)	Ratio of expenses to average daily net assets before expense waivers^u	Ratio of expenses to average daily net assets after expense waivers^u,j	Net investment income (loss) to average daily net assets
Service Class I
6/30/21^r	$ 19.56	$ (0.04)	$ 2.51	$ 2.47	$ —	$ —	$ —	$ 22.03	12.69%^b	$ 282,704	0.68%^a	N/A	(0.42%)^a
12/31/20	14.33	(0.02)	7.11	7.09	(0.12)	(1.74)	(1.86)	19.56	51.49%	257,464	0.68%	N/A	(0.12%)
12/31/19	12.70	0.04	3.53	3.57	(0.05)	(1.89)	(1.94)	14.33	30.33%	197,036	0.69%	0.69%^l	0.31%
12/31/18	14.37	0.00^d	0.15	0.15	(0.04)	(1.78)	(1.82)	12.70	(0.73%)	162,360	0.69%	0.69%^l	0.01%
12/31/17	12.37	0.01	3.31	3.32	(0.04)	(1.28)	(1.32)	14.37	27.78%	171,896	0.68%	0.68%^l	0.07%
12/31/16	14.53	0.05	1.16	1.21	(0.03)	(3.34)	(3.37)	12.37	9.00%	139,841	0.69%	0.69%^l	0.37%

	Six months ended June 30, 2021^b,r	Year ended December 31
	Six months ended June 30, 2021^b,r	2020	2019	2018	2017	2016
Portfolio turnover rate^x	7%	8%	12%	12%	11%	8%

a	Annualized.

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

c	Per share amount calculated on the average shares method.

d	Amount is less than $0.005 per share.

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

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

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

r	Unaudited.

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

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

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

153

MML Series Investment Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

MML American Funds International Fund

		Income (loss) from investment operations			Less distributions to shareholders					Ratios / Supplemental Data
	Net asset value, beginning of period	Net investment income (loss)^c,j	Net realized and unrealized gain (loss) on investments	Total income (loss) from investment operations	From net investment income	From net realized gains	Total distributions	Net asset value, end of the period	Total return^m	Net assets, end of the period (000’s)	Ratio of expenses to average daily net assets before expense waivers^u	Ratio of expenses to average daily net assets after expense waivers^u,j	Net investment income (loss) to average daily net assets
Service Class I
6/30/21^r	$ 10.82	$ (0.03)	$ 0.50	$ 0.47	$ —	$ —	$ —	$ 11.29	4.34%^b	$ 62,675	0.73%^a	N/A	(0.61%)^a
12/31/20	10.19	0.01	1.25	1.26	(0.10)	(0.53)	(0.63)	10.82	13.44%	61,031	0.73%	N/A	0.14%
12/31/19	9.07	0.09	1.83	1.92	(0.28)	(0.52)	(0.80)	10.19	22.31%	63,943	0.74%	0.73%	0.96%
12/31/18	10.93	0.13	(1.55)	(1.42)	(0.09)	(0.35)	(0.44)	9.07	(13.52%)	56,712	0.73%	0.70%	1.24%
12/31/17	9.12	0.08	2.73	2.81	(0.09)	(0.91)	(1.00)	10.93	31.65%	66,931	0.72%	0.70%	0.80%
12/31/16	9.63	0.09	0.21	0.30	(0.11)	(0.70)	(0.81)	9.12	2.97%	53,972	0.72%	0.70%	0.94%

	Six months ended June 30, 2021^b,r	Year ended December 31
	Six months ended June 30, 2021^b,r	2020	2019	2018	2017	2016
Portfolio turnover rate^x	6%	5%	8%	11%	9%	12%

a	Annualized.

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

c	Per share amount calculated on the average shares method.

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

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

r	Unaudited.

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

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

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

154

MML Series Investment Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

MML American Funds Core Allocation Fund

		Income (loss) from investment operations			Less distributions to shareholders					Ratios / Supplemental Data
	Net asset value, beginning of period	Net investment income (loss)^c	Net realized and unrealized gain (loss) on investments	Total income (loss) from investment operations	From net investment income	From net realized gains	Total distributions	Net asset value, end of the period	Total return^m	Net assets, end of the period (000’s)	Ratio of expenses to average daily net assets^w	Ratio of expenses to average daily net assets after expense waivers^w,j	Net investment income (loss) to average daily net assets
Service Class I
6/30/21^r	$ 12.16	$ (0.00)^d	$ 0.97	$ 0.97	$ —	$ —	$ —	$ 13.13	7.98%^b	$ 956,380	0.71%^a	0.68%^a	(0.07%)^a
12/31/20	11.72	0.12	1.15	1.27	(0.20)	(0.63)	(0.83)	12.16	11.39%	943,728	0.71%	N/A	1.08%
12/31/19	10.98	0.18	1.72	1.90	(0.29)	(0.87)	(1.16)	11.72	18.12%	1,001,411	0.71%	N/A	1.52%
12/31/18	12.60	0.17	(0.69)	(0.52)	(0.22)	(0.88)	(1.10)	10.98	(4.84%)	956,051	0.71%	N/A	1.41%
12/31/17	11.94	0.16	1.56	1.72	(0.18)	(0.88)	(1.06)	12.60	14.94%	1,094,274	0.71%	N/A	1.25%
12/31/16	12.08	0.16	0.92	1.08	(0.24)	(0.98)	(1.22)	11.94	8.97%	941,450	0.71%	N/A	1.29%

	Six months ended June 30, 2021^b,r	Year ended December 31
	Six months ended June 30, 2021^b,r	2020	2019	2018	2017	2016
Portfolio turnover rate^x	6%	14%	16%	15%	16%	7%

a	Annualized.

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

c	Per share amount calculated on the average shares method.

d	Amount is less than $0.005 per share.

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

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

r	Unaudited.

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

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

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

155

MML Series Investment Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

MML Blue Chip Growth Fund

		Income (loss) from investment operations			Less distributions to shareholders					Ratios / Supplemental Data
	Net asset value, beginning of the period	Net investment income (loss)^c	Net realized and unrealized gain (loss) on investments	Total income (loss) from investment operations	From net investment income	From net realized gains	Total distributions	Net asset value, end of the period	Total return^m	Net assets, end of the period (000’s)	Ratio of expenses to average daily net assets	Net investment income (loss) to average daily net assets
Initial Class
6/30/21^r	$ 20.51	$ (0.04)	$ 2.59	$ 2.55	$ —	$ —	$ —	$ 23.06	12.43%^b	$ 364,364	0.77%^a	(0.42%)^a
12/31/20	16.49	(0.06)	5.68	5.62	—	(1.60)	(1.60)	20.51	34.40%	351,504	0.78%	(0.35%)
12/31/19	14.60	(0.02)	4.16	4.14	—	(2.25)	(2.25)	16.49	29.84%	304,381	0.79%	(0.09%)
12/31/18	17.41	(0.00)^d	0.86	0.86	—	(3.67)	(3.67)	14.60	1.88%	254,050	0.79%	(0.02%)
12/31/17	13.98	0.00^d	4.93	4.93	(0.00)^d	(1.50)	(1.50)	17.41	36.22%	301,054	0.80%	0.00%^e
12/31/16	15.79	0.00^d	0.13	0.13	—	(1.94)	(1.94)	13.98	0.91%	332,688	0.79%	0.03%
Service Class
6/30/21^r	$ 19.40	$ (0.07)	$ 2.46	$ 2.39	$ —	$ —	$ —	$ 21.79	12.32%^b	$ 201,201	1.02%^a	(0.67%)^a
12/31/20	15.71	(0.10)	5.39	5.29	—	(1.60)	(1.60)	19.40	34.00%	181,728	1.03%	(0.60%)
12/31/19	14.03	(0.05)	3.98	3.93	—	(2.25)	(2.25)	15.71	29.56%	137,293	1.04%	(0.35%)
12/31/18	16.88	(0.05)	0.87	0.82	—	(3.67)	(3.67)	14.03	1.68%	99,468	1.04%	(0.26%)
12/31/17	13.62	(0.04)	4.80	4.76	—	(1.50)	(1.50)	16.88	35.89%	77,091	1.05%	(0.25%)
12/31/16	15.47	(0.03)	0.12	0.09	—	(1.94)	(1.94)	13.62	0.65%	47,411	1.04%	(0.22%)

	Six months ended June 30, 2021^b,r	Year ended December 31
	Six months ended June 30, 2021^b,r	2020	2019	2018	2017	2016
Portfolio turnover rate	17%	26%	33%	28%	25%	29%

a	Annualized.

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

c	Per share amount calculated on the average shares method.

d	Amount is less than $0.005 per share.

e	Amount is less than 0.005%.

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

r	Unaudited.

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

156

MML Series Investment Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

MML Equity Income Fund

		Income (loss) from investment operations			Less distributions to shareholders					Ratios / Supplemental Data
	Net asset value, beginning of the period	Net investment income (loss)^c,j	Net realized and unrealized gain (loss) on investments	Total income (loss) from investment operations	From net investment income	From net realized gains	Total distributions	Net asset value, end of the period	Total return^m	Net assets, end of the period (000’s)	Ratio of expenses to average daily net assets before expense waiver	Ratio of expenses to average daily net assets after expense waivers^j	Net investment income (loss) to average daily net assets
Initial Class
6/30/21^r	$ 10.28	$ 0.10	$ 1.79	$ 1.89	$ —	$ —	$ —	$ 12.17	18.39%^b	$ 373,302	0.79%^a	0.76%^a	1.67%^a
12/31/20	11.18	0.22	(0.22)	0.00^d	(0.23)	(0.67)	(0.90)	10.28	1.34%	365,382	0.79%	0.76%	2.32%
12/31/19	10.04	0.24	2.25	2.49	(0.27)	(1.08)	(1.35)	11.18	26.45%	396,909	0.78%	0.75%	2.22%
12/31/18	12.50	0.26	(1.23)	(0.97)	(0.24)	(1.25)	(1.49)	10.04	(9.36%)	358,947	0.79%	0.76%	2.17%
12/31/17	11.78	0.23	1.58	1.81	(0.27)	(0.82)	(1.09)	12.50	16.33%	440,607	0.79%	0.76%	1.93%
12/31/16	11.29	0.27	1.73	2.00	(0.25)	(1.26)	(1.51)	11.78	18.68%	413,304	0.79%	0.77%	2.33%
Service Class
6/30/21^r	$ 10.14	$ 0.08	$ 1.77	$ 1.85	$ —	$ —	$ —	$ 11.99	18.24%^b	$ 89,106	1.04%^a	1.01%^a	1.43%^a
12/31/20	11.03	0.19	(0.20)	(0.01)	(0.21)	(0.67)	(0.88)	10.14	1.17%	82,671	1.04%	1.01%	2.06%
12/31/19	9.92	0.21	2.22	2.43	(0.24)	(1.08)	(1.32)	11.03	26.12%	86,749	1.03%	1.00%	1.98%
12/31/18	12.37	0.23	(1.22)	(0.99)	(0.21)	(1.25)	(1.46)	9.92	(9.60%)	75,335	1.04%	1.01%	1.92%
12/31/17	11.68	0.20	1.56	1.76	(0.25)	(0.82)	(1.07)	12.37	15.97%	86,193	1.04%	1.01%	1.68%
12/31/16	11.20	0.24	1.72	1.96	(0.22)	(1.26)	(1.48)	11.68	18.46%	77,647	1.04%	1.02%	2.10%

	Six months ended June 30, 2021^b,r	Year ended December 31
	Six months ended June 30, 2021^b,r	2020	2019	2018	2017	2016
Portfolio turnover rate	10%	32%	18%	19%	25%	22%

a	Annualized.

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

c	Per share amount calculated on the average shares method.

d	Amount is less than $0.005 per share.

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

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

r	Unaudited.

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

157

MML Series Investment Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

MML Equity Index Fund

		Income (loss) from investment operations			Less distributions to shareholders					Ratios / Supplemental Data
	Net asset value, beginning of the period	Net investment income (loss)^c	Net realized and unrealized gain (loss) on investments	Total income (loss) from investment operations	From net investment income	From net realized gains	Total distributions	Net asset value, end of the period	Total return^m	Net assets, end of the period (000’s)	Ratio of expenses to average daily net assets	Net investment income (loss) to average daily net assets
Class I
6/30/21^r	$ 29.07	$ 0.16	$ 4.21	$ 4.37	$ —	$ —	$ —	$ 33.44	15.03%^b	$ 61,809	0.43%^a	1.04%^a
12/31/20	32.46	0.42	4.71	5.13	(0.55)	(7.97)	(8.52)	29.07	18.06%	61,002	0.43%	1.43%
12/31/19	28.09	0.48	7.71	8.19	(0.90)	(2.92)	(3.82)	32.46	30.86%	57,944	0.44%	1.51%
12/31/18	31.01	0.49	(1.76)	(1.27)	(0.50)	(1.15)	(1.65)	28.09	(4.80%)	51,998	0.43%	1.57%
12/31/17	26.53	0.45	5.11	5.56	(0.29)	(0.79)	(1.08)	31.01	21.34%	66,374	0.43%	1.57%
12/31/16	24.76	0.44	2.37	2.81	(0.43)	(0.61)	(1.04)	26.53	11.48%	66,343	0.43%	1.76%
Class II
6/30/21^r	$ 29.04	$ 0.18	$ 4.21	$ 4.39	$ —	$ —	$ —	$ 33.43	15.12%^b	$ 270,236	0.28%^a	1.18%^a
12/31/20	32.45	0.46	4.71	5.17	(0.61)	(7.97)	(8.58)	29.04	18.21%	239,890	0.28%	1.58%
12/31/19	28.10	0.52	7.72	8.24	(0.97)	(2.92)	(3.89)	32.45	31.06%	209,951	0.29%	1.66%
12/31/18	31.01	0.54	(1.75)	(1.21)	(0.55)	(1.15)	(1.70)	28.10	(4.63%)	159,638	0.28%	1.72%
12/31/17	26.55	0.50	5.10	5.60	(0.35)	(0.79)	(1.14)	31.01	21.50%	186,674	0.28%	1.72%
12/31/16	24.80	0.48	2.36	2.84	(0.48)	(0.61)	(1.09)	26.55	11.62%	175,525	0.28%	1.91%
Class III
6/30/21^r	$ 28.98	$ 0.21	$ 4.19	$ 4.40	$ —	$ —	$ —	$ 33.38	15.18%^b	$ 334,285	0.13%^a	1.34%^a
12/31/20	32.39	0.50	4.71	5.21	(0.65)	(7.97)	(8.62)	28.98	18.41%	307,589	0.13%	1.72%
12/31/19	28.05	0.57	7.70	8.27	(1.01)	(2.92)	(3.93)	32.39	31.27%	268,217	0.14%	1.82%
12/31/18	30.97	0.59	(1.75)	(1.16)	(0.60)	(1.16)	(1.76)	28.05	(4.52%)	391,891	0.13%	1.87%
12/31/17	26.51	0.54	5.10	5.64	(0.39)	(0.79)	(1.18)	30.97	21.69%	440,242	0.13%	1.87%
12/31/16	24.78	0.52	2.34	2.86	(0.52)	(0.61)	(1.13)	26.51	11.69%	279,941	0.13%	2.05%
Service Class I
6/30/21^r	$ 27.76	$ 0.12	$ 4.01	$ 4.13	$ —	$ —	$ —	$ 31.89	14.88%^b	$ 51,997	0.68%^a	0.78%^a
12/31/20	31.35	0.33	4.52	4.85	(0.47)	(7.97)	(8.44)	27.76	17.74%	44,361	0.68%	1.18%
12/31/19	27.24	0.38	7.48	7.86	(0.83)	(2.92)	(3.75)	31.35	30.56%	45,967	0.69%	1.26%
12/31/18	30.13	0.40	(1.70)	(1.30)	(0.43)	(1.16)	(1.59)	27.24	(5.04%)	40,822	0.68%	1.32%
12/31/17	25.84	0.37	4.96	5.33	(0.25)	(0.79)	(1.04)	30.13	21.01%	48,712	0.68%	1.32%
12/31/16	24.16	0.37	2.31	2.68	(0.39)	(0.61)	(1.00)	25.84	11.24%	42,165	0.68%	1.51%

	Six months ended June 30, 2021^b,r	Year ended December 31
	Six months ended June 30, 2021^b,r	2020	2019	2018	2017	2016
Portfolio turnover rate	1%	5%	5%	3%	7%	8%

a	Annualized.

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

c	Per share amount calculated on the average shares method.

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

r	Unaudited.

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

158

MML Series Investment Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

MML Focused Equity Fund

		Income (loss) from investment operations			Less distributions to shareholders					Ratios / Supplemental Data
	Net asset value, beginning of the period	Net investment income (loss)^c,j	Net realized and unrealized gain (loss) on investments	Total income (loss) from investment operations	From net investment income	From net realized gain	Total distributions	Net asset value, end of the period	Total return^m	Net assets, end of the period (000’s)	Ratio of expenses to average daily net assets before expense waivers	Ratio of expenses to average daily net assets after expense waivers^j	Net investment income (loss) to average daily net assets
Class II
6/30/21^r	$ 7.25	$ 0.03	$ 0.67	$ 0.70	$ —	$ —	$ —	$ 7.95	9.66%^b	$ 275,617	0.88%^a	N/A	0.89%^a
12/31/20	6.77	0.07	0.76	0.83	(0.05)	(0.30)	(0.35)	7.25	12.76%	277,370	0.87%	N/A	1.10%
12/31/19	5.33	0.07	1.53	1.60	(0.02)	(0.14)	(0.16)	6.77	30.15%	297,347	0.89%	0.88%	1.11%
12/31/18	12.69	0.11	0.66	0.77	(0.37)	(7.76)	(8.13)	5.33	1.18%	48,276	0.95%	0.87%	1.25%
12/31/17	13.20	0.27	2.35	2.62	(0.36)	(2.77)	(3.13)	12.69	21.99%	57,382	0.94%	N/A	2.00%
12/31/16	12.15	0.13	1.96	2.09	(0.20)	(0.84)	(1.04)	13.20	17.96%	128,990	0.90%	N/A	1.11%
Service Class I
6/30/21^r	$ 6.98	$ 0.02	$ 0.64	$ 0.66	$ —	$ —	$ —	$ 7.64	9.46%^b	$ 21,143	1.13%^a	N/A	0.65%^a
12/31/20	6.53	0.05	0.74	0.79	(0.04)	(0.30)	(0.34)	6.98	12.54%	19,686	1.12%	N/A	0.85%
12/31/19	5.15	0.05	1.47	1.52	(0.00)^d	(0.14)	(0.14)	6.53	29.73%	18,439	1.15%	1.13%	0.90%
12/31/18	12.52	0.09	0.66	0.75	(0.36)	(7.76)	(8.12)	5.15	0.99%	10,980	1.20%	1.12%	1.01%
12/31/17	13.11	0.18	2.37	2.55	(0.37)	(2.77)	(3.14)	12.52	21.61%	9,981	1.19%	N/A	1.39%
12/31/16	12.06	0.10	1.95	2.05	(0.16)	(0.84)	(1.00)	13.11	17.74%	6,829	1.15%	N/A	0.87%

	Six months ended June 30, 2021^b,r	Year ended December 31
	Six months ended June 30, 2021^b,r	2020	2019	2018	2017	2016
Portfolio turnover rate	10%	36%	36%	64%	108%	37%

a	Annualized.

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

c	Per share amount calculated on the average shares method.

d	Amount is less than $0.005 per share.

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

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

r	Unaudited.

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

159

MML Series Investment Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

MML Foreign Fund

		Income (loss) from investment operations			Less distributions to shareholders					Ratios / Supplemental Data
	Net asset value, beginning of the period	Net investment income (loss)^c,j	Net realized and unrealized gain (loss) on investments	Total income (loss) from investment operations	From net investment income	From net realized gains	Total distributions	Net asset value, end of the period	Total return^m	Net assets, end of the period (000’s)	Ratio of expenses to average daily net assets before expense waivers	Ratio of expenses to average daily net assets after expense waivers^j	Net investment income (loss) to average daily net assets
Initial Class
6/30/21^r	$ 10.02	$ 0.18	$ 0.91	$ 1.09	$ —	$ —	$ —	$ 11.11	10.88%^b	$ 270,010	0.93%^a	0.91%^a	3.33%^a
12/31/20	10.10	0.14	0.37	0.51	(0.27)	(0.32)	(0.59)	10.02	5.93%	266,506	0.92%	0.88%	1.61%
12/31/19	9.25	0.26	0.92	1.18	(0.18)	(0.15)	(0.33)	10.10	13.17%	307,367	0.94%	0.89%	2.69%
12/31/18	11.25	0.20	(1.95)	(1.75)	(0.25)	—	(0.25)	9.25	(15.90%)	294,037	0.98%	0.97%	1.81%
12/31/17	9.44	0.19	1.85	2.04	(0.23)	—	(0.23)	11.25	21.73%	382,813	0.97%	N/A	1.79%
12/31/16	9.49	0.20	(0.07)	0.13	(0.18)	—	(0.18)	9.44	1.44%	348,836	0.97%	N/A	2.22%
Service Class
6/30/21^r	$ 9.95	$ 0.16	$ 0.92	$ 1.08	$ —	$ —	$ —	$ 11.03	10.85%^b	$ 8,484	1.18%^a	1.16%^a	3.08%^a
12/31/20	10.04	0.12	0.36	0.48	(0.25)	(0.32)	(0.57)	9.95	5.57%	8,323	1.17%	1.13%	1.36%
12/31/19	9.20	0.24	0.90	1.14	(0.15)	(0.15)	(0.30)	10.04	12.78%	9,820	1.19%	1.14%	2.44%
12/31/18	11.18	0.17	(1.93)	(1.76)	(0.22)	—	(0.22)	9.20	(16.03%)	9,324	1.23%	1.22%	1.57%
12/31/17	9.38	0.16	1.84	2.00	(0.20)	—	(0.20)	11.18	21.45%	11,488	1.22%	N/A	1.53%
12/31/16	9.43	0.18	(0.07)	0.11	(0.16)	—	(0.16)	9.38	1.18%	10,231	1.22%	N/A	2.02%

	Six months ended June 30, 2021^b,r	Year ended December 31
	Six months ended June 30, 2021^b,r	2020	2019	2018	2017	2016
Portfolio turnover rate	9%	106%	43%	18%	15%	19%

a	Annualized.

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

c	Per share amount calculated on the average shares method.

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

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

r	Unaudited.

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

160

MML Series Investment Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

MML Fundamental Equity Fund

		Income (loss) from investment operations			Less distributions to shareholders					Ratios / Supplemental Data
	Net asset value, beginning of the period	Net investment income (loss)^c,j	Net realized and unrealized gain (loss) on investments	Total income (loss) from investment operations	From net investment income	From net realized gains	Total distributions	Net asset value, end of the period	Total return^m	Net assets, end of the period (000’s)	Ratio of expenses to average daily net assets before expense waivers	Ratio of expenses to average daily net assets after expense waivers^j	Net investment income (loss) to average daily net assets
Class II
6/30/21^r	$ 10.73	$ 0.06	$ 1.68	$ 1.74	$ —	$ —	$ —	$ 12.47	16.22%^b	$ 166,031	0.80%^a	N/A	0.95%^a
12/31/20	10.02	0.07	1.85	1.92	(0.00)^d	(1.21)	(1.21)	10.73	20.02%	161,496	0.82%	0.82%^k	0.73%
12/31/19	9.37	0.01	2.92	2.93	(0.06)	(2.22)	(2.28)	10.02	33.74%	101,937	0.87%	0.87%^l	0.09%
12/31/18	12.94	0.06	0.66	0.72	(0.15)	(4.14)	(4.29)	9.37	0.80%	90,145	0.83%	0.83%^l	0.50%
12/31/17	11.42	0.11	2.92	3.03	(0.13)	(1.38)	(1.51)	12.94	27.67%	120,666	0.84%	0.84%^l	0.84%
12/31/16	12.53	0.09	0.36	0.45	(0.08)	(1.48)	(1.56)	11.42	3.73%	165,183	0.83%	0.83%^l	0.79%
Service Class I
6/30/21^r	$ 10.31	$ 0.04	$ 1.62	$ 1.66	$ —	$ —	$ —	$ 11.97	16.10%^b	$ 22,703	1.05%^a	N/A	0.69%^a
12/31/20	9.70	0.05	1.77	1.82	—	(1.21)	(1.21)	10.31	19.59%	19,931	1.08%	1.07%	0.48%
12/31/19	9.15	(0.02)	2.84	2.82	(0.05)	(2.22)	(2.27)	9.70	33.33%	15,457	1.12%	1.12%^l	(0.16%)
12/31/18	12.74	0.03	0.67	0.70	(0.15)	(4.14)	(4.29)	9.15	0.66%	10,401	1.08%	1.08%^l	0.27%
12/31/17	11.29	0.07	2.89	2.96	(0.13)	(1.38)	(1.51)	12.74	27.32%	6,875	1.09%	1.09%^l	0.57%
12/31/16	12.41	0.06	0.37	0.43	(0.07)	(1.48)	(1.55)	11.29	3.54%	4,263	1.08%	1.08%^l	0.54%

	Six months ended June 30, 2021^b,r	Year ended December 31
	Six months ended June 30, 2021^b,r	2020	2019	2018	2017	2016
Portfolio turnover rate	17%	113%	129%	61%	40%	49%

a	Annualized.

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

c	Per share amount calculated on the average shares method.

d	Amount is less than $0.005 per share.

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

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

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

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

r	Unaudited.

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

161

MML Series Investment Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

MML Fundamental Value Fund

		Income (loss) from investment operations			Less distributions to shareholders					Ratios / Supplemental Data
	Net asset value, beginning of the period	Net investment income (loss)^c,j	Net realized and unrealized gain (loss) on investments	Total income (loss) from investment operations	From net investment income	From net realized gains	Total distributions	Net asset value, end of the period	Total return^m	Net assets, end of the period (000’s)	Ratio of expenses to average daily net assets before expense waivers	Ratio of expenses to average daily net assets after expense waivers^j	Net investment income (loss) to average daily net assets
Class II
6/30/21^r	$ 11.62	$ 0.06	$ 2.39	$ 2.45	$ —	$ —	$ —	$ 14.07	21.08%^b	$ 197,992	0.80%^a	0.78%^a	0.93%^a
12/31/20	13.09	0.19	(0.08)^aa	0.11	(0.15)	(1.43)	(1.58)	11.62	2.67%	178,953	0.80%	0.78%	1.71%
12/31/19	12.38	0.18	2.40	2.58	(0.27)	(1.60)	(1.87)	13.09	22.79%	193,994	0.81%	0.79%	1.35%
12/31/18	15.42	0.26	(1.63)	(1.37)	(0.25)	(1.42)	(1.67)	12.38	(10.34%)	168,520	0.80%	0.78%	1.76%
12/31/17	14.74	0.25	1.83	2.08	(0.29)	(1.11)	(1.40)	15.42	15.10%	225,883	0.80%	0.79%	1.65%
12/31/16	14.20	0.26	1.56	1.82	(0.21)	(1.07)	(1.28)	14.74	13.25%	223,801	0.79%	N/A	1.81%
Service Class I
6/30/21^r	$ 11.35	$ 0.04	$ 2.34	$ 2.38	$ —	$ —	$ —	$ 13.73	20.97%^b	$ 18,911	1.05%^a	1.03%^a	0.67%^a
12/31/20	12.83	0.16	(0.09)^aa	0.07	(0.12)	(1.43)	(1.55)	11.35	2.37%	15,956	1.05%	1.03%	1.47%
12/31/19	12.17	0.14	2.36	2.50	(0.24)	(1.60)	(1.84)	12.83	22.49%	16,173	1.06%	1.04%	1.10%
12/31/18	15.20	0.22	(1.60)	(1.38)	(0.23)	(1.42)	(1.65)	12.17	(10.56%)	13,283	1.05%	1.03%	1.53%
12/31/17	14.57	0.21	1.80	2.01	(0.27)	(1.11)	(1.38)	15.20	14.78%	13,212	1.05%	1.04%	1.39%
12/31/16	14.05	0.22	1.55	1.77	(0.18)	(1.07)	(1.25)	14.57	13.05%	9,319	1.04%	N/A	1.55%

	Six months ended June 30, 2021^b,r	Year ended December 31
	Six months ended June 30, 2021^b,r	2020	2019	2018	2017	2016
Portfolio turnover rate	23%	86%	131%	28%	18%	20%

a	Annualized.

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

c	Per share amount calculated on the average shares method.

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

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

r	Unaudited.

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

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

162

MML Series Investment Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

MML Global Fund

		Income (loss) from investment operations			Less distributions to shareholders					Ratios / Supplemental Data
	Net asset value, beginning of the period	Net investment income (loss)^c	Net realized and unrealized gain (loss) on investments	Total income (loss) from investment operations	From net investment income	From net realized gains	Total distributions	Net asset value, end of the period	Total return^m	Net assets, end of the period (000’s)	Ratio of expenses to average daily net assets	Net investment income (loss) to average daily net assets
Class I
6/30/21^r	$ 13.96	$ 0.07	$ 1.59	$ 1.66	$ —	$ —	$ —	$ 15.62	11.89%^b	$ 356,089	0.80%^a	1.01%^a
12/31/20	12.86	0.11	1.61	1.72	(0.14)	(0.48)	(0.62)	13.96	14.02%	361,660	0.80%	0.88%
12/31/19	10.25	0.15	2.94	3.09	(0.08)	(0.40)	(0.48)	12.86	30.59%	411,174	0.79%	1.23%
12/31/18	13.04	0.15	(1.16)	(1.01)	(0.15)	(1.63)	(1.78)	10.25	(9.53%)	179,973	0.83%	1.21%
12/31/17	11.54	0.14	2.56	2.70	(0.16)	(1.04)	(1.20)	13.04	24.16%	206,795	0.83%	1.10%
12/31/16	11.74	0.14	0.76	0.90	(0.14)	(0.96)	(1.10)	11.54	7.55%	218,698	0.82%	1.18%
Class II
6/30/21^r	$ 14.31	$ 0.08	$ 1.63	$ 1.71	$ —	$ —	$ —	$ 16.02	11.95%^b	$ 20,009	0.80%^a	1.02%^a
12/31/20	13.17	0.11	1.64	1.75	(0.13)	(0.48)	(0.61)	14.31	13.96%	18,461	0.80%	0.86%
12/31/19	10.48	0.16	3.00	3.16	(0.07)	(0.40)	(0.47)	13.17	30.58%	17,896	0.79%	1.31%
12/31/18	13.30	0.15	(1.19)	(1.04)	(0.15)	(1.63)	(1.78)	10.48	(9.57%)	14,950	0.83%	1.21%
12/31/17	11.74	0.14	2.62	2.76	(0.16)	(1.04)	(1.20)	13.30	24.30%	18,082	0.83%	1.09%
12/31/16	11.93	0.14	0.77	0.91	(0.14)	(0.96)	(1.10)	11.74	7.54%	15,757	0.82%	1.17%
Service Class I
6/30/21^r	$ 13.76	$ 0.06	$ 1.56	$ 1.62	$ —	$ —	$ —	$ 15.38	11.77%^b	$ 19,795	1.05%^a	0.76%^a
12/31/20	12.69	0.07	1.59	1.66	(0.11)	(0.48)	(0.59)	13.76	13.70%	18,086	1.05%	0.60%
12/31/19	10.11	0.13	2.89	3.02	(0.04)	(0.40)	(0.44)	12.69	30.28%	17,108	1.04%	1.06%
12/31/18	12.90	0.12	(1.16)	(1.04)	(0.12)	(1.63)	(1.75)	10.11	(9.84%)	13,989	1.08%	0.97%
12/31/17	11.43	0.11	2.54	2.65	(0.14)	(1.04)	(1.18)	12.90	23.95%	15,989	1.08%	0.84%
12/31/16	11.65	0.10	0.76	0.86	(0.12)	(0.96)	(1.08)	11.43	7.25%	12,129	1.07%	0.89%

	Six months ended June 30, 2021^b,r	Year ended December 31
	Six months ended June 30, 2021^b,r	2020	2019	2018	2017	2016
Portfolio turnover rate	6%	13%	16%	15%	10%	15%

a	Annualized.

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

c	Per share amount calculated on the average shares method.

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

r	Unaudited.

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

163

MML Series Investment Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

MML Growth & Income Fund

		Income (loss) from investment operations			Less distributions to shareholders					Ratios / Supplemental Data
	Net asset value, beginning of the period	Net investment income (loss)^c	Net realized and unrealized gain (loss) on investments	Total income (loss) from investment operations	From net investment income	From net realized gains	Total distributions	Net asset value, end of the period	Total return^m	Net assets, end of the period (000’s)	Ratio of expenses to average daily net assets	Net investment income (loss) to average daily net assets
Initial Class
6/30/21^r	$ 20.53	$ 0.09	$ 3.22	$ 3.31	$ —	$ —	$ —	$ 23.84	16.12%^b	$ 114,314	0.56%^a	0.83%^a
12/31/20	19.43	0.19	2.50	2.69	(0.18)	(1.41)	(1.59)	20.53	14.51%	105,573	0.57%	1.03%
12/31/19	16.35	0.19	4.86	5.05	(0.19)	(1.78)	(1.97)	19.43	32.10%	106,949	0.57%	1.02%
12/31/18	17.39	0.19	(1.07)	(0.88)	(0.16)	—	(0.16)	16.35	(5.20%)	92,893	0.56%	1.07%
12/31/17	14.19	0.16	3.19	3.35	(0.15)	—	(0.15)	17.39	23.70%	111,830	0.56%	1.02%
12/31/16	13.18	0.15	1.00	1.15	(0.14)	—	(0.14)	14.19	8.77%	102,858	0.56%	1.10%
Service Class
6/30/21^r	$ 20.33	$ 0.06	$ 3.19	$ 3.25	$ —	$ —	$ —	$ 23.58	15.99%^b	$ 56,758	0.81%^a	0.58%^a
12/31/20	19.26	0.14	2.47	2.61	(0.13)	(1.41)	(1.54)	20.33	14.24%	49,786	0.82%	0.78%
12/31/19	16.22	0.14	4.83	4.97	(0.15)	(1.78)	(1.93)	19.26	31.82%	46,002	0.82%	0.77%
12/31/18	17.27	0.15	(1.08)	(0.93)	(0.12)	—	(0.12)	16.22	(5.46%)	33,821	0.81%	0.83%
12/31/17	14.10	0.12	3.17	3.29	(0.12)	—	(0.12)	17.27	23.41%	30,610	0.81%	0.77%
12/31/16	13.10	0.11	1.00	1.11	(0.11)	—	(0.11)	14.10	8.50%	23,197	0.81%	0.85%

	Six months ended June 30, 2021^b,r	Year ended December 31
	Six months ended June 30, 2021^b,r	2020	2019	2018	2017	2016
Portfolio turnover rate	5%	17%	16%	15%	12%	17%

a	Annualized.

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

c	Per share amount calculated on the average shares method.

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

r	Unaudited.

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

164

MML Series Investment Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

MML Income & Growth Fund

		Income (loss) from investment operations			Less distributions to shareholders					Ratios / Supplemental Data
	Net asset value, beginning of the period	Net investment income (loss)^c	Net realized and unrealized gain (loss) on investments	Total income (loss) from investment operations	From net investment income	From net realized gains	Total distributions	Net asset value, end of the period	Total return^m	Net assets, end of the period (000’s)	Ratio of expenses to average daily net assets	Net investment income (loss) to average daily net assets
Initial Class
6/30/21^r	$ 10.00	$ 0.07	$ 1.89	$ 1.96	$ —	$ —	$ —	$ 11.96	19.60%^b	$ 248,866	0.69%^a	1.28%^a
12/31/20	9.94	0.15	0.12^aa	0.27	(0.18)	(0.03)	(0.21)	10.00	3.03%	241,441	0.70%	1.75%
12/31/19	8.49	0.19	1.82	2.01	(0.19)	(0.37)	(0.56)	9.94	24.43%	274,290	0.69%	2.00%
12/31/18	12.72	0.21	(1.25)	(1.04)	(0.22)	(2.97)	(3.19)	8.49	(11.68%)	240,456	0.70%	1.86%
12/31/17	11.86	0.22	1.74	1.96	(0.21)	(0.89)	(1.10)	12.72	17.43%	289,310	0.70%	1.80%
12/31/16	11.35	0.22	1.55	1.77	(0.21)	(1.05)	(1.26)	11.86	16.40%	257,874	0.69%	1.97%
Service Class
6/30/21^r	$ 9.84	$ 0.06	$ 1.85	$ 1.91	$ —	$ —	$ —	$ 11.75	19.41%^b	$ 30,572	0.94%^a	1.04%^a
12/31/20	9.78	0.13	0.11^aa	0.24	(0.15)	(0.03)	(0.18)	9.84	2.79%	26,998	0.95%	1.50%
12/31/19	8.36	0.16	1.80	1.96	(0.17)	(0.37)	(0.54)	9.78	24.14%	29,436	0.94%	1.75%
12/31/18	12.58	0.18	(1.23)	(1.05)	(0.20)	(2.97)	(3.17)	8.36	(11.94%)	24,440	0.95%	1.62%
12/31/17	11.74	0.19	1.73	1.92	(0.19)	(0.89)	(1.08)	12.58	17.21%	27,683	0.95%	1.55%
12/31/16	11.25	0.19	1.54	1.73	(0.19)	(1.05)	(1.24)	11.74	16.10%	20,626	0.94%	1.71%

	Six months ended June 30, 2021^b,r	Year ended December 31
	Six months ended June 30, 2021^b,r	2020	2019	2018	2017	2016
Portfolio turnover rate	15%	49%	43%	30%	110%	30%

a	Annualized.

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

c	Per share amount calculated on the average shares method.

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

r	Unaudited.

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

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

165

MML Series Investment Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

MML International Equity Fund

		Income (loss) from investment operations			Less distributions to shareholders					Ratios / Supplemental Data
	Net asset value, beginning of the period	Net investment income (loss)^c,j	Net realized and unrealized gain (loss) on investments	Total income (loss) from investment operations	From net investment income	From net realized gains	Total distributions	Net asset value, end of the period	Total return^m	Net assets, end of the period (000’s)	Ratio of expenses to average daily net assets before expense waivers	Ratio of expenses to average daily net assets after expense waivers^j	Net investment income (loss) to average daily net assets
Class II
6/30/21^r	$ 9.98	$ 0.10	$ 1.25	$ 1.35	$ —	$ —	$ —	$ 11.33	13.53%^b	$ 164,213	1.06%^a	1.00%^a	1.78%^a
12/31/20	10.10	0.03	0.38	0.41	(0.28)	(0.25)	(0.53)	9.98	5.37%	159,694	1.07%	1.00%	0.39%
12/31/19	8.91	0.29	1.74	2.03	(0.19)	(0.65)	(0.84)	10.10	24.63%	178,397	1.05%	1.00%	3.02%
12/31/18	11.97	0.21	(3.02)	(2.81)	(0.17)	(0.08)	(0.25)	8.91	(23.79%)	154,540	1.12%	1.00%	1.91%
12/31/17	9.33	0.18	2.64	2.82	(0.18)	—	(0.18)	11.97	30.35%	187,213	1.09%	1.00%	1.62%
12/31/16	8.81	0.15	0.56	0.71	(0.17)	(0.02)	(0.19)	9.33	8.27%	150,753	1.07%	1.00%	1.70%
Service Class I
6/30/21^r	$ 9.88	$ 0.09	$ 1.23	$ 1.32	$ —	$ —	$ —	$ 11.20	13.36%^b	$ 7,952	1.31%^a	1.25%^a	1.59%^a
12/31/20	10.01	0.01	0.37	0.38	(0.26)	(0.25)	(0.51)	9.88	5.07%	7,021	1.32%	1.25%	0.10%
12/31/19	8.84	0.26	1.73	1.99	(0.17)	(0.65)	(0.82)	10.01	24.35%	6,821	1.30%	1.25%	2.70%
12/31/18	11.90	0.18	(2.99)	(2.81)	(0.17)	(0.08)	(0.25)	8.84	(23.98%)	4,767	1.37%	1.25%	1.64%
12/31/17	9.29	0.11	2.67	2.78	(0.17)	—	(0.17)	11.90	30.05%	4,000	1.34%	1.25%	0.95%
12/31/16	8.78	0.13	0.56	0.69	(0.16)	(0.02)	(0.18)	9.29	7.97%	1,063	1.32%	1.25%	1.50%

	Six months ended June 30, 2021^b,r	Year ended December 31
	Six months ended June 30, 2021^b,r	2020	2019	2018	2017	2016
Portfolio turnover rate	16%	49%	37%	43%	45%	50%

a	Annualized.

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

c	Per share amount calculated on the average shares method.

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

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

r	Unaudited.

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

166

MML Series Investment Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

MML Large Cap Growth Fund

		Income (loss) from investment operations			Less distributions to shareholders					Ratios / Supplemental Data
	Net asset value, beginning of the period	Net investment income (loss)^c	Net realized and unrealized gain (loss) on investments	Total income (loss) from investment operations	From net investment income	From net realized gains	Total distributions	Net asset value, end of the period	Total return^m	Net assets, end of the period (000’s)	Ratio of expenses to average daily net assets	Net investment income (loss) to average daily net assets
Initial Class
6/30/21^r	$ 13.98	$ 0.01	$ 1.90	$ 1.91	$ —	$ —	$ —	$ 15.89	13.66%^b	$ 123,916	0.71%^a	0.12%^a
12/31/20	11.09	0.01	3.49	3.50	(0.04)	(0.57)	(0.61)	13.98	31.78%	120,464	0.72%	0.10%
12/31/19	9.68	0.05	2.89	2.94	(0.07)	(1.46)	(1.53)	11.09	31.99%	95,272	0.74%	0.45%
12/31/18	10.69	0.06	(0.19)	(0.13)	(0.07)	(0.81)	(0.88)	9.68	(2.26%)	83,211	0.72%	0.56%
12/31/17	10.63	0.07	3.23	3.30	(0.05)	(3.19)	(3.24)	10.69	33.51%	106,989	0.73%	0.58%
12/31/16	11.70	0.03	(0.06)	(0.03)	(0.01)	(1.03)	(1.04)	10.63	(0.38%)	103,315	0.70%	0.24%
Service Class
6/30/21^r	$ 13.41	$ (0.01)^bb	$ 1.82	$ 1.81	$ —	$ —	$ —	$ 15.22	13.50%^b	$ 25,435	0.96%^a	(0.13%)^a
12/31/20	10.66	(0.02)^bb	3.36	3.34	(0.02)	(0.57)	(0.59)	13.41	31.53%	22,226	0.97%	(0.15%)
12/31/19	9.36	0.02	2.79	2.81	(0.05)	(1.46)	(1.51)	10.66	31.66%	16,394	0.99%	0.19%
12/31/18	10.37	0.03	(0.17)	(0.14)	(0.06)	(0.81)	(0.87)	9.36	(2.46%)	10,591	0.97%	0.30%
12/31/17	10.41	0.03	3.15	3.18	(0.03)	(3.19)	(3.22)	10.37	33.00%	7,510	0.98%	0.29%
12/31/16	11.48	(0.00)^d	(0.04)	(0.04)	—	(1.03)	(1.03)	10.41	(0.52%)	3,604	0.95%	(0.02%)

	Six months ended June 30, 2021^b,r	Year ended December 31
	Six months ended June 30, 2021^b,r	2020	2019	2018	2017	2016
Portfolio turnover rate	1%	32%	11%	16%	3%	134%

a	Annualized.

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

c	Per share amount calculated on the average shares method.

d	Amount is less than $0.005 per share.

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

r	Unaudited.

bb	Net investment income per share is not in line with the total net investment income shown on the Statement of Operations due to differing class-specific expense arrangements.

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

167

MML Series Investment Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

MML Managed Volatility Fund

		Income (loss) from investment operations			Less distributions to shareholders					Ratios / Supplemental Data
	Net asset value, beginning of the period	Net investment income (loss)^c	Net realized and unrealized gain (loss) on investments	Total income (loss) from investment operations	From net investment income	From net realized gains	Total distributions	Net asset value, end of the period	Total return^m	Net assets, end of the period (000’s)	Ratio of expenses to average daily net assets	Net investment income (loss) to average daily net assets
Initial Class
6/30/21^r	$ 13.78	$ 0.03	$ 0.98	$ 1.01	$ —	$ —	$ —	$ 14.79	7.34%^b	$ 116,472	1.02%^a	0.45%^a
12/31/20	13.10	0.10	0.76	0.86	(0.18)	—	(0.18)	13.78	6.68%	116,694	1.06%	0.78%
12/31/19	11.90	0.13	1.28	1.41	(0.21)	—	(0.21)	13.10	11.90%	124,549	0.97%	1.05%
12/31/18	12.63	0.12	(0.69)	(0.57)	(0.16)	—	(0.16)	11.90	(4.69%)	121,635	0.96%	0.99%
12/31/17	11.74	0.14	0.91	1.05	(0.16)	—	(0.16)	12.63	9.03%	150,737	0.90%	1.13%
12/31/16	14.27	0.17	0.31	0.48	(0.26)	(2.75)	(3.01)	11.74	3.69%	151,537	0.91%	1.29%
Service Class
6/30/21^r	$ 13.67	$ 0.01	$ 0.97	$ 0.98	$ —	$ —	$ —	$ 14.65	7.20%^b	$ 26,482	1.27%^a	0.20%^a
12/31/20	12.99	0.07	0.76	0.83	(0.15)	—	(0.15)	13.67	6.42%	26,901	1.31%	0.53%
12/31/19	11.80	0.10	1.26	1.36	(0.17)	—	(0.17)	12.99	11.62%	30,588	1.22%	0.81%
12/31/18	12.53	0.09	(0.70)	(0.61)	(0.12)	—	(0.12)	11.80	(4.93%)	28,963	1.21%	0.74%
12/31/17	11.64	0.11	0.91	1.02	(0.13)	—	(0.13)	12.53	8.76%	33,698	1.15%	0.88%
12/31/16	14.18	0.14	0.29	0.43	(0.22)	(2.75)	(2.97)	11.64	3.42%	32,569	1.16%	1.04%

	Six months ended June 30, 2021^b,r	Year ended December 31
	Six months ended June 30, 2021^b,r	2020	2019	2018	2017	2016
Portfolio turnover rate	3%	20%	2%	5%	2%	4%

a	Annualized.

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

c	Per share amount calculated on the average shares method.

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

r	Unaudited.

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

168

MML Series Investment Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

MML Mid Cap Growth Fund

		Income (loss) from investment operations			Less distributions to shareholders					Ratios / Supplemental Data
	Net asset value, beginning of the period	Net investment income (loss)^c	Net realized and unrealized gain (loss) on investments	Total income (loss) from investment operations	From net investment income	From net realized gains	Total distributions	Net asset value, end of the period	Total return^m	Net assets, end of the period (000’s)	Ratio of expenses to average daily net assets	Net investment income (loss) to average daily net assets
Initial Class
6/30/21^r	$ 18.10	$ (0.04)	$ 1.74	$ 1.70	$ —	$ —	$ —	$ 19.80	9.34%^b	$ 422,522	0.81%^a	(0.38%)^a
12/31/20	15.88	(0.03)	3.83	3.80	(0.01)	(1.57)	(1.58)	18.10	25.57%	434,830	0.81%	(0.19%)
12/31/19	13.94	0.02	4.17	4.19	(0.00)^d	(2.25)	(2.25)	15.88	31.30%	407,351	0.81%	0.12%
12/31/18	16.19	0.01	(0.07)	(0.06)	—	(2.19)	(2.19)	13.94	(2.17%)	328,715	0.81%	0.07%
12/31/17	14.35	(0.01)	3.45	3.44	(0.01)	(1.59)	(1.60)	16.19	24.81%	382,666	0.81%	(0.08%)
12/31/16	15.50	(0.00)^d	0.97	0.97	—	(2.12)	(2.12)	14.35	6.29%	352,754	0.81%	(0.02%)
Service Class
6/30/21^r	$ 17.09	$ (0.06)	$ 1.64	$ 1.58	$ —	$ —	$ —	$ 18.67	9.25%^b	$ 119,528	1.06%^a	(0.62%)^a
12/31/20	15.10	(0.06)	3.62	3.56	—	(1.57)	(1.57)	17.09	25.25%	117,808	1.06%	(0.44%)
12/31/19	13.37	(0.02)	4.00	3.98	—	(2.25)	(2.25)	15.10	31.01%	108,793	1.06%	(0.13%)
12/31/18	15.65	(0.03)	(0.06)	(0.09)	—	(2.19)	(2.19)	13.37	(2.45%)	88,952	1.06%	(0.18%)
12/31/17	13.95	(0.05)	3.34	3.29	—	(1.59)	(1.59)	15.65	24.47%	91,145	1.06%	(0.33%)
12/31/16	15.16	(0.04)	0.95	0.91	—	(2.12)	(2.12)	13.95	6.02%	71,227	1.06%	(0.27%)

	Six months ended June 30, 2021^b,r	Year ended December 31
	Six months ended June 30, 2021^b,r	2020	2019	2018	2017	2016
Portfolio turnover rate	19%	66%	28%	26%	28%	29%

a	Annualized.

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

c	Per share amount calculated on the average shares method.

d	Amount is less than $0.005 per share.

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

r	Unaudited.

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

169

MML Series Investment Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

MML Mid Cap Value Fund

		Income (loss) from investment operations			Less distributions to shareholders					Ratios / Supplemental Data
	Net asset value, beginning of the period	Net investment income (loss)^c	Net realized and unrealized gain (loss) on investments	Total income (loss) from investment operations	From net investment income	From net realized gains	Total distributions	Net asset value, end of the period	Total return^m	Net assets, end of the period (000’s)	Ratio of expenses to average daily net assets	Net investment income (loss) to average daily net assets
Initial Class
6/30/21^r	$ 10.59	$ 0.08	$ 1.60	$ 1.68	$ —	$ —	$ —	$ 12.27	15.86%^b	$ 359,897	0.88%^a	1.40%^a
12/31/20	10.60	0.15	0.01	0.16	(0.17)	—	(0.17)	10.59	1.71%	348,614	0.89%	1.62%
12/31/19	9.35	0.17	2.37	2.54	(0.18)	(1.11)	(1.29)	10.60	29.13%	389,141	0.88%	1.65%
12/31/18	12.14	0.15	(1.48)	(1.33)	(0.19)	(1.27)	(1.46)	9.35	(12.99%)	343,432	0.88%	1.30%
12/31/17	11.79	0.20	1.09	1.29	(0.19)	(0.75)	(0.94)	12.14	11.70%	438,601	0.88%	1.69%
12/31/16	10.74	0.17	2.22	2.39	(0.19)	(1.15)	(1.34)	11.79	23.23%	433,046	0.88%	1.55%
Service Class
6/30/21^r	$ 10.38	$ 0.07	$ 1.56	$ 1.63	$ —	$ —	$ —	$ 12.01	15.70%^b	$ 55,092	1.13%^a	1.16%^a
12/31/20	10.39	0.13	0.00^d	0.13	(0.14)	—	(0.14)	10.38	1.48%	51,269	1.14%	1.37%
12/31/19	9.18	0.14	2.33	2.47	(0.15)	(1.11)	(1.26)	10.39	28.90%	53,223	1.13%	1.40%
12/31/18	11.96	0.12	(1.47)	(1.35)	(0.16)	(1.27)	(1.43)	9.18	(13.31%)	43,275	1.13%	1.06%
12/31/17	11.63	0.17	1.08	1.25	(0.17)	(0.75)	(0.92)	11.96	11.46%	49,723	1.13%	1.46%
12/31/16	10.62	0.15	2.18	2.33	(0.17)	(1.15)	(1.32)	11.63	22.86%	44,148	1.13%	1.35%

	Six months ended June 30, 2021^b,r	Year ended December 31
	Six months ended June 30, 2021^b,r	2020	2019	2018	2017	2016
Portfolio turnover rate	29%	74%	39%	59%	42%	52%

a	Annualized.

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

c	Per share amount calculated on the average shares method.

d	Amount is less than $0.005 per share.

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

r	Unaudited.

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

170

MML Series Investment Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

MML Small Cap Growth Equity Fund

		Income (loss) from investment operations			Less distributions to shareholders				Ratios / Supplemental Data
	Net asset value, beginning of the period	Net investment income (loss)^c,j	Net realized and unrealized gain (loss) on investments	Total income (loss) from investment operations	From net realized gains	Total distributions	Net asset value, end of the period	Total return^m	Net assets, end of the period (000’s)	Ratio of expenses to average daily net assets before expense waivers	Ratio of expenses to average daily net assets after expense waivers^j	Net investment income (loss) to average daily net assets
Initial Class
6/30/21^r	$ 16.86	$ (0.04)	$ 1.34	$ 1.30	$ —	$ —	$ 18.16	7.70%^b	$ 174,168	1.09%^a	1.07%^a	(0.50%)^a
12/31/20	14.13	(0.04)	4.55	4.51	(1.78)	(1.78)	16.86	35.62%	180,047	1.11%	1.08%	(0.27%)
12/31/19	12.82	(0.01)	4.11	4.10	(2.79)	(2.79)	14.13	34.32%	170,426	1.11%	1.09%	(0.06%)
12/31/18	14.98	(0.03)	(0.32)	(0.35)	(1.81)	(1.81)	12.82	(4.87%)	151,854	1.09%	1.07%	(0.17%)
12/31/17	12.69	(0.03)	2.87	2.84	(0.55)	(0.55)	14.98	22.81%	198,404	1.09%	1.09%^k	(0.21%)
12/31/16	13.51	0.00^d	1.59	1.59	(2.41)	(2.41)	12.69	12.74%	191,245	1.10%	N/A	0.01%
Service Class
6/30/21^r	$ 15.48	$ (0.06)	$ 1.23	$ 1.17	$ —	$ —	$ 16.65	7.57%^b	$ 32,825	1.35%^a	1.32%^a	(0.74%)^a
12/31/20	13.14	(0.06)	4.18	4.12	(1.78)	(1.78)	15.48	35.29%	31,165	1.36%	1.33%	(0.52%)
12/31/19	12.11	(0.04)	3.86	3.82	(2.79)	(2.79)	13.14	33.99%	26,026	1.36%	1.34%	(0.30%)
12/31/18	14.27	(0.06)	(0.29)	(0.35)	(1.81)	(1.81)	12.11	(5.11%)	19,281	1.34%	1.32%	(0.39%)
12/31/17	12.14	(0.06)	2.74	2.68	(0.55)	(0.55)	14.27	22.51%	16,124	1.35%	1.34%	(0.45%)
12/31/16	13.05	(0.03)	1.53	1.50	(2.41)	(2.41)	12.14	12.46%	12,969	1.35%	N/A	(0.23%)

	Six months ended June 30, 2021^b,r	Year ended December 31
	Six months ended June 30, 2021^b,r	2020	2019	2018	2017	2016
Portfolio turnover rate	41%	79%	63%	76%	74%	105%

a	Annualized.

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

c	Per share amount calculated on the average shares method.

d	Amount is less than $0.005 per share.

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

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

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

r	Unaudited.

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

171

MML Series Investment Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

MML Small Company Value Fund

		Income (loss) from investment operations			Less distributions to shareholders					Ratios / Supplemental Data
	Net asset value, beginning of the period	Net investment income (loss)^c,j	Net realized and unrealized gain (loss) on investments	Total income (loss) from investment operations	From net investment income	From net realized gains	Total distributions	Net asset value, end of the period	Total return^m	Net assets, end of the period (000’s)	Ratio of expenses to average daily net assets before expense waivers	Ratio of expenses to average daily net assets after expense waivers^j	Net investment income (loss) to average daily net assets
Class II
6/30/21^r	$ 15.25	$ 0.00^d^,bb	$ 2.53	$ 2.53	$ —	$ —	$ —	$ 17.78	16.52%^b	$ 66,974	1.05%^a	1.00%^a	0.04%^a
12/31/20	14.75	0.04	1.15	1.19	(0.03)	(0.66)	(0.69)	15.25	9.16%	65,955	1.06%	1.01%	0.33%
12/31/19	13.86	0.04	3.20	3.24	(0.04)	(2.31)	(2.35)	14.75	25.54%	74,855	1.06%	1.01%	0.25%
12/31/18	16.90	0.05	(2.01)	(1.96)	(0.06)	(1.02)	(1.08)	13.86	(12.94%)	66,976	1.02%	0.97%	0.30%
12/31/17	17.23	0.05	1.73	1.78	(0.10)	(2.01)	(2.11)	16.90	11.69%	89,256	1.02%	0.97%	0.30%
12/31/16	14.88	0.10	4.44	4.54	(0.10)	(2.09)	(2.19)	17.23	32.46%	88,729	1.02%	0.97%	0.66%
Service Class I
6/30/21^r	$ 14.66	$ (0.02)	$ 2.43	$ 2.41	$ —	$ —	$ —	$ 17.07	16.37%^b	$ 29,531	1.30%^a	1.25%^a	(0.21%)^a
12/31/20	14.21	0.01	1.11	1.12	(0.01)	(0.66)	(0.67)	14.66	8.92%	26,467	1.31%	1.26%	0.07%
12/31/19	13.43	0.00^d	3.10	3.10	(0.01)	(2.31)	(2.32)	14.21	25.26%	25,636	1.31%	1.26%	0.01%
12/31/18	16.43	0.01	(1.96)	(1.95)	(0.03)	(1.02)	(1.05)	13.43	(13.19%)	19,861	1.27%	1.22%	0.06%
12/31/17	16.83	0.01	1.68	1.69	(0.08)	(2.01)	(2.09)	16.43	11.42%	20,671	1.27%	1.22%	0.06%
12/31/16	14.58	0.07	4.34	4.41	(0.07)	(2.09)	(2.16)	16.83	32.16%	15,465	1.27%	1.22%	0.44%

	Six months ended June 30, 2021^b,r	Year ended December 31
	Six months ended June 30, 2021^b,r	2020	2019	2018	2017	2016
Portfolio turnover rate	12%	29%	24%	22%	14%	23%

a	Annualized.

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

c	Per share amount calculated on the average shares method.

d	Amount is less than $0.005 per share.

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

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

r	Unaudited.

bb	Net investment income per share is not in line with the total net investment income shown on the Statement of Operations due to differing class-specific expense arrangements.

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

172

MML Series Investment Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

MML Small/Mid Cap Value Fund

		Income (loss) from investment operations			Less distributions to shareholders					Ratios / Supplemental Data
	Net asset value, beginning of the period	Net investment income (loss)^c	Net realized and unrealized gain (loss) on investments	Total income (loss) from investment operations	From net investment income	From net realized gains	Total distributions	Net asset value, end of the period	Total return^m	Net assets, end of the period (000’s)	Ratio of expenses to average daily net assets	Net investment income (loss) to average daily net assets
Initial Class
6/30/21^r	$ 10.94	$ 0.07	$ 2.86	$ 2.93	$ —	$ —	$ —	$ 13.87	26.78%^b	$ 171,226	0.81%^a	1.03%^a
12/31/20	11.06	0.09	0.30	0.39	(0.10)	(0.41)	(0.51)	10.94	4.65%	164,145	0.81%	0.98%
12/31/19	10.61	0.12	1.83	1.95	(0.07)	(1.43)	(1.50)	11.06	20.39%	179,503	0.81%	1.04%
12/31/18	13.99	0.09	(1.87)	(1.78)	(0.07)	(1.53)	(1.60)	10.61	(15.00%)	163,607	0.80%	0.63%
12/31/17	13.23	0.06	1.60	1.66	(0.07)	(0.83)	(0.90)	13.99	13.44%	210,030	0.80%	0.47%
12/31/16	11.34	0.06	2.70	2.76	(0.07)	(0.80)	(0.87)	13.23	25.10%	211,849	0.79%	0.51%
Service Class
6/30/21^r	$ 10.79	$ 0.05	$ 2.83	$ 2.88	$ —	$ —	$ —	$ 13.67	26.78%^b	$ 28,055	1.06%^a	0.80%^a
12/31/20	10.92	0.07	0.28	0.35	(0.07)	(0.41)	(0.48)	10.79	4.32%	22,302	1.06%	0.73%
12/31/19	10.50	0.09	1.80	1.89	(0.04)	(1.43)	(1.47)	10.92	19.98%	23,295	1.06%	0.80%
12/31/18	13.85	0.05	(1.83)	(1.78)	(0.04)	(1.53)	(1.57)	10.50	(15.12%)	19,189	1.05%	0.39%
12/31/17	13.12	0.03	1.57	1.60	(0.04)	(0.83)	(0.87)	13.85	13.08%	22,386	1.05%	0.23%
12/31/16	11.25	0.03	2.68	2.71	(0.04)	(0.80)	(0.84)	13.12	24.83%	19,563	1.04%	0.26%

	Six months ended June 30, 2021^b,r	Year ended December 31
	Six months ended June 30, 2021^b,r	2020	2019	2018	2017	2016
Portfolio turnover rate	28%	60%	35%	38%	34%	58%

a	Annualized.

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

c	Per share amount calculated on the average shares method.

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

r	Unaudited.

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

173

MML Series Investment Fund – Financial Statements (Continued)

Financial Highlights (For a share outstanding throughout each period)

MML Total Return Bond Fund

		Income (loss) from investment operations			Less distributions to shareholders					Ratios / Supplemental Data
	Net asset value, beginning of the period	Net investment income (loss)^c,j	Net realized and unrealized gain (loss) on investments	Total income (loss) from investment operations	From net investment income	From net realized gains	Total distributions	Net asset value, end of the period	Total return^m	Net assets, end of the period (000’s)	Ratio of expenses to average daily net assets before expense waivers	Ratio of expenses to average daily net assets after expense waivers^j	Net investment income (loss) to average daily net assets (including interest expense)
Class II
6/30/21^r	$ 11.28	$ 0.06	$ (0.19)	$ (0.13)	$ —	$ —	$ —	$ 11.15	(1.15%)^b	$ 291,435	0.62%^a	N/A	1.17%^a
12/31/20	10.74	0.20	0.74	0.94	(0.35)	(0.05)	(0.40)	11.28	8.79%	288,005	0.62%	0.61%	1.77%
12/31/19	10.16	0.26	0.65	0.91	(0.33)	—	(0.33)	10.74	8.91%	342,002	0.61%	0.60%	2.48%
12/31/18	10.36	0.25	(0.26)	(0.01)	(0.19)	—	(0.19)	10.16	(0.07%)	353,571	0.60%	0.60%^l	2.51%
12/31/17	10.27	0.19	0.11	0.30	(0.21)	—	(0.21)	10.36	2.96%	408,199	0.62%	0.60%	1.85%
12/31/16	10.19	0.17	0.09	0.26	(0.18)	—	(0.18)	10.27	2.52%	393,276	0.62%	0.60%	1.67%
Service Class I
6/30/21^r	$ 11.14	$ 0.05	$ (0.20)	$ (0.15)	$ —	$ —	$ —	$ 10.99	(1.35%)^b	$ 50,533	0.87%^a	N/A	0.91%^a
12/31/20	10.62	0.16	0.75	0.91	(0.34)	(0.05)	(0.39)	11.14	8.60%	51,252	0.87%	0.86%	1.47%
12/31/19	10.06	0.23	0.64	0.87	(0.31)	—	(0.31)	10.62	8.65%	34,011	0.86%	0.85%	2.21%
12/31/18	10.27	0.23	(0.27)	(0.04)	(0.17)	—	(0.17)	10.06	(0.35%)	25,533	0.85%	0.85%^l	2.28%
12/31/17	10.18	0.16	0.12	0.28	(0.19)	—	(0.19)	10.27	2.73%	21,858	0.87%	0.85%	1.60%
12/31/16	10.11	0.15	0.09	0.24	(0.17)	—	(0.17)	10.18	2.30%	19,079	0.87%	0.85%	1.43%

	Six months ended June 30, 2021^b,r	Year ended December 31
	Six months ended June 30, 2021^b,r	2020	2019	2018	2017	2016
Portfolio turnover rate	218%	328%	219%	250%	313%	278%

a	Annualized.

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

c	Per share amount calculated on the average shares method.

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

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

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

r	Unaudited.

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

174

Notes to Financial Statements (Unaudited)

1.	The Funds

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

MML Conservative Allocation Fund (“Conservative Allocation Fund”)
MML Balanced Allocation Fund (“Balanced Allocation Fund”)
MML Moderate Allocation Fund (“Moderate Allocation Fund”)
MML Growth Allocation Fund (“Growth Allocation Fund”)
MML Aggressive Allocation Fund (“Aggressive Allocation Fund”)
MML American Funds Growth Fund (“MML American Funds Growth Fund”)
MML American Funds International Fund (“MML American Funds International Fund”)
MML American Funds Core Allocation Fund (“MML American Funds Core Allocation Fund”)
MML Blue Chip Growth Fund (“Blue Chip Growth Fund”)
MML Equity Income Fund (“Equity Income Fund”)
MML Equity Index Fund (“Equity Index Fund”)
MML Focused Equity Fund (“Focused Equity Fund”)
MML Foreign Fund (“Foreign Fund”)
MML Fundamental Equity Fund (“Fundamental Equity Fund”)
MML Fundamental Value Fund (“Fundamental Value Fund”)
MML Global Fund (“Global Fund”)
MML Growth & Income Fund (“Growth & Income Fund”)
MML Income & Growth Fund (“Income & Growth Fund”)
MML International Equity Fund (“International Equity Fund”)
MML Large Cap Growth Fund (“Large Cap Growth Fund”)
MML Managed Volatility Fund (“Managed Volatility Fund”)
MML Mid Cap Growth Fund (“Mid Cap Growth Fund”)
MML Mid Cap Value Fund (“Mid Cap Value Fund”)
MML Small Cap Growth Equity Fund (“Small Cap Growth Equity Fund”)
MML Small Company Value Fund (“Small Company Value Fund”)
MML Small/Mid Cap Value Fund (“Small/Mid Cap Value Fund”)
MML Total Return Bond Fund (“Total Return Bond Fund”)

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

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

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

175

Notes to Financial Statements (Unaudited) (Continued)

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

MML American Funds Growth Fund and MML American Funds International Fund (each a “Feeder Fund,” collectively the “Feeder Funds”) invest all of their assets in Class 1 shares of the Growth and International Funds, respectively, each a series of the American Funds Insurance Series (each a “Master Fund,” collectively the “Master Funds”). Each Master Fund is an open-end investment company and organized as a Massachusetts business trust. Each Feeder Fund has an investment objective that is consistent with its corresponding Master Fund. Each Master Fund intends to comply with the requirements under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”), applicable to mutual funds and intends to distribute substantially all of its taxable income and capital gains to shareholders, which includes the applicable Feeder Fund, to qualify as a regulated investment company. The performance of the Feeder Funds is directly affected by the performance of the Master Funds. The financial statements of the Master Funds, including the Summary Investment Portfolios, are provided separately and should be read in conjunction with the Feeder Funds’ financial statements. As of June 30, 2021, the MML American Funds Growth Fund and MML American Funds International Fund owned 0.67% and 0.62% of the Growth and International Master Funds, respectively. The MML American Funds Core Allocation Fund invests all of its investable assets in shares of various series of American Funds Insurance Series, which are managed by Capital Research and Management Company (together, the “American Underlying Funds” and collectively with the MML Underlying Funds, the “Underlying Funds”).

The SEC file number for the American Funds Insurance Series is 811-03857. Additional information related to the Master Funds’ and American Underlying Funds’ financial reports can be located on the SEC’s EDGAR database on its website at http://www.sec.gov.

2.	Significant Accounting Policies

The following is a summary of significant accounting policies followed consistently by each Fund in the preparation of the financial statements in conformity with accounting principles generally accepted in the United States of America (“generally accepted accounting principles”). The preparation of the financial statements in accordance with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates.

Each Fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946, Financial Services – Investment Companies.

Investment Valuation

The net asset value of each Fund’s shares is determined once daily as of the close of regular trading on the New York Stock Exchange (“NYSE”), on each day the NYSE is open for trading (a “business day”). The NYSE normally closes at 4:00 p.m. Eastern Time, but may close earlier on some days. If the NYSE is scheduled to close early, the business day will be considered to end as of the time of the NYSE’s scheduled close. A Fund will not treat an intraday disruption in NYSE trading or other event that causes an unscheduled closing of the NYSE as a close of business of the NYSE for these purposes and will instead fair value securities in accordance with procedures approved annually by the Board of Trustees (“Trustees”), and under the general oversight of the Trustees. On holidays and other days when the NYSE is closed, each Fund’s net asset value generally is not calculated and the Funds do not anticipate accepting buy or sell orders. However, the value of each Fund’s assets may still be affected on such days to the extent that a Fund or an Underlying Fund or Master Fund holds foreign securities that trade on days that foreign securities markets are open.

The net asset value of each of the Allocation Funds, Feeder Funds, and MML American Funds Core Allocation Fund is based upon the net asset value(s) of its corresponding Master Fund or Underlying Funds. Shares of the Master Fund and Underlying Funds are valued at their closing net asset values as reported on each business day.

176

Notes to Financial Statements (Unaudited) (Continued)

The Prospectuses and Statements of Additional Information (“SAIs”) for the Underlying Funds and Master Funds, as applicable, explain the valuation methods for the Underlying Funds and Master Funds, including the circumstances under which the Underlying Funds or Master Funds, may use fair value pricing and the effects of doing so. Such Prospectuses and SAIs are available on the SEC’s EDGAR database on its website at http://www.sec.gov.

Equity securities and derivative contracts that are actively traded on a national securities exchange or contract market are valued on the basis of information furnished by a pricing service, which provides the last reported sale price, or, in the case of futures contracts, the settlement price, for securities or derivatives listed on the exchange or contract market or the official closing price on the NASDAQ National Market System (“NASDAQ System”), or in the case of over-the-counter (“OTC”) securities for which an official closing price is unavailable or not reported on the NASDAQ System, the last reported bid price. Portfolio securities traded on more than one national securities exchange are valued at the last price at the close of the exchange representing the principal market for such securities. Debt securities are valued on the basis of valuations furnished by a pricing service, which generally determines valuations taking into account factors such as institutional-size trading in similar securities, yield, quality, coupon rate, maturity, type of issue, trading characteristics, and other market data. Shares of other open-end mutual funds are valued at their closing net asset values as reported on each business day.

Investments for which market quotations are readily available are marked to market daily based on those quotations. Market quotations may be provided by third-party vendors or market makers, and may be determined on the basis of a variety of factors, such as broker quotations, financial modeling, and other market data, such as market indexes and yield curves, counterparty information, and foreign exchange rates. U.S. Government and agency securities may be valued on the basis of market quotations or using a model that may incorporate market observable data such as reported sales of similar securities, broker quotes, yields, bids, offers, quoted market prices, and reference data. The fair values of OTC derivative contracts, including forward, swap, and option contracts related to interest rates, foreign currencies, credit standing of reference entities, equity prices, or commodity prices, may be based on market quotations or may be modeled using a series of techniques, including simulation models, depending on the contract and the terms of the transaction. The fair values of asset-backed securities and mortgage-backed securities are estimated based on models that consider the estimated cash flows of each debt tranche of the issuer, established benchmark yield, and estimated tranche-specific spread to the benchmark yield based on the unique attributes of the tranche, including, but not limited to, prepayment speed assumptions and attributes of the collateral.

Investments for which market quotations are not available or for which a pricing service or vendor does not provide a value, or for which such market quotations or values are considered by the investment adviser or subadviser to be unreliable (including, for example, certain foreign securities, thinly-traded securities, certain restricted securities, certain initial public offerings, or securities whose values may have been affected by a significant event) are stated at fair valuations determined in good faith by the Funds’ Valuation Committee¹ in accordance with procedures approved annually by the Trustees, and under the general oversight of the Trustees. The Funds’ Valuation Committee employs various methods to determine fair valuations including a regular review of significant inputs and assumptions and review of any related market activity. The Funds’ Valuation Committee reports to the Trustees at its regularly scheduled meetings. It is possible that fair value prices will be used by the Funds to a significant extent. The value determined for an investment using the Funds’ fair value procedures may differ from recent market prices for the investment and may be significantly different from the value realized upon the sale of such investment.

The Funds and certain Underlying Funds or Master Funds may invest in securities that are traded principally in foreign markets and that trade on weekends and other days when the Funds do not price their shares. As a result, the values of the Funds’ portfolio securities may change on days when the prices of the Funds’ shares are not calculated. The prices of the Funds’ shares will reflect any such changes when the prices of the Funds’ shares are next calculated, which is the next business day. The Funds may use fair value pricing more frequently for securities primarily traded in foreign markets because, among other things, most foreign markets close well before the Funds value their securities. The earlier close of these foreign markets gives rise to the possibility that significant events, including broad market moves, may have occurred in the interim. The Funds’ investments may be priced based on fair values provided by a third-party vendor, based on certain factors and methodologies applied by such vendor, in the

The voting members of the Valuation Committee consist of the President, Treasurer, Assistant Treasurers, Vice Presidents (except for the CCO, Secretary, and Assistant Secretaries) of the Trust, as well as such other members as the Trustees may from time to time designate. The non-voting members of the Valuation Committee consist of the CCO, Secretary, and Assistant Secretaries. The Valuation Committee reviews and determines the fair valuation of portfolio securities and the Funds’ pricing procedures in general.

177

Notes to Financial Statements (Unaudited) (Continued)

event that there is movement in the U.S. market, between the close of the foreign market and the time the Funds calculate their net asset values. All assets and liabilities expressed in foreign currencies are converted into U.S. dollars at the mean between the buying and selling rates of such currencies against the U.S. dollar at the end of each business day.

For investments in equity or debt issued by privately held companies or funds (“Private Company” or collectively, the “Private Companies”) and any other investments fair valued using significant unobservable inputs, as described below, the fair valuation approaches used by third party service providers and/or the Funds’ subadvisers utilize one or a combination of, but not limited to, the following inputs:

Market approach: (i) recent market transactions, including subsequent rounds of financing, in the underlying investment or comparable issuers; (ii) recapitalizations and other transactions across the capital structure; and (iii) market multiples of comparable issuers.

Income approach: (i) future cash flows discounted to present value and adjusted as appropriate for liquidity, credit, and/or market risks; (ii) quoted prices for similar investments or assets in active markets; and (iii) other risk factors, such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, recovery rates, liquidation amounts, and/or default rates.

Cost approach: (i) audited or unaudited financial statements, investor communications, and financial or operational metrics issued by the Private Company; (ii) changes in the valuation of relevant indices or publicly traded companies comparable to the Private Company; (iii) relevant news and other public sources; and (iv) known secondary market transactions in the Private Company’s interests and merger or acquisition activity in companies comparable to the Private Company.

Investments in series of preferred stock issued by Private Companies are typically valued utilizing Market approach in determining the enterprise value of the company. Such investments often contain rights and preferences that differ from other series of preferred and common stock of the same issuer. Valuation techniques such as the current value method (“CVM”), an option pricing model (“OPM”), a probability weighted expected return model (“PWERM”), or a hybrid of those techniques are used in allocating enterprise value of the company, as deemed appropriate under the circumstances. The CVM allocates value among the various parts of a company’s capital structure assuming that the value of convertible preferred stock is represented by the most favorable claim the preferred stockholders have on the enterprise value as of the valuation date. The use of OPM and PWERM techniques involve a determination of the exit scenarios of the investment in order to appropriately allocate the enterprise value of the company among the various parts of its capital structure.

The Private Companies are not subject to the public company disclosure, timing, and reporting standards as other investments held by a Fund. Typically, the most recently available information for a Private Company is as of a date that is earlier than the date a Fund is calculating its net asset value. This factor may result in a difference between the value of the investment and the price a Fund could receive upon the sale of the investment.

Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. A three-tier hierarchy is utilized to maximize the use of observable market data inputs and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk, for example, the risk inherent in a particular valuation technique used to measure fair value (such as a pricing model) and/or the risk inherent in the inputs to the valuation technique. Inputs may be observable or unobservable. Observable inputs are inputs that reflect the assumptions market participants would use in pricing the asset or liability and are developed based on market data obtained from sources independent of the reporting entity. Unobservable inputs are inputs that reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability and are developed based on the best information available in the circumstances. The three-tier hierarchy of inputs is summarized in the three broad Levels listed below. The inputs or methodology used for valuing investments are not necessarily an indication of the risk associated with investing in those investments and the determination of the significance of a particular input to the fair value measurement in its entirety requires judgment and consideration of factors specific to each security.

178

Notes to Financial Statements (Unaudited) (Continued)

Level 1 – quoted prices (unadjusted) in active markets for identical investments that the Funds can access at the measurement date

Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)

Level 3 – significant unobservable inputs, to the extent observable inputs are not available (including the Funds’ own assumptions in determining the fair value of investments)

The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3.

Changes in valuation techniques may result in transfers in or out of an investment’s assigned Level within the hierarchy. In addition, in periods of market dislocation, the observability of prices and inputs may be reduced for many instruments. This condition, as well as changes related to liquidity of investments, could cause a security to be reclassified between Levels.

In certain cases, the inputs used to measure fair value may fall into different Levels of the fair value hierarchy. In such cases, for disclosure purposes, the Level in the fair value hierarchy within which the fair value measurement falls is determined based on the lowest Level input that is significant to the overall fair value measurement.

The Allocation Funds, Feeder Funds, and MML American Funds Core Allocation Fund characterized all investments at Level 1, as of June 30, 2021. The Fundamental Value Fund, Income & Growth Fund, Large Cap Growth Fund, and Small/Mid Cap Value Fund characterized all investments at Level 1, and all short-term investments at Level 2, as of June 30, 2021. For each Fund noted in the preceding sentences, the level classification by major category of investments is the same as the category presentation in the Portfolio of Investments.

The following is the aggregate value by input level, as of June 30, 2021, for the remaining Funds’ investments:

	Level 1		Level 2			Level 3			Total
Blue Chip Growth Fund
Asset Investments
Common Stock	$	549,376,673	$	10,560,767	*	$	973,979	**	$	560,911,419
Preferred Stock		—		—			2,545,088	**		2,545,088
Mutual Funds		1,215,174		—			—			1,215,174
Short-Term Investments		100		4,014,922			—			4,015,022
Total Investments	$	550,591,947	$	14,575,689			3,519,067		$	568,686,703

Equity Income Fund
Asset Investments
Common Stock	$	436,929,175	$	13,332,628	*	$	—		$	450,261,803
Preferred Stock		6,894,296		—			—			6,894,296
Mutual Funds		1,506,852		—			—			1,506,852
Short-Term Investments		1,075		4,823,424			—			4,824,499
Total Investments	$	445,331,398	$	18,156,052		$	—		$	463,487,450

179

Notes to Financial Statements (Unaudited) (Continued)

	Level 1		Level 2			Level 3		Total
Equity Index Fund
Asset Investments
Common Stock	$	713,099,409	$	—		$	—	$	713,099,409
Mutual Funds		97,178		—			—		97,178
Short-Term Investments		—		6,007,240			—		6,007,240
Total Investments	$	713,196,587	$	6,007,240		$	—	$	719,203,827
Asset Derivatives
Futures Contracts	$	85,964	$	—		$	—	$	85,964

Focused Equity Fund
Asset Investments
Common Stock	$	272,135,773	$	15,596,657	*	$	—	$	287,732,430
Short-Term Investments		—		9,143,962			—		9,143,962
Total Investments	$	272,135,773	$	24,740,619		$	—	$	296,876,392

Foreign Fund
Asset Investments
Common Stock*
Australia	$	—	$	7,128,511		$	—	$	7,128,511
Austria		—		616,002			—		616,002
Belgium		—		7,268,943			—		7,268,943
Cayman Islands		—		6,300,909			—		6,300,909
Denmark		—		1,150,320			—		1,150,320
France		—		25,362,885			—		25,362,885
Germany		—		37,750,792			—		37,750,792
Ireland		3,384,889		9,013,124			—		12,398,013
Israel		2,670,990		—			—		2,670,990
Italy		—		2,803,004			—		2,803,004
Japan		—		66,326,210			—		66,326,210
Luxembourg		—		2,670,730			—		2,670,730
Netherlands		2,633,216		14,420,052			—		17,053,268
Norway		—		2,686,287			—		2,686,287
Republic of Korea		—		5,382,818			—		5,382,818
Singapore		—		3,705,892			—		3,705,892
Spain		—		1,054,991			—		1,054,991
Sweden		—		6,440,466			—		6,440,466
Switzerland		—		27,408,423			—		27,408,423
United Kingdom		1,075,194		38,760,998			—		39,836,192
Mutual Funds		2,291,337		—			—		2,291,337
Total Investments	$	12,055,626	$	266,251,357		$	—	$	278,306,983

Fundamental Equity Fund
Asset Investments
Common Stock	$	187,193,540	$	1,266,758	*	$	—	$	188,460,298
Mutual Funds		13,353		—			—		13,353
Short-Term Investments		—		579,678			—		579,678
Total Investments	$	187,206,893	$	1,846,436		$	—	$	189,053,329

Global Fund
Asset Investments
Common Stock*
Austria	$	—	$	1,097,003		$	—	$	1,097,003

180

Notes to Financial Statements (Unaudited) (Continued)

	Level 1		Level 2			Level 3		Total
Global Fund (Continued)
Asset Investments (Continued)
Common Stock* (Continued)
Canada	$	10,208,346	$	—		$	—	$	10,208,346
Denmark		—		2,286,735			—		2,286,735
France		—		44,786,280			—		44,786,280
Germany		—		15,267,827			—		15,267,827
Ireland		29,056,715		6,897,227			—		35,953,942
Israel		3,704,895		—			—		3,704,895
Japan		—		7,832,214			—		7,832,214
Mexico		870,612		—			—		870,612
Netherlands		—		12,405,242			—		12,405,242
Republic of Korea		—		3,965,223			—		3,965,223
Spain		—		3,341,365			—		3,341,365
Sweden		—		6,732,988			—		6,732,988
Switzerland		—		32,282,551			—		32,282,551
United Kingdom		2,135,440		27,047,242			—		29,182,682
United States		181,553,859		—			—		181,553,859
Mutual Funds		970,869		—			—		970,869
Warrants		70,684		—			—		70,684
Short-Term Investments		—		4,152,178			—		4,152,178
Total Investments	$	228,571,420	$	168,094,075		$	—	$	396,665,495

Growth & Income Fund
Asset Investments
Common Stock	$	161,267,675	$	8,607,742	*	$	—	$	169,875,417
Short-Term Investments		—		1,412,391			—		1,412,391
Total Investments	$	161,267,675	$	10,020,133		$	—	$	171,287,808

International Equity Fund
Asset Investments
Common Stock*
Australia	$	—	$	4,552,263		$	—	$	4,552,263
Belgium		—		2,210,837			—		2,210,837
Canada		5,768,597		—			—		5,768,597
Cayman Islands		1,605,602		1,619,503			—		3,225,105
Finland		—		1,422,439			—		1,422,439
France		—		19,334,372			—		19,334,372
Germany		5,191		42,802,199			—		42,807,390
India		—		2,508,229			—		2,508,229
Indonesia		—		819,351			—		819,351
Ireland		2,111,177		—			—		2,111,177
Italy		—		6,886,614			—		6,886,614
Japan		—		3,764,455			—		3,764,455
Mexico		2,493,288		—			—		2,493,288
Netherlands		—		8,221,285			—		8,221,285
Republic of Korea		—		2,365,068			—		2,365,068
South Africa		—		4,481,920			—		4,481,920
Spain		—		2,236,377			—		2,236,377
Sweden		—		6,372,566			—		6,372,566
Switzerland		—		16,062,421			—		16,062,421
United Kingdom		3,568,056		26,328,613			—		29,896,669

181

Notes to Financial Statements (Unaudited) (Continued)

	Level 1			Level 2			Level 3			Total
International Equity Fund (Continued)
Asset Investments (Continued)
Preferred Stock*
Germany	$	—		$	348,412		$	—		$	348,412
Corporate Debt		—			481,470			—			481,470
Short-Term Investments		—			3,087,109			—			3,087,109
Total Investments	$	15,551,911		$	155,905,503		$	—		$	171,457,414
Asset Derivatives
Forward Contracts	$	—		$	60,628		$	—		$	60,628

Managed Volatility Fund
Asset Investments
Common Stock	$	142,872,918		$	—		$	—		$	142,872,918
Corporate Debt		—			—			—	^+,**		—
Mutual Funds		17,483			—			—			17,483
Purchased Options		850,482			—			—			850,482
Short-Term Investments		—			1,011,049			—			1,011,049
Total Investments	$	143,740,883		$	1,011,049		$	—		$	144,751,932
Liability Derivatives
Written Options	$	(2,676,381	)	$	—		$	—		$	(2,676,381	)

Mid Cap Growth Fund
Asset Investments
Common Stock	$	518,184,498		$	3,783,300		$	778,461		$	522,746,259
Preferred Stock		—			—			9,014,681			9,014,681
Warrants		31,393			—			—			31,393
Mutual Funds		4,208,771			—			—			4,208,771
Short-Term Investments		372			12,046,770			—			12,047,142
Total Investments	$	522,425,034		$	15,830,070		$	9,793,142		$	548,048,246

Mid Cap Value Fund
Asset Investments
Common Stock	$	380,938,656		$	29,664,115	*	$	—		$	410,602,771
Short-Term Investments		—			2,148,173			—			2,148,173
Total Investments	$	380,938,656		$	31,812,288		$	—		$	412,750,944
Asset Derivatives
Forward Contracts	$	—		$	135,332		$	—		$	135,332
Liability Derivatives
Forward Contracts	$	—		$	(3,082	)	$	—		$	(3,082	)

Small Cap Growth Equity Fund
Asset Investments
Common Stock	$	200,954,015		$	1,622,723		$	299	**	$	202,577,037
Rights		—			—			—	^+,**		—
Mutual Funds		2,566,959			—			—			2,566,959
Short-Term Investments		—			1,641,023			—			1,641,023
Total Investments	$	203,520,974		$	3,263,746		$	299		$	206,785,019

182

Notes to Financial Statements (Unaudited) (Continued)

	Level 1		Level 2		Level 3		Total
Small Company Value Fund
Asset Investments
Common Stock	$	94,910,616	$	—	$	—	$	94,910,616
Warrants		8,643		—		—		8,643
Mutual Funds		108,809		—		—		108,809
Short-Term Investments		100		1,672,638		—		1,672,738
Total Investments	$	95,028,168	$	1,672,638	$	—	$	96,700,806

Total Return Bond Fund
Asset Investments
Bank Loans	$	—	$	5,391,603	$	—	$	5,391,603
Corporate Debt		—		75,775,565		—		75,775,565
Municipal Obligations		—		4,219,410		—		4,219,410
Non-U.S. Government Agency Obligations		—		43,949,440		—		43,949,440
Sovereign Debt Obligations		—		3,077,852		—		3,077,852
U.S. Government Agency Obligations and Instrumentalities		—		111,493,647		—		111,493,647
U.S. Treasury Obligations		—		136,155,954		—		136,155,954
Purchased Options		—		45,981		—		45,981
Mutual Funds		76,650		—		—		76,650
Short-Term Investments		—		22,956,742		—		22,956,742
Total Investments	$	76,650	$	403,066,194	$	—	$	403,142,844
Asset Derivatives
Futures Contracts	$	15,844	$	—	$	—	$	15,844

*	Includes foreign equity securities whose values were adjusted to reflect market trading of comparable securities or other correlated instruments after the close of trading in their respective foreign markets, as applicable.

None of the unobservable inputs for Level 3 assets, individually or collectively, had a material impact on the Fund(s). Level 3 investments at June 30, 2021 in relation to net assets were not significant and accordingly, a reconciliation of Level 3 assets for the period ended June 30, 2021 is not presented.

+	Represents a security at $0 value as of June 30, 2021.

For certain Fund(s) the Statement of Assets and Liabilities shows receivables from investments sold on a delayed delivery basis and collateral pledged for open futures contracts, as well as, any applicable liabilities for investments purchased on a delayed delivery basis, amounts due to custodian, and collateral held for securities on loan. These amounts approximate fair value and would be categorized at Level 2 for each applicable Fund as of June 30, 2021.

The Funds had no Level 3 transfers during the period ended June 30, 2021.

183

Notes to Financial Statements (Unaudited) (Continued)

Following is a reconciliation of investments for which significant unobservable inputs (Level 3) were used in determining value:

Asset Valuation Inputs

	Investments in Securities
	Balance as of 12/31/20		Accrued Discounts (Premiums)		Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Purchases		(Sales)			Transfers into Level 3		Transfers (out) of Level 3		Balance as of 6/30/21			Net Change in Unrealized Appreciation (Depreciation) from Investments Still held as of 6/30/21
Mid Cap Growth Fund
Common Stock	$	1,916,772	$	—	$	20,738	$	(120,406	)	$	—	$	(1,038,643	)	$	—	$	—	$	778,461	†	$	(160,908	)
Preferred Stock		3,070,818		—		20,410		5,697,336			1,108,569		(882,452	)		—		—		9,014,681	†		6,275,429
	$	4,987,590	$	—	$	41,148	$	5,576,930		$	1,108,569	$	(1,921,095	)	$	—	$	—	$	9,793,142		$	6,114,521

†	Represents a restricted security issued by a non-public entity valued by a broker quote or vendor price.

The Mid Cap Growth Fund fair values certain of its Level 3 investments using acquisition cost, although the transaction may not have occurred during the current reporting period. These investments are generally privately held investments, but may include defaulted securities and new debt issuances. There may not be a secondary market for such investments, and/or there are a limited number of investors. The determination to fair value such investments at cost is based upon factors consistent with the principles of fair value measurement that are reasonably available to the Valuation Committee. Valuations are reviewed by members of the Valuation Committee utilizing available market information to determine if the carrying value of these investments should be adjusted. Such market data may include, but is not limited to, observations of the trading multiples of public companies considered comparable to the private companies being valued, financial or operational information released by the company, and/or news or corporate events that affect the investment, also referred to as enterprise value (EV) to earnings before interest, taxes, depreciation, and amortization (EBITDA) ratios. Valuations may be adjusted to account for company-specific issues, the lack of liquidity inherent in a nonpublic investment, and the fact that comparable public companies are not identical to the investments being fair valued by the Mid Cap Growth Fund. All market variables are assessed on a regular frequency and calibrated as necessary.

	Fair Value		Valuation Technique(s)	Unobservable Input Description		Amount or Range/ Weighting of Unobservable Input	Impact to Valuation from an Increase in Input^(a)
Mid Cap Growth Fund
Common Stock - $778,461
JAND, Inc., Class A	$	21,096	Market approach	Transaction price	$24.5306		Increase
Venture Global LNG, Inc., Series B		96,392	Market comparable	Transaction price EV/2023 EBITDA 10.8x Proj EV/2025 EBITDA 12.7x	$5,200 / 50% $3,736.27 / 40% $5,138.96 / 40%		Increase
Venture Global LNG, Inc., Series C		660,973	Market comparable	Transaction price EV/2023 EBITDA 10.8x Proj EV/2025 EBITDA 12.7x	$5,200 / 50% $3,736.27 / 40% $5,138.96 / 40%		Increase

184

Notes to Financial Statements (Unaudited) (Continued)

	Fair Value		Valuation Technique(s)	Unobservable Input Description		Amount or Range/ Weighting of Unobservable Input	Impact to Valuation from an Increase in Input^(a)
Mid Cap Growth Fund (Continued)
Preferred Stock - $9,014,681
Caris Life Sciences, Inc., Series D	$	271,366	Market approach	Transaction price	$8.10		Increase
Databricks, Inc., Series G		133,382	Market comparable	EV/2022 Rev 46.84x	$177.37 / 100%		Increase
JAND, Inc., Series AA		43,689	Market approach	Transaction price	$24.5306		Increase
JAND, Inc., Series B		49	Market approach	Transaction price	$24.5306		Increase
Maplebear, Inc., Series I		95,750	Market approach	Transaction price	$125.00		Increase
Redwood Materials, Inc., Series C		200,090	Market approach	Transaction price	$47.40347		Increase
Rivian Automotive, Inc., Series D		5,873,410	Market approach	Implied price from convertible note issuance.	70.06		Increase
Rivian Automotive, Inc., Series E		1,718,502	Market approach	Implied price from convertible note issuance.	70.06		Increase
Sila Nanotechnologies, Inc., Series F		407,982	Market approach	Transaction price	41.2728		Increase
Wework Companies, Inc., Series D-1		189,994	Market approach	Parity price multiplied by conversion factor plus estimated tender offer price	8.55945		Increase
Wework Companies, Inc., Series D-2		80,467	Market approach	Parity price multiplied by conversion factor plus estimated tender offer price	8.55945		Increase
Total	$	9,793,142

(a)

Represents the directional change in the fair value of the Level 3 investments that could have resulted from an increase in the corresponding input as of the reporting date. A decrease in the unobservable input would have had the opposite effect. Significant changes in these inputs may have resulted in a significantly higher or lower fair value measurement at the reporting date.

Abbreviation Legend

EV/(year) EBIT - financial ratio of comparable public companies�� total market capitalization to earnings before interest and taxes; measures the value of a comparable company in terms of its expected earnings for a given year

EV/(year) Rev - financial ratio of comparable public companies’ total market capitalization to projected revenue before interest and taxes; measures the value of a comparable company in terms of its projected revenue for a given year

185

Notes to Financial Statements (Unaudited) (Continued)

Derivative Instruments

Derivatives are financial instruments whose values are based on the values of one or more indicators, such as a security, asset, currency, interest rate, or index. Derivative transactions can create investment leverage and may be highly volatile. Losses from derivatives can be substantially greater than the derivatives’ original cost and can sometimes be unlimited. A Fund may not be able to close out a derivative transaction at a favorable time or price.

At June 30, 2021, and during the period then ended, the Fund(s) had the following derivatives and transactions in derivatives, grouped into the indicated risk categories:

	Equity Risk			Foreign Exchange Risk			Interest Rate Risk		Total
Equity Index Fund
Asset Derivatives
Futures Contracts^^	$	85,964		$	—		$	—	$	85,964
Realized Gain (Loss)#
Futures Contracts	$	809,607		$	—		$	—	$	809,607
Change in Appreciation (Depreciation)##
Futures Contracts	$	(18,852	)	$	—		$	—	$	(18,852	)

International Equity Fund
Asset Derivatives
Forward Contracts*	$	—		$	60,628		$	—	$	60,628
Realized Gain (Loss)#
Forward Contracts	$	—		$	32,698		$	—	$	32,698
Change in Appreciation (Depreciation)##
Forward Contracts	$	—		$	63,544		$	—	$	63,544

Managed Volatility Fund
Asset Derivatives
Purchased Options*,^^^	$	850,482		$	—		$	—	$	850,482
Liability Derivatives
Written Options^,^^^	$	(2,676,381	)	$	—		$	—	$	(2,676,381	)
Realized Gain (Loss)#
Purchased Options	$	(5,106,843	)	$	—		$	—	$	(5,106,843	)
Written Options		(5,070,678	)		—			—		(5,070,678	)
Total Realized Gain (Loss)	$	(10,177,521	)	$	—		$	—	$	(10,177,521	)
Change in Appreciation (Depreciation)##
Purchased Options	$	29,643		$	—		$	—	$	29,643
Written Options		731,389			—			—		731,389
Total Change in Appreciation (Depreciation)	$	761,032		$	—		$	—	$	761,032

Mid Cap Value Fund
Asset Derivatives
Forward Contracts*	$	—		$	135,332		$	—	$	135,332
Liability Derivatives
Forward Contracts^	$	—		$	(3,082	)	$	—	$	(3,082	)
Realized Gain (Loss)#
Forward Contracts	$	—		$	16,340		$	—	$	16,340
Change in Appreciation (Depreciation)##
Forward Contracts	$	—		$	335,464		$	—	$	335,464

186

Notes to Financial Statements (Unaudited) (Continued)

	Equity Risk		Foreign Exchange Risk		Interest Rate Risk			Total

Total Return Bond Fund
Asset Derivatives
Purchased Options*	$	—	$	—	$	45,981		$	45,981
Futures Contracts^^		—		—		15,844			15,844
Total Value	$	—	$	—	$	61,825		$	61,825
Realized Gain (Loss)#
Forward Contracts	$	—	$	160,258	$	—		$	160,258
Futures Contracts		—		—		(21,034	)		(21,034	)
Total Realized Gain (Loss)	$	—	$	160,258	$	(21,034	)	$	139,224
Change in Appreciation (Depreciation)##
Purchased Options	$	—	$	6,156	$	—		$	6,156
Forward Contracts		—		30,073		—			30,073
Futures Contracts		—		—		15,453			15,453
Total Change in Appreciation (Depreciation)	$	—	$	36,229	$	15,453		$	51,682

*	Statements of Assets and Liabilities location: Investments, at value, or Receivables from: open forward contracts, as applicable.

^	Statements of Assets and Liabilities location: Payables for: open forward contracts or written options outstanding, at value, as applicable.

^^	Cumulative appreciation (depreciation) on futures contracts is reported in “Futures Contracts” in each applicable Fund’s Portfolio of Investments. Only current day’s variation margin, if any, is reported within the Statements of Assets and Liabilities.

^^^

Represents exchange-traded purchased and written options, which are not subject to a master netting agreement or similar agreement.

#	Statements of Operations location: Amounts are included in net realized gain (loss) on: investment transactions, forward contracts, futures contracts, or written options, as applicable.

##	Statements of Operations location: Amounts are included in net change in unrealized appreciation (depreciation) on: investment transactions, forward contracts, futures contracts, or written options, as applicable.

For the period ended June 30, 2021, the number of contracts, notional amounts, or shares/units for each derivative type was as follows:

	Number of Contracts, Notional Amounts, or Shares/Units^†
Fund Name	Futures Contracts		Forward Contracts		Purchased Swaptions		Purchased Options		Written Options
Equity Index Fund		27	$	—	$	—		—		—
International Equity Fund		—		2,198,526		—		—		—
Managed Volatility Fund		—		—		—		344		345
Mid Cap Value Fund		—		33,281,155		—		—		—
Total Return Bond Fund		18		3,459,227		1,350,000		—		—

†

Amount(s) disclosed represent average number of contracts for futures contracts, notional amounts for forward contracts and purchased swaptions, or shares/units outstanding for purchased options and written options, based on absolute values, which is indicative of volume of this derivative type, for the months that the Fund held such derivatives during the period ended June 30, 2021.

The Portfolio of Investments included in a Fund’s financial statements shows the assets or liabilities of the Fund associated with individual derivatives transactions. The terms of many of those transactions contemplate that derivatives receivables and payables between the same two parties may be netted and that the parties will collateralize certain obligations. The following tables provide an illustration of the possible effect of netting provisions and of collateral (delivered or received) on a Fund’s derivatives exposure as of June 30, 2021. Netting arrangements vary among different counterparties, and the actual disposition of derivatives receivables and payables, and of collateral, in a bankruptcy or insolvency can be complicated and difficult to predict.

187

Notes to Financial Statements (Unaudited) (Continued)

The following table presents derivative assets by counterparty net of amounts available for offset under a master netting agreement (“MNA”) or similar agreement and net of the related collateral received by the Fund(s) as of June 30, 2021.

Counterparty	Derivative Assets Subject to an MNA by Counterparty^†		Financial Instruments Available for Offset			Collateral Received***		Net Amount*
International Equity Fund
State Street Bank and Trust Co.	$	60,628	$	—		$	—	$	60,628

Mid Cap Value Fund
Bank of America N.A.	$	14,529	$	—		$	—	$	14,529
Credit Suisse International		45,765		—			—		45,765
JP Morgan Chase Bank N.A.		67,336		(2,189	)		—		65,147
UBS AG		7,702		(894	)		—		6,808
	$	135,332	$	(3,083	)	$	—	$	132,249
Total Return Bond Fund
Goldman Sachs & Co.	$	45,981	$	—		$	—	$	45,981

The following table presents derivative liabilities by counterparty net of amounts available for offset under an MNA or similar agreement and net of the related collateral pledged by the Fund(s) as of June 30, 2021.

Counterparty	Derivative Liabilities Subject to an MNA by Counterparty^†			Financial Instruments Available for Offset		Collateral Pledged***		Net Amount**
Mid Cap Value Fund
JP Morgan Chase Bank N.A.	$	(2,189	)	$	2,189	$	—	$	—
UBS AG		(894	)		894		—		—
	$	(3,083	)	$	3,083	$	—	$	—

*	Represents the net amount receivable from the counterparty in the event of default.

**	Represents the net amount payable to the counterparty in the event of default.

***	The amount presented here may be less than the total amount of collateral received/pledged as the net amount of derivative assets and liabilities for a counterparty cannot be less than $0.

†	The amount presented here may be less than the total amount shown in the Statements of Assets and Liabilities as some derivatives held by the counterparty are not covered within an MNA or similar agreement.

Such agreements typically permit a single net payment in the event of default, including the bankruptcy or insolvency of the counterparty. The Fund(s) and counterparties may not be permitted to sell, re-pledge, or use the collateral they receive. In the event that cash collateral is restricted for use, the balance will be reflected as restricted cash within the Statement of Assets and Liabilities.

Further details regarding the derivatives and other investments held by the Fund(s) during the period ended June 30, 2021, are discussed below.

Foreign Currency Exchange Transactions

A Fund may engage in foreign currency exchange transactions for hedging purposes in order to protect against uncertainty in the level of future foreign currency exchange rates, or for other, non-hedging purposes.

188

Notes to Financial Statements (Unaudited) (Continued)

A Fund may enter into foreign currency exchange transactions, including foreign currency forward contracts. These contracts call for the Fund to deliver in the future an amount of one currency in return for an amount of another currency, at an exchange rate determined at the time the contract is entered into. Forward contracts are private contractual arrangements and a Fund is subject to the risk that its counterparty will not, or will not be able to, perform its obligations. This type of arrangement may require the Fund to post margin. A Fund may enter into foreign currency exchange transactions in order to hedge against changes in the values of the assets or liabilities denominated in one or more foreign currencies, or otherwise to increase or reduce a Fund’s exposure to various foreign currencies. The use of foreign currency exchange transactions may create investment leverage.

Whenever a Fund enters into a foreign currency exchange transaction, it is subject to the risk that the value of the transaction will move in a direction unfavorable to it. When the Fund uses the transactions for hedging purposes, it is likely that the Fund will have an asset or liability that will offset any loss (or gain) on the transactions, at least in part. If a Fund enters into foreign currency exchange transactions other than for hedging purposes (for example, seeking to profit from an anticipated change in the values of currencies by creating directional exposures in the portfolio with respect to one or more currencies), it will generally be subject to the same risks, but is less likely to have assets or liabilities that will offset any losses on the transactions. There can be no assurance that a Fund will be able to terminate any foreign currency exchange transaction prior to its maturity in order to limit its loss on the transaction.

Forward foreign currency contracts are marked to market daily and the change in their value is recorded by the Funds as an unrealized gain or loss. Forward foreign currency contracts are valued at the settlement price established through dealers or other market sources on the day which they are traded. When a forward foreign currency contract is extinguished, through delivery or offset by entering into another forward foreign currency contract, the Funds record a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value of the contract at the time it was extinguished or offset. The notional or contractual amounts of these instruments do not necessarily represent the amounts potentially subject to risk. The measurement of the risk associated with these instruments is meaningful only when all related and offsetting transactions and counterparty risks are considered.

A Fund’s current exposure to a counterparty is the unrealized appreciation on the contract.

Futures Contracts

A Fund may seek to manage a variety of different risks, such as interest rate risk, equity price risk, and currency risk, through the use of futures contracts.

A Fund may use interest rate futures contracts to adjust the interest rate sensitivity (duration) of its portfolio or the credit exposure of the portfolio. Interest rate futures contracts obligate the long or short holder to take or make delivery of a specified quantity of a financial instrument, such as a specific fixed income security, during a specified future period at a specified price. A Fund may use index futures contracts to hedge against broad market risks to its portfolio or to gain broad market exposure when it holds uninvested cash or as an inexpensive substitute for cash investments directly in securities or other assets, including commodities and precious metals. Securities index futures contracts are contracts to buy or sell units of a securities index at a specified future date at a price agreed upon when the contract is made and are settled in cash. Positions in futures contracts may be closed out only on an exchange or board of trade which provides a secondary market for such futures. Because futures contracts are exchange-traded, they typically have minimal exposure to counterparty risk.

Parties to a futures contract are not required to post the entire notional amount of the contract, but rather a small percentage of that amount (by way of margin), both at the time they enter into futures transactions, and then on a daily basis if their positions decline in value; as a result, futures contracts are highly leveraged. Such payments are known as variation margin and are recorded by the Funds as unrealized gains or losses. Because futures markets are highly leveraged, they can be extremely volatile, and there can be no assurance that the pricing of a futures contract will correlate precisely with the pricing of the asset or index underlying it or the asset or liability of the Fund that is the subject of the hedge. It may not always be possible for a Fund to enter into a closing transaction with respect to a futures contract it has entered into, at a favorable time or price. When a Fund enters into a

189

Notes to Financial Statements (Unaudited) (Continued)

futures transaction, it is subject to the risk that the value of the futures contract will move in a direction unfavorable to it. When a Fund uses futures contracts for hedging purposes, it is likely that the Fund will have an asset or liability that will offset any loss (or gain) on the transactions, at least in part.

Swap Agreements

Swap agreements are typically two-party contracts entered into primarily by institutional investors. In a standard “swap” transaction, two parties agree to exchange the returns (or differentials in rates of return) earned or realized on particular predetermined investments or instruments or rates, which may be adjusted for an interest factor. The gross returns to be exchanged or “swapped” between the parties are generally calculated with respect to a “notional amount,” (i.e., the return on or increase in value of a particular dollar amount invested at a particular interest rate or in a “basket” of securities representing a particular index).

Whenever a Fund enters into a swap agreement, it takes on counterparty risk — the risk that its counterparty will be unable or unwilling to meet its obligations under the swap agreement. The Fund also takes the risk that the market will move against its position in the swap agreement. When the Fund enters into any type of swap for hedging purposes, it is likely that the Fund will have an asset or liability that will offset any loss (or gain) on the swap, at least in part. Swap agreements may be non-transferable or otherwise highly illiquid, and a Fund may not be able to terminate or transfer a swap agreement at any particular time or at an acceptable price.

Swaptions. A Fund may also enter into options on swap agreements (“swaptions”). A swaption is a contract that gives a counterparty the right (but not the obligation) to enter into a new swap agreement or to shorten, extend, cancel, or otherwise modify an existing swap agreement, at some designated future time on specified terms. A Fund may write (sell) and purchase put and call swaptions. Depending on the terms of the particular option agreement, a Fund will generally incur a greater degree of risk when it writes a swaption than it will incur when it purchases a swaption. When a Fund purchases a swaption, it risks losing only the amount of the premium it has paid should it decide to let the option expire unexercised. However, when a Fund writes a swaption, upon exercise of the option the Fund will become obligated according to the terms of the underlying agreement. A Fund may enter into swaptions for the same purposes as swaps. For information regarding the accounting treatment of options, see “Options, Rights, and Warrants” below.

During the term of a swap transaction, changes in the value of the swap are recognized as unrealized gains or losses by marking to market to reflect the market value of the swap. When the swap is terminated, a Fund will record a realized gain or loss equal to the difference, if any, between the proceeds from (or cost of) the closing transaction and a Fund’s basis in the agreement. Upfront swap premium payments paid or received by a Fund, if any, are recorded within the value of the open swap agreement on the Fund’s Statement of Assets and Liabilities and represent payments paid or received upon entering into the swap agreement to compensate for differences between stated terms of the swap agreement and prevailing market conditions (credit spreads, currency exchange rates, and other relevant factors). These upfront payments are recorded as realized gain or loss on the Fund’s Statement of Operations upon termination or maturity of the swap agreement.

During the term of a swap transaction, the periodic net payments can be made for a set period of time or may be triggered by a predetermined credit event. The net periodic payments may be based on a fixed or variable interest rate, the change in market value of a specified security, basket of securities or index, or the return generated by a security. These periodic payments received or made by the Funds are recorded in the accompanying Statements of Operations as realized gains and losses, respectively.

A Fund’s current exposure to a counterparty is the fair value of the transaction.

Options, Rights, and Warrants

A Fund may purchase and sell put and call options on securities or an index of securities to enhance investment performance or to protect against changes in market prices. A Fund that invests in debt securities may also purchase and sell put and call options to adjust the interest rate sensitivity of its portfolio or the credit exposure of the portfolio.

190

Notes to Financial Statements (Unaudited) (Continued)

Call Options. A call option gives the holder the right to purchase, and obligates the writer to sell, a security at the strike price at any time before the expiration date.

Put Options. A put option gives the holder the right to sell, and obligates the writer to buy, a security at the exercise price at any time before the expiration date.

Writing put and call options. A Fund may write call options on a security it owns, in a “directional” strategy hoping to realize a greater current return through the receipt of premiums. In return for the option premium, the Fund takes the risk that it will have to forego any increase in the value of the security over the strike price. When a Fund has written a call option on a security it does not own, its exposure on such an option is theoretically unlimited. A Fund may enter into closing purchase transactions in order to realize a profit or limit a loss on a previously written call option or, in the case of a call option on a security it owns, to free itself to sell the underlying security or to write another call on the security, or protect a security from being called in an unexpected market rise. Any profits from a closing purchase transaction in the case of a call option on a security a Fund owns may be offset by a decline in the value of the underlying security. Conversely, because increases in the market price of a call option will generally reflect increases in the market price of the underlying security, any loss resulting from a closing purchase transaction relating to a call option on a security a Fund owns is likely to be offset in whole or in part by unrealized appreciation of the underlying security owned by the Fund. A Fund may not be able to close out a call option that it has previously written. A Fund may write put options in order to enhance its current return by taking a long directional position as to a security or index of securities. By writing a put option, the Fund assumes the risk that it may be required to purchase the underlying security for an exercise price higher than its then current market value, resulting in a potential capital loss unless the security later appreciates in value. A Fund may terminate a put option that it has written before it expires by entering into a closing purchase transaction. Any loss from this transaction may be partially or entirely offset by the premium received on the terminated option. A Fund may not be able to close out a put option that it has previously written.

When a Fund writes a call or put option, an amount equal to the premium received is recorded as a liability. Premiums received from writing options which expire are treated as realized gains. Premiums received from writing options which are exercised or closed are added to the proceeds or offset against the amount paid on the underlying investment to determine the realized gain or loss.

Purchasing put and call options. A Fund may purchase put options to protect portfolio holdings against a decline in market value of a security or securities held by it. A Fund may also purchase a put option hoping to profit from an anticipated decline in the value of the underlying security. If the Fund holds the security underlying the option, the option premium and any transaction costs will reduce any profit the Fund might have realized had it sold the underlying security instead of buying the put option. A Fund may purchase call options to hedge against an increase in the price of securities that the Fund wants ultimately to buy. A Fund may also purchase a call option as a long directional investment hoping to profit from an anticipated increase in the value of the underlying security. In order for a call option to be profitable, the market price of the underlying security must rise sufficiently above the exercise price to cover the premium and transaction costs. These costs will reduce any profit the Fund might have realized had it bought the underlying security at the time it purchased the call option.

When a Fund purchases an option, it runs the risk that it will lose its entire investment in the option in a relatively short period of time, unless the Fund exercises the option or enters into a closing sale transaction before the option’s expiration. If the price of the underlying security does not rise (in the case of a call) or fall (in the case of a put) to an extent sufficient to cover the option premium and transaction costs, the Fund will lose part or all of its investment in the option. This contrasts with an investment by a Fund in the underlying security, since the Fund will not realize a loss if the security’s price does not change. Premiums paid for purchasing options that expire are treated as realized losses.

Exchange Traded Options. Exchange traded options purchased or sold by a Fund may be traded on a securities or options exchange or market. Such options typically have minimal exposure to counterparty risk. However, an exchange or market may at times find it necessary to impose restrictions on particular types of options transactions, such as opening transactions. If an underlying security ceases to meet qualifications imposed by the market or the Options Clearing Corporation, new series of options on that security will no longer be opened to replace expiring series, and opening transactions in existing series may be prohibited. Exchange traded options are valued at the last sale price, or if no sales are reported, the last bid price.

191

Notes to Financial Statements (Unaudited) (Continued)

Rights and Warrants. A Fund may purchase or hold warrants or rights in order to gain exposure to the underlying security without owning the security, including, for example, cases where the Fund hopes to lock in the price today of a security it may wish to purchase in the future. Warrants generally give the holder the right, but not the obligation, to buy a security at a stated price. In order for a warrant to be profitable, the market price of the underlying security must rise sufficiently above the exercise price to cover any premium and transaction costs. Rights may similarly confer on the holder the right to purchase or acquire securities, including through participation in a so-called rights offering. Bonds may be issued with warrants or other rights attached to purchase or acquire equity or other debt securities, typically of the bond issuer. The market prices of bonds with warrants or rights attached to purchase equity securities or bonds may, to some degree, reflect changes in the values of the underlying securities.

When a Fund purchases or otherwise acquires warrants or other rights, it runs the risk that it will lose its entire investment in the warrants or rights, unless the Fund exercises the warrant or right, acquires the underlying securities, or enters into a closing transaction before expiration. If the price of the underlying security does not rise to an extent sufficient to cover any premium and transaction costs, the Fund will lose part or all of its investment. Any premiums or purchase price paid for warrants or other rights that expire are treated as realized losses. Warrants and similar rights differ from options in that they are typically written by the issuer of the security underlying the warrant or right. Although some warrants and rights may be non-transferable, others may be traded over-the-counter or on an exchange.

Bank Loans

A Fund may invest in bank loans including, for example, corporate loans, loan participations, direct debt, bank debt, and bridge debt. A Fund may invest in a loan by lending money to a borrower directly as part of a syndicate of lenders. In a syndicated loan, the agent that originated and structured the loan typically administers and enforces the loan on behalf of the syndicate. Failure by the agent to fulfill its obligations may delay or adversely affect receipt of payment by a Fund. A Fund may also invest in loans through novations, assignments, and participation interests. In a novation, a Fund typically assumes all of the rights of a lending institution in a loan, including the right to receive payments of principal and interest and other amounts directly from the borrower and to enforce its rights as a lender directly against the borrower. When a Fund takes an assignment of a loan, the Fund acquires some or all of the interest of another lender (or assignee) in the loan. In such cases, the Fund may be required generally to rely upon the assignor to demand payment and enforce rights under the loan. If a Fund acquires a participation in the loan, the Fund purchases an indirect interest in a loan held by a third party and the Fund typically will have a contractual relationship only with the third party loan investor, not with the borrower. As a result, a Fund may have the right to receive payments of principal, interest, and any fees to which it is entitled only from the loan investor selling the participation and only upon receipt by such loan investor of such payments from the borrower. In such cases, a Fund assumes the credit risk of both the borrower and the loan investor selling the participation, and the Fund may be unable to realize some or all of the value of its interest in the loan in the event of the insolvency of the third party.

Changes in the financial condition of the borrower or economic conditions or other circumstances may reduce the capacity of the borrower to make principal and interest payments on such instruments and may lead to defaults. The value of any collateral securing a bank loan may decline after the Fund invests, and there is a risk that the value of the collateral may not be sufficient to cover the amount owed to the Fund.

At June 30, 2021, the Funds had no unfunded loan commitments.

Repurchase Agreements

Each Fund may enter into repurchase agreements with certain banks and broker-dealers whereby a Fund acquires a security for cash and obtains a simultaneous commitment from the seller to repurchase the security at an agreed upon price and date. A Fund, through its custodian, takes possession of the securities collateralizing the repurchase agreement in a segregated account. Repurchase agreements must be fully collateralized at all times, but involve some risk to a Fund if the other party should default on its obligation and the Fund is delayed or prevented from recovering the collateral, or if the Fund is required to return collateral to a borrower at a time when it may realize a loss on the investment of that collateral.

192

Notes to Financial Statements (Unaudited) (Continued)

When-Issued, Delayed-Delivery, Forward Commitment, and To-Be-Announced Transactions

A Fund may enter into when-issued, delayed-delivery, forward commitment, or to-be-announced (“TBA”) transactions (collectively, the “Forward Transactions”) in order to lock in the purchase price of the underlying security, or in order to adjust the interest rate exposure of the Fund’s existing portfolio. In Forward Transactions, a Fund commits to purchase or sell particular securities, with payment and delivery to take place at a future date. In the case of TBA purchase commitments, the unit price and the estimated principal amount are established when the Fund enters into a commitment, with the actual principal amount being within a specified range of the estimate. Although a Fund does not typically pay for the securities in these types of transactions until they are delivered, it immediately assumes the risks of ownership, including the risk of price fluctuation. As a result, each of these types of transactions may create investment leverage in a Fund’s portfolio and increase the volatility of the Fund. If a Fund’s counterparty fails to deliver a security purchased in a Forward Transaction, there may be a loss, and the Fund may have missed an opportunity to make an alternative investment.

These securities are valued on the basis of valuations furnished by a pricing service, selected pursuant to procedures approved by the Trustees, which determines valuations taking into account appropriate factors such as institutional-size trading in similar groups of securities, yield, quality, coupon rate, maturity, type of issue, trading characteristics, and other market data. Securities for which no market quotation is available are valued at fair value in accordance with procedures approved by the Trustees. The Funds record on a daily basis the unrealized appreciation (depreciation) based upon changes in the values of these securities. When a Forward Transaction is closed, the Funds record a realized gain or loss equal to the difference between the value of the transaction at the time it was opened and the value of the transaction at the time it was closed.

Dollar Roll Transactions

A Fund may enter into dollar roll transactions, in which the Fund sells mortgage-backed securities for delivery in the current month and simultaneously contracts to purchase substantially similar securities on a specified future date from the same party. A Fund may invest in dollar rolls in order to benefit from anticipated changes in pricing for the mortgage-backed securities during the term of the transaction, or for the purpose of creating investment leverage. In a dollar roll, the securities that are to be purchased will be of the same type as the securities sold, but will be supported by different pools of mortgages.

Dollar rolls involve the risk that the Fund’s counterparty will be unable to deliver the mortgage-backed securities underlying the dollar roll at the fixed time. If the counterparty files for bankruptcy or becomes insolvent, a Fund’s use of the transaction proceeds may be restricted pending a determination by the counterparty or its representative, whether to enforce the Fund’s obligation to repurchase the securities. A Fund can incur a loss on a dollar roll transaction (either because its counterparty fails to perform or because the value of the mortgages subject to the transaction declines) and on the investments made by the Fund with the proceeds of the dollar roll transaction.

A Fund accounts for a dollar roll transaction as a purchase and sale whereby the difference in the sales price and purchase price of the security sold is recorded as a realized gain (loss). If certain criteria are met, these dollar roll transactions may be considered financing transactions, whereby the difference in the sales price and the future purchase price is recorded as an adjustment to interest income. Dollar roll transactions generally have the effect of creating leverage in a Fund’s portfolio.

Securities Lending

Each Fund, other than the Allocation Funds, Feeder Funds, and MML American Funds Core Allocation Fund, may lend its securities; however, lending cannot exceed 33% of the total assets of the Fund taken at current value. The Funds’ securities lending activities are governed by a Securities Lending Agency Agreement (“Lending Agreement”) between each Fund and the lending agent (“Agent”). The Lending Agreement authorizes the Agent to lend portfolio securities held by a Fund to approved borrowers (each, a “Borrower”).

Each Fund expects that in connection with any securities on loan, the loan will be secured continuously by collateral consisting of cash (U.S. currency) and/or securities (U.S. Treasury and Agency obligations) adjusted daily to have value at least equal to the current market value of the securities loaned. The market value of the loaned securities is determined at the close of business of a Fund and any additional collateral is delivered to the Fund the next business day. The Funds bear the risk of loss with respect

193

Notes to Financial Statements (Unaudited) (Continued)

to the investment of cash collateral. As with other extensions of credit, the Funds may bear the risk of delay in recovery of the loaned securities or even loss of rights in the collateral should the Borrower of the securities fail financially. Pursuant to the Lending Agreement, the Agent has provided indemnification to the Funds in the event of default by a Borrower with respect to a loan. The Funds receive compensation for lending their securities in the form of a securities loan fee paid by the Borrower, as well as a share of the income earned on investment of the cash collateral received for the loaned securities. At June 30, 2021, the Funds’ collateral was equal to or greater than 100% of the market value of securities on loan.

Subject to the terms of the Lending Agreement and the agreement between the Agent and the applicable Borrower (“Borrowing Agreement”), security loans can be terminated by the Agent, the Fund, or the Borrower and the related securities must be returned within the earlier of the customary settlement period for such securities or the period of time specified in the Borrowing Agreement.

The Funds employ the Agent to implement their securities lending program and the Agent receives a fee from the Funds for its services. In addition, the Funds may be required to pay a rebate to the Borrower. Accordingly, a Fund’s compensation for lending its securities is reduced by any such fees or rebate paid to the Agent or Borrower, respectively. Income received by the Funds in securities lending transactions during the period ended June 30, 2021, is reflected as securities lending income on the Statement of Operations.

Accounting for Investment Transactions

Investment transactions are accounted for on the trade date. Realized gains and losses on sales of investments and unrealized appreciation and depreciation of investments are computed by the specific identification cost method. Proceeds received from litigation, if any, are included in realized gains on investment transactions for any investments that are no longer held in the portfolio and as a reduction in cost for investments that continue to be held in the portfolio. Interest income, adjusted for amortization of discounts and premiums on debt securities, is earned from the settlement date and is recorded on the accrual basis. Dividend income and distributions including realized gain distributions are recorded on the ex-dividend date. Non-cash dividends received in the form of stock are recorded as dividend income at market value. Withholding taxes on foreign interest, dividends, and capital gains have been provided for in accordance with the applicable country’s tax rules and rates. Foreign dividend income is recorded on the ex-dividend date or as soon as practicable after the Fund determines the existence of a dividend declaration after exercising reasonable due diligence. Distributions received on securities that represent a return of capital or capital gains are recorded as a reduction of cost of investments and/or as a realized gain. The Funds determine the classification of distributions received as return of capital distributions or capital gain distributions.

Foreign Currency Translation

The books and records of the Funds are maintained in U.S. dollars. The market values of foreign currencies, foreign securities, and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars at the mean of the buying and selling rates of such currencies against the U.S. dollar at the end of each business day. Purchases and sales of foreign securities and income and expense items are translated at the rates of exchange prevailing on the respective dates of such transactions. The Funds do not isolate that portion of the results of operations arising from changes in the exchange rates from that portion arising from changes in the market prices of securities. Net realized foreign currency gains and losses resulting from changes in exchange rates include foreign currency gains and losses between trade date and settlement date on investment securities transactions, foreign currency transactions, and the difference between the amounts of dividends or interest recorded on the books of the Funds and the amount actually received.

Allocation of Operating Activity

In maintaining the records for the Funds, the income and expense accounts are allocated daily to each class of shares. Investment income and loss, and unrealized and realized gains or losses are prorated among the classes of shares based on the relative net assets of each. Expenses are allocated to each class of shares depending on the nature of the expenditures. Administration and service fees, if any, which are directly attributable to a class of shares, are charged to that class’s operations. Expenses of a Fund not directly attributable to the operations of any specific class of shares of the Fund are prorated among the classes to which the expense relates based on relative net assets or another alternative method.

194

Notes to Financial Statements (Unaudited) (Continued)

In addition, each of the Allocation Funds, Feeder Funds, and MML American Funds Core Allocation Fund will also incur certain fees and expenses indirectly as a shareholder in the Underlying Funds or Master Funds. Because the Underlying Funds have varied expense and fee levels, and the Allocation Funds and MML American Funds Core Allocation Fund may own different proportions of Underlying Funds at different times, the amount of fees and expenses indirectly incurred by each of the Allocation Funds and MML American Funds Core Allocation Fund will vary.

Foreign Securities

The Global Fund invests a significant amount of its assets in foreign securities and each of the Foreign Fund and the International Equity Fund invests substantially all of its assets in foreign securities. The other Funds, except for the Allocation Funds, Feeder Funds, and MML American Funds Core Allocation Fund, may also invest in foreign securities. In addition, certain Underlying Funds or Master Funds may invest in foreign securities. Foreign securities, including American Depositary Receipts, are subject to additional risks compared to securities of U.S. issuers, including international trade, currency, political, regulatory, and diplomatic risks. In addition, fluctuations in currency exchange rates may adversely affect the values of foreign securities and the price of a Fund’s shares. Emerging markets securities are subject to greater risks than securities issued in developed foreign markets, including less liquidity, greater price volatility, higher relative rates of inflation, greater political, economic, and social instability, greater custody and operational risks, and greater volatility in currency exchange rates.

Federal Income Tax

It is each Fund’s intent to continue to comply with the provisions of Subchapter M of the Code, applicable to a regulated investment company. Under such provisions, the Funds would not be subject to federal income taxes on their ordinary income and net realized capital gains to the extent they are distributed or deemed to have been distributed to their shareholders. Therefore, the Funds have not made any provision for federal income tax.

Dividends and Distributions to Shareholders

Dividends from net investment income and distributions of any net realized capital gains of each Fund are declared and paid annually and at other times as may be required to satisfy tax or regulatory requirements.

Distributions to shareholders are recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from generally accepted accounting principles. As a result, net investment income and net realized capital gains on investment transactions for a reporting period may differ significantly from distributions during such period.

3.	Advisory Fees and Other Transactions

Investment Advisory Fees and Investment Subadvisers

MML Advisers, a wholly-owned subsidiary of MassMutual, serves as investment adviser to each Fund. Under the investment advisory agreements between MML Advisers and the Trust on behalf of each Fund, MML Advisers is responsible for providing investment management services for each Fund. In return for these services, MML Advisers receives advisory fees, based upon each Fund’s average daily net assets, computed and accrued daily and payable monthly, at the annual rates shown in the following table.

MML Advisers has also entered into investment subadvisory agreements for certain Funds with the unaffiliated investment subadviser(s) shown in the following table. MML Advisers pays a subadvisory fee to each of these subadvisers based upon the aggregate net assets under management which include (1) the average daily net assets of the specified Fund which it manages, and, if applicable, (2) the average daily net assets of other Funds or accounts of MML Advisers or its affiliates for which the subadviser provides subadvisory services.

195

Notes to Financial Statements (Unaudited) (Continued)

The applicable Funds’ subadvisory fees are paid monthly by MML Advisers out of the advisory fees.

Fund	Investment Advisory Fee	Investment Subadviser(s)
Conservative Allocation Fund	0.10%	N/A
Balanced Allocation Fund	0.10%	N/A
Moderate Allocation Fund	0.10%	N/A
Growth Allocation Fund	0.10%	N/A
Aggressive Allocation Fund	0.10%	N/A
MML American Funds Growth Fund	0.15% on the first $500 million; and 0.125% on any excess over $500 million	N/A
MML American Funds International Fund	0.15% on the first $500 million; and 0.125% on any excess over $500 million	N/A
MML American Funds Core Allocation Fund	0.20% on the first $750 million; and 0.175% on any excess over $750 million	N/A
Blue Chip Growth Fund	0.75% on the first $400 million; and 0.70% on any excess over $400 million	T. Rowe Price Associates, Inc.
Equity Income Fund	0.75% on the first $500 million; and 0.70% on any excess over $500 million	T. Rowe Price Associates, Inc.
Equity Index Fund	0.10% on the first $500 million; and 0.08% on any excess over $500 million	Northern Trust Investments, Inc.
Focused Equity Fund	0.70% on the first $250 million; and 0.60% on any excess over $250 million	Wellington Management Company LLP
Foreign Fund	0.86% on the first $500 million; and 0.82% on any excess over $500 million	Thompson, Siegel & Walmsley LLC
Fundamental Equity Fund	0.60% on the first $250 million; and 0.58% on any excess over $250 million	Invesco Advisers, Inc.
Fundamental Value Fund	0.60% on the first $500 million; and 0.575% on any excess over $500 million	Boston Partners Global Investors, Inc.
Global Fund	0.60% on the first $500 million; and 0.55% on any excess over $500 million	Massachusetts Financial Services Company
Growth & Income Fund	0.50% on the first $500 million; and 0.475% on any excess over $500 million	Massachusetts Financial Services Company
Income & Growth Fund	0.65% on the first $500 million; and 0.60% on any excess over $500 million	Barrow, Hanley, Mewhinney & Strauss, LLC
International Equity Fund	0.80% on the first $250 million; and 0.75% on any excess over $250 million	Harris Associates L.P.
Large Cap Growth Fund	0.65% on the first $500 million; and 0.60% on any excess over $500 million	Loomis, Sayles & Company, L.P.
Managed Volatility Fund	0.75% on the first $500 million; and 0.70% on any excess over $500 million	Gateway Investment Advisers, LLC
Mid Cap Growth Fund	0.77% on the first $500 million; and 0.75% on any excess over $500 million	T. Rowe Price Associates, Inc.; and Wellington Management Company LLP
Mid Cap Value Fund	0.84% on the first $500 million; and 0.80% on any excess over $500 million	American Century Investment Management, Inc.
Small Cap Growth Equity Fund	1.04% on the first $200 million; and 1.00% on any excess over $200 million	Wellington Management Company LLP
Small Company Value Fund	0.80% on the first $150 million; and 0.70% on any excess over $150 million	T. Rowe Price Associates, Inc.
Small/Mid Cap Value Fund	0.75% on the first $500 million; and 0.70% on any excess over $500 million	AllianceBernstein L.P.
Total Return Bond Fund	0.40% on the first $500 million; and 0.38% on any excess over $500 million	Metropolitan West Asset Management, LLC

196

Notes to Financial Statements (Unaudited) (Continued)

Administration Fees

For the Funds noted below, under a separate Administrative and Shareholder Services Agreement between the Trust and MML Advisers, on behalf of each Fund, MML Advisers is obligated to provide administrative and shareholder services and bear some of the Fund specific administrative expenses. In return for these services, MML Advisers receives an administrative services fee, based upon the average daily net assets of the applicable class of shares of the Funds, at the following annual rates:

	Class I	Class II	Class III	Service Class I
MML American Funds Growth Fund	N/A	N/A	N/A	0.25%
MML American Funds International Fund	N/A	N/A	N/A	0.25%
MML American Funds Core Allocation Fund	N/A	N/A	N/A	0.25%
Equity Index Fund	0.30%	0.15%	None	0.30%
Focused Equity Fund	N/A	0.15%	N/A	0.15%
Fundamental Equity Fund	N/A	0.15%	N/A	0.15%
Fundamental Value Fund	N/A	0.15%	N/A	0.15%
Global Fund	0.15%	0.15%	N/A	0.15%
International Equity Fund	N/A	0.15%	N/A	0.15%
Small Company Value Fund	N/A	0.15%	N/A	0.15%
Total Return Bond Fund	N/A	0.15%	N/A	0.15%

Distribution and Service Fees

MML Distributors, LLC (the “Distributor”) acts as distributor to the Funds. Pursuant to a Distribution and Services Plan adopted by the Funds pursuant to Rule 12b-1 under the 1940 Act, Service Class shares and Service Class I shares of the Funds pay an annual fee of 0.25% of the average daily net asset value of Service Class shares and Service Class I shares. This fee, or a portion thereof, is paid to: (i) the Distributor for services provided and expenses incurred by it in connection with the distribution of Service Class shares or Service Class I shares, as applicable, of each Fund; and/or (ii) MassMutual for services provided and expenses incurred by it for purposes of maintaining or providing personal services to Service Class and Service Class I shareholders. The Distributor is a wholly-owned subsidiary of MassMutual.

Expense Caps and Waivers

Effective May 1, 2021, MML Advisers has agreed to cap the fees and expenses of the Fund noted below (other than extraordinary legal and other expenses, interest expense, expenses related to borrowings, securities lending, leverage, taxes, and brokerage, short sale dividend and loan expense, or other non-recurring or unusual expenses such as organizational expenses and shareholder meeting expenses, as applicable) based upon the average daily net assets of the applicable class of shares of the Fund, as follows:

	Service Class I
MML American Funds Core Allocation Fund*	1.01%

*	Expense cap in effect through April 30, 2022.

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Notes to Financial Statements (Unaudited) (Continued)

Effective May 1, 2021, MML Advisers has agreed to cap the fees and expenses of the Fund noted below (other than extraordinary legal and other expenses, Acquired Fund Fees and Expenses^#, interest expense, expenses related to borrowings, securities lending, leverage, taxes, and brokerage, short sale dividend and loan expense, or other non-recurring or unusual expenses such as organizational expenses and shareholder meeting expenses, as applicable) based upon the average daily net assets of the applicable class of shares of the Fund, as follows:

	Class II	Service Class I
International Equity Fund*	1.00%	1.25%

#	Acquired Fund Fees and Expenses are expenses borne indirectly by a Fund through investments in other pooled investment vehicles.

*	Expense caps in effect through April 30, 2022.

Prior to May 1, 2021, MML Advisers agreed to cap the fees and expenses of the Fund noted below (other than extraordinary litigation and legal expenses, Acquired Fund Fees and Expenses^#, interest expense, short sale dividend and loan expense, or other non-recurring or unusual expenses such as organizational expenses and shareholder meeting expenses, as applicable) based upon the average daily net assets of the applicable class of shares of the Fund, as follows:

	Class II	Service Class I
International Equity Fund	1.00%	1.25%

#	Acquired Fund Fees and Expenses are expenses borne indirectly by a Fund through investments in other pooled investment vehicles.

MML Advisers has agreed to voluntarily waive 0.03% of the advisory fee of the Equity Income Fund and 0.05% of the advisory fee of the Small Company Value Fund. MML Advisers may amend or discontinue these waivers at any time without advance notice.

MML Advisers has agreed to waive 0.02% of the advisory fee of the Foreign Fund through April 30, 2022.

MML Advisers has agreed to waive 0.02% of the advisory fee of the Fundamental Value Fund through April 30, 2022.

MML Advisers has agreed to waive 0.03% of the advisory fee of the Small Cap Growth Equity Fund through April 30, 2022.

Expense caps and waiver amounts are reflected as a reduction of expenses on the Statements of Operations.

198

Notes to Financial Statements (Unaudited) (Continued)

Rebated Brokerage Commissions

The Funds listed below have entered into agreements with certain brokers whereby the brokers will rebate to the Funds, in cash, a portion of brokerage commissions. Rebated brokerage commissions are amounts earned by the Funds and are included with realized gain or loss on investment transactions presented in the Statements of Operations. For the period ended June 30, 2021, brokerage commissions rebated under these agreements were as follows:

	Rebated Commissions
Foreign Fund	$ 2,597
Fundamental Equity Fund	2,291
Income & Growth Fund	338
Large Cap Growth Fund	206
Managed Volatility Fund	237
Mid Cap Growth Fund	1,028
Small Cap Growth Equity Fund	1,728
Small/Mid Cap Value Fund	28

Deferred Compensation

Trustees of the Funds who are not officers or employees of MassMutual may elect to defer receipt of their annual fees in accordance with terms of a Non-Qualified Deferred Compensation Plan. Amounts deferred shall accrue interest or earnings and shall be recorded on the Funds’ books as other liabilities. Deferred compensation is included within Trustees’ fees and expenses in the Statements of Assets and Liabilities.

Other

Certain officers and trustees of the Funds may also be employees of MassMutual. The compensation of a trustee who is not an employee of MassMutual is borne by the Funds.

4.	Purchases and Sales of Investments

Cost of purchases and proceeds from sales of investment securities (excluding short-term investments) and in Underlying Funds or Master Funds for the period ended June 30, 2021, were as follows:

	Purchases				Sales
	Long-Term U.S. Government Securities		Other Long-Term Securities		Long-Term U.S. Government Securities		Other Long-Term Securities
Conservative Allocation Fund	$	—	$	32,287,958	$	—	$	81,199,170
Balanced Allocation Fund		—		23,961,699		—		56,324,888
Moderate Allocation Fund		—		57,602,705		—		248,592,530
Growth Allocation Fund		—		35,333,615		—		163,791,216
Aggressive Allocation Fund		—		10,512,115		—		18,331,408
MML American Funds Growth Fund		—		45,635,360		—		17,874,231
MML American Funds International Fund		—		3,591,749		—		4,804,264
MML American Funds Core Allocation Fund		—		56,337,742		—		101,215,665
Blue Chip Growth Fund		—		91,048,879		—		124,856,378
Equity Income Fund		—		44,246,597		—		108,517,629
Equity Index Fund		—		7,734,779		—		35,651,277
Focused Equity Fund		—		29,742,418		—		59,886,391

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Notes to Financial Statements (Unaudited) (Continued)

	Purchases				Sales
	Long-Term U.S. Government Securities		Other Long-Term Securities		Long-Term U.S. Government Securities		Other Long-Term Securities
Foreign Fund	$	—	$	24,597,666	$	—	$	49,386,055
Fundamental Equity Fund		—		31,042,151		—		51,051,494
Fundamental Value Fund		—		46,560,508		—		64,347,468
Global Fund		—		23,921,846		—		72,339,558
Growth & Income Fund		—		8,159,793		—		16,042,692
Income & Growth Fund		—		40,537,307		—		76,222,097
International Equity Fund		—		26,393,383		—		41,018,081
Large Cap Growth Fund		—		994,454		—		13,564,733
Managed Volatility Fund		—		4,827,162		—		16,860,503
Mid Cap Growth Fund		—		100,567,976		—		161,794,092
Mid Cap Value Fund		—		118,267,378		—		162,948,637
Small Cap Growth Equity Fund		—		86,021,882		—		117,937,482
Small Company Value Fund		—		11,476,287		—		23,058,824
Small/Mid Cap Value Fund		—		54,872,832		—		95,559,331
Total Return Bond Fund		802,005,288		32,900,324		794,954,460		30,787,215

The Funds may purchase from, or sell securities to, other affiliated Funds under procedures adopted by the Trustees. These procedures have been designed to ensure that cross trades conducted by the Funds comply with Rule 17a-7 under the 1940 Act. The cross trades disclosed in the table below are included within the respective purchases and sales amounts shown in the table above, as applicable.

	Purchases		Sales		Realized Gains/Losses
Focused Equity Fund	$	108,569	$	458,227	$	146,072
Global Fund		643,493		—		—
Mid Cap Value Fund		207		717,458		146,610
Small Cap Growth Equity Fund		181,011		78,798		26,044
Small Company Value Fund		—		132,345		(20,054	)

5.	Capital Share Transactions

Changes in shares outstanding for each Fund were as follows:

	Six Months Ended June 30, 2021						Year Ended December 31, 2020
	Shares			Amount			Shares			Amount
Conservative Allocation Fund Initial Class
Sold		989,540		$	10,603,308			8,070,287		$	78,105,245
Issued as reinvestment of dividends		—			—			533,037			5,143,809
Redeemed		(2,006,154	)		(21,272,029	)		(8,836,415	)		(86,255,232	)
Net increase (decrease)		(1,016,614	)	$	(10,668,721	)		(233,091	)	$	(3,006,178	)
Conservative Allocation Fund Service Class
Sold		1,711,210		$	17,835,664			12,428,691		$	118,413,479
Issued as reinvestment of dividends		—			—			1,797,609			17,167,168
Redeemed		(5,295,241	)		(55,415,815	)		(12,920,993	)		(124,463,031	)
Net increase (decrease)		(3,584,031	)	$	(37,580,151	)		1,305,307		$	11,117,616

200

Notes to Financial Statements (Unaudited) (Continued)

	Six Months Ended June 30, 2021						Year Ended December 31, 2020
	Shares			Amount			Shares			Amount
Balanced Allocation Fund Initial Class
Sold		476,683		$	5,113,036			3,348,243		$	32,393,282
Issued as reinvestment of dividends		—			—			758,676			7,252,946
Redeemed		(1,209,088	)		(12,849,305	)		(6,139,438	)		(59,368,011	)
Net increase (decrease)		(732,405	)	$	(7,736,269	)		(2,032,519	)	$	(19,721,783	)
Balanced Allocation Fund Service Class
Sold		876,238		$	9,232,826			2,496,364		$	23,775,082
Issued as reinvestment of dividends		—			—			2,389,140			22,625,157
Redeemed		(3,131,301	)		(33,123,953	)		(10,097,073	)		(96,472,899	)
Net increase (decrease)		(2,255,063	)	$	(23,891,127	)		(5,211,569	)	$	(50,072,660	)
Moderate Allocation Fund Initial Class
Sold		503,322		$	5,766,386			4,303,316		$	43,334,344
Issued as reinvestment of dividends		—			—			2,464,075			24,418,984
Redeemed		(3,411,306	)		(38,385,576	)		(14,698,891	)		(148,129,782	)
Net increase (decrease)		(2,907,984	)	$	(32,619,190	)		(7,931,500	)	$	(80,376,454	)
Moderate Allocation Fund Service Class
Sold		792,600		$	8,906,374			2,891,557		$	28,219,448
Issued as reinvestment of dividends		—			—			11,091,265			108,694,392
Redeemed		(14,738,186	)		(164,347,558	)		(35,056,747	)		(348,871,079	)
Net increase (decrease)		(13,945,586	)	$	(155,441,184	)		(21,073,925	)	$	(211,957,239	)
Growth Allocation Fund Initial Class
Sold		802,933		$	7,978,538			7,228,505		$	61,945,426
Issued as reinvestment of dividends		—			—			5,176,208			43,790,723
Redeemed		(5,685,702	)		(55,478,888	)		(27,114,733	)		(234,662,043	)
Net increase (decrease)		(4,882,769	)	$	(47,500,350	)		(14,710,020	)	$	(128,925,894	)
Growth Allocation Fund Service Class
Sold		670,458		$	6,579,748			2,299,902		$	18,991,517
Issued as reinvestment of dividends		—			—			8,625,889			72,284,951
Redeemed		(8,861,231	)		(85,874,332	)		(35,274,738	)		(302,967,700	)
Net increase (decrease)		(8,190,773	)	$	(79,294,584	)		(24,348,947	)	$	(211,691,232	)
Aggressive Allocation Fund Initial Class
Sold		273,835		$	3,126,183			885,937		$	8,505,566
Issued as reinvestment of dividends		—			—			577,711			5,424,704
Redeemed		(460,126	)		(5,282,544	)		(1,830,142	)		(17,693,673	)
Net increase (decrease)		(186,291	)	$	(2,156,361	)		(366,494	)	$	(3,763,403	)
Aggressive Allocation Fund Service Class
Sold		285,905		$	3,168,461			845,578		$	7,539,036
Issued as reinvestment of dividends		—			—			773,688			7,141,143
Redeemed		(778,129	)		(8,611,346	)		(2,183,784	)		(19,933,035	)
Net increase (decrease)		(492,224	)	$	(5,442,885	)		(564,518	)	$	(5,252,856	)
MML American Funds Growth Fund Service Class I
Sold		830,768		$	17,171,192			1,496,601		$	24,284,167
Issued as reinvestment of dividends		—			—			1,427,742			24,143,106
Redeemed		(1,164,744	)		(24,143,549	)		(3,511,187	)		(58,166,315	)
Net increase (decrease)		(333,976	)	$	(6,972,357	)		(586,844	)	$	(9,739,042	)
MML American Funds International Fund Service Class I
Sold		414,199		$	4,524,031			558,719		$	4,875,407
Issued as reinvestment of dividends		—			—			416,412			3,830,988
Redeemed		(503,134	)		(5,556,923	)		(1,610,745	)		(15,226,488	)
Net increase (decrease)		(88,935	)	$	(1,032,892	)		(635,614	)	$	(6,520,093	)

201

Notes to Financial Statements (Unaudited) (Continued)

	Six Months Ended June 30, 2021						Year Ended December 31, 2020
	Shares			Amount			Shares			Amount
MML American Funds Core Allocation Fund Service Class I
Sold		1,109,312		$	13,977,898			3,949,042		$	44,985,785
Issued as reinvestment of dividends		—			—			5,879,250			66,435,525
Redeemed		(5,837,707	)		(73,774,062	)		(17,719,081	)		(201,085,589	)
Net increase (decrease)		(4,728,395	)	$	(59,796,164	)		(7,890,789	)	$	(89,664,279	)
Blue Chip Growth Fund Initial Class
Sold		316,357		$	6,750,313			2,779,197		$	45,532,429
Issued as reinvestment of dividends		—			—			1,420,003			28,187,061
Redeemed		(1,654,332	)		(35,076,071	)		(5,519,341	)		(101,804,633	)
Net increase (decrease)		(1,337,975	)	$	(28,325,758	)		(1,320,141	)	$	(28,085,143	)
Blue Chip Growth Fund Service Class
Sold		388,598		$	7,793,493			1,261,217		$	21,011,993
Issued as reinvestment of dividends		—			—			750,429			14,108,057
Redeemed		(520,612	)		(10,480,836	)		(1,388,225	)		(23,419,396	)
Net increase (decrease)		(132,014	)	$	(2,687,343	)		623,421		$	11,700,654
Equity Income Fund Initial Class
Sold		250,669		$	2,944,601			6,989,618		$	63,211,371
Issued as reinvestment of dividends		—			—			3,795,543			33,362,820
Redeemed		(5,118,344	)		(58,272,844	)		(10,757,885	)		(100,563,613	)
Net increase (decrease)		(4,867,675	)	$	(55,328,243	)		27,276		$	(3,989,422	)
Equity Income Fund Service Class
Sold		187,890		$	2,131,791			1,126,072		$	9,878,222
Issued as reinvestment of dividends		—			—			800,189			6,937,635
Redeemed		(909,006	)		(10,269,517	)		(1,634,326	)		(14,954,955	)
Net increase (decrease)		(721,116	)	$	(8,137,726	)		291,935		$	1,860,902
Equity Index Fund Class I
Sold		130,049		$	3,965,793			158,638		$	4,484,060
Issued as reinvestment of dividends		—			—			527,748			14,127,801
Redeemed		(380,074	)		(12,069,103	)		(372,901	)		(10,890,498	)
Net increase (decrease)		(250,025	)	$	(8,103,310	)		313,485		$	7,721,363
Equity Index Fund Class II
Sold		183,713		$	5,738,114			530,641		$	15,968,112
Issued as reinvestment of dividends		—			—			2,073,780			55,432,137
Redeemed		(360,500	)		(11,235,000	)		(814,591	)		(23,496,849	)
Net increase (decrease)		(176,787	)	$	(5,496,886	)		1,789,830		$	47,903,400
Equity Index Fund Class III
Sold		19,274		$	599,230			2,499,756		$	65,345,495
Issued as reinvestment of dividends		—			—			2,724,524			72,635,801
Redeemed		(620,042	)		(19,176,797	)		(2,890,585	)		(75,837,713	)
Net increase (decrease)		(600,768	)	$	(18,577,567	)		2,333,695		$	62,143,583
Equity Index Fund Service Class I
Sold		193,578		$	6,054,150			126,148		$	3,336,003
Issued as reinvestment of dividends		—			—			433,716			11,098,783
Redeemed		(161,201	)		(4,796,341	)		(428,311	)		(11,892,177	)
Net increase (decrease)		32,377		$	1,257,809			131,553		$	2,542,609

202

Notes to Financial Statements (Unaudited) (Continued)

	Six Months Ended June 30, 2021						Year Ended December 31, 2020
	Shares			Amount			Shares			Amount
Focused Equity Fund Class II
Sold		480,586		$	3,689,825			4,190,889		$	27,557,502
Issued as reinvestment of dividends		—			—			2,281,227			15,078,907
Redeemed		(4,064,700	)		(30,158,628	)		(12,159,930	)		(81,572,014	)
Net increase (decrease)		(3,584,114	)	$	(26,468,803	)		(5,687,814	)	$	(38,935,605	)
Focused Equity Fund Service Class I
Sold		130,129		$	922,905			573,125		$	3,507,834
Issued as reinvestment of dividends		—			—			151,514			965,147
Redeemed		(184,454	)		(1,344,516	)		(728,168	)		(4,619,674	)
Net increase (decrease)		(54,325	)	$	(421,611	)		(3,529	)	$	(146,693	)
Foreign Fund Initial Class
Sold		223,639		$	2,443,310			3,436,660		$	28,902,989
Issued as reinvestment of dividends		—			—			1,988,950			17,462,978
Redeemed		(2,525,860	)		(26,956,874	)		(9,235,463	)		(82,676,139	)
Net increase (decrease)		(2,302,221	)	$	(24,513,564	)		(3,809,853	)	$	(36,310,172	)
Foreign Fund Service Class
Sold		19,308		$	207,260			109,823		$	910,682
Issued as reinvestment of dividends		—			—			62,146			543,157
Redeemed		(86,055	)		(919,258	)		(313,500	)		(2,780,014	)
Net increase (decrease)		(66,747	)	$	(711,998	)		(141,531	)	$	(1,326,175	)
Fundamental Equity Fund Class II
Sold		90,267		$	1,052,588			6,731,333		$	66,303,639
Issued as reinvestment of dividends		—			—			1,892,223			19,054,687
Redeemed		(1,831,169	)		(20,966,301	)		(3,737,296	)		(37,875,208	)
Net increase (decrease)		(1,740,902	)	$	(19,913,713	)		4,886,260		$	47,483,118
Fundamental Equity Fund Service Class I
Sold		120,302		$	1,344,380			402,884		$	3,900,820
Issued as reinvestment of dividends		—			—			218,573			2,117,974
Redeemed		(156,910	)		(1,743,576	)		(282,390	)		(2,676,182	)
Net increase (decrease)		(36,608	)	$	(399,196	)		339,067		$	3,342,612
Fundamental Value Fund Class II
Sold		69,341		$	922,014			3,250,384		$	36,451,213
Issued as reinvestment of dividends		—			—			2,523,110			25,483,413
Redeemed		(1,407,101	)		(18,175,437	)		(5,186,260	)		(55,943,088	)
Net increase (decrease)		(1,337,760	)	$	(17,253,423	)		587,234		$	5,991,538
Fundamental Value Fund Service Class I
Sold		129,810		$	1,705,841			194,984		$	2,016,509
Issued as reinvestment of dividends		—			—			197,440			1,948,736
Redeemed		(158,723	)		(2,074,358	)		(247,127	)		(2,599,090	)
Net increase (decrease)		(28,913	)	$	(368,517	)		145,297		$	1,366,155
Global Fund Class I
Sold		115,679		$	1,711,854			2,916,187		$	33,467,871
Issued as reinvestment of dividends		—			—			1,525,486			18,839,748
Redeemed		(3,234,306	)		(47,694,212	)		(10,498,280	)		(129,249,046	)
Net increase (decrease)		(3,118,627	)	$	(45,982,358	)		(6,056,607	)	$	(76,941,427	)
Global Fund Class II
Sold		23,170		$	355,113			40,787		$	499,749
Issued as reinvestment of dividends		—			—			62,431			790,380
Redeemed		(64,022	)		(976,208	)		(172,130	)		(2,109,788	)
Net increase (decrease)		(40,852	)	$	(621,095	)		(68,912	)	$	(819,659	)

203

Notes to Financial Statements (Unaudited) (Continued)

	Six Months Ended June 30, 2021						Year Ended December 31, 2020
	Shares			Amount			Shares			Amount
Global Fund Service Class I
Sold		69,254		$	1,027,439			191,853		$	2,213,283
Issued as reinvestment of dividends		—			—			66,044			805,077
Redeemed		(96,779	)		(1,404,052	)		(291,522	)		(3,401,566	)
Net increase (decrease)		(27,525	)	$	(376,613	)		(33,625	)	$	(383,206	)
Growth & Income Fund Initial Class
Sold		31,769		$	700,757			200,738		$	3,655,539
Issued as reinvestment of dividends		—			—			420,789			7,969,735
Redeemed		(379,940	)		(8,354,107	)		(982,478	)		(18,267,234	)
Net increase (decrease)		(348,171	)	$	(7,653,350	)		(360,951	)	$	(6,641,960	)
Growth & Income Fund Service Class
Sold		112,026		$	2,477,253			287,371		$	5,182,815
Issued as reinvestment of dividends		—			—			194,674			3,654,039
Redeemed		(154,159	)		(3,353,054	)		(420,910	)		(7,692,264	)
Net increase (decrease)		(42,133	)	$	(875,801	)		61,135		$	1,144,590
Income & Growth Fund Initial Class
Sold		144,217		$	1,613,595			3,767,937		$	32,325,166
Issued as reinvestment of dividends		—			—			666,588			5,619,340
Redeemed		(3,477,248	)		(38,104,976	)		(7,882,508	)		(68,896,117	)
Net increase (decrease)		(3,333,031	)	$	(36,491,381	)		(3,447,983	)	$	(30,951,611	)
Income & Growth Fund Service Class
Sold		78,448		$	877,040			338,125		$	2,728,337
Issued as reinvestment of dividends		—			—			63,377			526,027
Redeemed		(220,759	)		(2,401,110	)		(666,759	)		(5,544,723	)
Net increase (decrease)		(142,311	)	$	(1,524,070	)		(265,257	)	$	(2,290,359	)
International Equity Fund Class II
Sold		59,681		$	660,649			3,624,857		$	27,988,887
Issued as reinvestment of dividends		—			—			1,219,463			9,804,482
Redeemed		(1,566,129	)		(16,985,601	)		(6,497,422	)		(54,363,903	)
Net increase (decrease)		(1,506,448	)	$	(16,324,952	)		(1,653,102	)	$	(16,570,534	)
International Equity Fund Service Class I
Sold		74,676		$	818,782			145,131		$	1,108,693
Issued as reinvestment of dividends		—			—			45,072			359,225
Redeemed		(75,448	)		(812,610	)		(160,921	)		(1,307,043	)
Net increase (decrease)		(772	)	$	6,172			29,282		$	160,875
Large Cap Growth Fund Initial Class
Sold		72,434		$	1,075,229			2,116,130		$	23,524,833
Issued as reinvestment of dividends		—			—			417,709			5,597,296
Redeemed		(889,640	)		(12,980,893	)		(2,510,605	)		(31,567,556	)
Net increase (decrease)		(817,206	)	$	(11,905,664	)		23,234		$	(2,445,427	)
Large Cap Growth Fund Service Class
Sold		127,961		$	1,794,995			390,025		$	4,445,019
Issued as reinvestment of dividends		—			—			70,613			908,084
Redeemed		(114,339	)		(1,611,238	)		(340,624	)		(3,861,294	)
Net increase (decrease)		13,622		$	183,757			120,014		$	1,491,809
Managed Volatility Fund Initial Class
Sold		285,650		$	4,105,559			1,598,706		$	20,977,612
Issued as reinvestment of dividends		—			—			119,237			1,569,290
Redeemed		(880,187	)		(12,485,828	)		(2,761,263	)		(35,119,122	)
Net increase (decrease)		(594,537	)	$	(8,380,269	)		(1,043,320	)	$	(12,572,220	)

204

Notes to Financial Statements (Unaudited) (Continued)

	Six Months Ended June 30, 2021						Year Ended December 31, 2020
	Shares			Amount			Shares			Amount
Managed Volatility Fund Service Class
Sold		25,794		$	363,699			251,737		$	3,248,172
Issued as reinvestment of dividends		—			—			24,322			317,733
Redeemed		(186,819	)		(2,642,476	)		(663,028	)		(8,511,098	)
Net increase (decrease)		(161,025	)	$	(2,278,777	)		(386,969	)	$	(4,945,193	)
Mid Cap Growth Fund Initial Class
Sold		213,485		$	4,037,331			3,088,309		$	40,930,051
Issued as reinvestment of dividends		—			—			2,551,558			39,651,202
Redeemed		(2,894,199	)		(54,718,244	)		(7,274,063	)		(115,568,075	)
Net increase (decrease)		(2,680,714	)	$	(50,680,913	)		(1,634,196	)	$	(34,986,822	)
Mid Cap Growth Fund Service Class
Sold		136,685		$	2,427,719			501,086		$	6,860,352
Issued as reinvestment of dividends		—			—			722,637			10,615,548
Redeemed		(627,455	)		(11,236,077	)		(1,536,899	)		(22,707,358	)
Net increase (decrease)		(490,770	)	$	(8,808,358	)		(313,176	)	$	(5,231,458	)
Mid Cap Value Fund Initial Class
Sold		301,885		$	3,623,454			5,340,333		$	44,917,037
Issued as reinvestment of dividends		—			—			679,787			6,322,018
Redeemed		(3,883,187	)		(45,086,436	)		(9,818,772	)		(93,934,795	)
Net increase (decrease)		(3,581,302	)	$	(41,462,982	)		(3,798,652	)	$	(42,695,740	)
Mid Cap Value Fund Service Class
Sold		68,626		$	811,980			578,487		$	5,063,098
Issued as reinvestment of dividends		—			—			80,868			737,517
Redeemed		(420,613	)		(4,817,604	)		(842,575	)		(7,745,062	)
Net increase (decrease)		(351,987	)	$	(4,005,624	)		(183,220	)	$	(1,944,447	)
Small Cap Growth Equity Fund Initial Class
Sold		330,148		$	5,932,813			1,383,925		$	16,572,901
Issued as reinvestment of dividends		—			—			1,530,354			19,885,569
Redeemed		(1,419,453	)		(25,327,026	)		(4,295,245	)		(60,459,390	)
Net increase (decrease)		(1,089,305	)	$	(19,394,213	)		(1,380,966	)	$	(24,000,920	)
Small Cap Growth Equity Fund Service Class
Sold		138,091		$	2,276,881			232,549		$	2,762,475
Issued as reinvestment of dividends		—			—			285,059			3,402,966
Redeemed		(180,447	)		(2,948,521	)		(484,239	)		(6,010,938	)
Net increase (decrease)		(42,356	)	$	(671,640	)		33,369		$	154,503
Small Company Value Fund Class II
Sold		28,811		$	499,004			338,532		$	4,483,424
Issued as reinvestment of dividends		—			—			270,351			3,344,244
Redeemed		(587,455	)		(9,964,161	)		(1,359,262	)		(17,697,727	)
Net increase (decrease)		(558,644	)	$	(9,465,157	)		(750,379	)	$	(9,870,059	)
Small Company Value Fund Service Class I
Sold		116,477		$	1,939,085			304,062		$	3,526,786
Issued as reinvestment of dividends		—			—			103,607			1,232,924
Redeemed		(192,167	)		(3,132,761	)		(405,826	)		(5,013,773	)
Net increase (decrease)		(75,690	)	$	(1,193,676	)		1,843		$	(254,063	)
Small/Mid Cap Value Fund Initial Class
Sold		136,598		$	1,817,697			3,080,029		$	24,812,916
Issued as reinvestment of dividends		—			—			984,989			8,658,051
Redeemed		(2,801,461	)		(36,220,135	)		(5,283,660	)		(50,362,051	)
Net increase (decrease)		(2,664,863	)	$	(34,402,438	)		(1,218,642	)	$	(16,891,084	)

205

Notes to Financial Statements (Unaudited) (Continued)

	Six Months Ended June 30, 2021						Year Ended December 31, 2020
	Shares			Amount			Shares			Amount
Small/Mid Cap Value Fund Service Class
Sold		271,180		$	3,558,057			386,463		$	3,202,506
Issued as reinvestment of dividends		—			—			124,257			1,079,794
Redeemed		(285,606	)		(3,619,102	)		(577,178	)		(5,296,163	)
Net increase (decrease)		(14,426	)	$	(61,045	)		(66,458	)	$	(1,013,863	)
Total Return Bond Fund Class II
Sold		3,550,577		$	39,457,252			6,019,322		$	67,102,884
Issued as reinvestment of dividends		—			—			936,309			10,430,481
Redeemed		(2,926,812	)		(32,492,391	)		(13,281,923	)		(147,468,872	)
Net increase (decrease)		623,765		$	6,964,861			(6,326,292	)	$	(69,935,507	)
Total Return Bond Fund Service Class I
Sold		532,039		$	5,831,737			2,212,987		$	24,389,705
Issued as reinvestment of dividends		—			—			136,362			1,499,979
Redeemed		(534,832	)		(5,835,724	)		(950,279	)		(10,490,576	)
Net increase (decrease)		(2,793	)	$	(3,987	)		1,399,070		$	15,399,108

6.	Federal Income Tax Information

At June 30, 2021, the aggregate cost of investments and the unrealized appreciation (depreciation) in the value of all investments owned by the Fund(s), as computed on a federal income tax basis, were as follows:

	Federal Income Tax Cost		Tax Basis Unrealized Appreciation		Tax Basis Unrealized (Depreciation)			Net Unrealized Appreciation (Depreciation)
Conservative Allocation Fund	$	359,527,843	$	52,709,044	$	(488,147	)	$	52,220,897
Balanced Allocation Fund		415,527,139		69,998,025		(463,920	)		69,534,105
Moderate Allocation Fund		1,573,166,115		271,536,847		(763,074	)		270,773,773
Growth Allocation Fund		1,022,627,012		217,941,866		(605,638	)		217,336,228
Aggressive Allocation Fund		140,982,971		30,612,382		(47,562	)		30,564,820
MML American Funds Growth Fund		192,292,027		90,727,448		—			90,727,448
MML American Funds International Fund		48,823,599		13,946,281		—			13,946,281
MML American Funds Core Allocation Fund		804,601,154		152,724,422		—			152,724,422
Blue Chip Growth Fund		282,612,131		286,841,822		(767,250	)		286,074,572
Equity Income Fund		337,905,876		128,791,928		(3,210,354	)		125,581,574
Equity Index Fund		359,486,027		370,436,161		(10,718,361	)		359,717,800
Focused Equity Fund		237,066,680		59,809,712		—			59,809,712
Foreign Fund		239,866,483		48,151,890		(9,711,390	)		38,440,500
Fundamental Equity Fund		140,696,865		48,928,584		(572,120	)		48,356,464
Fundamental Value Fund		160,512,563		56,762,220		(300,076	)		56,462,144
Global Fund		287,837,480		112,232,161		(3,404,146	)		108,828,015
Growth & Income Fund		87,443,735		84,305,197		(461,124	)		83,844,073
Income & Growth Fund		203,778,104		76,319,858		(549,431	)		75,770,427
International Equity Fund		137,671,863		38,713,656		(4,928,105	)		33,785,551
Large Cap Growth Fund		77,007,932		72,809,854		(352,246	)		72,457,608
Managed Volatility Fund		80,067,898		67,321,924		(2,637,890	)		64,684,034
Mid Cap Growth Fund		373,130,624		181,540,211		(6,622,589	)		174,917,622
Mid Cap Value Fund		339,590,384		75,463,734		(2,303,174	)		73,160,560
Small Cap Growth Equity Fund		166,015,277		46,647,469		(5,877,727	)		40,769,742
Small Company Value Fund		64,908,221		33,117,578		(1,324,993	)		31,792,585
Small/Mid Cap Value Fund		147,731,648		51,712,230		(416,046	)		51,296,184
Total Return Bond Fund		394,551,802		9,787,612		(1,196,570	)		8,591,042

206

Notes to Financial Statements (Unaudited) (Continued)

Net capital loss carryforwards may be applied against any net realized taxable gains in succeeding years, subject to the carryforward period limitations, where applicable. On December 22, 2010, the Regulated Investment Company Modernization Act of 2010 (the “Modernization Act”) was signed by the President. The Modernization Act changed the capital loss carryforward rules as they relate to regulated investment companies. Capital losses generated in tax years beginning after the date of enactment may now be carried forward indefinitely, and retain the character of the original loss.

At December 31, 2020, the following Fund(s) had post-enactment accumulated capital loss carryforwards:

	Short Term Capital Loss Carryforward		Long Term Capital Loss Carryforward
Foreign Fund	$	3,796,996	$	2,617,174
Fundamental Value Fund		2,594,735		—
Income & Growth Fund		5,902,034		4,441,172
International Equity Fund		—		9,630,995
Managed Volatility Fund		2,517,847		—
Small/Mid Cap Value Fund		—		5,296,826

Net capital loss carryforwards for the Fund(s) shown in the above table are from post-enactment years and are, therefore, not subject to the eight-year carryforward period and possible expiration

Generally accepted accounting principles in the United States of America require that only distributions in excess of tax basis earnings and profits be reported in the financial statements as a return of capital.

The tax character of distributions (including capital gain dividends, if any, designated pursuant to Section 852 of the Code) paid during the year ended December 31, 2020, was as follows:

	Ordinary Income		Long Term Capital Gain
Conservative Allocation Fund	$	10,451,222	$	11,859,755
Balanced Allocation Fund		12,332,889		17,545,214
Moderate Allocation Fund		43,751,364		89,362,012
Growth Allocation Fund		28,093,261		87,982,413
Aggressive Allocation Fund		2,214,208		10,351,639
MML American Funds Growth Fund		1,556,780		22,586,326
MML American Funds International Fund		585,682		3,245,306
MML American Funds Core Allocation Fund		16,119,849		50,315,676
Blue Chip Growth Fund		—		42,295,118
Equity Income Fund		11,325,031		28,975,424
Equity Index Fund		12,122,939		141,171,583
Focused Equity Fund		6,643,227		9,400,827
Foreign Fund		8,258,161		9,747,974
Fundamental Equity Fund		2,072,887		19,099,774
Fundamental Value Fund		2,611,480		24,820,669
Global Fund		4,629,338		15,805,867
Growth & Income Fund		1,210,155		10,413,619
Income & Growth Fund		6,073,988		71,379
International Equity Fund		7,760,880		2,402,827
Large Cap Growth Fund		490,579		6,014,801
Managed Volatility Fund		1,887,023		—
Mid Cap Growth Fund		1,921,875		48,344,875

207

Notes to Financial Statements (Unaudited) (Continued)

	Ordinary Income		Long Term Capital Gain
Mid Cap Value Fund	$	7,059,535	$	—
Small Cap Growth Equity Fund		4,430,669		18,857,866
Small Company Value Fund		504,882		4,072,286
Small/Mid Cap Value Fund		2,285,693		7,452,152
Total Return Bond Fund		11,930,460		—

The following Fund(s) have elected to pass through the foreign tax credit for the year ended December 31, 2020:

	Amount
Conservative Allocation Fund	$	54,413
Balanced Allocation Fund		76,667
Moderate Allocation Fund		398,967
Growth Allocation Fund		356,836
Aggressive Allocation Fund		44,712
MML American Funds International Fund		56,855
MML American Funds Core Allocation Fund		113,264
Foreign Fund		554,838
Global Fund		351,642
International Equity Fund		223,631

Capital accounts within the financial statements are periodically adjusted for permanent differences between book and tax accounting. These adjustments have no impact on net assets or the results of operations. Temporary book and tax accounting differences will reverse in subsequent periods. At December 31, 2020, temporary book and tax accounting differences were primarily attributable to the deferral of wash sale losses, deferred Trustee compensation, and other temporary basis adjustments.

At December 31, 2020, the components of distributable earnings on a tax basis were as follows:

	Undistributed Ordinary Income		Undistributed Long Term Capital Gain (Capital Loss Carryover)			Other Temporary Differences			Unrealized Appreciation (Depreciation)
Conservative Allocation Fund	$	4,128,921	$	11,819,541		$	(37,996	)	$	22,050,525
Balanced Allocation Fund		5,190,216		14,035,146			(46,655	)		27,910,056
Moderate Allocation Fund		21,093,264		66,099,506			(172,441	)		90,726,016
Growth Allocation Fund		17,316,130		51,905,814			(142,145	)		94,314,530
Aggressive Allocation Fund		1,925,003		6,785,610			(9,834	)		9,567,597
MML American Funds Growth Fund		—		15,195,896			(8,962	)		101,191,839
MML American Funds International Fund		78,134		899,793			(4,793	)		11,706,936
MML American Funds Core Allocation Fund		12,436,584		22,679,169			(65,540	)		104,182,898
Blue Chip Growth Fund		—		59,439,657			(34,723	)		270,444,221
Equity Income Fund		10,277,015		7,884,209			(55,936	)		82,097,701
Equity Index Fund		10,841,879		30,554,408			(72,421	)		285,979,795
Focused Equity Fund		5,336,488		15,300,442			(6,968	)		46,393,196
Foreign Fund		6,600,890		(6,414,170	)		(40,903	)		20,736,399
Fundamental Equity Fund		4,821,103		14,477,399			(13,196	)		33,813,175
Fundamental Value Fund		3,297,998		(2,594,735	)		(18,520	)		31,188,166
Global Fund		3,476,455		34,229,859			(15,855	)		90,055,250

208

Notes to Financial Statements (Unaudited) (Continued)

	Undistributed Ordinary Income		Undistributed Long Term Capital Gain (Capital Loss Carryover)			Other Temporary Differences			Unrealized Appreciation (Depreciation)
Growth & Income Fund	$	1,357,958	$	9,151,446		$	(18,690	)	$	68,521,504
Income & Growth Fund		4,619,830		(10,343,206	)		(24,482	)		40,486,592
International Equity Fund		1,068,813		(9,630,995	)		(10,719	)		12,604,914
Large Cap Growth Fund		1,300,620		16,591,265			(16,027	)		60,525,772
Managed Volatility Fund		1,373,709		(2,517,847	)		(32,064	)		52,237,993
Mid Cap Growth Fund		12,556,137		86,004,692			(41,887	)		176,818,250
Mid Cap Value Fund		5,076,599		8,396,925			(51,183	)		50,895,748
Small Cap Growth Equity Fund		14,816,699		17,261,333			(31,534	)		61,965,079
Small Company Value Fund		498,749		5,704,596			(9,935	)	��	24,694,697
Small/Mid Cap Value Fund		1,982,686		(5,296,826	)		(24,843	)		30,086,336
Total Return Bond Fund		20,691,367		3,692,900			(32,407	)		11,966,866

The Funds did not have any unrecognized tax benefits at June 30, 2021, nor were there any increases or decreases in unrecognized tax benefits for the period then ended. The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as an income tax expense in the Statements of Operations. During the period ended June 30, 2021, the Funds did not incur any such interest or penalties. The Funds are subject to examination by U.S. federal and state tax authorities for returns filed for the prior three fiscal years. Foreign taxes are provided for based on the Funds’ understanding of the tax rules and rates that exist in the foreign markets in which they invest.

7.	Investment in Affiliated Issuers

A summary of the Funds’ transactions in the securities of affiliated issuers during the period ended June 30, 2021, was as follows:

	Beginning Value as of 12/31/20		Purchases		Sales			Change in Unrealized Appreciation/ Depreciation			Net Realized Gain (Loss)			Value as of 6/30/21		Number of Shares Held as of 6/30/21
Conservative Allocation Fund
MML Blue Chip Growth Fund, Initial Class	$	14,523,195	$	481,021	$	(2,251,363	)	$	1,101,722		$	545,128		$	14,399,703	$	624,445
MML Dynamic Bond Fund, Class II		51,438,140		2,856,162		(8,681,598	)		(473,947	)		379,293			45,518,050		4,364,147
MML Equity Income Fund, Initial Class		15,873,210		420,030		(2,965,934	)		2,640,819			30,616			15,998,741		1,314,605
MML Equity Index Fund, Class III		1,143,136		14,638		(68,150	)		172,601			(3,971	)		1,258,254		37,695
MML Focused Equity Fund, Class II		20,745,777		645,699		(3,021,806	)		1,293,683			532,792			20,196,145		2,540,396
MML Foreign Fund, Initial Class		9,067,960		239,196		(1,122,329	)		818,415			128,732			9,131,974		821,960
MML Fundamental Equity Fund, Class II		12,639,315		450,526		(2,108,649	)		1,747,701			146,817			12,875,710		1,032,535
MML Fundamental Value Fund, Class II		14,566,940		390,753		(1,828,122	)		3,125,477			(192,489	)		16,062,559		1,141,618
MML Global Fund, Class I		24,168,175		637,774		(7,988,027	)		1,014,271			1,691,352			19,523,545		1,249,907
MML High Yield Fund, Class II		11,095,663		373,724		(1,742,932	)		500,949			96,169			10,323,573		965,722
MML Income & Growth Fund, Initial Class		14,266,629		390,754		(2,828,122	)		2,503,127			19,041			14,351,429		1,199,952
MML Inflation-Protected and Income Fund, Initial Class		15,412,231		6,664,399		(3,105,260	)		130,651			295,393			19,397,414		1,662,161
MML International Equity Fund, Class II		8,991,953		239,197		(2,122,330	)		899,979			290,359			8,299,158		732,494
MML Large Cap Growth Fund, Initial Class		5,285,349		209,812		(984,249	)		346,993			301,829			5,159,734		324,716
MML Managed Bond Fund, Initial Class		87,736,037		7,783,827		(13,032,444	)		(625,087	)		1,009,569			82,871,902		6,065,077
MML Mid Cap Growth Fund, Initial Class		16,135,206		451,746		(4,110,703	)		716,469			633,172			13,825,890		698,630
MML Mid Cap Value Fund, Initial Class		12,735,775		342,773		(3,601,556	)		1,542,086			184,061			11,203,139		913,051
MML Short-Duration Bond Fund, Class II		22,617,852		1,747,447		(3,497,949	)		391,828			50,962			21,310,140		2,122,524
MML Small Cap Growth Equity Fund, Initial Class		2,178,261		55,706		(1,261,085	)		(137,920	)		291,196			1,126,158		62,011
MML Small Company Value Fund, Class II		4,340,411		103,687		(986,016	)		587,385			108,724			4,154,191		233,776
MML Small/Mid Cap Value Fund, Initial Class		3,244,058		108,971		(509,137	)		781,829			47,799			3,673,520		264,854

209

Notes to Financial Statements (Unaudited) (Continued)

	Beginning Value as of 12/31/20		Purchases		Sales			Change in Unrealized Appreciation/ Depreciation			Net Realized Gain (Loss)			Value as of 6/30/21		Number of Shares Held as of 6/30/21
MML Strategic Emerging Markets Fund, Class II	$	1,693,550	$	132,900	$	(622,090	)	$	(42,408	)	$	151,483		$	1,313,435		85,012
MML Total Return Bond Fund, Class II		46,820,774		7,547,216		(7,251,265	)		(943,363	)		404,622			46,577,984		4,177,398
	$	416,719,597	$	32,287,958	$	(75,691,116	)	$	18,093,260		$	7,142,649		$	398,552,348
Balanced Allocation Fund
MML Blue Chip Growth Fund, Initial Class	$	20,103,133	$	215,353	$	(1,619,915	)	$	2,058,436		$	311,418		$	21,068,425		913,635
MML Dynamic Bond Fund, Class II		51,242,951		1,601,574		(4,523,204	)		(272,018	)		197,752			48,247,055		4,625,796
MML Equity Income Fund, Initial Class		19,732,438		188,570		(3,918,451	)		3,524,892			(68,244	)		19,459,205		1,598,949
MML Equity Index Fund, Class III		1,336,100		6,195		(46,446	)		201,837			(2,328	)		1,495,358		44,798
MML Focused Equity Fund, Class II		23,748,002		289,324		(2,176,164	)		1,766,273			409,162			24,036,597		3,023,471
MML Foreign Fund, Initial Class		13,131,475		107,179		(807,444	)		1,332,378			70,870			13,834,458		1,245,226
MML Fundamental Equity Fund, Class II		21,792,289		201,870		(1,518,507	)		3,567,314			(141,138	)		23,901,828		1,916,746
MML Fundamental Value Fund, Class II		15,919,466		175,088		(1,316,715	)		3,417,458			(150,022	)		18,045,275		1,282,536
MML Global Fund, Class I		24,710,785		285,772		(2,150,935	)		2,425,711			393,021			25,664,354		1,643,044
MML High Yield Fund, Class II		10,768,622		120,315		(903,056	)		639,439			(37,851	)		10,587,469		990,409
MML Income & Growth Fund, Initial Class		18,645,312		175,088		(3,816,715	)		3,695,507			(456,981	)		18,242,211		1,525,269
MML Inflation-Protected and Income Fund, Initial Class		18,812,862		2,213,893		(1,607,566	)		271,069			169,115			19,859,373		1,701,746
MML International Equity Fund, Class II		14,847,222		107,178		(1,807,443	)		2,018,575			(21,391	)		15,144,141		1,336,641
MML Large Cap Growth Fund, Initial Class		9,638,916		94,194		(709,520	)		1,072,583			188,217			10,284,390		647,224
MML Managed Bond Fund, Initial Class		82,061,179		4,902,361		(6,788,610	)		(64,770	)		464,285			80,574,445		5,896,935
MML Mid Cap Growth Fund, Initial Class		20,620,370		202,417		(3,521,005	)		1,221,184			561,162			19,084,128		964,332
MML Mid Cap Value Fund, Initial Class		15,418,476		153,771		(2,155,471	)		2,311,459			(23,132	)		15,705,103		1,279,960
MML Short-Duration Bond Fund, Class II		22,478,652		1,240,630		(1,809,952	)		433,874			18,531			22,361,735		2,227,264
MML Small Cap Growth Equity Fund, Initial Class		2,762,553		24,777		(1,186,557	)		17,059			180,570			1,798,402		99,027
MML Small Company Value Fund, Class II		5,166,538		46,642		(851,151	)		726,227			112,267			5,200,523		292,657
MML Small/Mid Cap Value Fund, Initial Class		4,693,880		48,646		(865,536	)		1,091,662			72,802			5,041,454		363,479
MML Strategic Emerging Markets Fund, Class II		4,588,539		59,550		(447,969	)		205,333			109,696			4,515,149		292,243
MML Total Return Bond Fund, Class II		40,767,188		11,501,312		(3,773,996	)		(652,759	)		196,395			48,038,140		4,308,353
	$	462,986,948	$	23,961,699	$	(48,322,328	)	$	31,008,723		$	2,554,176		$	472,189,218
Moderate Allocation Fund
MML Blue Chip Growth Fund, Initial Class	$	94,388,094	$	30,385	$	(9,661,957	)	$	7,543,928		$	3,355,713		$	95,656,163		4,148,142
MML Dynamic Bond Fund, Class II		161,160,094		4,056,302		(17,883,895	)		(1,053,905	)		783,999			147,062,595		14,099,961
MML Equity Income Fund, Initial Class		92,563,076		26,583		(20,453,102	)		15,807,935			(283,788	)		87,660,704		7,203,016
MML Equity Index Fund, Class III		6,017,045		792		(250,363	)		905,626			(13,000	)		6,660,100		199,524
MML Focused Equity Fund, Class II		131,574,012		40,812		(12,975,894	)		9,411,732			2,418,279			130,468,941		16,411,188
MML Foreign Fund, Initial Class		60,787,748		18,083		(5,757,741	)		6,473,439			(82,499	)		61,439,030		5,530,066
MML Fundamental Equity Fund, Class II		67,427,147		28,510		(9,065,941	)		10,228,037			(47,937	)		68,569,816		5,498,782
MML Fundamental Value Fund, Class II		79,501,429		24,709		(7,853,600	)		16,145,294			(30,130	)		87,787,702		6,239,353
MML Global Fund, Class I		163,206,767		50,626		(22,093,224	)		13,667,120			4,456,203			159,287,492		10,197,663
MML High Yield Fund, Class II		11,381,039		11,284		(3,576,094	)		360,276			180,958			8,357,463		781,802
MML Income & Growth Fund, Initial Class		86,720,575		24,709		(19,353,599	)		16,876,135			(1,565,881	)		82,701,939		6,914,878
MML Inflation-Protected and Income Fund, Initial Class		57,467,089		4,019,842		(6,298,141	)		622,552			623,667			56,435,009		4,835,905
MML International Equity Fund, Class II		68,668,354		18,083		(5,757,741	)		8,593,502			438,995			71,961,193		6,351,385
MML Large Cap Growth Fund, Initial Class		36,950,861		13,332		(4,249,645	)		3,295,451			1,374,548			37,384,547		2,352,709
MML Managed Bond Fund, Initial Class		248,114,832		29,084,378		(26,827,690	)		(638,448	)		2,006,737			251,739,809		18,423,872
MML Mid Cap Growth Fund, Initial Class		99,395,822		30,728		(17,749,832	)		4,342,784			4,174,885			90,194,387		4,557,574
MML Mid Cap Value Fund, Initial Class		73,357,395		23,389		(10,421,212	)		10,034,015			980,409			73,973,996		6,028,851
MML Short-Duration Bond Fund, Class II		63,967,558		8,022,323		(7,094,923	)		1,216,761			101,747			66,213,466		6,594,967
MML Small Cap Growth Equity Fund, Initial Class		15,783,975		4,409		(4,902,052	)		45,717			1,119,023			12,051,072		663,581
MML Small Company Value Fund, Class II		28,244,770		8,264		(5,627,553	)		3,698,479			680,545			27,004,505		1,519,668
MML Small/Mid Cap Value Fund, Initial Class		24,487,015		7,365		(8,836,921	)		5,453,729			417,969			21,529,157		1,552,210
MML Strategic Emerging Markets Fund, Class II		37,729,701		10,847		(3,445,143	)		1,859,272			729,822			36,884,499		2,387,346
MML Total Return Bond Fund, Class II		145,610,062		12,046,952		(14,944,851	)		(2,299,585	)		612,340			141,024,918		12,647,975
	$	1,854,504,460	$	57,602,707	$	(245,081,114	)	$	132,589,846		$	22,432,604		$	1,822,048,503

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Notes to Financial Statements (Unaudited) (Continued)

	Beginning Value as of 12/31/20		Purchases		Sales			Change in Unrealized Appreciation/ Depreciation			Net Realized Gain (Loss)			Value as of 6/30/21		Number of Shares Held as of 6/30/21
Growth Allocation Fund
MML Blue Chip Growth Fund, Initial Class	$	78,190,367	$	143,012	$	(8,016,307	)	$	6,434,954		$	2,514,385		$	79,266,411		3,437,399
MML Dynamic Bond Fund, Class II		50,064,332		11,131,988		(7,396,681	)		(260,293	)		267,691			53,807,037		5,158,872
MML Equity Income Fund, Initial Class		65,755,752		125,353		(7,026,446	)		12,126,532			(649,140	)		70,332,051		5,779,133
MML Equity Index Fund, Class III		4,633,126		4,352		(243,430	)		695,804			(16,084	)		5,073,768		152,000
MML Focused Equity Fund, Class II		87,342,224		192,258		(10,776,144	)		5,848,302			1,725,225			84,331,865		10,607,782
MML Foreign Fund, Initial Class		48,879,787		85,183		(4,777,296	)		5,263,683			(177,609	)		49,273,748		4,435,081
MML Fundamental Equity Fund, Class II		51,022,131		134,183		(7,521,385	)		7,272,047			259,723			51,166,699		4,103,184
MML Fundamental Value Fund, Class II		60,073,693		116,151		(6,509,521	)		12,631,083			(631,925	)		65,679,481		4,668,051
MML Global Fund, Class I		125,885,274		238,487		(13,366,389	)		11,298,494			2,585,125			126,640,991		8,107,618
MML High Yield Fund, Class II		15,808,819		32,488		(1,818,133	)		785,517			67,540			14,876,231		1,391,602
MML Income & Growth Fund, Initial Class		64,283,172		116,152		(7,509,521	)		12,864,135			(1,069,328	)		68,684,610		5,742,860
MML Inflation-Protected and Income Fund, Initial Class		44,880,535		7,098,450		(5,510,580	)		447,888			583,906			47,500,199		4,070,283
MML International Equity Fund, Class II		58,194,605		85,184		(5,777,298	)		6,432,482			1,078,335			60,013,308		5,296,850
MML Large Cap Growth Fund, Initial Class		28,332,218		62,552		(3,509,621	)		2,432,620			1,081,001			28,398,770		1,787,210
MML Managed Bond Fund, Initial Class		96,784,702		9,197,949		(11,097,602	)		(373,447	)		874,779			95,386,381		6,980,964
MML Mid Cap Growth Fund, Initial Class		78,559,893		144,877		(11,114,101	)		4,299,932			2,485,730			74,376,331		3,758,278
MML Mid Cap Value Fund, Initial Class		60,644,129		110,181		(6,170,871	)		8,597,574			567,937			63,748,950		5,195,513
MML Short-Duration Bond Fund, Class II		30,809,899		2,059,070		(3,310,374	)		563,726			48,293			30,170,614		3,005,041
MML Small Cap Growth Equity Fund, Initial Class		15,218,246		21,017		(3,678,077	)		(116,626	)		1,129,656			12,574,216		692,388
MML Small Company Value Fund, Class II		24,360,872		38,675		(2,167,966	)		3,735,385			155,852			26,122,818		1,470,052
MML Small/Mid Cap Value Fund, Initial Class		18,613,216		34,820		(1,950,170	)		4,461,814			309,760			21,469,440		1,547,905
MML Strategic Emerging Markets Fund, Class II		43,324,154		51,102		(4,863,046	)		887,786			2,151,332			41,551,328		2,689,406
MML Total Return Bond Fund, Class II		53,213,516		4,110,132		(6,177,277	)		(1,061,871	)		409,325			50,493,825		4,528,594
	$	1,204,874,662	$	35,333,616	$	(140,288,236	)	$	105,267,521		$	15,751,509		$	1,220,939,072
Aggressive Allocation Fund
MML Blue Chip Growth Fund, Initial Class	$	10,659,456	$	247,228	$	(797,762	)	$	1,021,743		$	258,821		$	11,389,486		493,907
MML Dynamic Bond Fund, Class II		1,654,114		82,458		(266,049	)		(15,198	)		12,081			1,467,406		140,691
MML Equity Income Fund, Initial Class		9,192,613		216,299		(697,955	)		1,645,377			22,128			10,378,462		852,791
MML Equity Index Fund, Class III		707,628		7,789		(25,097	)		103,857			2,357			796,534		23,863
MML Focused Equity Fund, Class II		13,467,469		2,332,235		(1,072,025	)		1,086,419			213,801			16,027,899		2,016,088
MML Foreign Fund, Initial Class		7,391,632		154,559		(498,852	)		797,365			(3,183	)		7,841,521		705,807
MML Fundamental Equity Fund, Class II		7,768,366		231,873		(748,217	)		1,302,784			(79,362	)		8,475,444		679,667
MML Fundamental Value Fund, Class II		8,867,900		200,942		(648,336	)		1,830,583			11,872			10,262,961		729,422
MML Global Fund, Class I		18,603,602		432,606		(1,395,752	)		1,911,710			245,805			19,797,971		1,267,476
MML High Yield Fund, Class II		1,639,153		36,648		(118,116	)		84,621			8,615			1,650,921		154,436
MML Income & Growth Fund, Initial Class		9,667,461		200,942		(648,337	)		1,840,948			27,367			11,088,381		927,122
MML Inflation-Protected and Income Fund, Initial Class		2,987,771		1,077,877		(251,046	)		56,661			22,804			3,894,067		333,682
MML International Equity Fund, Class II		8,978,900		154,557		(1,498,852	)		867,444			259,493			8,761,542		773,305
MML Large Cap Growth Fund, Initial Class		3,686,508		108,148		(349,187	)		368,886			115,276			3,929,631		247,302
MML Managed Bond Fund, Initial Class		3,721,575		123,687		(399,173	)		(21,562	)		37,280			3,461,807		253,356
MML Mid Cap Growth Fund, Initial Class		12,042,658		278,160		(897,019	)		897,796			197,878			12,519,473		632,616
MML Mid Cap Value Fund, Initial Class		7,949,498		211,400		(681,734	)		1,162,059			81,883			8,723,106		710,930
MML Short-Duration Bond Fund, Class II		2,647,731		32,067		(103,484	)		52,615			690			2,629,619		261,914
MML Small Cap Growth Equity Fund, Initial Class		2,346,361		43,170		(139,272	)		142,843			37,143			2,430,245		133,819
MML Small Company Value Fund, Class II		3,725,508		80,333		(259,163	)		571,575			39,026			4,157,279		233,949
MML Small/Mid Cap Value Fund, Initial Class		2,413,919		66,757		(215,285	)		606,830			32,322			2,904,543		209,412
MML Strategic Emerging Markets Fund, Class II		9,381,571		123,664		(2,398,794	)		(412,909	)		981,657			7,675,189		496,776
MML Total Return Bond Fund, Class II		1,432,622		4,068,715		(221,831	)		(8,073	)		15,188			5,286,621		474,136
	$	150,934,016	$	10,512,114	$	(14,331,338	)	$	15,894,374		$	2,540,942		$	165,550,108

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Notes to Financial Statements (Unaudited) (Continued)

8.	Indemnifications

Under the Funds’ organizational documents, current and former Trustees and Officers are provided with specified rights to indemnification against liabilities arising in connection with the performance of their duties to the Funds, and shareholders are indemnified against personal liability for obligations of the Funds. In the normal course of business, the Funds may also enter into contracts that provide general indemnifications. The Funds’ maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Funds. The risk of material loss from such claims is considered remote.

9.	New Accounting Pronouncements

In March 2020, FASB issued Accounting Standards Update 2020-04 — Reference Rate Reform (Topic 848) — Facilitation of the Effects of Reference Rate Reform on Financial Reporting (“ASU 2020-04”). ASU 2020-04 provides optional temporary financial reporting relief from the effect of certain types of contract modifications due to the planned discontinuation of the London Interbank Offered Rate (“LIBOR”) and other interbank-offered based reference rates as of the end of 2021. ASU 2020-04 is effective for certain reference rate-related contract modifications that occur during the period March 12, 2020 through December 31, 2022. Management does not believe the impact of adopting ASU 2020-04 will have a material impact on the financial statements.

In October 2020, Accounting Standards Update 2017-08, Receivables — Nonrefundable Fees and Other Costs (Subtopic 310-20): Premium Amortization on Purchased Callable Debt Securities (“ASU 2017-08”) was amended by Accounting Standards Update 2020-08, Codification Improvements to Subtopic 310-20, Receivables — Nonrefundable Fees and Other Costs (“ASU 2020-08”). ASU 2020-08 requires entities to reevaluate whether callable debt securities fall within the scope of ASU 2017-08 at each reporting period. ASU 2020-08 also amends the relevant guidance to require premiums to be amortized to the “next call date” rather than the “earliest call date,” and further clarifies the definition of “next call date.” ASU 2020-08 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020. Early adoption of ASU 2020-08 is not permitted. Management is currently evaluating the impact, if any, of applying ASU 2020-08.

In October 2020, the SEC adopted new regulations governing the use of derivatives by registered investment companies. Rule 18f-4 will impose limits on the amount of derivatives a fund could enter into, eliminate the asset segregation framework currently used by funds to comply with Section 18 of the 1940 Act, and require funds whose use of derivatives is more than a limited specified exposure to establish and maintain a derivatives risk management program and appoint a derivatives risk manager. While the new rule became effective February 19, 2021, funds will not be required to fully comply with the new rule until August 19, 2022. It is not currently clear what impact, if any, the new rule will have on the availability, liquidity, or performance of derivatives. When fully implemented, the new rule may require changes in how a fund will use derivatives, may adversely affect a fund’s performance, and may increase costs related to a fund’s use of derivatives.

10.

Legal Proceedings

On December 7, 2010, the Trust was named as a defendant and putative member of the proposed defendant class of shareholders named in an adversary proceeding brought by The Official Committee of Unsecured Creditors of Tribune Company (the “Official Committee”) in the U.S. Bankruptcy Court for the District of Delaware, in connection with Tribune Company’s Chapter 11 bankruptcy proceeding (In re Tribune Company). The proceeding relates to a leveraged buyout (“LBO”) transaction by which Tribune Company converted to a privately-held company in 2007, and the putative defendant class is comprised of beneficial owners of shares of Tribune Company who received proceeds (the “Proceeds”) of the LBO. The Official Committee seeks to recover payments of those Proceeds. On April 5, 2012, the adversary proceeding was transferred to the Southern District of New York for consolidated pretrial proceedings. The action is now being prosecuted by the litigation trustee (“Trustee”) for the Tribune Litigation Trust.

The potential amounts sought to be recovered from the Equity Income Fund and Equity Index Fund are approximately $4,562,800 and $207,706, respectively, plus interest and the Official Committee’s court costs.

212

Notes to Financial Statements (Unaudited) (Continued)

In addition, on June 2, 2011, the Equity Income Fund was named as a defendant in two closely related, parallel adversary proceedings brought in connection with the Tribune Company’s LBO by Deutsche Bank Trust Company Americas, in its capacity as successor indenture trustee for a certain series of Senior Notes, Law Debenture Trust Company of New York, in its capacity as successor indenture trustee for a certain series of Senior Notes, and Wilmington Trust Company, in its capacity as successor indenture trustee for the PHONES Notes (together, the “Plaintiffs”), one in the United States District Court for the District of Massachusetts and one in the United States District Court for the District of Connecticut. The Plaintiffs also seek to recover payments of the Proceeds. On December 20, 2011, these actions were transferred to the Southern District of New York for consolidated pretrial proceedings.

The Funds cannot predict the outcome of these proceedings. Accordingly, the Funds have not accrued any amounts related to these proceedings. If the proceedings were to be decided in a manner adverse to the Funds, or if the Funds were to enter into a settlement agreement with the Trustee or the Plaintiffs, as applicable, the payment of such judgment or settlement could potentially have a material adverse effect on the Funds’ net asset values depending on the net assets of each applicable Fund at the time of such judgment or settlement.

11.

Coronavirus (COVID-19) Pandemic

The global pandemic outbreak of the novel coronavirus known as COVID-19 has produced, and will likely continue to produce, substantial market volatility, severe market dislocations and liquidity constraints in many markets, and global business disruption, and it may result in future significant adverse effects, such as exchange trading suspensions and closures, declines in global financial markets, higher default rates, and a substantial economic downturn or recession throughout the world. Such factors may have a significant adverse effect on a Fund’s performance and have the potential to impair the ability of a Fund’s investment adviser, subadviser, or other service providers to serve the Fund and could lead to disruptions that negatively impact the Fund.

213

Other Information (Unaudited)

Proxy Voting

A description of the policies and procedures that each Fund’s investment adviser and subadvisers use to vote proxies relating to the Fund’s portfolio securities is available, without charge, upon request, by calling 1-888-309-3539, and on the SEC’s EDGAR database on its website at http://www.sec.gov.

Information regarding how the Funds voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available, without charge, upon request, on the MassMutual website at http://www.massmutual.com/funds and on the SEC’s EDGAR database on its website at http://www.sec.gov.

Quarterly Reporting

The Funds file their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to their reports on Form N-PORT. The Funds’ Forms N-PORT are available on the SEC’s EDGAR database on its website at http://www.sec.gov. In addition, the Funds make the complete schedule of portfolio holdings from their filings on Form N-PORT available to shareholders at http://www.massmutual.com/funds.

Liquidity Risk Management Program

In 2016, the SEC adopted Rule 22e-4 under the 1940 Act (the “Liquidity Rule”) to promote effective liquidity risk management throughout the open-end investment company industry, thereby reducing the risk that a fund will be unable to meet its redemption obligations and mitigating dilution of fund shareholders. Pursuant to the Liquidity Rule, the Funds have established and maintain a Liquidity Risk Management Program (the “Program”) that incorporates the requirements of the Liquidity Rule. The Program is administered by MML Advisers, which has established a Liquidity Risk Management Program Committee (the “Committee”) to oversee the required management, assessments, reviews, and reports for the Program.

The Program’s principal objectives include supporting each Fund’s compliance with limits on investments in illiquid assets and mitigating the risk that the Fund will be unable to meet its redemption obligations in a timely manner. The Program also includes a number of elements that support the management and assessment of liquidity risk, including an annual assessment of factors that influence a Fund’s liquidity and the periodic classification of the Fund’s investments into groupings that reflect MML Advisers’ assessment of their relative liquidity under current market conditions.

At a meeting of the Board held on March 16, 2021, the Trustees received a report prepared by the Committee regarding the operation and effectiveness of the Program for the period January 1, 2020 through December 31, 2020. In the report, the Committee concluded that the Program proved to be adequately designed to address the Funds’ liquidity risks and operated effectively.

There can be no assurance that the Program will achieve its objectives in the future. Please refer to each Fund’s prospectus for more information regarding the Fund’s exposure to liquidity risk and other principal risks to which an investment in the Fund may be subject.

Trustees’ Approval of Investment Advisory Contracts

At their meeting in March 2021, the Trustees, including the Trustees who are not “interested persons” (as such term is defined in the 1940 Act) of the Trust, MML Advisers, or the subadvisers (the “Independent Trustees”), reviewed and approved a proposal to make changes to the existing subadvisory agreements with Metropolitan West Asset Management, LLC (“MetWest”) and T. Rowe Price Associates, Inc. (T. Rowe Price”) for each of the Total Return Bond Fund and Blue Chip Growth Fund, respectively, intended to lower the fees payable under those agreements. In arriving at their decision, the Trustees discussed the fees payable to MetWest and T. Rowe Price by MML Advisers under the amended subadvisory agreements and the effect of such fees on the profitability to MML Advisers. The Trustees concluded that they were satisfied that MML Advisers’ projected levels of profitability due to the amended subadvisory agreements are not excessive and the subadvisory fee amounts under the amended subadvisory agreements are fair and reasonable. In their deliberations, the Trustees were advised by independent counsel.

214

Other Information (Unaudited) (Continued)

Prior to the votes being taken to approve the amendments to the subadvisory agreements discussed above, the Independent Trustees met separately in executive session to discuss the appropriateness of such contracts. The Independent Trustees weighed the foregoing matters in light of the advice given to them by their independent legal counsel as to the law applicable to the review of investment advisory contracts. In arriving at a decision, the Trustees, including the Independent Trustees, did not identify any single matter as all-important or controlling. The foregoing summary does not detail all of the matters considered.

The amended subadvisory agreements became effective on May 1, 2021.

At their meetings in May and June 2021, the Contract Committee (the “Committee”) and the Trustees, including the Independent Trustees, re-approved the existing advisory and subadvisory agreements (collectively, the “Contracts”) for each of the Conservative Allocation Fund, Balanced Allocation Fund, Moderate Allocation Fund, Growth Allocation Fund, Aggressive Allocation Fund, MML American Funds Growth Fund, MML American Funds International Fund, MML American Funds Core Allocation Fund, Blue Chip Growth Fund, Equity Income Fund, Equity Index Fund, Focused Equity Fund, Foreign Fund, Fundamental Equity Fund, Fundamental Value Fund, Global Fund, Growth & Income Fund, Income & Growth Fund, International Equity Fund, Large Cap Growth Fund, Managed Volatility Fund, Mid Cap Growth Fund, Mid Cap Value Fund, Small Cap Growth Equity Fund, Small Company Value Fund, Small/Mid Cap Value Fund, and Total Return Bond Fund, as applicable. In preparation for the meetings, the Trustees requested, and MML Advisers and the subadvisers provided in advance, certain materials relevant to the consideration of the Contracts (the “Meeting Materials”). In all of their deliberations, the Trustees were advised by independent counsel.

The Committee received in advance of the meetings (i) a memorandum from MML Advisers discussing the nature and quality of the services it provides as investment adviser to the Funds; (ii) a profitability analysis prepared by MML Advisers; and (iii) a fee and performance study report (the “Third-Party Report”) with respect to each Fund prepared by an independent third-party vendor (the “Third-Party”). The Third-Party Report provided detailed comparative advisory fee, total expense, and performance information for each Fund to assist the Committee in its evaluation of the Contracts. The Committee also considered information presented to it throughout the year regarding MML Advisers and each of the subadvisers.

The Committee considered the nature, scope, and quality of services MML Advisers provides to the Funds, including: (i) the financial condition, stability, and business strategy of MML Advisers; (ii) the capabilities of MML Advisers with respect to regulatory compliance and its ability to monitor compliance with the investment policies of the Funds; (iii) MML Advisers’ ability to provide investment oversight and provide for administrative and shareholder services to the Funds; and (iv) the experience and qualifications of the personnel of MML Advisers that perform, or oversee the performance of, the services provided to the Funds, and the needs of the Funds for administrative and shareholder services. The Committee noted that it had received in the Meeting Materials or during the course of the past year: (i) detailed information regarding MML Advisers’ ability to provide investment oversight and provide for administrative and shareholder services to the Funds; and (ii) a wide range of information about the subadvisers and their personnel with responsibility for providing services to the Funds, as applicable, and the fees payable to each subadviser by MML Advisers. MML Advisers reviewed with the Committee in detail the work MML Advisers does in its oversight roles, the expertise it brings to these roles, the size of its teams, and the financial commitment it has made to provide those services.

The Committee then reviewed and considered, for each Fund separately, the detailed information presented in the Third-Party Report regarding: (i) Fund expenses, including, among other things, both the Fund’s net advisory fee and total net expense ratio against peer funds; and (ii) the Fund’s relative performance (over various time periods against funds in its “category” and a benchmark index). In connection with the Committee’s review, MML Advisers provided commentary and analysis regarding each Fund’s expenses and performance and a recommendation as to the action to be taken by the Committee. Throughout the discussion, MML Advisers responded to Committee members’ questions and provided additional information concerning each Fund.

The Committee reviewed the expense and performance information for each Fund. (References to any one- or three-year period below are to periods ended December 31, 2020. In all cases, the comparative expense information is that of a Fund’s “peer group” and the comparative performance information is that of a Fund’s “performance category.”)

215

Other Information (Unaudited) (Continued)

The Committee considered that the total net expense ratios for the Equity Index Fund, Global Fund, Managed Volatility Fund, Foreign Fund, Small/Mid Cap Value Fund, Mid Cap Growth Fund, Fundamental Value Fund, Fundamental Equity Fund, Conservative Allocation Fund, Moderate Allocation Fund, MML American Funds Growth Fund, Large Cap Growth Fund, Growth & Income Fund, Income & Growth Fund, Focused Equity Fund, and Total Return Bond Fund were within the top three comparative quintiles of their peer groups. Of those Funds, all had net advisory fees at or below the medians of their peers, or in the top three comparative quintiles, except the Foreign Fund, Income & Growth Fund, and Focused Equity Fund, the levels of whose net advisory fees the Committee did not consider to be inconsistent with the advisory agreements’ continuation, in light of the Funds’ generally acceptable total net expense ratios and investment performance over time. The Committee considered MML Advisers’ statement, as to the Foreign Fund and Income & Growth Fund, that the advisory arrangements for those Funds require MML Advisers to bear shareholder servicing expenses having the effect of increasing the Fund’s net advisory fees above the rates that would otherwise prevail, and that the shareholder services in question are the same as the services required under any separate shareholder servicing agreement relating to other Funds in the Trust and the MML Series Investment Fund II. The Committee considered MML Advisers’ statement that, if the net advisory fees for those Funds were reduced by the portion of the fees attributable to administrative services (which include shareholder services), the net advisory fee would be less than the applicable peer group median.

In the case of the International Equity Fund, Balanced Allocation Fund, Growth Allocation Fund, Aggressive Allocation Fund, MML American Funds Core Allocation Fund, and MML American Funds International Fund, the Committee noted that the Funds’ net advisory fees were at or below the medians of their peers, although their total net expense ratios were higher than the sixtieth comparative percentiles of their peer groups. The Committee considered that the levels of the Funds’ net advisory fees, and other factors cited by MML Advisers, as applicable, including recent and/or long-term investment performance and/or MML Advisers’ high level conviction in the Fund’s subadviser, favored continuation of the Funds’ advisory agreements.

The Committee noted that the Small Company Value Fund, Blue Chip Growth Fund, Equity Income Fund, Mid Cap Value Fund, and Small Cap Growth Equity had both total net expense ratios and net advisory fees above the sixtieth comparative percentile of their peers (with the exception of the Small Company Value Fund, which had a net advisory fee at the sixtieth comparative percentile of its peers). In each case except the Small Company Value Fund and Equity Income Fund, the Committee considered that the Fund had achieved three-year performance in the top three comparative quintiles relative to its category (and in the case of the Mid Cap Value Fund and Small Cap Growth Equity Fund, in the top half), notwithstanding the relatively high net advisory fees and total net expenses paid by the Funds. In the case of the Small Company Value Fund, MML Advisers noted that the Fund’s net advisory fee was within two basis points of the Fund’s peer group median. As to the Blue Chip Growth Fund, Equity Income Fund, Mid Cap Value Fund, and Small Cap Growth Equity Fund, the Committee considered MML Advisers’ statement that, if the net advisory fees for those Funds were reduced by the portion of the fees attributable to administrative services (which include shareholder services), the net advisory fee would be less than, or within what MML Advisers considers an acceptable margin of, the applicable peer group median. In each case, the Committee determined that the Fund’s net advisory fee did not appear unreasonable in light of the information presented.

The Committee determined on the basis of these factors that the Funds’ net advisory fees, and the total net expenses of the Funds generally, were consistent with the continuation of their advisory agreements.

The Committee considered that the Equity Index Fund, Global Fund, Managed Volatility Fund, Foreign Fund, Small/Mid Cap Value Fund, Fundamental Equity Fund, Blue Chip Growth Fund, Conservative Allocation Fund, Balanced Allocation Fund, Moderate Allocation Fund, Growth Allocation Fund, Aggressive Allocation Fund, MML American Funds Core Allocation Fund, MML American Funds Growth Fund, Focused Equity Fund, Total Return Bond Fund, Mid Cap Value Fund, and Small Cap Growth Equity Fund had each achieved three-year investment performance above the medians of their performance categories, or in the top three comparative quintiles of their performance categories. In addition, the Committee considered that the Fundamental Value Fund and Income & Growth Fund experienced three-year investment performance outside the top three comparative quintiles of their performance categories, but experienced improved performance for the one-year period, in the case of the Income & Growth Fund, above the median of its performance category and, in the case of the Fundamental Value Fund, in the third comparative quintile.

216

Other Information (Unaudited) (Continued)

The Committee considered that the Mid Cap Growth Fund, Large Cap Growth Fund, and Growth & Income Fund had each experienced one- and three-year performance below the sixtieth comparative percentiles of their performance categories. The Committee considered MML Advisers’ statement that a contributor to each Fund’s underperformance was a relatively low exposure to high-growth stocks during the recent high growth-oriented equity markets, and MML Advisers’ confidence in each Fund’s investment strategy and subadviser(s) over the long term. As to the Mid Cap Growth Fund, the Committee also noted that a new subadviser was added to the Fund in the past year, which MML Advisers believes should lead to improving performance.

The Committee considered that, although the International Equity Fund had experienced performance below the top three comparative quintiles of its performance category, the Fund’s near-term results, following the end of the calendar year, have improved. The Committee considered MML Advisers’ statement that the Fund had underperformed significantly at the beginning of the pandemic, but performance had recovered since then.

The Committee considered that the Small Company Value Fund had experienced performance for the one- and three-year periods in the 75th and 66th comparative percentiles, respectively. The Committee considered MML Advisers’ statement that the Fund ranks in the top half of its category for the trailing five-year period, notwithstanding the Fund’s value style, which has been disadvantaged in recent periods.

The Committee considered MML Advisers’ statement that, although the Equity Income Fund had experienced performance for the one- and three-year periods in the 66th and 67th comparative percentiles, respectively, the Fund ranks in the top half of its category for the trailing five-year period. The Committee also considered that the Fund ranked in the top half against the category median for three of the last five calendar years and MML Advisers’ high degree of confidence in the Fund’s portfolio management.

The Committee considered MML Advisers’ statement that, although the MML American Funds International Fund had experienced underperformance against its category for all periods, the Fund ranked in the top half against the category median for three of the last five calendar years. The Committee also considered MML Advisers’ statement that, in addition to unfavorable stock selection in recent periods, the Fund’s performance had been affected by the subadviser’s relatively conservative style relative to peers.

The Committee also reviewed and considered information included in the Meeting Materials, or discussed at the meeting and during the course of the year, concerning economies of scale and the profitability of MML Advisers’ advisory relationship with the various Funds, including: (i) a description of MML Advisers’ revenues from the Funds (including advisory fees and administrative and shareholder services fees, as applicable) and the expense allocation methodology employed by MML Advisers; and (ii) profitability information for each individual Fund. The discussions included consideration of the intangible benefits derived by MML Advisers and its affiliates resulting from their relationships with the Funds and any so-called “fallout benefits” to MML Advisers (which were not considered to be substantial in any event), such as any reputational value derived from serving as investment adviser to the Funds, and benefits accruing to subadvisers due to so-called “soft-dollar arrangements.” Prior to the votes being taken to approve the Contracts, the Committee met separately in executive session to discuss the appropriateness of such contracts. The Committee weighed the foregoing matters in light of the advice given to them by their independent legal counsel as to the law applicable to the review of investment advisory contracts. In arriving at a decision, the Committee did not identify any single matter as all-important or controlling. The foregoing summary does not detail all of the matters considered.

As to each of the Funds, the Committee concluded that: (i) overall, it was satisfied with the nature, extent, and quality of services provided, and expected to be provided in the future, under the Contracts, including the level of MML Advisers’ oversight of each Fund and the subadvisory process; (ii) MML Advisers’ levels of profitability from its relationship with the various Funds are not excessive and the advisory fees payable under the advisory agreements and each Fund’s total net expenses are fair and reasonable; (iii) the investment processes, research capabilities, and philosophies of the subadvisers generally appear well suited to the Funds, as applicable, given their investment objectives and policies; (iv) either the relative or absolute performance of a Fund (in each case, taking into account the applicable investment strategy and risk profile of the Fund), or the steps MML Advisers has proposed in respect of the underperformance of a Fund, are sufficient to warrant continuation of the Contracts for each of the Funds; and (v) the terms of the Contracts are fair and reasonable with respect to each Fund and are in the best interests of each Fund’s shareholders.

217

Other Information (Unaudited) (Continued)

Also at their meeting in June 2021, the Trustees, including the Independent Trustees, approved a new subadvisory agreement with Thompson, Siegel & Walmsley LLC (“TSW”) for the Foreign Fund (the “Fund” and the “June Subadvisory Agreement”) due to an expected change in control, whereby Pendal Group Ltd. (“Pendal”) will acquire 100% equity interest in TSW through its acquisition of BrightSphere Investment Group Inc.’s (“BrightSphere”) and TSW employees’ equity interests in TSW. The acquisition by Pendal of BrightSphere’s and TSW employees’ equity interests in TSW will trigger the automatic assignment of the current subadvisory agreement, necessitating the need for the June Subadvisory Agreement, which is substantially identical to the current subadvisory agreement. The Trustees considered the nature of the transaction and that the transaction would not result in any change in the investment strategies or portfolio management team of the Fund, or in the fees or expenses of the Fund. In addition, the Trustees considered the statements of Pendal and TSW that the change in control was not expected to have any material impact on TSW or the services it provides to the Fund, including the personnel providing services to the Fund.

Prior to the votes being taken to approve the June Subadvisory Agreement discussed above, the Independent Trustees met separately in executive session to discuss the appropriateness of such contract. The Independent Trustees weighed the foregoing matters in light of the advice given to them by their independent legal counsel as to the law applicable to the review of investment advisory contracts. In arriving at a decision, the Trustees, including the Independent Trustees, did not identify any single matter as all-important or controlling. The foregoing summary does not detail all of the matters considered.

The June Subadvisory Agreement became effective on July 22, 2021.

218

Other Information (Unaudited) (Continued)

Fund Expenses June 30, 2021

Expense Examples:

The following information is in regards to expenses for the six months ended June 30, 2021:

As a shareholder of the Funds, you incur ongoing costs, including advisory fees, distribution and/or service (12b-1) fees, and other Fund expenses. These examples are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other mutual funds. These examples are based on an investment of $1,000 invested for the six months ended June 30, 2021.

Actual Expenses:

The first four columns of the table below provide information about actual account values and actual expenses. You may use this information, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number under the heading entitled “Operating Expenses Incurred” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes:

The last two columns of the table below provide information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs. Therefore, the last two columns of the table are useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

	Beginning Value	Annualized Expense Ratio	Ending Value (Based on Actual Returns and Expenses)	Operating Expenses Incurred*	Ending Value (Based on Hypothetical Returns and Expenses)	Operating Expenses Incurred*
Conservative Allocation Fund
Initial Class	$1,000	0.13%	$1,061.90	$0.66	$1,024.10	$0.65
Service Class	1,000	0.38%	1,060.70	1.94	1,022.90	1.91
Balanced Allocation Fund
Initial Class	1,000	0.12%	1,072.70	0.62	1,024.20	0.60
Service Class	1,000	0.37%	1,070.50	1.90	1,023.00	1.86
Moderate Allocation Fund
Initial Class	1,000	0.12%	1,085.80	0.62	1,024.20	0.60
Service Class	1,000	0.37%	1,085.00	1.91	1,023.00	1.86
Growth Allocation Fund
Initial Class	1,000	0.12%	1,104.50	0.63	1,024.20	0.60
Service Class	1,000	0.37%	1,102.30	1.93	1,023.00	1.86
Aggressive Allocation Fund
Initial Class	1,000	0.15%	1,120.00	0.79	1,024.10	0.75
Service Class	1,000	0.40%	1,118.40	2.10	1,022.80	2.01

219

Other Information (Unaudited) (Continued)

	Beginning Value	Annualized Expense Ratio	Ending Value (Based on Actual Returns and Expenses)	Operating Expenses Incurred*	Ending Value (Based on Hypothetical Returns and Expenses)	Operating Expenses Incurred*
MML American Funds Growth Fund
Service Class I**	$1,000	1.03%	$1,126.90	$5.43	$1,019.70	$5.16
MML American Funds International Fund
Service Class I**	1,000	1.28%	1,043.40	6.49	1,018.40	6.41
MML American Funds Core Allocation Fund
Service Class I	1,000	0.68%	1,079.80	3.51	1,021.40	3.41
Blue Chip Growth Fund
Initial Class	1,000	0.77%	1,124.30	4.06	1,021.00	3.86
Service Class	1,000	1.02%	1,123.20	5.37	1,019.70	5.11
Equity Income Fund
Initial Class	1,000	0.76%	1,183.90	4.12	1,021.00	3.81
Service Class	1,000	1.01%	1,182.40	5.47	1,019.80	5.06
Equity Index Fund
Class I	1,000	0.43%	1,150.30	2.29	1,022.70	2.16
Class II	1,000	0.28%	1,151.20	1.49	1,023.40	1.40
Class III	1,000	0.13%	1,151.80	0.69	1,024.10	0.65
Service Class I	1,000	0.68%	1,148.80	3.62	1,021.40	3.41
Focused Equity Fund
Class II	1,000	0.88%	1,096.60	4.57	1,020.40	4.41
Service Class I	1,000	1.13%	1,094.60	5.87	1,019.20	5.66
Foreign Fund
Initial Class	1,000	0.91%	1,108.80	4.76	1,020.30	4.56
Service Class	1,000	1.16%	1,108.50	6.06	1,019.00	5.81
Fundamental Equity Fund
Class II	1,000	0.80%	1,162.20	4.29	1,020.80	4.01
Service Class I	1,000	1.05%	1,161.00	5.63	1,019.60	5.26
Fundamental Value Fund
Class II	1,000	0.78%	1,210.80	4.28	1,020.90	3.91
Service Class I	1,000	1.03%	1,209.70	5.64	1,019.70	5.16
Global Fund
Class I	1,000	0.80%	1,118.90	4.20	1,020.80	4.01
Class II	1,000	0.80%	1,119.50	4.20	1,020.80	4.01
Service Class I	1,000	1.05%	1,117.70	5.51	1,019.60	5.26
Growth & Income Fund
Initial Class	1,000	0.56%	1,161.20	3.00	1,022.00	2.81
Service Class	1,000	0.81%	1,159.90	4.34	1,020.80	4.06
Income & Growth Fund
Initial Class	1,000	0.69%	1,196.00	3.76	1,021.40	3.46
Service Class	1,000	0.94%	1,194.10	5.11	1,020.10	4.71
International Equity Fund
Class II	1,000	1.00%	1,135.30	5.29	1,019.80	5.01
Service Class I	1,000	1.25%	1,133.60	6.61	1,018.60	6.26
Large Cap Growth Fund
Initial Class	1,000	0.71%	1,136.60	3.76	1,021.30	3.56
Service Class	1,000	0.96%	1,135.00	5.08	1,020.00	4.81
Managed Volatility Fund
Initial Class	1,000	1.02%	1,073.40	5.24	1,019.70	5.11
Service Class	1,000	1.27%	1,072.00	6.52	1,018.50	6.36

220

Other Information (Unaudited) (Continued)

	Beginning Value	Annualized Expense Ratio	Ending Value (Based on Actual Returns and Expenses)	Operating Expenses Incurred*	Ending Value (Based on Hypothetical Returns and Expenses)	Operating Expenses Incurred*
Mid Cap Growth Fund
Initial Class	$1,000	0.81%	$1,093.40	$4.20	$1,020.80	$4.06
Service Class	1,000	1.06%	1,092.50	5.50	1,019.50	5.31
Mid Cap Value Fund
Initial Class	1,000	0.88%	1,158.60	4.71	1,020.40	4.41
Service Class	1,000	1.13%	1,157.00	6.04	1,019.20	5.66
Small Cap Growth Equity Fund
Initial Class	1,000	1.07%	1,077.00	5.51	1,019.50	5.36
Service Class	1,000	1.32%	1,075.70	6.79	1,018.20	6.61
Small Company Value Fund
Class II	1,000	1.00%	1,165.20	5.37	1,019.80	5.01
Service Class I	1,000	1.25%	1,163.70	6.71	1,018.60	6.26
Small/Mid Cap Value Fund
Initial Class	1,000	0.81%	1,267.80	4.55	1,020.80	4.06
Service Class	1,000	1.06%	1,267.80	5.96	1,019.50	5.31
Total Return Bond Fund
Class II	1,000	0.62%	988.50	3.06	1,021.70	3.11
Service Class I	1,000	0.87%	986.50	4.29	1,020.50	4.36

Expenses are calculated using the annualized expense ratio for the six months ended June 30, 2021, multiplied by the average account value over the period, multiplied by 181 days in the period, divided by 365 days in the year, unless stated otherwise. The annualized expense ratio does not reflect expenses deducted under the variable life insurance or variable annuity contract through which the Funds are invested in. Inclusion of these expenses would increase the annualized expense ratios shown.

**	The annualized expense ratio reflects the expenses of both the Feeder Fund and the Master Fund in which it invests.

221

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Underwriter:
MML Distributors, LLC
1295 State Street
Springfield, Massachusetts 01111-0001

RS-50633-00

American Funds
Insurance Series^®

Semi-annual report
for the six months ended
June 30, 2021

Investing in global
companies for
the long term

American Funds Insurance Series, by Capital Group, is the underlying investment vehicle for many variable annuities and insurance products. For 90 years, Capital Group has invested with a long-term focus based on thorough research and attention to risk.

Investing for short periods makes losses more likely. For current information and month-end results, visit capitalgroup.com/afis. For information about your insurance contract and month-end results, go to the website of the company that issued your contract.

Investing outside the United States involves risks, such as currency fluctuations, periods of illiquidity and price volatility, as more fully described in the prospectus. These risks may be heightened in connection with investments in developing countries. Investing in small-capitalization stocks can involve greater risk than is customarily associated with investing in stocks of larger, more established companies. The return of principal for bond funds and for funds with significant underlying bond holdings is not guaranteed. Fund shares are subject to the same interest rate, inflation and credit risks associated with the underlying bond holdings. High-yield bonds are subject to greater fluctuations in value and risk of loss of income and principal than investment-grade bonds. Bond ratings, which typically range from AAA/Aaa (highest) to D (lowest), are assigned by credit rating agencies such as Standard & Poor’s, Moody’s and/or Fitch as an indication of an issuer’s creditworthiness. Hedge instruments, including exchange-traded futures contracts and exchange-traded put options, may not provide an effective hedge of the underlying securities because changes in the prices of such instruments may not track those of the securities they are intended to hedge. In addition, the managed risk strategy may not effectively protect the funds from market declines and will limit the funds’ participation in market gains. The use of the managed risk strategy could cause the funds’ returns to lag those of the applicable underlying funds in certain rising market conditions. Refer to the funds’ prospectuses and the Risk Factors section of this report for more information on these and other risks associated with investing in the funds.

Investments are not FDIC-insured, nor are they deposits of or guaranteed by a bank or any other entity, so they may lose value.

Fellow investors:

Results for the American Funds Insurance Series for the periods ended June 30, 2021, are shown on the following pages, as well as results of the funds’ benchmarks.

For additional information about the series, its investment results, holdings and portfolio managers, visit capitalgroup.com/afis. You can also access information about Capital Group’s American Funds and read our insights about the markets, retirement, saving for college, investing fundamentals and more at capitalgroup.com.

Contents

1	Letter to investors

2	Results at a glance

	Investment portfolios

28	Global Growth Fund

33	Global Small Capitalization Fund

41	Growth Fund

48	International Fund

53	New World Fund^®

66	Washington Mutual Investors Fund

71	Capital World Growth and Income Fund^®

80	Growth-Income Fund

86	International Growth and Income Fund

90	Capital Income Builder^®

104	Asset Allocation Fund

134	Global Balanced Fund

147	The Bond Fund of America^®

169	Capital World Bond Fund^®

191	American High-Income Trust^®

210	American Funds Mortgage Fund^®

217	Ultra-Short Bond Fund

219	U.S. Government Securities Fund^®

227	Managed Risk Growth Fund

229	Managed Risk International Fund

231	Managed Risk Washington Mutual Investors Fund

233	Managed Risk Growth-Income Fund

235	Managed Risk Asset Allocation Fund

237	Financial statements

American Funds Insurance Series

Fund results shown are for past periods and are not predictive of results for future periods. Current and future results may be lower or higher than those shown. Share prices and returns will vary, so investors may lose money. Investing for short periods makes losses more likely. For current information and month-end results, visit capitalgroup.com/afis. For information about your insurance contract and month-end results, go to the website of the company that issued your contract.

Results at a glance

For periods ended June 30, 2021, with all distributions reinvested

Inception

Cumulative total returns

Average annual total returns

Class 1 shares

date

6 months

1 year

5 years

10 years

Lifetime

Global Growth Fund

4/30/97

11.76

40.24

19.97

13.82

11.29

MSCI All Country World Index (ACWI)¹

12.30

39.26

14.61

9.90

7.24

Global Small Capitalization Fund

4/30/98

10.86

48.91

18.03

10.77

10.78

MSCI All Country World Small Cap Index¹

15.43

54.07

14.13

9.90

8.67

Growth Fund

2/8/84

13.03

53.72

25.84

17.88

14.02

Standard & Poor’s 500 Composite Index²

15.25

40.79

17.65

14.84

11.89

International Fund

5/1/90

4.71

34.76

12.27

6.96

8.42

MSCI All Country World Index (ACWI) ex USA¹

9.16

35.72

11.08

5.45

6.19

New World Fund

6/17/99

10.21

42.32

15.30

7.72

9.42

MSCI All Country World Index (ACWI)¹

12.30

39.26

14.61

9.90

6.07

Washington Mutual Investors Fund

7/5/01

15.14

36.86

12.16

12.34

7.40

Standard & Poor’s 500 Composite Index²

15.25

40.79

17.65

14.84

8.64

Capital World Growth and Income Fund

5/1/06

10.06

34.95

13.80

10.54

8.08

MSCI All Country World Index (ACWI)¹

12.30

39.26

14.61

9.90

7.22

Growth-Income Fund

2/8/84

14.30

34.96

16.56

14.03

11.76

Standard & Poor’s 500 Composite Index²

15.25

40.79

17.65

14.84

11.89

International Growth and Income Fund

11/18/08

7.20

34.10

9.45

6.04

9.29

MSCI All Country World Index (ACWI) ex USA¹

9.16

35.72

11.08

5.45

9.20

Capital Income Builder

5/1/14

9.85

22.58

7.22

—

5.60

70%/30% MSCI ACWI/Bloomberg Barclays U.S. Aggregate Index³

7.98

26.29

11.27

—

8.26

MSCI All Country World Index (ACWI)¹

12.30

39.26

14.61

—

10.10

Bloomberg Barclays U.S. Aggregate Index⁴

–1.60

–0.33

3.03

—

3.34

Asset Allocation Fund

8/1/89

10.22

26.09

12.00

10.67

8.95

60%/40% S&P 500 Index/Bloomberg Barclays U.S. Aggregate Index⁵

8.28

23.02

11.89

10.39

8.92

Standard & Poor’s 500 Composite Index²

15.25

40.79

17.65

14.84

10.55

Bloomberg Barclays U.S. Aggregate Index⁴

–1.60

–0.33

3.03

3.39

5.81

Global Balanced Fund

5/2/11

6.10

20.72

10.11

7.57

7.17

60%/40% MSCI ACWI/Bloomberg Barclays Global Aggregate Index⁶

5.89

23.58

9.80

6.92

6.55

MSCI All Country World Index (ACWI)¹

12.30

39.26

14.61

9.90

9.30

Bloomberg Barclays Global Aggregate Index⁴

–3.21

2.63

2.34

2.05

2.00

The Bond Fund of America

1/2/96

–0.67

2.45

3.91

3.84

4.80

Bloomberg Barclays U.S. Aggregate Index⁴

–1.60

–0.33

3.03

3.39

4.99

Capital World Bond Fund

10/4/06

–3.20

4.41

3.07

2.52

4.10

Bloomberg Barclays Global Aggregate Index⁴

–3.21

2.63

2.34

2.05

3.61

American High-Income Trust

2/8/84

6.62

21.11

8.13

6.02

8.72

Bloomberg Barclays U.S. Corporate High Yield 2% Issuer Capped Index⁴

3.61

15.34

7.47

6.65

N/A

American Funds Mortgage Fund

5/2/11

–0.57

0.53

2.63

2.86

2.91

Bloomberg Barclays U.S. Mortgage Backed Securities Index⁴

–0.77

–0.42

2.27

2.64

2.72

Ultra-Short Bond Fund

2/8/84

–0.18

–0.27

0.88

0.33

3.26

Bloomberg Barclays Short-Term Government/Corporate Index⁴

0.11

0.25

1.47

0.90

N/A

U.S. Government Securities Fund

12/2/85

–1.31

–0.14

2.85

3.01

5.71

Bloomberg Barclays U.S. Government/ Mortgage-Backed Securities Index⁴

–1.79

–2.01

2.25

2.72

6.07


2	American Funds Insurance Series

Inception

Cumulative total returns

Average annual total returns

Class P1 shares

date

6 months

1 year

5 years

Lifetime

Managed Risk Growth Fund

5/1/13

7.56

31.22

18.32

12.84

S&P 500 Managed Risk Index — Moderate Aggressive⁷

10.54

21.82

11.49

10.17

Managed Risk International Fund

5/1/13

2.73

20.86

7.91

3.94

S&P EPAC Ex. Korea LargeMidCap Managed Risk Index — Moderate Aggressive⁷

6.70

18.87

6.94

3.87

Managed Risk Washington Mutual Investors Fund

5/1/13

9.08

17.85

7.15

6.76

S&P 500 Managed Risk Index — Moderate⁷

8.97

19.02

10.48

9.33

Managed Risk Growth-Income Fund

5/1/13

8.82

18.76

12.42

9.64

S&P 500 Managed Risk Index — Moderate⁷

8.97

19.02

10.48

9.33

Managed Risk Asset Allocation Fund

9/28/12

8.62

19.69

9.27

8.33

S&P 500 Managed Risk Index — Moderate Conservative⁷

7.57

16.61

9.55

8.86

The market indexes shown are unmanaged and, therefore, have no expenses. Investors cannot invest directly in an index.

Investment results assume all distributions are reinvested and reflect applicable fees and expenses. When applicable, investment results reflect fee waivers and/ or expense reimbursements, without which results would have been lower. The investment adviser is currently waiving a portion of its management fee for New World Fund, Washington Mutual Investors Fund, Capital World Growth and Income Fund, Capital Income Builder, The Bond Fund of America, Capital World Bond Fund, American High-Income Trust, American Funds Mortgage Fund and U.S. Government Securities Fund. This waiver will be in effect through at least May 1, 2022. The waiver may only be modified or terminated with the approval of the fund’s board. Visit capitalgroup.com/afis for more information.

¹	Source: MSCI. Results for MSCI indexes reflect dividends net of withholding taxes and reinvestment of distributions. MSCI All Country World Index is a free float-adjusted market capitalization weighted index that is designed to measure equity market results in the global developed and emerging markets, consisting of more than 40 developed and emerging market country indexes. MSCI All Country World Small Cap Index is a free float-adjusted market capitalization-weighted index that is designed to measure equity market results of smaller capitalization companies in both developed and emerging markets. MSCI All Country World ex USA Index is a free float-adjusted market capitalization weighted index that is designed to measure equity market results in the global developed and emerging markets, excluding the United States. The index consists of more than 40 developed and emerging market country indexes.
²	Source: S&P Dow Jones Indices LLC. S&P 500 Index is a market capitalization-weighted index based on the results of approximately 500 widely held common stocks.
³	Sources: MSCI and Bloomberg Index Services Ltd. The 70%/30% MSCI ACWI/Bloomberg Barclays U.S. Aggregate Index blends the MSCI ACWI (All Country World Index) with the Bloomberg Barclays U.S. Aggregate Index by weighting their total returns at 70% and 30%, respectively. Its result assumes the blend is rebalanced monthly.
⁴	Source: Bloomberg Index Services Ltd. Bloomberg Barclays U.S. Aggregate Index represents the U.S. investment-grade (rated BBB/Baa and above) fixed-rate bond market. Bloomberg Barclays Global Aggregate Index represents the global investment-grade fixed income markets. Bloomberg Barclays U.S. Mortgage Backed Securities Index is a market-value-weighted index that covers the mortgage-backed pass-through securities of Ginnie Mae (GNMA), Fannie Mae (FNMA), and Freddie Mac (FHLMC). Bloomberg Barclays U.S. Corporate High Yield 2% Issuer Capped Index covers the universe of fixed-rate, non-investment-grade debt. The index limits the maximum exposure of any one issuer to 2%. Bloomberg Barclays U.S. Government/Mortgage-Backed Securities Index covers obligations issued by the U.S. Treasury and U.S. government agencies. Bloomberg Barclays Short-Term Government/Corporate Index consists of investment-grade, fixed rate, publicly placed, dollar-denominated and non-convertible securities with remaining maturity from one up to (but not including) 12 months within either the government or corporate sector.
⁵	Sources: Bloomberg Index Services Ltd. and S&P Dow Jones Indices LLC. Blends the S&P 500 with the Bloomberg Barclays U.S. Aggregate Index by weighting their total returns at 60% and 40%, respectively. Results assume the blend is rebalanced monthly.
⁶	Sources: MSCI and Bloomberg Index Services Ltd. The 60%/40% MSCI ACWI/Bloomberg Barclays Global Aggregate Index blends the MSCI ACWI (All Country World Index) with the Bloomberg Barclays Global Aggregate Index by weighting their cumulative total returns at 60% and 40%, respectively. Its result assumes the blend is rebalanced monthly.
⁷	Source: S&P Dow Jones Indices LLC. Standard & Poor’s Managed Risk Index Series is designed to simulate a dynamic protective portfolio that allocates between the underlying equity index and cash, based on realized volatilities of the underlying equity and bond indexes, while maintaining a fixed allocation to the underlying bond index.


American Funds Insurance Series	3

About the series

Unless otherwise indicated, American Funds Insurance Series investment results are for Class 1 shares (Class P1 shares for managed risk funds). Class 1A shares began operations on January 6, 2017. Class 2 shares began operations on April 30, 1997. Class 3 shares began operations on January 16, 2004. Class 4 shares began operations on December 14, 2012. Results encompassing periods prior to those dates assume a hypothetical investment in Class 1 shares and include the deduction of additional annual expenses (0.25% for Class 1A shares, 0.25% for Class 2 shares, 0.18% for Class 3 shares and 0.50% for Class 4 shares).

The variable annuities and life insurance contracts that use the series funds contain certain fees and expenses not reflected in this report. Investment results assume all distributions are reinvested and reflect applicable fees and expenses. When applicable, investment results reflect fee waivers and/or expense reimbursements, without which results would have been lower. The investment adviser is currently waiving a portion of its management fee for New World Fund, Washington Mutual Investors Fund (formerly Blue Chip Income and Growth Fund), Capital World Growth and Income Fund (formerly Global Growth and Income Fund), Capital Income Builder, The Bond Fund of America (formerly Bond Fund), Capital World Bond Fund, American High-Income Trust (formerly High-Income Bond Fund), American Funds Mortgage Fund and U.S. Government Securities Fund (formerly U.S. Government/AAA-Rated Securities Fund). These waivers will be in effect through at least May 1, 2022, and may only be modified or terminated with the approval of the series board. Visit capitalgroup.com/afis for more information.

For the managed risk funds, the investment adviser is currently waiving a portion of its management fee equal to 0.05% of each fund’s net assets. In addition, the investment adviser is currently reimbursing a portion of other expenses for Managed Risk International Fund and Managed Risk Washington Mutual Investors Fund. The waivers and reimbursements will be in effect through at least May 1, 2022, unless modified or terminated by the series board. After that time, the investment adviser may elect to extend, modify or terminate the reimbursements. The waivers may only be modified or terminated with the approval of the series board. Applicable fund results shown reflect the waivers and reimbursements, without which results would have been lower and the net expense ratios higher. Refer to the Financial Highlights tables in this report for details.

The Managed Risk Growth Fund pursues its objective by investing in shares of American Funds Insurance Series – Growth Fund^SM and American Funds Insurance Series – The Bond Fund of America^SM. The Managed Risk International Fund pursues its objective by investing in shares of American Funds Insurance Series –International Fund^SMand American Funds Insurance Series – The Bond Fund of America. The Managed Risk Washington Mutual Investors Fund pursues its objective by investing in shares of American Funds Insurance Series – Washington Mutual Investors Fund^SMand American Funds Insurance Series – U.S. Government Securities Fund^SM. The Managed Risk Growth-Income Fund pursues its objective by investing in shares of American Funds Insurance Series – Growth-Income Fund^SM and American Funds Insurance Series – The Bond Fund of America. The Managed Risk Asset Allocation Fund pursues its objective by investing in shares of American Funds Insurance Series – Asset Allocation Fund.^SM The funds seek to manage portfolio volatility and provide downside protection, primarily through the use of exchange-traded futures contracts and exchange-traded put options. The benefit of the funds’ managed risk strategy should be most apparent during periods of high volatility and in down markets. In steady or rising markets, the funds’ results can be expected to lag those of the underlying funds.

Funds are listed in the report as follows: equity, balanced, fixed income and managed risk.

4	American Funds Insurance Series

Global Growth Fund

Fund results shown are for past periods and are not predictive of results for future periods. Current and future results may be lower or higher than those shown. Prices and returns will vary, so investors may lose money. Investing for short periods makes losses more likely. For current information and month-end results, visit capitalgroup.com/afis. For information about your insurance contract and month-end results, go to the website of the company that issued your contract.

Total returns based on a $1,000 investment

For periods ended June 30, 2021*

	6 months			1 year			5 years			10 years			Lifetime (since April 30, 1997)			Expense ratio

Class 1		11.76	%		40.24	%		19.97	%		13.82	%		11.29	%		0.56	%
Class 1A		11.62			39.88			19.68			13.54			11.01			0.81
Class 2		11.60			39.87			19.67			13.53			11.01			0.81
Class 4		11.47			39.53			19.37			13.30			10.75			1.06

Investment results assume all distributions are reinvested and reflect applicable fees and expenses. When applicable, investment results reflect fee waivers and/or expense reimbursements, without which results would have been lower. Visit capitalgroup.com/afis for more information. Expense ratios are as of the fund’s prospectus dated May 1, 2021. See the Financial Highlights table in this report for details.

*	Periods greater than one year are annualized.

Where the fund’s assets were invested as of June 30, 2021

Percent of net assets

American Funds Insurance Series

Global Small Capitalization Fund

Total returns based on a $1,000 investment

For periods ended June 30, 2021*

	6 months			1 year			5 years			10 years			Lifetime (since April 30, 1998)			Expense ratio

Class 1		10.86	%		48.91	%		18.03	%		10.77	%		10.78	%		0.74	%
Class 1A		10.73			48.53			17.75			10.50			10.51			0.99
Class 2		10.72			48.51			17.74			10.49			10.51			0.99
Class 4		10.56			48.18			17.44			10.22			10.23			1.24

Investment results assume all distributions are reinvested and reflect applicable fees and expenses. When applicable, investment results reflect fee waivers and/or expense reimbursements, without which results would have been lower. Visit capitalgroup.com/afis for more information. Expense ratios are as of the fund’s prospectus dated May 1, 2021. See the Financial Highlights table in this report for details.

*	Periods greater than one year are annualized.

Where the fund’s assets were invested as of June 30, 2021

Percent of net assets

6	American Funds Insurance Series

Growth Fund

Total returns based on a $1,000 investment

For periods ended June 30, 2021*

	6 months			1 year			5 years			10 years			Lifetime (since February 8, 1984)			Expense ratio

Class 1		13.03	%		53.72	%		25.84	%		17.88	%		14.02	%		0.36	%
Class 1A		12.87			53.33			25.53			17.59			13.74			0.61
Class 2		12.87			53.34			25.52			17.58			13.74			0.61
Class 3		12.91			53.43			25.61			17.67			13.82			0.54
Class 4		12.74			52.96			25.21			17.31			13.46			0.86

Investment results assume all distributions are reinvested and reflect applicable fees and expenses. When applicable, investment results reflect fee waivers and/or expense reimbursements, without which results would have been lower. Visit capitalgroup.com/afis for more information. Expense ratios are as of the fund’s prospectus dated May 1, 2021. See the Financial Highlights table in this report for details.

*	Periods greater than one year are annualized.

Where the fund’s assets were invested as of June 30, 2021

Percent of net assets

American Funds Insurance Series

International Fund

Total returns based on a $1,000 investment

For periods ended June 30, 2021*

	6 months			1 year			5 years			10 years			Lifetime (since May 1, 1990)			Expense ratio

Class 1		4.71	%		34.76	%		12.27	%		6.96	%		8.42	%		0.55	%
Class 1A		4.61			34.42			12.00			6.70			8.15			0.80
Class 2		4.61			34.46			11.99			6.69			8.15			0.80
Class 3		4.67			34.52			12.07			6.77			8.23			0.73
Class 4		4.47			34.11			11.72			6.45			7.89			1.05

Investment results assume all distributions are reinvested and reflect applicable fees and expenses. When applicable, investment results reflect fee waivers and/or expense reimbursements, without which results would have been lower. Visit capitalgroup.com/afis for more information. Expense ratios are as of the fund’s prospectus dated May 1, 2021. See the Financial Highlights table in this report for details.

*	Periods greater than one year are annualized.

Where the fund’s assets were invested as of June 30, 2021

Percent of net assets

8	American Funds Insurance Series

New World Fund^®

Total returns based on a $1,000 investment

For periods ended June 30, 2021*

	6 months			1 year			5 years			10 years			Lifetime (since June 17, 1999)			Gross expense ratio			Net expense ratio

Class 1		10.21	%		42.32	%		15.30	%		7.72	%		9.42	%		0.77	%		0.59	%
Class 1A		10.05			41.98			15.02			7.45			9.15			1.02			0.84
Class 2		10.09			41.98			15.01			7.45			9.15			1.02			0.84
Class 4		9.92			41.64			14.72			7.19			8.88			1.27			1.09

Investment results assume all distributions are reinvested and reflect applicable fees and expenses. The investment adviser is currently waiving a portion of its management fee. This waiver will be in effect through at least May 1, 2022. The waiver may only be modified or terminated with the approval of the fund’s board. Net expense ratios reflect the waiver, without which they would have been higher. When applicable, investment results reflect fee waivers and/or expense reimbursements, without which results would have been lower. Visit capitalgroup.com/afis for more information. Expense ratios are as of the fund’s prospectus dated May 1, 2021. See the Financial Highlights table in this report for details.

*	Periods greater than one year are annualized.

Where the fund’s assets were invested as of June 30, 2021

Percent of net assets

American Funds Insurance Series

Washington Mutual Investors Fund (formerly Blue Chip Income and Growth Fund)*

Total returns based on a $1,000 investment

For periods ended June 30, 2021^†

	6 months			1 year			5 years			10 years			Lifetime (since May 1, 2006)			Gross expense ratio			Net expense ratio

Class 1		15.14	%		36.86	%		12.16	%		12.34	%		7.40	%		0.43	%		0.27	%
Class 1A		15.00			36.58			11.90			12.07			7.14			0.68			0.52
Class 2		15.03			36.49			11.87			12.06			7.13			0.68			0.52
Class 4		14.88			36.17			11.59			11.84			6.90			0.93			0.77

^†	Periods greater than one year are annualized.

Where the fund’s assets were invested as of June 30, 2021

Percent of net assets

Normally, the fund invests at least 80% of its assets in dividend-paying common stocks of larger, more established companies domiciled in the United States with market capitalizations greater than $4.0 billion. Though the fund’s investment adviser does not intend to change the manner in which the fund is managed, this investment guideline will no longer be disclosed in the fund’s registration statement as of November 1, 2021.

10	American Funds Insurance Series

Capital World Growth and Income Fund^®(formerly Global Growth and Income Fund)

Total returns based on a $1,000 investment

For periods ended June 30, 2021*

	6 months			1 year			5 years			10 years			Lifetime (since May 1, 2006)			Gross expense ratio			Gross expense ratio

Class 1		10.06	%		34.95	%		13.80	%		10.54	%		8.08	%		0.66	%		0.43	%
Class 1A		9.94			34.67			13.55			10.28			7.82			0.91			0.68
Class 2		9.98			34.67			13.52			10.26			7.81			0.91			0.68
Class 4		9.82			34.38			13.23			10.01			7.56			1.16			0.93

*	Periods greater than one year are annualized.

Where the fund’s assets were invested as of June 30, 2021

Percent of net assets

American Funds Insurance Series

Growth-Income Fund

Total returns based on a $1,000 investment

For periods ended June 30, 2021*

	6 months			1 year			5 years			10 years			Lifetime (since February 8, 1984)			Expense ratio

Class 1		14.30	%		34.96	%		16.56	%		14.03	%		11.76	%		0.30	%
Class 1A		14.14			34.61			16.29			13.75			11.48			0.55
Class 2		14.14			34.61			16.27			13.74			11.48			0.55
Class 3		14.19			34.72			16.35			13.82			11.56			0.48
Class 4		14.00			34.29			15.98			13.47			11.21			0.80

Investment results assume all distributions are reinvested and reflect applicable fees and expenses. When applicable, investment results reflect fee waivers and/or expense reimbursements, without which results would have been lower. Visit capitalgroup.com/afis for more information. Expense ratios are as of the fund’s prospectus dated May 1, 2021. See the Financial Highlights table in this report for details.

*	Periods greater than one year are annualized.

Where the fund’s assets were invested as of June 30, 2021

Percent of net assets

12	American Funds Insurance Series

International Growth and Income Fund

Total returns based on a $1,000 investment

For periods ended June 30, 2021*

	6 months			1 year			5 years			10 years			Lifetime (since November 18, 2008)			Expense ratio

Class 1		7.20	%		34.10	%		9.45	%		6.04	%		9.29	%		0.68	%
Class 1A		7.08			33.82			9.21			5.79			9.03			0.93
Class 2		7.02			33.74			9.18			5.78			9.02			0.93
Class 4		6.88			33.41			8.90			5.55			8.77			1.18

Investment results assume all distributions are reinvested and reflect applicable fees and expenses. When applicable, investment results reflect fee waivers and/or expense reimbursements, without which results would have been lower. Visit capitalgroup.com/afis for more information. Expense ratios are as of the fund’s prospectus dated May 1, 2021. See the Financial Highlights table in this report for details.

*	Periods greater than one year are annualized.

Where the fund’s assets were invested as of June 30, 2021

Percent of net assets

American Funds Insurance Series

Capital Income Builder^®

Total returns based on a $1,000 investment

For periods ended June 30, 2021*

	6 months			1 year			5 years			Lifetime (since May 1, 2014)			Gross expense ratio			Net expense ratio

Class 1		9.85	%		22.58	%		7.22	%		5.60	%		0.53	%		0.28	%
Class 1A		9.72			22.31			6.96			5.34			0.78			0.53
Class 2		9.72			22.42			6.97			5.43			0.78			0.53
Class 4		9.60			22.03			6.70			5.08			1.03			0.78

*	Periods greater than one year are annualized.

Where the fund’s assets were invested as of June 30, 2021

Percent of net assets

14	American Funds Insurance Series

Asset Allocation Fund

Total returns based on a $1,000 investment

For periods ended June 30, 2021*

	6 months			1 year			5 years			10 years			Lifetime (since August 1,1989)			Expense ratio

Class 1		10.22	%		26.09	%		12.00	%		10.67	%		8.95	%		0.30	%
Class 1A		10.10			25.75			11.74			10.40			8.68			0.55
Class 2		10.06			25.75			11.72			10.40			8.68			0.55
Class 3		10.14			25.85			11.81			10.47			8.76			0.48
Class 4		9.97			25.47			11.45			10.16			8.42			0.80

Investment results assume all distributions are reinvested and reflect applicable fees and expenses. When applicable, investment results reflect fee waivers and/or expense reimbursements, without which results would have been lower. Visit capitalgroup.com/afis for more information. Expense ratios are as of the fund’s prospectus dated May 1, 2021. See the Financial Highlights table in this report for details.

*	Periods greater than one year are annualized.

Where the fund’s assets were invested as of June 30, 2021

Percent of net assets

American Funds Insurance Series

Global Balanced Fund

Total returns based on a $1,000 investment

For periods ended June 30, 2021*

	6 months			1 year			5 years			10 years			Lifetime (since May 2, 2011)			Expense ratio

Class 1		6.10	%		20.72	%		10.11	%		7.57	%		7.17	%		0.72	%
Class 1A		5.98			20.45			9.87			7.32			6.92			0.97
Class 2		5.98			20.41			9.83			7.29			6.91			0.97
Class 4		5.82			20.13			9.57			7.15			6.75			1.22

Investment results assume all distributions are reinvested and reflect applicable fees and expenses. When applicable, investment results reflect fee waivers and/or expense reimbursements, without which results would have been lower. Visit capitalgroup.com/afis for more information. Expense ratios are as of the fund’s prospectus dated May 1, 2021. See the Financial Highlights table in this report for details.

*	Periods greater than one year are annualized.

Where the fund’s assets were invested as of June 30, 2021

Percent of net assets

16	American Funds Insurance Series

The Bond Fund of America^® (formerly Bond Fund)

Total returns based on a $1,000 investment

For periods ended June 30, 2021*

	6 months			1 year			5 years			10 years			Lifetime (since January 2, 1996)			Gross expense ratio			Net expense ratio

Class 1		-0.67	%		2.45	%		3.91	%		3.84	%		4.80	%		0.40	%		0.21	%
Class 1A		–0.79			2.16			3.66			3.58			4.54			0.65			0.46
Class 2		–0.81			2.14			3.64			3.57			4.54			0.65			0.46
Class 4		–0.93			1.89			3.38			3.33			4.28			0.90			0.71

*	Periods greater than one year are annualized.

Where the fund’s assets were invested as of June 30, 2021

Percent of net assets

American Funds Insurance Series

Capital World Bond Fund^®

Total returns based on a $1,000 investment

For periods ended June 30, 2021*

	6 months			1 year			5 years			10 years			Lifetime (since October 4, 2006)			Gross expense ratio			Net expense ratio

Class 1		–3.20	%		4.41	%		3.07	%		2.52	%		4.10	%		0.58	%		0.48	%
Class 1A		–3.24			4.21			2.86			2.29			3.86			0.83			0.73
Class 2		–3.26			4.20			2.82			2.26			3.84			0.83			0.73
Class 4		–3.41			3.88			2.56			2.05			3.61			1.08			0.98

*	Periods greater than one year are annualized.

Where the fund’s assets were invested as of June 30, 2021

Percent of net assets

18	American Funds Insurance Series

American High-Income Trust^® (formerly High-Income Bond Fund)

Total returns based on a $1,000 investment

For periods ended June 30, 2021*

	6 months			1 year			5 years			10 years			Lifetime (since February 8, 1984)			Gross expense ratio			Net expense ratio

Class 1		6.62	%		21.11	%		8.13	%		6.02	%		8.72	%		0.52	%		0.33	%
Class 1A		6.49			20.82			7.90			5.77			8.45			0.77			0.58
Class 2		6.50			20.81			7.88			5.76			8.45			0.77			0.58
Class 3		6.56			20.85			7.93			5.83			8.52			0.70			0.51
Class 4		6.28			20.38			7.58			5.53			8.19			1.02			0.83

*	Periods greater than one year are annualized.

Where the fund’s assets were invested as of June 30, 2021

Percent of net assets

American Funds Insurance Series

American Funds Mortgage Fund^®

Total returns based on a $1,000 investment

For periods ended June 30, 2021*

	6 months			1 year			5 years			10 years			Lifetime (since May 2, 2011)			Gross expense ratio			Net expense ratio

Class 1		-0.57	%		0.53	%		2.63	%		2.86	%		2.91	%		0.48	%		0.27	%
Class 1A		–0.60			0.38			2.40			2.61			2.66			0.73			0.52
Class 2		–0.70			0.28			2.38			2.60			2.65			0.73			0.52
Class 4		–0.74			0.06			2.13			2.41			2.45			0.98			0.77

*	Periods greater than one year are annualized.

Where the fund’s assets were invested as of June 30, 2021

Percent of net assets

20	American Funds Insurance Series

Ultra-Short Bond Fund

Total returns based on a $1,000 investment

For periods ended June 30, 2021*

	6 months			1 year			5 years			10 years			Lifetime (since February 8, 1984)			Expense ratio

Class 1		–0.18	%		–0.27	%		0.88	%		0.33	%		3.26	%		0.37	%
Class 1A		–0.18			–0.27			0.85			0.19			3.03			0.62
Class 2		–0.27			–0.45			0.69			0.15			3.07			0.55
Class 3		-0.27			–0.54			0.62			0.08			3.01			0.62
Class 4		–0.36			–0.72			0.38			-0.10			2.77			0.87

Investment results assume all distributions are reinvested and reflect applicable fees and expenses. When applicable, investment results reflect fee waivers and/or expense reimbursements, without which results would have been lower. Visit capitalgroup.com/afis for more information. Expense ratios are as of the fund’s prospectus dated May 1, 2021. See the Financial Highlights table in this report for details.

*	Periods greater than one year are annualized.

Where the fund’s assets were invested as of June 30, 2021	Percent of net assets

Commercial paper		54.7	%
Bonds & notes of governments & government agencies outside the U.S.		18.7
U.S. Treasury bills		15.2
Federal agency bills & notes		9.1
Other assets less liabilities		2.3
Total		100.0	%

American Funds Insurance Series

U.S. Government Securities Fund^® (formerly U.S. Government/AAA-Rated Securities Fund)

Total returns based on a $1,000 investment

For periods ended June 30, 2021*

	6 months			1 year			5 years			10 years			Lifetime (since December 2, 1985)			Gross expense ratio			Net expense ratio

Class 1		–1.31	%		–0.14	%		2.85	%		3.01	%		5.71	%		0.39	%		0.23	%
Class 1A		–1.42			–0.42			2.62			2.77			5.45			0.64			0.48
Class 2		–1.36			–0.36			2.59			2.76			5.45			0.64			0.48
Class 3		–1.41			–0.38			2.66			2.83			5.52			0.57			0.41
Class 4		–1.58			–0.72			2.31			2.54			5.19			0.89			0.73

*	Periods greater than one year are annualized.

Where the fund’s assets were invested as of June 30, 2021

Percent of net assets

22	American Funds Insurance Series

Managed Risk Growth Fund

Total returns based on a $1,000 investment

For periods ended June 30, 2021*

	6 months			1 year			5 years			Lifetime (since May 1, 2013)			Gross expense ratio			Net expense ratio

Class P1		7.56	%		31.22	%		18.32	%		12.84	%		0.74	%		0.69	%
Class P2		7.53			30.94			18.02			12.52			0.99			0.94

The investment adviser is currently waiving a portion of its management fee. This waiver will be in effect through at least May 1, 2022. The waiver may only be modified or terminated with the approval of the fund’s board. Net expense ratios shown reflect the waiver, without which they would have been higher. When applicable, investment results reflect fee waivers and/or expense reimbursements, without which results would have been lower. Visit capitalgroup.com/afis for more information. Expense ratios are restated to reflect current fees and are as of the fund’s prospectus dated May 1, 2021.

*	Periods greater than one year are annualized.

American Funds Insurance Series

Managed Risk International Fund

Total returns based on a $1,000 investment

For periods ended June 30, 2021*

	6 months			1 year			5 years			Lifetime (since May 1, 2013)			Gross expense ratio			Net expense ratio

Class P1		2.73	%		20.86	%		7.91	%		3.94	%		0.94	%		0.86	%
Class P2		2.64			20.52			7.56			3.57			1.19			1.11

The investment adviser is currently waiving a portion of its management fee. In addition, the investment adviser is currently reimbursing a portion of other expenses. This waiver and reimbursement will be in effect through at least May 1, 2022. The adviser may elect at its discretion to extend, modify or terminate the reimbursement at that time. The waiver may only be modified or terminated with the approval of the fund’s board. Net expense ratios shown reflect the waiver and reimbursement, without which they would have been higher. When applicable, investment results reflect fee waivers and/or expense reimbursements, without which results would have been lower. Visit capitalgroup.com/afis for more information. Expense ratios are restated to reflect current fees and are as of the fund’s prospectus dated May 1, 2021.

*	Periods greater than one year are annualized.

24	American Funds Insurance Series

Managed Risk Washington Mutual Investors Fund

(formerly Managed Risk Blue Chip Income and Growth Fund)

Total returns based on a $1,000 investment

For periods ended June 30, 2021*

	6 months			1 year			5 years			Lifetime (since May 1, 2013)			Gross expense ratio			Net expense ratio

Class P1		9.08	%		17.85	%		7.15	%		6.76	%		0.68	%		0.63	%
Class P2		8.99			17.61			6.81			6.41			0.93			0.88

*	Periods greater than one year are annualized.

American Funds Insurance Series

Managed Risk Growth-Income Fund

Total returns based on a $1,000 investment

For periods ended June 30, 2021*

	6 months			1 year			5 years			Lifetime (since May 1, 2013)			Gross expense ratio			Net expense ratio

Class P1		8.82	%		18.76	%		12.42	%		9.64	%		0.68	%		0.63	%
Class P2		8.76			18.44			12.14			9.32			0.93			0.88

*	Periods greater than one year are annualized.

26	American Funds Insurance Series

Managed Risk Asset Allocation Fund

Total returns based on a $1,000 investment

For periods ended June 30, 2021*

	6 months			1 year			5 years			Lifetime (since September 28, 2012)			Gross expense ratio			Net expense ratio

Class P1		8.62	%		19.69	%		9.27	%		8.33	%		0.70	%		0.65	%
Class P2		8.46			19.38			9.00			8.06			0.95			0.90

*	Periods greater than one year are annualized.

American Funds Insurance Series

Global Growth Fund
Investment portfolio June 30, 2021	unaudited

Common stocks 92.05%	Shares		Value (000)
Information technology 31.05%
ASML Holding NV		560,592	$	385,140
ASML Holding NV (New York registered) (ADR)		303,400		209,601
Taiwan Semiconductor Manufacturing Company, Ltd.		24,817,000		529,964
Taiwan Semiconductor Manufacturing Company, Ltd. (ADR)		140,000		16,822
Microsoft Corp.		1,902,900		515,496
PayPal Holdings, Inc.¹		846,600		246,767
Adyen NV¹		61,500		150,259
Broadcom, Inc.		233,350		111,271
Adobe, Inc.¹		135,000		79,061
Applied Materials, Inc.		520,137		74,068
PagSeguro Digital, Ltd., Class A¹		1,094,000		61,176
Zendesk, Inc.¹		419,500		60,551
Samsung Electronics Co., Ltd.		785,100		56,260
EPAM Systems, Inc.¹		105,240		53,773
Amphenol Corp., Class A		747,000		51,102
Hexagon AB, Class B		3,136,000		46,464
Fiserv, Inc.¹		419,103		44,798
Keyence Corp.		72,300		36,490
DocuSign, Inc.¹		106,750		29,844
Advanced Micro Devices, Inc.¹		301,500		28,320
Mastercard, Inc., Class A		67,500		24,644
Visa, Inc., Class A		70,197		16,413
TeamViewer AG¹		428,000		16,098
Network International Holdings PLC¹		3,173,000		16,051
Amadeus IT Group SA, Class A, non-registered shares¹		212,301		14,933
Worldline SA, non-registered shares¹		152,800		14,303
Jack Henry & Associates, Inc.		69,400		11,348
				2,901,017

Consumer discretionary 18.31%
Amazon.com, Inc.¹		144,050		495,555
Chipotle Mexican Grill, Inc.¹		130,000		201,544
LVMH Moët Hennessy-Louis Vuitton SE		158,900		124,599
Domino’s Pizza, Inc.		230,200		107,386
Floor & Decor Holdings, Inc., Class A¹		914,698		96,684
Ocado Group PLC¹		2,881,000		79,825
Renault SA¹		1,688,781		68,254
NIKE, Inc., Class B		383,100		59,185
Booking Holdings, Inc.¹		24,600		53,827
Coupang, Inc., Class A^1,2		906,542		37,912
Naspers, Ltd., Class N		169,130		35,510
Prosus NV		347,800		34,011
MercadoLibre, Inc.¹		21,200		33,025
Xpeng, Inc., Class A (ADR)¹		671,711		29,837
Home Depot, Inc.		92,275		29,426
Stellantis NV		1,327,055		26,027
Sony Group Corp.		243,000		23,656
Entain PLC¹		887,000		21,417
IDP Education, Ltd.		1,119,000		20,594
MGM China Holdings, Ltd.¹		12,708,000		19,248
EssilorLuxottica		102,335		18,886
Evolution AB		114,500		18,094
Wynn Macau, Ltd.¹		10,510,400		16,542
Moncler SpA		217,370		14,707
Melco Resorts & Entertainment, Ltd. (ADR)¹		835,000		13,836
JD Health International, Inc.¹		893,550		12,809
Marriott International, Inc., Class A¹		74,000		10,102
THG PLC¹		1,026,870		8,665
				1,711,163

28	American Funds Insurance Series

Global Growth Fund (continued)

Common stocks (continued)	Shares		Value (000)
Health care 11.76%
DexCom, Inc.¹		253,000	$	108,031
UnitedHealth Group, Inc.		259,600		103,954
Mettler-Toledo International, Inc.¹		65,000		90,047
AstraZeneca PLC		674,300		80,991
NovoCure, Ltd.¹		340,000		75,419
Cigna Corp.		316,600		75,056
Pfizer, Inc.		1,699,000		66,533
Fisher & Paykel Healthcare Corp., Ltd.		2,550,000		55,470
Regeneron Pharmaceuticals, Inc.¹		95,036		53,081
Merck & Co., Inc.		620,000		48,217
Tandem Diabetes Care, Inc.¹		379,084		36,923
Silk Road Medical, Inc.¹		702,000		33,598
Danaher Corp.		110,000		29,520
Humana Inc.		55,000		24,350
Zoetis, Inc., Class A		130,000		24,227
Bayer AG		363,860		22,094
Catalent, Inc.¹		200,000		21,624
Eli Lilly and Company		92,000		21,116
Zai Lab, Ltd. (ADR)¹		95,400		16,885
Olympus Corp.		796,800		15,836
bioMérieux SA		135,000		15,687
Novartis AG		165,600		15,092
Rede D’Or Sao Luiz SA		1,073,663		14,901
Sanofi		135,000		14,144
Teladoc Health, Inc.¹		79,000		13,137
Vertex Pharmaceuticals, Inc.¹		49,500		9,981
Coloplast A/S, Class B		55,750		9,148
Organon & Co.¹		62,000		1,876
Viatris, Inc.		110,678		1,582
				1,098,520

Communication services 9.69%
Alphabet, Inc., Class A¹		95,500		233,191
Alphabet, Inc., Class C¹		63,852		160,033
Facebook, Inc., Class A¹		710,030		246,885
Tencent Holdings, Ltd.		2,028,000		152,538
Bilibili, Inc., Class Z¹		284,200		34,993
Sea, Ltd., Class A (ADR)¹		95,851		26,321
Altice USA, Inc., Class A¹		751,200		25,646
Kuaishou Technology, Class B^1,3,4		571,000		13,180
Kuaishou Technology, Class B¹		900		22
Bumble, Inc., Class A¹		217,500		12,528
				905,337

Financials 8.84%
AIA Group, Ltd.		12,499,500		155,352
Tradeweb Markets, Inc., Class A		1,685,360		142,514
Kotak Mahindra Bank, Ltd.¹		3,018,964		69,284
JPMorgan Chase & Co.		438,700		68,235
Allfunds Group PLC¹		2,890,300		50,304
AXA SA		1,692,893		42,927
Citigroup, Inc.		497,600		35,205
Prudential PLC		1,773,082		33,688
Société Générale		1,011,450		29,815
Moscow Exchange MICEX-RTS PJSC		12,640,000		29,504
BlackRock, Inc.		26,500		23,187
HDFC Life Insurance Company, Ltd.		2,064,553		19,062
QBE Insurance Group, Ltd.		2,132,000		17,252
Willis Towers Watson PLC		73,000		16,792
CME Group, Inc., Class A		76,437		16,257
Bank of America Corp.		385,000		15,874
FinecoBank SpA¹		893,000		15,565

American Funds Insurance Series

Global Growth Fund (continued)

Common stocks (continued)	Shares		Value (000)
Financials (continued)
Macquarie Group, Ltd.		101,500	$	11,907
Banco Santander, SA		2,946,020		11,247
Lufax Holding, Ltd. (ADR)^1,2		966,000		10,916
Sberbank of Russia PJSC (ADR)		645,500		10,719
				825,606

Consumer staples 5.51%
British American Tobacco PLC		2,585,800		100,154
Philip Morris International, Inc.		919,500		91,132
Kweichow Moutai Co., Ltd., Class A		269,957		85,928
Altria Group, Inc.		1,248,500		59,529
Keurig Dr Pepper, Inc.		1,624,000		57,230
Nestlé SA		313,500		39,040
Walgreens Boots Alliance, Inc.		657,651		34,599
Associated British Foods PLC		595,000		18,239
Costco Wholesale Corp.		42,170		16,685
Mondelez International, Inc.		192,000		11,988
				514,524

Industrials 3.49%
DSV Panalpina A/S		201,000		46,875
Airbus SE, non-registered shares¹		327,000		42,047
MTU Aero Engines AG		167,000		41,366
Alliance Global Group, Inc.		156,400,700		32,552
GT Capital Holdings, Inc.		2,454,611		30,522
NIBE Industrier AB, Class B		2,740,000		28,821
Safran SA		164,000		22,737
Country Garden Services Holdings Co., Ltd.		2,003,000		21,644
Nidec Corp.		149,100		17,280
General Electric Co.		1,260,000		16,960
SMC Corp.		22,500		13,296
Boeing Company¹		51,300		12,289
				326,389

Materials 1.76%
Sherwin-Williams Company		461,700		125,790
Shin-Etsu Chemical Co., Ltd.		119,500		19,986
Koninklijke DSM NV		101,700		18,981
				164,757

Energy 1.10%
Reliance Industries, Ltd.		1,623,617		46,104
Reliance Industries, Ltd., interim shares		106,956		2,139
Gazprom PJSC (ADR)		4,173,000		31,807
LUKOIL Oil Co. PJSC (ADR)		246,300		22,812
				102,862

Real estate 0.36%
Goodman Logistics (HK), Ltd. REIT		1,276,503		20,266
ESR Cayman, Ltd.¹		4,100,000		13,835
				34,101

Utilities 0.18%
Ørsted AS		121,736		17,082

Total common stocks (cost: $4,083,141,000)				8,601,358

Preferred securities 2.91%
Health care 2.01%
Sartorius AG, nonvoting non-registered preferred shares		360,500		187,656

30	American Funds Insurance Series

Global Growth Fund (continued)

Preferred securities (continued)	Shares		Value (000)
Information technology 0.90%
Samsung Electronics Co., Ltd., nonvoting preferred shares	1,289,000	$	84,358

Total preferred securities (cost: $70,623,000)			272,014

Short-term securities 5.64%
Money market investments 5.21%
Capital Group Central Cash Fund 0.04%^5,6	4,867,535		486,754

Money market investments purchased with collateral from securities on loan 0.43%
Goldman Sachs Financial Square Government Fund, Institutional Shares 0.02%^5,7	22,129,193		22,129
Capital Group Central Cash Fund 0.04%^5,6,7	178,892		17,888
Invesco Short-Term Investments Trust – Government & Agency Portfolio, Institutional Class 0.03%^5,7	117,498		118
			40,135

Total short-term securities (cost: $526,921,000)			526,889
Total investment securities 100.60% (cost: $4,680,685,000)			9,400,261
Other assets less liabilities (0.60)%			(56,287	)

Net assets 100.00%		$	9,343,974

Investments in affiliates⁶

	Value of affiliates at 1/1/2021 (000)		Additions (000)			Reductions (000)		Net realized loss (000)			Net unrealized depreciation (000)			Value of affiliates at 6/30/2021 (000)		Dividend income (000)
Short-term securities 5.40%
Money market investments 5.21%
Capital Group Central Cash Fund 0.04%⁵	$	125,696	$	966,146		$	605,039	$	(1	)	$	(48	)	$	486,754	$	103
Money market investments purchased with collateral from securities on loan 0.19%
Capital Group Central Cash Fund 0.04%^5,7		—		17,888	⁸										17,888		—	⁹
Total short-term securities															504,642
Total 5.40%								$	(1	)	$	(48	)	$	504,642	$	103

American Funds Insurance Series

Global Growth Fund (continued)

¹	Security did not produce income during the last 12 months.
²	All or a portion of this security was on loan. The total value of all such securities was $43,575,000, which represented .47% of the net assets of the fund. Refer to Note 5 for more information on securities lending.
³	Valued under fair value procedures adopted by authority of the board of trustees. The total value of the security was $13,180,000, which represented .14% of the net assets of the fund.
⁴	Acquired in a transaction exempt from registration under Rule 144A of the Securities Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers. The total value of all such securities was $13,180,000, which represented .14% of the net assets of the fund.
⁵	Rate represents the seven-day yield at 6/30/2021.
⁶	Part of the same “group of investment companies” as the fund as defined under the Investment Company Act of 1940, as amended.
⁷	Security purchased with cash collateral from securities on loan. Refer to Note 5 for more information on securities lending.
⁸	Represents net activity. Refer to Note 5 for more information on securities lending.
⁹	Dividend income is included with securities lending income in the fund’s statement of operations and is not shown in this table.

Key to abbreviation

ADR = American Depositary Receipts

See notes to financial statements.

32	American Funds Insurance Series

Global Small Capitalization Fund
Investment portfolio June 30, 2021	unaudited

Common stocks 93.45%	Shares		Value (000)
Information technology 22.87%
Cree, Inc.¹		1,166,056	$	114,192
Ceridian HCM Holding, Inc.¹		647,135		62,073
PAR Technology Corp.^1,2		842,082		58,895
Net One Systems Co., Ltd.		1,616,556		53,330
BE Semiconductor Industries NV		610,276		51,769
Silergy Corp.		275,740		37,507
Kingdee International Software Group Co., Ltd.¹		10,717,074		36,371
Qorvo, Inc.¹		181,818		35,573
Unimicron Technology Corp.		6,678,300		30,920
Olo, Inc., Class A¹		820,670		30,685
Bentley Systems, Inc., Class B²		455,043		29,478
OneConnect Financial Technology Co., Ltd. (ADR)¹		2,401,585		28,867
Avast PLC		4,160,243		28,187
eMemory Technology, Inc.¹		573,000		27,455
Appfolio, Inc., Class A¹		193,616		27,338
Asana, Inc., Class A^1,2		430,100		26,679
Nordic Semiconductor ASA¹		992,291		25,147
SUMCO Corp.		999,000		24,504
Smartsheet, Inc., Class A¹		337,600		24,415
MACOM Technology Solutions Holdings, Inc.¹		380,000		24,350
Avalara, Inc.¹		149,119		24,127
Pegasystems, Inc.		169,591		23,605
SimCorp AS		187,352		23,517
LEM Holding SA¹		9,570		20,066
Euronet Worldwide, Inc.¹		140,000		18,949
Tanla Platforms, Ltd.¹		1,677,291		18,046
SHIFT, Inc.¹		114,800		17,784
Silicon Laboratories, Inc.¹		115,900		17,762
Globant SA¹		81,000		17,753
Rapid7, Inc.¹		182,297		17,251
Keywords Studios PLC¹		440,000		15,155
ON Semiconductor Corp.¹		395,000		15,121
Anaplan, Inc.¹		272,133		14,505
Marvell Technology, Inc.		221,217		12,903
Aspen Technology, Inc.¹		93,100		12,805
Network International Holdings PLC¹		2,494,284		12,618
Cognex Corp.		136,300		11,456
GlobalWafers Co., Ltd.		311,000		10,258
Computer Services, Inc.		163,500		9,197
Megaport, Ltd.¹		650,000		8,984
INFICON Holding AG		7,397		8,554
SINBON Electronics Co., Ltd.¹		857,000		8,428
MongoDB, Inc., Class A¹		23,300		8,423
DoubleVerify Holdings, Inc.¹		188,100		7,964
Extreme Networks, Inc.¹		678,378		7,571
ALTEN SA, non-registered shares		53,608		7,107
Okta, Inc., Class A¹		25,463		6,230
Appier Group, Inc.^1,2		422,700		6,008
BigCommerce Holdings, Inc., Series 1¹		90,000		5,843
Pexip Holding ASA¹		627,882		5,608
Alkami Technology, Inc.¹		156,207		5,572
Bechtle AG, non-registered shares		24,781		4,603
Lightspeed POS, Inc., subordinate voting shares¹		54,730		4,576
Linklogis, Inc., Class B^1,2		1,634,615		3,672
Appen, Ltd.		269,793		2,752
Yotpo, Ltd.^1,3,4,5,6		678,736		1,418
				1,193,926

American Funds Insurance Series

Global Small Capitalization Fund (continued)

Common stocks (continued)	Shares		Value (000)
Health care 19.30%
Insulet Corp.¹		524,329	$	143,934
CanSino Biologics, Inc., Class H¹		1,984,600		105,463
Notre Dame Intermédica Participações SA		3,012,035		51,432
Health Catalyst, Inc.^1,2		922,700		51,219
Applied Molecular Transport, Inc.^1,2		1,071,152		48,995
Cortexyme, Inc.¹		689,544		36,546
Integra LifeSciences Holdings Corp.¹		530,900		36,229
Globus Medical, Inc., Class A¹		447,600		34,702
Ocumension Therapeutics^1,2		9,650,966		33,934
Mani, Inc.		1,459,254		33,442
Max Healthcare Institute, Ltd.¹		9,064,851		31,037
Allakos, Inc.¹		354,275		30,244
AddLife AB, Class B		982,427		30,191
PRA Health Sciences, Inc.¹		180,222		29,774
New Frontier Health Corp., Class A¹		2,324,870		25,969
Haemonetics Corp.¹		376,300		25,077
Kronos Bio, Inc.¹		1,006,990		24,117
GVS SpA		1,350,919		22,122
Nevro Corp.¹		131,205		21,752
CONMED Corp.		148,708		20,437
Ultragenyx Pharmaceutical, Inc.¹		189,727		18,090
CompuGroup Medical SE & Co. KGaA		205,520		16,096
Amplifon SpA		311,536		15,382
Guardant Health, Inc.¹		119,227		14,807
New Horizon Health, Ltd.¹		1,270,844		12,963
Shandong Pharmaceutical Glass Co., Ltd., Class A		2,180,508		11,457
Ambu AS, Class B, non-registered shares		266,155		10,232
Medincell SA^1,2		809,800		8,959
Arjo AB, Class B		765,000		7,884
BioMarin Pharmaceutical, Inc.¹		92,000		7,677
Alignment Healthcare, Inc.¹		322,800		7,544
iRhythm Technologies, Inc.¹		113,527		7,533
Bachem Holding AG, Class B		10,977		6,501
Encompass Health Corp.		79,000		6,164
Nordhealth AS, Class A¹		1,279,999		5,679
Angelalign Technology, Inc.¹		102,000		5,263
Antares Vision SpA¹		281,100		3,900
Madrigal Pharmaceuticals, Inc.¹		38,000		3,702
Innovage Holding Corp.¹		52,579		1,120
NMC Health PLC^1,3,4		219,652		3
				1,007,572

Consumer discretionary 17.78%
Lands’ End, Inc.^1,7		2,100,000		86,205
Wyndham Hotels & Resorts, Inc.		768,069		55,524
Shop Apotheke Europe NV, non-registered shares¹		255,264		47,944
Mattel, Inc.¹		2,100,069		42,211
Thor Industries, Inc.		369,500		41,754
Coursera, Inc.^1,3,6		975,534		35,119
Coursera, Inc.^1,2		111,000		4,391
Five Below, Inc.¹		199,700		38,596
YETI Holdings, Inc.¹		410,595		37,701
Entain PLC¹		1,513,050		36,533
Helen of Troy, Ltd.¹		160,000		36,499
Everi Holdings, Inc.¹		1,419,053		35,391
Evolution AB		182,215		28,795
Skechers USA, Inc., Class A¹		550,000		27,407
Tube Investments of India, Ltd.		1,627,714		25,591
Tongcheng-Elong Holdings, Ltd.¹		10,084,800		25,250
zooplus AG, non-registered shares¹		63,253		20,491
SSP Group PLC¹		5,542,395		20,424
Inchcape PLC		1,871,000		19,890

34	American Funds Insurance Series

Global Small Capitalization Fund (continued)

Common stocks (continued)	Shares		Value (000)
Consumer discretionary (continued)
Kindred Group PLC (SDR)		1,150,611	$	18,036
Scientific Games Corp.¹		223,732		17,326
Arco Platform, Ltd., Class A¹		538,725		16,517
Asbury Automotive Group, Inc.¹		87,582		15,009
Melco International Development, Ltd.¹		7,826,000		14,373
Basic-Fit NV^1,2		329,911		14,106
Just Eat Takeaway (EUR denominated)¹		150,679		13,913
B2W - Cia. Digital, ordinary nominative shares¹		1,010,093		13,456
Desenio Group AB¹		1,222,785		12,716
Musti Group Oyj		327,550		12,126
Leslie’s, Inc.¹		420,664		11,564
Bright Horizons Family Solutions, Inc.¹		74,300		10,930
Cie. Plastic Omnium SA		308,912		9,648
Purple Innovation, Inc., Class A¹		347,200		9,170
Cairn Homes PLC¹		6,829,200		8,644
Golden Entertainment, Inc.¹		179,300		8,033
Zhongsheng Group Holdings, Ltd.		938,500		7,808
Thule Group AB		155,900		6,911
Elior Group SA¹		882,500		6,593
frontdoor, inc.¹		131,200		6,536
TopBuild Corp.¹		32,600		6,448
Sonans Gruppen AS¹		802,602		5,127
Dalata Hotel Group PLC¹		800,000		3,740
IDP Education, Ltd.		180,966		3,331
DESCENTE, Ltd.¹		106,700		2,973
Countryside Properties PLC¹		405,700		2,652
OneSpaWorld Holdings, Ltd.¹		245,538		2,379
Leifheit AG, non-registered shares		36,773		2,045
China Zenix Auto International, Ltd. (ADR)¹		385,648		127
				927,953

Industrials 15.26%
Nihon M&A Center, Inc.		2,077,284		53,870
International Container Terminal Services, Inc.		14,412,500		48,332
IMCD NV		276,065		43,897
Boyd Group Services, Inc.		235,355		42,829
Meggitt PLC¹		6,500,850		41,474
Stericycle, Inc.¹		560,931		40,134
Visional, Inc.¹		599,900		32,939
Instalco AB		730,713		30,311
Interpump Group SpA		447,000		26,470
Fasadgruppen Group AB		1,566,704		23,396
Shoals Technologies Group, Inc., Class A¹		607,450		21,564
Japan Elevator Service Holdings Co., Ltd.		905,800		21,052
Diploma PLC		487,000		19,563
Nolato AB, Class B		1,851,000		18,211
Alfen NV¹		193,371		18,056
Wizz Air Holdings PLC¹		273,883		17,689
Melrose Industries PLC		7,236,000		15,525
VAT Group AG		45,815		15,231
Cleanaway Waste Management, Ltd.		7,580,970		15,009
Centre Testing International Group Co., Ltd.		2,985,669		14,731
Carel Industries SpA		583,425		14,009
Vicor Corp., Class A¹		131,328		13,887
Avon Rubber PLC		383,500		13,878
Marel hf.		1,971,482		13,833
Woodward, Inc.		105,000		12,902
Guangzhou Baiyun International Airport Co., Ltd., Class A		7,215,639		12,485
Cargotec Corp., Class B, non-registered shares		233,700		12,082
DL E&C Co., Ltd.¹		87,568		11,042
MDA, Ltd.¹		823,400		10,794
Montrose Environmental Group, Inc.¹		190,800		10,238

American Funds Insurance Series

Global Small Capitalization Fund (continued)

Common stocks (continued)	Shares		Value (000)
Industrials (continued)
ACV Auctions, Inc., Class A¹		362,033	$	9,279
Addtech AB, Class B		497,200		8,250
IAA, Inc.¹		141,750		7,731
Atlas Corp.		500,000		7,125
Cummins India, Ltd.		550,000		6,656
Japan Airport Terminal Co., Ltd.		138,500		6,221
CAE, Inc.¹		200,000		6,160
Kajaria Ceramics, Ltd.		450,000		5,933
Rumo SA¹		1,518,920		5,848
Froy ASA¹		873,400		5,828
Imperial Logistics, Ltd.		1,643,000		5,456
Sitowise Group PLC¹		512,300		5,188
LIXIL Corp.		196,500		5,082
Granite Construction, Inc.		120,892		5,021
BELIMO Holding AG		10,460		4,782
Nitto Boseki Co., Ltd.²		132,500		4,091
Howden Joinery Group PLC		357,556		4,039
ITM Power PLC^1,2		508,527		3,203
Controladora Vuela Compañía de Aviación, SAB de CV, ordinary participation certificates, Class A (ADR)¹		135,800		2,609
The AZEK Co., Inc., Class A¹		54,400		2,310
Matson, Inc.		8,674		555
				796,800

Financials 7.83%
Janus Henderson Group PLC		1,367,400		53,069
Marqeta, Inc., Class B^1,3,6		1,859,092		48,010
Trupanion, Inc.¹		393,869		45,334
Star Health & Allied Insurance Co., Ltd.^1,3,4,5		6,037,336		39,715
Live Oak Bancshares, Inc.		579,250		34,176
Eurobank Ergasias Services and Holdings SA¹		26,815,236		27,027
Cholamandalam Investment and Finance Co., Ltd.		3,684,053		25,438
East West Bancorp, Inc.		287,300		20,597
Independent Bank Group, Inc.		274,100		20,278
Stifel Financial Corp.		271,050		17,580
South State Corp.		213,300		17,439
Aavas Financiers, Ltd.¹		336,227		12,269
IIFL Wealth Management, Ltd.		677,558		10,614
Indian Energy Exchange, Ltd.		2,000,000		10,094
Multi Commodity Exchange of India, Ltd.¹		417,000		8,536
Capitec Bank Holdings, Ltd.		66,400		7,842
IIFL Finance Ltd.		1,459,000		4,994
SiriusPoint, Ltd.¹		492,500		4,959
PT Bank Rakyat Indonesia Agroniaga Tbk¹		4,530,100		608
				408,579

Consumer staples 2.60%
Freshpet, Inc.¹		300,695		49,001
Grocery Outlet Holding Corp.¹		911,400		31,589
Monde Nissin Corp.¹		76,219,800		25,794
AAK AB		452,024		10,131
Hilton Food Group PLC		586,277		8,872
Total Produce PLC		1,292,800		4,047
Vector Group, Ltd.		209,704		2,965
Raia Drogasil SA, ordinary nominative shares		445,000		2,211
Zur Rose Group AG¹		3,131		1,200
				135,810

36	American Funds Insurance Series

Global Small Capitalization Fund (continued)

Common stocks (continued)	Shares		Value (000)
Materials 2.46%
Nanofilm Technologies International, Ltd.¹		8,615,000	$	35,172
Navin Fluorine International, Ltd.		425,000		21,437
PI Industries, Ltd.		537,999		21,065
Lundin Mining Corp.		1,930,004		17,407
MMG Ltd.¹		18,704,000		8,239
Vidrala, SA, non-registered shares		67,694		8,091
ACC, Ltd.		230,000		6,234
SK Materials Co., Ltd.		16,400		5,128
LANXESS AG		54,500		3,737
Arkema SA		15,200		1,907
				128,417

Communication services 2.01%
Skillz Inc., Class A^1,2		1,119,741		24,321
Bandwidth, Inc., Class A¹		112,900		15,571
Trustpilot AS¹		2,573,727		12,155
DouYu International Holdings, Ltd. (ADR)¹		1,435,368		9,818
Boat Rocker Media, Inc.¹		1,676,496		9,454
Daily Mail and General Trust PLC, Class A, nonvoting shares		663,700		8,850
Square Enix Holdings Co., Ltd.		143,200		7,102
New York Times Co., Class A		135,000		5,879
JCDecaux SA¹		180,313		4,999
Capcom Co., Ltd.		148,714		4,350
Kamakura Shinsho, Ltd.		255,100		2,310
Zee Entertainment Enterprises, Ltd.		1,815		5
				104,814

Utilities 1.50%
ENN Energy Holdings, Ltd.		3,249,700		61,861
AC Energy Corp.		69,716,400		11,782
Neoenergia SA		1,288,255		4,499
				78,142

Real estate 1.16%
Altus Group, Ltd.		436,402		20,225
Embassy Office Parks REIT		3,656,800		17,238
JHSF Participações SA		8,620,906		12,601
Macrotech Developers, Ltd.¹		582,697		5,359
Mindspace Business Parks REIT		1,250,000		4,755
Mitre Realty Empreendimentos e Participações SA		264,200		633
				60,811

Energy 0.68%
Pioneer Natural Resources Company		114,558		18,618
Venture Global LNG, Inc., Series C^1,3,4,5,6		2,760		13,392
Aegis Logistics, Ltd.¹		649,070		3,003
NuVista Energy, Ltd.¹		98,325		316
Helmerich & Payne, Inc.		7,700		251
				35,580

Total common stocks (cost: $2,629,196,000)				4,878,404


Preferred securities 1.88%
Information technology 1.30%
Avidxchange, Inc., Series F, preferred shares^1,3,4,5		492,864		30,439
SmartHR, Inc., Series D, preferred shares^1,3,4,5		3,006		14,176
Gitlab Inc., Series E, preferred shares^1,3,4,5		297,916		12,092
Yotpo, Ltd., Series F, preferred shares^1,3,4,5,6		2,158,609		4,748
Yotpo, Ltd., Series B, preferred shares^1,3,4,5,6		287,894		602
Yotpo, Ltd., Series C, preferred shares^1,3,4,5,6		274,070		573
Yotpo, Ltd., Series A-1, preferred shares^1,3,4,5,6		183,819		384

American Funds Insurance Series

Global Small Capitalization Fund (continued)

Preferred securities (continued)	Shares		Value (000)
Information technology (continued)
Yotpo, Ltd., Series A, preferred shares^1,3,4,5,6		89,605	$	187
Yotpo, Ltd., Series C-1, preferred shares^1,3,4,5,6		75,980		159
Yotpo, Ltd., Series D, preferred shares^1,3,4,5,6		42,368		88
Yotpo, Ltd., Series B-1, preferred shares^1,3,4,5,6		33,838		71
Outreach Corp., Series G, preferred shares^1,3,4,5		154,354		4,518
				68,037

Industrials 0.42%
Azul SA, preferred nominative shares (ADR)¹		800,316		21,129
Azul SA, preferred nominative shares¹		109,500		966
				22,095

Health care 0.16%
PACT Pharma, Inc., Series C, 8.00% noncumulative preferred shares^1,3,4,5		2,931,405		8,231

Total preferred securities (cost: $72,225,000)				98,363

Rights & warrants 0.54%
Information technology 0.48%
OPT Machine Vision Tech Co., Ltd., Class A, warrants, expire 2023^1,3,6		355,879		24,840

Consumer staples 0.06%
Qingdao Richen Food Co., Ltd., Class A, warrants, expire 2022^1,3,6		345,000		3,333

Total rights & warrants (cost: $22,692,000)				28,173

Short-term securities 5.54%
Money market investments 4.10%
Capital Group Central Cash Fund 0.04%^7,8		2,140,121		214,012

Money market investments purchased with collateral from securities on loan 1.44%
Goldman Sachs Financial Square Government Fund, Institutional Shares 0.02%^8,9		41,322,097		41,322
Capital Group Central Cash Fund 0.04%^7,8,9		334,046		33,405
Invesco Short-Term Investments Trust – Government & Agency Portfolio, Institutional Class 0.03%^8,9		219,407		219
				74,946

Total short-term securities (cost: $288,962,000)				288,958
Total investment securities 101.41% (cost: $3,013,075,000)				5,293,898
Other assets less liabilities (1.41)%				(73,486	)

Net assets 100.00%			$	5,220,412

38	American Funds Insurance Series

Global Small Capitalization Fund (continued)

Investments in affiliates⁷

	Value of affiliates at 1/1/2021 (000)		Additions (000)			Reductions (000)		Net realized loss (000)			Net unrealized appreciation (depreciation) (000)			Value of affiliates at 6/30/2021 (000)		Dividend income (000)
Common stocks 1.65%
Consumer discretionary 1.65%
Lands’ End, Inc.¹	$	45,297	$	—		$	—	$	—		$	40,908		$	86,205	$	—
Communication services 0.00%
Boat Rocker Media, Inc.^1,10		—		13,601			1,215		(321	)		(2,611	)		—		—
Total common stocks															86,205
Short-term securities 4.74%
Money market investments 4.10%
Capital Group Central Cash Fund 0.04%⁸		15,136		1,131,389			932,465		(41	)		(7	)		214,012		68
Money market investments purchased with collateral from securities on loan 0.64%
Capital Group Central Cash Fund 0.04%^8,9		—		33,405	¹¹										33,405		—	¹²
Total short-term securities															247,417
Total 6.39%								$	(362	)	$	38,290		$	333,622	$	68

American Funds Insurance Series

Global Small Capitalization Fund (continued)

¹	Security did not produce income during the last 12 months.
²	All or a portion of this security was on loan. The total value of all such securities was $83,042,000, which represented 1.59% of the net assets of the fund. Refer to Note 5 for more information on securities lending.
³	Valued under fair value procedures adopted by authority of the board of trustees. The total value of all such securities was $242,098,000, which represented 4.64% of the net assets of the fund.
⁴	Value determined using significant unobservable inputs.
⁵	Acquired through a private placement transaction exempt from registration under the Securities Act of 1933. May be subject to legal or contractual restrictions on resale. Further details on these holdings appear below.
⁶	Acquired in a transaction exempt from registration under Rule 144A of the Securities Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers. The total value of all such securities was $132,924,000, which represented 2.55% of the net assets of the fund.
⁷	Affiliate of the fund or part of the same “group of investment companies” as the fund, as defined under the Investment Company Act of 1940, as amended.
⁸	Rate represents the seven-day yield at 6/30/2021.
⁹	Security purchased with cash collateral from securities on loan. Refer to Note 5 for more information on securities lending.
¹⁰	Unaffiliated issuer at 6/30/2021.
¹¹	Represents net activity. Refer to Note 5 for more information on securities lending.
¹²	Dividend income is included with securities lending income in the fund’s statement of operations and is not shown in this table.

						Percent
	Acquisition	Cost		Value		of net
Private placement securities	date	(000)		(000)		assets
Star Health & Allied Insurance Co., Ltd.	3/30/2021	$	40,710	$	39,715		.76	%
Avidxchange, Inc., Series F, preferred shares	12/26/2019		24,156		30,439		.58
SmartHR, Inc., Series D, preferred shares	5/28/2021		14,344		14,176		.27
Venture Global LNG, Inc., Series C	5/1/2015		8,280		13,392		.26
Gitlab Inc., Series E, preferred shares	9/11/2019		5,550		12,092		.23
PACT Pharma, Inc., Series C, 8.00% noncumulative preferred shares	2/7/2020		6,000		8,231		.16
Yotpo, Ltd., Series F, preferred shares	2/25/2021		4,748		4,748		.09
Yotpo, Ltd.	3/16/2021		1,418		1,418		.03
Yotpo, Ltd., Series B, preferred shares	3/16/2021		602		602		.01
Yotpo, Ltd., Series C, preferred shares	3/16/2021		573		573		.01
Yotpo, Ltd., Series A-1, preferred shares	3/16/2021		384		384		.01
Yotpo, Ltd., Series A, preferred shares	3/16/2021		187		187		.00
Yotpo, Ltd., Series C-1, preferred shares	3/16/2021		159		159		.00
Yotpo, Ltd., Series D, preferred shares	3/16/2021		89		88		.00
Yotpo, Ltd., Series B-1, preferred shares	3/16/2021		71		71		.00
Outreach Corp., Series G, preferred shares	5/27/2021		4,517		4,518		.09
Total private placement securities		$	111,788	$	130,793		2.50	%

Key to abbreviations

ADR = American Depositary Receipts

EUR = Euros

SDR = Swedish Depositary Receipts

See notes to financial statements.

40	American Funds Insurance Series

Growth Fund

Investment portfolio June 30, 2021	unaudited

Common stocks 97.01%	Shares		Value (000)
Information technology 22.38%
Microsoft Corp.		8,314,185	$	2,252,313
Broadcom, Inc.		1,758,306		838,431
ASML Holding NV		635,000		436,260
ASML Holding NV (New York registered) (ADR)		352,484		243,510
Taiwan Semiconductor Manufacturing Company, Ltd.		15,724,000		335,784
Taiwan Semiconductor Manufacturing Company, Ltd. (ADR)		1,215,000		145,994
RingCentral, Inc., Class A¹		1,458,037		423,676
PayPal Holdings, Inc.¹		1,319,600		384,637
Shopify, Inc., Class A, subordinate voting shares¹		223,900		327,113
Visa, Inc., Class A		1,325,853		310,011
Apple, Inc.		1,750,027		239,684
MicroStrategy, Inc., Class A^1,2		335,914		223,215
Mastercard, Inc., Class A		567,662		207,248
FleetCor Technologies, Inc.¹		717,832		183,808
Cree, Inc.¹		1,851,070		181,275
Advanced Micro Devices, Inc.¹		1,816,000		170,577
MongoDB, Inc., Class A¹		456,053		164,872
Square, Inc., Class A¹		642,243		156,579
Applied Materials, Inc.		1,074,888		153,064
Keyence Corp.		300,900		151,865
Fidelity National Information Services, Inc.		884,718		125,338
Micron Technology, Inc.¹		1,447,335		122,995
ServiceNow, Inc.¹		221,680		121,824
Tyler Technologies, Inc.¹		263,200		119,064
Ceridian HCM Holding, Inc.¹		1,229,000		117,886
Bill.Com Holdings, Inc.¹		631,909		115,753
VeriSign, Inc.¹		399,943		91,063
HubSpot, Inc.¹		130,000		75,754
Samsung Electronics Co., Ltd.		1,003,000		71,875
Trimble, Inc.¹		840,920		68,812
Intel Corp.		1,136,000		63,775
Cloudflare, Inc., Class A¹		600,000		63,504
ON Semiconductor Corp.¹		1,622,519		62,110
Elastic NV, non-registered shares¹		379,422		55,305
Qualtrics International, Inc., Class A¹		1,396,101		53,401
NetApp, Inc.		527,540		43,163
Genpact, Ltd.		933,000		42,386
Zendesk, Inc.¹		293,000		42,292
Adobe, Inc.¹		69,034		40,429
Flex, Ltd.¹		2,234,300		39,927
MKS Instruments, Inc.		217,800		38,757
SK hynix, Inc.		330,800		37,452
Enphase Energy, Inc.¹		193,323		35,500
Okta, Inc., Class A¹		142,366		34,834
Concentrix Corp.¹		188,487		30,309
EPAM Systems, Inc.¹		52,839		26,999
Fiserv, Inc.¹		247,500		26,455
Lam Research Corp.		40,617		26,429
Motorola Solutions, Inc.		109,000		23,637
Alteryx, Inc., Class A¹		261,518		22,496
Jack Henry & Associates, Inc.		137,000		22,401
GoDaddy Inc., Class A¹		213,800		18,592
Smartsheet, Inc., Class A¹		238,281		17,232
Keysight Technologies, Inc.¹		102,000		15,750
Amadeus IT Group SA, Class A, non-registered shares¹		196,096		13,793
TELUS International (Cda), Inc., subordinate voting shares¹		396,024		12,320
SentinelOne, Inc., Class A¹		218,400		9,282
Stripe, Inc., Class B^1,3,4,5		168,598		6,765
Kulicke and Soffa Industries, Inc.		107,460		6,577
				9,492,152


American Funds Insurance Series	41

Growth Fund (continued)

Common stocks (continued)	Shares		Value (000)
Communication services 20.43%
Facebook, Inc., Class A¹		9,740,387	$	3,386,830
Netflix, Inc.¹		3,177,003		1,678,125
Alphabet, Inc., Class C¹		479,158		1,200,923
Alphabet, Inc., Class A¹		118,216		288,659
Snap, Inc., Class A¹		8,109,000		552,547
Charter Communications, Inc., Class A¹		688,110		496,437
Activision Blizzard, Inc.		4,642,429		443,074
Comcast Corp., Class A		3,772,563		215,112
T-Mobile US, Inc.¹		1,333,440		193,122
Zillow Group, Inc., Class C, nonvoting shares¹		509,000		62,210
Zillow Group, Inc., Class A¹		245,000		30,020
Live Nation Entertainment, Inc.¹		517,000		45,284
Pinterest, Inc., Class A¹		521,333		41,159
Bumble, Inc., Class A¹		334,537		19,269
Iridium Communications, Inc.¹		245,040		9,799
Match Group, Inc.¹		13,602		2,193
				8,664,763

Consumer discretionary 17.50%
Tesla, Inc.¹		4,564,000		3,102,151
Amazon.com, Inc.¹		298,383		1,026,485
Dollar General Corp.		2,467,686		533,983
Home Depot, Inc.		1,045,000		333,240
LVMH Moët Hennessy-Louis Vuitton SE		330,000		258,765
Domino’s Pizza, Inc.		433,000		201,990
Toll Brothers, Inc.		3,280,000		189,617
Hermès International		97,299		141,735
Booking Holdings, Inc.¹		64,759		141,698
Airbnb, Inc., Class A¹		897,564		137,453
Burlington Stores, Inc.¹		340,061		109,496
Royal Caribbean Cruises, Ltd.¹		1,272,346		108,506
Caesars Entertainment, Inc.¹		957,985		99,391
Chipotle Mexican Grill, Inc.¹		57,300		88,834
YETI Holdings, Inc.¹		940,000		86,311
Floor & Decor Holdings, Inc., Class A¹		769,300		81,315
NIKE, Inc., Class B		480,400		74,217
NVR, Inc.¹		12,830		63,807
Darden Restaurants, Inc.		433,876		63,342
Aramark		1,395,000		51,964
Etsy, Inc.¹		202,000		41,580
LGI Homes, Inc.¹		248,150		40,185
Westwing Group AG, non-registered shares¹		707,000		38,680
Norwegian Cruise Line Holdings, Ltd.¹		1,182,996		34,792
Flutter Entertainment PLC¹		187,791		34,002
Wynn Resorts, Ltd.¹		276,822		33,855
Hilton Worldwide Holdings, Inc.¹		257,834		31,100
Evolution AB		196,122		30,992
adidas AG		75,097		27,952
Cie. Financière Richemont SA, Class A		219,805		26,595
lululemon athletica, inc.¹		70,000		25,548
Carvana Co., Class A¹		68,400		20,644
Marriott International, Inc., Class A¹		128,000		17,475
Dollar Tree Stores, Inc.¹		172,468		17,161
YUM! Brands, Inc.		129,700		14,919
Aptiv PLC¹		94,400		14,852
EssilorLuxottica		69,400		12,808
Wayfair Inc., Class A¹		39,800		12,565
Pool Corp.		26,203		12,018
D.R. Horton, Inc.		131,644		11,897
Peloton Interactive, Inc., Class A¹		87,000		10,790


42	American Funds Insurance Series

Growth Fund (continued)

Common stocks (continued)	Shares		Value (000)
Consumer discretionary (continued)
Las Vegas Sands Corp.¹		201,200	$	10,601
Arrival Group¹		449,469		7,043
Helen of Troy, Ltd.¹		8,020		1,830
				7,424,184

Health care 12.61%
UnitedHealth Group, Inc.		1,935,186		774,926
Intuitive Surgical, Inc.¹		774,000		711,801
Regeneron Pharmaceuticals, Inc.¹		930,500		519,721
NovoCure, Ltd.¹		2,204,210		488,938
Centene Corp.¹		4,864,730		354,785
Thermo Fisher Scientific, Inc.		674,500		340,265
Vertex Pharmaceuticals, Inc.¹		1,228,131		247,628
Moderna, Inc.¹		750,000		176,235
Insulet Corp.¹		582,500		159,902
Teladoc Health, Inc.¹		893,500		148,580
Seagen, Inc.¹		790,810		124,853
Biohaven Pharmaceutical Holding Co., Ltd.¹		1,012,086		98,253
Exact Sciences Corp.¹		610,000		75,829
Abbott Laboratories		643,963		74,655
Vir Biotechnology, Inc.¹		1,555,475		73,543
Oak Street Health, Inc.¹		1,161,702		68,041
DexCom, Inc.¹		158,238		67,568
Danaher Corp.		235,935		63,315
Gilead Sciences, Inc.		899,185		61,918
Edwards Lifesciences Corp.¹		569,100		58,942
CRISPR Therapeutics AG¹		353,184		57,177
Cigna Corp.		203,470		48,237
Guardant Health, Inc.¹		361,003		44,833
Verily Life Sciences LLC^1,3,4,5		300,178		44,823
Catalent, Inc.¹		385,000		41,626
Eli Lilly and Company		169,500		38,904
Galapagos NV¹		527,552		36,582
QIAGEN NV¹		664,342		32,141
AstraZeneca PLC		256,500		30,809
Molina Healthcare, Inc.¹		96,799		24,496
Mettler-Toledo International, Inc.¹		16,900		23,412
Pacific Biosciences of California, Inc.¹		619,579		21,667
Humana Inc.		46,800		20,719
Neurocrine Biosciences, Inc.¹		203,800		19,834
R1 RCM, Inc.¹		888,000		19,749
Syneos Health, Inc., Class A¹		210,000		18,793
Chemed Corp.		37,667		17,873
Zimmer Biomet Holdings, Inc.		108,400		17,433
Pfizer, Inc.		427,314		16,734
Allogene Therapeutics, Inc.¹		504,466		13,156
Allakos, Inc.¹		151,733		12,953
Novavax, Inc.¹		37,000		7,855
Cortexyme, Inc.¹		145,600		7,717
Ultragenyx Pharmaceutical, Inc.¹		67,100		6,398
TG Therapeutics, Inc.¹		155,200		6,020
Incyte Corp.¹		70,900		5,965
Adaptive Biotechnologies Corp.¹		141,048		5,763
Agios Pharmaceuticals, Inc.¹		95,882		5,284
Global Blood Therapeutics, Inc.¹		125,000		4,377
Sana Biotechnology, Inc.¹		179,600		3,531
GoodRx Holdings, Inc., Class A^1,2		97,500		3,511
				5,348,070


American Funds Insurance Series	43

Growth Fund (continued)

Common stocks (continued)	Shares		Value (000)
Industrials 8.58%
Uber Technologies, Inc.¹		8,372,767	$	419,643
TransDigm Group, Inc.¹		590,615		382,299
Delta Air Lines, Inc.¹		7,215,000		312,121
Jacobs Engineering Group, Inc.		2,169,000		289,388
Carrier Global Corp.		5,950,861		289,212
United Rentals, Inc.¹		591,000		188,535
Caterpillar, Inc.		859,500		187,053
MTU Aero Engines AG		687,220		170,227
TuSimple Holdings, Inc., Class A^1,2		1,918,260		136,657
Airbus SE, non-registered shares¹		944,893		121,497
Dun & Bradstreet Holdings, Inc.¹		4,746,028		101,423
Middleby Corp.¹		449,500		77,880
CSX Corp.		2,335,500		74,923
Ryanair Holdings PLC (ADR)¹		634,951		68,708
Ryanair Holdings PLC¹		96,554		1,827
Safran SA		489,640		67,883
Armstrong World Industries, Inc.		616,904		66,169
Southwest Airlines Co.¹		1,100,000		58,399
Lockheed Martin Corp.		149,500		56,563
Emerson Electric Co.		577,000		55,530
BWX Technologies, Inc.		937,200		54,470
Norfolk Southern Corp.		176,000		46,712
HEICO Corp.		185,951		25,925
HEICO Corp., Class A		148,813		18,480
Equifax, Inc.		176,000		42,154
Boeing Company¹		170,000		40,725
Rockwell Automation		126,000		36,038
Northrop Grumman Corp.		98,700		35,871
AMETEK, Inc.		253,600		33,856
L3Harris Technologies, Inc.		155,000		33,503
ITT, Inc.		343,000		31,415
FedEx Corp.		99,600		29,714
Waste Connections, Inc.		222,159		26,532
Parker-Hannifin Corp.		71,215		21,871
Komatsu, Ltd.		611,400		15,192
Generac Holdings, Inc.¹		31,762		13,186
Lennox International, Inc.		18,700		6,560
				3,638,141

Financials 6.36%
Bank of America Corp.		14,780,700		609,408
First Republic Bank		1,805,457		337,927
Capital One Financial Corp.		1,399,000		216,411
SVB Financial Group¹		329,467		183,325
Intercontinental Exchange, Inc.		1,517,049		180,074
S&P Global, Inc.		395,300		162,251
BlackRock, Inc.		150,000		131,245
KKR & Co., Inc.		1,849,977		109,593
Athene Holding, Ltd., Class A¹		1,355,912		91,524
Western Alliance Bancorporation		932,501		86,583
Marsh & McLennan Companies, Inc.		546,720		76,913
MSCI, Inc.		117,900		62,850
Arch Capital Group, Ltd.¹		1,255,267		48,880
London Stock Exchange Group PLC		426,339		47,003
Progressive Corp.		420,000		41,248
Moody’s Corp.		102,277		37,062
The Blackstone Group, Inc.		360,000		34,970
East West Bancorp, Inc.		443,509		31,795
Brookfield Asset Management, Inc., Class A		585,103		29,829
Aon PLC, Class A		110,000		26,264
CME Group, Inc., Class A		121,648		25,872
American International Group, Inc.		458,394		21,820


44	American Funds Insurance Series

Growth Fund (continued)

Common stocks (continued)	Shares		Value (000)
Financials (continued)
Ares Management Corp., Class A		310,500	$	19,745
Bright Health Group, Inc.¹		1,140,681		19,574
Everest Re Group, Ltd.		66,500		16,759
Berkshire Hathaway, Inc., Class A¹		26		10,883
Berkshire Hathaway, Inc., Class B¹		17,400		4,836
BNP Paribas SA		180,106		11,291
PNC Financial Services Group, Inc.		51,565		9,837
Trupanion, Inc.¹		69,355		7,983
Goosehead Insurance, Inc., Class A		15,416		1,962
Brookfield Asset Management Reinsurance Partners, Ltd., Class A¹		4,035		210
				2,695,927

Consumer staples 3.20%
Kroger Co.		8,641,839		331,069
Philip Morris International, Inc.		2,865,403		283,990
Costco Wholesale Corp.		496,404		196,412
Constellation Brands, Inc., Class A		694,000		162,320
Altria Group, Inc.		2,804,349		133,711
British American Tobacco PLC		2,907,900		112,630
Estée Lauder Companies, Inc., Class A		158,486		50,411
Molson Coors Beverage Company, Class B, restricted voting shares¹		629,400		33,793
Monster Beverage Corp.¹		305,000		27,862
Anheuser-Busch InBev SA/NV		201,028		14,495
Church & Dwight Co., Inc.		104,177		8,878
				1,355,571

Materials 2.91%
Vale SA, ordinary nominative shares (ADR)		14,736,177		336,132
Wheaton Precious Metals Corp.		3,674,000		161,913
LyondellBasell Industries NV		1,223,605		125,872
Grupo México, SAB de CV, Series B		25,356,800		119,266
Franco-Nevada Corp.		752,000		109,130
Barrick Gold Corp.		4,058,000		83,920
Royal Gold, Inc.		517,000		58,990
Celanese Corp.		350,400		53,121
CF Industries Holdings, Inc.		1,029,000		52,942
Allegheny Technologies, Inc.¹		2,070,860		43,177
Sherwin-Williams Company		90,658		24,700
Linde PLC		81,300		23,504
PPG Industries, Inc.		103,623		17,592
Ball Corp.		194,200		15,734
Nucor Corp.		69,742		6,690
Summit Materials, Inc., Class A¹		87,600		3,053
				1,235,736

Energy 2.23%
Halliburton Company		12,143,661		280,761
Canadian Natural Resources, Ltd. (CAD denominated)		5,420,400		196,772
Canadian Natural Resources, Ltd.		105,100		3,813
EOG Resources, Inc.		1,493,750		124,639
Cenovus Energy ,Inc.		12,798,618		122,452
Suncor Energy, Inc.		2,789,000		66,800
Pioneer Natural Resources Company		328,000		53,307
Cimarex Energy Co.		438,200		31,748
ConocoPhillips		455,980		27,769
Chesapeake Energy Corp.		345,000		17,912
Schlumberger, Ltd.		363,800		11,645
Equitrans Midstream Corp.		936,942		7,973
				945,591


American Funds Insurance Series	45

Growth Fund (continued)

Common stocks (continued)		Shares		Value (000)
Utilities 0.59%
NextEra Energy, Inc.			1,280,000	$	93,799
PG&E Corp.¹			5,296,610		53,867
Xcel Energy, Inc.			680,000		44,798
AES Corp.			1,397,884		36,443
Ørsted AS			146,685		20,583
					249,490

Real estate 0.22%
Equinix, Inc. REIT			84,384		67,727
Pebblebrook Hotel Trust REIT			692,559		16,310
Park Hotels & Resorts, Inc. REIT¹			566,011		11,665
					95,702

Total common stocks (cost: $18,214,511,000)					41,145,327

Preferred securities 0.17%
Information technology 0.14%
Samsung Electronics Co., Ltd., nonvoting preferred shares			531,000		34,751
PsiQuantum, Corp., Series D, preferred shares^1,3,4,5			906,761		23,781
Stripe, Inc., Series H, 6.00% noncumulative preferred shares^1,3,4,5			52,656		2,112
					60,644

Health care 0.03%
Grail, Inc., Series D, preferred shares^1,3,4,5			1,864,884		11,115

Total preferred securities (cost: $57,568,000)					71,759

Convertible bonds & notes 0.06%	Principal amount (000)
Consumer staples 0.06%
JUUL Labs, Inc., convertible notes, 7.00% 2025 (100% PIK)^3,4,5,6		$	41,866		25,195

Total convertible bonds & notes (cost: $41,200,000)					25,195

Short-term securities 2.65%			Shares
Money market investments 2.57%
Capital Group Central Cash Fund 0.04%^7,8			10,876,313		1,087,632

Money market investments purchased with collateral from securities on loan 0.08%
Goldman Sachs Financial Square Government Fund, Institutional Shares 0.02%^7,9			19,693,764		19,694
Capital Group Central Cash Fund 0.04%^7,8,9			159,204		15,920
Invesco Short-Term Investments Trust – Government & Agency Portfolio, Institutional Class 0.03%^7,9			104,567		104
					35,718

Total short-term securities (cost: $1,123,347,000)					1,123,350
Total investment securities 99.89% (cost: $19,436,626,000)					42,365,631
Other assets less liabilities 0.11%					47,982

Net assets 100.00%				$	42,413,613


46	American Funds Insurance Series

Growth Fund (continued)

Investments in affiliates⁸

	Value of affiliates at 1/1/2021 (000)		Additions (000)			Reductions (000)		Net realized loss (000)			Net unrealized depreciation (000)			Value of affiliates at 6/30/2021 (000)		Dividend income (000)
Short-term securities 2.61%
Money market investments 2.57%
Capital Group Central Cash Fund 0.04%⁷	$	1,623,691	$	2,514,137		$	3,050,080	$	(13	)	$	(103	)	$	1,087,632	$	479
Money market investments purchased with collateral from securities on loan 0.04%
Capital Group Central Cash Fund 0.04%^7,9		—		15,920	¹⁰										15,920		—	¹¹
Total short-term securities															1,103,552
Total 2.61%								$	(13	)	$	(103	)	$	1,103,552	$	479


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 $38,885,000, which represented .09% of the net assets of the fund. Refer to Note 5 for more information on securities lending.
³	Valued under fair value procedures adopted by authority of the board of trustees. The total value of all such securities was $113,791,000, which represented .27% of the net assets of the fund.
⁴	Value determined using significant unobservable inputs.
⁵	Acquired through a private placement transaction exempt from registration under the Securities Act of 1933. May be subject to legal or contractual restrictions on resale. Further details on these holdings appear below.
⁶	Payment in kind; the issuer has the option of paying additional securities in lieu of cash. Most recent payment was 100% cash unless otherwise noted.
⁷	Rate represents the seven-day yield at 6/30/2021.
⁸	Part of the same “group of investment companies” as the fund as defined under the Investment Company Act of 1940, as amended.
⁹	Security purchased with cash collateral from securities on loan. Refer to Note 5 for more information on securities lending.
¹⁰	Represents net activity. Refer to Note 5 for more information on securities lending.
¹¹	Dividend income is included with securities lending income in the fund’s statement of operations and is not shown in this table.

Private placement securities	Acquisition date(s)	Cost (000)		Value (000)		Percent of net assets
Verily Life Sciences LLC	12/21/2018	$	37,000	$	44,823		.10	%
JUUL Labs, Inc., convertible notes, 7.00% 2025 (100% PIK)	2/3/2020-5/3/2021		41,200		25,195		.06
PsiQuantum, Corp., Series D, preferred shares	5/28/2021		23,781		23,781		.06
Grail, Inc., Series D, preferred shares	4/17/2020		9,526		11,115		.03
Stripe, Inc., Class B	5/6/2021		6,766		6,765		.02
Stripe, Inc., Series H, 6.00% noncumulative preferred shares	3/15/2021		2,113		2,112		.00
Total private placement securities		$	120,386	$	113,791		.27	%

Key To abbreviations

ADR = American Depositary Receipts

CAD = Canadian dollars

See notes to financial statements.

American Funds Insurance Series

International Fund

Investment portfolio June 30, 2021

unaudited

Common stocks 94.86%	Shares		Value (000)
Financials 20.00%
AIA Group, Ltd.		27,885,576	$	346,581
HDFC Bank, Ltd.		9,334,386		188,107
HDFC Bank, Ltd. (ADR)		277,000		20,254
Banco Santander, SA		52,040,526		198,666
Kotak Mahindra Bank, Ltd.¹		8,191,348		187,989
ABN AMRO Bank NV¹		14,394,921		173,965
Deutsche Bank AG¹		11,620,682		151,379
BNP Paribas SA		1,964,000		123,124
Barclays PLC		46,610,000		110,331
Sberbank of Russia PJSC (ADR)		4,253,000		70,621
XP, Inc., Class A¹		1,291,559		56,247
Ping An Insurance (Group) Company of China, Ltd., Class H		4,761,500		46,638
Ping An Insurance (Group) Company of China, Ltd., Class A		962,202		9,572
Aegon NV²		12,263,736		50,881
Axis Bank, Ltd.¹		3,890,055		39,162
Bajaj Finserv, Ltd.¹		210,962		34,368
Futu Holdings, Ltd. (ADR)¹		165,300		29,604
B3 SA-Brasil, Bolsa, Balcao		8,125,600		27,478
KBC Groep NV		277,700		21,173
FinecoBank SpA¹		1,211,135		21,111
Bajaj Finance, Ltd.¹		244,400		19,780
ING Groep NV		1,486,000		19,629
Lufax Holding, Ltd. (ADR)^1,2		1,655,427		18,706
PICC Property and Casualty Co., Ltd., Class H		20,936,000		18,336
IndusInd Bank, Ltd.¹		941,500		12,874
Allfunds Group PLC¹		718,245		12,501
				2,009,077

Health care 12.53%
Daiichi Sankyo Company, Ltd.		10,688,500		230,376
WuXi Biologics (Cayman), Inc.¹		11,584,200		212,309
Olympus Corp.		5,290,400		105,146
Fresenius SE & Co. KGaA		1,675,154		87,388
Grifols, SA, Class A, non-registered shares²		2,691,000		72,879
Grifols, SA, Class B (ADR)		793,690		13,770
Chugai Pharmaceutical Co., Ltd.		2,007,200		79,533
M3, Inc.		921,200		67,273
WuXi AppTec Co., Ltd., Class A		2,367,360		57,372
WuXi AppTec Co., Ltd., Class H		312,000		7,285
Hikma Pharmaceuticals PLC		1,772,394		59,970
Teva Pharmaceutical Industries, Ltd. (ADR)¹		5,673,498		56,168
Aier Eye Hospital Group Co., Ltd., Class A		4,612,081		50,664
Notre Dame Intermédica Participações SA		2,760,862		47,143
Alcon, Inc.		439,639		30,781
CanSino Biologics, Inc., Class H¹		440,000		23,382
Merck KGaA		110,400		21,168
Ping An Healthcare and Technology Co., Ltd., Class H¹		1,293,000		16,103
HOYA Corp.		95,000		12,596
Ambu AS, Class B, non-registered shares		205,254		7,891
NMC Health PLC^1,3,4		449,500		6
				1,259,203

Industrials 12.46%
Airbus SE, non-registered shares¹		2,709,349		348,376
Recruit Holdings Co., Ltd.		3,271,109		161,060
Melrose Industries PLC		45,834,933		98,339
NIBE Industrier AB, Class B		9,301,304		97,838
Safran SA		701,300		97,227
Ryanair Holdings PLC (ADR)¹		787,400		85,204
Ryanair Holdings PLC¹		348,056		6,587
International Consolidated Airlines Group SA (CDI)¹		22,925,000		55,249
MTU Aero Engines AG		182,000		45,082

48	American Funds Insurance Series

International Fund (continued)

Common stocks (continued)	Shares		Value (000)
Industrials (continued)
International Container Terminal Services, Inc.		12,890,350	$	43,228
ASSA ABLOY AB, Class B		1,432,047		43,138
Brenntag SE		227,391		21,144
ZTO Express (Cayman), Inc., Class A (ADR)		685,354		20,801
SMC Corp.		34,700		20,505
Nihon M&A Center, Inc.		657,010		17,038
Rumo SA¹		4,301,900		16,563
CCR SA, ordinary nominative shares		5,580,000		15,089
Bureau Veritas SA¹		386,000		12,211
Airports of Thailand PCL, foreign registered shares		6,239,500		12,074
LIXIL Corp.		441,700		11,423
Diploma PLC		253,700		10,191
Ashtead Group PLC		121,000		8,978
Alliance Global Group, Inc.		20,000,000		4,163
				1,251,508

Consumer discretionary 11.84%
MercadoLibre, Inc.¹		180,203		280,718
Delivery Hero SE¹		986,587		130,321
Prosus NV		999,450		97,735
Meituan, Class B¹		2,368,100		97,722
Sony Group Corp.		864,500		84,158
Just Eat Takeaway (GBP denominated)¹		452,560		41,894
Just Eat Takeaway (EUR denominated)¹		277,964		25,665
LVMH Moët Hennessy-Louis Vuitton SE		67,873		53,222
B2W - Cia. Digital, ordinary nominative shares¹		3,734,000		49,744
Evolution AB		305,145		48,221
Kering SA		47,338		41,369
Maruti Suzuki India, Ltd.		392,000		39,637
Galaxy Entertainment Group, Ltd.¹		4,108,000		32,883
Naspers, Ltd., Class N		147,000		30,864
Flutter Entertainment PLC (CDI)¹		158,674		28,852
Ferrari NV (EUR denominated)		111,135		22,929
EssilorLuxottica		84,200		15,539
H & M Hennes & Mauritz AB, Class B¹		606,225		14,380
adidas AG		37,538		13,972
Melco Resorts & Entertainment, Ltd. (ADR)¹		817,781		13,551
Bandai Namco Holdings, Inc.		146,442		10,160
Pan Pacific International Holdings Corp.		417,200		8,660
Astra International Tbk PT		19,726,000		6,720
				1,188,916

Information technology 10.48%
Taiwan Semiconductor Manufacturing Company, Ltd.		6,182,000		132,016
ASML Holding NV		166,945		114,695
PagSeguro Digital, Ltd., Class A¹		1,671,400		93,465
StoneCo, Ltd., Class A¹		1,340,200		89,874
Nomura Research Institute, Ltd.		2,361,700		78,124
Nice, Ltd. (ADR)		302,700		74,906
Atlassian Corp. PLC, Class A¹		267,500		68,710
Delta Electronics, Inc.		6,220,409		67,646
Samsung Electronics Co., Ltd.		631,500		45,253
Fujitsu Ltd.		222,500		41,658
Keyence Corp.		77,200		38,963
NXP Semiconductors NV		173,200		35,631
Infineon Technologies AG		728,000		29,194
Avast PLC		4,289,000		29,060
Silergy Corp.		176,000		23,940
Suse SA^1,2		593,940		23,276
Hexagon AB, Class B		1,272,600		18,855
OBIC Co., Ltd.		87,900		16,386

American Funds Insurance Series

International Fund (continued)

Common stocks (continued)	Shares		Value (000)
Information technology (continued)
Afterpay, Ltd.¹		120,994	$	10,723
ASM International NV		31,648		10,395
Xero, Ltd.¹		95,031		9,771
				1,052,541

Materials 7.74%
Vale SA, ordinary nominative shares (ADR)		20,069,542		457,786
Vale SA, ordinary nominative shares		770,681		17,548
First Quantum Minerals, Ltd.		6,680,300		153,966
Linde PLC (EUR denominated)		207,300		59,817
Shin-Etsu Chemical Co., Ltd.		184,400		30,840
BASF SE		325,193		25,619
Akzo Nobel NV		112,728		13,928
Koninklijke DSM NV		58,300		10,881
Yunnan Energy New Material Co., Ltd., Class A		141,500		5,127
Ivanhoe Mines Ltd., Class A¹		352,000		2,541
				778,053

Energy 7.33%
Reliance Industries, Ltd.		12,705,735		360,788
Reliance Industries, Ltd., interim shares		196,599		3,933
Petróleo Brasileiro SA (Petrobras), ordinary nominative shares (ADR)		11,598,192		141,846
Neste Oyj		1,576,125		96,510
TotalEnergies SE		1,147,298		51,906
Cenovus Energy ,Inc.		4,993,100		47,772
Canadian Natural Resources, Ltd. (CAD denominated)		558,600		20,278
Royal Dutch Shell PLC, Class A (GBP denominated)		530,100		10,609
Royal Dutch Shell PLC, Class B		128,207		2,481
				736,123

Communication services 6.69%
Bilibili, Inc., Class Z (ADR)¹		810,306		98,728
Bilibili, Inc., Class Z¹		208,200		25,635
Tencent Holdings, Ltd.		1,647,609		123,927
Sea, Ltd., Class A (ADR)¹		348,800		95,780
Square Enix Holdings Co., Ltd.		1,385,200		68,702
SoftBank Corp.		4,438,300		58,068
SoftBank Group Corp.		690,548		48,328
Bharti Airtel, Ltd.		6,504,615		46,000
Kuaishou Technology, Class B^1,3,5		1,378,100		31,810
Kuaishou Technology, Class B¹		130,900		3,284
Yandex NV, Class A¹		275,200		19,470
Playtika Holding Corp.¹		687,500		16,390
Scout24 AG¹		154,000		12,987
Vivendi SA²		343,933		11,553
América Móvil, SAB de CV, Series L (ADR)		409,657		6,145
América Móvil, SAB de CV, Series L		2,139,900		1,610
Z Holdings Corp.		766,200		3,840
				672,257

Consumer staples 2.90%
Danone SA		813,500		57,269
Kweichow Moutai Co., Ltd., Class A		141,840		45,148
Treasury Wine Estates, Ltd.		4,942,835		43,296
Heineken NV		201,973		24,476
Inner Mongolia Yili Industrial Group Co., Ltd., Class A		4,219,603		24,051
Swedish Match AB		2,705,450		23,071
Shiseido Company, Ltd.		268,200		19,726
Pernod Ricard SA		87,577		19,440

50	American Funds Insurance Series

International Fund (continued)

Common stocks (continued)	Shares		Value (000)
Consumer staples (continued)
CP ALL PCL, foreign registered shares		9,053,300	$	16,954
Chocoladefabriken Lindt & Sprüngli AG		102		10,682
Dabur India, Ltd.		980,000		7,499
				291,612

Utilities 2.72%
ENN Energy Holdings, Ltd.		11,219,800		213,578
China Gas Holdings, Ltd.		19,477,800		59,455
				273,033

Real estate 0.17%
Ayala Land, Inc.		23,109,600		17,067

Total common stocks (cost: $6,403,582,000)				9,529,390

Preferred securities 1.83%
Energy 1.18%
Petróleo Brasileiro SA (Petrobras), preferred nominative shares (ADR)		6,336,898		74,839
Petróleo Brasileiro SA (Petrobras), preferred nominative shares		7,331,500		43,380
				118,219

Health care 0.53%
Grifols, SA, Class B, nonvoting non-registered preferred shares		3,026,230		53,108

Consumer discretionary 0.12%
Volkswagen AG, nonvoting preferred shares		49,526		12,403

Total preferred securities (cost: $154,504,000)				183,730

Rights & warrants 0.26%
Health care 0.26%
WuXi AppTec Co., Ltd., Class A, warrants, expire 2022^1,3,5		1,075,200		26,057

Total rights & warrants (cost: $20,683,000)				26,057

Short-term securities 2.61%
Money market investments 2.45%
Capital Group Central Cash Fund 0.04%^6,7		2,456,390		245,639

Money market investments purchased with collateral from securities on loan 0.16%
Goldman Sachs Financial Square Government Fund, Institutional Shares 0.02%^6,8		9,073,099		9,073
Capital Group Central Cash Fund 0.04%^6,7,8		73,347		7,335
Invesco Short-Term Investments Trust – Government & Agency Portfolio, Institutional Class 0.03%^6,8		48,175		48
				16,456

Total short-term securities (cost: $262,071,000)				262,095
Total investment securities 99.56% (cost: $6,840,840,000)				10,001,272
Other assets less liabilities 0.44%				44,090

Net assets 100.00%			$	10,045,362

American Funds Insurance Series

International Fund (continued)

Investments in affiliates⁷

	Value of affiliates at 1/1/2021 (000)		Additions (000)			Reductions (000)		Net realized loss (000)			Net unrealized depreciation (000)			Value of affiliates at 6/30/2021 (000)		Dividend income (000)
Short-term securities 2.52%
Money market investments 2.45%
Capital Group Central Cash Fund 0.04%⁶	$	523,844	$	2,062,229		$	2,340,380	$	(14	)	$	(40	)	$	245,639	$	191
Money market investments purchased with collateral from securities on loan 0.07%
Capital Group Central Cash Fund 0.04%^6,8		—		7,335	⁹										7,335		—	¹⁰
Total short-term securities															252,974
Total 2.52%								$	(14	)	$	(40	)	$	252,974	$	191

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 $18,837,000, which represented .19% of the net assets of the fund. Refer to Note 5 for more information on securities lending.
³	Valued under fair value procedures adopted by authority of the board of trustees. The total value of all such securities was $57,873,000, which represented .58% of the net assets of the fund.
⁴	Value determined using significant unobservable inputs.
⁵	Acquired in a transaction exempt from registration under Rule 144A of the Securities Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers. The total value of all such securities was $57,867,000, which represented .58% of the net assets of the fund.
⁶	Rate represents the seven-day yield at 6/30/2021.
⁷	Part of the same “group of investment companies” as the fund as defined under the Investment Company Act of 1940, as amended.
⁸	Security purchased with cash collateral from securities on loan. Refer to Note 5 for more information on securities lending.
⁹	Represents net activity. Refer to Note 5 for more information on securities lending.
¹⁰	Dividend income is included with securities lending income in the fund’s statement of operations and is not shown in this table.

Key to abbreviations

ADR = American Depositary Receipts

CAD = Canadian dollars

CDI = CREST Depository Interest

EUR = Euros

GBP = British pounds

See notes to financial statements.

52	American Funds Insurance Series

New World Fund

Investment portfolio June 30, 2021	unaudited

Common stocks 91.07%	Shares		Value (000)
Information technology 19.77%
Microsoft Corp.		420,593	$	113,939
Taiwan Semiconductor Manufacturing Company, Ltd.		4,068,000		86,872
PayPal Holdings, Inc.¹		283,183		82,542
PagSeguro Digital, Ltd., Class A¹		1,143,943		63,969
Silergy Corp.		407,000		55,362
Adobe, Inc.¹		79,315		46,450
ASML Holding NV		59,957		41,192
Broadcom, Inc.		79,217		37,774
StoneCo, Ltd., Class A¹		494,347		33,151
Keyence Corp.		64,800		32,705
Cree, Inc.¹		296,765		29,062
Mastercard, Inc., Class A		75,781		27,667
EPAM Systems, Inc.¹		53,051		27,107
Apple, Inc.		143,063		19,594
Micron Technology, Inc.¹		199,960		16,993
Samsung Electronics Co., Ltd.		230,894		16,546
Network International Holdings PLC¹		2,750,461		13,914
Accenture PLC, Class A		41,622		12,270
Visa, Inc., Class A		45,465		10,631
Kingdee International Software Group Co., Ltd.¹		2,646,000		8,980
Hexagon AB, Class B		559,454		8,289
TELUS International (Cda), Inc., subordinate voting shares¹		250,470		7,792
Nice, Ltd. (ADR)		27,289		6,753
Advanced Micro Devices, Inc.¹		71,707		6,735
Tokyo Electron, Ltd.		15,200		6,578
Edenred SA		111,695		6,364
Cognizant Technology Solutions Corp., Class A		87,831		6,083
Nokia Corp.¹		1,085,473		5,812
NetEase, Inc.		244,700		5,544
Trimble, Inc.¹		65,051		5,323
NXP Semiconductors NV		25,406		5,226
MediaTek, Inc.		147,000		5,075
Atlassian Corp. PLC, Class A¹		18,809		4,831
Logitech International SA		35,956		4,356
Halma PLC		115,640		4,306
Marvell Technology, Inc.		70,257		4,098
GDS Holdings, Ltd., Class A¹		398,400		3,946
Globant SA¹		16,962		3,718
Autodesk, Inc.¹		11,824		3,451
ON Semiconductor Corp.¹		77,914		2,982
Aspen Technology, Inc.¹		19,914		2,739
Yeahka Ltd.¹		398,400		2,506
Chindata Group Holdings, Ltd., Class A (ADR)¹		164,996		2,490
OneConnect Financial Technology Co., Ltd. (ADR)¹		187,563		2,254
FleetCor Technologies, Inc.¹		8,136		2,083
VeriSign, Inc.¹		8,923		2,032
KLA Corp.		5,708		1,851
Hamamatsu Photonics KK		29,000		1,749
Intel Corp.		30,635		1,720
Linklogis, Inc., Class B¹		725,500		1,630
SAP SE		11,071		1,560
Elastic NV, non-registered shares¹		10,295		1,501
CMC Materials, Inc.		8,338		1,257
Applied Materials, Inc.		8,266		1,177
Infineon Technologies AG		28,823		1,156
Amadeus IT Group SA, Class A, non-registered shares¹		14,929		1,050
Coforge, Ltd.		18,289		1,023
Nu Holdings, Ltd., Class A^1,2,3,4		12,397		496
Fabrinet, non-registered shares¹		4,700		450
				914,706


American Funds Insurance Series	53

New World Fund (continued)

Common stocks (continued)	Shares			Value (000)
Health care 12.77%
Zai Lab, Ltd. (ADR)¹		373,043		$	66,025
Thermo Fisher Scientific, Inc.		93,089			46,961
WuXi Biologics (Cayman), Inc.¹		2,148,600			39,378
Carl Zeiss Meditec AG, non-registered shares		197,151	��		38,093
WuXi AppTec Co., Ltd., Class A		1,010,659			24,493
WuXi AppTec Co., Ltd., Class H		525,200			12,264
CanSino Biologics, Inc., Class H¹		611,518			32,496
Abbott Laboratories		240,086			27,833
Notre Dame Intermédica Participações SA		1,412,658			24,122
Pharmaron Beijing Co., Ltd., Class H		447,200			11,923
Pharmaron Beijing Co., Ltd., Class A		258,000			8,664
BeiGene, Ltd. (ADR)¹		49,272			16,910
BeiGene, Ltd.¹		49,700			1,352
AstraZeneca PLC		145,296			17,452
PerkinElmer, Inc.		106,856			16,500
Danaher Corp.		53,915			14,469
BioMarin Pharmaceutical, Inc.¹		167,372			13,966
CSL, Ltd.		55,815			11,938
Aier Eye Hospital Group Co., Ltd., Class A		1,001,253			10,999
Jiangsu Hengrui Medicine Co., Ltd., Class A		958,177			10,079
Koninklijke Philips NV		180,711			8,955
Medtronic PLC		71,506			8,876
Olympus Corp.		431,100			8,568
Shionogi & Co., Ltd.		159,500			8,314
Novo Nordisk A/S, Class B		94,388			7,908
Straumann Holding AG		4,859			7,746
Hypera SA, ordinary nominative shares		1,108,918			7,685
Laurus Labs, Ltd.		816,515			7,565
Asahi Intecc Co., Ltd.		296,700			7,093
Hugel, Inc.¹		28,025			5,963
Pfizer, Inc.		141,271			5,532
Teva Pharmaceutical Industries, Ltd. (ADR)¹		550,859			5,454
Zoetis, Inc., Class A		29,114			5,426
Ping An Healthcare and Technology Co., Ltd., Class H^1,5		394,900			4,918
Grifols, SA, Class A, non-registered shares		177,368			4,804
Eli Lilly and Company		18,928			4,344
Hikma Pharmaceuticals PLC		122,808			4,155
Hutchmed China Ltd. (HKD denominated)¹		352,500			2,738
Hutchison China MediTech Ltd. (ADR)¹		24,790			973
Alcon, Inc.		52,853			3,700
Baxter International, Inc.		45,935			3,698
HOYA Corp.		26,300			3,487
Guangzhou Kingmed Diagnostics Group Co., Ltd., Class A		106,133			2,624
bioMérieux SA		20,845			2,422
Mettler-Toledo International, Inc.¹		1,570			2,175
OdontoPrev SA, ordinary nominative shares		818,190			2,143
Rede D’Or Sao Luiz SA		139,666			1,938
Alibaba Health Information Technology, Ltd.¹		810,600			1,798
Hangzhou Tigermed Consulting Co., Ltd., Class A		56,371			1,686
Merck KGaA		6,156			1,180
Novartis AG		9,955			907
Shandong Pharmaceutical Glass Co., Ltd., Class A		66,700			350
NMC Health PLC^1,2,3		49,400			1
					591,043

Consumer discretionary 12.62%
MercadoLibre, Inc.¹		54,559			84,991
LVMH Moët Hennessy-Louis Vuitton SE		58,279			45,699
General Motors Company¹		669,943			39,641
Meituan, Class B¹		669,800			27,640
Hermès International		18,887			27,513
Li Ning Co., Ltd.		2,230,501			27,234


54	American Funds Insurance Series

New World Fund (continued)

Common stocks (continued)	Shares		Value (000)
Consumer discretionary (continued)
Evolution AB		132,575	$	20,950
Galaxy Entertainment Group, Ltd.¹		2,616,000		20,940
Xpeng, Inc., Class A (ADR)¹		448,338		19,915
Pop Mart International Group, Ltd.⁵		1,895,721		18,800
EssilorLuxottica		100,652		18,575
Kering SA		14,165		12,379
adidas AG		31,261		11,636
JD Health International, Inc.¹		722,450		10,356
Booking Holdings, Inc.¹		4,571		10,002
China MeiDong Auto Holdings, Ltd.		1,816,000		9,905
Naspers, Ltd., Class N		43,073		9,044
Alibaba Group Holding, Ltd.¹		210,800		5,973
Alibaba Group Holding, Ltd. (ADR)¹		13,490		3,059
NIKE, Inc., Class B		56,614		8,746
Marriott International, Inc., Class A¹		63,151		8,621
Zhongsheng Group Holdings, Ltd.		1,016,500		8,457
YUM! Brands, Inc.		73,319		8,434
Cie. Financière Richemont SA, Class A		68,251		8,258
Delivery Hero SE¹		57,692		7,621
Gree Electric Appliances, Inc. of Zhuhai, Class A		933,746		7,529
Wyndham Hotels & Resorts, Inc.		93,354		6,749
Melco Resorts & Entertainment, Ltd. (ADR)¹		388,822		6,443
Jumbo SA		362,261		6,095
Huazhu Group, Ltd. (ADR)¹		113,439		5,991
Industria de Diseño Textil, SA		167,427		5,898
Trip.com Group, Ltd. (ADR)¹		164,455		5,832
JD.com, Inc., Class A¹		147,500		5,802
Midea Group Co., Ltd., Class A		510,211		5,636
IDP Education, Ltd.		263,377		4,847
Astra International Tbk PT		13,071,600		4,453
Samsonite International SA¹		2,050,500		4,194
Wynn Macau, Ltd.¹		2,588,400		4,074
Aptiv PLC¹		24,248		3,815
Lojas Americanas SA, ordinary nominative shares		885,022		3,676
Airbnb, Inc., Class A¹		20,039		3,069
Domino’s Pizza, Inc.		6,251		2,916
Maruti Suzuki India, Ltd.		27,343		2,765
SAIC Motor Corp., Ltd., Class A¹		791,400		2,691
Inchcape PLC		236,248		2,511
Suzuki Motor Corp.		57,200		2,420
Shangri-La Asia, Ltd.¹		2,212,000		2,165
Flutter Entertainment PLC (CDI)¹		11,607		2,111
Wynn Resorts, Ltd.¹		13,198		1,614
Entain PLC¹		57,643		1,392
Stellantis NV		67,946		1,333
Levi Strauss & Co., Class A		39,011		1,081
Vivo Energy PLC		795,978		1,061
Jiumaojiu International Holdings, Ltd.		239,000		977
Cyrela Brazil Realty SA, ordinary nominative shares		119,389		560
				584,089

Financials 11.81%
Kotak Mahindra Bank, Ltd.¹		2,928,184		67,201
HDFC Bank, Ltd.		2,839,911		57,230
HDFC Bank, Ltd. (ADR)		74,181		5,424
AIA Group, Ltd.		4,698,400		58,395
Société Générale		1,173,681		34,598
Sberbank of Russia PJSC (ADR)		1,459,582		24,255
Ping An Insurance (Group) Company of China, Ltd., Class H		2,218,300		21,728
Ping An Insurance (Group) Company of China, Ltd., Class A		36,100		359
Capitec Bank Holdings, Ltd.		182,970		21,609
B3 SA-Brasil, Bolsa, Balcao		6,200,123		20,967


American Funds Insurance Series	55

New World Fund (continued)

Common stocks (continued)	Shares		Value (000)
Financials (continued)
Bajaj Finance, Ltd.¹		252,982	$	20,475
UniCredit SpA		1,573,395		18,563
Banco Santander, SA		4,561,650		17,414
ICICI Bank, Ltd. (ADR)¹		796,728		13,624
ICICI Bank, Ltd.¹		358,668		3,044
XP, Inc., Class A¹		328,325		14,299
S&P Global, Inc.		32,531		13,352
Bajaj Finserv, Ltd.¹		79,103		12,887
TCS Group Holding PLC (GDR)		119,451		10,452
TCS Group Holding PLC (GDR)⁶		20,618		1,804
HDFC Life Insurance Company, Ltd.		1,223,937		11,301
China Merchants Bank Co., Ltd., Class H		1,129,500		9,638
Hong Kong Exchanges and Clearing, Ltd.		146,200		8,714
Futu Holdings, Ltd. (ADR)¹		46,495		8,327
Moody’s Corp.		22,106		8,011
Banco Bilbao Vizcaya Argentaria, SA		1,211,896		7,513
Discovery Ltd.¹		753,689		6,664
Fairfax Financial Holdings, Ltd., subordinate voting shares		12,758		5,595
Lufax Holding, Ltd. (ADR)^1,5		490,068		5,538
Eurobank Ergasias Services and Holdings SA¹		5,022,665		5,062
AU Small Finance Bank, Ltd.¹		300,953		4,194
DBS Group Holdings, Ltd.		189,073		4,191
Bank Mandiri (Persero) Tbk PT		8,884,800		3,615
Bank Rakyat Indonesia (Persero) Tbk PT		13,089,500		3,557
UBS Group AG		218,535		3,344
Alpha Services and Holdings SA¹		2,425,814		3,101
Chubb, Ltd.		14,630		2,325
Axis Bank, Ltd.¹		209,315		2,107
China Construction Bank Corp., Class H		1,944,000		1,530
Banco Santander México, SA, Institución de Banca Múltiple, Grupo Financiero Santander México, Class B		1,155,373		1,453
Moscow Exchange MICEX-RTS PJSC		438,203		1,023
Bank of the Philippine Islands		560,460		1,018
Postal Savings Bank of China Co., Ltd., Class H¹		1,477,000		995
				546,496

Communication services 9.62%
Tencent Holdings, Ltd.		1,028,800		77,382
Sea, Ltd., Class A (ADR)¹		255,605		70,189
Alphabet, Inc., Class C¹		20,910		52,407
Alphabet, Inc., Class A¹		4,250		10,378
Facebook, Inc., Class A¹		164,340		57,143
Bilibili, Inc., Class Z (ADR)¹		211,464		25,765
Bilibili, Inc., Class Z¹		165,720		20,404
Netflix, Inc.¹		44,087		23,287
Yandex NV, Class A¹		298,519		21,120
América Móvil, SAB de CV, Series L (ADR)		1,216,260		18,244
Kuaishou Technology, Class B^1,2,6		370,500		8,552
Kuaishou Technology, Class B¹		188,100		4,719
Vodafone Group PLC		6,523,370		10,949
Activision Blizzard, Inc.		108,885		10,392
MTN Group, Ltd.¹		990,170		7,158
NetEase, Inc. (ADR)		55,315		6,375
Bharti Airtel, Ltd.		852,173		6,026
Indus Towers, Ltd.		1,812,264		5,819
JCDecaux SA¹		165,485		4,588
JOYY Inc., Class A (ADR)		24,450		1,613
Informa PLC¹		180,371		1,252
SoftBank Group Corp.		15,900		1,113
				444,875


56	American Funds Insurance Series

New World Fund (continued)

Common stocks (continued)	Shares		Value (000)
Materials 6.80%
Vale SA, ordinary nominative shares (ADR)		2,480,659	$	56,584
Vale SA, ordinary nominative shares		2,323,898		52,913
First Quantum Minerals, Ltd.		1,402,899		32,334
Sika AG		68,997		22,558
Asian Paints, Ltd.		482,025		19,407
Freeport-McMoRan, Inc.		393,723		14,611
Shin-Etsu Chemical Co., Ltd.		52,300		8,747
Rio Tinto PLC		102,377		8,425
Shree Cement, Ltd.¹		22,712		8,404
Koninklijke DSM NV		37,642		7,025
Givaudan SA		1,508		7,013
Barrick Gold Corp.		289,034		5,977
CEMEX, SAB de CV, ordinary participation certificates, units (ADR)¹		706,208		5,932
BHP Group PLC		196,384		5,786
Linde PLC		18,929		5,472
LANXESS AG		75,618		5,184
Alrosa PJSC		2,511,114		4,615
Beijing Oriental Yuhong Waterproof Technology Co., Ltd., Class A		524,793		4,493
CCL Industries, Inc., Class B, nonvoting shares		78,723		4,336
Loma Negra Compania Industrial Argentina SA (ADR)		565,048		3,848
AngloGold Ashanti, Ltd. (ADR)		112,446		2,089
AngloGold Ashanti, Ltd.		70,895		1,318
SIG Combibloc Group AG		115,777		3,146
Arkema SA		22,838		2,865
Impala Platinum Holdings, Ltd.		157,876		2,604
Huntsman Corp.		97,795		2,594
Chr. Hansen Holding A/S		26,439		2,386
Gerdau SA (ADR)		360,285		2,126
Celanese Corp.		13,955		2,116
Amcor PLC (CDI)		162,847		1,848
Umicore SA		29,864		1,824
Albemarle Corp.		8,600		1,449
BASF SE		17,068		1,345
Asahi Kasei Corp.		120,900		1,328
Anglo American PLC		22,331		887
Ivanhoe Mines Ltd., Class A¹		57,912		418
Yunnan Energy New Material Co., Ltd., Class A		11,400		413
Navin Fluorine International, Ltd.		5,332		269
				314,689

Industrials 5.93%
Airbus SE, non-registered shares¹		319,205		41,044
Safran SA		153,091		21,224
CCR SA, ordinary nominative shares		6,819,064		18,440
IMCD NV		104,759		16,658
DSV Panalpina A/S		66,744		15,565
Wizz Air Holdings PLC¹		236,177		15,254
International Container Terminal Services, Inc.		4,079,710		13,681
InPost SA¹		613,724		12,318
Nidec Corp.		105,300		12,203
Copa Holdings, SA, Class A¹		127,975		9,640
Rumo SA¹		2,492,542		9,597
Shenzhen Inovance Technology Co., Ltd., Class A		730,019		8,390
Ryanair Holdings PLC (ADR)¹		74,848		8,099
TransDigm Group, Inc.¹		11,513		7,452
SMC Corp.		12,100		7,150
Centre Testing International Group Co., Ltd.		1,069,696		5,278
Spirax-Sarco Engineering PLC		27,717		5,220
Boeing Company¹		20,316		4,867
ZTO Express (Cayman), Inc., Class A (ADR)		148,533		4,508
Fortive Corp.		62,884		4,386
Epiroc AB, Class B		173,396		3,403


American Funds Insurance Series	57

New World Fund (continued)

Common stocks (continued)	Shares		Value (000)
Industrials (continued)
Interpump Group SpA		57,089	$	3,381
Daikin Industries, Ltd.		17,000		3,166
Hitachi, Ltd.		52,900		3,029
Fluidra, SA, non-registered shares¹		74,421		2,952
ABB, Ltd.		79,505		2,697
Carrier Global Corp.		54,243		2,636
Havells India, Ltd.		177,904		2,346
Air Lease Corp., Class A		43,452		1,814
Atlas Copco AB, Class B		34,211		1,799
Komatsu, Ltd.		63,800		1,585
Experian PLC		34,307		1,322
Contemporary Amperex Technology Co., Ltd., Class A¹		14,800		1,225
Zhejiang Sanhua Intelligent Controls Co., Ltd., Class A		308,200		1,144
Hefei Meyer Optoelectronic Technology, Inc., Class A		97,000		837
China Merchants Port Holdings Co., Ltd.		44,000		64
				274,374

Consumer staples 5.08%
Kweichow Moutai Co., Ltd., Class A		209,807		66,782
Nestlé SA		115,164		14,341
Bunge, Ltd.		163,719		12,795
Anheuser-Busch InBev SA/NV		170,197		12,272
Foshan Haitian Flavouring and Food Co., Ltd., Class A		574,859		11,472
Carlsberg A/S, Class B		53,713		10,012
Pernod Ricard SA		44,752		9,934
Raia Drogasil SA, ordinary nominative shares		1,529,164		7,597
British American Tobacco PLC		177,641		6,880
Avenue Supermarts, Ltd.¹		137,253		6,175
Reckitt Benckiser Group PLC		62,718		5,550
Wal-Mart de México, SAB de CV, Series V		1,632,389		5,329
ITC, Ltd.		1,887,463		5,147
Heineken NV		40,609		4,921
Constellation Brands, Inc., Class A		19,550		4,573
United Spirits, Ltd.¹		511,633		4,554
Unilever PLC (EUR denominated)		72,965		4,271
Shiseido Company, Ltd.		55,200		4,060
Wuliangye Yibin Co., Ltd., Class A¹		78,771		3,632
Monde Nissin Corp.¹		8,760,500		2,965
China Feihe, Ltd.		1,342,000		2,897
Kimberly-Clark de México, SAB de CV, Class A		1,587,474		2,817
L’Oréal SA, non-registered shares		6,217		2,770
Mondelez International, Inc.		39,158		2,445
Philip Morris International, Inc.		23,692		2,348
X5 Retail Group NV (GDR)¹		65,840		2,305
Herbalife Nutrition, Ltd.¹		41,972		2,213
Nongfu Spring Co., Ltd., Class H		434,805		2,181
Fomento Económico Mexicano, SAB de CV		252,300		2,128
Dabur India, Ltd.		240,307		1,839
Inner Mongolia Yili Industrial Group Co., Ltd., Class A		318,900		1,818
Danone SA		23,668		1,666
Kimberly-Clark Corp.		10,828		1,449
Yihai International Holding, Ltd.⁵		190,000		1,276
Uni-Charm Corp.		20,600		829
Diageo PLC		11,617		556
Arca Continental, SAB de CV¹		5,600		32
				234,831

Energy 3.10%
Reliance Industries, Ltd.		2,721,572		77,281
Reliance Industries, Ltd., interim shares		151,056		3,022
Petróleo Brasileiro SA (Petrobras), ordinary nominative shares (ADR)		2,526,905		30,904
Gazprom PJSC (ADR)		1,153,377		8,791


58	American Funds Insurance Series

New World Fund (continued)

Common stocks (continued)	Shares		Value (000)
Energy (continued)
New Fortress Energy, Inc., Class A		145,420	$	5,508
Rosneft Oil Company PJSC (GDR)		675,946		5,232
Chevron Corp.		36,633		3,837
Royal Dutch Shell PLC, Class B		165,815		3,209
Schlumberger, Ltd.		88,995		2,849
TotalEnergies SE		60,026		2,716
Thungela Resources Ltd.¹		2,233		6
				143,355

Real estate 1.94%
Shimao Services Holdings, Ltd.		5,650,187		19,539
American Tower Corp. REIT		46,781		12,637
ESR Cayman, Ltd.¹		2,929,000		9,884
BR Malls Participacoes SA, ordinary nominative shares¹		4,247,895		8,660
Longfor Group Holdings, Ltd.		1,391,500		7,796
CK Asset Holdings, Ltd.		913,000		6,303
China Resources Land, Ltd.		1,444,000		5,849
Sunac Services Holdings, Ltd.		1,311,496		4,873
KE Holdings, Inc., Class A (ADR)¹		89,095		4,248
CTP NV¹		207,680		4,186
Shimao Group Holdings, Ltd.		1,228,500		3,013
Ayala Land, Inc.		3,874,200		2,861
				89,849

Utilities 1.63%
ENN Energy Holdings, Ltd.		1,561,800		29,730
China Gas Holdings Ltd.		4,740,600		14,470
AES Corp.		520,975		13,582
Engie SA		568,071		7,783
China Resources Gas Group, Ltd.		1,016,000		6,098
Enel SpA		387,890		3,602
				75,265

Total common stocks (cost: $2,427,146,000)				4,213,572

Preferred securities 1.17%
Industrials 0.30%
Azul SA, preferred nominative shares (ADR)¹		344,485		9,094
GOL Linhas Aéreas Inteligentes SA, preferred nominative shares^1,5		849,684		3,922
GOL Linhas Aéreas Inteligentes SA, preferred nominative shares (ADR)¹		72,525		669
				13,685

Materials 0.28%
Gerdau SA, preferred nominative shares		2,129,085		12,675


Consumer discretionary 0.26%
Volkswagen AG, nonvoting preferred shares		34,304		8,591
Getir BV, Series H, preferred shares^1,2,3,4		7,768		3,500
				12,091

Information technology 0.13%
Nu Holdings, Ltd., Series G, noncumulative preferred shares^1,2,3,4		112,623		4,504
Nu Holdings, Ltd., Series A, noncumulative preferred shares^1,2,3,4		19,235		769
Nu Holdings, Ltd., Series Seed, noncumulative preferred shares^1,2,3,4		15,954		638
Nu Holdings, Ltd., Series B, noncumulative preferred shares^1,2,3,4		1,101		44
Nu Holdings, Ltd., Series D, noncumulative preferred shares^1,2,3,4		585		23
				5,978


American Funds Insurance Series	59

New World Fund (continued)

Preferred securities (continued)		Shares		Value (000)
Real estate 0.11%
QuintoAndar Servicos Imobiliarios Ltda., Series E, preferred shares^1,2,3,4			32,657	$	5,258
Ayala Land, Inc., preferred shares^1,2,3			15,000,000		—	⁷
					5,258

Health care 0.07%
Grifols, SA, Class B, nonvoting non-registered preferred shares			179,977		3,158

Energy 0.02%
Petróleo Brasileiro SA (Petrobras), preferred nominative shares			182,615		1,081

Total preferred securities (cost: $35,099,000)					53,926

Rights & warrants 0.19%
Consumer staples 0.19%
Foshan Haitian Flavouring and Food Co., Ltd., Class A, warrants, expire 2022^1,2,6			437,008		8,721

Consumer discretionary 0.00%
Cie. Financière Richemont SA, Class A, warrants, expire 2023¹			144,354		97

Total rights & warrants (cost: $2,776,000)					8,818

Bonds, notes & other debt instruments 2.56%	Principal amount (000)
Bonds & notes of governments & government agencies outside the U.S. 2.23%
Abu Dhabi (Emirate of) 2.50% 2029⁶		$	1,415		1,481
Abu Dhabi (Emirate of) 1.70% 2031⁶			455		440
Angola (Republic of) 8.25% 2028			200		209
Angola (Republic of) 8.00% 2029⁶			2,800		2,880
Angola (Republic of) 8.00% 2029			200		206
Argentine Republic 1.00% 2029			384		147
Argentine Republic 0.125% 2030 (0.50% on 7/9/2021)⁸			757		273
Argentine Republic 0.125% 2035 (1.125% on 7/9/2021)⁸			4,190		1,337
Argentine Republic 0.125% 2038 (2.00% on 7/9/2021)⁸			1,318		500
Argentine Republic 0.125% 2041 (2.50% on 7/9/2021)⁸			5,900		2,115
Armenia (Republic of) 7.15% 2025			490		558
Bahrain (Kingdom of) 6.75% 2029⁶			500		550
Belarus (Republic of) 6.875% 2023			1,775		1,768
Belarus (Republic of) 5.875% 2026			230		213
Belarus (Republic of) 7.625% 2027			335		328
Colombia (Republic of) 4.50% 2026			830		908
Colombia (Republic of) 3.25% 2032			900		884
Colombia (Republic of) 7.375% 2037			600		791
Colombia (Republic of) 4.125% 2051			350		333
Costa Rica (Republic of) 4.375% 2025			234		243
Costa Rica (Republic of) 6.125% 2031⁶			1,250		1,329
Costa Rica (Republic of) 6.125% 2031			593		631
Cote d’Ivoire (Republic of) 4.875% 2032		€	150		178
Dominican Republic 9.75% 2026		DOP	18,150		360
Dominican Republic 8.625% 2027⁶		$	575		706
Dominican Republic 11.375% 2029		DOP	12,800		272
Dominican Republic 4.50% 2030⁶		$	180		184
Dominican Republic 5.30% 2041⁶			303		303
Dominican Republic 7.45% 2044⁶			1,125		1,359
Dominican Republic 7.45% 2044			1,100		1,329
Dominican Republic 6.85% 2045			100		113
Dominican Republic 5.875% 2060⁶			280		280
Egypt (Arab Republic of) 5.75% 2024⁶			450		480
Egypt (Arab Republic of) 5.625% 2030		€	260		311


60	American Funds Insurance Series

New World Fund (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)			Value (000)
Bonds & notes of governments & government agencies outside the U.S. (continued)
Egypt (Arab Republic of) 5.875% 2031⁶		$	365	$	356
Egypt (Arab Republic of) 7.625% 2032⁶			1,140		1,213
Egypt (Arab Republic of) 8.50% 2047			1,200		1,254
Egypt (Arab Republic of) 8.15% 2059⁶			900		903
Ethiopia (Federal Democratic Republic of) 6.625% 2024			1,430		1,326
Export-Import Bank of India 3.25% 2030			1,180		1,201
Gabonese Republic 6.375% 2024			2,160		2,307
Georgia (Republic of) 2.75% 2026⁶			375		383
Ghana (Republic of) 7.875% 2027			200		212
Ghana (Republic of) 7.75% 2029⁶			1,125		1,153
Ghana (Republic of) 8.125% 2032			1,880		1,911
Guatemala (Republic of) 4.375% 2027			400		437
Honduras (Republic of) 6.25% 2027			1,600		1,754
Indonesia (Republic of) 6.625% 2037			700		968
Indonesia (Republic of) 5.25% 2042			840		1,049
Iraq (Republic of) 6.752% 2023			960		985
Jordan (Hashemite Kingdom of) 4.95% 2025⁶			600		625
Jordan (Hashemite Kingdom of) 5.75% 2027⁶			1,530		1,649
Jordan (Hashemite Kingdom of) 5.75% 2027			200		215
Kazakhstan (Republic of) 6.50% 2045⁶			800		1,172
Kenya (Republic of) 7.25% 2028			400		443
Kenya (Republic of) 8.25% 2048⁶			2,200		2,427
Malaysia (Federation of), Series 0419, 3.828% 2034		MYR	430		103
Malaysia (Federation of), Series 0418, 4.893% 2038			1,150		301
Oman (Sultanate of) 4.875% 2025⁶		$	202		212
Oman (Sultanate of) 6.25% 2031⁶			890		958
Pakistan (Islamic Republic of) 8.25% 2025⁶			410		455
Pakistan (Islamic Republic of) 6.00% 2026⁶			380		386
Pakistan (Islamic Republic of) 6.875% 2027⁶			1,050		1,093
Pakistan (Islamic Republic of) 7.875% 2036			400		412
Panama (Republic of) 3.75% 2026⁶			1,380		1,492
Panama (Republic of) 4.50% 2047			1,155		1,317
Panama (Republic of) 4.50% 2050			400		455
Panama (Republic of) 4.30% 2053			400		445
Paraguay (Republic of) 5.00% 2026⁶			500		571
Paraguay (Republic of) 4.70% 2027⁶			800		911
Paraguay (Republic of) 4.70% 2027			500		569
Paraguay (Republic of) 4.95% 2031			320		368
Peru (Republic of) 6.55% 2037			1,070		1,477
Peru (Republic of) 2.78% 2060			565		505
PETRONAS Capital, Ltd. 4.55% 2050⁶			400		495
Philippines (Republic of) 1.648% 2031			780		754
Philippines (Republic of) 6.375% 2034			820		1,159
Philippines (Republic of) 3.95% 2040			900		1,002
Philippines (Republic of) 2.95% 2045			990		958
PT Indonesia Asahan Aluminium Tbk 6.757% 2048			200		260
Qatar (State of) 4.50% 2028⁶			3,000		3,546
Qatar (State of) 4.50% 2028			800		946
Romania 2.00% 2032		€	1,375		1,652
Romania 2.00% 2033			530		625
Romania 5.125% 2048⁶		$	720		884
Russian Federation 4.375% 2029⁶			800		903
Russian Federation 5.10% 2035			1,200		1,430
Russian Federation 5.25% 2047			1,000		1,259
Senegal (Republic of) 4.75% 2028		€	1,100		1,364
Serbia (Republic of) 3.125% 2027			850		1,123
South Africa (Republic of) 5.875% 2030		$	2,110		2,412
Sri Lanka (Democratic Socialist Republic of) 5.75% 2022			450		414
Sri Lanka (Democratic Socialist Republic of) 5.875% 2022			1,410		1,198
Sri Lanka (Democratic Socialist Republic of) 6.85% 2025			700		471
Sri Lanka (Democratic Socialist Republic of) 6.825% 2026			1,270		816


American Funds Insurance Series	61

New World Fund (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)			Value (000)
Bonds & notes of governments & government agencies outside the U.S. (continued)
Sri Lanka (Democratic Socialist Republic of) 7.55% 2030		$	800	$	506
Sri Lanka (Democratic Socialist Republic of) 7.55% 2030⁶			500		316
Tunisia (Republic of) 6.75% 2023		€	310		357
Tunisia (Republic of) 6.75% 2023			215		247
Tunisia (Republic of) 5.625% 2024			710		787
Tunisia (Republic of) 5.75% 2025		$	875		819
Turkey (Republic of) 6.375% 2025			475		498
Turkey (Republic of) 11.875% 2030			600		831
Turkey (Republic of) 5.875% 2031			1,170		1,140
Turkey (Republic of) 4.875% 2043			1,295		1,035
Turkey (Republic of) 5.75% 2047			2,205		1,890
Ukraine 7.75% 2027			2,328		2,568
Ukraine 9.75% 2028			700		836
Ukraine 7.375% 2032			2,180		2,298
United Mexican States 3.90% 2025			320		356
United Mexican States 4.50% 2029			1,070		1,211
United Mexican States 4.75% 2032			870		998
United Mexican States 4.75% 2044			1,090		1,208
United Mexican States 3.75% 2071			400		366
United Mexican States, Series M, 7.50% 2027		MXN	19,000		994
Venezuela (Bolivarian Republic of) 7.00% 2018⁹		$	64		6
Venezuela (Bolivarian Republic of) 7.75% 2019⁹			1,149		124
Venezuela (Bolivarian Republic of) 6.00% 2020⁹			950		94
Venezuela (Bolivarian Republic of) 12.75% 2022⁹			85		9
Venezuela (Bolivarian Republic of) 9.00% 2023⁹			1,383		141
Venezuela (Bolivarian Republic of) 8.25% 2024⁹			299		32
Venezuela (Bolivarian Republic of) 7.65% 2025⁹			129		13
Venezuela (Bolivarian Republic of) 11.75% 2026⁹			64		7
Venezuela (Bolivarian Republic of) 9.25% 2027⁹			170		18
Venezuela (Bolivarian Republic of) 9.25% 2028⁹			319		33
Venezuela (Bolivarian Republic of) 11.95% 2031⁹			106		11
Venezuela (Bolivarian Republic of) 7.00% 2038⁹			107		11
					103,403

Corporate bonds, notes & loans 0.33%
Energy 0.10%
Oleoducto Central SA 4.00% 2027⁶			255		263
Petrobras Global Finance Co. 5.60% 2031			575		645
Petrobras Global Finance Co. 6.75% 2050			110		129
Petrobras Global Finance Co. 6.85% 2115			314		359
Petróleos Mexicanos 6.875% 2025⁶			624		692
Petróleos Mexicanos 6.875% 2026			755		826
Petróleos Mexicanos 7.47% 2026		MXN	2,800		126
Petróleos Mexicanos 6.49% 2027		$	910		962
PTT Exploration and Production PCL 2.587% 2027⁶			320		332
Sinopec Group Overseas Development (2018), Ltd. 3.10% 2051⁶			370		359
					4,693

Financials 0.06%
Bangkok Bank PCL 3.733% 2034
(5-year UST Yield Curve Rate T Note Constant Maturity + 1.90% on 9/25/2029)⁸			1,140		1,185
Power Financial Corp., Ltd. 5.25% 2028			425		478
Power Financial Corp., Ltd. 6.15% 2028			432		512
Power Financial Corp., Ltd. 4.50% 2029			273		293
Power Financial Corp., Ltd. 3.35% 2031			310		304
					2,772


62	American Funds Insurance Series

New World Fund (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)			Value (000)
Corporate bonds, notes & loans (continued)
Utilities 0.04%
AES Panama Generation Holdings SRL 4.375% 2030⁶		$	280	$	293
Empresas Publicas de Medellin ESP 4.25% 2029⁶			412		409
Empresas Publicas de Medellin ESP 4.375% 2031⁶			360		356
State Grid Overseas Investment, Ltd. 3.50% 2027⁶			330		364
State Grid Overseas Investment, Ltd. 4.25% 2028			200		230
					1,652

Communication services 0.04%
Axiata SPV5 Labuan, Ltd. 3.064% 2050			357		343
PLDT, Inc. 2.50% 2031			210		208
Tencent Holdings, Ltd. 3.975% 2029			400		447
Tencent Holdings, Ltd. 3.24% 2050⁶			580		569
					1,567

Consumer discretionary 0.03%
Alibaba Group Holding, Ltd. 2.125% 2031			463		456
Alibaba Group Holding, Ltd. 3.15% 2051			610		601
MercadoLibre, Inc. 3.125% 2031			200		197
Sands China, Ltd. 4.375% 2030			220		239
					1,493

Materials 0.03%
Braskem Idesa SAPI 7.45% 2029			775		824
Braskem Idesa SAPI 7.45% 2029⁶			300		319
GC Treasury Center Co., Ltd. 2.98% 2031⁶			200		205
					1,348

Industrials 0.02%
Empresa de Transporte de Pasajeros Metro SA 4.70% 2050⁶			270		305
Mexico City Airport Trust 4.25% 2026			675		735
					1,040

Consumer staples 0.01%
MARB BondCo PLC 3.95% 2031⁶			600		579
Total corporate bonds, notes & loans					15,144
Total bonds, notes & other debt instruments (cost: $114,263,000)					118,547

Short-term securities 5.15%			Shares
Money market investments 5.09%
Capital Group Central Cash Fund 0.04%^10,11			2,354,521		235,452

Money market investments purchased with collateral from securities on loan 0.06%
Goldman Sachs Financial Square Government Fund, Institutional Shares 0.02%^10,12			1,576,823		1,577
Capital Group Central Cash Fund 0.04%^10,11,12			12,747		1,275
Invesco Short-Term Investments Trust – Government & Agency Portfolio, Institutional Class 0.03%^10,12			8,373		8
					2,860

Total short-term securities (cost: $238,326,000)					238,312
Total investment securities 100.14% (cost: $2,817,610,000)					4,633,175
Other assets less liabilities (0.14)%					(6,499	)

Net assets 100.00%				$	4,626,676


American Funds Insurance Series	63

New World Fund (continued)

Futures contracts

		Number of		Notional amount		¹³	Value at 6/30/2021		¹⁴	Unrealized (depreciation) appreciation at 6/30/2021
Contracts	Type	contracts	Expiration	(000)			(000)			(000)
10 Year Ultra U.S. Treasury Note Futures	Short	83	September 2021	$	(8,300	)	$	(12,218	)		$	(157	)
30 Year Ultra U.S. Treasury Bond Futures	Long	37	September 2021		3,700			7,130				147
											$	(10	)

Forward currency contracts

Contract amount				Unrealized appreciation
Purchases	Sales			at 6/30/2021
(000)	(000)	Counterparty	Settlement date	(000)
USD3,426	EUR2,830	Citibank	7/16/2021	$69

Investments in affiliates¹¹

	Value of affiliates at 1/1/2021 (000)		Additions (000)			Reductions (000)		Net realized loss (000)			Net unrealized depreciation (000)			Value of affiliates at 6/30/2021 (000)		Dividend income (000)
Short-term securities 5.12%
Money market investments 5.09%
Capital Group Central Cash Fund 0.04%¹⁰	$	224,497	$	400,715		$	389,733	$	(5	)	$	(22	)	$	235,452	$	115
Money market investments purchased with collateral from securities on loan 0.03%
Capital Group Central Cash Fund 0.04%^10,12		—		1,275	¹⁵										1,275		—	¹⁶
Total short-term securities															236,727
Total 5.12%								$	(5	)	$	(22	)	$	236,727	$	115


¹	Security did not produce income during the last 12 months.
²	Valued under fair value procedures adopted by authority of the board of trustees. The total value of all such securities was $32,506,000, which represented .70% of the net assets of the fund.
³	Value determined using significant unobservable inputs.
⁴	Acquired through a private placement transaction exempt from registration under the Securities Act of 1933. May be subject to legal or contractual restrictions on resale. Further details on these holdings appear on the following page.
⁵	All or a portion of this security was on loan. The total value of all such securities was $11,836,000, which represented .26% of the net assets of the fund. Refer to Note 5 for more information on securities lending.
⁶	Acquired in a transaction exempt from registration under Rule 144A of the Securities Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers. The total value of all such securities was $56,217,000, which represented 1.22% of the net assets of the fund.
⁷	Amount less than one thousand.
⁸	Step bond; coupon rate may change at a later date.
⁹	Scheduled interest and/or principal payment was not received.
¹⁰	Rate represents the seven-day yield at 6/30/2021.
¹¹	Part of the same “group of investment companies” as the fund as defined under the Investment Company Act of 1940, as amended.
¹²	Security purchased with cash collateral from securities on loan. Refer to Note 5 for more information on securities lending.
¹³	Notional amount is calculated based on the number of contracts and notional contract size.
¹⁴	Value is calculated based on the notional amount and current market price.
¹⁵	Represents net activity. Refer to Note 5 for more information on securities lending.
¹⁶	Dividend income is included with securities lending income in the fund’s statement of operations and is not shown in this table.


64	American Funds Insurance Series

New World Fund (continued)

Private placement securities	Acquisition date		Cost (000)		Value (000)	Percent of net assets
Nu Holdings, Ltd., Series G, noncumulative preferred shares	1/27/2021	$	3,831	$	4,504	.10	%
Nu Holdings, Ltd., Series A, noncumulative preferred shares	1/27/2021		654		769	.02
Nu Holdings, Ltd., Series Seed, noncumulative preferred shares	1/27/2021		543		638	.01
Nu Holdings, Ltd., Class A	1/27/2021		422		496	.01
Nu Holdings, Ltd., Series B, noncumulative preferred shares	1/27/2021		37		44	.00
Nu Holdings, Ltd., Series D, noncumulative preferred shares	1/27/2021		20		23	.00
QuintoAndar Servicos Imobiliarios Ltda., Series E, preferred shares	5/26/2021		5,258		5,258	.11
Getir BV, Series H, preferred shares	5/27/2021		3,500		3,500	.08
Total private placement securities		$	14,265	$	15,232	.33	%

Key to abbreviations and symbols

ADR = American Depositary Receipts

CDI = CREST Depository Interest

DOP = Dominican pesos

EUR/€ = Euros

GDR = Global Depositary Receipts

HKD = Hong Kong dollars

MXN = Mexican pesos

MYR = Malaysian ringgits

USD/$ = U.S. dollars

See notes to financial statements.

American Funds Insurance Series

Washington Mutual Investors Fund

(formerly Blue Chip Income and Growth Fund)

Investment portfolio June 30, 2021

unaudited

Common stocks 96.47%	Shares		Value (000)
Information technology 18.02%
Microsoft Corp.		2,106,009	$	570,518
Broadcom, Inc.		1,058,559		504,764
Intel Corp.		2,929,736		164,475
ASML Holding NV (New York registered) (ADR)		150,741		104,138
Visa, Inc., Class A		343,359		80,284
Apple, Inc.		572,719		78,440
Fidelity National Information Services, Inc.		430,405		60,975
Automatic Data Processing, Inc.		194,807		38,693
Applied Materials, Inc.		250,964		35,737
Mastercard, Inc., Class A		86,557		31,601
KLA Corp.		94,273		30,564
TE Connectivity, Ltd.		212,561		28,740
NetApp, Inc.		296,805		24,285
Paychex, Inc.		212,443		22,795
Texas Instruments, Inc.		71,883		13,823
Motorola Solutions, Inc.		59,914		12,992
SAP SE (ADR)		77,408		10,873
EPAM Systems, Inc.¹		12,712		6,495
Jack Henry & Associates, Inc.		24,063		3,935
Analog Devices, Inc.		21,755		3,745
Micron Technology, Inc.¹		2,103		179
				1,828,051

Financials 16.72%
BlackRock, Inc.		280,039		245,026
JPMorgan Chase & Co.		1,306,812		203,262
CME Group, Inc., Class A		806,892		171,610
PNC Financial Services Group, Inc.		720,704		137,482
Bank of America Corp.		2,381,587		98,193
Capital One Financial Corp.		533,487		82,525
Discover Financial Services		691,594		81,809
Intercontinental Exchange, Inc.		633,491		75,195
Marsh & McLennan Companies, Inc.		461,667		64,947
Citigroup, Inc.		898,745		63,586
Travelers Companies, Inc.		361,014		54,047
Nasdaq, Inc.		300,423		52,814
S&P Global, Inc.		127,999		52,537
Truist Financial Corp.		912,671		50,653
Toronto-Dominion Bank		710,883		49,797
Bank of Nova Scotia		672,679		43,771
Carlyle Group, Inc.		599,419		27,861
Moody’s Corp.		73,483		26,628
KeyCorp		1,118,961		23,107
KKR & Co., Inc.		347,353		20,577
Regions Financial Corp.		974,958		19,675
Citizens Financial Group, Inc.		382,827		17,560
Brookfield Asset Management, Inc., Class A		258,883		13,198
Fifth Third Bancorp		289,822		11,080
Everest Re Group, Ltd.		39,368		9,921
Brookfield Asset Management Reinsurance Partners, Ltd., Class A¹		1,785		93
				1,696,954

Health care 16.12%
UnitedHealth Group, Inc.		853,907		341,938
CVS Health Corp.		2,219,520		185,197
Johnson & Johnson		999,155		164,601
Pfizer, Inc.		4,126,310		161,586
Humana Inc.		272,364		120,581
Gilead Sciences, Inc.		1,434,225		98,761
AstraZeneca PLC (ADR)²		1,432,090		85,782
Abbott Laboratories		643,053		74,549

66	American Funds Insurance Series

Washington Mutual Investors Fund (continued)

(formerly Blue Chip Income and Growth Fund)

Common stocks (continued)	Shares		Value (000)
Health care (continued)
Cigna Corp.		271,716	$	64,416
Eli Lilly and Company		248,426		57,019
Danaher Corp.		211,449		56,744
Anthem, Inc.		148,502		56,698
Thermo Fisher Scientific, Inc.		58,001		29,260
Baxter International, Inc.		350,367		28,205
GlaxoSmithKline PLC (ADR)		661,074		26,324
Merck & Co., Inc.		206,593		16,067
Zoetis, Inc., Class A		64,934		12,101
Novo Nordisk A/S, Class B (ADR)		141,459		11,850
Medtronic PLC		88,527		10,989
Edwards Lifesciences Corp.¹		87,569		9,069
Zimmer Biomet Holdings, Inc.		56,341		9,061
Roche Holding AG (ADR)		181,439		8,526
Viatris, Inc.		269,185		3,847
Novartis AG (ADR)		29,792		2,718
Organon & Co.¹		11,153		337
				1,636,226

Industrials 10.79%
Northrop Grumman Corp.		385,717		140,181
Honeywell International, Inc.		598,303		131,238
CSX Corp.		3,521,404		112,967
Lockheed Martin Corp.		270,961		102,518
Union Pacific Corp.		415,039		91,280
Caterpillar, Inc.		340,203		74,038
Norfolk Southern Corp.		243,333		64,583
PACCAR, Inc.		678,643		60,569
L3Harris Technologies, Inc.		233,927		50,563
Raytheon Technologies Corp.		460,692		39,302
ABB, Ltd. (ADR)		867,885		29,499
Equifax, Inc.		114,445		27,411
Waste Connections, Inc.		227,476		27,167
Parker-Hannifin Corp.		85,730		26,329
Emerson Electric Co.		222,632		21,426
Republic Services, Inc.		188,596		20,747
RELX PLC (ADR)		570,375		15,212
HEICO Corp.		72,274		10,076
Johnson Controls International PLC		137,777		9,456
Cummins, Inc.		32,761		7,987
United Parcel Service, Inc., Class B		38,200		7,944
Rockwell Automation		26,600		7,608
Air Lease Corp., Class A		170,858		7,132
FedEx Corp.		22,467		6,703
Nidec Corp. (ADR)		115,542		3,339
				1,095,275

Communication services 7.93%
Comcast Corp., Class A		7,979,670		455,001
Alphabet, Inc., Class C¹		33,829		84,787
Alphabet, Inc., Class A¹		22,982		56,117
Facebook, Inc., Class A¹		258,277		89,805
Verizon Communications, Inc.		1,562,147		87,527
AT&T, Inc.		710,704		20,454
Electronic Arts, Inc.		40,638		5,845
Activision Blizzard, Inc.		51,183		4,885
				804,421

American Funds Insurance Series

Washington Mutual Investors Fund (continued)

(formerly Blue Chip Income and Growth Fund)

Common stocks (continued)	Shares		Value (000)
Consumer discretionary 6.16%
Home Depot, Inc.		599,482	$	191,169
General Motors Company¹		1,964,542		116,242
Darden Restaurants, Inc.		428,426		62,546
VF Corp.		729,025		59,809
Wynn Resorts, Ltd.¹		417,851		51,103
Amazon.com, Inc.¹		7,475		25,715
Dollar General Corp.		98,299		21,271
Chipotle Mexican Grill, Inc.¹		12,424		19,261
TJX Companies, Inc.		237,016		15,980
Marriott International, Inc., Class A¹		93,824		12,809
NIKE, Inc., Class B		81,576		12,603
YUM! Brands, Inc.		105,908		12,183
McDonald’s Corp.		34,091		7,875
Starbucks Corp.		66,885		7,478
Royal Caribbean Cruises, Ltd.¹		71,567		6,103
Domino’s Pizza, Inc.		6,418		2,994
				625,141

Consumer staples 5.63%
Nestlé SA (ADR)		798,424		99,595
Keurig Dr Pepper, Inc.		1,905,860		67,163
Mondelez International, Inc.		959,448		59,908
Conagra Brands, Inc.		1,466,412		53,348
Archer Daniels Midland Company		842,092		51,031
Hormel Foods Corp.		665,594		31,782
Reckitt Benckiser Group PLC (ADR)		1,699,218		30,416
Procter & Gamble Company		217,700		29,374
Walgreens Boots Alliance, Inc.		528,193		27,788
Kraft Heinz Company		679,313		27,702
Church & Dwight Co., Inc.		290,397		24,748
Unilever PLC (ADR)		384,674		22,504
Costco Wholesale Corp.		45,675		18,072
General Mills, Inc.		196,934		11,999
Kimberly-Clark Corp.		51,092		6,835
Danone (ADR)		426,506		6,001
Kroger Co.		68,480		2,624
				570,890

Energy 5.32%
Chevron Corp.		1,238,265		129,696
Enbridge, Inc.		2,218,846		88,843
Pioneer Natural Resources Company		473,437		76,943
EOG Resources, Inc.		656,642		54,790
Baker Hughes Co., Class A		2,372,089		54,250
ConocoPhillips		876,699		53,391
Exxon Mobil Corp.		500,717		31,585
Cabot Oil & Gas Corp.		1,103,310		19,264
Valero Energy Corp.		210,265		16,417
TC Energy Corp.		293,686		14,543
				539,722

Materials 4.62%
Dow Inc.		2,088,482		132,159
LyondellBasell Industries NV		936,756		96,364
Nucor Corp.		653,278		62,669
Air Products and Chemicals, Inc.		131,758		37,904
Rio Tinto PLC (ADR)		407,632		34,196
Vulcan Materials Co.		184,643		32,141
Linde PLC		64,217		18,565
PPG Industries, Inc.		77,713		13,194

68	American Funds Insurance Series

Washington Mutual Investors Fund (continued)

(formerly Blue Chip Income and Growth Fund)

Common stocks (continued)	Shares		Value (000)
Materials (continued)
Huntsman Corp.		488,334	$	12,951
Packaging Corporation of America		85,423		11,568
Corteva, Inc.		208,956		9,267
Sherwin-Williams Company		27,139		7,394
				468,372

Utilities 3.11%
Exelon Corp.		1,448,171		64,168
Sempra Energy		455,337		60,323
CMS Energy Corp.		603,614		35,662
Xcel Energy, Inc.		533,292		35,133
DTE Energy Company		265,640		34,427
NextEra Energy, Inc.		320,714		23,502
Public Service Enterprise Group, Inc.		289,506		17,295
American Electric Power Company, Inc.		147,763		12,499
Dominion Energy, Inc.		164,082		12,072
Edison International		184,742		10,682
Entergy Corp.		98,358		9,806
				315,569

Real estate 2.05%
Digital Realty Trust, Inc. REIT		483,148		72,694
Alexandria Real Estate Equities, Inc. REIT		204,208		37,154
Regency Centers Corp. REIT		443,190		28,395
Mid-America Apartment Communities, Inc. REIT		151,734		25,555
American Tower Corp. REIT		75,937		20,514
Boston Properties, Inc. REIT		121,984		13,978
Extra Space Storage, Inc. REIT		61,459		10,068
				208,358

Total common stocks (cost: $7,880,691,000)				9,788,979

Convertible stocks 0.57%
Utilities 0.26%
NextEra Energy, Inc., convertible preferred units, 5.279% 2023		263,600		12,906
Dominion Energy, Inc., Series A, convertible preferred shares, 7.25% 2022		112,000		10,878
American Electric Power Company, Inc., convertible preferred units, 6.125% 2023		56,400		2,890
				26,674

Health care 0.17%
Danaher Corp., Series B, cumulative convertible preferred shares, 5.00% 2023²		8,921		13,161
Becton, Dickinson and Company, Series B, convertible preferred shares, 6.00% 2023²		67,800		3,628
				16,789

Financials 0.08%
KKR & Co., Inc., Series C, 6.00% convertible preferred shares		100,000		7,706

Information technology 0.06%
Broadcom, Inc., Series A, cumulative convertible preferred shares, 8.00% 2022		4,300		6,536

Total convertible stocks (cost: $54,218,000)				57,705

Short-term securities 3.68%
Money market investments 3.02%
Capital Group Central Cash Fund 0.04%^3,4		3,061,380		306,138

American Funds Insurance Series

Washington Mutual Investors Fund (continued)

(formerly Blue Chip Income and Growth Fund)

Short-term securities (continued)	Shares		Value (000)
Money market investments purchased with collateral from securities on loan 0.66%
Goldman Sachs Financial Square Government Fund, Institutional Shares 0.02%^3,5		37,307,569	$	37,308
Capital Group Central Cash Fund 0.04%^3,4,5		301,593		30,159
Invesco Short-Term Investments Trust – Government & Agency Portfolio, Institutional Class 0.03%^3,5		198,091		198
				67,665

Total short-term securities (cost: $373,792,000)				373,803
Total investment securities 100.72% (cost: $8,308,701,000)				10,220,487
Other assets less liabilities (0.72)%				(72,903	)

Net assets 100.00%			$	10,147,584

Investments in affiliates⁴

	Value of affiliates at 1/1/2021 (000)		Additions (000)			Reductions (000)		Net realized loss (000)			Net unrealized depreciation (000)			Value of affiliates at 6/30/2021 (000)		Dividend income (000)
Short-term securities 3.32%
Money market investments 3.02%
Capital Group Central Cash Fund 0.04%³	$	178,532	$	1,511,735		$	1,384,098	$	(8	)	$	(23	)	$	306,138	$	70
Money market investments purchased with collateral from securities on loan 0.30%
Capital Group Central Cash Fund 0.04%^3,5		—		30,159	⁶										30,159		—	⁷
Total short-term securities															336,297
Total 3.32%								$	(8	)	$	(23	)	$	336,297	$	70

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 $73,663,000, which represented .73% of the net assets of the fund. Refer to Note 5 for more information on securities lending.
³	Rate represents the seven-day yield at 6/30/2021.
⁴	Part of the same “group of investment companies” as the fund as defined under the Investment Company Act of 1940, as amended.
⁵	Security purchased with cash collateral from securities on loan. Refer to Note 5 for more information on securities lending.
⁶	Represents net activity. Refer to Note 5 for more information on securities lending.
⁷	Dividend income is included with securities lending income in the fund’s statement of operations and is not shown in this table.

Key to abbreviation

ADR = American Depositary Receipts

See notes to financial statements.

70	American Funds Insurance Series

Capital World Growth and Income Fund

(formerly Global Growth and Income Fund)

Investment portfolio June 30, 2021

unaudited

Common stocks 94.60%	Shares		Value (000)
Information technology 18.57%
Microsoft Corp.		292,716	$	79,297
Broadcom, Inc.		158,869		75,755
Taiwan Semiconductor Manufacturing Company, Ltd.		3,370,800		71,983
ASML Holding NV		63,381		43,544
Tokyo Electron, Ltd.		61,300		26,530
Apple, Inc.		112,632		15,426
Mastercard, Inc., Class A		29,570		10,796
Logitech International SA		76,108		9,221
NetEase, Inc.		405,000		9,175
Keyence Corp.		16,800		8,479
Delta Electronics, Inc.		764,000		8,308
Accenture PLC, Class A		28,048		8,268
EPAM Systems, Inc.¹		14,829		7,577
Hexagon AB, Class B		381,021		5,645
GlobalWafers Co., Ltd.		144,000		4,750
Adobe, Inc.¹		8,100		4,744
Capgemini SE		21,421		4,115
Fujitsu Ltd.		20,600		3,857
OBIC Co., Ltd.		18,500		3,449
Advanced Micro Devices, Inc.¹		33,699		3,165
Visa, Inc., Class A		13,175		3,081
PayPal Holdings, Inc.¹		10,315		3,007
Applied Materials, Inc.		19,258		2,742
Ceridian HCM Holding, Inc.¹		26,904		2,581
MediaTek, Inc.		68,000		2,348
RingCentral, Inc., Class A¹		8,065		2,343
NortonLifeLock, Inc.		80,313		2,186
ServiceNow, Inc.¹		3,886		2,135
Shopify, Inc., Class A, subordinate voting shares (CAD denominated)¹		1,337		1,955
Worldline SA, non-registered shares¹		20,829		1,950
Snowflake, Inc., Class A¹		7,760		1,876
Nomura Research Institute, Ltd.		50,700		1,677
Samsung Electronics Co., Ltd.		20,872		1,496
Micron Technology, Inc.¹		10,560		897
Atlassian Corp. PLC, Class A¹		3,492		897
SS&C Technologies Holdings, Inc.		12,082		871
Afterpay, Ltd.¹		9,714		861
GDS Holdings, Ltd., Class A¹		58,400		578
Autodesk, Inc.¹		1,003		293
				437,858

Financials 14.65%
AIA Group, Ltd.		2,780,400		34,557
Kotak Mahindra Bank, Ltd.¹		869,039		19,944
CME Group, Inc., Class A		92,036		19,574
Zurich Insurance Group AG		47,087		18,891
Toronto-Dominion Bank (CAD denominated)		249,135		17,459
Sberbank of Russia PJSC (ADR)		927,306		15,398
HDFC Bank, Ltd.		623,164		12,558
HDFC Bank, Ltd. (ADR)		21,583		1,578
JPMorgan Chase & Co.		83,900		13,050
Ping An Insurance (Group) Company of China, Ltd., Class H		1,097,500		10,750
Ping An Insurance (Group) Company of China, Ltd., Class A		62,500		622
S&P Global, Inc.		25,987		10,666
HDFC Life Insurance Company, Ltd.		1,072,357		9,901
ING Groep NV		736,557		9,729
DNB ASA		445,505		9,707
Lufax Holding, Ltd. (ADR)^1,2		763,916		8,632
Nasdaq, Inc.		47,618		8,371
BlackRock, Inc.		8,911		7,797
M&G PLC		2,415,609		7,649

American Funds Insurance Series

Capital World Growth and Income Fund (continued)

(formerly Global Growth and Income Fund)

Common stocks (continued)	Shares		Value (000)
Financials (continued)
KBC Groep NV		100,287	$	7,646
Citigroup, Inc.		104,865		7,419
B3 SA-Brasil, Bolsa, Balcao		1,995,721		6,749
PNC Financial Services Group, Inc.		34,777		6,634
Intercontinental Exchange, Inc.		54,492		6,468
Barclays PLC		2,633,650		6,234
Discover Financial Services		50,737		6,002
The Blackstone Group, Inc.		60,453		5,873
Hong Kong Exchanges and Clearing, Ltd.		89,700		5,347
St. James’s Place PLC		218,457		4,463
American International Group, Inc.		87,991		4,188
Tradeweb Markets, Inc., Class A		41,602		3,518
Macquarie Group, Ltd.		29,731		3,488
Bank of America Corp.		76,833		3,168
Legal & General Group PLC		843,355		3,005
Futu Holdings, Ltd. (ADR)¹		16,335		2,926
FinecoBank SpA¹		157,067		2,738
Banco Santander, SA		713,361		2,723
BNP Paribas SA		41,532		2,604
Berkshire Hathaway, Inc., Class B¹		9,154		2,544
Moody’s Corp.		6,973		2,527
Power Corporation of Canada, subordinate voting shares		75,066		2,373
National Bank of Canada		19,203		1,437
AXA SA		56,201		1,425
Bajaj Finance, Ltd.¹		17,549		1,420
Tryg A/S		48,816		1,198
Swedbank AB, Class A		61,820		1,150
Aegon NV²		226,986		942
China Pacific Insurance (Group) Co., Ltd., Class H		286,000		901
Marsh & McLennan Companies, Inc.		4,287		603
BOC Hong Kong (Holdings), Ltd.		174,500		592
Allfunds Group PLC¹		12,918		225
DBS Group Holdings, Ltd.		1,595		35
				345,398

Consumer discretionary 12.15%
LVMH Moët Hennessy-Louis Vuitton SE		52,716		41,337
Amazon.com, Inc.¹		10,466		36,005
General Motors Company¹		440,292		26,052
Home Depot, Inc.		76,806		24,493
MercadoLibre, Inc.¹		10,746		16,740
Flutter Entertainment PLC¹		67,148		12,158
Stellantis NV		503,618		9,880
Midea Group Co., Ltd., Class A		696,900		7,698
Ocado Group PLC¹		267,420		7,410
adidas AG		19,898		7,406
Marriott International, Inc., Class A¹		49,582		6,769
Barratt Developments PLC		691,446		6,649
Restaurant Brands International, Inc. (CAD denominated)²		98,950		6,376
Restaurant Brands International, Inc.		2,330		150
Chipotle Mexican Grill, Inc.¹		4,023		6,237
Kering SA		6,422		5,612
Ferrari NV (EUR denominated)		25,598		5,281
Shimano, Inc.		22,000		5,218
Booking Holdings, Inc.¹		2,007		4,392
Cie. Financière Richemont SA, Class A		32,788		3,967
Astra International Tbk PT		11,337,300		3,863
NIKE, Inc., Class B		23,456		3,624
Sony Group Corp.		35,000		3,407
Moncler SpA		49,234		3,331
Evolution AB		20,919		3,306

72	American Funds Insurance Series

Capital World Growth and Income Fund (continued)

(formerly Global Growth and Income Fund)

Common stocks (continued)	Shares		Value (000)
Consumer discretionary (continued)
Naspers, Ltd., Class N		14,466	$	3,037
Nokian Renkaat Oyj		71,812		2,899
Taylor Wimpey PLC		1,310,386		2,881
DraftKings, Inc., Class A¹		49,904		2,604
EssilorLuxottica		13,319		2,458
Just Eat Takeaway (GBP denominated)¹		24,031		2,225
Meituan, Class B¹		52,200		2,154
SAIC Motor Corp., Ltd., Class A¹		626,400		2,130
Industria de Diseño Textil, SA		60,428		2,129
H & M Hennes & Mauritz AB, Class B¹		77,418		1,836
Wayfair Inc., Class A¹		3,927		1,240
Peloton Interactive, Inc., Class A¹		7,728		958
Domino’s Pizza Enterprises, Ltd.		8,633		780
Tesla, Inc.¹		1,085		737
InterContinental Hotels Group PLC¹		10,909		726
Faurecia SA		5,839		286
				286,441

Health care 11.16%
Abbott Laboratories		316,200		36,657
UnitedHealth Group, Inc.		72,720		29,120
Gilead Sciences, Inc.		377,811		26,016
Novartis AG		242,534		22,103
Amgen, Inc.		76,913		18,748
Thermo Fisher Scientific, Inc.		33,122		16,709
AstraZeneca PLC		98,167		11,791
Stryker Corp.		39,293		10,206
Sanofi		72,406		7,586
Centene Corp.¹		93,169		6,795
Eli Lilly and Company		26,860		6,165
Medtronic PLC		48,782		6,055
Pfizer, Inc.		148,916		5,832
Chugai Pharmaceutical Co., Ltd.		141,500		5,607
Siemens Healthineers AG		76,722		4,701
Coloplast A/S, Class B		26,296		4,315
WuXi Biologics (Cayman), Inc.¹		233,000		4,270
Zimmer Biomet Holdings, Inc.		25,906		4,166
Olympus Corp.		184,800		3,673
PerkinElmer, Inc.		23,686		3,657
Carl Zeiss Meditec AG, non-registered shares		17,531		3,387
AbbVie, Inc.		25,247		2,844
Baxter International, Inc.		30,945		2,491
Intuitive Surgical, Inc.¹		2,687		2,471
Illumina, Inc.¹		5,170		2,446
Zoetis, Inc., Class A		12,774		2,381
Cigna Corp.		7,371		1,747
Alcon, Inc.		24,235		1,697
Teva Pharmaceutical Industries, Ltd. (ADR)¹		169,706		1,680
M3, Inc.		22,000		1,607
Vertex Pharmaceuticals, Inc.¹		7,437		1,500
Hypera SA, ordinary nominative shares		179,438		1,244
GlaxoSmithKline PLC		57,137		1,122
DexCom, Inc.¹		2,076		886
Insulet Corp.¹		3,116		855
CanSino Biologics, Inc., Class H¹		11,200		595
				263,125

American Funds Insurance Series

Capital World Growth and Income Fund (continued)

(formerly Global Growth and Income Fund)

Common stocks (continued)	Shares		Value (000)
Communication services 10.41%
Alphabet, Inc., Class C¹		13,065	$	32,745
Alphabet, Inc., Class A¹		8,834		21,571
Netflix, Inc.¹		73,037		38,579
Facebook, Inc., Class A¹		101,781		35,390
SoftBank Corp.		1,771,200		23,173
Comcast Corp., Class A		361,394		20,607
Yandex NV, Class A¹		239,086		16,915
Tencent Holdings, Ltd.		148,500		11,169
Altice USA, Inc., Class A¹		246,652		8,421
SoftBank Group Corp.		89,000		6,229
Bilibili, Inc., Class Z (ADR)¹		24,613		2,999
Bilibili, Inc., Class Z¹		23,180		2,854
Activision Blizzard, Inc.		50,869		4,855
Sea, Ltd., Class A (ADR)¹		13,375		3,673
Cellnex Telecom, SA, non-registered shares		57,116		3,638
Vivendi SA²		103,892		3,490
Daily Mail and General Trust PLC, Class A, nonvoting shares		258,506		3,447
Omnicom Group, Inc.		24,376		1,950
ITV PLC¹		1,096,106		1,904
América Móvil, SAB de CV, Series L (ADR)		58,815		882
Walt Disney Company¹		3,716		653
Indus Towers, Ltd.		98,788		317
				245,461

Industrials 8.31%
Airbus SE, non-registered shares¹		155,935		20,051
CSX Corp.		596,814		19,146
General Electric Co.		815,977		10,983
Deere & Company		24,478		8,634
Safran SA		61,889		8,580
LIXIL Corp.		305,600		7,903
Parker-Hannifin Corp.		25,409		7,803
BAE Systems PLC		1,058,265		7,642
Lockheed Martin Corp.		20,004		7,568
Country Garden Services Holdings Co., Ltd.		591,000		6,386
Stanley Black & Decker, Inc.		28,809		5,906
VINCI SA		55,293		5,900
Honeywell International, Inc.		25,632		5,622
Raytheon Technologies Corp.		65,196		5,562
TransDigm Group, Inc.¹		7,424		4,805
Compagnie de Saint-Gobain SA, non-registered shares		71,621		4,717
Melrose Industries PLC		2,193,953		4,707
Recruit Holdings Co., Ltd.		94,000		4,628
Emerson Electric Co.		47,421		4,564
Nidec Corp.		36,900		4,276
Johnson Controls International PLC		57,412		3,940
Bunzl PLC		96,986		3,205
Eiffage SA		26,656		2,712
Aena SME, SA, non-registered shares		15,922		2,611
ASSA ABLOY AB, Class B		81,458		2,454
Ryanair Holdings PLC (ADR)¹		22,571		2,442
Union Pacific Corp.		9,600		2,111
Sydney Airport, units¹		472,784		2,053
Adecco Group AG		29,114		1,978
RELX PLC		69,864		1,855
SMC Corp.		3,100		1,832
ACS, Actividades de Construcción y Servicios, SA		60,033		1,608
Wizz Air Holdings PLC¹		23,911		1,544
AB Volvo, Class B		64,119		1,543
ManpowerGroup, Inc.		12,744		1,515
InPost SA¹		72,793		1,461

74	American Funds Insurance Series

Capital World Growth and Income Fund (continued)

(formerly Global Growth and Income Fund)

Common stocks (continued)	Shares		Value (000)
Industrials (continued)
Atlas Copco AB, Class B		27,077	$	1,424
L3Harris Technologies, Inc.		6,496		1,404
Carrier Global Corp.		26,716		1,298
Ritchie Bros. Auctioneers, Inc.		12,985		770
Schneider Electric SE		3,633		572
Otis Worldwide Corp.		4,082		334
				196,049

Consumer staples 6.00%
Philip Morris International, Inc.		327,580		32,466
Nestlé SA		140,236		17,463
British American Tobacco PLC		375,918		14,560
British American Tobacco PLC (ADR)		15,802		621
Keurig Dr Pepper, Inc.		405,571		14,292
Altria Group, Inc.		198,594		9,469
Kweichow Moutai Co., Ltd., Class A		24,100		7,671
Swedish Match AB		756,927		6,455
Heineken NV		52,309		6,339
Imperial Brands PLC		218,629		4,709
Danone SA		56,010		3,943
Kirin Holdings Company, Ltd.		200,600		3,911
Constellation Brands, Inc., Class A		15,800		3,696
Treasury Wine Estates, Ltd.		400,908		3,512
Bunge, Ltd.		44,000		3,439
Mondelez International, Inc.		33,312		2,080
Conagra Brands, Inc.		50,345		1,832
Pernod Ricard SA		6,779		1,505
Thai Beverage PCL		2,419,500		1,215
ITC, Ltd.		248,407		677
Arca Continental, SAB de CV¹		112,300		651
Oatly Group AB (ADR)¹		23,567		576
Inner Mongolia Yili Industrial Group Co., Ltd., Class A		82,400		470
				141,552

Materials 5.71%
Vale SA, ordinary nominative shares		1,379,408		31,408
Vale SA, ordinary nominative shares (ADR)		986,518		22,503
Rio Tinto PLC		287,922		23,694
BHP Group PLC		362,100		10,669
Fortescue Metals Group, Ltd.		508,556		8,902
Linde PLC		20,634		5,965
Freeport-McMoRan, Inc.		125,242		4,648
Shin-Etsu Chemical Co., Ltd.		27,600		4,616
HeidelbergCement AG		42,449		3,641
Dow Inc.		47,755		3,022
CRH PLC		51,660		2,603
Akzo Nobel NV		20,294		2,507
Amcor PLC (CDI)		165,731		1,880
Albemarle Corp.		10,500		1,769
Barrick Gold Corp. (CAD denominated)		79,724		1,649
Koninklijke DSM NV		8,292		1,548
Air Liquide SA, non-registered shares		6,629		1,161
Evonik Industries AG		28,154		944
Huntsman Corp.		31,500		835
Lynas Rare Earths, Ltd.¹		163,843		702
				134,666

American Funds Insurance Series

Capital World Growth and Income Fund (continued)

(formerly Global Growth and Income Fund)

Common stocks (continued)	Shares		Value (000)
Energy 2.76%
Canadian Natural Resources, Ltd. (CAD denominated)		535,070	$	19,424
EOG Resources, Inc.		119,710		9,989
Gazprom PJSC (ADR)		1,097,013		8,361
TC Energy Corp. (CAD denominated)		114,213		5,652
BP PLC		994,134		4,332
Chevron Corp.		40,379		4,229
ConocoPhillips		57,341		3,492
TotalEnergies SE		76,543		3,463
Royal Dutch Shell PLC, Class B		147,294		2,851
Suncor Energy, Inc.		88,930		2,130
Reliance Industries, Ltd.		43,639		1,239
				65,162

Utilities 2.72%
Enel SpA		1,613,152		14,981
DTE Energy Company		76,995		9,979
China Resources Gas Group, Ltd.		1,534,000		9,207
Iberdrola, SA, non-registered shares		608,791		7,421
Entergy Corp.		50,365		5,021
E.ON SE		380,980		4,406
NextEra Energy, Inc.		50,808		3,723
Ørsted AS		14,147		1,985
Engie SA		141,365		1,937
China Gas Holdings, Ltd.		578,200		1,765
Endesa, SA		64,074		1,554
AES Corp.		52,478		1,368
Power Grid Corporation of India, Ltd.		239,207		748
				64,095

Real estate 2.16%
Crown Castle International Corp. REIT		89,497		17,461
American Tower Corp. REIT		38,009		10,268
Longfor Group Holdings, Ltd.		1,443,500		8,087
Boston Properties, Inc. REIT		25,581		2,931
VICI Properties, Inc. REIT		75,169		2,332
Equinix, Inc. REIT		2,838		2,278
Shimao Group Holdings, Ltd.		692,000		1,697
CIFI Holdings (Group) Co., Ltd.		1,970,000		1,538
Vonovia SE		17,384		1,124
Sun Hung Kai Properties, Ltd.		67,000		998
China Resources Land, Ltd.		206,000		834
Iron Mountain, Inc. REIT		16,501		698
China Resources Mixc Lifestyle Services, Ltd.		95,800		656
Shimao Services Holdings, Ltd.		39,000		135
				51,037

Total common stocks (cost: $1,685,564,000)				2,230,844

Preferred securities 0.90%
Consumer discretionary 0.47%
Volkswagen AG, nonvoting preferred shares		44,378		11,114

Financials 0.25%
Banco Bradesco SA, preferred nominative shares		1,072,017		5,546
Fannie Mae, Series S, 8.25% noncumulative preferred shares¹		58,870		125
Federal Home Loan Mortgage Corp., Series Z, 8.375% noncumulative preferred shares^1,2		61,516		125
				5,796

76	American Funds Insurance Series

Capital World Growth and Income Fund (continued)

(formerly Global Growth and Income Fund)

Preferred securities (continued)	Shares		Value (000)
Information technology 0.12%
Samsung Electronics Co., Ltd., nonvoting preferred shares		44,774	$	2,930

Health care 0.06%
Grifols, SA, Class B, nonvoting non-registered preferred shares		78,875		1,384

Total preferred securities (cost: $20,947,000)				21,224

Rights & warrants 0.00%
Industrials 0.00%
ACS, Actividades de Construcción y Servicios, SA, rights, non-registered shares, expire 2021¹		26,540		37

Total rights & warrants (cost: $40,000)				37

Convertible stocks 0.23%
Financials 0.13%
2020 Cash Mandatory Exchangeable Trust, convertible preferred shares, 0% 2023³		2,400		3,030

Information technology 0.06%
Broadcom, Inc., Series A, cumulative convertible preferred shares, 8.00% 2022		1,016		1,544

Utilities 0.04%
DTE Energy Company, convertible preferred units, 6.25% 2022		20,000		989

Total convertible stocks (cost: $5,446,000)				5,563

Convertible bonds & notes 0.20%	Principal amount (000)
Communication services 0.20%
Sea Ltd., convertibles notes, 2.375% 2025	$	1,500		4,635

Total convertible bonds & notes (cost: $3,840,000)				4,635

Bonds, notes & other debt instruments 0.37%
Corporate bonds, notes & loans 0.32%
Health care 0.12%
Teva Pharmaceutical Finance Co. BV 6.00% 2024		1,600		1,700
Teva Pharmaceutical Finance Co. BV 3.15% 2026		1,100		1,048
				2,748

Consumer discretionary 0.11%
Carnival Corp. 11.50% 2023³		800		901
General Motors Company 5.40% 2023		300		331
General Motors Financial Co. 5.20% 2023		300		323
Royal Caribbean Cruises, Ltd. 11.50% 2025³		800		923
				2,478

Energy 0.04%
TransCanada PipeLines, Ltd. 5.10% 2049		800		1,052

American Funds Insurance Series

Capital World Growth and Income Fund (continued)

(formerly Global Growth and Income Fund)

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Corporate bonds, notes & loans (continued)
Communication services 0.04%
CenturyLink, Inc. 7.50% 2024	$	400	$	450
Sprint Corp. 7.25% 2021		500		508
				958
Consumer staples 0.01%
JBS Investments GMBH II 7.00% 2026³		300		319

Total corporate bonds, notes & loans				7,555

Bonds & notes of governments & government agencies outside the U.S. 0.05%
United Mexican States, Series M, 8.00% 2023	MXN	20,000		1,052

Total bonds, notes & other debt instruments (cost: $8,537,000)				8,607

Short-term securities 4.24%		Shares
Money market investments 3.74%
Capital Group Central Cash Fund 0.04%^4,5		882,377		88,238

Money market investments purchased with collateral from securities on loan 0.50%
Goldman Sachs Financial Square Government Fund, Institutional Shares 0.02%^4,6		6,422,520		6,422
Capital Group Central Cash Fund 0.04%^4,5,6		51,919		5,192
Invesco Short-Term Investments Trust – Government & Agency Portfolio, Institutional Class 0.03%^4,6		34,102		34
				11,648

Total short-term securities (cost: $99,895,000)				99,886
Total investment securities 100.54% (cost: $1,824,269,000)				2,370,796
Other assets less liabilities (0.54)%				(12,619	)

Net assets 100.00%			$	2,358,177

Investments in affiliates⁵

	Value of affiliates at 1/1/2021 (000)		Additions (000)			Reductions (000)		Net realized gain (000)		Net unrealized depreciation (000)			Value of affiliates at 6/30/2021 (000)		Dividend income (000)
Short-term securities 3.96%
Money market investments 3.74%
Capital Group Central Cash Fund 0.04%⁴	$	66,489	$	397,923		$	376,162	$	4	$	(16	)	$	88,238	$	26
Money market investments purchased with collateral from securities on loan 0.22%
Capital Group Central Cash Fund 0.04%^4,6		—		5,192	⁷									5,192		—	⁸
Total short-term securities														93,430
Total 3.96%								$	4	$	(16	)	$	93,430	$	26

78	American Funds Insurance Series

Capital World Growth and Income Fund (continued)

(formerly Global Growth and Income Fund)

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 $12,432,000, which represented .53% of the net assets of the fund. Refer to Note 5 for more information on securities lending.
³	Acquired in a transaction exempt from registration under Rule 144A of the Securities Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers. The total value of all such securities was $5,173,000, which represented .22% of the net assets of the fund.
⁴	Rate represents the seven-day yield at 6/30/2021.
⁵	Part of the same “group of investment companies” as the fund as defined under the Investment Company Act of 1940, as amended.
⁶	Security purchased with cash collateral from securities on loan. Refer to Note 5 for more information on securities lending.
⁷	Represents net activity. Refer to Note 5 for more information on securities lending.
⁸	Dividend income is included with securities lending income in the fund’s statement of operations and is not shown in this table.

Key to abbreviations

ADR = American Depositary Receipts

CAD = Canadian dollars

CDI = CREST Depository Interest

EUR = Euros

GBP = British pounds

MXN = Mexican pesos

See notes to financial statements.

American Funds Insurance Series

Growth-Income Fund
Investment portfolio June 30, 2021	unaudited

Common stocks 96.66%	Shares		Value (000)
Information technology 22.24%
Microsoft Corp.		10,424,024	$	2,823,868
Broadcom, Inc.		2,560,501		1,220,949
Mastercard, Inc., Class A		1,741,921		635,958
Visa, Inc., Class A		1,282,991		299,989
Taiwan Semiconductor Manufacturing Company, Ltd.		13,692,000		292,391
Accenture PLC, Class A		991,200		292,196
Adobe, Inc.¹		453,373		265,513
ASML Holding NV		234,068		160,810
ASML Holding NV (New York registered) (ADR)		147,800		102,106
Fidelity National Information Services, Inc.		1,268,981		179,777
Intel Corp.		2,996,600		168,229
Automatic Data Processing, Inc.		845,000		167,834
Apple, Inc.		1,220,400		167,146
ServiceNow, Inc.¹		281,938		154,939
Autodesk, Inc.¹		530,000		154,707
PayPal Holdings, Inc.¹		498,649		145,346
Concentrix Corp.¹		868,198		139,606
GoDaddy Inc., Class A¹		1,402,444		121,956
Ceridian HCM Holding, Inc.¹		1,240,574		118,996
StoneCo, Ltd., Class A¹		1,659,500		111,286
FleetCor Technologies, Inc.¹		420,507		107,675
Global Payments, Inc.		572,628		107,391
Euronet Worldwide, Inc.¹		763,602		103,354
CDK Global, Inc.		2,042,800		101,507
Cognizant Technology Solutions Corp., Class A		1,345,000		93,155
MKS Instruments, Inc.		481,000		85,594
Applied Materials, Inc.		517,400		73,678
Shopify, Inc., Class A, subordinate voting shares¹		48,000		70,127
Atlassian Corp. PLC, Class A¹		247,800		63,650
Texas Instruments, Inc.		308,278		59,282
Fiserv, Inc.¹		536,700		57,368
QUALCOMM, Inc.		375,195		53,627
Micron Technology, Inc.¹		629,500		53,495
Amphenol Corp., Class A		772,000		52,812
Dye & Durham, Ltd.		1,322,100		50,800
KLA Corp.		155,000		50,253
Samsung Electronics Co., Ltd.		570,000		40,846
Lam Research Corp.		62,390		40,597
Analog Devices, Inc.		231,000		39,769
Trimble, Inc.¹		413,300		33,820
NetEase, Inc.		1,093,900		24,782
VeriSign, Inc.¹		61,000		13,889
Arista Networks, Inc.¹		32,500		11,775
				9,112,848

Communication services 16.78%
Facebook, Inc., Class A¹		5,728,392		1,991,819
Alphabet, Inc., Class A¹		408,780		998,155
Alphabet, Inc., Class C¹		358,167		897,681
Netflix, Inc.¹		2,577,884		1,361,664
Comcast Corp., Class A		14,034,950		800,273
Charter Communications, Inc., Class A¹		573,127		413,482
Electronic Arts, Inc.		1,168,000		167,993
Tencent Holdings, Ltd.		1,782,100		134,043
Walt Disney Company¹		300,000		52,731
Vodafone Group PLC		20,000,000		33,570
Activision Blizzard, Inc.		262,939		25,095
				6,876,506

80	American Funds Insurance Series

Growth-Income Fund (continued)

Common stocks (continued)	Shares		Value (000)
Health care 11.31%
UnitedHealth Group, Inc.		2,609,900	$	1,045,108
Abbott Laboratories		6,794,592		787,697
Gilead Sciences, Inc.		7,260,400		499,951
Amgen, Inc.		1,036,000		252,525
Novo Nordisk A/S, Class B		2,446,056		204,929
AstraZeneca PLC		1,249,112		150,033
AstraZeneca PLC (ADR)²		721,200		43,200
Anthem, Inc.		463,288		176,883
Thermo Fisher Scientific, Inc.		336,353		169,680
AbbVie, Inc.		1,296,036		145,986
GlaxoSmithKline PLC		6,402,300		125,706
PerkinElmer, Inc.		743,500		114,804
Merck & Co., Inc.		1,377,900		107,159
Medtronic PLC		860,000		106,752
Royalty Pharma PLC, Class A		2,557,706		104,840
Baxter International, Inc.		995,800		80,162
Edwards Lifesciences Corp.¹		712,289		73,772
Eli Lilly and Company		248,703		57,082
Zimmer Biomet Holdings, Inc.		342,366		55,059
AmerisourceBergen Corp.		475,400		54,429
NovoCure, Ltd.¹		193,600		42,944
Vertex Pharmaceuticals, Inc.¹		192,000		38,713
Roche Holding AG, nonvoting non-registered shares		93,081		35,065
Seagen, Inc.¹		215,292		33,990
Stryker Corp.		117,135		30,424
Ultragenyx Pharmaceutical, Inc.¹		315,000		30,035
Humana Inc.		65,300		28,910
Allogene Therapeutics, Inc.¹		800,000		20,864
Vir Biotechnology, Inc.¹		258,400		12,217
Organon & Co.¹		118,490		3,586
				4,632,505

Industrials 10.29%
Carrier Global Corp.		8,800,613		427,710
CSX Corp.		8,801,100		282,339
Woodward, Inc.		2,204,500		270,889
Northrop Grumman Corp.		733,200		266,467
Raytheon Technologies Corp.		2,574,145		219,600
Equifax, Inc.		893,208		213,932
Airbus SE, non-registered shares¹		1,617,590		207,994
TransDigm Group, Inc.¹		302,520		195,818
Meggitt PLC¹		30,279,152		193,174
Waste Connections, Inc.		1,516,231		181,084
Union Pacific Corp.		697,700		153,445
TFI International, Inc.		1,671,259		152,402
BWX Technologies, Inc.		2,357,405		137,012
Norfolk Southern Corp.		482,759		128,129
General Dynamics Corp.		593,975		111,822
Waste Management, Inc.		767,700		107,563
Old Dominion Freight Line, Inc.		405,000		102,789
L3Harris Technologies, Inc.		446,960		96,610
General Electric Co.		7,022,250		94,520
Honeywell International, Inc.		409,067		89,729
Air Lease Corp., Class A		2,097,300		87,541
Lockheed Martin Corp.		230,000		87,021
Fortive Corp.		1,085,000		75,668
Safran SA		539,713		74,825
ITT, Inc.		750,836		68,769
Ryanair Holdings PLC (ADR)¹		445,550		48,213
Ryanair Holdings PLC¹		611,907		11,580
Fastenal Co.		635,000		33,020
Montana Aerospace AG¹		658,516		27,721

American Funds Insurance Series

Growth-Income Fund (continued)

Common stocks (continued)	Shares		Value (000)
Industrials (continued)
Cummins, Inc.		100,000	$	24,381
Caterpillar, Inc.		101,600		22,111
Otis Worldwide Corp.		268,100		21,923
				4,215,801

Financials 10.10%
JPMorgan Chase & Co.		4,619,132		718,460
PNC Financial Services Group, Inc.		1,531,486		292,146
Marsh & McLennan Companies, Inc.		1,744,801		245,459
Intercontinental Exchange, Inc.		2,000,990		237,518
CME Group, Inc., Class A		1,078,500		229,375
Aon PLC, Class A		882,200		210,634
Chubb, Ltd.		1,239,153		196,951
Nasdaq, Inc.		1,095,500		192,589
BlackRock, Inc.		205,800		180,069
S&P Global, Inc.		433,338		177,864
Moody’s Corp.		425,900		154,333
Travelers Companies, Inc.		931,955		139,523
American International Group, Inc.		2,851,000		135,708
Arthur J. Gallagher & Co.		966,650		135,408
Discover Financial Services		1,019,080		120,547
KeyCorp		4,886,953		100,916
Bank of America Corp.		2,445,755		100,838
Hong Kong Exchanges and Clearing, Ltd.		1,659,500		98,916
State Street Corp.		1,077,260		88,637
Power Corporation of Canada, subordinate voting shares		2,443,100		77,219
Charles Schwab Corp.		879,000		64,000
B3 SA-Brasil, Bolsa, Balcao		15,096,000		51,050
Truist Financial Corp.		870,732		48,326
Wells Fargo & Company		981,600		44,457
Webster Financial Corp.		823,516		43,926
Citizens Financial Group, Inc.		728,750		33,428
UBS Group AG		1,343,666		20,563
				4,138,860

Consumer discretionary 8.77%
Amazon.com, Inc.¹		380,560		1,309,187
General Motors Company¹		8,736,000		516,909
Home Depot, Inc.		813,961		259,564
Wyndham Hotels & Resorts, Inc.		3,132,634		226,458
Royal Caribbean Cruises, Ltd.¹		1,925,400		164,198
Hilton Worldwide Holdings, Inc.¹		1,177,320		142,008
Burlington Stores, Inc.¹		381,458		122,826
Dollar Tree Stores, Inc.¹		1,105,278		109,975
MercadoLibre, Inc.¹		70,000		109,045
Kering SA		101,695		88,871
Chipotle Mexican Grill, Inc.¹		53,110		82,339
Lowe’s Companies, Inc.		345,000		66,920
Peloton Interactive, Inc., Class A¹		465,000		57,669
Hasbro, Inc.		558,000		52,742
Thor Industries, Inc.		440,200		49,743
Dollar General Corp.		223,710		48,409
McDonald’s Corp.		198,000		45,736
Aptiv PLC¹		233,000		36,658
YUM! Brands, Inc.		196,630		22,618
Starbucks Corp.		199,000		22,250
Marriott International, Inc., Class A¹		161,200		22,007
Booking Holdings, Inc.¹		8,100		17,724
Wynn Resorts, Ltd.¹		105,122		12,857
Airbnb, Inc., Class A¹		39,731		6,084
				3,592,797

82	American Funds Insurance Series

Growth-Income Fund (continued)

Common stocks (continued)	Shares		Value (000)
Materials 4.88%
Linde PLC		1,010,978	$	292,274
Vale SA, ordinary nominative shares (ADR)		9,206,039		209,990
Vale SA, ordinary nominative shares		3,404,848		77,526
LyondellBasell Industries NV		2,453,100		252,350
Celanese Corp.		1,250,900		189,636
Air Products and Chemicals, Inc.		602,306		173,271
Dow Inc.		2,550,000		161,364
International Flavors & Fragrances, Inc.		1,075,001		160,605
Freeport-McMoRan, Inc.		3,803,000		141,129
Sherwin-Williams Company		475,300		129,496
Rio Tinto PLC		1,020,655		83,992
PPG Industries, Inc.		295,550		50,176
Barrick Gold Corp.		2,373,000		49,074
Allegheny Technologies, Inc.¹		1,458,734		30,415
				2,001,298

Consumer staples 4.39%
Philip Morris International, Inc.		5,342,126		529,458
Keurig Dr Pepper, Inc.		10,054,335		354,315
British American Tobacco PLC		4,663,859		180,642
Reckitt Benckiser Group PLC		1,275,000		112,824
Anheuser-Busch InBev SA/NV		1,358,211		97,934
Nestlé SA		731,589		91,104
Mondelez International, Inc.		1,436,300		89,682
Molson Coors Beverage Company, Class B, restricted voting shares¹		1,620,313		86,995
Clorox Co.		300,000		53,973
Herbalife Nutrition, Ltd.¹		849,000		44,768
Church & Dwight Co., Inc.		424,500		36,176
General Mills, Inc.		428,800		26,127
Pernod Ricard SA		117,200		26,015
Constellation Brands, Inc., Class A		100,700		23,553
Lamb Weston Holdings, Inc.		291,727		23,531
Kraft Heinz Company		567,200		23,130
				1,800,227

Energy 3.02%
Canadian Natural Resources, Ltd. (CAD denominated)		7,948,000		288,528
EOG Resources, Inc.		3,255,400		271,631
Chevron Corp.		2,127,065		222,789
ConocoPhillips		2,699,104		164,375
TC Energy Corp. (CAD denominated)		1,821,019		90,111
Equitrans Midstream Corp.		9,950,307		84,677
Baker Hughes Co., Class A		3,492,424		79,872
Exxon Mobil Corp.		500,000		31,540
Weatherford International¹		128,424		2,337
				1,235,860

Real estate 2.56%
Equinix, Inc. REIT		524,200		420,723
Crown Castle International Corp. REIT		1,561,966		304,740
MGM Growth Properties LLC REIT, Class A		3,996,000		146,333
VICI Properties, Inc. REIT		2,887,318		89,565
Digital Realty Trust, Inc. REIT		592,500		89,147
				1,050,508

Utilities 2.32%
Enel SpA		23,794,069		220,971
AES Corp.		5,403,200		140,861
Endesa, SA		5,162,847		125,253
Sempra Energy		750,000		99,360
Exelon Corp.		1,576,100		69,837
CenterPoint Energy, Inc.		2,840,104		69,639

American Funds Insurance Series

Growth-Income Fund (continued)

Common stocks (continued)	Shares		Value (000)
Utilities (continued)
Entergy Corp.		634,900	$	63,300
CMS Energy Corp.		918,200		54,247
Edison International		522,800		30,228
PG&E Corp.¹		2,840,000		28,883
Xcel Energy, Inc.		423,300		27,887
American Electric Power Company, Inc.		250,600		21,198
				951,664

Total common stocks (cost: $22,103,914,000)				39,608,874

Convertible stocks 1.06%
Health care 0.57%
Danaher Corp., Series A, cumulative convertible preferred shares, 4.75% 2022		78,600		141,370
Danaher Corp., Series B, cumulative convertible preferred shares, 5.00% 2023²		61,857		91,256
				232,626

Information technology 0.38%
Broadcom, Inc., Series A, cumulative convertible preferred shares, 8.00% 2022		102,783		156,217

Consumer discretionary 0.10%
Aptiv PLC, Series A, convertible preferred shares, 5.50% 2023		238,475		42,644

Industrials 0.01%
Stanley Black & Decker, Inc., convertible preferred shares, 5.25% 2022		35,448		4,280

Total convertible stocks (cost: $314,563,000)				435,767

Bonds, notes & other debt instruments 0.04%	Principal amount (000)
Corporate bonds, notes & loans 0.04%
Energy 0.02%
Weatherford International PLC 8.75% 2024³	$	1,982		2,077
Weatherford International PLC 11.00% 2024³		5,280		5,498
				7,575

Industrials 0.02%
Boeing Company 4.875% 2025		4,706		5,275

Consumer discretionary 0.00%
General Motors Financial Co. 4.30% 2025		160		177
General Motors Financial Co. 5.25% 2026		827		956
				1,133

Total corporate bonds, notes & loans				13,983

Total bonds, notes & other debt instruments (cost: $12,691,000)				13,983

Short-term securities 2.57%		Shares
Money market investments 2.40%
Capital Group Central Cash Fund 0.04%^4,5		9,823,658		982,367

84	American Funds Insurance Series

Growth-Income Fund (continued)


Short-term securities (continued)	Shares		Value (000)
Money market investments purchased with collateral from securities on loan 0.17%
Goldman Sachs Financial Square Government Fund, Institutional Shares 0.02%^4,6	38,305,963	$	38,305
Capital Group Central Cash Fund 0.04%^4,5,6	309,664		30,967
Invesco Short-Term Investments Trust – Government & Agency Portfolio, Institutional Class 0.03%^4,6	203,392		203
			69,475

Total short-term securities (cost: $1,051,746,000)			1,051,842
Total investment securities 100.33% (cost: $23,482,914,000)			41,110,466
Other assets less liabilities (0.33)%			(133,519	)

Net assets 100.00%		$	40,976,947

Investments in affiliates⁵

	Value of							Net			Net			Value of
	affiliates at							realized			unrealized			affiliates at		Dividend
	1/1/2021		Additions			Reductions		loss			depreciation			6/30/2021		income
	(000)		(000)			(000)		(000)			(000)			(000)		(000)
Short-term securities 2.47%
Money market investments 2.40%
Capital Group Central Cash Fund 0.04%⁴	$	1,005,764	$	4,245,629		$	4,268,866	$	(52	)	$	(108	)	$	982,367	$	486
Money market investments purchased with collateral from securities on loan 0.07%
Capital Group Central Cash Fund 0.04%^4,6		—		30,967	⁷										30,967		—	⁸
Total short-term securities															1,013,334
Total 2.47%								$	(52	)	$	(108	)	$	1,013,334	$	486

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 $75,628,000, which represented .18% of the net assets of the fund. Refer to Note 5 for more information on securities lending.
³	Acquired in a transaction exempt from registration under Rule 144A of the Securities Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers. The total value of all such securities was $7,575,000, which represented .02% of the net assets of the fund.
⁴	Rate represents the seven-day yield at 6/30/2021.
⁵	Part of the same “group of investment companies” as the fund as defined under the Investment Company Act of 1940, as amended.
⁶	Security purchased with cash collateral from securities on loan. Refer to Note 5 for more information on securities lending.
⁷	Represents net activity. Refer to Note 5 for more information on securities lending.
⁸	Dividend income is included with securities lending income in the fund’s statement of operations and is not shown in this table.

Key to abbreviations

ADR = American Depositary Receipts

CAD = Canadian dollars

See notes to financial statements.

American Funds Insurance Series

International Growth and Income Fund
Investment portfolio June 30, 2021	unaudited

Common stocks 94.32%	Shares		Value (000)
Financials 17.54%
HDFC Bank, Ltd.		2,309,600	$	46,543
ING Groep NV		3,359,189		44,372
AIA Group, Ltd.		2,338,600		29,066
Zurich Insurance Group AG		54,100		21,704
DNB ASA		825,000		17,975
Sberbank of Russia PJSC (ADR)		999,000		16,589
Moscow Exchange MICEX-RTS PJSC		5,665,000		13,223
B3 SA-Brasil, Bolsa, Balcao		3,906,000		13,209
Aegon NV		2,483,308		10,303
Great-West Lifeco, Inc. (CAD denominated)¹		248,102		7,370
PICC Property and Casualty Co., Ltd., Class H		7,905,000		6,923
Fairfax Financial Holdings, Ltd., subordinate voting shares		15,600		6,841
Allfunds Group PLC²		99,470		1,731
				235,849

Consumer discretionary 13.51%
LVMH Moët Hennessy-Louis Vuitton SE		48,000		37,638
Prosus NV		345,500		33,786
Sony Group Corp.		224,700		21,874
Naspers, Ltd., Class N		95,400		20,030
Taylor Wimpey PLC		6,878,250		15,124
Flutter Entertainment PLC (CDI)²		73,000		13,274
Kering SA		14,379		12,566
Galaxy Entertainment Group, Ltd.²		1,345,000		10,766
Ferrari NV (EUR denominated)		50,000		10,316
Alibaba Group Holding, Ltd.²		221,000		6,262
				181,636

Health care 9.84%
Daiichi Sankyo Company, Ltd.		1,359,000		29,292
Aier Eye Hospital Group Co., Ltd., Class A		2,610,189		28,673
Richter Gedeon Nyrt.		642,232		17,098
Fresenius SE & Co. KGaA		283,701		14,800
HOYA Corp.		85,000		11,270
Novartis AG		113,564		10,349
Chugai Pharmaceutical Co., Ltd.		228,900		9,070
GlaxoSmithKline PLC		386,500		7,589
Teva Pharmaceutical Industries, Ltd. (ADR)²		417,000		4,128
NMC Health PLC^2,3,4		304,610		4
				132,273

Materials 9.45%
Vale SA, ordinary nominative shares		1,712,500		38,993
Vale SA, ordinary nominative shares (ADR)		424,300		9,678
Rio Tinto PLC		455,900		37,517
Linde PLC		53,000		15,322
Air Liquide SA, non-registered shares		79,200		13,867
Akzo Nobel NV		93,955		11,609
				126,986

Communication services 9.29%
SoftBank Corp.		4,691,700		61,383
Yandex NV, Class A²		397,400		28,116
Tencent Holdings, Ltd.		209,500		15,758
Bilibili, Inc., Class Z (ADR)²		69,200		8,431
SoftBank Group Corp.		106,600		7,461
Rightmove PLC		423,500		3,804
				124,953

86	American Funds Insurance Series

International Growth and Income Fund (continued)

Common stocks (continued)	Shares		Value (000)
Industrials 8.65%
Airbus SE, non-registered shares²		246,912	$	31,749
Ryanair Holdings PLC (ADR)²		179,000		19,370
Singapore Technologies Engineering, Ltd.		5,270,000		15,167
Shanghai International Airport Co., Ltd., Class A		2,012,496		14,991
Komatsu, Ltd.		445,000		11,057
LIXIL Corp.		385,000		9,956
Aena SME, SA, non-registered shares		52,450		8,601
Recruit Holdings Co., Ltd.		108,400		5,337
				116,228

Information technology 8.58%
ASML Holding NV		47,800		32,840
Avast PLC		3,804,000		25,774
Taiwan Semiconductor Manufacturing Company, Ltd.		1,010,000		21,568
Nice, Ltd. (ADR)		73,400		18,163
SUMCO Corp.		692,000		16,974
				115,319

Consumer staples 7.27%
Imperial Brands PLC		1,848,572		39,815
Treasury Wine Estates, Ltd.		2,607,742		22,842
Philip Morris International, Inc.		140,000		13,875
Pernod Ricard SA		39,400		8,746
British American Tobacco PLC		216,802		8,397
Kirin Holdings Company, Ltd.		209,500		4,085
				97,760

Utilities 4.30%
ENN Energy Holdings, Ltd.		1,150,000		21,891
Enel SpA		1,522,000		14,134
Iberdrola, SA, non-registered shares		632,578		7,711
E.ON SE		636,000		7,356
SSE PLC		325,350		6,753
				57,845

Energy 3.18%
Royal Dutch Shell PLC, Class A (GBP denominated)		792,000		15,851
Canadian Natural Resources, Ltd. (CAD denominated)		272,500		9,892
Canadian Natural Resources, Ltd.		92,000		3,338
Cenovus Energy ,Inc.		935,000		8,946
TotalEnergies SE		104,750		4,739
				42,766

Real estate 2.71%
China Resources Mixc Lifestyle Services, Ltd.		2,193,461		15,015
Sun Hung Kai Properties, Ltd.		747,000		11,132
Embassy Office Parks REIT		2,191,000		10,328
				36,475

Total common stocks (cost: $890,370,000)				1,268,090

Preferred securities 0.97%
Energy 0.97%
Petróleo Brasileiro SA (Petrobras), preferred nominative shares (ADR)		591,100		6,981
Petróleo Brasileiro SA (Petrobras), preferred nominative shares		1,031,250		6,102

Total preferred securities (cost: $7,450,000)				13,083

American Funds Insurance Series

International Growth and Income Fund (continued)

Bonds, notes & other debt instruments 0.64%	Principal amount (000)			Value (000)
Bonds & notes of governments & government agencies outside the U.S. 0.35%
Brazil (Federative Republic of) 10.00% 2025	BRL	22,000	$	4,668

Corporate bonds, notes & loans 0.29%
Health care 0.29%
Teva Pharmaceutical Finance Co. BV 3.15% 2026	$	1,060		1,010
Teva Pharmaceutical Finance Co. BV 4.10% 2046		1,160		1,018
Valeant Pharmaceuticals International, Inc. 6.125% 2025⁵		1,808		1,855

Total bonds, notes & other debt instruments (cost: $9,567,000)				8,551

Short-term securities 5.09%		Shares
Money market investments 5.04%
Capital Group Central Cash Fund 0.04%^6,7		677,760		67,776

Money market investments purchased with collateral from securities on loan 0.05%
Goldman Sachs Financial Square Government Fund, Institutional Shares 0.02%^6,8		349,750		350
Capital Group Central Cash Fund 0.04%^6,7,8		2,827		282
Invesco Short-Term Investments Trust – Government & Agency Portfolio, Institutional Class 0.03%^6,8		1,857		2
				634

Total short-term securities (cost: $68,407,000)				68,410
Total investment securities 101.02% (cost: $975,794,000)				1,358,134
Other assets less liabilities (1.02)%				(13,681	)

Net assets 100.00%			$	1,344,453

Investments in affiliates⁷

	Value of affiliates at 1/1/2021 (000)		Additions (000)			Reductions (000)		Net realized loss (000)			Net unrealized depreciation (000)			Value of affiliates at 6/30/2021 (000)		Dividend income (000)
Short-term securities 5.06%
Money market investments 5.04%
Capital Group Central Cash Fund 0.04%⁶	$	31,755	$	345,022		$	308,992	$	(6	)	$	(3	)	$	67,776	$	19
Money market investments purchased with collateral from securities on loan 0.02%
Capital Group Central Cash Fund 0.04%^6,8		—		282	⁹										282		—	¹⁰
Total short-term securities															68,058
Total 5.06%								$	(6	)	$	(3	)	$	68,058	$	19

88	American Funds Insurance Series

International Growth and Income Fund (continued)

¹	All or a portion of this security was on loan. The total value of all such securities was $671,000, which represented .05% of the net assets of the fund. Refer to Note 5 for more information on securities lending.
²	Security did not produce income during the last 12 months.
³	Valued under fair value procedures adopted by authority of the board of trustees. The total value of the security was $4,000, which represented less than .01% of the net assets of the fund.
⁴	Value determined using significant unobservable inputs.
⁵	Acquired in a transaction exempt from registration under Rule 144A of the Securities Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers. The total value of all such securities was $1,855,000, which represented .14% of the net assets of the fund.
⁶	Rate represents the seven-day yield at 6/30/2021.
⁷	Part of the same “group of investment companies” as the fund as defined under the Investment Company Act of 1940, as amended.
⁸	Security purchased with cash collateral from securities on loan. Refer to Note 5 for more information on securities lending.
⁹	Represents net activity. Refer to Note 5 for more information on securities lending.
¹⁰	Dividend income is included with securities lending income in the fund’s statement of operations and is not shown in this table.

Key to abbreviations

ADR = American Depositary Receipts
BRL = Brazilian reais

CAD = Canadian dollars

CDI = CREST Depository Interest

EUR = Euros

GBP = British pounds

See notes to financial statements.

American Funds Insurance Series

Capital Income Builder

Investment portfolio June 30, 2021

unaudited

Common stocks 77.82%	Shares		Value (000)
Financials 15.52%
JPMorgan Chase & Co.		83,343	$	12,963
Toronto-Dominion Bank (CAD denominated)		183,760		12,878
Zurich Insurance Group AG		32,066		12,865
Münchener Rückversicherungs-Gesellschaft AG		35,343		9,679
PNC Financial Services Group, Inc.		50,003		9,539
CME Group, Inc., Class A		36,313		7,723
DNB ASA		254,365		5,542
Power Corporation of Canada, subordinate voting shares		169,999		5,373
DBS Group Holdings, Ltd.		239,306		5,305
Principal Financial Group, Inc.		80,612		5,094
Great-West Lifeco, Inc. (CAD denominated)		164,724		4,893
American International Group, Inc.		97,550		4,643
Ping An Insurance (Group) Company of China, Ltd., Class H		382,500		3,746
Ping An Insurance (Group) Company of China, Ltd., Class A		60,300		600
Intesa Sanpaolo SpA		1,467,194		4,053
Hong Kong Exchanges and Clearing, Ltd.		67,600		4,029
ING Groep NV		285,107		3,766
Kaspi.kz JSC¹		34,518		3,659
Citigroup, Inc.		42,591		3,013
KeyCorp		142,937		2,952
Truist Financial Corp.		47,621		2,643
Tryg A/S		106,254		2,608
AIA Group, Ltd.		188,800		2,347
Citizens Financial Group, Inc.		42,181		1,935
Moscow Exchange MICEX-RTS PJSC		800,276		1,868
East West Bancorp, Inc.		24,733		1,773
PICC Property and Casualty Co., Ltd., Class H		2,012,000		1,762
B3 SA-Brasil, Bolsa, Balcao		490,029		1,657
National Bank of Canada		19,938		1,492
U.S. Bancorp		25,853		1,473
Travelers Companies, Inc.		9,654		1,445
Swedbank AB, Class A		73,840		1,374
China Merchants Bank Co., Ltd., Class H		160,500		1,370
China Pacific Insurance (Group) Co., Ltd., Class H		420,950		1,326
State Street Corp.		15,793		1,299
Franklin Resources, Inc.		37,676		1,205
BNP Paribas SA		15,079		945
UBS Group AG		57,964		887
Sberbank of Russia PJSC (ADR)		51,961		863
Discover Financial Services		6,895		816
Everest Re Group, Ltd.		3,090		779
BlackRock, Inc.		827		724
Webster Financial Corp.		13,504		720
Euronext NV		6,323		688
Banco Santander, SA		171,144		653
Morgan Stanley		7,109		652
Marsh & McLennan Companies, Inc.		4,495		632
KBC Groep NV		8,123		619
EFG International AG		57,297		470
BOC Hong Kong (Holdings), Ltd.		127,000		431
Wells Fargo & Company		8,520		386
The Blackstone Group, Inc.		2,505		243
South State Corp.		2,444		200
Cullen/Frost Bankers, Inc.		1,550		174
Skandinaviska Enskilda Banken AB, Class A		11,929		154
IIFL Wealth Management, Ltd.		8,122		127
TISCO Financial Group PCL, foreign registered shares		31,200		86
Vontobel Holding AG		376		29
				161,170

90	American Funds Insurance Series

Capital Income Builder (continued)

Common stocks (continued)	Shares		Value (000)
Information technology 9.58%
Broadcom, Inc.		73,782	$	35,182
Microsoft Corp.		75,404		20,427
Taiwan Semiconductor Manufacturing Company, Ltd.		539,800		11,527
GlobalWafers Co., Ltd.		168,000		5,541
Intel Corp.		88,986		4,996
NetApp, Inc.		46,632		3,815
Vanguard International Semiconductor Corp.		857,700		3,632
KLA Corp.		7,476		2,424
Automatic Data Processing, Inc.		11,545		2,293
Paychex, Inc.		20,222		2,170
Texas Instruments, Inc.		9,708		1,867
Apple, Inc.		8,270		1,133
QUALCOMM, Inc.		7,229		1,033
Tokyo Electron, Ltd.		2,100		909
Tripod Technology Corp.²		171,000		829
Western Union Company		32,607		749
International Business Machines Corp.		2,145		314
BE Semiconductor Industries NV		2,742		233
SINBON Electronics Co., Ltd.²		20,000		197
FDM Group (Holdings) PLC		12,913		182
				99,453

Consumer staples 9.20%
Philip Morris International, Inc.		266,353		26,398
British American Tobacco PLC		353,229		13,681
Nestlé SA		53,596		6,674
General Mills, Inc.		96,775		5,897
Altria Group, Inc.		121,956		5,815
PepsiCo, Inc.		37,238		5,518
Unilever PLC (GBP denominated)		81,677		4,780
Coca-Cola Company		78,070		4,224
Carlsberg A/S, Class B		18,594		3,466
Imperial Brands PLC		149,897		3,228
Danone SA		43,107		3,035
Keurig Dr Pepper, Inc.		60,055		2,116
ITC, Ltd.		772,549		2,107
Kraft Heinz Company		49,619		2,023
Anheuser-Busch InBev SA/NV		23,574		1,700
Kimberly-Clark Corp.		9,419		1,260
Reckitt Benckiser Group PLC		10,484		928
Vector Group, Ltd.		62,743		887
Procter & Gamble Company		5,682		767
Inner Mongolia Yili Industrial Group Co., Ltd., Class A		78,800		449
Viscofan, SA, non-registered shares		3,213		224
Scandinavian Tobacco Group A/S		10,343		211
Hilton Food Group PLC		9,039		137
				95,525

Health care 8.31%
Amgen, Inc.		79,720		19,432
Gilead Sciences, Inc.		250,519		17,251
AbbVie, Inc.		87,233		9,826
GlaxoSmithKline PLC		457,135		8,976
Novartis AG		76,224		6,946
Medtronic PLC		49,665		6,165
AstraZeneca PLC		40,350		4,846
Abbott Laboratories		29,261		3,392
UnitedHealth Group, Inc.		6,641		2,659
Merck & Co., Inc.		27,010		2,101
Roche Holding AG, nonvoting non-registered shares		5,287		1,992

American Funds Insurance Series

Capital Income Builder (continued)

Common stocks (continued)	Shares		Value (000)
Health care (continued)
Eli Lilly and Company		5,987	$	1,374
Royalty Pharma PLC, Class A		31,087		1,274
Organon & Co.²		1,852		56
				86,290

Real estate 7.41%
Crown Castle International Corp. REIT		140,260		27,365
VICI Properties, Inc. REIT		312,915		9,707
Digital Realty Trust, Inc. REIT		49,293		7,417
Gaming and Leisure Properties, Inc. REIT		113,388		5,253
Link Real Estate Investment Trust REIT		476,818		4,621
Federal Realty Investment Trust REIT		23,928		2,804
MGM Growth Properties LLC REIT, Class A		68,972		2,526
CK Asset Holdings, Ltd.		300,000		2,071
TAG Immobilien AG		57,556		1,826
Longfor Group Holdings, Ltd.		321,000		1,798
Equinix, Inc. REIT		1,936		1,554
Charter Hall Group REIT		129,795		1,511
American Tower Corp. REIT		4,320		1,167
Embassy Office Parks REIT		200,200		944
CTP NV²		42,585		858
Powergrid Infrastructure Investment Trust²		555,500		847
Americold Realty Trust REIT		21,956		831
Sun Hung Kai Properties, Ltd.		55,255		823
Alexandria Real Estate Equities, Inc. REIT		4,454		810
Mindspace Business Parks REIT		201,600		767
Kimco Realty Corp. REIT		35,988		750
China Resources Land, Ltd.		132,000		535
PSP Swiss Property AG		1,512		192
				76,977

Utilities 6.97%
Enel SpA		1,036,440		9,625
Iberdrola, SA, non-registered shares		736,018		8,972
DTE Energy Company		57,440		7,444
E.ON SE		608,464		7,037
Power Grid Corporation of India, Ltd.		1,687,070		5,275
Duke Energy Corp.		44,351		4,378
Exelon Corp.		96,088		4,258
Dominion Energy, Inc.		53,419		3,930
Southern Co.		53,857		3,259
Entergy Corp.		27,180		2,710
China Gas Holdings, Ltd.		631,600		1,928
SSE PLC		91,281		1,895
Engie SA		135,934		1,862
National Grid PLC		144,076		1,835
AES Corp.		62,187		1,621
Endesa, SA		61,633		1,495
Public Service Enterprise Group, Inc.		18,838		1,125
Sempra Energy		6,993		927
Edison International		9,921		574
Power Assets Holdings, Ltd.		89,000		546
Centrica PLC²		609,025		434
Keppel Infrastructure Trust		908,536		375
Guangdong Investment, Ltd.		220,000		316
Ratch Group PCL, foreign registered shares		205,400		293
CMS Energy Corp.		2,685		159
NextEra Energy, Inc.		1,381		101
				72,374

92	American Funds Insurance Series

Capital Income Builder (continued)

Common stocks (continued)	Shares		Value (000)
Energy 5.02%
TC Energy Corp. (CAD denominated)		150,611	$	7,453
TC Energy Corp.		45,730		2,264
Chevron Corp.		91,856		9,621
Canadian Natural Resources, Ltd. (CAD denominated)		199,048		7,226
EOG Resources, Inc.		48,393		4,038
Enbridge, Inc. (CAD denominated)		98,420		3,940
Gazprom PJSC (ADR)		490,038		3,735
ConocoPhillips		58,458		3,560
TotalEnergies SE		65,989		2,986
Royal Dutch Shell PLC, Class B		100,799		1,951
Royal Dutch Shell PLC, Class B (ADR)		6,718		261
BP PLC		355,878		1,551
Equitrans Midstream Corp.		181,336		1,543
Schlumberger, Ltd.		30,694		983
Exxon Mobil Corp.		11,940		753
Petronet LNG, Ltd.		96,578		293
				52,158

Materials 4.76%
Vale SA, ordinary nominative shares (ADR)		455,362		10,387
Vale SA, ordinary nominative shares		214,692		4,888
Rio Tinto PLC		99,773		8,211
BHP Group PLC		225,415		6,642
LyondellBasell Industries NV		45,568		4,688
Fortescue Metals Group, Ltd.		141,754		2,481
Air Products and Chemicals, Inc.		8,081		2,325
Dow Inc.		34,546		2,186
Evonik Industries AG		49,826		1,671
Asahi Kasei Corp.		146,600		1,611
BASF SE		18,155		1,430
Linde PLC		4,289		1,240
Celanese Corp.		5,378		815
Nexa Resources SA		43,598		382
WestRock Co.		6,230		331
Amcor PLC (CDI)		17,918		203
				49,491

Communication services 4.61%
Comcast Corp., Class A		217,877		12,423
SoftBank Corp.		690,000		9,028
BCE, Inc.		124,515		6,140
Verizon Communications, Inc.		70,618		3,957
Koninklijke KPN NV		1,032,627		3,225
HKT Trust and HKT, Ltd., units		1,927,240		2,626
TELUS Corp.		103,494		2,321
Indus Towers, Ltd.		450,711		1,447
Nippon Telegraph and Telephone Corp.		45,100		1,175
Vodafone Group PLC		659,561		1,107
WPP PLC		80,334		1,083
ITV PLC²		501,633		871
Omnicom Group, Inc.		8,748		700
ProSiebenSat.1 Media SE		33,506		666
HKBN, Ltd.		526,000		637
Zegona Communications PLC		128,515		264
Sanoma Oyj		10,670		177
				47,847

Industrials 3.89%
Raytheon Technologies Corp.		136,972		11,685
VINCI SA		27,538		2,938
Lockheed Martin Corp.		7,666		2,900
BOC Aviation, Ltd.		340,200		2,870

American Funds Insurance Series

Capital Income Builder (continued)

Common stocks (continued)	Shares		Value (000)
Industrials (continued)
Singapore Technologies Engineering, Ltd.		961,100	$	2,766
RELX PLC		93,520		2,483
Trinity Industries, Inc.		72,684		1,954
ABB, Ltd.		54,575		1,852
Waste Management, Inc.		11,665		1,634
Union Pacific Corp.		5,919		1,302
CCR SA, ordinary nominative shares		448,936		1,214
Cía. de Distribución Integral Logista Holdings, SA, non-registered shares		47,238		971
United Parcel Service, Inc., Class B		4,361		907
Cummins, Inc.		3,685		898
BAE Systems PLC		124,017		896
Caterpillar, Inc.		2,653		577
Deutsche Post AG		7,139		486
ALD SA		27,810		417
General Dynamics Corp.		2,115		398
Melrose Industries PLC		111,714		240
Honeywell International, Inc.		1,058		232
L3Harris Technologies, Inc.		1,056		228
Norfolk Southern Corp.		811		215
Atlas Corp.		11,760		168
Mitsubishi Corp.		4,400		120
Stanley Black & Decker, Inc.		429		88
				40,439

Consumer discretionary 2.55%
Home Depot, Inc.		13,586		4,332
McDonald’s Corp.		15,471		3,574
Industria de Diseño Textil, SA		65,535		2,309
Kering SA		2,610		2,281
Starbucks Corp.		19,872		2,222
Midea Group Co., Ltd., Class A		183,600		2,028
Cie. Financière Richemont SA, Class A		15,382		1,861
Hasbro, Inc.		17,588		1,662
Taylor Wimpey PLC		655,324		1,441
YUM! Brands, Inc.		8,899		1,024
LVMH Moët Hennessy-Louis Vuitton SE		1,167		915
Gree Electric Appliances, Inc. of Zhuhai, Class A		98,638		795
VF Corp.		9,432		774
Sands China, Ltd.²		148,400		625
SAIC Motor Corp., Ltd., Class A²		129,318		440
Inchcape PLC		12,146		129
Thule Group AB		2,169		96
				26,508

Total common stocks (cost: $605,347,000)				808,232

Preferred securities 0.20%
Information technology 0.20%
Samsung Electronics Co., Ltd., nonvoting preferred shares		30,801		2,016

Total preferred securities (cost: $1,193,000)				2,016

Rights & warrants 0.00%
Consumer discretionary 0.00%
Cie. Financière Richemont SA, Class A, warrants, expire 2023²		7,130		5

Total rights & warrants (cost: $0)				5

94	American Funds Insurance Series

Capital Income Builder (continued)

Convertible stocks 1.07%	Shares		Value (000)
Utilities 0.40%
NextEra Energy, Inc., convertible preferred units, 4.872% 2022		29,485	$	1,656
American Electric Power Company, Inc., convertible preferred units, 6.125% 2023		15,148		776
American Electric Power Company, Inc., convertible preferred shares, 6.125% 2022		4,100		202
AES Corp., convertible preferred units, 6.875% 2024		8,659		931
Dominion Energy, Inc., Series A, convertible preferred shares, 7.25% 2022		5,900		573
				4,138

Information technology 0.31%
Broadcom, Inc., Series A, cumulative convertible preferred shares, 8.00% 2022		2,124		3,228

Health care 0.25%
Danaher Corp., Series B, cumulative convertible preferred shares, 5.00% 2023³		1,745		2,575

Industrials 0.08%
Stanley Black & Decker, Inc., convertible preferred shares, 5.25% 2022³		7,000		845

Consumer discretionary 0.03%
Aptiv PLC, Series A, convertible preferred shares, 5.50% 2023		1,948		348

Total convertible stocks (cost: $8,553,000)				11,134

Investment funds 2.94%
Capital Group Central Corporate Bond Fund⁴		3,019,249		30,524

Total investment funds (cost: $30,464,000)				30,524

Convertible bonds & notes 0.05%	Principal amount (000)
Consumer discretionary 0.05%
Royal Caribbean Cruises, Ltd., convertible notes, 4.25% 2023¹	$	392		536

Total convertible bonds & notes (cost: $395,000)				536

Bonds, notes & other debt instruments 14.41%
U.S. Treasury bonds & notes 7.85%
U.S. Treasury 6.31%
U.S. Treasury 0.125% 2022		15,750		15,756
U.S. Treasury 0.125% 2022		5,850		5,852
U.S. Treasury 0.125% 2022		2,600		2,600
U.S. Treasury 0.125% 2022		1,625		1,624
U.S. Treasury 0.125% 2023		2,200		2,198
U.S. Treasury 0.125% 2023		2,000		1,997
U.S. Treasury 0.125% 2023		1,125		1,123
U.S. Treasury 0.125% 2023		1,025		1,024
U.S. Treasury 0.375% 2025		907		897
U.S. Treasury 0.75% 2026		7,803		7,764
U.S. Treasury 0.75% 2026		3,850		3,828
U.S. Treasury 0.75% 2026		1		1
U.S. Treasury 1.875% 2026		6,300		6,608
U.S. Treasury 2.00% 2026⁵		2,800		2,955
U.S. Treasury 0.50% 2027		2,900		2,813
U.S. Treasury 1.25% 2028		1,350		1,355

American Funds Insurance Series

Capital Income Builder (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)			Value (000)
U.S. Treasury bonds & notes (continued)
U.S. Treasury (continued)
U.S. Treasury 1.625% 2031	$	66		$	67
U.S. Treasury 1.125% 2040⁵		2,400			2,070
U.S. Treasury 1.875% 2051⁵		5,328			5,074
					65,606

U.S. Treasury inflation-protected securities 1.54%
U.S. Treasury Inflation-Protected Security 0.125% 2023⁶		620			648
U.S. Treasury Inflation-Protected Security 0.375% 2023⁶		1,147			1,220
U.S. Treasury Inflation-Protected Security 0.625% 2023⁶		1,461			1,545
U.S. Treasury Inflation-Protected Security 0.125% 2024⁶		684			736
U.S. Treasury Inflation-Protected Security 0.125% 2024⁶		190			205
U.S. Treasury Inflation-Protected Security 0.50% 2024⁶		554			598
U.S. Treasury Inflation-Protected Security 0.625% 2024⁶		670			722
U.S. Treasury Inflation-Protected Security 0.125% 2025⁶		1,137			1,228
U.S. Treasury Inflation-Protected Security 0.125% 2026⁶		2,896			3,154
U.S. Treasury Inflation-Protected Security 0.125% 2030⁶		1,920			2,109
U.S. Treasury Inflation-Protected Security 0.125% 2031⁶		1,641			1,807
U.S. Treasury Inflation-Protected Security 0.125% 2051^5,6		1,820			1,995
					15,967

Total U.S. Treasury bonds & notes					81,573

Mortgage-backed obligations 3.44%
Federal agency mortgage-backed obligations 2.77%
Fannie Mae Pool #695412 5.00% 2033⁷		—	⁸		—	⁸
Fannie Mae Pool #AD3566 5.00% 2035⁷		2			2
Fannie Mae Pool #AC0794 5.00% 2039⁷		8			10
Fannie Mae Pool #931768 5.00% 2039⁷		2			2
Fannie Mae Pool #AE0311 3.50% 2040⁷		13			14
Fannie Mae Pool #932606 5.00% 2040⁷		4			5
Fannie Mae Pool #AJ1873 4.00% 2041⁷		7			8
Fannie Mae Pool #AE1248 5.00% 2041⁷		11			13
Fannie Mae Pool #AE1274 5.00% 2041⁷		8			9
Fannie Mae Pool #AE1277 5.00% 2041⁷		5			6
Fannie Mae Pool #AE1283 5.00% 2041⁷		3			3
Fannie Mae Pool #AE1290 5.00% 2042⁷		6			6
Fannie Mae Pool #AT3954 3.50% 2043⁷		4			4
Fannie Mae Pool #AT0300 3.50% 2043⁷		2			3
Fannie Mae Pool #AY1829 3.50% 2044⁷		4			4
Fannie Mae Pool #AW8240 3.50% 2044⁷		1			1
Fannie Mae Pool #BJ5015 4.00% 2047⁷		58			63
Fannie Mae Pool #BH3122 4.00% 2047⁷		1			1
Fannie Mae Pool #BK6840 4.00% 2048⁷		38			41
Fannie Mae Pool #BK5232 4.00% 2048⁷		30			32
Fannie Mae Pool #BK9743 4.00% 2048⁷		11			12
Fannie Mae Pool #CA2804 4.50% 2048⁷		426			459
Fannie Mae Pool #BK9761 4.50% 2048⁷		8			9
Fannie Mae Pool #CA5540 3.00% 2050⁷		4,629			4,915
Fannie Mae Pool #BF0497 3.00% 2060⁷		435			462
Freddie Mac Pool #Q15874 4.00% 2043⁷		2			2
Freddie Mac Pool #G67711 4.00% 2048⁷		359			393
Freddie Mac Pool #Q56599 4.00% 2048⁷		46			50
Freddie Mac Pool #Q56175 4.00% 2048⁷		34			37
Freddie Mac Pool #Q55971 4.00% 2048⁷		32			35
Freddie Mac Pool #Q56576 4.00% 2048⁷		25			27
Freddie Mac Pool #Q55970 4.00% 2048⁷		13			14
Freddie Mac Pool #Q58411 4.50% 2048⁷		93			103
Freddie Mac Pool #Q58436 4.50% 2048⁷		41			45
Freddie Mac Pool #Q58378 4.50% 2048⁷		33			36
Freddie Mac Pool #Q57242 4.50% 2048⁷		28			30
Freddie Mac Pool #SD8158 3.50% 2051⁷		25			26

96	American Funds Insurance Series

Capital Income Builder (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)				Value (000)
Mortgage-backed obligations (continued)
Federal agency mortgage-backed obligations (continued)
Freddie Mac Pool #SD8164 3.50% 2051⁷	$	1		$	1
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-2, Class MA, 3.00% 2056⁷		337			353
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-2, Class HA, 3.00% 2056^7,9		336			352
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-1, Class HA, 3.00% 2056^7,9		162			170
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-4, Class HT, 3.25% 2057^7,9		130			140
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-4, Class MT, 3.50% 2057⁷		107			116
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2018-3, Class MA, 3.50% 2057⁷		30			32
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2019-1, Class MT, 3.50% 2058⁷		1,286			1,403
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2019-2, Class MA, 3.50% 2058⁷		910			959
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2019-1, Class MA, 3.50% 2058⁷		616			648
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2019-3, Class MA, 3.50% 2058⁷		29			30
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2019-3, Class MT, 3.50% 2058⁷		13			14
Freddie Mac Seasoned Loan Structured Transaction Trust, Series 2018-2, Class A1, 3.50% 2028⁷		1,290			1,365
Freddie Mac Seasoned Loan Structured Transaction Trust, Series 2019-2, Class A1C, 2.75% 2029⁷		1,899			2,000
Government National Mortgage Assn. 2.00% 2051^7,10		1,580			1,606
Government National Mortgage Assn. 2.50% 2051^7,10		2,106			2,176
Government National Mortgage Assn. 3.50% 2051^7,10		42			44
Government National Mortgage Assn. Pool #MA5764 4.50% 2049⁷		982			1,048
Government National Mortgage Assn. Pool #MA5877 4.50% 2049⁷		110			118
Government National Mortgage Assn. Pool #694836 5.661% 2059⁷		1			1
Government National Mortgage Assn. Pool #765152 4.14% 2061⁷		—	⁸		—	⁸
Government National Mortgage Assn. Pool #766525 4.70% 2062⁷		—	⁸		—	⁸
Government National Mortgage Assn. Pool #777452 3.63% 2063⁷		5			5
Government National Mortgage Assn. Pool #767639 3.89% 2063⁷		1			2
Government National Mortgage Assn. Pool #725893 5.20% 2064⁷		—	⁸		—	⁸
Government National Mortgage Assn. Pool #AA7554 6.64% 2064⁷		1			1
Uniform Mortgage-Backed Security 2.50% 2036^7,10		1,608			1,675
Uniform Mortgage-Backed Security 3.00% 2051^7,10		1,595			1,660
Uniform Mortgage-Backed Security 3.50% 2051^7,10		1,750			1,843
Uniform Mortgage-Backed Security 4.00% 2051^7,10		3,425			3,650
Uniform Mortgage-Backed Security 4.50% 2051^7,10		402			433
					28,727

Collateralized mortgage-backed obligations (privately originated) 0.57%
Arroyo Mortgage Trust, Series 2021-1R, Class A1, 1.175% 2048^1,7,9		260			262
Cascade Funding Mortgage Trust, Series 2020-HB4, Class A, 0.946% 2030^1,7,9		163			164
Cascade Funding Mortgage Trust, Series 2021-HB6, Class A, 0.898% 2036^1,7,9		164			164
Citigroup Mortgage Loan Trust, Inc., Series 2020-EXP1, Class A1A, 1.804% 2060^1,7,9		43			43
Legacy Mortgage Asset Trust, Series 2019-GS5, Class A1, 3.20% 2059^1,7,9		189			190
Legacy Mortgage Asset Trust, Series 2019-GS2, Class A1, 3.75% 2059^1,7,9		159			160
Legacy Mortgage Asset Trust, Series 2021-GS2, Class A1, 1.75% 2061^1,7,9		99			99
Mello Warehouse Securitization Trust, Series 2019-2, Class A, (1-month USD-LIBOR + 0.75%) 0.842% 2052^1,7,9		1,000			1,002
Mello Warehouse Securitization Trust, Series 2020-2, Class A, (1-month USD-LIBOR + 0.80%) 0.892% 2053^1,7,9		175			175
Mello Warehouse Securitization Trust, Series 2020-1, Class A, (1-month USD-LIBOR + 0.90%) 0.992% 2053^1,7,9		279			279

American Funds Insurance Series

Capital Income Builder (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)			Value (000)
Mortgage-backed obligations (continued)
Collateralized mortgage-backed obligations (privately originated) (continued)
MRA Issuance Trust, Series 2021-8, Class A1X, (1-month USD-LIBOR + 1.15%) 1.26% 2021^1,7,9		$	406	$	406
MRA Issuance Trust, Series 2020-10, Class A, (1-month USD-LIBOR + 1.70%) 1.786% 2022^1,7,9			1,586		1,587
Nationstar HECM Loan Trust, Series 2019-2A, Class A, 2.272% 2029^1,7,9			68		68
Nationstar HECM Loan Trust, Series 2019-1A, Class A, 2.651% 2029^1,7,9			45		45
NewRez Warehouse Securitization Trust, Series 2021-1, Class A, (1-month USD-LIBOR + 0.75%) 0.842% 2055^1,7,9			281		282
Towd Point Mortgage Trust, Series 2016-5, Class A1, 2.50% 2056^1,7,9			82		84
Towd Point Mortgage Trust, Series 2017-6, Class A1, 2.75% 2057^1,7,9			76		78
Towd Point Mortgage Trust, Series 2017-3, Class A1, 2.75% 2057^1,7,9			52		53
Towd Point Mortgage Trust, Series 2018-2, Class A1, 3.25% 2058^1,7,9			89		92
Towd Point Mortgage Trust, Series 2018-5, Class A1A, 3.25% 2058^1,7,9			49		50
Towd Point Mortgage Trust, Series 2020-4, Class A1, 1.75% 2060^1,7			683		691
					5,974

Commercial mortgage-backed securities 0.10%
BX Trust, Series 2021-SOAR, Class A, (1-month USD-LIBOR + 0.67%) 0.77% 2038^1,7,9			174		174
BX Trust, Series 2021-SOAR, Class D, (1-month USD-LIBOR + 1.40%) 1.50% 2038^1,7,9			100		100
Extended Stay America Trust, Series 2021-ESH, Class A, (1-month USD-LIBOR + 1.08%) 1.155% 2038^1,7,9			100		100
GS Mortgage Securities Trust, Series 2018-HULA, Class A, 0.993% 2025^1,7,9			235		236
Hawaii Hotel Trust, Series 2019-MAUI, Class A, (1-month USD-LIBOR + 1.15%) 1.223% 2038^1,7,9			300		302
Multi Family Connecticut Avenue Securities, Series 2019-1, Class M10, (1-month USD-LIBOR + 3.25%) 3.342% 2049^1,7,9			150		153
					1,065

Total mortgage-backed obligations					35,766

Corporate bonds, notes & loans 2.45%
Energy 0.53%
Apache Corp. 4.25% 2030			385		407
BP Capital Markets America, Inc. 3.633% 2030			360		404
Cenovus Energy, Inc. 5.40% 2047			75		93
Cheniere Energy, Inc. 3.70% 2029			252		275
Enbridge Energy Partners LP 7.375% 2045			37		58
Energy Transfer Operating LP 5.00% 2050			341		395
Energy Transfer Partners LP 5.30% 2047			60		70
Energy Transfer Partners LP 6.00% 2048			76		96
Energy Transfer Partners LP 6.25% 2049			150		197
EQT Corp. 5.00% 2029			35		39
EQT Corp. 3.625% 2031¹			20		21
Equinor ASA 2.375% 2030			365		377
Exxon Mobil Corp. 2.995% 2039			200		206
MPLX LP 5.50% 2049			625		811
New Fortress Energy, Inc. 6.50% 2026¹			80		82
NGL Energy Operating LLC 7.50% 2026¹			80		84
ONEOK, Inc. 3.10% 2030			42		44
ONEOK, Inc. 4.95% 2047			51		60
ONEOK, Inc. 7.15% 2051			97		143
Pemex Project Funding Master Trust, Series 13, 6.625% 2035			150		145
Petrobras Global Finance Co. 5.60% 2031			150		168
Petróleos Mexicanos 7.69% 2050			75		72
Sabine Pass Liquefaction, LLC 4.50% 2030			215		248
Shell International Finance BV 2.00% 2024			420		437
TransCanada PipeLines, Ltd. 5.10% 2049			425		559
					5,491

98	American Funds Insurance Series

Capital Income Builder (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Corporate bonds, notes & loans (continued)
Consumer discretionary 0.42%
Bayerische Motoren Werke AG 4.15% 2030¹	$	290	$	338
Carnival Corp. 11.50% 2023¹		425		479
General Motors Company 5.95% 2049		90		123
Marriott International, Inc. 2.85% 2031		50		51
Royal Caribbean Cruises, Ltd. 10.875% 2023¹		600		684
Royal Caribbean Cruises, Ltd. 11.50% 2025¹		1,145		1,321
Toyota Motor Credit Corp. 2.15% 2022		505		517
Toyota Motor Credit Corp. 2.60% 2022		856		867
				4,380

Communication services 0.40%
AT&T, Inc. 3.50% 2041		75		78
CCO Holdings LLC and CCO Holdings Capital Corp. 4.25% 2031¹		360		367
CenturyLink, Inc. 7.50% 2024		300		337
SBA Tower Trust 1.631% 2026¹		253		254
Sprint Corp. 11.50% 2021		1,425		1,480
Sprint Corp. 6.875% 2028		325		417
T-Mobile US, Inc. 3.875% 2030		625		701
T-Mobile US, Inc. 3.50% 2031		275		285
Verizon Communications, Inc. 1.45% 2026		125		126
Walt Disney Company 4.625% 2040		120		153
				4,198

Health care 0.37%
AbbVie, Inc. 4.25% 2049		92		111
AstraZeneca Finance LLC 1.75% 2028		65		65
AstraZeneca Finance LLC 2.25% 2031		9		9
AstraZeneca PLC 3.375% 2025		200		219
AstraZeneca PLC 3.00% 2051		11		11
Centene Corp. 4.625% 2029		530		584
Centene Corp. 3.375% 2030		179		187
Johnson & Johnson 1.30% 2030		100		97
Merck & Co., Inc. 3.40% 2029		110		123
Pfizer, Inc. 2.70% 2050		425		424
Tenet Healthcare Corp. 7.50% 2025¹		325		352
Teva Pharmaceutical Finance Co. BV 6.00% 2024		700		744
Teva Pharmaceutical Finance Co. BV 3.15% 2026		650		619
Teva Pharmaceutical Finance Co. BV 4.10% 2046		300		263
				3,808

Utilities 0.22%
AEP Transmission Co. LLC 3.80% 2049		45		52
American Electric Power Company, Inc. 3.65% 2021		300		304
Edison International 4.125% 2028		132		140
Emera, Inc. 6.75% 2076 (3-month USD-LIBOR + 5.44% on 6/15/2026)¹¹		120		141
FirstEnergy Corp. 2.25% 2030		107		103
FirstEnergy Corp. 2.65% 2030		493		492
Pacific Gas and Electric Co. 2.95% 2026		97		99
Pacific Gas and Electric Co. 3.75% 2028		105		110
Pacific Gas and Electric Co. 4.65% 2028		284		313
Pacific Gas and Electric Co. 2.50% 2031		375		352
Southern California Edison Co., Series C, 3.60% 2045		206		206
				2,312

American Funds Insurance Series

Capital Income Builder (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Corporate bonds, notes & loans (continued)
Information technology 0.14%
Broadcom, Inc. 5.00% 2030	$	420	$	496
Broadcom, Inc. 3.75% 2051¹		91		95
Lenovo Group, Ltd. 5.875% 2025		400		453
Oracle Corp. 2.875% 2031		140		146
Oracle Corp. 3.60% 2050		150		154
ServiceNow, Inc. 1.40% 2030		130		122
				1,466

Industrials 0.14%
Boeing Company 2.70% 2022		300		306
Boeing Company 2.75% 2026		91		95
Boeing Company 5.15% 2030		284		337
Boeing Company 5.805% 2050		95		128
CSX Corp. 4.75% 2048		50		65
General Electric Co. 3.625% 2030		215		240
Masco Corp. 3.125% 2051		10		10
Norfolk Southern Corp. 3.00% 2022		224		227
				1,408

Consumer staples 0.10%
7-Eleven, Inc. 0.80% 2024¹		50		50
7-Eleven, Inc. 0.95% 2026¹		60		59
7-Eleven, Inc. 1.30% 2028¹		45		43
7-Eleven, Inc. 1.80% 2031¹		325		311
Altria Group, Inc. 3.70% 2051		25		24
British American Tobacco PLC 4.54% 2047		73		78
British American Tobacco PLC 4.758% 2049		130		141
Constellation Brands, Inc. 3.15% 2029		190		204
Kraft Heinz Company 3.00% 2026		93		99
				1,009

Financials 0.07%
Bank of America Corp. 1.922% 2031 (USD-SOFR + 1.37% on 10/24/2030)¹¹		231		225
JPMorgan Chase & Co. 1.953% 2032 (USD-SOFR + 1.065% on 2/4/2031)¹¹		227		221
Navient Corp. 5.00% 2027		150		156
New York Life Global Funding 3.00% 2028¹		150		163
				765

Materials 0.04%
Dow Chemical Co. 3.60% 2050		75		81
International Flavors & Fragrances, Inc. 1.832% 2027¹		100		100
LYB International Finance III, LLC 4.20% 2050		75		87
LYB International Finance III, LLC 3.625% 2051		102		108
				376

Real estate 0.02%
Equinix, Inc. 1.55% 2028		25		24
Equinix, Inc. 3.20% 2029		144		155
Equinix, Inc. 2.50% 2031		47		48
				227

Total corporate bonds, notes & loans				25,440

Asset-backed obligations 0.56%
Aesop Funding LLC, Series 2020-2, Class A, 2.02% 2027^1,7		197		203
Aesop Funding LLC, Series 2020-2A, Class B, 2.96% 2027^1,7		100		106
CF Hippolyta LLC, Series 2020-1, Class A1, 1.69% 2060^1,7		372		379
CF Hippolyta LLC, Series 2020-1, Class A2, 1.99% 2060^1,7		95		96
CF Hippolyta LLC, Series 2020-1, Class B1, 2.28% 2060^1,7		95		97
CF Hippolyta LLC, Series 2020-1, Class B2, 2.60% 2060^1,7		95		97

100

American Funds Insurance Series

Capital Income Builder (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Asset-backed obligations (continued)
CF Hippolyta LLC, Series 2021-1, Class A1, 1.53% 2061^1,7	$	335	$	338
Drivetime Auto Owner Trust, Series 2020-1, Class A, 1.94% 2023^1,7		85		85
FirstKey Homes Trust, Series 2020-SFR2, Class A, 1.266% 2037^1,7		175		174
Freedom Financial, Series 2021-2, Class A, 0.68% 2028^1,7		106		106
GCI Funding I LLC, Series 2020-1, Class A, 2.82% 2045^1,7		642		654
GCI Funding I LLC, Series 2021-1, Class A, 2.38% 2046^1,7		100		101
Global SC Finance V SRL, Series 2019-1A, Class B, 4.81% 2039^1,7		163		171
Hertz Vehicle Financing LLC, Series 2021-1A, Class A, 1.21% 2025^1,7		247		248
Hertz Vehicle Financing LLC, Series 2021-1A, Class B, 1.56% 2025^1,7		100		100
Hertz Vehicle Financing LLC, Series 2021-2A, Class A, 1.68% 2027^1,7		268		269
Hertz Vehicle Financing LLC, Series 2021-2A, Class B, 2.12% 2027^1,7		100		101
Hertz Vehicle Financing LLC, Series 2021-2A, Class C, 2.52% 2027^1,7		100		101
Navient Student Loan Trust, Series 2021-A, Class A, 0.84% 2069^1,7		85		84
Navient Student Loan Trust, Series 2021-C, Class A, 1.06% 2069^1,7		221		222
Nelnet Student Loan Trust, Series 2021-A, Class APT1, 1.36% 2062^1,7		324		324
Nelnet Student Loan Trust, Series 2021-BA, Class AFX, 1.42% 2062^1,7		631		633
Ondeck Asset Securitization Trust LLC, Series 2021-1A, Class A, 1.59% 2027^1,7		100		101
Oportun Funding LLC, Series 2021-B, Class A, 1.47% 2031^1,7		100		100
OSW Structured Asset Trust, Series 2020-RPL1, Class A1, 3.072% 2059^1,7,9		211		213
SMB Private Education Loan Trust, Series 2021-A, Class APT2, 1.07% 2053^1,7		112		110
Toyota Auto Loan Extended Note Trust, Series 2021-1, Class A, 1.07% 2034^1,7,9		335		336
Westlake Automobile Receivables Trust, Series 2019-3A, Class A2, 2.15% 2023^1,7		229		230
				5,779

Bonds & notes of governments & government agencies outside the U.S. 0.08%
Peru (Republic of) 2.783% 2031		190		194
Portuguese Republic 5.125% 2024		18		21
Qatar (State of) 4.50% 2028		200		236
Saudi Arabia (Kingdom of) 3.625% 2028		200		221
United Mexican States 3.25% 2030		200		207
				879

Municipals 0.03%
Illinois 0.03%
G.O. Bonds, Pension Funding, Series 2003, 5.10% 2033		225		265

Total bonds, notes & other debt instruments (cost: $146,606,000)				149,702

Short-term securities 4.73%	Shares
Money market investments 4.67%
Capital Group Central Cash Fund 0.04%^4,12		485,540		48,554

Money market investments purchased with collateral from securities on loan 0.06%
Goldman Sachs Financial Square Government Fund, Institutional Shares 0.02%^12,13		323,395		323
Capital Group Central Cash Fund 0.04%^4,12,13		2,615		261
Invesco Short-Term Investments Trust – Government & Agency Portfolio, Institutional Class 0.03%^12,13		1,717		2
				586

Total short-term securities (cost: $49,145,000)				49,140
Total investment securities 101.22% (cost: $841,703,000)				1,051,289
Other assets less liabilities (1.22)%				(12,692	)

Net assets 100.00%			$	1,038,597

American Funds Insurance Series

101

Capital Income Builder (continued)

Futures contracts

		Number of		Notional amount		¹⁴	Value at 6/30/2021		¹⁵	Unrealized appreciation (depreciation) at 6/30/2021
Contracts	Type	contracts	Expiration		(000)			(000)				(000)
90 Day Euro Dollar Futures	Long	19	December 2022	$	4,750		$	4,725			$	1
2 Year U.S. Treasury Note Futures	Short	1	October 2021		(200	)		(220	)			—	⁸
5 Year U.S. Treasury Note Futures	Long	78	October 2021		7,800			9,628				(18	)
10 Year U.S. Treasury Note Futures	Long	33	September 2021		3,300			4,372				13
10 Year Ultra U.S. Treasury Note Futures	Short	34	September 2021		(3,400	)		(5,005	)			(30	)
20 Year U.S. Treasury Bond Futures	Long	4	September 2021		400			643				2
30 Year Ultra U.S. Treasury Bond Futures	Long	67	September 2021		6,700			12,910				506
											$	474

Forward currency contracts

Unrealized

Contract amount

depreciation

Purchases

Sales

Settlement

at 6/30/2021

(000)

Counterparty

date

(000)

MXN2,000

USD101

HSBC Bank

7/16/2021

)

Swap contracts

Interest rate swaps

Receive	Pay	Expiration date	Notional (000)		Value at 6/30/2021 (000)		Upfront premium paid (000)		Unrealized appreciation at 6/30/2021 (000)
3-month USD-LIBOR	0.337%	5/18/2025	$	18,500	$	297	$	—		$	297
3-month USD-LIBOR	0.5935%	5/18/2030		7,200		465		—			465
3-month USD-LIBOR	0.807%	5/18/2050		1,800		405		—			405
							$	—		$	1,167

Credit default swaps

Centrally cleared credit default swaps on credit indices — sell protection

Receive/ Payment frequency		Pay		Expiration date		Notional (000)				Value at 6/30/2021 (000)				Upfront premium paid (000)				Unrealized appreciation at 6/30/2021 (000)
5.00%/Quarterly		CDX.NA.HY.36		6/20/2026		$	2,975			$	304			$	265				$	39

102	American Funds Insurance Series

Capital Income Builder (continued)

Investments in affiliates⁴

	Value of affiliates at 1/1/2021 (000)		Additions (000)			Reductions (000)		Net realized gain (loss) (000)			Net unrealized appreciation (depreciation) (000)			Value of affiliates at 6/30/2021 (000)		Dividend income (000)
Investment funds 2.94%
Capital Group Central Corporate Bond Fund	$	—	$	30,464		$	—	$	—		$	60		$	30,524	$	5
Short-term securities 4.70%
Money market investments 4.67%
Capital Group Central Cash Fund 0.04%¹²		56,762		148,067			156,269		(1	)		(5	)		48,554		24
Money market investments purchased with collateral from securities on loan 0.03%
Capital Group Central Cash Fund 0.04%^12,13		—		261	¹⁶										261		—	¹⁷
Total short-term securities															48,815
Total 7.64%								$	(1	)	$	55		$	79,339	$	29

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 $21,816,000, which represented 2.10% of the net assets of the fund.
²	Security did not produce income during the last 12 months.
³	All or a portion of this security was on loan. The total value of all such securities was $638,000, which represented .06% of the net assets of the fund. Refer to Note 5 for more information on securities lending.
⁴	Part of the same “group of investment companies” as the fund as defined under the Investment Company Act of 1940, as amended.
⁵	All or a portion of this security was pledged as collateral. The total value of pledged collateral was $1,642,000, which represented .16% of the net assets of the fund.
⁶	Index-linked bond whose principal amount moves with a government price index.
⁷	Principal payments may be made periodically. Therefore, the effective maturity date may be earlier than the stated maturity date.
⁸	Amount less than one thousand.
⁹	Coupon rate may change periodically. Reference rate and spread are as of the most recent information available. Some coupon rates are determined by the issuer or agent based on current market conditions; therefore, the reference rate and spread are not available.
¹⁰	Purchased on a TBA basis.
¹¹	Step bond; coupon rate may change at a later date.
¹²	Rate represents the seven-day yield at 6/30/2021.
¹³	Security purchased with cash collateral from securities on loan. Refer to Note 5 for more information on securities lending.
¹⁴	Notional amount is calculated based on the number of contracts and notional contract size.
¹⁵	Value is calculated based on the notional amount and current market price.
¹⁶	Represents net activity. Refer to Note 5 for more information on securities lending.
¹⁷	Dividend income is included with securities lending income in the fund’s statement of operations and is not shown in this table.

Key to abbreviations and symbol

ADR = American Depositary Receipts

CAD = Canadian dollars

CDI = CREST Depository Interest

G.O. = General Obligation

LIBOR = London Interbank Offered Rate

MXN = Mexican pesos

SOFR = Secured Overnight Financing Rate

TBA = To-be-announced

USD/$ = U.S. dollars

See notes to financial statements.

American Funds Insurance Series

103

Asset Allocation Fund
Investment portfolio June 30, 2021	unaudited

Common stocks 69.73%	Shares		Value (000)
Information technology 15.66%
Microsoft Corp.		4,691,061	$	1,270,808
Broadcom, Inc.		1,545,598		737,003
Taiwan Semiconductor Manufacturing Company, Ltd. (ADR)		5,461,700		656,278
ASML Holding NV (New York registered) (ADR)		770,900		532,568
MKS Instruments, Inc.		1,700,000		302,515
VeriSign, Inc.¹		1,100,000		250,459
Flex, Ltd.¹		13,000,000		232,310
Dell Technologies, Inc., Class C¹		2,000,000		199,340
Mastercard, Inc., Class A		538,000		196,418
Visa, Inc., Class A		620,200		145,015
PayPal Holdings, Inc.¹		386,300		112,599
DocuSign, Inc.¹		242,000		67,656
RingCentral, Inc., Class A¹		221,100		64,247
Shopify, Inc., Class A, subordinate voting shares¹		41,500		60,631
Intel Corp.		1,075,000		60,350
Concentrix Corp.¹		367,827		59,147
NVIDIA Corp.		68,566		54,860
Okta, Inc., Class A¹		174,680		42,741
Apple, Inc.		150,000		20,544
				5,065,489

Financials 11.77%
Chubb, Ltd.		2,200,000		349,668
First Republic Bank		1,580,000		295,729
Capital One Financial Corp.		1,750,000		270,707
Synchrony Financial		4,750,000		230,470
The Blackstone Group, Inc.		2,295,950		223,029
Bank of America Corp.		5,250,000		216,457
CME Group, Inc., Class A		977,200		207,831
JPMorgan Chase & Co.		1,335,000		207,646
Apollo Global Management, Inc., Class A		2,769,732		172,277
Sberbank of Russia PJSC (ADR)		9,788,000		162,530
Nasdaq, Inc.		844,100		148,393
Toronto-Dominion Bank (CAD denominated)		1,996,383		139,905
Arch Capital Group, Ltd.¹		3,234,000		125,932
Intercontinental Exchange, Inc.		1,055,000		125,228
MSCI, Inc.		225,200		120,050
KKR & Co., Inc.		1,968,000		116,584
Western Alliance Bancorporation		1,182,849		109,827
Citigroup, Inc.		1,500,000		106,125
PNC Financial Services Group, Inc.		500,000		95,380
Ares Management Corp., Class A		1,015,403		64,569
Brookfield Asset Management, Inc., Class A		1,260,000		64,235
RenaissanceRe Holdings, Ltd.		357,000		53,129
BlackRock, Inc.		56,000		48,998
S&P Global, Inc.		102,000		41,866
Bright Health Group, Inc.^1,2		1,974,816		33,888
SLM Corp.		1,579,600		33,077
Berkshire Hathaway, Inc., Class A¹		61		25,535
Progressive Corp.		105,000		10,312
The Bank of N.T. Butterfield & Son, Ltd.		156,723		5,556
Jonah Energy Parent LLC^1,3,4		32,117		482
				3,805,415

Health care 8.81%
Johnson & Johnson		3,150,000		518,931
UnitedHealth Group, Inc.		1,235,800		494,864
Humana Inc.		865,000		382,953
Cigna Corp.		1,100,000		260,777
Abbott Laboratories		2,000,000		231,860
CVS Health Corp.		1,478,000		123,324
Vertex Pharmaceuticals, Inc.¹		567,500		114,425


104	American Funds Insurance Series

Asset Allocation Fund (continued)

Common stocks (continued)	Shares		Value (000)
Health care (continued)
Gilead Sciences, Inc.		1,600,000	$	110,176
Regeneron Pharmaceuticals, Inc.¹		150,000		83,781
Daiichi Sankyo Company, Ltd.		3,873,900		83,497
Eli Lilly and Company		335,969		77,112
Cortexyme, Inc.^1,2		1,218,038		64,556
IDEXX Laboratories, Inc.¹		94,102		59,430
Thermo Fisher Scientific, Inc.		116,000		58,519
AbCellera Biologics, Inc.¹		1,720,641		37,854
AbCellera Biologics, Inc.^1,2		625,100		13,752
Centene Corp.¹		562,770		41,043
Allakos, Inc.¹		293,700		25,073
Ultragenyx Pharmaceutical, Inc.¹		217,400		20,729
Rotech Healthcare, Inc.^1,3,4,5		184,138		19,795
Viatris, Inc.		1,121,937		16,032
NuCana PLC (ADR)^1,6		2,977,153		8,247
Pfizer, Inc.		102,973		4,032
				2,850,762

Consumer discretionary 8.23%
Amazon.com, Inc.¹		129,174		444,379
Home Depot, Inc.		1,246,000		397,337
Aramark		8,500,000		316,625
General Motors Company¹		3,750,000		221,887
LVMH Moët Hennessy-Louis Vuitton SE		256,896		201,442
Kontoor Brands, Inc.⁶		3,000,000		169,230
Hilton Worldwide Holdings, Inc.¹		1,256,949		151,613
NVR, Inc.¹		25,000		124,333
Darden Restaurants, Inc.		769,109		112,282
Dollar General Corp.		487,187		105,422
Royal Caribbean Cruises, Ltd.¹		1,014,324		86,502
Caesars Entertainment, Inc.¹		828,892		85,998
VF Corp.		750,000		61,530
Booking Holdings, Inc.¹		25,500		55,796
Chipotle Mexican Grill, Inc.¹		27,500		42,634
Restaurant Brands International, Inc.		595,000		38,342
Xpeng, Inc., Class A (ADR)¹		703,800		31,263
Dr. Martens PLC¹		2,375,000		14,620
				2,661,235

Communication services 6.15%
Charter Communications, Inc., Class A¹		785,000		566,338
Alphabet, Inc., Class C¹		157,000		393,492
Facebook, Inc., Class A¹		1,129,100		392,599
Comcast Corp., Class A		6,262,910		357,111
Netflix, Inc.¹		226,700		119,745
Tencent Holdings, Ltd.		965,000		72,584
New York Times Co., Class A		1,450,000		63,148
Activision Blizzard, Inc.		265,000		25,292
				1,990,309

Consumer staples 6.02%
Philip Morris International, Inc.		9,880,421		979,249
Nestlé SA		2,500,000		311,321
Altria Group, Inc.		4,422,060		210,844
British American Tobacco PLC (ADR)		3,919,700		154,084
British American Tobacco PLC		1,060,000		41,056
Archer Daniels Midland Company		2,000,000		121,200
Mondelez International, Inc.		1,200,000		74,928
Avenue Supermarts, Ltd.¹		970,539		43,664
Costco Wholesale Corp.		26,000		10,287
				1,946,633


American Funds Insurance Series	105

Asset Allocation Fund (continued)

Common stocks (continued)	Shares		Value (000)
Materials 4.59%
LyondellBasell Industries NV		3,417,103	$	351,517
Dow Inc.		4,800,000		303,744
Vale SA, ordinary nominative shares		9,325,400		212,333
Franco-Nevada Corp.		889,870		129,137
Rio Tinto PLC		1,250,000		102,866
Royal Gold, Inc.		845,000		96,414
Nucor Corp.		1,000,000		95,930
First Quantum Minerals, Ltd.		2,775,000		63,957
Allegheny Technologies, Inc.¹		2,589,437		53,990
Newmont Corp.		700,000		44,366
Wheaton Precious Metals Corp.		480,000		21,154
Sherwin-Williams Company		37,000		10,081
				1,485,489

Industrials 3.49%
Northrop Grumman Corp.		768,400		279,260
CSX Corp.		6,705,369		215,108
Lockheed Martin Corp.		486,000		183,878
L3Harris Technologies, Inc.		803,000		173,568
TuSimple Holdings, Inc., Class A^1,2		1,500,000		106,860
Boeing Company¹		183,000		43,840
Waste Management, Inc.		249,000		34,887
Honeywell International, Inc.		152,000		33,341
Cintas Corp.		41,000		15,662
New AMI I, LLC^1,3,4		1,588,250		13,818
Chart Industries, Inc.¹		68,000		9,950
Copart, Inc.¹		75,000		9,887
Axon Enterprise, Inc.¹		50,600		8,946
				1,129,005

Energy 2.45%
Chevron Corp.		2,000,000		209,480
Canadian Natural Resources, Ltd. (CAD denominated)		4,315,000		156,643
Pioneer Natural Resources Company		927,000		150,656
EOG Resources, Inc.		1,352,400		112,844
Suncor Energy, Inc.		4,000,000		95,805
ConocoPhillips		362,500		22,076
Chesapeake Energy Corp.		330,437		17,157
Chesapeake Energy Corp.^3,7		1,970		98
Scorpio Tankers, Inc.		345,000		7,607
Euronav NV		750,000		6,990
Oasis Petroleum, Inc.		48,721		4,899
Extraction Oil & Gas, Inc.¹		42,743		2,347
Extraction Oil & Gas, Inc.^1,3,5,7		22,469		1,184
Weatherford International¹		144,755		2,635
Diamond Offshore Drilling, Inc.¹		247,104		1,569
Diamond Offshore Drilling, Inc.^1,3,4,7		86,354		461
McDermott International, Ltd.¹		40,219		20
				792,471

Real estate 1.87%
VICI Properties, Inc. REIT		5,165,000		160,218
Crown Castle International Corp. REIT		526,000		102,623
MGM Growth Properties LLC REIT, Class A		2,660,000		97,409
American Tower Corp. REIT		328,100		88,633
Alexandria Real Estate Equities, Inc. REIT		399,000		72,594
PotlatchDeltic Corp. REIT		1,000,000		53,150
STORE Capital Corp. REIT		534,137		18,433
Equinix, Inc. REIT		13,000		10,434
				603,494


106	American Funds Insurance Series

Asset Allocation Fund (continued)

Common stocks (continued)	Shares		Value (000)
Utilities 0.69%
Enel SpA		24,000,000	$	222,883

Total common stocks (cost: $12,611,364,000)				22,553,185

Preferred securities 0.00%
Industrials 0.00%
ACR III LSC Holdings LLC, Series B, preferred shares^1,3,4,7		450		317

Total preferred securities (cost: $466,000)				317

Rights & warrants 0.00%
Energy 0.00%
Chesapeake Energy Corp., Class B, warrants, expire 2026¹		16,601		395
Sable Permian Resources, LLC, Class A, warrants, expire 2024^1,3,4		4,392		—	⁸

Total rights & warrants (cost: $723,000)				395

Convertible stocks 0.49%
Information technology 0.28%
Broadcom, Inc., Series A, cumulative convertible preferred shares, 8.00% 2022		60,000		91,192

Financials 0.15%
2020 Cash Mandatory Exchangeable Trust, convertible preferred shares, 0% 2023⁷		37,778		47,698

Health care 0.06%
Danaher Corp., Series B, cumulative convertible preferred shares, 5.00% 2023²		13,300		19,621

Total convertible stocks (cost: $109,241,000)				158,511

Investment funds 5.20%
Capital Group Central Corporate Bond Fund⁶		166,290,561		1,681,198

Total investment funds (cost: $1,677,900,000)				1,681,198

Bonds, notes & other debt instruments 21.02%	Principal amount (000)
U.S. Treasury bonds & notes 7.15%
U.S. Treasury 5.54%
U.S. Treasury 1.50% 2021	$	3,777		3,786
U.S. Treasury 1.625% 2021		98		99
U.S. Treasury 1.75% 2021		425		428
U.S. Treasury 2.75% 2021		19,232		19,339
U.S. Treasury 0.125% 2022		83,545		83,573
U.S. Treasury 0.125% 2022		10,000		10,003
U.S. Treasury 1.375% 2022		5,000		5,039
U.S. Treasury 1.375% 2022		280		285
U.S. Treasury 1.50% 2022		9,407		9,564
U.S. Treasury 1.625% 2022		94		96
U.S. Treasury 1.875% 2022		80,000		80,963
U.S. Treasury 2.125% 2022		37,000		38,083
U.S. Treasury 0.125% 2023		44,825		44,776
U.S. Treasury 0.25% 2023		30,000		30,007
U.S. Treasury 2.25% 2023		5,000		5,236
U.S. Treasury 2.375% 2023		5,000		5,173
U.S. Treasury 2.75% 2023		15,000		15,693
U.S. Treasury 0.25% 2024		15,000		14,940
U.S. Treasury 1.50% 2024		22,500		23,218


American Funds Insurance Series	107

Asset Allocation Fund (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
U.S. Treasury bonds & notes (continued)
U.S. Treasury (continued)
U.S. Treasury 1.50% 2024	$	907	$	936
U.S. Treasury 2.125% 2024		5,000		5,235
U.S. Treasury 2.25% 2024		5,000		5,242
U.S. Treasury 2.375% 2024		70,000		74,114
U.S. Treasury 2.50% 2024		225,000		237,378
U.S. Treasury 2.50% 2024		700		742
U.S. Treasury 0.25% 2025		43,812		43,080
U.S. Treasury 2.50% 2025		3,500		3,738
U.S. Treasury 2.75% 2025		3,229		3,493
U.S. Treasury 3.00% 2025		10,000		10,957
U.S. Treasury 0.375% 2026		75,000		73,506
U.S. Treasury 0.50% 2026		109,869		108,216
U.S. Treasury 0.75% 2026		155,473		154,692
U.S. Treasury 1.50% 2026		500		515
U.S. Treasury 1.625% 2026		60,000		62,137
U.S. Treasury 1.625% 2026		27,000		27,963
U.S. Treasury 1.625% 2026		7,000		7,257
U.S. Treasury 1.625% 2026		1,500		1,555
U.S. Treasury 0.50% 2027		36,300		35,114
U.S. Treasury 0.50% 2027		20,000		19,362
U.S. Treasury 0.625% 2027		7,109		6,873
U.S. Treasury 1.125% 2027		762		768
U.S. Treasury 2.25% 2027		78,250		83,638
U.S. Treasury 2.375% 2027		880		947
U.S. Treasury 2.875% 2028		5,217		5,796
U.S. Treasury 0.625% 2030		20,225		18,902
U.S. Treasury 0.875% 2030		6,640		6,314
U.S. Treasury 1.50% 2030		36,651		37,011
U.S. Treasury 1.625% 2031		43,766		44,447
U.S. Treasury 1.125% 2040		62,775		54,148
U.S. Treasury 1.375% 2040		52,695		47,285
U.S. Treasury 2.50% 2046		3,755		4,062
U.S. Treasury 3.00% 2047		9,355		11,103
U.S. Treasury 3.00% 2048		336		400
U.S. Treasury 2.25% 2049		15,000		15,510
U.S. Treasury 2.375% 2049⁹		75,000		79,708
U.S. Treasury 1.375% 2050⁹		12,500		10,514
U.S. Treasury 2.00% 2050		13,825		13,555
U.S. Treasury 1.875% 2051⁹		90,207		85,914
				1,792,428

U.S. Treasury inflation-protected securities 1.61%
U.S. Treasury Inflation-Protected Security 0.125% 2024¹⁰		88,451		95,404
U.S. Treasury Inflation-Protected Security 0.625% 2024¹⁰		89,695		96,628
U.S. Treasury Inflation-Protected Security 0.125% 2025¹⁰		24,052		26,195
U.S. Treasury Inflation-Protected Security 0.125% 2025¹⁰		23,773		25,678
U.S. Treasury Inflation-Protected Security 0.125% 2026¹⁰		23,975		26,106
U.S. Treasury Inflation-Protected Security 0.75% 2028¹⁰		18,613		21,362
U.S. Treasury Inflation-Protected Security 0.875% 2029¹⁰		20,983		24,287
U.S. Treasury Inflation-Protected Security 0.125% 2030¹⁰		24,083		26,456
U.S. Treasury Inflation-Protected Security 0.125% 2031¹⁰		24,255		26,707
U.S. Treasury Inflation-Protected Security 1.00% 2049¹⁰		105,122		140,951
U.S. Treasury Inflation-Protected Security 0.25% 2050¹⁰		4,332		4,890
U.S. Treasury Inflation-Protected Security 0.125% 2051¹⁰		6,153		6,745
				521,409

Total U.S. Treasury bonds & notes				2,313,837


108	American Funds Insurance Series

Asset Allocation Fund (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Corporate bonds, notes & loans 7.00%
Financials 1.15%
ACE INA Holdings, Inc. 2.875% 2022	$	3,880	$	3,996
ACE INA Holdings, Inc. 3.35% 2026		880		967
ACE INA Holdings, Inc. 4.35% 2045		400		506
Advisor Group Holdings, LLC 6.25% 2028⁷		3,130		3,309
AG Merger Sub II, Inc. 10.75% 2027⁷		2,920		3,252
Ally Financial, Inc. 8.00% 2031		3,000		4,225
American International Group, Inc. 2.50% 2025		15,800		16,686
American International Group, Inc. 4.20% 2028		565		651
Bangkok Bank PCL 3.733% 2034 (5-year UST Yield Curve Rate T Note Constant Maturity + 1.90% on 9/25/2029)¹¹		2,428		2,524
Bank of America Corp. 3.55% 2024 (3-month USD-LIBOR + 0.78% on 3/5/2023)¹¹		6,000		6,305
Bank of America Corp. 1.197% 2026 (USD-SOFR + 1.01% on 10/24/2025)¹¹		2,500		2,479
Bank of America Corp. 3.419% 2028 (3-month USD-LIBOR + 1.04% on 12/20/2027)¹¹		2,345		2,556
Bank of America Corp. 1.898% 2031 (USD-SOFR + 1.53% on 7/23/2030)¹¹		16,000		15,569
Bank of America Corp. 1.922% 2031 (USD-SOFR + 1.37% on 10/24/2030)¹¹		3,700		3,610
Bank of Nova Scotia 1.625% 2023		5,000		5,112
BB&T Corp. 2.625% 2022		2,500		2,528
Berkshire Hathaway Finance Corp. 4.20% 2048		6,570		8,132
Berkshire Hathaway Finance Corp. 4.25% 2049		550		685
Berkshire Hathaway, Inc. 2.75% 2023		1,615		1,676
Berkshire Hathaway, Inc. 3.125% 2026		500		547
BNP Paribas 3.375% 2025⁷		3,225		3,462
Citigroup, Inc. 2.976% 2030 (USD-SOFR + 1.422% on 11/5/2029)¹¹		3,254		3,451
CME Group, Inc. 3.75% 2028		3,425		3,908
Commonwealth Bank of Australia 3.35% 2024		1,225		1,322
Commonwealth Bank of Australia 3.35% 2024⁷		1,000		1,079
Commonwealth Bank of Australia 2.688% 2031⁷		7,575		7,581
Compass Diversified Holdings 5.25% 2029⁷		640		666
Crédit Agricole SA 4.375% 2025⁷		850		936
Credit Suisse Group AG 3.80% 2023		1,625		1,723
Credit Suisse Group AG 3.869% 2029 (3-month USD-LIBOR + 1.41% on 1/12/2028)^7,11		800		882
Danske Bank AS 2.70% 2022⁷		1,000		1,016
FS Energy and Power Fund 7.50% 2023⁷		2,995		3,102
Goldman Sachs Group, Inc. 1.093% 2026 (USD-SOFR + 0.789% on 12/9/2025)¹¹		3,425		3,373
Goldman Sachs Group, Inc. 3.814% 2029 (3-month USD-LIBOR + 1.158% on 4/23/2028)¹¹		390		437
Goldman Sachs Group, Inc. 2.615% 2032 (USD-SOFR + 1.281% on 4/22/2031)¹¹		4,036		4,126
Goldman Sachs Group, Inc. 3.21% 2042 (USD-SOFR + 1.513% on 4/22/2041)¹¹		2,000		2,095
Groupe BPCE SA 2.75% 2023⁷		600		622
Groupe BPCE SA 5.70% 2023⁷		2,250		2,492
Groupe BPCE SA 5.15% 2024⁷		3,710		4,135
Groupe BPCE SA 1.00% 2026⁷		6,100		6,020
Groupe BPCE SA 2.277% 2032 (USD-SOFR + 1.312% on 1/20/2031)^7,11		2,250		2,210
HSBC Holdings PLC 3.262% 2023 (3-month USD-LIBOR + 1.055% on 3/13/2022)¹¹		1,500		1,530
HSBC Holdings PLC 4.25% 2024		3,000		3,251
HSBC Holdings PLC 2.633% 2025 (3-month USD-LIBOR + 1.14% on 11/7/2024)¹¹		625		656
HSBC Holdings PLC 2.099% 2026 (USD-SOFR + 1.929% on 6/4/2025)¹¹		6,000		6,170
HSBC Holdings PLC 4.583% 2029 (3-month USD-LIBOR + 1.535% on 6/19/2028)¹¹		3,750		4,337
HSBC Holdings PLC 3.973% 2030 (3-month USD-LIBOR + 1.61% on 5/22/2029)¹¹		1,500		1,680
Icahn Enterprises Finance Corp. 5.25% 2027		1,185		1,225
Icahn Enterprises Finance Corp. 4.375% 2029⁷		2,200		2,196
Intercontinental Exchange, Inc. 2.65% 2040		7,425		7,142
Intesa Sanpaolo SpA 3.375% 2023⁷		750		781
Intesa Sanpaolo SpA 3.25% 2024⁷		750		798
Intesa Sanpaolo SpA 5.017% 2024⁷		1,730		1,883
Intesa Sanpaolo SpA 3.875% 2027⁷		300		326
JPMorgan Chase & Co. 3.559% 2024 (3-month USD-LIBOR + 0.73% on 4/23/2023)¹¹		4,725		4,983
JPMorgan Chase & Co. 2.58% 2032 (USD-SOFR + 1.25% on 4/22/2031)¹¹		3,101		3,185
JPMorgan Chase & Co. 3.157% 2042 (USD-SOFR + 1.46% on 4/22/2041)¹¹		10,325		10,759
JPMorgan Chase & Co. 3.328% 2052 (USD-SOFR + 1.58% on 4/22/2051)¹¹		10,325		11,041


American Funds Insurance Series	109

Asset Allocation Fund (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Corporate bonds, notes & loans (continued)
Financials (continued)
Kasikornbank PC HK 3.343% 2031 (5-year UST Yield Curve Rate T Note Constant Maturity + 1.70% on 10/2/2026)¹¹	$	1,222	$	1,253
Ladder Capital Corp. 5.25% 2022⁷		475		479
Ladder Capital Corp. 4.25% 2027⁷		3,757		3,764
Lloyds Banking Group PLC 2.907% 2023 (3-month USD-LIBOR + 0.81% on 11/7/2022)¹¹		750		774
Lloyds Banking Group PLC 4.05% 2023		2,000		2,145
Lloyds Banking Group PLC 1.627% 2027 (1-year UST Yield Curve Rate T Note Constant Maturity + 0.85% on 5/11/2026)¹¹		800		801
Lloyds Banking Group PLC 4.375% 2028		2,150		2,472
LPL Financial Holdings, Inc. 4.625% 2027⁷		2,200		2,286
LPL Financial Holdings, Inc. 4.375% 2031⁷		1,380		1,399
Marsh & McLennan Companies, Inc. 3.875% 2024		820		890
Marsh & McLennan Companies, Inc. 4.375% 2029		1,705		2,000
Marsh & McLennan Companies, Inc. 4.90% 2049		1,539		2,105
Metropolitan Life Global Funding I 1.95% 2021⁷		1,250		1,255
MGIC Investment Corp. 5.25% 2028		1,175		1,247
Mitsubishi UFJ Financial Group, Inc. 2.801% 2024		1,610		1,706
Morgan Stanley 3.737% 2024 (3-month USD-LIBOR + 0.847% on 4/24/2023)¹¹		300		317
Morgan Stanley 0.985% 2026 (USD-SOFR + 0.72% on 12/10/2025)¹¹		3,766		3,709
Morgan Stanley 3.125% 2026		325		352
Morgan Stanley 1.593% 2027 (USD-SOFR + 0.879% on 5/4/2026)¹¹		3,290		3,315
Morgan Stanley 2.699% 2031 (USD-SOFR + 1.143% on 1/22/2030)¹¹		2,000		2,095
Morgan Stanley 3.217% 2042 (USD-SOFR + 1.485% on 4/22/2041)¹¹		856		908
MSCI, Inc. 3.625% 2031⁷		2,225		2,285
Navient Corp. 6.50% 2022		2,550		2,662
Navient Corp. 5.50% 2023		10,165		10,734
Navient Corp. 7.25% 2023		725		802
Navient Corp. 5.875% 2024		1,005		1,087
Navient Corp. 6.125% 2024		8,030		8,691
New York Life Global Funding 1.70% 2021⁷		750		752
New York Life Global Funding 2.35% 2026⁷		590		619
Owl Rock Capital Corp. 4.625% 2024⁷		2,305		2,451
Owl Rock Capital Corp. 3.75% 2025		2,874		3,042
Owl Rock Capital Corp. 4.00% 2025		102		109
Owl Rock Capital Corp. 3.375% 2026		1,290		1,346
PNC Bank 2.55% 2021		4,000		4,034
PNC Financial Services Group, Inc. 2.854% 2022¹¹		1,445		1,495
PNC Financial Services Group, Inc. 3.90% 2024		2,000		2,173
Power Financial Corp., Ltd. 5.25% 2028		383		430
Power Financial Corp., Ltd. 6.15% 2028		350		415
Power Financial Corp., Ltd. 4.50% 2029		554		595
Power Financial Corp., Ltd. 3.95% 2030		1,213		1,253
Prudential Financial, Inc. 4.35% 2050		7,000		8,798
Quicken Loans, LLC 3.625% 2029⁷		1,505		1,489
Rabobank Nederland 2.75% 2022		2,250		2,281
Rabobank Nederland 4.375% 2025		4,500		5,028
Royal Bank of Canada 1.15% 2025		4,711		4,739
Skandinaviska Enskilda Banken AB 1.875% 2021		1,675		1,681
Skandinaviska Enskilda Banken AB 2.80% 2022		700		712
Springleaf Finance Corp. 6.125% 2024		4,550		4,903
Starwood Property Trust, Inc. 5.00% 2021		6,625		6,666
Starwood Property Trust, Inc. 5.50% 2023⁷		1,160		1,217
Swiss Re Finance (Luxembourg) SA 5.00% 2049 (5-year UST Yield Curve Rate T Note Constant Maturity + 3.582% on 4/2/2029)^7,11		2,800		3,194
Toronto-Dominion Bank 2.65% 2024		625		662
Toronto-Dominion Bank 0.75% 2025		5,375		5,328
Travelers Companies, Inc. 4.00% 2047		860		1,048
U.S. Bancorp 2.625% 2022		1,805		1,826
U.S. Bancorp 2.375% 2026		4,000		4,236
UBS Group AG 4.125% 2025⁷		2,750		3,070


110	American Funds Insurance Series

Asset Allocation Fund (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Corporate bonds, notes & loans (continued)
Financials (continued)
UniCredit SpA 3.75% 2022⁷	$	5,725	$	5,864
UniCredit SpA 6.572% 2022⁷		475		490
UniCredit SpA 4.625% 2027⁷		625		702
Wells Fargo & Company 2.164% 2026 (3-month USD-LIBOR + 0.75% on 2/11/2025)¹¹		8,000		8,308
Wells Fargo & Company 2.879% 2030 (3-month USD-LIBOR + 1.17% on 10/30/2029)¹¹		729		773
Westpac Banking Corp. 2.75% 2023		1,750		1,816
Westpac Banking Corp. 2.894% 2030 (5-year UST Yield Curve Rate T Note Constant Maturity + 1.35% on 2/4/2025)¹¹		8,500		8,827
Westpac Banking Corp. 2.668% 2035 (5-year UST Yield Curve Rate T Note Constant Maturity + 1.75% on 11/15/2030)¹¹		3,325		3,275
Westpac Banking Corp. 2.963% 2040		1,500		1,477
				370,553

Energy 1.03%
Antero Midstream Partners LP 5.375% 2029⁷		1,295		1,352
Antero Resources Corp. 7.625% 2029⁷		430		478
Apache Corp. 4.875% 2027		2,150		2,331
Apache Corp. 4.375% 2028		2,580		2,750
Ascent Resources - Utica LLC 5.875% 2029⁷		1,040		1,041
BP Capital Markets America, Inc. 2.772% 2050		7,025		6,520
Canadian Natural Resources, Ltd. 2.95% 2023		1,935		2,005
Canadian Natural Resources, Ltd. 2.05% 2025		961		988
Canadian Natural Resources, Ltd. 2.95% 2030		7,142		7,412
Canadian Natural Resources, Ltd. 4.95% 2047		1,559		1,942
Cenovus Energy, Inc. 3.80% 2023		3,970		4,191
Cenovus Energy, Inc. 4.25% 2027		5,690		6,364
Cheniere Energy Partners LP 5.625% 2026		2,475		2,574
Cheniere Energy Partners LP 4.50% 2029		1,085		1,168
Cheniere Energy Partners LP 4.00% 2031⁷		4,485		4,692
Cheniere Energy, Inc. 4.625% 2028⁷		5,645		5,963
Chesapeake Energy Corp. 4.875% 2022¹²		7,225		208
Chesapeake Energy Corp. 5.50% 2026⁷		685		725
Chesapeake Energy Corp. 5.875% 2029⁷		590		639
Chevron Corp. 1.995% 2027		2,631		2,717
Chevron USA, Inc. 1.018% 2027		2,850		2,777
CNX Resources Corp. 7.25% 2027⁷		1,725		1,851
CNX Resources Corp. 6.00% 2029⁷		425		460
Comstock Resources, Inc. 5.875% 2030⁷		450		460
ConocoPhillips 4.30% 2028⁷		5,355		6,221
Constellation Oil Services Holding SA 10.00% 2024 (100% PIK)^7,12,13		1,084		309
Continental Resources, Inc. 5.75% 2031⁷		1,430		1,714
Diamond Foreign Asset Co. / Diamond Finance LLC 9.00% 2027^3,4,7,13,14		204		204
Diamond Foreign Asset Co. / Diamond Finance LLC 9.00% 2027^3,4,13,14		185		185
Diamondback Energy, Inc. 4.40% 2051		5,023		5,671
DT Midstream, Inc. 4.375% 2031⁷		1,680		1,719
Enbridge Energy Partners LP 5.875% 2025		3,200		3,779
Enbridge Energy Partners LP, Series B, 7.50% 2038		2,000		2,971
Enbridge, Inc. 4.00% 2023		1,678		1,792
Enbridge, Inc. 2.50% 2025		1,700		1,783
Enbridge, Inc. 3.70% 2027		162		179
Energy Transfer Operating LP 5.00% 2050		17,377		20,123
Energy Transfer Partners LP 4.50% 2024		1,210		1,318
Energy Transfer Partners LP 4.75% 2026		2,494		2,810
Energy Transfer Partners LP 5.25% 2029		757		895
Energy Transfer Partners LP 6.00% 2048		774		980
Energy Transfer Partners LP 6.25% 2049		757		995
Enterprise Products Operating LLC 4.90% 2046		500		620
EQM Midstream Partners LP 4.125% 2026		686		704


American Funds Insurance Series	111

Asset Allocation Fund (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Corporate bonds, notes & loans (continued)
Energy (continued)	��
EQM Midstream Partners LP 6.50% 2027⁷	$	2,690	$	3,007
EQM Midstream Partners LP 5.50% 2028		2,588		2,802
EQM Midstream Partners LP 4.75% 2031⁷		1,635		1,687
EQT Corp. 7.625% 2025 (7.375% on 2/1/2025)¹¹		1,295		1,512
EQT Corp. 3.90% 2027		450		483
EQT Corp. 5.00% 2029		340		380
EQT Corp. 8.50% 2030 (8.25% on 8/1/2021)¹¹		1,110		1,448
EQT Corp. 3.625% 2031⁷		400		418
Equinor ASA 3.00% 2027		4,000		4,350
Equinor ASA 3.625% 2028		3,685		4,145
Exxon Mobil Corp. 2.019% 2024		643		669
Exxon Mobil Corp. 2.44% 2029		1,963		2,058
Genesis Energy LP 5.625% 2024		575		579
Genesis Energy LP 6.50% 2025		3,572		3,615
Genesis Energy LP 8.00% 2027		595		626
Halliburton Company 3.80% 2025		16		18
Harvest Midstream I LP 7.50% 2028⁷		850		925
Hess Midstream Partners LP 5.125% 2028⁷		2,155		2,263
Hilcorp Energy I LP 5.75% 2025⁷		2,575		2,623
Hilcorp Energy I LP 6.00% 2031⁷		460		488
Indigo Natural Resources LLC 5.375% 2029⁷		1,355		1,418
Kinder Morgan, Inc. 3.60% 2051		5,000		5,105
Marathon Oil Corp. 4.40% 2027		1,005		1,139
MPLX LP 4.125% 2027		500		559
MPLX LP 2.65% 2030		4,273		4,317
MPLX LP 4.50% 2038		750		862
MPLX LP 4.70% 2048		2,500		2,912
MPLX LP 5.50% 2049		4,491		5,826
NGL Energy Operating LLC 7.50% 2026⁷		5,990		6,297
NGL Energy Partners LP 6.125% 2025		4,907		4,463
Oasis Midstream Partners LP / OMP Finance Corp. 8.00% 2029⁷		4,265		4,546
Oasis Petroleum, Inc. 6.375% 2026⁷		765		799
ONEOK, Inc. 5.85% 2026		7,997		9,463
ONEOK, Inc. 5.20% 2048		2,500		3,069
Peabody Energy Corp. 8.50% 2024 (29.41% PIK)^7,13		986		746
Petrobras Global Finance Co. 6.75% 2050		2,240		2,622
Petróleos Mexicanos 6.875% 2025⁷		3,755		4,161
Petróleos Mexicanos 5.35% 2028		1,870		1,841
Phillips 66 2.15% 2030		1,181		1,163
Phillips 66 Partners LP 3.55% 2026		160		174
Phillips 66 Partners LP 4.68% 2045		400		459
Phillips 66 Partners LP 4.90% 2046		275		329
Pioneer Natural Resources Company 1.125% 2026		1,053		1,043
Pioneer Natural Resources Company 2.15% 2031		2,862		2,808
Plains All American Pipeline LP 3.80% 2030		113		121
Range Resources Corp. 4.875% 2025		565		585
Range Resources Corp. 8.25% 2029⁷		520		587
Rattler Midstream Partners LP 5.625% 2025⁷		355		374
Rockies Express Pipeline LLC 4.95% 2029⁷		2,689		2,777
SA Global Sukuk, Ltd. 1.602% 2026⁷		10,915		10,919
SA Global Sukuk, Ltd. 2.694% 2031⁷		4,825		4,891
Sabine Pass Liquefaction, LLC 5.875% 2026		610		722
Sabine Pass Liquefaction, LLC 4.20% 2028		870		983
Sabine Pass Liquefaction, LLC 4.50% 2030		7,339		8,478
Schlumberger BV 3.75% 2024⁷		495		533
Schlumberger BV 4.00% 2025⁷		70		78
Southwestern Energy Co. 6.45% 2025¹¹		1,760		1,952
Southwestern Energy Co. 7.50% 2026		1,685		1,786
Southwestern Energy Co. 7.75% 2027		450		489
Southwestern Energy Co. 8.375% 2028		395		447
Statoil ASA 2.75% 2021		1,925		1,942


112	American Funds Insurance Series

Asset Allocation Fund (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Corporate bonds, notes & loans (continued)
Energy (continued)
Statoil ASA 3.25% 2024	$	2,850	$	3,088
Statoil ASA 4.25% 2041		2,000		2,447
Suncor Energy, Inc. 3.10% 2025		3,687		3,943
Suncor Energy, Inc. 3.75% 2051		184		199
Sunoco Logistics Operating Partners LP 5.40% 2047		650		772
Sunoco LP 4.50% 2029⁷		1,050		1,072
Tallgrass Energy Partners LP 7.50% 2025⁷		550		604
Targa Resources Partners LP 5.875% 2026		1,350		1,422
Targa Resources Partners LP 5.50% 2030		2,260		2,488
Targa Resources Partners LP 4.875% 2031⁷		1,065		1,154
Targa Resources Partners LP 4.00% 2032⁷		1,750		1,802
Teekay Corp. 9.25% 2022⁷		4,825		4,991
Teekay Offshore Partners LP 8.50% 2023⁷		3,550		3,265
Total SE 2.986% 2041		9,544		9,737
TransCanada PipeLines, Ltd. 4.25% 2028		1,090		1,253
TransCanada PipeLines, Ltd. 4.10% 2030		4,298		4,943
TransCanada PipeLines, Ltd. 4.75% 2038		3,000		3,611
TransCanada PipeLines, Ltd. 4.875% 2048		700		887
Valero Energy Corp. 4.00% 2029		4,000		4,471
Weatherford International PLC 8.75% 2024⁷		3,571		3,740
Weatherford International PLC 11.00% 2024⁷		9,918		10,327
Western Gas Partners LP 4.50% 2028		4,468		4,787
Western Midstream Operating LP 5.30% 2030¹¹		1,300		1,460
Williams Companies, Inc. 3.50% 2030		6,730		7,356
Williams Partners LP 4.30% 2024		85		92
				334,372

Health care 0.78%
Abbott Laboratories 3.75% 2026		1,811		2,046
AbbVie, Inc. 2.60% 2024		3,000		3,165
AbbVie, Inc. 3.80% 2025		206		226
AbbVie, Inc. 2.95% 2026		1,445		1,554
AmerisourceBergen Corp. 0.737% 2023		2,918		2,924
Amgen, Inc. 2.20% 2027		2,429		2,524
Anthem, Inc. 2.375% 2025		818		857
AstraZeneca Finance LLC 1.20% 2026		3,786		3,778
AstraZeneca Finance LLC 1.75% 2028		1,871		1,872
AstraZeneca Finance LLC 2.25% 2031		146		148
AstraZeneca PLC 3.375% 2025		8,140		8,914
AstraZeneca PLC 3.00% 2051		573		594
Bausch Health Companies, Inc. 5.00% 2028⁷		1,735		1,649
Bausch Health Companies, Inc. 5.25% 2031⁷		1,610		1,507
Bayer US Finance II LLC 3.875% 2023⁷		1,685		1,805
Becton, Dickinson and Company 2.894% 2022		508		519
Becton, Dickinson and Company 3.363% 2024		435		466
Becton, Dickinson and Company 3.70% 2027		7,000		7,782
Boston Scientific Corp. 3.45% 2024		715		764
Boston Scientific Corp. 1.90% 2025		5,856		6,046
Boston Scientific Corp. 3.85% 2025		1,780		1,968
Boston Scientific Corp. 3.75% 2026		645		716
Boston Scientific Corp. 4.00% 2029		1,550		1,765
Centene Corp. 4.25% 2027		565		596
Centene Corp. 2.45% 2028		2,325		2,359
Centene Corp. 4.625% 2029		4,785		5,268
Centene Corp. 3.00% 2030		5,865		6,032
Cigna Corp. 3.75% 2023		353		376
Cigna Corp. 4.80% 2038		3,880		4,838
CVS Health Corp. 4.30% 2028		588		676
DaVita, Inc. 4.625% 2030⁷		1,025		1,055
Eli Lilly and Company 3.375% 2029		3,330		3,744


American Funds Insurance Series	113

Asset Allocation Fund (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Corporate bonds, notes & loans (continued)
Health care (continued)
Encompass Health Corp. 4.50% 2028	$	1,449	$	1,505
Endo DAC / Endo Finance LLC / Endo Finco 9.50% 2027⁷		5,517		5,634
Endo International PLC 5.75% 2022⁷		7,340		6,780
Endo Luxembourg Finance Co. I SARL / Endo U.S., Inc. 6.125% 2029⁷		1,560		1,531
GlaxoSmithKline PLC 3.625% 2025		3,585		3,961
HCA, Inc. 5.375% 2025		515		582
HCA, Inc. 3.50% 2030		2,650		2,825
HealthSouth Corp. 5.75% 2025		2,685		2,768
Jazz Securities DAC 4.375% 2029⁷		975		1,012
Mallinckrodt PLC 10.00% 2025⁷		2,500		2,797
Medtronic, Inc. 3.50% 2025		467		513
Molina Healthcare, Inc. 5.375% 2022		6,985		7,330
Molina Healthcare, Inc. 3.875% 2030⁷		2,899		3,023
Novant Health, Inc. 3.168% 2051		3,750		3,945
Novartis Capital Corp. 1.75% 2025		1,250		1,289
Novartis Capital Corp. 2.00% 2027		2,386		2,482
Owens & Minor, Inc. 4.375% 2024		5,615		5,874
Owens & Minor, Inc. 4.50% 2029⁷		3,685		3,791
Par Pharmaceutical, Inc. 7.50% 2027⁷		8,028		8,218
Pfizer, Inc. 2.95% 2024		825		878
Pfizer, Inc. 3.45% 2029		8,000		9,008
Rotech Healthcare, Inc., Term Loan, (3-month USD-LIBOR + 11.00%) 13.00% 2023 (100% PIK)^3,4,13,14,15		4,356		4,356
Shire PLC 2.875% 2023		3,413		3,573
Summa Health 3.511% 2051		1,655		1,752
Tenet Healthcare Corp. 4.625% 2024		1,953		1,986
Tenet Healthcare Corp. 4.875% 2026⁷		16,225		16,849
Tenet Healthcare Corp. 4.25% 2029⁷		2,060		2,088
Teva Pharmaceutical Finance Co. BV 2.80% 2023		3,914		3,905
Teva Pharmaceutical Finance Co. BV 6.00% 2024		12,016		12,772
Teva Pharmaceutical Finance Co. BV 7.125% 2025		1,935		2,136
Teva Pharmaceutical Finance Co. BV 3.15% 2026		17,790		16,945
Teva Pharmaceutical Finance Co. BV 4.10% 2046		4,420		3,879
UnitedHealth Group, Inc. 1.15% 2026		2,610		2,612
UnitedHealth Group, Inc. 2.30% 2031		2,286		2,343
UnitedHealth Group, Inc. 3.05% 2041		3,875		4,063
UnitedHealth Group, Inc. 3.25% 2051		2,504		2,676
Valeant Pharmaceuticals International, Inc. 6.125% 2025⁷		10,225		10,493
Zimmer Holdings, Inc. 3.15% 2022		4,070		4,135
				250,842

Industrials 0.59%
Allison Transmission Holdings, Inc. 3.75% 2031⁷		4,465		4,394
Associated Materials, LLC 9.00% 2025⁷		3,749		3,983
Avis Budget Car Rental, LLC 5.75% 2027⁷		2,025		2,115
Avis Budget Group, Inc. 5.25% 2025⁷		1,927		1,955
Avis Budget Group, Inc. 5.375% 2029⁷		1,750		1,825
Avolon Holdings Funding, Ltd. 3.625% 2022⁷		1,254		1,283
Avolon Holdings Funding, Ltd. 3.95% 2024⁷		1,587		1,693
Avolon Holdings Funding, Ltd. 4.25% 2026⁷		1,126		1,221
Avolon Holdings Funding, Ltd. 4.375% 2026⁷		1,975		2,149
Boeing Company 4.875% 2025		1,555		1,743
Boeing Company 2.75% 2026		13,000		13,589
Boeing Company 3.10% 2026		251		266
Boeing Company 3.25% 2028		7,700		8,172
Boeing Company 5.15% 2030		1,100		1,304
Boeing Company 3.625% 2031		3,450		3,714
Boeing Company 3.60% 2034		6,250		6,601
Boeing Company 3.50% 2039		250		251
Boeing Company 3.75% 2050		1,300		1,343


114	American Funds Insurance Series

Asset Allocation Fund (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Corporate bonds, notes & loans (continued)
Industrials (continued)
Boeing Company 5.805% 2050	$	1,100	$	1,484
Bombardier, Inc. 7.50% 2024⁷		1,950		2,040
Bombardier, Inc. 7.125% 2026⁷		1,500		1,572
Bombardier, Inc. 7.875% 2027⁷		2,720		2,825
Burlington Northern Santa Fe LLC 4.40% 2042		5,000		6,199
BWX Technologies, Inc. 4.125% 2029⁷		1,025		1,046
Canadian National Railway Company 3.20% 2046		930		965
Clarivate Science Holdings Corp. 3.875% 2028⁷		590		596
Clarivate Science Holdings Corp. 4.875% 2029⁷		520		534
CoreLogic, Inc. 4.50% 2028⁷		4,125		4,094
CSX Corp. 3.80% 2028		3,135		3,537
CSX Corp. 4.25% 2029		1,062		1,235
CSX Corp. 4.30% 2048		1,125		1,370
CSX Corp. 2.50% 2051		4,125		3,756
Dun & Bradstreet Corp. 6.875% 2026⁷		1,067		1,135
General Dynamics Corp. 3.375% 2023		1,000		1,055
General Dynamics Corp. 3.50% 2025		329		361
General Dynamics Corp. 2.25% 2031		1,287		1,322
General Electric Capital Corp. 4.418% 2035		1,200		1,440
General Electric Co. 3.45% 2027		1,800		1,980
Honeywell International, Inc. 2.30% 2024		2,640		2,773
Honeywell International, Inc. 1.35% 2025		5,947		6,060
Honeywell International, Inc. 2.70% 2029		1,470		1,580
Howmet Aerospace, Inc. 6.875% 2025		1,885		2,197
Icahn Enterprises Finance Corp. 4.75% 2024		3,590		3,756
L3Harris Technologies, Inc. 1.80% 2031		2,625		2,552
LSC Communications, Inc. 8.75% 2023^3,4,7,12		4,063		216
Masco Corp. 1.50% 2028		774		756
Masco Corp. 2.00% 2031		497		486
Masco Corp. 3.125% 2051		230		229
MasTec, Inc. 4.50% 2028⁷		1,425		1,503
Meritor, Inc. 4.50% 2028⁷		1,025		1,041
Mueller Water Products, Inc. 4.00% 2029⁷		430		442
Nielsen Finance LLC and Nielsen Finance Co. 5.00% 2025⁷		2,175		2,244
Norfolk Southern Corp. 3.05% 2050		2,746		2,750
Northrop Grumman Corp. 2.93% 2025		1,820		1,941
Northrop Grumman Corp. 3.25% 2028		3,495		3,821
Otis Worldwide Corp. 2.293% 2027		2,135		2,214
Raytheon Technologies Corp. 2.80% 2022		1,500		1,524
Rolls-Royce PLC 5.75% 2027⁷		765		844
Siemens AG 1.20% 2026⁷		3,887		3,892
Siemens AG 1.70% 2028⁷		3,700		3,725
SkyMiles IP, Ltd. 4.75% 2028⁷		3,975		4,422
The Brink’s Co. 4.625% 2027⁷		2,385		2,490
TransDigm, Inc. 6.25% 2026⁷		4,976		5,256
TransDigm, Inc. 5.50% 2027		1,100		1,148
Triumph Group, Inc. 6.25% 2024⁷		970		988
Triumph Group, Inc. 8.875% 2024⁷		1,045		1,164
Triumph Group, Inc. 7.75% 2025⁷		875		901
Union Pacific Corp. 3.15% 2024		1,287		1,374
Union Pacific Corp. 3.75% 2025		4,255		4,720
Union Pacific Corp. 2.15% 2027		2,318		2,410
Union Pacific Corp. 2.40% 2030		2,414		2,497
Union Pacific Corp. 2.891% 2036⁷		6,375		6,633
Union Pacific Corp. 3.75% 2070		546		603
Union Pacific Corp. 3.799% 2071⁷		545		607
United Airlines Holdings, Inc. 6.50% 2027⁷		2,200		2,425
United Rentals, Inc. 3.875% 2031		1,050		1,070
United Technologies Corp. 3.65% 2023		52		55
United Technologies Corp. 3.95% 2025		3,155		3,510
United Technologies Corp. 4.125% 2028		1,075		1,238


American Funds Insurance Series	115

Asset Allocation Fund (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Corporate bonds, notes & loans (continued)
Industrials (continued)
Vertical U.S. Newco, Inc. 5.25% 2027⁷	$	2,000	$	2,110
Vinci SA 3.75% 2029⁷		1,167		1,319
WESCO Distribution, Inc. 7.125% 2025⁷		1,210		1,309
WESCO Distribution, Inc. 7.25% 2028⁷		1,320		1,472
				192,414

Communication services 0.59%
Alphabet, Inc. 1.998% 2026		3,000		3,140
Alphabet, Inc. 1.90% 2040		1,375		1,253
Alphabet, Inc. 2.25% 2060		1,265		1,120
AT&T, Inc. 2.25% 2032		1,000		983
AT&T, Inc. 2.55% 2033⁷		348		345
CCO Holdings LLC and CCO Holdings Capital Corp. 4.908% 2025		500		567
CCO Holdings LLC and CCO Holdings Capital Corp. 4.50% 2030⁷		3,500		3,649
CCO Holdings LLC and CCO Holdings Capital Corp. 4.75% 2030⁷		2,500		2,647
CCO Holdings LLC and CCO Holdings Capital Corp. 2.80% 2031		8,021		8,209
CCO Holdings LLC and CCO Holdings Capital Corp. 4.25% 2031⁷		2,975		3,035
CCO Holdings LLC and CCO Holdings Capital Corp. 2.30% 2032		2,500		2,407
CCO Holdings LLC and CCO Holdings Capital Corp. 4.50% 2032		2,710		2,818
CCO Holdings LLC and CCO Holdings Capital Corp. 4.50% 2033⁷		1,625		1,665
CenturyLink, Inc. 6.75% 2023		2,500		2,776
CenturyLink, Inc. 7.50% 2024		1,500		1,686
CenturyLink, Inc. 5.125% 2026⁷		800		833
Comcast Corp. 2.35% 2027		4,000		4,199
Comcast Corp. 3.20% 2036		375		403
Comcast Corp. 3.90% 2038		250		288
Comcast Corp. 4.60% 2038		2,000		2,483
Comcast Corp. 2.80% 2051		791		762
Deutsche Telekom International Finance BV 9.25% 2032		3,570		5,794
Discovery Communications, Inc. 3.625% 2030		1,407		1,536
Embarq Corp. 7.995% 2036		5,000		5,675
Fox Corp. 4.03% 2024		1,120		1,214
Frontier Communications Corp. 5.875% 2027⁷		2,225		2,386
Frontier Communications Corp. 5.00% 2028⁷		5,550		5,745
Frontier Communications Corp. 6.75% 2029⁷		3,550		3,782
iHeartCommunications, Inc. 5.25% 2027⁷		3,093		3,240
Intelsat Jackson Holding Co. 8.00% 2024⁷		7,275		7,525
Intelsat Jackson Holding Co. 8.50% 2024^7,12		7,650		4,541
Intelsat Jackson Holding Co., Term Loan, (3-month USD-LIBOR + 5.50%) 6.50% 2021^14,15		2,072		2,098
Intelsat Jackson Holding Co., Term Loan, 6.625% 2024¹⁵		1,400		1,429
Liberty Global PLC 5.50% 2028⁷		2,075		2,181
Ligado Networks LLC 15.50% 2023 (100% PIK)^7,13		2,397		2,367
Live Nation Entertainment, Inc. 3.75% 2028⁷		1,350		1,358
MDC Partners, Inc. 7.50% 2024^7,11		3,225		3,269
News Corp. 3.875% 2029⁷		875		885
Nexstar Broadcasting, Inc. 4.75% 2028⁷		3,175		3,266
SBA Tower Trust 1.631% 2026⁷		8,707		8,718
Scripps Escrow II, Inc. 3.875% 2029⁷		1,100		1,093
Sinclair Television Group, Inc. 4.125% 2030⁷		1,175		1,156
Sirius XM Radio, Inc. 4.625% 2024⁷		3,345		3,441
Sirius XM Radio, Inc. 4.00% 2028⁷		2,150		2,217
Sprint Corp. 7.625% 2026		4,125		5,043
Sprint Corp. 6.875% 2028		7,550		9,692
TEGNA, Inc. 4.75% 2026⁷		2,350		2,506
TEGNA, Inc. 5.00% 2029		1,000		1,049
Tencent Holdings, Ltd. 3.68% 2041⁷		1,320		1,418
Tencent Holdings, Ltd. 3.84% 2051⁷		1,780		1,922
T-Mobile US, Inc. 1.50% 2026		500		505
T-Mobile US, Inc. 2.05% 2028		325		331


116	American Funds Insurance Series

Asset Allocation Fund (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Corporate bonds, notes & loans (continued)
Communication services (continued)
T-Mobile US, Inc. 3.375% 2029⁷	$	2,200	$	2,276
T-Mobile US, Inc. 2.875% 2031		1,050		1,043
Trilogy International South Pacific LLC / TISP Finance, Inc. 8.875% 2023⁷		13,201		13,191
Univision Communications, Inc. 6.625% 2027⁷		4,800		5,207
Univision Communications, Inc. 4.50% 2029⁷		3,475		3,509
Verizon Communications, Inc. 2.10% 2028		1,835		1,875
Verizon Communications, Inc. 2.875% 2050		2,500		2,381
Virgin Media O2 4.25% 2031⁷		2,075		2,041
Virgin Media Secured Finance PLC 4.50% 2030⁷		3,115		3,142
Vodafone Group PLC 4.375% 2028		350		407
Vodafone Group PLC 5.25% 2048		500		660
Vodafone Group PLC 4.25% 2050		4,350		5,090
Ziggo Bond Co. BV 5.125% 2030⁷		1,775		1,820
Ziggo Bond Finance BV 5.50% 2027⁷		4,277		4,455
Ziggo Bond Finance BV 4.875% 2030⁷		725		744
				190,491

Utilities 0.57%
AEP Transmission Co. LLC 3.75% 2047		2,390		2,724
Ameren Corp. 2.50% 2024		969		1,020
Ameren Corp. 4.50% 2049		425		548
American Electric Power Company, Inc. 2.95% 2022		3,020		3,108
Calpine Corp. 3.75% 2031⁷		1,300		1,240
CenterPoint Energy, Inc. 2.50% 2022		900		920
CenterPoint Energy, Inc. 3.85% 2024		1,638		1,763
CenterPoint Energy, Inc. 3.70% 2049		2,775		2,967
Comisión Federal de Electricidad 4.75% 2027⁷		645		722
Commonwealth Edison Co. 4.35% 2045		1,085		1,354
Commonwealth Edison Co. 4.00% 2048		2,600		3,132
Consolidated Edison Company of New York, Inc. 4.50% 2058		5,380		6,529
Consumers Energy Co. 4.05% 2048		3,017		3,674
Dominion Resources, Inc. 2.00% 2021		665		665
Dominion Resources, Inc. 2.75% 2022		800		809
Dominion Resources, Inc. 2.85% 2026		750		799
Dominion Resources, Inc., junior subordinated, 3.071% 2024¹¹		1,775		1,883
DTE Energy Company 3.95% 2049		1,800		2,183
Duke Energy Carolinas, LLC 3.95% 2028		1,250		1,435
Duke Energy Florida, LLC 3.20% 2027		1,445		1,580
Duke Energy Indiana, Inc. 3.25% 2049		1,225		1,300
Duke Energy Progress, Inc. 3.70% 2046		750		851
Edison International 3.55% 2024		2,200		2,341
EDP Finance BV 3.625% 2024⁷		4,100		4,410
Electricité de France SA 4.75% 2035⁷		1,250		1,528
Electricité de France SA 4.875% 2038⁷		2,750		3,387
Electricité de France SA 5.60% 2040		525		703
Emera US Finance LP 3.55% 2026		320		350
Enersis Américas SA 4.00% 2026		245		267
Entergy Corp. 2.80% 2030		3,325		3,467
Entergy Louisiana, LLC 4.20% 2048		4,200		5,120
Entergy Texas, Inc. 1.75% 2031		3,650		3,504
Eversource Energy 3.80% 2023		2,730		2,932
Exelon Corp., junior subordinated, 3.497% 2022¹¹		1,075		1,102
FirstEnergy Corp. 3.40% 2050		5,275		5,184
FirstEnergy Transmission LLC 2.866% 2028⁷		675		700
MidAmerican Energy Holdings Co. 3.10% 2027		2,000		2,189
Northern States Power Co. 4.125% 2044		6,000		7,357
NRG Energy, Inc. 3.625% 2031⁷		2,250		2,214
Oncor Electric Delivery Company LLC 2.75% 2024		1,047		1,111
Pacific Gas and Electric Co. 1.75% 2022		1,575		1,574
Pacific Gas and Electric Co. 2.10% 2027		125		122


American Funds Insurance Series	117

Asset Allocation Fund (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Corporate bonds, notes & loans (continued)
Utilities (continued)
Pacific Gas and Electric Co. 2.50% 2031	$	14,750	$	13,846
Pacific Gas and Electric Co. 3.30% 2040		100		91
Pacific Gas and Electric Co. 4.20% 2041		9,100		8,987
Pacific Gas and Electric Co. 3.50% 2050		2,500		2,231
PacifiCorp, First Mortgage Bonds, 3.60% 2024		4,695		5,037
PacifiCorp, First Mortgage Bonds, 4.125% 2049		4,000		4,792
PG&E Corp. 5.00% 2028		4,750		4,809
PG&E Corp. 5.25% 2030		2,575		2,607
Public Service Company of Colorado 2.25% 2022		2,000		2,027
Public Service Company of Colorado 1.875% 2031		2,775		2,763
Public Service Electric and Gas Co. 3.60% 2047		548		625
Public Service Electric and Gas Co. 3.15% 2050		2,451		2,627
Public Service Enterprise Group, Inc. 2.65% 2022		1,900		1,956
Puget Energy, Inc. 6.00% 2021		1,823		1,840
Southern California Edison Co. 2.85% 2029		4,450		4,626
Southern California Edison Co. 6.00% 2034		2,500		3,245
Southern California Edison Co. 5.35% 2035		3,000		3,804
Southern California Edison Co. 5.75% 2035		675		886
Southern California Edison Co. 4.875% 2049		3,745		4,446
Southern California Gas Company 2.55% 2030		2,725		2,819
Talen Energy Corp. 10.50% 2026⁷		885		641
Talen Energy Corp. 7.25% 2027⁷		4,655		4,350
Talen Energy Supply, LLC 7.625% 2028⁷		1,575		1,476
Union Electric Co. 2.625% 2051		5,625		5,396
Virginia Electric and Power Co. 3.80% 2028		2,000		2,260
Virginia Electric and Power Co. 4.60% 2048		2,650		3,428
Xcel Energy, Inc. 2.60% 2029		1,950		2,029
				184,412

Consumer discretionary 0.56%
Allied Universal Holdco LLC 4.625% 2028⁷		1,660		1,665
Amazon.com, Inc. 2.70% 2060		2,765		2,656
American Honda Finance Corp. 3.50% 2028		750		842
Atlas LuxCo 4 SARL 4.625% 2028⁷		1,065		1,070
Bayerische Motoren Werke AG 2.25% 2023⁷		300		311
Bayerische Motoren Werke AG 3.45% 2023⁷		1,870		1,965
Bayerische Motoren Werke AG 0.80% 2024⁷		1,532		1,540
Caesars Entertainment, Inc. 6.25% 2025⁷		3,315		3,518
Carnival Corp. 11.50% 2023⁷		5,575		6,281
Carvana Co. 5.625% 2025⁷		600		625
Carvana Co. 5.50% 2027⁷		2,496		2,584
Carvana Co. 5.875% 2028⁷		924		974
Ford Motor Credit Company LLC 3.664% 2024		455		478
Ford Motor Credit Company LLC 3.81% 2024		1,070		1,121
Ford Motor Credit Company LLC 5.584% 2024		423		464
Ford Motor Credit Company LLC 3.375% 2025		5,750		5,970
Ford Motor Credit Company LLC 5.125% 2025		12,355		13,621
Ford Motor Credit Company LLC 4.542% 2026		2,455		2,677
Ford Motor Credit Company LLC 3.815% 2027		250		261
General Motors Financial Co. 3.45% 2022		2,000		2,028
General Motors Financial Co. 5.20% 2023		6,354		6,844
General Motors Financial Co. 1.05% 2024		1,050		1,056
General Motors Financial Co. 3.50% 2024		4,145		4,451
General Motors Financial Co. 4.30% 2025		400		442
General Motors Financial Co. 4.35% 2027		500		563
Hanesbrands, Inc. 4.625% 2024⁷		860		913
Hanesbrands, Inc. 5.375% 2025⁷		706		750
Hanesbrands, Inc. 4.875% 2026⁷		2,700		2,919
Hilton Grand Vacations Borrower LLC 5.00% 2029⁷		1,580		1,618
Hilton Worldwide Holdings, Inc. 4.00% 2031⁷		1,885		1,904


118	American Funds Insurance Series

Asset Allocation Fund (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Corporate bonds, notes & loans (continued)
Consumer discretionary (continued)
Home Depot, Inc. 3.90% 2028	$	825	$	962
Home Depot, Inc. 2.95% 2029		9,301		10,167
Home Depot, Inc. 1.375% 2031		2,556		2,450
Home Depot, Inc. 4.25% 2046		3,500		4,359
Home Depot, Inc. 4.50% 2048		428		559
Home Depot, Inc. 2.375% 2051		1,000		927
Hyundai Capital America 3.25% 2022⁷		480		495
Hyundai Capital America 2.375% 2027⁷		2,579		2,641
International Game Technology PLC 6.50% 2025⁷		4,555		5,113
International Game Technology PLC 5.25% 2029⁷		4,365		4,688
Lithia Motors, Inc. 3.875% 2029⁷		675		701
Lithia Motors, Inc. 4.375% 2031⁷		1,025		1,099
Lowe’s Companies, Inc. 1.70% 2030		966		927
Melco International Development, Ltd. 5.75% 2028⁷		1,485		1,570
MGM Growth Properties LLC 5.625% 2024		775		840
MGM Growth Properties LLC 4.625% 2025⁷		1,050		1,124
MGM Growth Properties LLC 3.875% 2029⁷		2,225		2,265
Mohegan Gaming & Entertainment 8.00% 2026⁷		3,400		3,557
Neiman Marcus Group LLC 7.125% 2026⁷		1,345		1,437
Nissan Motor Co., Ltd. 3.522% 2025⁷		3,000		3,206
Nissan Motor Co., Ltd. 4.345% 2027⁷		3,000		3,300
Panther BF Aggregator 2 LP 6.25% 2026⁷		500		533
Royal Caribbean Cruises, Ltd. 11.50% 2025⁷		1,925		2,221
Royal Caribbean Cruises, Ltd. 4.25% 2026⁷		2,120		2,120
Sally Holdings LLC and Sally Capital, Inc. 5.625% 2025		5,255		5,432
Sally Holdings LLC and Sally Capital, Inc. 8.75% 2025⁷		2,347		2,573
Scientific Games Corp. 8.625% 2025⁷		1,260		1,381
Scientific Games Corp. 8.25% 2026⁷		6,905		7,414
Scientific Games Corp. 7.00% 2028⁷		950		1,040
Scientific Games Corp. 7.25% 2029⁷		1,615		1,826
Tempur Sealy International, Inc. 4.00% 2029⁷		1,070		1,087
Toyota Motor Credit Corp. 0.80% 2026		2,265		2,240
Toyota Motor Credit Corp. 3.05% 2028		2,430		2,670
VICI Properties LP 4.625% 2029⁷		995		1,059
VICI Properties LP / VICI Note Co., Inc. 3.50% 2025⁷		2,100		2,148
VICI Properties LP / VICI Note Co., Inc. 3.75% 2027⁷		450		459
VICI Properties LP / VICI Note Co., Inc. 4.125% 2030⁷		3,100		3,192
Volkswagen Group of America Finance, LLC 4.25% 2023⁷		3,770		4,076
Volkswagen Group of America Finance, LLC 4.625% 2025⁷		3,845		4,386
Volkswagen Group of America Finance, LLC 3.20% 2026⁷		3,201		3,465
Wyndham Destinations, Inc. 4.625% 2030⁷		1,300		1,345
Wyndham Worldwide Corp. 4.375% 2028⁷		1,855		1,932
Wynn Las Vegas, LLC and Wynn Capital Corp. 4.25% 2023⁷		3,468		3,602
				180,699

Materials 0.53%
Alcoa Netherlands Holding BV 4.125% 2029⁷		950		992
Anglo American Capital PLC 2.25% 2028⁷		484		490
Anglo American Capital PLC 2.625% 2030⁷		11,275		11,334
Anglo American Capital PLC 3.95% 2050⁷		2,281		2,482
Arconic Rolled Products Corp. 6.125% 2028⁷		750		807
Chevron Phillips Chemical Co. LLC 3.30% 2023⁷		595		625
Cleveland-Cliffs, Inc. 6.75% 2026⁷		2,035		2,198
Cleveland-Cliffs, Inc. 5.875% 2027		10,500		11,051
Cleveland-Cliffs, Inc. 4.625% 2029⁷		1,825		1,923
Cleveland-Cliffs, Inc. 4.875% 2031⁷		2,051		2,156
CVR Partners LP 9.25% 2023⁷		346		348
CVR Partners LP 6.125% 2028⁷		745		764
Dow Chemical Co. 3.625% 2026		1,884		2,086
Dow Chemical Co. 3.60% 2050		12,662		13,706


American Funds Insurance Series	119

Asset Allocation Fund (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Corporate bonds, notes & loans (continued)
Materials (continued)
First Quantum Minerals, Ltd. 7.25% 2023⁷	$	1,200	$	1,225
First Quantum Minerals, Ltd. 6.50% 2024⁷		4,704		4,812
First Quantum Minerals, Ltd. 7.50% 2025⁷		11,350		11,805
First Quantum Minerals, Ltd. 6.875% 2026⁷		3,625		3,797
First Quantum Minerals, Ltd. 6.875% 2027⁷		3,240		3,535
Freeport-McMoRan, Inc. 4.25% 2030		2,550		2,735
Freeport-McMoRan, Inc. 5.45% 2043		1,300		1,591
FXI Holdings, Inc. 7.875% 2024⁷		2,226		2,305
FXI Holdings, Inc. 12.25% 2026⁷		4,392		5,071
Glencore Funding LLC 4.125% 2024⁷		945		1,019
Hexion, Inc. 7.875% 2027⁷		2,045		2,209
International Flavors & Fragrances, Inc. 1.832% 2027⁷		5,400		5,390
International Flavors & Fragrances, Inc. 3.468% 2050⁷		2,285		2,379
International Paper Co. 7.30% 2039		2,005		3,111
Joseph T. Ryerson & Son, Inc. 8.50% 2028⁷		1,148		1,278
LSB Industries, Inc. 9.625% 2023⁷		5,170		5,322
LYB International Finance III, LLC 2.25% 2030		2,275		2,275
LYB International Finance III, LLC 3.375% 2040		10,848		11,261
LYB International Finance III, LLC 3.625% 2051		9,787		10,358
LYB International Finance III, LLC 3.80% 2060		1,186		1,257
Methanex Corp. 5.125% 2027		4,750		5,137
Mosaic Co. 3.25% 2022		1,125		1,165
Mosaic Co. 4.05% 2027		1,050		1,178
Praxair, Inc. 1.10% 2030		2,938		2,765
SCIH Salt Holdings, Inc. 4.875% 2028⁷		1,185		1,188
SCIH Salt Holdings, Inc. 6.625% 2029⁷		1,230		1,235
Sherwin-Williams Company 2.75% 2022		29		30
Sherwin-Williams Company 3.125% 2024		275		294
Sherwin-Williams Company 3.80% 2049		5,208		6,025
Tronox, Ltd. 4.625% 2029⁷		2,175		2,199
Vale Overseas, Ltd. 3.75% 2030		2,229		2,376
Venator Materials Corp. 5.75% 2025⁷		5,845		5,764
Venator Materials Corp. 9.50% 2025⁷		1,495		1,686
Warrior Met Coal, Inc. 8.00% 2024⁷		5,095		5,178
Westlake Chemical Corp. 4.375% 2047		500		589
				170,506

Information technology 0.41%
Adobe, Inc. 1.90% 2025		366		381
Almonde, Inc., Term Loan, (3-month USD-LIBOR + 7.25%) 8.25% 2025^14,15		4,150		4,203
Apple, Inc. 3.00% 2024		625		663
Apple, Inc. 0.70% 2026		2,500		2,472
Apple, Inc. 3.35% 2027		40		44
Apple, Inc. 1.20% 2028		5,000		4,932
Apple, Inc. 1.65% 2031		2,500		2,463
Avaya, Inc. 6.125% 2028⁷		1,600		1,715
Booz Allen Hamilton, Inc. 4.00% 2029⁷		710		727
Broadcom, Inc. 1.95% 2028⁷		1,407		1,408
Broadcom, Inc. 2.45% 2031⁷		2,452		2,411
Broadcom, Inc. 2.60% 2033⁷		2,524		2,471
Broadcom, Inc. 3.469% 2034⁷		11,463		12,137
Broadcom, Inc. 3.50% 2041⁷		3,948		4,044
Broadcom, Inc. 3.75% 2051⁷		3,366		3,519
CommScope Finance LLC 6.00% 2026⁷		2,425		2,563
Diebold Nixdorf AG, Term Loan B, (3-month USD-LIBOR + 2.75%) 2.897% 2023^14,15		1,334		1,316
Diebold Nixdorf, Inc. 9.375% 2025⁷		5,675		6,310
Diebold, Inc. 8.50% 2024		1,400		1,435
Fidelity National Information Services, Inc. 3.10% 2041		302		310
Fiserv, Inc. 2.75% 2024		1,600		1,689
Fiserv, Inc. 3.20% 2026		7,455		8,075


120	American Funds Insurance Series

Asset Allocation Fund (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)			Value (000)
Corporate bonds, notes & loans (continued)
Information technology (continued)
Fiserv, Inc. 3.50% 2029		$	1,280	$	1,410
Fiserv, Inc. 2.65% 2030			7,673		7,953
Fiserv, Inc. 4.40% 2049			800		967
Gartner, Inc. 4.50% 2028⁷			650		687
Intuit, Inc. 0.95% 2025			1,530		1,535
Intuit, Inc. 1.35% 2027			1,395		1,394
Intuit, Inc. 1.65% 2030			1,845		1,815
McAfee, LLC, Term Loan, (3-month USD-LIBOR + 3.75%) 3.897% 2024^14,15			2,587		2,591
Microsoft Corp. 2.525% 2050			4,744		4,672
Microsoft Corp. 2.921% 2052			4,814		5,118
Oracle Corp. 3.65% 2041			2,250		2,390
Oracle Corp. 3.95% 2051			1,826		1,995
PayPal Holdings, Inc. 2.65% 2026			2,364		2,541
PayPal Holdings, Inc. 2.30% 2030			2,200		2,279
Sabre GLBL, Inc. 7.375% 2025⁷			728		793
Sabre Holdings Corp. 9.25% 2025⁷			1,197		1,426
salesforce.com, inc. 1.50% 2028			3,200		3,196
salesforce.com, inc. 1.95% 2031			1,625		1,629
salesforce.com, inc. 2.70% 2041			1,875		1,890
Square, Inc. 3.50% 2031⁷			1,875		1,894
Synaptics, Inc. 4.00% 2029⁷			675		679
Unisys Corp. 6.875% 2027⁷			725		793
VeriSign, Inc. 2.70% 2031			625		636
Veritas Holdings, Ltd. 7.50% 2025⁷			3,860		4,030
ViaSat, Inc. 5.625% 2027⁷			555		581
Visa, Inc. 2.80% 2022			2,000		2,067
Visa, Inc. 3.15% 2025			5,500		6,020
Xerox Corp. 5.00% 2025⁷			2,925		3,091
Xerox Corp. 5.50% 2028⁷			1,875		1,951
					133,311

Real estate 0.41%
Alexandria Real Estate Equities, Inc. 3.80% 2026			315		351
Alexandria Real Estate Equities, Inc. 3.95% 2028			1,220		1,379
Alexandria Real Estate Equities, Inc. 2.75% 2029			1,940		2,027
Alexandria Real Estate Equities, Inc. 3.375% 2031			1,320		1,452
Alexandria Real Estate Equities, Inc. 1.875% 2033			4,095		3,878
Alexandria Real Estate Equities, Inc. 4.85% 2049			410		530
American Campus Communities, Inc. 3.75% 2023			3,055		3,203
American Campus Communities, Inc. 4.125% 2024			2,075		2,260
American Campus Communities, Inc. 3.625% 2027			9,545		10,397
American Campus Communities, Inc. 3.875% 2031			331		368
American Tower Corp. 1.60% 2026			2,347		2,373
American Tower Corp. 3.55% 2027			1,425		1,568
American Tower Corp. 1.50% 2028			10,000		9,736
American Tower Corp. 3.60% 2028			1,000		1,101
Brandywine Operating Partnership LP 3.95% 2023			1,070		1,116
Brookfield Property REIT, Inc. 5.75% 2026⁷			6,050		6,368
Diversified Healthcare Trust 4.375% 2031			3,250		3,118
Equinix, Inc. 1.45% 2026			6,787		6,825
Equinix, Inc. 2.90% 2026			1,144		1,226
Equinix, Inc. 1.80% 2027			1,295		1,312
Equinix, Inc. 1.55% 2028			3,175		3,122
Equinix, Inc. 2.00% 2028			2,234		2,246
Equinix, Inc. 3.20% 2029			1,552		1,667
Equinix, Inc. 2.50% 2031			1,710		1,741
Equinix, Inc. 3.00% 2050			912		877
Equinix, Inc. 3.40% 2052			2,731		2,814
Essex Portfolio LP 3.875% 2024			1,000		1,077
Essex Portfolio LP 3.50% 2025			6,825		7,393


American Funds Insurance Series	121

Asset Allocation Fund (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)			Value (000)
Corporate bonds, notes & loans (continued)
Real estate (continued)
Gaming and Leisure Properties, Inc. 3.35% 2024		$	1,263	$	1,341
Hospitality Properties Trust 4.50% 2023			1,945		1,998
Hospitality Properties Trust 4.50% 2025			150		150
Hospitality Properties Trust 4.95% 2027			500		499
Hospitality Properties Trust 3.95% 2028			1,950		1,844
Host Hotels & Resorts LP 4.50% 2026			355		390
Howard Hughes Corp. 5.375% 2028⁷			2,450		2,606
Howard Hughes Corp. 4.125% 2029⁷			1,860		1,866
Howard Hughes Corp. 4.375% 2031⁷			2,015		2,012
Iron Mountain, Inc. 5.25% 2030⁷			4,785		5,072
Iron Mountain, Inc. 4.50% 2031⁷			2,650		2,686
Kennedy-Wilson Holdings, Inc. 4.75% 2029			2,255		2,326
Kennedy-Wilson Holdings, Inc. 5.00% 2031			2,530		2,606
Ladder Capital Corp. 5.25% 2025⁷			440		448
Park Intermediate Holdings LLC 4.875% 2029⁷			1,180		1,222
Public Storage 2.37% 2022			565		578
Public Storage 0.875% 2026			592		587
Public Storage 1.85% 2028			2,490		2,511
Public Storage 2.30% 2031			2,493		2,545
QTS Realty Trust, Inc. 3.875% 2028⁷			2,025		2,168
Realogy Corp. 5.75% 2029⁷			2,760		2,889
RHP Hotel Properties LP / RHP Finance Corp. 4.50% 2029⁷			875		878
Scentre Group 3.25% 2025⁷			1,000		1,074
Scentre Group 3.50% 2025⁷			3,075		3,307
Scentre Group 3.75% 2027⁷			2,430		2,683
UDR, Inc. 2.95% 2026			760		813
Westfield Corp., Ltd. 3.15% 2022⁷			4,290		4,355
					132,979

Consumer staples 0.38%
7-Eleven, Inc. 0.80% 2024⁷			1,700		1,696
7-Eleven, Inc. 0.95% 2026⁷			825		811
7-Eleven, Inc. 1.30% 2028⁷			6,515		6,298
Albertsons Companies, Inc. 3.50% 2029⁷			1,385		1,371
Altria Group, Inc. 4.40% 2026			231		261
Altria Group, Inc. 5.80% 2039			4,820		5,963
Altria Group, Inc. 3.40% 2041			2,500		2,388
Altria Group, Inc. 4.50% 2043			3,000		3,232
Altria Group, Inc. 5.95% 2049			490		628
Altria Group, Inc. 3.70% 2051			2,500		2,376
Anheuser-Busch InBev NV 4.00% 2028			4,345		4,950
Anheuser-Busch InBev NV 5.45% 2039			5,000		6,608
B&G Foods, Inc. 5.25% 2025			2,175		2,237
British American Tobacco International Finance PLC 3.95% 2025⁷			4,250		4,645
British American Tobacco PLC 3.222% 2024			2,826		3,003
British American Tobacco PLC 3.215% 2026			3,323		3,529
British American Tobacco PLC 4.39% 2037			3,109		3,357
British American Tobacco PLC 4.54% 2047			940		1,001
Central Garden & Pet Co. 4.125% 2031⁷			1,395		1,415
Coca-Cola Company 1.00% 2028			940		912
Conagra Brands, Inc. 1.375% 2027			4,615		4,506
Constellation Brands, Inc. 2.65% 2022			2,856		2,937
Constellation Brands, Inc. 2.70% 2022			195		199
Constellation Brands, Inc. 3.20% 2023			1,029		1,073
Constellation Brands, Inc. 3.60% 2028			625		693
Imperial Tobacco Finance PLC 3.50% 2023⁷			4,000		4,138
Keurig Dr Pepper, Inc. 4.985% 2038			3,351		4,280
Kimberly-Clark Corp. 3.10% 2030			329		364
Kraft Heinz Company 3.875% 2027			2,475		2,721
Kraft Heinz Company 4.375% 2046			1,140		1,294


122	American Funds Insurance Series

Asset Allocation Fund (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)			Value (000)
Corporate bonds, notes & loans (continued)
Consumer staples (continued)
Kraft Heinz Company 4.875% 2049		$	3,760	$	4,574
Kraft Heinz Company 5.50% 2050			1,215		1,580
Kronos Acquisition Holdings, Inc. 5.00% 2026⁷			1,695		1,723
Nestlé Holdings, Inc. 1.00% 2027⁷			16,400		16,022
Philip Morris International, Inc. 2.375% 2022			1,960		2,005
Philip Morris International, Inc. 2.625% 2022			1,670		1,692
Philip Morris International, Inc. 2.875% 2024			788		838
Philip Morris International, Inc. 3.25% 2024			2,000		2,164
Philip Morris International, Inc. 0.875% 2026			2,990		2,954
Philip Morris International, Inc. 3.375% 2029			788		873
Philip Morris International, Inc. 1.75% 2030			2,956		2,859
Post Holdings, Inc. 4.625% 2030⁷			2,886		2,938
Prestige Brands International, Inc. 3.75% 2031⁷			1,115		1,077
Reckitt Benckiser Group PLC 2.375% 2022⁷			1,125		1,147
Reynolds American, Inc. 5.85% 2045			2,030		2,489
Simmons Foods, Inc. 4.625% 2029⁷			560		566
					124,387

Total corporate bonds, notes & loans					2,264,966

Mortgage-backed obligations 5.53%
Federal agency mortgage-backed obligations 5.13%
Fannie Mae Pool #AD7072 4.00% 2025¹⁶			4		4
Fannie Mae Pool #AE3069 4.00% 2025¹⁶			2		2
Fannie Mae Pool #AE2321 4.00% 2025¹⁶			1		1
Fannie Mae Pool #AH6431 4.00% 2026¹⁶			399		425
Fannie Mae Pool #890329 4.00% 2026¹⁶			57		61
Fannie Mae Pool #AH5618 4.00% 2026¹⁶			3		4
Fannie Mae Pool #AH0829 4.00% 2026¹⁶			3		4
Fannie Mae Pool #MA1109 4.00% 2027¹⁶			4		4
Fannie Mae Pool #MA3653 3.00% 2029¹⁶			40		42
Fannie Mae Pool #AL8347 4.00% 2029¹⁶			420		446
Fannie Mae Pool #254767 5.50% 2033¹⁶			289		334
Fannie Mae Pool #555956 5.50% 2033¹⁶			187		216
Fannie Mae Pool #BN1085 4.00% 2034¹⁶			575		612
Fannie Mae Pool #BN3172 4.00% 2034¹⁶			178		189
Fannie Mae Pool #AS8554 3.00% 2036¹⁶			9,100		9,579
Fannie Mae Pool #929185 5.50% 2036¹⁶			460		533
Fannie Mae Pool #893641 6.00% 2036¹⁶			948		1,125
Fannie Mae Pool #893688 6.00% 2036¹⁶			243		288
Fannie Mae Pool #907239 6.00% 2036¹⁶			58		69
Fannie Mae Pool #AD0249 5.50% 2037¹⁶			156		180
Fannie Mae Pool #190379 5.50% 2037¹⁶			82		96
Fannie Mae Pool #924952 6.00% 2037¹⁶			1,143		1,355
Fannie Mae Pool #888292 6.00% 2037¹⁶			830		986
Fannie Mae Pool #928031 6.00% 2037¹⁶			98		116
Fannie Mae Pool #888637 6.00% 2037¹⁶			14		17
Fannie Mae Pool #AD0119 6.00% 2038¹⁶			1,350		1,602
Fannie Mae Pool #AD0095 6.00% 2038¹⁶			1,017		1,205
Fannie Mae Pool #995674 6.00% 2038¹⁶			486		576
Fannie Mae Pool #AE0021 6.00% 2038¹⁶			393		466
Fannie Mae Pool #AL7164 6.00% 2038¹⁶			254		295
Fannie Mae Pool #AB0538 6.00% 2038¹⁶			151		175
Fannie Mae Pool #889983 6.00% 2038¹⁶			26		31
Fannie Mae Pool #995391 6.00% 2038¹⁶			26		30
Fannie Mae Pool #995224 6.00% 2038¹⁶			12		14
Fannie Mae Pool #AD0833 6.00% 2039¹⁶			1		1
Fannie Mae Pool #AL0013 6.00% 2040¹⁶			259		306
Fannie Mae Pool #AL0309 6.00% 2040¹⁶			85		101
Fannie Mae Pool #MA4333 2.00% 2041¹⁶			9,698		9,867
Fannie Mae Pool #MA4387 2.00% 2041¹⁶			8,842		9,034


American Funds Insurance Series	123

Asset Allocation Fund (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)			Value (000)
Mortgage-backed obligations (continued)
Federal agency mortgage-backed obligations (continued)
Fannie Mae Pool #MA4364 2.00% 2041¹⁶		$	2,802	$	2,845
Fannie Mae Pool #AB4536 6.00% 2041¹⁶			552		652
Fannie Mae Pool #AL7228 6.00% 2041¹⁶			353		411
Fannie Mae Pool #AP2131 3.50% 2042¹⁶			4,521		4,873
Fannie Mae Pool #AU8813 4.00% 2043¹⁶			2,701		3,013
Fannie Mae Pool #AU9348 4.00% 2043¹⁶			1,561		1,741
Fannie Mae Pool #AU9350 4.00% 2043¹⁶			1,314		1,452
Fannie Mae Pool #AL8773 3.50% 2045¹⁶			7,747		8,346
Fannie Mae Pool #AL8354 3.50% 2045¹⁶			1,951		2,116
Fannie Mae Pool #BC4764 3.00% 2046¹⁶			16,398		17,265
Fannie Mae Pool #AL8522 3.50% 2046¹⁶			3,919		4,251
Fannie Mae Pool #BD9699 3.50% 2046¹⁶			1,707		1,841
Fannie Mae Pool #BD9307 4.00% 2046¹⁶			1,715		1,866
Fannie Mae Pool #BC7611 4.00% 2046¹⁶			401		438
Fannie Mae Pool #CA0770 3.50% 2047¹⁶			2,617		2,775
Fannie Mae Pool #BE1290 3.50% 2047¹⁶			2,569		2,740
Fannie Mae Pool #MA3211 4.00% 2047¹⁶			4,946		5,303
Fannie Mae Pool #257036 7.00% 2047¹⁶			8		10
Fannie Mae Pool #256975 7.00% 2047¹⁶			2		2
Fannie Mae Pool #FM3278 3.50% 2048¹⁶			28,331		29,872
Fannie Mae Pool #BK7655 3.891% 2048^14,16			570		596
Fannie Mae Pool #CA2377 4.00% 2048¹⁶			11,397		12,162
Fannie Mae Pool #BK6971 4.00% 2048¹⁶			160		171
Fannie Mae Pool #MA3277 4.00% 2048¹⁶			20		21
Fannie Mae Pool #BK5255 4.00% 2048¹⁶			19		21
Fannie Mae Pool #CA2493 4.50% 2048¹⁶			1,296		1,399
Fannie Mae Pool #CA4756 3.00% 2049¹⁶			8,470		8,964
Fannie Mae Pool #BK8767 4.00% 2049¹⁶			133		144
Fannie Mae Pool #MA4381 3.50% 2051¹⁶			668		709
Fannie Mae, Series 2001-T10, Class A1, 7.00% 2041¹⁶			112		129
Fannie Mae, Series 2002-W3, Class A5, 7.50% 2041¹⁶			30		37
Fannie Mae, Series 2012-M14, Class A2, Multi Family, 2.301% 2022^14,16			1,046		1,067
Fannie Mae, Series 2012-M9, Class A2, Multi Family, 2.482% 2022¹⁶			1,109		1,121
Fannie Mae, Series 2012-M5, Class A2, Multi Family, 2.715% 2022¹⁶			763		767
Fannie Mae, Series 2014-M1, Class A2, Multi Family, 3.185% 2023^14,16			4,816		5,045
Fannie Mae, Series 2013-M14, Class A2, Multi Family, 3.329% 2023^14,16			5,071		5,352
Fannie Mae, Series 2014-M2, Class A2, Multi Family, 3.513% 2023^14,16			4,330		4,604
Fannie Mae, Series 2014-M9, Class A2, Multi Family, 3.103% 2024^14,16			5,518		5,876
Fannie Mae, Series 2014-M3, Class A2, Multi Family, 3.501% 2024^14,16			3,972		4,223
Fannie Mae, Series 2017-M3, Class A2, Multi Family, 2.559% 2026^14,16			9,665		10,330
Fannie Mae, Series 2017-M7, Class A2, Multi Family, 2.961% 2027^14,16			2,891		3,142
Fannie Mae, Series 2006-43, Class JO, principal only, 0% 2036¹⁶			62		57
Freddie Mac Pool #ZK7598 3.00% 2027¹⁶			8,407		8,893
Freddie Mac Pool #ZK7580 3.00% 2027¹⁶			3,772		3,992
Freddie Mac Pool #C91912 3.00% 2037¹⁶			15,917		16,761
Freddie Mac Pool #G03978 5.00% 2038¹⁶			587		673
Freddie Mac Pool #G04553 6.50% 2038¹⁶			76		87
Freddie Mac Pool #G08347 4.50% 2039¹⁶			97		109
Freddie Mac Pool #C03518 5.00% 2040¹⁶			938		1,066
Freddie Mac Pool #RB5118 2.00% 2041¹⁶			30,065		30,717
Freddie Mac Pool #Q05807 4.00% 2042¹⁶			2,437		2,669
Freddie Mac Pool #Q23185 4.00% 2043¹⁶			1,711		1,909
Freddie Mac Pool #Q23190 4.00% 2043¹⁶			1,162		1,280
Freddie Mac Pool #760014 2.977% 2045^14,16			309		323
Freddie Mac Pool #Q37988 4.00% 2045¹⁶			8,593		9,434
Freddie Mac Pool #G60344 4.00% 2045¹⁶			7,261		8,002
Freddie Mac Pool #Z40130 3.00% 2046¹⁶			5,757		6,189
Freddie Mac Pool #Q41909 4.50% 2046¹⁶			625		681
Freddie Mac Pool #Q41090 4.50% 2046¹⁶			392		428
Freddie Mac Pool #760015 2.679% 2047^14,16			729		760
Freddie Mac Pool #Q46021 3.50% 2047¹⁶			1,679		1,798


124	American Funds Insurance Series

Asset Allocation Fund (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)			Value (000)
Mortgage-backed obligations (continued)
Federal agency mortgage-backed obligations (continued)
Freddie Mac Pool #SI2002 4.00% 2048¹⁶		$	4,244	$	4,543
Freddie Mac Pool #SD7507 3.00% 2049¹⁶			28,669		30,468
Freddie Mac Pool #SD7528 2.00% 2050¹⁶			21,370		21,679
Freddie Mac Pool #RA2020 3.00% 2050¹⁶			11,406		12,048
Freddie Mac Pool #SD8164 3.50% 2051¹⁶			6,835		7,241
Freddie Mac Pool #SD8158 3.50% 2051¹⁶			81		85
Freddie Mac, Series T041, Class 3A, 5.051% 2032^14,16			223		249
Freddie Mac, Series K723, Class A2, Multi Family, 2.454% 2023¹⁶			3,025		3,129
Freddie Mac, Series K725, Class A2, Multi Family, 3.002% 2024¹⁶			5,555		5,876
Freddie Mac, Series K044, Class A2, Multi Family, 2.811% 2025¹⁶			4,265		4,554
Freddie Mac, Series K047, Class A2, Multi Family, 3.329% 2025¹⁶			4,000		4,357
Freddie Mac, Series K733, Class A2, Multi Family, 3.75% 2025^14,16			9,778		10,769
Freddie Mac, Series K055, Class A2, Multi Family, 2.673% 2026¹⁶			10,050		10,779
Freddie Mac, Series K734, Class A2, Multi Family, 3.208% 2026¹⁶			7,370		8,055
Freddie Mac, Series K066, Class A2, Multi Family, 3.117% 2027¹⁶			4,755		5,252
Freddie Mac, Series K067, Class A2, Multi Family, 3.194% 2027¹⁶			5,770		6,407
Freddie Mac, Series K063, Class A2, Multi Family, 3.43% 2027¹⁶			4,375		4,885
Freddie Mac, Series K076, Class A2, Multi Family, 3.90% 2028¹⁶			3,237		3,755
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-2, Class MA, 3.00% 2056¹⁶			7,331		7,666
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-2, Class HA, 3.00% 2056^14,16			7,326		7,664
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-1, Class HA, 3.00% 2056^14,16			3,730		3,901
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-3, Class HA, 3.25% 2056^14,16			1,622		1,710
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-4, Class HT, 3.25% 2057^14,16			1,225		1,320
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2018-3, Class MA, 3.50% 2057¹⁶			2,805		2,948
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2018-2, Class MT, 3.50% 2057¹⁶			2,553		2,786
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-4, Class MT, 3.50% 2057¹⁶			1,003		1,094
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2019-2, Class MA, 3.50% 2058¹⁶			13,732		14,473
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2019-4, Class MA, 3.00% 2059¹⁶			7,694		8,084
Freddie Mac Seasoned Loan Structured Transaction Trust, Series 2018-2, Class A1, 3.50% 2028¹⁶			3,013		3,187
Freddie Mac Seasoned Loan Structured Transaction Trust, Series 2019-3, Class A1C, 2.75% 2029¹⁶			3,969		4,173
Freddie Mac Seasoned Loan Structured Transaction Trust, Series 2019-1, Class A1, 3.50% 2029¹⁶			6,190		6,601
Freddie Mac Seasoned Loan Structured Transaction Trust, Series 2019-1, Class A2, 3.50% 2029¹⁶			2,455		2,712
Freddie Mac Structured Agency Credit Risk Debt Notes, Series 2015-DNA1, Class M3, 3.392% 2027^14,16			777		788
Government National Mortgage Assn. 2.00% 2051^16,17			89,533		91,027
Government National Mortgage Assn. 2.50% 2051^16,17			21,529		22,241
Government National Mortgage Assn. 3.00% 2051^16,17			28,369		29,591
Government National Mortgage Assn. 3.00% 2051^16,17			7,413		7,735
Government National Mortgage Assn. 3.50% 2051^16,17			26,752		28,085
Government National Mortgage Assn. 4.00% 2051^16,17			13,107		13,841
Government National Mortgage Assn. 4.50% 2051^16,17			10,000		10,658
Government National Mortgage Assn. Pool #BD7245 4.00% 2048¹⁶			1,025		1,106
Government National Mortgage Assn. Pool #MA5876 4.00% 2049¹⁶			11,073		11,741
Government National Mortgage Assn. Pool #MA5986 4.00% 2049¹⁶			1,442		1,530
Government National Mortgage Assn. Pool #MA5764 4.50% 2049¹⁶			18,936		20,210
Government National Mortgage Assn. Pool #MA6092 4.50% 2049¹⁶			4,689		5,001
Government National Mortgage Assn. Pool #MA5877 4.50% 2049¹⁶			2,770		2,962


American Funds Insurance Series	125

Asset Allocation Fund (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)			Value (000)
Mortgage-backed obligations (continued)
Federal agency mortgage-backed obligations (continued)
Government National Mortgage Assn. Pool #MA7419 3.00% 2051¹⁶		$	38,218	$	40,144
Uniform Mortgage-Backed Security 1.50% 2036^16,17			19,795		19,972
Uniform Mortgage-Backed Security 2.00% 2036^16,17			52,169		53,812
Uniform Mortgage-Backed Security 2.50% 2036^16,17			638		665
Uniform Mortgage-Backed Security 3.00% 2036^16,17			8,784		9,230
Uniform Mortgage-Backed Security 2.00% 2051^16,17			88,984		89,495
Uniform Mortgage-Backed Security 2.50% 2051^16,17			213,092		219,526
Uniform Mortgage-Backed Security 2.50% 2051^16,17			5,863		6,053
Uniform Mortgage-Backed Security 3.00% 2051^16,17			94,201		98,048
Uniform Mortgage-Backed Security 3.00% 2051^16,17			44,573		46,435
Uniform Mortgage-Backed Security 3.50% 2051^16,17			141,729		149,283
Uniform Mortgage-Backed Security 3.50% 2051^16,17			8,114		8,542
Uniform Mortgage-Backed Security 4.00% 2051^16,17			112,136		119,512
Uniform Mortgage-Backed Security 4.50% 2051^16,17			41,792		44,966
					1,658,560

Commercial mortgage-backed securities 0.22%
Bank Commercial Mortgage Trust, Series 2020-BN26, Class A4, 2.403% 2063¹⁶			2,909		3,013
Barclays Commercial Mortgage Securities LLC, Series 2017-DELC, Class A, 0.923% 2036^7,14,16			2,000		2,004
Benchmark Mortgage Trust, Series 2018-B2, Class A4, 3.615% 2051¹⁶			1,000		1,105
Benchmark Mortgage Trust, Series 2020-B17, Class A5, 2.289% 2053¹⁶			2,960		3,039
BX Trust, Series 2021-SOAR, Class A, (1-month USD-LIBOR + 0.67%) 0.77% 2038^7,14,16			7,538		7,552
BX Trust, Series 2021-SOAR, Class B, (1-month USD-LIBOR + 0.87%) 0.97% 2038^7,14,16			1,361		1,365
BX Trust, Series 2021-SOAR, Class C, (1-month USD-LIBOR + 1.10%) 1.20% 2038^7,14,16			1,229		1,233
Citigroup Commercial Mortgage Trust, Series 2015-GC29, Class AAB, 2.984% 2048¹⁶			904		936
Commercial Mortgage Trust, Series 2015-PC1, Class A5, 3.902% 2050¹⁶			4,735		5,205
CSAIL Commercial Mortgage Trust, Series 2015-C4, Class ASB, 3.617% 2048¹⁶			1,201		1,270
Extended Stay America Trust, Series 2021-ESH, Class A, (1-month USD-LIBOR + 1.08%) 1.155% 2038^7,14,16			1,574		1,579
Extended Stay America Trust, Series 2021-ESH, Class B, (1-month USD-LIBOR + 1.38%) 1.455% 2038^7,14,16			1,437		1,443
Extended Stay America Trust, Series 2021-ESH, Class C, (1-month USD-LIBOR + 1.70%) 1.775% 2038^7,14,16			1,501		1,509
Grace Mortgage Trust, Series 2020-GRCE, Class A, 2.347% 2040^7,16			5,201		5,320
GS Mortgage Securities Trust, Series 2020-GC47, Class A5, 2.377% 2053¹⁶			5,602		5,794
JPMorgan Chase Commercial Mortgage Securities Trust, Series 2021-410T, Class A, 2.287% 2042^7,16			1,431		1,470
Manhattan West Mortgage Trust, Series 2020-1MW, Class A, 2.13% 2039^7,16			13,772		14,110
MHC Commercial Mortgage Trust, CMO, Series 2021-MHC, Class A, (1-month USD-LIBOR + 0.801%) 0.951% 2026^7,14,16			3,950		3,960
Morgan Stanley Bank of America Merrill Lynch Trust, Series 2015-C27, Class ASB, 3.557% 2047¹⁶			879		927
Morgan Stanley Bank of America Merrill Lynch Trust, Series 2015-C22, Class ASB, 3.04% 2048¹⁶			927		967
SLG Office Trust, Series 2021-OVA, Class A, 2.585% 2041^7,16			7,020		7,333
					71,134

Collateralized mortgage-backed obligations (privately originated) 0.18%
Arroyo Mortgage Trust, Series 2021-1R, Class A1, 1.175% 2048^7,14,16			2,024		2,039
Arroyo Mortgage Trust, Series 2018-1, Class A1, 3.763% 2048^7,14,16			1,219		1,220
Bellemeade Re, Ltd., Series 2019-3A, Class M1B, (1-month USD-LIBOR + 1.60%) 1.692% 2029^7,14,16			3,810		3,823
Cascade Funding Mortgage Trust, Series 2018-RM2, Class A, 4.00% 2068^7,14,16			1,874		1,958
Credit Suisse Mortgage Trust, Series 2020-NET, Class A, 2.257% 2037^7,16			4,191		4,332
Credit Suisse Mortgage Trust, Series 2017-RPL3, Class A1, 2.00% 2060^7,14,16			2,946		2,991
CS First Boston Mortgage Securities Corp., Series 2004-5, Class IVA1, 6.00% 2034¹⁶			183		193
Finance of America Structured Securities Trust, Series 2019-JR2, Class A1, 2.00% 2069^7,16			9,761		10,612


126	American Funds Insurance Series

Asset Allocation Fund (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)			Value (000)
Mortgage-backed obligations (continued)
Collateralized mortgage-backed obligations (privately originated) (continued)
Finance of America Structured Securities Trust, Series 2019-JR1, Class A, 2.00% 2069^7,16		$	3,466	$	3,791
JPMorgan Mortgage Trust, Series 2019-INV3, Class A13, 3.50% 2050^7,14,16			733		749
JPMorgan Mortgage Trust, Series 2019-INV3, Class A3, 3.50% 2050^7,14,16			700		714
Legacy Mortgage Asset Trust, Series 2019-GS5, Class A1, 3.20% 2059^7,14,16			4,805		4,828
Legacy Mortgage Asset Trust, Series 2019-GS7, Class A1, 3.25% 2059^7,14,16			1,322		1,331
Legacy Mortgage Asset Trust, Series 2019-GS2, Class A1, 3.75% 2059^7,14,16			656		658
MASTR Alternative Loan Trust, Series 2004-2, Class 2A1, 6.00% 2034¹⁶			417		432
Mello Warehouse Securitization Trust, Series 2019-2, Class A, (1-month USD-LIBOR + 0.75%) 0.842% 2052^7,14,16			3,001		3,006
Mortgage Repurchase Agreement Financing Trust, Series 2020-5, (1-month USD-LIBOR + 1.00%) 1.077% 2023^7,14,16			2,862		2,867
MRA Issuance Trust, Series 2020-10, Class A, (1-month USD-LIBOR + 1.70%) 1.786% 2022^7,14,16			7,829		7,834
Onslow Bay Financial LLC, Series 2020-INV1, Class A5, 3.50% 2049^7,14,16			1,485		1,508
RMF Proprietary Issuance Trust, Series 2019-1, Class A, 2.75% 2063^7,14,16			754		752
Sequoia Mortgage Trust, Series 2018-CH1, Class A1, 4.00% 2048^7,14,16			1,015		1,031
Station Place Securitization Trust, Series 2021-WL2, Class A, (1-month USD-LIBOR + 0.70%) 0.792% 2054^7,14,16			1,300		1,301
TIF Funding II LLC, Series 2021-1A, Class A, 1.65% 2046^7,16			845		834
					58,804

Total mortgage-backed obligations					1,788,498

Asset-backed obligations 0.96%
Aesop Funding LLC, Series 2017-2A, Class A, 2.97% 2024^7,16			1,920		1,994
Aesop Funding LLC, Series 2018-1A, Class A, 3.70% 2024^7,16			1,114		1,184
Aesop Funding LLC, Series 2018-2A, Class A, 4.00% 2025^7,16			3,100		3,352
Aesop Funding LLC, Series 2021-1A, Class A, 1.38% 2027^7,16			13,378		13,390
Aesop Funding LLC, Series 2020-2, Class A, 2.02% 2027^7,16			539		556
Aesop Funding LLC, Series 2020-2A, Class B, 2.96% 2027^7,16			138		146
Allegro CLO, Ltd., Series 2016-1A, Class AR2, (3-month USD-LIBOR + 0.95%) 1.12% 2030^7,14,16			2,875		2,875
Allegro CLO, Ltd., Series 2017-1A, Class AR, (3-month USD-LIBOR + 0.95%) 1.134% 2030^7,14,16			1,639		1,639
ARES CLO, Ltd., Series 2017-42A, Class AR, (3-month USD-LIBOR + 0.92%) 1.114% 2028^7,14,16			3,510		3,510
Ballyrock, Ltd., Series 2019-2A, Class A1AR, (3-month USD-LIBOR + 1.00%) 1.155% 2030^7,14,16			3,660		3,660
Bankers Healthcare Group Securitization Trust, Series 2021-A, Class A, 1.42% 2033^7,16			981		982
CarMaxAuto Owner Trust, Series 2020-1, Class A2, 1.87% 2023¹⁶			409		410
Cent CLO LP, Series 2014-21A, Class AR, (3-month USD-LIBOR + 0.97%) 1.151% 2030^7,14,16			5,185		5,185
CF Hippolyta LLC, Series 2020-1, Class A1, 1.69% 2060^7,16			5,454		5,548
CF Hippolyta LLC, Series 2020-1, Class A2, 1.99% 2060^7,16			1,858		1,889
CF Hippolyta LLC, Series 2020-1, Class B1, 2.28% 2060^7,16			945		962
CF Hippolyta LLC, Series 2020-1, Class B2, 2.60% 2060^7,16			177		179
CF Hippolyta LLC, Series 2021-1, Class A1, 1.53% 2061^7,16			6,402		6,452
CF Hippolyta LLC, Series 2021-1, Class B1, 1.98% 2061^7,16			822		830
CLI Funding V LLC, Series 2020-2A, Class A, 2.03% 2045^7,16			1,778		1,790
CLI Funding V LLC, Series 2020-3A, Class A, 2.07% 2045^7,16			1,435		1,450
CLI Funding V LLC, Series 2020-1A, Class A, 2.08% 2045^7,16			6,427		6,491
CLI Funding V LLC, Series 2020-3A, Class B, 3.30% 2045^7,16			914		933
CLI Funding V LLC, Series 2021-1A, Class A, 1.64% 2046^7,16			1,912		1,900
Cloud Pass-Through Trust, Series 2019-1A, Class CLOU, 3.554% 2022^7,14,16			395		397
Credit Acceptance Auto Loan Trust, Series 2020-1A, Class A, 2.01% 2029^7,16			2,964		3,016
Drive Auto Receivables Trust, Series 2019-3, Class B, 2.65% 2024¹⁶			307		308
Drive Auto Receivables Trust, Series 2019-3, Class C, 2.90% 2025¹⁶			820		836
Drive Auto Receivables Trust, Series 2020-1, Class C, 2.36% 2026¹⁶			2,262		2,304
Drivetime Auto Owner Trust, Series 2019-3, Class B, 2.60% 2023^7,16			94		94


American Funds Insurance Series	127

Asset Allocation Fund (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)			Value (000)
Asset-backed obligations (continued)
Drivetime Auto Owner Trust, Series 2019-3, Class C, 2.74% 2025^7,16		$	110	$	111
Dryden Senior Loan Fund, Series 2017-47A, Class A1R, CLO, (3-month USD-LIBOR + 0.98%) 1.17% 2028^7,14,16			5,478		5,478
EDvestinU Private Education Loan LLC, Series 2021-A, Class A, 1.80% 2045^7,16			485		487
FirstKey Homes Trust, Series 2020-SFR2, Class A, 1.266% 2037^7,16			13,444		13,437
Ford Credit Auto Owner Trust, Series 2017-1, Class A, 2.62% 2028^7,16			4,330		4,395
Ford Credit Auto Owner Trust, Series 2018-2, Class A, 3.47% 2030^7,16			4,825		5,124
Ford Credit Auto Owner Trust, Series 2018-1, Class A, 3.52% 2030^7,16			6,000		6,448
Ford Credit Auto Owner Trust, Series 2020-1, Class A, 2.04% 2031^7,16			8,861		9,207
Ford Credit Auto Owner Trust, Series 2018-1, Class A, 3.19% 2031^7,16			9,605		10,372
GCI Funding I LLC, Series 2020-1, Class A, 2.82% 2045^7,16			868		884
GCI Funding I LLC, Series 2020-1, Class B, 3.81% 2045^7,16			349		349
Global SC Finance V SRL, Series 2019-1A, Class B, 4.81% 2039^7,16			2,987		3,144
Global SC Finance V SRL, Series 2020-1A, Class A, 2.17% 2040^7,16			12,617		12,789
Global SC Finance VII SRL, Series 2020-2A, Class A, 2.26% 2040^7,16			15,817		15,988
Global SC Finance VII SRL, Series 2020-2A, Class B, 3.32% 2040^7,16			654		666
Global SC Finance VII SRL, Series 2021-1A, Class A, 1.86% 2041^7,16			4,811		4,796
Hertz Vehicle Financing LLC, Series 2021-1A, Class A, 1.21% 2025^7,16			8,452		8,485
Hertz Vehicle Financing LLC, Series 2021-1A, Class B, 1.56% 2025^7,16			634		637
Hertz Vehicle Financing LLC, Series 2021-1A, Class C, 2.05% 2025^7,16			405		407
Hertz Vehicle Financing LLC, Series 2021-2A, Class A, 1.68% 2027^7,16			9,163		9,194
Hertz Vehicle Financing LLC, Series 2021-2A, Class B, 2.12% 2027^7,16			685		689
Hertz Vehicle Financing LLC, Series 2021-2A, Class C, 2.52% 2027^7,16			429		432
Hertz Vehicle Financing LLC, Rental Car Asset-Backed Notes, Series 2017-2A, Class A, 3.29% 2023^7,16			241		242
Hertz Vehicle Financing LLC, Rental Car Asset-Backed Notes, Series 2018-1A, Class A, 3.29% 2024^7,16			311		313
Hertz Vehicle Financing LLC, Rental Car Asset-Backed Notes, Series 2018-3A, Class A, 4.03% 2024^7,16			118		118
Hertz Vehicle Financing LLC, Rental Car Asset-Backed Notes, Series 2019-3A, Class A, 2.67% 2025^7,16			292		294
Honda Auto Receivables Owner Trust, Series 2019-2, Class A3, 2.52% 2023¹⁶			1,957		1,982
Longfellow Place CLO, Ltd., Series 2013-1A, Class AR3, (3-month USD-LIBOR + 1.00%) 1.184% 2029^7,14,16			4,048		4,048
Madison Park Funding, Ltd., CLO, Series 2015-17A, Class AR2, (3-month USD-LIBOR + 1.00%) 1.186% 2030^7,14,16			5,545		5,545
Marathon CLO, Ltd., Series 2017-9A, Class A1AR, (3-month USD-LIBOR + 1.15%) 1.334% 2029^7,14,16			4,230		4,230
Mercury Financial, Series 2021-1A, Class A, 1.54% 2026^7,16			4,700		4,717
Navient Student Loan Trust, Series 2021-C, Class A, 1.06% 2069^7,16			7,858		7,882
Nelnet Student Loan Trust, Series 2021-A, Class APT1, 1.36% 2062^7,16			9,048		9,060
Nelnet Student Loan Trust, Series 2021-BA, Class AFX, 1.42% 2062^7,16			14,949		15,002
Newark BSL CLO 2, Ltd., Series 2017-1A, Class A1R, (3-month USD-LIBOR + 0.97%) 1.146% 2030^7,14,16			1,765		1,765
Palmer Square Loan Funding, CLO, Series 2020-4, Class A1, (3-month USD-LIBOR + 1.00%) 1.147% 2028^7,14,16			2,682		2,685
Palmer Square Loan Funding, CLO, Series 2021-1, Class A1, (3-month USD-LIBOR + 0.90%) 1.055% 2029^7,14,16			769		769
Race Point CLO, Ltd., Series 2015-9A, Class A1A2, (3-month USD-LIBOR + 0.94%) 1.181% 2030^7,14,16			4,634		4,634
Santander Drive Auto Receivables Trust, Series 2020-1, Class A3, 2.03% 2024¹⁶			436		438
Santander Drive Auto Receivables Trust, Series 2020-1, Class B, 3.03% 2024¹⁶			345		352
Santander Drive Auto Receivables Trust, Series 2020-1, Class C, 4.11% 2025¹⁶			1,000		1,050
SMB Private Education Loan Trust, Series 2021-A, Class A2A2, (1-month USD-LIBOR + 0.73%) 0.823% 2053^7,14,16			7,547		7,617
Sound Point CLO, Ltd., Series 2017-2A, Class AR, (3-month USD-LIBOR + 0.98%) 1.156% 2030^7,14,16			3,233		3,233
Sound Point CLO, Ltd., Series 2017-3A, Class A1R, (3-month USD-LIBOR + 0.98%) 1.182% 2030^7,14,16			5,530		5,533
Sound Point CLO, Ltd., Series 2015-1RA, Class AR, (3-month USD-LIBOR + 1.08%) 1.264% 2030^7,14,16			2,985		2,985


128	American Funds Insurance Series

Asset Allocation Fund (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)			Value (000)
Asset-backed obligations (continued)
TAL Advantage V LLC, Series 2020-1A, Class A, 2.05% 2045^7,16		$	2,195	$	2,217
TAL Advantage V LLC, Series 2020-1A, Class B, 3.29% 2045^7,16			246		251
Textainer Marine Containers, Ltd., Series 2020-2A, Class A, 2.10% 2045^7,16			950		959
Textainer Marine Containers, Ltd., Series 2021-1A, Class A, 1.68% 2046^7,16			1,054		1,045
Textainer Marine Containers, Ltd., Series 2021-2A, Class A, 2.23% 2046^7,16			5,066		5,144
Toyota Auto Loan Extended Note Trust, Series 2019-1, Class A, 2.56% 2031^7,16			3,250		3,429
Toyota Auto Loan Extended Note Trust, Series 2020-1, Class A, 1.35% 2033^7,16			889		905
Toyota Auto Loan Extended Note Trust, Series 2021-1, Class A, 1.07% 2034^7,14,16			7,257		7,269
Triton Container Finance LLC, Series 2020-1A, Class A, 2.11% 2045^7,16			11,976		12,071
Triton Container Finance LLC, Series 2021-1A, Class A, 1.86% 2046^7,16			3,221		3,210
Westlake Automobile Receivables Trust, Series 2019-2A, Class B, 2.62% 2024^7,16			716		719
Westlake Automobile Receivables Trust, Series 2019-2A, Class C, 2.84% 2024^7,16			1,390		1,410
					310,904

Bonds & notes of governments & government agencies outside the U.S. 0.18%
Asian Development Bank 1.00% 2026			5,130		5,148
CPPIB Capital, Inc. 2.25% 2022⁷			4,286		4,336
CPPIB Capital, Inc. 2.75% 2027⁷			6,600		7,188
KfW 2.125% 2022			375		380
Manitoba (Province of) 3.05% 2024			2,600		2,780
Morocco (Kingdom of) 3.00% 2032⁷			3,000		2,905
Morocco (Kingdom of) 4.00% 2050⁷			3,000		2,790
Peru (Republic of) 1.862% 2032			2,525		2,349
Peru (Republic of) 2.78% 2060			3,775		3,377
Qatar (State of) 3.375% 2024⁷			2,315		2,486
Qatar (State of) 4.00% 2029⁷			745		859
Qatar (State of) 4.817% 2049⁷			750		968
Quebec (Province of) 2.375% 2022			5,057		5,120
Quebec (Province of) 2.75% 2027			9,000		9,768
Saudi Arabia (Kingdom of) 3.25% 2030⁷			1,750		1,888
Saudi Arabia (Kingdom of) 5.25% 2050⁷			1,000		1,312
United Mexican States 2.659% 2031			2,703		2,647
United Mexican States 3.771% 2061			1,528		1,425
					57,726

Federal agency bonds & notes 0.11%
Fannie Mae 1.875% 2026			13,000		13,634
Fannie Mae 0.875% 2030⁹			23,958		22,723
					36,357

Municipals 0.09%
Connecticut 0.00%
Housing Fin. Auth., Housing Mortgage Fin. Program Bonds, Series 2014-C-1, 4.00% 2044			25		26
Housing Fin. Auth., Housing Mortgage Fin. Program Bonds, Series 2014-A-1, 4.00% 2044			20		21
					47

Florida 0.03%
Board of Administration Fin. Corp., Rev. Bonds, Series 2020-A, 1.705% 2027			5,335		5,425
Board of Administration Fin. Corp., Rev. Bonds, Series 2020-A, 2.154% 2030			5,365		5,474
					10,899

Illinois 0.02%
G.O. Bonds, Pension Funding, Series 2003, Assured Guaranty Municipal insured, 5.10% 2033			4,125		4,894


American Funds Insurance Series	129

Asset Allocation Fund (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)			Value (000)
Municipals (continued)
Maryland 0.00%
Community Dev. Administration, Dept. of Housing and Community Dev., Residential Rev. Ref. Bonds, Series 2014-E, 2.857% 2040		$	30	$	30

Minnesota 0.00%
Housing Fin. Agcy., Residential Housing Fin. Bonds, Series 2014-A, 4.00% 2038			55		58

Nebraska 0.00%
Investment Fin. Auth., Single Family Housing Rev. Bonds, Series 2013-A, 3.00% 2043			15		15

New York 0.02%
Dormitory Auth., Taxable State Personal Income Tax Rev. Bonds (General Purpose), Series 2021-C, 1.187% 2026			2,865		2,870
Dormitory Auth., Taxable State Personal Income Tax Rev. Bonds (General Purpose), Series 2021-C, 1.748% 2028			4,745		4,773
					7,643

Ohio 0.02%
Cleveland-Cuyahoga Port Auth., Federal Lease Rev. Bonds (VA Cleveland Health Care Center Project), Series 2021, 4.425% 2031			5,200		5,458

South Carolina 0.00%
Housing Fin. Auth., Mortgage Rev. Ref. Bonds, Series 2014, AMT, 4.00% 2041			20		21

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			10		10

Total municipals					29,080

Total bonds, notes & other debt instruments (cost: $6,574,324,000)					6,801,368

Short-term securities 7.54%			Shares
Money market investments 7.47%
Capital Group Central Cash Fund 0.04%^6,18			24,159,533		2,415,954


130	American Funds Insurance Series

Asset Allocation Fund (continued)

Short-term securities (continued)	Shares		Value (000)
Money market investments purchased with collateral from securities on loan 0.07%
Goldman Sachs Financial Square Government Fund, Institutional Shares 0.02%^18,19		12,924,647	$	12,924
Capital Group Central Cash Fund 0.04%^6,18,19		104,483		10,448
Invesco Short-Term Investments Trust – Government & Agency Portfolio, Institutional Class 0.03%^18,19		68,626		69
				23,441

Total short-term securities (cost: $2,439,255,000)				2,439,395
Total investment securities 103.98% (cost: $23,413,273,000)				33,634,369
Other assets less liabilities (3.98)%				(1,288,428	)

Net assets 100.00%			$	32,345,941

Futures contracts

		Number of		Notional amount		²⁰	Value at 6/30/2021		²¹		Unrealized (depreciation) appreciation at 6/30/2021
Contracts	Type	contracts	Expiration	(000)			(000)				(000)
2 Year U.S. Treasury Note Futures	Long	1,129	October 2021	$	225,800		$	248,741		.		$	(435	)
5 Year U.S. Treasury Note Futures	Short	4,213	October 2021		(421,300	)		(520,009	)				901
10 Year U.S. Treasury Note Futures	Short	990	September 2021		(99,000	)		(131,175	)				(415	)
10 Year Ultra U.S. Treasury Note Futures	Short	1,742	September 2021		(174,200	)		(256,428	)				(3,097	)
20 Year U.S. Treasury Bond Futures	Short	235	September 2021		(23,500	)		(37,776	)				(300	)
30 Year Ultra U.S. Treasury Bond Futures	Short	207	September 2021		(20,700	)		(39,886	)				(517	)
												$	(3,863	)

Swap contracts

Interest rate swaps

Upfront

Unrealized

Value at

premium

appreciation

Expiration

Notional

6/30/2021

paid

at 6/30/2021

Receive

Pay

date

(000)

U.S. EFFR

0.0795%

7/13/2025

$39,521

$862

$—

$862

Credit default swaps

Centrally cleared credit default swaps on credit indices — buy protection

Receive		Pay/ Payment frequency		Expiration date		Notional (000)				Value at 6/30/2021 (000)				Upfront premium received (000)				Unrealized depreciation at 6/30/2021 (000)
CDX.NA.IG.36		1.00%/Quarterly		6/20/2026		$	102,000			$	(2,590	)		$	(2,208	)		$	(382	)

Investments in affiliates⁶

	Value of affiliates at 1/1/2021 (000)		Additions (000)		Reductions (000)		Net realized gain (loss) (000)		Net unrealized (depreciation) appreciation (000)			Value of affiliates at 6/30/2021 (000)		Dividend income (000)
Common stocks 0.55%
Health care 0.03%
NuCana PLC (ADR)¹	$	13,367	$	—	$	—	$	—	$	(5,120	)	$	8,247	$	—


American Funds Insurance Series	131

Asset Allocation Fund (continued)

Investments in affiliates⁶(continued)

	Value of affiliates at 1/1/2021 (000)		Additions (000)			Reductions (000)		Net realized gain (loss) (000)			Net unrealized (depreciation) appreciation (000)			Value of affiliates at 6/30/2021 (000)		Dividend income (000)
Consumer discretionary 0.52%
Kontoor Brands, Inc.	$	150,072	$	—		$	36,658	$	14,043		$	41,773		$	169,230	$	2,800
Total common stocks															177,477
Investment funds 5.20%
Capital Group Central Corporate Bond Fund		—		1,677,901			—		—			3,297			1,681,198		259
Short-term securities 7.50%
Money market investments 7.47%
Capital Group Central Cash Fund 0.04%¹⁸		2,273,691		2,311,312			2,168,827		(9	)		(213	)		2,415,954		992
Money market investments purchased with collateral from securities on loan 0.03%
Capital Group Central Cash Fund 0.04%^18,19		—		10,448	²²										10,448		—	²³
Total short-term securities															2,426,402
Total 13.25%								$	14,034		$	39,737		$	4,285,077	$	4,051


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 $25,453,000, which represented .08% of the net assets of the fund. Refer to Note 5 for more information on securities lending.
³	Valued under fair value procedures adopted by authority of the board of trustees. The total value of all such securities was $41,116,000, which represented .13% of the net assets of the fund.
⁴	Value determined using significant unobservable inputs.
⁵	Acquired through a private placement transaction exempt from registration under the Securities Act of 1933. May be subject to legal or contractual restrictions on resale. Further details on these holdings appear below.
⁶	Affiliate of the fund or part of the same “group of investment companies” as the fund, as defined under the Investment Company Act of 1940, as amended.
⁷	Acquired in a transaction exempt from registration under Rule 144A of the Securities Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers. The total value of all such securities was $1,281,012,000, which represented 3.96% of the net assets of the fund.
⁸	Amount less than one thousand.
⁹	All or a portion of this security was pledged as collateral. The total value of pledged collateral was $14,221,000, which represented .04% of the net assets of the fund.
¹⁰	Index-linked bond whose principal amount moves with a government price index.
¹¹	Step bond; coupon rate may change at a later date.
¹²	Scheduled interest and/or principal payment was not received.
¹³	Payment in kind; the issuer has the option of paying additional securities in lieu of cash. Most recent payment was 100% cash unless otherwise noted.
¹⁴	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.
¹⁵	Loan participations and assignments; may be subject to legal or contractual restrictions on resale. The total value of all such loans was $15,993,000, which represented .05% of the net assets of the fund.
¹⁶	Principal payments may be made periodically. Therefore, the effective maturity date may be earlier than the stated maturity date.
¹⁷	Purchased on a TBA basis.
¹⁸	Rate represents the seven-day yield at 6/30/2021.
¹⁹	Security purchased with cash collateral from securities on loan. Refer to Note 5 for more information on securities lending.
²⁰	Notional amount is calculated based on the number of contracts and notional contract size.
²¹	Value is calculated based on the notional amount and current market price.
²²	Represents net activity. Refer to Note 5 for more information on securities lending.
²³	Dividend income is included with securities lending income in the fund’s statement of operations and is not shown in this table.

Private placement securities	Acquisition date		Cost (000)		Value (000)	Percent of net assets
Rotech Healthcare, Inc.	9/26/2013	$	6,949	$	19,795	.06	%
Extraction Oil & Gas, Inc.	1/20/2021		555		1,184	.00
Total private placement securities		$	7,504	$	20,979	.06	%


132	American Funds Insurance Series

Asset Allocation Fund (continued)

Key to abbreviations and symbol

ADR = American Depositary Receipts

Agcy. = Agency

AMT = Alternative Minimum Tax

Auth. = Authority

CAD = Canadian dollars

CLO = Collateralized Loan Obligations

CMO = Collateralized Mortgage Obligations

DAC = Designated Activity Company

Dept. = Department

Dev. = Development

EFFR = Effective Federal Funds Rate

Fin. = Finance

G.O. = General Obligation

LIBOR = London Interbank Offered Rate

Ref. = Refunding

Rev. = Revenue

SOFR = Secured Overnight Financing Rate

TBA = To-be-announced

USD/$ = U.S. dollars

See notes to financial statements.

American Funds Insurance Series

133

Global Balanced Fund

Investment portfolio June 30, 2021

unaudited

Common stocks 61.22%	Shares		Value (000)
Information technology 13.80%
Taiwan Semiconductor Manufacturing Company, Ltd.		658,000	$	14,052
Microsoft Corp.		43,721		11,844
Broadcom, Inc.		17,809		8,492
ASML Holding NV		10,504		7,217
PagSeguro Digital, Ltd., Class A¹		84,179		4,707
Tokyo Electron, Ltd.		10,500		4,544
Amadeus IT Group SA, Class A, non-registered shares¹		33,031		2,323
Edenred SA		33,076		1,885
Visa, Inc., Class A		7,691		1,798
Keyence Corp.		3,400		1,716
Mastercard, Inc., Class A		4,466		1,631
Amphenol Corp., Class A		23,612		1,615
Murata Manufacturing Co., Ltd.		15,800		1,206
				63,030

Health care 8.89%
AstraZeneca PLC		49,835		5,986
UnitedHealth Group, Inc.		13,787		5,521
Pfizer, Inc.		116,586		4,565
Danaher Corp.		12,903		3,463
Humana Inc.		7,588		3,359
Thermo Fisher Scientific, Inc.		5,194		2,620
Mettler-Toledo International, Inc.¹		1,781		2,467
Coloplast A/S, Class B		14,862		2,439
Merck & Co., Inc.		28,792		2,239
Carl Zeiss Meditec AG, non-registered shares		8,497		1,642
Fisher & Paykel Healthcare Corp., Ltd.		74,190		1,614
Gilead Sciences, Inc.		21,202		1,460
Cigna Corp.		5,904		1,400
Novartis AG		11,212		1,022
Bayer AG		12,374		751
Organon & Co.¹		1,695		51
				40,599

Financials 7.86%
JPMorgan Chase & Co.		50,515		7,857
Berkshire Hathaway, Inc., Class A¹		14		5,861
Berkshire Hathaway, Inc., Class B¹		216		60
Brookfield Asset Management, Inc., Class A (CAD denominated)		58,884		3,004
Aon PLC, Class A		10,249		2,447
Zurich Insurance Group AG		6,002		2,408
BlackRock, Inc.		2,556		2,236
AIA Group, Ltd.		178,000		2,212
Hong Kong Exchanges and Clearing, Ltd.		36,800		2,194
S&P Global, Inc.		4,998		2,052
Deutsche Boerse AG		9,146		1,596
FinecoBank SpA¹		75,768		1,321
B3 SA-Brasil, Bolsa, Balcao		389,658		1,318
Legal & General Group PLC		362,095		1,290
Brookfield Asset Management Reinsurance Partners, Ltd.,Class A (CAD denominated)¹		405		21
				35,877

Consumer discretionary 7.30%
Home Depot, Inc.		30,381		9,688
LVMH Moët Hennessy-Louis Vuitton SE		6,242		4,895
Domino’s Pizza, Inc.		8,432		3,933
Amazon.com, Inc.¹		772		2,656
Ocado Group PLC¹		78,363		2,171
Darden Restaurants, Inc.		14,828		2,165
Restaurant Brands International, Inc. (CAD denominated)		29,571		1,905
General Motors Company¹		29,566		1,749

134	American Funds Insurance Series

Global Balanced Fund (continued)

Common stocks (continued)	Shares		Value (000)
Consumer discretionary (continued)
Booking Holdings, Inc.¹		704	$	1,540
Industria de Diseño Textil, SA		32,265		1,137
Stellantis NV		48,207		946
Wynn Resorts, Ltd.¹		4,407		539
				33,324

Consumer staples 6.71%
Nestlé SA		72,154		8,985
Philip Morris International, Inc.		60,296		5,976
Altria Group, Inc.		71,119		3,391
Kweichow Moutai Co., Ltd., Class A		10,500		3,342
British American Tobacco PLC		76,169		2,950
British American Tobacco PLC (ADR)		3,765		148
Keurig Dr Pepper, Inc.		84,587		2,981
Coca-Cola Europacific Partners PLC		17,523		1,039
Budweiser Brewing Co. APAC, Ltd.		308,000		972
Procter & Gamble Company		6,527		881
				30,665

Industrials 5.20%
SITC International Holdings Co., Ltd.		937,000		3,916
Airbus SE, non-registered shares¹		22,178		2,852
Spirax-Sarco Engineering PLC		10,948		2,062
Lockheed Martin Corp.		5,420		2,051
SMC Corp.		3,100		1,832
Nidec Corp.		15,200		1,761
Watsco, Inc.		5,594		1,603
MTU Aero Engines AG		6,193		1,534
CSX Corp.		41,109		1,319
BAE Systems PLC		170,770		1,233
United Parcel Service, Inc., Class B		5,422		1,127
Honeywell International, Inc.		4,767		1,046
Union Pacific Corp.		4,256		936
Boeing Company¹		2,057		493
				23,765

Materials 2.99%
Croda International PLC		26,816		2,733
Vale SA, ordinary nominative shares		118,297		2,694
Givaudan SA		560		2,604
Akzo Nobel NV		12,477		1,542
LyondellBasell Industries NV		14,783		1,521
Koninklijke DSM NV		7,351		1,372
Rio Tinto PLC		14,634		1,204
				13,670

Communication services 2.76%
Alphabet, Inc., Class C¹		1,456		3,649
SoftBank Corp.		253,100		3,312
Verizon Communications, Inc.		49,974		2,800
Nintendo Co., Ltd.		3,800		2,210
América Móvil, SAB de CV, Series L (ADR)		41,843		628
				12,599

American Funds Insurance Series

135

Global Balanced Fund (continued)

Common stocks (continued)	Shares		Value (000)
Real estate 2.51%
Crown Castle International Corp. REIT		15,806	$	3,084
Equinix, Inc. REIT		2,956		2,373
American Tower Corp. REIT		6,662		1,800
Longfor Group Holdings, Ltd.		318,500		1,784
Gaming and Leisure Properties, Inc. REIT		36,680		1,699
Shimao Group Holdings, Ltd.		290,000		711
				11,451

Energy 2.29%
TC Energy Corp. (CAD denominated)		57,287		2,835
BP PLC		545,052		2,375
Baker Hughes Co., Class A		73,987		1,692
Chevron Corp.		13,291		1,392
Pioneer Natural Resources Company		7,328		1,191
Petróleo Brasileiro SA (Petrobras), ordinary nominative shares (ADR)		78,873		964
				10,449

Utilities 0.91%
Enel SpA		362,163		3,363
Brookfield Infrastructure Partners LP		14,608		811
				4,174

Total common stocks (cost: $174,263,000)				279,603

Preferred securities 0.37%
Information technology 0.37%
Samsung Electronics Co., Ltd., nonvoting preferred shares		25,715		1,683

Total preferred securities (cost: $1,314,000)				1,683

Convertible stocks 0.36%
Utilities 0.36%
AES Corp., convertible preferred units, 6.875% 2024		15,300		1,646

Total convertible stocks (cost: $1,530,000)				1,646

Bonds, notes & other debt instruments 30.10%	Principal amount (000)
Bonds & notes of governments & government agencies outside the U.S. 14.04%
Abu Dhabi (Emirate of) 2.50% 2022²	$	200		206
Abu Dhabi (Emirate of) 0.75% 2023²		275		277
Agricultural Development Bank of China 3.75% 2029	CNY	550		86
Agricultural Development Bank of China 2.96% 2030		4,350		645
Australia (Commonwealth of), Series 152, 2.75% 2028	A$	885		738
Australia (Commonwealth of), Series 163, 1.00% 2031		660		470
Australia (Commonwealth of), Series 162, 1.75% 2051		400		265
Brazil (Federative Republic of) 0% 2021	BRL	3,000		603
Brazil (Federative Republic of) 6.00% 2024³		3,000		651
Canada 2.25% 2025	C$	1,400		1,193
Canada 0.25% 2026		570		445
Canada 2.25% 2029		1,265		1,098
China (People’s Republic of), Series 1916, 3.12% 2026	CNY	8,650		1,349
China (People’s Republic of), Series INBK, 2.85% 2027		7,000		1,072
China (People’s Republic of), Series IMBK, 3.28% 2027		400		63
China (People’s Republic of), Series 1906, 3.29% 2029		5,500		863
China (People’s Republic of), Series 1910, 3.86% 2049		4,610		736
China (People’s Republic of), Series INBK, 3.39% 2050		300		44
China (People’s Republic of), Series INBK, 3.81% 2050		7,480		1,188
China Development Bank Corp., Series 2008, 2.89% 2025		3,240		496

136	American Funds Insurance Series

Global Balanced Fund (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Bonds & notes of governments & government agencies outside the U.S. (continued)
China Development Bank Corp., Series 2004, 3.43% 2027	CNY	1,060	$	165
China Development Bank Corp., Series 1805, 4.04% 2028		8,230		1,319
China Development Bank Corp., Series 1805, 4.88% 2028		2,040		343
China Development Bank Corp., Series 1905, 3.48% 2029		11,080		1,713
Colombia (Republic of) 5.75% 2027	COP	1,978,800		505
Czech Republic 0% 2024	CZK	1,000		44
Czech Republic 1.25% 2025		13,000		599
French Republic O.A.T. 0% 2030	€	1,320		1,561
French Republic O.A.T. 3.25% 2045		160		296
Germany (Federal Republic of) 0% 2025		822		1,001
Germany (Federal Republic of) 0.25% 2029		600		748
Germany (Federal Republic of) 0% 2030		642		782
Germany (Federal Republic of) 0% 2036		1,300		1,529
Germany (Federal Republic of) 0% 2050		655		714
Greece (Hellenic Republic of) 3.375% 2025		300		401
Greece (Hellenic Republic of) 3.75% 2028		280		406
Greece (Hellenic Republic of) 3.875% 2029		270		400
India (Republic of) 5.15% 2025	INR	28,000		370
Indonesia (Republic of), Series 78, 8.25% 2029	IDR	4,301,000		331
Indonesia (Republic of), Series 82, 7.00% 2030		1,000,000		71
Indonesia (Republic of), Series 87, 6.50% 2031		2,010,000		138
Indonesia (Republic of), Series 74, 7.50% 2032		597,000		44
Indonesia (Republic of), Series 65, 6.625% 2033		1,493,000		103
Israel (State of) 2.875% 2024	€	200		257
Israel (State of) 1.50% 2027		100		128
Italy (Republic of) 0.10% 2023³		788		958
Italy (Republic of) 0.95% 2027		246		303
Italy (Republic of) 0.25% 2028		820		963
Italy (Republic of) 1.35% 2030		660		829
Japan, Series 134, 0.10% 2022	¥	16,000		144
Japan, Series 17, 0.10% 2023³		10,480		95
Japan, Series 19, 0.10% 2024³		30,420		278
Japan, Series 18, 0.10% 2024³		20,840		190
Japan, Series 145, 0.10% 2025		98,050		891
Japan, Series 21, 0.10% 2026³		40,583		373
Japan, Series 346, 0.10% 2027		173,250		1,577
Japan, Series 22, 0.10% 2027³		25,438		234
Japan, Series 23, 0.10% 2028³		66,456		614
Japan, Series 24, 0.10% 2029³		213,816		1,980
Japan, Series 360, 0.10% 2030		368,900		3,343
Japan, Series 152, 1.20% 2035		303,400		3,094
Japan, Series 42, 1.70% 2044		94,100		1,061
Japan, Series 37, 0.60% 2050		26,950		238
Japan, Series 70, 0.70% 2051		13,050		118
Malaysia (Federation of), Series 0119, 3.906% 2026	MYR	1,380		351
Malaysia (Federation of), Series 0417, 3.899% 2027		1,300		330
Malaysia (Federation of), Series 0318, 4.642% 2033		400		105
Malaysia (Federation of), Series 0418, 4.893% 2038		2,800		732
Malaysia (Federation of), Series 0519, 3.757% 2040		1,650		374
Malaysia (Federation of), Series 0216, 4.736% 2046		409		104
Morocco (Kingdom of) 3.50% 2024	€	100		130
Morocco (Kingdom of) 1.375% 2026		130		157
Morocco (Kingdom of) 1.50% 2031		125		139
Morocco (Kingdom of) 1.50% 2031		100		112
National Highways Authority of India 7.17% 2021	INR	30,000		410
Netherlands (Kingdom of the) 5.50% 2028	€	100		165
Norway (Kingdom of) 1.75% 2025	NKr	4,500		537
Nova Scotia (Province of) 3.15% 2051	C$	170		151
Peru (Republic of) 2.392% 2026	$	90		93
Philippines (Republic of) 0.001% 2024	¥	100,000		894
Philippines (Republic of) 0.25% 2025	€	100		119

American Funds Insurance Series

137

Global Balanced Fund (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Bonds & notes of governments & government agencies outside the U.S. (continued)
Philippines (Republic of) 1.648% 2031	$	200	$	193
Poland (Republic of), Series 1029, 2.75% 2029	PLN	410		118
Qatar (State of) 3.40% 2025²	$	200		218
Romania 3.624% 2030	€	692		950
Romania 3.624% 2030		225		309
Romania 2.00% 2032		100		120
Romania 2.00% 2033		540		637
Romania 3.50% 2034		65		88
Romania 3.875% 2035		170		237
Romania 3.375% 2038		80		104
Romania 4.625% 2049		39		59
Romania 3.375% 2050		73		93
Russian Federation 7.00% 2023	RUB	16,600		228
Russian Federation 2.875% 2025	€	200		260
Russian Federation 2.875% 2025		100		130
Russian Federation 4.25% 2027	$	200		224
Russian Federation 6.90% 2029	RUB	25,250		344
Russian Federation 7.65% 2030		38,320		546
Russian Federation 5.90% 2031		5,620		71
Russian Federation 8.50% 2031		5,530		83
Russian Federation 7.70% 2033		23,030		330
Russian Federation 7.25% 2034		8,140		113
Saudi Arabia (Kingdom of) 2.894% 2022²	$	200		204
Serbia (Republic of) 3.125% 2027	€	640		846
Serbia (Republic of) 3.125% 2027		125		165
South Korea (Republic of), Series 2209, 2.00% 2022	KRW	560,000		503
Spain (Kingdom of) 1.25% 2030	€	480		616
Sri Lanka (Democratic Socialist Republic of) 6.25% 2021	$	250		246
Tunisia (Republic of) 6.75% 2023	€	150		173
Ukraine 6.75% 2026		150		194
Ukraine 6.876% 2029²	$	250		260
United Kingdom 1.75% 2022	£	280		395
United Kingdom 2.75% 2024		50		75
United Kingdom 0.375% 2030		730		976
United Kingdom 4.75% 2030		460		870
United Kingdom 4.25% 2032		280		525
United Kingdom 4.50% 2034		225		447
United Kingdom 0.625% 2035		675		879
United Kingdom 3.25% 2044		250		484
United Kingdom 0.625% 2050		95		112
United Kingdom 1.25% 2051		114		158
United Mexican States, Series M, 7.50% 2027	MXN	20,240		1,059
United Mexican States, Series M20, 8.50% 2029		11,500		635
United Mexican States, Series M, 8.00% 2047		4,000		212
				64,131

U.S. Treasury bonds & notes 10.53%
U.S. Treasury 10.46%
U.S. Treasury 0.125% 2022	$	7,085		7,082
U.S. Treasury 1.875% 2022		700		707
U.S. Treasury 0.125% 2023		790		790
U.S. Treasury 0.375% 2025		10,167		9,984
U.S. Treasury 0.75% 2026		2,075		2,066
U.S. Treasury 0.875% 2026		454		454
U.S. Treasury 2.25% 2027		300		321
U.S. Treasury 2.875% 2028		1,275		1,416
U.S. Treasury 2.875% 2028		700		779
U.S. Treasury 0.625% 2030		2,640		2,467
U.S. Treasury 0.625% 2030		650		606
U.S. Treasury 0.875% 2030⁴		12,375		11,766
U.S. Treasury 1.625% 2031		375		381

138	American Funds Insurance Series

Global Balanced Fund (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
U.S. Treasury bonds & notes (continued)
U.S. Treasury (continued)
U.S. Treasury 1.875% 2041	$	1,345	$	1,316
U.S. Treasury 2.25% 2041		525		546
U.S. Treasury 2.875% 2046		400		463
U.S. Treasury 1.25% 2050		140		114
U.S. Treasury 1.375% 2050⁴		6,514		5,479
U.S. Treasury 2.375% 2051		990		1,056
				47,793

U.S. Treasury inflation-protected securities 0.07%
U.S. Treasury Inflation-Protected Security 1.00% 2049³		223		299

Total U.S. Treasury bonds & notes				48,092

Corporate bonds, notes & loans 4.67%
Financials 1.42%
ACE INA Holdings, Inc. 2.875% 2022		10		10
ACE INA Holdings, Inc. 3.35% 2026		10		11
ACE INA Holdings, Inc. 4.35% 2045		20		25
Allianz SE 4.75% perpetual bonds (3-month EUR-EURIBOR + 3.60% on 10/24/2023)⁵	€	100		131
Bank of America Corp. 0.976% 2025 (USD-SOFR + 0.69% on 4/22/2024)⁵	$	200		201
Bank of America Corp. 1.319% 2026 (USD-SOFR + 1.15% on 6/19/2025)⁵		500		501
Bank of America Corp. 1.734% 2027 (USD-SOFR + 0.96% on 7/22/2026)⁵		160		161
Bank of America Corp. 3.419% 2028 (3-month USD-LIBOR + 1.04% on 12/20/2027)⁵		236		257
Bank of America Corp. 2.496% 2031 (3-month USD-LIBOR + 0.99% on 2/13/2030)⁵		20		21
Citigroup, Inc. 0.981% 2025 (USD-SOFR + 0.669% on 5/1/2024)⁵		103		103
Citigroup, Inc. 3.106% 2026 (USD-SOFR + 2.842% on 3/8/2026)⁵		175		187
Citigroup, Inc. 1.462% 2027 (USD-SOFR + 0.67% on 6/9/2026)⁵		310		309
Commonwealth Bank of Australia 2.688% 2031²		225		225
Goldman Sachs Group, Inc. 2.905% 2023 (3-month USD-LIBOR + 0.99% on 7/24/2022)⁵		130		133
Goldman Sachs Group, Inc. 3.50% 2025		207		225
Goldman Sachs Group, Inc. 2.615% 2032 (USD-SOFR + 1.281% on 4/22/2031)⁵		130		133
Goldman Sachs Group, Inc. 1.00% 2033²	€	210		250
Goldman Sachs Group, Inc. 4.017% 2038 (3-month USD-LIBOR + 1.373% on 10/31/2037)⁵	$	78		92
Groupe BPCE SA 0.64% 2022	¥	100,000		902
Groupe BPCE SA 5.70% 2023²	$	200		222
Groupe BPCE SA 1.00% 2025	€	100		123
HSBC Holdings PLC 4.292% 2026 (3-month USD-LIBOR + 1.348% on 9/12/2025)⁵	$	200		223
JPMorgan Chase & Co. 3.25% 2022		28		29
JPMorgan Chase & Co. 1.578% 2027 (USD-SOFR + 0.885% on 4/22/2026)⁵		186		187
JPMorgan Chase & Co. 4.493% 2031 (USD-SOFR + 3.79% on 3/24/2030)⁵		160		190
Morgan Stanley 0.985% 2026 (USD-SOFR + 0.72% on 12/10/2025)⁵		200		197
Morgan Stanley 3.125% 2026		110		119
Morgan Stanley 1.593% 2027 (USD-SOFR + 0.879% on 5/4/2026)⁵		126		127
Morgan Stanley 2.699% 2031 (USD-SOFR + 1.143% on 1/22/2030)⁵		72		75
New York Life Insurance Company 3.75% 2050²		23		26
PNC Financial Services Group, Inc. 2.854% 2022⁵		100		104
Rabobank Nederland 3.875% 2023	€	100		128
Royal Bank of Canada 1.20% 2026	$	175		175
Skandinaviska Enskilda Banken AB 2.80% 2022		250		254
Wells Fargo & Company 2.393% 2028 (USD-SOFR + 2.10% on 6/2/2027)⁵		400		415
				6,471

Utilities 0.87%
Berkshire Hathaway Energy Company 3.70% 2030		25		28
Berkshire Hathaway Energy Company 1.65% 2031		175		168
CMS Energy Corp. 3.00% 2026		150		161
Duke Energy Carolinas, LLC 3.05% 2023		280		292

American Funds Insurance Series

139

Global Balanced Fund (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Corporate bonds, notes & loans (continued)
Utilities (continued)
Duke Energy Progress, LLC 3.70% 2028	$	75	$	85
Edison International 4.125% 2028		160		170
Enel Finance International SA 2.75% 2023²		200		208
Enel Finance International SA 3.50% 2028²		200		219
Enersis Américas SA 4.00% 2026		35		38
Exelon Corp. 3.40% 2026		150		163
Exelon Corp., junior subordinated, 3.497% 2022⁵		25		26
FirstEnergy Corp. 3.50% 2028²		35		38
Interstate Power and Light Co. 2.30% 2030		50		51
NextEra Energy Capital Holdings, Inc. 2.75% 2029		234		248
NextEra Energy Capital Holdings, Inc. 2.25% 2030		478		482
Niagara Mohawk Power Corp. 3.508% 2024²		85		92
Pacific Gas and Electric Co. 2.95% 2026		25		26
Pacific Gas and Electric Co. 2.10% 2027		100		97
Pacific Gas and Electric Co. 3.00% 2028		140		141
Pacific Gas and Electric Co. 4.65% 2028		114		126
Pacific Gas and Electric Co. 4.55% 2030		31		33
Pacific Gas and Electric Co. 2.50% 2031		600		563
Pacific Gas and Electric Co. 3.25% 2031		50		49
Pacific Gas and Electric Co. 3.50% 2050		137		122
State Grid Overseas Investment, Ltd. 1.25% 2022	€	100		120
Xcel Energy, Inc. 3.35% 2026	$	216		235
				3,981

Communication services 0.51%
AT&T, Inc. 2.75% 2031		375		390
AT&T, Inc. 2.55% 2033²		64		64
Deutsche Telekom International Finance BV 9.25% 2032		45		73
France Télécom 9.00% 2031⁵		65		102
KT Corp. 0.22% 2022	¥	100,000		899
T-Mobile US, Inc. 2.05% 2028	$	200		204
Verizon Communications, Inc. 0.375% 2029	€	140		165
Verizon Communications, Inc. 2.55% 2031	$	325		332
Verizon Communications, Inc. 0.75% 2032	€	100		117
				2,346

Energy 0.50%
Canadian Natural Resources, Ltd. 2.95% 2030	$	161		167
Enbridge, Inc. 4.25% 2026		70		79
Enbridge, Inc. 3.70% 2027		45		50
Enbridge, Inc. 3.40% 2051		39		39
Energy Transfer Operating LP 5.00% 2050		315		365
Halliburton Company 3.80% 2025		3		3
MPLX LP 2.65% 2030		75		76
MPLX LP 5.50% 2049		215		279
ONEOK, Inc. 4.45% 2049		255		282
Petróleos Mexicanos 7.19% 2024	MXN	3,363		160
Petróleos Mexicanos 7.47% 2026		5,330		240
Qatar Petroleum 3.125% 2041²	$	270		269
SA Global Sukuk, Ltd. 2.694% 2031²		200		203
Statoil ASA 3.70% 2024		50		54
				2,266

Consumer discretionary 0.35%
Amazon.com, Inc. 2.80% 2024		45		48
Amazon.com, Inc. 1.20% 2027		50		50
Amazon.com, Inc. 2.50% 2050		305		289
Bayerische Motoren Werke AG 3.90% 2025²		70		77
Bayerische Motoren Werke AG 4.15% 2030²		70		82
DaimlerChrysler North America Holding Corp. 2.00% 2021²		200		200

140	American Funds Insurance Series

Global Balanced Fund (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Corporate bonds, notes & loans (continued)
Consumer discretionary (continued)
General Motors Financial Co. 2.40% 2028	$	150	$	152
Hyundai Capital America 3.25% 2022²		65		67
Hyundai Capital America 1.50% 2026²		250		248
Hyundai Capital America 2.375% 2027²		109		112
Hyundai Capital Services, Inc. 3.75% 2023²		250		263
Toyota Motor Credit Corp. 3.375% 2030		33		37
				1,625

Health care 0.29%
Aetna, Inc. 2.80% 2023		10		11
Amgen, Inc. 1.90% 2025		40		42
Amgen, Inc. 2.20% 2027		30		31
AstraZeneca Finance LLC 2.25% 2031		9		9
AstraZeneca PLC 3.50% 2023		150		159
AstraZeneca PLC 3.00% 2051		36		37
Becton, Dickinson and Company 2.894% 2022		47		48
Becton, Dickinson and Company 3.734% 2024		35		38
Becton, Dickinson and Company 3.70% 2027		43		48
Becton, Dickinson and Company 2.823% 2030		28		29
Cigna Corp. 4.125% 2025		80		90
EMD Finance LLC 3.25% 2025²		250		269
Medtronic, Inc. 3.50% 2025		31		34
Stryker Corp. 0.75% 2029	€	210		255
Takeda Pharmaceutical Company, Ltd. 2.25% 2026		100		131
Thermo Fisher Scientific, Inc. 4.133% 2025	$	84		93
				1,324

Consumer staples 0.29%
Altria Group, Inc. 1.00% 2023	€	110		132
Altria Group, Inc. 2.20% 2027		270		346
Anheuser-Busch InBev NV 4.00% 2028	$	100		114
Anheuser-Busch InBev NV 4.75% 2029		220		262
British American Tobacco PLC 3.215% 2026		62		66
British American Tobacco PLC 3.557% 2027		105		113
British American Tobacco PLC 3.462% 2029		75		79
Keurig Dr Pepper, Inc. 4.597% 2028		175		206
				1,318

Real estate 0.19%
American Campus Communities, Inc. 3.75% 2023		100		105
American Campus Communities, Inc. 4.125% 2024		90		98
American Tower Corp. 0.875% 2029	€	250		299
Equinix, Inc. 2.15% 2030	$	197		196
Essex Portfolio LP 3.50% 2025		120		130
Essex Portfolio LP 3.375% 2026		40		43
				871

Information technology 0.13%
Broadcom, Inc. 3.15% 2025		17		18
Broadcom, Inc. 4.15% 2030		70		79
Broadcom, Inc. 3.419% 2033²		53		56
Microsoft Corp. 2.40% 2026		187		199
Oracle Corp. 2.65% 2026		216		228
				580

American Funds Insurance Series

141

Global Balanced Fund (continued)

Bonds, notes & other debt instruments (continued)				Principal amount (000)		Value (000)
Corporate bonds, notes & loans (continued)
Industrials 0.10%
Carrier Global Corp. 2.242% 2025				$	36	$	38
Carrier Global Corp. 2.493% 2027					30		31
CSX Corp. 3.80% 2050					6		7
CSX Corp. 2.50% 2051					75		68
Lima Metro Line 2 Finance, Ltd. 5.875% 2034²					103		120
United Technologies Corp. 4.125% 2028					170		196
							460

Materials 0.02%
Vale Overseas, Ltd. 3.75% 2030					94		100

Total corporate bonds, notes & loans							21,342

Mortgage-backed obligations 0.80%
Other mortgage-backed securities 0.80%
Korea Housing Finance Corp. 2.00% 2021^2,6					250		251
Nordea Kredit 0.50% 2040⁶				DKr	1,768		270
Nykredit Realkredit AS, Series 01E, 1.50% 2037⁶					652		108
Nykredit Realkredit AS, Series 01E, 0.50% 2040⁶					7,868		1,207
Nykredit Realkredit AS, Series 01E, 1.50% 2040⁶					1,653		272
Nykredit Realkredit AS, Series 01E, 0.50% 2043⁶					8,574		1,304
Nykredit Realkredit AS, Series 01E, 0.50% 2050⁶					1,441		213
							3,625

Federal agency mortgage-backed obligations 0.00%
Government National Mortgage Assn. Pool #MA5986 4.00% 2049⁶				$	12		13

Total mortgage-backed obligations							3,638

Municipals 0.04%
Ohio 0.02%
Turnpike and Infrastructure Commission, Turnpike Rev. Ref. Bonds (Infrastructure Projects), Series 2020-A, 3.216% 2048					100		103

Texas 0.02%
Grand Parkway Transportation Corp., Grand Parkway System Toll Rev. Ref. Bonds, Series 2020-B, 3.236% 2052					80		82

Total municipals							185

Asset-backed obligations 0.02%
OSW Structured Asset Trust, Series 2020-RPL1, Class A1, 3.072% 2059^2,6,7					87		87

Total bonds, notes & other debt instruments (cost: $136,749,000)							137,475

Short-term securities 7.76%				Shares
Money market investments 6.48%
Capital Group Central Cash Fund 0.04%^8,9					295,778		29,578

	Weighted average yield at acquisition			Principal amount (000)
U.S. Treasury bills 1.10%
U.S. Treasury 4/21/2022		0.047	%	$	5,000		4,997

142	American Funds Insurance Series

Global Balanced Fund (continued)

Short-term securities (continued)	Weighted average yield at acquisition			Principal amount (000)		Value (000)
Bills & notes of governments & government agencies outside the U.S. 0.18%
Egyptian Treasury 7/20/2021		11.721	%	EGP	1,700	$	108
Egyptian Treasury 10/19/2021		11.994			1,700		104
Egyptian Treasury 10/26/2021		12.115			8,600		526
Egyptian Treasury 1/4/2022		12.011			1,700		101
							839

Total short-term securities (cost: $35,417,000)							35,414
Total investment securities 99.81% (cost: $349,273,000)							455,821
Other assets less liabilities 0.19%							863

Net assets 100.00%						$	456,684

Futures contracts

Contracts	Type	Number of contracts	Expiration	Notional amount (000)		¹⁰	Value at 6/30/2021 (000)		¹¹	Unrealized appreciation (depreciation) at 6/30/2021 (000)
90 Day Euro Dollar Futures	Short	77	September 2022	$	(19,250	)	$	(19,180	)		$	7
90 Day Euro Dollar Futures	Long	77	September 2023		19,250			19,057				(12	)
5 Year U.S. Treasury Note Futures	Long	27	October 2021		2,700			3,333				—	¹²
10 Year Italy Government Bond Futures	Short	3	September 2021	€	(300	)		(539	)			3
10 Year Euro-Bund Futures	Short	8	September 2021		(800	)		(1,637	)			(7	)
10 Year Ultra U.S. Treasury Note Futures	Short	10	September 2021	$	(1,000	)		(1,472	)			(21	)
20 Year U.S. Treasury Bond Futures	Long	2	September 2021		200			322				2
											$	(28	)

Forward currency contracts

Contract amount		Counterparty	Settlement date	Unrealized (depreciation) appreciation at 6/30/2021 (000)
Purchases (000)	Sales (000)	Counterparty	Settlement date	Unrealized (depreciation) appreciation at 6/30/2021 (000)
USD494	EUR420	Citibank	7/1/2021		$	(4	)
EUR420	USD505	Goldman Sachs	7/1/2021			(6	)
USD112	TRY950	Bank of America	7/6/2021			3
TRY950	USD108	Bank of America	7/6/2021			—	¹²
USD563	CZK11,700	HSBC Bank	7/12/2021			19
USD411	NZD570	HSBC Bank	7/12/2021			12
USD449	EUR370	Goldman Sachs	7/12/2021			10
USD272	AUD350	HSBC Bank	7/12/2021			9
USD603	MXN11,865	HSBC Bank	7/12/2021			9
USD574	ILS1,860	HSBC Bank	7/12/2021			3
GBP200	EUR232	Citibank	7/12/2021			2
USD338	JPY37,360	Bank of New York Mellon	7/12/2021			2
USD1,009	EUR850	Goldman Sachs	7/12/2021			1
USD334	JPY36,960	HSBC Bank	7/12/2021			1
CAD10	USD8	Morgan Stanley	7/12/2021			—	¹²
USD56	CNH360	Standard Chartered Bank	7/12/2021			—	¹²
EUR1,538	DKK11,440	Goldman Sachs	7/12/2021			—	¹²
CZK11,700	EUR461	HSBC Bank	7/12/2021			(2	)
CNH1,660	USD259	Citibank	7/12/2021			(3	)
JPY101,100	USD920	Bank of America	7/12/2021			(10	)

American Funds Insurance Series

143

Global Balanced Fund (continued)

Forward currency contracts (continued)

Contract amount		Counterparty	Settlement date	Unrealized (depreciation) appreciation at 6/30/2021 (000)
Purchases (000)	Sales (000)	Counterparty	Settlement date	Unrealized (depreciation) appreciation at 6/30/2021 (000)
JPY129,600	USD1,187	Goldman Sachs	7/12/2021		$	(20	)
EUR3,076	USD3,755	Citibank	7/12/2021			(107	)
USD11	RUB800	Citibank	7/14/2021			—	¹²
USD823	KRW933,600	Citibank	7/15/2021			(3	)
EUR449	NOK4,630	Morgan Stanley	7/15/2021			(5	)
KRW933,600	USD838	Standard Chartered Bank	7/15/2021			(11	)
USD424	EUR350	Goldman Sachs	7/16/2021			9
USD630	JPY69,100	Goldman Sachs	7/16/2021			8
USD560	JPY61,590	Bank of America	7/16/2021			5
USD179	EUR150	Bank of New York Mellon	7/16/2021			2
USD285	EUR240	Goldman Sachs	7/16/2021			—	¹²
AUD340	USD263	Citibank	7/16/2021			(8	)
USD1,392	CAD1,690	Morgan Stanley	7/19/2021			29
USD1,014	GBP720	UBS AG	7/19/2021			18
USD465	CAD570	UBS AG	7/19/2021			5
USD231	COP855,000	Standard Chartered Bank	7/19/2021			3
SEK1,830	USD220	Standard Chartered Bank	7/19/2021			(6	)
CAD680	USD558	HSBC Bank	7/19/2021			(10	)
KRW1,421,430	USD1,255	Standard Chartered Bank	7/20/2021			3
USD654	BRL3,300	Citibank	7/20/2021			(8	)
EUR545	CZK13,940	Standard Chartered Bank	7/21/2021			(2	)
USD191	COP713,000	Bank of America	7/22/2021			2
USD225	AUD300	Citibank	7/22/2021			—	¹²
USD256	MXN5,320	Bank of America	7/22/2021			(10	)
USD387	MYR1,606	Standard Chartered Bank	7/23/2021			—	¹²
USD65	MYR272	Standard Chartered Bank	7/23/2021			—	¹²
USD465	MYR1,941	Standard Chartered Bank	7/23/2021			(2	)
USD560	BRL2,788	Standard Chartered Bank	7/27/2021			1
USD1,100	GBP790	HSBC Bank	7/28/2021			7
USD1,020	EUR840	Standard Chartered Bank	9/20/2021			22
USD421	INR31,100	Bank of New York Mellon	9/23/2021			8
					$	(24	)

Swap contracts

Interest rate swaps

Receive	Pay	Expiration date	Notional (000)		Value at 6/30/2021 (000)			Upfront premium paid (000)		Unrealized appreciation (depreciation) at 6/30/2021 (000)
3-month AUD-BBSW	0.29%	3/4/2024	A$	1,590	$	4		$	—		$	4
0.3653%	3-month USD-LIBOR	3/5/2024	$	1,230		(4	)		—			(4	)
(0.4545)%	6-month EURIBOR	4/1/2024	€	3,500		(5	)		—			(5	)
6.14%	28-day MXN-TIIE	6/8/2026	MXN	2,600		(3	)		—			(3	)
6.115%	28-day MXN-TIIE	6/8/2026		2,600		(3	)		—			(3	)
6.12%	28-day MXN-TIIE	6/8/2026		4,000		(4	)		—			(4	)
6.13%	28-day MXN-TIIE	6/8/2026		9,200		(9	)		—			(9	)
6.16%	28-day MXN-TIIE	6/9/2026		5,200		(5	)		—			(5	)
6.15%	28-day MXN-TIIE	6/9/2026		5,300		(5	)		—			(5	)
6.195%	28-day MXN-TIIE	6/10/2026		2,700		(2	)		—			(2	)
6.23%	28-day MXN-TIIE	6/10/2026		2,700		(2	)		—			(2	)
6.36%	28-day MXN-TIIE	6/12/2026		2,300		(1	)		—			(1	)
6.633%	28-day MXN-TIIE	6/25/2026		8,900		1			—			1

144	American Funds Insurance Series

Global Balanced Fund (continued)

Swap contracts (continued)

Interest rate swaps (continued)

Receive	Pay	Expiration date	Notional (000)		Value at 6/30/2021 (000)			Upfront premium paid (000)			Unrealized appreciation (depreciation) at 6/30/2021 (000)
6.6175%	28-day MXN-TIIE	6/25/2026	MXN	8,600	$	1			$	—		$	1
6.64%	28-day MXN-TIIE	6/25/2026		3,200		—	¹²			—			—	¹²
6.585%	28-day MXN-TIIE	6/25/2026		2,600		—	¹²			—			—	¹²
6.59%	28-day MXN-TIIE	6/25/2026		2,000		—	¹²			—			—	¹²
6.58%	28-day MXN-TIIE	6/25/2026		11,300		—	¹²			—			—	¹²
1.72375%	6-month AUD-BBSW	3/4/2031	A$	600		7				—			7
3-month USD-LIBOR	1.4822%	3/5/2031	$	450		(4	)			—			(4	)
6-month EURIBOR	0.5092%	4/1/2051	€	370		(4	)			—			(4	)
									$	—		$	(38	)

Credit default swaps

Centrally cleared credit default swaps on credit indices — buy protection

Receive		Pay/ Payment frequency		Expiration date		Notional (000)				Value at 6/30/2021 (000)				Upfront premium received (000)				Unrealized depreciation at 6/30/2021 (000)
ITRXEUR.IG.35		1.00%/Quarterly		6/20/2026			$1,210				$(39	)			$(34	)			$	(5	)

Investments in affiliates⁹

	Value of affiliate at 1/1/2021 (000)		Additions (000)		Reductions (000)		Net realized loss (000)			Net unrealized depreciation (000)			Value of affiliate at 6/30/2021 (000)		Dividend income (000)
Short-term securities 6.48%
Money market investments 6.48%
Capital Group Central Cash Fund 0.04%⁸	$	24,329	$	99,850	$	94,598	$	—	¹²	$	(3	)	$	29,578	$	12

¹	Security did not produce income during the last 12 months.
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 $4,813,000, which represented 1.05% of the net assets of the fund.
³	Index-linked bond whose principal amount moves with a government price index.
⁴	All or a portion of this security was pledged as collateral. The total value of pledged collateral was $261,000, which represented .06% of the net assets of the fund.
⁵	Step bond; coupon rate may change at a later date.
⁶	Principal payments may be made periodically. Therefore, the effective maturity date may be earlier than the stated maturity date.
⁷	Coupon rate may change periodically. Reference rate and spread are as of the most recent information available. Some coupon rates are determined by the issuer or agent based on current market conditions; therefore, the reference rate and spread are not available.
⁸	Rate represents the seven-day yield at 6/30/2021.
⁹	Part of the same “group of investment companies” as the fund as defined under the Investment Company Act of 1940, as amended.
¹⁰	Notional amount is calculated based on the number of contracts and notional contract size.
¹¹	Value is calculated based on the notional amount and current market price.
¹²	Amount less than one thousand.

American Funds Insurance Series

145

Global Balanced Fund (continued)

Key to abbreviations and symbols

ADR = American Depositary Receipts

AUD/A$ = Australian dollars

BBSW = Bank Bill Swap Rate

BRL = Brazilian reais

CAD = Canadian dollars

CNH/CNY = Chinese yuan renminbi

COP = Colombian pesos

CZK = Czech korunas

DKK/DKr = Danish kroner

EGP = Egyptian pounds

EUR/€ = Euros

EURIBOR = Euro Interbank Offered Rate

GBP/£ = British pounds

ILS = Israeli shekels

INR = Indian rupees

JPY/¥ = Japanese yen

KRW = South Korean won

LIBOR = London Interbank Offered Rate

MXN = Mexican pesos

MYR = Malaysian ringgits

NOK = Norwegian kroner

NZD = New Zealand dollars

Ref. = Refunding

Rev. = Revenue

RUB = Russian rubles

SEK = Swedish kronor

SOFR = Secured Overnight Financing Rate

TIIE = Equilibrium Interbank Interest Rate

TRY = Turkish lira

USD/$ = U.S. dollars

See notes to financial statements.

146	American Funds Insurance Series

The Bond Fund of America (formerly Bond Fund)

Investment portfolio June 30, 2021

unaudited

Bonds, notes & other debt instruments 97.05%	Principal amount (000)		Value (000)
U.S. Treasury bonds & notes 49.60%
U.S. Treasury 43.43%
U.S. Treasury 0.125% 2023	$	39,035	$	38,953
U.S. Treasury 2.625% 2023		70,000		73,961
U.S. Treasury 2.75% 2023		73,600		77,001
U.S. Treasury 0.25% 2024		250,000		249,007
U.S. Treasury 0.25% 2024		224,500		223,123
U.S. Treasury 0.375% 2024		712,000		711,116
U.S. Treasury 2.125% 2024		72,100		75,839
U.S. Treasury 2.125% 2024¹		72,100		75,732
U.S. Treasury 0.375% 2025		200,000		196,213
U.S. Treasury 2.875% 2025¹		96,200		104,594
U.S. Treasury 2.875% 2025		72,100		78,201
U.S. Treasury 0.375% 2026		100,000		98,008
U.S. Treasury 0.75% 2026		657,335		654,033
U.S. Treasury 0.75% 2026		489,405		486,656
U.S. Treasury 1.375% 2026¹		75,000		76,785
U.S. Treasury 1.625% 2026		50,000		51,809
U.S. Treasury 0.50% 2027		165,625		160,644
U.S. Treasury 0.50% 2027		160,000		154,294
U.S. Treasury 2.25% 2027¹		120,200		128,577
U.S. Treasury 2.25% 2027¹		72,100		77,064
U.S. Treasury 6.125% 2027		24,000		31,448
U.S. Treasury 1.25% 2028		79,480		79,683
U.S. Treasury 2.875% 2028		72,100		80,183
U.S. Treasury 1.625% 2031		492,869		500,539
U.S. Treasury 1.125% 2040		88,288		76,155
U.S. Treasury 1.375% 2040		40,000		35,893
U.S. Treasury 1.875% 2041		75,500		73,850
U.S. Treasury 2.25% 2041		47,425		49,323
U.S. Treasury 3.00% 2049¹		150,000		179,231
U.S. Treasury 1.25% 2050		44,000		35,852
U.S. Treasury 1.375% 2050		73,237		61,598
U.S. Treasury 1.875% 2051¹		640,504		610,023
U.S. Treasury 2.375% 2051		65,775		70,192
				5,675,580

U.S. Treasury inflation-protected securities 6.17%
U.S. Treasury Inflation-Protected Security 0.125% 2023²		159,150		166,309
U.S. Treasury Inflation-Protected Security 0.625% 2023²		54,472		57,627
U.S. Treasury Inflation-Protected Security 0.125% 2024²		37,000		39,908
U.S. Treasury Inflation-Protected Security 0.125% 2024²		17,911		19,265
U.S. Treasury Inflation-Protected Security 0.50% 2024²		13,112		14,139
U.S. Treasury Inflation-Protected Security 0.625% 2024²		16,760		18,055
U.S. Treasury Inflation-Protected Security 0.125% 2026²		115,135		125,370
U.S. Treasury Inflation-Protected Security 0.375% 2027^1,2		81,856		91,397
U.S. Treasury Inflation-Protected Security 0.50% 2028^1,2		81,177		91,043
U.S. Treasury Inflation-Protected Security 0.125% 2031²		94,971		104,570
U.S. Treasury Inflation-Protected Security 0.125% 2051²		71,014		77,845
				805,528

Total U.S. Treasury bonds & notes				6,481,108

Corporate bonds, notes & loans 30.36%
Financials 6.00%
ACE INA Holdings, Inc. 2.875% 2022		3,625		3,733
ACE INA Holdings, Inc. 3.35% 2026		2,025		2,225
ACE INA Holdings, Inc. 4.35% 2045		2,220		2,810
AerCap Holdings NV 6.50% 2025		1,798		2,110
Ally Financial, Inc. 5.125% 2024		1,500		1,691
Ally Financial, Inc. 8.00% 2031		8,479		11,940
Ally Financial, Inc. 8.00% 2031		7,070		10,169

American Funds Insurance Series

147

The Bond Fund of America (formerly Bond Fund) (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Corporate bonds, notes & loans (continued)
Financials (continued)
American International Group, Inc. 4.20% 2028	$	9,875	$	11,374
Arthur J. Gallagher & Co. 2.50% 2031		1,354		1,369
Arthur J. Gallagher & Co. 3.50% 2051		1,073		1,126
Banco Do Brasil, SA 4.75% 2024³		1,400		1,496
Bank of America Corp. 1.658% 2027 (USD-SOFR + 0.91% on 3/11/2026)⁴		981		989
Bank of America Corp. 1.734% 2027 (USD-SOFR + 0.96% on 7/22/2026)⁴		3,194		3,220
Bank of America Corp. 3.419% 2028 (3-month USD-LIBOR + 1.04% on 12/20/2027)⁴		10,129		11,039
Bank of America Corp. 2.087% 2029 (USD-SOFR + 1.06% on 6/14/2028)⁴		682		688
Bank of America Corp. 1.922% 2031 (USD-SOFR + 1.37% on 10/24/2030)⁴		21,177		20,659
Bank of America Corp. 2.687% 2032 (USD-SOFR + 1.32% on 4/22/2031)⁴		10,318		10,622
Bank of China, Ltd. (Hong Kong Branch) 3.875% 2025		236		258
Bank of China, Ltd. (Hong Kong Branch) 4.00% 2028		200		223
Bank of Nova Scotia 1.35% 2026		3,345		3,347
Berkshire Hathaway Finance Corp. 4.20% 2048		8,720		10,794
BNP Paribas 3.80% 2024³		18,775		20,150
BNP Paribas 2.819% 2025 (3-month USD-LIBOR + 1.111% on 11/19/2024)^3,4		2,875		3,026
BNP Paribas 3.375% 2025³		6,425		6,897
BNP Paribas 2.219% 2026 (USD-SOFR + 2.074% on 6/9/2025)^3,4		12,000		12,376
BNP Paribas 1.323% 2027 (USD-SOFR + 1.004% on 1/13/2026)^3,4		8,425		8,329
BNP Paribas 2.871% 2032 (USD-SOFR + 1.387% on 4/19/2032)^3,4		3,475		3,571
CIT Group, Inc. 3.929% 2024 (USD-SOFR + 3.827% on 6/19/2023)⁴		5,410		5,717
CIT Group, Inc. 4.75% 2024		2,066		2,245
Citigroup, Inc. 4.60% 2026		1,800		2,050
Citigroup, Inc. 1.462% 2027 (USD-SOFR + 0.67% on 6/9/2026)⁴		8,740		8,713
Crédit Agricole SA 1.907% 2026 (USD-SOFR + 1.676% on 6/16/2025)^3,4		4,450		4,539
Crédit Agricole SA 1.247% 2027 (USD-SOFR + 0.892% on 1/26/2026)^3,4		3,400		3,349
Credit Suisse Group AG 2.997% 2023 (3-month USD-LIBOR + 1.20% on 12/14/2022)^3,4		12,000		12,396
Credit Suisse Group AG 3.80% 2023		12,925		13,703
Credit Suisse Group AG 4.207% 2024 (3-month USD-LIBOR + 1.24% on 6/12/2023)^3,4		500		533
Credit Suisse Group AG 2.593% 2025 (USD-SOFR + 1.56% on 9/11/2024)^3,4		850		885
Credit Suisse Group AG 2.193% 2026 (USD-SOFR + 2.044% on 6/5/2025)^3,4		5,750		5,891
Credit Suisse Group AG 1.305% 2027 (USD-SOFR + 0.98% on 2/2/2026)^3,4		10,950		10,736
Credit Suisse Group AG 4.194% 2031 (USD-SOFR + 3.73% on 4/1/2030)^3,4		3,096		3,482
Credit Suisse Group AG 3.091% 2032 (USD-SOFR + 1.73% on 5/14/2031)^3,4		6,123		6,322
Deutsche Bank AG 4.25% 2021		525		531
Deutsche Bank AG 3.30% 2022		2,695		2,793
Deutsche Bank AG 5.00% 2022		2,675		2,748
Deutsche Bank AG 3.95% 2023		6,350		6,670
Deutsche Bank AG 0.898% 2024		2,500		2,490
Deutsche Bank AG 2.222% 2024 (USD-SOFR + 2.159% on 9/18/2023)⁴		10,475		10,762
Deutsche Bank AG 3.70% 2024		4,950		5,308
Deutsche Bank AG 3.70% 2024		2,750		2,955
Deutsche Bank AG 3.961% 2025 (USD-SOFR + 2.581% on 11/26/2024)⁴		8,586		9,288
Deutsche Bank AG 2.129% 2026 (USD-SOFR + 1.87% on 11/24/2025)⁴		42,264		42,915
Deutsche Bank AG 4.10% 2026		7,305		8,016
Deutsche Bank AG 4.10% 2026		857		941
Deutsche Bank AG 3.547% 2031 (USD-SOFR + 3.043% on 9/18/2030)⁴		2,900		3,090
Deutsche Bank AG 3.035% 2032 (USD-SOFR + 1.718% on 5/28/2031)⁴		2,100		2,140
Deutsche Bank AG 3.729% 2032 (USD-SOFR + 2.757% on 1/14/2031)⁴		4,000		4,075
DNB Bank ASA 1.535% 2027 (5-year UST Yield Curve Rate T Note Constant Maturity + 0.72% on 5/25/2026)^3,4		1,200		1,203
GE Capital Funding, LLC 4.05% 2027		5,078		5,751
GE Capital Funding, LLC 4.40% 2030		10,000		11,662
Goldman Sachs Group, Inc. 5.75% 2022		4,800		4,949
Goldman Sachs Group, Inc. 1.431% 2027 (USD-SOFR + 0.795% on 3/9/2026)⁴		3,030		3,023
Goldman Sachs Group, Inc. 1.542% 2027 (USD-SOFR + 0.818% on 9/10/2026)⁴		13,275		13,254
Goldman Sachs Group, Inc. 3.814% 2029 (3-month USD-LIBOR + 1.158% on 4/23/2028)⁴		9,600		10,748

148	American Funds Insurance Series

The Bond Fund of America (formerly Bond Fund) (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Corporate bonds, notes & loans (continued)
Financials (continued)
Goldman Sachs Group, Inc. 2.615% 2032 (USD-SOFR + 1.281% on 4/22/2031)⁴	$	7,605	$	7,774
Goldman Sachs Group, Inc., Series O, 5.30% junior subordinated perpetual bonds (3-month USD-LIBOR + 3.834% on 11/10/2026)⁴		1,750		1,966
Groupe BPCE SA 2.75% 2023³		6,875		7,128
Groupe BPCE SA 5.70% 2023³		28,166		31,198
Groupe BPCE SA 5.15% 2024³		5,481		6,109
Groupe BPCE SA 1.652% 2026 (USD-SOFR + 1.52% on 10/6/2025)^3,4		6,350		6,382
HSBC Holdings PLC 4.583% 2029 (3-month USD-LIBOR + 1.535% on 6/19/2028)⁴		12,000		13,878
HSBC Holdings PLC 2.804% 2032 (USD-SOFR + 1.187% on 5/24/2031)⁴		6,490		6,665
Huarong Finance II Co., Ltd. 5.00% 2025		280		202
Huarong Finance II Co., Ltd. 5.50% 2025		200		149
Huarong Finance II Co., Ltd. 4.875% 2026		882		622
Intesa Sanpaolo SpA 3.375% 2023³		10,035		10,452
Intesa Sanpaolo SpA 3.25% 2024³		770		820
Intesa Sanpaolo SpA 5.017% 2024³		68,143		74,180
Intesa Sanpaolo SpA 5.71% 2026³		15,400		17,430
Intesa Sanpaolo SpA 3.875% 2027³		6,250		6,800
Intesa Sanpaolo SpA 3.875% 2028³		1,986		2,150
JPMorgan Chase & Co. 0.969% 2025 (USD-SOFR + 0.58% on 6/23/2024)⁴		5,870		5,880
JPMorgan Chase & Co. 1.578% 2027 (USD-SOFR + 0.885% on 4/22/2026)⁴		3,088		3,105
JPMorgan Chase & Co. 2.069% 2029 (USD-SOFR + 1.015% on 6/1/2028)⁴		2,453		2,475
JPMorgan Chase & Co. 3.509% 2029 (3-month USD-LIBOR + 0.945% on 1/23/2028)⁴		9,600		10,589
JPMorgan Chase & Co. 4.203% 2029 (3-month USD-LIBOR + 1.26% on 7/23/2028)⁴		11,980		13,778
JPMorgan Chase & Co. 2.522% 2031 (USD-SOFR + 2.04% on 4/22/2030)⁴		1,766		1,819
JPMorgan Chase & Co. 2.58% 2032 (USD-SOFR + 1.25% on 4/22/2031)⁴		4,802		4,932
Lloyds Banking Group PLC 2.438% 2026 (1-year UST Yield Curve Rate T Note Constant Maturity + 1.00% on 2/5/2025)⁴		2,675		2,791
Lloyds Banking Group PLC 4.375% 2028		8,825		10,146
MetLife Capital Trust IV, junior subordinated, 7.875% 2067 (3-month USD-LIBOR + 3.96% on 12/1/2037)^3,4		1,405		1,960
MetLife, Inc. 3.60% 2025		3,490		3,862
Morgan Stanley 2.72% 2025 (USD-SOFR + 1.152% on 7/22/2024)⁴		2,300		2,420
OneMain Holdings, Inc. 7.125% 2026		250		292
PNC Financial Services Group, Inc. 2.854% 2022⁴		5,850		6,054
PNC Funding Corp. 3.30% 2022		8,700		8,861
Rede D’Or Finance SARL 4.50% 2030³		3,000		3,084
Santander Holdings USA, Inc. 3.50% 2024		8,325		8,910
Synchrony Financial 2.85% 2022		5,400		5,529
Synchrony Financial 4.375% 2024		3,640		3,964
Travelers Companies, Inc. 2.55% 2050		768		743
UniCredit SpA 3.75% 2022³		2,545		2,607
UniCredit SpA 6.572% 2022³		11,295		11,645
UniCredit SpA 4.625% 2027³		1,395		1,567
UniCredit SpA 5.861% 2032 (5-year USD-ICE Swap + 3.703% on 6/19/2027)^3,4		16,130		17,831
UniCredit SpA 7.296% 2034 (5-year USD-ICE Swap + 4.914% on 4/2/2029)^3,4		10,221		12,302
UniCredit SpA 5.459% 2035 (5-year USD-ICE Swap + 4.75% on 6/30/2030)^3,4		606		661
Wells Fargo & Company 2.10% 2021		16,800		16,822
Wells Fargo & Company 0.805% 2025 (USD-SOFR + 0.51% on 5/19/2024)⁴		1,818		1,815
Wells Fargo & Company 2.406% 2025 (3-month USD-LIBOR + 0.825% on 10/30/2024)⁴		20,480		21,437
				783,890

Energy 4.86%
Antero Resources Corp. 5.375% 2030³		280		286
Apache Corp. 4.625% 2025		645		698
Apache Corp. 4.875% 2027		5,475		5,937
Apache Corp. 4.25% 2030		2,465		2,604
Apache Corp. 4.75% 2043		12,100		12,607
Apache Corp. 4.25% 2044		2,100		2,060

American Funds Insurance Series

149

The Bond Fund of America (formerly Bond Fund) (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Corporate bonds, notes & loans (continued)
Energy (continued)
Apache Corp. 5.35% 2049	$	800	$	843
BP Capital Markets PLC 3.00% 2050		8,284		8,025
Canadian Natural Resources, Ltd. 2.05% 2025		754		775
Canadian Natural Resources, Ltd. 3.85% 2027		1,151		1,268
Canadian Natural Resources, Ltd. 2.95% 2030		1,113		1,155
Cenovus Energy, Inc. 3.80% 2023		1,120		1,182
Cenovus Energy, Inc. 5.375% 2025		5,000		5,724
Cenovus Energy, Inc. 4.25% 2027		13,897		15,542
Cenovus Energy, Inc. 5.25% 2037		770		923
Cenovus Energy, Inc. 5.40% 2047		15,180		18,825
Cheniere Energy, Inc. 7.00% 2024		410		470
Cheniere Energy, Inc. 5.125% 2027		16,000		18,622
Cheniere Energy, Inc. 3.70% 2029		7,369		8,056
Chevron Corp. 2.355% 2022		4,800		4,916
Columbia Pipeline Partners LP 5.80% 2045		1,410		1,909
ConocoPhillips 4.30% 2028³		3,973		4,616
DCP Midstream Operating LP 4.95% 2022		500		511
Devon Energy Corp. 4.50% 2030³		5,197		5,718
Diamondback Energy, Inc. 4.40% 2051		2,600		2,935
DT Midstream, Inc. 4.125% 2029³		555		564
Enbridge Energy Partners LP 5.875% 2025		7,700		9,093
Enbridge Energy Partners LP 7.375% 2045		18,154		28,592
Enbridge, Inc. 4.00% 2023		1,500		1,602
Enbridge, Inc. 3.40% 2051		1,085		1,092
Energy Transfer Operating LP 5.875% 2024		294		326
Energy Transfer Operating LP 2.90% 2025		4,402		4,635
Energy Transfer Operating LP 3.75% 2030		7,707		8,379
Energy Transfer Operating LP 5.00% 2050		19,288		22,336
Energy Transfer Partners LP 4.20% 2023		2,860		3,061
Energy Transfer Partners LP 4.50% 2024		4,915		5,354
Energy Transfer Partners LP 4.75% 2026		1,506		1,697
Energy Transfer Partners LP 4.20% 2027		45		50
Energy Transfer Partners LP 4.95% 2028		4,559		5,278
Energy Transfer Partners LP 5.25% 2029		1,275		1,507
Energy Transfer Partners LP 6.125% 2045		11,780		15,040
Energy Transfer Partners LP 5.30% 2047		10,459		12,256
Energy Transfer Partners LP 6.00% 2048		1,868		2,365
Energy Transfer Partners LP 6.25% 2049		1,775		2,333
Energy Transfer Partners LP 6.25% junior subordinated perpetual bonds (3-month USD-LIBOR + 4.028% on 2/15/2023)⁴		7,850		6,947
Energy Transfer Partners LP 6.625% junior subordinated perpetual bonds (3-month USD-LIBOR + 4.155% on 2/15/2028)⁴		500		491
Enterprise Products Operating LLC 3.20% 2052		3,031		3,014
EQT Corp. 3.00% 2022		6,700		6,851
EQT Corp. 8.50% 2030 (8.25% on 8/1/2021)⁴		7,500		9,782
Equinor ASA 3.625% 2028		4,928		5,544
Equinor ASA 3.125% 2030		20,000		21,796
Equinor ASA 3.25% 2049		5,687		6,059
Exxon Mobil Corp. 3.043% 2026		4,625		5,023
Kinder Morgan Energy Partners LP 6.50% 2037		900		1,237
Kinder Morgan Energy Partners LP 5.50% 2044		700		880
Kinder Morgan, Inc. 5.30% 2034		760		940
MPLX LP 1.75% 2026		5,557		5,620
MPLX LP 4.00% 2028		4,665		5,217
MPLX LP 2.65% 2030		2,404		2,429
MPLX LP 5.50% 2049		6,660		8,640
Occidental Petroleum Corp. 2.90% 2024		4,336		4,439
Odebrecht Drilling Norbe 7.35% 2026 (86.39% PIK)^3,5		38		20
Odebrecht Drilling Norbe 0% perpetual bonds³		1,150		16

150	American Funds Insurance Series

The Bond Fund of America (formerly Bond Fund) (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Corporate bonds, notes & loans (continued)
Energy (continued)
Oleoducto Central SA 4.00% 2027³	$	1,715	$	1,772
Oleoducto Central SA 4.00% 2027		350		362
ONEOK, Inc. 2.20% 2025		193		199
ONEOK, Inc. 5.85% 2026		896		1,060
ONEOK, Inc. 4.55% 2028		1,610		1,838
ONEOK, Inc. 3.10% 2030		540		565
ONEOK, Inc. 6.35% 2031		2,794		3,617
ONEOK, Inc. 5.20% 2048		9,563		11,738
ONEOK, Inc. 4.45% 2049		440		487
ONEOK, Inc. 4.50% 2050		1,266		1,413
ONEOK, Inc. 7.15% 2051		3,275		4,826
Petrobras Global Finance Co. 5.093% 2030		5,000		5,464
Petrobras Global Finance Co. 6.90% 2049		4,000		4,774
Petróleos Mexicanos 6.875% 2025³		3,663		4,059
Petróleos Mexicanos 6.875% 2025		1,337		1,482
Petróleos Mexicanos 6.875% 2026		43,810		47,935
Petróleos Mexicanos 6.50% 2027		29,533		31,209
Pioneer Natural Resources Company 1.90% 2030		3,175		3,062
Plains All American Pipeline LP 3.80% 2030		590		632
Qatar Petroleum 1.375% 2026³		12,400		12,388
Qatar Petroleum 2.25% 2031³		12,740		12,605
Qatar Petroleum 3.125% 2041³		7,310		7,283
Qatar Petroleum 3.30% 2051³		2,185		2,185
SA Global Sukuk, Ltd. 0.946% 2024³		9,410		9,408
SA Global Sukuk, Ltd. 1.602% 2026³		13,725		13,730
SA Global Sukuk, Ltd. 2.694% 2031³		4,680		4,744
Sabine Pass Liquefaction, LLC 6.25% 2022		2,300		2,359
Sabine Pass Liquefaction, LLC 5.625% 2023⁴		1,000		1,075
Sabine Pass Liquefaction, LLC 5.75% 2024		8,000		8,982
Sabine Pass Liquefaction, LLC 5.625% 2025		10,000		11,438
Sabine Pass Liquefaction, LLC 5.875% 2026		15,700		18,595
Saudi Arabian Oil Co. 2.875% 2024³		4,885		5,148
Shell International Finance BV 3.875% 2028		9,410		10,809
Southwestern Energy Co. 6.45% 2025⁴		920		1,020
Suncor Energy, Inc. 3.75% 2051		715		775
Sunoco Logistics Operating Partners LP 5.40% 2047		6,190		7,351
Targa Resources Partners LP 5.375% 2027		175		183
Total Capital Canada, Ltd. 2.75% 2023		2,140		2,239
Total Capital International 3.455% 2029		885		986
TransCanada PipeLines, Ltd. 4.25% 2028		11,275		12,965
TransCanada PipeLines, Ltd. 4.10% 2030		4,776		5,493
Western Midstream Operating LP 4.35% 2025⁴		2,782		2,943
Western Midstream Operating LP 5.30% 2030⁴		2,202		2,473
Western Midstream Operating LP 6.50% 2050⁴		3,079		3,574
Williams Partners LP 4.50% 2023		500		542
Williams Partners LP 4.30% 2024		595		647
Williams Partners LP 5.10% 2045		225		281
				635,427

Utilities 4.19%
Abu Dhabi National Energy Company PJSC (TAQA) 4.375% 2025³		10,500		11,801
AEP Texas, Inc. 3.45% 2051		1,475		1,530
Ameren Corp. 4.50% 2049		2,875		3,708
Berkshire Hathaway Energy Company 4.50% 2045		5,895		7,274
CenterPoint Energy, Inc. 2.65% 2031		1,675		1,708
Comisión Federal de Electricidad 3.348% 2031³		6,000		5,969
Comisión Federal de Electricidad 4.677% 2051³		6,050		5,866
Connecticut Light and Power Co. 2.05% 2031		1,775		1,791
Consolidated Edison Company of New York, Inc. 2.40% 2031		5,922		6,040

American Funds Insurance Series

151

The Bond Fund of America (formerly Bond Fund) (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Corporate bonds, notes & loans (continued)
Utilities (continued)
Consolidated Edison Company of New York, Inc. 3.60% 2061	$	250	$	259
Consumers Energy Co. 4.05% 2048		8,270		10,072
Consumers Energy Co. 3.75% 2050		5,625		6,648
Duke Energy Corp. 3.75% 2024		3,826		4,121
Duke Energy Florida, LLC 3.40% 2046		6,445		7,026
Duke Energy Progress, LLC 3.70% 2028		3,750		4,225
Edison International 3.125% 2022		2,900		2,988
Edison International 3.55% 2024		6,850		7,289
Edison International 4.95% 2025		175		194
Edison International 5.75% 2027		3,181		3,624
Edison International 4.125% 2028		3,644		3,881
Emera US Finance LP 0.833% 2024³		600		597
Emera US Finance LP 2.639% 2031³		4,400		4,436
Emera, Inc. 6.75% 2076 (3-month USD-LIBOR + 5.44% on 6/15/2026)⁴		1,950		2,287
Enel Società per Azioni 8.75% 2073 (USD Semi Annual 30/360 (vs. 3-month USD-LIBOR) + 5.88% on 9/24/2023)^3,4		1,000		1,164
ENN Clean Energy International Investment, Ltd. 3.375% 2026³		1,310		1,337
Entergy Louisiana, LLC 4.20% 2048		6,325		7,711
Eversource Energy 2.75% 2022		527		535
Eversource Energy 3.80% 2023		5,000		5,369
Exelon Corp. 3.40% 2026		1,570		1,711
FirstEnergy Corp. 3.35% 2022⁴		8,750		8,897
FirstEnergy Corp. 1.60% 2026		20,066		19,636
FirstEnergy Corp. 4.40% 2027⁴		12,178		13,257
FirstEnergy Corp. 3.50% 2028³		2,400		2,570
FirstEnergy Corp. 4.10% 2028³		425		479
FirstEnergy Corp. 2.25% 2030		13,707		13,159
FirstEnergy Corp. 2.65% 2030		12,524		12,493
FirstEnergy Corp., Series B, 4.75% 2023⁴		2,525		2,666
FirstEnergy Transmission LLC 2.866% 2028³		4,000		4,149
Georgia Power Co. 3.70% 2050		275		299
IPALCO Enterprises, Inc. 3.70% 2024		200		215
Jersey Central Power & Light Co. 2.75% 2032³		525		534
Mississippi Power Co. 4.25% 2042		5,020		5,943
Monongahela Power Co. 3.55% 2027³		1,700		1,876
NextEra Energy Capital Holdings, Inc. 1.90% 2028		3,575		3,619
Niagara Mohawk Power Corp. 4.278% 2034³		1,000		1,175
Pacific Gas and Electric Co. 1.75% 2022		13,000		12,995
Pacific Gas and Electric Co. 1.367% 2023		11,550		11,551
Pacific Gas and Electric Co. 3.25% 2023		5,615		5,805
Pacific Gas and Electric Co. 3.40% 2024		2,000		2,100
Pacific Gas and Electric Co. 2.95% 2026		10,850		11,113
Pacific Gas and Electric Co. 3.15% 2026		27,543		28,428
Pacific Gas and Electric Co. 3.30% 2027		12,289		12,645
Pacific Gas and Electric Co. 3.30% 2027		5,850		6,062
Pacific Gas and Electric Co. 3.75% 2028		13,075		13,715
Pacific Gas and Electric Co. 4.65% 2028		7,900		8,705
Pacific Gas and Electric Co. 4.55% 2030		35,299		37,788
Pacific Gas and Electric Co. 2.50% 2031		19,695		18,487
Pacific Gas and Electric Co. 3.25% 2031		1,300		1,280
Pacific Gas and Electric Co. 3.30% 2040		8,898		8,055
Pacific Gas and Electric Co. 3.75% 2042		9,466		8,653
Pacific Gas and Electric Co. 4.75% 2044		336		341
Pacific Gas and Electric Co. 3.95% 2047		780		727
Pacific Gas and Electric Co. 3.50% 2050		6,836		6,102
Progress Energy, Inc. 7.75% 2031		1,820		2,600
Public Service Electric and Gas Co. 3.20% 2029		6,000		6,595
Puget Energy, Inc. 6.00% 2021		3,135		3,165
Puget Energy, Inc. 5.625% 2022		8,004		8,327

152	American Funds Insurance Series

The Bond Fund of America (formerly Bond Fund) (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Corporate bonds, notes & loans (continued)
Utilities (continued)
Puget Energy, Inc. 3.65% 2025	$	300	$	323
San Diego Gas & Electric Co. 3.32% 2050		1,350		1,433
Southern California Edison Co. 2.85% 2029		8,200		8,524
Southern California Edison Co. 4.20% 2029		11,000		12,423
Southern California Edison Co. 2.50% 2031		5,149		5,166
Southern California Edison Co. 5.35% 2035		6,450		8,179
Southern California Edison Co. 5.75% 2035		4,549		5,973
Southern California Edison Co. 5.625% 2036		7,051		8,973
Southern California Edison Co. 5.55% 2037		3,844		4,789
Southern California Edison Co. 5.95% 2038		5,654		7,346
Southern California Edison Co. 4.50% 2040		4,341		4,993
Southern California Edison Co. 5.50% 2040		606		760
Southern California Edison Co. 4.00% 2047		9,402		9,908
Southern California Edison Co. 4.125% 2048		9,008		9,629
Southern California Edison Co. 4.875% 2049		2,775		3,294
Southern California Edison Co. 3.65% 2050		5,600		5,611
Southern California Edison Co. 3.65% 2051		2,732		2,747
Southern California Edison Co., Series C, 3.60% 2045		2,717		2,714
Southwestern Electric Power Co. 1.65% 2026		3,550		3,596
Union Electric Co. 2.15% 2032		3,175		3,187
Wisconsin Power and Light Co. 3.65% 2050		1,075		1,202
Xcel Energy, Inc. 3.30% 2025		5,650		6,092
Xcel Energy, Inc. 2.60% 2029		2,925		3,043
				547,272

Consumer discretionary 3.92%
Allied Universal Holdco LLC 4.625% 2028³		335		336
Amazon.com, Inc. 1.65% 2028		6,855		6,918
Amazon.com, Inc. 2.10% 2031		7,155		7,280
Amazon.com, Inc. 2.875% 2041		1,480		1,529
Amazon.com, Inc. 3.10% 2051		9,380		9,866
Amazon.com, Inc. 3.25% 2061		4,100		4,328
Atlas LuxCo 4 SARL 4.625% 2028³		255		256
Carnival Corp. 11.50% 2023³		9,140		10,298
DaimlerChrysler North America Holding Corp. 1.75% 2023³		8,000		8,167
DaimlerChrysler North America Holding Corp. 3.35% 2023³		2,000		2,092
Ford Motor Credit Company LLC 5.125% 2025		3,870		4,267
Ford Motor Credit Company LLC 3.815% 2027		3,790		3,952
Ford Motor Credit Company LLC 4.125% 2027		39,080		41,509
Ford Motor Credit Company LLC 4.271% 2027		18,542		19,892
Ford Motor Credit Company LLC 5.113% 2029		4,205		4,713
General Motors Company 5.40% 2023		421		464
General Motors Company 4.35% 2025		11,358		12,560
General Motors Company 6.125% 2025		28,743		34,046
General Motors Company 6.80% 2027		1,030		1,298
General Motors Company 5.40% 2048		7,200		9,188
General Motors Financial Co. 3.15% 2022		25		26
General Motors Financial Co. 3.45% 2022		200		203
General Motors Financial Co. 3.55% 2022		3,703		3,823
General Motors Financial Co. 3.25% 2023		964		1,001
General Motors Financial Co. 3.70% 2023		2,076		2,180
General Motors Financial Co. 5.20% 2023		4,371		4,708
General Motors Financial Co. 1.05% 2024		4,200		4,225
General Motors Financial Co. 3.50% 2024		9,945		10,679
General Motors Financial Co. 3.95% 2024		6,269		6,748
General Motors Financial Co. 5.10% 2024		1,081		1,190
General Motors Financial Co. 2.75% 2025		3,819		4,023
General Motors Financial Co. 2.90% 2025		1,032		1,093
General Motors Financial Co. 4.00% 2025		587		640

American Funds Insurance Series

153

The Bond Fund of America (formerly Bond Fund) (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Corporate bonds, notes & loans (continued)
Consumer discretionary (continued)
General Motors Financial Co. 1.25% 2026	$	5,450	$	5,416
General Motors Financial Co. 1.50% 2026		2,950		2,934
General Motors Financial Co. 5.25% 2026		995		1,150
General Motors Financial Co. 2.70% 2027		6,079		6,324
General Motors Financial Co. 2.40% 2028		9,700		9,854
General Motors Financial Co. 3.60% 2030		465		504
General Motors Financial Co. 2.35% 2031		6,075		6,000
General Motors Financial Co. 2.70% 2031		6,075		6,110
Home Depot, Inc. 2.95% 2029		6,081		6,647
Home Depot, Inc. 4.50% 2048		1,915		2,503
Hyundai Capital America 3.75% 2021³		8,500		8,505
Hyundai Capital America 2.85% 2022³		4,118		4,236
Hyundai Capital America 3.00% 2022³		4,500		4,605
Hyundai Capital America 3.25% 2022³		1,521		1,568
Hyundai Capital America 3.95% 2022³		8,000		8,160
Hyundai Capital America 1.25% 2023³		3,150		3,181
Hyundai Capital America 2.375% 2023³		9,977		10,245
Hyundai Capital America 0.875% 2024³		2,780		2,768
Hyundai Capital America 3.40% 2024³		8,180		8,728
Hyundai Capital America 1.80% 2025³		12,714		12,916
Hyundai Capital America 2.65% 2025³		13,054		13,677
Hyundai Capital America 1.30% 2026³		6,000		5,937
Hyundai Capital America 1.50% 2026³		2,675		2,657
Hyundai Capital America 2.375% 2027³		6,264		6,414
Hyundai Capital America 3.00% 2027³		10,408		11,037
Hyundai Capital America 1.80% 2028³		6,000		5,956
Hyundai Capital America 2.00% 2028³		5,900		5,859
Hyundai Capital Services, Inc. 1.25% 2026³		3,695		3,641
Limited Brands, Inc. 6.875% 2035		740		938
Marriott International, Inc. 5.75% 2025		3,125		3,609
Marriott International, Inc. 3.125% 2026		410		436
McDonald’s Corp. 2.125% 2030		2,482		2,511
McDonald’s Corp. 4.45% 2047		3,535		4,348
McDonald’s Corp. 3.625% 2049		2,938		3,262
MGM Resorts International 7.75% 2022		2,000		2,093
NIKE, Inc. 3.25% 2040		6,171		6,785
NIKE, Inc. 3.875% 2045		1,560		1,877
Nissan Motor Co., Ltd. 2.60% 2022³		1,415		1,445
Nissan Motor Co., Ltd. 3.043% 2023³		240		250
Nissan Motor Co., Ltd. 3.522% 2025³		800		855
Nissan Motor Co., Ltd. 2.00% 2026³		12,000		12,086
Nissan Motor Co., Ltd. 4.345% 2027³		1,790		1,969
Nissan Motor Co., Ltd. 2.75% 2028³		11,200		11,313
Nissan Motor Co., Ltd. 4.81% 2030³		17,533		19,813
Starbucks Corp. 3.75% 2047		3,785		4,185
Starbucks Corp. 3.35% 2050		7,680		8,051
Toyota Motor Credit Corp. 3.375% 2030		6,664		7,478
Volkswagen Group of America Finance, LLC 4.00% 2021³		4,510		4,573
Volkswagen Group of America Finance, LLC 4.25% 2023³		15,000		16,219
Volkswagen Group of America Finance, LLC 2.85% 2024³		2,996		3,167
Volkswagen Group of America Finance, LLC 1.25% 2025³		1,150		1,144
Volkswagen Group of America Finance, LLC 3.35% 2025³		2,636		2,846
Wynn Resorts, Ltd. 5.125% 2029³		410		434
				512,717

154	American Funds Insurance Series

The Bond Fund of America (formerly Bond Fund) (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Corporate bonds, notes & loans (continued)
Health care 3.54%
Abbott Laboratories 3.40% 2023	$	910	$	971
Abbott Laboratories 3.75% 2026		2,244		2,535
Abbott Laboratories 4.75% 2036		4,565		5,887
AbbVie, Inc. 3.20% 2022		9,600		9,919
AbbVie, Inc. 3.20% 2029		23,754		25,818
Amgen, Inc. 2.45% 2030		10,000		10,319
Anthem, Inc. 2.375% 2025		1,534		1,607
AstraZeneca Finance LLC 1.75% 2028		1,429		1,430
AstraZeneca Finance LLC 2.25% 2031		572		581
AstraZeneca PLC 4.00% 2029		5,920		6,809
AstraZeneca PLC 3.00% 2051		1,437		1,489
Bausch Health Companies, Inc. 4.875% 2028³		830		851
Bayer US Finance II LLC 3.875% 2023³		8,783		9,410
Bayer US Finance II LLC 4.25% 2025³		17,570		19,596
Becton, Dickinson and Company 3.734% 2024		903		984
Becton, Dickinson and Company 4.669% 2047		3,395		4,237
Boston Scientific Corp. 3.375% 2022		350		359
Boston Scientific Corp. 3.85% 2025		255		282
Centene Corp. 4.25% 2027		14,860		15,677
Centene Corp. 2.45% 2028		11,155		11,320
Centene Corp. 4.625% 2029		14,945		16,455
Centene Corp. 3.375% 2030		15,718		16,452
Centene Corp. 2.50% 2031		8,550		8,443
Cigna Corp. 4.375% 2028		7,090		8,252
EMD Finance LLC 2.95% 2022³		2,100		2,131
GlaxoSmithKline PLC 3.375% 2023		16,800		17,756
Kaiser Foundation Hospitals 2.81% 2041		910		930
Laboratory Corporation of America Holdings 1.55% 2026		1,210		1,216
Laboratory Corporation of America Holdings 2.70% 2031		805		821
Laboratory Corporation of America Holdings 4.70% 2045		4,160		5,002
Novartis Capital Corp. 1.75% 2025		2,361		2,434
Novartis Capital Corp. 2.20% 2030		5,446		5,629
Shire PLC 3.20% 2026		15,100		16,407
Teva Pharmaceutical Finance Co. BV 2.20% 2021		4,911		4,910
Teva Pharmaceutical Finance Co. BV 2.80% 2023		16,420		16,383
Teva Pharmaceutical Finance Co. BV 7.125% 2025		45,000		49,672
Teva Pharmaceutical Finance Co. BV 3.15% 2026		68,853		65,583
Teva Pharmaceutical Finance Co. BV 6.75% 2028		26,824		29,446
Teva Pharmaceutical Finance Co. BV 4.10% 2046		46,666		40,949
UnitedHealth Group, Inc. 3.35% 2022		4,385		4,525
UnitedHealth Group, Inc. 3.75% 2025		5,410		6,007
UnitedHealth Group, Inc. 2.30% 2031		1,626		1,666
UnitedHealth Group, Inc. 3.05% 2041		1,300		1,363
UnitedHealth Group, Inc. 3.25% 2051		1,887		2,017
Zimmer Holdings, Inc. 3.15% 2022		7,845		7,971
				462,501

Industrials 2.42%
AerCap Ireland Capital, Ltd. / AerCap Global Aviation Trust 1.75% 2026		2,841		2,809
Air Lease Corp. 2.875% 2026		11,453		12,043
Avolon Holdings Funding, Ltd. 3.625% 2022³		2,810		2,875
Avolon Holdings Funding, Ltd. 3.95% 2024³		12,514		13,353
Avolon Holdings Funding, Ltd. 2.125% 2026³		8,333		8,306
Avolon Holdings Funding, Ltd. 4.25% 2026³		3,302		3,581
Avolon Holdings Funding, Ltd. 3.25% 2027³		8,000		8,259
BNSF Funding Trust I, junior subordinated, 6.613% 2055 (3-month USD-LIBOR + 2.35% on 1/15/2026)⁴		1,680		1,928
Boeing Company 4.508% 2023		11,358		12,112
Boeing Company 1.95% 2024		5,646		5,785

American Funds Insurance Series

155

The Bond Fund of America (formerly Bond Fund) (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Corporate bonds, notes & loans (continued)
Industrials (continued)
Boeing Company 2.80% 2024	$	500	$	522
Boeing Company 4.875% 2025		31,752		35,594
Boeing Company 2.196% 2026		16,571		16,732
Boeing Company 2.75% 2026		16,488		17,234
Boeing Company 3.10% 2026		649		687
Boeing Company 2.70% 2027		6,473		6,697
Boeing Company 5.04% 2027		15,716		18,143
Boeing Company 3.25% 2028		11,379		12,076
Boeing Company 3.25% 2028		1,925		2,023
Boeing Company 5.15% 2030		29,737		35,241
Boeing Company 3.625% 2031		842		907
Boeing Company 3.90% 2049		1,411		1,491
Boeing Company 5.805% 2050		2,782		3,752
Bohai Financial Investment Holding Co., Ltd. 5.25% 2022³		2,485		2,601
Carrier Global Corp. 3.377% 2040		15,000		15,759
General Dynamics Corp. 2.25% 2031		709		728
General Electric Capital Corp. 3.373% 2025		4,615		5,038
General Electric Capital Corp. 4.418% 2035		3,700		4,441
General Electric Co. 3.45% 2027		1,523		1,675
General Electric Co. 3.625% 2030		675		753
Mexico City Airport Trust 5.50% 2046		1,959		1,984
Mexico City Airport Trust 5.50% 2047		5,909		5,998
Mexico City Airport Trust 5.50% 2047³		1,132		1,149
Northrop Grumman Corp. 3.25% 2028		10,845		11,857
Triton Container International, Ltd. 1.15% 2024³		1,609		1,606
Triton Container International, Ltd. 3.15% 2031³		2,482		2,499
Union Pacific Corp. 2.15% 2027		2,213		2,301
Union Pacific Corp. 2.40% 2030		4,454		4,608
Union Pacific Corp. 2.375% 2031		5,155		5,271
Union Pacific Corp. 3.25% 2050		7,000		7,398
United Rentals, Inc. 5.50% 2027		5,000		5,306
United Technologies Corp. 3.125% 2027		4,551		4,954
United Technologies Corp. 4.125% 2028		4,974		5,727
Vinci SA 3.75% 2029³		2,000		2,260
				316,063

Communication services 2.11%
AT&T, Inc. 0.90% 2024		13,000		13,030
AT&T, Inc. 1.70% 2026		19,000		19,204
AT&T, Inc. 2.55% 2033³		4,953		4,912
AT&T, Inc. 3.50% 2053³		10,240		10,303
CCO Holdings LLC and CCO Holdings Capital Corp. 5.125% 2027³		4,800		5,041
CCO Holdings LLC and CCO Holdings Capital Corp. 2.80% 2031		5,642		5,774
CCO Holdings LLC and CCO Holdings Capital Corp. 5.75% 2048		5,000		6,375
CenturyLink, Inc. 4.00% 2027³		16,374		16,722
Comcast Corp. 3.15% 2028		7,200		7,911
Comcast Corp. 2.65% 2030		7,500		7,902
Comcast Corp. 4.00% 2048		5,000		5,873
Embarq Corp. 7.995% 2036		2,500		2,837
SBA Tower Trust 1.631% 2026³		6,741		6,750
Sirius XM Radio, Inc. 4.00% 2028³		675		696
SoftBank Group Corp. 3.36% 2023³		725		729
Tencent Holdings, Ltd. 3.595% 2028		14,000		15,349
Tencent Holdings, Ltd. 3.975% 2029		12,298		13,733
Tencent Holdings, Ltd. 2.39% 2030		11,702		11,672
Tencent Holdings, Ltd. 2.39% 2030³		10,000		9,975
T-Mobile US, Inc. 3.50% 2025		3,275		3,559
T-Mobile US, Inc. 2.625% 2026		2,875		2,947
T-Mobile US, Inc. 3.75% 2027		5,000		5,537

156	American Funds Insurance Series

The Bond Fund of America (formerly Bond Fund) (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Corporate bonds, notes & loans (continued)
Communication services (continued)
T-Mobile US, Inc. 3.875% 2030	$	4,500	$	5,046
T-Mobile US, Inc. 2.875% 2031		4,075		4,050
T-Mobile US, Inc. 3.50% 2031		9,000		9,322
T-Mobile US, Inc. 3.00% 2041		2,100		2,079
T-Mobile US, Inc. 4.50% 2050		11,575		13,797
Verizon Communications, Inc. 1.45% 2026		4,675		4,717
Verizon Communications, Inc. 2.10% 2028		8,975		9,169
Verizon Communications, Inc. 4.329% 2028		1,539		1,792
Verizon Communications, Inc. 1.75% 2031		3,300		3,165
Verizon Communications, Inc. 2.55% 2031		7,375		7,544
Verizon Communications, Inc. 3.40% 2041		2,050		2,171
Verizon Communications, Inc. 2.875% 2050		3,000		2,857
Verizon Communications, Inc. 3.55% 2051		1,975		2,113
Vodafone Group PLC 4.375% 2028		10,000		11,642
Vodafone Group PLC 4.25% 2050		3,050		3,569
Walt Disney Company 2.65% 2031		15,000		15,759
				275,623

Consumer staples 1.62%
7-Eleven, Inc. 1.80% 2031³		5,013		4,799
Altria Group, Inc. 4.40% 2026		4,585		5,190
Altria Group, Inc. 4.50% 2043		1,585		1,707
Altria Group, Inc. 5.95% 2049		9,039		11,587
Anheuser-Busch InBev NV 4.75% 2029		7,500		8,942
Anheuser-Busch InBev NV 5.55% 2049		5,000		6,883
Anheuser-Busch InBev NV 4.50% 2050		1,355		1,652
British American Tobacco International Finance PLC 3.95% 2025³		16,879		18,447
British American Tobacco International Finance PLC 1.668% 2026		4,070		4,071
British American Tobacco PLC 3.557% 2027		10,991		11,776
British American Tobacco PLC 2.259% 2028		4,348		4,320
British American Tobacco PLC 4.39% 2037		1,500		1,620
British American Tobacco PLC 4.54% 2047		12,786		13,622
British American Tobacco PLC 4.758% 2049		23,659		25,693
Conagra Brands, Inc. 5.30% 2038		436		555
Conagra Brands, Inc. 5.40% 2048		57		77
Constellation Brands, Inc. 3.50% 2027		7,500		8,266
Constellation Brands, Inc. 2.875% 2030		620		651
Imperial Tobacco Finance PLC 3.50% 2023³		2,335		2,415
JBS Investments GMBH II 7.00% 2026³		3,868		4,111
JBS Investments GMBH II 7.00% 2026		1,665		1,770
JBS Luxembourg SARL 3.625% 2032³		1,230		1,231
Keurig Dr Pepper, Inc. 4.057% 2023		3,112		3,319
Keurig Dr Pepper, Inc. 4.597% 2028		10,752		12,637
Molson Coors Brewing Co. 2.10% 2021		2,415		2,417
Molson Coors Brewing Co. 4.20% 2046		4,165		4,651
Philip Morris International, Inc. 4.25% 2044		9,550		11,153
PT Indofood CBP Sukses Makmur Tbk 3.398% 2031		3,110		3,158
PT Indofood CBP Sukses Makmur Tbk 4.745% 2051		685		705
Reynolds American, Inc. 4.45% 2025		14,570		16,147
Reynolds American, Inc. 5.85% 2045		1,970		2,416
Wal-Mart Stores, Inc. 2.85% 2024		6,765		7,222
Wal-Mart Stores, Inc. 3.05% 2026		7,720		8,457
				211,667

Information technology 1.16%
Apple, Inc. 1.55% 2021		11,630		11,631
Broadcom Corp. / Broadcom Cayman Finance Ltd. 3.875% 2027		7,027		7,769
Broadcom Corp. / Broadcom Cayman Finance Ltd. 3.50% 2028		4,803		5,272
Broadcom, Inc. 3.15% 2025		1,164		1,248

American Funds Insurance Series

157

The Bond Fund of America (formerly Bond Fund) (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Corporate bonds, notes & loans (continued)
Information technology (continued)
Broadcom, Inc. 2.45% 2031³	$	7,000	$	6,884
Broadcom, Inc. 4.30% 2032		6,000		6,840
Broadcom, Inc. 3.469% 2034³		44,436		47,048
Fidelity National Information Services, Inc. 2.25% 2031		495		495
Microsoft Corp. 2.525% 2050		10,000		9,848
Oracle Corp. 1.65% 2026		8,417		8,536
Oracle Corp. 2.30% 2028		6,875		7,058
Oracle Corp. 2.875% 2031		7,393		7,695
Oracle Corp. 3.95% 2051		4,869		5,321
PayPal Holdings, Inc. 1.65% 2025		6,989		7,178
PayPal Holdings, Inc. 2.30% 2030		330		342
salesforce.com, inc. 1.95% 2031		3,775		3,784
salesforce.com, inc. 2.70% 2041		875		882
salesforce.com, inc. 2.90% 2051		8,295		8,418
salesforce.com, inc. 3.05% 2061		265		270
Square, Inc. 2.75% 2026³		1,975		2,012
Square, Inc. 3.50% 2031³		825		833
VeriSign, Inc. 2.70% 2031		2,109		2,145
				151,509

Real estate 0.42%
Alexandria Real Estate Equities, Inc. 3.95% 2028		1,425		1,611
Alexandria Real Estate Equities, Inc. 4.50% 2029		150		176
American Campus Communities, Inc. 3.75% 2023		2,900		3,040
American Campus Communities, Inc. 3.875% 2031		620		689
American Tower Corp. 2.70% 2031		1,100		1,136
Corporacion Inmobiliaria Vesta, SAB de CV 3.625% 2031³		395		402
Corporate Office Properties LP 2.75% 2031		1,547		1,561
Crown Castle International Corp. 2.50% 2031		4,614		4,653
Equinix, Inc. 2.90% 2026		3,287		3,522
Equinix, Inc. 3.20% 2029		3,846		4,130
Equinix, Inc. 2.50% 2031		7,760		7,899
Equinix, Inc. 3.40% 2052		1,201		1,238
Essex Portfolio LP 3.25% 2023		335		350
Essex Portfolio LP 3.875% 2024		1,000		1,077
Essex Portfolio LP 2.55% 2031		4,338		4,403
Hospitality Properties Trust 5.00% 2022		1,270		1,286
Hospitality Properties Trust 4.50% 2025		855		852
Hospitality Properties Trust 3.95% 2028		1,710		1,617
Iron Mountain, Inc. 4.875% 2027³		1,605		1,666
Iron Mountain, Inc. 5.25% 2028³		3,500		3,670
Kimco Realty Corp. 3.40% 2022		1,045		1,081
Omega Healthcare Investors, Inc. 4.375% 2023		186		198
Piedmont Operating Partnership LP 4.45% 2024		1,000		1,079
Scentre Group 3.50% 2025³		4,565		4,909
Sun Communities Operating LP 2.70% 2031		3,244		3,251
				55,496

Materials 0.12%
Air Products and Chemicals, Inc. 2.70% 2040		2,911		2,959
Huntsman International LLC 2.95% 2031		911		925
International Flavors & Fragrances, Inc. 2.30% 2030³		4,175		4,157
LYB International Finance III, LLC 2.25% 2030		3,802		3,802
LYB International Finance III, LLC 3.625% 2051		2,617		2,769
LYB International Finance III, LLC 3.80% 2060		1,112		1,179
				15,791

Total corporate bonds, notes & loans				3,967,956

158	American Funds Insurance Series

The Bond Fund of America (formerly Bond Fund) (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Mortgage-backed obligations 11.11%
Federal agency mortgage-backed obligations 9.88%
Fannie Mae Pool #976945 5.50% 2023⁶	$	34	$	34
Fannie Mae Pool #AB1068 4.50% 2025⁶		101		106
Fannie Mae Pool #AJ9156 3.00% 2026⁶		275		290
Fannie Mae Pool #AJ6967 3.00% 2026⁶		134		141
Fannie Mae Pool #AJ5522 3.00% 2026⁶		3		4
Fannie Mae Pool #256133 4.50% 2026⁶		109		117
Fannie Mae Pool #AK5394 3.00% 2027⁶		640		678
Fannie Mae Pool #AL5603 3.00% 2027⁶		565		594
Fannie Mae Pool #AX3597 3.00% 2027⁶		253		266
Fannie Mae Pool #AB4281 3.00% 2027⁶		113		119
Fannie Mae Pool #AB4486 3.00% 2027⁶		56		59
Fannie Mae Pool #AB5236 3.00% 2027⁶		23		24
Fannie Mae Pool #AO0800 3.00% 2027⁶		19		20
Fannie Mae Pool #AK0971 3.00% 2027⁶		9		10
Fannie Mae Pool #AL3802 3.00% 2028⁶		787		832
Fannie Mae Pool #AR3058 3.00% 2028⁶		100		105
Fannie Mae Pool #AL8241 3.00% 2029⁶		762		805
Fannie Mae Pool #BM4299 3.00% 2030⁶		2,175		2,286
Fannie Mae Pool #AL9573 3.00% 2031⁶		90		95
Fannie Mae Pool #AS8018 3.00% 2031⁶		70		74
Fannie Mae Pool #BM4741 3.00% 2032⁶		54		58
Fannie Mae Pool #924866 1.64% 2037^6,7		712		720
Fannie Mae Pool #945680 6.00% 2037⁶		621		735
Fannie Mae Pool #913966 6.00% 2037⁶		68		79
Fannie Mae Pool #889982 5.50% 2038⁶		1,311		1,527
Fannie Mae Pool #988588 5.50% 2038⁶		258		300
Fannie Mae Pool #AB1297 5.00% 2040⁶		294		337
Fannie Mae Pool #AH8144 5.00% 2041⁶		1,403		1,586
Fannie Mae Pool #AI1862 5.00% 2041⁶		1,349		1,545
Fannie Mae Pool #AH9479 5.00% 2041⁶		1,267		1,426
Fannie Mae Pool #AI3510 5.00% 2041⁶		842		964
Fannie Mae Pool #AJ0704 5.00% 2041⁶		734		840
Fannie Mae Pool #AJ5391 5.00% 2041⁶		428		488
Fannie Mae Pool #BM6240 2.201% 2044^6,7		2,584		2,732
Fannie Mae Pool #AZ3904 4.00% 2045⁶		76		83
Fannie Mae Pool #AL8522 3.50% 2046⁶		1,251		1,357
Fannie Mae Pool #BD1968 4.00% 2046⁶		1,968		2,144
Fannie Mae Pool #BE0592 4.00% 2046⁶		528		565
Fannie Mae Pool #BD5477 4.00% 2046⁶		258		278
Fannie Mae Pool #CA0770 3.50% 2047⁶		8,073		8,561
Fannie Mae Pool #CA0706 4.00% 2047⁶		178		191
Fannie Mae Pool #MA3058 4.00% 2047⁶		74		79
Fannie Mae Pool #BM4413 4.50% 2047⁶		5,365		5,828
Fannie Mae Pool #BF0293 3.00% 2048⁶		10,714		11,386
Fannie Mae Pool #FM4891 3.50% 2048⁶		32,271		34,647
Fannie Mae Pool #BF0318 3.50% 2048⁶		9,697		10,449
Fannie Mae Pool #CA1189 3.50% 2048⁶		2,247		2,378
Fannie Mae Pool #MA3384 4.00% 2048⁶		199		212
Fannie Mae Pool #BJ9169 4.00% 2048⁶		120		129
Fannie Mae Pool #BJ5749 4.00% 2048⁶		26		29
Fannie Mae Pool #BM4676 4.00% 2048⁶		20		22
Fannie Mae Pool #CA2493 4.50% 2048⁶		1,214		1,311
Fannie Mae Pool #CA3807 3.00% 2049⁶		1,920		2,040
Fannie Mae Pool #CA3806 3.00% 2049⁶		1,107		1,179
Fannie Mae Pool #FM0007 3.50% 2049⁶		25,833		27,816
Fannie Mae Pool #FM1954 3.50% 2049⁶		11,252		12,010
Fannie Mae Pool #FM1589 3.50% 2049⁶		7,178		7,692
Fannie Mae Pool #FM1262 4.00% 2049⁶		39,638		42,753
Fannie Mae Pool #FM5507 3.00% 2050⁶		22,580		24,179

American Funds Insurance Series

159

The Bond Fund of America (formerly Bond Fund) (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)			Value (000)
Mortgage-backed obligations (continued)
Federal agency mortgage-backed obligations (continued)
Fannie Mae Pool #BF0145 3.50% 2057⁶	$	16,197		$	17,624
Fannie Mae Pool #BF0264 3.50% 2058⁶		12,658			13,709
Fannie Mae Pool #BF0332 3.00% 2059⁶		27,684			29,980
Fannie Mae Pool #BF0497 3.00% 2060⁶		22,798			24,218
Fannie Mae, Series 2001-4, Class GA, 9.00% 2025^6,7		—	⁸		—	⁸
Fannie Mae, Series 2001-50, Class BA, 7.00% 2041⁶		9			11
Fannie Mae, Series 2002-W3, Class A5, 7.50% 2041⁶		22			27
Fannie Mae, Series 2002-W1, Class 2A, 5.333% 2042^6,7		28			31
Freddie Mac Pool #ZK4277 3.00% 2027⁶		465			492
Freddie Mac Pool #ZK3836 3.00% 2027⁶		158			166
Freddie Mac Pool #ZK3970 3.00% 2027⁶		144			152
Freddie Mac Pool #ZS6521 3.00% 2027⁶		99			105
Freddie Mac Pool #ZK3893 3.00% 2027⁶		49			52
Freddie Mac Pool #ZK4162 3.00% 2027⁶		37			39
Freddie Mac Pool #ZS8452 3.00% 2027⁶		11			12
Freddie Mac Pool #ZS8463 3.00% 2027⁶		5			5
Freddie Mac Pool #ZK4039 3.00% 2027⁶		5			5
Freddie Mac Pool #ZS8507 3.00% 2028⁶		186			197
Freddie Mac Pool #ZK7590 3.00% 2029⁶		3,935			4,159
Freddie Mac Pool #ZK7593 3.00% 2029⁶		199			210
Freddie Mac Pool #ZT1931 3.00% 2033⁶		248			263
Freddie Mac Pool #A15120 5.50% 2033⁶		61			69
Freddie Mac Pool #QN1073 3.00% 2034⁶		90			95
Freddie Mac Pool #G05196 5.50% 2038⁶		72			84
Freddie Mac Pool #G05267 5.50% 2038⁶		53			62
Freddie Mac Pool #G06020 5.50% 2039⁶		102			119
Freddie Mac Pool #A93948 4.50% 2040⁶		209			230
Freddie Mac Pool #G05860 5.50% 2040⁶		375			437
Freddie Mac Pool #G06868 4.50% 2041⁶		251			280
Freddie Mac Pool #G06841 5.50% 2041⁶		599			697
Freddie Mac Pool #841039 2.213% 2043^6,7		2,399			2,546
Freddie Mac Pool #Z40130 3.00% 2046⁶		26,864			28,881
Freddie Mac Pool #G61733 3.00% 2047⁶		6,699			7,122
Freddie Mac Pool #G08789 4.00% 2047⁶		1,136			1,219
Freddie Mac Pool #G67709 3.50% 2048⁶		19,473			21,104
Freddie Mac Pool #G61628 3.50% 2048⁶		497			532
Freddie Mac Pool #SI2002 4.00% 2048⁶		2,284			2,445
Freddie Mac Pool #Q58494 4.00% 2048⁶		1,475			1,576
Freddie Mac Pool #QA4673 3.00% 2049⁶		38,670			41,170
Freddie Mac Pool #SD7507 3.00% 2049⁶		24,576			26,118
Freddie Mac Pool #SD7508 3.50% 2049⁶		16,385			17,753
Freddie Mac Pool #RA1369 3.50% 2049⁶		3,530			3,775
Freddie Mac Pool #ZN4842 3.50% 2049⁶		1,232			1,317
Freddie Mac, Series 3061, Class PN, 5.50% 2035⁶		80			93
Freddie Mac, Series 3318, Class JT, 5.50% 2037⁶		200			231
Freddie Mac, Series K020, Class A2, Multi Family, 2.373% 2022⁶		4,283			4,346
Freddie Mac, Series K718, Class A2, Multi Family, 2.791% 2022⁶		8,608			8,688
Freddie Mac, Series 3156, Class PO, principal only, 0% 2036⁶		168			156
Freddie Mac, Series 3146, Class PO, principal only, 0% 2036⁶		162			148
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2018-3, Class MA, 3.50% 2057⁶		12,865			13,523
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2019-2, Class MA, 3.50% 2058⁶		2,790			2,940
Government National Mortgage Assn. 2.00% 2051^6,9		92,000			93,535
Government National Mortgage Assn. 2.50% 2051^6,9		55,519			57,356
Government National Mortgage Assn. Pool #MA5817 4.00% 2049⁶		25,415			26,946
Government National Mortgage Assn. Pool #MA5876 4.00% 2049⁶		3,659			3,880
Government National Mortgage Assn. Pool #MA6221 4.50% 2049⁶		11,765			12,559
Government National Mortgage Assn. Pool #MA5764 4.50% 2049⁶		1,273			1,359

160	American Funds Insurance Series

The Bond Fund of America (formerly Bond Fund) (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)			Value (000)
Mortgage-backed obligations (continued)
Federal agency mortgage-backed obligations (continued)
Government National Mortgage Assn. Pool #MA6042 5.00% 2049⁶	$	81		$	88
Government National Mortgage Assn. Pool #MA5878 5.00% 2049⁶		—	⁸		—	⁸
Uniform Mortgage-Backed Security 1.50% 2036^6,9		39,725			40,080
Uniform Mortgage-Backed Security 2.00% 2036^6,9		27,575			28,444
Uniform Mortgage-Backed Security 2.00% 2036^6,9		21,500			22,146
Uniform Mortgage-Backed Security 2.50% 2036^6,9		62,700			65,317
Uniform Mortgage-Backed Security 2.00% 2051^6,9		44,576			44,832
Uniform Mortgage-Backed Security 2.50% 2051^6,9		162,393			167,297
Uniform Mortgage-Backed Security 2.50% 2051^6,9		5,140			5,306
Uniform Mortgage-Backed Security 3.00% 2051^6,9		130,899			136,245
Uniform Mortgage-Backed Security 3.50% 2051^6,9		56,700			59,722
Uniform Mortgage-Backed Security 4.00% 2051^6,9		12,225			13,029
Uniform Mortgage-Backed Security 4.50% 2051^6,9		15,000			16,139
					1,290,807

Collateralized mortgage-backed obligations (privately originated) 0.80%
Arroyo Mortgage Trust, Series 2021-1R, Class A1, 1.175% 2048^3,6,7		5,263			5,303
Arroyo Mortgage Trust, Series 2020-1, Class A1A, 1.662% 2055^3,6		295			297
Bellemeade Re, Ltd., Series 2019-3A, Class M1B, (1-month USD-LIBOR + 1.60%) 1.692% 2029^3,6,7		3,175			3,186
BRAVO Residential Funding Trust, Series 2020-RPL2, Class A1, 2.00% 2059^3,6,7		1,251			1,275
BRAVO Residential Funding Trust, Series 2020-RPL1, Class A1, 2.50% 2059^3,6,7		984			1,007
Cascade Funding Mortgage Trust, Series 2020-HB4, Class A, 0.946% 2030^3,6,7		978			980
Cascade Funding Mortgage Trust, Series 2021-HB6, Class A, 0.898% 2036^3,6,7		2,670			2,673
Citigroup Mortgage Loan Trust, Inc., Series 2020-EXP1, Class A1A, 1.804% 2060^3,6,7		842			850
Credit Suisse Mortgage Trust, Series 2020-NET, Class A, 2.257% 2037^3,6		1,612			1,666
Credit Suisse Mortgage Trust, Series 2017-RPL3, Class A1, 2.00% 2060^3,6,7		2,281			2,316
Finance of America Structured Securities Trust, Series 2019-JR2, Class A1, 2.00% 2069^3,6		4,067			4,422
Finance of America Structured Securities Trust, Series 2019-JR1, Class A, 2.00% 2069^3,6		3,466			3,791
Flagstar Mortgage Trust, Series 2021-5INV, Class A2, 2.50% 2051^3,6,7		2,480			2,525
Hundred Acre Wood Trust, Series 2021-INV1, Class A3, 2.50% 2051^3,6,7		1,046			1,066
JPMDB Commercial Mortgage Securities Trust, Series 2017-C7, Class A5, 3.409% 2050⁶		240			265
JPMorgan Mortgage Trust, Series 2020-INV1, Class A3, 3.50% 2050^3,6,7		2,842			2,910
Legacy Mortgage Asset Trust, Series 2019-GS2, Class A1, 3.75% 2059^3,6,7		1,313			1,316
Legacy Mortgage Asset Trust, Series 2021-GS2, Class A1, 1.75% 2061^3,6,7		1,086			1,089
MFRA Trust, Series 2021-RPL1, Class A1, 1.131% 2060^3,6,7		4,916			4,905
Mortgage Repurchase Agreement Financing Trust, Series 2020-5, (1-month USD-LIBOR + 1.00%) 1.077% 2023^3,6,7		11,402			11,420
MRA Issuance Trust, Series 2020-10, Class A2, (1-month USD-LIBOR + 1.70%) 1.70% 2022^3,6,7,10		25,588			25,588
Onslow Bay Financial LLC, Series 2020-INV1, Class A5, 3.50% 2049^3,6,7		1,297			1,317
TIF Funding II LLC, Series 2020-1A, Class A, 2.09% 2045^3,6		4,992			5,034
TIF Funding II LLC, Series 2021-1A, Class A, 1.65% 2046^3,6		4,089			4,037
TIF Funding II LLC, Series 2021-1A, Class B, 2.54% 2046^3,6		148			147
Towd Point Mortgage Trust, Series 2020-4, Class A1, 1.75% 2060^3,6		15,516			15,705
					105,090

Commercial mortgage-backed securities 0.43%
Bank Commercial Mortgage Trust, Series 2019-BN17, Class A4, 3.714% 2052⁶		100			113
Bank Commercial Mortgage Trust, Series 2019-BN16, Class A4, 4.005% 2052⁶		770			884
Bank Commercial Mortgage Trust, Series 2019-BN19, Class A3, 3.183% 2061⁶		1,018			1,114
Bank Commercial Mortgage Trust, Series 2018-BN10, Class A4, 3.428% 2061⁶		130			142
Bank Commercial Mortgage Trust, Series 2018-BN10, Class A5, 3.688% 2061⁶		205			230
Bank Commercial Mortgage Trust, Series 2018-BN12, Class A4, 4.255% 2061^6,7		2,444			2,826
Bank Commercial Mortgage Trust, Series 2020-BN26, Class A4, 2.403% 2063⁶		295			305
Benchmark Mortgage Trust, Series 2018-B8, Class A5, 4.232% 2052⁶		2,541			2,955

American Funds Insurance Series

161

The Bond Fund of America (formerly Bond Fund) (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Mortgage-backed obligations (continued)
Commercial mortgage-backed securities (continued)
Benchmark Mortgage Trust, Series 2018-B7, Class A4, 4.51% 2053^6,7	$	781	$	920
BX Trust, Series 2021-SOAR, Class A, (1-month USD-LIBOR + 0.67%) 0.77% 2038^3,6,7		3,769		3,776
BX Trust, Series 2021-SOAR, Class B, (1-month USD-LIBOR + 0.87%) 0.97% 2038^3,6,7		436		437
BX Trust, Series 2021-SOAR, Class C, (1-month USD-LIBOR + 1.10%) 1.20% 2038^3,6,7		295		296
BX Trust, Series 2021-SOAR, Class D, (1-month USD-LIBOR + 1.40%) 1.50% 2038^3,6,7		746		748
Citigroup Commercial Mortgage Trust, Series 2016-C1, Class AS, 3.514% 2049⁶		250		269
Citigroup Commercial Mortgage Trust, Series 2016-GC36, Class A5, 3.616% 2049⁶		610		669
Commercial Mortgage Trust, Series 2012-CR3, Class B, 3.922% 2045^3,6		430		430
Commercial Mortgage Trust, Series 2013-LC13, Class B, 5.009% 2046^3,6,7		312		333
Commercial Mortgage Trust, Series 2014-LC15, Class AM, 4.198% 2047⁶		350		377
CSAIL Commercial Mortgage Trust, Series 2015-C4, Class C, 4.714% 2048^6,7		204		219
CSAIL Commercial Mortgage Trust, Series 2015-C1, Class B, 4.044% 2050^6,7		300		314
Deutsche Bank Commercial Mortgage Trust, Series 2016-C1, Class AM, 3.539% 2049⁶		200		216
Extended Stay America Trust, Series 2021-ESH, Class A, (1-month USD-LIBOR + 1.08%) 1.155% 2038^3,6,7		2,880		2,889
Extended Stay America Trust, Series 2021-ESH, Class B, (1-month USD-LIBOR + 1.38%) 1.455% 2038^3,6,7		657		660
Extended Stay America Trust, Series 2021-ESH, Class C, (1-month USD-LIBOR + 1.70%) 1.775% 2038^3,6,7		686		690
Extended Stay America Trust, Series 2021-ESH, Class D, (1-month USD-LIBOR + 2.25%) 2.325% 2038^3,6,7		686		691
Grace Mortgage Trust, Series 2020-GRCE, Class A, 2.347% 2040^3,6		2,601		2,660
GS Mortgage Securities Trust, Series 2011-GC5, Class B, 5.428% 2044^3,6,7		530		529
GS Mortgage Securities Trust, Series 2017-GS7, Class A4, 3.43% 2050⁶		400		441
GS Mortgage Securities Trust, Series 2019-GC38, Class A4, 3.968% 2052⁶		100		114
GS Mortgage Securities Trust, Series 2020-GC47, Class A5, 2.377% 2053⁶		1,536		1,589
JPMBB Commercial Mortgage Securities Trust, Series 2014-C18, Class A5, 4.079% 2047⁶		3,280		3,531
JPMDB Commercial Mortgage Securities Trust, Series 2017-C5, Class A5, 3.694% 2050⁶		640		708
JPMorgan Chase Commercial Mortgage Securities Trust, Series 2018-BCON, Class A, 3.735% 2031^3,6		785		815
JPMorgan Chase Commercial Mortgage Securities Trust, Series 2016-JP4, Class A4, 3.648% 2049^6,7		2,040		2,257
L.A. Arena Funding, LLC, Series 1, Class A, 7.656% 2026^3,6		153		153
Morgan Stanley Bank of America Merrill Lynch Trust, Series 2014-C17, Class A5, 3.741% 2047⁶		2,038		2,191
Morgan Stanley Bank of America Merrill Lynch Trust, Series 2015-C22, Class A-4, 3.306% 2048⁶		410		440
Morgan Stanley Bank of America Merrill Lynch Trust, Series 2016-C32, Class A-4, 3.72% 2049⁶		245		273
Morgan Stanley Capital I Trust, Series 2015-UBS8, Class AS, 4.114% 2048⁶		730		799
Morgan Stanley Capital I Trust, Series 2016-UBS9, Class C, 4.761% 2049^6,7		208		221
SLG Office Trust, Series 2021-OVA, Class A, 2.585% 2041^3,6		8,217		8,584
Wells Fargo Commercial Mortgage Trust, Series 2015-SG1, Class A-4, 3.789% 2048⁶		2,437		2,637
Wells Fargo Commercial Mortgage Trust, Series 2015-C28, Class C, 4.23% 2048^6,7		220		233
Wells Fargo Commercial Mortgage Trust, Series 2016-BNK1, Class B, 2.967% 2049⁶		350		356
Wells Fargo Commercial Mortgage Trust, Series 2016-C34, Class AS, 3.484% 2049⁶		130		140
Wells Fargo Commercial Mortgage Trust, Series 2016-C37, Class A5, 3.794% 2049⁶		2,550		2,848
Wells Fargo Commercial Mortgage Trust, Series 2019-C54, Class A4, 3.146% 2052⁶		1,019		1,111
Wells Fargo Commercial Mortgage Trust, Series 2016-NXS5, Class AS, 3.988% 2059⁶		250		274
Wells Fargo Commercial Mortgage Trust, Series 2017-RC1, Class A4, 3.631% 2060⁶		205		227
				55,634

Total mortgage-backed obligations				1,451,531

162	American Funds Insurance Series

The Bond Fund of America (formerly Bond Fund) (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Asset-backed obligations 3.35%
Aesop Funding LLC, Series 2019-2A, Class A, 3.35% 2025^3,6	$	2,210	$	2,373
Aesop Funding LLC, Series 2018-2A, Class A, 4.00% 2025^3,6		2,755		2,979
Aesop Funding LLC, Series 2020-1A, Class A, 2.33% 2026^3,6		7,689		8,028
Aesop Funding LLC, Series 2021-1A, Class A, 1.38% 2027^3,6		3,445		3,448
Aesop Funding LLC, Series 2021-1A, Class B, 1.63% 2027^3,6		531		532
Aesop Funding LLC, Series 2020-2, Class A, 2.02% 2027^3,6		2,427		2,505
Aesop Funding LLC, Series 2021-1A, Class C, 2.13% 2027^3,6		193		193
Aesop Funding LLC, Series 2020-2A, Class B, 2.96% 2027^3,6		623		661
Aesop Funding LLC, Series 2020-2A, Class C, 4.25% 2027^3,6		1,279		1,397
American Credit Acceptance Receivables Trust, Series 2020-3, Class C, 1.85% 2026^3,6		2,602		2,649
American Credit Acceptance Receivables Trust, Series 2020-3, Class D, 2.40% 2026^3,6		2,500		2,578
American Credit Acceptance Receivables Trust, Series 2021-1, Class C, 0.83% 2027^3,6		1,465		1,467
American Credit Acceptance Receivables Trust, Series 2021-1, Class D, 1.14% 2027^3,6		806		805
AmeriCredit Automobile Receivables Trust, Series 2017-1, Class C, 2.71% 2022⁶		236		236
AmeriCredit Automobile Receivables Trust, Series 2021-2, Class B, 0.69% 2027⁶		997		1,001
AmeriCredit Automobile Receivables Trust, Series 2021-2, Class C, 1.01% 2027⁶		1,109		1,117
AmeriCredit Automobile Receivables Trust, Series 2021-2, Class D, 1.29% 2027⁶		2,613		2,643
Ballyrock, Ltd., Series 2019-2A, Class A1AR, (3-month USD-LIBOR + 1.00%) 1.155% 2030^3,6,7		575		575
Blackbird Capital Aircraft, Series 2021-1A, Class A, 2.443% 2046^3,6		4,639		4,678
Blackbird Capital Aircraft, Series 2021-1A, Class B, 3.446% 2046^3,6		529		534
CarMaxAuto Owner Trust, Series 2019-2, Class C, 3.16% 2025⁶		400		417
CarMaxAuto Owner Trust, Series 2021-1, Class C, 0.94% 2026⁶		210		209
CarMaxAuto Owner Trust, Series 2021-1, Class D, 1.28% 2027⁶		206		205
CF Hippolyta LLC, Series 2020-1, Class A1, 1.69% 2060^3,6		10,894		11,080
CF Hippolyta LLC, Series 2020-1, Class A2, 1.99% 2060^3,6		2,076		2,110
CF Hippolyta LLC, Series 2020-1, Class B1, 2.28% 2060^3,6		3,567		3,631
CF Hippolyta LLC, Series 2020-1, Class B2, 2.60% 2060^3,6		386		392
CF Hippolyta LLC, Series 2021-1, Class A1, 1.53% 2061^3,6		6,360		6,409
CF Hippolyta LLC, Series 2021-1, Class B1, 1.98% 2061^3,6		2,014		2,034
CLI Funding V LLC, Series 2020-2A, Class A, 2.03% 2045^3,6		2,825		2,845
CLI Funding V LLC, Series 2020-3A, Class A, 2.07% 2045^3,6		5,890		5,950
CLI Funding V LLC, Series 2021-1A, Class A, 1.64% 2046^3,6		4,615		4,586
CLI Funding V LLC, Series 2021-1A, Class B, 2.38% 2046^3,6		518		514
CPS Auto Receivables Trust, Series 2019-B, Class C, 3.35% 2024^3,6		726		731
CPS Auto Receivables Trust, Series 2019-C, Class C, 2.84% 2025^3,6		743		752
CPS Auto Receivables Trust, Series 2019-C, Class D, 3.17% 2025^3,6		1,125		1,158
CPS Auto Receivables Trust, Series 2019-B, Class D, 3.69% 2025^3,6		3,045		3,112
CPS Auto Receivables Trust, Series 2021-A, Class C, 0.83% 2026^3,6		694		694
CPS Auto Receivables Trust, Series 2021-A, Class D, 1.16% 2026^3,6		590		587
Credit Acceptance Auto Loan Trust, Series 2020-1A, Class A, 2.01% 2029^3,6		7,411		7,542
Credit Acceptance Auto Loan Trust, Series 2021-3A, Class A, 1.00% 2030^3,6		1,900		1,905
Drive Auto Receivables Trust, Series 2021-1, Class B, 0.65% 2025⁶		2,524		2,530
Drive Auto Receivables Trust, Series 2019-3, Class C, 2.90% 2025⁶		4,910		5,003
Drive Auto Receivables Trust, Series 2019-2, Class C, 3.42% 2025⁶		4,610		4,676
Drive Auto Receivables Trust, Series 2019-3, Class D, 3.18% 2026⁶		4,020		4,183
Drive Auto Receivables Trust, Series 2021-1, Class C, 1.02% 2027⁶		5,369		5,396
Drive Auto Receivables Trust, Series 2021-1, Class D, 1.45% 2029⁶		4,053		4,081
Drivetime Auto Owner Trust, Series 2019-3, Class C, 2.74% 2025^3,6		880		892
Drivetime Auto Owner Trust, Series 2019-3, Class D, 2.96% 2025^3,6		1,915		1,981
Drivetime Auto Owner Trust, Series 2019-2A, Class C, 3.18% 2025^3,6		2,565		2,599
Drivetime Auto Owner Trust, Series 2019-2A, Class D, 3.48% 2025^3,6		4,250		4,387
Drivetime Auto Owner Trust, Series 2021-1A, Class C, 0.84% 2026^3,6		825		825
Drivetime Auto Owner Trust, Series 2021-1A, Class D, 1.16% 2026^3,6		449		448
Drivetime Auto Owner Trust, Series 2020-3A, Class C, 1.47% 2026^3,6		817		825
Drivetime Auto Owner Trust, Series 2021-2A, Class B, 0.81% 2027^3,6		1,179		1,183
Drivetime Auto Owner Trust, Series 2021-2A, Class C, 1.10% 2027^3,6		1,231		1,236
Drivetime Auto Owner Trust, Series 2021-2A, Class D, 1.50% 2027^3,6		832		837

American Funds Insurance Series

163

The Bond Fund of America (formerly Bond Fund) (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Asset-backed obligations (continued)
Dryden Senior Loan Fund, Series 2014-33A, Class AR3, CLO, (3-month USD-LIBOR + 1.00%) 1.184% 2029^3,6,7	$	400	$	400
EDvestinU Private Education Loan LLC, Series 2021-A, Class A, 1.80% 2045^3,6		592		594
Exeter Automobile Receivables Trust, Series 2019-3A, Class C, 2.79% 2024^3,6		5,000		5,064
Exeter Automobile Receivables Trust, Series 2019-2A, Class C, 3.30% 2024^3,6		2,145		2,168
Exeter Automobile Receivables Trust, Series 2019-1A, Class C, 3.82% 2024^3,6		2,040		2,055
Exeter Automobile Receivables Trust, Series 2021-2, Class B, 0.57% 2025⁶		1,663		1,665
Exeter Automobile Receivables Trust, Series 2020-3A, Class C, 1.32% 2025⁶		780		788
Exeter Automobile Receivables Trust, Series 2020-1A, Class D, 2.73% 2025^3,6		900		926
Exeter Automobile Receivables Trust, Series 2019-3A, Class D, 3.11% 2025^3,6		5,000		5,161
Exeter Automobile Receivables Trust, Series 2019-2A, Class D, 3.71% 2025^3,6		6,000		6,213
Exeter Automobile Receivables Trust, Series 2021-2, Class C, 0.98% 2026⁶		1,807		1,812
Exeter Automobile Receivables Trust, Series 2020-3A, Class D, 1.73% 2026⁶		1,012		1,030
Exeter Automobile Receivables Trust, Series 2021-2, Class D, 1.40% 2027⁶		2,612		2,612
FirstKey Homes Trust, Series 2020-SFR2, Class A, 1.266% 2037^3,6		18,121		18,111
Ford Credit Auto Owner Trust, Series 2018-2, Class A, 3.47% 2030^3,6		17,675		18,771
Ford Credit Auto Owner Trust, Series 2020-1, Class A, 2.04% 2031^3,6		1,127		1,171
Ford Credit Auto Owner Trust, Series 2018-1, Class A, 3.19% 2031^3,6		30,070		32,472
Ford Credit Floorplan Master Owner Trust, Series 2019-3, Class A1, 2.23% 2024⁶		2,625		2,687
Freedom Financial, Series 2021-2, Class A, 0.68% 2028^3,6		1,880		1,881
GCI Funding I LLC, Series 2020-1, Class A, 2.82% 2045^3,6		2,622		2,671
GCI Funding I LLC, Series 2021-1, Class A, 2.38% 2046^3,6		1,672		1,682
GCI Funding I LLC, Series 2021-1, Class B, 3.04% 2046^3,6		186		188
Global SC Finance VII SRL, Series 2020-2A, Class A, 2.26% 2040^3,6		3,535		3,574
Global SC Finance VII SRL, Series 2021-1A, Class A, 1.86% 2041^3,6		11,721		11,686
GM Financial Automobile Leasing Trust, Series 2020-2, Class C, 2.56% 2024⁶		301		311
GM Financial Automobile Leasing Trust, Series 2020-2, Class D, 3.21% 2024⁶		425		443
Hertz Vehicle Financing LLC, Series 2021-1A, Class A, 1.21% 2025^3,6		18,033		18,104
Hertz Vehicle Financing LLC, Series 2021-1A, Class B, 1.56% 2025^3,6		1,171		1,176
Hertz Vehicle Financing LLC, Series 2021-1A, Class C, 2.05% 2025^3,6		810		814
Hertz Vehicle Financing LLC, Series 2021-2A, Class A, 1.68% 2027^3,6		19,539		19,606
Hertz Vehicle Financing LLC, Series 2021-2A, Class B, 2.12% 2027^3,6		1,264		1,271
Hertz Vehicle Financing LLC, Series 2021-2A, Class C, 2.52% 2027^3,6		859		865
Hertz Vehicle Financing LLC, Rental Car Asset-Backed Notes, Series 2016-2A, Class B, 3.94% 2022^3,6		10		10
Hertz Vehicle Financing LLC, Rental Car Asset-Backed Notes, Series 2016-4A, Class A, 2.65% 2022^3,6		281		282
Hertz Vehicle Financing LLC, Rental Car Asset-Backed Notes, Series 2019-3A, Class A, 2.67% 2025^3,6		758		762
Hertz Vehicle Financing LLC, Rental Car Asset-Backed Notes, Series 2019-2A, Class A, 3.42% 2025^3,6		430		430
Madison Park Funding, Ltd., CLO, Series 2015-17A, Class AR2, (3-month USD-LIBOR + 1.00%) 1.186% 2030^3,6,7		900		900
Marathon CLO, Ltd., Series 2017-9A, Class A1AR, (3-month USD-LIBOR + 1.15%) 1.334% 2029^3,6,7		1,050		1,050
Navient Student Loan Trust, Series 2021-C, Class A, 1.06% 2069^3,6		6,263		6,282
Nelnet Student Loan Trust, Series 2021-A, Class APT1, 1.36% 2062^3,6		8,260		8,271
Nelnet Student Loan Trust, Series 2021-BA, Class AFX, 1.42% 2062^3,6		18,392		18,457
Newark BSL CLO 2, Ltd., Series 2017-1A, Class A1R, (3-month USD-LIBOR + 0.97%) 1.146% 2030^3,6,7		275		275
Palmer Square Loan Funding, CLO, Series 2019-2, Class A1, (3-month USD-LIBOR + 0.97%) 1.158% 2027^3,6,7		1,106		1,107
Palmer Square Loan Funding, CLO, Series 2019-1A, Class A1, (3-month USD-LIBOR + 1.05%) 1.238% 2027^3,6,7		1,933		1,934
Palmer Square Loan Funding, CLO, Series 2020-4, Class A1, (3-month USD-LIBOR + 1.00%) 1.147% 2028^3,6,7		2,209		2,211
Palmer Square Loan Funding, CLO, Series 2021-1, Class A1, (3-month USD-LIBOR + 0.90%) 1.055% 2029^3,6,7		450		450
PFS Financing Corp., Series 2021-B, Class A, 0.775% 2026^3,6		7,884		7,851

164	American Funds Insurance Series

The Bond Fund of America (formerly Bond Fund) (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Asset-backed obligations (continued)
Prestige Auto Receivables Trust, Series 2019-1A, Class C, 2.70% 2024^3,6	$	2,190	$	2,228
Prestige Auto Receivables Trust, Series 2019-1A, Class D, 3.01% 2025^3,6		1,355		1,390
Santander Drive Auto Receivables Trust, Series 2021-2, Class B, 0.59% 2025⁶		1,510		1,513
Santander Drive Auto Receivables Trust, Series 2019-2, Class D, 3.22% 2025⁶		3,110		3,214
Santander Drive Auto Receivables Trust, Series 2021-2, Class C, 0.90% 2026⁶		2,812		2,819
Santander Drive Auto Receivables Trust, Series 2020-3, Class C, 1.12% 2026⁶		3,344		3,375
Santander Drive Auto Receivables Trust, Series 2020-3, Class D, 1.64% 2026⁶		2,211		2,241
Santander Drive Auto Receivables Trust, Series 2021-2, Class D, 1.35% 2027⁶		1,802		1,806
Slam, Ltd., Series 2021-1, Class A, 2.434% 2046^3,6		2,914		2,921
Slam, Ltd., Series 2021-1, Class B, 3.422% 2046^3,6		537		545
Sound Point CLO, Ltd., Series 2015-1RA, Class AR, (3-month USD-LIBOR + 1.08%) 1.264% 2030^3,6,7		475		475
TAL Advantage V LLC, Series 2020-1A, Class A, 2.05% 2045^3,6		3,584		3,619
Textainer Marine Containers, Ltd., Series 2020-2A, Class A, 2.10% 2045^3,6		2,638		2,662
Textainer Marine Containers, Ltd., Series 2020-1A, Class A, 2.73% 2045^3,6		5,297		5,393
Textainer Marine Containers, Ltd., Series 2021-1A, Class A, 1.68% 2046^3,6		7,061		7,003
Textainer Marine Containers, Ltd., Series 2021-2A, Class A, 2.23% 2046^3,6		5,960		6,052
Textainer Marine Containers, Ltd., Series 2021-1A, Class B, 2.52% 2046^3,6		424		422
Toyota Auto Loan Extended Note Trust, Series 2019-1, Class A, 2.56% 2031^3,6		6,000		6,330
Triton Container Finance LLC, Series 2020-1A, Class A, 2.11% 2045^3,6		12,060		12,156
Triton Container Finance LLC, Series 2021-1A, Class A, 1.86% 2046^3,6		4,831		4,814
Triton Container Finance LLC, Series 2021-1A, Class B, 2.58% 2046^3,6		398		396
Westlake Automobile Receivables Trust, Series 2020-3A, Class C, 1.24% 2025^3,6		1,557		1,572
Westlake Automobile Receivables Trust, Series 2021-2, Class B, 0.62% 2026^3,6		1,690		1,691
Westlake Automobile Receivables Trust, Series 2021-2, Class C, 0.89% 2026^3,6		2,181		2,183
Westlake Automobile Receivables Trust, Series 2021-2, Class D, 1.23% 2026^3,6		1,446		1,447
Westlake Automobile Receivables Trust, Series 2020-3A, Class D, 1.65% 2026^3,6		3,023		3,063
				437,918

Municipals 1.71%
California 0.06%
G.O. Bonds, Series 2009, 7.50% 2034		2,100		3,312
High-Speed Passenger Train G.O. Rev. Ref. Bonds, Series 2017-A, 2.367% 2022		3,775		3,838
				7,150

Illinois 1.57%
City of Chicago, Board of Education, Unlimited Tax G.O. Bonds (Dedicated Rev.), Series 2010-C, 6.319% 2029		65		80
City of Chicago, Board of Education, Unlimited Tax G.O. Bonds (Dedicated Rev.), Series 2009-E, 6.138% 2039		30,835		37,690
City of Chicago, Board of Education, Unlimited Tax G.O. Bonds (Dedicated Rev.), Series 2010-D, 6.519% 2040		8,945		11,436
City of Chicago, Board of Education, Unlimited Tax G.O. Bonds (Qualified School Construction Bonds), Series 2009-G, 1.75% 2025		2,500		2,418
G.O. Bonds, Series 2013-B, 4.11% 2022		750		764
G.O. Bonds, Series 2013-B, 4.31% 2023		2,125		2,220
G.O. Bonds, Pension Funding, Series 2003, 4.95% 2023		16,192		17,308
G.O. Bonds, Pension Funding, Series 2003, 5.10% 2033		107,000		125,902
G.O. Bonds, Taxable Build America Bonds, Series 2010-5, 6.20% 2021		1,946		1,946
G.O. Bonds, Taxable Build America Bonds, Series 2010-2, 5.85% 2022		2,370		2,438
G.O. Bonds, Taxable Build America Bonds, Series 2010-2, 5.95% 2023		3,210		3,435
				205,637

New York 0.05%
Dormitory Auth., Taxable State Personal Income Tax Rev. Bonds (General Purpose), Series 2021-C, 2.202% 2034		6,390		6,459

American Funds Insurance Series

165

The Bond Fund of America (formerly Bond Fund) (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Municipals (continued)
Texas 0.03%
Grand Parkway Transportation Corp., Grand Parkway System Toll Rev. Ref. Bonds, Series 2020-B, 3.236% 2052	$	4,075	$	4,170

Total municipals				223,416

Bonds & notes of governments & government agencies outside the U.S. 0.82%
Colombia (Republic of) 5.75% 2027	COP	24,813,800		6,335
Dominican Republic 5.95% 2027³	$	8,100		9,129
Panama Bonos Del Tesoro 3.362% 2031		15,625		15,685
Paraguay (Republic of) 5.00% 2026		1,250		1,427
Peru (Republic of) 5.94% 2029	PEN	6,005		1,709
Peru (Republic of) 2.783% 2031	$	3,790		3,871
Peru (Republic of) 6.15% 2032	PEN	5,695		1,553
Philippines (Republic of) 3.20% 2046	$	4,900		4,924
Portuguese Republic 5.125% 2024		24,775		28,148
PT Indonesia Asahan Aluminium Tbk 5.23% 2021³		1,862		1,895
PT Indonesia Asahan Aluminium Tbk 5.71% 2023³		1,020		1,128
PT Indonesia Asahan Aluminium Tbk 4.75% 2025³		1,270		1,403
PT Indonesia Asahan Aluminium Tbk 5.45% 2030³		340		396
PT Indonesia Asahan Aluminium Tbk 5.80% 2050³		1,150		1,362
Qatar (State of) 4.50% 2028³		5,100		6,028
Qatar (State of) 5.103% 2048³		3,400		4,522
Saudi Arabia (Kingdom of) 3.628% 2027³		5,000		5,516
Saudi Arabia (Kingdom of) 3.625% 2028³		11,435		12,658
				107,689

Federal agency bonds & notes 0.10%
Fannie Mae 2.125% 2026¹		11,910		12,620

Total bonds, notes & other debt instruments (cost: $12,255,833,000)				12,682,238

Short-term securities 8.82%		Shares
Money market investments 8.82%
Capital Group Central Cash Fund 0.04%^11,12		11,531,431		1,153,143

Total short-term securities (cost: $1,153,188,000)				1,153,143
Total investment securities 105.87% (cost: $13,409,021,000)				13,835,381
Other assets less liabilities (5.87)%				(767,671	)

Net assets 100.00%			$	13,067,710

Futures contracts

Contracts	Type	Number of contracts	Expiration	Notional amount (000)		¹³	Value at 6/30/2021 (000)		¹⁴	Unrealized appreciation (depreciation) at 6/30/2021 (000)
90 Day Euro Dollar Futures	Long	2,010	December 2022	$	502,500		$	499,887			$	27
2 Year U.S. Treasury Note Futures	Long	1,886	October 2021		377,200			415,524				(442	)
5 Year U.S. Treasury Note Futures	Long	6,253	October 2021		625,300			771,806				(1,738	)
10 Year U.S. Treasury Note Futures	Short	3,423	September 2021		(342,300	)		(453,548	)			(1,223	)
10 Year Ultra U.S. Treasury Note Futures	Short	8,245	September 2021		(824,500	)		(1,213,690	)			(17,860	)

166	American Funds Insurance Series

The Bond Fund of America (formerly Bond Fund) (continued)

Futures contracts (continued)

Contracts	Type	Number of contracts	Expiration	Notional amount (000)		¹³	Value at 6/30/2021 (000)		¹⁴	Unrealized appreciation (depreciation) at 6/30/2021 (000)
20 Year U.S. Treasury Bond Futures	Long	1,761	September 2021	$	176,100		$	283,081			$	6,401
30 Year Ultra U.S. Treasury Bond Futures	Long	1,486	September 2021		148,600			286,334				8,734
											$	(6,101	)

Forward currency contracts

Contract amount				Unrealized appreciation (depreciation)
Purchases (000)	Sales (000)	Counterparty	Settlement date	at 6/30/2021 (000)
USD1,704	PEN6,550	Morgan Stanley	7/6/2021		$	2
PEN6,550	USD1,707	Morgan Stanley	7/6/2021			(5	)
USD6,649	COP24,638,500	Goldman Sachs	7/19/2021			90
USD1,711	PEN6,550	Morgan Stanley	8/6/2021			5
USD1,704	PEN6,550	Morgan Stanley	9/3/2021			(3	)
					$	89

Swap contracts

Interest rate swaps

Receive	Pay	Expiration date	Notional (000)			Value at 6/30/2021 (000)				Upfront premium paid (000)			Unrealized depreciation at 6/30/2021 (000)
3-month USD-LIBOR	1.972%	4/26/2051		$	23,200		$	(1,234	)		$	421		$	(1,655	)
3-month USD-LIBOR	1.9855%	4/26/2051			34,500			(1,949	)			516			(2,465	)
3-month USD-LIBOR	1.953%	4/27/2051			23,100			(1,122	)			523			(1,645	)
3-month USD-LIBOR	1.9895%	4/27/2051			35,700			(2,051	)			501			(2,552	)
3-month USD-LIBOR	1.9778%	4/28/2051			13,500			(737	)			227			(964	)
3-month USD-LIBOR	2.0295%	5/5/2051			30,800			(2,070	)			—			(2,070	)
3-month USD-LIBOR	1.759%	6/24/2051			27,250			(39	)			—			(39	)
											$	2,188		$	(11,390	)

Credit default swaps

Centrally cleared credit default swaps on credit indices — sell protection

Receive/
Payment frequency

Pay

Expiration
date

Notional
(000)

Value at
6/30/2021
(000)

Upfront
premium
paid
(000)

Unrealized
appreciation
at 6/30/2021
(000)

1.00%/Quarterly

CDX.NA.IG.36

6/20/2026

$79,545

$2,020

$1,932

$88

American Funds Insurance Series

167

The Bond Fund of America (formerly Bond Fund) (continued)

Investments in affiliates¹²

	Value of affiliate at 1/1/2021 (000)		Additions (000)		Reductions (000)		Net realized loss (000)			Net unrealized depreciation (000)			Value of affiliate at 6/30/2021 (000)		Dividend income (000)
Short-term securities 8.82%
Money market investments 8.82%
Capital Group Central Cash Fund 0.04%¹¹	$	2,690,045	$	3,231,675	$	4,768,460	$	(54	)	$	(63	)	$	1,153,143	$	990

¹	All or a portion of this security was pledged as collateral. The total value of pledged collateral was $38,469,000, which represented ..29% of the net assets of the fund.
²	Index-linked bond whose principal amount moves with a government price index.
³	Acquired in a transaction exempt from registration under Rule 144A of the Securities Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers. The total value of all such securities was $1,451,982,000, which represented 11.11% of the net assets of the fund.
⁴	Step bond; coupon rate may change at a later date.
⁵	Payment in kind; the issuer has the option of paying additional securities in lieu of cash. Most recent payment was 100% cash unless otherwise noted.
⁶	Principal payments may be made periodically. Therefore, the effective maturity date may be earlier than the stated maturity date.
⁷	Coupon rate may change periodically. Reference rate and spread are as of the most recent information available. Some coupon rates are determined by the issuer or agent based on current market conditions; therefore, the reference rate and spread are not available.
⁸	Amount less than one thousand.
⁹	Purchased on a TBA basis.
¹⁰	Valued under fair value procedures adopted by authority of the board of trustees. The total value of the security was $25,588,000, which represented .20% of the net assets of the fund.
¹¹	Rate represents the seven-day yield at 6/30/2021.
¹²	Part of the same “group of investment companies” as the fund as defined under the Investment Company Act of 1940, as amended.
¹³	Notional amount is calculated based on the number of contracts and notional contract size.
¹⁴	Value is calculated based on the notional amount and current market price.

Key to abbreviations and symbol

Auth. = Authority

CLO = Collateralized Loan Obligations

COP = Colombian pesos

G.O. = General Obligation

ICE = Intercontinental Exchange, Inc.

LIBOR = London Interbank Offered Rate

PEN = Peruvian nuevos soles Ref. = Refunding

SOFR = Secured Overnight Financing Rate

TBA = To-be-announced

USD/$ = U.S. dollars

See notes to financial statements.

168	American Funds Insurance Series

Capital World Bond Fund
Investment portfolio June 30, 2021	unaudited

Bonds, notes & other debt instruments 93.11%	Principal amount (000)		Value (000)
Euros 17.03%
Allianz SE 4.75% perpetual bonds (3-month EUR-EURIBOR + 3.60% on 10/24/2023)¹	€	4,200	$	5,496
Altria Group, Inc. 1.00% 2023		1,020		1,229
Altria Group, Inc. 1.70% 2025		1,600		1,997
Altria Group, Inc. 2.20% 2027		2,900		3,717
American Honda Finance Corp. 1.60% 2022		620		747
American Honda Finance Corp. 1.95% 2024		560		709
American Tower Corp. 0.45% 2027		2,525		2,998
American Tower Corp. 0.875% 2029		1,470		1,759
AT&T, Inc. 1.60% 2028		2,350		2,990
Bank of America Corp. 3.648% 2029 (3-month EUR-EURIBOR + 3.67% on 3/31/2028)^1,2		5,000		7,169
Barclays Bank PLC 6.625% 2022		1,070		1,333
CaixaBank, SA 2.25% 2030 (5-year EUR Annual (vs. 6-month EUR-EURIBOR) + 1.68% on 4/17/2025)¹		2,400		2,984
Comcast Corp. 0.25% 2027		1,250		1,490
Cote d’Ivoire (Republic of) 5.25% 2030		900		1,118
Cote d’Ivoire (Republic of) 5.875% 2031		840		1,073
Deutsche Telekom International Finance BV 7.50% 2033		200		411
Dow Chemical Co. 0.50% 2027		1,110		1,327
Egypt (Arab Republic of) 5.625% 2030		745		890
European Financial Stability Facility 0.40% 2025		6,000		7,329
European Union 0% 2031		1,905		2,255
European Union 0% 2035		220		249
European Union 0.20% 2036		390		451
French Republic O.A.T. 0% 2030		27,070		32,005
Germany (Federal Republic of) 0% 2030		14,570		17,788
Germany (Federal Republic of) 0% 2030		5,950		7,250
Germany (Federal Republic of) 0% 2036		5,150		6,058
Germany (Federal Republic of) 0% 2050		9,240		10,076
Goldman Sachs Group, Inc. 3.375% 2025²		5,000		6,650
Goldman Sachs Group, Inc. 1.00% 2033²		2,705		3,216
Greece (Hellenic Republic of) 3.375% 2025		21,435		28,649
Greece (Hellenic Republic of) 0.75% 2031		1,660		1,955
Greece (Hellenic Republic of) 1.875% 2052		1,690		2,108
Groupe BPCE SA 4.625% 2023		1,200		1,560
Groupe BPCE SA 1.00% 2025		2,900		3,557
Honeywell International, Inc. 0.75% 2032		370		446
Intesa Sanpaolo SpA 6.625% 2023		510		685
Ireland (Republic of) 0.20% 2030		900		1,081
Israel (State of) 2.875% 2024		1,180		1,514
Israel (State of) 1.50% 2027		775		994
Israel (State of) 1.50% 2029		725		943
Italy (Republic of) 1.85% 2025		21,390		27,267
Italy (Republic of) 0.95% 2027		1,745		2,149
Italy (Republic of) 0.25% 2028		15,970		18,755
Italy (Republic of) 2.80% 2028		5,828		8,076
Italy (Republic of) 1.35% 2030		1,657		2,081
Italy (Republic of) 1.65% 2030		7,400		9,500
JPMorgan Chase & Co. 0.389% 2028 (3-month EUR-EURIBOR + 0.65% on 2/24/2027)^1,2		3,208		3,819
Latvia (Republic of) 0% 2031		1,280		1,499
Lloyds Banking Group PLC 1.75% 2028 (5-year EUR-EURIBOR + 1.30% on 9/7/2023)¹		2,400		2,948
Morocco (Kingdom of) 3.50% 2024		1,400		1,819
Morocco (Kingdom of) 1.375% 2026		1,130		1,361
Morocco (Kingdom of) 2.00% 2030		1,285		1,512
Morocco (Kingdom of) 1.50% 2031		4,100		4,574
Petroleos Mexicanos 5.50% 2025		2,520		3,279
Philippines (Republic of) 0.25% 2025		1,470		1,751
Philippines (Republic of) 0.70% 2029		940		1,111
Portuguese Republic 0.475% 2030		1,610		1,947
Quebec (Province of) 0.25% 2031		920		1,090

American Funds Insurance Series

169

Capital World Bond Fund (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Euros (continued)
Romania 3.624% 2030	€	7,175	$	9,855
Romania 2.00% 2032		1,605		1,928
Romania 2.00% 2033		6,910		8,146
Romania 3.375% 2038		4,170		5,432
Russian Federation 2.875% 2025		4,500		5,840
Serbia (Republic of) 3.125% 2027		11,497		15,193
Serbia (Republic of) 1.50% 2029		4,943		5,918
Spain (Kingdom of) 0.80% 2027		2,280		2,844
Spain (Kingdom of) 1.45% 2029		1,890		2,467
Spain (Kingdom of) 1.25% 2030		4,740		6,087
Spain (Kingdom of) 0.50% 2031		765		909
Spain (Kingdom of) 2.70% 2048		850		1,323
State Grid Europe Development PLC 1.50% 2022		194		232
State Grid Overseas Investment, Ltd. 1.25% 2022		765		917
State Grid Overseas Investment, Ltd. 1.375% 2025		441		546
State Grid Overseas Investment, Ltd. 2.125% 2030		200		260
Stryker Corp. 0.25% 2024		480		575
Stryker Corp. 0.75% 2029		980		1,190
Stryker Corp. 1.00% 2031		450		551
Takeda Pharmaceutical Company, Ltd. 2.25% 2026		2,275		2,984
Tunisia (Republic of) 6.75% 2023		5,209		5,993
Turkey (Republic of) 4.375% 2027		950		1,119
Ukraine 6.75% 2026		4,344		5,632
Ukraine 4.375% 2030		2,705		3,003
Verizon Communications, Inc. 0.375% 2029		3,470		4,082
				363,820

Japanese yen 10.19%
Export-Import Bank of India 0.59% 2022	¥	400,000		3,593
Goldman Sachs Group, Inc. 2.80% 2022²		100,000		914
Groupe BPCE SA 0.64% 2022		400,000		3,610
Indonesia (Republic of) 0.54% 2022		100,000		903
Intesa Sanpaolo SpA 1.36% 2022		600,000		5,429
Japan, Series 19, 0.10% 2024³		1,844,567		16,863
Japan, Series 18, 0.10% 2024³		1,024,182		9,354
Japan, Series 20, 0.10% 2025³		680,720		6,235
Japan, Series 21, 0.10% 2026³		989,215		9,098
Japan, Series 346, 0.10% 2027		2,525,700		22,984
Japan, Series 23, 0.10% 2028³		1,993,182		18,413
Japan, Series 356, 0.10% 2029		3,529,000		32,083
Japan, Series 24, 0.10% 2029³		1,608,477		14,895
Japan, Series 116, 2.20% 2030		576,100		6,178
Japan, Series 145, 1.70% 2033		1,851,000		19,739
Japan, Series 152, 1.20% 2035		1,442,500		14,712
Japan, Series 21, 2.30% 2035		720,000		8,378
Japan, Series 173, 0.40% 2040		492,000		4,410
Japan, Series 37, 0.60% 2050		694,500		6,129
Japan, Series 70, 0.70% 2051		335,500		3,028
KT Corp. 0.38% 2021		200,000		1,800
Philippines (Republic of) 0.001% 2024		900,000		8,048
United Mexican States 0.62% 2022		100,000		903
				217,699

Chinese yuan renminbi 9.06%
Agricultural Development Bank of China 3.75% 2029	CNY	9,850		1,548
Agricultural Development Bank of China 2.96% 2030		90,980		13,498
China (People’s Republic of), Series 1916, 3.12% 2026		85,830		13,383
China (People’s Republic of), Series INBK, 2.85% 2027		79,290		12,141
China (People’s Republic of), Series IMBK, 3.28% 2027		1,650		259
China (People’s Republic of), Series 1906, 3.29% 2029		73,800		11,573
China (People’s Republic of), Series INBK, 3.27% 2030		58,490		9,174
China (People’s Republic of), Series 1910, 3.86% 2049		205,560		32,810

170	American Funds Insurance Series

Capital World Bond Fund (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Chinese yuan renminbi (continued)
China (People’s Republic of), Series INBK, 3.39% 2050	CNY	17,330	$	2,543
China Development Bank Corp., Series 1814, 4.15% 2025		20,900		3,349
China Development Bank Corp., Series 1909, 3.50% 2026		10,400		1,624
China Development Bank Corp., Series 1904, 3.68% 2026		11,700		1,841
China Development Bank Corp., Series 2009, 3.39% 2027		11,130		1,723
China Development Bank Corp., Series 2004, 3.43% 2027		192,390		29,880
China Development Bank Corp., Series 1805, 4.04% 2028		131,350		21,044
China Development Bank Corp., Series 1805, 4.88% 2028		33,380		5,605
China Development Bank Corp., Series 1905, 3.48% 2029		128,200		19,817
China Development Bank Corp., Series 2005, 3.07% 2030		78,250		11,707
				193,519

British pounds 3.36%
American Honda Finance Corp. 0.75% 2026	£	1,420		1,939
France Télécom 5.375% 2050		300		676
Lloyds Banking Group PLC 7.625% 2025		655		1,125
United Kingdom 2.75% 2024		1,210		1,810
United Kingdom 4.25% 2027		2,800		4,801
United Kingdom 0.375% 2030		4,970		6,643
United Kingdom 4.75% 2030		14,360		27,157
United Kingdom 0.625% 2035		9,062		11,808
United Kingdom 0.875% 2046		6,030		7,675
United Kingdom 0.625% 2050		2,805		3,299
United Kingdom 1.25% 2051		3,560		4,930
				71,863

Danish kroner 2.49%
Nordea Kredit 0.50% 2040⁴	DKr	19,129		2,924
Nykredit Realkredit AS, Series 01E, 0.50% 2040⁴		144,109		22,106
Nykredit Realkredit AS, Series 01E, 0.50% 2043⁴		184,657		28,091
				53,121

Brazilian reais 2.43%
Brazil (Federative Republic of) 0% 2021	BRL	147,000		29,191
Brazil (Federative Republic of) 6.00% 2022³		57,071		11,998
Brazil (Federative Republic of) 6.00% 2024³		49,223		10,680
				51,869

Canadian dollars 2.10%
Canada 1.00% 2022	C$	1,050		854
Canada 2.25% 2025		15,900		13,544
Canada 0.25% 2026		5,800		4,524
Canada 2.25% 2029		26,105		22,667
Canada 2.75% 2048		3,500		3,388
				44,977

Mexican pesos 1.96%
Petróleos Mexicanos 7.19% 2024	MXN	83,847		3,986
Petróleos Mexicanos 7.47% 2026		95,267		4,293
United Mexican States, Series M, 7.50% 2027		412,420		21,583
United Mexican States, Series M20, 8.50% 2029		140,400		7,757
United Mexican States, Series M30, 8.50% 2038		21,100		1,171
United Mexican States, Series M, 8.00% 2047		56,500		2,992
				41,782

Russian rubles 1.67%
Russian Federation 7.00% 2023	RUB	430,300		5,919
Russian Federation 7.15% 2025		436,320		6,033
Russian Federation 6.90% 2029		403,750		5,501
Russian Federation 7.65% 2030		712,330		10,141
Russian Federation 5.90% 2031		79,600		1,000

American Funds Insurance Series

171

Capital World Bond Fund (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Russian rubles (continued)
Russian Federation 8.50% 2031	RUB	82,440	$	1,244
Russian Federation 7.70% 2033		295,840		4,244
Russian Federation 7.25% 2034		121,920		1,691
				35,773

Australian dollars 1.23%
Australia (Commonwealth of), Series 163, 1.00% 2031	A$	32,670		23,263
Australia (Commonwealth of), Series 162, 1.75% 2051		4,620		3,067
				26,330

Malaysian ringgits 1.09%
Malaysia (Federation of), Series 0310, 4.498% 2030	MYR	8,420		2,217
Malaysia (Federation of), Series 0418, 4.893% 2038		45,447		11,887
Malaysia (Federation of), Series 0519, 3.757% 2040		40,283		9,134
				23,238

Indonesian rupiah 0.70%
Indonesia (Republic of), Series 84, 7.25% 2026	IDR	22,733,000		1,679
Indonesia (Republic of), Series 56, 8.375% 2026		6,725,000		522
Indonesia (Republic of), Series 59, 7.00% 2027		11,000,000		805
Indonesia (Republic of), Series 78, 8.25% 2029		53,220,000		4,098
Indonesia (Republic of), Series 82, 7.00% 2030		39,572,000		2,827
Indonesia (Republic of), Series 87, 6.50% 2031		17,649,000		1,210
Indonesia (Republic of), Series 74, 7.50% 2032		7,073,000		516
Indonesia (Republic of), Series 65, 6.625% 2033		17,683,000		1,217
Indonesia (Republic of), Series 68, 8.375% 2034		27,353,000		2,092
				14,966

Colombian pesos 0.52%
Colombia (Republic of) 5.75% 2027	COP	14,059,000		3,589
Colombia (Republic of) 7.25% 2050		31,167,000		7,607
				11,196

South Korean won 0.43%
South Korea (Republic of), Series 2503, 1.50% 2025	KRW	5,183,670		4,582
South Korea (Republic of), Series 2712, 2.375% 2027		5,158,930		4,701
				9,283

Indian rupees 0.38%
India (Republic of) 5.15% 2025	INR	331,570		4,382
National Highways Authority of India 7.17% 2021		220,000		3,005
National Highways Authority of India 7.27% 2022		50,000		691
				8,078

Czech korunas 0.37%
Czech Republic 0% 2024	CZK	72,100		3,197
Czech Republic 1.25% 2025		102,510		4,723
				7,920

Ukrainian hryvnia 0.35%
Ukraine 16.06% 2022	UAH	86,536		3,358
Ukraine 17.00% 2022		60,180		2,331
Ukraine 17.25% 2022		47,384		1,819
				7,508

Norwegian kroner 0.32%
Norway (Kingdom of) 1.75% 2025	NKr	56,450		6,735

172	American Funds Insurance Series

Capital World Bond Fund (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Ghanaian cedi 0.13%
Ghana (Republic of) 18.85% 2023	GHS	15,260	$	2,723

South African rand 0.11%
South Africa (Republic of) 8.00% 2030	ZAR	7,920		527
South Africa (Republic of), Series R-2048, 8.75% 2048		30,850		1,831
				2,358

Peruvian nuevos soles 0.08%
Peru (Republic of) 6.15% 2032	PEN	5,980		1,631

Polish zloty 0.07%
Poland (Republic of), Series 1029, 2.75% 2029	PLN	4,900		1,407

Romanian leu 0.06%
Romania 4.75% 2025	RON	5,000		1,295

U.S. dollars 36.98%
7-Eleven, Inc. 0.95% 2026²	$	520		511
7-Eleven, Inc. 1.80% 2031²		2,015		1,929
Abbott Laboratories 3.40% 2023		137		146
AbbVie, Inc. 2.90% 2022		1,170		1,209
AbbVie, Inc. 3.20% 2022		200		207
Abu Dhabi (Emirate of) 2.50% 2025²		2,195		2,335
ACE INA Holdings, Inc. 2.875% 2022		195		201
ACE INA Holdings, Inc. 3.35% 2026		195		214
ACE INA Holdings, Inc. 4.35% 2045		425		538
Advisor Group Holdings, LLC 6.25% 2028²		425		449
Aetna, Inc. 2.80% 2023		340		354
Affinity Gaming 6.875% 2027²		390		415
AG Merger Sub II, Inc. 10.75% 2027²		311		346
Albertsons Companies, Inc. 3.50% 2029²		125		124
Alcoa Netherlands Holding BV 5.50% 2027²		200		217
Alcoa Netherlands Holding BV 4.125% 2029²		75		78
Alexandria Real Estate Equities, Inc. 1.875% 2033		2,047		1,939
Alliant Holdings Intermediate, LLC 6.75% 2027²		410		431
Allied Universal Holdco LLC 9.75% 2027²		325		358
Allied Universal Holdco LLC 6.00% 2029²		500		508
Allison Transmission Holdings, Inc. 3.75% 2031²		100		98
Allstate Corp. 0.75% 2025		1,563		1,548
Almonde, Inc., Term Loan, (3-month USD-LIBOR + 7.25%) 8.25% 2025^5,6		650		658
Altice France SA 5.125% 2029²		200		201
Altice NV 7.50% 2026²		50		52
Altria Group, Inc. 5.95% 2049		131		168
Amazon.com, Inc. 1.50% 2030		2,040		1,996
Amazon.com, Inc. 2.50% 2050		2,500		2,368
American Airlines, Inc. 5.50% 2026²		200		212
American Airlines, Inc. 5.75% 2029²		200		217
American Campus Communities, Inc. 3.75% 2023		1,810		1,898
American Campus Communities, Inc. 4.125% 2024		1,195		1,301
American Campus Communities, Inc. 3.875% 2031		514		571
American Electric Power Company, Inc. 1.00% 2025		250		248
Amgen, Inc. 1.90% 2025		580		601
Amgen, Inc. 2.20% 2027		445		462
Amipeace, Ltd. 2.50% 2024		4,100		4,298
Anglo American Capital PLC 2.25% 2028²		454		460
Anglo American Capital PLC 3.95% 2050²		521		567
Angola (Republic of) 9.50% 2025		2,400		2,634

American Funds Insurance Series

173

Capital World Bond Fund (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
U.S. dollars (continued)
Anheuser-Busch InBev NV 4.75% 2029	$	2,535	$	3,022
Anheuser-Busch InBev NV 4.50% 2050		2,250		2,743
Antero Resources Corp. 5.375% 2030²		80		82
Apache Corp. 4.625% 2025		100		108
Apache Corp. 4.375% 2028		171		182
Apache Corp. 5.10% 2040		100		105
Apollo Commercial Real Estate Finance, Inc. 4.625% 2029²		325		321
Apple, Inc. 3.35% 2027		1,075		1,195
Apple, Inc. 2.40% 2050		1,100		1,034
Ardagh Group SA 6.50% 2027^2,7		210		221
Ardagh Metal Packaging Finance USA LLC 4.00% 2029²		200		199
Ardagh Packaging Finance 5.25% 2027²		200		204
Aretec Escrow Issuer, Inc. 7.50% 2029²		495		511
Argentine Republic 0.125% 2030 (0.50% on 7/9/2021)¹		1,921		693
Argentine Republic 0.125% 2035 (1.125% on 7/9/2021)¹		3,025		965
Arthur J. Gallagher & Co. 2.50% 2031		208		210
Arthur J. Gallagher & Co. 3.50% 2051		34		36
Ascent Resources - Utica LLC 8.25% 2028²		230		253
Ascent Resources - Utica LLC 5.875% 2029²		100		100
Associated Materials, LLC 9.00% 2025²		400		425
AssuredPartners, Inc. 7.00% 2025²		200		205
AssuredPartners, Inc. 5.625% 2029²		230		230
AstraZeneca Finance LLC 1.75% 2028		685		685
AstraZeneca Finance LLC 2.25% 2031		100		102
AstraZeneca PLC 3.50% 2023		2,700		2,869
AstraZeneca PLC 3.00% 2051		657		681
Atkore, Inc. 4.25% 2031²		135		137
ATS Automation Tooling Systems, Inc. 4.125% 2028²		230		236
Avantor Funding, Inc. 4.625% 2028²		200		211
Avis Budget Car Rental, LLC 5.75% 2027²		185		193
Avis Budget Group, Inc. 5.25% 2025²		75		76
Avis Budget Group, Inc. 4.75% 2028²		100		103
Avis Budget Group, Inc. 5.375% 2029²		95		99
Axalta Coating Systems LLC 4.75% 2027²		200		210
Axiata SPV2 Bhd. 2.163% 2030		651		643
Azul Investments LLP 7.25% 2026²		300		295
B&G Foods, Inc. 5.25% 2025		100		103
B&G Foods, Inc. 5.25% 2027		210		219
Baidu, Inc. 3.425% 2030		675		732
Banff Merger Sub, Inc. 9.75% 2026²		210		221
Bank of America Corp. 2.456% 2025 (3-month USD-LIBOR + 0.87% on 10/22/2024)¹		847		887
Bank of America Corp. 1.197% 2026 (USD-SOFR + 1.01% on 10/24/2025)¹		7,710		7,645
Bank of America Corp. 1.658% 2027 (USD-SOFR + 0.91% on 3/11/2026)¹		4,600		4,639
Bank of America Corp. 1.734% 2027 (USD-SOFR + 0.96% on 7/22/2026)¹		3,745		3,776
Bausch Health Companies, Inc. 9.25% 2026²		795		866
Bausch Health Companies, Inc. 5.75% 2027²		200		213
Bausch Health Companies, Inc. 4.875% 2028²		245		251
Bausch Health Companies, Inc. 5.00% 2028²		215		204
Bausch Health Companies, Inc. 5.25% 2031²		235		220
Bayer AG 3.375% 2024²		840		903
Bayer US Finance II LLC 4.25% 2025²		203		226
Bayerische Motoren Werke AG 2.95% 2022²		3,675		3,755
Bayerische Motoren Werke AG 3.90% 2025²		900		993
Bayerische Motoren Werke AG 4.15% 2030²		900		1,051
Beasley Mezzanine Holdings, LLC 8.625% 2026²		125		127
Belarus (Republic of) 7.625% 2027		2,100		2,055
Berkshire Hathaway Energy Company 2.85% 2051		300		291
Black Knight, Inc. 3.625% 2028²		335		334
Blue Racer Midstream LLC and Blue Racer Finance Corp. 7.625% 2025²		120		130
BMC Software, Inc. 7.125% 2025²		70		75
BMC Software, Inc. 9.125% 2026²		150		159
BNP Paribas 2.871% 2032 (USD-SOFR + 1.387% on 4/19/2032)^1,2		1,275		1,310

174	American Funds Insurance Series

Capital World Bond Fund (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
U.S. dollars (continued)
Boeing Company 5.15% 2030	$	4,000	$	4,740
Bombardier, Inc. 6.125% 2023²		65		69
Bombardier, Inc. 7.50% 2025²		125		129
Bombardier, Inc. 7.125% 2026²		175		183
Bombardier, Inc. 7.875% 2027²		325		338
Bombardier, Inc. 7.45% 2034²		125		134
Booz Allen Hamilton, Inc. 4.00% 2029²		15		15
Boyd Gaming Corp. 4.75% 2027		220		228
Boyd Gaming Corp. 4.75% 2031²		90		93
Boyne USA, Inc. 4.75% 2029²		45		47
BP Capital Markets America, Inc. 2.939% 2051		2,280		2,188
Brandywine Operating Partnership LP 3.95% 2023		190		198
Braskem SA 4.50% 2030²		745		778
Brightstar Escrow Corp. 9.75% 2025²		180		194
Bristow Group, Inc. 6.875% 2028²		175		179
British American Tobacco PLC 2.789% 2024		1,150		1,209
British American Tobacco PLC 3.215% 2026		955		1,014
British American Tobacco PLC 3.557% 2027		1,545		1,655
British American Tobacco PLC 3.462% 2029		1,150		1,216
British American Tobacco PLC 4.758% 2049		894		971
Broadcom, Inc. 3.15% 2025		212		227
Broadcom, Inc. 4.15% 2030		1,450		1,628
Broadcom, Inc. 3.419% 2033²		698		734
Broadcom, Inc. 3.469% 2034²		48		51
Broadcom, Inc. 3.75% 2051²		926		968
BroadStreet Partners, Inc. 5.875% 2029²		250		256
Brookfield Property REIT, Inc. 5.75% 2026²		820		863
Brookfield Residential Properties, Inc. 5.00% 2029²		100		101
Burger King Corp. 3.875% 2028²		150		152
BWX Technologies, Inc. 4.125% 2029²		265		270
Cablevision Systems Corp. 6.75% 2021		950		971
Caesars Entertainment, Inc. 6.25% 2025²		50		53
California Resources Corp. 7.125% 2026²		100		105
Canadian Natural Resources, Ltd. 2.95% 2030		2,343		2,431
Carnival Corp. 11.50% 2023²		2,630		2,963
Carrier Global Corp. 2.242% 2025		530		551
Carrols Restaurant Group, Inc. 5.875% 2029²		130		129
Carvana Co. 5.50% 2027²		70		72
Catalent, Inc. 3.125% 2029²		75		73
CCO Holdings LLC and CCO Holdings Capital Corp. 5.75% 2026²		159		165
CCO Holdings LLC and CCO Holdings Capital Corp. 3.75% 2028		2,650		2,925
CCO Holdings LLC and CCO Holdings Capital Corp. 4.50% 2030²		975		1,016
CCO Holdings LLC and CCO Holdings Capital Corp. 4.75% 2030²		165		175
CCO Holdings LLC and CCO Holdings Capital Corp. 4.25% 2031²		305		311
CCO Holdings LLC and CCO Holdings Capital Corp. 4.50% 2032		100		104
CCO Holdings LLC and CCO Holdings Capital Corp. 4.50% 2033²		282		289
CEC Entertainment, Inc. 6.75% 2026²		200		206
Centene Corp. 4.25% 2027		200		211
Centene Corp. 2.45% 2028		105		107
Centene Corp. 4.625% 2029		405		446
Centene Corp. 2.50% 2031		155		153
Central Garden & Pet Co. 4.125% 2030		99		101
Central Garden & Pet Co. 4.125% 2031²		120		122
Charles River Laboratories International, Inc. 4.25% 2028²		150		155
Charles River Laboratories International, Inc. 3.75% 2029²		30		30
Cheniere Energy Partners LP 5.625% 2026		100		104
Cheniere Energy Partners LP 4.50% 2029		210		226
Cheniere Energy Partners LP 4.00% 2031²		100		105
Cheniere Energy, Inc. 4.625% 2028²		405		428
Chesapeake Energy Corp. 4.875% 2022⁸		915		26
Chesapeake Energy Corp. 5.50% 2026²		100		106
Chesapeake Energy Corp. 5.875% 2029²		85		92

American Funds Insurance Series

175

Capital World Bond Fund (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
U.S. dollars (continued)
China Construction Bank Corp. (Hong Kong Branch) 1.00% 2023	$	6,000	$	6,016
Cigna Corp. 4.125% 2025		830		931
Cigna Corp. 2.40% 2030		380		388
Cigna Corp. 2.375% 2031		2,977		3,022
Cinemark USA, Inc. 5.875% 2026²		75		79
Cinemark USA, Inc. 5.25% 2028²		100		103
Cirsa Gaming Corp. SA 7.875% 2023²		400		409
Citigroup, Inc. 2.35% 2021		1,500		1,503
Citigroup, Inc. 0.981% 2025 (USD-SOFR + 0.669% on 5/1/2024)¹		808		810
Citigroup, Inc. 3.106% 2026 (USD-SOFR + 2.842% on 3/8/2026)¹		4,500		4,818
Clarivate Science Holdings Corp. 3.875% 2028²		110		111
Clarivate Science Holdings Corp. 4.875% 2029²		140		144
Cleveland-Cliffs, Inc. 9.875% 2025²		281		330
Cleveland-Cliffs, Inc. 6.75% 2026²		315		340
Cleveland-Cliffs, Inc. 5.875% 2027		100		105
Cleveland-Cliffs, Inc. 4.625% 2029²		125		132
Cleveland-Cliffs, Inc. 4.875% 2031²		200		210
CMS Energy Corp. 3.875% 2024		100		107
CMS Energy Corp. 3.00% 2026		1,200		1,285
CNX Resources Corp. 7.25% 2027²		210		225
CNX Resources Corp. 6.00% 2029²		225		244
Cogent Communications Group, Inc. 3.50% 2026²		375		384
Colombia (Republic of) 3.875% 2027		350		372
Comcast Corp. 3.95% 2025		2,610		2,926
Commonwealth Bank of Australia 2.688% 2031²		4,650		4,653
Community Health Systems, Inc. 5.625% 2027²		90		96
Community Health Systems, Inc. 6.00% 2029²		230		246
Compass Diversified Holdings 5.25% 2029²		365		380
Comstock Resources, Inc. 6.75% 2029²		140		149
Comstock Resources, Inc. 5.875% 2030²		175		179
Constellation Oil Services Holding SA 10.00% 2024 (100% PIK)^2,7,8		2,741		781
Constellium SE 3.75% 2029²		125		124
Consumers Energy Co. 3.375% 2023		345		364
Convey Park Energy LLC 7.50% 2025²		125		130
CoreCivic, Inc. 8.25% 2026		289		300
CoreLogic, Inc. 4.50% 2028²		584		580
CoreLogic, Inc., Term Loan, (3-month USD-LIBOR + 6.50%) 7.00% 2029^5,6		150		151
Corporate Office Properties LP 2.75% 2031		1,212		1,223
Costa Rica (Republic of) 6.125% 2031²		640		680
CQP Holdco LP / BIP-V Chinook Holdco LLC 5.50% 2031²		650		678
Crédit Agricole SA 4.375% 2025²		1,100		1,212
Crédit Agricole SA 1.907% 2026 (USD-SOFR + 1.676% on 6/16/2025)^1,2		2,675		2,729
Credit Suisse Group AG 2.95% 2025		875		937
Credit Suisse Group AG 3.091% 2032 (USD-SOFR + 1.73% on 5/14/2031)^1,2		1,000		1,032
Crestwood Midstream Partners LP 6.00% 2029²		150		157
Crown Castle International Corp. 2.50% 2031		679		685
CSX Corp. 3.80% 2050		75		86
CSX Corp. 2.50% 2051		1,075		979
CVR Partners LP 9.25% 2023²		34		34
CVR Partners LP 6.125% 2028²		120		123
CVS Health Corp. 3.50% 2022		430		442
CVS Health Corp. 3.70% 2023		97		102
DaimlerChrysler North America Holding Corp. 2.00% 2021²		2,100		2,100
Dana, Inc. 5.625% 2028		410		445
Dana, Inc. 4.25% 2030		80		82
Danske Bank AS 2.70% 2022²		1,400		1,422
Danske Bank AS 3.875% 2023²		1,675		1,784
Darling Ingredients, Inc. 5.25% 2027²		210		221
DaVita, Inc. 4.625% 2030²		200		206
DCP Midstream LP 7.375% junior subordinated perpetual bonds (3-month USD-LIBOR + 5.148% on 12/15/2022)¹		50		49
Dell International LLC / EMC Corp. 8.10% 2036		110		168

176	American Funds Insurance Series

Capital World Bond Fund (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
U.S. dollars (continued)
Dell International LLC / EMC Corp. 8.35% 2046	$	81	$	133
Dell, Inc. 6.50% 2038		53		68
Dell, Inc. 5.40% 2040		25		30
Deluxe Corp. 8.00% 2029²		150		163
Deutsche Bank AG 2.129% 2026 (USD-SOFR + 1.87% on 11/24/2025)¹		850		863
Deutsche Bank AG 3.547% 2031 (USD-SOFR + 3.043% on 9/18/2030)¹		1,500		1,598
Deutsche Telekom International Finance BV 1.95% 2021²		575		576
Deutsche Telekom International Finance BV 2.82% 2022²		1,675		1,693
Deutsche Telekom International Finance BV 9.25% 2032		930		1,509
Diamond Foreign Asset Co. / Diamond Finance LLC 9.00% 2027^2,6,7,9,10		30		30
Diamond Foreign Asset Co. / Diamond Finance LLC 9.00% 2027^6,7,9,10		27		27
Diamond Sports Group LLC 6.625% 2027²		385		190
Diebold Nixdorf AG, Term Loan B, (3-month USD-LIBOR + 2.75%) 2.897% 2023^5,6		108		106
Diebold Nixdorf, Inc. 9.375% 2025²		630		701
Diebold, Inc. 8.50% 2024		150		154
Discovery Communications, Inc. 3.625% 2030		468		511
Diversified Healthcare Trust 4.375% 2031		300		288
Dominican Republic 5.50% 2025²		1,375		1,513
Dominican Republic 8.625% 2027²		225		276
Dominican Republic 6.40% 2049²		1,613		1,738
DPL, Inc. 4.125% 2025		270		290
DT Midstream, Inc. 4.125% 2029²		185		188
Duke Energy Corp. 3.75% 2024		550		592
Duke Energy Progress, LLC 3.70% 2028		1,225		1,380
Dun & Bradstreet Corp. 6.875% 2026²		123		131
Edison International 5.75% 2027		370		421
Edison International 4.125% 2028		2,390		2,546
Egypt (Arab Republic of) 7.50% 2027²		2,200		2,478
Elastic NV 4.125% 2029²		75		75
Electricité de France SA 4.875% 2038²		795		979
Element Solutions, Inc. 3.875% 2028²		150		153
Embarq Corp. 7.995% 2036		266		302
EMD Finance LLC 2.95% 2022²		225		228
EMD Finance LLC 3.25% 2025²		2,924		3,142
Empire Communities Corp. 7.00% 2025²		100		105
Empresas Publicas de Medellin ESP 4.25% 2029²		1,030		1,022
Enbridge, Inc. 4.00% 2023		600		641
Enbridge, Inc. 2.50% 2025		900		944
Enbridge, Inc. 4.25% 2026		655		739
Enbridge, Inc. 3.70% 2027		754		832
Enbridge, Inc. 3.40% 2051		464		467
Encompass Health Corp. 4.50% 2028		100		104
Encompass Health Corp. 4.75% 2030		145		154
Endo DAC / Endo Finance LLC / Endo Finco 9.50% 2027²		551		563
Endo DAC / Endo Finance LLC / Endo Finco 6.00% 2028²		292		197
Endo Luxembourg Finance Co. I SARL / Endo U.S., Inc. 6.125% 2029²		225		221
Enel Finance International SA 2.75% 2023²		5,000		5,187
Enel Finance International SA 3.625% 2027²		2,375		2,612
Enel Finance International SA 3.50% 2028²		1,800		1,974
Energean Israel Finance, Ltd. 4.50% 2024²		80		82
Energizer Holdings, Inc. 4.375% 2029²		210		211
Energy Transfer Operating LP 5.00% 2050		5,567		6,447
Energy Transfer Partners LP 4.20% 2027		110		122
Energy Transfer Partners LP 6.00% 2048		70		89
Energy Transfer Partners LP 6.25% 2049		910		1,196
EnLink Midstream Partners, LLC 5.625% 2028²		135		143
ENN Energy Holdings, Ltd. 2.625% 2030²		2,982		2,981
Entergy Corp. 0.90% 2025		750		741
Entergy Texas, Inc. 1.75% 2031		525		504
EQM Midstream Partners LP 6.50% 2027²		340		380
EQM Midstream Partners LP 4.50% 2029²		75		76
EQM Midstream Partners LP 4.75% 2031²		70		72

American Funds Insurance Series

177

Capital World Bond Fund (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
U.S. dollars (continued)
EQT Corp. 8.50% 2030 (8.25% on 8/1/2021)¹	$	50	$	65
Equinix, Inc. 1.80% 2027		1,145		1,160
Equinix, Inc. 2.15% 2030		9,390		9,339
Essex Portfolio LP 3.50% 2025		2,835		3,071
Essex Portfolio LP 3.375% 2026		885		960
European Investment Bank 2.25% 2022		700		710
Everi Holdings Inc. 5.00% 2029²		55		56
Exelon Corp., junior subordinated, 3.497% 2022¹		525		538
Export-Import Bank of India 3.25% 2030		3,489		3,552
Fannie Mae, Series 2012-M17, Class A2, Multi Family, 2.184% 2022⁴		1,024		1,042
Fannie Mae Pool #MA2754 3.00% 2026⁴		120		126
Fannie Mae Pool #AB4281 3.00% 2027⁴		19		20
Fannie Mae Pool #AP7888 3.50% 2042⁴		457		497
Fannie Mae Pool #AQ0770 3.50% 2042⁴		164		178
Fannie Mae Pool #AO4151 3.50% 2042⁴		157		170
Fertitta Entertainment, Inc. 6.75% 2024²		150		152
Fidelity National Information Services, Inc. 2.25% 2031		47		47
First Quantum Minerals, Ltd. 7.25% 2023²		265		270
First Quantum Minerals, Ltd. 7.50% 2025²		495		515
First Quantum Minerals, Ltd. 6.875% 2026²		325		340
First Quantum Minerals, Ltd. 6.875% 2027²		440		480
FirstEnergy Corp. 4.40% 2027¹		1,800		1,960
FirstEnergy Corp. 3.40% 2050		240		236
FirstEnergy Transmission LLC 2.866% 2028²		2,325		2,411
FMG Resources 4.375% 2031²		325		348
Ford Motor Credit Company LLC 3.81% 2024		530		555
Ford Motor Credit Company LLC 5.125% 2025		1,035		1,141
Ford Motor Credit Company LLC 2.90% 2028		200		199
Ford Motor Credit Company LLC 4.00% 2030		125		131
Fortress Transportation and Infrastructure Investors LLC 5.50% 2028²		90		94
France Télécom 9.00% 2031¹		2,434		3,832
Freddie Mac Pool #ZS8588 3.00% 2030⁴		75		80
Freedom Mortgage Corp. 7.625% 2026²		225		235
Freeport-McMoRan, Inc. 3.875% 2023		75		78
Freeport-McMoRan, Inc. 4.25% 2030		275		295
Freeport-McMoRan, Inc. 5.45% 2043		100		122
Fresnillo PLC 4.25% 2050²		973		991
Front Range BidCo, Inc. 6.125% 2028²		200		205
Frontier Communications Corp. 5.875% 2027²		125		134
Frontier Communications Corp. 5.00% 2028²		125		129
Frontier Communications Corp. 6.75% 2029²		125		133
Frontier Communications Holdings, LLC 5.875% 2029		400		408
FS Energy and Power Fund 7.50% 2023²		575		596
FXI Holdings, Inc. 7.875% 2024²		150		155
FXI Holdings, Inc. 12.25% 2026²		652		753
Gartner, Inc. 4.50% 2028²		150		159
General Motors Company 6.125% 2025		117		139
General Motors Financial Co. 5.20% 2023		1,190		1,282
General Motors Financial Co. 1.05% 2024		725		729
General Motors Financial Co. 2.40% 2028		2,250		2,286
Genesis Energy LP 8.00% 2027		360		379
Georgia (Republic of) 2.75% 2026²		400		408
Glencore Funding LLC 1.625% 2026²		2,838		2,850
Global Infrastructure Solutions, Inc. 5.625% 2029²		250		260
Global Payments, Inc. 1.20% 2026		817		810
Global Payments, Inc. 2.90% 2030		683		712
Goldman Sachs Group, Inc. 2.905% 2023 (3-month USD-LIBOR + 0.99% on 7/24/2022)¹		1,200		1,230
Goldman Sachs Group, Inc. 1.542% 2027 (USD-SOFR + 0.818% on 9/10/2026)¹		1,080		1,078
Goldman Sachs Group, Inc. 2.615% 2032 (USD-SOFR + 1.281% on 4/22/2031)¹		2,510		2,566
Goodyear Tire & Rubber Co. 5.00% 2029²		210		220
GPC Merger Sub, Inc. 7.125% 2028²		210		227

178	American Funds Insurance Series

Capital World Bond Fund (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
U.S. dollars (continued)
Grab Holding, Inc., Term Loan B, (3-month USD-LIBOR + 4.50%) 5.50% 2026^5,6	$	75	$	76
Gray Television, Inc. 7.00% 2027²		210		228
Groupe BPCE SA 5.15% 2024²		1,800		2,006
Grupo Energia Bogota SA ESP 4.875% 2030²		660		720
Guara Norte SARL 5.198% 2034²		197		205
Hanesbrands, Inc. 4.625% 2024²		85		90
Hanesbrands, Inc. 5.375% 2025²		86		91
Hanesbrands, Inc. 4.875% 2026²		245		265
Harsco Corp. 5.75% 2027²		360		378
Harvest Midstream I LP 7.50% 2028²		140		152
HAT Holdings I LLC / HAT Holdings II LLC 3.375% 2026²		150		151
HCA, Inc. 5.375% 2025		55		62
HCA, Inc. 5.875% 2026		125		145
HCA, Inc. 5.625% 2028		315		374
HCA, Inc. 5.25% 2049		170		217
Hexion, Inc. 7.875% 2027²		370		400
Hightower Holding, LLC 6.75% 2029²		85		87
Hilcorp Energy I LP 5.75% 2029²		80		84
Hilcorp Energy I LP 6.00% 2031²		45		48
Hilton Grand Vacations Borrower LLC 5.00% 2029²		450		461
Hilton Worldwide Holdings, Inc. 4.00% 2031²		130		131
Howard Hughes Corp. 5.375% 2028²		435		463
Howard Hughes Corp. 4.125% 2029²		205		206
Howard Hughes Corp. 4.375% 2031²		130		130
Howmet Aerospace, Inc. 6.875% 2025		190		221
HSBC Holdings PLC 3.033% 2023 (3-month USD-LIBOR + 0.923% on 11/12/2022)¹		430		446
HSBC Holdings PLC 2.633% 2025 (3-month USD-LIBOR + 1.14% on 11/7/2024)¹		305		320
HSBC Holdings PLC 4.292% 2026 (3-month USD-LIBOR + 1.348% on 9/12/2025)¹		4,172		4,646
HSBC Holdings PLC 2.357% 2031 (USD-SOFR + 1.947% on 8/18/2030)¹		1,032		1,034
Huarong Finance 2017 Co., Ltd., (3-month USD-LIBOR + 1.15%) 1.32% 2022⁶		200		154
Huarong Finance 2017 Co., Ltd., (3-month USD-LIBOR + 0.185%) 2.031% 2022⁶		507		416
Huarong Finance 2017 Co., Ltd., (3-month USD-LIBOR + 1.325%) 1.525% 2023⁶		408		304
Huarong Finance 2017 Co., Ltd. 4.75% 2027		400		281
Huarong Finance 2019 Co., Ltd., (3-month USD-LIBOR + 1.125%) 1.275% 2023⁶		976		730
Huarong Finance 2019 Co., Ltd. 3.75% 2024		200		148
Huarong Finance II Co., Ltd. 5.00% 2025		607		439
Huarong Finance II Co., Ltd. 5.50% 2025		880		653
Huarong Finance II Co., Ltd. 4.875% 2026		600		423
HUB International, Ltd. 7.00% 2026²		275		286
Hyundai Capital America 3.25% 2022²		250		258
Hyundai Capital America 0.875% 2024²		1,200		1,195
Hyundai Capital America 1.50% 2026²		925		919
Hyundai Capital America 2.375% 2027²		1,284		1,315
Hyundai Capital America 2.00% 2028²		600		596
Hyundai Capital Services, Inc. 3.75% 2023²		2,450		2,572
Imperial Tobacco Finance PLC 3.50% 2023²		2,000		2,069
Independence Energy Finance LLC 7.25% 2026²		150		158
Ingles Markets, Inc. 4.00% 2031²		325		325
International Game Technology PLC 6.50% 2025²		500		561
International Game Technology PLC 4.125% 2026²		250		261
International Game Technology PLC 5.25% 2029²		200		215
Intesa Sanpaolo SpA 5.017% 2024²		3,270		3,560
Inversiones Latin America Power 5.125% 2033²		200		198
Investment Energy Resources, Ltd. 6.25% 2029²		200		217
Iqvia, Inc. 5.00% 2027²		200		210
Iraq (Republic of) 6.752% 2023²		545		559
Iron Mountain, Inc. 5.25% 2030²		290		307
Iron Mountain, Inc. 4.50% 2031²		100		101
Israel (State of) 2.50% 2030		3,850		4,040
Israel (State of) 2.75% 2030		1,135		1,213
Israel (State of) 3.375% 2050		1,470		1,574
Israel (State of) 3.875% 2050		795		922

American Funds Insurance Series

179

Capital World Bond Fund (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
U.S. dollars (continued)
J2 Global, Inc. 4.625% 2030²	$	220	$	228
Jazz Securities DAC 4.375% 2029²		200		208
JBS Luxembourg SARL 3.625% 2032²		200		200
JPMorgan Chase & Co. 1.045% 2026 (USD-SOFR + 0.80% on 11/19/2025)¹		6,710		6,628
JPMorgan Chase & Co. 1.578% 2027 (USD-SOFR + 0.885% on 4/22/2026)¹		1,722		1,732
Kantar Group LLC, Term Loan B, (3-month USD-LIBOR + 4.50%) 5.25% 2026^5,6		65		65
KB Home 6.875% 2027		370		442
Kennedy-Wilson Holdings, Inc. 4.75% 2029		325		335
Kennedy-Wilson Holdings, Inc. 5.00% 2031		125		129
Kenya (Republic of) 6.875% 2024		1,300		1,433
Keurig Dr Pepper, Inc. 4.597% 2028		2,740		3,220
Keurig Dr Pepper, Inc. 3.20% 2030		146		158
Keurig Dr Pepper, Inc. 5.085% 2048		1,075		1,422
Kimberly-Clark Corp. 1.05% 2027		770		754
Kimberly-Clark Corp. 3.10% 2030		110		122
Kraft Heinz Company 3.875% 2027		300		330
Kraft Heinz Company 5.00% 2042		250		306
Kraft Heinz Company 4.375% 2046		740		840
Kronos Acquisition Holdings, Inc. 5.00% 2026²		95		97
Kronos Acquisition Holdings, Inc. 7.00% 2027²		225		226
Kuwait (State of) 2.75% 2022²		3,550		3,615
Lamar Media Corp. 3.75% 2028		210		214
Lamar Media Corp. 3.625% 2031²		75		73
LD Holdings Group LLC 6.125% 2028²		125		125
Level 3 Financing, Inc. 3.75% 2029²		125		122
Levi Strauss & Co. 3.50% 2031²		125		125
LGI Homes, Inc. 4.00% 2029²		105		106
Liberty Global PLC 5.50% 2028²		250		263
Ligado Networks LLC 15.50% 2023 (100% PIK)^2,7		243		240
Lima Metro Line 2 Finance, Ltd. 5.875% 2034²		1,027		1,200
Lima Metro Line 2 Finance, Ltd. 5.875% 2034		703		822
Lima Metro Line 2 Finance, Ltd. 4.35% 2036²		630		654
Limited Brands, Inc. 6.625% 2030²		40		46
Limited Brands, Inc. 6.875% 2035		25		32
Lithia Motors, Inc. 3.875% 2029²		90		93
Lloyds Banking Group PLC 1.326% 2023 (1-year UST Yield Curve Rate T Note Constant Maturity on 6/15/2022)¹		1,825		1,840
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		7,008
LPL Financial Holdings, Inc. 4.625% 2027²		395		410
LPL Financial Holdings, Inc. 4.375% 2031²		110		112
LSB Industries, Inc. 9.625% 2023²		760		782
LSC Communications, Inc. 8.75% 2023^2,8,9,10		431		23
LSF9 Atlantis Holdings LLC / Victra Finance Corp. 7.75% 2026²		155		161
Magic MergerCo, Inc. 5.25% 2028²		150		154
Magic MergerCo, Inc. 7.875% 2029²		150		155
Mallinckrodt PLC 10.00% 2025²		1,190		1,331
Marriott Ownership Resorts, Inc. 4.50% 2029²		20		20
Masco Corp. 1.50% 2028		791		773
MasTec, Inc. 4.50% 2028²		100		105
MDC Partners, Inc. 7.50% 2024^1,2		470		476
Medical Properties Trust, Inc. 3.50% 2031		155		157
Medtronic, Inc. 3.50% 2025		1,091		1,198
Meituan Dianping 2.125% 2025		1,730		1,718
Melco International Development, Ltd. 5.375% 2029²		200		212
Mercer International, Inc. 5.125% 2029²		130		134
Meredith Corp. 6.875% 2026		161		168
Methanex Corp. 5.125% 2027		240		260
Methanex Corp. 5.65% 2044		240		249
Mexico City Airport Trust 5.50% 2047		432		439
MGM Growth Properties LLC 3.875% 2029²		100		102
MGM Resorts International 7.75% 2022		200		209

180	American Funds Insurance Series

Capital World Bond Fund (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
U.S. dollars (continued)
MH Sub I, LLC, Term Loan, (3-month USD-LIBOR + 6.25%) 6.345% 2029^5,6	$	25	$	26
MicroStrategy, Inc. 6.125% 2028²		50		50
MidCap Financial Issuer Trust 6.50% 2028²		200		210
MidCap Financial Issuer Trust 5.625% 2030²		125		126
Mohegan Gaming & Entertainment 8.00% 2026²		380		398
Molina Healthcare, Inc. 5.375% 2022		1,200		1,259
Molina Healthcare, Inc. 3.875% 2030²		75		78
Morgan Stanley 1.593% 2027 (USD-SOFR + 0.879% on 5/4/2026)¹		2,164		2,180
Morgan Stanley 1.928% 2032 (USD-SOFR + 1.02% on 4/28/2031)¹		1,396		1,358
MPLX LP 2.65% 2030		837		846
MPLX LP 5.50% 2049		1,900		2,465
MSCI, Inc. 5.375% 2027²		125		134
MSCI, Inc. 3.625% 2031²		150		154
MSCI, Inc. 3.875% 2031²		410		426
Mueller Water Products, Inc. 4.00% 2029²		130		134
National Financial Partners Corp. 6.875% 2028²		210		222
Nationstar Mortgage Holdings, Inc. 5.125% 2030²		135		135
Navient Corp. 5.50% 2023		440		465
Navient Corp. 5.875% 2024		730		789
Navient Corp. 6.125% 2024		100		108
Navient Corp. 4.875% 2028		80		81
NCL Corp., Ltd. 3.625% 2024²		345		334
NCL Corp., Ltd. 5.875% 2026²		115		121
NCR Corp. 5.125% 2029²		250		258
Neiman Marcus Group LLC 7.125% 2026²		325		347
Neon Holdings, Inc. 10.125% 2026²		70		77
NESCO Holdings II, Inc. 5.50% 2029²		75		78
Nestlé Holdings, Inc. 0.625% 2026²		4,538		4,458
Netflix, Inc. 4.875% 2028		150		175
Netflix, Inc. 4.875% 2030²		225		268
New Fortress Energy, Inc. 6.50% 2026²		570		583
New York Life Global Funding 1.20% 2030²		2,725		2,557
Newcrest Finance Pty, Ltd. 3.25% 2030²		909		978
Newell Rubbermaid, Inc. 4.70% 2026		100		112
Newell Rubbermaid, Inc. 5.875% 2036¹		100		124
News Corp. 3.875% 2029²		125		126
Nexstar Broadcasting, Inc. 4.75% 2028²		215		221
Nexstar Escrow Corp. 5.625% 2027²		100		106
NextEra Energy Capital Holdings, Inc. 0.65% 2023		4,225		4,243
NFP Corp. 4.875% 2028²		250		254
NGL Energy Operating LLC 7.50% 2026²		490		515
NGL Energy Partners LP 7.50% 2023		350		345
Niagara Mohawk Power Corp. 3.508% 2024²		180		194
Nielsen Finance LLC and Nielsen Finance Co. 5.00% 2025²		125		129
Nielsen Finance LLC and Nielsen Finance Co. 5.625% 2028²		210		222
NIKE, Inc. 3.375% 2050		602		679
Northern Oil and Gas, Inc. 8.125% 2028²		300		324
NorthRiver Midstream Finance LP 5.625% 2026²		220		229
Nouryon Holding BV 8.00% 2026²		210		223
Nova Chemicals Corp. 5.00% 2025²		115		123
Nova Chemicals Corp. 5.25% 2027²		120		129
Nova Chemicals Corp. 4.25% 2029²		95		96
Novelis Corp. 4.75% 2030²		200		210
Oasis Midstream Partners LP / OMP Finance Corp. 8.00% 2029²		185		197
Oasis Petroleum, Inc. 6.375% 2026²		35		37
Occidental Petroleum Corp. 2.70% 2023		230		236
Occidental Petroleum Corp. 5.875% 2025		240		267
Occidental Petroleum Corp. 6.375% 2028		234		274
Occidental Petroleum Corp. 6.125% 2031		50		59
State of Ohio, Turnpike and Infrastructure Commission, Turnpike Rev. Ref. Bonds (Infrastructure Projects), Series 2020-A, 3.216% 2048		1,410		1,450
Oleoducto Central SA 4.00% 2027²		2,535		2,619


American Funds Insurance Series	181

Capital World Bond Fund (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
U.S. dollars (continued)
Oleoducto Central SA 4.00% 2027	$	630	$	651
ONEOK, Inc. 6.35% 2031		31		40
ONEOK, Inc. 4.95% 2047		111		131
ONEOK, Inc. 5.20% 2048		1,378		1,691
ONEOK, Inc. 4.45% 2049		3,510		3,887
ONEOK, Inc. 7.15% 2051		355		523
Oracle Corp. 2.65% 2026		2,327		2,457
Oracle Corp. 3.25% 2027		1,880		2,048
Oracle Corp. 3.60% 2050		980		1,008
Oracle Corp. 3.95% 2051		122		133
Organon Finance 1 LLC 5.125% 2031²		105		108
OSW Structured Asset Trust, Series 2020-RPL1, Class A1, 3.072% 2059^2,4,6		582		587
Oversea-Chinese Banking Corp., Ltd. 1.832% 2030 (5-year UST Yield Curve Rate T Note Constant Maturity + 1.58% on 9/10/2025)^1,2		1,416		1,420
Owens & Minor, Inc. 4.375% 2024		425		445
Owens & Minor, Inc. 4.50% 2029²		135		139
Pacific Gas and Electric Co. 2.95% 2026		590		604
Pacific Gas and Electric Co. 2.10% 2027		9,935		9,659
Pacific Gas and Electric Co. 3.30% 2027		659		683
Pacific Gas and Electric Co. 4.65% 2028		542		597
Pacific Gas and Electric Co. 4.55% 2030		783		838
Pacific Gas and Electric Co. 3.25% 2031		975		960
Pacific Gas and Electric Co. 3.30% 2040		6,850		6,201
Pacific Gas and Electric Co. 3.50% 2050		931		831
Pakistan (Islamic Republic of) 5.50% 2021²		3,535		3,563
Pakistan (Islamic Republic of) 5.625% 2022		2,170		2,235
Panama (Republic of) 3.75% 2026²		1,440		1,556
Panther BF Aggregator 2 LP 6.25% 2026²		49		52
Panther BF Aggregator 2 LP 8.50% 2027²		200		218
Paraguay (Republic of) 4.625% 2023		947		999
Paraguay (Republic of) 5.00% 2026		235		268
Paraguay (Republic of) 4.70% 2027²		350		398
Paraguay (Republic of) 5.60% 2048²		2,340		2,758
Paraguay (Republic of) 5.40% 2050²		1,510		1,768
Park Intermediate Holdings LLC 4.875% 2029²		135		140
Party City Holdings, Inc. 8.75% 2026²		175		187
PayPal Holdings, Inc. 2.30% 2030		541		560
Peabody Energy Corp. 8.50% 2024 (29.41% PIK)^2,7		45		34
Peninsula Pacific Entertainment LLC 8.50% 2027²		125		134
Peru (Republic of) 2.392% 2026		500		517
Petróleos Mexicanos 6.875% 2025²		1,340		1,485
Petróleos Mexicanos 6.875% 2026		4,260		4,661
Petróleos Mexicanos 7.69% 2050		250		241
Petróleos Mexicanos 6.95% 2060		201		178
PETRONAS Capital, Ltd. 3.50% 2030²		605		664
PG&E Corp. 5.00% 2028		220		223
PG&E Corp. 5.25% 2030		125		127
Philip Morris International, Inc. 2.10% 2030		634		632
Plains All American Pipeline LP 3.80% 2030		352		377
Post Holdings, Inc. 4.625% 2030²		579		589
Power Financial Corp., Ltd. 3.35% 2031		1,870		1,836
PowerTeam Services, LLC 9.033% 2025²		200		220
Precision Drilling Corp. 7.125% 2026²		125		129
Precision Drilling Corp. 6.875% 2029²		150		155
Prestige Brands International, Inc. 3.75% 2031²		90		87
Procter & Gamble Company 3.00% 2030		338		373
Progress Energy, Inc. 7.75% 2031		150		214
PT Bank Negara Indonesia (Persero) Tbk 3.75% 2026		600		612
PT Indofood CBP Sukses Makmur Tbk 3.398% 2031		1,795		1,823
PT Indonesia Asahan Aluminium Tbk 5.23% 2021²		555		565
PT Indonesia Asahan Aluminium Tbk 5.71% 2023		960		1,062
PT Indonesia Asahan Aluminium Tbk 5.45% 2030²		500		582


182	American Funds Insurance Series

Capital World Bond Fund (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
U.S. dollars (continued)
PTT Exploration and Production PCL 2.587% 2027²	$	200	$	208
Public Service Electric and Gas Co. 2.05% 2050		415		359
Puget Energy, Inc. 6.00% 2021		1,023		1,033
Puget Energy, Inc. 5.625% 2022		480		499
Qatar (State of) 3.40% 2025²		4,805		5,238
Qatar (State of) 5.103% 2048²		530		705
Qatar Petroleum 1.375% 2026²		1,325		1,324
Qatar Petroleum 3.125% 2041²		3,255		3,243
Qatar Petroleum 3.30% 2051²		1,045		1,045
Rabobank Nederland 4.625% 2023		2,180		2,384
Radiology Partners, Inc. 9.25% 2028²		220		244
Range Resources Corp. 8.25% 2029²		55		62
Raptor Acquisition Corp. 4.875% 2026²		375		381
Raptor Acquisition Corp. / Raptor Co-Issuer LLC, Term Loan B, (3-month USD-LIBOR + 4.00%) 4.75% 2026^5,6		90		90
Rattler Midstream Partners LP 5.625% 2025²		135		142
Rayonier A.M. Products, Inc. 7.625% 2026²		40		42
Real Hero Merger Sub 2, Inc. 6.25% 2029²		25		26
Realogy Corp. 5.75% 2029²		235		246
Renewable Energy Group, Inc. 5.875% 2028²		80		84
Reynolds American, Inc. 4.45% 2025		2,115		2,344
RHP Hotel Properties LP / RHP Finance Corp. 4.50% 2029²		60		60
Rocket Software, Inc. 6.50% 2029²		100		99
Royal Bank of Canada 0.875% 2026		4,660		4,599
Royal Bank of Canada 1.20% 2026		2,200		2,200
Royal Caribbean Cruises, Ltd. 11.50% 2025²		95		110
RP Escrow Issuer, LLC 5.25% 2025²		75		79
Russian Federation 4.25% 2027		1,400		1,565
SA Global Sukuk, Ltd. 0.946% 2024²		1,530		1,530
SA Global Sukuk, Ltd. 1.602% 2026²		835		835
SA Global Sukuk, Ltd. 2.694% 2031²		1,725		1,749
Sabine Pass Liquefaction, LLC 4.50% 2030		88		102
Santander Holdings USA, Inc. 3.244% 2026		3,750		4,012
Saudi Arabia (Kingdom of) 2.894% 2022²		1,900		1,936
Saudi Arabia (Kingdom of) 2.90% 2025		2,000		2,144
Saudi Arabia (Kingdom of) 3.628% 2027²		1,900		2,096
Saudi Arabia (Kingdom of) 3.625% 2028²		3,840		4,251
Saudi Arabian Oil Co. 1.625% 2025²		430		435
Scentre Group 3.50% 2025²		210		226
Scentre Group 3.75% 2027²		110		121
Scientific Games Corp. 5.00% 2025²		539		558
Scientific Games Corp. 8.25% 2026²		420		451
SCIH Salt Holdings, Inc. 4.875% 2028²		335		336
SCIH Salt Holdings, Inc. 6.625% 2029²		65		65
Scotts Miracle-Gro Co. 4.50% 2029		200		208
Sensata Technologies Holding BV 4.00% 2029²		550		559
Service Properties Trust 5.50% 2027		85		91
ServiceNow, Inc. 1.40% 2030		1,830		1,719
Simmons Foods, Inc. 4.625% 2029²		225		227
Sinclair Television Group, Inc. 5.125% 2027²		155		156
Sinclair Television Group, Inc. 4.125% 2030²		230		226
Sirius XM Radio, Inc. 5.00% 2027²		125		131
Sirius XM Radio, Inc. 4.00% 2028²		225		232
Six Flags Entertainment Corp. 4.875% 2024²		230		233
Sizzling Platter LLC 8.50% 2025²		200		207
SK hynix, Inc. 1.50% 2026²		1,343		1,326
Skandinaviska Enskilda Banken AB 2.80% 2022		2,100		2,137
SkyMiles IP, Ltd. 4.75% 2028²		210		234
SM Energy Co. 6.50% 2028		50		51
Solera Holdings, Inc., Term Loan B, (3-month USD-LIBOR + 4.00%) 4.50% 2028^5,6		250		251
Southern California Edison Co. 2.85% 2029		200		208
Southwestern Energy Co. 6.45% 2025¹		200		222


American Funds Insurance Series	183

Capital World Bond Fund (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
U.S. dollars (continued)
Southwestern Energy Co. 7.50% 2026	$	75	$	80
Southwestern Energy Co. 7.75% 2027		25		27
Southwestern Energy Co. 8.375% 2028		60		68
Springleaf Finance Corp. 6.125% 2024		650		700
Sprint Corp. 7.625% 2026		180		220
Sprint Corp. 6.875% 2028		980		1,258
Square, Inc. 2.75% 2026²		350		357
Square, Inc. 3.50% 2031²		125		126
Sri Lanka (Democratic Socialist Republic of) 6.25% 2021		5,574		5,490
Sri Lanka (Democratic Socialist Republic of) 5.75% 2022		6,554		6,034
Sri Lanka (Democratic Socialist Republic of) 5.75% 2023		2,890		2,164
SRS Distribution, Inc. 6.125% 2029²		60		62
State Grid Overseas Investment, Ltd. 3.50% 2027²		5,600		6,177
Stericycle, Inc. 3.875% 2029²		225		225
Studio City Finance, Ltd. 5.00% 2029²		200		202
Suburban Propane Partners LP / Suburban Energy Finance Corp. 5.00% 2031²		125		128
Summer (BC) BidCo B LLC 5.50% 2026²		200		204
Summit Materials, Inc. 6.50% 2027²		210		223
Sunoco Logistics Operating Partners LP 4.00% 2027		1,490		1,640
Sunoco LP 5.50% 2026		210		217
Sunoco LP 4.50% 2029²		345		352
Superior Plus LP and Superior General Partner, Inc. 4.50% 2029²		50		52
Surgery Center Holdings 10.00% 2027²		210		231
Swiss Re Finance (Luxembourg) SA 5.00% 2049 (5-year UST Yield Curve Rate T Note Constant Maturity + 3.582% on 4/2/2029)^1,2		800		912
Syneos Health, Inc. 3.625% 2029²		45		45
Talen Energy Corp. 10.50% 2026²		255		185
Talen Energy Corp. 7.25% 2027²		510		477
Talen Energy Supply, LLC 7.625% 2028²		70		66
Targa Resources Partners LP 5.875% 2026		125		132
Targa Resources Partners LP 5.50% 2030		230		253
Targa Resources Partners LP 4.875% 2031²		90		98
Teekay Offshore Partners LP 8.50% 2023²		550		506
Telesat Canada / Telesat LLC 5.625% 2026²		45		45
Tencent Holdings, Ltd. 3.24% 2050²		7,950		7,804
Tencent Music Entertainment Group 2.00% 2030		610		589
Tenet Healthcare Corp. 4.875% 2026²		465		483
Teva Pharmaceutical Finance Co. BV 2.20% 2021		71		71
Teva Pharmaceutical Finance Co. BV 2.80% 2023		4,361		4,351
Teva Pharmaceutical Finance Co. BV 6.00% 2024		4,600		4,889
Teva Pharmaceutical Finance Co. BV 7.125% 2025		3,910		4,316
Teva Pharmaceutical Finance Co. BV 3.15% 2026		2,900		2,762
State of Texas, Grand Parkway Transportation Corp., Grand Parkway System Toll Rev. Ref. Bonds, Series 2020-B, 3.236% 2052		1,780		1,821
The Home Co., Inc. 7.25% 2025²		290		308
Thermo Fisher Scientific, Inc. 4.133% 2025		1,170		1,298
T-Mobile US, Inc. 2.625% 2026		150		154
T-Mobile US, Inc. 2.625% 2029		75		74
Total Capital International 3.127% 2050		804		817
Total Play Telecomunicaciones, SA de CV 7.50% 2025²		230		244
Toyota Motor Credit Corp. 3.375% 2030		453		508
TransCanada PipeLines, Ltd. 4.10% 2030		1,342		1,543
TransDigm, Inc. 6.25% 2026²		204		215
TransDigm, Inc. 5.50% 2027		65		68
TransDigm, Inc. 4.625% 2029²		115		115
Transocean Guardian, Ltd. 5.875% 2024²		40		39
Transocean Poseidon, Ltd. 6.875% 2027²		130		131
Transocean, Inc. 6.125% 2025²		87		88
Transocean, Inc. 7.25% 2025²		150		131
Transocean, Inc. 8.00% 2027²		150		126
Trilogy International South Pacific LLC / TISP Finance, Inc. 8.875% 2023²		1,635		1,633
Triton Water Holdings, Inc. 6.25% 2029²		145		146


184	American Funds Insurance Series

Capital World Bond Fund (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
U.S. dollars (continued)
Trivium Packaging BV 8.50% 2027²	$	200	$	218
Truck Hero, Inc., Term Loan B, (3-month USD-LIBOR + 3.75%) 4.50% 2028^5,6		25		25
Turkey (Republic of) 6.25% 2022		1,880		1,960
Turkey (Republic of) 5.75% 2024		2,500		2,599
Turkey (Republic of) 6.35% 2024		2,220		2,334
U.S. Treasury 0.125% 2022		12,340		12,337
U.S. Treasury 0.125% 2023¹¹		24,000		23,980
U.S. Treasury 2.625% 2023		6,900		7,180
U.S. Treasury 1.875% 2024		4,515		4,710
U.S. Treasury 2.75% 2025		10,140		10,968
U.S. Treasury 2.875% 2025		5,400		5,893
U.S. Treasury 0.50% 2026		7,453		7,341
U.S. Treasury 1.625% 2031		4,600		4,672
U.S. Treasury 1.125% 2040		9,170		7,910
U.S. Treasury 1.875% 2041¹¹		23,490		22,977
U.S. Treasury 2.25% 2041		5,810		6,042
U.S. Treasury 2.75% 2047		1,625		1,846
U.S. Treasury 3.00% 2048		5,045		6,013
U.S. Treasury 1.25% 2050¹¹		2,100		1,711
U.S. Treasury 1.625% 2050¹¹		2,580		2,312
U.S. Treasury 2.375% 2051¹¹		12,310		13,137
U.S. Treasury Inflation-Protected Security 0.125% 2051³		3,835		4,204
Uber Technologies, Inc. 8.00% 2026²		300		324
UBS Group AG 1.008% 2024 (5-year UST Yield Curve Rate T Note Constant Maturity + 0.83% on 7/30/2023)^1,2		1,950		1,965
UKG, Inc., Term Loan B, (3-month USD-LIBOR + 3.25%) 4.00% 2026^5,6		318		318
Ukraine 7.75% 2022		3,010		3,168
UniCredit SpA 3.75% 2022²		1,750		1,792
Uniform Mortgage-Backed Security 1.50% 2036^4,12		4,897		4,941
Unisys Corp. 6.875% 2027²		50		55
United Airlines Holdings, Inc. 6.50% 2027²		290		320
United Airlines, Inc., Pass Through Trust Certificates, Series 2020-1, Class B, 4.875% 2027		89		95
United Airlines, Inc. 4.375% 2026²		55		57
United Airlines, Inc. 4.625% 2029²		145		150
United Mexican States 3.25% 2030		2,685		2,779
United Rentals, Inc. 5.25% 2030		150		165
United Technologies Corp. 4.125% 2028		1,900		2,188
United Wholesale Mortgage, LLC 5.50% 2029²		75		75
Univision Communications, Inc. 6.625% 2027²		220		239
Univision Communications, Inc. 4.50% 2029²		350		353
UPC Broadband Finco BV 4.875% 2031²		200		201
Vale Overseas, Ltd. 3.75% 2030		1,873		1,997
Valeant Pharmaceuticals International, Inc. 6.125% 2025²		388		398
Valvoline, Inc. 3.625% 2031²		210		211
Venator Materials Corp. 5.75% 2025²		590		582
Venator Materials Corp. 9.50% 2025²		420		474
Veritas Holdings, Ltd. 10.50% 2024²		200		206
Verizon Communications, Inc. 3.15% 2030		575		621
Verizon Communications, Inc. 2.55% 2031		2,100		2,148
Verizon Communications, Inc. 3.40% 2041		3,460		3,665
Vertical Holdco GMBH 7.625% 2028²		200		217
Vertical U.S. Newco, Inc. 5.25% 2027²		225		237
VICI Properties LP 4.25% 2026²		175		182
VICI Properties LP 4.625% 2029²		45		48
VICI Properties LP / VICI Note Co., Inc. 3.50% 2025²		40		41
VICI Properties LP / VICI Note Co., Inc. 4.125% 2030²		250		257
Virgin Media O2 4.25% 2031²		275		271
Virtusa Corp., Term Loan B, (3-month USD-LIBOR + 4.25%) 5.00% 2028^5,6		25		25
Vistra Operations Co. LLC 4.375% 2029²		175		176
Volkswagen Group of America Finance, LLC 4.00% 2021²		1,900		1,927
Volkswagen Group of America Finance, LLC 4.625% 2025²		1,280		1,460


American Funds Insurance Series	185

Capital World Bond Fund (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
U.S. dollars (continued)
Walt Disney Company 2.65% 2031	$	4,405	$	4,628
Warner Music Group 3.875% 2030²		210		213
WASH Multifamily Acquisition, Inc. 5.75% 2026²		200		209
WEA Finance LLC 3.75% 2024²		535		573
Weatherford International PLC 8.75% 2024²		150		157
Weatherford International PLC 11.00% 2024²		100		104
WESCO Distribution, Inc. 7.125% 2025²		195		211
WESCO Distribution, Inc. 7.25% 2028²		215		240
Western Global Airlines LLC 10.375% 2025²		80		92
Western Midstream Operating LP 4.35% 2025¹		155		164
Western Midstream Operating LP 4.75% 2028		70		76
Westfield Corp., Ltd. 3.15% 2022²		245		249
Westpac Banking Corp. 2.894% 2030 (5-year UST Yield Curve Rate T Note Constant Maturity + 1.35% on 2/4/2025)¹		2,900		3,011
Williams Companies, Inc. 3.50% 2030		1,024		1,119
Wyndham Worldwide Corp. 4.375% 2028²		230		239
Wynn Las Vegas, LLC and Wynn Capital Corp. 4.25% 2023²		228		237
Wynn Resorts, Ltd. 7.75% 2025²		180		194
Xcel Energy, Inc. 3.35% 2026		2,581		2,812
Xenia Hotels & Resorts, Inc. 4.875% 2029²		65		67
Xerox Corp. 5.50% 2028²		329		342
Ziggo Bond Co. BV 5.125% 2030²		200		205
Ziggo Bond Finance BV 5.50% 2027²		364		379
Ziggo Bond Finance BV 4.875% 2030²		300		308
Zimmer Holdings, Inc. 3.15% 2022		790		803
				790,226

Total bonds, notes & other debt instruments (cost: $1,924,315,000)				1,989,317

Preferred securities 0.00%	Shares
U.S. dollars 0.00%
ACR III LSC Holdings LLC, Series B, preferred shares^2,9,10,13		48		34

Total preferred securities (cost: $49,000)				34

Common stocks 0.13%
U.S. dollars 0.13%
New AMI I, LLC^9,10,13		174,911		1,522
Weatherford International¹³		29,931		545
Chesapeake Energy Corp.		6,478		336
Diamond Offshore Drilling, Inc.¹³		36,338		231
Diamond Offshore Drilling, Inc.^2,9,10,13		12,700		67
McDermott International, Ltd.¹³		4,287		2

Total common stocks (cost: $2,685,000)				2,703

Rights & warrants 0.00%
U.S. dollars 0.00%
Chesapeake Energy Corp., Class B, warrants, expire 2026¹³		1,707		41
Sable Permian Resources, LLC, Class A, warrants, expire 2024^9,10,13		531		—

Total rights & warrants (cost: $8,000)				41

Short-term securities 7.16%
Money market investments 5.80%
Capital Group Central Cash Fund 0.04%^14,15		1,238,717		123,872


186	American Funds Insurance Series

Capital World Bond Fund (continued)

Short-term securities (continued)	Weighted average yield at acquisition			Principal amount (000)		Value (000)
Bills & notes of governments & government agencies outside the U.S. 1.36%
Egyptian Treasury 7/6/2021		11.715	%	EGP	66,000	$	4,196
Egyptian Treasury 7/20/2021		11.721			22,800		1,442
Egyptian Treasury 10/19/2021		11.994			23,500		1,440
Egyptian Treasury 10/26/2021		12.115			105,000		6,418
Egyptian Treasury 1/4/2022		12.011			44,025		2,626
Egyptian Treasury 1/18/2022		11.246			82,900		4,921
Egyptian Treasury 4/26/2022		11.450			140,975		8,102
							29,145

Total short-term securities (cost: $153,124,000)							153,017
Total investment securities 100.40% (cost: $2,080,181,000)							2,145,112
Other assets less liabilities (0.40)%							(8,478	)

Net assets 100.00%						$	2,136,634

Futures contracts

										Unrealized
										appreciation
				Notional			Value at			(depreciation)
		Number of		amount		¹⁶	6/30/2021		¹⁷	at 6/30/2021
Contracts	Type	contracts	Expiration	(000)			(000)			(000)
90 Day Euro Dollar Futures	Short	768	September 2022	$	(192,000	)	$	(191,299	)		$	65
90 Day Euro Dollar Futures	Long	950	September 2023		237,500			235,125				(152	)
5 Year U.S. Treasury Note Futures	Long	975	October 2021		97,500			120,344				(276	)
10 Year Euro-Bund Futures	Long	62	September 2021	€	6,200			12,690				24
10 Year Italy Government Bond Futures	Long	9	September 2021		900			1,616				11
10 Year Japanese Government Bond Futures	Long	35	September 2021	¥	3,500,000			47,789				101
10 Year UK Gilt Futures	Long	187	September 2021	£	18,700			33,136				187
10 Year U.S. Treasury Note Futures	Short	166	September 2021	$	(16,600	)		(21,995	)			(79	)
10 Year Ultra U.S. Treasury Note Futures	Short	272	September 2021		(27,200	)		(40,039	)			(474	)
20 Year U.S. Treasury Bond Futures	Long	188	September 2021		18,800			30,221				131
30 Year Euro-Buxl Futures	Long	41	September 2021	€	4,100			9,881				166
30 Year Ultra U.S. Treasury Bond Futures	Long	6	September 2021	$	600			1,156				45
											$	(251	)

Forward currency contracts

Contract amount				Unrealized (depreciation) appreciation
Purchases (000)	Sales (000)	Counterparty	Settlement date	at 6/30/2021 (000)
USD4,824	EUR4,100	Citibank	7/1/2021		$	(37	)
EUR4,100	USD4,951	Bank of America	7/1/2021			(89	)
USD5,177	EUR4,270	Goldman Sachs	7/6/2021			113
USD1,904	TRY16,140	Bank of America	7/6/2021			56
TRY16,140	USD1,843	Bank of America	7/6/2021			5
EUR33,170	USD40,498	Standard Chartered Bank	7/6/2021			(1,162	)
USD3,693	MXN73,300	JPMorgan Chase	7/8/2021			19
USD2,157	MYR8,920	HSBC Bank	7/8/2021			10
USD4,768	MXN95,510	Standard Chartered Bank	7/8/2021			(18	)
MXN72,960	USD3,681	Standard Chartered Bank	7/8/2021			(24	)
USD10,616	MYR44,260	Standard Chartered Bank	7/8/2021			(36	)
USD2,453	COP8,957,810	Barclays Bank PLC	7/9/2021			67


American Funds Insurance Series	187

Capital World Bond Fund (continued)

Forward currency contracts (continued)

Contract amount				Unrealized (depreciation) appreciation
Purchases (000)	Sales (000)	Counterparty	Settlement date	at 6/30/2021 (000)
USD1,938	COP7,181,390	Standard Chartered Bank	7/9/2021		$	26
USD11,727	AUD15,110	HSBC Bank	7/12/2021			395
USD1,477	AUD1,950	Goldman Sachs	7/12/2021			15
EUR17,714	DKK131,740	Goldman Sachs	7/12/2021			(2	)
USD2,970	RUB216,960	Citibank	7/14/2021			10
USD6,862	RUB502,316	Citibank	7/14/2021			9
USD1,796	IDR26,000,000	Standard Chartered Bank	7/15/2021			13
USD5,297	IDR77,079,860	Standard Chartered Bank	7/15/2021			11
USD632	IDR9,153,342	Standard Chartered Bank	7/15/2021			4
USD484	IDR7,000,000	Standard Chartered Bank	7/15/2021			4
USD527	IDR7,643,040	Standard Chartered Bank	7/15/2021			3
USD9,752	KRW11,065,130	Citibank	7/15/2021			(40	)
EUR5,292	NOK54,550	Morgan Stanley	7/15/2021			(59	)
IDR94,643,890	USD6,623	Standard Chartered Bank	7/15/2021			(132	)
KRW35,349,440	USD31,728	Standard Chartered Bank	7/15/2021			(446	)
USD22,201	CNH142,270	Citibank	7/16/2021			231
USD6,546	CZK136,930	Standard Chartered Bank	7/16/2021			179
USD6,037	EUR4,980	Goldman Sachs	7/16/2021			130
USD10,021	JPY1,107,002	Bank of New York Mellon	7/16/2021			55
USD5,542	GBP3,970	UBS AG	7/16/2021			51
USD4,960	JPY545,940	Bank of America	7/16/2021			45
USD2,546	EUR2,130	Bank of New York Mellon	7/16/2021			20
USD4,279	JPY473,370	HSBC Bank	7/16/2021			18
USD9,150	EUR7,700	Bank of America	7/16/2021			17
USD17,645	EUR14,870	Goldman Sachs	7/16/2021			7
EUR10,125	DKK75,300	Bank of America	7/16/2021			—	¹⁸
EUR7,068	CZK180,720	Citibank	7/16/2021			(19	)
CHF800	USD892	Bank of America	7/16/2021			(27	)
PLN4,700	USD1,270	UBS AG	7/16/2021			(37	)
CZK180,720	EUR7,129	Standard Chartered Bank	7/16/2021			(53	)
JPY664,340	USD6,044	Bank of America	7/16/2021			(63	)
SEK23,400	USD2,814	HSBC Bank	7/16/2021			(80	)
JPY7,849,310	USD71,520	Goldman Sachs	7/16/2021			(856	)
EUR39,030	USD47,250	Citibank	7/16/2021			(954	)
USD16,631	CAD20,190	Morgan Stanley	7/19/2021			344
USD3,621	NZD5,070	Standard Chartered Bank	7/19/2021			77
CAD3,930	USD3,225	JPMorgan Chase	7/19/2021			(55	)
CAD5,719	USD4,694	HSBC Bank	7/19/2021			(81	)
USD7,591	BRL38,280	Citibank	7/20/2021			(88	)
USD5,770	DKK35,940	Standard Chartered Bank	7/21/2021			37
USD2,373	MXN48,750	Goldman Sachs	7/21/2021			(66	)
GBP8,540	USD11,905	Bank of America	7/21/2021			(91	)
MXN134,990	USD6,679	JPMorgan Chase	7/22/2021			74
USD1,339	CLP975,459	Citibank	7/22/2021			11
CLP975,459	USD1,327	HSBC Bank	7/22/2021			—	¹⁸
USD1,556	NZD2,240	Standard Chartered Bank	7/22/2021			(10	)
USD3,010	MXN62,580	Bank of America	7/22/2021			(121	)
EUR6,840	USD8,263	Bank of America	7/22/2021			(149	)
USD5,704	MXN118,590	Goldman Sachs	7/22/2021			(229	)
CAD550	USD447	Morgan Stanley	7/28/2021			(3	)
USD12,263	EUR10,100	Standard Chartered Bank	9/20/2021			266
USD318	INR23,460	Bank of New York Mellon	9/23/2021			5
BRL63,000	USD12,410	Citibank	10/1/2021			106
USD16,506	BRL90,140	HSBC Bank	10/1/2021			(1,401	)


188	American Funds Insurance Series

Capital World Bond Fund (continued)

Forward currency contracts (continued)

Contract amount				Unrealized (depreciation) appreciation
Purchases (000)	Sales (000)	Counterparty	Settlement date	at 6/30/2021 (000)
USD22,038	BRL120,700	Standard Chartered Bank	10/1/2021		$	(1,941	)
USD11,661	BRL61,700	Citibank	6/15/2022			(65	)
					$	(6,001	)

Swap contracts

Interest rate swaps

Receive	Pay	Expiration date	Notional (000)		Value at 6/30/2021 (000)			Upfront premium paid (000)			Unrealized appreciation (depreciation) at 6/30/2021 (000)
3-month AUD-BBSW	0.29%	3/4/2024	A$	17,650	$	43			$	—		$	43
0.3653%	3-month USD-LIBOR	3/5/2024	$	13,710		(44	)			—			(44	)
(0.4545)%	6-month EURIBOR	4/1/2024	€	45,160		(61	)			—			(61	)
3-month SEK-STIBOR	0.175%	2/9/2026	SKr	56,800		51				—			51
3-month SEK-STIBOR	0.179%	2/9/2026		28,400		25				—			25
3-month SEK-STIBOR	0.185%	2/11/2026		28,500		24				—			24
3-month SEK-STIBOR	0.189%	2/11/2026		28,500		23				—			23
6.21%	28-day MXN-TIIE	5/21/2026	MXN	72,300		(57	)			—			(57	)
6.255%	28-day MXN-TIIE	5/22/2026		47,800		(33	)			—			(33	)
6.21%	28-day MXN-TIIE	5/22/2026		47,800		(38	)			—			(38	)
6.19%	28-day MXN-TIIE	5/22/2026		48,400		(40	)			—			(40	)
6.15%	28-day MXN-TIIE	5/25/2026		47,800		(44	)			—			(44	)
6.14%	28-day MXN-TIIE	6/8/2026		29,400		(28	)			—			(28	)
6.115%	28-day MXN-TIIE	6/8/2026		29,400		(30	)			—			(30	)
6.12%	28-day MXN-TIIE	6/8/2026		44,400		(45	)			—			(45	)
6.13%	28-day MXN-TIIE	6/8/2026		103,200		(101	)			—			(101	)
6.16%	28-day MXN-TIIE	6/9/2026		58,800		(54	)			—			(54	)
6.15%	28-day MXN-TIIE	6/9/2026		58,800		(55	)			—			(55	)
6.23%	28-day MXN-TIIE	6/10/2026		30,100		(23	)			—			(23	)
6.195%	28-day MXN-TIIE	6/10/2026		30,100		(25	)			—			(25	)
6.36%	28-day MXN-TIIE	6/12/2026		26,040		(13	)			—			(13	)
6.5375%	28-day MXN-TIIE	6/17/2026		14,000		(1	)			—			(1	)
6.55%	28-day MXN-TIIE	6/17/2026		43,000		(3	)			—			(3	)
6.50%	28-day MXN-TIIE	6/17/2026		13,900		(3	)			—			(3	)
6.47%	28-day MXN-TIIE	6/17/2026		14,200		(4	)			—			(4	)
6.55%	28-day MXN-TIIE	6/18/2026		14,100		(1	)			—			(1	)
6.50%	28-day MXN-TIIE	6/18/2026		27,800		(5	)			—			(5	)
6.633%	28-day MXN-TIIE	6/25/2026		172,500		16				—			16
6.6175%	28-day MXN-TIIE	6/25/2026		165,900		10				—			10
6.64%	28-day MXN-TIIE	6/25/2026		62,600		7				—			7
6.59%	28-day MXN-TIIE	6/25/2026		38,700		—	¹⁸			—			—	¹⁸
6.585%	28-day MXN-TIIE	6/25/2026		50,900		(1	)			—			(1	)
6.58%	28-day MXN-TIIE	6/25/2026		41,600		(1	)			—			(1	)
1.72375%	6-month AUD-BBSW	3/4/2031	A$	6,880		77				—			77
3-month USD-LIBOR	1.4822%	3/5/2031	$	5,120		(40	)			—			(40	)
6-month EURIBOR	0.5092%	4/1/2051	€	4,790		(54	)			—			(54	)
									$	—		$	(528	)


American Funds Insurance Series	189

Capital World Bond Fund (continued)

Credit default swaps

Centrally cleared credit default swaps on credit indices — buy protection

Receive		Pay/ Payment frequency		Expiration date		Notional (000)				Value at 6/30/2021 (000)				Upfront premium received (000)				Unrealized depreciation at 6/30/2021 (000)
CDX.NA.HY.36		5.00%/Quarterly		6/20/2026			$14,522				$(1,482	)			$(1,277	)			$(205	)

Investments in affiliates¹⁵

	Value of affiliate at 1/1/2021 (000)		Additions (000)		Reductions (000)		Net realized loss (000)			Net unrealized depreciation (000)			Value of affiliate at 6/30/2021 (000)		Dividend income (000)
Short-term securities 5.80%
Money market investments 5.80%
Capital Group Central Cash Fund 0.04%¹⁴	$	147,017	$	514,058	$	537,189	$	(3	)	$	(11	)	$	123,872	$	81


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 $263,126,000, which represented 12.31% of the net assets of the fund.
³	Index-linked bond whose principal amount moves with a government price index.
⁴	Principal payments may be made periodically. Therefore, the effective maturity date may be earlier than the stated maturity date.
⁵	Loan participations and assignments; may be subject to legal or contractual restrictions on resale. The total value of all such loans was $1,791,000, which represented .08% of the net assets of the fund.
⁶	Coupon rate may change periodically. Reference rate and spread are as of the most recent information available. Some coupon rates are determined by the issuer or agent based on current market conditions; therefore, the reference rate and spread are not available.
⁷	Payment in kind; the issuer has the option of paying additional securities in lieu of cash. Most recent payment was 100% cash unless otherwise noted.
⁸	Scheduled interest and/or principal payment was not received.
⁹	Valued under fair value procedures adopted by authority of the board of trustees. The total value of all such securities was $1,703,000, which represented .08% of the net assets of the fund.
¹⁰	Value determined using significant unobservable inputs.
¹¹	All or a portion of this security was pledged as collateral. The total value of pledged collateral was $13,581,000, which represented .64% of the net assets of the fund.
¹²	Purchased on a TBA basis.
¹³	Security did not produce income during the last 12 months.
¹⁴	Rate represents the seven-day yield at 6/30/2021.
¹⁵	Part of the same “group of investment companies” as the fund as defined under the Investment Company Act of 1940, as amended.
¹⁶	Notional amount is calculated based on the number of contracts and notional contract size.
¹⁷	Value is calculated based on the notional amount and current market price.
¹⁸	Amount less than one thousand.

Key to abbreviations and symbols
AUD/A$ = Australian dollars
BBSW = Bank Bill Swap Rate
BRL = Brazilian reais
CAD/C$ = Canadian dollars
CHF = Swiss francs
CLP = Chilean pesos
CNH/CNY = Chinese yuan renminbi
COP = Colombian pesos
CZK = Czech korunas
DAC = Designated Activity Company
DKK/DKr = Danish kroner
EGP = Egyptian pounds
EUR/€ = Euros
EURIBOR = Euro Interbank Offered Rate

GBP/£ = British pounds
GHS = Ghanaian cedi
IDR = Indonesian rupiah
INR = Indian rupees
JPY/¥ = Japanese yen
KRW = South Korean won
LIBOR = London Interbank Offered Rate
MXN = Mexican pesos
MYR = Malaysian ringgits
NOK/NKr = Norwegian kroner
NZD/NZ$ = New Zealand dollars
PEN = Peruvian nuevos soles
PLN = Polish zloty

Ref. = Refunding
Rev. = Revenue
RON = Romanian leu
RUB = Russian rubles
SEK/SKr = Swedish kronor
SOFR = Secured Overnight Financing Rate
STIBOR = Stockholm Interbank Offered Rate
TBA = To-be-announced
TIIE = Equilibrium Interbank Interest Rate
TRY = Turkish lira
UAH = Ukrainian hryvnia
USD/$ = U.S. dollars
ZAR = South African rand

See notes to financial statements.

190	American Funds Insurance Series

American High-Income Trust

(formerly High-Income Bond Fund)

Investment portfolio June 30, 2021

unaudited

Bonds, notes & other debt instruments 86.87%	Principal amount (000)		Value (000)
Corporate bonds, notes & loans 86.76%
Energy 13.38%
Aethon United BR LP / Aethon United Finance Corp. 8.25% 2026¹	$	425	$	461
Antero Midstream Partners LP 5.375% 2029¹		470		491
Antero Resources Corp. 7.625% 2029¹		200		222
Antero Resources Corp. 5.375% 2030¹		720		736
Apache Corp. 4.625% 2025		1,520		1,646
Apache Corp. 4.875% 2027		1,365		1,480
Apache Corp. 4.375% 2028		794		846
Apache Corp. 6.00% 2037		165		190
Apache Corp. 5.10% 2040		795		834
Apache Corp. 4.75% 2043		265		276
Ascent Resources - Utica LLC 7.00% 2026¹		1,540		1,616
Ascent Resources - Utica LLC 9.00% 2027¹		120		166
Ascent Resources - Utica LLC 8.25% 2028¹		271		299
Ascent Resources - Utica LLC 5.875% 2029¹		1,105		1,106
Ascent Resources - Utica LLC, Term Loan, (3-month USD-LIBOR + 9.00%) 10.00% 2025^1,2,3		228		253
Blue Racer Midstream LLC and Blue Racer Finance Corp. 7.625% 2025¹		676		733
Bristow Group, Inc. 6.875% 2028¹		375		383
California Resources Corp. 7.125% 2026¹		290		306
Carrizo Oil & Gas, Inc. 6.25% 2023		750		751
Cenovus Energy, Inc. 5.375% 2025		445		509
Cenovus Energy, Inc. 5.40% 2047		400		496
Centennial Resource Production, LLC 6.875% 2027¹		465		476
Cheniere Energy Partners LP 5.625% 2026		1,151		1,197
Cheniere Energy Partners LP 4.50% 2029		938		1,010
Cheniere Energy Partners LP 4.00% 2031¹		2,323		2,430
Cheniere Energy, Inc. 7.00% 2024		319		366
Cheniere Energy, Inc. 5.875% 2025		495		568
Cheniere Energy, Inc. 4.625% 2028¹		5,396		5,700
Chesapeake Energy Corp. 4.875% 2022⁴		4,300		124
Chesapeake Energy Corp. 5.50% 2026¹		1,185		1,253
Chesapeake Energy Corp. 5.875% 2029¹		1,020		1,105
CNX Resources Corp. 7.25% 2027¹		738		792
CNX Resources Corp. 6.00% 2029¹		1,345		1,456
Comstock Resources, Inc. 6.75% 2029¹		845		901
Comstock Resources, Inc. 5.875% 2030¹		1,120		1,144
Constellation Oil Services Holding SA 10.00% 2024 (100% PIK)^1,4,5		7,784		2,219
Continental Resources, Inc. 5.75% 2031¹		715		857
Convey Park Energy LLC 7.50% 2025¹		417		434
CQP Holdco LP / BIP-V Chinook Holdco LLC 5.50% 2031¹		3,560		3,714
Crestwood Midstream Partners LP 6.00% 2029¹		575		603
DCP Midstream LP 7.375% junior subordinated perpetual bonds (3-month USD-LIBOR + 5.148% on 12/15/2022)⁶		270		265
Devon Energy Corp. 5.875% 2028¹		202		225
Devon Energy Corp. 4.50% 2030¹		493		542
Diamond Foreign Asset Co. / Diamond Finance LLC 9.00% 2027^1,3,5,7,8		68		68
Diamond Foreign Asset Co. / Diamond Finance LLC 9.00% 2027^3,5,7,8		62		62
DT Midstream, Inc. 4.125% 2029¹		1,750		1,779
DT Midstream, Inc. 4.375% 2031¹		960		982
Encino Acquisition Partners Holdings, LLC 8.50% 2028¹		50		51
Endeavor Energy Resources LP 6.625% 2025¹		850		912
Energean Israel Finance, Ltd. 4.50% 2024¹		445		456
Energy Transfer Operating LP 5.00% 2050		2,501		2,896
Energy Transfer Partners LP 6.50% junior subordinated perpetual bonds (5-year UST Yield Curve Rate T Note Constant Maturity + 5.694% on 11/15/2026)⁶		400		409
EnLink Midstream Partners, LLC 5.625% 2028¹		660		699
EQM Midstream Partners LP 4.75% 2023		400		418
EQM Midstream Partners LP 4.125% 2026		127		130
EQM Midstream Partners LP 6.50% 2027¹		2,365		2,644

American Funds Insurance Series

191

American High-Income Trust (continued)

(formerly High-Income Bond Fund)

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Corporate bonds, notes & loans (continued)
Energy (continued)
EQM Midstream Partners LP 5.50% 2028	$	1,231	$	1,333
EQM Midstream Partners LP 4.50% 2029¹		835		851
EQM Midstream Partners LP 4.75% 2031¹		1,105		1,140
EQM Midstream Partners LP 6.50% 2048		100		107
EQT Corp. 7.625% 2025 (7.375% on 2/1/2025)⁶		630		736
EQT Corp. 3.90% 2027		125		134
EQT Corp. 5.00% 2029		480		536
EQT Corp. 8.50% 2030 (8.25% on 8/1/2021)⁶		400		522
EQT Corp. 3.625% 2031¹		370		387
Genesis Energy LP 5.625% 2024		150		151
Genesis Energy LP 6.50% 2025		2,235		2,262
Genesis Energy LP 8.00% 2027		2,313		2,433
Guara Norte SARL 5.198% 2034¹		592		618
Harvest Midstream I LP 7.50% 2028¹		1,867		2,031
Hess Midstream Partners LP 5.125% 2028¹		687		722
Hilcorp Energy I LP 5.75% 2025¹		775		789
Hilcorp Energy I LP 5.75% 2029¹		615		642
Hilcorp Energy I LP 6.00% 2031¹		600		637
Independence Energy Finance LLC 7.25% 2026¹		500		527
Indigo Natural Resources LLC 5.375% 2029¹		470		492
Lealand Finance Company BV, Term Loan, (3-month USD-LIBOR + 3.00%) 3.093% 2024^2,3		12		8
Lealand Finance Company BV, Term Loan, (3-month USD-LIBOR + 4.00%) 4.09% 2025 (73.30% PIK)^2,3,5		149		68
Murphy Oil Corp. 6.875% 2024		750		769
Murphy Oil Corp. 6.375% 2028		370		391
Murphy Oil USA, Inc. 3.75% 2031¹		200		198
Nabors Industries, Inc. 5.75% 2025		355		327
New Fortress Energy, Inc. 6.75% 2025¹		1,040		1,066
New Fortress Energy, Inc. 6.50% 2026¹		2,385		2,440
NGL Energy Operating LLC 7.50% 2026¹		7,705		8,100
NGL Energy Partners LP 7.50% 2023		414		408
NGL Energy Partners LP 6.125% 2025		2,696		2,452
Northern Oil and Gas, Inc. 8.125% 2028¹		1,435		1,548
NorthRiver Midstream Finance LP 5.625% 2026¹		625		650
NuStar Logistics LP 6.00% 2026		286		311
Oasis Midstream Partners LP / OMP Finance Corp. 8.00% 2029¹		1,845		1,967
Oasis Petroleum, Inc. 6.375% 2026¹		887		926
Occidental Petroleum Corp. 2.90% 2024		2,498		2,557
Occidental Petroleum Corp. 5.875% 2025		710		791
Occidental Petroleum Corp. 8.00% 2025		1,400		1,678
Occidental Petroleum Corp. 3.40% 2026		600		615
Occidental Petroleum Corp. 3.50% 2029		210		211
Occidental Petroleum Corp. 6.625% 2030		810		973
Occidental Petroleum Corp. 8.875% 2030		300		402
Occidental Petroleum Corp. 6.125% 2031		480		565
Occidental Petroleum Corp. 4.20% 2048		165		154
PDC Energy, Inc. 5.75% 2026		1,100		1,151
Peabody Energy Corp. 8.50% 2024 (29.41% PIK)^1,5		635		481
Petrobras Global Finance Co. 5.60% 2031		250		280
Petrobras Global Finance Co. 6.90% 2049		375		448
Petrobras Global Finance Co. 6.75% 2050		850		995
Petrobras Global Finance Co. 5.50% 2051		200		200
Petróleos Mexicanos 6.875% 2025¹		350		388
Petróleos Mexicanos 5.35% 2028		449		442
Petróleos Mexicanos 7.69% 2050		651		627
Petrorio Luxembourg SARL 6.125% 2026¹		320		328
PowerTeam Services, LLC 9.033% 2025¹		1,060		1,167
Precision Drilling Corp. 7.125% 2026¹		175		181

192	American Funds Insurance Series

American High-Income Trust (continued)

(formerly High-Income Bond Fund)

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Corporate bonds, notes & loans (continued)
Energy (continued)
Precision Drilling Corp. 6.875% 2029¹	$	800	$	825
Range Resources Corp. 4.875% 2025		642		665
Range Resources Corp. 8.25% 2029¹		850		959
Rattler Midstream Partners LP 5.625% 2025¹		955		1,005
Renewable Energy Group, Inc. 5.875% 2028¹		520		547
Rockies Express Pipeline LLC 4.95% 2029¹		1,000		1,033
Sabine Pass Liquefaction, LLC 4.50% 2030		856		989
Sanchez Energy Corp. 7.25% 2023^1,4		739		18
SM Energy Co. 6.50% 2028		220		226
Southwestern Energy Co. 6.45% 2025⁶		715		793
Southwestern Energy Co. 7.50% 2026		1,649		1,748
Southwestern Energy Co. 7.75% 2027		897		974
Southwestern Energy Co. 8.375% 2028		865		979
Suburban Propane Partners LP / Suburban Energy Finance Corp. 5.00% 2031¹		735		753
Sunoco LP 5.50% 2026		513		530
Sunoco LP 6.00% 2027		647		679
Sunoco LP 4.50% 2029¹		1,930		1,970
Superior Plus LP and Superior General Partner, Inc. 4.50% 2029¹		690		712
Tallgrass Energy Partners LP 5.50% 2024¹		522		530
Tallgrass Energy Partners LP 7.50% 2025¹		420		461
Tapstone Energy, Term Loan, (3-month USD-LIBOR + 4.00%) 4.741% 2024^2,3,7,8		11		6
Targa Resources Partners LP 5.875% 2026		321		338
Targa Resources Partners LP 6.50% 2027		133		145
Targa Resources Partners LP 6.875% 2029		115		130
Targa Resources Partners LP 5.50% 2030		1,302		1,434
Targa Resources Partners LP 4.875% 2031¹		2,000		2,168
Targa Resources Partners LP 4.00% 2032¹		550		566
Teekay Corp. 9.25% 2022¹		2,908		3,008
Teekay Offshore Partners LP 8.50% 2023¹		2,009		1,848
Transocean Guardian, Ltd. 5.875% 2024¹		410		399
Transocean Poseidon, Ltd. 6.875% 2027¹		385		387
Transocean, Inc. 6.125% 2025¹		421		426
Transocean, Inc. 7.25% 2025¹		500		437
Transocean, Inc. 8.00% 2027¹		550		464
USA Compression Partners LP 6.875% 2026		264		277
USA Compression Partners LP 6.875% 2027		247		264
Weatherford International PLC 8.75% 2024¹		1,971		2,065
Weatherford International PLC 11.00% 2024¹		3,686		3,838
Western Gas Partners LP 4.50% 2028		1,374		1,472
Western Gas Partners LP 5.45% 2044		55		60
Western Midstream Operating LP 4.35% 2025⁶		369		390
Western Midstream Operating LP 4.75% 2028		160		173
Western Midstream Operating LP 5.30% 2030⁶		400		449
Western Midstream Operating LP 6.50% 2050⁶		500		580
				143,720

Communication services 12.69%
Altice France SA 5.125% 2029¹		2,897		2,915
Beasley Mezzanine Holdings, LLC 8.625% 2026¹		475		481
Brightstar Escrow Corp. 9.75% 2025¹		575		621
CCO Holdings LLC and CCO Holdings Capital Corp. 4.00% 2023¹		1,155		1,167
CCO Holdings LLC and CCO Holdings Capital Corp. 5.50% 2026¹		263		273
CCO Holdings LLC and CCO Holdings Capital Corp. 5.75% 2026¹		1,088		1,127
CCO Holdings LLC and CCO Holdings Capital Corp. 5.00% 2028¹		96		101
CCO Holdings LLC and CCO Holdings Capital Corp. 4.50% 2030¹		3,454		3,601
CCO Holdings LLC and CCO Holdings Capital Corp. 4.75% 2030¹		3,137		3,321
CCO Holdings LLC and CCO Holdings Capital Corp. 2.80% 2031		140		143
CCO Holdings LLC and CCO Holdings Capital Corp. 4.25% 2031¹		4,285		4,371
CCO Holdings LLC and CCO Holdings Capital Corp. 4.50% 2032		1,024		1,065

American Funds Insurance Series

193

American High-Income Trust (continued)

(formerly High-Income Bond Fund)

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Corporate bonds, notes & loans (continued)
Communication services (continued)
CCO Holdings LLC and CCO Holdings Capital Corp. 4.50% 2033¹	$	725	$	743
CenturyLink, Inc. 6.75% 2023		1,480		1,643
CenturyLink, Inc. 7.50% 2024		583		655
CenturyLink, Inc. 5.125% 2026¹		1,600		1,666
CenturyLink, Inc. 4.00% 2027¹		750		766
Cinemark USA, Inc. 5.875% 2026¹		330		346
Cinemark USA, Inc. 5.25% 2028¹		400		410
Clear Channel Worldwide Holdings, Inc. 7.75% 2028¹		700		734
Clear Channel Worldwide Holdings, Inc. 7.50% 2029¹		300		311
Cogent Communications Group, Inc. 3.50% 2026¹		750		768
Consolidated Communications, Inc. 5.00% 2028¹		225		229
Diamond Sports Group LLC 5.375% 2026¹		743		482
Diamond Sports Group LLC 6.625% 2027¹		1,056		520
DISH DBS Corp. 5.125% 2029¹		900		890
Embarq Corp. 7.995% 2036		2,215		2,514
Epicor Software Corp., Term Loan C, (3-month USD-LIBOR + 3.25%) 4.00% 2027^2,3		74		74
Epicor Software Corp., Term Loan, (3-month USD-LIBOR + 7.75%) 8.75% 2028^2,3		525		545
Front Range BidCo, Inc. 6.125% 2028¹		1,089		1,114
Frontier Communications Corp. 5.875% 2027¹		1,550		1,662
Frontier Communications Corp. 5.00% 2028¹		5,680		5,879
Frontier Communications Corp. 6.75% 2029¹		2,110		2,248
Frontier Communications Holdings, LLC 5.875% 2029		1,000		1,020
Gray Television, Inc. 7.00% 2027¹		828		898
iHeartCommunications, Inc. 5.25% 2027¹		1,445		1,513
Inmarsat PLC 6.75% 2026¹		1,475		1,562
Intelsat Jackson Holding Co. 8.00% 2024¹		1,675		1,733
Intelsat Jackson Holding Co. 8.50% 2024^1,4		3,175		1,885
Intelsat Jackson Holding Co., Term Loan, (3-month USD-LIBOR + 5.50%) 6.50% 2021^2,3		1,212		1,228
Intelsat Jackson Holding Co., Term Loan, 6.625% 2024²		3,900		3,980
Kantar Group LLC, Term Loan B, (3-month USD-LIBOR + 4.50%) 5.25% 2026^2,3		390		391
Lamar Media Corp. 3.75% 2028		61		62
Lamar Media Corp. 4.875% 2029		300		317
Lamar Media Corp. 4.00% 2030		260		264
Lamar Media Corp. 3.625% 2031¹		125		122
Level 3 Financing, Inc. 3.75% 2029¹		1,150		1,120
Liberty Global PLC 5.50% 2028¹		656		689
Ligado Networks LLC 15.50% 2023 (100% PIK)^1,5		1,530		1,511
Ligado Networks LLC 17.50% 2024 (100% PIK)^1,5		246		190
Live Nation Entertainment, Inc. 3.75% 2028¹		425		427
Match Group, Inc. 4.625% 2028¹		520		542
MDC Partners, Inc. 7.50% 2024^1,6		5,170		5,241
Meredith Corp. 6.875% 2026		1,349		1,405
Netflix, Inc. 4.875% 2028		635		739
Netflix, Inc. 4.875% 2030¹		924		1,102
News Corp. 3.875% 2029¹		1,050		1,062
Nexstar Broadcasting, Inc. 4.75% 2028¹		2,400		2,469
Nexstar Escrow Corp. 5.625% 2027¹		789		837
Qwest Capital Funding, Inc. 6.875% 2028		860		951
Scripps Escrow II, Inc. 3.875% 2029¹		575		571
Sinclair Television Group, Inc. 5.125% 2027¹		195		196
Sinclair Television Group, Inc. 4.125% 2030¹		1,550		1,525
Sirius XM Radio, Inc. 4.625% 2024¹		74		76
Sirius XM Radio, Inc. 4.00% 2028¹		2,325		2,398
Sirius XM Radio, Inc. 4.125% 2030¹		345		349
Sprint Corp. 11.50% 2021		538		559
Sprint Corp. 7.625% 2026		2,000		2,445
Sprint Corp. 6.875% 2028		7,981		10,246
Sprint Corp. 8.75% 2032		5,591		8,505

194	American Funds Insurance Series

American High-Income Trust (continued)

(formerly High-Income Bond Fund)

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Corporate bonds, notes & loans (continued)
Communication services (continued)
TEGNA, Inc. 4.75% 2026¹	$	850	$	906
TEGNA, Inc. 4.625% 2028		150		156
TEGNA, Inc. 5.00% 2029		836		877
T-Mobile US, Inc. 2.625% 2026		1,650		1,691
T-Mobile US, Inc. 2.625% 2029		460		455
T-Mobile US, Inc. 3.375% 2029¹		1,750		1,810
T-Mobile US, Inc. 2.875% 2031		800		795
Total Play Telecomunicaciones, SA de CV 7.50% 2025¹		475		504
Trilogy International South Pacific LLC / TISP Finance, Inc. 8.875% 2023¹		4,641		4,637
Univision Communications, Inc. 5.125% 2025¹		3,195		3,269
Univision Communications, Inc. 6.625% 2027¹		3,050		3,309
Univision Communications, Inc. 4.50% 2029¹		5,500		5,554
UPC Broadband Finco BV 4.875% 2031¹		650		652
Virgin Media O2 4.25% 2031¹		1,925		1,894
Virgin Media Secured Finance PLC 4.50% 2030¹		990		999
Vmed O2 UK Financing I PLC 4.75% 2031¹		300		305
Warner Music Group 3.875% 2030¹		850		861
Ziggo Bond Co. BV 5.125% 2030¹		419		430
Ziggo Bond Finance BV 5.50% 2027¹		1,324		1,379
Ziggo Bond Finance BV 4.875% 2030¹		2,200		2,258
				136,256

Consumer discretionary 12.18%
Adient US LLC 9.00% 2025¹		500		552
Affinity Gaming 6.875% 2027¹		885		942
Allied Universal Holdco LLC 6.625% 2026¹		858		911
Allied Universal Holdco LLC 9.75% 2027¹		976		1,076
Allied Universal Holdco LLC 4.625% 2028¹		490		492
Allied Universal Holdco LLC 6.00% 2029¹		1,745		1,771
Atlas LuxCo 4 SARL 4.625% 2028¹		280		281
Boyd Gaming Corp. 8.625% 2025¹		120		132
Boyd Gaming Corp. 4.75% 2027		621		644
Boyd Gaming Corp. 4.75% 2031¹		895		930
Boyne USA, Inc. 4.75% 2029¹		235		243
Brookfield Residential Properties, Inc. 5.00% 2029¹		260		263
Burger King Corp. 3.875% 2028¹		500		507
Caesars Entertainment, Inc. 6.25% 2025¹		1,085		1,151
Caesars Resort Collection, LLC 5.75% 2025¹		345		364
Carnival Corp. 11.50% 2023¹		1,132		1,275
Carnival Corp. 7.625% 2026¹		975		1,060
Carnival Corp. 10.50% 2026¹		1,130		1,317
Carrols Restaurant Group, Inc. 5.875% 2029¹		730		722
Carvana Co. 5.625% 2025¹		135		141
Carvana Co. 5.50% 2027¹		1,551		1,606
Carvana Co. 5.875% 2028¹		1,219		1,284
CEC Entertainment, Inc. 6.75% 2026¹		1,100		1,130
Cirsa Gaming Corp. SA 7.875% 2023¹		2,552		2,608
Colt Merger Sub, Inc. 8.125% 2027¹		80		89
Dana, Inc. 5.625% 2028		675		732
Dana, Inc. 4.25% 2030		455		469
Empire Communities Corp. 7.00% 2025¹		525		553
Everi Holdings Inc. 5.00% 2029¹		835		856
Fertitta Entertainment, Inc. 6.75% 2024¹		2,171		2,196
Ford Motor Co. 8.50% 2023		1,787		1,996
Ford Motor Co. 9.00% 2025		684		844
Ford Motor Co. 9.625% 2030		250		359
Ford Motor Co. 7.45% 2031		275		362
Ford Motor Credit Company LLC 3.664% 2024		500		526
Ford Motor Credit Company LLC 3.81% 2024		887		929

American Funds Insurance Series

195

American High-Income Trust (continued)

(formerly High-Income Bond Fund)

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Corporate bonds, notes & loans (continued)
Consumer discretionary (continued)
Ford Motor Credit Company LLC 5.584% 2024	$	350	$	384
Ford Motor Credit Company LLC 3.375% 2025		1,875		1,947
Ford Motor Credit Company LLC 5.125% 2025		6,285		6,929
Ford Motor Credit Company LLC 4.542% 2026		1,210		1,319
Ford Motor Credit Company LLC 3.815% 2027		1,395		1,455
Ford Motor Credit Company LLC 4.125% 2027		835		887
Ford Motor Credit Company LLC 4.271% 2027		525		563
Ford Motor Credit Company LLC 2.90% 2028		350		349
Ford Motor Credit Company LLC 5.113% 2029		200		224
Ford Motor Credit Company LLC 4.00% 2030		1,820		1,909
Full House Resorts, Inc. 8.25% 2028¹		1,320		1,444
Goodyear Tire & Rubber Co. 5.00% 2029¹		685		718
Grupo Axo, SAPI de CV, 5.75% 2026¹		200		200
Hanesbrands, Inc. 4.625% 2024¹		1,945		2,064
Hanesbrands, Inc. 5.375% 2025¹		432		459
Hanesbrands, Inc. 4.875% 2026¹		2,024		2,188
Hilton Grand Vacations Borrower LLC 5.00% 2029¹		2,360		2,416
Hilton Worldwide Holdings, Inc. 4.875% 2030		508		543
Hilton Worldwide Holdings, Inc. 4.00% 2031¹		1,120		1,131
International Game Technology PLC 6.50% 2025¹		1,383		1,552
International Game Technology PLC 4.125% 2026¹		785		818
International Game Technology PLC 5.25% 2029¹		3,380		3,630
KB Home 6.875% 2027		330		394
Landry’s Finance Acquisition Co., Term Loan, (3-month USD-LIBOR + 12.00%) 13.00% 2023^2,3		18		19
Lennar Corp. 4.50% 2024		40		44
Levi Strauss & Co. 5.00% 2025		90		92
Levi Strauss & Co. 3.50% 2031¹		430		429
LGI Homes, Inc. 4.00% 2029¹		600		604
Limited Brands, Inc. 6.625% 2030¹		175		203
Limited Brands, Inc. 6.875% 2035		526		667
Limited Brands, Inc. 6.75% 2036		545		684
Lithia Motors, Inc. 3.875% 2029¹		1,045		1,084
Lithia Motors, Inc. 4.375% 2031¹		475		509
LSF9 Atlantis Holdings LLC / Victra Finance Corp. 7.75% 2026¹		405		421
M.D.C. Holdings, Inc. 6.00% 2043		823		1,062
Magic MergerCo, Inc. 5.25% 2028¹		475		488
Magic MergerCo, Inc. 7.875% 2029¹		475		490
Marriott Ownership Resorts, Inc. 4.50% 2029¹		490		497
McGraw-Hill Global Education Holdings, LLC, Term Loan B, (3-month USD-LIBOR + 4.75%) 5.75% 2024^2,3		1,067		1,071
Melco International Development, Ltd. 5.75% 2028¹		1,670		1,766
Melco International Development, Ltd. 5.375% 2029¹		375		397
Merlin Entertainment 5.75% 2026¹		792		831
MGM Growth Properties LLC 5.625% 2024		557		604
MGM Growth Properties LLC 4.625% 2025¹		900		963
MGM Growth Properties LLC 3.875% 2029¹		1,665		1,695
MGM Resorts International 6.00% 2023		541		580
MGM Resorts International 5.50% 2027		401		441
Midwest Gaming Borrower, LLC 4.875% 2029¹		895		897
Mohegan Gaming & Entertainment 8.00% 2026¹		2,710		2,835
NCL Corp., Ltd. 3.625% 2024¹		650		629
NCL Corp., Ltd. 12.25% 2024¹		175		212
NCL Corp., Ltd. 5.875% 2026¹		475		499
Neiman Marcus Group LLC 7.125% 2026¹		2,910		3,110
Newell Rubbermaid, Inc. 4.875% 2025		445		494
Newell Rubbermaid, Inc. 5.875% 2036⁶		30		37
Norwegian Cruise Line Holdings, Ltd. 10.25% 2026¹		275		320
Panther BF Aggregator 2 LP 6.25% 2026¹		140		149

196	American Funds Insurance Series

American High-Income Trust (continued)

(formerly High-Income Bond Fund)

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Corporate bonds, notes & loans (continued)
Consumer discretionary (continued)
Panther BF Aggregator 2 LP 8.50% 2027¹	$	990	$	1,081
Party City Holdings, Inc. 6.625% 2026¹		500		431
Party City Holdings, Inc. 8.75% 2026¹		2,950		3,153
Peninsula Pacific Entertainment LLC 8.50% 2027¹		500		538
Playa Resorts Holding BV, Term Loan B, (3-month USD-LIBOR + 2.75%) 2.869% 2024^2,3		846		815
Raptor Acquisition Corp. 4.875% 2026¹		950		964
Raptor Acquisition Corp. / Raptor Co-Issuer LLC, Term Loan B, (3-month USD-LIBOR + 4.00%) 4.75% 2026^2,3		425		426
Real Hero Merger Sub 2, Inc. 6.25% 2029¹		430		447
Royal Caribbean Cruises, Ltd. 10.875% 2023¹		325		371
Royal Caribbean Cruises, Ltd. 11.50% 2025¹		1,900		2,192
Royal Caribbean Cruises, Ltd. 4.25% 2026¹		1,560		1,560
Sally Holdings LLC and Sally Capital, Inc. 5.625% 2025		1,225		1,266
Sally Holdings LLC and Sally Capital, Inc. 8.75% 2025¹		1,959		2,148
Scientific Games Corp. 5.00% 2025¹		91		94
Scientific Games Corp. 8.625% 2025¹		2,170		2,379
Scientific Games Corp. 8.25% 2026¹		2,534		2,721
Scientific Games Corp. 7.00% 2028¹		85		93
Scientific Games Corp. 7.25% 2029¹		230		260
Six Flags Entertainment Corp. 4.875% 2024¹		537		543
Sizzling Platter LLC 8.50% 2025¹		450		466
Staples, Inc. 7.50% 2026¹		421		437
Studio City Finance, Ltd. 5.00% 2029¹		650		657
Tempur Sealy International, Inc. 4.00% 2029¹		485		493
The Home Co., Inc. 7.25% 2025¹		725		771
Truck Hero, Inc., Term Loan B, (3-month USD-LIBOR + 3.75%) 4.50% 2028^2,3		1,172		1,174
Universal Entertainment Corp. 8.50% 2024¹		1,375		1,452
Vail Resorts, Inc. 6.25% 2025¹		315		338
VICI Properties LP 4.25% 2026¹		962		1,002
VICI Properties LP 4.625% 2029¹		1,385		1,474
VICI Properties LP / VICI Note Co., Inc. 3.50% 2025¹		851		871
VICI Properties LP / VICI Note Co., Inc. 3.75% 2027¹		379		387
VICI Properties LP / VICI Note Co., Inc. 4.125% 2030¹		2,774		2,856
WASH Multifamily Acquisition, Inc. 5.75% 2026¹		405		423
Wheel Pros, Inc. 6.50% 2029¹		750		760
Wheel Pros, Inc., Term Loan, (3-month USD-LIBOR + 4.50%) 5.25% 2028^2,3		750		753
Wyndham Destinations, Inc. 6.625% 2026¹		525		596
Wyndham Destinations, Inc. 4.625% 2030¹		400		414
Wyndham Worldwide Corp. 4.375% 2028¹		1,055		1,099
Wynn Las Vegas, LLC and Wynn Capital Corp. 4.25% 2023¹		1,171		1,216
Wynn Las Vegas, LLC and Wynn Capital Corp. 5.50% 2025¹		200		216
Wynn Las Vegas, LLC and Wynn Capital Corp. 5.25% 2027¹		100		108
Wynn Macau, Ltd. 5.125% 2029¹		200		207
Wynn Resorts, Ltd. 7.75% 2025¹		494		533
Wynn Resorts, Ltd. 5.125% 2029¹		962		1,017
				130,861

Health care 10.38%
Auris Luxembourg III SARL, Term Loan, (3-month USD-LIBOR + 3.75%) 3.854% 2026^2,3		841		834
Avantor Funding, Inc. 4.625% 2028¹		1,510		1,596
Bausch Health Companies, Inc. 9.25% 2026¹		2,644		2,879
Bausch Health Companies, Inc. 5.75% 2027¹		700		745
Bausch Health Companies, Inc. 4.875% 2028¹		1,745		1,788
Bausch Health Companies, Inc. 5.00% 2028¹		1,137		1,080
Bausch Health Companies, Inc. 7.00% 2028¹		553		571
Bausch Health Companies, Inc. 5.00% 2029¹		125		117
Bausch Health Companies, Inc. 6.25% 2029¹		815		807

American Funds Insurance Series

197

American High-Income Trust (continued)

(formerly High-Income Bond Fund)

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Corporate bonds, notes & loans (continued)
Health care (continued)
Bausch Health Companies, Inc. 5.25% 2030¹	$	852	$	793
Bausch Health Companies, Inc. 5.25% 2031¹		3,055		2,860
Catalent Pharma Solutions, Inc. 5.00% 2027¹		53		55
Catalent, Inc. 3.125% 2029¹		445		432
Centene Corp. 5.375% 2026¹		330		345
Centene Corp. 5.375% 2026¹		50		52
Centene Corp. 4.25% 2027		584		616
Centene Corp. 2.45% 2028		4,140		4,201
Centene Corp. 4.625% 2029		4,305		4,740
Centene Corp. 3.00% 2030		2,530		2,602
Centene Corp. 3.375% 2030		842		881
Centene Corp. 2.50% 2031		1,485		1,466
Charles River Laboratories International, Inc. 4.25% 2028¹		241		250
Charles River Laboratories International, Inc. 3.75% 2029¹		780		792
Community Health Systems, Inc. 5.625% 2027¹		730		780
Community Health Systems, Inc. 6.00% 2029¹		653		700
DaVita, Inc. 4.625% 2030¹		1,100		1,132
Encompass Health Corp. 4.50% 2028		496		515
Encompass Health Corp. 4.75% 2030		450		479
Endo DAC / Endo Finance LLC / Endo Finco 9.50% 2027¹		1,911		1,952
Endo DAC / Endo Finance LLC / Endo Finco 6.00% 2028¹		1,458		985
Endo International PLC 5.75% 2022¹		2,937		2,713
Endo International PLC 5.875% 2024¹		1,300		1,282
Endo Luxembourg Finance Co. I SARL / Endo U.S., Inc. 6.125% 2029¹		1,490		1,462
HCA, Inc. 5.875% 2023		70		76
HCA, Inc. 5.375% 2025		175		198
HCA, Inc. 5.875% 2026		321		372
HCA, Inc. 4.50% 2027		173		196
HCA, Inc. 5.625% 2028		2,065		2,450
HCA, Inc. 5.875% 2029		750		908
HCA, Inc. 3.50% 2030		1,250		1,332
HCA, Inc. 5.50% 2047		128		167
HCA, Inc. 5.25% 2049		475		607
HCA, Inc. 7.50% 2095		250		352
IMS Health Holdings, Inc. 5.00% 2026¹		823		854
Jaguar Holding Co. II 4.625% 2025¹		350		368
Jaguar Holding Co. II 5.00% 2028¹		375		407
Jazz Securities DAC 4.375% 2029¹		660		685
Mallinckrodt International Finance SA 5.50% 2025^1,4		1,118		782
Mallinckrodt PLC 5.75% 2022^1,4		420		295
Mallinckrodt PLC 10.00% 2025¹		2,319		2,594
Molina Healthcare, Inc. 5.375% 2022		1,714		1,799
Molina Healthcare, Inc. 4.375% 2028¹		920		961
Molina Healthcare, Inc. 3.875% 2030¹		1,999		2,084
Organon Finance 1 LLC 4.125% 2028¹		475		485
Organon Finance 1 LLC 5.125% 2031¹		790		815
Owens & Minor, Inc. 4.375% 2024		1,935		2,024	��
Owens & Minor, Inc. 4.50% 2029¹		1,980		2,037
Par Pharmaceutical, Inc. 7.50% 2027¹		4,215		4,315
Radiology Partners, Inc. 9.25% 2028¹		1,693		1,877
Rotech Healthcare, Inc., Term Loan, (3-month USD-LIBOR + 11.00%) 13.00% 2023 (100% PIK)^2,3,5,7,8		4,111		4,111
RP Escrow Issuer, LLC 5.25% 2025¹		735		770
Select Medical Holdings Corp. 6.25% 2026¹		554		591
Surgery Center Holdings 10.00% 2027¹		416		458
Syneos Health, Inc. 3.625% 2029¹		630		624
Team Health Holdings, Inc. 6.375% 2025¹		899		857
Team Health Holdings, Inc., Term Loan B, 3.75% 2024^2,3		314		305
Tenet Healthcare Corp. 4.625% 2024		559		569

198	American Funds Insurance Series

American High-Income Trust (continued)

(formerly High-Income Bond Fund)

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Corporate bonds, notes & loans (continued)
Health care (continued)
Tenet Healthcare Corp. 4.875% 2026¹	$	6,080	$	6,314
Tenet Healthcare Corp. 5.125% 2027¹		710		746
Tenet Healthcare Corp. 6.25% 2027¹		500		523
Tenet Healthcare Corp. 4.625% 2028¹		550		567
Tenet Healthcare Corp. 6.125% 2028¹		500		534
Tenet Healthcare Corp. 4.25% 2029¹		990		1,004
Tenet Healthcare Corp. 6.875% 2031		100		114
Teva Pharmaceutical Finance Co. BV 2.80% 2023		1,908		1,904
Teva Pharmaceutical Finance Co. BV 6.00% 2024		4,779		5,080
Teva Pharmaceutical Finance Co. BV 7.125% 2025		2,709		2,990
Teva Pharmaceutical Finance Co. BV 3.15% 2026		2,134		2,033
Teva Pharmaceutical Finance Co. BV 6.75% 2028		2,038		2,237
Teva Pharmaceutical Finance Co. BV 4.10% 2046		762		669
U.S. Renal Care, Inc. 10.625% 2027¹		359		378
Valeant Pharmaceuticals International, Inc. 6.125% 2025¹		5,285		5,424
Valeant Pharmaceuticals International, Inc. 9.00% 2025¹		581		624
Valeant Pharmaceuticals International, Inc. 8.50% 2027¹		502		547
				111,515

Materials 9.92%
Alcoa Netherlands Holding BV 5.50% 2027¹		510		554
Alcoa Netherlands Holding BV 4.125% 2029¹		430		449
ArcelorMittal 4.25% 2029		200		222
ArcelorMittal 7.25% 2039⁶		570		806
ArcelorMittal 7.00% 2041⁶		985		1,370
Arconic Corp. 6.00% 2025¹		810		864
Arconic Rolled Products Corp. 6.125% 2028¹		200		215
Ardagh Group SA 6.50% 2027^1,5		622		654
Ardagh Metal Packaging Finance USA LLC 4.00% 2029¹		650		646
Ardagh Packaging Finance 5.25% 2025¹		495		521
Ardagh Packaging Finance 6.00% 2025¹		533		551
Ardagh Packaging Finance 5.25% 2027¹		225		230
Axalta Coating Systems LLC 4.75% 2027¹		460		483
BWAY Parent Co., Inc. 5.50% 2024¹		1,619		1,637
Cascades, Inc. 5.125% 2026¹		495		529
Cascades, Inc. 5.375% 2028¹		340		358
Cleveland-Cliffs, Inc. 9.875% 2025¹		204		239
Cleveland-Cliffs, Inc. 6.75% 2026¹		1,167		1,260
Cleveland-Cliffs, Inc. 5.875% 2027		4,675		4,920
Cleveland-Cliffs, Inc. 7.00% 2027		297		314
Cleveland-Cliffs, Inc. 4.625% 2029¹		2,300		2,423
Cleveland-Cliffs, Inc. 4.875% 2031¹		2,475		2,602
Consolidated Energy Finance SA 6.50% 2026¹		1,250		1,287
Constellium SE 3.75% 2029¹		350		347
CVR Partners LP 9.25% 2023¹		346		348
CVR Partners LP 6.125% 2028¹		2,775		2,848
Element Solutions, Inc. 3.875% 2028¹		620		633
First Quantum Minerals, Ltd. 7.25% 2023¹		2,073		2,116
First Quantum Minerals, Ltd. 7.50% 2025¹		4,243		4,413
First Quantum Minerals, Ltd. 6.875% 2026¹		3,076		3,222
First Quantum Minerals, Ltd. 6.875% 2027¹		5,440		5,935
FMG Resources 4.375% 2031¹		1,115		1,194
Freeport-McMoRan, Inc. 4.55% 2024		150		163
Freeport-McMoRan, Inc. 4.25% 2030		932		1,000
Freeport-McMoRan, Inc. 5.40% 2034		562		680
Freeport-McMoRan, Inc. 5.45% 2043		1,851		2,265
FXI Holdings, Inc. 7.875% 2024¹		2,905		3,009
FXI Holdings, Inc. 12.25% 2026¹		5,515		6,367
GPC Merger Sub, Inc. 7.125% 2028¹		434		469

American Funds Insurance Series

199

American High-Income Trust (continued)

(formerly High-Income Bond Fund)

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Corporate bonds, notes & loans (continued)
Materials (continued)
Hexion, Inc. 7.875% 2027¹	$	2,411	$	2,604
INEOS Group Holdings SA 5.625% 2024¹		772		777
Joseph T. Ryerson & Son, Inc. 8.50% 2028¹		1,260		1,403
LSB Industries, Inc. 9.625% 2023¹		4,313		4,440
Mercer International, Inc. 5.125% 2029¹		400		412
Methanex Corp. 5.125% 2027		4,500		4,866
Methanex Corp. 5.25% 2029		1,300		1,402
Methanex Corp. 5.65% 2044		825		855
Neon Holdings, Inc. 10.125% 2026¹		970		1,061
Nouryon Holding BV 8.00% 2026¹		931		988
Nova Chemicals Corp. 4.875% 2024¹		495		523
Nova Chemicals Corp. 5.00% 2025¹		295		316
Nova Chemicals Corp. 5.25% 2027¹		1,036		1,118
Nova Chemicals Corp. 4.25% 2029¹		1,530		1,547
Novelis Corp. 5.875% 2026¹		950		989
Novelis Corp. 4.75% 2030¹		990		1,041
OCI NV 5.25% 2024¹		250		258
Olin Corp. 9.50% 2025¹		490		611
Olin Corp. 5.625% 2029		300		330
Olin Corp. 5.00% 2030		280		299
Owens-Illinois, Inc. 5.875% 2023¹		420		453
Owens-Illinois, Inc. 6.375% 2025¹		265		295
Plastipak Holdings, Inc. 6.25% 2025¹		200		205
Rayonier A.M. Products, Inc. 7.625% 2026¹		300		313
SCIH Salt Holdings, Inc. 4.875% 2028¹		2,825		2,832
SCIH Salt Holdings, Inc. 6.625% 2029¹		1,245		1,250
Scotts Miracle-Gro Co. 4.50% 2029		639		665
Sealed Air Corp. 4.875% 2022¹		410		428
Sealed Air Corp. 5.25% 2023¹		267		283
Sealed Air Corp. 4.00% 2027¹		316		337
Silgan Holdings, Inc. 4.125% 2028		377		392
Summit Materials, Inc. 6.50% 2027¹		360		382
Summit Materials, Inc. 5.25% 2029¹		955		1,016
Trivium Packaging BV 5.50% 2026¹		530		558
Trivium Packaging BV 8.50% 2027¹		403		439
Tronox, Ltd. 4.625% 2029¹		2,570		2,599
Valvoline, Inc. 4.25% 2030¹		353		365
Valvoline, Inc. 3.625% 2031¹		620		622
Venator Materials Corp. 5.75% 2025¹		4,876		4,809
Venator Materials Corp. 9.50% 2025¹		1,805		2,035
W. R. Grace & Co. 4.875% 2027¹		790		839
Warrior Met Coal, Inc. 8.00% 2024¹		1,400		1,423
				106,523

Industrials 8.68%
ADT Corp. 3.50% 2022		1,221		1,245
Allison Transmission Holdings, Inc. 3.75% 2031¹		2,270		2,234
American Airlines, Inc. 5.50% 2026¹		2,160		2,290
American Airlines, Inc. 5.75% 2029¹		750		812
Associated Materials, LLC 9.00% 2025¹		2,156		2,291
Atkore, Inc. 4.25% 2031¹		385		390
ATS Automation Tooling Systems, Inc. 4.125% 2028¹		275		282
Avis Budget Car Rental, LLC 5.75% 2027¹		1,290		1,347
Avis Budget Group, Inc. 5.25% 2025¹		509		516
Avis Budget Group, Inc. 4.75% 2028¹		550		564
Avis Budget Group, Inc. 5.375% 2029¹		1,550		1,616
Avolon Holdings Funding, Ltd. 5.25% 2024¹		660		726
Azul Investments LLP 7.25% 2026¹		670		658
Boeing Company 3.625% 2031		1,050		1,130

200	American Funds Insurance Series

American High-Income Trust (continued)

(formerly High-Income Bond Fund)

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Corporate bonds, notes & loans (continued)
Industrials (continued)
Boeing Company 3.50% 2039	$	70	$	70
Boeing Company 3.75% 2050		400		413
Boeing Company 5.93% 2060		700		968
Bohai Financial Investment Holding Co., Ltd. 5.25% 2022¹		1,050		1,099
Bohai Financial Investment Holding Co., Ltd. 4.50% 2023¹		132		139
Bohai Financial Investment Holding Co., Ltd. 5.125% 2023¹		660		714
Bohai Financial Investment Holding Co., Ltd. 5.50% 2024¹		600		660
Bombardier, Inc. 6.125% 2023¹		645		681
Bombardier, Inc. 7.50% 2024¹		600		628
Bombardier, Inc. 7.50% 2025¹		1,601		1,650
Bombardier, Inc. 7.125% 2026¹		1,910		2,002
Bombardier, Inc. 7.875% 2027¹		2,803		2,912
Bombardier, Inc. 7.45% 2034¹		700		753
Booz Allen Hamilton, Inc. 3.875% 2028¹		1,390		1,421
BWX Technologies, Inc. 4.125% 2028¹		615		628
BWX Technologies, Inc. 4.125% 2029¹		1,220		1,244
Clarivate Science Holdings Corp. 3.875% 2028¹		1,515		1,531
Clarivate Science Holdings Corp. 4.875% 2029¹		1,365		1,403
Clean Harbors, Inc. 4.875% 2027¹		766		805
CoreCivic, Inc. 8.25% 2026		2,190		2,275
CoreLogic, Inc. 4.50% 2028¹		4,289		4,257
CoreLogic, Inc., Term Loan, (3-month USD-LIBOR + 6.50%) 7.00% 2029^2,3		750		757
Covanta Holding Corp. 5.875% 2025		358		371
Covanta Holding Corp. 5.00% 2030		850		895
Deluxe Corp. 8.00% 2029¹		300		326
Dun & Bradstreet Corp. 6.875% 2026¹		1,003		1,067
Dun & Bradstreet Corp. 10.25% 2027¹		1,148		1,272
Fortress Transportation and Infrastructure Investors LLC 9.75% 2027¹		445		515
Fortress Transportation and Infrastructure Investors LLC 5.50% 2028¹		510		532
Global Infrastructure Solutions, Inc. 5.625% 2029¹		500		520
Harsco Corp. 5.75% 2027¹		650		683
Herc Holdings, Inc. 5.50% 2027¹		200		211
Howmet Aerospace, Inc. 6.875% 2025		987		1,150
Icahn Enterprises Finance Corp. 4.75% 2024		1,080		1,130
JELD-WEN Holding, Inc. 4.875% 2027¹		1,033		1,076
Kratos Defense & Security Solutions, Inc. 6.50% 2025¹		1,710		1,797
LABL Escrow Issuer, LLC 6.75% 2026¹		850		908
LABL Escrow Issuer, LLC 10.50% 2027¹		690		762
LSC Communications, Inc. 8.75% 2023^1,4,7,8		8,933		474
LSC Communications, Inc., Term Loan B, (USD Prime Rate + 4.50%) 7.75% 2022^2,3,4,7,8		301		16
MasTec, Inc. 4.50% 2028¹		1,250		1,319
Meritor, Inc. 4.50% 2028¹		825		838
MH Sub I, LLC, Term Loan, (3-month USD-LIBOR + 6.25%) 6.345% 2029^2,3		150		153
Mueller Water Products, Inc. 4.00% 2029¹		625		643
NESCO Holdings II, Inc. 5.50% 2029¹		255		266
Nielsen Finance LLC and Nielsen Finance Co. 5.00% 2025¹		750		774
Nielsen Finance LLC and Nielsen Finance Co. 5.625% 2028¹		250		264
Nielsen Finance LLC and Nielsen Finance Co. 5.875% 2030¹		1,400		1,527
Park River Holdings, Inc. 5.625% 2029¹		775		755
Pitney Bowes, Inc. 6.875% 2027¹		750		795
Prime Security Services Borrower, LLC 3.375% 2027¹		475		461
Prime Security Services Borrower, LLC 6.25% 2028¹		627		668
R.R. Donnelley & Sons Co. 6.125% 2026¹		375		396
R.R. Donnelley & Sons Co., Term Loan B, (3-month USD-LIBOR + 5.00%) 5.104% 2024^2,3		368		369
Rexnord Corp. 4.875% 2025¹		848		868
Rolls-Royce PLC 5.75% 2027¹		615		678
Sensata Technologies Holding BV 4.00% 2029¹		410		417
Sensata Technologies, Inc. 3.75% 2031¹		500		495

American Funds Insurance Series

201

American High-Income Trust (continued)

(formerly High-Income Bond Fund)

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Corporate bonds, notes & loans (continued)
Industrials (continued)
SkyMiles IP, Ltd. 4.75% 2028¹	$	1,365	$	1,519
Spirit AeroSystems, Inc. 4.60% 2028		210		206
SRS Distribution, Inc. 4.625% 2028¹		480		491
SRS Distribution, Inc. 6.125% 2029¹		305		315
Stericycle, Inc. 5.375% 2024¹		1,135		1,170
Stericycle, Inc. 3.875% 2029¹		270		270
The Brink’s Co. 4.625% 2027¹		719		751
Titan International, Inc. 7.00% 2028¹		750		786
TransDigm, Inc. 8.00% 2025¹		658		713
TransDigm, Inc. 6.25% 2026¹		1,938		2,047
TransDigm, Inc. 5.50% 2027		855		892
TransDigm, Inc. 4.625% 2029¹		910		913
Triumph Group, Inc. 6.25% 2024¹		510		520
Triumph Group, Inc. 8.875% 2024¹		586		653
Triumph Group, Inc. 7.75% 2025¹		270		278
Uber Technologies, Inc. 8.00% 2026¹		498		538
United Airlines Holdings, Inc. 6.50% 2027¹		4,245		4,679
United Airlines, Inc., Pass Through Trust Certificates, Series 2020-1, Class B, 4.875% 2027		330		350
United Airlines, Inc. 4.375% 2026¹		250		259
United Airlines, Inc. 4.625% 2029¹		780		808
United Rentals, Inc. 5.875% 2026		53		55
United Rentals, Inc. 3.875% 2031		325		331
Vertical Holdco GMBH 7.625% 2028¹		485		527
Vertical U.S. Newco, Inc. 5.25% 2027¹		1,475		1,556
WESCO Distribution, Inc. 7.125% 2025¹		1,375		1,488
WESCO Distribution, Inc. 7.25% 2028¹		1,420		1,584
Western Global Airlines LLC 10.375% 2025¹		385		442
XPO Logistics, Inc. 6.75% 2024¹		198		206
XPO Logistics, Inc. 6.25% 2025¹		300		319
				93,168

Financials 5.89%
Advisor Group Holdings, LLC 6.25% 2028¹		1,656		1,751
AG Merger Sub II, Inc. 10.75% 2027¹		4,140		4,611
Alliant Holdings Intermediate, LLC 6.75% 2027¹		1,536		1,616
Ally Financial, Inc. 8.00% 2031		466		668
Apollo Commercial Real Estate Finance, Inc. 4.625% 2029¹		800		790
Aretec Escrow Issuer, Inc. 7.50% 2029¹		2,710		2,795
AssuredPartners, Inc. 8.00% 2027¹		437		467
AssuredPartners, Inc. 5.625% 2029¹		365		366
BroadStreet Partners, Inc. 5.875% 2029¹		575		588
Compass Diversified Holdings 5.25% 2029¹		3,670		3,821
Credit Acceptance Corp. 5.125% 2024¹		765		795
Fairstone Financial, Inc. 7.875% 2024¹		619		647
Freedom Mortgage Corp. 7.625% 2026¹		625		651
FS Energy and Power Fund 7.50% 2023¹		4,084		4,231
Hightower Holding, LLC 6.75% 2029¹		505		516
HUB International, Ltd. 7.00% 2026¹		1,950		2,027
Icahn Enterprises Finance Corp. 5.25% 2027		627		648
Icahn Enterprises Finance Corp. 4.375% 2029¹		675		674
Ladder Capital Corp. 5.25% 2022¹		150		151
Ladder Capital Corp. 4.25% 2027¹		1,489		1,492
LD Holdings Group LLC 6.125% 2028¹		575		576
LPL Financial Holdings, Inc. 4.625% 2027¹		1,212		1,260
LPL Financial Holdings, Inc. 4.00% 2029¹		550		554
LPL Financial Holdings, Inc. 4.375% 2031¹		1,060		1,075
MGIC Investment Corp. 5.25% 2028		525		557
MidCap Financial Issuer Trust 6.50% 2028¹		750		786

202	American Funds Insurance Series

American High-Income Trust (continued)

(formerly High-Income Bond Fund)

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Corporate bonds, notes & loans (continued)
Financials (continued)
MidCap Financial Issuer Trust 5.625% 2030¹	$	565	$	568
MSCI, Inc. 5.375% 2027¹		320		342
MSCI, Inc. 4.00% 2029¹		900		952
MSCI, Inc. 3.625% 2030¹		66		68
MSCI, Inc. 3.625% 2031¹		1,875		1,926
MSCI, Inc. 3.875% 2031¹		2,150		2,234
National Financial Partners Corp. 6.875% 2028¹		1,094		1,155
Nationstar Mortgage Holdings, Inc. 5.50% 2028¹		425		429
Navient Corp. 6.50% 2022		1,633		1,705
Navient Corp. 5.50% 2023		3,086		3,259
Navient Corp. 5.875% 2024		1,720		1,860
Navient Corp. 6.125% 2024		1,267		1,371
Navient Corp. 5.00% 2027		2,883		2,989
Navient Corp. 4.875% 2028		320		322
Navient Corp. 5.625% 2033		1,678		1,624
NFP Corp. 4.875% 2028¹		500		509
OneMain Holdings, Inc. 7.125% 2026		935		1,090
Owl Rock Capital Corp. 4.625% 2024¹		750		798
Owl Rock Capital Corp. 3.75% 2025		900		953
Owl Rock Capital Corp. 3.375% 2026		390		407
Quicken Loans, LLC 3.625% 2029¹		455		450
Springleaf Finance Corp. 6.125% 2024		1,167		1,257
Springleaf Finance Corp. 6.625% 2028		190		219
Springleaf Finance Corp. 5.375% 2029		183		199
Starwood Property Trust, Inc. 5.00% 2021		871		876
Starwood Property Trust, Inc. 5.50% 2023¹		465		488
Summer (BC) BidCo B LLC 5.50% 2026¹		365		372
Travelport Finance Luxembourg SARL, Term Loan, (3-month USD-LIBOR + 8.00%) 9.00% 2025 (72.22% PIK)^2,3,5		481		506
United Wholesale Mortgage, LLC 5.50% 2029¹		255		255
				63,296

Information technology 4.22%
Almonde, Inc., Term Loan, (3-month USD-LIBOR + 7.25%) 8.25% 2025^2,3		3,574		3,620
Applied Systems, Inc., Term Loan, (3-month USD-LIBOR + 5.50%) 6.25% 2025^2,3		822		836
Avaya, Inc. 6.125% 2028¹		490		525
Banff Merger Sub, Inc. 9.75% 2026¹		1,833		1,932
Black Knight, Inc. 3.625% 2028¹		1,315		1,310
BMC Software, Inc. 7.125% 2025¹		225		241
BMC Software, Inc. 9.125% 2026¹		240		254
Booz Allen Hamilton, Inc. 4.00% 2029¹		455		466
Broadcom, Inc. 3.469% 2034¹		179		190
CommScope Finance LLC 6.00% 2026¹		833		880
Dell International LLC / EMC Corp. 8.10% 2036		450		687
Dell International LLC / EMC Corp. 8.35% 2046		291		477
Dell, Inc. 6.50% 2038		222		284
Dell, Inc. 5.40% 2040		850		1,006
Diebold Nixdorf AG, Term Loan B, (3-month USD-LIBOR + 2.75%) 2.897% 2023^2,3		643		634
Diebold Nixdorf, Inc. 9.375% 2025¹		4,700		5,226
Diebold, Inc. 8.50% 2024		1,534		1,572
Elastic NV 4.125% 2029¹		900		900
Gartner, Inc. 4.50% 2028¹		2,025		2,141
Gartner, Inc. 3.75% 2030¹		200		205
Imola Merger Corp. 4.75% 2029¹		300		309
MicroStrategy, Inc. 6.125% 2028¹		675		676
MoneyGram International, Inc., Term Loan B, (3-month USD-LIBOR + 6.00%) 7.00% 2023^2,3		1,210		1,223
NCR Corp. 5.125% 2029¹		2,675		2,762
Oracle Corp. 3.95% 2051		458		501


American Funds Insurance Series	203

American High-Income Trust (continued)

(formerly High-Income Bond Fund)

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Corporate bonds, notes & loans (continued)
Information technology (continued)
Rocket Software, Inc. 6.50% 2029¹	$	1,715	$	1,704
Sabre GLBL, Inc. 7.375% 2025¹		48		52
Sabre Holdings Corp. 9.25% 2025¹		548		653
Solera Holdings, Inc., Term Loan B, (3-month USD-LIBOR + 4.00%) 4.50% 2028^2,3		1,325		1,330
Square, Inc. 2.75% 2026¹		2,350		2,394
Square, Inc. 3.50% 2031¹		1,270		1,283
Synaptics, Inc. 4.00% 2029¹		325		327
Ultimate Software Group, Inc., Term Loan, (3-month USD-LIBOR + 6.75%) 7.50% 2027^2,3		1,325		1,352
Unisys Corp. 6.875% 2027¹		1,695		1,855
VeriSign, Inc. 5.25% 2025		132		150
Veritas Holdings, Ltd. 7.50% 2025¹		2,140		2,234
ViaSat, Inc. 5.625% 2027¹		175		183
Virtusa Corp., Term Loan B, (3-month USD-LIBOR + 4.25%) 5.00% 2028^2,3		50		50
Xerox Corp. 5.00% 2025¹		595		629
Xerox Corp. 5.50% 2028¹		2,135		2,221
				45,274

Real estate 3.32%
Brookfield Property REIT, Inc. 5.75% 2026¹		3,714		3,909
Diversified Healthcare Trust 4.75% 2024		275		283
Diversified Healthcare Trust 9.75% 2025		650		721
Diversified Healthcare Trust 4.75% 2028		335		331
Diversified Healthcare Trust 4.375% 2031		1,975		1,895
HAT Holdings I LLC / HAT Holdings II LLC 3.375% 2026¹		500		504
Hospitality Properties Trust 7.50% 2025		238		270
Howard Hughes Corp. 5.375% 2028¹		1,957		2,082
Howard Hughes Corp. 4.125% 2029¹		3,143		3,153
Howard Hughes Corp. 4.375% 2031¹		2,018		2,015
Iron Mountain, Inc. 4.875% 2027¹		2,066		2,145
Iron Mountain, Inc. 5.00% 2028¹		617		642
Iron Mountain, Inc. 5.25% 2028¹		1,214		1,273
Iron Mountain, Inc. 5.25% 2030¹		2,610		2,766
Iron Mountain, Inc. 4.50% 2031¹		1,300		1,318
Kennedy-Wilson Holdings, Inc. 4.75% 2029		2,005		2,068
Kennedy-Wilson Holdings, Inc. 5.00% 2031		1,895		1,952
Ladder Capital Corp. 5.25% 2025¹		1,040		1,060
Medical Properties Trust, Inc. 5.00% 2027		1,333		1,415
Medical Properties Trust, Inc. 3.50% 2031		239		242
Park Intermediate Holdings LLC 4.875% 2029¹		1,540		1,595
QTS Realty Trust, Inc. 3.875% 2028¹		625		669
Realogy Corp. 9.375% 2027¹		740		823
Realogy Corp. 5.75% 2029¹		840		879
Realogy Group LLC 7.625% 2025¹		260		282
RHP Hotel Properties LP / RHP Finance Corp. 4.50% 2029¹		685		687
Service Properties Trust 5.50% 2027		130		139
WeWork Companies, Inc. 7.875% 2025¹		140		146
Xenia Hotels & Resorts, Inc. 4.875% 2029¹		360		372
				35,636

Consumer staples 3.31%
Albertsons Companies, Inc. 3.50% 2023¹		550		566
Albertsons Companies, Inc. 3.50% 2029¹		1,580		1,564
Albertsons Companies, Inc. 4.875% 2030¹		335		358
B&G Foods, Inc. 5.25% 2025		612		629
B&G Foods, Inc. 5.25% 2027		1,428		1,489
Central Garden & Pet Co. 4.125% 2030		420		430
Central Garden & Pet Co. 4.125% 2031¹		755		766
Coty, Inc. 5.00% 2026¹		700		712

204	American Funds Insurance Series

American High-Income Trust (continued)

(formerly High-Income Bond Fund)

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Corporate bonds, notes & loans (continued)
Consumer staples (continued)
Coty, Inc. 6.50% 2026¹	$	520	$	528
Darling Ingredients, Inc. 5.25% 2027¹		459		483
Edgewell Personal Care Co. 5.50% 2028¹		275		292
Energizer Holdings, Inc. 4.375% 2029¹		545		546
Ingles Markets, Inc. 4.00% 2031¹		355		355
JBS Luxembourg SARL 3.625% 2032¹		600		600
Kraft Heinz Company 3.875% 2027		725		797
Kraft Heinz Company 4.25% 2031		713		811
Kraft Heinz Company 5.00% 2042		500		612
Kraft Heinz Company 5.20% 2045		330		411
Kraft Heinz Company 4.375% 2046		2,116		2,402
Kraft Heinz Company 4.875% 2049		2,115		2,573
Kraft Heinz Company 5.50% 2050		770		1,002
Kronos Acquisition Holdings, Inc. 5.00% 2026¹		840		854
Kronos Acquisition Holdings, Inc. 7.00% 2027¹		3,350		3,362
Lamb Weston Holdings, Inc. 4.625% 2024¹		561		582
Nestle Skin Health SA, Term Loan B3, (3-month USD-LIBOR + 3.75%) 4.50% 2026^2,3		1,801		1,809
Post Holdings, Inc. 5.625% 2028¹		569		605
Post Holdings, Inc. 5.50% 2029¹		166		178
Post Holdings, Inc. 4.625% 2030¹		4,205		4,281
Post Holdings, Inc. 4.50% 2031¹		750		750
Prestige Brands International, Inc. 5.125% 2028¹		103		109
Prestige Brands International, Inc. 3.75% 2031¹		1,525		1,473
Simmons Foods, Inc. 4.625% 2029¹		993		1,003
Spectrum Brands, Inc. 5.75% 2025		178		183
Triton Water Holdings, Inc. 6.25% 2029¹		630		632
United Natural Foods, Inc. 6.75% 2028¹		1,700		1,833
				35,580

Utilities 2.79%
AmeriGas Partners LP 5.75% 2027		297		332
Calpine Corp. 4.50% 2028¹		500		511
Calpine Corp. 5.125% 2028¹		518		528
Calpine Corp. 3.75% 2031¹		400		381
Calpine Corp. 5.00% 2031¹		1,000		997
DPL, Inc. 4.125% 2025		765		821
DPL, Inc. 4.35% 2029		575		625
Emera, Inc. 6.75% 2076 (3-month USD-LIBOR + 5.44% on 6/15/2026)⁶		1,155		1,355
FirstEnergy Corp. 2.25% 2030		1,170		1,123
FirstEnergy Corp. 2.65% 2030		624		622
FirstEnergy Corp. 7.375% 2031		734		1,006
FirstEnergy Corp. 5.35% 2047⁶		550		661
FirstEnergy Corp. 3.40% 2050		1,710		1,681
FirstEnergy Transmission LLC 2.866% 2028¹		325		337
Inversiones Latin America Power 5.125% 2033¹		310		308
NextEra Energy Partners LP 4.25% 2024¹		122		129
NextEra Energy Partners LP 3.875% 2026¹		92		98
NGL Energy Partners LP 7.50% 2026		1,150		1,052
NRG Energy, Inc. 7.25% 2026		328		341
NRG Energy, Inc. 3.375% 2029¹		355		349
NRG Energy, Inc. 3.625% 2031¹		1,030		1,013
Pacific Gas and Electric Co. 3.00% 2028		550		553
Pacific Gas and Electric Co. 4.55% 2030		473		506
Pacific Gas and Electric Co. 3.25% 2031		200		197
Pacific Gas and Electric Co. 3.95% 2047		500		466
Pacific Gas and Electric Co. 4.95% 2050		600		618
PG&E Corp. 5.00% 2028		2,880		2,916
PG&E Corp. 5.25% 2030		2,345		2,374
PG&E Corp., Term Loan, (3-month USD-LIBOR + 3.00%) 3.50% 2025^2,3		252		249

American Funds Insurance Series

205

American High-Income Trust (continued)

(formerly High-Income Bond Fund)

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Corporate bonds, notes & loans (continued)
Utilities (continued)
Talen Energy Corp. 10.50% 2026¹	$	3,768	$	2,729
Talen Energy Corp. 7.25% 2027¹		2,973		2,778
Talen Energy Corp. 6.625% 2028¹		130		119
Talen Energy Supply, LLC 7.625% 2028¹		1,699		1,592
Vistra Operations Co. LLC 3.55% 2024¹		231		244
Vistra Operations Co. LLC 4.375% 2029¹		400		403
				30,014

Total corporate bonds, notes & loans				931,843

U.S. Treasury bonds & notes 0.11%
U.S. Treasury inflation-protected securities 0.11%
U.S. Treasury Inflation-Protected Security 0.125% 2051^9,10		1,025		1,124

Municipals 0.00%
Puerto Rico 0.00%
Aqueduct and Sewer Auth., Rev. Bonds, Series 2012-B, 5.35% 2027		5		5

Total bonds, notes & other debt instruments (cost: $906,669,000)				932,972

Convertible bonds & notes 0.35%
Communication services 0.14%
Cinemark USA, Inc., convertible notes, 4.50% 2025¹		190		337
DISH DBS Corp., convertible notes, 3.375% 2026		635		650
Live Nation Entertainment, Inc., convertible notes, 2.00% 2025		430		482
				1,469

Industrials 0.08%
American Airlines Group, Inc., convertible notes, 6.50% 2025		183		288
Southwest Airlines Co., convertible notes, 1.25% 2025		403		612
				900

Information technology 0.07%
Sabre GLBL, Inc., convertible notes, 4.00% 2025		390		712

Consumer discretionary 0.05%
NCL Corp., Ltd., convertible notes, 5.375% 2025¹		155		283
Royal Caribbean Cruises, Ltd., convertible notes, 4.25% 2023¹		200		273
				556

Energy 0.01%
Mesquite Energy, Inc., convertible notes, 15.19% 2023 (100% PIK)^1,5,7,8		70		70

Total convertible bonds & notes (cost: $2,724,000)				3,707

Convertible stocks 0.08%		Shares
Financials 0.05%
2020 Cash Mandatory Exchangeable Trust, convertible preferred shares, 0% 2023¹		411		519

Utilities 0.03%
PG&E Corp., convertible preferred units, 5.50% 2023		3,350		340

Total convertible stocks (cost: $717,000)				859


206	American Funds Insurance Series

American High-Income Trust (continued)

(formerly High-Income Bond Fund)

Common stocks 5.62%	Shares		Value (000)
Health care 2.02%
Rotech Healthcare, Inc.^7,8,11,12		201,793	$	21,693

Energy 1.99%
Chesapeake Energy Corp.		157,546		8,180
Chesapeake Energy Corp.^1,7		844		42
Oasis Petroleum, Inc.		42,568		4,280
Denbury, Inc.¹¹		32,880		2,525
Extraction Oil & Gas, Inc.¹¹		29,821		1,637
Extraction Oil & Gas, Inc.^1,7,11,12		8,511		449
Weatherford International¹¹		99,159		1,805
Ascent Resources - Utica LLC, Class A^7,8,11,12		6,297,894		1,260
Diamond Offshore Drilling, Inc.¹¹		82,188		522
Diamond Offshore Drilling, Inc.^1,7,8,11		28,784		153
California Resources Corp.¹¹		17,202		518
McDermott International, Ltd.¹¹		107,875		53
Mesquite Energy, Inc.^7,8,11		3,558		21
Tapstone Energy, LLC^1,7,8,11		14,603		—	¹³
				21,445

Industrials 0.77%
New AMI I, LLC^7,8,11		949,277		8,259

Consumer discretionary 0.51%
MYT Holding Co., Class B^7,11		608,846		3,379
NMG Parent LLC^7,11		14,350		1,937
NMG Parent LLC^1,7,11		1,615		194
				5,510

Materials 0.14%
Hexion Holdings Corp., Class B¹¹		81,939		1,475

Financials 0.09%
Jonah Energy Parent LLC^7,8,11		38,716		581
Navient Corp.		20,000		386
				967

Communication services 0.06%
iHeartMedia, Inc., Class A¹¹		22,639		610

Information technology 0.04%
MoneyGram International, Inc.¹¹		41,400		417

Total common stocks (cost: $34,018,000)				60,376

Preferred securities 0.27%
Consumer discretionary 0.20%
MYT Holding LLC, Series A, preferred shares		2,095,904		2,143

Industrials 0.07%
ACR III LSC Holdings LLC, Series B, preferred shares^1,7,8,11		1,022		719

Total preferred securities (cost: $2,933,000)				2,862


American Funds Insurance Series	207

American High-Income Trust (continued)

(formerly High-Income Bond Fund)

Rights & warrants 0.13%	Shares		Value (000)
Energy 0.07%
Chesapeake Energy Corp., Class B, warrants, expire 2026¹¹		14,962	$	357
Chesapeake Energy Corp., Class A, warrants, expire 2026¹¹		12,565		338
Chesapeake Energy Corp., Class C, warrants, expire 2026¹¹		4,376		91
Sable Permian Resources, LLC, Class A, warrants, expire 2024^7,8,11		2,894		—	¹³
				786

Consumer discretionary 0.06%
NMG Parent LLC, warrants, expire 2027^7,11		27,111		620

Total rights & warrants (cost: $2,471,000)				1,406

Short-term securities 5.83%
Money market investments 5.83%
Capital Group Central Cash Fund 0.04%^14,15		626,652		62,665

Total short-term securities (cost: $62,664,000)				62,665
Total investment securities 99.15% (cost: $1,012,196,000)				1,064,847
Other assets less liabilities 0.85%				9,158

Net assets 100.00%			$	1,074,005

Futures contracts

Contracts	Type	Number of contracts	Expiration	Notional amount (000)		¹⁶	Value at 6/30/2021 (000)		¹⁷	Unrealized depreciation at 6/30/2021 (000)
2 Year U.S. Treasury Note Futures	Long	248	October 2021	$	49,600		$	54,639			$	(93	)
10 Year Ultra U.S. Treasury Note Futures	Short	24	September 2021		(2,400	)		(3,533	)			(57	)
10 Year U.S. Treasury Note Futures	Short	284	September 2021		(28,400	)		(37,630	)			(84	)
											$	(234	)

Swap contracts

Credit default swaps

Centrally cleared credit default swaps on credit indices — buy protection

Receive		Pay/ Payment frequency		Expiration date		Notional (000)		Value at 6/30/2021 (000)				Upfront premium received (000)				Unrealized depreciation at 6/30/2021 (000)
CDX.NA.HY.36		5.00%/Quarterly		6/20/2026		$50,074		$	(5,109	)		$	(4,890	)		$	(219	)

Investments in affiliates¹⁵

	Value of affiliate at 1/1/2021 (000)		Additions (000)		Reductions (000)		Net realized gain (000)		Net unrealized depreciation (000)			Value of affiliate at 6/30/2021 (000)		Dividend income (000)
Short-term securities 5.83%
Money market investments 5.83%
Capital Group Central Cash Fund 0.04%¹⁴	$	33,493	$	302,652	$	273,478	$	1	$	(3	)	$	62,665	$	12


208	American Funds Insurance Series

American High-Income Trust (continued)

(formerly High-Income Bond Fund)

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 $651,007,000, which represented 60.61% 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 $28,965,000, which represented 2.70% of the net assets of the fund.
³		Coupon rate may change periodically. Reference rate and spread are as of the most recent information available. Some coupon rates are determined by the issuer or agent based on current market conditions; therefore, the reference rate and spread are not available.
⁴		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. Most recent payment was 100% cash unless otherwise noted.
⁶		Step bond; coupon rate may change at a later date.
⁷		Valued under fair value procedures adopted by authority of the board of trustees. The total value of all such securities was $44,114,000, which represented 4.11% of the net assets of the fund.
⁸		Value determined using significant unobservable inputs.
⁹		All or a portion of this security was pledged as collateral. The total value of pledged collateral was $412,000, which represented .04% of the net assets of the fund.
¹⁰		Index-linked bond whose principal amount moves with a government price index.
¹¹		Security did not produce income during the last 12 months.
¹²		Acquired through a private placement transaction exempt from registration under the Securities Act of 1933. May be subject to legal or contractual restrictions on resale. Further details on these holdings appear on the following page.
¹³		Amount less than one thousand.
¹⁴		Rate represents the seven-day yield at 6/30/2021.
¹⁵		Part of the same “group of investment companies” as the fund as defined under the Investment Company Act of 1940, as amended.
¹⁶		Notional amount is calculated based on the number of contracts and notional contract size.
¹⁷		Value is calculated based on the notional amount and current market price.

Private placement securities	Acquisition date	Cost (000)		Value (000)		Percent of net assets
Rotech Healthcare, Inc.	9/26/2013	$	4,331	$	21,693		2.02	%
Ascent Resources - Utica LLC, Class A	11/15/2016		302		1,260		.12
Extraction Oil & Gas, Inc.	1/20/2021		215		449		.04
Total private placement securities		$	4,848	$	23,402		2.18	%

Key to abbreviations and symbol
Auth. = Authority
CMT = Constant Maturity Treasury
DAC = Designated Activity Company
LIBOR = London Interbank Offered Rate
Rev. = Revenue
USD/$ = U.S. dollars

See notes to financial statements.

American Funds Insurance Series

209

American Funds Mortgage Fund
Investment portfolio June 30, 2021	unaudited

Bonds, notes & other debt instruments 79.12%	Principal amount (000)			Value (000)
Mortgage-backed obligations 57.66%
Federal agency mortgage-backed obligations 50.51%
Fannie Mae Pool #AS7638 2.50% 2031¹	$	853		$	893
Fannie Mae Pool #695412 5.00% 2033¹		—	²		—	²
Fannie Mae Pool #AD3566 5.00% 2035¹		2			2
Fannie Mae Pool #256583 5.00% 2036^1,3		34			36
Fannie Mae Pool #889101 1.631% 2038^1,4		32			33
Fannie Mae Pool #964279 2.485% 2038^1,4		31			32
Fannie Mae Pool #964708 2.765% 2038^1,4		4			4
Fannie Mae Pool #AC0794 5.00% 2039¹		8			10
Fannie Mae Pool #931768 5.00% 2039¹		2			2
Fannie Mae Pool #AL9335 2.289% 2040^1,4		1,184			1,256
Fannie Mae Pool #932606 5.00% 2040¹		4			5
Fannie Mae Pool #MA4333 2.00% 2041¹		24			24
Fannie Mae Pool #MA4387 2.00% 2041¹		22			22
Fannie Mae Pool #MA4364 2.00% 2041¹		7			7
Fannie Mae Pool #AL9327 2.164% 2041^1,4		1,109			1,175
Fannie Mae Pool #AL9326 2.199% 2041^1,4		1,453			1,539
Fannie Mae Pool #AJ1873 4.00% 2041¹		7			8
Fannie Mae Pool #AE1248 5.00% 2041¹		11			13
Fannie Mae Pool #AE1274 5.00% 2041¹		8			9
Fannie Mae Pool #AE1277 5.00% 2041¹		5			6
Fannie Mae Pool #AE1283 5.00% 2041¹		3			3
Fannie Mae Pool #AE1290 5.00% 2042¹		6			6
Fannie Mae Pool #AT3954 3.50% 2043¹		4			4
Fannie Mae Pool #AT0300 3.50% 2043¹		2			2
Fannie Mae Pool #AY1829 3.50% 2044¹		4			4
Fannie Mae Pool #AW8240 3.50% 2044¹		1			1
Fannie Mae Pool #BJ5015 4.00% 2047¹		58			63
Fannie Mae Pool #BH3122 4.00% 2047¹		1			1
Fannie Mae Pool #BM4488 3.381% 2048^1,4		622			650
Fannie Mae Pool #BK6840 4.00% 2048¹		38			41
Fannie Mae Pool #BK5232 4.00% 2048¹		30			32
Fannie Mae Pool #BK9743 4.00% 2048¹		11			12
Fannie Mae Pool #BK9761 4.50% 2048¹		8			9
Fannie Mae Pool #BJ8402 3.544% 2049^1,4		128			133
Fannie Mae Pool #CA5496 3.00% 2050¹		2,962			3,157
Fannie Mae Pool #CB0041 3.00% 2051¹		242			260
Fannie Mae Pool #BF0379 3.50% 2059¹		211			229
Fannie Mae Pool #BF0497 3.00% 2060¹		71			75
Fannie Mae Pool #BF0481 3.50% 2060¹		241			262
Freddie Mac Pool #A18781 5.00% 2034^1,3		819			935
Freddie Mac Pool #C91883 4.00% 2036^1,3		2,923			3,186
Freddie Mac Pool #840222 2.386% 2040^1,4		328			348
Freddie Mac Pool #RB5118 2.00% 2041¹		72			74
Freddie Mac Pool #Q15874 4.00% 2043¹		2			2
Freddie Mac Pool #760014 2.977% 2045^1,4		580			606
Freddie Mac Pool #760012 3.109% 2045^1,4		52			54
Freddie Mac Pool #760013 3.182% 2045^1,4		34			36
Freddie Mac Pool #760015 2.679% 2047^1,4		104			109
Freddie Mac Pool #Q52069 3.50% 2047¹		44			47
Freddie Mac Pool #Q47615 3.50% 2047¹		27			29
Freddie Mac Pool #Q56599 4.00% 2048¹		46			50
Freddie Mac Pool #Q56175 4.00% 2048¹		34			37
Freddie Mac Pool #Q55971 4.00% 2048¹		32			35
Freddie Mac Pool #Q55970 4.00% 2048¹		13			14
Freddie Mac Pool #Q58411 4.50% 2048¹		93			103
Freddie Mac Pool #Q58436 4.50% 2048¹		41			45
Freddie Mac Pool #Q58378 4.50% 2048¹		33			36
Freddie Mac Pool #Q57242 4.50% 2048¹		28			30
Freddie Mac Pool #RA1339 3.00% 2049¹		2,327			2,449
Freddie Mac Pool #QA2748 3.50% 2049¹		28			30
Freddie Mac Pool #SD8158 3.50% 2051¹		84			88

210	American Funds Insurance Series

American Funds Mortgage Fund (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Mortgage-backed obligations (continued)
Federal agency mortgage-backed obligations (continued)
Freddie Mac Pool #SD8164 3.50% 2051¹	$	62	$	66
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-2, Class MA, 3.00% 2056¹		1,087		1,137
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-2, Class HA, 3.00% 2056^1,4		1,086		1,136
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-1, Class HA, 3.00% 2056^1,4		865		905
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-3, Class HT, 3.25% 2056¹		124		134
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2018-1, Class HT, 3.00% 2057¹		660		705
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-4, Class HT, 3.25% 2057^1,4		4,003		4,312
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2018-3, Class MA, 3.50% 2057¹		2,240		2,354
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-4, Class MT, 3.50% 2057¹		1,784		1,947
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2018-2, Class MT, 3.50% 2057¹		982		1,071
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2019-2, Class MT, 3.50% 2058¹		39		43
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2019-3, Class MT, 3.50% 2058¹		24		26
Freddie Mac Seasoned Loan Structured Transaction Trust, Series 2018-2, Class A1, 3.50% 2028¹		5,165		5,463
Freddie Mac Seasoned Loan Structured Transaction Trust, Series 2018-1, Class A1, 3.50% 2028¹		1,432		1,500
Government National Mortgage Assn. 2.00% 2051^1,5		12,480		12,688
Government National Mortgage Assn. 2.50% 2051^1,5		7,496		7,744
Government National Mortgage Assn. 3.00% 2051^1,5		3,032		3,163
Government National Mortgage Assn. 3.00% 2051^1,5		800		835
Government National Mortgage Assn. 3.50% 2051^1,5		37		39
Government National Mortgage Assn. Pool #AH5894 3.75% 2034¹		925		1,000
Government National Mortgage Assn. Pool #AD0028 3.75% 2038¹		576		615
Government National Mortgage Assn. Pool #AH5897 3.75% 2039¹		578		617
Government National Mortgage Assn. Pool #004410 4.00% 2039¹		58		60
Government National Mortgage Assn. Pool #783690 6.00% 2039¹		116		133
Government National Mortgage Assn. Pool #004823 4.00% 2040¹		88		90
Government National Mortgage Assn. Pool #005142 4.50% 2041¹		28		30
Government National Mortgage Assn. Pool #005104 5.00% 2041¹		177		193
Government National Mortgage Assn. Pool #005165 6.50% 2041¹		143		161
Government National Mortgage Assn. Pool #AA5326 3.50% 2042¹		238		245
Government National Mortgage Assn. Pool #MA0366 3.50% 2042¹		207		212
Government National Mortgage Assn. Pool #AA5526 3.50% 2042¹		140		147
Government National Mortgage Assn. Pool #AF0140 3.50% 2043¹		234		246
Government National Mortgage Assn. Pool #AD4360 3.50% 2043¹		94		99
Government National Mortgage Assn. Pool #AH5882 3.75% 2044¹		525		574
Government National Mortgage Assn. Pool #AH5884 4.25% 2044¹		1,352		1,516
Government National Mortgage Assn. Pool #MA3727 4.00% 2046¹		340		354
Government National Mortgage Assn. Pool #MA5877 4.50% 2049¹		521		557
Government National Mortgage Assn. Pool #MA6092 4.50% 2049¹		230		246
Government National Mortgage Assn. Pool #MA7419 3.00% 2051¹		3,118		3,275
Government National Mortgage Assn. Pool #AO0409 4.589% 2065¹		185		200
Government National Mortgage Assn. Pool #AO0461 4.604% 2065¹		101		109
Government National Mortgage Assn. Pool #AN1825 4.614% 2065¹		330		355
Government National Mortgage Assn. Pool #AO0385 4.512% 2066¹		732		796
Government National Mortgage Assn. Pool #725897 5.20% 2066¹		2		2
Uniform Mortgage-Backed Security 1.50% 2036^1,5		500		506
Uniform Mortgage-Backed Security 2.00% 2036^1,5		38,830		39,996
Uniform Mortgage-Backed Security 2.50% 2036^1,5		300		313
Uniform Mortgage-Backed Security 2.00% 2051^1,5		23,844		23,981

American Funds Insurance Series

211

American Funds Mortgage Fund (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Mortgage-backed obligations (continued)
Federal agency mortgage-backed obligations (continued)
Uniform Mortgage-Backed Security 2.50% 2051^1,5	$	3,341	$	3,442
Uniform Mortgage-Backed Security 2.50% 2051^1,5		131		135
Uniform Mortgage-Backed Security 3.00% 2051^1,5		6,339		6,598
Uniform Mortgage-Backed Security 3.00% 2051^1,5		2,704		2,817
Uniform Mortgage-Backed Security 3.50% 2051^1,5		10,938		11,514
Uniform Mortgage-Backed Security 4.00% 2051^1,5		77		82
Uniform Mortgage-Backed Security 4.50% 2051^1,5		2,938		3,164
				168,011

Collateralized mortgage-backed obligations (privately originated) 6.60%
Arroyo Mortgage Trust, Series 2021-1R, Class A1, 1.175% 2048^1,4,6		868		874
Arroyo Mortgage Trust, Series 2018-1, Class A1, 3.763% 2048^1,4,6		348		349
Cascade Funding Mortgage Trust, Series 2020-HB4, Class A, 0.946% 2030^1,4,6		611		612
Cascade Funding Mortgage Trust, Series 2021-HB6, Class A, 0.898% 2036^1,4,6		1,531		1,533
Credit Suisse Mortgage Trust, Series 2017-RPL3, Class A1, 2.00% 2060^1,4,6		684		695
JPMorgan Mortgage Trust, Series 2019-INV3, Class A3, 3.50% 2050^1,4,6		349		357
Mello Warehouse Securitization Trust, Series 2019-2, Class A, (1-month USD-LIBOR + 0.75%) 0.842% 2052^1,4,6		750		751
Mello Warehouse Securitization Trust, Series 2020-2, Class A, (1-month USD-LIBOR + 0.80%) 0.892% 2053^1,4,6		583		584
Mello Warehouse Securitization Trust, Series 2020-1, Class A, (1-month USD-LIBOR + 0.90%) 0.992% 2053^1,4,6		809		810
Mello Warehouse Securitization Trust, Series 2021-2, Class A, (1-month USD-LIBOR + 0.75%) 0.842% 2055^1,4,6		1,210		1,211
Mortgage Repurchase Agreement Financing Trust, Series 2020-5, (1-month USD-LIBOR + 1.00%) 1.077% 2023^1,4,6		750		751
MRA Issuance Trust, Series 2021-8, Class A1X, (1-month USD-LIBOR + 1.15%) 1.26% 2021^1,4,6		1,625		1,627
MRA Issuance Trust, Series 2020-10, Class A, (1-month USD-LIBOR + 1.70%) 1.786% 2022^1,4,6		3,375		3,377
Nationstar HECM Loan Trust, Series 2019-2A, Class A, 2.272% 2029^1,4,6		220		220
Nationstar HECM Loan Trust, Series 2019-1A, Class A, 2.651% 2029^1,4,6		266		267
NewRez Warehouse Securitization Trust, Series 2021-1, Class A, (1-month USD-LIBOR + 0.75%) 0.842% 2055^1,4,6		1,021		1,024
Onslow Bay Financial LLC, Series 2020-INV1, Class A5, 3.50% 2049^1,4,6		192		195
Provident Funding Mortgage Warehouse Securitization Trust, Series 2021-1, Class A, (1-month USD-LIBOR + 0.70%) 0.792% 2055^1,4,6		768		766
RMF Proprietary Issuance Trust, Series 2019-1, Class A, 2.75% 2063^1,4,6		619		618
Station Place Securitization Trust, Series 2021-WL1, Class A, (1-month USD-LIBOR + 0.65%) 0.742% 2054^1,4,6		3,950		3,956
Station Place Securitization Trust, Series 2021-WL2, Class A, (1-month USD-LIBOR + 0.70%) 0.792% 2054^1,4,6		375		375
Towd Point Mortgage Trust, Series 2016-5, Class A1, 2.50% 2056^1,4,6		337		343
Towd Point Mortgage Trust, Series 2017-5, Class A1, 0.692% 2057^1,4,6		24		24
Towd Point Mortgage Trust, Series 2020-4, Class A1, 1.75% 2060^1,6		626		634
				21,953

Commercial mortgage-backed securities 0.55%
BX Trust, Series 2021-SOAR, Class A, (1-month USD-LIBOR + 0.67%) 0.77% 2038^1,4,6		1,174		1,176
Extended Stay America Trust, Series 2021-ESH, Class A, (1-month USD-LIBOR + 1.08%) 1.155% 2038^1,4,6		370		371
MHC Commercial Mortgage Trust, CMO, Series 2021-MHC, Class A, (1-month USD-LIBOR + 0.801%) 0.951% 2026^1,4,6		273		274
				1,821

Total mortgage-backed obligations				191,785

212	American Funds Insurance Series

American Funds Mortgage Fund (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
U.S. Treasury bonds & notes 17.63%
U.S. Treasury 13.04%
U.S. Treasury 0.125% 2023	$	650	$	649
U.S. Treasury 0.125% 2023		175		175
U.S. Treasury 0.375% 2025		490		481
U.S. Treasury 0.375% 2025		200		196
U.S. Treasury 0.50% 2026		1,750		1,724
U.S. Treasury 0.75% 2026		8,122		8,087
U.S. Treasury 0.75% 2026		250		248
U.S. Treasury 0.75% 2028		555		540
U.S. Treasury 1.125% 2028		2,000		1,994
U.S. Treasury 1.25% 2028		6,475		6,501
U.S. Treasury 0.625% 2030		1,000		932
U.S. Treasury 0.875% 2030		350		333
U.S. Treasury 1.125% 2031		2,525		2,451
U.S. Treasury 1.375% 2040		380		341
U.S. Treasury 1.875% 2041		1,750		1,712
U.S. Treasury 1.25% 2050		6,630		5,402
U.S. Treasury 1.375% 2050		6,000		5,046
U.S. Treasury 1.625% 2050³		6,565		5,882
U.S. Treasury 2.375% 2051		640		683
				43,377

U.S. Treasury inflation-protected securities 4.59%
U.S. Treasury Inflation-Protected Security 0.125% 2023⁷		1,537		1,606
U.S. Treasury Inflation-Protected Security 0.375% 2023⁷		1,855		1,974
U.S. Treasury Inflation-Protected Security 0.625% 2023⁷		265		280
U.S. Treasury Inflation-Protected Security 0.125% 2024⁷		1,129		1,214
U.S. Treasury Inflation-Protected Security 0.125% 2024⁷		304		328
U.S. Treasury Inflation-Protected Security 0.50% 2024⁷		861		928
U.S. Treasury Inflation-Protected Security 0.625% 2024⁷		1,076		1,159
U.S. Treasury Inflation-Protected Security 0.125% 2031⁷		3,846		4,235
U.S. Treasury Inflation-Protected Security 2.125% 2041⁷		134		202
U.S. Treasury Inflation-Protected Security 0.75% 2042^3,7		1,327		1,609
U.S. Treasury Inflation-Protected Security 1.00% 2049⁷		1,300		1,743
				15,278

Total U.S. Treasury bonds & notes				58,655

Asset-backed obligations 3.40%
Allegro CLO, Ltd., Series 2016-1A, Class AR2, (3-month USD-LIBOR + 0.95%) 1.12% 2030^1,4,6		250		250
ARES CLO, Ltd., Series 2017-42A, Class AR, (3-month USD-LIBOR + 0.92%) 1.114% 2028^1,4,6		250		250
Ballyrock, Ltd., Series 2019-2A, Class A1AR, (3-month USD-LIBOR + 1.00%) 1.155% 2030^1,4,6		250		250
Bankers Healthcare Group Securitization Trust, Series 2021-A, Class A, 1.42% 2033^1,6		100		100
Carvana Auto Receivables Trust, Series 2021-P1, Class A3, 0.54% 2025¹		195		195
Cent CLO LP, Series 2014-21A, Class AR, (3-month USD-LIBOR + 0.97%) 1.151% 2030^1,4,6		250		250
CF Hippolyta LLC, Series 2020-1, Class A1, 1.69% 2060^1,6		539		548
CF Hippolyta LLC, Series 2020-1, Class A2, 1.99% 2060^1,6		104		106
CF Hippolyta LLC, Series 2021-1, Class A1, 1.53% 2061^1,6		842		849
Credit Acceptance Auto Loan Trust, Series 2021-3A, Class A, 1.00% 2030^1,6		275		276
Dryden Senior Loan Fund, Series 2014-33A, Class AR3, CLO, (3-month USD-LIBOR + 1.00%) 1.184% 2029^1,4,6		250		250
Exeter Automobile Receivables Trust, Series 2019-3A, Class C, 2.79% 2024^1,6		1,000		1,013
FirstKey Homes Trust, Series 2020-SFR2, Class A, 1.266% 2037^1,6		194		193
Hertz Vehicle Financing LLC, Series 2021-1A, Class A, 1.21% 2025^1,6		536		538
Hertz Vehicle Financing LLC, Series 2021-2A, Class A, 1.68% 2027^1,6		285		286
Longfellow Place CLO, Ltd., Series 2013-1A, Class AR3, (3-month USD-LIBOR + 1.00%) 1.184% 2029^1,4,6		250		250

American Funds Insurance Series

213

American Funds Mortgage Fund (continued)

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Asset-backed obligations (continued)
Navient Student Loan Trust, Series 2021-A, Class A, 0.84% 2069^1,6	$	213	$	213
Navient Student Loan Trust, Series 2021-B, Class A, 0.94% 2069^1,6		224		224
Navient Student Loan Trust, Series 2021-C, Class A, 1.06% 2069^1,6		457		458
Nelnet Student Loan Trust, Series 2021-A, Class APT1, 1.36% 2062^1,6		547		548
Nelnet Student Loan Trust, Series 2021-BA, Class AFX, 1.42% 2062^1,6		1,550		1,556
Newark BSL CLO 2, Ltd., Series 2017-1A, Class A1R, (3-month USD-LIBOR + 0.97%) 1.146% 2030^1,4,6		250		250
Ondeck Asset Securitization Trust LLC, Series 2021-1A, Class A, 1.59% 2027^1,6		594		598
OSW Structured Asset Trust, Series 2020-RPL1, Class A1, 3.072% 2059^1,4,6		119		121
Palmer Square Loan Funding, CLO, Series 2019-2, Class A1, (3-month USD-LIBOR + 0.97%) 1.158% 2027^1,4,6		371		371
Palmer Square Loan Funding, CLO, Series 2021-1, Class A1, (3-month USD-LIBOR + 0.90%) 1.055% 2029^1,4,6		250		250
Race Point CLO, Ltd., Series 2015-9A, Class A1A2, (3-month USD-LIBOR + 0.94%) 1.181% 2030^1,4,6		250		250
SMB Private Education Loan Trust, Series 2021-A, Class APT2, 1.07% 2053^1,6		111		109
Sound Point CLO, Ltd., Series 2017-2A, Class AR, (3-month USD-LIBOR + 0.98%) 1.156% 2030^1,4,6		250		250
Sound Point CLO, Ltd., Series 2017-3A, Class A1R, (3-month USD-LIBOR + 0.98%) 1.182% 2030^1,4,6		250		250
Sound Point CLO, Ltd., Series 2015-1RA, Class AR, (3-month USD-LIBOR + 1.08%) 1.264% 2030^1,4,6		250		250
				11,302

Bonds & notes of governments & government agencies outside the U.S. 0.26%
Asian Development Bank 1.00% 2026		592		594
Canada 0.75% 2026		275		273
				867

Federal agency bonds & notes 0.09%
Fannie Mae 0.875% 2030		300		285

Corporate bonds, notes & loans 0.08%
Communication services 0.08%
SBA Tower Trust 1.631% 2026⁶		253		253

Total bonds, notes & other debt instruments (cost: $262,798,000)				263,147

Short-term securities 53.64%	Weighted average yield at acquisition
Federal agency bills & notes 27.04%
Fannie Mae 8/18/2021		0.005	%	7,236	7,235
Federal Farm Credit Banks 8/11/2021		0.040		3,000	3,000
Federal Farm Credit Banks 10/25/2021		0.030		3,600	3,599
Federal Farm Credit Banks 10/27/2021		0.030		4,900	4,899
Federal Home Loan Bank 7/7/2021		0.020		6,000	6,000
Federal Home Loan Bank 7/9/2021		0.018		4,000	4,000
Federal Home Loan Bank 7/28/2021		0.015		4,000	4,000
Federal Home Loan Bank 7/30/2021		0.009		6,000	6,000
Federal Home Loan Bank 8/11/2021		0.014		15,300	15,299
Federal Home Loan Bank 8/13/2021		0.017		12,000	11,999
Federal Home Loan Bank 8/18/2021		0.009		8,000	7,999
Federal Home Loan Bank 8/27/2021		0.019		5,000	4,999
Federal Home Loan Bank 9/2/2021		0.014		5,000	4,999
Tennessee Valley Authority 7/21/2021		0.009		5,900	5,900
					89,928

214	American Funds Insurance Series

American Funds Mortgage Fund (continued)

Short-term securities (continued)	Weighted average yield at acquisition			Principal amount (000)		Value (000)
Commercial paper 25.10%
Amazon.com, Inc. 7/12/2021⁶		0.030	%	$	9,000	$	9,000
Apple Inc. 7/13/2021⁶		0.020			7,000		7,000
Apple Inc. 7/14/2021⁶		0.020			2,500		2,500
BofA Securities, Inc. 9/17/2021⁶		0.120			4,800		4,799
CAFCO, LLC 7/15/2021⁶		0.130			9,000		9,000
Canadian Imperial Bank of Commerce 7/1/2021⁶		0.050			6,900		6,900
Chariot Funding, LLC 8/13/2021⁶		0.090			9,500		9,499
Chevron Corp. 7/13/2021⁶		0.040			7,500		7,500
Chevron Corp. 8/23/2021⁶		0.040			2,000		2,000
Exxon Asset Management Co. 7/26/2021		0.040			8,600		8,599
ExxonMobil Corp. 7/22/2021		0.060			600		600
Paccar Financial Corp. 7/6/2021		0.050			1,000		1,000
Paccar Financial Corp. 8/26/2021		0.090			5,600		5,599
Procter & Gamble Co. 7/12/2021⁶		0.060			9,500		9,500
							83,496

U.S. Treasury bills 1.50%
U.S. Treasury 9/28/2021		0.020			5,000		4,999

Total short-term securities (cost: $178,429,000)							178,423
Total investment securities 132.76% (cost: $441,227,000)							441,570
Other assets less liabilities (32.76)%							(108,969	)

Net assets 100.00%						$	332,601

Futures contracts

Contracts	Type	Number of contracts	Expiration	Notional amount (000)		⁸	Value at 6/30/2021 (000)		⁹	Unrealized (depreciation) appreciation at 6/30/2021 (000)
5 Year U.S. Treasury Note Futures	Long	25	October 2021	$	2,500			$3,086			$	(10	)
10 Year U.S. Treasury Note Futures	Long	73	September 2021		7,300			9,672				28
10 Year Ultra U.S. Treasury Note Futures	Short	95	September 2021		(9,500	)		(13,984	)			(222	)
20 Year U.S. Treasury Bond Futures	Long	4	September 2021		400			643				17
30 Year Ultra U.S. Treasury Bond Futures	Short	5	September 2021		(500	)		(964	)			(38	)
											$	(225	)

Swap contracts

Interest rate swaps
Receive	Pay	Expiration date	Notional (000)		Value at 6/30/2021 (000)		Upfront premium paid (000)			Unrealized appreciation at 6/30/2021 (000)
3-month USD-LIBOR	0.243%	5/2/2024	$	33,400	$	267		$	22		$	245
3-month USD-LIBOR	0.32%	9/23/2025		3,600		75			—			75
3-month USD-LIBOR	0.81%	7/28/2045		5,700		1,092			16			1,076
3-month USD-LIBOR	0.811%	7/27/2050		3,000		676			—			676
								$	38		$	2,072

American Funds Insurance Series

215

American Funds Mortgage Fund (continued)

¹	Principal payments may be made periodically. Therefore, the effective maturity date may be earlier than the stated maturity date.
²	Amount less than one thousand.
³	All or a portion of this security was pledged as collateral. The total value of pledged collateral was $1,455,000, which represented .44% 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 $102,832,000, which represented 30.92% of the net assets of the fund.
⁷	Index-linked bond whose principal amount moves with a government price index.
⁸	Notional amount is calculated based on the number of contracts and notional contract size.
⁹	Value is calculated based on the notional amount and current market price.

Key to abbreviations and symbol

CLO = Collateralized Loan Obligations

CMO = Collateralized Mortgage Obligations

LIBOR = London Interbank Offered Rate

TBA = To-be-announced

USD/$ = U.S. dollars

See notes to financial statements.

216	American Funds Insurance Series

Ultra-Short Bond Fund
Investment portfolio June 30, 2021	unaudited

Short-term securities 97.65%	Weighted average yield at acquisition			Principal amount (000)		Value (000)
Commercial paper 73.38%
Alberta (Province of) 8/25/2021¹		0.080	%	$	4,000	$	3,999
Amazon.com, Inc. 7/12/2021¹		0.030			10,000		10,000
Australia & New Zealand Banking Group, Ltd. 8/11/2021¹		0.090			10,000		9,999
Bank of Montreal 9/8/2021		0.070			10,000		9,998
BNG Bank NV 7/16/2021¹		0.044			3,500		3,500
BNG Bank NV 8/10/2021¹		0.060			6,690		6,689
British Columbia (Province of) 8/16/2021		0.040			9,600		9,599
CAFCO, LLC 7/15/2021¹		0.060			7,500		7,500
Caisse d’Amortissement de la Dette Sociale 8/23/2021		0.140			7,000		6,999
Chariot Funding, LLC 7/12/2021¹		0.139			10,000		10,000
Chevron Corp. 7/26/2021¹		0.040			10,000		9,999
DBS Bank Ltd. 7/6/2021¹		0.120			6,300		6,300
Denmark (Kingdom of) 7/13/2021		0.030			5,100		5,100
Denmark (Kingdom of) 7/16/2021		0.060			5,000		5,000
DNB Bank ASA 7/7/2021¹		0.125			8,000		8,000
Export Development Canada 8/3/2021		0.070			9,200		9,199
FMS Wertmanagement 8/16/2021¹		0.065			8,000		7,999
Hydro-Québec 9/27/2021¹		0.070			5,500		5,499
L’Oréal USA, Inc. 7/12/2021¹		0.027			10,000		10,000
LVMH Moët Hennessy Louis Vuitton Inc. 7/8/2021¹		0.129			10,000		10,000
Nestlé Finance International Ltd. 8/9/2021¹		0.059			5,000		5,000
Novartis Finance Corp. 8/2/2021¹		0.050			5,000		5,000
Novartis Finance Corp. 8/9/2021¹		0.060			4,500		4,500
NRW.Bank 7/21/2021¹		0.058			10,000		9,999
Roche Holdings, Inc. 7/16/2021¹		0.035			10,000		10,000
Starbird Funding Corp. 7/1/2021¹		0.070			2,000		2,000
Sumitomo Mitsui Banking Corp. 7/19/2021¹		0.040			9,400		9,400
Thunder Bay Funding, LLC 7/8/2021¹		0.060			10,000		10,000
Total Capital Canada Ltd. 8/30/2021¹		0.080			8,350		8,349
Toyota Industries Commercial Finance, Inc. 8/27/2021¹		0.069			10,000		9,999
Toyota Motor Credit Corp. 7/28/2021		0.050			6,500		6,500
Unilever Capital Corp. 9/14/2021¹		0.029			10,000		9,998
Victory Receivables Corp. 8/27/2021¹		0.080			3,300		3,299
							249,423

U.S. Treasury bills 15.21%
U.S. Treasury 7/6/2021		0.007			9,800		9,800
U.S. Treasury 7/22/2021		0.012			6,900		6,900
U.S. Treasury 8/5/2021		0.016			10,000		10,000
U.S. Treasury 8/12/2021		0.012			10,000		9,999
U.S. Treasury 8/19/2021		0.013			15,000		14,999
							51,698

Federal agency bills & notes 9.06%
Fannie Mae 9/1/2021		0.015			5,000		4,999
Federal Farm Credit Banks 9/21/2021		0.020			5,100		5,099
Federal Home Loan Bank 7/7/2021		0.005			5,000		5,000
Federal Home Loan Bank 7/30/2021		0.010			9,400		9,400

American Funds Insurance Series

217

Ultra-Short Bond Fund (continued)

Short-term securities (continued)	Weighted average yield at acquisition			Principal amount (000)		Value (000)
Federal agency bills & notes (continued)
Federal Home Loan Bank 8/11/2021		0.013	%	$	5,000	$	5,000
Federal Home Loan Bank 8/18/2021		0.009			500		500
Federal Home Loan Bank 9/1/2021		0.050			800		800
							30,798

Total short-term securities (cost: $331,925,000)							331,919
Total investment securities 97.65% (cost: $331,925,000)							331,919
Other assets less liabilities 2.35%							7,978

Net assets 100.00%						$	339,897

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 $197,028,000, which represented 57.97% of the net assets of the fund.

See notes to financial statements.

218	American Funds Insurance Series

U.S. Government Securities Fund
(formerly U.S. Government/AAA-Rated Securities Fund)
Investment portfolio June 30, 2021	unaudited


Bonds, notes & other debt instruments 81.88%	Principal amount (000)			Value (000)
U.S. Treasury bonds & notes 51.67%
U.S. Treasury 29.50%
U.S. Treasury 2.00% 2021	$	2,000		$	2,013
U.S. Treasury 1.375% 2022		1,100			1,108
U.S. Treasury 1.75% 2022		3,000			3,046
U.S. Treasury 2.125% 2023		—	¹		—	¹
U.S. Treasury 2.875% 2023		5,000			5,306
U.S. Treasury 0.375% 2024		5,000			4,994
U.S. Treasury 0.25% 2025		39,515			38,769
U.S. Treasury 0.25% 2025		4,000			3,916
U.S. Treasury 0.375% 2025		78,000			76,523
U.S. Treasury 0.375% 2025		10,000			9,820
U.S. Treasury 0.75% 2026		34,375			34,202
U.S. Treasury 0.75% 2026		3,943			3,925
U.S. Treasury 0.75% 2026		1,250			1,243
U.S. Treasury 0.875% 2026		24,450			24,441
U.S. Treasury 1.625% 2026		10,000			10,356
U.S. Treasury 0.50% 2027		5,314			5,124
U.S. Treasury 1.125% 2028		450			449
U.S. Treasury 1.25% 2028		22,514			22,604
U.S. Treasury 1.25% 2028		3,600			3,606
U.S. Treasury 0.625% 2030		1,175			1,095
U.S. Treasury 0.875% 2030		36,395			34,606
U.S. Treasury 1.125% 2031		57,000			55,332
U.S. Treasury 1.625% 2031		10,000			10,156
U.S. Treasury 1.125% 2040		9,875			8,487
U.S. Treasury 1.125% 2040		7,000			6,038
U.S. Treasury 1.875% 2041		7,625			7,458
U.S. Treasury 2.50% 2046		5,400			5,841
U.S. Treasury 2.50% 2046		3,900			4,219
U.S. Treasury 2.875% 2046		2,700			3,128
U.S. Treasury 2.25% 2049		2,450			2,533
U.S. Treasury 2.375% 2049		13,000			13,816
U.S. Treasury 2.875% 2049		26,000			30,389
U.S. Treasury 3.00% 2049²		4,800			5,735
U.S. Treasury 1.25% 2050		35,400			28,845
U.S. Treasury 1.375% 2050		56,500			47,521
U.S. Treasury 1.625% 2050²		72,330			64,811
U.S. Treasury 1.875% 2051		21,902			20,860
U.S. Treasury 2.375% 2051		4,948			5,281
					607,596

U.S. Treasury inflation-protected securities 22.17%
U.S. Treasury Inflation-Protected Security 0.125% 2022³		6,252			6,394
U.S. Treasury Inflation-Protected Security 0.125% 2023³		14,738			15,401
U.S. Treasury Inflation-Protected Security 0.375% 2023³		18,814			20,017
U.S. Treasury Inflation-Protected Security 0.625% 2023³		101,393			107,265
U.S. Treasury Inflation-Protected Security 0.125% 2024³		31,477			33,951
U.S. Treasury Inflation-Protected Security 0.125% 2024³		6,946			7,471
U.S. Treasury Inflation-Protected Security 0.50% 2024³		5,130			5,532
U.S. Treasury Inflation-Protected Security 0.625% 2024³		6,525			7,029
U.S. Treasury Inflation-Protected Security 0.125% 2026³		89,913			97,906
U.S. Treasury Inflation-Protected Security 0.125% 2030³		20,722			22,873
U.S. Treasury Inflation-Protected Security 0.125% 2030³		6,380			7,009
U.S. Treasury Inflation-Protected Security 0.125% 2031³		76,816			84,580
U.S. Treasury Inflation-Protected Security 2.125% 2041³		378			568
U.S. Treasury Inflation-Protected Security 0.75% 2042^2,3		9,677			11,729
U.S. Treasury Inflation-Protected Security 0.625% 2043³		7,083			8,437

American Funds Insurance Series

219

U.S. Government Securities Fund (continued)

(formerly U.S. Government/AAA-Rated Securities Fund)

Bonds, notes & other debt instruments (continued)	Principal amount (000)			Value (000)
U.S. Treasury bonds & notes (continued)
U.S. Treasury inflation-protected securities (continued)
U.S. Treasury Inflation-Protected Security 1.00% 2049³	$	4,987		$	6,686
U.S. Treasury Inflation-Protected Security 0.25% 2050³		328			370
U.S. Treasury Inflation-Protected Security 0.125% 2051³		12,161			13,331
					456,549

Total U.S. Treasury bonds & notes					1,064,145

Mortgage-backed obligations 17.31%
Federal agency mortgage-backed obligations 17.31%
Fannie Mae Pool #257104 6.50% 2028⁴		66			74
Fannie Mae Pool #695412 5.00% 2033⁴		1			1
Fannie Mae Pool #AD3566 5.00% 2035⁴		8			9
Fannie Mae Pool #MA2746 4.00% 2036⁴		2,006			2,186
Fannie Mae Pool #MA2588 4.00% 2036⁴		1,042			1,131
Fannie Mae Pool #256860 6.50% 2037⁴		17			20
Fannie Mae Pool #888698 7.00% 2037⁴		40			47
Fannie Mae Pool #256828 7.00% 2037⁴		3			3
Fannie Mae Pool #970343 6.00% 2038⁴		15			16
Fannie Mae Pool #AC0794 5.00% 2039⁴		34			39
Fannie Mae Pool #931768 5.00% 2039⁴		6			7
Fannie Mae Pool #932606 5.00% 2040⁴		17			19
Fannie Mae Pool #AJ1873 4.00% 2041⁴		28			31
Fannie Mae Pool #AI1862 5.00% 2041⁴		527			603
Fannie Mae Pool #AI3510 5.00% 2041⁴		329			376
Fannie Mae Pool #AJ0704 5.00% 2041⁴		287			328
Fannie Mae Pool #AJ5391 5.00% 2041⁴		167			191
Fannie Mae Pool #AE1248 5.00% 2041⁴		45			51
Fannie Mae Pool #AE1277 5.00% 2041⁴		20			23
Fannie Mae Pool #AE1283 5.00% 2041⁴		11			12
Fannie Mae Pool #AE1290 5.00% 2042⁴		22			25
Fannie Mae Pool #AT7161 3.50% 2043⁴		64			69
Fannie Mae Pool #AT3954 3.50% 2043⁴		15			16
Fannie Mae Pool #AT0300 3.50% 2043⁴		9			10
Fannie Mae Pool #BM6240 2.201% 2044^4,5		674			713
Fannie Mae Pool #AY1829 3.50% 2044⁴		15			16
Fannie Mae Pool #AW8240 3.50% 2044⁴		4			4
Fannie Mae Pool #BE5017 3.50% 2045⁴		80			86
Fannie Mae Pool #BE8740 3.50% 2047⁴		72			78
Fannie Mae Pool #BE8742 3.50% 2047⁴		24			26
Fannie Mae Pool #BH2848 3.50% 2047⁴		9			10
Fannie Mae Pool #BH2847 3.50% 2047⁴		9			10
Fannie Mae Pool #BH2846 3.50% 2047⁴		10			10
Fannie Mae Pool #BJ5015 4.00% 2047⁴		232			252
Fannie Mae Pool #BH3122 4.00% 2047⁴		5			6
Fannie Mae Pool #BM3788 3.50% 2048⁴		4,641			5,028
Fannie Mae Pool #BJ4901 3.50% 2048⁴		51			55
Fannie Mae Pool #BK6840 4.00% 2048⁴		151			164
Fannie Mae Pool #BK5232 4.00% 2048⁴		119			129
Fannie Mae Pool #BK9743 4.00% 2048⁴		45			49
Fannie Mae Pool #CA1909 4.50% 2048⁴		37			40
Fannie Mae Pool #BK9761 4.50% 2048⁴		31			34
Fannie Mae Pool #CA4151 3.50% 2049⁴		755			824
Fannie Mae Pool #FM1062 3.50% 2049⁴		655			713
Fannie Mae Pool #FM1443 3.50% 2049⁴		491			527
Fannie Mae Pool #BJ8411 3.50% 2049⁴		157			170
Fannie Mae Pool #FM2179 3.00% 2050⁴		6,197			6,595
Fannie Mae Pool #FM3834 4.50% 2050⁴		1,713			1,839
Fannie Mae, Series 2001-4, Class GA, 9.00% 2025^4,5		—	¹		—	¹
Fannie Mae, Series 2001-4, Class NA, 9.005% 2025^4,5		—	¹		—	¹
Fannie Mae, Series 2012-M2, Class A2, Multi Family, 2.717% 2022⁴		358			361

220	American Funds Insurance Series

U.S. Government Securities Fund (continued)

(formerly U.S. Government/AAA-Rated Securities Fund)

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Mortgage-backed obligations (continued)
Federal agency mortgage-backed obligations (continued)
Fannie Mae, Series 2012-M3, Class 1A2, Multi Family, 3.044% 2022⁴	$	367	$	371
Fannie Mae, Series 2014-M1, Class A2, Multi Family, 3.185% 2023^4,5		541		567
Fannie Mae, Series 2014-M3, Class A2, Multi Family, 3.501% 2024^4,5		1,092		1,161
Freddie Mac Pool #1H1354 2.446% 2036^4,5		102		110
Freddie Mac Pool #C03518 5.00% 2040⁴		457		519
Freddie Mac Pool #G06459 5.00% 2041⁴		1,000		1,146
Freddie Mac Pool #841039 2.213% 2043^4,5		652		692
Freddie Mac Pool #Q19133 3.50% 2043⁴		41		45
Freddie Mac Pool #Q17696 3.50% 2043⁴		40		43
Freddie Mac Pool #Q23190 4.00% 2043⁴		222		245
Freddie Mac Pool #Q15874 4.00% 2043⁴		7		7
Freddie Mac Pool #Q28558 3.50% 2044⁴		262		282
Freddie Mac Pool #760014 2.977% 2045^4,5		464		485
Freddie Mac Pool #Q52069 3.50% 2047⁴		119		129
Freddie Mac Pool #Q47615 3.50% 2047⁴		73		79
Freddie Mac Pool #Q54701 3.50% 2048⁴		79		85
Freddie Mac Pool #Q54709 3.50% 2048⁴		76		82
Freddie Mac Pool #Q54782 3.50% 2048⁴		66		72
Freddie Mac Pool #Q54700 3.50% 2048⁴		66		71
Freddie Mac Pool #Q54781 3.50% 2048⁴		58		63
Freddie Mac Pool #Q56590 3.50% 2048⁴		37		40
Freddie Mac Pool #Q56589 3.50% 2048⁴		33		36
Freddie Mac Pool #Q54699 3.50% 2048⁴		32		35
Freddie Mac Pool #Q54698 3.50% 2048⁴		25		27
Freddie Mac Pool #Q54831 3.50% 2048⁴		23		25
Freddie Mac Pool #G67711 4.00% 2048⁴		2,154		2,359
Freddie Mac Pool #Q56599 4.00% 2048⁴		183		200
Freddie Mac Pool #Q56175 4.00% 2048⁴		135		147
Freddie Mac Pool #Q55971 4.00% 2048⁴		127		139
Freddie Mac Pool #Q58411 4.50% 2048⁴		373		412
Freddie Mac Pool #Q58436 4.50% 2048⁴		164		182
Freddie Mac Pool #Q58378 4.50% 2048⁴		131		142
Freddie Mac Pool #Q57242 4.50% 2048⁴		111		121
Freddie Mac Pool #ZT0522 4.50% 2048⁴		40		43
Freddie Mac Pool #ZS4774 4.50% 2048⁴		37		41
Freddie Mac Pool #RA1463 3.50% 2049⁴		528		576
Freddie Mac Pool #QA0284 3.50% 2049⁴		305		330
Freddie Mac Pool #RA1580 3.50% 2049⁴		271		296
Freddie Mac Pool #QA2748 3.50% 2049⁴		75		82
Freddie Mac Pool #RA2236 4.50% 2049⁴		531		573
Freddie Mac Pool #SD8158 3.50% 2051⁴		519		548
Freddie Mac Pool #SD8164 3.50% 2051⁴		388		411
Freddie Mac, Series 1567, Class A, (1-month USD-LIBOR + 0.40%) 0.501% 2023^4,5		5		5
Freddie Mac, Series K031, Class A1, Multi Family, 2.778% 2022⁴		144		146
Freddie Mac, Series KS01, Class A2, Multi Family, 2.522% 2023⁴		715		730
Freddie Mac, Series K029, Class A2, Multi Family, 3.32% 2023⁴		200		209
Freddie Mac, Series K035, Class A2, Multi Family, 3.458% 2023^4,5		2,565		2,715
Freddie Mac, Series K034, Class A2, Multi Family, 3.531% 2023⁴		2,745		2,905
Freddie Mac, Series K040, Class A2, Multi Family, 3.241% 2024⁴		1,363		1,467
Freddie Mac, Series K038, Class A2, Multi Family, 3.389% 2024⁴		4,698		5,028
Freddie Mac, Series K063, Class A2, Multi Family, 3.43% 2027⁴		736		822
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-2, Class MA, 3.00% 2056⁴		7,234		7,564
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-1, Class HA, 3.00% 2056^4,5		6,650		6,954
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-2, Class HA, 3.00% 2056^4,5		6,544		6,846
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-3, Class MT, 3.00% 2056⁴		2,050		2,175

American Funds Insurance Series

221

U.S. Government Securities Fund (continued)

(formerly U.S. Government/AAA-Rated Securities Fund)

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Mortgage-backed obligations (continued)
Federal agency mortgage-backed obligations (continued)
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-3, Class HT, 3.25% 2056⁴	$	407	$	439
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2018-1, Class HT, 3.00% 2057⁴		2,163		2,310
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-4, Class HT, 3.25% 2057^4,5		3,833		4,128
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2018-2, Class MT, 3.50% 2057⁴		6,624		7,227
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2018-3, Class MA, 3.50% 2057⁴		4,811		5,057
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2017-4, Class MT, 3.50% 2057⁴		2,405		2,625
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2018-2, Class MA, 3.50% 2057⁴		993		1,042
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2019-2, Class MA, 3.50% 2058⁴		4,167		4,392
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2019-1, Class MT, 3.50% 2058⁴		2,437		2,660
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2019-1, Class MA, 3.50% 2058⁴		1,206		1,270
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2019-2, Class MT, 3.50% 2058⁴		925		1,009
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2019-3, Class MT, 3.50% 2058⁴		524		571
Freddie Mac Seasoned Credit Risk Transfer Trust, Series 2019-4, Class MA, 3.00% 2059⁴		4,711		4,949
Freddie Mac Seasoned Loan Structured Transaction Trust, Series 2018-2, Class A1, 3.50% 2028⁴		29,703		31,414
Freddie Mac Seasoned Loan Structured Transaction Trust, Series 2018-1, Class A1, 3.50% 2028⁴		7,013		7,346
Freddie Mac Seasoned Loan Structured Transaction Trust, Series 2019-3, Class A1C, 2.75% 2029⁴		8,773		9,222
Freddie Mac Seasoned Loan Structured Transaction Trust, Series 2020-1, Class A1D, 2.00% 2030⁴		2,840		2,901
Freddie Mac Seasoned Loan Structured Transaction Trust, Series 2020-1, Class A2D, 2.00% 2030⁴		535		526
Government National Mortgage Assn. 2.00% 2051^4,6		1,260		1,281
Government National Mortgage Assn. 2.50% 2051^4,6		16,408		16,951
Government National Mortgage Assn. 3.00% 2051^4,6		987		1,030
Government National Mortgage Assn. 3.00% 2051^4,6		313		327
Government National Mortgage Assn. Pool #698668 5.50% 2038⁴		98		111
Government National Mortgage Assn. Pool #700778 5.50% 2038⁴		25		29
Government National Mortgage Assn. Pool #699537 5.50% 2038⁴		13		15
Government National Mortgage Assn. Pool #782365 6.00% 2038⁴		131		156
Government National Mortgage Assn. Pool #004269 6.50% 2038⁴		228		272
Government National Mortgage Assn. Pool #698406 5.00% 2039⁴		264		305
Government National Mortgage Assn. Pool #783690 6.00% 2039⁴		116		133
Government National Mortgage Assn. Pool #783689 5.50% 2040⁴		3,656		4,244
Government National Mortgage Assn. Pool #783687 4.50% 2041⁴		735		799
Government National Mortgage Assn. Pool #783688 5.00% 2041⁴		1,349		1,503
Government National Mortgage Assn. Pool #MA0533 3.00% 2042⁴		27		28
Government National Mortgage Assn. Pool #MA1012 3.50% 2043⁴		930		999
Government National Mortgage Assn. Pool #MA5764 4.50% 2049⁴		6,729		7,182
Government National Mortgage Assn. Pool #MA5877 4.50% 2049⁴		3,010		3,219
Government National Mortgage Assn. Pool #MA6092 4.50% 2049⁴		527		562
Uniform Mortgage-Backed Security 1.50% 2036^4,6		11,765		11,870
Uniform Mortgage-Backed Security 2.00% 2036^4,6		32,035		33,045
Uniform Mortgage-Backed Security 2.00% 2051^4,6		5,696		5,728
Uniform Mortgage-Backed Security 2.50% 2051^4,6		19,826		20,424

222	American Funds Insurance Series

U.S. Government Securities Fund (continued)

(formerly U.S. Government/AAA-Rated Securities Fund)

Bonds, notes & other debt instruments (continued)	Principal amount (000)		Value (000)
Mortgage-backed obligations (continued)
Federal agency mortgage-backed obligations (continued)
Uniform Mortgage-Backed Security 2.50% 2051^4,6	$	548	$	566
Uniform Mortgage-Backed Security 3.00% 2051^4,6		710		739
Uniform Mortgage-Backed Security 3.00% 2051^4,6		392		409
Uniform Mortgage-Backed Security 3.50% 2051^4,6		75,456		79,431
Uniform Mortgage-Backed Security 4.50% 2051^4,6		2,290		2,466
				356,523

Federal agency bonds & notes 12.90%
Export-Import Bank of the United States-Guaranteed,Ethiopian Leasing 2012 LLC 2.646% 2026		439		460
Fannie Mae 1.25% 2021		2,900		2,904
Fannie Mae 2.875% 2023		36,000		38,050
Fannie Mae 0.625% 2025		10,000		9,990
Fannie Mae 0.75% 2027		2,900		2,829
Fannie Mae 0.875% 2030		8,600		8,157
Fannie Mae 7.125% 2030		2,000		2,925
Federal Farm Credit Banks 0.375% 2022		1,500		1,504
Federal Home Loan Bank 3.375% 2023		16,715		17,837
Federal Home Loan Bank 3.25% 2028		6,500		7,382
Federal Home Loan Bank 5.50% 2036		300		442
Private Export Funding Corp. 3.266% 2021⁷		34,000		34,379
Private Export Funding Corp. 3.55% 2024		3,190		3,436
Private Export Funding Corp. 1.40% 2028		3,000		3,002
Tennessee Valley Authority 0.75% 2025		1,800		1,802
Tennessee Valley Authority 2.875% 2027		5,000		5,482
Tennessee Valley Authority 4.65% 2035		1,780		2,346
Tennessee Valley Authority 5.88% 2036		875		1,298
Tennessee Valley Authority, Series A, 4.625% 2060		250		370
TVA Southaven 3.846% 2033		1,057		1,173
U.S. Agency for International Development, Iraq (State of) 2.149% 2022		3,370		3,408
U.S. Agency for International Development, Jordan (Kingdom of) 2.578% 2022		41,500		42,542
U.S. Agency for International Development, Jordan (Kingdom of) 3.00% 2025		14,779		15,928
U.S. Agency for International Development, Morocco (Kingdom of) 7.55% 2026		2,489		2,861
U.S. Agency for International Development, Tunisia (Kingdom of) 1.416% 2021		1,500		1,506
U.S. Agency for International Development, Ukraine 1.471% 2021		2,210		2,223
U.S. Department of Housing and Urban Development, Series 2015-A-7, 2.35% 2021		3,750		3,757
U.S. Department of Housing and Urban Development, Series 2015-A-8, 2.45% 2022		6,000		6,149
U.S. Department of Housing and Urban Development, Series 2015-A-9, 2.80% 2023		1,500		1,577
U.S. Department of Housing and Urban Development, Series 2015-A-10, 2.85% 2024		2,250		2,412
U.S. Department of Housing and Urban Development, Series 2015-A-11, 2.95% 2025		2,640		2,829
U.S. Department of Housing and Urban Development, Series 2015-A-12, 3.10% 2026		2,625		2,819
U.S. Department of Housing and Urban Development, Series 2015-A-13, 3.15% 2027		11,482		12,332
U.S. Department of Housing and Urban Development, Series 2015-A-14, 3.25% 2028		3,856		4,149
U.S. Department of Housing and Urban Development, Series 2015-A-15, 3.35% 2029		2,650		2,858
U.S. Department of Housing and Urban Development, Series 2015-A-16, 3.50% 2030		2,482		2,655
U.S. Department of Housing and Urban Development, Series 2015-A-17, 3.55% 2031		2,475		2,651
U.S. Department of Housing and Urban Development, Series 2015-A-18, 3.60% 2032		2,377		2,549
U.S. Department of Housing and Urban Development, Series 2015-A-19, 3.65% 2033		2,059		2,211
U.S. Department of Housing and Urban Development, Series 2015-A-20, 3.70% 2034		651		700
U.S. Government-Guaranteed Certificates of Participation, Overseas Private Investment Corp. 3.82% 2032		813		932
U.S. Government-Guaranteed Certificates of Participation, Overseas Private Investment Corp. 3.938% 2032		665		762
				265,578

Total bonds, notes & other debt instruments (cost: $1,676,931,000)				1,686,246

American Funds Insurance Series

223

U.S. Government Securities Fund (continued)

(formerly U.S. Government/AAA-Rated Securities Fund)

Short-term securities 24.38%	Weighted average yield at acquisition			Principal amount (000)		Value (000)
Commercial paper 16.62%
Amazon.com, Inc. 7/12/2021⁷		0.030	%	$	41,000	$	41,000
Amazon.com, Inc. 7/21/2021⁷		0.050			7,620		7,620
Apple Inc. 7/8/2021⁷		0.040			14,300		14,300
Apple Inc. 9/2/2021⁷		0.050			22,000		21,999
CAFCO, LLC 7/15/2021⁷		0.130			15,000		14,999
Canadian Imperial Bank of Commerce 7/1/2021⁷		0.050			10,900		10,900
Chariot Funding, LLC 7/2/2021⁷		0.080			25,000		25,000
Chariot Funding, LLC 8/13/2021⁷		0.090			15,000		14,999
Chariot Funding, LLC 8/16/2021⁷		0.070			10,000		9,999
Chevron Corp. 7/6/2021⁷		0.040			15,000		15,000
Chevron Corp. 7/16/2021⁷		0.020			19,700		19,699
CRC Funding, LLC 7/7/2021⁷		0.140			10,000		10,000
CRC Funding, LLC 7/16/2021⁷		0.090			20,700		20,699
CRC Funding, LLC 8/5/2021⁷		0.120			15,000		14,999
ExxonMobil Corp. 7/22/2021		0.060			16,900		16,899
ExxonMobil Corp. 7/27/2021		0.030			15,200		15,199
Paccar Financial Corp. 7/7/2021		0.040			19,000		19,000
Paccar Financial Corp. 7/20/2021		0.050			20,000		19,999
Procter & Gamble Co. 7/15/2021⁷		0.060			30,000		29,999
							342,309

Federal agency bills & notes 7.76%
Federal Farm Credit Bank 7/29/2021		0.045			8,400		8,400
Federal Farm Credit Bank 8/25/2021		0.088			10,000		9,999
Federal Farm Credit Bank 9/8/2021		0.070			10,000		9,998
Federal Farm Credit Bank 11/24/2021		0.030			26,200		26,193
Federal Home Loan Bank 8/4/2021		0.015			14,800		14,799
Federal Home Loan Bank 8/11/2021		0.013			20,000		19,998
Federal Home Loan Bank 9/1/2021		0.020			31,200		31,197
Federal Home Loan Bank 9/22/2021		0.043			39,100		39,094
							159,678

Total short-term securities (cost: $501,997,000)							501,987
Total investment securities 106.26% (cost: $2,178,928,000)							2,188,233
Other assets less liabilities (6.26)%							(129,000	)

Net assets 100.00%						$	2,059,233

224	American Funds Insurance Series

U.S. Government Securities Fund (continued)

(formerly U.S. Government/AAA-Rated Securities Fund)

Futures contracts

Contracts	Type	Number of contracts	Expiration	Notional amount (000)		⁸	Value at 6/30/2021 (000)		⁹	Unrealized (depreciation) appreciation at 6/30/2021 (000)
90 Day Euro Dollar Futures	Short	252	September 2021	$	(63,000	)	$	(62,912	)		$	(26	)
90 Day Euro Dollar Futures	Long	252	June 2022		63,000			62,830				(26	)
90 Day Euro Dollar Futures	Long	1,130	December 2022		282,500			281,031				62
90 Day Euro Dollar Futures	Long	1,642	June 2023		410,500			407,298				(876	)
90 Day Euro Dollar Futures	Long	595	September 2023		148,750			147,262				(263	)
90 Day Euro Dollar Futures	Short	2,237	December 2024		(559,250	)		(550,610	)			(139	)
2 Year U.S. Treasury Note Futures	Short	447	October 2021		(89,400	)		(98,483	)			184
5 Year U.S. Treasury Note Futures	Short	287	October 2021		(28,700	)		(35,424	)			(30	)
10 Year U.S. Treasury Note Futures	Short	201	September 2021		(20,100	)		(26,633	)			(60	)
10 Year Ultra U.S. Treasury Note Futures	Short	1,304	September 2021		(130,400	)		(191,953	)			(2,843	)
20 Year U.S. Treasury Bond Futures	Long	598	September 2021		59,800			96,129				2,485
30 Year Ultra U.S. Treasury Bond Futures	Long	4	September 2021		400			771				11
											$	(1,521	)

Swap contracts

Interest rate swaps

Receive	Pay	Expiration date	Notional (000)		Value at 6/30/2021 (000)			Upfront premium paid (received) (000)			Unrealized (depreciation) appreciation at 6/30/2021 (000)
2.5775%	U.S. EFFR	7/16/2022	$	181,639	$	4,573		$	4,586			$	(13	)
1.2525%	U.S. EFFR	2/14/2023		156,941		2,805			3,206				(401	)
0.241%	U.S. EFFR	3/1/2024		119,400		(368	)		(132	)			(236	)
U.S. EFFR	0.11%	5/18/2024		97,600		647			554				93
U.S. EFFR	0.1275%	6/25/2025		20,100		387			376				11
U.S. EFFR	0.126%	6/25/2025		20,100		388			377				11
U.S. EFFR	0.106%	6/30/2025		22,492		451			445				6
3-month USD-LIBOR	1.867%	7/11/2025		49,400		(1,289	)		(1,285	)			(4	)
2.91%	3-month USD-LIBOR	2/1/2028		16,000		1,135			980				155
2.908%	3-month USD-LIBOR	2/1/2028		16,000		1,134			979				155
2.925%	3-month USD-LIBOR	2/1/2028		12,800		917			793				124
2.92%	3-month USD-LIBOR	2/2/2028		12,200		871			753				118
U.S. EFFR	0.5385%	3/26/2030		49,000		2,474			3,354				(880	)
0.913%	3-month USD-LIBOR	6/9/2030		31,000		(1,168	)		(1,736	)			568
U.S. EFFR	0.666%	11/19/2030		15,500		715			1,035				(320	)
3-month USD-LIBOR	2.986%	2/1/2038		7,800		(632	)		(330	)			(302	)
3-month USD-LIBOR	2.9625%	2/1/2038		9,800		(774	)		(396	)			(378	)
3-month USD-LIBOR	2.963%	2/1/2038		9,800		(774	)		(396	)			(378	)
0.833%	3-month USD-LIBOR	4/3/2040		15,800		(2,294	)		(3,008	)			714
3-month USD-LIBOR	0.81%	7/28/2045		87,600		16,778			21,538				(4,760	)
2.037%	3-month USD-LIBOR	2/15/2047		60,000		3,747			—				3,747
3-month USD-LIBOR	0.811%	7/27/2050		52,500		11,825			15,036				(3,211	)
								$	46,729			$	(5,181	)

American Funds Insurance Series

225

U.S. Government Securities Fund (continued)

(formerly U.S. Government/AAA-Rated Securities Fund)

¹	Amount less than one thousand.
²	All or a portion of this security was pledged as collateral. The total value of pledged collateral was $10,170,000, which represented .49% 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	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.
⁶	Purchased on a TBA basis.
⁷	Acquired in a transaction exempt from registration under Rule 144A or Section 4(2) of the Securities Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers. The total value of all such securities was $305,591,000, which represented 14.84% of the net assets of the fund.
⁸	Notional amount is calculated based on the number of contracts and notional contract size.
⁹	Value is calculated based on the notional amount and current market price.

Key to abbreviations and symbol

EFFR = Effective Federal Funds Rate

LIBOR = London Interbank Offered Rate

TBA = To-be-announced

USD/$ = U.S. dollars

See notes to financial statements.

226	American Funds Insurance Series

Managed Risk Growth Fund
Investment portfolio June 30, 2021	unaudited

Growth funds 84.84%	Shares		Value (000)
American Funds Insurance Series – Growth Fund, Class 1		4,290,664	$	507,543

Total growth funds (cost: $382,191,000)				507,543

Fixed income funds 9.95%
American Funds Insurance Series – The Bond Fund of America, Class 1		5,264,731		59,544

Total fixed income funds (cost: $62,096,000)				59,544

Short-term securities 4.73%
State Street Institutional U.S. Government Money Market Fund, Premier Class 0.03%¹		28,275,940		28,276

Total short-term securities (cost: $28,276,000)				28,276

Options purchased 0.37%
Options purchased*				2,241

Total options purchased (cost: $2,912,000)				2,241
Total investment securities 99.89% (cost: $475,475,000)				597,604
Other assets less liabilities 0.11%				676

Net assets 100.00%			$	598,280

*Options purchased

Put

Description		Number of contracts		Notional amount (000)				Exercise price				Expiration date		Value at 6/30/2021 (000)
S&P 500 Index		1,192		$	5,123			$	2,950.00			12/17/2021			$	2,241

Futures contracts

Contracts	Type	Number of contracts	Expiration	Notional amount (000)		²	Value at 6/30/2021 (000)		³	Unrealized (depreciation) appreciation at 6/30/2021 (000)
5 Year U.S. Treasury Note Futures	Long	285	September 2021	$	28,500		$	35,178			$	(135	)
S&P 500 E-mini Index Contracts	Long	105	September 2021		5			22,515				378
											$	243


American Funds Insurance Series	227

Managed Risk Growth Fund (continued)

Investments in affiliates⁴

	Value of affiliates at 1/1/2021 (000)		Additions (000)		Reductions (000)		Net realized gain (loss) (000)			Net unrealized depreciation (000)			Value of affiliates at 6/30/2021 (000)		Dividend income (000)		Capital gain distributions received (000)
Growth funds 84.84%
American Funds Insurance Series – Growth Fund, Class 1	$	452,559	$	118,871	$	57,898	$	24,473		$	(30,462	)	$	507,543	$	616	$	63,763
Fixed income funds 9.95%
American Funds Insurance Series – The Bond Fund of America, Class 1⁵		84,922		26,193		48,237		(72	)		(3,262	)		59,544		134		2,341
Total 94.79%							$	24,401		$	(33,724	)	$	567,087	$	750	$	66,104

¹	Rate represents the seven-day yield at 6/30/2021.
²	Notional amount is calculated based on the number of contracts and notional contract size.
³	Value is calculated based on the notional amount and current market price.
⁴	Part of the same “group of investment companies” as the fund as defined under the Investment Company Act of 1940, as amended.
⁵	This fund changed its name during the reporting period.

See notes to financial statements.

228	American Funds Insurance Series

Managed Risk International Fund
Investment portfolio June 30, 2021	unaudited

Growth funds 84.83%	Shares		Value (000)
American Funds Insurance Series – International Fund, Class 1		5,834,650	$	144,349

Total growth funds (cost: $105,897,000)				144,349

Fixed income funds 9.95%
American Funds Insurance Series – The Bond Fund of America, Class 1		1,497,332		16,935

Total fixed income funds (cost: $17,676,000)				16,935

Short-term securities 4.72%
State Street Institutional U.S. Government Money Market Fund, Premier Class 0.03%¹		8,033,938		8,034

Total short-term securities (cost: $8,034,000)				8,034

Options purchased 0.35%
Options purchased*				600

Total options purchased (cost: $672,000)				600
Total investment securities 99.85% (cost: $132,279,000)				169,918
Other assets less liabilities 0.15%				249

Net assets 100.00%			$	170,167

*Options purchased

Put

Description	Number of contracts	Notional amount (000)		Exercise price		Expiration date	Value at 6/30/2021 (000)
MSCI EAFE Index	540	$	1,245	$	1,750.00	12/17/2021		$	578
MSCI EAFE Index	14		32		1,675.00	3/18/2022			22
								$	600

Futures contracts

Contracts	Type	Number of contracts	Expiration	Notional amount (000)		²	Value at 6/30/2021 (000)		³	Unrealized depreciation at 6/30/2021 (000)
5 Year U.S. Treasury Note Futures	Long	71	September 2021	$	7,100		$	8,764			$	(33	)
MSCI EAFE Index Contracts	Long	64	September 2021		3			7,373				(124	)
											$	(157	)

American Funds Insurance Series

229

Managed Risk International Fund (continued)

Investments in affiliates⁴

	Value of affiliates at 1/1/2021 (000)		Additions (000)		Reductions (000)		Net realized gain (loss) (000)			Net unrealized appreciation (depreciation) (000)			Value of affiliates at 6/30/2021 (000)		Dividend income (000)		Capital gain distributions received (000)
Growth funds 84.83%
American Funds Insurance Series – International Fund, Class 1	$	135,744	$	14,503	$	12,531	$	1,813		$	4,820		$	144,349	$	83	$	—
Fixed income funds 9.95%
American Funds Insurance Series – The Bond Fund of America, Class 1⁵		25,472		6,486		14,028		(62	)		(933	)		16,935		40		694
Total 94.78%							$	1,751		$	3,887		$	161,284	$	123	$	694


¹	Rate represents the seven-day yield at 6/30/2021.
²	Notional amount is calculated based on the number of contracts and notional contract size.
³	Value is calculated based on the notional amount and current market price.
⁴	Part of the same “group of investment companies” as the fund as defined under the Investment Company Act of 1940, as amended.
⁵	This fund changed its name during the reporting period.

See notes to financial statements.

230	American Funds Insurance Series

Managed Risk Washington Mutual Investors Fund
(formerly Managed Risk Blue Chip Income and Growth Fund)
Investment portfolio June 30, 2021	unaudited

Growth-and-income funds 84.66%	Shares		Value (000)
American Funds Insurance Series – Washington Mutual Investors Fund, Class 1		18,694,096	$	307,705

Total growth-and-income funds (cost: $219,604,000)				307,705

Fixed income funds 9.97%
American Funds Insurance Series – U.S. Government Securities Fund, Class 1		3,090,558		36,221

Total fixed income funds (cost: $39,885,000)				36,221

Short-term securities 4.74%
State Street Institutional U.S. Government Money Market Fund, Premier Class 0.03%¹		17,247,685		17,248

Total short-term securities (cost: $17,248,000)				17,248

Options purchased 0.46%
Options purchased*				1,660

Total options purchased (cost: $2,116,000)				1,660
Total investment securities 99.83% (cost: $278,853,000)				362,834
Other assets less liabilities 0.17%				613

Net assets 100.00%			$	363,447

*Options purchased

Put

		Notional					Value at
	Number of	amount		Exercise		Expiration	6/30/2021
Description	contracts	(000)		price		date	(000)
S&P 500 Index	794	$	3,412	$	2,950.00	12/17/2021		$	1,493
S&P 500 Index	22		95		2,725.00	3/18/2022			55
S&P 500 Index	2		8		2,775.00	3/18/2022			6
S&P 500 Index	22		95		2,800.00	3/18/2022			62
S&P 500 Index	15		64		2,825.00	3/18/2022			44
								$	1,660

Futures contracts

Unrealized

(depreciation)

Notional

Value at

appreciation

Number of

amount

6/30/2021

at 6/30/2021

Contracts

Type

contracts

Expiration

(000)

5 Year U.S. Treasury Note Futures

Long

178

September 2021

17,800

21,971

(83

)

S&P 500 E-mini Index Contracts

Long

September 2021

17,154

285

202

American Funds Insurance Series

231

Managed Risk Washington Mutual Investors Fund (continued)

(formerly Managed Risk Blue Chip Income and Growth Fund)

Investments in affiliates⁴

	Value of affiliates at 1/1/2021 (000)		Additions (000)		Reductions (000)		Net realized gain (loss) (000)			Net unrealized appreciation (depreciation) (000)			Value of affiliates at 6/30/2021 (000)		Dividend income (000)		Capital gain distributions received (000)
Growth-and-income funds 84.66%
American Funds Insurance Series – Washington Mutual Investors Fund, Class 1⁵	$	285,450	$	24,564	$	42,358	$	14,014		$	26,035		$	307,705	$	1,177	$	—
Fixed income funds 9.97%
American Funds Insurance Series – U.S. Government Securities Fund, Class 1⁵		53,565		13,765		27,014		(1,150	)		(2,945	)		36,221		91		3,183
Total 94.63%							$	12,864		$	23,090		$	343,926	$	1,268	$	3,183


¹	Rate represents the seven-day yield at 6/30/2021.
²	Notional amount is calculated based on the number of contracts and notional contract size.
³	Value is calculated based on the notional amount and current market price.
⁴	Part of the same “group of investment companies” as the fund as defined under the Investment Company Act of 1940, as amended.
⁵	This fund changed its name during the reporting period.

See notes to financial statements.

232	American Funds Insurance Series

Managed Risk Growth-Income Fund
Investment portfolio June 30, 2021	unaudited

Growth-and-income funds 79.74%	Shares		Value (000)
American Funds Insurance Series – Growth-Income Fund, Class 1		33,105,086	$	2,067,082

Total growth-and-income funds (cost: $1,530,997,000)				2,067,082

Fixed income funds 14.97%
American Funds Insurance Series – The Bond Fund of America, Class 1		34,295,727		387,885

Total fixed income funds (cost: $398,497,000)				387,885

Short-term securities 4.82%
State Street Institutional U.S. Government Money Market Fund, Premier Class 0.03%¹		124,923,405		124,923

Total short-term securities (cost: $124,923,000)				124,923

Options purchased 0.36%
Options purchased*				9,444

Total options purchased (cost: $41,025,000)				9,444
Total investment securities 99.89% (cost: $2,095,442,000)				2,589,334
Other assets less liabilities 0.11%				2,824

Net assets 100.00%			$	2,592,158

*Options purchased

Put

Description	Number of contracts	Notional amount (000)		Exercise price		Expiration date	Value at 6/30/2021 (000)
S&P 500 Index	280	$	1,203	$	2,325.00	9/17/2021		$	48
S&P 500 Index	100		430		2,350.00	9/17/2021			18
S&P 500 Index	295		1,268		2,375.00	9/17/2021			57
S&P 500 Index	655		2,815		2,400.00	9/17/2021			133
S&P 500 Index	7,550		32,446		2,425.00	9/17/2021			1,699
S&P 500 Index	110		473		2,450.00	9/17/2021			25
S&P 500 Index	820		3,524		2,650.00	12/17/2021			984
S&P 500 Index	120		516		2,700.00	12/17/2021			150
S&P 500 Index	85		365		2,725.00	12/17/2021			113
S&P 500 Index	105		451		2,750.00	12/17/2021			145
S&P 500 Index	2,895		12,441		2,775.00	12/17/2021			4,169
S&P 500 Index	170		731		2,800.00	12/17/2021			254
S&P 500 Index	330		1,418		2,825.00	12/17/2021			513
S&P 500 Index	403		1,732		2,800.00	3/18/2022			1,136
								$	9,444

American Funds Insurance Series

233

Managed Risk Growth-Income Fund (continued)

Futures contracts

Contracts	Type	Number of contracts	Expiration	Notional amount (000)		²	Value at 6/30/2021 (000)		³	Unrealized (depreciation) appreciation at 6/30/2021 (000)
5 Year U.S. Treasury Note Futures	Long	1,300	September 2021	$	130,000		$	160,459			$	(608	)
S&P 500 E-mini Index Contracts	Long	456	September 2021		23			97,780				1,597
											$	989

Investments in affiliates⁴

	Value of affiliates at 1/1/2021 (000)		Additions (000)		Reductions (000)		Net realized gain (000)		Net unrealized appreciation (depreciation) (000)			Value of affiliates at 6/30/2021 (000)		Dividend income (000)		Capital gain distributions received (000)
Growth-and-income funds 79.74%
American Funds Insurance Series – Growth-Income Fund, Class 1	$	1,938,260	$	65,909	$	177,886	$	40,017	$	200,782		$	2,067,082	$	8,250	$	19,790
Fixed income funds 14.97%
American Funds Insurance Series – The Bond Fund of America, Class 1⁵		363,712		92,182		49,454		4,838		(23,393	)		387,885		890		15,522
Total 94.71%							$	44,855	$	177,389		$	2,454,967	$	9,140	$	35,312


¹	Rate represents the seven-day yield at 6/30/2021.
²	Notional amount is calculated based on the number of contracts and notional contract size.
³	Value is calculated based on the notional amount and current market price.
⁴	Part of the same “group of investment companies” as the fund as defined under the Investment Company Act of 1940, as amended.
⁵	This fund changed its name during the reporting period.

See notes to financial statements.

234	American Funds Insurance Series

Managed Risk Asset Allocation Fund
Investment portfolio June 30, 2021		unaudited

Asset allocation funds 95.01%	Shares		Value (000)
American Funds Insurance Series – Asset Allocation Fund, Class 1		96,404,516	$	2,715,715

Total asset allocation funds (cost: $2,189,236,000)				2,715,715

Short-term securities 4.93%
State Street Institutional U.S. Government Money Market Fund, Premier Class 0.03%¹		140,777,606		140,778

Total short-term securities (cost: $140,778,000)				140,778

Options purchased 0.09%
Options purchased*				2,562

Total options purchased (cost: $3,303,000)				2,562
Total investment securities 100.03% (cost: $2,333,317,000)				2,859,055
Other assets less liabilities (0.03)%				(813	)

Net assets 100.00%			$	2,858,242

*Options purchased

Put

Description	Number of contracts	Notional amount (000)		Exercise price		Expiration date	Value at 6/30/2021 (000)
S&P 500 Index	1,302	$	5,596	$	2,950.00	12/17/2021		$	2,448
S&P 500 Index	15		64		2,725.00	3/18/2022			38
S&P 500 Index	12		52		2,775.00	3/18/2022			32
S&P 500 Index	15		64		2,825.00	3/18/2022			44
								$	2,562

Futures contracts

Contracts	Type	Number of contracts	Expiration	Notional amount (000)		²	Value at 6/30/2021 (000)		³	Unrealized (depreciation) appreciation at 6/30/2021 (000)
5 Year U.S. Treasury Note Futures	Long	1,220	September 2021	$	122,000		$	150,584			$	(540	)
S&P 500 E-mini Index Contracts	Long	135	September 2021		7			28,948				419
											$	(121	)

American Funds Insurance Series

235

Managed Risk Asset Allocation Fund (continued)

Investments in affiliates⁴

	Value of affiliate at 1/1/2021 (000)		Additions (000)		Reductions (000)		Net realized gain (000)		Net unrealized appreciation (000)		Value of affiliate at 6/30/2021 (000)		Dividend income (000)		Capital gain distributions received (000)
Asset allocation funds 95.01%
American Funds Insurance Series – Asset Allocation Fund, Class 1	$	2,646,718	$	98,352	$	193,490	$	41,561	$	122,574	$	2,715,715	$	8,944	$	88,212

¹	Rate represents the seven-day yield at 6/30/2021.
²	Notional amount is calculated based on the number of contracts and notional contract size.
³	Value is calculated based on the notional amount and current market price.
⁴	Part of the same “group of investment companies” as the fund as defined under the Investment Company Act of 1940, as amended.

See notes to financial statements.

236	American Funds Insurance Series

Financial statements

Statements of assets and liabilities at June 30, 2021	unaudited (dollars in thousands)

	Global Growth Fund		Global Small Capitalization Fund		Growth Fund		International Fund			New World Fund
Assets:
Investment securities, at value:
Unaffiliated issuers	$	8,895,619	$	4,960,276	$	41,262,079	$	9,748,298		$	4,396,448
Affiliated issuers		504,642		333,622		1,103,552		252,974			236,727
Cash		123		13,908		354		3,019			1,206
Cash collateral received for securities on loan		4,460		8,327		3,969		1,828			318
Cash collateral pledged for futures contracts		—		—		—		—			112
Cash collateral pledged for swap contracts		—		—		—		—			—
Cash denominated in currencies other than U.S. dollars		4,563		98		687		14,683			3,956
Unrealized appreciation on open forward currency contracts		—		—		—		—			69
Receivables for:
Sales of investments		344		17,309		187,913		97,609			14,974
Sales of fund’s shares		3,189		1,712		28,220		2,884			1,976
Dividends and interest		8,664		2,798		19,743		24,651			7,441
Variation margin on futures contracts		—		—		—		—			42
Variation margin on swap contracts		—		—		—		—			—
Securities lending income		2		3		3		—	¹		3
Other		386		82		—		28			1,925
		9,421,992		5,338,135		42,606,520		10,145,974			4,665,197
Liabilities:
Collateral for securities on loan		44,595		83,273		39,687		18,284			3,178
Unrealized depreciation on open forward currency contracts		—		—		—		—			—
Payables for:
Purchases of investments		4,361		14,122		76,572		46,401			13,501
Repurchases of fund’s shares		16,253		4,604		57,063		4,566			4,299
Investment advisory services		3,777		3,098		10,486		4,224			1,869
Insurance administrative fees		388		195		1,694		281			550
Services provided by related parties		1,285		754		5,921		1,282			531
Trustees’ deferred compensation		92		61		528		195			44
Variation margin on futures contracts		—		—		—		—			40
Variation margin on swap contracts		—		—		—		—			—
Non-U.S. taxes		7,095		11,498		839		25,097			14,346
Other		172		118		117		282			163
		78,018		117,723		192,907		100,612			38,521
Net assets at June 30, 2021	$	9,343,974	$	5,220,412	$	42,413,613	$	10,045,362		$	4,626,676

Net assets consist of:
Capital paid in on shares of beneficial interest	$	4,074,402	$	2,319,016	$	16,552,880	$	5,997,616		$	2,586,482
Total distributable earnings (accumulated loss)		5,269,572		2,901,396		25,860,733		4,047,746			2,040,194
Net assets at June 30, 2021	$	9,343,974	$	5,220,412	$	42,413,613	$	10,045,362		$	4,626,676

Investment securities on loan, at value	$	43,575	$	83,042	$	38,885	$	18,837		$	11,836
Investment securities, at cost
Unaffiliated issuers		4,176,011		2,750,849		18,333,078		6,587,890			2,580,869
Affiliated issuers		504,674		262,226		1,103,548		252,950			236,741
Cash denominated in currencies other than U.S. dollars, at cost		4,565		98		692		14,689			3,956

See end of statements of assets and liabilities for footnotes.

See notes to financial statements.

��

American Funds Insurance Series

237

Financial statements (continued)

Statements of assets and liabilities at June 30, 2021 (continued)	unaudited (dollars in thousands)

	Washington Mutual Investors Fund²		Capital World Growth and Income Fund³			Growth- Income Fund		International Growth and Income Fund			Capital Income Builder
Assets:
Investment securities, at value:
Unaffiliated issuers	$	9,884,190	$	2,277,366		$	40,097,132	$	1,290,076		$	971,950
Affiliated issuers		336,297		93,430			1,013,334		68,058			79,339
Cash		750		190			524		92			332
Cash collateral received for securities on loan		7,518		1,294			7,720		71			65
Cash collateral pledged for futures contracts		—		—			—		—			—
Cash collateral pledged for swap contracts		—		—			—		—			—
Cash denominated in currencies other than U.S. dollars		—		877			2,690		9,817			452
Unrealized appreciation on open forward currency contracts		—		—			—		—			—
Receivables for:
Sales of investments		26,632		9,441			25,093		5,331			17,665
Sales of fund’s shares		2,888		1,208			16,210		743			861
Dividends and interest		5,025		4,783			49,728		4,112			3,403
Variation margin on futures contracts		—		—			—		—			91
Variation margin on swap contracts		—		—			—		—			1
Securities lending income		1		—	¹		1		—	¹		—	¹
Other		—		354			236		141			6
		10,263,301		2,388,943			41,212,668		1,378,441			1,074,165
Liabilities:
Collateral for securities on loan		75,183		12,943			77,195		705			651
Unrealized depreciation on open forward currency contracts		—		—			—		—			1
Payables for:
Purchases of investments		31,318		14,185			102,847		31,734			33,840
Repurchases of fund’s shares		5,411		1,459			38,586		352			92
Investment advisory services		1,923		683			8,494		737			194
Insurance administrative fees		619		122			1,015		76			323
Services provided by related parties		1,118		381			4,430		107			133
Trustees’ deferred compensation		109		27			591		15			8
Variation margin on futures contracts		—		—			—		—			16
Variation margin on swap contracts		—		—			—		—			41
Non-U.S. taxes		31		918			2,451		214			255
Other		5		48			112		48			14
		115,717		30,766			235,721		33,988			35,568
Net assets at June 30, 2021	$	10,147,584	$	2,358,177		$	40,976,947	$	1,344,453		$	1,038,597

Net assets consist of:
Capital paid in on shares of beneficial interest	$	5,974,377	$	1,399,293		$	21,221,552	$	937,123		$	849,707
Total distributable earnings (accumulated loss)		4,173,207		958,884			19,755,395		407,330			188,890

Net assets at June 30, 2021	$	10,147,584	$	2,358,177		$	40,976,947	$	1,344,453		$	1,038,597

Investment securities on loan, at value	$	73,663	$	12,432		$	75,628	$	671		$	638
Investment securities, at cost
Unaffiliated issuers		7,972,415		1,730,831			22,469,677		907,740			762,420
Affiliated issuers		336,286		93,438			1,013,237		68,054			79,283
Cash denominated in currencies other than U.S. dollars, at cost		—		877			2,720		9,817			452

See end of statements of assets and liabilities for footnotes.

See notes to financial statements.

238	American Funds Insurance Series

Financial statements (continued)

Statements of assets and liabilities at June 30, 2021 (continued)	unaudited (dollars in thousands)

	Asset Allocation Fund		Global Balanced Fund		The Bond Fund of America⁴		Capital World Bond Fund		American High-Income Trust⁵
Assets:
Investment securities, at value:
Unaffiliated issuers	$	29,349,292	$	426,243	$	12,682,238	$	2,021,240	$	1,002,182
Affiliated issuers		4,285,077		29,578		1,153,143		123,872		62,665
Cash		38,682		87		10,546		617		2,882
Cash collateral received for securities on loan		2,605		—		—		—		—
Cash collateral pledged for futures contracts		—		—		—		—		427
Cash collateral pledged for swap contracts		—		—		—		—		2,307
Cash denominated in currencies other than U.S. dollars		4,561		141		1		15		—	¹
Unrealized appreciation on open forward currency contracts		—		193		97		2,433		—
Receivables for:
Sales of investments		1,943,892		482		5,403,388		18,879		5,527
Sales of fund’s shares		9,329		663		4,649		1,002		260
Dividends and interest		66,417		1,334		59,408		15,768		13,744
Variation margin on futures contracts		26		8		3,313		398		6
Variation margin on swap contracts		—		13		9		228		—
Securities lending income		2		—		—		—		—
Other		47		26		58		—		2
		35,699,930		458,768		19,316,850		2,184,452		1,090,002
Liabilities:
Collateral for securities on loan		26,046		—		—		—		—
Unrealized depreciation on open forward currency contracts		—		217		8		8,434		—
Payables for:
Purchases of investments		3,293,480		1,332		6,232,252		36,872		14,908
Repurchases of fund’s shares		16,294		46		6,769		792		492
Investment advisory services		6,899		247		1,701		763		232
Insurance administrative fees		3,507		76		494		38		54
Services provided by related parties		3,093		79		1,250		285		185
Trustees’ deferred compensation		338		4		140		29		37
Variation margin on futures contracts		1,726		15		4,787		233		78
Variation margin on swap contracts		24		6		1,718		94		10
Non-U.S. taxes		2,534		52		13		137		—
Other		48		10		8		141		1
		3,353,989		2,084		6,249,140		47,818		15,997
Net assets at June 30, 2021	$	32,345,941	$	456,684	$	13,067,710	$	2,136,634	$	1,074,005

Net assets consist of:
Capital paid in on shares of beneficial interest	$	20,925,529	$	330,831	$	12,593,395	$	2,046,885	$	1,267,142
Total distributable earnings (accumulated loss)		11,420,412		125,853		474,315		89,749		(193,137	)
Net assets at June 30, 2021	$	32,345,941	$	456,684	$	13,067,710	$	2,136,634	$	1,074,005

Investment securities on loan, at value	$	25,453	$	—	$	—	$	—	$	—
Investment securities, at cost
Unaffiliated issuers		19,214,052		319,695		12,255,833		1,956,299		949,532
Affiliated issuers		4,199,221		29,578		1,153,188		123,882		62,664
Cash denominated in currencies other than U.S. dollars, at cost		4,566		144		1		62		—	¹

See end of statements of assets and liabilities for footnotes.

See notes to financial statements.

American Funds Insurance Series

239

Financial statements (continued)

Statements of assets and liabilities at June 30, 2021 (continued)	unaudited (dollars in thousands)

	American Funds Mortgage Fund			Ultra-Short Bond Fund			U.S. Government Securities Fund⁶		Managed Risk Growth Fund		Managed Risk International Fund
Assets:
Investment securities, at value:
Unaffiliated issuers	$	441,570		$	331,919		$	2,188,233	$	30,517	$	8,634
Affiliated issuers		—			—			—		567,087		161,284
Cash		9,152			9,063			56,176		—		—
Cash collateral received for securities on loan		—			—			—		—		—
Cash collateral pledged for futures contracts		—			—			—		1,197		456
Cash collateral pledged for swap contracts		—			—			—		—		—
Cash denominated in currencies other than U.S. dollars		—			—			—		—		—
Unrealized appreciation on open forward currency contracts		—			—			—		—		—
Receivables for:
Sales of investments		149,961			—			260,522		862		201
Sales of fund’s shares		446			323			2,741		2		—
Dividends and interest		448			—	¹		4,476		1		—	¹
Variation margin on futures contracts		21			—			487		52		5
Variation margin on swap contracts		—	¹		—			858		—		—
Securities lending income		—			—			—		—		—
Other		—			—			—		—		—
		601,598			341,305			2,513,493		599,718		170,580
Liabilities:
Collateral for securities on loan		—			—			—		—		—
Unrealized depreciation on open forward currency contracts		—			—			—		—		—
Payables for:
Purchases of investments		268,623			—			448,216		—		—
Repurchases of fund’s shares		129			1,209			2,749		909		212
Investment advisory services		58			90			332		48		14
Insurance administrative fees		26			25			153		361		104
Services provided by related parties		28			71			395		116		34
Trustees’ deferred compensation		4			13			50		4		1
Variation margin on futures contracts		52			—			884		—		48
Variation margin on swap contracts		77			—			1,480		—		—
Non-U.S. taxes		—			—			—		—		—
Other		—	¹		—	¹		1		—		—
		268,997			1,408			454,260		1,438		413
Net assets at June 30, 2021	$	332,601		$	339,897		$	2,059,233	$	598,280	$	170,167

Net assets consist of:
Capital paid in on shares of beneficial interest	$	328,732		$	340,832		$	2,031,152	$	403,947	$	152,582
Total distributable earnings (accumulated loss)		3,869			(935	)		28,081		194,333		17,585
Net assets at June 30, 2021	$	332,601		$	339,897		$	2,059,233	$	598,280	$	170,167

Investment securities on loan, at value	$	—		$	—		$	—	$	—	$	—
Investment securities, at cost
Unaffiliated issuers		441,227			331,925			2,178,928		31,188		8,706
Affiliated issuers		—			—			—		444,287		123,573
Cash denominated in currencies other than U.S. dollars, at cost		—			—			—		—		—

See end of statements of assets and liabilities for footnotes.

See notes to financial statements.

240	American Funds Insurance Series

Financial statements (continued)

Statements of assets and liabilities at June 30, 2021 (continued)	unaudited (dollars in thousands)

	Managed Risk Washington Mutual Investors Fund⁷			Managed Risk Growth- Income Fund		Managed Risk Asset Allocation Fund
Assets:
Investment securities, at value:
Unaffiliated issuers	$	18,908		$	134,367	$	143,340
Affiliated issuers		343,926			2,454,967		2,715,715
Cash		—			—		—
Cash collateral received for securities on loan		—			—		—
Cash collateral pledged for futures contracts		906			5,208		1,756
Cash collateral pledged for swap contracts		—			—		—
Cash denominated in currencies other than U.S. dollars		—			—		—
Unrealized appreciation on open forward currency contracts		—			—		—
Receivables for:
Sales of investments		3			14,049		1,491
Sales of fund’s shares		17			—		640
Dividends and interest		—	¹		3		4
Variation margin on futures contracts		38			232		121
Variation margin on swap contracts		—			—		—
Securities lending income		—			—		—
Other		—			—		—
		363,798			2,608,826		2,863,067
Liabilities:
Collateral for securities on loan		—			—		—
Unrealized depreciation on open forward currency contracts		—			—		—
Payables for:
Purchases of investments		14			—		—
Repurchases of fund’s shares		5			14,788		2,209
Investment advisory services		30			212		233
Insurance administrative fees		226			1,586		1,773
Services provided by related parties		73			67		578
Trustees’ deferred compensation		3			15		32
Variation margin on futures contracts		—			—		—
Variation margin on swap contracts		—			—		—
Non-U.S. taxes		—			—		—
Other		—			—		—
		351			16,668		4,825
Net assets at June 30, 2021	$	363,447		$	2,592,158	$	2,858,242

Net assets consist of:
Capital paid in on shares of beneficial interest	$	338,335		$	2,057,069	$	2,274,025
Total distributable earnings (accumulated loss)		25,112			535,089		584,217
Net assets at June 30, 2021	$	363,447		$	2,592,158	$	2,858,242

Investment securities on loan, at value	$	—		$	—	$	—
Investment securities, at cost
Unaffiliated issuers		19,364			165,948		144,081
Affiliated issuers		259,489			1,929,494		2,189,236
Cash denominated in currencies other than U.S. dollars, at cost		—			—		—

See end of statements of assets and liabilities for footnotes.

See notes to financial statements.

American Funds Insurance Series

241

Financial statements (continued)

Statements of assets and liabilities at June 30, 2021 (continued)	unaudited (dollars and shares in thousands, except per-share amounts)

		Global Growth Fund		Global Small Capitalization Fund		Growth Fund		International Fund		New World Fund
Shares of beneficial interest issued and outstanding (no stated par value) — unlimited shares authorized
Class 1:	Net assets	$	4,079,893	$	2,164,517	$	17,534,944	$	5,059,677	$	2,541,836
	Shares outstanding		93,450		61,129		148,235		204,492		75,559
	Net asset value per share	$	43.66	$	35.41	$	118.29	$	24.74	$	33.64
Class 1A:	Net assets	$	13,709	$	1,833	$	79,269	$	10,496	$	8,906
	Shares outstanding		315		52		675		426		266
	Net asset value per share	$	43.46	$	35.20	$	117.45	$	24.63	$	33.44
Class 2:	Net assets	$	4,602,553	$	2,720,445	$	21,673,055	$	4,492,188	$	1,162,944
	Shares outstanding		106,726		79,611		185,235		182,486		34,991
	Net asset value per share	$	43.12	$	34.17	$	117.00	$	24.62	$	33.24
Class 3:	Net assets					$	297,978	$	23,859
	Shares outstanding	Not applicable		Not applicable			2,499		963	Not applicable
	Net asset value per share					$	119.24	$	24.79
Class 4:	Net assets	$	647,819	$	333,617	$	2,828,367	$	459,142	$	912,990
	Shares outstanding		15,142		9,742		24,660		18,904		27,690
	Net asset value per share	$	42.78	$	34.25	$	114.69	$	24.29	$	32.97

		Washington Mutual Investors Fund²		Capital World Growth and Income Fund³		Growth- Income Fund		International Growth and Income Fund		Capital Income Builder
Shares of beneficial interest issued and outstanding (no stated par value) — unlimited shares authorized
Class 1:	Net assets	$	5,803,337	$	784,485	$	24,114,355	$	995,323	$	498,822
	Shares outstanding		352,479		43,794		386,212		49,010		42,222
	Net asset value per share	$	16.46	$	17.91	$	62.44	$	20.31	$	11.81
Class 1A:	Net assets	$	111,040	$	3,386	$	19,837	$	4,233	$	7,269
	Shares outstanding		6,789		190		319		209		616
	Net asset value per share	$	16.36	$	17.84	$	62.12	$	20.25	$	11.80
Class 2:	Net assets	$	3,282,627	$	1,367,883	$	14,983,396	$	222,223	$	10,977
	Shares outstanding		202,351		76,601		243,418		10,989		930
	Net asset value per share	$	16.22	$	17.86	$	61.55	$	20.22	$	11.81
Class 3:	Net assets					$	164,918
	Shares outstanding	Not applicable		Not applicable			2,638	Not applicable		Not applicable
	Net asset value per share					$	62.52
Class 4:	Net assets	$	950,580	$	202,423	$	1,694,441	$	122,674	$	521,529
	Shares outstanding		59,029		11,549		27,900		6,114		44,235
	Net asset value per share	$	16.10	$	17.53	$	60.73	$	20.06	$	11.79

See end of statements of assets and liabilities for footnotes.

See notes to financial statements.

242	American Funds Insurance Series

Financial statements (continued)

Statements of assets and liabilities at June 30, 2021 (continued)	unaudited (dollars and shares in thousands, except per-share amounts)

		Asset Allocation Fund		Global Balanced Fund		The Bond Fund of America⁴		Capital World Bond Fund		American High-Income Trust⁵
Shares of beneficial interest issued and outstanding (no stated par value) — unlimited shares authorized
Class 1:	Net assets	$	20,941,388	$	116,462	$	8,408,164	$	1,015,735	$	275,738
	Shares outstanding		743,361		7,780		743,713		83,563		26,590
	Net asset value per share	$	28.17	$	14.97	$	11.31	$	12.16	$	10.37
Class 1A:	Net assets	$	16,825	$	3,495	$	11,027	$	693	$	1,163
	Shares outstanding		599		234		981		57		113
	Net asset value per share	$	28.06	$	14.92	$	11.25	$	12.12	$	10.34
Class 2:	Net assets	$	5,495,854	$	211,748	$	3,829,022	$	1,060,430	$	690,291
	Shares outstanding		197,529		14,191		343,764		88,027		67,965
	Net asset value per share	$	27.82	$	14.92	$	11.14	$	12.05	$	10.16
Class 3:	Net assets	$	35,564							$	10,455
	Shares outstanding		1,262	Not applicable		Not applicable		Not applicable			1,004
	Net asset value per share	$	28.19							$	10.41
Class 4:	Net assets	$	5,856,310	$	124,979	$	819,497	$	59,776	$	96,358
	Shares outstanding		211,902		8,473		73,884		5,019		8,654
	Net asset value per share	$	27.64	$	14.75	$	11.09	$	11.91	$	11.13
Class P1:	Net assets
	Shares outstanding	Not applicable		Not applicable		Not applicable		Not applicable		Not applicable
	Net asset value per share
Class P2:	Net assets
	Shares outstanding	Not applicable		Not applicable		Not applicable		Not applicable		Not applicable
	Net asset value per share

			American Funds Mortgage Fund		Ultra-Short Bond Fund		U.S. Government Securities Fund⁶		Managed Risk Growth Fund		Managed Risk International Fund
Shares of beneficial interest issued and outstanding (no stated par value) — unlimited shares authorized
Class 1:	Net assets	$	231,174	$	36,883	$	374,034
	Shares outstanding		21,682		3,267		31,922	Not applicable		Not applicable
	Net asset value per share	$	10.66	$	11.29	$	11.72
Class 1A:	Net assets	$	1,457	$	10	$	4,436
	Shares outstanding		137		1		380	Not applicable		Not applicable
	Net asset value per share	$	10.63	$	11.29	$	11.67
Class 2:	Net assets	$	58,759	$	256,254	$	1,433,933
	Shares outstanding		5,527		23,377		123,992	Not applicable		Not applicable
	Net asset value per share	$	10.63	$	10.96	$	11.56
Class 3:	Net assets			$	4,312	$	9,420
	Shares outstanding	Not applicable			389		803	Not applicable		Not applicable
	Net asset value per share			$	11.09	$	11.74
Class 4:	Net assets	$	41,211	$	42,438	$	237,410
	Shares outstanding		3,922		3,843		20,566	Not applicable		Not applicable
	Net asset value per share	$	10.51	$	11.04	$	11.54
Class P1:	Net assets							$	10,579	$	1,651
	Shares outstanding	Not applicable		Not applicable		Not applicable			597		146
	Net asset value per share							$	17.72	$	11.28
Class P2:	Net assets							$	587,701	$	168,516
	Shares outstanding	Not applicable		Not applicable		Not applicable			33,400		15,018
	Net asset value per share							$	17.60	$	11.22

See end of statements of assets and liabilities for footnotes.

See notes to financial statements.

American Funds Insurance Series

243

Financial statements (continued)

Statements of assets and liabilities at June 30, 2021 (continued)	unaudited (dollars and shares in thousands, except per-share amounts)

		Managed Risk Washington Mutual Investors Fund⁷		Managed Risk Growth- Income Fund		Managed Risk Asset Allocation Fund
Shares of beneficial interest issued and outstanding (no stated par value) — unlimited shares authorized
Class P1:	Net assets	$	1,972	$	2,259,186	$	6,272
	Shares outstanding		163		151,614		423
	Net asset value per share	$	12.11	$	14.90	$	14.83
Class P2:	Net assets	$	361,475	$	332,972	$	2,851,970
	Shares outstanding		30,027		22,485		197,696
	Net asset value per share	$	12.04	$	14.81	$	14.43

¹	Amount less than one thousand.
²	Formerly Blue Chip Income and Growth Fund.
³	Formerly Global Growth and Income Fund.
⁴	Formerly Bond Fund.
⁵	Formerly High-Income Bond Fund.
⁶	Formerly U.S. Government/AAA-Rated Securities Fund.
⁷	Formerly Managed Risk Blue Chip Income and Growth Fund.

See notes to financial statements.

244	American Funds Insurance Series

Financial statements (continued)

Statements of operations
for the six months ended June 30, 2021

unaudited
(dollars in thousands)

	Global Growth Fund			Global Small Capitalization Fund			Growth Fund			International Fund			New World Fund
Investment income:
Income (net of non-U.S. taxes¹):
Dividends:
Unaffiliated issuers	$	46,323		$	15,804		$	147,085		$	89,313		$	27,447
Affiliated issuers		103			68			479			191			115
		46,426			15,872			147,564			89,504			27,562
Interest from unaffiliated issuers		78			9			778			16			3,147
Securities lending income (net of fees)		227			556			447			406			161
		46,731			16,437			148,789			89,926			30,870
Fees and expenses¹:
Investment advisory services		21,602			18,620			61,671			25,506			14,847
Distribution services		6,318			3,717			29,410			6,093			2,460
Insurance administrative services		747			377			3,268			552			1,082
Transfer agent services		1			—	²		3			1			—	²
Administrative services		1,297			816			5,997			1,563			657
Accounting and administrative services		—			—			—			—			—
Reports to shareholders		168			111			776			212			83
Registration statement and prospectus		68			98			413			74			33
Trustees’ compensation		24			15			108			28			12
Auditing and legal		11			21			19			21			23
Custodian		574			386			350			997			590
Other		3			40			16			4			31
Total fees and expenses before waivers/reimbursements		30,813			24,201			102,031			35,051			19,818
Less waivers/reimbursements of fees and expenses:
Investment advisory services waivers		28			—			—			—			3,938
Miscellaneous fee reimbursements		—			—			—			—			—
Total waivers/reimbursements of fees and expenses		28			—			—			—			3,938
Total fees and expenses after waivers/reimbursements		30,785			24,201			102,031			35,051			15,880
Net investment income (loss)		15,946			(7,764	)		46,758			54,875			14,990
Net realized gain (loss) and unrealized appreciation (depreciation):
Net realized gain (loss) on:
Investments in:
Unaffiliated issuers		563,132			639,973			2,916,751			1,014,070			239,418
Affiliated issuers		(1	)		(362	)		(13	)		(14	)		(5	)
Futures contracts		—			—			—			—			(101	)
Forward currency contracts		—			—			—			(86	)		(8	)
Swap contracts		—			—			—			—			—
Currency transactions		(213	)		(220	)		159			208			(130	)
Capital gain distributions received from affiliated issuers		—			—			—			—			—
		562,918			639,391			2,916,897			1,014,178			239,174
Net unrealized appreciation (depreciation) on:
Investments in:
Unaffiliated issuers		383,762			(109,339	)		1,965,008			(577,554	)		174,007
Affiliated issuers		(48	)		38,290			(103	)		(40	)		(22	)
Futures contracts		—			—			—			—			—
Forward currency contracts		—			—			—			86			123
Swap contracts		—			—			—			—			—
Currency translations		(198	)		152			(146	)		(137	)		112
		383,516			(70,897	)		1,964,759			(577,645	)		174,220
Net realized gain (loss) and unrealized appreciation (depreciation)		946,434			568,494			4,881,656			436,533			413,394
Net increase (decrease) in net assets resulting from operations	$	962,380		$	560,730		$	4,928,414		$	491,408		$	428,384

See end of statements of operations for footnotes.

See notes to financial statements.

American Funds Insurance Series

245

Financial statements (continued)

Statements of operations
for the six months ended June 30, 2021 (continued)

unaudited
(dollars in thousands)

	Washington Mutual Investors Fund³			Capital World Growth and Income Fund⁴			Growth- Income Fund			International Growth and Income Fund			Capital Income Builder
Investment income:
Income (net of non-U.S. taxes¹):
Dividends:
Unaffiliated issuers	$	102,509		$	23,856		$	314,140		$	21,845		$	18,312
Affiliated issuers		70			26			486			19			29
		102,579			23,882			314,626			21,864			18,341
Interest from unaffiliated issuers		112			1,089			1,295			364			1,837
Securities lending income (net of fees)		47			143			667			53			22
		102,738			25,114			316,588			22,281			20,200
Fees and expenses¹:
Investment advisory services		19,522			6,514			49,891			4,396			2,654
Distribution services		5,120			1,921			20,124			420			627
Insurance administrative services		1,158			233			1,940			149			624
Transfer agent services		1			—	²		3			—	²		—	²
Administrative services		1,520			334			5,989			218			169
Accounting and administrative services		—			—			—			—			—
Reports to shareholders		152			22			774			18			17
Registration statement and prospectus		57			19			357			16			52
Trustees’ compensation		27			6			108			4			3
Auditing and legal		4			4			20			14			6
Custodian		101			148			370			164			53
Other		4			1			16			1			4
Total fees and expenses before waivers/reimbursements		27,666			9,202			79,592			5,400			4,209
Less waivers/reimbursements of fees and expenses:
Investment advisory services waivers		2,805			889			—			—			1,444
Miscellaneous fee reimbursements		—			—			—			—			—
Total waivers/reimbursements of fees and expenses		2,805			889			—			—			1,444
Total fees and expenses after waivers/reimbursements		24,861			8,313			79,592			5,400			2,765
Net investment income (loss)		77,877			16,801			236,996			16,881			17,435
Net realized gain (loss) and unrealized appreciation (depreciation):
Net realized gain (loss) on:
Investments in:
Unaffiliated issuers		2,259,134			397,491			1,974,111			89,542			35,636
Affiliated issuers		(8	)		4			(52	)		(6	)		(1	)
Futures contracts		—			—			—			—			(1,194	)
Forward currency contracts		—			—			—			—			(17	)
Swap contracts		—			—			—			—			610
Currency transactions		15			313			(582	)		(701	)		10
Capital gain distributions received from affiliated issuers		—			—			—			—			—
		2,259,141			397,808			1,973,477			88,835			35,044
Net unrealized appreciation (depreciation) on:
Investments in:
Unaffiliated issuers		(922,293	)		(201,956	)		3,136,371			(4,122	)		54,047
Affiliated issuers		(23	)		(16	)		(108	)		(3	)		55
Futures contracts		—			—			—			—			524
Forward currency contracts		—			—			—			—			21
Swap contracts		—			—			—			—			485
Currency translations		(5	)		(77	)		(470	)		(44	)		(62	)
		(922,321	)		(202,049	)		3,135,793			(4,169	)		55,070
Net realized gain (loss) and unrealized appreciation (depreciation)		1,336,820			195,759			5,109,270			84,666			90,114
Net increase (decrease) in net assets resulting from operations	$	1,414,697		$	212,560		$	5,346,266		$	101,547		$	107,549

See end of statements of operations for footnotes.

See notes to financial statements.

246	American Funds Insurance Series

Financial statements (continued)

Statements of operations
for the six months ended June 30, 2021 (continued)

unaudited
(dollars in thousands)

	Asset Allocation Fund			Global Balanced Fund			The Bond Fund of America⁵			Capital World Bond Fund			American High-Income Trust⁶
Investment income:
Income (net of non-U.S. taxes¹):
Dividends:
Unaffiliated issuers	$	195,198		$	3,376		$	—		$	6		$	586
Affiliated issuers		4,051			12			990			81			12
		199,249			3,388			990			87			598
Interest from unaffiliated issuers		102,778			1,182			115,888			27,841			24,819
Securities lending income (net of fees)		968			2			—			—			—
		302,995			4,572			116,878			27,928			25,417
Fees and expenses¹:
Investment advisory services		40,179			1,471			20,947			6,034			2,170
Distribution services		13,505			403			5,683			1,385			949
Insurance administrative services		6,814			145			960			76			101
Transfer agent services		2			—	²		1			—	²		—	²
Administrative services		4,612			67			1,749			341			134
Accounting and administrative services		—			—			—			—			—
Reports to shareholders		540			4			187			42			11
Registration statement and prospectus		183			9			103			26			9
Trustees’ compensation		84			1			32			6			2
Auditing and legal		14			2			6			3			2
Custodian		236			45			63			295			10
Other		16			1			5			8			7
Total fees and expenses before waivers/reimbursements		66,185			2,148			29,736			8,216			3,395
Less waivers/reimbursements of fees and expenses:
Investment advisory services waivers		—			—			3,839			1,137			294
Miscellaneous fee reimbursements		—			—			—			—			—
Total waivers/reimbursements of fees and expenses		—			—			3,839			1,137			294
Total fees and expenses after waivers/reimbursements		66,185			2,148			25,897			7,079			3,101
Net investment income (loss)		236,810			2,424			90,981			20,849			22,316
Net realized gain (loss) and unrealized appreciation (depreciation):
Net realized gain (loss) on:
Investments in:
Unaffiliated issuers		1,222,318			18,038			15,401			33,755			(730	)
Affiliated issuers		14,034			—	²		(54	)		(3	)		1
Futures contracts		(916	)		160			20,928			(2,448	)		628
Forward currency contracts		—			(485	)		5,716			(12,193	)		—
Swap contracts		(230	)		2			(14,951	)		(1,062	)		(2,192	)
Currency transactions		531			24			(49	)		288			—	²
Capital gain distributions received from affiliated issuers		—			—			—			—			—
		1,235,737			17,739			26,991			18,337			(2,293	)
Net unrealized appreciation (depreciation) on:
Investments in:
Unaffiliated issuers		1,482,425			5,822			(202,388	)		(106,768	)		36,385
Affiliated issuers		39,737			(3	)		(63	)		(11	)		(3	)
Futures contracts		(3,091	)		(31	)		(12,908	)		(404	)		(215	)
Forward currency contracts		—			(22	)		2,696			(6,357	)		—
Swap contracts		(316	)		(64	)		13,759			(2	)		502
Currency translations		(307	)		(37	)		(106	)		(521	)		(2	)
		1,518,448			5,665			(199,010	)		(114,063	)		36,667
Net realized gain (loss) and unrealized appreciation (depreciation)		2,754,185			23,404			(172,019	)		(95,726	)		34,374
Net increase (decrease) in net assets resulting from operations	$	2,990,995		$	25,828		$	(81,038	)	$	(74,877	)	$	56,690

See end of statements of operations for footnotes.

See notes to financial statements.

American Funds Insurance Series

247

Financial statements (continued)

Statements of operations
for the six months ended June 30, 2021 (continued)

unaudited
(dollars in thousands)

	American Funds Mortgage Fund			Ultra-Short Bond Fund			U.S. Government Securities Fund⁷			Managed Risk Growth Fund			Managed Risk International Fund
Investment income:
Income (net of non-U.S. taxes¹):
Dividends:
Unaffiliated issuers	$	—		$	—		$	—		$	—		$	—
Affiliated issuers		—			—			—			750			123
		—			—			—			750			123
Interest from unaffiliated issuers		1,346			176			16,265			4			1
Securities lending income (net of fees)		—			—			—			—			—
		1,346			176			16,265			754			124
Fees and expenses¹:
Investment advisory services		686			576			3,708			430			125
Distribution services		122			398			2,110			704			207
Insurance administrative services		51			50			318			718			209
Transfer agent services		—	²		—	²		—	²		—	²		—	²
Administrative services		49			54			313			—			—
Accounting and administrative services		—			—			—			42			36
Reports to shareholders		3			5			28			5			2
Registration statement and prospectus		63			5			17			4			2
Trustees’ compensation		1			1			6			1			—	²
Auditing and legal		—	²		—	²		1			—	²		—	²
Custodian		10			—	²		17			3			3
Other		—	²		—	²		1			1			1
Total fees and expenses before waivers/reimbursements		985			1,089			6,519			1,908			585
Less waivers/reimbursements of fees and expenses:
Investment advisory services waivers		311			—			552			144			42
Miscellaneous fee reimbursements		—			—			—			—			17
Total waivers/reimbursements of fees and expenses		311			—			552			144			59
Total fees and expenses after waivers/reimbursements		674			1,089			5,967			1,764			526
Net investment income (loss)		672			(913	)		10,298			(1,010	)		(402	)
Net realized gain (loss) and unrealized appreciation (depreciation):
Net realized gain (loss) on:
Investments in:
Unaffiliated issuers		(188	)		—	²		(25,715	)		—			—
Affiliated issuers		—			—			—			24,401			1,751
Futures contracts		984			—			5,073			(13,268	)		(1,192	)
Forward currency contracts		—			—			—			—			—
Swap contracts		292			—			48,313			—			—
Currency transactions		—			—			—			6			2
Capital gain distributions received from affiliated issuers		—			—			—			66,104			694
		1,088			—	²		27,671			77,243			1,255
Net unrealized appreciation (depreciation) on:
Investments in:
Unaffiliated issuers		(4,358	)		(12	)		(35,475	)		(671	)		(72	)
Affiliated issuers		—			—			—			(33,724	)		3,887
Futures contracts		(258	)		—			(1,481	)		174			(178	)
Forward currency contracts		—			—			—			—			—
Swap contracts		858			—			(32,661	)		—			—
Currency translations		—			—			—			—			—
		(3,758	)		(12	)		(69,617	)		(34,221	)		3,637
Net realized gain (loss) and unrealized appreciation (depreciation)		(2,670	)		(12	)		(41,946	)		43,022			4,892
Net increase (decrease) in net assets resulting from operations	$	(1,998	)	$	(925	)	$	(31,648	)	$	42,012		$	4,490

See end of statements of operations for footnotes.

See notes to financial statements.

248	American Funds Insurance Series

Financial statements (continued)

Statements of operations
for the six months ended June 30, 2021 (continued)

unaudited
(dollars in thousands)

	Managed Risk Washington Mutual Investors Fund⁸			Managed Risk Growth- Income Fund			Managed Risk Asset Allocation Fund
Investment income:
Income (net of non-U.S. taxes¹):
Dividends:
Unaffiliated issuers	$	—		$	—		$	—
Affiliated issuers		1,268			9,140			8,944
		1,268			9,140			8,944
Interest from unaffiliated issuers		3			18			22
Securities lending income (net of fees)		—			—			—
		1,271			9,158			8,966
Fees and expenses¹:
Investment advisory services		269			1,872			2,095
Distribution services		447			405			3,492
Insurance administrative services		449			3,128			3,499
Transfer agent services		—	²		—	²		—	²
Administrative services		—			—			—
Accounting and administrative services		39			70			75
Reports to shareholders		4			20			35
Registration statement and prospectus		3			23			15
Trustees’ compensation		1			7			8
Auditing and legal		—	²		1			1
Custodian		3			4			4
Other		1			2			2
Total fees and expenses before waivers/reimbursements		1,216			5,532			9,226
Less waivers/reimbursements of fees and expenses:
Investment advisory services waivers		90			626			700
Miscellaneous fee reimbursements		12			—			—
Total waivers/reimbursements of fees and expenses		102			626			700
Total fees and expenses after waivers/reimbursements		1,114			4,906			8,526
Net investment income (loss)		157			4,252			440
Net realized gain (loss) and unrealized appreciation (depreciation):
Net realized gain (loss) on:
Investments in:
Unaffiliated issuers		—			(43,319	)		—
Affiliated issuers		12,864			44,855			41,561
Futures contracts		(8,063	)		(3,864	)		(22,623	)
Forward currency contracts		—			—			—
Swap contracts		—			—			—
Currency transactions		(1	)		19			7
Capital gain distributions received from affiliated issuers		3,183			35,312			88,212
		7,983			33,003			107,157
Net unrealized appreciation (depreciation) on:
Investments in:
Unaffiliated issuers		(456	)		772			(741	)
Affiliated issuers		23,090			177,389			122,574
Futures contracts		164			(1,989	)		(479	)
Forward currency contracts		—			—			—
Swap contracts		—			—			—
Currency translations		—			—			—
		22,798			176,172			121,354
Net realized gain (loss) and unrealized appreciation (depreciation)		30,781			209,175			228,511
Net increase (decrease) in net assets resulting from operations	$	30,938		$	213,427		$	228,951

¹	Additional information related to non-U.S. taxes and class-specific fees and expenses is included in the notes to financial statements.
²	Amount less than one thousand.
³	Formerly Blue Chip Income and Growth Fund.
⁴	Formerly Global Growth and Income Fund.
⁵	Formerly Bond Fund.
⁶	Formerly High-Income Bond Fund.
⁷	Formerly U.S. Government/AAA-Rated Securities Fund.
⁸	Formerly Managed Risk Blue Chip Income and Growth Fund.

See notes to financial statements.

American Funds Insurance Series

249

Financial statements (continued)

Statements of changes in net assets

(dollars in thousands)

	Global Growth Fund						Global Small Capitalization Fund						Growth Fund
	Six months ended June 30, 2021¹			Year ended December 31, 2020			Six months ended June 30, 2021¹			Year ended December 31, 2020			Six months ended June 30, 2021¹			Year ended December 31, 2020
Operations:
Net investment income (loss)	$	15,946		$	29,220		$	(7,764	)	$	(9,129	)	$	46,758		$	91,314
Net realized gain (loss)		562,918			459,151			639,391			113,700			2,916,897			5,289,028
Net unrealized appreciation (depreciation)		383,516			1,447,946			(70,897	)		1,179,633			1,964,759			8,444,178
Net increase (decrease) in net assets resulting from operations		962,380			1,936,317			560,730			1,284,204			4,928,414			13,824,520
Distributions paid to shareholders		(469,139	)		(224,589	)		(123,155	)		(284,490	)		(5,345,539	)		(865,145	)
Net capital share transactions		609,763			(271,205	)		(529,904	)		(307,246	)		3,906,694			(2,504,990	)
Total increase (decrease) in net assets		1,103,004			1,440,523			(92,329	)		692,468			3,489,569			10,454,385
Net assets:
Beginning of period		8,240,970			6,800,447			5,312,741			4,620,273			38,924,044			28,469,659
End of period	$	9,343,974		$	8,240,970		$	5,220,412		$	5,312,741		$	42,413,613		$	38,924,044

	International Fund						New World Fund						Washington Mutual Investors Fund²
	Six months ended June 30, 2021¹			Year ended December 31, 2020			Six months ended June 30, 2021¹			Year ended December 31, 2020			Six months ended June 30, 2021¹			Year ended December 31, 2020
Operations:
Net investment income (loss)	$	54,875		$	53,872		$	14,990		$	15,078		$	77,877		$	162,025
Net realized gain (loss)		1,014,178			40,022			239,174			132,645			2,259,141			(75,133	)
Net unrealized appreciation (depreciation)		(577,645	)		1,257,012			174,220			658,628			(922,321	)		717,522
Net increase (decrease) in net assets resulting from operations		491,408			1,350,906			428,384			806,351			1,414,697			804,414
Distributions paid to shareholders		(3,972	)		(71,715	)		(154,345	)		(43,949	)		(38,243	)		(265,213	)
Net capital share transactions		(1,032,932	)		(763,764	)		109,484			(279,660	)		(807,936	)		(242,496	)
Total increase (decrease) in net assets		(545,496	)		515,427			383,523			482,742			568,518			296,705
Net assets:
Beginning of period		10,590,858			10,075,431			4,243,153			3,760,411			9,579,066			9,282,361
End of period	$	10,045,362		$	10,590,858		$	4,626,676		$	4,243,153		$	10,147,584		$	9,579,066

See end of statements of changes in net assets for footnotes.

See notes to financial statements.

250	American Funds Insurance Series

Financial statements (continued)

Statements of changes in net assets (continued)

(dollars in thousands)

	Capital World Growth and Income Fund³						Growth-Income Fund						International Growth and Income Fund
	Six months ended June 30, 2021¹			Year ended December 31, 2020			Six months ended June 30, 2021¹			Year ended December 31, 2020			Six months ended June 30, 2021¹			Year ended December 31, 2020
Operations:
Net investment income (loss)	$	16,801		$	25,233		$	236,996		$	485,987		$	16,881		$	21,504
Net realized gain (loss)		397,808			49,687			1,973,477			359,138			88,835			(43,217	)
Net unrealized appreciation (depreciation)		(202,049	)		113,216			3,135,793			3,849,348			(4,169	)		123,625
Net increase (decrease) in net assets resulting from operations		212,560			188,136			5,346,266			4,694,473			101,547			101,912
Distributions paid to shareholders		(56,012	)		(77,584	)		(564,869	)		(1,429,478	)		(5,031	)		(21,467	)
Net capital share transactions		27,179			(74,585	)		(2,295,985	)		(799,726	)		(207,946	)		(124,648	)
Total increase (decrease) in net assets		183,727			35,967			2,485,412			2,465,269			(111,430	)		(44,203	)
Net assets:
Beginning of period		2,174,450			2,138,483			38,491,535			36,026,266			1,455,883			1,500,086
End of period	$	2,358,177		$	2,174,450		$	40,976,947		$	38,491,535		$	1,344,453		$	1,455,883

	Capital Income Builder						Asset Allocation Fund						Global Balanced Fund
	Six months ended June 30, 2021¹			Year ended December 31, 2020			Six months ended June 30, 2021¹			Year ended December 31, 2020			Six months ended June 30, 2021¹			Year ended December 31, 2020
Operations:
Net investment income (loss)	$	17,435		$	27,894		$	236,810		$	449,205		$	2,424		$	4,425
Net realized gain (loss)		35,044			(42,055	)		1,235,737			808,394			17,739			18,255
Net unrealized appreciation (depreciation)		55,070			60,666			1,518,448			2,005,628			5,665			18,683
Net increase (decrease) in net assets resulting from operations		107,549			46,505			2,990,995			3,263,227			25,828			41,363
Distributions paid to shareholders		(10,788	)		(28,997	)		(1,148,347	)		(606,436	)		(2,625	)		(21,373	)
Net capital share transactions		(155,116	)		80,728			845,642			(418,795	)		(21,651	)		(1,808	)
Total increase (decrease) in net assets		(58,355	)		98,236			2,688,290			2,237,996			1,552			18,182
Net assets:
Beginning of period		1,096,952			998,716			29,657,651			27,419,655			455,132			436,950
End of period	$	1,038,597		$	1,096,952		$	32,345,941		$	29,657,651		$	456,684		$	455,132

See end of statements of changes in net assets for footnotes.

See notes to financial statements.

American Funds Insurance Series

251

Financial statements (continued)

Statements of changes in net assets (continued)

(dollars in thousands)

	The Bond Fund of America⁴						Capital World Bond Fund						American High-Income Trust⁵
	Six months ended June 30, 2021¹			Year ended December 31, 2020			Six months ended June 30, 2021¹			Year ended December 31, 2020			Six months ended June 30, 2021¹			Year ended December 31, 2020
Operations:
Net investment income (loss)	$	90,981		$	202,752		$	20,849		$	41,768		$	22,316		$	56,258
Net realized gain (loss)		26,991			480,282			18,337			45,840			(2,293	)		(51,887	)
Net unrealized appreciation (depreciation)		(199,010	)		299,487			(114,063	)		116,992			36,667			19,323
Net increase (decrease) in net assets resulting from operations		(81,038	)		982,521			(74,877	)		204,600			56,690			23,694
Distributions paid to shareholders		(511,969	)		(339,511	)		(64,603	)		(64,860	)		(6,562	)		(69,840	)
Net capital share transactions		2,253,298			213,249			(62,631	)		70,361			156,298			(352,568	)
Total increase (decrease) in net assets		1,660,291			856,259			(202,111	)		210,101			206,426			(398,714	)
Net assets:
Beginning of period		11,407,419			10,551,160			2,338,745			2,128,644			867,579			1,266,293
End of period	$	13,067,710		$	11,407,419		$	2,136,634		$	2,338,745		$	1,074,005		$	867,579

	American Funds Mortgage Fund						Ultra-Short Bond Fund						U.S. Government Securities Fund⁷
	Six months ended June 30, 2021¹			Year ended December 31, 2020			Six months ended June 30, 2021¹			Year ended December 31, 2020			Six months ended June 30, 2021¹			Year ended December 31, 2020
Operations:
Net investment income (loss)	$	672		$	2,446		$	(913	)	$	(171	)	$	10,298		$	20,216
Net realized gain (loss)		1,088			12,009			—	⁶		—			27,671			187,696
Net unrealized appreciation (depreciation)		(3,758	)		5,064			(12	)		(1	)		(69,617	)		61,889
Net increase (decrease) in net assets resulting from operations		(1,998	)		19,519			(925	)		(172	)		(31,648	)		269,801
Distributions paid to shareholders		(11,658	)		(4,820	)		—			(737	)		(185,422	)		(77,781	)
Net capital share transactions		26,638			10,410			(34,927	)		92,028			122,646			(934,697	)
Total increase (decrease) in net assets		12,982			25,109			(35,852	)		91,119			(94,424	)		(742,677	)
Net assets:
Beginning of period		319,619			294,510			375,749			284,630			2,153,657			2,896,334
End of period	$	332,601		$	319,619		$	339,897		$	375,749		$	2,059,233		$	2,153,657

See end of statements of changes in net assets for footnotes.

See notes to financial statements.

252	American Funds Insurance Series

Financial statements (continued)

Statements of changes in net assets (continued)

(dollars in thousands)

	Managed Risk Growth Fund						Managed Risk International Fund						Managed Risk Washington Mutual Investors Fund⁸
	Six months ended June 30, 2021¹			Year ended December 31, 2020			Six months ended June 30, 2021¹			Year ended December 31, 2020			Six months ended June 30, 2021¹			Year ended December 31, 2020
Operations:
Net investment income (loss)	$	(1,010	)	$	962		$	(402	)	$	662		$	157		$	4,092
Net realized gain (loss)		77,243			27,752			1,255			(13,879	)		7,983			(64,328	)
Net unrealized appreciation (depreciation)		(34,221	)		110,658			3,637			19,066			22,798			56,976
Net increase (decrease) in net assets resulting from operations		42,012			139,372			4,490			5,849			30,938			(3,260	)
Distributions paid to shareholders		(25,491	)		(25,274	)		(931	)		(3,247	)		(4,350	)		(16,900	)
Net capital share transactions		17,313			10,698			(2,961	)		1,198			(19,501	)		11,085
Total increase (decrease) in net assets		33,834			124,796			598			3,800			7,087			(9,075	)
Net assets:
Beginning of period		564,446			439,650			169,569			165,769			356,360			365,435
End of period	$	598,280		$	564,446		$	170,167		$	169,569		$	363,447		$	356,360

	Managed Risk Growth-Income Fund						Managed Risk Asset Allocation Fund
	Six months ended June 30, 2021¹			Year ended December 31, 2020			Six months ended June 30, 2021¹			Year ended December 31, 2020
Operations:
Net investment income (loss)	$	4,252		$	27,259		$	440		$	30,915
Net realized gain (loss)		33,003			38,669			107,157			(41,687	)
Net unrealized appreciation (depreciation)		176,172			145,694			121,354			161,153
Net increase (decrease) in net assets resulting from operations		213,427			211,622			228,951			150,381
Distributions paid to shareholders		(58,770	)		(160,767	)		(31,041	)		(146,678	)
Net capital share transactions		2,885			114,037			(118,439	)		(57,436	)
Total increase (decrease) in net assets		157,542			164,892			79,471			(53,733	)
Net assets:
Beginning of period		2,434,616			2,269,724			2,778,771			2,832,504
End of period	$	2,592,158		$	2,434,616		$	2,858,242		$	2,778,771

¹	Unaudited
²	Formerly Blue Chip Income and Growth Fund.
³	Formerly Global Growth and Income Fund.
⁴	Formerly Bond Fund.
⁵	Formerly High-Income Bond Fund.
⁶	Amount less than one thousand.
⁷	Formerly U.S. Government/AAA-Rated Securities Fund.
⁸	Formerly Managed Risk Blue Chip Income and Growth Fund.

See notes to financial statements.

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253

Notes to financial statements

unaudited

1. Organization

American Funds Insurance Series (the “series”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end, diversified management investment company with 34 different funds (“the funds”), including 23 funds in the series covered in this report. The other 11 funds in the series are covered in separate reports. Six funds in the series are covered in the American Funds Insurance Series - Target Date Series report and five funds in the series are covered in the American Funds Insurance Series - Portfolio Series report. The assets of each fund are segregated, with each fund accounted for separately. Capital Research and Management Company (“CRMC”) is the series’ investment adviser. Milliman Financial Risk Management LLC (“Milliman FRM”) is the subadviser for the risk management strategy for eight of the funds (the “managed risk funds”), five of which are covered in this report.

The managed risk funds covered in this report are Managed Risk Growth Fund, Managed Risk International Fund, Managed Risk Washington Mutual Investors Fund, Managed Risk Growth-Income Fund and Managed Risk Asset Allocation Fund. The managed risk funds invest in other funds within the series (the “underlying funds”) and employ Milliman FRM to implement the risk management strategy, which consists of using hedging instruments — primarily short positions on exchange-traded futures contracts — to attempt to stabilize the volatility of the funds around target volatility levels and reduce the downside exposure of the funds during periods of significant market declines.

Shareholders approved a proposal to reorganize the series from a Massachusetts business trust to a Delaware statutory trust. The series reserved the right to delay implementing the reorganization and has elected to do so.

The investment objective(s) for each fund covered in this report are as follows:

Global Growth Fund — To provide long-term growth of capital.

Global Small Capitalization Fund — To provide long-term growth of capital.

Growth Fund — To provide growth of capital.

International Fund — To provide long-term growth of capital.

New World Fund — To provide long-term capital appreciation.

Washington Mutual Investors Fund (formerly Blue Chip Income and Growth Fund) — To produce income exceeding the average yield on U.S. stocks generally and to provide an opportunity for growth of principal consistent with sound common stock investing.

Capital World Growth and Income Fund (formerly Global Growth and Income Fund) — To provide long-term growth of capital while providing current income.

Growth-Income Fund — To achieve long-term growth of capital and income.

International Growth and Income Fund — To provide long-term growth of capital while providing current income.

Capital Income Builder — The two primary objectives are (1) to provide a level of current income that exceeds the average yield on U.S. stocks generally and (2) to provide a growing stream of income over the years. The secondary objective is to provide growth of capital.

Asset Allocation Fund — To provide high total return (including income and capital gains) consistent with preservation of capital over the long term.

Global Balanced Fund — Seeks the balanced accomplishment of three objectives: long-term growth of capital, conservation of principal and current income.

The Bond Fund of America (formerly Bond Fund) — To provide as high a level of current income as is consistent with the preservation of capital.

Capital World Bond Fund — To provide, over the long term, a high level of total return consistent with prudent investment management.

254	American Funds Insurance Series

American High-Income Trust (formerly High-Income Bond Fund)— The primary objective is to provide a high level of current income. The secondary objective is capital appreciation.

American Funds Mortgage Fund — To provide current income and preservation of capital.

Ultra-Short Bond Fund — To provide current income, consistent with the maturity and quality standards applicable to the fund, and preservation of capital and liquidity.

U.S. Government Securities Fund (formerly U.S. Government/AAA-Rated Securities Fund) — To provide a high level of current income consistent with prudent investment risk and preservation of capital.

Managed Risk Growth Fund — To provide growth of capital while seeking to manage volatility and provide downside protection.

Managed Risk International Fund — To provide long-term growth of capital while seeking to manage volatility and provide downside protection.

Managed Risk Washington Mutual Investors Fund (formerly Managed Risk Blue Chip Income and Growth Fund) — To produce income exceeding the average yield on U.S. stocks generally and to provide an opportunity for growth of principal consistent with sound common stock investing, in each case while seeking to manage volatility and provide downside protection.

Managed Risk Growth-Income Fund — To achieve long-term growth of capital and income while seeking to manage volatility and provide downside protection.

Managed Risk Asset Allocation Fund — To provide high total return (including income and capital gains) consistent with preservation of capital over the long term while seeking to manage volatility and provide downside protection.

Each fund in the series, except the managed risk funds, offers either four or five share classes (Classes 1, 1A, 2, 3 or 4); the managed risk funds offer two share classes (Classes P1 and P2). Holders of all share classes of each fund have equal pro rata rights to assets, dividends and liquidation proceeds of each fund held. Each share class of each fund has identical voting rights, except for the exclusive right to vote on matters affecting only its class. Share classes have different fees and expenses (“class-specific fees and expenses”), primarily due to different arrangements for certain distribution expenses. Differences in class-specific fees and expenses will result in differences in net investment income and, therefore, the payment of different per-share dividends by each class of each fund.

2. Significant accounting policies

Each fund is an investment company that applies the accounting and reporting guidance issued in Topic 946 by the U.S. Financial Accounting Standards Board. Each fund’s financial statements have been prepared to comply with U.S. generally accepted accounting principles (“U.S. GAAP”). These principles require the series’ investment adviser to make estimates and assumptions that affect reported amounts and disclosures. Actual results could differ from those estimates. Subsequent events, if any, have been evaluated through the date of issuance in the preparation of the financial statements. The funds follow the significant accounting policies described in this section, as well as the valuation policies described in the next section on valuation.

Cash — Cash may include amounts held in an interest bearing deposit facility.

Security transactions and related investment income — Security transactions are recorded by the funds as of the date the trades are executed with brokers. Realized gains and losses from security transactions are determined based on the specific identified cost of the securities. In the event a security is purchased with a delayed payment date, the funds will segregate liquid assets sufficient to meet their payment obligations. Dividend income is recognized on the ex-dividend date and interest income is recognized on an accrual basis. Market discounts, premiums and original issue discounts on fixed-income securities are amortized daily over the expected life of the security.

Fees and expenses — The fees and expenses of the underlying funds held by the managed risk funds are not included in the fees and expenses reported for each of the managed risk funds; however, they are indirectly reflected in the valuation of each of the underlying funds. These fees are included in the net effective expense ratios that are provided as additional information in the financial highlights tables.

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255

Class allocations — Income, fees and expenses (other than class-specific fees and expenses), realized gains and losses and unrealized appreciation and depreciation are allocated daily among the various share classes of each fund based on their relative net assets. Class-specific fees and expenses, such as distribution expenses, are accrued daily and charged directly to the respective share class of each fund.

Distributions paid to shareholders — Income dividends and capital gain distributions are recorded on each fund’s ex-dividend date.

Currency translation — Assets and liabilities, including investment securities, denominated in currencies other than U.S. dollars are translated into U.S. dollars at the exchange rates supplied by one or more pricing vendors on the valuation date. Purchases and sales of investment securities and income and expenses are translated into U.S. dollars at the exchange rates on the dates of such transactions. The effects of changes in exchange rates on investment securities are included with the net realized gain or loss and net unrealized appreciation or depreciation on investments in the funds’ statements of operations. The realized gain or loss and unrealized appreciation or depreciation resulting from all other transactions denominated in currencies other than U.S. dollars are disclosed separately.

3. Valuation

CRMC, the series’ investment adviser, values the funds’ investments at fair value as defined by U.S. GAAP. The net asset value per share is calculated once daily as of the close of regular trading on the New York Stock Exchange, normally 4 p.m. New York time, each day the New York Stock Exchange is open.

Methods and inputs — The series’ investment adviser uses the following methods and inputs to establish the fair value of each fund’s assets and liabilities. Use of particular methods and inputs may vary over time based on availability and relevance as market and economic conditions evolve.

Equity securities are generally valued at the official closing price of, or the last reported sale price on, the exchange or market on which such securities are traded, as of the close of business on the day the securities are being valued or, lacking any sales, at the last available bid price. Prices for each security are taken from the principal exchange or market on which the security trades. The value of an underlying fund is based on its reported net asset value.

Fixed-income securities, including short-term securities, are generally valued at prices obtained from one or more pricing vendors. Vendors value such securities based on one or more of the inputs described in the following table. The table provides examples of inputs that are commonly relevant for valuing particular classes of fixed-income securities in which the funds are authorized to invest. However, these classifications are not exclusive and any of the inputs may be used to value any other class of fixed-income security.

Fixed-income class		Examples of standard inputs
All		Benchmark yields, transactions, bids, offers, quotations from dealers and trading systems, new issues, spreads and other relationships observed in the markets among comparable securities; and proprietary pricing models such as yield measures calculated using factors such as cash flows, financial or collateral performance and other reference data (collectively referred to as “standard inputs”)
Corporate bonds, notes & loans; convertible securities		Standard inputs and underlying equity of the issuer
Bonds & notes of governments & government agencies		Standard inputs and interest rate volatilities
Mortgage-backed; asset-backed obligations		Standard inputs and cash flows, prepayment information, default rates, delinquency and loss assumptions, collateral characteristics, credit enhancements and specific deal information
Municipal securities		Standard inputs and, for certain distressed securities, cash flows or liquidation values using a net present value calculation based on inputs that include, but are not limited to, financial statements and debt contracts

When the series’ investment adviser deems it appropriate to do so (such as when vendor prices are unavailable or not deemed to be representative), fixed-income securities will be valued in good faith at the mean quoted bid and ask prices that are reasonably and timely available (or bid prices, if ask prices are not available) or at prices for securities of comparable maturity, quality and type.

256	American Funds Insurance Series

Securities with both fixed-income and equity characteristics, or equity securities traded principally among fixed-income dealers, are generally valued in the manner described for either equity or fixed-income securities, depending on which method is deemed most appropriate by the series’ investment adviser. The Capital Group Central Corporate Bond Fund (“CCBF”), a fund within the Capital Group Central Fund Series II, and Capital Group Central Cash Fund (“CCF”), a fund within the Capital Group Central Fund Series (collectively the “Central Funds”), are each valued based upon a floating net asset value, which fluctuates with changes in the value of each fund’s portfolio securities. The underlying securities are valued based on the policies and procedures in the Central Funds’ statements of additional information. The State Street Institutional U.S. Government Money Market Fund held by the managed risk funds is managed to maintain a $1.00 net asset value per share. The net asset value of each share class of each managed risk fund is calculated based on the reported net asset values of the underlying funds in which each fund invests.

Exchange-traded options and futures are generally valued at the official closing price for options and official settlement price for futures of the exchange or market on which such instruments are traded, as of the close of business on the day such instruments are being valued. Forward currency contracts are valued based on the spot and forward exchange rates obtained from one or more pricing vendors. Interest rate swaps and credit default swaps are generally valued by pricing vendors based on market inputs that include the index and term of index, reset frequency, payer/receiver, currency and pay frequency.

Securities and other assets for which representative market quotations are not readily available or are considered unreliable by the series’ investment adviser are fair valued as determined in good faith under fair value guidelines adopted by authority of the series’ board of trustees as further described. The investment adviser follows fair valuation guidelines, consistent with U.S. Securities and Exchange Commission rules and guidance, to consider relevant principles and factors when making fair value determinations. The investment adviser considers relevant indications of value that are reasonably and timely available to it in determining the fair value to be assigned to a particular security, such as the type and cost of the security; contractual or legal restrictions on resale of the security; relevant financial or business developments of the issuer; actively traded similar or related securities; conversion or exchange rights on the security; related corporate actions; significant events occurring after the close of trading in the security; and changes in overall market conditions. In addition, the closing prices of equity securities and futures that trade in markets outside U.S. time zones may be adjusted to reflect significant events that occur after the close of local trading but before the net asset value of each share class of each fund is determined. Fair valuations and valuations of investments and futures that are not actively trading involve judgment and may differ materially from valuations that would have been used had greater market activity occurred.

Processes and structure — The series’ board of trustees has delegated authority to the series’ investment adviser to make fair value determinations, subject to board oversight. The investment adviser has established a Joint Fair Valuation Committee (the “Fair Valuation Committee”) to administer, implement and oversee the fair valuation process, and to make fair value decisions. The Fair Valuation Committee regularly reviews its own fair value decisions, as well as decisions made under its standing instructions to the investment adviser’s valuation teams. The Fair Valuation Committee reviews changes in fair value measurements from period to period and may, as deemed appropriate, update the fair valuation guidelines to better reflect the results of back testing and address new or evolving issues. The Fair Valuation Committee reports any changes to the fair valuation guidelines to the board of trustees. The series’ board and audit committee also regularly review reports that describe fair value determinations and methods.

The series’ investment adviser has also established a Fixed-Income Pricing Review Group to administer and oversee the fixed-income valuation process, including the use of fixed-income pricing vendors. This group regularly reviews pricing vendor information and market data. Pricing decisions, processes and controls over security valuation are also subject to additional internal reviews facilitated by the investment adviser’s global risk management group.

Classifications — The series’ investment adviser classifies the funds’ assets and liabilities into three levels based on the inputs used to value the assets or liabilities. Level 1 values are based on quoted prices in active markets for identical securities. Level 2 values are based on significant observable market inputs, such as quoted prices for similar securities and quoted prices in inactive markets. Certain securities trading outside the U.S. may transfer between Level 1 and Level 2 due to valuation adjustments resulting from significant market movements following the close of local trading. Level 3 values are based on significant unobservable inputs that reflect the investment adviser’s determination of assumptions that market participants might reasonably use in valuing the securities.

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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 June 30, 2021 (dollars in thousands):

Global Growth Fund

	Investment securities
	Level 1		Level 2		Level 3		Total
Assets:
Common stocks:
Information technology	$	2,901,017	$	—	$	—	$	2,901,017
Consumer discretionary		1,711,163		—		—		1,711,163
Health care		1,098,520		—		—		1,098,520
Communication services		892,157		13,180		—		905,337
Financials		825,606		—		—		825,606
Consumer staples		514,524		—		—		514,524
Industrials		326,389		—		—		326,389
Materials		164,757		—		—		164,757
Energy		102,862		—		—		102,862
Real estate		34,101		—		—		34,101
Utilities		17,082		—		—		17,082
Preferred securities		272,014		—		—		272,014
Short-term securities		526,889		—		—		526,889
Total	$	9,387,081	$	13,180	$	—	$	9,400,261

Global Small Capitalization Fund

	Investment securities
	Level 1		Level 2		Level 3		Total
Assets:
Common stocks:
Information technology	$	1,192,508	$	—	$	1,418	$	1,193,926
Health care		1,007,569		—		3		1,007,572
Consumer discretionary		892,834		35,119		—		927,953
Industrials		796,800		—		—		796,800
Financials		320,854		48,010		39,715		408,579
Consumer staples		135,810		—		—		135,810
Materials		128,417		—		—		128,417
Communication services		104,814		—		—		104,814
Utilities		78,142		—		—		78,142
Real estate		60,811		—		—		60,811
Energy		22,188		—		13,392		35,580
Preferred securities		22,095		—		76,268		98,363
Rights & warrants		—		28,173		—		28,173
Short-term securities		288,958		—		—		288,958
Total	$	5,051,800	$	111,302	$	130,796	$	5,293,898

The following table reconciles the valuation of the fund’s Level 3 investment securities and related transactions for the six months ended June 30, 2021 (dollars in thousands):

	Beginning value at 1/1/2021		Transfers into Level 3*		Purchases		Sales			Net realized gain		Unrealized depreciation^†			Transfers out of Level 3*		Ending value at 6/30/2021
Investment securities	$	103,891	$	—	$	67,801	$	(28,877	)	$	—	$	(12,019	)	$	—	$	130,796
Net unrealized appreciation during the period on Level 3 investment securities held at June 30, 2021																	$	8,254

*	Transfers into or out of Level 3 are based on the beginning market value of the quarter in which they occurred. These transfers are the result of changes in the availability of pricing sources and/or in the observability of significant inputs used in valuing the securities.
^†	Net unrealized depreciation is included in the related amounts on investments in the fund’s statement of operations.

258	American Funds Insurance Series

Unobservable inputs — Valuation of the fund’s Level 3 securities is based on significant unobservable inputs that reflect the investment adviser’s determination of assumptions that market participants might reasonably use in valuing the securities. The following table provides additional information used by the fund’s investment adviser to fair value the fund’s Level 3 securities (dollars in thousands):

Value at
6/30/2021

Valuation
techniques

Unobservable
inputs

Range
(if applicable)

Weighted
average*

Impact to
valuation from
an increase in
input^†

Liquidation value

N/A

Transaction price

N/A

Common stocks

54,528

Price/Cash flow multiple

11.3x

Increase

Market comparable
companies

DLOM

25%

Decrease

$ per one billion Btu

$2.25

Increase

MMTPA

10 MMTPA

Increase

Transaction price

N/A

Price/Sales multiple

17.3x

Increase

Preferred securities

76,268

Market comparable
companies

EV/Sales multiple

21.1x

Increase

Discount to Price/Sales multiple

15%

Decrease

Revenue growth rate

86%

Increase

Total

130,796

*	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

Btu = British thermal unit

DLOM = Discount for lack of marketability

EV = Enterprise value

MMTPA = Million metric tonnes per annum

Growth Fund

	Investment securities
	Level 1		Level 2		Level 3		Total
Assets:
Common stocks:
Information technology	$	9,485,387	$	—	$	6,765	$	9,492,152
Communication services		8,664,763		—		—		8,664,763
Consumer discretionary		7,424,184		—		—		7,424,184
Health care		5,303,247		—		44,823		5,348,070
Industrials		3,638,141		—		—		3,638,141
Financials		2,695,927		—		—		2,695,927
Consumer staples		1,355,571		—		—		1,355,571
Materials		1,235,736		—		—		1,235,736
Energy		945,591		—		—		945,591
Utilities		249,490		—		—		249,490
Real estate		95,702		—		—		95,702
Preferred securities		34,751		—		37,008		71,759
Convertible bonds & notes		—		—		25,195		25,195
Short-term securities		1,123,350		—		—		1,123,350
Total	$	42,251,840	$	—	$	113,791	$	42,365,631

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259

International Fund

	Investment securities
	Level 1		Level 2		Level 3		Total
Assets:
Common stocks:
Financials	$	2,009,077	$	—	$	—	$	2,009,077
Health care		1,259,197		—		6		1,259,203
Industrials		1,251,508		—		—		1,251,508
Consumer discretionary		1,188,916		—		—		1,188,916
Information technology		1,052,541		—		—		1,052,541
Materials		778,053		—		—		778,053
Energy		736,123		—		—		736,123
Communication services		640,447		31,810		—		672,257
Consumer staples		291,612		—		—		291,612
Utilities		273,033		—		—		273,033
Real estate		17,067		—		—		17,067
Preferred securities		183,730		—		—		183,730
Rights & warrants		—		26,057		—		26,057
Short-term securities		262,095		—		—		262,095
Total	$	9,943,399	$	57,867	$	6	$	10,001,272

New World Fund

	Investment securities
	Level 1		Level 2		Level 3		Total
Assets:
Common stocks:
Information technology	$	914,210	$	—	$	496	$	914,706
Health care		591,042		—		1		591,043
Consumer discretionary		584,089		—		—		584,089
Financials		546,496		—		—		546,496
Communication services		436,323		8,552		—		444,875
Materials		314,689		—		—		314,689
Industrials		274,374		—		—		274,374
Consumer staples		234,831		—		—		234,831
Energy		143,355		—		—		143,355
Real estate		89,849		—		—		89,849
Utilities		75,265		—		—		75,265
Preferred securities		39,190		—		14,736		53,926
Rights & warrants		97		8,721		—		8,818
Bonds, notes & other debt instruments		—		118,547		—		118,547
Short-term securities		238,312		—		—		238,312
Total	$	4,482,122	$	135,820	$	15,233	$	4,633,175

	Other investments*
	Level 1			Level 2		Level 3		Total
Assets:
Unrealized appreciation on futures contracts	$	147		$	—	$	—	$	147
Unrealized appreciation on open forward currency contracts		—			69		—		69
Liabilities:
Unrealized depreciation on futures contracts		(157	)		—		—		(157	)
Total	$	(10	)	$	69	$	—	$	59

*	Futures contracts and forward currency contracts are not included in the fund’s investment portfolio.

Washington Mutual Investors Fund

At June 30, 2021, all of the fund’s investment securities were classified as Level 1.

260	American Funds Insurance Series

Capital World Growth and Income Fund

	Investment securities
	Level 1		Level 2		Level 3		Total
Assets:
Common stocks:
Information technology	$	437,858	$	—	$	—	$	437,858
Financials		345,398		—		—		345,398
Consumer discretionary		286,441		—		—		286,441
Health care		263,125		—		—		263,125
Communication services		245,461		—		—		245,461
Industrials		196,049		—		—		196,049
Consumer staples		141,552		—		—		141,552
Materials		134,666		—		—		134,666
Energy		65,162		—		—		65,162
Utilities		64,095		—		—		64,095
Real estate		51,037		—		—		51,037
Preferred securities		21,224		—		—		21,224
Rights & warrants		37		—		—		37
Convertible stocks		2,533		3,030		—		5,563
Convertible bonds & notes		—		4,635		—		4,635
Bonds, notes & other debt instruments		—		8,607		—		8,607
Short-term securities		99,886		—		—		99,886
Total	$	2,354,524	$	16,272	$	—	$	2,370,796

Growth-Income Fund

	Investment securities
	Level 1		Level 2		Level 3		Total
Assets:
Common stocks:
Information technology	$	9,112,848	$	—	$	—	$	9,112,848
Communication services		6,876,506		—		—		6,876,506
Health care		4,632,505		—		—		4,632,505
Industrials		4,215,801		—		—		4,215,801
Financials		4,138,860		—		—		4,138,860
Consumer discretionary		3,592,797		—		—		3,592,797
Materials		2,001,298		—		—		2,001,298
Consumer staples		1,800,227		—		—		1,800,227
Energy		1,235,860		—		—		1,235,860
Real estate		1,050,508		—		—		1,050,508
Utilities		951,664		—		—		951,664
Convertible stocks		435,767		—		—		435,767
Bonds, notes & other debt instruments		—		13,983		—		13,983
Short-term securities		1,051,842		—		—		1,051,842
Total	$	41,096,483	$	13,983	$	—	$	41,110,466

American Funds Insurance Series

261

International Growth and Income Fund

	Investment securities
	Level 1		Level 2		Level 3		Total
Assets:
Common stocks:
Financials	$	235,849	$	—	$	—	$	235,849
Consumer discretionary		181,636		—		—		181,636
Health care		132,269		—		4		132,273
Materials		126,986		—		—		126,986
Communication services		124,953		—		—		124,953
Industrials		116,228		—		—		116,228
Information technology		115,319		—		—		115,319
Consumer staples		97,760		—		—		97,760
Utilities		57,845		—		—		57,845
Energy		42,766		—		—		42,766
Real estate		36,475		—		—		36,475
Preferred securities		13,083		—		—		13,083
Bonds, notes & other debt instruments		—		8,551		—		8,551
Short-term securities		68,410		—		—		68,410
Total	$	1,349,579	$	8,551	$	4	$	1,358,134

Capital Income Builder

	Investment securities
	Level 1		Level 2		Level 3		Total
Assets:
Common stocks:
Financials	$	161,170	$	—	$	—	$	161,170
Information technology		99,453		—		—		99,453
Consumer staples		95,525		—		—		95,525
Health care		86,290		—		—		86,290
Real estate		76,977		—		—		76,977
Utilities		72,374		—		—		72,374
Energy		52,158		—		—		52,158
Materials		49,491		—		—		49,491
Communication services		47,847		—		—		47,847
Industrials		40,439		—		—		40,439
Consumer discretionary		26,508		—		—		26,508
Preferred securities		2,016		—		—		2,016
Rights & warrants		5		—		—		5
Convertible stocks		11,134		—		—		11,134
Investment funds		30,524		—		—		30,524
Convertible bonds & notes		—		536		—		536
Bonds, notes & other debt instruments:
U.S. Treasury bonds & notes		—		81,573		—		81,573
Mortgage-backed obligations		—		35,766		—		35,766
Corporate bonds, notes & loans		—		25,440		—		25,440
Asset-backed obligations		—		5,779		—		5,779
Bonds & notes of governments & government agencies outside the U.S.		—		879		—		879
Municipals		—		265		—		265
Short-term securities		49,140		—		—		49,140
Total	$	901,051	$	150,238	$	—	$	1,051,289

262	American Funds Insurance Series

	Other investments*
	Level 1			Level 2			Level 3		Total
Assets:
Unrealized appreciation on futures contracts	$	522		$	—		$	—	$	522
Unrealized appreciation on interest rate swaps		—			1,167			—		1,167
Unrealized appreciation on credit default swaps		—			39			—		39
Liabilities:
Unrealized depreciation on futures contracts		(48	)		—			—		(48	)
Unrealized depreciation on open forward currency contracts		—			(1	)		—		(1	)
Total	$	474		$	1,205		$	—	$	1,679

*	Futures contracts, forward currency contracts, interest rate swaps and credit default swaps are not included in the fund’s investment portfolio.

Asset Allocation Fund

	Investment securities
	Level 1			Level 2			Level 3		Total
Assets:
Common stocks:
Information technology	$	5,065,489		$	—		$	—	$	5,065,489
Financials		3,804,933			—			482		3,805,415
Health care		2,830,967			—			19,795		2,850,762
Consumer discretionary		2,661,235			—			—		2,661,235
Communication services		1,990,309			—			—		1,990,309
Consumer staples		1,946,633			—			—		1,946,633
Materials		1,485,489			—			—		1,485,489
Industrials		1,115,187			—			13,818		1,129,005
Energy		789,159			2,851			461		792,471
Real estate		603,494			—			—		603,494
Utilities		222,883			—			—		222,883
Preferred securities		—			—			317		317
Rights & warrants		395			—			—		395
Convertible stocks		110,813			47,698			—		158,511
Investment funds		1,681,198			—			—		1,681,198
Bonds, notes & other debt instruments:
U.S. Treasury bonds & notes		—			2,313,837			—		2,313,837
Corporate bonds, notes & loans		—			2,260,005			4,961		2,264,966
Mortgage-backed obligations		—			1,788,498			—		1,788,498
Asset-backed obligations		—			310,904			—		310,904
Bonds & notes of governments & government agencies outside the U.S.		—			57,726			—		57,726
Federal agency bonds & notes		—			36,357			—		36,357
Municipals		—			29,080			—		29,080
Short-term securities		2,439,395			—			—		2,439,395
Total	$	26,747,579		$	6,846,956		$	39,834	$	33,634,369

	Other investments*
	Level 1			Level 2			Level 3		Total
Assets:
Unrealized appreciation on futures contracts	$	901		$	—		$	—	$	901
Unrealized appreciation on interest rate swaps		—			862			—		862
Liabilities:
Unrealized depreciation on futures contracts		(4,764	)		—			—		(4,764	)
Unrealized depreciation on credit default swaps		—			(382	)		—		(382	)
Total	$	(3,863	)	$	480		$	—	$	(3,383	)

*	Futures contracts, interest rate swaps and credit default swaps are not included in the fund’s investment portfolio.

American Funds Insurance Series

263

Global Balanced Fund

	Investment securities
	Level 1			Level 2			Level 3		Total
Assets:
Common stocks:
Information technology	$	63,030		$	—		$	—	$	63,030
Health care		40,599			—			—		40,599
Financials		35,877			—			—		35,877
Consumer discretionary		33,324			—			—		33,324
Consumer staples		30,665			—			—		30,665
Industrials		23,765			—			—		23,765
Materials		13,670			—			—		13,670
Communication services		12,599			—			—		12,599
Real estate		11,451			—			—		11,451
Energy		10,449			—			—		10,449
Utilities		4,174			—			—		4,174
Preferred securities		1,683			—			—		1,683
Convertible stocks		1,646			—			—		1,646
Bonds, notes & other debt instruments:
Bonds & notes of governments & government agencies outside the U.S.		—			64,131			—		64,131
U.S. Treasury bonds & notes		—			48,092			—		48,092
Corporate bonds, notes & loans		—			21,342			—		21,342
Mortgage-backed obligations		—			3,638			—		3,638
Municipals		—			185			—		185
Asset-backed obligations		—			87			—		87
Short-term securities		29,578			5,836			—		35,414
Total	$	312,510		$	143,311		$	—	$	455,821

	Other investments*
	Level 1			Level 2			Level 3		Total
Assets:
Unrealized appreciation on futures contracts	$	12		$	—		$	—	$	12
Unrealized appreciation on open forward currency contracts		—			193			—		193
Unrealized appreciation on interest rate swaps		—			13			—		13
Liabilities:
Unrealized depreciation on futures contracts		(40	)		—			—		(40	)
Unrealized depreciation on open forward currency contracts		—			(217	)		—		(217	)
Unrealized depreciation on interest rate swaps		—			(51	)		—		(51	)
Unrealized depreciation on credit default swaps		—			(5	)		—		(5	)
Total	$	(28	)	$	(67	)	$	—	$	(95	)

*	Futures contracts, forward currency contracts, interest rate swaps and credit default swaps are not included in the fund’s investment portfolio.

The Bond Fund of America

	Investment securities
	Level 1		Level 2		Level 3		Total
Assets:
Bonds, notes & other debt instruments:
U.S. Treasury bonds & notes	$	—	$	6,481,108	$	—	$	6,481,108
Corporate bonds, notes & loans		—		3,967,956		—		3,967,956
Mortgage-backed obligations		—		1,451,531		—		1,451,531
Asset-backed obligations		—		437,918		—		437,918
Municipals		—		223,416		—		223,416
Bonds & notes of governments & government agencies outside the U.S.		—		107,689		—		107,689
Federal agency bonds & notes		—		12,620		—		12,620
Short-term securities		1,153,143		—		—		1,153,143
Total	$	1,153,143	$	12,682,238	$	—	$	13,835,381

264	American Funds Insurance Series

	Other investments*
	Level 1			Level 2			Level 3		Total
Assets:
Unrealized appreciation on futures contracts	$	15,162		$	—		$	—	$	15,162
Unrealized appreciation on open forward currency contracts		—			97			—		97
Unrealized appreciation on credit default swaps		—			88			—		88
Liabilities:
Unrealized depreciation on futures contracts		(21,263	)		—			—		(21,263	)
Unrealized depreciation on open forward currency contracts		—			(8	)		—		(8	)
Unrealized depreciation on interest rate swaps		—			(11,390	)		—		(11,390	)
Total	$	(6,101	)	$	(11,213	)	$	—	$	(17,314	)

*	Futures contracts, forward currency contracts, interest rate swaps and credit default swaps are not included in the fund’s investment portfolio.

Capital World Bond Fund

	Investment securities
	Level 1		Level 2		Level 3		Total
Assets:
Bonds, notes & other debt instruments:
Euros	$	—	$	363,820	$	—	$	363,820
Japanese yen		—		217,699		—		217,699
Chinese yuan renminbi		—		193,519		—		193,519
British pounds		—		71,863		—		71,863
Danish kroner		—		53,121		—		53,121
Brazilian reais		—		51,869		—		51,869
Canadian dollars		—		44,977		—		44,977
Mexican pesos		—		41,782		—		41,782
Russian rubles		—		35,773		—		35,773
Australian dollars		—		26,330		—		26,330
Malaysian ringgits		—		23,238		—		23,238
Indonesian rupiah		—		14,966		—		14,966
Colombian pesos		—		11,196		—		11,196
South Korean won		—		9,283		—		9,283
Indian rupees		—		8,078		—		8,078
Czech korunas		—		7,920		—		7,920
Ukrainian hryvnia		—		7,508		—		7,508
Norwegian kroner		—		6,735		—		6,735
Ghanaian cedi		—		2,723		—		2,723
South African rand		—		2,358		—		2,358
Peruvian nuevos soles		—		1,631		—		1,631
Polish zloty		—		1,407		—		1,407
Romanian leu		—		1,295		—		1,295
U.S. dollars		—		790,146		80		790,226
Preferred securities		—		—		34		34
Common stocks		883		231		1,589		2,703
Rights & warrants		41		—		—		41
Short-term securities		123,872		29,145		—		153,017
Total	$	124,796	$	2,018,613	$	1,703	$	2,145,112

American Funds Insurance Series

265

	Other investments*
	Level 1			Level 2			Level 3		Total
Assets:
Unrealized appreciation on futures contracts	$	730		$	—		$	—	$	730
Unrealized appreciation on open forward currency contracts		—			2,433			—		2,433
Unrealized appreciation on interest rate swaps		—			276			—		276
Liabilities:
Unrealized depreciation on futures contracts		(981	)		—			—		(981	)
Unrealized depreciation on open forward currency contracts		—			(8,434	)		—		(8,434	)
Unrealized depreciation on interest rate swaps		—			(804	)		—		(804	)
Unrealized depreciation on credit default swaps		—			(205	)		—		(205	)
Total	$	(251	)	$	(6,734	)	$	—	$	(6,985	)

*	Futures contracts, forward currency contracts, interest rate swaps and credit default swaps are not included in the fund’s investment portfolio.

American High-Income Trust

	Investment securities
	Level 1		Level 2		Level 3		Total
Assets:
Bonds, notes & other debt instruments:
Corporate bonds, notes & loans	$	—	$	927,106	$	4,737	$	931,843
Other		—		1,129		—		1,129
Convertible bonds & notes		—		3,637		70		3,707
Convertible stocks		340		519		—		859
Common stocks		21,886		6,523		31,967		60,376
Preferred securities		—		2,143		719		2,862
Rights & warrants		786		620		—1		1,406
Short-term securities		62,665		—		—		62,665
Total	$	85,677	$	941,677	$	37,493	$	1,064,847

	Other investments²
	Level 1			Level 2			Level 3		Total
Liabilities:
Unrealized depreciation on futures contracts	$	(234	)	$	—		$	—	$	(234	)
Unrealized depreciation on credit default swaps		—			(219	)		—		(219	)
Total	$	(234	)	$	(219	)	$	—	$	(453	)

¹	Amount less than one thousand.
²	Futures contracts and credit default swaps are not included in the investment portfolio.

The following table reconciles the valuation of the fund’s Level 3 investment securities and related transactions for the six months ended June 30, 2021 (dollars in thousands):

	Beginning value at 1/1/2021		Transfers into Level 3³		Purchases		Sales			Net realized loss⁴			Unrealized appreciation⁴		Transfers out of Level 3³			Ending value at 6/30/2021
Investment securities	$	28,783	$	—	$	656	$	(855	)	$	(7,021	)	$	16,275	$	(345	)	$	37,493
Net unrealized appreciation during the period on Level 3 investment securities held at June 30, 2021																		$	9,194

³	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.
⁴	Net realized loss and unrealized appreciation are included in the related amounts on investments in the fund’s statement of operations.

266	American Funds Insurance Series

Value at
6/30/2021

Valuation
techniques

Unobservable
inputs

Range
(if applicable)

Weighted
average¹

Impact to
valuation from
an increase in
input²

Expected sale proceeds

N/A

Estimated recovery

Exchange terms

N/A

Bonds, notes & other debt instruments

4,737

value

Vendor price

N/A

Par value

N/A

Yield analysis

YTM risk premium

200 bps

Decrease

Convertible bonds & notes

Transaction price

N/A

Exchange terms

N/A

Estimated recovery

Risk discount

90%

Decrease

value

Par value

N/A

Adjustment based on market decline

20%

Decrease

EV/EBITDA multiple

5.9x

Increase

Common stocks

31,967

EV/EBITDA less CapEx multiple

10.0 - 17.7x

15.6x

Increase

Market comparable companies

Discount to EV/EBITDA less CapEx multiple

21%

Decrease

DLOM

16 - 21%

19%

Decrease

Recent market

Vendor price

N/A

information

DLOM

16%

Decrease

Transaction price

N/A

Preferred securities

719

Market comparable companies

EV/EBITDA multiple

3.5x

Increase

DLOM

30%

Decrease

Rights & warrants

—

Estimated recovery value

N/A

Total

37,493

¹	Weighted average is by relative fair value.
²	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.
³	Amount less than one thousand.

Key to abbreviations

CapEx = Capital expenditure

DLOM = Discount for lack of marketability

EBITDA = Earnings before income taxes, depreciation and amortization

EV = Enterprise value

YTM = Yield to maturity

American Funds Insurance Series

267

American Funds Mortgage Fund

	Investment securities
	Level 1		Level 2		Level 3		Total
Assets:
Bonds, notes & other debt instruments:
Mortgage-backed obligations	$	—	$	191,785	$	—	$	191,785
U.S. Treasury bonds & notes		—		58,655		—		58,655
Asset-backed obligations		—		11,302		—		11,302
Bonds & notes of governments & government agencies outside the U.S.		—		867		—		867
Federal agency bonds & notes		—		285		—		285
Corporate bonds, notes & loans		—		253		—		253
Short-term securities		—		178,423		—		178,423
Total	$	—	$	441,570	$	—	$	441,570

	Other investments*
	Level 1			Level 2		Level 3		Total
Assets:
Unrealized appreciation on futures contracts	$	45		$	—	$	—	$	45
Unrealized appreciation on interest rate swaps		—			2,072		—		2,072
Liabilities:
Unrealized depreciation on futures contracts		(270	)		—		—		(270	)
Total	$	(225	)	$	2,072	$	—	$	1,847

*	Futures contracts and interest rate swaps are not included in the fund’s investment portfolio.

Ultra-Short Bond Fund

At June 30, 2021, all of the fund’s investment securities were classified as Level 2.

U.S. Government Securities Fund

	Investment securities
	Level 1			Level 2			Level 3		Total
Assets:
Bonds, notes & other debt instruments:
U.S. Treasury bonds & notes	$	—		$	1,064,145		$	—	$	1,064,145
Mortgage-backed obligations		—			356,523			—		356,523
Federal agency bonds & notes		—			265,578			—		265,578
Short-term securities		—			501,987			—		501,987
Total	$	—		$	2,188,233		$	—	$	2,188,233

	Other investments*
		Level 1			Level 2			Level 3		Total
Assets:
Unrealized appreciation on futures contracts	$	2,742		$	—		$	—	$	2,742
Unrealized appreciation on interest rate swaps		—			5,702			—		5,702
Liabilities:
Unrealized depreciation on futures contracts		(4,263	)		—			—		(4,263	)
Unrealized depreciation on interest rate swaps		—			(10,883	)		—		(10,883	)
Total	$	(1,521	)	$	(5,181	)	$	—	$	(6,702	)

*	Futures contracts and interest rate swaps are not included in the fund’s investment portfolio.

Managed Risk Growth Fund

At June 30, 2021, all of the fund’s investments were classified as Level 1.

Managed Risk International Fund

At June 30, 2021, all of the fund’s investments were classified as Level 1.

268	American Funds Insurance Series

Managed Risk Washington Mutual Investors Fund

At June 30, 2021, all of the fund’s investments were classified as Level 1.

Managed Risk Growth-Income Fund

At June 30, 2021, all of the fund’s investments were classified as Level 1.

Managed Risk Asset Allocation Fund

At June 30, 2021, all of the fund’s investments were classified as Level 1.

4. Risk factors

Investing in the funds may involve certain risks including, but not limited to, those described below.

Market conditions — The prices of, and the income generated by, the common stocks, bonds and other securities held by a fund may decline — sometimes rapidly or unpredictably — due to various factors, including events or conditions affecting the general economy or particular industries; overall market changes; local, regional or global political, social or economic instability; governmental, governmental agency or central bank responses to economic conditions; and currency exchange rate, interest rate and commodity price fluctuations.

Economies and financial markets throughout the world are highly interconnected. Economic, financial or political events, trading and tariff arrangements, wars, terrorism, cybersecurity events, natural disasters, public health emergencies (such as the spread of infectious disease) and other circumstances in one country or region, including actions taken by governmental or quasi-governmental authorities in response to any of the foregoing, could have impacts on global economies or markets. As a result, whether or not a fund invests in securities of issuers located in or with significant exposure to the countries affected, the value and liquidity of a fund’s investments may be negatively affected by developments in other countries and regions.

Issuer risks — The prices of, and the income generated by, securities held by a fund may decline in response to various factors directly related to the issuers of such securities, including reduced demand for an issuer’s goods or services, poor management performance, major litigation, investigations or other controversies related to the issuer, changes in government regulations affecting the issuer or its competitive environment and strategic initiatives such as mergers, acquisitions or dispositions and the market response to any such initiatives.

Investing in income-oriented stocks — The value of a fund’s securities and income provided by a fund may be reduced by changes in the dividend policies of, and the capital resources available for dividend payments at, the companies in which the fund invests.

Investing in growth-oriented stocks — Growth-oriented common stocks and other equity-type securities (such as preferred stocks, convertible preferred stocks and convertible bonds) may involve larger price swings and greater potential for loss than other types of investments. These risks may be even greater in the case of smaller capitalization stocks.

Investing in small companies — Investing in smaller companies may pose additional risks. For example, it is often more difficult to value or dispose of small company stocks and more difficult to obtain information about smaller companies than about larger companies. Furthermore, smaller companies often have limited product lines, operating histories, markets and/or financial resources, may be dependent on one or a few key persons for management, and can be more susceptible to losses. Moreover, the prices of their stocks may be more volatile than stocks of larger, more established companies, particularly during times of market turmoil.

American Funds Insurance Series

269

Investing outside the U.S. — Securities of issuers domiciled outside the U.S., or with significant operations or revenues outside the U.S., may lose value because of adverse political, social, economic or market developments (including social instability, regional conflicts, terrorism and war) in the countries or regions in which the issuers operate or generate revenue. These securities may also lose value due to changes in foreign currency exchange rates against the U.S. dollar and/or currencies of other countries. Issuers of these securities may be more susceptible to actions of foreign governments, such as nationalization, currency blockage or the imposition of price controls or punitive taxes, each of which could adversely impact the value of these securities. Securities markets in certain countries may be more volatile and/or less liquid than those in the U.S. Investments outside the U.S. may also be subject to different accounting and auditing practices and standards and different regulatory, legal and reporting requirements, and may be more difficult to value, than those in the U.S. In addition, the value of investments outside the U.S. may be reduced by foreign taxes, including foreign withholding taxes on interest and dividends. Further, there may be increased risks of delayed settlement of securities purchased or sold by the fund. The risks of investing outside the U.S. may be heightened in connection with investments in emerging markets.

Investing in developing countries — Investing in countries with developing economies and/or markets may involve risks in addition to and greater than those generally associated with investing in developed countries. For instance, emerging market countries tend to have less developed political, economic and legal systems and accounting and auditing practices and standards than those in developed countries. Accordingly, the governments of these countries may be less stable and more likely to intervene in the market economy, for example, by imposing capital controls, nationalizing a company or industry, placing restrictions on foreign ownership and on withdrawing sale proceeds of securities from the country, and/or imposing punitive taxes that could adversely affect the prices of securities. Information regarding issuers in emerging markets may be limited, incomplete or inaccurate, and there may be fewer rights and remedies available to the fund and its shareholders. In addition, the economies of these countries may be dependent on relatively few industries any may be more susceptible to changes in local and global trade conditions and downturns in the world economy. Securities markets in these countries can also be relatively small and have substantially lower trading volumes. As a result, securities issued in these countries may be more volatile and less liquid, and may be more difficult to value, than securities issued in countries with more developed economies and/or markets. Less certainty with respect to security valuations may lead to additional challenges and risks in calculating a fund’s net asset value. Additionally, emerging markets are more likely to experience problems with the clearing and settling of trades and the holding of securities by banks, agents and depositories that are less established than those in developed countries.

Investing in emerging markets — Investing in emerging markets may involve risks in addition to and greater than those generally associated with investing in the securities markets of developed countries. For instance, emerging market countries tend to have less developed political, economic and legal systems and accounting and auditing practices and standards than those in developed countries. Accordingly, the governments of these countries may be less stable and more likely to intervene in the market economy, for example, by imposing capital controls, nationalizing a company or industry, placing restrictions on foreign ownership and on withdrawing sale proceeds of securities from the country, and/or imposing punitive taxes that could adversely affect the prices of securities. Information regarding issuers in emerging markets may be limited, incomplete or inaccurate, and there may be fewer rights and remedies available to a fund and its shareholders. In addition, the economies of these countries may be dependent on relatively few industries any may be more susceptible to changes in local and global trade conditions and downturns in the world economy. Securities markets in these countries can also be relatively small and have substantially lower trading volumes. As a result, securities issued in these countries may be more volatile and less liquid, and may be more difficult to value, than securities issued in countries with more developed economies and/or markets. Less certainty with respect to security valuations may lead to additional challenges and risks in calculating a fund’s net asset value. Additionally, emerging markets are more likely to experience problems with the clearing and settling of trades and the holding of securities by banks, agents and depositories that are less established than those in developed countries.

Investing in debt instruments — The prices of, and the income generated by, bonds and other debt securities held by a fund may be affected by factors such as the interest rates, maturities and credit ratings of these securities.

Rising interest rates will generally cause the prices of bonds and other debt securities to fall. A general rise in interest rates may cause investors to sell debt securities on a large scale, which could also adversely affect the price and liquidity of debt securities and could also result in increased redemptions from a fund. Falling interest rates may cause an issuer to redeem, call or refinance a debt security before its stated maturity, which may result in a fund failing to recoup the full amount of its initial investment and having to reinvest the proceeds in lower yielding securities. Longer maturity debt securities generally have greater sensitivity to changes in interest rates and may be subject to greater price fluctuations than shorter maturity debt securities.

270	American Funds Insurance Series

Bonds and other debt securities are also subject to credit risk, which is the possibility that the credit strength of an issuer or guarantor will weaken or be perceived to be weaker, and/or an issuer of a debt security will fail to make timely payments of principal or interest and the security will go into default. A downgrade or default affecting any of a fund’s securities could cause the value of a fund’s shares to decrease. Lower quality debt securities generally have higher rates of interest and may be subject to greater price fluctuations than higher quality debt securities. Credit risk is gauged, in part, by the credit ratings of the debt securities in which a fund invests. However, ratings are only the opinions of the rating agencies issuing them and are not guarantees as to credit quality or an evaluation of market risk. The fund’s investment adviser relies on its own credit analysts to research issuers and issues in seeking to assess credit and default risks.

Investing in lower rated debt instruments — Lower rated bonds and other lower rated debt securities generally have higher rates of interest and involve greater risk of default or price declines due to changes in the issuer’s creditworthiness than those of higher quality debt securities. The market prices of these securities may fluctuate more than the prices of higher quality debt securities and may decline significantly in periods of general economic difficulty. These risks may be increased with respect to investments in junk bonds.

Investing in derivatives — The use of derivatives involves a variety of risks, which may be different from, or greater than, the risks associated with investing in traditional securities, such as stocks and bonds. Changes in the value of a derivative may not correlate perfectly with, and may be more sensitive to market events than, the underlying asset, rate or index, and a derivative instrument may expose a fund to losses in excess of its initial investment. Derivatives may be difficult to value, difficult for a fund to buy or sell at an opportune time or price and difficult, or even impossible, to terminate or otherwise offset. A fund’s use of derivatives may result in losses to the fund, and investing in derivatives may reduce a fund’s returns and increase a fund’s price volatility. A fund’s counterparty to a derivative transaction (including, if applicable, the fund’s clearing broker, the derivatives exchange or the clearinghouse) may be unable or unwilling to honor its financial obligations in respect of the transaction. In certain cases, the fund may be hindered or delayed in exercising remedies against or closing out derivative instruments with a counterparty, which may result in additional losses.

Currency — The prices of, and the income generated by, many debt securities held by a fund may also be affected by changes in relative currency values. If the U.S. dollar appreciates against foreign currencies, the value in U.S. dollars of a fund’s securities denominated in such currencies would generally fall and vice versa. U.S. dollar-denominated securities of foreign issuers may also be affected by changes in relative currency values.

Currency transactions — In addition to the risks generally associated with investing in derivative instruments, the use of forward currency contracts involves the risk that currency movements will not be accurately predicted by the investment adviser, which could result in losses to a fund. While entering into forward currency contracts could minimize the risk of loss due to a decline in the value of the hedged currency, it could also limit any potential gain that may result from an increase in the value of the currency. Additionally, the adviser may use forward currency contracts to increase exposure to a certain currency or to shift exposure to currency fluctuations from one country to another. Forward currency contracts may expose a fund to potential gains and losses in excess of the initial amount invested.

Investing in mortgage-related and other asset-backed securities — Mortgage-related securities, such as mortgage-backed securities, and other asset-backed securities, include debt obligations that represent interests in pools of mortgages or other income-bearing assets, such as consumer loans or receivables. While such securities are subject to the risks associated with investments in debt instruments generally (for example, credit, extension and interest rate risks), they are also subject to other and different risks. Mortgage-backed and other asset-backed securities are subject to changes in the payment patterns of borrowers of the underlying debt, potentially increasing the volatility of the securities and a fund’s net asset value. When interest rates fall, borrowers are more likely to refinance or prepay their debt before its stated maturity. This may result in a fund having to reinvest the proceeds in lower yielding securities, effectively reducing a fund’s income. Conversely, if interest rates rise and borrowers repay their debt more slowly than expected, the time in which the mortgage-backed and other asset-backed securities are paid off could be extended, reducing a fund’s cash available for reinvestment in higher yielding securities. Mortgage-backed securities are also subject to the risk that underlying borrowers will be unable to meet their obligations and the value of property that secures the mortgages may decline in value and be insufficient, upon foreclosure, to repay the associated loans. Investments in asset-backed securities are subject to similar risks.

Investing in future delivery contracts — A fund may enter into contracts, such as to-be-announced contracts and mortgage dollar rolls, that involve a fund selling mortgage-related securities and simultaneously contracting to repurchase similar securities for delivery at a future date at a predetermined price. This can increase a fund’s market exposure, and the market price of the securities that the fund contracts to repurchase could drop below their purchase price. While a fund can preserve and generate capital through the use of such contracts by, for example, realizing the difference between the sale price and the future purchase price, the income generated by the fund may be reduced by engaging in such transactions. In addition, these transactions increase the turnover rate of a fund.

American Funds Insurance Series

271

Investing in inflation-linked bonds — The values of inflation-linked bonds generally fluctuate in response to changes in real interest rates — i.e., rates of interest after factoring in inflation. A rise in real interest rates may cause the prices of inflation-linked securities to fall, while a decline in real interest rates may cause the prices to increase. Inflation-linked bonds may experience greater losses than other debt securities with similar durations when real interest rates rise faster than nominal interest rates. There can be no assurance that the value of an inflation-linked security will be directly correlated to changes in interest rates; for example, if interest rates rise for reasons other than inflation, the increase may not be reflected in the security’s inflation measure.

Investing in inflation-linked bonds may also reduce a fund’s distributable income during periods of deflation. If prices for goods and services decline throughout the economy, the principal and income on inflation-linked securities may decline and result in losses to a fund.

Investing in securities backed by the U.S. government — Securities backed by the U.S. Treasury or the full faith and credit of the U.S. government are guaranteed only as to the timely payment of interest and principal when held to maturity. Accordingly, the current market values for these securities will fluctuate with changes in interest rates and the credit rating of the U.S. government. Securities issued by government-sponsored entities and federal agencies and instrumentalities that are not backed by the full faith and credit of the U.S. government are neither issued nor guaranteed by the U.S. government.

Investing in repurchase agreements — Upon entering into a repurchase agreement, a fund purchases a security from a bank or broker-dealer, which simultaneously commits to repurchase the security within a specified time at the fund’s cost with interest. The security purchased by the fund constitutes collateral for the seller’s repurchase obligation. If the party agreeing to repurchase should default, the fund may seek to sell the security it holds as collateral. The fund may incur a loss if the value of the collateral securing the repurchase obligation falls below the repurchase price. The fund may also incur disposition costs and encounter procedural delays in connection with liquidating the collateral.

Interest rate risk — The values and liquidity of the securities held by a fund may be affected by changing interest rates. For example, the values of these securities may decline when interest rates rise and increase when interest rates fall. Longer maturity debt securities generally have greater sensitivity to changes in interest rates and may be subject to greater price fluctuations than shorter maturity debt securities. A fund may invest in variable and floating rate securities. When a fund holds variable or floating rate securities, a decrease in market interest rates will adversely affect the income received from such securities and the net asset value of a fund’s shares. Although the values of such securities are generally less sensitive to interest rate changes than those of other debt securities, the value of variable and floating rate securities may decline if their interest rates do not rise as quickly, or as much, as market interest rates. Conversely, floating rate securities will not generally increase in value if interest rates decline. During periods of extremely low short-term interest rates, a fund may not be able to maintain a positive yield and, given the current low interest rate environment, risks associated with rising rates are currently heightened.

Credit and liquidity support — Changes in the credit quality of banks and financial institutions providing credit and liquidity support features with respect to securities held by a fund could cause the values of these securities to decline.

Asset allocation — A fund’s percentage allocation to equity securities, debt securities and money market instruments could cause the fund to underperform relative to relevant benchmarks and other funds with similar investment objectives.

Nondiversification risk— As nondiversified funds, certain funds have the ability to invest a larger percentage of their assets in the securities of a smaller number of issuers than diversified funds. Although the funds do not intend to limit their investments to the securities of a small number of issuers, if they were to do so, poor performance by a single large holding could adversely impact the funds’ investment results more than if the funds were invested in a larger number of issuers.

Liquidity risk — Certain fund holdings may be or may become difficult or impossible to sell, particularly during times of market turmoil. Liquidity may be impacted by the lack of an active market for a holding, legal or contractual restrictions on resale, or the reduced number and capacity of market participants to make a market in such holding. Market prices for less liquid or illiquid holdings may be volatile, and reduced liquidity may have an adverse impact on the market price of such holdings. Additionally, the sale of less liquid or illiquid holdings may involve substantial delays (including delays in settlement) and additional costs and the fund may be unable to sell such holdings when necessary to meet its liquidity needs or may be forced to sell at a loss.

272	American Funds Insurance Series

Management — The investment adviser to the funds actively manages the funds’ investments. Consequently, the funds are subject to the risk that the methods and analyses, including models, tools and data, employed by the investment adviser in this process may be flawed or incorrect and may not produce the desired results. This could cause the funds to lose value or their investment results to lag relevant benchmarks or other funds with similar objectives.

Investing in the managed risk funds may involve additional risks including, but not limited to, those described below.

Fund structure — The managed risk funds invest in underlying funds and incur expenses related to those underlying funds. In addition, investors in the managed risk funds will incur fees to pay for certain expenses related to the operations of the managed risk funds. An investor holding the underlying fund directly would incur lower overall expenses but would not receive the benefit of the managed risk strategy. Additionally, in accordance with an exemption under the 1940 Act, the investment adviser considers only proprietary funds when selecting underlying investment options and allocations. This means that the fund’s investment adviser did not, nor does it expect to, consider any unaffiliated funds as underlying investment options for the fund. This strategy could raise certain conflicts of interest when choosing underlying investments for the fund, including the selection of funds that result in greater compensation to the adviser or funds with relatively lower historical investment results. The investment adviser has policies and procedures designed to mitigate material conflicts of interest that may arise in connection with its management of the fund.

Management — The managed risk funds are subject to the risk that the managed risk strategy or the methods employed by the subadviser in implementing the managed risk strategy may not produce the desired results. This could cause the managed risk funds to lose value or their investment results to lag relevant benchmarks or other funds with similar objectives.

Underlying fund risks — Because the managed risk funds’ investments consist of investments in underlying funds, the managed risk funds’ risks are directly related to the risks of the respective underlying fund in which each managed risk fund invests. For this reason, it is important to understand the risks associated with investing both in the managed risk fund and in each of the underlying funds.

Investing in options and futures contracts — In addition to the risks generally associated with investing in derivative instruments, options and futures contracts are subject to the creditworthiness of the clearing organizations, exchanges and, in the case of futures, futures commission merchants with which a fund transacts. Additionally, although futures require only a small initial investment in the form of a deposit of initial margin, the amount of a potential loss on a futures contract could greatly exceed the initial amount invested. While both options and futures contracts are generally liquid instruments, under certain market conditions, options and futures may be deemed to be illiquid. For example, a fund may be temporarily prohibited from closing out its position in an options or futures contract if intraday price change limits or limits on trading volume imposed by the applicable exchange are triggered. If a fund is unable to close out a position on an options or futures contract, the fund would remain subject to the risk of adverse price movements until the fund is able to close out the position in question. The ability of a fund to successfully utilize options and futures contracts may depend in part upon the ability of the fund’s investment adviser or subadviser to accurately forecast interest rates and other economic factors and to assess and predict the impact of such economic factors on the options and futures in which the fund invests. If the investment adviser or subadviser incorrectly forecasts economic developments or incorrectly predicts the impact of such developments on the options and futures in which it invests, a fund could be exposed to the risk of loss. Whereas the risk of loss on a put option purchased by the fund is limited to the initial cost of the option, the amount of a potential loss on a futures contract could greatly exceed the relatively small initial amount invested in entering the futures position.

Hedging — There may be imperfect or even negative correlation between the prices of the options and futures contracts in which a fund invests and the prices of the underlying securities or indexes which the fund seeks to hedge. For example, options and futures contracts may not provide an effective hedge because changes in options and futures contract prices may not track those of the underlying securities or indexes they are intended to hedge. In addition, there are significant differences between the securities market, on the one hand, and the options and futures markets, on the other, that could result in an imperfect correlation between the markets, causing a given hedge not to achieve its objectives. The degree of imperfection of correlation depends on circumstances such as variations in speculative market demand for options and futures, including technical influences in options and futures trading, and differences between the financial instruments being hedged and the instruments underlying the standard contracts available for trading. A decision as to whether, when and how to hedge involves the exercise of skill and judgment, and even a well-conceived hedge may be unsuccessful to some degree because of market behavior or unexpected interest rate trends. In addition, the fund’s investment in exchange-traded options and futures and their resulting costs could limit the fund’s gains in rising markets relative to those of the underlying funds, or to those of unhedged funds in general.

American Funds Insurance Series

273

Short positions — Losses from short positions in futures contracts occur when the underlying index increases in value. As the underlying index increases in value, the holder of the short position in the corresponding futures contract is required to pay the difference in value of the futures contract resulting from the increase in the index on a daily basis. Losses from a short position in an index futures contract could potentially be very large if the value of the underlying index rises dramatically in a short period of time.

5. Certain investment techniques

Securities lending — Some of the funds have entered into securities lending transactions in which the funds earn income by lending investment securities to brokers, dealers or other institutions. Each transaction involves three parties: the fund, acting as the lender of the securities, a borrower, and a lending agent that acts as an intermediary.

Securities lending transactions are entered into by the fund under the securities lending agreement with the lending agent. The lending agent facilitates the exchange of securities between the lender and the borrower, generally provides protection from borrower default, marks to market the value of collateral daily, secures additional collateral from the borrower if it falls below preset terms, and may reinvest the collateral on behalf of the fund according to agreed parameters. The lending agent has indemnified the fund against losses resulting from borrower default. Although risk is mitigated by the collateral and indemnification, the fund could experience a delay in recovering its securities and a potential loss of income or value if the borrower fails to return the securities, collateral investments decline in value or the lending agent fails to perform.

The borrower is required to post highly liquid assets, such as cash or U.S. government securities, as collateral for the loan in an amount at least equal to the value of the securities loaned. Investments made with cash collateral are recognized as assets in the fund’s investment portfolio. The same amount is recorded as a liability in the fund’s statement of assets and liabilities. While securities are on loan, the fund will continue to receive the equivalent of the interest, dividends or other distributions paid by the issuer, as well as a portion of the interest on the investment of the collateral. Additionally, although the fund does not have the right to vote on securities while they are on loan, the fund has a right to consent on corporate actions and a right to recall loaned securities to vote on proposals affecting them. The borrower is obligated to return the loaned security at the conclusion of the loan or, during the pendency of the loan, on demand from the fund.

The following table presents the value of the securities on loan, the type and value of collateral received and the value of the investment securities purchased, if any, from the cash collateral received by each fund (dollars in thousands):

			Collateral received
Funds	Value of securities on loan		Cash		U.S. government securities		Value of investment securities purchased
Global Growth Fund	$	43,575	$	44,595	$	37	$	40,135
Global Small Capitalization Fund		83,042		83,273		4,999		74,946
Growth Fund		38,885		39,687		—		35,718
International Fund		18,837		18,284		1,327		16,456
New World Fund		11,836		3,178		9,205		2,860
Washington Mutual Investors Fund		73,663		75,183		—		67,665
Capital World Growth and Income Fund		12,432		12,943		—		11,649
Growth-Income Fund		75,628		77,195		—		69,475
International Growth and Income Fund		671		705		—		634
Capital Income Builder		638		651		—		586
Asset Allocation Fund		25,453		26,046		—		23,441

Investment securities purchased from cash collateral are disclosed in the investment portfolio as short-term securities. Securities received as collateral, if any, are not recognized as fund assets. The contractual maturity of collateral received under the securities lending agreement is classified as overnight and continuous.

Index-linked bonds — Some of the funds have invested in index-linked bonds, which are fixed-income securities whose principal value is periodically adjusted to a government price index. Over the life of an index-linked bond, interest is paid on the adjusted principal value. Increases or decreases in the principal value of index-linked bonds are recorded as interest income in the fund’s statement of operations.

274	American Funds Insurance Series

Mortgage dollar rolls — Some of the funds have entered into mortgage dollar roll transactions in which the fund sells a mortgage-backed security to a counterparty and simultaneously enters into an agreement with the same counterparty to buy back a similar security on a specific future date at a predetermined price. Mortgage dollar rolls are accounted for as purchase and sale transactions, which may increase the funds’ portfolio turnover rates.

Loan transactions — Some of the funds have entered into loan transactions in which the fund acquires a loan either through an agent, by assignment from another holder, or as a participation interest in another holder’s portion of a loan. The loan is often administered by a financial institution that acts as agent for the holders of the loan, and the fund may be required to receive approval from the agent and/or borrower prior to the sale of the investment. The loan’s interest rate and maturity date may change based on the terms of the loan, including potential early payments of principal.

Short-term securities — The managed risk funds hold shares of State Street Institutional U.S. Government Money Market Fund, a cash management vehicle offered and managed by State Street Bank and Trust Company.

Unfunded commitments — Asset Allocation Fund, Capital World Bond Fund and American High-Income Trust have participated in transactions that involve unfunded commitments, which may obligate each fund to purchase new or additional bonds and/or purchase additional shares of the applicable issuer if certain contingencies are met. As of June 30, 2021, the maximum exposure from these unfunded commitments for Asset Allocation Fund, Capital World Bond Fund and American High-Income Trust was $187,000, $28,000 and $62,000, respectively, which would represent 0.01%, less than 0.01% and less than 0.01%, respectively, of the net assets of each fund should such commitments become due.

Options contracts — The managed risk funds have entered into options contracts, which give the holder of the option, in return for a premium payment, the right to buy from (in the case of a call) or sell to (in the case of a put) the writer of the option, the security underlying the option (or the cash value of the index underlying the option) at a specified price. As part of their managed risk strategy, the funds will at times purchase put options on equity indexes in standardized contracts traded on foreign or domestic securities exchanges, boards of trade, or similar entities. By purchasing a put option on an equity index, the funds obtain the right (but not the obligation) to sell the cash value of the index underlying the option at a specified exercise price, and in return for this right, the funds pay the current market price, or the option premium, for the option.

The funds may terminate their position in a put option by allowing the option to expire or by exercising the option. If the option is allowed to expire, the funds will lose the entire premium. If the option is exercised, the funds complete the sale of the underlying instrument (or delivers the cash value of the index underlying the option) at the exercise price. The funds may also terminate a put option position by entering into opposing close-out transactions in advance of the option expiration date.

Premiums paid on options purchased, as well as the daily fluctuation in market value, are included in investment securities from unaffiliated issuers in each fund’s statement of assets and liabilities. Realized gains or losses are recorded at the time the option contract is closed or expires. Net realized gains or losses and net unrealized appreciation or depreciation from options contracts are recorded in investments in unaffiliated issuers in each fund’s statement of operations.

Futures contracts — Some of the funds have entered into futures contracts, which provide for the future sale by one party and purchase by another party of a specified amount of a specific financial instrument for a specified price, date, time and place designated at the time the contract is made. Futures contracts are used to strategically manage the fund’s interest rate sensitivity by increasing or decreasing the duration of the fund or a portion of the fund’s portfolio. For the managed risk funds, futures contracts are used to strategically manage portfolio volatility and downside equity risk.

Upon entering into futures contracts, and to maintain the fund’s open positions in futures contracts, the fund is required to deposit with a futures broker, known as a futures commission merchant (“FCM”), in a segregated account in the name of the FCM an amount of cash, U.S. government securities or other liquid securities, known as initial margin. The margin required for a particular futures contract is set by the exchange on which the contract is traded to serve as collateral, and may be significantly modified from time to time by the exchange during the term of the contract.

On a daily basis, each fund pays or receives variation margin based on the increase or decrease in the value of the futures contracts and records variation margin on futures contracts in each fund’s statement of assets and liabilities. In addition, each fund segregates liquid assets equivalent to the fund’s outstanding obligations under the contract in excess of the initial margin and variation margin, if any. Futures contracts may involve a risk of loss in excess of the variation margin shown on each fund’s statement of assets and liabilities.

American Funds Insurance Series

275

Each fund records realized gains or losses at the time the futures contract is closed or expires. Net realized gains or losses and net unrealized appreciation or depreciation from futures contracts are recorded in each fund’s statement of operations.

Forward currency contracts — Some of the funds have entered into forward currency contracts, which represent agreements to exchange currencies on specific future dates at predetermined rates. The series’ investment adviser uses forward currency contracts to manage the fund’s exposure to changes in exchange rates. Upon entering into these contracts, risks may arise from the potential inability of counterparties to meet the terms of their contracts and from possible movements in exchange rates.

On a daily basis, the series’ investment adviser values forward currency contracts based on the applicable exchange rates and records unrealized appreciation or depreciation for open forward currency contracts in each fund’s statement of assets and liabilities. Realized gains or losses are recorded at the time the forward contract is closed or offset by another contract with the same broker for the same settlement date and currency. Closed forward currency contracts that have not reached their settlement date are included in the respective receivables or payables for closed forward currency contracts in each fund’s statement of assets and liabilities. Net realized gains or losses from closed forward currency contracts and net unrealized appreciation or depreciation from open forward currency contracts are recorded in each fund’s statement of operations.

Interest rate swaps — Some of the funds have entered into interest rate swaps, which are agreements to exchange one stream of future interest payments for another based on a specified notional amount. Typically, interest rate swaps exchange a fixed interest rate for a payment that floats relative to a benchmark or vice versa. The series’ investment adviser uses interest rate swaps to manage the interest rate sensitivity of the fund by increasing or decreasing the duration of the fund or a portion of the fund’s portfolio. Risks may arise as a result of the series’ investment adviser incorrectly anticipating changes in interest rates, increased volatility, reduced liquidity and the potential inability of counterparties to meet the terms of their agreements.

Upon entering into an interest rate swap contract, the fund is required to deposit cash, U.S. government securities or other liquid securities, which is known as initial margin. Generally, the initial margin required for a particular interest rate swap is set and held as collateral by the clearinghouse on which the contract is cleared. The amount of initial margin required may be significantly modified from time to time by the clearinghouse during the term of the contract.

On a daily basis, the series’ investment adviser records daily interest accruals related to the exchange of future payments as a receivable and payable in each fund’s statement of assets and liabilities. Each fund also pays or receives a variation margin based on the increase or decrease in the value of the interest rate swaps, including accrued interest, and records variation margin on interest rate swaps in each fund’s statement of assets and liabilities. Each fund records realized gains and losses on both the net accrued interest and any gain or loss recognized at the time the interest rate swap is closed or expires. Net realized gains or losses, as well as any net unrealized appreciation or depreciation, from interest rate swaps are recorded in each fund’s statement of operations.

Credit default swap indices — Some of the funds have entered into centrally cleared credit default swap agreements on credit indices (“CDSI”) that involve one party (the protection buyer) making a stream of payments to another party (the protection seller) in exchange for the right to receive a specified return upon the occurrence of a credit event, such as a default or restructuring, with respect to any of the underlying issuers (reference obligations) in the referenced index. The series’ investment adviser uses credit default swaps to assume exposure to a diversified portfolio of credits or to hedge against existing credit risks.

CDSI are portfolios of credit instruments or exposures designed to be representative of some part of the credit market, such as the high-yield or investment-grade credit market. CDSI are generally traded using standardized terms, including a fixed spread and standard maturity dates, and reference all the names in the index. If there is a credit event, it is settled based on that name’s weight in the index. The composition of the underlying issuers or obligations within a particular index may change periodically, usually every six months. A specified credit event may affect all or individual underlying reference obligations included in the index, and will be settled based upon the relative weighting of the affected obligation(s) within the index. The value of each CDSI can be used as a measure of the current payment/performance risk of the CDSI and represents the likelihood of an expected liability or profit should the notional amount of the CDSI be closed or sold as of the period end. An increasing value, as compared to the notional amount of the CDSI, represents a deterioration of the referenced indices’ credit soundness and a greater likelihood of risk of default or other credit event occurring as defined under the terms of the agreement. When a fund provides sell protection, its maximum exposure is the notional amount of the credit default swap agreement.

276	American Funds Insurance Series

Upon entering into a centrally cleared CDSI contract, the fund is required to deposit with a derivatives clearing member (“DCM”) in a segregated account in the name of the DCM an amount of cash, U.S. government securities or other liquid securities, which is known as initial margin. Generally, the initial margin required for a particular credit default swap is set and held as collateral by the clearinghouse on which the contract is cleared. The amount of initial margin required may be significantly modified from time to time by the clearinghouse during the term of the contract. Securities deposited as initial margin are designated on the investment portfolio.

On a daily basis, interest accruals related to the exchange of future payments are recorded as a receivable and payable in each fund’s statement of assets and liabilities. Each fund also pays or receives a variation margin based on the increase or decrease in the value of the centrally cleared swaps, and records variation margin in each fund’s statement of assets and liabilities. Each fund records realized gains and losses on both the net accrued interest and any gain or loss recognized at the time the swap is closed or expires. Net realized gains or losses, as well as any net unrealized appreciation or depreciation, from credit default swaps are recorded in each fund’s statement of operations.

The following table presents the average month-end notional amounts of options contracts purchased, futures contracts, forward currency contracts, interest rate swaps and credit default swaps while held for each fund (dollars in thousands):

	Options contracts purchased	Futures contracts	Forward currency contracts	Interest rate swaps	Credit default swaps
New World Fund	Not applicable	$ 4,542	$ 3,375	Not applicable	Not applicable
Capital Income Builder	Not applicable	44,913	592	$ 46,133	$ 3,332
Asset Allocation Fund	Not applicable	1,197,946	Not applicable	89,617	117,516
Global Balanced Fund	Not applicable	33,277	29,902	8,158	2,562
The Bond Fund of America	Not applicable	4,115,606	345,829	774,224	109,530
Capital World Bond Fund	Not applicable	568,310	564,904	97,051	57,819
American High-Income Trust	Not applicable	55,713	Not applicable	Not applicable	39,045
American Funds Mortgage Fund	Not applicable	48,283	Not applicable	60,817	Not applicable
U.S. Government Securities Fund	Not applicable	1,611,010	Not applicable	1,356,334	Not applicable
Managed Risk Growth Fund	$ 5,123	103,958	Not applicable	Not applicable	Not applicable
Managed Risk International Fund	1,277	238,049	Not applicable	Not applicable	Not applicable
Managed Risk Washington Mutual Investors Fund	3,674	69,045	Not applicable	Not applicable	Not applicable
Managed Risk Growth-Income Fund	53,872	312,170	Not applicable	Not applicable	Not applicable
Managed Risk Asset Allocation Fund	5,776	340,005	Not applicable	Not applicable	Not applicable

The following tables identify the location and fair value amounts on the funds’ statements of assets and liabilities and/or the effect on the funds’ statements of operations resulting from the funds’ use of options, futures contracts, forward currency contracts, interest rate swaps and/or credit default swaps as of, or for the six months ended June 30, 2021 (dollars in thousands):

International Fund

Net realized loss

Net unrealized appreciation

Contracts

Risk type

Location on statement of
operations

Value

Location on statement of
operations

Value

Forward currency

Currency

Net realized loss on forward currency contracts

(86

)

Net unrealized appreciation on forward currency contracts

See end of tables for footnotes.

American Funds Insurance Series

277

New World Fund

		Assets				Liabilities
Contracts	Risk type	Location on statement of assets and liabilities	Value			Location on statement of assets and liabilities	Value
Futures	Interest	Unrealized appreciation¹	$	147		Unrealized depreciation¹	$	157
Forward currency	Currency	Unrealized appreciation on open forward currency contracts		69		Unrealized depreciation on open forward currency contracts		—
			$	216			$	157

		Net realized loss				Net unrealized appreciation
Contracts	Risk type	Location on statement of operations	Value			Location on statement of operations	Value
Futures	Interest	Net realized loss on futures contracts	$	(101	)	Net unrealized appreciation on futures contracts	$	—
Forward currency	Currency	Net realized loss on forward currency contracts		(8	)	Net unrealized appreciation on forward currency contracts		123
			$	(109	)		$	123

Capital Income Builder

		Assets				Liabilities
Contracts	Risk type	Location on statement of assets and liabilities	Value			Location on statement of assets and liabilities	Value
Futures	Interest	Unrealized appreciation¹	$	522		Unrealized depreciation¹	$	48
Forward currency	Currency	Unrealized appreciation on open forward currency contracts		—		Unrealized depreciation on open forward currency contracts		1
Swap	Interest	Unrealized appreciation¹		1,167		Unrealized depreciation¹		—
Swap	Credit	Unrealized appreciation¹		39		Unrealized depreciation¹		—
			$	1,728			$	49

		Net realized (loss) gain				Net unrealized appreciation (depreciation)
Contracts	Risk type	Location on statement of operations	Value			Location on statement of operations	Value
Futures	Interest	Net realized loss on futures contracts	$	(1,194	)	Net unrealized appreciation on futures contracts	$	524
Forward currency	Currency	Net realized loss on forward currency contracts		(17	)	Net unrealized appreciation on forward currency contracts		21
Swap	Interest	Net realized gain on swap contracts		371		Net unrealized appreciation on swap contracts		598
Swap	Credit	Net realized gain on swap contracts		239		Net unrealized depreciation on swap contracts		(113	)
			$	(601	)		$	1,030

See end of tables for footnotes.

278	American Funds Insurance Series

Asset Allocation Fund

		Assets				Liabilities
Contracts	Risk type	Location on statement of assets and liabilities	Value			Location on statement of assets and liabilities	Value
Futures	Interest	Unrealized appreciation¹	$	901		Unrealized depreciation¹	$	4,764
Swap	Interest	Unrealized appreciation¹		862		Unrealized depreciation¹		—
Swap	Credit	Unrealized appreciation¹		—		Unrealized depreciation¹		382
			$	1,763			$	5,146

		Net realized (loss) gain				Net unrealized (depreciation) appreciation
Contracts	Risk type	Location on statement of operations	Value			Location on statement of operations	Value
Futures	Interest	Net realized loss on futures contracts	$	(916	)	Net unrealized depreciation on futures contracts	$	(3,091	)
Swap	Interest	Net realized gain on swap contracts		1,076		Net unrealized appreciation on swap contracts		66
Swap	Credit	Net realized loss on swap contracts		(1,306	)	Net unrealized depreciation on swap contracts		(382	)
			$	(1,146	)		$	(3,407	)

Global Balanced Fund

		Assets				Liabilities
Contracts	Risk type	Location on statement of assets and liabilities	Value			Location on statement of assets and liabilities	Value
Futures	Interest	Unrealized appreciation¹	$	12		Unrealized depreciation¹	$	40
Forward currency	Currency	Unrealized appreciation on open forward currency contracts		193		Unrealized depreciation on open forward currency contracts		217
Swap	Interest	Unrealized appreciation¹		13		Unrealized depreciation¹		51
Swap	Credit	Unrealized appreciation¹		—		Unrealized depreciation¹		5
			$	218			$	313

		Net realized gain (loss)				Net unrealized depreciation
Contracts	Risk type	Location on statement of operations	Value			Location on statement of operations	Value
Futures	Interest	Net realized gain on futures contracts	$	160		Net unrealized depreciation on futures contracts	$	(31	)
Forward currency	Currency	Net realized loss on forward currency contracts		(485	)	Net unrealized depreciation on forward currency contracts		(22	)
Swap	Interest	Net realized gain on swap contracts		17		Net unrealized depreciation on swap contracts		(59	)
Swap	Credit	Net realized loss on swap contracts		(15	)	Net unrealized depreciation on swap contracts		(5	)
			$	(323	)		$	(117	)

See end of tables for footnotes.

American Funds Insurance Series

279

The Bond Fund of America

Assets

Liabilities

Contracts

Risk type

Location on statement of
assets and liabilities

Value

Location on statement of
assets and liabilities

Value

Futures

Interest

Unrealized appreciation¹

15,162

Unrealized depreciation¹

21,263

Forward currency

Currency

Unrealized appreciation on open forward currency contracts

Unrealized depreciation on open forward currency contracts

Swap

Interest

Unrealized appreciation¹

—

Unrealized depreciation¹

11,390

Swap

Credit

Unrealized appreciation¹

Unrealized depreciation¹

—

15,347

32,661

Net realized gain (loss)

Net unrealized (depreciation) appreciation

Contracts

Risk type

Location on statement of
operations

Value

Location on statement of
operations

Value

Futures

Interest

Net realized gain on futures contracts

20,928

Net unrealized depreciation on futures contracts

(12,908

)

Forward currency

Currency

Net realized gain on forward currency contracts

5,716

Net unrealized appreciation on forward currency contracts

2,696

Swap

Interest

Net realized loss on swap contracts

(15,071

)

Net unrealized appreciation on swap contracts

13,671

Swap

Credit

Net realized gain on swap contracts

120

Net unrealized appreciation on swap contracts

11,693

3,547

Capital World Bond Fund

		Assets				Liabilities
Contracts	Risk type	Location on statement of assets and liabilities	Value			Location on statement of assets and liabilities	Value
Futures	Interest	Unrealized appreciation¹	$	730		Unrealized depreciation¹	$	981
Forward currency	Currency	Unrealized appreciation on open forward currency contracts		2,433		Unrealized depreciation on open forward currency contracts		8,434
Swap	Interest	Unrealized appreciation¹		276		Unrealized depreciation¹		804
Swap	Credit	Unrealized appreciation¹		—		Unrealized depreciation¹		205
			$	3,439			$	10,424

		Net realized loss				Net unrealized (depreciation) appreciation
Contracts	Risk type	Location on statement of operations	Value			Location on statement of operations	Value
Futures	Interest	Net realized loss on futures contracts	$	(2,448	)	Net unrealized depreciation on futures contracts	$	(404	)
Forward currency	Currency	Net realized loss on forward currency contracts		(12,193	)	Net unrealized depreciation on forward currency contracts		(6,357	)
Swap	Interest	Net realized loss on swap contracts		(146	)	Net unrealized depreciation on swap contracts		(464	)
Swap	Credit	Net realized loss on swap contracts		(916	)	Net unrealized appreciation on swap contracts		462
			$	(15,703	)		$	(6,763	)

See end of tables for footnotes.

280	American Funds Insurance Series

American High-Income Trust

		Assets				Liabilities
Contracts	Risk type	Location on statement of assets and liabilities	Value			Location on statement of assets and liabilities	Value
Futures	Interest	Unrealized appreciation¹	$	—		Unrealized depreciation¹	$	234
Swap	Credit	Unrealized appreciation¹		—		Unrealized depreciation¹		219
			$	—			$	453

		Net realized gain (loss)				Net unrealized (depreciation) appreciation
Contracts	Risk type	Location on statement of operations	Value			Location on statement of operations	Value
Futures	Interest	Net realized gain on futures contracts	$	628		Net unrealized depreciation on futures contracts	$	(215	)
Swap	Credit	Net realized loss on swap contracts		(2,192	)	Net unrealized appreciation on swap contracts		502
			$	(1,564	)		$	287

American Funds Mortgage Fund

Assets

Liabilities

Contracts

Risk type

Location on statement of
assets and liabilities

Value

Location on statement of
assets and liabilities

Value

Futures

Interest

Unrealized appreciation¹

Unrealized depreciation¹

270

Swap

Interest

Unrealized appreciation¹

2,072

Unrealized depreciation¹

—

2,117

270

Net realized gain

Net unrealized (depreciation) appreciation

Contracts

Risk type

Location on statement of
operations

Value

Location on statement of
operations

Value

Futures

Interest

Net realized gain on futures contracts

984

Net unrealized depreciation on futures contracts

(258

)

Swap

Interest

Net realized gain on swap contracts

292

Net unrealized appreciation on swap contracts

858

1,276

600

See end of tables for footnotes.

American Funds Insurance Series

281

U.S. Government Securities Fund

		Assets			Liabilities
Contracts	Risk type	Location on statement of assets and liabilities	Value		Location on statement of assets and liabilities	Value
Futures	Interest	Unrealized appreciation¹	$	2,742	Unrealized depreciation¹	$	4,263
Swap	Interest	Unrealized appreciation¹		5,702	Unrealized depreciation¹		10,883
			$	8,444		$	15,146

		Net realized gain			Net unrealized depreciation
Contracts	Risk type	Location on statement of operations	Value		Location on statement of operations	Value
Futures	Interest	Net realized gain on futures contracts	$	5,073	Net unrealized depreciation on futures contracts	$	(1,481	)
Swap	Interest	Net realized gain on swap contracts		48,313	Net unrealized depreciation on swap contracts		(32,661	)
			$	53,386		$	(34,142	)

Managed Risk Growth Fund

		Assets				Liabilities
Contracts	Risk type	Location on statement of assets and liabilities	Value			Location on statement of assets and liabilities	Value
Options purchased	Equity	Investment securities from unaffiliated issuers³	$	2,241		Investment securities from unaffiliated issuers	$	—
Futures	Equity	Unrealized appreciation¹		378		Unrealized depreciation¹		—
Futures	Interest	Unrealized appreciation¹		—		Unrealized depreciation¹		(135	)
			$	2,619			$	(135	)

		Net realized gain (loss)				Net unrealized (depreciation) appreciation
Contracts	Risk type	Location on statement of operations	Value			Location on statement of operations	Value
Options purchased	Equity	Net realized gain on investments in unaffiliated issuers	$	—		Net unrealized depreciation on investments in unaffiliated issuers	$	(671	)
Futures	Currency	Net realized gain on futures contracts		31		Net unrealized appreciation on futures contracts		—
Futures	Equity	Net realized loss on futures contracts		(12,919	)	Net unrealized appreciation on futures contracts		378
Futures	Interest	Net realized loss on futures contracts		(380	)	Net unrealized depreciation on futures contracts		(204	)
			$	(13,268	)		$	(497	)

See end of tables for footnotes.

282	American Funds Insurance Series

Managed Risk International Fund

		Assets				Liabilities
Contracts	Risk type	Location on statement of assets and liabilities	Value			Location on statement of assets and liabilities	Value
Options purchased	Equity	Investment securities from unaffiliated issuers³	$	600		Investment securities from unaffiliated issuers	$	—
Futures	Equity	Unrealized appreciation¹		—		Unrealized depreciation¹		(124	)
Futures	Interest	Unrealized appreciation¹		—		Unrealized depreciation¹		(33	)
			$	600			$	(157	)

		Net realized gain (loss)				Net unrealized depreciation
Contracts	Risk type	Location on statement of operations	Value			Location on statement of operations	Value
Options purchased	Equity	Net realized gain on investments in unaffiliated issuers	$	—		Net unrealized depreciation on investments in unaffiliated issuers	$	(72	)
Futures	Currency	Net realized gain on futures contracts		130		Net unrealized appreciation on futures contracts	$	—
Futures	Equity	Net realized loss on futures contracts		(1,221	)	Net unrealized depreciation on futures contracts		(124	)
Futures	Interest	Net realized loss on futures contracts		(101	)	Net unrealized depreciation on futures contracts		(54	)
			$	(1,192	)		$	(250	)

Managed Risk Washington Mutual Investors Fund

		Assets				Liabilities
Contracts	Risk type	Location on statement of assets and liabilities	Value			Location on statement of assets and liabilities	Value
Options purchased	Equity	Investment securities from unaffiliated issuers³	$	1,660		Investment securities from unaffiliated issuers	$	—
Futures	Equity	Unrealized appreciation¹		285		Unrealized depreciation¹		—
Futures	Interest	Unrealized appreciation¹		—		Unrealized depreciation¹		(83	)
			$	1,945			$	(83	)

		Net realized gain (loss)				Net unrealized (depreciation) appreciation
Contracts	Risk type	Location on statement of operations	Value			Location on statement of operations	Value
Options purchased	Equity	Net realized gain on investments in unaffiliated issuers	$	—		Net unrealized depreciation on investments in unaffiliated issuers	$	(456	)
Futures	Currency	Net realized gain on futures contracts		6		Net unrealized appreciation on futures contracts		—
Futures	Equity	Net realized loss on futures contracts		(7,660	)	Net unrealized appreciation on futures contracts		285
Futures	Interest	Net realized loss on futures contracts		(409	)	Net unrealized depreciation on futures contracts		(121	)
			$	(8,063	)		$	(292	)

See end of tables for footnotes.

American Funds Insurance Series

283

Managed Risk Growth-Income Fund

		Assets				Liabilities
Contracts	Risk type	Location on statement of assets and liabilities	Value			Location on statement of assets and liabilities	Value
Options purchased	Equity	Investment securities from unaffiliated issuers³	$	9,444		Investment securities from unaffiliated issuers	$	—
Futures	Equity	Unrealized appreciation¹		1,597		Unrealized depreciation¹		—
Futures	Interest	Unrealized appreciation¹		—		Unrealized depreciation¹		(608	)
			$	11,041			$	(608	)

		Net realized (loss) gain				Net unrealized appreciation (depreciation)
Contracts	Risk type	Location on statement of operations	Value			Location on statement of operations	Value
Options purchased	Equity	Net realized loss on investments in unaffiliated issuers	$	(43,319	)	Net unrealized appreciation on investments in unaffiliated issuers	$	772
Futures	Currency	Net realized gain on futures contracts		132		Net unrealized appreciation on futures contracts		—
Futures	Equity	Net realized loss on futures contracts		(2,180	)	Net unrealized depreciation on futures contracts		(1,040	)
Futures	Interest	Net realized loss on futures contracts		(1,816	)	Net unrealized depreciation on futures contracts		(949	)
			$	(47,183	)		$	(1,217	)

Managed Risk Asset Allocation Fund

		Assets				Liabilities
Contracts	Risk type	Location on statement of assets and liabilities	Value			Location on statement of assets and liabilities	Value
Options purchased	Equity	Investment securities from unaffiliated issuers³	$	2,562		Investment securities from unaffiliated issuers	$	—
Futures	Equity	Unrealized appreciation¹		419		Unrealized depreciation¹		—
Futures	Interest	Unrealized appreciation¹		—		Unrealized depreciation¹		(540	)
			$	2,981			$	(540	)

		Net realized gain (loss)				Net unrealized (depreciation) appreciation
Contracts	Risk type	Location on statement of operations	Value			Location on statement of operations	Value
Options purchased	Equity	Net realized gain on investments in unaffiliated issuers	$	—		Net unrealized depreciation on investments in unaffiliated issuers	$	(741	)
Futures	Currency	Net realized gain on futures contracts		191		Net unrealized appreciation on futures contracts		—
Futures	Equity	Net realized loss on futures contracts		(20,861	)	Net unrealized appreciation on futures contracts		419
Futures	Interest	Net realized loss on futures contracts		(1,953	)	Net unrealized depreciation on futures contracts		(898	)
			$	(22,623	)		$	(1,220	)

¹	Includes cumulative appreciation/depreciation on futures contracts, interest rate swaps and/or credit default swaps as reported in the applicable table following each fund’s investment portfolio. Only current day’s variation margin is reported within each fund’s statement of assets and liabilities.
²	Amount less than one thousand.
³	Includes options purchased as reported in the fund’s investment portfolio.

284	American Funds Insurance Series

Collateral — Some funds participate in a collateral program that calls for the funds to either receive or pledge highly liquid assets, such as cash or U.S. government securities, as collateral due to securities lending and/or their use of futures contracts, forward currency contracts, interest rate swaps, credit default swaps and/or future delivery contracts. For securities lending, each participating fund receives collateral in exchange for lending investment securities. The lending agent may reinvest collateral from securities lending transactions according to agreed parameters. For futures contracts, interest rate swaps and credit default swaps, the program calls for each participating fund to pledge collateral for initial and variation margin by contract. For forward currency contracts, the program calls for each participating fund to either receive or pledge collateral based on the net gain or loss on unsettled forward currency contracts by counterparty. For future delivery contracts, the program calls for each participating fund to either receive or pledge collateral based on the net gain or loss on unsettled contracts by certain counterparties. The purpose of the collateral is to cover potential losses that could occur in the event that either party cannot meet its contractual obligation. Non-cash collateral pledged by each participating fund, if any, is disclosed in each fund’s investment portfolio, and cash collateral pledged by each participating fund, if any, is held in a segregated account with the fund’s custodian, which is reflected as pledged cash collateral in each fund’s statement of assets and liabilities.

Rights of offset — Funds that hold forward currency contracts have enforceable master netting agreements with certain counterparties, where amounts payable by each party to the other in the same currency (with the same settlement date and with the same counterparty) are settled net of each party’s payment obligation. If an early termination date occurs under these agreements following an event of default or termination event, all obligations of each party to its counterparty are settled net through a single payment in a single currency (“close-out netting”). For financial reporting purposes, the funds do not offset financial assets and financial liabilities that are subject to these master netting arrangements in the statements of assets and liabilities.

The following tables present each fund’s forward currency contracts by counterparty that are subject to master netting agreements but that are not offset in the funds’ statements of assets and liabilities. The net amount column shows the impact of offsetting on the funds’ statement of assets and liabilities as of June 30, 2021, if close-out netting was exercised (dollars in thousands):

New World Fund

	Gross amounts recognized in the		Gross amounts not offset in the statement of assets and liabilities and subject to a master netting agreement
Counterparty	statement of assets and liabilities		Available to offset		Non-cash collateral*		Cash collateral*		Net amount
Assets:
Citibank	$	69	$	—	$	—	$	—	$	69

Capital Income Builder

	Gross amounts recognized in the		Gross amounts not offset in the statement of assets and liabilities and subject to a master netting agreement
Counterparty	statement of assets and liabilities		Available to offset		Non-cash collateral*		Cash collateral*		Net amount
Liabilities:
HSBC Bank	$	1	$	—	$	—	$	—	$	1

See end of tables for footnote.

American Funds Insurance Series

285

Global Balanced Fund

	Gross amount recognized in the		Gross amounts not offset in the statement of assets and liabilities and subject to a master netting agreement
Counterparty	statement of assets and liabilities		Available to offset			Non-cash collateral*		Cash collateral*		Net amount
Assets:
Bank of America	$	10	$	(10	)	$	—	$	—	$	—
Bank of New York Mellon		12		—			—		—		12
Citibank		2		(2	)		—		—		—
Goldman Sachs		27		(26	)		—		—		1
HSBC Bank		61		(12	)		—		—		49
Morgan Stanley		29		(4	)		—		—		25
Standard Chartered Bank		29		(22	)		—		—		7
UBS AG		23		—			—		—		23
Total	$	193	$	(76	)	$	—	$	—	$	117
Liabilities:
Bank of America	$	20	$	(10	)	$	—	$	—	$	10
Citibank		133		(2	)		—		—		131
Goldman Sachs		26		(26	)		—		—		—
HSBC Bank		12		(12	)		—		—		—
Morgan Stanley		4		(4	)		—		—		—
Standard Chartered Bank		22		(22	)		—		—		—
Total	$	217	$	(76	)	$	—	$	—	$	141

The Bond Fund of America

	Gross amounts recognized in the		Gross amounts not offset in the statement of assets and liabilities and subject to a master netting agreement
Counterparty	statement of assets and liabilities		Available to offset			Non-cash collateral*		Cash collateral*		Net amount
Assets:
Goldman Sachs	$	90	$	—		$	—	$	—	$	90
Morgan Stanley		7		(7	)		—		—		—
Total	$	97	$	(7	)	$	—	$	—	$	90
Liabilities:
Morgan Stanley	$	8	$	(7	)	$	—	$	—	$	1

See end of tables for footnote.

286	American Funds Insurance Series

Capital World Bond Fund

	Gross amounts recognized in the		Gross amounts not offset in the statement of assets and liabilities and subject to a master netting agreement
Counterparty	statement of assets and liabilities		Available to offset			Non-cash collateral*			Cash collateral*			Net amount
Assets:
Bank of America	$	123	$	(123	)	$	—		$	—		$	—
Bank of New York Mellon		80		—			—			—			80
Barclays Bank PLC		67		—			—			—			67
Citibank		367		(367	)		—			—			—
Goldman Sachs		265		(265	)		—			—			—
HSBC Bank		423		(423	)		—			—			—
JPMorgan Chase		93		(55	)		—			—			38
Morgan Stanley		344		(62	)		—			(282	)		—
Standard Chartered Bank		620		(620	)		—			—			—
UBS AG		51		(37	)		—			—			14
Total	$	2,433	$	(1,952	)	$	—		$	(282	)	$	199
Liabilities:
Bank of America	$	540	$	(123	)	$	(301	)	$	—		$	116
Citibank		1,203		(367	)		(763	)		—			73
Goldman Sachs		1,153		(265	)		(784	)		—			104
HSBC Bank		1,562		(423	)		(1,139	)		—			—
JPMorgan Chase		55		(55	)		—			—			—
Morgan Stanley		62		(62	)		—			—			—
Standard Chartered Bank		3,822		(620	)		(3,202	)		—			—
UBS AG		37		(37	)		—			—			—
Total	$	8,434	$	(1,952	)	$	(6,189	)	$	—		$	293

*	Collateral is shown on a settlement basis.

6. Taxation and distributions

Federal income taxation — Each fund complies with the requirements under Subchapter M of the Internal Revenue Code applicable to mutual funds and intends to distribute substantially all of its net taxable income and net capital gains each year. The funds are not subject to income taxes to the extent such distributions are made. Therefore, no federal income tax provision is required.

As of and during the period ended June 30, 2021, none of the funds had a liability for any unrecognized tax benefits. Each fund recognizes interest and penalties, if any, related to unrecognized tax benefits as income tax expense in their respective statements of operations. During the period, none of the funds incurred any significant interest or penalties.

Each fund’s tax returns are generally not subject to examination by federal, state and, if applicable, non-U.S. tax authorities after the expiration of each jurisdiction’s statute of limitations, which is typically three years after the date of filing but can be extended in certain jurisdictions.

Non-U.S. taxation — Dividend and interest income, if any, are recorded net of non-U.S. taxes paid. The funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. As a result of rulings from European courts, the funds filed for additional reclaims related to prior years. These reclaims are recorded when the amount is known and there are no significant uncertainties on collectability. Gains realized by the funds on the sale of securities in certain countries, if any, may be subject to non-U.S. taxes. If applicable, the funds record an estimated deferred tax liability based on unrealized gains to provide for potential non-U.S. taxes payable upon the sale of these securities.

American Funds Insurance Series

287

Distributions — Distributions determined on a tax basis may differ from net investment income and net realized gains for financial reporting purposes. These differences are due primarily to different treatment for items such as currency gains and losses; short-term capital gains and losses; capital losses related to sales of certain securities within 30 days of purchase; unrealized appreciation of certain investments in securities outside the U.S.; deferred expenses; cost of investments sold; paydowns on fixed-income securities; net capital losses; net operating losses; non-U.S. taxes on capital gains; amortization of premiums and discounts and income on certain investments. The fiscal year in which amounts are distributed may differ from the year in which the net investment income and net realized gains are recorded by the funds for financial reporting purposes.

Additional tax basis disclosures for each fund are as follows (dollars in thousands):

	Global Growth Fund			Global Small Capitalization Fund			Growth Fund			International Fund			New World Fund			Washington Mutual Investors Fund
As of December 31, 2020:
Undistributed ordinary income	$	23,610		$	—		$	276,979		$	4,878		$	10,741		$	38,218
Undistributed long-term capital gains		445,512			123,145			5,068,501			—			143,589			—
Capital loss carryforward*		—			—			—			(136,440	)		—			(63,496	)
As of June 30, 2021:
Gross unrealized appreciation on investments		4,818,951			2,345,875			23,076,913			3,344,703			1,836,812			2,019,310
Gross unrealized depreciation on investments		(122,078	)		(63,607	)		(179,233	)		(205,782	)		(38,585	)		(119,493	)
Net unrealized appreciation (depreciation) on investments		4,696,873			2,282,268			22,897,680			3,138,921			1,798,227			1,899,817
Cost of investments		4,703,388			3,011,630			19,467,951			6,862,351			2,835,007			8,320,670

	Capital World Growth and Income Fund			Growth- Income Fund			International Growth and Income Fund			Capital Income Builder			Asset Allocation Fund			Global Balanced Fund
As of December 31, 2020:
Undistributed ordinary income	$	4,517		$	161,308		$	5,778		$	3,530		$	248,732		$	646
Undistributed long-term capital gains		51,479			403,490			—			—			899,471			1,975
Capital loss carryforward*		—			—			(76,870	)		(62,945	)		—			—
As of June 30, 2021:
Gross unrealized appreciation on investments		569,198			17,764,038			405,480			213,505			10,140,213			110,587
Gross unrealized depreciation on investments		(24,525	)		(218,650	)		(27,871	)		(4,531	)		(171,256	)		(4,872	)
Net unrealized appreciation (depreciation) on investments		544,673			17,545,388			377,609			208,974			9,968,957			105,715
Cost of investments		1,826,123			23,565,078			980,525			843,729			23,664,238			350,045

See end of tables for footnote.

288	American Funds Insurance Series

	The Bond Fund of America			Capital World Bond Fund			American High-Income Trust			American Funds Mortgage Fund			Ultra-Short Bond Fund			U.S. Government Securities Fund
As of December 31, 2020:
Undistributed ordinary income	$	293,413		$	42,838		$	6,554		$	7,215		$	—		$	133,505
Undistributed long-term capital gains		218,389			21,745			—			4,438			—			51,890
Capital loss carryforward*		—			—			(247,718	)		—			(1	)		—
As of June 30, 2021:
Gross unrealized appreciation on investments		491,569			88,632			65,471			5,046			2			42,879
Gross unrealized depreciation on investments		(89,604	)		(33,823	)		(29,508	)		(2,892	)		(8	)		(40,532	)
Net unrealized appreciation (depreciation) on investments		401,965			54,809			35,963			2,154			(6	)		2,347
Cost of investments		13,411,982			2,084,597			1,033,321			441,225			331,924			2,132,455

	Managed Risk Growth Fund			Managed Risk International Fund			Managed Risk Washington Mutual Investors Fund			Managed Risk Growth- Income Fund			Managed Risk Asset Allocation Fund
As of December 31, 2020:
Undistributed ordinary income	$	1,371		$	929		$	4,349		$	25,029		$	31,041
Undistributed long-term capital gains		24,118			—			—			33,730			—
Capital loss carryforward*		—			(11,769	)		(22,483	)		—			(31,551	)
As of June 30, 2021:
Gross unrealized appreciation on investments		121,402			29,430			52,391			511,295			509,810
Gross unrealized depreciation on investments		(3,358	)		(970	)		(4,203	)		(42,801	)		(1,281	)
Net unrealized appreciation (depreciation) on investments		118,044			28,460			48,188			468,494			508,529
Cost of investments		479,803			141,301			314,848			2,121,829			2,350,405

*	Each fund’s capital loss carryforward will be used to offset any capital gains realized by the fund in the current year or in subsequent years. Funds with a capital loss carryforward will not make distributions from capital gains while a capital loss carryforward remains.

Distributions paid by each fund were characterized for tax purposes as follows (dollars in thousands):

Global Growth Fund

	Six months ended June 30, 2021						Year ended December 31, 2020
Share class	Ordinary income		Long-term capital gains		Total distributions paid		Ordinary income		Long-term capital gains		Total distributions paid
Class 1	$	11,038	$	193,074	$	204,112	$	16,383	$	73,033	$	89,416
Class 1A		33		645		678		29		205		234
Class 2		10,860		221,402		232,262		13,463		109,286		122,749
Class 4		1,339		30,748		32,087		653		11,537		12,190
Total	$	23,270	$	445,869	$	469,139	$	30,528	$	194,061	$	224,589

American Funds Insurance Series

289

Global Small Capitalization Fund

	Six months ended June 30, 2021						Year ended December 31, 2020
Share class		Ordinary income		Long-term capital gains		Total distributions paid		Ordinary income		Long-term capital gains		Total distributions paid
Class 1	$	—	$	55,655	$	55,655	$	5,414	$	120,074	$	125,488
Class 1A		—		39		39		2		42		44
Class 2		—		60,246		60,246		5,373		140,495		145,868
Class 4		—		7,215		7,215		408		12,682		13,090
Total	$	—	$	123,155	$	123,155	$	11,197	$	273,293	$	284,490

Growth Fund

	Six months ended June 30, 2021						Year ended December 31, 2020
Share class	Ordinary income		Long-term capital gains		Total distributions paid		Ordinary income		Long-term capital gains		Total distributions paid
Class 1	$	117,454	$	2,073,422	$	2,190,876	$	68,600	$	285,315	$	353,915
Class 1A		490		9,031		9,521		141		547		688
Class 2		139,683		2,610,409		2,750,092		53,722		404,657		458,379
Class 3		1,909		35,107		37,016		860		5,433		6,293
Class 4		17,483		340,551		358,034		3,629		42,241		45,870
Total	$	277,019	$	5,068,520	$	5,345,539	$	126,952	$	738,193	$	865,145

International Fund

	Six months ended June 30, 2021						Year ended December 31, 2020
Share class	Ordinary income		Long-term capital gains		Total distributions paid		Ordinary income		Long-term capital gains		Total distributions paid
Class 1	$	3,155	$	—	$	3,155	$	44,223	$	—	$	44,223
Class 1A		2		—		2		56		—		56
Class 2		808		—		808		25,688		—		25,688
Class 3		7		—		7		157		—		157
Class 4		—		—		—		1,591		—		1,591
Total	$	3,972	$	—	$	3,972	$	71,715	$	—	$	71,715

New World Fund

	Six months ended June 30, 2021						Year ended December 31, 2020
Share class	Ordinary income		Long-term capital gains		Total distributions paid		Ordinary income		Long-term capital gains		Total distributions paid
Class 1	$	6,440	$	78,257	$	84,697	$	16,847	$	8,752	$	25,599
Class 1A		16		273		289		48		26		74
Class 2		2,577		36,498		39,075		6,570		4,233		10,803
Class 4		1,718		28,566		30,284		4,454		3,019		7,473
Total	$	10,751	$	143,594	$	154,345	$	27,919	$	16,030	$	43,949

290	American Funds Insurance Series

Washington Mutual Investors Fund

	Six months ended June 30, 2021						Year ended December 31, 2020
Share class	Ordinary income		Long-term capital gains		Total distributions paid		Ordinary income		Long-term capital gains		Total distributions paid
Class 1	$	23,333	$	—	$	23,333	$	100,756	$	61,517	$	162,273
Class 1A		387		—		387		350		134		484
Class 2		11,499		—		11,499		48,936		34,662		83,598
Class 4		3,024		—		3,024		10,866		7,992		18,858
Total	$	38,243	$	—	$	38,243	$	160,908	$	104,305	$	265,213

Capital World Growth and Income Fund

	Six months ended June 30, 2021						Year ended December 31, 2020
Share class	Ordinary income		Long-term capital gains		Total distributions paid		Ordinary income		Long-term capital gains		Total distributions paid
Class 1	$	1,716	$	16,997	$	18,713	$	8,987	$	15,679	$	24,666
Class 1A		6		67		73		28		53		81
Class 2		2,484		29,988		32,472		15,537		32,112		47,649
Class 4		318		4,436		4,754		1,576		3,612		5,188
Total	$	4,524	$	51,488	$	56,012	$	26,128	$	51,456	$	77,584

Growth-Income Fund

	Six months ended June 30, 2021						Year ended December 31, 2020
Share class	Ordinary income		Long-term capital gains		Total distributions paid		Ordinary income		Long-term capital gains		Total distributions paid
Class 1	$	99,866	$	239,575	$	339,441	$	381,174	$	482,142	$	863,316
Class 1A		71		185		256		211		265		476
Class 2		55,071		145,765		200,836		207,651		305,445		513,096
Class 3		612		1,578		2,190		2,378		3,413		5,791
Class 4		5,728		16,418		22,146		17,727		29,072		46,799
Total	$	161,348	$	403,521	$	564,869	$	609,141	$	820,337	$	1,429,478

International Growth and Income Fund

	Six months ended June 30, 2021						Year ended December 31, 2020
Share class	Ordinary income		Long-term capital gains		Total distributions paid		Ordinary income		Long-term capital gains		Total distributions paid
Class 1	$	4,002	$	—	$	4,002	$	17,264	$	—	$	17,264
Class 1A		13		—		13		38		—		38
Class 2		682		—		682		2,910		—		2,910
Class 4		334		—		334		1,255		—		1,255
Total	$	5,031	$	—	$	5,031	$	21,467	$	—	$	21,467

Capital Income Builder

	Six months ended June 30, 2021						Year ended December 31, 2020
Share class	Ordinary income		Long-term capital gains		Total distributions paid		Ordinary income		Long-term capital gains		Total distributions paid
Class 1	$	6,287	$	—	$	6,287	$	17,286	$	—	$	17,286
Class 1A		69		—		69		161		—		161
Class 2		94		—		94		181		—		181
Class 4		4,338		—		4,338		11,369		—		11,369
Total	$	10,788	$	—	$	10,788	$	28,997	$	—	$	28,997

American Funds Insurance Series

291

Asset Allocation Fund

	Six months ended June 30, 2021						Year ended December 31, 2020
Share class	Ordinary income		Long-term capital gains		Total distributions paid		Ordinary income		Long-term capital gains		Total distributions paid
Class 1	$	164,249	$	579,353	$	743,602	$	333,238	$	79,610	$	412,848
Class 1A		124		457		581		213		51		264
Class 2		41,744		154,751		196,495		80,906		22,747		103,653
Class 3		267		976		1,243		520		141		661
Class 4		42,398		164,028		206,426		67,789		21,221		89,010
Total	$	248,782	$	899,565	$	1,148,347	$	482,666	$	123,770	$	606,436

Global Balanced Fund

	Six months ended June 30, 2021						Year ended December 31, 2020
Share class	Ordinary income		Long-term capital gains		Total distributions paid		Ordinary income		Long-term capital gains		Total distributions paid
Class 1	$	164	$	502	$	666	$	1,746	$	5,085	$	6,831
Class 1A		5		15		20		29		99		128
Class 2		303		925		1,228		2,128		7,631		9,759
Class 4		175		536		711		844		3,811		4,655
Total	$	647	$	1,978	$	2,625	$	4,747	$	16,626	$	21,373

The Bond Fund of America

	Six months ended June 30, 2021						Year ended December 31, 2020
Share class	Ordinary income		Long-term capital gains		Total distributions paid		Ordinary income		Long-term capital gains		Total distributions paid
Class 1	$	181,262	$	133,858	$	315,120	$	185,412	$	25,238	$	210,650
Class 1A		258		193		451		224		31		255
Class 2		92,606		69,578		162,184		96,166		14,478		110,644
Class 4		19,437		14,777		34,214		15,659		2,303		17,962
Total	$	293,563	$	218,406	$	511,969	$	297,461	$	42,050	$	339,511

Capital World Bond Fund

	Six months ended June 30, 2021						Year ended December 31, 2020
Share class	Ordinary income		Long-term capital gains		Total distributions paid		Ordinary income		Long-term capital gains		Total distributions paid
Class 1	$	20,468	$	10,279	$	30,747	$	30,575	$	4,335	$	34,910
Class 1A		13		7		20		16		3		19
Class 2		21,199		10,855		32,054		24,602		3,871		28,473
Class 4		1,170		612		1,782		1,252		206		1,458
Total	$	42,850	$	21,753	$	64,603	$	56,445	$	8,415	$	64,860

292	American Funds Insurance Series

American High-Income Trust

	Six months ended June 30, 2021						Year ended December 31, 2020
Share class	Ordinary income		Long-term capital gains		Total distributions paid		Ordinary income			Long-term capital gains		Total distributions paid
Class 1	$	926	$	—	$	926	$	10,071		$	—	$	10,071
Class 1A		8		—		8		78			—		78
Class 2		4,966		—		4,966		54,086			—		54,086
Class 3		74		—		74		799			—		799
Class 4		588		—		588		4,806			—		4,806
Total	$	6,562	$	—	$	6,562	$	69,840		$	—	$	69,840

American Funds Mortgage Fund

	Six months ended June 30, 2021						Year ended December 31, 2020
Share class	Ordinary income		Long-term capital gains		Total distributions paid		Ordinary income			Long-term capital gains		Total distributions paid
Class 1	$	5,055	$	3,087	$	8,142	$	3,288		$	263	$	3,551
Class 1A		30		18		48		13			1		14
Class 2		1,260		784		2,044		722			75		797
Class 4		873		551		1,424		406			52		458
Total	$	7,218	$	4,440	$	11,658	$	4,429		$	391	$	4,820

Ultra-Short Bond Fund

	Six months ended June 30, 2021						Year ended December 31, 2020
Share class	Ordinary income		Long-term capital gains		Total distributions paid		Ordinary income			Long-term capital gains		Total distributions paid
Class 1	$	—	$	—	$	—	$	104		$	—	$	104
Class 1A		—		—		—		—	^†		—		—	^†
Class 2		—		—		—		558			—		558
Class 3		—		—		—		8			—		8
Class 4		—		—		—		67			—		67
Total	$	—	$	—	$	—	$	737		$	—	$	737

U.S. Government Securities Fund

	Six months ended June 30, 2021						Year ended December 31, 2020
Share class	Ordinary income		Long-term capital gains		Total distributions paid		Ordinary income			Long-term capital gains		Total distributions paid
Class 1	$	24,215	$	9,355	$	33,570	$	12,901		$	3,231	$	16,132
Class 1A		335		129		464		107			29		136
Class 2		92,923		36,124		129,047		40,852			11,067		51,919
Class 3		602		234		836		318			89		407
Class 4		15,448		6,057		21,505		7,195			1,992		9,187
Total	$	133,523	$	51,899	$	185,422	$	61,373		$	16,408	$	77,781

See end of tables for footnote.

American Funds Insurance Series

293

Managed Risk Growth Fund

	Six months ended June 30, 2021						Year ended December 31, 2020
Share class	Ordinary income		Long-term capital gains		Total distributions paid		Ordinary income		Long-term capital gains		Total distributions paid
Class P1	$	43	$	409	$	452	$	64	$	374	$	438
Class P2		1,329		23,710		25,039		3,441		21,395		24,836
Total	$	1,372	$	24,119	$	25,491	$	3,505	$	21,769	$	25,274

Managed Risk International Fund

	Six months ended June 30, 2021						Year ended December 31, 2020
Share class	Ordinary income		Long-term capital gains		Total distributions paid		Ordinary income		Long-term capital gains		Total distributions paid
Class P1	$	14	$	—	$	14	$	21	$	10	$	31
Class P2		917		—		917		1,913		1,303		3,216
Total	$	931	$	—	$	931	$	1,934	$	1,313	$	3,247

Managed Risk Washington Mutual Investors Fund

	Six months ended June 30, 2021						Year ended December 31, 2020
Share class	Ordinary income		Long-term capital gains		Total distributions paid		Ordinary income		Long-term capital gains		Total distributions paid
Class P1	$	24	$	—	$	24	$	29	$	37	$	66
Class P2		4,326		—		4,326		6,006		10,828		16,834
Total	$	4,350	$	—	$	4,350	$	6,035	$	10,865	$	16,900

Managed Risk Growth-Income Fund

	Six months ended June 30, 2021						Year ended December 31, 2020
Share class	Ordinary income		Long-term capital gains		Total distributions paid		Ordinary income		Long-term capital gains		Total distributions paid
Class P1	$	21,909	$	29,380	$	51,289	$	37,519	$	103,175	$	140,694
Class P2		3,122		4,359		7,481		4,874		15,199		20,073
Total	$	25,031	$	33,739	$	58,770	$	42,393	$	118,374	$	160,767

Managed Risk Asset Allocation Fund

	Six months ended June 30, 2021						Year ended December 31, 2020
Share class	Ordinary income		Long-term capital gains		Total distributions paid		Ordinary income		Long-term capital gains		Total distributions paid
Class P1	$	80	$	—	$	80	$	58	$	146	$	204
Class P2		30,961		—		30,961		40,641		105,833		146,474
Total	$	31,041	$	—	$	31,041	$	40,699	$	105,979	$	146,678

^†	Amount less than one thousand.

7. Fees and transactions

CRMC, the series’ investment adviser, is the parent company of American Funds Distributors^®, Inc. (“AFD”), the distributor of the series’ shares, and American Funds Service Company^® (“AFS”), the series’ transfer agent. CRMC, AFD and AFS are considered related parties to the series.

294	American Funds Insurance Series

Investment advisory services — The series has an investment advisory and service agreement with CRMC that provides for monthly fees accrued daily. These fees are based on annual rates that generally decrease as net asset levels increase. CRMC receives investment advisory fees from the underlying funds held by the managed risk funds. These fees are included in the net effective expense ratios that are provided as additional information in the financial highlights tables. Subadvisory fees for the managed risk funds are paid by CRMC to Milliman FRM. The managed risk funds are not responsible for paying any subadvisory fees.

Investment advisory services waivers — CRMC is waiving a portion of its investment advisory services fees for some of the funds. During the six months ended June 30, 2021, CRMC waived $28,000 in fees for Global Growth Fund in advance of the investment advisory and service agreement that became effective May 1, 2021.

At the beginning of the year, CRMC waived a portion of its investment advisory services fees at the rates of 0.18%, 0.26%, 0.10% and 0.18% of the daily net assets of New World Fund, Capital Income Builder, Capital World Bond Fund and American Funds Mortgage Fund, respectively. Effective May 1, 2021, CRMC revised the waiver rates to 0.25% and 0.21% of the daily net assets of Capital Income Builder and American Funds Mortgage Fund, respectively. The waiver rates for New World Fund and Capital World Bond Fund were not changed.

Effective May 1, 2021, CRMC began to waive a portion of its investment advisory services fees at the rates of 0.16%, 0.23%, 0.19%, 0.19% and 0.16% of the daily net assets of Washington Mutual Investors Fund, Capital World Growth and Income Fund, The Bond Fund of America, American High-Income Trust and U.S. Government Securities Fund, respectively. During the six months ended June 30, 2021, CRMC also waived a portion of its investment advisory services fees at the rate of 0.05% of the daily net assets of each of the managed risk funds.

The waiver rates for each fund, except Global Growth Fund, will be in effect through at least May 1, 2022, and may only be modified or terminated with the approval of the series’ board. For the six months ended June 30, 2021, total investment advisory services fees waived by CRMC were $16,839,000. CRMC does not intend to recoup these waivers. Investment advisory services fees in each fund’s statement of operations are presented gross of the waivers from CRMC.

The range of rates, net asset levels and the current annualized rates of average daily net assets for each fund before and after any investment advisory services waivers (if applicable), are as follows:

	Rates						Net asset level (in billions)				For the six months ended June 30,				For the six months ended June 30,
Fund	Beginning with			Ending with			Up to		In excess of		2021, before waiver				2021, after waiver
Global Growth Fund		.690	%		.445	%	$	.6	$	8.0		.500	%			.499	%
Global Small Capitalization Fund		.800			.635			.6		5.0		.684				.684
Growth Fund		.500			.280			.6		34.0		.309		��		.309
International Fund		.690			.430			.5		21.0		.489				.489
New World Fund		.850			.580			.5		4.0		.679				.499
Washington Mutual Investors Fund		.500			.350			.6		10.5		.385				.330
Capital World Growth and Income Fund		.690			.480			.6		3.0		.586				.506
Growth-Income Fund		.500			.219			.6		34.0		.250				.250
International Growth and Income Fund		.690			.500			.5		1.5		.605				.605
Capital Income Builder		.500			.410			.6		1.0		.472				.215
Asset Allocation Fund		.500			.240			.6		21.0		.261				.261
Global Balanced Fund		.660			.510			.5		1.0		.660				.660
The Bond Fund of America		.480			.320			.6		13.0		.359				.293
Capital World Bond Fund		.570			.450			1.0		3.0		.531				.431
American High-Income Trust		.500			.420			.6		2.0		.487				.421
American Funds Mortgage Fund		.420			.290			.6		3.0		.420				.230
Ultra-Short Bond Fund		.320			.270			1.0		2.0		.320				.320
U.S. Government Securities Fund		.420			.290			.6		3.0		.355				.302
Managed Risk Growth Fund		.150						all				.150				.100
Managed Risk International Fund		.150						all				.150				.100
Managed Risk Washington Mutual Investors Fund		.150						all				.150				.100
Managed Risk Growth-Income Fund		.150						all				.150				.100
Managed Risk Asset Allocation Fund		.150						all				.150				.100

American Funds Insurance Series

295

Class-specific fees and expenses —Expenses that are specific to individual share classes are accrued directly to the respective share class. The principal class-specific fees and expenses are further described below:

Distribution services — The series has plans of distribution for all share classes except Class 1. Under the plans, the board of trustees approves certain categories of expenses that are used to finance activities primarily intended to sell fund shares. The plans provide for payments to pay service fees to firms that have entered into agreements with the series. These payments, based on an annualized percentage of average daily net assets, range from 0.18% to 0.50% as noted in the table below. In some cases, the board of trustees has limited the amounts that may be paid to less than the maximum allowed by the plans.

Share class	Currently approved limits			Plan limits
Class 1A		0.00	%		0.25	%
Class 2		0.25			0.25
Class 3		0.18			0.18
Class 4		0.25			0.25
Class P1		0.00			0.25
Class P2		0.25			0.50

Insurance administrative services — The series has an insurance administrative services plan for Class 1A, 4, P1 and P2 shares. Under the plan, these share classes pay 0.25% of each insurance company’s respective average daily net assets in each share class to compensate the insurance companies for services provided to their separate accounts and contractholders for which the shares of the fund are beneficially owned as underlying investments of such contractholders’ annuities. These services include, but are not limited to, maintenance, shareholder communications and transactional services. The insurance companies are not related parties to the series.

Transfer agent services — The series has a shareholder services agreement with AFS under which the funds compensate AFS for providing transfer agent services to all of the funds’ share classes. These services include recordkeeping, shareholder communications and transaction processing. In addition, the managed risk funds reimburse AFS for amounts paid to third parties for performing transfer agent services on behalf of fund shareholders.

Administrative services — The series has an administrative services agreement with CRMC under which each fund compensates CRMC for providing administrative services to all of the funds’ share classes except Class P1 and P2 shares. Administrative services are provided by CRMC and its affiliates to help assist third parties providing non-distribution services to fund shareholders. These services include providing in-depth information on each fund and market developments that impact fund investments. Administrative services also include, but are not limited to, coordinating, monitoring and overseeing third parties that provide services to fund shareholders. The agreement provides each fund, other than the managed risk funds, the ability to charge an administrative services fee at the annual rate of 0.05% of average daily net assets attributable to each share class. Currently each fund, other than the managed-risk funds, pays CRMC an administrative services fee at the annual rate of 0.03% of average daily net assets of each share class for CRMC’s provision of administrative services. For the managed risk funds, CRMC receives administrative services fees at an annual rate of 0.03% of average daily net assets from Class 1 shares of the underlying funds for administrative services provided to the series.

Accounting and administrative services — The managed risk funds have a subadministration agreement with Bank of New York Mellon (“BNY Mellon”) under which the fund compensates BNY Mellon for providing accounting and administrative services to each of the managed risk funds’ share classes. These services include, but are not limited to, fund accounting (including calculation of net asset value), financial reporting and tax services. BNY Mellon is not a related party to the managed risk funds.

296	American Funds Insurance Series

Class-specific expenses under the agreements described above were as follows (dollars in thousands):

Global Growth Fund

Share class	Distribution services		Insurance administrative services		Administrative services
Class 1	Not applicable		Not applicable		$	537
Class 1A	$	—	$	16		2
Class 2		5,587		Not applicable		670
Class 4		731		731		88
Total class-specific expenses	$	6,318	$	747	$	1,297

Global Small Capitalization Fund

Share class	Distribution services		Insurance administrative services		Administrative services
Class 1	Not applicable		Not applicable		$	370
Class 1A	$	—	$	2		—	*
Class 2		3,342		Not applicable		401
Class 4		375		375		45
Total class-specific expenses	$	3,717	$	377	$	816

Growth Fund

Share class	Distribution services			Insurance administrative services	Administrative services
Class 1	Not applicable		Not applicable		$	2,444
Class 1A	$	—	$	93		11
Class 2		25,979		Not applicable		3,118
Class 3		256		Not applicable		43
Class 4		3,175		3,175		381
Total class-specific expenses	$	29,410	$	3,268	$	5,997

International Fund

Share class	Distribution services		Insurance administrative services		Administrative services
Class 1	Not applicable		Not applicable		$	830
Class 1A	$	—	$	13		1
Class 2		5,532	Not applicable			664
Class 3		22	Not applicable			3
Class 4		539		539		65
Total class-specific expenses	$	6,093	$	552	$	1,563

New World Fund
Share class	Distribution services		Insurance administrative services		Administrative services
Class 1	Not applicable		Not applicable		$	359
Class 1A	$	—	$	23		3
Class 2		1,401	Not applicable			168
Class 4		1,059		1,059		127
Total class-specific expenses	$	2,460	$	1,082	$	657

Washington Mutual Investors Fund

Share class	Distribution services		Insurance administrative services		Administrative services
Class 1	Not applicable		Not applicable		$	897
Class 1A	$	—	$	65		8
Class 2		4,028	Not applicable			484
Class 4		1,092		1,093		131
Total class-specific expenses	$	5,120	$	1,158	$	1,520

Capital World Growth and Income Fund

Share class	Distribution services		Insurance administrative services		Administrative services
Class 1	Not applicable		Not applicable		$	103
Class 1A	$	—	$	4		—	*
Class 2		1,692	Not applicable			203
Class 4		229		229		28
Total class-specific expenses	$	1,921	$	233	$	334

Growth-Income Fund

Share class	Distribution services		Insurance administrative services		Administrative services
Class 1		Not applicable		Not applicable	$	3,565
Class 1A	$	—	$	22		3
Class 2		18,063		Not applicable		2,167
Class 3		143		Not applicable		24
Class 4		1,918		1,918		230
Total class-specific expenses	$	20,124	$	1,940	$	5,989

See end of tables for footnote.

American Funds Insurance Series

297

International Growth and Income Fund
Share class	Distribution services		Insurance administrative services		Administrative services
Class 1	Not applicable		Not applicable		$	167
Class 1A	$	—	$	4		1
Class 2		275	Not applicable			33
Class 4		145		145		17
Total class-specific expenses	$	420	$	149	$	218

Capital Income Builder

Share class	Distribution services		Insurance administrative services		Administrative services
Class 1	Not applicable		Not applicable		$	93
Class 1A	$	—	$	8		1
Class 2		11	Not applicable			1
Class 4		616		616		74
Total class-specific expenses	$	627	$	624	$	169

Asset Allocation Fund

Share class	Distribution services		Insurance administrative services		Administrative services
Class 1	Not applicable		Not applicable		$	2,988
Class 1A	$	—	$	19		2
Class 2		6,680	Not applicable			802
Class 3		30	Not applicable			5
Class 4		6,795		6,795		815
Total class-specific expenses	$	13,505	$	6,814	$	4,612

Global Balanced Fund

Share class	Distribution services		Insurance administrative services		Administrative services
Class 1	Not applicable		Not applicable		$	18
Class 1A	$	—	$	4		1
Class 2		262	Not applicable			31
Class 4		141		141		17
Total class-specific expenses	$	403	$	145	$	67

The Bond Fund of America

Share class	Distribution services		Insurance administrative services		Administrative services
Class 1	Not applicable		Not applicable		$	1,066
Class 1A	$	—	$	13		1
Class 2		4,736	Not applicable			568
Class 4		947		947		114
Total class-specific expenses	$	5,683	$	960	$	1,749

Capital World Bond Fund

Share class	Distribution services		Insurance administrative services		Administrative services
Class 1	Not applicable		Not applicable		$	175
Class 1A	$	—	$	1		—	*
Class 2		1,310	Not applicable			157
Class 4		75		75		9
Total class-specific expenses	$	1,385	$	76	$	341

American High-Income Trust

Share class	Distribution services		Insurance administrative services		Administrative services
Class 1	Not applicable		Not applicable		$	19
Class 1A	$	—	$	1		—	*
Class 2		841	Not applicable			101
Class 3		9	Not applicable			2
Class 4		99		100		12
Total class-specific expenses	$	949	$	101	$	134

American Funds Mortgage Fund

Share class	Distribution services		Insurance administrative services		Administrative services
Class 1	Not applicable		Not applicable		$	34
Class 1A	$	—	$	2		—	*
Class 2		73	Not applicable			9
Class 4		49		49		6
Total class-specific expenses	$	122	$	51	$	49

See end of tables for footnote.

298	American Funds Insurance Series

Ultra-Short Bond Fund

Share class	Distribution services		Insurance administrative services		Administrative services
Class 1	Not applicable		Not applicable		$	6
Class 1A	$	—	$	—		—	*
Class 2		344		Not applicable		41
Class 3		4		Not applicable		1
Class 4		50		50		6
Total class-specific expenses	$	398	$	50	$	54

U.S. Government Securities Fund

Share class	Distribution services		Insurance administrative services		Administrative services
Class 1	Not applicable		Not applicable		$	59
Class 1A	$	—	$	5		1
Class 2		1,788		Not applicable		215
Class 3		9		Not applicable		1
Class 4		313		313		37
Total class-specific expenses	$	2,110	$	318	$	313

Managed Risk Growth Fund

Share class	Distribution services		Insurance administrative services
Class P1	Not applicable		$	14
Class P2	$	704		704
Total class-specific expenses	$	704	$	718

Managed Risk International Fund

Share class		Distribution services		Insurance administrative services
Class P1	Not applicable		$	2
Class P2	$	207		207
Total class-specific expenses	$	207	$	209

Managed Risk Washington Mutual Investors Fund

Share class		Distribution services		Insurance administrative services
Class P1	Not applicable		$	2
Class P2	$	447		447
Total class-specific expenses	$	447	$	449

Managed Risk Growth-Income Fund
Share class		Distribution services		Insurance administrative services
Class P1	Not applicable		$	2,723
Class P2	$	405		405
Total class-specific expenses	$	405	$	3,128

Managed Risk Asset Allocation Fund

Share class		Distribution services		Insurance administrative services
Class P1	Not applicable		$	7
Class P2	$	3,492		3,492
Total class-specific expenses	$	3,492	$	3,499

*	Amount less than one thousand.

Miscellaneous fee reimbursements — CRMC reimbursed a portion of miscellaneous fees and expenses for Managed Risk International Fund and Managed Risk Washington Mutual Investors Fund. These reimbursements may be adjusted or discontinued by CRMC, subject to any restrictions in the series’ prospectus. For the six months ended June 30, 2021, total fees and expenses reimbursed by CRMC were $29,000. CRMC may recoup all or a portion of these reimbursements during the current fiscal year. Fees and expenses in the fund’s statement of operations are presented gross of any reimbursements from CRMC.

American Funds Insurance Series

299

Trustees’ deferred compensation — Trustees who are unaffiliated with CRMC may elect to defer the cash payment of part or all of their compensation. These deferred amounts, which remain as liabilities of the funds, are treated as if invested in one or more of the American Funds. These amounts represent general, unsecured liabilities of the funds and vary according to the total returns of the selected funds. Trustees’ compensation, shown on the accompanying financial statements, reflects current fees (either paid in cash or deferred) and a net decrease in the value of the deferred amounts as follows (dollars in thousands):

Fund	Current fees			Increase in value of deferred amounts			Total trustees’ compensation
Global Growth Fund	$	11		$	13		$	24
Global Small Capitalization Fund		7			8			15
Growth Fund		50			58			108
International Fund		12			16			28
New World Fund		6			6			12
Washington Mutual Investors Fund		12			15			27
Capital World Growth and Income Fund		3			3			6
Growth-Income Fund		49			59			108
International Growth and Income Fund		2			2			4
Capital Income Builder		1			2			3
Asset Allocation Fund		38			46			84
Global Balanced Fund		—	*		1			1
The Bond Fund of America		15			17			32
Capital World Bond Fund		3			3			6
American High-Income Trust		1			1			2
American Funds Mortgage Fund		—	*		1			1
Ultra-Short Bond Fund		—	*		1			1
U.S. Government Securities Fund		3			3			6
Managed Risk Growth Fund		—	*		1			1
Managed Risk International Fund		—	*		—	*		—	*
Managed Risk Washington Mutual Investors Fund		—	*		1			1
Managed Risk Growth-Income Fund		3			4			7
Managed Risk Asset Allocation Fund		4			4			8

*	Amount less than one thousand.

Affiliated officers and trustees — Officers and certain trustees of the series are or may be considered to be affiliated with CRMC, AFD and AFS. No affiliated officers or trustees received any compensation directly from any fund in the series.

Investments in CCBF and CCF — Some of the funds hold shares of CCBF, a corporate bond fund, and CCF, an institutional prime money market fund ,which are both managed by CRMC. CCBF seeks to provide maximum total return consistent with capital preservation and prudent risk management by investing primarily in corporate debt instruments. CCBF is used as an investment vehicle for some of the funds’ corporate bond investments. CCF invests in high-quality, short-term money market instruments. CCF is used as the primary investment vehicle for some of the funds’ short-term investments. Both CCBF and CCF shares are only available for purchase by CRMC, its affiliates, and other funds managed by CRMC or its affiliates, and are not available to the public. CRMC does not receive an investment advisory services fee from either CCBF or CCF.

Security transactions with related funds — The funds may purchase from, or sell securities to, other CRMC-managed funds (or funds managed by certain affiliates of CRMC) under procedures adopted by the fund’s board of trustees. The funds involved in such transactions are considered related by virtue of having a common investment adviser (or affiliated investment advisers), common trustees and/or common officers. When such transactions occur, each transaction is executed at the current market price of the security and no brokerage commissions or fees are paid in accordance with Rule 17a-7 of the 1940 Act.

300	American Funds Insurance Series

The following table presents purchase and sale transactions between each fund and related funds, and net realized gain or loss from such sales, if any, as of June 30, 2021 (dollars in thousands):

Fund	Purchases		Sales		Net realized gain (loss)
Global Growth Fund	$	4,500	$	79,532	$	26,691
Global Small Capitalization Fund		15,747		154,738		87,823
Growth Fund		186,804		130,809		10,383
International Fund		397,021		106,191		12,563
New World Fund		15,120		17,173		1,426
Washington Mutual Investors Fund		567,542		853,438		154,001
Capital World Growth and Income Fund		257,890		113,136		23,458
Growth-Income Fund		131,465		568,702		102,620
International Growth and Income Fund		5		4,740		(402	)
Capital Income Builder		10,152		40,799		2,286
Asset Allocation Fund		184,774		1,877,844		129,099
Global Balanced Fund		—		377		273
The Bond Fund of America		54,003		52,591		2,838
Capital World Bond Fund		291		10,268		2,050
American High-Income Trust		11,320		6,349		(1,054	)

8. Committed line of credit

Global Small Capitalization Fund, New World Fund and American High-Income Trust participate with other funds managed by CRMC in a $1.5 billion credit facility (the “line of credit”) to be utilized for temporary purposes to fund shareholder redemptions. Each fund has agreed to pay commitment fees on its pro-rata portion of the line of credit, which are reflected in other expenses in each fund’s statement of operations. None of the funds borrowed on this line of credit at any time during the six months ended June 30, 2021.

9. Indemnifications

The series’ organizational documents provide board members and officers with indemnification against certain liabilities or expenses in connection with the performance of their duties to the series. In the normal course of business, the series may also enter into contracts that provide general indemnifications. Each fund’s maximum exposure under these arrangements is unknown since it is dependent on future claims that may be made against the series. The risk of material loss from such claims is considered remote. Insurance policies are also available to the series’ board members and officers.

American Funds Insurance Series

301

10. Capital share transactions

Capital share transactions in the funds were as follows (dollars and shares in thousands):

Global Growth Fund

	Sales*				Reinvestments of distributions				Repurchases*						Net increase (decrease)
Share class	Amount		Shares		Amount		Shares		Amount			Shares			Amount			Shares

Six months ended June 30, 2021

Class 1	$	527,318		11,942	$	204,112		4,778	$	(158,953	)		(3,671	)	$	572,477			13,049
Class 1A		1,735		40		678		16		(1,116	)		(26	)		1,297			30
Class 2		38,144		892		232,262		5,504		(317,411	)		(7,404	)		(47,005	)		(1,008	)
Class 4		81,971		1,925		32,087		766		(31,064	)		(731	)		82,994			1,960
Total net increase (decrease)	$	649,168		14,799	$	469,139		11,064	$	(508,544	)		(11,832	)	$	609,763			14,031

Year ended December 31, 2020

Class 1	$	402,110		11,550	$	89,416		2,661	$	(365,952	)		(11,056	)	$	125,574			3,155
Class 1A		4,330		121		234		7		(2,564	)		(87	)		2,000			41
Class 2		46,502		1,410		122,749		3,738		(613,644	)		(18,242	)		(444,393	)		(13,094	)
Class 4		96,748		2,812		12,190		377		(63,324	)		(1,924	)		45,614			1,265
Total net increase (decrease)	$	549,690		15,893	$	224,589		6,783	$	(1,045,484	)		(31,309	)	$	(271,205	)		(8,633	)

Global Small Capitalization Fund

	Sales*				Reinvestments of distributions				Repurchases*						Net (decrease) increase
Share class	Amount		Shares		Amount		Shares		Amount			Shares			Amount			Shares

Six months ended June 30, 2021

Class 1	$	154,021		4,434	$	55,510		1,581	$	(634,189	)		(18,143	)	$	(424,658	)		(12,128	)
Class 1A		514		15		39		1		(57	)		(2	)		496			14
Class 2		24,213		724		60,246		1,778		(233,030	)		(6,938	)		(148,571	)		(4,436	)
Class 4		51,537		1,534		7,215		212		(15,923	)		(473	)		42,829			1,273
Total net increase (decrease)	$	230,285		6,707	$	123,010		3,572	$	(883,199	)		(25,556	)	$	(529,904	)		(15,277	)

Year ended December 31, 2020

Class 1	$	223,000		10,191	$	125,091		5,146	$	(466,963	)		(18,580	)	$	(118,872	)		(3,243	)
Class 1A		627		24		43		2		(268	)		(10	)		402			16
Class 2		60,922		2,877		145,869		6,194		(409,129	)		(15,839	)		(202,338	)		(6,768	)
Class 4		35,430		1,424		13,089		554		(34,957	)		(1,396	)		13,562			582
Total net increase (decrease)	$	319,979		14,516	$	284,092		11,896	$	(911,317	)		(35,825	)	$	(307,246	)		(9,413	)

See end of tables for footnotes.

302	American Funds Insurance Series

Growth Fund

	Sales*				Reinvestments of distributions				Repurchases*						Net increase (decrease)
Share class	Amount		Shares		Amount		Shares		Amount			Shares			Amount			Shares

Six months ended June 30, 2021

Class 1	$	1,075,952		8,588	$	2,187,676		19,153	$	(1,206,674	)		(9,637	)	$	2,056,954			18,104
Class 1A		33,220		269		9,521		84		(23,499	)		(183	)		19,242			170
Class 2		228,281		1,840		2,750,091		24,339		(1,699,878	)		(13,743	)		1,278,494			12,436
Class 3		1,840		14		37,016		322		(17,494	)		(138	)		21,362			198
Class 4		293,870		2,411		358,034		3,232		(121,262	)		(1,000	)		530,642			4,643
Total net increase (decrease)	$	1,633,163		13,122	$	5,342,338		47,130	$	(3,068,807	)		(24,701	)	$	3,906,694			35,551

Year ended December 31, 2020

Class 1	$	2,322,779		26,334	$	353,232		3,917	$	(2,999,100	)		(33,591	)	$	(323,089	)		(3,340	)
Class 1A		33,301		338		688		8		(5,835	)		(64	)		28,154			282
Class 2		437,349		4,937		458,379		5,218		(3,162,923	)		(34,505	)		(2,267,195	)		(24,350	)
Class 3		1,333		17		6,293		70		(37,446	)		(395	)		(29,820	)		(308	)
Class 4		325,002		3,612		45,870		534		(283,912	)		(3,180	)		86,960			966
Total net increase (decrease)	$	3,119,764		35,238	$	864,462		9,747	$	(6,489,216	)		(71,735	)	$	(2,504,990	)		(26,750	)

International Fund

	Sales*				Reinvestments of distributions					Repurchases*						Net (decrease) increase
Share class	Amount		Shares		Amount		Shares			Amount			Shares			Amount			Shares

Six months ended June 30, 2021

Class 1	$	209,107		8,690	$	3,155		126		$	(1,067,638	)		(43,431	)	$	(855,376	)		(34,615	)
Class 1A		2,046		85		2		—	^†		(1,865	)		(77	)		183			8
Class 2		125,395		5,234		808		33			(318,439	)		(13,155	)		(192,236	)		(7,888	)
Class 3		34		2		6		—	^†		(2,009	)		(82	)		(1,969	)		(80	)
Class 4		49,971		2,105		—		—			(33,505	)		(1,410	)		16,466			695
Total net increase (decrease)	$	386,553		16,116	$	3,971		159		$	(1,423,456	)		(58,155	)	$	(1,032,932	)		(41,880	)

Year ended December 31, 2020

Class 1	$	535,603		30,721	$	44,223		2,049		$	(963,355	)		(50,229	)	$	(383,529	)		(17,459	)
Class 1A		2,754		147		56		2			(1,389	)		(70	)		1,421			79
Class 2		271,356		15,425		25,688		1,204			(667,572	)		(33,696	)		(370,528	)		(17,067	)
Class 3		226		12		157		7			(3,148	)		(157	)		(2,765	)		(138	)
Class 4		52,233		2,881		1,591		76			(62,187	)		(3,226	)		(8,363	)		(269	)
Total net increase (decrease)	$	862,172		49,186	$	71,715		3,338		$	(1,697,651	)		(87,378	)	$	(763,764	)		(34,854	)

See end of tables for footnotes.

American Funds Insurance Series

303

New World Fund

	Sales*				Reinvestments of distributions				Repurchases*						Net increase (decrease)
Share class	Amount		Shares		Amount		Shares		Amount			Shares			Amount			Shares

Six months ended June 30, 2021

Class 1	$	93,960		2,855	$	84,467		2,545	$	(96,626	)		(2,932	)	$	81,801			2,468
Class 1A		10,433		322		289		9		(20,757	)		(631	)		(10,035	)		(300	)
Class 2		39,057		1,202		39,075		1,191		(94,272	)		(2,885	)		(16,140	)		(492	)
Class 4		69,772		2,168		30,285		931		(46,199	)		(1,425	)		53,858			1,674
Total net increase (decrease)	$	213,222		6,547	$	154,116		4,676	$	(257,854	)		(7,873	)	$	109,484			3,350

Year ended December 31, 2020

Class 1	$	80,299		3,402	$	25,570		1,027	$	(337,036	)		(13,731	)	$	(231,167	)		(9,302	)
Class 1A		12,129		461		73		3		(1,703	)		(71	)		10,499			393
Class 2		102,697		3,915		10,803		447		(184,643	)		(7,218	)		(71,143	)		(2,856	)
Class 4		89,140		3,662		7,473		310		(84,462	)		(3,316	)		12,151			656
Total net increase (decrease)	$	284,265		11,440	$	43,919		1,787	$	(607,844	)		(24,336	)	$	(279,660	)		(11,109	)

Washington Mutual Investors Fund

	Sales*				Reinvestments of distributions				Repurchases*						Net (decrease) increase
Share class	Amount		Shares		Amount		Shares		Amount			Shares			Amount			Shares

Six months ended June 30, 2021

Class 1	$	89,775		5,710	$	23,179		1,400	$	(811,744	)		(50,687	)	$	(698,790	)		(43,577	)
Class 1A		83,742		5,146		387		24		(1,731	)		(108	)		82,398			5,062
Class 2		31,907		2,066		11,499		705		(281,699	)		(18,151	)		(238,293	)		(15,380	)
Class 4		77,303		4,987		3,024		186		(33,578	)		(2,182	)		46,749			2,991
Total net increase (decrease)	$	282,727		17,909	$	38,089		2,315	$	(1,128,752	)		(71,128	)	$	(807,936	)		(50,904	)

Year ended December 31, 2020

Class 1	$	474,186		41,847	$	161,061		11,902	$	(825,919	)		(67,505	)	$	(190,672	)		(13,756	)
Class 1A		15,517		1,215		484		35		(2,556	)		(194	)		13,445			1,056
Class 2		75,893		6,771		83,599		6,287		(337,510	)		(26,379	)		(178,018	)		(13,321	)
Class 4		148,645		12,358		18,858		1,428		(54,754	)		(4,444	)		112,749			9,342
Total net increase (decrease)	$	714,241		62,191	$	264,002		19,652	$	(1,220,739	)		(98,522	)	$	(242,496	)		(16,679	)

Capital World Growth and Income Fund

	Sales*				Reinvestments of distributions				Repurchases*						Net increase (decrease)
Share class	Amount		Shares		Amount		Shares		Amount			Shares			Amount			Shares

Six months ended June 30, 2021

Class 1	$	130,801		7,265	$	18,118		1,012	$	(68,889	)		(3,919	)	$	80,030			4,358
Class 1A		1,081		62		73		4		(336	)		(19	)		818			47
Class 2		9,471		542		32,472		1,818		(119,563	)		(6,845	)		(77,620	)		(4,485	)
Class 4		26,704		1,554		4,755		271		(7,508	)		(438	)		23,951			1,387
Total net increase (decrease)	$	168,057		9,423	$	55,418		3,105	$	(196,296	)		(11,221	)	$	27,179			1,307

Year ended December 31, 2020

Class 1	$	274,643		21,210	$	23,674		1,607	$	(306,092	)		(22,650	)	$	(7,775	)		167
Class 1A		474		35		81		6		(266	)		(18	)		289			23
Class 2		48,178		3,670		47,647		3,258		(175,562	)		(11,876	)		(79,737	)		(4,948	)
Class 4		26,989		1,950		5,189		362		(19,540	)		(1,418	)		12,638			894
Total net increase (decrease)	$	350,284		26,865	$	76,591		5,233	$	(501,460	)		(35,962	)	$	(74,585	)		(3,864	)

See end of tables for footnotes.

304	American Funds Insurance Series

Growth-Income Fund

	Sales*				Reinvestments of distributions				Repurchases*						Net (decrease) increase
Share class	Amount		Shares		Amount		Shares		Amount			Shares			Amount			Shares

Six months ended June 30, 2021

Class 1	$	433,686		7,284	$	338,978		5,480	$	(2,416,869	)		(40,085	)	$	(1,644,205	)		(27,321	)
Class 1A		2,806		48		256		4		(1,220	)		(21	)		1,842			31
Class 2		75,035		1,294		200,835		3,293		(1,029,661	)		(17,541	)		(753,791	)		(12,954	)
Class 3		355		6		2,190		35		(10,322	)		(174	)		(7,777	)		(133	)
Class 4		148,625		2,562		22,147		368		(62,826	)		(1,091	)		107,946			1,839
Total net increase (decrease)	$	660,507		11,194	$	564,406		9,180	$	(3,520,898	)		(58,912	)	$	(2,295,985	)		(38,538	)

Year ended December 31, 2020

Class 1	$	1,892,111		42,172	$	862,018		17,198	$	(2,883,447	)		(61,087	)	$	(129,318	)		(1,717	)
Class 1A		4,637		94		476		9		(1,475	)		(30	)		3,638			73
Class 2		252,743		5,452		513,097		10,416		(1,497,209	)		(30,770	)		(731,369	)		(14,902	)
Class 3		2,002		41		5,790		116		(23,231	)		(465	)		(15,439	)		(308	)
Class 4		174,576		3,682		46,799		965		(148,613	)		(3,153	)		72,762			1,494
Total net increase (decrease)	$	2,326,069		51,441	$	1,428,180		28,704	$	(4,553,975	)		(95,505	)	$	(799,726	)		(15,360	)

International Growth and Income Fund

	Sales*				Reinvestments of distributions				Repurchases*						Net (decrease) increase
Share class	Amount		Shares		Amount		Shares		Amount			Shares			Amount			Shares

Six months ended June 30, 2021

Class 1	$	29,279		1,443	$	3,971		194	$	(232,053	)		(11,524	)	$	(198,803	)		(9,887	)
Class 1A		1,287		64		13		1		(232	)		(12	)		1,068			53
Class 2		3,953		200		683		33		(17,914	)		(910	)		(13,278	)		(677	)
Class 4		10,770		548		334		16		(8,037	)		(411	)		3,067			153
Total net increase (decrease)	$	45,289		2,255	$	5,001		244	$	(258,236	)		(12,857	)	$	(207,946	)		(10,358	)

Year ended December 31, 2020

Class 1	$	78,373		5,478	$	17,128		948	$	(179,914	)		(10,267	)	$	(84,413	)		(3,841	)
Class 1A		977		66		38		2		(791	)		(49	)		224			19
Class 2		13,943		970		2,909		161		(63,267	)		(3,635	)		(46,415	)		(2,504	)
Class 4		17,701		1,130		1,255		70		(13,000	)		(825	)		5,956			375
Total net increase (decrease)	$	110,994		7,644	$	21,330		1,181	$	(256,972	)		(14,776	)	$	(124,648	)		(5,951	)

See end of tables for footnotes.

American Funds Insurance Series

305

Capital Income Builder

	Sales*			Reinvestments of distributions			Repurchases*					Net (decrease) increase
Share class		Amount	Shares		Amount	Shares		Amount		Shares			Amount		Shares

Six months ended June 30, 2021

Class 1	$	49,189	4,272	$	6,287	542	$	(232,354	)	(19,691	)	$	(176,878	)	(14,877	)
Class 1A		321	28		69	6		(151	)	(13	)		239		21
Class 2		2,740	238		94	8		(277	)	(25	)		2,557		221
Class 4		38,267	3,351		4,338	374		(23,639	)	(2,061	)		18,966		1,664
Total net increase (decrease)	$	90,517	7,889	$	10,788	930	$	(256,421	)	(21,790	)	$	(155,116	)	(12,971	)

Year ended December 31, 2020

Class 1	$	237,195	24,206	$	17,285	1,757	$	(178,753	)	(18,572	)	$	75,727		7,391
Class 1A		809	80		161	16		(340	)	(34	)		630		62
Class 2		2,017	200		181	18		(286	)	(28	)		1,912		190
Class 4		49,099	4,860		11,369	1,158		(58,009	)	(5,855	)		2,459		163
Total net increase (decrease)	$	289,120	29,346	$	28,996	2,949	$	(237,388	)	(24,489	)	$	80,728		7,806

Asset Allocation Fund

	Sales*				Reinvestments of distributions				Repurchases*						Net increase (decrease)
Share class	Amount		Shares		Amount		Shares		Amount			Shares			Amount			Shares

Six months ended June 30, 2021

Class 1	$	619,470		22,174	$	743,601		26,463	$	(866,828	)		(31,216	)	$	496,243			17,421
Class 1A		1,793		65		581		21		(996	)		(37	)		1,378			49
Class 2		58,876		2,153		196,496		7,078		(322,437	)		(11,724	)		(67,065	)		(2,493	)
Class 3		848		30		1,243		44		(1,235	)		(44	)		856			30
Class 4		353,897		12,936		206,427		7,487		(146,094	)		(5,389	)		414,230			15,034
Total net increase (decrease)	$	1,034,884		37,358	$	1,148,348		41,093	$	(1,337,590	)		(48,410	)	$	845,642			30,041

Year ended December 31, 2020

Class 1	$	1,817,230		79,909	$	412,849		16,378	$	(2,437,918	)		(107,604	)	$	(207,839	)		(11,317	)
Class 1A		4,177		174		264		10		(1,862	)		(81	)		2,579			103
Class 2		109,553		4,668		103,653		4,169		(595,244	)		(25,445	)		(382,038	)		(16,608	)
Class 3		914		38		661		26		(4,390	)		(184	)		(2,815	)		(120	)
Class 4		410,135		17,490		89,009		3,606		(327,826	)		(14,043	)		171,318			7,053
Total net increase (decrease)	$	2,342,009		102,279	$	606,436		24,189	$	(3,367,240	)		(147,357	)	$	(418,795	)		(20,889	)

See end of tables for footnotes.

306	American Funds Insurance Series

Global Balanced Fund

	Sales*				Reinvestments of distributions				Repurchases*						Net (decrease) increase
Share class	Amount		Shares		Amount		Shares		Amount			Shares			Amount			Shares

Six months ended June 30, 2021

Class 1	$	4,134		283	$	666		44	$	(34,106	)		(2,374	)	$	(29,306	)		(2,047	)
Class 1A		679		46		20		2		(86	)		(6	)		613			42
Class 2		3,617		250		1,228		82		(11,829	)		(810	)		(6,984	)		(478	)
Class 4		16,927		1,176		711		48		(3,612	)		(252	)		14,026			972
Total net increase (decrease)	$	25,357		1,755	$	2,625		176	$	(49,633	)		(3,442	)	$	(21,651	)		(1,511	)

Year ended December 31, 2020

Class 1	$	29,379		2,319	$	6,831		491	$	(35,963	)		(2,860	)	$	247			(50	)
Class 1A		379		27		127		9		(183	)		(13	)		323			23
Class 2		10,289		792		9,760		704		(28,821	)		(2,185	)		(8,772	)		(689	)
Class 4		11,783		881		4,655		339		(10,044	)		(767	)		6,394			453
Total net increase (decrease)	$	51,830		4,019	$	21,373		1,543	$	(75,011	)		(5,825	)	$	(1,808	)		(263	)

The Bond Fund of America

	Sales*				Reinvestments of distributions				Repurchases*						Net increase (decrease)
Share class	Amount		Shares		Amount		Shares		Amount			Shares			Amount			Shares

Six months ended June 30, 2021

Class 1	$	1,938,652		168,484	$	312,925		27,791	$	(329,786	)		(28,255	)	$	1,921,791			168,020
Class 1A		2,848		245		451		40		(1,244	)		(106	)		2,055			179
Class 2		150,108		13,024		162,183		14,611		(128,895	)		(11,224	)		183,396			16,411
Class 4		142,549		12,420		34,213		3,096		(30,706	)		(2,679	)		146,056			12,837
Total net increase (decrease)	$	2,234,157		194,173	$	509,772		45,538	$	(490,631	)		(42,264	)	$	2,253,298			197,447

Year ended December 31, 2020

Class 1	$	1,499,439		128,201	$	208,932		17,767	$	(1,735,112	)		(150,736	)	$	(26,741	)		(4,768	)
Class 1A		3,563		306		255		22		(1,431	)		(124	)		2,387			204
Class 2		397,055		34,256		110,645		9,541		(449,029	)		(39,506	)		58,671			4,291
Class 4		242,089		20,999		17,962		1,553		(81,119	)		(7,132	)		178,932			15,420
Total net increase (decrease)	$	2,142,146		183,762	$	337,794		28,883	$	(2,266,691	)		(197,498	)	$	213,249			15,147

Capital World Bond Fund

	Sales*				Reinvestments of distributions				Repurchases*						Net (decrease) increase
Share class	Amount		Shares		Amount		Shares		Amount			Shares			Amount			Shares

Six months ended June 30, 2021

Class 1	$	90,907		7,206	$	30,543		2,487	$	(255,983	)		(20,296	)	$	(134,533	)		(10,603	)
Class 1A		144		11		20		2		(132	)		(10	)		32			3
Class 2		61,906		4,952		32,054		2,632		(24,529	)		(1,974	)		69,431			5,610
Class 4		9,678		787		1,782		148		(9,021	)		(731	)		2,439			204
Total net increase (decrease)	$	162,635		12,956	$	64,399		5,269	$	(289,665	)		(23,011	)	$	(62,631	)		(4,786	)

Year ended December 31, 2020

Class 1	$	279,297		22,900	$	34,711		2,801	$	(244,497	)		(20,428	)	$	69,511			5,273
Class 1A		323		26		18		1		(135	)		(11	)		206			16
Class 2		104,127		8,595		28,474		2,321		(140,860	)		(11,802	)		(8,259	)		(886	)
Class 4		21,389		1,754		1,457		120		(13,943	)		(1,171	)		8,903			703
Total net increase (decrease)	$	405,136		33,275	$	64,660		5,243	$	(399,435	)		(33,412	)	$	70,361			5,106

See end of tables for footnotes.

American Funds Insurance Series

307

American High-Income Trust

	Sales*				Reinvestments of distributions				Repurchases*						Net increase (decrease)
Share class	Amount		Shares		Amount		Shares		Amount			Shares			Amount			Shares

Six months ended June 30, 2021

Class 1	$	154,429		14,958	$	875		85	$	(10,038	)		(994	)	$	145,266			14,049
Class 1A		305		31		8		1		(207	)		(21	)		106			11
Class 2		13,574		1,369		4,966		492		(30,792	)		(3,106	)		(12,252	)		(1,245	)
Class 3		467		46		74		7		(591	)		(59	)		(50	)		(6	)
Class 4		72,347		6,628		588		53		(49,707	)		(4,557	)		23,228			2,124
Total net increase (decrease)	$	241,122		23,032	$	6,511		638	$	(91,335	)		(8,737	)	$	156,298			14,933

Year ended December 31, 2020

Class 1	$	18,985		2,117	$	9,529		992	$	(390,999	)		(43,725	)	$	(362,485	)		(40,616	)
Class 1A		408		43		78		8		(220	)		(23	)		266			28
Class 2		18,520		1,972		54,086		5,739		(68,277	)		(7,320	)		4,329			391
Class 3		733		76		799		83		(1,434	)		(151	)		98			8
Class 4		103,183		9,989		4,806		465		(102,765	)		(9,921	)		5,224			533
Total net increase (decrease)	$	141,829		14,197	$	69,298		7,287	$	(563,695	)		(61,140	)	$	(352,568	)		(39,656	)

Mortgage Fund

	Sales*				Reinvestments of distributions				Repurchases*						Net increase (decrease)
Share class	Amount		Shares		Amount		Shares		Amount			Shares			Amount			Shares

Six months ended June 30, 2021

Class 1	$	22,141		2,002	$	8,143		764	$	(13,236	)		(1,205	)	$	17,048			1,561
Class 1A		537		49		48		4		(233	)		(21	)		352			32
Class 2		4,543		413		2,044		192		(3,289	)		(300	)		3,298			305
Class 4		7,418		683		1,423		136		(2,901	)		(268	)		5,940			551
Total net increase (decrease)	$	34,639		3,147	$	11,658		1,096	$	(19,659	)		(1,794	)	$	26,638			2,449

Year ended December 31, 2020

Class 1	$	68,523		6,189	$	3,551		321	$	(68,907	)		(6,295	)	$	3,167			215
Class 1A		899		81		14		1		(274	)		(24	)		639			58
Class 2		7,728		703		797		72		(9,799	)		(891	)		(1,274	)		(116	)
Class 4		24,189		2,227		458		42		(16,769	)		(1,535	)		7,878			734
Total net increase (decrease)	$	101,339		9,200	$	4,820		436	$	(95,749	)		(8,745	)	$	10,410			891

See end of tables for footnotes.

308	American Funds Insurance Series

Ultra-Short Bond Fund

	Sales*				Reinvestments of distributions						Repurchases*						Net (decrease) increase
Share class	Amount		Shares		Amount			Shares			Amount			Shares			Amount			Shares

Six months ended June 30, 2021

Class 1	$	5,876		520	$	—			—		$	(12,519	)		(1,108	)	$	(6,643	)		(588	)
Class 1A		—		—		—			—			—			—			—			—
Class 2		50,156		4,568		—			—			(80,950	)		(7,375	)		(30,794	)		(2,807	)
Class 3		542		49		—			—			(521	)		(47	)		21			2
Class 4		22,155		2,003		—			—			(19,666	)		(1,778	)		2,489			225
Total net increase (decrease)	$	78,729		7,140	$	—			—		$	(113,656	)		(10,308	)	$	(34,927	)		(3,168	)

Year ended December 31, 2020

Class 1	$	32,173		2,840	$	104			9		$	(17,960	)		(1,586	)	$	14,317			1,263
Class 1A		—		—		—	^†		—	^†		—			—			—	^†		—	^†
Class 2		162,780		14,772		558			50			(104,954	)		(9,527	)		58,384			5,295
Class 3		2,553		229		8			1			(1,439	)		(129	)		1,122			101
Class 4		51,028		4,586		67			6			(32,890	)		(2,958	)		18,205			1,634
Total net increase (decrease)	$	248,534		22,427	$	737			66		$	(157,243	)		(14,200	)	$	92,028			8,293

U.S. Government Securities Fund

	Sales*				Reinvestments of distributions				Repurchases*						Net (decrease) increase
Share class	Amount		Shares		Amount		Shares		Amount			Shares			Amount			Shares

Six months ended June 30, 2021

Class 1	$	34,853		2,735	$	32,361		2,771	$	(82,460	)		(6,462	)	$	(15,246	)		(956	)
Class 1A		2,726		213		464		40		(1,820	)		(149	)		1,370			104
Class 2		75,188		5,936		129,048		11,192		(59,432	)		(4,766	)		144,804			12,362
Class 3		129		10		836		72		(855	)		(67	)		110			15
Class 4		50,451		4,007		21,504		1,868		(80,347	)		(6,400	)		(8,392	)		(525	)
Total net increase (decrease)	$	163,347		12,901	$	184,213		15,943	$	(224,914	)		(17,844	)	$	122,646			11,000

Year ended December 31, 2020

Class 1	$	194,142		14,793	$	15,787		1,214	$	(1,305,241	)		(98,066	)	$	(1,095,312	)		(82,059	)
Class 1A		3,400		259		136		11		(2,557	)		(195	)		979			75
Class 2		211,715		16,419		51,919		4,038		(245,761	)		(18,789	)		17,873			1,668
Class 3		2,382		183		407		31		(1,812	)		(139	)		977			75
Class 4		301,535		23,299		9,187		715		(169,936	)		(13,051	)		140,786			10,963
Total net increase (decrease)	$	713,174		54,953	$	77,436		6,009	$	(1,725,307	)		(130,240	)	$	(934,697	)		(69,278	)

Managed Risk Growth Fund

	Sales*				Reinvestments of distributions				Repurchases*						Net (decrease) increase
Share class	Amount		Shares		Amount		Shares		Amount			Shares			Amount			Shares

Six months ended June 30, 2021

Class P1	$	1,457		82	$	452		26	$	(2,346	)		(132	)	$	(437	)		(24	)
Class P2		25,688		1,464		25,039		1,458		(32,977	)		(1,879	)		17,750			1,043
Total net increase (decrease)	$	27,145		1,546	$	25,491		1,484	$	(35,323	)		(2,011	)	$	17,313			1,019

Year ended December 31, 2020

Class P1	$	3,987		282	$	438		32	$	(1,595	)		(110	)	$	2,830			204
Class P2		54,142		3,714		24,836		1,828		(71,110	)		(4,841	)		7,868			701
Total net increase (decrease)	$	58,129		3,996	$	25,274		1,860	$	(72,705	)		(4,951	)	$	10,698			905

See end of tables for footnotes.

American Funds Insurance Series

309

Managed Risk International Fund

	Sales*				Reinvestments of distributions				Repurchases*						Net increase (decrease)
Share class	Amount		Shares		Amount		Shares		Amount			Shares			Amount			Shares

Six months ended June 30, 2021

Class P1	$	486		42	$	14		1	$	(400	)		(36	)	$	100			7
Class P2		5,401		487		917		81		(9,379	)		(836	)		(3,061	)		(268	)
Total net increase (decrease)	$	5,887		529	$	931		82	$	(9,779	)		(872	)	$	(2,961	)		(261	)

Year ended December 31, 2020

Class P1	$	1,063		104	$	31		3	$	(311	)		(30	)	$	783			77
Class P2		14,905		1,575		3,216		348		(17,706	)		(1,759	)		415			164
Total net increase (decrease)	$	15,968		1,679	$	3,247		351	$	(18,017	)		(1,789	)	$	1,198			241

Managed Risk Washington Mutual Investors Fund

	Sales*				Reinvestments of distributions				Repurchases*						Net increase (decrease)
Share class	Amount		Shares		Amount		Shares		Amount			Shares			Amount			Shares

Six months ended June 30, 2021

Class P1	$	457		39	$	24		2	$	(161	)		(14	)	$	320			27
Class P2		3,961		333		4,326		357		(28,108	)		(2,395	)		(19,821	)		(1,705	)
Total net increase (decrease)	$	4,418		372	$	4,350		359	$	(28,269	)		(2,409	)	$	(19,501	)		(1,678	)

Year ended December 31, 2020

Class P1	$	947		85	$	66		7	$	(241	)		(23	)	$	772			69
Class P2		24,832		2,333		16,834		1,640		(31,353	)		(2,866	)		10,313			1,107
Total net increase (decrease)	$	25,779		2,418	$	16,900		1,647	$	(31,594	)		(2,889	)	$	11,085			1,176

Managed Risk Growth-Income Fund

	Sales*				Reinvestments of distributions				Repurchases*						Net increase (decrease)
Share class	Amount		Shares		Amount		Shares		Amount			Shares			Amount			Shares

Six months ended June 30, 2021

Class P1	$	29,746		2,054	$	51,289		3,458	$	(76,683	)		(5,259	)	$	4,352			253
Class P2		8,779		612		7,481		508		(17,727	)		(1,218	)		(1,467	)		(98	)
Total net increase (decrease)	$	38,525		2,666	$	58,770		3,966	$	(94,410	)		(6,477	)	$	2,885			155

Year ended December 31, 2020

Class P1	$	92,644		6,852	$	140,694		11,020	$	(143,917	)		(10,953	)	$	89,421			6,919
Class P2		24,533		1,843		20,073		1,584		(19,990	)		(1,489	)		24,616			1,938
Total net increase (decrease)	$	117,177		8,695	$	160,767		12,604	$	(163,907	)		(12,442	)	$	114,037			8,857

See end of tables for footnotes.

310	American Funds Insurance Series

Managed Risk Asset Allocation Fund

	Sales*				Reinvestments of distributions				Repurchases*						Net increase (decrease)
Share class	Amount		Shares		Amount		Shares		Amount			Shares			Amount			Shares

Six months ended June 30, 2021

Class P1	$	595		41	$	80		5	$	(106	)		(7	)	$	569			39
Class P2		26,974		1,915		30,961		2,147		(176,943	)		(12,616	)		(119,008	)		(8,554	)
Total net increase (decrease)	$	27,569		1,956	$	31,041		2,152	$	(177,049	)		(12,623	)	$	(118,439	)		(8,515	)

Year ended December 31, 2020

Class P1	$	3,275		256	$	204		16	$	(622	)		(45	)	$	2,857			227
Class P2		73,918		5,805		146,474		12,155		(280,685	)		(21,952	)		(60,293	)		(3,992	)
Total net increase (decrease)	$	77,193		6,061	$	146,678		12,171	$	(281,307	)		(21,997	)	$	(57,436	)		(3,765	)

*	Includes exchanges between share classes of the fund.
^†	Amount less than one thousand.

American Funds Insurance Series

311

11. Investment transactions and other disclosures

The following tables present additional information for each fund for the six months ended June 30, 2021 (dollars in thousands):

	Global Growth Fund		Global Small Capitalization Fund			Growth Fund		International Fund		New World Fund		Washington Mutual Investors Fund
Purchases of investment securities*	$	913,466	$	900,763		$	6,005,499	$	2,709,411	$	1,019,151	$	7,267,924
Sales of investment securities*		949,187		1,622,002			6,886,699		3,545,484		1,017,212		8,150,667
Non-U.S. taxes paid on dividend income		3,512		1,456			4,658		7,227		2,231		484
Non-U.S. taxes paid on interest income		—		—			—		—		14		—
Non-U.S. taxes paid on realized gains		179		2,021			—		6,391		737		—
Non-U.S. taxes provided on unrealized appreciation		6,444		12,511			—		24,162		14,066		—

		Capital World Growth and Income Fund		Growth- Income Fund			International Growth and Income Fund		Capital Income Builder		Asset Allocation Fund		Global Balanced Fund
Purchases of investment securities*	$	1,478,038	$	5,484,959		$	167,107	$	523,544	$	21,136,320	$	86,190
Sales of investment securities*		1,498,711		7,965,628			395,655		642,464		21,161,542		101,578
Non-U.S. taxes paid on dividend income		1,578		6,463			1,595		866		5,080		199
Non-U.S. taxes paid on interest income		—		—			—		—		—		8
Non-U.S. taxes paid (refunded) on realized gains		2,560		(4	)		—		61		1,639		(4	)
Non-U.S. taxes provided on unrealized appreciation		710		—			—		129		1,684		23

		The Bond Fund of America		Capital World Bond Fund			American High-Income Trust		American Funds Mortgage Fund		Ultra-Short Bond Fund		U.S. Government Securities Fund
Purchases of investment securities*	$	33,592,753	$	795,119		$	416,447	$	1,214,361	$	—	$	3,261,101
Sales of investment securities*		35,530,547		961,754			272,957		1,235,058		—		3,722,994
Non-U.S. taxes paid on interest income		56		218			10		—		—		—
Non-U.S. taxes paid on realized gains		—		32			—		—		—		—
Non-U.S. taxes provided on unrealized appreciation		—		77			—		—		—		—

		Managed Risk Growth Fund		Managed Risk International Fund			Managed Risk Washington Mutual Investors Fund		Managed Risk Growth- Income Fund		Managed Risk Asset Allocation Fund
Purchases of investment securities*	$	145,064	$	20,990		$	38,330	$	158,090	$	98,352
Sales of investment securities*		106,135		26,559			69,372		227,340		193,491

*	Excludes short-term securities and U.S. government obligations, if any.

12. Ownership concentration

At June 30, 2021, American Funds Insurance Series - Portfolio Series - Managed Risk Growth and Income Portfolio held 21% and 15% of the outstanding shares of American Funds Insurance Series - Capital Income Builder and American Funds Insurance Series - Capital World Growth and Income Fund, respectively. In addition, American Funds Insurance Series - Portfolio Series - Managed Risk Global Allocation Portfolio held 25% of the outstanding shares of American Funds Insurance Series - Global Balanced Fund.

312	American Funds Insurance Series

Financial highlights

			Income (loss) from investment operations¹								Dividends and distributions
Period ended	Net asset value, beginning of period		Net investment income		Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends (from net investment income)			Distributions (from capital gains)			Total dividends and distributions			Net asset value, end of period		Total return			Net assets, end of period (in millions)		Ratio of expenses to average net assets²			Ratio of net income to average net assets

Global Growth Fund

Class 1:
6/30/2021^3,4	$	41.16	$	.12	$	4.67		$	4.79		$	(.12	)	$	(2.17	)	$	(2.29	)	$	43.66		11.76	%⁵	$	4,080		.55	%⁶		.54	%⁶
12/31/2020		32.57		.20		9.56			9.76			(.21	)		(.96	)		(1.17	)		41.16		30.79			3,309		.56			.59
12/31/2019		25.74		.32		8.60			8.92			(.41	)		(1.68	)		(2.09	)		32.57		35.61			2,515		.56			1.07
12/31/2018		30.51		.29		(2.65	)		(2.36	)		(.28	)		(2.13	)		(2.41	)		25.74		(8.81	)		1,942		.55			.98
12/31/2017		24.05		.26		7.30			7.56			(.26	)		(.84	)		(1.10	)		30.51		31.80			2,010		.55			.94
12/31/2016		26.39		.25		(.14	)		.11			(.29	)		(2.16	)		(2.45	)		24.05		.87			1,630		.56			1.00
Class 1A:
6/30/2021^3,4		41.02		.06		4.66			4.72			(.11	)		(2.17	)		(2.28	)		43.46		11.62	⁵		14		.80	⁶		.29	⁶
12/31/2020		32.47		.12		9.52			9.64			(.13	)		(.96	)		(1.09	)		41.02		30.49			12		.81			.34
12/31/2019		25.69		.25		8.55			8.80			(.34	)		(1.68	)		(2.02	)		32.47		35.22			8		.81			.83
12/31/2018		30.46		.23		(2.66	)		(2.43	)		(.21	)		(2.13	)		(2.34	)		25.69		(9.02	)		5		.80			.77
12/31/2017^3,7		24.50		.11		6.94			7.05			(.25	)		(.84	)		(1.09	)		30.46		29.13	⁵		2		.80	⁶		.39	⁶
Class 2:
6/30/2021^3,4		40.72		.06		4.62			4.68			(.11	)		(2.17	)		(2.28	)		43.12		11.60	⁵		4,602		.80	⁶		.28	⁶
12/31/2020		32.24		.12		9.44			9.56			(.12	)		(.96	)		(1.08	)		40.72		30.47			4,387		.81			.34
12/31/2019		25.50		.24		8.51			8.75			(.33	)		(1.68	)		(2.01	)		32.24		35.28			3,895		.81			.83
12/31/2018		30.24		.22		(2.63	)		(2.41	)		(.20	)		(2.13	)		(2.33	)		25.50		(9.04	)		3,306		.80			.73
12/31/2017		23.85		.19		7.23			7.42			(.19	)		(.84	)		(1.03	)		30.24		31.47			4,012		.80			.69
12/31/2016		26.19		.18		(.14	)		.04			(.22	)		(2.16	)		(2.38	)		23.85		.62			3,483		.81			.76
Class 4:
6/30/2021^3,4		40.45		.01		4.58			4.59			(.09	)		(2.17	)		(2.26	)		42.78		11.47	⁵		648		1.05	⁶		.04	⁶
12/31/2020		32.05		.03		9.38			9.41			(.05	)		(.96	)		(1.01	)		40.45		30.17			533		1.06			.09
12/31/2019		25.39		.17		8.45			8.62			(.28	)		(1.68	)		(1.96	)		32.05		34.87			382		1.06			.57
12/31/2018		30.13		.14		(2.60	)		(2.46	)		(.15	)		(2.13	)		(2.28	)		25.39		(9.24	)		249		1.05			.47
12/31/2017		23.81		.10		7.22			7.32			(.16	)		(.84	)		(1.00	)		30.13		31.11			211		1.05			.37
12/31/2016		26.16		.12		(.14	)		(.02	)		(.17	)		(2.16	)		(2.33	)		23.81		.37			94		1.06			.50

See end of tables for footnotes.

American Funds Insurance Series

313

Financial highlights (continued)

			Income (loss) from investment operations¹									Dividends and distributions
Period ended	Net asset value, beginning of period		Net investment (loss) income			Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends (from net investment income)			Distributions (from capital gains)			Total dividends and distributions			Net asset value, end of period		Total return			Net assets, end of period (in millions)			Ratio of expenses to average net assets²			Ratio of net (loss) income to average net assets

Global Small Capitalization Fund

Class 1:
6/30/2021^3,4	$	32.64	$	(.02	)	$	3.56		$	3.54		$	—		$	(.77	)	$	(.77	)	$	35.41		10.86	%⁵	$	2,164			.74	%⁶		(.13	)%⁶
12/31/2020		26.80		(.01	)		7.49			7.48			(.05	)		(1.59	)		(1.64	)		32.64		30.04			2,391			.75			(.06	)
12/31/2019		21.75		.12			6.61			6.73			(.10	)		(1.58	)		(1.68	)		26.80		31.84			2,050			.75			.48
12/31/2018		25.38		.11			(2.51	)		(2.40	)		(.09	)		(1.14	)		(1.23	)		21.75		(10.31	)		1,453			.73			.42
12/31/2017		20.24		.12			5.17			5.29			(.15	)		—			(.15	)		25.38		26.22			1,639			.73			.54
12/31/2016		24.41		.12			.17			.29			(.11	)		(4.35	)		(4.46	)		20.24		2.35			1,532			.74			.57
Class 1A:
6/30/2021^3,4		32.49		(.06	)		3.54			3.48			—			(.77	)		(.77	)		35.20		10.73	⁵		2			.99	⁶		(.35	)⁶
12/31/2020		26.74		(.09	)		7.48			7.39			(.05	)		(1.59	)		(1.64	)		32.49		29.72			1			.99			(.33	)
12/31/2019		21.71		.05			6.61			6.66			(.05	)		(1.58	)		(1.63	)		26.74		31.56			1			.99			.22
12/31/2018		25.36		.05			(2.52	)		(2.47	)		(.04	)		(1.14	)		(1.18	)		21.71		(10.56	)		—	⁸		.98			.21
12/31/2017^3,7		20.70		.08			4.71			4.79			(.13	)		—			(.13	)		25.36		23.19	⁵		—	⁸		.96	⁶		.35	⁶
Class 2:
6/30/2021^3,4		31.56		(.06	)		3.44			3.38			—			(.77	)		(.77	)		34.17		10.72	⁵		2,720			.99	⁶		(.39	)⁶
12/31/2020		26.02		(.08	)		7.25			7.17			(.04	)		(1.59	)		(1.63	)		31.56		29.72			2,653			1.00			(.31	)
12/31/2019		21.16		.05			6.43			6.48			(.04	)		(1.58	)		(1.62	)		26.02		31.52			2,363			1.00			.22
12/31/2018		24.72		.04			(2.44	)		(2.40	)		(.02	)		(1.14	)		(1.16	)		21.16		(10.55	)		2,056			.98			.17
12/31/2017		19.72		.06			5.04			5.10			(.10	)		—			(.10	)		24.72		25.89			2,551			.98			.27
12/31/2016		23.90		.07			.15			.22			(.05	)		(4.35	)		(4.40	)		19.72		2.10			2,303			.99			.31
Class 4:
6/30/2021^3,4		31.67		(.10	)		3.45			3.35			—			(.77	)		(.77	)		34.25		10.56	⁵		334			1.24	⁶		(.62	)⁶
12/31/2020		26.16		(.14	)		7.27			7.13			(.03	)		(1.59	)		(1.62	)		31.67		29.39			268			1.25			(.56	)
12/31/2019		21.28		(.01	)		6.47			6.46			—	⁹		(1.58	)		(1.58	)		26.16		31.24			206			1.25			(.04	)
12/31/2018		24.91		(.02	)		(2.46	)		(2.48	)		(.01	)		(1.14	)		(1.15	)		21.28		(10.80	)		146			1.24			(.08	)
12/31/2017		19.91		—	⁹		5.09			5.09			(.09	)		—			(.09	)		24.91		25.62			125			1.23			—	¹⁰
12/31/2016		24.11		.01			.16			.17			(.02	)		(4.35	)		(4.37	)		19.91		1.85			42			1.24			.03

See end of tables for footnotes.

314	American Funds Insurance Series

Financial highlights (continued)

			Income from investment operations¹							Dividends and distributions
Period ended	Net asset value, beginning of period		Net investment income (loss)			Net gains on securities (both realized and unrealized)		Total from investment operations		Dividends (from net investment income)			Distributions (from capital gains)			Total dividends and distributions			Net asset value, end of period		Total return			Net assets, end of period (in millions)		Ratio of expenses to average net assets²			Ratio of net income (loss) to average net assets

Growth Fund

Class 1:
6/30/2021^3,4	$	120.22	$	.25		$	14.79	$	15.04	$	(.16	)	$	(16.81	)	$	(16.97	)	$	118.29		13.03	%⁵	$	17,535		.35	%⁶		.40	%⁶
12/31/2020		81.22		.43			41.28		41.71		(.53	)		(2.18	)		(2.71	)		120.22		52.45			15,644		.35			.46
12/31/2019		69.96		.83			19.63		20.46		(.76	)		(8.44	)		(9.20	)		81.22		31.11			10,841		.35			1.09
12/31/2018		77.85		.64			.25		.89		(.54	)		(8.24	)		(8.78	)		69.96		(.01	)		8,474		.34			.81
12/31/2017		67.29		.55			17.89		18.44		(.55	)		(7.33	)		(7.88	)		77.85		28.62			8,100		.35			.75
12/31/2016		68.02		.67			5.40		6.07		(.67	)		(6.13	)		(6.80	)		67.29		9.77			6,931		.35			1.03
Class 1A:
6/30/2021^3,4		119.59		.10			14.69		14.79		(.12	)		(16.81	)		(16.93	)		117.45		12.87	⁵		79		.60	⁶		.16	⁶
12/31/2020		80.92		.20			41.05		41.25		(.40	)		(2.18	)		(2.58	)		119.59		52.07			60		.60			.21
12/31/2019		69.77		.65			19.55		20.20		(.61	)		(8.44	)		(9.05	)		80.92		30.79			18		.60			.85
12/31/2018		77.74		.47			.24		.71		(.44	)		(8.24	)		(8.68	)		69.77		(.26	)		10		.59			.60
12/31/2017^3,7		68.84		.35			16.38		16.73		(.50	)		(7.33	)		(7.83	)		77.74		25.47	⁵		3		.59	⁶		.47	⁶
Class 2:
6/30/2021^3,4		119.18		.09			14.65		14.74		(.11	)		(16.81	)		(16.92	)		117.00		12.87	⁵		21,673		.60	⁶		.15	⁶
12/31/2020		80.57		.19			40.89		41.08		(.29	)		(2.18	)		(2.47	)		119.18		52.10			20,594		.60			.21
12/31/2019		69.48		.63			19.47		20.10		(.57	)		(8.44	)		(9.01	)		80.57		30.77			15,885		.60			.83
12/31/2018		77.35		.44			.27		.71		(.34	)		(8.24	)		(8.58	)		69.48		(.25	)		13,701		.59			.55
12/31/2017		66.92		.37			17.76		18.13		(.37	)		(7.33	)		(7.70	)		77.35		28.28			15,716		.60			.50
12/31/2016		67.69		.51			5.36		5.87		(.51	)		(6.13	)		(6.64	)		66.92		9.49			13,978		.60			.78
Class 3:
6/30/2021^3,4		121.13		.14			14.91		15.05		(.13	)		(16.81	)		(16.94	)		119.24		12.91	⁵		298		.53	⁶		.22	⁶
12/31/2020		81.84		.26			41.56		41.82		(.35	)		(2.18	)		(2.53	)		121.13		52.20			279		.53			.28
12/31/2019		70.44		.69			19.77		20.46		(.62	)		(8.44	)		(9.06	)		81.84		30.86			213		.53			.90
12/31/2018		78.32		.50			.26		.76		(.40	)		(8.24	)		(8.64	)		70.44		(.18	)		187		.52			.62
12/31/2017		67.67		.42			17.98		18.40		(.42	)		(7.33	)		(7.75	)		78.32		28.39			212		.53			.57
12/31/2016		68.37		.56			5.42		5.98		(.55	)		(6.13	)		(6.68	)		67.67		9.56			183		.53			.85
Class 4:
6/30/2021^3,4		117.24		(.06	)		14.40		14.34		(.08	)		(16.81	)		(16.89	)		114.69		12.74	⁵		2,829		.85	⁶		(.10	)⁶
12/31/2020		79.41		(.04	)		40.24		40.20		(.19	)		(2.18	)		(2.37	)		117.24		51.71			2,347		.85			(.04	)
12/31/2019		68.64		.44			19.19		19.63		(.42	)		(8.44	)		(8.86	)		79.41		30.44			1,513		.85			.59
12/31/2018		76.56		.24			.28		.52		(.20	)		(8.24	)		(8.44	)		68.64		(.50	)		1,076		.84			.31
12/31/2017		66.41		.18			17.61		17.79		(.31	)		(7.33	)		(7.64	)		76.56		27.99			954		.85			.25
12/31/2016		67.26		.34			5.32		5.66		(.38	)		(6.13	)		(6.51	)		66.41		9.22			458		.85			.53

See end of tables for footnotes.

American Funds Insurance Series

315

Financial highlights (continued)

			Income (loss) from investment operations¹								Dividends and distributions
Period ended	Net asset value, beginning of period		Net investment income		Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends (from net investment income)			Distributions (from capital gains)			Total dividends and distributions			Net asset value, end of period		Total return			Net assets, end of period (in millions)		Ratio of expenses to average net assets²			Ratio of net income to average net assets

International Fund

Class 1:
6/30/2021^3,4	$	23.64	$	.14	$	.97		$	1.11		$	(.01	)	$	—		$	(.01	)	$	24.74		4.71	%⁵	$	5,060		.55	%⁶		1.17	%⁶
12/31/2020		20.86		.14		2.82			2.96			(.18	)		—			(.18	)		23.64		14.28			5,652		.55			.71
12/31/2019		17.66		.30		3.74			4.04			(.34	)		(.50	)		(.84	)		20.86		23.21			5,353		.54			1.54
12/31/2018		21.71		.34		(2.97	)		(2.63	)		(.40	)		(1.02	)		(1.42	)		17.66		(12.94	)		4,811		.53			1.62
12/31/2017		16.82		.26		5.16			5.42			(.30	)		(.23	)		(.53	)		21.71		32.46			5,014		.53			1.33
12/31/2016		18.08		.27		.30			.57			(.28	)		(1.55	)		(1.83	)		16.82		3.78			3,652		.54			1.57
Class 1A:
6/30/2021^3,4		23.55		.12		.96			1.08			—	⁹		—			—	⁹		24.63		4.61	⁵		10		.80	⁶		.97	⁶
12/31/2020		20.80		.08		2.81			2.89			(.14	)		—			(.14	)		23.55		13.96			10		.80			.43
12/31/2019		17.62		.25		3.72			3.97			(.29	)		(.50	)		(.79	)		20.80		22.90			7		.79			1.27
12/31/2018		21.67		.27		(2.93	)		(2.66	)		(.37	)		(1.02	)		(1.39	)		17.62		(13.11	)		5		.78			1.32
12/31/2017^3,7		17.17		.09		4.93			5.02			(.29	)		(.23	)		(.52	)		21.67		29.46	⁵		2		.77	⁶		.43	⁶
Class 2:
6/30/2021^3,4		23.54		.11		.97			1.08			—	⁹		—			—	⁹		24.62		4.61	⁵		4,492		.80	⁶		.94	⁶
12/31/2020		20.78		.09		2.80			2.89			(.13	)		—			(.13	)		23.54		13.97			4,481		.80			.46
12/31/2019		17.60		.25		3.72			3.97			(.29	)		(.50	)		(.79	)		20.78		22.88			4,311		.79			1.29
12/31/2018		21.63		.29		(2.95	)		(2.66	)		(.35	)		(1.02	)		(1.37	)		17.60		(13.13	)		3,875		.78			1.40
12/31/2017		16.76		.22		5.13			5.35			(.25	)		(.23	)		(.48	)		21.63		32.14			4,422		.78			1.10
12/31/2016		18.02		.23		.30			.53			(.24	)		(1.55	)		(1.79	)		16.76		3.53			3,710		.79			1.35
Class 3:
6/30/2021^3,4		23.69		.12		.99			1.11			(.01	)		—			(.01	)		24.79		4.67	⁵		24		.73	⁶		1.00	⁶
12/31/2020		20.92		.10		2.81			2.91			(.14	)		—			(.14	)		23.69		14.00			25		.73			.53
12/31/2019		17.70		.27		3.75			4.02			(.30	)		(.50	)		(.80	)		20.92		23.05			25		.72			1.37
12/31/2018		21.75		.31		(2.98	)		(2.67	)		(.36	)		(1.02	)		(1.38	)		17.70		(13.10	)		24		.71			1.48
12/31/2017		16.85		.23		5.17			5.40			(.27	)		(.23	)		(.50	)		21.75		32.23			31		.71			1.17
12/31/2016		18.11		.24		.30			.54			(.25	)		(1.55	)		(1.80	)		16.85		3.57			27		.72			1.42
Class 4:
6/30/2021^3,4		23.25		.08		.96			1.04			—			—			—			24.29		4.47	⁵		459		1.05	⁶		.71	⁶
12/31/2020		20.54		.04		2.76			2.80			(.09	)		—			(.09	)		23.25		13.66			423		1.05			.21
12/31/2019		17.40		.20		3.69			3.89			(.25	)		(.50	)		(.75	)		20.54		22.67			379		1.04			1.03
12/31/2018		21.42		.23		(2.93	)		(2.70	)		(.30	)		(1.02	)		(1.32	)		17.40		(13.41	)		295		1.03			1.13
12/31/2017		16.64		.11		5.16			5.27			(.26	)		(.23	)		(.49	)		21.42		31.89			289		1.03			.55
12/31/2016		17.93		.18		.29			.47			(.21	)		(1.55	)		(1.76	)		16.64		3.21			66		1.04			1.03

See end of tables for footnotes.

316	American Funds Insurance Series

Financial highlights (continued)

			Income (loss) from investment operations¹								Dividends and distributions
Period ended	Net asset value, beginning of period		Net investment income		Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends (from net investment income)			Distributions (from capital gains)			Total dividends and distributions			Net asset value, end of period		Total return¹¹			Net assets, end of period (in millions)		Ratio of expenses to average net assets before waivers²			Ratio of expenses to average net assets after waivers^2,11			Ratio of net income to average net assets¹¹

New World Fund

Class 1:
6/30/2021^3,4	$	31.59	$	.14	$	3.07		$	3.21		$	(.09	)	$	(1.07	)	$	(1.16	)	$	33.64		10.21	%⁵	$	2,542		.74	%⁶		.56	%⁶		.85	%⁶
12/31/2020		25.84		.15		5.93			6.08			(.06	)		(.27	)		(.33	)		31.59		23.89			2,309		.76			.64			.58
12/31/2019		20.98		.28		5.79			6.07			(.29	)		(.92	)		(1.21	)		25.84		29.47			2,129		.76			.76			1.18
12/31/2018		25.30		.27		(3.65	)		(3.38	)		(.27	)		(.67	)		(.94	)		20.98		(13.83	)		1,702		.77			.77			1.11
12/31/2017		19.72		.26		5.59			5.85			(.27	)		—			(.27	)		25.30		29.73			2,050		.77			.77			1.14
12/31/2016		18.87		.24		.81			1.05			(.20	)		—			(.20	)		19.72		5.59			1,743		.78			.78			1.25
Class 1A:
6/30/2021^3,4		31.43		.07		3.07			3.14			(.06	)		(1.07	)		(1.13	)		33.44		10.05	⁵		9		.99	⁶		.81	⁶		.46	⁶
12/31/2020		25.74		.07		5.92			5.99			(.03	)		(.27	)		(.30	)		31.43		23.63			18		1.01			.87			.26
12/31/2019		20.92		.22		5.76			5.98			(.24	)		(.92	)		(1.16	)		25.74		29.11			4		1.01			1.01			.92
12/31/2018		25.25		.21		(3.64	)		(3.43	)		(.23	)		(.67	)		(.90	)		20.92		(14.02	)		2		1.02			1.02			.91
12/31/2017^3,7		20.14		.13		5.24			5.37			(.26	)		—			(.26	)		25.25		26.72	⁵		1		1.00	⁶		1.00	⁶		.53	⁶
Class 2:
6/30/2021^3,4		31.25		.10		3.04			3.14			(.08	)		(1.07	)		(1.15	)		33.24		10.09	⁵		1,163		.99	⁶		.81	⁶		.59	⁶
12/31/2020		25.59		.08		5.87			5.95			(.02	)		(.27	)		(.29	)		31.25		23.58			1,109		1.01			.89			.34
12/31/2019		20.79		.22		5.73			5.95			(.23	)		(.92	)		(1.15	)		25.59		29.15			981		1.01			1.01			.93
12/31/2018		25.07		.20		(3.61	)		(3.41	)		(.20	)		(.67	)		(.87	)		20.79		(14.04	)		843		1.02			1.02			.85
12/31/2017		19.54		.20		5.55			5.75			(.22	)		—			(.22	)		25.07		29.44			1,055		1.02			1.02			.89
12/31/2016		18.71		.19		.79			.98			(.15	)		—			(.15	)		19.54		5.26			911		1.03			1.03			1.00
Class 4:
6/30/2021^3,4		31.04		.06		3.00			3.06			(.06	)		(1.07	)		(1.13	)		32.97		9.92	⁵		913		1.24	⁶		1.06	⁶		.35	⁶
12/31/2020		25.47		.02		5.83			5.85			(.01	)		(.27	)		(.28	)		31.04		23.29			807		1.26			1.14			.08
12/31/2019		20.71		.16		5.70			5.86			(.18	)		(.92	)		(1.10	)		25.47		28.82			646		1.26			1.26			.67
12/31/2018		24.99		.14		(3.59	)		(3.45	)		(.16	)		(.67	)		(.83	)		20.71		(14.25	)		464		1.27			1.27			.61
12/31/2017		19.51		.14		5.52			5.66			(.18	)		—			(.18	)		24.99		29.06			427		1.27			1.27			.61
12/31/2016		18.69		.14		.80			.94			(.12	)		—			(.12	)		19.51		5.04			240		1.28			1.28			.75

See end of tables for footnotes.

American Funds Insurance Series

317

Financial highlights (continued)

			Income (loss) from investment operations¹								Dividends and distributions
Period ended	Net asset value, beginning of period		Net investment income		Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends (from net investment income)			Distributions (from capital gains)			Total dividends and distributions			Net asset value, end of period		Total return¹¹			Net assets, end of period (in millions)		Ratio of expenses to average net assets before waivers²			Ratio of expenses to average net assets after waivers^2,11			Ratio of net income to average net assets¹¹

Washington Mutual Investors Fund

Class 1:
6/30/2021^3,4	$	14.35	$	.13	$	2.04		$	2.17		$	(.06	)	$	—		$	(.06	)	$	16.46		15.14	%⁵	$	5,803		.42	%⁶		.37	%⁶		1.66	%⁶
12/31/2020		13.56		.25		.95			1.20			(.26	)		(.15	)		(.41	)		14.35		9.04			5,684		.43			.43			2.00
12/31/2019		12.38		.30		2.25			2.55			(.30	)		(1.07	)		(1.37	)		13.56		21.66			5,559		.42			.42			2.28
12/31/2018		14.96		.31		(1.44	)		(1.13	)		(.31	)		(1.14	)		(1.45	)		12.38		(8.45	)		4,810		.41			.41			2.13
12/31/2017		13.53		.32		1.96			2.28			(.32	)		(.53	)		(.85	)		14.96		17.30			5,581		.41			.41			2.27
12/31/2016		12.62		.31		1.97			2.28			(.29	)		(1.08	)		(1.37	)		13.53		19.06			5,099		.41			.41			2.39
Class 1A:
6/30/2021^3,4		14.28		.12		2.02			2.14			(.06	)		—			(.06	)		16.36		15.00	⁵		111		.67	⁶		.57	⁶		1.48	⁶
12/31/2020		13.51		.23		.93			1.16			(.24	)		(.15	)		(.39	)		14.28		8.79			25		.67			.67			1.78
12/31/2019		12.35		.26		2.24			2.50			(.27	)		(1.07	)		(1.34	)		13.51		21.35			9		.67			.67			2.03
12/31/2018		14.94		.26		(1.42	)		(1.16	)		(.29	)		(1.14	)		(1.43	)		12.35		(8.67	)		3		.66			.66			1.84
12/31/2017^3,7		13.75		.28		1.75			2.03			(.31	)		(.53	)		(.84	)		14.94		15.21	⁵		1		.65	⁶		.65	⁶		2.01	⁶
Class 2:
6/30/2021^3,4		14.15		.11		2.02			2.13			(.06	)		—			(.06	)		16.22		15.03	⁵		3,283		.67	⁶		.62	⁶		1.41	⁶
12/31/2020		13.39		.22		.91			1.13			(.22	)		(.15	)		(.37	)		14.15		8.68			3,082		.68			.68			1.75
12/31/2019		12.24		.26		2.22			2.48			(.26	)		(1.07	)		(1.33	)		13.39		21.38			3,093		.67			.67			2.03
12/31/2018		14.80		.27		(1.42	)		(1.15	)		(.27	)		(1.14	)		(1.41	)		12.24		(8.66	)		2,850		.66			.66			1.88
12/31/2017		13.39		.28		1.94			2.22			(.28	)		(.53	)		(.81	)		14.80		17.04			3,551		.66			.66			2.02
12/31/2016		12.51		.28		1.94			2.22			(.26	)		(1.08	)		(1.34	)		13.39		18.70			3,412		.66			.66			2.16
Class 4:
6/30/2021^3,4		14.06		.09		2.00			2.09			(.05	)		—			(.05	)		16.10		14.88	⁵		951		.92	⁶		.87	⁶		1.16	⁶
12/31/2020		13.31		.19		.91			1.10			(.20	)		(.15	)		(.35	)		14.06		8.47			788		.93			.93			1.51
12/31/2019		12.19		.23		2.20			2.43			(.24	)		(1.07	)		(1.31	)		13.31		21.03			621		.92			.92			1.78
12/31/2018		14.77		.23		(1.42	)		(1.19	)		(.25	)		(1.14	)		(1.39	)		12.19		(8.92	)		368		.91			.91			1.62
12/31/2017		13.39		.25		1.93			2.18			(.27	)		(.53	)		(.80	)		14.77		16.70			247		.91			.91			1.76
12/31/2016		12.53		.24		1.96			2.20			(.26	)		(1.08	)		(1.34	)		13.39		18.49			132		.91			.91			1.81

See end of tables for footnotes.

318	American Funds Insurance Series

Financial highlights (continued)

			Income (loss) from investment operations¹								Dividends and distributions
Period ended	Net asset value, beginning of period		Net investment income		Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends (from net investment income)			Distributions (from capital gains)			Total dividends and distributions			Net asset value, end of period		Total return¹¹			Net assets, end of period (in millions)			Ratio of expenses to average net assets before waivers²			Ratio of expenses to average net assets after waivers^2,11			Ratio of net income to average net assets¹¹

Capital World Growth and Income Fund

Class 1:
6/30/2021^3,4	$	16.67	$	.15	$	1.53		$	1.68		$	(.04	)	$	(.40	)	$	(.44	)	$	17.91		10.06	%⁵	$	785			.63	%⁶		.55	%⁶		1.71	%⁶
12/31/2020		15.92		.22		1.14			1.36			(.23	)		(.38	)		(.61	)		16.67		9.03			657			.66			.66			1.49
12/31/2019		13.02		.31		3.67			3.98			(.32	)		(.76	)		(1.08	)		15.92		31.39			625			.65			.65			2.08
12/31/2018		15.81		.29		(1.62	)		(1.33	)		(.28	)		(1.18	)		(1.46	)		13.02		(9.36	)		492			.63			.63			1.94
12/31/2017		13.02		.35		3.06			3.41			(.36	)		(.26	)		(.62	)		15.81		26.40			485			.63			.63			2.43
12/31/2016		12.35		.28		.66			.94			(.27	)		—			(.27	)		13.02		7.61			571			.63			.63			2.18
Class 1A:
6/30/2021^3,4		16.62		.14		1.51			1.65			(.03	)		(.40	)		(.43	)		17.84		9.94	⁵		3			.88	⁶		.80	⁶		1.56	⁶
12/31/2020		15.88		.18		1.13			1.31			(.19	)		(.38	)		(.57	)		16.62		8.78			2			.90			.90			1.23
12/31/2019		13.00		.26		3.68			3.94			(.30	)		(.76	)		(1.06	)		15.88		31.04			2			.90			.90			1.77
12/31/2018		15.81		.26		(1.63	)		(1.37	)		(.26	)		(1.18	)		(1.44	)		13.00		(9.62	)		1			.88			.88			1.74
12/31/2017^3,7		13.21		.18		3.03			3.21			(.35	)		(.26	)		(.61	)		15.81		24.54	⁵		—	⁸		.84	⁶		.84	⁶		1.20	⁶
Class 2:
6/30/2021^3,4		16.63		.13		1.53			1.66			(.03	)		(.40	)		(.43	)		17.86		9.98	⁵		1,368			.88	⁶		.81	⁶		1.45	⁶
12/31/2020		15.89		.18		1.13			1.31			(.19	)		(.38	)		(.57	)		16.63		8.73			1,349			.91			.91			1.23
12/31/2019		12.99		.27		3.68			3.95			(.29	)		(.76	)		(1.05	)		15.89		31.14			1,366			.90			.90			1.84
12/31/2018		15.78		.26		(1.63	)		(1.37	)		(.24	)		(1.18	)		(1.42	)		12.99		(9.63	)		1,228			.88			.88			1.70
12/31/2017		13.00		.31		3.05			3.36			(.32	)		(.26	)		(.58	)		15.78		26.06			1,538			.88			.88			2.11
12/31/2016		12.33		.25		.65			.90			(.23	)		—			(.23	)		13.00		7.34			1,405			.88			.88			1.98
Class 4:
6/30/2021^3,4		16.35		.10		1.51			1.61			(.03	)		(.40	)		(.43	)		17.53		9.82	⁵		202			1.13	⁶		1.05	⁶		1.22	⁶
12/31/2020		15.63		.14		1.12			1.26			(.16	)		(.38	)		(.54	)		16.35		8.55			166			1.16			1.16			.97
12/31/2019		12.81		.23		3.61			3.84			(.26	)		(.76	)		(1.02	)		15.63		30.73			145			1.15			1.15			1.56
12/31/2018		15.60		.21		(1.60	)		(1.39	)		(.22	)		(1.18	)		(1.40	)		12.81		(9.89	)		95			1.13			1.13			1.43
12/31/2017		12.89		.22		3.08			3.30			(.33	)		(.26	)		(.59	)		15.60		25.83			79			1.14			1.14			1.49
12/31/2016		12.26		.21		.65			.86			(.23	)		—			(.23	)		12.89		7.04			16			1.13			1.13			1.63

See end of tables for footnotes.

American Funds Insurance Series

319

Financial highlights (continued)

			Income (loss) from investment operations¹								Dividends and distributions
Period ended	Net asset value, beginning of period		Net investment income		Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends (from net investment income)			Distributions (from capital gains)			Total dividends and distributions			Net asset value, end of period		Total return			Net assets, end of period (in millions)		Ratio of expenses to average net assets²			Ratio of net income to average net assets

Growth-Income Fund

Class 1:
6/30/2021^3,4	$	55.38	$	.38	$	7.53		$	7.91		$	(.25	)	$	(.60	)	$	(.85	)	$	62.44		14.30	%⁵	$	24,114		.29	%⁶		1.30	%⁶
12/31/2020		50.71		.75		6.02			6.77			(.80	)		(1.30	)		(2.10	)		55.38		13.81			22,903		.29			1.52
12/31/2019		45.39		1.00		10.40			11.40			(.92	)		(5.16	)		(6.08	)		50.71		26.46			21,057		.29			2.05
12/31/2018		50.22		.84		(1.25	)		(.41	)		(.84	)		(3.58	)		(4.42	)		45.39		(1.55	)		16,783		.28			1.65
12/31/2017		44.41		.81		8.89			9.70			(.78	)		(3.11	)		(3.89	)		50.22		22.68			15,765		.28			1.69
12/31/2016		45.40		.79		4.09			4.88			(.75	)		(5.12	)		(5.87	)		44.41		11.80			12,588		.29			1.79
Class 1A:
6/30/2021^3,4		55.16		.31		7.48			7.79			(.23	)		(.60	)		(.83	)		62.12		14.14	⁵		20		.54	⁶		1.06	⁶
12/31/2020		50.54		.63		5.99			6.62			(.70	)		(1.30	)		(2.00	)		55.16		13.55			16		.54			1.28
12/31/2019		45.28		.89		10.36			11.25			(.83	)		(5.16	)		(5.99	)		50.54		26.14			11		.54			1.82
12/31/2018		50.15		.72		(1.25	)		(.53	)		(.76	)		(3.58	)		(4.34	)		45.28		(1.78	)		7		.53			1.43
12/31/2017^3,7		45.39		.67		7.96			8.63			(.76	)		(3.11	)		(3.87	)		50.15		19.83	⁵		2		.52	⁶		1.41	⁶
Class 2:
6/30/2021^3,4		54.66		.30		7.42			7.72			(.23	)		(.60	)		(.83	)		61.55		14.14	⁵		14,983		.54	⁶		1.05	⁶
12/31/2020		50.08		.62		5.93			6.55			(.67	)		(1.30	)		(1.97	)		54.66		13.54			14,012		.54			1.27
12/31/2019		44.90		.87		10.27			11.14			(.80	)		(5.16	)		(5.96	)		50.08		26.14			13,586		.53			1.80
12/31/2018		49.71		.71		(1.23	)		(.52	)		(.71	)		(3.58	)		(4.29	)		44.90		(1.79	)		12,035		.53			1.40
12/31/2017		44.00		.68		8.80			9.48			(.66	)		(3.11	)		(3.77	)		49.71		22.38			13,930		.53			1.45
12/31/2016		45.04		.67		4.05			4.72			(.64	)		(5.12	)		(5.76	)		44.00		11.51			12,854		.54			1.54
Class 3:
6/30/2021^3,4		55.49		.33		7.53			7.86			(.23	)		(.60	)		(.83	)		62.52		14.19	⁵		165		.47	⁶		1.12	⁶
12/31/2020		50.81		.66		6.02			6.68			(.70	)		(1.30	)		(2.00	)		55.49		13.60			154		.47			1.34
12/31/2019		45.47		.91		10.43			11.34			(.84	)		(5.16	)		(6.00	)		50.81		26.24			156		.46			1.87
12/31/2018		50.29		.75		(1.25	)		(.50	)		(.74	)		(3.58	)		(4.32	)		45.47		(1.72	)		140		.46			1.47
12/31/2017		44.47		.72		8.90			9.62			(.69	)		(3.11	)		(3.80	)		50.29		22.47			168		.46			1.52
12/31/2016		45.46		.71		4.09			4.80			(.67	)		(5.12	)		(5.79	)		44.47		11.59			156		.47			1.61
Class 4:
6/30/2021^3,4		53.99		.23		7.32			7.55			(.21	)		(.60	)		(.81	)		60.73		14.00	⁵		1,695		.79	⁶		.81	⁶
12/31/2020		49.52		.49		5.85			6.34			(.57	)		(1.30	)		(1.87	)		53.99		13.25			1,407		.79			1.02
12/31/2019		44.47		.74		10.18			10.92			(.71	)		(5.16	)		(5.87	)		49.52		25.86			1,216		.79			1.56
12/31/2018		49.31		.58		(1.23	)		(.65	)		(.61	)		(3.58	)		(4.19	)		44.47		(2.05	)		899		.78			1.15
12/31/2017		43.73		.56		8.73			9.29			(.60	)		(3.11	)		(3.71	)		49.31		22.08			827		.78			1.19
12/31/2016		44.82		.56		4.02			4.58			(.55	)		(5.12	)		(5.67	)		43.73		11.25			495		.79			1.29

See end of tables for footnotes.

320	American Funds Insurance Series

Financial highlights (continued)

			Income (loss) from investment operations¹								Dividends and distributions
Period ended	Net asset value, beginning of period		Net investment income		Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends (from net investment income)			Distributions (from capital gains)			Total dividends and distributions			Net asset value, end of period		Total return			Net assets, end of period (in millions)		Ratio of expenses to average net assets²			Ratio of net income to average net assets

International Growth and Income Fund

Class 1:
6/30/2021^3,4	$	19.01	$	.24	$	1.13		$	1.37		$	(.07	)	$	—		$	(.07	)	$	20.31		7.20	%⁵	$	995		.67	%⁶		2.39	%⁶
12/31/2020		18.18		.27		.85			1.12			(.29	)		—			(.29	)		19.01		6.24			1,120		.68			1.70
12/31/2019		15.35		.46		3.03			3.49			(.47	)		(.19	)		(.66	)		18.18		23.06			1,140		.66			2.73
12/31/2018		17.72		.45		(2.39	)		(1.94	)		(.43	)		—			(.43	)		15.35		(11.00	)		1,034		.65			2.62
12/31/2017		14.48		.46		3.20			3.66			(.42	)		—			(.42	)		17.72		25.31			1,121		.66			2.75
12/31/2016		14.72		.43		(.19	)		.24			(.42	)		(.06	)		(.48	)		14.48		1.71			820		.68			2.93
Class 1A:
6/30/2021^3,4		18.97		.21		1.13			1.34			(.06	)		—			(.06	)		20.25		7.08	⁵		4		.91	⁶		2.18	⁶
12/31/2020		18.15		.22		.85			1.07			(.25	)		—			(.25	)		18.97		5.98			3		.93			1.38
12/31/2019		15.33		.41		3.04			3.45			(.44	)		(.19	)		(.63	)		18.15		22.76			2		.91			2.41
12/31/2018		17.70		.41		(2.39	)		(1.98	)		(.39	)		—			(.39	)		15.33		(11.24	)		2		.90			2.35
12/31/2017^3,7		14.69		.34		3.08			3.42			(.41	)		—			(.41	)		17.70		23.36	⁵		2		.91	⁶		1.99	⁶
Class 2:
6/30/2021^3,4		18.95		.21		1.12			1.33			(.06	)		—			(.06	)		20.22		7.02	⁵		222		.91	⁶		2.17	⁶
12/31/2020		18.12		.23		.85			1.08			(.25	)		—			(.25	)		18.95		6.01			221		.93			1.43
12/31/2019		15.30		.42		3.02			3.44			(.43	)		(.19	)		(.62	)		18.12		22.76			257		.91			2.49
12/31/2018		17.66		.41		(2.38	)		(1.97	)		(.39	)		—			(.39	)		15.30		(11.23	)		230		.90			2.38
12/31/2017		14.43		.43		3.17			3.60			(.37	)		—			(.37	)		17.66		25.03			276		.91			2.60
12/31/2016		14.68		.40		(.21	)		.19			(.38	)		(.06	)		(.44	)		14.43		1.44			244		.93			2.72
Class 4:
6/30/2021^3,4		18.82		.19		1.11			1.30			(.06	)		—			(.06	)		20.06		6.88	⁵		123		1.16	⁶		1.93	⁶
12/31/2020		18.01		.19		.83			1.02			(.21	)		—			(.21	)		18.82		5.73			112		1.18			1.19
12/31/2019		15.22		.37		3.01			3.38			(.40	)		(.19	)		(.59	)		18.01		22.47			101		1.16			2.18
12/31/2018		17.58		.36		(2.36	)		(2.00	)		(.36	)		—			(.36	)		15.22		(11.46	)		71		1.15			2.10
12/31/2017		14.38		.37		3.18			3.55			(.35	)		—			(.35	)		17.58		24.72			63		1.16			2.24
12/31/2016		14.63		.36		(.19	)		.17			(.36	)		(.06	)		(.42	)		14.38		1.18			37		1.18			2.43

See end of tables for footnotes.

American Funds Insurance Series

321

Financial highlights (continued)

			Income (loss) from investment operations¹								Dividends and distributions
Period ended	Net asset value, beginning of period		Net investment income		Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends (from net investment income)			Distributions (from capital gains)			Total dividends and distributions			Net asset value, end of period		Total return¹¹			Net assets, end of period (in millions)			Ratio of expenses to average net assets before waivers²			Ratio of expenses to average net assets after waivers^2,11			Ratio of net income to average net assets¹¹

Capital Income Builder

Class 1:
6/30/2021^3,4	$	10.87	$	.19	$	.88		$	1.07		$	(.13	)	$	—		$	(.13	)	$	11.81		9.85	%⁵	$	499			.53	%⁶		.27	%⁶		3.31	%⁶
12/31/2020		10.73		.31		.15			.46			(.32	)		—			(.32	)		10.87		4.64			621			.53			.35			3.07
12/31/2019		9.37		.32		1.36			1.68			(.32	)		—			(.32	)		10.73		18.16			533			.53			.53			3.17
12/31/2018		10.40		.31		(1.00	)		(.69	)		(.32	)		(.02	)		(.34	)		9.37		(6.77	)		317			.54			.54			3.08
12/31/2017		9.46		.32		.93			1.25			(.31	)		—			(.31	)		10.40		13.29			254			.54			.54			3.21
12/31/2016		9.40		.32		.07			.39			(.33	)		—			(.33	)		9.46		4.17			156			.54			.54			3.39
Class 1A:
6/30/2021^3,4		10.86		.18		.87			1.05			(.11	)		—			(.11	)		11.80		9.72	⁵		7			.78	⁶		.52	⁶		3.09	⁶
12/31/2020		10.72		.28		.16			.44			(.30	)		—			(.30	)		10.86		4.38			6			.78			.60			2.81
12/31/2019		9.36		.29		1.37			1.66			(.30	)		—			(.30	)		10.72		17.90			6			.78			.78			2.84
12/31/2018		10.39		.28		(.99	)		(.71	)		(.30	)		(.02	)		(.32	)		9.36		(7.01	)		2			.79			.79			2.82
12/31/2017^3,7		9.57		.27		.84			1.11			(.29	)		—			(.29	)		10.39		11.72	⁵		1			.79	⁶		.79	⁶		2.63	⁶
Class 2:
6/30/2021^3,4		10.87		.18		.87			1.05			(.11	)		—			(.11	)		11.81		9.72	⁵		11			.78	⁶		.52	⁶		3.11	⁶
12/31/2020		10.72		.29		.16			.45			(.30	)		—			(.30	)		10.87		4.48			8			.78			.60			2.83
12/31/2019		9.36		.30		1.35			1.65			(.29	)		—			(.29	)		10.72		17.89			6			.78			.78			2.91
12/31/2018		10.40		.28		(1.00	)		(.72	)		(.30	)		(.02	)		(.32	)		9.36		(7.08	)		4			.79			.79			2.83
12/31/2017		9.46		.29		.93			1.22			(.28	)		—			(.28	)		10.40		13.04			1			.79			.79			2.82
12/31/2016		9.40		.27		.11			.38			(.32	)		—			(.32	)		9.46		4.08			—	⁸		.80			.80			2.82
Class 4:
6/30/2021^3,4		10.85		.16		.88			1.04			(.10	)		—			(.10	)		11.79		9.60	⁵		522			1.03	⁶		.77	⁶		2.84	⁶
12/31/2020		10.71		.26		.15			.41			(.27	)		—			(.27	)		10.85		4.11			462			1.03			.85			2.55
12/31/2019		9.35		.27		1.36			1.63			(.27	)		—			(.27	)		10.71		17.62			454			1.03			1.03			2.68
12/31/2018		10.38		.26		(1.00	)		(.74	)		(.27	)		(.02	)		(.29	)		9.35		(7.25	)		352			1.04			1.04			2.58
12/31/2017		9.45		.27		.92			1.19			(.26	)		—			(.26	)		10.38		12.65			338			1.04			1.04			2.72
12/31/2016		9.38		.27		.08			.35			(.28	)		—			(.28	)		9.45		3.78			256			1.04			1.04			2.88

See end of tables for footnotes.

322	American Funds Insurance Series

Financial highlights (continued)

			Income (loss) from investment operations¹								Dividends and distributions
Period ended	Net asset value, beginning of period		Net investment income		Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends (from net investment income)			Distributions (from capital gains)			Total dividends and distributions			Net asset value, end of period		Total return			Net assets, end of period (in millions)		Ratio of expenses to average net assets²			Ratio of net income to average net assets

Asset Allocation Fund

Class 1:
6/30/2021^3,4	$	26.50	$	.23	$	2.48		$	2.71		$	(.10	)	$	(.94	)	$	(1.04	)	$	28.17		10.22	%⁵	$	20,941		.30	%⁶		1.67	%⁶
12/31/2020		24.05		.43		2.59			3.02			(.46	)		(.11	)		(.57	)		26.50		12.71			19,238		.30			1.80
12/31/2019		21.29		.51		3.94			4.45			(.50	)		(1.19	)		(1.69	)		24.05		21.54			17,730		.29			2.21
12/31/2018		23.71		.48		(1.43	)		(.95	)		(.44	)		(1.03	)		(1.47	)		21.29		(4.35	)		14,627		.28			2.04
12/31/2017		21.68		.44		3.06			3.50			(.41	)		(1.06	)		(1.47	)		23.71		16.51			16,556		.29			1.90
12/31/2016		20.62		.42		1.54			1.96			(.39	)		(.51	)		(.90	)		21.68		9.69			13,008		.29			1.97
Class 1A:
6/30/2021^3,4		26.42		.20		2.47			2.67			(.09	)		(.94	)		(1.03	)		28.06		10.10	⁵		17		.55	⁶		1.43	⁶
12/31/2020		23.99		.37		2.58			2.95			(.41	)		(.11	)		(.52	)		26.42		12.43			14		.55			1.56
12/31/2019		21.26		.45		3.92			4.37			(.45	)		(1.19	)		(1.64	)		23.99		21.19			11		.54			1.95
12/31/2018		23.69		.42		(1.42	)		(1.00	)		(.40	)		(1.03	)		(1.43	)		21.26		(4.58	)		7		.53			1.82
12/31/2017^3,7		21.97		.39		2.78			3.17			(.39	)		(1.06	)		(1.45	)		23.69		14.78	⁵		4		.53	⁶		1.69	⁶
Class 2:
6/30/2021^3,4		26.21		.19		2.44			2.63			(.08	)		(.94	)		(1.02	)		27.82		10.06	⁵		5,496		.55	⁶		1.42	⁶
12/31/2020		23.79		.37		2.56			2.93			(.40	)		(.11	)		(.51	)		26.21		12.46			5,242		.55			1.55
12/31/2019		21.08		.45		3.89			4.34			(.44	)		(1.19	)		(1.63	)		23.79		21.23			5,154		.54			1.96
12/31/2018		23.49		.41		(1.41	)		(1.00	)		(.38	)		(1.03	)		(1.41	)		21.08		(4.60	)		4,668		.53			1.78
12/31/2017		21.49		.37		3.04			3.41			(.35	)		(1.06	)		(1.41	)		23.49		16.23			5,480		.54			1.64
12/31/2016		20.45		.36		1.53			1.89			(.34	)		(.51	)		(.85	)		21.49		9.41			5,144		.54			1.72
Class 3:
6/30/2021^3,4		26.53		.21		2.48			2.69			(.09	)		(.94	)		(1.03	)		28.19		10.14	⁵		36		.48	⁶		1.49	⁶
12/31/2020		24.08		.39		2.59			2.98			(.42	)		(.11	)		(.53	)		26.53		12.50			33		.48			1.62
12/31/2019		21.32		.47		3.93			4.40			(.45	)		(1.19	)		(1.64	)		24.08		21.30			32		.47			2.02
12/31/2018		23.73		.43		(1.41	)		(.98	)		(.40	)		(1.03	)		(1.43	)		21.32		(4.49	)		29		.46			1.85
12/31/2017		21.70		.39		3.07			3.46			(.37	)		(1.06	)		(1.43	)		23.73		16.29			38		.47			1.72
12/31/2016		20.64		.38		1.54			1.92			(.35	)		(.51	)		(.86	)		21.70		9.49			35		.47			1.79
Class 4:
6/30/2021^3,4		26.06		.16		2.44			2.60			(.08	)		(.94	)		(1.02	)		27.64		9.97	⁵		5,856		.80	⁶		1.18	⁶
12/31/2020		23.67		.31		2.54			2.85			(.35	)		(.11	)		(.46	)		26.06		12.16			5,131		.80			1.30
12/31/2019		20.99		.39		3.87			4.26			(.39	)		(1.19	)		(1.58	)		23.67		20.92			4,493		.79			1.71
12/31/2018		23.40		.35		(1.40	)		(1.05	)		(.33	)		(1.03	)		(1.36	)		20.99		(4.83	)		3,594		.78			1.54
12/31/2017		21.43		.32		3.02			3.34			(.31	)		(1.06	)		(1.37	)		23.40		15.91			3,582		.79			1.40
12/31/2016		20.40		.31		1.53			1.84			(.30	)		(.51	)		(.81	)		21.43		9.16			2,861		.79			1.47

See end of tables for footnotes.

American Funds Insurance Series

323

Financial highlights (continued)

			Income (loss) from investment operations¹								Dividends and distributions
Period ended	Net asset value, beginning of period		Net investment income		Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends (from net investment income)			Distributions (from capital gains)			Total dividends and distributions			Net asset value, end of period		Total return			Net assets, end of period (in millions)			Ratio of expenses to average net assets²			Ratio of net income to average net assets

Global Balanced Fund

Class 1:
6/30/2021^3,4	$	14.19	$	.09	$	.78		$	.87		$	(.02	)	$	(.07	)	$	(.09	)	$	14.97		6.10	%⁵	$	116			.72	%⁶		1.29	%⁶
12/31/2020		13.51		.17		1.24			1.41			(.19	)		(.54	)		(.73	)		14.19		10.53			139			.72			1.29
12/31/2019		11.67		.24		2.17			2.41			(.20	)		(.37	)		(.57	)		13.51		20.79			134			.72			1.88
12/31/2018		12.75		.23		(.96	)		(.73	)		(.20	)		(.15	)		(.35	)		11.67		(5.81	)		110			.72			1.82
12/31/2017		11.08		.21		1.99			2.20			(.15	)		(.38	)		(.53	)		12.75		19.91			93			.72			1.68
12/31/2016		10.74		.19		.32			.51			(.17	)		—			(.17	)		11.08		4.73			64			.72			1.73
Class 1A:
6/30/2021^3,4		14.16		.08		.77			.85			(.02	)		(.07	)		(.09	)		14.92		5.98	⁵		4			.97	⁶		1.11	⁶
12/31/2020		13.49		.14		1.23			1.37			(.16	)		(.54	)		(.70	)		14.16		10.25			3			.97			1.03
12/31/2019		11.65		.21		2.17			2.38			(.17	)		(.37	)		(.54	)		13.49		20.54			2			.97			1.63
12/31/2018		12.74		.18		(.94	)		(.76	)		(.18	)		(.15	)		(.33	)		11.65		(6.03	)		2			.98			1.44
12/31/2017^3,7		11.18		.16		1.92			2.08			(.14	)		(.38	)		(.52	)		12.74		18.71	⁵		—	⁸		.94	⁶		1.27	⁶
Class 2:
6/30/2021^3,4		14.16		.08		.77			.85			(.02	)		(.07	)		(.09	)		14.92		5.98	⁵		212			.97	⁶		1.09	⁶
12/31/2020		13.48		.14		1.23			1.37			(.15	)		(.54	)		(.69	)		14.16		10.30			208			.97			1.03
12/31/2019		11.65		.21		2.16			2.37			(.17	)		(.37	)		(.54	)		13.48		20.44			207			.97			1.64
12/31/2018		12.72		.20		(.96	)		(.76	)		(.16	)		(.15	)		(.31	)		11.65		(6.01	)		185			.97			1.57
12/31/2017		11.06		.18		1.98			2.16			(.12	)		(.38	)		(.50	)		12.72		19.57			210			.96			1.43
12/31/2016		10.72		.16		.32			.48			(.14	)		—			(.14	)		11.06		4.48			178			.97			1.48
Class 4:
6/30/2021^3,4		14.02		.06		.76			.82			(.02	)		(.07	)		(.09	)		14.75		5.82	⁵		125			1.22	⁶		.86	⁶
12/31/2020		13.36		.10		1.22			1.32			(.12	)		(.54	)		(.66	)		14.02		10.00			105			1.22			.78
12/31/2019		11.55		.18		2.14			2.32			(.14	)		(.37	)		(.51	)		13.36		20.21			94			1.22			1.37
12/31/2018		12.63		.17		(.96	)		(.79	)		(.14	)		(.15	)		(.29	)		11.55		(6.31	)		69			1.22			1.34
12/31/2017		11.00		.13		1.99			2.12			(.11	)		(.38	)		(.49	)		12.63		19.38			51			1.22			1.07
12/31/2016		10.69		.12		.33			.45			(.14	)		—			(.14	)		11.00		4.21			10			1.24			1.12

See end of tables for footnotes.

324	American Funds Insurance Series

Financial highlights (continued)

			(Loss) income from investment operations¹								Dividends and distributions
Period ended	Net asset value, beginning of period		Net investment income		Net (losses) gains on securities (both realized and unrealized)			Total from investment operations			Dividends (from net investment income)			Distributions (from capital gains)			Total dividends and distributions			Net asset value, end of period		Total return¹¹			Net assets, end of period (in millions)		Ratio of expenses to average net assets before waivers²			Ratio of expenses to average net assets after waivers^2,11			Ratio of net income to average net assets¹¹

The Bond Fund of America

Class 1:
6/30/2021^3,4	$	11.89	$	.10	$	(.18	)	$	(.08	)	$	(.03	)	$	(.47	)	$	(.50	)	$	11.31		(.67	)%⁵	$	8,408		.40	%⁶		.33	%⁶		1.68	%⁶
12/31/2020		11.17		.23		.87			1.10			(.27	)		(.11	)		(.38	)		11.89		9.96			6,844		.40			.40			2.00
12/31/2019		10.47		.30		.71			1.01			(.31	)		—			(.31	)		11.17		9.70			6,481		.39			.39			2.76
12/31/2018		10.82		.29		(.35	)		(.06	)		(.28	)		(.01	)		(.29	)		10.47		(.45	)		5,962		.38			.38			2.70
12/31/2017		10.80		.24		.18			.42			(.24	)		(.16	)		(.40	)		10.82		3.88			6,434		.38			.38			2.19
12/31/2016		10.70		.21		.14			.35			(.21	)		(.04	)		(.25	)		10.80		3.27			6,829		.38			.38			1.91
Class 1A:
6/30/2021^3,4		11.84		.08		(.18	)		(.10	)		(.02	)		(.47	)		(.49	)		11.25		(.79	)⁵		11		.65	⁶		.58	⁶		1.43	⁶
12/31/2020		11.13		.20		.87			1.07			(.25	)		(.11	)		(.36	)		11.84		9.68			9		.65			.65			1.74
12/31/2019		10.45		.27		.71			.98			(.30	)		—			(.30	)		11.13		9.36			7		.64			.64			2.48
12/31/2018		10.80		.26		(.33	)		(.07	)		(.27	)		(.01	)		(.28	)		10.45		(.60	)		3		.63			.63			2.50
12/31/2017^3,7		10.82		.22		.15			.37			(.23	)		(.16	)		(.39	)		10.80		3.46	⁵		1		.62	⁶		.62	⁶		2.01	⁶
Class 2:
6/30/2021^3,4		11.73		.08		(.18	)		(.10	)		(.02	)		(.47	)		(.49	)		11.14		(.81	)⁵		3,829		.65	⁶		.58	⁶		1.42	⁶
12/31/2020		11.02		.20		.86			1.06			(.24	)		(.11	)		(.35	)		11.73		9.73			3,840		.65			.65			1.75
12/31/2019		10.34		.27		.70			.97			(.29	)		—			(.29	)		11.02		9.36			3,561		.64			.64			2.51
12/31/2018		10.69		.26		(.34	)		(.08	)		(.26	)		(.01	)		(.27	)		10.34		(.71	)		3,524		.63			.63			2.45
12/31/2017		10.67		.21		.18			.39			(.21	)		(.16	)		(.37	)		10.69		3.67			3,966		.63			.63			1.94
12/31/2016		10.58		.18		.13			.31			(.18	)		(.04	)		(.22	)		10.67		2.95			3,959		.63			.63			1.65
Class 4:
6/30/2021^3,4		11.69		.07		(.18	)		(.11	)		(.02	)		(.47	)		(.49	)		11.09		(.93	)⁵		820		.90	⁶		.83	⁶		1.18	⁶
12/31/2020		11.00		.17		.85			1.02			(.22	)		(.11	)		(.33	)		11.69		9.38			714		.90			.90			1.48
12/31/2019		10.33		.24		.70			.94			(.27	)		—			(.27	)		11.00		9.08			502		.89			.89			2.25
12/31/2018		10.68		.23		(.33	)		(.10	)		(.24	)		(.01	)		(.25	)		10.33		(.89	)		366		.88			.88			2.22
12/31/2017		10.70		.19		.16			.35			(.21	)		(.16	)		(.37	)		10.68		3.29			297		.88			.88			1.72
12/31/2016		10.61		.15		.15			.30			(.17	)		(.04	)		(.21	)		10.70		2.80			102		.88			.88			1.41

See end of tables for footnotes.

American Funds Insurance Series

325

Financial highlights (continued)

			(Loss) income from investment operations¹								Dividends and distributions
Period ended	Net asset value, beginning of period		Net investment income		Net (losses) gains on securities (both realized and unrealized)			Total from investment operations			Dividends (from net investment income)			Distributions (from capital gains)			Total dividends and distributions			Net asset value, end of period		Total return¹¹			Net assets, end of period (in millions)			Ratio of expenses to average net assets before waivers²			Ratio of expenses to average net assets after waivers^2,11			Ratio of net income to average net assets¹¹

Capital World Bond Fund

Class 1:
6/30/2021^3,4	$	12.94	$	.12	$	(.52	)	$	(.40	)	$	(.07	)	$	(.31	)	$	(.38	)	$	12.16		(3.20	)%⁵	$	1,016			.59	%⁶		.49	%⁶		1.96	%⁶
12/31/2020		12.12		.26		.95			1.21			(.18	)		(.21	)		(.39	)		12.94		10.17			1,219			.59			.52			2.08
12/31/2019		11.42		.31		.61			.92			(.22	)		—			(.22	)		12.12		8.08			1,077			.58			.58			2.60
12/31/2018		11.88		.30		(.44	)		(.14	)		(.28	)		(.04	)		(.32	)		11.42		(1.14	)		1,015			.57			.57			2.56
12/31/2017		11.22		.28		.52			.80			(.07	)		(.07	)		(.14	)		11.88		7.11			1,273			.56			.56			2.37
12/31/2016		11.01		.26		.06			.32			(.09	)		(.02	)		(.11	)		11.22		2.92			1,115			.57			.57			2.26
Class 1A:
6/30/2021^3,4		12.91		.11		(.53	)		(.42	)		(.06	)		(.31	)		(.37	)		12.12		(3.24	)⁵		1			.84	⁶		.74	⁶		1.72	⁶
12/31/2020		12.10		.23		.95			1.18			(.16	)		(.21	)		(.37	)		12.91		9.89			1			.83			.76			1.83
12/31/2019		11.41		.28		.60			.88			(.19	)		—			(.19	)		12.10		7.75			1			.83			.83			2.35
12/31/2018		11.87		.27		(.43	)		(.16	)		(.26	)		(.04	)		(.30	)		11.41		(1.29	)		1			.82			.82			2.36
12/31/2017^3,7		11.22		.26		.52			.78			(.06	)		(.07	)		(.13	)		11.87		7.00	⁵		—	⁸		.72	⁶		.72	⁶		2.27	⁶
Class 2:
6/30/2021^3,4		12.84		.11		(.53	)		(.42	)		(.06	)		(.31	)		(.37	)		12.05		(3.26	)⁵		1,060			.84	⁶		.74	⁶		1.72	⁶
12/31/2020		12.03		.22		.95			1.17			(.15	)		(.21	)		(.36	)		12.84		9.90			1,058			.84			.77			1.83
12/31/2019		11.34		.28		.60			.88			(.19	)		—			(.19	)		12.03		7.77			1,002			.83			.83			2.35
12/31/2018		11.79		.27		(.43	)		(.16	)		(.25	)		(.04	)		(.29	)		11.34		(1.33	)		1,032			.82			.82			2.32
12/31/2017		11.14		.25		.51			.76			(.04	)		(.07	)		(.11	)		11.79		6.86			1,164			.81			.81			2.12
12/31/2016		10.93		.23		.07			.30			(.07	)		(.02	)		(.09	)		11.14		2.71			1,121			.82			.82			2.01
Class 4:
6/30/2021^3,4		12.71		.09		(.52	)		(.43	)		(.06	)		(.31	)		(.37	)		11.91		(3.41	)⁵		60			1.09	⁶		.99	⁶		1.46	⁶
12/31/2020		11.92		.19		.94			1.13			(.13	)		(.21	)		(.34	)		12.71		9.62			61			1.09			1.02			1.58
12/31/2019		11.24		.24		.60			.84			(.16	)		—			(.16	)		11.92		7.54			49			1.08			1.08			2.09
12/31/2018		11.70		.24		(.43	)		(.19	)		(.23	)		(.04	)		(.27	)		11.24		(1.61	)		40			1.07			1.07			2.09
12/31/2017		11.08		.22		.51			.73			(.04	)		(.07	)		(.11	)		11.70		6.63			31			1.06			1.06			1.89
12/31/2016		10.89		.20		.06			.26			(.05	)		(.02	)		(.07	)		11.08		2.42			12			1.07			1.07			1.76

See end of tables for footnotes.

326	American Funds Insurance Series

Financial highlights (continued)

			Income (loss) from investment operations¹								Dividends and distributions
Period ended	Net asset value, beginning of period		Net investment income		Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends (from net investment income)			Distributions (from capital gains)		Total dividends and distributions			Net asset value, end of period		Total return¹¹			Net assets, end of period (in millions)			Ratio of expenses to average net assets before waivers²			Ratio of expenses to average net assets after waivers^2,11			Ratio of net income to average net assets¹¹

American High-Income Trust

Class 1:
6/30/2021^3,4	$	9.80	$	.26	$	.39		$	.65		$	(.08	)	$	—	$	(.08	)	$	10.37		6.62	%⁵	$	276			.53	%⁶		.45	%⁶		5.18	%⁶
12/31/2020		9.87		.61		.17			.78			(.85	)		—		(.85	)		9.80		8.21			123			.52			.52			6.46
12/31/2019		9.34		.67		.52			1.19			(.66	)		—		(.66	)		9.87		12.85			525			.51			.51			6.71
12/31/2018		10.19		.64		(.84	)		(.20	)		(.65	)		—		(.65	)		9.34		(2.15	)		501			.50			.50			6.32
12/31/2017		10.18		.63		.10			.73			(.72	)		—		(.72	)		10.19		7.25			632			.49			.49			5.98
12/31/2016		9.19		.61		1.02			1.63			(.64	)		—		(.64	)		10.18		17.83			949			.49			.49			6.18
Class 1A:
6/30/2021^3,4		9.78		.25		.38			.63			(.07	)		—		(.07	)		10.34		6.49	⁵		1			.78	⁶		.71	⁶		4.98	⁶
12/31/2020		9.86		.56		.20			.76			(.84	)		—		(.84	)		9.78		7.94			1			.78			.78			5.85
12/31/2019		9.33		.65		.51			1.16			(.63	)		—		(.63	)		9.86		12.61			1			.75			.75			6.47
12/31/2018		10.18		.62		(.84	)		(.22	)		(.63	)		—		(.63	)		9.33		(2.35	)		1			.75			.75			6.11
12/31/2017^3,7		10.28		.60		.02			.62			(.72	)		—		(.72	)		10.18		6.02	⁵		—	⁸		.72	⁶		.72	⁶		5.74	⁶
Class 2:
6/30/2021^3,4		9.61		.25		.37			.62			(.07	)		—		(.07	)		10.16		6.50	⁵		690			.78	⁶		.71	⁶		5.00	⁶
12/31/2020		9.70		.55		.19			.74			(.83	)		—		(.83	)		9.61		7.94			665			.78			.78			5.88
12/31/2019		9.19		.64		.50			1.14			(.63	)		—		(.63	)		9.70		12.55			667			.76			.76			6.45
12/31/2018		10.03		.61		(.83	)		(.22	)		(.62	)		—		(.62	)		9.19		(2.34	)		661			.75			.75			6.07
12/31/2017		10.04		.59		.10			.69			(.70	)		—		(.70	)		10.03		6.89			776			.74			.74			5.72
12/31/2016		9.06		.58		1.01			1.59			(.61	)		—		(.61	)		10.04		17.69			799			.74			.74			5.92
Class 3:
6/30/2021^3,4		9.84		.26		.38			.64			(.07	)		—		(.07	)		10.41		6.56	⁵		11			.71	⁶		.64	⁶		5.07	⁶
12/31/2020		9.92		.57		.19			.76			(.84	)		—		(.84	)		9.84		7.93			10			.71			.71			5.94
12/31/2019		9.38		.66		.52			1.18			(.64	)		—		(.64	)		9.92		12.70			10			.69			.69			6.52
12/31/2018		10.23		.63		(.85	)		(.22	)		(.63	)		—		(.63	)		9.38		(2.33	)		10			.68			.68			6.14
12/31/2017		10.22		.61		.10			.71			(.70	)		—		(.70	)		10.23		7.02			12			.67			.67			5.79
12/31/2016		9.22		.59		1.03			1.62			(.62	)		—		(.62	)		10.22		17.68			13			.67			.67			5.99
Class 4:
6/30/2021^3,4		10.54		.25		.41			.66			(.07	)		—		(.07	)		11.13		6.28	⁵		96			1.03	⁶		.95	⁶		4.73	⁶
12/31/2020		10.56		.57		.22			.79			(.81	)		—		(.81	)		10.54		7.74			69			1.03			1.03			5.58
12/31/2019		9.96		.67		.54			1.21			(.61	)		—		(.61	)		10.56		12.27			63			1.01			1.01			6.21
12/31/2018		10.82		.63		(.90	)		(.27	)		(.59	)		—		(.59	)		9.96		(2.64	)		31			1.00			1.00			5.83
12/31/2017		10.79		.61		.10			.71			(.68	)		—		(.68	)		10.82		6.63			34			.99			.99			5.46
12/31/2016		9.73		.60		1.07			1.67			(.61	)		—		(.61	)		10.79		17.29			21			.99			.99			5.55

See end of tables for footnotes.

American Funds Insurance Series

327

Financial highlights (continued)

			(Loss) income from investment operations¹									Dividends and distributions
Period ended	Net asset value, beginning of period		Net investment income			Net (losses) gains on securities (both realized and unrealized)			Total from investment operations			Dividends (from net investment income)			Distributions (from capital gains)			Total dividends and distributions			Net asset value, end of period		Total return¹¹			Net assets, end of period (in millions)			Ratio of expenses to average net assets before waivers			Ratio of expenses to average net assets after waivers¹¹			Ratio of net income to average net assets¹¹

American Funds Mortgage Fund

Class 1:
6/30/2021^3,4	$	11.11	$	.03		$	(.09	)	$	(.06	)	$	(.02	)	$	(.37	)	$	(.39	)	$	10.66		(.57	)%⁵	$	231			.50	%⁶		.31	%⁶		.52	%⁶
12/31/2020		10.56		.10			.64			.74			(.17	)		(.02	)		(.19	)		11.11		6.98			224			.48			.36			.93
12/31/2019		10.30		.24			.30			.54			(.28	)		—			(.28	)		10.56		5.30			210			.47			.47			2.26
12/31/2018		10.47		.20			(.14	)		.06			(.23	)		—			(.23	)		10.30		.58			209			.48			.48			1.97
12/31/2017		10.56		.16			—	⁹		.16			(.18	)		(.07	)		(.25	)		10.47		1.47			265			.47			.47			1.52
12/31/2016		10.61		.15			.11			.26			(.20	)		(.11	)		(.31	)		10.56		2.50			269			.46			.46			1.39
Class 1A:						��
6/30/2021^3,4		11.08		.01			(.07	)		(.06	)		(.02	)		(.37	)		(.39	)		10.63		(.60	)⁵		2			.75	⁶		.56	⁶		.27	⁶
12/31/2020		10.55		.07			.63			.70			(.15	)		(.02	)		(.17	)		11.08		6.63			1			.73			.59			.61
12/31/2019		10.28		.22			.30			.52			(.25	)		—			(.25	)		10.55		5.09			1			.71			.71			2.04
12/31/2018		10.46		.18			(.14	)		.04			(.22	)		—			(.22	)		10.28		.36			1			.73			.73			1.77
12/31/2017^3,7		10.55		.14			—	⁹		.14			(.16	)		(.07	)		(.23	)		10.46		1.31	⁵		—	⁸		.70	⁶		.70	⁶		1.38	⁶
Class 2:
6/30/2021^3,4		11.09		.01			(.08	)		(.07	)		(.02	)		(.37	)		(.39	)		10.63		(.70	)⁵		59			.75	⁶		.56	⁶		.27	⁶
12/31/2020		10.54		.08			.63			.71			(.14	)		(.02	)		(.16	)		11.09		6.72			58			.73			.60			.68
12/31/2019		10.28		.21			.31			.52			(.26	)		—			(.26	)		10.54		5.04			56			.72			.72			2.01
12/31/2018		10.45		.18			(.15	)		.03			(.20	)		—			(.20	)		10.28		.32			57			.73			.73			1.72
12/31/2017		10.54		.14			(.01	)		.13			(.15	)		(.07	)		(.22	)		10.45		1.22			63			.72			.72			1.27
12/31/2016		10.59		.12			.12			.24			(.18	)		(.11	)		(.29	)		10.54		2.25			63			.71			.71			1.14
Class 4:
6/30/2021^3,4		10.97		—	⁹		(.08	)		(.08	)		(.01	)		(.37	)		(.38	)		10.51		(.74	)⁵		41			1.00	⁶		.81	⁶		.02	⁶
12/31/2020		10.44		.04			.63			.67			(.12	)		(.02	)		(.14	)		10.97		6.38			37			.98			.85			.41
12/31/2019		10.19		.18			.31			.49			(.24	)		—			(.24	)		10.44		4.80			28			.97			.97			1.71
12/31/2018		10.38		.15			(.15	)		—	⁹		(.19	)		—			(.19	)		10.19		.07			24			.98			.98			1.49
12/31/2017		10.48		.11			—	⁹		.11			(.14	)		(.07	)		(.21	)		10.38		.97			12			.97			.97			1.03
12/31/2016		10.52		.09			.12			.21			(.14	)		(.11	)		(.25	)		10.48		2.01			8			.96			.96			.86

See end of tables for footnotes.

328	American Funds Insurance Series

Financial highlights (continued)

			(Loss) income from investment operations¹									Dividends and distributions
Period ended	Net asset value, beginning of period		Net investment (loss) income			Net (losses) gains on securities (both realized and unrealized)			Total from investment operations			Dividends (from net investment income)			Distributions (from capital gains)		Total dividends and distributions			Net asset value, end of period		Total return			Net assets, end of period (in millions)			Ratio of expenses to average net assets			Ratio of net (loss) income to average net assets

Ultra-Short Bond Fund

Class 1:
6/30/2021^3,4	$	11.31	$	(.01	)	$	(.01	)	$	(.02	)	$	—		$	—	$	—		$	11.29		(.18	)%⁵	$	37			.36	%⁶		(.26	)%⁶
12/31/2020		11.30		.02			.02			.04			(.03	)		—		(.03	)		11.31		.34			44			.37			.16
12/31/2019		11.31		.22			—	⁹		.22			(.23	)		—		(.23	)		11.30		1.92			30			.36			1.92
12/31/2018		11.29		.18			—	⁹		.18			(.16	)		—		(.16	)		11.31		1.58			37			.35			1.60
12/31/2017		11.27		.08			(.01	)		.07			(.05	)		—		(.05	)		11.29		.66			37			.35			.68
12/31/2016¹²		11.26		.01			—	⁹		.01			—			—		—			11.27		.09			37			.35			.11
Class 1A:
6/30/2021^3,4		11.31		(.01	)		(.01	)		(.02	)		—			—		—			11.29		(.18	)⁵		—	⁸		.35	⁶		(.25	)⁶
12/31/2020		11.30		.03			.01			.04			(.03	)		—		(.03	)		11.31		.32			—	⁸		.35			.26
12/31/2019		11.31		.22			—	⁹		.22			(.23	)		—		(.23	)		11.30		1.92			—	⁸		.37			1.90
12/31/2018		11.29		.18			—	⁹		.18			(.16	)		—		(.16	)		11.31		1.58			—	⁸		.35			1.60
12/31/2017^3,7		11.27		.08			—	⁹		.08			(.06	)		—		(.06	)		11.29		.675			—	⁸		.34	⁶		.69	⁶
Class 2:
6/30/2021^3,4		10.99		(.03	)		—	⁹		(.03	)		—			—		—			10.96		(.27	)⁵		256			.61	⁶		(.51	)⁶
12/31/2020		11.01		—	⁹		—	⁹		—	⁹		(.02	)		—		(.02	)		10.99		.03			288			.62			(.05	)
12/31/2019		11.03		.18			—	⁹		.18			(.20	)		—		(.20	)		11.01		1.62			230			.61			1.66
12/31/2018		11.01		.15			—	⁹		.15			(.13	)		—		(.13	)		11.03		1.36			247			.60			1.34
12/31/2017		10.99		.05			—	⁹		.05			(.03	)		—		(.03	)		11.01		.46			249			.60			.42
12/31/2016¹²		11.01		(.02	)		—	⁹		(.02	)		—			—		—			10.99		(.18	)		297			.60			(.14	)
Class 3:
6/30/2021^3,4		11.12		(.02	)		(.01	)		(.03	)		—			—		—			11.09		(.27	)⁵		4			.54	⁶		(.44	)⁶
12/31/2020		11.13		—	⁹		.02			.02			(.03	)		—		(.03	)		11.12		.13			4			.55			.03
12/31/2019		11.14		.20			—	⁹		.20			(.21	)		—		(.21	)		11.13		1.76			3			.54			1.74
12/31/2018		11.12		.16			(.01	)		.15			(.13	)		—		(.13	)		11.14		1.38			4			.53			1.42
12/31/2017		11.10		.06			—	⁹		.06			(.04	)		—		(.04	)		11.12		.54			4			.53			.50
12/31/2016¹²		11.11		(.01	)		—	⁹		(.01	)		—			—		—			11.10		(.09	)		4			.53			(.08	)
Class 4:
6/30/2021^3,4		11.08		(.04	)		—	⁹		(.04	)		—			—		—			11.04		(.36	)⁵		43			.86	⁶		(.76	)⁶
12/31/2020		11.13		(.04	)		.01			(.03	)		(.02	)		—		(.02	)		11.08		(.25	)		40			.87			(.35	)
12/31/2019		11.15		.16			—	⁹		.16			(.18	)		—		(.18	)		11.13		1.40			22			.86			1.40
12/31/2018		11.13		.12			.01			.13			(.11	)		—		(.11	)		11.15		1.14			18			.86			1.11
12/31/2017		11.12		.02			—	⁹		.02			(.01	)		—		(.01	)		11.13		.16			15			.85			.19
12/31/2016¹²		11.17		(.04	)		(.01	)		(.05	)		—			—		—			11.12		(.45	)		13			.85			(.40	)

See end of tables for footnotes.

American Funds Insurance Series

329

Financial highlights (continued)

			(Loss) income from investment operations¹								Dividends and distributions
Period ended	Net asset value, beginning of period		Net investment income		Net (losses) gains on securities (both realized and unrealized)			Total from investment operations			Dividends (from net investment income)			Distributions (from capital gains)			Total dividends and distributions			Net asset value, end of period		Total return¹¹			Net assets, end of period (in millions)			Ratio of expenses to average net assets before waivers			Ratio of expenses to average net assets after waivers¹¹			Ratio of net income to average net assets¹¹

U.S. Government Securities Fund

Class 1:
6/30/2021^3,4	$	13.04	$	.08	$	(.26	)	$	(.18	)	$	(.03	)	$	(1.11	)	$	(1.14	)	$	11.72		(1.31	)%⁵	$	374			.39	%⁶		.34	%⁶		1.20	%⁶
12/31/2020		12.34		.16		1.07			1.23			(.26	)		(.27	)		(.53	)		13.04		10.09			429			.38			.38			1.21
12/31/2019		11.94		.25		.43			.68			(.28	)		—			(.28	)		12.34		5.69			1,418			.37			.37			2.07
12/31/2018		12.08		.24		(.13	)		.11			(.25	)		—			(.25	)		11.94		.91			1,445			.36			.36			2.02
12/31/2017		12.05		.21		.01			.22			(.19	)		—			(.19	)		12.08		1.83			1,558			.36			.36			1.68
12/31/2016		12.31		.16		.03			.19			(.20	)		(.25	)		(.45	)		12.05		1.44			1,467			.36			.36			1.31
Class 1A:
6/30/2021^3,4		13.00		.06		(.25	)		(.19	)		(.03	)		(1.11	)		(1.14	)		11.67		(1.42	)⁵		5			.64	⁶		.58	⁶		1.02	⁶
12/31/2020		12.32		.09		1.10			1.19			(.24	)		(.27	)		(.51	)		13.00		9.75			4			.64			.64			.69
12/31/2019		11.93		.22		.43			.65			(.26	)		—			(.26	)		12.32		5.42			2			.62			.62			1.82
12/31/2018		12.08		.22		(.14	)		.08			(.23	)		—			(.23	)		11.93		.70			1			.61			.61			1.82
12/31/2017^3,7		12.05		.18		.03			.21			(.18	)		—			(.18	)		12.08		1.73	⁵		—	⁸		.58	⁶		.58	⁶		1.53	⁶
Class 2:
6/30/2021^3,4		12.89		.06		(.25	)		(.19	)		(.03	)		(1.11	)		(1.14	)		11.56		(1.36	)⁵		1,434			.64	⁶		.59	⁶		.98	⁶
12/31/2020		12.21		.09		1.10			1.19			(.24	)		(.27	)		(.51	)		12.89		9.80			1,439			.64			.64			.73
12/31/2019		11.82		.22		.42			.64			(.25	)		—			(.25	)		12.21		5.31			1,343			.62			.62			1.82
12/31/2018		11.96		.21		(.14	)		.07			(.21	)		—			(.21	)		11.82		.73			1,323			.61			.61			1.77
12/31/2017		11.93		.17		.02			.19			(.16	)		—			(.16	)		11.96		1.59			1,473			.61			.61			1.43
12/31/2016		12.20		.13		.02			.15			(.17	)		(.25	)		(.42	)		11.93		1.19			1,503			.61			.61			1.05
Class 3:
6/30/2021^3,4		13.07		.07		(.26	)		(.19	)		(.03	)		(1.11	)		(1.14	)		11.74		(1.41	)⁵		9			.57	⁶		.52	⁶		1.03	⁶
12/31/2020		12.37		.10		1.12			1.22			(.25	)		(.27	)		(.52	)		13.07		9.91			10			.57			.57			.78
12/31/2019		11.97		.23		.43			.66			(.26	)		—			(.26	)		12.37		5.49			9			.55			.55			1.88
12/31/2018		12.11		.22		(.14	)		.08			(.22	)		—			(.22	)		11.97		.71			9			.54			.54			1.84
12/31/2017		12.07		.18		.03			.21			(.17	)		—			(.17	)		12.11		1.72			10			.54			.54			1.50
12/31/2016		12.34		.14		.02			.16			(.18	)		(.25	)		(.43	)		12.07		1.24			11			.54			.54			1.12
Class 4:
6/30/2021^3,4		12.88		.04		(.25	)		(.21	)		(.02	)		(1.11	)		(1.13	)		11.54		(1.58	)⁵		237			.89	⁶		.84	⁶		.70	⁶
12/31/2020		12.22		.05		1.10			1.15			(.22	)		(.27	)		(.49	)		12.88		9.48			272			.89			.89			.42
12/31/2019		11.84		.19		.42			.61			(.23	)		—			(.23	)		12.22		5.14			124			.87			.87			1.56
12/31/2018		11.98		.18		(.12	)		.06			(.20	)		—			(.20	)		11.84		.50			91			.86			.86			1.53
12/31/2017		11.96		.14		.01			.15			(.13	)		—			(.13	)		11.98		1.28			62			.86			.86			1.18
12/31/2016		12.22		.10		.03			.13			(.14	)		(.25	)		(.39	)		11.96		.99			57			.86			.86			.82

See end of tables for footnotes.

330	American Funds Insurance Series

Financial highlights (continued)

			Income (loss) from investment operations¹									Dividends and distributions																	Ratio of expenses			Ratio of expenses
Period ended	Net asset value, beginning of period		Net investment (loss) income			Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends (from net investment income)			Distribu- tions (from capital gains)			Total dividends and distribu- tions			Net asset value, end of period		Total return¹¹			Net assets, end of period (in millions)			to average net assets before waivers/ reimburse- ments¹³			to average net assets after waivers/ reimburse- ments^11,13			Net effective expense ratio^4,11,14			Ratio of net (loss) income to average net assets¹¹

Managed Risk Growth Fund

Class P1:
6/30/2021^3,4	$	17.25	$	(.01	)	$	1.30		$	1.29		$	(.08	)	$	(.74	)	$	(.82	)	$	17.72		7.56	%⁵	$	11			.42	%⁶		.37	%⁶		.72	%⁶		(.13	)%⁶
12/31/2020		13.78		.07			4.20			4.27			(.12	)		(.68	)		(.80	)		17.25		32.45			11			.42			.37			.72			.49
12/31/2019		12.30		.15			2.44			2.59			(.19	)		(.92	)		(1.11	)		13.78		22.01			6			.42			.37			.73			1.19
12/31/2018		13.22		.11			(.04	)		.07			(.10	)		(.89	)		(.99	)		12.30		(.04	)¹⁵		3			.42	¹⁵		.37	¹⁵		.71	¹⁵		.82	¹⁵
12/31/2017		10.71		.08			2.70			2.78			(.07	)		(.20	)		(.27	)		13.22		26.23	¹⁵		2			.42	¹⁵		.36	¹⁵		.70	¹⁵		.69	¹⁵
12/31/2016		11.49		.08			.20			.28			(.05	)		(1.01	)		(1.06	)		10.71		2.89	¹⁵		1			.50	¹⁵		.34	¹⁵		.68	¹⁵		.79	¹⁵
Class P2:
6/30/2021^3,4		17.11		(.03	)		1.30			1.27			(.04	)		(.74	)		(.78	)		17.60		7.53	⁵		588			.67	⁶		.62	⁶		.97	⁶		(.36	)⁶
12/31/2020		13.71		.03			4.16			4.19			(.11	)		(.68	)		(.79	)		17.11		32.03			554			.67			.62			.97			.20
12/31/2019		12.21		.09			2.45			2.54			(.12	)		(.92	)		(1.04	)		13.71		21.74			434			.68			.63			.99			.73
12/31/2018		13.14		.06			(.04	)		.02			(.06	)		(.89	)		(.95	)		12.21		(.37	)		340			.68			.63			.97			.46
12/31/2017		10.64		.04			2.70			2.74			(.04	)		(.20	)		(.24	)		13.14		25.99			286			.69			.63			.97			.34
12/31/2016		11.43		.05			.19			.24			(.02	)		(1.01	)		(1.03	)		10.64		2.52			200			.79			.63			.97			.43

Managed Risk International Fund

Class P1:
6/30/2021^3,4	$	11.07	$	(.01	)	$	.31		$	.30		$	(.09	)	$	—		$	(.09	)	$	11.28		2.73	%^5,15	$	2			.43	%^6,15		.36	%^6,15		.88	%^6,15		(.22	)%^6,15
12/31/2020		11.01		.08			.22			.30			(.16	)		(.08	)		(.24	)		11.07		3.13	¹⁵		2			.43	¹⁵		.35	¹⁵		.86	¹⁵		.82	¹⁵
12/31/2019		9.82		.17			1.54			1.71			(.20	)		(.32	)		(.52	)		11.01		17.91	¹⁵		1			.41	¹⁵		.33	¹⁵		.84	¹⁵		1.64	¹⁵
12/31/2018		11.25		.32			(1.44	)		(1.12	)		(.26	)		(.05	)		(.31	)		9.82		(10.11	)¹⁵		—	⁸		.33	¹⁵		.28	¹⁵		.77	¹⁵		3.02	¹⁵
12/31/2017		8.89		.11			2.47			2.58			(.10	)		(.12	)		(.22	)		11.25		29.28	¹⁵		—	⁸		.28	¹⁵		.20	¹⁵		.69	¹⁵		1.13	¹⁵
12/31/2016		9.48		.10			(.35	)		(.25	)		(.12	)		(.22	)		(.34	)		8.89		(2.59	)¹⁵		—	⁸		.39	¹⁵		.23	¹⁵		.74	¹⁵		1.15	¹⁵
Class P2:
6/30/2021^3,4		10.99		(.03	)		.32			.29			(.06	)		—			(.06	)		11.22		2.64	⁵		169			.70	⁶		.63	⁶		1.15	⁶		(.48	)⁶
12/31/2020		10.92		.04			.23			.27			(.12	)		(.08	)		(.20	)		10.99		2.80			168			.71			.63			1.14			.42
12/31/2019		9.76		.13			1.55			1.68			(.20	)		(.32	)		(.52	)		10.92		17.64			165			.71			.63			1.14			1.21
12/31/2018		11.15		.16			(1.32	)		(1.16	)		(.18	)		(.05	)		(.23	)		9.76		(10.50	)		151			.69			.64			1.13			1.49
12/31/2017		8.83		.11			2.41			2.52			(.08	)		(.12	)		(.20	)		11.15		28.69			148			.71			.63			1.12			1.03
12/31/2016		9.43		.09			(.38	)		(.29	)		(.09	)		(.22	)		(.31	)		8.83		(3.05	)		97			.79			.63			1.14			.97

Managed Risk Washington Mutual Investors Fund

Class P1:
6/30/2021^3,4	$	11.24	$	.02		$	1.00		$	1.02		$	(.15	)	$	—		$	(.15	)	$	12.11		9.08	%^5,15	$	2			.41	%^6,15		.35	%^6,15		.76	%^6,15		.41	%^6,15
12/31/2020		12.01		.18			(.35	)		(.17	)		(.26	)		(.34	)		(.60	)		11.24		(.93	)¹⁵		2			.40	¹⁵		.35	¹⁵		.76	¹⁵		1.66	¹⁵
12/31/2019		11.28		.25			1.28			1.53			(.20	)		(.60	)		(.80	)		12.01		14.14	¹⁵		1			.38	¹⁵		.33	¹⁵		.74	¹⁵		2.14	¹⁵
12/31/2018		13.04		.40			(1.27	)		(.87	)		(.45	)		(.44	)		(.89	)		11.28		(6.99	)¹⁵		—	⁸		.33	¹⁵		.28	¹⁵		.67	¹⁵		3.21	¹⁵
12/31/2017		11.67		.19			1.59			1.78			(.22	)		(.19	)		(.41	)		13.04		15.48	¹⁵		—	⁸		.30	¹⁵		.25	¹⁵		.64	¹⁵		1.59	¹⁵
12/31/2016		10.80		.20			1.25			1.45			(.21	)		(.37	)		(.58	)		11.67		13.77	¹⁵		—	⁸		.43	¹⁵		.27	¹⁵		.67	¹⁵		1.83	¹⁵
Class P2:
6/30/2021^3,4		11.18		.01			1.00			1.01			(.15	)		—			(.15	)		12.04		8.99	⁵		361			.68	⁶		.62	⁶		1.03	⁶		.09	⁶
12/31/2020		11.91		.13			(.33	)		(.20	)		(.19	)		(.34	)		(.53	)		11.18		(1.25	)		355			.68			.63			1.04			1.18
12/31/2019		11.21		.18			1.31			1.49			(.19	)		(.60	)		(.79	)		11.91		13.88			365			.68			.63			1.04			1.62
12/31/2018		12.96		.19			(1.10	)		(.91	)		(.40	)		(.44	)		(.84	)		11.21		(7.38	)		336			.68			.63			1.02			1.49
12/31/2017		11.61		.17			1.55			1.72			(.18	)		(.19	)		(.37	)		12.96		15.03			367			.68			.63			1.02			1.43
12/31/2016		10.76		.23			1.18			1.41			(.19	)		(.37	)		(.56	)		11.61		13.39			291			.79			.63			1.03			2.04

See end of tables for footnotes.

American Funds Insurance Series

331

Financial highlights (continued)

			Income (loss) from investment operations¹									Dividends and distributions																Ratio of expenses			Ratio of expenses
Period ended	Net asset value, beginning of period		Net investment (loss) income			Net gains (losses) on securities (both realized and unrealized)			Total from investment operations			Dividends (from net investment income)			Distribu- tions (from capital gains)			Total dividends and distribu- tions			Net asset value, end of period		Total return¹¹			Net assets, end of period (in millions)		to average net assets before waivers/ reimburse- ments¹³			to average net assets after waivers/ reimburse- ments^11,13			Net effective expense ratio^4,11,14			Ratio of net (loss) income to average net assets¹¹

Managed Risk Growth-Income Fund

Class P1:
6/30/2021^3,4	$	14.01	$	.03		$	1.21		$	1.24		$	(.15	)	$	(.20	)	$	(.35	)	$	14.90		8.82	%⁵	$	2,259		.41	%⁶		.36	%⁶		.66	%⁶		.37	%⁶
12/31/2020		13.76		.17			1.08			1.25			(.26	)		(.74	)		(1.00	)		14.01		9.85			2,120		.41			.36			.66			1.24
12/31/2019		11.73		.22			2.01			2.23			(.10	)		(.10	)		(.20	)		13.76		19.14			1,987		.42			.37			.67			1.71
12/31/2018		12.66		(.02	)		(.15	)		(.17	)		(.19	)		(.57	)		(.76	)		11.73		(1.66	)		1,662		.40			.35			.64			(.20	)
12/31/2017		11.07		.19			2.03			2.22			(.13	)		(.50	)		(.63	)		12.66		20.64	¹⁵		2		.44	¹⁵		.37	¹⁵		.66	¹⁵		1.61	¹⁵
12/31/2016		11.25		.16			.52			.68			(.16	)		(.70	)		(.86	)		11.07		6.49	¹⁵		1		.52	¹⁵		.36	¹⁵		.64	¹⁵		1.46	¹⁵
Class P2:
6/30/2021^3,4		13.93		.01			1.21			1.22			(.14	)		(.20	)		(.34	)		14.81		8.76	⁵		333		.66	⁶		.61	⁶		.91	⁶		.12	⁶
12/31/2020		13.69		.14			1.07			1.21			(.23	)		(.74	)		(.97	)		13.93		9.58			315		.66			.61			.91			1.02
12/31/2019		11.67		.19			2.00			2.19			(.07	)		(.10	)		(.17	)		13.69		18.84			283		.67			.62			.92			1.47
12/31/2018		12.58		.16			(.36	)		(.20	)		(.14	)		(.57	)		(.71	)		11.67		(1.97	)		230		.69			.64			.93			1.25
12/31/2017		11.02		.13			2.05			2.18			(.12	)		(.50	)		(.62	)		12.58		20.40			206		.70			.63			.92			1.08
12/31/2016		11.22		.12			.52			.64			(.14	)		(.70	)		(.84	)		11.02		6.08			160		.79			.63			.91			1.13

Managed Risk Asset Allocation Fund

Class P1:
6/30/2021^3,4	$	13.84	$	.02		$	1.17		$	1.19		$	(.20	)	$	—		$	(.20	)	$	14.83		8.62	%⁵	$	6		.41	%⁶		.36	%⁶		.66	%⁶		.30	%⁶
12/31/2020		13.81		.25			.51			.76			(.21	)		(.52	)		(.73	)		13.84		6.10			5		.41			.36			.66			1.91
12/31/2019		12.23		.26			1.92			2.18			(.03	)		(.57	)		(.60	)		13.81		18.25			2		.41			.36			.65			2.01
12/31/2018		13.59		.22			(.80	)		(.58	)		(.25	)		(.53	)		(.78	)		12.23		(4.63	)		2		.37			.32			.59			1.67
12/31/2017		12.02		.19			1.60			1.79			(.10	)		(.12	)		(.22	)		13.59		15.06			1,656		.43			.38			.66			1.45
12/31/2016		11.72		.19			.67			.86			(.19	)		(.37	)		(.56	)		12.02		7.57			1,217		.43			.38			.66			1.65
Class P2:
6/30/2021^3,4		13.45		—	⁹		1.14			1.14			(.16	)		—			(.16	)		14.43		8.46	⁵		2,852		.66	⁶		.61	⁶		.91	⁶		.03	⁶
12/31/2020		13.46		.15			.56			.71			(.20	)		(.52	)		(.72	)		13.45		5.88			2,773		.66			.61			.91			1.15
12/31/2019		12.22		.19			1.93			2.12			(.31	)		(.57	)		(.88	)		13.46		17.98			2,830		.66			.61			.90			1.51
12/31/2018		13.55		.17			(.79	)		(.62	)		(.18	)		(.53	)		(.71	)		12.22		(4.89	)		2,541		.62			.57			.84			1.27
12/31/2017		12.01		.15			1.61			1.76			(.10	)		(.12	)		(.22	)		13.55		14.80			2,798		.68			.63			.91			1.13
12/31/2016		11.71		.14			.69			.83			(.16	)		(.37	)		(.53	)		12.01		7.27			2,342		.68			.63			.91			1.20

See end of tables for footnotes.

332	American Funds Insurance Series

Financial highlights (continued)

Portfolio turnover rate for all share classes	Six months ended			Year ended December 31,
excluding mortgage dollar roll transactions^16,17	June 30, 2021^3,4,5			2020			2019			2018			2017			2016
Capital Income Builder		37	%		110	%		44	%		42	%		59	%		41	%
Asset Allocation Fund		27			49			47			34			39			43
Global Balanced Fund		23			68			60			30			28			43
The Bond Fund of America		42			72			146			98			153			108
Capital World Bond Fund		35			88			110			78			74			70
American Funds Mortgage Fund		28			123			84			60			98			113
U.S. Government Securities Fund		51			112			103			76			120			273

Portfolio turnover rate for all share classes	Six months ended			Year ended December 31,
including mortgage dollar roll transactions, if applicable^16,17	June 30, 2021^3,4,5			2020			2019			2018			2017			2016
Global Growth Fund		11	%		17	%		14	%		25	%		31	%		27	%
Global Small Capitalization Fund		17			38			50			43			33			40
Growth Fund		5			32			21			35			24			26
International Fund		27			40			32			29			29			31
New World Fund		25			70			38			58			56			32
Washington Mutual Investors Fund		75			40			37			49			34			30
Capital World Growth and Income Fund		69			36			29			49			41			57
Growth-Income Fund		14			33			27			39			27			27
International Growth and Income Fund		12			56			28			38			51			32
Capital Income Builder		58			184			72			98			88			53
Asset Allocation Fund		77			145			79			86			85			83
Global Balanced Fund		25			86			74			51			41			65
The Bond Fund of America		332			461			373			514			502			375
Capital World Bond Fund		46			145			159			125			105			154
American High-Income Trust		31			78			58			67			78			89
American Funds Mortgage Fund		511			1143			350			811			680			713
U.S. Government Securities Fund		260			867			277			446			551			539
Ultra-Short Bond Fund		—	¹⁸		—	¹⁸		—	¹⁸		—	¹⁸		—	¹⁸		—	^12,18
Managed Risk Growth Fund		19			80			10			7			25			15
Managed Risk International Fund		13			71			8			8			25			26
Managed Risk Washington Mutual Investors Fund		11			101			13			11			32			9
Managed Risk Growth-Income Fund		7			38			6			14			26			14
Managed Risk Asset Allocation Fund		4			30			8			12			1			3


¹		Based on average shares outstanding.
²		Ratios do not include expenses of any Central Funds. The fund indirectly bears its proportionate share of the expenses of any Central Funds, if applicable.
³		Based on operations for a period that is less than a full year.
⁴		Unaudited.
⁵		Not annualized.
⁶		Annualized.
⁷		Class 1A shares began investment operations on January 6, 2017.
⁸		Amount less than $1 million.
⁹		Amount less than $.01.
¹⁰		Amount less than .01%.
¹¹		This column reflects the impact of certain waivers/reimbursements from CRMC. During some of the periods shown, CRMC waived a portion of investment advisory services fees on some funds, including each of the managed risk funds. In addition, during some of the periods shown, CRMC reimbursed a portion of miscellaneous fees and expenses for some of the managed risk funds.
¹²		On May 1, 2016, the fund converted from a cash fund to an ultra-short-term bond fund and changed its name from Cash Management Fund to Ultra-Short Bond Fund.
¹³		This column does not include expenses of the underlying funds in which each fund invests.
¹⁴		This column reflects the net effective expense ratios for each fund and class, which include each class’s expense ratio combined with the weighted average net expense ratio of the underlying funds for the periods presented. See expense example for further information regarding fees and expenses.
¹⁵		All or a significant portion of assets in this class consisted of seed capital invested by CRMC and/or its affiliates. Certain fees (including, where applicable, fees for distribution services) are not charged or accrued on these seed capital assets. If such fees were paid by the fund on seed capital assets, fund expenses would have been higher and net income and total return would have been lower.
¹⁶		Refer to Note 5 for further information on mortgage doller rolls.
¹⁷		Rates do not include the fund’s portfolio activity with respect to any Central Funds, if applicable.
¹⁸		Amount is either less than 1% or there is no turnover.

See notes to financial statements.

American Funds Insurance Series

333

Expense example

unaudited

The funds in American Funds Insurance Series serve as the underlying investment vehicle for various insurance products. As an owner of an insurance contract that invests in one of the funds in the series, you incur two types of costs: (1) transaction costs, such as initial sales charges on purchase payments and contingent deferred sales charges on redemptions (loads), and (2) ongoing costs, including management fees, distribution and service (12b-1) fees, and other expenses. Additional fees are charged by the insurance companies related to the various benefits they provide. This example is intended to help you understand your ongoing costs (in dollars) of investing in the underlying funds so you can compare these costs with the ongoing costs of investing in other mutual funds that serve a similar function in other annuity products. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire six-month period (January 1, 2021, through June 30, 2021).

Actual expenses:

The first line of each share class in the tables on the following pages provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading titled “Expenses paid during period” to estimate the expenses you paid on your account during this period.

Hypothetical example for comparison purposes:

The second line of each share class in the tables on the following pages provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio for the share class and an assumed rate of return of 5.00% per year before expenses, which is not the actual return of the share class. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the fund and other funds. To do so, compare this 5.00% hypothetical example with the 5.00% hypothetical examples that appear in the shareholder reports of the other funds.

Notes:

Additional fees are charged by the insurance companies related to the various benefits they provide. You can estimate the impact of these fees by adding the amount of the fees to the total estimated expenses you paid on your account during the period as calculated above. In addition, your ending account value would be lower by the amount of these fees.

Note that the expenses shown in the tables on the following pages are meant to highlight your ongoing costs only and do not reflect any transactional costs. Therefore, the second line of each share class in the tables is useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

334	American Funds Insurance Series

Expense example (continued)

	Beginning account value 1/1/2021		Ending account value 6/30/2021		Expenses paid during period¹		Annualized expense ratio
Global Growth Fund
Class 1 – actual return	$	1,000.00	$	1,117.57	$	2.89		.55	%
Class 1 – assumed 5% return		1,000.00		1,022.07		2.76		.55
Class 1A – actual return		1,000.00		1,116.18		4.20		.80
Class 1A – assumed 5% return		1,000.00		1,020.83		4.01		.80
Class 2 – actual return		1,000.00		1,115.99		4.20		.80
Class 2 – assumed 5% return		1,000.00		1,020.83		4.01		.80
Class 4 – actual return		1,000.00		1,114.72		5.51		1.05
Class 4 – assumed 5% return		1,000.00		1,019.59		5.26		1.05
Global Small Capitalization Fund
Class 1 – actual return	$	1,000.00	$	1,108.58	$	3.87		.74	%
Class 1 – assumed 5% return		1,000.00		1,021.12		3.71		.74
Class 1A – actual return		1,000.00		1,107.25		5.17		.99
Class 1A – assumed 5% return		1,000.00		1,019.89		4.96		.99
Class 2 – actual return		1,000.00		1,107.24		5.17		.99
Class 2 – assumed 5% return		1,000.00		1,019.89		4.96		.99
Class 4 – actual return		1,000.00		1,105.61		6.47		1.24
Class 4 – assumed 5% return		1,000.00		1,018.65		6.21		1.24
Growth Fund
Class 1 – actual return	$	1,000.00	$	1,130.26	$	1.85		.35	%
Class 1 – assumed 5% return		1,000.00		1,023.06		1.76		.35
Class 1A – actual return		1,000.00		1,128.69		3.17		.60
Class 1A – assumed 5% return		1,000.00		1,021.82		3.01		.60
Class 2 – actual return		1,000.00		1,128.70		3.17		.60
Class 2 – assumed 5% return		1,000.00		1,021.82		3.01		.60
Class 3 – actual return		1,000.00		1,129.11		2.80		.53
Class 3 – assumed 5% return		1,000.00		1,022.17		2.66		.53
Class 4 – actual return		1,000.00		1,127.40		4.48		.85
Class 4 – assumed 5% return		1,000.00		1,020.58		4.26		.85
International Fund
Class 1 – actual return	$	1,000.00	$	1,047.12	$	2.79		.55	%
Class 1 – assumed 5% return		1,000.00		1,022.07		2.76		.55
Class 1A – actual return		1,000.00		1,046.06		4.06		.80
Class 1A – assumed 5% return		1,000.00		1,020.83		4.01		.80
Class 2 – actual return		1,000.00		1,046.08		4.06		.80
Class 2 – assumed 5% return		1,000.00		1,020.83		4.01		.80
Class 3 – actual return		1,000.00		1,046.71		3.70		.73
Class 3 – assumed 5% return		1,000.00		1,021.17		3.66		.73
Class 4 – actual return		1,000.00		1,044.74		5.32		1.05
Class 4 – assumed 5% return		1,000.00		1,019.59		5.26		1.05
New World Fund
Class 1 – actual return	$	1,000.00	$	1,102.08	$	2.92		.56	%
Class 1 – assumed 5% return		1,000.00		1,022.02		2.81		.56
Class 1A – actual return		1,000.00		1,100.48		4.22		.81
Class 1A – assumed 5% return		1,000.00		1,020.78		4.06		.81
Class 2 – actual return		1,000.00		1,100.88		4.22		.81
Class 2 – assumed 5% return		1,000.00		1,020.78		4.06		.81
Class 4 – actual return		1,000.00		1,099.22		5.52		1.06
Class 4 – assumed 5% return		1,000.00		1,019.54		5.31		1.06

See end of tables for footnotes.

American Funds Insurance Series

335

Expense example (continued)

	Beginning account value 1/1/2021		Ending account value 6/30/2021		Expenses paid during period¹		Annualized expense ratio
Washington Mutual Investors Fund
Class 1 – actual return	$	1,000.00	$	1,151.38	$	1.97		.37	%
Class 1 – assumed 5% return		1,000.00		1,022.96		1.86		.37
Class 1A – actual return		1,000.00		1,149.96		3.04		.57
Class 1A – assumed 5% return		1,000.00		1,021.97		2.86		.57
Class 2 – actual return		1,000.00		1,150.26		3.31		.62
Class 2 – assumed 5% return		1,000.00		1,021.72		3.11		.62
Class 4 – actual return		1,000.00		1,148.77		4.64		.87
Class 4 – assumed 5% return		1,000.00		1,020.48		4.36		.87
Capital World Growth and Income Fund
Class 1 – actual return	$	1,000.00	$	1,100.61	$	2.86		.55	%
Class 1 – assumed 5% return		1,000.00		1,022.07		2.76		.55
Class 1A – actual return		1,000.00		1,099.39		4.16		.80
Class 1A – assumed 5% return		1,000.00		1,020.83		4.01		.80
Class 2 – actual return		1,000.00		1,099.82		4.22		.81
Class 2 – assumed 5% return		1,000.00		1,020.78		4.06		.81
Class 4 – actual return		1,000.00		1,098.20		5.46		1.05
Class 4 – assumed 5% return		1,000.00		1,019.59		5.26		1.05
Growth-Income Fund
Class 1 – actual return	$	1,000.00	$	1,143.03	$	1.54		.29	%
Class 1 – assumed 5% return		1,000.00		1,023.36		1.45		.29
Class 1A – actual return		1,000.00		1,141.39		2.87		.54
Class 1A – assumed 5% return		1,000.00		1,022.12		2.71		.54
Class 2 – actual return		1,000.00		1,141.38		2.87		.54
Class 2 – assumed 5% return		1,000.00		1,022.12		2.71		.54
Class 3 – actual return		1,000.00		1,141.87		2.50		.47
Class 3 – assumed 5% return		1,000.00		1,022.46		2.36		.47
Class 4 – actual return		1,000.00		1,140.02		4.19		.79
Class 4 – assumed 5% return		1,000.00		1,020.88		3.96		.79
International Growth and Income Fund
Class 1 – actual return	$	1,000.00	$	1,072.02	$	3.44		.67	%
Class 1 – assumed 5% return		1,000.00		1,021.47		3.36		.67
Class 1A – actual return		1,000.00		1,070.84		4.67		.91
Class 1A – assumed 5% return		1,000.00		1,020.28		4.56		.91
Class 2 – actual return		1,000.00		1,070.24		4.67		.91
Class 2 – assumed 5% return		1,000.00		1,020.28		4.56		.91
Class 4 – actual return		1,000.00		1,068.80		5.95		1.16
Class 4 – assumed 5% return		1,000.00		1,019.04		5.81		1.16
Capital Income Builder
Class 1 – actual return	$	1,000.00	$	1,098.46	$	1.40		.27	%
Class 1 – assumed 5% return		1,000.00		1,023.46		1.35		.27
Class 1A – actual return		1,000.00		1,097.22		2.70		.52
Class 1A – assumed 5% return		1,000.00		1,022.22		2.61		.52
Class 2 – actual return		1,000.00		1,097.20		2.70		.52
Class 2 – assumed 5% return		1,000.00		1,022.22		2.61		.52
Class 4 – actual return		1,000.00		1,095.97		4.00		.77
Class 4 – assumed 5% return		1,000.00		1,020.98		3.86		.77

See end of tables for footnotes.

336	American Funds Insurance Series

Expense example (continued)

	Beginning account value 1/1/2021		Ending account value 6/30/2021		Expenses paid during period¹		Annualized expense ratio
Asset Allocation Fund
Class 1 – actual return	$	1,000.00	$	1,102.24	$	1.56		.30	%
Class 1 – assumed 5% return		1,000.00		1,023.31		1.51		.30
Class 1A – actual return		1,000.00		1,100.99		2.87		.55
Class 1A – assumed 5% return		1,000.00		1,022.07		2.76		.55
Class 2 – actual return		1,000.00		1,100.61		2.86		.55
Class 2 – assumed 5% return		1,000.00		1,022.07		2.76		.55
Class 3 – actual return		1,000.00		1,101.41		2.50		.48
Class 3 – assumed 5% return		1,000.00		1,022.41		2.41		.48
Class 4 – actual return		1,000.00		1,099.74		4.16		.80
Class 4 – assumed 5% return		1,000.00		1,020.83		4.01		.80
Global Balanced Fund
Class 1 – actual return	$	1,000.00	$	1,061.04	$	3.68		.72	%
Class 1 – assumed 5% return		1,000.00		1,021.22		3.61		.72
Class 1A – actual return		1,000.00		1,059.77		4.95		.97
Class 1A – assumed 5% return		1,000.00		1,019.98		4.86		.97
Class 2 – actual return		1,000.00		1,059.77		4.95		.97
Class 2 – assumed 5% return		1,000.00		1,019.98		4.86		.97
Class 4 – actual return		1,000.00		1,058.21		6.23		1.22
Class 4 – assumed 5% return		1,000.00		1,018.74		6.11		1.22
The Bond Fund of America
Class 1 – actual return	$	1,000.00	$	993.28	$	1.63		.33	%
Class 1 – assumed 5% return		1,000.00		1,023.16		1.66		.33
Class 1A – actual return		1,000.00		992.06		2.86		.58
Class 1A – assumed 5% return		1,000.00		1,021.92		2.91		.58
Class 2 – actual return		1,000.00		991.88		2.86		.58
Class 2 – assumed 5% return		1,000.00		1,021.92		2.91		.58
Class 4 – actual return		1,000.00		990.71		4.10		.83
Class 4 – assumed 5% return		1,000.00		1,020.68		4.16		.83
Capital World Bond Fund
Class 1 – actual return	$	1,000.00	$	968.01	$	2.39		.49	%
Class 1 – assumed 5% return		1,000.00		1,022.36		2.46		.49
Class 1A – actual return		1,000.00		967.55		3.61		.74
Class 1A – assumed 5% return		1,000.00		1,021.12		3.71		.74
Class 2 – actual return		1,000.00		967.40		3.61		.74
Class 2 – assumed 5% return		1,000.00		1,021.12		3.71		.74
Class 4 – actual return		1,000.00		965.88		4.83		.99
Class 4 – assumed 5% return		1,000.00		1,019.89		4.96		.99
American High-Income Trust
Class 1 – actual return	$	1,000.00	$	1,066.15	$	2.31		.45	%
Class 1 – assumed 5% return		1,000.00		1,022.56		2.26		.45
Class 1A – actual return		1,000.00		1,064.90		3.64		.71
Class 1A – assumed 5% return		1,000.00		1,021.27		3.56		.71
Class 2 – actual return		1,000.00		1,064.95		3.64		.71
Class 2 – assumed 5% return		1,000.00		1,021.27		3.56		.71
Class 3 – actual return		1,000.00		1,065.57		3.28		.64
Class 3 – assumed 5% return		1,000.00		1,021.62		3.21		.64
Class 4 – actual return		1,000.00		1,062.78		4.86		.95
Class 4 – assumed 5% return		1,000.00		1,020.08		4.76		.95

See end of tables for footnotes.

American Funds Insurance Series

337

Expense example (continued)

	Beginning account value 1/1/2021		Ending account value 6/30/2021		Expenses paid during period¹		Annualized expense ratio
American Funds Mortgage Fund
Class 1 – actual return	$	1,000.00	$	994.33	$	1.53		.31	%
Class 1 – assumed 5% return		1,000.00		1,023.26		1.56		.31
Class 1A – actual return		1,000.00		994.02		2.77		.56
Class 1A – assumed 5% return		1,000.00		1,022.02		2.81		.56
Class 2 – actual return		1,000.00		993.00		2.77		.56
Class 2 – assumed 5% return		1,000.00		1,022.02		2.81		.56
Class 4 – actual return		1,000.00		992.65		4.00		.81
Class 4 – assumed 5% return		1,000.00		1,020.78		4.06		.81
Ultra-Short Bond Fund
Class 1 – actual return	$	1,000.00	$	998.23	$	1.78		.36	%
Class 1 – assumed 5% return		1,000.00		1,023.01		1.81		.36
Class 1A – actual return		1,000.00		998.23		1.73		.35
Class 1A – assumed 5% return		1,000.00		1,023.06		1.76		.35
Class 2 – actual return		1,000.00		997.27		3.02		.61
Class 2 – assumed 5% return		1,000.00		1,021.77		3.06		.61
Class 3 – actual return		1,000.00		997.30		2.67		.54
Class 3 – assumed 5% return		1,000.00		1,022.12		2.71		.54
Class 4 – actual return		1,000.00		996.39		4.26		.86
Class 4 – assumed 5% return		1,000.00		1,020.53		4.31		.86
U.S. Government Securities Fund
Class 1 – actual return	$	1,000.00	$	986.91	$	1.67		.34	%
Class 1 – assumed 5% return		1,000.00		1,023.11		1.71		.34
Class 1A – actual return		1,000.00		985.82		2.86		.58
Class 1A – assumed 5% return		1,000.00		1,021.92		2.91		.58
Class 2 – actual return		1,000.00		986.38		2.91		.59
Class 2 – assumed 5% return		1,000.00		1,021.87		2.96		.59
Class 3 – actual return		1,000.00		985.85		2.56		.52
Class 3 – assumed 5% return		1,000.00		1,022.22		2.61		.52
Class 4 – actual return		1,000.00		984.18		4.13		.84
Class 4 – assumed 5% return		1,000.00		1,020.63		4.21		.84

See end of tables for footnotes.

338	American Funds Insurance Series

Expense example (continued)

	Beginning account value 1/1/2021		Ending account value 6/30/2021		Expenses paid during period^1,2		Annualized expense ratio²			Effective expenses paid during period³		Effective annualized expense ratio⁴
Managed Risk Growth Fund
Class P1 – actual return	$	1,000.00	$	1,075.60	$	1.90		.37	%	$	3.71		.72	%
Class P1 – assumed 5% return		1,000.00		1,022.96		1.86		.37			3.61		.72
Class P2 – actual return		1,000.00		1,075.25		3.19		.62			4.99		.97
Class P2 – assumed 5% return		1,000.00		1,021.72		3.11		.62			4.86		.97
Managed Risk International Fund
Class P1 – actual return	$	1,000.00	$	1,027.33	$	1.81		.36	%	$	4.42		.88	%
Class P1 – assumed 5% return		1,000.00		1,023.01		1.81		.36			4.41		.88
Class P2 – actual return		1,000.00		1,026.42		3.17		.63			5.78		1.15
Class P2 – assumed 5% return		1,000.00		1,021.67		3.16		.63			5.76		1.15
Managed Risk Washington Mutual Investors Fund
Class P1 – actual return	$	1,000.00	$	1,090.84	$	1.81		.35	%	$	3.94		.76	%
Class P1 – assumed 5% return		1,000.00		1,023.06		1.76		.35			3.81		.76
Class P2 – actual return		1,000.00		1,089.86		3.21		.62			5.34		1.03
Class P2 – assumed 5% return		1,000.00		1,021.72		3.11		.62			5.16		1.03
Managed Risk Growth-Income Fund
Class P1 – actual return	$	1,000.00	$	1,088.19	$	1.86		.36	%	$	3.42		.66	%
Class P1 – assumed 5% return		1,000.00		1,023.01		1.81		.36			3.31		.66
Class P2 – actual return		1,000.00		1,087.56		3.16		.61			4.71		.91
Class P2 – assumed 5% return		1,000.00		1,021.77		3.06		.61			4.56		.91
Managed Risk Asset Allocation Fund
Class P1 – actual return	$	1,000.00	$	1,086.16	$	1.86		.36	%	$	3.41		.66	%
Class P1 – assumed 5% return		1,000.00		1,023.01		1.81		.36			3.31		.66
Class P2 – actual return		1,000.00		1,084.57		3.15		.61			4.70		.91
Class P2 – assumed 5% return		1,000.00		1,021.77		3.06		.61			4.56		.91

¹	The “expenses paid during period” are equal to the “annualized expense ratio,” multiplied by the average account value over the period, multiplied by the number of days in the period, and divided by 365 (to reflect the one-half year period).
²	The “expenses paid during period” and “annualized expense ratio” do not include the expenses of the underlying funds in which each fund invests.
³	The “effective expenses paid during period” are equal to the “effective annualized expense ratio,” multiplied by the average account value over the period, multiplied by the number of days in the period, and divided by 365 (to reflect the period).
⁴	The “effective annualized expense ratio” reflects the net annualized expense ratio of the class plus the class’s pro-rata share of the weighted average expense ratio of the underlying funds in which it invests.

American Funds Insurance Series

339

Approval of Investment Advisory and Service Agreement — American Funds Insurance Series

The series’ board has approved the continuation of the series’ Investment Advisory and Service Agreement (the “agreement”) with Capital Research and Management Company (“CRMC”) for an additional one-year term through April 30, 2022. The agreement was amended to add additional advisory fee breakpoints for Global Growth Fund when the fund‘s net assets exceed $5 billion and $8 billion. The board approved the agreement following the recommendation of the series’ Contracts Committee (the “committee”), which is composed of all the series’ independent board members. The board and the committee determined in the exercise of their business judgment that the advisory fee structure for each fund within the series was fair and reasonable in relation to the services provided, and that approving the agreement was in the best interests of each fund and its shareholders.

In reaching this decision, the board and the committee took into account their interaction with CRMC as well as information furnished to them throughout the year and otherwise provided to them, as well as information prepared specifically in connection with their review of the agreement, and were advised by their independent counsel with respect to the matters considered. They considered the following factors, among others, but did not identify any single issue or particular piece of information that, in isolation, was the controlling factor, and each board and committee member did not necessarily attribute the same weight to each factor.

1.	Nature, extent and quality of services

The board and the committee considered the depth and quality of CRMC’s investment management process, including its global research capabilities; the experience, capability and integrity of its senior management and other personnel; the low turnover rates of its key personnel; the overall financial strength and stability of CRMC and the Capital Group organization; the resources and systems CRMC devotes to investment management (the manner in which each fund’s assets are managed, including liquidity management), financial, investment operations, compliance, trading, proxy voting, shareholder communications, and other services; and the ongoing evolution of CRMC’s organizational structure designed to maintain and strengthen these qualities. The board and the committee also considered the nature, extent and quality of administrative and shareholder services provided by CRMC to the funds under the agreement and other agreements, as well as the benefits to each fund’s shareholders from investing in a fund that is part of a large family of funds. The board and the committee considered the risks assumed by CRMC in providing services to the funds, including operational, business, financial, reputational, regulatory and litigation risks. The board and the committee concluded that the nature, extent and quality of the services provided by CRMC have benefited and should continue to benefit each fund and its shareholders.

2.	Investment results

The board and the committee considered the investment results of each fund in light of its objectives. They compared each fund’s investment results with those of other funds (including funds that currently form the basis of the Lipper index for the category in which each fund is included), and data such as relevant market and fund indexes over various periods (including each fund’s lifetime) through September 30, 2020. They generally placed greater emphasis on investment results over longer term periods. On the basis of this evaluation and the board’s and the committee’s ongoing review of investment results, and considering the relative market conditions during certain reporting periods, the board and the committee concluded that each fund’s investment results have been satisfactory for renewal of the agreement, and that CRMC’s record in managing the funds indicated that its continued management should benefit each fund and its shareholders.

3.	Advisory fees and total expenses

The board and the committee compared the advisory fees and total expense levels of each fund to those of other relevant funds. They observed that the advisory fees and total expenses of each fund generally compared favorably to those of other similar funds included in the comparable Lipper category.

340	American Funds Insurance Series

The board and the committee also considered the breakpoint discounts in each fund’s advisory fee structure that reduce the level of fees charged by CRMC to the fund as fund assets increase. In addition, they reviewed information regarding the effective advisory fees charged to non-mutual fund clients by CRMC and its affiliates. They noted that, to the extent there were differences between the advisory fees paid by each fund and the advisory fees paid by those clients, the differences appropriately reflected the investment, operational, regulatory and market differences between advising the funds and the other clients. The board and the committee concluded that each fund’s cost structure was fair and reasonable in relation to the services provided, as well as in relation to the risks assumed by the adviser in sponsoring and managing each fund, and that each fund’s shareholders receive reasonable value in return for the advisory fees and other amounts paid to CRMC by the funds.

4.	Ancillary benefits

The board and the committee considered a variety of other benefits that CRMC and its affiliates receive as a result of CRMC’s relationship with the series and other American Funds, including fees for administrative services provided to certain share classes; fees paid to CRMC’s affiliated transfer agent; sales charges and distribution fees received and retained by the series’ principal underwriter, an affiliate of CRMC; and possible ancillary benefits to CRMC and its institutional management affiliates in managing other investment vehicles. The board and the committee reviewed CRMC’s portfolio trading practices, noting that through December 31, 2018, CRMC benefited from research obtained with commissions from portfolio transactions made on behalf of the funds, and since that time has undertaken to bear the cost of obtaining such research. The board and the committee took these ancillary benefits into account in evaluating the reasonableness of the advisory fees and other amounts paid to CRMC by the funds.

5.	Adviser financial information

The board and the committee reviewed information regarding CRMC’s costs of providing services to the American Funds, including personnel, systems and resources of investment, compliance, trading, accounting and other administrative operations. They considered CRMC’s costs and related cost allocation methodology as well as its track record of investing in technology, infrastructure and staff to maintain and expand services and capabilities, respond to industry and regulatory developments, and attract and retain qualified personnel. They noted information regarding the compensation structure for CRMC’s investment professionals. They reviewed information on the profitability of the investment adviser and its affiliates. The board and the committee also compared CRMC’s profitability and compensation data to the reported results and data of several large, publicly held investment management companies. The board and the committee noted the competitiveness and cyclicality of both the mutual fund industry and the capital markets, and the importance in that environment of CRMC’s long-term profitability for maintaining its independence, company culture and management continuity. They further considered the breakpoint discounts in the funds’ advisory fee structure and CRMC’s sharing of potential economies of scale, or efficiencies, through breakpoints and other fee reductions and costs voluntarily absorbed. The board and the committee concluded that each fund’s advisory fee structure reflected a reasonable sharing of benefits between CRMC and the funds’ shareholders.

American Funds Insurance Series

341

Approval of Investment Advisory and Service Agreement and Subadvisory Agreement — American Funds Insurance Series Managed Risk Funds

The series’ board has approved the continuation of the series’ Investment Advisory and Service Agreement (the “advisory agreement”) with Capital Research and Management Company (“CRMC”) with respect to the Managed Risk Funds for an additional one-year term through April 30, 2022. The board has also approved the series’ Subadvisory Agreement (the “subadvisory agreement”) with CRMC and Milliman Financial Risk Management LLC (“Milliman FRM”) with respect to these funds for the same term. The advisory and subadvisory agreements are jointly referred to below as the “agreements.” The board approved the agreements following the recommendation of the series’ Contracts Committee (the “committee”), which is composed of all the series’ independent board members. The board and the committee determined in the exercise of their business judgment that the advisory fee structure for each fund within the series was fair and reasonable in relation to the services provided, and that approving the agreements was in the best interests of each fund and its shareholders.

In reaching this decision, the board and the committee took into account their interaction with CRMC and Milliman FRM as well as information furnished to them throughout the year and otherwise provided to them, as well as information prepared specifically in connection with their review of the agreements, and were advised by their independent counsel with respect to the matters considered. They considered the following factors, among others, but did not identify any single issue or particular piece of information that, in isolation, was the controlling factor, and each board and committee member did not necessarily attribute the same weight to each factor.

1.	Nature, extent and quality of services

The board and the committee considered the depth and quality of CRMC’s investment management process, including its global research capabilities; the experience, capability and integrity of its senior management and other personnel; the low turnover rates of its key personnel; the overall financial strength and stability of CRMC and the Capital Group organization; the resources and systems CRMC devotes to investment management (the manner in which each fund’s assets are managed, including liquidity management), financial, investment operations, compliance, trading, proxy voting, shareholder communications, and other services; and the ongoing evolution of CRMC’s organizational structure designed to maintain and strengthen these qualities. The board and the committee also considered the nature, extent and quality of the oversight of Milliman FRM’s services provided by CRMC, administrative and shareholder services provided by CRMC to the funds under the advisory agreement and other agreements, as well as the benefits to each fund’s shareholders from investing in a fund that is part of a large family of funds. The board and the committee considered the risks assumed by CRMC in providing services to the funds, including operational, business, financial, reputational, regulatory and litigation risks. The board and the committee concluded that the nature, extent and quality of the services provided by CRMC have benefited and should continue to benefit each fund and its shareholders.

The board and the committee also considered the depth and quality of Milliman FRM’s investment management process, including its experience in applying the Milliman Managed Risk Strategy to other funds in the series and risk management services for other clients; the experience, capability and integrity of its senior management and other personnel; and the services provided to each fund under the subadvisory agreement. The board and the committee concluded that the nature, extent and quality of the services provided by Milliman FRM have benefited and should continue to benefit each fund and its shareholders.

2.	Investment results

The board and the committee considered the investment results of each fund in light of its objectives. They compared each fund’s investment results with those of other funds (including funds that currently form the basis of the Lipper index for the category in which each fund is included), and data such as relevant market and fund indexes over various periods (including each fund’s lifetime) through September 30, 2020. They generally placed greater emphasis on investment results over longer term periods. The board and the committee also considered the volatility of the funds compared with the S&P 500 Managed Risk indexes and those of a group of funds with volatility management strategies identified by management over various periods (including each fund’s lifetime) through September 30, 2020. On the basis of this evaluation and the board’s and the committee’s ongoing review of investment results, and considering the relative market conditions during certain reporting periods, the board and the committee concluded that each fund’s investment results and the results of the services provided by CRMC and Milliman FRM have been satisfactory for renewal of the agreement, and that CRMC’s and Milliman FRM’s record in managing the funds indicated that their continued management should benefit each fund and its shareholders.

342	American Funds Insurance Series

3.	Advisory fees and total expenses

The board and the committee compared the advisory fees and total expense levels of each fund to those of other relevant funds. The board and the committee noted CRMC’s waiver of a portion of the advisory fee payable by each fund under the advisory agreement, CRMC’s commitment not to remove the waiver without board approval and CRMC’s agreement to pay the fees due to Milliman FRM under the subadvisory agreement. They observed that each fund’s advisory fees and total expenses generally compared favorably to those of other similar funds included in the comparable Lipper category.

The board and the committee also considered the breakpoint discounts in each underlying fund’s advisory fee structure that reduce the level of fees charged by CRMC to the underlying fund as its assets increase. In addition, they reviewed information regarding the effective advisory fees charged to non-mutual fund clients by CRMC and its affiliates. They noted that, to the extent there were differences between the advisory fees paid by the fund and the advisory fees paid by those clients, the differences appropriately reflected the investment, operational, regulatory and market differences between advising the funds and the other clients. They also reviewed the fees paid to Milliman FRM by other funds which it advised or subadvised. The board and the committee concluded that each fund’s cost structure was fair and reasonable in relation to the services that CRMC provided, directly and through Milliman FRM, as well as in relation to the risks assumed by the adviser in sponsoring and managing each fund, and that each fund’s shareholders receive reasonable value in return for the advisory fees and other amounts paid to CRMC (and indirectly to Milliman FRM) by the funds.

4.	Ancillary benefits

The board and the committee considered a variety of other benefits that CRMC and its affiliates receive as a result of CRMC’s relationship with the series and the other American Funds, including fees for administrative services provided to certain share classes; fees paid to CRMC’s affiliated transfer agent; sales charges and distribution fees received and retained by the series’ principal underwriter, an affiliate of CRMC; and possible ancillary benefits to CRMC and its institutional management affiliates in managing other investment vehicles. The board and the committee reviewed CRMC’s portfolio trading practices, noting that through December 31, 2018, CRMC benefited from research obtained with commissions from portfolio transactions made on behalf of the funds, and since that time has undertaken to bear the cost of obtaining such research. The board and the committee also reviewed similar ancillary benefits received by Milliman FRM as a result of its relationship with the series. The board and the committee took these ancillary benefits into account in evaluating the reasonableness of the advisory fees and other amounts paid to CRMC (and indirectly to Milliman FRM) by each fund.

5.	Adviser financial information

American Funds Insurance Series

343

Office of the series

333 South Hope Street

Los Angeles, CA 90071-1406

Investment adviser

Capital Research and Management Company

333 South Hope Street

Los Angeles, CA 90071-1406

Investment subadviser

Milliman Financial Risk Management LLC

(Managed Risk Funds only)

71 South Wacker Drive, 31st Floor

Chicago, IL 60606

Custodian of assets

State Street Bank and Trust Company

One Lincoln Street

Boston, MA 02111

Counsel

Morgan, Lewis & Bockius LLP

One Federal Street

Boston, MA 02110-1726

Independent registered public accounting firm

PricewaterhouseCoopers LLP

601 South Figueroa Street

Los Angeles, CA 90017-3874

344	American Funds Insurance Series

Investors should carefully consider investment objectives, risks, charges and expenses. This and other important information is contained in the series prospectuses and summary prospectuses, which can be obtained from your financial professional and should be read carefully before investing. You may also call American Funds Service Company (AFS) at (800) 421-4225 or visit the Capital Group website at capitalgroup.com.

“American Funds Proxy Voting Procedures and Principles” — which describes how we vote proxies relating to portfolio securities — is available on the Capital Group website or upon request by calling AFS. The series files its proxy voting record with the U.S. Securities and Exchange Commission (SEC) for the 12 months ended June 30 by August 31. The proxy voting record is available free of charge on the SEC website at sec.gov and on the Capital Group website.

American Funds Insurance Series files a complete list of its portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form NPORT-P. This filing is available free of charge on the SEC website and on our website.

This report is for the information of American Funds Insurance Series investors, but it also may be used as sales literature when preceded or accompanied by the current prospectuses or summary prospectuses for American Funds Insurance Series and the prospectus for the applicable insurance contract, which give details about charges, expenses, investment objectives and operating policies of the series. If used as sales material after September 30, 2021, this report must be accompanied by a statistical update for the most recently completed calendar quarter.

Fund attribution data was produced using FactSet, a third-party software system, based on daily portfolios. Securities in their initial period of acquisition may not be included in this analysis. The analysis includes equity investments only and excludes forward contracts and fixed income investments, if applicable. It does not account for buy-and-sell transactions that might have occurred intraday. As a result, average portfolio weight percentages are approximate, and the actual average portfolio weight percentages might be higher or lower. Data elements, such as pricing, income, market cap, etc., were provided by FactSet. The indexes provided for attribution are based on FactSet’s methodology. The indexes are broad-based market benchmarks and may not be used by Capital Group as the sole comparative index for the funds. Capital Group believes the software and information from FactSet to be reliable. However, Capital Group cannot be responsible for inaccuracies, incomplete information or updating of information by FactSet.

Hedge instruments, including exchange-traded futures contracts and exchange-traded put options, may not provide an effective hedge of the underlying securities because changes in the prices of such instruments may not track those of the securities they are intended to hedge. In addition, the managed risk strategy may not effectively protect the funds from market declines and will limit the funds’ participation in market gains. The use of the managed risk strategy could cause the funds’ returns to lag those of the applicable underlying funds in certain rising market conditions.

Bloomberg^® is a trademark and service mark of Bloomberg Finance L.P. (collectively with its affiliates, “Bloomberg”). Barclays^® is a trademark and service mark of Barclays Bank Plc (collectively with its affiliates, “Barclays”), used under license. Bloomberg or Bloomberg’s licensors, including Barclays, own all proprietary rights in the Bloomberg Barclays Indices. Neither Bloomberg nor Barclays approve or endorse this material, or guarantees the accuracy or completeness of any information herein, or makes any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith. MSCI has not approved, reviewed or produced this report, makes no express or implied warranties or representations and is not liable whatsoever for any data in the report. You may not redistribute the MSCI data or use it as a basis for other indices or investment products. The S&P 500 is a product of S&P Dow Jones Indices LLC and/or its affiliates and has been licensed for use by Capital Group. Copyright © 2021 S&P Dow Jones Indices LLC, a division of S&P Global, and/or its affiliates. All rights reserved. Redistribution or reproduction in whole or in part is prohibited without written permission of S&P Dow Jones Indices LLC.

American Funds Distributors, Inc., member FINRA.

The Capital Advantage^®

Since 1931, Capital Group, home of American Funds, has helped investors pursue long-term investment success. Our consistent approach — in combination with The Capital System^SM— has resulted in superior outcomes.

Aligned with investor success

We base our decisions on a long-term perspective, which we believe aligns our goals with the interests of our clients. American Funds Insurance Series portfolio managers average 27 years of investment industry experience, including 22 years at our company, reflecting a career commitment to our long-term approach.¹

The Capital System

The Capital System combines individual accountability with teamwork. Funds using The Capital System are divided into portions that are managed independently by investment professionals with diverse backgrounds, ages and investment approaches. An extensive global research effort is the backbone of our system.

American Funds Insurance Series’ superior outcomes

American Funds Insurance Series equity funds have beaten their comparable Lipper indexes in 91% of 10-year periods and 100% of 20-year periods.²Our fixed income funds have helped investors achieve diversification through attention to correlation between bonds and equities.³We strive to keep management fees competitive. Over the past 20 years, most funds’ fees have been below industry averages.⁴

	¹	Portfolio manager experience as of the American Funds Insurance Series prospectus dated May 1, 2021.
	²	Based on Class 1 share results for rolling calendar-year periods starting the first full calendar year after each fund’s inception through December 31, 2020. Periods covered are the shorter of the fund’s lifetime or since the inception date of the comparable Lipper index or average. The comparable Lipper indexes are: Global Funds Index (Global Growth Fund, Capital World Growth and Income Fund), Growth Funds Index (Growth Fund), International Funds Index (International Fund), Emerging Markets Funds Index (New World Fund), Growth & Income Funds Index (Washington Mutual Investors Fund, Growth-Income Fund) and Balanced Funds Index (Asset Allocation Fund). The Lipper Global Small-/Mid-Cap Funds Average was used for Global Small Capitalization Fund. Lipper source: Refinitiv Lipper. There have been periods when the fund has lagged the index.
	³	Based on Class 1 share results as of December 31, 2020. Three of our five fixed income funds showed a three-year correlation below 0.3. Standard & Poor’s 500 Index was used as an equity market proxy. Correlation based on monthly total returns. Correlation is a statistical measure of how two securities move in relation to each other. A correlation ranges from –1 to 1.A positive correlation close to 1 implies that as one security moves, either up or down, the other security will move in “lockstep,” in the same direction. A negative correlation close to –1 indicates that the securities have moved in the opposite direction.
	⁴	Based on management fees for the 20-year period ended December 31, 2020, versus comparable Lipper categories, excluding funds of funds.

All Capital Group trademarks mentioned are owned by The Capital Group Companies, Inc., an affiliated company or fund. All other company and product names mentioned are the property of their respective companies.

Item 2. Code of Ethics.

Not applicable to this filing.

Item 3. Audit Committee Financial Expert.

Not applicable to this filing.

Item 4. Principal Accountant Fees and Services.

Not applicable to this filing.

Item 5. Audit Committee of Listed Registrants.

Not applicable to this filing.

Item 6. Investments.

(a)

Please see portfolio of investments contained in the Reports to Stockholders included under Item 1 of this form N-CSR.

(b)

Not applicable to this filing.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable to this filing.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable to this filing.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable to this filing.

Item 10. Submission of Matters to a Vote of Security Holders.

Not applicable to this filing.

Item 11. Controls and Procedures.

(a) The Registrant’s Principal Executive Officer and Principal Financial Officer have concluded that the Registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”) (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of this Form N-CSR, to provide reasonable assurance that the information required to be disclosed by the Registrant on Form N-CSR is recorded, processed, summarized, and reported within the time periods specified in the SEC’s rules and forms, based on their evaluation of these disclosure controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934 (17 CFR 240.13a-15(b) or 240.15d-15(b)).

(b) There were no changes in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d))) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies

Not applicable to this filing.

Item 13. Exhibits.

(a)(1) Code of Ethics (Item 2) is not applicable to this filing.

(a)(2) Certifications of the Principal Executive Officer and Principal Financial Officer of the Registrant as required by Rule 30a-2(a) under the 1940 Act (17 CFR 270.30a-2(a)) are attached hereto as Exhibit 99CERT.

(a)(3) Not applicable to this filing.

(a)(4) Not applicable to this filing.

(b)(1) Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 as required by Rule 30a-2(b), under the 1940 Act (17 CFR 270.30a-2(b)), Rule 15d-14(b) under the Securities Exchange Act of 1934 (17 CFR 240.15d-14(b)) and Section 1350 of Chapter 63 of Title 18 of the United States Code (18 U.S.C. 1350) are attached hereto as Exhibit 99.906CERT.

(b)(2) Certifications pursuant to Sections 302 and 906 of the Sarbanes-Oxley Act of 2002 as required by Rule 30a-2, under the 1940 Act (17 CFR 270.30a-2), and, as applicable, Rule 15d-14(b) under the Securities Exchange Act of 1934 (17 CFR 240.15d-14(b)) and Section 1350 of Chapter 63 of Title 18 of the United States Code (18 U.S.C. 1350) are attached hereto as Exhibit 99.906CERT.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant)

MML Series Investment Fund

By (Signature and Title)	/s/ Paul LaPiana
	Paul LaPiana, President and Principal Executive Officer

Date

8/20/2021

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By (Signature and Title)	/s/ Paul LaPiana
	Paul LaPiana, President and Principal Executive Officer

Date

8/20/2021

By (Signature and Title)	/s/ Renee Hitchcock
	Renée Hitchcock, Treasurer and Principal Financial Officer

Date

8/20/2021

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